{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"rto": "http://www.rentokilinitial.com/20221231",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://www.rentokilinitial.com/xbrl/2022/549300VN4WV7Z6T14K68-2022-12-31.xsd"
]
},
"facts": {
"f5352": {
"value": "At Rentokil Initial, our Hygiene & Wellbeing technicians provide hygiene services to
\nbusiness environments to make them cleaner,
\nsafer and healthier, improve air quality and
\nensure more\u00a0pleasant places in which to
\noperate. Establishing good hygiene practices
\nthroughout an organisation reduces the risk of
\ninfection being passed from person to person.
\nAs a result, fewer days are lost to sickness,
\nwhich translates directly into real cost savings
\nand increased productivity. Trading under the
\nInitial brand, we offer the widest range of
\nwashroom hygiene services and products
\ninside the washroom. Our Enhanced
\nEnvironments businesses improve the
\noccupant experience beyond the washroom
\nand throughout customer premises.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22524": {
"value": "3714000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RevenueFromContractsWithCustomers",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22526": {
"value": "2957000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RevenueFromContractsWithCustomers",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22528": {
"value": "2803000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RevenueFromContractsWithCustomers",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22532": {
"value": "3373000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22534": {
"value": "2610000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22536": {
"value": "2509000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22539": {
"value": "24000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22541": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22543": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossImpairmentGainAndReversalOfImpairmentLossDeterminedInAccordanceWithIFRS9",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22547": {
"value": "317000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22549": {
"value": "347000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22551": {
"value": "294000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22555": {
"value": "49000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22557": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22559": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22563": {
"value": "79000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22565": {
"value": "34000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22567": {
"value": "78000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22571": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22573": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22575": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22578": {
"value": "296000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22580": {
"value": "325000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22582": {
"value": "230000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22587": {
"value": "64000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22589": {
"value": "62000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22591": {
"value": "44000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22594": {
"value": "232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22596": {
"value": "263000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22598": {
"value": "186000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22602": {
"value": "232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22604": {
"value": "263000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22606": {
"value": "186000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22609": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22611": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22613": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22619": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22621": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22623": {
"value": "-13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22627": {
"value": "-232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22629": {
"value": "-18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22631": {
"value": "-35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22634": {
"value": "-68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22636": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22638": {
"value": "-17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22641": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22643": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22645": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22648": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22650": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22652": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22656": {
"value": "-11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22658": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22660": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22663": {
"value": "-295000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22665": {
"value": "12000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22667": {
"value": "-67000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22670": {
"value": "-63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22672": {
"value": "275000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22674": {
"value": "119000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22678": {
"value": "-63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22680": {
"value": "275000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22682": {
"value": "119000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22685": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22687": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22689": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22694": {
"value": "0.1157",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22696": {
"value": "0.1416",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22698": {
"value": "0.1003",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22702": {
"value": "0.1151",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22704": {
"value": "0.141",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22706": {
"value": "0.0998",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22710": {
"value": "58000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:GeographicalAreasAxis": "ifrs-full:ForeignCountriesMember",
"unit": "iso4217:GBP"
}
},
"f22711": {
"value": "50000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:GeographicalAreasAxis": "ifrs-full:ForeignCountriesMember",
"unit": "iso4217:GBP"
}
},
"f22712": {
"value": "40000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:GeographicalAreasAxis": "ifrs-full:ForeignCountriesMember",
"unit": "iso4217:GBP"
}
},
"f22735": {
"value": "7319000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22737": {
"value": "2164000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsAndGoodwill",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22741": {
"value": "495000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22743": {
"value": "398000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22747": {
"value": "454000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22749": {
"value": "228000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22753": {
"value": "53000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22755": {
"value": "30000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22759": {
"value": "23000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22761": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22765": {
"value": "43000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22767": {
"value": "42000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22771": {
"value": "182000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22773": {
"value": "75000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22777": {
"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22779": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22783": {
"value": "90000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22785": {
"value": "14000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22789": {
"value": "21000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22791": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22793": {
"value": "8683000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22795": {
"value": "2980000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22800": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22802": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22806": {
"value": "200000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22808": {
"value": "136000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22812": {
"value": "832000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22814": {
"value": "527000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22817": {
"value": "36000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22819": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22823": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22825": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22829": {
"value": "2170000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22831": {
"value": "668000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22833": {
"value": "3239000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22835": {
"value": "1344000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22841": {
"value": "1162000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22843": {
"value": "764000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22846": {
"value": "60000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22848": {
"value": "61000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22852": {
"value": "133000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22854": {
"value": "27000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22858": {
"value": "1355000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22860": {
"value": "459000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22864": {
"value": "135000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22866": {
"value": "78000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22870": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22872": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22874": {
"value": "2845000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22876": {
"value": "1390000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22879": {
"value": "394000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22881": {
"value": "-46000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22886": {
"value": "81000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentPayables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22888": {
"value": "72000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentPayables",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22892": {
"value": "3574000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22894": {
"value": "1256000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22898": {
"value": "332000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22900": {
"value": "139000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22904": {
"value": "511000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22906": {
"value": "108000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22910": {
"value": "30000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22912": {
"value": "27000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22916": {
"value": "359000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22918": {
"value": "34000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22922": {
"value": "92000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22924": {
"value": "34000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22926": {
"value": "4979000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22928": {
"value": "1670000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22931": {
"value": "4098000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22933": {
"value": "1264000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NetAssetsLiabilities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22939": {
"value": "25000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22941": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22944": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22946": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22949": {
"value": "763000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22951": {
"value": "-1927000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherReserves",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22954": {
"value": "3302000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22956": {
"value": "3166000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22958": {
"value": "4099000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22960": {
"value": "1265000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22963": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22965": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22968": {
"value": "4098000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22970": {
"value": "1264000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23015": {
"value": "18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23017": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f23019": {
"value": "-1868000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23021": {
"value": "2844000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23023": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"f23025": {
"value": "1002000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23031": {
"value": "186000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23034": {
"value": "186000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23040": {
"value": "-35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23044": {
"value": "-35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23049": {
"value": "-17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23053": {
"value": "-17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23059": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23063": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23068": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23072": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23078": {
"value": "-13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23081": {
"value": "-13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23088": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23091": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23096": {
"value": "-58000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23098": {
"value": "177000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23101": {
"value": "119000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23108": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23111": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23117": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23120": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23126": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23129": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23132": {
"value": "18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23134": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f23136": {
"value": "-1926000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23138": {
"value": "3031000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23140": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"f23142": {
"value": "1131000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23148": {
"value": "263000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23151": {
"value": "263000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23157": {
"value": "-18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23161": {
"value": "-18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23166": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23170": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23176": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23180": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23185": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23189": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23195": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23198": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23203": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23205": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23214": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23217": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23222": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23224": {
"value": "276000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23227": {
"value": "275000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23231": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23235": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23243": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23245": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"f23247": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23253": {
"value": "139000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23256": {
"value": "139000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23262": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23265": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23271": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23274": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23280": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23283": {
"value": "-8000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23286": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23288": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f23290": {
"value": "-1927000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23292": {
"value": "3166000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23294": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"f23296": {
"value": "1264000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23302": {
"value": "232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23305": {
"value": "232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23311": {
"value": "-232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23315": {
"value": "-232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23320": {
"value": "-68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23324": {
"value": "-68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23330": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23334": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23339": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23343": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23349": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23352": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23359": {
"value": "-11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23362": {
"value": "-11000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23367": {
"value": "-308000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23369": {
"value": "245000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23372": {
"value": "-63000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23376": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23382": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23388": {
"value": "3014000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MergerReliefOnAcquisitionCredit",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23392": {
"value": "3014000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MergerReliefOnAcquisitionCredit",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23396": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f23401": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughExerciseOfOptions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23406": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23410": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23416": {
"value": "122000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23419": {
"value": "122000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23425": {
"value": "18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23428": {
"value": "18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23434": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23437": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23443": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23446": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MovementInCarryingValueOfPutOptionsEquity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23448": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23450": {
"value": "25000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:GBP"
}
},
"f23452": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:GBP"
}
},
"f23454": {
"value": "763000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23456": {
"value": "3302000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:GBP"
}
},
"f23458": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:GBP"
}
},
"f23460": {
"value": "4098000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23463": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23464": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23465": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23466": {
"value": "137000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23467": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23468": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23470": {
"value": "118000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23471": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23472": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23473": {
"value": "25000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23474": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23475": {
"value": "20000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23478": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23479": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23480": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23481": {
"value": "19600000",
"decimals": -5,
"dimensions": {
"concept": "rto:NumberOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f23482": {
"value": "9400000",
"decimals": -5,
"dimensions": {
"concept": "rto:NumberOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f23483": {
"value": "7700000",
"decimals": -5,
"dimensions": {
"concept": "rto:NumberOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f23485": {
"value": "100000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23487": {
"value": "55000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23488": {
"value": "39000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23525": {
"value": "-1723000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"f23528": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23530": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23532": {
"value": "-156000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23535": {
"value": "-1868000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23543": {
"value": "-35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23546": {
"value": "-35000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23553": {
"value": "-17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23556": {
"value": "-17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23563": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23567": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23575": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23577": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23583": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23585": {
"value": "-52000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23587": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23589": {
"value": "-58000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23592": {
"value": "-1723000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"f23595": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23597": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23599": {
"value": "-208000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23601": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23603": {
"value": "-1926000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23611": {
"value": "-18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23614": {
"value": "-18000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23621": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23624": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23631": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23635": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23640": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23645": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23653": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23655": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23660": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23662": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23664": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23666": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23668": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23671": {
"value": "-1723000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"f23675": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23677": {
"value": "-211000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23679": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23681": {
"value": "-1927000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23689": {
"value": "-232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23692": {
"value": "-232000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23699": {
"value": "-68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23702": {
"value": "-68000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23709": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23713": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23721": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23723": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "rto:OtherComprehensiveIncomeBeforeTaxCostOfHedging",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23728": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23730": {
"value": "-300000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23732": {
"value": "-2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23734": {
"value": "-308000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23740": {
"value": "3014000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MergerReliefOnAcquisitionCredit",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:GBP"
}
},
"f23746": {
"value": "3014000000",
"decimals": -6,
"dimensions": {
"concept": "rto:MergerReliefOnAcquisitionCredit",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23750": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:GBP"
}
},
"f23756": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23759": {
"value": "-1723000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember",
"unit": "iso4217:GBP"
}
},
"f23761": {
"value": "2998000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember",
"unit": "iso4217:GBP"
}
},
"f23764": {
"value": "3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:GBP"
}
},
"f23766": {
"value": "-511000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:GBP"
}
},
"f23768": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember",
"unit": "iso4217:GBP"
}
},
"f23770": {
"value": "763000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
"unit": "iso4217:GBP"
}
},
"f23773": {
"value": "-6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23774": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23775": {
"value": "-5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxCashFlowHedges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23776": {
"value": "137000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23777": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23778": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23780": {
"value": "118000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23781": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23782": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AmountsRemovedFromEquityAndIncludedInCarryingAmountOfNonfinancialAssetLiabilityWhoseAcquisitionOrIncurrenceWasHedgedHighlyProbableForecastTransactionBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23783": {
"value": "25000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23784": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23785": {
"value": "20000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23792": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23793": {
"value": "-10000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23794": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember",
"unit": "iso4217:GBP"
}
},
"f23831": {
"value": "716000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23833": {
"value": "669000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23835": {
"value": "653000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23838": {
"value": "13000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23840": {
"value": "5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23842": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23846": {
"value": "52000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23848": {
"value": "42000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23850": {
"value": "49000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23854": {
"value": "77000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23856": {
"value": "69000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23858": {
"value": "64000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23861": {
"value": "600000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23863": {
"value": "563000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23865": {
"value": "548000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23869": {
"value": "153000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23871": {
"value": "128000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23873": {
"value": "130000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23876": {
"value": "37000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23878": {
"value": "32000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23880": {
"value": "23000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23883": {
"value": "5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23885": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23887": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23891": {
"value": "1018000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23893": {
"value": "463000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23895": {
"value": "194000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23898": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23900": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23902": {
"value": "2000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23906": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23908": {
"value": "4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23910": {
"value": "12000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23913": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "rto:NetChangeToCashFlowFromInvestmentInTermDepositClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23915": {
"value": "171000000",
"decimals": -6,
"dimensions": {
"concept": "rto:NetChangeToCashFlowFromInvestmentInTermDepositClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23917": {
"value": "-170000000",
"decimals": -6,
"dimensions": {
"concept": "rto:NetChangeToCashFlowFromInvestmentInTermDepositClassifiedAsInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23920": {
"value": "-1197000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23922": {
"value": "-441000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23924": {
"value": "-497000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23929": {
"value": "122000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23931": {
"value": "139000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23933": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23936": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23938": {
"value": "9000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23940": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23943": {
"value": "104000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23945": {
"value": "88000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23947": {
"value": "85000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23950": {
"value": "16000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23952": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23954": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:PaymentsForShareIssueCosts",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23957": {
"value": "-26000000",
"decimals": -6,
"dimensions": {
"concept": "rto:CashPaymentsOnSettlementOfDebtRelatedForeignExchangeForwardContractsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23959": {
"value": "19000000",
"decimals": -6,
"dimensions": {
"concept": "rto:CashPaymentsOnSettlementOfDebtRelatedForeignExchangeForwardContractsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23961": {
"value": "24000000",
"decimals": -6,
"dimensions": {
"concept": "rto:CashPaymentsOnSettlementOfDebtRelatedForeignExchangeForwardContractsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23964": {
"value": "2383000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23966": {
"value": "5000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23968": {
"value": "1690000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23971": {
"value": "844000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23973": {
"value": "167000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23975": {
"value": "1352000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23978": {
"value": "1323000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23980": {
"value": "-417000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23982": {
"value": "229000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23985": {
"value": "726000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23987": {
"value": "-295000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23989": {
"value": "280000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23992": {
"value": "242000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23994": {
"value": "551000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23996": {
"value": "274000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f23999": {
"value": "-89000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24001": {
"value": "-14000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24003": {
"value": "-3000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24007": {
"value": "879000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24009": {
"value": "242000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24011": {
"value": "551000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24014": {
"value": "10000000",
"decimals": -6,
"dimensions": {
"concept": "rto:InterestPaidOnLeasePayments",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24015": {
"value": "6000000",
"decimals": -6,
"dimensions": {
"concept": "rto:InterestPaidOnLeasePayments",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24016": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "rto:InterestPaidOnLeasePayments",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f24029": {
"value": "General accounting policies Basis of preparation
\nThe Consolidated Financial Statements have been prepared in
\naccordance with UK-adopted International Accounting Standards (IAS)
\nand with the requirements of the Companies Act 2006 as applicable
\nto companies reporting under those standards. The Consolidated
\nFinancial Statements also comply fully with International Financial
\nReporting Standards (IFRSs) as issued by the International Accounting
\nStandards Board (IASB). The Consolidated Financial Statements have
\nbeen prepared under the historical cost convention, as modified by
\nthe revaluation of certain financial assets and liabilities (including
\nderivative instruments). Certain financial and equity instruments have
\nbeen measured at fair value.
\nThe Group uses a number of non-GAAP measures to present the
\nfinancial performance of the business which are not defined under
\nInternational Financial Reporting Standards (IFRS). An explanation
\nof\u00a0these Alternative Performance Measures (APMs), along with
\nreconciliation to the nearest equivalent IFRS measure, can be found
\nin\u00a0the relevant notes to the financial statements.
\nClimate change
\nThe Group has updated its detailed review of expected climate
\nchange impacts on the business and its assets and liabilities to
\nestablish any adjustments required and what reporting is necessary
\nin\u00a0its Financial Statements for 2022 under a 1.5\u20132.0 degree pathway.
\nThis process has been completed to ensure material accuracy of the
\nfinancial reporting and that disclosure of relevant information complies
\nwith the requirements of IAS 1.
\nThe process has involved a detailed review of material revenue
\nsegments, all balance sheet line items and each element of the
\nGroup\u2019s commitment to reach net zero by 2040, to identify if any of
\nthese items is expected to be materially impacted in a negative or
\npositive way by weather, legislative, societal or revenue/cost changes.
\nThe conclusions of this process have been reviewed and agreed by
\nthe Audit Committee on 8 December 2022.
\nThe conclusion of the review was that, while there will undoubtedly
\nbe\u00a0impacts on the Group, the highly disaggregated nature of the
\noperations of the Group significantly reduces the risk profile to
\nimpacts from weather-related changes. The changes necessary to
\nachieve net zero will not have a materially adverse impact on the cash
\nflows of the Group and indeed, warmer climates may present some
\nopportunities. Societal and legislative impacts are not considered to
\nhave a material impact on any one segment such that we need to
\nbreak out reporting in a different way to previous years. Judgements
\nare not considered to be significant, although clearly understanding
\nof\u00a0climate change is developing with time. The area with the most
\njudgement is goodwill impairment testing and a description is given
\nin\u00a0Note B2 of the incremental processes undertaken to assess the
\nclimate change impact on the valuations. Management review has
\nconcluded that there is no material impact and that no further
\ndisclosure is required.
\nGoing concern
\nThe Directors have prepared Board-approved cash flow forecasts
\nthat\u00a0demonstrate that the Group has sufficient liquidity to meet its
\nobligations as they fall due for the period of at least 12 months from
\nthe date of approval of these Financial Statements.
\nAdditionally, the Directors have assessed severe but plausible
\ndownside scenarios. The downside scenarios include a revenue
\ndecline of 20% against base budget for six months or for 12 months,
\nand a one off \u2018shock\u2019 in the form of a cash loss of \u00a3200m. All of these
\nscenarios are considerably worse than the actual impact of the
\nCOVID-19 pandemic in 2020. Were the Group to need to access
\nadditional funds it would be able to manage cash outflows through
\ncost savings, adjusting the level of M&A activity and/or dividends paid,
\nwhich are all within the Group\u2019s control.
\nThe Directors have therefore concluded that the Group will have
\nsufficient liquidity to continue to meet its liabilities as they fall due for
\nthis period and therefore have prepared the Financial Statements on
\na\u00a0going concern basis.
\nConsolidation
\n(a) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls
\nan entity when it (i) has power over the entity; (ii) is exposed or has
\nrights to\u00a0variable returns from its involvement with the entity; and (iii)
\nhas the ability to affect those returns through its power over the entity.
\nThe Group reassesses whether or not it controls a subsidiary if facts
\nand circumstances indicate that there are changes to one or more of
\nthese three elements of control.
\nThe Financial Statements of subsidiaries are included in the
\nConsolidated Financial Statements from the date that control
\ncommences until the date that control ceases. Inter-company
\ntransactions, balances, and gains and losses on transactions between
\nGroup companies are eliminated on consolidation. When less than
\n100% of the issued share capital of a subsidiary is acquired, and the
\nacquisition includes an option to purchase the remaining share capital
\nof the subsidiary, the anticipated acquisition method is applied where
\njudged appropriate to do so. The judgement is based on the risks and
\nrewards associated with the option to purchase, meaning that no
\nnon-controlling interest is recognised. A liability is carried on the
\nbalance sheet equal to the fair value of the option to purchase. This is
\nrevised to the fair value at each reporting date with differences being
\nrecorded in equity.
\nWhere the Group ceases to have control of a subsidiary, the assets
\nand liabilities are derecognised along with any related non-controlling
\ninterest and other components of equity. Any resulting gain or loss
\nis\u00a0recognised in the income statement. Any interest retained in the
\nformer subsidiary is measured at fair value when control ceases.
\nChanges in the Group\u2019s interest in a subsidiary that do not result
\nin\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
\nLosses applicable to the non-controlling interests in a subsidiary are
\nallocated to the non-controlling interests, which may cause the
\nnon-controlling interests to have a deficit balance. Consideration in
\nexcess of net identifiable assets acquired in respect of non-controlling
\ninterests in existing subsidiary undertakings is taken directly to equity.
\n(b) Associates
\nAssociates are those entities in which the Group has significant
\ninfluence over the financial and operating policies, but not control.
\nSignificant influence is usually presumed to exist when the Group
\nholds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially
\nrecognised at cost. The Group\u2019s investment includes goodwill
\nidentified on\u00a0acquisition, net of any accumulated impairment losses.
\nThe Consolidated Financial Statements include the Group\u2019s share of
\nthe total comprehensive income and equity movements of equity
\naccounted investees, from the date that significant influence
\ncommences until the date that significant influence ceases. When the
\nGroup\u2019s share of losses exceeds its interest in an equity accounted
\ninvestee, the carrying amount is reduced to nil and recognition of
\nfurther losses is discontinued except to the extent that the Group has
\nincurred legal or constructive obligations or made payments on behalf
\nof an investee.
\nGains and losses on transactions between the Group and its
\nassociates are eliminated to the extent of the Group\u2019s interest in the
\nassociates.
\n\n\n\n
\n\nForeign currency translation
\n(a) Functional and presentation currency
\nItems included in the Financial Statements of each of the Group\u2019s
\nentities are measured using the currency of the primary economic
\nenvironment in which the entity operates (the functional currency).
\nThe\u00a0Consolidated Financial Statements are presented in sterling,
\nwhich is the functional currency of Rentokil Initial plc.
\n(b) Group companies
\nThe results and financial position of all the Group entities that have
\na\u00a0functional currency different from the presentation currency are
\ntranslated into the presentation currency as follows:
\n(i)
assets and liabilities for each balance sheet presented are
\ntranslated at the closing rate at the date of the balance sheet;
\n(ii) income and expenses for each income statement are translated
\nat\u00a0average exchange rates; and
\n(iii) all resulting exchange differences are recognised as a separate
\ncomponent of equity.
\nOn consolidation, exchange differences arising from the translation
\nof\u00a0the net investment in foreign entities, and of borrowings and other
\ncurrency instruments designated as hedges of such investments or
\ndeemed to be quasi-equity, are taken to other comprehensive income.
\nWhen\u00a0a foreign operation is sold, such exchange differences are
\nrecognised in the income statement as part of the gain or loss on sale.
\n(c) Transactions and balances
\nForeign currency transactions are translated into the functional
\ncurrency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the
\nsettlement of such transactions, or from the translation of monetary
\nassets and liabilities denominated in foreign currencies at reporting
\nperiod end exchange rates, are recognised under the appropriate
\nheading in the income statement; except when deferred in equity as
\nqualifying net investment hedges or where certain intra-group loans
\nare determined to be quasi-equity (normally not expected to be
\nrepaid).
\n(d) Financial reporting in hyperin\ufb02ationary economies
\nWith effect from 1 May 2022 the Group purchased Ecotec
\nInteroc\u00e9anica S.A., a company which has operations in Argentina and
\nuses the Argentine peso as its functional currency. The Argentinian
\neconomy was designated as hyperinflationary from July 2018. As a
\nresult, application of IAS 29 Financial Reporting in Hyperinflationary
\nEconomies has been applied for the Argentinian subsidiary, from the
\ndate of acquisition.
\nDuring 2022, Turkey, a country in which the Group has operated for
\nmany years, was designated as hyperinflationary. The Group also has
\noperations in\u00a0Lebanon which remains hyperinflationary.
\nThe IAS 29 rules are applied as follows:
\n(i)
adjustment of the income statement at the end of the reporting
\nperiod using the change in general price index;
\n(ii) adjustment of historical cost non-monetary assets and liabilities for
\nthe change in purchasing power caused by inflation from the date
\nof initial recognition to the balance sheet date; and
\n(iii) adjustment of the income statement to reflect the impact of
\ninflation and exchange rate movement on holding monetary assets
\nand liabilities in local currency.
\nConsumer Price Indices have been used for the relevant
\nhyperinflationary adjustments. The indices used for these adjustments
\nare as follows:
\nCountry
Index at 1 January 2022
Index at 31 December 2022
\nArgentina
716.94
\n1
\n1,134.59
\nLebanon
921.40
2,045.46
\nTurkey
686.95
1,128.45
\n1.
Index from effective date of 1 May 2022.
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised when the
\nGroup becomes a party to the contractual provisions of the relevant
\ninstrument, and derecognised when it ceases to be a party to such
\nprovisions. Note C5 on page 182 of these notes discusses accounting
\nfor financial instruments.
\nFinancial assets
\nThe Group classifies its financial assets depending on the purpose
\nfor\u00a0which the financial assets were acquired. At initial recognition
\nthe\u00a0Group carries out a solely payment of principal and interest (SPPI)
\ntest and a business model test to establish the classification and
\nmeasurement of its financial assets. Financial assets are classified
\nin\u00a0the following categories:
\n(a) Amortised cost
\nFinancial assets under this classification are non-derivative financial
\nassets held to collect the contractual cash flows until maturity and the
\ncash\u00a0flows are SPPI. Assets measured at amortised cost include trade
\nand other receivables, cash and cash equivalents (excluding money
\nmarket funds which are classified as fair value through profit and loss)
\nand other investments.
\n(b) Fair value through other comprehensive income (FVTOCI)
\nThese are non-derivative financial assets which can be for sale with
\ncash flows that are SPPI. These assets are measured at fair value and
\nchanges to market values are recognised in other comprehensive
\nincome. The Group has no assets classified under this category.
\n(c) Fair value through pro\ufb01t and loss (FVTPL)
\nFinancial assets under this classification are assets that cannot be
\nclassified in any of the other categories. These assets are measured
\nat\u00a0fair value and changes to market values are recognised in profit
\nand\u00a0loss.
\nFinancial liabilities
\nAll financial liabilities are stated at amortised cost using the effective
\ninterest rate method except for derivatives, which are classified as
\nheld for\u00a0trading (except where they qualify for hedge accounting) and
\nare held at fair value.
\nFinancial liabilities held at amortised cost include trade payables,
\ndeferred consideration and borrowings.
\nSources of estimation uncertainty and signi\ufb01cant accounting
\njudgements
\nThe use of estimates, assumptions and judgements in the application
\nof the Group\u2019s accounting policies is explained below, with major
\nsources of estimation uncertainty and significant judgements
\nseparately identified.
\nAssumptions and estimation uncertainties
\nThe Group makes estimates and assumptions concerning the future.
\nEstimates and assumptions are continually evaluated and are based
\non historical experience and other factors, including expectations of
\nfuture events that are believed to be reasonable under the
\ncircumstances. Actual results may differ from these estimates and
\nrevisions to estimates are recognised prospectively. Sensitivities to
\nthe estimates and assumptions are provided, where relevant, in the
\nnotes to the Financial Statements.
\nThe estimates and assumptions that have a significant risk of causing
\na\u00a0material adjustment to the carrying amounts of assets and liabilities
\nwithin the next financial year are listed below (please refer to the
\nrelevant notes for further detail):
\n(a) Termite damage claim provisions
\nWith the acquisition of Terminix in October 2022, the Group assumed
\na liability for termite damage claims, based on customers existing
\nat\u00a0the acquisition date, for which a provision has been estimated.
\nThe\u00a0liability arises where termite prevention treatments have been
\nineffective, resulting in damage to property. The assumptions used
\nto\u00a0estimate the historical termite damage claim provisions are based
\non an assessment of the volume and value of future claims (based
\non\u00a0historical information), customer churn rate and discount rates.
\nAn\u00a0additional provision is recognised for all new customers after the
\nacquisition date upon commencement of the contract, based on the
\n\n\nestimated average claim cost per customer over the lifetime of the
\ncontract. The trend of volume and value of claims will be monitored
\nand reviewed over time and as such the value of the provisions are
\nalso likely to change. Sensitivity analysis is provided in Note A6.
\n(b) Provisions for uncertain tax positions
\nThe Group holds significant provisions for uncertain tax positions on
\nthe basis of amounts expected to be paid to the tax authorities. The
\nGroup\u2019s current tax liabilities reflect management\u2019s best estimate of
\nthe future amounts of corporation tax that will be settled. However the
\nactual outcome could be significantly different to the estimate made,
\nas the ultimate tax liability cannot be known until a resolution has been
\nreached with the relevant tax authority, or the issue becomes time
\nbarred. Note A13 discusses in detail why the provisions are taken and
\nexplains the estimation uncertainty; however management considers
\nit to be impracticable to disclose the extent of the possible effects of
\nassumptions made.
\nSigni\ufb01cant accounting judgements
\nJudgements made in applying accounting policies that have the most
\nsignificant effects on the amounts recognised in the Financial
\nStatements are discussed below:
\n(a) Useful economic life of brands
\nThe Terminix US brand, acquired in October 2022, has been assessed
\nas having an indefinite useful life. Prior to this acquisition all brands
\nwere considered by management to have finite useful lives.
\nIndefinite-lived assets do not get amortised and therefore if
\nmanagement had judged that the Terminix brand had a finite life then
\nthere would be a significant amortisation expense recognised annually
\nin the income statement. The Terminix brand has been valued at
\n\u00a31,292m, which based on a typical 15-year life would result in a \u00a386m
\nannual amortisation charge.
\nOther accounting estimates
\nThe Consolidated Financial Statements include other areas of
\naccounting estimates that do not meet the definition under IAS 1 of
\nsignificant accounting estimates or accounting judgements. The
\nrecognition and measurement of certain material assets and liabilities
\nare based on assumptions and/or are subject to longer-term
\nuncertainties as follows:
\n(a) Impairment of goodwill and other assets
\nThe annual review for potential impairment of goodwill and other
\nindefinite-lived intangible assets is primarily based on a value-in-use
\nmodel. This model uses discounted cash flows to assess whether the
\ngoodwill carrying value can be supported or whether impairment is
\nrequired. The model uses the following assumptions about the future:
\nA
Revenue growth rate
\nA
Operating profit margin
\nA
Discount rate
\nA
Long-term growth rate (inflation)
\nIf the actual outcome is different to the estimated performance, or
\nthere is an unfavourable movement in the timing or amount of any of
\nthe assumptions used, this could lead to a material adjustment to the
\ncarrying amount of the asset within the next financial year. Note B2
\nexplains the impairment review process undertaken in the year.
\n(b) Self-insurance provisions
\nThe Group self-insurance provision increased significantly through the
\nacquisition of Terminix in October 2022. Self-insurance provisions are
\nvalued annually by external actuaries. Although the carrying value of
\nthe provision is significant, it is not expected that there would be any
\nchange to assumptions that would cause a significant adjustment to
\nthe carrying value in the next financial year and any impact would be
\nexpected to crystallise over the long term. Self-insurance provisions
\nare disclosed in Note A6.
\n(c) Put options
\nIn 2017, the Group acquired 57% of the share capital in PCI India. The
\nremaining 43% is subject to put options where the seller may require
\nthe Group to purchase the remaining shares in stages over a fixed
\nterm between 2023 and 2027. The Group recognised a put option
\nliability for the anticipated acquisition of these shares in contingent
\nconsideration, and any movements in the carrying value are
\nrecognised through equity. The\u00a0put options are valued at \u00a345m, but
\nany changes to the assumptions would not have a material effect on
\nthis valuation. Put option liabilities are disclosed in Note A5.
\nStandards, amendments and interpretations to published standards
\nthat are mandatorily e\ufb00ective for the current year
\nExcept as described below, the accounting policies applied in these
\nFinancial Statements are the same as those applied in the Group\u2019s
\nConsolidated Financial Statements for the year ended 31 December
\n2021.
\nThe Group has adopted the following new standards and amendments
\nto standards, including any consequential amendments to other
\nstandards, with effect from 1 January 2022:
\nA
amendments to IAS 16 Property, Plant and Equipment;
\nA
amendments to IFRS 3 Reference to the Conceptual Framework;
\nA
amendments to IAS 37 Onerous Contracts; and
\nA
annual improvements to IFRS Standards 2018\u20132020.
\nThe application of these amendments has had no material impact on
\nthe disclosures of the amounts recognised in the Group\u2019s
\nConsolidated Financial Statements. Consequently, no adjustment has
\nbeen made to the comparative financial information at 31 December
\n2021.
\nCertain new accounting standards, amendments to accounting
\nstandards and interpretations have been published that are not
\nmandatory for 31\u00a0December 2022 reporting periods and have not
\nbeen early adopted by the Group. These standards, amendments or
\ninterpretations are not expected to have a material impact on the
\nentity in the current or future reporting periods and on foreseeable
\nfuture transactions.
\n\n\n\n A. Operating
\nA1. Revenue recognition and operating segments
\nRevenue recognition
\nRevenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
\nexpects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
\nof\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
\nobligations. In the majority of cases the Group considers that the contracts it enters into are contracts for bundled services which are accounted
\nfor as a single performance obligation. Accordingly the majority of revenue across the Group is recognised on an output basis evenly over the
\ncourse of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
\nperforms. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
\nobligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
\ncompletion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
\nThe transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
\nfinancing component or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
\ninformation about remaining performance obligations because the Group has a right to consideration from customers in an amount that
\ncorresponds directly with the value to the customer of the performance obligations completed to date.
\nDisaggregation of revenue into region, category and major type of revenue stream is shown below under segmental reporting.
\nPerformance obligations
\nRevenue recognised over time \u2013 contract service revenue
\nThese are mainly full-service contracts, inclusive of equipment, maintenance and consumables as required. The inclusive service is treated
\nas\u00a0a\u00a0single performance obligation.
\nA
Pest Control:
the Group offers a range of services with the most common being general pest maintenance contracts. Under this type of\u00a0contract
\nthe Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
\nas\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year, plus any additional call-outs as required;
\nso there is a stand-ready element to the service as well as an ongoing service. The Group considers that this type of contract is a bundled service
\nas the goods and services are not distinct in the context of the contract; equipment is not supplied without the service.
\nThe Group offers certain termite contracts across a limited number of countries (including North America) where there is a single performance
\nobligation. In these contracts revenue is recognised as the performance obligation is satisfied, which is generally over a short time period of a
\nfew days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty is not
\nconsidered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
\nservice revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread of
\nrevenues over the contractual year. All new customer contracts for termite treatments have been aligned across North America for all brands
\nfrom January 2023 resulting in a singular accounting treatment going forward.
\nA
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables and a technician
\nto\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
\nconsiders that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
\nsupplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
\nincluded are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
\nplants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
\nsituated by our technicians and the customer is not permitted to relocate them. At the end of the contract any assets on the customer\u2019s site are
\nrecovered.
\nA
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
\noffered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a
\nbundle and a single performance obligation. Any equipment remains under ownership and control of the Group.
\nRevenue recognised at a point in time \u2013 job work
\nThese services are short term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
\nperformance obligation with revenue recognised at the point of completion of the work.
\nA
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing which is a one-off installation that, depending on\u00a0the
\nsize of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
\nthe customer is billed, and revenue recognised, at the end of the job.
\nA
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team which performs specialist cleaning services
\nsuch as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
\nservices. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
\ncompletion of the job.
\nRevenue recognised at a point in time \u2013 sale of goods
\nSale of products and consumables relates mainly to the pest distribution businesses which sell pest control products to retailers and the pest
\ncontrol industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised at
\nthe point in time that ownership transfers to the customer.
\nThe Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
\nrecognised. The contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat many
\ntimes per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact would be
\nimmaterial.
\nThe Group makes a charge against revenue for credit notes not yet issued at the balance sheet date. Due to prolonged government lockdowns in
\nthe year ended 31 December 2020 where customer sites could not be accessed, the charge for credit notes related to the UK (which makes up a
\nsignificant part of the Group credit note charge) increased significantly. This charge was estimated using data on incomplete service visits and
\n\n\n\ncredit notes already issued in the year. The range of estimation uncertainty affecting the reported UK & Ireland revenue of \u00a3288m was estimated
\nto be between \u00a3(1)m and \u00a35m. As the pandemic subsided during 2021 and lockdowns in the UK were lifted, the estimate of the level of credit
\nnotes required became more certain, which affected the amount of revenue recognised in 2021. By the end of 2022 credit note provisions had no
\nmaterial impact on revenue recognised.
\nContract costs
\nContract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to a
\nlesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place to
\nfulfil contracts).
\nIt is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
\ncontract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
\nand the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
\nThe contract costs recognised in the balance sheet at the period end amounted to \u00a3182m (2021: \u00a375m; 2020: \u00a368m). The amount of amortisation
\nrecognised in the period was \u00a339m (2021: \u00a330m; 2020: \u00a328m) and impairment losses were \u00a3nil (2021: \u00a3nil; 2020: \u00a3nil).
\nApplying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
\nwhen incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
\nContract liabilities
\nContract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
\nAll\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
\ncustomers are invoiced in advance or simultaneously with performance obligations being satisfied.
\nSegment reporting
\nSegmental information has been presented in accordance with IFRS 8 Operating Segments on page 154. The Group\u2019s operating segments are
\nregions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision maker
\n(the Chief Executive). Each region is headed by a Regional Managing Director who reports directly to the Chief Executive and is a\u00a0member of the
\nGroup\u2019s Executive Leadership Team responsible for the review of Group performance. The businesses within each operating segment operate in
\na number of different countries and sell services across three business segments.
\nUp to the end of 2021 the Group operated three business segments: Pest Control, Hygiene and Protect & Enhance. In\u00a0response to the rising
\nimportance of hygiene and wellbeing services, Rentokil Initial reorganised its business segments, primarily expanding the former Hygiene
\nsegment to become Hygiene & Wellbeing and allocating the businesses in its former Protect & Enhance segment, effective from 1\u00a0January 2022.
\nThe Protect & Enhance segment had included five businesses: Ambius, Property Care, Dental Services, Cleanroom Services and\u00a0Workwear
\n(France). The Ambius, Dental Services and Cleanroom Services businesses have been added to the enlarged segment, now called\u00a0Hygiene &
\nWellbeing, the Property Care business has been added to the Pest Control segment, and Workwear (France) has been left as\u00a0a\u00a0standalone
\nsegment. At the same time, changes were made to the regional structure, designed to provide clearer geographic links and align growth
\nstrategies, as follows:
\nA
North America: Puerto Rico joined the Latin America (LATAM) region
\nA
Europe: Includes Nordics (Norway, Sweden, Finland, Denmark and Poland), previously in UK & Rest of World region. Also continues to include
\nLATAM
\n1
\nwhich has been expanded to include Caribbean (formerly in UK & Rest of World) and Puerto Rico (formerly in North America)
\nA
UK & Sub-Saharan Africa: No change to UK, Ireland & Baltics. Sub-Saharan Africa remained in this region. Other Rest of World countries
\n(MENAT\u00a0and Caribbean) moved to other regions
\nA
Asia & MENAT: Enlarged region includes Asia and MENAT countries
\nA
Pacific: No change
\n1.
The LATAM region is combined with Europe. It is the Group\u2019s smallest region and not considered reportable under the quantitative thresholds in IFRS 8. It is combined with Europe as it
\nhistorically reported through this region, it is\u00a0similar\u00a0in nature to the Europe businesses and has language and cultural alignment.
\nThe financial information presented has been restated to reflect these changes.
\nDisaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs and central and regional costs are
\npresented at a Group level as they are not targeted or managed at reportable segment level. The basis of presentation is consistent with the
\ninformation reviewed by internal management.
\nAdjusted pro\ufb01t measures
\nAdjusted profit measures are used to give management and other users of the accounts a clear understanding of the underlying profitability of
\nthe business over time. Adjusted profit measures are calculated by adding the following items back to the equivalent GAAP profit measure:
\nA
amortisation and impairment of intangible assets (excluding computer software);
\nA
one-off and adjusting items; and
\nA
net interest adjustments.
\nIntangible assets (such as customer lists and brands) are recognised on acquisition of businesses which, by their nature, can vary by size and
\namount each year. Capitalisation of innovation-related development costs will also vary from year to year. As a result, amortisation of intangibles
\nis added back to assist with understanding the underlying trading performance of the business and to allow comparability across regions and
\ncategories (see table on page 157).
\nOne-off and adjusting items are significant expenses or income that will have a distortive impact on the underlying profitability of the Group.
\nTypical examples are costs related to the acquisition of businesses, gain or loss on disposal or closure of a business, material gains or losses on
\ndisposal of fixed assets, adjustments to legacy property-related provisions (environmental liabilities), and payments or receipts as a result of legal
\ndisputes. An analysis of one-off and adjusting items is set out on page 156.
\nNet interest adjustments are other non-cash or one-off accounting gains and losses that can cause material fluctuations and distort
\nunderstanding of the performance of the business, such as net interest on pension schemes and interest fair value adjustments. These
\nadjustments are made to aid year-on-year comparability (see Note C9 on page 186).
\n\nRevenue and Pro\ufb01t
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n1
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n1
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nNorth America
\n2
\nPest Control
1,746
1,149
979
297
187
131
\nHygiene & Wellbeing
103
142
218
18
29
78
\n1,849
1,291
1,197
315
216
209
\nEurope (incl. LATAM)
\nPest Control
427
350
324
103
92
75
\nHygiene & Wellbeing
322
316
330
53
54
59
\nFrance Workwear
192
166
173
31
17
19
\n941
832
827
187
163
153
\nUK & Sub-Saharan Africa
\nPest Control
187
176
163
48
46
37
\nHygiene & Wellbeing
183
183
164
48
49
22
\n370
359
327
96
95
59
\nAsia & MENAT
\nPest Control
231
187
171
34
25
20
\nHygiene & Wellbeing
90
84
92
11
11
16
\n321
271
263
45
36
36
\nPacific
\nPest Control
104
90
81
16
14
15
\nHygiene & Wellbeing
123
107
97
32
25
20
\n227
197
178
48
39
35
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nAdjusted Operating Profit Margin
15.4%
14.9%
13.7%
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n3
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\nOperating Profit Margin
8.5%
11.7%
10.5%
\nShare of profit from associates (net of tax)
9
8
8
\nNet adjusted interest payable
(48)
(34)
(37)
\nNet interest adjustments
18
4
(35)
\nProfit Before Tax
296
325
230
\nNet interest adjustments
(18)
(4)
35
\nOne-off and adjusting items
136
21
8
\nAmortisation and impairment of intangible assets
\n3
\n118
74
82
\nAdjusted Profit Before Tax
532
416
355
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. During 2022 there were impairment losses recognised in North America of \u00a317m (2021: \u00a3nil; 2020: \u00a3nil) related to ROU assets and \u00a38m (2021: \u00a3nil; 2020: \u00a3nil) related to property, plant
\nand equipment.
\n3. Excluding computer software.
\n\nRevenue and operating profit relate to the main groups of business segment and activity: Pest Control, Hygiene & Wellbeing and France
\nWorkwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable segment. Business
\nsegment revenue and operating profit are shown in the table below:
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nPest Control
2,695
1,952
1,718
498
364
278
\nHygiene & Wellbeing
821
832
901
162
168
195
\nFrance Workwear
192
166
173
31
17
19
\nTotal business segments
3,708
2,950
2,792
691
549
492
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n2
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. Excluding computer software.
\nOrganic Revenue measures
\nAcquisitions are a core part of the Group\u2019s growth strategy. Organic Revenue Growth measures are used to help understand the underlying
\nperformance of the Group. Organic Revenue Growth represents the growth in revenue excluding the effect of businesses acquired during the
\nyear. Acquired businesses are included in organic measures in the year following acquisition, and the comparative period is adjusted to include
\nan estimated full-year performance for growth calculations (pro forma revenue). The Terminix acquisition is treated differently to other acquisitions
\nfor Organic Revenue Growth purposes, with the growth in revenue not being excluded. The full pre-acquisition results of the Terminix business
\nare included for the comparative period and Organic Revenue Growth calculated as the growth in revenue compared with the comparative
\nperiod.
\nOrganic Revenue Growth
\nexcluding disinfection
\nOrganic Revenue Growth
\nincluding disinfection
\n2022
\n%
\n2021
\n%
\n2022
\n%
\n2021
\n%
\nNorth America
5.7%
8.7%
3.2%
1.5%
\nEurope (incl. LATAM)
9.1%
4.7%
6.3%
1.9%
\nUK & Sub-Saharan Africa
4.7%
12.3%
2.9%
9.9%
\nAsia & MENAT
11.0%
5.8%
6.8%
4.9%
\nPacific
7.9%
6.4%
7.5%
6.3%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nPest Control
5.6%
8.2%
5.6%
8.2%
\nHygiene & Wellbeing
9.3%
7.2%
(4.0)%
(5.7)%
\nFrance Workwear
16.6%
1.5%
16.6%
1.5%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nRevenue from external customers attributed to the UK amounted to \u00a3296m (2021: \u00a3292m; 2020: \u00a3260m), with overseas countries accounting for
\nthe balance of \u00a33,418m (2021: \u00a32,665m; 2020: \u00a32,543m). The only countries accounting for more than 10% of revenue from external customers
\nare the US, totalling \u00a31,786m (2021: \u00a31,240m; 2020: \u00a31,153m), and France, totalling \u00a3338m (2021: \u00a3306m; 2020: \u00a3310m).
\nThe Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\ntransactions with any single customer.
\nSegment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker.
\n\n\n\nRevenue and non-current assets for the country of domicile (UK), the United States, France, Australia, India, and Spain (being the largest countries
\noutside the UK) and for all other countries are:
\nRevenue
\n2022
\n\u00a3m
\nNon-current
\nassets
\n1
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nNon-current
\nassets
\n1
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nNon-current
\nassets
\n1
\n2020
\n\u00a3m
\nUK
296
192
292
180
260
176
\nUSA
1,786
7,033
1,240
1,768
1,153
1,550
\nFrance
338
268
306
234
310
249
\nAustralia
166
132
149
120
132
114
\nIndia
58
83
54
81
49
82
\nSpain
56
76
46
42
44
41
\nOther countries
1,014
688
870
454
855
411
\nTotal
3,714
8,472
2,957
2,879
2,803
2,623
\n1.
Non-current assets include intangible assets, property, plant and equipment, right-of-use assets, contract cost assets and non-current other receivables.
\nAnalysis of revenue by type
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nRecognised over time
\nContract service revenue
2,610
2,009
1,878
\nRecognised at a point in time
\nJob work
724
641
651
\nSales of goods
380
307
274
\nTotal
3,714
2,957
2,803
\nOne-o\ufb00 and adjusting items \u2013 operating
\nOne-off and adjusting items
\ncost/(income)
\n\u00a3m
\nOne-off and adjusting items
\ntax impact
\n\u00a3m
\nOne-off and adjusting items
\ncash inflow/(outflow)
\n\u00a3m
\n2020
\nAcquisition and integration costs
15
(3)
(15)
\nPension scheme closure in North America
(7)
2
\u2013
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
9
\nOther
\u2013
(1)
4
\nTotal
8
(2)
(2)
\n2021
\nAcquisition and integration costs
13
(1)
(12)
\nTerminix acquisition costs
6
\u2013
(6)
\nOther
2
(1)
(9)
\nTotal
21
(2)
(27)
\n2022
\nAcquisition and integration costs
5
(2)
(13)
\nFees relating to Terminix acquisition
68
(4)
(38)
\nTerminix integration costs
62
(14)
(32)
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
22
\nOther
1
\u2013
2
\nTotal
136
(20)
(59)
\n1.
More information about the UK pension scheme buy-out can be found in Note A10.
\n\nOther segment items included in the consolidated income statement are as follows:
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2022
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2021
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2020
\n\u00a3m
\nNorth America
59
34
30
\nEurope (incl. LATAM)
29
14
15
\nUK & Sub-Saharan Africa
\u2013
9
9
\nAsia & MENAT
20
7
17
\nPacific
4
4
4
\nCentral and regional
6
6
7
\nDisposed businesses
\u2013
\u2013
\u2013
\nTotal
118
74
82
\nTax effect
(25)
(18)
(18)
\nTotal after tax effect
93
56
64
\n1. Excluding computer software.
\nA2. Earnings per share
\nBasic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
\nnumber of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
\nConsolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
\nFor diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
\nshares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s long-term incentive plans
\n(LTIPs) to the extent that the performance conditions have been met at the end of the period. These share options are issued for nil consideration
\nto\u00a0employees if performance conditions are met.
\nAdjusted Earnings Per Share is calculated by dividing adjusted profit from continuing operations attributable to equity holders of the Company by
\nthe weighted average number of ordinary shares in issue. Adjusted profit measures are explained in Note A1 on page 153.
\nFor the calculation of diluted earnings per share, 1,290,294 share options were anti-dilutive and not included in the calculation of the dilutive
\neffect as at 31 December 2022 (31 December 2021: nil).
\nDetails of the calculation of earnings per share are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nProfit attributable to equity holders of the Company
232
263
186
\nOne-off and adjusting items
136
21
8
\nAmortisation and impairment of intangibles
\n1
\n118
74
82
\nNet interest adjustments
\n2
\n(18)
(4)
35
\nTax on above items
\n3
\n(41)
(18)
(26)
\nAdjusted profit attributable to equity holders of the Company
427
336
285
\nWeighted average number of ordinary shares in issue (million)
2,002
1,858
1,853
\nAdjustment for potentially dilutive shares (million)
12
8
10
\nWeighted average number of ordinary shares for diluted earnings per share (million)
2,014
1,866
1,863
\nBasic earnings per share
11.57p
14.16p
10.03p
\nDiluted earnings per share
11.51p
14.10p
9.98p
\nBasic Adjusted Earnings Per Share
21.34p
18.07p
15.37p
\nDiluted Adjusted Earnings Per Share
21.22p
17.99p
15.29p
\n1. Excluding computer software.
\n2. Includes: net interest credit from pensions \u00a3nil (2021: \u00a3nil; 2020: \u00a31m); finance costs from hedge accounting recognised in other comprehensive income \u00a3nil (2021: \u00a34m; 2020: \u00a35m);
\nIFRS\u00a016 interest adjustment \u00a3nil (2021: \u00a3nil; 2020: \u00a3(2)m); interest fair value adjustment \u00a321m (2021: \u00a3nil; 2020: \u00a3(38)m); discount unwind \u00a3(3)m (2021: \u00a3nil; 2020: \u00a3nil).
\n3. One-off and adjusting items \u00a320m (2021: \u00a32m; 2020: \u00a32m); amortisation and impairment of intangibles \u00a325m (2021: \u00a318m; 2020:\u00a0\u00a318m); net\u00a0interest adjustments \u00a3(3)m\u00a0(2021: \u00a3(1)m;
\n2020:\u00a0\u00a36m).
\n\nA3. Trade and other receivables
\nThe Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
\n30 days and are therefore all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and
\nmovements on provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are
\ngenerally charged to the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
\nExpected credit loss (ECL) calculations are performed quarterly and are used to calculate the provision. ECL calculations are a probability
\nweighted estimate of credit losses and are performed at country level. The Group applies the simplified method of applying lifetime ECLs to trade
\nreceivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which comprise customer portfolios across
\nseveral countries. Credit risk factors that are considered as part of ECL calculations may include, but are not limited to: payment history, customer
\nsize, customer type (national/residential/commercial/government), age of debt, industry strength, economy, environmental factors such as climate
\nchange and product or service provided.
\nThere is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse. The
\namount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
\nfacilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
\nreports from credit rating agencies where they are available. Where this is not feasible the Group may request payment in advance of work being
\ncarried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
\nwhose terms have been renegotiated.
\n 2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade receivables
692
474
\nLess: provision for impairment of trade receivables
(70)
(50)
\nTrade receivables \u2013 net
622
424
\nOther receivables
110
63
\nPrepayments
79
35
\nAccrued income
\n1
\n111
19
\nTotal
922
541
\nAnalysed as follows:
\nNon-current
90
14
\nCurrent
832
527
\nTotal
922
541
\n1.
Accrued income has increased in the year primarily due to the acquisition of Terminix. At the balance sheet date, US Terminix makes up \u00a390m (2021: \u00a3nil) of the accrued income
\nbalance.
\nAll of the Group\u2019s provision for impairment relates to trade receivables. Analysis of the Group\u2019s provision for impairment of trade receivables is as
\nfollows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
50
61
\nExchange differences
\u2013
(1)
\nAdditional provision
30
26
\nReceivables written off as uncollectable
(27)
(19)
\nUnused amounts reversed
(5)
(17)
\nAcquisition of companies and businesses
22
\u2013
\nAt 31 December
70
50
\n\nThe ageing of trade receivables and provision for impairment is as follows:
\nTrade
\nreceivables
\n2022
\n\u00a3m
\nProvision for
\nimpairment
\n2022
\n\u00a3m
\nTrade
\nreceivables
\n2021
\n\u00a3m
\nProvision for
\nimpairment
\n2021
\n\u00a3m
\nNot due
290
(4)
224
(2)
\nOverdue by less than 1 month
155
(4)
100
(2)
\nOverdue by between 1 and 3 months
117
(6)
66
(3)
\nOverdue by between 3 and 6 months
55
(8)
30
(4)
\nOverdue by between 6 and 12 months
38
(18)
23
(13)
\nOverdue by more than 12 months
37
(30)
31
(26)
\nAt 31 December
692
(70)
474
(50)
\nThe carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
48
52
\nEuro
159
150
\nUS dollar
301
133
\nOther currencies
184
139
\nCarrying value
692
474
\nFair value is considered to be equal to carrying value for all trade and other receivables.
\nA4. Inventories
\nInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of
\nfinished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads
\n(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
\nselling expenses.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRaw materials
15
13
\nWork in progress
2
2
\nFinished goods
183
121
\n200
136
\nAn inventory impairment charge of \u00a33m was recognised in 2022 (2021: \u00a316m). Inventory recognised as an expense during the period was \u00a3280m
\n(2021: \u00a3210m). Reversals of inventory write-downs during the period were \u00a3nil (2021: \u00a3nil).
\n\nA5. Trade and other payables
\n 2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade payables
351
165
\nSocial security and other taxes
88
72
\nOther payables
117
89
\nAccruals
337
254
\nContract liabilities
\n1
\n259
167
\nDeferred consideration
21
14
\nContingent consideration
\n2
\n70
75
\nTotal
1,243
836
\nAnalysed as follows:
\nOther payables
42
18
\nDeferred consideration
1
2
\nContingent consideration
\n2
\n38
52
\nTotal non-current portion
81
72
\nCurrent portion
1,162
764
\nTotal
1,243
836
\n1.
Contract liabilities represents customer invoices where performance obligations have not yet been satisfied. All opening balances have subsequently been satisfied in the year.
\nIn\u00a0most\u00a0business categories our customers are invoiced in advance or simultaneously with performance obligations being satisfied.
\n2. Contingent consideration includes put option liability of \u00a345m (2021: \u00a342m).
\nPut options are held following the acquisition of PCI in 2017 where the seller may require the Group to purchase the remaining shares of\u00a0the
\nbusiness in stages over a fixed term between 2023 and 2027. The put options are accounted for as an anticipated acquisition of the remaining
\nshares and no non-controlling interest is recognised. The Group recognised a put option liability for the anticipated acquisition of these shares
\nin\u00a0contingent consideration, and any movements in the carrying value are recognised through equity.
\nThe assumptions that are made in estimating the value of this put option liability are option price and discount rate. A 5% reduction in the
\nestimated option price would result in a \u00a32m decrease in the liability, and a 1% decrease in the discount rate would result in a \u00a32m increase in\u00a0the
\nliability. All gains and losses relating to the put options are recognised through equity.
\nGiven the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there is
\nnot considered to be any change in input that would have a material impact on the contingent consideration liability.
\nOther than the put options, there are no liabilities in the table above that bear interest or are discounted, and therefore the cash flows are equal to
\nthe carrying value of the liabilities. Cash is due to flow between one and five years for all non-current liabilities and not beyond. Fair value is equal
\nto carrying value for all trade and other payables. There is no material difference between the fair value and carrying value for all trade and other
\npayables.
\nThe currency split of trade and other payables is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
174
165
\nEuro
241
198
\nUS dollar
564
263
\nOther currencies
264
210
\nCarrying value
1,243
836
\nA6. Provisions for liabilities and charges
\nThe Group has provisions for termite damage claims, self-insurance, environmental and other. Provisions are recognised when the Group has a
\npresent obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount is
\ncapable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note
\n D3).
\nFuture cash flows relating to these obligations are discounted when the effect is material. This year the US is the only country where the effect
\nof\u00a0discounting is material. The discount rates used are based on government bond rates in the country of the cash flows, and were between 3.5%
\nand 5.875% (2021:\u00a00.9%) for the US.
\n\nTermite damage
\nclaims
\n\u00a3m
\nSelf-
\ninsurance
\n\u00a3m
\nEnvironmental
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 January 2021
\u2013
32
14
18
64
\nExchange differences
\u2013
\u2013
(1)
\u2013
(1)
\nAdditional provisions
\u2013
18
\u2013
6
24
\nUsed during the year
\u2013
(14)
(2)
(9)
(25)
\nUnused amounts reversed
\u2013
(1)
\u2013
(2)
(3)
\nAcquisition of companies and businesses
\u2013
2
\u2013
\u2013
2
\nAt 31 December 2021
\u2013
37
11
13
61
\nAt 1 January 2022
\u2013
37
11
13
61
\nExchange differences
(28)
(7)
\u2013
\u2013
(35)
\nAdditional provisions
3
30
\u2013
8
41
\nUsed during the year
(10)
(26)
(2)
(8)
(46)
\nUnused amounts reversed
\u2013
(6)
\u2013
(2)
(8)
\nAcquisition of companies and businesses
335
136
3
1
475
\nUnwinding of discount on provisions
3
1
\u2013
\u2013
4
\nAt 31 December 2022
303
165
12
12
492
\n2022
\nTotal
\n\u00a3m
\n2021
\nTotal
\n\u00a3m
\nAnalysed as follows:
\nNon-current
359
34
\nCurrent
133
27
\nTotal
492
61
\nTermite damage claims
\nThe Group holds provisions for termite damage claims covered by contractual warranties. Termite damage claim provisions are subject to
\nsignificant assumptions and estimation uncertainty. The assumptions included in valuing termite provisions are based on an estimate of the rate
\nand cost of future claims (based on historical and forecast information), customer churn rates and discount rates. These provisions are expected
\nto be substantially utilised within the next 20 years. The trend of volume and value of claims is monitored and reviewed over time (with the
\nsupport of external advisers) and as such the value of the provision is also likely to change.
\nThe sensitivity of the liability balance to changes in the inputs is illustrated as follows:
\nA
Discount rate \u2013 this exposure is largely based within the United States, therefore measurement is based on a US risk-free rate. As we have seen
\nduring 2022, interest rates (and therefore discount rates) have moved up and are at their highest in over a decade. Rates could move in either
\ndirection and management has modelled that an increase/decrease of 5% in yields (from 4.31% to 4.53%) would reduce/increase the provision by
\n\u00a33m. Over the 12 months to 31 December 2022, as a result, inter alia, of the conflict in Ukraine, risk-free rate yields have risen from c.0.9% to 4.31%.
\nA
Claim cost \u2013 claim cost forecasts have been based on the latest available historical settled Terminix claims. Claims costs are dependent on a range
\nof inputs including labour cost, materials costs (e.g. timber), whether a claim becomes litigated or not, and specific circumstances including
\ncontributory factors at the premises. Management has determined the historical time period for each material category of claim, between six
\nmonths and five years, to determine an estimate for costs per claim. Recent fluctuations in input prices (e.g. timber prices) means that there is
\npotential for volatility in claim costs and therefore future material changes in provisions. Management has modelled that a structural increase/
\ndecrease of 5% in total claim costs would increase/decrease the provision by c.\u00a314m. Over the 12 months to 31 December 2022, as a result of
\nsupply chain issues caused by the COVID pandemic and other macro-economic factors, in year costs per claim rose by c.17%.
\nA
Claim rate \u2013 management has estimated claim rates based on statistical historical incurred claims. Data has been captured and analysed by a third
\nparty agency, used by Terminix over many years, to establish incidence curves that can be used to estimate likely future cash outflows. Changes in
\nrates of claim are largely outside the Group\u2019s control and may depend on litigation trends within the US, and other external factors such as how
\noften customers move property and how well they maintain those properties. This causes estimation uncertainty that could lead to material
\nchanges in provision measurement. Management has modelled that an increase/decrease of 5% in overall claim rates would increase/decrease
\nthe provision by c.\u00a314m, accordingly. Over the 12 months to 31 December 2022 claim rates fell by c.16%.
\nA
Customer churn rate \u2013 If customers choose not to renew their contracts each year, then the assurance warranty falls away. As such there is
\nsensitivity to the assumption on how many customers will churn out of the portfolio of customers each year. Data has been captured and analysed
\nby a third party agency, used by Terminix over many years, to establish incidence curves for customer churn, and forward looking assumptions
\nhave been made based on these curves. Changes in churn rates are subject to macro-economic factors and to the performance of the Group. A 1%
\nmovement in customer churn rates, up or down, would change the provision by c.\u00a310m up or down, accordingly. On average over the last 10 years
\nchurn rates move by +/\u2013 c.1.2% per annum.
\n Self-insurance
\nThe Group purchases external insurance from a portfolio of international insurers for its key insurable risks, mainly employee-related risks.
\nSelf-insured deductibles within these insurance policies have changed over time due to external market conditions and scale of operations.
\nThese provisions represent obligations for open claims and are estimated based on actuarial/management\u2019s assessment at the balance sheet
\ndate. The Group expects to continue self-insuring the same level of risks and estimates that 50% to 75% of claims should settle within the next
\nfive years.
\nSelf-insurance provisions are also subject to estimation uncertainty based on volume and value of expected future claims and discount rate
\nassumptions; however it is not expected that there would be any change to assumptions that would cause a significant adjustment to the carrying
\nvalue in the next financial year.
\n\nEnvironmental
\nThe Group owns a number of properties in Europe and the US where there is land contamination. Provisions are held for the remediation of such
\ncontamination. These provisions are expected to be substantially utilised within the next five years.
\nOther
\nOther provisions principally comprise amounts required to cover obligations arising and costs relating to disposed businesses and restructuring
\ncosts. Other provisions also includes costs relating onerous contracts and property dilapidations settlements. Existing provisions are expected to
\nbe substantially utilised within the next five years.
\nA7. Operating expenses by nature
\nOperating expenses from continuing operations include the following items:
\n Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nEmployee costs
A9
1,736
1,405
1,305
\nDirect materials and services
704
586
583
\nVehicle costs
201
146
134
\nProperty costs
82
60
65
\nDepreciation and impairment of property, plant and equipment
B3
140
128
132
\nAmortisation and impairment of intangible assets
B2
140
91
101
\nOne-off and adjusting items \u2013 operating
A1
136
21
8
\nOther operating expenses
\n1
\n234
173
181
\nTotal operating expenses
3,373
2,610
2,509
\n1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.
\nA8. Auditor\u2019s remuneration
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Parent Company and Group accounts
3
2
1
\nAudit of accounts of subsidiaries of the Group
4
3
2
\nAudit-related assurance services
\n1
\n2
\u2013
\u2013
\nOther assurance services
\u2013
\u2013
\u2013
\nTotal audit and audit-related assurance services
9
5
3
\nNon-audit services
\n2
\n3
\u2013
\u2013
\nTotal
12
5
3
\n1.
Included in 2022 is an amount of \u00a32m paid to the Company\u2019s auditor in respect of the 2021 PCAOB Group audit required for the purposes of the US registration.
\n2. Relates to accounting specialist fees in respect of the Terminix acquisition.
\nA9. Employee bene\ufb01t expense
\nPro\ufb01t-sharing and bonus plans
\nThe Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
\ntargets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
\nwhere a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
\nHoliday pay
\nPaid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
\nis\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
\nTermination bene\ufb01ts
\nTermination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
\nvoluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
\nterminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
\nbenefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
\nare discounted to present value where the effect of discounting is material.
\n2022
\n2
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nWages and salaries
\n1
\n1,582
1,225
1,141
\nSocial security costs
154
138
129
\nShare-based payments
17
10
6
\nPension costs:
\n\u2013 defined contribution plans
22
31
27
\n\u2013 defined benefit plans
2
1
2
\n1,777
1,405
1,305
\n1.
Wages and salaries are net of any local government wage-related grants as disclosed in Note D5.
\n2. Including \u00a341m staff costs reported as one-off and adjusting items in Note A1.
\nMonthly average number of people employed by the Group during the year:
\n2022
\nNumber
\n2021
\nNumber
\n2020
\nNumber
\nProcessing and service delivery
38,256
34,163
33,174
\nSales and marketing
5,993
5,400
5,272
\nAdministration and overheads
7,226
6,468
6,142
\n51,475
46,031
44,588
\nEmoluments of the Directors of Rentokil Initial plc are detailed below.
\nHighest paid Director
\n\u00a3000
\nOther Directors
\n\u00a3000
\n2020
\nAggregate emoluments excluding share options
867.3
575.6
\nAggregate gains made by Directors on exercise of share options
\u2013
\u2013
\nAggregate amount receivable under long-term incentive schemes
3,187.9
1,325.6
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n4,055.2
1,901.2
\n2021
\nAggregate emoluments excluding share options
2,661.2
1,444.0
\nAggregate gains made by Directors on exercise of share options
916.3
370.6
\nAggregate amount receivable under long-term incentive schemes
3,340.0
145.9
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n6,917.5
1,960.5
\n2022
\nAggregate emoluments excluding share options
2,698.7
1,557.5
\nAggregate gains made by Directors on exercise of share options
\u2013
233.8
\nAggregate amount receivable under long-term incentive schemes
831.9
380.3
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n3,530.6
2,171.6
\n2022
\nNumber
\n2021
\nNumber
\n2020
\nNumber
\nNumber of Directors accruing retirement benefits
\n\u2013 defined contribution schemes
\u2013
2
3
\n\u2013 defined benefit schemes
\u2013
\u2013
\u2013
\nNumber of Directors exercising share options
\n1
\n1
2
2
\nNumber of Directors receiving shares as part of long-term incentive schemes
2
2
3
\n1.
The highest paid Director exercised nil (2021: 163,625; 2020: nil) share options during the year.
\nA10. Retirement bene\ufb01t obligations
\nApart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
\ncovering many of its employees.
