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"ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00438": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00615": { "value": "-1847000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00614": { "value": "-1099000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00374": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00373": { "value": "20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfOrdinaryShares", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00376": { "value": "199000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00375": { "value": "120000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00378": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "exp:OtherPaymentsOnVestingOfShareAwards", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00377": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "exp:OtherPaymentsOnVestingOfShareAwards", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00379": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00380": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00381": { "value": "22000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00382": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00384": { "value": "1321000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00383": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00611": { "value": "621000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00610": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00612": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "exp:NetPaymentsReceiptsFromIssuingCommercialPaper", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00613": { "value": "109000000.0", "decimals": -6, "dimensions": { "concept": "exp:NetPaymentsReceiptsFromIssuingCommercialPaper", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00652": { "value": "41000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00651": { "value": "48000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00653": { "value": "38000000.0", "decimals": -6, "dimensions": { "concept": "exp:NetReceiptsPaymentsForDerivativeContracts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00654": { "value": "9000000.0", "decimals": -6, "dimensions": { "concept": "exp:NetReceiptsPaymentsForDerivativeContracts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00656": { "value": "548000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_NegatedLabel_00655": { "value": "510000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00658": { "value": "-62000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00657": { "value": "-551000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00386": { "value": "96000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_TotalLabel_00385": { "value": "97000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodStartLabel_00388": { "value": "300000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodStartLabel_00387": { "value": "198000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00390": { "value": "-30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00389": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodEndLabel_00392": { "value": "366000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodEndLabel_00391": { "value": "300000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "1. Corporate information
Experian plc (the Company) is the ultimate parent company of the
Experian group of companies (Experian or the Group). Experian is a
leading global data and technology group.
The Company is incorporated and registered in Jersey as a public
company limited by shares and is resident in Ireland. The Company\u2019s
registered o\ufb03ce is at 22 Grenville Street, St Helier, Jersey, JE4 8PX,
Channel Islands. The Company\u2019s ordinary shares are traded on the
London Stock Exchange\u2019s Regulated Market as equity shares
(commercial companies).
There has been no change in this information since the Annual Report for
the year ended 31 March 2024, save for a revision of the listing segment
classi\ufb01cation, following changes to the UK Financial Conduct Authority\u2019s
Listing Rules e\ufb00ected on 29 July 2024.
2. Basis of preparation
The Group \ufb01nancial statements are:
\u2022 prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as
issued by the International Accounting Standards Board (IASB-IFRS).
EU-IFRS, UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from
each other, however the di\ufb00erences have no material impact for the
periods presented
\u2022 prepared on the going concern basis and under the historical cost
convention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
and \ufb01nancial liabilities
\u2022 presented in US dollars, the most representative currency of the
Group\u2019s operations, and generally rounded to the nearest million
\u2022 prepared using the principal exchange rates set out in note 11
\u2022 designed to voluntarily include disclosures in line with those parts of
the UK Companies Act 2006 applicable to companies reporting under
that law.
There has been no change in the basis of preparation of the Group
\ufb01nancial statements since the Annual Report for the year ended
31 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Experian is a leading global data and technology group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "22 Grenville Street, St Helier, Jersey, JE4 8PX, Channel Islands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "There has been no change in this information since the Annual Report for the year ended 31 March 2024, save for a revision of the listing segment classi\ufb01cation, following changes to the UK Financial Conduct Authority\u2019s Listing Rules e\ufb00ected on 29 July 2024. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "2. Basis of preparation
The Group \ufb01nancial statements are:
\u2022 prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as
issued by the International Accounting Standards Board (IASB-IFRS).
EU-IFRS, UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from
each other, however the di\ufb00erences have no material impact for the
periods presented
\u2022 prepared on the going concern basis and under the historical cost
convention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
and \ufb01nancial liabilities
\u2022 presented in US dollars, the most representative currency of the
Group\u2019s operations, and generally rounded to the nearest million
\u2022 prepared using the principal exchange rates set out in note 11
\u2022 designed to voluntarily include disclosures in line with those parts of
the UK Companies Act 2006 applicable to companies reporting under
that law.
There has been no change in the basis of preparation of the Group
\ufb01nancial statements since the Annual Report for the year ended
31 March 2024.
The use of critical accounting estimates and management judgment is
required in applying the accounting policies. Areas involving a higher
degree of judgment or complexity, or where assumptions and estimates
are signi\ufb01cant to the Group \ufb01nancial statements, are highlighted in
note 6.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as
issued by the International Accounting Standards Board (IASB-IFRS).
EU-IFRS, UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from
each other, however the di\ufb00erences have no material impact for the
periods presented", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Going concern
In adopting the going concern basis for preparing these \ufb01nancial
statements, the directors have considered the business activities, the
principal risks and uncertainties and the other matters discussed in
connection with the Viability statement.
At 31 March 2025, the Group had undrawn committed bank borrowing
facilities of US$2.4bn (2024: US$2.4.bn) which have an average
remaining tenor of four years (2024: four years).
The directors believe that the Group and the Company are well placed
to manage their \ufb01nancing and other business risks satisfactorily, and
have a reasonable expectation that the Group and the Company will
have adequate resources to continue their operational existence for at
least 12\u00a0months from the date of signing these \ufb01nancial statements.
The\u00a0directors therefore consider it appropriate to adopt the going
concern basis of accounting in preparing the \ufb01nancial statements.
In reaching this conclusion, the directors noted the Group\u2019s strong
cash performance in the year, and its resilience in the face of a viability
reverse stress-test scenario.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "3. Climate-related matters
As an information services business, our main environmental impact
is the carbon footprint generated from our operations and value chain.
The majority of our footprint is made up of greenhouse gas emissions
from Purchased Goods and Services and Upstream Leased Assets,
including third-party data centres. We are committed to reducing our
carbon emissions and we continue to develop our plans to decarbonise
our business further and reduce energy consumption at our data centres
and across the Group.
We recognise the importance of identifying and e\ufb00ectively managing
the physical and transitional risks that climate change poses to our
operations and consider the impact of climate-related matters, including
legislation, on our business.
The following climate change considerations have been made in
preparing the Group \ufb01nancial statements:
\u2022 The impact in the going concern period or on the viability of the Group
over the next three years, as referenced in the Strategic report.
\u2022 The impact on factors such as residual values, useful lives and
depreciation methods that determine the carrying value of non-current
assets (notes 20 to 22).
\u2022 The impact on forecasts of cash \ufb02ows used in impairment
assessments for the value-in-use of non-current assets including
goodwill (notes 20 to 22).
\u2022 The impact on forecasts of cash \ufb02ows used in the fair value
measurement of assets and liabilities (note 31).
\u2022 The impact on post-employment bene\ufb01t assets (note 35).
At present, there is no material impact of climate-related matters on the
Group\u2019s \ufb01nancial results or on going concern or viability.", "dimensions": { "concept": "exp:DisclosureClimateRelatedMattersExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "4. Recent accounting developments
There have been no accounting standards, amendments or
interpretations e\ufb00ective for the \ufb01rst time in these \ufb01nancial statements
which have had a material impact on the Group\u2019s consolidated results or
\ufb01nancial position.
On 9 April 2024 the IASB issued IFRS 18 \u2018Presentation and Disclosure
in Financial Statements\u2019, which is expected to be e\ufb00ective for Experian
for the year ending 31 March 2028, subject to EU and UK endorsement.
IFRS 18 sets out requirements for the presentation and disclosure of
information in general purpose \ufb01nancial statements and replaces IAS 1
\u2018Presentation of Financial Statements\u2019.
Our assessment of the impact of IFRS 18 on the Group \ufb01nancial
statements has commenced; areas of potential change have been noted
and are undergoing further review.
There are no other new standards, amendments to existing standards,
or interpretations that are not yet e\ufb00ective, that are expected to have a
material impact on the Group\u2019s \ufb01nancial results. None have been early
adopted. Accounting developments are routinely reviewed by the Group
and its \ufb01nancial reporting systems are adapted as appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "5. Material accounting policies
The material accounting policies applied are summarised below. They
have been applied consistently to both years presented. The explanations
of these policies focus on areas where judgment is applied or which are
particularly important in the \ufb01nancial statements. For ease of reference,
the content within this note is arranged as follows:
\u2022 sections (a) to (d) \u2013 content that applies generally to the preparation of
these \ufb01nancial statements
\u2022 sections (e) to (p) \u2013 balance sheet policies, to be read in conjunction with
speci\ufb01c notes as indicated
\u2022 sections (q) to (w) \u2013 income statement policies, to be read in conjunction
with speci\ufb01c notes as indicated
\u2022 section (x) \u2013 the policy and presentation principles adopted for
disclosing segment information, in accordance with IFRS 8
\u2018Operating Segments\u2019.
(a) Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of
the Company and its subsidiary undertakings.
Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that the Group no longer has control. All business combinations are
accounted for using the acquisition method.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent with
the policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2025. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements.
Associates
Interests in associates are accounted for using the equity method.
They are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of equity-accounted investees, until the date on which signi\ufb01cant
in\ufb02uence ceases. Gains or losses on disposal are recognised within
operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.
Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not result in a loss of control as transactions with equity owners of the
Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of the expected future payments. Such liabilities are shown as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place the Group adopts the
\u2018anticipated acquisition\u2019 approach, recording the other side of the put
liability against goodwill, with no subsequent pro\ufb01ts attributed to
non-controlling interests.
(b) Foreign currency translation
Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of the relevant Group undertaking at the exchange rate
prevailing on the date of the transaction. At each balance sheet date,
monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate prevailing at the balance sheet date.
Translation di\ufb00erences on monetary items are taken to the Group income
statement except when recognised in OCI, as qualifying net investment
hedges or cash \ufb02ow hedges. Translation di\ufb00erences on non-monetary
\ufb01nancial assets revalued through OCI are reported as part of the fair
value gains or losses in OCI.
Group undertakings
The results and \ufb01nancial position of Group undertakings whose
functional currencies are not the US dollar are translated into US dollars
as follows:
\u2022 Income and expenses are generally translated at the average exchange
rate for the year. Where this average is not a reasonable approximation
of the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
income and expenses are translated at the rates on the dates of the
transactions.
\u2022 Assets and liabilities are translated at the closing exchange rate on the
balance sheet date.
\u2022 All resulting exchange di\ufb00erences are recognised in OCI and as a
separate component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of the
net investment in Group undertakings whose functional currencies are
not the US dollar, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in OCI to the
extent that such hedges are e\ufb00ective. Tax attributable to those exchange
di\ufb00erences is taken directly to OCI. When such undertakings are sold,
these exchange di\ufb00erences are recognised in the Group income
statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of such undertakings are treated
as assets and liabilities of the entities and are translated into US dollars
at the closing exchange rate.
(c) Fair value estimation
The fair values of derivative \ufb01nancial instruments and other \ufb01nancial
assets and liabilities are determined by using market data and
established estimation techniques such as discounted cash \ufb02ow and
option valuation models. The fair value of foreign exchange contracts is
based on a comparison of the contractual and year-end exchange rates.
The fair values of other derivative \ufb01nancial instruments are estimated
by discounting the future cash \ufb02ows to net present values, using
appropriate market rates prevailing at the balance sheet date.
(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows.
(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired.
Fair values are attributed to the identi\ufb01able assets, liabilities and
contingent liabilities that existed at the date of acquisition, re\ufb02ecting their
condition at that date. Adjustments are made where necessary to align
the accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to CGUs and monitored for internal management
purposes by operating segment. The allocation is made to those CGUs
or groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years,
based on management\u2019s expected retention of trade names within
the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided
that a number of criteria are satis\ufb01ed. These include the technical
feasibility of completing the asset so that it is available for use or sale,
the availability of adequate resources to complete the development and
to use or sell the asset, and how the asset will generate probable future
economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values
are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable. If impaired, the
carrying values are written down to the higher of fair value less costs of
disposal and value-in-use, which is determined by reference to projected
future income streams using assumptions in respect of pro\ufb01tability
and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Computer software (internal use) \u2013 computer software licences
purchased for internal use are capitalised on the basis of the costs
incurred to purchase and bring into use the speci\ufb01c software.
These costs are amortised over three to ten years.
\u2022 Computer software (internally generated) \u2013 costs directly associated
with producing identi\ufb01able and unique software products controlled by
the Group, and that will generate economic bene\ufb01ts beyond one year,
are recognised as intangible assets. These costs are amortised over
three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and
con\ufb01guration and customisation costs incurred in Software as a
Service (SaaS) arrangements, are recognised in the Group income
statement as incurred.
(g) Property, plant and equipment (note 22)
Purchased items of property, plant and equipment are held at cost less
accumulated depreciation and any impairment in value. Cost includes
the original purchase price of the asset and amounts attributable to
bringing the asset to its working condition for its intended use.
Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the
asset\u2019s estimated useful life. Technology-based assets are typically
depreciated over three to \ufb01ve years, motor vehicles over four to
\ufb01ve years, with other infrastructure assets depreciated over \ufb01ve
to ten years.
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are a\ufb00ected by
climate-related matters and concluded that no changes are required.
(h) Trade and other receivables (note 24)
Trade receivables and contract assets are initially recognised at fair value
and subsequently measured at this value less loss allowances. Where
the time value of money is material, receivables are then carried at
amortised cost using the e\ufb00ective interest method, less loss allowances.
We apply the IFRS 9 \u2018Financial Instruments\u2019 simpli\ufb01ed lifetime expected
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group income statement, within other
operating charges.
(i) Cash and cash equivalents (note 25)
Cash and cash equivalents include cash in hand, term and call deposits
held with banks and other short-term, highly liquid investments with
original maturities of three months or less. Bank overdrafts are shown
within borrowings in current liabilities in the Group balance sheet. For the
purposes of the Group cash \ufb02ow statement, cash and cash equivalents
are reported net of bank overdrafts.
(j) Financial assets and liabilities (note 30)
Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method.
Any impairment or gain or loss on derecognition is recognised directly
in the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.
Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative
or it is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised in
the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.
Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its
exposures to \ufb02uctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classi\ufb01ed as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash \ufb02ow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash \ufb02ow hedges are hedges of
highly probable future foreign currency cash \ufb02ows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.
(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at fair
value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the
e\ufb00ective interest method.
(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
year after the balance sheet date.
(m) Leases (note 29)
The Group undertakes an assessment of whether a contract is or
contains a lease at its inception. The assessment establishes whether
the Group obtains substantially all the economic bene\ufb01ts from the use
of an asset and whether we have the right to direct its use.
Low-value lease payments are recognised as an expense, on a
straight-line basis over the lease term. For other leases we recognise
both a right-of-use asset and a lease liability at the commencement
date of a lease contract.
The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability adjusted for payments made at or before the
commencement date, plus initial direct costs and an estimate of the cost
of any obligation to refurbish the asset or site, less lease incentives.
Subsequently, right-of-use assets are measured at cost less
accumulated depreciation and impairment losses and are adjusted for
any remeasurement of the lease liability. Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).
The lease term comprises the non-cancellable period of a lease, plus
periods covered by an extension option, if it is reasonably certain to be
exercised, and periods covered by a termination option if it is reasonably
certain not to be exercised.
The lease liability is initially measured at the present value of lease
payments that are outstanding at the commencement date, discounted
at the interest rate implicit in the lease or, if that rate cannot be easily
determined, the Group\u2019s incremental borrowing rate.
Lease payments comprise payments of \ufb01xed principal, less any lease
incentives, variable elements linked to an index, guaranteed residuals or
buyout options that are reasonably certain to be exercised. They include
payments in respect of optional renewal periods where these are
reasonably certain to be exercised or early termination payments
where the lease term re\ufb02ects such an option.
The lease liability is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a
residual value guarantee, or if the Group changes its assessment of
whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured, a corresponding adjustment is
made to the carrying amount of the right-of-use asset or is recognised
in the Group income statement if the asset is fully depreciated.
The Group presents right-of-use assets within property, plant and
equipment and lease obligations within borrowings in the Group
balance sheet.
(n) Post-employment bene\ufb01t assets and
obligations (note\u00a035)
De\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
The post-employment bene\ufb01t assets and obligations recognised in the
Group balance sheet in respect of funded plans comprise the fair value of
plan assets of funded plans less the present value of the related de\ufb01ned
bene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by independent quali\ufb01ed actuaries, using the projected unit
credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows, using market yields
on high-quality corporate UK pound sterling bonds with maturity
terms consistent with the estimated average term of the related
pension liability.
Actuarial gains and losses arising from experience adjustments, and
changes in actuarial assumptions, are recognised immediately in the
Group statement of comprehensive income.
The pension cost recognised in the Group income statement comprises
the cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
bene\ufb01t asset or obligation. Service costs and \ufb01nancing income and
expenses are recognised separately in the Group income statement.
Plan expenses are deducted from the expected return on the plan assets
over the year.
De\ufb01ned contribution pension arrangements
The assets of de\ufb01ned contribution plans are held separately in
independently administered funds. The pension cost recognised in the
Group income statement represents the contributions payable by the
Group to these funds, in respect of the year.
(o) Provisions (note 37) and contingencies
(note 43)
A contingent liability is disclosed where the likelihood of a loss arising
is possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value of
money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In making its estimates, management takes into account the advice
of legal counsel.
(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are shown as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also shown as a deduction from equity at cost. The par value of
shares in the Company that are purchased and cancelled, in connection
with any share purchase programme, is accounted for as a reduction
in called-up share capital with any cost in excess of that amount being
deducted from retained earnings.
(q) Revenue recognition (note 9)
Revenue is stated net of any sales taxes, rebates and discounts and
re\ufb02ects the amount of consideration we expect to receive in exchange
for the transfer of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identi\ufb01ed based on their standalone selling
price, and is recognised when those performance obligations are
satis\ufb01ed and the control of goods or services is transferred to the
customer, either over time or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a signi\ufb01cant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue,
as the uncertainty surrounding variable consideration is normally
resolved once the performance obligation is satis\ufb01ed or begins to be
satis\ufb01ed. In\ufb02ationary increases based on external indices are treated as
variable consideration and only recognised when they become certain.
\u2022 The provision and processing of transactional data and associated
services is distinguished between contracts that:
\u2013 provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of
a single performance obligation. Revenue is recognised on the
transfer of each unit
\u2013 provide a service to the customer over the contractual term, normally
between one and \ufb01ve years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts this
means revenue is spread evenly over the contract term, as customers
simultaneously receive and consume the bene\ufb01ts of the service
\u2013 require an enhanced service in the initial contract period, where
revenue is recognised to re\ufb02ect the upfront bene\ufb01t the customer
simultaneously receives and consumes over the period the service
is provided. Revenue for such contracts is recognised proportionally,
in line with the incremental costs of providing the service, as this
re\ufb02ects Experian\u2019s progress of performance.
\u2022 Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
\u2022 Revenue from transactional batch data arrangements that include
an ongoing update service is apportioned across each delivery to the
customer and is recognised when the delivery is complete, and control
of the batch data passes to the customer. Performance obligations are
determined based on the frequency of data refresh: one-o\ufb00, quarterly,
monthly, or real-time.
\u2022 Subscription and membership fees for continuous access to a service
are recognised over the period to which they relate, usually 1, 12 or
24 months. Customers simultaneously receive and consume the
bene\ufb01ts of the service; therefore, revenue is recognised evenly over
the subscription or membership term.
\u2022 Revenue for one-o\ufb00 credit reports is recognised when the report is
delivered to the consumer.
\u2022 Software licence and implementation services are primarily accounted
for as a single performance obligation, with revenue recognised when
the combined o\ufb00ering is delivered to the customer. Contract terms
normally vary between one and \ufb01ve years. These services are
distinguished between:
\u2013 Experian-hosted or SaaS solutions, where the customer has the right
to access a software solution over a speci\ufb01ed time period. Customers
simultaneously receive and consume the bene\ufb01ts of the service and
revenue is spread evenly over the period that the service is available.
\u2013 On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer.
The arrangement represents a right to use licence and so the
performance obligation is considered to be ful\ufb01lled on delivery
completion, when control of the con\ufb01gured solution is passed to
the customer. Revenue is recognised at that point in time.
\u2022 The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a
technical support service including minor updates. Contract terms are
often aligned with licence terms. Customers simultaneously receive
and consume the bene\ufb01ts of the service, therefore revenue is spread
evenly over the term of the maintenance period.
\u2022 The provision of distinct standalone consultancy and professional
services is distinguished between:
\u2013 Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and
consume the bene\ufb01ts of the service, and revenue is recognised over
time, in line with hours provided.
\u2013 The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables,
and revenue is recognised on delivery when control is passed to
the customer.
Sales are typically invoiced in the geographic area in which the
customer is located. As a result, the geographic location of the invoicing
undertaking is used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer,
are assessed as to whether they meet the de\ufb01nition of a contract asset:
\u2022 When the right to consideration is conditional on something other
than the passage of time, a balance is classi\ufb01ed as a contract asset.
This arises where there are further performance obligations to be
satis\ufb01ed as part of the contract with the customer and typically
includes balances relating to software licencing contracts.
\u2022 When the right to consideration is conditional only on the passage of
time, the balance does not meet the de\ufb01nition of a contract asset and
is classi\ufb01ed as an unbilled receivable. This typically arises where
the timing of the related billing cycle occurs in a period after the
performance obligation is satis\ufb01ed.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are \ufb01rst assessed to see if they are within
the scope of other standards. Where they are not, certain costs are
recognised as an asset providing they relate directly to a contract (or an
anticipated contract), generate or enhance resources that will be used in
satisfying (or to continue to satisfy) performance obligations in the future
and are expected to be recovered from the customer. Costs which meet
these criteria are deferred as contract costs and these are amortised on
a systematic basis consistent with the pattern of transfer of the related
goods or services.
\u2022 Costs to obtain a contract predominantly comprise sales commissions.
\u2022 Costs to ful\ufb01l a contract predominantly comprise labour costs directly
relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment.
A provision for future losses is established when the unavoidable costs of
the contract exceed the economic bene\ufb01ts expected to be received.
Contract liabilities arise when we have an obligation to transfer
future goods or services to a customer for which we have received
consideration, or the amount is due from the customer and includes
both deferred income balances and speci\ufb01c reserves.
(r) Operating charges
Operating charges are reported by nature in the Group income
statement, re\ufb02ecting the Group\u2019s cost-management control structure.
Details of the types of charges within labour costs in respect of share
incentive plans are set out in note 5(u). Those for post-employment
bene\ufb01ts are set out in note 5(n).
Details of the Group\u2019s amortisation and depreciation policy are given in
notes 5(f), 5(g) and 5(m). The principles upon which impairment charges
of tangible and intangible assets are recognised are set out in notes 5(d),
5(e) and 5(f).
(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the e\ufb00ective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
they are incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in
note\u00a05(j). The change in the year in the present value of put option
agreements, in respect of shares held by non-controlling shareholders,
is recognised as a \ufb01nancing fair value remeasurement within net
\ufb01nance expense.
(t) Tax (note 17)
The tax charge or credit for the year is recognised in the Group income
statement, except for tax on items recognised in OCI or directly in equity.
Current tax is calculated on the basis of the tax laws substantively
enacted at the balance sheet date in the countries where the Group
operates. Current tax assets and liabilities are o\ufb00set where there is a
legally enforceable right of o\ufb00set.
Uncertain tax positions are considered on an individual basis. Where
management considers it probable that an additional out\ufb02ow will
result from any given position, a provision is made. Such provisions
are measured using management\u2019s best estimate of the most
likely outcome.
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
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset is
realised or the liability settled, based on the tax rates and laws that have
been enacted or substantively enacted by the balance sheet date in the
countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable
that the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities and where
they relate to the same tax authority.
(u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an expense on a straight-line basis over the vesting period. Fair value is
measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet date.
Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair value measurement but are not revised for actual performance.
(v) Contingent consideration (note 30(h))
The initially recorded cost of an acquisition includes a reasonable
estimate of the fair value of any contingent amounts expected to be
payable in the future. Any cost or bene\ufb01t arising when such estimates
are revised is recognised in the Group income statement (note 15).
Where part or all of the amount of disposal consideration is contingent
on future events, the disposal proceeds initially recorded include a
reasonable estimate of the value of the contingent amounts expected
to be receivable and payable in the future. The proceeds and pro\ufb01t or
loss on disposal are adjusted when revised estimates are made, with
corresponding adjustments made to receivables and payables as
appropriate, until the ultimate outcome is known and the related
consideration received.
(w) Earnings per share (EPS) (note 18)
Earnings per share are reported in accordance with IAS 33 \u2018Earnings
per Share\u2019.
(x) Segment information policy and presentation
principles (note 10)
We are organised into, and managed on, a worldwide basis through the
following four operating segments, which are based on geographic areas
and supported by central functions:
\u2022 North America
\u2022 Latin America
\u2022 UK and Ireland
\u2022 EMEA and Asia Paci\ufb01c.
The chief operating decision maker makes operating decisions, allocates
resources and assesses the performance of these operating segments
on the basis of Benchmark EBIT, as de\ufb01ned in note 7.
We separately present information equivalent to segment disclosures in
respect of the costs of our central functions, under the caption \u2018Central
Activities\u2019, as management believes that this information is helpful to
users of the \ufb01nancial statements. Costs reported for Central Activities
include those arising from \ufb01nance, treasury and other global functions.
Inter-segment transactions are entered into under the normal
commercial terms and conditions that would be available to third parties.
Such transactions do not have a material impact on the Group\u2019s results.
Segment assets consist primarily of property, plant and equipment,
intangible assets including goodwill, derivatives designated as hedges
of future commercial transactions, contract assets and receivables.
They exclude tax assets, cash and cash equivalents, and derivatives
designated as hedges of borrowings. Segment liabilities comprise
operating and contract liabilities, including derivatives designated
as hedges of future commercial transactions and lease obligations.
They exclude tax liabilities, borrowings, other than lease obligations,
and related hedging derivatives. Net assets reported for Central Activities
comprise corporate head o\ufb03ce assets and liabilities, including certain
post-employment bene\ufb01t assets and obligations, tax assets and
liabilities, and derivative assets and liabilities. Capital expenditure
comprises additions to property, plant and equipment and intangible
assets, other than additions through business combinations or to
right-of-use assets.
Information required to be presented also includes analysis of the
Group\u2019s revenues by groups of service lines. This is supplemented by
voluntary disclosure of the pro\ufb01tability of those groups of service lines.
For ease of reference, we use the term \u2018business lines\u2019 when discussing
the results of groups of service lines. Our two business lines, details of
which are given in the Strategic report section of this Annual Report, are:
\u2022 Business-to-Business
\u2022 Consumer Services
The North America, Latin America and the UK and Ireland operating
segments derive revenues from both of the Group\u2019s business lines.
The EMEA and Asia Paci\ufb01c segment does not currently derive revenue
from the Consumer Services business line.
Reportable segment information for the full year provided to the chief
operating decision maker is set out in note 10(a).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00547": { "value": "(a) Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of
the Company and its subsidiary undertakings.
Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that the Group no longer has control. All business combinations are
accounted for using the acquisition method.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent with
the policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2025. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements.
Associates
Interests in associates are accounted for using the equity method.
They are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of equity-accounted investees, until the date on which signi\ufb01cant
in\ufb02uence ceases. Gains or losses on disposal are recognised within
operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.
Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not result in a loss of control as transactions with equity owners of the
Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of the expected future payments. Such liabilities are shown as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place the Group adopts the
\u2018anticipated acquisition\u2019 approach, recording the other side of the put
liability against goodwill, with no subsequent pro\ufb01ts attributed to
non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that the Group no longer has control. All business combinations are
accounted for using the acquisition method.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent with
the policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2025. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "Associates
Interests in associates are accounted for using the equity method.
They are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of equity-accounted investees, until the date on which signi\ufb01cant
in\ufb02uence ceases. Gains or losses on disposal are recognised within
operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not result in a loss of control as transactions with equity owners of the
Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of the expected future payments. Such liabilities are shown as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place the Group adopts the
\u2018anticipated acquisition\u2019 approach, recording the other side of the put
liability against goodwill, with no subsequent pro\ufb01ts attributed to
non-controlling interests.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "(b) Foreign currency translation
Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of the relevant Group undertaking at the exchange rate
prevailing on the date of the transaction. At each balance sheet date,
monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate prevailing at the balance sheet date.
Translation di\ufb00erences on monetary items are taken to the Group income
statement except when recognised in OCI, as qualifying net investment
hedges or cash \ufb02ow hedges. Translation di\ufb00erences on non-monetary
\ufb01nancial assets revalued through OCI are reported as part of the fair
value gains or losses in OCI.
Group undertakings
The results and \ufb01nancial position of Group undertakings whose
functional currencies are not the US dollar are translated into US dollars
as follows:
\u2022 Income and expenses are generally translated at the average exchange
rate for the year. Where this average is not a reasonable approximation
of the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
income and expenses are translated at the rates on the dates of the
transactions.
\u2022 Assets and liabilities are translated at the closing exchange rate on the
balance sheet date.
\u2022 All resulting exchange di\ufb00erences are recognised in OCI and as a
separate component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of the
net investment in Group undertakings whose functional currencies are
not the US dollar, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in OCI to the
extent that such hedges are e\ufb00ective. Tax attributable to those exchange
di\ufb00erences is taken directly to OCI. When such undertakings are sold,
these exchange di\ufb00erences are recognised in the Group income
statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of such undertakings are treated
as assets and liabilities of the entities and are translated into US dollars
at the closing exchange rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "(c) Fair value estimation
The fair values of derivative \ufb01nancial instruments and other \ufb01nancial
assets and liabilities are determined by using market data and
established estimation techniques such as discounted cash \ufb02ow and
option valuation models. The fair value of foreign exchange contracts is
based on a comparison of the contractual and year-end exchange rates.
The fair values of other derivative \ufb01nancial instruments are estimated
by discounting the future cash \ufb02ows to net present values, using
appropriate market rates prevailing at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows. Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired.
Fair values are attributed to the identi\ufb01able assets, liabilities and
contingent liabilities that existed at the date of acquisition, re\ufb02ecting their
condition at that date. Adjustments are made where necessary to align
the accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to CGUs and monitored for internal management
purposes by operating segment. The allocation is made to those CGUs
or groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired.
Fair values are attributed to the identi\ufb01able assets, liabilities and
contingent liabilities that existed at the date of acquisition, re\ufb02ecting their
condition at that date. Adjustments are made where necessary to align
the accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to CGUs and monitored for internal management
purposes by operating segment. The allocation is made to those CGUs
or groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years,
based on management\u2019s expected retention of trade names within
the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided
that a number of criteria are satis\ufb01ed. These include the technical
feasibility of completing the asset so that it is available for use or sale,
the availability of adequate resources to complete the development and
to use or sell the asset, and how the asset will generate probable future
economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values
are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable. If impaired, the
carrying values are written down to the higher of fair value less costs of
disposal and value-in-use, which is determined by reference to projected
future income streams using assumptions in respect of pro\ufb01tability
and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Computer software (internal use) \u2013 computer software licences
purchased for internal use are capitalised on the basis of the costs
incurred to purchase and bring into use the speci\ufb01c software.
These costs are amortised over three to ten years.
\u2022 Computer software (internally generated) \u2013 costs directly associated
with producing identi\ufb01able and unique software products controlled by
the Group, and that will generate economic bene\ufb01ts beyond one year,
are recognised as intangible assets. These costs are amortised over
three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and
con\ufb01guration and customisation costs incurred in Software as a
Service (SaaS) arrangements, are recognised in the Group income
statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00558": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired.
Fair values are attributed to the identi\ufb01able assets, liabilities and
contingent liabilities that existed at the date of acquisition, re\ufb02ecting their
condition at that date. Adjustments are made where necessary to align
the accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to CGUs and monitored for internal management
purposes by operating segment. The allocation is made to those CGUs
or groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years,
based on management\u2019s expected retention of trade names within
the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00557": { "value": "(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years,
based on management\u2019s expected retention of trade names within
the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided
that a number of criteria are satis\ufb01ed. These include the technical
feasibility of completing the asset so that it is available for use or sale,
the availability of adequate resources to complete the development and
to use or sell the asset, and how the asset will generate probable future
economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values
are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable. If impaired, the
carrying values are written down to the higher of fair value less costs of
disposal and value-in-use, which is determined by reference to projected
future income streams using assumptions in respect of pro\ufb01tability
and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Computer software (internal use) \u2013 computer software licences
purchased for internal use are capitalised on the basis of the costs
incurred to purchase and bring into use the speci\ufb01c software.
These costs are amortised over three to ten years.
\u2022 Computer software (internally generated) \u2013 costs directly associated
with producing identi\ufb01able and unique software products controlled by
the Group, and that will generate economic bene\ufb01ts beyond one year,
are recognised as intangible assets. These costs are amortised over
three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and
con\ufb01guration and customisation costs incurred in Software as a
Service (SaaS) arrangements, are recognised in the Group income
statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00559": { "value": "Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and
con\ufb01guration and customisation costs incurred in Software as a
Service (SaaS) arrangements, are recognised in the Group income
statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00560": { "value": "(g) Property, plant and equipment (note 22)
Purchased items of property, plant and equipment are held at cost less
accumulated depreciation and any impairment in value. Cost includes
the original purchase price of the asset and amounts attributable to
bringing the asset to its working condition for its intended use.
Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the
asset\u2019s estimated useful life. Technology-based assets are typically
depreciated over three to \ufb01ve years, motor vehicles over four to
\ufb01ve years, with other infrastructure assets depreciated over \ufb01ve
to ten years.
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are a\ufb00ected by
climate-related matters and concluded that no changes are required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the
asset\u2019s estimated useful life. Technology-based assets are typically
depreciated over three to \ufb01ve years, motor vehicles over four to
\ufb01ve years, with other 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
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "(h) Trade and other receivables (note 24)
Trade receivables and contract assets are initially recognised at fair value
and subsequently measured at this value less loss allowances. Where
the time value of money is material, receivables are then carried at
amortised cost using the e\ufb00ective interest method, less loss allowances.
We apply the IFRS 9 \u2018Financial Instruments\u2019 simpli\ufb01ed lifetime expected
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group income statement, within other
operating charges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "We apply the IFRS 9 \u2018Financial Instruments\u2019 simpli\ufb01ed lifetime expected
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group 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
The loss allowances for \ufb01nancial assets are based on assumptions
about signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "(i) Cash and cash equivalents (note 25)
Cash and cash equivalents include cash in hand, term and call deposits
held with banks and other short-term, highly liquid investments with
original maturities of three months or less. Bank overdrafts are shown
within borrowings in current liabilities in the Group balance sheet. For the
purposes of the Group cash \ufb02ow statement, cash and cash equivalents
are reported net of bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00565": { "value": "(j) Financial assets and liabilities (note 30)
Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method.
Any impairment or gain or loss on derecognition is recognised directly
in the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.
Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative
or it is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised in
the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.
Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its
exposures to \ufb02uctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classi\ufb01ed as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash \ufb02ow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash \ufb02ow hedges are hedges of
highly probable future foreign currency cash \ufb02ows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.
(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at fair
value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the
e\ufb00ective interest method.
(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
year after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method.
Any impairment or gain or loss on derecognition is recognised directly
in the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in 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 is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its
exposures to \ufb02uctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classi\ufb01ed as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash \ufb02ow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash \ufb02ow hedges are hedges of
highly probable future foreign currency cash \ufb02ows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and 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
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative
or it is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "value": "Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative
or it is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised in
the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "value": "Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its
exposures to \ufb02uctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classi\ufb01ed as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash \ufb02ow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash \ufb02ow hedges are hedges of
highly probable future foreign currency cash \ufb02ows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its
exposures to \ufb02uctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classi\ufb01ed as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash \ufb02ow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash \ufb02ow hedges are hedges of
highly probable future foreign currency cash \ufb02ows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.", "dimensions": { "concept": "exp:DescriptionOfAccountingPolicyForNonHedgingDerivativesTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at fair
value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the
e\ufb00ective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "(m) Leases (note 29)
The Group undertakes an assessment of whether a contract is or
contains a lease at its inception. The assessment establishes whether
the Group obtains substantially all the economic bene\ufb01ts from the use
of an asset and whether we have the right to direct its use.
Low-value lease payments are recognised as an expense, on a
straight-line basis over the lease term. For other leases we recognise
both a right-of-use asset and a lease liability at the commencement
date of a lease contract.
The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability adjusted for payments made at or before the
commencement date, plus initial direct costs and an estimate of the cost
of any obligation to refurbish the asset or site, less lease incentives.
Subsequently, right-of-use assets are measured at cost less
accumulated depreciation and impairment losses and are adjusted for
any remeasurement of the lease liability. Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).
The lease term comprises the non-cancellable period of a lease, plus
periods covered by an extension option, if it is reasonably certain to be
exercised, and periods covered by a termination option if it is reasonably
certain not to be exercised.
The lease liability is initially measured at the present value of lease
payments that are outstanding at the commencement date, discounted
at the interest rate implicit in the lease or, if that rate cannot be easily
determined, the Group\u2019s incremental borrowing rate.
Lease payments comprise payments of \ufb01xed principal, less any lease
incentives, variable elements linked to an index, guaranteed residuals or
buyout options that are reasonably certain to be exercised. They include
payments in respect of optional renewal periods where these are
reasonably certain to be exercised or early termination payments
where the lease term re\ufb02ects such an option.
The lease liability is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a
residual value guarantee, or if the Group changes its assessment of
whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured, a corresponding adjustment is
made to the carrying amount of the right-of-use asset or is recognised
in the Group income statement if the asset is fully depreciated.
The Group presents right-of-use assets within property, plant and
equipment and lease obligations within borrowings in the Group
balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "value": "(n) Post-employment bene\ufb01t assets and
obligations (note\u00a035)
De\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
The post-employment bene\ufb01t assets and obligations recognised in the
Group balance sheet in respect of funded plans comprise the fair value of
plan assets of funded plans less the present value of the related de\ufb01ned
bene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by independent quali\ufb01ed actuaries, using the projected unit
credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows, using market yields
on high-quality corporate UK pound sterling bonds with maturity
terms consistent with the estimated average term of the related
pension liability.
Actuarial gains and losses arising from experience adjustments, and
changes in actuarial assumptions, are recognised immediately in the
Group statement of comprehensive income.
The pension cost recognised in the Group income statement comprises
the cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
bene\ufb01t asset or obligation. Service costs and \ufb01nancing income and
expenses are recognised separately in the Group income statement.
Plan expenses are deducted from the expected return on the plan assets
over the year.
De\ufb01ned contribution pension arrangements
The assets of de\ufb01ned contribution plans are held separately in
independently administered funds. The pension cost recognised in the
Group income statement represents the contributions payable by the
Group to these funds, in respect of the year.(u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an expense on a straight-line basis over the vesting period. Fair value is
measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet date.
Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair value measurement but are not revised for actual performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "(o) Provisions (note 37) and contingencies
(note 43)
A contingent liability is disclosed where the likelihood of a loss arising
is possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value of
money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In making its estimates, management takes into account the advice
of legal counsel.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "(o) Provisions (note 37) and contingencies
(note 43)
A contingent liability is disclosed where the likelihood of a loss arising
is possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value of
money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In making its estimates, management takes into account the advice
of legal counsel.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are shown as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also shown as a deduction from equity at cost. The par value of
shares in the Company that are purchased and cancelled, in connection
with any share purchase programme, is accounted for as a reduction
in called-up share capital with any cost in excess of that amount being
deducted from retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are shown as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also shown as a deduction from equity at cost. The par value of
shares in the Company that are purchased and cancelled, in connection
with any share purchase programme, is accounted for as a reduction
in called-up share capital with any cost in excess of that amount being
deducted from retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "(q) Revenue recognition (note 9)
Revenue is stated net of any sales taxes, rebates and discounts and
re\ufb02ects the amount of consideration we expect to receive in exchange
for the transfer of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identi\ufb01ed based on their standalone selling
price, and is recognised when those performance obligations are
satis\ufb01ed and the control of goods or services is transferred to the
customer, either over time or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a signi\ufb01cant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue,
as the uncertainty surrounding variable consideration is normally
resolved once the performance obligation is satis\ufb01ed or begins to be
satis\ufb01ed. In\ufb02ationary increases based on external indices are treated as
variable consideration and only recognised when they become certain.
\u2022 The provision and processing of transactional data and associated
services is distinguished between contracts that:
\u2013 provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of
a single performance obligation. Revenue is recognised on the
transfer of each unit
\u2013 provide a service to the customer over the contractual term, normally
between one and \ufb01ve years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts this
means revenue is spread evenly over the contract term, as customers
simultaneously receive and consume the bene\ufb01ts of the service
\u2013 require an enhanced service in the initial contract period, where
revenue is recognised to re\ufb02ect the upfront bene\ufb01t the customer
simultaneously receives and consumes over the period the service
is provided. Revenue for such contracts is recognised proportionally,
in line with the incremental costs of providing the service, as this
re\ufb02ects Experian\u2019s progress of performance.
\u2022 Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
\u2022 Revenue from transactional batch data arrangements that include
an ongoing update service is apportioned across each delivery to the
customer and is recognised when the delivery is complete, and control
of the batch data passes to the customer. Performance obligations are
determined based on the frequency of data refresh: one-o\ufb00, quarterly,
monthly, or real-time.
\u2022 Subscription and membership fees for continuous access to a service
are recognised over the period to which they relate, usually 1, 12 or
24 months. Customers simultaneously receive and consume the
bene\ufb01ts of the service; therefore, revenue is recognised evenly over
the subscription or membership term.
\u2022 Revenue for one-o\ufb00 credit reports is recognised when the report is
delivered to the consumer.
\u2022 Software licence and implementation services are primarily accounted
for as a single performance obligation, with revenue recognised when
the combined o\ufb00ering is delivered to the customer. Contract terms
normally vary between one and \ufb01ve years. These services are
distinguished between:
\u2013 Experian-hosted or SaaS solutions, where the customer has the right
to access a software solution over a speci\ufb01ed time period. Customers
simultaneously receive and consume the bene\ufb01ts of the service and
revenue is spread evenly over the period that the service is available.
\u2013 On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer.
