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"f24345": {
"value": "1. Corporate information Experian plc (the Company) is the ultimate parent company of the
\nExperian group of companies (Experian or the Group). Experian is
\nthe\u00a0leading global information services group.
\nThe Company is incorporated and registered in Jersey as a public
\ncompany limited by shares and is resident in Ireland. The Company\u2019s
\nregistered o\ufb03ce is at 22 Grenville Street, St Helier, Jersey, JE4 8PX,
\nChannel Islands. The Company\u2019s ordinary shares are traded on the
\nLondon Stock Exchange\u2019s Regulated Market and have a Premium Listing.
\nThere has been no change in this information since the Annual Report
\nfor\u00a0the year ended 31 March 2022.
\n2. Basis of preparation
\nThe Group \ufb01nancial statements are:
\na
prepared in accordance with the Companies (Jersey) Law 1991 and
\nboth UK-adopted International Accounting Standards (UK-IFRS) and
\nInternational Financial Reporting Standards (IFRS or IFRSs) as adopted
\nfor use in the European Union (the EU) and IFRS Interpretations
\nCommittee interpretations (together EU-IFRS). The \ufb01nancial statements
\nalso comply with IFRS as issued by the International Accounting
\nStandards Board (IASB). UK-IFRS, EU-IFRS and IFRS as issued by
\nthe\u00a0IASB all di\ufb00er in certain respects from each other, however, the
\ndi\ufb00erences have no material impact for the periods presented;
\na
prepared on the going concern basis and under the historical cost
\nconvention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
\nand \ufb01nancial liabilities;
\na
presented in US dollars, the most representative currency of the
\nGroup\u2019s operations, and generally rounded to the nearest million;
\na
prepared using the principal exchange rates set out in note 11; and
\na
designed to voluntarily include disclosures in line with those parts of
\nthe UK Companies Act 2006 applicable to companies reporting under
\nthat law.
\nThere has been no change in the basis of preparation of the Group
\n\ufb01nancial statements since the Annual Report for the year ended 31 March
\n2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24348": {
"value": "Experian plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24349": {
"value": "Experian plc",
"dimensions": {
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"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24350": {
"value": "Experian plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24352": {
"value": "Experian is the\u00a0leading global information services group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24356": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24359": {
"value": "Ireland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24361": {
"value": "22 Grenville Street, St Helier, Jersey, JE4 8PX, Channel Islands.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24362": {
"value": "Jersey",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24363": {
"value": "Jersey",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24368": {
"value": "There has been no change in this information since the Annual Report for\u00a0the year ended 31 March 2022.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24372": {
"value": "2. Basis of preparation The Group \ufb01nancial statements are:
\na
prepared in accordance with the Companies (Jersey) Law 1991 and
\nboth UK-adopted International Accounting Standards (UK-IFRS) and
\nInternational Financial Reporting Standards (IFRS or IFRSs) as adopted
\nfor use in the European Union (the EU) and IFRS Interpretations
\nCommittee interpretations (together EU-IFRS). The \ufb01nancial statements
\nalso comply with IFRS as issued by the International Accounting
\nStandards Board (IASB). UK-IFRS, EU-IFRS and IFRS as issued by
\nthe\u00a0IASB all di\ufb00er in certain respects from each other, however, the
\ndi\ufb00erences have no material impact for the periods presented;
\na
prepared on the going concern basis and under the historical cost
\nconvention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
\nand \ufb01nancial liabilities;
\na
presented in US dollars, the most representative currency of the
\nGroup\u2019s operations, and generally rounded to the nearest million;
\na
prepared using the principal exchange rates set out in note 11; and
\na
designed to voluntarily include disclosures in line with those parts of
\nthe UK Companies Act 2006 applicable to companies reporting under
\nthat law.
\nThere has been no change in the basis of preparation of the Group
\n\ufb01nancial statements since the Annual Report for the year ended 31 March
2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24377": {
"value": "prepared in accordance with the Companies (Jersey) Law 1991 and both UK-adopted International Accounting Standards (UK-IFRS) and
\nInternational Financial Reporting Standards (IFRS or IFRSs) as adopted
\nfor use in the European Union (the EU) and IFRS Interpretations
\nCommittee interpretations (together EU-IFRS). The \ufb01nancial statements
\nalso comply with IFRS as issued by the International Accounting
\nStandards Board (IASB). UK-IFRS, EU-IFRS and IFRS as issued by
\nthe\u00a0IASB all di\ufb00er in certain respects from each other, however, the
\ndi\ufb00erences have no material impact for the periods presented;",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24394": {
"value": "presented in US dollars, the most representative currency of the Group\u2019s operations, and generally rounded to the nearest million;",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24413": {
"value": "Going concern In adopting the going concern basis for preparing these \ufb01nancial
\nstatements, the directors have considered the business activities, the
\nprincipal risks and uncertainties and the other matters discussed in
\nconnection with the Viability statement.
\nAt 31 March 2023, the Group had undrawn committed bank borrowing
\nfacilities of US$2.4bn (2022: US$2.6bn) which have an average remaining
\ntenor of three years (2022: three years).
\nThe directors believe that the Group and the Company are well placed to
\nmanage their \ufb01nancing and other business risks satisfactorily, and have a
\nreasonable expectation that the Group and the Company will have
\nadequate resources to continue their operational existence for at least 12
\nmonths from the date of signing these \ufb01nancial statements. The directors
\ntherefore consider it appropriate to adopt the going concern basis of
\naccounting in preparing the \ufb01nancial statements. In reaching this
\nconclusion, the directors noted the Group\u2019s strong cash performance in
\nthe year, and its resilience in the face of a viability reverse stress-test
\nscenario.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24434": {
"value": "3. Climate-related matters As an information services business, our main environmental impact is
\nthe carbon footprint generated from our operations and value chain. The
\nmajority of our footprint is made up of greenhouse gas emissions from
\npurchased goods and services, upstream leased assets including
\nthird-party data centres and capital goods, with emissions from our direct
\noperations making up approximately 5%.
\nWe are committed to reducing our carbon emissions and to becoming
\ncarbon neutral in our own operations by 2030. We continue to develop
\nour\u00a0plans to decarbonise our business further and reduce energy
\nconsumption at our data centres and across the Group. We have reduced
\nour Scope 1 and 2 emissions by 65% since 2019.
\nWe recognise the importance of identifying and e\ufb00ectively managing the
\nphysical and transitional risks that climate change poses to our operations
\nand consider the impact of climate-related matters, including legislation,
\non our business.
\nThe following climate change considerations have been made in
\npreparing the Group \ufb01nancial statements:
\na
The impact in the going concern period or on the viability of the Group
\nover the next three years, as referenced in the Strategic report.
\na
The impact on factors such as residual values, useful lives and
\ndepreciation methods that determine the carrying value of non-current
\nassets (notes 21 to 23).
\na
The impact on forecasts of cash \ufb02ows used in impairment
\nassessments for the value-in-use of non-current assets including
\ngoodwill (notes 21 to 23).
\na
The impact on forecasts of cash \ufb02ows used in the fair value
\nmeasurement of assets and liabilities (note 32).
\na
The impact on post-employment bene\ufb01t assets (note 36).
\nAt present, there is no material impact of climate-related matters on the
\nGroup\u2019s \ufb01nancial results or on going concern or viability.",
"dimensions": {
"concept": "exp:DisclosureClimateRelatedMattersExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24473": {
"value": "4. Recent accounting developments There have been no accounting standards, amendments or interpretations
\ne\ufb00ective for the \ufb01rst time in these \ufb01nancial statements which have had a
\nmaterial impact on the \ufb01nancial statements.
\nThe following amendments to standards were e\ufb00ective for Experian from
\n1 April 2022:
\nOnerous Contracts \u2013 Cost of Ful\ufb01lling a Contract
\n(Amendments to IAS 37)
\nAn onerous contract is one under which the unavoidable costs of meeting
\nthe contract obligations exceed the economic bene\ufb01ts expected to be
\nreceived. The amendments to IAS 37 \u2018Provisions, Contingent Liabilities and
\nContingent Assets\u2019 clarify that the costs relating directly to a contract
\nconsist of both the incremental costs to ful\ufb01l it, and an allocation of other
\ndirect costs. As a result of the amendments, certain other directly related
\ncosts are now included when determining the costs of ful\ufb01lling onerous
\ncontracts.
\nThe amendments apply prospectively to contracts existing at the date
\nwhen the amendments are \ufb01rst applied. The Group has analysed all
\ncontracts existing at 1 April 2022 and determined that none of them
\nwould be identi\ufb01ed as onerous applying the re\ufb01ned accounting policy,
\nconsequently there is no impact on opening equity balances at 1 April
\n2022 as a result of this change.
\n
\n
\n
\n
\n
\nReference to the Conceptual Framework \u2013 Amendments to
\nIFRS 3 \u2018Business Combinations\u2019
\nThe amendments update a reference to the Conceptual Framework for
\nFinancial Reporting without changing the accounting requirements for
\nbusiness combinations, and add an exception to the requirement to refer
\nto the framework to determine what constitutes an asset or a liability.
\nThe\u00a0amendments also clarify that contingent assets do not qualify for
\nrecognition at the acquisition date.
\nIn accordance with the transitional provisions, the Group applied the
\namendments prospectively, to business combinations occurring after
\n1\u00a0April 2022. These amendments had no impact on the Group \ufb01nancial
\nstatements.
\nProperty, Plant and Equipment: Proceeds before Intended
\nUse (Amendments to IAS 16)
\nThe amendment to IAS 16 \u2018Property, Plant and Equipment\u2019 prohibits the
\ndeduction from the cost of property, plant and equipment of proceeds
\nreceived from selling items produced while an asset is being prepared for
\nits intended use. Instead, the proceeds and related cost are recognised in
\npro\ufb01t or loss. These amendments had no impact on the Group \ufb01nancial
\nstatements as there were no sales of such items in the year.
\nStandards issued but not yet e\ufb00ective:
\nDisclosure of Accounting Policies \u2013 Amendments to IAS 1
\n\u2018Presentation of Financial Statements\u2019 and IFRS Practice
\nStatement 2 \u2018Making Materiality Judgements\u2019
\nIn February 2021, the IASB issued amendments to IAS 1 and IFRS
\nPractice Statement 2. The amendments to IAS 1 require disclosure of
\nmaterial accounting policies rather than signi\ufb01cant accounting policies.
\nThe amendments to IFRS Practice Statement 2 provide guidance on how
\nto apply the concept of materiality to accounting policy disclosures.
\nThe amendments to IAS 1 are applicable for Experian from 1 April 2023.
\nThe Group is currently reviewing its accounting policy disclosures to align
\nwith the amended requirements.
\nDe\ufb01nition of Accounting Estimates \u2013 Amendments to IAS
\n8 \u2018Accounting Policies, Changes in Accounting Estimates
\nand\u00a0Errors\u2019
\nIn February 2021, the IASB also issued amendments to IAS 8. The
\namendments clarify how to distinguish changes in accounting policies
\nfrom changes in accounting estimates and are applicable for Experian
\nfrom 1 April 2023. The amendments are\u00a0not expected to have a material
\nimpact on the Group\u2019s \ufb01nancial statements.
\nDeferred Tax related to Assets and Liabilities arising from
\na\u00a0Single Transaction \u2013 Amendments to IAS 12 \u2018Income Taxes\u2019
\nIn May 2021, the IASB issued amendments to IAS 12. The amendments
\nrequire deferred tax to be recognised on transactions that, on initial
\nrecognition, give rise to equal amounts of taxable and deductible
\ntemporary di\ufb00erences. The amendments are e\ufb00ective for the Group from
\n1 April 2023, and it is expected that there will be no impact on retained
\nearnings given the Group has previously applied the \u2018integrally linked\u2019
\napproach which results in a similar outcome to the amendments.
\nThere are no other new standards, amendments to existing standards,
\nor\u00a0interpretations that are not yet e\ufb00ective, that are expected to have
\na\u00a0material impact on the Group\u2019s \ufb01nancial results. Accounting
\ndevelopments are routinely reviewed by the Group and its \ufb01nancial
\nreporting systems are adapted as appropriate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24573": {
"value": "5. Signi\ufb01cant accounting policies The signi\ufb01cant accounting policies applied are summarised below. They
\nhave been applied consistently to both years presented. The explanations
\nof these policies focus on areas where judgment is applied or which are
\nparticularly important in the \ufb01nancial statements. For ease of reference,
\nthe content within this note is arranged as follows:
\na
sections (a) to (d) \u2013 content that applies generally to the preparation
\nof\u00a0these \ufb01nancial statements;
\na
sections (e) to (q) \u2013 balance sheet policies, to be read in conjunction with
\nspeci\ufb01c notes as indicated;
\na
sections (r) to (y) \u2013 income statement policies, to be read in conjunction
\nwith speci\ufb01c notes as indicated; and
\na
section (z) \u2013 the policy and presentation principles adopted for
\ndisclosing segment information, in accordance with IFRS 8 \u2018Operating
\nSegments\u2019.
\n(a) Basis of consolidation
\nThe Group \ufb01nancial statements incorporate the \ufb01nancial statements
\nof\u00a0the Company and its subsidiary undertakings.
\nSubsidiaries
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group and cease to be consolidated from the date that
\nthe Group no longer has control. All business combinations are accounted
\nfor using the acquisition method.
\nIntra-Group transactions, balances and unrealised gains on transactions
\nbetween Group companies are eliminated on consolidation. Unrealised
\nlosses are also eliminated unless the transaction provides evidence of
\nan\u00a0impairment of the asset transferred.
\nAccounting policies of subsidiaries and segments are consistent with
\nthe\u00a0policies adopted by the Group for the purposes of the Group\u2019s
\nconsolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
\nstatements of the Company and its subsidiary undertakings for the year
\nended 31 March 2023. A full list of subsidiary undertakings is given in
\nnote\u00a0T to the Company \ufb01nancial statements.
\nAssociates
\nInterests in associates are accounted for using the equity method.
\nThey\u00a0are initially recognised at cost, which includes transaction costs.
\nSubsequent to initial recognition, the Group \ufb01nancial statements include
\nthe Group\u2019s share of the pro\ufb01t or loss and other comprehensive income of
\nequity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
\nceases. Gains or losses on disposal are recognised within operating pro\ufb01t.
\nNon-controlling interests
\nThe non-controlling interests in the Group balance sheet represent the
\nshare of net assets of subsidiary undertakings held outside the Group. The
\nmovement in the year comprises the pro\ufb01t attributable to such interests
\ntogether with any dividends paid, movements in respect of corporate
\ntransactions and related exchange di\ufb00erences.
\nThe Group treats transactions with non-controlling interests that do not
\nresult in a loss of control as transactions with equity owners of the Group.
\nFor purchases from non-controlling interests, the di\ufb00erence between any
\nconsideration paid and the relevant share acquired of the carrying value
\nof the net assets of the subsidiary is recorded in equity. Gains or losses on
\ndisposals to non-controlling interests are also recorded in equity.
\nWhere put option agreements are in place in respect of shares held by
\nnon-controlling shareholders, the liability is stated at the present value of
\nthe expected future payments. Such liabilities are shown as \ufb01nancial
\nliabilities in the Group balance sheet. The change in the value of such
\noptions in the year is recognised in the Group income statement within net
\n
\n
\n
\ufb01nance costs, while any change in that value attributable to exchange rate
\nmovements is recognised directly in Other comprehensive income (OCI).
\nWhere put option agreements are in place the Group adopts the
\n\u2018anticipated acquisition\u2019 approach, recording the other side of the put
\nliability against goodwill, with no subsequent pro\ufb01ts attributed to
\nnon-controlling interests.
\n(b) Foreign currency translation
\nTransactions and balances
\nTransactions in foreign currencies are recorded in the functional currency
\nof the relevant Group undertaking at the exchange rate prevailing on the
\ndate of the transaction. At each balance sheet date, monetary assets and
\nliabilities denominated in foreign currencies are retranslated at the
\nexchange rate prevailing at the balance sheet date. Translation di\ufb00erences
\non monetary items are taken to the Group income statement except when
\nrecognised in OCI, as qualifying net investment hedges or cash \ufb02ow
\nhedges. Translation di\ufb00erences on non-monetary \ufb01nancial assets
\nrevalued through OCI are reported as part of the fair value gains or
\nlosses\u00a0in OCI.
\nGroup undertakings
\nThe results and \ufb01nancial position of Group undertakings whose functional
\ncurrencies are not the US dollar are translated into US dollars as follows:
\na
Income and expenses are generally translated at the average exchange
\nrate for the year. Where this average is not a reasonable approximation
\nof the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
\nincome and expenses are translated at the rates on the dates of the
\ntransactions.
\na
Assets and liabilities are translated at the closing exchange rate on
\nthe\u00a0balance sheet date.
\na
All resulting exchange di\ufb00erences are recognised in OCI and as a
\nseparate component of equity.
\nOn consolidation, exchange di\ufb00erences arising from the translation of the
\nnet investment in Group undertakings whose functional currencies are
\nnot the US dollar, and of borrowings and other currency instruments
\ndesignated as hedges of such investments, are recognised in OCI to the
\nextent that such hedges are e\ufb00ective. Tax attributable to those exchange
\ndi\ufb00erences is taken directly to OCI. When such undertakings are sold,
\nthese exchange di\ufb00erences are recognised in the Group income
\nstatement as part of the gain or loss on sale. Goodwill and fair value
\nadjustments arising on the acquisition of such undertakings are treated
\nas assets and liabilities of the entities and are translated into US dollars
\nat\u00a0the closing exchange rate.
\n(c) Fair value estimation
\nThe fair values of derivative \ufb01nancial instruments and other \ufb01nancial
\nassets and liabilities are determined by using market data and
\nestablished estimation techniques such as discounted cash \ufb02ow and
\noption valuation models. The fair value of foreign exchange contracts is
\nbased on a comparison of the contractual and year-end exchange rates.
\nThe fair values of other derivative \ufb01nancial instruments are estimated by
\ndiscounting the future cash \ufb02ows to net present values, using appropriate
\nmarket rates prevailing at the balance sheet date.
\n(d) Impairment of non-\ufb01nancial assets
\nAssets that are not subject to amortisation or depreciation are tested
\nannually for impairment. Assets that are subject to amortisation or
\ndepreciation are reviewed for impairment when there is an indication
\nthat\u00a0the carrying amount may not be recoverable. Climate-related matters
\nare considered to identify whether any are an indicator of impairment.
\nAn\u00a0impairment charge is recognised for the amount by which an asset\u2019s
\ncarrying amount exceeds its recoverable amount, which is the higher
\nof\u00a0an asset\u2019s fair value less costs of disposal and value-in-use. For the
\npurposes of assessing impairment, assets are grouped into cash
\ngenerating units (CGUs), determined by the lowest levels for which
\nthere\u00a0are separately identi\ufb01able cash \ufb02ows.
\n(e) Goodwill (note 21)
\nGoodwill is stated at cost less any accumulated impairment, where cost is
\nthe excess of the fair value of the consideration payable for an acquisition
\nover the fair value at the date of acquisition of the Group\u2019s share of
\nidenti\ufb01able net assets of a subsidiary or associate acquired. Fair values
\nare attributed to the identi\ufb01able assets, liabilities and contingent liabilities
\nthat existed at the date of acquisition, re\ufb02ecting their condition at that
\ndate. Adjustments are made where necessary to align the accounting
\npolicies of acquired businesses with those of the Group. Goodwill is not
\namortised but is tested annually for impairment, or more frequently if
\nthere is an indication that it may be impaired. An impairment charge is
\nrecognised in the Group income statement for any amount by which the
\ncarrying value of the goodwill exceeds the recoverable amount.
\nGoodwill is allocated to CGUs and monitored for internal management
\npurposes by operating segment. The allocation is made to those CGUs
\nor\u00a0groups of CGUs that are expected to bene\ufb01t from the business
\ncombination in which the goodwill arose.
\nGains and losses on the disposal of an undertaking take account of the
\ncarrying amount of goodwill relating to the undertaking sold, allocated
\nwhere necessary on the basis of relative fair value, unless another
\nmethod is determined to be more appropriate.
\n(f) Other intangible assets (note 22)
\nAcquisition intangibles
\nIntangible assets acquired as part of a business combination are
\ncapitalised on acquisition at fair value and separately from goodwill,
\nif\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
\nSuch assets are referred to as acquisition intangibles in these \ufb01nancial
\nstatements. Amortisation is charged on a straight-line basis as follows:
\na
Customer and other relationships \u2013 over three to 18 years, based on
\nmanagement\u2019s estimates of the average lives of such relationships, and
\nre\ufb02ecting their long-term nature.
\na
Acquired software development \u2013 over three to eight years, based on
\nthe asset\u2019s expected life.
\na
Marketing-related assets (trademarks and licences) \u2013 over their
\ncontractual lives, up to a maximum of 20 years.
\na
Marketing-related assets (trade names) \u2013 over three to 14 years, based
\non management\u2019s expected retention of trade names within the
\nbusiness.
\nOther intangibles
\nOther intangibles are capitalised at cost. Certain costs incurred in the
\ndevelopmental phase of an internal project are capitalised provided that a
\nnumber of criteria are satis\ufb01ed. These include the technical feasibility of
\ncompleting the asset so that it is available for use or sale, the availability
\nof adequate resources to complete the development and to use or sell the
\nasset, and how the asset will generate probable future economic bene\ufb01t.
\nThe cost of such assets with \ufb01nite useful economic or contractual lives is
\namortised on a straight-line basis over those lives. The carrying values
\nare reviewed for impairment when events or changes in circumstances
\nindicate that the carrying values may not be recoverable. If impaired, the
\ncarrying values are written down to the higher of fair value less costs of
\ndisposal and value-in-use, which is determined by reference to projected
\nfuture income streams using assumptions in respect of pro\ufb01tability and
\ngrowth.
\n
\n
\n
\n
\n
\n
\nFurther details on the capitalisation and amortisation policy for the key
\nasset classi\ufb01cations within other intangibles are:
\na
Databases \u2013 capitalised databases, which comprise the data purchase
\nand capture costs of internally developed databases, are amortised
\nover three to seven years.
\na
Computer software (internal use) \u2013 computer software licences
\npurchased for internal use are capitalised on the basis of the costs
\nincurred to purchase and bring into use the speci\ufb01c software. These
\ncosts are amortised over three to ten years.
\na
Computer software (internally generated) \u2013 costs directly associated
\nwith producing identi\ufb01able and unique software products controlled by
\nthe Group, and that will generate economic bene\ufb01ts beyond one year,
\nare recognised as intangible assets. These costs are amortised over
\nthree to ten years.
\nResearch expenditure, other costs associated with developing or
\nmaintaining computer software programs or databases, and con\ufb01guration
\nand customisation costs incurred in Software as a Service arrangements,
\nare recognised in the Group income statement as incurred.
\n(g) Property, plant and equipment (note 23)
\nPurchased items of property, plant and equipment are held at cost less
\naccumulated depreciation and any impairment in value. Cost includes the
\noriginal purchase price of the asset and amounts attributable to bringing
\nthe asset to its working condition for its intended use.
\nDepreciation is charged on a straight-line basis as follows:
\na
Freehold properties \u2013 over 50 years.
\na
Leasehold improvements to short leasehold properties \u2013 over the
\nremaining period of the lease.
\na
Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
\nestimated useful life. Technology-based assets are typically depreciated
\nover three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
\nother infrastructure assets depreciated over \ufb01ve to ten years.
\nThe Group has reviewed the useful lives of its data centres and main plant
\nand equipment assets to determine if any are a\ufb00ected by climate-related
\nmatters or the commitment to become carbon neutral in our own
\noperations by 2030, and concluded that no changes are required.
\n(h) Trade and other receivables (note 25)
\nTrade receivables and contract assets are initially recognised at fair value
\nand subsequently measured at this value less loss allowances. Where the
\ntime value of money is material, receivables are then carried at amortised
\ncost using the e\ufb00ective interest method, less loss allowances.
\nWe apply the IFRS 9 simpli\ufb01ed lifetime expected credit loss approach.
\nExpected credit losses are determined using a combination of historical
\nexperience and forward-looking information. Impairment losses or credits
\nin respect of trade receivables and contract assets are recognised in the
\nGroup income statement, within other operating charges.
\n(i) Cash and cash equivalents (note 26)
\nCash and cash equivalents include cash in hand, term and call deposits
\nheld with banks and other short-term, highly liquid investments with
\noriginal maturities of three months or less. Bank overdrafts are shown
\nwithin borrowings in current liabilities in the Group balance sheet.
\nFor\u00a0the\u00a0purposes of the Group cash \ufb02ow statement, cash and cash
\nequivalents are reported net of bank overdrafts.
\n(j) Financial assets and liabilities (note 31)
\nFinancial assets
\nWe classify our \ufb01nancial assets into the following measurement
\ncategories, with the classi\ufb01cation determined on initial recognition
\nand\u00a0dependent on the purpose for which such assets are acquired:
\na
those subsequently measured at fair value (either through OCI or
\nthrough pro\ufb01t or loss), and
\na
those measured at amortised cost.
\nDirectly attributable transaction costs are expensed where an asset is
\ncarried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
\nvalue of the asset otherwise.
\nFinancial assets with embedded derivatives are considered in their
\nentirety when determining whether their cash \ufb02ows are solely a payment
\nof principal and interest.
\nDebt instruments
\nMeasurement of debt instruments depends on the Group\u2019s business
\nmodel for managing the asset and the cash \ufb02ow characteristics of the
\nasset. There are three measurement categories into which the Group
\nclassi\ufb01es debt instruments:
\na
Amortised cost: Assets that are held for collection of contractual cash
\n\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
\ninterest, are measured at amortised cost. Interest income from these
\n\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
\nimpairment or gain or loss on derecognition is recognised directly in
\nthe Group income statement.
\na
Fair value through Other comprehensive income (FVOCI): Assets that
\nare held both for the collection of contractual cash \ufb02ows and for their
\nsale, where the asset\u2019s cash \ufb02ows solely represent payments of
\nprincipal and interest, are measured at FVOCI. Movements in the
\ncarrying amount are taken through OCI, however recognition of
\nimpairment gains or losses, interest income and foreign exchange
\ngains or losses are recognised in the Group income statement.
\na
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
\nare measured at FVPL. A gain or loss on a debt instrument that is
\nsubsequently measured at FVPL is recognised in the Group income
\nstatement and presented net within other gains or losses in the period
\nin which it arises.
\nEquity instruments
\nWe measure all equity instruments at fair value. Where we have elected to
\npresent fair value gains or losses on equity investments in OCI, there is no
\nsubsequent reclassi\ufb01cation of fair value gains or losses to the Group
\nincome statement following the derecognition of the investment.
\nDividends from such investments are normally recognised as other
\nincome when the Group\u2019s right to receive payments is established.
\nChanges in the fair value of \ufb01nancial assets at FVPL are recognised in
\nother gains or losses in the Group income statement. Impairment losses,
\nand reversals of impairment losses, on equity investments measured at
\nFVOCI are not reported separately from other changes in fair value.
\nImpairment
\nThe loss allowances for \ufb01nancial assets are based on assumptions about
\nsigni\ufb01cant increases in credit risk and subsequent risk of default. We use
\njudgment in making these assumptions and selecting the inputs to the
\nimpairment calculation, based on the Group\u2019s history, existing market
\nconditions and forward-looking estimates at the end of each reporting
\nperiod.
\n
\n
\n
Financial liabilities
\nFinancial liabilities are measured subsequently at amortised cost using
\nthe e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
\nat FVPL when the \ufb01nancial liability is held for trading, it is a derivative or it
\nis designated at FVPL on initial recognition. Financial liabilities at FVPL are
\nmeasured at fair value, with any net gains or losses arising on changes in
\nfair value, including any interest expense, recognised in the Group income
\nstatement.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost
\nusing the e\ufb00ective interest method. Interest expense, foreign exchange
\ngains and losses and any gain or loss on derecognition are recognised
\nin\u00a0the Group income statement.
\nThe e\ufb00ective interest method is a method of calculating the amortised
\ncost of a \ufb01nancial liability and of allocating interest expense over the
\nrelevant period. The e\ufb00ective interest rate is the rate that exactly
\ndiscounts estimated future cash payments, including all fees that form
\nan\u00a0integral part of the e\ufb00ective interest rate, transaction costs and other
\npremiums or discounts, through the expected life of the \ufb01nancial liability.
\nDerivatives used for hedging
\nThe Group uses derivative \ufb01nancial instruments to manage its exposures
\nto \ufb02uctuations in foreign exchange rates, interest rates and certain
\nobligations relating to share incentive plans, including social security
\nobligations. Instruments used include interest rate swaps, cross-currency
\nswaps, foreign exchange contracts and equity swaps. These are
\nrecognised as assets or liabilities as appropriate and are classi\ufb01ed as
\nnon-current, unless they mature within one year of the balance sheet
\ndate.
\nDerivatives are initially recognised at their fair value on the date the
\ncontract is entered into, and are subsequently remeasured at their fair
\nvalue. The method of recognising the resulting gain or loss depends on
\nwhether the derivative is designated as a hedging instrument and, if so,
\nthe nature of the hedge relationship.
\nThe Group designates certain derivatives as either fair value hedges or
\ncash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
\nrecognised asset or liability. Cash \ufb02ow hedges are hedges of highly
\nprobable future foreign currency cash \ufb02ows. The Group does not currently
\nenter into net investment hedges.
\nWe document the relationship between hedging instruments and hedged
\nitems, and our risk management objective and strategy for undertaking
\nhedge transactions, at the hedge inception. We also document our
\nassessment of whether the derivatives used in hedging meet the hedge
\ne\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed at
\nevery reporting date throughout the life of the hedge to con\ufb01rm that the
\nhedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
\naccounting is discontinued when the hedging instrument expires, is sold,
\nterminated or exercised, or no longer quali\ufb01es for hedge accounting.
\nAmounts payable or receivable in respect of interest rate swaps, together
\nwith the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts, are
\nrecognised in net \ufb01nance costs over the period of the contract.
\nChanges in the fair value of derivatives that are designated and qualify as
\nfair value hedging instruments are recognised in the Group income
\nstatement, together with any changes in the fair value of the hedged asset
\nor liability that are attributable to the hedged risk. The ine\ufb00ective portion
\nof a fair value hedge is recognised in net \ufb01nance costs in the Group
\nincome statement.
\nThe e\ufb00ective portion of changes in the fair value of derivatives that are
\ndesignated and qualify as cash \ufb02ow hedging instruments is recognised in
\nOCI, while any ine\ufb00ective part is recognised in the Group income
\nstatement. Amounts recorded in OCI are recycled to the Group income
\nstatement in the same period in which the underlying foreign currency
\nexposure a\ufb00ects the Group income statement.
\nNon-hedging derivatives
\nChanges in the fair value of derivative instruments which are used to
\nmanage exposures, but are not part of a documented hedge relationship
\nunder IFRS 9, are recognised immediately in the Group income statement.
\nCost and income amounts in respect of derivatives entered into in
\nconnection with social security obligations on employee share incentive
\nplans, other than amounts of a \ufb01nancing nature, are charged or credited
\nwithin labour costs. Other costs and changes in the fair value of such
\nderivatives are charged or credited within \ufb01nancing fair value
\nremeasurements in the Group income statement.
\n(k) Trade and other payables (note 27)
\nTrade payables and contract liabilities are recognised initially at fair value.
\nWhere the time value of money is material, payables and contract
\nliabilities are then carried at amortised cost using the e\ufb00ective interest
\nmethod.
\n(l) Borrowings (note 28)
\nBorrowings are recognised initially at fair value, net of any transaction
\ncosts incurred. Borrowings are subsequently stated at amortised cost,
\nexcept where they are hedged by an e\ufb00ective fair value hedge, in which
\ncase the carrying value is adjusted to re\ufb02ect the fair value movements
\nassociated with the hedged risk.
\nBorrowings are classi\ufb01ed as non-current to the extent that the Group has
\nan unconditional right to defer settlement of the liability for at least one
\nyear after the balance sheet date.
\n(m) Leases (note 30)
\nThe Group undertakes an assessment of whether a contract is or contains
\na lease at its inception. The assessment establishes whether the Group
\nobtains substantially all the economic bene\ufb01ts from the use of an asset
\nand whether we have the right to direct its use.
\nLow-value lease payments are recognised as an expense, on a
\nstraight-line basis over the lease term. For other leases we recognise both
\na right-of-use asset and a lease liability at the commencement date of a
\nlease contract.
\nThe right-of-use asset is initially measured at cost, comprising the initial
\namount of the lease liability adjusted for payments made at or before the
\ncommencement date, plus initial direct costs and an estimate of the cost
\nof any obligation to refurbish the asset or site, less lease incentives.
\nSubsequently, right-of-use assets are measured at cost less accumulated
\ndepreciation and impairment losses and are adjusted for any
\nremeasurement of the lease liability. Depreciation is calculated on a
\nstraight-line basis over the shorter of the lease period or the estimated
\nuseful life of the right-of-use asset, which is determined on a basis
\nconsistent with purchased assets (note 5(g)).
\nThe lease term comprises the non-cancellable period of a lease, plus
\nperiods covered by an extension option, if it is reasonably certain to be
\nexercised, and periods covered by a termination option if it is reasonably
\ncertain not to be exercised.
\nThe lease liability is initially measured at the present value of lease
\npayments that are outstanding at the commencement date, discounted
\nat\u00a0the interest rate implicit in the lease, or if that rate cannot be easily
\ndetermined, the Group\u2019s incremental borrowing rate.
\n
\n
\n
\n
\n
\n
\nLease payments comprise payments of \ufb01xed principal, less any lease
\nincentives, variable elements linked to an index, guaranteed residuals or
\nbuy-out options that are reasonably certain to be exercised. They include
\npayments in respect of optional renewal periods where these are
\nreasonably certain to be exercised or early termination payments where
\nthe lease term re\ufb02ects such an option.
\nThe lease liability is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, if there is a change in
\nthe Group\u2019s estimate of the amount expected to be payable under a
\nresidual value guarantee, or if the Group changes its assessment of
\nwhether it will exercise a purchase, extension or termination option.
\nWhen a lease liability is remeasured, a corresponding adjustment is made
\nto the carrying amount of the right-of-use asset or is recognised in the
\nGroup income statement if the asset is fully depreciated.
\nThe Group presents right-of-use assets within property, plant and
\nequipment and lease obligations within the Group balance sheet.
\n(n) Post-employment bene\ufb01t assets and obligations
\n(note\u00a036)
\nDe\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
\nThe post-employment bene\ufb01t assets and obligations recognised in the
\nGroup balance sheet in respect of funded plans comprise the fair value of
\nplan assets of funded plans less the present value of the related de\ufb01ned
\nbene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
\nannually by independent quali\ufb01ed actuaries, using the projected unit
\ncredit method.
\nThe present value of the de\ufb01ned bene\ufb01t obligation is determined by
\ndiscounting the estimated future cash out\ufb02ows, using market yields
\non\u00a0high-quality corporate pound sterling bonds with maturity terms
\nconsistent with the estimated average term of the related pension liability.
\nActuarial gains and losses arising from experience adjustments, and
\nchanges in actuarial assumptions, are recognised immediately in the
\nGroup statement of comprehensive income.
\nThe pension cost recognised in the Group income statement comprises
\nthe cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
\nbene\ufb01t obligation or asset. Service costs and \ufb01nancing income and
\nexpenses are recognised separately in the Group income statement.
\nPlan\u00a0expenses are deducted from the expected return on the plan assets
\nover the year.
\nDe\ufb01ned bene\ufb01t pension arrangements \u2013 unfunded plans
\nUnfunded pension obligations are determined and accounted for
\nin\u00a0accordance with the principles used in respect of the funded
\narrangements.
\nDe\ufb01ned contribution pension arrangements
\nThe assets of de\ufb01ned contribution plans are held separately in
\nindependently administered funds. The pension cost recognised in the
\nGroup income statement represents the contributions payable by the
\nGroup to these funds, in respect of the year.
\nPost-retirement healthcare obligations
\nObligations in respect of post-retirement healthcare plans are calculated
\nannually by independent quali\ufb01ed actuaries, using an actuarial
\nmethodology similar to that for the funded de\ufb01ned bene\ufb01t pension
\narrangements.
\nActuarial gains and losses arising from experience adjustments, and
\nchanges in actuarial assumptions, are recognised in the Group statement
\nof comprehensive income. The cost recognised in the Group income
\nstatement comprises only interest on the obligations.
\n(o) Provisions (note 38)
\nA provision is recognised when the Group has a present obligation as a
\nresult of a past event, it is probable that an out\ufb02ow of resources will be
\nrequired to settle the obligation, and a reliable estimate can be made of
\nthe amount of the obligation.
\nThe provision is measured at the best estimate of the expenditure required
\nto settle the obligation at the reporting date, discounted at a pre-tax rate
\nre\ufb02ecting current market assessments of the time value of money and
\nrisks speci\ufb01c to the liability. The unwinding of the discount is recognised as
\na \ufb01nance expense in the Group income statement. In making its estimates,
\nmanagement takes into account the advice of legal counsel.
\nRestructuring provisions are recognised only when the Group has
\napproved a detailed formal plan that identi\ufb01es the business or part of the
\nbusiness concerned, and the restructuring has commenced or its main
\nfeatures have been announced to those a\ufb00ected by it. Future operating
\nlosses are not provided for.
\n(p) Own shares (note 40)
\nThe Group has a number of equity-settled, share-based employee
\nincentive plans. In connection with these, shares in the Company are held
\nby The Experian plc Employee Share Trust and the Experian UK Approved
\nAll-Employee Share Plan. The assets of these entities mainly comprise
\nExperian plc shares, which are shown as a deduction from equity at cost.
\nShares in the Company purchased and held as treasury shares, in
\nconnection with the above plans and any share purchase programme, are
\nalso shown as a deduction from equity at cost. The par value of shares in
\nthe Company that are purchased and cancelled, in connection with any
\nshare purchase programme, is accounted for as a reduction in called-up
\nshare capital with any cost in excess of that amount being deducted from
\nretained earnings.
\n(q) Assets and liabilities classi\ufb01ed as held-for-sale (note 43)
\nAssets and liabilities are classi\ufb01ed as held-for-sale when their carrying
\namounts are to be recovered or settled principally through a sale
\ntransaction and a sale is considered highly probable. They are stated
\nat\u00a0the lower of the carrying amount and fair value less costs to sell.
\nNo\u00a0depreciation or amortisation is charged in respect of non-current
\nassets classi\ufb01ed as held-for-sale.
\n(r) Revenue recognition (note 9)
\nRevenue is stated net of any sales taxes, rebates and discounts and
\nre\ufb02ects the amount of consideration we expect to receive in exchange
\nfor\u00a0the transfer of promised goods and services.
\nTotal consideration from contracts with customers is allocated to the
\nperformance obligations identi\ufb01ed based on their standalone selling price,
\nand is recognised when those performance obligations are satis\ufb01ed and
\nthe control of goods or services is transferred to the customer, either over
\ntime or at a point in time.
\na
The provision and processing of transactional data is distinguished
\nbetween contracts that:
\n\u2013
provide a service on a per unit basis, where the transfer to the
\ncustomer of each completed unit is considered satisfaction of
\na\u00a0single performance obligation. Revenue is recognised on the
\ntransfer of each unit;
\n\u2013
provide a service to the customer over the contractual term,
\nnormally between one and \ufb01ve years, where revenue is recognised
\non the transfer of this service to customers. For the majority of
\ncontracts this means revenue is spread evenly over the contract
\nterm, as customers simultaneously receive and consume the
\nbene\ufb01ts of the service;
\n
\n\n
\u2013
require an enhanced service at the start, where revenue is
\nrecognised to re\ufb02ect the upfront bene\ufb01t the customer receives and
\nconsumes. Revenue for such contracts is recognised proportionally
\nin line with the costs of providing the service.
\na
Revenue from referral fees for credit products and white-label
\npartnerships is recognised as transactional revenue.
\na
Revenue from transactional batch data arrangements that include an
\nongoing update service is apportioned across each delivery to the
\ncustomer and is recognised when the delivery is complete, and control
\nof the batch data passes to the customer. Performance obligations are
\ndetermined based on the frequency of data refresh: one-o\ufb00, quarterly,
\nmonthly, or real-time.
\na
Subscription and membership fees for continuous access to a service
\nare recognised over the period to which they relate, usually 1, 12 or 24
\nmonths. Customers simultaneously receive and consume the bene\ufb01ts
\nof the service; therefore, revenue is recognised evenly over the
\nsubscription or membership term.
\na
Revenue for one-o\ufb00 credit reports is recognised when the report is
\ndelivered to the consumer.
\na
Software licence and implementation services are primarily accounted
\nfor as a single performance obligation, with revenue recognised when
\nthe combined o\ufb00ering is delivered to the customer. Contract terms
\nnormally vary between one and \ufb01ve years. These services are
\ndistinguished between:
\n\u2013
Experian-hosted solutions, where the customer has the right to
\naccess a software solution over a speci\ufb01ed time period. Customers
\nsimultaneously receive and consume the bene\ufb01ts of the service and
\nrevenue is spread evenly over the period that the service is available;
\nand
\n\u2013
On-premise software licence arrangements, where the software
\nsolution is installed in an environment controlled by the customer.
\nThe arrangement represents a right to use licence and so the
\nperformance obligation is considered to be ful\ufb01lled on delivery
\ncompletion, when control of the con\ufb01gured solution is passed to
\nthe\u00a0customer. Revenue is recognised at that point in time.
\na
The delivery of support and maintenance agreements is generally
\nconsidered to be a separate performance obligation to provide a
\ntechnical support service including minor updates. Contract terms are
\noften aligned with licence terms. Customers simultaneously receive
\nand consume the bene\ufb01ts of the service, therefore revenue is spread
\nevenly over the term of the maintenance period.
\na
The provision of distinct standalone consultancy and professional
\nservices is distinguished between:
\n\u2013
Professional consultancy services where the performance obligation
\nis the provision of personnel. Customers simultaneously receive and
\nconsume the bene\ufb01ts of the service, and revenue is recognised over
\ntime, in line with hours provided; and
\n\u2013
The provision of analytical models and analyses, where the
\nperformance obligation is a deliverable, or a series of deliverables,
\nand revenue is recognised on delivery when control is passed to the
\ncustomer.
\nSales are typically invoiced in the geographic area in which the customer
\nis located. As a result, the geographic location of the invoicing undertaking
\nis used to attribute revenue to individual countries.
\nAccrued income balances, which represent the right to consideration in
\nexchange for goods or services that we have transferred to a customer,
\nare assessed as to whether they meet the de\ufb01nition of a contract asset:
\na
When the right to consideration is conditional on something other than
\nthe passage of time, a balance is classi\ufb01ed as a contract asset. This
\narises where there are further performance obligations to be satis\ufb01ed
\nas part of the contract with the customer and typically includes
\nbalances relating to software licensing contracts.
\na
When the right to consideration is conditional only on the passage of
\ntime, the balance does not meet the de\ufb01nition of a contract asset and
\nis\u00a0classi\ufb01ed as an unbilled receivable. This typically arises where the
\ntiming of the related billing cycle occurs in a period after the
\nperformance obligation is satis\ufb01ed.
\nCosts incurred prior to the satisfaction or partial satisfaction of a
\nperformance obligation are \ufb01rst assessed to see if they are within the
\nscope of other standards. Where they are not, certain costs are recognised
\nas an asset providing they relate directly to a contract (or an anticipated
\ncontract), generate or enhance resources that will be used in satisfying
\n(or\u00a0to continue to satisfy) performance obligations in the future and are
\nexpected to be recovered from the customer. Costs which meet these
\ncriteria are deferred as contract costs and these are amortised on a
\nsystematic basis consistent with the pattern of transfer of the related
\ngoods or services.
\na
Costs to obtain a contract predominantly comprise sales commissions
\ncosts.
\na
Costs to ful\ufb01l a contract predominantly comprise labour costs directly
\nrelating to the implementation services provided.
\nIf evidence emerges that a contract is loss making, no further costs are
\ncapitalised and any related contract assets are reviewed for impairment.
\nA provision for future losses is established when the unavoidable costs
\nof\u00a0the contract exceed the economic bene\ufb01ts expected to be received.
\nContract liabilities arise when we have an obligation to transfer future
\ngoods or services to a customer for which we have received
\nconsideration, or the amount is due from the customer, and include both
\ndeferred income balances and speci\ufb01c reserves.
\n(s) Operating charges
\nOperating charges are reported by nature in the Group income statement,
\nre\ufb02ecting the Group\u2019s cost-management control structure.
\nDetails of the types of charges within labour costs in respect of share
\nincentive plans are set out in note 5(v). Those for post-employment
\nbene\ufb01ts are set out in note 5(n).
\nDetails of the Group\u2019s amortisation and depreciation policy are given in
\nnotes 5(f), 5(g) and 5(m). The principles upon which impairment charges
\nof\u00a0tangible and intangible assets are recognised are set out in notes 5(d),
\n5(e) and 5(f).
\n(t) Net \ufb01nance (income)/expense (note 16)
\nIncremental transaction costs which are directly attributable to the issue
\nof debt are capitalised and amortised over the expected life of the
\nborrowing, using the e\ufb00ective interest method. All other borrowing costs
\nare charged in the Group income statement in the year in which they are
\nincurred.
\nAmounts payable or receivable in respect of interest rate swaps are taken
\nto net \ufb01nance costs over the periods of the contracts, together with the
\ninterest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
\nDetails of the nature of movements in the fair value of derivatives which
\nare reported as \ufb01nancial fair value remeasurements are included in note
\n5(j). The change in the year in the present value of put option agreements,
\nin respect of shares held by non-controlling shareholders, is recognised
\nas a \ufb01nancing fair value remeasurement within net \ufb01nance costs.
\n
\n
\n
\n
\n
\n
\n(u) Tax (note 17)
\nThe tax charge or credit for the year is recognised in the Group income
\nstatement, except for tax on items recognised in OCI or directly in equity.
\nCurrent tax is calculated on the basis of the tax laws substantively enacted
\nat the balance sheet date in the countries where the Group operates.
\nCurrent tax assets and liabilities are o\ufb00set where there is a legally
\nenforceable right of o\ufb00set.
\nUncertain tax positions are considered on an individual basis. Where
\nmanagement considers it probable that an additional out\ufb02ow will result
\nfrom any given position, a provision is made. Such provisions are
\nmeasured using management\u2019s best estimate of the most likely outcome.
\nDeferred tax is provided in full on temporary di\ufb00erences arising between
\nthe tax bases of assets and liabilities and their carrying amounts in the
\nGroup \ufb01nancial statements. Deferred tax is not recognised on taxable
\ntemporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is not accounted for when it arises from the initial recognition
\nof an asset or liability in a transaction, other than a business combination,
\nthat at the time of the transaction a\ufb00ects neither accounting nor taxable
\npro\ufb01t or loss. Deferred tax assets and liabilities are calculated at the tax
\nrates that are expected to apply when the asset is realised or the liability
\nsettled, based on the tax rates and laws that have been enacted or
\nsubstantively enacted by the balance sheet date in the countries where
\nthe Group operates.
\nDeferred tax assets are recognised in respect of tax losses carried
\nforward and other temporary di\ufb00erences, to the extent that it is probable
\nthat the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
\nDeferred tax is provided on temporary di\ufb00erences arising on investments
\nin subsidiaries and associates, except where the Group controls the timing
\nof the reversal of the temporary di\ufb00erence and it is probable that the
\ntemporary di\ufb00erence will not reverse in the foreseeable future. Deferred
\ntax assets and liabilities are o\ufb00set where there is a legally enforceable
\nright to o\ufb00set current tax assets and liabilities and where they relate to
\nthe same tax authority.
\n(v) Share incentive plans (note 34)
\nThe fair value of share incentives granted in connection with the Group\u2019s
\nequity-settled, share-based employee incentive plans is recognised as
\nan\u00a0expense on a straight-line basis over the vesting period. Fair value is
\nmeasured using whichever of the Black-Scholes model, Monte Carlo
\nmodel or closing market price is most appropriate. The Group takes into
\naccount the best estimate of the number of awards and options expected
\nto vest and revises such estimates at each balance sheet date.
\nNon-market performance conditions are included in the vesting
\nestimates. Market-based performance conditions are included in the
\nfair\u00a0value measurement but are not revised for actual performance.
\n(w) Contingent consideration (note 31(h))
\nThe initially recorded cost of any acquisition includes a reasonable
\nestimate of the fair value of any contingent amounts expected to be
\npayable in the future. Any cost or bene\ufb01t arising when such estimates are
\nrevised is recognised in the Group income statement (note 15).
\nWhere part or all of the amount of disposal consideration is contingent
\non\u00a0future events, the disposal proceeds initially recorded include a
\nreasonable estimate of the value of the contingent amounts expected
\nto\u00a0be receivable and payable in the future. The proceeds and pro\ufb01t or
\nloss\u00a0on disposal are adjusted when revised estimates are made, with
\ncorresponding adjustments made to receivables and payables as
\nappropriate, until the ultimate outcome is known and the related
\nconsideration received.
\n(x) Discontinued operations (note 18)
\nA discontinued operation is a component of the Group\u2019s business that
\nrepresents a separate geographic area of operation or a separate major
\nline of business. Classi\ufb01cation as a discontinued operation occurs upon
\ndisposal or earlier, if the operation meets the criteria to be classi\ufb01ed as
\nheld-for-sale. Discontinued operations are presented in the Group income
\nstatement as a separate line and are shown net of tax.
\nWhen an operation is classi\ufb01ed as a discontinued operation, comparatives
\nin the Group income statement and the Group statement of
\ncomprehensive income are re-presented as if the operation had been
\ndiscontinued from the start of the comparator year.
\n(y) Earnings per share (EPS) (note 19)
\nEarnings per share are reported in accordance with IAS 33.
\n(z) Segment information policy and presentation principles
\n(note 10)
\nWe are organised into, and managed on a worldwide basis through, the
\nfollowing \ufb01ve operating segments, which are based on geographic areas
\nand supported by central functions:
\na
North America
\na
Latin America
\na
UK and Ireland
\na
Europe, Middle East and Africa (EMEA) and
\na
Asia Paci\ufb01c.
\nThe chief operating decision maker makes operating decisions, allocates
\nresources and assesses the performance of these operating segments on
\nthe basis of Benchmark EBIT, as de\ufb01ned in note 7.
\nThe \u2018All other segments\u2019 category required to be disclosed has been
\ncaptioned as EMEA/Asia Paci\ufb01c in these \ufb01nancial statements. This
\ncombines information in respect of the EMEA and Asia Paci\ufb01c segments,
\nas neither of these operating segments is individually reportable, on the
\nbasis of their share of the Group\u2019s revenue, reported pro\ufb01t or loss, and
\nassets.
\nWe separately present information equivalent to segment disclosures in
\nrespect of the costs of our central functions, under the caption \u2018Central
\nActivities\u2019, as management believes that this information is helpful to
\nusers of the \ufb01nancial statements. Costs reported for Central Activities
\ninclude costs arising from \ufb01nance, treasury and other global functions.
\nInter-segment transactions are entered into under the normal
\ncommercial terms and conditions that would be available to third parties.
\nSuch transactions do not have a material impact on the Group\u2019s results.
\nSegment assets consist primarily of property, plant and equipment,
\nintangible assets including goodwill, derivatives designated as hedges of
\nfuture commercial transactions, contract assets and receivables. They
\nexclude tax assets, cash and cash equivalents, and derivatives designated
\nas hedges of borrowings. Segment liabilities comprise operating and
\ncontract liabilities, including derivatives designated as hedges of future
\ncommercial transactions and lease obligations. They exclude tax liabilities,
\nborrowings, other than lease obligations, and related hedging derivatives.
\nNet assets reported for Central Activities comprise corporate head o\ufb03ce
\nassets and liabilities, including certain post-employment bene\ufb01t assets
\nand obligations, and derivative assets and liabilities. Capital expenditure
\ncomprises additions to property, plant and equipment and intangible
\nassets, other than additions through business combinations or to
\nright-of-use assets.
\n
\n
\n
Information required to be presented also includes analysis of the Group\u2019s
\nrevenues by groups of service lines. This is supplemented by voluntary
\ndisclosure of the pro\ufb01tability of those groups of service lines. For ease of
\nreference, we use the term \u2018business segments\u2019 when discussing the
\nresults of groups of service lines. Our two business segments, details of
\nwhich are given in the Strategic report section of this Annual Report, are:
\na
Business-to-Business
\na
Consumer Services.
\nThe North America, Latin America and the UK and Ireland operating
\nsegments derive revenues from both of the Group\u2019s business segments.
\nThe EMEA and Asia Paci\ufb01c segments currently do not derive revenue
\nfrom the Consumer Services business segment.
\nReportable segment information for the full year provided to the chief
\noperating decision maker is set out in note 10(a).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24594": {
"value": "(a) Basis of consolidation The Group \ufb01nancial statements incorporate the \ufb01nancial statements
\nof\u00a0the Company and its subsidiary undertakings.
\nSubsidiaries
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group and cease to be consolidated from the date that
\nthe Group no longer has control. All business combinations are accounted
\nfor using the acquisition method.
\nIntra-Group transactions, balances and unrealised gains on transactions
\nbetween Group companies are eliminated on consolidation. Unrealised
\nlosses are also eliminated unless the transaction provides evidence of
\nan\u00a0impairment of the asset transferred.
\nAccounting policies of subsidiaries and segments are consistent with
\nthe\u00a0policies adopted by the Group for the purposes of the Group\u2019s
\nconsolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
\nstatements of the Company and its subsidiary undertakings for the year
\nended 31 March 2023. A full list of subsidiary undertakings is given in
\nnote\u00a0T to the Company \ufb01nancial statements.
\nAssociates
\nInterests in associates are accounted for using the equity method.
\nThey\u00a0are initially recognised at cost, which includes transaction costs.
\nSubsequent to initial recognition, the Group \ufb01nancial statements include
\nthe Group\u2019s share of the pro\ufb01t or loss and other comprehensive income of
\nequity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
\nceases. Gains or losses on disposal are recognised within operating pro\ufb01t.
\nNon-controlling interests
\nThe non-controlling interests in the Group balance sheet represent the
\nshare of net assets of subsidiary undertakings held outside the Group. The
\nmovement in the year comprises the pro\ufb01t attributable to such interests
\ntogether with any dividends paid, movements in respect of corporate
\ntransactions and related exchange di\ufb00erences.
\nThe Group treats transactions with non-controlling interests that do not
\nresult in a loss of control as transactions with equity owners of the Group.
\nFor purchases from non-controlling interests, the di\ufb00erence between any
\nconsideration paid and the relevant share acquired of the carrying value
\nof the net assets of the subsidiary is recorded in equity. Gains or losses on
\ndisposals to non-controlling interests are also recorded in equity.
\nWhere put option agreements are in place in respect of shares held by
\nnon-controlling shareholders, the liability is stated at the present value of
\nthe expected future payments. Such liabilities are shown as \ufb01nancial
\nliabilities in the Group balance sheet. The change in the value of such
\noptions in the year is recognised in the Group income statement within net
\n
\n
\n
\ufb01nance costs, while any change in that value attributable to exchange rate
\nmovements is recognised directly in Other comprehensive income (OCI).
\nWhere put option agreements are in place the Group adopts the
\n\u2018anticipated acquisition\u2019 approach, recording the other side of the put
\nliability against goodwill, with no subsequent pro\ufb01ts attributed to
\nnon-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24598": {
"value": "Subsidiaries
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group and cease to be consolidated from the date that
\nthe Group no longer has control. All business combinations are accounted
\nfor using the acquisition method.
\nIntra-Group transactions, balances and unrealised gains on transactions
\nbetween Group companies are eliminated on consolidation. Unrealised
\nlosses are also eliminated unless the transaction provides evidence of
\nan\u00a0impairment of the asset transferred.
\nAccounting policies of subsidiaries and segments are consistent with
\nthe\u00a0policies adopted by the Group for the purposes of the Group\u2019s
\nconsolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
\nstatements of the Company and its subsidiary undertakings for the year
\nended 31 March 2023. A full list of subsidiary undertakings is given in
\nnote\u00a0T to the Company \ufb01nancial statements.
(r) Revenue recognition (note 9) Revenue is stated net of any sales taxes, rebates and discounts and
\nre\ufb02ects the amount of consideration we expect to receive in exchange
\nfor\u00a0the transfer of promised goods and services.
\nTotal consideration from contracts with customers is allocated to the
\nperformance obligations identi\ufb01ed based on their standalone selling price,
\nand is recognised when those performance obligations are satis\ufb01ed and
\nthe control of goods or services is transferred to the customer, either over
\ntime or at a point in time.
\na
The provision and processing of transactional data is distinguished
\nbetween contracts that:
\n\u2013
provide a service on a per unit basis, where the transfer to the
\ncustomer of each completed unit is considered satisfaction of
\na\u00a0single performance obligation. Revenue is recognised on the
\ntransfer of each unit;
\n\u2013
provide a service to the customer over the contractual term,
\nnormally between one and \ufb01ve years, where revenue is recognised
\non the transfer of this service to customers. For the majority of
\ncontracts this means revenue is spread evenly over the contract
\nterm, as customers simultaneously receive and consume the
\nbene\ufb01ts of the service;
\u2013
require an enhanced service at the start, where revenue is
\nrecognised to re\ufb02ect the upfront bene\ufb01t the customer receives and
\nconsumes. Revenue for such contracts is recognised proportionally
\nin line with the costs of providing the service.
\na
Revenue from referral fees for credit products and white-label
\npartnerships is recognised as transactional revenue.
\na
Revenue from transactional batch data arrangements that include an
\nongoing update service is apportioned across each delivery to the
\ncustomer and is recognised when the delivery is complete, and control
\nof the batch data passes to the customer. Performance obligations are
\ndetermined based on the frequency of data refresh: one-o\ufb00, quarterly,
\nmonthly, or real-time.