\nThe principal pension scheme in the Group is the UK Rentokil Initial 2015 Pension Scheme (RIPS) which has a defined contribution section
\nand\u00a0a\u00a0number of defined benefit sections, the largest of which has now been wound up following a buy-out agreement with Pension Insurance
\nCorporation plc (PIC) to take over the payment of the liabilities in the scheme. Further details are on page 164.
\nThe largest retirement benefit obligation in the Group is now the Rentokil Initial Irish Pension Scheme (which is in a surplus position).
\nA number of much smaller defined benefit and defined contribution schemes operate elsewhere which are also funded through payments
\nto\u00a0trustee-administered funds or insurance companies.
\nDefined benefit schemes are reappraised annually by independent actuaries based upon actuarial assumptions. Judgement is required
\nin\u00a0determining these actuarial assumptions, but this is not considered by management to be a significant accounting judgement as defined under
\nIAS 1.
\nDe\ufb01ned bene\ufb01t pension plans
\nA defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
\ndependent on one or more factors such as years of service, compensation and age.
\nThe asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present
\nvalue of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
\nperiod by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
\nbenefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
\nvalue of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
\ncorporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and that have terms
\nto\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
\nunconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
\nany minimum funding requirements.
\nCurrent and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
\nthe income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
\nfrom experience adjustments, return on plan assets and changes in actuarial assumptions are charged or credited to the Consolidated Statement
\nof Comprehensive Income.
\nDe\ufb01ned contribution pension plans
\nA defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
\nThe Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The Group has
\nno further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
\nthey are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
\nRIPS
\nOn 4 December 2018 the Trustee entered into a binding agreement with PIC to insure the liabilities of the RIPS, known as a buy-in. In December
\n2021 the final true-up premium was paid to PIC and on 24 February 2022 the insurance policy with PIC was transferred to the individual members
\nof the scheme and buy-out was completed. Accordingly in 2022 both the Scheme\u2019s assets and liabilities have been reduced by the policy value
\n(\u00a31,159m). The wind-up of the scheme was completed in December 2022 and the remaining surplus of \u00a322m was refunded to the Company.
\nThe defined benefit schemes of the RIPS were reappraised semi-annually by independent actuaries based upon actuarial assumptions in
\naccordance with IAS 19R requirements (including schemes which are insured under a buy-in contract). The assumptions used for the RIPS are
\nshown below:
\n24 February
\n2022
\n31 December
\n2021
\nWeighted average %
\nDiscount rate
2.6%
2.0%
\nFuture salary increases
n/a
n/a
\nFuture pension increases
3.6%
3.3%
\nRPI inflation
3.7%
3.4%
\nCPI inflation
3.0%
2.7%
\nPension bene\ufb01ts
\nThe movement in the net defined benefit obligation for all Group pension schemes over the accounting period is as follows:
\nPresent value
\nof obligation
\n2022
\n\u00a3m
\nFair value of
\nplan assets
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\nPresent value
\nof obligation
\n2021
\n\u00a3m
\nFair value of
\nplan assets
\n2021
\n\u00a3m
\nTotal
\n2021
\n\u00a3m
\nAt 1 January
(1,313)
1,305
(8)
(1,481)
1,461
(20)
\nCurrent service costs\u00b9
(2)
\u2013
(2)
(1)
\u2013
(1)
\nPast service costs\u00b9
(1)
\u2013
(1)
1
\u2013
1
\nSettlement gain
4
\u2013
4
22
(21)
1
\nTransfer of RIPS annuity policies (buy-out)
1,159
(1,159)
\u2013
\u2013
\u2013
\u2013
\nAdministration expenses\u00b9
4
(4)
\u2013
\u2013
\u2013
\u2013
\nInterest on defined benefit obligation/asset\u00b9
(5)
5
\u2013
(21)
21
\u2013
\nExchange difference
(3)
2
(1)
2
(1)
1
\nTotal pension income/(expense)
1,156
(1,156)
\u2013
3
(1)
2
\nRemeasurements:
\n\u2013 Remeasurement gain/(loss) on scheme assets
\u2013
(79)
(79)
\u2013
(78)
(78)
\n\u2013 Remeasurement gain/(loss) on obligation\u00b2
81
\u2013
81
79
\u2013
79
\nContributions:
\n\u2013 Employers
(1)
\u2013
(1)
(1)
8
7
\n\u2013 Benefit payments
12
(10)
2
87
(85)
2
\n\u2013 Refund of surplus
\u2013
(22)
(22)
\u2013
\u2013
\u2013
\nAt 31 December
(65)
38
(27)
(1,313)
1,305
(8)
\nRetirement benefit obligation schemes\u00b3
(49)
19
(30)
(63)
36
(27)
\nRetirement benefit asset schemes\u2074
(16)
19
3
(1,250)
1,269
19
\n1.
Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.
\n2. The actuarial movement on the UK RIPS comprises remeasurement gain arising from changes in demographic assumptions of \u00a3nil (2021: gain of \u00a33m; 2020: gain of \u00a316m),
\nremeasurement gain arising from changes in financial assumptions of \u00a382m (2021: gain of \u00a375m; 2020: loss of \u00a3117m) and a remeasurement loss arising from experience of \u00a37m
\n(2021:\u00a0loss of \u00a31m; 2020: gain of \u00a325m).
\n3. Benefit plans in an obligation position include plans situated in Thailand, the UK, Martinique, Trinidad and Tobago, Norway, South Africa, Germany, Austria, France, Italy, South\u00a0Korea,
\nPhilippines, India, Hong\u00a0Kong and Saudi Arabia.
\n4. Benefit plans in an asset position include plans situated in Australia, Barbados and Ireland.
\nIncluded in the table above is a net defined benefit surplus in relation to the UK RIPS of \u00a3nil (2021: \u00a318m; 2020: \u00a318m) recognised as defined
\nbenefit obligation of \u00a3nil (2021: \u00a31,248m; 2020: \u00a31,369m) and plan assets of \u00a3nil (2021: \u00a31,266m; 2020: \u00a31,388m). Of the \u00a365m (2021: \u00a31,313m;
\n2020: \u00a31,481m) of obligations, \u00a320m (2021: \u00a317m; 2020: \u00a318m) is unfunded.
\nTotal contributions payable to defined benefit pension schemes in 2023 are expected to be less than \u00a31m.
\nThe fair value of plan assets at the balance sheet date is analysed as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEquity instruments
2
3
\nDebt instruments \u2013 unquoted
15
16
\nInsurance policies
\u2013
1,239
\nOther
21
47
\nTotal plan assets
38
1,305
\nWhere available the fair values of assets are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). In other cases the market
\nvalue as provided by the fund managers has been used in accordance with IFRS 13 Fair Value Measurement:
\nA
unquoted debt instruments (level 2);
\nA
interest and inflation rate hedging instruments (level 2); and
\nA
pooled investment funds (level 3).
\nOther significant assets are valued based on observable market inputs. Insurance policies are valued at the present value of the related
\nobligations. Other assets primarily consist of cash.
\nThe cumulative actuarial gain recognised in the Consolidated Statement of Comprehensive Income was \u00a334m (2021: \u00a332m). A\u00a0remeasurement
\ngain of \u00a32m (2021: \u00a31m gain) was recognised during the year.
\nA11. Share-based payments
\n Share-based compensation
\nThe Group operates one equity-settled share-based long-term incentive plan (LTIP). The economic cost of awarding shares and share options to
\nemployees is recognised as an expense in the income statement, equivalent to the fair value of the benefit awarded. The fair value is determined
\nby reference to option pricing models, principally Monte Carlo and adjusted Black-Scholes models. The charge is recognised in the income
\nstatement over the vesting period of the award. At each balance sheet date, the Group revises its estimate of the number of shares that vest or
\noptions that are expected to become exercisable. Any revision to the original estimates is reflected in the income statement with a corresponding
\nadjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting period.
\nPerformance Share Plan
\nThe Company introduced a share-based performance plan in 2006 for senior managers worldwide. The main features of the scheme are as\u00a0follows:
\nA
For awards made in 2020, 60% of the award is based on total shareholder return (TSR) and 40% is based on performance against certain strategic
\nand financial measures over the vesting period.
\nA
For awards made in 2021, 50% of the award is based on TSR and 50% is based on performance against certain strategic and financial measures
\nover the vesting period.
\nA
For awards made in 2022, 50% of the award is based on TSR and 50% is based on performance against certain strategic and financial measures
\nover the vesting period.
\nA
The value of dividends paid during the vesting period is paid on the number of shares that ultimately vest in the form of additional shares.
\nFor\u00a0awards that are nil-cost options, this is the value of dividends between grant and exercise.
\nThe total net charge for the year relating to equity-settled share-based payment plans was \u00a39m (2021: \u00a310m; 2020: \u00a36m).
\nA summary of the number of shares in active share option plans is shown below:
\nYear of
\ngrant
\nVesting
\nyear
\nShare options outstanding
Share options exercisable
\nScheme
\ninterest at
\n1 January
\n2022
\nShares
\nawarded
\nduring
\n2022
\nShares
\nlapsed
\nduring
\n2022
\nShares
\nvested
\nduring
\n2022
\nShares
\noutstanding
\nat
\n31 December
\n2022
\nShares
\nexercisable
\nat 1 January
\n2022
\nShares
\nvested
\nduring
\n2022
\nShares
\nexercised
\nduring
\n2022
\nShares
\nlapsed
\nduring
\n2022
\nShares
\nexercisable at
\n31 December
\n2022
\n2012
2015
\u2013
\u2013
\u2013
\u2013
\u2013
168,551
\u2013
(168,426)
(125)
\u2013
\n2013
2016
\u2013
16,964
\u2013
(16,964)
\u2013
1,025,307
16,964
(137)
\u2013
1,042,134
\n2014
2017
\u2013
19,487
\u2013
(19,487)
\u2013
1,188,070
19,487
(11,367)
(2) 1,196,188
\n2015
2018
\u2013
21,107
\u2013
(21,107)
\u2013
1,364,269
21,107
(118,858)
\u2013
1,266,518
\n2016
2019
\u2013
30,808
\u2013
(30,808)
\u2013
1,942,074
30,808
(131,628)
(58) 1,841,196
\n2017
2020
\u2013
24,878
\u2013
(24,878)
\u2013
1,625,618
24,878
(324,744)
(1,025) 1,324,727
\n2018
2021
891,744
34,531
(5,910)
(905,768)
14,597
1,538,591
905,768
(451,433)
(5,058) 1,987,868
\n2019
2022
4,776,149
132,345
(332,441) (4,114,390)
461,663
\u2013 4,114,390
(1,878,327)
(22,984) 2,213,079
\n2020
2023
3,471,012
\u2013
(284,625)
\u2013 3,186,387
\u2013
\u2013
\u2013
\u2013
\u2013
\n2021
2024
4,137,673
\u2013
(339,688)
\u2013 3,797,985
\u2013
\u2013
\u2013
\u2013
\u2013
\n2022
2025
\u2013 4,964,496
(118,596)
\u2013 4,845,900
\u2013
\u2013
\u2013
\u2013
\u2013
\nYear of
\ngrant
\nVesting
\nyear
\nShare options outstanding
Share options exercisable
\nScheme
\ninterest at
\n1 January
\n2021
\nShares
\nawarded
\nduring
\n2021
\nShares
\nlapsed
\nduring
\n2021
\nShares
\nvested
\nduring
\n2021
\nShares
\noutstanding at
\n31 December
\n2021
\nShares
\nexercisable
\nat 1 January
\n2021
\nShares
\nvested
\nduring
\n2021
\nShares
\nexercised
\nduring
\n2021
\nShares
\nlapsed
\nduring
\n2021
\nShares
\nexercisable at
\n31 December
\n2021
\n2012
2015
\u2013
\u2013
\u2013
\u2013
\u2013
179,519
\u2013
(10,968)
\u2013
168,551
\n2013
2016
\u2013
12,073
\u2013
(12,073)
\u2013
1,085,178
12,073
(71,944)
\u2013
1,025,307
\n2014
2017
\u2013
13,693
\u2013
(13,693)
\u2013
1,200,990
13,693
(26,613)
\u2013
1,188,070
\n2015
2018
\u2013
15,831
\u2013
(15,831)
\u2013
1,398,235
15,831
(49,797)
\u2013
1,364,269
\n2016
2019
\u2013
22,920
(15)
(22,905)
\u2013
2,052,013
22,905
(131,521)
(1,323)
1,942,074
\n2017
2020
\u2013
19,720
(85)
(19,635)
\u2013
1,784,890
19,635
(171,187)
(7,720)
1,625,618
\n2018
2021
6,024,191
164,397
(1,066,488)
(4,230,356)
891,744
\u2013
4,230,356 (2,691,765)
\u2013
1,538,591
\n2019
2022
4,993,019
33,885
(250,755)
\u2013
4,776,149
\u2013
\u2013
\u2013
\u2013
\u2013
\n2020
2023
3,561,710
754
(91,452)
\u2013
3,471,012
\u2013
\u2013
\u2013
\u2013
\u2013
\n2021
2024
\u2013
4,228,162
(90,489)
\u2013
4,137,673
\u2013
\u2013
\u2013
\u2013
\u2013
\nThe fair value of the 2022 awards made under the Performance Share Plan is charged to the income statement over the vesting period based on
\nvalues derived from a Monte Carlo model prepared by external remuneration consultants. This is a closed-form solution which takes account of
\nthe correlation between share price performance and the likelihood of a TSR performance condition being met. For the shares awarded in March
\n2022, the significant inputs into the model were a share price of 480.5p (2021: 495.7p), an expected share price volatility of 23.9% (2021: 23.2%),
\na\u00a0median share price correlation between the companies in the comparator group of 84.0% (2021: 91.0%), and an expected life commensurate
\nwith the three-year performance/vesting period. The share price volatility assumption is based on analysis of historical daily share prices.
\nAs\u00a0the\u00a0awards are nil-cost (i.e. there is no exercise price), the assumed risk-free rate of return has minimal impact on\u00a0the fair value of\u00a0the awards.
\nSimilarly, as dividend equivalents are paid on the vesting portion of awards, the fair value of these awards is not reduced to reflect dividends
\npaid\u00a0during the vesting period.
\nThe fair value of awards granted during 2022 was \u00a319m (2021: \u00a316m) and the weighted average fair value per award granted during the year was
\n385.9p (2021: 371.7p). The weighted average share price for options exercised in the year was 499.9p (2021: 505.6p) and the weighted average
\ncontract term remaining on shares unexercised at the year end was 527 days (2021: 450 days).
\nIn addition to the Performance Share Plan there was a transfer of existing long-term incentive plans in Terminix that were expensed during the
\nperiod totalling \u00a39m.
\nA12. Income tax expense
\nThe income tax expense for the period comprises both current and deferred tax. Current tax expense represents the amount payable on this
\nyear\u2019s taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or
\nexpenditure are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is
\ncalculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries
\nand associates operate and generate taxable income.
\nDeferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
\nbases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
\nenacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or equity. In this case the tax is also recognised in other comprehensive income or equity
\nas\u00a0appropriate.
\nAnalysis of charge in the year:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nUK corporation tax at 19.0% (2021: 19.0%; 2020: 19.0%)
17
9
9
\nOverseas taxation
59
48
61
\nAdjustment in respect of previous periods
2
(3)
(3)
\nTotal current tax
78
54
67
\nDeferred tax (credit)/expense
(3)
21
(17)
\nDeferred tax adjustment in respect of previous periods
(11)
(13)
(6)
\nTotal deferred tax
(14)
8
(23)
\nTotal income tax expense
64
62
44
\nThe tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to
\nprofits of the consolidated companies as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nProfit before tax
296
325
230
\nTax calculated at domestic tax rates applicable to profits in the respective countries
69
77
56
\nAdjustment in respect of previous periods
(9)
(16)
(9)
\nExpenses not deductible for tax purposes \u2013 one-off and adjusting items
9
3
\u2013
\nExpenses not deductible for tax purposes \u2013 other
3
3
2
\nIncome not subject to tax
(5)
(1)
(1)
\nImpairment of goodwill
5
\u2013
3
\nGoodwill deductions and revaluation of intangible assets
\u2013
(2)
(1)
\nUtilisation of previously unrecognised tax losses
\u2013
(1)
(1)
\nDeferred tax recognised on losses
(1)
(3)
(2)
\nDeferred tax impact of change in tax rates
(7)
(4)
(9)
\nProvisions utilised for which no deferred tax assets were recognised
(1)
(1)
(1)
\nOverseas withholding tax suffered
1
1
1
\nLocal business taxes
1
1
2
\nForeign exchange differences
\u2013
1
1
\nUS BEAT liability
\u2013
5
3
\nOther
(1)
(1)
\u2013
\nTotal tax expense
64
62
44
\nThe Group\u2019s effective tax rate (ETR) for 2022 on reported profit before tax was 21.6% (2021: 19.0%). The Group\u2019s ETR before amortisation of
\nintangible assets (excluding computer software), one-off and adjusting items and the net interest adjustments for 2022 was 19.7% (2021: 19.4%).
\nThis compares with a blended rate of tax for the countries in which the Group operates of 24% (2021: 24%). The Group\u2019s low tax rate is primarily
\nattributable to net prior-year tax credits of \u00a39m (2021: \u00a316m).
\nThe Group\u2019s tax charge and ETR will be influenced by the global mix and level of profits, changes in future tax rates and other tax legislation,
\nforeign exchange rates, the utilisation of brought-forward tax losses on which no deferred tax asset has been recognised, the resolution of open
\nissues with various tax authorities, acquisitions and disposals.
\nDuring 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational
\ngroups. HM Treasury has published draft legislation to implement these \u2018Pillar Two\u2019 rules for accounting periods starting on or after 31 December
\n2023. The Group is reviewing these draft rules, which have not been substantively enacted, to understand any potential impacts.
\nA tax credit of \u00a311m has been recognised in other comprehensive income (2021: \u00a32m) which relates to the tax effect of mark-to-market movements
\non cross-currency and interest rate swaps recorded within other comprehensive income.
\nE\ufb00ective tax rate
\nEffective tax rate is calculated by dividing adjusted income tax expense by Adjusted Profit Before Tax, expressed as a percentage. The\u00a0measure
\nis used by management to assess the rate of tax applied to the Group\u2019s Adjusted Profit Before Tax from continuing operations.
\nNote
\n2022
\nAER
\n\u00a3m
\n2022
\nCER
\n\u00a3m
\n2021
\nAER/CER
\n\u00a3m
\nUnadjusted income tax expense
A12
64
63
62
\nTax adjustments on:
\nAmortisation and impairment of intangible assets (excluding computer software)
24
22
18
\nOne-off and adjusting items \u2013 operating
20
19
1
\nNet interest adjustments
(3)
(3)
(1)
\nAdjusted income tax expense (a)
105
101
80
\nAdjusted Profit Before Tax (b)
532
515
416
\nEffective tax rate (a/b)
19.7%
19.7%
19.4%
\nA13. Current tax liabilities
\nTax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
\nsheet date. As at 31 December 2022 all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
\npayment for more than 12 months.
\nCurrent tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
\nto either settle on a net basis or to realise the asset and settle the liability simultaneously.
\nWhere required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
\npaid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
\nbe settled.
\nThe Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
\nwhere the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time
\nbarred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management. Each country
\nand tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are considered to be
\nlinked, the Group will consider the tax treatment in aggregate where appropriate.
\nThis assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
\nobtained, the statute of limitations and the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is
\nneeded it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
\nTax provisions can be built up over a number of years but in the year of resolution there could be adjustments to these provisions which could
\nhave a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
\nimpact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes
\nparticularly in relation to the pricing of intra-group goods and services as well as debt financing.
\nThe majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
\nand is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
\nyears to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
\nare updated at each reporting period in the light of the latest available information.
\nTotal uncertain tax provisions (including interest thereon) amounted to \u00a354m as at 31 December 2022 (2021: \u00a357m; 2020: \u00a365m). Included within
\nthis amount is \u00a36m (2021: \u00a312m; 2020: \u00a312m) in respect of interest arising on tax provisions which is included within other payables. These tax
\nprovisions relate to multiple issues across the countries in which the Group operates. The net decrease in the provisions for the year is mainly
\nattributable to issues which have been settled in the year or have become statute barred.
\nThe cash tax paid for the year was \u00a377m (2021: \u00a369m; 2020: \u00a364m). The cash tax paid is expected to increase in future periods due to the
\nacquisition of Terminix.
\nA14. Deferred income tax
\nDeferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
\nConsolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
\nrecognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affect neither the
\naccounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
\nforeseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
\nat the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
\nsettled. Deferred tax balances are not discounted.
\nDeferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
\nauthority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
\nDeferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
\ndifferences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
\nmanagement\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
\nquantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.
\nThe movement on the deferred income tax account is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
(66)
(57)
\nExchange differences
27
2
\nAcquisition of companies and businesses
(446)
(8)
\nCredited to the income statement
14
(8)
\nCredited to other comprehensive income
5
\u2013
\nCharged to equity
(2)
5
\nAt 31 December
(468)
(66)
\nDeferred taxation has been presented on the balance sheet as follows:
\nDeferred tax asset within non-current assets
43
42
\nDeferred tax liability within non-current liabilities
(511)
(108)
\n(468)
(66)
\n\nThe major components of deferred tax assets and liabilities at the year end and their changes during the year (without taking into consideration
\nthe offsetting of balances within the same tax jurisdiction) are as follows:
\nCustomer
\nlists/
\nintangibles
\n\u00a3m
\nAccelerated
\ntax
\ndepreciation
\n\u00a3m
\nProvisions
\n\u00a3m
\nIFRS 15
\nContracts
\n\u00a3m
\nTax
\nlosses
\n\u00a3m
\nShare-based
\npayments
\n\u00a3m
\nOther
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 January 2021
76
44
(45)
8
(18)
(9)
1
57
\nExchange differences
\u2013
(1)
(1)
\u2013
\u2013
\u2013
\u2013
(2)
\nRecognised in income statement
1
7
(7)
1
4
(1)
3
8
\nRecognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
(5)
\nAcquired in business combinations
7
\u2013
1
\u2013
\u2013
\u2013
\u2013
8
\nAt 31 December 2021
84
50
(52)
9
(14)
(15)
4
66
\nAt 1 January 2022
84
50
(52)
9
(14)
(15)
4
66
\nExchange differences
(32)
\u2013
8
(2)
\u2013
\u2013
(1)
(27)
\nRecognised in income statement
(1)
(4)
(4)
2
(2)
(3)
(2)
(14)
\nRecognised in other comprehensive income
\u2013
\u2013
\u2013
\u2013
(4)
(1)
(5)
\nRecognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
2
\nAcquired in business combinations
519
29
(123)
24
(3)
\u2013
\u2013
446
\nAt 31 December 2022
570
75
(171)
33
(23)
(16)
\u2013
468
\n1.
Included within other deferred tax assets/liabilities are retirement benefits and unremitted earnings from subsidiaries.
\nThe UK corporate tax rate will increase from 19% to 25% with effect from 1 April 2023. This has contributed towards an increase in the UK deferred
\ntax asset recognised of \u00a35m.
\nA deferred tax asset of \u00a323m has been recognised in respect of losses (2021: \u00a314m), of which \u00a318m (2021: \u00a312m) relates to UK losses carried
\nforward at 31\u00a0December 2022. This amount has been calculated by estimating the future UK taxable profits, against which the UK tax losses will
\nbe utilised, progressively risk weighted, and applying the tax rates (substantively enacted as at the balance sheet date) applicable for each year.
\nRemaining UK tax losses of \u00a3120m (2021:\u00a0\u00a341m) have not been recognised as at 31 December 2022 as it is not considered probable that future
\ntaxable profits will be available against which the tax losses can be offset. The estimates of future profits are based on management\u2019s financial
\nforecasts which are used to support other aspects of the financial statements, such as impairment testing. At the balance sheet date the Group
\nhad tax losses of \u00a3230m (2021:\u00a0\u00a382m) on which no deferred tax asset is recognised because it is not considered probable that future taxable
\nprofits will be available in\u00a0certain jurisdictions to be able to benefit from those tax losses. Of the losses, \u00a374m (2021: \u00a38m) will expire at various
\ndates between 2023 and\u00a02039. Deferred tax assets are expected to be substantially utilised in the next 10 years.
\nIn addition, the Group has UK capital losses carried forward of \u00a3276m (2021: \u00a3276m) on which no deferred tax asset is recognised. These losses
\nhave no expiry date but management considers the future utilisation of these losses to be unlikely.
\nDividends received from subsidiaries are largely exempt from UK taxation but may be subject to dividend withholding or other taxes levied by the
\noverseas tax jurisdictions in which the subsidiaries operate. A deferred tax liability of \u00a35m (2021: \u00a35m) has been recognised in respect of this
\nliability as it is anticipated that these profits will be distributed to the UK in the foreseeable future. At the balance sheet date there is no material
\nunprovided deferred tax liability were overseas earnings to be distributed to the UK.
\n\n\n\n B. Investing
\nB1. Business combinations
\nAll business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
\nCombinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or
\nassumed and equity instruments issued by the acquirer. The cost of a business combination is allocated at the acquisition date by recognising the
\nacquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the purchase
\nprice over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which the acquirer
\neffectively obtains control of the acquiree.
\nAn intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
\ngoodwill, customer lists and brands. Goodwill represents the synergies, workforce and other benefits expected as a result of combining the
\nrespective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
\nwhich involves the use of assumptions including customer termination rates, profit margins, contributory asset charges and discount rates.
\nAt the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
\nperiod being recognised in the Consolidated Statement of Profit or Loss. Costs directly attributable to business combinations are charged to the
\nincome statement as incurred and presented as one-off and adjusting items.
\nDuring the year the Group purchased 100% of the share capital or trade and assets of 53 companies and businesses (2021: 52). The total
\nconsideration in respect of these acquisitions was \u00a34,369m (2021: \u00a3314m) and the cash outflow from current and past period acquisitions net of
\ncash acquired, was \u00a31,018m (2021: \u00a3463m).
\nDisclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
\nmaterial, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the impact
\non the Group\u2019s revenue and adjusted operating profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill is greater
\nthan 10% of the closing balance for the period. The only individually material acquisition in the year was the acquisition of Terminix Global
\nHoldings, Inc. which is discussed below.
\nAcquisition of Terminix Global Holdings, Inc.
\nOn 12 October the Group purchased 100% of the share capital of Terminix Global Holdings, Inc. (Terminix) based primarily in the USA. Terminix is
\nthe most recognised brand in US termite and pest management services and is a singularly focused pest management company. The transaction
\ncombined two of the world\u2019s leading pest control businesses to create the leading global pest control company, with approximately 4.9 million
\ncustomers and 58,600 employees globally. The combined group is set up to enhance shareholder value by creating an enlarged platform for
\ngrowth, particularly in North America.
\nThe aggregate consideration Terminix stockholders were entitled to was approximately $1.3bn in cash and 129,141,384 new Rentokil Initial
\nAmerican Depositary Shares (ADSs), representing 645,706,920 new Rentokil Initial plc ordinary shares. Under the terms of the transaction, each
\nTerminix stockholder entitled to consideration was able to elect to receive either cash consideration or stock consideration for each share of
\nTerminix common stock they held, subject to automatic adjustment and proration mechanisms. Holders of 38,693,211 shares of Terminix common
\nstock made an election to receive the cash consideration, and holders of 82,919,979 shares of Terminix common stock either (i) made an election
\nto receive the stock consideration or (ii) did not make a valid election by the election deadline and therefore were deemed to have made an
\nelection to receive the stock consideration. As a result, Terminix stockholders who elected to receive cash consideration received $34.57 in cash
\nand 0.1447 Rentokil Initial ADSs for each share of Terminix common stock they hold, and Terminix stockholders who elected to receive stock
\nconsideration received 1.4899 Rentokil Initial ADSs for each share of Terminix common stock they held.
\nFair value of the purchase consideration was \u00a34,110m, comprising Rentokil Initial ADSs of \u00a33,007m, cash of \u00a31,087m and replacement employee
\nshare awards of \u00a316m.
\nLoans and borrowings of \u00a3749m acquired with Terminix were repaid in full shortly following completion of the acquisition.
\nThe goodwill acquired of \u00a33,176m represents a number of elements including the synergies expected to be realised from improving route density,
\ncross-selling a broader service offering, expansion in use of best-in-class digital tools, continued innovation, particularly in our largest market,
\nNorth America, and the addition of a highly-skilled workforce. None of the goodwill recognised is expected to be deductible for tax purposes.
\nThe fair value attributed to acquired intangible assets was \u00a32,027m and represents indefinite-lived brands of \u00a31,292m, finite-lived brands of \u00a317m,
\ncustomer lists of \u00a3708m and software of \u00a310m. Brands were valued using a relief from royalty approach and customer lists were fair valued using
\nthe multi-period excess earnings method. The key assumptions in the fair-value modelling of brands are royalty rate, discount rate, long-term
\ngrowth rate and useful economic life. The key assumptions used for customer lists are forecast profit margins, discount rate and customer churn
\nrate.
\nThe estimated fair value of trade and other receivables was \u00a3319m, which approximated the contractual cash flows.
\nThe Group has not recognised any contingent liabilities on acquisition; none were not recognised due to fair value not being able to be measured
\nreliably.
\nCosts related to the acquisition of Terminix Global Holdings, Inc. recognised as an expense amounted to \u00a368m recognised in operating costs and
\n\u00a316m recognised as the cost of issuing new shares in equity.
\nFrom the date of acquisition to 31 December 2022, this acquisition contributed \u00a3354m to revenue and a loss of \u00a36m to operating profit. The effect
\non the results of the combined entity as if the acquisition had occurred on 1 January 2022 is shown at the bottom of page 171.
\nUpon completion, all unvested Terminix employee share awards were converted into share awards over Rentokil Initial ADSs that continue to
\nhave, and shall be subject to, the same terms and conditions as applied in the corresponding Terminix awards immediately prior to completion.
\n\nGoodwill on all acquisitions represents the synergies and other benefits expected to be realised from integrating acquired businesses into the
\nGroup, such as improved route density, expansion in use of best-in-class digital tools and back office synergies. Details of goodwill and the fair
\nvalue of net assets acquired in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPurchase consideration
\n\u2013 Cash paid
1,087
214
1,301
273
\n\u2013 Deferred and contingent consideration
\u2013
45
45
41
\n\u2013 Equity interests
\n1
\n3,023
\u2013
3,023
\u2013
\nTotal purchase consideration
4,110
259
4,369
314
\nFair value of net assets acquired
(934)
(87)
(1,021)
(83)
\nGoodwill from current-year acquisitions
3,176
172
3,348
231
\nGoodwill expected to be deductible for tax purposes
\u2013
60
60
146
\n1.
Equity interests in Rentokil Initial plc issued to shareholders of \u00a33,007m and replacement employee share awards of \u00a316m.
\nDeferred consideration of \u00a322m and contingent consideration of \u00a323m are payable in respect of the above acquisitions (2021: \u00a313m and \u00a328m
\nrespectively). Contingent consideration is payable based on a variety of conditions including revenue and profit targets being met. Amounts
\nfor\u00a0both deferred and contingent consideration are payable over the next five years. The Group has recognised contingent and deferred
\nconsideration based on fair value at the acquisition date. A range of outcomes for contingent consideration payments cannot be estimated due
\nto\u00a0the variety of performance conditions and the volume of businesses the Group acquires. During the year there were releases of contingent
\nconsideration liabilities not paid of \u00a310m (2021: \u00a31m).
\nThe provisional fair values
\n1
\nof assets and liabilities arising from acquisitions in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets
\n\u2013 Intangible assets
\n2
\n2,027
74
2,101
71
\n\u2013 Property, plant and equipment
\n3
\n249
14
263
13
\n\u2013 Other non-current assets
143
\u2013
143
2
\nCurrent assets
\n4
\n701
28
729
37
\nCurrent liabilities
\n5
\n(311)
(11)
(322)
(26)
\nNon-current liabilities
\n6
\n(1,875)
(18)
(1,893)
(14)
\nNet assets acquired
934
87
1,021
83
\n1.
The provisional fair values will be finalised in the 2023 Financial Statements. The fair values are provisional since the acquisition accounting has not yet been finalised, primarily due
\nto\u00a0the proximity of many acquisitions to the year end.
\n2. Includes \u00a3778m (2021: \u00a370m) of customer lists, \u00a31,292m (2021: \u00a3nil) of indefinite-lived brands and \u00a331m (2021: \u00a31m) of other intangibles.
\n3. Includes \u00a3200m (2021: \u00a32m) of right-of-use assets.
\n4. Includes cash acquired of \u00a3322m (2021: \u00a36m), inventory of \u00a348m (2021: \u00a33m) and trade and other receivables of \u00a3359m (2021: \u00a328m).
\n5. Includes trade and other payables of \u00a3322m (2021: \u00a326m).
\n6. Includes \u00a3445m of deferred tax liabilities relating to acquired intangibles (2021: \u00a38m), \u00a3749m of debt that was acquired with the Terminix business and repaid in November 2022 (2021:
\n\u00a3nil), lease liabilities of \u00a3214m (2021: \u00a32m), termite damage claims provisions of \u00a3335m (2021: \u00a3nil) and other provisions of \u00a3140m (2021: \u00a32m).
\nDuring the year the following adjustments were made to the provisional fair values of prior year acquisitions: a reduction in fair value of current
\nassets of \u00a36m, an increase in fair value of acquired intangibles of \u00a32m and an increase in goodwill of \u00a34m.
\nThe cash outflow from current and past acquisitions is as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTotal purchase consideration
4,110
259
4,369
314
\nEquity interests
(3,023)
\u2013
(3,023)
\u2013
\nConsideration payable in future periods
\u2013
(45)
(45)
(41)
\nPurchase consideration paid in cash
1,087
214
1,301
273
\nCash and cash equivalents in acquired companies and businesses
(313)
(9)
(322)
(6)
\nCash outflow on current period acquisitions
774
205
979
267
\nDeferred consideration paid
\u2013
39
39
196
\nCash outflow on current and past acquisitions
774
244
1,018
463
\nFrom the dates of acquisition to 31 December 2022, these acquisitions (including Terminix) contributed \u00a3422m to revenue and \u00a33m to operating
\nprofit (2021: \u00a350m and \u00a37m respectively).
\nIf the acquisitions had occurred on 1 January 2022, the revenue and operating profit of the combined Group would have amounted to \u00a35,109m
\nand \u00a3444m respectively (2021: \u00a33,031m and \u00a3357m respectively).
\n\n\n\nB2. Intangible assets
\nIntangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
\nA breakdown of intangible assets is as shown below:
\nGoodwill
\n\u00a3m
\nCustomer
\nlists
\n\u00a3m
\nIndefinite-lived
\nbrands
\n\u00a3m
\nOther
\nintangibles
\n\u00a3m
\nProduct
\ndevelopment
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
1,653
824
\u2013
66
40
145
2,728
\nExchange differences
4
(13)
\u2013
\u2013
\u2013
(2)
(11)
\nAdditions
\u2013
\u2013
\u2013
4
6
21
31
\nDisposals/retirements
\u2013
(4)
\u2013
(3)
\u2013
(1)
(8)
\nAcquisition of companies and businesses
\n1
\n228
69
\u2013
\u2013
\u2013
\u2013
297
\nHyperinflationary adjustment
3
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nAt 31 December 2021
1,888
876
\u2013
67
46
163
3,040
\nAt 1 January 2022
1,888
876
\u2013
67
46
163
3,040
\nExchange differences
(72)
(5)
(107)
2
(1)
6
(177)
\nAdditions
\u2013
\u2013
\u2013
\u2013
10
27
37
\nDisposals/retirements
\u2013
(180)
\u2013
(12)
\u2013
(1)
(193)
\nAcquisition of companies and businesses
\n1
\n3,352
779
1,292
23
\u2013
11
5,457
\nHyperinflationary adjustment
14
3
\u2013
1
\u2013
\u2013
18
\nDisposal of companies and businesses
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\nAt 31 December 2022
5,181
1,473
1,185
81
55
206
8,181
\nAccumulated amortisation and impairment
\nAt 1 January 2021
(45)
(585)
\u2013
(47)
(27)
(102)
(806)
\nExchange differences
1
10
\u2013
\u2013
\u2013
1
12
\nDisposals/retirements
\u2013
4
\u2013
4
\u2013
1
9
\nImpairment charge
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
\nAmortisation charge
\u2013
(64)
\u2013
(5)
(5)
(15)
(89)
\nAt 31 December 2021
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nAt 1 January 2022
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nExchange differences
1
(31)
\u2013
(2)
\u2013
(5)
(37)
\nDisposals/retirements
\u2013
179
\u2013
12
\u2013
1
192
\nHyperinflationary adjustment
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\nImpairment charge
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\nAmortisation charge
\u2013
(85)
\u2013
(6)
(5)
(22)
(118)
\nAt 31 December 2022
(65)
(573)
\u2013
(44)
(37)
(143)
(862)
\nNet book value
\nAt 1 January 2021
1,608
239
\u2013
19
13
43
1,922
\nAt 31 December 2021
1,844
241
\u2013
19
14
46
2,164
\nAt 31 December 2022
5,116
900
1,185
37
18
63
7,319
\n1.
Includes current-year acquisitions of \u00a35,449m (2021: \u00a3301m) as well as adjustments to prior-year acquisitions within the measurement period.
\nThe main categories of intangible assets are as follows:
\nIntangible assets \u2013 \ufb01nite useful lives
\nIntangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
\neconomic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
\nthrough a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
\nweighted average cost of capital for the Group. The residual values of intangible assets are assumed to be \u00a3nil.
\nThe estimated useful economic lives of intangible assets are as follows:
\nCustomer lists:
3 to 15 years
\nOther intangibles:
2 to 15 years
\nProduct development:
2 to 5 years
\nComputer software:
3 to 5 years
\nThe following are the main categories of intangible assets with finite useful lives:
\n(a) Customer lists
\nCustomer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
\n(b) Other intangibles
\nOther intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations. No
\nvalue is attributed to internally generated brands as expenditure incurred to develop, maintain and renew brands internally is recognised as an
\nexpense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences. These are recognised
\nonly if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year, in excess of their cost.
\n\n(c) Product development
\nCosts incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
\nreliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
\ndevelopment expenditure is measured at cost less accumulated amortisation.
\nOther development expenditure and all research expenditure are recognised as an expense as incurred and amount to \u00a33m in the year (2021:
\n\u00a32m).
\nDevelopment costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
\ncapitalised are amortised from the date the product is made available.
\n(d) Computer software
\nCosts that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
\nemployee costs and external software development costs) are recognised as intangible assets if they are expected to generate economic
\nbenefits beyond one year, in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
\nand\u00a0bring it into use.
\nCosts associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
\nIntangible assets \u2013 inde\ufb01nite useful lives
\n(a) Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
\nbusiness at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
\ninvestments in associates.
\n(b) Brands with inde\ufb01nite useful lives
\nBrands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
\nexpenditure incurred to develop, maintain and renew brands internally is recognised as an expense in the period incurred.
\nThe Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
\nin 1927), and having a strong brand equity in the US for much of its history and now internationally. The Group plans to continue to support and
\ninvest in the Terminix brand, it controls all the associated assets that support the underlying business, and therefore it is considered that there is
\nno foreseeable limit on the period over which these brands will continue to generate net cash inflows.
\nGoodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses. For
\nthe purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) identified according to country of operation and
\nreportable business unit. The way in which\u00a0CGUs are identified has not changed from prior periods. Newly acquired entities might be a single
\nCGU until such time that they can be\u00a0integrated. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
\nthe entity sold.
\nThe recoverable amount of a CGU is determined based on the higher of value-in-use calculations using cash flow projections and fair value less
\ncosts to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as part of the
\nGroup\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating profit margin,
\nbased on past experience and expectations regarding future performance and profitability for each CGU. Cash flows beyond the five-year period
\nare extrapolated using estimated long-term growth rates (LTGR).
\nCash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
\nrelated to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
\nwith current legal requirements. The potential increased costs, less any benefits that may occur, to meet these commitments are not expected to
\nbe material and therefore have resulted in no impairments during 2022.
\nA breakdown of goodwill by region is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNorth America
\n1
\n4,527
1,414
\nEurope (incl. LATAM)
241
109
\nUK & Sub-Saharan Africa
66
66
\nAsia & MENAT
196
178
\nPacific
86
77
\nTotal
5,116
1,844
\n1.
Includes \u00a32,878m (2021: \u00a3nil) relating to the US Terminix CGU and \u00a31,555m (2021: \u00a31,100m) relating to the US Pest Control CGU.
\nImpairment tests for goodwill and brands with inde\ufb01nite useful lives
\nFor the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
\n\n\n\nThe key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
\nThe growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
\naverage cost of capital for each category and country.
\nB3. Property, plant and equipment
\nProperty, plant and equipment is stated at historic cost less depreciation with the exception of freehold land and assets under construction which
\nare not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\nA breakdown of property, plant and equipment is shown below:
\nLand and
\nbuildings
\n\u00a3m
\nService contract
\nequipment
\n\u00a3m
\nOther plant and
\nequipment
\n\u00a3m
\nVehicles
\nand office
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
87
524
186
200
997
\nExchange differences
(4)
(27)
(9)
(5)
(45)
\nAdditions
3
94
13
19
129
\nDisposals
(2)
(73)
(3)
(18)
(96)
\nAcquisition of companies and businesses
\n1
\n3
\u2013
1
8
12
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
6
6
\nAt 31 December 2021
87
518
188
210
1,003
\nAt 1 January 2022
87
518
188
210
1,003
\nExchange differences
5
27
11
15
58
\nAdditions
7
112
19
19
157
\nDisposals
(1)
(72)
(7)
(27)
(107)
\nAcquisition of companies and businesses
\n1
\n29
2
4
30
65
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
8
8
\nAt 31 December 2022
127
587
215
255
1,184
\nAccumulated depreciation and impairment
\nAt 1 January 2021
(30)
(310)
(132)
(122)
(594)
\nExchange differences
1
16
7
3
27
\nDisposals
1
72
2
15
90
\nDepreciation charge
(3)
(92)
(12)
(21)
(128)
\nAt 31 December 2021
(31)
(314)
(135)
(125)
(605)
\nAt 1 January 2022
(31)
(314)
(135)
(125)
(605)
\nExchange differences
(3)
(18)
(8)
(11)
(40)
\nDisposals
1
72
6
25
104
\nImpairment charge
(8)
\u2013
\u2013
\u2013
(8)
\nDepreciation charge
(3)
(96)
(14)
(27)
(140)
\nAt 31 December 2022
(44)
(356)
(151)
(138)
(689)
\nNet book value
\nAt 1 January 2021
57
214
54
78
403
\nAt 31 December 2021
56
204
53
85
398
\nAt 31 December 2022
83
231
64
117
495
\n1.
Includes current-year acquisitions of \u00a364m (2021: \u00a311m) as well as adjustments to prior-year acquisitions within the measurement period.
\n2. Certain leased assets become owned assets at the end of their lease period and are therefore reclassified from ROU assets (Note B4).
\n\n\nDepreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
\ntheir estimated useful lives, as follows:
\nFreehold buildings:
50 to 100 years
\nLeasehold improvements:
Shorter of the lease term or estimated useful life
\nVehicles:
4 to 10 years
\nPlant and equipment (including service contract equipment):
3 to 10 years
\nOffice equipment, furniture and fittings:
3 to 10 years
\nResidual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were \u00a38m of
\nimpairments in the year (2021: \u00a3nil) recognised due to the forthcoming closure of surplus office space related to the Terminix acquisition.
\nWhen assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.
\nThe category of service contract equipment represents the pool of assets used by the Group in delivering contracted services to customers.
\nLand\u00a0and buildings comprise mainly offices and warehouses.
\nB4. Leases
\nThe Group leases land and buildings, vehicles and other equipment. The lease durations vary from lease to lease according to the asset leased
\nand local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
\ntermination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Judgement
\nis required to determine the level of certainty.
\nThe value of leases to which the Group is committed but have not yet commenced is not material.
\nA breakdown of the right-of-use (ROU) assets is shown below:
\nLand and
\nbuildings
\n\u00a3m
\nVehicles
\n\u00a3m
\nOther
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nNet book value
\nAt 1 January 2021
96
120
2
218
\nExchange differences
(2)
(1)
\u2013
(3)
\nAdditions
33
56
2
91
\nDisposals
(1)
(1)
\u2013
(2)
\nAcquisition of companies and businesses
\n1
\n5
3
\u2013
8
\nDepreciation charge
(37)
(39)
(2)
(78)
\nReclassification to property, plant and equipment
\n2
\n\u2013
(6)
\u2013
(6)
\nAt 31 December 2021
94
132
2
228
\nAt 1 January 2022
94
132
2
228
\nExchange differences
\u2013
3
\u2013
3
\nAdditions
69
69
\u2013
138
\nAcquisition of companies and businesses
\n1
\n79
120
\u2013
199
\nImpairment charge
\n3
\n(17)
\u2013
\u2013
(17)
\nDepreciation charge
(43)
(45)
(1)
(89)
\nReclassification to property, plant and equipment
\n2
\n\u2013
(8)
\u2013
(8)
\nAt 31 December 2022
182
271
1
454
\n1.
Includes current-year acquisitions of \u00a3200m (2021: \u00a32m) as well as adjustments to prior-year acquisitions within the measurement period.
\n2. Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).
\n3. Impairment relates to closure of surplus property in the US. The recoverable amount of the impaired ROU assets is \u00a325m based on value-in-use calculation and a 6% discount rate.
\n\n\n\nAnalysis of the Group\u2019s lease liabilities is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
217
215
\nExchange differences
(1)
(4)
\nLease payments
(114)
(94)
\nInterest
10
6
\nAdditions
140
89
\nAcquisition of companies and businesses
215
5
\nAt 31 December
467
217
\nAnalysed as follows:
\nNon-current
332
139
\nCurrent
135
78
\nTotal
467
217
\nLease liabilities analysed by currency:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
34
33
\nEuro
61
57
\nUS dollar
314
89
\nOther currencies
58
38
\nAt 31 December
467
217
\nLease liabilities are payable as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nLess than one year
144
80
\nBetween one and five years
277
138
\nMore than five years
82
13
\nFuture minimum payments
503
231
\nEffect of discounting
(36)
(14)
\nCarrying value
467
217
\nOther lease costs not already described are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nExpenses relating to short-term leases
13
12
\nExpenses relating to leases of low-value assets
8
6
\nExpenses relating to variable lease payments
\u2013
1
\nAt 31 December
21
19
\nThe Group has no material arrangements where it acts as a lessor.
\nB5. Capital commitments
\nCapital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nProperty, plant and equipment
37
14
\nIntangible assets
3
1
\nTotal
40
15
\n\n\nB6. Investments in associated undertakings
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest in Nippon Calmic Limited
32
29
\nInterest in individually immaterial associated undertakings
21
1
\nAt 31 December
53
30
\nNippon Calmic Ltd
\nNippon Calmic Ltd is an associated undertaking in Japan in which the Group has a 49% interest. The associate is unlisted and the investment
\nvalue is shown below.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
29
27
\nExchange differences
(1)
(2)
\nShare of profit
\n1
\n8
8
\nDividends received
(4)
(4)
\nAt 31 December
32
29
\n1.
Share of profit is net of tax of \u00a34m (2021: \u00a34m).
\nAssets
\n2022
\n\u00a3m
\nLiabilities
\n2022
\n\u00a3m
\nRevenue
\n2022
\n\u00a3m
\nProfit
\n2022
\n\u00a3m
\nAssets
\n2021
\n\u00a3m
\nLiabilities
\n2021
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nProfit
\n2021
\n\u00a3m
\nNippon Calmic Ltd (49%)
66
(33)
52
8
53
(24)
52
8
\nIn addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are
\naccounted for using the equity method.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
1
\u2013
\nExchange differences
(1)
\u2013
\nAcquisition
20
1
\nShare of profit
1
\u2013
\nDividends received
\u2013
\u2013
\nAt 31 December
21
1
\n\u00a31m (2021: \u00a3nil) relates to unrecognised share of losses related to associates.
\n\n\n\n C. Financing
\nC1. Financial risk management
\nThe Group\u2019s central treasury function manages cash, borrows on behalf of the Group and provides finance to Group companies in their local
\ncurrencies. Treasury activity is governed by a Treasury Committee which is chaired by the Chief Financial Officer.
\nThe main financial risks faced by the Group are set out below.
\n(a) Liquidity risk
\nThe Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
\nunderperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
\nfacilities of at least \u00a3600m, and the Treasury Committee manages financing requirements and associated headroom at least 12 months forward.
\nAvailable commitments of $1.0bn (\u00a3827m) under the revolving credit facility (RCF) together with unrestricted cash of \u00a3867m gives the Group
\ncombined headroom of \u00a31,694m at 31 December 2022 (2021: \u00a3785m).
\nDuring the year the Group amended, extended and increased its RCF with 16 relationship banks from \u00a3550m to $1.0bn in order to provide
\nadditional liquidity headroom in relation to the acquisition of Terminix Global Holdings, Inc. (see Note C7 for details). The RCF and other Group
\ndebt facilities have no financial covenants and the Group is compliant with other terms, conditions and undertakings of its debt facilities.
\nThe Group targets an S&P Global (S&P) investment grade credit rating for debt issuance of BBB over the medium term. In line with S&P liquidity
\nratio requirements, debt maturities are financed at least 12 months in advance using available cash or committed facilities, or by issuance of new
\ndebt. Management maintains an active dialogue with S&P, as well as the Group\u2019s relationship banks, to ensure that any changes to the Group\u2019s
\nfinancing and acquisition strategies are understood. S&P affirmed the Group\u2019s rating as BBB following the acquisition of Terminix Global
\nHoldings, Inc.
\nThe Group has no debt maturities falling due in 2023.
\nThe following bonds: \u20ac400m due November 2024, \u20ac500m due May 2026 and \u20ac600m due October 2028; issued under the Group\u2019s Euro
\nMedium-Term Notes (EMTN) Programme contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group
\nis\u00a0downgraded to BB+ or below (sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change
\nof\u00a0control of the Group. They may also be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is
\nwithdrawn and the rating agency confirms in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly
\nor\u00a0in part due to a change of control. All other bonds issued under the EMTN Programme do not contain the coupon step-up.
\n(b) Credit risk
\nThe Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
\nof\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
\nThe\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
\nappropriate measures to manage its credit risk exposure.
\nIn order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
\ncounterparties that carry a long-term credit rating of at least A-, or equivalent rating with one of the major credit rating agencies. In countries
\nwhere no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
\nsubject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
\nof its lenders to ensure that commitments under its facilities are available as needed.
\nAt 31 December 2022 the Group had a total of \u00a336m of cash held on bank accounts with banks rated below A- by S&P (2021: \u00a311m). The highest
\nconcentration with any single bank rated below A- was \u00a314m (2021: \u00a32m).
\n(c) Market risk
\nForeign exchange risk
\nThe Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
\ncurrency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling procurement
\nand central costs mean that foreign currencies constitute more than 100% of Group Adjusted Operating Profit at approximately 104%.
\nThe Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
\nin\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
\ncurrency exposures in excess of \u00a30.5m (\u00a35.0m for USD) that are not covered by debt or assets in the same (or another highly correlated) currency,
\nas long as it makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly
\nbasis. Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
\ntransactions are covered by ISDA documentation.
\nThe most significant foreign currency groups are US dollars and euros, which make up 48% and 29% of Group Adjusted Operating Profit
\nrespectively.
\nAt 31 December 2022 the Group\u2019s net debt was approximately 66% US dollar (2021: 57%), 23% euro (2021: 45%) and 11% in other currencies
\nincluding pound sterling. The translation of the interest element of euro and US dollar debt provides a partial income statement offset to the
\ntranslation of earnings.
\nThe Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
\nforeign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the US dollar. For US
\ndollars, a 10% movement in \u00a3/$ would result in a \u00a325m increase/decrease (2021: \u00a319m) in Adjusted Operating Profit, offset by a \u00a33m decrease/
\nincrease (2021: \u00a32m) in interest payable and a \u00a3377m increase/decrease (2021: \u00a350m) in other comprehensive income. A 10% movement in \u00a3/\u20ac
\nwould result in a \u00a315m increase/decrease (2021: \u00a316m) in Adjusted Operating Profit, offset by a \u00a33m decrease/increase (2021: \u00a31m) in interest
\npayable and a \u00a3nil increase/decrease (2021: \u00a35m) in other comprehensive income. The other comprehensive income impact also includes the
\noffsetting impact from financial instruments used to hedge the retranslation of the net investment in subsidiaries for US dollar is \u00a3210m (2021:
\n\u00a354m) and euro is \u00a346m (2021: \u00a342m). Where possible, currency cash flows are used to settle liabilities in the same currency in preference to
\nselling currency in the market.
\n\nInterest rate risk
\nThe Group seeks to manage interest rate risk to ensure reasonable certainty of its interest charge while allowing an element of risk exposure
\nconsistent with the variability of its cash flows. Interest rate risk is managed by the use of fixed interest debt and interest rate derivatives, which
\nare approved in advance by the Treasury Committee. The Group policy is to fix a minimum of 50% of its estimated future interest rate exposures
\n(excluding pensions) for a minimum period of 12 months forward. The Treasury Committee reviews this exposure monthly.
\nA hypothetical 1.0% increase in euro interest rates would reduce the market value of the Group\u2019s bond liabilities by \u00a3128m at 31 December 2022
\n(2021: \u00a362m). The income statement impact is \u00a3nil as changes in interest rates do not change the expected cash flows on the bonds.
\nThe Group had outstanding bond debt issues at 31 December 2022 with a fair market value of \u00a32,826m (2021: \u00a31,272m). This exceeds the book
\nvalue of \u00a32,987m (2021: \u00a31,254m) as a result of reductions in interest rates in Europe. There are no circumstances where the Group would be
\nobliged to pay the fair market value. The Group could however decide to redeem some or all of its bonds early and the fair market value is
\nindicative of the price that would be required to do so.
\n(d) Capital risk
\nThe Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
\nflexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
\nto maintain a strong capital base so as to maintain investor, creditor and market confidence and to support the Group\u2019s strategy. The Group uses
\nS&P\u2019s ratings methodology for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely net debt can be managed by
\nreducing or suspending dividends, M&A spend and capital expenditure. The Group would also consider raising additional equity to protect its
\nBBB rating.
\n(e) Treasury risk
\nThe Group\u2019s treasury activities are governed by a treasury policy, which is reviewed and approved by the Board on an annual basis. The treasury
\npolicy covers all activities associated with managing the above risks. The policy requires that financial instruments are only utilised to manage
\nknown financial exposures and speculative derivative contracts are not entered into. The treasury policy requires that treasury must approve
\nopening and closing of all bank accounts, and that funds transfers and other payments are only made in accordance with bank mandates.
\nTo ensure an appropriate control environment exists in the treasury function, duties are segregated between front and back office teams.
\nIn\u00a0addition a number of controls are in place to protect against potential cyber security and other risks.
\nC2. Net debt
\nClosing net debt comprises:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent
\nCash and cash equivalents in the Consolidated Balance Sheet
C3
2,170
668
\nOther investments
C4
1
2
\nFair value of debt-related derivatives
\u2013
1
\nBank and other short-term borrowings
\n1
\n(1,355)
(459)
\nLease liabilities
B4
(135)
(78)
\nNon-current
\nFair value of debt-related derivatives
(71)
(24)
\nBank and other long-term borrowings
\n2
\n(3,574)
(1,256)
\nLease liabilities
B4
(332)
(139)
\nTotal net debt
(3,296)
(1,285)
\n1.
Bank and other short-term borrowings consists of \u00a31,291m overdraft (2021: \u00a3426m), \u00a324m\u00a0overseas loans (2021:\u00a0\u00a330m) and \u00a340m bond accruals (2021: \u00a33m).
\n2. Bank and other long-term borrowings consists of \u00a32,987m bond debt (2021: \u00a31,254m) and \u00a3587m loans (2021:\u00a0\u00a32m).
\nThe currency split and cash flows of bank, other borrowings and debt-related derivatives are as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
1,727
48
\nEuro
927
856
\nUS dollar
2,322
783
\nOther currencies
24
51
\nCarrying value
5,000
1,738
\nFair value component of derivatives and interest
567
9
\nUndiscounted value
5,567
1,747
\nAnalysis of undiscounted cash flows of bank and other borrowings:
\nLess than one year
1,435
450
\nBetween one and five years
3,075
788
\nMore than five years
1,057
509
\nFuture minimum payments
5,567
1,747
\n\n\n\nReconciliation of net change in cash and cash equivalents to net debt:
\nNotes
\nOpening
\n2022
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2022
\n\u00a3m
\nBank and other short-term borrowings
(459)
(121)
(771)
(4)
(1,355)
\nBank and other long-term borrowings
(1,256)
(2,257)
\u2013
(61)
(3,574)
\nLease liabilities
B4
(217)
114
(225)
(139)
(467)
\nOther investments
1
\u2013
\u2013
\u2013
1
\nFair value of debt-related derivatives
(22)
(7)
19
(61)
(71)
\nGross debt
(1,953)
(2,271)
(977)
(265)
(5,466)
\nCash and cash equivalents in the Consolidated Balance Sheet
668
1,591
\u2013
(89)
2,170
\nNet debt
(1,285)
(680)
(977)
(354)
(3,296)
\nNotes
\nOpening
\n2021
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2021
\n\u00a3m
\nBank and other short-term borrowings
(1,591)
1,135
(12)
9
(459)
\nBank and other long-term borrowings
(1,338)
15
(12)
79
(1,256)
\nLease liabilities
B4
(215)
94
(5)
(91)
(217)
\nOther investments
172
(171)
\u2013
\u2013
1
\nFair value of debt-related derivatives
7
31
(3)
(57)
(22)
\nGross debt
(2,965)
1,104
(32)
(60)
(1,953)
\nCash and cash equivalents in the Consolidated Balance Sheet
1,950
(1,267)
\u2013
(15)
668
\nNet debt
(1,015)
(163)
(32)
(75)
(1,285)
\nThe foreign exchange loss on debt and derivatives amounted to \u00a374m (2021: \u00a330m gain). The loss primarily resulted from a strengthening of the
\neuro by 6 cents and a strengthening of the US dollar by 14 cents. Included within the net decrease in cash and cash equivalents is \u00a34m cash paid
\non debt-related foreign exchange forward contracts (which is included within financing activities in the Consolidated Cash Flow Statement) (2021:
\n\u00a319m).
\nThe total borrowings cash increase of \u00a32,378m (2021: decrease of \u00a31,149m) includes \u00a32,383m proceeds from new debt (2021: \u00a35m) (included in
\nfinancing activities) and \u00a3865m increase in overdraft (2021: \u00a3972m decrease), offset by \u00a3844m debt repayment (included in financing activities)
\n(2021: \u00a3167m) and \u00a326m settlement of interest accrued (included within operating activities) (2021: \u00a315m).
\nThe derivatives cash increase of \u00a37m (2021: \u00a331m decrease) includes \u00a326m inflow (2021: \u00a319m outflow) of cash paid on debt-related foreign
\nexchange swaps (included in financing activities) and \u00a319m (2021: \u00a312m) interest paid (included in operating activities).
\nThe cash outflow of \u00a3114m from leases liabilities (2021: \u00a394m) includes \u00a3104m capital paid (included within financing activities) (2021: \u00a388m) and
\n\u00a310m interest paid (included in operating activities) (2021: \u00a36m).
\nFair value is equal to carrying value for all elements of net debt with the exception of bond debt, which has a carrying value of \u00a32,987m (2021:
\n\u00a31,254m) and a fair value of \u00a32,826m (2021: \u00a31,272m).
\nThe Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
\nThe following table shows the effect of offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\nNotes
\nGross amount
\n2022
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2022
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2022
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2022
\n\u00a3m
\nNet amount
\n2022
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
2,170
\u2013
2,170
(1,291)
879
\nTrade and other receivables
A3
843
\u2013
843
\u2013
843
\nOther financial assets
C4
1
\u2013
1
\u2013
1
\nDerivative financial instruments
C6
21
\u2013
21
(21)
\u2013
\nTotal
3,035
\u2013
3,035
(1,312)
1,723
\nFinancial liabilities
\nTrade and other payables
A5
(896)
\u2013
(896)
\u2013
(896)
\nBorrowings
C2
(4,929)
\u2013
(4,929)
1,291
(3,638)
\nLease liabilities
B4
(467)
\u2013
(467)
\u2013
(467)
\nDerivative financial instruments
C6
(92)
\u2013
(92)
21
(71)
\nTotal
(6,384)
\u2013
(6,384)
1,312
(5,072)
\n\n\nNotes
\nGross amount
\n2021
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2021
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2021
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2021
\n\u00a3m
\nNet amount
\n2021
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
668
\u2013
668
(423)
245
\nTrade and other receivables
\n1
\nA3
506
\u2013
506
\u2013
506
\nOther financial assets
C4
2
\u2013
2
\u2013
2
\nDerivative financial instruments
C6
12
\u2013
12
(8)
4
\nTotal
1,188
\u2013
1,188
(431)
757
\nFinancial liabilities
\nTrade and other payables
\n2
\nA5
(597)
\u2013
(597)
\u2013
(597)
\nBorrowings
C2
(1,715)
\u2013
(1,715)
423
(1,292)
\nLease liabilities
B4
(217)
\u2013
(217)
\u2013
(217)
\nDerivative financial instruments
C6
(35)
\u2013
(35)
8
(27)
\nTotal
(2,564)
\u2013
(2,564)
431
(2,133)
\n1.
Trade and other receivables have been restated in 2021 due to a correction to exclude prepayments of \u00a335m.
\n2. Trade and other payables have been restated in 2021 due to a correction to exclude social security and other taxes of \u00a372m and contract liabilities of \u00a3167m.
\nC3. Cash and cash equivalents
\nCash and cash equivalents include cash in hand, short-term bank deposits and other short-term highly liquid investments with original maturities
\nof three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
\nof\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
\nCash at bank and in hand includes \u00a313m (2021: \u00a37m) of restricted cash. This cash is held in respect of specific contracts and can only be utilised in
\nline with terms under the contractual arrangements.
\nCash at bank and in hand also includes \u00a369m (2021: \u00a366m) of cash held in countries with foreign exchange regulations. This cash is repatriated to
\nthe UK where possible, if it is not required for operational purposes in country.
\nFair value is equal to carrying value for all cash and cash equivalents.
\nGross amounts
\n2022
\n\u00a3m
\nGross amounts
\n2021
\n\u00a3m
\nCash at bank and in hand
1,713
554
\nMoney market funds
236
52
\nShort-term bank deposits
221
62
\nCash and cash equivalents in the Consolidated Balance Sheet
2,170
668
\nBank overdraft
(1,291)
(426)
\nCash and cash equivalents in the Consolidated Cash Flow Statement
879
242
\nAs far as it is practical to do so, cash balances are held centrally and are used first to repay borrowings under the Group\u2019s banking facilities before
\nbeing placed on deposit.
\nC4. Other investments
\nOther investments held at year end mainly comprised investments in unlisted shares in a joint venture based in the Cayman Islands and term
\ndeposits maturing in more than three months from the date that the deposit was placed. The weighted average effective interest rate earned is
\nnil% (2021: 0.4%) with \u00a31m fixed for six months to\u00a0one year (2021: \u00a32m). Fair value is equal to carrying value for all other investments.
\nFinancial assets are denominated in the following currencies:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
1
2
\nOther
23
\u2013
\n24
2
\nAnalysed as follows:
\nCurrent portion
1
2
\nNon-current portion
23
\u2013
\n24
2
\nNone of the financial assets are either past due or impaired in 2022 (2021: none).
\n\n\n\nC5. Derivative \ufb01nancial instruments
\nAccounting for derivative \ufb01nancial instruments and hedging activities
\nDerivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
\nvalue at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
\nhedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction the Group documents the relationship
\nbetween hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
\ntransactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
\nare\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
\nCertain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
\ninstruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
\nChanges in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
\ninstruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge or cash flow hedge. When
\ndesignating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value related\u00a0to the
\ncost of hedging is deferred in equity and amortised over the life of the hedged item.
\n(a) Fair value hedge
\nThese instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
\nof\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in the
\nfair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were no fair value hedges as at the year end date.
\n(b) Net investment hedge
\nThese instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
\ninstrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated in
\nother comprehensive income are recycled through the income statement. All currencies are directly hedged therefore the hedge ratio is
\nconsidered to be 1:1.
\nThe Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
\nsame hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.
\nThe following net investment hedges were in place at 31 December 2022:
\nUS dollar net investment hedge relationship: $2,091m cross-currency swaps notional (2021: $807m), $700m term loan (2021: $nil) and $274m
\ncross-currency swaps future interest cash flows (2021: $93m) have been used to hedge $3,065m of the net assets of the US operating
\nsubsidiaries (2021: $900m). The movement in the cross-currency swaps due to changes in $/\u00a3 exchange rates are in the opposite direction of the
\nchanges due to $/\u00a3 in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change in the opposite direction of each
\nother. Thus we consider that this demonstrates the existence of an economic relationship.
\nEuro net investment hedge relationship: \u20ac577m bonds (2021: \u20ac552m) are used to hedge the net assets of the euro operating subsidiaries
\ntotalling \u20ac577m (2021: \u20ac552m). The movement in the bonds due to changes in \u20ac/\u00a3 exchange rates are in the opposite direction of the changes
\ndue to \u20ac/\u00a3 in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change in the opposite direction of each other.
\nThus we consider that this demonstrates the existence of an economic relationship.
\nAustralian dollar (AUD) net investment hedge relationship: AUD8m overdraft (2021: AUD9m) is used to hedge AUD8m of the net assets of the
\nAUD denominated operating subsidiaries. The movement in the overdraft balance due to changes in AUD/GBP exchange rates are in the
\nopposite direction of the changes due to AUD/GBP in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change
\nin the opposite direction of each other. Thus we consider that this demonstrates the existence of an economic relationship.