The arrangement represents a right to use licence and so the
performance obligation is considered to be ful\ufb01lled on delivery
completion, when control of the con\ufb01gured solution is passed to
the customer. Revenue is recognised at that point in time.
\u2022 The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a
technical support service including minor updates. Contract terms are
often aligned with licence terms. Customers simultaneously receive
and consume the bene\ufb01ts of the service, therefore revenue is spread
evenly over the term of the maintenance period.
\u2022 The provision of distinct standalone consultancy and professional
services is distinguished between:
\u2013 Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and
consume the bene\ufb01ts of the service, and revenue is recognised over
time, in line with hours provided.
\u2013 The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables,
and revenue is recognised on delivery when control is passed to
the customer.
Sales are typically invoiced in the geographic area in which the
customer is located. As a result, the geographic location of the invoicing
undertaking is used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer,
are assessed as to whether they meet the de\ufb01nition of a contract asset:
\u2022 When the right to consideration is conditional on something other
than the passage of time, a balance is classi\ufb01ed as a contract asset.
This arises where there are further performance obligations to be
satis\ufb01ed as part of the contract with the customer and typically
includes balances relating to software licencing contracts.
\u2022 When the right to consideration is conditional only on the passage of
time, the balance does not meet the de\ufb01nition of a contract asset and
is classi\ufb01ed as an unbilled receivable. This typically arises where
the timing of the related billing cycle occurs in a period after the
performance obligation is satis\ufb01ed.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are \ufb01rst assessed to see if they are within
the scope of other standards. Where they are not, certain costs are
recognised as an asset providing they relate directly to a contract (or an
anticipated contract), generate or enhance resources that will be used in
satisfying (or to continue to satisfy) performance obligations in the future
and are expected to be recovered from the customer. Costs which meet
these criteria are deferred as contract costs and these are amortised on
a systematic basis consistent with the pattern of transfer of the related
goods or services.
\u2022 Costs to obtain a contract predominantly comprise sales commissions.
\u2022 Costs to ful\ufb01l a contract predominantly comprise labour costs directly
relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment.
A provision for future losses is established when the unavoidable costs of
the contract exceed the economic bene\ufb01ts expected to be received.
Contract liabilities arise when we have an obligation to transfer
future goods or services to a customer for which we have received
consideration, or the amount is due from the customer and includes
both deferred income balances and speci\ufb01c reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "(r) Operating charges
Operating charges are reported by nature in the Group income
statement, re\ufb02ecting the Group\u2019s cost-management control structure.
Details of the types of charges within labour costs in respect of share
incentive plans are set out in note 5(u). Those for post-employment
bene\ufb01ts are set out in note 5(n).
Details of the Group\u2019s amortisation and depreciation policy are given in
notes 5(f), 5(g) and 5(m). The principles upon which impairment charges
of tangible and intangible assets are recognised are set out in notes 5(d),
5(e) and 5(f).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the e\ufb00ective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
they are incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in
note\u00a05(j). The change in the year in the present value of put option
agreements, in respect of shares held by non-controlling shareholders,
is recognised as a \ufb01nancing fair value remeasurement within net
\ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the e\ufb00ective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
they are incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in
note\u00a05(j). The change in the year in the present value of put option
agreements, in respect of shares held by non-controlling shareholders,
is recognised as a \ufb01nancing fair value remeasurement within net
\ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the e\ufb00ective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
they are incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in
note\u00a05(j). The change in the year in the present value of put option
agreements, in respect of shares held by non-controlling shareholders,
is recognised as a \ufb01nancing fair value remeasurement within net
\ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "Incremental transaction costs which are directly attributable to the
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the e\ufb00ective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "(t) Tax (note 17)
The tax charge or credit for the year is recognised in the Group income
statement, except for tax on items recognised in OCI or directly in equity.
Current tax is calculated on the basis of the tax laws substantively
enacted at the balance sheet date in the countries where the Group
operates. Current tax assets and liabilities are o\ufb00set where there is a
legally enforceable right of o\ufb00set.
Uncertain tax positions are considered on an individual basis. Where
management considers it probable that an additional out\ufb02ow will
result from any given position, a provision is made. Such provisions
are measured using management\u2019s best estimate of the most
likely outcome.
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
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset is
realised or the liability settled, based on the tax rates and laws that have
been enacted or substantively enacted by the balance sheet date in the
countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable
that the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities and where
they relate to the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "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
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset is
realised or the liability settled, based on the tax rates and laws that have
been enacted or substantively enacted by the balance sheet date in the
countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable
that the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "(u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an expense on a straight-line basis over the vesting period. Fair value is
measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet date.
Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair value measurement but are not revised for actual performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "value": "(v) Contingent consideration (note 30(h))
The initially recorded cost of an acquisition includes a reasonable
estimate of the fair value of any contingent amounts expected to be
payable in the future. Any cost or bene\ufb01t arising when such estimates
are revised is recognised in the Group income statement (note 15).
Where part or all of the amount of disposal consideration is contingent
on future events, the disposal proceeds initially recorded include a
reasonable estimate of the value of the contingent amounts expected
to be receivable and payable in the future. The proceeds and pro\ufb01t or
loss on disposal are adjusted when revised estimates are made, with
corresponding adjustments made to receivables and payables as
appropriate, until the ultimate outcome is known and the related
consideration received. ", "dimensions": { "concept": "exp:DescriptionOfAccountingPolicyForContingentConsiderationTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "(w) Earnings per share (EPS) (note 18)
Earnings per share are reported in accordance with IAS 33 \u2018Earnings
per Share\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00607": { "value": "(x) Segment information policy and presentation
principles (note 10)
We are organised into, and managed on, a worldwide basis through the
following four operating segments, which are based on geographic areas
and supported by central functions:
\u2022 North America
\u2022 Latin America
\u2022 UK and Ireland
\u2022 EMEA and Asia Paci\ufb01c.
The chief operating decision maker makes operating decisions, allocates
resources and assesses the performance of these operating segments
on the basis of Benchmark EBIT, as de\ufb01ned in note 7.
We separately present information equivalent to segment disclosures in
respect of the costs of our central functions, under the caption \u2018Central
Activities\u2019, as management believes that this information is helpful to
users of the \ufb01nancial statements. Costs reported for Central Activities
include those arising from \ufb01nance, treasury and other global functions.
Inter-segment transactions are entered into under the normal
commercial terms and conditions that would be available to third parties.
Such transactions do not have a material impact on the Group\u2019s results.
Segment assets consist primarily of property, plant and equipment,
intangible assets including goodwill, derivatives designated as hedges
of future commercial transactions, contract assets and receivables.
They exclude tax assets, cash and cash equivalents, and derivatives
designated as hedges of borrowings. Segment liabilities comprise
operating and contract liabilities, including derivatives designated
as hedges of future commercial transactions and lease obligations.
They exclude tax liabilities, borrowings, other than lease obligations,
and related hedging derivatives. Net assets reported for Central Activities
comprise corporate head o\ufb03ce assets and liabilities, including certain
post-employment bene\ufb01t assets and obligations, tax assets and
liabilities, and derivative assets and liabilities. Capital expenditure
comprises additions to property, plant and equipment and intangible
assets, other than additions through business combinations or to
right-of-use assets.
Information required to be presented also includes analysis of the
Group\u2019s revenues by groups of service lines. This is supplemented by
voluntary disclosure of the pro\ufb01tability of those groups of service lines.
For ease of reference, we use the term \u2018business lines\u2019 when discussing
the results of groups of service lines. Our two business lines, details of
which are given in the Strategic report section of this Annual Report, are:
\u2022 Business-to-Business
\u2022 Consumer Services
The North America, Latin America and the UK and Ireland operating
segments derive revenues from both of the Group\u2019s business lines.
The EMEA and Asia Paci\ufb01c segment does not currently derive revenue
from the Consumer Services business line.
Reportable segment information for the full year provided to the chief
operating decision maker is set out in note 10(a).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "6. Critical accounting estimates, assumptions
and judgments
(a) Critical accounting estimates and assumptions
In preparing these \ufb01nancial statements, management is required to
make estimates and assumptions that a\ufb00ect the reported amount
of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities. The resulting accounting estimates, which are
based on management\u2019s best assessment at the date of these \ufb01nancial
statements, will seldom equal the subsequent actual amounts. The
estimates and assumptions that have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next \ufb01nancial year are summarised below, with further
information provided within the Financial review in the Strategic report.
Revenue recognition is excluded from this summary on the grounds
that the policy adopted in this area is su\ufb03ciently objective.
Goodwill (note 20)
The Group tests goodwill for impairment annually, or more frequently if
there is an indication that it may be impaired. The recoverable amount of
each group of CGUs is generally determined on the basis of value-in-use
calculations, which require the use of cash \ufb02ow projections based on
\ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth
expectations are reviewed as part of the annual strategic planning
process and forecasts for years beyond this are extrapolated based on
management\u2019s best estimates. Corporate balances are allocated to the
groups of CGUs on the basis of expected consumption by each group.
Management determines budgeted pro\ufb01t margin based on past
performance and its expectations for the market\u2019s development.
Cash \ufb02ows after the \ufb01ve-year forecast period are extrapolated using
estimated growth rates that do not exceed the long-term average
growth rate for the CGU\u2019s markets. The discount rates used re\ufb02ect the
Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for
region-speci\ufb01c risks and other factors.
Intangible assets (note 21)
On acquisition, speci\ufb01c intangible assets are identi\ufb01ed and recognised
separately from goodwill and then amortised over their estimated useful
lives. These include items such as customer lists, to which value is \ufb01rst
attributed at the time of acquisition. The capitalisation of these assets
and the related amortisation charges are based on estimates of the value
and economic life of such items.
We evaluate sensitivities relating to assets acquired during a year and
determine if there is any material estimation uncertainty relating to
the fair value or economic life of individual assets acquired from any
reasonably possible change to the inputs and assumptions used in
their determination.
The economic lives of intangible assets are estimated at between three
and ten years for internal projects and between one and 20 years for
acquisition intangibles. Amortisation methods, useful lives and residual
values are reviewed at each reporting date and adjusted if appropriate.
Post-employment bene\ufb01ts (note 35)
Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires
management to exercise judgment and make a number of assumptions
about uncertain events. The key sources of estimation uncertainty are the
discount rate applied to future cash \ufb02ows, the expected rate of future
in\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
The estimates in respect of these critical assumptions are made after
seeking advice from independent quali\ufb01ed actuaries. The discount rate,
in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
determining the de\ufb01ned bene\ufb01t pension obligations and the amounts
reported in the Group \ufb01nancial statements.
Information regarding actuarial assumptions and sensitivities to changes
in the critical accounting estimates are provided in note 35.
Contingent consideration and put option liabilities (note 30(h))
The calculation of the fair value of the Group\u2019s acquisition-related
contingent consideration and put option liabilities requires management
to estimate the outcome of uncertain future events. These liabilities
are typically linked to the future \ufb01nancial performance of the acquired
business, with the key area of estimation uncertainty being the
estimation of the relevant \ufb01nancial metrics. We engage with third-party
experts to assist with the valuation process for all signi\ufb01cant or complex
acquisition-related contingent consideration and put option liabilities.
Further detail is provided in note 41 regarding the liabilities recognised
on the Group\u2019s FY25 acquisitions.
(b) Critical judgments
In applying the Group\u2019s accounting policies, management has made
judgments that have a signi\ufb01cant e\ufb00ect on the amounts recognised in
the Group \ufb01nancial statements and the reported amounts of assets,
liabilities, income and expenses. Actual results may di\ufb00er from these
estimates. Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to estimates are recognised prospectively.
The most signi\ufb01cant of these judgments are in respect of intangible
assets and contingencies:
Intangible assets (note 21)
Certain costs incurred in the developmental phase of an internal project,
which include the development of databases, internal use software and
internally generated software, are capitalised as intangible assets if a
number of criteria are met. Management has made judgments and
assumptions when assessing whether a project meets these criteria, and
on measuring the costs and the economic life attributed to such projects.
Further details of the amounts of, and movements in, such assets are
given in note 21.
Contingencies (note 43)
In the case of pending and threatened litigation claims, management
has formed a judgment as to the likelihood of ultimate liability. No liability
has been recognised where the likelihood of any loss arising is possible
rather than probable.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are summarised below, with further information provided within the Financial review in the Strategic report. Revenue recognition is excluded from this summary on the grounds that the policy adopted in this area is su\ufb03ciently objective. Goodwill (note 20) The Group tests goodwill for impairment annually, or more frequently if there is an indication that it may be impaired. The recoverable amount of each group of CGUs is generally determined on the basis of value-in-use calculations, which require the use of cash \ufb02ow projections based on \ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth expectations are reviewed as part of the annual strategic planning process and forecasts for years beyond this are extrapolated based on management\u2019s best estimates. Corporate balances are allocated to the groups of CGUs on the basis of expected consumption by each group. Management determines budgeted pro\ufb01t margin based on past performance and its expectations for the market\u2019s development. Cash \ufb02ows after the \ufb01ve-year forecast period are extrapolated using estimated growth rates that do not exceed the long-term average growth rate for the CGU\u2019s markets. The discount rates used re\ufb02ect the Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for region-speci\ufb01c risks and other factors. Intangible assets (note 21) On acquisition, speci\ufb01c intangible assets are identi\ufb01ed and recognised separately from goodwill and then amortised over their estimated useful lives. These include items such as customer lists, to which value is \ufb01rst attributed at the time of acquisition. The capitalisation of these assets and the related amortisation charges are based on estimates of the value and economic life of such items. We evaluate sensitivities relating to assets acquired during a year and determine if there is any material estimation uncertainty relating to the fair value or economic life of individual assets acquired from any reasonably possible change to the inputs and assumptions used in their determination. The economic lives of intangible assets are estimated at between three and ten years for internal projects and between one and 20 years for acquisition intangibles. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Post-employment bene\ufb01ts (note 35) Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires management to exercise judgment and make a number of assumptions about uncertain events. The key sources of estimation uncertainty are the discount rate applied to future cash \ufb02ows, the expected rate of future in\ufb02ationary increases and the life expectancy of the schemes\u2019 members. The estimates in respect of these critical assumptions are made after seeking advice from independent quali\ufb01ed actuaries. The discount rate, in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in determining the de\ufb01ned bene\ufb01t pension obligations and the amounts reported in the Group \ufb01nancial statements. Information regarding actuarial assumptions and sensitivities to changes in the critical accounting estimates are provided in note 35. Contingent consideration and put option liabilities (note 30(h)) The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired business, with the key area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. We engage with third-party experts to assist with the valuation process for all signi\ufb01cant or complex acquisition-related contingent consideration and put option liabilities. Further detail is provided in note 41 regarding the liabilities recognised on the Group\u2019s FY25 acquisitions.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "The
estimates and assumptions that have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next \ufb01nancial year are summarised below, with further
information provided within the Financial review in the Strategic report.
Revenue recognition is excluded from this summary on the grounds
that the policy adopted in this area is su\ufb03ciently objective.
Goodwill (note 20)
The Group tests goodwill for impairment annually, or more frequently if
there is an indication that it may be impaired. The recoverable amount of
each group of CGUs is generally determined on the basis of value-in-use
calculations, which require the use of cash \ufb02ow projections based on
\ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth
expectations are reviewed as part of the annual strategic planning
process and forecasts for years beyond this are extrapolated based on
management\u2019s best estimates. Corporate balances are allocated to the
groups of CGUs on the basis of expected consumption by each group.
Management determines budgeted pro\ufb01t margin based on past
performance and its expectations for the market\u2019s development.
Cash \ufb02ows after the \ufb01ve-year forecast period are extrapolated using
estimated growth rates that do not exceed the long-term average
growth rate for the CGU\u2019s markets. The discount rates used re\ufb02ect the
Group\u2019s pre-tax weighted average cost of capital (WACC), as adjusted for
region-speci\ufb01c risks and other factors.
Intangible assets (note 21)
On acquisition, speci\ufb01c intangible assets are identi\ufb01ed and recognised
separately from goodwill and then amortised over their estimated useful
lives. These include items such as customer lists, to which value is \ufb01rst
attributed at the time of acquisition. The capitalisation of these assets
and the related amortisation charges are based on estimates of the value
and economic life of such items.
We evaluate sensitivities relating to assets acquired during a year and
determine if there is any material estimation uncertainty relating to
the fair value or economic life of individual assets acquired from any
reasonably possible change to the inputs and assumptions used in
their determination.
The economic lives of intangible assets are estimated at between three
and ten years for internal projects and between one and 20 years for
acquisition intangibles. Amortisation methods, useful lives and residual
values are reviewed at each reporting date and adjusted if appropriate.
Post-employment bene\ufb01ts (note 35)
Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires
management to exercise judgment and make a number of assumptions
about uncertain events. The key sources of estimation uncertainty are the
discount rate applied to future cash \ufb02ows, the expected rate of future
in\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
The estimates in respect of these critical assumptions are made after
seeking advice from independent quali\ufb01ed actuaries. The discount rate,
in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
determining the de\ufb01ned bene\ufb01t pension obligations and the amounts
reported in the Group \ufb01nancial statements.
Information regarding actuarial assumptions and sensitivities to changes
in the critical accounting estimates are provided in note 35.
Contingent consideration and put option liabilities (note 30(h))
The calculation of the fair value of the Group\u2019s acquisition-related
contingent consideration and put option liabilities requires management
to estimate the outcome of uncertain future events. These liabilities
are typically linked to the future \ufb01nancial performance of the acquired
business, with the key area of estimation uncertainty being the
estimation of the relevant \ufb01nancial metrics. We engage with third-party
experts to assist with the valuation process for all signi\ufb01cant or complex
acquisition-related contingent consideration and put option liabilities.
Further detail is provided in note 41 regarding the liabilities recognised
on the Group\u2019s FY25 acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "7. Use of non-GAAP measures in the Group
\ufb01nancial statements
As detailed below, the Group has identi\ufb01ed and de\ufb01ned certain measures
that it uses to understand and manage its performance. The measures
are not de\ufb01ned under IFRS and they may not be directly comparable with
other companies\u2019 adjusted performance measures. These non-GAAP
measures are not intended to be a substitute for any IFRS measures of
performance but management considers them to be key measures used
for assessing the underlying performance of our business.
(a) Benchmark pro\ufb01t before tax (Benchmark PBT)
(note 10(a)(i))
Benchmark PBT is disclosed to indicate the Group\u2019s underlying
pro\ufb01tability. It is de\ufb01ned as pro\ufb01t before amortisation and impairment
of acquisition intangibles, impairment of goodwill, acquisition expenses,
adjustments to contingent consideration, Exceptional items, \ufb01nancing
fair value remeasurements, tax (and interest thereon) and discontinued
operations. It includes the Group\u2019s share of continuing associates\u2019
Benchmark post-tax results.
An explanation of the basis on which we report Exceptional items is
provided in note 7(l). Other adjustments, in addition to Exceptional items,
made to derive Benchmark PBT are explained as follows:
\u2022 Charges for the amortisation and impairment of acquisition intangibles
are excluded from the calculation of Benchmark PBT because these
charges are based on judgments about their value and economic life
and bear no relation to the Group\u2019s underlying ongoing performance.
Impairment of goodwill is similarly excluded from the calculation of
Benchmark PBT.
\u2022 Acquisition and disposal expenses (representing the incidental costs
of acquisitions and disposals, one-time integration costs and other
corporate transaction expenses) relating to successful, active or
aborted acquisitions and disposals are excluded from the de\ufb01nition
of Benchmark PBT as they bear no relation to the Group\u2019s underlying
ongoing performance or to the performance of any acquired
businesses. Adjustments to contingent consideration are similarly
excluded from the de\ufb01nition of Benchmark PBT.
\u2022 Charges and credits for \ufb01nancing fair value remeasurements within
\ufb01nance expense in the Group income statement are excluded from
the de\ufb01nition of Benchmark PBT. These include retranslation of
intra-Group funding, and that element of the Group\u2019s derivatives that
is ineligible for hedge accounting, together with gains and losses on put
options in respect of acquisitions. Amounts recognised generally arise
from market movements and accordingly bear no direct relation to the
Group\u2019s underlying performance.
(b) Benchmark earnings before interest and tax
(Benchmark EBIT) and margin (Benchmark EBIT
margin) (note 10(a)(i))
Benchmark EBIT is de\ufb01ned as Benchmark PBT before the net interest
expense charged therein and accordingly excludes Exceptional items as
de\ufb01ned below. Benchmark EBIT margin is Benchmark EBIT from ongoing
activities expressed as a percentage of revenue from ongoing activities.
(c) Benchmark earnings before interest, tax,
depreciation and amortisation (Benchmark
EBITDA)
Benchmark EBITDA is de\ufb01ned as Benchmark EBIT before the
depreciation and amortisation charged therein (note 13).
(d) Exited business activities
Exited business activities are businesses sold, closed or identi\ufb01ed for
closure during a \ufb01nancial year. These are treated as exited business
activities for both revenue and Benchmark EBIT purposes. The results
of exited business activities are disclosed separately with the results of
the prior period re-presented in the segmental analyses as appropriate.
This measure di\ufb00ers from the de\ufb01nition of discontinued operations in
IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019.
(e) Ongoing activities
The results of businesses trading at 31 March 2025, that are not
disclosed as exited business activities, are reported as ongoing activities.
(f) Constant exchange rates
To highlight our organic performance, we discuss our results in
terms of growth at constant exchange rates, unless otherwise stated.
This represents growth calculated after translating both years\u2019
performance at the prior year\u2019s average exchange rates.
(g) Total growth (note 10(a)(ii))
This is the year-on-year change in the performance of our activities at
actual exchange rates. Total growth at constant exchange rates removes
the translational foreign exchange e\ufb00ects arising on the consolidation of
our activities and comprises one of our measures of performance at
constant exchange rates.
(h) Organic revenue growth (note 10(a)(ii))
This is the year-on-year change in the revenue of ongoing activities,
translated at constant exchange rates, excluding acquisitions until the
\ufb01rst anniversary of their consolidation.
(i) Benchmark earnings and Total Benchmark
earnings (note\u00a018)
Benchmark earnings comprises Benchmark PBT less attributable tax
and non-controlling interests. The attributable tax for this purpose
excludes signi\ufb01cant tax credits and charges arising in the year which,
in view of their size or nature, are not comparable with previous years,
together with tax arising on Exceptional items and on other adjustments
made to derive Benchmark PBT. Benchmark PBT less attributable tax is
designated as Total Benchmark earnings.
(j) Benchmark earnings per share (Benchmark
EPS) (note\u00a018)
Benchmark EPS comprises Benchmark earnings divided by the
weighted average number of issued ordinary shares, as adjusted for
own shares held.
(k) Benchmark tax charge and rate (note 17(b)(ii))
The Benchmark tax charge is the tax charge applicable to Benchmark
PBT. It di\ufb00ers from the tax charge by tax attributable to Exceptional items
and other adjustments made to derive Benchmark PBT, and exceptional
tax charges. A reconciliation is provided in note 17(b)(ii) to these \ufb01nancial
statements. The Benchmark e\ufb00ective rate of tax is calculated by dividing
the Benchmark tax charge by Benchmark PBT.
(l) Exceptional items (note 15(a))
The separate reporting of Exceptional items gives an indication of the
Group\u2019s underlying performance. Exceptional items include those
arising from the pro\ufb01t or loss on disposal of businesses, closure costs of
signi\ufb01cant operations (including onerous global support costs associated
with those operations), costs of signi\ufb01cant restructuring programmes
and other \ufb01nancially signi\ufb01cant one-o\ufb00 items. All other restructuring
costs are charged against Benchmark EBIT, in the segments in which
they are incurred.
(m) Full-year dividend per share (note 19)
Full-year dividend per share comprises the total of dividends per share
announced in respect of the \ufb01nancial year.
(n) Benchmark operating and Benchmark free
cash \ufb02ow
Benchmark operating cash \ufb02ow is Benchmark EBIT plus amortisation,
depreciation and charges in respect of share-based incentive plans, less
capital expenditure net of disposal proceeds and adjusted for changes in
working capital, principal lease payments and the Group\u2019s share of the
Benchmark pro\ufb01t or loss retained in continuing associates. Benchmark
free cash \ufb02ow is derived from Benchmark operating cash \ufb02ow by
excluding net interest, tax paid in respect of continuing operations and
dividends paid to non-controlling interests.
(o) Cash \ufb02ow conversion (note 40(g))
Cash \ufb02ow conversion is Benchmark operating cash \ufb02ow expressed as
a percentage of Benchmark EBIT.
(p) Net debt and Net funding (note 28)
Net debt is borrowings (and the fair value of derivatives hedging
borrowings) excluding accrued interest, less cash and cash equivalents
and other highly liquid bank deposits with original maturities greater
than three months. Net funding is borrowings (and the fair value of the
e\ufb00ective portion of derivatives hedging borrowings) excluding accrued
interest, less cash held in Group Treasury.
(q) Return on capital employed (ROCE)
(note 10(a)(iv))
ROCE is de\ufb01ned as Benchmark EBIT less tax at the Benchmark rate
divided by a three-point average of capital employed, in continuing
operations, over the year. Capital employed is net assets less
non-controlling interests and right-of-use assets, further adjusted
to add or deduct the net tax liability or asset and to add Net debt.", "dimensions": { "concept": "exp:DisclosureOfUseOfNonGaapMeasuresInTheGroupFinancialStatementsTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "(l) Exceptional items (note 15(a))
The separate reporting of Exceptional items gives an indication of the
Group\u2019s underlying performance. Exceptional items include those
arising from the pro\ufb01t or loss on disposal of businesses, closure costs of
signi\ufb01cant operations (including onerous global support costs associated
with those operations), costs of signi\ufb01cant restructuring programmes
and other \ufb01nancially signi\ufb01cant one-o\ufb00 items. All other restructuring
costs are charged against Benchmark EBIT, in the segments in which
they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "8. Financial risk management
(a) Financial risk factors
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. These are
market risk, including foreign exchange risk and interest rate risk, credit
risk, and liquidity risk. These risks are unchanged from those reported in
the 2024 Annual Report. The numeric disclosures in respect of \ufb01nancial
risks are included within later notes to the \ufb01nancial statements, to
provide a more transparent link between \ufb01nancial risks and results.
Financial risks represent part of the Group\u2019s risks in relation to its
strategy and business objectives. There is a full discussion of the most
signi\ufb01cant risks in the Risk management section of this Annual Report.
The Group\u2019s \ufb01nancial risk management focuses on the unpredictability
of \ufb01nancial markets and seeks to minimise potentially adverse e\ufb00ects
on the Group\u2019s \ufb01nancial performance. The Group seeks to reduce its
exposure to \ufb01nancial risks and uses derivative \ufb01nancial instruments to
hedge certain risk exposures. Such derivative \ufb01nancial instruments are
also used to manage the Group\u2019s borrowings so that amounts are held in
currencies broadly in the same proportion as the Group\u2019s main earnings.
However, the Group does not, nor does it currently intend to, borrow in
the Brazilian real or the Colombian peso.
The Group also ensures surplus funds are prudently managed
and controlled.
Foreign exchange risk
The Group is exposed to foreign exchange risk from future commercial
transactions, recognised assets and liabilities, and investments in, and
loans between, Group undertakings with di\ufb00erent functional currencies.
The Group manages such risk, primarily within undertakings whose
functional currencies are the US dollar, by:
\u2022 entering into forward foreign exchange contracts in the relevant
currencies in respect of investments in entities with functional
currencies other than the US dollar, whose net assets are exposed
to foreign exchange translation risk
\u2022 swapping the proceeds of certain bonds issued in UK pounds sterling
and euros into US dollars
\u2022 managing the liquidity of Group undertakings in the functional currency
of those undertakings by using an in-house banking structure and
hedging any remaining foreign currency exposures with forward
foreign exchange contracts
\u2022 denominating internal loans in relevant currencies, to match
the currencies of assets and liabilities in entities with di\ufb00erent
functional currencies
\u2022 using forward foreign exchange contracts to hedge certain future
commercial transactions.
The principal transaction exposures are to the UK pound sterling, the
euro and the Brazilian real. An indication of the sensitivity to foreign
exchange risk is given in note 11.
Interest rate risk
The Group\u2019s interest rate risk arises principally from components of its
Net debt that are at variable rates.
The Group has a policy of normally maintaining between 50% and 100%
of Net funding at rates that are \ufb01xed for more than six months. The Group
manages its interest rate exposure by:
\u2022 using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
cross-currency interest rate swaps to adjust the balance between
the two
\u2022 mixing the duration of borrowings and interest rate swaps to smooth
the impact of interest rate \ufb02uctuations.
Further information in respect of the Group\u2019s net \ufb01nance expense for
the year and an indication of the sensitivity to interest rate risk is given
in note 16.
Credit risk
In the case of derivative \ufb01nancial instruments, deposits, contract assets
and trade receivables, the Group is exposed to credit risk from the
non-performance of contractual agreements by the contracted party.
Credit risk is managed by:
\u2022 only entering into contracts for derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions with strong credit ratings,
within limits set for each organisation
\u2022 closely controlling dealing activity and regularly monitoring
counterparty positions.
The credit risk on derivative \ufb01nancial instruments and deposits held by
the Group is therefore not considered to be signi\ufb01cant. The Group does
not anticipate that any losses will arise from non-performance by its
chosen counterparties. Further information on the Group\u2019s derivative
\ufb01nancial instruments at the balance sheet dates is given in note 30 and
that in respect of amounts recognised in the Group income statement
is given in note 16. Further information on the Group\u2019s cash and cash
equivalents at the balance sheet dates is given in note 25.
To minimise credit risk for trade receivables, the Group has implemented
policies that require appropriate credit checks on potential clients before
granting credit. The maximum credit risk in respect of such \ufb01nancial
assets is their carrying value. Further information in respect of the
Group\u2019s trade receivables is given in note 24.
Debt investments
All of the Group\u2019s debt investments at amortised cost and FVOCI are
considered to have low credit risk; the loss allowance is therefore limited
to 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019
for listed bonds to be an investment-grade credit rating with at least one
major rating agency. Other instruments are considered to be low credit
risk when they have a low risk of default and the issuer has a high
capacity to meet its contractual cash \ufb02ow obligations in the near term.
Financial assets at FVPL
The Group is also exposed to credit risk in relation to debt investments
that are measured at FVPL. The maximum exposure at the balance sheet
date is the carrying amount of these investments.
Liquidity risk
The Group manages liquidity risk by:
\u2022 issuing long-maturity bonds and notes
\u2022 entering into long-term committed bank borrowing facilities, to
ensure the Group has su\ufb03cient funds available for operations and
planned growth
\u2022 spreading the maturity dates of its debt
\u2022 monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
adequate, unutilised committed bank borrowing facilities.
Details of such facilities are given in note 27. A maturity analysis of
contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
provided in note 32.
(b) Capital risk management
The Group\u2019s de\ufb01nition and management of capital focuses on
capital employed:
\u2022 The Group\u2019s capital employed is reported in the net assets summary
table set out in the Financial review and analysed by segment in
note 10(a)(iv).
\u2022 As part of its internal reporting processes, the Group monitors capital
employed by operating segment.
The Group\u2019s objectives in managing capital are to:
\u2022 safeguard its ability to continue as a going concern, in order to provide
returns for shareholders and bene\ufb01ts for other stakeholders
\u2022 maintain an optimal capital structure and cost of capital.
The Group\u2019s policy is to have:
\u2022 a prudent but e\ufb03cient balance sheet
\u2022 a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
consistent with the intention to retain strong investment-grade
credit ratings.
To maintain or adjust its capital structure, the Group may:
\u2022 adjust the amount of dividends paid to shareholders
\u2022 return capital to shareholders
\u2022 issue or purchase its own shares
\u2022 sell assets to reduce Net debt.
Dividend policy
The Group has a progressive dividend policy which aims to increase
the dividend over time broadly in line with the underlying growth in
Benchmark EPS. This aligns shareholder returns with the underlying
pro\ufb01tability of the Group. In determining the level of dividend in any one
year, in accordance with the policy, the Board also considers a number of
other factors, including the outlook for the Group, the opportunities for
organic investment, the opportunities to make acquisitions and disposals,
the cash \ufb02ow generated by the Group, and the level of dividend cover.
Further detail on the distributable reserves of the Company can be found
in note L to the Company \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Foreign exchange risk
The Group is exposed to foreign exchange risk from future commercial
transactions, recognised assets and liabilities, and investments in, and
loans between, Group undertakings with di\ufb00erent functional currencies.
The Group manages such risk, primarily within undertakings whose
functional currencies are the US dollar, by:
\u2022 entering into forward foreign exchange contracts in the relevant
currencies in respect of investments in entities with functional
currencies other than the US dollar, whose net assets are exposed
to foreign exchange translation risk
\u2022 swapping the proceeds of certain bonds issued in UK pounds sterling
and euros into US dollars
\u2022 managing the liquidity of Group undertakings in the functional currency
of those undertakings by using an in-house banking structure and
hedging any remaining foreign currency exposures with forward
foreign exchange contracts
\u2022 denominating internal loans in relevant currencies, to match
the currencies of assets and liabilities in entities with di\ufb00erent
functional currencies
\u2022 using forward foreign exchange contracts to hedge certain future
commercial transactions.
The principal transaction exposures are to the UK pound sterling, the
euro and the Brazilian real. An indication of the sensitivity to foreign
exchange risk is given in note 11.
Interest rate risk
The Group\u2019s interest rate risk arises principally from components of its
Net debt that are at variable rates.
The Group has a policy of normally maintaining between 50% and 100%
of Net funding at rates that are \ufb01xed for more than six months. The Group
manages its interest rate exposure by:
\u2022 using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
cross-currency interest rate swaps to adjust the balance between
the two
\u2022 mixing the duration of borrowings and interest rate swaps to smooth
the impact of interest rate \ufb02uctuations.
Further information in respect of the Group\u2019s net \ufb01nance expense for
the year and an indication of the sensitivity to interest rate risk is given
in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Credit risk
In the case of derivative \ufb01nancial instruments, deposits, contract assets
and trade receivables, the Group is exposed to credit risk from the
non-performance of contractual agreements by the contracted party.
Credit risk is managed by:
\u2022 only entering into contracts for derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions with strong credit ratings,
within limits set for each organisation
\u2022 closely controlling dealing activity and regularly monitoring
counterparty positions.
The credit risk on derivative \ufb01nancial instruments and deposits held by
the Group is therefore not considered to be signi\ufb01cant. The Group does
not anticipate that any losses will arise from non-performance by its
chosen counterparties. Further information on the Group\u2019s derivative
\ufb01nancial instruments at the balance sheet dates is given in note 30 and
that in respect of amounts recognised in the Group income statement
is given in note 16. Further information on the Group\u2019s cash and cash
equivalents at the balance sheet dates is given in note 25.
To minimise credit risk for trade receivables, the Group has implemented
policies that require appropriate credit checks on potential clients before
granting credit. The maximum credit risk in respect of such \ufb01nancial
assets is their carrying value. Further information in respect of the
Group\u2019s trade receivables is given in note 24.
Debt investments
All of the Group\u2019s debt investments at amortised cost and FVOCI are
considered to have low credit risk; the loss allowance is therefore limited
to 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019
for listed bonds to be an investment-grade credit rating with at least one
major rating agency. Other instruments are considered to be low credit
risk when they have a low risk of default and the issuer has a high
capacity to meet its contractual cash \ufb02ow obligations in the near term.
Financial assets at FVPL
The Group is also exposed to credit risk in relation to debt investments
that are measured at FVPL. The maximum exposure at the balance sheet
date is the carrying amount of these investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Liquidity risk
The Group manages liquidity risk by:
\u2022 issuing long-maturity bonds and notes
\u2022 entering into long-term committed bank borrowing facilities, to
ensure the Group has su\ufb03cient funds available for operations and
planned growth
\u2022 spreading the maturity dates of its debt
\u2022 monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
adequate, unutilised committed bank borrowing facilities.
Details of such facilities are given in note 27. A maturity analysis of
contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
provided in note 32.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "(b) Capital risk management
The Group\u2019s de\ufb01nition and management of capital focuses on
capital employed:
\u2022 The Group\u2019s capital employed is reported in the net assets summary
table set out in the Financial review and analysed by segment in
note 10(a)(iv).
\u2022 As part of its internal reporting processes, the Group monitors capital
employed by operating segment.
The Group\u2019s objectives in managing capital are to:
\u2022 safeguard its ability to continue as a going concern, in order to provide
returns for shareholders and bene\ufb01ts for other stakeholders
\u2022 maintain an optimal capital structure and cost of capital.
The Group\u2019s policy is to have:
\u2022 a prudent but e\ufb03cient balance sheet
\u2022 a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
consistent with the intention to retain strong investment-grade
credit ratings.
To maintain or adjust its capital structure, the Group may:
\u2022 adjust the amount of dividends paid to shareholders
\u2022 return capital to shareholders
\u2022 issue or purchase its own shares
\u2022 sell assets to reduce Net debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "Dividend policy
The Group has a progressive dividend policy which aims to increase
the dividend over time broadly in line with the underlying growth in
Benchmark EPS. This aligns shareholder returns with the underlying
pro\ufb01tability of the Group. In determining the level of dividend in any one
year, in accordance with the policy, the Board also considers a number of
other factors, including the outlook for the Group, the opportunities for
organic investment, the opportunities to make acquisitions and disposals,
the cash \ufb02ow generated by the Group, and the level of dividend cover.
Further 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "9. Revenue
(a) Disaggregation of revenue from contracts with customers
\n \n
Total
North
Latin
UK and
EMEA and
operating
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2025
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Data
2,470\u00a0
610\u00a0
431\u00a0
358\u00a0
3,869\u00a0
Decisioning
959\u00a0
206\u00a0
251\u00a0
168\u00a0
1,584\u00a0
Business-to-Business
3,429\u00a0
816\u00a0
682\u00a0
526\u00a0
5,453\u00a0
Consumer Services
1,617\u00a0
250\u00a0
187\u00a0
\u2014\u00a0
2,054\u00a0
Ongoing activities
5,046\u00a0
1,066\u00a0
869\u00a0
526\u00a0
7,507\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
7\u00a0
16\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\n \n
Total
North
Latin
UK and
EMEA and
operating
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2024
1
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Data
2,231\u00a0
669\u00a0
423\u00a0
304\u00a0
3,627\u00a0
Decisioning
889\u00a0
212\u00a0
244\u00a0
137\u00a0
1,482\u00a0
Business-to-Business
3,120\u00a0
881\u00a0
667\u00a0
441\u00a0
5,109\u00a0
Consumer Services
1,539\u00a0
225\u00a0
173\u00a0
\u2014\u00a0
1,937\u00a0
Ongoing activities
4,659\u00a0
1,106\u00a0
840\u00a0
441\u00a0
7,046\u00a0
Exited business activities
\u2014\u00a0
21\u00a0
4\u00a0
26\u00a0
51\u00a0
Total
4,659\u00a0
1,127\u00a0
844\u00a0
467\u00a0
7,097\u00a0
1
Revenue for the year ended 31 March 2024 of US$10m has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
Revenue in respect of exited business activities comprises Latin America, UK and Ireland and EMEA and Asia Paci\ufb01c Data revenue of US$8m
(2024: US$20m), US$nil (2024: US$4m) and US$4m (2024: US$11m), and Latin America and EMEA and Asia Paci\ufb01c Decisioning revenue of US$1m
(2024: US$1m) and US$3m (2024: US$15m) respectively.
Data is predominantly transactional revenue with a portion from licence fees.
Decisioning revenue is derived from:
\u2022 software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges
\u2022 credit score fees which are primarily transactional
\u2022 analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.
Consumer Services revenue primarily comprises monthly subscriptions and one-o\ufb00 fees, and referral fees for \ufb01nancial products and white-label
partnerships.
The timing of recognition of these revenue streams is discussed in note 5(q).
(b) Signi\ufb01cant changes in contract balances
Contract assets predominantly relate to software licence services, where revenue recognition for on-premise arrangements occurs as the solution
is transferred to the customer, whereas the invoicing pattern is often annually over the contract period. Contract assets recognised during the year
totalled US$109m (2024: US$86m). The contract asset balance for work completed but not invoiced on satisfaction of a performance obligation
unwinds over the contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional
only on the passage of time. Contract assets of US$98m (2024: US$78m) were reclassi\ufb01ed to receivables during the year. An impairment charge of
US$3m (2024: US$1m) was recognised against contract assets during the year.
The majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised
over the period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery
period, creating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-
hosted solutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where
the delivery relates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are
often invoiced annually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
Revenue recognised in the year of US$381m (2024: US$396m) was included in the opening contract liability. Cash received in advance not recognised
as revenue in the year was US$312m (2024: US$368m). The decrease in contract liabilities resulting from disposals during the year was US$nil
(2024: US$1m). The increase in contract liabilities from acquisitions during the year was US$8m (2024: US$2m).
Foreign exchange accounts for a US$1m and a US$3m decrease (2024: US$1m decrease and a US$1m increase) in contract asset and contract
liability balances in the year respectively.
(c) Contract costs
The carrying amount of assets recognised from costs to obtain, and costs to ful\ufb01l, contracts with customers at 31 March 2025 was US$19m and
US$67m (2024: US$24m and US$70m) respectively.
Amortisation of contract costs in the year was US$51m (2024: US$75m); there were no recognised impairment losses in the current or prior year.
Contract costs are amortised on a systematic basis consistent with the pattern of transfer of the related goods or services. A portfolio approach has
been applied to calculate contract costs for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a
portfolio approach does not di\ufb00er materially from calculating the amounts at an individual contract level.
(d) Transaction price allocated to remaining performance obligations
The aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more,
allocated to the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2025 was US$6.1bn (2024: US$5.1bn). We expect to
recognise approximately 42% (2024: 47%) of this value within one year, 34% (2024: 31%) within one to two years, 14% (2024: 13%) within two to three
years and 10% (2024: 9%) thereafter.
The aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors which may have an impact on the future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio
approach does not di\ufb00er materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the \ufb01nancial year ending 31 March 2026; it also excludes the majority of our direct-to-consumer
arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "(a) Disaggregation of revenue from contracts with customers \n \n
Total
North
Latin
UK and
EMEA and
operating
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2025
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Data
2,470\u00a0
610\u00a0
431\u00a0
358\u00a0
3,869\u00a0
Decisioning
959\u00a0
206\u00a0
251\u00a0
168\u00a0
1,584\u00a0
Business-to-Business
3,429\u00a0
816\u00a0
682\u00a0
526\u00a0
5,453\u00a0
Consumer Services
1,617\u00a0
250\u00a0
187\u00a0
\u2014\u00a0
2,054\u00a0
Ongoing activities
5,046\u00a0
1,066\u00a0
869\u00a0
526\u00a0
7,507\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
7\u00a0
16\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\n \n
Total
North
Latin
UK and
EMEA and
operating
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2024
1
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Data
2,231\u00a0
669\u00a0
423\u00a0
304\u00a0
3,627\u00a0
Decisioning
889\u00a0
212\u00a0
244\u00a0
137\u00a0
1,482\u00a0
Business-to-Business
3,120\u00a0
881\u00a0
667\u00a0
441\u00a0
5,109\u00a0
Consumer Services
1,539\u00a0
225\u00a0
173\u00a0
\u2014\u00a0
1,937\u00a0
Ongoing activities
4,659\u00a0
1,106\u00a0
840\u00a0
441\u00a0
7,046\u00a0
Exited business activities
\u2014\u00a0
21\u00a0
4\u00a0
26\u00a0
51\u00a0
Total
4,659\u00a0
1,127\u00a0
844\u00a0
467\u00a0
7,097\u00a0
1
Revenue for the year ended 31 March 2024 of US$10m has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
Revenue in respect of exited business activities comprises Latin America, UK and Ireland and EMEA and Asia Paci\ufb01c Data revenue of US$8m
(2024: US$20m), US$nil (2024: US$4m) and US$4m (2024: US$11m), and Latin America and EMEA and Asia Paci\ufb01c Decisioning revenue of US$1m
(2024: US$1m) and US$3m (2024: US$15m) respectively.
Data is predominantly transactional revenue with a portion from licence fees.
Decisioning revenue is derived from:
\u2022 software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges
\u2022 credit score fees which are primarily transactional
\u2022 analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.
Consumer Services revenue primarily comprises monthly subscriptions and one-o\ufb00 fees, and referral fees for \ufb01nancial products and white-label
partnerships.
The timing of recognition of these revenue streams is discussed in note 5(q).
(b) Signi\ufb01cant changes in contract balances
Contract assets predominantly relate to software licence services, where revenue recognition for on-premise arrangements occurs as the solution
is transferred to the customer, whereas the invoicing pattern is often annually over the contract period. Contract assets recognised during the year
totalled US$109m (2024: US$86m). The contract asset balance for work completed but not invoiced on satisfaction of a performance obligation
unwinds over the contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional
only on the passage of time. Contract assets of US$98m (2024: US$78m) were reclassi\ufb01ed to receivables during the year. An impairment charge of
US$3m (2024: US$1m) was recognised against contract assets during the year.
The majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised
over the period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery
period, creating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-
hosted solutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where
the delivery relates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are
often invoiced annually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
Revenue recognised in the year of US$381m (2024: US$396m) was included in the opening contract liability. Cash received in advance not recognised
as revenue in the year was US$312m (2024: US$368m). The decrease in contract liabilities resulting from disposals during the year was US$nil
(2024: US$1m). The increase in contract liabilities from acquisitions during the year was US$8m (2024: US$2m).
Foreign exchange accounts for a US$1m and a US$3m decrease (2024: US$1m decrease and a US$1m increase) in contract asset and contract
liability balances in the year respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "An impairment charge of US$3m (2024: US$1m) was recognised against contract assets during the year.The annual impairment review of goodwill was performed as at 30 September 2024. The provisional goodwill arising on the acquisition of Credit Data
Solutions Pty Ltd and its subsidiary undertakings (illion) was reported as a separate group of CGUs at 30 September 2024. As indicated at the time,
that goodwill has now been allocated to the EMEA and Asia Paci\ufb01c group of CGUs, being the group of CGUs expected to bene\ufb01t from the synergies of
the combination. Consequently, a further impairment review of the goodwill allocated to the EMEA and Asia Paci\ufb01c group of CGUs was undertaken
as at 31 March 2025 to include the goodwill acquired in the annual period. There have been no other signi\ufb01cant changes in the key modelling
assumptions discussed in note 20(c) that would trigger a further review to be required at 31 March 2025.
The recoverable amount of the EMEA and Asia Paci\ufb01c group of CGUs exceeded its carrying value by US$546m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "(d) Transaction price allocated to remaining performance obligations
The aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more,
allocated to the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2025 was US$6.1bn (2024: US$5.1bn). We expect to
recognise approximately 42% (2024: 47%) of this value within one year, 34% (2024: 31%) within one to two years, 14% (2024: 13%) within two to three
years and 10% (2024: 9%) thereafter.
The aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors which may have an impact on the future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio
approach does not di\ufb00er materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the \ufb01nancial year ending 31 March 2026; it also excludes the majority of our direct-to-consumer
arrangements.(a) Analysis by type and maturity \n \n
2025
2024
Current
Non-current
Current
Non-current
US$m
US$m
US$m
US$m
Trade payables
358\u00a0
\u2014\u00a0
341\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
36\u00a0
\u2014\u00a0
37\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
147\u00a0
\u2014\u00a0
Accruals
949\u00a0
8\u00a0
845\u00a0
7\u00a0
Contract liabilities
392\u00a0
61\u00a0
437\u00a0
83\u00a0
Other payables
247\u00a0
103\u00a0
229\u00a0
100\u00a0
2,127\u00a0
172\u00a0
2,036\u00a0
190\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "10. Segment information
(a) IFRS 8 disclosures
(i) Income statement
Total
North
Latin
UK and
EMEA and
operating
Central
Total
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
Group
Year ended 31 March 2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
5,046\u00a0
1,066\u00a0
869\u00a0
526\u00a0
7,507\u00a0
\u2014\u00a0
7,507\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
7\u00a0
16\u00a0
\u2014\u00a0
16\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\u2014\u00a0
7,523\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities
1,686\u00a0
341\u00a0
202\u00a0
22\u00a0
2,251\u00a0
(144)
2,107\u00a0
Exited business activities
\u2014\u00a0
(5)
1\u00a0
(20)
(24)
\u2014\u00a0
(24)
Total
1,686\u00a0
336\u00a0
203\u00a0
2\u00a0
2,227\u00a0
(144)
2,083\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(3)
(1)
3\u00a0
(1)
(2)
(155)
(157)
Benchmark PBT
1,683\u00a0
335\u00a0
206\u00a0
1\u00a0
2,225\u00a0
(299)
1,926\u00a0
Exceptional items (note 15(a))
(13)
(3)
(15)
(5)
(36)
(3)
(39)
Amortisation of acquisition intangibles (note 21)
(123)
(21)
(6)
(61)
(211)
\u2014\u00a0
(211)
Acquisition and disposal expenses
(10)
(9)
(1)
(17)
(37)
\u2014\u00a0
(37)
Adjustment to the fair value of contingent consideration
4\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Interest on uncertain tax provisions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(4)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(85)
(85)
Pro\ufb01t/(loss) before tax
1,541\u00a0
297\u00a0
184\u00a0
(82)
1,940\u00a0
(391)
1,549\u00a0
\n \n
Total
North
Latin
UK and
EMEA and
operating
Central
Total
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
Group
Year ended 31 March 2024\u00b9
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
\u00a04,659\u00a0
\u00a01,106\u00a0
\u00a0840\u00a0
\u00a0441\u00a0
\u00a07,046\u00a0
\u2014\u00a0
\u00a07,046\u00a0
Exited business activities
\u2014\u00a0
21\u00a0
4\u00a0
\u00a026\u00a0
\u00a051\u00a0
\u2014\u00a0
\u00a051\u00a0
Total
4,659\u00a0
1,127\u00a0
844\u00a0
467\u00a0
7,097\u00a0
\u2014\u00a0
7,097\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments
1,551\u00a0
359\u00a0
173\u00a0
4\u00a0
2,087\u00a0
(143)
1,944\u00a0
Transfer pricing and other allocation adjustments
(20)
\u2014\u00a0
8\u00a0
13\u00a0
1\u00a0
(1)
\u2014\u00a0
Ongoing activities
1,531\u00a0
359\u00a0
181\u00a0
17\u00a0
2,088\u00a0
(144)
1,944\u00a0
Exited business activities
\u2014\u00a0
(5)
1\u00a0
(12)
(16)
\u2014\u00a0
(16)
Total
1,531\u00a0
354\u00a0
182\u00a0
5\u00a0
2,072\u00a0
(144)
1,928\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(3)
(2)
(2)
(1)
(8)
(131)
(139)
Benchmark PBT
1,528\u00a0
352\u00a0
180\u00a0
4\u00a0
2,064\u00a0
(275)
1,789\u00a0
Exceptional items (note 15(a))
(1)
\u2014\u00a0
\u2014\u00a0
5\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Amortisation of acquisition intangibles (note 21)
(112)
(21)
(7)
(53)
(193)
\u2014\u00a0
(193)
Acquisition and disposal expenses
(1)
(17)
(7)
(16)
(41)
\u2014\u00a0
(41)
Adjustment to the fair value of contingent consideration
10\u00a0
(15)
\u2014\u00a0
\u2014\u00a0
(5)
1\u00a0
(4)
Non-benchmark share of post-tax loss of associates
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Interest on uncertain tax provisions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(23)
(23)
Pro\ufb01t/(loss) before tax
1,424\u00a0
299\u00a0
165\u00a0
(60)
1,828\u00a0
(277)
1,551\u00a0
\n
1
Revenue of US$10m and the regional allocation of Benchmark EBIT for the year ended 31 March 2024 have been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
\n
(ii) Reconciliation of revenue from ongoing activities
\n\n \n
Total
North
Latin
UK and
EMEA and
ongoing
America
America
Ireland
Asia Paci\ufb01c
activities
US$m
US$m
US$m
US$m
US$m
Revenue for the year ended 31 March 2024
1
4,659\u00a0
1,106\u00a0
840\u00a0
441\u00a0
7,046\u00a0
Adjustment to constant exchange rates
\u2014\u00a0
(1)
(4)
\u2014\u00a0
(5)
Revenue at constant exchange rates for the year ended 31 March 2024
4,659\u00a0
1,105\u00a0
836\u00a0
441\u00a0
7,041\u00a0
Organic revenue growth
352\u00a0
65\u00a0
11\u00a0
37\u00a0
465\u00a0
Revenue from acquisitions
35\u00a0
26\u00a0
4\u00a0
56\u00a0
121\u00a0
Revenue at constant exchange rates for the year ended 31 March 2025
5,046\u00a0
1,196\u00a0
851\u00a0
534\u00a0
7,627\u00a0
Adjustment to actual exchange rates
\u2014\u00a0
(130)
18\u00a0
(8)
(120)
Revenue for the year ended 31 March 2025
5,046\u00a0
1,066\u00a0
869\u00a0
526\u00a0
7,507\u00a0
Organic revenue growth at constant exchange rates
8%
6%
1%
8%
7%
Revenue growth at constant exchange rates
8%
8%
2%
21%
8%
\n
1
Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
The table above demonstrates the application of the methodology set out in note 7 in determining organic and total revenue growth at constant
\n
exchange rates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended
\n
31 March 2024.
(iii) Reconciliation of Benchmark EBIT from ongoing activities
Total
Total
North
Latin
UK and
EMEA and
operating
Central
ongoing
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
activities
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Benchmark EBIT for the year ended 31 March 2024
1
1,531\u00a0
359\u00a0
181\u00a0
17\u00a0
\u00a02,088\u00a0
(144)
\u00a01,944\u00a0
Adjustment to constant exchange rates
\u2014\u00a0
\u2014\u00a0
(1)
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Benchmark EBIT at constant exchange rates for FY24
1,531\u00a0
359\u00a0
180\u00a0
18\u00a0
\u00a02,088\u00a0
(144)
\u00a01,944\u00a0
Benchmark EBIT growth
155\u00a0
31\u00a0
17\u00a0
6\u00a0
209\u00a0
2\u00a0
211\u00a0
Benchmark EBIT at constant exchange rates for FY25
1,686\u00a0
390\u00a0
197\u00a0
24\u00a0
\u00a02,297\u00a0
(142)
\u00a02,155\u00a0
Adjustment to actual exchange rates
\u2014\u00a0
(49)
5\u00a0
(2)
(46)
(2)
(48)
Benchmark EBIT for the year ended 31 March 2025
1,686\u00a0
341\u00a0
202\u00a0
22\u00a0
2,251\u00a0
(144)
2,107\u00a0
Benchmark EBIT growth at constant exchange rates
10%
9%
10%
36%
10%
n/a
11%
Benchmark EBIT growth at actual exchange rates
10%
(5)%
12%
29%
8%
n/a
8%
Benchmark EBIT margin at constant exchange rates FY24
32.9%
32.5%
21.5%
4.1%
29.7%
n/a
27.6%
Benchmark EBIT margin at actual exchange rates FY24
32.9%
32.5%
21.5%
3.9%
29.6%
n/a
27.6%
Benchmark EBIT margin at constant exchange rates FY25
33.4%
32.6%
23.1%
4.5%
30.1%
n/a
28.3%
Benchmark EBIT margin at actual exchange rates FY25
33.4%
32.0%
23.2%
4.2%
30.0%
n/a
28.1%
\n
1
The regional allocation of Benchmark EBIT for the year ended 31 March 2024 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
2
Growth rates and margins are calculated using exact numbers.
\n
(iv) Balance sheet
\n
Net assets/(liabilities)
Total
Central
North
Latin
UK and
EMEA and
operating
Activities
Total
America
America
Ireland
Asia Paci\ufb01c
segments
and other
Group
At 31 March 2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Goodwill
4,170\u00a0
904\u00a0
763\u00a0
817\u00a0
6,654\u00a0
\u2014\u00a0
6,654\u00a0
Investments in associates
4\u00a0
\u2014\u00a0
9\u00a0
\u2014\u00a0
13\u00a0
\u2014\u00a0
13\u00a0
Right-of-use assets
43\u00a0
14\u00a0
35\u00a0
17\u00a0
109\u00a0
5\u00a0
114\u00a0
Other assets
2,829\u00a0
900\u00a0
611\u00a0
643\u00a0
4,983\u00a0
1,122\u00a0
6,105\u00a0
Total assets
7,046\u00a0
1,818\u00a0
1,418\u00a0
1,477\u00a0
11,759\u00a0
1,127\u00a0
12,886\u00a0
Lease obligations
(56)
(17)
(42)
(17)
(132)
(4)
(136)
Other liabilities
(1,353)
(408)
(307)
(255)
(2,323)
(5,337)
(7,660)
Total liabilities
(1,409)
(425)
(349)
(272)
(2,455)
(5,341)
(7,796)
Net assets/(liabilities)
5,637\u00a0
1,393\u00a0
1,069\u00a0
1,205\u00a0
9,304\u00a0
(4,214)
5,090\u00a0
Total
Central
North
Latin
UK and
EMEA and
operating
Activities
Total
America
America
Ireland
Asia Paci\ufb01c
segments
and other
Group
At 31 March 2024
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Goodwill
3,841\u00a0
901\u00a0
742\u00a0
478\u00a0
5,962\u00a0
\u2014\u00a0
5,962\u00a0
Investments in associates
4\u00a0
\u2014\u00a0
7\u00a0
\u2014\u00a0
11\u00a0
\u2014\u00a0
11\u00a0
Right-of-use assets
56\u00a0
14\u00a0
37\u00a0
18\u00a0
125\u00a0
6\u00a0
131\u00a0
Other assets
2,578\u00a0
898\u00a0
565\u00a0
441\u00a0
4,482\u00a0
1,126\u00a0
5,608\u00a0
Total assets
6,479\u00a0
1,813\u00a0
1,351\u00a0
937\u00a0
10,580\u00a0
1,132\u00a0
11,712\u00a0
Lease obligations
(71)
(17)
(39)
(19)
(146)
(5)
(151)
Other liabilities
(1,301)
(478)
(298)
(207)
(2,284)
(4,608)
(6,892)
Total liabilities
(1,372)
(495)
(337)
(226)
(2,430)
(4,613)
(7,043)
Net assets/(liabilities)
5,107\u00a0
1,318\u00a0
1,014\u00a0
711\u00a0
8,150\u00a0
(3,481)
4,669\u00a0
Central Activities and other comprises:
2025
2024
Net assets/
Net assets/
Assets
Liabilities
(liabilities)
Assets
Liabilities
(liabilities)
US$m
US$m
US$m
US$m
US$m
US$m
Central Activities
602\u00a0
(155)
447\u00a0
666\u00a0
(179)
487\u00a0
Net debt
1
402\u00a0
(4,955)
(4,553)
314\u00a0
(4,222)
(3,908)
Tax
123\u00a0
(231)
(108)
152\u00a0
(212)
(60)
1,127\u00a0
(5,341)
(4,214)
1,132\u00a0
(4,613)
(3,481)
\n
1
Net debt comprises amounts reported within Central Activities plus lease obligations in operating segments, net of interest of US$131m (2024: US$145m).
\n
Capital employed
2025
2024
US$m
US$m
North America
5,637\u00a0
5,107\u00a0
Latin America
1,393\u00a0
1,318\u00a0
UK and Ireland
1,069\u00a0
1,014\u00a0
EMEA and Asia Paci\ufb01c
1,205\u00a0
711\u00a0
Total operating segments
9,304\u00a0
8,150\u00a0
Central Activities
447\u00a0
487\u00a0
Add: lease obligations in operating segments
132\u00a0
146\u00a0
Less: accrued interest on lease obligations in operating segments
(1)
(1)
Less: right-of-use assets
(114)
(131)
Less: non-controlling interests
(36)
(35)
Capital employed attributable to owners
9,732\u00a0
8,616\u00a0
\n
The three-point average capital employed \ufb01gure of US$9,355m (2024: US$8,406m), used in our calculation of ROCE, is determined by calculating the
\n
arithmetic average of capital employed at 31 March 2025, 30 September 2024 and 31 March 2024.
\n
(v) Capital expenditure, amortisation and depreciation
Capital expenditure
Right-of-use asset additions
Amortisation
Depreciation
2025
2024
2025
2024
2025
2024
2025
2024
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
North America
342\u00a0
340\u00a0
8\u00a0
13\u00a0
218\u00a0
193\u00a0
46\u00a0
52\u00a0
Latin America
140\u00a0
140\u00a0
8\u00a0
5\u00a0
97\u00a0
100\u00a0
14\u00a0
17\u00a0
UK and Ireland
66\u00a0
70\u00a0
8\u00a0
33\u00a0
47\u00a0
44\u00a0
19\u00a0
21\u00a0
EMEA and Asia Paci\ufb01c
49\u00a0
37\u00a0
6\u00a0
8\u00a0
39\u00a0
31\u00a0
15\u00a0
14\u00a0
Total operating segments
597\u00a0
587\u00a0
30\u00a0
59\u00a0
401\u00a0
368\u00a0
94\u00a0
104\u00a0
Central Activities
54\u00a0
53\u00a0
1\u00a0
1\u00a0
49\u00a0
47\u00a0
3\u00a0
2\u00a0
Total Group
651\u00a0
640\u00a0
31\u00a0
60\u00a0
450\u00a0
415\u00a0
97\u00a0
106\u00a0
\n
Amortisation and depreciation above only include amounts charged to Benchmark PBT.
\n
(vi) Revenue by country
2025
2024
US$m
US$m
USA
5,044\u00a0
4,658\u00a0
Brazil
936\u00a0
991\u00a0
UK
866\u00a0
839\u00a0
Other
677\u00a0
609\u00a0
7,523\u00a0
7,097\u00a0
\n
Revenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year.
\n
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2024: 91%) of Group revenue. Other comprises a number of other countries,
\n
none of which has revenue that is individually material.
(vii) Non-current assets by country
2024
2025
(Re-presented)
US$m
US$m
USA
1,859\u00a0
1,680\u00a0
UK
432\u00a0
388\u00a0
Brazil
536\u00a0
504\u00a0
Australia
300\u00a0
27\u00a0
Germany
103\u00a0
127\u00a0
Other
244\u00a0
274\u00a0
Segment non-current assets by country
3,474\u00a0
3,000\u00a0
Goodwill
6,654\u00a0
5,962\u00a0
Central Activities
546\u00a0
617\u00a0
Deferred tax
71\u00a0
55\u00a0
10,745\u00a0
9,634\u00a0
\n
To add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis
\n
by country. Goodwill is allocated and monitored based on regional groups of CGUs, this allocation is shown in note 20. The Group has no signi\ufb01cant
\n
non-current assets located in Ireland.
\n
The comparative disclosure has been re-presented to separately analyse non-current assets allocated to Australia, following the acquisition of illion
\n
(see note 41), and also to adjust the allocation of goodwill balances. Goodwill is allocated to groups of CGUs (see note 5e) and is not monitored at a
\n
country level.
\n
(b) Information on business lines (including non-GAAP disclosures)
Business-to-
Consumer
Total business
Central
Total
Business
Services
lines
Activities
Group
Year ended 31 March 2025
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
5,453\u00a0
2,054\u00a0
7,507\u00a0
\u2014\u00a0
7,507\u00a0
Exited business activities
16\u00a0
\u2014\u00a0
16\u00a0
\u2014\u00a0
16\u00a0
Total
5,469\u00a0
2,054\u00a0
7,523\u00a0
\u2014\u00a0
7,523\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities
1,689\u00a0
562\u00a0
2,251\u00a0
(144)
2,107\u00a0
Exited business activities
(25)
1\u00a0
(24)
\u2014\u00a0
(24)
Total
1,664\u00a0
563\u00a0
2,227\u00a0
(144)
2,083\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(1)
(1)
(2)
(155)
(157)
Benchmark PBT
1,663\u00a0
562\u00a0
2,225\u00a0
(299)
1,926\u00a0
Exceptional items (note 15(a))
(27)
(9)
(36)
(3)
(39)
Amortisation of acquisition intangibles (note 21)
(183)
(28)
(211)
\u2014\u00a0
(211)
Acquisition and disposal expenses
(36)
(1)
(37)
\u2014\u00a0
(37)
Adjustment to the fair value of contingent consideration
1\u00a0
(2)
(1)
\u2014\u00a0
(1)
Interest on uncertain tax provisions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(4)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(85)
(85)
Pro\ufb01t/(loss) before tax
1,418\u00a0
522\u00a0
1,940\u00a0
(391)
1,549\u00a0
\n \n
Business-to-
Consumer
Total business
Central
Total
Business
Services
lines
Activities
Group
Year ended 31 March 2024\u00b9
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
5,109\u00a0
1,937\u00a0
7,046\u00a0
\u2014\u00a0
7,046\u00a0
Exited business activities
51\u00a0
\u2014\u00a0
51\u00a0
\u2014\u00a0
51\u00a0
Total
5,160\u00a0
1,937\u00a0
7,097\u00a0
\u2014\u00a0
7,097\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments
1,601\u00a0
486\u00a0
2,087\u00a0
(143)
1,944\u00a0
Transfer pricing and other allocation adjustments
8\u00a0
(7)
1\u00a0
(1)
\u2014\u00a0
Ongoing activities
1,609\u00a0
479\u00a0
2,088\u00a0
(144)
1,944\u00a0
Exited business activities
(16)
\u2014\u00a0
(16)
\u2014\u00a0
(16)
Total
1,593\u00a0
479\u00a0
2,072\u00a0
(144)
1,928\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(6)
(2)
(8)
(131)
(139)
Benchmark PBT
1,587\u00a0
477\u00a0
2,064\u00a0
(275)
1,789\u00a0
Exceptional items (note 15(a))
4\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Amortisation of acquisition intangibles (note 21)
(163)
(30)
(193)
\u2014\u00a0
(193)
Acquisition and disposal expenses
(29)
(12)
(41)
\u2014\u00a0
(41)
Adjustment to the fair value of contingent consideration
\u2014\u00a0
(5)
(5)
1\u00a0
(4)
Non-benchmark share of post-tax loss of associates
\u2014\u00a0
(1)
(1)
\u2014\u00a0
(1)
Interest on uncertain tax provisions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(23)
(23)
Pro\ufb01t/(loss) before tax
1,399\u00a0
429\u00a0
1,828\u00a0
(277)
1,551\u00a0
1
Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
Additional information by business line, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "11. Foreign currency
(a) Principal exchange rates used
\n \n
Average
Closing
2025
2024
2025
2024
2023
US dollar : Brazilian real
5.61
4.94
5.76
5.01
5.08
UK pound sterling : US dollar
1.28
1.26
1.29
1.26
1.24
Euro : US dollar
1.07
1.08
1.08
1.08
1.09
US dollar : Australian dollar
1.53
1.52
1.60
1.53
1.49
US dollar : Colombian peso
4,142
4,113
4,199
3,852
4,623
(b) Foreign exchange risk
(i) Brazilian real intra-Group funding
A Group company whose functional currency is not the Brazilian real provides Brazilian real intra-Group funding to Serasa S.A. Foreign exchange gains
or losses on this funding are recognised in the Group income statement.
As a result of the weakening of 15% in the Brazilian real against the US dollar in the year ended 31 March 2025, a charge of US$58m has been
recognised within \ufb01nancing fair value remeasurements. Although the Brazilian real strengthened by 1% against the US dollar in the year ended
31 March 2024, a charge of US$1m was recognised within \ufb01nancing fair value remeasurements due to an internal re-\ufb01nancing in that year (note 16(c)).
The Group is similarly exposed to the impact of the Brazilian real strengthening or weakening against the US dollar in the future. A movement of 8%
would result in a US$39m impact on pro\ufb01t before tax. There is no e\ufb00ect on total equity as a result of this exposure, since it arises on intra-Group
funding and there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
(ii) Other exposures
On the basis of the pro\ufb01le of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
material sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
currencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has
been applied consistently.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "12. Labour costs and employee numbers
(a) Labour costs (including executive directors)
\n \n
2025
2024
Notes
US$m
US$m
Wages and salaries
1,710\u00a0
1,675\u00a0
Social security costs
332\u00a0
312\u00a0
Share incentive plans
33(a)
138\u00a0
139\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
75\u00a0
79\u00a0
Other employee bene\ufb01t costs
35\u00a0
35\u00a0
Employee bene\ufb01t costs
2,293\u00a0
2,243\u00a0
Other labour costs
287\u00a0
250\u00a0
2,580\u00a0
2,493\u00a0
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d).
(b) Average monthly number of employees (including executive directors)
\n \n
2025
2024
North America
9,207\u00a0
9,110\u00a0
Latin America
6,071\u00a0
5,874\u00a0
UK and Ireland
3,790\u00a0
3,853\u00a0
EMEA and Asia Paci\ufb01c
3,964\u00a0
3,712\u00a0
Total operating segments
23,032\u00a0
22,549\u00a0
Central Activities
265\u00a0
264\u00a0
23,297\u00a0
22,813\u00a0
The average monthly number of employees for FY24 has been re-presented to show the aggregated total number of full-time and part-time
employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "(a) Labour costs (including executive directors) \n \n
2025
2024
Notes
US$m
US$m
Wages and salaries
1,710\u00a0
1,675\u00a0
Social security costs
332\u00a0
312\u00a0
Share incentive plans
33(a)
138\u00a0
139\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
75\u00a0
79\u00a0
Other employee bene\ufb01t costs
35\u00a0
35\u00a0
Employee bene\ufb01t costs
2,293\u00a0
2,243\u00a0
Other labour costs
287\u00a0
250\u00a0
2,580\u00a0
2,493\u00a0
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d).
(b) Average monthly number of employees (including executive directors)
\n \n
2025
2024
North America
9,207\u00a0
9,110\u00a0
Latin America
6,071\u00a0
5,874\u00a0
UK and Ireland
3,790\u00a0
3,853\u00a0
EMEA and Asia Paci\ufb01c
3,964\u00a0
3,712\u00a0
Total operating segments
23,032\u00a0
22,549\u00a0
Central Activities
265\u00a0
264\u00a0
23,297\u00a0
22,813\u00a0
The average monthly number of employees for FY24 has been re-presented to show the aggregated total number of full-time and part-time
employees.
13. Amortisation and depreciation charges
\n \n
2025
2024
US$m
US$m
Benchmark:
Amortisation of other intangible assets
450\u00a0
415\u00a0
Depreciation of property, plant and equipment
97\u00a0
106\u00a0
547\u00a0
521\u00a0
Non-benchmark:
Amortisation of acquisition intangibles
211\u00a0
193\u00a0
758\u00a0
714\u00a0
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
The depreciation charge for the year includes US$43m (2024: US$49m) in respect of right-of-use assets.
14. Fees payable to the Company's auditor
\n \n
2025
2024
US$m
US$m
Audit of the Company and Group \ufb01nancial statements
1.2\u00a0
1.2\u00a0
Audit of the \ufb01nancial statements of the Company's subsidiaries
6.4\u00a0
6.0\u00a0
Audit-related assurance services
1.3\u00a0
0.7\u00a0
Other assurance services
0.1\u00a0
0.4\u00a0
Total fees payable to the Company's auditor and its associates
9.0\u00a0
8.3\u00a0
Summary of fees by nature:
Fees for audit services
7.6\u00a0
7.2\u00a0
Fees for audit-related assurance services
1.3
0.7\u00a0
Fees for other assurance services
0.1\u00a0
0.4\u00a0
9.0\u00a0
8.3\u00a0
The guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services were capped at 30% (2024: 30%) of the fees for audit services. In the year ended 31 March 2025, fees payable for non-audit services, were
18% (2024: 15%) of fees payable for audit services. Such fees are reported within Other operating charges.
The fees for audit-related assurance services relate to the Group\u2019s half-yearly \ufb01nancial report and bond issuance related reports. Fees charged for
other assurance services include those for Sustainability assurance, and other smaller engagements required by local law or regulation.
15. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\n \n
2025
2024
Notes
US$m
US$m
Exceptional items:
Loss/(pro\ufb01t) on disposal of operations
1
15(b), 41(d)
4
(5)
Restructuring costs
15(c)
50
\u2014\u00a0
Legal provisions movements
1
15(d)
(15)
1
Net charge/(credit) for Exceptional items
39
(4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles
13, 21
211
193
Acquisition and disposal expenses
2
37
41
Adjustment to the fair value of contingent consideration
1
30(h)
1
4
Non-benchmark share of post-tax loss of associates
23\u00a0
\u2014\u00a0
1
Interest on uncertain tax provisions
16(c)
4
(20)
Financing fair value remeasurements
16(c)
85
23
Net charge for other adjustments made to derive Benchmark PBT
338
242
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
377
238
By income statement caption:
Labour costs
60
14
Amortisation and depreciation charges
211
193
Other operating charges
17
27
Within operating pro\ufb01t
288
234
Within share of post-tax loss of associates
\u2014\u00a0
1
Within \ufb01nance expense
16(a)
89
3
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
377
238
1
Included in other operating charges.
2
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 associated with completed deals. Of the total, US$10m (2024: US$14m) is recorded within labour costs and US$27m (2024: US$27m) is included within other operating charges in the
Group income statement.
(b) Loss/(pro\ufb01t) on disposal of operations
The loss on the disposal of operations of US$4m (2024: pro\ufb01t on disposal of US$5m) relates to the disposal of interests in a number of small subsidiary
undertakings in EMEA and Asia Paci\ufb01c.
(c) Restructuring costs
During FY25, we have made good progress in executing on the \ufb01nal stages of our technology transformation and cloud migration, realigning our
sta\ufb00 resources to our new technology architecture and accelerating the shift to our global development centres to drive productivity. Severance costs
of US$50m (2024: US$nil) were recognised in the year in relation to this programme, with an associated cash out\ufb02ow of US$30m (2024: US$nil).
Following the identi\ufb01cation of new opportunities within the current programme, we expect to incur an exceptional charge of c.US$20m-US$30m
in FY26.
(d) Legal provisions movements
Movements have occurred in provisions held for a number of historical legal claims, and re\ufb02ect insurance recoveries in North America of US$15m
(2024: legal costs of US$1m).
16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
(b) Net interest expense included in Benchmark PBT
\n \n
2025
2024
US$m
US$m
Interest income
(21)
(18)
Interest expense
178\u00a0
157\u00a0
Net interest expense included in Benchmark PBT
157\u00a0
139\u00a0
(c) Analysis of net non-benchmark \ufb01nance expense
\n \n
2025
2024
US$m
US$m
Fair value losses on borrowings \u2013 attributable to interest rate risk
14\u00a0
26\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
43\u00a0
12\u00a0
(Gains)/losses on interest rate swaps \u2013 fair value hedges
(9)
6\u00a0
Gains on cross-currency swaps \u2013 fair value hedges
(39)
(24)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(12)
(10)
(Gains)/losses on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(3)
10\u00a0
Fair value losses/(gains) on non-hedging derivatives
34\u00a0
(20)
Foreign exchange losses on Brazilian real intra-Group funding
58\u00a0
1\u00a0
Other foreign exchange losses on \ufb01nancing activities
8\u00a0
5\u00a0
Monetary loss on hyperin\ufb02ation
\u2014\u00a0
1\u00a0
(Decrease)/increase in present value of put options
(5)
31\u00a0
Movement in Other \ufb01nancial assets at FVPL
(6)
\u2014\u00a0
Movement in connection with commitments to purchase own shares
(1)
(5)
Net charge for \ufb01nancing fair value remeasurements
85\u00a0
23\u00a0
Interest on uncertain tax provisions
4\u00a0
(20)
89\u00a0
3\u00a0
(d) Interest rate risk
The following table shows the sensitivity to interest rate risk, on the basis of the pro\ufb01le of Net debt at the balance sheet dates and an assessment
of reasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements
in relevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the
primary cause of the reported sensitivity is included.
\n \n
2025
2024
Gain/(loss)
US$m
US$m
Impact on pro\ufb01t for the \ufb01nancial year:
E\ufb00ect of an increase of 1.8% (2024: 1.7%) on US dollar-denominated Net debt:
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
income on cash and cash equivalents
43\u00a0
72\u00a0
E\ufb00ect of an increase of 1.8% (2024: 1.6%) on UK pound sterling-denominated Net debt:
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
income on cash and cash equivalents
4\u00a0
(4)
E\ufb00ect of an increase of 3.5% (2024: 4.2%) on Brazilian real-denominated Net debt:
Due to higher interest income on cash and cash equivalents
5\u00a0
4\u00a0
E\ufb00ect of an increase of 1.6% (2024: 1.4%) on euro-denominated Net debt:
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
income on cash and cash equivalents
(10)
\u2014\u00a0
Impact on other components of equity:
E\ufb00ect of an increase of 1.8% (2024: 1.7%):
On the fair value of the US dollar leg of cross-currency swaps treated as a cash \ufb02ow hedge
4\u00a0
9\u00a0
E\ufb00ect of an increase of 1.8% (2024: 1.6%):
On the fair value of the UK pound sterling leg of cross-currency swaps treated as a cash \ufb02ow hedge
(4)
(9)
17. Tax charge
(a) Analysis of tax charge in the Group income statement
\n \n
2025
2024
US$m
US$m
Current tax:
Tax on income for the year
503\u00a0
513\u00a0
Global minimum top-up tax
7\u00a0
\u2014\u00a0
Adjustments in respect of earlier years
(10)
(72)
Total current tax charge
500\u00a0
441\u00a0
Deferred tax:
Origination and reversal of temporary di\ufb00erences
(111)
(101)
Adjustments in respect of earlier years
(10)
8\u00a0
Total deferred tax credit
(121)
(93)
Tax charge
379\u00a0
348\u00a0
The tax charge comprises:
UK tax
18\u00a0
22\u00a0
Non-UK tax
361\u00a0
326\u00a0
379\u00a0
348\u00a0
(b) Tax reconciliations
(i) Reconciliation of the tax charge
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate of
corporation tax in the UK. The e\ufb00ective rate of tax based on pro\ufb01t before tax is lower (2024: lower) than the main rate of corporation tax in the UK,
with the di\ufb00erences explained in note 17(c).
2025
2024
US$m
US$m
Pro\ufb01t before tax
1,549\u00a0
1,551\u00a0
Pro\ufb01t before tax multiplied by the main rate of UK corporation tax of 25% (2024: 25%)
387\u00a0
388\u00a0
E\ufb00ects of:
Adjustments in respect of earlier years
1
(20)
(64)
Income not taxable
(11)
(14)
Losses not recognised
9\u00a0
10\u00a0
Expenses not deductible
62\u00a0
59\u00a0
Di\ufb00erent e\ufb00ective tax rates in non-UK businesses
(64)
(59)
Local taxes
2
61\u00a0
61\u00a0
Current year movement in uncertain tax positions
20\u00a0
14\u00a0
Recognition of previously unrecognised tax losses
3
(27)
(11)
Research and development incentive claims
(38)
(36)
Tax charge
379\u00a0
348\u00a0
E\ufb00ective rate of tax based on pro\ufb01t before tax
24.5%
22.4%
1
Refer to note 17(c).
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, re\ufb02ected in note17(a) above.
3
Recognition of previously unrecognised tax losses relates to tax losses supported by the acquisition of the illion Group.
(ii) Reconciliation of the tax charge to the Benchmark tax charge
2025
2024
US$m
US$m
Tax charge
379\u00a0
348\u00a0
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT
108\u00a0
111\u00a0
Benchmark tax charge
487\u00a0
459\u00a0
Benchmark PBT
1,926\u00a0
1,789\u00a0
Benchmark tax rate
25.3%
25.7%
(c) Factors that a\ufb00ect the tax charge
The Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses.
Expenses not deductible include acquisition and disposal expenses and \ufb01nancing fair value remeasurements which are not allowable for tax purposes.
Adjustments in respect of earlier years re\ufb02ect adjustments for matters that have been substantively agreed with local tax authorities. In the prior year,
adjustments in respect of earlier years re\ufb02ected the net movement on uncertain tax positions as well as adjustments for matters that had been
substantively agreed with local tax authorities.
At 31 March 2025, the Group held current and deferred tax liabilities of US$76m (2024: US$61m) in respect of uncertain tax positions. The net increase
in provisions recognised during the year re\ufb02ects the Group\u2019s assessment of open and judgmental matters and whether additional taxes will be due,
after taking into account external advice where appropriate. In the year ended 31 March 2024, the net decrease in provisions was driven by the
agreement of open tax issues in North America.
While the timing of developments in resolving these matters is inherently uncertain, the Group does not expect to materially increase its uncertain tax
provisions in the next 12 months.
(d) Other factors that a\ufb00ect the future tax charge
The Group is subject to the global minimum top-up tax under OECD Pillar Two tax legislation. As previously reported, the impact of this legislation does
not materially impact the Group\u2019s e\ufb00ective tax rate in the current period nor is it expected to materially impact in future periods. The Group has applied
a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
In FY25, the Group recognised a current tax expense of US$7m (2024: n/a) related to the top-up tax, which is levied on Experian plc.
The main rate of UK corporation tax for the year ended 31 March 2025 was 25% (2024: 25%).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "(a) Labour costs (including executive directors) \n \n
2025
2024
Notes
US$m
US$m
Wages and salaries
1,710\u00a0
1,675\u00a0
Social security costs
332\u00a0
312\u00a0
Share incentive plans
33(a)
138\u00a0
139\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
75\u00a0
79\u00a0
Other employee bene\ufb01t costs
35\u00a0
35\u00a0
Employee bene\ufb01t costs
2,293\u00a0
2,243\u00a0
Other labour costs
287\u00a0
250\u00a0
2,580\u00a0
2,493\u00a0
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d). 34. Post-employment bene\ufb01t plans and related risks
An overview of the Group's post-employment bene\ufb01t plans and the related risks is given below. The additional information required by IAS 19
'Employee Bene\ufb01ts', which relates only to the Group's de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts obligations, is set out
in note 35.
(a) Funded pension plans
The 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
accrual of new bene\ufb01ts from 1 April 2022. Active member bene\ufb01ts were crystallised as deferred pensions and all UK employees were o\ufb00ered
membership of the Group\u2019s UK de\ufb01ned contribution plan from that date.
The 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, length of service and salary. At 31 March 2025 there were 1,063 (2024: 1,132) deferred and 2,411 (2024: 2,391) pensioner members of the plan.
A full actuarial funding valuation of the Experian Pension Scheme is carried out every three years, with interim reviews in the intervening years.
The latest full valuation was carried out as at 31 March 2022 by independent quali\ufb01ed actuaries Mercer Limited, using the projected unit credit
method and there was a moderate funding surplus. The next full valuation will be carried out as at 31 March 2025, and is expected to be agreed by
31 March 2026.
The Experian Pension Scheme is governed by a trust deed, which ensures that its \ufb01nances and governance are independent from those of the Group.
Trustees are responsible for overseeing the investments and funding of the plans and plan administration. The UK pensions environment is regulated
by The Pensions Regulator whose statutory objectives and regulatory powers are described on its website at
thepensionsregulator.gov.uk
.
The majority of the Group\u2019s employees have the option to join local de\ufb01ned contribution plans and under the plans employee and employer
contributions are paid into independently administered funds, which are used to provide retirement bene\ufb01ts for members. The Group\u2019s obligation
is limited to the contributions made and details of amounts paid to de\ufb01ned contribution plans are set out in note 12(a). There are no other material
funded pension arrangements.
(b) Unfunded pension arrangements
The Group's unfunded pension arrangements are designed to ensure that certain senior managers who are a\ufb00ected by the earnings cap, which was
introduced 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, were
placed in broadly the same position as those who were not. There are also unfunded arrangements for certain former directors and employees of,
the subsidiary undertakings, Experian Finance plc and Experian Limited. Certain of these unfunded arrangements in the UK have been secured by
the grant to an independent trustee of charges over an independently managed portfolio of marketable securities owned by the Group and reported
as \ufb01nancial assets revalued through OCI (note 30(a)). Bene\ufb01t accrual under the unfunded arrangements ceased from 1 April 2022.
(c) Post-employment medical bene\ufb01ts
The Group operates a plan which provides post-employment medical bene\ufb01ts to eligible former UK employees who retired prior to 1 April 1994 and
their dependant relatives.