\na
Subscription and membership fees for continuous access to a service
\nare recognised over the period to which they relate, usually 1, 12 or 24
\nmonths. Customers simultaneously receive and consume the bene\ufb01ts
\nof the service; therefore, revenue is recognised evenly over the
\nsubscription or membership term.
\na
Revenue for one-o\ufb00 credit reports is recognised when the report is
\ndelivered to the consumer.
\na
Software licence and implementation services are primarily accounted
\nfor as a single performance obligation, with revenue recognised when
\nthe combined o\ufb00ering is delivered to the customer. Contract terms
\nnormally vary between one and \ufb01ve years. These services are
\ndistinguished between:
\n\u2013
Experian-hosted solutions, where the customer has the right to
\naccess a software solution over a speci\ufb01ed time period. Customers
\nsimultaneously receive and consume the bene\ufb01ts of the service and
\nrevenue is spread evenly over the period that the service is available;
\nand
\n\u2013
On-premise software licence arrangements, where the software
\nsolution is installed in an environment controlled by the customer.
\nThe arrangement represents a right to use licence and so the
\nperformance obligation is considered to be ful\ufb01lled on delivery
\ncompletion, when control of the con\ufb01gured solution is passed to
\nthe\u00a0customer. Revenue is recognised at that point in time.
\na
The delivery of support and maintenance agreements is generally
\nconsidered to be a separate performance obligation to provide a
\ntechnical support service including minor updates. Contract terms are
\noften aligned with licence terms. Customers simultaneously receive
\nand consume the bene\ufb01ts of the service, therefore revenue is spread
\nevenly over the term of the maintenance period.
\na
The provision of distinct standalone consultancy and professional
\nservices is distinguished between:
\n\u2013
Professional consultancy services where the performance obligation
\nis the provision of personnel. Customers simultaneously receive and
\nconsume the bene\ufb01ts of the service, and revenue is recognised over
\ntime, in line with hours provided; and
\n\u2013
The provision of analytical models and analyses, where the
\nperformance obligation is a deliverable, or a series of deliverables,
\nand revenue is recognised on delivery when control is passed to the
\ncustomer.
\nSales are typically invoiced in the geographic area in which the customer
\nis located. As a result, the geographic location of the invoicing undertaking
\nis used to attribute revenue to individual countries.
\nAccrued income balances, which represent the right to consideration in
\nexchange for goods or services that we have transferred to a customer,
\nare assessed as to whether they meet the de\ufb01nition of a contract asset:
\na
When the right to consideration is conditional on something other than
\nthe passage of time, a balance is classi\ufb01ed as a contract asset. This
\narises where there are further performance obligations to be satis\ufb01ed
\nas part of the contract with the customer and typically includes
\nbalances relating to software licensing contracts.
\na
When the right to consideration is conditional only on the passage of
\ntime, the balance does not meet the de\ufb01nition of a contract asset and
\nis\u00a0classi\ufb01ed as an unbilled receivable. This typically arises where the
\ntiming of the related billing cycle occurs in a period after the
\nperformance obligation is satis\ufb01ed.
\nCosts incurred prior to the satisfaction or partial satisfaction of a
\nperformance obligation are \ufb01rst assessed to see if they are within the
\nscope of other standards. Where they are not, certain costs are recognised
\nas an asset providing they relate directly to a contract (or an anticipated
\ncontract), generate or enhance resources that will be used in satisfying
\n(or\u00a0to continue to satisfy) performance obligations in the future and are
\nexpected to be recovered from the customer. Costs which meet these
\ncriteria are deferred as contract costs and these are amortised on a
\nsystematic basis consistent with the pattern of transfer of the related
\ngoods or services.
\na
Costs to obtain a contract predominantly comprise sales commissions
\ncosts.
\na
Costs to ful\ufb01l a contract predominantly comprise labour costs directly
\nrelating to the implementation services provided.
\nIf evidence emerges that a contract is loss making, no further costs are
\ncapitalised and any related contract assets are reviewed for impairment.
\nA provision for future losses is established when the unavoidable costs
\nof\u00a0the contract exceed the economic bene\ufb01ts expected to be received.
\nContract liabilities arise when we have an obligation to transfer future
\ngoods or services to a customer for which we have received
\nconsideration, or the amount is due from the customer, and include both
\ndeferred income balances and speci\ufb01c reserves.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24615": {
"value": "Associates Interests in associates are accounted for using the equity method.
\nThey\u00a0are initially recognised at cost, which includes transaction costs.
\nSubsequent to initial recognition, the Group \ufb01nancial statements include
\nthe Group\u2019s share of the pro\ufb01t or loss and other comprehensive income of
\nequity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
\nceases. Gains or losses on disposal are recognised within operating pro\ufb01t.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24625": {
"value": "Non-controlling interests The non-controlling interests in the Group balance sheet represent the
\nshare of net assets of subsidiary undertakings held outside the Group. The
\nmovement in the year comprises the pro\ufb01t attributable to such interests
\ntogether with any dividends paid, movements in respect of corporate
\ntransactions and related exchange di\ufb00erences.
\nThe Group treats transactions with non-controlling interests that do not
\nresult in a loss of control as transactions with equity owners of the Group.
\nFor purchases from non-controlling interests, the di\ufb00erence between any
\nconsideration paid and the relevant share acquired of the carrying value
\nof the net assets of the subsidiary is recorded in equity. Gains or losses on
\ndisposals to non-controlling interests are also recorded in equity.
\nWhere put option agreements are in place in respect of shares held by
\nnon-controlling shareholders, the liability is stated at the present value of
\nthe expected future payments. Such liabilities are shown as \ufb01nancial
\nliabilities in the Group balance sheet. The change in the value of such
\noptions in the year is recognised in the Group income statement within net
\n
\n
\n
\ufb01nance costs, while any change in that value attributable to exchange rate
\nmovements is recognised directly in Other comprehensive income (OCI).
\nWhere put option agreements are in place the Group adopts the
\n\u2018anticipated acquisition\u2019 approach, recording the other side of the put
\nliability against goodwill, with no subsequent pro\ufb01ts attributed to
\nnon-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24673": {
"value": "(b) Foreign currency translation Transactions and balances
\nTransactions in foreign currencies are recorded in the functional currency
\nof the relevant Group undertaking at the exchange rate prevailing on the
\ndate of the transaction. At each balance sheet date, monetary assets and
\nliabilities denominated in foreign currencies are retranslated at the
\nexchange rate prevailing at the balance sheet date. Translation di\ufb00erences
\non monetary items are taken to the Group income statement except when
\nrecognised in OCI, as qualifying net investment hedges or cash \ufb02ow
\nhedges. Translation di\ufb00erences on non-monetary \ufb01nancial assets
\nrevalued through OCI are reported as part of the fair value gains or
\nlosses\u00a0in OCI.
\nGroup undertakings
\nThe results and \ufb01nancial position of Group undertakings whose functional
\ncurrencies are not the US dollar are translated into US dollars as follows:
\na
Income and expenses are generally translated at the average exchange
\nrate for the year. Where this average is not a reasonable approximation
\nof the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
\nincome and expenses are translated at the rates on the dates of the
\ntransactions.
\na
Assets and liabilities are translated at the closing exchange rate on
\nthe\u00a0balance sheet date.
\na
All resulting exchange di\ufb00erences are recognised in OCI and as a
\nseparate component of equity.
\nOn consolidation, exchange di\ufb00erences arising from the translation of the
\nnet investment in Group undertakings whose functional currencies are
\nnot the US dollar, and of borrowings and other currency instruments
\ndesignated as hedges of such investments, are recognised in OCI to the
\nextent that such hedges are e\ufb00ective. Tax attributable to those exchange
\ndi\ufb00erences is taken directly to OCI. When such undertakings are sold,
\nthese exchange di\ufb00erences are recognised in the Group income
\nstatement as part of the gain or loss on sale. Goodwill and fair value
\nadjustments arising on the acquisition of such undertakings are treated
\nas assets and liabilities of the entities and are translated into US dollars
\nat\u00a0the closing exchange rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24714": {
"value": "(c) Fair value estimation The fair values of derivative \ufb01nancial instruments and other \ufb01nancial
\nassets and liabilities are determined by using market data and
\nestablished estimation techniques such as discounted cash \ufb02ow and
\noption valuation models. The fair value of foreign exchange contracts is
\nbased on a comparison of the contractual and year-end exchange rates.
\nThe fair values of other derivative \ufb01nancial instruments are estimated by
\ndiscounting the future cash \ufb02ows to net present values, using appropriate
\nmarket rates prevailing at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24726": {
"value": "(d) Impairment of non-\ufb01nancial assets Assets that are not subject to amortisation or depreciation are tested
\nannually for impairment. Assets that are subject to amortisation or
\ndepreciation are reviewed for impairment when there is an indication
\nthat\u00a0the carrying amount may not be recoverable. Climate-related matters
\nare considered to identify whether any are an indicator of impairment.
\nAn\u00a0impairment charge is recognised for the amount by which an asset\u2019s
\ncarrying amount exceeds its recoverable amount, which is the higher
\nof\u00a0an asset\u2019s fair value less costs of disposal and value-in-use. For the
\npurposes of assessing impairment, assets are grouped into cash
\ngenerating units (CGUs), determined by the lowest levels for which
\nthere\u00a0are separately identi\ufb01able cash \ufb02ows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24727": {
"value": "(d) Impairment of non-\ufb01nancial assetsAssets that are not subject to amortisation or depreciation are tested
\nannually for impairment. Assets that are subject to amortisation or
\ndepreciation are reviewed for impairment when there is an indication
\nthat\u00a0the carrying amount may not be recoverable. Climate-related matters
\nare considered to identify whether any are an indicator of impairment.
\nAn\u00a0impairment charge is recognised for the amount by which an asset\u2019s
\ncarrying amount exceeds its recoverable amount, which is the higher
\nof\u00a0an asset\u2019s fair value less costs of disposal and value-in-use. For the
\npurposes of assessing impairment, assets are grouped into cash
\ngenerating units (CGUs), determined by the lowest levels for which
\nthere\u00a0are separately identi\ufb01able cash \ufb02ows.
Goodwill is not amortised but is tested annually for impairment, or more frequently if
\nthere is an indication that it may be impaired. An impairment charge is
\nrecognised in the Group income statement for any amount by which the
\ncarrying value of the goodwill exceeds the recoverable amount.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24743": {
"value": "(e) Goodwill (note 21) Goodwill is stated at cost less any accumulated impairment, where cost is
\nthe excess of the fair value of the consideration payable for an acquisition
\nover the fair value at the date of acquisition of the Group\u2019s share of
\nidenti\ufb01able net assets of a subsidiary or associate acquired. Fair values
\nare attributed to the identi\ufb01able assets, liabilities and contingent liabilities
\nthat existed at the date of acquisition, re\ufb02ecting their condition at that
\ndate. Adjustments are made where necessary to align the accounting
\npolicies of acquired businesses with those of the Group. Goodwill is not
\namortised but is tested annually for impairment, or more frequently if
\nthere is an indication that it may be impaired. An impairment charge is
\nrecognised in the Group income statement for any amount by which the
\ncarrying value of the goodwill exceeds the recoverable amount.
\nGoodwill is allocated to CGUs and monitored for internal management
\npurposes by operating segment. The allocation is made to those CGUs
\nor\u00a0groups of CGUs that are expected to bene\ufb01t from the business
\ncombination in which the goodwill arose.
\nGains and losses on the disposal of an undertaking take account of the
\ncarrying amount of goodwill relating to the undertaking sold, allocated
\nwhere necessary on the basis of relative fair value, unless another
\nmethod is determined to be more appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24744": {
"value": "(e) Goodwill (note 21) Goodwill is stated at cost less any accumulated impairment, where cost is
\nthe excess of the fair value of the consideration payable for an acquisition
\nover the fair value at the date of acquisition of the Group\u2019s share of
\nidenti\ufb01able net assets of a subsidiary or associate acquired. Fair values
\nare attributed to the identi\ufb01able assets, liabilities and contingent liabilities
\nthat existed at the date of acquisition, re\ufb02ecting their condition at that
\ndate. Adjustments are made where necessary to align the accounting
\npolicies of acquired businesses with those of the Group. Goodwill is not
\namortised but is tested annually for impairment, or more frequently if
\nthere is an indication that it may be impaired. An impairment charge is
\nrecognised in the Group income statement for any amount by which the
\ncarrying value of the goodwill exceeds the recoverable amount.
\nGoodwill is allocated to CGUs and monitored for internal management
\npurposes by operating segment. The allocation is made to those CGUs
\nor\u00a0groups of CGUs that are expected to bene\ufb01t from the business
\ncombination in which the goodwill arose.
\nGains and losses on the disposal of an undertaking take account of the
\ncarrying amount of goodwill relating to the undertaking sold, allocated
\nwhere necessary on the basis of relative fair value, unless another
\nmethod is determined to be more appropriate.
\n(f) Other intangible assets (note 22)
\nAcquisition intangibles
\nIntangible assets acquired as part of a business combination are
\ncapitalised on acquisition at fair value and separately from goodwill,
\nif\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
\nSuch assets are referred to as acquisition intangibles in these \ufb01nancial
\nstatements. Amortisation is charged on a straight-line basis as follows:
\na
Customer and other relationships \u2013 over three to 18 years, based on
\nmanagement\u2019s estimates of the average lives of such relationships, and
\nre\ufb02ecting their long-term nature.
\na
Acquired software development \u2013 over three to eight years, based on
\nthe asset\u2019s expected life.
\na
Marketing-related assets (trademarks and licences) \u2013 over their
\ncontractual lives, up to a maximum of 20 years.
\na
Marketing-related assets (trade names) \u2013 over three to 14 years, based
\non management\u2019s expected retention of trade names within the
\nbusiness.
\nOther intangibles
\nOther intangibles are capitalised at cost. Certain costs incurred in the
\ndevelopmental phase of an internal project are capitalised provided that a
\nnumber of criteria are satis\ufb01ed. These include the technical feasibility of
\ncompleting the asset so that it is available for use or sale, the availability
\nof adequate resources to complete the development and to use or sell the
\nasset, and how the asset will generate probable future economic bene\ufb01t.
\nThe cost of such assets with \ufb01nite useful economic or contractual lives is
\namortised on a straight-line basis over those lives. The carrying values
\nare reviewed for impairment when events or changes in circumstances
\nindicate that the carrying values may not be recoverable. If impaired, the
\ncarrying values are written down to the higher of fair value less costs of
\ndisposal and value-in-use, which is determined by reference to projected
\nfuture income streams using assumptions in respect of pro\ufb01tability and
\ngrowth.
\n
\n
\n
\n
\n
\n
\nFurther details on the capitalisation and amortisation policy for the key
\nasset classi\ufb01cations within other intangibles are:
\na
Databases \u2013 capitalised databases, which comprise the data purchase
\nand capture costs of internally developed databases, are amortised
\nover three to seven years.
\na
Computer software (internal use) \u2013 computer software licences
\npurchased for internal use are capitalised on the basis of the costs
\nincurred to purchase and bring into use the speci\ufb01c software. These
\ncosts are amortised over three to ten years.
\na
Computer software (internally generated) \u2013 costs directly associated
\nwith producing identi\ufb01able and unique software products controlled by
\nthe Group, and that will generate economic bene\ufb01ts beyond one year,
\nare recognised as intangible assets. These costs are amortised over
\nthree to ten years.
\nResearch expenditure, other costs associated with developing or
\nmaintaining computer software programs or databases, and con\ufb01guration
\nand customisation costs incurred in Software as a Service arrangements,
\nare recognised in the Group income statement as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24771": {
"value": "(f) Other intangible assets (note 22) Acquisition intangibles
\nIntangible assets acquired as part of a business combination are
\ncapitalised on acquisition at fair value and separately from goodwill,
\nif\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
\nSuch assets are referred to as acquisition intangibles in these \ufb01nancial
\nstatements. Amortisation is charged on a straight-line basis as follows:
\na
Customer and other relationships \u2013 over three to 18 years, based on
\nmanagement\u2019s estimates of the average lives of such relationships, and
\nre\ufb02ecting their long-term nature.
\na
Acquired software development \u2013 over three to eight years, based on
\nthe asset\u2019s expected life.
\na
Marketing-related assets (trademarks and licences) \u2013 over their
\ncontractual lives, up to a maximum of 20 years.
\na
Marketing-related assets (trade names) \u2013 over three to 14 years, based
\non management\u2019s expected retention of trade names within the
\nbusiness.
\nOther intangibles
\nOther intangibles are capitalised at cost. Certain costs incurred in the
\ndevelopmental phase of an internal project are capitalised provided that a
\nnumber of criteria are satis\ufb01ed. These include the technical feasibility of
\ncompleting the asset so that it is available for use or sale, the availability
\nof adequate resources to complete the development and to use or sell the
\nasset, and how the asset will generate probable future economic bene\ufb01t.
\nThe cost of such assets with \ufb01nite useful economic or contractual lives is
\namortised on a straight-line basis over those lives. The carrying values
\nare reviewed for impairment when events or changes in circumstances
\nindicate that the carrying values may not be recoverable. If impaired, the
\ncarrying values are written down to the higher of fair value less costs of
\ndisposal and value-in-use, which is determined by reference to projected
\nfuture income streams using assumptions in respect of pro\ufb01tability and
\ngrowth.
\n
\n
\n
\n
\n
\n
\nFurther details on the capitalisation and amortisation policy for the key
\nasset classi\ufb01cations within other intangibles are:
\na
Databases \u2013 capitalised databases, which comprise the data purchase
\nand capture costs of internally developed databases, are amortised
\nover three to seven years.
\na
Computer software (internal use) \u2013 computer software licences
\npurchased for internal use are capitalised on the basis of the costs
\nincurred to purchase and bring into use the speci\ufb01c software. These
\ncosts are amortised over three to ten years.
\na
Computer software (internally generated) \u2013 costs directly associated
\nwith producing identi\ufb01able and unique software products controlled by
\nthe Group, and that will generate economic bene\ufb01ts beyond one year,
\nare recognised as intangible assets. These costs are amortised over
\nthree to ten years.
\nResearch expenditure, other costs associated with developing or
\nmaintaining computer software programs or databases, and con\ufb01guration
\nand customisation costs incurred in Software as a Service arrangements,
\nare recognised in the Group income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24774": {
"value": "Acquisition intangibles Intangible assets acquired as part of a business combination are
\ncapitalised on acquisition at fair value and separately from goodwill,
\nif\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
\nSuch assets are referred to as acquisition intangibles in these \ufb01nancial
\nstatements. Amortisation is charged on a straight-line basis as follows:
\na
Customer and other relationships \u2013 over three to 18 years, based on
\nmanagement\u2019s estimates of the average lives of such relationships, and
\nre\ufb02ecting their long-term nature.
\na
Acquired software development \u2013 over three to eight years, based on
\nthe asset\u2019s expected life.
\na
Marketing-related assets (trademarks and licences) \u2013 over their
\ncontractual lives, up to a maximum of 20 years.
\na
Marketing-related assets (trade names) \u2013 over three to 14 years, based
\non management\u2019s expected retention of trade names within the
\nbusiness. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24856": {
"value": "Research expenditure, other costs associated with developing or maintaining computer software programs or databases, and con\ufb01guration
\nand customisation costs incurred in Software as a Service arrangements,
are recognised in the Group income statement as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24865": {
"value": "(g) Property, plant and equipment (note 23) Purchased items of property, plant and equipment are held at cost less
\naccumulated depreciation and any impairment in value. Cost includes the
\noriginal purchase price of the asset and amounts attributable to bringing
\nthe asset to its working condition for its intended use.
\nDepreciation is charged on a straight-line basis as follows:
\na
Freehold properties \u2013 over 50 years.
\na
Leasehold improvements to short leasehold properties \u2013 over the
\nremaining period of the lease.
\na
Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
\nestimated useful life. Technology-based assets are typically depreciated
\nover three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
\nother infrastructure assets depreciated over \ufb01ve to ten years.
\nThe Group has reviewed the useful lives of its data centres and main plant
\nand equipment assets to determine if any are a\ufb00ected by climate-related
\nmatters or the commitment to become carbon neutral in our own
\noperations by 2030, and concluded that no changes are required. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24871": {
"value": "Depreciation is charged on a straight-line basis as follows:
\na
Freehold properties \u2013 over 50 years.
\na
Leasehold improvements to short leasehold properties \u2013 over the
\nremaining period of the lease.
\na
Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
\nestimated useful life. Technology-based assets are typically depreciated
\nover three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
\nother infrastructure assets depreciated over \ufb01ve to ten years.
Depreciation is calculated on a straight-line basis over the shorter of the lease period or the estimated
\nuseful life of the right-of-use asset, which is determined on a basis
\nconsistent with purchased assets (note 5(g)).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24889": {
"value": "(h) Trade and other receivables (note 25) Trade receivables and contract assets are initially recognised at fair value
\nand subsequently measured at this value less loss allowances. Where the
\ntime value of money is material, receivables are then carried at amortised
\ncost using the e\ufb00ective interest method, less loss allowances.
\nWe apply the IFRS 9 simpli\ufb01ed lifetime expected credit loss approach.
\nExpected credit losses are determined using a combination of historical
\nexperience and forward-looking information. Impairment losses or credits
\nin respect of trade receivables and contract assets are recognised in the
\nGroup income statement, within other operating charges.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24895": {
"value": "We apply the IFRS 9 simpli\ufb01ed lifetime expected credit loss approach.
\nExpected credit losses are determined using a combination of historical
\nexperience and forward-looking information. Impairment losses or credits
\nin respect of trade receivables and contract assets are recognised in the
\nGroup income statement, within other operating charges.
Impairment losses, and reversals of impairment losses, on equity investments measured at FVOCI are not reported separately from other changes in fair value. Impairment
\nThe loss allowances for \ufb01nancial assets are based on assumptions about
\nsigni\ufb01cant increases in credit risk and subsequent risk of default. We use
\njudgment in making these assumptions and selecting the inputs to the
\nimpairment calculation, based on the Group\u2019s history, existing market
\nconditions and forward-looking estimates at the end of each reporting
\nperiod.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24904": {
"value": "(i) Cash and cash equivalents (note 26) Cash and cash equivalents include cash in hand, term and call deposits
\nheld with banks and other short-term, highly liquid investments with
\noriginal maturities of three months or less. Bank overdrafts are shown
\nwithin borrowings in current liabilities in the Group balance sheet.
\nFor\u00a0the\u00a0purposes of the Group cash \ufb02ow statement, cash and cash
\nequivalents are reported net of bank overdrafts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24914": {
"value": "(j) Financial assets and liabilities (note 31) Financial assets
\nWe classify our \ufb01nancial assets into the following measurement
\ncategories, with the classi\ufb01cation determined on initial recognition
\nand\u00a0dependent on the purpose for which such assets are acquired:
\na
those subsequently measured at fair value (either through OCI or
\nthrough pro\ufb01t or loss), and
\na
those measured at amortised cost.
\nDirectly attributable transaction costs are expensed where an asset is
\ncarried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
\nvalue of the asset otherwise.
\nFinancial assets with embedded derivatives are considered in their
\nentirety when determining whether their cash \ufb02ows are solely a payment
\nof principal and interest.
\nDebt instruments
\nMeasurement of debt instruments depends on the Group\u2019s business
\nmodel for managing the asset and the cash \ufb02ow characteristics of the
\nasset. There are three measurement categories into which the Group
\nclassi\ufb01es debt instruments:
\na
Amortised cost: Assets that are held for collection of contractual cash
\n\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
\ninterest, are measured at amortised cost. Interest income from these
\n\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
\nimpairment or gain or loss on derecognition is recognised directly in
\nthe Group income statement.
\na
Fair value through Other comprehensive income (FVOCI): Assets that
\nare held both for the collection of contractual cash \ufb02ows and for their
\nsale, where the asset\u2019s cash \ufb02ows solely represent payments of
\nprincipal and interest, are measured at FVOCI. Movements in the
\ncarrying amount are taken through OCI, however recognition of
\nimpairment gains or losses, interest income and foreign exchange
\ngains or losses are recognised in the Group income statement.
\na
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
\nare measured at FVPL. A gain or loss on a debt instrument that is
\nsubsequently measured at FVPL is recognised in the Group income
\nstatement and presented net within other gains or losses in the period
\nin which it arises.
\nEquity instruments
\nWe measure all equity instruments at fair value. Where we have elected to
\npresent fair value gains or losses on equity investments in OCI, there is no
\nsubsequent reclassi\ufb01cation of fair value gains or losses to the Group
\nincome statement following the derecognition of the investment.
\nDividends from such investments are normally recognised as other
\nincome when the Group\u2019s right to receive payments is established.
\nChanges in the fair value of \ufb01nancial assets at FVPL are recognised in
\nother gains or losses in the Group income statement. Impairment losses,
\nand reversals of impairment losses, on equity investments measured at
\nFVOCI are not reported separately from other changes in fair value.
\nImpairment
\nThe loss allowances for \ufb01nancial assets are based on assumptions about
\nsigni\ufb01cant increases in credit risk and subsequent risk of default. We use
\njudgment in making these assumptions and selecting the inputs to the
\nimpairment calculation, based on the Group\u2019s history, existing market
\nconditions and forward-looking estimates at the end of each reporting
\nperiod.
\n
\n
\n
Financial liabilities
\nFinancial liabilities are measured subsequently at amortised cost using
\nthe e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
\nat FVPL when the \ufb01nancial liability is held for trading, it is a derivative or it
\nis designated at FVPL on initial recognition. Financial liabilities at FVPL are
\nmeasured at fair value, with any net gains or losses arising on changes in
\nfair value, including any interest expense, recognised in the Group income
\nstatement.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost
\nusing the e\ufb00ective interest method. Interest expense, foreign exchange
\ngains and losses and any gain or loss on derecognition are recognised
\nin\u00a0the Group income statement.
\nThe e\ufb00ective interest method is a method of calculating the amortised
\ncost of a \ufb01nancial liability and of allocating interest expense over the
\nrelevant period. The e\ufb00ective interest rate is the rate that exactly
\ndiscounts estimated future cash payments, including all fees that form
\nan\u00a0integral part of the e\ufb00ective interest rate, transaction costs and other
\npremiums or discounts, through the expected life of the \ufb01nancial liability.
\nDerivatives used for hedging
\nThe Group uses derivative \ufb01nancial instruments to manage its exposures
\nto \ufb02uctuations in foreign exchange rates, interest rates and certain
\nobligations relating to share incentive plans, including social security
\nobligations. Instruments used include interest rate swaps, cross-currency
\nswaps, foreign exchange contracts and equity swaps. These are
\nrecognised as assets or liabilities as appropriate and are classi\ufb01ed as
\nnon-current, unless they mature within one year of the balance sheet
\ndate.
\nDerivatives are initially recognised at their fair value on the date the
\ncontract is entered into, and are subsequently remeasured at their fair
\nvalue. The method of recognising the resulting gain or loss depends on
\nwhether the derivative is designated as a hedging instrument and, if so,
\nthe nature of the hedge relationship.
\nThe Group designates certain derivatives as either fair value hedges or
\ncash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
\nrecognised asset or liability. Cash \ufb02ow hedges are hedges of highly
\nprobable future foreign currency cash \ufb02ows. The Group does not currently
\nenter into net investment hedges.
\nWe document the relationship between hedging instruments and hedged
\nitems, and our risk management objective and strategy for undertaking
\nhedge transactions, at the hedge inception. We also document our
\nassessment of whether the derivatives used in hedging meet the hedge
\ne\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed at
\nevery reporting date throughout the life of the hedge to con\ufb01rm that the
\nhedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
\naccounting is discontinued when the hedging instrument expires, is sold,
\nterminated or exercised, or no longer quali\ufb01es for hedge accounting.
\nAmounts payable or receivable in respect of interest rate swaps, together
\nwith the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts, are
\nrecognised in net \ufb01nance costs over the period of the contract.
\nChanges in the fair value of derivatives that are designated and qualify as
\nfair value hedging instruments are recognised in the Group income
\nstatement, together with any changes in the fair value of the hedged asset
\nor liability that are attributable to the hedged risk. The ine\ufb00ective portion
\nof a fair value hedge is recognised in net \ufb01nance costs in the Group
\nincome statement.
\nThe e\ufb00ective portion of changes in the fair value of derivatives that are
\ndesignated and qualify as cash \ufb02ow hedging instruments is recognised in
\nOCI, while any ine\ufb00ective part is recognised in the Group income
\nstatement. Amounts recorded in OCI are recycled to the Group income
\nstatement in the same period in which the underlying foreign currency
\nexposure a\ufb00ects the Group income statement.
\nNon-hedging derivatives
\nChanges in the fair value of derivative instruments which are used to
\nmanage exposures, but are not part of a documented hedge relationship
\nunder IFRS 9, are recognised immediately in the Group income statement.
\nCost and income amounts in respect of derivatives entered into in
\nconnection with social security obligations on employee share incentive
\nplans, other than amounts of a \ufb01nancing nature, are charged or credited
\nwithin labour costs. Other costs and changes in the fair value of such
\nderivatives are charged or credited within \ufb01nancing fair value
\nremeasurements in the Group income statement.
\n(k) Trade and other payables (note 27)
\nTrade payables and contract liabilities are recognised initially at fair value.
\nWhere the time value of money is material, payables and contract
\nliabilities are then carried at amortised cost using the e\ufb00ective interest
\nmethod.
\n(l) Borrowings (note 28)
\nBorrowings are recognised initially at fair value, net of any transaction
\ncosts incurred. Borrowings are subsequently stated at amortised cost,
\nexcept where they are hedged by an e\ufb00ective fair value hedge, in which
\ncase the carrying value is adjusted to re\ufb02ect the fair value movements
\nassociated with the hedged risk.
\nBorrowings are classi\ufb01ed as non-current to the extent that the Group has
\nan unconditional right to defer settlement of the liability for at least one
\nyear after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24917": {
"value": "Financial assets We classify our \ufb01nancial assets into the following measurement
\ncategories, with the classi\ufb01cation determined on initial recognition
\nand\u00a0dependent on the purpose for which such assets are acquired:
\na
those subsequently measured at fair value (either through OCI or
\nthrough pro\ufb01t or loss), and
\na
those measured at amortised cost.
\nDirectly attributable transaction costs are expensed where an asset is
\ncarried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
\nvalue of the asset otherwise.
\nFinancial assets with embedded derivatives are considered in their
\nentirety when determining whether their cash \ufb02ows are solely a payment
\nof principal and interest.
\nDebt instruments
\nMeasurement of debt instruments depends on the Group\u2019s business
\nmodel for managing the asset and the cash \ufb02ow characteristics of the
\nasset. There are three measurement categories into which the Group
\nclassi\ufb01es debt instruments:
\na
Amortised cost: Assets that are held for collection of contractual cash
\n\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
\ninterest, are measured at amortised cost. Interest income from these
\n\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
\nimpairment or gain or loss on derecognition is recognised directly in
\nthe Group income statement.
\na
Fair value through Other comprehensive income (FVOCI): Assets that
\nare held both for the collection of contractual cash \ufb02ows and for their
\nsale, where the asset\u2019s cash \ufb02ows solely represent payments of
\nprincipal and interest, are measured at FVOCI. Movements in the
\ncarrying amount are taken through OCI, however recognition of
\nimpairment gains or losses, interest income and foreign exchange
\ngains or losses are recognised in the Group income statement.
\na
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
\nare measured at FVPL. A gain or loss on a debt instrument that is
\nsubsequently measured at FVPL is recognised in the Group income
\nstatement and presented net within other gains or losses in the period
\nin which it arises.
\nEquity instruments
\nWe measure all equity instruments at fair value. Where we have elected to
\npresent fair value gains or losses on equity investments in OCI, there is no
\nsubsequent reclassi\ufb01cation of fair value gains or losses to the Group
\nincome statement following the derecognition of the investment.
\nDividends from such investments are normally recognised as other
\nincome when the Group\u2019s right to receive payments is established.
\nChanges in the fair value of \ufb01nancial assets at FVPL are recognised in
\nother gains or losses in the Group income statement. Impairment losses,
\nand reversals of impairment losses, on equity investments measured at
\nFVOCI are not reported separately from other changes in fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24927": {
"value": "Directly attributable transaction costs are expensed where an asset is
\ncarried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
\nvalue of the asset otherwise.
a
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
\nare measured at FVPL. A gain or loss on a debt instrument that is
\nsubsequently measured at FVPL is recognised in the Group income
\nstatement and presented net within other gains or losses in the period
\nin which it arises.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in other gains or losses in the Group income statement.Financial liabilities are classi\ufb01ed at FVPL when the \ufb01nancial liability is held for trading, it is a derivative or it
\nis designated at FVPL on initial recognition. Financial liabilities at FVPL are
\nmeasured at fair value, with any net gains or losses arising on changes in
\nfair value, including any interest expense, recognised in the Group income
\nstatement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24931": {
"value": "Financial assets with embedded derivatives are considered in their
\nentirety when determining whether their cash \ufb02ows are solely a payment
\nof principal and interest.
Derivatives used for hedging The Group uses derivative \ufb01nancial instruments to manage its exposures
\nto \ufb02uctuations in foreign exchange rates, interest rates and certain
\nobligations relating to share incentive plans, including social security
\nobligations. Instruments used include interest rate swaps, cross-currency
\nswaps, foreign exchange contracts and equity swaps. These are
\nrecognised as assets or liabilities as appropriate and are classi\ufb01ed as
\nnon-current, unless they mature within one year of the balance sheet
\ndate.
\nDerivatives are initially recognised at their fair value on the date the
\ncontract is entered into, and are subsequently remeasured at their fair
\nvalue. The method of recognising the resulting gain or loss depends on
\nwhether the derivative is designated as a hedging instrument and, if so,
\nthe nature of the hedge relationship.
\nThe Group designates certain derivatives as either fair value hedges or
\ncash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
\nrecognised asset or liability. Cash \ufb02ow hedges are hedges of highly
\nprobable future foreign currency cash \ufb02ows. The Group does not currently
\nenter into net investment hedges.
\nWe document the relationship between hedging instruments and hedged
\nitems, and our risk management objective and strategy for undertaking
\nhedge transactions, at the hedge inception. We also document our
\nassessment of whether the derivatives used in hedging meet the hedge
\ne\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed at
\nevery reporting date throughout the life of the hedge to con\ufb01rm that the
\nhedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
\naccounting is discontinued when the hedging instrument expires, is sold,
\nterminated or exercised, or no longer quali\ufb01es for hedge accounting.
\nAmounts payable or receivable in respect of interest rate swaps, together
\nwith the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts, are
\nrecognised in net \ufb01nance costs over the period of the contract.
\nChanges in the fair value of derivatives that are designated and qualify as
\nfair value hedging instruments are recognised in the Group income
\nstatement, together with any changes in the fair value of the hedged asset
\nor liability that are attributable to the hedged risk. The ine\ufb00ective portion
\nof a fair value hedge is recognised in net \ufb01nance costs in the Group
\nincome statement.
\nThe e\ufb00ective portion of changes in the fair value of derivatives that are
\ndesignated and qualify as cash \ufb02ow hedging instruments is recognised in
\nOCI, while any ine\ufb00ective part is recognised in the Group income
\nstatement. Amounts recorded in OCI are recycled to the Group income
\nstatement in the same period in which the underlying foreign currency
\nexposure a\ufb00ects the Group income statement.
\nNon-hedging derivatives
\nChanges in the fair value of derivative instruments which are used to
\nmanage exposures, but are not part of a documented hedge relationship
\nunder IFRS 9, are recognised immediately in the Group income statement.
\nCost and income amounts in respect of derivatives entered into in
\nconnection with social security obligations on employee share incentive
\nplans, other than amounts of a \ufb01nancing nature, are charged or credited
\nwithin labour costs. Other costs and changes in the fair value of such
\nderivatives are charged or credited within \ufb01nancing fair value
\nremeasurements in the Group income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f24947": {
"value": "a
Fair value through Other comprehensive income (FVOCI): Assets that
\nare held both for the collection of contractual cash \ufb02ows and for their
\nsale, where the asset\u2019s cash \ufb02ows solely represent payments of
\nprincipal and interest, are measured at FVOCI. Movements in the
\ncarrying amount are taken through OCI, however recognition of
\nimpairment gains or losses, interest income and foreign exchange
\ngains or losses are recognised in the Group income statement.
\na
FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
\nare measured at FVPL. A gain or loss on a debt instrument that is
\nsubsequently measured at FVPL is recognised in the Group income
\nstatement and presented net within other gains or losses in the period
\nin which it arises.
Equity instruments
\nWe measure all equity instruments at fair value. Where we have elected to
\npresent fair value gains or losses on equity investments in OCI, there is no
\nsubsequent reclassi\ufb01cation of fair value gains or losses to the Group
\nincome statement following the derecognition of the investment.
\nDividends from such investments are normally recognised as other
\nincome when the Group\u2019s right to receive payments is established.
\nChanges in the fair value of \ufb01nancial assets at FVPL are recognised in
\nother gains or losses in the Group income statement. Impairment losses,
\nand reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value. Financial liabilities are measured subsequently at amortised cost using
\nthe e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
\nat FVPL when the \ufb01nancial liability is held for trading, it is a derivative or it
\nis designated at FVPL on initial recognition. Financial liabilities at FVPL are
\nmeasured at fair value, with any net gains or losses arising on changes in
\nfair value, including any interest expense, recognised in the Group income
\nstatement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25010": {
"value": "Financial liabilities Financial liabilities are measured subsequently at amortised cost using
\nthe e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
\nat FVPL when the \ufb01nancial liability is held for trading, it is a derivative or it
\nis designated at FVPL on initial recognition. Financial liabilities at FVPL are
\nmeasured at fair value, with any net gains or losses arising on changes in
\nfair value, including any interest expense, recognised in the Group income
\nstatement.
\nOther \ufb01nancial liabilities are subsequently measured at amortised cost
\nusing the e\ufb00ective interest method. Interest expense, foreign exchange
\ngains and losses and any gain or loss on derecognition are recognised
\nin\u00a0the Group income statement.
\nThe e\ufb00ective interest method is a method of calculating the amortised
\ncost of a \ufb01nancial liability and of allocating interest expense over the
\nrelevant period. The e\ufb00ective interest rate is the rate that exactly
\ndiscounts estimated future cash payments, including all fees that form
\nan\u00a0integral part of the e\ufb00ective interest rate, transaction costs and other
\npremiums or discounts, through the expected life of the \ufb01nancial liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25034": {
"value": "Derivatives used for hedging The Group uses derivative \ufb01nancial instruments to manage its exposures
\nto \ufb02uctuations in foreign exchange rates, interest rates and certain
\nobligations relating to share incentive plans, including social security
\nobligations. Instruments used include interest rate swaps, cross-currency
\nswaps, foreign exchange contracts and equity swaps. These are
\nrecognised as assets or liabilities as appropriate and are classi\ufb01ed as
\nnon-current, unless they mature within one year of the balance sheet
\ndate.
\nDerivatives are initially recognised at their fair value on the date the
\ncontract is entered into, and are subsequently remeasured at their fair
\nvalue. The method of recognising the resulting gain or loss depends on
\nwhether the derivative is designated as a hedging instrument and, if so,
\nthe nature of the hedge relationship.
\nThe Group designates certain derivatives as either fair value hedges or
\ncash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
\nrecognised asset or liability. Cash \ufb02ow hedges are hedges of highly
\nprobable future foreign currency cash \ufb02ows. The Group does not currently
\nenter into net investment hedges.
\nWe document the relationship between hedging instruments and hedged
\nitems, and our risk management objective and strategy for undertaking
\nhedge transactions, at the hedge inception. We also document our
\nassessment of whether the derivatives used in hedging meet the hedge
\ne\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed at
\nevery reporting date throughout the life of the hedge to con\ufb01rm that the
\nhedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
\naccounting is discontinued when the hedging instrument expires, is sold,
\nterminated or exercised, or no longer quali\ufb01es for hedge accounting.
\nAmounts payable or receivable in respect of interest rate swaps, together
\nwith the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts, are
\nrecognised in net \ufb01nance costs over the period of the contract.
\nChanges in the fair value of derivatives that are designated and qualify as
\nfair value hedging instruments are recognised in the Group income
\nstatement, together with any changes in the fair value of the hedged asset
\nor liability that are attributable to the hedged risk. The ine\ufb00ective portion
\nof a fair value hedge is recognised in net \ufb01nance costs in the Group
\nincome statement.
\nThe e\ufb00ective portion of changes in the fair value of derivatives that are
\ndesignated and qualify as cash \ufb02ow hedging instruments is recognised in
\nOCI, while any ine\ufb00ective part is recognised in the Group income
\nstatement. Amounts recorded in OCI are recycled to the Group income
\nstatement in the same period in which the underlying foreign currency
\nexposure a\ufb00ects the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25035": {
"value": "Derivatives used for hedging The Group uses derivative \ufb01nancial instruments to manage its exposures
\nto \ufb02uctuations in foreign exchange rates, interest rates and certain
\nobligations relating to share incentive plans, including social security
\nobligations. Instruments used include interest rate swaps, cross-currency
\nswaps, foreign exchange contracts and equity swaps. These are
\nrecognised as assets or liabilities as appropriate and are classi\ufb01ed as
\nnon-current, unless they mature within one year of the balance sheet
\ndate.
\nDerivatives are initially recognised at their fair value on the date the
\ncontract is entered into, and are subsequently remeasured at their fair
\nvalue. The method of recognising the resulting gain or loss depends on
\nwhether the derivative is designated as a hedging instrument and, if so,
\nthe nature of the hedge relationship.
\nThe Group designates certain derivatives as either fair value hedges or
\ncash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
\nrecognised asset or liability. Cash \ufb02ow hedges are hedges of highly
\nprobable future foreign currency cash \ufb02ows. The Group does not currently
\nenter into net investment hedges.
\nWe document the relationship between hedging instruments and hedged
\nitems, and our risk management objective and strategy for undertaking
\nhedge transactions, at the hedge inception. We also document our
\nassessment of whether the derivatives used in hedging meet the hedge
\ne\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed at
\nevery reporting date throughout the life of the hedge to con\ufb01rm that the
\nhedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
\naccounting is discontinued when the hedging instrument expires, is sold,
\nterminated or exercised, or no longer quali\ufb01es for hedge accounting.
\nAmounts payable or receivable in respect of interest rate swaps, together
\nwith the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts, are
\nrecognised in net \ufb01nance costs over the period of the contract.
\nChanges in the fair value of derivatives that are designated and qualify as
\nfair value hedging instruments are recognised in the Group income
\nstatement, together with any changes in the fair value of the hedged asset
\nor liability that are attributable to the hedged risk. The ine\ufb00ective portion
\nof a fair value hedge is recognised in net \ufb01nance costs in the Group
\nincome statement.
\nThe e\ufb00ective portion of changes in the fair value of derivatives that are
\ndesignated and qualify as cash \ufb02ow hedging instruments is recognised in
\nOCI, while any ine\ufb00ective part is recognised in the Group income
\nstatement. Amounts recorded in OCI are recycled to the Group income
\nstatement in the same period in which the underlying foreign currency
\nexposure a\ufb00ects the Group income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25085": {
"value": "Non-hedging derivatives Changes in the fair value of derivative instruments which are used to
\nmanage exposures, but are not part of a documented hedge relationship
\nunder IFRS 9, are recognised immediately in the Group income statement.
\nCost and income amounts in respect of derivatives entered into in
\nconnection with social security obligations on employee share incentive
\nplans, other than amounts of a \ufb01nancing nature, are charged or credited
\nwithin labour costs. Other costs and changes in the fair value of such
\nderivatives are charged or credited within \ufb01nancing fair value
\nremeasurements in the Group income statement.",
"dimensions": {
"concept": "exp:DescriptionOfAccountingPolicyForNonHedgingDerivativesTextBlock",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25098": {
"value": "(k) Trade and other payables (note 27) Trade payables and contract liabilities are recognised initially at fair value.
\nWhere the time value of money is material, payables and contract
\nliabilities are then carried at amortised cost using the e\ufb00ective interest
\nmethod. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25106": {
"value": "(l) Borrowings (note 28) Borrowings are recognised initially at fair value, net of any transaction
\ncosts incurred. Borrowings are subsequently stated at amortised cost,
\nexcept where they are hedged by an e\ufb00ective fair value hedge, in which
\ncase the carrying value is adjusted to re\ufb02ect the fair value movements
\nassociated with the hedged risk.
\nBorrowings are classi\ufb01ed as non-current to the extent that the Group has
\nan unconditional right to defer settlement of the liability for at least one
year after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25119": {
"value": "(m) Leases (note 30) The Group undertakes an assessment of whether a contract is or contains
\na lease at its inception. The assessment establishes whether the Group
\nobtains substantially all the economic bene\ufb01ts from the use of an asset
\nand whether we have the right to direct its use.
\nLow-value lease payments are recognised as an expense, on a
\nstraight-line basis over the lease term. For other leases we recognise both
\na right-of-use asset and a lease liability at the commencement date of a
\nlease contract.
\nThe right-of-use asset is initially measured at cost, comprising the initial
\namount of the lease liability adjusted for payments made at or before the
\ncommencement date, plus initial direct costs and an estimate of the cost
\nof any obligation to refurbish the asset or site, less lease incentives.
\nSubsequently, right-of-use assets are measured at cost less accumulated
\ndepreciation and impairment losses and are adjusted for any
\nremeasurement of the lease liability. Depreciation is calculated on a
\nstraight-line basis over the shorter of the lease period or the estimated
\nuseful life of the right-of-use asset, which is determined on a basis
\nconsistent with purchased assets (note 5(g)).
\nThe lease term comprises the non-cancellable period of a lease, plus
\nperiods covered by an extension option, if it is reasonably certain to be
\nexercised, and periods covered by a termination option if it is reasonably
\ncertain not to be exercised.
\nThe lease liability is initially measured at the present value of lease
\npayments that are outstanding at the commencement date, discounted
\nat\u00a0the interest rate implicit in the lease, or if that rate cannot be easily
\ndetermined, the Group\u2019s incremental borrowing rate.
\n
\n
\n
\n
\n
\n
\nLease payments comprise payments of \ufb01xed principal, less any lease
\nincentives, variable elements linked to an index, guaranteed residuals or
\nbuy-out options that are reasonably certain to be exercised. They include
\npayments in respect of optional renewal periods where these are
\nreasonably certain to be exercised or early termination payments where
\nthe lease term re\ufb02ects such an option.
\nThe lease liability is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, if there is a change in
\nthe Group\u2019s estimate of the amount expected to be payable under a
\nresidual value guarantee, or if the Group changes its assessment of
\nwhether it will exercise a purchase, extension or termination option.
\nWhen a lease liability is remeasured, a corresponding adjustment is made
\nto the carrying amount of the right-of-use asset or is recognised in the
\nGroup income statement if the asset is fully depreciated.
\nThe Group presents right-of-use assets within property, plant and
\nequipment and lease obligations within the Group balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25191": {
"value": "(n) Post-employment bene\ufb01t assets and obligations
\n(note\u00a036)
\nDe\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
\nThe post-employment bene\ufb01t assets and obligations recognised in the
\nGroup balance sheet in respect of funded plans comprise the fair value of
\nplan assets of funded plans less the present value of the related de\ufb01ned
\nbene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
\nannually by independent quali\ufb01ed actuaries, using the projected unit
\ncredit method.
\nThe present value of the de\ufb01ned bene\ufb01t obligation is determined by
\ndiscounting the estimated future cash out\ufb02ows, using market yields
\non\u00a0high-quality corporate pound sterling bonds with maturity terms
\nconsistent with the estimated average term of the related pension liability.
\nActuarial gains and losses arising from experience adjustments, and
\nchanges in actuarial assumptions, are recognised immediately in the
\nGroup statement of comprehensive income.
\nThe pension cost recognised in the Group income statement comprises
\nthe cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
\nbene\ufb01t obligation or asset. Service costs and \ufb01nancing income and
\nexpenses are recognised separately in the Group income statement.
\nPlan\u00a0expenses are deducted from the expected return on the plan assets
\nover the year.
\nDe\ufb01ned bene\ufb01t pension arrangements \u2013 unfunded plans
\nUnfunded pension obligations are determined and accounted for
\nin\u00a0accordance with the principles used in respect of the funded
\narrangements.
\nDe\ufb01ned contribution pension arrangements
\nThe assets of de\ufb01ned contribution plans are held separately in
\nindependently administered funds. The pension cost recognised in the
\nGroup income statement represents the contributions payable by the
\nGroup to these funds, in respect of the year.
\nPost-retirement healthcare obligations
\nObligations in respect of post-retirement healthcare plans are calculated
\nannually by independent quali\ufb01ed actuaries, using an actuarial
\nmethodology similar to that for the funded de\ufb01ned bene\ufb01t pension
\narrangements.
\nActuarial gains and losses arising from experience adjustments, and
\nchanges in actuarial assumptions, are recognised in the Group statement
\nof comprehensive income. The cost recognised in the Group income
\nstatement comprises only interest on the obligations.
(v) Share incentive plans (note 34) The fair value of share incentives granted in connection with the Group\u2019s
\nequity-settled, share-based employee incentive plans is recognised as
\nan\u00a0expense on a straight-line basis over the vesting period. Fair value is
\nmeasured using whichever of the Black-Scholes model, Monte Carlo
\nmodel or closing market price is most appropriate. The Group takes into
\naccount the best estimate of the number of awards and options expected
\nto vest and revises such estimates at each balance sheet date.
\nNon-market performance conditions are included in the vesting
\nestimates. Market-based performance conditions are included in the
fair\u00a0value measurement but are not revised for actual performance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25233": {
"value": "(o) Provisions (note 38) A provision is recognised when the Group has a present obligation as a
\nresult of a past event, it is probable that an out\ufb02ow of resources will be
\nrequired to settle the obligation, and a reliable estimate can be made of
\nthe amount of the obligation.
\nThe provision is measured at the best estimate of the expenditure required
\nto settle the obligation at the reporting date, discounted at a pre-tax rate
\nre\ufb02ecting current market assessments of the time value of money and
\nrisks speci\ufb01c to the liability. The unwinding of the discount is recognised as
\na \ufb01nance expense in the Group income statement. In making its estimates,
\nmanagement takes into account the advice of legal counsel.
\nRestructuring provisions are recognised only when the Group has
\napproved a detailed formal plan that identi\ufb01es the business or part of the
\nbusiness concerned, and the restructuring has commenced or its main
\nfeatures have been announced to those a\ufb00ected by it. Future operating
\nlosses are not provided for. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25252": {
"value": "(p) Own shares (note 40) The Group has a number of equity-settled, share-based employee
\nincentive plans. In connection with these, shares in the Company are held
\nby The Experian plc Employee Share Trust and the Experian UK Approved
\nAll-Employee Share Plan. The assets of these entities mainly comprise
\nExperian plc shares, which are shown as a deduction from equity at cost.
\nShares in the Company purchased and held as treasury shares, in
\nconnection with the above plans and any share purchase programme, are
\nalso shown as a deduction from equity at cost. The par value of shares in
\nthe Company that are purchased and cancelled, in connection with any
\nshare purchase programme, is accounted for as a reduction in called-up
\nshare capital with any cost in excess of that amount being deducted from
\nretained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25253": {
"value": "(p) Own shares (note 40) The Group has a number of equity-settled, share-based employee
\nincentive plans. In connection with these, shares in the Company are held
\nby The Experian plc Employee Share Trust and the Experian UK Approved
\nAll-Employee Share Plan. The assets of these entities mainly comprise
\nExperian plc shares, which are shown as a deduction from equity at cost.
\nShares in the Company purchased and held as treasury shares, in
\nconnection with the above plans and any share purchase programme, are
\nalso shown as a deduction from equity at cost. The par value of shares in
\nthe Company that are purchased and cancelled, in connection with any
\nshare purchase programme, is accounted for as a reduction in called-up
\nshare capital with any cost in excess of that amount being deducted from
\nretained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25271": {
"value": "(q) Assets and liabilities classi\ufb01ed as held-for-sale (note 43) Assets and liabilities are classi\ufb01ed as held-for-sale when their carrying
\namounts are to be recovered or settled principally through a sale
\ntransaction and a sale is considered highly probable. They are stated
\nat\u00a0the lower of the carrying amount and fair value less costs to sell.
\nNo\u00a0depreciation or amortisation is charged in respect of non-current
\nassets classi\ufb01ed as held-for-sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25272": {
"value": "(q) Assets and liabilities classi\ufb01ed as held-for-sale (note 43)Assets and liabilities are classi\ufb01ed as held-for-sale when their carrying
\namounts are to be recovered or settled principally through a sale
\ntransaction and a sale is considered highly probable. They are stated
\nat\u00a0the lower of the carrying amount and fair value less costs to sell.
\nNo\u00a0depreciation or amortisation is charged in respect of non-current
\nassets classi\ufb01ed as held-for-sale.
(x) Discontinued operations (note 18) A discontinued operation is a component of the Group\u2019s business that
\nrepresents a separate geographic area of operation or a separate major
\nline of business. Classi\ufb01cation as a discontinued operation occurs upon
\ndisposal or earlier, if the operation meets the criteria to be classi\ufb01ed as
\nheld-for-sale. Discontinued operations are presented in the Group income
\nstatement as a separate line and are shown net of tax.
\nWhen an operation is classi\ufb01ed as a discontinued operation, comparatives
\nin the Group income statement and the Group statement of
\ncomprehensive income are re-presented as if the operation had been
\ndiscontinued from the start of the comparator year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25283": {
"value": "(r) Revenue recognition (note 9) Revenue is stated net of any sales taxes, rebates and discounts and
\nre\ufb02ects the amount of consideration we expect to receive in exchange
\nfor\u00a0the transfer of promised goods and services.
\nTotal consideration from contracts with customers is allocated to the
\nperformance obligations identi\ufb01ed based on their standalone selling price,
\nand is recognised when those performance obligations are satis\ufb01ed and
\nthe control of goods or services is transferred to the customer, either over
\ntime or at a point in time.
\na
The provision and processing of transactional data is distinguished
\nbetween contracts that:
\n\u2013
provide a service on a per unit basis, where the transfer to the
\ncustomer of each completed unit is considered satisfaction of
\na\u00a0single performance obligation. Revenue is recognised on the
\ntransfer of each unit;
\n\u2013
provide a service to the customer over the contractual term,
\nnormally between one and \ufb01ve years, where revenue is recognised
\non the transfer of this service to customers. For the majority of
\ncontracts this means revenue is spread evenly over the contract
\nterm, as customers simultaneously receive and consume the
\nbene\ufb01ts of the service;
\n
\n\n
\u2013
require an enhanced service at the start, where revenue is
\nrecognised to re\ufb02ect the upfront bene\ufb01t the customer receives and
\nconsumes. Revenue for such contracts is recognised proportionally
\nin line with the costs of providing the service.
\na
Revenue from referral fees for credit products and white-label
\npartnerships is recognised as transactional revenue.
\na
Revenue from transactional batch data arrangements that include an
\nongoing update service is apportioned across each delivery to the
\ncustomer and is recognised when the delivery is complete, and control
\nof the batch data passes to the customer. Performance obligations are
\ndetermined based on the frequency of data refresh: one-o\ufb00, quarterly,
\nmonthly, or real-time.
\na
Subscription and membership fees for continuous access to a service
\nare recognised over the period to which they relate, usually 1, 12 or 24
\nmonths. Customers simultaneously receive and consume the bene\ufb01ts
\nof the service; therefore, revenue is recognised evenly over the
\nsubscription or membership term.
\na
Revenue for one-o\ufb00 credit reports is recognised when the report is
\ndelivered to the consumer.
\na
Software licence and implementation services are primarily accounted
\nfor as a single performance obligation, with revenue recognised when
\nthe combined o\ufb00ering is delivered to the customer. Contract terms
\nnormally vary between one and \ufb01ve years. These services are
\ndistinguished between:
\n\u2013
Experian-hosted solutions, where the customer has the right to
\naccess a software solution over a speci\ufb01ed time period. Customers
\nsimultaneously receive and consume the bene\ufb01ts of the service and
\nrevenue is spread evenly over the period that the service is available;
\nand
\n\u2013
On-premise software licence arrangements, where the software
\nsolution is installed in an environment controlled by the customer.
\nThe arrangement represents a right to use licence and so the
\nperformance obligation is considered to be ful\ufb01lled on delivery
\ncompletion, when control of the con\ufb01gured solution is passed to
\nthe\u00a0customer. Revenue is recognised at that point in time.
\na
The delivery of support and maintenance agreements is generally
\nconsidered to be a separate performance obligation to provide a
\ntechnical support service including minor updates. Contract terms are
\noften aligned with licence terms. Customers simultaneously receive
\nand consume the bene\ufb01ts of the service, therefore revenue is spread
\nevenly over the term of the maintenance period.
\na
The provision of distinct standalone consultancy and professional
\nservices is distinguished between:
\n\u2013
Professional consultancy services where the performance obligation
\nis the provision of personnel. Customers simultaneously receive and
\nconsume the bene\ufb01ts of the service, and revenue is recognised over
\ntime, in line with hours provided; and
\n\u2013
The provision of analytical models and analyses, where the
\nperformance obligation is a deliverable, or a series of deliverables,
\nand revenue is recognised on delivery when control is passed to the
\ncustomer.
\nSales are typically invoiced in the geographic area in which the customer
\nis located. As a result, the geographic location of the invoicing undertaking
\nis used to attribute revenue to individual countries.
\nAccrued income balances, which represent the right to consideration in
\nexchange for goods or services that we have transferred to a customer,
\nare assessed as to whether they meet the de\ufb01nition of a contract asset:
\na
When the right to consideration is conditional on something other than
\nthe passage of time, a balance is classi\ufb01ed as a contract asset. This
\narises where there are further performance obligations to be satis\ufb01ed
\nas part of the contract with the customer and typically includes
\nbalances relating to software licensing contracts.