\nJapanese yen (JPY) net investment hedge relationship: JPY1,925m cross-currency swap notional (2021: JPY1,250m) offset by JPY55m
\ncross-currency swaps future interest cash inflows (2021: JPYnil) have been used to hedge JPY1,870m of the net assets of the Japanese associate.
\nThe movement in the cross-currency swaps due to changes in JPY/GBP exchange rates are in the opposite direction of the changes due to JPY/
\nGBP in the associate\u2019s assets. As the critical terms match, their values will systematically change in the opposite direction of each other. Thus we
\nconsider that this demonstrates the existence of an economic relationship.
\nDuring the year there was a loss of \u00a31m (2021: \u00a32m gain) relating to ineffectiveness of net investment in foreign entity hedges. The main source of
\nineffectiveness of the net investment hedge is the off-market value of the cross-currency swaps used to hedge US dollar net assets at the hedge
\ndesignation date. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and is expected to remain the same
\nbecause the Group\u2019s counterparties have at least one credit rating of A- or above.
\nFor the year ended 31 December 2022, the amount in comprehensive income related to net investment hedge accounting was a loss of \u00a368m
\n(2021: \u00a315m gain).
\n\nThe effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\nHedging instruments
\n2022
\nCurrency
\nCarrying
\namount at
\nyear end date
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in
\nfair value of
\noutstanding
\ninstrument
\n\u00a3m
\nChange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage
\nforeign
\nexchange rate
\nfor the year
\nCross-currency swaps
USD
(105)
1,728
November 2024
\n\u2013 October 2028
\n1:1
(109)
(108)
(1)
1.250
\nCross-currency swaps
JPY
\u2013
12
November 2024
1:1
\u2013
\u2013
\u2013
137.071
\nBonds
EUR
(510)
(510)
June 2027 \u2013 June
\n2030
\n1:1
(22)
(22)
\u2013
1.154
\nTerm loan
USD
(579)
(579)
October 2025
1:1
60
60
\u2013
1.152
\nOverdraft
AUD
(5)
(5)
n/a
1:1
\u2013
\u2013
\u2013
1.819
\nHedging instruments
\n2021
\nCurrency
\nCarrying
\namount at
\nyear end date
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in
\nfair value of
\noutstanding
\ninstrument
\n\u00a3m
\nChange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage
\nforeign
\nexchange rate
\nfor the year
\nCross-currency swaps
USD
2
596
November 2024
\n\u2013 October 2028
\n1:1
(16)
(18)
2
1.296
\nCross-currency swaps
JPY
1
8
November 2022
1:1
1
1
\u2013
134.326
\nBonds
EUR
(463)
(464)
November 2024
\n\u2013 October 2028
\n1:1
28
28
\u2013
1.147
\nOverdraft
AUD
(5)
(5)
n/a
1:1
\u2013
\u2013
\u2013
1.857
\n(c) Cash \ufb02ow hedge
\nThese instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability. The
\nportion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income.
\nAny ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in comprehensive income are
\ntransferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event that the hedged
\nitem occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately recognised in the
\nincome statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge accounting,
\naccumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the forecast
\ntransaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all currencies
\nwere directly hedged, therefore the hedge ratio is considered to be 1:1.
\nCash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019 in the table on page 184) in accordance with IFRS 9.
\nWhere no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
\nThe hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
\nsame dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match (i.e.
\nmatching currencies, payment dates and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative, excluding
\nany basis risk, will be considered to completely offset the changes in the hedged cash flow.
\nAny ineffectiveness on the cash flow hedge is taken directly to finance costs. During the year there was a gain of \u00a321m (2021: loss of \u00a31m)
\nfrom\u00a0those derivatives in a cash flow hedge relationship relating to the refinancing of Terminix debt. Ineffectiveness due to changes in the
\ncounterparty credit risk was not material in the year and is expected to remain the same because the Group\u2019s counterparties credit rating is A-
\nand above.
\nCash flow hedge accounting has been applied to \u20ac400m (2021: \u20ac340m) of the \u20ac400m 2024 bond, \u20ac500m (2021: \u20ac179m) of the \u20ac500m 2026
\nbond, \u20ac421m (2021: \u20acnil) of the \u20ac850m 2027 bond and \u20ac600m (2021: \u20ac175m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps
\nare used as hedging instruments to hedge the volatility in the \u00a3/\u20ac exchange rate of the bonds. For the year ended 31 December 2022, the
\namount in comprehensive income related to cash flow hedge accounting was a loss of \u00a36m (2021: \u00a313m gain).
\n\n\n\nThe effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\nHedging instruments
\n2022
\nCurrency
\nCarrying
\namount at
\nyear end
\ndate
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in fair
\nvalue of
\noutstanding
\ninstrument
\n\u00a3m
\nCumulative
\nchange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage rate
\nfor the year
\nCross-currency swaps
EUR
34
1,700
November 2024
\n\u2013 October 2028
\n1:1
60
61
(1)
1.150
\nHedging instruments
\n2021
\nCurrency
\nCarrying
\namount at
\nyear end
\ndate
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in fair
\nvalue of
\noutstanding
\ninstrument
\n\u00a3m
\nCumulative
\nchange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage rate
\nfor the year
\nCross-currency swaps
EUR
(25)
695
November 2024
\n\u2013 October 2028
\n1:1
(24)
(23)
(1)
1.131
\nAmount in cash flow hedge reserves related to continuing hedges is a gain of \u00a33m (2021: \u00a39m gain), and the amount related to discontinued
\nhedges is \u00a3nil (2021: \u00a3nil).
\nC6. Fair value estimation
\nAll financial instruments held at fair value are classified by reference to the source of inputs used to derive the fair value. The following hierarchy
\nis used:
\nLevel 1
\u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
\nLevel 2
\u2013 inputs other than quoted prices that are observable for the asset or liability either directly as prices or indirectly through modelling
\nbased on prices; and
\nLevel 3
\u2013 inputs for the asset or liability that are not based on observable market data.
\nFinancial instrument
\nHierarchy
\nlevel
Valuation method
\nFinancial assets traded in active markets
1
Current bid price
\nFinancial liabilities traded in active markets
1
Current ask price
\nListed bonds
1
Quoted market prices
\nMoney market funds
1
Quoted market prices
\nInterest rate/currency swaps
2
Discounted cash flow based on market swap rates
\nForward foreign exchange contracts
2
Forward exchange market rates
\nBorrowings not traded in active markets (term loans
\nand uncommitted facilities)
\n2
Nominal value
\nMoney market deposits
2
Nominal value
\nTrade payables and receivables
2
Nominal value less estimated credit adjustments
\nContingent consideration (including put option liability)
3
Discounted cash flow using WACC
\nFair value
\nassets
\n2022
\n\u00a3m
\nFair value
\nliabilities
\n2022
\n\u00a3m
\nFair value
\nassets
\n2021
\n\u00a3m
\nFair value
\nliabilities
\n2021
\n\u00a3m
\nInterest rate swaps (level 2):
\n\u2013 non-hedge
\u2013
\u2013
\u2013
(1)
\n\u2013 cash flow hedge
36
(2)
\u2013
(25)
\n\u2013 net investment hedge
15
(120)
11
(8)
\nForeign exchange swaps (level 2):
\n\u2013 non-hedge
\u2013
\u2013
1
(1)
\n51
(122)
12
(35)
\nAnalysed as follows:
\nCurrent portion
\u2013
\u2013
2
(1)
\nNon-current portion
51
(122)
10
(34)
\nDerivative financial instruments
51
(122)
12
(35)
\nContingent consideration (including put option liability) (level 3)
\u2013
(70)
\u2013
(75)
\nAnalysed as follows:
\nCurrent portion
\u2013
(32)
\u2013
(23)
\nNon-current portion
\u2013
(38)
\u2013
(52)
\nOther payables
\u2013
(70)
\u2013
(75)
\nCertain interest rate swaps have been bifurcated to manage different foreign exchange risks. The interest rate swaps are shown on the balance
\nsheet as net derivative assets \u00a321m (2021: \u00a312m) and net derivative liabilities \u00a392m (2021: \u00a335m).
\nThe effective nominal value of foreign exchange swaps is \u00a317m (2021: \u00a339m) and foreign exchange forwards is \u00a3nil (2021: \u00a334m).
\nGiven the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there are
\nnot considered to be any changes in input that would have a material impact on the contingent consideration liability.
\n\nContingent
\nconsideration
\n2022
\n\u00a3m
\nContingent
\nconsideration
\n2021
\n\u00a3m
\nAt 1 January
75
63
\nExchange differences
(2)
(8)
\nAcquisitions
18
24
\nPayments
(24)
(12)
\nRevaluation of put option through equity
3
8
\nAt 31 December
70
75
\nFair value is equal to carrying value for all other trade and other payables.
\nThe table below analyses the Group\u2019s derivative financial instruments that will be settled on a gross basis, into relevant maturity groupings based
\non the remaining period to the contractual maturity date at the balance sheet date.
\nLess than
\n1 year
\n\u00a3m
\nBetween
\n1 and 2 years
\n\u00a3m
\nBetween
\n2 and 5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 December 2022
\nCross-currency interest rate swaps:
\n\u2013 outflow
(64)
(460)
(909)
(549)
(1,982)
\n\u2013 inflow
20
390
874
534
1,818
\nInterest rate swaps:
\n\u2013 outflow
(1)
(3)
\u2013
\u2013
(4)
\n\u2013 inflow
10
9
\u2013
\u2013
19
\nForeign exchange swaps:
\n\u2013 outflow
(15)
\u2013
\u2013
\u2013
(15)
\n\u2013 inflow
15
\u2013
\u2013
\u2013
15
\nForeign exchange forwards:
\n\u2013 outflow
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013 inflow
\u2013
\u2013
\u2013
\u2013
\u2013
\nNet inflow/(outflow)
(35)
(64)
(35)
(15)
(149)
\nAt 31 December 2021
\nCross-currency interest rate swaps:
\n\u2013 outflow
(18)
(14)
(471)
(158)
(661)
\n\u2013 inflow
12
5
445
148
610
\nInterest rate swaps:
\n\u2013 outflow
(8)
(6)
(6)
\u2013
(20)
\n\u2013 inflow
2
3
4
\u2013
9
\nForeign exchange swaps:
\n\u2013 outflow
(385)
\u2013
\u2013
\u2013
(385)
\n\u2013 inflow
387
\u2013
\u2013
\u2013
387
\nForeign exchange forwards:
\n\u2013 outflow
(34)
\u2013
\u2013
\u2013
(34)
\n\u2013 inflow
34
\u2013
\u2013
\u2013
34
\nNet inflow/(outflow)
(10)
(12)
(28)
(10)
(60)
\nC7. Analysis of bank and bond debt
\nBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group
\nhas a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.
\nThe Group\u2019s bank debt facilities comprise:
\nFacility
\namount
\n2022
\n\u00a3m
\nDrawn at
\nyear end
\n2022
\n\u00a3m
\nHeadroom
\n2022
\n\u00a3m
\nInterest rate
\nat year end
\n2022
\n%
\nFacility
\namount
\n2021
\n\u00a3m
\nDrawn at
\nyear end
\n2021
\n\u00a3m
\nHeadroom
\n2021
\n\u00a3m
\nInterest rate
\nat year end
\n2021
\n%
\nNon-current
\n$700m term loan due October 2025
579
579
\u2013
4.9
\u2013
\u2013
\u2013
\u2013
\n$1.0bn RCF due October 2027
827
\u2013
827
0.14
\u2013
\u2013
\u2013
\u2013
\n\u00a3550m RCF due August\u00a02025
\u2013
\u2013
\u2013
\u2013
550
\u2013
550
0.14
\nDuring the year the Group amended, extended and increased its RCF with 16 relationship banks from \u00a3550m to $1.0bn in order to provide
\nadditional liquidity headroom in relation to the acquisition of Terminix Global Holdings, Inc. The RCF was undrawn throughout 2021 and 2022.
\nIn addition, the Group entered into a \u00a3120m uncommitted RCF facility with ING Bank N.V. which was drawn down in full and repaid during the
\nperiod. This facility was cancelled on 30 June 2022.
\n\n\n\nIn June 2022, the Group issued three new bonds: \u20ac850m 5-year at 3.875%; \u20ac600m 8-year at 4.375%; and \u00a3400m 10-year at 5.0%. These bonds
\nfully covered the $1.3bn cash element of the Terminix transaction consideration.
\nIn October 2022 the Group entered into a term loan arrangement, borrowing $700m at a floating interest rate based on SOFR plus a 60bps margin.
\nThere are no financial covenants on the RCF or any other debt facility.
\nMedium-term notes and bond debt comprises:
\nBond interest
\ncoupon
\n2022
\nEffective hedged
\ninterest rate
\n2022
\nBond interest
\ncoupon
\n2021
\nEffective hedged
\ninterest rate
\n2021
\nNon-current
\n\u20ac400m bond due November 2024
Fixed 0.95%
Fixed 3.21%
Fixed 0.95%
Fixed 3.08%
\n\u20ac500m bond due May 2026
Fixed 0.875%
Fixed 1.78%
Fixed 0.875%
Fixed 1.54%
\n\u20ac850m bond due June 2027
Fixed 3.875%
Fixed 3.98%
\u2013
\u2013
\n\u20ac600m bond due October 2028
Fixed 0.5%
Fixed 1.3%
Fixed 0.50%
Fixed 1.08%
\n\u20ac600m bond due June 2030
Fixed 4.375%
Fixed 4.38%
\u2013
\u2013
\n\u00a3400m bond due June 2032
Fixed 5.0%
Fixed 5.11%
\u2013
\u2013
\nAverage cost of bond debt at year-end rates
3.28%
1.78%
\nThe effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group\u2019s
\nhedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar.
\nAs a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate.
\nThe Group considers the fair value of other current liabilities to be equal to the carrying value.
\nC8. Finance cost
\nNote
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nHedged interest payable on medium-term notes issued
\n1
\n39
10
16
\nInterest payable on bank loans and overdrafts
\n1
\n5
3
3
\nInterest payable on RCF
\n1
\n1
1
5
\nInterest payable on foreign exchange swaps
\n2
\n19
14
9
\nInterest payable on leases
B4
10
6
7
\nAmortisation of discount on provisions
3
\u2013
\u2013
\nFair value loss on hedge ineffectiveness
2
\u2013
8
\nFair value adjustment on debt repayment
\u2013
\u2013
4
\nFair value loss on other derivatives
\n3
\n\u2013
\u2013
26
\nTotal finance cost
79
34
78
\n1.
Interest expense on financial liabilities held at amortised cost.
\n2. Interest payable on foreign exchange swaps including coupon interest payable for the year was \u00a326m (2021: \u00a317m). \u00a38m has been reported in other comprehensive income due to
\nhedge accounting (2021: \u00a34m).
\n3.
Fair value loss on other derivatives relates to $335m SBU entered into since February 2019 ($170m in February 2019 and $165m in July 2019) which did not qualify for hedge accounting.
\nThe\u00a0instrument provided an annual interest benefit of 1.9% of the outstanding principal and was closed out in August 2020 with a full-year loss of \u00a326m excluding interest accrued.
\nC9. Finance income
\nNote
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nBank interest received
5
1
2
\nInterest receivable on foreign exchange swaps
\u2013
\u2013
3
\nFair value gain on hedge ineffectiveness
22
\u2013
\u2013
\nHyperinflation accounting adjustment
22
3
\u2013
\nInterest on net defined benefit asset
A10
\u2013
\u2013
1
\nTotal finance income
49
4
6
\nAdjusted interest
\nAdjusted interest is calculated by adjusting the reported finance income and costs by the net interest from amortisation of discount on legacy
\nprovisions and by hedge accounting recognised in other comprehensive income. Fair value is equal to carrying value for all cash and cash
\nequivalents.
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nFinance cost
79
34
\nFinance income
(49)
(4)
\nAdd back:
\nAmortisation of discount on legacy provisions
(3)
\u2013
\nGain on hedge accounting recognised in finance income/cost
21
4
\nAdjusted interest
48
34
\n\n\nC10. Adjusted Cash Flow and Free Cash Flow
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nOperating profit
317
347
294
\nAdjustments for:
\n\u2013 Depreciation and impairment of property, plant and equipment
148
128
132
\n\u2013 Depreciation and impairment of leased assets
106
78
78
\n\u2013 Amortisation and impairment of intangible assets (excluding computer software)
118
74
82
\n\u2013 Amortisation and impairment of computer software
22
17
19
\n\u2013 Other non-cash items
8
6
(1)
\nChanges in working capital (excluding the effects of acquisitions and exchange differences on
\nconsolidation):
\n\u2013 Inventories
(4)
(3)
(23)
\n\u2013 Contract costs
(10)
(5)
(2)
\n\u2013 Trade and other receivables
37
59
(19)
\n\u2013 Accrued income
(32)
\u2013
2
\n\u2013 Trade and other payables and provisions
(75)
(43)
78
\n\u2013 Contract liabilities
81
11
13
\nCash generated from operating activities
716
669
653
\nPurchase of property, plant and equipment
(153)
(128)
(130)
\nPurchase of intangible fixed assets
(37)
(32)
(23)
\nCapital element of lease payments and initial direct costs incurred
(104)
(88)
(83)
\nProceeds from sale of property, plant and equipment
5
7
6
\nCash impact of one-off and adjusting items
59
27
7
\nDividends received from associates
4
4
12
\nAdjusted Cash Flow
490
459
442
\nInterest received
13
5
8
\nInterest paid
(52)
(42)
(49)
\nIncome tax paid
(77)
(69)
(64)
\nFree Cash Flow
374
353
337
\nFree Cash Flow
\nThe Group aims to generate sustainable cash flow (Free Cash Flow) in order to support its acquisition programme and to fund dividend payments
\nto shareholders. Free Cash Flow is measured as net cash from operating activities, adjusted for cash flows related to the purchase and sale of
\nproperty, plant, equipment and intangible fixed assets, cash flows related to leased assets, cash flows related to one-off and adjusting items and
\ndividends received from associates. These items are considered by management to be non-discretionary, as continued investment in these
\nassets is required to support the day-to-day operations of the business. A reconciliation of\u00a0Free Cash Flow from net cash from operating activities
\nis provided in the table below:
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nNet cash from operating activities
600
563
\nPurchase of property, plant, equipment and intangible fixed assets
(190)
(160)
\nCapital element of lease payments and initial direct costs incurred
(104)
(88)
\nProceeds from sale of property, plant, equipment and software
5
7
\nCash impact of one-off and adjusting items
59
27
\nDividends received from associates
4
4
\nFree Cash Flow
374
353
\nAdjusted Free Cash Flow Conversion
\nAdjusted Free Cash Flow Conversion is calculated by dividing Adjusted Free Cash Flow by Adjusted Profit After Tax, expressed as a percentage.
\nAdjusted Free Cash Flow is measured as Free Cash Flow adjusted for product development additions and net investment hedge cash interest
\nthrough Other Comprehensive Income.
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nAdjusted Profit After Tax
427
336
\nFree Cash Flow
374
353
\nProduct development additions
10
7
\nNet investment hedge cash interest through Other Comprehensive Income
8
4
\nAdjusted Free Cash Flow
392
364
\nAdjusted Free Cash Flow Conversion
91.8%
108.3%
\n\n\n\n D. Other
\nD1. Dividends
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s Financial Statements in the period in which the
\ndividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\n2020 final dividend paid \u2013 5.41p per share
\u2013
100
\u2013
\n2021 interim dividend paid \u2013 2.09p per share
\u2013
39
\u2013
\n2021 final dividend paid \u2013 4.30p per share
80
\u2013
\u2013
\n2022 interim dividend paid \u2013 2.40p per share
42
\u2013
\u2013
\n122
139
\u2013
\nAn interim dividend of 2.40p per share was paid on 12 September 2022 amounting to \u00a342m. A final dividend in respect of 2022 of 5.15p per share
\nis to be proposed at the Annual General Meeting on\u00a010 May 2023.
\nIn 2021 an interim dividend of 2.09p per share was paid on 13 September 2021 amounting to \u00a339m, and a final dividend in respect of 2021 of
\n4.30p per share was paid on\u00a018 May 2022.
\nThe aggregate amount of the proposed dividend to be paid out of retained earnings at 31 December 2022, but not recognised as a liability at year
\nend, is \u00a3130m (2021: \u00a380m).
\nD2. Share capital
\nThe Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
\nAt\u00a0the year end the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
\nThe Company does not have a limited amount of authorised capital.
\nDuring the year, 656,206,920 new shares were issued in relation to the acquisition of Terminix Global Holdings, Inc. and 4,500,000 new shares
\nwere issued in relation to employee share schemes.
\nThe Company does not hold any shares in treasury.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIssued and fully paid
\nAt 31 December \u2013 2,520,039,885 shares (2021: 1,859,332,965)
25
19
\nD3. Contingent liabilities
\nThe Group has contingent liabilities relating to guarantees in respect of leasehold properties, pensions, third parties, environmental issues,
\ntax\u00a0and litigation. The possibility of any significant outflows in respect of these items is considered to be remote.
\nD4. Related party transactions
\nSubsidiaries
\nAll transactions between Group subsidiaries were transacted at arm\u2019s length during the ordinary course of business and have been eliminated on
\nconsolidation, along with any outstanding balances, and accordingly are not disclosed in this note.
\nKey management personnel
\nThe Group\u2019s strategy and policy are managed by the Executive Leadership Board. Their compensation and the compensation payable to the
\nNon-Executive Directors is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nSalaries and other short-term employee benefits
7
6
8
\nPost-employment benefits
\u2013
1
\u2013
\nShare-based payments
5
3
2
\n12
10
10
\nJoint ventures and associate entities
\nNippon Calmic Ltd (49%), Boecker Public Safety Services \u2013 Qatar W.L.L. (24.5%) and Boecker Public Health Services Limited (30%) were
\nassociates during 2021 and 2022. Boecker Public Safety Services \u2013 Qatar W.L.L. and Boecker Public Health Services Limited became associate
\nentities when they were acquired by the Group on 3 August 2021. In addition the Group acquired investments in associates based in China with
\nthe Terminix acquisition on 12 October 2022 as follows: Fujian Xunke Pest Control Company Limited (30%), Guangdong Vircon Pest Management
\nCompany Limited (30%), Ningbo Yuying Vector Control Company Limited (30%) and Guangdong New Hope City Pest Control Company Limited
\n(30%). All balances related to associates are disclosed in Note B6.
\nThere are no significant transactions between associate entities and other Group companies.
\n\n\nD5. Government grants
\nIn response to the global COVID-19 pandemic there were a number of government schemes made available providing wage subsidies for
\ncompanies that had to shut or scale down operations. The government schemes have different conditions attached to them depending on the
\ncountry in which they are available. The Group presents the grants by deducting from the related expense, which in this case\u00a0is\u00a0the employee
\nbenefit expense. The Group received a total wage subsidy of \u00a31m in 2022 (2021: \u00a31m; 2020: \u00a314m).
\nD6. Post balance sheet events
\nThere have been no significant post balance sheet events affecting the Group since 31 December 2022.
\n\n\n\nRelated Undertakings
\nSubsidiaries and other associated undertakings at 31 December 2022
\nSubsidiaries:
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nArgentina
\nCalle 70 No. 2720, Necochea city, Province of Buenos Aires, Argentina
\nEcotec Interoc\u00e9anica S.A.
\n3
\nOrdinary
100%
\nAustralia
\nUnit A1, 3-29 Birnie Avenue, Lidcombe Business Park, Lidcombe
\nNSW 2141, Australia
\nCannon Hygiene Australia Pty Limited
Ordinary
100%
\nGreen Fingers Plant Hire Pty Limited
Ordinary
100%
\nKnock Out Pest Control Pty Limited
Ordinary
100%
\nPest Away Australia Pty Limited
Ordinary
100%
\nRentokil Australia Pty Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Pty Limited
Ordinary
100%
\nRentokil Initial Pty Limited
Ordinary
100%
\nRentokil Pest Control (QLD) Pty Limited
Ordinary
100%
\nRentokil Pest Holdings Pty Limited
Ordinary
100%
\nRentokil Pty Limited
Ordinary
100%
\nPreference
100%
\nAustria
\nBrown-Boveri-Stra\u00dfe 8/2/8, 2351, Wiener Neudorf, Austria
\nRentokil Initial GmbH
Ordinary
100%
\nFehringer Strabe 45, 8280 Furstenfeld, Austria
\nVarmintex GmbH
\n3
\nOrdinary
100%
\nBahamas
\nCorporate Services International, 308 East Bay Street, Nassau,
\nPO Box N-7527, Bahamas
\nRentokil Initial (Bahamas) Limited
Ordinary
100%
\n5th Terrace Centreville, PO Box N-1388 Nassau, New Providence,
\nBahamas
\nTropical Exterminators Limited
Common
100%
\nTropical Exterminators (Holdings) Limited
Common
100%
\nBarbados
\nOne Welches, Welches St Thomas, Barbados
\nRentokil Initial (Barbados) Limited
Ordinary
100%
\nBelgium
\nBrandekensweg 2, Schelle, 2627, Belgium
\nInitial Belux N.V.
Ordinary
100%
\nAmbius N.V.
Ordinary
100%
\nRentokil N.V.
Ordinary
100%
\nBrazil
\nCarlos de Laet, 3.443 Street, Boqueir\u00e3o, Curitiba, Paran\u00e1, 81650-040,
\nBrazil
\nUni\u00e3o Sul Controle de Pragas Ltda ME
Ordinary
100%
\nAvenida Afonso Pena, n\u00ba 808, Santos, 11020-004, Brazil
\nAtiva Controle Ambiental Ltda
\n3
\nOrdinary
100%
\nEcotec Brasil Tratamentos Fitossanit\u00e1rios
\nLtda
\n3
\nOrdinary
100%
\nAvenida Ceci 348 Predio Anexo, Tambor\u00e9, S\u00e3o Paulo, Brazil
\nRentokil Initial Do Brasil Ltda
Ordinary
100%
\nRua Professor Jos\u00e9 Vieira de Mendon\u00e7a, 770 Sala 308, Belo
\nHorizonte, Estado de Minas Gerais, Brazil
\nEcovec Com\u00e9rcio e Licenciamento de
\nTecnologias ltda
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nBrunei Darussalam
\nUnit D1 & D1-1 Block D, Bangunan Hj Lajim & Anak-anak, Kg Kiarong
\nBandar Seri Begawan Brunei Darussalam, BE1318, Brunei Darussalam
\nRentokil Initial (B) Sdn Bhd
Ordinary
90%
\nCanada
\n3325 North Service Road, Burlington, ON L7N 3G2, Canada
\nDirect Line Sales Ltd.
Class A
100%
\nClass B
100%
\n8699 Escarpment Way, Milton, ON L9T 0J5, Canada
\nResidex Canada Inc.
Common
100%
\nSuite 900, 1959 Upper Water Street, Halifax, NS B3J 2X2, Canada
\nRentokil Canada Corporation
Class A
100%
\nClass B
100%
\n1222 Lesperance Road, Tecumseh ON N8N 1X5, Canada
\nCopesan Services Canada Inc.
\n3
\nInterest
100%
\n243-945 av. Newton, Qu\u00e9bec G1P4M3, Canada
\nTerminix Canada Ltd.
\n3
\nCommon
100%
\n1600 \u2013 925 West Georgia Street, Vancouver BC V6C 3L2, Canada
\n0925322 B.C. Ltd.
\n3
\nCommon
\nPreferred
\n100%
\n100%
\nChile
\nAv. V\u00edctor Uribe No 2080 Quilicura Santiago, Chile
\nIngeclean S.A
Ordinary
100%
\nSan Martin, Los \u00c1ngeles, N\u00b0 399, Chile
\nPlaguisur Limitada
Ordinary
100%
\nGalvarino 8481, Bodega 3, Quilicura, Santiago, Chile
\nComercializadora de Insumos y Servicios
\nMauco Limitada
\nSocial Rights
100%
\nEl Trapiche No.1322, Galp\u00f3n No.4, Codominio Pacific, Coquimbo, Chile
\nControl de Plagas Hidalgo Y Rodriguez
\nLimitada
\nOrdinary
100%
\nEl Salto 4001, piso 9, Huechuraba, Santiago, Chile
\nIngenier\u00eda en Sanitizaci\u00f3n S.A
Ordinary
100%
\nVictor Uribe N\u00b0 2080, Quilicura, Santiago, Chile
\nRentokil Initial Chile SpA
Ordinary
100%
\nAv. El Bosque PC 12 Lo Boza dpto, B05 Pudahuel, Santiago, Chile
\nDesan SPA
\n3
\nOrdinary
100%
\nAv. La Dehesa 1201 Of 836 Lo Barnechea \u2013 Santiago, Chile
\nAsesores en Sanidad Vegetal y Ambiental
\nLimitada
\n3
\nSpecial
100%
\nColombia
\nCr 42A 80B 07, Barranquilla, Colombia
\nColplagas S.A.S
Ordinary
100%
\nCalle 135 #47-71, Bogota, 1019, Colombia
\nContinental De Fumigaciones S.A.S
Ordinary
100%
\nCalle 33, No 56 36 Bello, Antioquia, Colombia
\nFumigax S.A.S
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nColombia continued
\nCalle 93# 11A \u2013 28 office 303, Bogot\u00e1, Colombia
\nRentokil Initial Colombia S.A.S
Common
100%
\nCr 20 No 162-11, Colombia
\nFumigaciones Young S.A.S
\n3
\nOrdinary
100%
\nCosta Rica
\nAvenida 18, calles 17 y 19, edificio 47, Barrio Luj\u00e1n, San Jos\u00e9,
\nCosta Rica
\nFumigadora Control Tecnico De Plagas S.A.
Common
100%
\nThe Mill Residential, from Asembis, 200 meters South, 25 meters
\nWest, 75 meters Southwest, Cartago, Costa Rica
\nDecolim Limitada
\n3
\nCommon
100%
\nCura\u00e7ao
\nParke Comersial Korsow, A 24 Veeris, 102077, Cura\u00e7ao
\nChuchubi Pest Control N.V.
Ordinary
100%
\nCzech Republic
\nPraha 2, Vy\u0161ehradsk\u00e1 1349/2, Prague, PS\u010c 12800, Czech Republic
\nRentokil Initial s.r.o.
Ordinary
100%
\nDenmark
\nPaul Bergs\u00f8es Vej 22, 2600 Glostrup, Denmark
\nRentokil Initial A/S
Ordinary
100%
\nDominican Republic
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nOliver Exterminating Dominicana Corp.
Common
100%
\nEl Salvador
\nAvenida Calzada Guarda Barranco Urbanizacion, Lomas de Altamira,
\n#14 Pasaje Clarineros, Central America, El Salvador
\nSagrip S.A. de C.V.
Ordinary
100%
\nEstonia
\nTuri Str. 3/1, 11313, Tallinn, Estonia
\nRentokil O\u00fc
Ordinary
100%
\nEswatini
\nUmkhiwa House, Lot 195, Kal Grant Street, Mbabane, Eswatini
\nRI Swaziland (Pty) Limited
Ordinary
100%
\nFiji
\nLot 5, Kaua Road, Suva, Fiji
\nRentokil Initial Pte Limited
Ordinary
100%
\nFinland
\nTikkurilantie 10 Vantaa, Finland, 01380, Finland
\nRentokil Initial Oy
Ordinary
100%
\nFrance
\n6 Rue Livio, 67100 Strasbourg, France
\nCAWE FTB Group SAS
Ordinary
100%
\n13-27 avenue Jean Moulin, 93240 Stains, France
\nAmbius SAS
Ordinary
100%
\nRentokil Initial Environmental Services SAS
Ordinary
100%
\nRentokil Initial SAS
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n145 rue de Billancourt, 92100 Boulogne Billancourt, France
\nInitial Hygiene Services SAS
Ordinary
100%
\nInitial SAS
Ordinary
100%
\nRentokil Initial Holdings (France) SA
Ordinary
100%
\nSCI Gravigny
Ordinary
100%
\nSCI Vargan
Ordinary
100%
\nZ.A. des Quatre Chemins, BP 21, 95540 Mery-sur-Oise, France
\nTechnivap SAS
Ordinary
100%
\nZA Bertoire II 14, avenue Ren\u00e9 Dumont, 13410, LAMBESC, France
\nABAIPRO
\n3
\nOrdinary
100%
\nFrench Guiana
\nPAE de Degrad des cannes, Remire-Montjoly, 97354, French Guiana
\nRentokil Initial Guyane Sarl
Ordinary
100%
\nGermany
\nAn der Ziegelei, 47 27383, Schee\u00dfel-Westerholz, Germany
\nS & A Service und Anwendungstechnik
\nGmbH
\nOrdinary
100%
\nHeuesch 1, 49808 Lingen (Ems), Germany
\nRentokil Holdings GmbH
Ordinary
100%
\nRentokil Initial GmbH & Co. KG
Ordinary
100%
\nRentokil Initial Beteiligungs GmbH
Ordinary
100%
\nSeemann Sch\u00e4dlingsbek\u00e4mpfung und
\nHolzschutz GmbH & Co.KG
\n3
\nOrdinary
100%
\nPiderits Bleiche 11, 33689, Bielefeld, Germany
\nMedentex GmbH
Ordinary
100%
\nRentokil Dental GmbH
Ordinary
100%
\nAmselweg 20, 87480, Weitnau, Germany
\nG.S.D. Gesellschaft f\u00fcr
\nSch\u00e4dlingsbek\u00e4mpfung u.
\nDesinfektion\u00a0mbH
\n3
\nOrdinary
100%
\nWittener Str. 56, 44789 Bochum, Germany
\nPreventa Sch\u00e4dlingsbek\u00e4mpfung GmbH
\n3
\nOrdinary
100%
\nGhana
\n43 Cashew Road, Okpoi, Accra, Ghana
\nRentokil Initial (Ghana) Limited
Ordinary
100%
\nGreece
\n7 Aristotelous Street, Tavros, Athens 177 78, Greece
\nRentokil Initial Hellas EPE
Ordinary
100%
\nGuadeloupe
\n131 ZA de Calbassier, Basse-Terre, 97100, Guadeloupe
\nSOS Guadeloupe Sarl
Ordinary
100%
\n7 All\u00e9e des Papillon, Dothemare, 97139 Abymes, Guadeloupe
\nRentokil Initial Guadeloupe Sarl
Ordinary
100%
\nGuatemala
\n9 Av. 39-97, Zona 8, Ciudad Guatemala, Guatemala
\nServicios Agricolas Profesionales S.A.
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nGuernsey
\nPO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET,
\nGuernsey
\nFelcourt Insurance Company Limited
Ordinary
100%
\nGuyana
\nLot 8, Charles and Drysdale Streets, Charlestown, Georgetown,
\nGuyana
\nRentokil Initial Guyana Limited
Ordinary
100%
\nHonduras
\nDepartamento de Cortes, San Pedro Sula, Honduras
\nSagrip Honduras S.A.
Nominative
100%
\nColonia Palmira, Avenida Republica de Argentina, N 2017, Tegucigalpa
\nHonduras, 11101, Honduras
\nCompania de Servicios e Inversiones
\nSVM Honduras, S. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Olympus,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Progressive,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Technicians,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Vanguard,
\nS. de R.L.
\n3
\nOrdinary
100%
\nHong Kong
\n23/F Westin Centre, 26 Hung To Rd, Kwun Tong, Hong Kong
\nRentokil Hong Kong Investment Limited
Ordinary
100%
\nRentokil Initial Hong Kong Limited
Ordinary
100%
\nIndia
\n2nd floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon (West), Mumbai 400104, India
\nRentokil Initial Hygiene India Private Limited
Ordinary
100%
\nVilla No. 3, Crescent Village, Candolim, Goa, 403515, India
\nPCI Pest Control Private Limited
Ordinary
57%
\n2nd Floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon West, Mumbai Maharashtra, 400 104, India
\nCorporate Millennium Hygiene Solutions
\nPrivate Limited
\nOrdinary
100%
\nIndonesia
\nSouth Quarter Tower B, Lantai 21, Unit E,F,G,H. JI. R.A., Kartini Kav. 8,
\nRT. 010/RW. 004 Kel. Cilandak Barat, Kec Cilandak, Jakarta Selatan,
\nIndonesia
\nPT Calmic Indonesia
Common
100%
\nPT Rentokil Indonesia
Common
100%
\nGedung JDC Lt.6, Jl. Gatot Subroto Kav. 53 Petamburan, Tanah Abang,
\nJakarta, Pusat, Indonesia
\nPT Wesen Indonesia
Ordinary
100%
\nIsrael
\n13 Hadid 7313500, Israel
\nEitan Amichai Pest Management IPM Ltd
\n3
\nOrdinary
100%
\nYarokologi Ltd
\n3
\nOrdinary
100%
\nItaly
\nVia Laurentina, km. 26, 500 157 a/c 00071 Pomezia, Italy
\nRentokil Initial Italia SpA
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nJamaica
\n39-41 Second Street, Newport West, Kingston 13, Jamaica
\nRentokil Initial (Jamaica) Limited
Ordinary
100%
\nJordan
\nAmman, Jabal AlHussien, Al Lud Str. 37 \u2013 1st floor, Jordan
\nArena Public Health Co.
Ordinary
100%
\nKenya
\nUnit 5 Sameer Industrial Park, Road C, Off Enterprise Road Industrial
\nArea, Nairobi, Kenya
\nRentokil Initial Kenya Limited
Ordinary
100%
\nLebanon
\nAdonis Building, Bechara el Khoury, Beirut, Lebanon
\nBoecker Public Health SAL
Ordinary
100%
\nPlot no. 3309, Ain El Remmaneh, Beirut, Lebanon
\nBoecker World (Holding) SAL
Ordinary
100%
\nBoecker International SAL (Offshore)
Ordinary
100%
\nLesotho
\nNio. 7 Arrival Centre Kofi Annan Road, Maseru, 100, Lesotho
\nRentokil Initial (Pty) Limited
Ordinary
100%
\nLibya
\nJanzour, Tripoli, Libya
\nRentokil Delta Libya for Environmental
\nProtection JSCO
\nOrdinary
65%
\nLithuania
\nDrob\u0117s g. 62, LT-45181, Kaunas, Lithuania
\nDezinfa, UAB
Ordinary
100%
\nLuxembourg
\nRue de la Chapelle 47, 4967 Clemency, Luxembourg
\nR-Control D\u00e9sinfections SA
Ordinary
100%
\nRentokil Luxembourg S\u00e0rl
Ordinary
100%
\n6 rue Eug\u00e8ne Ruppert, Luxembourg, L \u2013 2453, Luxembourg
\nSVM Finance Luxembourg 1 S.a.r.l.
\n3
\nOrdinary
100%
\nSVM Finance Luxembourg 2 S.a.r.l.
\n3
\nOrdinary
100%
\nMalawi
\nPlot No. LE 377, Patridge Avenue, Limbe, PO Box 5135, Malawi
\nRentokil Initial Limited
Ordinary
100%
\nMalaysia
\nLevel 8 Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46,
\nPetaling Jaya, 47301 Selangor Darul, Selangor, Malaysia
\nRentokil Initial (M) Sdn Bhd
Ordinary
100%
\nUFTC Sdn Bhd
Ordinary
100%
\nMaldives
\nNo. 6-A, Faamudheyrige Building, Orchid Magu, Repu, Mal\u00e9, Maldives
\nRentokil Initial Maldives (Pvt) Ltd
Preferential
\nShares
\n60%
\nMartinique
\nSoudon, Le Lamentin 97232, Martinique
\nRentokil Initial Martinique Sarl
Ordinary
100%
\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nMexico
\nJuan \u00c1lvarez 482, Centro, 64000 Monterrey, N.L., Mexico
\nBalance Urbano Control de Plagas S.A. de C.V. Ordinary
100%
\nSauce 29, Col. Santa Maria La Ribera, Cuauhtemoc, CDMX, 06400,
\nMexico
\nControl Vifer, S.A. de C.V.
\n3
\nOrdinary
100%
\nServicios de Plagas Terminix, S.A. de C.V.
\n3
\nOrdinary
100%
\nTerminix International S.A. de C.V.
\n3
\nOrdinary
100%
\nCalle 29, No. 210 Col. Garcia Gineres, Merida, Yucat\u00e1n, 97070, Mexico
\nPersonal Profesional de Pesticidas S.A.
\nde\u00a0C.V.
\n3
\nOrdinary
100%
\nMozambique
\nAvenida da Namaacha, kilometro 6, Residencial Mutateia, Cidade da
\nMatola, Mozambique
\nRentokil Initial Mozambique Limitada
Ordinary
100%
\nNetherlands
\nImpact 6, 6921 RZ Duiven, Netherlands
\nAmbius B.V.
Ordinary
100%
\nOude Middenweg 75, 2491 AC Den Haag, 1191 BN Ouderkerk, Den
\nHaag, Netherlands
\nBET Finance B.V.
Ordinary
100%
\nBET (Properties) B.V.
Ordinary
100%
\nRentokil Initial International B.V.
Ordinary
100%
\nRentokil Initial Finance B.V.
\n3
\nOrdinary
100%
\nOude Middenweg 77, Ac Den Haag, NL-2491, Netherlands
\nUK Address: Compass House, Manor Royal, Crawley, RH10 8PY
\nRentokil Initial Overseas (Holdings) B.V.
Ordinary
100%
\nB.V. Rentokil Funding
Ordinary
100%
\nRavenswade 54-s, 3439 Nieuwengein, LD, Netherlands
\nRentokil Initial B.V.
Ordinary
100%
\nFrontstraat 1a, 5405 AK Uden, Netherlands
\nHolland Reconditionering B.V.
Ordinary
100%
\nNew Zealand
\nLevel 1, 89 Carbine Road Mount Wellington, Auckland 1060, New
\nZealand
\nRentokil Initial Limited
Ordinary
100%
\nNorway
\nSanitetsveien 17, Skjetten, Lillestr\u00f8m, 2013, Norway
\nNokas Skadedyrkontroll AS
Ordinary
100%
\nSkadedyrbutikken AS
Ordinary
100%
\nSanitetsveien 17, Postboks 84, SKJETTEN 2026, Norway
\nRentokil Initial Norge AS
Ordinary
100%
\nPakistan
\nS-2 Commercial, 2nd Floor, Lalik Jan Chowk, Phase II, Lahore,
\nCantonment, Punjab, Pakistan
\nC-Shine Sustainable Solutions (Private)
\nLimited
\n3
\nOrdinary
70%
\nPeople\u2019s Republic of China
\nEast 2nd Floor, No. 460 Wenyi West Road, Xihu District, China
\nHangzhou Research Institute of Profume
\nFumigation Co. Ltd.
\nOrdinary
80%
\nRoom 103, Building 2, Yuzhongxili#42, Beijing, China
\nRentokil Initial (China) Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nPeru
\nCalle 23 Mza. Z-1 Lote 9 Villa El Salvador
\nIngeclean Peru Sociedad Anonima Cerrada
Ordinary
100%
\nPhilippines
\nNo. 73 Elisco Road, Bo, Kalawaan, Pasig City 1600, Philippines
\nRentokil Initial (Philippines) Inc
Ordinary
100%
\nPoland
\nUl. Jana Pawla Woronicza, Nr 31, Lok. 78, 02-640 Warszawa, Poland
\nRentokil Polska Sp. z.o.o.
Ordinary
100%
\nUl. D\u0105browskiego 44, 50-457, Wroc\u0142aw, Poland
\nVaco Sp. z.o.o
\n3
\nOrdinary
100%
\nPortugal
\nEN 115, Km 78,67, 2664-502, S\u00e3o Juli\u00e3o do Tojal, Portugal
\nRentokil Initial Portugal \u2013 Servi\u00e7os de
\nProtec\u00e7\u00e3o Ambiental Limitada
\nOrdinary
100%
\nPuerto Rico
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nRentokil of Puerto Rico, Inc
Common
100%
\nRepublic of Ireland
\nHazel House, Millennium Park, Naas, County Kildare W91P XP3,
\nIreland
\nCannon Hygiene International Limited
Ordinary
100%
\nInitial Medical Services (Ireland) Limited
Ordinary
100%
\nRentokil Initial Holdings (Ireland) Limited
Ordinary
100%
\nRentokil Initial Limited
Ordinary
100%
\n15 Oxford Lane, Dublin 6, Ranelagh, Dublin, D06 W5K2, Ireland
\nPest Pulse Limited
\n3
\nOrdinary
100%
\nOpposite Rosary Place, Castleredmond, Midleton Co. Cork, Midleton,
\nCork
\nRonaldon Limited
\n3
\nOrdinary
100%
\nSaudi Arabia
\nSuleimaniyah, King Abdelaziz Road, Riyadh, Saudi Arabia
\nBoecker Public Health Saudia Company
\nLimited
\nOrdinary
100%
\nPO Box 30164, Office No. 401, 4th Floor, Al Tamimi Building, Al Khobar,
\nNorth Al Khobar 31952, Saudi Arabia
\nRentokil Saudi Arabia Limited O.P.C
Ordinary
100%
\nSingapore
\nNo. 16 & 18 Jalan Mesin, 368815, Singapore
\nRentokil Initial Singapore Private Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Management
\nPte\u00a0Limited
\nOrdinary
100%
\n77 Robinson Road, #13-00 Robinson 77, 068896, Singapore
\nSVM Services (Singapore) Pte. Ltd.
\n3
\nOrdinary
100%
\nSlovakia
\nKopcianska 10, 851 01 Bratislava, Slovakia
\nRentokil Initial s.r.o.
Ordinary
100%
\nSouth Africa
\n2 Stigant Road, Claremont, Cape Town 7708, South Africa
\nNewshelf 1232 Pty Limited
Preference
100%
\nRentokil Initial (Dikapi) JV Pty Limited
Ordinary
59%
\nRentokil Initial (Proprietary) Limited
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nSouth Africa continued
\nUnit D12 Connaught Park, Riley Road, Beaconvale, Parow 7000,
\nSouth\u00a0Africa
\nCannon Hygiene (SA) Proprietary Limited
Ordinary
100%
\nSouth Korea
\n2nd Floor, Korea Disaster Relief Association, 371-19 Sinsu-Dong,
\nMapo-Gu, Seoul 121-856, Republic of Korea
\nRentokil Initial Korea Limited
Common
100%
\nSpain
\nBarrio Campo de Eiro 100 bajo, Pereira.Mos, 36419, Pontevedra, Spain
\nOfficina De Tratamiento De Plagas S.L.
Ordinary
100%
\nC/Pino Tea Nave, 41016, Sevilla, Spain
\n3D Pest Control S.L.
\n3
\nOrdinary
100%
\nPlaza Ovidi Montllor 1 \u2013 2, bajos 1\u00aa, El Prat de Llobregat, 08206,
\nBarcelona, Spain
\nCogest BCN Ambiental, S.L.
\n3
\nOrdinary
100%
\nPol\u00edgono Industrial La Plan, Crta. BP5107 km 44,1/, Ctra. Llinar a la
\nGarriga, 08458, Sant Pere de Vilamajor, Barcelona, Spain
\nDeterco S.L.
\n3
\nOrdinary
100%
\nCalle Mar Mediiterr\u00e1neo 1, 28830 San Fernando de Henares (Madrid),
\nSpain
\nInitial Gaviota SAU
Ordinary
100%
\nRentokil Initial Espa\u00f1a S.A.
Ordinary A
100%
\nOrdinary B
100%
\nOrdinary C
100%
\nPol\u00edgono Industrial \u201cPla de Vallonga\u201d, Calle Meteorito, 59 \u2013 Alicante,
\nSpain
\nLokimica S.A.
\n3
\nOrdinary
100%
\nCalle de la Nena Casas, 71, 08017, Barcelona, Spain
\nServicios Depec S.L.
\n3
\nOrdinary
100%
\nSri Lanka
\nNo. 307, Negombo Road, Peliyagoda, Sri Lanka
\nRentokil Initial Ceylon (Private) Limited
Ordinary
100%
\nSweden
\nAvestagatan 61, 163 53 Sp\u00e5nga, Sweden
\nAmbius AB
Ordinary
100%
\nRent a Plant Interessenter AB
Ordinary
100%
\nRentokil AB
Ordinary
100%
\nSweden Recycling AB
Ordinary
100%
\nTusbystr\u00e5ket 1B, 191 61, Sollentuna, Sweden
\nNomor AB
\n3
\nOrdinary
100%
\nNomor F\u00f6rs\u0103kring AB
\n3
\nOrdinary
100%
\nNomor Holding AB
\n3
\nOrdinary
100%
\nTerminix Nomor AB
\n3
\nOrdinary
100%
\nSwitzerland
\nHauptstrasse 3, 4625 Oberbuchsiten, Oberbuchsiten, Switzerland
\nRentokil Schweiz AG
Ordinary
100%
\nTaiwan
\n7F No.56 Lane 258, Rueiguang Rd, Neihu District, Taipei, 114 Taiwan,
\nProvince of China
\nInitial Hygiene Co Limited
Ordinary
100%
\nRentokil Ding Sharn Co Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nTanzania
\n1st Floor, Opal Place, 77 Haile Selassie Road, Masaki, P.O. Box 79651,
\nDar es Salaam, Tanzania
\nInitial Hygiene (T) Limited
Ordinary
100%
\nThailand
\n160 Vibhavadi Rangsit Road, Khwaeng Ratchadapisek, Khat Dindaeng,
\n10400, Thailand
\nCannon Pest Management Co. Limited
Ordinary
100%
\nRentokil Initial (Thailand) Limited
Ordinary
100%
\nTrinidad and Tobago
\nField no. 82, KK-LL Aranguez South, Trinidad and Tobago
\nRentokil Initial (Trinidad) Limited
Ordinary
100%
\nTunisia
\nZone Industrielle route de Moknine, 5080 Teboulba, Tunisia
\nCAP Tunis
Ordinary
100%
\nTurkey
\n1201, 1 Sokak No:2 K:3 D:301-302 Su Plaza Yeni\u015fehir, Konak, \u0130zmir,
\nTurkey
\nRentokil Initial \u00c7evre Sa\u011fl\u0131\u011f\u0131 Sistemleri
\nTicaret ve Sanayi A\u015e
\nOrdinary
100%
\nUganda
\nPlot No 2012, Kalinabiri Road, Ntinda Kampala, Uganda
\nRentokil Initial Uganda Limited
Ordinary
100%
\nUnited Arab Emirates
\nShop No.6, Jurf Industrial Zone 2, Ajman, United Arab Emirates
\nRentokil Pest Control LLC
Ordinary
100%
\nOffice number 1403, PO Box 41999, TECOM, Al Barsha Heights, Dubai,
\nUnited Arab Emirates
\nBoecker Food Safety LLC
Ordinary
100%
\nBoecker Pest Control LLC
Ordinary
100%
\nAl Hall Industrial, Fujairah, United Arab Emirates
\nBoecker Pest Control LLC \u2013 Fujairah
Ordinary
100%
\nAl Shafar Tower 1, 14th floor, office No. 1404, TECOM, Al Barsha
\nHeights, Dubai, United Arab Emirates
\nBoecker Public Health Pest Control
\nEquipment Trading LLC
\nOrdinary
100%
\nAl Suhyeen, Rolla, Office 205, Sharjah, United Arab Emirates
\nSpecialist Int. Pest Control LLC
Ordinary
100%
\n4th Floor, Suite No. 401, Oud Metha Office Building, Umm Hurair 2,
\nDubai, UAE
\nNational Pest Control LLC
Ordinary
100%
\nRentokil Initial Pest Control LLC
Ordinary
100%
\nUnited Kingdom
\nCompass House, Manor Royal, Crawley, RH10 9PY
\nAW Limited
Ordinary
100%
\nB.E.T. Building Services Limited
Ordinary
100%
\nBET Environmental Services Ltd
Ordinary
100%
\nBET (No.18) Limited
Ordinary
100%
\nDeferred
\nOrdinary
\n100%
\nBET (No.68) Limited
Ordinary
100%
\nBET Pension Trust Limited
Ordinary
100%
\nBPS Offshore Services Limited
\n1
\nOrdinary
100%
\nBroadcast Relay Service (Overseas) Limited
\n1
\nOrdinary
100%
\nCastlefield House Limited
Ordinary
100%
\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nUnited Kingdom continued
\nChard Services Limited
Ordinary
100%
\nCHL Legacy Limited
\n1
\nOrdinary
100%
\nDudley Industries Limited
Ordinary
100%
\nEnigma Laundries Limited
Ordinary
100%
\nEnigma Services Group Limited
Ordinary
100%
\nEnviro-Fresh Limited
Ordinary
100%
\nEnvironmental Contract Services Limited
\n1
\nOrdinary
100%
\nEuroguard Technical Services Limited
Ordinary
100%
\nGrayston Central Services Limited
Ordinary
100%
\nHometrust Limited
Ordinary
100%
\nInitial Limited
Ordinary
100%
\nInitial Medical Services Limited
Ordinary
100%
\nOpel Transport & Trading Company Limited
Ordinary
100%
\nPeter Cox Limited
Ordinary-A
100%
\nPlant Nominees Limited
Ordinary
100%
\nProkill (UK) Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nProkill Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nRapid Washrooms Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nRentokil Dormant (No. 6) Limited
Ordinary
100%
\nRentokil Initial (1896) Limited
Ordinary
100%
\nRentokil Initial (1993) Limited
\n1
\nOrdinary
100%
\n6% Non-
\nRedeemable
\nPreference
\n100%
\nRentokil Initial 1927 plc
Ordinary
100%
\nAUD
\nRedeemable
\nPreference
\n100%
\nCAD
\nRedeemable
\nPreference
\n100%
\nCLP
\nRedeemable
\nPreference
\n100%
\nDKK
\nRedeemable
\nPreference
\n100%
\nEUR
\nCumulative
\nPreference
\n(Non-
\nRedeemable)
\n100%
\nIDR
\nRedeemable
\nPreference
\n100%
\nILS
\nRedeemable
\nPreference
\n100%
\nNOK
\nRedeemable
\nPreference
\n100%
\nNZD
\nRedeemable
\nPreference
\n100%
\nUSD
\nRedeemable
\nPreference
\n100%
\nRentokil Initial Americas Limited
\n1
\nOrdinary
100%
\nRentokil Initial Asia Pacific Limited
\n1
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nRentokil Initial Brazil Limited
\n1
\nOrdinary
100%
\nRentokil Initial Finance Limited
\n1
\nOrdinary
100%
\nRentokil Initial Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Initial Investments South Africa
\n1
\nOrdinary
100%
\nRentokil Initial Pension Trustee Limited
Ordinary
100%
\nRentokil Initial Services Limited
Ordinary
100%
\nRentokil Initial UK Limited
Ordinary
100%
\nRentokil Insurance Limited
Ordinary
100%
\nRentokil Limited
\n1
\nOrdinary
100%
\nRentokil Overseas Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Property Care Limited
Ordinary
100%
\nRentokil Property Holdings Limited
\n1
\nOrdinary
100%
\nRI Dormant No.18 Limited
Ordinary
100%
\nRI Dormant No.20 Limited
Ordinary
100%
\nStratton House Leasing Limited
\n1
\nOrdinary
100%
\nSVM International Services Limited
\n1,3
\nOrdinary
100%
\nTarget Express Holdings Limited
Ordinary
100%
\nTarget Express Limited
Ordinary
100%
\nTarget Express Parcels Limited
Ordinary
100%
\nTEB Cleaning Services Limited
Ordinary
100%
\nThe Ca\u2019D\u2019Oro, 45 Gordon Street, Glasgow, G1 3PE, UK
\nIndustrial Clothing Services Limited
Ordinary
100%
\nConvertible
\nParticipating
\nPreference
\n100%
\nPest Protection Services (Scotland) Limited
Ordinary-A
100%
\nRI Dormant No.12 Limited
Ordinary
100%
\nWise Property Care Limited
Ordinary
100%
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nAnza, LLC
\n3
\nOrdinary
100%
\n101 Emerson Road, Milford, New Hampshire, 03055, USA
\nAirborne Vector Control LLC
Common
100%
\nCorporation Trust Center, 1209 Orange Street, Wilmington DE 19801,
\nUnited States
\nCDRSVM Holding, LLC
\n3
\nCommon
100%
\nCDRSVM Investment Holding, LLC
\n3
\nCommon
100%
\nRamac (US) LLC
\n3
\nInterest
100%
\nRentokil Initial US Holdings, Inc.
Common
100%
\nSecure Monthly Affordable Credit
\nCorporation
\n3
\nOrdinary
100%
\nSecure Monthly Affordable Credit Limited
\nPartnership
\n3
\nOrdinary
100%
\nSVM Honduran Service and Investments
\nCompany, LLC
\n3
\nInterest
100%
\nSVM Olympus Service Company, LLC
\n3
\nInterest
100%
\nSVM Progressive Service Company, LLC
\n3
\nInterest
100%
\nSVM Technicians Service Company, LLC
\n3
\nInterest
100%
\nSVM Vanguard Service Company, LLC
\n3
\nInterest
100%
\nTerminix Cares Fund, Inc.
\n3
\nInterest
100%
\nTerminix Consumer Services, LLC
\n3
\nInterest
100%
\nTerminix Holdings, LLC
Common
100%
\nTerminix International Holdings, Inc
\n3
\nInterest
100%
\nTerminix Management Corporation
\n3
\nInterest
100%
\nTerminix Receivables Company LLC
\n3
\nInterest
100%
\nThe Terminix Company, LLC
\n3
\nInterest
100%
\nThe Terminix Foundation
\n3
\nInterest
100%
\nTMX Holdco, Inc.
\n3
\nCommon
100%
\nW.B. McCloud & Co. Inc.
\n3
\nOrdinary
100%
\n1201 Peachtree Street, NE Suite 1240, Atlanta, GA 30361, United States
\nInitial Contract Services LLC
US$ Interests
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nAdvanced Pest Management Co, LLC
Common
100%
\nCygnet Enterprises, Inc (North Carolina)
Common
100%
\nCygnet Enterprises, Inc (Michigan)
Common
100%
\nCygnet Enterprises Northwest, Inc
Common
100%
\nCygnet Enterprises West, Inc
Common
100%
\nMedentex LLC
Common
100%
\nMississippi Mosquito Control, LLC
Interests
100%
\nMosquito Control of Lafourche, LLC
Interests
100%
\nMosquito Control Services, LLC
Interests
100%
\nMosquito Control Services of Florida, LLC
Interests
100%
\nMosquito Control Services of Georgia, LLC
Interests
100%
\nRentokil Initial Environmental Services LLC
Interests
100%
\nRentokil North America, Inc.
Ordinary
100%
\nRittiner Group, LLC
Interests
100%
\nSolitude Lake Management, LLC
Common
100%
\nSt. Charles Mosquito Control, LLC
Interests
100%
\nSt. John Mosquito Control, LLC
Interests
100%
\nTerrebonne Mosquito Control, LLC
Interests
100%
\nVector Disease Acquisition, LLC
Common
100%
\nSeries A
100%
\nSeries B
100%
\nVector Disease Control International, LLC
Common
100%
\n2540 Lawrenceville Hwy, Lawrenceville, GA 30044, United States
\nAsiatic Holdings LLC
Ordinary
100%
\nCreative Plantings Inc
Ordinary
100%
\nSteritech-Canada Inc.
Common
100%
\nUnited Transport America LLC
Interests
100%
\nVirginia Properties Inc
Ordinary
100%
\nPO Box 4510, 10 Free Street, Portland, ME 04112, United States
\nAsiatic Investments, Inc.
Ordinary
100%
\n150 Peabody Place, Memphis TN 38103-3720, United States
\nCopesan Services, Inc.
\n3
\nInterest
100%
\nThe Terminix International Company
\nLimited\u00a0Partnership
\n3
\nInterest
100%
\n1313 Miller Road, Greenville SC 29607, United States
\nGregory Pest Control, LLC
\n3
\nOrdinary
100%
\n100 Bank Street, Suite 610, Burlington VT 05401, United States
\nSteward Insurance Company
\n3
\nCommon
100%
\n860 Ridge Lake Blvd., Memphis TN 38120, United States
\nTerminix Gift, LLC
\n3
\nInterest
100%
\nUruguay
\nLa Paz, 1227, Departamento de Montevideo, Uruguay
\nLivelux S.A.
Ordinary
100%
\nChana, 2033, Departmento de Montevideo, Uruguay
\nLa Sanitaria S.A.
Ordinary
100%
\nVietnam
\n68 Hong Ha, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam
\nRentokil Initial (Vietnam) Company Limited
Ordinary
100%
\nVirgin Islands, U.S.
\nMerchants Financial Center, 4608 Tutu Park Mall, Suite 202,
\nSt\u00a0Thomas, Virgin Islands, 00802-1816, Virgin Islands, U.S.
\nTerminix International USVI, LLC
\n3
\nInterest
100%
\nAssociated undertakings:
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nPeople\u2019s Republic of China
\nB3, Xunmei Industrial Zone, Fengze District, Quanzhou City,
\nFujian\u00a0Province, China
\nFujian Xunke Pest Control Company
\nLimited
\n3
\nOrdinary
30%
\nNo.14 Wenguangtingjiao Road, Chaoyang District, Shantou City, China
\nGuangdong Vircon Pest Management
\nCompany Limited
\n3
\nOrdinary
30%
\nRoom (2-1), Unit 19, Xindian Xingzuo, Haishu District, Ningbo City,
\nZhejiang Province, China
\nNingbo Yuying Vector Control Company
\nLimited
\n3
\nOrdinary
30%
\nRoom 1005, Unit 1, Building1, No.1 Huangjin Road, Dongguan City,
\nGuangdong Province, China
\nGuangdong New Hope City Pest Control
\nCompany Limited
\n3
\nOrdinary
30%
\nEgypt
\nThird floor, Jupiter Building, B3, Majara Compound, Sheikh Zayed,
\nGiza, Egypt
\nServicePros S.A.E.
\n4
\nOrdinary
30%
\nFrance
\n41 Avenue de La Porte de Villiers, 92200 Neuilly-Sur-Seine, France
\nSCI Pierre Brossolette
Ordinary
26.247%
\nJapan
\nKyoritsu Seiyaku Building, 1-5-10 Kudan, Minami Chiyoda-Ku, Tokyo,
\nJapan
\nNippon Calmic Limited
Ordinary
49%
\nNigeria
\nOld Ojo Road, Off Badagry Expressway, Agboju, Lagos, 359/361,
\nNigeria
\nBoecker Public Health Services Limited
Ordinary
30%
\nNorway
\nVeverivegen 10, 2848 Skreia, Norway
\nSkadedyrkontroll \u00d8st
Ordinary
40%
\nQatar
\n16 A Al Mana Business Tower, Doha, Qatar
\nBoecker Public Safety Services \u2013 Qatar
\nW.L.L.
\nOrdinary
24.5%
\nUnited Kingdom
\nCompass House, Manor Royal, Crawley, RH10 9PY
\nHometrust Kitchens Limited
Ordinary
25%
\nTorchsound Properties Limited
\n1
\nOrdinary
50%
\n1.
As permitted by section 479A of the Companies Act 2006, the Company intends to take
\nadvantage of the audit exemption in relation to the individual accounts of these
\ncompanies.
\n2. The percentage of shares held by Group companies remains unchanged in 2022 for all
\ncompanies.
\n3. Acquired or incorporated by the Group in 2022.
\n4. Incorporated in 2022. Non-operational.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24030": {
"value": "General accounting policies Basis of preparation
\nThe Consolidated Financial Statements have been prepared in
\naccordance with UK-adopted International Accounting Standards (IAS)
\nand with the requirements of the Companies Act 2006 as applicable
\nto companies reporting under those standards. The Consolidated
\nFinancial Statements also comply fully with International Financial
\nReporting Standards (IFRSs) as issued by the International Accounting
\nStandards Board (IASB). The Consolidated Financial Statements have
\nbeen prepared under the historical cost convention, as modified by
\nthe revaluation of certain financial assets and liabilities (including
\nderivative instruments). Certain financial and equity instruments have
\nbeen measured at fair value.
\nThe Group uses a number of non-GAAP measures to present the
\nfinancial performance of the business which are not defined under
\nInternational Financial Reporting Standards (IFRS). An explanation
\nof\u00a0these Alternative Performance Measures (APMs), along with
\nreconciliation to the nearest equivalent IFRS measure, can be found
\nin\u00a0the relevant notes to the financial statements.
\nClimate change
\nThe Group has updated its detailed review of expected climate
\nchange impacts on the business and its assets and liabilities to
\nestablish any adjustments required and what reporting is necessary
\nin\u00a0its Financial Statements for 2022 under a 1.5\u20132.0 degree pathway.
\nThis process has been completed to ensure material accuracy of the
\nfinancial reporting and that disclosure of relevant information complies
\nwith the requirements of IAS 1.
\nThe process has involved a detailed review of material revenue
\nsegments, all balance sheet line items and each element of the
\nGroup\u2019s commitment to reach net zero by 2040, to identify if any of
\nthese items is expected to be materially impacted in a negative or
\npositive way by weather, legislative, societal or revenue/cost changes.
\nThe conclusions of this process have been reviewed and agreed by
\nthe Audit Committee on 8 December 2022.
\nThe conclusion of the review was that, while there will undoubtedly
\nbe\u00a0impacts on the Group, the highly disaggregated nature of the
\noperations of the Group significantly reduces the risk profile to
\nimpacts from weather-related changes. The changes necessary to
\nachieve net zero will not have a materially adverse impact on the cash
\nflows of the Group and indeed, warmer climates may present some
\nopportunities. Societal and legislative impacts are not considered to
\nhave a material impact on any one segment such that we need to
\nbreak out reporting in a different way to previous years. Judgements
\nare not considered to be significant, although clearly understanding
\nof\u00a0climate change is developing with time. The area with the most
\njudgement is goodwill impairment testing and a description is given
\nin\u00a0Note B2 of the incremental processes undertaken to assess the
\nclimate change impact on the valuations. Management review has
\nconcluded that there is no material impact and that no further
\ndisclosure is required.