(d) Related risks
Through 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
such plans and arrangements, which can be summarised as follows:
\u2022 asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash \ufb02ows
\u2022 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
plan assets
\u2022 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
than other in\ufb02ation measures in the UK
\u2022 life expectancy, as pension and medical bene\ufb01ts are generally provided for the life of bene\ufb01ciaries and their dependants.
There are no unusual, entity-speci\ufb01c or plan-speci\ufb01c risks, and no signi\ufb01cant concentrations of risk.
35. 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)
2025
2024
US$m
US$m
Retirement bene\ufb01t assets/(obligations) \u2013 funded de\ufb01ned bene\ufb01t plans:
Fair value of funded plans' assets
828\u00a0
871\u00a0
Present value of funded plans' obligations
(626)
(685)
Assets in the Group balance sheet for funded de\ufb01ned bene\ufb01t pensions
202\u00a0
186\u00a0
Obligations for unfunded post-employment bene\ufb01ts:
Present value of de\ufb01ned bene\ufb01t pensions \u2013 unfunded plans
(35)
(37)
Present value of post-employment medical bene\ufb01ts
(2)
(2)
Liabilities in the Group balance sheet
(37)
(39)
Net post-employment bene\ufb01t assets
165\u00a0
147\u00a0
\n
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as, under the rules of the
\n
UK Experian Pension Scheme, future economic bene\ufb01ts are available to the Group in the form of reductions in any future contribution requirements or
\n
refunds of surplus.
\n
(ii) Income statement credit
2025
2024
US$m
US$m
By nature of expense:
Administration expenses
3\u00a0
3\u00a0
Charge within labour costs and operating pro\ufb01t
3\u00a0
3\u00a0
Interest income (note 16(a))
(7)
(7)
Total net credit to the Group income statement
(4)
(4)
\n
The income statement charge and the remeasurement recognised in the Statement of comprehensive income relate to de\ufb01ned bene\ufb01t pension plans.
\n
(b) Movements in net post-employment bene\ufb01t assets/(obligations) recognised in the Group
\n
balance sheet
Present value of obligations
De\ufb01ned
De\ufb01ned
Post-
bene\ufb01t
bene\ufb01t
employment
Fair value of
pensions
pensions
medical
Movements in
plan assets
\u2013 funded
\u2013 unfunded
bene\ufb01ts
Total
net position
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
871\u00a0
(685)
(37)
(2)
(724)
147\u00a0
Income statement credit/(charge):
Administration expenses
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Interest income/(expense)
42\u00a0
(33)
(2)
\u2014\u00a0
(35)
7\u00a0
Total credit/(charge) to the Group income statement
39\u00a0
(33)
(2)
\u2014\u00a0
(35)
4\u00a0
Remeasurements:
Return on plan assets other than interest
(64)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(64)
Gains from change in demographic assumptions
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
2\u00a0
Gains from change in \ufb01nancial assumptions
\u2014\u00a0
68\u00a0
2\u00a0
\u2014\u00a0
70\u00a0
70\u00a0
Experience losses
\u2014\u00a0
(2)
\u2014\u00a0
\u2014\u00a0
(2)
(2)
Remeasurement of post-employment bene\ufb01t assets
and obligations
(64)
68\u00a0
2\u00a0
\u2014\u00a0
70\u00a0
6\u00a0
Di\ufb00erences on exchange
21\u00a0
(15)
(1)
\u2014\u00a0
(16)
5\u00a0
Contributions paid by the Group
3\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
Bene\ufb01ts paid
(42)
39\u00a0
3\u00a0
\u2014\u00a0
42\u00a0
\u2014\u00a0
At 31 March 2025
828
(626)
(35)
(2)
(663)
165\u00a0
\n \n
Present value of obligations
De\ufb01ned
De\ufb01ned
Post-
bene\ufb01t
bene\ufb01t
employment
Fair value of
pensions
pensions
medical
Movements in
plan assets
\u2013 funded
\u2013 unfunded
bene\ufb01ts
Total
net position
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
866\u00a0
(692)
(36)
(3)
(731)
135\u00a0
Income statement credit/(charge):
Administration expenses
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Interest income/(expense)
42\u00a0
(33)
(2)
\u2014\u00a0
(35)
7\u00a0
Total credit/(charge) to the Group income statement
39\u00a0
(33)
(2)
\u2014\u00a0
(35)
4\u00a0
Remeasurements:
Return on plan assets other than interest
(11)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(11)
Gains from change in demographic assumptions
\u2014\u00a0
12\u00a0
\u2014\u00a0
\u2014\u00a0
12\u00a0
12\u00a0
Gains from change in \ufb01nancial assumptions
\u2014\u00a0
4\u00a0
1\u00a0
\u2014\u00a0
5\u00a0
5\u00a0
Experience losses
\u2014\u00a0
(3)
(1)
\u2014\u00a0
(4)
(4)
Remeasurement of post-employment bene\ufb01t assets
and obligations
(11)
13\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
2\u00a0
Di\ufb00erences on exchange
17\u00a0
(13)
(1)
\u2014\u00a0
(14)
3\u00a0
Contributions paid by the Group
3\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
Bene\ufb01ts paid
(43)
40\u00a0
2\u00a0
1\u00a0
43\u00a0
\u2014\u00a0
At 31 March 2024
871\u00a0
(685)
(37)
(2)
(724)
147\u00a0
\n
(c) Actuarial assumptions and sensitivities
\n
The accounting valuations at 31 March 2025 have been based on the most recent actuarial valuations, updated to take account of the requirements
\n
of IAS 19. The assumptions for the real discount rate, pension increases and mortality, used to calculate the present value of the de\ufb01ned bene\ufb01t
\n
obligations, all have a signi\ufb01cant e\ufb00ect on the accounting valuation.
\n
The assumed single equivalent margin between RPI and CPI has been reduced to 40 basis points from 45 basis points at 31 March 2024, consistent
\n
with our continued assumption of a 100 basis point margin prior to 2030, with a ten basis point margin assumed thereafter.
\n
The single equivalent di\ufb00erential is expected to reduce over time towards 2030. This results in an increase in retirement bene\ufb01t obligations at
\n
31 March 2025 of approximately US$1m.
\n
The other methods and assumptions used are consistent with those used in the prior year. Changes to these assumptions in the light of prevailing
\n
conditions may have a signi\ufb01cant impact on future valuations. Indications of the sensitivity of the amounts reported at 31 March 2025 to changes in
\n
the real discount rate, pension increases, life expectancy and medical costs are included below.
\n
The absolute sensitivity numbers are stated on a basis consistent with the methodology used in determining the accounting valuation as at 31 March
\n
2025. 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
\n\n \n
2025
2024
% p.a.
% p.a.
Discount rate
5.8\u00a0
4.9\u00a0
In\ufb02ation rate \u2013 based on the UK Retail Prices Index (the RPI)
3.2\u00a0
3.3\u00a0
In\ufb02ation rate \u2013 based on the UK Consumer Prices Index (the CPI)
2.8\u00a0
2.8\u00a0
Increase for pensions in payment \u2013 element based on the RPI (where cap is 5%)
3.0\u00a0
3.1\u00a0
Increase for pensions in payment \u2013 element based on the CPI (where cap is 2.5%)
1.9\u00a0
1.9\u00a0
Increase for pensions in payment \u2013 element based on the CPI (where cap is 3%)
2.2\u00a0
2.2\u00a0
Increase for pensions in deferment
2.8\u00a0
2.8\u00a0
In\ufb02ation in medical costs
6.5\u00a0
6.3\u00a0
\n
The 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
\n
on the market yields of high-quality corporate bonds of a currency and term appropriate to the de\ufb01ned bene\ufb01t obligations. The Experian Pension
\n
Scheme obligations are in UK pounds sterling and have a maturity on average of 12 years. If the real discount rate increased/decreased by 0.25%, the
\n
de\ufb01ned bene\ufb01t obligations at 31 March 2025 would decrease/increase by approximately US$17m and the fair value of plan assets would decrease/
\n
increase by approximately US$20m.
\n
The 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
\n
rate underlying the pension increases (both in payment and in deferment) increased/decreased by 0.1%, the de\ufb01ned bene\ufb01t obligations at 31 March
\n
2025 would increase/decrease by approximately US$5m.
(ii) Mortality assumptions \u2013 average life expectancy on retirement at age 65 in normal health
2025
2024
years
years
For a male currently aged 65
22.1\u00a0
22.2\u00a0
For a female currently aged 65
24.2\u00a0
24.2\u00a0
For a male currently aged 50
23.1\u00a0
23.1\u00a0
For a female currently aged 50
25.3\u00a0
25.3\u00a0
The accounting valuation assumes that mortality will be in line with standard tables adjusted to re\ufb02ect the expected experience of the Experian
Pension Scheme membership, based on analysis carried out for the 2022 actuarial valuation. A speci\ufb01c allowance for anticipated future improvements
in life expectancy is also incorporated.
The 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
require a change in the long-term mortality assumptions. We will continue to monitor any potential future impact on the mortality assumptions used.
An increase in assumed life expectancy of 0.1 years would increase the de\ufb01ned bene\ufb01t obligations at 31 March 2025 by approximately US$2m.
(iii) Post-employment medical bene\ufb01ts
The accounting valuation in respect of post-employment medical bene\ufb01ts assumes a rate of increase for medical costs. If this rate increased/
decreased by 1.0% per annum, the obligations at 31 March 2025 and the \ufb01nance expense would remain unchanged.
(d) Assets of the Group's de\ufb01ned bene\ufb01t plans at fair value
2025
2024
US$m
%
US$m
%
Equities
116\u00a0
14\u00a0
105\u00a0
12\u00a0
Index-linked gilts/Liability Driven Investments
227\u00a0
28\u00a0
262\u00a0
30\u00a0
Global corporate bonds
276\u00a0
33\u00a0
290\u00a0
33\u00a0
Secured credit
146\u00a0
18\u00a0
142\u00a0
17\u00a0
Senior private debt
20\u00a0
2\u00a0
37\u00a0
4\u00a0
Other
43\u00a0
5\u00a0
35\u00a0
4\u00a0
828\u00a0
100\u00a0
871\u00a0
100\u00a0
The funded de\ufb01ned bene\ufb01t pension plans hold a range of assets including global equities, global corporate bonds, secured credit, senior private debt
and a Liability Driven Investment strategy which is used to hedge the interest rate and in\ufb02ation sensitivities of the obligations. Collateral levels within
the Liability Driven Investment strategy are closely monitored and remain robust.
The primary drivers impacting the fair value of the plans\u2019 funded assets and obligations are changes to expectations for future UK pound sterling
interest rates and in\ufb02ation expectations, as well as the retranslation of assets and obligations into US dollars.
The Experian Pension Scheme investment strategy aims to reduce investment risk and funding volatility. With the exception of the allocation to senior
private debt, all other assets are regarded as being marketable and regularly traded. Over time, the Scheme is expected to increase its allocation to
liability matching assets, to provide cash \ufb02ows to match expected bene\ufb01t payments.
Other assets listed above mainly relate to cash held for bene\ufb01t payments, together with a small with-pro\ufb01ts investment.
The Trustee believes that sustainability factors may have a material impact on investment risk and return outcomes. Sustainability factors, including
climate change and stewardship, are increasingly integrated within investment processes both in appointing new investment managers and in
monitoring existing investment managers. Monitoring is undertaken and documented on a regular basis, making use of the investment consultant\u2019s
rating framework.
The Group\u2019s de\ufb01ned bene\ufb01t plans have no holdings of ordinary shares or debt of the Company.
(e) Virgin Media case
In June 2023, the English High Court issued a judgment involving the Virgin Media NTL Pension Plan which held that amendments to the plan\u2019s rules in
relation to bene\ufb01t changes were invalid in the absence of a con\ufb01rmation from the scheme actuary under Section 37 of the UK Pension Schemes Act
1993. Virgin Media appealed the judgment. The Court of Appeal heard the case on 25 July 2024 and dismissed the appeal.
While the ruling applied only to the speci\ufb01c pension plan in question, it could be expected to apply across other \u2018UK contracted out\u2019 pension plans.
The Trustees of the Experian Pension Scheme continue to receive legal advice regarding this matter and, subject to further legal clarity in the case of
Verity Trustees Limited v (1) Katherine Anne Wood (2) Save the Children Fund which has been recently heard in the High Court, are of the view that at
this stage there are no potential issues with the deeds that would require a change in bene\ufb01ts. The de\ufb01ned bene\ufb01t obligation has been calculated on
the basis of the pension bene\ufb01ts currently being administered, and at this stage the Group does not consider it necessary to make any adjustments
as a result of the Virgin Media Court Ruling. Any subsequent developments following the Court of Appeal\u2019s judgment will be monitored by the Group.
(f) Future payments
Payments of US$3m are currently expected to be made during the year ending 31 March 2026 in respect of unfunded post-employment bene\ufb01ts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "13. Amortisation and depreciation charges \n \n
2025
2024
US$m
US$m
Benchmark:
Amortisation of other intangible assets
450\u00a0
415\u00a0
Depreciation of property, plant and equipment
97\u00a0
106\u00a0
547\u00a0
521\u00a0
Non-benchmark:
Amortisation of acquisition intangibles
211\u00a0
193\u00a0
758\u00a0
714\u00a0
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
The depreciation charge for the year includes US$43m (2024: US$49m) in respect of right-of-use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "14. Fees payable to the Company's auditor \n \n
2025
2024
US$m
US$m
Audit of the Company and Group \ufb01nancial statements
1.2\u00a0
1.2\u00a0
Audit of the \ufb01nancial statements of the Company's subsidiaries
6.4\u00a0
6.0\u00a0
Audit-related assurance services
1.3\u00a0
0.7\u00a0
Other assurance services
0.1\u00a0
0.4\u00a0
Total fees payable to the Company's auditor and its associates
9.0\u00a0
8.3\u00a0
Summary of fees by nature:
Fees for audit services
7.6\u00a0
7.2\u00a0
Fees for audit-related assurance services
1.3
0.7\u00a0
Fees for other assurance services
0.1\u00a0
0.4\u00a0
9.0\u00a0
8.3\u00a0
The guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services were capped at 30% (2024: 30%) of the fees for audit services. In the year ended 31 March 2025, fees payable for non-audit services, were
18% (2024: 15%) of fees payable for audit services. Such fees are reported within Other operating charges.
The fees for audit-related assurance services relate to the Group\u2019s half-yearly \ufb01nancial report and bond issuance related reports. Fees charged for
other assurance services include those for Sustainability assurance, and other smaller engagements required by local law or regulation.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "15. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\n \n
2025
2024
Notes
US$m
US$m
Exceptional items:
Loss/(pro\ufb01t) on disposal of operations
1
15(b), 41(d)
4
(5)
Restructuring costs
15(c)
50
\u2014\u00a0
Legal provisions movements
1
15(d)
(15)
1
Net charge/(credit) for Exceptional items
39
(4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles
13, 21
211
193
Acquisition and disposal expenses
2
37
41
Adjustment to the fair value of contingent consideration
1
30(h)
1
4
Non-benchmark share of post-tax loss of associates
23\u00a0
\u2014\u00a0
1
Interest on uncertain tax provisions
16(c)
4
(20)
Financing fair value remeasurements
16(c)
85
23
Net charge for other adjustments made to derive Benchmark PBT
338
242
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
377
238
By income statement caption:
Labour costs
60
14
Amortisation and depreciation charges
211
193
Other operating charges
17
27
Within operating pro\ufb01t
288
234
Within share of post-tax loss of associates
\u2014\u00a0
1
Within \ufb01nance expense
16(a)
89
3
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
377
238
1
Included in other operating charges.
2
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 associated with completed deals. Of the total, US$10m (2024: US$14m) is recorded within labour costs and US$27m (2024: US$27m) is included within other operating charges in the
Group income statement.
(b) Loss/(pro\ufb01t) on disposal of operations
The loss on the disposal of operations of US$4m (2024: pro\ufb01t on disposal of US$5m) relates to the disposal of interests in a number of small subsidiary
undertakings in EMEA and Asia Paci\ufb01c.
(c) Restructuring costs
During FY25, we have made good progress in executing on the \ufb01nal stages of our technology transformation and cloud migration, realigning our
sta\ufb00 resources to our new technology architecture and accelerating the shift to our global development centres to drive productivity. Severance costs
of US$50m (2024: US$nil) were recognised in the year in relation to this programme, with an associated cash out\ufb02ow of US$30m (2024: US$nil).
Following the identi\ufb01cation of new opportunities within the current programme, we expect to incur an exceptional charge of c.US$20m-US$30m
in FY26.
(d) Legal provisions movements
Movements have occurred in provisions held for a number of historical legal claims, and re\ufb02ect insurance recoveries in North America of US$15m
(2024: legal costs of US$1m). ", "dimensions": { "concept": "exp:DisclosureOfExceptionalItemsAndOtherAdjustmentsMadeToDeriveBenchmarkPbtContinuingOperationsTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
(b) Net interest expense included in Benchmark PBT
\n \n
2025
2024
US$m
US$m
Interest income
(21)
(18)
Interest expense
178\u00a0
157\u00a0
Net interest expense included in Benchmark PBT
157\u00a0
139\u00a0
(c) Analysis of net non-benchmark \ufb01nance expense
\n \n
2025
2024
US$m
US$m
Fair value losses on borrowings \u2013 attributable to interest rate risk
14\u00a0
26\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
43\u00a0
12\u00a0
(Gains)/losses on interest rate swaps \u2013 fair value hedges
(9)
6\u00a0
Gains on cross-currency swaps \u2013 fair value hedges
(39)
(24)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(12)
(10)
(Gains)/losses on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(3)
10\u00a0
Fair value losses/(gains) on non-hedging derivatives
34\u00a0
(20)
Foreign exchange losses on Brazilian real intra-Group funding
58\u00a0
1\u00a0
Other foreign exchange losses on \ufb01nancing activities
8\u00a0
5\u00a0
Monetary loss on hyperin\ufb02ation
\u2014\u00a0
1\u00a0
(Decrease)/increase in present value of put options
(5)
31\u00a0
Movement in Other \ufb01nancial assets at FVPL
(6)
\u2014\u00a0
Movement in connection with commitments to purchase own shares
(1)
(5)
Net charge for \ufb01nancing fair value remeasurements
85\u00a0
23\u00a0
Interest on uncertain tax provisions
4\u00a0
(20)
89\u00a0
3\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
(b) Net interest expense included in Benchmark PBT
\n \n
2025
2024
US$m
US$m
Interest income
(21)
(18)
Interest expense
178\u00a0
157\u00a0
Net interest expense included in Benchmark PBT
157\u00a0
139\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
(b) Net interest expense included in Benchmark PBT
\n \n
2025
2024
US$m
US$m
Interest income
(21)
(18)
Interest expense
178\u00a0
157\u00a0
Net interest expense included in Benchmark PBT
157\u00a0
139\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n \n
2025
2024
US$m
US$m
Interest income:
Bank deposits, short-term investments and loan notes
(14)
(11)
Interest on pension plan assets (note 35(a)(ii))
(7)
(7)
Interest income
(21)
(18)
Finance expense:
Eurobonds and notes
104\u00a0
93\u00a0
Bank loans, commercial paper, overdrafts and other
40\u00a0
32\u00a0
Commitment and facility fees
5\u00a0
5\u00a0
Interest on leases
7\u00a0
8\u00a0
Interest di\ufb00erentials on derivatives
22\u00a0
19\u00a0
Interest expense
178\u00a0
157\u00a0
Net non-benchmark \ufb01nance expense (note 16(c))
89\u00a0
3\u00a0
Finance expense
267\u00a0
160\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
246\u00a0
142\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "(b) Net interest expense included in Benchmark PBT \n \n
2025
2024
US$m
US$m
Interest income
(21)
(18)
Interest expense
178\u00a0
157\u00a0
Net interest expense included in Benchmark PBT
157\u00a0
139\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "17. Tax charge
(a) Analysis of tax charge in the Group income statement
\n \n
2025
2024
US$m
US$m
Current tax:
Tax on income for the year
503\u00a0
513\u00a0
Global minimum top-up tax
7\u00a0
\u2014\u00a0
Adjustments in respect of earlier years
(10)
(72)
Total current tax charge
500\u00a0
441\u00a0
Deferred tax:
Origination and reversal of temporary di\ufb00erences
(111)
(101)
Adjustments in respect of earlier years
(10)
8\u00a0
Total deferred tax credit
(121)
(93)
Tax charge
379\u00a0
348\u00a0
The tax charge comprises:
UK tax
18\u00a0
22\u00a0
Non-UK tax
361\u00a0
326\u00a0
379\u00a0
348\u00a0
(b) Tax reconciliations
(i) Reconciliation of the tax charge
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate of
corporation tax in the UK. The e\ufb00ective rate of tax based on pro\ufb01t before tax is lower (2024: lower) than the main rate of corporation tax in the UK,
with the di\ufb00erences explained in note 17(c).
2025
2024
US$m
US$m
Pro\ufb01t before tax
1,549\u00a0
1,551\u00a0
Pro\ufb01t before tax multiplied by the main rate of UK corporation tax of 25% (2024: 25%)
387\u00a0
388\u00a0
E\ufb00ects of:
Adjustments in respect of earlier years
1
(20)
(64)
Income not taxable
(11)
(14)
Losses not recognised
9\u00a0
10\u00a0
Expenses not deductible
62\u00a0
59\u00a0
Di\ufb00erent e\ufb00ective tax rates in non-UK businesses
(64)
(59)
Local taxes
2
61\u00a0
61\u00a0
Current year movement in uncertain tax positions
20\u00a0
14\u00a0
Recognition of previously unrecognised tax losses
3
(27)
(11)
Research and development incentive claims
(38)
(36)
Tax charge
379\u00a0
348\u00a0
E\ufb00ective rate of tax based on pro\ufb01t before tax
24.5%
22.4%
1
Refer to note 17(c).
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, re\ufb02ected in note17(a) above.
3
Recognition of previously unrecognised tax losses relates to tax losses supported by the acquisition of the illion Group.
(ii) Reconciliation of the tax charge to the Benchmark tax charge
2025
2024
US$m
US$m
Tax charge
379\u00a0
348\u00a0
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT
108\u00a0
111\u00a0
Benchmark tax charge
487\u00a0
459\u00a0
Benchmark PBT
1,926\u00a0
1,789\u00a0
Benchmark tax rate
25.3%
25.7%
(c) Factors that a\ufb00ect the tax charge
The Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses.
Expenses not deductible include acquisition and disposal expenses and \ufb01nancing fair value remeasurements which are not allowable for tax purposes.
Adjustments in respect of earlier years re\ufb02ect adjustments for matters that have been substantively agreed with local tax authorities. In the prior year,
adjustments in respect of earlier years re\ufb02ected the net movement on uncertain tax positions as well as adjustments for matters that had been
substantively agreed with local tax authorities.
At 31 March 2025, the Group held current and deferred tax liabilities of US$76m (2024: US$61m) in respect of uncertain tax positions. The net increase
in provisions recognised during the year re\ufb02ects the Group\u2019s assessment of open and judgmental matters and whether additional taxes will be due,
after taking into account external advice where appropriate. In the year ended 31 March 2024, the net decrease in provisions was driven by the
agreement of open tax issues in North America.
While the timing of developments in resolving these matters is inherently uncertain, the Group does not expect to materially increase its uncertain tax
provisions in the next 12 months.
(d) Other factors that a\ufb00ect the future tax charge
The Group is subject to the global minimum top-up tax under OECD Pillar Two tax legislation. As previously reported, the impact of this legislation does
not materially impact the Group\u2019s e\ufb00ective tax rate in the current period nor is it expected to materially impact in future periods. The Group has applied
a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
In FY25, the Group recognised a current tax expense of US$7m (2024: n/a) related to the top-up tax, which is levied on Experian plc.
The main rate of UK corporation tax for the year ended 31 March 2025 was 25% (2024: 25%).36. Deferred and current tax
(a) Deferred tax
(i) Net deferred tax assets/(liabilities)
The net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n \n
2025
2024
US$m
US$m
Deferred tax assets
71\u00a0
55\u00a0
Deferred tax liabilities
(155)
(129)
Net deferred tax liability
(84)
(74)
(ii) Movements in net deferred tax assets/(liabilities)
\n \n
Other
intangible
Retirement
assets
Share
bene\ufb01t
Accounting
(excluding
Tax losses
incentive
Accelerated
assets/
provisions
Deferred
goodwill)
Goodwill
and credits
plans
depreciation
(obligations)
and accruals
interest
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
Di\ufb00erences on exchange
1\u00a0
21\u00a0
(2)
(1)
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
13\u00a0
Credit/(charge) recognised in the Group
income statement
55\u00a0
(8)
16\u00a0
4\u00a0
42\u00a0
(1)
14\u00a0
(1)
121\u00a0
Additions through business
combinations
(146)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
(143)
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(7)
(2)
\u2014\u00a0
(9)
Credit recognised directly in equity on
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
At 31 March 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
\n \n
Other
intangible
Retirement
assets
Share
bene\ufb01t
Accounting
(excluding
Tax losses
incentive
Accelerated
assets/
provisions
Deferred
goodwill)
Goodwill
and credits
plans
depreciation
(obligations)
and accruals
interest
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(158)
(377)
65\u00a0
47\u00a0
83\u00a0
(32)
162\u00a0
24\u00a0
(186)
Di\ufb00erences on exchange
3\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Credit/(charge) recognised in the Group
income statement
44\u00a0
(22)
(3)
4\u00a0
68\u00a0
(5)
7\u00a0
\u2014\u00a0
93\u00a0
Additions through business
combinations
(6)
\u2014\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
Credit recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
2\u00a0
\u2014\u00a0
7\u00a0
Credit recognised directly in equity on
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
9\u00a0
Transfers
8\u00a0
5\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
\u2014\u00a0
\u2014\u00a0
At 31 March 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
(iii) Other information on deferred tax assets and liabilities
Judgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$431m
(2024: US$521m) that could be utilised against future taxable income or on US$209m (2024: US$215m) of capital losses that could be utilised against
future taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future
bene\ufb01t will be available from their use.
No deferred tax liability has been recognised on temporary di\ufb00erences of US$9,212m (2024: US$8,500m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary di\ufb00erences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated pro\ufb01ts, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2024: 25%). Deferred tax is recognised at the rate prevailing when temporary di\ufb00erences
are expected to reverse.
(b) Net current tax assets/(liabilities)
2025
2024
Notes
US$m
US$m
At 1 April
14\u00a0
(85)
Di\ufb00erences on exchange
(2)
4\u00a0
Tax charge in the Group income statement
17(a)
(500)
(441)
Tax recognised directly in equity on transactions with owners
9\u00a0
1\u00a0
Other tax paid
447\u00a0
544\u00a0
Transfers
8\u00a0
(9)
At 31 March
(24)
14\u00a0
Presented in the Group balance sheet as:
Current tax assets
52\u00a0
97\u00a0
Current tax liabilities
(76)
(83)
(24)
14\u00a0
Tax recognised directly in equity on transactions with owners relates to employee share incentive plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "(a) Analysis of tax charge in the Group income statement \n \n
2025
2024
US$m
US$m
Current tax:
Tax on income for the year
503\u00a0
513\u00a0
Global minimum top-up tax
7\u00a0
\u2014\u00a0
Adjustments in respect of earlier years
(10)
(72)
Total current tax charge
500\u00a0
441\u00a0
Deferred tax:
Origination and reversal of temporary di\ufb00erences
(111)
(101)
Adjustments in respect of earlier years
(10)
8\u00a0
Total deferred tax credit
(121)
(93)
Tax charge
379\u00a0
348\u00a0
The tax charge comprises:
UK tax
18\u00a0
22\u00a0
Non-UK tax
361\u00a0
326\u00a0
379\u00a0
348\u00a0
(a) Deferred tax
(i) Net deferred tax assets/(liabilities)
The net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n \n
2025
2024
US$m
US$m
Deferred tax assets
71\u00a0
55\u00a0
Deferred tax liabilities
(155)
(129)
Net deferred tax liability
(84)
(74)
(ii) Movements in net deferred tax assets/(liabilities)
\n \n
Other
intangible
Retirement
assets
Share
bene\ufb01t
Accounting
(excluding
Tax losses
incentive
Accelerated
assets/
provisions
Deferred
goodwill)
Goodwill
and credits
plans
depreciation
(obligations)
and accruals
interest
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
Di\ufb00erences on exchange
1\u00a0
21\u00a0
(2)
(1)
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
13\u00a0
Credit/(charge) recognised in the Group
income statement
55\u00a0
(8)
16\u00a0
4\u00a0
42\u00a0
(1)
14\u00a0
(1)
121\u00a0
Additions through business
combinations
(146)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
(143)
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(7)
(2)
\u2014\u00a0
(9)
Credit recognised directly in equity on
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
At 31 March 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
\n \n
Other
intangible
Retirement
assets
Share
bene\ufb01t
Accounting
(excluding
Tax losses
incentive
Accelerated
assets/
provisions
Deferred
goodwill)
Goodwill
and credits
plans
depreciation
(obligations)
and accruals
interest
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(158)
(377)
65\u00a0
47\u00a0
83\u00a0
(32)
162\u00a0
24\u00a0
(186)
Di\ufb00erences on exchange
3\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Credit/(charge) recognised in the Group
income statement
44\u00a0
(22)
(3)
4\u00a0
68\u00a0
(5)
7\u00a0
\u2014\u00a0
93\u00a0
Additions through business
combinations
(6)
\u2014\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
Credit recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
2\u00a0
\u2014\u00a0
7\u00a0
Credit recognised directly in equity on
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
9\u00a0
Transfers
8\u00a0
5\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
\u2014\u00a0
\u2014\u00a0
At 31 March 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
(iii) Other information on deferred tax assets and liabilities
Judgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$431m
(2024: US$521m) that could be utilised against future taxable income or on US$209m (2024: US$215m) of capital losses that could be utilised against
future taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future
bene\ufb01t will be available from their use.
No deferred tax liability has been recognised on temporary di\ufb00erences of US$9,212m (2024: US$8,500m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary di\ufb00erences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated pro\ufb01ts, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2024: 25%). Deferred tax is recognised at the rate prevailing when temporary di\ufb00erences
are expected to reverse.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "18. Earnings per share disclosures
(a) Earnings per share
\n \n
Basic
Diluted
2025
2024
2025
2024
US cents
US cents
US cents
US cents
EPS
127.6\u00a0
131.3\u00a0
126.5\u00a0
130.2\u00a0
Add: Exceptional items and other adjustments made to derive Benchmark PBT,
net of related tax
29.3\u00a0
14.2\u00a0
29.0\u00a0
14.0\u00a0
Benchmark EPS (non-GAAP measure)
156.9\u00a0
145.5\u00a0
155.5\u00a0
144.2\u00a0
Adjustment to constant exchange rates
3.9\u00a0
(0.2)
3.9\u00a0
(0.1)
Benchmark EPS at constant exchange rates (non-GAAP measure)
160.8\u00a0
145.3\u00a0
159.4\u00a0
144.1\u00a0
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
\n \n
2025
2024
US$m
US$m
Pro\ufb01t for the \ufb01nancial year attributable to owners of Experian plc
1,166\u00a0
1,199\u00a0
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
268\u00a0
129\u00a0
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure)
1,434\u00a0
1,328\u00a0
Adjustment to constant exchange rates
36\u00a0
(1)
Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure)
1,470\u00a0
1,327\u00a0
(ii) Attributable to non-controlling interests
\n \n
2025
2024
US$m
US$m
Pro\ufb01t for the \ufb01nancial year attributable to non-controlling interests
4\u00a0
4\u00a0
Add/(deduct): Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
1\u00a0
(2)
Benchmark earnings attributable to non-controlling interests (non-GAAP measure)
5\u00a0
2\u00a0
(c) Reconciliation of Total Benchmark earnings to pro\ufb01t for the \ufb01nancial year
\n \n
2025
2024
US$m
US$m
Total Benchmark earnings (non-GAAP measure)
1,439\u00a0
1,330\u00a0
Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax:
\u2013 attributable to owners of Experian plc
(268)
(129)
\u2013 attributable to non-controlling interests
(1)
2\u00a0
Pro\ufb01t for the \ufb01nancial year
1,170\u00a0
1,203\u00a0
(d) Weighted average number of ordinary shares
\n \n
2025
2024
million
million
Weighted average number of ordinary shares
914\u00a0
913\u00a0
Add: dilutive e\ufb00ect of share incentive awards, options and share purchases
8\u00a0
8\u00a0
Diluted weighted average number of ordinary shares
922\u00a0
921\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "19. Dividends on ordinary shares
2025
2024
US cents
US cents
per share
US$m
per share
US$m
Amounts recognised and paid during the \ufb01nancial year:
First interim \u2013 paid in February 2025 (2024: February 2024)
19.25\u00a0
176\u00a0
18.00\u00a0
164\u00a0
Second interim \u2013 paid in July 2024 (2024: July 2023)
40.50\u00a0
370\u00a0
37.75\u00a0
345\u00a0
Dividends paid on ordinary shares
59.75\u00a0
546\u00a0
55.75\u00a0
509\u00a0
Full-year dividend for the \ufb01nancial year
62.50\u00a0
571\u00a0
58.50\u00a0
534\u00a0
A second interim dividend in respect of the year ended 31 March 2025 of 43.25 US cents per ordinary share will be paid on 18 July 2025, to
shareholders on the register at the close of business on 20 June 2025. This dividend is not included as a liability in these \ufb01nancial statements. This
second interim dividend and the \ufb01rst interim dividend paid in February 2025 comprise the full-year dividend for the \ufb01nancial year of 62.50 US cents
per ordinary share. Further administrative information on dividends is given in the Shareholder and corporate information section. Dividend amounts
are quoted gross.
In the year ended 31 March 2025, the employee trusts waived their entitlements to dividends of US$3m (2024: US$3m). There is no entitlement to
dividends in respect of own shares held as treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "0.5975", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "0.5575", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "0.625", "decimals": 4, "dimensions": { "concept": "exp:FullYearDividendPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "0.585", "decimals": 4, "dimensions": { "concept": "exp:FullYearDividendPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "20. Goodwill
(a) Movements in goodwill
\n \n
2025
2024
US$m
US$m
Cost
At 1 April
6,208\u00a0
5,821\u00a0
Di\ufb00erences on exchange
(121)
19\u00a0
Additions through business combinations (note 41(a))
815\u00a0
368\u00a0
At 31 March
6,902\u00a0
6,208\u00a0
Accumulated impairment
At 1 April
246\u00a0
246\u00a0
Di\ufb00erences on exchange
2\u00a0
\u2014\u00a0
At 31 March
248\u00a0
246\u00a0
Net book amount at 1 April
5,962\u00a0
5,575\u00a0
Net book amount at 31 March
6,654\u00a0
5,962\u00a0
(b) Goodwill by group of CGUs
\n \n
2025
2024
US$m
US$m
North America
4,170\u00a0
3,841\u00a0
Latin America
904\u00a0
901\u00a0
UK and Ireland
763\u00a0
742\u00a0
EMEA and Asia Paci\ufb01c
817\u00a0
478\u00a0
At 31 March
6,654\u00a0
5,962\u00a0
(c) Key assumptions for value-in-use calculations by group of CGUs
\n \n
2025
2024
Long-term
Long-term
Discount rate
growth rate
Discount rate
growth rate
% p.a.
% p.a.
% p.a.
% p.a.
North America
9.7\u00a0
3.5\u00a0
10.6\u00a0
3.6\u00a0
Latin America
17.6\u00a0
5.2\u00a0
19.1\u00a0
5.1\u00a0
UK and Ireland
10.7\u00a0
2.8\u00a0
11.7\u00a0
3.1\u00a0
EMEA and Asia Paci\ufb01c
12.2\u00a0
4.1\u00a0
13.8\u00a0
4.1\u00a0
As indicated in note 6(a), value-in-use calculations are underpinned by \ufb01nancial forecasts, which continue to re\ufb02ect our current assessment of the
impact of climate change and associated commitments the Group has made. Management\u2019s key assumptions for the initial \ufb01ve-year period in the
value-in-use calculations were as follows:
\u2022 Forecast revenue growth rates were based on past experience, adjusted for the strategic opportunities within each group of CGUs; the forecasts used
average nominal growth rates of up to 19%, with rates of up to 11% in EMEA and Asia Paci\ufb01c.
\u2022 Benchmark EBIT was forecast based on historical margins and expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute mid-single-digit amount in EMEA and Asia Paci\ufb01c.
\u2022 Forecast Benchmark operating cash \ufb02ow conversion rates were based on historical conversion rates achieved and performance expectations in the
respective CGUs, with long-term conversion rates of 95% used in EMEA and Asia Paci\ufb01c.
Further details of the principles used in determining the basis of allocation by CGU and annual impairment testing are given in note 6(a).
(d) Results of annual impairment reviews for the year ended 31 March 2025
The annual impairment review of goodwill was performed as at 30 September 2024. The provisional goodwill arising on the acquisition of Credit Data
Solutions Pty Ltd and its subsidiary undertakings (illion) was reported as a separate group of CGUs at 30 September 2024. As indicated at the time,
that goodwill has now been allocated to the EMEA and Asia Paci\ufb01c group of CGUs, being the group of CGUs expected to bene\ufb01t from the synergies of
the combination. Consequently, a further impairment review of the goodwill allocated to the EMEA and Asia Paci\ufb01c group of CGUs was undertaken
as at 31 March 2025 to include the goodwill acquired in the annual period. There have been no other signi\ufb01cant changes in the key modelling
assumptions discussed in note 20(c) that would trigger a further review to be required at 31 March 2025.
The recoverable amount of the EMEA and Asia Paci\ufb01c group of CGUs exceeded its carrying value by US$546m. Any decline in the estimated
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
\u2022 an absolute increase of 2.8 percentage points in the discount rate, from 12.2% to 15.0%; or
\u2022 an absolute reduction of 4.2 percentage points in the long-term growth rate, from growth of 4.1% to a decline of 0.1%; or
\u2022 a reduction of 8.2 percentage points in the forecast FY30 pro\ufb01t margin, from 24.4% to 16.2%. A reduction in the annual margin improvement of
approximately 1.6 percentage points per year over the \ufb01ve-year forecast period would also reduce the recoverable amount to the carrying value; or
\u2022 an absolute reduction of 34% in the forecast FY30 pro\ufb01t.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
with the recommendations of the TCFD. There was no impact on the reported amounts of goodwill as a result of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "21. Other intangible assets \n \n
Acquisition intangibles
Customer
Acquired
Marketing-
Internally
and other
software
related
Internal use
generated
relationships
development
assets
Databases
software
software
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cost
At 1 April 2024
1,645\u00a0
544\u00a0
98\u00a0
1,655\u00a0
395\u00a0
1,773\u00a0
6,110\u00a0
Di\ufb00erences on exchange
(41)
(13)
(5)
(90)
(13)
(13)
(175)
Additions through business combinations (note 41)
318\u00a0
200\u00a0
7\u00a0
11\u00a0
1\u00a0
26\u00a0
563\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
203\u00a0
60\u00a0
340\u00a0
603\u00a0
Other disposals
(159)
(84)
(40)
(111)
(39)
(78)
(511)
At 31 March 2025
1,763\u00a0
647\u00a0
60\u00a0
1,668\u00a0
404\u00a0
2,048\u00a0
6,590\u00a0
Accumulated amortisation and impairment
At 1 April 2024
907\u00a0
357\u00a0
84\u00a0
1,159\u00a0
296\u00a0
870\u00a0
3,673\u00a0
Di\ufb00erences on exchange
(12)
(6)
(3)
(69)
(10)
(1)
(101)
Charge for the year
145\u00a0
63\u00a0
3\u00a0
178\u00a0
33\u00a0
239\u00a0
661\u00a0
Impairment charge
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
9\u00a0
13\u00a0
Other disposals
(159)
(84)
(40)
(111)
(39)
(78)
(511)
At 31 March 2025
881\u00a0
330\u00a0
44\u00a0
1,161\u00a0
280\u00a0
1,039\u00a0
3,735\u00a0
Net book amount at 31 March 2025
882\u00a0
317\u00a0
16\u00a0
507\u00a0
124\u00a0
1,009\u00a0
2,855\u00a0
Acquisition intangibles
Customer
Acquired
Marketing-
Internally
and other
software
related
Internal use
generated
relationships
development
assets
Databases
software
software
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cost
At 1 April 2023
1,643\u00a0
489\u00a0
101\u00a0
1,504\u00a0
355\u00a0
1,433\u00a0
5,525\u00a0
Di\ufb00erences on exchange
3\u00a0
(3)
2\u00a0
7\u00a0
(4)
22\u00a0
27\u00a0
Additions through business combinations
68\u00a0
76\u00a0
3\u00a0
3\u00a0
3\u00a0
6\u00a0
159\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
201\u00a0
50\u00a0
349\u00a0
600\u00a0
Disposal of businesses
(6)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(6)
Other disposals
(63)
(18)
(8)
(60)
(9)
(37)
(195)
At 31 March 2024
1,645\u00a0
544\u00a0
98\u00a0
1,655\u00a0
395\u00a0
1,773\u00a0
6,110\u00a0
Accumulated amortisation and impairment
At 1 April 2023
834\u00a0
318\u00a0
88\u00a0
1,036\u00a0
272\u00a0
688\u00a0
3,236\u00a0
Di\ufb00erences on exchange
8\u00a0
2\u00a0
\u2014\u00a0
7\u00a0
3\u00a0
10\u00a0
30\u00a0
Charge for the year
134\u00a0
55\u00a0
4\u00a0
176\u00a0
30\u00a0
209\u00a0
608\u00a0
Disposal of businesses
(6)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(6)
Other disposals
(63)
(18)
(8)
(60)
(9)
(37)
(195)
At 31 March 2024
907\u00a0
357\u00a0
84\u00a0
1,159\u00a0
296\u00a0
870\u00a0
3,673\u00a0
Net book amount at 1 April 2023
809\u00a0
171\u00a0
13\u00a0
468\u00a0
83\u00a0
745\u00a0
2,289\u00a0
Net book amount at 31 March 2024
738\u00a0
187\u00a0
14\u00a0
496\u00a0
99\u00a0
903\u00a0
2,437\u00a0
Within the above are the following individually material assets at 31 March 2025:
\u2022 Credit Data Solutions Pty Ltd (illion) core customer relationships acquired in the year with a net book value of US$163m and a remaining
amortisation period of 16 years.