\na
When the right to consideration is conditional only on the passage of
\ntime, the balance does not meet the de\ufb01nition of a contract asset and
\nis\u00a0classi\ufb01ed as an unbilled receivable. This typically arises where the
\ntiming of the related billing cycle occurs in a period after the
\nperformance obligation is satis\ufb01ed.
\nCosts incurred prior to the satisfaction or partial satisfaction of a
\nperformance obligation are \ufb01rst assessed to see if they are within the
\nscope of other standards. Where they are not, certain costs are recognised
\nas an asset providing they relate directly to a contract (or an anticipated
\ncontract), generate or enhance resources that will be used in satisfying
\n(or\u00a0to continue to satisfy) performance obligations in the future and are
\nexpected to be recovered from the customer. Costs which meet these
\ncriteria are deferred as contract costs and these are amortised on a
\nsystematic basis consistent with the pattern of transfer of the related
\ngoods or services.
\na
Costs to obtain a contract predominantly comprise sales commissions
\ncosts.
\na
Costs to ful\ufb01l a contract predominantly comprise labour costs directly
\nrelating to the implementation services provided.
\nIf evidence emerges that a contract is loss making, no further costs are
\ncapitalised and any related contract assets are reviewed for impairment.
\nA provision for future losses is established when the unavoidable costs
\nof\u00a0the contract exceed the economic bene\ufb01ts expected to be received.
\nContract liabilities arise when we have an obligation to transfer future
\ngoods or services to a customer for which we have received
\nconsideration, or the amount is due from the customer, and include both
\ndeferred income balances and speci\ufb01c reserves.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25437": {
"value": "(s) Operating charges Operating charges are reported by nature in the Group income statement,
\nre\ufb02ecting the Group\u2019s cost-management control structure.
\nDetails of the types of charges within labour costs in respect of share
\nincentive plans are set out in note 5(v). Those for post-employment
\nbene\ufb01ts are set out in note 5(n).
\nDetails of the Group\u2019s amortisation and depreciation policy are given in
\nnotes 5(f), 5(g) and 5(m). The principles upon which impairment charges
\nof\u00a0tangible and intangible assets are recognised are set out in notes 5(d),
\n5(e) and 5(f). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25450": {
"value": "(t) Net \ufb01nance (income)/expense (note 16) Incremental transaction costs which are directly attributable to the issue
\nof debt are capitalised and amortised over the expected life of the
\nborrowing, using the e\ufb00ective interest method. All other borrowing costs
\nare charged in the Group income statement in the year in which they are
\nincurred.
\nAmounts payable or receivable in respect of interest rate swaps are taken
\nto net \ufb01nance costs over the periods of the contracts, together with the
\ninterest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
\nDetails of the nature of movements in the fair value of derivatives which
\nare reported as \ufb01nancial fair value remeasurements are included in note
\n5(j). The change in the year in the present value of put option agreements,
\nin respect of shares held by non-controlling shareholders, is recognised
\nas a \ufb01nancing fair value remeasurement within net \ufb01nance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25451": {
"value": "(t) Net \ufb01nance (income)/expense (note 16) Incremental transaction costs which are directly attributable to the issue
\nof debt are capitalised and amortised over the expected life of the
\nborrowing, using the e\ufb00ective interest method. All other borrowing costs
\nare charged in the Group income statement in the year in which they are
\nincurred.
\nAmounts payable or receivable in respect of interest rate swaps are taken
\nto net \ufb01nance costs over the periods of the contracts, together with the
\ninterest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
\nDetails of the nature of movements in the fair value of derivatives which
\nare reported as \ufb01nancial fair value remeasurements are included in note
\n5(j). The change in the year in the present value of put option agreements,
\nin respect of shares held by non-controlling shareholders, is recognised
\nas a \ufb01nancing fair value remeasurement within net \ufb01nance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25452": {
"value": "(t) Net \ufb01nance (income)/expense (note 16) Incremental transaction costs which are directly attributable to the issue
\nof debt are capitalised and amortised over the expected life of the
\nborrowing, using the e\ufb00ective interest method. All other borrowing costs
\nare charged in the Group income statement in the year in which they are
\nincurred.
\nAmounts payable or receivable in respect of interest rate swaps are taken
\nto net \ufb01nance costs over the periods of the contracts, together with the
\ninterest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
\nDetails of the nature of movements in the fair value of derivatives which
\nare reported as \ufb01nancial fair value remeasurements are included in note
\n5(j). The change in the year in the present value of put option agreements,
\nin respect of shares held by non-controlling shareholders, is recognised
\nas a \ufb01nancing fair value remeasurement within net \ufb01nance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25457": {
"value": "Incremental transaction costs which are directly attributable to the issue of debt are capitalised and amortised over the expected life of the
\nborrowing, using the e\ufb00ective interest method. All other borrowing costs
\nare charged in the Group income statement in the year in which they are
\nincurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25499": {
"value": "(u) Tax (note 17) The tax charge or credit for the year is recognised in the Group income
\nstatement, except for tax on items recognised in OCI or directly in equity.
\nCurrent tax is calculated on the basis of the tax laws substantively enacted
\nat the balance sheet date in the countries where the Group operates.
\nCurrent tax assets and liabilities are o\ufb00set where there is a legally
\nenforceable right of o\ufb00set.
\nUncertain tax positions are considered on an individual basis. Where
\nmanagement considers it probable that an additional out\ufb02ow will result
\nfrom any given position, a provision is made. Such provisions are
\nmeasured using management\u2019s best estimate of the most likely outcome.
\nDeferred tax is provided in full on temporary di\ufb00erences arising between
\nthe tax bases of assets and liabilities and their carrying amounts in the
\nGroup \ufb01nancial statements. Deferred tax is not recognised on taxable
\ntemporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is not accounted for when it arises from the initial recognition
\nof an asset or liability in a transaction, other than a business combination,
\nthat at the time of the transaction a\ufb00ects neither accounting nor taxable
\npro\ufb01t or loss. Deferred tax assets and liabilities are calculated at the tax
\nrates that are expected to apply when the asset is realised or the liability
\nsettled, based on the tax rates and laws that have been enacted or
\nsubstantively enacted by the balance sheet date in the countries where
\nthe Group operates.
\nDeferred tax assets are recognised in respect of tax losses carried
\nforward and other temporary di\ufb00erences, to the extent that it is probable
\nthat the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
\nDeferred tax is provided on temporary di\ufb00erences arising on investments
\nin subsidiaries and associates, except where the Group controls the timing
\nof the reversal of the temporary di\ufb00erence and it is probable that the
\ntemporary di\ufb00erence will not reverse in the foreseeable future. Deferred
\ntax assets and liabilities are o\ufb00set where there is a legally enforceable
\nright to o\ufb00set current tax assets and liabilities and where they relate to
\nthe same tax authority. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25512": {
"value": "Deferred tax is provided in full on temporary di\ufb00erences arising between the tax bases of assets and liabilities and their carrying amounts in the
\nGroup \ufb01nancial statements. Deferred tax is not recognised on taxable
\ntemporary di\ufb00erences arising on the initial recognition of goodwill.
\nDeferred tax is not accounted for when it arises from the initial recognition
\nof an asset or liability in a transaction, other than a business combination,
\nthat at the time of the transaction a\ufb00ects neither accounting nor taxable
\npro\ufb01t or loss. Deferred tax assets and liabilities are calculated at the tax
\nrates that are expected to apply when the asset is realised or the liability
\nsettled, based on the tax rates and laws that have been enacted or
\nsubstantively enacted by the balance sheet date in the countries where
\nthe Group operates.
\nDeferred tax assets are recognised in respect of tax losses carried
\nforward and other temporary di\ufb00erences, to the extent that it is probable
\nthat the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
\nDeferred tax is provided on temporary di\ufb00erences arising on investments
\nin subsidiaries and associates, except where the Group controls the timing
\nof the reversal of the temporary di\ufb00erence and it is probable that the
\ntemporary di\ufb00erence will not reverse in the foreseeable future. Deferred
\ntax assets and liabilities are o\ufb00set where there is a legally enforceable
\nright to o\ufb00set current tax assets and liabilities and where they relate to
the same tax authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25538": {
"value": "(v) Share incentive plans (note 34) The fair value of share incentives granted in connection with the Group\u2019s
\nequity-settled, share-based employee incentive plans is recognised as
\nan\u00a0expense on a straight-line basis over the vesting period. Fair value is
\nmeasured using whichever of the Black-Scholes model, Monte Carlo
\nmodel or closing market price is most appropriate. The Group takes into
\naccount the best estimate of the number of awards and options expected
\nto vest and revises such estimates at each balance sheet date.
\nNon-market performance conditions are included in the vesting
\nestimates. Market-based performance conditions are included in the
\nfair\u00a0value measurement but are not revised for actual performance. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25555": {
"value": "(w) Contingent consideration (note 31(h)) The initially recorded cost of any acquisition includes a reasonable
\nestimate of the fair value of any contingent amounts expected to be
\npayable in the future. Any cost or bene\ufb01t arising when such estimates are
\nrevised is recognised in the Group income statement (note 15).
\nWhere part or all of the amount of disposal consideration is contingent
\non\u00a0future events, the disposal proceeds initially recorded include a
\nreasonable estimate of the value of the contingent amounts expected
\nto\u00a0be receivable and payable in the future. The proceeds and pro\ufb01t or
\nloss\u00a0on disposal are adjusted when revised estimates are made, with
\ncorresponding adjustments made to receivables and payables as
\nappropriate, until the ultimate outcome is known and the related
\nconsideration received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25571": {
"value": "(x) Discontinued operations (note 18) A discontinued operation is a component of the Group\u2019s business that
\nrepresents a separate geographic area of operation or a separate major
\nline of business. Classi\ufb01cation as a discontinued operation occurs upon
\ndisposal or earlier, if the operation meets the criteria to be classi\ufb01ed as
\nheld-for-sale. Discontinued operations are presented in the Group income
\nstatement as a separate line and are shown net of tax.
\nWhen an operation is classi\ufb01ed as a discontinued operation, comparatives
\nin the Group income statement and the Group statement of
\ncomprehensive income are re-presented as if the operation had been
\ndiscontinued from the start of the comparator year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25587": {
"value": "(y) Earnings per share (EPS) (note 19) Earnings per share are reported in accordance with IAS 33. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25591": {
"value": "(z) Segment information policy and presentation principles (note 10)
\nWe are organised into, and managed on a worldwide basis through, the
\nfollowing \ufb01ve operating segments, which are based on geographic areas
\nand supported by central functions:
\na
North America
\na
Latin America
\na
UK and Ireland
\na
Europe, Middle East and Africa (EMEA) and
\na
Asia Paci\ufb01c.
\nThe chief operating decision maker makes operating decisions, allocates
\nresources and assesses the performance of these operating segments on
\nthe basis of Benchmark EBIT, as de\ufb01ned in note 7.
\nThe \u2018All other segments\u2019 category required to be disclosed has been
\ncaptioned as EMEA/Asia Paci\ufb01c in these \ufb01nancial statements. This
\ncombines information in respect of the EMEA and Asia Paci\ufb01c segments,
\nas neither of these operating segments is individually reportable, on the
\nbasis of their share of the Group\u2019s revenue, reported pro\ufb01t or loss, and
\nassets.
\nWe separately present information equivalent to segment disclosures in
\nrespect of the costs of our central functions, under the caption \u2018Central
\nActivities\u2019, as management believes that this information is helpful to
\nusers of the \ufb01nancial statements. Costs reported for Central Activities
\ninclude costs arising from \ufb01nance, treasury and other global functions.
\nInter-segment transactions are entered into under the normal
\ncommercial terms and conditions that would be available to third parties.
\nSuch transactions do not have a material impact on the Group\u2019s results.
\nSegment assets consist primarily of property, plant and equipment,
\nintangible assets including goodwill, derivatives designated as hedges of
\nfuture commercial transactions, contract assets and receivables. They
\nexclude tax assets, cash and cash equivalents, and derivatives designated
\nas hedges of borrowings. Segment liabilities comprise operating and
\ncontract liabilities, including derivatives designated as hedges of future
\ncommercial transactions and lease obligations. They exclude tax liabilities,
\nborrowings, other than lease obligations, and related hedging derivatives.
\nNet assets reported for Central Activities comprise corporate head o\ufb03ce
\nassets and liabilities, including certain post-employment bene\ufb01t assets
\nand obligations, and derivative assets and liabilities. Capital expenditure
\ncomprises additions to property, plant and equipment and intangible
\nassets, other than additions through business combinations or to
\nright-of-use assets.
\n
\n
\n
Information required to be presented also includes analysis of the Group\u2019s
\nrevenues by groups of service lines. This is supplemented by voluntary
\ndisclosure of the pro\ufb01tability of those groups of service lines. For ease of
\nreference, we use the term \u2018business segments\u2019 when discussing the
\nresults of groups of service lines. Our two business segments, details of
\nwhich are given in the Strategic report section of this Annual Report, are:
\na
Business-to-Business
\na
Consumer Services.
\nThe North America, Latin America and the UK and Ireland operating
\nsegments derive revenues from both of the Group\u2019s business segments.
\nThe EMEA and Asia Paci\ufb01c segments currently do not derive revenue
\nfrom the Consumer Services business segment.
\nReportable segment information for the full year provided to the chief
\noperating decision maker is set out in note 10(a). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25676": {
"value": "6. Critical accounting estimates, assumptions and judgments
\n(a) Critical accounting estimates and assumptions
\nIn preparing these \ufb01nancial statements, management is required to make
\nestimates and assumptions that a\ufb00ect the reported amount of revenues,
\nexpenses, assets, liabilities and the disclosure of contingent liabilities. The
\nresulting accounting estimates, which are based on management\u2019s best
\njudgment at the date of these \ufb01nancial statements, will seldom equal the
\nsubsequent actual amounts. The estimates and assumptions that have a
\nsigni\ufb01cant risk of causing a material adjustment to the carrying amounts
\nof assets and liabilities within the next \ufb01nancial year are summarised
\nbelow, with further information provided within the Financial review in the
\nStrategic report. Revenue recognition is excluded from this summary on
\nthe grounds that the policy adopted in this area is su\ufb03ciently objective.
\nGoodwill (note 21)
\nThe Group tests goodwill for impairment annually, or more frequently if
\nthere is an indication that it may be impaired. The recoverable amount of
\neach group of CGUs is generally determined on the basis of value-in-use
\ncalculations, which require the use of cash \ufb02ow projections based on
\n\ufb01nancial forecasts, looking forward \ufb01ve years. Three-year growth
\nexpectations are reviewed as part of the annual strategic planning
\nprocess and forecasts for years beyond this are extrapolated based on
\nmanagement\u2019s best estimates. Management determines budgeted pro\ufb01t
\nmargin based on past performance and its expectations for the market\u2019s
\ndevelopment. Cash \ufb02ows after the \ufb01ve year forecast period are
\nextrapolated using estimated growth rates that do not exceed the
\nlong-term average growth rate for the CGU\u2019s markets. The discount rates
\nused re\ufb02ect the Group\u2019s pre-tax weighted average cost of capital (WACC),
\nas adjusted for region-speci\ufb01c risks and other factors. Discount rates
\nhave increased during the year ended 31 March 2023 primarily as a result
\nof increases in 20-year US Treasury yields, which are used as the
\nestimated risk-free rates in the cost of capital calculations.
\nPost-employment bene\ufb01ts (note 36)
\nAccounting for the Group\u2019s post-employment bene\ufb01t obligations requires
\nmanagement to exercise judgment and make a number of assumptions
\nabout uncertain events. The key sources of estimation uncertainty are the
\ndiscount rate applied to future cash \ufb02ows, the expected rate of future
\nin\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
\nThe estimates in respect of these critical assumptions are made after
\nseeking advice from independent quali\ufb01ed actuaries. The discount rate,
\nin\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
\ndetermining the de\ufb01ned bene\ufb01t pension obligations and the amounts
\nreported in the Group \ufb01nancial statements.
\nInformation regarding actuarial assumptions and sensitivities to changes
\nin the critical accounting estimates are provided in note 36.
\n(b) Critical judgments
\nIn applying the Group\u2019s accounting policies, management has made
\njudgments that have a signi\ufb01cant e\ufb00ect on the amounts recognised in the
\nGroup \ufb01nancial statements and the reported amounts of assets, liabilities,
\nincome and expenses. Actual results may di\ufb00er from these estimates.
\nEstimates and underlying assumptions are reviewed on an ongoing basis.
\nRevisions to estimates are recognised prospectively.
\nThe most signi\ufb01cant of these judgments are in respect of intangible
\nassets and contingencies:
\nIntangible assets
\nCertain costs incurred in the developmental phase of an internal project,
\nwhich include the development of databases, internal use software and
\ninternally generated software, are capitalised as intangible assets if a
\nnumber of criteria are met. Management has made judgments and
\nassumptions when assessing whether a project meets these criteria, and
\non measuring the costs and the economic life attributed to such projects.
\nOn acquisition, speci\ufb01c intangible assets are identi\ufb01ed and recognised
\nseparately from goodwill and then amortised over their estimated useful
\nlives. These include items such as brand names and customer lists, to
\nwhich value is \ufb01rst attributed at the time of acquisition. The capitalisation
\nof these assets and the related amortisation charges are based on
\njudgments about the value and economic life of such items.
\nThe economic lives of intangible assets are estimated at between three
\nand ten years for internal projects and between two and 20 years for
\nacquisition intangibles. Amortisation methods, useful lives and residual
\nvalues are reviewed at each reporting date and adjusted if appropriate.
\nFurther details of the amounts of, and movements in, such assets are
\ngiven in note 22.
\nContingencies
\nIn the case of pending and threatened litigation claims, management has
\nformed a judgment as to the likelihood of ultimate liability. No liability has
\nbeen recognised where the likelihood of any loss arising is possible rather
\nthan probable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25686": {
"value": "The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts
\nof assets and liabilities within the next \ufb01nancial year are summarised
\nbelow, with further information provided within the Financial review in the
\nStrategic report. Revenue recognition is excluded from this summary on
\nthe grounds that the policy adopted in this area is su\ufb03ciently objective.
\nGoodwill (note 21)
\nThe Group tests goodwill for impairment annually, or more frequently if
\nthere is an indication that it may be impaired. The recoverable amount of
\neach group of CGUs is generally determined on the basis of value-in-use
\ncalculations, which require the use of cash \ufb02ow projections based on
\n\ufb01nancial forecasts, looking forward \ufb01ve years. Three-year growth
\nexpectations are reviewed as part of the annual strategic planning
\nprocess and forecasts for years beyond this are extrapolated based on
\nmanagement\u2019s best estimates. Management determines budgeted pro\ufb01t
\nmargin based on past performance and its expectations for the market\u2019s
\ndevelopment. Cash \ufb02ows after the \ufb01ve year forecast period are
\nextrapolated using estimated growth rates that do not exceed the
\nlong-term average growth rate for the CGU\u2019s markets. The discount rates
\nused re\ufb02ect the Group\u2019s pre-tax weighted average cost of capital (WACC),
\nas adjusted for region-speci\ufb01c risks and other factors. Discount rates
\nhave increased during the year ended 31 March 2023 primarily as a result
\nof increases in 20-year US Treasury yields, which are used as the
\nestimated risk-free rates in the cost of capital calculations.
\nPost-employment bene\ufb01ts (note 36)
\nAccounting for the Group\u2019s post-employment bene\ufb01t obligations requires
\nmanagement to exercise judgment and make a number of assumptions
\nabout uncertain events. The key sources of estimation uncertainty are the
\ndiscount rate applied to future cash \ufb02ows, the expected rate of future
\nin\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
\nThe estimates in respect of these critical assumptions are made after
\nseeking advice from independent quali\ufb01ed actuaries. The discount rate,
\nin\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
\ndetermining the de\ufb01ned bene\ufb01t pension obligations and the amounts
\nreported in the Group \ufb01nancial statements.
\nInformation regarding actuarial assumptions and sensitivities to changes
\nin the critical accounting estimates are provided in note 36.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25687": {
"value": "The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts
\nof assets and liabilities within the next \ufb01nancial year are summarised
\nbelow, with further information provided within the Financial review in the
\nStrategic report. Revenue recognition is excluded from this summary on
\nthe grounds that the policy adopted in this area is su\ufb03ciently objective.
\nGoodwill (note 21)
\nThe Group tests goodwill for impairment annually, or more frequently if
\nthere is an indication that it may be impaired. The recoverable amount of
\neach group of CGUs is generally determined on the basis of value-in-use
\ncalculations, which require the use of cash \ufb02ow projections based on
\n\ufb01nancial forecasts, looking forward \ufb01ve years. Three-year growth
\nexpectations are reviewed as part of the annual strategic planning
\nprocess and forecasts for years beyond this are extrapolated based on
\nmanagement\u2019s best estimates. Management determines budgeted pro\ufb01t
\nmargin based on past performance and its expectations for the market\u2019s
\ndevelopment. Cash \ufb02ows after the \ufb01ve year forecast period are
\nextrapolated using estimated growth rates that do not exceed the
\nlong-term average growth rate for the CGU\u2019s markets. The discount rates
\nused re\ufb02ect the Group\u2019s pre-tax weighted average cost of capital (WACC),
\nas adjusted for region-speci\ufb01c risks and other factors. Discount rates
\nhave increased during the year ended 31 March 2023 primarily as a result
\nof increases in 20-year US Treasury yields, which are used as the
\nestimated risk-free rates in the cost of capital calculations.
\nPost-employment bene\ufb01ts (note 36)
\nAccounting for the Group\u2019s post-employment bene\ufb01t obligations requires
\nmanagement to exercise judgment and make a number of assumptions
\nabout uncertain events. The key sources of estimation uncertainty are the
\ndiscount rate applied to future cash \ufb02ows, the expected rate of future
\nin\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
\nThe estimates in respect of these critical assumptions are made after
\nseeking advice from independent quali\ufb01ed actuaries. The discount rate,
\nin\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
\ndetermining the de\ufb01ned bene\ufb01t pension obligations and the amounts
\nreported in the Group \ufb01nancial statements.
\nInformation regarding actuarial assumptions and sensitivities to changes
\nin the critical accounting estimates are provided in note 36.",
"dimensions": {
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"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25763": {
"value": "7. Use of non-GAAP measures in the Group \ufb01nancial statements
\nAs detailed below, the Group has identi\ufb01ed and de\ufb01ned certain measures
\nthat it uses to understand and manage its performance. The measures
\nare not de\ufb01ned under IFRS and they may not be directly comparable with
\nother companies\u2019 adjusted performance measures. These non-GAAP
\nmeasures are not intended to be a substitute for any IFRS measures of
\nperformance but management considers them to be key measures used
\nwithin the business for assessing the underlying performance of the
\nGroup\u2019s ongoing businesses.
\nManagement no longer uses Benchmark PBT per share as a measure for
\nassessing underlying performance; this de\ufb01nition has therefore been
\nremoved from our non-GAAP measures.
\nAs a result of our restructuring programme in EMEA/Asia Paci\ufb01c we have
\nre\ufb01ned the de\ufb01nition of Exceptional items to include onerous global
\nsupport costs associated with the closure of signi\ufb01cant operations, to aid
\nassessment of underlying operating performance as such costs are
\neliminated through restructuring activity.
\n
\n
\n
\n
\n
\n
\n(a) Benchmark pro\ufb01t before tax (Benchmark PBT)
\n(note 10(a)(i))
\nBenchmark PBT is disclosed to indicate the Group\u2019s underlying
\npro\ufb01tability. It is de\ufb01ned as pro\ufb01t before amortisation and impairment of
\nacquisition intangibles, impairment of goodwill, acquisition expenses,
\nadjustments to contingent consideration, Exceptional items, \ufb01nancing fair
\nvalue remeasurements, tax (and interest thereon) and discontinued
\noperations. It includes the Group\u2019s share of continuing associates\u2019
\nBenchmark post-tax results.
\nAn explanation of the basis on which we report Exceptional items is
\nprovided in note 7(l). Other adjustments, in addition to Exceptional items,
\nmade to derive Benchmark PBT are explained as follows:
\na
Charges for the amortisation and impairment of acquisition intangibles
\nare excluded from the calculation of Benchmark PBT because these
\ncharges are based on judgments about their value and economic life
\nand bear no relation to the Group\u2019s underlying ongoing performance.
\nImpairment of goodwill is similarly excluded from the calculation of
\nBenchmark PBT.
\na
Acquisition and disposal expenses (representing the incidental costs
\nof\u00a0acquisitions and disposals, one-time integration costs and other
\ncorporate transaction expenses) relating to successful, active or
\naborted acquisitions and disposals are excluded from the de\ufb01nition
\nof\u00a0Benchmark PBT as they bear no relation to the Group\u2019s underlying
\nongoing performance or to the performance of any acquired
\nbusinesses. Adjustments to contingent consideration are similarly
\nexcluded from the de\ufb01nition of Benchmark PBT.
\na
Charges and credits for \ufb01nancing fair value remeasurements within
\n\ufb01nance expense in the Group income statement are excluded from the
\nde\ufb01nition of Benchmark PBT. These include retranslation of intra-Group
\nfunding, and that element of the Group\u2019s derivatives that is ineligible for
\nhedge accounting, together with gains and losses on put options in
\nrespect of acquisitions. Amounts recognised generally arise from
\nmarket movements and accordingly bear no direct relation to the
\nGroup\u2019s underlying performance.
\n(b) Benchmark earnings before interest and tax (Benchmark
\nEBIT) and margin (Benchmark EBIT margin) (note 10(a)(i))
\nBenchmark EBIT is de\ufb01ned as Benchmark PBT before the net interest
\nexpense charged therein and accordingly excludes Exceptional items as
\nde\ufb01ned below. Benchmark EBIT margin is Benchmark EBIT from ongoing
\nactivities expressed as a percentage of revenue from ongoing activities.
\n(c) Benchmark earnings before interest, tax, depreciation
\nand amortisation (Benchmark EBITDA)
\nBenchmark EBITDA is de\ufb01ned as Benchmark EBIT before the depreciation
\nand amortisation charged therein (note 13).
\n(d) Exited business activities
\nExited business activities are businesses sold, closed or identi\ufb01ed for
\nclosure during a \ufb01nancial year. These are treated as exited business
\nactivities for both revenue and Benchmark EBIT purposes. The results of
\nexited business activities are disclosed separately with the results of the
\nprior period re-presented in the segmental analyses as appropriate. This
\nmeasure di\ufb00ers from the de\ufb01nition of discontinued operations in IFRS 5.
\n(e) Ongoing activities
\nThe results of businesses trading at 31 March 2023, that are not disclosed
\nas exited business activities, are reported as ongoing activities.
\n(f) Constant exchange rates
\nTo highlight our organic performance, we discuss our results in terms
\nof\u00a0growth at constant exchange rates, unless otherwise stated. This
\nrepresents growth calculated after translating both years\u2019 performance
\nat\u00a0the prior year\u2019s average exchange rates.
\n(g) Total growth (note 10(a)(ii))
\nThis is the year-on-year change in the performance of our activities at
\nactual exchange rates. Total growth at constant exchange rates removes
\nthe translational foreign exchange e\ufb00ects arising on the consolidation of
\nour activities and comprises one of our measures of performance at
\nconstant exchange rates.
\n(h) Organic revenue growth (note 10(a)(ii))
\nThis is the year-on-year change in the revenue of ongoing activities,
\ntranslated at constant exchange rates, excluding acquisitions until the \ufb01rst
\nanniversary of their consolidation.
\n(i) Benchmark earnings and Total Benchmark earnings
\n(note\u00a019)
\nBenchmark earnings comprises Benchmark PBT less attributable tax and
\nnon-controlling interests. The attributable tax for this purpose excludes
\nsigni\ufb01cant tax credits and charges arising in the year which, in view of
\ntheir size or nature, are not comparable with previous years, together with
\ntax arising on Exceptional items and on other adjustments made to derive
\nBenchmark PBT. Benchmark PBT less attributable tax is designated as
\nTotal Benchmark earnings.
\n(j) Benchmark earnings per share (Benchmark EPS)
\n(note\u00a019)
\nBenchmark EPS comprises Benchmark earnings divided by the weighted
\naverage number of issued ordinary shares, as adjusted for own shares
\nheld.
\n(k) Benchmark tax charge and rate (note 17(b)(ii))
\nThe Benchmark tax charge is the tax charge applicable to Benchmark
\nPBT. It di\ufb00ers from the tax charge by tax attributable to Exceptional items
\nand other adjustments made to derive Benchmark PBT, and exceptional
\ntax charges. A reconciliation is provided in note 17(b)(ii) to these \ufb01nancial
\nstatements. The Benchmark e\ufb00ective rate of tax is calculated by dividing
\nthe Benchmark tax charge by Benchmark PBT.
\n(l) Exceptional items (note 15(a))
\nThe separate reporting of Exceptional items gives an indication of the
\nGroup\u2019s underlying performance. Exceptional items include those arising
\nfrom the pro\ufb01t or loss on disposal of businesses, closure costs of
\nsigni\ufb01cant operations (including onerous global support costs associated
\nwith these operations), costs of signi\ufb01cant restructuring programmes and
\nother \ufb01nancially signi\ufb01cant one-o\ufb00 items. All other restructuring costs are
\ncharged against Benchmark EBIT, in the segments in which they are
\nincurred.
\n(m) Full-year dividend per share (note 20)
\nFull-year dividend per share comprises the total of dividends per share
\nannounced in respect of the \ufb01nancial year.
\n\n\n
\n
(n) Benchmark operating and Benchmark free cash \ufb02ow
\nBenchmark operating cash \ufb02ow is Benchmark EBIT plus amortisation,
\ndepreciation and charges in respect of share-based incentive plans, less
\ncapital expenditure net of disposal proceeds and adjusted for changes in
\nworking capital, principal lease payments and the Group\u2019s share of the
\nBenchmark pro\ufb01t or loss retained in continuing associates. Benchmark
\nfree cash \ufb02ow is derived from Benchmark operating cash \ufb02ow by
\nexcluding net interest, tax paid in respect of continuing operations and
\ndividends paid to non-controlling interests.
\n(o) Cash \ufb02ow conversion
\nCash \ufb02ow conversion is Benchmark operating cash \ufb02ow expressed as a
\npercentage of Benchmark EBIT.
\n(p) Net debt and Net funding (note 29)
\nNet debt is borrowings (and the fair value of derivatives hedging
\nborrowings) excluding accrued interest, less cash and cash equivalents
\nand other highly liquid bank deposits with original maturities greater than
\nthree months. Net funding is borrowings (and the fair value of the e\ufb00ective
\nportion of derivatives hedging borrowings) excluding accrued interest,
\nless cash held in Group Treasury.
\n(q) Return on capital employed (ROCE) (note 10(a)(iii))
\nROCE is de\ufb01ned as Benchmark EBIT less tax at the Benchmark rate
\ndivided by a three-point average of capital employed, in continuing
\noperations, over the year. Capital employed is net assets less
\nnon-controlling interests and right-of-use assets, further adjusted to add
\nor deduct the net tax liability or asset and to add Net debt.",
"dimensions": {
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"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25899": {
"value": "(l) Exceptional items (note 15(a)) The separate reporting of Exceptional items gives an indication of the
\nGroup\u2019s underlying performance. Exceptional items include those arising
\nfrom the pro\ufb01t or loss on disposal of businesses, closure costs of
\nsigni\ufb01cant operations (including onerous global support costs associated
\nwith these operations), costs of signi\ufb01cant restructuring programmes and
\nother \ufb01nancially signi\ufb01cant one-o\ufb00 items. All other restructuring costs are
\ncharged against Benchmark EBIT, in the segments in which they are
\nincurred.",
"dimensions": {
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"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25959": {
"value": "8. Financial risk management (a) Financial risk factors
\nThe Group\u2019s activities expose it to a variety of \ufb01nancial risks. These are
\nmarket risk, including foreign exchange risk and interest rate risk, credit
\nrisk, and liquidity risk. These risks are unchanged from those reported in
\nthe 2022 Annual Report. The numeric disclosures in respect of \ufb01nancial
\nrisks are included within later notes to the \ufb01nancial statements, to provide
\na more transparent link between \ufb01nancial risks and results.
\nFinancial risks represent part of the Group\u2019s risks in relation to its strategy
\nand business objectives. There is a full discussion of the most signi\ufb01cant
\nrisks in the Risk management section of this Annual Report. The Group\u2019s
\n\ufb01nancial risk management focuses on the unpredictability of \ufb01nancial
\nmarkets and seeks to minimise potentially adverse e\ufb00ects on the Group\u2019s
\n\ufb01nancial performance. The Group seeks to reduce its exposure to \ufb01nancial
\nrisks and uses derivative \ufb01nancial instruments to hedge certain risk
\nexposures. Such derivative \ufb01nancial instruments are also used to manage
\nthe Group\u2019s borrowings so that amounts are held in currencies broadly in
\nthe same proportion as the Group\u2019s main earnings. However, the Group
\ndoes not, nor does it currently intend to, borrow in the Brazilian real or the
\nColombian peso.
\nThe Group also ensures surplus funds are prudently managed and
\ncontrolled.
\nForeign exchange risk
\nThe Group is exposed to foreign exchange risk from future commercial
\ntransactions, recognised assets and liabilities and investments in, and
\nloans between, Group undertakings with di\ufb00erent functional currencies.
\nThe Group manages such risk, primarily within undertakings whose
\nfunctional currencies are the US dollar, by:
\na
entering into forward foreign exchange contracts in the relevant
\ncurrencies in respect of investments in entities with functional
\ncurrencies other than the US dollar, whose net assets are exposed to
\nforeign exchange translation risk;
\na
swapping the proceeds of certain bonds issued in pounds sterling and
\neuros into US dollars;
\na
managing the liquidity of Group undertakings in the functional currency
\nof those undertakings by using an in-house banking structure and
\nhedging any remaining foreign currency exposures with forward
\nforeign exchange contracts;
\na
denominating internal loans in relevant currencies, to match the
\ncurrencies of assets and liabilities in entities with di\ufb00erent functional
\ncurrencies; and
\na
using forward foreign exchange contracts to hedge certain future
\ncommercial transactions.
\nThe principal transaction exposures are to the pound sterling and the
\neuro. An indication of the sensitivity to foreign exchange risk is given in
\nnote 11.
\nInterest rate risk
\nThe Group\u2019s interest rate risk arises principally from components of its
\nNet debt that are at variable rates.
\nThe Group has a policy of normally maintaining between 50% and 100%
\nof Net funding at rates that are \ufb01xed for more than six months. The Group
\nmanages its interest rate exposure by:
\na
using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
\ncross-currency interest rate swaps to adjust the balance between the
\ntwo; and
\na
mixing the duration of borrowings and interest rate swaps to smooth
\nthe impact of interest rate \ufb02uctuations.
\nManaging interest rate benchmark reform and associated risks
\nA fundamental reform of interest rate benchmarks is taking place globally,
\ninvolving the replacement of many London interbank o\ufb00ered rates
\n(LIBOR). Historically our main \ufb02oating rate borrowings and derivatives
\nhave been indexed to pound sterling and US dollar LIBOR. We have
\namended our revolving credit facilities and other \ufb01nancial instruments, so
\nthat pound sterling exposures are now indexed to Sterling Overnight Index
\nAverage (SONIA) rate, and US dollar exposures to the Secured Overnight
\nFinancing Rate (SOFR).
\nDerivatives
\nThe Group has transacted cross-currency swaps, interest rate swaps and
\nequity swaps for risk management purposes. As at 31 March 2022, these
\nswaps had \ufb02oating legs that were indexed to US dollar LIBOR. During the
\nyear, the Group modi\ufb01ed such derivatives to reference SOFR, which had
\nno impact on the hedge accounting relationships in line with the phase 2
\ninterest rate benchmark reform guidance. Derivatives previously indexed
\nto pound sterling LIBOR were modi\ufb01ed to reference SONIA in the year
\nended 31 March 2022. The impact of the reform was immaterial for these
\ninstruments.
\nHedge accounting
\nAt 31 March 2022, the Group\u2019s hedging instruments documented in hedge
\naccounting relationships were indexed to US dollar LIBOR. During the year
\nthese instruments were updated to reference SOFR. The impact of the
\nreform was immaterial on these instruments.
\nFurther information in respect of the Group\u2019s net \ufb01nance costs for the
\nyear and an indication of the sensitivity to interest rate risk is given in note
\n16.
\n\n
\n
\n
\n
\n
\n
\nCredit risk
\nIn the case of derivative \ufb01nancial instruments, deposits, contract assets
\nand trade receivables, the Group is exposed to credit risk from the
\nnon-performance of contractual agreements by the contracted party.
\nCredit risk is managed by:
\na
only entering into contracts for derivative \ufb01nancial instruments and
\ndeposits with banks and \ufb01nancial institutions with strong credit ratings,
\nwithin limits set for each organisation; and
\na
closely controlling dealing activity and regularly monitoring
\ncounterparty positions.
\nThe credit risk on derivative \ufb01nancial instruments utilised and deposits
\nheld by the Group is therefore not considered to be signi\ufb01cant. The Group
\ndoes not anticipate that any losses will arise from non-performance by its
\nchosen counterparties. Further information on the Group\u2019s derivative
\n\ufb01nancial instruments at the balance sheet dates is given in note 31 and
\nthat in respect of amounts recognised in the Group income statement is
\ngiven in note 16. Further information on the Group\u2019s cash and cash
\nequivalents at the balance sheet dates is given in note 26.
\nTo minimise credit risk for trade receivables, the Group has implemented
\npolicies that require appropriate credit checks on potential clients before
\ngranting credit. The maximum credit risk in respect of such \ufb01nancial
\nassets is their carrying value. Further information in respect of the
\nGroup\u2019s trade receivables is given in note 25.
\nDebt investments
\nAll of the Group\u2019s debt investments at amortised cost and FVOCI are
\nconsidered to have low credit risk; the loss allowance is therefore limited
\nto 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019 for
\nlisted bonds to be an investment-grade credit rating with at least one
\nmajor rating agency. Other instruments are considered to be low credit
\nrisk when they have a low risk of default and the issuer has a high
\ncapacity to meet its contractual cash \ufb02ow obligations in the near term.
\nFinancial assets at FVPL
\nThe Group is also exposed to credit risk in relation to debt investments
\nthat are measured at FVPL. The maximum exposure at the balance sheet
\ndate is the carrying amount of these investments.
\nLiquidity risk
\nThe Group manages liquidity risk by:
\na
issuing long-maturity bonds and notes;
\na
entering into long-term committed bank borrowing facilities, to ensure
\nthe Group has su\ufb03cient funds available for operations and planned
\ngrowth;
\na
spreading the maturity dates of its debt; and
\na
monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
\nadequate, unutilised committed bank borrowing facilities.
\nDetails of such facilities are given in note 28. A maturity analysis of
\ncontractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
\nprovided in note 33.
\n(b) Capital risk management
\nThe Group\u2019s de\ufb01nition and management of capital focuses on capital
\nemployed:
\na
The Group\u2019s capital employed is reported in the net assets summary
\ntable set out in the Financial review and analysed by segment in note
\n10(a)(iii).
\na
As part of its internal reporting processes, the Group monitors capital
\nemployed by operating segment.
\nThe Group\u2019s objectives in managing capital are to:
\na
safeguard its ability to continue as a going concern, in order to provide
\nreturns for shareholders and bene\ufb01ts for other stakeholders; and
\na
maintain an optimal capital structure and cost of capital.
\nThe Group\u2019s policy is to have:
\na
a prudent but e\ufb03cient balance sheet; and
\na
a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
\nconsistent with the intention to retain strong investment-grade credit
\nratings.
\nTo maintain or adjust its capital structure, the Group may:
\na
adjust the amount of dividends paid to shareholders;
\na
return capital to shareholders;
\na
issue or purchase our own shares; or
\na
sell assets to reduce Net debt.
\nDividend policy
\nThe Group has a progressive dividend policy which aims to increase the
\ndividend over time broadly in line with the underlying growth in
\nBenchmark EPS. This aligns shareholder returns with the underlying
\npro\ufb01tability of the Group. In determining the level of dividend in any one
\nyear, in accordance with the policy, the Board also considers a number of
\nother factors, including the outlook for the Group, the opportunities for
\norganic investment, the opportunities to make acquisitions and disposals,
\nthe cash \ufb02ow generated by the Group, and the level of dividend cover.
\nFurther detail on the distributable reserves of the Company can be found
\nin note L to the Company \ufb01nancial statements.",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f25983": {
"value": "Foreign exchange risk The Group is exposed to foreign exchange risk from future commercial
\ntransactions, recognised assets and liabilities and investments in, and
\nloans between, Group undertakings with di\ufb00erent functional currencies.
\nThe Group manages such risk, primarily within undertakings whose
\nfunctional currencies are the US dollar, by:
\na
entering into forward foreign exchange contracts in the relevant
\ncurrencies in respect of investments in entities with functional
\ncurrencies other than the US dollar, whose net assets are exposed to
\nforeign exchange translation risk;
\na
swapping the proceeds of certain bonds issued in pounds sterling and
\neuros into US dollars;
\na
managing the liquidity of Group undertakings in the functional currency
\nof those undertakings by using an in-house banking structure and
\nhedging any remaining foreign currency exposures with forward
\nforeign exchange contracts;
\na
denominating internal loans in relevant currencies, to match the
\ncurrencies of assets and liabilities in entities with di\ufb00erent functional
\ncurrencies; and
\na
using forward foreign exchange contracts to hedge certain future
\ncommercial transactions.
\nThe principal transaction exposures are to the pound sterling and the
\neuro. An indication of the sensitivity to foreign exchange risk is given in
\nnote 11.
\nInterest rate risk
\nThe Group\u2019s interest rate risk arises principally from components of its
\nNet debt that are at variable rates.
\nThe Group has a policy of normally maintaining between 50% and 100%
\nof Net funding at rates that are \ufb01xed for more than six months. The Group
\nmanages its interest rate exposure by:
\na
using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
\ncross-currency interest rate swaps to adjust the balance between the
\ntwo; and
\na
mixing the duration of borrowings and interest rate swaps to smooth
\nthe impact of interest rate \ufb02uctuations.
\nManaging interest rate benchmark reform and associated risks
\nA fundamental reform of interest rate benchmarks is taking place globally,
\ninvolving the replacement of many London interbank o\ufb00ered rates
\n(LIBOR). Historically our main \ufb02oating rate borrowings and derivatives
\nhave been indexed to pound sterling and US dollar LIBOR. We have
\namended our revolving credit facilities and other \ufb01nancial instruments, so
\nthat pound sterling exposures are now indexed to Sterling Overnight Index
\nAverage (SONIA) rate, and US dollar exposures to the Secured Overnight
\nFinancing Rate (SOFR).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
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"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26080": {
"value": "Credit risk In the case of derivative \ufb01nancial instruments, deposits, contract assets
\nand trade receivables, the Group is exposed to credit risk from the
\nnon-performance of contractual agreements by the contracted party.
\nCredit risk is managed by:
\na
only entering into contracts for derivative \ufb01nancial instruments and
\ndeposits with banks and \ufb01nancial institutions with strong credit ratings,
\nwithin limits set for each organisation; and
\na
closely controlling dealing activity and regularly monitoring
\ncounterparty positions.
\nThe credit risk on derivative \ufb01nancial instruments utilised and deposits
\nheld by the Group is therefore not considered to be signi\ufb01cant. The Group
\ndoes not anticipate that any losses will arise from non-performance by its
\nchosen counterparties. Further information on the Group\u2019s derivative
\n\ufb01nancial instruments at the balance sheet dates is given in note 31 and
\nthat in respect of amounts recognised in the Group income statement is
\ngiven in note 16. Further information on the Group\u2019s cash and cash
\nequivalents at the balance sheet dates is given in note 26.
\nTo minimise credit risk for trade receivables, the Group has implemented
\npolicies that require appropriate credit checks on potential clients before
\ngranting credit. The maximum credit risk in respect of such \ufb01nancial
\nassets is their carrying value. Further information in respect of the
\nGroup\u2019s trade receivables is given in note 25.
\nDebt investments
\nAll of the Group\u2019s debt investments at amortised cost and FVOCI are
\nconsidered to have low credit risk; the loss allowance is therefore limited
\nto 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019 for
\nlisted bonds to be an investment-grade credit rating with at least one
\nmajor rating agency. Other instruments are considered to be low credit
\nrisk when they have a low risk of default and the issuer has a high
\ncapacity to meet its contractual cash \ufb02ow obligations in the near term.
\nFinancial assets at FVPL
\nThe Group is also exposed to credit risk in relation to debt investments
\nthat are measured at FVPL. The maximum exposure at the balance sheet
\ndate is the carrying amount of these investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26120": {
"value": "Liquidity risk The Group manages liquidity risk by:
\na
issuing long-maturity bonds and notes;
\na
entering into long-term committed bank borrowing facilities, to ensure
\nthe Group has su\ufb03cient funds available for operations and planned
\ngrowth;
\na
spreading the maturity dates of its debt; and
\na
monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
\nadequate, unutilised committed bank borrowing facilities.
\nDetails of such facilities are given in note 28. A maturity analysis of
\ncontractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
\nprovided in note 33.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26139": {
"value": "(b) Capital risk management The Group\u2019s de\ufb01nition and management of capital focuses on capital
\nemployed:
\na
The Group\u2019s capital employed is reported in the net assets summary
\ntable set out in the Financial review and analysed by segment in note
\n10(a)(iii).
\na
As part of its internal reporting processes, the Group monitors capital
\nemployed by operating segment.
\nThe Group\u2019s objectives in managing capital are to:
\na
safeguard its ability to continue as a going concern, in order to provide
\nreturns for shareholders and bene\ufb01ts for other stakeholders; and
\na
maintain an optimal capital structure and cost of capital.
\nThe Group\u2019s policy is to have:
\na
a prudent but e\ufb03cient balance sheet; and
\na
a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
\nconsistent with the intention to retain strong investment-grade credit
\nratings.
\nTo maintain or adjust its capital structure, the Group may:
\na
adjust the amount of dividends paid to shareholders;
\na
return capital to shareholders;
\na
issue or purchase our own shares; or
\na
sell assets to reduce Net debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26174": {
"value": "Dividend policy The Group has a progressive dividend policy which aims to increase the
\ndividend over time broadly in line with the underlying growth in
\nBenchmark EPS. This aligns shareholder returns with the underlying
\npro\ufb01tability of the Group. In determining the level of dividend in any one
\nyear, in accordance with the policy, the Board also considers a number of
\nother factors, including the outlook for the Group, the opportunities for
\norganic investment, the opportunities to make acquisitions and disposals,
\nthe cash \ufb02ow generated by the Group, and the level of dividend cover.
\nFurther detail on the distributable reserves of the Company can be found
in note L to the Company \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26200": {
"value": "9. Revenue (a) Disaggregation of revenue from contracts with customers
\nYear ended 31 March 2023
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nRevenue from external customers
\nData
2,142
606
391
301
3,440
\nDecisioning
837
176
229
123
1,365
\nBusiness-to-Business
2,979
782
620
424
4,805
\nConsumer Services
1,453
165
164
\u2014
1,782
\nTotal ongoing activities
4,432
947
784
424
6,587
\nYear ended 31 March 2022
\n1
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nRevenue from external customers
\nData
2,033
528
409
333
3,303
\nDecisioning
784
149
244
123
1,300
\nBusiness-to-Business
2,817
677
653
456
4,603
\nConsumer Services
1,305
114
194
\u2014
1,613
\nTotal ongoing activities
4,122
791
847
456
6,216
\n1
Revenue for the year ended 31 March 2022 of US$51m has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\nTotal revenue comprises revenue from ongoing activities as well as revenue from exited business activities and is reconciled in note 10. Revenue in
\nrespect of exited business activities of US$32m (2022: US$72m) comprised EMEA/Asia Paci\ufb01c Data and Decisioning revenue of US$7m (2022: US$18m)
\nand US$25m (2022: US$54m) respectively.
\nData is predominantly transactional revenue with a portion from licence fees.
\nDecisioning revenue is derived from:
\na
software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges;
\na
credit score fees which are primarily transactional; and
\na
analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.
\nConsumer Services revenue primarily comprises monthly subscription and one-o\ufb00 fees, and referral fees for credit products and white-label
\npartnerships.
\nThe timing of recognition of these revenue streams is discussed in note 5(r).
\n(b) Signi\ufb01cant changes in contract balances
\nContract assets predominantly relate to software licence services, where revenue recognition for on-premise arrangements occurs as the solution is
\ntransferred to the customer, whereas the invoicing pattern is often annually over the contract period. Contract assets recognised during the year totalled
\nUS$87m (2022: US$70m). The contract asset balance for work completed but not invoiced on satisfaction of a performance obligation unwinds over
\nthe\u00a0contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional only on the
\npassage of time. Contract assets of US$60m (2022: US$77m) were reclassi\ufb01ed to receivables during the year. An impairment charge of US$10m
\n(2022:\u00a0US$5m) was recognised against contract assets during the year. The decrease in contract assets resulting from disposals during the year was
\nUS$nil (2022: US$5m).
\nThe majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised over
\nthe period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery period,
\ncreating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-hosted
\nsolutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where the delivery
\nrelates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are often invoiced
\nannually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
\nRevenue recognised in the year of US$401m (2022: US$370m) was included in the opening contract liability. Cash received in advance not recognised
\nas\u00a0revenue in the year was US$376m (2022: US$461m). The decrease in contract liabilities resulting from disposals during the year was US$nil
\n(2022:\u00a0US$4m). The increase in contract liabilities from acquisitions during the year was US$3m (2022: US$1m).
\nForeign exchange accounts for US$4m and US$16m of the decrease in contract asset and contract liability balances in the year respectively (2022:\u00a0US$3m
\nand US$5m).
\n
\n\n
\n
\n
\n(c) Contract costs
\nThe carrying amount of assets recognised from costs to obtain, and costs to ful\ufb01l, contracts with customers at 31 March 2023 was US$27m and
\nUS$66m respectively (2022: US$22m and US$66m).
\nAmortisation of contract costs in the year was US$46m (2022: US$59m); there were no recognised impairment losses in the current or prior year. The
\ndecrease in contract costs resulting from acquisitions and disposals during the year was US$nil (2022: US$2m).
\nContract costs are amortised on a systematic basis consistent with the pattern of transfer of the related goods or services. A portfolio approach has been
\napplied to calculate contract costs for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio
\napproach does not di\ufb00er materially from calculating the amounts at an individual contract level.
\n(d) Transaction price allocated to remaining performance obligations
\nThe aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more, allocated
\nto the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2023 was US$4.9bn (2022: US$5.3bn). We expect to recognise
\napproximately 49% (2022: 45%) of this value within one year, 30% (2022: 30%) within one to two years, 14% (2022: 15%) within two to three years and 7%
\n(2022: 10%) thereafter.
\nThe aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
\nincludes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
\nmarket factors which may have an impact on the future revenue recognised from such contracts.
\nA portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
\nperformance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio approach
\ndoes not di\ufb00er materially from calculating the amounts at an individual contract level.
\nWe apply the practical expedient in paragraph 121(a) of IFRS 15 and do not disclose information about remaining performance obligations that have
\noriginal expected durations of one year or less. This excludes contracts across a number of business units which have revenue due to be recognised in
\nthe \ufb01nancial year ending 31 March 2024; it also excludes the majority of our direct-to-consumer arrangements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26203": {
"value": "(a) Disaggregation of revenue from contracts with customers Year ended 31 March 2023
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nRevenue from external customers
\nData
2,142
606
391
301
3,440
\nDecisioning
837
176
229
123
1,365
\nBusiness-to-Business
2,979
782
620
424
4,805
\nConsumer Services
1,453
165
164
\u2014
1,782
\nTotal ongoing activities
4,432
947
784
424
6,587
\nYear ended 31 March 2022
\n1
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nRevenue from external customers
\nData
2,033
528
409
333
3,303
\nDecisioning
784
149
244
123
1,300
\nBusiness-to-Business
2,817
677
653
456
4,603
\nConsumer Services
1,305
114
194
\u2014
1,613
\nTotal ongoing activities
4,122
791
847
456
6,216
\n1
Revenue for the year ended 31 March 2022 of US$51m has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\nTotal revenue comprises revenue from ongoing activities as well as revenue from exited business activities and is reconciled in note 10. Revenue in
\nrespect of exited business activities of US$32m (2022: US$72m) comprised EMEA/Asia Paci\ufb01c Data and Decisioning revenue of US$7m (2022: US$18m)
\nand US$25m (2022: US$54m) respectively.
\nData is predominantly transactional revenue with a portion from licence fees.
\nDecisioning revenue is derived from:
\na
software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges;
\na
credit score fees which are primarily transactional; and
\na
analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.
\nConsumer Services revenue primarily comprises monthly subscription and one-o\ufb00 fees, and referral fees for credit products and white-label
\npartnerships.
\nThe timing of recognition of these revenue streams is discussed in note 5(r).
\n(b) Signi\ufb01cant changes in contract balances
\nContract assets predominantly relate to software licence services, where revenue recognition for on-premise arrangements occurs as the solution is
\ntransferred to the customer, whereas the invoicing pattern is often annually over the contract period. Contract assets recognised during the year totalled
\nUS$87m (2022: US$70m). The contract asset balance for work completed but not invoiced on satisfaction of a performance obligation unwinds over
\nthe\u00a0contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional only on the
\npassage of time. Contract assets of US$60m (2022: US$77m) were reclassi\ufb01ed to receivables during the year. An impairment charge of US$10m
\n(2022:\u00a0US$5m) was recognised against contract assets during the year. The decrease in contract assets resulting from disposals during the year was
\nUS$nil (2022: US$5m).
\nThe majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised over
\nthe period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery period,
\ncreating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-hosted
\nsolutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where the delivery
\nrelates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are often invoiced
\nannually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
\nRevenue recognised in the year of US$401m (2022: US$370m) was included in the opening contract liability. Cash received in advance not recognised
\nas\u00a0revenue in the year was US$376m (2022: US$461m). The decrease in contract liabilities resulting from disposals during the year was US$nil
\n(2022:\u00a0US$4m). The increase in contract liabilities from acquisitions during the year was US$3m (2022: US$1m).
\nForeign exchange accounts for US$4m and US$16m of the decrease in contract asset and contract liability balances in the year respectively (2022:\u00a0US$3m
\nand US$5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26324": {
"value": "An impairment charge of US$10m(2022:\u00a0US$5m) was recognised against contract assets during the year. The decrease in contract assets resulting from disposals during the year was
\nUS$nil (2022: US$5m).
As a result of increased discount rate assumptions used in the value-in-use calculation, driven by increases in underlying risk-free interest rates, combined with ongoing challenging market conditions, the carrying value of the EMEA CGU has been reduced to its recoverable amount through recognition of an impairment charge of US$179m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26369": {
"value": "(d) Transaction price allocated to remaining performance obligations
\nThe aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more, allocated
\nto the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2023 was US$4.9bn (2022: US$5.3bn). We expect to recognise
\napproximately 49% (2022: 45%) of this value within one year, 30% (2022: 30%) within one to two years, 14% (2022: 15%) within two to three years and 7%
\n(2022: 10%) thereafter.
\nThe aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
\nincludes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
\nmarket factors which may have an impact on the future revenue recognised from such contracts.
\nA portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
\nperformance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio approach
\ndoes not di\ufb00er materially from calculating the amounts at an individual contract level.
\nWe apply the practical expedient in paragraph 121(a) of IFRS 15 and do not disclose information about remaining performance obligations that have
\noriginal expected durations of one year or less. This excludes contracts across a number of business units which have revenue due to be recognised in
\nthe \ufb01nancial year ending 31 March 2024; it also excludes the majority of our direct-to-consumer arrangements.