\nGoing concern
\nThe Directors have prepared Board-approved cash flow forecasts
\nthat\u00a0demonstrate that the Group has sufficient liquidity to meet its
\nobligations as they fall due for the period of at least 12 months from
\nthe date of approval of these Financial Statements.
\nAdditionally, the Directors have assessed severe but plausible
\ndownside scenarios. The downside scenarios include a revenue
\ndecline of 20% against base budget for six months or for 12 months,
\nand a one off \u2018shock\u2019 in the form of a cash loss of \u00a3200m. All of these
\nscenarios are considerably worse than the actual impact of the
\nCOVID-19 pandemic in 2020. Were the Group to need to access
\nadditional funds it would be able to manage cash outflows through
\ncost savings, adjusting the level of M&A activity and/or dividends paid,
\nwhich are all within the Group\u2019s control.
\nThe Directors have therefore concluded that the Group will have
\nsufficient liquidity to continue to meet its liabilities as they fall due for
\nthis period and therefore have prepared the Financial Statements on
\na\u00a0going concern basis.
\nConsolidation
\n(a) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls
\nan entity when it (i) has power over the entity; (ii) is exposed or has
\nrights to\u00a0variable returns from its involvement with the entity; and (iii)
\nhas the ability to affect those returns through its power over the entity.
\nThe Group reassesses whether or not it controls a subsidiary if facts
\nand circumstances indicate that there are changes to one or more of
\nthese three elements of control.
\nThe Financial Statements of subsidiaries are included in the
\nConsolidated Financial Statements from the date that control
\ncommences until the date that control ceases. Inter-company
\ntransactions, balances, and gains and losses on transactions between
\nGroup companies are eliminated on consolidation. When less than
\n100% of the issued share capital of a subsidiary is acquired, and the
\nacquisition includes an option to purchase the remaining share capital
\nof the subsidiary, the anticipated acquisition method is applied where
\njudged appropriate to do so. The judgement is based on the risks and
\nrewards associated with the option to purchase, meaning that no
\nnon-controlling interest is recognised. A liability is carried on the
\nbalance sheet equal to the fair value of the option to purchase. This is
\nrevised to the fair value at each reporting date with differences being
\nrecorded in equity.
\nWhere the Group ceases to have control of a subsidiary, the assets
\nand liabilities are derecognised along with any related non-controlling
\ninterest and other components of equity. Any resulting gain or loss
\nis\u00a0recognised in the income statement. Any interest retained in the
\nformer subsidiary is measured at fair value when control ceases.
\nChanges in the Group\u2019s interest in a subsidiary that do not result
\nin\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
\nLosses applicable to the non-controlling interests in a subsidiary are
\nallocated to the non-controlling interests, which may cause the
\nnon-controlling interests to have a deficit balance. Consideration in
\nexcess of net identifiable assets acquired in respect of non-controlling
\ninterests in existing subsidiary undertakings is taken directly to equity.
\n(b) Associates
\nAssociates are those entities in which the Group has significant
\ninfluence over the financial and operating policies, but not control.
\nSignificant influence is usually presumed to exist when the Group
\nholds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially
\nrecognised at cost. The Group\u2019s investment includes goodwill
\nidentified on\u00a0acquisition, net of any accumulated impairment losses.
\nThe Consolidated Financial Statements include the Group\u2019s share of
\nthe total comprehensive income and equity movements of equity
\naccounted investees, from the date that significant influence
\ncommences until the date that significant influence ceases. When the
\nGroup\u2019s share of losses exceeds its interest in an equity accounted
\ninvestee, the carrying amount is reduced to nil and recognition of
\nfurther losses is discontinued except to the extent that the Group has
\nincurred legal or constructive obligations or made payments on behalf
\nof an investee.
\nGains and losses on transactions between the Group and its
\nassociates are eliminated to the extent of the Group\u2019s interest in the
\nassociates.
\n\n\n\n
\n\nForeign currency translation
\n(a) Functional and presentation currency
\nItems included in the Financial Statements of each of the Group\u2019s
\nentities are measured using the currency of the primary economic
\nenvironment in which the entity operates (the functional currency).
\nThe\u00a0Consolidated Financial Statements are presented in sterling,
\nwhich is the functional currency of Rentokil Initial plc.
\n(b) Group companies
\nThe results and financial position of all the Group entities that have
\na\u00a0functional currency different from the presentation currency are
\ntranslated into the presentation currency as follows:
\n(i)
assets and liabilities for each balance sheet presented are
\ntranslated at the closing rate at the date of the balance sheet;
\n(ii) income and expenses for each income statement are translated
\nat\u00a0average exchange rates; and
\n(iii) all resulting exchange differences are recognised as a separate
\ncomponent of equity.
\nOn consolidation, exchange differences arising from the translation
\nof\u00a0the net investment in foreign entities, and of borrowings and other
\ncurrency instruments designated as hedges of such investments or
\ndeemed to be quasi-equity, are taken to other comprehensive income.
\nWhen\u00a0a foreign operation is sold, such exchange differences are
\nrecognised in the income statement as part of the gain or loss on sale.
\n(c) Transactions and balances
\nForeign currency transactions are translated into the functional
\ncurrency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the
\nsettlement of such transactions, or from the translation of monetary
\nassets and liabilities denominated in foreign currencies at reporting
\nperiod end exchange rates, are recognised under the appropriate
\nheading in the income statement; except when deferred in equity as
\nqualifying net investment hedges or where certain intra-group loans
\nare determined to be quasi-equity (normally not expected to be
\nrepaid).
\n(d) Financial reporting in hyperin\ufb02ationary economies
\nWith effect from 1 May 2022 the Group purchased Ecotec
\nInteroc\u00e9anica S.A., a company which has operations in Argentina and
\nuses the Argentine peso as its functional currency. The Argentinian
\neconomy was designated as hyperinflationary from July 2018. As a
\nresult, application of IAS 29 Financial Reporting in Hyperinflationary
\nEconomies has been applied for the Argentinian subsidiary, from the
\ndate of acquisition.
\nDuring 2022, Turkey, a country in which the Group has operated for
\nmany years, was designated as hyperinflationary. The Group also has
\noperations in\u00a0Lebanon which remains hyperinflationary.
\nThe IAS 29 rules are applied as follows:
\n(i)
adjustment of the income statement at the end of the reporting
\nperiod using the change in general price index;
\n(ii) adjustment of historical cost non-monetary assets and liabilities for
\nthe change in purchasing power caused by inflation from the date
\nof initial recognition to the balance sheet date; and
\n(iii) adjustment of the income statement to reflect the impact of
\ninflation and exchange rate movement on holding monetary assets
\nand liabilities in local currency.
\nConsumer Price Indices have been used for the relevant
\nhyperinflationary adjustments. The indices used for these adjustments
\nare as follows:
\nCountry
Index at 1 January 2022
Index at 31 December 2022
\nArgentina
716.94
\n1
\n1,134.59
\nLebanon
921.40
2,045.46
\nTurkey
686.95
1,128.45
\n1.
Index from effective date of 1 May 2022.
\nFinancial instruments
\nFinancial assets and financial liabilities are recognised when the
\nGroup becomes a party to the contractual provisions of the relevant
\ninstrument, and derecognised when it ceases to be a party to such
\nprovisions. Note C5 on page 182 of these notes discusses accounting
\nfor financial instruments.
\nFinancial assets
\nThe Group classifies its financial assets depending on the purpose
\nfor\u00a0which the financial assets were acquired. At initial recognition
\nthe\u00a0Group carries out a solely payment of principal and interest (SPPI)
\ntest and a business model test to establish the classification and
\nmeasurement of its financial assets. Financial assets are classified
\nin\u00a0the following categories:
\n(a) Amortised cost
\nFinancial assets under this classification are non-derivative financial
\nassets held to collect the contractual cash flows until maturity and the
\ncash\u00a0flows are SPPI. Assets measured at amortised cost include trade
\nand other receivables, cash and cash equivalents (excluding money
\nmarket funds which are classified as fair value through profit and loss)
\nand other investments.
\n(b) Fair value through other comprehensive income (FVTOCI)
\nThese are non-derivative financial assets which can be for sale with
\ncash flows that are SPPI. These assets are measured at fair value and
\nchanges to market values are recognised in other comprehensive
\nincome. The Group has no assets classified under this category.
\n(c) Fair value through pro\ufb01t and loss (FVTPL)
\nFinancial assets under this classification are assets that cannot be
\nclassified in any of the other categories. These assets are measured
\nat\u00a0fair value and changes to market values are recognised in profit
\nand\u00a0loss.
\nFinancial liabilities
\nAll financial liabilities are stated at amortised cost using the effective
\ninterest rate method except for derivatives, which are classified as
\nheld for\u00a0trading (except where they qualify for hedge accounting) and
\nare held at fair value.
\nFinancial liabilities held at amortised cost include trade payables,
\ndeferred consideration and borrowings.
\nSources of estimation uncertainty and signi\ufb01cant accounting
\njudgements
\nThe use of estimates, assumptions and judgements in the application
\nof the Group\u2019s accounting policies is explained below, with major
\nsources of estimation uncertainty and significant judgements
\nseparately identified.
\nAssumptions and estimation uncertainties
\nThe Group makes estimates and assumptions concerning the future.
\nEstimates and assumptions are continually evaluated and are based
\non historical experience and other factors, including expectations of
\nfuture events that are believed to be reasonable under the
\ncircumstances. Actual results may differ from these estimates and
\nrevisions to estimates are recognised prospectively. Sensitivities to
\nthe estimates and assumptions are provided, where relevant, in the
\nnotes to the Financial Statements.
\nThe estimates and assumptions that have a significant risk of causing
\na\u00a0material adjustment to the carrying amounts of assets and liabilities
\nwithin the next financial year are listed below (please refer to the
\nrelevant notes for further detail):
\n(a) Termite damage claim provisions
\nWith the acquisition of Terminix in October 2022, the Group assumed
\na liability for termite damage claims, based on customers existing
\nat\u00a0the acquisition date, for which a provision has been estimated.
\nThe\u00a0liability arises where termite prevention treatments have been
\nineffective, resulting in damage to property. The assumptions used
\nto\u00a0estimate the historical termite damage claim provisions are based
\non an assessment of the volume and value of future claims (based
\non\u00a0historical information), customer churn rate and discount rates.
\nAn\u00a0additional provision is recognised for all new customers after the
\nacquisition date upon commencement of the contract, based on the
\n\n\nestimated average claim cost per customer over the lifetime of the
\ncontract. The trend of volume and value of claims will be monitored
\nand reviewed over time and as such the value of the provisions are
\nalso likely to change. Sensitivity analysis is provided in Note A6.
\n(b) Provisions for uncertain tax positions
\nThe Group holds significant provisions for uncertain tax positions on
\nthe basis of amounts expected to be paid to the tax authorities. The
\nGroup\u2019s current tax liabilities reflect management\u2019s best estimate of
\nthe future amounts of corporation tax that will be settled. However the
\nactual outcome could be significantly different to the estimate made,
\nas the ultimate tax liability cannot be known until a resolution has been
\nreached with the relevant tax authority, or the issue becomes time
\nbarred. Note A13 discusses in detail why the provisions are taken and
\nexplains the estimation uncertainty; however management considers
\nit to be impracticable to disclose the extent of the possible effects of
\nassumptions made.
\nSigni\ufb01cant accounting judgements
\nJudgements made in applying accounting policies that have the most
\nsignificant effects on the amounts recognised in the Financial
\nStatements are discussed below:
\n(a) Useful economic life of brands
\nThe Terminix US brand, acquired in October 2022, has been assessed
\nas having an indefinite useful life. Prior to this acquisition all brands
\nwere considered by management to have finite useful lives.
\nIndefinite-lived assets do not get amortised and therefore if
\nmanagement had judged that the Terminix brand had a finite life then
\nthere would be a significant amortisation expense recognised annually
\nin the income statement. The Terminix brand has been valued at
\n\u00a31,292m, which based on a typical 15-year life would result in a \u00a386m
\nannual amortisation charge.
\nOther accounting estimates
\nThe Consolidated Financial Statements include other areas of
\naccounting estimates that do not meet the definition under IAS 1 of
\nsignificant accounting estimates or accounting judgements. The
\nrecognition and measurement of certain material assets and liabilities
\nare based on assumptions and/or are subject to longer-term
\nuncertainties as follows:
\n(a) Impairment of goodwill and other assets
\nThe annual review for potential impairment of goodwill and other
\nindefinite-lived intangible assets is primarily based on a value-in-use
\nmodel. This model uses discounted cash flows to assess whether the
\ngoodwill carrying value can be supported or whether impairment is
\nrequired. The model uses the following assumptions about the future:
\nA
Revenue growth rate
\nA
Operating profit margin
\nA
Discount rate
\nA
Long-term growth rate (inflation)
\nIf the actual outcome is different to the estimated performance, or
\nthere is an unfavourable movement in the timing or amount of any of
\nthe assumptions used, this could lead to a material adjustment to the
\ncarrying amount of the asset within the next financial year. Note B2
\nexplains the impairment review process undertaken in the year.
\n(b) Self-insurance provisions
\nThe Group self-insurance provision increased significantly through the
\nacquisition of Terminix in October 2022. Self-insurance provisions are
\nvalued annually by external actuaries. Although the carrying value of
\nthe provision is significant, it is not expected that there would be any
\nchange to assumptions that would cause a significant adjustment to
\nthe carrying value in the next financial year and any impact would be
\nexpected to crystallise over the long term. Self-insurance provisions
\nare disclosed in Note A6.
\n(c) Put options
\nIn 2017, the Group acquired 57% of the share capital in PCI India. The
\nremaining 43% is subject to put options where the seller may require
\nthe Group to purchase the remaining shares in stages over a fixed
\nterm between 2023 and 2027. The Group recognised a put option
\nliability for the anticipated acquisition of these shares in contingent
\nconsideration, and any movements in the carrying value are
\nrecognised through equity. The\u00a0put options are valued at \u00a345m, but
\nany changes to the assumptions would not have a material effect on
\nthis valuation. Put option liabilities are disclosed in Note A5.
\nStandards, amendments and interpretations to published standards
\nthat are mandatorily e\ufb00ective for the current year
\nExcept as described below, the accounting policies applied in these
\nFinancial Statements are the same as those applied in the Group\u2019s
\nConsolidated Financial Statements for the year ended 31 December
\n2021.
\nThe Group has adopted the following new standards and amendments
\nto standards, including any consequential amendments to other
\nstandards, with effect from 1 January 2022:
\nA
amendments to IAS 16 Property, Plant and Equipment;
\nA
amendments to IFRS 3 Reference to the Conceptual Framework;
\nA
amendments to IAS 37 Onerous Contracts; and
\nA
annual improvements to IFRS Standards 2018\u20132020.
\nThe application of these amendments has had no material impact on
\nthe disclosures of the amounts recognised in the Group\u2019s
\nConsolidated Financial Statements. Consequently, no adjustment has
\nbeen made to the comparative financial information at 31 December
\n2021.
\nCertain new accounting standards, amendments to accounting
\nstandards and interpretations have been published that are not
\nmandatory for 31\u00a0December 2022 reporting periods and have not
\nbeen early adopted by the Group. These standards, amendments or
\ninterpretations are not expected to have a material impact on the
\nentity in the current or future reporting periods and on foreseeable
\nfuture transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24034": {
"value": "Basis of preparation The Consolidated Financial Statements have been prepared in
\naccordance with UK-adopted International Accounting Standards (IAS)
\nand with the requirements of the Companies Act 2006 as applicable
\nto companies reporting under those standards. The Consolidated
\nFinancial Statements also comply fully with International Financial
\nReporting Standards (IFRSs) as issued by the International Accounting
\nStandards Board (IASB). The Consolidated Financial Statements have
\nbeen prepared under the historical cost convention, as modified by
\nthe revaluation of certain financial assets and liabilities (including
\nderivative instruments). Certain financial and equity instruments have
\nbeen measured at fair value.
\nThe Group uses a number of non-GAAP measures to present the
\nfinancial performance of the business which are not defined under
\nInternational Financial Reporting Standards (IFRS). An explanation
\nof\u00a0these Alternative Performance Measures (APMs), along with
\nreconciliation to the nearest equivalent IFRS measure, can be found
\nin\u00a0the relevant notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24055": {
"value": "Climate change The Group has updated its detailed review of expected climate
\nchange impacts on the business and its assets and liabilities to
\nestablish any adjustments required and what reporting is necessary
\nin\u00a0its Financial Statements for 2022 under a 1.5\u20132.0 degree pathway.
\nThis process has been completed to ensure material accuracy of the
\nfinancial reporting and that disclosure of relevant information complies
\nwith the requirements of IAS 1.
\nThe process has involved a detailed review of material revenue
\nsegments, all balance sheet line items and each element of the
\nGroup\u2019s commitment to reach net zero by 2040, to identify if any of
\nthese items is expected to be materially impacted in a negative or
\npositive way by weather, legislative, societal or revenue/cost changes.
\nThe conclusions of this process have been reviewed and agreed by
\nthe Audit Committee on 8 December 2022.
\nThe conclusion of the review was that, while there will undoubtedly
\nbe\u00a0impacts on the Group, the highly disaggregated nature of the
\noperations of the Group significantly reduces the risk profile to
\nimpacts from weather-related changes. The changes necessary to
\nachieve net zero will not have a materially adverse impact on the cash
\nflows of the Group and indeed, warmer climates may present some
\nopportunities. Societal and legislative impacts are not considered to
\nhave a material impact on any one segment such that we need to
\nbreak out reporting in a different way to previous years. Judgements
\nare not considered to be significant, although clearly understanding
\nof\u00a0climate change is developing with time. The area with the most
\njudgement is goodwill impairment testing and a description is given
\nin\u00a0Note B2 of the incremental processes undertaken to assess the
\nclimate change impact on the valuations. Management review has
\nconcluded that there is no material impact and that no further
\ndisclosure is required.",
"dimensions": {
"concept": "rto:DescriptionOfAccountingPolicyForClimateChangePolicyTextBlock",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24089": {
"value": "Going concern The Directors have prepared Board-approved cash flow forecasts
\nthat\u00a0demonstrate that the Group has sufficient liquidity to meet its
\nobligations as they fall due for the period of at least 12 months from
\nthe date of approval of these Financial Statements.
\nAdditionally, the Directors have assessed severe but plausible
\ndownside scenarios. The downside scenarios include a revenue
\ndecline of 20% against base budget for six months or for 12 months,
\nand a one off \u2018shock\u2019 in the form of a cash loss of \u00a3200m. All of these
\nscenarios are considerably worse than the actual impact of the
\nCOVID-19 pandemic in 2020. Were the Group to need to access
\nadditional funds it would be able to manage cash outflows through
\ncost savings, adjusting the level of M&A activity and/or dividends paid,
\nwhich are all within the Group\u2019s control.
\nThe Directors have therefore concluded that the Group will have
\nsufficient liquidity to continue to meet its liabilities as they fall due for
\nthis period and therefore have prepared the Financial Statements on
\na\u00a0going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24110": {
"value": "Consolidation (a) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls
\nan entity when it (i) has power over the entity; (ii) is exposed or has
\nrights to\u00a0variable returns from its involvement with the entity; and (iii)
\nhas the ability to affect those returns through its power over the entity.
\nThe Group reassesses whether or not it controls a subsidiary if facts
\nand circumstances indicate that there are changes to one or more of
\nthese three elements of control.
\nThe Financial Statements of subsidiaries are included in the
\nConsolidated Financial Statements from the date that control
\ncommences until the date that control ceases. Inter-company
\ntransactions, balances, and gains and losses on transactions between
\nGroup companies are eliminated on consolidation. When less than
\n100% of the issued share capital of a subsidiary is acquired, and the
\nacquisition includes an option to purchase the remaining share capital
\nof the subsidiary, the anticipated acquisition method is applied where
\njudged appropriate to do so. The judgement is based on the risks and
\nrewards associated with the option to purchase, meaning that no
\nnon-controlling interest is recognised. A liability is carried on the
\nbalance sheet equal to the fair value of the option to purchase. This is
\nrevised to the fair value at each reporting date with differences being
\nrecorded in equity.
\nWhere the Group ceases to have control of a subsidiary, the assets
\nand liabilities are derecognised along with any related non-controlling
\ninterest and other components of equity. Any resulting gain or loss
\nis\u00a0recognised in the income statement. Any interest retained in the
\nformer subsidiary is measured at fair value when control ceases.
\nChanges in the Group\u2019s interest in a subsidiary that do not result
\nin\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
\nLosses applicable to the non-controlling interests in a subsidiary are
\nallocated to the non-controlling interests, which may cause the
\nnon-controlling interests to have a deficit balance. Consideration in
\nexcess of net identifiable assets acquired in respect of non-controlling
\ninterests in existing subsidiary undertakings is taken directly to equity.
\n(b) Associates
\nAssociates are those entities in which the Group has significant
\ninfluence over the financial and operating policies, but not control.
\nSignificant influence is usually presumed to exist when the Group
\nholds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially
\nrecognised at cost. The Group\u2019s investment includes goodwill
\nidentified on\u00a0acquisition, net of any accumulated impairment losses.
\nThe Consolidated Financial Statements include the Group\u2019s share of
\nthe total comprehensive income and equity movements of equity
\naccounted investees, from the date that significant influence
\ncommences until the date that significant influence ceases. When the
\nGroup\u2019s share of losses exceeds its interest in an equity accounted
\ninvestee, the carrying amount is reduced to nil and recognition of
\nfurther losses is discontinued except to the extent that the Group has
\nincurred legal or constructive obligations or made payments on behalf
\nof an investee.
\nGains and losses on transactions between the Group and its
\nassociates are eliminated to the extent of the Group\u2019s interest in the
\nassociates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24113": {
"value": "(a) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls
\nan entity when it (i) has power over the entity; (ii) is exposed or has
\nrights to\u00a0variable returns from its involvement with the entity; and (iii)
\nhas the ability to affect those returns through its power over the entity.
\nThe Group reassesses whether or not it controls a subsidiary if facts
\nand circumstances indicate that there are changes to one or more of
\nthese three elements of control.
\nThe Financial Statements of subsidiaries are included in the
\nConsolidated Financial Statements from the date that control
\ncommences until the date that control ceases. Inter-company
\ntransactions, balances, and gains and losses on transactions between
\nGroup companies are eliminated on consolidation. When less than
\n100% of the issued share capital of a subsidiary is acquired, and the
\nacquisition includes an option to purchase the remaining share capital
\nof the subsidiary, the anticipated acquisition method is applied where
\njudged appropriate to do so. The judgement is based on the risks and
\nrewards associated with the option to purchase, meaning that no
\nnon-controlling interest is recognised. A liability is carried on the
\nbalance sheet equal to the fair value of the option to purchase. This is
\nrevised to the fair value at each reporting date with differences being
\nrecorded in equity.
\nWhere the Group ceases to have control of a subsidiary, the assets
\nand liabilities are derecognised along with any related non-controlling
\ninterest and other components of equity. Any resulting gain or loss
\nis\u00a0recognised in the income statement. Any interest retained in the
\nformer subsidiary is measured at fair value when control ceases.
\nChanges in the Group\u2019s interest in a subsidiary that do not result
\nin\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
\nLosses applicable to the non-controlling interests in a subsidiary are
\nallocated to the non-controlling interests, which may cause the
\nnon-controlling interests to have a deficit balance. Consideration in
\nexcess of net identifiable assets acquired in respect of non-controlling
\ninterests in existing subsidiary undertakings is taken directly to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24149": {
"value": "(b) Associates
\nAssociates are those entities in which the Group has significant
\ninfluence over the financial and operating policies, but not control.
\nSignificant influence is usually presumed to exist when the Group
\nholds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially
\nrecognised at cost. The Group\u2019s investment includes goodwill
\nidentified on\u00a0acquisition, net of any accumulated impairment losses.
\nThe Consolidated Financial Statements include the Group\u2019s share of
\nthe total comprehensive income and equity movements of equity
\naccounted investees, from the date that significant influence
\ncommences until the date that significant influence ceases. When the
\nGroup\u2019s share of losses exceeds its interest in an equity accounted
\ninvestee, the carrying amount is reduced to nil and recognition of
\nfurther losses is discontinued except to the extent that the Group has
\nincurred legal or constructive obligations or made payments on behalf
\nof an investee.
\nGains and losses on transactions between the Group and its
\nassociates are eliminated to the extent of the Group\u2019s interest in the
\nassociates.
Joint ventures and associate entitiesNippon Calmic Ltd (49%), Boecker Public Safety Services \u2013 Qatar W.L.L. (24.5%) and Boecker Public Health Services Limited (30%) were
\nassociates during 2021 and 2022. Boecker Public Safety Services \u2013 Qatar W.L.L. and Boecker Public Health Services Limited became associate
\nentities when they were acquired by the Group on 3 August 2021. In addition the Group acquired investments in associates based in China with
\nthe Terminix acquisition on 12 October 2022 as follows: Fujian Xunke Pest Control Company Limited (30%), Guangdong Vircon Pest Management
\nCompany Limited (30%), Ningbo Yuying Vector Control Company Limited (30%) and Guangdong New Hope City Pest Control Company Limited
(30%). All balances related to associates are disclosed in Note B6. There are no significant transactions between associate entities and other Group companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24202": {
"value": "Foreign currency translation (a) Functional and presentation currency
\nItems included in the Financial Statements of each of the Group\u2019s
\nentities are measured using the currency of the primary economic
\nenvironment in which the entity operates (the functional currency).
\nThe\u00a0Consolidated Financial Statements are presented in sterling,
\nwhich is the functional currency of Rentokil Initial plc.
\n(b) Group companies
\nThe results and financial position of all the Group entities that have
\na\u00a0functional currency different from the presentation currency are
\ntranslated into the presentation currency as follows:
\n(i)
assets and liabilities for each balance sheet presented are
\ntranslated at the closing rate at the date of the balance sheet;
\n(ii) income and expenses for each income statement are translated
\nat\u00a0average exchange rates; and
\n(iii) all resulting exchange differences are recognised as a separate
\ncomponent of equity.
\nOn consolidation, exchange differences arising from the translation
\nof\u00a0the net investment in foreign entities, and of borrowings and other
\ncurrency instruments designated as hedges of such investments or
\ndeemed to be quasi-equity, are taken to other comprehensive income.
\nWhen\u00a0a foreign operation is sold, such exchange differences are
\nrecognised in the income statement as part of the gain or loss on sale.
\n(c) Transactions and balances
\nForeign currency transactions are translated into the functional
\ncurrency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign exchange gains and losses resulting from the
\nsettlement of such transactions, or from the translation of monetary
\nassets and liabilities denominated in foreign currencies at reporting
\nperiod end exchange rates, are recognised under the appropriate
\nheading in the income statement; except when deferred in equity as
\nqualifying net investment hedges or where certain intra-group loans
\nare determined to be quasi-equity (normally not expected to be
\nrepaid).
\n(d) Financial reporting in hyperin\ufb02ationary economies
\nWith effect from 1 May 2022 the Group purchased Ecotec
\nInteroc\u00e9anica S.A., a company which has operations in Argentina and
\nuses the Argentine peso as its functional currency. The Argentinian
\neconomy was designated as hyperinflationary from July 2018. As a
\nresult, application of IAS 29 Financial Reporting in Hyperinflationary
\nEconomies has been applied for the Argentinian subsidiary, from the
\ndate of acquisition.
\nDuring 2022, Turkey, a country in which the Group has operated for
\nmany years, was designated as hyperinflationary. The Group also has
\noperations in\u00a0Lebanon which remains hyperinflationary.
\nThe IAS 29 rules are applied as follows:
\n(i)
adjustment of the income statement at the end of the reporting
\nperiod using the change in general price index;
\n(ii) adjustment of historical cost non-monetary assets and liabilities for
\nthe change in purchasing power caused by inflation from the date
\nof initial recognition to the balance sheet date; and
\n(iii) adjustment of the income statement to reflect the impact of
\ninflation and exchange rate movement on holding monetary assets
\nand liabilities in local currency.
\nConsumer Price Indices have been used for the relevant
\nhyperinflationary adjustments. The indices used for these adjustments
\nare as follows:
\nCountry
Index at 1 January 2022
Index at 31 December 2022
\nArgentina
716.94
\n1
\n1,134.59
\nLebanon
921.40
2,045.46
\nTurkey
686.95
1,128.45
\n1.
Index from effective date of 1 May 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24205": {
"value": "(a) Functional and presentation currency Items included in the Financial Statements of each of the Group\u2019s
\nentities are measured using the currency of the primary economic
\nenvironment in which the entity operates (the functional currency).
\nThe\u00a0Consolidated Financial Statements are presented in sterling,
\nwhich is the functional currency of Rentokil Initial plc.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24282": {
"value": "Financial instruments Financial assets and financial liabilities are recognised when the
\nGroup becomes a party to the contractual provisions of the relevant
\ninstrument, and derecognised when it ceases to be a party to such
\nprovisions. Note C5 on page 182 of these notes discusses accounting
\nfor financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24291": {
"value": "Financial assets The Group classifies its financial assets depending on the purpose
\nfor\u00a0which the financial assets were acquired. At initial recognition
\nthe\u00a0Group carries out a solely payment of principal and interest (SPPI)
\ntest and a business model test to establish the classification and
\nmeasurement of its financial assets. Financial assets are classified
\nin\u00a0the following categories:
\n(a) Amortised cost
\nFinancial assets under this classification are non-derivative financial
\nassets held to collect the contractual cash flows until maturity and the
\ncash\u00a0flows are SPPI. Assets measured at amortised cost include trade
\nand other receivables, cash and cash equivalents (excluding money
\nmarket funds which are classified as fair value through profit and loss)
\nand other investments.
\n(b) Fair value through other comprehensive income (FVTOCI)
\nThese are non-derivative financial assets which can be for sale with
\ncash flows that are SPPI. These assets are measured at fair value and
\nchanges to market values are recognised in other comprehensive
\nincome. The Group has no assets classified under this category.
\n(c) Fair value through pro\ufb01t and loss (FVTPL)
\nFinancial assets under this classification are assets that cannot be
\nclassified in any of the other categories. These assets are measured
\nat\u00a0fair value and changes to market values are recognised in profit
\nand\u00a0loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24312": {
"value": "(c) Fair value through pro\ufb01t and loss (FVTPL) Financial assets under this classification are assets that cannot be
\nclassified in any of the other categories. These assets are measured
\nat\u00a0fair value and changes to market values are recognised in profit
and\u00a0loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24321": {
"value": "Financial liabilities All financial liabilities are stated at amortised cost using the effective
\ninterest rate method except for derivatives, which are classified as
\nheld for\u00a0trading (except where they qualify for hedge accounting) and
\nare held at fair value.
\nFinancial liabilities held at amortised cost include trade payables,
\ndeferred consideration and borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24331": {
"value": "Sources of estimation uncertainty and signi\ufb01cant accounting judgements
\nThe use of estimates, assumptions and judgements in the application
\nof the Group\u2019s accounting policies is explained below, with major
\nsources of estimation uncertainty and significant judgements
\nseparately identified.
\nAssumptions and estimation uncertainties
\nThe Group makes estimates and assumptions concerning the future.
\nEstimates and assumptions are continually evaluated and are based
\non historical experience and other factors, including expectations of
\nfuture events that are believed to be reasonable under the
\ncircumstances. Actual results may differ from these estimates and
\nrevisions to estimates are recognised prospectively. Sensitivities to
\nthe estimates and assumptions are provided, where relevant, in the
\nnotes to the Financial Statements.
\nThe estimates and assumptions that have a significant risk of causing
\na\u00a0material adjustment to the carrying amounts of assets and liabilities
\nwithin the next financial year are listed below (please refer to the
\nrelevant notes for further detail):
\n(a) Termite damage claim provisions
\nWith the acquisition of Terminix in October 2022, the Group assumed
\na liability for termite damage claims, based on customers existing
\nat\u00a0the acquisition date, for which a provision has been estimated.
\nThe\u00a0liability arises where termite prevention treatments have been
\nineffective, resulting in damage to property. The assumptions used
\nto\u00a0estimate the historical termite damage claim provisions are based
\non an assessment of the volume and value of future claims (based
\non\u00a0historical information), customer churn rate and discount rates.
\nAn\u00a0additional provision is recognised for all new customers after the
\nacquisition date upon commencement of the contract, based on the
\n\n\nestimated average claim cost per customer over the lifetime of the
\ncontract. The trend of volume and value of claims will be monitored
\nand reviewed over time and as such the value of the provisions are
\nalso likely to change. Sensitivity analysis is provided in Note A6.
\n(b) Provisions for uncertain tax positions
\nThe Group holds significant provisions for uncertain tax positions on
\nthe basis of amounts expected to be paid to the tax authorities. The
\nGroup\u2019s current tax liabilities reflect management\u2019s best estimate of
\nthe future amounts of corporation tax that will be settled. However the
\nactual outcome could be significantly different to the estimate made,
\nas the ultimate tax liability cannot be known until a resolution has been
\nreached with the relevant tax authority, or the issue becomes time
\nbarred. Note A13 discusses in detail why the provisions are taken and
\nexplains the estimation uncertainty; however management considers
\nit to be impracticable to disclose the extent of the possible effects of
\nassumptions made.
\nSigni\ufb01cant accounting judgements
\nJudgements made in applying accounting policies that have the most
\nsignificant effects on the amounts recognised in the Financial
\nStatements are discussed below:
\n(a) Useful economic life of brands
\nThe Terminix US brand, acquired in October 2022, has been assessed
\nas having an indefinite useful life. Prior to this acquisition all brands
\nwere considered by management to have finite useful lives.
\nIndefinite-lived assets do not get amortised and therefore if
\nmanagement had judged that the Terminix brand had a finite life then
\nthere would be a significant amortisation expense recognised annually
\nin the income statement. The Terminix brand has been valued at
\n\u00a31,292m, which based on a typical 15-year life would result in a \u00a386m
\nannual amortisation charge.
\nOther accounting estimates
\nThe Consolidated Financial Statements include other areas of
\naccounting estimates that do not meet the definition under IAS 1 of
\nsignificant accounting estimates or accounting judgements. The
\nrecognition and measurement of certain material assets and liabilities
\nare based on assumptions and/or are subject to longer-term
\nuncertainties as follows:
\n(a) Impairment of goodwill and other assets
\nThe annual review for potential impairment of goodwill and other
\nindefinite-lived intangible assets is primarily based on a value-in-use
\nmodel. This model uses discounted cash flows to assess whether the
\ngoodwill carrying value can be supported or whether impairment is
\nrequired. The model uses the following assumptions about the future:
\nA
Revenue growth rate
\nA
Operating profit margin
\nA
Discount rate
\nA
Long-term growth rate (inflation)
\nIf the actual outcome is different to the estimated performance, or
\nthere is an unfavourable movement in the timing or amount of any of
\nthe assumptions used, this could lead to a material adjustment to the
\ncarrying amount of the asset within the next financial year. Note B2
\nexplains the impairment review process undertaken in the year.
\n(b) Self-insurance provisions
\nThe Group self-insurance provision increased significantly through the
\nacquisition of Terminix in October 2022. Self-insurance provisions are
\nvalued annually by external actuaries. Although the carrying value of
\nthe provision is significant, it is not expected that there would be any
\nchange to assumptions that would cause a significant adjustment to
\nthe carrying value in the next financial year and any impact would be
\nexpected to crystallise over the long term. Self-insurance provisions
\nare disclosed in Note A6.
\n(c) Put options
\nIn 2017, the Group acquired 57% of the share capital in PCI India. The
\nremaining 43% is subject to put options where the seller may require
\nthe Group to purchase the remaining shares in stages over a fixed
\nterm between 2023 and 2027. The Group recognised a put option
\nliability for the anticipated acquisition of these shares in contingent
\nconsideration, and any movements in the carrying value are
\nrecognised through equity. The\u00a0put options are valued at \u00a345m, but
\nany changes to the assumptions would not have a material effect on
\nthis valuation. Put option liabilities are disclosed in Note A5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24458": {
"value": "Standards, amendments and interpretations to published standards that are mandatorily e\ufb00ective for the current year
\nExcept as described below, the accounting policies applied in these
\nFinancial Statements are the same as those applied in the Group\u2019s
\nConsolidated Financial Statements for the year ended 31 December
\n2021.
\nThe Group has adopted the following new standards and amendments
\nto standards, including any consequential amendments to other
\nstandards, with effect from 1 January 2022:
\nA
amendments to IAS 16 Property, Plant and Equipment;
\nA
amendments to IFRS 3 Reference to the Conceptual Framework;
\nA
amendments to IAS 37 Onerous Contracts; and
\nA
annual improvements to IFRS Standards 2018\u20132020.
\nThe application of these amendments has had no material impact on
\nthe disclosures of the amounts recognised in the Group\u2019s
\nConsolidated Financial Statements. Consequently, no adjustment has
\nbeen made to the comparative financial information at 31 December
\n2021.
\nCertain new accounting standards, amendments to accounting
\nstandards and interpretations have been published that are not
\nmandatory for 31\u00a0December 2022 reporting periods and have not
\nbeen early adopted by the Group. These standards, amendments or
\ninterpretations are not expected to have a material impact on the
\nentity in the current or future reporting periods and on foreseeable
future transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24514": {
"value": "A. OperatingA1. Revenue recognition and operating segments
\nRevenue recognition
\nRevenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
\nexpects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
\nof\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
\nobligations. In the majority of cases the Group considers that the contracts it enters into are contracts for bundled services which are accounted
\nfor as a single performance obligation. Accordingly the majority of revenue across the Group is recognised on an output basis evenly over the
\ncourse of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
\nperforms. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
\nobligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
\ncompletion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
\nThe transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
\nfinancing component or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
\ninformation about remaining performance obligations because the Group has a right to consideration from customers in an amount that
\ncorresponds directly with the value to the customer of the performance obligations completed to date.
\nDisaggregation of revenue into region, category and major type of revenue stream is shown below under segmental reporting.
\nPerformance obligations
\nRevenue recognised over time \u2013 contract service revenue
\nThese are mainly full-service contracts, inclusive of equipment, maintenance and consumables as required. The inclusive service is treated
\nas\u00a0a\u00a0single performance obligation.
\nA
Pest Control:
the Group offers a range of services with the most common being general pest maintenance contracts. Under this type of\u00a0contract
\nthe Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
\nas\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year, plus any additional call-outs as required;
\nso there is a stand-ready element to the service as well as an ongoing service. The Group considers that this type of contract is a bundled service
\nas the goods and services are not distinct in the context of the contract; equipment is not supplied without the service.
\nThe Group offers certain termite contracts across a limited number of countries (including North America) where there is a single performance
\nobligation. In these contracts revenue is recognised as the performance obligation is satisfied, which is generally over a short time period of a
\nfew days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty is not
\nconsidered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
\nservice revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread of
\nrevenues over the contractual year. All new customer contracts for termite treatments have been aligned across North America for all brands
\nfrom January 2023 resulting in a singular accounting treatment going forward.
\nA
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables and a technician
\nto\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
\nconsiders that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
\nsupplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
\nincluded are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
\nplants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
\nsituated by our technicians and the customer is not permitted to relocate them. At the end of the contract any assets on the customer\u2019s site are
\nrecovered.
\nA
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
\noffered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a
\nbundle and a single performance obligation. Any equipment remains under ownership and control of the Group.
\nRevenue recognised at a point in time \u2013 job work
\nThese services are short term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
\nperformance obligation with revenue recognised at the point of completion of the work.
\nA
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing which is a one-off installation that, depending on\u00a0the
\nsize of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
\nthe customer is billed, and revenue recognised, at the end of the job.
\nA
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team which performs specialist cleaning services
\nsuch as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
\nservices. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
\ncompletion of the job.
\nRevenue recognised at a point in time \u2013 sale of goods
\nSale of products and consumables relates mainly to the pest distribution businesses which sell pest control products to retailers and the pest
\ncontrol industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised at
\nthe point in time that ownership transfers to the customer.
\nThe Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
\nrecognised. The contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat many
\ntimes per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact would be
\nimmaterial.
\nThe Group makes a charge against revenue for credit notes not yet issued at the balance sheet date. Due to prolonged government lockdowns in
\nthe year ended 31 December 2020 where customer sites could not be accessed, the charge for credit notes related to the UK (which makes up a
\nsignificant part of the Group credit note charge) increased significantly. This charge was estimated using data on incomplete service visits and
\n\n\ncredit notes already issued in the year. The range of estimation uncertainty affecting the reported UK & Ireland revenue of \u00a3288m was estimated
\nto be between \u00a3(1)m and \u00a35m. As the pandemic subsided during 2021 and lockdowns in the UK were lifted, the estimate of the level of credit
\nnotes required became more certain, which affected the amount of revenue recognised in 2021. By the end of 2022 credit note provisions had no
\nmaterial impact on revenue recognised.
\nContract costs
\nContract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to a
\nlesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place to
\nfulfil contracts).
\nIt is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
\ncontract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
\nand the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
\nThe contract costs recognised in the balance sheet at the period end amounted to \u00a3182m (2021: \u00a375m; 2020: \u00a368m). The amount of amortisation
\nrecognised in the period was \u00a339m (2021: \u00a330m; 2020: \u00a328m) and impairment losses were \u00a3nil (2021: \u00a3nil; 2020: \u00a3nil).
\nApplying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
\nwhen incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
\nContract liabilities
\nContract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
\nAll\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
\ncustomers are invoiced in advance or simultaneously with performance obligations being satisfied.
\nSegment reporting
\nSegmental information has been presented in accordance with IFRS 8 Operating Segments on page 154. The Group\u2019s operating segments are
\nregions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision maker
\n(the Chief Executive). Each region is headed by a Regional Managing Director who reports directly to the Chief Executive and is a\u00a0member of the
\nGroup\u2019s Executive Leadership Team responsible for the review of Group performance. The businesses within each operating segment operate in
\na number of different countries and sell services across three business segments.
\nUp to the end of 2021 the Group operated three business segments: Pest Control, Hygiene and Protect & Enhance. In\u00a0response to the rising
\nimportance of hygiene and wellbeing services, Rentokil Initial reorganised its business segments, primarily expanding the former Hygiene
\nsegment to become Hygiene & Wellbeing and allocating the businesses in its former Protect & Enhance segment, effective from 1\u00a0January 2022.
\nThe Protect & Enhance segment had included five businesses: Ambius, Property Care, Dental Services, Cleanroom Services and\u00a0Workwear
\n(France). The Ambius, Dental Services and Cleanroom Services businesses have been added to the enlarged segment, now called\u00a0Hygiene &
\nWellbeing, the Property Care business has been added to the Pest Control segment, and Workwear (France) has been left as\u00a0a\u00a0standalone
\nsegment. At the same time, changes were made to the regional structure, designed to provide clearer geographic links and align growth
\nstrategies, as follows:
\nA
North America: Puerto Rico joined the Latin America (LATAM) region
\nA
Europe: Includes Nordics (Norway, Sweden, Finland, Denmark and Poland), previously in UK & Rest of World region. Also continues to include
\nLATAM
\n1
\nwhich has been expanded to include Caribbean (formerly in UK & Rest of World) and Puerto Rico (formerly in North America)
\nA
UK & Sub-Saharan Africa: No change to UK, Ireland & Baltics. Sub-Saharan Africa remained in this region. Other Rest of World countries
\n(MENAT\u00a0and Caribbean) moved to other regions
\nA
Asia & MENAT: Enlarged region includes Asia and MENAT countries
\nA
Pacific: No change
\n1.
The LATAM region is combined with Europe. It is the Group\u2019s smallest region and not considered reportable under the quantitative thresholds in IFRS 8. It is combined with Europe as it
\nhistorically reported through this region, it is\u00a0similar\u00a0in nature to the Europe businesses and has language and cultural alignment.
\nThe financial information presented has been restated to reflect these changes.
\nDisaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs and central and regional costs are
\npresented at a Group level as they are not targeted or managed at reportable segment level. The basis of presentation is consistent with the
\ninformation reviewed by internal management.
\nAdjusted pro\ufb01t measures
\nAdjusted profit measures are used to give management and other users of the accounts a clear understanding of the underlying profitability of
\nthe business over time. Adjusted profit measures are calculated by adding the following items back to the equivalent GAAP profit measure:
\nA
amortisation and impairment of intangible assets (excluding computer software);
\nA
one-off and adjusting items; and
\nA
net interest adjustments.
\nIntangible assets (such as customer lists and brands) are recognised on acquisition of businesses which, by their nature, can vary by size and
\namount each year. Capitalisation of innovation-related development costs will also vary from year to year. As a result, amortisation of intangibles
\nis added back to assist with understanding the underlying trading performance of the business and to allow comparability across regions and
\ncategories (see table on page 157).
\nOne-off and adjusting items are significant expenses or income that will have a distortive impact on the underlying profitability of the Group.
\nTypical examples are costs related to the acquisition of businesses, gain or loss on disposal or closure of a business, material gains or losses on
\ndisposal of fixed assets, adjustments to legacy property-related provisions (environmental liabilities), and payments or receipts as a result of legal
\ndisputes. An analysis of one-off and adjusting items is set out on page 156.
\nNet interest adjustments are other non-cash or one-off accounting gains and losses that can cause material fluctuations and distort
\nunderstanding of the performance of the business, such as net interest on pension schemes and interest fair value adjustments. These
\nadjustments are made to aid year-on-year comparability (see Note C9 on page 186).
\n\n\nRevenue and Pro\ufb01t
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n1
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n1
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nNorth America
\n2
\nPest Control
1,746
1,149
979
297
187
131
\nHygiene & Wellbeing
103
142
218
18
29
78
\n1,849
1,291
1,197
315
216
209
\nEurope (incl. LATAM)
\nPest Control
427
350
324
103
92
75
\nHygiene & Wellbeing
322
316
330
53
54
59
\nFrance Workwear
192
166
173
31
17
19
\n941
832
827
187
163
153
\nUK & Sub-Saharan Africa
\nPest Control
187
176
163
48
46
37
\nHygiene & Wellbeing
183
183
164
48
49
22
\n370
359
327
96
95
59
\nAsia & MENAT
\nPest Control
231
187
171
34
25
20
\nHygiene & Wellbeing
90
84
92
11
11
16
\n321
271
263
45
36
36
\nPacific
\nPest Control
104
90
81
16
14
15
\nHygiene & Wellbeing
123
107
97
32
25
20
\n227
197
178
48
39
35
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nAdjusted Operating Profit Margin
15.4%
14.9%
13.7%
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n3
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\nOperating Profit Margin
8.5%
11.7%
10.5%
\nShare of profit from associates (net of tax)
9
8
8
\nNet adjusted interest payable
(48)
(34)
(37)
\nNet interest adjustments
18
4
(35)
\nProfit Before Tax
296
325
230
\nNet interest adjustments
(18)
(4)
35
\nOne-off and adjusting items
136
21
8
\nAmortisation and impairment of intangible assets
\n3
\n118
74
82
\nAdjusted Profit Before Tax
532
416
355
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. During 2022 there were impairment losses recognised in North America of \u00a317m (2021: \u00a3nil; 2020: \u00a3nil) related to ROU assets and \u00a38m (2021: \u00a3nil; 2020: \u00a3nil) related to property, plant
\nand equipment.
\n3. Excluding computer software.
\n\n\nRevenue and operating profit relate to the main groups of business segment and activity: Pest Control, Hygiene & Wellbeing and France
\nWorkwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable segment. Business
\nsegment revenue and operating profit are shown in the table below:
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nPest Control
2,695
1,952
1,718
498
364
278
\nHygiene & Wellbeing
821
832
901
162
168
195
\nFrance Workwear
192
166
173
31
17
19
\nTotal business segments
3,708
2,950
2,792
691
549
492
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n2
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. Excluding computer software.
\nOrganic Revenue measures
\nAcquisitions are a core part of the Group\u2019s growth strategy. Organic Revenue Growth measures are used to help understand the underlying
\nperformance of the Group. Organic Revenue Growth represents the growth in revenue excluding the effect of businesses acquired during the
\nyear. Acquired businesses are included in organic measures in the year following acquisition, and the comparative period is adjusted to include
\nan estimated full-year performance for growth calculations (pro forma revenue). The Terminix acquisition is treated differently to other acquisitions
\nfor Organic Revenue Growth purposes, with the growth in revenue not being excluded. The full pre-acquisition results of the Terminix business
\nare included for the comparative period and Organic Revenue Growth calculated as the growth in revenue compared with the comparative
\nperiod.
\nOrganic Revenue Growth
\nexcluding disinfection
\nOrganic Revenue Growth
\nincluding disinfection
\n2022
\n%
\n2021
\n%
\n2022
\n%
\n2021
\n%
\nNorth America
5.7%
8.7%
3.2%
1.5%
\nEurope (incl. LATAM)
9.1%
4.7%
6.3%
1.9%
\nUK & Sub-Saharan Africa
4.7%
12.3%
2.9%
9.9%
\nAsia & MENAT
11.0%
5.8%
6.8%
4.9%
\nPacific
7.9%
6.4%
7.5%
6.3%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nPest Control
5.6%
8.2%
5.6%
8.2%
\nHygiene & Wellbeing
9.3%
7.2%
(4.0)%
(5.7)%
\nFrance Workwear
16.6%
1.5%
16.6%
1.5%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nRevenue from external customers attributed to the UK amounted to \u00a3296m (2021: \u00a3292m; 2020: \u00a3260m), with overseas countries accounting for
\nthe balance of \u00a33,418m (2021: \u00a32,665m; 2020: \u00a32,543m). The only countries accounting for more than 10% of revenue from external customers
\nare the US, totalling \u00a31,786m (2021: \u00a31,240m; 2020: \u00a31,153m), and France, totalling \u00a3338m (2021: \u00a3306m; 2020: \u00a3310m).
\nThe Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\ntransactions with any single customer.
\nSegment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker.
\n\n\n\nRevenue and non-current assets for the country of domicile (UK), the United States, France, Australia, India, and Spain (being the largest countries
\noutside the UK) and for all other countries are:
\nRevenue
\n2022
\n\u00a3m
\nNon-current
\nassets
\n1
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nNon-current
\nassets
\n1
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nNon-current
\nassets
\n1
\n2020
\n\u00a3m
\nUK
296
192
292
180
260
176
\nUSA
1,786
7,033
1,240
1,768
1,153
1,550
\nFrance
338
268
306
234
310
249
\nAustralia
166
132
149
120
132
114
\nIndia
58
83
54
81
49
82
\nSpain
56
76
46
42
44
41
\nOther countries
1,014
688
870
454
855
411
\nTotal
3,714
8,472
2,957
2,879
2,803
2,623
\n1.
Non-current assets include intangible assets, property, plant and equipment, right-of-use assets, contract cost assets and non-current other receivables.
\nAnalysis of revenue by type
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nRecognised over time
\nContract service revenue
2,610
2,009
1,878
\nRecognised at a point in time
\nJob work
724
641
651
\nSales of goods
380
307
274
\nTotal
3,714
2,957
2,803
\nOne-o\ufb00 and adjusting items \u2013 operating
\nOne-off and adjusting items
\ncost/(income)
\n\u00a3m
\nOne-off and adjusting items
\ntax impact
\n\u00a3m
\nOne-off and adjusting items
\ncash inflow/(outflow)
\n\u00a3m
\n2020
\nAcquisition and integration costs
15
(3)
(15)
\nPension scheme closure in North America
(7)
2
\u2013
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
9
\nOther
\u2013
(1)
4
\nTotal
8
(2)
(2)
\n2021
\nAcquisition and integration costs
13
(1)
(12)
\nTerminix acquisition costs
6
\u2013
(6)
\nOther
2
(1)
(9)
\nTotal
21
(2)
(27)
\n2022
\nAcquisition and integration costs
5
(2)
(13)
\nFees relating to Terminix acquisition
68
(4)
(38)
\nTerminix integration costs
62
(14)
(32)
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
22
\nOther
1
\u2013
2
\nTotal
136
(20)
(59)
\n1.
More information about the UK pension scheme buy-out can be found in Note A10.
\n\n\nOther segment items included in the consolidated income statement are as follows:
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2022
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2021
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2020
\n\u00a3m
\nNorth America
59
34
30
\nEurope (incl. LATAM)
29
14
15
\nUK & Sub-Saharan Africa
\u2013
9
9
\nAsia & MENAT
20
7
17
\nPacific
4
4
4
\nCentral and regional
6
6
7
\nDisposed businesses
\u2013
\u2013
\u2013
\nTotal
118
74
82
\nTax effect
(25)
(18)
(18)
\nTotal after tax effect
93
56
64
\n1. Excluding computer software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24517": {
"value": "A1. Revenue recognition and operating segments Revenue recognition
\nRevenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
\nexpects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
\nof\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
\nobligations. In the majority of cases the Group considers that the contracts it enters into are contracts for bundled services which are accounted
\nfor as a single performance obligation. Accordingly the majority of revenue across the Group is recognised on an output basis evenly over the
\ncourse of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
\nperforms. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
\nobligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
\ncompletion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
\nThe transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
\nfinancing component or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
\ninformation about remaining performance obligations because the Group has a right to consideration from customers in an amount that
\ncorresponds directly with the value to the customer of the performance obligations completed to date.
\nDisaggregation of revenue into region, category and major type of revenue stream is shown below under segmental reporting.
\nPerformance obligations
\nRevenue recognised over time \u2013 contract service revenue
\nThese are mainly full-service contracts, inclusive of equipment, maintenance and consumables as required. The inclusive service is treated
\nas\u00a0a\u00a0single performance obligation.
\nA
Pest Control:
the Group offers a range of services with the most common being general pest maintenance contracts. Under this type of\u00a0contract
\nthe Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
\nas\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year, plus any additional call-outs as required;
\nso there is a stand-ready element to the service as well as an ongoing service. The Group considers that this type of contract is a bundled service
\nas the goods and services are not distinct in the context of the contract; equipment is not supplied without the service.
\nThe Group offers certain termite contracts across a limited number of countries (including North America) where there is a single performance
\nobligation. In these contracts revenue is recognised as the performance obligation is satisfied, which is generally over a short time period of a
\nfew days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty is not
\nconsidered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
\nservice revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread of
\nrevenues over the contractual year. All new customer contracts for termite treatments have been aligned across North America for all brands
\nfrom January 2023 resulting in a singular accounting treatment going forward.
\nA
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables and a technician
\nto\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
\nconsiders that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
\nsupplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
\nincluded are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
\nplants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
\nsituated by our technicians and the customer is not permitted to relocate them. At the end of the contract any assets on the customer\u2019s site are
\nrecovered.
\nA
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
\noffered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a
\nbundle and a single performance obligation. Any equipment remains under ownership and control of the Group.
\nRevenue recognised at a point in time \u2013 job work
\nThese services are short term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
\nperformance obligation with revenue recognised at the point of completion of the work.
\nA
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing which is a one-off installation that, depending on\u00a0the
\nsize of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
\nthe customer is billed, and revenue recognised, at the end of the job.
\nA
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team which performs specialist cleaning services
\nsuch as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
\nservices. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
\ncompletion of the job.
\nRevenue recognised at a point in time \u2013 sale of goods
\nSale of products and consumables relates mainly to the pest distribution businesses which sell pest control products to retailers and the pest
\ncontrol industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised at
\nthe point in time that ownership transfers to the customer.
\nThe Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
\nrecognised. The contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat many
\ntimes per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact would be
\nimmaterial.
\nThe Group makes a charge against revenue for credit notes not yet issued at the balance sheet date. Due to prolonged government lockdowns in
\nthe year ended 31 December 2020 where customer sites could not be accessed, the charge for credit notes related to the UK (which makes up a
\nsignificant part of the Group credit note charge) increased significantly. This charge was estimated using data on incomplete service visits and
\n\n\ncredit notes already issued in the year. The range of estimation uncertainty affecting the reported UK & Ireland revenue of \u00a3288m was estimated
\nto be between \u00a3(1)m and \u00a35m. As the pandemic subsided during 2021 and lockdowns in the UK were lifted, the estimate of the level of credit
\nnotes required became more certain, which affected the amount of revenue recognised in 2021. By the end of 2022 credit note provisions had no
\nmaterial impact on revenue recognised.
\nContract costs
\nContract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to a
\nlesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place to
\nfulfil contracts).
\nIt is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
\ncontract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
\nand the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
\nThe contract costs recognised in the balance sheet at the period end amounted to \u00a3182m (2021: \u00a375m; 2020: \u00a368m). The amount of amortisation
\nrecognised in the period was \u00a339m (2021: \u00a330m; 2020: \u00a328m) and impairment losses were \u00a3nil (2021: \u00a3nil; 2020: \u00a3nil).
\nApplying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
\nwhen incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
\nContract liabilities
\nContract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
\nAll\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
\ncustomers are invoiced in advance or simultaneously with performance obligations being satisfied.
\nSegment reporting
\nSegmental information has been presented in accordance with IFRS 8 Operating Segments on page 154. The Group\u2019s operating segments are
\nregions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision maker
\n(the Chief Executive). Each region is headed by a Regional Managing Director who reports directly to the Chief Executive and is a\u00a0member of the
\nGroup\u2019s Executive Leadership Team responsible for the review of Group performance. The businesses within each operating segment operate in
\na number of different countries and sell services across three business segments.
\nUp to the end of 2021 the Group operated three business segments: Pest Control, Hygiene and Protect & Enhance. In\u00a0response to the rising
\nimportance of hygiene and wellbeing services, Rentokil Initial reorganised its business segments, primarily expanding the former Hygiene
\nsegment to become Hygiene & Wellbeing and allocating the businesses in its former Protect & Enhance segment, effective from 1\u00a0January 2022.
\nThe Protect & Enhance segment had included five businesses: Ambius, Property Care, Dental Services, Cleanroom Services and\u00a0Workwear
\n(France). The Ambius, Dental Services and Cleanroom Services businesses have been added to the enlarged segment, now called\u00a0Hygiene &
\nWellbeing, the Property Care business has been added to the Pest Control segment, and Workwear (France) has been left as\u00a0a\u00a0standalone
\nsegment. At the same time, changes were made to the regional structure, designed to provide clearer geographic links and align growth
\nstrategies, as follows:
\nA
North America: Puerto Rico joined the Latin America (LATAM) region
\nA
Europe: Includes Nordics (Norway, Sweden, Finland, Denmark and Poland), previously in UK & Rest of World region. Also continues to include
\nLATAM
\n1
\nwhich has been expanded to include Caribbean (formerly in UK & Rest of World) and Puerto Rico (formerly in North America)
\nA
UK & Sub-Saharan Africa: No change to UK, Ireland & Baltics. Sub-Saharan Africa remained in this region. Other Rest of World countries
\n(MENAT\u00a0and Caribbean) moved to other regions
\nA
Asia & MENAT: Enlarged region includes Asia and MENAT countries
\nA
Pacific: No change
\n1.
The LATAM region is combined with Europe. It is the Group\u2019s smallest region and not considered reportable under the quantitative thresholds in IFRS 8. It is combined with Europe as it
\nhistorically reported through this region, it is\u00a0similar\u00a0in nature to the Europe businesses and has language and cultural alignment.
\nThe financial information presented has been restated to reflect these changes.
\nDisaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs and central and regional costs are
\npresented at a Group level as they are not targeted or managed at reportable segment level. The basis of presentation is consistent with the
\ninformation reviewed by internal management.
\nAdjusted pro\ufb01t measures
\nAdjusted profit measures are used to give management and other users of the accounts a clear understanding of the underlying profitability of
\nthe business over time. Adjusted profit measures are calculated by adding the following items back to the equivalent GAAP profit measure:
\nA
amortisation and impairment of intangible assets (excluding computer software);
\nA
one-off and adjusting items; and
\nA
net interest adjustments.
\nIntangible assets (such as customer lists and brands) are recognised on acquisition of businesses which, by their nature, can vary by size and
\namount each year. Capitalisation of innovation-related development costs will also vary from year to year. As a result, amortisation of intangibles
\nis added back to assist with understanding the underlying trading performance of the business and to allow comparability across regions and
\ncategories (see table on page 157).
\nOne-off and adjusting items are significant expenses or income that will have a distortive impact on the underlying profitability of the Group.
\nTypical examples are costs related to the acquisition of businesses, gain or loss on disposal or closure of a business, material gains or losses on
\ndisposal of fixed assets, adjustments to legacy property-related provisions (environmental liabilities), and payments or receipts as a result of legal
\ndisputes. An analysis of one-off and adjusting items is set out on page 156.
\nNet interest adjustments are other non-cash or one-off accounting gains and losses that can cause material fluctuations and distort
\nunderstanding of the performance of the business, such as net interest on pension schemes and interest fair value adjustments. These
\nadjustments are made to aid year-on-year comparability (see Note C9 on page 186).
\n\n\nRevenue and Pro\ufb01t
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n1
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n1
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nNorth America
\n2
\nPest Control
1,746
1,149
979
297
187
131
\nHygiene & Wellbeing
103
142
218
18
29
78
\n1,849
1,291
1,197
315
216
209
\nEurope (incl. LATAM)
\nPest Control
427
350
324
103
92
75
\nHygiene & Wellbeing
322
316
330
53
54
59
\nFrance Workwear
192
166
173
31
17
19
\n941
832
827
187
163
153
\nUK & Sub-Saharan Africa
\nPest Control
187
176
163
48
46
37
\nHygiene & Wellbeing
183
183
164
48
49
22
\n370
359
327
96
95
59
\nAsia & MENAT
\nPest Control
231
187
171
34
25
20
\nHygiene & Wellbeing
90
84
92
11
11
16
\n321
271
263
45
36
36
\nPacific
\nPest Control
104
90
81
16
14
15
\nHygiene & Wellbeing
123
107
97
32
25
20
\n227
197
178
48
39
35
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nAdjusted Operating Profit Margin
15.4%
14.9%
13.7%
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n3
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\nOperating Profit Margin
8.5%
11.7%
10.5%
\nShare of profit from associates (net of tax)
9
8
8
\nNet adjusted interest payable
(48)
(34)
(37)
\nNet interest adjustments
18
4
(35)
\nProfit Before Tax
296
325
230
\nNet interest adjustments
(18)
(4)
35
\nOne-off and adjusting items
136
21
8
\nAmortisation and impairment of intangible assets
\n3
\n118
74
82
\nAdjusted Profit Before Tax
532
416
355
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. During 2022 there were impairment losses recognised in North America of \u00a317m (2021: \u00a3nil; 2020: \u00a3nil) related to ROU assets and \u00a38m (2021: \u00a3nil; 2020: \u00a3nil) related to property, plant
\nand equipment.
\n3. Excluding computer software.
\n\n\nRevenue and operating profit relate to the main groups of business segment and activity: Pest Control, Hygiene & Wellbeing and France
\nWorkwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable segment. Business
\nsegment revenue and operating profit are shown in the table below:
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n1
\n2020
\n\u00a3m
\nOperating
\nprofit
\n2022
\n\u00a3m
\nOperating
\nprofit
\n2021
\n\u00a3m
\nOperating
\nprofit
\n1
\n2020
\n\u00a3m
\nPest Control
2,695
1,952
1,718
498
364
278
\nHygiene & Wellbeing
821
832
901
162
168
195
\nFrance Workwear
192
166
173
31
17
19
\nTotal business segments
3,708
2,950
2,792
691
549
492
\nCentral and regional overheads
6
7
11
(108)
(97)
(95)
\nRestructuring costs
\u2013
\u2013
\u2013
(12)
(10)
(13)
\nRevenue and Adjusted Operating Profit
3,714
2,957
2,803
571
442
384
\nOne-off and adjusting items
(136)
(21)
(8)
\nAmortisation and impairment of intangible assets
\n2
\n(118)
(74)
(82)
\nOperating Profit
317
347
294
\n1.
During 2022, internal management reporting structures changed and revenue and profit have been represented for 2020 and 2021 under the new structure.
\n2. Excluding computer software.
\nOrganic Revenue measures
\nAcquisitions are a core part of the Group\u2019s growth strategy. Organic Revenue Growth measures are used to help understand the underlying
\nperformance of the Group. Organic Revenue Growth represents the growth in revenue excluding the effect of businesses acquired during the
\nyear. Acquired businesses are included in organic measures in the year following acquisition, and the comparative period is adjusted to include
\nan estimated full-year performance for growth calculations (pro forma revenue). The Terminix acquisition is treated differently to other acquisitions
\nfor Organic Revenue Growth purposes, with the growth in revenue not being excluded. The full pre-acquisition results of the Terminix business
\nare included for the comparative period and Organic Revenue Growth calculated as the growth in revenue compared with the comparative
\nperiod.
\nOrganic Revenue Growth
\nexcluding disinfection
\nOrganic Revenue Growth
\nincluding disinfection
\n2022
\n%
\n2021
\n%
\n2022
\n%
\n2021
\n%
\nNorth America
5.7%
8.7%
3.2%
1.5%
\nEurope (incl. LATAM)
9.1%
4.7%
6.3%
1.9%
\nUK & Sub-Saharan Africa
4.7%
12.3%
2.9%
9.9%
\nAsia & MENAT
11.0%
5.8%
6.8%
4.9%
\nPacific
7.9%
6.4%
7.5%
6.3%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nPest Control
5.6%
8.2%
5.6%
8.2%
\nHygiene & Wellbeing
9.3%
7.2%
(4.0)%
(5.7)%
\nFrance Workwear
16.6%
1.5%
16.6%
1.5%
\nGroup
6.6%
7.0%
4.2%
2.9%
\nRevenue from external customers attributed to the UK amounted to \u00a3296m (2021: \u00a3292m; 2020: \u00a3260m), with overseas countries accounting for
\nthe balance of \u00a33,418m (2021: \u00a32,665m; 2020: \u00a32,543m). The only countries accounting for more than 10% of revenue from external customers
\nare the US, totalling \u00a31,786m (2021: \u00a31,240m; 2020: \u00a31,153m), and France, totalling \u00a3338m (2021: \u00a3306m; 2020: \u00a3310m).