\u2022 Tapad, Inc. customer relationships with a net book value of US$115m (2024: US$124m) and a remaining amortisation period of 13 (2024: 14) years.
\u2022 Predictive Pop, Inc. (Audigent) acquired software development with a net book value of US$97m and a remaining amortisation period of six years.
\u2022 North America Healthcare customer relationships with a net book value of US$75m (2024: US$104m) and a remaining amortisation period of three
(2024: four) years.
In addition to the development capitalised above we charged US$384m (2024: US$357m) of research and development costs in the Group
income statement.
The impairment charge in the year includes US$6m in relation to exited businesses and US$7m for the fair value write-down of technology due to
planned upgrades. There were no indicators of material impairment as a result of climate-related matters in the current or prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "In addition to the development capitalised above we charged US$384m (2024: US$357m) of research and development costs in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "22. Property, plant and equipment \n \n
Right-of-use assets
Freehold
Leasehold
Plant and
Land and
Motor
Plant and
properties
improvements
equipment
buildings
vehicles
equipment
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cost
At 1 April 2024
84\u00a0
154\u00a0
652\u00a0
210\u00a0
31\u00a0
33\u00a0
1,164\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
(3)
(5)
(2)
\u2014\u00a0
\u2014\u00a0
(10)
Additions through business combinations
\u2014\u00a0
1\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Other additions
\u2014\u00a0
7\u00a0
41\u00a0
15\u00a0
12\u00a0
4\u00a0
79\u00a0
Disposals
(1)
(21)
(111)
(30)
(10)
(21)
(194)
At 31 March 2025
83\u00a0
138\u00a0
578\u00a0
196\u00a0
33\u00a0
16\u00a0
1,044\u00a0
Accumulated depreciation and impairment
At 1 April 2024
22\u00a0
87\u00a0
533\u00a0
105\u00a0
15\u00a0
23\u00a0
785\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
(3)
(1)
(1)
1\u00a0
(4)
Charge for the year
2\u00a0
5\u00a0
47\u00a0
29\u00a0
9\u00a0
5\u00a0
97\u00a0
Impairment charge
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
Disposals
(1)
(21)
(110)
(26)
(8)
(20)
(186)
At 31 March 2025
25\u00a0
71\u00a0
467\u00a0
107\u00a0
15\u00a0
9\u00a0
694\u00a0
Net book amount at 31 March 2025
58\u00a0
67\u00a0
111\u00a0
89\u00a0
18\u00a0
7\u00a0
350\u00a0
\n \n
Right-of-use assets
Freehold
Leasehold
Plant and
Land and
Motor
Plant and
properties
improvements
equipment
buildings
vehicles
equipment
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cost
At 1 April 2023
73\u00a0
150\u00a0
644\u00a0
201\u00a0
26\u00a0
36\u00a0
1,130\u00a0
Di\ufb00erences on exchange
2\u00a0
1\u00a0
4\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
Additions through business combinations
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
Other additions
\u2014\u00a0
3\u00a0
37\u00a0
40\u00a0
11\u00a0
9\u00a0
100\u00a0
Transfer from assets held-for-sale
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
9\u00a0
Disposal of business
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Other disposals
\u2014\u00a0
\u2014\u00a0
(33)
(32)
(6)
(12)
(83)
At 31 March 2024
84\u00a0
154\u00a0
652\u00a0
210\u00a0
31\u00a0
33\u00a0
1,164\u00a0
Accumulated depreciation and impairment
At 1 April 2023
20\u00a0
81\u00a0
512\u00a0
99\u00a0
12\u00a0
24\u00a0
748\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
1\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Charge for the year
2\u00a0
5\u00a0
50\u00a0
32\u00a0
8\u00a0
9\u00a0
106\u00a0
Disposal of business
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Other disposals
\u2014\u00a0
\u2014\u00a0
(32)
(26)
(5)
(10)
(73)
At 31 March 2024
22\u00a0
87\u00a0
533\u00a0
105\u00a0
15\u00a0
23\u00a0
785\u00a0
Net book amount at 1 April 2023
53\u00a0
69\u00a0
132\u00a0
102\u00a0
14\u00a0
12\u00a0
382\u00a0
Net book amount at 31 March 2024
62\u00a0
67\u00a0
119\u00a0
105\u00a0
16\u00a0
10\u00a0
379\u00a0
There 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 both 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "23. Investments in associates \n \n
2025
2024
US$m
US$m
At 1 April
11\u00a0
12\u00a0
Share of pro\ufb01t after tax
2\u00a0
\u2014\u00a0
Impairment charge
\u2014\u00a0
(1)
At 31 March
13\u00a0
11\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "24. Trade and other receivables
(a) Analysis by type and maturity
\n \n
2025
2024
US$m
US$m
Trade and unbilled receivables
1,508\u00a0
1,419\u00a0
Credit note provision
(41)
(51)
Trade receivables \u2013 after credit note provision
1,467\u00a0
1,368\u00a0
Contract assets
153\u00a0
146\u00a0
Trade receivables and contract assets
1,620\u00a0
1,514\u00a0
Loss allowance
(46)
(27)
Net trade receivables and contract assets
1,574\u00a0
1,487\u00a0
VAT and equivalent taxes recoverable
11\u00a0
8\u00a0
Prepayments
239\u00a0
267\u00a0
Contract costs
86\u00a0
94\u00a0
1,910\u00a0
1,856\u00a0
As reported in the Group balance sheet:
Current trade and other receivables
1,684\u00a0
1,660\u00a0
Non-current trade and other receivables
226\u00a0
196\u00a0
1,910\u00a0
1,856\u00a0
There is no material di\ufb00erence between the fair value and the book value stated above. Non-current trade and other receivables comprise
prepayments, contract assets, unbilled receivables and contract costs. The increase in FY25, of the aggregate loss allowance and credit note
provision re\ufb02ects the ageing of balances in certain business lines and speci\ufb01c reserves for a small number of customers.
At 31 March 2023, the value of trade and unbilled receivables was US$1,237m and contract assets was US$141m.
(b) Loss allowance matrix
\n \n
2025
2024
Gross carrying
Gross carrying
Loss allowance
amount
Loss allowance
amount
US$m
US$m
US$m
US$m
Not past-due
(6)
1,246\u00a0
(6)
1,116\u00a0
Up to three months past-due
(1)
201\u00a0
(1)
262\u00a0
Three to six months past-due
(2)
40\u00a0
(1)
44\u00a0
Over six months past-due
(37)
133\u00a0
(19)
92\u00a0
Trade receivables and contract assets
(46)
1,620\u00a0
(27)
1,514\u00a0
Loss allowance (note 24(c))
(46)
(27)
Net trade receivables and contract assets
1,574\u00a0
1,487\u00a0
(c) Movements in the loss allowance
\n \n
2025
2024
US$m
US$m
At 1 April
27\u00a0
26\u00a0
Increase in the loss allowance recognised in the Group income statement
31\u00a0
9\u00a0
Receivables written o\ufb00 in the year as uncollectable
(12)
(9)
Di\ufb00erences on exchange
\u2014\u00a0
1\u00a0
At 31 March
46\u00a0
27\u00a0
(d) Analysis by currency denomination
\n \n
Contract assets
Trade receivables
2025
2024
2025
2024
US$m
US$m
US$m
US$m
US dollar
76\u00a0
80\u00a0
822\u00a0
762\u00a0
Brazilian real
3\u00a0
4\u00a0
276\u00a0
283\u00a0
UK pound sterling
38\u00a0
26\u00a0
195\u00a0
169\u00a0
Euro
15\u00a0
17\u00a0
50\u00a0
54\u00a0
Other
21\u00a0
19\u00a0
78\u00a0
73\u00a0
153\u00a0
146\u00a0
1,421\u00a0
1,341\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "(a) Analysis by type and maturity \n \n
2025
2024
US$m
US$m
Trade and unbilled receivables
1,508\u00a0
1,419\u00a0
Credit note provision
(41)
(51)
Trade receivables \u2013 after credit note provision
1,467\u00a0
1,368\u00a0
Contract assets
153\u00a0
146\u00a0
Trade receivables and contract assets
1,620\u00a0
1,514\u00a0
Loss allowance
(46)
(27)
Net trade receivables and contract assets
1,574\u00a0
1,487\u00a0
VAT and equivalent taxes recoverable
11\u00a0
8\u00a0
Prepayments
239\u00a0
267\u00a0
Contract costs
86\u00a0
94\u00a0
1,910\u00a0
1,856\u00a0
As reported in the Group balance sheet:
Current trade and other receivables
1,684\u00a0
1,660\u00a0
Non-current trade and other receivables
226\u00a0
196\u00a0
1,910\u00a0
1,856\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "(b) Loss allowance matrix \n \n
2025
2024
Gross carrying
Gross carrying
Loss allowance
amount
Loss allowance
amount
US$m
US$m
US$m
US$m
Not past-due
(6)
1,246\u00a0
(6)
1,116\u00a0
Up to three months past-due
(1)
201\u00a0
(1)
262\u00a0
Three to six months past-due
(2)
40\u00a0
(1)
44\u00a0
Over six months past-due
(37)
133\u00a0
(19)
92\u00a0
Trade receivables and contract assets
(46)
1,620\u00a0
(27)
1,514\u00a0
Loss allowance (note 24(c))
(46)
(27)
Net trade receivables and contract assets
1,574\u00a0
1,487\u00a0
(c) Movements in the loss allowance
\n \n
2025
2024
US$m
US$m
At 1 April
27\u00a0
26\u00a0
Increase in the loss allowance recognised in the Group income statement
31\u00a0
9\u00a0
Receivables written o\ufb00 in the year as uncollectable
(12)
(9)
Di\ufb00erences on exchange
\u2014\u00a0
1\u00a0
At 31 March
46\u00a0
27\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "25. Cash and cash equivalents \u2013 excluding bank overdrafts
(a) Analysis by nature
\n \n
2025
2024
US$m
US$m
Cash at bank and in hand
129\u00a0
171\u00a0
Short-term investments
1
239\u00a0
141\u00a0
368\u00a0
312\u00a0
1
Short term investments were elevated at 31 March 2025 due to the timing of the ClearSale acquisition (note 41(b)(iii)).
The e\ufb00ective interest rate for cash and cash equivalents held at 31 March 2025 was 7.4% (2024: 5.2%). There is no material di\ufb00erence between the
fair value and the book value stated above.
(b) Analysis by external credit rating
\n \n
2025
2024
US$m
US$m
Counterparty holding of more than US$2m:
A rated
223\u00a0
219\u00a0
B rated
133\u00a0
81\u00a0
Counterparty holding of more than US$2m
356\u00a0
300\u00a0
Counterparty holding of less than US$2m
12\u00a0
12\u00a0
368\u00a0
312\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "26. Trade and other payables
(a) Analysis by type and maturity
\n \n
2025
2024
Current
Non-current
Current
Non-current
US$m
US$m
US$m
US$m
Trade payables
358\u00a0
\u2014\u00a0
341\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
36\u00a0
\u2014\u00a0
37\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
147\u00a0
\u2014\u00a0
Accruals
949\u00a0
8\u00a0
845\u00a0
7\u00a0
Contract liabilities
392\u00a0
61\u00a0
437\u00a0
83\u00a0
Other payables
247\u00a0
103\u00a0
229\u00a0
100\u00a0
2,127\u00a0
172\u00a0
2,036\u00a0
190\u00a0
There is no material di\ufb00erence between the fair value and the book value stated above. Other payables include interest payable of US$15m
(2024: US$19m), employee bene\ufb01ts of US$136m (2024: US$124m) and deferred and contingent consideration of US$140m (2024: US$92m).
At 31 March 2023, the value of contract liabilities was US$546m.
(b) Analysis by nature
\n \n
2025
2024
US$m
US$m
Financial instruments
963\u00a0
869\u00a0
VAT and other equivalent taxes payable
36\u00a0
37\u00a0
Social security costs
145\u00a0
147\u00a0
Amounts within accruals and contract liabilities
1,155\u00a0
1,173\u00a0
Items other than \ufb01nancial instruments
1,336\u00a0
1,357\u00a0
2,299\u00a0
2,226\u00a0
Contractual undiscounted future cash \ufb02ows in respect of \ufb01nancial instruments are shown in note 32. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "(a) Analysis by type and maturity \n \n
2025
2024
Current
Non-current
Current
Non-current
US$m
US$m
US$m
US$m
Trade payables
358\u00a0
\u2014\u00a0
341\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
36\u00a0
\u2014\u00a0
37\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
147\u00a0
\u2014\u00a0
Accruals
949\u00a0
8\u00a0
845\u00a0
7\u00a0
Contract liabilities
392\u00a0
61\u00a0
437\u00a0
83\u00a0
Other payables
247\u00a0
103\u00a0
229\u00a0
100\u00a0
2,127\u00a0
172\u00a0
2,036\u00a0
190\u00a0
(b) Analysis by nature \n \n
2025
2024
US$m
US$m
Financial instruments
963\u00a0
869\u00a0
VAT and other equivalent taxes payable
36\u00a0
37\u00a0
Social security costs
145\u00a0
147\u00a0
Amounts within accruals and contract liabilities
1,155\u00a0
1,173\u00a0
Items other than \ufb01nancial instruments
1,336\u00a0
1,357\u00a0
2,299\u00a0
2,226\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "27. Borrowings
(a) Analysis by carrying amounts and fair value
\n \n
Carrying amount
Fair value
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Current:
Bonds:
\u00a3400m 2.125% Euronotes 2024
\u2014\u00a0
505\u00a0
\u2014\u00a0
498\u00a0
\u00a3400m 0.739% Euronotes 2025
519\u00a0
\u2014\u00a0
505\u00a0
\u2014\u00a0
Commercial paper
214\u00a0
218\u00a0
214\u00a0
218\u00a0
Bank overdrafts
2\u00a0
12\u00a0
2\u00a0
12\u00a0
Lease obligations (note 29)
39\u00a0
37\u00a0
39\u00a0
37\u00a0
774\u00a0
772\u00a0
760\u00a0
765\u00a0
Non-current:
Bonds:
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
506\u00a0
\u2014\u00a0
473\u00a0
\u20ac500m 1.375% Euronotes 2026
538\u00a0
520\u00a0
533\u00a0
515\u00a0
US$500m 4.25% Notes 2029
502\u00a0
501\u00a0
495\u00a0
484\u00a0
US$750m 2.75% Notes 2030
718\u00a0
708\u00a0
686\u00a0
656\u00a0
\u20ac500m 1.56% Euronotes 2031
545\u00a0
544\u00a0
495\u00a0
480\u00a0
\u00a3400m 3.25% Euronotes 2032
530\u00a0
517\u00a0
460\u00a0
463\u00a0
\u20ac500m 3.51% Euronotes 2033
536\u00a0
\u2014\u00a0
535\u00a0
\u2014\u00a0
\u20ac650m 3.375% Euronotes 2034
692\u00a0
\u2014\u00a0
683\u00a0
\u2014\u00a0
Bank loans
84\u00a0
84\u00a0
84\u00a0
84\u00a0
Lease obligations (note 29)
97\u00a0
114\u00a0
97\u00a0
114\u00a0
4,242\u00a0
3,494\u00a0
4,068\u00a0
3,269\u00a0
Total borrowings
5,016\u00a0
4,266\u00a0
4,828\u00a0
4,034\u00a0
The e\ufb00ective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
Further information on the methodology used in determining fair values is given in note 31.
(b) Analysis by maturity
\n \n
2025
2024
US$m
US$m
Less than one year
774\u00a0
772\u00a0
One to two years
652\u00a0
540\u00a0
Two to three years
24\u00a0
628\u00a0
Three to four years
515\u00a0
19\u00a0
Four to \ufb01ve years
726\u00a0
511\u00a0
Over \ufb01ve years
2,325\u00a0
1,796\u00a0
5,016\u00a0
4,266\u00a0
(c) Analysis by currency
\n \n
2025
2024
US$m
US$m
US dollar
4,001\u00a0
3,305\u00a0
Euro
547\u00a0
575\u00a0
UK pound sterling
297\u00a0
362\u00a0
Australian dollar
126\u00a0
1\u00a0
Other
45\u00a0
23\u00a0
5,016\u00a0
4,266\u00a0
The above analysis takes account of the e\ufb00ect of cross-currency swaps and forward foreign exchange contracts and re\ufb02ects the way in which the
Group manages its exposures.
(d) Undrawn committed bank borrowing facilities
\n \n
2025
2024
US$m
US$m
Facilities expiring in:
One to two years
316\u00a0
100\u00a0
Two to three years
\u2014\u00a0
216\u00a0
Three to four years
2,050\u00a0
150\u00a0
Four to \ufb01ve years
\u2014\u00a0
1,900\u00a0
2,366\u00a0
2,366\u00a0
These facilities are at variable interest rates and are in place for general corporate purposes, including the \ufb01nancing of acquisitions and the re\ufb01nancing
of other borrowings.
(e) Covenants and leverage ratio
There is one \ufb01nancial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before
\ufb01nancing fair value remeasurements. The calculation of the \ufb01nancial covenant excludes the e\ufb00ects of IFRS 16. The Group monitors this, and the
Net debt to Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.
28. Net debt (non-GAAP measure)
(a) Analysis by nature
\n \n
2025
2024
US$m
US$m
Cash and cash equivalents (net of overdrafts)
366\u00a0
300\u00a0
Debt due within one year \u2013 bonds and notes
(518)
(499)
Debt due within one year \u2013 commercial paper
(214)
(218)
Debt due within one year \u2013 lease obligations
(38)
(36)
Debt due after more than one year \u2013 bonds and notes
(4,031)
(3,279)
Debt due after more than one year \u2013 bank loans
(84)
(84)
Debt due after more than one year \u2013 lease obligations
(97)
(114)
Derivatives hedging loans and borrowings
(68)
(123)
Net debt
(4,684)
(4,053)
(b) Analysis by balance sheet caption
\n \n
2025
2024
US$m
US$m
Cash and cash equivalents
368\u00a0
312\u00a0
Current borrowings
(774)
(772)
Non-current borrowings
(4,242)
(3,494)
Borrowings
(5,016)
(4,266)
Total of Group balance sheet line items
(4,648)
(3,954)
Accrued interest reported within borrowings excluded from Net debt
32\u00a0
24\u00a0
Derivatives reported within Other \ufb01nancial assets
34\u00a0
2\u00a0
Derivatives reported within Other \ufb01nancial liabilities
(102)
(125)
Net debt
(4,684)
(4,053)
(c) Analysis of movements in Net debt (non-GAAP measure)
Derivatives
Liabilities
hedging
from
Cash
loans and
Current
Non-current
\ufb01nancing
Accrued
and cash
borrowings
borrowings
borrowings
activities
interest
equivalents
Net debt
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
312\u00a0
(4,053)
Cash \ufb02ow
(34)
41\u00a0
\u2014\u00a0
7\u00a0
\u2014\u00a0
400\u00a0
407\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
625\u00a0
(1,321)
(696)
\u2014\u00a0
\u2014\u00a0
(696)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(637)
637\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(165)
(165)
Movement on accrued interest
\u2014\u00a0
4\u00a0
(12)
(8)
8\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(34)
33
(696)
(697)
8\u00a0
235\u00a0
(454)
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(6)
(18)
(24)
\u2014\u00a0
\u2014\u00a0
(24)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
41\u00a0
41\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(179)
(179)
Additions through business combinations
\u2014\u00a0
(1)
(2)
(3)
\u2014\u00a0
\u2014\u00a0
(3)
Fair value gains/(losses)
49\u00a0
(5)\u00a0
(8)
36\u00a0
\u2014\u00a0
\u2014\u00a0
36\u00a0
Exchange and other movements
40\u00a0
(23)\u00a0
(24)
(7)
\u2014\u00a0
(41)
(48)
At 31 March 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
368\u00a0
(4,684)
Derivatives
Liabilities
hedging
from
Cash
loans and
Current
Non-current
\ufb01nancing
Accrued
and cash
borrowings
borrowings
borrowings
activities
interest
equivalents
Net debt
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(154)
(156)
(3,943)
(4,253)
21\u00a0
202\u00a0
(4,030)
Cash \ufb02ow
(10)
48\u00a0
\u2014\u00a0
38\u00a0
\u2014\u00a0
303\u00a0
341\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
(102)
\u2014\u00a0
(102)
\u2014\u00a0
\u2014\u00a0
(102)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(537)
537\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(149)
(149)
Movement on accrued interest
\u2014\u00a0
(6)
3\u00a0
(3)
3\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(10)
(597)
540\u00a0
(67)
3\u00a0
154\u00a0
90\u00a0
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(5)
(45)
(50)
\u2014\u00a0
\u2014\u00a0
(50)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
48\u00a0
48\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(100)
(100)
Additions through business combinations
\u2014\u00a0
(7)
\u2014\u00a0
(7)
\u2014\u00a0
\u2014\u00a0
(7)
Fair value (losses)/gains
14\u00a0
\u2014\u00a0
(17)
(3)
\u2014\u00a0
\u2014\u00a0
(3)
Exchange and other movements
27\u00a0
(7)
(29)
(9)
\u2014\u00a0
8\u00a0
(1)
At 31 March 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
312\u00a0
(4,053)
1
Non-cash lease obligation movements include additions of US31m (2024: US$60m) and disposals of US$7m (2024: US$10m). \n \n
2025
2024
Accumulated
amount of fair
Accumulated
value hedge
amount of fair
adjustments
value hedge
included in
adjustments
the carrying
included in
Carrying amount
amount of the
Changes in fair value
the carrying
Changes in fair value
of hedged item
hedged item
used for calculating
Carrying amount of
amount of the
used for calculating
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Borrowings
(1,983)
(52)
14\u00a0
(1,103)
(67)
26\u00a0
Foreign exchange risk
Borrowings
(1,712)
(13)
31\u00a0
(842)
(34)
2\u00a0
Cash \ufb02ow hedge
Foreign exchange risk
Borrowings
(519)
n/a
11\u00a0
(506)
n/a
14\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "\n \n
Carrying amount
Fair value
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Current:
Bonds:
\u00a3400m 2.125% Euronotes 2024
\u2014\u00a0
505\u00a0
\u2014\u00a0
498\u00a0
\u00a3400m 0.739% Euronotes 2025
519\u00a0
\u2014\u00a0
505\u00a0
\u2014\u00a0
Commercial paper
214\u00a0
218\u00a0
214\u00a0
218\u00a0
Bank overdrafts
2\u00a0
12\u00a0
2\u00a0
12\u00a0
Lease obligations (note 29)
39\u00a0
37\u00a0
39\u00a0
37\u00a0
774\u00a0
772\u00a0
760\u00a0
765\u00a0
Non-current:
Bonds:
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
506\u00a0
\u2014\u00a0
473\u00a0
\u20ac500m 1.375% Euronotes 2026
538\u00a0
520\u00a0
533\u00a0
515\u00a0
US$500m 4.25% Notes 2029
502\u00a0
501\u00a0
495\u00a0
484\u00a0
US$750m 2.75% Notes 2030
718\u00a0
708\u00a0
686\u00a0
656\u00a0
\u20ac500m 1.56% Euronotes 2031
545\u00a0
544\u00a0
495\u00a0
480\u00a0
\u00a3400m 3.25% Euronotes 2032
530\u00a0
517\u00a0
460\u00a0
463\u00a0
\u20ac500m 3.51% Euronotes 2033
536\u00a0
\u2014\u00a0
535\u00a0
\u2014\u00a0
\u20ac650m 3.375% Euronotes 2034
692\u00a0
\u2014\u00a0
683\u00a0
\u2014\u00a0
Bank loans
84\u00a0
84\u00a0
84\u00a0
84\u00a0
Lease obligations (note 29)
97\u00a0
114\u00a0
97\u00a0
114\u00a0
4,242\u00a0
3,494\u00a0
4,068\u00a0
3,269\u00a0
Total borrowings
5,016\u00a0
4,266\u00a0
4,828\u00a0
4,034\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "28. Net debt (non-GAAP measure)
(a) Analysis by nature
\n \n
2025
2024
US$m
US$m
Cash and cash equivalents (net of overdrafts)
366\u00a0
300\u00a0
Debt due within one year \u2013 bonds and notes
(518)
(499)
Debt due within one year \u2013 commercial paper
(214)
(218)
Debt due within one year \u2013 lease obligations
(38)
(36)
Debt due after more than one year \u2013 bonds and notes
(4,031)
(3,279)
Debt due after more than one year \u2013 bank loans
(84)
(84)
Debt due after more than one year \u2013 lease obligations
(97)
(114)
Derivatives hedging loans and borrowings
(68)
(123)
Net debt
(4,684)
(4,053)
(b) Analysis by balance sheet caption
\n \n
2025
2024
US$m
US$m
Cash and cash equivalents
368\u00a0
312\u00a0
Current borrowings
(774)
(772)
Non-current borrowings
(4,242)
(3,494)
Borrowings
(5,016)
(4,266)
Total of Group balance sheet line items
(4,648)
(3,954)
Accrued interest reported within borrowings excluded from Net debt
32\u00a0
24\u00a0
Derivatives reported within Other \ufb01nancial assets
34\u00a0
2\u00a0
Derivatives reported within Other \ufb01nancial liabilities
(102)
(125)
Net debt
(4,684)
(4,053)
(c) Analysis of movements in Net debt (non-GAAP measure)
Derivatives
Liabilities
hedging
from
Cash
loans and
Current
Non-current
\ufb01nancing
Accrued
and cash
borrowings
borrowings
borrowings
activities
interest
equivalents
Net debt
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
312\u00a0
(4,053)
Cash \ufb02ow
(34)
41\u00a0
\u2014\u00a0
7\u00a0
\u2014\u00a0
400\u00a0
407\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
625\u00a0
(1,321)
(696)
\u2014\u00a0
\u2014\u00a0
(696)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(637)
637\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(165)
(165)
Movement on accrued interest
\u2014\u00a0
4\u00a0
(12)
(8)
8\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(34)
33
(696)
(697)
8\u00a0
235\u00a0
(454)
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(6)
(18)
(24)
\u2014\u00a0
\u2014\u00a0
(24)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
41\u00a0
41\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(179)
(179)
Additions through business combinations
\u2014\u00a0
(1)
(2)
(3)
\u2014\u00a0
\u2014\u00a0
(3)
Fair value gains/(losses)
49\u00a0
(5)\u00a0
(8)
36\u00a0
\u2014\u00a0
\u2014\u00a0
36\u00a0
Exchange and other movements
40\u00a0
(23)\u00a0
(24)
(7)
\u2014\u00a0
(41)
(48)
At 31 March 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
368\u00a0
(4,684)
Derivatives
Liabilities
hedging
from
Cash
loans and
Current
Non-current
\ufb01nancing
Accrued
and cash
borrowings
borrowings
borrowings
activities
interest
equivalents
Net debt
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(154)
(156)
(3,943)
(4,253)
21\u00a0
202\u00a0
(4,030)
Cash \ufb02ow
(10)
48\u00a0
\u2014\u00a0
38\u00a0
\u2014\u00a0
303\u00a0
341\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
(102)
\u2014\u00a0
(102)
\u2014\u00a0
\u2014\u00a0
(102)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(537)
537\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(149)
(149)
Movement on accrued interest
\u2014\u00a0
(6)
3\u00a0
(3)
3\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(10)
(597)
540\u00a0
(67)
3\u00a0
154\u00a0
90\u00a0
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(5)
(45)
(50)
\u2014\u00a0
\u2014\u00a0
(50)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
48\u00a0
48\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(100)
(100)
Additions through business combinations
\u2014\u00a0
(7)
\u2014\u00a0
(7)
\u2014\u00a0
\u2014\u00a0
(7)
Fair value (losses)/gains
14\u00a0
\u2014\u00a0
(17)
(3)
\u2014\u00a0
\u2014\u00a0
(3)
Exchange and other movements
27\u00a0
(7)
(29)
(9)
\u2014\u00a0
8\u00a0
(1)
At 31 March 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
312\u00a0
(4,053)
1
Non-cash lease obligation movements include additions of US31m (2024: US$60m) and disposals of US$7m (2024: US$10m). ", "dimensions": { "concept": "exp:DisclosureOfNetDebtNonGaapMeasureTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "29. Leases
The Group\u2019s lease portfolio consists of 39 (2024: 38) signi\ufb01cant property leases across the countries in which we operate. In addition, we lease
approximately 57 (2024: 67) smaller properties, 865 (2024: 889) motor vehicles, and a small number of hardware assets. The average remaining
lease term is 3.2 years (2024: 3.7 years) for signi\ufb01cant property leases, 1.3 years (2024: 1.0 years) for other minor property leases and 1.9 years
(2024: 1.8 years) for motor vehicles and plant and equipment. Extension and termination options are included within a number of property and
equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing assets and lease exposures.
The majority of extension and termination options are exercisable only by the Group and not by the respective lessor.
(a) Amounts recognised in the Group balance sheet
\n \n
2025
2024
Notes
US$m
US$m
Right-of-use assets:
Land and buildings
22
89
105\u00a0
Motor vehicles
22
18
16\u00a0
Plant and equipment
22
7
10\u00a0
At 31 March
114
131\u00a0
Lease obligations:
Current
27
39
37\u00a0
Non-current
27
97
114\u00a0
At 31 March
136
151\u00a0
Sublease receivables at 31 March 2025 were US$6m (2024: US$7m), of which US$4m (2024: US$6m) falls due after more than one year.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group, the incremental borrowing rate is used. The incremental borrowing rate is unique to each country and class of assets therein
and is based on the Group\u2019s cost of debt, adjusted for factors speci\ufb01c to individual lessees and their borrowing capacity.
The Group is exposed to potential future increases in variable lease payments based on an index or a rate, which are not included in the lease
obligation until they take e\ufb00ect.
(b) Maturity of lease obligations \u2013 contractual undiscounted cash \ufb02ows
\n \n
2025
2024
US$m
US$m
Less than one year
44\u00a0
44\u00a0
One to two years
34\u00a0
38\u00a0
Two to three years
27\u00a0
27\u00a0
Three to four years
15\u00a0
21\u00a0
Four to \ufb01ve years
9\u00a0
12\u00a0
Over \ufb01ve years
26\u00a0
32\u00a0
Total undiscounted lease obligations at 31 March
155\u00a0
174\u00a0
(c) Amounts recognised in the Group income statement
\n \n
2025
2024
Notes
US$m
US$m
Depreciation charge for right-of-use assets:
Land and buildings
22
29
32\u00a0
Motor vehicles
22
9
8\u00a0
Plant and equipment
22
5
9\u00a0
Total depreciation charge for right-of-use assets
43
49\u00a0
Interest expense
16
7
8\u00a0
Expense relating to the lease of low-value assets
2
4\u00a0
Total
52
61
We had no material sublease income in the current or prior year.
(d) Amounts recognised in the Group cash \ufb02ow statement
During the year lease payments of US$48m (2024: US$56m) comprised US$41m (2024: US$48m) for repayments of principal and US$7m
(2024: US$8m) for payments of interest.
(e) Lease commitments
There were no commitments for lease agreements where the term had not yet commenced at 31 March 2025 or 31 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "(e) Lease commitments There were no commitments for lease agreements where the term had not yet commenced at 31 March 2025 or 31 March 2024. 42. Capital commitments
2025
2024
US$m
US$m
Capital expenditure for which contracts have been placed:
Other intangible assets
38\u00a0
48\u00a0
Property, plant and equipment
9\u00a0
7\u00a0
47\u00a0
55\u00a0
Capital commitments at 31 March 2025 included commitments of US$28m not expected to be incurred before 31 March 2026. Capital commitments at
31 March 2024 included commitments of US$40m not then expected to be incurred before 31 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "30. Financial assets and liabilities
(a) Financial assets and liabilities revalued through OCI
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed investments
2
\u2014\u00a0
54\u00a0
54\u00a0
\u2014\u00a0
67\u00a0
67\u00a0
Trade investments
\u2014\u00a0
167\u00a0
167\u00a0
\u2014\u00a0
167\u00a0
167\u00a0
1\u00a0
221\u00a0
222\u00a0
\u2014\u00a0
234\u00a0
234\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
10\u00a0
10\u00a0
1
Derivatives designated as a cash \ufb02ow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
Listed investments include investments held in the UK to secure certain unfunded pension arrangements (note 34(b)).
(b) Other \ufb01nancial assets and liabilities
(i) Summary
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
17
\u2014
17
\u2014
\u2014
\u2014
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
26\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
2\u00a0
118\u00a0
120\u00a0
3\u00a0
158\u00a0
161\u00a0
Non-hedging derivatives (foreign exchange contracts)
10\u00a0
\u2014\u00a0
10\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
Non-hedging derivatives (equity swaps)
2\u00a0
1\u00a0
3\u00a0
4\u00a0
2\u00a0
6\u00a0
Derivative \ufb01nancial instruments
14\u00a0
145\u00a0
159\u00a0
9\u00a0
160\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
8\u00a0
13\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Assets at fair value through pro\ufb01t or loss
19
153
172
9
174
183
Other \ufb01nancial assets
36\u00a0
153\u00a0
189\u00a0
9\u00a0
174\u00a0
183\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
59\u00a0
59\u00a0
20\u00a0
45\u00a0
65\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
31\u00a0
31\u00a0
\u2014\u00a0
40\u00a0
40\u00a0
Derivatives used for hedging
1
\u2014\u00a0
90\u00a0
90\u00a0
20\u00a0
85\u00a0
105\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
18\u00a0
18\u00a0
Non-hedging derivatives (foreign exchange contracts)
4\u00a0
\u2014\u00a0
4\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
Derivative \ufb01nancial instruments
3
4\u00a0
101\u00a0
105\u00a0
23\u00a0
103\u00a0
126\u00a0
Put options
\u2014\u00a0
84\u00a0
84\u00a0
21\u00a0
112\u00a0
133\u00a0
Other \ufb01nancial liabilities
4\u00a0
185\u00a0
189\u00a0
44\u00a0
215\u00a0
259\u00a0
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\n \n
2025
2024
Assets
Liabilities
Assets
Liabilities
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
\u2014\u00a0
\u2014\u00a0
75\u00a0
1,414\u00a0
Interest rate swaps
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
161\u00a0
1,550\u00a0
58\u00a0
550\u00a0
Foreign exchange contracts
10\u00a0
402\u00a0
4\u00a0
608\u00a0
2\u00a0
256\u00a0
3\u00a0
461\u00a0
Equity swaps
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
30\u00a0
\u2014\u00a0
\u2014\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
169\u00a0
1,836\u00a0
136\u00a0
2,425\u00a0
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We 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 rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We 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
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 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
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2024
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
Cross-currency swaps:
Notional amount (US$m)
\u00a0395\u00a0
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
2.13%
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
395\u00a0
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
EUR:USD forward contract rate
\u2014\u00a0
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.32\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
\u2014\u00a0
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n \n
2025
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n \n
2024
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(22)
Interest rate swaps
300\u00a0
\u2014\u00a0
(40)
6\u00a0
Foreign exchange risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(2)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
\u2014\u00a0
(10)
(14)
Except for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
Group balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
liabilities revalued through OCI, in the Group balance sheet.
(e) Impact of hedged items
\n \n
2025
2024
Accumulated
amount of fair
Accumulated
value hedge
amount of fair
adjustments
value hedge
included in
adjustments
the carrying
included in
Carrying amount
amount of the
Changes in fair value
the carrying
Changes in fair value
of hedged item
hedged item
used for calculating
Carrying amount of
amount of the
used for calculating
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Borrowings
(1,983)
(52)
14\u00a0
(1,103)
(67)
26\u00a0
Foreign exchange risk
Borrowings
(1,712)
(13)
31\u00a0
(842)
(34)
2\u00a0
Cash \ufb02ow hedge
Foreign exchange risk
Borrowings
(519)
n/a
11\u00a0
(506)
n/a
14\u00a0
The hedging reserve at 31 March 2025 included a debit of US$1m (2024: US$nil) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
2025
2024
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
2\u00a0
10\u00a0
Foreign exchange risk
(5)
\u2014\u00a0
(Gains)/losses on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(3)
10\u00a0
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
169\u00a0
\u2014\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
\u2014\u00a0
169\u00a0
14\u00a0
183\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed and trade investments
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
Financial assets revalued through OCI (note 30(a))
54\u00a0
1\u00a0
167\u00a0
222\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
67\u00a0
169\u00a0
181\u00a0
417\u00a0
Financial liabilities:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(90)
\u2014\u00a0
(90)
\u2014\u00a0
(105)
\u2014\u00a0
(105)
Non-hedging derivatives
\u2014\u00a0
(15)
\u2014\u00a0
(15)
\u2014\u00a0
(21)
\u2014\u00a0
(21)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(140)
(140)
\u2014\u00a0
\u2014\u00a0
(92)
(92)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(105)
(140)
(245)
\u2014\u00a0
(126)
(92)
(218)
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Put options
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u2014\u00a0
\u2014\u00a0
(133)
(133)
\u2014\u00a0
(105)
(224)
(329)
\u2014\u00a0
(136)
(225)
(361)
Net \ufb01nancial assets/(liabilities)
54\u00a0
55\u00a0
(44)
65\u00a0
67\u00a0
33\u00a0
(44)
56\u00a0
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019 and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
Level 1
\u2022 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 asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
associated with corporate transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired business, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo Entre Pessoas S.A. (MOVA) is set out in
note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in inputs at 31 March 2025. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
Year ended 31 March 2025
Year ended 31 March 2024
Financial
Financial
assets
Other
assets
Other
revalued
\ufb01nancial
revalued
\ufb01nancial
through
assets
Contingent
Put
through
assets
Contingent
Put
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
14\u00a0
(92)
(133)
(44)
252\u00a0
16\u00a0
(139)
(33)
96\u00a0
Additions
1,2
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
9\u00a0
2\u00a0
(56)
(71)
(116)
Disposals
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Conversion of convertible debt to equity
investments
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
112\u00a0
\u2014\u00a0
112\u00a0
Adjustment to the fair value of
contingent consideration
3
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(4)
\u2014\u00a0
(4)
Valuation gains/(losses) recognised in
the Group income statement
4
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(31)
(31)
Settlement of put options
5
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Transfer of put option liability to
contingent consideration
5
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Valuation losses recognised in OCI
6
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
(98)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(98)
Currency translation gains/(losses)
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
2\u00a0
\u2014\u00a0
Other
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
(3)
\u2014\u00a0
(2)
At 31 March
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
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.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Of the valuation losses recognised in OCI, US$21m (2024: US$77m) related to our investment in Vector CM Holdings (Cayman) L.P.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed investments
2
\u2014\u00a0
54\u00a0
54\u00a0
\u2014\u00a0
67\u00a0
67\u00a0
Trade investments
\u2014\u00a0
167\u00a0
167\u00a0
\u2014\u00a0
167\u00a0
167\u00a0
1\u00a0
221\u00a0
222\u00a0
\u2014\u00a0
234\u00a0
234\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
10\u00a0
10\u00a0
1
Derivatives designated as a cash \ufb02ow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
Listed investments include investments held in the UK to secure certain unfunded pension arrangements (note 34(b)).
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
17
\u2014
17
\u2014
\u2014
\u2014
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
26\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
2\u00a0
118\u00a0
120\u00a0
3\u00a0
158\u00a0
161\u00a0
Non-hedging derivatives (foreign exchange contracts)
10\u00a0
\u2014\u00a0
10\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
Non-hedging derivatives (equity swaps)
2\u00a0
1\u00a0
3\u00a0
4\u00a0
2\u00a0
6\u00a0
Derivative \ufb01nancial instruments
14\u00a0
145\u00a0
159\u00a0
9\u00a0
160\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
8\u00a0
13\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Assets at fair value through pro\ufb01t or loss
19
153
172
9
174
183
Other \ufb01nancial assets
36\u00a0
153\u00a0
189\u00a0
9\u00a0
174\u00a0
183\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
59\u00a0
59\u00a0
20\u00a0
45\u00a0
65\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
31\u00a0
31\u00a0
\u2014\u00a0
40\u00a0
40\u00a0
Derivatives used for hedging
1
\u2014\u00a0
90\u00a0
90\u00a0
20\u00a0
85\u00a0
105\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
18\u00a0
18\u00a0
Non-hedging derivatives (foreign exchange contracts)
4\u00a0
\u2014\u00a0
4\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
Derivative \ufb01nancial instruments
3
4\u00a0
101\u00a0
105\u00a0
23\u00a0
103\u00a0
126\u00a0
Put options
\u2014\u00a0
84\u00a0
84\u00a0
21\u00a0
112\u00a0
133\u00a0
Other \ufb01nancial liabilities
4\u00a0
185\u00a0
189\u00a0
44\u00a0
215\u00a0
259\u00a0
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL). (ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments \n \n
2025
2024
Assets
Liabilities
Assets
Liabilities
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
\u2014\u00a0
\u2014\u00a0
75\u00a0
1,414\u00a0
Interest rate swaps
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
161\u00a0
1,550\u00a0
58\u00a0
550\u00a0
Foreign exchange contracts
10\u00a0
402\u00a0
4\u00a0
608\u00a0
2\u00a0
256\u00a0
3\u00a0
461\u00a0
Equity swaps
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
30\u00a0
\u2014\u00a0
\u2014\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
169\u00a0
1,836\u00a0
136\u00a0
2,425\u00a0
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We 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 rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We 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
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 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\n\n\n\n\n\n
(ii) Analysis of hedging instruments
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2024
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
Cross-currency swaps:
Notional amount (US$m)
\u00a0395\u00a0
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
2.13%
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
395\u00a0
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
EUR:USD forward contract rate
\u2014\u00a0
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.32\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
\u2014\u00a0
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n \n
2025
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n \n
2024
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(22)
Interest rate swaps
300\u00a0
\u2014\u00a0
(40)
6\u00a0
Foreign exchange risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(2)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
\u2014\u00a0
(10)
(14)
Except for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
Group balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
liabilities revalued through OCI, in the Group balance sheet.