(a) Analysis by type and maturity
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTrade payables
263
\u2014
150
\u2014
\nVAT and other equivalent taxes payable
28
\u2014
35
\u2014
\nSocial security costs
131
\u2014
117
\u2014
\nAccruals
770
8
699
10
\nContract liabilities
414
132
427
158
\nOther payables
349
46
316
80
\n1,955
186
1,744
248
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f26387": {
"value": "10. Segment information (a) IFRS 8 disclosures
\n(i) Income statement
\nYear ended 31 March 2023
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nCentral
\nActivities
\nUS$m
\nTotal
\ncontinuing
\noperations
\nUS$m
\nRevenue from external customers
\nOngoing activities
4,432
947
784
424
6,587
\u2014
6,587
\nExited business activities
\u2014
\u2014
\u2014
32
32
\u2014
32
\nTotal
4,432
947
784
456
6,619
\u2014
6,619
\nReconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
\nBenchmark EBIT
\nOngoing activities before transfer pricing and other adjustments
1,497
294
158
(6)
1,943
(141)
1,802
\nTransfer pricing and other allocation adjustments
(30)
\u2014
12
20
2
(2)
\u2014
\nOngoing activities
1,467
294
170
14
1,945
(143)
1,802
\nExited business activities
\u2014
\u2014
\u2014
(8)
(8)
\u2014
(8)
\nTotal
1,467
294
170
6
1,937
(143)
1,794
\nNet interest expense included in Benchmark PBT (note 16(b))
(4)
(1)
(1)
(1)
(7)
(117)
(124)
\nBenchmark PBT
1,463
293
169
5
1,930
(260)
1,670
\nExceptional items (note 15(a))
4
\u2014
\u2014
(70)
(66)
\u2014
(66)
\nImpairment of goodwill (note 21)
\u2014
\u2014
\u2014
(179)
(179)
\u2014
(179)
\nAmortisation of acquisition intangibles (note 22)
(124)
(21)
(8)
(39)
(192)
\u2014
(192)
\nAcquisition and disposal expenses
(18)
(4)
(7)
(17)
(46)
\u2014
(46)
\nAdjustment to the fair value of contingent consideration
(48)
(5)
8
\u2014
(45)
\u2014
(45)
\nNon-benchmark share of post-tax loss of associates
\u2014
\u2014
(18)
\u2014
(18)
\u2014
(18)
\nInterest on uncertain tax provisions
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
(1)
\nFinancing fair value remeasurements (note 16(c))
\u2014
\u2014
\u2014
\u2014
\u2014
51
51
\nPro\ufb01t/(loss) before tax
1,277
263
144
(300)
1,384
(210)
1,174
\n
\n
\n
Year ended 31 March 2022
\n1
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nCentral
\nActivities
\nUS$m
\nTotal
\ncontinuing
\noperations
\nUS$m
\nRevenue from external customers
\nOngoing activities
4,122
791
847
456
6,216
\u2014
6,216
\nExited business activities
\u2014
\u2014
\u2014
72
72
\u2014
72
\nTotal
4,122
791
847
528
6,288
\u2014
6,288
\nReconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
\nBenchmark EBIT
\nOngoing activities before transfer pricing and other adjustments
1,418
221
179
(10)
1,808
(155)
1,653
\nTransfer pricing and other allocation adjustments
(37)
2
9
23
(3)
3
\u2014
\nOngoing activities
1,381
223
188
13
1,805
(152)
1,653
\nExited business activities
\u2014
\u2014
(4)
(4)
(8)
\u2014
(8)
\nTotal
1,381
223
184
9
1,797
(152)
1,645
\nNet interest expense included in Benchmark PBT (note 16(b))
(4)
(1)
(1)
(2)
(8)
(102)
(110)
\nBenchmark PBT
1,377
222
183
7
1,789
(254)
1,535
\nExceptional items (note 15(a))
6
\u2014
\u2014
(80)
(74)
95
21
\nAmortisation of acquisition intangibles (note 22)
(110)
(23)
(7)
(34)
(174)
\u2014
(174)
\nAcquisition and disposal expenses
(21)
(7)
(1)
(18)
(47)
\u2014
(47)
\nAdjustment to the fair value of contingent consideration
(8)
(20)
4
(2)
(26)
\u2014
(26)
\nNon-benchmark share of post-tax loss of associates
\u2014
\u2014
(26)
\u2014
(26)
(5)
(31)
\nInterest on uncertain tax provisions
\u2014
\u2014
\u2014
\u2014
\u2014
1
1
\nFinancing fair value remeasurements (note 16(c))
\u2014
\u2014
\u2014
\u2014
\u2014
168
168
\nPro\ufb01t/(loss) before tax
1,244
172
153
(127)
1,442
5
1,447
\n1
Revenue of US$51m and Benchmark EBIT of US$(13)m for the year ended 31 March 2022 have been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\nAdditional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
\n(ii) Reconciliation of revenue from ongoing activities
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\nongoing
\nactivities
\nUS$m
\nRevenue for the year ended 31 March 2022
\n1
\n4,122
791
847
456
6,216
\nAdjustment to constant exchange rates
\u2014
(3)
3
2
2
\nRevenue at constant exchange rates for the year ended 31 March 2022
4,122
788
850
458
6,218
\nOrganic revenue growth
272
125
39
15
451
\nRevenue from acquisitions
38
19
3
\u2014
60
\nRevenue at constant exchange rates for the year ended 31 March 2023
4,432
932
892
473
6,729
\nAdjustment to actual exchange rates
\u2014
15
(108)
(49)
(142)
\nRevenue for the year ended 31 March 2023
4,432
947
784
424
6,587
\nOrganic revenue growth at constant exchange rates
7%
16%
5%
3%
7%
\nRevenue growth at constant exchange rates
8%
18%
5%
3%
8%
\n1
Revenue of US$51m for the year ended 31 March 2022 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\nThe table above demonstrates the application of the methodology set out in note 7 in determining organic and total revenue growth at constant exchange
\nrates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended 31 March 2022.
\n
\n
\n
\n
\n
\n
\n
\n(iii) Balance sheet
\nNet assets/(liabilities)
\nAt 31 March 2023
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nCentral
\nActivities
\nand other
\nUS$m
\nTotal
\nGroup
\nUS$m
\nGoodwill
3,662
724
700
489
5,575
\u2014
5,575
\nInvestments in associates
3
\u2014
9
\u2014
12
\u2014
12
\nRight-of-use assets
72
16
14
20
122
6
128
\nAssets classi\ufb01ed as held-for-sale
\u2014
\u2014
\u2014
4
4
12
16
\nOther assets
2,406
686
530
505
4,127
1,006
5,133
\nTotal assets
6,143
1,426
1,253
1,018
9,840
1,024
10,864
\nLease obligations
(89)
(19)
(14)
(21)
(143)
(5)
(148)
\nLiabilities classi\ufb01ed as held-for-sale
\u2014
\u2014
\u2014
(3)
(3)
\u2014
(3)
\nOther liabilities
(1,307)
(327)
(304)
(189)
(2,127)
(4,622)
(6,749)
\nTotal liabilities
(1,396)
(346)
(318)
(213)
(2,273)
(4,627)
(6,900)
\nNet assets/(liabilities)
4,747
1,080
935
805
7,567
(3,603)
3,964
\nAt 31 March 2022
\nNorth
\nAmerica
\nUS$m
\nLatin
\nAmerica
\nUS$m
\nUK and
\nIreland
\nUS$m
\nEMEA/
\nAsia Paci\ufb01c
\nUS$m
\nTotal
\noperating
\nsegments
\nUS$m
\nCentral
\nActivities
\nand other
\nUS$m
\nTotal
\nGroup
\nUS$m
\nGoodwill
3,546
760
694
737
5,737
\u2014
5,737
\nInvestments in associates
4
\u2014
\u2014
\u2014
4
\u2014
4
\nRight-of-use assets
83
14
24
27
148
5
153
\nAssets classi\ufb01ed as held-for-sale
\u2014
\u2014
29
\u2014
29
12
41
\nOther assets
2,191
674
528
619
4,012
947
4,959
\nTotal assets
5,824
1,448
1,275
1,383
9,930
964
10,894
\nLease obligations
(105)
(17)
(25)
(30)
(177)
(3)
(180)
\nOther liabilities
(1,129)
(327)
(300)
(364)
(2,120)
(4,587)
(6,707)
\nTotal liabilities
(1,234)
(344)
(325)
(394)
(2,297)
(4,590)
(6,887)
\nNet assets/(liabilities)
4,590
1,104
950
989
7,633
(3,626)
4,007
\nCentral Activities and other comprises:
\n2023
2022
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nNet assets/
\n(liabilities)
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nNet assets/
\n(liabilities)
\nUS$m
\nCentral Activities
731
(175)
556
682
(155)
527
\nNet debt
\n1
\n206
(4,094)
(3,888)
199
(3,973)
(3,774)
\nTax
87
(358)
(271)
83
(462)
(379)
\n1,024
(4,627)
(3,603)
964
(4,590)
(3,626)
\n1
Net debt comprises amounts reported within Central Activities plus lease obligations in operating segments, net of interest of US$142m (2022: US$176m).
\nCapital employed
\n2023
\nUS$m
\n2022
\nUS$m
\nNorth America
4,747
4,590
\nLatin America
1,080
1,104
\nUK and Ireland
935
950
\nEMEA/Asia Paci\ufb01c
805
989
\nTotal operating segments
7,567
7,633
\nCentral Activities
556
527
\nAdd: lease obligations in operating segments
143
177
\nLess: accrued interest on lease obligations in operating segments
(1)
(1)
\nLess: right-of-use assets
(128)
(153)
\nLess: non-controlling interests
(35)
(38)
\nCapital employed attributable to owners
8,102
8,145
\nThe three-point average capital employed \ufb01gure of US$8,060m (2022: US$7,774m), used in our calculation of ROCE, is determined by calculating the
\narithmetic average of capital employed at 31 March 2023, 30 September 2022 and 31 March 2022.
\n
\n
\n
(iv) Capital expenditure, amortisation and depreciation
\nCapital expenditure
\nRight-of-use
\nasset additions
Amortisation
Depreciation
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nNorth America
324
251
15
17
170
167
57
58
\nLatin America
134
106
9
5
81
69
17
17
\nUK and Ireland
74
49
3
6
41
51
21
26
\nEMEA/Asia Paci\ufb01c
44
47
8
11
29
33
17
22
\nTotal operating segments
576
453
35
39
321
320
112
123
\nCentral Activities
51
55
4
\u2014
47
38
2
3
\nTotal Group
627
508
39
39
368
358
114
126
\nAmortisation and depreciation above only include amounts charged to Benchmark PBT.
\n(v) Revenue by country \u2013 continuing operations
\n2023
\nUS$m
\n2022
\nUS$m
\nUSA
4,429
4,121
\nBrazil
839
692
\nUK
780
843
\nOther
571
632
\n6,619
6,288
\nRevenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year.
\nRevenue from the USA, Brazil and the UK in aggregate comprises 91% (2022: 90%) of Group revenue. Other comprises a number of other countries, none
\nof which have revenue that is individually material.
\n(vi) Non-current assets by country
\n2023
\nUS$m
\n2022
\nUS$m
\nUSA
5,237
5,050
\nUK
1,022
1,018
\nBrazil
897
907
\nGermany
422
441
\nSouth Africa
218
264
\nColombia
122
155
\nOther
434
674
\nSegment non-current assets by country
8,352
8,509
\nCentral Activities
681
666
\nDeferred tax
37
46
\n9,070
9,221
\nTo add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis
\nby\u00a0country. The Group has no signi\ufb01cant non-current assets located in Ireland.
\n\n
\n
\n
\n
\n
\n(b) Information on business segments (including non-GAAP disclosures)
\nYear ended 31 March 2023
\nBusiness-to-
\nBusiness
\nUS$m
\nConsumer
\nServices
\nUS$m
\nTotal
\nbusiness
\nsegments
\nUS$m
\nCentral
\nActivities
\nUS$m
\nTotal
\ncontinuing
\noperations
\nUS$m
\nRevenue from external customers
\nOngoing activities
4,805
1,782
6,587
\u2014
6,587
\nExited business activities
32
\u2014
32
\u2014
32
\nTotal
4,837
1,782
6,619
\u2014
6,619
\nReconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
\nBenchmark EBIT
\nOngoing activities before transfer pricing and other adjustments
1,517
426
1,943
(141)
1,802
\nTransfer pricing and other allocation adjustments
12
(10)
2
(2)
\u2014
\nOngoing activities
1,529
416
1,945
(143)
1,802
\nExited business activities
(8)
\u2014
(8)
\u2014
(8)
\nTotal
1,521
416
1,937
(143)
1,794
\nNet interest expense included in Benchmark PBT (note 16(b))
(5)
(2)
(7)
(117)
(124)
\nBenchmark PBT
1,516
414
1,930
(260)
1,670
\nExceptional items (note 15(a))
(66)
\u2014
(66)
\u2014
(66)
\nImpairment of goodwill (note 21)
(179)
\u2014
(179)
\u2014
(179)
\nAmortisation of acquisition intangibles (note 22)
(159)
(33)
(192)
\u2014
(192)
\nAcquisition and disposal expenses
(23)
(23)
(46)
\u2014
(46)
\nAdjustment to the fair value of contingent consideration
(45)
\u2014
(45)
\u2014
(45)
\nNon-benchmark share of post-tax loss of associates
\u2014
(18)
(18)
\u2014
(18)
\nInterest on uncertain tax provisions
\u2014
\u2014
\u2014
(1)
(1)
\nFinancing fair value remeasurements (note 16(c))
\u2014
\u2014
\u2014
51
51
\nPro\ufb01t/(loss) before tax
1,044
340
1,384
(210)
1,174
\nYear ended 31 March 2022
\n1
\nBusiness-to-
\nBusiness
\nUS$m
\nConsumer
\nServices
\nUS$m
\nTotal
\nbusiness
\nsegments
\nUS$m
\nCentral
\nActivities
\nUS$m
\nTotal
\ncontinuing
\noperations
\nUS$m
\nRevenue from external customers
\nOngoing activities
4,603
1,613
6,216
\u2014
6,216
\nExited business activities
72
\u2014
72
\u2014
72
\nTotal
4,675
1,613
6,288
\u2014
6,288
\nReconciliation from Benchmark EBIT to pro\ufb01t before tax
\nBenchmark EBIT
\nOngoing activities before transfer pricing and other adjustments
1,422
386
1,808
(155)
1,653
\nTransfer pricing and other allocation adjustments
9
(12)
(3)
3
\u2014
\nOngoing activities
1,431
374
1,805
(152)
1,653
\nExited business activities
(5)
(3)
(8)
\u2014
(8)
\nTotal
1,426
371
1,797
(152)
1,645
\nNet interest expense included in Benchmark PBT (note 16(b))
(6)
(2)
(8)
(102)
(110)
\nBenchmark PBT
1,420
369
1,789
(254)
1,535
\nExceptional items (note 15(a))
(74)
\u2014
(74)
95
21
\nAmortisation of acquisition intangibles (note 22)
(145)
(29)
(174)
\u2014
(174)
\nAcquisition and disposal expenses
(34)
(13)
(47)
\u2014
(47)
\nAdjustment to the fair value of contingent consideration
(26)
\u2014
(26)
\u2014
(26)
\nNon-benchmark share of post-tax loss of associates
\u2014
(26)
(26)
(5)
(31)
\nInterest on uncertain tax provisions
\u2014
\u2014
\u2014
1
1
\nFinancing fair value remeasurements (note 16(c))
\u2014
\u2014
\u2014
168
168
\nPro\ufb01t before tax
1,141
301
1,442
5
1,447
\n1
Revenue of US$51m and Benchmark EBIT of US$(13)m for the year ended 31 March 2022 have been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\nAdditional information by business segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27643": {
"value": "11. Foreign currency (a) Principal exchange rates used
\nAverage
Closing
\n2023
2022
2023
2022
2021
\nUS dollar : Brazilian real
5.16
5.34
5.08
4.78
5.74
\nPound sterling : US dollar
1.20
1.37
1.24
1.31
1.38
\nEuro : US dollar
1.04
1.16
1.09
1.11
1.17
\nUS dollar : Colombian peso
4,469
3,834
4,623
3,757
3,720
\nUS dollar : South African rand
17.00
14.85
17.71
14.56
14.76
\n(b) Foreign exchange risk
\n(i) Brazilian real intra-Group funding
\nA Group company whose functional currency is not the Brazilian real provides Brazilian real intra-Group funding to Serasa S.A.. Foreign exchange gains
\nor losses on this funding are recognised in the Group income statement.
\nAs a result of the weakening of 6% in the Brazilian real against the US dollar in the year ended 31 March 2023, a charge of US$16m has been recognised
\nwithin \ufb01nancing fair value remeasurements (2022: US$43m gain due to 17% strengthening) (note 16(c)).
\nThe Group is similarly exposed to the impact of the Brazilian real strengthening or weakening against the US dollar in the future. A movement of 14%
\nwould result in a US$30m impact on pro\ufb01t before tax. There is no e\ufb00ect on total equity as a result of this exposure, since it arises on intra-Group funding
\nand there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
\n(ii) Other exposures
\nOn the basis of the pro\ufb01le of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
\nmaterial sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
\ncurrencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has been
\napplied consistently.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27699": {
"value": "12. Labour costs and employee numbers \u2013 continuing operations (a) Labour costs (including executive directors)
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nWages and salaries
1,591
1,604
\nSocial security costs
295
254
\nShare incentive plans
34(a)
142
158
\nPension costs \u2013 de\ufb01ned bene\ufb01t plans
36(a)
2
8
\nPension costs \u2013 de\ufb01ned contribution plans
65
68
\nOther employee bene\ufb01t costs
30
27
\nEmployee bene\ufb01t costs
2,125
2,119
\nOther labour costs
256
194
\n2,381
2,313
\nLabour costs include redundancy costs of US$30m (2022: US$9m) of which US$21m (2022: US$2m) relates to restructuring (note 15(d)). Other labour
\ncosts include those in respect of external contractors, outsourcing and the recruitment, development and training of employees. The de\ufb01nition of key
\nmanagement personnel, and an analysis of\u00a0their remuneration, is given in note 47(d).
\n(b) Average monthly number of employees (including executive directors)
\n2023
2022
\nFull-time
Part-time
\nFull-time-
\nequivalent
Full-time
Part-time
\nFull-time-
\nequivalent
\nNorth America
8,789
59
8,819
8,669
56
8,697
\nLatin America
5,194
172
5,280
4,538
137
4,606
\nUK and Ireland
3,507
215
3,615
3,129
221
3,240
\nEMEA/Asia Paci\ufb01c
3,588
127
3,651
3,858
100
3,908
\nTotal operating segments
21,078
573
21,365
20,194
514
20,451
\nCentral Activities
235
13
242
200
12
206
\n21,313
586
21,607
20,394
526
20,657",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27702": {
"value": "(a) Labour costs (including executive directors) Notes
\n2023
\nUS$m
\n2022
\nUS$m
\nWages and salaries
1,591
1,604
\nSocial security costs
295
254
\nShare incentive plans
34(a)
142
158
\nPension costs \u2013 de\ufb01ned bene\ufb01t plans
36(a)
2
8
\nPension costs \u2013 de\ufb01ned contribution plans
65
68
\nOther employee bene\ufb01t costs
30
27
\nEmployee bene\ufb01t costs
2,125
2,119
\nOther labour costs
256
194
\n2,381
2,313
\nLabour costs include redundancy costs of US$30m (2022: US$9m) of which US$21m (2022: US$2m) relates to restructuring (note 15(d)). Other labour
\ncosts include those in respect of external contractors, outsourcing and the recruitment, development and training of employees. The de\ufb01nition of key
\nmanagement personnel, and an analysis of\u00a0their remuneration, is given in note 47(d).
\n(b) Average monthly number of employees (including executive directors)
\n2023
2022
\nFull-time
Part-time
\nFull-time-
\nequivalent
Full-time
Part-time
\nFull-time-
\nequivalent
\nNorth America
8,789
59
8,819
8,669
56
8,697
\nLatin America
5,194
172
5,280
4,538
137
4,606
\nUK and Ireland
3,507
215
3,615
3,129
221
3,240
\nEMEA/Asia Paci\ufb01c
3,588
127
3,651
3,858
100
3,908
\nTotal operating segments
21,078
573
21,365
20,194
514
20,451
\nCentral Activities
235
13
242
200
12
206
\n21,313
586
21,607
20,394
526
20,657
\n
\n
\n
\n
\n
\n13. Amortisation and depreciation charges
\n2023
\nUS$m
\n2022
\nUS$m
\nBenchmark:
\nAmortisation of other intangible assets
368
358
\nDepreciation of property, plant and equipment
114
126
\n482
484
\nNon-benchmark:
\nAmortisation of acquisition intangibles
192
174
\n674
658
\nAn analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(iv). Analyses by asset type are given in notes 22 and 23.
\nThe\u00a0depreciation charge for the year includes US$52m (2022: US$56m) in respect of right-of-use assets.
\n14. Fees payable to the Company\u2019s auditor
\n2023
\nUS$m
\n2022
\nUS$m
\nAudit of the Company and Group \ufb01nancial statements
1.2
1.2
\nAudit of the \ufb01nancial statements of the Company's subsidiaries
5.6
5.7
\nAudit-related assurance services
0.6
0.6
\nOther assurance services
0.2
0.2
\nTotal fees payable to the Company's auditor and its associates
7.6
7.7
\nSummary of fees by nature:
\nFees for audit services
6.8
6.9
\nFees for audit-related assurance services
0.6
0.6
\nFees for other assurance services
0.2
0.2
\n7.6
7.7
\nThe guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
\nservices were capped at 30% (2022: 30%) of the fees for audit services. In the year ended 31 March 2023, fees payable for non-audit services, were 12%
\n(2022: 12%) of fees payable for audit services. Such fees are reported within Other operating charges.
\nThe fees for audit-related assurance services relate to the Group\u2019s half-yearly \ufb01nancial report and US$0.1m (2022: US$0.1m) of the fees for other
\nassurance services was for bond issuance related reports.
\n
\n
15. Exceptional items and other adjustments made to derive Benchmark PBT \u2013 continuing operations
\n(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nExceptional items:
\nNet loss on disposal of operations
15(b), 21(a), 44
1
43
\nNet pro\ufb01t on disposal of associates
15(c), 24
(1)
(90)
\nRestructuring costs
15(d)
53
20
\nOnerous global support costs
\n1
\n15(e)
16
\u2014
\nLegal provisions movements
\n1
\n15(f)
(3)
6
\nNet charge/(credit) for Exceptional items
66
(21)
\nOther adjustments made to derive Benchmark PBT:
\nAmortisation of acquisition intangibles
13, 22
192
174
\nImpairment of goodwill
\n1
\n21
179
\u2014
\nAcquisition and disposal expenses
\n2
\n46
47
\nAdjustment to the fair value of contingent consideration
\n1
\n31(h)
45
26
\nNon-benchmark share of post-tax loss of associates
\n3
\n24
18
31
\nInterest on uncertain tax provisions
16(c)
1
(1)
\nFinancing fair value remeasurements
16(c)
(51)
(168)
\nNet charge for other adjustments made to derive Benchmark PBT
430
109
\nNet charge for Exceptional items and other adjustments made to derive Benchmark PBT
496
88
\nBy income statement caption:
\nLabour costs
40
11
\nAmortisation and depreciation charges
192
174
\nOther operating charges
296
88
\nLoss on disposal of operations
1
43
\nNet pro\ufb01t on disposal of associates
(1)
(90)
\nWithin operating pro\ufb01t
528
226
\nWithin share of post-tax loss of associates
18
31
\nWithin \ufb01nance expense
16(a)
(50)
(169)
\nNet charge for Exceptional items and other adjustments made to derive Benchmark PBT
496
88
\n1
Included in other operating charges.
\n2
Acquisition and disposal expenses represent professional fees and expenses associated with completed, ongoing and terminated acquisition and disposal processes, as well as the integration and separation costs
\nassociated with completed deals. Of the total, US$7m (2022: US$9m) is recorded within labour costs in the Group income statement, and US$39m (2022: US$38m) is included within other operating charges.
\n3
Includes impairment of investment in associate.
\n(b) Net loss on disposal of operations
\nThe net loss on disposal of operations comprises costs incurred following the cessation of our activities in Russia in the year ended 31 March 2022 of
\nUS$3m (2022: US$43m) and a gain of US$2m (2022: US$nil) on the disposal of interests in two small subsidiaries in EMEA/Asia Paci\ufb01c.
\n(c) Net pro\ufb01t on disposal of associates
\nOn 18 November 2020, the Group disposed of its 18.6% interest in Finicity Corporation. During the year further consideration of US$1m (2022: US$12m)
\nwas received in respect of earnout arrangements, the payout of which was not anticipated at 31 March 2021.
\nOn 4 February 2022, Vector CM Holdings (Cayman) L.P., an associate undertaking, completed a merger with the CM Group involving its Cheetah Digital
\nbusiness. As a result of the merger, the Group no longer has signi\ufb01cant in\ufb02uence over Vector and accordingly our interest in this company was
\nrecognised as a trade investment from that date. We recorded a fair value gain on the disposal in FY22 of US$95m, and the promissory note and
\nassociated interest due to Experian of US$110m were also repaid.
\nIn the year ended 31 March 2022, we recognised a disposal of our Russian associate, United Credit Bureau, and wrote o\ufb00 the investment, recording a
\nloss of US$17m.
\n
\n
\n
\n
\n
\n(d) Restructuring costs
\nCosts of US$53m (2022: US$20m) were recognised in the year associated with a strategic review and restructuring, primarily in EMEA/Asia Paci\ufb01c. We
\ncontinue to execute on our strategy to concentrate on strategic markets where we can drive scale while also enhancing operating e\ufb03ciency.
\nThe charge includes a loss on disposal and asset write-downs and impairments of US$23m (2022: US$nil), and US$21m (2022: US$2m) is labour
\nrelated. The associated cash out\ufb02ow was US$20m (2022: US$14m).
\n(e) Onerous global support costs
\nThe charge in the year comprises costs that are directly attributable to exited businesses or incurred solely to support sub-scale, multi-country markets,
\nand will be removed as we complete restructuring activity in EMEA/Asia Paci\ufb01c.
\n(f) Legal provisions movements
\nMovements have occurred in provisions held for a number of historical legal claims, some of which are in the process of being settled. The credit in the
\nyear ended 31 March 2023 re\ufb02ects legal costs in North America of US$26m, o\ufb00set by insurance recoveries of US$29m.
\n16. Net \ufb01nance expense/(income)
\n(a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)
\n(b) Net interest expense included in Benchmark PBT
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income
(13)
(15)
\nInterest expense
137
125
\nNet interest expense included in Benchmark PBT
124
110
\n
\n\n
(c) Analysis of net non-benchmark \ufb01nance income
\n2023
\nUS$m
\n2022
\nUS$m
\nFair value gains on borrowings \u2013 attributable to interest rate risk
(59)
(69)
\nFair value gains on borrowings \u2013 attributable to currency risk
(65)
(77)
\nLosses on interest rate swaps \u2013 fair value hedges
17
19
\nLosses on cross-currency swaps \u2013 fair value hedges
72
98
\nForeign currency losses on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
30
26
\nGains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(5)
(3)
\nFair value gains on non-hedging derivatives
(62)
(88)
\nForeign exchange losses/(gains) on Brazilian real intra-Group funding
16
(43)
\nOther foreign exchange losses/(gains) on \ufb01nancing activities
21
(3)
\nMonetary loss on hyperin\ufb02ation
3
\u2014
\nDecrease in present value of put options
(26)
(29)
\nMovement in Other \ufb01nancial assets at FVPL
2
\u2014
\nMovement in connection with commitments to purchase own shares
\u2014
(2)
\nNet credit for \ufb01nancing fair value remeasurements
(51)
(168)
\nInterest on uncertain tax provisions
1
(1)
\n(50)
(169)
\n(d) Interest rate risk
\nThe following table shows the sensitivity to interest rate risk, on the basis of the pro\ufb01le of Net debt at the balance sheet dates and an assessment of
\nreasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements in
\nrelevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the primary
\ncause of the reported sensitivity is included.
\nGain/(loss)
\n2023
\nUS$m
\n2022
\nUS$m
\nImpact on pro\ufb01t for the \ufb01nancial year:
\nE\ufb00ect of an increase of 1.6% (2022: 0.8%) on US dollar-denominated Net debt:
\nDue to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\nincome on cash and cash equivalents
67
42
\nE\ufb00ect of an increase of 1.0% (2022: 0.3%) on pound sterling-denominated Net debt:
\nDue to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\nincome on cash and cash equivalents
2
1
\nE\ufb00ect of an increase of 4.7% (2022: 3.0%) on Brazilian real-denominated Net debt:
\nDue to higher interest income on cash and cash equivalents
3
1
\nE\ufb00ect of an increase of 0.5% (2022: 0.1%) on euro-denominated Net debt:
\nDue to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\nincome on cash and cash equivalents
\u2014
\u2014
\nImpact on other components of equity:
\nE\ufb00ect of an increase of 1.6% (2022: 0.8%):
\nOn the fair value of the US dollar leg of cross-currency swaps treated as a cash \ufb02ow hedge
15
11
\nE\ufb00ect of an increase of 1.0% (2022: 0.3%):
\nOn the fair value of the pound sterling leg of cross-currency swaps treated as a cash \ufb02ow hedge
(9)
(4)
\n
\n
\n
\n
\n
\n
\n17. Tax charge
\n(a) Analysis of tax charge in the Group income statement
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent tax:
\nTax on income for the year
515
339
\nAdjustments in respect of earlier years
6
(25)
\nTotal current tax charge
521
314
\nDeferred tax:
\nOrigination and reversal of temporary di\ufb00erences
(146)
(15)
\nAdjustments in respect of earlier years
26
(3)
\nTotal deferred tax credit
(120)
(18)
\nTax charge
401
296
\nThe tax charge comprises:
\nUK tax
57
87
\nNon-UK tax
344
209
\n401
296
\n(b) Tax reconciliations
\n(i) Reconciliation of the tax charge
\nAs the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate of
\ncorporation tax in the UK. The e\ufb00ective rate of tax for each year based on pro\ufb01t before tax is higher (2022: higher) than the main rate of corporation tax
\nin\u00a0the UK, with the di\ufb00erences explained in note 17(c).
\n2023
\nUS$m
\n2022
\n(Re-presented)
\nUS$m
\nPro\ufb01t before tax
1,174
1,447
\nPro\ufb01t before tax multiplied by the main rate of UK corporation tax of 19% (2022: 19%)
223
275
\nE\ufb00ects of:
\nAdjustments in respect of earlier years
32
(28)
\nTax on Exceptional items
3
(6)
\nIncome not taxable
(30)
(18)
\nLosses not recognised
11
18
\nGoodwill impairment
54
\u2014
\nExpenses not deductible
64
18
\nDi\ufb00erent e\ufb00ective tax rates in non-UK businesses
22
36
\nLocal taxes
\n1
\n53
48
\nCurrent year movement in uncertain tax positions
9
(24)
\nRecognition/utilisation of previously unrecognised tax losses
(14)
(9)
\nResearch and development incentive claims
\n1
\n(26)
(14)
\nTax charge
401
296
\nE\ufb00ective rate of tax based on pro\ufb01t before tax
34.2%
20.5%
\n1
Amounts previously recorded as local taxes have been re-analysed during the year to provide additional information, and the e\ufb00ects of research and development incentive claims are now shown separately in the
\ntax charge reconciliation. The comparative \ufb01gures for the year ended 31 March 2022 have been re-presented to re\ufb02ect this change. Local taxes primarily comprise US state taxes.
\n(ii) Reconciliation of the tax charge to the Benchmark tax charge
\n2023
\nUS$m
\n2022
\nUS$m
\nTax charge
401
296
\nTax relief on Exceptional items and other adjustments made to derive Benchmark PBT
33
98
\nBenchmark tax charge
434
394
\nBenchmark PBT
1,670
1,535
\nBenchmark tax rate
26.0%
25.7%
\n
\n
(c) Factors that a\ufb00ect the tax charge
\nAdjustments in respect of earlier periods re\ufb02ect the net movement on uncertain tax positions, including adjustments for matters that have been
\nsubstantively agreed with local tax authorities, and adjustments to deferred tax assets based on latest estimates and assumptions.
\nExpenses not deductible include the impairment of associate investments, acquisition and disposal expenses and \ufb01nancing fair value remeasurements
\nwhich are not allowable for tax purposes.
\nThe Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses.
\nIn addition, in the normal course of business, the Group has a number of open tax returns with various tax authorities with whom it is in active dialogue.
\nAt 31 March 2023, the Group held current and deferred tax liabilities of US$102m (2022: US$293m) in respect of uncertain tax positions.
\nDuring the current and prior year, Experian was in discussions with the US Internal Revenue Service and His Majesty\u2019s Revenue and Customs in the UK
\nto seek clarity on transfer pricing and \ufb01nancing related issues. The net decrease in recognised provisions during the year was driven by the agreement
\nof the Group\u2019s most signi\ufb01cant uncertain tax position. In the year ended 31 March 2022, the net decrease in recognised provisions followed the
\nagreement of open tax issues in North America, and adjustments made to provisions on the utilisation of historical UK tax losses.
\nLiabilities relating to these open and judgmental matters are based on an assessment as to whether additional taxes will be due, after taking into
\naccount external advice where appropriate. While the timing of developments in resolving these matters is inherently uncertain, the Group does not
\nexpect to materially increase its uncertain tax provisions in the next 12 months. However if an opportunity arose to resolve the matters for less than the
\namounts provided, a settlement may be made with a corresponding reduction in the provision.
\n(d) Other factors that a\ufb00ect the future tax charge
\nThe Group\u2019s tax charge will continue to be in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned in di\ufb00erent countries in which the Group\u2019s subsidiaries operate, in
\nparticular our material markets, being North America, Brazil and the UK. Tax reform continues in 2023 and is expected in future years driven by the
\nOrganisation for Economic Co-operation and Development\u2019s (OECD) project to address the tax challenges arising from the digitalisation of the economy
\nincluding the proposed global minimum tax legislation. Experian continues to analyse the implications for the Group from these model rules and will
\ndetermine the outcome once the \ufb01nal relevant legislation is available. This may result in signi\ufb01cant changes to established tax principles and an increase
\nin tax authority disputes. In turn, this could adversely a\ufb00ect Experian\u2019s e\ufb00ective tax rate or could result in higher cash tax liabilities.
\nThe main rate of UK corporation tax for the year ended 31 March 2023 was 19% and increased to 25% from 1 April 2023. This will have a consequential
\ne\ufb00ect on the Group\u2019s future tax\u00a0charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27703": {
"value": "(a) Labour costs (including executive directors)Notes
\n2023
\nUS$m
\n2022
\nUS$m
\nWages and salaries
1,591
1,604
\nSocial security costs
295
254
\nShare incentive plans
34(a)
142
158
\nPension costs \u2013 de\ufb01ned bene\ufb01t plans
36(a)
2
8
\nPension costs \u2013 de\ufb01ned contribution plans
65
68
\nOther employee bene\ufb01t costs
30
27
\nEmployee bene\ufb01t costs
2,125
2,119
\nOther labour costs
256
194
\n2,381
2,313
\nLabour costs include redundancy costs of US$30m (2022: US$9m) of which US$21m (2022: US$2m) relates to restructuring (note 15(d)). Other labour
\ncosts include those in respect of external contractors, outsourcing and the recruitment, development and training of employees. The de\ufb01nition of key
\nmanagement personnel, and an analysis of\u00a0their remuneration, is given in note 47(d).
35. Post-employment bene\ufb01t plans and related risks
\nAn overview of the Group\u2019s post-employment bene\ufb01t plans and the related risks is given below. The additional information required by IAS 19, which
\nrelates only to the Group\u2019s de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts obligations, is set out in note 36.
\n(a) Funded pension plans
\nThe Group\u2019s principal de\ufb01ned bene\ufb01t plan is the Experian Pension Scheme in the UK. The plan was closed to new entrants in 2009 and to the future
\naccrual of new bene\ufb01ts from 1 April 2022. Active member bene\ufb01ts were crystallised as deferred pensions from that date. No material impact on the
\nGroup\u2019s net post-employment bene\ufb01t assets resulted from this change. All UK employees were o\ufb00ered membership of the Group\u2019s UK de\ufb01ned
\ncontribution plan from April 2022.
\nThe Experian Pension Scheme has rules which specify the bene\ufb01ts to be paid, with the level of pension bene\ufb01t payable on retirement dependent on age,
\nlength of service and salary. As at 31 March 2023, there were no (2022: 86) active members of this plan, 1,224 (2022: 1,239) deferred members and
\n2,424 (2022: 2,462) pensioner members.
\nA full actuarial funding valuation of the Experian Pension Scheme is carried out every three years, with interim reviews in the intervening years.
\nThe\u00a0latest full valuation was carried out as at 31 March 2022 by independent quali\ufb01ed actuaries Mercer Limited, using the projected unit credit method.
\nThe 2022 actuarial valuation has been agreed and there was a moderate funding surplus. The next full valuation will be carried out as at 31 March 2025.
\nThe Experian Pension Scheme is governed by a trust deed, which ensures that its \ufb01nances and governance are independent from those of the Group.
\nTrustees are responsible for overseeing the investments and funding of the plans and plan administration. The UK pensions environment is regulated by
\nThe Pensions Regulator whose statutory objectives and regulatory powers are described on its website at
www.thepensionsregulator.gov.uk.
\nThe de\ufb01ned contribution plan for UK employees was formerly the Experian Retirement Savings Plan, however during the year ended 31 March 2022 the
\nassets of this plan were transferred to a new plan, the Experian Pensions Savings Plan, which is part of a mastertrust managed by Legal and General
\nGroup plc. Under the new plan, as before, employee and employer contributions are paid by the Group into an independently administered fund, which is
\nused to fund member pensions at retirement. As at 31 March 2023, there were 3,484 active members of this plan (2022: 3,195).
\nEmployees in the USA, Brazil and South Africa have the option to join local de\ufb01ned contribution plans and, as at 31 March 2023, there were 5,480 (2022:
\n4,666) active members in the USA, 1,273 (2022: 1,151) in Brazil and 426 (2022: 513) in South Africa. There are no other material funded pension
\narrangements.
\n(b) Unfunded pension arrangements
\nThe Group\u2019s unfunded pension arrangements are designed to ensure that certain senior managers who are a\ufb00ected by the earnings cap, which was
\nintroduced by the UK government some years ago to set a ceiling on the amount of bene\ufb01ts that could be paid by de\ufb01ned bene\ufb01t pension plans, are
\nplaced in broadly the same position as those who are not. There are also unfunded arrangements for certain former directors and employees of
\nExperian Finance plc and Experian Limited. Certain of these unfunded arrangements in the UK have been secured by the grant to an independent trustee
\nof charges over an independently managed portfolio of marketable securities owned by the Group and reported as \ufb01nancial assets revalued through OCI
\n(note 31(a)). Bene\ufb01t accrual under the unfunded arrangements ceased from 1 April 2022.
\n(c) Post-employment medical bene\ufb01ts
\nThe Group operates a plan which provides post-employment medical bene\ufb01ts to certain retired employees and their dependant relatives. This plan
\nrelates to former employees in the UK and, under it, the Group has undertaken to meet the cost of post-employment medical bene\ufb01ts for all eligible
\nformer employees who retired prior to 1 April 1994, and their dependants.
\n(d) Related risks
\nThrough its de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts plan, the Group is exposed to a number of risks that are inherent in
\nsuch plans and arrangements, which can be summarised as follows:
\na
asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash \ufb02ows;
\na
changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in the value of
\nplan assets;
\na
in\ufb02ation, as pension obligations are generally linked to in\ufb02ation and the prevailing rate of in\ufb02ation experienced for medical bene\ufb01ts is typically higher
\nthan other in\ufb02ation measures in the UK; and
\na
life expectancy, as pension and medical bene\ufb01ts are generally provided for the life of bene\ufb01ciaries and their dependants.
\nThere are no unusual, entity-speci\ufb01c or plan-speci\ufb01c risks, and no signi\ufb01cant concentrations of risk.
36. Post-employment bene\ufb01ts \u2013 IAS 19 information
\n(a) Post-employment bene\ufb01t amounts recognised in the Group \ufb01nancial statements
\n(i) Balance sheet assets/(obligations)
\n2023
\nUS$m
\n2022
\nUS$m
\nRetirement bene\ufb01t assets/(obligations) \u2013 funded de\ufb01ned bene\ufb01t plans:
\nFair value of funded plans' assets
866
1,214
\nPresent value of funded plans' obligations
(692)
(998)
\nAssets in the Group balance sheet for funded de\ufb01ned bene\ufb01t pensions
174
216
\nObligations for unfunded post-employment bene\ufb01ts:
\nPresent value of de\ufb01ned bene\ufb01t pensions \u2013 unfunded plans
(36)
(48)
\nPresent value of post-employment medical bene\ufb01ts
(3)
(4)
\nLiabilities in the Group balance sheet
(39)
(52)
\nNet post-employment bene\ufb01t assets
135
164
\nPension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as, under the rules of the UK
\nExperian Pension Scheme, future economic bene\ufb01ts are available to the Group in the form of reductions in future contributions or refunds of surplus.
\n(ii) Income statement (credit)/charge
\n2023
\nUS$m
\n2022
\nUS$m
\nBy nature of expense:
\nCurrent service cost
\u2014
5
\nAdministration expenses
2
3
\nCharge within labour costs and operating pro\ufb01t
2
8
\nInterest income
(4)
(1)
\nTotal net (credit)/charge to the Group income statement
(2)
7
\nThere is no current service cost in the year ended 31 March 2023, due to the closure of the Experian Pension Scheme to future accrual from 1 April 2022.
\n(iii) Remeasurement recognised in the statement of comprehensive income
\n2023
\nUS$m
\n2022
\nUS$m
\nDe\ufb01ned bene\ufb01t pensions
(24)
121
\nPost-employment medical bene\ufb01ts
1
\u2014
\n(23)
121
\n(b) Movements in net post-employment bene\ufb01t assets/(obligations) recognised in the Group balance sheet
\nFair value of
\nplan assets
\nUS$m
\nPresent value of obligations
\nMovements in
\nnet position
\nUS$m
\nDe\ufb01ned
\nbene\ufb01t
\npensions
\n\u2013 funded
\nUS$m
\nDe\ufb01ned
\nbene\ufb01t
\npensions
\n\u2013 unfunded
\nUS$m
\nPost-
\nemployment
\nmedical
\nbene\ufb01ts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
1,214
(998)
(48)
(4)
(1,050)
164
\nIncome statement credit/(charge):
\nAdministration expenses
(2)
\u2014
\u2014
\u2014
\u2014
(2)
\nInterest income/(expense)
31
(25)
(2)
\u2014
(27)
4
\nTotal credit/(charge) to the Group income statement
29
(25)
(2)
\u2014
(27)
2
\nRemeasurements:
\nReturn on plan assets other than interest
(259)
\u2014
\u2014
\u2014
\u2014
(259)
\nGains from change in demographic assumptions
\u2014
15
1
\u2014
16
16
\nGains from change in \ufb01nancial assumptions
\u2014
252
9
1
262
262
\nExperience losses
\u2014
(41)
(1)
\u2014
(42)
(42)
\nRemeasurement of post-employment bene\ufb01t assets
\nand obligations
(259)
226
9
1
236
(23)
\nDi\ufb00erences on exchange
(76)
63
3
\u2014
66
(10)
\nContributions paid by the Group
2
\u2014
\u2014
\u2014
\u2014
2
\nBene\ufb01ts paid
(44)
42
2
\u2014
44
\u2014
\nAt 31 March 2023
866
(692)
(36)
(3)
(731)
135
Fair value of
\nplan assets
\nUS$m
\nPresent value of obligations
\nMovements in
\nnet position
\nUS$m
\nDe\ufb01ned
\nbene\ufb01t
\npensions
\n\u2013 funded
\nUS$m
\nDe\ufb01ned
\nbene\ufb01t
\npensions
\n\u2013 unfunded
\nUS$m
\nPost-
\nemployment
\nmedical
\nbene\ufb01ts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
1,274
(1,172)
(51)
(4)
(1,227)
47
\nIncome statement (charge)/credit:
\nCurrent service cost
\u2014
(5)
\u2014
\u2014
(5)
(5)
\nAdministration expenses
(3)
\u2014
\u2014
\u2014
\u2014
(3)
\nInterest income/(expense)
25
(23)
(1)
\u2014
(24)
1
\nTotal (charge)/credit to the Group income statement
22
(28)
(1)
\u2014
(29)
(7)
\nRemeasurements:
\nReturn on plan assets other than interest
19
\u2014
\u2014
\u2014
\u2014
19
\nGains from change in demographic assumptions
\u2014
1
\u2014
\u2014
1
1
\nGains from change in \ufb01nancial assumptions
\u2014
87
2
\u2014
89
89
\nExperience gains/(losses)
\u2014
13
(1)
\u2014
12
12
\nRemeasurement of post-employment bene\ufb01t assets
\nand obligations
19
101
1
\u2014
102
121
\nDi\ufb00erences on exchange
(60)
52
1
\u2014
53
(7)
\nContributions paid by the Group and employees
11
(1)
\u2014
\u2014
(1)
10
\nBene\ufb01ts paid
(52)
50
2
\u2014
52
\u2014
\nAt 31 March 2022
1,214
(998)
(48)
(4)
(1,050)
164
\n(c) Actuarial assumptions and sensitivities
\nThe accounting valuations at 31 March 2023 have been based on the most recent actuarial valuations, updated to take account of the requirements of
\nIAS 19. The assumptions for the real discount rate, pension increases and mortality, used to calculate the present value of the de\ufb01ned bene\ufb01t obligations,
\nall have a signi\ufb01cant e\ufb00ect on the accounting valuation.
\nThe mortality and early retirement assumptions have been updated to re\ufb02ect the latest analysis that has been undertaken as part of the full actuarial
\nfunding valuation at 31 March 2022.
\nThe assumed margin between RPI and CPI has been reduced to 45 basis points (50 basis points in the year ended 31 March 2022), consistent with a 100
\nbasis point margin assumed to 2030, with a ten basis point margin assumed thereafter. The single equivalent di\ufb00erential is expected to reduce over time
\ntowards 2030. This results in an increase in retirement bene\ufb01t obligations at 31 March 2023 of approximately US$2m or 0.25%.
\nThe other methods and assumptions used are consistent with those used in the prior year. Changes to these assumptions in the light of prevailing
\nconditions may have a signi\ufb01cant impact on future valuations. Indications of the sensitivity of the amounts reported at 31 March 2023 to changes in the
\nreal discount rate, pension increases, life expectancy and medical costs are included below.
\nThe absolute sensitivity numbers are stated on a basis consistent with the methodology used in determining the accounting valuation as at 31 March
\n2023. The methodology evaluates the e\ufb00ect of a change in each assumption on the relevant obligations, while holding all other assumptions constant.
\n(i) Financial actuarial assumptions
\n2023
\n% p.a.
\n2022
\n% p.a.
\nDiscount rate
4.9
2.8
\nIn\ufb02ation rate \u2013 based on the UK Retail Prices Index (the RPI)
3.3
3.8
\nIn\ufb02ation rate \u2013 based on the UK Consumer Prices Index (the CPI)
2.9
3.3
\nIncrease for pensions in payment \u2013 element based on the RPI (where cap is 5%)
3.1
3.4
\nIncrease for pensions in payment \u2013 element based on the CPI (where cap is 2.5%)
1.9
2.0
\nIncrease for pensions in payment \u2013 element based on the CPI (where cap is 3%)
2.1
2.3
\nIncrease for pensions in deferment
2.9
3.3
\nIn\ufb02ation in medical costs
6.3
6.8
\nThe principal \ufb01nancial assumption is the real discount rate, which is the excess of the discount rate over the rate of in\ufb02ation. The discount rate is based
\non the market yields on high-quality corporate bonds of a currency and term appropriate to the de\ufb01ned bene\ufb01t obligations. The criteria used to set the
\ndiscount rate are unchanged from the year ended 31 March 2022. The increase in the discount rate at the balance sheet date re\ufb02ects the signi\ufb01cant
\nincrease in UK bond yields during the year. The Experian Pension Scheme obligations are in pounds sterling and have a maturity on average of 13 years.
\nIf the real discount rate increased/decreased by 0.25%, the de\ufb01ned bene\ufb01t obligations at 31 March 2023 would decrease/increase by approximately
\nUS$22m and the fair value of plan assets would decrease/increase by approximately US$27m.
The discount rate sensitivity has been updated to 0.25% from 0.1% to re\ufb02ect an increase in both the range of reasonably possible rates and the
\nestimation uncertainty for discount rates, given the increase in UK discount rates and their volatility observed during the year.
\nThe rates of increase for pensions in payment re\ufb02ect the separate arrangements applying to di\ufb00erent groups of Experian\u2019s pensioners. If the in\ufb02ation
\nrate underlying the pension increases (both in payment and in deferment) increased/decreased by 0.1%, the de\ufb01ned bene\ufb01t obligations at 31 March
\n2023 would increase/decrease by approximately US$5m.
\n(ii) Mortality assumptions \u2013 average life expectancy on retirement at age 65 in normal health
\n2023
\nyears
\n2022
\nyears
\nFor a male currently aged 65
22.2
22.6
\nFor a female currently aged 65
24.2
24.5
\nFor a male currently aged 50
23.1
23.5
\nFor a female currently aged 50
25.3
25.6
\nThe accounting valuation assumes that mortality will be in line with standard tables adjusted to re\ufb02ect the expected experience of the Experian Pension
\nScheme membership, based on analysis carried out for the 2022 actuarial valuation. A speci\ufb01c allowance for anticipated future improvements in life
\nexpectancy is also incorporated. The perpetuation of excess deaths during 2022 is expected to be re\ufb02ected in the standard UK model for projected
\nimprovements in life expectancy, due to be published later this calendar year. The Group has therefore applied a 4% scaling factor to its mortality
\nassumptions to allow for this impact on member mortality. This reduced retirement bene\ufb01t obligations at 31 March 2023 by approximately US$8m.
\nThe Group has also considered the potential impact of climate change and, at the present time, we do not believe that there is su\ufb03cient evidence to
\nrequire a change in the long-term mortality assumptions. We will continue to monitor any potential future impact on the mortality assumptions used.
\nAn increase in assumed life expectancy of 0.1 years would increase the de\ufb01ned bene\ufb01t obligations at 31 March 2023 by approximately US$2m.
\n(iii) Post-employment medical bene\ufb01ts
\nThe accounting valuation in respect of post-employment medical bene\ufb01ts assumes a rate of increase for medical costs. If this rate increased/decreased
\nby 1.0% per annum, the obligations at 31 March 2023 and the \ufb01nance expense would remain unchanged.
\n(d) Assets of the Group\u2019s de\ufb01ned bene\ufb01t plans at fair value
\n2023
2022
\nUS$m
%
US$m
%
\nEquities
86
9
146
12
\nIndex-linked gilts/Liability Driven Investments
284
33
450
37
\nGlobal corporate bonds
257
30
355
29
\nSecured credit
145
17
184
15
\nSenior private debt
51
6
52
4
\nOther
43
5
27
3
\n866
100
1,214
100
\nThe funded de\ufb01ned bene\ufb01t pension plans hold a range of assets including equities, index-linked gilts, global corporate bonds, secured credit, senior
\nprivate debt and a Liability Driven Investment strategy which is used to hedge against interest \ufb02uctuations and in\ufb02ation. Collateral levels within the
\nLiability Driven Investment strategy were closely monitored during the market disruptions of Autumn 2022 and remained robust throughout.
\nThe primary drivers of the reductions in the fair value of the plans\u2019 funded assets and obligations are an increase in pound sterling interest rates and the
\nretranslation of assets and obligations into US dollars.
\nThe Experian Pension Scheme investment strategy aims to reduce investment risk and funding volatility. With the exception of the allocation to senior
\nprivate debt, all other assets are regarded as being marketable and regularly traded. Over time, the Scheme is expected to increase its allocation to
\nliability matching assets, to provide cash \ufb02ows to match expected bene\ufb01t payments.
\nOther assets listed above mainly relate to cash in transit between investment managers and cash held for bene\ufb01t payments, together with a small
\nwith-pro\ufb01ts investment.
\nThe Trustee believes that Environmental, Social and Governance (ESG) factors may have a material impact on investment risk and return outcomes.
\nESG\u00a0factors, including climate change and stewardship, are increasingly integrated within investment processes both in appointing new investment
\nmanagers and in monitoring existing investment managers. Monitoring is undertaken and documented on a regular basis, making use of the investment
\nconsultant\u2019s ESG rating framework.
\nThe Group\u2019s de\ufb01ned bene\ufb01t plans have no holdings of ordinary shares or debt of the Company.
\n(e) Future payments
\nPayments of US$3m are currently expected to be made during the year ending 31 March 2024 in respect of unfunded post-employment bene\ufb01ts.
",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27825": {
"value": "13. Amortisation and depreciation charges 2023
\nUS$m
\n2022
\nUS$m
\nBenchmark:
\nAmortisation of other intangible assets
368
358
\nDepreciation of property, plant and equipment
114
126
\n482
484
\nNon-benchmark:
\nAmortisation of acquisition intangibles
192
174
\n674
658
\nAn analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(iv). Analyses by asset type are given in notes 22 and 23.
\nThe\u00a0depreciation charge for the year includes US$52m (2022: US$56m) in respect of right-of-use assets.",
"dimensions": {
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"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27850": {
"value": "14. Fees payable to the Company\u2019s auditor 2023
\nUS$m
\n2022
\nUS$m
\nAudit of the Company and Group \ufb01nancial statements
1.2
1.2
\nAudit of the \ufb01nancial statements of the Company's subsidiaries
5.6
5.7
\nAudit-related assurance services
0.6
0.6
\nOther assurance services
0.2
0.2
\nTotal fees payable to the Company's auditor and its associates
7.6
7.7
\nSummary of fees by nature:
\nFees for audit services
6.8
6.9
\nFees for audit-related assurance services
0.6
0.6
\nFees for other assurance services
0.2
0.2
\n7.6
7.7
\nThe guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
\nservices were capped at 30% (2022: 30%) of the fees for audit services. In the year ended 31 March 2023, fees payable for non-audit services, were 12%
\n(2022: 12%) of fees payable for audit services. Such fees are reported within Other operating charges.
\nThe fees for audit-related assurance services relate to the Group\u2019s half-yearly \ufb01nancial report and US$0.1m (2022: US$0.1m) of the fees for other
\nassurance services was for bond issuance related reports.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f27905": {
"value": "15. Exceptional items and other adjustments made to derive Benchmark PBT \u2013 continuing operations (a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nExceptional items:
\nNet loss on disposal of operations
15(b), 21(a), 44
1
43
\nNet pro\ufb01t on disposal of associates
15(c), 24
(1)
(90)
\nRestructuring costs
15(d)
53
20
\nOnerous global support costs
\n1
\n15(e)
16
\u2014
\nLegal provisions movements
\n1
\n15(f)
(3)
6
\nNet charge/(credit) for Exceptional items
66
(21)
\nOther adjustments made to derive Benchmark PBT:
\nAmortisation of acquisition intangibles
13, 22
192
174
\nImpairment of goodwill
\n1
\n21
179
\u2014
\nAcquisition and disposal expenses
\n2
\n46
47
\nAdjustment to the fair value of contingent consideration
\n1
\n31(h)
45
26
\nNon-benchmark share of post-tax loss of associates
\n3
\n24
18
31
\nInterest on uncertain tax provisions
16(c)
1
(1)
\nFinancing fair value remeasurements
16(c)
(51)
(168)
\nNet charge for other adjustments made to derive Benchmark PBT
430
109
\nNet charge for Exceptional items and other adjustments made to derive Benchmark PBT
496
88
\nBy income statement caption:
\nLabour costs
40
11
\nAmortisation and depreciation charges
192
174
\nOther operating charges
296
88
\nLoss on disposal of operations
1
43
\nNet pro\ufb01t on disposal of associates
(1)
(90)
\nWithin operating pro\ufb01t
528
226
\nWithin share of post-tax loss of associates
18
31
\nWithin \ufb01nance expense
16(a)
(50)
(169)
\nNet charge for Exceptional items and other adjustments made to derive Benchmark PBT
496
88
\n1
Included in other operating charges.
\n2
Acquisition and disposal expenses represent professional fees and expenses associated with completed, ongoing and terminated acquisition and disposal processes, as well as the integration and separation costs
\nassociated with completed deals. Of the total, US$7m (2022: US$9m) is recorded within labour costs in the Group income statement, and US$39m (2022: US$38m) is included within other operating charges.
\n3
Includes impairment of investment in associate.
\n(b) Net loss on disposal of operations
\nThe net loss on disposal of operations comprises costs incurred following the cessation of our activities in Russia in the year ended 31 March 2022 of
\nUS$3m (2022: US$43m) and a gain of US$2m (2022: US$nil) on the disposal of interests in two small subsidiaries in EMEA/Asia Paci\ufb01c.
\n(c) Net pro\ufb01t on disposal of associates
\nOn 18 November 2020, the Group disposed of its 18.6% interest in Finicity Corporation. During the year further consideration of US$1m (2022: US$12m)
\nwas received in respect of earnout arrangements, the payout of which was not anticipated at 31 March 2021.
\nOn 4 February 2022, Vector CM Holdings (Cayman) L.P., an associate undertaking, completed a merger with the CM Group involving its Cheetah Digital
\nbusiness. As a result of the merger, the Group no longer has signi\ufb01cant in\ufb02uence over Vector and accordingly our interest in this company was
\nrecognised as a trade investment from that date. We recorded a fair value gain on the disposal in FY22 of US$95m, and the promissory note and
\nassociated interest due to Experian of US$110m were also repaid.
\nIn the year ended 31 March 2022, we recognised a disposal of our Russian associate, United Credit Bureau, and wrote o\ufb00 the investment, recording a
\nloss of US$17m.
\n
\n
\n
\n
\n
\n(d) Restructuring costs
\nCosts of US$53m (2022: US$20m) were recognised in the year associated with a strategic review and restructuring, primarily in EMEA/Asia Paci\ufb01c. We
\ncontinue to execute on our strategy to concentrate on strategic markets where we can drive scale while also enhancing operating e\ufb03ciency.
\nThe charge includes a loss on disposal and asset write-downs and impairments of US$23m (2022: US$nil), and US$21m (2022: US$2m) is labour
\nrelated. The associated cash out\ufb02ow was US$20m (2022: US$14m).
\n(e) Onerous global support costs
\nThe charge in the year comprises costs that are directly attributable to exited businesses or incurred solely to support sub-scale, multi-country markets,
\nand will be removed as we complete restructuring activity in EMEA/Asia Paci\ufb01c.