\nThe Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\ntransactions with any single customer.
\nSegment assets and liabilities are not provided because they are not reported to or reviewed by our chief operating decision-maker.
\n\n\n\nRevenue and non-current assets for the country of domicile (UK), the United States, France, Australia, India, and Spain (being the largest countries
\noutside the UK) and for all other countries are:
\nRevenue
\n2022
\n\u00a3m
\nNon-current
\nassets
\n1
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nNon-current
\nassets
\n1
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nNon-current
\nassets
\n1
\n2020
\n\u00a3m
\nUK
296
192
292
180
260
176
\nUSA
1,786
7,033
1,240
1,768
1,153
1,550
\nFrance
338
268
306
234
310
249
\nAustralia
166
132
149
120
132
114
\nIndia
58
83
54
81
49
82
\nSpain
56
76
46
42
44
41
\nOther countries
1,014
688
870
454
855
411
\nTotal
3,714
8,472
2,957
2,879
2,803
2,623
\n1.
Non-current assets include intangible assets, property, plant and equipment, right-of-use assets, contract cost assets and non-current other receivables.
\nAnalysis of revenue by type
\nRevenue
\n2022
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nRevenue
\n2020
\n\u00a3m
\nRecognised over time
\nContract service revenue
2,610
2,009
1,878
\nRecognised at a point in time
\nJob work
724
641
651
\nSales of goods
380
307
274
\nTotal
3,714
2,957
2,803
\nOne-o\ufb00 and adjusting items \u2013 operating
\nOne-off and adjusting items
\ncost/(income)
\n\u00a3m
\nOne-off and adjusting items
\ntax impact
\n\u00a3m
\nOne-off and adjusting items
\ncash inflow/(outflow)
\n\u00a3m
\n2020
\nAcquisition and integration costs
15
(3)
(15)
\nPension scheme closure in North America
(7)
2
\u2013
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
9
\nOther
\u2013
(1)
4
\nTotal
8
(2)
(2)
\n2021
\nAcquisition and integration costs
13
(1)
(12)
\nTerminix acquisition costs
6
\u2013
(6)
\nOther
2
(1)
(9)
\nTotal
21
(2)
(27)
\n2022
\nAcquisition and integration costs
5
(2)
(13)
\nFees relating to Terminix acquisition
68
(4)
(38)
\nTerminix integration costs
62
(14)
(32)
\nUK pension scheme \u2013 return of surplus
\n1
\n\u2013
\u2013
22
\nOther
1
\u2013
2
\nTotal
136
(20)
(59)
\n1.
More information about the UK pension scheme buy-out can be found in Note A10.
\n\n\nOther segment items included in the consolidated income statement are as follows:
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2022
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2021
\n\u00a3m
\nAmortisation and
\nimpairment of
\nintangibles
\n1
\n2020
\n\u00a3m
\nNorth America
59
34
30
\nEurope (incl. LATAM)
29
14
15
\nUK & Sub-Saharan Africa
\u2013
9
9
\nAsia & MENAT
20
7
17
\nPacific
4
4
4
\nCentral and regional
6
6
7
\nDisposed businesses
\u2013
\u2013
\u2013
\nTotal
118
74
82
\nTax effect
(25)
(18)
(18)
\nTotal after tax effect
93
56
64
\n1. Excluding computer software.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24520": {
"value": "Revenue recognition Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
\nexpects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
\nof\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
\nobligations. In the majority of cases the Group considers that the contracts it enters into are contracts for bundled services which are accounted
\nfor as a single performance obligation. Accordingly the majority of revenue across the Group is recognised on an output basis evenly over the
\ncourse of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
\nperforms. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
\nobligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
\ncompletion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
\nThe transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
\nfinancing component or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
\ninformation about remaining performance obligations because the Group has a right to consideration from customers in an amount that
\ncorresponds directly with the value to the customer of the performance obligations completed to date.
\nDisaggregation of revenue into region, category and major type of revenue stream is shown below under segmental reporting.
\nPerformance obligations
\nRevenue recognised over time \u2013 contract service revenue
\nThese are mainly full-service contracts, inclusive of equipment, maintenance and consumables as required. The inclusive service is treated
\nas\u00a0a\u00a0single performance obligation.
\nA
Pest Control:
the Group offers a range of services with the most common being general pest maintenance contracts. Under this type of\u00a0contract
\nthe Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
\nas\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year, plus any additional call-outs as required;
\nso there is a stand-ready element to the service as well as an ongoing service. The Group considers that this type of contract is a bundled service
\nas the goods and services are not distinct in the context of the contract; equipment is not supplied without the service.
\nThe Group offers certain termite contracts across a limited number of countries (including North America) where there is a single performance
\nobligation. In these contracts revenue is recognised as the performance obligation is satisfied, which is generally over a short time period of a
\nfew days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty is not
\nconsidered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
\nservice revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread of
\nrevenues over the contractual year. All new customer contracts for termite treatments have been aligned across North America for all brands
\nfrom January 2023 resulting in a singular accounting treatment going forward.
\nA
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables and a technician
\nto\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
\nconsiders that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
\nsupplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
\nincluded are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
\nplants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
\nsituated by our technicians and the customer is not permitted to relocate them. At the end of the contract any assets on the customer\u2019s site are
\nrecovered.
\nA
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
\noffered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a
\nbundle and a single performance obligation. Any equipment remains under ownership and control of the Group.
\nRevenue recognised at a point in time \u2013 job work
\nThese services are short term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
\nperformance obligation with revenue recognised at the point of completion of the work.
\nA
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing which is a one-off installation that, depending on\u00a0the
\nsize of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
\nthe customer is billed, and revenue recognised, at the end of the job.
\nA
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team which performs specialist cleaning services
\nsuch as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
\nservices. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
\ncompletion of the job.
\nRevenue recognised at a point in time \u2013 sale of goods
\nSale of products and consumables relates mainly to the pest distribution businesses which sell pest control products to retailers and the pest
\ncontrol industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised at
\nthe point in time that ownership transfers to the customer.
\nThe Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
\nrecognised. The contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat many
\ntimes per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact would be
\nimmaterial.
\nThe Group makes a charge against revenue for credit notes not yet issued at the balance sheet date. Due to prolonged government lockdowns in
\nthe year ended 31 December 2020 where customer sites could not be accessed, the charge for credit notes related to the UK (which makes up a
\nsignificant part of the Group credit note charge) increased significantly. This charge was estimated using data on incomplete service visits and
\n\n\ncredit notes already issued in the year. The range of estimation uncertainty affecting the reported UK & Ireland revenue of \u00a3288m was estimated
\nto be between \u00a3(1)m and \u00a35m. As the pandemic subsided during 2021 and lockdowns in the UK were lifted, the estimate of the level of credit
\nnotes required became more certain, which affected the amount of revenue recognised in 2021. By the end of 2022 credit note provisions had no
\nmaterial impact on revenue recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24537": {
"value": "Performance obligations Revenue recognised over time \u2013 contract service revenue
\nThese are mainly full-service contracts, inclusive of equipment, maintenance and consumables as required. The inclusive service is treated
\nas\u00a0a\u00a0single performance obligation.
\nA
Pest Control:
the Group offers a range of services with the most common being general pest maintenance contracts. Under this type of\u00a0contract
\nthe Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
\nas\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year, plus any additional call-outs as required;
\nso there is a stand-ready element to the service as well as an ongoing service. The Group considers that this type of contract is a bundled service
\nas the goods and services are not distinct in the context of the contract; equipment is not supplied without the service.
\nThe Group offers certain termite contracts across a limited number of countries (including North America) where there is a single performance
\nobligation. In these contracts revenue is recognised as the performance obligation is satisfied, which is generally over a short time period of a
\nfew days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty is not
\nconsidered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
\nservice revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread of
\nrevenues over the contractual year. All new customer contracts for termite treatments have been aligned across North America for all brands
\nfrom January 2023 resulting in a singular accounting treatment going forward.
\nA
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables and a technician
\nto\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
\nconsiders that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
\nsupplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
\nincluded are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
\nplants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
\nsituated by our technicians and the customer is not permitted to relocate them. At the end of the contract any assets on the customer\u2019s site are
\nrecovered.
\nA
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
\noffered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a
\nbundle and a single performance obligation. Any equipment remains under ownership and control of the Group.
\nRevenue recognised at a point in time \u2013 job work
\nThese services are short term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
\nperformance obligation with revenue recognised at the point of completion of the work.
\nA
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing which is a one-off installation that, depending on\u00a0the
\nsize of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
\nthe customer is billed, and revenue recognised, at the end of the job.
\nA
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team which performs specialist cleaning services
\nsuch as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
\nservices. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
\ncompletion of the job.
\nRevenue recognised at a point in time \u2013 sale of goods
\nSale of products and consumables relates mainly to the pest distribution businesses which sell pest control products to retailers and the pest
\ncontrol industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised at
\nthe point in time that ownership transfers to the customer.
\nThe Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
\nrecognised. The contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat many
\ntimes per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact would be
\nimmaterial.
\nThe Group makes a charge against revenue for credit notes not yet issued at the balance sheet date. Due to prolonged government lockdowns in
\nthe year ended 31 December 2020 where customer sites could not be accessed, the charge for credit notes related to the UK (which makes up a
\nsignificant part of the Group credit note charge) increased significantly. This charge was estimated using data on incomplete service visits and
\n\n\ncredit notes already issued in the year. The range of estimation uncertainty affecting the reported UK & Ireland revenue of \u00a3288m was estimated
\nto be between \u00a3(1)m and \u00a35m. As the pandemic subsided during 2021 and lockdowns in the UK were lifted, the estimate of the level of credit
\nnotes required became more certain, which affected the amount of revenue recognised in 2021. By the end of 2022 credit note provisions had no
\nmaterial impact on revenue recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24634": {
"value": "Contract costs Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to a
\nlesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place to
\nfulfil contracts).
\nIt is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
\ncontract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
\nand the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
\nThe contract costs recognised in the balance sheet at the period end amounted to \u00a3182m (2021: \u00a375m; 2020: \u00a368m). The amount of amortisation
\nrecognised in the period was \u00a339m (2021: \u00a330m; 2020: \u00a328m) and impairment losses were \u00a3nil (2021: \u00a3nil; 2020: \u00a3nil).
\nApplying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
\nwhen incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.",
"dimensions": {
"concept": "rto:DescriptionOfAccountingPolicyForContractCostsPolicyPolicyTextBlock",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24648": {
"value": "Contract liabilities Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
\nAll\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
\ncustomers are invoiced in advance or simultaneously with performance obligations being satisfied.",
"dimensions": {
"concept": "rto:DescriptionOfAccountingPolicyForContractLiabilitiesPolicyPolicyTextBlock",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24655": {
"value": "Segment reporting Segmental information has been presented in accordance with IFRS 8 Operating Segments on page 154. The Group\u2019s operating segments are
\nregions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision maker
\n(the Chief Executive). Each region is headed by a Regional Managing Director who reports directly to the Chief Executive and is a\u00a0member of the
\nGroup\u2019s Executive Leadership Team responsible for the review of Group performance. The businesses within each operating segment operate in
\na number of different countries and sell services across three business segments.
\nUp to the end of 2021 the Group operated three business segments: Pest Control, Hygiene and Protect & Enhance. In\u00a0response to the rising
\nimportance of hygiene and wellbeing services, Rentokil Initial reorganised its business segments, primarily expanding the former Hygiene
\nsegment to become Hygiene & Wellbeing and allocating the businesses in its former Protect & Enhance segment, effective from 1\u00a0January 2022.
\nThe Protect & Enhance segment had included five businesses: Ambius, Property Care, Dental Services, Cleanroom Services and\u00a0Workwear
\n(France). The Ambius, Dental Services and Cleanroom Services businesses have been added to the enlarged segment, now called\u00a0Hygiene &
\nWellbeing, the Property Care business has been added to the Pest Control segment, and Workwear (France) has been left as\u00a0a\u00a0standalone
\nsegment. At the same time, changes were made to the regional structure, designed to provide clearer geographic links and align growth
\nstrategies, as follows:
\nA
North America: Puerto Rico joined the Latin America (LATAM) region
\nA
Europe: Includes Nordics (Norway, Sweden, Finland, Denmark and Poland), previously in UK & Rest of World region. Also continues to include
\nLATAM
\n1
\nwhich has been expanded to include Caribbean (formerly in UK & Rest of World) and Puerto Rico (formerly in North America)
\nA
UK & Sub-Saharan Africa: No change to UK, Ireland & Baltics. Sub-Saharan Africa remained in this region. Other Rest of World countries
\n(MENAT\u00a0and Caribbean) moved to other regions
\nA
Asia & MENAT: Enlarged region includes Asia and MENAT countries
\nA
Pacific: No change",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25453": {
"value": "A2. Earnings per share Basic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
\nnumber of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
\nConsolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
\nFor diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
\nshares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s long-term incentive plans
\n(LTIPs) to the extent that the performance conditions have been met at the end of the period. These share options are issued for nil consideration
\nto\u00a0employees if performance conditions are met.
\nAdjusted Earnings Per Share is calculated by dividing adjusted profit from continuing operations attributable to equity holders of the Company by
\nthe weighted average number of ordinary shares in issue. Adjusted profit measures are explained in Note A1 on page 153.
\nFor the calculation of diluted earnings per share, 1,290,294 share options were anti-dilutive and not included in the calculation of the dilutive
\neffect as at 31 December 2022 (31 December 2021: nil).
\nDetails of the calculation of earnings per share are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nProfit attributable to equity holders of the Company
232
263
186
\nOne-off and adjusting items
136
21
8
\nAmortisation and impairment of intangibles
\n1
\n118
74
82
\nNet interest adjustments
\n2
\n(18)
(4)
35
\nTax on above items
\n3
\n(41)
(18)
(26)
\nAdjusted profit attributable to equity holders of the Company
427
336
285
\nWeighted average number of ordinary shares in issue (million)
2,002
1,858
1,853
\nAdjustment for potentially dilutive shares (million)
12
8
10
\nWeighted average number of ordinary shares for diluted earnings per share (million)
2,014
1,866
1,863
\nBasic earnings per share
11.57p
14.16p
10.03p
\nDiluted earnings per share
11.51p
14.10p
9.98p
\nBasic Adjusted Earnings Per Share
21.34p
18.07p
15.37p
\nDiluted Adjusted Earnings Per Share
21.22p
17.99p
15.29p
\n1. Excluding computer software.
\n2. Includes: net interest credit from pensions \u00a3nil (2021: \u00a3nil; 2020: \u00a31m); finance costs from hedge accounting recognised in other comprehensive income \u00a3nil (2021: \u00a34m; 2020: \u00a35m);
\nIFRS\u00a016 interest adjustment \u00a3nil (2021: \u00a3nil; 2020: \u00a3(2)m); interest fair value adjustment \u00a321m (2021: \u00a3nil; 2020: \u00a3(38)m); discount unwind \u00a3(3)m (2021: \u00a3nil; 2020: \u00a3nil).
\n3. One-off and adjusting items \u00a320m (2021: \u00a32m; 2020: \u00a32m); amortisation and impairment of intangibles \u00a325m (2021: \u00a318m; 2020:\u00a0\u00a318m); net\u00a0interest adjustments \u00a3(3)m\u00a0(2021: \u00a3(1)m;
\n2020:\u00a0\u00a36m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25454": {
"value": "A2. Earnings per share Basic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
\nnumber of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
\nConsolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
\nFor diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
\nshares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s long-term incentive plans
\n(LTIPs) to the extent that the performance conditions have been met at the end of the period. These share options are issued for nil consideration
\nto\u00a0employees if performance conditions are met.
\nAdjusted Earnings Per Share is calculated by dividing adjusted profit from continuing operations attributable to equity holders of the Company by
\nthe weighted average number of ordinary shares in issue. Adjusted profit measures are explained in Note A1 on page 153.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25562": {
"value": "A3. Trade and other receivables The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
\n30 days and are therefore all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and
\nmovements on provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are
\ngenerally charged to the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
\nExpected credit loss (ECL) calculations are performed quarterly and are used to calculate the provision. ECL calculations are a probability
\nweighted estimate of credit losses and are performed at country level. The Group applies the simplified method of applying lifetime ECLs to trade
\nreceivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which comprise customer portfolios across
\nseveral countries. Credit risk factors that are considered as part of ECL calculations may include, but are not limited to: payment history, customer
\nsize, customer type (national/residential/commercial/government), age of debt, industry strength, economy, environmental factors such as climate
\nchange and product or service provided.
\nThere is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse. The
\namount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
\nfacilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
\nreports from credit rating agencies where they are available. Where this is not feasible the Group may request payment in advance of work being
\ncarried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
\nwhose terms have been renegotiated.
\n 2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade receivables
692
474
\nLess: provision for impairment of trade receivables
(70)
(50)
\nTrade receivables \u2013 net
622
424
\nOther receivables
110
63
\nPrepayments
79
35
\nAccrued income
\n1
\n111
19
\nTotal
922
541
\nAnalysed as follows:
\nNon-current
90
14
\nCurrent
832
527
\nTotal
922
541
\n1.
Accrued income has increased in the year primarily due to the acquisition of Terminix. At the balance sheet date, US Terminix makes up \u00a390m (2021: \u00a3nil) of the accrued income
\nbalance.
\nAll of the Group\u2019s provision for impairment relates to trade receivables. Analysis of the Group\u2019s provision for impairment of trade receivables is as
\nfollows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
50
61
\nExchange differences
\u2013
(1)
\nAdditional provision
30
26
\nReceivables written off as uncollectable
(27)
(19)
\nUnused amounts reversed
(5)
(17)
\nAcquisition of companies and businesses
22
\u2013
\nAt 31 December
70
50
\n\nThe ageing of trade receivables and provision for impairment is as follows:
\nTrade
\nreceivables
\n2022
\n\u00a3m
\nProvision for
\nimpairment
\n2022
\n\u00a3m
\nTrade
\nreceivables
\n2021
\n\u00a3m
\nProvision for
\nimpairment
\n2021
\n\u00a3m
\nNot due
290
(4)
224
(2)
\nOverdue by less than 1 month
155
(4)
100
(2)
\nOverdue by between 1 and 3 months
117
(6)
66
(3)
\nOverdue by between 3 and 6 months
55
(8)
30
(4)
\nOverdue by between 6 and 12 months
38
(18)
23
(13)
\nOverdue by more than 12 months
37
(30)
31
(26)
\nAt 31 December
692
(70)
474
(50)
\nThe carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
48
52
\nEuro
159
150
\nUS dollar
301
133
\nOther currencies
184
139
\nCarrying value
692
474
\nFair value is considered to be equal to carrying value for all trade and other receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25565": {
"value": "The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within 30 days and are therefore all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and
\nmovements on provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are
\ngenerally charged to the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
\nExpected credit loss (ECL) calculations are performed quarterly and are used to calculate the provision. ECL calculations are a probability
\nweighted estimate of credit losses and are performed at country level. The Group applies the simplified method of applying lifetime ECLs to trade
\nreceivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which comprise customer portfolios across
\nseveral countries. Credit risk factors that are considered as part of ECL calculations may include, but are not limited to: payment history, customer
\nsize, customer type (national/residential/commercial/government), age of debt, industry strength, economy, environmental factors such as climate
\nchange and product or service provided.
\nThere is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse. The
\namount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
\nfacilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
\nreports from credit rating agencies where they are available. Where this is not feasible the Group may request payment in advance of work being
\ncarried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
\nwhose terms have been renegotiated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25584": {
"value": "2022\u00a3m
\n2021
\n\u00a3m
\nTrade receivables
692
474
\nLess: provision for impairment of trade receivables
(70)
(50)
\nTrade receivables \u2013 net
622
424
\nOther receivables
110
63
\nPrepayments
79
35
\nAccrued income
\n1
\n111
19
\nTotal
922
541
\nAnalysed as follows:
\nNon-current
90
14
\nCurrent
832
527
\nTotal
922
541",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25750": {
"value": "A4. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of
\nfinished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads
\n(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
\nselling expenses.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRaw materials
15
13
\nWork in progress
2
2
\nFinished goods
183
121
\n200
136
\nAn inventory impairment charge of \u00a33m was recognised in 2022 (2021: \u00a316m). Inventory recognised as an expense during the period was \u00a3280m
\n(2021: \u00a3210m). Reversals of inventory write-downs during the period were \u00a3nil (2021: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25753": {
"value": "Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads
\n(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
\nselling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25802": {
"value": "A5. Trade and other payables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade payables
351
165
\nSocial security and other taxes
88
72
\nOther payables
117
89
\nAccruals
337
254
\nContract liabilities
\n1
\n259
167
\nDeferred consideration
21
14
\nContingent consideration
\n2
\n70
75
\nTotal
1,243
836
\nAnalysed as follows:
\nOther payables
42
18
\nDeferred consideration
1
2
\nContingent consideration
\n2
\n38
52
\nTotal non-current portion
81
72
\nCurrent portion
1,162
764
\nTotal
1,243
836
\n1.
Contract liabilities represents customer invoices where performance obligations have not yet been satisfied. All opening balances have subsequently been satisfied in the year.
\nIn\u00a0most\u00a0business categories our customers are invoiced in advance or simultaneously with performance obligations being satisfied.
\n2. Contingent consideration includes put option liability of \u00a345m (2021: \u00a342m).
\nPut options are held following the acquisition of PCI in 2017 where the seller may require the Group to purchase the remaining shares of\u00a0the
\nbusiness in stages over a fixed term between 2023 and 2027. The put options are accounted for as an anticipated acquisition of the remaining
\nshares and no non-controlling interest is recognised. The Group recognised a put option liability for the anticipated acquisition of these shares
\nin\u00a0contingent consideration, and any movements in the carrying value are recognised through equity.
\nThe assumptions that are made in estimating the value of this put option liability are option price and discount rate. A 5% reduction in the
\nestimated option price would result in a \u00a32m decrease in the liability, and a 1% decrease in the discount rate would result in a \u00a32m increase in\u00a0the
\nliability. All gains and losses relating to the put options are recognised through equity.
\nGiven the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there is
\nnot considered to be any change in input that would have a material impact on the contingent consideration liability.
\nOther than the put options, there are no liabilities in the table above that bear interest or are discounted, and therefore the cash flows are equal to
\nthe carrying value of the liabilities. Cash is due to flow between one and five years for all non-current liabilities and not beyond. Fair value is equal
\nto carrying value for all trade and other payables. There is no material difference between the fair value and carrying value for all trade and other
\npayables.
\nThe currency split of trade and other payables is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
174
165
\nEuro
241
198
\nUS dollar
564
263
\nOther currencies
264
210
\nCarrying value
1,243
836",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25805": {
"value": "2022\u00a3m
\n2021
\n\u00a3m
\nTrade payables
351
165
\nSocial security and other taxes
88
72
\nOther payables
117
89
\nAccruals
337
254
\nContract liabilities
\n1
\n259
167
\nDeferred consideration
21
14
\nContingent consideration
\n2
\n70
75
\nTotal
1,243
836
\nAnalysed as follows:
\nOther payables
42
18
\nDeferred consideration
1
2
\nContingent consideration
\n2
\n38
52
\nTotal non-current portion
81
72
\nCurrent portion
1,162
764
\nTotal
1,243
836",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25896": {
"value": "A6. Provisions for liabilities and charges The Group has provisions for termite damage claims, self-insurance, environmental and other. Provisions are recognised when the Group has a
\npresent obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount is
\ncapable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note
\n D3).
\nFuture cash flows relating to these obligations are discounted when the effect is material. This year the US is the only country where the effect
\nof\u00a0discounting is material. The discount rates used are based on government bond rates in the country of the cash flows, and were between 3.5%
\nand 5.875% (2021:\u00a00.9%) for the US.
\n\nTermite damage
\nclaims
\n\u00a3m
\nSelf-
\ninsurance
\n\u00a3m
\nEnvironmental
\n\u00a3m
\nOther
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 January 2021
\u2013
32
14
18
64
\nExchange differences
\u2013
\u2013
(1)
\u2013
(1)
\nAdditional provisions
\u2013
18
\u2013
6
24
\nUsed during the year
\u2013
(14)
(2)
(9)
(25)
\nUnused amounts reversed
\u2013
(1)
\u2013
(2)
(3)
\nAcquisition of companies and businesses
\u2013
2
\u2013
\u2013
2
\nAt 31 December 2021
\u2013
37
11
13
61
\nAt 1 January 2022
\u2013
37
11
13
61
\nExchange differences
(28)
(7)
\u2013
\u2013
(35)
\nAdditional provisions
3
30
\u2013
8
41
\nUsed during the year
(10)
(26)
(2)
(8)
(46)
\nUnused amounts reversed
\u2013
(6)
\u2013
(2)
(8)
\nAcquisition of companies and businesses
335
136
3
1
475
\nUnwinding of discount on provisions
3
1
\u2013
\u2013
4
\nAt 31 December 2022
303
165
12
12
492
\n2022
\nTotal
\n\u00a3m
\n2021
\nTotal
\n\u00a3m
\nAnalysed as follows:
\nNon-current
359
34
\nCurrent
133
27
\nTotal
492
61
\nTermite damage claims
\nThe Group holds provisions for termite damage claims covered by contractual warranties. Termite damage claim provisions are subject to
\nsignificant assumptions and estimation uncertainty. The assumptions included in valuing termite provisions are based on an estimate of the rate
\nand cost of future claims (based on historical and forecast information), customer churn rates and discount rates. These provisions are expected
\nto be substantially utilised within the next 20 years. The trend of volume and value of claims is monitored and reviewed over time (with the
\nsupport of external advisers) and as such the value of the provision is also likely to change.
\nThe sensitivity of the liability balance to changes in the inputs is illustrated as follows:
\nA
Discount rate \u2013 this exposure is largely based within the United States, therefore measurement is based on a US risk-free rate. As we have seen
\nduring 2022, interest rates (and therefore discount rates) have moved up and are at their highest in over a decade. Rates could move in either
\ndirection and management has modelled that an increase/decrease of 5% in yields (from 4.31% to 4.53%) would reduce/increase the provision by
\n\u00a33m. Over the 12 months to 31 December 2022, as a result, inter alia, of the conflict in Ukraine, risk-free rate yields have risen from c.0.9% to 4.31%.
\nA
Claim cost \u2013 claim cost forecasts have been based on the latest available historical settled Terminix claims. Claims costs are dependent on a range
\nof inputs including labour cost, materials costs (e.g. timber), whether a claim becomes litigated or not, and specific circumstances including
\ncontributory factors at the premises. Management has determined the historical time period for each material category of claim, between six
\nmonths and five years, to determine an estimate for costs per claim. Recent fluctuations in input prices (e.g. timber prices) means that there is
\npotential for volatility in claim costs and therefore future material changes in provisions. Management has modelled that a structural increase/
\ndecrease of 5% in total claim costs would increase/decrease the provision by c.\u00a314m. Over the 12 months to 31 December 2022, as a result of
\nsupply chain issues caused by the COVID pandemic and other macro-economic factors, in year costs per claim rose by c.17%.
\nA
Claim rate \u2013 management has estimated claim rates based on statistical historical incurred claims. Data has been captured and analysed by a third
\nparty agency, used by Terminix over many years, to establish incidence curves that can be used to estimate likely future cash outflows. Changes in
\nrates of claim are largely outside the Group\u2019s control and may depend on litigation trends within the US, and other external factors such as how
\noften customers move property and how well they maintain those properties. This causes estimation uncertainty that could lead to material
\nchanges in provision measurement. Management has modelled that an increase/decrease of 5% in overall claim rates would increase/decrease
\nthe provision by c.\u00a314m, accordingly. Over the 12 months to 31 December 2022 claim rates fell by c.16%.
\nA
Customer churn rate \u2013 If customers choose not to renew their contracts each year, then the assurance warranty falls away. As such there is
\nsensitivity to the assumption on how many customers will churn out of the portfolio of customers each year. Data has been captured and analysed
\nby a third party agency, used by Terminix over many years, to establish incidence curves for customer churn, and forward looking assumptions
\nhave been made based on these curves. Changes in churn rates are subject to macro-economic factors and to the performance of the Group. A 1%
\nmovement in customer churn rates, up or down, would change the provision by c.\u00a310m up or down, accordingly. On average over the last 10 years
\nchurn rates move by +/\u2013 c.1.2% per annum.
\n Self-insurance
\nThe Group purchases external insurance from a portfolio of international insurers for its key insurable risks, mainly employee-related risks.
\nSelf-insured deductibles within these insurance policies have changed over time due to external market conditions and scale of operations.
\nThese provisions represent obligations for open claims and are estimated based on actuarial/management\u2019s assessment at the balance sheet
\ndate. The Group expects to continue self-insuring the same level of risks and estimates that 50% to 75% of claims should settle within the next
\nfive years.
\nSelf-insurance provisions are also subject to estimation uncertainty based on volume and value of expected future claims and discount rate
\nassumptions; however it is not expected that there would be any change to assumptions that would cause a significant adjustment to the carrying
\nvalue in the next financial year.
\n\n\nEnvironmental
\nThe Group owns a number of properties in Europe and the US where there is land contamination. Provisions are held for the remediation of such
\ncontamination. These provisions are expected to be substantially utilised within the next five years.
\nOther
\nOther provisions principally comprise amounts required to cover obligations arising and costs relating to disposed businesses and restructuring
\ncosts. Other provisions also includes costs relating onerous contracts and property dilapidations settlements. Existing provisions are expected to
\nbe substantially utilised within the next five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25899": {
"value": "The Group has provisions for termite damage claims, self-insurance, environmental and other. Provisions are recognised when the Group has a present obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount is
\ncapable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note
\n D3).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26084": {
"value": "Self-insuranceThe Group purchases external insurance from a portfolio of international insurers for its key insurable risks, mainly employee-related risks.
\nSelf-insured deductibles within these insurance policies have changed over time due to external market conditions and scale of operations.
\nThese provisions represent obligations for open claims and are estimated based on actuarial/management\u2019s assessment at the balance sheet
\ndate. The Group expects to continue self-insuring the same level of risks and estimates that 50% to 75% of claims should settle within the next
\nfive years.
\nSelf-insurance provisions are also subject to estimation uncertainty based on volume and value of expected future claims and discount rate
\nassumptions; however it is not expected that there would be any change to assumptions that would cause a significant adjustment to the carrying
\nvalue in the next financial year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26130": {
"value": "A7. Operating expenses by nature Operating expenses from continuing operations include the following items:
\n Notes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nEmployee costs
A9
1,736
1,405
1,305
\nDirect materials and services
704
586
583
\nVehicle costs
201
146
134
\nProperty costs
82
60
65
\nDepreciation and impairment of property, plant and equipment
B3
140
128
132
\nAmortisation and impairment of intangible assets
B2
140
91
101
\nOne-off and adjusting items \u2013 operating
A1
136
21
8
\nOther operating expenses
\n1
\n234
173
181
\nTotal operating expenses
3,373
2,610
2,509
\n1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26134": {
"value": "Notes2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nEmployee costs
A9
1,736
1,405
1,305
\nDirect materials and services
704
586
583
\nVehicle costs
201
146
134
\nProperty costs
82
60
65
\nDepreciation and impairment of property, plant and equipment
B3
140
128
132
\nAmortisation and impairment of intangible assets
B2
140
91
101
\nOne-off and adjusting items \u2013 operating
A1
136
21
8
\nOther operating expenses
\n1
\n234
173
181
\nTotal operating expenses
3,373
2,610
2,509
\n1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26188": {
"value": "A8. Auditor\u2019s remuneration 2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Parent Company and Group accounts
3
2
1
\nAudit of accounts of subsidiaries of the Group
4
3
2
\nAudit-related assurance services
\n1
\n2
\u2013
\u2013
\nOther assurance services
\u2013
\u2013
\u2013
\nTotal audit and audit-related assurance services
9
5
3
\nNon-audit services
\n2
\n3
\u2013
\u2013
\nTotal
12
5
3
\n1.
Included in 2022 is an amount of \u00a32m paid to the Company\u2019s auditor in respect of the 2021 PCAOB Group audit required for the purposes of the US registration.
\n2. Relates to accounting specialist fees in respect of the Terminix acquisition. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26231": {
"value": "A9. Employee bene\ufb01t expense Pro\ufb01t-sharing and bonus plans
\nThe Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
\ntargets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
\nwhere a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
\nHoliday pay
\nPaid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
\nis\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
\nTermination bene\ufb01ts
\nTermination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
\nvoluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
\nterminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
\nbenefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
\nare discounted to present value where the effect of discounting is material.
\n2022
\n2
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nWages and salaries
\n1
\n1,582
1,225
1,141
\nSocial security costs
154
138
129
\nShare-based payments
17
10
6
\nPension costs:
\n\u2013 defined contribution plans
22
31
27
\n\u2013 defined benefit plans
2
1
2
\n1,777
1,405
1,305
\n1.
Wages and salaries are net of any local government wage-related grants as disclosed in Note D5.
\n2. Including \u00a341m staff costs reported as one-off and adjusting items in Note A1.
\nMonthly average number of people employed by the Group during the year:
\n2022
\nNumber
\n2021
\nNumber
\n2020
\nNumber
\nProcessing and service delivery
38,256
34,163
33,174
\nSales and marketing
5,993
5,400
5,272
\nAdministration and overheads
7,226
6,468
6,142
\n51,475
46,031
44,588
\nEmoluments of the Directors of Rentokil Initial plc are detailed below.
\nHighest paid Director
\n\u00a3000
\nOther Directors
\n\u00a3000
\n2020
\nAggregate emoluments excluding share options
867.3
575.6
\nAggregate gains made by Directors on exercise of share options
\u2013
\u2013
\nAggregate amount receivable under long-term incentive schemes
3,187.9
1,325.6
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n4,055.2
1,901.2
\n2021
\nAggregate emoluments excluding share options
2,661.2
1,444.0
\nAggregate gains made by Directors on exercise of share options
916.3
370.6
\nAggregate amount receivable under long-term incentive schemes
3,340.0
145.9
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n6,917.5
1,960.5
\n2022
\nAggregate emoluments excluding share options
2,698.7
1,557.5
\nAggregate gains made by Directors on exercise of share options
\u2013
233.8
\nAggregate amount receivable under long-term incentive schemes
831.9
380.3
\nAggregate value of Company contributions to defined contribution pension schemes
\u2013
\u2013
\n3,530.6
2,171.6
\n2022
\nNumber
\n2021
\nNumber
\n2020
\nNumber
\nNumber of Directors accruing retirement benefits
\n\u2013 defined contribution schemes
\u2013
2
3
\n\u2013 defined benefit schemes
\u2013
\u2013
\u2013
\nNumber of Directors exercising share options
\n1
\n1
2
2
\nNumber of Directors receiving shares as part of long-term incentive schemes
2
2
3
\n1.
The highest paid Director exercised nil (2021: 163,625; 2020: nil) share options during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26233": {
"value": "Pro\ufb01t-sharing and bonus plans
\nThe Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
\ntargets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
\nwhere a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
\nHoliday pay
\nPaid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
\nis\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
\nTermination bene\ufb01ts
\nTermination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
\nvoluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
\nterminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
\nbenefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
\nare discounted to present value where the effect of discounting is material.
De\ufb01ned bene\ufb01t pension plans
\nA defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
\ndependent on one or more factors such as years of service, compensation and age.
\nThe asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present
\nvalue of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
\nperiod by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
\nbenefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
\nvalue of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
\ncorporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and that have terms
\nto\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
\nunconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
\nany minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
\nthe income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
\nfrom experience adjustments, return on plan assets and changes in actuarial assumptions are charged or credited to the Consolidated Statement
\nof Comprehensive Income.
\nDe\ufb01ned contribution pension plans
\nA defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
\nThe Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The Group has
\nno further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
\nthey are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26304": {
"value": "Monthly average number of people employed by the Group during the year: 2022
\nNumber
\n2021
\nNumber
\n2020
\nNumber
\nProcessing and service delivery
38,256
34,163
33,174
\nSales and marketing
5,993
5,400
5,272
\nAdministration and overheads
7,226
6,468
6,142
\n51,475
46,031
44,588",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26406": {
"value": "A10. Retirement bene\ufb01t obligations Apart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
\ncovering many of its employees.
\nThe principal pension scheme in the Group is the UK Rentokil Initial 2015 Pension Scheme (RIPS) which has a defined contribution section
\nand\u00a0a\u00a0number of defined benefit sections, the largest of which has now been wound up following a buy-out agreement with Pension Insurance
\nCorporation plc (PIC) to take over the payment of the liabilities in the scheme. Further details are on page 164.
\nThe largest retirement benefit obligation in the Group is now the Rentokil Initial Irish Pension Scheme (which is in a surplus position).
\nA number of much smaller defined benefit and defined contribution schemes operate elsewhere which are also funded through payments
\nto\u00a0trustee-administered funds or insurance companies.
\nDefined benefit schemes are reappraised annually by independent actuaries based upon actuarial assumptions. Judgement is required
\nin\u00a0determining these actuarial assumptions, but this is not considered by management to be a significant accounting judgement as defined under
\nIAS 1.
\nDe\ufb01ned bene\ufb01t pension plans
\nA defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
\ndependent on one or more factors such as years of service, compensation and age.
\nThe asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present
\nvalue of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
\nperiod by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
\nbenefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
\nvalue of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
\ncorporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and that have terms
\nto\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
\nunconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
\nany minimum funding requirements.
\nCurrent and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
\nthe income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
\nfrom experience adjustments, return on plan assets and changes in actuarial assumptions are charged or credited to the Consolidated Statement
\nof Comprehensive Income.
\nDe\ufb01ned contribution pension plans
\nA defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
\nThe Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual or voluntary basis. The Group has
\nno further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
\nthey are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
\nRIPS
\nOn 4 December 2018 the Trustee entered into a binding agreement with PIC to insure the liabilities of the RIPS, known as a buy-in. In December
\n2021 the final true-up premium was paid to PIC and on 24 February 2022 the insurance policy with PIC was transferred to the individual members
\nof the scheme and buy-out was completed. Accordingly in 2022 both the Scheme\u2019s assets and liabilities have been reduced by the policy value
\n(\u00a31,159m). The wind-up of the scheme was completed in December 2022 and the remaining surplus of \u00a322m was refunded to the Company.
\nThe defined benefit schemes of the RIPS were reappraised semi-annually by independent actuaries based upon actuarial assumptions in
\naccordance with IAS 19R requirements (including schemes which are insured under a buy-in contract). The assumptions used for the RIPS are
\nshown below:
\n24 February
\n2022
\n31 December
\n2021
\nWeighted average %
\nDiscount rate
2.6%
2.0%
\nFuture salary increases
n/a
n/a
\nFuture pension increases
3.6%
3.3%
\nRPI inflation
3.7%
3.4%
\nCPI inflation
3.0%
2.7%
\nPension bene\ufb01ts
\nThe movement in the net defined benefit obligation for all Group pension schemes over the accounting period is as follows:
\nPresent value
\nof obligation
\n2022
\n\u00a3m
\nFair value of
\nplan assets
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\nPresent value
\nof obligation
\n2021
\n\u00a3m
\nFair value of
\nplan assets
\n2021
\n\u00a3m
\nTotal
\n2021
\n\u00a3m
\nAt 1 January
(1,313)
1,305
(8)
(1,481)
1,461
(20)
\nCurrent service costs\u00b9
(2)
\u2013
(2)
(1)
\u2013
(1)
\nPast service costs\u00b9
(1)
\u2013
(1)
1
\u2013
1
\nSettlement gain
4
\u2013
4
22
(21)
1
\nTransfer of RIPS annuity policies (buy-out)
1,159
(1,159)
\u2013
\u2013
\u2013
\u2013
\nAdministration expenses\u00b9
4
(4)
\u2013
\u2013
\u2013
\u2013
\nInterest on defined benefit obligation/asset\u00b9
(5)
5
\u2013
(21)
21
\u2013
\nExchange difference
(3)
2
(1)
2
(1)
1
\nTotal pension income/(expense)
1,156
(1,156)
\u2013
3
(1)
2
\nRemeasurements:
\n\u2013 Remeasurement gain/(loss) on scheme assets
\u2013
(79)
(79)
\u2013
(78)
(78)
\n\u2013 Remeasurement gain/(loss) on obligation\u00b2
81
\u2013
81
79
\u2013
79
\nContributions:
\n\u2013 Employers
(1)
\u2013
(1)
(1)
8
7
\n\u2013 Benefit payments
12
(10)
2
87
(85)
2
\n\u2013 Refund of surplus
\u2013
(22)
(22)
\u2013
\u2013
\u2013
\nAt 31 December
(65)
38
(27)
(1,313)
1,305
(8)
\nRetirement benefit obligation schemes\u00b3
(49)
19
(30)
(63)
36
(27)
\nRetirement benefit asset schemes\u2074
(16)
19
3
(1,250)
1,269
19
\n1.
Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.
\n2. The actuarial movement on the UK RIPS comprises remeasurement gain arising from changes in demographic assumptions of \u00a3nil (2021: gain of \u00a33m; 2020: gain of \u00a316m),
\nremeasurement gain arising from changes in financial assumptions of \u00a382m (2021: gain of \u00a375m; 2020: loss of \u00a3117m) and a remeasurement loss arising from experience of \u00a37m
\n(2021:\u00a0loss of \u00a31m; 2020: gain of \u00a325m).
\n3. Benefit plans in an obligation position include plans situated in Thailand, the UK, Martinique, Trinidad and Tobago, Norway, South Africa, Germany, Austria, France, Italy, South\u00a0Korea,
\nPhilippines, India, Hong\u00a0Kong and Saudi Arabia.
\n4. Benefit plans in an asset position include plans situated in Australia, Barbados and Ireland.
\nIncluded in the table above is a net defined benefit surplus in relation to the UK RIPS of \u00a3nil (2021: \u00a318m; 2020: \u00a318m) recognised as defined
\nbenefit obligation of \u00a3nil (2021: \u00a31,248m; 2020: \u00a31,369m) and plan assets of \u00a3nil (2021: \u00a31,266m; 2020: \u00a31,388m). Of the \u00a365m (2021: \u00a31,313m;
\n2020: \u00a31,481m) of obligations, \u00a320m (2021: \u00a317m; 2020: \u00a318m) is unfunded.
\nTotal contributions payable to defined benefit pension schemes in 2023 are expected to be less than \u00a31m.
\n\nThe fair value of plan assets at the balance sheet date is analysed as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEquity instruments
2
3
\nDebt instruments \u2013 unquoted
15
16
\nInsurance policies
\u2013
1,239
\nOther
21
47
\nTotal plan assets
38
1,305
\nWhere available the fair values of assets are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). In other cases the market
\nvalue as provided by the fund managers has been used in accordance with IFRS 13 Fair Value Measurement:
\nA
unquoted debt instruments (level 2);
\nA
interest and inflation rate hedging instruments (level 2); and
\nA
pooled investment funds (level 3).
\nOther significant assets are valued based on observable market inputs. Insurance policies are valued at the present value of the related
\nobligations. Other assets primarily consist of cash.
\nThe cumulative actuarial gain recognised in the Consolidated Statement of Comprehensive Income was \u00a334m (2021: \u00a332m). A\u00a0remeasurement
\ngain of \u00a32m (2021: \u00a31m gain) was recognised during the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26707": {
"value": "A11. Share-based payments Share-based compensation
\nThe Group operates one equity-settled share-based long-term incentive plan (LTIP). The economic cost of awarding shares and share options to
\nemployees is recognised as an expense in the income statement, equivalent to the fair value of the benefit awarded. The fair value is determined
\nby reference to option pricing models, principally Monte Carlo and adjusted Black-Scholes models. The charge is recognised in the income
\nstatement over the vesting period of the award. At each balance sheet date, the Group revises its estimate of the number of shares that vest or
\noptions that are expected to become exercisable. Any revision to the original estimates is reflected in the income statement with a corresponding
\nadjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting period.
\nPerformance Share Plan
\nThe Company introduced a share-based performance plan in 2006 for senior managers worldwide. The main features of the scheme are as\u00a0follows:
\nA
For awards made in 2020, 60% of the award is based on total shareholder return (TSR) and 40% is based on performance against certain strategic
\nand financial measures over the vesting period.
\nA
For awards made in 2021, 50% of the award is based on TSR and 50% is based on performance against certain strategic and financial measures
\nover the vesting period.
\nA
For awards made in 2022, 50% of the award is based on TSR and 50% is based on performance against certain strategic and financial measures
\nover the vesting period.
\nA
The value of dividends paid during the vesting period is paid on the number of shares that ultimately vest in the form of additional shares.
\nFor\u00a0awards that are nil-cost options, this is the value of dividends between grant and exercise.
\nThe total net charge for the year relating to equity-settled share-based payment plans was \u00a39m (2021: \u00a310m; 2020: \u00a36m).
\nA summary of the number of shares in active share option plans is shown below:
\nYear of
\ngrant
\nVesting
\nyear
\nShare options outstanding
Share options exercisable
\nScheme
\ninterest at
\n1 January
\n2022
\nShares
\nawarded
\nduring
\n2022
\nShares
\nlapsed
\nduring
\n2022
\nShares
\nvested
\nduring
\n2022
\nShares
\noutstanding
\nat
\n31 December
\n2022
\nShares
\nexercisable
\nat 1 January
\n2022
\nShares
\nvested
\nduring
\n2022
\nShares
\nexercised
\nduring
\n2022
\nShares
\nlapsed
\nduring
\n2022
\nShares
\nexercisable at
\n31 December
\n2022
\n2012
2015
\u2013
\u2013
\u2013
\u2013
\u2013
168,551
\u2013
(168,426)
(125)
\u2013
\n2013
2016
\u2013
16,964
\u2013
(16,964)
\u2013
1,025,307
16,964
(137)
\u2013
1,042,134
\n2014
2017
\u2013
19,487
\u2013
(19,487)
\u2013
1,188,070
19,487
(11,367)
(2) 1,196,188
\n2015
2018
\u2013
21,107
\u2013
(21,107)
\u2013
1,364,269
21,107
(118,858)
\u2013
1,266,518
\n2016
2019
\u2013
30,808
\u2013
(30,808)
\u2013
1,942,074
30,808
(131,628)
(58) 1,841,196
\n2017
2020
\u2013
24,878
\u2013
(24,878)
\u2013
1,625,618
24,878
(324,744)
(1,025) 1,324,727
\n2018
2021
891,744
34,531
(5,910)
(905,768)
14,597
1,538,591
905,768
(451,433)
(5,058) 1,987,868
\n2019
2022
4,776,149
132,345
(332,441) (4,114,390)
461,663
\u2013 4,114,390
(1,878,327)
(22,984) 2,213,079
\n2020
2023
3,471,012
\u2013
(284,625)
\u2013 3,186,387
\u2013
\u2013
\u2013
\u2013
\u2013
\n2021
2024
4,137,673
\u2013
(339,688)
\u2013 3,797,985
\u2013
\u2013
\u2013
\u2013
\u2013
\n2022
2025
\u2013 4,964,496
(118,596)
\u2013 4,845,900
\u2013
\u2013
\u2013
\u2013
\u2013
\nYear of
\ngrant
\nVesting
\nyear
\nShare options outstanding
Share options exercisable
\nScheme
\ninterest at
\n1 January
\n2021
\nShares
\nawarded
\nduring
\n2021
\nShares
\nlapsed
\nduring
\n2021
\nShares
\nvested
\nduring
\n2021
\nShares
\noutstanding at
\n31 December
\n2021
\nShares
\nexercisable
\nat 1 January
\n2021
\nShares
\nvested
\nduring
\n2021
\nShares
\nexercised
\nduring
\n2021
\nShares
\nlapsed
\nduring
\n2021
\nShares
\nexercisable at
\n31 December
\n2021
\n2012
2015
\u2013
\u2013
\u2013
\u2013
\u2013
179,519
\u2013
(10,968)
\u2013
168,551
\n2013
2016
\u2013
12,073
\u2013
(12,073)
\u2013
1,085,178
12,073
(71,944)
\u2013
1,025,307
\n2014
2017
\u2013
13,693
\u2013
(13,693)
\u2013
1,200,990
13,693
(26,613)
\u2013
1,188,070
\n2015
2018
\u2013
15,831
\u2013
(15,831)
\u2013
1,398,235
15,831
(49,797)
\u2013
1,364,269
\n2016
2019
\u2013
22,920
(15)
(22,905)
\u2013
2,052,013
22,905
(131,521)
(1,323)
1,942,074
\n2017
2020
\u2013
19,720
(85)
(19,635)
\u2013
1,784,890
19,635
(171,187)
(7,720)
1,625,618
\n2018
2021
6,024,191
164,397
(1,066,488)
(4,230,356)
891,744
\u2013
4,230,356 (2,691,765)
\u2013
1,538,591
\n2019
2022
4,993,019
33,885
(250,755)
\u2013
4,776,149
\u2013
\u2013
\u2013
\u2013
\u2013
\n2020
2023
3,561,710
754
(91,452)
\u2013
3,471,012
\u2013
\u2013
\u2013
\u2013
\u2013
\n2021
2024
\u2013
4,228,162
(90,489)
\u2013
4,137,673
\u2013
\u2013
\u2013
\u2013
\u2013
\nThe fair value of the 2022 awards made under the Performance Share Plan is charged to the income statement over the vesting period based on
\nvalues derived from a Monte Carlo model prepared by external remuneration consultants. This is a closed-form solution which takes account of
\nthe correlation between share price performance and the likelihood of a TSR performance condition being met. For the shares awarded in March
\n2022, the significant inputs into the model were a share price of 480.5p (2021: 495.7p), an expected share price volatility of 23.9% (2021: 23.2%),
\na\u00a0median share price correlation between the companies in the comparator group of 84.0% (2021: 91.0%), and an expected life commensurate
\nwith the three-year performance/vesting period. The share price volatility assumption is based on analysis of historical daily share prices.
\nAs\u00a0the\u00a0awards are nil-cost (i.e. there is no exercise price), the assumed risk-free rate of return has minimal impact on\u00a0the fair value of\u00a0the awards.
\nSimilarly, as dividend equivalents are paid on the vesting portion of awards, the fair value of these awards is not reduced to reflect dividends
\npaid\u00a0during the vesting period.
\nThe fair value of awards granted during 2022 was \u00a319m (2021: \u00a316m) and the weighted average fair value per award granted during the year was
\n385.9p (2021: 371.7p). The weighted average share price for options exercised in the year was 499.9p (2021: 505.6p) and the weighted average
\ncontract term remaining on shares unexercised at the year end was 527 days (2021: 450 days).
\nIn addition to the Performance Share Plan there was a transfer of existing long-term incentive plans in Terminix that were expensed during the
\nperiod totalling \u00a39m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f26710": {
"value": "Share-based compensationThe Group operates one equity-settled share-based long-term incentive plan (LTIP). The economic cost of awarding shares and share options to
\nemployees is recognised as an expense in the income statement, equivalent to the fair value of the benefit awarded. The fair value is determined
\nby reference to option pricing models, principally Monte Carlo and adjusted Black-Scholes models. The charge is recognised in the income
\nstatement over the vesting period of the award. At each balance sheet date, the Group revises its estimate of the number of shares that vest or
\noptions that are expected to become exercisable. Any revision to the original estimates is reflected in the income statement with a corresponding
\nadjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27110": {
"value": "A12. Income tax expense The income tax expense for the period comprises both current and deferred tax. Current tax expense represents the amount payable on this
\nyear\u2019s taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or
\nexpenditure are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is
\ncalculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries
\nand associates operate and generate taxable income.
\nDeferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
\nbases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
\nenacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or equity. In this case the tax is also recognised in other comprehensive income or equity
\nas\u00a0appropriate.
\nAnalysis of charge in the year:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nUK corporation tax at 19.0% (2021: 19.0%; 2020: 19.0%)
17
9
9
\nOverseas taxation
59
48
61
\nAdjustment in respect of previous periods
2
(3)
(3)
\nTotal current tax
78
54
67
\nDeferred tax (credit)/expense
(3)
21
(17)
\nDeferred tax adjustment in respect of previous periods
(11)
(13)
(6)
\nTotal deferred tax
(14)
8
(23)
\nTotal income tax expense
64
62
44
\nThe tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to
\nprofits of the consolidated companies as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nProfit before tax
296
325
230
\nTax calculated at domestic tax rates applicable to profits in the respective countries
69
77
56
\nAdjustment in respect of previous periods
(9)
(16)
(9)
\nExpenses not deductible for tax purposes \u2013 one-off and adjusting items
9
3
\u2013
\nExpenses not deductible for tax purposes \u2013 other
3
3
2
\nIncome not subject to tax
(5)
(1)
(1)
\nImpairment of goodwill
5
\u2013
3
\nGoodwill deductions and revaluation of intangible assets
\u2013
(2)
(1)
\nUtilisation of previously unrecognised tax losses
\u2013
(1)
(1)
\nDeferred tax recognised on losses
(1)
(3)
(2)
\nDeferred tax impact of change in tax rates
(7)
(4)
(9)
\nProvisions utilised for which no deferred tax assets were recognised
(1)
(1)
(1)
\nOverseas withholding tax suffered
1
1
1
\nLocal business taxes
1
1
2
\nForeign exchange differences
\u2013
1
1
\nUS BEAT liability
\u2013
5
3
\nOther
(1)
(1)
\u2013
\nTotal tax expense
64
62
44
\nThe Group\u2019s effective tax rate (ETR) for 2022 on reported profit before tax was 21.6% (2021: 19.0%). The Group\u2019s ETR before amortisation of
\nintangible assets (excluding computer software), one-off and adjusting items and the net interest adjustments for 2022 was 19.7% (2021: 19.4%).
\nThis compares with a blended rate of tax for the countries in which the Group operates of 24% (2021: 24%). The Group\u2019s low tax rate is primarily
\nattributable to net prior-year tax credits of \u00a39m (2021: \u00a316m).
\nThe Group\u2019s tax charge and ETR will be influenced by the global mix and level of profits, changes in future tax rates and other tax legislation,
\nforeign exchange rates, the utilisation of brought-forward tax losses on which no deferred tax asset has been recognised, the resolution of open
\nissues with various tax authorities, acquisitions and disposals.
\nDuring 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational
\ngroups. HM Treasury has published draft legislation to implement these \u2018Pillar Two\u2019 rules for accounting periods starting on or after 31 December
\n2023. The Group is reviewing these draft rules, which have not been substantively enacted, to understand any potential impacts.
\nA tax credit of \u00a311m has been recognised in other comprehensive income (2021: \u00a32m) which relates to the tax effect of mark-to-market movements
\non cross-currency and interest rate swaps recorded within other comprehensive income.
\nE\ufb00ective tax rate
\nEffective tax rate is calculated by dividing adjusted income tax expense by Adjusted Profit Before Tax, expressed as a percentage. The\u00a0measure
\nis used by management to assess the rate of tax applied to the Group\u2019s Adjusted Profit Before Tax from continuing operations.
\nNote
\n2022
\nAER
\n\u00a3m
\n2022
\nCER
\n\u00a3m
\n2021
\nAER/CER
\n\u00a3m
\nUnadjusted income tax expense
A12
64
63
62
\nTax adjustments on:
\nAmortisation and impairment of intangible assets (excluding computer software)
24
22
18
\nOne-off and adjusting items \u2013 operating
20
19
1
\nNet interest adjustments
(3)
(3)
(1)
\nAdjusted income tax expense (a)
105
101
80
\nAdjusted Profit Before Tax (b)
532
515
416
\nEffective tax rate (a/b)
19.7%
19.7%
19.4%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27112": {
"value": "The income tax expense for the period comprises both current and deferred tax. Current tax expense represents the amount payable on this
\nyear\u2019s taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or
\nexpenditure are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is
\ncalculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries
\nand associates operate and generate taxable income.
\nDeferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
\nbases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
\nenacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to
\nitems recognised in other comprehensive income or equity. In this case the tax is also recognised in other comprehensive income or equity
\nas\u00a0appropriate.
Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
\nsheet date. As at 31 December 2022 all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
\npayment for more than 12 months.
\nCurrent tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
\nto either settle on a net basis or to realise the asset and settle the liability simultaneously.
\nWhere required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
\npaid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
\nbe settled.
The Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
\nwhere the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time
\nbarred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management. Each country
\nand tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are considered to be
\nlinked, the Group will consider the tax treatment in aggregate where appropriate.
\nThis assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
\nobtained, the statute of limitations and the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is
\nneeded it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
\nTax provisions can be built up over a number of years but in the year of resolution there could be adjustments to these provisions which could
\nhave a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
\nimpact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes
\nparticularly in relation to the pricing of intra-group goods and services as well as debt financing.
\nThe majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
\nand is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
\nyears to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
\nare updated at each reporting period in the light of the latest available information.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27320": {
"value": "A13. Current tax liabilities Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
\nsheet date. As at 31 December 2022 all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
\npayment for more than 12 months.
\nCurrent tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
\nto either settle on a net basis or to realise the asset and settle the liability simultaneously.
\nWhere required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
\npaid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
\nbe settled.
\nThe Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
\nwhere the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time
\nbarred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management. Each country
\nand tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are considered to be
\nlinked, the Group will consider the tax treatment in aggregate where appropriate.
\nThis assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
\nobtained, the statute of limitations and the status of the negotiations and past experience with tax authorities. In evaluating whether a provision is
\nneeded it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
\nTax provisions can be built up over a number of years but in the year of resolution there could be adjustments to these provisions which could
\nhave a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
\nimpact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes
\nparticularly in relation to the pricing of intra-group goods and services as well as debt financing.
\nThe majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
\nand is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
\nyears to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
\nare updated at each reporting period in the light of the latest available information.
\nTotal uncertain tax provisions (including interest thereon) amounted to \u00a354m as at 31 December 2022 (2021: \u00a357m; 2020: \u00a365m). Included within
\nthis amount is \u00a36m (2021: \u00a312m; 2020: \u00a312m) in respect of interest arising on tax provisions which is included within other payables. These tax
\nprovisions relate to multiple issues across the countries in which the Group operates. The net decrease in the provisions for the year is mainly
\nattributable to issues which have been settled in the year or have become statute barred.
\nThe cash tax paid for the year was \u00a377m (2021: \u00a369m; 2020: \u00a364m). The cash tax paid is expected to increase in future periods due to the
\nacquisition of Terminix.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27382": {
"value": "A14. Deferred income tax Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
\nConsolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
\nrecognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affect neither the
\naccounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
\nforeseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
\nat the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
\nsettled. Deferred tax balances are not discounted.
\nDeferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
\nauthority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
\nDeferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
\ndifferences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
\nmanagement\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
\nquantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.
\nThe movement on the deferred income tax account is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
(66)
(57)
\nExchange differences
27
2
\nAcquisition of companies and businesses
(446)
(8)
\nCredited to the income statement
14
(8)
\nCredited to other comprehensive income
5
\u2013
\nCharged to equity
(2)
5
\nAt 31 December
(468)
(66)
\nDeferred taxation has been presented on the balance sheet as follows:
\nDeferred tax asset within non-current assets
43
42
\nDeferred tax liability within non-current liabilities
(511)
(108)
\n(468)
(66)
\n\nThe major components of deferred tax assets and liabilities at the year end and their changes during the year (without taking into consideration
\nthe offsetting of balances within the same tax jurisdiction) are as follows:
\nCustomer
\nlists/
\nintangibles
\n\u00a3m
\nAccelerated
\ntax
\ndepreciation
\n\u00a3m
\nProvisions
\n\u00a3m
\nIFRS 15
\nContracts
\n\u00a3m
\nTax
\nlosses
\n\u00a3m
\nShare-based
\npayments
\n\u00a3m
\nOther
\n1
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 1 January 2021
76
44
(45)
8
(18)
(9)
1
57
\nExchange differences
\u2013
(1)
(1)
\u2013
\u2013
\u2013
\u2013
(2)
\nRecognised in income statement
1
7
(7)
1
4
(1)
3
8
\nRecognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
(5)
\nAcquired in business combinations
7
\u2013
1
\u2013
\u2013
\u2013
\u2013
8
\nAt 31 December 2021
84
50
(52)
9
(14)
(15)
4
66
\nAt 1 January 2022
84
50
(52)
9
(14)
(15)
4
66
\nExchange differences
(32)
\u2013
8
(2)
\u2013
\u2013
(1)
(27)
\nRecognised in income statement
(1)
(4)
(4)
2
(2)
(3)
(2)
(14)
\nRecognised in other comprehensive income
\u2013
\u2013
\u2013
\u2013
(4)
(1)
(5)
\nRecognised in equity
\u2013
\u2013
\u2013
\u2013
\u2013
2
\u2013
2
\nAcquired in business combinations
519
29
(123)
24
(3)
\u2013
\u2013
446
\nAt 31 December 2022
570
75
(171)
33
(23)
(16)
\u2013
468
\n1.
Included within other deferred tax assets/liabilities are retirement benefits and unremitted earnings from subsidiaries.
\nThe UK corporate tax rate will increase from 19% to 25% with effect from 1 April 2023. This has contributed towards an increase in the UK deferred
\ntax asset recognised of \u00a35m.
\nA deferred tax asset of \u00a323m has been recognised in respect of losses (2021: \u00a314m), of which \u00a318m (2021: \u00a312m) relates to UK losses carried
\nforward at 31\u00a0December 2022. This amount has been calculated by estimating the future UK taxable profits, against which the UK tax losses will
\nbe utilised, progressively risk weighted, and applying the tax rates (substantively enacted as at the balance sheet date) applicable for each year.
\nRemaining UK tax losses of \u00a3120m (2021:\u00a0\u00a341m) have not been recognised as at 31 December 2022 as it is not considered probable that future
\ntaxable profits will be available against which the tax losses can be offset. The estimates of future profits are based on management\u2019s financial
\nforecasts which are used to support other aspects of the financial statements, such as impairment testing. At the balance sheet date the Group
\nhad tax losses of \u00a3230m (2021:\u00a0\u00a382m) on which no deferred tax asset is recognised because it is not considered probable that future taxable
\nprofits will be available in\u00a0certain jurisdictions to be able to benefit from those tax losses. Of the losses, \u00a374m (2021: \u00a38m) will expire at various
\ndates between 2023 and\u00a02039. Deferred tax assets are expected to be substantially utilised in the next 10 years.
\nIn addition, the Group has UK capital losses carried forward of \u00a3276m (2021: \u00a3276m) on which no deferred tax asset is recognised. These losses
\nhave no expiry date but management considers the future utilisation of these losses to be unlikely.
\nDividends received from subsidiaries are largely exempt from UK taxation but may be subject to dividend withholding or other taxes levied by the
\noverseas tax jurisdictions in which the subsidiaries operate. A deferred tax liability of \u00a35m (2021: \u00a35m) has been recognised in respect of this
\nliability as it is anticipated that these profits will be distributed to the UK in the foreseeable future. At the balance sheet date there is no material
\nunprovided deferred tax liability were overseas earnings to be distributed to the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27385": {
"value": "Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
\nrecognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affect neither the
\naccounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
\nforeseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
\nat the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
\nsettled. Deferred tax balances are not discounted.
\nDeferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
\nauthority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
\nDeferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
\ndifferences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
\nmanagement\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
\nquantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27644": {
"value": "B. InvestingB1. Business combinations
\nAll business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
\nCombinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or
\nassumed and equity instruments issued by the acquirer. The cost of a business combination is allocated at the acquisition date by recognising the
\nacquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the purchase
\nprice over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which the acquirer
\neffectively obtains control of the acquiree.
\nAn intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
\ngoodwill, customer lists and brands. Goodwill represents the synergies, workforce and other benefits expected as a result of combining the
\nrespective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
\nwhich involves the use of assumptions including customer termination rates, profit margins, contributory asset charges and discount rates.
\nAt the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
\nperiod being recognised in the Consolidated Statement of Profit or Loss. Costs directly attributable to business combinations are charged to the
\nincome statement as incurred and presented as one-off and adjusting items.
\nDuring the year the Group purchased 100% of the share capital or trade and assets of 53 companies and businesses (2021: 52). The total
\nconsideration in respect of these acquisitions was \u00a34,369m (2021: \u00a3314m) and the cash outflow from current and past period acquisitions net of
\ncash acquired, was \u00a31,018m (2021: \u00a3463m).
\nDisclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
\nmaterial, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the impact
\non the Group\u2019s revenue and adjusted operating profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill is greater
\nthan 10% of the closing balance for the period. The only individually material acquisition in the year was the acquisition of Terminix Global
\nHoldings, Inc. which is discussed below.
\nAcquisition of Terminix Global Holdings, Inc.
\nOn 12 October the Group purchased 100% of the share capital of Terminix Global Holdings, Inc. (Terminix) based primarily in the USA. Terminix is
\nthe most recognised brand in US termite and pest management services and is a singularly focused pest management company. The transaction
\ncombined two of the world\u2019s leading pest control businesses to create the leading global pest control company, with approximately 4.9 million
\ncustomers and 58,600 employees globally. The combined group is set up to enhance shareholder value by creating an enlarged platform for
\ngrowth, particularly in North America.
\nThe aggregate consideration Terminix stockholders were entitled to was approximately $1.3bn in cash and 129,141,384 new Rentokil Initial
\nAmerican Depositary Shares (ADSs), representing 645,706,920 new Rentokil Initial plc ordinary shares. Under the terms of the transaction, each
\nTerminix stockholder entitled to consideration was able to elect to receive either cash consideration or stock consideration for each share of
\nTerminix common stock they held, subject to automatic adjustment and proration mechanisms. Holders of 38,693,211 shares of Terminix common
\nstock made an election to receive the cash consideration, and holders of 82,919,979 shares of Terminix common stock either (i) made an election
\nto receive the stock consideration or (ii) did not make a valid election by the election deadline and therefore were deemed to have made an
\nelection to receive the stock consideration. As a result, Terminix stockholders who elected to receive cash consideration received $34.57 in cash
\nand 0.1447 Rentokil Initial ADSs for each share of Terminix common stock they hold, and Terminix stockholders who elected to receive stock
\nconsideration received 1.4899 Rentokil Initial ADSs for each share of Terminix common stock they held.