(e) Impact of hedged items
\n \n
2025
2024
Accumulated
amount of fair
Accumulated
value hedge
amount of fair
adjustments
value hedge
included in
adjustments
the carrying
included in
Carrying amount
amount of the
Changes in fair value
the carrying
Changes in fair value
of hedged item
hedged item
used for calculating
Carrying amount of
amount of the
used for calculating
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Borrowings
(1,983)
(52)
14\u00a0
(1,103)
(67)
26\u00a0
Foreign exchange risk
Borrowings
(1,712)
(13)
31\u00a0
(842)
(34)
2\u00a0
Cash \ufb02ow hedge
Foreign exchange risk
Borrowings
(519)
n/a
11\u00a0
(506)
n/a
14\u00a0
The hedging reserve at 31 March 2025 included a debit of US$1m (2024: US$nil) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
2025
2024
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
2\u00a0
10\u00a0
Foreign exchange risk
(5)
\u2014\u00a0
(Gains)/losses on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(3)
10\u00a0
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
169\u00a0
\u2014\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
\u2014\u00a0
169\u00a0
14\u00a0
183\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed and trade investments
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
Financial assets revalued through OCI (note 30(a))
54\u00a0
1\u00a0
167\u00a0
222\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
67\u00a0
169\u00a0
181\u00a0
417\u00a0
Financial liabilities:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(90)
\u2014\u00a0
(90)
\u2014\u00a0
(105)
\u2014\u00a0
(105)
Non-hedging derivatives
\u2014\u00a0
(15)
\u2014\u00a0
(15)
\u2014\u00a0
(21)
\u2014\u00a0
(21)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(140)
(140)
\u2014\u00a0
\u2014\u00a0
(92)
(92)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(105)
(140)
(245)
\u2014\u00a0
(126)
(92)
(218)
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Put options
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u2014\u00a0
\u2014\u00a0
(133)
(133)
\u2014\u00a0
(105)
(224)
(329)
\u2014\u00a0
(136)
(225)
(361)
Net \ufb01nancial assets/(liabilities)
54\u00a0
55\u00a0
(44)
65\u00a0
67\u00a0
33\u00a0
(44)
56\u00a0
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
Year ended 31 March 2025
Year ended 31 March 2024
Financial
Financial
assets
Other
assets
Other
revalued
\ufb01nancial
revalued
\ufb01nancial
through
assets
Contingent
Put
through
assets
Contingent
Put
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
14\u00a0
(92)
(133)
(44)
252\u00a0
16\u00a0
(139)
(33)
96\u00a0
Additions
1,2
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
9\u00a0
2\u00a0
(56)
(71)
(116)
Disposals
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Conversion of convertible debt to equity
investments
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
112\u00a0
\u2014\u00a0
112\u00a0
Adjustment to the fair value of
contingent consideration
3
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(4)
\u2014\u00a0
(4)
Valuation gains/(losses) recognised in
the Group income statement
4
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(31)
(31)
Settlement of put options
5
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Transfer of put option liability to
contingent consideration
5
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Valuation losses recognised in OCI
6
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
(98)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(98)
Currency translation gains/(losses)
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
2\u00a0
\u2014\u00a0
Other
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
(3)
\u2014\u00a0
(2)
At 31 March
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
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.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Of the valuation losses recognised in OCI, US$21m (2024: US$77m) related to our investment in Vector CM Holdings (Cayman) L.P.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "(b) Other \ufb01nancial assets and liabilities
(i) Summary
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
17
\u2014
17
\u2014
\u2014
\u2014
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
26\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
2\u00a0
118\u00a0
120\u00a0
3\u00a0
158\u00a0
161\u00a0
Non-hedging derivatives (foreign exchange contracts)
10\u00a0
\u2014\u00a0
10\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
Non-hedging derivatives (equity swaps)
2\u00a0
1\u00a0
3\u00a0
4\u00a0
2\u00a0
6\u00a0
Derivative \ufb01nancial instruments
14\u00a0
145\u00a0
159\u00a0
9\u00a0
160\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
8\u00a0
13\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Assets at fair value through pro\ufb01t or loss
19
153
172
9
174
183
Other \ufb01nancial assets
36\u00a0
153\u00a0
189\u00a0
9\u00a0
174\u00a0
183\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
59\u00a0
59\u00a0
20\u00a0
45\u00a0
65\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
31\u00a0
31\u00a0
\u2014\u00a0
40\u00a0
40\u00a0
Derivatives used for hedging
1
\u2014\u00a0
90\u00a0
90\u00a0
20\u00a0
85\u00a0
105\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
18\u00a0
18\u00a0
Non-hedging derivatives (foreign exchange contracts)
4\u00a0
\u2014\u00a0
4\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
Derivative \ufb01nancial instruments
3
4\u00a0
101\u00a0
105\u00a0
23\u00a0
103\u00a0
126\u00a0
Put options
\u2014\u00a0
84\u00a0
84\u00a0
21\u00a0
112\u00a0
133\u00a0
Other \ufb01nancial liabilities
4\u00a0
185\u00a0
189\u00a0
44\u00a0
215\u00a0
259\u00a0
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\n \n
2025
2024
Assets
Liabilities
Assets
Liabilities
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
\u2014\u00a0
\u2014\u00a0
75\u00a0
1,414\u00a0
Interest rate swaps
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
161\u00a0
1,550\u00a0
58\u00a0
550\u00a0
Foreign exchange contracts
10\u00a0
402\u00a0
4\u00a0
608\u00a0
2\u00a0
256\u00a0
3\u00a0
461\u00a0
Equity swaps
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
30\u00a0
\u2014\u00a0
\u2014\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
169\u00a0
1,836\u00a0
136\u00a0
2,425\u00a0
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "(b) Other \ufb01nancial assets and liabilities
(i) Summary
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
17
\u2014
17
\u2014
\u2014
\u2014
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
26\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
2\u00a0
118\u00a0
120\u00a0
3\u00a0
158\u00a0
161\u00a0
Non-hedging derivatives (foreign exchange contracts)
10\u00a0
\u2014\u00a0
10\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
Non-hedging derivatives (equity swaps)
2\u00a0
1\u00a0
3\u00a0
4\u00a0
2\u00a0
6\u00a0
Derivative \ufb01nancial instruments
14\u00a0
145\u00a0
159\u00a0
9\u00a0
160\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
8\u00a0
13\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Assets at fair value through pro\ufb01t or loss
19
153
172
9
174
183
Other \ufb01nancial assets
36\u00a0
153\u00a0
189\u00a0
9\u00a0
174\u00a0
183\u00a0
2025
2024
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
59\u00a0
59\u00a0
20\u00a0
45\u00a0
65\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
31\u00a0
31\u00a0
\u2014\u00a0
40\u00a0
40\u00a0
Derivatives used for hedging
1
\u2014\u00a0
90\u00a0
90\u00a0
20\u00a0
85\u00a0
105\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
18\u00a0
18\u00a0
Non-hedging derivatives (foreign exchange contracts)
4\u00a0
\u2014\u00a0
4\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
Derivative \ufb01nancial instruments
3
4\u00a0
101\u00a0
105\u00a0
23\u00a0
103\u00a0
126\u00a0
Put options
\u2014\u00a0
84\u00a0
84\u00a0
21\u00a0
112\u00a0
133\u00a0
Other \ufb01nancial liabilities
4\u00a0
185\u00a0
189\u00a0
44\u00a0
215\u00a0
259\u00a0
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes purchased when acquiring interests in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\n \n
2025
2024
Assets
Liabilities
Assets
Liabilities
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
\u2014\u00a0
\u2014\u00a0
75\u00a0
1,414\u00a0
Interest rate swaps
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
161\u00a0
1,550\u00a0
58\u00a0
550\u00a0
Foreign exchange contracts
10\u00a0
402\u00a0
4\u00a0
608\u00a0
2\u00a0
256\u00a0
3\u00a0
461\u00a0
Equity swaps
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
30\u00a0
\u2014\u00a0
\u2014\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
169\u00a0
1,836\u00a0
136\u00a0
2,425\u00a0
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments \n \n
2025
2024
Assets
Liabilities
Assets
Liabilities
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
\u2014\u00a0
\u2014\u00a0
75\u00a0
1,414\u00a0
Interest rate swaps
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
161\u00a0
1,550\u00a0
58\u00a0
550\u00a0
Foreign exchange contracts
10\u00a0
402\u00a0
4\u00a0
608\u00a0
2\u00a0
256\u00a0
3\u00a0
461\u00a0
Equity swaps
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
30\u00a0
\u2014\u00a0
\u2014\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
169\u00a0
1,836\u00a0
136\u00a0
2,425\u00a0
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We 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 rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We 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
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 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\n\n\n\n\n\n
(ii) Analysis of hedging instruments
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2024
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
Cross-currency swaps:
Notional amount (US$m)
\u00a0395\u00a0
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
2.13%
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
395\u00a0
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
EUR:USD forward contract rate
\u2014\u00a0
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.32\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
\u2014\u00a0
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n \n
2025
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n \n
2024
Changes in fair value
used for calculating
Notional amount of
Carrying amount of hedging instrument
hedge ine\ufb00ectiveness
hedging instrument
Assets
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(22)
Interest rate swaps
300\u00a0
\u2014\u00a0
(40)
6\u00a0
Foreign exchange risk
Cross-currency swaps
899\u00a0
\u2014\u00a0
(65)
(2)
Cash \ufb02ow hedge
Foreign exchange risk
Cross-currency swaps
515\u00a0
\u2014\u00a0
(10)
(14)
Except for the cash \ufb02ow hedge, interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and Other \ufb01nancial liabilities in the
Group balance sheet. Cross-currency swaps in respect of the cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial
liabilities revalued through OCI, in the Group balance sheet.
(e) Impact of hedged items
\n \n
2025
2024
Accumulated
amount of fair
Accumulated
value hedge
amount of fair
adjustments
value hedge
included in
adjustments
the carrying
included in
Carrying amount
amount of the
Changes in fair value
the carrying
Changes in fair value
of hedged item
hedged item
used for calculating
Carrying amount of
amount of the
used for calculating
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
Interest rate risk
Borrowings
(1,983)
(52)
14\u00a0
(1,103)
(67)
26\u00a0
Foreign exchange risk
Borrowings
(1,712)
(13)
31\u00a0
(842)
(34)
2\u00a0
Cash \ufb02ow hedge
Foreign exchange risk
Borrowings
(519)
n/a
11\u00a0
(506)
n/a
14\u00a0
The hedging reserve at 31 March 2025 included a debit of US$1m (2024: US$nil) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
2025
2024
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
2\u00a0
10\u00a0
Foreign exchange risk
(5)
\u2014\u00a0
(Gains)/losses on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(3)
10\u00a0
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
169\u00a0
\u2014\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
\u2014\u00a0
169\u00a0
14\u00a0
183\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed and trade investments
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
Financial assets revalued through OCI (note 30(a))
54\u00a0
1\u00a0
167\u00a0
222\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
67\u00a0
169\u00a0
181\u00a0
417\u00a0
Financial liabilities:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(90)
\u2014\u00a0
(90)
\u2014\u00a0
(105)
\u2014\u00a0
(105)
Non-hedging derivatives
\u2014\u00a0
(15)
\u2014\u00a0
(15)
\u2014\u00a0
(21)
\u2014\u00a0
(21)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(140)
(140)
\u2014\u00a0
\u2014\u00a0
(92)
(92)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(105)
(140)
(245)
\u2014\u00a0
(126)
(92)
(218)
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Put options
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u2014\u00a0
\u2014\u00a0
(133)
(133)
\u2014\u00a0
(105)
(224)
(329)
\u2014\u00a0
(136)
(225)
(361)
Net \ufb01nancial assets/(liabilities)
54\u00a0
55\u00a0
(44)
65\u00a0
67\u00a0
33\u00a0
(44)
56\u00a0
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019 and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
Level 1
\u2022 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 asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
associated with corporate transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired business, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo Entre Pessoas S.A. (MOVA) is set out in
note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in inputs at 31 March 2025. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
Year ended 31 March 2025
Year ended 31 March 2024
Financial
Financial
assets
Other
assets
Other
revalued
\ufb01nancial
revalued
\ufb01nancial
through
assets
Contingent
Put
through
assets
Contingent
Put
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
14\u00a0
(92)
(133)
(44)
252\u00a0
16\u00a0
(139)
(33)
96\u00a0
Additions
1,2
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
9\u00a0
2\u00a0
(56)
(71)
(116)
Disposals
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Conversion of convertible debt to equity
investments
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
112\u00a0
\u2014\u00a0
112\u00a0
Adjustment to the fair value of
contingent consideration
3
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(4)
\u2014\u00a0
(4)
Valuation gains/(losses) recognised in
the Group income statement
4
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(31)
(31)
Settlement of put options
5
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Transfer of put option liability to
contingent consideration
5
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Valuation losses recognised in OCI
6
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
(98)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(98)
Currency translation gains/(losses)
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
2\u00a0
\u2014\u00a0
Other
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
(3)
\u2014\u00a0
(2)
At 31 March
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
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.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Of the valuation losses recognised in OCI, US$21m (2024: US$77m) related to our investment in Vector CM Holdings (Cayman) L.P.
31. Fair value methodology
Information in respect of the carrying amounts and the fair value of borrowings is included in note 27(a). There are no material di\ufb00erences between the
carrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
and methods are used to estimate the fair values:
\u2022 the fair values of receivables, \ufb01nancial assets held at amortised cost, cash and cash equivalents and payables are considered to approximate to the
carrying amounts
\u2022 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
such instruments
\u2022 the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
Level 1 of the IFRS 13 fair value hierarchy
\u2022 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
value hierarchy
\u2022 the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount
\u2022 the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, using a valuation methodology falling
within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments and contingent consideration which are determined
using a valuation methodology falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present,
the impact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty \n \n
Assets
Liabilities
2025
2024
2025
2024
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
160\u00a0
169\u00a0
105\u00a0
136\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(86)
(90)
(86)
(90)
Net amount
74\u00a0
79\u00a0
19\u00a0
46\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "(g) Analysis by valuation method for put options and items measured at fair value
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
169\u00a0
\u2014\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
\u2014\u00a0
169\u00a0
14\u00a0
183\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed and trade investments
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
Financial assets revalued through OCI (note 30(a))
54\u00a0
1\u00a0
167\u00a0
222\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
67\u00a0
169\u00a0
181\u00a0
417\u00a0
Financial liabilities:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(90)
\u2014\u00a0
(90)
\u2014\u00a0
(105)
\u2014\u00a0
(105)
Non-hedging derivatives
\u2014\u00a0
(15)
\u2014\u00a0
(15)
\u2014\u00a0
(21)
\u2014\u00a0
(21)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(140)
(140)
\u2014\u00a0
\u2014\u00a0
(92)
(92)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(105)
(140)
(245)
\u2014\u00a0
(126)
(92)
(218)
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Put options
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u2014\u00a0
\u2014\u00a0
(133)
(133)
\u2014\u00a0
(105)
(224)
(329)
\u2014\u00a0
(136)
(225)
(361)
Net \ufb01nancial assets/(liabilities)
54\u00a0
55\u00a0
(44)
65\u00a0
67\u00a0
33\u00a0
(44)
56\u00a0
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019 and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed as
Level 1
\u2022 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 asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
associated with corporate transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired business, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo Entre Pessoas S.A. (MOVA) is set out in
note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in inputs at 31 March 2025. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
Year ended 31 March 2025
Year ended 31 March 2024
Financial
Financial
assets
Other
assets
Other
revalued
\ufb01nancial
revalued
\ufb01nancial
through
assets
Contingent
Put
through
assets
Contingent
Put
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
14\u00a0
(92)
(133)
(44)
252\u00a0
16\u00a0
(139)
(33)
96\u00a0
Additions
1,2
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
9\u00a0
2\u00a0
(56)
(71)
(116)
Disposals
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Conversion of convertible debt to equity
investments
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
112\u00a0
\u2014\u00a0
112\u00a0
Adjustment to the fair value of
contingent consideration
3
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(4)
\u2014\u00a0
(4)
Valuation gains/(losses) recognised in
the Group income statement
4
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(31)
(31)
Settlement of put options
5
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Transfer of put option liability to
contingent consideration
5
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Valuation losses recognised in OCI
6
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
(98)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(98)
Currency translation gains/(losses)
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
2\u00a0
\u2014\u00a0
Other
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
(3)
\u2014\u00a0
(2)
At 31 March
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
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.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Of the valuation losses recognised in OCI, US$21m (2024: US$77m) related to our investment in Vector CM Holdings (Cayman) L.P.
31. Fair value methodology
Information in respect of the carrying amounts and the fair value of borrowings is included in note 27(a). There are no material di\ufb00erences between the
carrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
and methods are used to estimate the fair values:
\u2022 the fair values of receivables, \ufb01nancial assets held at amortised cost, cash and cash equivalents and payables are considered to approximate to the
carrying amounts
\u2022 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
such instruments
\u2022 the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
Level 1 of the IFRS 13 fair value hierarchy
\u2022 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
value hierarchy
\u2022 the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount
\u2022 the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, using a valuation methodology falling
within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments and contingent consideration which are determined
using a valuation methodology falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present,
the impact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "
2025
2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
169\u00a0
\u2014\u00a0
169\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
14\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
\u2014\u00a0
169\u00a0
14\u00a0
183\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Listed and trade investments
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
Financial assets revalued through OCI (note 30(a))
54\u00a0
1\u00a0
167\u00a0
222\u00a0
67\u00a0
\u2014\u00a0
167\u00a0
234\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
67\u00a0
169\u00a0
181\u00a0
417\u00a0
Financial liabilities:
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(90)
\u2014\u00a0
(90)
\u2014\u00a0
(105)
\u2014\u00a0
(105)
Non-hedging derivatives
\u2014\u00a0
(15)
\u2014\u00a0
(15)
\u2014\u00a0
(21)
\u2014\u00a0
(21)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(140)
(140)
\u2014\u00a0
\u2014\u00a0
(92)
(92)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(105)
(140)
(245)
\u2014\u00a0
(126)
(92)
(218)
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Put options
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u2014\u00a0
\u2014\u00a0
(133)
(133)
\u2014\u00a0
(105)
(224)
(329)
\u2014\u00a0
(136)
(225)
(361)
Net \ufb01nancial assets/(liabilities)
54\u00a0
55\u00a0
(44)
65\u00a0
67\u00a0
33\u00a0
(44)
56\u00a0
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
Year ended 31 March 2025
Year ended 31 March 2024
Financial
Financial
assets
Other
assets
Other
revalued
\ufb01nancial
revalued
\ufb01nancial
through
assets
Contingent
Put
through
assets
Contingent
Put
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
14\u00a0
(92)
(133)
(44)
252\u00a0
16\u00a0
(139)
(33)
96\u00a0
Additions
1,2
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
9\u00a0
2\u00a0
(56)
(71)
(116)
Disposals
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Conversion of convertible debt to equity
investments
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
112\u00a0
\u2014\u00a0
112\u00a0
Adjustment to the fair value of
contingent consideration
3
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(4)
\u2014\u00a0
(4)
Valuation gains/(losses) recognised in
the Group income statement
4
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(31)
(31)
Settlement of put options
5
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Transfer of put option liability to
contingent consideration
5
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Valuation losses recognised in OCI
6
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
(98)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(98)
Currency translation gains/(losses)
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
2\u00a0
\u2014\u00a0
Other
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
(3)
\u2014\u00a0
(2)
At 31 March
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
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.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Of the valuation losses recognised in OCI, US$21m (2024: US$77m) related to our investment in Vector CM Holdings (Cayman) L.P.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "32. Contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities
Less than
One to
Two to
Three to
Four to
Over
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Total
At 31 March 2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Borrowings
898\u00a0
776\u00a0
137\u00a0
625\u00a0
848\u00a0
2,588\u00a0
5,872\u00a0
Net settled derivative \ufb01nancial instruments \u2013 interest rate swaps
15\u00a0
15\u00a0
15\u00a0
15\u00a0
9\u00a0
\u2014\u00a0
69\u00a0
Gross settled derivative \ufb01nancial instruments:
Out\ufb02ows for derivative contracts
359\u00a0
555\u00a0
44\u00a0
44\u00a0
44\u00a0
928\u00a0
1,974\u00a0
In\ufb02ows for derivative contracts
(315)
(517)
(24)
(24)
(24)
(821)
(1,725)
Gross settled derivative \ufb01nancial instruments
44\u00a0
38\u00a0
20\u00a0
20\u00a0
20\u00a0
107\u00a0
249\u00a0
Options in respect of non-controlling interests
\u2014\u00a0
\u2014\u00a0
27\u00a0
\u2014\u00a0
108\u00a0
\u2014\u00a0
135\u00a0
Trade and other payables
853\u00a0
56\u00a0
71\u00a0
5\u00a0
2\u00a0
4\u00a0
991\u00a0
Cash out\ufb02ows
1,810\u00a0
885\u00a0
270\u00a0
665\u00a0
987\u00a0
2,699\u00a0
7,316\u00a0
Less than
One to
Two to
Three to
Four to
Over
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Total
At 31 March 2024
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Borrowings
868\u00a0
621\u00a0
725\u00a0
88\u00a0
579\u00a0
1,939\u00a0
4,820\u00a0
Net settled derivative \ufb01nancial instruments \u2013 interest rate swaps
20\u00a0
19\u00a0
19\u00a0
20\u00a0
20\u00a0
12\u00a0
110\u00a0
Gross settled derivative \ufb01nancial instruments:
Out\ufb02ows for derivative contracts
911\u00a0
555\u00a0
512\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,978\u00a0
In\ufb02ows for derivative contracts
(856)
(516)
(492)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1,864)
Gross settled derivative \ufb01nancial instruments
55\u00a0
39\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
114\u00a0
Options in respect of non-controlling interests
\u2014\u00a0
22\u00a0
27\u00a0
\u2014\u00a0
\u2014\u00a0
156\u00a0
205\u00a0
Trade and other payables
762\u00a0
104\u00a0
5\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
878\u00a0
Cash out\ufb02ows
1,705\u00a0
805\u00a0
796\u00a0
115\u00a0
599\u00a0
2,107\u00a0
6,127\u00a0
The table above analyses \ufb01nancial liabilities into maturity groupings, based on the period from the balance sheet date to the contractual maturity date.
As the amounts disclosed are the contractual undiscounted cash \ufb02ows, they di\ufb00er from the carrying values and fair values. Contractual undiscounted
future cash out\ufb02ows for derivative \ufb01nancial liabilities in total amount to US$318m (2024: US$224m). ", "dimensions": { "concept": "exp:DisclosureOfMaturityAnalysisForFinancialLiabilitiesTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "33. Share incentive plans
(a) Cost of share-based compensation
\n \n
2025
2024
US$m
US$m
Share awards
114\u00a0
122\u00a0
Share options
13\u00a0
10\u00a0
Expense recognised (all equity-settled)
127\u00a0
132\u00a0
Charge for associated social security obligations
11\u00a0
7\u00a0
Total expense recognised in the Group income statement
138\u00a0
139\u00a0
The Group has a number of equity-settled, share-based employee incentive plans. Further information on share award arrangements is given in
note 33(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 disclosures are included in these \ufb01nancial statements.
(b) Share awards
(i) Summary of arrangements and performance conditions
There are three plans under which share awards are currently granted \u2013 the two Experian Co-investment Plans (the CIP) and the Experian
Performance Share 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 generally of the same length, and are settled by share distribution. The assumption at grant date for employee departures prior to
vesting is 20% for certain unconditional awards, which are only made under the PSP. Other details in respect of conditional awards are given below.
During 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 schemes. These awards had no service or performance conditions attached and vested immediately. Participants who held the shares received
for three years were entitled to receive two matching shares for each share they originally received and these matching awards vested in the year.
CIP
For the purposes of IFRS 2 \u2018Share-based Payment\u2019, the grant date for these plans is the start of the \ufb01nancial year in which performance is assessed.
This is before the number of shares to be awarded is determined but the underlying value of the award is known, subject to the outcome of the
performance condition. The value of awarded shares re\ufb02ects the performance outcome assumed at the date of their issue to participants and is
recognised over a four-year period.
The range of performance conditions for awards under these plans is set out below. In order for granted awards to vest, the Pro\ufb01t performance
condition (Pro\ufb01t condition) requires adjusted Benchmark EPS growth at the stated percentages over a three-year period. The cumulative Benchmark
operating cash \ufb02ow performance condition (Cash \ufb02ow condition) is based on cumulative Benchmark operating cash \ufb02ow over a three-year period.
The period of assessment commences at the beginning of the \ufb01nancial year of grant. These are not market-based performance conditions as de\ufb01ned
by IFRS 2.
PSP
The range of Pro\ufb01t performance conditions for conditional awards under this plan is the same as that for the CIP described above. For granted awards
to vest, the Return on Capital Employed condition (ROCE condition) requires average ROCE over the period at the percentages stated below. Both these
conditions are not market-based performance conditions as de\ufb01ned by IFRS 2 and are also measured over a three-year period commencing at the
beginning of the \ufb01nancial year of grant.
The TSR performance condition is considered a market-based performance condition as de\ufb01ned by IFRS 2. In valuing the awarded shares, TSR is
evaluated using a Monte Carlo simulation, with historical volatilities and correlations for comparator companies measured over the three-year period
preceding valuation and an implied volatility for Experian plc ordinary shares.
Year ended
31 March 2025
31 March 2024
31 March 2023
CIP
PSP
CIP
PSP
CIP
PSP
Pro\ufb01t condition:
Proportion of awards subject
to condition
50%
50%
50%
50%
50%
50%
Minimum payout requirement
5% per annum
5% per annum
5% per annum
5% per annum
6% per annum
6% per annum
Target payout requirement
7% per annum
7% per annum
7% per annum
7% per annum
8% per annum
8% per annum
Maximum payout requirement
9% per annum
9% per annum
9% per annum
9% per annum
10% per annum
10% per annum
Assumed outcome at grant date
50%
50%
50%
50%
75%
75%
Cash \ufb02ow condition:
Proportion of awards subject
to condition
50%
50%
50%
Minimum payout requirement
US$5.9bn
US$5.5bn
US$5.0bn
Target payout requirement
US$6.15bn
US$5.75bn
US$5.2bn
Maximum payout requirement
US$6.4bn
US$6.0bn
US$5.4bn
Assumed outcome at grant date
57%
53%
77%
ROCE condition:
Proportion of awards subject
to condition
25%
25%
25%
Minimum payout requirement
14.5% per annum
14.5% per annum
14.5% per annum
Target payout requirement
15.4% per annum
15.4% per annum
15.4% per annum
Maximum payout requirement
16.0% per annum
16.0% per annum
16.0% per annum
Assumed outcome at grant date
100%
75%
64%
TSR condition:
Proportion of awards subject
to condition
25%
25%
25%
Assumed outcome at grant date
48%
62%
62%
(ii) Information on share grant valuations
Share grants are valued by reference to the market price on the day of award, with no modi\ufb01cation for dividend distributions or other factors,
as participants are entitled to dividend distributions on awarded shares. Market-based performance conditions are included in the fair value
measurement on the grant date and are not revised for actual performance. Awards granted in the year ended 31 March 2025 had a weighted
average fair value per share of \u00a336.11 (2024: \u00a328.56).
(iii) Share awards outstanding
2025
2024
million
million
At 1 April
12.4\u00a0
12.2\u00a0
Grants
3.4\u00a0
4.1\u00a0
Forfeitures
(1.7)
(0.7)
Lapse of awards
(0.1)
(0.2)
Vesting
(3.7)
(3.0)
At 31 March
10.3\u00a0
12.4\u00a0
Analysis by plan:
CIP
2.9\u00a0
3.7\u00a0
PSP \u2013 conditional awards
2.2\u00a0
2.9\u00a0
PSP \u2013 unconditional awards
5.2\u00a0
5.8\u00a0
At 31 March
10.3\u00a0
12.4\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "(b) Net current tax assets/(liabilities)
2025
2024
Notes
US$m
US$m
At 1 April
14\u00a0
(85)
Di\ufb00erences on exchange
(2)
4\u00a0
Tax charge in the Group income statement
17(a)
(500)
(441)
Tax recognised directly in equity on transactions with owners
9\u00a0
1\u00a0
Other tax paid
447\u00a0
544\u00a0
Transfers
8\u00a0
(9)
At 31 March
(24)
14\u00a0
Presented in the Group balance sheet as:
Current tax assets
52\u00a0
97\u00a0
Current tax liabilities
(76)
(83)
(24)
14\u00a0
Tax recognised directly in equity on transactions with owners relates to employee share incentive plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "37. Provisions
2025
2024
North
North
America
Other
America
Other
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
7\u00a0
20\u00a0
31\u00a0
25\u00a0
13\u00a0
21\u00a0
59\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
(1)
(1)
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
Amounts charged in the year
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
4\u00a0
5\u00a0
Utilised
\u2014\u00a0
(4)
(2)
(6)
(22)
(6)
(6)
(34)
At 31 March
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Presented in the Group balance sheet as:
Current provisions
4\u00a0
3\u00a0
14\u00a0
21\u00a0
4\u00a0
7\u00a0
17\u00a0
28\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
A charge for legal costs of US$nil (2024: US$1m) was recognised in respect of a number of historical legal claims in North America.
The restructuring provision held, primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "
2025
2024
North
North
America
Other
America
Other
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
7\u00a0
20\u00a0
31\u00a0
25\u00a0
13\u00a0
21\u00a0
59\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
(1)
(1)
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
Amounts charged in the year
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
4\u00a0
5\u00a0
Utilised
\u2014\u00a0
(4)
(2)
(6)
(22)
(6)
(6)
(34)
At 31 March
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Presented in the Group balance sheet as:
Current provisions
4\u00a0
3\u00a0
14\u00a0
21\u00a0
4\u00a0
7\u00a0
17\u00a0
28\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
A charge for legal costs of US$nil (2024: US$1m) was recognised in respect of a number of historical legal claims in North America.
The restructuring provision held, primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "
2025
2024
North
North
America
Other
America
Other
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
7\u00a0
20\u00a0
31\u00a0
25\u00a0
13\u00a0
21\u00a0
59\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
(1)
(1)
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
Amounts charged in the year
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
4\u00a0
5\u00a0
Utilised
\u2014\u00a0
(4)
(2)
(6)
(22)
(6)
(6)
(34)
At 31 March
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Presented in the Group balance sheet as:
Current provisions
4\u00a0
3\u00a0
14\u00a0
21\u00a0
4\u00a0
7\u00a0
17\u00a0
28\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
A charge for legal costs of US$nil (2024: US$1m) was recognised in respect of a number of historical legal claims in North America.
The restructuring provision held, primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have ultimately upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. The Brazilian tax authorities continue to pursue similar assessments in respect of
the 2013 to 2018 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in
2007 and the acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian has
claimed a tax deduction for goodwill amortisation of US$196m across these years. During FY25, and consistent with all prior cases, Experian has been
successful at the \ufb01rst-level administrative court in defending the position that US$140m of this goodwill arising in years 2013 to 2016 is deductible,
but Brazilian tax authorities may appeal this decision and may also raise similar claims in respect of other years. The possibility of this resulting in
a liability (which may consist of underpaid tax, interest and penalties), to the Group is considered to be remote, based on the advice of external legal
counsel, success in all cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see regulatory activity, involving the Group across most of its major geographies which are in various stages of investigation or
enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial Protection Bureau
related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be without merit.
There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer Services and
Marketing Services businesses in the USA. The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation or
enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
We also continue to see General Data Protection Regulation (GDPR) investigation and enforcement activity in the European Union (EU), including a claim
from the Dutch Data Protection Authority (the AP) claiming that our Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot
process credit reference data based on legitimate interest and is not su\ufb03ciently transparent under GDPR, and asserting an associated \ufb01ne which could
range as high as 4% of global turnover under GDPR. The AP\u2019s position is contrary to well established regulatory positions in our other EU markets.
Based on external legal opinions, relevant precedents, and the facts of the underlying matter, we believe the AP\u2019s position is legally wrong, we will
contest the matter and we do not believe it will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. The
directors do not believe that the outcome of any individual litigation matter would have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "38. Called-up share capital and share premium account
At 31 March 2025, there were 973.0m shares in issue (2024: 972.2m). During the year ended 31 March 2025, 0.8m (2024: 0.8m) shares were issued
and none (2024: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
The di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share
premium account arose due to translation of UK 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "38. Called-up share capital and share premium account
At 31 March 2025, there were 973.0m shares in issue (2024: 972.2m). During the year ended 31 March 2025, 0.8m (2024: 0.8m) shares were issued
and none (2024: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
The di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share
premium account arose due to translation of UK pound sterling amounts into the US dollar at various exchange rates on various translation dates.
39. Retained earnings and other reserves
(a) Retained earnings
Retained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual or
exchange control restrictions on distributions by Group undertakings.
(b) Other reserves
(i) Movements in reserves
\n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(15,682)
7\u00a0
(1,465)
(1,273)
(18,413)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(56)
(56)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(69)
(69)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
55\u00a0
55\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
14\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(10)
\u2014\u00a0
\u2014\u00a0
(10)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
42\u00a0
\u2014\u00a0
42\u00a0
At 31 March 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
(ii) Nature of reserves
The 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 nominal value of the share capital of the Company before a share o\ufb00er at that date.
Movements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of
foreign exchange risk, which are not charged or credited to the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
charged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2025 comprises currency translation
losses of US$129m (2024: gains of US$42m) recognised directly in Other comprehensive income.
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A.
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2023
52\u00a0
7\u00a0
59\u00a0
1,023\u00a0
250\u00a0
1,273\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
56\u00a0
56\u00a0
Purchase of shares held as treasury shares
2\u00a0
\u2014\u00a0
2\u00a0
69\u00a0
\u2014\u00a0
69\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(39)
(55)
At 31 March 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "39. Retained earnings and other reserves
(a) Retained earnings
Retained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual or
exchange control restrictions on distributions by Group undertakings.
(b) Other reserves
(i) Movements in reserves
\n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(15,682)
7\u00a0
(1,465)
(1,273)
(18,413)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(56)
(56)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(69)
(69)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
55\u00a0
55\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
14\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(10)
\u2014\u00a0
\u2014\u00a0
(10)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
42\u00a0
\u2014\u00a0
42\u00a0
At 31 March 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
(ii) Nature of reserves
The 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 nominal value of the share capital of the Company before a share o\ufb00er at that date.
Movements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of
foreign exchange risk, which are not charged or credited to the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
charged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2025 comprises currency translation
losses of US$129m (2024: gains of US$42m) recognised directly in Other comprehensive income.
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A.
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2023
52\u00a0
7\u00a0
59\u00a0
1,023\u00a0
250\u00a0
1,273\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
56\u00a0
56\u00a0
Purchase of shares held as treasury shares
2\u00a0
\u2014\u00a0
2\u00a0
69\u00a0
\u2014\u00a0
69\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(39)
(55)
At 31 March 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "(i) Movements in reserves \n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\n \n
Merger
Hedging
Translation
Own shares
Total other
reserve
reserve
reserve
reserve
reserves
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
(15,682)
7\u00a0
(1,465)
(1,273)
(18,413)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(56)
(56)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(69)
(69)
Other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
55\u00a0
55\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
14\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(10)
\u2014\u00a0
\u2014\u00a0
(10)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
42\u00a0
\u2014\u00a0
42\u00a0
At 31 March 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A.
\n \n
Number of own shares held
Cost of own shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2023
52\u00a0
7\u00a0
59\u00a0
1,023\u00a0
250\u00a0
1,273\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
56\u00a0
56\u00a0
Purchase of shares held as treasury shares
2\u00a0
\u2014\u00a0
2\u00a0
69\u00a0
\u2014\u00a0
69\u00a0
Other vesting of awards and exercises of share options
(1)
(3)
(4)
(16)
(39)
(55)
At 31 March 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "40. Notes to the Group cash \ufb02ow statement
(a) Cash generated from operations
2025
2024
Notes
US$m
US$m
Pro\ufb01t before tax
1,549\u00a0
1,551\u00a0
Share of post-tax (pro\ufb01t)/loss of associates
(2)
1\u00a0
Net \ufb01nance expense
246\u00a0
142\u00a0
Operating pro\ufb01t
1,793\u00a0
1,694\u00a0
Pro\ufb01t on disposal of property, plant and equipment
\u2014\u00a0
(1)
Loss/(pro\ufb01t) on disposal of operations
15(b)
4\u00a0
(5)
Impairment of other intangible assets
21
13\u00a0
\u2014\u00a0
Impairment of property, plant and equipment
2\u00a0
\u2014\u00a0
Impairment of held-for-sale assets
\u2014\u00a0
1\u00a0
Amortisation and depreciation
1
13
758\u00a0
714\u00a0
Charge in respect of share incentive plans
33(a)
127\u00a0
132\u00a0
Increase in working capital
40(b)
(54)
(32)
Acquisition expenses \u2013 di\ufb00erence between income statement charge and amounts paid
(2)
1\u00a0
Acquisition employee incentives \u2013 di\ufb00erence between income statement charge and amounts paid
(24)
(10)
Adjustment to the fair value of contingent consideration
1\u00a0
4\u00a0
Movement in Exceptional and other non-benchmark items included in working capital
(1)
(58)
Cash generated from operations
2,617\u00a0
2,440\u00a0
1
Amortisation and depreciation includes amortisation of acquisition intangibles of US$211m (2024: US$193m) which is excluded from Benchmark PBT.
(b) (Increase)/decrease in working capital
2025
2024
US$m
US$m
Trade and other receivables
(63)
(155)
Trade and other payables
9\u00a0
123\u00a0
Increase in working capital
(54)
(32)
(c) Purchase of other intangible assets
2025
2024
US$m
US$m
Databases
203\u00a0
201\u00a0
Internally generated software
340\u00a0
349\u00a0
Internal use software
60\u00a0
50\u00a0
Purchase of other intangible assets
603\u00a0
600\u00a0
(d) Cash \ufb02ows on acquisitions (non-GAAP measure)
2025
2024
US$m
US$m
Purchase of subsidiaries (note 41(a))
1,198\u00a0
366\u00a0
Less: net cash acquired with subsidiaries (note 41(a))
(48)
(17)
Settlement of deferred and contingent consideration
8\u00a0
113\u00a0
As reported in the Group cash \ufb02ow statement
1,158\u00a0
462\u00a0
Acquisition expenses paid
39\u00a0
33\u00a0
Acquisition employee incentives paid
24\u00a0
17\u00a0
Transactions in respect of non-controlling interests
1\u00a0
\u2014\u00a0
Acquisition of additional interest in subsidiary undertaking
22\u00a0
\u2014\u00a0
Cash out\ufb02ow for acquisitions (non-GAAP measure)
1,244\u00a0
512\u00a0
\u00a0
(e) Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
\n \n
2025
2024
US$m
US$m
Issue of ordinary shares
(20)
(20)
Purchase of shares by employee trusts
83\u00a0
56\u00a0
Purchase of shares held as treasury shares
116\u00a0
64\u00a0
Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
179\u00a0
100\u00a0
As reported in the Group cash \ufb02ow statement:
Cash in\ufb02ow in respect of shares issued
(20)
(20)
Cash out\ufb02ow in respect of share purchases
199\u00a0
120\u00a0
Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
179\u00a0
100\u00a0
Consideration of US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
\n \n
2025
2024
US$m
US$m
Cash and cash equivalents in the Group balance sheet
368\u00a0
312\u00a0
Bank overdrafts
(2)
(12)
Cash and cash equivalents in the Group cash \ufb02ow statement
366\u00a0
300\u00a0
(g) Reconciliation of Cash generated from operations to Benchmark operating cash \ufb02ow (non-GAAP
measure)
\n \n
2025
2024
Notes
US$m
US$m
Cash generated from operations
40(a)
2,617\u00a0
2,440\u00a0
Purchase of other intangible assets
40(c)
(603)
(600)
Purchase of property, plant and equipment
(48)
(40)
Disposal of property, plant and equipment
1\u00a0
1\u00a0
Disposal of assets classi\ufb01ed as held-for-sale
\u2014\u00a0
2\u00a0
Principal lease payments
(41)
(48)
Acquisition expenses paid
40(d)
39\u00a0
33\u00a0
Acquisition employee incentives paid
40(d)
24\u00a0
17\u00a0
Cash \ufb02ows in respect of Exceptional and other non-benchmark items
36\u00a0
59\u00a0
Benchmark operating cash \ufb02ow (non-GAAP measure)
2,025\u00a0
1,864\u00a0
Cash \ufb02ow conversion for the year ended 31 March 2025 was 97% (2024: 97%). Benchmark free cash \ufb02ow for the year ended 31 March 2025,
as de\ufb01ned in note 7(n) and as set out in the Financial review within the Strategic report, was US$1,411m (2024: US$1,170m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "41. Acquisitions and disposals
(a) Acquisitions in the year
The Group made eight acquisitions during the year ended 31 March 2025, including the acquisition on 30 September 2024 of the entire share capital of
Credit Data Solutions Pty Ltd and its subsidiary undertakings (illion), a leading consumer and commercial credit bureau in Australia and New Zealand.
On 4 December 2024, we acquired 100% of Predictive Pop, Inc. (Audigent), a leading US data activation and identity platform, and on 12 August 2024
we acquired 100% of Neuro-ID, Inc. (NeuroID) in the USA, an industry leader in behavioural analytics, supplementing Experian\u2019s fraud risk suite.