\n(f) Legal provisions movements
\nMovements have occurred in provisions held for a number of historical legal claims, some of which are in the process of being settled. The credit in the
\nyear ended 31 March 2023 re\ufb02ects legal costs in North America of US$26m, o\ufb00set by insurance recoveries of US$29m.",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28061": {
"value": "16. Net \ufb01nance expense/(income) (a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)",
"dimensions": {
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"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28062": {
"value": "16. Net \ufb01nance expense/(income) (a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28063": {
"value": "16. Net \ufb01nance expense/(income) (a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)
\n(b) Net interest expense included in Benchmark PBT
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income
(13)
(15)
\nInterest expense
137
125
\nNet interest expense included in Benchmark PBT
124
110
\n
\n\n
(c) Analysis of net non-benchmark \ufb01nance income
\n2023
\nUS$m
\n2022
\nUS$m
\nFair value gains on borrowings \u2013 attributable to interest rate risk
(59)
(69)
\nFair value gains on borrowings \u2013 attributable to currency risk
(65)
(77)
\nLosses on interest rate swaps \u2013 fair value hedges
17
19
\nLosses on cross-currency swaps \u2013 fair value hedges
72
98
\nForeign currency losses on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
30
26
\nGains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(5)
(3)
\nFair value gains on non-hedging derivatives
(62)
(88)
\nForeign exchange losses/(gains) on Brazilian real intra-Group funding
16
(43)
\nOther foreign exchange losses/(gains) on \ufb01nancing activities
21
(3)
\nMonetary loss on hyperin\ufb02ation
3
\u2014
\nDecrease in present value of put options
(26)
(29)
\nMovement in Other \ufb01nancial assets at FVPL
2
\u2014
\nMovement in connection with commitments to purchase own shares
\u2014
(2)
\nNet credit for \ufb01nancing fair value remeasurements
(51)
(168)
\nInterest on uncertain tax provisions
1
(1)
\n(50)
(169)",
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"language": "en",
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
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},
"f28068": {
"value": "(a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax 2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)
\n(b) Net interest expense included in Benchmark PBT
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income
(13)
(15)
\nInterest expense
137
125
\nNet interest expense included in Benchmark PBT
124
110",
"dimensions": {
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"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28069": {
"value": "(a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax 2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)
\n(b) Net interest expense included in Benchmark PBT
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest income
(13)
(15)
\nInterest expense
137
125
\nNet interest expense included in Benchmark PBT
124
110",
"dimensions": {
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"entity": "scheme:635400RXXHHYT1JTSZ26",
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}
},
"f28070": {
"value": "(a) Net \ufb01nance expense/(income) included in pro\ufb01t before tax 2023
\nUS$m
\n2022
\nUS$m
\nInterest income:
\nBank deposits, short-term investments and loan notes
(9)
(14)
\nInterest on pension plan assets
(4)
(1)
\nInterest income
(13)
(15)
\nNet non-benchmark \ufb01nance income (note 16(c))
(50)
(169)
\nFinance income
(63)
(184)
\nFinance expense:
\nEurobonds and notes
91
95
\nBank loans, commercial paper, overdrafts and other
14
6
\nCommitment and facility fees
6
7
\nInterest on leases
7
8
\nInterest di\ufb00erentials on derivatives
19
9
\nInterest expense
137
125
\nNet \ufb01nance expense/(income) included in pro\ufb01t before tax
74
(59)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28122": {
"value": "(b) Net interest expense included in Benchmark PBT 2023
\nUS$m
\n2022
\nUS$m
\nInterest income
(13)
(15)
\nInterest expense
137
125
\nNet interest expense included in Benchmark PBT
124
110",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28274": {
"value": "17. Tax charge
\n(a) Analysis of tax charge in the Group income statement
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent tax:
\nTax on income for the year
515
339
\nAdjustments in respect of earlier years
6
(25)
\nTotal current tax charge
521
314
\nDeferred tax:
\nOrigination and reversal of temporary di\ufb00erences
(146)
(15)
\nAdjustments in respect of earlier years
26
(3)
\nTotal deferred tax credit
(120)
(18)
\nTax charge
401
296
\nThe tax charge comprises:
\nUK tax
57
87
\nNon-UK tax
344
209
\n401
296
\n(b) Tax reconciliations
\n(i) Reconciliation of the tax charge
\nAs the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate of
\ncorporation tax in the UK. The e\ufb00ective rate of tax for each year based on pro\ufb01t before tax is higher (2022: higher) than the main rate of corporation tax
\nin\u00a0the UK, with the di\ufb00erences explained in note 17(c).
\n2023
\nUS$m
\n2022
\n(Re-presented)
\nUS$m
\nPro\ufb01t before tax
1,174
1,447
\nPro\ufb01t before tax multiplied by the main rate of UK corporation tax of 19% (2022: 19%)
223
275
\nE\ufb00ects of:
\nAdjustments in respect of earlier years
32
(28)
\nTax on Exceptional items
3
(6)
\nIncome not taxable
(30)
(18)
\nLosses not recognised
11
18
\nGoodwill impairment
54
\u2014
\nExpenses not deductible
64
18
\nDi\ufb00erent e\ufb00ective tax rates in non-UK businesses
22
36
\nLocal taxes
\n1
\n53
48
\nCurrent year movement in uncertain tax positions
9
(24)
\nRecognition/utilisation of previously unrecognised tax losses
(14)
(9)
\nResearch and development incentive claims
\n1
\n(26)
(14)
\nTax charge
401
296
\nE\ufb00ective rate of tax based on pro\ufb01t before tax
34.2%
20.5%
\n1
Amounts previously recorded as local taxes have been re-analysed during the year to provide additional information, and the e\ufb00ects of research and development incentive claims are now shown separately in the
\ntax charge reconciliation. The comparative \ufb01gures for the year ended 31 March 2022 have been re-presented to re\ufb02ect this change. Local taxes primarily comprise US state taxes.
\n(ii) Reconciliation of the tax charge to the Benchmark tax charge
\n2023
\nUS$m
\n2022
\nUS$m
\nTax charge
401
296
\nTax relief on Exceptional items and other adjustments made to derive Benchmark PBT
33
98
\nBenchmark tax charge
434
394
\nBenchmark PBT
1,670
1,535
\nBenchmark tax rate
26.0%
25.7%
(c) Factors that a\ufb00ect the tax charge
\nAdjustments in respect of earlier periods re\ufb02ect the net movement on uncertain tax positions, including adjustments for matters that have been
\nsubstantively agreed with local tax authorities, and adjustments to deferred tax assets based on latest estimates and assumptions.
\nExpenses not deductible include the impairment of associate investments, acquisition and disposal expenses and \ufb01nancing fair value remeasurements
\nwhich are not allowable for tax purposes.
\nThe Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses.
\nIn addition, in the normal course of business, the Group has a number of open tax returns with various tax authorities with whom it is in active dialogue.
\nAt 31 March 2023, the Group held current and deferred tax liabilities of US$102m (2022: US$293m) in respect of uncertain tax positions.
\nDuring the current and prior year, Experian was in discussions with the US Internal Revenue Service and His Majesty\u2019s Revenue and Customs in the UK
\nto seek clarity on transfer pricing and \ufb01nancing related issues. The net decrease in recognised provisions during the year was driven by the agreement
\nof the Group\u2019s most signi\ufb01cant uncertain tax position. In the year ended 31 March 2022, the net decrease in recognised provisions followed the
\nagreement of open tax issues in North America, and adjustments made to provisions on the utilisation of historical UK tax losses.
\nLiabilities relating to these open and judgmental matters are based on an assessment as to whether additional taxes will be due, after taking into
\naccount external advice where appropriate. While the timing of developments in resolving these matters is inherently uncertain, the Group does not
\nexpect to materially increase its uncertain tax provisions in the next 12 months. However if an opportunity arose to resolve the matters for less than the
\namounts provided, a settlement may be made with a corresponding reduction in the provision.
\n(d) Other factors that a\ufb00ect the future tax charge
\nThe Group\u2019s tax charge will continue to be in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned in di\ufb00erent countries in which the Group\u2019s subsidiaries operate, in
\nparticular our material markets, being North America, Brazil and the UK. Tax reform continues in 2023 and is expected in future years driven by the
\nOrganisation for Economic Co-operation and Development\u2019s (OECD) project to address the tax challenges arising from the digitalisation of the economy
\nincluding the proposed global minimum tax legislation. Experian continues to analyse the implications for the Group from these model rules and will
\ndetermine the outcome once the \ufb01nal relevant legislation is available. This may result in signi\ufb01cant changes to established tax principles and an increase
\nin tax authority disputes. In turn, this could adversely a\ufb00ect Experian\u2019s e\ufb00ective tax rate or could result in higher cash tax liabilities.
\nThe main rate of UK corporation tax for the year ended 31 March 2023 was 19% and increased to 25% from 1 April 2023. This will have a consequential
\ne\ufb00ect on the Group\u2019s future tax\u00a0charge.
37. Deferred and current tax
\n(a) Deferred tax
\n(i) Net deferred tax assets/(liabilities)
\nThe net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n2023
\nUS$m
\n2022
\nUS$m
\nDeferred tax assets
37
46
\nDeferred tax liabilities
(223)
(353)
\nNet deferred tax liability
(186)
(307)
\n(ii) Movements in net deferred tax assets/(liabilities)
\nOther
\nintangible
\nassets
\n(excluding
\ngoodwill)
\nUS$m
\nGoodwill
\nUS$m
\nTax losses
\nand credits
\nUS$m
\nShare
\nincentive
\nplans
\nUS$m
\nAccelerated
\ndepreciation
\nUS$m
\nRetirement
\nbene\ufb01t
\nassets/
\n(obligations)
\nUS$m
\nAccounting
\nprovisions and
\naccruals
\nUS$m
\nDeferred
\ninterest
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
(230)
(347)
96
50
(8)
(42)
149
25
(307)
\nDi\ufb00erences on exchange
5
5
(3)
\u2014
(2)
(1)
(2)
\u2014
2
\n(Charge)/credit recognised in the Group income
\nstatement
71
(35)
(30)
1
93
3
18
(1)
120
\nAdditions through business combinations
(4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\n(Charge)/credit recognised within OCI
\u2014
\u2014
\u2014
\u2014
\u2014
8
(3)
\u2014
5
\n(Charge) recognised directly in equity on transactions
\nwith owners
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
\nTransfers
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
\nAt 31 March 2023
(158)
(377)
65
47
83
(32)
162
24
(186)
\nRe-presented
\nOther
\nintangible
\nassets
\n(excluding
\ngoodwill)
\n1
\nUS$m
\nGoodwill
\n1
\nUS$m
\nTax losses
\nand credits
\nUS$m
\nShare
\nincentive
\nplans
\nUS$m
\nAccelerated
\ndepreciation
\nUS$m
\nRetirement
\nbene\ufb01t
\nassets/
\n(obligations)
\n1
\nUS$m
\nAccounting
\nprovisions and
\naccruals
\n1
\nUS$m
\nDeferred
\ninterest
\n1
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
(244)
(289)
108
36
(9)
(10)
112
21
(275)
\nDi\ufb00erences on exchange
5
(17)
\u2014
\u2014
(1)
\u2014
6
\u2014
(7)
\n(Charge)/credit recognised in the Group income
\nstatement
28
(41)
(12)
14
2
(10)
33
4
18
\nAdditions through business combinations
(19)
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
(22)
\n(Charge) recognised within OCI
\u2014
\u2014
\u2014
\u2014
\u2014
(22)
\u2014
\u2014
(22)
\nCredit recognised directly in equity on transactions
\nwith owners
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
\nTransfers
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
1
\u2014
\u2014
\nAt 31 March 2022
(230)
(347)
96
50
(8)
(42)
149
25
(307)
\n1
Deferred tax assets and liabilities have been re-analysed during the year to better re\ufb02ect the net position, and provide further detail. Amounts previously recorded as \u2018other\u2019 are now analysed within retirement
\nbene\ufb01t assets/(obligations), accounting provisions and accruals and deferred interest. In addition, amounts previously recorded as \u2018intangibles\u2019 are now analysed between goodwill and other intangible assets. The
\ncomparative \ufb01gures for the year ended 31 March 2022 have been re-presented to re\ufb02ect this change.
(iii) Other information on deferred tax assets and liabilities
\nJudgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$543m
\n(2022:\u00a0US$641m) that could be utilised against future taxable income or on US$224m (2022: US$265m) of capital losses that could be utilised against
\nfuture taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future
\nbene\ufb01t will be available from their use. The capital losses arising on investments are available for use within \ufb01ve years, and future taxable gains against
\nwhich the capital losses could be utilised are not currently anticipated.
\nThere are retained earnings of US$9,224m (2022: US$9,699m) in subsidiary undertakings which could be subject to tax if remitted to Experian plc.
\nNo\u00a0deferred tax liability has been recognised on these earnings because the Group is in a position to control the timing of the reversal of the temporary
\ndi\ufb00erence and it is probable that such di\ufb00erences will not reverse in the foreseeable future. Given the mix of countries and tax rates, it is not practicable
\nto determine the impact of such remittance.
\nDuring the current year the main rate of UK corporation tax was 19% (2022: 19%), and rose to 25% from 1 April 2023. Deferred tax is recognised at the
\nrate prevailing when temporary di\ufb00erences are expected to reverse.
\n(b) Net current tax assets/(liabilities)
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
(72)
(142)
\nDi\ufb00erences on exchange
(3)
3
\nTax charge in the Group income statement \u2013 continuing operations
17(a)
(521)
(314)
\nTax credit in the Group income statement \u2013 discontinued operations
18
\u2014
16
\nTax recognised directly in equity on transactions with owners
(5)
(1)
\nOther tax paid
525
366
\nTransfers
(9)
\u2014
\nAt 31 March
(85)
(72)
\nPresented in the Group balance sheet as:
\nCurrent tax assets
50
37
\nCurrent tax liabilities
(135)
(109)
\n(85)
(72)
\nTax recognised directly in equity on transactions with owners relates to employee share incentive plans.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28276": {
"value": "(a) Analysis of tax charge in the Group income statement
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent tax:
\nTax on income for the year
515
339
\nAdjustments in respect of earlier years
6
(25)
\nTotal current tax charge
521
314
\nDeferred tax:
\nOrigination and reversal of temporary di\ufb00erences
(146)
(15)
\nAdjustments in respect of earlier years
26
(3)
\nTotal deferred tax credit
(120)
(18)
\nTax charge
401
296
\nThe tax charge comprises:
\nUK tax
57
87
\nNon-UK tax
344
209
\n401
296
(a) Deferred tax
\n(i) Net deferred tax assets/(liabilities)
\nThe net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n2023
\nUS$m
\n2022
\nUS$m
\nDeferred tax assets
37
46
\nDeferred tax liabilities
(223)
(353)
\nNet deferred tax liability
(186)
(307)
\n(ii) Movements in net deferred tax assets/(liabilities)
\nOther
\nintangible
\nassets
\n(excluding
\ngoodwill)
\nUS$m
\nGoodwill
\nUS$m
\nTax losses
\nand credits
\nUS$m
\nShare
\nincentive
\nplans
\nUS$m
\nAccelerated
\ndepreciation
\nUS$m
\nRetirement
\nbene\ufb01t
\nassets/
\n(obligations)
\nUS$m
\nAccounting
\nprovisions and
\naccruals
\nUS$m
\nDeferred
\ninterest
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
(230)
(347)
96
50
(8)
(42)
149
25
(307)
\nDi\ufb00erences on exchange
5
5
(3)
\u2014
(2)
(1)
(2)
\u2014
2
\n(Charge)/credit recognised in the Group income
\nstatement
71
(35)
(30)
1
93
3
18
(1)
120
\nAdditions through business combinations
(4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\n(Charge)/credit recognised within OCI
\u2014
\u2014
\u2014
\u2014
\u2014
8
(3)
\u2014
5
\n(Charge) recognised directly in equity on transactions
\nwith owners
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
\u2014
\u2014
(4)
\nTransfers
\u2014
\u2014
2
\u2014
\u2014
\u2014
\u2014
\u2014
2
\nAt 31 March 2023
(158)
(377)
65
47
83
(32)
162
24
(186)
\nRe-presented
\nOther
\nintangible
\nassets
\n(excluding
\ngoodwill)
\n1
\nUS$m
\nGoodwill
\n1
\nUS$m
\nTax losses
\nand credits
\nUS$m
\nShare
\nincentive
\nplans
\nUS$m
\nAccelerated
\ndepreciation
\nUS$m
\nRetirement
\nbene\ufb01t
\nassets/
\n(obligations)
\n1
\nUS$m
\nAccounting
\nprovisions and
\naccruals
\n1
\nUS$m
\nDeferred
\ninterest
\n1
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
(244)
(289)
108
36
(9)
(10)
112
21
(275)
\nDi\ufb00erences on exchange
5
(17)
\u2014
\u2014
(1)
\u2014
6
\u2014
(7)
\n(Charge)/credit recognised in the Group income
\nstatement
28
(41)
(12)
14
2
(10)
33
4
18
\nAdditions through business combinations
(19)
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
(22)
\n(Charge) recognised within OCI
\u2014
\u2014
\u2014
\u2014
\u2014
(22)
\u2014
\u2014
(22)
\nCredit recognised directly in equity on transactions
\nwith owners
\u2014
\u2014
\u2014
1
\u2014
\u2014
\u2014
\u2014
1
\nTransfers
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
1
\u2014
\u2014
\nAt 31 March 2022
(230)
(347)
96
50
(8)
(42)
149
25
(307)
\n1
Deferred tax assets and liabilities have been re-analysed during the year to better re\ufb02ect the net position, and provide further detail. Amounts previously recorded as \u2018other\u2019 are now analysed within retirement
\nbene\ufb01t assets/(obligations), accounting provisions and accruals and deferred interest. In addition, amounts previously recorded as \u2018intangibles\u2019 are now analysed between goodwill and other intangible assets. The
\ncomparative \ufb01gures for the year ended 31 March 2022 have been re-presented to re\ufb02ect this change.
(iii) Other information on deferred tax assets and liabilities
\nJudgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$543m
\n(2022:\u00a0US$641m) that could be utilised against future taxable income or on US$224m (2022: US$265m) of capital losses that could be utilised against
\nfuture taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future
\nbene\ufb01t will be available from their use. The capital losses arising on investments are available for use within \ufb01ve years, and future taxable gains against
\nwhich the capital losses could be utilised are not currently anticipated.
\nThere are retained earnings of US$9,224m (2022: US$9,699m) in subsidiary undertakings which could be subject to tax if remitted to Experian plc.
\nNo\u00a0deferred tax liability has been recognised on these earnings because the Group is in a position to control the timing of the reversal of the temporary
\ndi\ufb00erence and it is probable that such di\ufb00erences will not reverse in the foreseeable future. Given the mix of countries and tax rates, it is not practicable
\nto determine the impact of such remittance.
\nDuring the current year the main rate of UK corporation tax was 19% (2022: 19%), and rose to 25% from 1 April 2023. Deferred tax is recognised at the
\nrate prevailing when temporary di\ufb00erences are expected to reverse.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28438": {
"value": "18. Discontinued operations There have been no material divestments of subsidiaries during the year ended 31 March 2023. The pro\ufb01t from discontinued operations in the year
\nended 31 March 2022 of US$16m comprised the release of historical tax provisions relating to the disposal of the Group\u2019s comparison shopping and lead
\ngeneration businesses in FY13, and our email/cross-channel marketing business (CCM) in FY18.
\nThe cash in\ufb02ow from operating activities of US$nil (2022: US$1m) relates to the disposal of CCM.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28446": {
"value": "19. Earnings per share disclosures (a) Earnings per share
\nBasic
Diluted
\n2023
\nUS cents
\n2022
\nUS cents
\n2023
\nUS cents
\n2022
\nUS cents
\nContinuing and discontinued operations
84.2
127.5
83.6
126.5
\nLess: pro\ufb01t from discontinued operations
\u2014
(1.8)
\u2014
(1.7)
\nContinuing operations
84.2
125.7
83.6
124.8
\nAdd/(deduct): Exceptional items and other adjustments made to derive Benchmark PBT,
\nnet of related tax
50.9
(1.2)
50.5
(1.2)
\nBenchmark EPS (non-GAAP measure)
135.1
124.5
134.1
123.6
\n(b) Analysis of earnings
\n(i) Attributable to owners of Experian plc
\n2023
\nUS$m
\n2022
\nUS$m
\nContinuing and discontinued operations
770
1,165
\nLess: pro\ufb01t from discontinued operations
\u2014
(16)
\nContinuing operations
770
1,149
\nAdd/(deduct): Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
465
(11)
\nBenchmark earnings attributable to owners of Experian plc (non-GAAP measure)
1,235
1,138
\n
\n
\n
\n
\n
\n
\n
\n(ii) Attributable to non-controlling interests
\n2023
\nUS$m
\n2022
\nUS$m
\nPro\ufb01t for the \ufb01nancial year attributable to non-controlling interests
3
2
\n(Deduct)/add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
(2)
1
\nBenchmark earnings attributable to non-controlling interests (non-GAAP measure)
1
3
\n(c) Reconciliation of Total Benchmark earnings to pro\ufb01t for the \ufb01nancial year
\n2023
\nUS$m
\n2022
\nUS$m
\nTotal Benchmark earnings (non-GAAP measure)
1,236
1,141
\nPro\ufb01t from discontinued operations
\u2014
16
\nExceptional items and other adjustments made to derive Benchmark PBT, net of related tax:
\n\u2013 attributable to owners of Experian plc
(465)
11
\n\u2013 attributable to non-controlling interests
2
(1)
\nPro\ufb01t for the \ufb01nancial year
773
1,167
\n(d) Weighted average number of ordinary shares
\n2023
\nmillion
\n2022
\nmillion
\nWeighted average number of ordinary shares
914
914
\nAdd: dilutive e\ufb00ect of share incentive awards, options and share purchases
7
7
\nDiluted weighted average number of ordinary shares
921
921",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28582": {
"value": "20. Dividends on ordinary shares 2023
2022
\nUS cents
\nper share
US$m
\nUS cents
\nper share
US$m
\nAmounts recognised and paid during the \ufb01nancial year:
\nFirst interim \u2013 paid in February 2023 (2022: February 2022)
17.00
155
16.00
147
\nSecond interim \u2013 paid in July 2022 (2022: July 2021)
35.75
327
32.50
297
\nDividends paid on ordinary shares
52.75
482
48.50
444
\nFull-year dividend for the \ufb01nancial year
54.75
499
51.75
474
\nA second interim dividend in respect of the year ended 31 March 2023 of 37.75 US cents per ordinary share will be paid on 21 July 2023, to shareholders
\non the register at the close of business on 23 June 2023. This dividend is not included as a liability in these \ufb01nancial statements. This second interim
\ndividend and the \ufb01rst interim dividend paid in February 2023 comprise the full-year dividend for the \ufb01nancial year of 54.75 US cents per ordinary share.
\nFurther administrative information on dividends is given in the Shareholder and corporate information section. Dividend amounts are quoted gross.
\nIn the year ended 31 March 2023, the employee trusts waived their entitlements to dividends of US$4m (2022: US$4m). There is no entitlement to
\ndividends in respect of own shares held as treasury shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28605": {
"value": "0.5275",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f28608": {
"value": "0.485",
"decimals": 4,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f28612": {
"value": "0.5475",
"decimals": 4,
"dimensions": {
"concept": "exp:FullYearDividendPerShare",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"ifrs-full:MeasurementAxis": "exp:BenchmarkMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f28615": {
"value": "0.5175",
"decimals": 4,
"dimensions": {
"concept": "exp:FullYearDividendPerShare",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"ifrs-full:MeasurementAxis": "exp:BenchmarkMember",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f28635": {
"value": "21. Goodwill (a) Movements in goodwill
\n2023
\nUS$m
\n2022
\nUS$m
\nCost
\nAt 1 April
5,790
5,314
\nDi\ufb00erences on exchange
(149)
40
\nAdditions through business combinations (note 42(a))
180
469
\nDisposal of business (note 44)
\u2014
(33)
\nAt 31 March
5,821
5,790
\nAccumulated impairment
\nAt 1 April
53
53
\nDi\ufb00erences on exchange
14
\u2014
\nImpairment charge
179
\u2014
\nAt 31 March
246
53
\nNet book amount at 1 April
5,737
5,261
\nNet book amount at 31 March
5,575
5,737
\n(b) Goodwill by CGU
\n2023
\nUS$m
\n2022
\nUS$m
\nNorth America
3,662
3,546
\nLatin America
724
760
\nUK and Ireland
700
694
\nEMEA
409
649
\nAsia Paci\ufb01c
80
88
\nAt 31 March
5,575
5,737
\n(c) Key assumptions for value-in-use calculations by CGU
\n2023
2022
\nDiscount rate
\n% p.a.
\nLong-term
\ngrowth rate
\n% p.a.
\nDiscount rate
\n% p.a.
\nLong-term
\ngrowth rate
\n% p.a.
\nNorth America
11.2
2.3
9.3
2.3
\nLatin America
15.8
4.7
13.5
4.7
\nUK and Ireland
10.9
2.3
9.1
2.3
\nEMEA
12.6
3.9
10.6
3.9
\nAsia Paci\ufb01c
11.2
5.3
8.6
5.3
\nAs indicated in note 6(a), value-in-use calculations are underpinned by \ufb01nancial forecasts looking forward up to \ufb01ve years, which continue to re\ufb02ect our
\ncurrent assessment of the impact of climate change and associated commitments the Group has made. Management\u2019s key assumptions in setting the
\n\ufb01nancial budgets for the initial \ufb01ve-year period were as follows:
\na
forecast revenue growth rates were based on past experience, adjusted for the strategic opportunities within each CGU; the forecasts used average
\nnominal growth rates of up to 14%, with high-single-digit average nominal growth rates in EMEA and Asia Paci\ufb01c;
\na
Benchmark EBIT was forecast based on historical margins. These were expected to improve modestly throughout the period in the mature CGUs and
\nimprove annually by a mid-single-digit amount in EMEA and Asia Paci\ufb01c; and
\na
forecast Benchmark operating cash \ufb02ow conversion rates were based on historical experience and performance expectations with rates of up to 93%
\nunless a Benchmark EBIT loss was forecast. In these circumstances, cash out\ufb02ows were forecast to exceed the Benchmark EBIT loss.
\nFurther details of the principles used in determining the basis of allocation by CGU and annual impairment testing are given in note 6(a).
\n
\n
\n
\n
\n
\n(d) Results of annual impairment review as at 31 March 2023
\nAs a result of increased discount rate assumptions used in the value-in-use calculation, driven by increases in underlying risk-free interest rates,
\ncombined with ongoing challenging market conditions, the carrying value of the EMEA CGU has been reduced to its recoverable amount through
\nrecognition of an impairment charge of US$179m. This charge is recognised within total operating expenses in the Group income statement.
\nAny\u00a0additional adverse movement in the key assumptions at the balance sheet date would lead to a further impairment of goodwill. The sensitivities
\ncan\u00a0be summarised as follows:
\na
an absolute increase of 1.0 percentage points in the discount rate would lead to a further impairment of US$80m; or
\na
an absolute reduction in the long-term growth rate of 1.0 percentage points would lead to a further impairment of US$60m; or
\na
an absolute reduction of 2.0 or 4.0 percentage points in the forecast FY28 pro\ufb01t margin of 22.2% would lead to an additional impairment of US$53m
\nor US$106m respectively; or
\na
a 10% or 20% reduction in the forecast FY28 pro\ufb01t would lead to an additional impairment of US$58m or US$117m respectively.
\nThe review for the Asia Paci\ufb01c CGU indicated that the recoverable amount exceeded the carrying value by US$120m and that any decline in the
\nestimated value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the
\nrecoverable amount being equal to the carrying value, can be summarised as follows:
\na
an absolute increase of 3.9 percentage points in the discount rate, from 11.2% to 15.1%; or
\na
an absolute reduction of 5.4 percentage points in the long-term growth rate, from growth of 5.3% to a decline of 0.1%; or
\na
a reduction of 5.4 percentage points in the forecast FY28 pro\ufb01t margin, from 14.4% to 9.0%. A reduction in the annual margin improvement of
\napproximately 1.1 percentage points per year over the \ufb01ve-year forecast period would also reduce the recoverable amount to the carrying value; or
\na
an absolute reduction of 38% in the forecast FY28 pro\ufb01t.
\nThe recoverable amount of all other CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 21(c) and any
\nreasonably possible changes thereof.
\nThe impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
\nwith\u00a0the recommendations of the TCFD. There was no impact on the reported amounts of goodwill as a result of this review.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f28819": {
"value": "22. Other intangible assets Acquisition intangibles
\nDatabases
\nUS$m
\nInternal use
\nsoftware
\nUS$m
\nInternally
\ngenerated
\nsoftware
\nUS$m
\nTotal
\nUS$m
\nCustomer
\nand other
\nrelationships
\nUS$m
\nAcquired
\nsoftware
\ndevelopment
\nUS$m
\nMarketing-
\nrelated
\nassets
\nUS$m
\nCost
\nAt 1 April 2022
1,634
497
108
1,515
347
1,190
5,291
\nDi\ufb00erences on exchange
(38)
(12)
(4)
(62)
(12)
(18)
(146)
\nAdditions through business combinations (note 42)
70
55
1
\u2014
\u2014
4
130
\nOther additions
\u2014
\u2014
\u2014
190
38
335
563
\nDisposals
(23)
(51)
(4)
(139)
(18)
(78)
(313)
\nAt 31 March 2023
1,643
489
101
1,504
355
1,433
5,525
\nAccumulated amortisation and impairment
\nAt 1 April 2022
759
312
89
1,055
269
593
3,077
\nDi\ufb00erences on exchange
(26)
(7)
(1)
(46)
(7)
(17)
(104)
\nCharge for the year
124
64
4
166
28
174
560
\nImpairment charge
\u2014
\u2014
\u2014
\u2014
\u2014
9
9
\nDisposals
(23)
(51)
(4)
(139)
(18)
(71)
(306)
\nAt 31 March 2023
834
318
88
1,036
272
688
3,236
\nNet book amount at 31 March 2023
809
171
13
468
83
745
2,289
\nAcquisition intangibles
\nDatabases
\nUS$m
\nInternal use
\nsoftware
\nUS$m
\nInternally
\ngenerated
\nsoftware
\nUS$m
\nTotal
\nUS$m
\nCustomer
\nand other
\nrelationships
\nUS$m
\nAcquired
\nsoftware
\ndevelopment
\nUS$m
\nMarketing-
\nrelated
\nassets
\nUS$m
\nCost
\nAt 1 April 2021
1,505
401
100
1,345
327
1,042
4,720
\nDi\ufb00erences on exchange
9
2
5
90
1
(8)
99
\nAdditions through business combinations
207
105
9
(1)
1
(6)
315
\nOther additions
\u2014
\u2014
\u2014
180
29
236
445
\nDisposals
(87)
(11)
(6)
(99)
(11)
(74)
(288)
\nAt 31 March 2022
1,634
497
108
1,515
347
1,190
5,291
\nAccumulated amortisation and impairment
\nAt 1 April 2021
721
266
85
923
251
508
2,754
\nDi\ufb00erences on exchange
9
3
6
69
\u2014
(8)
79
\nCharge for the year
116
54
4
162
29
167
532
\nDisposals
(87)
(11)
(6)
(99)
(11)
(74)
(288)
\nAt 31 March 2022
759
312
89
1,055
269
593
3,077
\nNet book amount at 1 April 2021
784
135
15
422
76
534
1,966
\nNet book amount at 31 March 2022
875
185
19
460
78
597
2,214
\nWithin the above are the following individually material assets at 31 March 2023:
\na
North America Healthcare customer relationships have a net book value of US$132m and a remaining amortisation period of \ufb01ve years.
\na
North America Tapad, Inc. customer relationships with a net book value of US$133m and a remaining amortisation period of 15 years.
\na
Experian DACH customer relationships with a net book value of US$84m and a remaining amortisation period of\u00a0ten\u00a0years.
\nIn addition to the development capitalised above we charged US$387m (2022: US$281m) of research and development costs in the Group income
\nstatement.
\nA loss of US$7m (2022: US$nil) on the disposal of internally generated software assets is reported within non-benchmark items in the Group income
\nstatement, as it relates to assets developed for markets in which we no longer operate as a result of restructuring activity (note 15(d)). The\u00a0impairment
\ncharge in the year includes US$5m in relation to restructuring activity, and US$3m arising from the write-down of the fair value of acquired intangibles.
\nThere were no indicators of material impairment as a result of climate-related matters in\u00a0the\u00a0current or prior year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29089": {
"value": "In addition to the development capitalised above we charged US$387m (2022: US$281m) of research and development costs in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29111": {
"value": "23. Property, plant and equipment Freehold
\nproperties
\nUS$m
\nLeasehold
\nimprovements
\nUS$m
\nPlant and
\nequipment
\nUS$m
\nRight-of-use assets
\nTotal
\nUS$m
\nLand and
\nbuildings
\nUS$m
\nMotor
\nvehicles
\nUS$m
\nPlant and
\nequipment
\nUS$m
\nCost
\nAt 1 April 2022
78
156
653
205
23
40
1,155
\nDi\ufb00erences on exchange
(5)
(1)
(20)
(4)
(1)
(2)
(33)
\nAdditions through business combinations
\u2014
\u2014
1
\u2014
\u2014
\u2014
1
\nOther additions
\u2014
2
62
29
9
1
103
\nDisposals
\u2014
(7)
(52)
(29)
(5)
(3)
(96)
\nAt 31 March 2023
73
150
644
201
26
36
1,130
\nAccumulated depreciation and impairment
\nAt 1 April 2022
20
83
522
86
10
19
740
\nDi\ufb00erences on exchange
(1)
\u2014
(15)
(2)
\u2014
(2)
(20)
\nCharge for the year
1
5
56
37
6
9
114
\nDisposals
\u2014
(7)
(51)
(22)
(4)
(2)
(86)
\nAt 31 March 2023
20
81
512
99
12
24
748
\nNet book amount at 31 March 2023
53
69
132
102
14
12
382
\nFreehold
\nproperties
\nUS$m
\nLeasehold
\nimprovements
\nUS$m
\nPlant and
\nequipment
\nUS$m
\nRight-of-use assets
\nTotal
\nUS$m
\nLand and
\nbuildings
\nUS$m
\nMotor
\nvehicles
\nUS$m
\nPlant and
\nequipment
\nUS$m
\nCost
\nAt 1 April 2021
136
154
628
195
20
41
1,174
\nDi\ufb00erences on exchange
(1)
1
(1)
\u2014
\u2014
1
\u2014
\nAdditions through business combinations
\u2014
\u2014
1
2
\u2014
1
4
\nOther additions
\u2014
2
61
27
8
4
102
\nDisposal of business
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
(1)
\nOther disposals
(36)
(1)
(28)
(18)
(5)
(7)
(95)
\nTransfer in respect of assets held-for-sale (note 43)
(21)
\u2014
(8)
\u2014
\u2014
\u2014
(29)
\nAt 31 March 2022
78
156
653
205
23
40
1,155
\nAccumulated depreciation and impairment
\nAt 1 April 2021
48
78
495
62
8
14
705
\nDi\ufb00erences on exchange
(1)
1
(3)
(1)
\u2014
1
(3)
\nCharge for the year
2
5
63
39
6
11
126
\nOther disposals
(18)
(1)
(27)
(14)
(4)
(7)
(71)
\nTransfer in respect of assets held-for-sale (note 43)
(11)
\u2014
(6)
\u2014
\u2014
\u2014
(17)
\nAt 31 March 2022
20
83
522
86
10
19
740
\nNet book amount at 1 April 2021
88
76
133
133
12
27
469
\nNet book amount at 31 March 2022
58
73
131
119
13
21
415
\nThere were no indicators of material impairment as a result of climate-related matters in the current or prior year. The disposal of right-of-use assets for
\nboth years presented is largely as a result of the early termination and restructuring of leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29397": {
"value": "24. Investments in associates 2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
4
128
\nDi\ufb00erences on exchange
1
(6)
\nShare of pro\ufb01t/(loss) after tax
1
(3)
\nDividends received
(2)
(13)
\nImpairment charge
(18)
(25)
\nReclassi\ufb01cation as trade investment
\u2014
(42)
\nDisposals
\u2014
(6)
\nTransfer in respect of assets held-for-sale (note 43)
26
(29)
\nAt 31 March
12
4
\nIn the prior year we reclassi\ufb01ed a UK associate as held-for-sale, and wrote down the carrying amount by US$25m. It is not now anticipated that the sale
\nwill be completed within 12 months and accordingly the investment has been recorded as an associate at 31 March 2023; an additional write-down of
\nthe carrying amount of US$18m was recorded upon its reclassi\ufb01cation as an associate.
\nOn 4 February 2022, Vector CM Holdings (Cayman) L.P., an associate undertaking, completed a merger with the CM Group involving its Cheetah Digital
\nbusiness. As a result of the merger, the Group no longer has signi\ufb01cant in\ufb02uence over Vector and accordingly our interest in this company was
\nrecognised as a trade investment from that date. In the year ended 31 March 2022, we recorded a fair value gain on the associate disposal of US$95m
\nand the promissory note and associated interest due to Experian of US$110m were also repaid.
\nIn the year ended 31 March 2022, we recognised a disposal of our Russian associate United Credit Bureau, and wrote o\ufb00 our investment, recording a loss
\nof US$17m.
\nThe impairment charge and the gain or loss on disposal are reported within non-benchmark items in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29442": {
"value": "25. Trade and other receivables (a) Analysis by type and maturity
\n2023
\nUS$m
\n2022
\nUS$m
\nTrade and unbilled receivables
1,237
1,083
\nCredit note provision
(34)
(20)
\nTrade receivables \u2013 after credit note provision
1,203
1,063
\nContract assets
141
130
\nTrade receivables and contract assets
1,344
1,193
\nLoss allowance
(26)
(22)
\nNet trade receivables and contract assets
1,318
1,171
\nVAT and equivalent taxes recoverable
4
4
\nPrepayments
244
279
\nContract costs
93
88
\n1,659
1,542
\nAs reported in the Group balance sheet:
\nCurrent trade and other receivables
1,519
1,409
\nNon-current trade and other receivables
140
133
\n1,659
1,542
\nThere is no material di\ufb00erence between the fair value and the book value stated above. Non-current trade and other receivables comprise prepayments,
\ncontract assets, unbilled receivables and contract costs.
\nAt 31 March 2021, the value of trade and unbilled receivables was US$923m and contract assets was US$151m.
\n
\n
\n
\n
\n
\n(b) Loss allowance matrix
\n2023
2022
\nLoss allowance
\nUS$m
\nGross carrying
\namount
\nUS$m
\nLoss allowance
\nUS$m
\nGross carrying
\namount
\nUS$m
\nNot past-due
(7)
1,027
(7)
937
\nUp to three months past-due
(2)
215
(1)
198
\nThree to six months past-due
(2)
43
(1)
27
\nOver six months past-due
(15)
59
(13)
31
\nTrade receivables and contract assets
(26)
1,344
(22)
1,193
\nLoss allowance (note 25(c))
(26)
(22)
\nNet trade receivables and contract assets
1,318
1,171
\n(c) Movements in the loss allowance
\n2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
22
23
\nIncrease in the loss allowance recognised in the Group income statement
10
3
\nReceivables written o\ufb00 in the year as uncollectable
(5)
(5)
\nDi\ufb00erences on exchange
(1)
1
\nAt 31 March
26
22
\n(d) Analysis by currency denomination
\nContract assets
Trade receivables
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nUS dollar
69
47
695
571
\nBrazilian real
5
2
207
187
\nPound sterling
16
11
160
157
\nEuro
27
27
50
50
\nColombian peso
1
2
12
14
\nSouth African rand
10
5
8
10
\nOther
13
36
45
52
\n141
130
1,177
1,041",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29445": {
"value": "(a) Analysis by type and maturity 2023
\nUS$m
\n2022
\nUS$m
\nTrade and unbilled receivables
1,237
1,083
\nCredit note provision
(34)
(20)
\nTrade receivables \u2013 after credit note provision
1,203
1,063
\nContract assets
141
130
\nTrade receivables and contract assets
1,344
1,193
\nLoss allowance
(26)
(22)
\nNet trade receivables and contract assets
1,318
1,171
\nVAT and equivalent taxes recoverable
4
4
\nPrepayments
244
279
\nContract costs
93
88
\n1,659
1,542
\nAs reported in the Group balance sheet:
\nCurrent trade and other receivables
1,519
1,409
\nNon-current trade and other receivables
140
133
\n1,659
1,542",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29518": {
"value": "(b) Loss allowance matrix 2023
2022
\nLoss allowance
\nUS$m
\nGross carrying
\namount
\nUS$m
\nLoss allowance
\nUS$m
\nGross carrying
\namount
\nUS$m
\nNot past-due
(7)
1,027
(7)
937
\nUp to three months past-due
(2)
215
(1)
198
\nThree to six months past-due
(2)
43
(1)
27
\nOver six months past-due
(15)
59
(13)
31
\nTrade receivables and contract assets
(26)
1,344
(22)
1,193
\nLoss allowance (note 25(c))
(26)
(22)
\nNet trade receivables and contract assets
1,318
1,171
\n(c) Movements in the loss allowance
\n2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
22
23
\nIncrease in the loss allowance recognised in the Group income statement
10
3
\nReceivables written o\ufb00 in the year as uncollectable
(5)
(5)
\nDi\ufb00erences on exchange
(1)
1
\nAt 31 March
26
22",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29636": {
"value": "26. Cash and cash equivalents \u2013 excluding bank overdrafts (a) Analysis by nature
\n2023
\nUS$m
\n2022
\nUS$m
\nCash at bank and in hand
102
104
\nShort-term investments
100
75
\n202
179
\nThe e\ufb00ective interest rate for cash and cash equivalents held at 31 March 2023 was 5.7% (2022: 1.2%). There is no material di\ufb00erence between the fair
\nvalue and the book value stated above.
\n(b) Analysis by external credit rating
\n2023
\nUS$m
\n2022
\nUS$m
\nCounterparty holding of more than US$2m:
\nA rated
139
130
\nB rated
44
22
\nCounterparty holding of more than US$2m
183
152
\nCounterparty holding of less than US$2m
19
27
\n202
179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29686": {
"value": "27. Trade and other payables (a) Analysis by type and maturity
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTrade payables
263
\u2014
150
\u2014
\nVAT and other equivalent taxes payable
28
\u2014
35
\u2014
\nSocial security costs
131
\u2014
117
\u2014
\nAccruals
770
8
699
10
\nContract liabilities
414
132
427
158
\nOther payables
349
46
316
80
\n1,955
186
1,744
248
\nThere is no material di\ufb00erence between the fair value and the book value stated above. Other payables include interest payable of US$69m (2022: US$83m),
\nemployee bene\ufb01ts of US$121m (2022: US$112m) and deferred and contingent consideration of US$143m (2022: US$116m).
\nAt 31 March 2021, the value of contract liabilities was US$503m.
\n(b) Analysis by nature
\n2023
\nUS$m
\n2022
\nUS$m
\nFinancial instruments
847
694
\nVAT and other equivalent taxes payable
28
35
\nSocial security costs
131
117
\nAmounts within accruals and contract liabilities
1,135
1,146
\nItems other than \ufb01nancial instruments
1,294
1,298
\n2,141
1,992
\nContractual undiscounted future cash \ufb02ows in respect of \ufb01nancial instruments are shown in note 33.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29689": {
"value": "(a) Analysis by type and maturity
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTrade payables
263
\u2014
150
\u2014
\nVAT and other equivalent taxes payable
28
\u2014
35
\u2014
\nSocial security costs
131
\u2014
117
\u2014
\nAccruals
770
8
699
10
\nContract liabilities
414
132
427
158
\nOther payables
349
46
316
80
\n1,955
186
1,744
248
(b) Analysis by nature
\n2023
\nUS$m
\n2022
\nUS$m
\nFinancial instruments
847
694
\nVAT and other equivalent taxes payable
28
35
\nSocial security costs
131
117
\nAmounts within accruals and contract liabilities
1,135
1,146
\nItems other than \ufb01nancial instruments
1,294
1,298
\n2,141
1,992
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29763": {
"value": "28. Borrowings
\n(a) Analysis by carrying amounts and fair value
\nCarrying amount
Fair value
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent:
\nCommercial paper
109
\u2014
109
\u2014
\nBank overdrafts
4
3
4
3
\nLease obligations (note 30)
43
54
43
54
\n156
57
156
57
\nNon-current:
\nBonds:
\n\u00a3400m 2.125% Euronotes 2024
482
520
476
523
\n\u00a3400m 0.739% Euronotes 2025
496
525
449
497
\n\u20ac500m 1.375% Euronotes 2026
511
554
510
561
\nUS$500m 4.25% Notes 2029
501
500
486
523
\nUS$750m 2.75% Notes 2030
705
724
655
712
\n\u20ac500m 1.56% Euronotes 2031
551
553
463
546
\n\u00a3400m 3.25% Euronotes 2032
507
536
441
543
\nBank loans
85
1
85
1
\nLease obligations (note 30)
105
126
105
126
\n3,943
4,039
3,670
4,032
\nTotal borrowings
4,099
4,096
3,826
4,089
\nThe e\ufb00ective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
\nFurther\u00a0information on the methodology used in determining fair values is given in note 32.
(b) Analysis by maturity
\n2023
\nUS$m
\n2022
\nUS$m
\nLess than one year
156
57
\nOne to two years
600
44
\nTwo to three years
521
549
\nThree to four years
527
544
\nFour to \ufb01ve years
12
564
\nOver \ufb01ve years
2,283
2,338
\n4,099
4,096
\n(c) Analysis by currency
\n2023
\nUS$m
\n2022
\nUS$m
\nUS dollar
2,973
3,573
\nPound sterling
417
432
\nEuro
671
53
\nOther
38
38
\n4,099
4,096
\nThe above analysis takes account of the e\ufb00ect of cross-currency swaps and forward foreign exchange contracts and re\ufb02ects the way in which the Group
\nmanages its exposures.
\n(d) Undrawn committed bank borrowing facilities
\n2023
\nUS$m
\n2022
\nUS$m
\nFacilities expiring in:
\nOne to two years
365
400
\nTwo to three years
2,050
250
\nThree to four years
\u2014
1,950
\n2,415
2,600
\nThese facilities are at variable interest rates and are in place for general corporate purposes, including the \ufb01nancing of acquisitions and the re\ufb01nancing
\nof other borrowings.
\n(e) Covenants and leverage ratio
\nThere is one \ufb01nancial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before
\n\ufb01nancing fair value remeasurements. The calculation of the \ufb01nancial covenant excludes the e\ufb00ects of IFRS 16. The Group monitors this, and the Net debt
\nto Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.
\n29. Net debt (non-GAAP measure)
\n(a) Analysis by nature
\n2023
\nUS$m
\n2022
\nUS$m
\nCash and cash equivalents (net of overdrafts)
198
176
\nDebt due within one year \u2013 commercial paper
(109)
\u2014
\nDebt due within one year \u2013 lease obligations
(42)
(53)
\nDebt due after more than one year \u2013 bonds and notes
(3,733)
(3,903)
\nDebt due after more than one year \u2013 bank loans
(85)
(2)
\nDebt due after more than one year \u2013 lease obligations
(105)
(126)
\nDerivatives hedging loans and borrowings
(154)
(42)
\n(4,030)
(3,950)
(b) Analysis by balance sheet caption
\n2023
\nUS$m
\n2022
\nUS$m
\nCash and cash equivalents
202
179
\nCurrent borrowings
(156)
(57)
\nNon-current borrowings
(3,943)
(4,039)
\nBorrowings
(4,099)
(4,096)
\nTotal of Group balance sheet line items
(3,897)
(3,917)
\nAccrued interest reported within borrowings excluded from Net debt
21
9
\nDerivatives reported within Other \ufb01nancial assets
4
20
\nDerivatives reported within Other \ufb01nancial liabilities
(158)
(62)
\n(4,030)
(3,950)
\n(c) Analysis of movements in Net debt
\nDerivatives
\nhedging
\nloans and
\nborrowings
\nUS$m
\nCurrent
\nborrowings
\nUS$m
\nNon-current
\nborrowings
\nUS$m
\nLiabilities
\nfrom
\n\ufb01nancing
\nactivities
\nUS$m
\nAccrued
\ninterest
\nUS$m
\nCash
\nand cash
\nequivalents
\nUS$m
\nNet debt
\nUS$m
\nAt 1 April 2022
(42)
(57)
(4,039)
(4,138)
9
179
(3,950)
\nCash \ufb02ow
61
57
\u2014
118
\u2014
288
406
\nBorrowings cash \ufb02ow
\u2014
(109)
(83)
(192)
\u2014
\u2014
(192)
\nReclassi\ufb01cation of borrowings
\u2014
(46)
46
\u2014
\u2014
\u2014
\u2014
\nNet interest paid
\u2014
\u2014
\u2014
\u2014
\u2014
(118)
(118)
\nMovement on accrued interest
\u2014
\u2014
(12)
(12)
12
\u2014
\u2014
\nNet cash \ufb02ow
61
(98)
(49)
(86)
12
170
96
\nNon-cash lease obligation additions and disposals
\n1
\n\u2014
(2)
(27)
(29)
\u2014
\u2014
(29)
\nPrincipal lease payments
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
\nNet share purchases
\u2014
\u2014
\u2014
\u2014
\u2014
(175)
(175)
\nFair value gains/(losses)
(76)
\u2014
29
(47)
\u2014
\u2014
(47)
\nExchange and other movements
(97)
1
143
47
\u2014
(29)
18
\nAt 31 March 2023
(154)
(156)
(3,943)
(4,253)
21
202
(4,030)
\nDerivatives
\nhedging
\nloans and
\nborrowings
\nUS$m
\nCurrent
\nborrowings
\nUS$m
\nNon-current
\nborrowings
\nUS$m
\nLiabilities
\nfrom
\n\ufb01nancing
\nactivities
\nUS$m
\nAccrued
\ninterest
\nUS$m
\nCash
\nand cash
\nequivalents
\nUS$m
\nNet debt
\nUS$m
\nAt 1 April 2021
111
(655)
(3,682)
(4,226)
20
180
(4,026)
\nCash \ufb02ow
16
56
1
73
\u2014
(35)
38
\nBorrowings cash \ufb02ow
\u2014
583
(571)
12
\u2014
\u2014
12
\nReclassi\ufb01cation of borrowings
\u2014
(45)
45
\u2014
\u2014
\u2014
\u2014
\nNet interest paid
\u2014
\u2014
\u2014
\u2014
\u2014
121
121
\nMovement on accrued interest
\u2014
11
\u2014
11
(11)
\u2014
\u2014
\nNet cash \ufb02ow
16
605
(525)
96
(11)
86
171
\nNon-cash lease obligation additions and disposals
\n1
\n\u2014
(8)
(27)
(35)
\u2014
\u2014
(35)
\nPrincipal lease payments
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
\nNet share purchases
\u2014
\u2014
\u2014
\u2014
\u2014
(149)
(149)
\nAdditions through business combinations
\u2014
(2)
\u2014
(2)
\u2014
\u2014
(2)
\nFair value gains/(losses)
(65)
4
40
(21)
\u2014
\u2014
(21)
\nExchange and other movements
(104)
(1)
155
50
\u2014
5
55
\nAt 31 March 2022
(42)
(57)
(4,039)
(4,138)
9
179
(3,950)
\n1
Non-cash lease obligation movements include additions of US$39m (2022: US$39m) and disposals of US$10m (2022: US$4m).
2023
2022
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nLiabilities
Liabilities
\nUS$m
US$m
US$m
US$m
\nFair value hedges
\nInterest rate risk
\nBorrowings
(1,073)
(93)
(59)
(1,165)
(31)
(69)
\nForeign exchange risk
\nBorrowings
(814)
(37)
(35)
(886)
(5)
(51)
\nCash \ufb02ow hedge
\nForeign exchange risk
\nBorrowings
(496)
n/a
(38)
(525)
n/a
(24)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29767": {
"value": "Carrying amount Fair value
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent:
\nCommercial paper
109
\u2014
109
\u2014
\nBank overdrafts
4
3
4
3
\nLease obligations (note 30)
43
54
43
54
\n156
57
156
57
\nNon-current:
\nBonds:
\n\u00a3400m 2.125% Euronotes 2024
482
520
476
523
\n\u00a3400m 0.739% Euronotes 2025
496
525
449
497
\n\u20ac500m 1.375% Euronotes 2026
511
554
510
561
\nUS$500m 4.25% Notes 2029
501
500
486
523
\nUS$750m 2.75% Notes 2030
705
724
655
712
\n\u20ac500m 1.56% Euronotes 2031
551
553
463
546
\n\u00a3400m 3.25% Euronotes 2032
507
536
441
543
\nBank loans
85
1
85
1
\nLease obligations (note 30)
105
126
105
126
\n3,943
4,039
3,670
4,032
\nTotal borrowings
4,099
4,096
3,826
4,089",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f29941": {
"value": "29. Net debt (non-GAAP measure) (a) Analysis by nature
\n2023
\nUS$m
\n2022
\nUS$m
\nCash and cash equivalents (net of overdrafts)
198
176
\nDebt due within one year \u2013 commercial paper
(109)
\u2014
\nDebt due within one year \u2013 lease obligations
(42)
(53)
\nDebt due after more than one year \u2013 bonds and notes
(3,733)
(3,903)
\nDebt due after more than one year \u2013 bank loans
(85)
(2)
\nDebt due after more than one year \u2013 lease obligations
(105)
(126)
\nDerivatives hedging loans and borrowings
(154)
(42)
\n(4,030)
(3,950)
\n
\n
(b) Analysis by balance sheet caption
\n2023
\nUS$m
\n2022
\nUS$m
\nCash and cash equivalents
202
179
\nCurrent borrowings
(156)
(57)
\nNon-current borrowings
(3,943)
(4,039)
\nBorrowings
(4,099)
(4,096)
\nTotal of Group balance sheet line items
(3,897)
(3,917)
\nAccrued interest reported within borrowings excluded from Net debt
21
9
\nDerivatives reported within Other \ufb01nancial assets
4
20
\nDerivatives reported within Other \ufb01nancial liabilities
(158)
(62)
\n(4,030)
(3,950)
\n(c) Analysis of movements in Net debt
\nDerivatives
\nhedging
\nloans and
\nborrowings
\nUS$m
\nCurrent
\nborrowings
\nUS$m
\nNon-current
\nborrowings
\nUS$m
\nLiabilities
\nfrom
\n\ufb01nancing
\nactivities
\nUS$m
\nAccrued
\ninterest
\nUS$m
\nCash
\nand cash
\nequivalents
\nUS$m
\nNet debt
\nUS$m
\nAt 1 April 2022
(42)
(57)
(4,039)
(4,138)
9
179
(3,950)
\nCash \ufb02ow
61
57
\u2014
118
\u2014
288
406
\nBorrowings cash \ufb02ow
\u2014
(109)
(83)
(192)
\u2014
\u2014
(192)
\nReclassi\ufb01cation of borrowings
\u2014
(46)
46
\u2014
\u2014
\u2014
\u2014
\nNet interest paid
\u2014
\u2014
\u2014
\u2014
\u2014
(118)
(118)
\nMovement on accrued interest
\u2014
\u2014
(12)
(12)
12
\u2014
\u2014
\nNet cash \ufb02ow
61
(98)
(49)
(86)
12
170
96
\nNon-cash lease obligation additions and disposals
\n1
\n\u2014
(2)
(27)
(29)
\u2014
\u2014
(29)
\nPrincipal lease payments
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
\nNet share purchases
\u2014
\u2014
\u2014
\u2014
\u2014
(175)
(175)
\nFair value gains/(losses)
(76)
\u2014
29
(47)
\u2014
\u2014
(47)
\nExchange and other movements
(97)
1
143
47
\u2014
(29)
18
\nAt 31 March 2023
(154)
(156)
(3,943)
(4,253)
21
202
(4,030)
\nDerivatives
\nhedging
\nloans and
\nborrowings
\nUS$m
\nCurrent
\nborrowings
\nUS$m
\nNon-current
\nborrowings
\nUS$m
\nLiabilities
\nfrom
\n\ufb01nancing
\nactivities
\nUS$m
\nAccrued
\ninterest
\nUS$m
\nCash
\nand cash
\nequivalents
\nUS$m
\nNet debt
\nUS$m
\nAt 1 April 2021
111
(655)
(3,682)
(4,226)
20
180
(4,026)
\nCash \ufb02ow
16
56
1
73
\u2014
(35)
38
\nBorrowings cash \ufb02ow
\u2014
583
(571)
12
\u2014
\u2014
12
\nReclassi\ufb01cation of borrowings
\u2014
(45)
45
\u2014
\u2014
\u2014
\u2014
\nNet interest paid
\u2014
\u2014
\u2014
\u2014
\u2014
121
121
\nMovement on accrued interest
\u2014
11
\u2014
11
(11)
\u2014
\u2014
\nNet cash \ufb02ow
16
605
(525)
96
(11)
86
171
\nNon-cash lease obligation additions and disposals
\n1
\n\u2014
(8)
(27)
(35)
\u2014
\u2014
(35)
\nPrincipal lease payments
\u2014
\u2014
\u2014
\u2014
\u2014
57
57
\nNet share purchases
\u2014
\u2014
\u2014
\u2014
\u2014
(149)
(149)
\nAdditions through business combinations
\u2014
(2)
\u2014
(2)
\u2014
\u2014
(2)
\nFair value gains/(losses)
(65)
4
40
(21)
\u2014
\u2014
(21)
\nExchange and other movements
(104)
(1)
155
50
\u2014
5
55
\nAt 31 March 2022
(42)
(57)
(4,039)
(4,138)
9
179
(3,950)
\n1
Non-cash lease obligation movements include additions of US$39m (2022: US$39m) and disposals of US$10m (2022: US$4m).",
"dimensions": {
"concept": "exp:DisclosureOfNetDebtNonGaapMeasureTextBlock",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30308": {
"value": "30. Leases The Group\u2019s lease portfolio consists of 43 (2022: 42) signi\ufb01cant property leases across the countries in which we operate. In addition, we lease approximately
\n72 (2022: 104) smaller properties, 759 (2022: 757) motor vehicles, and a small number of hardware assets. The average remaining lease term is 3.6 years
\n(2022: 4.1 years) for signi\ufb01cant property leases, 1.3 years (2022: 1.5 years) for other minor property leases and 1.9 years (2022: 1.9 years) for motor vehicles
\nand plant and equipment. Extension and termination options are included within a number of property and equipment leases across the Group. These are
\nused to maximise operational \ufb02exibility in terms of managing assets and lease exposures. The majority of extension and termination options are exercisable
\nonly by the Group and not by the respective lessor.