\nFair value of the purchase consideration was \u00a34,110m, comprising Rentokil Initial ADSs of \u00a33,007m, cash of \u00a31,087m and replacement employee
\nshare awards of \u00a316m.
\nLoans and borrowings of \u00a3749m acquired with Terminix were repaid in full shortly following completion of the acquisition.
\nThe goodwill acquired of \u00a33,176m represents a number of elements including the synergies expected to be realised from improving route density,
\ncross-selling a broader service offering, expansion in use of best-in-class digital tools, continued innovation, particularly in our largest market,
\nNorth America, and the addition of a highly-skilled workforce. None of the goodwill recognised is expected to be deductible for tax purposes.
\nThe fair value attributed to acquired intangible assets was \u00a32,027m and represents indefinite-lived brands of \u00a31,292m, finite-lived brands of \u00a317m,
\ncustomer lists of \u00a3708m and software of \u00a310m. Brands were valued using a relief from royalty approach and customer lists were fair valued using
\nthe multi-period excess earnings method. The key assumptions in the fair-value modelling of brands are royalty rate, discount rate, long-term
\ngrowth rate and useful economic life. The key assumptions used for customer lists are forecast profit margins, discount rate and customer churn
\nrate.
\nThe estimated fair value of trade and other receivables was \u00a3319m, which approximated the contractual cash flows.
\nThe Group has not recognised any contingent liabilities on acquisition; none were not recognised due to fair value not being able to be measured
\nreliably.
\nCosts related to the acquisition of Terminix Global Holdings, Inc. recognised as an expense amounted to \u00a368m recognised in operating costs and
\n\u00a316m recognised as the cost of issuing new shares in equity.
\nFrom the date of acquisition to 31 December 2022, this acquisition contributed \u00a3354m to revenue and a loss of \u00a36m to operating profit. The effect
\non the results of the combined entity as if the acquisition had occurred on 1 January 2022 is shown at the bottom of page 171.
\nUpon completion, all unvested Terminix employee share awards were converted into share awards over Rentokil Initial ADSs that continue to
\nhave, and shall be subject to, the same terms and conditions as applied in the corresponding Terminix awards immediately prior to completion.
\n\nGoodwill on all acquisitions represents the synergies and other benefits expected to be realised from integrating acquired businesses into the
\nGroup, such as improved route density, expansion in use of best-in-class digital tools and back office synergies. Details of goodwill and the fair
\nvalue of net assets acquired in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPurchase consideration
\n\u2013 Cash paid
1,087
214
1,301
273
\n\u2013 Deferred and contingent consideration
\u2013
45
45
41
\n\u2013 Equity interests
\n1
\n3,023
\u2013
3,023
\u2013
\nTotal purchase consideration
4,110
259
4,369
314
\nFair value of net assets acquired
(934)
(87)
(1,021)
(83)
\nGoodwill from current-year acquisitions
3,176
172
3,348
231
\nGoodwill expected to be deductible for tax purposes
\u2013
60
60
146
\n1.
Equity interests in Rentokil Initial plc issued to shareholders of \u00a33,007m and replacement employee share awards of \u00a316m.
\nDeferred consideration of \u00a322m and contingent consideration of \u00a323m are payable in respect of the above acquisitions (2021: \u00a313m and \u00a328m
\nrespectively). Contingent consideration is payable based on a variety of conditions including revenue and profit targets being met. Amounts
\nfor\u00a0both deferred and contingent consideration are payable over the next five years. The Group has recognised contingent and deferred
\nconsideration based on fair value at the acquisition date. A range of outcomes for contingent consideration payments cannot be estimated due
\nto\u00a0the variety of performance conditions and the volume of businesses the Group acquires. During the year there were releases of contingent
\nconsideration liabilities not paid of \u00a310m (2021: \u00a31m).
\nThe provisional fair values
\n1
\nof assets and liabilities arising from acquisitions in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets
\n\u2013 Intangible assets
\n2
\n2,027
74
2,101
71
\n\u2013 Property, plant and equipment
\n3
\n249
14
263
13
\n\u2013 Other non-current assets
143
\u2013
143
2
\nCurrent assets
\n4
\n701
28
729
37
\nCurrent liabilities
\n5
\n(311)
(11)
(322)
(26)
\nNon-current liabilities
\n6
\n(1,875)
(18)
(1,893)
(14)
\nNet assets acquired
934
87
1,021
83
\n1.
The provisional fair values will be finalised in the 2023 Financial Statements. The fair values are provisional since the acquisition accounting has not yet been finalised, primarily due
\nto\u00a0the proximity of many acquisitions to the year end.
\n2. Includes \u00a3778m (2021: \u00a370m) of customer lists, \u00a31,292m (2021: \u00a3nil) of indefinite-lived brands and \u00a331m (2021: \u00a31m) of other intangibles.
\n3. Includes \u00a3200m (2021: \u00a32m) of right-of-use assets.
\n4. Includes cash acquired of \u00a3322m (2021: \u00a36m), inventory of \u00a348m (2021: \u00a33m) and trade and other receivables of \u00a3359m (2021: \u00a328m).
\n5. Includes trade and other payables of \u00a3322m (2021: \u00a326m).
\n6. Includes \u00a3445m of deferred tax liabilities relating to acquired intangibles (2021: \u00a38m), \u00a3749m of debt that was acquired with the Terminix business and repaid in November 2022 (2021:
\n\u00a3nil), lease liabilities of \u00a3214m (2021: \u00a32m), termite damage claims provisions of \u00a3335m (2021: \u00a3nil) and other provisions of \u00a3140m (2021: \u00a32m).
\nDuring the year the following adjustments were made to the provisional fair values of prior year acquisitions: a reduction in fair value of current
\nassets of \u00a36m, an increase in fair value of acquired intangibles of \u00a32m and an increase in goodwill of \u00a34m.
\nThe cash outflow from current and past acquisitions is as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTotal purchase consideration
4,110
259
4,369
314
\nEquity interests
(3,023)
\u2013
(3,023)
\u2013
\nConsideration payable in future periods
\u2013
(45)
(45)
(41)
\nPurchase consideration paid in cash
1,087
214
1,301
273
\nCash and cash equivalents in acquired companies and businesses
(313)
(9)
(322)
(6)
\nCash outflow on current period acquisitions
774
205
979
267
\nDeferred consideration paid
\u2013
39
39
196
\nCash outflow on current and past acquisitions
774
244
1,018
463
\nFrom the dates of acquisition to 31 December 2022, these acquisitions (including Terminix) contributed \u00a3422m to revenue and \u00a33m to operating
\nprofit (2021: \u00a350m and \u00a37m respectively).
\nIf the acquisitions had occurred on 1 January 2022, the revenue and operating profit of the combined Group would have amounted to \u00a35,109m
\nand \u00a3444m respectively (2021: \u00a33,031m and \u00a3357m respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27646": {
"value": "B1. Business combinations
\nAll business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
\nCombinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or
\nassumed and equity instruments issued by the acquirer. The cost of a business combination is allocated at the acquisition date by recognising the
\nacquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the purchase
\nprice over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which the acquirer
\neffectively obtains control of the acquiree.
\nAn intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
\ngoodwill, customer lists and brands. Goodwill represents the synergies, workforce and other benefits expected as a result of combining the
\nrespective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
\nwhich involves the use of assumptions including customer termination rates, profit margins, contributory asset charges and discount rates.
\nAt the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
\nperiod being recognised in the Consolidated Statement of Profit or Loss. Costs directly attributable to business combinations are charged to the
\nincome statement as incurred and presented as one-off and adjusting items.
\nDuring the year the Group purchased 100% of the share capital or trade and assets of 53 companies and businesses (2021: 52). The total
\nconsideration in respect of these acquisitions was \u00a34,369m (2021: \u00a3314m) and the cash outflow from current and past period acquisitions net of
\ncash acquired, was \u00a31,018m (2021: \u00a3463m).
\nDisclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
\nmaterial, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the impact
\non the Group\u2019s revenue and adjusted operating profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill is greater
\nthan 10% of the closing balance for the period. The only individually material acquisition in the year was the acquisition of Terminix Global
\nHoldings, Inc. which is discussed below.
\nAcquisition of Terminix Global Holdings, Inc.
\nOn 12 October the Group purchased 100% of the share capital of Terminix Global Holdings, Inc. (Terminix) based primarily in the USA. Terminix is
\nthe most recognised brand in US termite and pest management services and is a singularly focused pest management company. The transaction
\ncombined two of the world\u2019s leading pest control businesses to create the leading global pest control company, with approximately 4.9 million
\ncustomers and 58,600 employees globally. The combined group is set up to enhance shareholder value by creating an enlarged platform for
\ngrowth, particularly in North America.
\nThe aggregate consideration Terminix stockholders were entitled to was approximately $1.3bn in cash and 129,141,384 new Rentokil Initial
\nAmerican Depositary Shares (ADSs), representing 645,706,920 new Rentokil Initial plc ordinary shares. Under the terms of the transaction, each
\nTerminix stockholder entitled to consideration was able to elect to receive either cash consideration or stock consideration for each share of
\nTerminix common stock they held, subject to automatic adjustment and proration mechanisms. Holders of 38,693,211 shares of Terminix common
\nstock made an election to receive the cash consideration, and holders of 82,919,979 shares of Terminix common stock either (i) made an election
\nto receive the stock consideration or (ii) did not make a valid election by the election deadline and therefore were deemed to have made an
\nelection to receive the stock consideration. As a result, Terminix stockholders who elected to receive cash consideration received $34.57 in cash
\nand 0.1447 Rentokil Initial ADSs for each share of Terminix common stock they hold, and Terminix stockholders who elected to receive stock
\nconsideration received 1.4899 Rentokil Initial ADSs for each share of Terminix common stock they held.
\nFair value of the purchase consideration was \u00a34,110m, comprising Rentokil Initial ADSs of \u00a33,007m, cash of \u00a31,087m and replacement employee
\nshare awards of \u00a316m.
\nLoans and borrowings of \u00a3749m acquired with Terminix were repaid in full shortly following completion of the acquisition.
\nThe goodwill acquired of \u00a33,176m represents a number of elements including the synergies expected to be realised from improving route density,
\ncross-selling a broader service offering, expansion in use of best-in-class digital tools, continued innovation, particularly in our largest market,
\nNorth America, and the addition of a highly-skilled workforce. None of the goodwill recognised is expected to be deductible for tax purposes.
\nThe fair value attributed to acquired intangible assets was \u00a32,027m and represents indefinite-lived brands of \u00a31,292m, finite-lived brands of \u00a317m,
\ncustomer lists of \u00a3708m and software of \u00a310m. Brands were valued using a relief from royalty approach and customer lists were fair valued using
\nthe multi-period excess earnings method. The key assumptions in the fair-value modelling of brands are royalty rate, discount rate, long-term
\ngrowth rate and useful economic life. The key assumptions used for customer lists are forecast profit margins, discount rate and customer churn
\nrate.
\nThe estimated fair value of trade and other receivables was \u00a3319m, which approximated the contractual cash flows.
\nThe Group has not recognised any contingent liabilities on acquisition; none were not recognised due to fair value not being able to be measured
\nreliably.
\nCosts related to the acquisition of Terminix Global Holdings, Inc. recognised as an expense amounted to \u00a368m recognised in operating costs and
\n\u00a316m recognised as the cost of issuing new shares in equity.
\nFrom the date of acquisition to 31 December 2022, this acquisition contributed \u00a3354m to revenue and a loss of \u00a36m to operating profit. The effect
\non the results of the combined entity as if the acquisition had occurred on 1 January 2022 is shown at the bottom of page 171.
\nUpon completion, all unvested Terminix employee share awards were converted into share awards over Rentokil Initial ADSs that continue to
\nhave, and shall be subject to, the same terms and conditions as applied in the corresponding Terminix awards immediately prior to completion.
Goodwill on all acquisitions represents the synergies and other benefits expected to be realised from integrating acquired businesses into the
\nGroup, such as improved route density, expansion in use of best-in-class digital tools and back office synergies. Details of goodwill and the fair
\nvalue of net assets acquired in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPurchase consideration
\n\u2013 Cash paid
1,087
214
1,301
273
\n\u2013 Deferred and contingent consideration
\u2013
45
45
41
\n\u2013 Equity interests
\n1
\n3,023
\u2013
3,023
\u2013
\nTotal purchase consideration
4,110
259
4,369
314
\nFair value of net assets acquired
(934)
(87)
(1,021)
(83)
\nGoodwill from current-year acquisitions
3,176
172
3,348
231
\nGoodwill expected to be deductible for tax purposes
\u2013
60
60
146
\n1.
Equity interests in Rentokil Initial plc issued to shareholders of \u00a33,007m and replacement employee share awards of \u00a316m.
\nDeferred consideration of \u00a322m and contingent consideration of \u00a323m are payable in respect of the above acquisitions (2021: \u00a313m and \u00a328m
\nrespectively). Contingent consideration is payable based on a variety of conditions including revenue and profit targets being met. Amounts
\nfor\u00a0both deferred and contingent consideration are payable over the next five years. The Group has recognised contingent and deferred
\nconsideration based on fair value at the acquisition date. A range of outcomes for contingent consideration payments cannot be estimated due
\nto\u00a0the variety of performance conditions and the volume of businesses the Group acquires. During the year there were releases of contingent
\nconsideration liabilities not paid of \u00a310m (2021: \u00a31m).
\nThe provisional fair values
\n1
\nof assets and liabilities arising from acquisitions in the year are as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets
\n\u2013 Intangible assets
\n2
\n2,027
74
2,101
71
\n\u2013 Property, plant and equipment
\n3
\n249
14
263
13
\n\u2013 Other non-current assets
143
\u2013
143
2
\nCurrent assets
\n4
\n701
28
729
37
\nCurrent liabilities
\n5
\n(311)
(11)
(322)
(26)
\nNon-current liabilities
\n6
\n(1,875)
(18)
(1,893)
(14)
\nNet assets acquired
934
87
1,021
83
\n1.
The provisional fair values will be finalised in the 2023 Financial Statements. The fair values are provisional since the acquisition accounting has not yet been finalised, primarily due
\nto\u00a0the proximity of many acquisitions to the year end.
\n2. Includes \u00a3778m (2021: \u00a370m) of customer lists, \u00a31,292m (2021: \u00a3nil) of indefinite-lived brands and \u00a331m (2021: \u00a31m) of other intangibles.
\n3. Includes \u00a3200m (2021: \u00a32m) of right-of-use assets.
\n4. Includes cash acquired of \u00a3322m (2021: \u00a36m), inventory of \u00a348m (2021: \u00a33m) and trade and other receivables of \u00a3359m (2021: \u00a328m).
\n5. Includes trade and other payables of \u00a3322m (2021: \u00a326m).
\n6. Includes \u00a3445m of deferred tax liabilities relating to acquired intangibles (2021: \u00a38m), \u00a3749m of debt that was acquired with the Terminix business and repaid in November 2022 (2021:
\n\u00a3nil), lease liabilities of \u00a3214m (2021: \u00a32m), termite damage claims provisions of \u00a3335m (2021: \u00a3nil) and other provisions of \u00a3140m (2021: \u00a32m).
\nDuring the year the following adjustments were made to the provisional fair values of prior year acquisitions: a reduction in fair value of current
\nassets of \u00a36m, an increase in fair value of acquired intangibles of \u00a32m and an increase in goodwill of \u00a34m.
\nThe cash outflow from current and past acquisitions is as follows:
\nTerminix Global
\nHoldings, Inc.
\n2022
\n\u00a3m
\nIndividually
\nimmaterial
\nacquisitions
\n2022
\n\u00a3m
\nTotal
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTotal purchase consideration
4,110
259
4,369
314
\nEquity interests
(3,023)
\u2013
(3,023)
\u2013
\nConsideration payable in future periods
\u2013
(45)
(45)
(41)
\nPurchase consideration paid in cash
1,087
214
1,301
273
\nCash and cash equivalents in acquired companies and businesses
(313)
(9)
(322)
(6)
\nCash outflow on current period acquisitions
774
205
979
267
\nDeferred consideration paid
\u2013
39
39
196
\nCash outflow on current and past acquisitions
774
244
1,018
463
\nFrom the dates of acquisition to 31 December 2022, these acquisitions (including Terminix) contributed \u00a3422m to revenue and \u00a33m to operating
\nprofit (2021: \u00a350m and \u00a37m respectively).
\nIf the acquisitions had occurred on 1 January 2022, the revenue and operating profit of the combined Group would have amounted to \u00a35,109m
\nand \u00a3444m respectively (2021: \u00a33,031m and \u00a3357m respectively).
(a) GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
\nbusiness at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
\ninvestments in associates.
\n(b) Brands with inde\ufb01nite useful lives
\nBrands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
\nexpenditure incurred to develop, maintain and renew brands internally is recognised as an expense in the period incurred.
\nThe Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
\nin 1927), and having a strong brand equity in the US for much of its history and now internationally. The Group plans to continue to support and
\ninvest in the Terminix brand, it controls all the associated assets that support the underlying business, and therefore it is considered that there is
\nno foreseeable limit on the period over which these brands will continue to generate net cash inflows.
\nGoodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses. For
\nthe purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) identified according to country of operation and
\nreportable business unit. The way in which\u00a0CGUs are identified has not changed from prior periods. Newly acquired entities might be a single
\nCGU until such time that they can be\u00a0integrated. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
\nthe entity sold.
\nThe recoverable amount of a CGU is determined based on the higher of value-in-use calculations using cash flow projections and fair value less
\ncosts to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as part of the
\nGroup\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating profit margin,
\nbased on past experience and expectations regarding future performance and profitability for each CGU. Cash flows beyond the five-year period
\nare extrapolated using estimated long-term growth rates (LTGR).
\nCash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
\nrelated to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
\nwith current legal requirements. The potential increased costs, less any benefits that may occur, to meet these commitments are not expected to
\nbe material and therefore have resulted in no impairments during 2022.
\nA breakdown of goodwill by region is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNorth America
\n1
\n4,527
1,414
\nEurope (incl. LATAM)
241
109
\nUK & Sub-Saharan Africa
66
66
\nAsia & MENAT
196
178
\nPacific
86
77
\nTotal
5,116
1,844
\n1.
Includes \u00a32,878m (2021: \u00a3nil) relating to the US Terminix CGU and \u00a31,555m (2021: \u00a31,100m) relating to the US Pest Control CGU.
\nImpairment tests for goodwill and brands with inde\ufb01nite useful lives
\nFor the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
The key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
The growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
average cost of capital for each category and country. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27649": {
"value": "All business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business Combinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or
\nassumed and equity instruments issued by the acquirer. The cost of a business combination is allocated at the acquisition date by recognising the
\nacquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the purchase
\nprice over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which the acquirer
\neffectively obtains control of the acquiree.
\nAn intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
\ngoodwill, customer lists and brands. Goodwill represents the synergies, workforce and other benefits expected as a result of combining the
\nrespective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
\nwhich involves the use of assumptions including customer termination rates, profit margins, contributory asset charges and discount rates.
\nAt the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
\nperiod being recognised in the Consolidated Statement of Profit or Loss. Costs directly attributable to business combinations are charged to the
\nincome statement as incurred and presented as one-off and adjusting items.
\nDuring the year the Group purchased 100% of the share capital or trade and assets of 53 companies and businesses (2021: 52). The total
\nconsideration in respect of these acquisitions was \u00a34,369m (2021: \u00a3314m) and the cash outflow from current and past period acquisitions net of
\ncash acquired, was \u00a31,018m (2021: \u00a3463m).
\nDisclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
\nmaterial, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the impact
\non the Group\u2019s revenue and adjusted operating profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill is greater
\nthan 10% of the closing balance for the period. The only individually material acquisition in the year was the acquisition of Terminix Global
\nHoldings, Inc. which is discussed below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27946": {
"value": "B2. Intangible assets Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
\nA breakdown of intangible assets is as shown below:
\nGoodwill
\n\u00a3m
\nCustomer
\nlists
\n\u00a3m
\nIndefinite-lived
\nbrands
\n\u00a3m
\nOther
\nintangibles
\n\u00a3m
\nProduct
\ndevelopment
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
1,653
824
\u2013
66
40
145
2,728
\nExchange differences
4
(13)
\u2013
\u2013
\u2013
(2)
(11)
\nAdditions
\u2013
\u2013
\u2013
4
6
21
31
\nDisposals/retirements
\u2013
(4)
\u2013
(3)
\u2013
(1)
(8)
\nAcquisition of companies and businesses
\n1
\n228
69
\u2013
\u2013
\u2013
\u2013
297
\nHyperinflationary adjustment
3
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nAt 31 December 2021
1,888
876
\u2013
67
46
163
3,040
\nAt 1 January 2022
1,888
876
\u2013
67
46
163
3,040
\nExchange differences
(72)
(5)
(107)
2
(1)
6
(177)
\nAdditions
\u2013
\u2013
\u2013
\u2013
10
27
37
\nDisposals/retirements
\u2013
(180)
\u2013
(12)
\u2013
(1)
(193)
\nAcquisition of companies and businesses
\n1
\n3,352
779
1,292
23
\u2013
11
5,457
\nHyperinflationary adjustment
14
3
\u2013
1
\u2013
\u2013
18
\nDisposal of companies and businesses
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\nAt 31 December 2022
5,181
1,473
1,185
81
55
206
8,181
\nAccumulated amortisation and impairment
\nAt 1 January 2021
(45)
(585)
\u2013
(47)
(27)
(102)
(806)
\nExchange differences
1
10
\u2013
\u2013
\u2013
1
12
\nDisposals/retirements
\u2013
4
\u2013
4
\u2013
1
9
\nImpairment charge
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
\nAmortisation charge
\u2013
(64)
\u2013
(5)
(5)
(15)
(89)
\nAt 31 December 2021
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nAt 1 January 2022
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nExchange differences
1
(31)
\u2013
(2)
\u2013
(5)
(37)
\nDisposals/retirements
\u2013
179
\u2013
12
\u2013
1
192
\nHyperinflationary adjustment
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\nImpairment charge
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\nAmortisation charge
\u2013
(85)
\u2013
(6)
(5)
(22)
(118)
\nAt 31 December 2022
(65)
(573)
\u2013
(44)
(37)
(143)
(862)
\nNet book value
\nAt 1 January 2021
1,608
239
\u2013
19
13
43
1,922
\nAt 31 December 2021
1,844
241
\u2013
19
14
46
2,164
\nAt 31 December 2022
5,116
900
1,185
37
18
63
7,319
\n1.
Includes current-year acquisitions of \u00a35,449m (2021: \u00a3301m) as well as adjustments to prior-year acquisitions within the measurement period.
\nThe main categories of intangible assets are as follows:
\nIntangible assets \u2013 \ufb01nite useful lives
\nIntangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
\neconomic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
\nthrough a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
\nweighted average cost of capital for the Group. The residual values of intangible assets are assumed to be \u00a3nil.
\nThe estimated useful economic lives of intangible assets are as follows:
\nCustomer lists:
3 to 15 years
\nOther intangibles:
2 to 15 years
\nProduct development:
2 to 5 years
\nComputer software:
3 to 5 years
\nThe following are the main categories of intangible assets with finite useful lives:
\n(a) Customer lists
\nCustomer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
\n(b) Other intangibles
\nOther intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations. No
\nvalue is attributed to internally generated brands as expenditure incurred to develop, maintain and renew brands internally is recognised as an
\nexpense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences. These are recognised
\nonly if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year, in excess of their cost.
\n\n(c) Product development
\nCosts incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
\nreliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
\ndevelopment expenditure is measured at cost less accumulated amortisation.
\nOther development expenditure and all research expenditure are recognised as an expense as incurred and amount to \u00a33m in the year (2021:
\n\u00a32m).
\nDevelopment costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
\ncapitalised are amortised from the date the product is made available.
\n(d) Computer software
\nCosts that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
\nemployee costs and external software development costs) are recognised as intangible assets if they are expected to generate economic
\nbenefits beyond one year, in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
\nand\u00a0bring it into use.
\nCosts associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
\nIntangible assets \u2013 inde\ufb01nite useful lives
\n(a) Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
\nbusiness at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
\ninvestments in associates.
\n(b) Brands with inde\ufb01nite useful lives
\nBrands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
\nexpenditure incurred to develop, maintain and renew brands internally is recognised as an expense in the period incurred.
\nThe Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
\nin 1927), and having a strong brand equity in the US for much of its history and now internationally. The Group plans to continue to support and
\ninvest in the Terminix brand, it controls all the associated assets that support the underlying business, and therefore it is considered that there is
\nno foreseeable limit on the period over which these brands will continue to generate net cash inflows.
\nGoodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses. For
\nthe purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) identified according to country of operation and
\nreportable business unit. The way in which\u00a0CGUs are identified has not changed from prior periods. Newly acquired entities might be a single
\nCGU until such time that they can be\u00a0integrated. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
\nthe entity sold.
\nThe recoverable amount of a CGU is determined based on the higher of value-in-use calculations using cash flow projections and fair value less
\ncosts to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as part of the
\nGroup\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating profit margin,
\nbased on past experience and expectations regarding future performance and profitability for each CGU. Cash flows beyond the five-year period
\nare extrapolated using estimated long-term growth rates (LTGR).
\nCash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
\nrelated to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
\nwith current legal requirements. The potential increased costs, less any benefits that may occur, to meet these commitments are not expected to
\nbe material and therefore have resulted in no impairments during 2022.
\nA breakdown of goodwill by region is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNorth America
\n1
\n4,527
1,414
\nEurope (incl. LATAM)
241
109
\nUK & Sub-Saharan Africa
66
66
\nAsia & MENAT
196
178
\nPacific
86
77
\nTotal
5,116
1,844
\n1.
Includes \u00a32,878m (2021: \u00a3nil) relating to the US Terminix CGU and \u00a31,555m (2021: \u00a31,100m) relating to the US Pest Control CGU.
\nImpairment tests for goodwill and brands with inde\ufb01nite useful lives
\nFor the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
\n\n\n\nThe key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
\nThe growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
\naverage cost of capital for each category and country. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27947": {
"value": "B2. Intangible assets Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
\nA breakdown of intangible assets is as shown below:
\nGoodwill
\n\u00a3m
\nCustomer
\nlists
\n\u00a3m
\nIndefinite-lived
\nbrands
\n\u00a3m
\nOther
\nintangibles
\n\u00a3m
\nProduct
\ndevelopment
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
1,653
824
\u2013
66
40
145
2,728
\nExchange differences
4
(13)
\u2013
\u2013
\u2013
(2)
(11)
\nAdditions
\u2013
\u2013
\u2013
4
6
21
31
\nDisposals/retirements
\u2013
(4)
\u2013
(3)
\u2013
(1)
(8)
\nAcquisition of companies and businesses
\n1
\n228
69
\u2013
\u2013
\u2013
\u2013
297
\nHyperinflationary adjustment
3
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nAt 31 December 2021
1,888
876
\u2013
67
46
163
3,040
\nAt 1 January 2022
1,888
876
\u2013
67
46
163
3,040
\nExchange differences
(72)
(5)
(107)
2
(1)
6
(177)
\nAdditions
\u2013
\u2013
\u2013
\u2013
10
27
37
\nDisposals/retirements
\u2013
(180)
\u2013
(12)
\u2013
(1)
(193)
\nAcquisition of companies and businesses
\n1
\n3,352
779
1,292
23
\u2013
11
5,457
\nHyperinflationary adjustment
14
3
\u2013
1
\u2013
\u2013
18
\nDisposal of companies and businesses
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\nAt 31 December 2022
5,181
1,473
1,185
81
55
206
8,181
\nAccumulated amortisation and impairment
\nAt 1 January 2021
(45)
(585)
\u2013
(47)
(27)
(102)
(806)
\nExchange differences
1
10
\u2013
\u2013
\u2013
1
12
\nDisposals/retirements
\u2013
4
\u2013
4
\u2013
1
9
\nImpairment charge
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
\nAmortisation charge
\u2013
(64)
\u2013
(5)
(5)
(15)
(89)
\nAt 31 December 2021
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nAt 1 January 2022
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nExchange differences
1
(31)
\u2013
(2)
\u2013
(5)
(37)
\nDisposals/retirements
\u2013
179
\u2013
12
\u2013
1
192
\nHyperinflationary adjustment
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\nImpairment charge
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\nAmortisation charge
\u2013
(85)
\u2013
(6)
(5)
(22)
(118)
\nAt 31 December 2022
(65)
(573)
\u2013
(44)
(37)
(143)
(862)
\nNet book value
\nAt 1 January 2021
1,608
239
\u2013
19
13
43
1,922
\nAt 31 December 2021
1,844
241
\u2013
19
14
46
2,164
\nAt 31 December 2022
5,116
900
1,185
37
18
63
7,319
\n1.
Includes current-year acquisitions of \u00a35,449m (2021: \u00a3301m) as well as adjustments to prior-year acquisitions within the measurement period.
\nThe main categories of intangible assets are as follows:
\nIntangible assets \u2013 \ufb01nite useful lives
\nIntangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
\neconomic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
\nindicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
\nthrough a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
\nweighted average cost of capital for the Group. The residual values of intangible assets are assumed to be \u00a3nil.
\nThe estimated useful economic lives of intangible assets are as follows:
\nCustomer lists:
3 to 15 years
\nOther intangibles:
2 to 15 years
\nProduct development:
2 to 5 years
\nComputer software:
3 to 5 years
\nThe following are the main categories of intangible assets with finite useful lives:
\n(a) Customer lists
\nCustomer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
\n(b) Other intangibles
\nOther intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations. No
\nvalue is attributed to internally generated brands as expenditure incurred to develop, maintain and renew brands internally is recognised as an
\nexpense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences. These are recognised
\nonly if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year, in excess of their cost.
\n\n(c) Product development
\nCosts incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
\nreliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
\ndevelopment expenditure is measured at cost less accumulated amortisation.
\nOther development expenditure and all research expenditure are recognised as an expense as incurred and amount to \u00a33m in the year (2021:
\n\u00a32m).
\nDevelopment costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
\ncapitalised are amortised from the date the product is made available.
\n(d) Computer software
\nCosts that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
\nemployee costs and external software development costs) are recognised as intangible assets if they are expected to generate economic
\nbenefits beyond one year, in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
\nand\u00a0bring it into use.
\nCosts associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
\nIntangible assets \u2013 inde\ufb01nite useful lives
\n(a) Goodwill
\nGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
\nbusiness at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
\ninvestments in associates.
\n(b) Brands with inde\ufb01nite useful lives
\nBrands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
\nexpenditure incurred to develop, maintain and renew brands internally is recognised as an expense in the period incurred.
\nThe Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
\nin 1927), and having a strong brand equity in the US for much of its history and now internationally. The Group plans to continue to support and
\ninvest in the Terminix brand, it controls all the associated assets that support the underlying business, and therefore it is considered that there is
\nno foreseeable limit on the period over which these brands will continue to generate net cash inflows.
\nGoodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses. For
\nthe purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) identified according to country of operation and
\nreportable business unit. The way in which\u00a0CGUs are identified has not changed from prior periods. Newly acquired entities might be a single
\nCGU until such time that they can be\u00a0integrated. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
\nthe entity sold.
\nThe recoverable amount of a CGU is determined based on the higher of value-in-use calculations using cash flow projections and fair value less
\ncosts to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as part of the
\nGroup\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating profit margin,
\nbased on past experience and expectations regarding future performance and profitability for each CGU. Cash flows beyond the five-year period
\nare extrapolated using estimated long-term growth rates (LTGR).
\nCash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
\nrelated to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
\nwith current legal requirements. The potential increased costs, less any benefits that may occur, to meet these commitments are not expected to
\nbe material and therefore have resulted in no impairments during 2022.
\nA breakdown of goodwill by region is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNorth America
\n1
\n4,527
1,414
\nEurope (incl. LATAM)
241
109
\nUK & Sub-Saharan Africa
66
66
\nAsia & MENAT
196
178
\nPacific
86
77
\nTotal
5,116
1,844
\n1.
Includes \u00a32,878m (2021: \u00a3nil) relating to the US Terminix CGU and \u00a31,555m (2021: \u00a31,100m) relating to the US Pest Control CGU.
\nImpairment tests for goodwill and brands with inde\ufb01nite useful lives
\nFor the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
\n\n\n\nThe key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
\nThe growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
\naverage cost of capital for each category and country. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27950": {
"value": "Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
\nA breakdown of intangible assets is as shown below:
\nGoodwill
\n\u00a3m
\nCustomer
\nlists
\n\u00a3m
\nIndefinite-lived
\nbrands
\n\u00a3m
\nOther
\nintangibles
\n\u00a3m
\nProduct
\ndevelopment
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
1,653
824
\u2013
66
40
145
2,728
\nExchange differences
4
(13)
\u2013
\u2013
\u2013
(2)
(11)
\nAdditions
\u2013
\u2013
\u2013
4
6
21
31
\nDisposals/retirements
\u2013
(4)
\u2013
(3)
\u2013
(1)
(8)
\nAcquisition of companies and businesses
\n1
\n228
69
\u2013
\u2013
\u2013
\u2013
297
\nHyperinflationary adjustment
3
\u2013
\u2013
\u2013
\u2013
\u2013
3
\nAt 31 December 2021
1,888
876
\u2013
67
46
163
3,040
\nAt 1 January 2022
1,888
876
\u2013
67
46
163
3,040
\nExchange differences
(72)
(5)
(107)
2
(1)
6
(177)
\nAdditions
\u2013
\u2013
\u2013
\u2013
10
27
37
\nDisposals/retirements
\u2013
(180)
\u2013
(12)
\u2013
(1)
(193)
\nAcquisition of companies and businesses
\n1
\n3,352
779
1,292
23
\u2013
11
5,457
\nHyperinflationary adjustment
14
3
\u2013
1
\u2013
\u2013
18
\nDisposal of companies and businesses
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(1)
\nAt 31 December 2022
5,181
1,473
1,185
81
55
206
8,181
\nAccumulated amortisation and impairment
\nAt 1 January 2021
(45)
(585)
\u2013
(47)
(27)
(102)
(806)
\nExchange differences
1
10
\u2013
\u2013
\u2013
1
12
\nDisposals/retirements
\u2013
4
\u2013
4
\u2013
1
9
\nImpairment charge
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
\nAmortisation charge
\u2013
(64)
\u2013
(5)
(5)
(15)
(89)
\nAt 31 December 2021
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nAt 1 January 2022
(44)
(635)
\u2013
(48)
(32)
(117)
(876)
\nExchange differences
1
(31)
\u2013
(2)
\u2013
(5)
(37)
\nDisposals/retirements
\u2013
179
\u2013
12
\u2013
1
192
\nHyperinflationary adjustment
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
\nImpairment charge
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
(22)
\nAmortisation charge
\u2013
(85)
\u2013
(6)
(5)
(22)
(118)
\nAt 31 December 2022
(65)
(573)
\u2013
(44)
(37)
(143)
(862)
\nNet book value
\nAt 1 January 2021
1,608
239
\u2013
19
13
43
1,922
\nAt 31 December 2021
1,844
241
\u2013
19
14
46
2,164
\nAt 31 December 2022
5,116
900
1,185
37
18
63
7,319
\n1.
Includes current-year acquisitions of \u00a35,449m (2021: \u00a3301m) as well as adjustments to prior-year acquisitions within the measurement period.
Property, plant and equipment is stated at historic cost less depreciation with the exception of freehold land and assets under construction which
\nare not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\nA breakdown of property, plant and equipment is shown below:
\nLand and
\nbuildings
\n\u00a3m
\nService contract
\nequipment
\n\u00a3m
\nOther plant and
\nequipment
\n\u00a3m
\nVehicles
\nand office
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
87
524
186
200
997
\nExchange differences
(4)
(27)
(9)
(5)
(45)
\nAdditions
3
94
13
19
129
\nDisposals
(2)
(73)
(3)
(18)
(96)
\nAcquisition of companies and businesses
\n1
\n3
\u2013
1
8
12
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
6
6
\nAt 31 December 2021
87
518
188
210
1,003
\nAt 1 January 2022
87
518
188
210
1,003
\nExchange differences
5
27
11
15
58
\nAdditions
7
112
19
19
157
\nDisposals
(1)
(72)
(7)
(27)
(107)
\nAcquisition of companies and businesses
\n1
\n29
2
4
30
65
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
8
8
\nAt 31 December 2022
127
587
215
255
1,184
\nAccumulated depreciation and impairment
\nAt 1 January 2021
(30)
(310)
(132)
(122)
(594)
\nExchange differences
1
16
7
3
27
\nDisposals
1
72
2
15
90
\nDepreciation charge
(3)
(92)
(12)
(21)
(128)
\nAt 31 December 2021
(31)
(314)
(135)
(125)
(605)
\nAt 1 January 2022
(31)
(314)
(135)
(125)
(605)
\nExchange differences
(3)
(18)
(8)
(11)
(40)
\nDisposals
1
72
6
25
104
\nImpairment charge
(8)
\u2013
\u2013
\u2013
(8)
\nDepreciation charge
(3)
(96)
(14)
(27)
(140)
\nAt 31 December 2022
(44)
(356)
(151)
(138)
(689)
\nNet book value
\nAt 1 January 2021
57
214
54
78
403
\nAt 31 December 2021
56
204
53
85
398
\nAt 31 December 2022
83
231
64
117
495
\n1.
Includes current-year acquisitions of \u00a364m (2021: \u00a311m) as well as adjustments to prior-year acquisitions within the measurement period.
\n2. Certain leased assets become owned assets at the end of their lease period and are therefore reclassified from ROU assets (Note B4).
Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
\ntheir estimated useful lives, as follows:
\nFreehold buildings:
50 to 100 years
\nLeasehold improvements:
Shorter of the lease term or estimated useful life
\nVehicles:
4 to 10 years
\nPlant and equipment (including service contract equipment):
3 to 10 years
\nOffice equipment, furniture and fittings:
3 to 10 years
\nResidual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were \u00a38m of
\nimpairments in the year (2021: \u00a3nil) recognised due to the forthcoming closure of surplus office space related to the Terminix acquisition.
\nWhen assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.
\nThe category of service contract equipment represents the pool of assets used by the Group in delivering contracted services to customers.
\nLand\u00a0and buildings comprise mainly offices and warehouses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f27952": {
"value": "Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28294": {
"value": "(a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
\nbusiness at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
\ninvestments in associates.
\n(b) Brands with inde\ufb01nite useful lives
\nBrands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
\nexpenditure incurred to develop, maintain and renew brands internally is recognised as an expense in the period incurred.
\nThe Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
\nin 1927), and having a strong brand equity in the US for much of its history and now internationally. The Group plans to continue to support and
\ninvest in the Terminix brand, it controls all the associated assets that support the underlying business, and therefore it is considered that there is
\nno foreseeable limit on the period over which these brands will continue to generate net cash inflows.
\nGoodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses. For
\nthe purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) identified according to country of operation and
\nreportable business unit. The way in which\u00a0CGUs are identified has not changed from prior periods. Newly acquired entities might be a single
\nCGU until such time that they can be\u00a0integrated. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to
\nthe entity sold.
\nThe recoverable amount of a CGU is determined based on the higher of value-in-use calculations using cash flow projections and fair value less
\ncosts to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as part of the
\nGroup\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating profit margin,
\nbased on past experience and expectations regarding future performance and profitability for each CGU. Cash flows beyond the five-year period
\nare extrapolated using estimated long-term growth rates (LTGR).
\nCash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
\nrelated to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
\nwith current legal requirements. The potential increased costs, less any benefits that may occur, to meet these commitments are not expected to
\nbe material and therefore have resulted in no impairments during 2022.
\nA breakdown of goodwill by region is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNorth America
\n1
\n4,527
1,414
\nEurope (incl. LATAM)
241
109
\nUK & Sub-Saharan Africa
66
66
\nAsia & MENAT
196
178
\nPacific
86
77
\nTotal
5,116
1,844
\n1.
Includes \u00a32,878m (2021: \u00a3nil) relating to the US Terminix CGU and \u00a31,555m (2021: \u00a31,100m) relating to the US Pest Control CGU.
\nImpairment tests for goodwill and brands with inde\ufb01nite useful lives
\nFor the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
\n\n\n\nThe key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
\nThe growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
\naverage cost of capital for each category and country.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28349": {
"value": "Impairment tests for goodwill and brands with inde\ufb01nite useful lives For the India, Lebanon, Argentina, and US Terminix CGUs, and any new acquisitions during the year, a fair value less costs to sell approach has
\nbeen taken to support the carrying value of goodwill and brands with indefinite useful lives. During the year the Group recognised total
\nimpairments of \u00a322m (2021: \u00a3nil) relating to Lebanon, Argentina, Brazil, and Turkey CGUs. For all other goodwill balances it can be demonstrated
\nthat there is sufficient headroom in the recoverable amount of the CGU goodwill balances based on the assumptions made, and there is no
\nreasonably likely scenario under which material impairment could be expected to occur in the next 12 months based on the testing performed.
\nFor the US Terminix CGU that was acquired in October 2022, management has performed a review of the financial performance post-acquisition
\nand concluded there is no reduction to the fair value of the CGU.
\n\n\nThe key assumptions used by individual CGUs for value-in-use calculations were:
\n2022 long-term
\ngrowth rate
\n1
\n2022 pre-tax
\ndiscount rate
\n2021 long-term
\ngrowth rate\u00b9
\n2021 pre-tax
\ndiscount rate
\nNorth America
\n2
\n2.0%
8.4\u201310.3%
2.0\u20132.2%
6.6\u20138.7%
\nEurope (incl. LATAM)
1.3\u20133.0%
6.7\u201315.4%
1.3\u20133.3%
7.1\u201315.4%
\nUK & Sub-Saharan Africa
2.0\u20134.5%
8.0\u201312.3%
2.0\u20134.5%
6.5\u201311.6%
\nAsia & MENAT
1.5\u20134.0%
9.7\u201313.9%
1.5\u20134.0%
8.2\u201312.6%
\nPacific
2.0\u20132.5%
10.2\u201311.0%
2.2\u20132.4%
9.3\u201310.7%
\n1. Source: imf.org.
\n2. Key assumptions used by the US Pest Control CGU were a long-term growth rate of 2.0% (2021: 2.2%) and a pre-tax discount rate of 10.3% (2021: 7.7%). For US Pest Control CGU the
\nrecoverable amount exceeds the carrying amount by \u00a31,692m (2021: \u00a32,121m).
\nThe growth rates used by individual CGUs are based on the LTGR predicted for the relevant sector and country in which a business operates.
\nThey do not exceed the long-term average growth rate for that industry or country. The pre-tax discount rates are internally calculated weighted
\naverage cost of capital for each category and country. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28440": {
"value": "B3. Property, plant and equipment Property, plant and equipment is stated at historic cost less depreciation with the exception of freehold land and assets under construction which
\nare not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
\nA breakdown of property, plant and equipment is shown below:
\nLand and
\nbuildings
\n\u00a3m
\nService contract
\nequipment
\n\u00a3m
\nOther plant and
\nequipment
\n\u00a3m
\nVehicles
\nand office
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nAt 1 January 2021
87
524
186
200
997
\nExchange differences
(4)
(27)
(9)
(5)
(45)
\nAdditions
3
94
13
19
129
\nDisposals
(2)
(73)
(3)
(18)
(96)
\nAcquisition of companies and businesses
\n1
\n3
\u2013
1
8
12
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
6
6
\nAt 31 December 2021
87
518
188
210
1,003
\nAt 1 January 2022
87
518
188
210
1,003
\nExchange differences
5
27
11
15
58
\nAdditions
7
112
19
19
157
\nDisposals
(1)
(72)
(7)
(27)
(107)
\nAcquisition of companies and businesses
\n1
\n29
2
4
30
65
\nReclassification from IFRS 16 ROU assets
\n2
\n\u2013
\u2013
\u2013
8
8
\nAt 31 December 2022
127
587
215
255
1,184
\nAccumulated depreciation and impairment
\nAt 1 January 2021
(30)
(310)
(132)
(122)
(594)
\nExchange differences
1
16
7
3
27
\nDisposals
1
72
2
15
90
\nDepreciation charge
(3)
(92)
(12)
(21)
(128)
\nAt 31 December 2021
(31)
(314)
(135)
(125)
(605)
\nAt 1 January 2022
(31)
(314)
(135)
(125)
(605)
\nExchange differences
(3)
(18)
(8)
(11)
(40)
\nDisposals
1
72
6
25
104
\nImpairment charge
(8)
\u2013
\u2013
\u2013
(8)
\nDepreciation charge
(3)
(96)
(14)
(27)
(140)
\nAt 31 December 2022
(44)
(356)
(151)
(138)
(689)
\nNet book value
\nAt 1 January 2021
57
214
54
78
403
\nAt 31 December 2021
56
204
53
85
398
\nAt 31 December 2022
83
231
64
117
495
\n1.
Includes current-year acquisitions of \u00a364m (2021: \u00a311m) as well as adjustments to prior-year acquisitions within the measurement period.
\n2. Certain leased assets become owned assets at the end of their lease period and are therefore reclassified from ROU assets (Note B4).
\n\n\nDepreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
\ntheir estimated useful lives, as follows:
\nFreehold buildings:
50 to 100 years
\nLeasehold improvements:
Shorter of the lease term or estimated useful life
\nVehicles:
4 to 10 years
\nPlant and equipment (including service contract equipment):
3 to 10 years
\nOffice equipment, furniture and fittings:
3 to 10 years
\nResidual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
\nevents or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were \u00a38m of
\nimpairments in the year (2021: \u00a3nil) recognised due to the forthcoming closure of surplus office space related to the Terminix acquisition.
\nWhen assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.
\nThe category of service contract equipment represents the pool of assets used by the Group in delivering contracted services to customers.
\nLand\u00a0and buildings comprise mainly offices and warehouses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28444": {
"value": "Property, plant and equipment is stated at historic cost less depreciation with the exception of freehold land and assets under construction which are not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28685": {
"value": "B4. Leases The Group leases land and buildings, vehicles and other equipment. The lease durations vary from lease to lease according to the asset leased
\nand local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
\ntermination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Judgement
\nis required to determine the level of certainty.
\nThe value of leases to which the Group is committed but have not yet commenced is not material.
\nA breakdown of the right-of-use (ROU) assets is shown below:
\nLand and
\nbuildings
\n\u00a3m
\nVehicles
\n\u00a3m
\nOther
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nNet book value
\nAt 1 January 2021
96
120
2
218
\nExchange differences
(2)
(1)
\u2013
(3)
\nAdditions
33
56
2
91
\nDisposals
(1)
(1)
\u2013
(2)
\nAcquisition of companies and businesses
\n1
\n5
3
\u2013
8
\nDepreciation charge
(37)
(39)
(2)
(78)
\nReclassification to property, plant and equipment
\n2
\n\u2013
(6)
\u2013
(6)
\nAt 31 December 2021
94
132
2
228
\nAt 1 January 2022
94
132
2
228
\nExchange differences
\u2013
3
\u2013
3
\nAdditions
69
69
\u2013
138
\nAcquisition of companies and businesses
\n1
\n79
120
\u2013
199
\nImpairment charge
\n3
\n(17)
\u2013
\u2013
(17)
\nDepreciation charge
(43)
(45)
(1)
(89)
\nReclassification to property, plant and equipment
\n2
\n\u2013
(8)
\u2013
(8)
\nAt 31 December 2022
182
271
1
454
\n1.
Includes current-year acquisitions of \u00a3200m (2021: \u00a32m) as well as adjustments to prior-year acquisitions within the measurement period.
\n2. Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).
\n3. Impairment relates to closure of surplus property in the US. The recoverable amount of the impaired ROU assets is \u00a325m based on value-in-use calculation and a 6% discount rate.
\n\n\n\nAnalysis of the Group\u2019s lease liabilities is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
217
215
\nExchange differences
(1)
(4)
\nLease payments
(114)
(94)
\nInterest
10
6
\nAdditions
140
89
\nAcquisition of companies and businesses
215
5
\nAt 31 December
467
217
\nAnalysed as follows:
\nNon-current
332
139
\nCurrent
135
78
\nTotal
467
217
\nLease liabilities analysed by currency:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
34
33
\nEuro
61
57
\nUS dollar
314
89
\nOther currencies
58
38
\nAt 31 December
467
217
\nLease liabilities are payable as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nLess than one year
144
80
\nBetween one and five years
277
138
\nMore than five years
82
13
\nFuture minimum payments
503
231
\nEffect of discounting
(36)
(14)
\nCarrying value
467
217
\nOther lease costs not already described are set out below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nExpenses relating to short-term leases
13
12
\nExpenses relating to leases of low-value assets
8
6
\nExpenses relating to variable lease payments
\u2013
1
\nAt 31 December
21
19
\nThe Group has no material arrangements where it acts as a lessor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28688": {
"value": "The Group leases land and buildings, vehicles and other equipment. The lease durations vary from lease to lease according to the asset leased and local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
\ntermination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised. Judgement
\nis required to determine the level of certainty.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28920": {
"value": "B5. Capital commitments Capital expenditure contracted for at the balance sheet date but not yet incurred is as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nProperty, plant and equipment
37
14
\nIntangible assets
3
1
\nTotal
40
15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f28958": {
"value": "B6. Investments in associated undertakings 2022
\n\u00a3m
\n2021
\n\u00a3m
\nInterest in Nippon Calmic Limited
32
29
\nInterest in individually immaterial associated undertakings
21
1
\nAt 31 December
53
30
\nNippon Calmic Ltd
\nNippon Calmic Ltd is an associated undertaking in Japan in which the Group has a 49% interest. The associate is unlisted and the investment
\nvalue is shown below.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
29
27
\nExchange differences
(1)
(2)
\nShare of profit
\n1
\n8
8
\nDividends received
(4)
(4)
\nAt 31 December
32
29
\n1.
Share of profit is net of tax of \u00a34m (2021: \u00a34m).
\nAssets
\n2022
\n\u00a3m
\nLiabilities
\n2022
\n\u00a3m
\nRevenue
\n2022
\n\u00a3m
\nProfit
\n2022
\n\u00a3m
\nAssets
\n2021
\n\u00a3m
\nLiabilities
\n2021
\n\u00a3m
\nRevenue
\n2021
\n\u00a3m
\nProfit
\n2021
\n\u00a3m
\nNippon Calmic Ltd (49%)
66
(33)
52
8
53
(24)
52
8
\nIn addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are
\naccounted for using the equity method.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nAt 1 January
1
\u2013
\nExchange differences
(1)
\u2013
\nAcquisition
20
1
\nShare of profit
1
\u2013
\nDividends received
\u2013
\u2013
\nAt 31 December
21
1
\n\u00a31m (2021: \u00a3nil) relates to unrecognised share of losses related to associates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29081": {
"value": "C. FinancingC1. Financial risk management
\nThe Group\u2019s central treasury function manages cash, borrows on behalf of the Group and provides finance to Group companies in their local
\ncurrencies. Treasury activity is governed by a Treasury Committee which is chaired by the Chief Financial Officer.
\nThe main financial risks faced by the Group are set out below.
\n(a) Liquidity risk
\nThe Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
\nunderperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
\nfacilities of at least \u00a3600m, and the Treasury Committee manages financing requirements and associated headroom at least 12 months forward.
\nAvailable commitments of $1.0bn (\u00a3827m) under the revolving credit facility (RCF) together with unrestricted cash of \u00a3867m gives the Group
\ncombined headroom of \u00a31,694m at 31 December 2022 (2021: \u00a3785m).
\nDuring the year the Group amended, extended and increased its RCF with 16 relationship banks from \u00a3550m to $1.0bn in order to provide
\nadditional liquidity headroom in relation to the acquisition of Terminix Global Holdings, Inc. (see Note C7 for details). The RCF and other Group
\ndebt facilities have no financial covenants and the Group is compliant with other terms, conditions and undertakings of its debt facilities.
\nThe Group targets an S&P Global (S&P) investment grade credit rating for debt issuance of BBB over the medium term. In line with S&P liquidity
\nratio requirements, debt maturities are financed at least 12 months in advance using available cash or committed facilities, or by issuance of new
\ndebt. Management maintains an active dialogue with S&P, as well as the Group\u2019s relationship banks, to ensure that any changes to the Group\u2019s
\nfinancing and acquisition strategies are understood. S&P affirmed the Group\u2019s rating as BBB following the acquisition of Terminix Global
\nHoldings, Inc.
\nThe Group has no debt maturities falling due in 2023.
\nThe following bonds: \u20ac400m due November 2024, \u20ac500m due May 2026 and \u20ac600m due October 2028; issued under the Group\u2019s Euro
\nMedium-Term Notes (EMTN) Programme contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group
\nis\u00a0downgraded to BB+ or below (sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change
\nof\u00a0control of the Group. They may also be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is
\nwithdrawn and the rating agency confirms in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly
\nor\u00a0in part due to a change of control. All other bonds issued under the EMTN Programme do not contain the coupon step-up.
\n(b) Credit risk
\nThe Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
\nof\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
\nThe\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
\nappropriate measures to manage its credit risk exposure.
\nIn order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
\ncounterparties that carry a long-term credit rating of at least A-, or equivalent rating with one of the major credit rating agencies. In countries
\nwhere no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
\nsubject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
\nof its lenders to ensure that commitments under its facilities are available as needed.
\nAt 31 December 2022 the Group had a total of \u00a336m of cash held on bank accounts with banks rated below A- by S&P (2021: \u00a311m). The highest
\nconcentration with any single bank rated below A- was \u00a314m (2021: \u00a32m).
\n(c) Market risk
\nForeign exchange risk
\nThe Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
\ncurrency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling procurement
\nand central costs mean that foreign currencies constitute more than 100% of Group Adjusted Operating Profit at approximately 104%.
\nThe Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
\nin\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
\ncurrency exposures in excess of \u00a30.5m (\u00a35.0m for USD) that are not covered by debt or assets in the same (or another highly correlated) currency,
\nas long as it makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly
\nbasis. Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
\ntransactions are covered by ISDA documentation.
\nThe most significant foreign currency groups are US dollars and euros, which make up 48% and 29% of Group Adjusted Operating Profit
\nrespectively.
\nAt 31 December 2022 the Group\u2019s net debt was approximately 66% US dollar (2021: 57%), 23% euro (2021: 45%) and 11% in other currencies
\nincluding pound sterling. The translation of the interest element of euro and US dollar debt provides a partial income statement offset to the
\ntranslation of earnings.
\nThe Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
\nforeign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the US dollar. For US
\ndollars, a 10% movement in \u00a3/$ would result in a \u00a325m increase/decrease (2021: \u00a319m) in Adjusted Operating Profit, offset by a \u00a33m decrease/
\nincrease (2021: \u00a32m) in interest payable and a \u00a3377m increase/decrease (2021: \u00a350m) in other comprehensive income. A 10% movement in \u00a3/\u20ac
\nwould result in a \u00a315m increase/decrease (2021: \u00a316m) in Adjusted Operating Profit, offset by a \u00a33m decrease/increase (2021: \u00a31m) in interest
\npayable and a \u00a3nil increase/decrease (2021: \u00a35m) in other comprehensive income. The other comprehensive income impact also includes the
\noffsetting impact from financial instruments used to hedge the retranslation of the net investment in subsidiaries for US dollar is \u00a3210m (2021:
\n\u00a354m) and euro is \u00a346m (2021: \u00a342m). Where possible, currency cash flows are used to settle liabilities in the same currency in preference to
\nselling currency in the market.
\n\nInterest rate risk
\nThe Group seeks to manage interest rate risk to ensure reasonable certainty of its interest charge while allowing an element of risk exposure
\nconsistent with the variability of its cash flows. Interest rate risk is managed by the use of fixed interest debt and interest rate derivatives, which
\nare approved in advance by the Treasury Committee. The Group policy is to fix a minimum of 50% of its estimated future interest rate exposures
\n(excluding pensions) for a minimum period of 12 months forward. The Treasury Committee reviews this exposure monthly.
\nA hypothetical 1.0% increase in euro interest rates would reduce the market value of the Group\u2019s bond liabilities by \u00a3128m at 31 December 2022
\n(2021: \u00a362m). The income statement impact is \u00a3nil as changes in interest rates do not change the expected cash flows on the bonds.
\nThe Group had outstanding bond debt issues at 31 December 2022 with a fair market value of \u00a32,826m (2021: \u00a31,272m). This exceeds the book
\nvalue of \u00a32,987m (2021: \u00a31,254m) as a result of reductions in interest rates in Europe. There are no circumstances where the Group would be
\nobliged to pay the fair market value. The Group could however decide to redeem some or all of its bonds early and the fair market value is
\nindicative of the price that would be required to do so.
\n(d) Capital risk
\nThe Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
\nflexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
\nto maintain a strong capital base so as to maintain investor, creditor and market confidence and to support the Group\u2019s strategy. The Group uses
\nS&P\u2019s ratings methodology for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely net debt can be managed by
\nreducing or suspending dividends, M&A spend and capital expenditure. The Group would also consider raising additional equity to protect its
\nBBB rating.
\n(e) Treasury risk
\nThe Group\u2019s treasury activities are governed by a treasury policy, which is reviewed and approved by the Board on an annual basis. The treasury
\npolicy covers all activities associated with managing the above risks. The policy requires that financial instruments are only utilised to manage
\nknown financial exposures and speculative derivative contracts are not entered into. The treasury policy requires that treasury must approve
\nopening and closing of all bank accounts, and that funds transfers and other payments are only made in accordance with bank mandates.
\nTo ensure an appropriate control environment exists in the treasury function, duties are segregated between front and back office teams.
\nIn\u00a0addition a number of controls are in place to protect against potential cyber security and other risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29088": {
"value": "(a) Liquidity risk The Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
\nunderperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
\nfacilities of at least \u00a3600m, and the Treasury Committee manages financing requirements and associated headroom at least 12 months forward.
\nAvailable commitments of $1.0bn (\u00a3827m) under the revolving credit facility (RCF) together with unrestricted cash of \u00a3867m gives the Group
\ncombined headroom of \u00a31,694m at 31 December 2022 (2021: \u00a3785m).
\nDuring the year the Group amended, extended and increased its RCF with 16 relationship banks from \u00a3550m to $1.0bn in order to provide
\nadditional liquidity headroom in relation to the acquisition of Terminix Global Holdings, Inc. (see Note C7 for details). The RCF and other Group
\ndebt facilities have no financial covenants and the Group is compliant with other terms, conditions and undertakings of its debt facilities.
\nThe Group targets an S&P Global (S&P) investment grade credit rating for debt issuance of BBB over the medium term. In line with S&P liquidity
\nratio requirements, debt maturities are financed at least 12 months in advance using available cash or committed facilities, or by issuance of new
\ndebt. Management maintains an active dialogue with S&P, as well as the Group\u2019s relationship banks, to ensure that any changes to the Group\u2019s
\nfinancing and acquisition strategies are understood. S&P affirmed the Group\u2019s rating as BBB following the acquisition of Terminix Global
\nHoldings, Inc.
\nThe Group has no debt maturities falling due in 2023.
\nThe following bonds: \u20ac400m due November 2024, \u20ac500m due May 2026 and \u20ac600m due October 2028; issued under the Group\u2019s Euro
\nMedium-Term Notes (EMTN) Programme contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group
\nis\u00a0downgraded to BB+ or below (sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change
\nof\u00a0control of the Group. They may also be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is
\nwithdrawn and the rating agency confirms in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly
\nor\u00a0in part due to a change of control. All other bonds issued under the EMTN Programme do not contain the coupon step-up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29112": {
"value": "(b) Credit risk The Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
\nof\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
\nThe\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
\nappropriate measures to manage its credit risk exposure.
\nIn order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
\ncounterparties that carry a long-term credit rating of at least A-, or equivalent rating with one of the major credit rating agencies. In countries
\nwhere no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
\nsubject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
\nof its lenders to ensure that commitments under its facilities are available as needed.
\nAt 31 December 2022 the Group had a total of \u00a336m of cash held on bank accounts with banks rated below A- by S&P (2021: \u00a311m). The highest
\nconcentration with any single bank rated below A- was \u00a314m (2021: \u00a32m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29127": {
"value": "(c) Market risk Foreign exchange risk
\nThe Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
\ncurrency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling procurement
\nand central costs mean that foreign currencies constitute more than 100% of Group Adjusted Operating Profit at approximately 104%.
\nThe Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
\nin\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
\ncurrency exposures in excess of \u00a30.5m (\u00a35.0m for USD) that are not covered by debt or assets in the same (or another highly correlated) currency,
\nas long as it makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly
\nbasis. Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
\ntransactions are covered by ISDA documentation.
\nThe most significant foreign currency groups are US dollars and euros, which make up 48% and 29% of Group Adjusted Operating Profit
\nrespectively.
\nAt 31 December 2022 the Group\u2019s net debt was approximately 66% US dollar (2021: 57%), 23% euro (2021: 45%) and 11% in other currencies
\nincluding pound sterling. The translation of the interest element of euro and US dollar debt provides a partial income statement offset to the
\ntranslation of earnings.
\nThe Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
\nforeign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the US dollar. For US
\ndollars, a 10% movement in \u00a3/$ would result in a \u00a325m increase/decrease (2021: \u00a319m) in Adjusted Operating Profit, offset by a \u00a33m decrease/
\nincrease (2021: \u00a32m) in interest payable and a \u00a3377m increase/decrease (2021: \u00a350m) in other comprehensive income. A 10% movement in \u00a3/\u20ac
\nwould result in a \u00a315m increase/decrease (2021: \u00a316m) in Adjusted Operating Profit, offset by a \u00a33m decrease/increase (2021: \u00a31m) in interest
\npayable and a \u00a3nil increase/decrease (2021: \u00a35m) in other comprehensive income. The other comprehensive income impact also includes the
\noffsetting impact from financial instruments used to hedge the retranslation of the net investment in subsidiaries for US dollar is \u00a3210m (2021:
\n\u00a354m) and euro is \u00a346m (2021: \u00a342m). Where possible, currency cash flows are used to settle liabilities in the same currency in preference to
\nselling currency in the market.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29130": {
"value": "Foreign exchange risk The Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
\ncurrency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling procurement
\nand central costs mean that foreign currencies constitute more than 100% of Group Adjusted Operating Profit at approximately 104%.
\nThe Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
\nin\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
\ncurrency exposures in excess of \u00a30.5m (\u00a35.0m for USD) that are not covered by debt or assets in the same (or another highly correlated) currency,
\nas long as it makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly
\nbasis. Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
\ntransactions are covered by ISDA documentation.
\nThe most significant foreign currency groups are US dollars and euros, which make up 48% and 29% of Group Adjusted Operating Profit
\nrespectively.
\nAt 31 December 2022 the Group\u2019s net debt was approximately 66% US dollar (2021: 57%), 23% euro (2021: 45%) and 11% in other currencies
\nincluding pound sterling. The translation of the interest element of euro and US dollar debt provides a partial income statement offset to the
\ntranslation of earnings.
\nThe Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
\nforeign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the US dollar. For US
\ndollars, a 10% movement in \u00a3/$ would result in a \u00a325m increase/decrease (2021: \u00a319m) in Adjusted Operating Profit, offset by a \u00a33m decrease/
\nincrease (2021: \u00a32m) in interest payable and a \u00a3377m increase/decrease (2021: \u00a350m) in other comprehensive income. A 10% movement in \u00a3/\u20ac
\nwould result in a \u00a315m increase/decrease (2021: \u00a316m) in Adjusted Operating Profit, offset by a \u00a33m decrease/increase (2021: \u00a31m) in interest
\npayable and a \u00a3nil increase/decrease (2021: \u00a35m) in other comprehensive income. The other comprehensive income impact also includes the
\noffsetting impact from financial instruments used to hedge the retranslation of the net investment in subsidiaries for US dollar is \u00a3210m (2021:
\n\u00a354m) and euro is \u00a346m (2021: \u00a342m). Where possible, currency cash flows are used to settle liabilities in the same currency in preference to
selling currency in the market.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29192": {
"value": "(d) Capital risk The Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
\nflexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
\nto maintain a strong capital base so as to maintain investor, creditor and market confidence and to support the Group\u2019s strategy. The Group uses
\nS&P\u2019s ratings methodology for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely net debt can be managed by
\nreducing or suspending dividends, M&A spend and capital expenditure. The Group would also consider raising additional equity to protect its
\nBBB rating.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29210": {
"value": "C2. Net debt Closing net debt comprises:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent
\nCash and cash equivalents in the Consolidated Balance Sheet
C3
2,170
668
\nOther investments
C4
1
2
\nFair value of debt-related derivatives
\u2013
1
\nBank and other short-term borrowings
\n1
\n(1,355)
(459)
\nLease liabilities
B4
(135)
(78)
\nNon-current
\nFair value of debt-related derivatives
(71)
(24)
\nBank and other long-term borrowings
\n2
\n(3,574)
(1,256)
\nLease liabilities
B4
(332)
(139)
\nTotal net debt
(3,296)
(1,285)
\n1.
Bank and other short-term borrowings consists of \u00a31,291m overdraft (2021: \u00a3426m), \u00a324m\u00a0overseas loans (2021:\u00a0\u00a330m) and \u00a340m bond accruals (2021: \u00a33m).
\n2. Bank and other long-term borrowings consists of \u00a32,987m bond debt (2021: \u00a31,254m) and \u00a3587m loans (2021:\u00a0\u00a32m).