The net assets acquired, goodwill and acquisition consideration are analysed below:
\n \n
illion
Audigent
NeuroID
Other
1
Total
US$m
US$m
US$m
US$m
US$m
Intangible assets:
Customer and other relationships
228\u00a0
62\u00a0
8\u00a0
20\u00a0
318\u00a0
Software development
36\u00a0
103\u00a0
30\u00a0
31\u00a0
200\u00a0
Marketing-related assets
3\u00a0
3\u00a0
1\u00a0
\u2014\u00a0
7\u00a0
Other intangibles
27\u00a0
8\u00a0
\u2014\u00a0
3\u00a0
38\u00a0
Intangible assets
294\u00a0
176\u00a0
39\u00a0
54\u00a0
563\u00a0
Property, plant and equipment
3\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
5\u00a0
Deferred tax assets
4\u00a0
\u2014\u00a0
\u2014\u00a0
(7)
(3)
Trade and other receivables
13\u00a0
16\u00a0
2\u00a0
2\u00a0
33\u00a0
Cash and cash equivalents (note 40(d))
21\u00a0
12\u00a0
12\u00a0
3\u00a0
48\u00a0
Trade and other payables
(25)
(13)
(9)
(12)
(59)
Borrowings
(2)
(1)
\u2014\u00a0
\u2014\u00a0
(3)
Deferred tax liabilities
(72)
(44)
(10)
(14)
(140)
Total identi\ufb01able net assets
236\u00a0
147\u00a0
34\u00a0
27\u00a0
444\u00a0
Goodwill
349\u00a0
216\u00a0
111\u00a0
139\u00a0
815\u00a0
Total
585\u00a0
363\u00a0
145\u00a0
166\u00a0
1,259\u00a0
Satis\ufb01ed by:
Cash and cash equivalents (note 40(d))
585\u00a0
358\u00a0
145\u00a0
110\u00a0
1,198\u00a0
Trade investment
\u2014\u00a0
5\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Contingent consideration
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
56\u00a0
56\u00a0
Total
585\u00a0
363\u00a0
145\u00a0
166\u00a0
1,259\u00a0
1
Other comprises the Group\u2019s other \ufb01ve acquisitions made during the year ended 31 March 2025, alongside adjustments made to provisional fair values related to prior year acquisitions, made within one year of
the date of acquisition.
These fair values are determined by using established estimation techniques.
Acquisition intangibles are valued using discounted cash \ufb02ow models. For the year ended 31 March 2025, the most signi\ufb01cant inputs to these
calculations are the proportion of earnings attributable to customer and other relationships and software development for illion. We have evaluated
sensitivities relating to assets acquired during the year and have determined that there is no material estimation uncertainty relating to the fair value
or economic life of individual assets acquired from any reasonably possible change to the inputs and assumptions used in their determination.
The fair value of material contingent consideration is determined using a Monte Carlo simulation model applied to the forecast performance of the
relevant metric linked to each liability. The contingent consideration payable for Salt Participa\u00e7\u00f5es S.A. and its subsidiary undertakings (SalaryFits) in
Brazil, which the Group acquired on 2 September 2024, is linked to the revenue and Benchmark EBIT margin performance of the business for the year
ending 31 March 2027. Providing that certain minimum thresholds are satis\ufb01ed, we expect the earnout payment to be within an undiscounted range
of US$20m to US$117m. We have determined the fair value of the contingent consideration at acquisition to be US$40m, which is included in the
US$56m of Other contingent consideration above.
We engage with third-party valuation experts to assist with the valuation process for all signi\ufb01cant or complex acquisitions, including for the valuation
of contingent consideration and put option liabilities. Provisional fair values contain amounts which will be \ufb01nalised no later than one year after the
date of acquisition. Provisional amounts, predominantly for intangible assets, associated tax balances and contingent consideration have been included
at 31 March 2025, as a consequence of the timing and complexity of these acquisitions.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of the acquired businesses.
Goodwill of US$15m, in relation to two acquisitions is currently expected to be deductible for tax purposes.
(b) Additional information
(i) Current year acquisitions
\n \n
illion
Audigent
NeuroID
Other
Total
US$m
US$m
US$m
US$m
US$m
Increase/(decrease) in book value of net assets due to provisional fair
value adjustments:
Intangible assets
267\u00a0
168\u00a0
39\u00a0
51\u00a0
525\u00a0
Deferred tax assets
(19)
\u2014\u00a0
\u2014\u00a0
(7)
(26)
Trade and other payables
(2)
\u2014\u00a0
(1)
(8)
(11)
Deferred tax liabilities
(72)
(44)
(10)
(14)
(140)
Increase in book value of net assets due to provisional fair value
adjustments
174\u00a0
124\u00a0
28\u00a0
22\u00a0
348\u00a0
Gross contractual amounts receivable in respect of trade and other
receivables
13\u00a0
16\u00a0
2\u00a0
3\u00a0
34\u00a0
Pro forma revenue from 1 April 2024 to date of acquisition
58\u00a0
102\u00a0
4\u00a0
21\u00a0
185\u00a0
Revenue from date of acquisition to 31 March 2025
54\u00a0
18\u00a0
5\u00a0
11\u00a0
88\u00a0
Loss before tax from date of acquisition to 31 March 2025
(5)\u00a0
(8)
(12)
(3)\u00a0
(28)
The loss before tax from the date of acquisition to 31 March 2025 includes the amortisation of acquisition intangibles and one-time integration costs. If
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$14m.
At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$34m were expected to be
collected in full.
(ii) Prior years' acquisitions
Contingent consideration of US$8m (2024: US$112m) was settled in the year in respect of acquisitions made in earlier years. The cash out\ufb02ow in the
year ended 31 March 2024 principally comprised US$40m relating to the FY22 acquisition of Tax Credit Co, LLC (TCC), and US$60m relating to the
acquisition of BrScan Processamento de Dados e Tecnologia Ltda. (BrScan) in FY21. Further detail on contingent consideration fair value adjustments
recognised in the year is provided in note 30(h).
The Group made seven acquisitions in the year ended 31 March 2024, including that of WaveHDC LLC in the USA. A cash out\ufb02ow of US$349m was
reported in the Group cash \ufb02ow statement for that year, after deduction of US$17m in respect of net cash acquired.
There have been no other material gains, losses, corrections or other adjustments recognised in the year ended 31 March 2025 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisition
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil, for
R$1,948m (US$338m), plus the delivery of 125,344 Experian plc treasury shares at market value. The acquisition of ClearSale allows us to access a
new growth avenue for Identity and Fraud and strengthens our Onboarding solutions in Brazil.
Our acquisition accounting is in progress, and the provisional fair values will be disclosed in full in the Group\u2019s condensed consolidated interim
\ufb01nancial statements for the six months ending 30 September 2025. We expect to recognise acquisition intangibles for developed technology, customer
relationships, and marketing related assets. Initial indications show that the fair value of these assets may be c.44% of the total consideration paid,
with other identi\ufb01able net assets and residual goodwill being c.56%.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of ClearSale. The goodwill is not
expected to be deductible for tax purposes.
(c) Acquisition of additional interest in subsidiary undertaking
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain). A put
option liability was in place over this minority shareholding, with movements presented in note 30(h).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "(d) Disposals
During the year we disposed of one small subsidiary undertaking in EMEA and Asia Paci\ufb01c. The loss on disposal was US$4m (2024: pro\ufb01t US$5m).
There was no related cash \ufb02ow (2024: in\ufb02ow US$6m). The pro\ufb01t in FY24 arose on the disposal of interests in a number of small subsidiary
undertakings in EMEA and Asia Paci\ufb01c. ", "dimensions": { "concept": "exp:DisclosureOfDisposalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "42. Capital commitments
2025
2024
US$m
US$m
Capital expenditure for which contracts have been placed:
Other intangible assets
38\u00a0
48\u00a0
Property, plant and equipment
9\u00a0
7\u00a0
47\u00a0
55\u00a0
Capital commitments at 31 March 2025 included commitments of US$28m not expected to be incurred before 31 March 2026. Capital commitments at
31 March 2024 included commitments of US$40m not then expected to be incurred before 31 March 2025.
43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have ultimately upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. The Brazilian tax authorities continue to pursue similar assessments in respect of
the 2013 to 2018 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in
2007 and the acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian has
claimed a tax deduction for goodwill amortisation of US$196m across these years. During FY25, and consistent with all prior cases, Experian has been
successful at the \ufb01rst-level administrative court in defending the position that US$140m of this goodwill arising in years 2013 to 2016 is deductible,
but Brazilian tax authorities may appeal this decision and may also raise similar claims in respect of other years. The possibility of this resulting in
a liability (which may consist of underpaid tax, interest and penalties), to the Group is considered to be remote, based on the advice of external legal
counsel, success in all cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see regulatory activity, involving the Group across most of its major geographies which are in various stages of investigation or
enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial Protection Bureau
related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be without merit.
There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer Services and
Marketing Services businesses in the USA. The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation or
enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
We also continue to see General Data Protection Regulation (GDPR) investigation and enforcement activity in the European Union (EU), including a claim
from the Dutch Data Protection Authority (the AP) claiming that our Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot
process credit reference data based on legitimate interest and is not su\ufb03ciently transparent under GDPR, and asserting an associated \ufb01ne which could
range as high as 4% of global turnover under GDPR. The AP\u2019s position is contrary to well established regulatory positions in our other EU markets.
Based on external legal opinions, relevant precedents, and the facts of the underlying matter, we believe the AP\u2019s position is legally wrong, we will
contest the matter and we do not believe it will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. The
directors do not believe that the outcome of any individual litigation matter would have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
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:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have ultimately upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. The Brazilian tax authorities continue to pursue similar assessments in respect of
the 2013 to 2018 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in
2007 and the acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian has
claimed a tax deduction for goodwill amortisation of US$196m across these years. During FY25, and consistent with all prior cases, Experian has been
successful at the \ufb01rst-level administrative court in defending the position that US$140m of this goodwill arising in years 2013 to 2016 is deductible,
but Brazilian tax authorities may appeal this decision and may also raise similar claims in respect of other years. The possibility of this resulting in
a liability (which may consist of underpaid tax, interest and penalties), to the Group is considered to be remote, based on the advice of external legal
counsel, success in all cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see regulatory activity, involving the Group across most of its major geographies which are in various stages of investigation or
enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial Protection Bureau
related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be without merit.
There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer Services and
Marketing Services businesses in the USA. The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation or
enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
We also continue to see General Data Protection Regulation (GDPR) investigation and enforcement activity in the European Union (EU), including a claim
from the Dutch Data Protection Authority (the AP) claiming that our Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot
process credit reference data based on legitimate interest and is not su\ufb03ciently transparent under GDPR, and asserting an associated \ufb01ne which could
range as high as 4% of global turnover under GDPR. The AP\u2019s position is contrary to well established regulatory positions in our other EU markets.
Based on external legal opinions, relevant precedents, and the facts of the underlying matter, we believe the AP\u2019s position is legally wrong, we will
contest the matter and we do not believe it will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. The
directors do not believe that the outcome of any individual litigation matter would have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "44. Related party transactions
(a) Related undertakings
A full list of the Company's related undertakings, including subsidiary and associate undertakings, is given in note U to the Company \ufb01nancial
statements. There are no signi\ufb01cant non-controlling interests.
(b) Transactions with associates
Transactions with associates are made on normal market terms and in the year ended 31 March 2025 comprised the receipt of services of US$9m
(2024: US$10m). At 31 March 2025 US$2m (2024: US$1m) was owed to associates.
(c) Transactions with other related undertakings
The Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements, and
the provision of medical cover in the UK. These undertakings are listed in note U(v) to the Company \ufb01nancial statements.
\u2022 The assets, liabilities and expenses of the Experian UK Approved All-Employee Share Plan and The Experian plc Employee Share Trust are included
in these \ufb01nancial statements.
\u2022 Details of the Group\u2019s post-employment bene\ufb01t plans are set out in notes 34 and 35. During the year ended 31 March 2025, US$3m (2024: US$3m)
was paid to Experian Medical Plan Limited, in connection with the provision of healthcare bene\ufb01ts.
\u2022 There were no other material transactions or balances with these related undertakings during the current or prior year.
(d) Remuneration of key management personnel
\n \n
2025
2024
US$m
US$m
Salaries and short-term employee bene\ufb01ts
10
12\u00a0
Share incentive plans
6\u00a0
14\u00a0
16\u00a0
26\u00a0
Key management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in
the audited parts of the Report on directors\u2019 remuneration. The charge in the year for share incentive plans includes a one-time credit arising on the
forfeiture of shares, due to key management personnel leaving the business. 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:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "There are no signi\ufb01cant non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "(b) Transactions with associates
Transactions with associates are made on normal market terms and in the year ended 31 March 2025 comprised the receipt of services of US$9m
(2024: US$10m). At 31 March 2025 US$2m (2024: US$1m) was owed to associates.
(c) Transactions with other related undertakings
The Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements, and
the provision of medical cover in the UK. These undertakings are listed in note U(v) to the Company \ufb01nancial statements.
\u2022 The assets, liabilities and expenses of the Experian UK Approved All-Employee Share Plan and The Experian plc Employee Share Trust are included
in these \ufb01nancial statements.
\u2022 Details of the Group\u2019s post-employment bene\ufb01t plans are set out in notes 34 and 35. During the year ended 31 March 2025, US$3m (2024: US$3m)
was paid to Experian Medical Plan Limited, in connection with the provision of healthcare bene\ufb01ts.
\u2022 There were no other material transactions or balances with these related undertakings during the current or prior year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "(d) Remuneration of key management personnel \n \n
2025
2024
US$m
US$m
Salaries and short-term employee bene\ufb01ts
10
12\u00a0
Share incentive plans
6\u00a0
14\u00a0
16\u00a0
26\u00a0
Key management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in
the audited parts of the Report on directors\u2019 remuneration. The charge in the year for share incentive plans includes a one-time credit arising on the
forfeiture of shares, due to key management personnel leaving the business. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "45. 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 19.
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil,
for R$1,948m (US$338m), plus the delivery of 125,344 Experian plc treasury shares at market value. Further details are provided in note 41(b)(iii). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00608": { "value": "Company pro\ufb01t and loss account
for the year ended 31 March 2025
\n \n
2025
2024
Notes
US$m
US$m
Other operating income
F
96.9\u00a0
108.5\u00a0
Sta\ufb00 costs
G
(4.8)
(4.4)
Depreciation
M
(0.7)
(0.7)
Other operating charges
F
(124.2)
(142.5)
Operating loss
(32.8)
(39.1)
Dividend income from subsidiary undertakings
H
75.0\u00a0
1,500.0\u00a0
Interest receivable and similar income
I
5.7\u00a0
7.6\u00a0
Interest payable and similar expenses
J
(0.2)
(0.3)
Pro\ufb01t before tax
47.7\u00a0
1,468.2\u00a0
Tax on pro\ufb01t
K
(4.7)
3.3\u00a0
Pro\ufb01t after tax and for the \ufb01nancial year
43.0\u00a0
1,471.5\u00a0
Company statement of comprehensive income
for the year ended 31 March 2025
The Company has no recognised items of income and expenditure other than those included in the pro\ufb01t and loss account. Total comprehensive
income for the \ufb01nancial year is therefore equal to the pro\ufb01t for the \ufb01nancial year.
Company balance sheet
at 31 March 2025
\n\n\n\n\n \n
2025
2024
Notes
US$m
US$m
Fixed assets
Tangible assets
M(i)
4.0\u00a0
4.7\u00a0
Investments \u2013 shares in Group undertakings
N
22,087.0\u00a0
21,960.1\u00a0
Deferred tax assets
K
2.9\u00a0
2.9\u00a0
22,093.9\u00a0
21,967.7\u00a0
Current assets
Debtors \u2013 amounts falling due within one year
O
82.4\u00a0
254.2\u00a0
Cash at bank and in hand
0.1\u00a0
0.6\u00a0
Current liabilities
Creditors \u2013 amounts falling due within one year
P
(27.0)
(19.8)
Net current assets
55.5\u00a0
235.0\u00a0
Total assets less current liabilities
22,149.4\u00a0
22,202.7\u00a0
Creditors \u2013 amounts falling due after more than one year
P
(13.4)
(16.3)
Net assets
22,136.0\u00a0
22,186.4\u00a0
Equity
Called-up share capital
Q
73.4\u00a0
73.3\u00a0
Share premium account
Q
1,510.4\u00a0
1,490.2\u00a0
Pro\ufb01t and loss account reserve
R
20,552.2\u00a0
20,622.9\u00a0
Total shareholders\u2019 funds
22,136.0\u00a0
22,186.4\u00a0
\n
These \ufb01nancial statements were approved by the Board on 13 May 2025 and were signed on its behalf by:
\n
Mike Rogers
\n
Director
Company statement of changes in equity
for the year ended 31 March 2025
\n\n\n\n\n\n\n \n
Called-up
Share
share
premium
Pro\ufb01t and loss account reserve
capital
account
Pro\ufb01t and
Own shares
Total
Total
(Note Q)
(Note Q)
loss account
reserve
(Note R)
equity
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
73.3\u00a0
1,490.2\u00a0
21,934.5\u00a0
(1,311.6)
20,622.9\u00a0
22,186.4\u00a0
Pro\ufb01t and Total comprehensive income for the \ufb01nancial year
\u2014\u00a0
\u2014\u00a0
43.0\u00a0
\u2014\u00a0
43.0\u00a0
43.0\u00a0
Transactions with owners:
Employee share incentive plans:
\u2013 value of employee services
\u2014\u00a0
\u2014\u00a0
126.9\u00a0
\u2014\u00a0
126.9\u00a0
126.9\u00a0
\u2013 shares issued on vesting
0.1\u00a0
20.2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
20.3\u00a0
\u2013 purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(82.6)
(82.6)
(82.6)
\u2013 other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
(88.0)
88.0\u00a0
\u2014\u00a0
\u2014\u00a0
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117.6)
(117.6)
(117.6)
Shares delivered to a subsidiary in connection with an
acquisition
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5.9\u00a0
5.9\u00a0
5.9\u00a0
Dividends paid
\u2014\u00a0
\u2014\u00a0
(46.3)
\u2014\u00a0
(46.3)
(46.3)
Transactions with owners
0.1\u00a0
20.2\u00a0
(7.4)
(106.3)
(113.7)
(93.4)
At 31 March 2025
73.4\u00a0
1,510.4\u00a0
21,970.1\u00a0
(1,417.9)
20,552.2\u00a0
22,136.0\u00a0
\n\n \n
Called-up
Share
share
premium
Pro\ufb01t and loss account reserve
capital
account
Pro\ufb01t and
Own shares
Total
Total
(Note Q)
(Note Q)
loss account
reserve
(Note R)
equity
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2023
73.2\u00a0
1,469.1\u00a0
20,431.9\u00a0
(1,241.2)
19,190.7\u00a0
20,733.0\u00a0
Pro\ufb01t and Total comprehensive income for the \ufb01nancial year
\u2014\u00a0
\u2014\u00a0
1,471.5\u00a0
\u2014\u00a0
1,471.5\u00a0
1,471.5\u00a0
Transactions with owners:
Employee share incentive plans:
\u2013 value of employee services
\u2014\u00a0
\u2014\u00a0
132.3\u00a0
\u2014\u00a0
132.3\u00a0
132.3\u00a0
\u2013 shares issued on vesting
0.1\u00a0
21.1\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
21.2\u00a0
\u2013 purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(56.0)
(56.0)
(56.0)
\u2013 other vesting of awards and exercises of share options
\u2014\u00a0
\u2014\u00a0
(54.9)
54.9\u00a0
\u2014\u00a0
\u2014\u00a0
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(69.3)
(69.3)
(69.3)
Dividends paid
\u2014\u00a0
\u2014\u00a0
(46.3)
\u2014\u00a0
(46.3)
(46.3)
Transactions with owners
0.1\u00a0
21.1\u00a0
31.1\u00a0
(70.4)
(39.3)
(18.1)
At 31 March 2024
73.3\u00a0
1,490.2\u00a0
21,934.5\u00a0
(1,311.6)
20,622.9\u00a0
22,186.4\u00a0
A. Corporate information
\n
Corporate information for Experian plc (the Company) is set out in note 1
\n
to the Group \ufb01nancial statements, with further information given in the
\n
Strategic report and the Corporate governance report.
\n
B. Basis of preparation
\n
The separate \ufb01nancial statements of the Company are:
\n
\u2022 prepared on the going concern basis, under the historical cost
\n
convention, and in accordance with UK accounting standards
\n
\u2022 presented in US dollars, the Company\u2019s functional currency, and
\n
\u2022 designed to include disclosures in line with those required by those
\n
parts of the UK Companies Act 2006 applicable to companies
\n
reporting under UK accounting standards even though the Company
\n
is incorporated and registered in Jersey.
\n
The directors opted to prepare the \ufb01nancial statements for the year
\n
ended 31 March 2025 in accordance with FRS 101 \u2018Reduced Disclosure
\n
Framework\u2019. The Company intends to continue to use this accounting
\n
framework until further notice.
\n
Going concern
\n
The directors continue to adopt the going concern basis of accounting
\n
in preparing the \ufb01nancial statements. Details of the going concern
\n
assessment for the Group and the Company are provided in note 2 to
\n
the Group \ufb01nancial statements.
\n
C. FRS 101 exemptions
\n
FRS 101 allows certain exemptions from the requirements of IFRS to
\n
avoid the duplication of information provided in the Group \ufb01nancial
\n
statements and to provide more concise \ufb01nancial reporting in entity
\n
\ufb01nancial statements. The following exemptions have therefore been
\n
applied in the preparation of these \ufb01nancial statements:
\n
\u2022 Paragraphs 45(b) and 46 to 52 of IFRS 2 \u2018Share-based Payment\u2019,
\n
exempting the Company from providing details of share options and
\n
of how the fair value of services received was determined.
\n
\u2022 IFRS 7 \u2018Financial Instruments: Disclosures\u2019.
\n
\u2022 Paragraphs 91 to 99 of IFRS 13 \u2018Fair Value Measurement\u2019, exempting
\n
the Company from disclosing valuation techniques and inputs used for
\n
the measurement of assets and liabilities.
\n
\u2022 Paragraph 38 of IAS 1 \u2018Presentation of Financial Statements\u2019,
\n
exempting the Company from disclosing comparative information
\n
required by:
\n
\u2013 paragraph 79(a)(iv) of IAS 1 \u2013 shares outstanding at the beginning
\n
and at the end of the period
\n
\u2013 paragraph 73(e) of IAS 16 \u2018Property, Plant and Equipment\u2019 \u2013
\n
reconciliations between the carrying amount at the beginning
\n
and end of the period.
\n
\u2022 The following paragraphs of IAS 1:
\n
\u2013 paragraphs 10(d) and 111, exempting the Company from providing
\n
a cash \ufb02ow statement and information
\n
\u2013 paragraph 16, exempting the Company from providing a statement
\n
of compliance with all IFRS
\n
\u2013 paragraph 38A, exempting the Company from the requirement for a
\n
minimum of two of each primary statement and the related notes
\n
\u2013 paragraphs 38B to D, exempting the Company from the requirement
\n
to provide additional comparative information
\n
\u2013 paragraphs 134 to 136, exempting the Company from presenting
\n
capital management disclosures.
\n
\u2022 IAS 7 \u2018Statement of Cash Flows\u2019.
\n
\u2022 Paragraphs 30 and 31 of IAS 8 \u2018Accounting Policies, Changes in
\n
Accounting Estimates and Errors\u2019, exempting the Company from
\n
disclosing information where it has not applied a new IFRS which has
\n
been issued but is not yet e\ufb00ective.
\n
\u2022 Paragraph 17 of IAS 24 \u2018Related Party Disclosures\u2019, exempting the
\n
Company from disclosing details of key management compensation.
\n
\u2022 The requirements in IAS 24 to disclose related party transactions with
\n
wholly-owned members of the Group.
\n
The use of critical accounting estimates and management judgment is
\n
required in applying the accounting policies. Areas involving a higher
\n
degree of judgment or complexity, or where assumptions and estimates
\n
are signi\ufb01cant to the Company \ufb01nancial statements, are highlighted in
\n
note E.
\n
D. Material accounting policies
\n
The material accounting policies applied are summarised below.
\n
They have been consistently applied to both years presented.
\n
The explanations of these policies focus on areas where judgment is
\n
applied or which are particularly important in the \ufb01nancial statements.
\n
There are no new standards, amendments to existing standards or
\n
interpretations that are e\ufb00ective for the year ended 31 March 2025
\n
that have had a material impact on the Company\u2019s results or \ufb01nancial
\n
position. Content from accounting standards, amendments and
\n
interpretations is excluded where there is no policy choice under
\n
UK accounting standards.
\n
(i) Foreign currency
\n
Transactions in foreign currencies are recorded at the exchange rate
\n
prevailing at the transaction date. Monetary assets and liabilities
\n
denominated in foreign currencies are retranslated at the exchange
\n
rate prevailing at the balance sheet date. All di\ufb00erences are taken to
\n
the pro\ufb01t and loss account in the year in which they arise.
\n
(ii) Investments \u2013 shares in Group undertakings
\n
Investments in Group undertakings are stated at cost less any provisions
\n
for impairment. The fair value of share incentives issued by the Company
\n
to employees of Group undertakings is accounted for as a capital
\n
contribution and recognised as an increase in the Company\u2019s investment
\n
in Group undertakings, with a corresponding increase in equity.
\n
(iii) Debtors and creditors
\n
Debtors are initially recognised at fair value and subsequently measured
\n
at this value. Where the time value of money is material, they are then
\n
carried at amortised cost using the e\ufb00ective interest method. Creditors
\n
are initially recognised at fair value. Where the time value of money is
\n
material, they are then carried at amortised cost using the e\ufb00ective
\n
interest method.
(iv) Accounting for derivative \ufb01nancial instruments
\n
The Company uses forward foreign exchange contracts to manage
\n
its exposures to \ufb02uctuations in foreign exchange rates. The interest
\n
di\ufb00erential re\ufb02ected in forward foreign exchange contracts is taken to
\n
interest receivable and similar income or interest payable and similar
\n
expenses. Forward foreign exchange contracts are recognised at fair
\n
value, based on forward foreign exchange market rates at the balance
\n
sheet date. Gains or losses on forward foreign exchange contracts are
\n
taken to the pro\ufb01t and loss account in the year in which they arise.
\n
(v) Tax
\n
Current tax is calculated on the basis of the tax laws enacted or
\n
substantively enacted at the balance sheet date in Ireland, where the
\n
Company is resident.
\n
Deferred tax is provided in respect of temporary di\ufb00erences that have
\n
originated but not reversed at the balance sheet date and is determined
\n
using the tax rates that are expected to apply when the temporary
\n
di\ufb00erences reverse. Deferred tax assets are recognised only to the
\n
extent that they are expected to be recoverable.
\n
(vi) Own shares
\n
The Group has a number of equity-settled, share-based employee
\n
incentive plans. In connection with these, shares in the Company are
\n
held by The Experian plc Employee Share Trust and the Experian UK
\n
Approved All-Employee Share Plan. The assets, liabilities and expenses
\n
of these separately administered trusts are included in the \ufb01nancial
\n
statements as if they were the Company\u2019s own. The trusts\u2019 assets mainly
\n
comprise Experian shares, which are shown as a deduction from total
\n
shareholders\u2019 funds at cost.
\n
Experian shares purchased and held as treasury shares, in connection
\n
with the above plans and any share purchase programme, are also
\n
shown as a deduction from total shareholders\u2019 funds at cost. The par
\n
value of shares that are purchased and cancelled, in connection with any
\n
share purchase programme, is accounted for as a reduction in called-up
\n
share capital with any cost in excess of that amount being deducted from
\n
the pro\ufb01t and loss account. The Company is not required to recognise the
\n
par value of cancelled shares in a capital redemption reserve.
\n
Contractual obligations to purchase own shares are recognised at the
\n
net present value of expected future payments. Gains and losses in
\n
connection with such obligations are recognised in the pro\ufb01t and loss
\n
account. Gains and losses which arise on \ufb01nancial instruments created
\n
by advance instructions to trade in own shares are recognised directly
\n
in equity.
\n
(vii) Pro\ufb01t and loss account format
\n
Income and expenses, which are recognised on an accruals basis, are
\n
reported by nature in the pro\ufb01t and loss account, as this re\ufb02ects the
\n
composition of the Company\u2019s income and cost base.
\n
(viii) Financial guarantee contracts
\n
Financial guarantees are provided by the Company to subsidiary
\n
undertakings for certain debt instruments. The Company considers these
\n
to be within the scope of IFRS 9 \u2018Financial Instruments\u2019 and accounts
\n
for them as such. Where the Company receives a fee in respect of these
\n
guarantees, income is recognised in the pro\ufb01t and loss account in the
\n
period to which it relates. Where the guarantee is provided for no
\n
consideration, the fair value of the guarantee is recognised as a capital
\n
contribution within investments in Group undertakings, with the
\n
associated deferred income recognised on a straight-line basis over
\n
the life of the guarantee.
\n
(ix) Dividend income
\n
Dividend income is recognised in the Company pro\ufb01t and loss account on
\n
the date on which the Company\u2019s right to receive payment is established.
\n
Liquidation dividends are treated as a return of capital to the extent they
\n
are used to recover the carrying value of the investment in the liquidated
\n
entity. Any amount received in excess of the investment value is treated
\n
as income in the Company pro\ufb01t and loss account.
\n
E. Critical accounting estimates, assumptions
\n
and judgments
\n
(i) Critical accounting estimates and assumptions
\n
In preparing the \ufb01nancial statements, management is required to make
\n
estimates and assumptions that a\ufb00ect the reported amount of income,
\n
costs and charges, assets and liabilities and the disclosure of contingent
\n
liabilities. The resulting accounting estimates, which are based on
\n
management\u2019s best judgment at the date of the \ufb01nancial statements
\n
will, by de\ufb01nition, seldom equal the related actual results.
\n
There are no estimates and assumptions that have a signi\ufb01cant risk of
\n
causing a material adjustment to the carrying amounts of assets and
\n
liabilities within the next \ufb01nancial year.
\n
(ii) Critical judgments
\n
In applying the Company\u2019s accounting policies, management may make
\n
judgments that have a signi\ufb01cant e\ufb00ect on the amounts recognised in
\n
the Company \ufb01nancial statements. These judgments may include the
\n
classi\ufb01cation of transactions between the Company pro\ufb01t and loss
\n
account and the Company balance sheet. There are no such judgments
\n
applicable to these \ufb01nancial statements.
\n
F. Other operating income and charges
\n
Other operating income and expenses principally comprise charges to
\n
and from other Group undertakings in respect of Group management
\n
services and guarantees provided during the year. The increase in
\n
other operating income and charges in the year ended 31 March 2025
\n
compared to the prior year is due to underlying growth of the business
\n
and an increase in the overall cost of providing management services.
\n
Other operating charges include a fee of US$0.1m (2024: US$0.1m)
\n
payable to the Company's auditor and its associates for the audit of
\n
the Company \ufb01nancial statements.
G. Sta\ufb00 costs
\n\n \n
2025
2024
US$m
US$m
Directors' fees
2.9\u00a0
2.9\u00a0
Wages and salaries
1.7\u00a0
1.3\u00a0
Social security costs
0.1\u00a0
0.1\u00a0
Other pension costs
0.1\u00a0
0.1\u00a0
4.8\u00a0
4.4\u00a0
\n
Executive directors of the Company are employed by other Group undertakings and details of their remuneration, together with that of the
\n
non-executive directors, are given in the audited part of the Report on directors\u2019 remuneration. The Company had three employees on average
\n
in the current and prior year.
\n
H. Dividend income from subsidiary undertakings
\n
During the year subsidiary undertakings paid dividends of US$75.0m (2024: US$1,500.0m) to the Company.
\n
I. Interest receivable and similar income
\n\n \n
2025
2024
US$m
US$m
Interest income:
Interest receivable on amounts owed by subsidiary undertakings
5.1\u00a0
2.5\u00a0
Foreign exchange gains
0.6\u00a0
5.1\u00a0
5.7\u00a0
7.6\u00a0
\n
J. Interest payable and similar expenses
\n\n \n
2025
2024
US$m
US$m
Interest payable on lease obligation
0.2\u00a0
0.3\u00a0
\n
K. Tax on pro\ufb01t
\n
(i) Analysis of tax charge/(credit) in the pro\ufb01t and loss account
\n\n \n
2025
2024
US$m
US$m
Current tax:
Irish corporation tax charge/(credit) on pro\ufb01t for the \ufb01nancial year
5.2\u00a0
(4.4)
Adjustments in respect of earlier years
(0.5)
1.2\u00a0
Total current tax charge/(credit)
4.7\u00a0
(3.2)
Deferred tax:
Adjustments in respect of earlier years
\u2014\u00a0
(0.1)
Total deferred tax credit
\u2014\u00a0
(0.1)
Tax charge/(credit) for the year
4.7\u00a0
(3.3)
\n
(ii) Factors a\ufb00ecting the tax charge/(credit) for the \ufb01nancial year
\n
The tax charge/(credit) for the year is at a rate lower (2024: lower) than the main rate of Irish corporation tax of 25% (2024: 25%) with the di\ufb00erences
\n
explained below.
\n\n \n
2025
2024
US$m
US$m
Pro\ufb01t before tax
47.7\u00a0
1,468.2\u00a0
Pro\ufb01t before tax multiplied by the applicable rate of tax
11.9\u00a0
367.1\u00a0
E\ufb00ects of:
Income not taxable
1
(18.9)
(376.9)
Expenses not deductible
3.4\u00a0
1.0\u00a0
Global minimum top-up tax
2
7.0\u00a0
\u2014\u00a0
Adjustments in respect of earlier years
(0.5)
1.1\u00a0
Losses recognised at a lower rate of tax (12.5%)
1.8\u00a0
4.4\u00a0
Tax charge/(credit) for the year
4.7\u00a0
(3.3)
\n
1
The reduction in income not taxable is due to the lower dividend received from subsidiary undertakings in FY25.
\n
2
The Experian Group is subject to the global minimum top-up tax under OECD Pillar Two tax legislation and a related current tax expense of US$7m (2024: n/a) was levied on the Company..
\n
The Company's tax charge will continue to be in\ufb02uenced by the nature of its income and expenditure and prevailing Irish and Jersey tax laws.
(iii) Deferred tax asset
\n
The deferred tax asset is in respect of tax losses and the movements thereon are as follows:
\n\n \n
2025
2024
US$m
US$m
At 1 April
2.9\u00a0
2.8\u00a0
Tax credit in the pro\ufb01t and loss account
\u2014\u00a0
0.1\u00a0
At 31 March
2.9\u00a0
2.9\u00a0
\n
The Company has no unrecognised deferred tax (2024: US$nil).
\n
L. Dividends
\n
Total gross dividends of US$546.4m (2024: US$509.4m) were paid to Experian shareholders during the year. The Company paid interim dividends of
\n
US$46.3m (2024: US$46.3m) to those shareholders who did not elect to receive dividends under the Income Access Share arrangements. The balance
\n
of US$500.1m (2024: US$463.1m) was paid by a subsidiary undertaking, Experian (UK) Finance Limited (EUKFL), under the Income Access Share
\n
arrangements. The Company\u2019s pro\ufb01t and loss account reserve is available for distribution by way of dividend. At 31 March 2025, the distributable
\n
reserves of EUKFL as determined under UK company law were US$4,287.0m (2024: US$6,558.7m).
\n
Since the balance sheet date, the directors have announced a second interim dividend of 43.25 US cents per ordinary share for the year ended
\n
31 March 2025. No part of this dividend is included as a liability in these \ufb01nancial statements. Further details of payment arrangements, including
\n
the Income Access Share arrangements, are given in the Shareholder and corporate information section of the Annual Report.
\n
M. Leases
\n
The Company leases its o\ufb03ces and payments are reset periodically to re\ufb02ect market rental rates.
\n
(i) Tangible assets
\n\n \n
Right-of-use
Leasehold
assets
improvements
Buildings
Total
US$m
US$m
US$m
Cost
At 1 April 2024 and 31 March 2025
2.2\u00a0
3.7\u00a0
5.9\u00a0
Accumulated depreciation
At 1 April 2024
0.4\u00a0
0.8\u00a0
1.2\u00a0
Charge for the year
0.3\u00a0
0.4\u00a0
0.7\u00a0
At 31 March 2025
0.7\u00a0
1.2\u00a0
1.9\u00a0
Net book amount at 31 March 2024
1.8\u00a0
2.9\u00a0
4.7\u00a0
Net book amount at 31 March 2025
1.5\u00a0
2.5\u00a0
4.0\u00a0
\n
There were no additions to right-of-use assets in the year ended 31 March 2024.
\n
(ii) Lease obligation
\n\n \n
2025
2024
US$m
US$m
Current
0.4\u00a0
0.4\u00a0
Non-current
2.8\u00a0
3.2\u00a0
At 31 March
3.2\u00a0
3.6\u00a0
\n
(iii) Maturity of lease obligation \u2013 contractual undiscounted cash \ufb02ows
\n\n \n
2025
2024
US$m
US$m
Less than one year
0.5\u00a0
0.5\u00a0
One to two years
0.5\u00a0
0.5\u00a0
Two to three years
0.5\u00a0
0.5\u00a0
Three to four years
0.5\u00a0
0.5\u00a0
Four to \ufb01ve years
0.5\u00a0
0.5\u00a0
Over \ufb01ve years
1.3\u00a0
1.9\u00a0
Total undiscounted lease obligation at 31 March
3.8\u00a0
4.4\u00a0
(iv) Amounts recognised in the Company pro\ufb01t and loss account
\n\n \n
2025
2024
US$m
US$m
Depreciation charge for right-of-use assets
0.4\u00a0
0.4\u00a0
Interest expense
0.2\u00a0
0.3\u00a0
0.6\u00a0
0.7\u00a0
\n
(v) Lease cash \ufb02ow
\n
Lease payments in the year were US$0.7m (2024: US$0.5m), of which US$0.2m (2024: US$0.2m) related to payments of interest and US$0.5m
\n
(2024: US$0.3m) was for repayments of principal.
\n
N. Investments \u2013 shares in Group undertakings
\n\n \n
2025
2024
US$m
US$m
Cost
At 1 April
21,960.1\u00a0
20,688.6\u00a0
Additions \u2013 fair value of share incentives issued to Group employees
126.9\u00a0
132.3\u00a0
Additions \u2013 fair value of \ufb01nancial guarantees to subsidiary undertakings
\u2014\u00a0
18.2\u00a0
Additional investment in direct subsidiary undertakings
\u2014\u00a0
1,200.0\u00a0
Disposal through Group reorganisation
\u2014\u00a0
(79.0)
At 31 March
22,087.0\u00a0
21,960.1\u00a0
Accumulated impairment
At 1 April
\u2014\u00a0
79.0\u00a0
Disposal through Group reorganisation
\u2014\u00a0
(79.0)
At 31 March
\u2014\u00a0
\u2014\u00a0
Net book amount at 31 March
22,087.0\u00a0
21,960.1\u00a0
\n
During the year ended 31 March 2024, Experian plc undertook a number of transactions as a result of Group restructuring, including the subscription
\n
for additional shares in existing subsidiary undertakings of US$1,200.0m and the disposal of its direct investment in Experian Ireland Investments
\n
Limited, transferring that shareholding to a subsidiary undertaking at the net book amount.
\n
A list of the Company's subsidiary undertakings is given in note U(i). The Company directly holds interests in the whole of the issued share capital of
\n
the following undertakings:
\n\n \n
Company
Country of incorporation
Experian Group Services Limited
Ireland
Experian Holdings Ireland Limited
Ireland
\n
O. Debtors \u2013 amounts falling due within one year
\n\n \n
2025
2024
US$m
US$m
Amounts owed by Group undertakings
81.7\u00a0
248.8\u00a0
Other debtors
0.7\u00a0
1.0\u00a0
Corporation tax asset
\u2014\u00a0
4.4\u00a0
82.4\u00a0
254.2\u00a0
\n
Amounts owed by Group undertakings are primarily unsecured, interest bearing and repayable on demand.
\n
P. Creditors
\n\n \n
Due within
Due after more
Due within
Due after more
one year
than one year
one year
than one year
2025
2025
2024
2024
US$m
US$m
US$m
US$m
Amounts owed to Group undertakings
13.3\u00a0
\u2014\u00a0
12.0\u00a0
\u2014\u00a0
Lease obligation (note M)
0.4\u00a0
2.8\u00a0
0.4\u00a0
3.2\u00a0
Corporation tax
5.2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Accruals and deferred income
8.1\u00a0
10.6\u00a0
7.4\u00a0
13.1\u00a0
27.0\u00a0
13.4\u00a0
19.8\u00a0
16.3\u00a0
\n
Amounts owed to Group undertakings are primarily unsecured, interest free and repayable on demand.
Q. Called-up share capital and share premium account
\n \n
2025
2024
Allotted and fully paid
US$m
US$m
972,976,312 (2024: 972,189,047) ordinary shares of 10 US cents
73.4\u00a0
73.3\u00a0
20 (2024: 20) deferred shares of 10 US cents
\u2014\u00a0
\u2014\u00a0
73.4\u00a0
73.3\u00a0
At 31 March 2025 and 31 March 2024, the authorised share capital of the Company was US$200m, divided into 1,999,999,980 ordinary shares and
20 deferred shares, each of 10 US cents. The ordinary shares carry the rights (i) to dividend, (ii) to attend or vote at general meetings and (iii) to
participate in the 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.
During the year ended 31 March 2025, the Company issued 787,265 (2024: 813,567) ordinary shares for a consideration of US$20.3m
(2024: US$21.2m) in connection with the Group\u2019s share incentive arrangements, details of which are given in note 33 to the Group \ufb01nancial
statements. The di\ufb00erence between the consideration and the par value of the shares issued is recorded in the share premium account.
During the year the Company purchased 2,588,150 (2024: 2,077,909) of its own shares for a consideration of US$116.7m (2024: US$64.5m),
retaining them as treasury shares.
R. Pro\ufb01t and loss account reserve
The pro\ufb01t and loss account reserve is stated after deducting the balance on the own shares reserve from that on the pro\ufb01t and loss account.
The balance on the pro\ufb01t and loss account comprises net pro\ufb01ts retained in the Company after the payment of equity dividends. The balance on
the own shares reserve is the cost of ordinary shares in the Company and further details are given below.