\n(a) Amounts recognised in the Group balance sheet
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nRight-of-use assets:
\nLand and buildings
23
102
119
\nMotor vehicles
23
14
13
\nPlant and equipment
23
12
21
\nAt 31 March
128
153
\nLease obligations:
\nCurrent
28
43
54
\nNon-current
28
105
126
\nAt 31 March
148
180
\nSublease receivables at 31 March 2023 were US$9m (2022: US$11m), of which US$7m (2022: US$9m) falls due after more than one year.
\nLease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the
\nGroup, the incremental borrowing rate is used. The incremental borrowing rate is unique to each country and class of assets therein and is based on the Group\u2019s
\ncost of debt, adjusted for factors speci\ufb01c to individual lessees and their borrowing capacity.
\nThe Group is exposed to potential future increases in variable lease payments based on an index or a rate, which are not included in the lease obligation until they
\ntake e\ufb00ect.
\n(b) Maturity of lease obligations \u2013 contractual undiscounted cash \ufb02ows
\n2023
\nUS$m
\n2022
\nUS$m
\nLess than one year
48
60
\nOne to two years
37
49
\nTwo to three years
27
32
\nThree to four years
18
21
\nFour to \ufb01ve years
13
12
\nOver \ufb01ve years
22
29
\nTotal undiscounted lease obligations at 31 March
165
203
\n(c) Amounts recognised in the Group income statement
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nDepreciation charge for right-of-use assets:
\nLand and buildings
23
37
39
\nMotor vehicles
23
6
6
\nPlant and equipment
23
9
11
\nTotal depreciation charge for right-of-use assets
52
56
\nInterest expense
16
7
8
\nExpense relating to the lease of low-value assets
5
10
\nTotal
64
74
\nWe had no material sublease income in the current or prior year.
\n(d) Amounts recognised in the Group cash \ufb02ow statement
\nDuring the year lease payments of US$64m (2022: US$66m) comprised US$57m (2022: US$57m) for repayments of principal and US$7m (2022: US$9m)
\nfor payments of interest.
\n(e) Lease commitments
\nThe Group\u2019s commitments for lease agreements where the term has not yet commenced total US$3m (2022: US$2m); such amounts are not recognised
\nas lease obligations or right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30418": {
"value": "(e) Lease commitments
\nThe Group\u2019s commitments for lease agreements where the term has not yet commenced total US$3m (2022: US$2m); such amounts are not recognised
\nas lease obligations or right-of-use assets.
45. Capital commitments 2023
\nUS$m
\n2022
\nUS$m
\nCapital expenditure for which contracts have been placed:
\nOther intangible assets
56
64
\nProperty, plant and equipment
12
17
\n68
81
\nCapital commitments at 31 March 2023 included US$3m (2022: US$2m) in respect of right-of-use assets. Capital commitments at 31 March 2023
\nincluded commitments of US$46m not expected to be incurred before 31 March 2024. Capital commitments at 31 March 2022 included commitments of
\nUS$56m not then expected to be incurred before 31 March 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30435": {
"value": "31. Financial assets and liabilities (a) Financial assets and liabilities revalued through OCI
\nAssets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCash \ufb02ow hedge of borrowings (cross-currency swaps)
\n1
\n\u2014
\u2014
\u2014
\u2014
13
13
\nListed investments
\n2
\n\u2014
61
61
\u2014
67
67
\nTrade investments
\u2014
252
252
\u2014
295
295
\n\u2014
313
313
\u2014
375
375
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCash \ufb02ow hedge of borrowings (cross-currency swaps)
\n1
\n\u2014
24
24
\u2014
\u2014
\u2014
\n1
Derivatives designated as a cash \ufb02ow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
\n2
Listed investments includes investments held in the UK to secure certain unfunded pension arrangements (note 35(b)).
\n(b) Other \ufb01nancial assets and liabilities
\n(i) Summary
\nAssets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nFinancial assets held at amortised cost
\u2014
\u2014
\u2014
\u2014
1
1
\nNon-hedging derivatives (equity swaps)
\u2014
\u2014
\u2014
1
\u2014
1
\nNon-hedging derivatives (foreign exchange contracts)
4
\u2014
4
6
\u2014
6
\nNon-hedging derivatives (interest rate swaps)
3
132
135
\u2014
62
62
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
16
16
\u2014
18
18
\nAssets at fair value through pro\ufb01t or loss
7
148
155
7
80
87
\nTotal other \ufb01nancial assets
7
148
155
7
81
88
\nTotal other \ufb01nancial assets comprise:
\nLoans and receivables
\u2014
\u2014
\u2014
\u2014
1
1
\nDerivative \ufb01nancial instruments
7
132
139
7
62
69
\nConvertible loan notes
\u2014
16
16
\u2014
18
18
\n7
148
155
7
81
88
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nDerivative \ufb01nancial instruments:
\nFair value hedge of borrowings (cross-currency swaps)
\u2014
89
89
\u2014
17
17
\nFair value hedge of borrowings (interest rate swaps)
\u2014
35
35
\u2014
17
17
\nDerivatives used for hedging
\n1
\n\u2014
124
124
\u2014
34
34
\nNon-hedging derivatives (equity swaps)
3
2
5
\u2014
2
2
\nNon-hedging derivatives (foreign exchange contracts)
3
\u2014
3
18
\u2014
18
\nNon-hedging derivatives (interest rate swaps)
\u2014
12
12
1
3
4
\nDerivative \ufb01nancial instruments
\n2
\n6
138
144
19
39
58
\nOptions in respect of non-controlling interests
\u2014
33
33
3
187
190
\nTotal other \ufb01nancial liabilities
6
171
177
22
226
248
\n1
Derivatives used for hedging are in documented hedge accounting relationships.
\n2
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
\nAmounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
\ndi\ufb00erence between the fair values and the book values stated above.
\nFinancial assets held at amortised cost principally comprise amounts due following the disposal of businesses and include accrued interest. Other
\n\ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority
\ninvestments.
\n
\n
\n
\n
\n
\n(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\n2023
2022
\nAssets
Liabilities
Assets
Liabilities
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nCross-currency swaps
\u2014
\u2014
113
1,414
13
514
17
899
\nInterest rate swaps
135
1,750
47
550
62
1,600
21
900
\nEquity swaps
\u2014
\u2014
5
32
1
13
2
15
\nForeign exchange contracts
4
408
3
176
6
515
18
839
\n139
2,158
168
2,172
82
2,642
58
2,653
\nNotional principal amounts are the amount of principal underlying the contracts at the reporting dates.
\n(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\nAssets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
\n(c) Hedge accounting
\n(i) Fair value and cash \ufb02ow hedges
\nWe use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and interest
\nrate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined in note 8.
\nWe determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
\ninterest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
\nWe have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
\nidentical to the hedged risk components.
\nThe main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\na
The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument.
\na
Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\na
The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
\n
\n\n
(ii) Analysis of hedging instruments
\nThe Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\nAt 31 March 2023
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
2.13%
\u2014
1.38%
\u2014
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
1.12
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
1.32
\u2014
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
515
\u2014
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.29
\u2014
\u2014
\u2014
\nAt 31 March 2022
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
2.13%
\u2014
1.38%
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
\u2014
1.12
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.32
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
515
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
\u2014
1.29
\u2014
\u2014
\n
\n
\n
\n
\n
\n
\n(d) Impact of hedging instruments
\n2023
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(35)
17
\nCross-currency swaps
899
\u2014
(89)
41
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(89)
31
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
\u2014
(24)
38
\n2022
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(17)
19
\nCross-currency swaps
899
\u2014
(17)
43
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(17)
55
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
13
\u2014
24
\nExcept for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
\nGroup balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
\nliabilities revalued through OCI, in the Group balance sheet.
\n(e) Impact of hedged items
\n2023
2022
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nLiabilities
Liabilities
\nUS$m
US$m
US$m
US$m
\nFair value hedges
\nInterest rate risk
\nBorrowings
(1,073)
(93)
(59)
(1,165)
(31)
(69)
\nForeign exchange risk
\nBorrowings
(814)
(37)
(35)
(886)
(5)
(51)
\nCash \ufb02ow hedge
\nForeign exchange risk
\nBorrowings
(496)
n/a
(38)
(525)
n/a
(24)
\nThe hedging reserve at 31 March 2023 includes a debit of US$4m (2022: credit of US$4m) in respect of the cash \ufb02ow hedge. Borrowings are reported
\nwithin Borrowings in the Group balance sheet.
\n\n
\n
(f) Impact of hedge ine\ufb00ectiveness
\nFair value hedges (Note 16(c))
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest rate risk
(1)
(7)
\nForeign exchange risk
(4)
4
\nGains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(5)
(3)
\nHedge ine\ufb00ectiveness is reported within Net \ufb01nance costs in the Group income statement.
\n(g) Analysis by valuation method for put options and items measured at fair value
\n2023
2022
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nFinancial assets:
\nNon-hedging derivatives
\u2014
139
\u2014
139
\u2014
69
\u2014
69
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
\u2014
16
16
\u2014
\u2014
18
18
\nFinancial assets at fair value through pro\ufb01t or loss (note 31(b))
\u2014
139
16
155
\u2014
69
18
87
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
13
\nListed and trade investments
61
\u2014
252
313
67
\u2014
295
362
\nFinancial assets revalued through OCI (note 31(a))
61
\u2014
252
313
67
13
295
375
\n61
139
268
468
67
82
313
462
\nFinancial liabilities:
\nDerivatives used for hedging \u2013 fair value hedges
\u2014
(124)
\u2014
(124)
\u2014
(34)
\u2014
(34)
\nNon-hedging derivatives
\u2014
(20)
\u2014
(20)
\u2014
(24)
\u2014
(24)
\nOther liabilities at fair value through pro\ufb01t or loss
\u2014
\u2014
(139)
(139)
\u2014
\u2014
(107)
(107)
\nFinancial liabilities at fair value through pro\ufb01t or loss (note 31(b))
\u2014
(144)
(139)
(283)
\u2014
(58)
(107)
(165)
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
(24)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\nOptions in respect of non-controlling interests
\u2014
\u2014
(33)
(33)
\u2014
\u2014
(190)
(190)
\n\u2014
(168)
(172)
(340)
\u2014
(58)
(297)
(355)
\nNet \ufb01nancial assets/(liabilities)
61
(29)
96
128
67
24
16
107
\n1
Derivatives designated as a cash \ufb02ow hedge are revalued through OCI.
\nThe analysis by level is a requirement of IFRS 13 and the de\ufb01nitions are summarised here for completeness:
\na
assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
\nLevel 1;
\na
assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable for the
\nasset or liability, are classi\ufb01ed as Level 2; and
\na
assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
\nLevel 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
\nassociated with corporate transactions.
\nUnlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has occurred.
\nThe inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s equity and
\nestimated discounted cash \ufb02ows that will arise from the investment. Valuations of material contingent consideration, and put options associated with
\ncorporate transactions, are based on Monte Carlo simulations using the most recent management expectations of relevant business performance,
\nre\ufb02ecting the di\ufb00erent contractual arrangements in place.
\nThere would be no material e\ufb00ect on the amounts stated from any reasonably possible change in such inputs at 31 March 2023. There were no transfers
\nbetween levels during the year. In the year ended 31 March 2022 a Level 3 investment was reclassi\ufb01ed to Level 1. Further details are provided in note
\n31(h).
\n
\n
\n
\n
\n
\n
\n(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\nYear ended 31 March 2023
Year ended 31 March 2022
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
295
18
(107)
(190)
16
164
12
(66)
(220)
(110)
\nAdditions
\n1,2
\n14
1
(35)
(11)
(31)
24
8
(46)
(11)
(25)
\nReclassi\ufb01cation of associate to trade
\ninvestment (note 24)
\u2014
\u2014
\u2014
\u2014
\u2014
138
\u2014
\u2014
\u2014
138
\nReclassi\ufb01cation of Level 3 investment to
\nLevel 1
\n3
\n\u2014
\u2014
\u2014
\u2014
\u2014
(30)
\u2014
\u2014
\u2014
(30)
\nDisposals
\n4
\n(6)
\u2014
\u2014
\u2014
(6)
(12)
\u2014
\u2014
\u2014
(12)
\nSettlement of contingent consideration
\u2014
\u2014
40
\u2014
40
\u2014
\u2014
36
\u2014
36
\nCash payment on exercise of put options
\n5
\n\u2014
\u2014
\u2014
133
133
\u2014
\u2014
\u2014
4
4
\nAdjustment to the fair value of contingent
\nconsideration
\n2
\n\u2014
\u2014
(45)
\u2014
(45)
\u2014
\u2014
(26)
\u2014
(26)
\nValuation gains/(losses) recognised in the
\nGroup income statement
\n6
\n\u2014
(2)
\u2014
26
24
\u2014
\u2014
\u2014
29
29
\nValuation (losses)/gains recognised in OCI
(52)
\u2014
\u2014
\u2014
(52)
10
\u2014
\u2014
\u2014
10
\nCurrency translation gains/(losses)
\nrecognised directly in OCI
\u2014
\u2014
4
9
13
(2)
\u2014
(6)
8
\u2014
\nOther
1
(1)
4
\u2014
4
3
(2)
1
\u2014
2
\nAt 31 March
252
16
(139)
(33)
96
295
18
(107)
(190)
16
\n1
Additions to put options in the year ended 31 March 2023 comprised US$11m in respect of the acquisition of APC Bur\u00f3, and in the year ended 31 March 2022 included US$13m in respect of the acquisition of
\nServicios de Informaci\u00f3n Avanzada Comercial Y\u00a0Financiera S.A. (Sinaco\ufb01 Bur\u00f3).
\n2
Additions to contingent consideration comprised US$35m (2022: US$46m) in respect of acquisitions. Contingent consideration in relation to the acquisition of Tax Credit Co, LLC (TCC) in FY22 increased by US$49m
\nfollowing fair value adjustments recognised in the year, which are determined by revenue and pro\ufb01t performance up to and including FY25. This was o\ufb00set by a reduction in the fair value of contingent consideration
\non other acquisitions of US$4m. There are limits in place for contingent consideration payments, including up to US$80m in respect of TCC. Contingent liabilities are revalued at each reporting date based on current
\nprojections of their associated targets, with any fair value remeasurements recognised as a non-benchmark item in the Group income statement (note 15(a)).
\n3
Our investment in Grab Holdings Limited was reclassi\ufb01ed as a Level 1 investment following Nasdaq listing in the year ended 31 March 2022.
\n4
During the year ended 31 March 2023, we disposed of a trade investment valued at US$6m, US$3m of the consideration is deferred.
\n5
The cash payment on exercise of put options in the year ended 31 March 2023, relates to the purchase of the remaining 40% stake in the Arvato Financial Solutions Risk Management Division.
\n6
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30438": {
"value": "Assets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCash \ufb02ow hedge of borrowings (cross-currency swaps)
\n1
\n\u2014
\u2014
\u2014
\u2014
13
13
\nListed investments
\n2
\n\u2014
61
61
\u2014
67
67
\nTrade investments
\u2014
252
252
\u2014
295
295
\n\u2014
313
313
\u2014
375
375
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCash \ufb02ow hedge of borrowings (cross-currency swaps)
\n1
\n\u2014
24
24
\u2014
\u2014
\u2014
Assets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nFinancial assets held at amortised cost
\u2014
\u2014
\u2014
\u2014
1
1
\nNon-hedging derivatives (equity swaps)
\u2014
\u2014
\u2014
1
\u2014
1
\nNon-hedging derivatives (foreign exchange contracts)
4
\u2014
4
6
\u2014
6
\nNon-hedging derivatives (interest rate swaps)
3
132
135
\u2014
62
62
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
16
16
\u2014
18
18
\nAssets at fair value through pro\ufb01t or loss
7
148
155
7
80
87
\nTotal other \ufb01nancial assets
7
148
155
7
81
88
\nTotal other \ufb01nancial assets comprise:
\nLoans and receivables
\u2014
\u2014
\u2014
\u2014
1
1
\nDerivative \ufb01nancial instruments
7
132
139
7
62
69
\nConvertible loan notes
\u2014
16
16
\u2014
18
18
\n7
148
155
7
81
88
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nDerivative \ufb01nancial instruments:
\nFair value hedge of borrowings (cross-currency swaps)
\u2014
89
89
\u2014
17
17
\nFair value hedge of borrowings (interest rate swaps)
\u2014
35
35
\u2014
17
17
\nDerivatives used for hedging
\n1
\n\u2014
124
124
\u2014
34
34
\nNon-hedging derivatives (equity swaps)
3
2
5
\u2014
2
2
\nNon-hedging derivatives (foreign exchange contracts)
3
\u2014
3
18
\u2014
18
\nNon-hedging derivatives (interest rate swaps)
\u2014
12
12
1
3
4
\nDerivative \ufb01nancial instruments
\n2
\n6
138
144
19
39
58
\nOptions in respect of non-controlling interests
\u2014
33
33
3
187
190
\nTotal other \ufb01nancial liabilities
6
171
177
22
226
248
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments 2023
2022
\nAssets
Liabilities
Assets
Liabilities
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nCross-currency swaps
\u2014
\u2014
113
1,414
13
514
17
899
\nInterest rate swaps
135
1,750
47
550
62
1,600
21
900
\nEquity swaps
\u2014
\u2014
5
32
1
13
2
15
\nForeign exchange contracts
4
408
3
176
6
515
18
839
\n139
2,158
168
2,172
82
2,642
58
2,653
\nNotional principal amounts are the amount of principal underlying the contracts at the reporting dates.
\n(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\nAssets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
\n(c) Hedge accounting
\n(i) Fair value and cash \ufb02ow hedges
\nWe use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and interest
\nrate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined in note 8.
\nWe determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
\ninterest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
\nWe have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
\nidentical to the hedged risk components.
\nThe main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\na
The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument.
\na
Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\na
The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
(ii) Analysis of hedging instruments
\nThe Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\nAt 31 March 2023
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
2.13%
\u2014
1.38%
\u2014
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
1.12
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
1.32
\u2014
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
515
\u2014
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.29
\u2014
\u2014
\u2014
\nAt 31 March 2022
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
2.13%
\u2014
1.38%
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
\u2014
1.12
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.32
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
515
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
\u2014
1.29
\u2014
\u2014
(d) Impact of hedging instruments
\n2023
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(35)
17
\nCross-currency swaps
899
\u2014
(89)
41
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(89)
31
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
\u2014
(24)
38
\n2022
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(17)
19
\nCross-currency swaps
899
\u2014
(17)
43
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(17)
55
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
13
\u2014
24
\nExcept for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
\nGroup balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
\nliabilities revalued through OCI, in the Group balance sheet.
\n(e) Impact of hedged items
\n2023
2022
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nLiabilities
Liabilities
\nUS$m
US$m
US$m
US$m
\nFair value hedges
\nInterest rate risk
\nBorrowings
(1,073)
(93)
(59)
(1,165)
(31)
(69)
\nForeign exchange risk
\nBorrowings
(814)
(37)
(35)
(886)
(5)
(51)
\nCash \ufb02ow hedge
\nForeign exchange risk
\nBorrowings
(496)
n/a
(38)
(525)
n/a
(24)
\nThe hedging reserve at 31 March 2023 includes a debit of US$4m (2022: credit of US$4m) in respect of the cash \ufb02ow hedge. Borrowings are reported
\nwithin Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
\nFair value hedges (Note 16(c))
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest rate risk
(1)
(7)
\nForeign exchange risk
(4)
4
\nGains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(5)
(3)
\nHedge ine\ufb00ectiveness is reported within Net \ufb01nance costs in the Group income statement.
\n(g) Analysis by valuation method for put options and items measured at fair value
\n2023
2022
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nFinancial assets:
\nNon-hedging derivatives
\u2014
139
\u2014
139
\u2014
69
\u2014
69
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
\u2014
16
16
\u2014
\u2014
18
18
\nFinancial assets at fair value through pro\ufb01t or loss (note 31(b))
\u2014
139
16
155
\u2014
69
18
87
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
13
\nListed and trade investments
61
\u2014
252
313
67
\u2014
295
362
\nFinancial assets revalued through OCI (note 31(a))
61
\u2014
252
313
67
13
295
375
\n61
139
268
468
67
82
313
462
\nFinancial liabilities:
\nDerivatives used for hedging \u2013 fair value hedges
\u2014
(124)
\u2014
(124)
\u2014
(34)
\u2014
(34)
\nNon-hedging derivatives
\u2014
(20)
\u2014
(20)
\u2014
(24)
\u2014
(24)
\nOther liabilities at fair value through pro\ufb01t or loss
\u2014
\u2014
(139)
(139)
\u2014
\u2014
(107)
(107)
\nFinancial liabilities at fair value through pro\ufb01t or loss (note 31(b))
\u2014
(144)
(139)
(283)
\u2014
(58)
(107)
(165)
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
(24)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\nOptions in respect of non-controlling interests
\u2014
\u2014
(33)
(33)
\u2014
\u2014
(190)
(190)
\n\u2014
(168)
(172)
(340)
\u2014
(58)
(297)
(355)
\nNet \ufb01nancial assets/(liabilities)
61
(29)
96
128
67
24
16
107
Year ended 31 March 2023
Year ended 31 March 2022
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
295
18
(107)
(190)
16
164
12
(66)
(220)
(110)
\nAdditions
\n1,2
\n14
1
(35)
(11)
(31)
24
8
(46)
(11)
(25)
\nReclassi\ufb01cation of associate to trade
\ninvestment (note 24)
\u2014
\u2014
\u2014
\u2014
\u2014
138
\u2014
\u2014
\u2014
138
\nReclassi\ufb01cation of Level 3 investment to
\nLevel 1
\n3
\n\u2014
\u2014
\u2014
\u2014
\u2014
(30)
\u2014
\u2014
\u2014
(30)
\nDisposals
\n4
\n(6)
\u2014
\u2014
\u2014
(6)
(12)
\u2014
\u2014
\u2014
(12)
\nSettlement of contingent consideration
\u2014
\u2014
40
\u2014
40
\u2014
\u2014
36
\u2014
36
\nCash payment on exercise of put options
\n5
\n\u2014
\u2014
\u2014
133
133
\u2014
\u2014
\u2014
4
4
\nAdjustment to the fair value of contingent
\nconsideration
\n2
\n\u2014
\u2014
(45)
\u2014
(45)
\u2014
\u2014
(26)
\u2014
(26)
\nValuation gains/(losses) recognised in the
\nGroup income statement
\n6
\n\u2014
(2)
\u2014
26
24
\u2014
\u2014
\u2014
29
29
\nValuation (losses)/gains recognised in OCI
(52)
\u2014
\u2014
\u2014
(52)
10
\u2014
\u2014
\u2014
10
\nCurrency translation gains/(losses)
\nrecognised directly in OCI
\u2014
\u2014
4
9
13
(2)
\u2014
(6)
8
\u2014
\nOther
1
(1)
4
\u2014
4
3
(2)
1
\u2014
2
\nAt 31 March
252
16
(139)
(33)
96
295
18
(107)
(190)
16
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30511": {
"value": "(b) Other \ufb01nancial assets and liabilities (i) Summary
\nAssets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nFinancial assets held at amortised cost
\u2014
\u2014
\u2014
\u2014
1
1
\nNon-hedging derivatives (equity swaps)
\u2014
\u2014
\u2014
1
\u2014
1
\nNon-hedging derivatives (foreign exchange contracts)
4
\u2014
4
6
\u2014
6
\nNon-hedging derivatives (interest rate swaps)
3
132
135
\u2014
62
62
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
16
16
\u2014
18
18
\nAssets at fair value through pro\ufb01t or loss
7
148
155
7
80
87
\nTotal other \ufb01nancial assets
7
148
155
7
81
88
\nTotal other \ufb01nancial assets comprise:
\nLoans and receivables
\u2014
\u2014
\u2014
\u2014
1
1
\nDerivative \ufb01nancial instruments
7
132
139
7
62
69
\nConvertible loan notes
\u2014
16
16
\u2014
18
18
\n7
148
155
7
81
88
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nDerivative \ufb01nancial instruments:
\nFair value hedge of borrowings (cross-currency swaps)
\u2014
89
89
\u2014
17
17
\nFair value hedge of borrowings (interest rate swaps)
\u2014
35
35
\u2014
17
17
\nDerivatives used for hedging
\n1
\n\u2014
124
124
\u2014
34
34
\nNon-hedging derivatives (equity swaps)
3
2
5
\u2014
2
2
\nNon-hedging derivatives (foreign exchange contracts)
3
\u2014
3
18
\u2014
18
\nNon-hedging derivatives (interest rate swaps)
\u2014
12
12
1
3
4
\nDerivative \ufb01nancial instruments
\n2
\n6
138
144
19
39
58
\nOptions in respect of non-controlling interests
\u2014
33
33
3
187
190
\nTotal other \ufb01nancial liabilities
6
171
177
22
226
248
\n1
Derivatives used for hedging are in documented hedge accounting relationships.
\n2
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
\nAmounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
\ndi\ufb00erence between the fair values and the book values stated above.
\nFinancial assets held at amortised cost principally comprise amounts due following the disposal of businesses and include accrued interest. Other
\n\ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority
\ninvestments.
\n
\n
\n
\n
\n
\n(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\n2023
2022
\nAssets
Liabilities
Assets
Liabilities
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nCross-currency swaps
\u2014
\u2014
113
1,414
13
514
17
899
\nInterest rate swaps
135
1,750
47
550
62
1,600
21
900
\nEquity swaps
\u2014
\u2014
5
32
1
13
2
15
\nForeign exchange contracts
4
408
3
176
6
515
18
839
\n139
2,158
168
2,172
82
2,642
58
2,653
\nNotional principal amounts are the amount of principal underlying the contracts at the reporting dates.
\n(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\nAssets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30512": {
"value": "(b) Other \ufb01nancial assets and liabilities(i) Summary
\nAssets
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nFinancial assets held at amortised cost
\u2014
\u2014
\u2014
\u2014
1
1
\nNon-hedging derivatives (equity swaps)
\u2014
\u2014
\u2014
1
\u2014
1
\nNon-hedging derivatives (foreign exchange contracts)
4
\u2014
4
6
\u2014
6
\nNon-hedging derivatives (interest rate swaps)
3
132
135
\u2014
62
62
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
16
16
\u2014
18
18
\nAssets at fair value through pro\ufb01t or loss
7
148
155
7
80
87
\nTotal other \ufb01nancial assets
7
148
155
7
81
88
\nTotal other \ufb01nancial assets comprise:
\nLoans and receivables
\u2014
\u2014
\u2014
\u2014
1
1
\nDerivative \ufb01nancial instruments
7
132
139
7
62
69
\nConvertible loan notes
\u2014
16
16
\u2014
18
18
\n7
148
155
7
81
88
\nLiabilities
\n2023
2022
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nCurrent
\nUS$m
\nNon-current
\nUS$m
\nTotal
\nUS$m
\nDerivative \ufb01nancial instruments:
\nFair value hedge of borrowings (cross-currency swaps)
\u2014
89
89
\u2014
17
17
\nFair value hedge of borrowings (interest rate swaps)
\u2014
35
35
\u2014
17
17
\nDerivatives used for hedging
\n1
\n\u2014
124
124
\u2014
34
34
\nNon-hedging derivatives (equity swaps)
3
2
5
\u2014
2
2
\nNon-hedging derivatives (foreign exchange contracts)
3
\u2014
3
18
\u2014
18
\nNon-hedging derivatives (interest rate swaps)
\u2014
12
12
1
3
4
\nDerivative \ufb01nancial instruments
\n2
\n6
138
144
19
39
58
\nOptions in respect of non-controlling interests
\u2014
33
33
3
187
190
\nTotal other \ufb01nancial liabilities
6
171
177
22
226
248
\n1
Derivatives used for hedging are in documented hedge accounting relationships.
\n2
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
\nAmounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
\ndi\ufb00erence between the fair values and the book values stated above.
\nFinancial assets held at amortised cost principally comprise amounts due following the disposal of businesses and include accrued interest. Other
\n\ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority
\ninvestments.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments 2023
2022
\nAssets
Liabilities
Assets
Liabilities
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nCross-currency swaps
\u2014
\u2014
113
1,414
13
514
17
899
\nInterest rate swaps
135
1,750
47
550
62
1,600
21
900
\nEquity swaps
\u2014
\u2014
5
32
1
13
2
15
\nForeign exchange contracts
4
408
3
176
6
515
18
839
\n139
2,158
168
2,172
82
2,642
58
2,653
\nNotional principal amounts are the amount of principal underlying the contracts at the reporting dates.
\n(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\nAssets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
Other liabilities principally comprise liabilities of Serasa S.A., in connection with local legal and tax issues, which were primarily recognised on its
\nacquisition in 2007.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30723": {
"value": "(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments 2023
2022
\nAssets
Liabilities
Assets
Liabilities
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nFair value
\nUS$m
\nNotional
\nUS$m
\nCross-currency swaps
\u2014
\u2014
113
1,414
13
514
17
899
\nInterest rate swaps
135
1,750
47
550
62
1,600
21
900
\nEquity swaps
\u2014
\u2014
5
32
1
13
2
15
\nForeign exchange contracts
4
408
3
176
6
515
18
839
\n139
2,158
168
2,172
82
2,642
58
2,653
\nNotional principal amounts are the amount of principal underlying the contracts at the reporting dates.
\n(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\nAssets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
\n(c) Hedge accounting
\n(i) Fair value and cash \ufb02ow hedges
\nWe use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and interest
\nrate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined in note 8.
\nWe determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
\ninterest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
\nWe have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
\nidentical to the hedged risk components.
\nThe main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\na
The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument.
\na
Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\na
The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
\n
\n\n
(ii) Analysis of hedging instruments
\nThe Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\nAt 31 March 2023
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
2.13%
\u2014
1.38%
\u2014
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
395
\u2014
504
\u2014
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
1.12
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
1.32
\u2014
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
515
\u2014
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.29
\u2014
\u2014
\u2014
\nAt 31 March 2022
\nMaturity
\nLess than
\none year
\nOne to
\ntwo years
\nTwo to
\nthree years
\nThree to
\nfour years
\nFour to
\n\ufb01ve years
\nOver
\n\ufb01ve years
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
\u2014
\u2014
300
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
\u2014
\u2014
\u2014
1.66%
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nWeighted average \ufb01xed interest rate
\u2014
\u2014
2.13%
\u2014
1.38%
\u2014
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
395
\u2014
504
\u2014
\nEUR:USD forward contract rate
\u2014
\u2014
\u2014
\u2014
1.12
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
1.32
\u2014
\u2014
\u2014
\nCash \ufb02ow hedge
\nForeign currency risk
\nCross-currency swaps:
\nNotional amount (US$m)
\u2014
\u2014
\u2014
515
\u2014
\u2014
\nGBP:USD forward contract rate
\u2014
\u2014
\u2014
1.29
\u2014
\u2014
\n
\n
\n
\n
\n
\n
\n(d) Impact of hedging instruments
\n2023
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(35)
17
\nCross-currency swaps
899
\u2014
(89)
41
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(89)
31
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
\u2014
(24)
38
\n2022
\nNotional amount of
\nhedging instrument
\nUS$m
\nCarrying amount of hedging instrument
\nChanges in fair value used
\nfor calculating hedge
\nine\ufb00ectiveness (Note 16(c))
\nUS$m
\nAssets
\nUS$m
\nLiabilities
\nUS$m
\nFair value hedges
\nInterest rate risk
\nInterest rate swaps
300
\u2014
(17)
19
\nCross-currency swaps
899
\u2014
(17)
43
\nForeign exchange risk
\nCross-currency swaps
899
\u2014
(17)
55
\nCash \ufb02ow hedge
\nForeign exchange risk
\nCross-currency swaps
515
13
\u2014
24
\nExcept for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
\nGroup balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
\nliabilities revalued through OCI, in the Group balance sheet.
\n(e) Impact of hedged items
\n2023
2022
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nCarrying amount
\nof hedged item
\nAccumulated
\namount of fair
\nvalue hedge
\nadjustments
\nincluded in
\nthe carrying
\namount of the
\nhedged item
\nChanges in fair
\nvalue used for
\ncalculating hedge
\nine\ufb00ectiveness
\n(Note 16(c))
\nUS$m
\nLiabilities
Liabilities
\nUS$m
US$m
US$m
US$m
\nFair value hedges
\nInterest rate risk
\nBorrowings
(1,073)
(93)
(59)
(1,165)
(31)
(69)
\nForeign exchange risk
\nBorrowings
(814)
(37)
(35)
(886)
(5)
(51)
\nCash \ufb02ow hedge
\nForeign exchange risk
\nBorrowings
(496)
n/a
(38)
(525)
n/a
(24)
\nThe hedging reserve at 31 March 2023 includes a debit of US$4m (2022: credit of US$4m) in respect of the cash \ufb02ow hedge. Borrowings are reported
\nwithin Borrowings in the Group balance sheet.
\n\n
\n
(f) Impact of hedge ine\ufb00ectiveness
\nFair value hedges (Note 16(c))
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest rate risk
(1)
(7)
\nForeign exchange risk
(4)
4
\nGains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(5)
(3)
\nHedge ine\ufb00ectiveness is reported within Net \ufb01nance costs in the Group income statement.
\n(g) Analysis by valuation method for put options and items measured at fair value
\n2023
2022
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nFinancial assets:
\nNon-hedging derivatives
\u2014
139
\u2014
139
\u2014
69
\u2014
69
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
\u2014
16
16
\u2014
\u2014
18
18
\nFinancial assets at fair value through pro\ufb01t or loss (note 31(b))
\u2014
139
16
155
\u2014
69
18
87
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
13
\nListed and trade investments
61
\u2014
252
313
67
\u2014
295
362
\nFinancial assets revalued through OCI (note 31(a))
61
\u2014
252
313
67
13
295
375
\n61
139
268
468
67
82
313
462
\nFinancial liabilities:
\nDerivatives used for hedging \u2013 fair value hedges
\u2014
(124)
\u2014
(124)
\u2014
(34)
\u2014
(34)
\nNon-hedging derivatives
\u2014
(20)
\u2014
(20)
\u2014
(24)
\u2014
(24)
\nOther liabilities at fair value through pro\ufb01t or loss
\u2014
\u2014
(139)
(139)
\u2014
\u2014
(107)
(107)
\nFinancial liabilities at fair value through pro\ufb01t or loss (note 31(b))
\u2014
(144)
(139)
(283)
\u2014
(58)
(107)
(165)
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
(24)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\nOptions in respect of non-controlling interests
\u2014
\u2014
(33)
(33)
\u2014
\u2014
(190)
(190)
\n\u2014
(168)
(172)
(340)
\u2014
(58)
(297)
(355)
\nNet \ufb01nancial assets/(liabilities)
61
(29)
96
128
67
24
16
107
\n1
Derivatives designated as a cash \ufb02ow hedge are revalued through OCI.
\nThe analysis by level is a requirement of IFRS 13 and the de\ufb01nitions are summarised here for completeness:
\na
assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
\nLevel 1;
\na
assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable for the
\nasset or liability, are classi\ufb01ed as Level 2; and
\na
assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
\nLevel 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
\nassociated with corporate transactions.
\nUnlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has occurred.
\nThe inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s equity and
\nestimated discounted cash \ufb02ows that will arise from the investment. Valuations of material contingent consideration, and put options associated with
\ncorporate transactions, are based on Monte Carlo simulations using the most recent management expectations of relevant business performance,
\nre\ufb02ecting the di\ufb00erent contractual arrangements in place.
\nThere would be no material e\ufb00ect on the amounts stated from any reasonably possible change in such inputs at 31 March 2023. There were no transfers
\nbetween levels during the year. In the year ended 31 March 2022 a Level 3 investment was reclassi\ufb01ed to Level 1. Further details are provided in note
\n31(h).
\n
\n
\n
\n
\n
\n
\n(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\nYear ended 31 March 2023
Year ended 31 March 2022
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
295
18
(107)
(190)
16
164
12
(66)
(220)
(110)
\nAdditions
\n1,2
\n14
1
(35)
(11)
(31)
24
8
(46)
(11)
(25)
\nReclassi\ufb01cation of associate to trade
\ninvestment (note 24)
\u2014
\u2014
\u2014
\u2014
\u2014
138
\u2014
\u2014
\u2014
138
\nReclassi\ufb01cation of Level 3 investment to
\nLevel 1
\n3
\n\u2014
\u2014
\u2014
\u2014
\u2014
(30)
\u2014
\u2014
\u2014
(30)
\nDisposals
\n4
\n(6)
\u2014
\u2014
\u2014
(6)
(12)
\u2014
\u2014
\u2014
(12)
\nSettlement of contingent consideration
\u2014
\u2014
40
\u2014
40
\u2014
\u2014
36
\u2014
36
\nCash payment on exercise of put options
\n5
\n\u2014
\u2014
\u2014
133
133
\u2014
\u2014
\u2014
4
4
\nAdjustment to the fair value of contingent
\nconsideration
\n2
\n\u2014
\u2014
(45)
\u2014
(45)
\u2014
\u2014
(26)
\u2014
(26)
\nValuation gains/(losses) recognised in the
\nGroup income statement
\n6
\n\u2014
(2)
\u2014
26
24
\u2014
\u2014
\u2014
29
29
\nValuation (losses)/gains recognised in OCI
(52)
\u2014
\u2014
\u2014
(52)
10
\u2014
\u2014
\u2014
10
\nCurrency translation gains/(losses)
\nrecognised directly in OCI
\u2014
\u2014
4
9
13
(2)
\u2014
(6)
8
\u2014
\nOther
1
(1)
4
\u2014
4
3
(2)
1
\u2014
2
\nAt 31 March
252
16
(139)
(33)
96
295
18
(107)
(190)
16
\n1
Additions to put options in the year ended 31 March 2023 comprised US$11m in respect of the acquisition of APC Bur\u00f3, and in the year ended 31 March 2022 included US$13m in respect of the acquisition of
\nServicios de Informaci\u00f3n Avanzada Comercial Y\u00a0Financiera S.A. (Sinaco\ufb01 Bur\u00f3).
\n2
Additions to contingent consideration comprised US$35m (2022: US$46m) in respect of acquisitions. Contingent consideration in relation to the acquisition of Tax Credit Co, LLC (TCC) in FY22 increased by US$49m
\nfollowing fair value adjustments recognised in the year, which are determined by revenue and pro\ufb01t performance up to and including FY25. This was o\ufb00set by a reduction in the fair value of contingent consideration
\non other acquisitions of US$4m. There are limits in place for contingent consideration payments, including up to US$80m in respect of TCC. Contingent liabilities are revalued at each reporting date based on current
\nprojections of their associated targets, with any fair value remeasurements recognised as a non-benchmark item in the Group income statement (note 15(a)).
\n3
Our investment in Grab Holdings Limited was reclassi\ufb01ed as a Level 1 investment following Nasdaq listing in the year ended 31 March 2022.
\n4
During the year ended 31 March 2023, we disposed of a trade investment valued at US$6m, US$3m of the consideration is deferred.
\n5
The cash payment on exercise of put options in the year ended 31 March 2023, relates to the purchase of the remaining 40% stake in the Arvato Financial Solutions Risk Management Division.
\n6
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
\n32. Fair value methodology
\nInformation in respect of the carrying amounts and the fair value of borrowings is included in note 28(a). There are no material di\ufb00erences between the
\ncarrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
\nand methods are used to estimate the fair values:
\na
the fair values of receivables, payables and cash and cash equivalents are considered to approximate to the carrying amounts;
\na
the fair values of short-term borrowings, other than bonds, are considered to approximate to the carrying amounts due to the short maturity terms of
\nsuch instruments;
\na
the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
\nLevel 1 of the IFRS 13 fair value hierarchy;
\na
the fair value of listed investments is based on quoted market prices, employing a valuation methodology falling within Level 1 of the IFRS 13 fair
\nvalue hierarchy;
\na
the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount; and
\na
the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, using a valuation methodology falling
\nwithin Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments and contingent consideration which use a valuation
\nmethodology falling within Level 3 of the IFRS 13 fair value hierarchy.
\nThe Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present, the
\nimpact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f30798": {
"value": "(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty Assets
Liabilities
\n2023
\nUS$m
\n2022
\nUS$m
\n2023
\nUS$m
\n2022
\nUS$m
\nReported in the Group balance sheet
139
82
168
58
\nRelated amounts not o\ufb00set in the Group balance sheet
(86)
(44)
(86)
(44)
\nNet amount
53
38
82
14
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f31250": {
"value": "(g) Analysis by valuation method for put options and items measured at fair value 2023
2022
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nFinancial assets:
\nNon-hedging derivatives
\u2014
139
\u2014
139
\u2014
69
\u2014
69
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
\u2014
16
16
\u2014
\u2014
18
18
\nFinancial assets at fair value through pro\ufb01t or loss (note 31(b))
\u2014
139
16
155
\u2014
69
18
87
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
13
\nListed and trade investments
61
\u2014
252
313
67
\u2014
295
362
\nFinancial assets revalued through OCI (note 31(a))
61
\u2014
252
313
67
13
295
375
\n61
139
268
468
67
82
313
462
\nFinancial liabilities:
\nDerivatives used for hedging \u2013 fair value hedges
\u2014
(124)
\u2014
(124)
\u2014
(34)
\u2014
(34)
\nNon-hedging derivatives
\u2014
(20)
\u2014
(20)
\u2014
(24)
\u2014
(24)
\nOther liabilities at fair value through pro\ufb01t or loss
\u2014
\u2014
(139)
(139)
\u2014
\u2014
(107)
(107)
\nFinancial liabilities at fair value through pro\ufb01t or loss (note 31(b))
\u2014
(144)
(139)
(283)
\u2014
(58)
(107)
(165)
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
(24)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\nOptions in respect of non-controlling interests
\u2014
\u2014
(33)
(33)
\u2014
\u2014
(190)
(190)
\n\u2014
(168)
(172)
(340)
\u2014
(58)
(297)
(355)
\nNet \ufb01nancial assets/(liabilities)
61
(29)
96
128
67
24
16
107
1
Derivatives designated as a cash \ufb02ow hedge are revalued through OCI.
\nThe analysis by level is a requirement of IFRS 13 and the de\ufb01nitions are summarised here for completeness:
\na
assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
\nLevel 1;
\na
assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable for the
\nasset or liability, are classi\ufb01ed as Level 2; and
\na
assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
\nLevel 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
\nassociated with corporate transactions.
\nUnlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has occurred.
\nThe inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s equity and
\nestimated discounted cash \ufb02ows that will arise from the investment. Valuations of material contingent consideration, and put options associated with
\ncorporate transactions, are based on Monte Carlo simulations using the most recent management expectations of relevant business performance,
\nre\ufb02ecting the di\ufb00erent contractual arrangements in place.
\nThere would be no material e\ufb00ect on the amounts stated from any reasonably possible change in such inputs at 31 March 2023. There were no transfers
\nbetween levels during the year. In the year ended 31 March 2022 a Level 3 investment was reclassi\ufb01ed to Level 1. Further details are provided in note
\n31(h).
\n
\n
\n
\n
\n
\n
\n(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\nYear ended 31 March 2023
Year ended 31 March 2022
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
295
18
(107)
(190)
16
164
12
(66)
(220)
(110)
\nAdditions
\n1,2
\n14
1
(35)
(11)
(31)
24
8
(46)
(11)
(25)
\nReclassi\ufb01cation of associate to trade
\ninvestment (note 24)
\u2014
\u2014
\u2014
\u2014
\u2014
138
\u2014
\u2014
\u2014
138
\nReclassi\ufb01cation of Level 3 investment to
\nLevel 1
\n3
\n\u2014
\u2014
\u2014
\u2014
\u2014
(30)
\u2014
\u2014
\u2014
(30)
\nDisposals
\n4
\n(6)
\u2014
\u2014
\u2014
(6)
(12)
\u2014
\u2014
\u2014
(12)
\nSettlement of contingent consideration
\u2014
\u2014
40
\u2014
40
\u2014
\u2014
36
\u2014
36
\nCash payment on exercise of put options
\n5
\n\u2014
\u2014
\u2014
133
133
\u2014
\u2014
\u2014
4
4
\nAdjustment to the fair value of contingent
\nconsideration
\n2
\n\u2014
\u2014
(45)
\u2014
(45)
\u2014
\u2014
(26)
\u2014
(26)
\nValuation gains/(losses) recognised in the
\nGroup income statement
\n6
\n\u2014
(2)
\u2014
26
24
\u2014
\u2014
\u2014
29
29
\nValuation (losses)/gains recognised in OCI
(52)
\u2014
\u2014
\u2014
(52)
10
\u2014
\u2014
\u2014
10
\nCurrency translation gains/(losses)
\nrecognised directly in OCI
\u2014
\u2014
4
9
13
(2)
\u2014
(6)
8
\u2014
\nOther
1
(1)
4
\u2014
4
3
(2)
1
\u2014
2
\nAt 31 March
252
16
(139)
(33)
96
295
18
(107)
(190)
16
\n1
Additions to put options in the year ended 31 March 2023 comprised US$11m in respect of the acquisition of APC Bur\u00f3, and in the year ended 31 March 2022 included US$13m in respect of the acquisition of
\nServicios de Informaci\u00f3n Avanzada Comercial Y\u00a0Financiera S.A. (Sinaco\ufb01 Bur\u00f3).
\n2
Additions to contingent consideration comprised US$35m (2022: US$46m) in respect of acquisitions. Contingent consideration in relation to the acquisition of Tax Credit Co, LLC (TCC) in FY22 increased by US$49m
\nfollowing fair value adjustments recognised in the year, which are determined by revenue and pro\ufb01t performance up to and including FY25. This was o\ufb00set by a reduction in the fair value of contingent consideration
\non other acquisitions of US$4m. There are limits in place for contingent consideration payments, including up to US$80m in respect of TCC. Contingent liabilities are revalued at each reporting date based on current
\nprojections of their associated targets, with any fair value remeasurements recognised as a non-benchmark item in the Group income statement (note 15(a)).
\n3
Our investment in Grab Holdings Limited was reclassi\ufb01ed as a Level 1 investment following Nasdaq listing in the year ended 31 March 2022.
\n4
During the year ended 31 March 2023, we disposed of a trade investment valued at US$6m, US$3m of the consideration is deferred.
\n5
The cash payment on exercise of put options in the year ended 31 March 2023, relates to the purchase of the remaining 40% stake in the Arvato Financial Solutions Risk Management Division.
\n6
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
\n32. Fair value methodology
\nInformation in respect of the carrying amounts and the fair value of borrowings is included in note 28(a). There are no material di\ufb00erences between the
\ncarrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
\nand methods are used to estimate the fair values:
\na
the fair values of receivables, payables and cash and cash equivalents are considered to approximate to the carrying amounts;
\na
the fair values of short-term borrowings, other than bonds, are considered to approximate to the carrying amounts due to the short maturity terms of
\nsuch instruments;
\na
the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
\nLevel 1 of the IFRS 13 fair value hierarchy;
\na
the fair value of listed investments is based on quoted market prices, employing a valuation methodology falling within Level 1 of the IFRS 13 fair
\nvalue hierarchy;
\na
the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount; and
\na
the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, using a valuation methodology falling
\nwithin Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments and contingent consideration which use a valuation
\nmethodology falling within Level 3 of the IFRS 13 fair value hierarchy.
\nThe Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present, the
\nimpact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f31252": {
"value": "2023
2022
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nLevel 1
\nUS$m
\nLevel 2
\nUS$m
\nLevel 3
\nUS$m
\nTotal
\nUS$m
\nFinancial assets:
\nNon-hedging derivatives
\u2014
139
\u2014
139
\u2014
69
\u2014
69
\nOther \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014
\u2014
16
16
\u2014
\u2014
18
18
\nFinancial assets at fair value through pro\ufb01t or loss (note 31(b))
\u2014
139
16
155
\u2014
69
18
87
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
\u2014
\u2014
\u2014
\u2014
13
\u2014
13
\nListed and trade investments
61
\u2014
252
313
67
\u2014
295
362
\nFinancial assets revalued through OCI (note 31(a))
61
\u2014
252
313
67
13
295
375
\n61
139
268
468
67
82
313
462
\nFinancial liabilities:
\nDerivatives used for hedging \u2013 fair value hedges
\u2014
(124)
\u2014
(124)
\u2014
(34)
\u2014
(34)
\nNon-hedging derivatives
\u2014
(20)
\u2014
(20)
\u2014
(24)
\u2014
(24)
\nOther liabilities at fair value through pro\ufb01t or loss
\u2014
\u2014
(139)
(139)
\u2014
\u2014
(107)
(107)
\nFinancial liabilities at fair value through pro\ufb01t or loss (note 31(b))
\u2014
(144)
(139)
(283)
\u2014
(58)
(107)
(165)
\nDerivatives used for hedging \u2013 cash \ufb02ow hedge
\n1
\n\u2014
(24)
\u2014
(24)
\u2014
\u2014
\u2014
\u2014
\nOptions in respect of non-controlling interests
\u2014
\u2014
(33)
(33)
\u2014
\u2014
(190)
(190)
\n\u2014
(168)
(172)
(340)
\u2014
(58)
(297)
(355)
\nNet \ufb01nancial assets/(liabilities)
61
(29)
96
128
67
24
16
107
Year ended 31 March 2023
Year ended 31 March 2022
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nFinancial
\nassets
\nrevalued
\nthrough
\nOCI
\nUS$m
\nOther
\n\ufb01nancial
\nassets
\nat FVPL
\nUS$m
\nContingent
\nconsideration
\nUS$m
\nPut
\noptions
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
295
18
(107)
(190)
16
164
12
(66)
(220)
(110)
\nAdditions
\n1,2
\n14
1
(35)
(11)
(31)
24
8
(46)
(11)
(25)
\nReclassi\ufb01cation of associate to trade
\ninvestment (note 24)
\u2014
\u2014
\u2014
\u2014
\u2014
138
\u2014
\u2014
\u2014
138
\nReclassi\ufb01cation of Level 3 investment to
\nLevel 1
\n3
\n\u2014
\u2014
\u2014
\u2014
\u2014
(30)
\u2014
\u2014
\u2014
(30)
\nDisposals
\n4
\n(6)
\u2014
\u2014
\u2014
(6)
(12)
\u2014
\u2014
\u2014
(12)
\nSettlement of contingent consideration
\u2014
\u2014
40
\u2014
40
\u2014
\u2014
36
\u2014
36
\nCash payment on exercise of put options
\n5
\n\u2014
\u2014
\u2014
133
133
\u2014
\u2014
\u2014
4
4
\nAdjustment to the fair value of contingent
\nconsideration
\n2
\n\u2014
\u2014
(45)
\u2014
(45)
\u2014
\u2014
(26)
\u2014
(26)
\nValuation gains/(losses) recognised in the
\nGroup income statement
\n6
\n\u2014
(2)
\u2014
26
24
\u2014
\u2014
\u2014
29
29
\nValuation (losses)/gains recognised in OCI
(52)
\u2014
\u2014
\u2014
(52)
10
\u2014
\u2014
\u2014
10
\nCurrency translation gains/(losses)
\nrecognised directly in OCI
\u2014
\u2014
4
9
13
(2)
\u2014
(6)
8
\u2014
\nOther
1
(1)
4
\u2014
4
3
(2)
1
\u2014
2
\nAt 31 March
252
16
(139)
(33)
96
295
18
(107)
(190)
16
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f31708": {
"value": "33. Contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities At 31 March 2023
\nLess than
\none year
\nUS$m
\nOne to
\ntwo years
\nUS$m
\nTwo to
\nthree years
\nUS$m
\nThree to
\nfour years
\nUS$m
\nFour to
\n\ufb01ve years
\nUS$m
\nOver
\n\ufb01ve years
\nUS$m
\nTotal
\nUS$m
\nBorrowings
252
706
601
636
80
2,542
4,817
\nNet settled derivative \ufb01nancial instruments \u2013 interest rate swaps
19
18
16
16
16
26
111
\nGross settled derivative \ufb01nancial instruments:
\nOut\ufb02ows for derivative contracts
229
436
546
510
\u2014
\u2014
1,721
\nIn\ufb02ows for derivative contracts
(194)
(390)
(506)
(497)
\u2014
\u2014
(1,587)
\nGross settled derivative \ufb01nancial instruments
35
46
40
13
\u2014
\u2014
134
\nOptions in respect of non-controlling interests
\u2014
\u2014
9
11
\u2014
13
33
\nTrade and other payables
793
32
17
2
3
\u2014
847
\nCash out\ufb02ows
1,099
802
683
678
99
2,581
5,942
\nAt 31 March 2022
\nLess than
\none year
\nUS$m
\nOne to
\ntwo years
\nUS$m
\nTwo to
\nthree years
\nUS$m
\nThree to
\nfour years
\nUS$m
\nFour to
\n\ufb01ve years
\nUS$m
\nOver
\n\ufb01ve years
\nUS$m
\nTotal
\nUS$m
\nBorrowings
146
141
647
625
642
2,609
4,810
\nNet settled derivative \ufb01nancial instruments \u2013 interest rate swaps
6
5
\u2014
(1)
(1)
(7)
2
\nGross settled derivative \ufb01nancial instruments:
\nOut\ufb02ows for derivative contracts
861
19
411
12
506
\u2014
1,809
\nIn\ufb02ows for derivative contracts
(839)
(15)
(409)
(7)
(506)
\u2014
(1,776)
\nGross settled derivative \ufb01nancial instruments
22
4
2
5
\u2014
\u2014
33
\nOptions in respect of non-controlling interests
2
\u2014
\u2014
8
168
18
196
\nTrade and other payables
604
74
4
1
8
3
694
\nCash out\ufb02ows
780
224
653
638
817
2,623
5,735
\nThe table above analyses \ufb01nancial liabilities into maturity groupings, based on the period from the balance sheet date to the contractual maturity date.
\nAs the amounts disclosed are the contractual undiscounted cash \ufb02ows, they di\ufb00er from the carrying values and fair values. Contractual undiscounted
\nfuture cash out\ufb02ows for derivative \ufb01nancial liabilities in total amount to US$245m (2022: US$35m). ",
"dimensions": {
"concept": "exp:DisclosureOfMaturityAnalysisForFinancialLiabilitiesTextBlock",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f31900": {
"value": "34. Share incentive plans (a) Cost of share-based compensation
\n2023
\nUS$m
\n2022
\nUS$m
\nShare awards
121
142
\nShare options
8
7
\nExpense recognised (all equity-settled)
129
149
\nCharge for associated social security obligations
13
9
\nTotal expense recognised in the Group income statement
142
158
\nThe Group has a number of equity-settled, share-based employee incentive plans. Further information on share award arrangements is given in note
\n34(b). As the numbers of share options granted or outstanding and the related charge to the Group income statement are not signi\ufb01cant, no further
\ndisclosures are included in these \ufb01nancial statements.
\n(b) Share awards
\n(i) Summary of arrangements and performance conditions
\nThere are three plans under which share awards are currently granted \u2013 the two Experian Co-investment Plans (the CIP) and the Experian Performance
\nShare Plan (the PSP). Awards typically take the form of a grant of free shares which vest over a service period of three years, with a maximum term
\ngenerally of the same length, and are settled by share distribution. The assumption at grant date for employee departures prior to vesting is 20% for
\ncertain unconditional awards, which are only made under the PSP. Other details in respect of conditional awards are given below.
\nDuring the year ended 31 March 2021, a one-o\ufb00 award was made under the PSP to employees who are not eligible to participate in existing share award
\nschemes. These awards had no service or performance conditions attached and vested immediately. Participants who hold the shares received for three
\nyears will be entitled to receive two matching shares for each share they originally received. The grant date assumption is that 30% of these matching
\nawards will not vest.
\nCIP
\nFor the purposes of IFRS 2, the grant date for these plans is the start of the \ufb01nancial year in which performance is assessed. This is before the number
\nof\u00a0shares to be awarded is determined but the underlying value of the award is known, subject to the outcome of the performance condition. The value
\nof\u00a0awarded shares re\ufb02ects the performance outcome assumed at the date of their issue to participants and is recognised over a four-year period.
\nThe range of performance conditions for awards under these plans is set out below. The Pro\ufb01t performance condition requires adjusted Benchmark
\nEPS\u00a0growth at the stated percentages over a three-year period. The cumulative Benchmark operating cash \ufb02ow performance condition (the Cash \ufb02ow
\ncondition) is based on cumulative Benchmark operating cash \ufb02ow over a three-year period. The period of assessment commences at the beginning
\nof\u00a0the \ufb01nancial year of grant. These are not market-based performance conditions as de\ufb01ned by IFRS 2.
\nPSP
\nThe range of Pro\ufb01t performance conditions for conditional awards under this plan is the same as those for the CIP described above. The Return on
\nCapital Employed condition (ROCE condition) requires average ROCE over the period at the percentages stated below. Both these conditions are not
\nmarket-based performance conditions as de\ufb01ned by IFRS 2 and are also measured over a three-year period commencing at the beginning of the
\n\ufb01nancial year of grant.
\nThe TSR performance condition is considered a market-based performance condition as de\ufb01ned by IFRS 2. In valuing the awarded shares, TSR is
\nevaluated using a Monte Carlo simulation, with historical volatilities and correlations for comparator companies measured over the three-year period
\npreceding valuation and an implied volatility for Experian plc ordinary shares.
\nExperian plc
\n
Year ended
\n31 March 2023
31 March 2022
31 March 2021
\nCIP
PSP
CIP
PSP
CIP
PSP
\nPro\ufb01t condition:
\nProportion of awards subject to
\ncondition
50%
50%
50%
50%
50%
50%
\nMinimum payout requirement
6% per annum
6% per annum
5% per annum
5% per annum
3% per annum
3% per annum
\nTarget payout requirement
8% per annum
8% per annum
7% per annum
7% per annum
4% per annum
4% per annum
\nMaximum payout requirement
10% per annum
10% per annum
10% per annum
10% per annum
7% per annum
7% per annum
\nAssumed outcome at grant date
75.0%
75.0%
66.7%
66.7%
77.8%
77.8%
\nCash \ufb02ow condition:
\nProportion of awards subject to
\ncondition
50%
50%
50%
\nMinimum payout requirement
US$5.0bn
US$4.0bn
US$3.7bn
\nTarget payout requirement
US$5.2bn
US$4.2bn
US$3.8bn
\nMaximum payout requirement
US$5.4bn
US$4.4bn
US$4.1bn
\nAssumed outcome at grant date
76.5%
64.5%
77.8%
\nROCE condition:
\nProportion of awards subject to
\ncondition
25%
25%
25%
\nMinimum payout requirement
14.5% per annum
14.5% per annum
14.5% per annum
\nTarget payout requirement
15.4% per annum
15.4% per annum
15.4% per annum
\nMaximum payout requirement
16.0% per annum
16.0% per annum
16.0% per annum
\nAssumed outcome at grant date
64%
72%
83%
\nTSR condition:
\nProportion of awards subject to
\ncondition
25%
25%
25%
\nAssumed outcome at grant date
61.8%
61.8%
61.8%
\n(ii) Information on share grant valuations
\nShare grants are valued by reference to the market price on the day of award, with no modi\ufb01cation for dividend distributions or other factors, as
\nparticipants are entitled to dividend distributions on awarded shares. Market-based performance conditions are included in the fair value measurement
\non the grant date and are not revised for actual performance. Awards granted in the year ended 31 March 2023 had a weighted average fair value per
\nshare of \u00a324.65 (2022: \u00a327.25).
\n(iii) Share awards outstanding
\n2023
\nmillion
\n2022
\nmillion
\nAt 1 April
11.1
10.9
\nGrants
5.4
4.6
\nForfeitures
(0.6)
(0.8)
\nLapse of awards
\u2014
(0.3)
\nVesting
(3.7)
(3.3)
\nAt 31 March
12.2
11.1
\nAnalysis by plan:
\nCIP
3.9
3.6
\nPSP \u2013 conditional awards
2.9
2.7
\nPSP \u2013 unconditional awards
5.4
4.8
\nAt 31 March
12.2
11.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f32961": {
"value": "(b) Net current tax assets/(liabilities) Notes
\n2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
(72)
(142)
\nDi\ufb00erences on exchange
(3)
3
\nTax charge in the Group income statement \u2013 continuing operations
17(a)
(521)
(314)
\nTax credit in the Group income statement \u2013 discontinued operations
18
\u2014
16
\nTax recognised directly in equity on transactions with owners
(5)
(1)
\nOther tax paid
525
366
\nTransfers
(9)
\u2014
\nAt 31 March
(85)
(72)
\nPresented in the Group balance sheet as:
\nCurrent tax assets
50
37
\nCurrent tax liabilities
(135)
(109)
\n(85)
(72)
\nTax recognised directly in equity on transactions with owners relates to employee share incentive plans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33020": {
"value": "38. Provisions 2023
2022
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nRestructuring
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
2
14
\u2014
21
37
2
8
17
27
\nDi\ufb00erences on exchange
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
3
3
\nAmounts charged in the year
26
\u2014
15
4
45
2
6
5
13
\nUtilised
(3)
(14)
(2)
(3)
(22)
(2)
\u2014
(4)
(6)
\nAt 31 March
25
\u2014
13
21
59
2
14
21
37
\nPresented in the Group balance sheet as:
\nCurrent provisions
25
\u2014
13
18
56
2
14
17
33
\nNon-current provisions
\u2014
\u2014
\u2014
3
3
\u2014
\u2014
4
4
\n25
\u2014
13
21
59
2
14
21
37
\nA charge for legal costs of US$26m has been recognised in respect of a number of historical legal claims in North America, o\ufb00set by insurance
\nrecoveries of US$29m.
\nIn September 2015, Experian North America su\ufb00ered an unauthorised intrusion to its Decision Analytics computing environment that allowed
\nunauthorised acquisition of certain data belonging to a client, T-Mobile USA, Inc. We noti\ufb01ed the individuals who may have been a\ufb00ected and o\ufb00ered free
\ncredit monitoring and identity theft resolution services. In addition, government agencies were noti\ufb01ed as required by law. The one remaining claim in
\nrespect of the incident was settled during the year for US$14m.
\nA charge of US$15m was incurred in the year in connection with restructuring, primarily in the EMEA and Asia Paci\ufb01c regions (note 15(d)).
\nOther liabilities principally comprise liabilities of Serasa S.A., in connection with local legal and tax issues, which were primarily recognised on its
\nacquisition in 2007.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33022": {
"value": "2023
2022
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nRestructuring
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
2
14
\u2014
21
37
2
8
17
27
\nDi\ufb00erences on exchange
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
3
3
\nAmounts charged in the year
26
\u2014
15
4
45
2
6
5
13
\nUtilised
(3)
(14)
(2)
(3)
(22)
(2)
\u2014
(4)
(6)
\nAt 31 March
25
\u2014
13
21
59
2
14
21
37
\nPresented in the Group balance sheet as:
\nCurrent provisions
25
\u2014
13
18
56
2
14
17
33
\nNon-current provisions
\u2014
\u2014
\u2014
3
3
\u2014
\u2014
4
4
\n25
\u2014
13
21
59
2
14
21
37
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33023": {
"value": "2023
2022
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nRestructuring
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nNorth
\nAmerica
\nlegal
\nclaims
\nUS$m
\nNorth
\nAmerica
\nsecurity
\nincident
\ncosts
\nUS$m
\nOther
\nliabilities
\nUS$m
\nTotal
\nUS$m
\nAt 1 April
2
14
\u2014
21
37
2
8
17
27
\nDi\ufb00erences on exchange
\u2014
\u2014
\u2014
(1)
(1)
\u2014
\u2014
3
3
\nAmounts charged in the year
26
\u2014
15
4
45
2
6
5
13
\nUtilised
(3)
(14)
(2)
(3)
(22)
(2)
\u2014
(4)
(6)
\nAt 31 March
25
\u2014
13
21
59
2
14
21
37
\nPresented in the Group balance sheet as:
\nCurrent provisions
25
\u2014
13
18
56
2
14
17
33
\nNon-current provisions
\u2014
\u2014
\u2014
3
3
\u2014
\u2014
4
4
\n25
\u2014
13
21
59
2
14
21
37
Other liabilities principally comprise liabilities of Serasa S.A., in connection with local legal and tax issues, which were primarily recognised on its
\nacquisition in 2007.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33154": {
"value": "39. Called-up share capital and share premium account At 31 March 2023, there were 971.4m shares in issue (2022: 970.6m). During the year ended 31 March 2023, 0.8m (2022: 1.0m) shares were issued and
\nnone (2022: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
\nThe di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share premium
\naccount arose due to translation of pound sterling amounts into the US dollar at various exchange rates on various translation dates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33155": {
"value": "39. Called-up share capital and share premium account At 31 March 2023, there were 971.4m shares in issue (2022: 970.6m). During the year ended 31 March 2023, 0.8m (2022: 1.0m) shares were issued and
\nnone (2022: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
\nThe di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share premium
\naccount arose due to translation of pound sterling amounts into the US dollar at various exchange rates on various translation dates.
\n40. Retained earnings and other reserves
\n(a) Retained earnings
\nRetained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual or
\nexchange control restrictions on distributions by Group undertakings.
\n(b) Other reserves
\n(i) Movements in reserves
\nMerger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(45)
(45)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(149)
(149)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
50
50
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(38)
\u2014
\u2014
(38)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
30
\u2014
\u2014
30
\nCurrency translation losses
\u2014
\u2014
(197)
\u2014
(197)
\nAt 31 March 2023
(15,682)
7
(1,465)
(1,273)
(18,413)
\n
\n
\nMerger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2021
(15,682)
13
(1,303)
(1,006)
(17,978)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(61)
(61)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(111)
(111)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
49
49
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(24)
\u2014
\u2014
(24)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
26
\u2014
\u2014
26
\nCurrency translation gains
\u2014
\u2014
35
\u2014
35
\nAt 31 March 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
\n(ii) Nature of reserves
\nThe merger reserve arose on the demerger from GUS plc in 2006 and is the di\ufb00erence between the share capital and share premium of GUS plc and the
\nnominal value of the share capital of the Company before a share o\ufb00er at that date.
\nMovements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of foreign
\nexchange risk, which are not charged or credited to the Group income statement, net of related tax.
\nMovements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
\ncharged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2023 comprises currency translation
\nlosses of US$197m (2022: gains of US$35m) recognised directly in Other comprehensive income.
\nThe balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 40(b)(iii). The di\ufb00erence
\nbetween the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of pound sterling
\namounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
\n(iii) Movements in own shares held and own shares reserve
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
49
8
57
887
242
1,129
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
45
45
\nPurchase of shares held as treasury shares
4
\u2014
4
149
\u2014
149
\nOther vesting of awards and exercises of share
\noptions
(1)
(3)
(4)
(13)
(37)
(50)
\nAt 31 March 2023
52
7
59
1,023
250
1,273
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
52
4
56
871
135
1,006
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
61
61
\nPurchase of shares held as treasury shares
3
\u2014
3
111
\u2014
111
\nTransfers
(6)
6
\u2014
(87)
87
\u2014
\nOther vesting of awards and exercises of share
\noptions
\u2014
(4)
(4)
(8)
(41)
(49)
\nAt 31 March 2022
49
8
57
887
242
1,129",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33164": {
"value": "40. Retained earnings and other reserves (a) Retained earnings
\nRetained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual or
\nexchange control restrictions on distributions by Group undertakings.
\n(b) Other reserves
\n(i) Movements in reserves
\nMerger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(45)
(45)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(149)
(149)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
50
50
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(38)
\u2014
\u2014
(38)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
30
\u2014
\u2014
30
\nCurrency translation losses
\u2014
\u2014
(197)
\u2014
(197)
\nAt 31 March 2023
(15,682)
7
(1,465)
(1,273)
(18,413)
\n
\n
\nMerger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2021
(15,682)
13
(1,303)
(1,006)
(17,978)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(61)
(61)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(111)
(111)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
49
49
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(24)
\u2014
\u2014
(24)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
26
\u2014
\u2014
26
\nCurrency translation gains
\u2014
\u2014
35
\u2014
35
\nAt 31 March 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
\n(ii) Nature of reserves
\nThe merger reserve arose on the demerger from GUS plc in 2006 and is the di\ufb00erence between the share capital and share premium of GUS plc and the
\nnominal value of the share capital of the Company before a share o\ufb00er at that date.
\nMovements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of foreign
\nexchange risk, which are not charged or credited to the Group income statement, net of related tax.
\nMovements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
\ncharged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2023 comprises currency translation
\nlosses of US$197m (2022: gains of US$35m) recognised directly in Other comprehensive income.
\nThe balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 40(b)(iii). The di\ufb00erence
\nbetween the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of pound sterling
\namounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
\n(iii) Movements in own shares held and own shares reserve
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
49
8
57
887
242
1,129
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
45
45
\nPurchase of shares held as treasury shares
4
\u2014
4
149
\u2014
149
\nOther vesting of awards and exercises of share
\noptions
(1)
(3)
(4)
(13)
(37)
(50)
\nAt 31 March 2023
52
7
59
1,023
250
1,273
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
52
4
56
871
135
1,006
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
61
61
\nPurchase of shares held as treasury shares
3
\u2014
3
111
\u2014
111
\nTransfers
(6)
6
\u2014
(87)
87
\u2014
\nOther vesting of awards and exercises of share
\noptions
\u2014
(4)
(4)
(8)
(41)
(49)
\nAt 31 March 2022
49
8
57
887
242
1,129",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33170": {
"value": "(i) Movements in reserves
\nMerger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(45)
(45)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(149)
(149)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
50
50
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(38)
\u2014
\u2014
(38)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
30
\u2014
\u2014
30
\nCurrency translation losses
\u2014
\u2014
(197)
\u2014
(197)
\nAt 31 March 2023
(15,682)
7
(1,465)
(1,273)
(18,413)
Merger
\nreserve
\nUS$m
\nHedging
\nreserve
\nUS$m
\nTranslation
\nreserve
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal other
\nreserves
\nUS$m
\nAt 1 April 2021
(15,682)
13
(1,303)
(1,006)
(17,978)
\nPurchase of shares by employee trusts
\u2014
\u2014
\u2014
(61)
(61)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(111)
(111)
\nOther vesting of awards and exercises of share options
\u2014
\u2014
\u2014
49
49
\nChange in the fair value of hedging instruments recognised in OCI
\u2014
(24)
\u2014
\u2014
(24)
\nAmounts reclassi\ufb01ed from OCI to the Group income statement
\u2014
26
\u2014
\u2014
26
\nCurrency translation gains
\u2014
\u2014
35
\u2014
35
\nAt 31 March 2022
(15,682)
15
(1,268)
(1,129)
(18,064)
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 40(b)(iii). The di\ufb00erence
\nbetween the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of pound sterling
\namounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
\n(iii) Movements in own shares held and own shares reserve
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
49
8
57
887
242
1,129
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
45
45
\nPurchase of shares held as treasury shares
4
\u2014
4
149
\u2014
149
\nOther vesting of awards and exercises of share
\noptions
(1)
(3)
(4)
(13)
(37)
(50)
\nAt 31 March 2023
52
7
59
1,023
250
1,273
\nNumber of own shares held
Cost of own shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
52
4
56
871
135
1,006
\nPurchase of shares by employee trusts
\u2014
2
2
\u2014
61
61
\nPurchase of shares held as treasury shares
3
\u2014
3
111
\u2014
111
\nTransfers
(6)
6
\u2014
(87)
87
\u2014
\nOther vesting of awards and exercises of share
\noptions
\u2014
(4)
(4)
(8)
(41)
(49)
\nAt 31 March 2022
49
8
57
887
242
1,129
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33457": {
"value": "41. Notes to the Group cash \ufb02ow statement (a) Cash generated from operations
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nPro\ufb01t before tax
1,174
1,447
\nShare of post-tax loss of associates
17
28
\nNet \ufb01nance expense/(income)
74
(59)
\nOperating pro\ufb01t
1,265
1,416
\nPro\ufb01t on disposal of property, plant and equipment
\u2014
(4)
\nNet loss on disposal of operations
15(b)
1
43
\nNet pro\ufb01t on disposal of associates
15(c), 24
(1)
(90)
\nImpairment of goodwill
21(a), 21(d)
179
\u2014
\nImpairment of other intangible assets
\n1
\n22
1
\u2014
\nAmortisation and depreciation
\n2
\n13
674
658
\nCharge in respect of share incentive plans
34(a)
129
149
\nDecrease in working capital
41(b)
30
58
\nAcquisition expenses \u2013 di\ufb00erence between income statement charge and amount paid
8
7
\nAdjustment to the fair value of contingent consideration
45
26
\nMovement in Exceptional and other non-benchmark items included in working capital
15
7
\nMovement in Exceptional items included in other intangible assets
12
\u2014
\nCash generated from operations
2,358
2,270
\n1
US$8m of the charge for impairment of internally generated software assets is recorded as exceptional as it relates to restructuring activity.
\n2
Amortisation and depreciation includes amortisation of acquisition intangibles of US$192m (2022: US$174m) which is excluded from Benchmark PBT.
\n(b) Decrease in working capital
\n2023
\nUS$m
\n2022
\nUS$m
\nTrade and other receivables
(171)
(143)
\nTrade and other payables
201
201
\nDecrease in working capital
30
58
\n(c) Purchase of other intangible assets
\n2023
\nUS$m
\n2022
\nUS$m
\nDatabases
190
180
\nInternally generated software
335
236
\nInternal use software
38
29
\nPurchase of other intangible assets
563
445
\n(d) Cash \ufb02ows on acquisitions (non-GAAP measure)
\n2023
\nUS$m
\n2022
\nUS$m
\nPurchase of subsidiaries (note 42(a))
268
706
\nLess: net cash acquired with subsidiaries (note 42(a))
(5)
(17)
\nSettlement of deferred and contingent consideration
46
47
\nAs reported in the Group cash \ufb02ow statement
309
736
\nAcquisition expenses paid
38
40
\nSettlement of put options held over shares in subsidiaries
133
4
\nTransactions in respect of non-controlling interests
\u2014
1
\nCash out\ufb02ow for acquisitions (non-GAAP measure)
480
781
\n
\n
\u00a0
(e) Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
\n2023
\nUS$m
\n2022
\nUS$m
\nIssue of ordinary shares
(19)
(24)
\nPurchase of shares by employee trusts
45
61
\nPurchase of shares held as treasury shares
149
109
\nPurchase of shares for Co-investment Plan delivery
\u2014
3
\nCash out\ufb02ow in respect of net share purchases (non-GAAP measure)
175
149
\nAs reported in the Group cash \ufb02ow statement:
\nCash in\ufb02ow in respect of shares issued
(19)
(24)
\nCash out\ufb02ow in respect of share purchases
194
173
\nCash out\ufb02ow in respect of net share purchases (non-GAAP measure)
175
149
\n(f) Analysis of cash and cash equivalents
\n2023
\nUS$m
\n2022
\nUS$m
\nCash and cash equivalents in the Group balance sheet
202
179
\nBank overdrafts
(4)
(3)
\nCash and cash equivalents in the Group cash \ufb02ow statement
198
176
\n(g) Reconciliation of Cash generated from operations to Benchmark operating cash \ufb02ow (non-GAAP measure)
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nCash generated from operations
41(a)
2,358
2,270
\nPurchase of other intangible assets
41(c)
(563)
(445)
\nPurchase of property, plant and equipment
(64)
(63)
\nSale of property, plant and equipment
\u2014
23
\nPrincipal lease payments
(57)
(57)
\nAcquisition expenses paid
38
40
\nDividends received from associates
2
13
\nCash \ufb02ows in respect of Exceptional and other non-benchmark items
39
19
\nBenchmark operating cash \ufb02ow (non-GAAP measure)
1,753
1,800
\nCash \ufb02ow conversion for the year ended 31 March 2023 was 98% (2022: 109%). Benchmark free cash \ufb02ow for the year ended 31 March 2023, as set out
\nin the Financial review within the Strategic report, was US$1,109m (2022: US$1,311m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33467": {
"value": "1174000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33469": {
"value": "1447000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33472": {
"value": "17000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33474": {
"value": "28000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33477": {
"value": "74000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33479": {
"value": "-59000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33482": {
"value": "1265000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33484": {
"value": "1416000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33487": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33489": {
"value": "-4000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33493": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForLossOnDisposalOfBusiness",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33495": {
"value": "43000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForLossOnDisposalOfBusiness",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33499": {
"value": "-1000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForNetProfitOnDisposalOfAssociates",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33501": {
"value": "-90000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForNetProfitOnDisposalOfAssociates",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33505": {
"value": "179000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33507": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossRecognisedInProfitOrLossGoodwill",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33512": {
"value": "1000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForImpairmentOfOtherIntangibleAssets",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33514": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForImpairmentOfOtherIntangibleAssets",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33519": {
"value": "674000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33521": {
"value": "658000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33525": {
"value": "129000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33527": {
"value": "149000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33531": {
"value": "30000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33533": {
"value": "58000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33536": {
"value": "8000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForAcquisitionExpensesDifferenceBetweenIncomeStatementChargeAndAmountPaid",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33538": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForAcquisitionExpensesDifferenceBetweenIncomeStatementChargeAndAmountPaid",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33541": {
"value": "45000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33543": {
"value": "26000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFairValueGainsLosses",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33546": {
"value": "15000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForMovementInExceptionalAndOtherNonBenchmarkItemsIncludedInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33548": {
"value": "7000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForMovementInExceptionalAndOtherNonBenchmarkItemsIncludedInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33551": {
"value": "12000000",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForMovementInExceptionalItemsIncludedInOtherIntangibleAssets",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33553": {
"value": "0",
"decimals": -6,
"dimensions": {
"concept": "exp:AdjustmentsForMovementInExceptionalItemsIncludedInOtherIntangibleAssets",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33556": {
"value": "2358000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33558": {
"value": "2270000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33570": {
"value": "-171000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33572": {
"value": "-143000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33575": {
"value": "201000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33577": {
"value": "201000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33580": {
"value": "30000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:USD"
}
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"f33582": {
"value": "58000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInWorkingCapital",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2021-04-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f33741": {
"value": "42. Acquisitions (a) Acquisitions in the year
\nThe Group made six acquisitions during the year ended 31 March 2023, including the acquisition on 4 April 2022 of the entire share capital of CIC Plus,
\nLLC and its a\ufb03liate Tayvah, LLC (together CIC Plus), a leading provider of employer compliance management solutions, for a cash consideration of
\nUS$188m. Goodwill of US$108m was recognised based on the fair value of the net assets acquired of US$80m. This investment supplements our
\nemployer services o\ufb00ering in the USA.
\nWe also purchased the remaining 40% interest in the Arvato Financial Solutions Risk Management Division, acquired in FY21, for US$133m (note 41(d)).
\nCIC Plus
\nUS$m
\nOther
\nUS$m
\nTotal
\nUS$m
\nIntangible assets:
\nCustomer and other relationships
51
19
70
\nSoftware development
20
35
55
\nMarketing-related acquisition intangibles
1
\u2014
1
\nOther non-acquisition intangibles
4
\u2014
4
\nIntangible assets
76
54
130
\nProperty, plant and equipment
\u2014
1
1
\nTrade and other receivables
9
4
13
\nCash and cash equivalents (note 41(d))
3
2
5
\nTrade and other payables
(8)
(3)
(11)
\nDeferred tax liabilities
\u2014
(4)
(4)
\nTotal identi\ufb01able net assets
80
54
134
\nGoodwill
108
72
180
\nTotal
188
126
314
\nSatis\ufb01ed by:
\nCash and cash equivalents (note 41(d))
188
80
268
\nPut options
\u2014
11
11
\nContingent consideration
\u2014
35
35
\nTotal
188
126
314
\nThese fair values are determined by using established estimation techniques including discounted cash \ufb02ow and option valuation models, such as the
\nmulti-period excess earnings method for customer and other relationships and the relief-from-royalty method for software development. The most
\nsigni\ufb01cant assumption is related to the proportion of earnings attributable to customer and other relationships and software development. For
\nsigni\ufb01cant acquisitions, we engage with third-party valuation experts to assist with this process.
\nFair values on the acquisition of CIC Plus have been \ufb01nalised, other amounts are provisional and will be \ufb01nalised no later than one year after the date of
\nacquisition. Provisional amounts; predominantly for intangible assets, have been included at 31 March 2023, as a consequence of the timing and
\ncomplexity of the acquisitions.
\nGoodwill represents the synergies, assembled workforces and future growth potential of the acquired businesses. The goodwill in relation to CIC Plus
\nand one other acquisition is currently deductible for tax purposes, and consequently no deferred tax liability has been recognised for these acquisitions.
\nThere have been no other material gains, losses, corrections or other adjustments recognised in the year ended 31 March 2023 that relate to acquisitions
\nin the current or earlier years.
\n
\n
(b) Additional information
\n(i) Current year acquisitions
\nCIC Plus
\nUS$m
\nOther
\nUS$m
\nTotal
\nUS$m
\nIncrease/(decrease) in book value of net assets from provisional fair value adjustments:
\nIntangible assets
76
54
130
\nTrade and other payables
(3)
(1)
(4)
\nDeferred tax liabilities
\u2014
(4)
(4)
\nIncrease in book value of net assets from provisional fair value adjustments
73
49
122
\nGross contractual amounts receivable in respect of trade and other receivables
9
4
13
\nPro-forma revenue from 1 April 2022 to date of acquisition
\u2014
6
6
\nRevenue from date of acquisition to 31 March 2023
32
5
37
\nPro\ufb01t before tax from date of acquisition to 31 March 2023
2
1
3
\nAt the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$13m were expected to be collected
\nin full.
\nIf the transactions had occurred on the \ufb01rst day of the \ufb01nancial year, the estimated additional contribution to pro\ufb01t before tax would have been US$1m.
\n(ii) Prior years\u2019 acquisitions
\nUS$39m of contingent consideration was settled in the year in respect of acquisitions made in FY22. These cash \ufb02ows principally relate to the
\nacquisitions of Tax Credit Co, LLC (TCC) and Gabi Personal Insurance Agency, Inc. (Gabi). In addition, deferred consideration of US$4m was settled in
\nthe\u00a0year in respect of the FY22 acquisition of Employment Tax Servicing, LLC. In the year ended 31 March 2022, US$43m was settled in respect of
\nacquisitions made in earlier years, principally in relation to the FY21 and FY20 acquisitions of Axesor businesses and Look Who\u2019s Charging Pty Ltd.
\nThe Group made six acquisitions in the year ended 31 March 2022, which included Gabi and TCC, both in the USA. A cash out\ufb02ow of US$689m was
\nreported in the Group cash \ufb02ow statement for that year, after deduction of US$17m in respect of net cash acquired.
\n(iii) Post balance sheet acquisitions
\nOn 20 April 2023, we agreed to acquire Flexpag Tecnologia e Institui\u00e7\u00e3o de Pagamento S.A. (Flexpag) for R$250m (c.US$49m), and contingent
\nconsideration based on Flexpag\u2019s pro\ufb01ts in calendar year 2025, the fair value of which is yet to be determined. Completion is expected in the year ending
\n31 March 2024. Flexpag is a Brazilian FinTech specialising in digital payment solutions, connecting payment systems to utilities to o\ufb00er consumers a
\nbroad range of payment methods.
\nThe fair values of goodwill, software development, customer relationships and other assets and liabilities in respect of these acquisitions will be reported
\nin the 2024 Experian Annual Report & Accounts, following completion of the initial accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33911": {
"value": "43. Assets and liabilities classi\ufb01ed as held-for-sale During the year we classi\ufb01ed two small subsidiaries in the EMEA region, and one subsidiary in the Asia Paci\ufb01c region as held-for-sale. In the year ended
\n31 March 2022 the Group recorded a UK associate as held-for-sale. It is not now anticipated that the UK transaction will complete within 12 months and
\naccordingly the investment has been reclassi\ufb01ed as an associate at 31 March 2023.
\nThe Group continues to market part of its UK property portfolio and it is anticipated that this transaction will be completed in the year ending 31 March
\n2024. Any gain or loss on disposal will be recognised in that year.
\n2023
\nUS$m
\n2022
\nUS$m
\nAssets classi\ufb01ed as held-for-sale:
\nInvestment in associate (note 24)
\u2014
29
\nProperty, plant and equipment
12
12
\nTrade and other receivables
4
\u2014
\nAssets classi\ufb01ed as held-for-sale
16
41
\nLiabilities classi\ufb01ed as held-for-sale:
\nTrade and other payables
(3)
\u2014
\nLiabilities classi\ufb01ed as held-for-sale
(3)
\u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33912": {
"value": "43. Assets and liabilities classi\ufb01ed as held-for-sale During the year we classi\ufb01ed two small subsidiaries in the EMEA region, and one subsidiary in the Asia Paci\ufb01c region as held-for-sale. In the year ended
\n31 March 2022 the Group recorded a UK associate as held-for-sale. It is not now anticipated that the UK transaction will complete within 12 months and
\naccordingly the investment has been reclassi\ufb01ed as an associate at 31 March 2023.
\nThe Group continues to market part of its UK property portfolio and it is anticipated that this transaction will be completed in the year ending 31 March
\n2024. Any gain or loss on disposal will be recognised in that year.
\n2023
\nUS$m
\n2022
\nUS$m
\nAssets classi\ufb01ed as held-for-sale:
\nInvestment in associate (note 24)
\u2014
29
\nProperty, plant and equipment
12
12
\nTrade and other receivables
4
\u2014
\nAssets classi\ufb01ed as held-for-sale
16
41
\nLiabilities classi\ufb01ed as held-for-sale:
\nTrade and other payables
(3)
\u2014
\nLiabilities classi\ufb01ed as held-for-sale
(3)
\u2014",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33961": {
"value": "44. Disposals During the year we disposed of interests in two small subsidiary undertakings in EMEA/Asia Paci\ufb01c, realising a gain on disposal of US$2m. In addition,
\nfurther costs of US$3m were incurred following the cessation of our operations in Russia in the year ended 31 March 2022.",
"dimensions": {
"concept": "exp:DisclosureOfDisposalExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33967": {
"value": "45. Capital commitments 2023
\nUS$m
\n2022
\nUS$m
\nCapital expenditure for which contracts have been placed:
\nOther intangible assets
56
64
\nProperty, plant and equipment
12
17
\n68
81
\nCapital commitments at 31 March 2023 included US$3m (2022: US$2m) in respect of right-of-use assets. Capital commitments at 31 March 2023
\nincluded commitments of US$46m not expected to be incurred before 31 March 2024. Capital commitments at 31 March 2022 included commitments of
\nUS$56m not then expected to be incurred before 31 March 2023.
\n46. Contingencies
\n(a) Latin America tax
\nAs previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
\namortisation arising from its acquisition by Experian in 2007. The Brazilian courts have ultimately upheld Experian\u2019s position in respect of the tax years
\nfrom 2007 to 2012 with no further right of appeal. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to 2018 tax years,
\nin which approximately US$198m was claimed by Experian, and may raise similar claims in respect of other years. The possibility of this resulting in a
\nliability to the Group is considered to be remote, based on the advice of external legal counsel, success in cases to date and other factors in respect of the
\nclaim.
\nA similar challenge has been raised in Colombia in respect of the 2014 and 2016 tax years, in which approximately US$4m was claimed, and similar
\nclaims in respect of other years may be raised. We are contesting these on the basis of external legal advice.
\n(b) UK marketing services regulation
\nWe successfully appealed to the First Tier Tribunal a \ufb01nal enforcement notice from the UK Information Commissioner\u2019s O\ufb03ce (ICO) with respect to a
\n2018 audit of several companies on the use of data for marketing purposes under the EU General Data Protection Regulation (GDPR), which relates to
\nour marketing services activities in the UK. The ICO has subsequently applied for permission to appeal to the Upper Tier Tribunal, during which time all
\nrequirements will be stayed. At this stage we do not know what the \ufb01nal outcome will be, but if the First Tier Tribunal judgment is overturned, it may
\nrequire signi\ufb01cant changes to business processes in our UK marketing services business. This business represents approximately 1% of our global
\nrevenues and we do not expect this to result in a materially adverse \ufb01nancial outcome for the Group.
\n(c) Other litigation and claims
\nThere continue to be an increasing number of pending and threatened claims and regulatory actions involving the Group across all its major geographies
\nwhich are in various stages of investigation or enforcement, and which are being vigorously defended, including from the CFPB and FTC in the USA. The
\ndirectors do not believe that the outcome of any individual enforcement notice will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
\nHowever, as is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the
\ncase of unfavourable outcomes, the Group may bene\ufb01t from applicable insurance recoveries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f33988": {
"value": "46. Contingencies (a) Latin America tax
\nAs previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
\namortisation arising from its acquisition by Experian in 2007. The Brazilian courts have ultimately upheld Experian\u2019s position in respect of the tax years
\nfrom 2007 to 2012 with no further right of appeal. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to 2018 tax years,
\nin which approximately US$198m was claimed by Experian, and may raise similar claims in respect of other years. The possibility of this resulting in a
\nliability to the Group is considered to be remote, based on the advice of external legal counsel, success in cases to date and other factors in respect of the
\nclaim.
\nA similar challenge has been raised in Colombia in respect of the 2014 and 2016 tax years, in which approximately US$4m was claimed, and similar
\nclaims in respect of other years may be raised. We are contesting these on the basis of external legal advice.
\n(b) UK marketing services regulation
\nWe successfully appealed to the First Tier Tribunal a \ufb01nal enforcement notice from the UK Information Commissioner\u2019s O\ufb03ce (ICO) with respect to a
\n2018 audit of several companies on the use of data for marketing purposes under the EU General Data Protection Regulation (GDPR), which relates to
\nour marketing services activities in the UK. The ICO has subsequently applied for permission to appeal to the Upper Tier Tribunal, during which time all
\nrequirements will be stayed. At this stage we do not know what the \ufb01nal outcome will be, but if the First Tier Tribunal judgment is overturned, it may
\nrequire signi\ufb01cant changes to business processes in our UK marketing services business. This business represents approximately 1% of our global
\nrevenues and we do not expect this to result in a materially adverse \ufb01nancial outcome for the Group.
\n(c) Other litigation and claims
\nThere continue to be an increasing number of pending and threatened claims and regulatory actions involving the Group across all its major geographies
\nwhich are in various stages of investigation or enforcement, and which are being vigorously defended, including from the CFPB and FTC in the USA. The
\ndirectors do not believe that the outcome of any individual enforcement notice will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
\nHowever, as is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the
case of unfavourable outcomes, the Group may bene\ufb01t from applicable insurance recoveries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34025": {
"value": "47. Related party transactions (a) Related undertakings
\nA full list of the Company\u2019s related undertakings, including subsidiary and associate undertakings, is given in note T to the Company \ufb01nancial statements.
\nThere are no signi\ufb01cant non-controlling interests.
\n(b) Transactions with associates
\nFollowing the divestment of CCM in the year ended 31 March 2018, the Group owns 23.0% of the issued share capital of Vector CM Holdings (Cayman),
\nL.P.\u00a0(Vector). Vector completed a merger with the CM Group involving its Cheetah Digital business on 4 February 2022. The Group no longer has
\nsigni\ufb01cant in\ufb02uence over Vector and accordingly our interest in this company was recognised as a trade investment from that date. In the year ended
\n31\u00a0March 2022, a promissory note and associated interest due to Experian of US$110m were repaid in full as a result of the merger. Interest income of
\nUS$8m was recognised on the promissory note in that year.
\nTransactions with associates are made on normal market terms and in the year ended 31 March 2023 comprised the provision and receipt of services to
\nother associates of US$nil (2022: US$10m) and US$7m (2022: US$7m) respectively. At 31 March 2023 and 31 March 2022, no amounts were owed from
\nor to associates.
\n(c) Transactions with other related undertakings
\nThe Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements in the
\nUK, the USA, Brazil, South Africa, Germany and Ireland, and the provision of medical cover in the UK. These undertakings are listed in note T(v) to the
\nCompany \ufb01nancial statements. Transactional relationships can be summarised as follows:
\na
The assets, liabilities and expenses of the Experian UK Approved All-Employee Share Plan and The Experian plc Employee Share Trust are included in
\nthese \ufb01nancial statements.
\na
During the year ended 31 March 2023, US$33m (2022: US$56m) was paid by the Group to related undertakings, in connection with the provision of
\npost-employment pensions bene\ufb01ts. US$3m (2022: US$3m) was paid to Experian Medical Plan Limited, in connection with the provision of healthcare
\nbene\ufb01ts.
\na
There were no other material transactions or balances with these related undertakings during the current or prior year.
\n(d) Remuneration of key management personnel
\n2023
\nUS$m
\n2022
\nUS$m
\nSalaries and short-term employee bene\ufb01ts
9
12
\nShare incentive plans
13
17
\n22
29
\nKey management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in the
\naudited parts of the Report on directors\u2019 remuneration. There were no other material transactions with the Group in which the key management
\npersonnel had a personal interest, in either the current or prior year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34030": {
"value": "There are no signi\ufb01cant non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34032": {
"value": "(b) Transactions with associates Following the divestment of CCM in the year ended 31 March 2018, the Group owns 23.0% of the issued share capital of Vector CM Holdings (Cayman),
\nL.P.\u00a0(Vector). Vector completed a merger with the CM Group involving its Cheetah Digital business on 4 February 2022. The Group no longer has
\nsigni\ufb01cant in\ufb02uence over Vector and accordingly our interest in this company was recognised as a trade investment from that date. In the year ended
\n31\u00a0March 2022, a promissory note and associated interest due to Experian of US$110m were repaid in full as a result of the merger. Interest income of
\nUS$8m was recognised on the promissory note in that year.
\nTransactions with associates are made on normal market terms and in the year ended 31 March 2023 comprised the provision and receipt of services to
\nother associates of US$nil (2022: US$10m) and US$7m (2022: US$7m) respectively. At 31 March 2023 and 31 March 2022, no amounts were owed from
\nor to associates.
\n(c) Transactions with other related undertakings
\nThe Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements in the
\nUK, the USA, Brazil, South Africa, Germany and Ireland, and the provision of medical cover in the UK. These undertakings are listed in note T(v) to the
\nCompany \ufb01nancial statements. Transactional relationships can be summarised as follows:
\na
The assets, liabilities and expenses of the Experian UK Approved All-Employee Share Plan and The Experian plc Employee Share Trust are included in
\nthese \ufb01nancial statements.
\na
During the year ended 31 March 2023, US$33m (2022: US$56m) was paid by the Group to related undertakings, in connection with the provision of
\npost-employment pensions bene\ufb01ts. US$3m (2022: US$3m) was paid to Experian Medical Plan Limited, in connection with the provision of healthcare
\nbene\ufb01ts.
\na
There were no other material transactions or balances with these related undertakings during the current or prior year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34057": {
"value": "(d) Remuneration of key management personnel 2023
\nUS$m
\n2022
\nUS$m
\nSalaries and short-term employee bene\ufb01ts
9
12
\nShare incentive plans
13
17
\n22
29
\nKey management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in the
\naudited parts of the Report on directors\u2019 remuneration. There were no other material transactions with the Group in which the key management
personnel had a personal interest, in either the current or prior year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34077": {
"value": "48. Events occurring after the end of the reporting period Details of the second interim dividend announced since the end of the reporting period are given in note 20.
\nOn 20 April 2023, we agreed to acquire Flexpag. Further details are provided in note 42(b)(iii).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f34094": {
"value": "Company pro\ufb01t and loss account Company statement of comprehensive income
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nOther operating income
F
130.9
116.9
\nSta\ufb00 costs
G
(3.9)
(4.3)
\nDepreciation
M
(0.7)
(0.3)
\nOther operating charges
F
(139.8)
(128.2)
\nOperating loss
(13.5)
(15.9)
\nDividend income from subsidiary undertakings
H
975.0
250.0
\nInterest receivable and similar income
I
\u2014
69.5
\nImpairment of investment in subsidiary undertaking
N
(79.0)
\u2014
\nInterest payable and similar expenses
J
(2.0)
(0.2)
\nPro\ufb01t before tax
880.5
303.4
\nTax on pro\ufb01t
K
3.1
(13.0)
\nPro\ufb01t after tax and for the \ufb01nancial year
883.6
290.4
\nThe Company has no recognised items of income and expenditure other than those included in the pro\ufb01t and loss account. Total comprehensive income
\nfor the \ufb01nancial year is therefore equal to the pro\ufb01t for the \ufb01nancial year.
\nfor the year ended 31 March 2023
\nfor the year ended 31 March 2023
\n
\n
Company balance sheet
\nNotes
\n2023
\nUS$m
\n2022
\nUS$m
\nFixed assets
\nTangible assets
M(i)
5.7
2.4
\nInvestments \u2013 shares in Group undertakings
N
20,609.6
19,978.5
\nDeferred tax assets
K
2.8
2.6
\n20,618.1
19,983.5
\nCurrent assets
\nDebtors \u2013 amounts falling due within one year
O
120.9
2.5
\nCash at bank and in hand
0.4
0.4
\nCurrent liabilities
\nCreditors \u2013 amounts falling due within one year
P
(2.6)
(35.3)
\nNet current assets/(liabilities)
118.7
(32.4)
\nTotal assets less current liabilities
20,736.8
19,951.1
\nCreditors \u2013 amounts falling due after more than one year
P
(3.8)
(2.5)
\nNet assets
20,733.0
19,948.6
\nEquity
\nCalled-up share capital
Q
73.2
73.1
\nShare premium account
Q
1,469.1
1,449.9
\nPro\ufb01t and loss account reserve
R
19,190.7
18,425.6
\nTotal shareholders' funds
20,733.0
19,948.6
\nThese \ufb01nancial statements were approved by the Board on 16 May 2023 and were signed on its behalf by:
\nCraig Boundy
\nDirector
\nat 31 March 2023
\n
\n
\n
\n
Company statement of changes in equity
\nCalled-up
\nshare
\ncapital
\n(Note Q)
\nUS$m
\nShare
\npremium
\naccount
\n(Note Q)
\nUS$m
\nPro\ufb01t and loss account reserve
\nTotal
\nequity
\nUS$m
\nPro\ufb01t and
\nloss account
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal
\n(Note R)
\nUS$m
\nAt 1 April 2022
73.1
1,449.9
19,522.9
(1,097.3)
18,425.6
19,948.6
\nPro\ufb01t and Total comprehensive income for the \ufb01nancial year
\u2014
\u2014
883.6
\u2014
883.6
883.6
\nTransactions with owners:
\nEmployee share incentive plans:
\n\u2013 value of employee services
\u2014
\u2014
128.6
\u2014
128.6
128.6
\n\u2013 shares issued on vesting
0.1
19.2
\u2014
\u2014
\u2014
19.3
\n\u2013 purchase of shares by employee trusts
\u2014
\u2014
\u2014
(44.7)
(44.7)
(44.7)
\n\u2013 other vesting of awards and exercises of share options
\u2014
\u2014
(50.2)
50.2
\u2014
\u2014
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(149.4)
(149.4)
(149.4)
\nDividends paid
\u2014
\u2014
(53.0)
\u2014
(53.0)
(53.0)
\nTransactions with owners
0.1
19.2
25.4
(143.9)
(118.5)
(99.2)
\nAt 31 March 2023
73.2
1,469.1
20,431.9
(1,241.2)
19,190.7
20,733.0
\nCalled-up
\nshare
\ncapital
\n(Note Q)
\nUS$m
\nShare
\npremium
\naccount
\n(Note Q)
\nUS$m
\nPro\ufb01t and loss account reserve
\nTotal
\nequity
\nUS$m
\nPro\ufb01t and
\nloss account
\nUS$m
\nOwn shares
\nreserve
\nUS$m
\nTotal
\n(Note R)
\nUS$m
\nAt 1 April 2021
73.0
1,425.7
19,171.0
(974.3)
18,196.7
19,695.4
\nPro\ufb01t and Total comprehensive income for the \ufb01nancial year
\u2014
\u2014
290.4
\u2014
290.4
290.4
\nTransactions with owners:
\nEmployee share incentive plans:
\n\u2013 value of employee services
\u2014
\u2014
149.0
\u2014
149.0
149.0
\n\u2013 shares issued on vesting
0.1
24.2
\u2014
\u2014
\u2014
24.3
\n\u2013 purchase of shares by employee trusts
\u2014
\u2014
\u2014
(61.3)
(61.3)
(61.3)
\n\u2013 other vesting of awards and exercises of share options
\u2014
\u2014
(52.3)
49.2
(3.1)
(3.1)
\nPurchase of shares held as treasury shares
\u2014
\u2014
\u2014
(110.9)
(110.9)
(110.9)
\nDividends paid
\u2014
\u2014
(35.2)
\u2014
(35.2)
(35.2)
\nTransactions with owners
0.1
24.2
61.5
(123.0)
(61.5)
(37.2)
\nAt 31 March 2022
73.1
1,449.9
19,522.9
(1,097.3)
18,425.6
19,948.6
\nfor the year ended 31 March 2023
\n
\n
A. Corporate information
\nCorporate information for Experian plc (the Company) is set out in note 1
\nto the Group \ufb01nancial statements, with further information given in the
\nStrategic report and the Corporate governance report.
\nB. Basis of preparation
\nThe separate \ufb01nancial statements of the Company are:
\na
prepared on the going concern basis, under the historical cost
\nconvention, and in accordance with UK accounting standards;
\na
presented in US dollars, the Company\u2019s functional currency; and
\na
designed to include disclosures in line with those required by those
\nparts of the UK Companies Act 2006 applicable to companies reporting
\nunder UK accounting standards even though the Company is
\nincorporated and registered in Jersey.
\nThe directors opted to prepare the \ufb01nancial statements for the year ended
\n31 March 2023 in accordance with FRS 101 \u2018Reduced Disclosure
\nFramework\u2019. The Company intends to continue to use this accounting
\nframework until further notice.
\nGoing concern
\nThe directors continue to adopt the going concern basis of accounting
\nin\u00a0preparing the \ufb01nancial statements. Details of the going concern
\nassessment for the Group and the Company are provided in note 2 to the
\nGroup \ufb01nancial statements.
\nC. FRS 101 exemptions
\nFRS 101 allows certain exemptions from the requirements of IFRS to
\navoid the duplication of information provided in the Group \ufb01nancial
\nstatements and to provide more concise \ufb01nancial reporting in entity
\n\ufb01nancial statements. The following exemptions have therefore been
\napplied in the preparation of these \ufb01nancial statements:
\na
Paragraphs 45(b) and 46 to 52 of IFRS 2 \u2018Share-based Payment\u2019,
\nexempting the Company from providing details of share options and
\nof\u00a0how the fair value of services received was determined.
\na
IFRS 7 \u2018Financial Instruments: Disclosures\u2019.
\na
Paragraphs 91 to 99 of IFRS 13 \u2018Fair Value Measurement\u2019, exempting
\nthe Company from disclosing valuation techniques and inputs used for
\nthe measurement of assets and liabilities.
\na
Paragraph 38 of IAS 1 \u2018Presentation of Financial Statements\u2019,
\nexempting the Company from disclosing comparative information
\nrequired by:
\n\u2013
paragraph 79(a)(iv) of IAS 1 \u2013 shares outstanding at the beginning
\nand at the end of the period; and
\n\u2013
paragraph 73(e) of IAS 16 \u2018Property, Plant and Equipment\u2019 \u2013
\nreconciliations between the carrying amount at the beginning
\nand\u00a0end of the period.
\na
The following paragraphs of IAS 1:
\n\u2013
paragraphs 10(d) and 111, exempting the Company from providing
\na\u00a0cash \ufb02ow statement and information;
\n\u2013
paragraph 16, exempting the Company from providing a statement
\nof compliance with all IFRS;
\n\u2013
paragraph 38A, exempting the Company from the requirement for
\na\u00a0minimum of two of each primary statement and the related notes;
\n\u2013
paragraphs 38B to D, exempting the Company from the requirement
\nto provide additional comparative information; and
\n\u2013
paragraphs 134 to 136, exempting the Company from presenting
\ncapital management disclosures.
\na
IAS 7 \u2018Statement of Cash Flows\u2019.
\na
Paragraphs 30 and 31 of IAS 8 \u2018Accounting Policies, Changes in
\nAccounting Estimates and Errors\u2019, exempting the Company from
\ndisclosing information where it has not applied a new IFRS which has
\nbeen issued but is not yet e\ufb00ective.
\na
Paragraph 17 of IAS 24 \u2018Related Party Disclosures\u2019, exempting the
\nCompany from disclosing details of key management compensation.
\na
The requirements in IAS 24 to disclose related party transactions with
\nwholly-owned members of the Group.
\nThe use of critical accounting estimates and management judgment is
\nrequired in applying the accounting policies. Areas involving a higher
\ndegree of judgment or complexity, or where assumptions and estimates
\nare signi\ufb01cant to the Company \ufb01nancial statements, are highlighted in
\nnote E.
\nD. Signi\ufb01cant accounting policies
\nThe signi\ufb01cant accounting policies applied are summarised below. They
\nhave been consistently applied to both years presented. The explanations
\nof these policies focus on areas where judgment is applied or which are
\nparticularly important in the \ufb01nancial statements.
\nThere are no new standards, amendments to existing standards or
\ninterpretations that are e\ufb00ective for the year ended 31 March 2023 that
\nhave had a material impact on the Company\u2019s \ufb01nancial statements.
\nContent from accounting standards, amendments and interpretations is
\nexcluded where there is simply no policy choice under UK accounting
\nstandards.
\n(i) Foreign currency
\nTransactions in foreign currencies are recorded at the exchange rate
\nprevailing at the transaction date. Monetary assets and liabilities
\ndenominated in foreign currencies are retranslated at the exchange rate
\nprevailing at the balance sheet date. All di\ufb00erences are taken to the pro\ufb01t
\nand loss account in the year in which they arise.
\n(ii) Investments \u2013 shares in Group undertakings
\nInvestments in Group undertakings are stated at cost less any provisions
\nfor impairment. The fair value of share incentives issued by the Company
\nto employees of Group undertakings is accounted for as a capital
\ncontribution and recognised as an increase in the Company\u2019s investment
\nin Group undertakings, with a corresponding increase in equity.
\n
\n
\n
\n
\n\n
\n
\n(iii) Debtors and creditors
\nDebtors are initially recognised at fair value and subsequently measured
\nat this value. Where the time value of money is material, they are then
\ncarried at amortised cost using the e\ufb00ective interest method. Creditors
\nare initially recognised at fair value. Where the time value of money is
\nmaterial, they are then carried at amortised cost using the e\ufb00ective
\ninterest method.
\n(iv) Cash at bank and in hand
\nCash at bank includes deposits held at call with banks and other
\nshort-term highly liquid investments.
\n(v) Accounting for derivative \ufb01nancial instruments
\nThe Company uses forward foreign exchange contracts to manage its
\nexposures to \ufb02uctuations in foreign exchange rates. The interest
\ndi\ufb00erential re\ufb02ected in forward foreign exchange contracts is taken to
\ninterest receivable and similar income or interest payable and similar
\nexpenses. Forward foreign exchange contracts are recognised at fair
\nvalue, based on forward foreign exchange market rates at the balance
\nsheet date. Gains or losses on forward foreign exchange contracts are
\ntaken to the pro\ufb01t and loss account in the year in which they arise.
\n(vi) Leases
\nThe Company undertakes an assessment of whether a contract is or
\ncontains a lease at its inception. The assessment establishes whether the
\nCompany obtains substantially all the economic bene\ufb01ts from the use of
\nan asset and whether it has the right to direct its use.
\nLow-value lease payments are recognised as an expense, on a
\nstraight-line basis over the lease term. For other leases the Company
\nrecognises both a right-of-use asset and a lease liability at the
\ncommencement date of a lease contract.
\nThe right-of-use asset is initially measured at cost, comprising the initial
\namount of the lease liability adjusted for payments made at or before the
\ncommencement date, plus initial direct costs and an estimate of the cost
\nof any obligation to refurbish the asset or site, less lease incentives.
\nSubsequently, right-of-use assets are measured at cost less accumulated
\ndepreciation and impairment losses and are adjusted for any
\nremeasurement of the lease liability. Depreciation is calculated on a
\nstraight-line basis over the shorter of the estimated useful life of the
\nright-of-use asset and the period of the lease.
\nThe lease term comprises the non-cancellable period of a lease, plus
\nperiods covered by an extension option, if it is reasonably certain to be
\nexercised, and periods covered by a termination option if it is reasonably
\ncertain not to be exercised.
\nThe lease liability is initially measured at the present value of lease
\npayments that are outstanding at the commencement date, discounted at
\nthe interest rate implicit in the lease or if that rate cannot be easily
\ndetermined the Company\u2019s incremental borrowing rate. Lease payments
\ncomprise payments of \ufb01xed principal less any lease incentives.
\nThe lease liability is remeasured when there is a change in future lease
\npayments arising from a change in an index or rate, or if the Company
\nchanges its assessment of whether it will exercise an extension or
\ntermination option.
\nWhen a lease liability is remeasured, a corresponding adjustment is made
\nto the carrying amount of the right-of-use asset or is recognised in the
\nCompany pro\ufb01t and loss account if the asset is fully depreciated.
\n(vii) Tax
\nCurrent tax is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the balance sheet date in Ireland, where the
\nCompany is resident.
\nDeferred tax is provided in respect of temporary di\ufb00erences that have
\noriginated but not reversed at the balance sheet date and is determined
\nusing the tax rates that are expected to apply when the temporary
\ndi\ufb00erences reverse. Deferred tax assets are recognised only to the extent
\nthat they are expected to be recoverable.
\n(viii) Own shares
\nThe Group has a number of equity-settled, share-based employee
\nincentive plans. In connection with these, shares in the Company are held
\nby The Experian plc Employee Share Trust and the Experian UK Approved
\nAll-Employee Share Plan. The assets, liabilities and expenses of these
\nseparately administered trusts are included in the \ufb01nancial statements as
\nif they were the Company\u2019s own. The trusts\u2019 assets mainly comprise
\nExperian shares, which are shown as a deduction from total shareholders\u2019
\nfunds at cost.
\nExperian shares purchased and held as treasury shares, in connection
\nwith the above plans and any share purchase programme, are also shown
\nas a deduction from total shareholders\u2019 funds at cost. The par value of
\nshares that are purchased and cancelled, in connection with any share
\npurchase programme, is accounted for as a reduction in called-up share
\ncapital with any cost in excess of that amount being deducted from the
\npro\ufb01t and loss account. The Company is not required to recognise the par
\nvalue of cancelled shares in a capital redemption reserve.
\nContractual obligations to purchase own shares are recognised at the net
\npresent value of expected future payments. Gains and losses in
\nconnection with such obligations are recognised in the pro\ufb01t and loss
\naccount. Gains and losses which arise on \ufb01nancial instruments created by
\nadvance instructions to trade in own shares are recognised directly in
\nequity.
\n(ix) Pro\ufb01t and loss account format
\nIncome and expenses, which are recognised on an accruals basis, are
\nreported by nature in the pro\ufb01t and loss account, as this re\ufb02ects the
\ncomposition of the Company\u2019s income and cost base.
\n(x) Dividend income
\nDividend income is recognised in the Company pro\ufb01t and loss account on
\nthe date on which the Company\u2019s right to receive payment is established.
\nLiquidation dividends are treated as a return of capital to the extent they
\nare used to recover the carrying value of the investment in the liquidated
\nentity. Any amount received in excess of the investment value is treated as
\nincome in the Company pro\ufb01t and loss account.
\n
\n
\n
E. Critical accounting estimates, assumptions and\u00a0judgments
\n(i) Critical accounting estimates and assumptions
\nIn preparing the \ufb01nancial statements, management is required to make estimates and assumptions that a\ufb00ect the reported amount of income, costs
\nand charges, assets and liabilities and the disclosure of contingent liabilities. The resulting accounting estimates, which are based on management\u2019s best
\njudgment at the date of the \ufb01nancial statements will, by de\ufb01nition, seldom equal the related actual results.
\nThere are no estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities
\nwithin the next \ufb01nancial year.
\n(ii) Critical judgments
\nIn applying the Company\u2019s accounting policies, management may make judgments that have a signi\ufb01cant e\ufb00ect on the amounts recognised in the
\nCompany \ufb01nancial statements. These judgments may include the classi\ufb01cation of transactions between the Company pro\ufb01t and loss account and the
\nCompany balance sheet.
\nThe most signi\ufb01cant of these judgments for the Company is in respect of contingencies where, in the case of pending and threatened litigation claims,
\nmanagement has formed a judgment as to the likelihood of ultimate liability. No liability has been recognised where the likelihood of any loss arising is
\npossible rather than probable.
\nF. Other operating income and charges
\nOther operating income and expenses principally comprise charges to and from other Group undertakings in respect of Group management services
\nand guarantees provided during the year. The increase in other operating income and charges in the year ended 31 March 2023 compared to the prior
\nyear is due to underlying growth of the business and an increase in the overall cost of providing management services. Other operating charges include
\na fee of US$0.1m (2022: US$0.1m) payable to the Company\u2019s auditor and its associates for the audit of the Company \ufb01nancial statements.
\nG. Sta\ufb00 costs
\n2023
\nUS$m
\n2022
\nUS$m
\nDirectors' fees
2.4
2.7
\nWages and salaries
1.3
1.3
\nSocial security costs
0.1
0.1
\nOther pension costs
0.1
0.2
\n3.9
4.3
\nExecutive directors of the Company are employed by other Group undertakings and details of their remuneration, together with that of the non-executive
\ndirectors, are given in the audited part of the Report on directors\u2019 remuneration. The Company had three employees in the current and prior year.
\nH. Dividend income from subsidiary undertakings
\nDuring the year subsidiary undertakings paid dividends of US$975m (2022: US$250m) to the Company, in connection with group restructuring.
\nI. Interest receivable and similar income
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest receivable on amounts owed by subsidiary undertakings
\u2014
67.2
\nForeign exchange gains
\u2014
2.3
\n\u2014
69.5
\nJ. Interest payable and similar expenses
\n2023
\nUS$m
\n2022
\nUS$m
\nInterest payable on lease obligation
0.4
0.2
\nInterest payable on amounts owed to subsidiary undertakings
1.5
\u2014
\nForeign exchange losses
0.1
\u2014
\n2.0
0.2
\n
\n
\n
\n
\n
\nK. Tax on pro\ufb01t
\n(i) Analysis of tax (credit)/charge in the pro\ufb01t and loss account
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent tax:
\nIrish corporation tax credit on pro\ufb01t for the \ufb01nancial year
(2.9)
\u2014
\nDeferred tax:
\nOrigination and reversal of timing di\ufb00erences
\u2014
13.1
\nAdjustment in respect of prior years
(0.2)
(0.1)
\nTotal deferred tax (credit)/charge for the \ufb01nancial year
(0.2)
13.0
\nTax (credit)/charge for the year
(3.1)
13.0
\n(ii) Factors a\ufb00ecting the tax (credit)/charge for the \ufb01nancial year
\nThe tax (credit)/charge for the year is at a rate lower (2022: lower) than the main rate of Irish corporation tax of 25% (2022: 25%) with the di\ufb00erences
\nexplained below.
\n2023
\nUS$m
\n2022
\nUS$m
\nPro\ufb01t before tax
880.5
303.4
\nPro\ufb01t before tax multiplied by the applicable rate of tax
220.1
75.9
\nE\ufb00ects of:
\nIncome not taxable
(245.7)
(63.6)
\nExpenses not deductible
20.4
0.8
\nAdjustment in respect of prior years
(0.2)
(0.1)
\nLosses recognised at a lower rate of tax (12.5%)
2.3
\u2014
\nTax (credit)/charge for the year
(3.1)
13.0
\nThe Company\u2019s tax charge will continue to be in\ufb02uenced by the nature of its income and expenditure and prevailing Irish and Jersey tax laws.
\n(iii) Deferred tax asset
\nThe deferred tax asset is in respect of tax losses and the movements thereon are as follows:
\n2023
\nUS$m
\n2022
\nUS$m
\nAt 1 April
2.6
15.6
\nTax credit/(charge) in the pro\ufb01t and loss account
0.2
(13.0)
\nAt 31 March
2.8
2.6
\nThe Company has no unrecognised deferred tax (2022: US$nil).
\nL. Dividends
\nTotal gross dividends of US$482.4m (2022: US$443.6m) were paid to Experian shareholders during the year. The Company paid interim dividends of
\nUS$53.0m (2022: US$35.2m) to those shareholders who did not elect to receive dividends under the Income Access Share arrangements. The balance
\nof\u00a0US$429.4m (2022: US$408.4m) was paid by a subsidiary undertaking, Experian (UK) Finance Limited (EUKFL), under the Income Access Share
\narrangements. The Company\u2019s pro\ufb01t and loss account reserve is available for distribution by way of dividend. At 31 March 2023, the distributable
\nreserves of EUKFL as determined under UK company law were US$8,574.2m (2022: US$10,345.2m).
\nSince the balance sheet date, the directors have announced a second interim dividend of 37.75 US cents per ordinary share for the year ended 31\u00a0March
\n2023. No part of this dividend is included as a liability in these \ufb01nancial statements. Further details of payment arrangements, including the\u00a0Income
\nAccess Share arrangements, are given in the Shareholder and corporate information section of the Annual Report.
\n
\n
M. Leases
\nThe Company leases its o\ufb03ces and relocated during the year. The lease term is ten years and payments are reset periodically to re\ufb02ect market rental
\nrates.
\n(i) Tangible assets
\n2023
2022
\nLeasehold
\nimprovements
\nUS$m
\nRight-of-use
\nassets
\nBuildings
\nUS$m
\nTotal
\nUS$m
\nRight-of-use
\nassets
\nBuildings
\nUS$m
\nCost
\nAt 1 April
\u2014
3.2
3.2
3.2
\nAdditions
2.2
3.9
6.1
\u2014
\nDisposal
\u2014
(3.1)
(3.1)
\u2014
\nAt 31 March
2.2
4.0
6.2
3.2
\nAccumulated depreciation
\nAt 1 April
\u2014
0.8
0.8
0.5
\nCharge for the year
0.1
0.6
0.7
0.3
\nDisposal
\u2014
(1.0)
(1.0)
\u2014
\nAt 31 March
0.1
0.4
0.5
0.8
\nNet book amount at 31 March
2.1
3.6
5.7
2.4
\n(ii) Lease obligation:
\n2023
\nUS$m
\n2022
\nUS$m
\nCurrent
0.5
0.2
\nNon-current
3.8
2.5
\nAt 31 March
4.3
2.7
\n(iii) Maturity of lease obligation \u2013 contractual undiscounted cash \ufb02ows
\n2023
\nUS$m
\n2022
\nUS$m
\nLess than one year
0.6
0.3
\nOne to two years
0.6
0.3
\nTwo to three years
0.6
0.3
\nThree to four years
0.6
0.3
\nFour to \ufb01ve years
0.6
0.3
\nOver \ufb01ve years
2.0
1.8
\nTotal undiscounted lease obligation at 31 March
5.0
3.3
\n(iv) Amounts recognised in the Company pro\ufb01t and loss account
\n2023
\nUS$m
\n2022
\nUS$m
\nDepreciation charge for right-of-use assets
0.6
0.3
\nInterest expense
0.4
0.2
\n1.0
0.5
\n(v) Lease cash \ufb02ow
\nLease payments in the year ended 31 March 2023 were US$0.3m (2022: US$0.5m), of which US$0.1m (2022: US$0.2m) related to payments of interest
\nand US$0.2m (2022: US$0.3m) was for repayments of principal.
\n
\n
\n
\n
\n
\nN. Investments \u2013 shares in Group undertakings
\n2023
\nUS$m
\n2022
\nUS$m
\nCost
\nAt 1 April
19,978.5
17,919.5
\nAdditions \u2013 fair value of share incentives issued to Group employees
128.6
149.0
\nAdditional investment in direct subsidiary undertakings
581.5
1,910.0
\nAt 31 March
20,688.6
19,978.5
\nAccumulated impairment
\nAt 1 April
\u2014
\u2014
\nCharge for the year
79.0
\u2014
\nAt 31 March
79.0
\u2014
\nNet book amount at 31 March
20,609.6
19,978.5
\nDuring the year ended 31 March 2023 Experian plc undertook a number of transactions as a result of group restructuring, including the subscription for
\nadditional shares in existing subsidiary undertakings of US$581.5m (2022: US$1,910.0m).
\nFollowing a return of capital in the year via a dividend payment by Experian Ireland Investments Limited and the consequent reduction in its net assets,
\nthe Company performed an impairment review. As Experian Ireland Investments Limited no longer has any underlying activity to generate future cash
\n\ufb02ows an impairment charge of US$79.0m (2022: US$nil) was recognised in respect of the Company\u2019s investment in that entity.
\nA list of the Company\u2019s subsidiary undertakings is given in note T(i). The Company directly holds interests in the whole of the issued share capital of the
\nfollowing undertakings:
\nCompany
Country of incorporation
\nExperian Group Services Limited
Ireland
\nExperian Holdings Ireland Limited
Ireland
\nExperian Ireland Investments Limited
Ireland
\nO. Debtors \u2013 amounts falling due within one year
\n2023
\nUS$m
\n2022
\nUS$m
\nAmounts owed by Group undertakings
117.4
\u2014
\nOther debtors
0.6
2.5
\nCorporation tax asset
2.9
\u2014
\n120.9
2.5
\nAmounts owed by Group undertakings are primarily unsecured, interest bearing and repayable on demand.
\n
\n
P. Creditors
\nDue within
\none year
\n2023
\nUS$m
\nDue after more
\nthan one year
\n2023
\nUS$m
\nDue within
\none year
\n2022
\nUS$m
\nDue after more
\nthan one year
\n2022
\nUS$m
\nAmounts owed to Group undertakings
\u2014
\u2014
34.6
\u2014
\nLease obligation (note M)
0.5
3.8
0.2
2.5
\nAccruals
2.1
\u2014
0.5
\u2014
\n2.6
3.8
35.3
2.5
\nAmounts owed to Group undertakings are primarily unsecured, interest free and repayable on demand.
\nQ. Called-up share capital and share premium account
\nAllotted and fully paid
\n2023
\nUS$m
\n2022
\nUS$m
\n971,375,480 (2022: 970,613,810) ordinary shares of 10 US cents
73.2
73.1
\n20 (2022: 20) deferred shares of 10 US cents
\u2014
\u2014
\n73.2
73.1
\nAt 31 March 2023 and 31 March 2022, the authorised share capital of the Company was US$200m, divided into 1,999,999,980 ordinary shares and 20
\ndeferred shares, each of 10 US cents. The ordinary shares carry the rights to (i) dividend, (ii) to attend or vote at general meetings and (iii) to participate
\nin\u00a0the assets of the Company beyond repayment of the amounts paid up or credited as paid up on them. The deferred shares carry no such rights.
\nDuring the year ended 31 March 2023, the Company issued 761,670 (2022: 1,002,194) ordinary shares for a consideration of US$19.3m (2022:\u00a0US$24.3m)
\nin\u00a0connection with the Group\u2019s share incentive arrangements, details of which are given in note 34 to the Group \ufb01nancial statements. The\u00a0di\ufb00erence between
\nthe consideration and the par value of the shares issued is recorded in the share premium account.
\nDuring the year the Company purchased 4,754,551 (2022: 2,705,315) of its own shares for a consideration of US$149.4m (2022: US$108.5m), retaining
\nthem as treasury shares.
\n
\n
\n
\n
\n
\nR. Pro\ufb01t and loss account reserve
\nThe pro\ufb01t and loss account reserve is stated after deducting the balance on the own shares reserve from that on the pro\ufb01t and loss account. The balance
\non the pro\ufb01t and loss account comprises net pro\ufb01ts retained in the Company after the payment of equity dividends. The balance on the own shares
\nreserve is the cost of ordinary shares in the Company and further details are given below.
\nNumber of shares held
Cost of shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2022
48.5
8.2
56.7
885.1
212.2
1,097.3
\nPurchase of shares by employee trusts
\u2014
1.5
1.5
\u2014
44.7
44.7
\nPurchase of shares held as treasury shares
4.8
\u2014
4.8
149.4
\u2014
149.4
\nOther vesting of awards and exercises of share
\noptions
(1.0)
(3.0)
(4.0)
(13.7)
(36.5)
(50.2)
\nAt 31 March 2023
52.3
6.7
59.0
1,020.8
220.4
1,241.2
\nNumber of shares held
Cost of shares held
\nTreasury
\nmillion
\nTrusts
\nmillion
\nTotal
\nmillion
\nTreasury
\nUS$m
\nTrusts
\nUS$m
\nTotal
\nUS$m
\nAt 1 April 2021
52.3
3.7
56.0
869.1
105.2
974.3
\nPurchase of shares by employee trusts
\u2014
1.7
1.7
\u2014
61.3
61.3
\nPurchase of shares held as treasury shares
2.7
\u2014
2.7
110.9
\u2014
110.9
\nTransfers
(6.0)
6.0
\u2014
(87.0)
87.0
\u2014
\nOther vesting of awards and exercises of share
\noptions
(0.5)
(3.2)
(3.7)
(7.9)
(41.3)
(49.2)
\nAt 31 March 2022
48.5
8.2
56.7
885.1
212.2
1,097.3
\nS. Contingencies and guarantees
\nThe Company has guaranteed:
\na
borrowings of Group undertakings of US$3,753m (2022: US$3,912m);
\na
the liabilities of The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan; and
\na
the retirement bene\ufb01t obligations of Group undertakings that participate in the Experian Pension Scheme and of a Group undertaking that participates
\nin a small UK de\ufb01ned bene\ufb01t pension plan (note 36(a)(i)).
\nThe Company has also issued a small number of other guarantees in connection with the performance of business contracts by Group undertakings.
\n
\n
T. Related undertakings at 31 March 2023
\n(i) Subsidiary undertakings
\nCompany
Country of incorporation
\nExperian Strategic Solutions SA
Argentina
\nExperian Asia Paci\ufb01c Pty Ltd
Australia
\nExperian Australia Credit Services Pty Ltd
Australia
\nExperian Australia Fraud Services Pty Ltd
Australia
\nExperian Australia Holdings Pty Ltd
Australia
\nExperian Australia Pty Ltd
Australia
\nLook Who\u2019s Charging Pty Ltd
Australia
\nTallyman Australia Pty Limited
Australia
\nCredify Informationsdienstleistungen GmbH
Austria
\n1
\nExperian Austria GmbH
Austria
\n2
\nExperian \u00d6sterreich Verwaltungsgesellschaft mbH
Austria
\n2
\nExperian Botswana (Pty) Ltd
Botswana
\nBrain Solu\u00e7\u00f5es de Tecnologia Digital Ltda
Brazil
\n1
\nFinanceira Veloz Holding Financeira S.A
Brazil
\n2
\nHolding Veloz Investimentos e Participa\u00e7\u00f5es S.A
Brazil
\n3
\nPagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
\n4
\nSerasa S.A.
Brazil
\n5
\nExperian Bulgaria EAD
Bulgaria
\nExperian Canada Inc.
Canada
\nExperian Holdings Chile SpA
Chile
\n1
\nExperian Services Chile S.A.
Chile
\n2
\nServicios de Informaci\u00f3n Avanzada Comercial Y Financiera
\nS.A.
\nChile
\n3
\nBeijing Yiboruizhi Technology Co., Ltd
China
\n1
\nExperian Credit Service (Beijing) Company Limited
China
\n2
\nExperian Hong Kong Holdings Limited
China
\n3
\nExperian Hong Kong Limited
China
\n3
\nExperian Information Technology (Beijing) Company Limited
China
\n4
\nExperian Colombia S.A.
Colombia
\nExperian Services Costa Rica, S.A.
Costa Rica
\nExperian A/S
Denmark
\nAccolade Unlimited
England and Wales
\nCastlight Limited*
England and Wales
\nCCN UK 2005 Limited
England and Wales
\nCCN UK Unlimited
England and Wales
\nChatsworth Investments Limited
England and Wales
\nCSID International Limited*
England and Wales
\nEHI 2005 Limited
England and Wales
\nEHI UK Unlimited
England and Wales
\nEIS 2005 Limited
England and Wales
\nEIS UK Unlimited
England and Wales
\nExperian (UK) Finance Limited
England and Wales
\nExperian (UK) Holdings 2006 Limited
England and Wales
\nExperian 2001 Unlimited
England and Wales
\nExperian 2006 Unlimited
England and Wales
\nExperian CIS Limited
England and Wales
\nExperian Colombia Investments Limited
England and Wales
\nExperian Europe and Middle East Limited
England and Wales
\nExperian Europe Unlimited
England and Wales
\nExperian Finance 2012 Unlimited
England and Wales
\nExperian Finance plc
England and Wales
\nExperian Group Limited
England and Wales
\nExperian Holdings (UK) Unlimited
England and Wales
\nExperian Holdings Limited
England and Wales
\nExperian International Unlimited
England and Wales
\nExperian Investment Holdings Limited
England and Wales
\nExperian Latam Holdings Unlimited
England and Wales
\nExperian Limited
England and Wales
\nCompany
Country of incorporation
\nExperian NA Holdings Unlimited
England and Wales
\nExperian NA Unlimited
England and Wales
\nExperian Nominees Limited
England and Wales
\nExperian Specialist Information Limited*
England and Wales
\nExperian SURBS Investments Limited
England and Wales
\nExperian Technology Limited
England and Wales
\nExperian US Holdings Unlimited
England and Wales
\nExperian US Unlimited
England and Wales
\nExperian Work Report Limited
England and Wales
\nG.U.S. Property Management Limited
England and Wales
\nGUS 1998 Unlimited
England and Wales
\nGUS 2000 Finance Unlimited
England and Wales
\nGUS 2000 UK Unlimited
England and Wales
\nGUS 2000 Unlimited
England and Wales
\nGUS 2002 Unlimited
England and Wales
\nGUS 2004 Limited
England and Wales
\nGUS 2005 Finance Unlimited
England and Wales
\nGUS Catalogues Unlimited
England and Wales
\nGUS Finance (2004) Limited
England and Wales
\nGUS Finance 2006 Unlimited
England and Wales
\nGUS Finance Holdings Unlimited
England and Wales
\nGUS Financial Services Unlimited
England and Wales
\nGUS Holdings (2004) Limited
England and Wales
\nGUS Holdings Unlimited
England and Wales
\nGUS International
England and Wales
\nGUS International Holdings UK Societas
England and Wales
\nGUS Ireland Holdings UK Societas
England and Wales
\nGUS NA Unlimited
England and Wales
\nGUS Netherlands Unlimited
England and Wales
\nGUS Overseas Holdings UK Societas
England and Wales
\nGUS Overseas Investments UK Societas
England and Wales
\nGUS Overseas Retailing Unlimited
England and Wales
\nGUS Overseas Unlimited
England and Wales
\nGUS Property Investments Limited
England and Wales
\nGUS Unlimited
England and Wales
\nGUS US Holdings UK Societas
England and Wales
\nGUS US Holdings Unlimited
England and Wales
\nGUS US Unlimited
England and Wales
\nGUS Ventures Unlimited
England and Wales
\nHugh Wyllie, Limited
England and Wales
\nInternational Communication & Data Limited
England and Wales
\nPay Dashboard Limited
England and Wales
\nQAS Limited*
England and Wales
\nRiverleen Finance Unlimited*
England and Wales
\nRunpath Group Limited
England and Wales
\nRunpath Pilot Limited*
England and Wales
\nRunpath Regulated Services Limited
England and Wales
\nSerasa Finance Limited
England and Wales
\nTallyman Limited
England and Wales
\nTapad UK Limited
England and Wales
\nTechlightenment Ltd*
England and Wales
\nThe Royal Exchange Company (Leeds) Unlimited
England and Wales
\nThe Witney Mattress, Divan & Quilt Co. Unlimited
England and Wales
\nCompuscan (Pty) Ltd
eSwatini/Swaziland
\nExperian France S.A.S.
France
\nExperian Holding EURL
France
\nExperian Holding France SAS
France
\n3 C Deutschland GmbH
Germany
\n1
\n
\n
\n
\n
\n
\n
\n
\nCompany
Country of incorporation
\nCONET Corporate Communication Network GmbH
Germany
\n2
\nExperian CarCert GmbH
Germany
\n3
\nExperian GmbH
Germany
\n2
\nInforma HIS GmbH
Germany
\n3
\nInforma Solutions GmbH
Germany
\n2
\nInfoscore Consumer Data GmbH
Germany
\n2
\nTapad Germany GmbH
Germany
\n4
\nGHU Insurance Company Limited
Guernsey
\nExperian Credit Information Company of India Private
\nLimited
\nIndia
\nExperian Services India (Private Limited)
India
\nPT. Experian Decision Analytics Indonesia
Indonesia
\nExperian Europe Designated Activity Company
Ireland
\nExperian Group Services Limited
Ireland
\nExperian Holdings Ireland Limited
Ireland
\nExperian Ireland Investments Limited
Ireland
\nExperian Ireland Limited
Ireland
\nGUS Finance Ireland Unlimited Company
Ireland
\nGUS Investments 2003 Unlimited Company
Ireland
\nExperian Holding Italia S.r.l.
Italy
\nExperian Italia S.p.A.
Italy
\nExperian Japan Co., Ltd
Japan
\nExperian Lesotho (Pty) Ltd
Lesotho\u00a0
\nExperian Information Services (Malaysia) Sdn. Bhd.
Malaysia
\n1
\nExperian (Malaysia) Sdn. Bhd.
Malaysia
\n1
\nExperian Marketing Services (Malaysia) Sdn Bhd
Malaysia
\n1
\nRinggit Arajaya Sdn. Bhd.**
Malaysia
\n2
\nExperian de Mexico S. de R.L. de C.V.
Mexico
\nExperian Micro Analytics SAM
Monaco
\nScorex SAM
Monaco
\nExperian Sistema de informacao de credito S.A
Mozambique
\nExperian Credit Reference Bureau (Pty) Ltd
Namibia
\nExperian Micro Analytics B.V.
The Netherlands
\nExperian Nederland BV
The Netherlands
\nExperian Scorex Russia B.V.
The Netherlands
\nGUS Europe Holdings BV
The Netherlands
\nGUS Holdings BV
The Netherlands
\nGUS Treasury Services BV
The Netherlands
\nExperian New Zealand Limited
New Zealand
\nExperian AS
Norway
\n1
\nExperian Gjeldsregister AS
Norway
\n1
\nTapad Norway AS
Norway
\n2
\nAPC Bur\u00f3, S.A.
Panama
\nExperian Per\u00fa S.A.C.
Peru
\nExperian Philippines, Inc
The Philippines
\nExperian Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
\nGabi Polska Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105
Poland
\nDP Management Pte Ltd
Singapore
\nExperian Credit Bureau Singapore Pte. Ltd.
Singapore
\nExperian Credit Services Singapore Pte. Ltd.
Singapore
\nExperian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
\nExperian Singapore Pte. Ltd
Singapore
\nCompuscan Holdings International (Pty) Ltd
South Africa
\n1
\nCSH Group (Pty) Ltd
South Africa
\n1
\nExperian South Africa (Pty) Limited
South Africa
\n2
\nGreat Universal Stores (South Africa) (Pty) Ltd
South Africa
\n2
\nAxesor Business Process Outsourcing S.L.U.
Spain
\n1
\nCompany
Country of incorporation
\nAxesor Conocer Para Decidir, S.A.
Spain
\n1
\nExperian Bureau de Cr\u00e9dito, S.A.
Spain
\n2
\nExperian Espa\u00f1a, S.L.U.
Spain
\n2
\nExperian Holdings Espana, S.L.
Spain
\n2
\nExperian Latam Espa\u00f1a Inversiones, S.L.
Spain
\n3
\nExperian Switzerland AG
Switzerland
\nExperian (Thailand) Co., Ltd
Thailand
\nExperian Bilgi Hizmetleri Limited \u015eirketi
Turkey
\nExperian Uganda CRB Limited
Uganda
\nAuto I.D., Inc.
USA
\n1
\nBillFixers, LLC
USA
\n2
\nCIC Plus, LLC
USA
\n3
\nClarityBlue Inc
USA
\n3
\nClarity Services, Inc.
USA
\n2
\nConsumerInfo.com, Inc
USA
\n4
\nCSIdentity Corporation
USA
\n2
\nCSIdentity Insurance Services, Inc.
USA
\n6
\nEmployment Tax Servicing, LLC
USA
\n4
\nExperian Background Data, Inc.
USA
\n2
\nExperian Credit Advisors, Inc.
USA
\n2
\nExperian Data Corp
USA
\n2
\nExperian Employer Services, Inc.
USA
\n5
\nExperian Fraud Prevention Solutions, Inc.
USA
\n2
\nExperian Health, Inc.
USA
\n2
\nExperian Holdings, Inc.
USA
\n2
\nExperian Information Solutions, Inc.
USA
\n7
\nExperian Marketing Solutions, LLC
USA
\n2
\nExperian Reserved Response, Inc.
USA
\n2
\nExperian Services Corp.
USA
\n2
\nFrontline eSolutions, LLC
USA
\n8
\nGabi Personal Insurance Agency, Inc.
USA
\n2
\nMyExperian, Inc.
USA
\n2
\nMy Health Direct, Inc.
USA
\n2
\nRewardStock, Inc.
USA
\n2
\nStatschedules India, LLC
USA
\n2
\nString Automotive Solutions, Inc.
USA
\n2
\nString Enterprises, Inc.
USA
\n2
\nTapad, Inc.
USA
\n2
\nTayvah, LLC
USA
\n4
\nTax Credit Co, LLC
USA
\n2
\nTCC Arizona, LLC
USA
\n9
\nTCC Services, LLC
USA
\n10
\nThe 41st Parameter, Inc.
USA
\n2
\nNumeric superscripts refer to registered o\ufb03ce addresses given
\nin\u00a0note\u00a0T(ii).
\n* In voluntary liquidation
\n** Ringgit Arajaya Sdn. Bhd was liquidated on 13 April 2023.
\n
\n
(ii) Addresses of registered o\ufb03ces of subsidiary undertakings
\nCountry of incorporation
Address of registered o\ufb03ce
\nArgentina
Carlos Pelligrini 887, 4th Floor, Ciudad Autonoma de
\nBuenos Aires, Buenos Aires
\nAustralia
Level 26, 2 Southbank Boulevard, Southbank, VIC 3006
\nAustria
\n1
\nGumpendorfer Stra\u00dfe 19-21/5. OG, 1060, Wien
\nAustria
\n2
\nStrozzigasse 10/14, 1080 Vienna
\nBotswana
Plot 64518 Deloitte House, Fairgrounds, Gaborone
\nBrazil
\n1
\nAvenida Presidente Vargas, 2921 \u2013 6 Floor \u2013 Room
\n611, Vila Homero, Indaiatuba/SP, 13338\u2013705
\nBrazil
\n2
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suite 505,
\nRoom 2, Ibiza Building,Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n3
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suite 505,
\nRoom 1, Ibiza Building,Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n4
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suites 505,
\n506 and 507, Ibiza Building, Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n5
\nAvenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
\nda Cidade Complex, Suites 191, 192, 201, 202, 211, 212,
\n221, 222, 231, 23, Ch\u00e1cara Santo Ant\u00f4nio, Sao Paulo/
\nSP, 04794-000
\nBulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
\nSo\ufb01a
\nCanada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
\nChile
\n1
\nAv el Golf 40 piso, 20 Santiago
\nChile
\n2
\nAv. del Valle 515, Huechuraba, Santiago
\nChile
\n3
\nNueva Costanera 4091, Vitacura, Santiago de Chile
\nChina
\n1
\nRoom 604 6F, One Indigo, 20 Jiuxianqiao Road,
\nChaoyang District, Beijing, 100015
\nChina
\n2
\nRoom 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
\nDistrict, Beijing
\nChina
\n3
\n31/F., Tower Two, Times Square, 1 Matheson Street,
\nCauseway Bay, Hong Kong
\nChina
\n4
\nRoom 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
\nDistrict, Beijing
\nColombia
Carrera 7, No. 76 -35 Floor 10, Bogota
\nCosta Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
\nSan Jos\u00e9 Province, San Jos\u00e9
\nDenmark
Lyngbyvej 2, DK-2100, Copenhagen
\nEngland and Wales
The Sir John Peace Building, Experian Way, NG2
\nBusiness Park, Nottingham, NG80 1ZZ
\neSwatini/Swaziland
c/o PricewaterhouseCoopers, Rhus O\ufb03ce Park, Kal
\nGrant Street, Mbabane
\nFrance
19 boulevard Malesherbes, 75008 Paris
\nGermany
\n1
\nEdisonstra\u00dfe 19, 74076, Heilbronn
\nGermany
\n2
\nRheinstra\u00dfe 99, 76532, Baden-Baden
\nGermany
\n3
\nKreuzberger Ring 68, 65205, Wiesbaden
\nGermany
\n4
\nWalther-von-Cronberg-Platz 13, 60594 Frankfurt a. Main
\nGuernsey
PO Box 155, Mill Court, La Charroterie, St Peter Port,
\nGY1 4ET
\nIndia
5th Floor, East Wing, Tower 3, Equinox Business Park,
\nLBS Marg, Kurla (West), Mumbai, 400070
\nIndonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
\nKav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
\nKota Adm. Jakarta Selatan, DKI Jakarta
\nIreland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
\nItaly
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
\nJapan
xLINK Marunouchi Park Building, Marunouchi Park
\nBuilding 8F, 6-1, Marunouchi 2 chome, Chiyoda-ku,
\nTokyo 100-6908
\nCountry of incorporation
Address of registered o\ufb03ce
\nLesotho
Plot No. 582, Ha Hoohlo Extension, Maseru
\nMalaysia
\n1
\n10th Floor Menara Hap Seng, No. 1 & 3 Jalan P.
\nRamlee, 50250 Kuala Lumpur, Wilayah Persekutuan
\nMalaysia
\n2
\nGround, 1st, 2nd & 3rd Floors, Block B, Quill 18,
\nLingkaran Teknokrat, 3 Barat, Cyber 4, 63000 Sepang,
\nCyberjaya, Selangor
\nMexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
\nHidalgo, Ciudad de M\u00e9xico, CP 11040
\nMonaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
\n27 et 30, MC98000
\nMozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
\n13\u00b0, Maputo
\nNamibia
C/O Aus Secretarial Services, Bougain Villas, 8 Sam
\nNujoma Drive, Windhoek
\nThe Netherlands
Grote Marktstraat 49, 2511BH's-Gravenhage
\nNew Zealand
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
\n1021
\nNorway
\n1
\nProfessor Kohts vei 9, 1366 Lysaker, B\u00e6rum
\nNorway
\n2
\n5.etg. Edvard Storms gate, 20166, Oslo
\nPanama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
\n3845, 4to Piso, Ciudad de Panam\u00e1
\nPeru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
\nThe Philippines
25th Floor Philam Life Tower, 8767 Paseo de Roxas,
\nMakati City
\nPoland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
\nSingapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
\n339510
\nSouth Africa
\n1
\nExperian House, 3 Neutron Avenue, Techno Park,
\nStellenbosch, 7600
\nSouth Africa
\n2
\nExperian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
\nDrive, Bryanston, Sandton, 2021
\nSpain
\n1
\nCalle Graham Bell, s/n, Edi\ufb01cio Axesor, Parque
\nEmpresarial San Isidro, C.P. 18100, Armilla
\nSpain
\n2
\nC/Principe de Vergara 132, 2a Planta, 28002, Madrid
\nSpain
\n3
\nPrincipe de Vergara 131 1\u00b0, Madrid
\nSwitzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
\nThailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
\nKwang, Bangkok
\nTurkey
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8 Levent
\n34394 \u0130stanbul
\nUganda
Plot 23, 3rd Floor, North Wing, Soliz House, Lumumba
\nAvenue, Nakasero, Kampala
\nUSA
\n1
\nThe Corporation Trust Company, 1209 Orange Street,
\nWilmington DE 19801
\nUSA
\n2
\nC T Corporation, 300 Montvue Road, Knoxville TN
\n37919-5546
\nUSA
\n3
\n475 Anton Boulevard, Costa Mesa, CA 92626
\nUSA
\n4
\nC T Corporation System, 818 West 7th Street, Los
\nAngeles, CA 90017
\nUSA
\n5
\nC T Corporation System, 155 Federal Street, Ste 700,
\nBoston Massachusetts 02110
\nUSA
\n6
\n208 South LaSalle St., Ste 814 Chicago IL 60604\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\nUSA
\n7
\n4400 Easton Commons Way, Ste 125, Columbus Ohio
\n43219
\nUSA
\n8
\n3026 Woodbridge Lane, Canton, GA 30114
\nUSA
\n9
\n2711 Centerville Rd Ste 400, Wilmington DE 19808
\nUSA
\n10
\n255 W Sunset Blvd. Ste, 2200 Los Angeles CA 90028
\nNumeric superscripts refer to subsidiary undertakings given in note T(i).
\n
\n
\n
\n
\n
\n
\n(iii) Additional information on subsidiary undertakings
\nSummary
\nThe results of the undertakings listed at note T(i) are included in the Group
\n\ufb01nancial statements. Except as indicated below, the Company has direct
\nor indirect interests in the whole of the issued equity shares of these
\nundertakings. Undertakings which are direct subsidiaries of the Company
\nare detailed in note N to these \ufb01nancial statements.
\nSince demerger from GUS plc in 2006, the Company has eliminated
\ndormant and inactive companies through an ongoing internal programme.
\nHoldings comprising less than 100%
\nInterests of less than 100% of the issued equity of subsidiary
\nundertakings are:
\nAPC Bur\u00f3, S.A. \u2013 70.0%
\nBrain Solu\u00e7\u00f5es de Tecnologia Digital Ltda \u2013 55.0%
\nDP Management Pte Ltd \u2013 51.0%
\nExperian Australia Credit Services Pty Ltd \u2013 92.05%
\nExperian Colombia S.A. \u2013 99.9%
\nExperian Credit Information Company of India Private Limited \u2013 66.7%
\nExperian Italia S.p.A. \u2013 95.35%
\nExperian Information Services (Malaysia) Sdn. Bhd. \u2013 74.0%
\nExperian South Africa (Pty) Limited \u2013 87.5%
\nSerasa S.A. \u2013 99.7%
\nServicios de Informaci\u00f3n Avanzada Comercial Y Financiera S.A. \u2013 66.7%
\nHoldings comprising other than ordinary shares, common stock or
\ncommon shares
\nThe Company\u2019s equity interests comprise direct or indirect holdings of
\nordinary shares, common stock or common shares only, except as listed
\nbelow:
\nExperian Europe and Middle East Limited, Experian Soluciones de
\nInformacion, S.A. de C.V., GUS 2004 Limited and GUS Investments 2003
\nUnlimited Company \u2013 A ordinary and B ordinary shares
\nGUS International \u2013 B ordinary shares
\nGUS 2000 Unlimited \u2013 X ordinary and Y ordinary shares
\nExperian Holdings, Inc. \u2013 class A and B common stock
\nExperian Information Solutions Inc. \u2013 common no par value shares
\nExperian Services Corp. \u2013 common no par value shares
\n
\n
\n
(iv) Associate undertakings
\nCompany
Holding
Country of incorporation
\nLondon & Country Mortgages Limited
25.0%
England and Wales
\nWho Owns Whom (Pty) Limited
32.9%
South Africa
\nOnline Data Exchange LLC
25.0%
USA
\nOpt-Out Services, LLC
25.0%
USA
\nCentral Source LLC
33.3%
USA
\nNew Management Services, LLC
33.3%
USA
\nVantageScore Solutions, LLC
33.3%
USA
\n(v) Other undertakings
\nUndertaking
\nCountry of incorporation
\nor\u00a0operation
\nSerasa Experian Pension Plan
Brazil
\nBrigstock Finance Limited
England and Wales
\nExperian Medical Plan Limited
England and Wales
\nExperian Pension Scheme
England and Wales
\nExperian Retirement Savings Plan
England and Wales
\nExperian Retirement Savings Trustees Limited
England and Wales
\nExperian Trustees Limited
England and Wales
\nExperian UK Approved All-Employee Share Plan
England and Wales
\nThe Pension and Life Assurance Plan of Sanderson Systems Limited
England and Wales
\nVersorgungsordnung der Barclays Industrie Bank GmbH vom April 1988 (incl. amendments)
Germany
\nThe Experian Ireland Pension Plan
Ireland
\nThe Experian plc Employee Share Trust
Jersey
\nCompuscan Team Investment Trust
South Africa
\nExperian Personal Investment Plan
USA
\nThese undertakings are not subsidiaries or associates. Brigstock Finance Limited is a \ufb01nance company. The other undertakings operate in connection
\nwith the Group\u2019s share incentive plans, pension arrangements in the UK, the USA, Brazil, South Africa, Germany and Ireland, and the provision of medical
\ncover in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35303": {
"value": "S. Contingencies and guarantees The Company has guaranteed:
\na
borrowings of Group undertakings of US$3,753m (2022: US$3,912m);
\na
the liabilities of The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan; and
\na
the retirement bene\ufb01t obligations of Group undertakings that participate in the Experian Pension Scheme and of a Group undertaking that participates
\nin a small UK de\ufb01ned bene\ufb01t pension plan (note 36(a)(i)).
\nThe Company has also issued a small number of other guarantees in connection with the performance of business contracts by Group undertakings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f35331": {
"value": "T. Related undertakings at 31 March 2023 (i) Subsidiary undertakings
\nCompany
Country of incorporation
\nExperian Strategic Solutions SA
Argentina
\nExperian Asia Paci\ufb01c Pty Ltd
Australia
\nExperian Australia Credit Services Pty Ltd
Australia
\nExperian Australia Fraud Services Pty Ltd
Australia
\nExperian Australia Holdings Pty Ltd
Australia
\nExperian Australia Pty Ltd
Australia
\nLook Who\u2019s Charging Pty Ltd
Australia
\nTallyman Australia Pty Limited
Australia
\nCredify Informationsdienstleistungen GmbH
Austria
\n1
\nExperian Austria GmbH
Austria
\n2
\nExperian \u00d6sterreich Verwaltungsgesellschaft mbH
Austria
\n2
\nExperian Botswana (Pty) Ltd
Botswana
\nBrain Solu\u00e7\u00f5es de Tecnologia Digital Ltda
Brazil
\n1
\nFinanceira Veloz Holding Financeira S.A
Brazil
\n2
\nHolding Veloz Investimentos e Participa\u00e7\u00f5es S.A
Brazil
\n3
\nPagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
\n4
\nSerasa S.A.
Brazil
\n5
\nExperian Bulgaria EAD
Bulgaria
\nExperian Canada Inc.
Canada
\nExperian Holdings Chile SpA
Chile
\n1
\nExperian Services Chile S.A.
Chile
\n2
\nServicios de Informaci\u00f3n Avanzada Comercial Y Financiera
\nS.A.
\nChile
\n3
\nBeijing Yiboruizhi Technology Co., Ltd
China
\n1
\nExperian Credit Service (Beijing) Company Limited
China
\n2
\nExperian Hong Kong Holdings Limited
China
\n3
\nExperian Hong Kong Limited
China
\n3
\nExperian Information Technology (Beijing) Company Limited
China
\n4
\nExperian Colombia S.A.
Colombia
\nExperian Services Costa Rica, S.A.
Costa Rica
\nExperian A/S
Denmark
\nAccolade Unlimited
England and Wales
\nCastlight Limited*
England and Wales
\nCCN UK 2005 Limited
England and Wales
\nCCN UK Unlimited
England and Wales
\nChatsworth Investments Limited
England and Wales
\nCSID International Limited*
England and Wales
\nEHI 2005 Limited
England and Wales
\nEHI UK Unlimited
England and Wales
\nEIS 2005 Limited
England and Wales
\nEIS UK Unlimited
England and Wales
\nExperian (UK) Finance Limited
England and Wales
\nExperian (UK) Holdings 2006 Limited
England and Wales
\nExperian 2001 Unlimited
England and Wales
\nExperian 2006 Unlimited
England and Wales
\nExperian CIS Limited
England and Wales
\nExperian Colombia Investments Limited
England and Wales
\nExperian Europe and Middle East Limited
England and Wales
\nExperian Europe Unlimited
England and Wales
\nExperian Finance 2012 Unlimited
England and Wales
\nExperian Finance plc
England and Wales
\nExperian Group Limited
England and Wales
\nExperian Holdings (UK) Unlimited
England and Wales
\nExperian Holdings Limited
England and Wales
\nExperian International Unlimited
England and Wales
\nExperian Investment Holdings Limited
England and Wales
\nExperian Latam Holdings Unlimited
England and Wales
\nExperian Limited
England and Wales
\nCompany
Country of incorporation
\nExperian NA Holdings Unlimited
England and Wales
\nExperian NA Unlimited
England and Wales
\nExperian Nominees Limited
England and Wales
\nExperian Specialist Information Limited*
England and Wales
\nExperian SURBS Investments Limited
England and Wales
\nExperian Technology Limited
England and Wales
\nExperian US Holdings Unlimited
England and Wales
\nExperian US Unlimited
England and Wales
\nExperian Work Report Limited
England and Wales
\nG.U.S. Property Management Limited
England and Wales
\nGUS 1998 Unlimited
England and Wales
\nGUS 2000 Finance Unlimited
England and Wales
\nGUS 2000 UK Unlimited
England and Wales
\nGUS 2000 Unlimited
England and Wales
\nGUS 2002 Unlimited
England and Wales
\nGUS 2004 Limited
England and Wales
\nGUS 2005 Finance Unlimited
England and Wales
\nGUS Catalogues Unlimited
England and Wales
\nGUS Finance (2004) Limited
England and Wales
\nGUS Finance 2006 Unlimited
England and Wales
\nGUS Finance Holdings Unlimited
England and Wales
\nGUS Financial Services Unlimited
England and Wales
\nGUS Holdings (2004) Limited
England and Wales
\nGUS Holdings Unlimited
England and Wales
\nGUS International
England and Wales
\nGUS International Holdings UK Societas
England and Wales
\nGUS Ireland Holdings UK Societas
England and Wales
\nGUS NA Unlimited
England and Wales
\nGUS Netherlands Unlimited
England and Wales
\nGUS Overseas Holdings UK Societas
England and Wales
\nGUS Overseas Investments UK Societas
England and Wales
\nGUS Overseas Retailing Unlimited
England and Wales
\nGUS Overseas Unlimited
England and Wales
\nGUS Property Investments Limited
England and Wales
\nGUS Unlimited
England and Wales
\nGUS US Holdings UK Societas
England and Wales
\nGUS US Holdings Unlimited
England and Wales
\nGUS US Unlimited
England and Wales
\nGUS Ventures Unlimited
England and Wales
\nHugh Wyllie, Limited
England and Wales
\nInternational Communication & Data Limited
England and Wales
\nPay Dashboard Limited
England and Wales
\nQAS Limited*
England and Wales
\nRiverleen Finance Unlimited*
England and Wales
\nRunpath Group Limited
England and Wales
\nRunpath Pilot Limited*
England and Wales
\nRunpath Regulated Services Limited
England and Wales
\nSerasa Finance Limited
England and Wales
\nTallyman Limited
England and Wales
\nTapad UK Limited
England and Wales
\nTechlightenment Ltd*
England and Wales
\nThe Royal Exchange Company (Leeds) Unlimited
England and Wales
\nThe Witney Mattress, Divan & Quilt Co. Unlimited
England and Wales
\nCompuscan (Pty) Ltd
eSwatini/Swaziland
\nExperian France S.A.S.
France
\nExperian Holding EURL
France
\nExperian Holding France SAS
France
\n3 C Deutschland GmbH
Germany
\n1
\n
\n
\n
\n
\n
\n
\n
\nCompany
Country of incorporation
\nCONET Corporate Communication Network GmbH
Germany
\n2
\nExperian CarCert GmbH
Germany
\n3
\nExperian GmbH
Germany
\n2
\nInforma HIS GmbH
Germany
\n3
\nInforma Solutions GmbH
Germany
\n2
\nInfoscore Consumer Data GmbH
Germany
\n2
\nTapad Germany GmbH
Germany
\n4
\nGHU Insurance Company Limited
Guernsey
\nExperian Credit Information Company of India Private
\nLimited
\nIndia
\nExperian Services India (Private Limited)
India
\nPT. Experian Decision Analytics Indonesia
Indonesia
\nExperian Europe Designated Activity Company
Ireland
\nExperian Group Services Limited
Ireland
\nExperian Holdings Ireland Limited
Ireland
\nExperian Ireland Investments Limited
Ireland
\nExperian Ireland Limited
Ireland
\nGUS Finance Ireland Unlimited Company
Ireland
\nGUS Investments 2003 Unlimited Company
Ireland
\nExperian Holding Italia S.r.l.
Italy
\nExperian Italia S.p.A.
Italy
\nExperian Japan Co., Ltd
Japan
\nExperian Lesotho (Pty) Ltd
Lesotho\u00a0
\nExperian Information Services (Malaysia) Sdn. Bhd.
Malaysia
\n1
\nExperian (Malaysia) Sdn. Bhd.
Malaysia
\n1
\nExperian Marketing Services (Malaysia) Sdn Bhd
Malaysia
\n1
\nRinggit Arajaya Sdn. Bhd.**
Malaysia
\n2
\nExperian de Mexico S. de R.L. de C.V.
Mexico
\nExperian Micro Analytics SAM
Monaco
\nScorex SAM
Monaco
\nExperian Sistema de informacao de credito S.A
Mozambique
\nExperian Credit Reference Bureau (Pty) Ltd
Namibia
\nExperian Micro Analytics B.V.
The Netherlands
\nExperian Nederland BV
The Netherlands
\nExperian Scorex Russia B.V.
The Netherlands
\nGUS Europe Holdings BV
The Netherlands
\nGUS Holdings BV
The Netherlands
\nGUS Treasury Services BV
The Netherlands
\nExperian New Zealand Limited
New Zealand
\nExperian AS
Norway
\n1
\nExperian Gjeldsregister AS
Norway
\n1
\nTapad Norway AS
Norway
\n2
\nAPC Bur\u00f3, S.A.
Panama
\nExperian Per\u00fa S.A.C.
Peru
\nExperian Philippines, Inc
The Philippines
\nExperian Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
\nGabi Polska Sp\u00f3\u0142ka Z Ograniczon\u0105 Odpowiedzialno\u015bci\u0105
Poland
\nDP Management Pte Ltd
Singapore
\nExperian Credit Bureau Singapore Pte. Ltd.
Singapore
\nExperian Credit Services Singapore Pte. Ltd.
Singapore
\nExperian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
\nExperian Singapore Pte. Ltd
Singapore
\nCompuscan Holdings International (Pty) Ltd
South Africa
\n1
\nCSH Group (Pty) Ltd
South Africa
\n1
\nExperian South Africa (Pty) Limited
South Africa
\n2
\nGreat Universal Stores (South Africa) (Pty) Ltd
South Africa
\n2
\nAxesor Business Process Outsourcing S.L.U.
Spain
\n1
\nCompany
Country of incorporation
\nAxesor Conocer Para Decidir, S.A.
Spain
\n1
\nExperian Bureau de Cr\u00e9dito, S.A.
Spain
\n2
\nExperian Espa\u00f1a, S.L.U.
Spain
\n2
\nExperian Holdings Espana, S.L.
Spain
\n2
\nExperian Latam Espa\u00f1a Inversiones, S.L.
Spain
\n3
\nExperian Switzerland AG
Switzerland
\nExperian (Thailand) Co., Ltd
Thailand
\nExperian Bilgi Hizmetleri Limited \u015eirketi
Turkey
\nExperian Uganda CRB Limited
Uganda
\nAuto I.D., Inc.
USA
\n1
\nBillFixers, LLC
USA
\n2
\nCIC Plus, LLC
USA
\n3
\nClarityBlue Inc
USA
\n3
\nClarity Services, Inc.
USA
\n2
\nConsumerInfo.com, Inc
USA
\n4
\nCSIdentity Corporation
USA
\n2
\nCSIdentity Insurance Services, Inc.
USA
\n6
\nEmployment Tax Servicing, LLC
USA
\n4
\nExperian Background Data, Inc.
USA
\n2
\nExperian Credit Advisors, Inc.
USA
\n2
\nExperian Data Corp
USA
\n2
\nExperian Employer Services, Inc.
USA
\n5
\nExperian Fraud Prevention Solutions, Inc.
USA
\n2
\nExperian Health, Inc.
USA
\n2
\nExperian Holdings, Inc.
USA
\n2
\nExperian Information Solutions, Inc.
USA
\n7
\nExperian Marketing Solutions, LLC
USA
\n2
\nExperian Reserved Response, Inc.
USA
\n2
\nExperian Services Corp.
USA
\n2
\nFrontline eSolutions, LLC
USA
\n8
\nGabi Personal Insurance Agency, Inc.
USA
\n2
\nMyExperian, Inc.
USA
\n2
\nMy Health Direct, Inc.
USA
\n2
\nRewardStock, Inc.
USA
\n2
\nStatschedules India, LLC
USA
\n2
\nString Automotive Solutions, Inc.
USA
\n2
\nString Enterprises, Inc.
USA
\n2
\nTapad, Inc.
USA
\n2
\nTayvah, LLC
USA
\n4
\nTax Credit Co, LLC
USA
\n2
\nTCC Arizona, LLC
USA
\n9
\nTCC Services, LLC
USA
\n10
\nThe 41st Parameter, Inc.
USA
\n2
\nNumeric superscripts refer to registered o\ufb03ce addresses given
\nin\u00a0note\u00a0T(ii).
\n* In voluntary liquidation
\n** Ringgit Arajaya Sdn. Bhd was liquidated on 13 April 2023.
\n
\n
(ii) Addresses of registered o\ufb03ces of subsidiary undertakings
\nCountry of incorporation
Address of registered o\ufb03ce
\nArgentina
Carlos Pelligrini 887, 4th Floor, Ciudad Autonoma de
\nBuenos Aires, Buenos Aires
\nAustralia
Level 26, 2 Southbank Boulevard, Southbank, VIC 3006
\nAustria
\n1
\nGumpendorfer Stra\u00dfe 19-21/5. OG, 1060, Wien
\nAustria
\n2
\nStrozzigasse 10/14, 1080 Vienna
\nBotswana
Plot 64518 Deloitte House, Fairgrounds, Gaborone
\nBrazil
\n1
\nAvenida Presidente Vargas, 2921 \u2013 6 Floor \u2013 Room
\n611, Vila Homero, Indaiatuba/SP, 13338\u2013705
\nBrazil
\n2
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suite 505,
\nRoom 2, Ibiza Building,Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n3
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suite 505,
\nRoom 1, Ibiza Building,Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n4
\nRua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suites 505,
\n506 and 507, Ibiza Building, Velha, Blumenau, Santa
\nCatarina, 89036-239
\nBrazil
\n5
\nAvenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
\nda Cidade Complex, Suites 191, 192, 201, 202, 211, 212,
\n221, 222, 231, 23, Ch\u00e1cara Santo Ant\u00f4nio, Sao Paulo/
\nSP, 04794-000
\nBulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
\nSo\ufb01a
\nCanada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
\nChile
\n1
\nAv el Golf 40 piso, 20 Santiago
\nChile
\n2
\nAv. del Valle 515, Huechuraba, Santiago
\nChile
\n3
\nNueva Costanera 4091, Vitacura, Santiago de Chile
\nChina
\n1
\nRoom 604 6F, One Indigo, 20 Jiuxianqiao Road,
\nChaoyang District, Beijing, 100015
\nChina
\n2
\nRoom 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
\nDistrict, Beijing
\nChina
\n3
\n31/F., Tower Two, Times Square, 1 Matheson Street,
\nCauseway Bay, Hong Kong
\nChina
\n4
\nRoom 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
\nDistrict, Beijing
\nColombia
Carrera 7, No. 76 -35 Floor 10, Bogota
\nCosta Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
\nSan Jos\u00e9 Province, San Jos\u00e9
\nDenmark
Lyngbyvej 2, DK-2100, Copenhagen
\nEngland and Wales
The Sir John Peace Building, Experian Way, NG2
\nBusiness Park, Nottingham, NG80 1ZZ
\neSwatini/Swaziland
c/o PricewaterhouseCoopers, Rhus O\ufb03ce Park, Kal
\nGrant Street, Mbabane
\nFrance
19 boulevard Malesherbes, 75008 Paris
\nGermany
\n1
\nEdisonstra\u00dfe 19, 74076, Heilbronn
\nGermany
\n2
\nRheinstra\u00dfe 99, 76532, Baden-Baden
\nGermany
\n3
\nKreuzberger Ring 68, 65205, Wiesbaden
\nGermany
\n4
\nWalther-von-Cronberg-Platz 13, 60594 Frankfurt a. Main
\nGuernsey
PO Box 155, Mill Court, La Charroterie, St Peter Port,
\nGY1 4ET
\nIndia
5th Floor, East Wing, Tower 3, Equinox Business Park,
\nLBS Marg, Kurla (West), Mumbai, 400070
\nIndonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
\nKav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
\nKota Adm. Jakarta Selatan, DKI Jakarta
\nIreland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
\nItaly
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
\nJapan
xLINK Marunouchi Park Building, Marunouchi Park
\nBuilding 8F, 6-1, Marunouchi 2 chome, Chiyoda-ku,
\nTokyo 100-6908
\nCountry of incorporation
Address of registered o\ufb03ce
\nLesotho
Plot No. 582, Ha Hoohlo Extension, Maseru
\nMalaysia
\n1
\n10th Floor Menara Hap Seng, No. 1 & 3 Jalan P.
\nRamlee, 50250 Kuala Lumpur, Wilayah Persekutuan
\nMalaysia
\n2
\nGround, 1st, 2nd & 3rd Floors, Block B, Quill 18,
\nLingkaran Teknokrat, 3 Barat, Cyber 4, 63000 Sepang,
\nCyberjaya, Selangor
\nMexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
\nHidalgo, Ciudad de M\u00e9xico, CP 11040
\nMonaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
\n27 et 30, MC98000
\nMozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
\n13\u00b0, Maputo
\nNamibia
C/O Aus Secretarial Services, Bougain Villas, 8 Sam
\nNujoma Drive, Windhoek
\nThe Netherlands
Grote Marktstraat 49, 2511BH's-Gravenhage
\nNew Zealand
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
\n1021
\nNorway
\n1
\nProfessor Kohts vei 9, 1366 Lysaker, B\u00e6rum
\nNorway
\n2
\n5.etg. Edvard Storms gate, 20166, Oslo
\nPanama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
\n3845, 4to Piso, Ciudad de Panam\u00e1
\nPeru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
\nThe Philippines
25th Floor Philam Life Tower, 8767 Paseo de Roxas,
\nMakati City
\nPoland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
\nSingapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
\n339510
\nSouth Africa
\n1
\nExperian House, 3 Neutron Avenue, Techno Park,
\nStellenbosch, 7600
\nSouth Africa
\n2
\nExperian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
\nDrive, Bryanston, Sandton, 2021
\nSpain
\n1
\nCalle Graham Bell, s/n, Edi\ufb01cio Axesor, Parque
\nEmpresarial San Isidro, C.P. 18100, Armilla
\nSpain
\n2
\nC/Principe de Vergara 132, 2a Planta, 28002, Madrid
\nSpain
\n3
\nPrincipe de Vergara 131 1\u00b0, Madrid
\nSwitzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
\nThailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
\nKwang, Bangkok
\nTurkey
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8 Levent
\n34394 \u0130stanbul
\nUganda
Plot 23, 3rd Floor, North Wing, Soliz House, Lumumba
\nAvenue, Nakasero, Kampala
\nUSA
\n1
\nThe Corporation Trust Company, 1209 Orange Street,
\nWilmington DE 19801
\nUSA
\n2
\nC T Corporation, 300 Montvue Road, Knoxville TN
\n37919-5546
\nUSA
\n3
\n475 Anton Boulevard, Costa Mesa, CA 92626
\nUSA
\n4
\nC T Corporation System, 818 West 7th Street, Los
\nAngeles, CA 90017
\nUSA
\n5
\nC T Corporation System, 155 Federal Street, Ste 700,
\nBoston Massachusetts 02110
\nUSA
\n6
\n208 South LaSalle St., Ste 814 Chicago IL 60604\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\nUSA
\n7
\n4400 Easton Commons Way, Ste 125, Columbus Ohio
\n43219
\nUSA
\n8
\n3026 Woodbridge Lane, Canton, GA 30114
\nUSA
\n9
\n2711 Centerville Rd Ste 400, Wilmington DE 19808
\nUSA
\n10
\n255 W Sunset Blvd. Ste, 2200 Los Angeles CA 90028
\nNumeric superscripts refer to subsidiary undertakings given in note T(i).
\n
\n
\n
\n
\n
\n
\n(iii) Additional information on subsidiary undertakings
\nSummary
\nThe results of the undertakings listed at note T(i) are included in the Group
\n\ufb01nancial statements. Except as indicated below, the Company has direct
\nor indirect interests in the whole of the issued equity shares of these
\nundertakings. Undertakings which are direct subsidiaries of the Company
\nare detailed in note N to these \ufb01nancial statements.
\nSince demerger from GUS plc in 2006, the Company has eliminated
\ndormant and inactive companies through an ongoing internal programme.
\nHoldings comprising less than 100%
\nInterests of less than 100% of the issued equity of subsidiary
\nundertakings are:
\nAPC Bur\u00f3, S.A. \u2013 70.0%
\nBrain Solu\u00e7\u00f5es de Tecnologia Digital Ltda \u2013 55.0%
\nDP Management Pte Ltd \u2013 51.0%
\nExperian Australia Credit Services Pty Ltd \u2013 92.05%
\nExperian Colombia S.A. \u2013 99.9%
\nExperian Credit Information Company of India Private Limited \u2013 66.7%
\nExperian Italia S.p.A. \u2013 95.35%
\nExperian Information Services (Malaysia) Sdn. Bhd. \u2013 74.0%
\nExperian South Africa (Pty) Limited \u2013 87.5%
\nSerasa S.A. \u2013 99.7%
\nServicios de Informaci\u00f3n Avanzada Comercial Y Financiera S.A. \u2013 66.7%
\nHoldings comprising other than ordinary shares, common stock or
\ncommon shares
\nThe Company\u2019s equity interests comprise direct or indirect holdings of
\nordinary shares, common stock or common shares only, except as listed
\nbelow:
\nExperian Europe and Middle East Limited, Experian Soluciones de
\nInformacion, S.A. de C.V., GUS 2004 Limited and GUS Investments 2003
\nUnlimited Company \u2013 A ordinary and B ordinary shares
\nGUS International \u2013 B ordinary shares
\nGUS 2000 Unlimited \u2013 X ordinary and Y ordinary shares
\nExperian Holdings, Inc. \u2013 class A and B common stock
\nExperian Information Solutions Inc. \u2013 common no par value shares
\nExperian Services Corp. \u2013 common no par value shares",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f36213": {
"value": "(iv) Associate undertakings Company
Holding
Country of incorporation
\nLondon & Country Mortgages Limited
25.0%
England and Wales
\nWho Owns Whom (Pty) Limited
32.9%
South Africa
\nOnline Data Exchange LLC
25.0%
USA
\nOpt-Out Services, LLC
25.0%
USA
\nCentral Source LLC
33.3%
USA
\nNew Management Services, LLC
33.3%
USA
\nVantageScore Solutions, LLC
33.3%
USA",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f36241": {
"value": "(v) Other undertakings Undertaking
\nCountry of incorporation
\nor\u00a0operation
\nSerasa Experian Pension Plan
Brazil
\nBrigstock Finance Limited
England and Wales
\nExperian Medical Plan Limited
England and Wales
\nExperian Pension Scheme
England and Wales
\nExperian Retirement Savings Plan
England and Wales
\nExperian Retirement Savings Trustees Limited
England and Wales
\nExperian Trustees Limited
England and Wales
\nExperian UK Approved All-Employee Share Plan
England and Wales
\nThe Pension and Life Assurance Plan of Sanderson Systems Limited
England and Wales
\nVersorgungsordnung der Barclays Industrie Bank GmbH vom April 1988 (incl. amendments)
Germany
\nThe Experian Ireland Pension Plan
Ireland
\nThe Experian plc Employee Share Trust
Jersey
\nCompuscan Team Investment Trust
South Africa
\nExperian Personal Investment Plan
USA
\nThese undertakings are not subsidiaries or associates. Brigstock Finance Limited is a \ufb01nance company. The other undertakings operate in connection
\nwith the Group\u2019s share incentive plans, pension arrangements in the UK, the USA, Brazil, South Africa, Germany and Ireland, and the provision of medical
cover in the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
},
"f36727": {
"value": "2023-03-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:635400RXXHHYT1JTSZ26",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00"
}
}
}
}