\nThe currency split and cash flows of bank, other borrowings and debt-related derivatives are as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
1,727
48
\nEuro
927
856
\nUS dollar
2,322
783
\nOther currencies
24
51
\nCarrying value
5,000
1,738
\nFair value component of derivatives and interest
567
9
\nUndiscounted value
5,567
1,747
\nAnalysis of undiscounted cash flows of bank and other borrowings:
\nLess than one year
1,435
450
\nBetween one and five years
3,075
788
\nMore than five years
1,057
509
\nFuture minimum payments
5,567
1,747
\n\n\n\nReconciliation of net change in cash and cash equivalents to net debt:
\nNotes
\nOpening
\n2022
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2022
\n\u00a3m
\nBank and other short-term borrowings
(459)
(121)
(771)
(4)
(1,355)
\nBank and other long-term borrowings
(1,256)
(2,257)
\u2013
(61)
(3,574)
\nLease liabilities
B4
(217)
114
(225)
(139)
(467)
\nOther investments
1
\u2013
\u2013
\u2013
1
\nFair value of debt-related derivatives
(22)
(7)
19
(61)
(71)
\nGross debt
(1,953)
(2,271)
(977)
(265)
(5,466)
\nCash and cash equivalents in the Consolidated Balance Sheet
668
1,591
\u2013
(89)
2,170
\nNet debt
(1,285)
(680)
(977)
(354)
(3,296)
\nNotes
\nOpening
\n2021
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2021
\n\u00a3m
\nBank and other short-term borrowings
(1,591)
1,135
(12)
9
(459)
\nBank and other long-term borrowings
(1,338)
15
(12)
79
(1,256)
\nLease liabilities
B4
(215)
94
(5)
(91)
(217)
\nOther investments
172
(171)
\u2013
\u2013
1
\nFair value of debt-related derivatives
7
31
(3)
(57)
(22)
\nGross debt
(2,965)
1,104
(32)
(60)
(1,953)
\nCash and cash equivalents in the Consolidated Balance Sheet
1,950
(1,267)
\u2013
(15)
668
\nNet debt
(1,015)
(163)
(32)
(75)
(1,285)
\nThe foreign exchange loss on debt and derivatives amounted to \u00a374m (2021: \u00a330m gain). The loss primarily resulted from a strengthening of the
\neuro by 6 cents and a strengthening of the US dollar by 14 cents. Included within the net decrease in cash and cash equivalents is \u00a34m cash paid
\non debt-related foreign exchange forward contracts (which is included within financing activities in the Consolidated Cash Flow Statement) (2021:
\n\u00a319m).
\nThe total borrowings cash increase of \u00a32,378m (2021: decrease of \u00a31,149m) includes \u00a32,383m proceeds from new debt (2021: \u00a35m) (included in
\nfinancing activities) and \u00a3865m increase in overdraft (2021: \u00a3972m decrease), offset by \u00a3844m debt repayment (included in financing activities)
\n(2021: \u00a3167m) and \u00a326m settlement of interest accrued (included within operating activities) (2021: \u00a315m).
\nThe derivatives cash increase of \u00a37m (2021: \u00a331m decrease) includes \u00a326m inflow (2021: \u00a319m outflow) of cash paid on debt-related foreign
\nexchange swaps (included in financing activities) and \u00a319m (2021: \u00a312m) interest paid (included in operating activities).
\nThe cash outflow of \u00a3114m from leases liabilities (2021: \u00a394m) includes \u00a3104m capital paid (included within financing activities) (2021: \u00a388m) and
\n\u00a310m interest paid (included in operating activities) (2021: \u00a36m).
\nFair value is equal to carrying value for all elements of net debt with the exception of bond debt, which has a carrying value of \u00a32,987m (2021:
\n\u00a31,254m) and a fair value of \u00a32,826m (2021: \u00a31,272m).
\nThe Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
\nThe following table shows the effect of offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\nNotes
\nGross amount
\n2022
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2022
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2022
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2022
\n\u00a3m
\nNet amount
\n2022
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
2,170
\u2013
2,170
(1,291)
879
\nTrade and other receivables
A3
843
\u2013
843
\u2013
843
\nOther financial assets
C4
1
\u2013
1
\u2013
1
\nDerivative financial instruments
C6
21
\u2013
21
(21)
\u2013
\nTotal
3,035
\u2013
3,035
(1,312)
1,723
\nFinancial liabilities
\nTrade and other payables
A5
(896)
\u2013
(896)
\u2013
(896)
\nBorrowings
C2
(4,929)
\u2013
(4,929)
1,291
(3,638)
\nLease liabilities
B4
(467)
\u2013
(467)
\u2013
(467)
\nDerivative financial instruments
C6
(92)
\u2013
(92)
21
(71)
\nTotal
(6,384)
\u2013
(6,384)
1,312
(5,072)
\n\n\n\nNotes
\nGross amount
\n2021
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2021
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2021
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2021
\n\u00a3m
\nNet amount
\n2021
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
668
\u2013
668
(423)
245
\nTrade and other receivables
\n1
\nA3
506
\u2013
506
\u2013
506
\nOther financial assets
C4
2
\u2013
2
\u2013
2
\nDerivative financial instruments
C6
12
\u2013
12
(8)
4
\nTotal
1,188
\u2013
1,188
(431)
757
\nFinancial liabilities
\nTrade and other payables
\n2
\nA5
(597)
\u2013
(597)
\u2013
(597)
\nBorrowings
C2
(1,715)
\u2013
(1,715)
423
(1,292)
\nLease liabilities
B4
(217)
\u2013
(217)
\u2013
(217)
\nDerivative financial instruments
C6
(35)
\u2013
(35)
8
(27)
\nTotal
(2,564)
\u2013
(2,564)
431
(2,133)
\n1.
Trade and other receivables have been restated in 2021 due to a correction to exclude prepayments of \u00a335m.
\n2. Trade and other payables have been restated in 2021 due to a correction to exclude social security and other taxes of \u00a372m and contract liabilities of \u00a3167m.",
"dimensions": {
"concept": "rto:DisclosureOfNetDebtTextBlock",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29211": {
"value": "C2. Net debt Closing net debt comprises:
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent
\nCash and cash equivalents in the Consolidated Balance Sheet
C3
2,170
668
\nOther investments
C4
1
2
\nFair value of debt-related derivatives
\u2013
1
\nBank and other short-term borrowings
\n1
\n(1,355)
(459)
\nLease liabilities
B4
(135)
(78)
\nNon-current
\nFair value of debt-related derivatives
(71)
(24)
\nBank and other long-term borrowings
\n2
\n(3,574)
(1,256)
\nLease liabilities
B4
(332)
(139)
\nTotal net debt
(3,296)
(1,285)
\n1.
Bank and other short-term borrowings consists of \u00a31,291m overdraft (2021: \u00a3426m), \u00a324m\u00a0overseas loans (2021:\u00a0\u00a330m) and \u00a340m bond accruals (2021: \u00a33m).
\n2. Bank and other long-term borrowings consists of \u00a32,987m bond debt (2021: \u00a31,254m) and \u00a3587m loans (2021:\u00a0\u00a32m).
\nThe currency split and cash flows of bank, other borrowings and debt-related derivatives are as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
1,727
48
\nEuro
927
856
\nUS dollar
2,322
783
\nOther currencies
24
51
\nCarrying value
5,000
1,738
\nFair value component of derivatives and interest
567
9
\nUndiscounted value
5,567
1,747
\nAnalysis of undiscounted cash flows of bank and other borrowings:
\nLess than one year
1,435
450
\nBetween one and five years
3,075
788
\nMore than five years
1,057
509
\nFuture minimum payments
5,567
1,747
\n\n\n\nReconciliation of net change in cash and cash equivalents to net debt:
\nNotes
\nOpening
\n2022
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2022
\n\u00a3m
\nBank and other short-term borrowings
(459)
(121)
(771)
(4)
(1,355)
\nBank and other long-term borrowings
(1,256)
(2,257)
\u2013
(61)
(3,574)
\nLease liabilities
B4
(217)
114
(225)
(139)
(467)
\nOther investments
1
\u2013
\u2013
\u2013
1
\nFair value of debt-related derivatives
(22)
(7)
19
(61)
(71)
\nGross debt
(1,953)
(2,271)
(977)
(265)
(5,466)
\nCash and cash equivalents in the Consolidated Balance Sheet
668
1,591
\u2013
(89)
2,170
\nNet debt
(1,285)
(680)
(977)
(354)
(3,296)
\nNotes
\nOpening
\n2021
\n\u00a3m
\nCash
\nflows
\n\u00a3m
\nNon-cash
\n(fair value
\nchanges,
\naccruals and
\nacquisitions)
\n\u00a3m
\nNon-cash
\n(foreign
\nexchange,
\nadditions
\nand other)
\n\u00a3m
\nClosing
\n2021
\n\u00a3m
\nBank and other short-term borrowings
(1,591)
1,135
(12)
9
(459)
\nBank and other long-term borrowings
(1,338)
15
(12)
79
(1,256)
\nLease liabilities
B4
(215)
94
(5)
(91)
(217)
\nOther investments
172
(171)
\u2013
\u2013
1
\nFair value of debt-related derivatives
7
31
(3)
(57)
(22)
\nGross debt
(2,965)
1,104
(32)
(60)
(1,953)
\nCash and cash equivalents in the Consolidated Balance Sheet
1,950
(1,267)
\u2013
(15)
668
\nNet debt
(1,015)
(163)
(32)
(75)
(1,285)
\nThe foreign exchange loss on debt and derivatives amounted to \u00a374m (2021: \u00a330m gain). The loss primarily resulted from a strengthening of the
\neuro by 6 cents and a strengthening of the US dollar by 14 cents. Included within the net decrease in cash and cash equivalents is \u00a34m cash paid
\non debt-related foreign exchange forward contracts (which is included within financing activities in the Consolidated Cash Flow Statement) (2021:
\n\u00a319m).
\nThe total borrowings cash increase of \u00a32,378m (2021: decrease of \u00a31,149m) includes \u00a32,383m proceeds from new debt (2021: \u00a35m) (included in
\nfinancing activities) and \u00a3865m increase in overdraft (2021: \u00a3972m decrease), offset by \u00a3844m debt repayment (included in financing activities)
\n(2021: \u00a3167m) and \u00a326m settlement of interest accrued (included within operating activities) (2021: \u00a315m).
\nThe derivatives cash increase of \u00a37m (2021: \u00a331m decrease) includes \u00a326m inflow (2021: \u00a319m outflow) of cash paid on debt-related foreign
\nexchange swaps (included in financing activities) and \u00a319m (2021: \u00a312m) interest paid (included in operating activities).
\nThe cash outflow of \u00a3114m from leases liabilities (2021: \u00a394m) includes \u00a3104m capital paid (included within financing activities) (2021: \u00a388m) and
\n\u00a310m interest paid (included in operating activities) (2021: \u00a36m).
\nFair value is equal to carrying value for all elements of net debt with the exception of bond debt, which has a carrying value of \u00a32,987m (2021:
\n\u00a31,254m) and a fair value of \u00a32,826m (2021: \u00a31,272m).
\nThe Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
\nThe following table shows the effect of offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\nNotes
\nGross amount
\n2022
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2022
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2022
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2022
\n\u00a3m
\nNet amount
\n2022
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
2,170
\u2013
2,170
(1,291)
879
\nTrade and other receivables
A3
843
\u2013
843
\u2013
843
\nOther financial assets
C4
1
\u2013
1
\u2013
1
\nDerivative financial instruments
C6
21
\u2013
21
(21)
\u2013
\nTotal
3,035
\u2013
3,035
(1,312)
1,723
\nFinancial liabilities
\nTrade and other payables
A5
(896)
\u2013
(896)
\u2013
(896)
\nBorrowings
C2
(4,929)
\u2013
(4,929)
1,291
(3,638)
\nLease liabilities
B4
(467)
\u2013
(467)
\u2013
(467)
\nDerivative financial instruments
C6
(92)
\u2013
(92)
21
(71)
\nTotal
(6,384)
\u2013
(6,384)
1,312
(5,072)
\n\n\n\nNotes
\nGross amount
\n2021
\n\u00a3m
\nGross amounts
\nset off in the
\nbalance sheet
\n2021
\n\u00a3m
\nNet amounts
\npresented in the
\nbalance sheet
\n2021
\n\u00a3m
\nAmount subject
\nto master netting
\narrangement
\n2021
\n\u00a3m
\nNet amount
\n2021
\n\u00a3m
\nFinancial assets
\nCash and cash equivalents
C3
668
\u2013
668
(423)
245
\nTrade and other receivables
\n1
\nA3
506
\u2013
506
\u2013
506
\nOther financial assets
C4
2
\u2013
2
\u2013
2
\nDerivative financial instruments
C6
12
\u2013
12
(8)
4
\nTotal
1,188
\u2013
1,188
(431)
757
\nFinancial liabilities
\nTrade and other payables
\n2
\nA5
(597)
\u2013
(597)
\u2013
(597)
\nBorrowings
C2
(1,715)
\u2013
(1,715)
423
(1,292)
\nLease liabilities
B4
(217)
\u2013
(217)
\u2013
(217)
\nDerivative financial instruments
C6
(35)
\u2013
(35)
8
(27)
\nTotal
(2,564)
\u2013
(2,564)
431
(2,133)
\n1.
Trade and other receivables have been restated in 2021 due to a correction to exclude prepayments of \u00a335m.
\n2. Trade and other payables have been restated in 2021 due to a correction to exclude social security and other taxes of \u00a372m and contract liabilities of \u00a3167m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29698": {
"value": "C3. Cash and cash equivalents Cash and cash equivalents include cash in hand, short-term bank deposits and other short-term highly liquid investments with original maturities
\nof three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
\nof\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
\nCash at bank and in hand includes \u00a313m (2021: \u00a37m) of restricted cash. This cash is held in respect of specific contracts and can only be utilised in
\nline with terms under the contractual arrangements.
\nCash at bank and in hand also includes \u00a369m (2021: \u00a366m) of cash held in countries with foreign exchange regulations. This cash is repatriated to
\nthe UK where possible, if it is not required for operational purposes in country.
\nFair value is equal to carrying value for all cash and cash equivalents.
\nGross amounts
\n2022
\n\u00a3m
\nGross amounts
\n2021
\n\u00a3m
\nCash at bank and in hand
1,713
554
\nMoney market funds
236
52
\nShort-term bank deposits
221
62
\nCash and cash equivalents in the Consolidated Balance Sheet
2,170
668
\nBank overdraft
(1,291)
(426)
\nCash and cash equivalents in the Consolidated Cash Flow Statement
879
242
\nAs far as it is practical to do so, cash balances are held centrally and are used first to repay borrowings under the Group\u2019s banking facilities before
\nbeing placed on deposit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29701": {
"value": "Cash and cash equivalents include cash in hand, short-term bank deposits and other short-term highly liquid investments with original maturities of three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
\nof\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29739": {
"value": "C4. Other investments Other investments held at year end mainly comprised investments in unlisted shares in a joint venture based in the Cayman Islands and term
\ndeposits maturing in more than three months from the date that the deposit was placed. The weighted average effective interest rate earned is
\nnil% (2021: 0.4%) with \u00a31m fixed for six months to\u00a0one year (2021: \u00a32m). Fair value is equal to carrying value for all other investments.
\nFinancial assets are denominated in the following currencies:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPound sterling
1
2
\nOther
23
\u2013
\n24
2
\nAnalysed as follows:
\nCurrent portion
1
2
\nNon-current portion
23
\u2013
\n24
2
\nNone of the financial assets are either past due or impaired in 2022 (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29792": {
"value": "C5. Derivative \ufb01nancial instruments Accounting for derivative \ufb01nancial instruments and hedging activities
\nDerivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
\nvalue at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
\nhedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction the Group documents the relationship
\nbetween hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
\ntransactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
\nare\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
\nCertain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
\ninstruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
\nChanges in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
\ninstruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge or cash flow hedge. When
\ndesignating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value related\u00a0to the
\ncost of hedging is deferred in equity and amortised over the life of the hedged item.
\n(a) Fair value hedge
\nThese instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
\nof\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in the
\nfair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were no fair value hedges as at the year end date.
\n(b) Net investment hedge
\nThese instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
\ninstrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated in
\nother comprehensive income are recycled through the income statement. All currencies are directly hedged therefore the hedge ratio is
\nconsidered to be 1:1.
\nThe Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
\nsame hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.
\nThe following net investment hedges were in place at 31 December 2022:
\nUS dollar net investment hedge relationship: $2,091m cross-currency swaps notional (2021: $807m), $700m term loan (2021: $nil) and $274m
\ncross-currency swaps future interest cash flows (2021: $93m) have been used to hedge $3,065m of the net assets of the US operating
\nsubsidiaries (2021: $900m). The movement in the cross-currency swaps due to changes in $/\u00a3 exchange rates are in the opposite direction of the
\nchanges due to $/\u00a3 in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change in the opposite direction of each
\nother. Thus we consider that this demonstrates the existence of an economic relationship.
\nEuro net investment hedge relationship: \u20ac577m bonds (2021: \u20ac552m) are used to hedge the net assets of the euro operating subsidiaries
\ntotalling \u20ac577m (2021: \u20ac552m). The movement in the bonds due to changes in \u20ac/\u00a3 exchange rates are in the opposite direction of the changes
\ndue to \u20ac/\u00a3 in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change in the opposite direction of each other.
\nThus we consider that this demonstrates the existence of an economic relationship.
\nAustralian dollar (AUD) net investment hedge relationship: AUD8m overdraft (2021: AUD9m) is used to hedge AUD8m of the net assets of the
\nAUD denominated operating subsidiaries. The movement in the overdraft balance due to changes in AUD/GBP exchange rates are in the
\nopposite direction of the changes due to AUD/GBP in the subsidiaries\u2019 assets. As the critical terms match, their values will systematically change
\nin the opposite direction of each other. Thus we consider that this demonstrates the existence of an economic relationship.
\nJapanese yen (JPY) net investment hedge relationship: JPY1,925m cross-currency swap notional (2021: JPY1,250m) offset by JPY55m
\ncross-currency swaps future interest cash inflows (2021: JPYnil) have been used to hedge JPY1,870m of the net assets of the Japanese associate.
\nThe movement in the cross-currency swaps due to changes in JPY/GBP exchange rates are in the opposite direction of the changes due to JPY/
\nGBP in the associate\u2019s assets. As the critical terms match, their values will systematically change in the opposite direction of each other. Thus we
\nconsider that this demonstrates the existence of an economic relationship.
\nDuring the year there was a loss of \u00a31m (2021: \u00a32m gain) relating to ineffectiveness of net investment in foreign entity hedges. The main source of
\nineffectiveness of the net investment hedge is the off-market value of the cross-currency swaps used to hedge US dollar net assets at the hedge
\ndesignation date. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and is expected to remain the same
\nbecause the Group\u2019s counterparties have at least one credit rating of A- or above.
\nFor the year ended 31 December 2022, the amount in comprehensive income related to net investment hedge accounting was a loss of \u00a368m
\n(2021: \u00a315m gain).
\n\nThe effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\nHedging instruments
\n2022
\nCurrency
\nCarrying
\namount at
\nyear end date
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in
\nfair value of
\noutstanding
\ninstrument
\n\u00a3m
\nChange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage
\nforeign
\nexchange rate
\nfor the year
\nCross-currency swaps
USD
(105)
1,728
November 2024
\n\u2013 October 2028
\n1:1
(109)
(108)
(1)
1.250
\nCross-currency swaps
JPY
\u2013
12
November 2024
1:1
\u2013
\u2013
\u2013
137.071
\nBonds
EUR
(510)
(510)
June 2027 \u2013 June
\n2030
\n1:1
(22)
(22)
\u2013
1.154
\nTerm loan
USD
(579)
(579)
October 2025
1:1
60
60
\u2013
1.152
\nOverdraft
AUD
(5)
(5)
n/a
1:1
\u2013
\u2013
\u2013
1.819
\nHedging instruments
\n2021
\nCurrency
\nCarrying
\namount at
\nyear end date
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in
\nfair value of
\noutstanding
\ninstrument
\n\u00a3m
\nChange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage
\nforeign
\nexchange rate
\nfor the year
\nCross-currency swaps
USD
2
596
November 2024
\n\u2013 October 2028
\n1:1
(16)
(18)
2
1.296
\nCross-currency swaps
JPY
1
8
November 2022
1:1
1
1
\u2013
134.326
\nBonds
EUR
(463)
(464)
November 2024
\n\u2013 October 2028
\n1:1
28
28
\u2013
1.147
\nOverdraft
AUD
(5)
(5)
n/a
1:1
\u2013
\u2013
\u2013
1.857
\n(c) Cash \ufb02ow hedge
\nThese instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability. The
\nportion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income.
\nAny ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in comprehensive income are
\ntransferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event that the hedged
\nitem occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately recognised in the
\nincome statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge accounting,
\naccumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the forecast
\ntransaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all currencies
\nwere directly hedged, therefore the hedge ratio is considered to be 1:1.
\nCash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019 in the table on page 184) in accordance with IFRS 9.
\nWhere no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
\nThe hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
\nsame dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match (i.e.
\nmatching currencies, payment dates and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative, excluding
\nany basis risk, will be considered to completely offset the changes in the hedged cash flow.
\nAny ineffectiveness on the cash flow hedge is taken directly to finance costs. During the year there was a gain of \u00a321m (2021: loss of \u00a31m)
\nfrom\u00a0those derivatives in a cash flow hedge relationship relating to the refinancing of Terminix debt. Ineffectiveness due to changes in the
\ncounterparty credit risk was not material in the year and is expected to remain the same because the Group\u2019s counterparties credit rating is A-
\nand above.
\nCash flow hedge accounting has been applied to \u20ac400m (2021: \u20ac340m) of the \u20ac400m 2024 bond, \u20ac500m (2021: \u20ac179m) of the \u20ac500m 2026
\nbond, \u20ac421m (2021: \u20acnil) of the \u20ac850m 2027 bond and \u20ac600m (2021: \u20ac175m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps
\nare used as hedging instruments to hedge the volatility in the \u00a3/\u20ac exchange rate of the bonds. For the year ended 31 December 2022, the
\namount in comprehensive income related to cash flow hedge accounting was a loss of \u00a36m (2021: \u00a313m gain).
\n\n\n\nThe effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\nHedging instruments
\n2022
\nCurrency
\nCarrying
\namount at
\nyear end
\ndate
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in fair
\nvalue of
\noutstanding
\ninstrument
\n\u00a3m
\nCumulative
\nchange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage rate
\nfor the year
\nCross-currency swaps
EUR
34
1,700
November 2024
\n\u2013 October 2028
\n1:1
60
61
(1)
1.150
\nHedging instruments
\n2021
\nCurrency
\nCarrying
\namount at
\nyear end
\ndate
\n\u00a3m
\nNotional
\namount
\n\u00a3m
\nMaturity
\ndate
\nHedge
\nratio
\nChange in fair
\nvalue of
\noutstanding
\ninstrument
\n\u00a3m
\nCumulative
\nchange in fair
\nvalue of
\nhedged item
\n\u00a3m
\nIneffectiveness
\n\u00a3m
\nWeighted
\naverage rate
\nfor the year
\nCross-currency swaps
EUR
(25)
695
November 2024
\n\u2013 October 2028
\n1:1
(24)
(23)
(1)
1.131
\nAmount in cash flow hedge reserves related to continuing hedges is a gain of \u00a33m (2021: \u00a39m gain), and the amount related to discontinued
\nhedges is \u00a3nil (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29794": {
"value": "Accounting for derivative \ufb01nancial instruments and hedging activities
\nDerivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
\nvalue at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
\nhedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction the Group documents the relationship
\nbetween hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
\ntransactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
\nare\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
\nCertain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
\ninstruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
\nChanges in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
\ninstruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge or cash flow hedge. When
\ndesignating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value related\u00a0to the
\ncost of hedging is deferred in equity and amortised over the life of the hedged item.
\n(a) Fair value hedge
\nThese instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
\nof\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in the
\nfair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were no fair value hedges as at the year end date.
\n(b) Net investment hedge
\nThese instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
\ninstrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
\nportion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated in
\nother comprehensive income are recycled through the income statement. All currencies are directly hedged therefore the hedge ratio is
\nconsidered to be 1:1.
(c) Cash \ufb02ow hedge
\nThese instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability. The
\nportion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income.
\nAny ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in comprehensive income are
\ntransferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event that the hedged
\nitem occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately recognised in the
\nincome statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge accounting,
\naccumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the forecast
\ntransaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all currencies
\nwere directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019 in the table on page 184) in accordance with IFRS 9.
\nWhere no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
\nThe hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
\nsame dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match (i.e.
\nmatching currencies, payment dates and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative, excluding
\nany basis risk, will be considered to completely offset the changes in the hedged cash flow.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30161": {
"value": "C6. Fair value estimation All financial instruments held at fair value are classified by reference to the source of inputs used to derive the fair value. The following hierarchy
\nis used:
\nLevel 1
\u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
\nLevel 2
\u2013 inputs other than quoted prices that are observable for the asset or liability either directly as prices or indirectly through modelling
\nbased on prices; and
\nLevel 3
\u2013 inputs for the asset or liability that are not based on observable market data.
\nFinancial instrument
\nHierarchy
\nlevel
Valuation method
\nFinancial assets traded in active markets
1
Current bid price
\nFinancial liabilities traded in active markets
1
Current ask price
\nListed bonds
1
Quoted market prices
\nMoney market funds
1
Quoted market prices
\nInterest rate/currency swaps
2
Discounted cash flow based on market swap rates
\nForward foreign exchange contracts
2
Forward exchange market rates
\nBorrowings not traded in active markets (term loans
\nand uncommitted facilities)
\n2
Nominal value
\nMoney market deposits
2
Nominal value
\nTrade payables and receivables
2
Nominal value less estimated credit adjustments
\nContingent consideration (including put option liability)
3
Discounted cash flow using WACC
\nFair value
\nassets
\n2022
\n\u00a3m
\nFair value
\nliabilities
\n2022
\n\u00a3m
\nFair value
\nassets
\n2021
\n\u00a3m
\nFair value
\nliabilities
\n2021
\n\u00a3m
\nInterest rate swaps (level 2):
\n\u2013 non-hedge
\u2013
\u2013
\u2013
(1)
\n\u2013 cash flow hedge
36
(2)
\u2013
(25)
\n\u2013 net investment hedge
15
(120)
11
(8)
\nForeign exchange swaps (level 2):
\n\u2013 non-hedge
\u2013
\u2013
1
(1)
\n51
(122)
12
(35)
\nAnalysed as follows:
\nCurrent portion
\u2013
\u2013
2
(1)
\nNon-current portion
51
(122)
10
(34)
\nDerivative financial instruments
51
(122)
12
(35)
\nContingent consideration (including put option liability) (level 3)
\u2013
(70)
\u2013
(75)
\nAnalysed as follows:
\nCurrent portion
\u2013
(32)
\u2013
(23)
\nNon-current portion
\u2013
(38)
\u2013
(52)
\nOther payables
\u2013
(70)
\u2013
(75)
\nCertain interest rate swaps have been bifurcated to manage different foreign exchange risks. The interest rate swaps are shown on the balance
\nsheet as net derivative assets \u00a321m (2021: \u00a312m) and net derivative liabilities \u00a392m (2021: \u00a335m).
\nThe effective nominal value of foreign exchange swaps is \u00a317m (2021: \u00a339m) and foreign exchange forwards is \u00a3nil (2021: \u00a334m).
\nGiven the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there are
\nnot considered to be any changes in input that would have a material impact on the contingent consideration liability.
\n\nContingent
\nconsideration
\n2022
\n\u00a3m
\nContingent
\nconsideration
\n2021
\n\u00a3m
\nAt 1 January
75
63
\nExchange differences
(2)
(8)
\nAcquisitions
18
24
\nPayments
(24)
(12)
\nRevaluation of put option through equity
3
8
\nAt 31 December
70
75
\nFair value is equal to carrying value for all other trade and other payables.
\nThe table below analyses the Group\u2019s derivative financial instruments that will be settled on a gross basis, into relevant maturity groupings based
\non the remaining period to the contractual maturity date at the balance sheet date.
\nLess than
\n1 year
\n\u00a3m
\nBetween
\n1 and 2 years
\n\u00a3m
\nBetween
\n2 and 5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nTotal
\n\u00a3m
\nAt 31 December 2022
\nCross-currency interest rate swaps:
\n\u2013 outflow
(64)
(460)
(909)
(549)
(1,982)
\n\u2013 inflow
20
390
874
534
1,818
\nInterest rate swaps:
\n\u2013 outflow
(1)
(3)
\u2013
\u2013
(4)
\n\u2013 inflow
10
9
\u2013
\u2013
19
\nForeign exchange swaps:
\n\u2013 outflow
(15)
\u2013
\u2013
\u2013
(15)
\n\u2013 inflow
15
\u2013
\u2013
\u2013
15
\nForeign exchange forwards:
\n\u2013 outflow
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013 inflow
\u2013
\u2013
\u2013
\u2013
\u2013
\nNet inflow/(outflow)
(35)
(64)
(35)
(15)
(149)
\nAt 31 December 2021
\nCross-currency interest rate swaps:
\n\u2013 outflow
(18)
(14)
(471)
(158)
(661)
\n\u2013 inflow
12
5
445
148
610
\nInterest rate swaps:
\n\u2013 outflow
(8)
(6)
(6)
\u2013
(20)
\n\u2013 inflow
2
3
4
\u2013
9
\nForeign exchange swaps:
\n\u2013 outflow
(385)
\u2013
\u2013
\u2013
(385)
\n\u2013 inflow
387
\u2013
\u2013
\u2013
387
\nForeign exchange forwards:
\n\u2013 outflow
(34)
\u2013
\u2013
\u2013
(34)
\n\u2013 inflow
34
\u2013
\u2013
\u2013
34
\nNet inflow/(outflow)
(10)
(12)
(28)
(10)
(60) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30477": {
"value": "C7. Analysis of bank and bond debt Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group
\nhas a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.
\nThe Group\u2019s bank debt facilities comprise:
\nFacility
\namount
\n2022
\n\u00a3m
\nDrawn at
\nyear end
\n2022
\n\u00a3m
\nHeadroom
\n2022
\n\u00a3m
\nInterest rate
\nat year end
\n2022
\n%
\nFacility
\namount
\n2021
\n\u00a3m
\nDrawn at
\nyear end
\n2021
\n\u00a3m
\nHeadroom
\n2021
\n\u00a3m
\nInterest rate
\nat year end
\n2021
\n%
\nNon-current
\n$700m term loan due October 2025
579
579
\u2013
4.9
\u2013
\u2013
\u2013
\u2013
\n$1.0bn RCF due October 2027
827
\u2013
827
0.14
\u2013
\u2013
\u2013
\u2013
\n\u00a3550m RCF due August\u00a02025
\u2013
\u2013
\u2013
\u2013
550
\u2013
550
0.14
\nDuring the year the Group amended, extended and increased its RCF with 16 relationship banks from \u00a3550m to $1.0bn in order to provide
\nadditional liquidity headroom in relation to the acquisition of Terminix Global Holdings, Inc. The RCF was undrawn throughout 2021 and 2022.
\nIn addition, the Group entered into a \u00a3120m uncommitted RCF facility with ING Bank N.V. which was drawn down in full and repaid during the
\nperiod. This facility was cancelled on 30 June 2022.
\n\n\n\nIn June 2022, the Group issued three new bonds: \u20ac850m 5-year at 3.875%; \u20ac600m 8-year at 4.375%; and \u00a3400m 10-year at 5.0%. These bonds
\nfully covered the $1.3bn cash element of the Terminix transaction consideration.
\nIn October 2022 the Group entered into a term loan arrangement, borrowing $700m at a floating interest rate based on SOFR plus a 60bps margin.
\nThere are no financial covenants on the RCF or any other debt facility.
\nMedium-term notes and bond debt comprises:
\nBond interest
\ncoupon
\n2022
\nEffective hedged
\ninterest rate
\n2022
\nBond interest
\ncoupon
\n2021
\nEffective hedged
\ninterest rate
\n2021
\nNon-current
\n\u20ac400m bond due November 2024
Fixed 0.95%
Fixed 3.21%
Fixed 0.95%
Fixed 3.08%
\n\u20ac500m bond due May 2026
Fixed 0.875%
Fixed 1.78%
Fixed 0.875%
Fixed 1.54%
\n\u20ac850m bond due June 2027
Fixed 3.875%
Fixed 3.98%
\u2013
\u2013
\n\u20ac600m bond due October 2028
Fixed 0.5%
Fixed 1.3%
Fixed 0.50%
Fixed 1.08%
\n\u20ac600m bond due June 2030
Fixed 4.375%
Fixed 4.38%
\u2013
\u2013
\n\u00a3400m bond due June 2032
Fixed 5.0%
Fixed 5.11%
\u2013
\u2013
\nAverage cost of bond debt at year-end rates
3.28%
1.78%
\nThe effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group\u2019s
\nhedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar.
\nAs a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate.
\nThe Group considers the fair value of other current liabilities to be equal to the carrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30480": {
"value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30628": {
"value": "C8. Finance cost Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nHedged interest payable on medium-term notes issued
\n1
\n39
10
16
\nInterest payable on bank loans and overdrafts
\n1
\n5
3
3
\nInterest payable on RCF
\n1
\n1
1
5
\nInterest payable on foreign exchange swaps
\n2
\n19
14
9
\nInterest payable on leases
B4
10
6
7
\nAmortisation of discount on provisions
3
\u2013
\u2013
\nFair value loss on hedge ineffectiveness
2
\u2013
8
\nFair value adjustment on debt repayment
\u2013
\u2013
4
\nFair value loss on other derivatives
\n3
\n\u2013
\u2013
26
\nTotal finance cost
79
34
78
\n1.
Interest expense on financial liabilities held at amortised cost.
\n2. Interest payable on foreign exchange swaps including coupon interest payable for the year was \u00a326m (2021: \u00a317m). \u00a38m has been reported in other comprehensive income due to
\nhedge accounting (2021: \u00a34m).
\n3.
Fair value loss on other derivatives relates to $335m SBU entered into since February 2019 ($170m in February 2019 and $165m in July 2019) which did not qualify for hedge accounting.
\nThe\u00a0instrument provided an annual interest benefit of 1.9% of the outstanding principal and was closed out in August 2020 with a full-year loss of \u00a326m excluding interest accrued.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30629": {
"value": "C8. Finance cost Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nHedged interest payable on medium-term notes issued
\n1
\n39
10
16
\nInterest payable on bank loans and overdrafts
\n1
\n5
3
3
\nInterest payable on RCF
\n1
\n1
1
5
\nInterest payable on foreign exchange swaps
\n2
\n19
14
9
\nInterest payable on leases
B4
10
6
7
\nAmortisation of discount on provisions
3
\u2013
\u2013
\nFair value loss on hedge ineffectiveness
2
\u2013
8
\nFair value adjustment on debt repayment
\u2013
\u2013
4
\nFair value loss on other derivatives
\n3
\n\u2013
\u2013
26
\nTotal finance cost
79
34
78
\n1.
Interest expense on financial liabilities held at amortised cost.
\n2. Interest payable on foreign exchange swaps including coupon interest payable for the year was \u00a326m (2021: \u00a317m). \u00a38m has been reported in other comprehensive income due to
\nhedge accounting (2021: \u00a34m).
\n3.
Fair value loss on other derivatives relates to $335m SBU entered into since February 2019 ($170m in February 2019 and $165m in July 2019) which did not qualify for hedge accounting.
\nThe\u00a0instrument provided an annual interest benefit of 1.9% of the outstanding principal and was closed out in August 2020 with a full-year loss of \u00a326m excluding interest accrued.
\nC9. Finance income
\nNote
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nBank interest received
5
1
2
\nInterest receivable on foreign exchange swaps
\u2013
\u2013
3
\nFair value gain on hedge ineffectiveness
22
\u2013
\u2013
\nHyperinflation accounting adjustment
22
3
\u2013
\nInterest on net defined benefit asset
A10
\u2013
\u2013
1
\nTotal finance income
49
4
6
\nAdjusted interest
\nAdjusted interest is calculated by adjusting the reported finance income and costs by the net interest from amortisation of discount on legacy
\nprovisions and by hedge accounting recognised in other comprehensive income. Fair value is equal to carrying value for all cash and cash
\nequivalents.
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nFinance cost
79
34
\nFinance income
(49)
(4)
\nAdd back:
\nAmortisation of discount on legacy provisions
(3)
\u2013
\nGain on hedge accounting recognised in finance income/cost
21
4
\nAdjusted interest
48
34",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30694": {
"value": "C9. Finance income Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nBank interest received
5
1
2
\nInterest receivable on foreign exchange swaps
\u2013
\u2013
3
\nFair value gain on hedge ineffectiveness
22
\u2013
\u2013
\nHyperinflation accounting adjustment
22
3
\u2013
\nInterest on net defined benefit asset
A10
\u2013
\u2013
1
\nTotal finance income
49
4
6
\nAdjusted interest
\nAdjusted interest is calculated by adjusting the reported finance income and costs by the net interest from amortisation of discount on legacy
\nprovisions and by hedge accounting recognised in other comprehensive income. Fair value is equal to carrying value for all cash and cash
\nequivalents.
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nFinance cost
79
34
\nFinance income
(49)
(4)
\nAdd back:
\nAmortisation of discount on legacy provisions
(3)
\u2013
\nGain on hedge accounting recognised in finance income/cost
21
4
\nAdjusted interest
48
34",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30777": {
"value": "C10. Adjusted Cash Flow and Free Cash Flow 2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nOperating profit
317
347
294
\nAdjustments for:
\n\u2013 Depreciation and impairment of property, plant and equipment
148
128
132
\n\u2013 Depreciation and impairment of leased assets
106
78
78
\n\u2013 Amortisation and impairment of intangible assets (excluding computer software)
118
74
82
\n\u2013 Amortisation and impairment of computer software
22
17
19
\n\u2013 Other non-cash items
8
6
(1)
\nChanges in working capital (excluding the effects of acquisitions and exchange differences on
\nconsolidation):
\n\u2013 Inventories
(4)
(3)
(23)
\n\u2013 Contract costs
(10)
(5)
(2)
\n\u2013 Trade and other receivables
37
59
(19)
\n\u2013 Accrued income
(32)
\u2013
2
\n\u2013 Trade and other payables and provisions
(75)
(43)
78
\n\u2013 Contract liabilities
81
11
13
\nCash generated from operating activities
716
669
653
\nPurchase of property, plant and equipment
(153)
(128)
(130)
\nPurchase of intangible fixed assets
(37)
(32)
(23)
\nCapital element of lease payments and initial direct costs incurred
(104)
(88)
(83)
\nProceeds from sale of property, plant and equipment
5
7
6
\nCash impact of one-off and adjusting items
59
27
7
\nDividends received from associates
4
4
12
\nAdjusted Cash Flow
490
459
442
\nInterest received
13
5
8
\nInterest paid
(52)
(42)
(49)
\nIncome tax paid
(77)
(69)
(64)
\nFree Cash Flow
374
353
337
\nFree Cash Flow
\nThe Group aims to generate sustainable cash flow (Free Cash Flow) in order to support its acquisition programme and to fund dividend payments
\nto shareholders. Free Cash Flow is measured as net cash from operating activities, adjusted for cash flows related to the purchase and sale of
\nproperty, plant, equipment and intangible fixed assets, cash flows related to leased assets, cash flows related to one-off and adjusting items and
\ndividends received from associates. These items are considered by management to be non-discretionary, as continued investment in these
\nassets is required to support the day-to-day operations of the business. A reconciliation of\u00a0Free Cash Flow from net cash from operating activities
\nis provided in the table below:
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nNet cash from operating activities
600
563
\nPurchase of property, plant, equipment and intangible fixed assets
(190)
(160)
\nCapital element of lease payments and initial direct costs incurred
(104)
(88)
\nProceeds from sale of property, plant, equipment and software
5
7
\nCash impact of one-off and adjusting items
59
27
\nDividends received from associates
4
4
\nFree Cash Flow
374
353
\nAdjusted Free Cash Flow Conversion
\nAdjusted Free Cash Flow Conversion is calculated by dividing Adjusted Free Cash Flow by Adjusted Profit After Tax, expressed as a percentage.
\nAdjusted Free Cash Flow is measured as Free Cash Flow adjusted for product development additions and net investment hedge cash interest
\nthrough Other Comprehensive Income.
\n2022
\nAER
\n\u00a3m
\n2021
\nAER
\n\u00a3m
\nAdjusted Profit After Tax
427
336
\nFree Cash Flow
374
353
\nProduct development additions
10
7
\nNet investment hedge cash interest through Other Comprehensive Income
8
4
\nAdjusted Free Cash Flow
392
364
\nAdjusted Free Cash Flow Conversion
91.8%
108.3%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30975": {
"value": "D. OtherD1. Dividends
\nDividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s Financial Statements in the period in which the
\ndividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\n2020 final dividend paid \u2013 5.41p per share
\u2013
100
\u2013
\n2021 interim dividend paid \u2013 2.09p per share
\u2013
39
\u2013
\n2021 final dividend paid \u2013 4.30p per share
80
\u2013
\u2013
\n2022 interim dividend paid \u2013 2.40p per share
42
\u2013
\u2013
\n122
139
\u2013
\nAn interim dividend of 2.40p per share was paid on 12 September 2022 amounting to \u00a342m. A final dividend in respect of 2022 of 5.15p per share
\nis to be proposed at the Annual General Meeting on\u00a010 May 2023.
\nIn 2021 an interim dividend of 2.09p per share was paid on 13 September 2021 amounting to \u00a339m, and a final dividend in respect of 2021 of
\n4.30p per share was paid on\u00a018 May 2022.
\nThe aggregate amount of the proposed dividend to be paid out of retained earnings at 31 December 2022, but not recognised as a liability at year
\nend, is \u00a3130m (2021: \u00a380m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30979": {
"value": "Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s Financial Statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31015": {
"value": "D2. Share capital The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
\nAt\u00a0the year end the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
\nThe Company does not have a limited amount of authorised capital.
\nDuring the year, 656,206,920 new shares were issued in relation to the acquisition of Terminix Global Holdings, Inc. and 4,500,000 new shares
\nwere issued in relation to employee share schemes.
\nThe Company does not hold any shares in treasury.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIssued and fully paid
\nAt 31 December \u2013 2,520,039,885 shares (2021: 1,859,332,965)
25
19 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31016": {
"value": "D2. Share capital The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
\nAt\u00a0the year end the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
\nThe Company does not have a limited amount of authorised capital.
\nDuring the year, 656,206,920 new shares were issued in relation to the acquisition of Terminix Global Holdings, Inc. and 4,500,000 new shares
\nwere issued in relation to employee share schemes.
\nThe Company does not hold any shares in treasury.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIssued and fully paid
\nAt 31 December \u2013 2,520,039,885 shares (2021: 1,859,332,965)
25
19",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31020": {
"value": "The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation. At\u00a0the year end the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
\nThe Company does not have a limited amount of authorised capital.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31039": {
"value": "D3. Contingent liabilities The Group has contingent liabilities relating to guarantees in respect of leasehold properties, pensions, third parties, environmental issues,
\ntax\u00a0and litigation. The possibility of any significant outflows in respect of these items is considered to be remote. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31045": {
"value": "D4. Related party transactions Subsidiaries
\nAll transactions between Group subsidiaries were transacted at arm\u2019s length during the ordinary course of business and have been eliminated on
\nconsolidation, along with any outstanding balances, and accordingly are not disclosed in this note.
\nKey management personnel
\nThe Group\u2019s strategy and policy are managed by the Executive Leadership Board. Their compensation and the compensation payable to the
\nNon-Executive Directors is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nSalaries and other short-term employee benefits
7
6
8
\nPost-employment benefits
\u2013
1
\u2013
\nShare-based payments
5
3
2
\n12
10
10
\nJoint ventures and associate entities
\nNippon Calmic Ltd (49%), Boecker Public Safety Services \u2013 Qatar W.L.L. (24.5%) and Boecker Public Health Services Limited (30%) were
\nassociates during 2021 and 2022. Boecker Public Safety Services \u2013 Qatar W.L.L. and Boecker Public Health Services Limited became associate
\nentities when they were acquired by the Group on 3 August 2021. In addition the Group acquired investments in associates based in China with
\nthe Terminix acquisition on 12 October 2022 as follows: Fujian Xunke Pest Control Company Limited (30%), Guangdong Vircon Pest Management
\nCompany Limited (30%), Ningbo Yuying Vector Control Company Limited (30%) and Guangdong New Hope City Pest Control Company Limited
\n(30%). All balances related to associates are disclosed in Note B6.
\nThere are no significant transactions between associate entities and other Group companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31051": {
"value": "Key management personnel The Group\u2019s strategy and policy are managed by the Executive Leadership Board. Their compensation and the compensation payable to the
\nNon-Executive Directors is shown below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020
\n\u00a3m
\nSalaries and other short-term employee benefits
7
6
8
\nPost-employment benefits
\u2013
1
\u2013
\nShare-based payments
5
3
2
\n12
10
10",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31078": {
"value": "Joint ventures and associate entities Nippon Calmic Ltd (49%), Boecker Public Safety Services \u2013 Qatar W.L.L. (24.5%) and Boecker Public Health Services Limited (30%) were
\nassociates during 2021 and 2022. Boecker Public Safety Services \u2013 Qatar W.L.L. and Boecker Public Health Services Limited became associate
\nentities when they were acquired by the Group on 3 August 2021. In addition the Group acquired investments in associates based in China with
\nthe Terminix acquisition on 12 October 2022 as follows: Fujian Xunke Pest Control Company Limited (30%), Guangdong Vircon Pest Management
\nCompany Limited (30%), Ningbo Yuying Vector Control Company Limited (30%) and Guangdong New Hope City Pest Control Company Limited
\n(30%). All balances related to associates are disclosed in Note B6.
There are no significant transactions between associate entities and other Group companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31079": {
"value": "Joint ventures and associate entities Nippon Calmic Ltd (49%), Boecker Public Safety Services \u2013 Qatar W.L.L. (24.5%) and Boecker Public Health Services Limited (30%) were
\nassociates during 2021 and 2022. Boecker Public Safety Services \u2013 Qatar W.L.L. and Boecker Public Health Services Limited became associate
\nentities when they were acquired by the Group on 3 August 2021. In addition the Group acquired investments in associates based in China with
\nthe Terminix acquisition on 12 October 2022 as follows: Fujian Xunke Pest Control Company Limited (30%), Guangdong Vircon Pest Management
\nCompany Limited (30%), Ningbo Yuying Vector Control Company Limited (30%) and Guangdong New Hope City Pest Control Company Limited
\n(30%). All balances related to associates are disclosed in Note B6.
There are no significant transactions between associate entities and other Group companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31112": {
"value": "D5. Government grants In response to the global COVID-19 pandemic there were a number of government schemes made available providing wage subsidies for
\ncompanies that had to shut or scale down operations. The government schemes have different conditions attached to them depending on the
\ncountry in which they are available. The Group presents the grants by deducting from the related expense, which in this case\u00a0is\u00a0the employee
\nbenefit expense. The Group received a total wage subsidy of \u00a31m in 2022 (2021: \u00a31m; 2020: \u00a314m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31120": {
"value": "D6. Post balance sheet events There have been no significant post balance sheet events affecting the Group since 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31147": {
"value": "Related Undertakings Subsidiaries and other associated undertakings at 31 December 2022
\nSubsidiaries:
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nArgentina
\nCalle 70 No. 2720, Necochea city, Province of Buenos Aires, Argentina
\nEcotec Interoc\u00e9anica S.A.
\n3
\nOrdinary
100%
\nAustralia
\nUnit A1, 3-29 Birnie Avenue, Lidcombe Business Park, Lidcombe
\nNSW 2141, Australia
\nCannon Hygiene Australia Pty Limited
Ordinary
100%
\nGreen Fingers Plant Hire Pty Limited
Ordinary
100%
\nKnock Out Pest Control Pty Limited
Ordinary
100%
\nPest Away Australia Pty Limited
Ordinary
100%
\nRentokil Australia Pty Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Pty Limited
Ordinary
100%
\nRentokil Initial Pty Limited
Ordinary
100%
\nRentokil Pest Control (QLD) Pty Limited
Ordinary
100%
\nRentokil Pest Holdings Pty Limited
Ordinary
100%
\nRentokil Pty Limited
Ordinary
100%
\nPreference
100%
\nAustria
\nBrown-Boveri-Stra\u00dfe 8/2/8, 2351, Wiener Neudorf, Austria
\nRentokil Initial GmbH
Ordinary
100%
\nFehringer Strabe 45, 8280 Furstenfeld, Austria
\nVarmintex GmbH
\n3
\nOrdinary
100%
\nBahamas
\nCorporate Services International, 308 East Bay Street, Nassau,
\nPO Box N-7527, Bahamas
\nRentokil Initial (Bahamas) Limited
Ordinary
100%
\n5th Terrace Centreville, PO Box N-1388 Nassau, New Providence,
\nBahamas
\nTropical Exterminators Limited
Common
100%
\nTropical Exterminators (Holdings) Limited
Common
100%
\nBarbados
\nOne Welches, Welches St Thomas, Barbados
\nRentokil Initial (Barbados) Limited
Ordinary
100%
\nBelgium
\nBrandekensweg 2, Schelle, 2627, Belgium
\nInitial Belux N.V.
Ordinary
100%
\nAmbius N.V.
Ordinary
100%
\nRentokil N.V.
Ordinary
100%
\nBrazil
\nCarlos de Laet, 3.443 Street, Boqueir\u00e3o, Curitiba, Paran\u00e1, 81650-040,
\nBrazil
\nUni\u00e3o Sul Controle de Pragas Ltda ME
Ordinary
100%
\nAvenida Afonso Pena, n\u00ba 808, Santos, 11020-004, Brazil
\nAtiva Controle Ambiental Ltda
\n3
\nOrdinary
100%
\nEcotec Brasil Tratamentos Fitossanit\u00e1rios
\nLtda
\n3
\nOrdinary
100%
\nAvenida Ceci 348 Predio Anexo, Tambor\u00e9, S\u00e3o Paulo, Brazil
\nRentokil Initial Do Brasil Ltda
Ordinary
100%
\nRua Professor Jos\u00e9 Vieira de Mendon\u00e7a, 770 Sala 308, Belo
\nHorizonte, Estado de Minas Gerais, Brazil
\nEcovec Com\u00e9rcio e Licenciamento de
\nTecnologias ltda
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nBrunei Darussalam
\nUnit D1 & D1-1 Block D, Bangunan Hj Lajim & Anak-anak, Kg Kiarong
\nBandar Seri Begawan Brunei Darussalam, BE1318, Brunei Darussalam
\nRentokil Initial (B) Sdn Bhd
Ordinary
90%
\nCanada
\n3325 North Service Road, Burlington, ON L7N 3G2, Canada
\nDirect Line Sales Ltd.
Class A
100%
\nClass B
100%
\n8699 Escarpment Way, Milton, ON L9T 0J5, Canada
\nResidex Canada Inc.
Common
100%
\nSuite 900, 1959 Upper Water Street, Halifax, NS B3J 2X2, Canada
\nRentokil Canada Corporation
Class A
100%
\nClass B
100%
\n1222 Lesperance Road, Tecumseh ON N8N 1X5, Canada
\nCopesan Services Canada Inc.
\n3
\nInterest
100%
\n243-945 av. Newton, Qu\u00e9bec G1P4M3, Canada
\nTerminix Canada Ltd.
\n3
\nCommon
100%
\n1600 \u2013 925 West Georgia Street, Vancouver BC V6C 3L2, Canada
\n0925322 B.C. Ltd.
\n3
\nCommon
\nPreferred
\n100%
\n100%
\nChile
\nAv. V\u00edctor Uribe No 2080 Quilicura Santiago, Chile
\nIngeclean S.A
Ordinary
100%
\nSan Martin, Los \u00c1ngeles, N\u00b0 399, Chile
\nPlaguisur Limitada
Ordinary
100%
\nGalvarino 8481, Bodega 3, Quilicura, Santiago, Chile
\nComercializadora de Insumos y Servicios
\nMauco Limitada
\nSocial Rights
100%
\nEl Trapiche No.1322, Galp\u00f3n No.4, Codominio Pacific, Coquimbo, Chile
\nControl de Plagas Hidalgo Y Rodriguez
\nLimitada
\nOrdinary
100%
\nEl Salto 4001, piso 9, Huechuraba, Santiago, Chile
\nIngenier\u00eda en Sanitizaci\u00f3n S.A
Ordinary
100%
\nVictor Uribe N\u00b0 2080, Quilicura, Santiago, Chile
\nRentokil Initial Chile SpA
Ordinary
100%
\nAv. El Bosque PC 12 Lo Boza dpto, B05 Pudahuel, Santiago, Chile
\nDesan SPA
\n3
\nOrdinary
100%
\nAv. La Dehesa 1201 Of 836 Lo Barnechea \u2013 Santiago, Chile
\nAsesores en Sanidad Vegetal y Ambiental
\nLimitada
\n3
\nSpecial
100%
\nColombia
\nCr 42A 80B 07, Barranquilla, Colombia
\nColplagas S.A.S
Ordinary
100%
\nCalle 135 #47-71, Bogota, 1019, Colombia
\nContinental De Fumigaciones S.A.S
Ordinary
100%
\nCalle 33, No 56 36 Bello, Antioquia, Colombia
\nFumigax S.A.S
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nColombia continued
\nCalle 93# 11A \u2013 28 office 303, Bogot\u00e1, Colombia
\nRentokil Initial Colombia S.A.S
Common
100%
\nCr 20 No 162-11, Colombia
\nFumigaciones Young S.A.S
\n3
\nOrdinary
100%
\nCosta Rica
\nAvenida 18, calles 17 y 19, edificio 47, Barrio Luj\u00e1n, San Jos\u00e9,
\nCosta Rica
\nFumigadora Control Tecnico De Plagas S.A.
Common
100%
\nThe Mill Residential, from Asembis, 200 meters South, 25 meters
\nWest, 75 meters Southwest, Cartago, Costa Rica
\nDecolim Limitada
\n3
\nCommon
100%
\nCura\u00e7ao
\nParke Comersial Korsow, A 24 Veeris, 102077, Cura\u00e7ao
\nChuchubi Pest Control N.V.
Ordinary
100%
\nCzech Republic
\nPraha 2, Vy\u0161ehradsk\u00e1 1349/2, Prague, PS\u010c 12800, Czech Republic
\nRentokil Initial s.r.o.
Ordinary
100%
\nDenmark
\nPaul Bergs\u00f8es Vej 22, 2600 Glostrup, Denmark
\nRentokil Initial A/S
Ordinary
100%
\nDominican Republic
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nOliver Exterminating Dominicana Corp.
Common
100%
\nEl Salvador
\nAvenida Calzada Guarda Barranco Urbanizacion, Lomas de Altamira,
\n#14 Pasaje Clarineros, Central America, El Salvador
\nSagrip S.A. de C.V.
Ordinary
100%
\nEstonia
\nTuri Str. 3/1, 11313, Tallinn, Estonia
\nRentokil O\u00fc
Ordinary
100%
\nEswatini
\nUmkhiwa House, Lot 195, Kal Grant Street, Mbabane, Eswatini
\nRI Swaziland (Pty) Limited
Ordinary
100%
\nFiji
\nLot 5, Kaua Road, Suva, Fiji
\nRentokil Initial Pte Limited
Ordinary
100%
\nFinland
\nTikkurilantie 10 Vantaa, Finland, 01380, Finland
\nRentokil Initial Oy
Ordinary
100%
\nFrance
\n6 Rue Livio, 67100 Strasbourg, France
\nCAWE FTB Group SAS
Ordinary
100%
\n13-27 avenue Jean Moulin, 93240 Stains, France
\nAmbius SAS
Ordinary
100%
\nRentokil Initial Environmental Services SAS
Ordinary
100%
\nRentokil Initial SAS
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n145 rue de Billancourt, 92100 Boulogne Billancourt, France
\nInitial Hygiene Services SAS
Ordinary
100%
\nInitial SAS
Ordinary
100%
\nRentokil Initial Holdings (France) SA
Ordinary
100%
\nSCI Gravigny
Ordinary
100%
\nSCI Vargan
Ordinary
100%
\nZ.A. des Quatre Chemins, BP 21, 95540 Mery-sur-Oise, France
\nTechnivap SAS
Ordinary
100%
\nZA Bertoire II 14, avenue Ren\u00e9 Dumont, 13410, LAMBESC, France
\nABAIPRO
\n3
\nOrdinary
100%
\nFrench Guiana
\nPAE de Degrad des cannes, Remire-Montjoly, 97354, French Guiana
\nRentokil Initial Guyane Sarl
Ordinary
100%
\nGermany
\nAn der Ziegelei, 47 27383, Schee\u00dfel-Westerholz, Germany
\nS & A Service und Anwendungstechnik
\nGmbH
\nOrdinary
100%
\nHeuesch 1, 49808 Lingen (Ems), Germany
\nRentokil Holdings GmbH
Ordinary
100%
\nRentokil Initial GmbH & Co. KG
Ordinary
100%
\nRentokil Initial Beteiligungs GmbH
Ordinary
100%
\nSeemann Sch\u00e4dlingsbek\u00e4mpfung und
\nHolzschutz GmbH & Co.KG
\n3
\nOrdinary
100%
\nPiderits Bleiche 11, 33689, Bielefeld, Germany
\nMedentex GmbH
Ordinary
100%
\nRentokil Dental GmbH
Ordinary
100%
\nAmselweg 20, 87480, Weitnau, Germany
\nG.S.D. Gesellschaft f\u00fcr
\nSch\u00e4dlingsbek\u00e4mpfung u.
\nDesinfektion\u00a0mbH
\n3
\nOrdinary
100%
\nWittener Str. 56, 44789 Bochum, Germany
\nPreventa Sch\u00e4dlingsbek\u00e4mpfung GmbH
\n3
\nOrdinary
100%
\nGhana
\n43 Cashew Road, Okpoi, Accra, Ghana
\nRentokil Initial (Ghana) Limited
Ordinary
100%
\nGreece
\n7 Aristotelous Street, Tavros, Athens 177 78, Greece
\nRentokil Initial Hellas EPE
Ordinary
100%
\nGuadeloupe
\n131 ZA de Calbassier, Basse-Terre, 97100, Guadeloupe
\nSOS Guadeloupe Sarl
Ordinary
100%
\n7 All\u00e9e des Papillon, Dothemare, 97139 Abymes, Guadeloupe
\nRentokil Initial Guadeloupe Sarl
Ordinary
100%
\nGuatemala
\n9 Av. 39-97, Zona 8, Ciudad Guatemala, Guatemala
\nServicios Agricolas Profesionales S.A.
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nGuernsey
\nPO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET,
\nGuernsey
\nFelcourt Insurance Company Limited
Ordinary
100%
\nGuyana
\nLot 8, Charles and Drysdale Streets, Charlestown, Georgetown,
\nGuyana
\nRentokil Initial Guyana Limited
Ordinary
100%
\nHonduras
\nDepartamento de Cortes, San Pedro Sula, Honduras
\nSagrip Honduras S.A.
Nominative
100%
\nColonia Palmira, Avenida Republica de Argentina, N 2017, Tegucigalpa
\nHonduras, 11101, Honduras
\nCompania de Servicios e Inversiones
\nSVM Honduras, S. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Olympus,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Progressive,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Technicians,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Vanguard,
\nS. de R.L.
\n3
\nOrdinary
100%
\nHong Kong
\n23/F Westin Centre, 26 Hung To Rd, Kwun Tong, Hong Kong
\nRentokil Hong Kong Investment Limited
Ordinary
100%
\nRentokil Initial Hong Kong Limited
Ordinary
100%
\nIndia
\n2nd floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon (West), Mumbai 400104, India
\nRentokil Initial Hygiene India Private Limited
Ordinary
100%
\nVilla No. 3, Crescent Village, Candolim, Goa, 403515, India
\nPCI Pest Control Private Limited
Ordinary
57%
\n2nd Floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon West, Mumbai Maharashtra, 400 104, India
\nCorporate Millennium Hygiene Solutions
\nPrivate Limited
\nOrdinary
100%
\nIndonesia
\nSouth Quarter Tower B, Lantai 21, Unit E,F,G,H. JI. R.A., Kartini Kav. 8,
\nRT. 010/RW. 004 Kel. Cilandak Barat, Kec Cilandak, Jakarta Selatan,
\nIndonesia
\nPT Calmic Indonesia
Common
100%
\nPT Rentokil Indonesia
Common
100%
\nGedung JDC Lt.6, Jl. Gatot Subroto Kav. 53 Petamburan, Tanah Abang,
\nJakarta, Pusat, Indonesia
\nPT Wesen Indonesia
Ordinary
100%
\nIsrael
\n13 Hadid 7313500, Israel
\nEitan Amichai Pest Management IPM Ltd
\n3
\nOrdinary
100%
\nYarokologi Ltd
\n3
\nOrdinary
100%
\nItaly
\nVia Laurentina, km. 26, 500 157 a/c 00071 Pomezia, Italy
\nRentokil Initial Italia SpA
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nJamaica
\n39-41 Second Street, Newport West, Kingston 13, Jamaica
\nRentokil Initial (Jamaica) Limited
Ordinary
100%
\nJordan
\nAmman, Jabal AlHussien, Al Lud Str. 37 \u2013 1st floor, Jordan
\nArena Public Health Co.
Ordinary
100%
\nKenya
\nUnit 5 Sameer Industrial Park, Road C, Off Enterprise Road Industrial
\nArea, Nairobi, Kenya
\nRentokil Initial Kenya Limited
Ordinary
100%
\nLebanon
\nAdonis Building, Bechara el Khoury, Beirut, Lebanon
\nBoecker Public Health SAL
Ordinary
100%
\nPlot no. 3309, Ain El Remmaneh, Beirut, Lebanon
\nBoecker World (Holding) SAL
Ordinary
100%
\nBoecker International SAL (Offshore)
Ordinary
100%
\nLesotho
\nNio. 7 Arrival Centre Kofi Annan Road, Maseru, 100, Lesotho
\nRentokil Initial (Pty) Limited
Ordinary
100%
\nLibya
\nJanzour, Tripoli, Libya
\nRentokil Delta Libya for Environmental
\nProtection JSCO
\nOrdinary
65%
\nLithuania
\nDrob\u0117s g. 62, LT-45181, Kaunas, Lithuania
\nDezinfa, UAB
Ordinary
100%
\nLuxembourg
\nRue de la Chapelle 47, 4967 Clemency, Luxembourg
\nR-Control D\u00e9sinfections SA
Ordinary
100%
\nRentokil Luxembourg S\u00e0rl
Ordinary
100%
\n6 rue Eug\u00e8ne Ruppert, Luxembourg, L \u2013 2453, Luxembourg
\nSVM Finance Luxembourg 1 S.a.r.l.
\n3
\nOrdinary
100%
\nSVM Finance Luxembourg 2 S.a.r.l.
\n3
\nOrdinary
100%
\nMalawi
\nPlot No. LE 377, Patridge Avenue, Limbe, PO Box 5135, Malawi
\nRentokil Initial Limited
Ordinary
100%
\nMalaysia
\nLevel 8 Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46,
\nPetaling Jaya, 47301 Selangor Darul, Selangor, Malaysia
\nRentokil Initial (M) Sdn Bhd
Ordinary
100%
\nUFTC Sdn Bhd
Ordinary
100%
\nMaldives
\nNo. 6-A, Faamudheyrige Building, Orchid Magu, Repu, Mal\u00e9, Maldives
\nRentokil Initial Maldives (Pvt) Ltd
Preferential
\nShares
\n60%
\nMartinique
\nSoudon, Le Lamentin 97232, Martinique
\nRentokil Initial Martinique Sarl
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nMexico
\nJuan \u00c1lvarez 482, Centro, 64000 Monterrey, N.L., Mexico
\nBalance Urbano Control de Plagas S.A. de C.V. Ordinary
100%
\nSauce 29, Col. Santa Maria La Ribera, Cuauhtemoc, CDMX, 06400,
\nMexico
\nControl Vifer, S.A. de C.V.
\n3
\nOrdinary
100%
\nServicios de Plagas Terminix, S.A. de C.V.
\n3
\nOrdinary
100%
\nTerminix International S.A. de C.V.
\n3
\nOrdinary
100%
\nCalle 29, No. 210 Col. Garcia Gineres, Merida, Yucat\u00e1n, 97070, Mexico
\nPersonal Profesional de Pesticidas S.A.
\nde\u00a0C.V.
\n3
\nOrdinary
100%
\nMozambique
\nAvenida da Namaacha, kilometro 6, Residencial Mutateia, Cidade da
\nMatola, Mozambique
\nRentokil Initial Mozambique Limitada
Ordinary
100%
\nNetherlands
\nImpact 6, 6921 RZ Duiven, Netherlands
\nAmbius B.V.
Ordinary
100%
\nOude Middenweg 75, 2491 AC Den Haag, 1191 BN Ouderkerk, Den
\nHaag, Netherlands
\nBET Finance B.V.
Ordinary
100%
\nBET (Properties) B.V.
Ordinary
100%
\nRentokil Initial International B.V.
Ordinary
100%
\nRentokil Initial Finance B.V.
\n3
\nOrdinary
100%
\nOude Middenweg 77, Ac Den Haag, NL-2491, Netherlands
\nUK Address: Compass House, Manor Royal, Crawley, RH10 8PY
\nRentokil Initial Overseas (Holdings) B.V.
Ordinary
100%
\nB.V. Rentokil Funding
Ordinary
100%
\nRavenswade 54-s, 3439 Nieuwengein, LD, Netherlands
\nRentokil Initial B.V.
Ordinary
100%
\nFrontstraat 1a, 5405 AK Uden, Netherlands
\nHolland Reconditionering B.V.
Ordinary
100%
\nNew Zealand
\nLevel 1, 89 Carbine Road Mount Wellington, Auckland 1060, New
\nZealand
\nRentokil Initial Limited
Ordinary
100%
\nNorway
\nSanitetsveien 17, Skjetten, Lillestr\u00f8m, 2013, Norway
\nNokas Skadedyrkontroll AS
Ordinary
100%
\nSkadedyrbutikken AS
Ordinary
100%
\nSanitetsveien 17, Postboks 84, SKJETTEN 2026, Norway
\nRentokil Initial Norge AS
Ordinary
100%
\nPakistan
\nS-2 Commercial, 2nd Floor, Lalik Jan Chowk, Phase II, Lahore,
\nCantonment, Punjab, Pakistan
\nC-Shine Sustainable Solutions (Private)
\nLimited
\n3
\nOrdinary
70%
\nPeople\u2019s Republic of China
\nEast 2nd Floor, No. 460 Wenyi West Road, Xihu District, China
\nHangzhou Research Institute of Profume
\nFumigation Co. Ltd.
\nOrdinary
80%
\nRoom 103, Building 2, Yuzhongxili#42, Beijing, China
\nRentokil Initial (China) Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nPeru
\nCalle 23 Mza. Z-1 Lote 9 Villa El Salvador
\nIngeclean Peru Sociedad Anonima Cerrada
Ordinary
100%
\nPhilippines
\nNo. 73 Elisco Road, Bo, Kalawaan, Pasig City 1600, Philippines
\nRentokil Initial (Philippines) Inc
Ordinary
100%
\nPoland
\nUl. Jana Pawla Woronicza, Nr 31, Lok. 78, 02-640 Warszawa, Poland
\nRentokil Polska Sp. z.o.o.
Ordinary
100%
\nUl. D\u0105browskiego 44, 50-457, Wroc\u0142aw, Poland
\nVaco Sp. z.o.o
\n3
\nOrdinary
100%
\nPortugal
\nEN 115, Km 78,67, 2664-502, S\u00e3o Juli\u00e3o do Tojal, Portugal
\nRentokil Initial Portugal \u2013 Servi\u00e7os de
\nProtec\u00e7\u00e3o Ambiental Limitada
\nOrdinary
100%
\nPuerto Rico
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nRentokil of Puerto Rico, Inc
Common
100%
\nRepublic of Ireland
\nHazel House, Millennium Park, Naas, County Kildare W91P XP3,
\nIreland
\nCannon Hygiene International Limited
Ordinary
100%
\nInitial Medical Services (Ireland) Limited
Ordinary
100%
\nRentokil Initial Holdings (Ireland) Limited
Ordinary
100%
\nRentokil Initial Limited
Ordinary
100%
\n15 Oxford Lane, Dublin 6, Ranelagh, Dublin, D06 W5K2, Ireland
\nPest Pulse Limited
\n3
\nOrdinary
100%
\nOpposite Rosary Place, Castleredmond, Midleton Co. Cork, Midleton,
\nCork
\nRonaldon Limited
\n3
\nOrdinary
100%
\nSaudi Arabia
\nSuleimaniyah, King Abdelaziz Road, Riyadh, Saudi Arabia
\nBoecker Public Health Saudia Company
\nLimited
\nOrdinary
100%
\nPO Box 30164, Office No. 401, 4th Floor, Al Tamimi Building, Al Khobar,
\nNorth Al Khobar 31952, Saudi Arabia
\nRentokil Saudi Arabia Limited O.P.C
Ordinary
100%
\nSingapore
\nNo. 16 & 18 Jalan Mesin, 368815, Singapore
\nRentokil Initial Singapore Private Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Management
\nPte\u00a0Limited
\nOrdinary
100%
\n77 Robinson Road, #13-00 Robinson 77, 068896, Singapore
\nSVM Services (Singapore) Pte. Ltd.
\n3
\nOrdinary
100%
\nSlovakia
\nKopcianska 10, 851 01 Bratislava, Slovakia
\nRentokil Initial s.r.o.
Ordinary
100%
\nSouth Africa
\n2 Stigant Road, Claremont, Cape Town 7708, South Africa
\nNewshelf 1232 Pty Limited
Preference
100%
\nRentokil Initial (Dikapi) JV Pty Limited
Ordinary
59%
\nRentokil Initial (Proprietary) Limited
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nSouth Africa continued
\nUnit D12 Connaught Park, Riley Road, Beaconvale, Parow 7000,
\nSouth\u00a0Africa
\nCannon Hygiene (SA) Proprietary Limited
Ordinary
100%
\nSouth Korea
\n2nd Floor, Korea Disaster Relief Association, 371-19 Sinsu-Dong,
\nMapo-Gu, Seoul 121-856, Republic of Korea
\nRentokil Initial Korea Limited
Common
100%
\nSpain
\nBarrio Campo de Eiro 100 bajo, Pereira.Mos, 36419, Pontevedra, Spain
\nOfficina De Tratamiento De Plagas S.L.
Ordinary
100%
\nC/Pino Tea Nave, 41016, Sevilla, Spain
\n3D Pest Control S.L.
\n3
\nOrdinary
100%
\nPlaza Ovidi Montllor 1 \u2013 2, bajos 1\u00aa, El Prat de Llobregat, 08206,
\nBarcelona, Spain
\nCogest BCN Ambiental, S.L.
\n3
\nOrdinary
100%
\nPol\u00edgono Industrial La Plan, Crta. BP5107 km 44,1/, Ctra. Llinar a la
\nGarriga, 08458, Sant Pere de Vilamajor, Barcelona, Spain
\nDeterco S.L.
\n3
\nOrdinary
100%
\nCalle Mar Mediiterr\u00e1neo 1, 28830 San Fernando de Henares (Madrid),
\nSpain
\nInitial Gaviota SAU
Ordinary
100%
\nRentokil Initial Espa\u00f1a S.A.
Ordinary A
100%
\nOrdinary B
100%
\nOrdinary C
100%
\nPol\u00edgono Industrial \u201cPla de Vallonga\u201d, Calle Meteorito, 59 \u2013 Alicante,
\nSpain
\nLokimica S.A.
\n3
\nOrdinary
100%
\nCalle de la Nena Casas, 71, 08017, Barcelona, Spain
\nServicios Depec S.L.
\n3
\nOrdinary
100%
\nSri Lanka
\nNo. 307, Negombo Road, Peliyagoda, Sri Lanka
\nRentokil Initial Ceylon (Private) Limited
Ordinary
100%
\nSweden
\nAvestagatan 61, 163 53 Sp\u00e5nga, Sweden
\nAmbius AB
Ordinary
100%
\nRent a Plant Interessenter AB
Ordinary
100%
\nRentokil AB
Ordinary
100%
\nSweden Recycling AB
Ordinary
100%
\nTusbystr\u00e5ket 1B, 191 61, Sollentuna, Sweden
\nNomor AB
\n3
\nOrdinary
100%
\nNomor F\u00f6rs\u0103kring AB
\n3
\nOrdinary
100%
\nNomor Holding AB
\n3
\nOrdinary
100%
\nTerminix Nomor AB
\n3
\nOrdinary
100%
\nSwitzerland
\nHauptstrasse 3, 4625 Oberbuchsiten, Oberbuchsiten, Switzerland
\nRentokil Schweiz AG
Ordinary
100%
\nTaiwan
\n7F No.56 Lane 258, Rueiguang Rd, Neihu District, Taipei, 114 Taiwan,
\nProvince of China
\nInitial Hygiene Co Limited
Ordinary
100%
\nRentokil Ding Sharn Co Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nTanzania
\n1st Floor, Opal Place, 77 Haile Selassie Road, Masaki, P.O. Box 79651,
\nDar es Salaam, Tanzania
\nInitial Hygiene (T) Limited
Ordinary
100%
\nThailand
\n160 Vibhavadi Rangsit Road, Khwaeng Ratchadapisek, Khat Dindaeng,
\n10400, Thailand
\nCannon Pest Management Co. Limited
Ordinary
100%
\nRentokil Initial (Thailand) Limited
Ordinary
100%
\nTrinidad and Tobago
\nField no. 82, KK-LL Aranguez South, Trinidad and Tobago
\nRentokil Initial (Trinidad) Limited
Ordinary
100%
\nTunisia
\nZone Industrielle route de Moknine, 5080 Teboulba, Tunisia
\nCAP Tunis
Ordinary
100%
\nTurkey
\n1201, 1 Sokak No:2 K:3 D:301-302 Su Plaza Yeni\u015fehir, Konak, \u0130zmir,
\nTurkey
\nRentokil Initial \u00c7evre Sa\u011fl\u0131\u011f\u0131 Sistemleri
\nTicaret ve Sanayi A\u015e
\nOrdinary
100%
\nUganda
\nPlot No 2012, Kalinabiri Road, Ntinda Kampala, Uganda
\nRentokil Initial Uganda Limited
Ordinary
100%
\nUnited Arab Emirates
\nShop No.6, Jurf Industrial Zone 2, Ajman, United Arab Emirates
\nRentokil Pest Control LLC
Ordinary
100%
\nOffice number 1403, PO Box 41999, TECOM, Al Barsha Heights, Dubai,
\nUnited Arab Emirates
\nBoecker Food Safety LLC
Ordinary
100%
\nBoecker Pest Control LLC
Ordinary
100%
\nAl Hall Industrial, Fujairah, United Arab Emirates
\nBoecker Pest Control LLC \u2013 Fujairah
Ordinary
100%
\nAl Shafar Tower 1, 14th floor, office No. 1404, TECOM, Al Barsha
\nHeights, Dubai, United Arab Emirates
\nBoecker Public Health Pest Control
\nEquipment Trading LLC
\nOrdinary
100%
\nAl Suhyeen, Rolla, Office 205, Sharjah, United Arab Emirates
\nSpecialist Int. Pest Control LLC
Ordinary
100%
\n4th Floor, Suite No. 401, Oud Metha Office Building, Umm Hurair 2,
\nDubai, UAE
\nNational Pest Control LLC
Ordinary
100%
\nRentokil Initial Pest Control LLC
Ordinary
100%
\nUnited Kingdom
\nCompass House, Manor Royal, Crawley, RH10 9PY
\nAW Limited
Ordinary
100%
\nB.E.T. Building Services Limited
Ordinary
100%
\nBET Environmental Services Ltd
Ordinary
100%
\nBET (No.18) Limited
Ordinary
100%
\nDeferred
\nOrdinary
\n100%
\nBET (No.68) Limited
Ordinary
100%
\nBET Pension Trust Limited
Ordinary
100%
\nBPS Offshore Services Limited
\n1
\nOrdinary
100%
\nBroadcast Relay Service (Overseas) Limited
\n1
\nOrdinary
100%
\nCastlefield House Limited
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nUnited Kingdom continued
\nChard Services Limited
Ordinary
100%
\nCHL Legacy Limited
\n1
\nOrdinary
100%
\nDudley Industries Limited
Ordinary
100%
\nEnigma Laundries Limited
Ordinary
100%
\nEnigma Services Group Limited
Ordinary
100%
\nEnviro-Fresh Limited
Ordinary
100%
\nEnvironmental Contract Services Limited
\n1
\nOrdinary
100%
\nEuroguard Technical Services Limited
Ordinary
100%
\nGrayston Central Services Limited
Ordinary
100%
\nHometrust Limited
Ordinary
100%
\nInitial Limited
Ordinary
100%
\nInitial Medical Services Limited
Ordinary
100%
\nOpel Transport & Trading Company Limited
Ordinary
100%
\nPeter Cox Limited
Ordinary-A
100%
\nPlant Nominees Limited
Ordinary
100%
\nProkill (UK) Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nProkill Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nRapid Washrooms Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nRentokil Dormant (No. 6) Limited
Ordinary
100%
\nRentokil Initial (1896) Limited
Ordinary
100%
\nRentokil Initial (1993) Limited
\n1
\nOrdinary
100%
\n6% Non-
\nRedeemable
\nPreference
\n100%
\nRentokil Initial 1927 plc
Ordinary
100%
\nAUD
\nRedeemable
\nPreference
\n100%
\nCAD
\nRedeemable
\nPreference
\n100%
\nCLP
\nRedeemable
\nPreference
\n100%
\nDKK
\nRedeemable
\nPreference
\n100%
\nEUR
\nCumulative
\nPreference
\n(Non-
\nRedeemable)
\n100%
\nIDR
\nRedeemable
\nPreference
\n100%
\nILS
\nRedeemable
\nPreference
\n100%
\nNOK
\nRedeemable
\nPreference
\n100%
\nNZD
\nRedeemable
\nPreference
\n100%
\nUSD
\nRedeemable
\nPreference
\n100%
\nRentokil Initial Americas Limited
\n1
\nOrdinary
100%
\nRentokil Initial Asia Pacific Limited
\n1
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nRentokil Initial Brazil Limited
\n1
\nOrdinary
100%
\nRentokil Initial Finance Limited
\n1
\nOrdinary
100%
\nRentokil Initial Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Initial Investments South Africa
\n1
\nOrdinary
100%
\nRentokil Initial Pension Trustee Limited
Ordinary
100%
\nRentokil Initial Services Limited
Ordinary
100%
\nRentokil Initial UK Limited
Ordinary
100%
\nRentokil Insurance Limited
Ordinary
100%
\nRentokil Limited
\n1
\nOrdinary
100%
\nRentokil Overseas Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Property Care Limited
Ordinary
100%
\nRentokil Property Holdings Limited
\n1
\nOrdinary
100%
\nRI Dormant No.18 Limited
Ordinary
100%
\nRI Dormant No.20 Limited
Ordinary
100%
\nStratton House Leasing Limited
\n1
\nOrdinary
100%
\nSVM International Services Limited
\n1,3
\nOrdinary
100%
\nTarget Express Holdings Limited
Ordinary
100%
\nTarget Express Limited
Ordinary
100%
\nTarget Express Parcels Limited
Ordinary
100%
\nTEB Cleaning Services Limited
Ordinary
100%
\nThe Ca\u2019D\u2019Oro, 45 Gordon Street, Glasgow, G1 3PE, UK
\nIndustrial Clothing Services Limited
Ordinary
100%
\nConvertible
\nParticipating
\nPreference
\n100%
\nPest Protection Services (Scotland) Limited
Ordinary-A
100%
\nRI Dormant No.12 Limited
Ordinary
100%
\nWise Property Care Limited
Ordinary
100%
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nAnza, LLC
\n3
\nOrdinary
100%
\n101 Emerson Road, Milford, New Hampshire, 03055, USA
\nAirborne Vector Control LLC
Common
100%
\nCorporation Trust Center, 1209 Orange Street, Wilmington DE 19801,
\nUnited States
\nCDRSVM Holding, LLC
\n3
\nCommon
100%
\nCDRSVM Investment Holding, LLC
\n3
\nCommon
100%
\nRamac (US) LLC
\n3
\nInterest
100%
\nRentokil Initial US Holdings, Inc.
Common
100%
\nSecure Monthly Affordable Credit
\nCorporation
\n3
\nOrdinary
100%
\nSecure Monthly Affordable Credit Limited
\nPartnership
\n3
\nOrdinary
100%
\nSVM Honduran Service and Investments
\nCompany, LLC
\n3
\nInterest
100%
\nSVM Olympus Service Company, LLC
\n3
\nInterest
100%
\nSVM Progressive Service Company, LLC
\n3
\nInterest
100%
\nSVM Technicians Service Company, LLC
\n3
\nInterest
100%
\nSVM Vanguard Service Company, LLC
\n3
\nInterest
100%
\nTerminix Cares Fund, Inc.
\n3
\nInterest
100%
\nTerminix Consumer Services, LLC
\n3
\nInterest
100%
\nTerminix Holdings, LLC
Common
100%
\nTerminix International Holdings, Inc
\n3
\nInterest
100%
\nTerminix Management Corporation
\n3
\nInterest
100%
\nTerminix Receivables Company LLC
\n3
\nInterest
100%
\nThe Terminix Company, LLC
\n3
\nInterest
100%
\nThe Terminix Foundation
\n3
\nInterest
100%
\nTMX Holdco, Inc.
\n3
\nCommon
100%
\nW.B. McCloud & Co. Inc.
\n3
\nOrdinary
100%
\n1201 Peachtree Street, NE Suite 1240, Atlanta, GA 30361, United States
\nInitial Contract Services LLC
US$ Interests
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nAdvanced Pest Management Co, LLC
Common
100%
\nCygnet Enterprises, Inc (North Carolina)
Common
100%
\nCygnet Enterprises, Inc (Michigan)
Common
100%
\nCygnet Enterprises Northwest, Inc
Common
100%
\nCygnet Enterprises West, Inc
Common
100%
\nMedentex LLC
Common
100%
\nMississippi Mosquito Control, LLC
Interests
100%
\nMosquito Control of Lafourche, LLC
Interests
100%
\nMosquito Control Services, LLC
Interests
100%
\nMosquito Control Services of Florida, LLC
Interests
100%
\nMosquito Control Services of Georgia, LLC
Interests
100%
\nRentokil Initial Environmental Services LLC
Interests
100%
\nRentokil North America, Inc.
Ordinary
100%
\nRittiner Group, LLC
Interests
100%
\nSolitude Lake Management, LLC
Common
100%
\nSt. Charles Mosquito Control, LLC
Interests
100%
\nSt. John Mosquito Control, LLC
Interests
100%
\nTerrebonne Mosquito Control, LLC
Interests
100%
\nVector Disease Acquisition, LLC
Common
100%
\nSeries A
100%
\nSeries B
100%
\nVector Disease Control International, LLC
Common
100%
\n2540 Lawrenceville Hwy, Lawrenceville, GA 30044, United States
\nAsiatic Holdings LLC
Ordinary
100%
\nCreative Plantings Inc
Ordinary
100%
\nSteritech-Canada Inc.
Common
100%
\nUnited Transport America LLC
Interests
100%
\nVirginia Properties Inc
Ordinary
100%
\nPO Box 4510, 10 Free Street, Portland, ME 04112, United States
\nAsiatic Investments, Inc.
Ordinary
100%
\n150 Peabody Place, Memphis TN 38103-3720, United States
\nCopesan Services, Inc.
\n3
\nInterest
100%
\nThe Terminix International Company
\nLimited\u00a0Partnership
\n3
\nInterest
100%
\n1313 Miller Road, Greenville SC 29607, United States
\nGregory Pest Control, LLC
\n3
\nOrdinary
100%
\n100 Bank Street, Suite 610, Burlington VT 05401, United States
\nSteward Insurance Company
\n3
\nCommon
100%
\n860 Ridge Lake Blvd., Memphis TN 38120, United States
\nTerminix Gift, LLC
\n3
\nInterest
100%
\nUruguay
\nLa Paz, 1227, Departamento de Montevideo, Uruguay
\nLivelux S.A.
Ordinary
100%
\nChana, 2033, Departmento de Montevideo, Uruguay
\nLa Sanitaria S.A.
Ordinary
100%
\nVietnam
\n68 Hong Ha, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam
\nRentokil Initial (Vietnam) Company Limited
Ordinary
100%
\nVirgin Islands, U.S.
\nMerchants Financial Center, 4608 Tutu Park Mall, Suite 202,
\nSt\u00a0Thomas, Virgin Islands, 00802-1816, Virgin Islands, U.S.
\nTerminix International USVI, LLC
\n3
\nInterest
100%
\nAssociated undertakings:
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nPeople\u2019s Republic of China
\nB3, Xunmei Industrial Zone, Fengze District, Quanzhou City,
\nFujian\u00a0Province, China
\nFujian Xunke Pest Control Company
\nLimited
\n3
\nOrdinary
30%
\nNo.14 Wenguangtingjiao Road, Chaoyang District, Shantou City, China
\nGuangdong Vircon Pest Management
\nCompany Limited
\n3
\nOrdinary
30%
\nRoom (2-1), Unit 19, Xindian Xingzuo, Haishu District, Ningbo City,
\nZhejiang Province, China
\nNingbo Yuying Vector Control Company
\nLimited
\n3
\nOrdinary
30%
\nRoom 1005, Unit 1, Building1, No.1 Huangjin Road, Dongguan City,
\nGuangdong Province, China
\nGuangdong New Hope City Pest Control
\nCompany Limited
\n3
\nOrdinary
30%
\nEgypt
\nThird floor, Jupiter Building, B3, Majara Compound, Sheikh Zayed,
\nGiza, Egypt
\nServicePros S.A.E.
\n4
\nOrdinary
30%
\nFrance
\n41 Avenue de La Porte de Villiers, 92200 Neuilly-Sur-Seine, France
\nSCI Pierre Brossolette
Ordinary
26.247%
\nJapan
\nKyoritsu Seiyaku Building, 1-5-10 Kudan, Minami Chiyoda-Ku, Tokyo,
\nJapan
\nNippon Calmic Limited
Ordinary
49%
\nNigeria
\nOld Ojo Road, Off Badagry Expressway, Agboju, Lagos, 359/361,
\nNigeria
\nBoecker Public Health Services Limited
Ordinary
30%
\nNorway
\nVeverivegen 10, 2848 Skreia, Norway
\nSkadedyrkontroll \u00d8st
Ordinary
40%
\nQatar
\n16 A Al Mana Business Tower, Doha, Qatar
\nBoecker Public Safety Services \u2013 Qatar
\nW.L.L.
\nOrdinary
24.5%
\nUnited Kingdom
\nCompass House, Manor Royal, Crawley, RH10 9PY
\nHometrust Kitchens Limited
Ordinary
25%
\nTorchsound Properties Limited
\n1
\nOrdinary
50%
\n1.
As permitted by section 479A of the Companies Act 2006, the Company intends to take
\nadvantage of the audit exemption in relation to the individual accounts of these
\ncompanies.
\n2. The percentage of shares held by Group companies remains unchanged in 2022 for all
\ncompanies.
\n3. Acquired or incorporated by the Group in 2022.
\n4. Incorporated in 2022. Non-operational.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f31150": {
"value": "Subsidiaries and other associated undertakings at 31 December 2022 Subsidiaries:
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nArgentina
\nCalle 70 No. 2720, Necochea city, Province of Buenos Aires, Argentina
\nEcotec Interoc\u00e9anica S.A.
\n3
\nOrdinary
100%
\nAustralia
\nUnit A1, 3-29 Birnie Avenue, Lidcombe Business Park, Lidcombe
\nNSW 2141, Australia
\nCannon Hygiene Australia Pty Limited
Ordinary
100%
\nGreen Fingers Plant Hire Pty Limited
Ordinary
100%
\nKnock Out Pest Control Pty Limited
Ordinary
100%
\nPest Away Australia Pty Limited
Ordinary
100%
\nRentokil Australia Pty Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Pty Limited
Ordinary
100%
\nRentokil Initial Pty Limited
Ordinary
100%
\nRentokil Pest Control (QLD) Pty Limited
Ordinary
100%
\nRentokil Pest Holdings Pty Limited
Ordinary
100%
\nRentokil Pty Limited
Ordinary
100%
\nPreference
100%
\nAustria
\nBrown-Boveri-Stra\u00dfe 8/2/8, 2351, Wiener Neudorf, Austria
\nRentokil Initial GmbH
Ordinary
100%
\nFehringer Strabe 45, 8280 Furstenfeld, Austria
\nVarmintex GmbH
\n3
\nOrdinary
100%
\nBahamas
\nCorporate Services International, 308 East Bay Street, Nassau,
\nPO Box N-7527, Bahamas
\nRentokil Initial (Bahamas) Limited
Ordinary
100%
\n5th Terrace Centreville, PO Box N-1388 Nassau, New Providence,
\nBahamas
\nTropical Exterminators Limited
Common
100%
\nTropical Exterminators (Holdings) Limited
Common
100%
\nBarbados
\nOne Welches, Welches St Thomas, Barbados
\nRentokil Initial (Barbados) Limited
Ordinary
100%
\nBelgium
\nBrandekensweg 2, Schelle, 2627, Belgium
\nInitial Belux N.V.
Ordinary
100%
\nAmbius N.V.
Ordinary
100%
\nRentokil N.V.
Ordinary
100%
\nBrazil
\nCarlos de Laet, 3.443 Street, Boqueir\u00e3o, Curitiba, Paran\u00e1, 81650-040,
\nBrazil
\nUni\u00e3o Sul Controle de Pragas Ltda ME
Ordinary
100%
\nAvenida Afonso Pena, n\u00ba 808, Santos, 11020-004, Brazil
\nAtiva Controle Ambiental Ltda
\n3
\nOrdinary
100%
\nEcotec Brasil Tratamentos Fitossanit\u00e1rios
\nLtda
\n3
\nOrdinary
100%
\nAvenida Ceci 348 Predio Anexo, Tambor\u00e9, S\u00e3o Paulo, Brazil
\nRentokil Initial Do Brasil Ltda
Ordinary
100%
\nRua Professor Jos\u00e9 Vieira de Mendon\u00e7a, 770 Sala 308, Belo
\nHorizonte, Estado de Minas Gerais, Brazil
\nEcovec Com\u00e9rcio e Licenciamento de
\nTecnologias ltda
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nBrunei Darussalam
\nUnit D1 & D1-1 Block D, Bangunan Hj Lajim & Anak-anak, Kg Kiarong
\nBandar Seri Begawan Brunei Darussalam, BE1318, Brunei Darussalam
\nRentokil Initial (B) Sdn Bhd
Ordinary
90%
\nCanada
\n3325 North Service Road, Burlington, ON L7N 3G2, Canada
\nDirect Line Sales Ltd.
Class A
100%
\nClass B
100%
\n8699 Escarpment Way, Milton, ON L9T 0J5, Canada
\nResidex Canada Inc.
Common
100%
\nSuite 900, 1959 Upper Water Street, Halifax, NS B3J 2X2, Canada
\nRentokil Canada Corporation
Class A
100%
\nClass B
100%
\n1222 Lesperance Road, Tecumseh ON N8N 1X5, Canada
\nCopesan Services Canada Inc.
\n3
\nInterest
100%
\n243-945 av. Newton, Qu\u00e9bec G1P4M3, Canada
\nTerminix Canada Ltd.
\n3
\nCommon
100%
\n1600 \u2013 925 West Georgia Street, Vancouver BC V6C 3L2, Canada
\n0925322 B.C. Ltd.
\n3
\nCommon
\nPreferred
\n100%
\n100%
\nChile
\nAv. V\u00edctor Uribe No 2080 Quilicura Santiago, Chile
\nIngeclean S.A
Ordinary
100%
\nSan Martin, Los \u00c1ngeles, N\u00b0 399, Chile
\nPlaguisur Limitada
Ordinary
100%
\nGalvarino 8481, Bodega 3, Quilicura, Santiago, Chile
\nComercializadora de Insumos y Servicios
\nMauco Limitada
\nSocial Rights
100%
\nEl Trapiche No.1322, Galp\u00f3n No.4, Codominio Pacific, Coquimbo, Chile
\nControl de Plagas Hidalgo Y Rodriguez
\nLimitada
\nOrdinary
100%
\nEl Salto 4001, piso 9, Huechuraba, Santiago, Chile
\nIngenier\u00eda en Sanitizaci\u00f3n S.A
Ordinary
100%
\nVictor Uribe N\u00b0 2080, Quilicura, Santiago, Chile
\nRentokil Initial Chile SpA
Ordinary
100%
\nAv. El Bosque PC 12 Lo Boza dpto, B05 Pudahuel, Santiago, Chile
\nDesan SPA
\n3
\nOrdinary
100%
\nAv. La Dehesa 1201 Of 836 Lo Barnechea \u2013 Santiago, Chile
\nAsesores en Sanidad Vegetal y Ambiental
\nLimitada
\n3
\nSpecial
100%
\nColombia
\nCr 42A 80B 07, Barranquilla, Colombia
\nColplagas S.A.S
Ordinary
100%
\nCalle 135 #47-71, Bogota, 1019, Colombia
\nContinental De Fumigaciones S.A.S
Ordinary
100%
\nCalle 33, No 56 36 Bello, Antioquia, Colombia
\nFumigax S.A.S
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nColombia continued
\nCalle 93# 11A \u2013 28 office 303, Bogot\u00e1, Colombia
\nRentokil Initial Colombia S.A.S
Common
100%
\nCr 20 No 162-11, Colombia
\nFumigaciones Young S.A.S
\n3
\nOrdinary
100%
\nCosta Rica
\nAvenida 18, calles 17 y 19, edificio 47, Barrio Luj\u00e1n, San Jos\u00e9,
\nCosta Rica
\nFumigadora Control Tecnico De Plagas S.A.
Common
100%
\nThe Mill Residential, from Asembis, 200 meters South, 25 meters
\nWest, 75 meters Southwest, Cartago, Costa Rica
\nDecolim Limitada
\n3
\nCommon
100%
\nCura\u00e7ao
\nParke Comersial Korsow, A 24 Veeris, 102077, Cura\u00e7ao
\nChuchubi Pest Control N.V.
Ordinary
100%
\nCzech Republic
\nPraha 2, Vy\u0161ehradsk\u00e1 1349/2, Prague, PS\u010c 12800, Czech Republic
\nRentokil Initial s.r.o.
Ordinary
100%
\nDenmark
\nPaul Bergs\u00f8es Vej 22, 2600 Glostrup, Denmark
\nRentokil Initial A/S
Ordinary
100%
\nDominican Republic
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nOliver Exterminating Dominicana Corp.
Common
100%
\nEl Salvador
\nAvenida Calzada Guarda Barranco Urbanizacion, Lomas de Altamira,
\n#14 Pasaje Clarineros, Central America, El Salvador
\nSagrip S.A. de C.V.
Ordinary
100%
\nEstonia
\nTuri Str. 3/1, 11313, Tallinn, Estonia
\nRentokil O\u00fc
Ordinary
100%
\nEswatini
\nUmkhiwa House, Lot 195, Kal Grant Street, Mbabane, Eswatini
\nRI Swaziland (Pty) Limited
Ordinary
100%
\nFiji
\nLot 5, Kaua Road, Suva, Fiji
\nRentokil Initial Pte Limited
Ordinary
100%
\nFinland
\nTikkurilantie 10 Vantaa, Finland, 01380, Finland
\nRentokil Initial Oy
Ordinary
100%
\nFrance
\n6 Rue Livio, 67100 Strasbourg, France
\nCAWE FTB Group SAS
Ordinary
100%
\n13-27 avenue Jean Moulin, 93240 Stains, France
\nAmbius SAS
Ordinary
100%
\nRentokil Initial Environmental Services SAS
Ordinary
100%
\nRentokil Initial SAS
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n145 rue de Billancourt, 92100 Boulogne Billancourt, France
\nInitial Hygiene Services SAS
Ordinary
100%
\nInitial SAS
Ordinary
100%
\nRentokil Initial Holdings (France) SA
Ordinary
100%
\nSCI Gravigny
Ordinary
100%
\nSCI Vargan
Ordinary
100%
\nZ.A. des Quatre Chemins, BP 21, 95540 Mery-sur-Oise, France
\nTechnivap SAS
Ordinary
100%
\nZA Bertoire II 14, avenue Ren\u00e9 Dumont, 13410, LAMBESC, France
\nABAIPRO
\n3
\nOrdinary
100%
\nFrench Guiana
\nPAE de Degrad des cannes, Remire-Montjoly, 97354, French Guiana
\nRentokil Initial Guyane Sarl
Ordinary
100%
\nGermany
\nAn der Ziegelei, 47 27383, Schee\u00dfel-Westerholz, Germany
\nS & A Service und Anwendungstechnik
\nGmbH
\nOrdinary
100%
\nHeuesch 1, 49808 Lingen (Ems), Germany
\nRentokil Holdings GmbH
Ordinary
100%
\nRentokil Initial GmbH & Co. KG
Ordinary
100%
\nRentokil Initial Beteiligungs GmbH
Ordinary
100%
\nSeemann Sch\u00e4dlingsbek\u00e4mpfung und
\nHolzschutz GmbH & Co.KG
\n3
\nOrdinary
100%
\nPiderits Bleiche 11, 33689, Bielefeld, Germany
\nMedentex GmbH
Ordinary
100%
\nRentokil Dental GmbH
Ordinary
100%
\nAmselweg 20, 87480, Weitnau, Germany
\nG.S.D. Gesellschaft f\u00fcr
\nSch\u00e4dlingsbek\u00e4mpfung u.
\nDesinfektion\u00a0mbH
\n3
\nOrdinary
100%
\nWittener Str. 56, 44789 Bochum, Germany
\nPreventa Sch\u00e4dlingsbek\u00e4mpfung GmbH
\n3
\nOrdinary
100%
\nGhana
\n43 Cashew Road, Okpoi, Accra, Ghana
\nRentokil Initial (Ghana) Limited
Ordinary
100%
\nGreece
\n7 Aristotelous Street, Tavros, Athens 177 78, Greece
\nRentokil Initial Hellas EPE
Ordinary
100%
\nGuadeloupe
\n131 ZA de Calbassier, Basse-Terre, 97100, Guadeloupe
\nSOS Guadeloupe Sarl
Ordinary
100%
\n7 All\u00e9e des Papillon, Dothemare, 97139 Abymes, Guadeloupe
\nRentokil Initial Guadeloupe Sarl
Ordinary
100%
\nGuatemala
\n9 Av. 39-97, Zona 8, Ciudad Guatemala, Guatemala
\nServicios Agricolas Profesionales S.A.
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nGuernsey
\nPO Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET,
\nGuernsey
\nFelcourt Insurance Company Limited
Ordinary
100%
\nGuyana
\nLot 8, Charles and Drysdale Streets, Charlestown, Georgetown,
\nGuyana
\nRentokil Initial Guyana Limited
Ordinary
100%
\nHonduras
\nDepartamento de Cortes, San Pedro Sula, Honduras
\nSagrip Honduras S.A.
Nominative
100%
\nColonia Palmira, Avenida Republica de Argentina, N 2017, Tegucigalpa
\nHonduras, 11101, Honduras
\nCompania de Servicios e Inversiones
\nSVM Honduras, S. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Olympus,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Progressive,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Technicians,
\nS. de R.L.
\n3
\nOrdinary
100%
\nCompania de Servicios SVM Vanguard,
\nS. de R.L.
\n3
\nOrdinary
100%
\nHong Kong
\n23/F Westin Centre, 26 Hung To Rd, Kwun Tong, Hong Kong
\nRentokil Hong Kong Investment Limited
Ordinary
100%
\nRentokil Initial Hong Kong Limited
Ordinary
100%
\nIndia
\n2nd floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon (West), Mumbai 400104, India
\nRentokil Initial Hygiene India Private Limited
Ordinary
100%
\nVilla No. 3, Crescent Village, Candolim, Goa, 403515, India
\nPCI Pest Control Private Limited
Ordinary
57%
\n2nd Floor, Narayani, Ambabai Temple Compound, Aarey Road,
\nGoregaon West, Mumbai Maharashtra, 400 104, India
\nCorporate Millennium Hygiene Solutions
\nPrivate Limited
\nOrdinary
100%
\nIndonesia
\nSouth Quarter Tower B, Lantai 21, Unit E,F,G,H. JI. R.A., Kartini Kav. 8,
\nRT. 010/RW. 004 Kel. Cilandak Barat, Kec Cilandak, Jakarta Selatan,
\nIndonesia
\nPT Calmic Indonesia
Common
100%
\nPT Rentokil Indonesia
Common
100%
\nGedung JDC Lt.6, Jl. Gatot Subroto Kav. 53 Petamburan, Tanah Abang,
\nJakarta, Pusat, Indonesia
\nPT Wesen Indonesia
Ordinary
100%
\nIsrael
\n13 Hadid 7313500, Israel
\nEitan Amichai Pest Management IPM Ltd
\n3
\nOrdinary
100%
\nYarokologi Ltd
\n3
\nOrdinary
100%
\nItaly
\nVia Laurentina, km. 26, 500 157 a/c 00071 Pomezia, Italy
\nRentokil Initial Italia SpA
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nJamaica
\n39-41 Second Street, Newport West, Kingston 13, Jamaica
\nRentokil Initial (Jamaica) Limited
Ordinary
100%
\nJordan
\nAmman, Jabal AlHussien, Al Lud Str. 37 \u2013 1st floor, Jordan
\nArena Public Health Co.
Ordinary
100%
\nKenya
\nUnit 5 Sameer Industrial Park, Road C, Off Enterprise Road Industrial
\nArea, Nairobi, Kenya
\nRentokil Initial Kenya Limited
Ordinary
100%
\nLebanon
\nAdonis Building, Bechara el Khoury, Beirut, Lebanon
\nBoecker Public Health SAL
Ordinary
100%
\nPlot no. 3309, Ain El Remmaneh, Beirut, Lebanon
\nBoecker World (Holding) SAL
Ordinary
100%
\nBoecker International SAL (Offshore)
Ordinary
100%
\nLesotho
\nNio. 7 Arrival Centre Kofi Annan Road, Maseru, 100, Lesotho
\nRentokil Initial (Pty) Limited
Ordinary
100%
\nLibya
\nJanzour, Tripoli, Libya
\nRentokil Delta Libya for Environmental
\nProtection JSCO
\nOrdinary
65%
\nLithuania
\nDrob\u0117s g. 62, LT-45181, Kaunas, Lithuania
\nDezinfa, UAB
Ordinary
100%
\nLuxembourg
\nRue de la Chapelle 47, 4967 Clemency, Luxembourg
\nR-Control D\u00e9sinfections SA
Ordinary
100%
\nRentokil Luxembourg S\u00e0rl
Ordinary
100%
\n6 rue Eug\u00e8ne Ruppert, Luxembourg, L \u2013 2453, Luxembourg
\nSVM Finance Luxembourg 1 S.a.r.l.
\n3
\nOrdinary
100%
\nSVM Finance Luxembourg 2 S.a.r.l.
\n3
\nOrdinary
100%
\nMalawi
\nPlot No. LE 377, Patridge Avenue, Limbe, PO Box 5135, Malawi
\nRentokil Initial Limited
Ordinary
100%
\nMalaysia
\nLevel 8 Symphony House, Pusat Dagangan Dana 1, Jalan PJU 1A/46,
\nPetaling Jaya, 47301 Selangor Darul, Selangor, Malaysia
\nRentokil Initial (M) Sdn Bhd
Ordinary
100%
\nUFTC Sdn Bhd
Ordinary
100%
\nMaldives
\nNo. 6-A, Faamudheyrige Building, Orchid Magu, Repu, Mal\u00e9, Maldives
\nRentokil Initial Maldives (Pvt) Ltd
Preferential
\nShares
\n60%
\nMartinique
\nSoudon, Le Lamentin 97232, Martinique
\nRentokil Initial Martinique Sarl
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nMexico
\nJuan \u00c1lvarez 482, Centro, 64000 Monterrey, N.L., Mexico
\nBalance Urbano Control de Plagas S.A. de C.V. Ordinary
100%
\nSauce 29, Col. Santa Maria La Ribera, Cuauhtemoc, CDMX, 06400,
\nMexico
\nControl Vifer, S.A. de C.V.
\n3
\nOrdinary
100%
\nServicios de Plagas Terminix, S.A. de C.V.
\n3
\nOrdinary
100%
\nTerminix International S.A. de C.V.
\n3
\nOrdinary
100%
\nCalle 29, No. 210 Col. Garcia Gineres, Merida, Yucat\u00e1n, 97070, Mexico
\nPersonal Profesional de Pesticidas S.A.
\nde\u00a0C.V.
\n3
\nOrdinary
100%
\nMozambique
\nAvenida da Namaacha, kilometro 6, Residencial Mutateia, Cidade da
\nMatola, Mozambique
\nRentokil Initial Mozambique Limitada
Ordinary
100%
\nNetherlands
\nImpact 6, 6921 RZ Duiven, Netherlands
\nAmbius B.V.
Ordinary
100%
\nOude Middenweg 75, 2491 AC Den Haag, 1191 BN Ouderkerk, Den
\nHaag, Netherlands
\nBET Finance B.V.
Ordinary
100%
\nBET (Properties) B.V.
Ordinary
100%
\nRentokil Initial International B.V.
Ordinary
100%
\nRentokil Initial Finance B.V.
\n3
\nOrdinary
100%
\nOude Middenweg 77, Ac Den Haag, NL-2491, Netherlands
\nUK Address: Compass House, Manor Royal, Crawley, RH10 8PY
\nRentokil Initial Overseas (Holdings) B.V.
Ordinary
100%
\nB.V. Rentokil Funding
Ordinary
100%
\nRavenswade 54-s, 3439 Nieuwengein, LD, Netherlands
\nRentokil Initial B.V.
Ordinary
100%
\nFrontstraat 1a, 5405 AK Uden, Netherlands
\nHolland Reconditionering B.V.
Ordinary
100%
\nNew Zealand
\nLevel 1, 89 Carbine Road Mount Wellington, Auckland 1060, New
\nZealand
\nRentokil Initial Limited
Ordinary
100%
\nNorway
\nSanitetsveien 17, Skjetten, Lillestr\u00f8m, 2013, Norway
\nNokas Skadedyrkontroll AS
Ordinary
100%
\nSkadedyrbutikken AS
Ordinary
100%
\nSanitetsveien 17, Postboks 84, SKJETTEN 2026, Norway
\nRentokil Initial Norge AS
Ordinary
100%
\nPakistan
\nS-2 Commercial, 2nd Floor, Lalik Jan Chowk, Phase II, Lahore,
\nCantonment, Punjab, Pakistan
\nC-Shine Sustainable Solutions (Private)
\nLimited
\n3
\nOrdinary
70%
\nPeople\u2019s Republic of China
\nEast 2nd Floor, No. 460 Wenyi West Road, Xihu District, China
\nHangzhou Research Institute of Profume
\nFumigation Co. Ltd.
\nOrdinary
80%
\nRoom 103, Building 2, Yuzhongxili#42, Beijing, China
\nRentokil Initial (China) Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nPeru
\nCalle 23 Mza. Z-1 Lote 9 Villa El Salvador
\nIngeclean Peru Sociedad Anonima Cerrada
Ordinary
100%
\nPhilippines
\nNo. 73 Elisco Road, Bo, Kalawaan, Pasig City 1600, Philippines
\nRentokil Initial (Philippines) Inc
Ordinary
100%
\nPoland
\nUl. Jana Pawla Woronicza, Nr 31, Lok. 78, 02-640 Warszawa, Poland
\nRentokil Polska Sp. z.o.o.
Ordinary
100%
\nUl. D\u0105browskiego 44, 50-457, Wroc\u0142aw, Poland
\nVaco Sp. z.o.o
\n3
\nOrdinary
100%
\nPortugal
\nEN 115, Km 78,67, 2664-502, S\u00e3o Juli\u00e3o do Tojal, Portugal
\nRentokil Initial Portugal \u2013 Servi\u00e7os de
\nProtec\u00e7\u00e3o Ambiental Limitada
\nOrdinary
100%
\nPuerto Rico
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nRentokil of Puerto Rico, Inc
Common
100%
\nRepublic of Ireland
\nHazel House, Millennium Park, Naas, County Kildare W91P XP3,
\nIreland
\nCannon Hygiene International Limited
Ordinary
100%
\nInitial Medical Services (Ireland) Limited
Ordinary
100%
\nRentokil Initial Holdings (Ireland) Limited
Ordinary
100%
\nRentokil Initial Limited
Ordinary
100%
\n15 Oxford Lane, Dublin 6, Ranelagh, Dublin, D06 W5K2, Ireland
\nPest Pulse Limited
\n3
\nOrdinary
100%
\nOpposite Rosary Place, Castleredmond, Midleton Co. Cork, Midleton,
\nCork
\nRonaldon Limited
\n3
\nOrdinary
100%
\nSaudi Arabia
\nSuleimaniyah, King Abdelaziz Road, Riyadh, Saudi Arabia
\nBoecker Public Health Saudia Company
\nLimited
\nOrdinary
100%
\nPO Box 30164, Office No. 401, 4th Floor, Al Tamimi Building, Al Khobar,
\nNorth Al Khobar 31952, Saudi Arabia
\nRentokil Saudi Arabia Limited O.P.C
Ordinary
100%
\nSingapore
\nNo. 16 & 18 Jalan Mesin, 368815, Singapore
\nRentokil Initial Singapore Private Limited
Ordinary
100%
\nRentokil Initial Asia Pacific Management
\nPte\u00a0Limited
\nOrdinary
100%
\n77 Robinson Road, #13-00 Robinson 77, 068896, Singapore
\nSVM Services (Singapore) Pte. Ltd.
\n3
\nOrdinary
100%
\nSlovakia
\nKopcianska 10, 851 01 Bratislava, Slovakia
\nRentokil Initial s.r.o.
Ordinary
100%
\nSouth Africa
\n2 Stigant Road, Claremont, Cape Town 7708, South Africa
\nNewshelf 1232 Pty Limited
Preference
100%
\nRentokil Initial (Dikapi) JV Pty Limited
Ordinary
59%
\nRentokil Initial (Proprietary) Limited
Ordinary
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nSouth Africa continued
\nUnit D12 Connaught Park, Riley Road, Beaconvale, Parow 7000,
\nSouth\u00a0Africa
\nCannon Hygiene (SA) Proprietary Limited
Ordinary
100%
\nSouth Korea
\n2nd Floor, Korea Disaster Relief Association, 371-19 Sinsu-Dong,
\nMapo-Gu, Seoul 121-856, Republic of Korea
\nRentokil Initial Korea Limited
Common
100%
\nSpain
\nBarrio Campo de Eiro 100 bajo, Pereira.Mos, 36419, Pontevedra, Spain
\nOfficina De Tratamiento De Plagas S.L.
Ordinary
100%
\nC/Pino Tea Nave, 41016, Sevilla, Spain
\n3D Pest Control S.L.
\n3
\nOrdinary
100%
\nPlaza Ovidi Montllor 1 \u2013 2, bajos 1\u00aa, El Prat de Llobregat, 08206,
\nBarcelona, Spain
\nCogest BCN Ambiental, S.L.
\n3
\nOrdinary
100%
\nPol\u00edgono Industrial La Plan, Crta. BP5107 km 44,1/, Ctra. Llinar a la
\nGarriga, 08458, Sant Pere de Vilamajor, Barcelona, Spain
\nDeterco S.L.
\n3
\nOrdinary
100%
\nCalle Mar Mediiterr\u00e1neo 1, 28830 San Fernando de Henares (Madrid),
\nSpain
\nInitial Gaviota SAU
Ordinary
100%
\nRentokil Initial Espa\u00f1a S.A.
Ordinary A
100%
\nOrdinary B
100%
\nOrdinary C
100%
\nPol\u00edgono Industrial \u201cPla de Vallonga\u201d, Calle Meteorito, 59 \u2013 Alicante,
\nSpain
\nLokimica S.A.
\n3
\nOrdinary
100%
\nCalle de la Nena Casas, 71, 08017, Barcelona, Spain
\nServicios Depec S.L.
\n3
\nOrdinary
100%
\nSri Lanka
\nNo. 307, Negombo Road, Peliyagoda, Sri Lanka
\nRentokil Initial Ceylon (Private) Limited
Ordinary
100%
\nSweden
\nAvestagatan 61, 163 53 Sp\u00e5nga, Sweden
\nAmbius AB
Ordinary
100%
\nRent a Plant Interessenter AB
Ordinary
100%
\nRentokil AB
Ordinary
100%
\nSweden Recycling AB
Ordinary
100%
\nTusbystr\u00e5ket 1B, 191 61, Sollentuna, Sweden
\nNomor AB
\n3
\nOrdinary
100%
\nNomor F\u00f6rs\u0103kring AB
\n3
\nOrdinary
100%
\nNomor Holding AB
\n3
\nOrdinary
100%
\nTerminix Nomor AB
\n3
\nOrdinary
100%
\nSwitzerland
\nHauptstrasse 3, 4625 Oberbuchsiten, Oberbuchsiten, Switzerland
\nRentokil Schweiz AG
Ordinary
100%
\nTaiwan
\n7F No.56 Lane 258, Rueiguang Rd, Neihu District, Taipei, 114 Taiwan,
\nProvince of China
\nInitial Hygiene Co Limited
Ordinary
100%
\nRentokil Ding Sharn Co Limited
Ordinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nTanzania
\n1st Floor, Opal Place, 77 Haile Selassie Road, Masaki, P.O. Box 79651,
\nDar es Salaam, Tanzania
\nInitial Hygiene (T) Limited
Ordinary
100%
\nThailand
\n160 Vibhavadi Rangsit Road, Khwaeng Ratchadapisek, Khat Dindaeng,
\n10400, Thailand
\nCannon Pest Management Co. Limited
Ordinary
100%
\nRentokil Initial (Thailand) Limited
Ordinary
100%
\nTrinidad and Tobago
\nField no. 82, KK-LL Aranguez South, Trinidad and Tobago
\nRentokil Initial (Trinidad) Limited
Ordinary
100%
\nTunisia
\nZone Industrielle route de Moknine, 5080 Teboulba, Tunisia
\nCAP Tunis
Ordinary
100%
\nTurkey
\n1201, 1 Sokak No:2 K:3 D:301-302 Su Plaza Yeni\u015fehir, Konak, \u0130zmir,
\nTurkey
\nRentokil Initial \u00c7evre Sa\u011fl\u0131\u011f\u0131 Sistemleri
\nTicaret ve Sanayi A\u015e
\nOrdinary
100%
\nUganda
\nPlot No 2012, Kalinabiri Road, Ntinda Kampala, Uganda
\nRentokil Initial Uganda Limited
Ordinary
100%
\nUnited Arab Emirates
\nShop No.6, Jurf Industrial Zone 2, Ajman, United Arab Emirates
\nRentokil Pest Control LLC
Ordinary
100%
\nOffice number 1403, PO Box 41999, TECOM, Al Barsha Heights, Dubai,
\nUnited Arab Emirates
\nBoecker Food Safety LLC
Ordinary
100%
\nBoecker Pest Control LLC
Ordinary
100%
\nAl Hall Industrial, Fujairah, United Arab Emirates
\nBoecker Pest Control LLC \u2013 Fujairah
Ordinary
100%
\nAl Shafar Tower 1, 14th floor, office No. 1404, TECOM, Al Barsha
\nHeights, Dubai, United Arab Emirates
\nBoecker Public Health Pest Control
\nEquipment Trading LLC
\nOrdinary
100%
\nAl Suhyeen, Rolla, Office 205, Sharjah, United Arab Emirates
\nSpecialist Int. Pest Control LLC
Ordinary
100%
\n4th Floor, Suite No. 401, Oud Metha Office Building, Umm Hurair 2,
\nDubai, UAE
\nNational Pest Control LLC
Ordinary
100%
\nRentokil Initial Pest Control LLC
Ordinary
100%
\nUnited Kingdom
\nCompass House, Manor Royal, Crawley, RH10 9PY
\nAW Limited
Ordinary
100%
\nB.E.T. Building Services Limited
Ordinary
100%
\nBET Environmental Services Ltd
Ordinary
100%
\nBET (No.18) Limited
Ordinary
100%
\nDeferred
\nOrdinary
\n100%
\nBET (No.68) Limited
Ordinary
100%
\nBET Pension Trust Limited
Ordinary
100%
\nBPS Offshore Services Limited
\n1
\nOrdinary
100%
\nBroadcast Relay Service (Overseas) Limited
\n1
\nOrdinary
100%
\nCastlefield House Limited
Ordinary
100%
\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nUnited Kingdom continued
\nChard Services Limited
Ordinary
100%
\nCHL Legacy Limited
\n1
\nOrdinary
100%
\nDudley Industries Limited
Ordinary
100%
\nEnigma Laundries Limited
Ordinary
100%
\nEnigma Services Group Limited
Ordinary
100%
\nEnviro-Fresh Limited
Ordinary
100%
\nEnvironmental Contract Services Limited
\n1
\nOrdinary
100%
\nEuroguard Technical Services Limited
Ordinary
100%
\nGrayston Central Services Limited
Ordinary
100%
\nHometrust Limited
Ordinary
100%
\nInitial Limited
Ordinary
100%
\nInitial Medical Services Limited
Ordinary
100%
\nOpel Transport & Trading Company Limited
Ordinary
100%
\nPeter Cox Limited
Ordinary-A
100%
\nPlant Nominees Limited
Ordinary
100%
\nProkill (UK) Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nProkill Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nOrdinary-D
100%
\nRapid Washrooms Limited
Ordinary-A
100%
\nOrdinary-B
100%
\nOrdinary-C
100%
\nRentokil Dormant (No. 6) Limited
Ordinary
100%
\nRentokil Initial (1896) Limited
Ordinary
100%
\nRentokil Initial (1993) Limited
\n1
\nOrdinary
100%
\n6% Non-
\nRedeemable
\nPreference
\n100%
\nRentokil Initial 1927 plc
Ordinary
100%
\nAUD
\nRedeemable
\nPreference
\n100%
\nCAD
\nRedeemable
\nPreference
\n100%
\nCLP
\nRedeemable
\nPreference
\n100%
\nDKK
\nRedeemable
\nPreference
\n100%
\nEUR
\nCumulative
\nPreference
\n(Non-
\nRedeemable)
\n100%
\nIDR
\nRedeemable
\nPreference
\n100%
\nILS
\nRedeemable
\nPreference
\n100%
\nNOK
\nRedeemable
\nPreference
\n100%
\nNZD
\nRedeemable
\nPreference
\n100%
\nUSD
\nRedeemable
\nPreference
\n100%
\nRentokil Initial Americas Limited
\n1
\nOrdinary
100%
\nRentokil Initial Asia Pacific Limited
\n1
\nOrdinary
100%
\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\nRentokil Initial Brazil Limited
\n1
\nOrdinary
100%
\nRentokil Initial Finance Limited
\n1
\nOrdinary
100%
\nRentokil Initial Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Initial Investments South Africa
\n1
\nOrdinary
100%
\nRentokil Initial Pension Trustee Limited
Ordinary
100%
\nRentokil Initial Services Limited
Ordinary
100%
\nRentokil Initial UK Limited
Ordinary
100%
\nRentokil Insurance Limited
Ordinary
100%
\nRentokil Limited
\n1
\nOrdinary
100%
\nRentokil Overseas Holdings Limited
\n1
\nOrdinary
100%
\nRentokil Property Care Limited
Ordinary
100%
\nRentokil Property Holdings Limited
\n1
\nOrdinary
100%
\nRI Dormant No.18 Limited
Ordinary
100%
\nRI Dormant No.20 Limited
Ordinary
100%
\nStratton House Leasing Limited
\n1
\nOrdinary
100%
\nSVM International Services Limited
\n1,3
\nOrdinary
100%
\nTarget Express Holdings Limited
Ordinary
100%
\nTarget Express Limited
Ordinary
100%
\nTarget Express Parcels Limited
Ordinary
100%
\nTEB Cleaning Services Limited
Ordinary
100%
\nThe Ca\u2019D\u2019Oro, 45 Gordon Street, Glasgow, G1 3PE, UK
\nIndustrial Clothing Services Limited
Ordinary
100%
\nConvertible
\nParticipating
\nPreference
\n100%
\nPest Protection Services (Scotland) Limited
Ordinary-A
100%
\nRI Dormant No.12 Limited
Ordinary
100%
\nWise Property Care Limited
Ordinary
100%
\nUnited States
\n251 Little Falls Drive, Wilmington DE 19808, United States
\nAnza, LLC
\n3
\nOrdinary
100%
\n101 Emerson Road, Milford, New Hampshire, 03055, USA
\nAirborne Vector Control LLC
Common
100%
\nCorporation Trust Center, 1209 Orange Street, Wilmington DE 19801,
\nUnited States
\nCDRSVM Holding, LLC
\n3
\nCommon
100%
\nCDRSVM Investment Holding, LLC
\n3
\nCommon
100%
\nRamac (US) LLC
\n3
\nInterest
100%
\nRentokil Initial US Holdings, Inc.
Common
100%
\nSecure Monthly Affordable Credit
\nCorporation
\n3
\nOrdinary
100%
\nSecure Monthly Affordable Credit Limited
\nPartnership
\n3
\nOrdinary
100%
\nSVM Honduran Service and Investments
\nCompany, LLC
\n3
\nInterest
100%
\nSVM Olympus Service Company, LLC
\n3
\nInterest
100%
\nSVM Progressive Service Company, LLC
\n3
\nInterest
100%
\nSVM Technicians Service Company, LLC
\n3
\nInterest
100%
\nSVM Vanguard Service Company, LLC
\n3
\nInterest
100%
\nTerminix Cares Fund, Inc.
\n3
\nInterest
100%
\nTerminix Consumer Services, LLC
\n3
\nInterest
100%
\nTerminix Holdings, LLC
Common
100%
\nTerminix International Holdings, Inc
\n3
\nInterest
100%
\nTerminix Management Corporation
\n3
\nInterest
100%
\nTerminix Receivables Company LLC
\n3
\nInterest
100%
\nThe Terminix Company, LLC
\n3
\nInterest
100%
\nThe Terminix Foundation
\n3
\nInterest
100%
\nTMX Holdco, Inc.
\n3
\nCommon
100%
\nW.B. McCloud & Co. Inc.
\n3
\nOrdinary
100%
\n1201 Peachtree Street, NE Suite 1240, Atlanta, GA 30361, United States
\nInitial Contract Services LLC
US$ Interests
100%
\n\n\n\nCompany name
Share class
\n% held by
\nGroup
\ncompanies
\n1125 Berkshire Blvd, Suite 150, Reading, PA 19610, United States
\nAdvanced Pest Management Co, LLC
Common
100%
\nCygnet Enterprises, Inc (North Carolina)
Common
100%
\nCygnet Enterprises, Inc (Michigan)
Common
100%
\nCygnet Enterprises Northwest, Inc
Common
100%
\nCygnet Enterprises West, Inc
Common
100%
\nMedentex LLC
Common
100%
\nMississippi Mosquito Control, LLC
Interests
100%
\nMosquito Control of Lafourche, LLC
Interests
100%
\nMosquito Control Services, LLC
Interests
100%
\nMosquito Control Services of Florida, LLC
Interests
100%
\nMosquito Control Services of Georgia, LLC
Interests
100%
\nRentokil Initial Environmental Services LLC
Interests
100%
\nRentokil North America, Inc.
Ordinary
100%
\nRittiner Group, LLC
Interests
100%
\nSolitude Lake Management, LLC
Common
100%
\nSt. Charles Mosquito Control, LLC
Interests
100%
\nSt. John Mosquito Control, LLC
Interests
100%
\nTerrebonne Mosquito Control, LLC
Interests
100%
\nVector Disease Acquisition, LLC
Common
100%
\nSeries A
100%
\nSeries B
100%
\nVector Disease Control International, LLC
Common
100%
\n2540 Lawrenceville Hwy, Lawrenceville, GA 30044, United States
\nAsiatic Holdings LLC
Ordinary
100%
\nCreative Plantings Inc
Ordinary
100%
\nSteritech-Canada Inc.
Common
100%
\nUnited Transport America LLC
Interests
100%
\nVirginia Properties Inc
Ordinary
100%
\nPO Box 4510, 10 Free Street, Portland, ME 04112, United States
\nAsiatic Investments, Inc.
Ordinary
100%
\n150 Peabody Place, Memphis TN 38103-3720, United States
\nCopesan Services, Inc.
\n3
\nInterest
100%
\nThe Terminix International Company
\nLimited\u00a0Partnership
\n3
\nInterest
100%
\n1313 Miller Road, Greenville SC 29607, United States
\nGregory Pest Control, LLC
\n3
\nOrdinary
100%
\n100 Bank Street, Suite 610, Burlington VT 05401, United States
\nSteward Insurance Company
\n3
\nCommon
100%
\n860 Ridge Lake Blvd., Memphis TN 38120, United States
\nTerminix Gift, LLC
\n3
\nInterest
100%
\nUruguay
\nLa Paz, 1227, Departamento de Montevideo, Uruguay
\nLivelux S.A.
Ordinary
100%
\nChana, 2033, Departmento de Montevideo, Uruguay
\nLa Sanitaria S.A.
Ordinary
100%
\nVietnam
\n68 Hong Ha, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam
\nRentokil Initial (Vietnam) Company Limited
Ordinary
100%
\nVirgin Islands, U.S.
\nMerchants Financial Center, 4608 Tutu Park Mall, Suite 202,
\nSt\u00a0Thomas, Virgin Islands, 00802-1816, Virgin Islands, U.S.
\nTerminix International USVI, LLC
\n3
\nInterest
100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32239": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f32899": {
"value": "Parent Company Balance Sheet At 31 December
\nNotes
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets
\nInvestments
4
4,415
290
\nDebtors \u2013 amounts falling due after more than one year
5
2,750
2,750
\nDeferred tax assets
6
29
15
\nRetirement benefit assets
7
\u2013
18
\nDerivative financial instruments
8
21
10
\n7,215
3,083
\nCurrent assets
\nDebtors \u2013 amounts falling due within one year
5
148
24
\nCash and cash equivalents
750
110
\nDerivative financial instruments
8
\u2013
1
\n898
135
\nCurrent liabilities
\nCreditors \u2013 amounts falling due within one year
9
(272)
(804)
\nBank and other borrowings
10
(877)
(83)
\nDerivative financial instruments
8
\u2013
(1)
\n(1,149)
(888)
\nNet current liabilities
(251)
(753)
\nNon-current liabilities
\nBank and other borrowings
10
(3,015)
(1,254)
\nDeferred tax liabilities
6
\u2013
(7)
\nDerivative financial instruments
8
(92)
(33)
\n(3,107)
(1,294)
\nNet assets
3,857
1,036
\nEquity capital and reserves
\nShare capital
11
25
19
\nShare premium
12
9
7
\nMerger relief reserve
2,998
\u2013
\nCash flow hedge reserve
1
9
\nRetained earnings
824
1,001
\nTotal equity
3,857
1,036
\nUnder section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own Statement of Comprehensive
\nIncome. The Company reported a loss for the year ended 31 December 2022 of \u00a3(72)m (2021: \u00a360m profit).
\nThe Financial Statements on pages 197 to 203 were approved by the Board of Directors and were signed on its behalf by Andy Ransom and
\nStuart\u00a0Ingall-Tombs on 16 March 2023.
\nAndy Ransom
Stuart Ingall-Tombs
\nChief Executive
Chief Financial Officer
\n\n\n\nParent Company Statement of Changes in Equity
\nFor the year ended 31 December
\nCalled up
\nshare
\ncapital
\n\u00a3m
\nShare
\npremium
\naccount
\n\u00a3m
\nMerger
\nrelief
\nreserve
\n\u00a3m
\nCash flow
\nhedge
\nreserve
\n\u00a3m
\nCost of
\nhedging
\n\u00a3m
\nRetained
\nearnings
\n\u00a3m
\nTotal
\nequity
\n\u00a3m
\nAt 1 January 2021
19
7
\u2013
\u2013
\u2013
1,063
1,089
\nProfit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
60
60
\nOther comprehensive income:
\nCost of hedging
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
(2)
\nTransfer between reserves
\n1
\n\u2013
\u2013
\u2013
(4)
\u2013
4
\u2013
\nMovement on cash flow hedge
\u2013
\u2013
\u2013
13
\u2013
\u2013
13
\nTotal comprehensive income for the year
\u2013
\u2013
\u2013
9
(2)
64
71
\nTransactions with owners:
\nDividends paid to equity shareholders
\u2013
\u2013
\u2013
\u2013
\u2013
(139)
(139)
\nShare-based payments charged to profit and loss
\u2013
\u2013
\u2013
\u2013
\u2013
3
3
\nShare-based payments debited to investments
\u2013
\u2013
\u2013
\u2013
\u2013
7
7
\nTax related to items taken directly to equity
\u2013
\u2013
\u2013
\u2013
\u2013
5
5
\nAt 31 December 2021
19
7
\u2013
9
(2)
1,003
1,036
\nLoss for the year
\u2013
\u2013
\u2013
\u2013
\u2013
(72)
(72)
\nOther comprehensive income:
\nCost of hedging
\u2013
\u2013
\u2013
\u2013
2
\u2013
2
\nMovement on cash flow hedge
\u2013
\u2013
\u2013
(8)
\u2013
\u2013
(8)
\nTotal comprehensive income for the year
\u2013
\u2013
\u2013
(8)
2
(72)
(78)
\nTransactions with owners:
\nShares issued in the year
6
\u2013
3,014
\u2013
\u2013
\u2013
3,020
\nGain on stock options
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
\nDividends paid to equity shareholders
\u2013
\u2013
\u2013
\u2013
\u2013
(122)
(122)
\nCost of issuing new shares
\u2013
\u2013
(16)
\u2013
\u2013
\u2013
(16)
\nShare-based payments charged to profit and loss
\u2013
\u2013
\u2013
\u2013
\u2013
2
2
\nShare-based payments debited to investments
\u2013
\u2013
\u2013
\u2013
\u2013
15
15
\nTax related to items taken directly to equity
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
\nAt 31 December 2022
25
9
2,998
1
\u2013
824
3,857
\n1. The closing 2020 cash flow hedge reserve balance of \u00a34m was reclassified to its own reserve in 2021 to aid visibility.
\nShares of \u00a3nil (2021: \u00a3nil) have been netted against retained earnings. This represents 19.6m (2021: 9.4m) shares held by the Rentokil Initial
\nEmployee Share Trust. The market value of these shares at 31 December 2022 was \u00a3100m (2021: \u00a355m). Dividend income from, and voting rights
\non, the shares held by the Trust have been waived.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35507": {
"value": "Rentokil Initial plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35508": {
"value": "company incorporated in England and Wales, with company number 5393279.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f35604": {
"value": "Rentokil Initial plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36015": {
"value": "Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36019": {
"value": "Registered in England and Wales No: 5393279",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36047": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36247": {
"value": "Rentokil Initial plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f36393": {
"value": "Rentokil Initial plc",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:549300VN4WV7Z6T14K68",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}