\n \n
Number of shares held
Cost of shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2024
53.4\u00a0
5.7\u00a0
59.1\u00a0
1,074.3\u00a0
237.3\u00a0
1,311.6\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1.8\u00a0
1.8\u00a0
\u2014\u00a0
82.6\u00a0
82.6\u00a0
Purchase of shares held as treasury shares
2.6\u00a0
\u2014\u00a0
2.6\u00a0
117.6\u00a0
\u2014\u00a0
117.6\u00a0
Shares delivered to a subsidiary in connection
with an acquisition
(0.1)
\u2014\u00a0
(0.1)
(5.9)
\u2014\u00a0
(5.9)
Other vesting of awards and exercises of
share options
(1.0)
(3.1)
(4.1)
(15.5)
(72.5)
(88.0)
At 31 March 2025
54.9\u00a0
4.4\u00a0
59.3\u00a0
1,170.5\u00a0
247.4\u00a0
1,417.9\u00a0
\n \n
Number of shares held
Cost of shares held
Treasury
Trusts
Total
Treasury
Trusts
Total
million
million
million
US$m
US$m
US$m
At 1 April 2023
52.3\u00a0
6.7\u00a0
59.0\u00a0
1,020.8\u00a0
220.4\u00a0
1,241.2\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1.5\u00a0
1.5\u00a0
\u2014\u00a0
56.0\u00a0
56.0\u00a0
Purchase of shares held as treasury shares
2.1\u00a0
\u2014\u00a0
2.1\u00a0
69.3\u00a0
\u2014\u00a0
69.3\u00a0
Other vesting of awards and exercises of
share options
(1.0)
(2.5)
(3.5)
(15.8)
(39.1)
(54.9)
At 31 March 2024
53.4\u00a0
5.7\u00a0
59.1\u00a0
1,074.3\u00a0
237.3\u00a0
1,311.6\u00a0
S. Contingencies and guarantees
The Company has guaranteed:
\u2022 borrowings of Group undertakings of US$4,580m (2024: US$3,801m)
\u2022 the liabilities of The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan
\u2022 the retirement bene\ufb01t obligations of Group undertakings that participate in the Experian Pension Scheme and of a Group undertaking that
participates in a small UK de\ufb01ned bene\ufb01t pension plan (note 35(a)(i)).
T. 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 L.
U. Related undertakings at 31 March 2025
(i) Subsidiary undertakings
\n \n
Company
Country of incorporation
Experian Strategic Solutions SA
Argentina
Avention\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0SA\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Acquisition\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Finance\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
Experian Asia Paci\ufb01c Pty Ltd
Australia
Experian Australia Credit Services Pty Ltd
Australia
Experian Australia Fraud Services Pty Ltd
Australia
Experian Australia Holdings Pty Ltd
Australia
Experian Australia Pty Ltd
Australia
illion\u00a0(Nominees)\u00a0Pty\u00a0Limited
Australia
illion\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
illion Australia Unit Trust **
Australia
illion Consumer Marketing Unit Trust**
Australia
illion\u00a0Data\u00a0Registries\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Decisioning\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Decisioning\u00a0Technologies\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Financial\u00a0Viability\u00a0Reports\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Group\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketing\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketplaces\u00a0(Australia)\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0IP\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Risk\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Services\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Pty\u00a0Ltd
Australia
Experian Austria GmbH
Austria
Experian \u00d6sterreichische Verwaltungsgesellschaft
mbH*
Austria
Financeira Veloz Holding Financeira S.A.
Brazil
1
Holding Veloz Investimentos e Participa\u00e7\u00f5es S.A.
Brazil
2
Mova Sociedade de Empr\u00e9stimo Entre Pessoas S.A.
Brazil
3
Pagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
4
Salary\ufb01ts\u00a0Sistemas\u00a0Ltda.
Brazil
5
Salt\u00a0Participa\u00e7\u00f5es\u00a0S.A.
Brazil
5
Salt\u00a0Tecnologia\u00a0Ltda.
Brazil
5
Serasa S.A.
Brazil
6
S\u00d3Facil Tecnologia Ltda.
Brazil
7
Experian Bulgaria EAD
Bulgaria
Experian Canada Inc.
Canada
Experian Chile S.A.
Chile
1
Experian Holdings Chile SpA
Chile
2
Experian Services Chile S.A.
Chile
3
Beijing Yiboruizhi Technology Co., Ltd
China
1
Experian Credit Service (Beijing) Company Limited
China
2
Experian Hong Kong Holdings Limited
China
3
Experian Hong Kong Limited
China
3
Experian Information Technology (Beijing) Company
Limited
China
4
Experian Colombia S.A.
Colombia
Experian Services Costa Rica, S.A.
Costa Rica
Experian A/S
Denmark
1
Noitso A/S
Denmark
2
\n \n
Company
Country of incorporation
CCN UK 2005 Limited
England and Wales
CCN UK Unlimited
England and Wales
Chatsworth Investments Limited
England and Wales
EHI 2005 Limited
England and Wales
EHI UK Unlimited
England and Wales
EIS 2005 Limited
England and Wales
EIS UK Unlimited
England and Wales
Experian (UK) Finance Limited
England and Wales
Experian (UK) Holdings 2006 Limited
England and Wales
Experian CIS Limited
England and Wales
Experian Colombia Investments Limited
England and Wales
Experian Corporate Services Limited
England and Wales
Experian Europe and Middle East Limited
England and Wales
Experian Europe Unlimited
England and Wales
Experian Finance 2012 Unlimited*
England and Wales
Experian Finance plc
England and Wales
Experian Group Limited
England and Wales
Experian Holdings (UK) Unlimited
England and Wales
Experian Holdings Limited
England and Wales
Experian International Unlimited
England and Wales
Experian Investment Holdings Limited
England and Wales
Experian Latam Holdings Unlimited
England and Wales
Experian Limited
England and Wales
Experian NA Holdings Unlimited*
England and Wales
Experian Nominees Limited
England and Wales
Experian SURBS Investments Limited
England and Wales
Experian Technology Limited
England and Wales
Experian US Holdings Unlimited
England and Wales
G.U.S. Property Management Limited*
England and Wales
GUS 1998 Unlimited*
England and Wales
GUS 2000 Finance Unlimited
England and Wales
GUS 2004 Limited
England and Wales
GUS Catalogues Unlimited*
England and Wales
GUS Finance (2004) Limited
England and Wales
GUS Holdings (2004) Limited
England and Wales
GUS Holdings Unlimited
England and Wales
GUS International Holdings Limited*
England and Wales
GUS Ireland Holdings Limited*
England and Wales
GUS Overseas Holdings Limited*
England and Wales
GUS Overseas Investments Limited*
England and Wales
GUS US Holdings 2024 Limited*
England and Wales
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0UK\u00a0Limited
England and Wales
International Communication & Data Limited
England and Wales
Intozetta Holdings Limited*
England and Wales
Intozetta Limited*
England and Wales
Pay Dashboard Limited*
England and Wales
Paylink\u00a0Outsource\u00a0Services\u00a0Limited
England and Wales
Paylink\u00a0Solutions\u00a0Limited
England and Wales
Serasa Finance Limited
England and Wales
Tallyman Limited*
England and Wales
Tapad UK Limited*
England and Wales
The Royal Exchange Company (Leeds) Unlimited*
England and Wales
The Witney Mattress, Divan & Quilt Co. Unlimited*
England and Wales
Compuscan (Pty) Ltd
eSwatini
Experian France S.A.S.
France
3 C Deutschland GmbH
Germany
1
Boniversum GmbH
Germany
2
\n \n
Company
Country of incorporation
Experian GmbH (formerly Informa Solutions GmbH)
Germany
3
Informa HIS GmbH
Germany
4
Infoscore Consumer Data GmbH
Germany
3
Tapad Germany GmbH
Germany
5
GHU Insurance Company Limited
Guernsey
Experian Account Aggregator Private Limited
India
1
Experian Credit Information Company of India Private
Limited
India
2
Experian Services India (Private Limited)
India
2
PT. Experian Decision Analytics Indonesia*
Indonesia
Experian Europe Designated Activity Company
Ireland
Experian\u00a0Foundation\u00a0Company\u00a0Limited\u00a0by\u00a0Guarantee
Ireland
Experian Group Services Limited
Ireland
Experian Holdings Ireland Limited
Ireland
Experian Ireland Investments Limited*
Ireland
Experian Ireland Limited
Ireland
GUS Finance Ireland Unlimited Company*
Ireland
GUS Investments 2003 Unlimited Company
Ireland
Experian Holding Italia S.r.l.
Italy
Experian Italia S.p.A.
Italy
Experian Japan Co., Ltd
Japan
Experian Lesotho (Pty) Ltd
Lesotho\u00a0
Experian Information Services (Malaysia) Sdn. Bhd.
Malaysia
Experian (Malaysia) Sdn. Bhd.
Malaysia
Experian Marketing Services (Malaysia) Sdn Bhd
Malaysia
Experian de Mexico S. de R.L. de C.V.
Mexico
Scorex S.A.M.
Monaco
Experian Sistema de Informacao de Credito S.A.*
Mozambique
Experian Micro Analytics B.V.
The Netherlands
Experian Nederland B.V.
The Netherlands
Experian Scorex Russia B.V.
The Netherlands
GUS Europe Holdings B.V.
The Netherlands
GUS Holdings B.V.
The Netherlands
GUS Treasury Services B.V.
The Netherlands
CDS\u00a0Holdings\u00a0(NZ)\u00a0Limited
New Zealand
1
Experian New Zealand Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0(AUS)\u00a0Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Holdings\u00a0Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Limited
New Zealand
1
illion\u00a0Marketplaces\u00a0(New\u00a0Zealand)\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Marketing\u00a0Services\u00a0Limited
New Zealand
2
illion\u00a0Tenancy\u00a0Limited
New Zealand
1
illion\u00a0Tenderlink\u00a0Limited
New Zealand
1
Experian AS
Norway
1
Experian Gjeldsregister AS
Norway
1
Tapad Norway AS
Norway
2
APC Bur\u00f3, S.A.
Panama
Experian Per\u00fa S.A.C.
Peru
Experian Philippines, Inc
The Philippines
Experian Polska sp\u00f3\u0142ka z ograniczon\u0105
odpowiedzialno\u015bci\u0105*
Poland
Gabi Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
DP Management Pte. Ltd.
Singapore
Experian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
\n\n \n
Company
Country of incorporation
Experian Credit Services Singapore Pte. Ltd.
Singapore
Experian Singapore Pte. Ltd.
Singapore
Compuscan Holdings International (Pty) Ltd
South Africa
1
CSH Group (Pty) Ltd
South Africa
1
Experian South Africa (Pty) Limited
South Africa
2
Axesor Business Process Outsourcing S.L.U.
Spain
1
Axesor Conocer Para Decidir, S.A.
Spain
1
Experian Bureau de Cr\u00e9dito, S.A.
Spain
2
Experian Espa\u00f1a, S.L.U.
Spain
2
Experian Holdings Espa\u00f1a, S.L.U.
Spain
2
Experian Latam Espa\u00f1a Inversiones, S.L.
Spain
3
Experian Switzerland AG
Switzerland
Experian (Thailand) Co., Ltd*
Thailand
Experian Bilgi Hizmetleri Limited \u015eirketi
T\u00fcrkiye
Auto I.D., Inc.
USA
1
BillFixers, LLC
USA
2
CIC Plus, LLC
USA
3
ClarityBlue Inc.
USA
3
Clarity Services, Inc.
USA
2
ConsumerInfo.com, Inc.
USA
4
CSIdentity Corporation
USA
2
CSIdentity Insurance Services, Inc.
USA
6
Employment Tax Servicing, LLC
USA
4
Experian Background Data, Inc.
USA
2
Experian Credit Advisors, Inc.
USA
2
Experian Data Corp
USA
2
Experian Employer Services, Inc.
USA
5
Experian Fraud Prevention Solutions, Inc.
USA
2
Experian Health, Inc.
USA
2
Experian Holdings, Inc.
USA
2
Experian Information Solutions, Inc.
USA
7
Experian Marketing Solutions, LLC
USA
2
Experian Reserved Response, Inc.
USA
2
Experian Services Corp.
USA
2
Frontline eSolutions, LLC
USA
8
Gabi Personal Insurance Agency, Inc.
USA
2
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0(US)\u00a0LLC
USA
3
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Canada\u00a0Ltd
USA
3
MyExperian, Inc.
USA
2
My Health Direct, Inc.
USA
2
Neuro-ID,\u00a0Inc.
USA
3
Predictive\u00a0Pop,\u00a0Inc.
USA
3
RewardStock, Inc.
USA
2
Statschedules India, LLC
USA
2
String Automotive Solutions, Inc.
USA
2
String Enterprises, Inc.
USA
2
Tapad, Inc.
USA
2
Tax Credit Co, LLC
USA
2
Tayvah, LLC
USA
4
TCC Arizona, LLC
USA
9
TCC Services, LLC
USA
10
The 41st Parameter, Inc.
USA
2
WaveHDC LLC
USA
2
Waveland\u00a0Technologies\u00a0LLC
USA
3
\n
Numeric superscripts refer to registered o\ufb03ce addresses given in note U(ii).
\n
* In voluntary liquidation
\n
** Unincorporated trust, the country of incorporation provided is the principal place of business.
(ii) Addresses of registered o\ufb03ces of subsidiary
\n
undertakings
\n\n \n
Country of incorporation
Address of registered o\ufb03ce
Argentina
Olga Cossettini 363, Piso 3, Edi\ufb01cio Yacht VI, Ciudad de
Buenos Aires
Australia
Level 26, 2 Southbank Boulevard, Southbank, VIC 3006
Austria
Strozzigasse 10/14, 1080 Vienna
Brazil
1
Rua Dr. L\u00e9o de Carvalho, No.74, 5th Floor, Suite 505,
Room 2, Ibiza Building, Velha, Blumenau, Santa
Catarina, 89036-239
Brazil
2
Rua Hermann Huscher, 113, sala 01 subsala 06,
District: Vila Formosa, Blumenau, Santa Catarina,
89.023-000
Brazil
3
Avenida Brigadeiro Faria Lima, No. 1306, 6th \ufb02oor, S\u00e3o
Paulo, 01451-914
Brazil
4
Rua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suites 505,
506 and 507, Ibiza Building, Velha, Blumenau, Santa
Catarina, 89036-239
Brazil
5
Alameda Oscar Niemeyer, No. 132, Room 1102, Nova
Lima, Minas Gerais, 34.006-049
Brazil
6
Avenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
da Cidade Complex, Suites 191, 192, 201, 202, 211,
212, 221, 222, 231, 232, 241 e 242, Ch\u00e1cara Santo
Ant\u00f4nio, S\u00e3o Paulo/SP, 04794-000
Brazil
7
Rua Tapaj\u00f3s, 941, 1st \ufb02oor, Bairro Barcelona, S\u00e3o
Caetano do Sul, S\u00e3o Paulo, 09551-230
Bulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
So\ufb01a
Canada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
Chile
1
Av. Andr\u00e9s Bello 2457, Piso 34 C, Santiago
Chile
2
Av el Golf 40 piso, 20 Santiago
Chile
3
Avenida Presidente Riesco #5561, O\ufb01cina #402, Las
Condes, Santiago, 7561127
China
1
Room 604 6F, One Indigo, 20 Jiuxianqiao Road,
Chaoyang District, Beijing, 100015
China
2
Room 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
China
3
31/F., Tower Two, Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong
China
4
Room 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
Colombia
Carrera 7, No. 76 -35 Floor 10, Bogota
Costa Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
San Jos\u00e9 Province, San Jos\u00e9
Denmark
1
Lyngbyvej 2, DK-2100, Copenhagen
Denmark
2
Krumstappen 4, St. 2500 VALBY
England and Wales
The Sir John Peace Building, Experian Way, NG2
Business Park, Nottingham, NG80 1ZZ
eSwatini
c/o PricewaterhouseCoopers, Rhus O\ufb03ce Park, Kal
Grant Street, Mbabane
France
19 boulevard Malesherbes, 75008 Paris
Germany
1
Edisonstra\u00dfe 19, 74076, Heilbronn
Germany
2
Hammfelddamm 13, 41460 Neuss
Germany
3
Rheinstra\u00dfe 99, 76532, Baden-Baden
Germany
4
Kreuzberger Ring 68, 65205, Wiesbaden
Germany
5
Walther-von-Cronberg-Platz 13, 60594 Frankfurt a.
Main
Guernsey
PO Box 155, Mill Court, La Charroterie, St Peter Port,
GY1 4ET
India
1
1108 Hubtown Solaris, N. S. Phadke Road, Andheri
(East), Mumbai 400069
India
2
5th Floor, East Wing, Tower 3, Equinox Business Park,
LBS Marg, Kurla (West), Mumbai, 400070
\n\n \n
Country of incorporation
Address of registered o\ufb03ce
Indonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
Kav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
Kota Adm. Jakarta Selatan, DKI Jakarta
Ireland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
Italy
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
Japan
1-1-1 Otemachi, Chiyoda-ku, Tokyo
Lesotho
Plot No. 582, Ha Hoohlo Extension, Maseru
Malaysia
Level 13, Menara 1 Sentrum, 201, Jalan Tun
Sambanthan, Brick\ufb01elds, 50470 Kuala Lumpur
Mexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
Hidalgo, Ciudad de M\u00e9xico, CP 11040
Monaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
27 et 30, MC98000
Mozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
13\u00b0, Maputo
The Netherlands
Grote Marktstraat 49, 2511BH\u2019s-Gravenhage
New Zealand
1
Bell Gully, Deloitte Centre, Level 5, 1 Queen Street,
Auckland, 1010
New Zealand
2
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
1021
Norway
1
Professor Kohts vei 9, 1366 Lysaker, B\u00e6rum
Norway
2
5.etg. Edvard Storms gate, 20166, Oslo
Panama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
3845, 4to Piso, Ciudad de Panam\u00e1
Peru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
The Philippines
25th Floor Philam Life Tower, 8767 Paseo de Roxas,
Makati City
Poland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
Singapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
339510
South Africa
1
Experian House, 3 Neutron Avenue, Techno Park,
Stellenbosch, 7600
South Africa
2
Experian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
Drive, Bryanston, Sandton, 2021
Spain
1
Calle Graham Bell, s/n, Edi\ufb01cio Axesor, Parque
Empresarial San Isidro, C.P. 18100, Armilla
Spain
2
C/Principe de Vergara 132, 2a Planta, 28002, Madrid
Spain
3
Principe de Vergara 131 1\u00b0, Madrid
Switzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
Thailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
Kwang, Bangkok
T\u00fcrkiye
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8
Levent 34394 \u0130stanbul
USA
1
The Corporation Trust Company, 1209 Orange Street,
Wilmington DE 19801
USA
2
C T Corporation, 300 Montvue Road, Knoxville TN
37919-5546
USA
3
475 Anton Boulevard, Costa Mesa, CA 92626
USA
4
C T Corporation System, 818 West 7th Street, Los
Angeles, CA 90017
USA
5
C T Corporation System, 155 Federal Street, Ste 700,
Boston Massachusetts 02110
USA
6
208 South LaSalle St., Ste 814 Chicago IL 60604
USA
7
4400 Easton Commons Way, Ste 125, Columbus Ohio
43219
USA
8
3026 Woodbridge Lane, Canton, GA 30114
USA
9
2711 Centerville Rd Ste 400, Wilmington DE 19808
USA
10
255 W Sunset Blvd. Ste, 2200 Los Angeles CA 90028
\n
Numeric superscripts refer to subsidiary undertakings given in note U(i).
(iii) Additional information on subsidiary
undertakings
Summary
The results of the undertakings listed at note U(i) are included in the
Group \ufb01nancial statements. Except as indicated below, the Company
has direct or indirect interests in the whole of the issued equity shares
of these undertakings. Undertakings which are direct subsidiaries of
the Company are detailed in note N to these \ufb01nancial statements.
Since demerger from GUS plc in 2006, the Company has
eliminated dormant and inactive companies through an ongoing
internal programme.
Holdings comprising less than 100%
Interests of less than 100% of the issued equity of subsidiary
undertakings are:
APC Bur\u00f3, S.A. \u2013 70.0%
DP Management Pte Ltd \u2013 51.0%
Experian Australia Credit Services Pty Ltd \u2013 99.89%
Experian Chile S.A. \u2013 66.7%
Experian Colombia S.A. \u2013 99.9%
Experian Credit Information Company of India Private Limited \u2013 66.72%
Experian Italia S.p.A. \u2013 95.35%
Experian Information Services (Malaysia) Sdn. Bhd. \u2013 74.0%
Experian Sistema de Informacao de Credito S.A. \u2013 90.0%
Experian South Africa (Pty) Limited \u2013 87.5%
Mova Sociedade de Empr\u00e9stimo Entre Pessoas S.A. \u2013 51.0%
Serasa S.A. \u2013 99.8%
Holdings comprising other than ordinary shares, common stock or
common shares
The Company\u2019s equity interests comprise direct or indirect holdings
of ordinary shares, common stock or common shares only, except as
listed below:
Experian Europe and Middle East Limited, Experian Soluciones de
Informacion, S.A. de C.V., GUS 2004 Limited and GUS Investments 2003
Unlimited Company \u2013 A ordinary and B ordinary shares
GUS International \u2013 B ordinary shares
GUS 2000 Unlimited \u2013 X ordinary and Y ordinary shares
Experian Holdings, Inc. \u2013 class A and B common stock
Experian Information Solutions Inc. \u2013 common no par value shares
Experian Services Corp. \u2013 common no par value shares
(iv) Associate undertakings
\n \n
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
(v) Other undertakings
\n \n
Country of incorporation
Undertaking
or operation
Brigstock Finance Limited*
England and Wales
Experian Medical Plan Limited
England and Wales
Experian Pension Scheme
England and Wales
Experian Retirement Savings Plan
England and Wales
Experian Retirement Savings Trustees Limited
England and Wales
Experian Trustees Limited
England and Wales
Experian UK Approved All-Employee Share Plan
England and Wales
The Pension and Life Assurance Plan of Sanderson
Systems Limited
England and Wales
Versorgungsordnung der Barclays Industrie Bank
GmbH vom April 1988 (incl. amendments)
Germany
The Experian Ireland Limited Pension Plan
Ireland
The Experian plc Employee Share Trust
Jersey
* In voluntary liquidation
These undertakings are not subsidiaries or associates. Brigstock
Finance Limited is a \ufb01nance company. The other undertakings
operate in connection with the Group\u2019s share incentive plans, pension
arrangements in Germany, Ireland and the UK, and the provision of
medical cover in the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00609": { "value": "U. Related undertakings at 31 March 2025
(i) Subsidiary undertakings
\n \n
Company
Country of incorporation
Experian Strategic Solutions SA
Argentina
Avention\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0SA\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Acquisition\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Finance\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
Experian Asia Paci\ufb01c Pty Ltd
Australia
Experian Australia Credit Services Pty Ltd
Australia
Experian Australia Fraud Services Pty Ltd
Australia
Experian Australia Holdings Pty Ltd
Australia
Experian Australia Pty Ltd
Australia
illion\u00a0(Nominees)\u00a0Pty\u00a0Limited
Australia
illion\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
illion Australia Unit Trust **
Australia
illion Consumer Marketing Unit Trust**
Australia
illion\u00a0Data\u00a0Registries\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Decisioning\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Decisioning\u00a0Technologies\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Financial\u00a0Viability\u00a0Reports\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Group\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketing\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketplaces\u00a0(Australia)\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0IP\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Risk\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Services\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Pty\u00a0Ltd
Australia
Experian Austria GmbH
Austria
Experian \u00d6sterreichische Verwaltungsgesellschaft
mbH*
Austria
Financeira Veloz Holding Financeira S.A.
Brazil
1
Holding Veloz Investimentos e Participa\u00e7\u00f5es S.A.
Brazil
2
Mova Sociedade de Empr\u00e9stimo Entre Pessoas S.A.
Brazil
3
Pagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
4
Salary\ufb01ts\u00a0Sistemas\u00a0Ltda.
Brazil
5
Salt\u00a0Participa\u00e7\u00f5es\u00a0S.A.
Brazil
5
Salt\u00a0Tecnologia\u00a0Ltda.
Brazil
5
Serasa S.A.
Brazil
6
S\u00d3Facil Tecnologia Ltda.
Brazil
7
Experian Bulgaria EAD
Bulgaria
Experian Canada Inc.
Canada
Experian Chile S.A.
Chile
1
Experian Holdings Chile SpA
Chile
2
Experian Services Chile S.A.
Chile
3
Beijing Yiboruizhi Technology Co., Ltd
China
1
Experian Credit Service (Beijing) Company Limited
China
2
Experian Hong Kong Holdings Limited
China
3
Experian Hong Kong Limited
China
3
Experian Information Technology (Beijing) Company
Limited
China
4
Experian Colombia S.A.
Colombia
Experian Services Costa Rica, S.A.
Costa Rica
Experian A/S
Denmark
1
Noitso A/S
Denmark
2
\n \n
Company
Country of incorporation
CCN UK 2005 Limited
England and Wales
CCN UK Unlimited
England and Wales
Chatsworth Investments Limited
England and Wales
EHI 2005 Limited
England and Wales
EHI UK Unlimited
England and Wales
EIS 2005 Limited
England and Wales
EIS UK Unlimited
England and Wales
Experian (UK) Finance Limited
England and Wales
Experian (UK) Holdings 2006 Limited
England and Wales
Experian CIS Limited
England and Wales
Experian Colombia Investments Limited
England and Wales
Experian Corporate Services Limited
England and Wales
Experian Europe and Middle East Limited
England and Wales
Experian Europe Unlimited
England and Wales
Experian Finance 2012 Unlimited*
England and Wales
Experian Finance plc
England and Wales
Experian Group Limited
England and Wales
Experian Holdings (UK) Unlimited
England and Wales
Experian Holdings Limited
England and Wales
Experian International Unlimited
England and Wales
Experian Investment Holdings Limited
England and Wales
Experian Latam Holdings Unlimited
England and Wales
Experian Limited
England and Wales
Experian NA Holdings Unlimited*
England and Wales
Experian Nominees Limited
England and Wales
Experian SURBS Investments Limited
England and Wales
Experian Technology Limited
England and Wales
Experian US Holdings Unlimited
England and Wales
G.U.S. Property Management Limited*
England and Wales
GUS 1998 Unlimited*
England and Wales
GUS 2000 Finance Unlimited
England and Wales
GUS 2004 Limited
England and Wales
GUS Catalogues Unlimited*
England and Wales
GUS Finance (2004) Limited
England and Wales
GUS Holdings (2004) Limited
England and Wales
GUS Holdings Unlimited
England and Wales
GUS International Holdings Limited*
England and Wales
GUS Ireland Holdings Limited*
England and Wales
GUS Overseas Holdings Limited*
England and Wales
GUS Overseas Investments Limited*
England and Wales
GUS US Holdings 2024 Limited*
England and Wales
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0UK\u00a0Limited
England and Wales
International Communication & Data Limited
England and Wales
Intozetta Holdings Limited*
England and Wales
Intozetta Limited*
England and Wales
Pay Dashboard Limited*
England and Wales
Paylink\u00a0Outsource\u00a0Services\u00a0Limited
England and Wales
Paylink\u00a0Solutions\u00a0Limited
England and Wales
Serasa Finance Limited
England and Wales
Tallyman Limited*
England and Wales
Tapad UK Limited*
England and Wales
The Royal Exchange Company (Leeds) Unlimited*
England and Wales
The Witney Mattress, Divan & Quilt Co. Unlimited*
England and Wales
Compuscan (Pty) Ltd
eSwatini
Experian France S.A.S.
France
3 C Deutschland GmbH
Germany
1
Boniversum GmbH
Germany
2
\n\n\n\n\n \n
Company
Country of incorporation
Experian GmbH (formerly Informa Solutions GmbH)
Germany
3
Informa HIS GmbH
Germany
4
Infoscore Consumer Data GmbH
Germany
3
Tapad Germany GmbH
Germany
5
GHU Insurance Company Limited
Guernsey
Experian Account Aggregator Private Limited
India
1
Experian Credit Information Company of India Private
Limited
India
2
Experian Services India (Private Limited)
India
2
PT. Experian Decision Analytics Indonesia*
Indonesia
Experian Europe Designated Activity Company
Ireland
Experian\u00a0Foundation\u00a0Company\u00a0Limited\u00a0by\u00a0Guarantee
Ireland
Experian Group Services Limited
Ireland
Experian Holdings Ireland Limited
Ireland
Experian Ireland Investments Limited*
Ireland
Experian Ireland Limited
Ireland
GUS Finance Ireland Unlimited Company*
Ireland
GUS Investments 2003 Unlimited Company
Ireland
Experian Holding Italia S.r.l.
Italy
Experian Italia S.p.A.
Italy
Experian Japan Co., Ltd
Japan
Experian Lesotho (Pty) Ltd
Lesotho\u00a0
Experian Information Services (Malaysia) Sdn. Bhd.
Malaysia
Experian (Malaysia) Sdn. Bhd.
Malaysia
Experian Marketing Services (Malaysia) Sdn Bhd
Malaysia
Experian de Mexico S. de R.L. de C.V.
Mexico
Scorex S.A.M.
Monaco
Experian Sistema de Informacao de Credito S.A.*
Mozambique
Experian Micro Analytics B.V.
The Netherlands
Experian Nederland B.V.
The Netherlands
Experian Scorex Russia B.V.
The Netherlands
GUS Europe Holdings B.V.
The Netherlands
GUS Holdings B.V.
The Netherlands
GUS Treasury Services B.V.
The Netherlands
CDS\u00a0Holdings\u00a0(NZ)\u00a0Limited
New Zealand
1
Experian New Zealand Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0(AUS)\u00a0Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Holdings\u00a0Limited
New Zealand
1
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Limited
New Zealand
1
illion\u00a0Marketplaces\u00a0(New\u00a0Zealand)\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Marketing\u00a0Services\u00a0Limited
New Zealand
2
illion\u00a0Tenancy\u00a0Limited
New Zealand
1
illion\u00a0Tenderlink\u00a0Limited
New Zealand
1
Experian AS
Norway
1
Experian Gjeldsregister AS
Norway
1
Tapad Norway AS
Norway
2
APC Bur\u00f3, S.A.
Panama
Experian Per\u00fa S.A.C.
Peru
Experian Philippines, Inc
The Philippines
Experian Polska sp\u00f3\u0142ka z ograniczon\u0105
odpowiedzialno\u015bci\u0105*
Poland
Gabi Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
DP Management Pte. Ltd.
Singapore
Experian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
\n\n \n
Company
Country of incorporation
Experian Credit Services Singapore Pte. Ltd.
Singapore
Experian Singapore Pte. Ltd.
Singapore
Compuscan Holdings International (Pty) Ltd
South Africa
1
CSH Group (Pty) Ltd
South Africa
1
Experian South Africa (Pty) Limited
South Africa
2
Axesor Business Process Outsourcing S.L.U.
Spain
1
Axesor Conocer Para Decidir, S.A.
Spain
1
Experian Bureau de Cr\u00e9dito, S.A.
Spain
2
Experian Espa\u00f1a, S.L.U.
Spain
2
Experian Holdings Espa\u00f1a, S.L.U.
Spain
2
Experian Latam Espa\u00f1a Inversiones, S.L.
Spain
3
Experian Switzerland AG
Switzerland
Experian (Thailand) Co., Ltd*
Thailand
Experian Bilgi Hizmetleri Limited \u015eirketi
T\u00fcrkiye
Auto I.D., Inc.
USA
1
BillFixers, LLC
USA
2
CIC Plus, LLC
USA
3
ClarityBlue Inc.
USA
3
Clarity Services, Inc.
USA
2
ConsumerInfo.com, Inc.
USA
4
CSIdentity Corporation
USA
2
CSIdentity Insurance Services, Inc.
USA
6
Employment Tax Servicing, LLC
USA
4
Experian Background Data, Inc.
USA
2
Experian Credit Advisors, Inc.
USA
2
Experian Data Corp
USA
2
Experian Employer Services, Inc.
USA
5
Experian Fraud Prevention Solutions, Inc.
USA
2
Experian Health, Inc.
USA
2
Experian Holdings, Inc.
USA
2
Experian Information Solutions, Inc.
USA
7
Experian Marketing Solutions, LLC
USA
2
Experian Reserved Response, Inc.
USA
2
Experian Services Corp.
USA
2
Frontline eSolutions, LLC
USA
8
Gabi Personal Insurance Agency, Inc.
USA
2
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0(US)\u00a0LLC
USA
3
illion\u00a0Digital\u00a0Tech\u00a0Solutions\u00a0Canada\u00a0Ltd
USA
3
MyExperian, Inc.
USA
2
My Health Direct, Inc.
USA
2
Neuro-ID,\u00a0Inc.
USA
3
Predictive\u00a0Pop,\u00a0Inc.
USA
3
RewardStock, Inc.
USA
2
Statschedules India, LLC
USA
2
String Automotive Solutions, Inc.
USA
2
String Enterprises, Inc.
USA
2
Tapad, Inc.
USA
2
Tax Credit Co, LLC
USA
2
Tayvah, LLC
USA
4
TCC Arizona, LLC
USA
9
TCC Services, LLC
USA
10
The 41st Parameter, Inc.
USA
2
WaveHDC LLC
USA
2
Waveland\u00a0Technologies\u00a0LLC
USA
3
\n
Numeric superscripts refer to registered o\ufb03ce addresses given in note U(ii).
\n
* In voluntary liquidation
\n
** Unincorporated trust, the country of incorporation provided is the principal place of business.
\n\n\n\n\n
(ii) Addresses of registered o\ufb03ces of subsidiary
\n
undertakings
\n\n \n
Country of incorporation
Address of registered o\ufb03ce
Argentina
Olga Cossettini 363, Piso 3, Edi\ufb01cio Yacht VI, Ciudad de
Buenos Aires
Australia
Level 26, 2 Southbank Boulevard, Southbank, VIC 3006
Austria
Strozzigasse 10/14, 1080 Vienna
Brazil
1
Rua Dr. L\u00e9o de Carvalho, No.74, 5th Floor, Suite 505,
Room 2, Ibiza Building, Velha, Blumenau, Santa
Catarina, 89036-239
Brazil
2
Rua Hermann Huscher, 113, sala 01 subsala 06,
District: Vila Formosa, Blumenau, Santa Catarina,
89.023-000
Brazil
3
Avenida Brigadeiro Faria Lima, No. 1306, 6th \ufb02oor, S\u00e3o
Paulo, 01451-914
Brazil
4
Rua Dr. L\u00e9o de Carvalho, No. 74, 5th Floor, Suites 505,
506 and 507, Ibiza Building, Velha, Blumenau, Santa
Catarina, 89036-239
Brazil
5
Alameda Oscar Niemeyer, No. 132, Room 1102, Nova
Lima, Minas Gerais, 34.006-049
Brazil
6
Avenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
da Cidade Complex, Suites 191, 192, 201, 202, 211,
212, 221, 222, 231, 232, 241 e 242, Ch\u00e1cara Santo
Ant\u00f4nio, S\u00e3o Paulo/SP, 04794-000
Brazil
7
Rua Tapaj\u00f3s, 941, 1st \ufb02oor, Bairro Barcelona, S\u00e3o
Caetano do Sul, S\u00e3o Paulo, 09551-230
Bulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
So\ufb01a
Canada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
Chile
1
Av. Andr\u00e9s Bello 2457, Piso 34 C, Santiago
Chile
2
Av el Golf 40 piso, 20 Santiago
Chile
3
Avenida Presidente Riesco #5561, O\ufb01cina #402, Las
Condes, Santiago, 7561127
China
1
Room 604 6F, One Indigo, 20 Jiuxianqiao Road,
Chaoyang District, Beijing, 100015
China
2
Room 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
China
3
31/F., Tower Two, Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong
China
4
Room 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
Colombia
Carrera 7, No. 76 -35 Floor 10, Bogota
Costa Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
San Jos\u00e9 Province, San Jos\u00e9
Denmark
1
Lyngbyvej 2, DK-2100, Copenhagen
Denmark
2
Krumstappen 4, St. 2500 VALBY
England and Wales
The Sir John Peace Building, Experian Way, NG2
Business Park, Nottingham, NG80 1ZZ
eSwatini
c/o PricewaterhouseCoopers, Rhus O\ufb03ce Park, Kal
Grant Street, Mbabane
France
19 boulevard Malesherbes, 75008 Paris
Germany
1
Edisonstra\u00dfe 19, 74076, Heilbronn
Germany
2
Hammfelddamm 13, 41460 Neuss
Germany
3
Rheinstra\u00dfe 99, 76532, Baden-Baden
Germany
4
Kreuzberger Ring 68, 65205, Wiesbaden
Germany
5
Walther-von-Cronberg-Platz 13, 60594 Frankfurt a.
Main
Guernsey
PO Box 155, Mill Court, La Charroterie, St Peter Port,
GY1 4ET
India
1
1108 Hubtown Solaris, N. S. Phadke Road, Andheri
(East), Mumbai 400069
India
2
5th Floor, East Wing, Tower 3, Equinox Business Park,
LBS Marg, Kurla (West), Mumbai, 400070
\n\n \n
Country of incorporation
Address of registered o\ufb03ce
Indonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
Kav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
Kota Adm. Jakarta Selatan, DKI Jakarta
Ireland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
Italy
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
Japan
1-1-1 Otemachi, Chiyoda-ku, Tokyo
Lesotho
Plot No. 582, Ha Hoohlo Extension, Maseru
Malaysia
Level 13, Menara 1 Sentrum, 201, Jalan Tun
Sambanthan, Brick\ufb01elds, 50470 Kuala Lumpur
Mexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
Hidalgo, Ciudad de M\u00e9xico, CP 11040
Monaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
27 et 30, MC98000
Mozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
13\u00b0, Maputo
The Netherlands
Grote Marktstraat 49, 2511BH\u2019s-Gravenhage
New Zealand
1
Bell Gully, Deloitte Centre, Level 5, 1 Queen Street,
Auckland, 1010
New Zealand
2
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
1021
Norway
1
Professor Kohts vei 9, 1366 Lysaker, B\u00e6rum
Norway
2
5.etg. Edvard Storms gate, 20166, Oslo
Panama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
3845, 4to Piso, Ciudad de Panam\u00e1
Peru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
The Philippines
25th Floor Philam Life Tower, 8767 Paseo de Roxas,
Makati City
Poland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
Singapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
339510
South Africa
1
Experian House, 3 Neutron Avenue, Techno Park,
Stellenbosch, 7600
South Africa
2
Experian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
Drive, Bryanston, Sandton, 2021
Spain
1
Calle Graham Bell, s/n, Edi\ufb01cio Axesor, Parque
Empresarial San Isidro, C.P. 18100, Armilla
Spain
2
C/Principe de Vergara 132, 2a Planta, 28002, Madrid
Spain
3
Principe de Vergara 131 1\u00b0, Madrid
Switzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
Thailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
Kwang, Bangkok
T\u00fcrkiye
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8
Levent 34394 \u0130stanbul
USA
1
The Corporation Trust Company, 1209 Orange Street,
Wilmington DE 19801
USA
2
C T Corporation, 300 Montvue Road, Knoxville TN
37919-5546
USA
3
475 Anton Boulevard, Costa Mesa, CA 92626
USA
4
C T Corporation System, 818 West 7th Street, Los
Angeles, CA 90017
USA
5
C T Corporation System, 155 Federal Street, Ste 700,
Boston Massachusetts 02110
USA
6
208 South LaSalle St., Ste 814 Chicago IL 60604
USA
7
4400 Easton Commons Way, Ste 125, Columbus Ohio
43219
USA
8
3026 Woodbridge Lane, Canton, GA 30114
USA
9
2711 Centerville Rd Ste 400, Wilmington DE 19808
USA
10
255 W Sunset Blvd. Ste, 2200 Los Angeles CA 90028
\n
Numeric superscripts refer to subsidiary undertakings given in note U(i).
(iii) Additional information on subsidiary
undertakings
Summary
The results of the undertakings listed at note U(i) are included in the
Group \ufb01nancial statements. Except as indicated below, the Company
has direct or indirect interests in the whole of the issued equity shares
of these undertakings. Undertakings which are direct subsidiaries of
the Company are detailed in note N to these \ufb01nancial statements.
Since demerger from GUS plc in 2006, the Company has
eliminated dormant and inactive companies through an ongoing
internal programme.
Holdings comprising less than 100%
Interests of less than 100% of the issued equity of subsidiary
undertakings are:
APC Bur\u00f3, S.A. \u2013 70.0%
DP Management Pte Ltd \u2013 51.0%
Experian Australia Credit Services Pty Ltd \u2013 99.89%
Experian Chile S.A. \u2013 66.7%
Experian Colombia S.A. \u2013 99.9%
Experian Credit Information Company of India Private Limited \u2013 66.72%
Experian Italia S.p.A. \u2013 95.35%
Experian Information Services (Malaysia) Sdn. Bhd. \u2013 74.0%
Experian Sistema de Informacao de Credito S.A. \u2013 90.0%
Experian South Africa (Pty) Limited \u2013 87.5%
Mova Sociedade de Empr\u00e9stimo Entre Pessoas S.A. \u2013 51.0%
Serasa S.A. \u2013 99.8%
Holdings comprising other than ordinary shares, common stock or
common shares
The Company\u2019s equity interests comprise direct or indirect holdings
of ordinary shares, common stock or common shares only, except as
listed below:
Experian Europe and Middle East Limited, Experian Soluciones de
Informacion, S.A. de C.V., GUS 2004 Limited and GUS Investments 2003
Unlimited Company \u2013 A ordinary and B ordinary shares
GUS International \u2013 B ordinary shares
GUS 2000 Unlimited \u2013 X ordinary and Y ordinary shares
Experian Holdings, Inc. \u2013 class A and B common stock
Experian Information Solutions Inc. \u2013 common no par value shares
Experian Services Corp. \u2013 common no par value shares ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00632": { "value": "(iv) Associate undertakings \n \n
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00659": { "value": "(v) Other undertakings \n \n
Country of incorporation
Undertaking
or operation
Brigstock Finance Limited*
England and Wales
Experian Medical Plan Limited
England and Wales
Experian Pension Scheme
England and Wales
Experian Retirement Savings Plan
England and Wales
Experian Retirement Savings Trustees Limited
England and Wales
Experian Trustees Limited
England and Wales
Experian UK Approved All-Employee Share Plan
England and Wales
The Pension and Life Assurance Plan of Sanderson
Systems Limited
England and Wales
Versorgungsordnung der Barclays Industrie Bank
GmbH vom April 1988 (incl. amendments)
Germany
The Experian Ireland Limited Pension Plan
Ireland
The Experian plc Employee Share Trust
Jersey
* In voluntary liquidation
These undertakings are not subsidiaries or associates. Brigstock
Finance Limited is a \ufb01nance company. The other undertakings
operate in connection with the Group\u2019s share incentive plans, pension
arrangements in Germany, Ireland and the UK, and the provision of
medical cover in the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "2025-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }