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}
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}
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}
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}
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}
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}
},
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}
},
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},
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},
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},
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},
"f16490": {
"value": "Consolidated statement of cash \ufb02owsFOR THE YEAR ENDED 31 DECEMBER 2022 Note
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\nrestated
\n1
\n\u00a3m
\nOperating activities
\nPro\ufb01t for the year from continuing operations
95.6
76.1
\nPro\ufb01t for the year from discontinued operations
9
1.1
5.7
\nAdjustments for:
\nDepreciation \u2013 property, plant and equipment
30.3
30.1
\nDepreciation \u2013 right-of-use assets
7.8
7.9
\nAmortisation
4.7
6.0
\nNet \ufb01nancing costs
7
9.2
9.2
\nPro\ufb01t on disposal of business
2,6
(0.4)
(7.1)
\nNon-cash speci\ufb01c adjusting items included in operating pro\ufb01t
6.6
10.4
\nShare of pro\ufb01t from associate (net of income tax)
\u2013
(0.4)
\n(Pro\ufb01t)/loss on sale of property, plant and equipment
(0.3)
0.3
\nIncome tax expense
8
36.0
28.2
\nEquity-settled share-based payment expense
4
5.1
4.5
\nCash generated from operations before changes in working capital and provisions
195.7
170.9
\nIncrease in trade and other receivables
(26.5)
(17.2)
\nIncrease in inventories
(25.2)
(20.1)
\nIncrease in trade and other payables
7.0
28.3
\nDecrease in provisions
(4.9)
(5.8)
\nPayments to de\ufb01ned bene\ufb01t pension plans (net of IAS 19 pension charges)
22
(85.9)
(16.9)
\nCash generated from operations
60.2
139.2
\nInterest paid \u2013 borrowings and overdrafts
(7.0)
(6.1)
\nInterest paid \u2013 lease liabilities
(2.4)
(2.3)
\nIncome tax paid
(31.8)
(25.4)
\nNet cash from operating activities
19.0
105.4
\nInvesting activities
\nPurchase of property, plant and equipment and software
(58.0)
(31.6)
\nPurchase of investments
\u2013
(0.9)
\nAcquisition of business assets
2
\u2013
(1.9)
\nProceeds from sale of property, plant and equipment
0.6
5.5
\nInterest received
1.6
0.8
\nDisposal of investments
2
0.4
14.2
\nDisposal of subsidiaries, net of cash disposed
2
\u2013
0.8
\nNet cash from investing activities
(55.4)
(13.1)
\nFinancing activities
\nPurchase of own shares for share incentive schemes
19
(2.9)
(5.9)
\nProceeds from exercise of share options
19
0.5
0.3
\nIncrease in borrowings
17
113.3
27.3
\nReduction and repayment of borrowings
17
(39.0)
(99.6)
\nPayment of lease liabilities
17
(9.0)
(8.6)
\nDividends paid to shareholders of the Company
(31.6)
(19.1)
\nDividends paid to non-controlling interests
(7.9)
(6.6)
\nPurchase of shares from non-controlling interest
\u2013
\u2013
\nNet cash from \ufb01nancing activities
23.4
(112.2)
\nNet decrease in cash and cash equivalents
(13.0)
(19.9)
\nCash and cash equivalents at start of the year
127.3
147.8
\nEffect of exchange rate \ufb02uctuations on cash held
3.4
(0.6)
\nCash and cash equivalents at year end
17
117.7
127.3
\n1. Comparative information has been restated to present the increase and reduction in borrowings separately.
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},
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
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},
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
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},
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
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"decimals": -5,
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
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},
"f16538": {
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"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
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},
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"dimensions": {
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
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"unit": "iso4217:GBP"
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"f16543": {
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
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"dimensions": {
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"dimensions": {
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},
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},
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},
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"entity": "scheme:I4K14LL95N2PHDL7EG85",
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"f16754": {
"value": "1. Signi\ufb01cant accounting policies, estimates and judgements Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies
\nAct and is headquartered in the UK. The address of the registered of\ufb01ce is given in Shareholder information on page 208.
\nThe principal activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic
\nReport on pages 2\u201359.
\nThe Group\u2019s \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), and include
\nthe Group\u2019s interest in associates. The Parent Company \ufb01nancial statements present information about the Company as a separate entity
\nand not about its Group. These consolidated \ufb01nancial statements have been drawn up to 31 December 2022. The Group maintains
\na 12-month calendar \ufb01nancial year ending on 31 December.
\nThe Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with the requirements of the
\nCompanies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
\nprepare its Parent Company \ufb01nancial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
\nthese are presented on pages 186\u2013204.
\nExcept for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
\napplied consistently to all periods presented in these Group \ufb01nancial statements.
\nSigni\ufb01cant accounting policies
\nMeasurement convention
\nThe \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair
\nvalue: derivative \ufb01nancial instruments and \ufb01nancial instruments designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
\nFunctional and presentation currency
\nThe Group\u2019s \ufb01nancial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
\nBasis of consolidation
\n(i) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.
\n(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
\n(iii) Associates
\nAssociates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.
\n(iv) Transactions eliminated on consolidation
\nIntra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated
\nin preparing the consolidated \ufb01nancial statements. Unrealised gains arising from transactions with associates are eliminated against the
\ninvestment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
\nbut only to the extent that there is no evidence of impairment.
\n
\nForeign currency
\n(i) Foreign currency transactions
\nTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
\nliabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
\nat that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
\n(ii) Financial statements of foreign operations
\nThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
\npounds sterling at foreign exchange rates ruling at the balance sheet date. The revenues, expenses and cash \ufb02ows of foreign operations
\nare translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
\ndates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
\ncomprehensive income and accumulated in the translation reserve.
\nSpeci\ufb01c adjusting items
\nThe Group uses speci\ufb01c adjusting items, which are not de\ufb01ned or speci\ufb01ed under IFRS. These speci\ufb01c adjusting items, which are not
\nconsidered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement the Group
\npresents speci\ufb01c adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be
\ndisclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the \ufb01nancial
\ninformation and an indication of the underlying performance of the Group.
\nRevenue
\nRevenue is recognised when or as the Group satis\ufb01es a performance obligation by transferring a promised good or service to a customer.
\nThe Group\u2019s principal performance obligation is the provision of products and components, and is satis\ufb01ed at a point in time and subject
\nto payment terms typical to the geography in which the business operates. Products and components are transferred when the customer
\nobtains control of the goods. For goods that are collected by the customer, revenue is recognised at the point the customer has taken
\nphysical possession of the goods. For contracts that include delivery of goods, the delivery element of the contract constitutes a separate
\nperformance obligation because it is distinct. For these contracts, control of the goods does not transfer to the customer until the goods
\nhave been delivered and therefore both performance obligations are satis\ufb01ed simultaneously. Revenue for these contracts is therefore
\nrecognised on delivery.
\nSubstantially all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
\nportion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Ceramics global business unit. Revenue
\nfor these contracts is recognised in line with ful\ufb01lment of contractual performance obligations stated in the contract and is not signi\ufb01cant;
\nconsequently (except for trade receivables) the Group does not have signi\ufb01cant assets or liabilities relating to its contracts with customers.
\nRevenue is only recognised to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of cumulative revenue recognised
\nwill not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
\nrebates, discounts and similar items. Determining the transaction price does not require signi\ufb01cant judgement. The costs incurred in
\nobtaining contracts are not material. The Group acts as a principal in its transactions with customers. In 2022, there were no material
\nadjustments to revenue which related to performance obligations satis\ufb01ed in the previous year.
\nIFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
\namount, timing and uncertainty of revenue and cash \ufb02ows are affected by economic factors. The Group discloses revenue disaggregated
\nby geography, end-market and by global business unit, which are aligned by product type, in note 3 to the consolidated \ufb01nancial
\nstatements.
\nResearch and development
\nThe Group\u2019s research and development expenditure is widely dispersed with no individually material projects. It is often some time into
\na project before the Group is able to test technical or commercial feasibility and therefore whether the Group will continue to fund any
\nindividual project, as such materially all of the Group\u2019s expenditure is recognised in the income statement as an expense as incurred.
\nDevelopment activities are capitalised when research \ufb01ndings are applied to a plan or design for the production of new or substantially
\nimproved products and processes and relate to a product or process that is technically and commercially feasible, and when the Group
\nhas suf\ufb01cient resources to complete development, use and sale of products or processes. Capitalised development expenditure is stated
\nat cost less accumulated amortisation and impairment losses.
\n\n
\n
\nFinance income and expense
\nNet \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.
\nTaxation
\nIncome tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
\nor other comprehensive income.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
\nsheet date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
\nassets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
\ncan be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\nDiscontinued operations
\nWhere the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
\nHedge accounting
\nThe Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.
\nProperty, plant and equipment
\n(i) Owned assets
\nItems of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost
\nof self-constructed assets includes the cost of materials, direct labour, and an appropriate proportion of production overheads.
\nWhere parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
\nplant and equipment.
\nGains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
\ncarrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs
\nbefore amortisation of intangible assets\u2019 in the income statement.
\n(ii) Depreciation of owned assets
\nDepreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
\nPlant, equipment and \ufb01xtures 3-20 years
\nLeasing
\nThe Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset
\nand a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (de\ufb01ned as
\nleases with a lease term of 12 months or less) and leases of low value assets (de\ufb01ned as leases of a value of less than USD5,000 at lease
\ncommencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
\nterm of the lease.
\n(i) Lease liabilities
\nThe lease liability is initially measured at the present value of future lease payments, discounted by using the rate implicit in the lease or,
\nwhere the rate cannot be readily determined, an incremental borrowing rate. The lease payments included in the lease liability comprise
\n\ufb01xed lease payments, variable payments that depend on an index or rate and any payments due under lease extension, termination or
\npurchase options to the extent they are assessed as reasonably certain.
\nThe lease liability is subsequently measured by using the effective interest method and by reducing the carrying amount to re\ufb02ect the
\nlease payments made.
\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever there is
\na lease modi\ufb01cation, a change in lease term or there is a signi\ufb01cant event or change in circumstances resulting in a change in the assessment
\nor exercise of other lease variables, such as purchase options. A remeasurement will also occur when the lease payments change due to
\nchanges in index rates.
\n\n
\n
\n(ii) Right-of-use assets
\nThe right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
\ncommencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
\ndepreciation and impairment losses.
\nWhenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
\nrestore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
\nunder IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
\nthose costs are incurred to produce inventories.
\n(iii) Depreciation of right-of-use assets
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts
\nat the commencement date of the lease.
\nGoodwill
\nAll business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
\nOther intangible assets
\nOther intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
\nthis does not result in the creation of an asset which the Group has control over, then these costs are expensed.
\nImpairment of non-\ufb01nancial assets, excluding goodwill
\nThe carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.
\nInvestments in equity securities
\nInvestments in equity securities held by the Group are classi\ufb01ed as fair value through other comprehensive income (\u2018FVOCI\u2019) and are
\nstated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
\nThe gains or losses arising from changes in fair value are recognised in other comprehensive income until the security is disposed of,
\nat which time the cumulative gain or loss previously recognised in other comprehensive income and accumulated in the FVOCI reserve
\nis transferred to retained earnings.
\nInventories
\nInventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course
\nof business, less the estimated costs of completion and selling expenses.
\nThe cost of inventories is based on the \ufb01rst-in-\ufb01rst-out principle and includes expenditure incurred in acquiring the inventories and
\nbringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
\nappropriate share of overheads based on normal operating capacity.
\nTrade and other receivables
\nTrade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.
\nCash and cash equivalents
\nCash and cash equivalents comprise cash balances and call deposits. Short-term deposits include demand deposits and short-term
\nhighly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
\nmanagement are included as a component of borrowings for the purpose of the Group statement of cash \ufb02ows.
\nTrade and other payables
\nTrade and other payables are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost
\nusing the effective interest method.
\nBorrowings
\nBorrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
\nat amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
\nthe borrowings on an effective interest basis.
\nFinancial instruments issued by the Group
\nFinancial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.
\nPensions and other long-term service bene\ufb01ts
\n(i) De\ufb01ned contribution plans
\nFor de\ufb01ned contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
\nhas no further payment obligations once the contributions have been paid. Obligations for contributions to de\ufb01ned contribution pension
\nplans are recognised as an expense in the income statement as incurred.
\n\n
\n
\n(ii) De\ufb01ned bene\ufb01t plans
\nA de\ufb01ned bene\ufb01t plan is any retirement plan which is not a de\ufb01ned contribution plan. Typically, de\ufb01ned bene\ufb01t plans de\ufb01ne an amount of
\nretirement bene\ufb01t that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
\nThe Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount
\nof future bene\ufb01t that employees have earned in return for their service in the current and prior periods; that bene\ufb01t is discounted to
\ndetermine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by
\na quali\ufb01ed actuary using the projected unit credit method.
\nWhen the calculation results in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts
\navailable in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available
\nto the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
\nbetween the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
\ncomprehensive income in the year in which they arise.
\n(iii) Long-term service bene\ufb01ts
\nThe Group\u2019s net obligation in respect of long-term service bene\ufb01ts, other than pension plans, is the amount of future bene\ufb01t that
\nemployees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit
\ncredit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
\nThe discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of
\nthe Group\u2019s obligations.
\nShare-based payment transactions
\nThe grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
\nin equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
\nadjusted to re\ufb02ect the actual number of awards for which the related service and non-market performance conditions are met, such that
\nthe amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\nperformance conditions at the vesting date.
\nProvisions, contingent liabilities and contingent assets
\nA provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.
\nPreference share capital
\nPreference share capital is classi\ufb01ed as a \ufb01nancial liability within borrowings if the substance of the shares does not contain an equity
\nelement. Dividends on Preference share capital are classi\ufb01ed as \ufb01nance charges within the consolidated income statement.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity.
\nWhen share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs,
\nis net of any tax effects, and is recognised as a deduction from equity. Repurchased shares and the purchase of own shares by The Morgan
\nGeneral Employee Bene\ufb01t Trust (\u2018the Trust\u2019) are presented as a deduction from total equity.
\nDividends
\nEquity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s \ufb01nancial statements on the date that the
\nshareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is
\nno present obligation at the balance sheet date.
\nCritical accounting judgements and key sources of estimation uncertainty
\nIn preparing these consolidated \ufb01nancial statements, management has made judgements, estimates and assumptions that affect the
\napplication of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
\ndiffer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
\nCritical accounting judgements
\nInformation about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognised in
\nthe consolidated \ufb01nancial statements is included in the following notes:
\nNote 6: Speci\ufb01c adjusting items
\nThe Group separately presents speci\ufb01c adjusting items in the consolidated income statement which, in the Directors\u2019 judgement, need
\nto be disclosed separately by virtue of their size and incidence in order for users of the consolidated \ufb01nancial statements to obtain an
\nalternative understanding of the \ufb01nancial information and the underlying performance of the business. These are items which occur
\ninfrequently and include (but are not limited to):
\nindividual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur
\nimpairment of non-\ufb01nancial assets which are material
\ngains or losses on disposal or exit of businesses
\nsigni\ufb01cant costs incurred as part of the integration of an acquired business
\ngains or losses arising on signi\ufb01cant changes to or closures of de\ufb01ned bene\ufb01t pension plans.
\nDetermining whether an item is part of speci\ufb01c adjusting items requires judgement to determine the nature and the intention of
\nthe transaction.
\nNote 24: Provisions and contingent liabilities
\nDue to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
\nwhether a contingent liability has crystallised into a provision. Management assesses whether there is suf\ufb01cient information to determine
\nthat an environmental liability exists and whether it is possible to estimate with suf\ufb01cient reliability what the cost of remediation is likely to
\nbe. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
\nor suf\ufb01cient information becomes available through the study to estimate the costs of remediation.
\nThe Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
\non past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
\nutilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the outcome of various court proceedings and
\nassociated negotiations.
\nKey sources of estimation uncertainty
\nThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
\nsigni\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are included
\nin the notes below.
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identi\ufb01ed by management, are disclosed
\nin the Group\u2019s TCFD disclosures on pages 38 and 39. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed
\nrisks, primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
\nassets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material \ufb01nancial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated \ufb01nancial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory
\nand other factors outside of the Group\u2019s control which are not all currently known.
\nNote 22: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
\nThe principal actuarial assumptions applied to pensions are shown in note 22, including a sensitivity analysis. The actuarial evaluation of
\npension assets and liabilities is based on assumptions in respect of in\ufb02ation, future salary increases, discount rates, returns on investments
\nand mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a signi\ufb01cant
\nimpact on the net pension liability included in the balance sheet.
\nThe Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\nbene\ufb01ts that arise from GMPs being unequal between men and women. A project to equalise members\u2019 bene\ufb01ts in the Morgan Pension
\nScheme is currently being progressed by a Joint Trustee and Employer Working Group.
\n\n
\n
\nNote 24: Environmental provisions and contingent liabilities
\nProvisions for environmental costs are estimated based on current legal and constructive requirements. Actual costs and cash out\ufb02ows
\ncan differ from current estimates because of changes in underlying factors including laws and regulations, public expectations, prices,
\nmore detailed analysis of site conditions and innovations in clean-up technology. The ultimate requirement for remediation and its costs
\nare inherently dif\ufb01cult to estimate. Amounts provided are the Group\u2019s best estimate of exposure based on currently available information.
\nAlthough at present no additional costs of environmental issues have been identi\ufb01ed beyond our best estimate, future possible costs that
\nare not provided for could be material to the Group\u2019s results in the period in which they are recognised. However, we do not expect
\nthese costs to have a material impact on the Group\u2019s \ufb01nancial position or liquidity.
\nNote 6: Impairment of non-\ufb01nancial assets (excluding goodwill)
\nIn addition to the impairment assessment of goodwill management also monitors the performance of individual assets and cash-generating
\nunits. Where indicators of impairment exist, an impairment review on those assets or cash-generating units is performed.
\nFor assets or cash-generating units which the business continues to use, the review process relies on the use of estimates of the future
\npro\ufb01tability and cash \ufb02ows which may differ from the actual results delivered.
\nWhere non-\ufb01nancial assets or cash-generating units are not utilised by the business and will not be utilised in the future they are written
\ndown to their recoverable amount. There is a lower level of judgement associated with these impairments.
\nOther assumptions and estimates which have a lower risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next 12 months include:
\nNotes 8 and 14: Taxation
\nThe level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
\njudgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
\nthe Group operates.
\nThe Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
\nThe Group records its best estimate of these tax liabilities, including related interest charges. Whilst management believes it has adequately
\nprovided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the \ufb01nal
\noutcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
\nagainst individual exposures taking into account the speci\ufb01c circumstances of each case, including the strengths of technical arguments,
\npast experience with tax authorities, recent case law or rulings on similar issues and external advice received.
\nNote 21: Credit risk
\nNote 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
\nallowance for its estimate of expected credit losses against receivables.
\nGoing concern
\nThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
\nthe Strategic Report on pages 2 to 59. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities, are
\ndescribed in the Financial Review on pages 50 to 54. In addition, note 21 to the consolidated \ufb01nancial statements includes the Group\u2019s
\npolicies and processes for managing \ufb01nancial risk, details of its \ufb01nancial instruments and hedging activities and details of its exposures to
\ncredit risk and liquidity risk.
\nThe Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group\u2019s
\n\u00a3230.0 million unsecured multi-currency revolving credit facility, which matures in November 2027. As at 31 December 2022, the Group
\nhad both signi\ufb01cant available liquidity and headroom on its covenants. Total committed borrowing facilities were \u00a3418.3 million. The
\namount drawn under these facilities was \u00a3264.3 million, which together with net cash and cash equivalents of \u00a3116.2 million, gave a total
\nheadroom of \u00a3270.3 million. The multi-currency revolving credit facility was \u00a376.0 million drawn. \u00a334.5 million of senior notes are due
\nto mature in October 2023.
\nThe principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt to
\nEBITDA of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures de\ufb01ned in the facilities agreements
\nwhich are adjusted from the equivalent IFRS amounts.
\nThe Group has carefully modelled its cash \ufb02ow outlook, taking account of reasonably possible changes in trading performance, exchange
\nrates and plausible downside scenarios, including the impact of the cyber security incident on 2023 cash\ufb02ows. This review indicated
\nthat there was suf\ufb01cient headroom and liquidity for the business to continue for the 18-month period based on the facilities available
\nas discussed in note 21 to the \ufb01nancial statements. The Group was also expected to be in compliance with the required covenants
\ndiscussed above.
\nThe Board has also reviewed the Group\u2019s reverse stress testing performed to demonstrate how much headroom is available on covenant
\nlevels in respect of changes in net debt, EBITDA, and underlying revenue. Based on this assessment, a combined reduction in EBITDA of
\n40% and an increase in net debt of 45% would still allow the Group to operate within its \ufb01nancial covenants. The Directors do not
\nconsider either of these scenarios to be plausible given the diversity of the Group\u2019s end-markets and its broad manufacturing base.
\nThe Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing
\noperational and \ufb01nancial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are
\nidenti\ufb01ed and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it
\nwill impact the Group\u2019s ability to operate as a going concern for the period under consideration.
\nThe Board fully recognises the challenges that lie ahead but, after making enquiries, and in the absence of any material uncertainties, the
\nDirectors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence
\nfor a period of 18 months from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern
\nbasis in preparing the Annual Report and Accounts.
\nNon-GAAP measures
\nWhere non-GAAP measures have been referenced these have been identi\ufb01ed by an asterisk (
\n*
\n) where they appear in text, and by
\na footnote where they appear in tables in this Report. Further details can be found in the De\ufb01nitions and reconciliations of non-GAAP
\nmeasures to GAAP measures section on pages 57 to 59.
\nNewly adopted standards
\nThere were no new standards applicable to the Group in the year.
\nAccounting developments and changes
\nNew accounting standards in issue but not yet effective
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\nIFRS 17 Insurance Contracts
\nAmendments to IFRS 17 \u2013 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\nAmendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or Non-current
\nAmendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\nAmendments to IAS 8 \u2013 De\ufb01nition of Accounting Estimates
\nAmendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\nThe adoption of the above standards and interpretations is not expected to lead to any material changes to the Group\u2019s accounting policies
\nor have any other material impact on the \ufb01nancial position or performance of the Group.
\nThere are no other upcoming accounting standards or amendments that are applicable to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16755": {
"value": "1. Signi\ufb01cant accounting policies, estimates and judgements Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies
\nAct and is headquartered in the UK. The address of the registered of\ufb01ce is given in Shareholder information on page 208.
\nThe principal activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic
\nReport on pages 2\u201359.
\nThe Group\u2019s \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), and include
\nthe Group\u2019s interest in associates. The Parent Company \ufb01nancial statements present information about the Company as a separate entity
\nand not about its Group. These consolidated \ufb01nancial statements have been drawn up to 31 December 2022. The Group maintains
\na 12-month calendar \ufb01nancial year ending on 31 December.
\nThe Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with the requirements of the
\nCompanies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
\nprepare its Parent Company \ufb01nancial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
\nthese are presented on pages 186\u2013204.
\nExcept for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
\napplied consistently to all periods presented in these Group \ufb01nancial statements.
\nSigni\ufb01cant accounting policies
\nMeasurement convention
\nThe \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair
\nvalue: derivative \ufb01nancial instruments and \ufb01nancial instruments designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
\nFunctional and presentation currency
\nThe Group\u2019s \ufb01nancial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
\nBasis of consolidation
\n(i) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.
\n(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
\n(iii) Associates
\nAssociates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.
\n(iv) Transactions eliminated on consolidation
\nIntra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated
\nin preparing the consolidated \ufb01nancial statements. Unrealised gains arising from transactions with associates are eliminated against the
\ninvestment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
\nbut only to the extent that there is no evidence of impairment.
\n\n\n
\nForeign currency
\n(i) Foreign currency transactions
\nTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
\nliabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
\nat that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
\n(ii) Financial statements of foreign operations
\nThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
\npounds sterling at foreign exchange rates ruling at the balance sheet date. The revenues, expenses and cash \ufb02ows of foreign operations
\nare translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
\ndates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
\ncomprehensive income and accumulated in the translation reserve.
\nSpeci\ufb01c adjusting items
\nThe Group uses speci\ufb01c adjusting items, which are not de\ufb01ned or speci\ufb01ed under IFRS. These speci\ufb01c adjusting items, which are not
\nconsidered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement the Group
\npresents speci\ufb01c adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be
\ndisclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the \ufb01nancial
\ninformation and an indication of the underlying performance of the Group.
\nRevenue
\nRevenue is recognised when or as the Group satis\ufb01es a performance obligation by transferring a promised good or service to a customer.
\nThe Group\u2019s principal performance obligation is the provision of products and components, and is satis\ufb01ed at a point in time and subject
\nto payment terms typical to the geography in which the business operates. Products and components are transferred when the customer
\nobtains control of the goods. For goods that are collected by the customer, revenue is recognised at the point the customer has taken
\nphysical possession of the goods. For contracts that include delivery of goods, the delivery element of the contract constitutes a separate
\nperformance obligation because it is distinct. For these contracts, control of the goods does not transfer to the customer until the goods
\nhave been delivered and therefore both performance obligations are satis\ufb01ed simultaneously. Revenue for these contracts is therefore
\nrecognised on delivery.
\nSubstantially all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
\nportion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Ceramics global business unit. Revenue
\nfor these contracts is recognised in line with ful\ufb01lment of contractual performance obligations stated in the contract and is not signi\ufb01cant;
\nconsequently (except for trade receivables) the Group does not have signi\ufb01cant assets or liabilities relating to its contracts with customers.
\nRevenue is only recognised to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of cumulative revenue recognised
\nwill not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
\nrebates, discounts and similar items. Determining the transaction price does not require signi\ufb01cant judgement. The costs incurred in
\nobtaining contracts are not material. The Group acts as a principal in its transactions with customers. In 2022, there were no material
\nadjustments to revenue which related to performance obligations satis\ufb01ed in the previous year.
\nIFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
\namount, timing and uncertainty of revenue and cash \ufb02ows are affected by economic factors. The Group discloses revenue disaggregated
\nby geography, end-market and by global business unit, which are aligned by product type, in note 3 to the consolidated \ufb01nancial
\nstatements.
\nResearch and development
\nThe Group\u2019s research and development expenditure is widely dispersed with no individually material projects. It is often some time into
\na project before the Group is able to test technical or commercial feasibility and therefore whether the Group will continue to fund any
\nindividual project, as such materially all of the Group\u2019s expenditure is recognised in the income statement as an expense as incurred.
\nDevelopment activities are capitalised when research \ufb01ndings are applied to a plan or design for the production of new or substantially
\nimproved products and processes and relate to a product or process that is technically and commercially feasible, and when the Group
\nhas suf\ufb01cient resources to complete development, use and sale of products or processes. Capitalised development expenditure is stated
\nat cost less accumulated amortisation and impairment losses.
\n\n
\n
\nFinance income and expense
\nNet \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.
\nTaxation
\nIncome tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
\nor other comprehensive income.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
\nsheet date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
\nassets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
\ncan be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\nDiscontinued operations
\nWhere the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
\nHedge accounting
\nThe Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.
\nProperty, plant and equipment
\n(i) Owned assets
\nItems of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost
\nof self-constructed assets includes the cost of materials, direct labour, and an appropriate proportion of production overheads.
\nWhere parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
\nplant and equipment.
\nGains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
\ncarrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs
\nbefore amortisation of intangible assets\u2019 in the income statement.
\n(ii) Depreciation of owned assets
\nDepreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
\nPlant, equipment and \ufb01xtures 3-20 years
\nLeasing
\nThe Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset
\nand a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (de\ufb01ned as
\nleases with a lease term of 12 months or less) and leases of low value assets (de\ufb01ned as leases of a value of less than USD5,000 at lease
\ncommencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
\nterm of the lease.
\n(i) Lease liabilities
\nThe lease liability is initially measured at the present value of future lease payments, discounted by using the rate implicit in the lease or,
\nwhere the rate cannot be readily determined, an incremental borrowing rate. The lease payments included in the lease liability comprise
\n\ufb01xed lease payments, variable payments that depend on an index or rate and any payments due under lease extension, termination or
\npurchase options to the extent they are assessed as reasonably certain.
\nThe lease liability is subsequently measured by using the effective interest method and by reducing the carrying amount to re\ufb02ect the
\nlease payments made.
\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever there is
\na lease modi\ufb01cation, a change in lease term or there is a signi\ufb01cant event or change in circumstances resulting in a change in the assessment
\nor exercise of other lease variables, such as purchase options. A remeasurement will also occur when the lease payments change due to
\nchanges in index rates.
\n\n
\n
\n(ii) Right-of-use assets
\nThe right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
\ncommencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
\ndepreciation and impairment losses.
\nWhenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
\nrestore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
\nunder IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
\nthose costs are incurred to produce inventories.
\n(iii) Depreciation of right-of-use assets
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts
\nat the commencement date of the lease.
\nGoodwill
\nAll business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
\nOther intangible assets
\nOther intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
\nthis does not result in the creation of an asset which the Group has control over, then these costs are expensed.
\nImpairment of non-\ufb01nancial assets, excluding goodwill
\nThe carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.
\nInvestments in equity securities
\nInvestments in equity securities held by the Group are classi\ufb01ed as fair value through other comprehensive income (\u2018FVOCI\u2019) and are
\nstated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
\nThe gains or losses arising from changes in fair value are recognised in other comprehensive income until the security is disposed of,
\nat which time the cumulative gain or loss previously recognised in other comprehensive income and accumulated in the FVOCI reserve
\nis transferred to retained earnings.
\n\n\n
\nInventories
\nInventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course
\nof business, less the estimated costs of completion and selling expenses.
\nThe cost of inventories is based on the \ufb01rst-in-\ufb01rst-out principle and includes expenditure incurred in acquiring the inventories and
\nbringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
\nappropriate share of overheads based on normal operating capacity.
\nTrade and other receivables
\nTrade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.
\nCash and cash equivalents
\nCash and cash equivalents comprise cash balances and call deposits. Short-term deposits include demand deposits and short-term
\nhighly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
\nmanagement are included as a component of borrowings for the purpose of the Group statement of cash \ufb02ows.
\nTrade and other payables
\nTrade and other payables are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost
\nusing the effective interest method.
\nBorrowings
\nBorrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
\nat amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
\nthe borrowings on an effective interest basis.
\nFinancial instruments issued by the Group
\nFinancial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.
\nPensions and other long-term service bene\ufb01ts
\n(i) De\ufb01ned contribution plans
\nFor de\ufb01ned contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
\nhas no further payment obligations once the contributions have been paid. Obligations for contributions to de\ufb01ned contribution pension
\nplans are recognised as an expense in the income statement as incurred.
\n\n
\n
\n(ii) De\ufb01ned bene\ufb01t plans
\nA de\ufb01ned bene\ufb01t plan is any retirement plan which is not a de\ufb01ned contribution plan. Typically, de\ufb01ned bene\ufb01t plans de\ufb01ne an amount of
\nretirement bene\ufb01t that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
\nThe Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount
\nof future bene\ufb01t that employees have earned in return for their service in the current and prior periods; that bene\ufb01t is discounted to
\ndetermine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by
\na quali\ufb01ed actuary using the projected unit credit method.
\nWhen the calculation results in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts
\navailable in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available
\nto the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
\nbetween the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
\ncomprehensive income in the year in which they arise.
\n(iii) Long-term service bene\ufb01ts
\nThe Group\u2019s net obligation in respect of long-term service bene\ufb01ts, other than pension plans, is the amount of future bene\ufb01t that
\nemployees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit
\ncredit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
\nThe discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of
\nthe Group\u2019s obligations.
\nShare-based payment transactions
\nThe grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
\nin equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
\nadjusted to re\ufb02ect the actual number of awards for which the related service and non-market performance conditions are met, such that
\nthe amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\nperformance conditions at the vesting date.
\nProvisions, contingent liabilities and contingent assets
\nA provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.
\nPreference share capital
\nPreference share capital is classi\ufb01ed as a \ufb01nancial liability within borrowings if the substance of the shares does not contain an equity
\nelement. Dividends on Preference share capital are classi\ufb01ed as \ufb01nance charges within the consolidated income statement.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity.
\nWhen share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs,
\nis net of any tax effects, and is recognised as a deduction from equity. Repurchased shares and the purchase of own shares by The Morgan
\nGeneral Employee Bene\ufb01t Trust (\u2018the Trust\u2019) are presented as a deduction from total equity.
\nDividends
\nEquity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s \ufb01nancial statements on the date that the
\nshareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is
\nno present obligation at the balance sheet date.
\nCritical accounting judgements and key sources of estimation uncertainty
\nIn preparing these consolidated \ufb01nancial statements, management has made judgements, estimates and assumptions that affect the
\napplication of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
\ndiffer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
\n\n\n
\nCritical accounting judgements
\nInformation about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognised in
\nthe consolidated \ufb01nancial statements is included in the following notes:
\nNote 6: Speci\ufb01c adjusting items
\nThe Group separately presents speci\ufb01c adjusting items in the consolidated income statement which, in the Directors\u2019 judgement, need
\nto be disclosed separately by virtue of their size and incidence in order for users of the consolidated \ufb01nancial statements to obtain an
\nalternative understanding of the \ufb01nancial information and the underlying performance of the business. These are items which occur
\ninfrequently and include (but are not limited to):
\nindividual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur
\nimpairment of non-\ufb01nancial assets which are material
\ngains or losses on disposal or exit of businesses
\nsigni\ufb01cant costs incurred as part of the integration of an acquired business
\ngains or losses arising on signi\ufb01cant changes to or closures of de\ufb01ned bene\ufb01t pension plans.
\nDetermining whether an item is part of speci\ufb01c adjusting items requires judgement to determine the nature and the intention of
\nthe transaction.
\nNote 24: Provisions and contingent liabilities
\nDue to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
\nwhether a contingent liability has crystallised into a provision. Management assesses whether there is suf\ufb01cient information to determine
\nthat an environmental liability exists and whether it is possible to estimate with suf\ufb01cient reliability what the cost of remediation is likely to
\nbe. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
\nor suf\ufb01cient information becomes available through the study to estimate the costs of remediation.
\nThe Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
\non past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
\nutilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the outcome of various court proceedings and
\nassociated negotiations.
\nKey sources of estimation uncertainty
\nThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
\nsigni\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are included
\nin the notes below.
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identi\ufb01ed by management, are disclosed
\nin the Group\u2019s TCFD disclosures on pages 38 and 39. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed
\nrisks, primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
\nassets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material \ufb01nancial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated \ufb01nancial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory
\nand other factors outside of the Group\u2019s control which are not all currently known.
\nNote 22: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
\nThe principal actuarial assumptions applied to pensions are shown in note 22, including a sensitivity analysis. The actuarial evaluation of
\npension assets and liabilities is based on assumptions in respect of in\ufb02ation, future salary increases, discount rates, returns on investments
\nand mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a signi\ufb01cant
\nimpact on the net pension liability included in the balance sheet.
\nThe Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\nbene\ufb01ts that arise from GMPs being unequal between men and women. A project to equalise members\u2019 bene\ufb01ts in the Morgan Pension
\nScheme is currently being progressed by a Joint Trustee and Employer Working Group.
\n\n
\n
\nNote 24: Environmental provisions and contingent liabilities
\nProvisions for environmental costs are estimated based on current legal and constructive requirements. Actual costs and cash out\ufb02ows
\ncan differ from current estimates because of changes in underlying factors including laws and regulations, public expectations, prices,
\nmore detailed analysis of site conditions and innovations in clean-up technology. The ultimate requirement for remediation and its costs
\nare inherently dif\ufb01cult to estimate. Amounts provided are the Group\u2019s best estimate of exposure based on currently available information.
\nAlthough at present no additional costs of environmental issues have been identi\ufb01ed beyond our best estimate, future possible costs that
\nare not provided for could be material to the Group\u2019s results in the period in which they are recognised. However, we do not expect
\nthese costs to have a material impact on the Group\u2019s \ufb01nancial position or liquidity.
\nNote 6: Impairment of non-\ufb01nancial assets (excluding goodwill)
\nIn addition to the impairment assessment of goodwill management also monitors the performance of individual assets and cash-generating
\nunits. Where indicators of impairment exist, an impairment review on those assets or cash-generating units is performed.
\nFor assets or cash-generating units which the business continues to use, the review process relies on the use of estimates of the future
\npro\ufb01tability and cash \ufb02ows which may differ from the actual results delivered.
\nWhere non-\ufb01nancial assets or cash-generating units are not utilised by the business and will not be utilised in the future they are written
\ndown to their recoverable amount. There is a lower level of judgement associated with these impairments.
\nOther assumptions and estimates which have a lower risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next 12 months include:
\nNotes 8 and 14: Taxation
\nThe level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
\njudgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
\nthe Group operates.
\nThe Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
\nThe Group records its best estimate of these tax liabilities, including related interest charges. Whilst management believes it has adequately
\nprovided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the \ufb01nal
\noutcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
\nagainst individual exposures taking into account the speci\ufb01c circumstances of each case, including the strengths of technical arguments,
\npast experience with tax authorities, recent case law or rulings on similar issues and external advice received.
\nNote 21: Credit risk
\nNote 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
\nallowance for its estimate of expected credit losses against receivables.
\nGoing concern
\nThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
\nthe Strategic Report on pages 2 to 59. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities, are
\ndescribed in the Financial Review on pages 50 to 54. In addition, note 21 to the consolidated \ufb01nancial statements includes the Group\u2019s
\npolicies and processes for managing \ufb01nancial risk, details of its \ufb01nancial instruments and hedging activities and details of its exposures to
\ncredit risk and liquidity risk.
\nThe Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group\u2019s
\n\u00a3230.0 million unsecured multi-currency revolving credit facility, which matures in November 2027. As at 31 December 2022, the Group
\nhad both signi\ufb01cant available liquidity and headroom on its covenants. Total committed borrowing facilities were \u00a3418.3 million. The
\namount drawn under these facilities was \u00a3264.3 million, which together with net cash and cash equivalents of \u00a3116.2 million, gave a total
\nheadroom of \u00a3270.3 million. The multi-currency revolving credit facility was \u00a376.0 million drawn. \u00a334.5 million of senior notes are due
\nto mature in October 2023.
\nThe principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt to
\nEBITDA of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures de\ufb01ned in the facilities agreements
\nwhich are adjusted from the equivalent IFRS amounts.
\nThe Group has carefully modelled its cash \ufb02ow outlook, taking account of reasonably possible changes in trading performance, exchange
\nrates and plausible downside scenarios, including the impact of the cyber security incident on 2023 cash\ufb02ows. This review indicated
\nthat there was suf\ufb01cient headroom and liquidity for the business to continue for the 18-month period based on the facilities available
\nas discussed in note 21 to the \ufb01nancial statements. The Group was also expected to be in compliance with the required covenants
\ndiscussed above.
\n\n\n
\nThe Board has also reviewed the Group\u2019s reverse stress testing performed to demonstrate how much headroom is available on covenant
\nlevels in respect of changes in net debt, EBITDA, and underlying revenue. Based on this assessment, a combined reduction in EBITDA of
\n40% and an increase in net debt of 45% would still allow the Group to operate within its \ufb01nancial covenants. The Directors do not
\nconsider either of these scenarios to be plausible given the diversity of the Group\u2019s end-markets and its broad manufacturing base.
\nThe Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing
\noperational and \ufb01nancial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are
\nidenti\ufb01ed and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it
\nwill impact the Group\u2019s ability to operate as a going concern for the period under consideration.
\nThe Board fully recognises the challenges that lie ahead but, after making enquiries, and in the absence of any material uncertainties, the
\nDirectors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence
\nfor a period of 18 months from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern
\nbasis in preparing the Annual Report and Accounts.
\nNon-GAAP measures
\nWhere non-GAAP measures have been referenced these have been identi\ufb01ed by an asterisk (
\n*
\n) where they appear in text, and by
\na footnote where they appear in tables in this Report. Further details can be found in the De\ufb01nitions and reconciliations of non-GAAP
\nmeasures to GAAP measures section on pages 57 to 59.
\nNewly adopted standards
\nThere were no new standards applicable to the Group in the year.
\nAccounting developments and changes
\nNew accounting standards in issue but not yet effective
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\nIFRS 17 Insurance Contracts
\nAmendments to IFRS 17 \u2013 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\nAmendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or Non-current
\nAmendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\nAmendments to IAS 8 \u2013 De\ufb01nition of Accounting Estimates
\nAmendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\nThe adoption of the above standards and interpretations is not expected to lead to any material changes to the Group\u2019s accounting policies
\nor have any other material impact on the \ufb01nancial position or performance of the Group.
\nThere are no other upcoming accounting standards or amendments that are applicable to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16756": {
"value": "1. Signi\ufb01cant accounting policies, estimates and judgements Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies
\nAct and is headquartered in the UK. The address of the registered of\ufb01ce is given in Shareholder information on page 208.
\nThe principal activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic
\nReport on pages 2\u201359.
\nThe Group\u2019s \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), and include
\nthe Group\u2019s interest in associates. The Parent Company \ufb01nancial statements present information about the Company as a separate entity
\nand not about its Group. These consolidated \ufb01nancial statements have been drawn up to 31 December 2022. The Group maintains
\na 12-month calendar \ufb01nancial year ending on 31 December.
\nThe Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with the requirements of the
\nCompanies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
\nprepare its Parent Company \ufb01nancial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
\nthese are presented on pages 186\u2013204.
\nExcept for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
\napplied consistently to all periods presented in these Group \ufb01nancial statements.
\nSigni\ufb01cant accounting policies
\nMeasurement convention
\nThe \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair
\nvalue: derivative \ufb01nancial instruments and \ufb01nancial instruments designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
\nFunctional and presentation currency
\nThe Group\u2019s \ufb01nancial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
\nBasis of consolidation
\n(i) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.
\n(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
\n(iii) Associates
\nAssociates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.
\n(iv) Transactions eliminated on consolidation
\nIntra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated
\nin preparing the consolidated \ufb01nancial statements. Unrealised gains arising from transactions with associates are eliminated against the
\ninvestment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
\nbut only to the extent that there is no evidence of impairment.
\n\n\n
\nForeign currency
\n(i) Foreign currency transactions
\nTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
\nliabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
\nat that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
\n(ii) Financial statements of foreign operations
\nThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
\npounds sterling at foreign exchange rates ruling at the balance sheet date. The revenues, expenses and cash \ufb02ows of foreign operations
\nare translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
\ndates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
\ncomprehensive income and accumulated in the translation reserve.
\nSpeci\ufb01c adjusting items
\nThe Group uses speci\ufb01c adjusting items, which are not de\ufb01ned or speci\ufb01ed under IFRS. These speci\ufb01c adjusting items, which are not
\nconsidered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement the Group
\npresents speci\ufb01c adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be
\ndisclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the \ufb01nancial
\ninformation and an indication of the underlying performance of the Group.
\nRevenue
\nRevenue is recognised when or as the Group satis\ufb01es a performance obligation by transferring a promised good or service to a customer.
\nThe Group\u2019s principal performance obligation is the provision of products and components, and is satis\ufb01ed at a point in time and subject
\nto payment terms typical to the geography in which the business operates. Products and components are transferred when the customer
\nobtains control of the goods. For goods that are collected by the customer, revenue is recognised at the point the customer has taken
\nphysical possession of the goods. For contracts that include delivery of goods, the delivery element of the contract constitutes a separate
\nperformance obligation because it is distinct. For these contracts, control of the goods does not transfer to the customer until the goods
\nhave been delivered and therefore both performance obligations are satis\ufb01ed simultaneously. Revenue for these contracts is therefore
\nrecognised on delivery.
\nSubstantially all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
\nportion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Ceramics global business unit. Revenue
\nfor these contracts is recognised in line with ful\ufb01lment of contractual performance obligations stated in the contract and is not signi\ufb01cant;
\nconsequently (except for trade receivables) the Group does not have signi\ufb01cant assets or liabilities relating to its contracts with customers.
\nRevenue is only recognised to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of cumulative revenue recognised
\nwill not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
\nrebates, discounts and similar items. Determining the transaction price does not require signi\ufb01cant judgement. The costs incurred in
\nobtaining contracts are not material. The Group acts as a principal in its transactions with customers. In 2022, there were no material
\nadjustments to revenue which related to performance obligations satis\ufb01ed in the previous year.
\nIFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
\namount, timing and uncertainty of revenue and cash \ufb02ows are affected by economic factors. The Group discloses revenue disaggregated
\nby geography, end-market and by global business unit, which are aligned by product type, in note 3 to the consolidated \ufb01nancial
\nstatements.
\nResearch and development
\nThe Group\u2019s research and development expenditure is widely dispersed with no individually material projects. It is often some time into
\na project before the Group is able to test technical or commercial feasibility and therefore whether the Group will continue to fund any
\nindividual project, as such materially all of the Group\u2019s expenditure is recognised in the income statement as an expense as incurred.
\nDevelopment activities are capitalised when research \ufb01ndings are applied to a plan or design for the production of new or substantially
\nimproved products and processes and relate to a product or process that is technically and commercially feasible, and when the Group
\nhas suf\ufb01cient resources to complete development, use and sale of products or processes. Capitalised development expenditure is stated
\nat cost less accumulated amortisation and impairment losses.
\n\n
\n
\nFinance income and expense
\nNet \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.
\nTaxation
\nIncome tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
\nor other comprehensive income.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
\nsheet date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
\nassets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
\ncan be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\nDiscontinued operations
\nWhere the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
\nHedge accounting
\nThe Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.
\nProperty, plant and equipment
\n(i) Owned assets
\nItems of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost
\nof self-constructed assets includes the cost of materials, direct labour, and an appropriate proportion of production overheads.
\nWhere parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
\nplant and equipment.
\nGains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
\ncarrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs
\nbefore amortisation of intangible assets\u2019 in the income statement.
\n(ii) Depreciation of owned assets
\nDepreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
\nPlant, equipment and \ufb01xtures 3-20 years
\nLeasing
\nThe Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset
\nand a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (de\ufb01ned as
\nleases with a lease term of 12 months or less) and leases of low value assets (de\ufb01ned as leases of a value of less than USD5,000 at lease
\ncommencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
\nterm of the lease.
\n(i) Lease liabilities
\nThe lease liability is initially measured at the present value of future lease payments, discounted by using the rate implicit in the lease or,
\nwhere the rate cannot be readily determined, an incremental borrowing rate. The lease payments included in the lease liability comprise
\n\ufb01xed lease payments, variable payments that depend on an index or rate and any payments due under lease extension, termination or
\npurchase options to the extent they are assessed as reasonably certain.
\nThe lease liability is subsequently measured by using the effective interest method and by reducing the carrying amount to re\ufb02ect the
\nlease payments made.
\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever there is
\na lease modi\ufb01cation, a change in lease term or there is a signi\ufb01cant event or change in circumstances resulting in a change in the assessment
\nor exercise of other lease variables, such as purchase options. A remeasurement will also occur when the lease payments change due to
\nchanges in index rates.
\n\n
\n
\n(ii) Right-of-use assets
\nThe right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
\ncommencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
\ndepreciation and impairment losses.
\nWhenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
\nrestore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
\nunder IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
\nthose costs are incurred to produce inventories.
\n(iii) Depreciation of right-of-use assets
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts
\nat the commencement date of the lease.
\nGoodwill
\nAll business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
\nOther intangible assets
\nOther intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
\nthis does not result in the creation of an asset which the Group has control over, then these costs are expensed.
\nImpairment of non-\ufb01nancial assets, excluding goodwill
\nThe carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.
\nInvestments in equity securities
\nInvestments in equity securities held by the Group are classi\ufb01ed as fair value through other comprehensive income (\u2018FVOCI\u2019) and are
\nstated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
\nThe gains or losses arising from changes in fair value are recognised in other comprehensive income until the security is disposed of,
\nat which time the cumulative gain or loss previously recognised in other comprehensive income and accumulated in the FVOCI reserve
\nis transferred to retained earnings.
\n\n\n
\nInventories
\nInventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course
\nof business, less the estimated costs of completion and selling expenses.
\nThe cost of inventories is based on the \ufb01rst-in-\ufb01rst-out principle and includes expenditure incurred in acquiring the inventories and
\nbringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
\nappropriate share of overheads based on normal operating capacity.
\nTrade and other receivables
\nTrade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.
\nCash and cash equivalents
\nCash and cash equivalents comprise cash balances and call deposits. Short-term deposits include demand deposits and short-term
\nhighly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
\nmanagement are included as a component of borrowings for the purpose of the Group statement of cash \ufb02ows.
\nTrade and other payables
\nTrade and other payables are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost
\nusing the effective interest method.
\nBorrowings
\nBorrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
\nat amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
\nthe borrowings on an effective interest basis.
\nFinancial instruments issued by the Group
\nFinancial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.
\nPensions and other long-term service bene\ufb01ts
\n(i) De\ufb01ned contribution plans
\nFor de\ufb01ned contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
\nhas no further payment obligations once the contributions have been paid. Obligations for contributions to de\ufb01ned contribution pension
\nplans are recognised as an expense in the income statement as incurred.
\n\n
\n
\n(ii) De\ufb01ned bene\ufb01t plans
\nA de\ufb01ned bene\ufb01t plan is any retirement plan which is not a de\ufb01ned contribution plan. Typically, de\ufb01ned bene\ufb01t plans de\ufb01ne an amount of
\nretirement bene\ufb01t that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
\nThe Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount
\nof future bene\ufb01t that employees have earned in return for their service in the current and prior periods; that bene\ufb01t is discounted to
\ndetermine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by
\na quali\ufb01ed actuary using the projected unit credit method.
\nWhen the calculation results in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts
\navailable in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available
\nto the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
\nbetween the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
\ncomprehensive income in the year in which they arise.
\n(iii) Long-term service bene\ufb01ts
\nThe Group\u2019s net obligation in respect of long-term service bene\ufb01ts, other than pension plans, is the amount of future bene\ufb01t that
\nemployees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit
\ncredit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
\nThe discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of
\nthe Group\u2019s obligations.
\nShare-based payment transactions
\nThe grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
\nin equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
\nadjusted to re\ufb02ect the actual number of awards for which the related service and non-market performance conditions are met, such that
\nthe amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\nperformance conditions at the vesting date.
\nProvisions, contingent liabilities and contingent assets
\nA provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.
\nPreference share capital
\nPreference share capital is classi\ufb01ed as a \ufb01nancial liability within borrowings if the substance of the shares does not contain an equity
\nelement. Dividends on Preference share capital are classi\ufb01ed as \ufb01nance charges within the consolidated income statement.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity.
\nWhen share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs,
\nis net of any tax effects, and is recognised as a deduction from equity. Repurchased shares and the purchase of own shares by The Morgan
\nGeneral Employee Bene\ufb01t Trust (\u2018the Trust\u2019) are presented as a deduction from total equity.
\nDividends
\nEquity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s \ufb01nancial statements on the date that the
\nshareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is
\nno present obligation at the balance sheet date.
\nCritical accounting judgements and key sources of estimation uncertainty
\nIn preparing these consolidated \ufb01nancial statements, management has made judgements, estimates and assumptions that affect the
\napplication of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
\ndiffer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
\n\n\n
\nCritical accounting judgements
\nInformation about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognised in
\nthe consolidated \ufb01nancial statements is included in the following notes:
\nNote 6: Speci\ufb01c adjusting items
\nThe Group separately presents speci\ufb01c adjusting items in the consolidated income statement which, in the Directors\u2019 judgement, need
\nto be disclosed separately by virtue of their size and incidence in order for users of the consolidated \ufb01nancial statements to obtain an
\nalternative understanding of the \ufb01nancial information and the underlying performance of the business. These are items which occur
\ninfrequently and include (but are not limited to):
\nindividual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur
\nimpairment of non-\ufb01nancial assets which are material
\ngains or losses on disposal or exit of businesses
\nsigni\ufb01cant costs incurred as part of the integration of an acquired business
\ngains or losses arising on signi\ufb01cant changes to or closures of de\ufb01ned bene\ufb01t pension plans.
\nDetermining whether an item is part of speci\ufb01c adjusting items requires judgement to determine the nature and the intention of
\nthe transaction.
\nNote 24: Provisions and contingent liabilities
\nDue to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
\nwhether a contingent liability has crystallised into a provision. Management assesses whether there is suf\ufb01cient information to determine
\nthat an environmental liability exists and whether it is possible to estimate with suf\ufb01cient reliability what the cost of remediation is likely to
\nbe. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
\nor suf\ufb01cient information becomes available through the study to estimate the costs of remediation.
\nThe Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
\non past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
\nutilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the outcome of various court proceedings and
\nassociated negotiations.
\nKey sources of estimation uncertainty
\nThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
\nsigni\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are included
\nin the notes below.
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identi\ufb01ed by management, are disclosed
\nin the Group\u2019s TCFD disclosures on pages 38 and 39. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed
\nrisks, primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
\nassets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material \ufb01nancial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated \ufb01nancial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory
\nand other factors outside of the Group\u2019s control which are not all currently known.
\nNote 22: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
\nThe principal actuarial assumptions applied to pensions are shown in note 22, including a sensitivity analysis. The actuarial evaluation of
\npension assets and liabilities is based on assumptions in respect of in\ufb02ation, future salary increases, discount rates, returns on investments
\nand mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a signi\ufb01cant
\nimpact on the net pension liability included in the balance sheet.
\nThe Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\nbene\ufb01ts that arise from GMPs being unequal between men and women. A project to equalise members\u2019 bene\ufb01ts in the Morgan Pension
\nScheme is currently being progressed by a Joint Trustee and Employer Working Group.
\n\n
\n
\nNote 24: Environmental provisions and contingent liabilities
\nProvisions for environmental costs are estimated based on current legal and constructive requirements. Actual costs and cash out\ufb02ows
\ncan differ from current estimates because of changes in underlying factors including laws and regulations, public expectations, prices,
\nmore detailed analysis of site conditions and innovations in clean-up technology. The ultimate requirement for remediation and its costs
\nare inherently dif\ufb01cult to estimate. Amounts provided are the Group\u2019s best estimate of exposure based on currently available information.
\nAlthough at present no additional costs of environmental issues have been identi\ufb01ed beyond our best estimate, future possible costs that
\nare not provided for could be material to the Group\u2019s results in the period in which they are recognised. However, we do not expect
\nthese costs to have a material impact on the Group\u2019s \ufb01nancial position or liquidity.
\nNote 6: Impairment of non-\ufb01nancial assets (excluding goodwill)
\nIn addition to the impairment assessment of goodwill management also monitors the performance of individual assets and cash-generating
\nunits. Where indicators of impairment exist, an impairment review on those assets or cash-generating units is performed.
\nFor assets or cash-generating units which the business continues to use, the review process relies on the use of estimates of the future
\npro\ufb01tability and cash \ufb02ows which may differ from the actual results delivered.
\nWhere non-\ufb01nancial assets or cash-generating units are not utilised by the business and will not be utilised in the future they are written
\ndown to their recoverable amount. There is a lower level of judgement associated with these impairments.
\nOther assumptions and estimates which have a lower risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next 12 months include:
\nNotes 8 and 14: Taxation
\nThe level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
\njudgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
\nthe Group operates.
\nThe Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
\nThe Group records its best estimate of these tax liabilities, including related interest charges. Whilst management believes it has adequately
\nprovided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the \ufb01nal
\noutcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
\nagainst individual exposures taking into account the speci\ufb01c circumstances of each case, including the strengths of technical arguments,
\npast experience with tax authorities, recent case law or rulings on similar issues and external advice received.
\nNote 21: Credit risk
\nNote 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
\nallowance for its estimate of expected credit losses against receivables.
\nGoing concern
\nThe Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
\nthe Strategic Report on pages 2 to 59. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities, are
\ndescribed in the Financial Review on pages 50 to 54. In addition, note 21 to the consolidated \ufb01nancial statements includes the Group\u2019s
\npolicies and processes for managing \ufb01nancial risk, details of its \ufb01nancial instruments and hedging activities and details of its exposures to
\ncredit risk and liquidity risk.
\nThe Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group\u2019s
\n\u00a3230.0 million unsecured multi-currency revolving credit facility, which matures in November 2027. As at 31 December 2022, the Group
\nhad both signi\ufb01cant available liquidity and headroom on its covenants. Total committed borrowing facilities were \u00a3418.3 million. The
\namount drawn under these facilities was \u00a3264.3 million, which together with net cash and cash equivalents of \u00a3116.2 million, gave a total
\nheadroom of \u00a3270.3 million. The multi-currency revolving credit facility was \u00a376.0 million drawn. \u00a334.5 million of senior notes are due
\nto mature in October 2023.
\nThe principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt to
\nEBITDA of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures de\ufb01ned in the facilities agreements
\nwhich are adjusted from the equivalent IFRS amounts.
\nThe Group has carefully modelled its cash \ufb02ow outlook, taking account of reasonably possible changes in trading performance, exchange
\nrates and plausible downside scenarios, including the impact of the cyber security incident on 2023 cash\ufb02ows. This review indicated
\nthat there was suf\ufb01cient headroom and liquidity for the business to continue for the 18-month period based on the facilities available
\nas discussed in note 21 to the \ufb01nancial statements. The Group was also expected to be in compliance with the required covenants
\ndiscussed above.
\n\n\n
\nThe Board has also reviewed the Group\u2019s reverse stress testing performed to demonstrate how much headroom is available on covenant
\nlevels in respect of changes in net debt, EBITDA, and underlying revenue. Based on this assessment, a combined reduction in EBITDA of
\n40% and an increase in net debt of 45% would still allow the Group to operate within its \ufb01nancial covenants. The Directors do not
\nconsider either of these scenarios to be plausible given the diversity of the Group\u2019s end-markets and its broad manufacturing base.
\nThe Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing
\noperational and \ufb01nancial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are
\nidenti\ufb01ed and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it
\nwill impact the Group\u2019s ability to operate as a going concern for the period under consideration.
\nThe Board fully recognises the challenges that lie ahead but, after making enquiries, and in the absence of any material uncertainties, the
\nDirectors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence
\nfor a period of 18 months from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern
\nbasis in preparing the Annual Report and Accounts.
\nNon-GAAP measures
\nWhere non-GAAP measures have been referenced these have been identi\ufb01ed by an asterisk (
\n*
\n) where they appear in text, and by
\na footnote where they appear in tables in this Report. Further details can be found in the De\ufb01nitions and reconciliations of non-GAAP
\nmeasures to GAAP measures section on pages 57 to 59.
\nNewly adopted standards
\nThere were no new standards applicable to the Group in the year.
\nAccounting developments and changes
\nNew accounting standards in issue but not yet effective
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\nIFRS 17 Insurance Contracts
\nAmendments to IFRS 17 \u2013 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\nAmendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or Non-current
\nAmendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\nAmendments to IAS 8 \u2013 De\ufb01nition of Accounting Estimates
\nAmendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\nThe adoption of the above standards and interpretations is not expected to lead to any material changes to the Group\u2019s accounting policies
\nor have any other material impact on the \ufb01nancial position or performance of the Group.
\nThere are no other upcoming accounting standards or amendments that are applicable to the Group.
\n\n
\n2. Acquisitions and disposals
\n2022
\nDisposal of Sukhoy Log
\nOn 29 July 2022, the Group completed the sale of its investment in the joint venture Sukhoy Log, based in Russia. The investment had
\na carrying value of \u00a3nil having been fully impaired in previous years. The Group received consideration of \u00a30.6 million and incurred
\ntransaction costs of \u00a30.2 million, resulting in a net consideration of \u00a30.4 million. A pro\ufb01t on disposal of \u00a30.4 million was recognised in
\nspeci\ufb01c adjusting items within the consolidated income statement, see also note 6.
\nThere was no income received from Sukhoy Log in the year ended 31 December 2022 (2021: \u00a3nil). The disposal group was included in
\nthe Thermal Ceramics operating segment.
\n2021
\nDisposal of Latrobe
\nOn 15 January 2021, the Group completed the sale of assets associated with the Technical Ceramics business, based in Latrobe, US.
\nThe transaction was structured as a sale of the business and related assets for total consideration of \u00a30.6 million. The disposal resulted
\nin a loss of \u00a30.1 million which was recognised in speci\ufb01c adjusting items within the consolidated income statement, see also note 6.
\nThe loss on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nTrading net assets of disposal group
0.6
\nGoodwill of disposal group
0.1
\nCumulative foreign exchange gains and losses recycled on disposal
(0.1)
\nTotal net assets
0.6
\nConsideration
0.6
\nTransaction costs associated with the disposal
(0.1)
\nLoss on disposal
(0.1)
\nIn 2021, Latrobe generated an operating pro\ufb01t of \u00a3nil on revenues of \u00a30.1 million in the period prior to the disposal.
\nThe disposal group was included in the Technical Ceramics operating segment.
\nDisposal of Jemmtec
\nOn 28 April 2021, the Group completed the sale of its investment in associate, Jemmtec Limited (\u2018Jemmtec\u2019). The Group\u2019s share of
\nthe total consideration was \u00a314.2 million, comprising \u00a312.2 million of initial consideration, on a cash-free, debt-free basis, a further
\nconsideration of \u00a30.2 million for working capital adjustments and \u00a31.8 million of contingent consideration that had been received in full
\nin 2021. The disposal resulted in a gain of \u00a37.2 million which was recognised in speci\ufb01c adjusting items within the consolidated income
\nstatement, see also note 6.
\nThe gain on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nInvestment carrying value
7.0
\nTotal consideration
14.2
\nGain on disposal
7.2
\nIn 2021, the Group\u2019s share of pro\ufb01t in associate (net of income tax) was \u00a30.4 million in the period prior to the disposal.
\nAcquisition of Delamag
\nOn 1 March 2021, Morgan Technical Ceramics Limited wholly purchased the business and assets of the \u2018Delamag\u2019 business of sourcing
\nraw materials for the processing and manufacture of magnesium oxide from Delamin Limited. The acquisition comprised primarily all rights
\nto the \u2018Delamag\u2019 business name, technical knowledge, intellectual property and business contracts.
\nThe assets acquired and the consideration was as follows:
\n31 December
\n2021
\n\u00a3m
\nIdenti\ufb01able intangible assets acquired
1.8
\nGoodwill
0.1
\nTotal consideration
1.9
\nThe intangible assets recognised represent customer listings, trademarks and intellectual property rights.
\nThe acquisition was a vertical integration and preserves existing income, as such the incremental pro\ufb01t from acquisition was immaterial
\nin 2022 and 2021. The Delamag acquisition forms part of the Seals and Bearings operating segment.
\n\n
\n3. Segment reporting
\nThe Group\u2019s results are reported as \ufb01ve separate global business units, which have been identi\ufb01ed as the Group\u2019s reportable operating
\nsegments, as detailed on page 7. These have been identi\ufb01ed on the basis of internal management reporting information that is regularly
\nreviewed by the Group\u2019s Board of Directors (the Chief Operating Decision Maker) in order to allocate resources and assess performance.
\nSegment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable
\nbasis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets and head
\nof\ufb01ce expenses, and income tax assets and liabilities.
\nThe information presented below represents the operating segments of the Group.
\nContinuing operations
\nThermal
\nCeramics
\nMolten
\nMetal Systems
\nElectrical
\nCarbon
\nSeals and
\nBearings
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRevenue from external customers
421.4
364.7
57.8
47.7
188.7
164.9
148.5
135.9
\nSegment adjusted operating pro\ufb01t
\n1
\n48.7
42.0
7.8
6.3
39.7
32.8
19.0
22.9
\nCorporate costs
\n2
\nGroup adjusted operating pro\ufb01t
\n1
\nAmortisation of intangible assets
(1.6)
(2.1)
(0.3)
(0.6)
(0.7)
(0.9)
(0.8)
(0.9)
\nOperating pro\ufb01t before speci\ufb01c adjusting items
47.1
39.9
7.5
5.7
39.0
31.9
18.2
22.0
\nSpeci\ufb01c adjusting items included in operating
\npro\ufb01t/(loss)
\n3
\n(2.8)
(2.1)
\u2013
0.3
0.1
(6.3)
(1.6)
\u2013
\nOperating pro\ufb01t/(loss)
44.3
37.8
7.5
6.0
39.1
25.6
16.6
22.0
\nFinance income
\nFinance expense
\nShare of pro\ufb01t of associate (net of income tax)
\nPro\ufb01t before taxation
\nSegment assets
361.2
319.9
44.0
41.8
159.5
137.6
115.8
107.5
\nSegment liabilities
93.2
88.9
8.9
8.4
32.6
30.6
26.5
23.6
\nSegment capital expenditure
16.8
8.0
3.5
2.2
8.7
5.9
9.7
7.6
\nSegment depreciation \u2013 property, plant and equipment
11.2
10.2
2.1
2.0
5.3
5.5
6.0
6.4
\nSegment depreciation \u2013 right-of-use assets
3.2
3.5
0.3
0.3
1.0
1.1
0.6
0.6
\nSegment impairment of non-\ufb01nancial assets
3.2
0.7
\u2013
\u2013
\u2013
5.7
1.6
\u2013
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on
\npages 57\u201359.
\n2.
Corporate costs consist of central head of\ufb01ce costs.
\n3.
Details of speci\ufb01c adjusting items from continuing operations are given in note 6 to the consolidated \ufb01nancial statements.
\nContinuing operations
\nTechnical
\nCeramics
\nSegment
\ntotals
\nCorporate
\ncosts
Group
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRevenue from external customers
295.7
237.3
1,112.1
950.5
\u2013
\u2013
1,112.1
950.5
\nSegment adjusted operating pro\ufb01t
\n1
\n41.7
26.4
156.9
130.4
\u2013
\u2013
156.9
130.4
\nCorporate costs
\n2
\n(5.9)
(5.9)
(5.9)
(5.9)
\nGroup adjusted operating pro\ufb01t
\n1
\n151.0
124.5
\nAmortisation of intangible assets
(1.3)
(1.5)
(4.7)
(6.0)
\u2013
\u2013
(4.7)
(6.0)
\nOperating pro\ufb01t before speci\ufb01c adjusting items
40.4
24.9
152.2
124.4
(5.9)
(5.9)
146.3
118.5
\nSpeci\ufb01c adjusting items included in operating pro\ufb01t
\n3
\n(1.2)
(6.0)
(5.5)
(14.1)
\u2013
8.7
(5.5)
(5.4)
\nOperating pro\ufb01t/(loss)
39.2
18.9
146.7
110.3
(5.9)
2.8
140.8
113.1
\nFinance income
1.6
0.8
\nFinance expense
(10.8)
(10.0)
\nShare of pro\ufb01t of associate (net of income tax)
\u2013
0.4
\nPro\ufb01t before taxation
131.6
104.3
\nSegment assets
199.8
156.5
880.3
763.3
140.0
149.2
1,020.3
912.5
\nSegment liabilities
86.3
73.9
247.5
225.4
343.2
337.5
590.7
562.9
\nSegment capital expenditure
19.3
7.9
58.0
31.6
\u2013
\u2013
58.0
31.6
\nSegment depreciation \u2013 property, plant and equipment
5.7
6.0
30.3
30.1
\u2013
\u2013
30.3
30.1
\nSegment depreciation \u2013 right-of-use assets
2.7
2.4
7.8
7.9
\u2013
\u2013
7.8
7.9
\nSegment impairment of non-\ufb01nancial assets
1.7
6.0
6.5
12.4
\u2013
\u2013
6.5
12.4
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on
\npages 57 to 59.
\n2.
Corporate costs consist of central head of\ufb01ce costs.
\n3.
Details of speci\ufb01c adjusting items from continuing operations are given in note 6 to the consolidated \ufb01nancial statements.
\nRevenue from external customers and non-current assets by geography
\nContinuing operations
\nRevenue from
\nexternal customers
\nNon-current assets (excluding
\ntax and \ufb01nancial instruments)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUS
405.6
336.4
212.6
181.3
\nChina
121.4
114.4
45.5
29.1
\nGermany
85.1
68.7
38.0
34.4
\nUK (the Group\u2019s country of domicile)
53.2
38.5
101.1
101.6
\nOther Asia, Australasia, Middle East and Africa
194.1
174.6
61.2
61.4
\nOther Europe
182.0
157.4
37.5
36.3
\nOther North America
39.1
33.4
2.1
6.1
\nSouth America
31.6
27.1
11.0
15.8
\n1,112.1
950.5
509.0
466.0
\nRevenue from external customers is based on geographic location of the end-customer. Segment assets are based on geographical
\nlocation of the assets. No customer represents more than 5% of revenue.
\n\n
\n
\nRevenue from external customers by end-market
\nContinuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSemiconductors
91.3
62.1
\nHealthcare
74.7
68.2
\nClean energy and clean transportation
51.7
53.0
\nFaster growing markets
217.7
183.3
\nIndustrial
344.5
296.4
\nConventional transportation
179.9
142.6
\nMetals
159.9
137.4
\nPetrochemical and chemical
112.6
99.4
\nSecurity and defence
65.2
60.9
\nConventional energy
32.3
30.5
\nCore markets
894.4
767.2
\n1,112.1
950.5
\nIntercompany sales to other segments
\nThermal
\nCeramics
\nMolten
\nMetal Systems
\nElectrical
\nCarbon
\nSeals and
\nBearings
\nTechnical
\nCeramics
\nSegment
\ntotals
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIntercompany sales to
\nother segments
0.4
0.8
0.1
0.1
0.5
0.2
0.7
1.0
1.0
0.5
2.7
2.6
\n4. Operating costs before speci\ufb01c adjusting items
\nContinuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8
\n5. Staff numbers
\nThe monthly average number of persons employed by the Group (including Directors) during the year, analysed by reporting segment,
\nwas as follows:
\nNumber of employees
\n2022
2021
\nReportable operating segments
\nThermal Ceramics
2,430
2,410
\nMolten Metal Systems
430
420
\nElectrical Carbon
1,390
1,340
\nSeals and Bearings
1,370
1,270
\nTechnical Ceramics
2,560
2,130
\nSegment total
8,180
7,570
\nCorporate (UK and North America)
50
50
\nGroup
8,230
7,620
\nAverage employee numbers have been rounded to the nearest 10.
\n6. Speci\ufb01c adjusting items
\nContinuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nImpairment of non-\ufb01nancial assets
(6.5)
(12.4)
\nRestructuring credit
0.6
0.1
\nNet pro\ufb01t on disposal of business
2
0.4
7.1
\nBusiness closure and exit costs
\u2013
(0.2)
\nTotal speci\ufb01c adjusting items before income tax
(5.5)
(5.4)
\nIncome tax credit from speci\ufb01c adjusting items
1.1
1.5
\nTotal speci\ufb01c adjusting items after income tax
(4.4)
(3.9)
\nSpeci\ufb01c adjusting items in relation to discontinued operations are disclosed in note 9.
\n\n
\n
\n2022
\nImpairment of non-\ufb01nancial assets
\nSeals and Bearings, Asia
\nAn impairment charge of \u00a30.6 million has been recognised relating to assets purchased to support a customer contract which did
\nnot materialise.
\nA further impairment charge of \u00a31.0 million has been recognised after reassessing the value in use of property, plant and equipment
\nin a business in Asia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets;
\nthe carrying value of the assets following this impairment was \u00a35.2 million. The calculation of value in use was performed as at December
\n2022. A long-term growth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value.
\nA pre-tax discount rate of 12.9% was used to determine the value in use.
\nThermal Ceramics, Europe
\nAn impairment charge of \u00a31.2 million has been recognised following a \ufb01re in December which destroyed a warehouse and inventory.
\nThe assets have subsequently been written off.
\nAn impairment charge of \u00a31.1 million has been recognised after reassessing the value in use of property, plant and equipment in a business
\nin France which is experiencing limited growth and under-utilisation of key assets. This represented a partial impairment of the assets;
\nthe carrying value of the assets following this impairment was \u00a30.3 million. The calculation of value in use was performed as at December
\n2022. A long-term growth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value.
\nA pre-tax discount rate of 13.7% was used to determine the value in use.
\nThermal Ceramics, South America
\nAn impairment charge of \u00a30.9 million has been recognised in relation to assets associated with a closed manufacturing line.
\nTechnical Ceramics, Asia
\nAn impairment charge of \u00a31.7 million was recognised after reassessing the value in use of property, plant and equipment in a business in
\nAsia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value
\nof the assets following this impairment was \u00a33.2 million. The calculation of value in use was performed as at December 2022. A long-term
\ngrowth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value. A pre-tax discount rate
\nof 12.9% was used to determine the value in use.
\nReview of cumulative impairment of non-\ufb01nancial assets
\nImpairment charges of \u00a352.6 million for non-\ufb01nancial assets which the business continues to use have been recorded during the
\ncurrent and previous years (Technical Ceramics, Asia \u00a37.7 million, Technical Ceramics, ceramic cores \u00a328.8 million, Thermal Ceramics
\n\u00a315.1 million and Seals and Bearings, Asia \u00a31.0 million). These impaired amounts could be reversed if the related businesses were to
\noutperform signi\ufb01cantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions
\nin assessing the value in use of these non-\ufb01nancial assets. This did not result in a material reversal of the impaired amounts.
\nRestructuring costs
\nA credit of \u00a30.6 million has been recognised in the current year representing a release of restructuring provisions booked in previous years
\nin relation to the Group\u2019s restructuring programme. Whilst this programme was completed in 2021, we retain a restructuring provision
\nof \u00a310.5 million for the Group\u2019s obligations at the balance sheet date (2021: \u00a311.8 million). This provision includes remaining lease exit costs
\nand multi-employer pension obligations for two sites which were closed during the year ended 31 December 2021. The cash out\ufb02ows
\nrelating to the pension obligations may continue for up to 19 years, subject to any settlement being reached in advance of that date.
\nCash out\ufb02ows in relation to the lease may continue for the next four years. Refer to note 24 for further information.
\nNet pro\ufb01t on disposal of business
\nThe Group disposed of its investment in the joint venture Sukhoy Log, based in Russia, during the year. This disposal generated a net pro\ufb01t
\nof \u00a30.4 million. Refer to note 2 for further information.
\n2021
\nImpairment of non-\ufb01nancial assets
\nTechnical Ceramics, Asia
\nAn impairment charge of \u00a36.0 million was recognised after reassessing the value in use of property, plant and equipment in a business in
\nAsia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value
\nof the assets following this impairment was \u00a35.4 million. The calculation of value in use was performed as at December 2021. A long-term
\ngrowth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value. A pre-tax discount rate
\nof 11.5% was used to determine the value in use.
\nElectrical Carbon, Europe and North America
\nImpairment charges of \u00a34.8 million and \u00a31.0 million were recognised after assessing the viability of two development assets in Europe and
\nNorth America, respectively. The European asset was not deemed viable as we were unable to commission it safely and the American
\nasset was not deemed to be commercially viable.
\nThermal Ceramics, North America
\nAn impairment charge of \u00a30.6 million was recognised relating to assets associated with closed manufacturing lines within
\nThermal Ceramics.
\nRestructuring costs
\nA net credit of \u00a30.1 million was recognised in the year ended 31 December 2021 representing \u00a32.1 million of further redundancy and
\nclosure costs related to the Group\u2019s restructuring programme, offset by a \u00a32.2 million release of restructuring provisions booked during
\n2020 in relation to this programme.
\nNet pro\ufb01t on disposal of business
\nThe Group disposed of its 35% shareholding in Jemmtec Limited and the business assets associated with the Latrobe business during the
\nyear ended 31 December 2021. These disposals generated a pro\ufb01t of \u00a37.2 million and a loss of \u00a30.1 million, respectively. Refer to note 2
\nfor further information.
\nBusiness closure and exit costs
\nA \u00a30.2 million charge was recognised relating to the liquidation of businesses in Europe and Asia.
\n7. Finance income and expense
\nContinuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nInterest on bank balances and cash deposits
1.6
0.8
\nFinance income
1.6
0.8
\nInterest expense on borrowings and overdrafts
(7.0)
(6.1)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nNet interest on IAS 19 de\ufb01ned bene\ufb01t pension obligations
(1.4)
(1.6)
\nFinance expense
(10.8)
(10.0)
\nNet \ufb01nancing costs recognised in pro\ufb01t or loss
(9.2)
(9.2)
\nNo \ufb01nance income or expense related to discontinued operations in either the current or preceding year.
\n\n
\n8. Taxation \u2013 income tax expense
\nContinuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nCurrent tax
\nCurrent year
36.5
30.7
\nAdjustments for prior years
0.5
0.4
\n37.0
31.1
\nDeferred tax
\nCurrent year
(0.4)
(2.3)
\nAdjustments for prior years
(0.6)
(0.6)
\n(1.0)
(2.9)
\nTotal income tax expense recognised in pro\ufb01t or loss
36.0
28.2
\nRecognised in other comprehensive income
\nTax effect on components of other comprehensive income:
\nDeferred tax associated with de\ufb01ned bene\ufb01t schemes
3.4
0.6
\nDeferred tax associated with foreign exchange differences
\u2013
0.8
\nTotal tax recognised in other comprehensive income
3.4
1.4
\nThere was no deferred tax associated with share schemes recognised in other comprehensive income (2021: none).
\nReconciliation of effective tax rate
\n2022
\n\u00a3m
\n2022
\n%
\n2021
\n\u00a3m
\n2021
\n%
\nPro\ufb01t before tax
131.6
104.3
\nIncome tax charge using the domestic corporation tax rate
25.0
19.0
19.8
19.0
\nEffect of different tax rates in other jurisdictions
7.5
5.7
5.8
5.5
\nLocal taxes including withholding tax suffered
3.4
2.6
2.6
2.5
\nPermanent differences
0.2
0.2
0.4
0.4
\nMovements related to unrecognised temporary differences
(0.1)
(0.1)
(0.2)
(0.2)
\nAdjustments in respect of prior years
\u2013
\u2013
(0.2)
(0.2)
\nStatutory effective rate of tax
36.0
27.4
28.2
27.0
\nThe effective rate of tax before speci\ufb01c adjusting items is 27.0% (2021: 27.1%).
\nThe Group operates in many jurisdictions around the world and is subject to factors that may impact future tax charges including the
\nrecently enacted US tax reform, implementation of the OECD\u2019s BEPS actions, tax rate and legislation changes, expiry of the statute of
\nlimitations and resolution of tax audits and disputes.
9. Discontinued operations
\nThe Group disposed of its Composites and Defence Systems business on 20 November 2018. The business represented a separate
\nreportable segment and therefore, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the disposal
\ngroup was classi\ufb01ed as discontinued.
\nThe results from discontinued operations, which have been disclosed in the consolidated income statement, are set out below:
\nNote
\n31 December 2022
31 December 2021
\nResults
\nbefore
\nspeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nSpeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nTotal
\n\u00a3m
\nResults
\nbefore
\nspeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nSpeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nTotal
\n\u00a3m
\nRevenue
\u2013
0.7
0.7
\u2013
3.3
3.3
\nOperating income
\u2013
0.4
0.4
\u2013
2.4
2.4
\nPro\ufb01t before taxation
\u2013
1.1
1.1
\u2013
5.7
5.7
\nIncome tax expense
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nPro\ufb01t from
\ndiscontinued operations
\u2013
1.1
1.1
\u2013
5.7
5.7
\nBasic earnings per share from
\ndiscontinued operations
10
0.4p
2.0p
\nDiluted earnings per share from
\ndiscontinued operations
10
0.4p
2.0p
\nIn 2022, a gain of \u00a31.1 million was recognised following the receipt of cash from a long-term contract and disposal of an investment in
\naccordance with the terms of the disposal agreement.
\nIn 2021, \u00a33.3 million of the speci\ufb01c adjusting items balance related to the settlement of certain long-term contracts. A further \u00a32.4 million
\nrelated to the reassessment of certain provisions associated with the disposal of the Composites and Defence Systems business.
\nThere is no income tax expense in relation to the discontinued operations in either the current or preceding year.
\nCash \ufb02ows from discontinued operations are set out below:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nNet cash generated from operating activities
1.1
3.3
\nNet cash generated from investing activities
\u2013
2.0
\nNet cash used in \ufb01nancing activities
\u2013
\u2013
\n1.1
5.3
\n\n
\n10. Earnings per share
\n31 December 2022
31 December 2021
\nEarnings
\n\u00a3m
\nBasic
\nearnings
\nper share
\npence
\nDiluted
\nearnings
\nper share
\npence
\nEarnings
\n\u00a3m
\nBasic
\nearnings
\nper share
\npence
\nDiluted
\nearnings
\nper share
\npence
\nPro\ufb01t for the year attributable to
\nshareholders of the Company
88.0
31.0p
30.7p
73.8
25.9p
25.7p
\nPro\ufb01t from discontinued operations
(1.1)
(0.4)p
(0.4)p
(5.7)
(2.0)p
(2.0)p
\nPro\ufb01t from continuing operations
86.9
30.6p
30.3p
68.1
23.9p
23.7p
\nSpeci\ufb01c adjusting items
5.5
1.9p
1.9p
5.4
1.9p
1.9p
\nAmortisation of intangible assets
4.7
1.7p
1.6p
6.0
2.1p
2.1p
\nTax effect of the above
\n1
\n(1.1)
(0.4)p
(0.4)p
(1.5)
(0.5)p
(0.5)p
\nNon-controlling interests\u2019 share of the
\nabove adjustments
\u2013
\u2013
\u2013
(0.5)
(0.2)p
(0.2)p
\nAdjusted pro\ufb01t for the year from
\ncontinuing operations as used in
\nadjusted earnings per share
\n2
\n96.0
33.8p
33.5p
77.5
27.2p
27.0p
\n1.
The tax effect of the amortisation of intangible assets was \u00a3nil (2021: \u00a3nil).
\n2.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nNumber of shares (millions)
2022
2021
\nWeighted average number of Ordinary shares for the purposes of basic earnings per share
\n1
\n284.2
284.6
\nEffect of dilutive potential Ordinary shares:
\nShare options
2.6
2.4
\nWeighted average number of Ordinary shares for the purposes of diluted earnings
\nper share
286.8
287.0
\n1.
The calculation of the weighted average number of shares excludes the shares held by The Morgan General Employee Bene\ufb01t Trust, on which the dividends are waived.
11. Property, plant and equipment
\nNote
\nLand and
\nbuildings
\n\u00a3m
\nPlant,
\nequipment
\nand \ufb01xtures
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
215.2
678.2
893.4
\nAdditions
2.6
27.9
30.5
\nDisposals
(16.7)
(21.1)
(37.8)
\nSale of business
2
(0.8)
(3.5)
(4.3)
\nTransfers between categories
1.2
(1.2)
\u2013
\nEffect of movement in foreign exchange
(1.7)
(3.1)
(4.8)
\nBalance at 31 December 2021
199.8
677.2
877.0
\nBalance at 1 January 2022
199.8
677.2
877.0
\nAdditions
3.8
49.7
53.5
\nDisposals
(1.3)
(9.1)
(10.4)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
16.6
52.7
69.3
\nBalance at 31 December 2022
219.2
770.2
989.4
\nDepreciation and impairment losses
\nBalance at 1 January 2021
109.7
516.1
625.8
\nDepreciation charge for the year
5.3
24.8
30.1
\nImpairment losses
6
\u2013
12.3
12.3
\nDisposals
(11.6)
(20.1)
(31.7)
\nSale of business
2
(0.6)
(3.5)
(4.1)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
(0.1)
(3.4)
(3.5)
\nBalance at 31 December 2021
103.0
525.9
628.9
\nBalance at 1 January 2022
103.0
525.9
628.9
\nDepreciation charge for the year
5.0
25.3
30.3
\nImpairment losses
6
2.0
2.6
4.6
\nDisposals
(0.7)
(8.4)
(9.1)
\nTransfers between categories
(0.4)
0.4
\u2013
\nEffect of movement in foreign exchange
8.8
42.7
51.5
\nBalance at 31 December 2022
117.7
588.5
706.2
\nCarrying amounts
\nAt 1 January 2021
105.5
162.1
267.6
\nAt 31 December 2021
96.8
151.3
248.1
\nAt 31 December 2022
101.5
181.7
283.2
\nIn 2022, no assets were pledged as security for liabilities (2021: none). Pro\ufb01t on sale of property, plant and equipment presented in the
\ncash \ufb02ow includes \u00a3nil (2021: \u00a3nil) of insurance proceeds for replacement of assets.
\n
\n12. Leases
\nThe reconciliation in the movement of the Group\u2019s right-of-use assets is set out in the table below:
\nLand and
\nbuildings
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2021
29.2
6.3
35.5
\nAdditions
2.7
1.5
4.2
\nRemeasurements
0.6
0.1
0.7
\nDepreciation charge for the year
(4.7)
(3.2)
(7.9)
\nEffect of movement in foreign exchange
(0.3)
(0.3)
(0.6)
\nBalance at 31 December 2021
27.5
4.4
31.9
\nBalance at 1 January 2022
27.5
4.4
31.9
\nAdditions
1.2
1.8
3.0
\nRemeasurements
3.1
0.6
3.7
\nDepreciation charge for the year
(5.1)
(2.7)
(7.8)
\nEffect of movement in foreign exchange
2.3
0.5
2.8
\nBalance at 31 December 2022
29.0
4.6
33.6
\nThe weighted average lease term is 11.6 years for land and buildings and 3.3 years for plant and equipment (2021: 12.2 years and 3.5 years
\nrespectively). The maturity analysis of lease liabilities is presented in note 20.
\nAmounts recognised in the consolidated income statement in respect of leasing arrangements are set out in the table below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDepreciation expense on right-of-use assets
(7.8)
(7.9)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nExpense relating to short-term leases and leasing of low value assets
(0.5)
(0.3)
\nIncome from leasing owned assets
\u2013
0.2
\n(10.7)
(10.3)
\nThe total cash \ufb02ows from leasing activities in the year ended 31 December 2022 was \u00a311.9 million (2021: \u00a311.0 million) as set out in the
\ntable below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPayment of lease liabilities
(9.0)
(8.6)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nExpense relating to short-term leases and leasing of low value assets
(0.5)
(0.3)
\nIncome from leasing owned assets
\u2013
0.2
\n(11.9)
(11.0)
\nAt 31 December 2022, the Group is committed to future payments of \u00a30.6 million (2021: \u00a30.6 million) for short-term leases and leasing
\nof low value assets.
\nAt 31 December 2022, future cash \ufb02ows in respect of leases which the Group had entered into but which had not yet commenced was
\n\u00a3nil (2021: \u00a30.2 million).
\nThe total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2021: \u00a3nil).
13. Intangible assets
\nNote
\nGoodwill
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nTechnology and
\ntrademarks
\n\u00a3m
\nCapitalised
\ndevelopment
\ncosts
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
173.2
56.2
3.6
0.7
34.5
268.2
\nAcquisition of businesses
0.1
1.1
0.7
\u2013
\u2013
1.9
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nDisposal of businesses
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffect of movement in
\nforeign exchange
(0.3)
0.3
(0.2)
\u2013
0.2
\u2013
\nBalance at 31 December 2021
172.9
57.6
4.1
0.7
34.8
270.1
\nBalance at 1 January 2022
172.9
57.6
4.1
0.7
34.8
270.1
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffect of movement in
\nforeign exchange
9.0
6.3
0.2
0.1
1.9
17.5
\nBalance at 31 December 2022
181.9
63.9
4.3
0.8
37.8
288.7
\nAmortisation and
\nimpairment losses
\nBalance at 1 January 2021
\u2013
54.8
3.6
0.7
23.7
82.8
\nAmortisation charge for the year
\u2013
1.0
0.1
\u2013
4.9
6.0
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffects of movement in
\nforeign exchange
\u2013
0.3
(0.2)
\u2013
\u2013
0.1
\nBalance at 31 December 2021
\u2013
56.1
3.5
0.7
26.7
87.0
\nBalance at 1 January 2022
\u2013
56.1
3.5
0.7
26.7
87.0
\nAmortisation charge for the year
\u2013
0.7
0.1
\u2013
3.9
4.7
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffects of movement in
\nforeign exchange
\u2013
6.3
0.2
0.1
1.5
8.1
\nBalance at 31 December 2022
\u2013
63.1
3.8
0.8
32.0
99.7
\nCarrying amounts
\nAt 1 January 2021
173.2
1.4
\u2013
\u2013
10.8
185.4
\nAt 31 December 2021
172.9
1.5
0.6
\u2013
8.1
183.1
\nAt 31 December 2022
181.9
0.8
0.5
\u2013
5.8
189.0
\n\n
\n
\nImpairment test for cash-generating units or groups of cash-generating units containing goodwill
\nIn accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
\ngroups of cash-generating units that are expected to bene\ufb01t from the synergies of the business combination that gave rise to the goodwill.
\nGoodwill impairment testing is performed at the operating segment level as de\ufb01ned by IFRS 8, as this is the lowest level at which goodwill
\nis monitored.
\nGoodwill is attributed to each operating segment as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nThermal Ceramics
88.8
84.5
\nMolten Metal Systems
9.4
9.0
\nElectrical Carbon
30.7
29.3
\nSeals and Bearings
15.8
14.9
\nTechnical Ceramics
37.1
35.2
\n181.8
172.9
\nEach operating segment is assessed for impairment annually and whenever there is an indication of impairment.
\nThe carrying value of goodwill has been assessed with reference to its value in use, re\ufb02ecting the projected discounted cash \ufb02ows of
\neach operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and
\nlong-term growth rates and discount rates.
\nThe cash \ufb02ow projections in year one are based on the most recent Board approved budget. Cash \ufb02ow projections for years two to \ufb01ve
\nare based on the most recent Board approved strategic plan. The key assumptions that underpin these cash \ufb02ow projections relate to
\nsales and operating margins, which are based on past experience, taking into account the effect of known or likely changes in market or
\noperating conditions. External data sources have been considered as to the strength and recovery of the Group\u2019s end-markets in building
\nan expectation of the future cash \ufb02ows of each operating segment.
\nIn 2022, a 1.0% growth rate (2021: 1.0%) has been used for years beyond 2027 and to calculate a terminal value. Management has
\nassessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
\nIn 2022, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
\nThermal Ceramics: 13.8% (2021: 13.2%), Molten Metal Systems: 15.6% (2021: 12.9%), Electrical Carbon: 14.6% (2021: 12.3%),
\nSeals and Bearings: 14.0% (2021: 11.2%), Technical Ceramics 14.1% (2021: 11.1%).
\nThe Directors have considered the following individual sensitivities and are con\ufb01dent that no impairment would arise for each of the
\nThermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any
\none of the following three circumstances, which are considered reasonably possible changes:
\nIf the pre-tax discount rate was increased to 18%.
\nIf no growth was assumed for years two to \ufb01ve and in the calculation of terminal value.
\nIf the cash \ufb02ow projections of all businesses were reduced by 25%.
14. Recognised deferred tax assets and liabilities
\nDeferred tax assets and liabilities are attributable to the following:
\nAssets
\n2022
\n\u00a3m
\nAssets
\n2021
\n\u00a3m
\nLiabilities
\n2022
\n\u00a3m
\nLiabilities
\n2021
\n\u00a3m
\nNet
\n2022
\n\u00a3m
\nNet
\n2021
\n\u00a3m
\nProperty, plant and equipment
\u2013
\u2013
(12.7)
(12.3)
(12.7)
(12.3)
\nRight-of-use assets and lease liabilities
3.6
3.9
\u2013
\u2013
3.6
3.9
\nIntangible assets
\u2013
\u2013
(0.4)
(0.6)
(0.4)
(0.6)
\nEmployee bene\ufb01ts
10.2
13.1
\u2013
\u2013
10.2
13.1
\nProvisions
11.4
10.8
\u2013
\u2013
11.4
10.8
\nTax value of loss carried
\nforward recognised
1.7
1.0
\u2013
\u2013
1.7
1.0
\nOther items
\u2013
\u2013
(0.5)
(1.2)
(0.5)
(1.2)
\nOffset
(11.6)
(12.9)
11.6
12.9
\u2013
\u2013
\n15.3
15.9
(2.0)
(1.2)
13.3
14.7
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to do so.
\nUnrecognised deferred tax assets
\nDeferred tax assets have not been recognised in respect of the following items:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUK pension de\ufb01cit
\u2013
51.8
\nTax losses
107.8
110.9
\nCapital losses
43.4
39.9
\nOther deductible temporary differences
129.7
75.1
\n280.9
277.7
\nDeferred tax assets have not been recognised in relation to these temporary differences due to uncertainty surrounding future utilisation.
\nBased on current tax legislation the tax losses will not expire. Although the Group as a whole is pro\ufb01table, the unrecognised losses relate
\nto entities where it is not probable that there will be future taxable pro\ufb01ts against which these losses can be utilised.
\nMovements in temporary differences during the year
\nRecognised
\nin pro\ufb01t
\nor loss
\n\u00a3m
\nRecognised
\ndirectly in
\nequity
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nRecognised
\nin pro\ufb01t
\nor loss
\n\u00a3m
\nRecognised
\ndirectly in
\nequity
\n\u00a3m
\n31 December
\n2022
\n\u00a3m
\nProperty, plant and equipment
0.8
\u2013
(12.3)
(0.4)
\u2013
(12.7)
\nRight-of-use assets and lease liabilities
\u2013
\u2013
3.9
(0.3)
\u2013
3.6
\nIntangible assets
0.6
\u2013
(0.6)
0.2
\u2013
(0.4)
\nEmployee bene\ufb01ts
0.5
(0.6)
13.1
0.5
(3.4)
10.2
\nProvisions
(0.6)
\u2013
10.8
0.6
\u2013
11.4
\nTax value of loss carried
\nforward recognised
0.6
\u2013
1.0
0.7
\u2013
1.7
\nOthers
1.0
(1.5)
(1.2)
(0.3)
1.0
(0.5)
\n2.9
(2.1)
14.7
1.0
(2.4)
13.3
\nDeferred income tax of \u00a34.0 million (2021: \u00a33.8 million) is provided on the potential unremitted earnings of overseas subsidiary undertakings.
\nWhere the remittance of dividends is not anticipated deferred tax is not currently recognised or disclosed as it is considered immaterial.
\n\n161
\n15. Inventories
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRaw materials and consumables
55.5
39.9
\nWork in progress
53.3
40.1
\nFinished goods
65.4
60.7
\n174.2
140.7
\nThe Group holds consignment inventory amounting to \u00a328.8 million (2021: \u00a325.2 million) which is not re\ufb02ected in the balance sheet.
\nThe majority of this balance is for precious metals, which are held on consignment by a subsidiary and are invoiced only when the material
\nis required.
\nIn 2022, provisions of \u00a35.0 million were made against inventories and recognised in operating costs (2021: \u00a33.7 million).
\n16. Trade and other receivables
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nPrepayments
0.2
0.4
\nOther receivables
3.0
2.5
\nNon-trade receivables
3.2
2.9
\nCurrent
\nGross trade receivables
179.7
150.1
\nExpected credit losses
(9.1)
(10.9)
\nNet trade receivables
170.6
139.2
\nContract assets
1.0
0.6
\nPrepayments
14.8
9.2
\nOther non-trade receivables
16.1
12.4
\n202.5
161.4
\nThe Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
\nContract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end
\nof the year.
17. Cash and cash equivalents
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBank balances
105.8
101.2
\nCash deposits
11.9
26.1
\nCash and cash equivalents
117.7
127.3
\nIn 2022, the Group had restricted cash of \u00a34.0 million (2021: \u00a31.5 million) as a result of exchange controls in Argentina.
\nReconciliation of cash and cash equivalents to net debt
\n1
\n2022
\n\u00a3m
\n2021 restated
\n2
\n\u00a3m
\nOpening borrowings and lease liabilities
(223.8)
(303.4)
\nIncrease in borrowings
(113.3)
(27.3)
\nReduction and repayment of borrowings
39.0
99.6
\nPayment of lease liabilities
9.0
8.6
\nTotal changes from cash \ufb02ows
(65.3)
80.9
\nNew leases and lease remeasurement
(6.7)
(4.4)
\nEffect of movements in foreign exchange
(22.3)
3.1
\nClosing borrowings and lease liabilities
(318.1)
(223.8)
\nCash and cash equivalents
117.7
127.3
\nClosing net debt
\n1
\n(200.4)
(96.5)
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\n2.
Comparative information has been restated to present the increase and reduction in borrowings separately.
\nThe table below details changes in the Group\u2019s liabilities arising from \ufb01nancing activities, including both cash and non-cash changes.
\nBorrowings
\n\u00a3m
\nLease
\nliabilities
\n\u00a3m
\nTotal \ufb01nancing
\nliabilities
\n\u00a3m
\nCash and cash
\nequivalents
\n\u00a3m
\nMovement in
\nnet debt
\n1
\n\u00a3m
\nAt 1 January 2021
(248.8)
(54.6)
(303.4)
147.8
(155.6)
\nCash out\ufb02ow
\u2013
\u2013
\u2013
(5.6)
(5.6)
\nBorrowings and lease liability cash \ufb02ow
72.3
8.6
80.9
\u2013
80.9
\nNet interest paid
\u2013
\u2013
\u2013
(8.4)
(8.4)
\nNet cash in\ufb02ow/(out\ufb02ow)
72.3
8.6
80.9
(14.0)
66.9
\nShare purchases
\u2013
\u2013
\u2013
(5.9)
(5.9)
\nNew leases and lease remeasurement
\u2013
(4.4)
(4.4)
\u2013
(4.4)
\nExchange and other movements
2.5
0.6
3.1
(0.6)
2.5
\nAt 31 December 2021
(174.0)
(49.8)
(223.8)
127.3
(96.5)
\nAt 1 January 2022
(174.0)
(49.8)
(223.8)
127.3
(96.5)
\nCash out\ufb02ow
\u2013
\u2013
\u2013
(0.7)
(0.7)
\nBorrowings and lease liability cash \ufb02ow
(74.3)
9.0
(65.3)
\u2013
(65.3)
\nNet interest paid
\u2013
\u2013
\u2013
(9.4)
(9.4)
\nNet cash in\ufb02ow/(out\ufb02ow)
(74.3)
9.0
(65.3)
(10.1)
(75.4)
\nShare purchases
\u2013
\u2013
\u2013
(2.9)
(2.9)
\nNew leases and lease remeasurement
\u2013
(6.7)
(6.7)
\u2013
(6.7)
\nExchange and other movements
(17.9)
(4.4)
(22.3)
3.4
(18.9)
\nAt 31 December 2022
(266.2)
(51.9)
(318.1)
117.7
(200.4)
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\n\n
\n18. Trade and other payables
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nAccruals
0.6
0.2
\nOther tax and social security
\u2013
0.1
\nOther payables
1.5
2.1
\n2.1
2.4
\nCurrent
\nTrade payables
78.6
61.8
\nContract liabilities
8.9
12.2
\nAccruals
69.6
69.0
\nOther tax and social security
19.9
14.0
\nOther payables
18.0
20.2
\n195.0
177.2
\nThe Directors consider that the carrying amount of trade payables approximates to their fair value.
\nContract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
\nbeing satis\ufb01ed. All of the \u00a38.9 million of contract liabilities as at 31 December 2022 are expected to be recognised as revenue in 2023.
\nContract liabilities outstanding as at 31 December 2021 of \u00a312.2 million were recognised as revenue in 2022.
\nIncluded in trade payables are amounts due where extended payment terms have been agreed with the supplier using a supplier \ufb01nancing
\nfacility. The total amount outstanding on such extended payment terms at 31 December 2022 was \u00a30.3 million (2021: \u00a30.2 million).
\n19. Capital and reserves
\nTranslation reserve
\nThe translation reserve comprises all foreign exchange differences arising from the translation of the \ufb01nancial statements of foreign operations.
\nHedging reserve
\nThe cash \ufb02ow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash
\n\ufb02ow hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in pro\ufb01t or loss only when the hedged
\ntransaction impacts the pro\ufb01t or loss, or is included directly in the initial cost or other carrying amount of the hedged non-\ufb01nancial items
\n(basis adjustment).
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(0.1)
0.4
\nLoss arising on changes in fair value of hedging instruments during the period
(0.2)
(0.1)
\nGain/(loss) reclassi\ufb01ed to pro\ufb01t or loss
0.1
(0.4)
\nBalance at 31 December
(0.2)
(0.1)
\nFair value reserve
\nThe fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
\nCapital redemption reserve
\nThe capital redemption reserve arose when the Company redeemed Preference shares wholly out of distributable pro\ufb01ts.
\nRetained earnings
\nThe Company has acquired its own shares to satisfy the requirements of the various share option incentive schemes. At 31 December
\n2022, 1,173,686 shares (2021: 1,360,098) were held by The Morgan General Employee Bene\ufb01t Trust (\u2018the Trust\u2019) and are treated as
\na deduction from equity. No treasury shares were held by the Company (2021: none). All rights conferred by those shares are suspended
\nuntil they are reissued.
\nA summary of the movements in own shares held by the Trust is set out in the table below:
\n2022
2021
\nShares
\nCost
\n\u00a3m
Shares
\nCost
\n\u00a3m
\nAs at 1 January
1,360,098
5.0
841,880
2.1
\nNew shares purchased
1,102,704
2.9
1,600,000
5.9
\nExercise of share options
(1,289,116)
(4.8)
(1,081,782)
(3.0)
\nAs at 31 December
1,173,686
3.1
1,360,098
5.0
\nConsideration received in respect of shares transferred to participants of employee share schemes was \u00a30.5 million (2021: \u00a30.3 million).
\nThe market value of shares held by the Trust at 31 December 2022 was \u00a33.7 million (2021: \u00a34.8 million).
\nDividends
\nThe following Ordinary dividends were declared and paid by the Company:
\nPer share
Total
\n2022
\npence
\n2021
\npence
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020 \ufb01nal
\u2013
3.5
\u2013
10.0
\n2021 interim
\u2013
3.2
\u2013
9.1
\n2021 \ufb01nal
\n1
\n5.9
\u2013
16.5
\u2013
\n2022 interim
5.3
\u2013
15.1
\u2013
\n11.2
6.7
31.6
19.1
\n1.
The 2021 \ufb01nal dividend paid is shown net of \u00a30.3 million returned from untraced shareholders, in accordance with the Company\u2019s Articles of Association.
\nAfter 31 December 2022 the following dividends were proposed by the Directors for 2022. These dividends have not been provided for
\nand there are no income tax consequences. The proposed 2022 \ufb01nal dividend is based upon the number of shares outstanding at the
\nbalance sheet date.
\n\u00a3m
\n6.7 pence per qualifying Ordinary share
19.1
\n19.1
\nCalled-up share capital
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEquity share capital
\nFully paid: 285,369,988 (2021: 285,369,988) issued Ordinary shares of 25 pence each
71.3
71.3
\n71.3
71.3
\nNumber of Ordinary shares in issue
\n2022
2021
\nIn issue at beginning and end of period
285,369,988
285,369,988
\nAs at the date of this Report 285,369,988 Ordinary shares have been issued (2021: 285,369,988).
\nDetails of options outstanding in respect of Ordinary shares are given in note 23.
\nAdditionally the Company has authorised, issued and fully paid 437,281 (2021: 437,281) cumulative Preference shares classi\ufb01ed as
\nborrowings totalling \u00a30.4 million (2021: \u00a30.4 million). The Preference shares comprise 125,327 of 5.5% Cumulative First Preference shares
\nof \u00a31 each and 311,954 issued 5.0% Cumulative Second Preference shares of \u00a31 each. The voting rights of these shares are set out below.
\nDividends on the cumulative Preference shares are presented within \ufb01nance costs in the Group\u2019s consolidated income statement.
\nVoting rights of shareholders
\nOrdinary shares
\nThe holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
\nmeetings of the Company.
\n\n
\n\nPreference shares
\nThe 5.5% Cumulative First Preference shares of \u00a31 each and the 5.0% Cumulative Second Preference shares of \u00a31 each confer on the
\nholders thereof the right to receive a cumulative preferential dividend at the rate of 5.5% and 5.0% respectively, calculated up to 30 June
\nand 31 December in every year. The First and Second Cumulative Preference shares shall not entitle the holders thereof to attend or vote
\nat any general meeting unless either:
\n(i)
the meeting is convened to consider any resolutions for reducing the capital, or authorising any issue of debentures or debenture stock,
\nor increasing the borrowing powers of the Board under the Articles of Association of the Company, or winding up, or sanctioning a sale
\nof the undertaking, or altering the Articles in any manner affecting their respective interests, or any other resolutions directly altering
\ntheir respective rights and privileges; or
\n(ii) at the date of the notice convening the general meeting the Preference dividend is upwards of one month in arrears from the payment
\ndate of any half-yearly instalment.
\nOn a return of capital on a winding-up, the assets of the Company available for distribution shall be applied:
\nFirst, in payment to the holders of the First Preference shares of the amounts paid up on such shares, together with interest at the rate
\nof 5.5% per annum.
\nSecond, in payment to the holders of the Second Preference shares of the amounts paid up on such shares, together with interest at the
\nrate of 5.0% per annum.
\nThird, in repaying the capital paid up or credited as paid up on the Ordinary shares.
\nFourth, any surplus shall be distributed rateably amongst the holders of the Ordinary shares in proportion to the nominal amount paid
\nup on their respective holdings of shares in the Company.
\n20. Borrowings and lease liabilities
\nThis note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
\namortised cost.
\nFor more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
\nBorrowing facilities and liquidity
\nAll of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
\nWhere ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
\nwith the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
\ndiversity of counterparties as required to support the Group\u2019s medium-term \ufb01nancing requirements and to minimise the impact of poor
\ncredit market conditions.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current liabilities
\nSenior Notes
154.8
173.6
\nBank and other borrowings
74.9
\u2013
\nCumulative Preference shares
0.4
0.4
\nLease liabilities
41.4
40.0
\n271.5
214.0
\nCurrent liabilities
\nSenior Notes
34.6
\u2013
\nBank and other borrowings
1.5
\u2013
\nLease liabilities
10.5
9.8
\n46.6
9.8
\nIn 2022, bank and other borrowings did not include any borrowings secured on the assets of the Group (2021: \u00a3nil).
\nAs at 31 December 2022 the Group had available headroom under the bank syndication of \u00a3154.0 million (2021: \u00a3200.0 million).
21. Financial risk management
\nThis note presents information about the Group\u2019s exposure to a variety of \ufb01nancial risks: credit risk, liquidity risk, market risk and
\nforeign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
\n\ufb01nancial statements.
\nFinancial risk management and Treasury Policy
\nGroup Treasury works within a framework of policies and procedures approved by the Board. It acts as a service centre for Morgan
\nAdvanced Materials plc\u2019s businesses, not as a pro\ufb01t centre, and manages and controls risk in the treasury environment through the
\nestablishment of such procedures. Group Treasury seeks to align treasury goals, objectives and philosophy to those of the Group. It is
\nresponsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other treasury business.
\nAs part of the policies and procedures, there is strict control over the use of \ufb01nancial instruments to hedge foreign currencies and interest
\nrates. Speculative trading in derivatives and other \ufb01nancial instruments is not permitted.
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations.
\nThe Group is exposed to credit risk on \ufb01nancial instruments such as liquid assets, derivative assets and trade receivables.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
\ndate was:
\nCarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade and other receivables
170.6
139.2
\nCash and cash equivalents
117.7
127.3
\nDerivatives
1.3
0.6
\n289.6
267.1
\nTrade and other receivables
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The demographics of the
\nGroup\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less in\ufb02uence on
\ncredit risk.
\nManagement has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
\nperformed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of \ufb01nancial assets.
\nThe Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
\ndecades. Others have modi\ufb01ed and enhanced designs or adopted the same components into new products, extending the lifecycle of
\nthe components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts and,
\nalthough the top 20 ranking will alter from year to year, many of the names remain consistent over time.
\nThe Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
\ninvestments. At the point the amount is considered irrecoverable it is written off against the \ufb01nancial asset directly.
\nMovements on the provision for expected credit losses were as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(10.9)
(7.4)
\nNet remeasurement of loss allowance
(1.4)
(4.5)
\nAmounts written off
3.9
1.0
\nEffect of movement in foreign exchange
(0.7)
\u2013
\nBalance at 31 December
(9.1)
(10.9)
\n
\n
\nThere has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period in assessing
\nthe loss allowance for these \ufb01nancial assets. The loss allowance for trade receivables by ageing category is as follows:
\n2022
2021
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nNot past due
0.1%
144.7
(0.2)
144.5
0.3%
119.1
(0.4)
118.7
\nPast due 0-30
\ndays
0.5%
21.5
(0.1)
21.4
\u2013
14.8
\u2013
14.8
\nPast due 31-60
\ndays
\u2013
3.9
\u2013
3.9
\u2013
3.8
\u2013
3.8
\nPast due 61-90
\ndays
61.9%
2.1
(1.3)
0.8
7.1%
1.4
(0.1)
1.3
\nPast due more
\nthan 90 days
100.0%
7.5
(7.5)
\u2013
94.5%
11.0
(10.4)
0.6
\n179.7
(9.1)
170.6
150.1
(10.9)
139.2
\nCash, cash equivalents and derivatives
\nCash balances held by companies representing over 65% of the Group\u2019s revenue are managed centrally through a number of pooling
\narrangements. Credit risk is managed by investing in liquid assets and acquiring derivatives in a diversi\ufb01ed way from high-credit-quality
\n\ufb01nancial institutions. Counterparties are reviewed through the use of rating agencies, systemic risk considerations and through regular
\nreview of the \ufb01nancial press.
\nOffsetting \ufb01nancial assets and liabilities
\nThe following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
\na gross basis, and the amounts offset in the balance sheet.
\nThe Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
\nmaster netting agreements, and are also presented in the table to show the total net exposure of the Group.
\nGross amounts
\nof recognised
\n\ufb01nancial assets/
\n(liabilities)
\n\u00a3m
\nAmounts
\noffset
\n\u00a3m
\nNet amounts
\npresented
\non the
\nbalance sheet
\n\u00a3m
\nFinancial
\ninstruments not
\noffset in the
\nbalance sheet
\n\u00a3m
\nNet
\namount
\n\u00a3m
\n2022
\nDerivative \ufb01nancial assets
97.4
(96.1)
1.3
\u2013
1.3
\nDerivative \ufb01nancial liabilities
(97.7)
96.1
(1.6)
\u2013
(1.6)
\nCash and cash equivalents
117.7
\u2013
117.7
(1.5)
116.2
\nBank and other borrowings
(1.5)
\u2013
(1.5)
1.5
\u2013
\n2021
\nDerivative \ufb01nancial assets
84.0
(83.4)
0.6
\u2013
0.6
\nDerivative \ufb01nancial liabilities
(84.0)
83.4
(0.6)
\u2013
(0.6)
\nCash and cash equivalents
127.3
\u2013
127.3
\u2013
127.3
\nBank and other borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\nLiquidity and funding risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by cash.
\nThe Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
\nwhen due, under both normal and stressed conditions.
\nThe Group seeks a balance between certainty of funding and a \ufb02exible, cost-effective borrowing structure. The policy is to ensure that the
\nGroup has suf\ufb01cient borrowings and committed facilities to meet its medium-term \ufb01nancing requirements.
\nThe following are the undiscounted contracted maturities of \ufb01nancial liabilities, including interest payments:
\nCash \ufb02ows associated with non-derivative \ufb01nancial liabilities
\n31 December 2022
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
22.1
22.4
22.4
\u2013
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
12.4
12.8
12.8
\u2013
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
22.2
23.4
0.3
0.3
22.8
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
80.6
91.0
2.7
2.7
85.6
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
21.1
24.2
1.0
1.0
22.2
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.9
9.9
0.2
0.2
0.5
9.0
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
22.1
27.1
0.6
0.6
1.9
24.0
\nBank and other
\nborrowings
Up to 2027
76.4
76.2
1.6
(0.3)
74.9
\u2013
\n5.50% Cumulative
\nFirst Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
51.9
65.3
10.5
8.5
19.9
26.4
\nTrade and
\nother payables
78.6
78.6
78.6
\u2013
\u2013
\u2013
\n396.7
430.9
130.7
13.0
227.8
59.4
\nBank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2027.
\n\n
\n
\n31 December 2021
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
21.0
21.6
0.2
21.4
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
11.1
11.8
0.4
11.4
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
21.1
25.1
0.3
0.3
24.5
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
72.2
81.5
2.4
2.4
76.7
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
18.8
22.5
0.9
0.9
20.7
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.4
9.8
0.1
0.1
0.9
8.7
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
21.0
26.9
0.6
0.6
2.2
23.5
\nBank and other
\nborrowings
Up to 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.50% Cumulative First
\nPreference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
49.8
63.5
9.8
7.9
18.2
27.6
\nTrade and
\nother payables
61.8
61.8
61.8
\u2013
\u2013
\u2013
\n285.6
324.5
76.5
45.0
143.2
59.8
\nCash \ufb02ows associated with derivatives
\nThe following table indicates the periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to occur. This is matched with
\nthe periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to impact pro\ufb01t or loss. All derivatives are net settled.
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\n2022
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
1.1
79.7
79.2
0.5
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(1.3)
(79.5)
(79.0)
(0.5)
\u2013
\u2013
\n(0.2)
0.2
0.2
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.2
18.0
18.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.3)
(17.9)
(17.9)
\u2013
\u2013
\u2013
\n(0.1)
0.1
0.1
\u2013
\u2013
\u2013
\n(0.3)
0.3
0.3
\u2013
\u2013
\u2013
\n2021
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.5
64.0
64.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.5)
(64.0)
(64.0)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.1
20.1
20.1
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.1)
(20.1)
(20.1)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nMarket risk
\nMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control market risk
\nexposures within acceptable parameters, while optimising the return on risk.
\nThe Group enters into derivatives for hedging purposes, and also incurs \ufb01nancial liabilities, in order to manage market risks. All such
\ntransactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
\nto apply hedge accounting in order to manage volatility in pro\ufb01t or loss.
\nInterest rate risk
\nThe Group seeks to reduce the volatility in its interest charge caused by rate \ufb02uctuations. The proportions of \ufb01xed and \ufb02oating rate debt
\nare determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
\nand leverage position and any perceived correlation between business performance and rates.
\nAt the reporting date the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\nFixed rate instruments
\ncarrying amount
\nVariable rate instruments
\ncarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinancial assets
\u2013
\u2013
117.7
127.3
\nFinancial liabilities
(241.7)
(223.8)
(76.4)
\u2013
\n(241.7)
(223.8)
41.3
127.3
\n\n
\n
\nThe \ufb01xed rate \ufb01nancial liabilities comprise the currency equivalent of \u00a3189.4 million (2021: \u00a3173.6 million) of Senior Notes, \u00a30.4 million
\n(2021: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a351.9 million (2021: \u00a349.8 million). The average cost of the
\nGroup\u2019s \ufb01xed rate instruments is 3.32% (2021: 3.29%) including lease liabilities and 2.92% (2021: 2.90%) excluding lease liabilities.
\nThe variable rate \ufb01nancial assets include the bank balances and cash deposits detailed in note 17 and the variable rate \ufb01nancial liabilities
\ninclude bank borrowings detailed in note 20. Where cash and overdrafts are included in Group cash pool arrangements interest is charged
\non net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 2.5% (2021: 2.5%).
\nAn increase of 100 basis points in interest rates on the variable element of the Group\u2019s net \ufb02oating rate liabilities and cash at the reporting
\ndate would have increased pro\ufb01t by \u00a30.5 million (2021: \u00a31.3 million). A decrease of 100 basis points would have decreased pro\ufb01t by
\n\u00a30.3 million (2021: \u00a30.6 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
\nForeign currency risk
\nDue to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
\n\ufb01rm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
\nthe following 12 months, and achieves this through the use of the forward foreign exchange markets. A signi\ufb01cant proportion of the
\nforward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
\nhedging income statement translation exposure.
\nThere are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
\nGroup. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
\nthe ability of the Group to meet its cash \ufb02ow requirements.
\nThe table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
\nand losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
\ndenominated in the functional currency of the operating company involved.
\nFunctional currency of Group operations
\n2022
2021
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nTrade receivables
9.5
0.3
(0.1)
11.4
(0.1)
(3.2)
\nTrade payables
(3.8)
0.2
1.7
(1.3)
(0.3)
3.6
\nNet debt
\n1
\n(8.0)
0.6
1.1
(10.2)
1.3
0.4
\nNet balance sheet exposure
(2.3)
1.1
2.7
(0.1)
0.9
0.8
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThe amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\nIn respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures
\nthat the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address
\nshort-term imbalances.
\nThe Group classi\ufb01es its forward exchange contracts which hedge forecasted transactions as cash \ufb02ow hedges and states them at fair
\nvalue. The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2022 was a liability of
\n\u00a30.2 million (2021: \u00a3nil).
\nThe contractual cash \ufb02ows associated with the forward exchange contracts that are designated as cash \ufb02ow hedges are shown in the
\nsection on liquidity risk. The impact on pro\ufb01t or loss is expected to occur at the same time as the associated cash \ufb02ows.
\nCurrency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas
\nnet assets through currency depreciation, the Group seeks to match the currency of \ufb01nancial liabilities with the currency in which the net
\nassets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\nand is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\nheadroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s \ufb01nancial liabilities becomes more aligned
\nto the currency of the trading cash \ufb02ows that service them.
\nThe Group\u2019s currency split of total borrowings was as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGBP
76.7
0.5
\nUSD
114.2
102.1
\nEuro
75.3
71.4
\nOther
\u2013
\u2013
\n266.2
174.0
\nThe Group\u2019s sensitivity to changes in foreign exchange rates on \ufb01nancial assets and liabilities as at 31 December 2022 is as follows:
\nBased upon the currency pro\ufb01le of the Group\u2019s net \ufb01nancial assets and liabilities, if GBP had strengthened by 10%, reported net \ufb01nancial
\nliabilities would have decreased by \u00a311.2 million (2021: \u00a39.9 million). Conversely, if GBP had weakened by 10%, reported net \ufb01nancial
\nliabilities would have increased by \u00a313.9 million (2021: \u00a312.2 million). Assuming the change occurred on the balance sheet date, there
\nwould be no impact on reported pro\ufb01t, as either the net \ufb01nancial liabilities are in the same currency as that of the respective Group entity,
\nor the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\nThe amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\nconditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\nthe Group\u2019s \ufb01nancial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\nand earnings respectively.
\nHedging instruments
\nMaturity date
\nNotional value:
\nLocal currency
\nChange in fair value
\nfor recognising hedge
\nineffectiveness
\nCarrying amount
\nof the hedging
\ninstruments assets/
\n(liabilities)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nHighly probable forecast sales
\nto Jun
\n2024
\nto Dec
\n2022
29.7
40.4
0.3
0.6
0.5
0.2
\nHighly probable forecast purchases
\nto Jun
\n2024
\nto Dec
\n2022
9.7
7.1
0.1
(0.1)
0.1
\u2013
\nWeighted average hedge rates for the year were as follows:
\nWeighted average exchange rates
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEUR/GBP
1.15
1.16
\nAUD/GBP
1.70
1.84
\nSGD/GBP
1.62
1.85
\nUSD/GBP
1.20
1.37
\nHedged items
\nChange in value used for
\ncalculating hedge ineffectiveness
\nBalance in cash \ufb02ow hedge
\nreserve/foreign currency
\ntranslation reserve for
\ncontinuing hedges
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nForecast sales
(0.3)
(0.6)
(0.5)
0.1
\nForecast purchases
(0.1)
0.1
(0.1)
\u2013
\n\n
\n
\nAs at 31 December 2022 the amount in the hedging reserve and translation reserve arising from hedging relationships for which hedge
\naccounting is no longer applied was \u00a3nil (2021: \u00a3nil).
\nThe Group expects highly probable sales and purchases in UK, Europe, North America, Australia and Asia. The Group has entered into
\nforeign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
\nfuture transactions. It is anticipated that the transactions will take place during the next \ufb01nancial year, at which time the amount deferred
\nin equity will be reclassi\ufb01ed to pro\ufb01t or loss.
\nAll hedging instruments are presented within derivative \ufb01nancial instruments on the Group balance sheet.
\nExchange rates
\nThe principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n2022
2021
\nClosing rate
Average rate
Closing rate
Average rate
\nGBP to:
\nUSD
1.21
1.24
1.35
1.38
\nEuro
1.13
1.17
1.19
1.16
\nFor illustrative purposes, the table below provides details of the impact on 2022 revenue, Group adjusted operating pro\ufb01t and pro\ufb01t
\nbefore tax if the actual reported results, calculated using 2022 average exchange rates, were restated for GBP weakening by 10 cents
\nagainst USD in isolation and 10 cents against the Euro in isolation:
\n2022
2021
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nIncrease in revenue/Group adjusted
\noperating pro\ufb01t
\n1
\n/pro\ufb01t before tax if:
\nGBP weakens by 10c against USD
\nin isolation
16.9
2.2
2.0
29.6
3.9
3.5
\nGBP weakens by 10c against the Euro
\nin isolation
21.8
3.5
3.2
18.8
3.3
3.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nOther market price risk
\nEquity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s de\ufb01ned bene\ufb01t
\npension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
\nunfunded de\ufb01ned bene\ufb01t obligations.
\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market con\ufb01dence and to
\nsustain future development of the business. The Board uses a number of measures, identi\ufb01ed as key performance indicators (KPIs),
\nto ensure the continued success of the Group.
\nThe Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
\nshare and share option schemes. From time to time the Company purchases its own shares on the market; the timing of these purchases
\ndepends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s various share option
\nincentive schemes.
\nThe Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
\nthat might be possible with higher levels of borrowings.
\nThe Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
\nIFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.
\nDebt to adjusted capital
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nBorrowings and overdrafts
266.2
\u2013
266.2
174.0
\u2013
174.0
\nLease liabilities
51.9
(51.9)
\u2013
49.8
(49.8)
\u2013
\nLess: cash and cash equivalents
(117.7)
\u2013
(117.7)
(127.3)
\u2013
(127.3)
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nTotal equity
429.6
\u2013
429.6
349.6
\u2013
349.6
\nLess: amounts accumulated in equity
\nrelating to cash \ufb02ow hedges
0.2
\u2013
0.2
0.1
\u2013
0.1
\nAdjusted capital
429.8
\u2013
429.8
349.7
\u2013
349.7
\nNet debt
\n1
\nto adjusted capital ratio
0.5
n/a
0.3
0.3
n/a
0.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nNet debt
\n1
\nto EBITDA
\n1
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nOperating pro\ufb01t before speci\ufb01c
\nadjusting items
146.3
(3.6)
142.7
118.5
(3.0)
115.5
\nDepreciation and amortisation
42.8
(7.8)
35.0
44.0
(7.9)
36.1
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet debt
\n1
\nto EBITDA
\n1
\nratio
1.1x
n/a
0.8x
0.6x
n/a
0.3x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nInterest cover
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet \ufb01nance costs (excluding IAS 19
\npension charge)
7.8
(2.4)
5.4
7.6
(2.3)
5.3
\nInterest cover
24.2x
n/a
32.9x
21.4x
n/a
28.6x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThere were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
\nare subject to externally imposed capital requirements.
\n\n
\n\nFair values
\n31 December 2022
31 December 2021
\nCarrying
\namount
\n\u00a3m
\nFair value
\nCarrying
\namount
\n\u00a3m
\nFair value
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and
\nliabilities held at
\namortised cost
\n1.18% Euro
\nSenior Notes 2023
(22.1)
\u2013
(21.6)
(21.6)
(21.0)
\u2013
(21.1)
(21.1)
\n3.17% US Dollar
\nSenior Notes 2023
(12.4)
\u2013
(12.1)
(12.1)
(11.1)
\u2013
(11.3)
(11.3)
\n1.55% Euro
\nSenior Notes 2026
(22.2)
\u2013
(20.1)
(20.1)
(21.1)
\u2013
(21.4)
(21.4)
\n3.37% US Dollar
\nSenior Notes 2026
(80.6)
\u2013
(73.5)
(73.5)
(72.2)
\u2013
(72.8)
(72.8)
\n1.74% Euro
\nSenior Notes 2028
(8.9)
\u2013
(7.7)
(7.7)
(8.4)
\u2013
(8.6)
(8.6)
\n2.89% Euro
\nSenior Notes 2030
(22.1)
\u2013
(19.0)
(19.0)
(21.0)
\u2013
(22.1)
(22.1)
\n4.87% US Dollar
\nSenior Notes 2026
(21.1)
\u2013
(20.2)
(20.2)
(18.8)
\u2013
(20.6)
(20.6)
\n5.50% Cumulative
\nFirst Preference shares
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
\n5.00% Cumulative
\nSecond Preference shares
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
\n(189.8)
\u2013
(174.6)
(174.6)
(174.0)
\u2013
(178.3)
(178.3)
\nDerivative \ufb01nancial assets
\nheld at fair value
1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\n1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\nDerivative \ufb01nancial liabilities
\nheld at fair value
(1.6)
\u2013
(1.6)
(1.6)
(0.6)
\u2013
(0.6)
(0.6)
\nThe table above analyses the fair values of \ufb01nancial instruments held by the Group, by valuation method, together with the carrying
\namounts shown in the balance sheet.
\nThe fair value of cash and cash equivalents, current trade and other receivables/payables and \ufb02oating-rate bank and other borrowings are
\nexcluded from the preceding table as their carrying amount approximates their fair value.
\nFair value hierarchy
\nThe different levels have been de\ufb01ned as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
\nreasonable levels of price transparency. Fair value is calculated using discounted cash \ufb02ow methodology, future cash \ufb02ows are estimated
\nbased on forward exchange rates.
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe major methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the preceding table are
\nas follows:
\nEquity securities
\nFair value is based on quoted market prices at the balance sheet date.
\nDerivatives
\nForward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
\ndeducting the current spot rate.
\nFixed-rate borrowings
\nFair value is calculated based on discounted expected future principal and interest cash \ufb02ows. The interest rates used to determine the fair
\nvalue of borrowings are 4.2%-6.4% (2021: 1.0%-3.1%).
\nThere have been no transfers between Level 1 and Level 2 during 2022 and 2021 and there were no Level 3 \ufb01nancial instruments in either
\n2022 or 2021.
\n22. Pensions and other post-retirement employee bene\ufb01ts
\nThe Group operates a number of de\ufb01ned bene\ufb01t arrangements as well as de\ufb01ned contribution plans. The de\ufb01ned bene\ufb01t plans
\nare primarily in the UK, US and Europe and predominantly provide pensions based on service and career-average pay. In addition
\npost-retirement medical plans are operated in the US.
\nSummary of net de\ufb01ned bene\ufb01t obligations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
(36.5)
(47.3)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(485.3)
(687.2)
\nFair value of plan assets
506.2
631.8
\n(15.6)
(102.7)
\nAmounts recognised in pro\ufb01t or loss
\nNote
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent service cost
(2.7)
(3.2)
\nAdministrative expenses recognised outside of the pension liability
(1.5)
(1.3)
\nCurtailments and settlements
0.2
0.1
\nTotal expense within operating costs relating to de\ufb01ned bene\ufb01t plans
(4.0)
(4.4)
\nDe\ufb01ned contribution plans
(12.2)
(10.7)
\nTotal expense within operating costs
4
(16.2)
(15.1)
\nNet interest on net de\ufb01ned bene\ufb01t liability
7
(1.4)
(1.6)
\nTotal expense recognised in pro\ufb01t or loss
(17.6)
(16.7)
\nAmounts recognised in other comprehensive income
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nExperience loss on plan obligations
(14.4)
(4.9)
\nChanges in \ufb01nancial assumptions underlying the present value of plan obligations \u2013 gain
225.6
51.3
\nChanges in demographic assumptions underlying the present value of plan obligations \u2013 gain
0.8
6.7
\nActual return on plan assets (excluding amounts included in net interest expense)
(206.5)
2.4
\nRemeasurements recognised in other comprehensive income
5.5
55.5
\nDeferred tax associated with the above
(3.4)
(0.6)
\nTotal amount recognised in other comprehensive income
2.1
54.9
\nDe\ufb01ned contribution plans
\nThe Group operates a number of de\ufb01ned contribution pension plans. The total expense relating to these plans in the current
\nyear was \u00a312.2 million (2021: \u00a310.7 million). The expense includes contributions to two US Multi-Employer Plans of \u00a30.3 million
\n(2021: \u00a30.3 million). The Group expects to contribute \u00a313.0 million to ongoing de\ufb01ned contribution arrangements in 2023.
\n\n
\n
\nDe\ufb01ned bene\ufb01t plans
\nUK Schemes
\nIn the UK, the Group operates two de\ufb01ned bene\ufb01t pension schemes, the Morgan Pension Scheme and the Morgan Group Senior Staff
\nPension and Life Assurance Scheme (\u2018the UK Schemes\u2019). The two UK Schemes provide a bene\ufb01t based upon an employee\u2019s total service
\nand their career average earnings (including allowance for consumer price in\ufb02ation), although historically bene\ufb01ts were based upon an
\nemployee\u2019s \ufb01nal salary. Once in payment, pensions receive increases as set out in the rules, at either a \ufb01xed level, or in line with the
\nRetail Price Index. The overall duration of the UK Schemes is around 12 years.
\nThe UK Schemes\u2019 assets are held in trustee-administered funds which are governed by UK regulations, as is the nature of the relationship
\nbetween the Group and the Trustees. Responsibility for the governance of the UK Schemes \u2013 including investment decisions and
\ncontribution schedules \u2013 lies with the Board of Trustees which must consult with the Group in such matters. The Board of Trustees
\nmust be composed of representatives of the Company, plan participants and independent trustee directors, in accordance with the
\nUK Scheme\u2019s governing documents.
\nFunding legislation in the UK requires that schemes are fully funded on a scheme-speci\ufb01c basis, and this must be assessed at least every
\nthree years. To the extent that there is a de\ufb01cit against this measure, a payment schedule must be agreed such that the de\ufb01cit is removed
\nover a reasonable period of time.
\nThe most recent full actuarial valuations of the UK Schemes were undertaken as at 31 March 2022 and resulted in combined assessed
\nde\ufb01cits of \u00a349.7 million on the \u2018Technical Provisions\u2019 basis. The Company subsequently agreed with the Trustees to make a lump sum
\ncontribution to the Schemes of \u00a367.0 million on 29 December 2022 in lieu of the remaining contributions that would otherwise have been
\ndue under the existing recovery plans from the 31 March 2019 valuations. The sum paid also represented the value of the de\ufb01cit on the
\nmore prudent \u2018Long Term Objective\u2019 basis. As a result, no further contributions to the Schemes are expected to be required pending the
\nresults of the next full valuations as at 31 March 2025.
\nThe UK Schemes were closed to new entrants on 1 August 2011, with any new employees receiving bene\ufb01ts through the Morgan Group
\nPersonal Pension Plan, a de\ufb01ned contribution arrangement. The Morgan Group Senior Staff Pension and Life Assurance Scheme was
\nclosed to the future accrual of bene\ufb01ts on and with effect from 6 April 2016. The Morgan Pension Scheme was closed to the future
\naccrual of bene\ufb01ts with effect from 6 April 2018. Current employees, including those who were active in the Schemes at closure,
\nare auto-enrolled into the Morgan Group Personal Pension Plan for their future pension bene\ufb01ts.
\nThe Group has considered third-party powers and does not believe the Trustees have any powers that would prevent the Group
\nobtaining a refund of any surplus on wind-up of the Scheme following gradual settlement of the plan obligations. As such the Group\u2019s
\ninterpretation is that the current version of IFRIC 14 does not have an impact and, as a result, any IAS 19 surplus can be recognised as
\nan asset and it is not necessary to recognise additional liabilities in respect of contribution agreements reached with the pension scheme
\nTrustees, managers or any third party.
\nUS Schemes
\nThe Group operates a tax quali\ufb01ed de\ufb01ned bene\ufb01t pension scheme in the US (\u2018MUSE DB Scheme\u2019), and a Supplemental Executive
\nRetirement Plan (\u2018SERP\u2019) which is not tax approved (together \u2018the US Schemes\u2019). The MUSE DB Scheme is frozen, and therefore
\nemployees accrue bene\ufb01ts within a 401k arrangement.
\nThe US Schemes provide a bene\ufb01t based upon an employee\u2019s service and earnings. The bene\ufb01ts are level both prior to, and whilst in,
\npayment. Overall, the US Schemes\u2019 duration is around nine years.
\nThe quali\ufb01ed MUSE DB Scheme\u2019s assets are held in a trust separately from the Group\u2019s assets. For the SERP the Group holds an asset
\nto meet the obligations; however, due to its nature this is accounted for as a Group asset, rather than an asset of the SERP. Responsibility
\nfor the governance of the US Schemes, including investment decisions and contribution schedules, lies with a management committee,
\nall of whose members are appointed by the Group.
\nThe funding requirements in the US, ERISA, require schemes to be fully funded at all times, and if not to target full funding within a period
\nof seven years.
\nThe most recent full actuarial valuation of the MUSE DB Scheme was undertaken as at 1 January 2022 and the Scheme was fully funded
\non this basis.
\nOn the more stringent DBO (De\ufb01ned Bene\ufb01t Obligation) basis used for IAS 19 purposes, the de\ufb01cit of the MUSE DB Scheme as at
\n31 December 2022 totalled \u00a33.4 million (2021: \u00a31.3 million).
\nNo further signi\ufb01cant contributions to the MUSE DB Scheme are anticipated in the medium term.
\nEuropean schemes
\nIn Europe (excluding UK), the Group operates a number of retirement schemes, with the bulk of the obligations relating to arrangements
\nfor employees in Germany. In line with local practice these arrangements are not funded in advance, with bene\ufb01ts being met by the Group
\nas they fall due.
\n31 December 2022
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nSummary of net obligations
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
\u2013
(5.8)
(26.7)
(4.0)
(36.5)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(359.5)
(116.1)
(1.6)
(8.1)
(485.3)
\nFair value of plan assets
384.7
112.7
0.4
8.4
506.2
\n25.2
(9.2)
(27.9)
(3.7)
(15.6)
\nMovements in present value of de\ufb01ned bene\ufb01t obligation
\nAt 1 January 2022
(544.0)
(139.3)
(39.4)
(11.8)
(734.5)
\nCurrent service cost
\u2013
\u2013
(1.1)
(1.6)
(2.7)
\nInterest cost
(10.3)
(3.9)
(0.3)
(0.2)
(14.7)
\nActuarial gain/(loss)
\nExperience gain/(loss) on plan obligations
(14.7)
(0.1)
0.4
\u2013
(14.4)
\nChanges in \ufb01nancial assumptions \u2013 gain
184.5
28.2
12.2
0.7
225.6
\nChanges in demographic assumptions \u2013 gain/(loss)
0.9
\u2013
(0.1)
\u2013
0.8
\nBene\ufb01ts paid
24.1
9.2
1.6
1.2
36.1
\nCurtailments and settlements
\u2013
\u2013
\u2013
0.2
0.2
\nExchange adjustments
\u2013
(16.0)
(1.6)
(0.6)
(18.2)
\nAt 31 December 2022
(359.5)
(121.9)
(28.3)
(12.1)
(521.8)
\nMovements in fair value of plan assets
\nAt 1 January 2022
492.3
131.6
0.4
7.5
631.8
\nInterest on plan assets
9.4
3.8
\u2013
0.1
13.3
\nRemeasurement loss
(177.2)
(28.9)
\u2013
(0.4)
(206.5)
\nContributions by employer
84.3
0.7
1.6
2.0
88.6
\nBene\ufb01ts paid
(24.1)
(9.2)
(1.6)
(1.2)
(36.1)
\nExchange adjustments
\u2013
14.7
\u2013
0.4
15.1
\nAt 31 December 2022
384.7
112.7
0.4
8.4
506.2
\nActual return on assets
(167.8)
(25.1)
\u2013
(0.3)
(193.2)
\nFair value of plan assets by category
\nEquities
\u2013
6.1
\u2013
\u2013
6.1
\nGrowth assets
\n1
\n40.3
\u2013
\u2013
\u2013
40.3
\nBonds
18.0
104.8
\u2013
\u2013
122.8
\nLiability-driven investments (LDI)
\n2
\n210.9
\u2013
\u2013
\u2013
210.9
\nMatching insurance policies
106.1
1.4
0.4
6.4
114.3
\nOther
9.4
0.4
\u2013
2.0
11.8
\n384.7
112.7
0.4
8.4
506.2
\n1.
Growth assets include investment in Global Diversi\ufb01ed and Multi-Asset Funds as well as UK Property.
\n2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration \ufb01xed interest and index-linked government bonds valued at the bid price of the units.
\nThis provides interest rate and in\ufb02ation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes measured on the \u2018Long Term Objective\u2019 basis (Gilts +50bps)
\n(excluding matching insurance policies).
\n\n
\n
\nThe Group expects to contribute \u00a33.8 million to these arrangements in 2023.
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nEstimate of employer contributions to be paid into the plans
\nduring the 12-month period beginning 1 January 2023
\u2013
0.7
1.7
1.4
3.8
\n31 December 2021
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nSummary of net obligations
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
\u2013
(6.4)
(37.5)
(3.4)
(47.3)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(544.0)
(132.9)
(1.9)
(8.4)
(687.2)
\nFair value of plan assets
492.3
131.6
0.4
7.5
631.8
\n(51.7)
(7.7)
(39.0)
(4.3)
(102.7)
\nMovements in present value of de\ufb01ned bene\ufb01t obligation
\nAt 1 January 2021
(603.4)
(147.5)
(45.3)
(11.1)
(807.3)
\nCurrent service cost
\u2013
\u2013
(1.1)
(2.1)
(3.2)
\nInterest cost
(7.2)
(3.3)
(0.2)
(0.1)
(10.8)
\nActuarial gain/(loss)
\nExperience gain/(loss) on plan obligations
(5.2)
(0.4)
0.9
(0.2)
(4.9)
\nChanges in \ufb01nancial assumptions \u2013 gain
43.3
5.5
2.0
0.5
51.3
\nChanges in demographic assumptions \u2013 gain/(loss)
7.2
(0.5)
\u2013
\u2013
6.7
\nBene\ufb01ts paid
21.3
8.5
1.5
0.3
31.6
\nCurtailments and settlements
\u2013
\u2013
\u2013
0.2
0.2
\nExchange adjustments
\u2013
(1.6)
2.8
0.7
1.9
\nAt 31 December 2021
(544.0)
(139.3)
(39.4)
(11.8)
(734.5)
\nMovements in fair value of plan assets
\nAt 1 January 2021
483.1
140.2
0.5
7.2
631.0
\nInterest on plan assets
5.9
3.2
\u2013
0.1
9.2
\nRemeasurement gain/(loss)
7.8
(5.3)
\u2013
(0.1)
2.4
\nContributions by employer
16.8
0.7
1.5
1.1
20.1
\nBene\ufb01ts paid
(21.3)
(8.5)
(1.5)
(0.3)
(31.6)
\nCurtailments and settlements
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nExchange adjustments
\u2013
1.3
(0.1)
(0.4)
0.8
\nAt 31 December 2021
492.3
131.6
0.4
7.5
631.8
\nActual return on assets
13.6
(2.1)
\u2013
(0.1)
11.4
\nFair value of plan assets by category
\nEquities
\n1
\n42.9
\u2013
\u2013
\u2013
42.9
\nGrowth assets
\n2
\n103.6
7.2
\u2013
\u2013
110.8
\nBonds
90.4
119.9
\u2013
\u2013
210.3
\nLiability-driven investments (LDI)
\n3
\n108.4
\u2013
\u2013
\u2013
108.4
\nMatching insurance policies
144.5
\u2013
0.4
4.8
149.7
\nOther
2.5
4.5
\u2013
2.7
9.7
\n492.3
131.6
0.4
7.5
631.8
\n1.
Equity values include both physical equities and the value of equity futures contracts, used to gain leveraged exposure to global equity markets.
\n2.
Growth assets include investment in Global Diversi\ufb01ed and Multi-Asset Funds as well as UK Property.
\n3.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration \ufb01xed interest and index-linked government bonds valued at the bid price of the units.
\nThis provides interest rate and in\ufb02ation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes.
\nActuarial assumptions
\nThe actual liability in respect of global employee bene\ufb01ts will not be known until the last payments have been made. In placing a current
\nestimate on the Group\u2019s past service bene\ufb01t obligations, a number of assumptions about the future are required. For de\ufb01ned bene\ufb01t
\nschemes, the Directors make annual estimates and assumptions in respect of discount rates, future changes in salaries, employee turnover,
\nin\ufb02ation rates, life expectancy and several other assumptions. In making these estimates and assumptions, the Directors consider advice
\nprovided by external advisors, such as actuaries.
\nThe assumptions used are best estimate assumptions chosen from a reasonable range and which may not be borne out in practice.
\nThe principal assumptions are the discount rate and in\ufb02ation assumptions which are long-term and measured on external factors, based
\nupon each plan\u2019s duration. In addition to these, the mortality assumption in the UK and the US is material to the cost of the promised
\nbene\ufb01ts. In both the UK and Europe, where relevant, the assumed increases in salaries and pensions in payment are derived from
\nassumed future in\ufb02ation.
\nThe rates shown below are single equivalents for the obligations as a whole derived from discounting along the yield curve. In line
\nwith IAS 19, in determining the value of the annuity contract held in the UK we have re\ufb02ected the same methodology as used to value
\nthe corresponding obligations, re\ufb02ecting the actual cash \ufb02ow pro\ufb01le and duration of the insured obligations, rather than those of the
\nSchemes as a whole.
\nActuarial assumptions were:
\nUK
\n%
\nUS
\n%
\nEurope
\n%
\nRest of
\nthe World
\n%
\n2022
\nDiscount rate
4.81
4.99
3.70
5.30
\nSalary increase
n/a
n/a
2.20
5.00
\nIn\ufb02ation (UK: RPI/CPI)
3.26/2.47
n/a
2.20
n/a
\nPensions increase
\n1
\n3.00/3.11/3.70
n/a
2.20
n/a
\nMortality \u2013 post-retirement:
\nLife expectancy of a male aged 60 in accounting year (years)
25.79
24.80
25.19
n/a
\nLife expectancy of a male aged 60 in accounting year + 20 (years)
27.24
24.90
27.98
n/a
\n2021
\nDiscount rate
1.92
2.71
0.90
2.90
\nSalary increase
n/a
n/a
2.40
4.30
\nIn\ufb02ation (UK: RPI/CPI)
3.40/2.61
n/a
1.90
n/a
\nPensions increase
\n1
\n3.00/3.22/3.75
n/a
1.90
n/a
\nMortality \u2013 post-retirement:
\nLife expectancy of a male aged 60 in accounting year (years)
26.0
24.7
25.0
n/a
\nLife expectancy of a male aged 60 in accounting year + 20 (years)
27.4
24.8
27.9
n/a
\n1.
Pension increases in the UK re\ufb02ect both \ufb01xed rate and RPI-related increases to different elements of members\u2019 pensions.
\nThe accounting assumptions noted above are used to calculate the year-end net pension liability in accordance with the relevant accounting
\nstandard, IAS 19 (revised) Employee Bene\ufb01ts. Changes in these assumptions have no impact on the Group\u2019s cash payments to their
\narrangements. The payments due are calculated based on local funding requirements, or in the case of the Group\u2019s unfunded
\narrangements on the incidence of bene\ufb01t payments falling due.
\n\n
\n
\nThe sensitivities of the Group\u2019s net balance sheet to the principal assumptions are:
\nChange in assumption
\n2022
2021
\nIncrease
\non de\ufb01ned
\nbene\ufb01t
\nobligation
\n\u00a3m
\nIncrease
\non de\ufb01cit
\n\u00a3m
\nIncrease on
\nde\ufb01ned
\nbene\ufb01t
\nobligation
\n\u00a3m
\nIncrease
\non de\ufb01cit
\n\u00a3m
\nDiscount rate
Decrease by 0.1%
5.8
5.0
10.7
9.4
\nDiscount rate
Decrease by 0.5%
30.0
25.9
55.9
49.4
\nIn\ufb02ation
Increase by 0.1%
1.8
1.7
3.7
3.5
\nIn\ufb02ation
Increase by 0.5%
9.2
8.7
18.6
17.6
\nMortality \u2013 post-retirement
Pensioners live 1 year longer
20.5
13.6
33.3
21.9
\nExchange rates
GBP weakens against USD by 10%
13.5
1.0
15.5
0.9
\nGBP weakens against EUR by 10%
3.3
3.2
4.4
4.3
\nThese sensitivities have been calculated to show the movement in the net balance sheet in isolation, and assume no other changes in
\nmarket conditions at the accounting date. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without
\nany movement in the value of the assets held by the Group\u2019s Schemes.
\nRisks
\nThe balance sheet net pension liability is a snapshot view which can be signi\ufb01cantly in\ufb02uenced by short-term market factors. The
\ncalculation of the surplus or de\ufb01cit depends, therefore, on factors which are beyond the control of the Group \u2013 principally the value at
\nthe balance sheet date of equity shares in which the Scheme has invested and long-term interest rates which are used to discount future
\nliabilities. The funding of the Scheme is based on long-term trends and assumptions relating to market growth, as advised by quali\ufb01ed
\nactuaries and investment advisors.
\nThe most signi\ufb01cant risks to which the Group is exposed are:
\nInvestment returns
: The Group\u2019s net balance sheet and contribution requirements are heavily dependent upon the return on the
\nassets invested in by the schemes.
\nLongevity:
The cost to the Group of the pensions promised to members is dependent upon the expected term of these payments.
\nTo the extent that members live longer than expected this will increase the cost of these arrangements.
\nIn\ufb02ation rate risk:
In the UK, the pension promises are, in the main, linked to in\ufb02ation, and higher in\ufb02ation will lead to higher liabilities.
\nThe above risks have been mitigated for the majority of the UK Schemes\u2019 pensioner population through the purchase of an insurance
\npolicy, the payments from which exactly match the promises made to employees. Remaining investment risks have also been mitigated
\nto some extent by diversi\ufb01cation of the return-seeking assets and backing uninsured pensioner liabilities via bonds and various hedging
\ninstruments. In the UK, the bonds and LDI mandates target an interest rate hedge against movements in government bond yields
\n(including providing protection against changes to future in\ufb02ation expectations) for an amount equal to approximately 100% of the liabilities
\nvalued on the \u2018Long Term Objective\u2019. In the US, the bond mandates provide an interest rate hedge of approximately 100% of the liabilities
\nfor funded plans.
\nIn addition, the IAS 19 de\ufb01ned bene\ufb01t obligation is linked to yields on AA-rated corporate bonds; however some of the Group\u2019s
\narrangements invest in a number of other assets which will move in a different manner from these bonds. Therefore, changes in market
\nconditions may lead to volatility in the net pension liability on the Group\u2019s balance sheet and in other comprehensive income, and to
\na lesser extent in the IAS 19 pension expense in the Group\u2019s income statement.
\n23. Share-based payments
\nThe Group operates various share option programmes that allow Group employees to acquire shares in the Company. During 2022,
\nawards were made to executives and senior employees under the Morgan Advanced Materials plc Long-Term Incentive Plan (LTIP),
\nthe Morgan Advanced Materials plc Deferred Bonus Plan (DBP) and the Morgan Advanced Materials plc Restricted Stock Units (RSU).
\nThe Company also maintains a UK all-employee Sharesave scheme (Sharesave). Further details can be found in the Remuneration Report
\non pages 90\u2013116.
\nThe grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in equity,
\nover the period that the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to
\nre\ufb02ect the actual number of share options for which the related service and non-market vesting conditions are met.
\nThe charge expensed to the income statement in 2022 was \u00a35.7 million (2021: \u00a34.5 million).
\nThe following options and awards were outstanding at 31 December 2022 in respect of Ordinary shares:
\nEmployees
\nentitled
Vesting conditions
\nExercise/award
\nprice(s)
\nNumber
\nof shares
\noutstanding
\nExercise dates ranging
\nfrom
to
\nLTIP
Senior
\nemployees
\nContinued employment
\nplus satisfaction of
\nperformance metrics
\n\u2013
4,585,134
1 January 2023
30 May 2025
\nSharesave
All UK
\nemployees
\nContinued employment
181.00p-321.00p
1,053,084
1 December 2022
1 June 2026
\nDBP
Senior
\nemployees
\nContinued employment
\u2013
513,137
18 March 2022
21 March 2025
\nRSU
Select
\nemployees
\nContinued employment
\u2013
1,366,351
21 May 2023
30 May 2025
\nThe numbers and weighted average exercise prices of share options are as follows:
\n2022
2021
\nWeighted
\naverage
\nexercise price
\nNumber of
\noptions
\nWeighted
\naverage
\nexercise price
\nNumber of
\noptions
\nOutstanding at the beginning of the period
26.44p
8,174,265
28.68p
8,532,753
\nGranted during the period
23.24p
2,985,494
11.58p
2,654,176
\nForfeited during the period
39.31p
(158,602)
25.37p
(659,714)
\nExercised during the period
39.31p
(1,280,013)
31.21p
(1,081,782)
\nLapsed during the period
0.71p
(2,203,438)
6.92p
(1,271,168)
\nOutstanding at the end of the period
28.30p
7,517,706
26.44p
8,174,265
\nExercisable at the end of the period
182.49p
138,258
90.14p
115,153
\nThe weighted average share price at the date of exercise during the period was 293.19 pence (2021: 328.64 pence).
\nMeasurement of fair values
\nThe DBP is an award of deferred shares which include the accumulated value of any dividends which fall during the period from the date of
\ngrant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a speci\ufb01ed period of time
\nwith no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU are
\nequal to the share price at the date of grant.
\nAwards made in 2022
\nLTIP
Sharesave
DBP
RSU
\nShare price at award date
294.50p-
\n317.50p
\n234.50p
318.00p
294.50p-
\n317.50p
\nExercise price
n/a
210.00p
n/a
n/a
\nFair value at measurement date
101.00p-
\n260.00p
\n48.00p
318.00p
294.50p-
\n317.50p
\nFair value measurement method
Actuarial
\nbinomial
\nmodel
\nModi\ufb01ed
\nbinomial
\nmodel
\nn/a
n/a
\nFair value model inputs:
\nExpected volatility (expressed as weighted average volatility
\nused in the model)
\n30%
35%
\nOption life (expressed as weighted average life used in
\nthe model)
\n3.0 years
3.3 years
\nExpected dividends
3.2%-3.5%
4.2%
\nRisk-free interest rate
1.3%-1.5%
4.0%
\n
\n
\nThe expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
\nadjusted for any expected changes to future volatility due to publicly available information.
\nThe fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
\nThe weighted average fair value of options issued during 2022 was 204.74 pence (2021: 271.44 pence).
\n24. Provisions and contingent liabilities
\nClosure and
\nrestructuring
\nprovisions
\n\u00a3m
\nLegal and
\nother
\nprovisions
\n\u00a3m
\nEnvironmental
\nprovisions
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2022
11.8
10.0
7.8
29.6
\nProvisions made during the year
1.3
0.2
1.1
2.6
\nProvisions used during the year
(3.2)
(1.7)
(1.3)
(6.2)
\nProvisions reversed during the year
(0.6)
(0.6)
(0.5)
(1.7)
\nEffect of movements in foreign exchange
1.2
0.2
0.3
1.7
\nBalance at 31 December 2022
10.5
8.1
7.4
26.0
\nCurrent
2.5
3.5
3.9
9.9
\nNon-current
8.0
4.6
3.5
16.1
\n10.5
8.1
7.4
26.0
\nClosure and restructuring provisions
\nClosure and restructuring provisions are based on the Group\u2019s restructuring programmes and represent committed expenditure at the
\nbalance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and
\nmanagement\u2019s best estimate of other associated restructuring costs including professional fees.
\nWhilst the Group\u2019s restructuring programme was completed in 2021, we retain provisions for remaining lease exit costs and multi-
\nemployer pension obligations from two sites which were closed during 2021. The cash out\ufb02ows relating to the pension obligations
\nmay continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash out\ufb02ows in relation to the lease
\nmay continue for the next four years.
\nLegal and other provisions
\nLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\nbusiness and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\nsimilar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of
\nthe most likely outcome. The timing of utilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the
\noutcome of various court proceedings and associated negotiations.
\nWhere obligations are not capable of being reliably estimated, or if a material out\ufb02ow of economic resources is considered remote, it is
\nclassi\ufb01ed as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully
\nand, therefore, the possibility of any material out\ufb02ow in settlement is assessed as remote.
\nSubsidiary undertakings within the Group have given unsecured guarantees of \u00a310.2 million (2021: \u00a310.5 million) in the ordinary course
\nof business.
\nEnvironmental provisions
\nEnvironmental provisions are made for quanti\ufb01able environmental liabilities arising from known environmental issues. The amounts
\nprovided are based on the best estimate of the costs required to remedy these issues. At one site, a remediation feasibility study is
\ncurrently being conducted in relation to a known environmental issue and in conjunction with the local environmental regulator.
\nA remediation plan has been prepared. The provision recorded re\ufb02ects the estimated costs of remediation and awaits \ufb01nal regulatory
\napproval. The provision is expected to be utilised in the next \ufb01ve years.
\nEnvironmental contingent liabilities
\nThe Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the
\nworld. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing
\nprocesses on the environment or lead to other economic out\ufb02ows. Such contingencies may exist for various sites which the Group
\ncurrently operates or has operated in the past. There is a contingent liability arising from the as yet unknown environmental issues at
\nthe site referred to above, pending the completion of the feasibility study.
\nTax contingent liabilities
\nThe Group is subject to periodic tax audits by various \ufb01scal authorities covering corporate, employee and sales taxes in the various
\njurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
\nThese are disclosed in notes 8 and 14.
\n25. Capital commitments
\nIn 2022, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
\nthese accounts amount to \u00a35.9 million (2021: \u00a36.3 million) for the Group.
\n26. Related parties
\nIdenti\ufb01cation of related parties
\nThe Group has related party relationships with its subsidiaries (a list of all related undertakings and associates is shown in note 43),
\nand with its Directors, executive of\ufb01cers and their close family members.
\nTransactions with key management personnel
\nThe Company has written service contracts or letters of appointment with each of its Directors, under which the Directors receive
\na salary or a fee and other emoluments.
\nThe key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
\nmembers of the Executive Committee.
\nThe compensation for the executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee bene\ufb01ts
4.8
7.5
\nEmployer national insurance contributions
1.0
0.4
\nPension and other post-employment costs
0.3
0.3
\nShare-based payment expense
\n1
\n1.9
1.7
\nTermination payments
0.1
\u2013
\nNon-executive Directors\u2019 fees and bene\ufb01ts
0.5
0.5
\nTotal compensation of key management personnel
8.6
10.4
\n1.
Share-based payment expense represents the net IFRS 2 share-based payment (credit)/charge to the consolidated income statement in the year for the members of the Executive
\nCommittee. In 2022, due to changes in assumptions in non-market-based performance conditions, a net credit of \u00a30.1 million was recognised in the consolidated income statement
\n(2021: net credit of \u00a30.1 million).
\nOther related party transactions
\nOn 28 April 2021, the Group completed the sale of its investment in associate, as detailed in note 2. In 2022, there was \u00a3nil sales to
\n(2021: \u00a3nil) and \u00a3nil purchases from (2021: \u00a30.6 million) the associate. As at 31 December 2022, trade receivables due from the associate
\nwere \u00a3nil (2021: \u00a3nil) and trade payables due to the associate were \u00a3nil (2021: \u00a3nil).
\n\n
\n27. Subsequent events
\nMorgan experienced a cyber security incident in January 2023, having detected unauthorised activity on the network. Immediate steps
\nwere taken to contain the incident, launch incident response plans, engage specialist support services and embark on restoring systems.
\nAll manufacturing sites are operational, although some continue to use manual processes as work continues to restore their systems.
\nThis has been treated as a non-adjusting post balance sheet event and there has been no impact on the \ufb01nancial results reported for the
\nyear ended 31 December 2022.
\nWe expect to incur around \u00a315 million of system recovery and specialist support costs, including IT asset impairment charges of
\n\u00a30.7 million. These charges will be presented separately as speci\ufb01c adjusting items in the consolidated income statement for the year
\nending 31 December 2023. At the date of signing, and following consultation with our advisors, we also have a non-adjusting post balance
\nsheet contingent liability relating to potential enforcement action or civil claims pending the completion of our investigation into what
\ndata was accessed and regulatory engagement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16761": {
"value": "Morgan Advanced Materials plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the UK under the Companies Act and is headquartered in the UK. The address of the registered of\ufb01ce is given in Shareholder information on page 208.
\nThe principal activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic
\nReport on pages 2\u201359.
\nThe Group\u2019s \ufb01nancial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019), and include
\nthe Group\u2019s interest in associates. The Parent Company \ufb01nancial statements present information about the Company as a separate entity
\nand not about its Group. These consolidated \ufb01nancial statements have been drawn up to 31 December 2022. The Group maintains
\na 12-month calendar \ufb01nancial year ending on 31 December.
\nThe Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with the requirements of the
\nCompanies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK. The Company has elected to
\nprepare its Parent Company \ufb01nancial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
\nthese are presented on pages 186\u2013204.
\nExcept for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
\napplied consistently to all periods presented in these Group \ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16762": {
"value": "Morgan Advanced Materials plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16763": {
"value": "Morgan Advanced Materials plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16764": {
"value": "Morgan Advanced Materials plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16765": {
"value": "public company limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16766": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16767": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16768": {
"value": "UK",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16776": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16779": {
"value": "The Group \ufb01nancial statements have been prepared and approved by the Directors in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the UK.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16788": {
"value": "Signi\ufb01cant accounting policies Measurement convention
\nThe \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair
\nvalue: derivative \ufb01nancial instruments and \ufb01nancial instruments designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
\nFunctional and presentation currency
\nThe Group\u2019s \ufb01nancial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
\nBasis of consolidation
\n(i) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.
\n(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
\n(iii) Associates
\nAssociates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.
\n(iv) Transactions eliminated on consolidation
\nIntra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated
\nin preparing the consolidated \ufb01nancial statements. Unrealised gains arising from transactions with associates are eliminated against the
\ninvestment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
\nbut only to the extent that there is no evidence of impairment.
\n\n\n
\nForeign currency
\n(i) Foreign currency transactions
\nTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
\nliabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
\nat that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
\n(ii) Financial statements of foreign operations
\nThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
\npounds sterling at foreign exchange rates ruling at the balance sheet date. The revenues, expenses and cash \ufb02ows of foreign operations
\nare translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
\ndates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
\ncomprehensive income and accumulated in the translation reserve.
\nSpeci\ufb01c adjusting items
\nThe Group uses speci\ufb01c adjusting items, which are not de\ufb01ned or speci\ufb01ed under IFRS. These speci\ufb01c adjusting items, which are not
\nconsidered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement the Group
\npresents speci\ufb01c adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be
\ndisclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the \ufb01nancial
\ninformation and an indication of the underlying performance of the Group.
\nRevenue
\nRevenue is recognised when or as the Group satis\ufb01es a performance obligation by transferring a promised good or service to a customer.
\nThe Group\u2019s principal performance obligation is the provision of products and components, and is satis\ufb01ed at a point in time and subject
\nto payment terms typical to the geography in which the business operates. Products and components are transferred when the customer
\nobtains control of the goods. For goods that are collected by the customer, revenue is recognised at the point the customer has taken
\nphysical possession of the goods. For contracts that include delivery of goods, the delivery element of the contract constitutes a separate
\nperformance obligation because it is distinct. For these contracts, control of the goods does not transfer to the customer until the goods
\nhave been delivered and therefore both performance obligations are satis\ufb01ed simultaneously. Revenue for these contracts is therefore
\nrecognised on delivery.
\nSubstantially all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
\nportion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Ceramics global business unit. Revenue
\nfor these contracts is recognised in line with ful\ufb01lment of contractual performance obligations stated in the contract and is not signi\ufb01cant;
\nconsequently (except for trade receivables) the Group does not have signi\ufb01cant assets or liabilities relating to its contracts with customers.
\nRevenue is only recognised to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of cumulative revenue recognised
\nwill not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
\nrebates, discounts and similar items. Determining the transaction price does not require signi\ufb01cant judgement. The costs incurred in
\nobtaining contracts are not material. The Group acts as a principal in its transactions with customers. In 2022, there were no material
\nadjustments to revenue which related to performance obligations satis\ufb01ed in the previous year.
\nIFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
\namount, timing and uncertainty of revenue and cash \ufb02ows are affected by economic factors. The Group discloses revenue disaggregated
\nby geography, end-market and by global business unit, which are aligned by product type, in note 3 to the consolidated \ufb01nancial
\nstatements.
\nResearch and development
\nThe Group\u2019s research and development expenditure is widely dispersed with no individually material projects. It is often some time into
\na project before the Group is able to test technical or commercial feasibility and therefore whether the Group will continue to fund any
\nindividual project, as such materially all of the Group\u2019s expenditure is recognised in the income statement as an expense as incurred.
\nDevelopment activities are capitalised when research \ufb01ndings are applied to a plan or design for the production of new or substantially
\nimproved products and processes and relate to a product or process that is technically and commercially feasible, and when the Group
\nhas suf\ufb01cient resources to complete development, use and sale of products or processes. Capitalised development expenditure is stated
\nat cost less accumulated amortisation and impairment losses.
\n\n
\n
\nFinance income and expense
\nNet \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.
\nTaxation
\nIncome tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
\nor other comprehensive income.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
\nsheet date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
\nassets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
\ncan be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.
\nDiscontinued operations
\nWhere the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
\nHedge accounting
\nThe Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.
\nProperty, plant and equipment
\n(i) Owned assets
\nItems of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost
\nof self-constructed assets includes the cost of materials, direct labour, and an appropriate proportion of production overheads.
\nWhere parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
\nplant and equipment.
\nGains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
\ncarrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs
\nbefore amortisation of intangible assets\u2019 in the income statement.
\n(ii) Depreciation of owned assets
\nDepreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
\nPlant, equipment and \ufb01xtures 3-20 years
\nLeasing
\nThe Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset
\nand a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (de\ufb01ned as
\nleases with a lease term of 12 months or less) and leases of low value assets (de\ufb01ned as leases of a value of less than USD5,000 at lease
\ncommencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
\nterm of the lease.
\n(i) Lease liabilities
\nThe lease liability is initially measured at the present value of future lease payments, discounted by using the rate implicit in the lease or,
\nwhere the rate cannot be readily determined, an incremental borrowing rate. The lease payments included in the lease liability comprise
\n\ufb01xed lease payments, variable payments that depend on an index or rate and any payments due under lease extension, termination or
\npurchase options to the extent they are assessed as reasonably certain.
\nThe lease liability is subsequently measured by using the effective interest method and by reducing the carrying amount to re\ufb02ect the
\nlease payments made.
\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever there is
\na lease modi\ufb01cation, a change in lease term or there is a signi\ufb01cant event or change in circumstances resulting in a change in the assessment
\nor exercise of other lease variables, such as purchase options. A remeasurement will also occur when the lease payments change due to
\nchanges in index rates.
\n\n
\n
\n(ii) Right-of-use assets
\nThe right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
\ncommencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
\ndepreciation and impairment losses.
\nWhenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
\nrestore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
\nunder IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
\nthose costs are incurred to produce inventories.
\n(iii) Depreciation of right-of-use assets
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts
\nat the commencement date of the lease.
\nGoodwill
\nAll business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
\nOther intangible assets
\nOther intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
\nthis does not result in the creation of an asset which the Group has control over, then these costs are expensed.
\nImpairment of non-\ufb01nancial assets, excluding goodwill
\nThe carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.
\nInvestments in equity securities
\nInvestments in equity securities held by the Group are classi\ufb01ed as fair value through other comprehensive income (\u2018FVOCI\u2019) and are
\nstated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
\nThe gains or losses arising from changes in fair value are recognised in other comprehensive income until the security is disposed of,
\nat which time the cumulative gain or loss previously recognised in other comprehensive income and accumulated in the FVOCI reserve
\nis transferred to retained earnings.
\n\n\n
\nInventories
\nInventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course
\nof business, less the estimated costs of completion and selling expenses.
\nThe cost of inventories is based on the \ufb01rst-in-\ufb01rst-out principle and includes expenditure incurred in acquiring the inventories and
\nbringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
\nappropriate share of overheads based on normal operating capacity.
\nTrade and other receivables
\nTrade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.
\nCash and cash equivalents
\nCash and cash equivalents comprise cash balances and call deposits. Short-term deposits include demand deposits and short-term
\nhighly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
\nmanagement are included as a component of borrowings for the purpose of the Group statement of cash \ufb02ows.
\nTrade and other payables
\nTrade and other payables are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost
\nusing the effective interest method.
\nBorrowings
\nBorrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
\nat amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
\nthe borrowings on an effective interest basis.
\nFinancial instruments issued by the Group
\nFinancial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.
\nPensions and other long-term service bene\ufb01ts
\n(i) De\ufb01ned contribution plans
\nFor de\ufb01ned contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
\nhas no further payment obligations once the contributions have been paid. Obligations for contributions to de\ufb01ned contribution pension
\nplans are recognised as an expense in the income statement as incurred.
\n\n
\n
\n(ii) De\ufb01ned bene\ufb01t plans
\nA de\ufb01ned bene\ufb01t plan is any retirement plan which is not a de\ufb01ned contribution plan. Typically, de\ufb01ned bene\ufb01t plans de\ufb01ne an amount of
\nretirement bene\ufb01t that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
\nThe Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount
\nof future bene\ufb01t that employees have earned in return for their service in the current and prior periods; that bene\ufb01t is discounted to
\ndetermine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by
\na quali\ufb01ed actuary using the projected unit credit method.
\nWhen the calculation results in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts
\navailable in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available
\nto the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
\nbetween the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
\ncomprehensive income in the year in which they arise.
\n(iii) Long-term service bene\ufb01ts
\nThe Group\u2019s net obligation in respect of long-term service bene\ufb01ts, other than pension plans, is the amount of future bene\ufb01t that
\nemployees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit
\ncredit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
\nThe discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of
\nthe Group\u2019s obligations.
\nShare-based payment transactions
\nThe grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
\nin equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
\nadjusted to re\ufb02ect the actual number of awards for which the related service and non-market performance conditions are met, such that
\nthe amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\nperformance conditions at the vesting date.
\nProvisions, contingent liabilities and contingent assets
\nA provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.
\nPreference share capital
\nPreference share capital is classi\ufb01ed as a \ufb01nancial liability within borrowings if the substance of the shares does not contain an equity
\nelement. Dividends on Preference share capital are classi\ufb01ed as \ufb01nance charges within the consolidated income statement.
\nShare capital
\nOrdinary shares are classi\ufb01ed as equity.
\nWhen share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs,
\nis net of any tax effects, and is recognised as a deduction from equity. Repurchased shares and the purchase of own shares by The Morgan
\nGeneral Employee Bene\ufb01t Trust (\u2018the Trust\u2019) are presented as a deduction from total equity.
\nDividends
\nEquity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s \ufb01nancial statements on the date that the
\nshareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is
\nno present obligation at the balance sheet date.
\nCritical accounting judgements and key sources of estimation uncertainty
\nIn preparing these consolidated \ufb01nancial statements, management has made judgements, estimates and assumptions that affect the
\napplication of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
\ndiffer from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
\n\n\n
\nCritical accounting judgements
\nInformation about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognised in
\nthe consolidated \ufb01nancial statements is included in the following notes:
\nNote 6: Speci\ufb01c adjusting items
\nThe Group separately presents speci\ufb01c adjusting items in the consolidated income statement which, in the Directors\u2019 judgement, need
\nto be disclosed separately by virtue of their size and incidence in order for users of the consolidated \ufb01nancial statements to obtain an
\nalternative understanding of the \ufb01nancial information and the underlying performance of the business. These are items which occur
\ninfrequently and include (but are not limited to):
\nindividual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur
\nimpairment of non-\ufb01nancial assets which are material
\ngains or losses on disposal or exit of businesses
\nsigni\ufb01cant costs incurred as part of the integration of an acquired business
\ngains or losses arising on signi\ufb01cant changes to or closures of de\ufb01ned bene\ufb01t pension plans.
\nDetermining whether an item is part of speci\ufb01c adjusting items requires judgement to determine the nature and the intention of
\nthe transaction.
\nNote 24: Provisions and contingent liabilities
\nDue to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
\nwhether a contingent liability has crystallised into a provision. Management assesses whether there is suf\ufb01cient information to determine
\nthat an environmental liability exists and whether it is possible to estimate with suf\ufb01cient reliability what the cost of remediation is likely to
\nbe. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
\nor suf\ufb01cient information becomes available through the study to estimate the costs of remediation.
\nThe Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
\non past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
\nutilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the outcome of various court proceedings and
\nassociated negotiations.
\nKey sources of estimation uncertainty
\nThe key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
\nsigni\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are included
\nin the notes below.
\nThe potential climate change-related risks and opportunities to which the Group is exposed, as identi\ufb01ed by management, are disclosed
\nin the Group\u2019s TCFD disclosures on pages 38 and 39. Management has assessed the potential \ufb01nancial impacts relating to the identi\ufb01ed
\nrisks, primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
\nassets and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are no
\nfurther material \ufb01nancial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated \ufb01nancial statements. These
\njudgements will be kept under review by management as the future impacts of climate change depend on environmental, regulatory
\nand other factors outside of the Group\u2019s control which are not all currently known.
\nNote 22: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions
\nThe principal actuarial assumptions applied to pensions are shown in note 22, including a sensitivity analysis. The actuarial evaluation of
\npension assets and liabilities is based on assumptions in respect of in\ufb02ation, future salary increases, discount rates, returns on investments
\nand mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a signi\ufb01cant
\nimpact on the net pension liability included in the balance sheet.
\nThe Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\nbene\ufb01ts that arise from GMPs being unequal between men and women. A project to equalise members\u2019 bene\ufb01ts in the Morgan Pension
\nScheme is currently being progressed by a Joint Trustee and Employer Working Group.
\n\n
\n
\nNote 24: Environmental provisions and contingent liabilities
\nProvisions for environmental costs are estimated based on current legal and constructive requirements. Actual costs and cash out\ufb02ows
\ncan differ from current estimates because of changes in underlying factors including laws and regulations, public expectations, prices,
\nmore detailed analysis of site conditions and innovations in clean-up technology. The ultimate requirement for remediation and its costs
\nare inherently dif\ufb01cult to estimate. Amounts provided are the Group\u2019s best estimate of exposure based on currently available information.
\nAlthough at present no additional costs of environmental issues have been identi\ufb01ed beyond our best estimate, future possible costs that
\nare not provided for could be material to the Group\u2019s results in the period in which they are recognised. However, we do not expect
\nthese costs to have a material impact on the Group\u2019s \ufb01nancial position or liquidity.
\nNote 6: Impairment of non-\ufb01nancial assets (excluding goodwill)
\nIn addition to the impairment assessment of goodwill management also monitors the performance of individual assets and cash-generating
\nunits. Where indicators of impairment exist, an impairment review on those assets or cash-generating units is performed.
\nFor assets or cash-generating units which the business continues to use, the review process relies on the use of estimates of the future
\npro\ufb01tability and cash \ufb02ows which may differ from the actual results delivered.
\nWhere non-\ufb01nancial assets or cash-generating units are not utilised by the business and will not be utilised in the future they are written
\ndown to their recoverable amount. There is a lower level of judgement associated with these impairments.
\nOther assumptions and estimates which have a lower risk of resulting in a material adjustment
\nto the carrying amounts of assets and liabilities within the next 12 months include:
\nNotes 8 and 14: Taxation
\nThe level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
\njudgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
\nthe Group operates.
\nThe Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
\nThe Group records its best estimate of these tax liabilities, including related interest charges. Whilst management believes it has adequately
\nprovided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the \ufb01nal
\noutcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
\nagainst individual exposures taking into account the speci\ufb01c circumstances of each case, including the strengths of technical arguments,
\npast experience with tax authorities, recent case law or rulings on similar issues and external advice received.
\nNote 21: Credit risk
\nNote 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
\nallowance for its estimate of expected credit losses against receivables.",
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"f16791": {
"value": "Measurement convention The \ufb01nancial statements are prepared on the historical cost basis except that the following assets and liabilities are stated at their fair
\nvalue: derivative \ufb01nancial instruments and \ufb01nancial instruments designated as fair value through other comprehensive income (\u2018FVOCI\u2019).",
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},
"f16797": {
"value": "Functional and presentation currency The Group\u2019s \ufb01nancial statements are presented in pounds sterling, which is the Company\u2019s functional currency.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
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},
"f16801": {
"value": "Basis of consolidation (i) Subsidiaries
\nSubsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.
\n(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
\n(iii) Associates
\nAssociates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.
\n(iv) Transactions eliminated on consolidation
\nIntra-group balances and any unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated
\nin preparing the consolidated \ufb01nancial statements. Unrealised gains arising from transactions with associates are eliminated against the
\ninvestment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
\nbut only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16804": {
"value": "(i) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns
\nfrom its involvement with the entity and has the ability to affect those returns through its power over the entity. The \ufb01nancial statements
\nof subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which
\ncontrol ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16811": {
"value": "(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
Goodwill All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16812": {
"value": "(ii) Acquisitions
\nBusiness combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
\ntransferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
\namount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identi\ufb01able assets acquired
\nand liabilities assumed, including contingent liabilities as required by IFRS 3.
\nConsideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
\nacquiree, equity interests issued by the Group, contingent consideration, and share-based payment awards of the acquiree that are
\nreplaced in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent
\nchanges to the fair value of contingent consideration that is not classi\ufb01ed as equity is recognised in the income statement.
\nTransaction costs that the Group incurs in connection with a business combination, such as \ufb01nder\u2019s fees, legal fees, due diligence fees
\nand other professional and consulting fees, are expensed as incurred.
Goodwill All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16825": {
"value": "(iii) Associates Associates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16826": {
"value": "(iii) Associates Associates are those entities in which the Company has signi\ufb01cant in\ufb02uence, but not control, over the \ufb01nancial and operating policies.
\nSigni\ufb01cant in\ufb02uence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity.
\nAssociates are accounted for using the equity method and are initially recognised at cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16866": {
"value": "Foreign currency (i) Foreign currency transactions
\nTransactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
\nliabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
\nat that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
\nexchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
\nvalue are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
\n(ii) Financial statements of foreign operations
\nThe assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
\npounds sterling at foreign exchange rates ruling at the balance sheet date. The revenues, expenses and cash \ufb02ows of foreign operations
\nare translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the
\ndates of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
\ncomprehensive income and accumulated in the translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16882": {
"value": "Speci\ufb01c adjusting items The Group uses speci\ufb01c adjusting items, which are not de\ufb01ned or speci\ufb01ed under IFRS. These speci\ufb01c adjusting items, which are not
\nconsidered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement the Group
\npresents speci\ufb01c adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be
\ndisclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the \ufb01nancial
\ninformation and an indication of the underlying performance of the Group.",
"dimensions": {
"concept": "mgam:DescriptionOfAccountingSpecificAdjustingItemsExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16891": {
"value": "Revenue Revenue is recognised when or as the Group satis\ufb01es a performance obligation by transferring a promised good or service to a customer.
\nThe Group\u2019s principal performance obligation is the provision of products and components, and is satis\ufb01ed at a point in time and subject
\nto payment terms typical to the geography in which the business operates. Products and components are transferred when the customer
\nobtains control of the goods. For goods that are collected by the customer, revenue is recognised at the point the customer has taken
\nphysical possession of the goods. For contracts that include delivery of goods, the delivery element of the contract constitutes a separate
\nperformance obligation because it is distinct. For these contracts, control of the goods does not transfer to the customer until the goods
\nhave been delivered and therefore both performance obligations are satis\ufb01ed simultaneously. Revenue for these contracts is therefore
\nrecognised on delivery.
\nSubstantially all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
\nportion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Ceramics global business unit. Revenue
\nfor these contracts is recognised in line with ful\ufb01lment of contractual performance obligations stated in the contract and is not signi\ufb01cant;
\nconsequently (except for trade receivables) the Group does not have signi\ufb01cant assets or liabilities relating to its contracts with customers.
\nRevenue is only recognised to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of cumulative revenue recognised
\nwill not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
\nrebates, discounts and similar items. Determining the transaction price does not require signi\ufb01cant judgement. The costs incurred in
\nobtaining contracts are not material. The Group acts as a principal in its transactions with customers. In 2022, there were no material
\nadjustments to revenue which related to performance obligations satis\ufb01ed in the previous year.
\nIFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
\namount, timing and uncertainty of revenue and cash \ufb02ows are affected by economic factors. The Group discloses revenue disaggregated
\nby geography, end-market and by global business unit, which are aligned by product type, in note 3 to the consolidated \ufb01nancial
\nstatements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16916": {
"value": "Research and development The Group\u2019s research and development expenditure is widely dispersed with no individually material projects. It is often some time into
\na project before the Group is able to test technical or commercial feasibility and therefore whether the Group will continue to fund any
\nindividual project, as such materially all of the Group\u2019s expenditure is recognised in the income statement as an expense as incurred.
\nDevelopment activities are capitalised when research \ufb01ndings are applied to a plan or design for the production of new or substantially
\nimproved products and processes and relate to a product or process that is technically and commercially feasible, and when the Group
\nhas suf\ufb01cient resources to complete development, use and sale of products or processes. Capitalised development expenditure is stated
\nat cost less accumulated amortisation and impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16952": {
"value": "Finance income and expense Net \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16953": {
"value": "Finance income and expense Net \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16954": {
"value": "Finance income and expense Net \ufb01nancing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
\nfunds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
\nand net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
\nusing the effective interest method.
\nBorrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital
\nproject which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
\na qualifying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16963": {
"value": "Borrowing costs (interest and other costs) are capitalised when they are incurred on raising speci\ufb01c funds to \ufb01nance a major capital project which will be a signi\ufb01cant productive asset, or to the extent that funds borrowed generally are used for the purposes of obtaining
a qualifying asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16972": {
"value": "Taxation Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
\nor other comprehensive income.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
\nsheet date, and any adjustment to tax payable in respect of previous years.
\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
\nassets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
\ncan be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16980": {
"value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16981": {
"value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
\nnot provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
\npro\ufb01t and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
\nThe amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
\nand liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be available against which the asset
can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t will be realised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16995": {
"value": "Discontinued operations Where the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16996": {
"value": "Discontinued operations Where the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16997": {
"value": "Discontinued operations Where the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16998": {
"value": "Discontinued operations Where the Group has disposed of or has classi\ufb01ed as held-for-sale a business component which represents a separate major line of
\nbusiness or geographical area of operations, it classi\ufb01es such operations as discontinued. The post-tax pro\ufb01t or loss of the discontinued
\noperations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17011": {
"value": "Hedge accounting The Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17012": {
"value": "Hedge accounting The Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17013": {
"value": "Hedge accounting The Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17014": {
"value": "Hedge accounting The Group designates certain derivatives as hedging instruments in respect of foreign currency risk and interest rate risk in cash \ufb02ow
\nhedges. Hedges of foreign exchange risk on \ufb01rm commitments are accounted for as cash \ufb02ow hedges. At the inception of the hedge
\nrelationship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management
\nobjectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis,
\nthe Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item
\nattributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
\nthere is an economic relationship between the hedged item and the hedging instrument;
\nthe effect of credit risk does not dominate the value changes that result from that economic relationship; and
\nthe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
\nhedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
\nIf a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
\nobjective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
\n(i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward
\ncontract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts.
\nNote 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
\nMovements in the hedging reserve in equity are detailed in note 19.
\nFair value hedges
\nThe fair value change on qualifying hedging instruments is recognised in pro\ufb01t or loss.
\nWhere hedging gains or losses are recognised in pro\ufb01t or loss, they are recognised in the same line as the hedged item.
\n\n\n
\nCash \ufb02ow hedges
\nThe effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
\nas cash \ufb02ow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
\nthe cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion
\nis recognised immediately in pro\ufb01t or loss.
\nAmounts previously recognised in other comprehensive income and accumulated in equity are reclassi\ufb01ed to pro\ufb01t or loss in the periods
\nwhen the hedged item affects pro\ufb01t or loss, in the same line as the recognised hedged item. However, when the hedged forecast
\ntransaction results in the recognition of a non-\ufb01nancial asset or a non-\ufb01nancial liability, the gains and losses previously recognised in other
\ncomprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost of the
\nnon-\ufb01nancial asset or non-\ufb01nancial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group expects
\nthat some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately reclassi\ufb01ed
\nto pro\ufb01t or loss.
\nThe Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
\n(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The
\ndiscontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash \ufb02ow
\nhedge reserve at that time remains in equity and is reclassi\ufb01ed to pro\ufb01t or loss when the forecast transaction occurs. When a forecast
\ntransaction is no longer expected to occur, the gain or loss accumulated in the cash \ufb02ow hedge reserve is reclassi\ufb01ed immediately to
\npro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17096": {
"value": "Property, plant and equipment (i) Owned assets
\nItems of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost
\nof self-constructed assets includes the cost of materials, direct labour, and an appropriate proportion of production overheads.
\nWhere parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property,
\nplant and equipment.
\nGains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
\ncarrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs
\nbefore amortisation of intangible assets\u2019 in the income statement.
\n(ii) Depreciation of owned assets
\nDepreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
\nPlant, equipment and \ufb01xtures 3-20 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17107": {
"value": "(ii) Depreciation of owned assets Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property,
\nplant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
\ndate. The estimated useful lives are as follows:
\nBuildings
50 years
Plant, equipment and \ufb01xtures 3-20 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17118": {
"value": "Leasing The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use asset
\nand a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (de\ufb01ned as
\nleases with a lease term of 12 months or less) and leases of low value assets (de\ufb01ned as leases of a value of less than USD5,000 at lease
\ncommencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
\nterm of the lease.
\n(i) Lease liabilities
\nThe lease liability is initially measured at the present value of future lease payments, discounted by using the rate implicit in the lease or,
\nwhere the rate cannot be readily determined, an incremental borrowing rate. The lease payments included in the lease liability comprise
\n\ufb01xed lease payments, variable payments that depend on an index or rate and any payments due under lease extension, termination or
\npurchase options to the extent they are assessed as reasonably certain.
\nThe lease liability is subsequently measured by using the effective interest method and by reducing the carrying amount to re\ufb02ect the
\nlease payments made.
\nThe Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever there is
\na lease modi\ufb01cation, a change in lease term or there is a signi\ufb01cant event or change in circumstances resulting in a change in the assessment
\nor exercise of other lease variables, such as purchase options. A remeasurement will also occur when the lease payments change due to
\nchanges in index rates.
\n
\n
\n(ii) Right-of-use assets
\nThe right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
\ncommencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
\ndepreciation and impairment losses.
\nWhenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
\nrestore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
\nunder IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless
\nthose costs are incurred to produce inventories.
\n(iii) Depreciation of right-of-use assets
\nRight-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts
\nat the commencement date of the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17177": {
"value": "Goodwill All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.
\nOther intangible assets
\nOther intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
\nthis does not result in the creation of an asset which the Group has control over, then these costs are expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17178": {
"value": "Goodwill All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
\nacquisition and the fair value of assets, liabilities and contingent liabilities acquired.
\nGoodwill is not amortised. Goodwill is allocated to cash-generating units or groups of cash-generating units and is tested at least annually
\nfor impairment. If the recoverable amount of the cash-generating unit or group of cash-generating units is less than the carrying amount
\nof the unit or group, the impairment loss is allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the unit or group and
\nthen to reduce the carrying amount of the other intangibles and other assets of the unit or group on a pro-rate basis. An impairment loss
\nrecognised for goodwill is not reversed in a subsequent period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17194": {
"value": "Other intangible assets Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
\nAmortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
\nlives are inde\ufb01nite. Intangible assets with an inde\ufb01nite useful life are systematically tested for impairment at each balance sheet date.
\nOther intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\nCapitalised development costs
3 years
\nComputer software
3-10 years
\nCustomer relationships
15-20 years
\nTechnology and trademarks
15-20 years
\nWhen the Group incurs con\ufb01guration and customisation costs as part of a cloud-based software-as-a-service agreement, and where
this does not result in the creation of an asset which the Group has control over, then these costs are expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17213": {
"value": "Impairment of non-\ufb01nancial assets, excluding goodwill The carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17214": {
"value": "Impairment of non-\ufb01nancial assets, excluding goodwill The carrying amounts of the Group\u2019s assets and cash-generating units are reviewed at each balance sheet date to determine whether
\nthere is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
\nThe recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
\nIn assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a pre-tax discount rate that re\ufb02ects
\ncurrent market assessments of the time value of money and the risks speci\ufb01c to the asset or cash-generating unit. An impairment loss
\nis recognised immediately in pro\ufb01t or loss.
\nAn impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
\nthe impairment loss was recognised. A reversal of an impairment loss is recognised immediately in pro\ufb01t or loss to the extent that the
\nasset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
\ndepreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17230": {
"value": "Investments in equity securities Investments in equity securities held by the Group are classi\ufb01ed as fair value through other comprehensive income (\u2018FVOCI\u2019) and are
\nstated at fair value, with any resultant gain or loss being recognised directly in other comprehensive income (in the fair value reserve).
\nThe gains or losses arising from changes in fair value are recognised in other comprehensive income until the security is disposed of,
\nat which time the cumulative gain or loss previously recognised in other comprehensive income and accumulated in the FVOCI reserve
\nis transferred to retained earnings.",
"dimensions": {
"concept": "mgam:DescriptionOfAccountingPolicyForInvestmentsInEquitySecuritiesExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17262": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course
\nof business, less the estimated costs of completion and selling expenses.
\nThe cost of inventories is based on the \ufb01rst-in-\ufb01rst-out principle and includes expenditure incurred in acquiring the inventories and
\nbringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an
\nappropriate share of overheads based on normal operating capacity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17271": {
"value": "Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17272": {
"value": "Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17273": {
"value": "Trade and other receivables Trade receivables are recorded initially at transaction price and subsequently measured at amortised cost less the loss allowance. The loss
\nallowance is recognised based on management\u2019s expectation of losses without regard to whether an impairment trigger happened or not
\n(an \u2018expected credit loss (ECL)\u2019 model). The Group measures the loss allowance for trade receivables at an amount equal to lifetime ECL,
\nestimated based on historical write-offs and adjusted for forward-looking information where appropriate. Trade receivables more than
\n180 days past due are generally considered not recoverable and a 100% loss allowance is recognised, except where historical experience
\nwith certain customers or geographies indicates otherwise. The loss is recognised in the income statement. Trade receivables are
\nwritten off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to
\nthe income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17289": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Short-term deposits include demand deposits and short-term
\nhighly liquid investments with maturities of three months or less that are readily convertible to known amounts of cash and are subject
\nto an insigni\ufb01cant risk of changes in value. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
\nmanagement are included as a component of borrowings for the purpose of the Group statement of cash \ufb02ows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17297": {
"value": "Trade and other payables Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost
\nusing the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17303": {
"value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
\nat amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
\nthe borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17310": {
"value": "Financial instruments issued by the Group Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17311": {
"value": "Financial instruments issued by the Group Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17312": {
"value": "Financial instruments issued by the Group Financial instruments issued by the Group are treated as equity (i.e. forming part of shareholders\u2019 funds) only to the extent that they meet
\nthe following two conditions:
\n(i)
they include no contractual obligations upon the Group to deliver cash or other \ufb01nancial assets or to exchange \ufb01nancial assets or
\n\ufb01nancial liabilities with another party under conditions that are potentially unfavourable to the Group; and
\n(ii) where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes
\nno obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the
\nCompany exchanging a \ufb01xed amount of cash or other \ufb01nancial assets for a \ufb01xed number of its own equity instruments.
\nTo the extent that this de\ufb01nition is not met, the proceeds of issue are classi\ufb01ed as a \ufb01nancial liability. Where the instrument so classi\ufb01ed
\ntakes the legal form of the Company\u2019s own shares, the amounts presented in these \ufb01nancial statements for called-up share capital and
\nshare premium account exclude amounts in relation to those shares.
\nFinance payments associated with \ufb01nancial liabilities are dealt with as part of \ufb01nance expenses. Finance payments associated with \ufb01nancial
\ninstruments that are classi\ufb01ed in equity are dividends and are recorded directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17333": {
"value": "Pensions and other long-term service bene\ufb01ts (i) De\ufb01ned contribution plans
\nFor de\ufb01ned contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
\nhas no further payment obligations once the contributions have been paid. Obligations for contributions to de\ufb01ned contribution pension
\nplans are recognised as an expense in the income statement as incurred.
\n
\n
\n(ii) De\ufb01ned bene\ufb01t plans
\nA de\ufb01ned bene\ufb01t plan is any retirement plan which is not a de\ufb01ned contribution plan. Typically, de\ufb01ned bene\ufb01t plans de\ufb01ne an amount of
\nretirement bene\ufb01t that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
\nThe Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t pension plans is calculated separately for each plan by estimating the amount
\nof future bene\ufb01t that employees have earned in return for their service in the current and prior periods; that bene\ufb01t is discounted to
\ndetermine its present value, and the fair value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on
\nAA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by
\na quali\ufb01ed actuary using the projected unit credit method.
\nWhen the calculation results in a bene\ufb01t to the Group, the recognised asset is limited to the total of the present value of economic bene\ufb01ts
\navailable in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic bene\ufb01t is available
\nto the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
\nbetween the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
\ncomprehensive income in the year in which they arise.
\n(iii) Long-term service bene\ufb01ts
\nThe Group\u2019s net obligation in respect of long-term service bene\ufb01ts, other than pension plans, is the amount of future bene\ufb01t that
\nemployees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit
\ncredit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
\nThe discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of
\nthe Group\u2019s obligations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17388": {
"value": "Share-based payment transactions The grant date fair value of share-based payment awards granted to employees is recognised as an expense, with a corresponding increase
\nin equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
\nadjusted to re\ufb02ect the actual number of awards for which the related service and non-market performance conditions are met, such that
\nthe amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
\nperformance conditions at the vesting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17397": {
"value": "Provisions, contingent liabilities and contingent assets A provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17398": {
"value": "Provisions, contingent liabilities and contingent assets A provision is recognised in the consolidated balance sheet when the Group has a present legal or constructive obligation as a result
\nof a past event and there is probable out\ufb02ow of resources which can be reliably measured and will be required to settle the obligation.
\nProvisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
\nis material, provisions are determined by discounting the expected future cash \ufb02ows at a pre-tax rate re\ufb02ective of the current market
\nassessments of the time value of money and, where appropriate, the risks speci\ufb01c to the liability.
\nA contingent liability is disclosed, where signi\ufb01cant, if the existence of the obligation will only be con\ufb01rmed by future events or where the
\namount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
\nout\ufb02ow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
\nformal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
\nliabilities are reviewed on a regular basis.
\nA contingent asset is not recognised but is disclosed, where signi\ufb01cant, if an in\ufb02ow of economic bene\ufb01t is probable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17415": {
"value": "Preference share capital Preference share capital is classi\ufb01ed as a \ufb01nancial liability within borrowings if the substance of the shares does not contain an equity
\nelement. Dividends on Preference share capital are classi\ufb01ed as \ufb01nance charges within the consolidated income statement.",
"dimensions": {
"concept": "mgam:DescriptionOfAccountingPolicyForPreferenceShareCapitalExplanatoryPolicyTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17421": {
"value": "Share capital Ordinary shares are classi\ufb01ed as equity.
\nWhen share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs,
\nis net of any tax effects, and is recognised as a deduction from equity. Repurchased shares and the purchase of own shares by The Morgan
\nGeneral Employee Bene\ufb01t Trust (\u2018the Trust\u2019) are presented as a deduction from total equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17429": {
"value": "Dividends Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s \ufb01nancial statements on the date that the
\nshareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is
\nno present obligation at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17489": {
"value": "The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are included
\nin the notes below.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17502": {
"value": "Note 22: Pensions and other post-retirement employee bene\ufb01ts: key actuarial assumptions The principal actuarial assumptions applied to pensions are shown in note 22, including a sensitivity analysis. The actuarial evaluation of
\npension assets and liabilities is based on assumptions in respect of in\ufb02ation, future salary increases, discount rates, returns on investments
\nand mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a signi\ufb01cant
\nimpact on the net pension liability included in the balance sheet.
\nThe Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\nbene\ufb01ts that arise from GMPs being unequal between men and women. A project to equalise members\u2019 bene\ufb01ts in the Morgan Pension
\nScheme is currently being progressed by a Joint Trustee and Employer Working Group.
\n
\n
\nNote 24: Environmental provisions and contingent liabilities
\nProvisions for environmental costs are estimated based on current legal and constructive requirements. Actual costs and cash out\ufb02ows
\ncan differ from current estimates because of changes in underlying factors including laws and regulations, public expectations, prices,
\nmore detailed analysis of site conditions and innovations in clean-up technology. The ultimate requirement for remediation and its costs
\nare inherently dif\ufb01cult to estimate. Amounts provided are the Group\u2019s best estimate of exposure based on currently available information.
\nAlthough at present no additional costs of environmental issues have been identi\ufb01ed beyond our best estimate, future possible costs that
\nare not provided for could be material to the Group\u2019s results in the period in which they are recognised. However, we do not expect
\nthese costs to have a material impact on the Group\u2019s \ufb01nancial position or liquidity.
\nNote 6: Impairment of non-\ufb01nancial assets (excluding goodwill)
\nIn addition to the impairment assessment of goodwill management also monitors the performance of individual assets and cash-generating
\nunits. Where indicators of impairment exist, an impairment review on those assets or cash-generating units is performed.
\nFor assets or cash-generating units which the business continues to use, the review process relies on the use of estimates of the future
\npro\ufb01tability and cash \ufb02ows which may differ from the actual results delivered.
\nWhere non-\ufb01nancial assets or cash-generating units are not utilised by the business and will not be utilised in the future they are written
\ndown to their recoverable amount. There is a lower level of judgement associated with these impairments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17572": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
\nthe Strategic Report on pages 2 to 59. The \ufb01nancial position of the Group, its cash \ufb02ows, liquidity position and borrowing facilities, are
\ndescribed in the Financial Review on pages 50 to 54. In addition, note 21 to the consolidated \ufb01nancial statements includes the Group\u2019s
\npolicies and processes for managing \ufb01nancial risk, details of its \ufb01nancial instruments and hedging activities and details of its exposures to
\ncredit risk and liquidity risk.
\nThe Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group\u2019s
\n\u00a3230.0 million unsecured multi-currency revolving credit facility, which matures in November 2027. As at 31 December 2022, the Group
\nhad both signi\ufb01cant available liquidity and headroom on its covenants. Total committed borrowing facilities were \u00a3418.3 million. The
\namount drawn under these facilities was \u00a3264.3 million, which together with net cash and cash equivalents of \u00a3116.2 million, gave a total
\nheadroom of \u00a3270.3 million. The multi-currency revolving credit facility was \u00a376.0 million drawn. \u00a334.5 million of senior notes are due
\nto mature in October 2023.
\nThe principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt to
\nEBITDA of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures de\ufb01ned in the facilities agreements
\nwhich are adjusted from the equivalent IFRS amounts.
\nThe Group has carefully modelled its cash \ufb02ow outlook, taking account of reasonably possible changes in trading performance, exchange
\nrates and plausible downside scenarios, including the impact of the cyber security incident on 2023 cash\ufb02ows. This review indicated
\nthat there was suf\ufb01cient headroom and liquidity for the business to continue for the 18-month period based on the facilities available
\nas discussed in note 21 to the \ufb01nancial statements. The Group was also expected to be in compliance with the required covenants
\ndiscussed above.
\n\n\n
\nThe Board has also reviewed the Group\u2019s reverse stress testing performed to demonstrate how much headroom is available on covenant
\nlevels in respect of changes in net debt, EBITDA, and underlying revenue. Based on this assessment, a combined reduction in EBITDA of
\n40% and an increase in net debt of 45% would still allow the Group to operate within its \ufb01nancial covenants. The Directors do not
\nconsider either of these scenarios to be plausible given the diversity of the Group\u2019s end-markets and its broad manufacturing base.
\nThe Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing
\noperational and \ufb01nancial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are
\nidenti\ufb01ed and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it
\nwill impact the Group\u2019s ability to operate as a going concern for the period under consideration.
\nThe Board fully recognises the challenges that lie ahead but, after making enquiries, and in the absence of any material uncertainties, the
\nDirectors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence
\nfor a period of 18 months from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern
\nbasis in preparing the Annual Report and Accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17637": {
"value": "Newly adopted standards There were no new standards applicable to the Group in the year.
\nAccounting developments and changes
\nNew accounting standards in issue but not yet effective
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\nIFRS 17 Insurance Contracts
\nAmendments to IFRS 17 \u2013 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\nAmendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or Non-current
\nAmendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\nAmendments to IAS 8 \u2013 De\ufb01nition of Accounting Estimates
\nAmendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\nThe adoption of the above standards and interpretations is not expected to lead to any material changes to the Group\u2019s accounting policies
\nor have any other material impact on the \ufb01nancial position or performance of the Group.
There are no other upcoming accounting standards or amendments that are applicable to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17638": {
"value": "Newly adopted standards There were no new standards applicable to the Group in the year.
\nAccounting developments and changes
\nNew accounting standards in issue but not yet effective
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\nIFRS 17 Insurance Contracts
\nAmendments to IFRS 17 \u2013 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\nAmendments to IAS 1 \u2013 Classi\ufb01cation of Liabilities as Current or Non-current
\nAmendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies
\nAmendments to IAS 8 \u2013 De\ufb01nition of Accounting Estimates
\nAmendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
\nThe adoption of the above standards and interpretations is not expected to lead to any material changes to the Group\u2019s accounting policies
\nor have any other material impact on the \ufb01nancial position or performance of the Group.
There are no other upcoming accounting standards or amendments that are applicable to the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17676": {
"value": "2. Acquisitions and disposals 2022
\nDisposal of Sukhoy Log
\nOn 29 July 2022, the Group completed the sale of its investment in the joint venture Sukhoy Log, based in Russia. The investment had
\na carrying value of \u00a3nil having been fully impaired in previous years. The Group received consideration of \u00a30.6 million and incurred
\ntransaction costs of \u00a30.2 million, resulting in a net consideration of \u00a30.4 million. A pro\ufb01t on disposal of \u00a30.4 million was recognised in
\nspeci\ufb01c adjusting items within the consolidated income statement, see also note 6.
\nThere was no income received from Sukhoy Log in the year ended 31 December 2022 (2021: \u00a3nil). The disposal group was included in
\nthe Thermal Ceramics operating segment.
\n2021
\nDisposal of Latrobe
\nOn 15 January 2021, the Group completed the sale of assets associated with the Technical Ceramics business, based in Latrobe, US.
\nThe transaction was structured as a sale of the business and related assets for total consideration of \u00a30.6 million. The disposal resulted
\nin a loss of \u00a30.1 million which was recognised in speci\ufb01c adjusting items within the consolidated income statement, see also note 6.
\nThe loss on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nTrading net assets of disposal group
0.6
\nGoodwill of disposal group
0.1
\nCumulative foreign exchange gains and losses recycled on disposal
(0.1)
\nTotal net assets
0.6
\nConsideration
0.6
\nTransaction costs associated with the disposal
(0.1)
\nLoss on disposal
(0.1)
\nIn 2021, Latrobe generated an operating pro\ufb01t of \u00a3nil on revenues of \u00a30.1 million in the period prior to the disposal.
\nThe disposal group was included in the Technical Ceramics operating segment.
\n\n\n
\nDisposal of Jemmtec
\nOn 28 April 2021, the Group completed the sale of its investment in associate, Jemmtec Limited (\u2018Jemmtec\u2019). The Group\u2019s share of
\nthe total consideration was \u00a314.2 million, comprising \u00a312.2 million of initial consideration, on a cash-free, debt-free basis, a further
\nconsideration of \u00a30.2 million for working capital adjustments and \u00a31.8 million of contingent consideration that had been received in full
\nin 2021. The disposal resulted in a gain of \u00a37.2 million which was recognised in speci\ufb01c adjusting items within the consolidated income
\nstatement, see also note 6.
\nThe gain on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nInvestment carrying value
7.0
\nTotal consideration
14.2
\nGain on disposal
7.2
\nIn 2021, the Group\u2019s share of pro\ufb01t in associate (net of income tax) was \u00a30.4 million in the period prior to the disposal.
\nAcquisition of Delamag
\nOn 1 March 2021, Morgan Technical Ceramics Limited wholly purchased the business and assets of the \u2018Delamag\u2019 business of sourcing
\nraw materials for the processing and manufacture of magnesium oxide from Delamin Limited. The acquisition comprised primarily all rights
\nto the \u2018Delamag\u2019 business name, technical knowledge, intellectual property and business contracts.
\nThe assets acquired and the consideration was as follows:
\n31 December
\n2021
\n\u00a3m
\nIdenti\ufb01able intangible assets acquired
1.8
\nGoodwill
0.1
\nTotal consideration
1.9
\nThe intangible assets recognised represent customer listings, trademarks and intellectual property rights.
\nThe acquisition was a vertical integration and preserves existing income, as such the incremental pro\ufb01t from acquisition was immaterial
\nin 2022 and 2021. The Delamag acquisition forms part of the Seals and Bearings operating segment.",
"dimensions": {
"concept": "mgam:DisclosureOfAcquisitionsAndDisposalsExplanatoryTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17688": {
"value": "Disposal of Latrobe On 15 January 2021, the Group completed the sale of assets associated with the Technical Ceramics business, based in Latrobe, US.
\nThe transaction was structured as a sale of the business and related assets for total consideration of \u00a30.6 million. The disposal resulted
\nin a loss of \u00a30.1 million which was recognised in speci\ufb01c adjusting items within the consolidated income statement, see also note 6.
\nThe loss on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nTrading net assets of disposal group
0.6
\nGoodwill of disposal group
0.1
\nCumulative foreign exchange gains and losses recycled on disposal
(0.1)
\nTotal net assets
0.6
\nConsideration
0.6
\nTransaction costs associated with the disposal
(0.1)
\nLoss on disposal
(0.1)
\nIn 2021, Latrobe generated an operating pro\ufb01t of \u00a3nil on revenues of \u00a30.1 million in the period prior to the disposal.
\nThe disposal group was included in the Technical Ceramics operating segment.
\n\n\n
\nDisposal of Jemmtec
\nOn 28 April 2021, the Group completed the sale of its investment in associate, Jemmtec Limited (\u2018Jemmtec\u2019). The Group\u2019s share of
\nthe total consideration was \u00a314.2 million, comprising \u00a312.2 million of initial consideration, on a cash-free, debt-free basis, a further
\nconsideration of \u00a30.2 million for working capital adjustments and \u00a31.8 million of contingent consideration that had been received in full
\nin 2021. The disposal resulted in a gain of \u00a37.2 million which was recognised in speci\ufb01c adjusting items within the consolidated income
\nstatement, see also note 6.
\nThe gain on disposal was as follows:
\n31 December
\n2021
\n\u00a3m
\nInvestment carrying value
7.0
\nTotal consideration
14.2
\nGain on disposal
7.2
\nIn 2021, the Group\u2019s share of pro\ufb01t in associate (net of income tax) was \u00a30.4 million in the period prior to the disposal.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17790": {
"value": "3. Segment reporting The Group\u2019s results are reported as \ufb01ve separate global business units, which have been identi\ufb01ed as the Group\u2019s reportable operating
\nsegments, as detailed on page 7. These have been identi\ufb01ed on the basis of internal management reporting information that is regularly
\nreviewed by the Group\u2019s Board of Directors (the Chief Operating Decision Maker) in order to allocate resources and assess performance.
\nSegment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable
\nbasis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets and head
\nof\ufb01ce expenses, and income tax assets and liabilities.
\nThe information presented below represents the operating segments of the Group.
\nContinuing operations
\nThermal
\nCeramics
\nMolten
\nMetal Systems
\nElectrical
\nCarbon
\nSeals and
\nBearings
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRevenue from external customers
421.4
364.7
57.8
47.7
188.7
164.9
148.5
135.9
\nSegment adjusted operating pro\ufb01t
\n1
\n48.7
42.0
7.8
6.3
39.7
32.8
19.0
22.9
\nCorporate costs
\n2
\nGroup adjusted operating pro\ufb01t
\n1
\nAmortisation of intangible assets
(1.6)
(2.1)
(0.3)
(0.6)
(0.7)
(0.9)
(0.8)
(0.9)
\nOperating pro\ufb01t before speci\ufb01c adjusting items
47.1
39.9
7.5
5.7
39.0
31.9
18.2
22.0
\nSpeci\ufb01c adjusting items included in operating
\npro\ufb01t/(loss)
\n3
\n(2.8)
(2.1)
\u2013
0.3
0.1
(6.3)
(1.6)
\u2013
\nOperating pro\ufb01t/(loss)
44.3
37.8
7.5
6.0
39.1
25.6
16.6
22.0
\nFinance income
\nFinance expense
\nShare of pro\ufb01t of associate (net of income tax)
\nPro\ufb01t before taxation
\nSegment assets
361.2
319.9
44.0
41.8
159.5
137.6
115.8
107.5
\nSegment liabilities
93.2
88.9
8.9
8.4
32.6
30.6
26.5
23.6
\nSegment capital expenditure
16.8
8.0
3.5
2.2
8.7
5.9
9.7
7.6
\nSegment depreciation \u2013 property, plant and equipment
11.2
10.2
2.1
2.0
5.3
5.5
6.0
6.4
\nSegment depreciation \u2013 right-of-use assets
3.2
3.5
0.3
0.3
1.0
1.1
0.6
0.6
\nSegment impairment of non-\ufb01nancial assets
3.2
0.7
\u2013
\u2013
\u2013
5.7
1.6
\u2013
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on
\npages 57\u201359.
\n2.
Corporate costs consist of central head of\ufb01ce costs.
\n3.
Details of speci\ufb01c adjusting items from continuing operations are given in note 6 to the consolidated \ufb01nancial statements.
\n\n\n
\nContinuing operations
\nTechnical
\nCeramics
\nSegment
\ntotals
\nCorporate
\ncosts
Group
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRevenue from external customers
295.7
237.3
1,112.1
950.5
\u2013
\u2013
1,112.1
950.5
\nSegment adjusted operating pro\ufb01t
\n1
\n41.7
26.4
156.9
130.4
\u2013
\u2013
156.9
130.4
\nCorporate costs
\n2
\n(5.9)
(5.9)
(5.9)
(5.9)
\nGroup adjusted operating pro\ufb01t
\n1
\n151.0
124.5
\nAmortisation of intangible assets
(1.3)
(1.5)
(4.7)
(6.0)
\u2013
\u2013
(4.7)
(6.0)
\nOperating pro\ufb01t before speci\ufb01c adjusting items
40.4
24.9
152.2
124.4
(5.9)
(5.9)
146.3
118.5
\nSpeci\ufb01c adjusting items included in operating pro\ufb01t
\n3
\n(1.2)
(6.0)
(5.5)
(14.1)
\u2013
8.7
(5.5)
(5.4)
\nOperating pro\ufb01t/(loss)
39.2
18.9
146.7
110.3
(5.9)
2.8
140.8
113.1
\nFinance income
1.6
0.8
\nFinance expense
(10.8)
(10.0)
\nShare of pro\ufb01t of associate (net of income tax)
\u2013
0.4
\nPro\ufb01t before taxation
131.6
104.3
\nSegment assets
199.8
156.5
880.3
763.3
140.0
149.2
1,020.3
912.5
\nSegment liabilities
86.3
73.9
247.5
225.4
343.2
337.5
590.7
562.9
\nSegment capital expenditure
19.3
7.9
58.0
31.6
\u2013
\u2013
58.0
31.6
\nSegment depreciation \u2013 property, plant and equipment
5.7
6.0
30.3
30.1
\u2013
\u2013
30.3
30.1
\nSegment depreciation \u2013 right-of-use assets
2.7
2.4
7.8
7.9
\u2013
\u2013
7.8
7.9
\nSegment impairment of non-\ufb01nancial assets
1.7
6.0
6.5
12.4
\u2013
\u2013
6.5
12.4
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on
\npages 57 to 59.
\n2.
Corporate costs consist of central head of\ufb01ce costs.
\n3.
Details of speci\ufb01c adjusting items from continuing operations are given in note 6 to the consolidated \ufb01nancial statements.
\nRevenue from external customers and non-current assets by geography
\nContinuing operations
\nRevenue from
\nexternal customers
\nNon-current assets (excluding
\ntax and \ufb01nancial instruments)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUS
405.6
336.4
212.6
181.3
\nChina
121.4
114.4
45.5
29.1
\nGermany
85.1
68.7
38.0
34.4
\nUK (the Group\u2019s country of domicile)
53.2
38.5
101.1
101.6
\nOther Asia, Australasia, Middle East and Africa
194.1
174.6
61.2
61.4
\nOther Europe
182.0
157.4
37.5
36.3
\nOther North America
39.1
33.4
2.1
6.1
\nSouth America
31.6
27.1
11.0
15.8
\n1,112.1
950.5
509.0
466.0
\nRevenue from external customers is based on geographic location of the end-customer. Segment assets are based on geographical
\nlocation of the assets. No customer represents more than 5% of revenue.
\n\n
\n
\nRevenue from external customers by end-market
\nContinuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nSemiconductors
91.3
62.1
\nHealthcare
74.7
68.2
\nClean energy and clean transportation
51.7
53.0
\nFaster growing markets
217.7
183.3
\nIndustrial
344.5
296.4
\nConventional transportation
179.9
142.6
\nMetals
159.9
137.4
\nPetrochemical and chemical
112.6
99.4
\nSecurity and defence
65.2
60.9
\nConventional energy
32.3
30.5
\nCore markets
894.4
767.2
\n1,112.1
950.5
\nIntercompany sales to other segments
\nThermal
\nCeramics
\nMolten
\nMetal Systems
\nElectrical
\nCarbon
\nSeals and
\nBearings
\nTechnical
\nCeramics
\nSegment
\ntotals
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nIntercompany sales to
\nother segments
0.4
0.8
0.1
0.1
0.5
0.2
0.7
1.0
1.0
0.5
2.7
2.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18307": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18308": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "mgam:DisclosureOfOperatingCostsBeforeSpecificAdjustingItemsTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18309": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18310": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18311": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18312": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18313": {
"value": "4. Operating costs before speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nChange in stocks of \ufb01nished goods and work in progress
(4.5)
(3.1)
\nRaw materials and consumables
308.6
255.9
\nOther operating costs
176.4
141.5
\n480.5
394.3
\nEmployee costs:
\nWages and salaries
292.3
259.6
\nEquity-settled share-based payment expense
23
5.1
4.5
\nSocial security costs and other bene\ufb01ts
62.1
54.4
\nPension costs
22
16.2
15.1
\n375.7
333.6
\nDepreciation \u2013 property, plant and equipment
11
30.3
30.1
\nDepreciation \u2013 right-of-use assets
12
7.8
7.9
\n38.1
38.0
\nShort-term leases and leasing of low value assets:
\nPlant and equipment
0.1
\u2013
\nOther leases
0.4
0.3
\n0.5
0.3
\nOther operating charges and income:
\nNet foreign exchange gains
(2.0)
(0.1)
\nNet other operating charges
68.3
59.9
\n66.3
59.8
\nTotal operating costs before speci\ufb01c adjusting items and amortisation of intangible assets
961.1
826.0
\nAmortisation of intangible assets
13
4.7
6.0
\nTotal operating costs before speci\ufb01c adjusting items
965.8
832.0
\n\n\n
\nThe following costs are included in total operating costs before speci\ufb01c adjusting items in the table above:
\n1. Research and development
\nThe Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.
\n2. Audit and non-audit fees
\nA summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18433": {
"value": "1. Research and development The Group recognised \u00a331.6 million in expense in respect of research and development (2021: \u00a328.5 million). These costs are included in
\nemployee costs and other operating costs in the above table. There are no individually material project costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18439": {
"value": "2. Audit and non-audit fees A summary of the audit and non-audit fees in respect of services provided by the auditor, which are included in net other operating costs,
\nfor the year ended 31 December 2022 is set out below. Additional audit fees of approximately \u00a31.2 million are expected to be incurred
\nfor the audit of the Company\u2019s annual accounts and the audits of the subsidiaries of the Company in relation to the cyber incident which
\noccurred subsequent to the year end.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
\nin respect of the current year
0.8
0.7
\nin respect of the prior year
\u2013
0.1
\nFees payable to the Company\u2019s auditor and its associates for other services:
\nthe auditing of accounts of any subsidiaries of the Company
2.1
1.9
\naudit-related assurance services
0.1
0.1
\n3.0
2.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18474": {
"value": "5. Staff numbers The monthly average number of persons employed by the Group (including Directors) during the year, analysed by reporting segment,
\nwas as follows:
\nNumber of employees
\n2022
2021
\nReportable operating segments
\nThermal Ceramics
2,430
2,410
\nMolten Metal Systems
430
420
\nElectrical Carbon
1,390
1,340
\nSeals and Bearings
1,370
1,270
\nTechnical Ceramics
2,560
2,130
\nSegment total
8,180
7,570
\nCorporate (UK and North America)
50
50
\nGroup
8,230
7,620
\nAverage employee numbers have been rounded to the nearest 10.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18509": {
"value": "6. Speci\ufb01c adjusting items Continuing operations
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nImpairment of non-\ufb01nancial assets
(6.5)
(12.4)
\nRestructuring credit
0.6
0.1
\nNet pro\ufb01t on disposal of business
2
0.4
7.1
\nBusiness closure and exit costs
\u2013
(0.2)
\nTotal speci\ufb01c adjusting items before income tax
(5.5)
(5.4)
\nIncome tax credit from speci\ufb01c adjusting items
1.1
1.5
\nTotal speci\ufb01c adjusting items after income tax
(4.4)
(3.9)
\nSpeci\ufb01c adjusting items in relation to discontinued operations are disclosed in note 9.
\n
\n
\n2022
\nImpairment of non-\ufb01nancial assets
\nSeals and Bearings, Asia
\nAn impairment charge of \u00a30.6 million has been recognised relating to assets purchased to support a customer contract which did
\nnot materialise.
\nA further impairment charge of \u00a31.0 million has been recognised after reassessing the value in use of property, plant and equipment
\nin a business in Asia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets;
\nthe carrying value of the assets following this impairment was \u00a35.2 million. The calculation of value in use was performed as at December
\n2022. A long-term growth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value.
\nA pre-tax discount rate of 12.9% was used to determine the value in use.
\nThermal Ceramics, Europe
\nAn impairment charge of \u00a31.2 million has been recognised following a \ufb01re in December which destroyed a warehouse and inventory.
\nThe assets have subsequently been written off.
\nAn impairment charge of \u00a31.1 million has been recognised after reassessing the value in use of property, plant and equipment in a business
\nin France which is experiencing limited growth and under-utilisation of key assets. This represented a partial impairment of the assets;
\nthe carrying value of the assets following this impairment was \u00a30.3 million. The calculation of value in use was performed as at December
\n2022. A long-term growth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value.
\nA pre-tax discount rate of 13.7% was used to determine the value in use.
\nThermal Ceramics, South America
\nAn impairment charge of \u00a30.9 million has been recognised in relation to assets associated with a closed manufacturing line.
\nTechnical Ceramics, Asia
\nAn impairment charge of \u00a31.7 million was recognised after reassessing the value in use of property, plant and equipment in a business in
\nAsia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value
\nof the assets following this impairment was \u00a33.2 million. The calculation of value in use was performed as at December 2022. A long-term
\ngrowth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value. A pre-tax discount rate
\nof 12.9% was used to determine the value in use.
\nReview of cumulative impairment of non-\ufb01nancial assets
\nImpairment charges of \u00a352.6 million for non-\ufb01nancial assets which the business continues to use have been recorded during the
\ncurrent and previous years (Technical Ceramics, Asia \u00a37.7 million, Technical Ceramics, ceramic cores \u00a328.8 million, Thermal Ceramics
\n\u00a315.1 million and Seals and Bearings, Asia \u00a31.0 million). These impaired amounts could be reversed if the related businesses were to
\noutperform signi\ufb01cantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions
\nin assessing the value in use of these non-\ufb01nancial assets. This did not result in a material reversal of the impaired amounts.
\nRestructuring costs
\nA credit of \u00a30.6 million has been recognised in the current year representing a release of restructuring provisions booked in previous years
\nin relation to the Group\u2019s restructuring programme. Whilst this programme was completed in 2021, we retain a restructuring provision
\nof \u00a310.5 million for the Group\u2019s obligations at the balance sheet date (2021: \u00a311.8 million). This provision includes remaining lease exit costs
\nand multi-employer pension obligations for two sites which were closed during the year ended 31 December 2021. The cash out\ufb02ows
\nrelating to the pension obligations may continue for up to 19 years, subject to any settlement being reached in advance of that date.
\nCash out\ufb02ows in relation to the lease may continue for the next four years. Refer to note 24 for further information.
\nNet pro\ufb01t on disposal of business
\nThe Group disposed of its investment in the joint venture Sukhoy Log, based in Russia, during the year. This disposal generated a net pro\ufb01t
\nof \u00a30.4 million. Refer to note 2 for further information.
\n\n\n
\n2021
\nImpairment of non-\ufb01nancial assets
\nTechnical Ceramics, Asia
\nAn impairment charge of \u00a36.0 million was recognised after reassessing the value in use of property, plant and equipment in a business in
\nAsia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value
\nof the assets following this impairment was \u00a35.4 million. The calculation of value in use was performed as at December 2021. A long-term
\ngrowth rate of 1.0% was used for years beyond the \ufb01ve-year forecast period and in calculating the terminal value. A pre-tax discount rate
\nof 11.5% was used to determine the value in use.
\nElectrical Carbon, Europe and North America
\nImpairment charges of \u00a34.8 million and \u00a31.0 million were recognised after assessing the viability of two development assets in Europe and
\nNorth America, respectively. The European asset was not deemed viable as we were unable to commission it safely and the American
\nasset was not deemed to be commercially viable.
\nThermal Ceramics, North America
\nAn impairment charge of \u00a30.6 million was recognised relating to assets associated with closed manufacturing lines within
\nThermal Ceramics.
\nRestructuring costs
\nA net credit of \u00a30.1 million was recognised in the year ended 31 December 2021 representing \u00a32.1 million of further redundancy and
\nclosure costs related to the Group\u2019s restructuring programme, offset by a \u00a32.2 million release of restructuring provisions booked during
\n2020 in relation to this programme.
\nNet pro\ufb01t on disposal of business
\nThe Group disposed of its 35% shareholding in Jemmtec Limited and the business assets associated with the Latrobe business during the
\nyear ended 31 December 2021. These disposals generated a pro\ufb01t of \u00a37.2 million and a loss of \u00a30.1 million, respectively. Refer to note 2
\nfor further information.
\nBusiness closure and exit costs
\nA \u00a30.2 million charge was recognised relating to the liquidation of businesses in Europe and Asia.",
"dimensions": {
"concept": "mgam:DisclosureOfSpecificAdjustingItemsExplanatoryTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18651": {
"value": "7. Finance income and expense Continuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nInterest on bank balances and cash deposits
1.6
0.8
\nFinance income
1.6
0.8
\nInterest expense on borrowings and overdrafts
(7.0)
(6.1)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nNet interest on IAS 19 de\ufb01ned bene\ufb01t pension obligations
(1.4)
(1.6)
\nFinance expense
(10.8)
(10.0)
\nNet \ufb01nancing costs recognised in pro\ufb01t or loss
(9.2)
(9.2)
\nNo \ufb01nance income or expense related to discontinued operations in either the current or preceding year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18652": {
"value": "7. Finance income and expense Continuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nInterest on bank balances and cash deposits
1.6
0.8
\nFinance income
1.6
0.8
\nInterest expense on borrowings and overdrafts
(7.0)
(6.1)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nNet interest on IAS 19 de\ufb01ned bene\ufb01t pension obligations
(1.4)
(1.6)
\nFinance expense
(10.8)
(10.0)
\nNet \ufb01nancing costs recognised in pro\ufb01t or loss
(9.2)
(9.2)
\nNo \ufb01nance income or expense related to discontinued operations in either the current or preceding year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18653": {
"value": "7. Finance income and expense Continuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nInterest on bank balances and cash deposits
1.6
0.8
\nFinance income
1.6
0.8
\nInterest expense on borrowings and overdrafts
(7.0)
(6.1)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nNet interest on IAS 19 de\ufb01ned bene\ufb01t pension obligations
(1.4)
(1.6)
\nFinance expense
(10.8)
(10.0)
\nNet \ufb01nancing costs recognised in pro\ufb01t or loss
(9.2)
(9.2)
\nNo \ufb01nance income or expense related to discontinued operations in either the current or preceding year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18706": {
"value": "8. Taxation \u2013 income tax expense Continuing operations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nRecognised in pro\ufb01t or loss
\nCurrent tax
\nCurrent year
36.5
30.7
\nAdjustments for prior years
0.5
0.4
\n37.0
31.1
\nDeferred tax
\nCurrent year
(0.4)
(2.3)
\nAdjustments for prior years
(0.6)
(0.6)
\n(1.0)
(2.9)
\nTotal income tax expense recognised in pro\ufb01t or loss
36.0
28.2
\nRecognised in other comprehensive income
\nTax effect on components of other comprehensive income:
\nDeferred tax associated with de\ufb01ned bene\ufb01t schemes
3.4
0.6
\nDeferred tax associated with foreign exchange differences
\u2013
0.8
\nTotal tax recognised in other comprehensive income
3.4
1.4
\nThere was no deferred tax associated with share schemes recognised in other comprehensive income (2021: none).
\nReconciliation of effective tax rate
\n2022
\n\u00a3m
\n2022
\n%
\n2021
\n\u00a3m
\n2021
\n%
\nPro\ufb01t before tax
131.6
104.3
\nIncome tax charge using the domestic corporation tax rate
25.0
19.0
19.8
19.0
\nEffect of different tax rates in other jurisdictions
7.5
5.7
5.8
5.5
\nLocal taxes including withholding tax suffered
3.4
2.6
2.6
2.5
\nPermanent differences
0.2
0.2
0.4
0.4
\nMovements related to unrecognised temporary differences
(0.1)
(0.1)
(0.2)
(0.2)
\nAdjustments in respect of prior years
\u2013
\u2013
(0.2)
(0.2)
\nStatutory effective rate of tax
36.0
27.4
28.2
27.0
\nThe effective rate of tax before speci\ufb01c adjusting items is 27.0% (2021: 27.1%).
\nThe Group operates in many jurisdictions around the world and is subject to factors that may impact future tax charges including the
\nrecently enacted US tax reform, implementation of the OECD\u2019s BEPS actions, tax rate and legislation changes, expiry of the statute of
\nlimitations and resolution of tax audits and disputes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18815": {
"value": "9. Discontinued operations The Group disposed of its Composites and Defence Systems business on 20 November 2018. The business represented a separate
\nreportable segment and therefore, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the disposal
\ngroup was classi\ufb01ed as discontinued.
\nThe results from discontinued operations, which have been disclosed in the consolidated income statement, are set out below:
\nNote
\n31 December 2022
31 December 2021
\nResults
\nbefore
\nspeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nSpeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nTotal
\n\u00a3m
\nResults
\nbefore
\nspeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nSpeci\ufb01c
\nadjusting
\nitems
\n\u00a3m
\nTotal
\n\u00a3m
\nRevenue
\u2013
0.7
0.7
\u2013
3.3
3.3
\nOperating income
\u2013
0.4
0.4
\u2013
2.4
2.4
\nPro\ufb01t before taxation
\u2013
1.1
1.1
\u2013
5.7
5.7
\nIncome tax expense
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nPro\ufb01t from
\ndiscontinued operations
\u2013
1.1
1.1
\u2013
5.7
5.7
\nBasic earnings per share from
\ndiscontinued operations
10
0.4p
2.0p
\nDiluted earnings per share from
\ndiscontinued operations
10
0.4p
2.0p
\nIn 2022, a gain of \u00a31.1 million was recognised following the receipt of cash from a long-term contract and disposal of an investment in
\naccordance with the terms of the disposal agreement.
\nIn 2021, \u00a33.3 million of the speci\ufb01c adjusting items balance related to the settlement of certain long-term contracts. A further \u00a32.4 million
\nrelated to the reassessment of certain provisions associated with the disposal of the Composites and Defence Systems business.
\nThere is no income tax expense in relation to the discontinued operations in either the current or preceding year.
\nCash \ufb02ows from discontinued operations are set out below:
\n31 December
\n2022
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nNet cash generated from operating activities
1.1
3.3
\nNet cash generated from investing activities
\u2013
2.0
\nNet cash used in \ufb01nancing activities
\u2013
\u2013
\n1.1
5.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18936": {
"value": "10. Earnings per share 31 December 2022
31 December 2021
\nEarnings
\n\u00a3m
\nBasic
\nearnings
\nper share
\npence
\nDiluted
\nearnings
\nper share
\npence
\nEarnings
\n\u00a3m
\nBasic
\nearnings
\nper share
\npence
\nDiluted
\nearnings
\nper share
\npence
\nPro\ufb01t for the year attributable to
\nshareholders of the Company
88.0
31.0p
30.7p
73.8
25.9p
25.7p
\nPro\ufb01t from discontinued operations
(1.1)
(0.4)p
(0.4)p
(5.7)
(2.0)p
(2.0)p
\nPro\ufb01t from continuing operations
86.9
30.6p
30.3p
68.1
23.9p
23.7p
\nSpeci\ufb01c adjusting items
5.5
1.9p
1.9p
5.4
1.9p
1.9p
\nAmortisation of intangible assets
4.7
1.7p
1.6p
6.0
2.1p
2.1p
\nTax effect of the above
\n1
\n(1.1)
(0.4)p
(0.4)p
(1.5)
(0.5)p
(0.5)p
\nNon-controlling interests\u2019 share of the
\nabove adjustments
\u2013
\u2013
\u2013
(0.5)
(0.2)p
(0.2)p
\nAdjusted pro\ufb01t for the year from
\ncontinuing operations as used in
\nadjusted earnings per share
\n2
\n96.0
33.8p
33.5p
77.5
27.2p
27.0p
\n1.
The tax effect of the amortisation of intangible assets was \u00a3nil (2021: \u00a3nil).
\n2.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nNumber of shares (millions)
2022
2021
\nWeighted average number of Ordinary shares for the purposes of basic earnings per share
\n1
\n284.2
284.6
\nEffect of dilutive potential Ordinary shares:
\nShare options
2.6
2.4
\nWeighted average number of Ordinary shares for the purposes of diluted earnings
\nper share
286.8
287.0
\n1.
The calculation of the weighted average number of shares excludes the shares held by The Morgan General Employee Bene\ufb01t Trust, on which the dividends are waived.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19064": {
"value": "11. Property, plant and equipment Note
\nLand and
\nbuildings
\n\u00a3m
\nPlant,
\nequipment
\nand \ufb01xtures
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
215.2
678.2
893.4
\nAdditions
2.6
27.9
30.5
\nDisposals
(16.7)
(21.1)
(37.8)
\nSale of business
2
(0.8)
(3.5)
(4.3)
\nTransfers between categories
1.2
(1.2)
\u2013
\nEffect of movement in foreign exchange
(1.7)
(3.1)
(4.8)
\nBalance at 31 December 2021
199.8
677.2
877.0
\nBalance at 1 January 2022
199.8
677.2
877.0
\nAdditions
3.8
49.7
53.5
\nDisposals
(1.3)
(9.1)
(10.4)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
16.6
52.7
69.3
\nBalance at 31 December 2022
219.2
770.2
989.4
\nDepreciation and impairment losses
\nBalance at 1 January 2021
109.7
516.1
625.8
\nDepreciation charge for the year
5.3
24.8
30.1
\nImpairment losses
6
\u2013
12.3
12.3
\nDisposals
(11.6)
(20.1)
(31.7)
\nSale of business
2
(0.6)
(3.5)
(4.1)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
(0.1)
(3.4)
(3.5)
\nBalance at 31 December 2021
103.0
525.9
628.9
\nBalance at 1 January 2022
103.0
525.9
628.9
\nDepreciation charge for the year
5.0
25.3
30.3
\nImpairment losses
6
2.0
2.6
4.6
\nDisposals
(0.7)
(8.4)
(9.1)
\nTransfers between categories
(0.4)
0.4
\u2013
\nEffect of movement in foreign exchange
8.8
42.7
51.5
\nBalance at 31 December 2022
117.7
588.5
706.2
\nCarrying amounts
\nAt 1 January 2021
105.5
162.1
267.6
\nAt 31 December 2021
96.8
151.3
248.1
\nAt 31 December 2022
101.5
181.7
283.2
\nIn 2022, no assets were pledged as security for liabilities (2021: none). Pro\ufb01t on sale of property, plant and equipment presented in the
\ncash \ufb02ow includes \u00a3nil (2021: \u00a3nil) of insurance proceeds for replacement of assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19065": {
"value": "11. Property, plant and equipment Note
\nLand and
\nbuildings
\n\u00a3m
\nPlant,
\nequipment
\nand \ufb01xtures
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
215.2
678.2
893.4
\nAdditions
2.6
27.9
30.5
\nDisposals
(16.7)
(21.1)
(37.8)
\nSale of business
2
(0.8)
(3.5)
(4.3)
\nTransfers between categories
1.2
(1.2)
\u2013
\nEffect of movement in foreign exchange
(1.7)
(3.1)
(4.8)
\nBalance at 31 December 2021
199.8
677.2
877.0
\nBalance at 1 January 2022
199.8
677.2
877.0
\nAdditions
3.8
49.7
53.5
\nDisposals
(1.3)
(9.1)
(10.4)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
16.6
52.7
69.3
\nBalance at 31 December 2022
219.2
770.2
989.4
\nDepreciation and impairment losses
\nBalance at 1 January 2021
109.7
516.1
625.8
\nDepreciation charge for the year
5.3
24.8
30.1
\nImpairment losses
6
\u2013
12.3
12.3
\nDisposals
(11.6)
(20.1)
(31.7)
\nSale of business
2
(0.6)
(3.5)
(4.1)
\nTransfers between categories
0.3
(0.3)
\u2013
\nEffect of movement in foreign exchange
(0.1)
(3.4)
(3.5)
\nBalance at 31 December 2021
103.0
525.9
628.9
\nBalance at 1 January 2022
103.0
525.9
628.9
\nDepreciation charge for the year
5.0
25.3
30.3
\nImpairment losses
6
2.0
2.6
4.6
\nDisposals
(0.7)
(8.4)
(9.1)
\nTransfers between categories
(0.4)
0.4
\u2013
\nEffect of movement in foreign exchange
8.8
42.7
51.5
\nBalance at 31 December 2022
117.7
588.5
706.2
\nCarrying amounts
\nAt 1 January 2021
105.5
162.1
267.6
\nAt 31 December 2021
96.8
151.3
248.1
\nAt 31 December 2022
101.5
181.7
283.2
\nIn 2022, no assets were pledged as security for liabilities (2021: none). Pro\ufb01t on sale of property, plant and equipment presented in the
\ncash \ufb02ow includes \u00a3nil (2021: \u00a3nil) of insurance proceeds for replacement of assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19227": {
"value": "12. Leases The reconciliation in the movement of the Group\u2019s right-of-use assets is set out in the table below:
\nLand and
\nbuildings
\n\u00a3m
\nPlant and
\nequipment
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2021
29.2
6.3
35.5
\nAdditions
2.7
1.5
4.2
\nRemeasurements
0.6
0.1
0.7
\nDepreciation charge for the year
(4.7)
(3.2)
(7.9)
\nEffect of movement in foreign exchange
(0.3)
(0.3)
(0.6)
\nBalance at 31 December 2021
27.5
4.4
31.9
\nBalance at 1 January 2022
27.5
4.4
31.9
\nAdditions
1.2
1.8
3.0
\nRemeasurements
3.1
0.6
3.7
\nDepreciation charge for the year
(5.1)
(2.7)
(7.8)
\nEffect of movement in foreign exchange
2.3
0.5
2.8
\nBalance at 31 December 2022
29.0
4.6
33.6
\nThe weighted average lease term is 11.6 years for land and buildings and 3.3 years for plant and equipment (2021: 12.2 years and 3.5 years
\nrespectively). The maturity analysis of lease liabilities is presented in note 20.
\nAmounts recognised in the consolidated income statement in respect of leasing arrangements are set out in the table below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nDepreciation expense on right-of-use assets
(7.8)
(7.9)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nExpense relating to short-term leases and leasing of low value assets
(0.5)
(0.3)
\nIncome from leasing owned assets
\u2013
0.2
\n(10.7)
(10.3)
\nThe total cash \ufb02ows from leasing activities in the year ended 31 December 2022 was \u00a311.9 million (2021: \u00a311.0 million) as set out in the
\ntable below:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPayment of lease liabilities
(9.0)
(8.6)
\nInterest expense on lease liabilities
(2.4)
(2.3)
\nExpense relating to short-term leases and leasing of low value assets
(0.5)
(0.3)
\nIncome from leasing owned assets
\u2013
0.2
\n(11.9)
(11.0)
\nAt 31 December 2022, the Group is committed to future payments of \u00a30.6 million (2021: \u00a30.6 million) for short-term leases and leasing
\nof low value assets.
\nAt 31 December 2022, future cash \ufb02ows in respect of leases which the Group had entered into but which had not yet commenced was
\n\u00a3nil (2021: \u00a30.2 million).
\nThe total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19349": {
"value": "13. Intangible assets Note
\nGoodwill
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nTechnology and
\ntrademarks
\n\u00a3m
\nCapitalised
\ndevelopment
\ncosts
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
173.2
56.2
3.6
0.7
34.5
268.2
\nAcquisition of businesses
0.1
1.1
0.7
\u2013
\u2013
1.9
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nDisposal of businesses
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffect of movement in
\nforeign exchange
(0.3)
0.3
(0.2)
\u2013
0.2
\u2013
\nBalance at 31 December 2021
172.9
57.6
4.1
0.7
34.8
270.1
\nBalance at 1 January 2022
172.9
57.6
4.1
0.7
34.8
270.1
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffect of movement in
\nforeign exchange
9.0
6.3
0.2
0.1
1.9
17.5
\nBalance at 31 December 2022
181.9
63.9
4.3
0.8
37.8
288.7
\nAmortisation and
\nimpairment losses
\nBalance at 1 January 2021
\u2013
54.8
3.6
0.7
23.7
82.8
\nAmortisation charge for the year
\u2013
1.0
0.1
\u2013
4.9
6.0
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffects of movement in
\nforeign exchange
\u2013
0.3
(0.2)
\u2013
\u2013
0.1
\nBalance at 31 December 2021
\u2013
56.1
3.5
0.7
26.7
87.0
\nBalance at 1 January 2022
\u2013
56.1
3.5
0.7
26.7
87.0
\nAmortisation charge for the year
\u2013
0.7
0.1
\u2013
3.9
4.7
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffects of movement in
\nforeign exchange
\u2013
6.3
0.2
0.1
1.5
8.1
\nBalance at 31 December 2022
\u2013
63.1
3.8
0.8
32.0
99.7
\nCarrying amounts
\nAt 1 January 2021
173.2
1.4
\u2013
\u2013
10.8
185.4
\nAt 31 December 2021
172.9
1.5
0.6
\u2013
8.1
183.1
\nAt 31 December 2022
181.9
0.8
0.5
\u2013
5.8
189.0
\n
\n
\nImpairment test for cash-generating units or groups of cash-generating units containing goodwill
\nIn accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
\ngroups of cash-generating units that are expected to bene\ufb01t from the synergies of the business combination that gave rise to the goodwill.
\nGoodwill impairment testing is performed at the operating segment level as de\ufb01ned by IFRS 8, as this is the lowest level at which goodwill
\nis monitored.
\nGoodwill is attributed to each operating segment as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nThermal Ceramics
88.8
84.5
\nMolten Metal Systems
9.4
9.0
\nElectrical Carbon
30.7
29.3
\nSeals and Bearings
15.8
14.9
\nTechnical Ceramics
37.1
35.2
\n181.8
172.9
\nEach operating segment is assessed for impairment annually and whenever there is an indication of impairment.
\nThe carrying value of goodwill has been assessed with reference to its value in use, re\ufb02ecting the projected discounted cash \ufb02ows of
\neach operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and
\nlong-term growth rates and discount rates.
\nThe cash \ufb02ow projections in year one are based on the most recent Board approved budget. Cash \ufb02ow projections for years two to \ufb01ve
\nare based on the most recent Board approved strategic plan. The key assumptions that underpin these cash \ufb02ow projections relate to
\nsales and operating margins, which are based on past experience, taking into account the effect of known or likely changes in market or
\noperating conditions. External data sources have been considered as to the strength and recovery of the Group\u2019s end-markets in building
\nan expectation of the future cash \ufb02ows of each operating segment.
\nIn 2022, a 1.0% growth rate (2021: 1.0%) has been used for years beyond 2027 and to calculate a terminal value. Management has
\nassessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
\nIn 2022, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
\nThermal Ceramics: 13.8% (2021: 13.2%), Molten Metal Systems: 15.6% (2021: 12.9%), Electrical Carbon: 14.6% (2021: 12.3%),
\nSeals and Bearings: 14.0% (2021: 11.2%), Technical Ceramics 14.1% (2021: 11.1%).
\nThe Directors have considered the following individual sensitivities and are con\ufb01dent that no impairment would arise for each of the
\nThermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any
\none of the following three circumstances, which are considered reasonably possible changes:
\nIf the pre-tax discount rate was increased to 18%.
\nIf no growth was assumed for years two to \ufb01ve and in the calculation of terminal value.
\nIf the cash \ufb02ow projections of all businesses were reduced by 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19350": {
"value": "13. Intangible assets Note
\nGoodwill
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nTechnology and
\ntrademarks
\n\u00a3m
\nCapitalised
\ndevelopment
\ncosts
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
173.2
56.2
3.6
0.7
34.5
268.2
\nAcquisition of businesses
0.1
1.1
0.7
\u2013
\u2013
1.9
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nDisposal of businesses
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffect of movement in
\nforeign exchange
(0.3)
0.3
(0.2)
\u2013
0.2
\u2013
\nBalance at 31 December 2021
172.9
57.6
4.1
0.7
34.8
270.1
\nBalance at 1 January 2022
172.9
57.6
4.1
0.7
34.8
270.1
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffect of movement in
\nforeign exchange
9.0
6.3
0.2
0.1
1.9
17.5
\nBalance at 31 December 2022
181.9
63.9
4.3
0.8
37.8
288.7
\nAmortisation and
\nimpairment losses
\nBalance at 1 January 2021
\u2013
54.8
3.6
0.7
23.7
82.8
\nAmortisation charge for the year
\u2013
1.0
0.1
\u2013
4.9
6.0
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffects of movement in
\nforeign exchange
\u2013
0.3
(0.2)
\u2013
\u2013
0.1
\nBalance at 31 December 2021
\u2013
56.1
3.5
0.7
26.7
87.0
\nBalance at 1 January 2022
\u2013
56.1
3.5
0.7
26.7
87.0
\nAmortisation charge for the year
\u2013
0.7
0.1
\u2013
3.9
4.7
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffects of movement in
\nforeign exchange
\u2013
6.3
0.2
0.1
1.5
8.1
\nBalance at 31 December 2022
\u2013
63.1
3.8
0.8
32.0
99.7
\nCarrying amounts
\nAt 1 January 2021
173.2
1.4
\u2013
\u2013
10.8
185.4
\nAt 31 December 2021
172.9
1.5
0.6
\u2013
8.1
183.1
\nAt 31 December 2022
181.9
0.8
0.5
\u2013
5.8
189.0
\n
\n
\nImpairment test for cash-generating units or groups of cash-generating units containing goodwill
\nIn accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
\ngroups of cash-generating units that are expected to bene\ufb01t from the synergies of the business combination that gave rise to the goodwill.
\nGoodwill impairment testing is performed at the operating segment level as de\ufb01ned by IFRS 8, as this is the lowest level at which goodwill
\nis monitored.
\nGoodwill is attributed to each operating segment as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nThermal Ceramics
88.8
84.5
\nMolten Metal Systems
9.4
9.0
\nElectrical Carbon
30.7
29.3
\nSeals and Bearings
15.8
14.9
\nTechnical Ceramics
37.1
35.2
\n181.8
172.9
\nEach operating segment is assessed for impairment annually and whenever there is an indication of impairment.
\nThe carrying value of goodwill has been assessed with reference to its value in use, re\ufb02ecting the projected discounted cash \ufb02ows of
\neach operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and
\nlong-term growth rates and discount rates.
\nThe cash \ufb02ow projections in year one are based on the most recent Board approved budget. Cash \ufb02ow projections for years two to \ufb01ve
\nare based on the most recent Board approved strategic plan. The key assumptions that underpin these cash \ufb02ow projections relate to
\nsales and operating margins, which are based on past experience, taking into account the effect of known or likely changes in market or
\noperating conditions. External data sources have been considered as to the strength and recovery of the Group\u2019s end-markets in building
\nan expectation of the future cash \ufb02ows of each operating segment.
\nIn 2022, a 1.0% growth rate (2021: 1.0%) has been used for years beyond 2027 and to calculate a terminal value. Management has
\nassessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
\nIn 2022, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
\nThermal Ceramics: 13.8% (2021: 13.2%), Molten Metal Systems: 15.6% (2021: 12.9%), Electrical Carbon: 14.6% (2021: 12.3%),
\nSeals and Bearings: 14.0% (2021: 11.2%), Technical Ceramics 14.1% (2021: 11.1%).
\nThe Directors have considered the following individual sensitivities and are con\ufb01dent that no impairment would arise for each of the
\nThermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any
\none of the following three circumstances, which are considered reasonably possible changes:
\nIf the pre-tax discount rate was increased to 18%.
\nIf no growth was assumed for years two to \ufb01ve and in the calculation of terminal value.
\nIf the cash \ufb02ow projections of all businesses were reduced by 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19351": {
"value": "13. Intangible assets Note
\nGoodwill
\n\u00a3m
\nCustomer
\nrelationships
\n\u00a3m
\nTechnology and
\ntrademarks
\n\u00a3m
\nCapitalised
\ndevelopment
\ncosts
\n\u00a3m
\nComputer
\nsoftware
\n\u00a3m
\nTotal
\n\u00a3m
\nCost
\nBalance at 1 January 2021
173.2
56.2
3.6
0.7
34.5
268.2
\nAcquisition of businesses
0.1
1.1
0.7
\u2013
\u2013
1.9
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
2.0
2.0
\nDisposal of businesses
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffect of movement in
\nforeign exchange
(0.3)
0.3
(0.2)
\u2013
0.2
\u2013
\nBalance at 31 December 2021
172.9
57.6
4.1
0.7
34.8
270.1
\nBalance at 1 January 2022
172.9
57.6
4.1
0.7
34.8
270.1
\nAdditions (externally purchased)
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffect of movement in
\nforeign exchange
9.0
6.3
0.2
0.1
1.9
17.5
\nBalance at 31 December 2022
181.9
63.9
4.3
0.8
37.8
288.7
\nAmortisation and
\nimpairment losses
\nBalance at 1 January 2021
\u2013
54.8
3.6
0.7
23.7
82.8
\nAmortisation charge for the year
\u2013
1.0
0.1
\u2013
4.9
6.0
\nDisposals
\u2013
\u2013
\u2013
\u2013
(1.9)
(1.9)
\nEffects of movement in
\nforeign exchange
\u2013
0.3
(0.2)
\u2013
\u2013
0.1
\nBalance at 31 December 2021
\u2013
56.1
3.5
0.7
26.7
87.0
\nBalance at 1 January 2022
\u2013
56.1
3.5
0.7
26.7
87.0
\nAmortisation charge for the year
\u2013
0.7
0.1
\u2013
3.9
4.7
\nDisposals
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nEffects of movement in
\nforeign exchange
\u2013
6.3
0.2
0.1
1.5
8.1
\nBalance at 31 December 2022
\u2013
63.1
3.8
0.8
32.0
99.7
\nCarrying amounts
\nAt 1 January 2021
173.2
1.4
\u2013
\u2013
10.8
185.4
\nAt 31 December 2021
172.9
1.5
0.6
\u2013
8.1
183.1
\nAt 31 December 2022
181.9
0.8
0.5
\u2013
5.8
189.0
\n
\n
\nImpairment test for cash-generating units or groups of cash-generating units containing goodwill
\nIn accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
\ngroups of cash-generating units that are expected to bene\ufb01t from the synergies of the business combination that gave rise to the goodwill.
\nGoodwill impairment testing is performed at the operating segment level as de\ufb01ned by IFRS 8, as this is the lowest level at which goodwill
\nis monitored.
\nGoodwill is attributed to each operating segment as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nThermal Ceramics
88.8
84.5
\nMolten Metal Systems
9.4
9.0
\nElectrical Carbon
30.7
29.3
\nSeals and Bearings
15.8
14.9
\nTechnical Ceramics
37.1
35.2
\n181.8
172.9
\nEach operating segment is assessed for impairment annually and whenever there is an indication of impairment.
\nThe carrying value of goodwill has been assessed with reference to its value in use, re\ufb02ecting the projected discounted cash \ufb02ows of
\neach operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and
\nlong-term growth rates and discount rates.
\nThe cash \ufb02ow projections in year one are based on the most recent Board approved budget. Cash \ufb02ow projections for years two to \ufb01ve
\nare based on the most recent Board approved strategic plan. The key assumptions that underpin these cash \ufb02ow projections relate to
\nsales and operating margins, which are based on past experience, taking into account the effect of known or likely changes in market or
\noperating conditions. External data sources have been considered as to the strength and recovery of the Group\u2019s end-markets in building
\nan expectation of the future cash \ufb02ows of each operating segment.
\nIn 2022, a 1.0% growth rate (2021: 1.0%) has been used for years beyond 2027 and to calculate a terminal value. Management has
\nassessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
\nIn 2022, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
\nThermal Ceramics: 13.8% (2021: 13.2%), Molten Metal Systems: 15.6% (2021: 12.9%), Electrical Carbon: 14.6% (2021: 12.3%),
\nSeals and Bearings: 14.0% (2021: 11.2%), Technical Ceramics 14.1% (2021: 11.1%).
\nThe Directors have considered the following individual sensitivities and are con\ufb01dent that no impairment would arise for each of the
\nThermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any
\none of the following three circumstances, which are considered reasonably possible changes:
\nIf the pre-tax discount rate was increased to 18%.
\nIf no growth was assumed for years two to \ufb01ve and in the calculation of terminal value.
\nIf the cash \ufb02ow projections of all businesses were reduced by 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19590": {
"value": "Goodwill is attributed to each operating segment as follows: 2022
\n\u00a3m
\n2021
\n\u00a3m
\nThermal Ceramics
88.8
84.5
\nMolten Metal Systems
9.4
9.0
\nElectrical Carbon
30.7
29.3
\nSeals and Bearings
15.8
14.9
\nTechnical Ceramics
37.1
35.2
\n181.8
172.9
\nEach operating segment is assessed for impairment annually and whenever there is an indication of impairment.
\nThe carrying value of goodwill has been assessed with reference to its value in use, re\ufb02ecting the projected discounted cash \ufb02ows of
\neach operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and
\nlong-term growth rates and discount rates.
\nThe cash \ufb02ow projections in year one are based on the most recent Board approved budget. Cash \ufb02ow projections for years two to \ufb01ve
\nare based on the most recent Board approved strategic plan. The key assumptions that underpin these cash \ufb02ow projections relate to
\nsales and operating margins, which are based on past experience, taking into account the effect of known or likely changes in market or
\noperating conditions. External data sources have been considered as to the strength and recovery of the Group\u2019s end-markets in building
\nan expectation of the future cash \ufb02ows of each operating segment.
\nIn 2022, a 1.0% growth rate (2021: 1.0%) has been used for years beyond 2027 and to calculate a terminal value. Management has
\nassessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
\nIn 2022, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
\nThermal Ceramics: 13.8% (2021: 13.2%), Molten Metal Systems: 15.6% (2021: 12.9%), Electrical Carbon: 14.6% (2021: 12.3%),
\nSeals and Bearings: 14.0% (2021: 11.2%), Technical Ceramics 14.1% (2021: 11.1%).
\nThe Directors have considered the following individual sensitivities and are con\ufb01dent that no impairment would arise for each of the
\nThermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any
\none of the following three circumstances, which are considered reasonably possible changes:
\nIf the pre-tax discount rate was increased to 18%.
\nIf no growth was assumed for years two to \ufb01ve and in the calculation of terminal value.
If the cash \ufb02ow projections of all businesses were reduced by 25%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19653": {
"value": "14. Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following:
\nAssets
\n2022
\n\u00a3m
\nAssets
\n2021
\n\u00a3m
\nLiabilities
\n2022
\n\u00a3m
\nLiabilities
\n2021
\n\u00a3m
\nNet
\n2022
\n\u00a3m
\nNet
\n2021
\n\u00a3m
\nProperty, plant and equipment
\u2013
\u2013
(12.7)
(12.3)
(12.7)
(12.3)
\nRight-of-use assets and lease liabilities
3.6
3.9
\u2013
\u2013
3.6
3.9
\nIntangible assets
\u2013
\u2013
(0.4)
(0.6)
(0.4)
(0.6)
\nEmployee bene\ufb01ts
10.2
13.1
\u2013
\u2013
10.2
13.1
\nProvisions
11.4
10.8
\u2013
\u2013
11.4
10.8
\nTax value of loss carried
\nforward recognised
1.7
1.0
\u2013
\u2013
1.7
1.0
\nOther items
\u2013
\u2013
(0.5)
(1.2)
(0.5)
(1.2)
\nOffset
(11.6)
(12.9)
11.6
12.9
\u2013
\u2013
\n15.3
15.9
(2.0)
(1.2)
13.3
14.7
\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to do so.
\nUnrecognised deferred tax assets
\nDeferred tax assets have not been recognised in respect of the following items:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nUK pension de\ufb01cit
\u2013
51.8
\nTax losses
107.8
110.9
\nCapital losses
43.4
39.9
\nOther deductible temporary differences
129.7
75.1
\n280.9
277.7
\nDeferred tax assets have not been recognised in relation to these temporary differences due to uncertainty surrounding future utilisation.
\nBased on current tax legislation the tax losses will not expire. Although the Group as a whole is pro\ufb01table, the unrecognised losses relate
\nto entities where it is not probable that there will be future taxable pro\ufb01ts against which these losses can be utilised.
\nMovements in temporary differences during the year
\nRecognised
\nin pro\ufb01t
\nor loss
\n\u00a3m
\nRecognised
\ndirectly in
\nequity
\n\u00a3m
\n31 December
\n2021
\n\u00a3m
\nRecognised
\nin pro\ufb01t
\nor loss
\n\u00a3m
\nRecognised
\ndirectly in
\nequity
\n\u00a3m
\n31 December
\n2022
\n\u00a3m
\nProperty, plant and equipment
0.8
\u2013
(12.3)
(0.4)
\u2013
(12.7)
\nRight-of-use assets and lease liabilities
\u2013
\u2013
3.9
(0.3)
\u2013
3.6
\nIntangible assets
0.6
\u2013
(0.6)
0.2
\u2013
(0.4)
\nEmployee bene\ufb01ts
0.5
(0.6)
13.1
0.5
(3.4)
10.2
\nProvisions
(0.6)
\u2013
10.8
0.6
\u2013
11.4
\nTax value of loss carried
\nforward recognised
0.6
\u2013
1.0
0.7
\u2013
1.7
\nOthers
1.0
(1.5)
(1.2)
(0.3)
1.0
(0.5)
\n2.9
(2.1)
14.7
1.0
(2.4)
13.3
\nDeferred income tax of \u00a34.0 million (2021: \u00a33.8 million) is provided on the potential unremitted earnings of overseas subsidiary undertakings.
\nWhere the remittance of dividends is not anticipated deferred tax is not currently recognised or disclosed as it is considered immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19860": {
"value": "15. Inventories 2022
\n\u00a3m
\n2021
\n\u00a3m
\nRaw materials and consumables
55.5
39.9
\nWork in progress
53.3
40.1
\nFinished goods
65.4
60.7
\n174.2
140.7
\nThe Group holds consignment inventory amounting to \u00a328.8 million (2021: \u00a325.2 million) which is not re\ufb02ected in the balance sheet.
\nThe majority of this balance is for precious metals, which are held on consignment by a subsidiary and are invoiced only when the material
\nis required.
\nIn 2022, provisions of \u00a35.0 million were made against inventories and recognised in operating costs (2021: \u00a33.7 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19883": {
"value": "16. Trade and other receivables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nPrepayments
0.2
0.4
\nOther receivables
3.0
2.5
\nNon-trade receivables
3.2
2.9
\nCurrent
\nGross trade receivables
179.7
150.1
\nExpected credit losses
(9.1)
(10.9)
\nNet trade receivables
170.6
139.2
\nContract assets
1.0
0.6
\nPrepayments
14.8
9.2
\nOther non-trade receivables
16.1
12.4
\n202.5
161.4
\nThe Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
\nContract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end
\nof the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19884": {
"value": "16. Trade and other receivables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nPrepayments
0.2
0.4
\nOther receivables
3.0
2.5
\nNon-trade receivables
3.2
2.9
\nCurrent
\nGross trade receivables
179.7
150.1
\nExpected credit losses
(9.1)
(10.9)
\nNet trade receivables
170.6
139.2
\nContract assets
1.0
0.6
\nPrepayments
14.8
9.2
\nOther non-trade receivables
16.1
12.4
\n202.5
161.4
\nThe Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
\nContract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end
\nof the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19885": {
"value": "16. Trade and other receivables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nPrepayments
0.2
0.4
\nOther receivables
3.0
2.5
\nNon-trade receivables
3.2
2.9
\nCurrent
\nGross trade receivables
179.7
150.1
\nExpected credit losses
(9.1)
(10.9)
\nNet trade receivables
170.6
139.2
\nContract assets
1.0
0.6
\nPrepayments
14.8
9.2
\nOther non-trade receivables
16.1
12.4
\n202.5
161.4
\nThe Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
\nContract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end
\nof the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19946": {
"value": "17. Cash and cash equivalents 2022
\n\u00a3m
\n2021
\n\u00a3m
\nBank balances
105.8
101.2
\nCash deposits
11.9
26.1
\nCash and cash equivalents
117.7
127.3
\nIn 2022, the Group had restricted cash of \u00a34.0 million (2021: \u00a31.5 million) as a result of exchange controls in Argentina.
\nReconciliation of cash and cash equivalents to net debt
\n1
\n2022
\n\u00a3m
\n2021 restated
\n2
\n\u00a3m
\nOpening borrowings and lease liabilities
(223.8)
(303.4)
\nIncrease in borrowings
(113.3)
(27.3)
\nReduction and repayment of borrowings
39.0
99.6
\nPayment of lease liabilities
9.0
8.6
\nTotal changes from cash \ufb02ows
(65.3)
80.9
\nNew leases and lease remeasurement
(6.7)
(4.4)
\nEffect of movements in foreign exchange
(22.3)
3.1
\nClosing borrowings and lease liabilities
(318.1)
(223.8)
\nCash and cash equivalents
117.7
127.3
\nClosing net debt
\n1
\n(200.4)
(96.5)
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\n2.
Comparative information has been restated to present the increase and reduction in borrowings separately.
\nThe table below details changes in the Group\u2019s liabilities arising from \ufb01nancing activities, including both cash and non-cash changes.
\nBorrowings
\n\u00a3m
\nLease
\nliabilities
\n\u00a3m
\nTotal \ufb01nancing
\nliabilities
\n\u00a3m
\nCash and cash
\nequivalents
\n\u00a3m
\nMovement in
\nnet debt
\n1
\n\u00a3m
\nAt 1 January 2021
(248.8)
(54.6)
(303.4)
147.8
(155.6)
\nCash out\ufb02ow
\u2013
\u2013
\u2013
(5.6)
(5.6)
\nBorrowings and lease liability cash \ufb02ow
72.3
8.6
80.9
\u2013
80.9
\nNet interest paid
\u2013
\u2013
\u2013
(8.4)
(8.4)
\nNet cash in\ufb02ow/(out\ufb02ow)
72.3
8.6
80.9
(14.0)
66.9
\nShare purchases
\u2013
\u2013
\u2013
(5.9)
(5.9)
\nNew leases and lease remeasurement
\u2013
(4.4)
(4.4)
\u2013
(4.4)
\nExchange and other movements
2.5
0.6
3.1
(0.6)
2.5
\nAt 31 December 2021
(174.0)
(49.8)
(223.8)
127.3
(96.5)
\nAt 1 January 2022
(174.0)
(49.8)
(223.8)
127.3
(96.5)
\nCash out\ufb02ow
\u2013
\u2013
\u2013
(0.7)
(0.7)
\nBorrowings and lease liability cash \ufb02ow
(74.3)
9.0
(65.3)
\u2013
(65.3)
\nNet interest paid
\u2013
\u2013
\u2013
(9.4)
(9.4)
\nNet cash in\ufb02ow/(out\ufb02ow)
(74.3)
9.0
(65.3)
(10.1)
(75.4)
\nShare purchases
\u2013
\u2013
\u2013
(2.9)
(2.9)
\nNew leases and lease remeasurement
\u2013
(6.7)
(6.7)
\u2013
(6.7)
\nExchange and other movements
(17.9)
(4.4)
(22.3)
3.4
(18.9)
\nAt 31 December 2022
(266.2)
(51.9)
(318.1)
117.7
(200.4)
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19949": {
"value": "2022 \u00a3m
\n2021
\n\u00a3m
\nBank balances
105.8
101.2
\nCash deposits
11.9
26.1
\nCash and cash equivalents
117.7
127.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19965": {
"value": "In 2022, the Group had restricted cash of \u00a34.0 million (2021: \u00a31.5 million) as a result of exchange controls in Argentina.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20153": {
"value": "18. Trade and other payables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nAccruals
0.6
0.2
\nOther tax and social security
\u2013
0.1
\nOther payables
1.5
2.1
\n2.1
2.4
\nCurrent
\nTrade payables
78.6
61.8
\nContract liabilities
8.9
12.2
\nAccruals
69.6
69.0
\nOther tax and social security
19.9
14.0
\nOther payables
18.0
20.2
\n195.0
177.2
\nThe Directors consider that the carrying amount of trade payables approximates to their fair value.
\nContract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
\nbeing satis\ufb01ed. All of the \u00a38.9 million of contract liabilities as at 31 December 2022 are expected to be recognised as revenue in 2023.
\nContract liabilities outstanding as at 31 December 2021 of \u00a312.2 million were recognised as revenue in 2022.
\nIncluded in trade payables are amounts due where extended payment terms have been agreed with the supplier using a supplier \ufb01nancing
\nfacility. The total amount outstanding on such extended payment terms at 31 December 2022 was \u00a30.3 million (2021: \u00a30.2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20154": {
"value": "18. Trade and other payables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nAccruals
0.6
0.2
\nOther tax and social security
\u2013
0.1
\nOther payables
1.5
2.1
\n2.1
2.4
\nCurrent
\nTrade payables
78.6
61.8
\nContract liabilities
8.9
12.2
\nAccruals
69.6
69.0
\nOther tax and social security
19.9
14.0
\nOther payables
18.0
20.2
\n195.0
177.2
\nThe Directors consider that the carrying amount of trade payables approximates to their fair value.
\nContract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
\nbeing satis\ufb01ed. All of the \u00a38.9 million of contract liabilities as at 31 December 2022 are expected to be recognised as revenue in 2023.
\nContract liabilities outstanding as at 31 December 2021 of \u00a312.2 million were recognised as revenue in 2022.
\nIncluded in trade payables are amounts due where extended payment terms have been agreed with the supplier using a supplier \ufb01nancing
\nfacility. The total amount outstanding on such extended payment terms at 31 December 2022 was \u00a30.3 million (2021: \u00a30.2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20155": {
"value": "18. Trade and other payables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nAccruals
0.6
0.2
\nOther tax and social security
\u2013
0.1
\nOther payables
1.5
2.1
\n2.1
2.4
\nCurrent
\nTrade payables
78.6
61.8
\nContract liabilities
8.9
12.2
\nAccruals
69.6
69.0
\nOther tax and social security
19.9
14.0
\nOther payables
18.0
20.2
\n195.0
177.2
\nThe Directors consider that the carrying amount of trade payables approximates to their fair value.
\nContract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
\nbeing satis\ufb01ed. All of the \u00a38.9 million of contract liabilities as at 31 December 2022 are expected to be recognised as revenue in 2023.
\nContract liabilities outstanding as at 31 December 2021 of \u00a312.2 million were recognised as revenue in 2022.
\nIncluded in trade payables are amounts due where extended payment terms have been agreed with the supplier using a supplier \ufb01nancing
\nfacility. The total amount outstanding on such extended payment terms at 31 December 2022 was \u00a30.3 million (2021: \u00a30.2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20156": {
"value": "18. Trade and other payables 2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current
\nAccruals
0.6
0.2
\nOther tax and social security
\u2013
0.1
\nOther payables
1.5
2.1
\n2.1
2.4
\nCurrent
\nTrade payables
78.6
61.8
\nContract liabilities
8.9
12.2
\nAccruals
69.6
69.0
\nOther tax and social security
19.9
14.0
\nOther payables
18.0
20.2
\n195.0
177.2
\nThe Directors consider that the carrying amount of trade payables approximates to their fair value.
\nContract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
\nbeing satis\ufb01ed. All of the \u00a38.9 million of contract liabilities as at 31 December 2022 are expected to be recognised as revenue in 2023.
\nContract liabilities outstanding as at 31 December 2021 of \u00a312.2 million were recognised as revenue in 2022.
\nIncluded in trade payables are amounts due where extended payment terms have been agreed with the supplier using a supplier \ufb01nancing
\nfacility. The total amount outstanding on such extended payment terms at 31 December 2022 was \u00a30.3 million (2021: \u00a30.2 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20206": {
"value": "19. Capital and reserves Translation reserve
\nThe translation reserve comprises all foreign exchange differences arising from the translation of the \ufb01nancial statements of foreign operations.
\nHedging reserve
\nThe cash \ufb02ow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash
\n\ufb02ow hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in pro\ufb01t or loss only when the hedged
\ntransaction impacts the pro\ufb01t or loss, or is included directly in the initial cost or other carrying amount of the hedged non-\ufb01nancial items
\n(basis adjustment).
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(0.1)
0.4
\nLoss arising on changes in fair value of hedging instruments during the period
(0.2)
(0.1)
\nGain/(loss) reclassi\ufb01ed to pro\ufb01t or loss
0.1
(0.4)
\nBalance at 31 December
(0.2)
(0.1)
\nFair value reserve
\nThe fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
\nCapital redemption reserve
\nThe capital redemption reserve arose when the Company redeemed Preference shares wholly out of distributable pro\ufb01ts.
\nRetained earnings
\nThe Company has acquired its own shares to satisfy the requirements of the various share option incentive schemes. At 31 December
\n2022, 1,173,686 shares (2021: 1,360,098) were held by The Morgan General Employee Bene\ufb01t Trust (\u2018the Trust\u2019) and are treated as
\na deduction from equity. No treasury shares were held by the Company (2021: none). All rights conferred by those shares are suspended
\nuntil they are reissued.
\n\n\n
\nA summary of the movements in own shares held by the Trust is set out in the table below:
\n2022
2021
\nShares
\nCost
\n\u00a3m
Shares
\nCost
\n\u00a3m
\nAs at 1 January
1,360,098
5.0
841,880
2.1
\nNew shares purchased
1,102,704
2.9
1,600,000
5.9
\nExercise of share options
(1,289,116)
(4.8)
(1,081,782)
(3.0)
\nAs at 31 December
1,173,686
3.1
1,360,098
5.0
\nConsideration received in respect of shares transferred to participants of employee share schemes was \u00a30.5 million (2021: \u00a30.3 million).
\nThe market value of shares held by the Trust at 31 December 2022 was \u00a33.7 million (2021: \u00a34.8 million).
\nDividends
\nThe following Ordinary dividends were declared and paid by the Company:
\nPer share
Total
\n2022
\npence
\n2021
\npence
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020 \ufb01nal
\u2013
3.5
\u2013
10.0
\n2021 interim
\u2013
3.2
\u2013
9.1
\n2021 \ufb01nal
\n1
\n5.9
\u2013
16.5
\u2013
\n2022 interim
5.3
\u2013
15.1
\u2013
\n11.2
6.7
31.6
19.1
\n1.
The 2021 \ufb01nal dividend paid is shown net of \u00a30.3 million returned from untraced shareholders, in accordance with the Company\u2019s Articles of Association.
\nAfter 31 December 2022 the following dividends were proposed by the Directors for 2022. These dividends have not been provided for
\nand there are no income tax consequences. The proposed 2022 \ufb01nal dividend is based upon the number of shares outstanding at the
\nbalance sheet date.
\n\u00a3m
\n6.7 pence per qualifying Ordinary share
19.1
\n19.1
\nCalled-up share capital
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEquity share capital
\nFully paid: 285,369,988 (2021: 285,369,988) issued Ordinary shares of 25 pence each
71.3
71.3
\n71.3
71.3
\nNumber of Ordinary shares in issue
\n2022
2021
\nIn issue at beginning and end of period
285,369,988
285,369,988
\nAs at the date of this Report 285,369,988 Ordinary shares have been issued (2021: 285,369,988).
\nDetails of options outstanding in respect of Ordinary shares are given in note 23.
\nAdditionally the Company has authorised, issued and fully paid 437,281 (2021: 437,281) cumulative Preference shares classi\ufb01ed as
\nborrowings totalling \u00a30.4 million (2021: \u00a30.4 million). The Preference shares comprise 125,327 of 5.5% Cumulative First Preference shares
\nof \u00a31 each and 311,954 issued 5.0% Cumulative Second Preference shares of \u00a31 each. The voting rights of these shares are set out below.
\nDividends on the cumulative Preference shares are presented within \ufb01nance costs in the Group\u2019s consolidated income statement.
\nVoting rights of shareholders
\nOrdinary shares
\nThe holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
\nmeetings of the Company.
\n\n
\n\nPreference shares
\nThe 5.5% Cumulative First Preference shares of \u00a31 each and the 5.0% Cumulative Second Preference shares of \u00a31 each confer on the
\nholders thereof the right to receive a cumulative preferential dividend at the rate of 5.5% and 5.0% respectively, calculated up to 30 June
\nand 31 December in every year. The First and Second Cumulative Preference shares shall not entitle the holders thereof to attend or vote
\nat any general meeting unless either:
\n(i)
the meeting is convened to consider any resolutions for reducing the capital, or authorising any issue of debentures or debenture stock,
\nor increasing the borrowing powers of the Board under the Articles of Association of the Company, or winding up, or sanctioning a sale
\nof the undertaking, or altering the Articles in any manner affecting their respective interests, or any other resolutions directly altering
\ntheir respective rights and privileges; or
\n(ii) at the date of the notice convening the general meeting the Preference dividend is upwards of one month in arrears from the payment
\ndate of any half-yearly instalment.
\nOn a return of capital on a winding-up, the assets of the Company available for distribution shall be applied:
\nFirst, in payment to the holders of the First Preference shares of the amounts paid up on such shares, together with interest at the rate
\nof 5.5% per annum.
\nSecond, in payment to the holders of the Second Preference shares of the amounts paid up on such shares, together with interest at the
\nrate of 5.0% per annum.
\nThird, in repaying the capital paid up or credited as paid up on the Ordinary shares.
\nFourth, any surplus shall be distributed rateably amongst the holders of the Ordinary shares in proportion to the nominal amount paid
\nup on their respective holdings of shares in the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20209": {
"value": "Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the \ufb01nancial statements of foreign operations.
\nHedging reserve
\nThe cash \ufb02ow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash
\n\ufb02ow hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in pro\ufb01t or loss only when the hedged
\ntransaction impacts the pro\ufb01t or loss, or is included directly in the initial cost or other carrying amount of the hedged non-\ufb01nancial items
\n(basis adjustment).
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(0.1)
0.4
\nLoss arising on changes in fair value of hedging instruments during the period
(0.2)
(0.1)
\nGain/(loss) reclassi\ufb01ed to pro\ufb01t or loss
0.1
(0.4)
\nBalance at 31 December
(0.2)
(0.1)
\nFair value reserve
\nThe fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
\nCapital redemption reserve
\nThe capital redemption reserve arose when the Company redeemed Preference shares wholly out of distributable pro\ufb01ts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20293": {
"value": "The market value of shares held by the Trust at 31 December 2022 was \u00a33.7 million (2021: \u00a34.8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20295": {
"value": "Dividends The following Ordinary dividends were declared and paid by the Company:
\nPer share
Total
\n2022
\npence
\n2021
\npence
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2020 \ufb01nal
\u2013
3.5
\u2013
10.0
\n2021 interim
\u2013
3.2
\u2013
9.1
\n2021 \ufb01nal
\n1
\n5.9
\u2013
16.5
\u2013
\n2022 interim
5.3
\u2013
15.1
\u2013
\n11.2
6.7
31.6
19.1
\n1.
The 2021 \ufb01nal dividend paid is shown net of \u00a30.3 million returned from untraced shareholders, in accordance with the Company\u2019s Articles of Association.
\nAfter 31 December 2022 the following dividends were proposed by the Directors for 2022. These dividends have not been provided for
\nand there are no income tax consequences. The proposed 2022 \ufb01nal dividend is based upon the number of shares outstanding at the
\nbalance sheet date.
\n\u00a3m
\n6.7 pence per qualifying Ordinary share
19.1
\n19.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20344": {
"value": "Called-up share capital 2022
\n\u00a3m
\n2021
\n\u00a3m
\nEquity share capital
\nFully paid: 285,369,988 (2021: 285,369,988) issued Ordinary shares of 25 pence each
71.3
71.3
\n71.3
71.3
\nNumber of Ordinary shares in issue
\n2022
2021
\nIn issue at beginning and end of period
285,369,988
285,369,988
\nAs at the date of this Report 285,369,988 Ordinary shares have been issued (2021: 285,369,988).
\nDetails of options outstanding in respect of Ordinary shares are given in note 23.
\nAdditionally the Company has authorised, issued and fully paid 437,281 (2021: 437,281) cumulative Preference shares classi\ufb01ed as
\nborrowings totalling \u00a30.4 million (2021: \u00a30.4 million). The Preference shares comprise 125,327 of 5.5% Cumulative First Preference shares
\nof \u00a31 each and 311,954 issued 5.0% Cumulative Second Preference shares of \u00a31 each. The voting rights of these shares are set out below.
\nDividends on the cumulative Preference shares are presented within \ufb01nance costs in the Group\u2019s consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20416": {
"value": "20. Borrowings and lease liabilities This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
\namortised cost.
\nFor more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
\nBorrowing facilities and liquidity
\nAll of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
\nWhere ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
\nwith the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
\ndiversity of counterparties as required to support the Group\u2019s medium-term \ufb01nancing requirements and to minimise the impact of poor
\ncredit market conditions.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current liabilities
\nSenior Notes
154.8
173.6
\nBank and other borrowings
74.9
\u2013
\nCumulative Preference shares
0.4
0.4
\nLease liabilities
41.4
40.0
\n271.5
214.0
\nCurrent liabilities
\nSenior Notes
34.6
\u2013
\nBank and other borrowings
1.5
\u2013
\nLease liabilities
10.5
9.8
\n46.6
9.8
\nIn 2022, bank and other borrowings did not include any borrowings secured on the assets of the Group (2021: \u00a3nil).
\nAs at 31 December 2022 the Group had available headroom under the bank syndication of \u00a3154.0 million (2021: \u00a3200.0 million).",
"dimensions": {
"concept": "mgam:DisclosureOfBorrowingsAndLeaseLiabilitiesExplanatoryTextBlock",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20417": {
"value": "20. Borrowings and lease liabilities This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
\namortised cost.
\nFor more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
\nBorrowing facilities and liquidity
\nAll of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
\nWhere ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
\nwith the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
\ndiversity of counterparties as required to support the Group\u2019s medium-term \ufb01nancing requirements and to minimise the impact of poor
\ncredit market conditions.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current liabilities
\nSenior Notes
154.8
173.6
\nBank and other borrowings
74.9
\u2013
\nCumulative Preference shares
0.4
0.4
\nLease liabilities
41.4
40.0
\n271.5
214.0
\nCurrent liabilities
\nSenior Notes
34.6
\u2013
\nBank and other borrowings
1.5
\u2013
\nLease liabilities
10.5
9.8
\n46.6
9.8
\nIn 2022, bank and other borrowings did not include any borrowings secured on the assets of the Group (2021: \u00a3nil).
\nAs at 31 December 2022 the Group had available headroom under the bank syndication of \u00a3154.0 million (2021: \u00a3200.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20418": {
"value": "20. Borrowings and lease liabilities This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
\namortised cost.
\nFor more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
\nBorrowing facilities and liquidity
\nAll of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
\nWhere ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
\nwith the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
\ndiversity of counterparties as required to support the Group\u2019s medium-term \ufb01nancing requirements and to minimise the impact of poor
\ncredit market conditions.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current liabilities
\nSenior Notes
154.8
173.6
\nBank and other borrowings
74.9
\u2013
\nCumulative Preference shares
0.4
0.4
\nLease liabilities
41.4
40.0
\n271.5
214.0
\nCurrent liabilities
\nSenior Notes
34.6
\u2013
\nBank and other borrowings
1.5
\u2013
\nLease liabilities
10.5
9.8
\n46.6
9.8
\nIn 2022, bank and other borrowings did not include any borrowings secured on the assets of the Group (2021: \u00a3nil).
\nAs at 31 December 2022 the Group had available headroom under the bank syndication of \u00a3154.0 million (2021: \u00a3200.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20419": {
"value": "20. Borrowings and lease liabilities This note provides information about the contractual terms of the Group\u2019s borrowings and lease liabilities which are measured at
\namortised cost.
\nFor more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
\nBorrowing facilities and liquidity
\nAll of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
\nWhere ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
\nwith the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
\ndiversity of counterparties as required to support the Group\u2019s medium-term \ufb01nancing requirements and to minimise the impact of poor
\ncredit market conditions.
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current liabilities
\nSenior Notes
154.8
173.6
\nBank and other borrowings
74.9
\u2013
\nCumulative Preference shares
0.4
0.4
\nLease liabilities
41.4
40.0
\n271.5
214.0
\nCurrent liabilities
\nSenior Notes
34.6
\u2013
\nBank and other borrowings
1.5
\u2013
\nLease liabilities
10.5
9.8
\n46.6
9.8
\nIn 2022, bank and other borrowings did not include any borrowings secured on the assets of the Group (2021: \u00a3nil).
\nAs at 31 December 2022 the Group had available headroom under the bank syndication of \u00a3154.0 million (2021: \u00a3200.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20490": {
"value": "21. Financial risk management This note presents information about the Group\u2019s exposure to a variety of \ufb01nancial risks: credit risk, liquidity risk, market risk and
\nforeign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
\n\ufb01nancial statements.
\nFinancial risk management and Treasury Policy
\nGroup Treasury works within a framework of policies and procedures approved by the Board. It acts as a service centre for Morgan
\nAdvanced Materials plc\u2019s businesses, not as a pro\ufb01t centre, and manages and controls risk in the treasury environment through the
\nestablishment of such procedures. Group Treasury seeks to align treasury goals, objectives and philosophy to those of the Group. It is
\nresponsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other treasury business.
\nAs part of the policies and procedures, there is strict control over the use of \ufb01nancial instruments to hedge foreign currencies and interest
\nrates. Speculative trading in derivatives and other \ufb01nancial instruments is not permitted.
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations.
\nThe Group is exposed to credit risk on \ufb01nancial instruments such as liquid assets, derivative assets and trade receivables.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
\ndate was:
\nCarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade and other receivables
170.6
139.2
\nCash and cash equivalents
117.7
127.3
\nDerivatives
1.3
0.6
\n289.6
267.1
\nTrade and other receivables
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The demographics of the
\nGroup\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less in\ufb02uence on
\ncredit risk.
\nManagement has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
\nperformed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of \ufb01nancial assets.
\nThe Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
\ndecades. Others have modi\ufb01ed and enhanced designs or adopted the same components into new products, extending the lifecycle of
\nthe components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts and,
\nalthough the top 20 ranking will alter from year to year, many of the names remain consistent over time.
\nThe Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
\ninvestments. At the point the amount is considered irrecoverable it is written off against the \ufb01nancial asset directly.
\nMovements on the provision for expected credit losses were as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(10.9)
(7.4)
\nNet remeasurement of loss allowance
(1.4)
(4.5)
\nAmounts written off
3.9
1.0
\nEffect of movement in foreign exchange
(0.7)
\u2013
\nBalance at 31 December
(9.1)
(10.9)
\n
\n
\nThere has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period in assessing
\nthe loss allowance for these \ufb01nancial assets. The loss allowance for trade receivables by ageing category is as follows:
\n2022
2021
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nNot past due
0.1%
144.7
(0.2)
144.5
0.3%
119.1
(0.4)
118.7
\nPast due 0-30
\ndays
0.5%
21.5
(0.1)
21.4
\u2013
14.8
\u2013
14.8
\nPast due 31-60
\ndays
\u2013
3.9
\u2013
3.9
\u2013
3.8
\u2013
3.8
\nPast due 61-90
\ndays
61.9%
2.1
(1.3)
0.8
7.1%
1.4
(0.1)
1.3
\nPast due more
\nthan 90 days
100.0%
7.5
(7.5)
\u2013
94.5%
11.0
(10.4)
0.6
\n179.7
(9.1)
170.6
150.1
(10.9)
139.2
\nCash, cash equivalents and derivatives
\nCash balances held by companies representing over 65% of the Group\u2019s revenue are managed centrally through a number of pooling
\narrangements. Credit risk is managed by investing in liquid assets and acquiring derivatives in a diversi\ufb01ed way from high-credit-quality
\n\ufb01nancial institutions. Counterparties are reviewed through the use of rating agencies, systemic risk considerations and through regular
\nreview of the \ufb01nancial press.
\nOffsetting \ufb01nancial assets and liabilities
\nThe following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
\na gross basis, and the amounts offset in the balance sheet.
\nThe Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
\nmaster netting agreements, and are also presented in the table to show the total net exposure of the Group.
\nGross amounts
\nof recognised
\n\ufb01nancial assets/
\n(liabilities)
\n\u00a3m
\nAmounts
\noffset
\n\u00a3m
\nNet amounts
\npresented
\non the
\nbalance sheet
\n\u00a3m
\nFinancial
\ninstruments not
\noffset in the
\nbalance sheet
\n\u00a3m
\nNet
\namount
\n\u00a3m
\n2022
\nDerivative \ufb01nancial assets
97.4
(96.1)
1.3
\u2013
1.3
\nDerivative \ufb01nancial liabilities
(97.7)
96.1
(1.6)
\u2013
(1.6)
\nCash and cash equivalents
117.7
\u2013
117.7
(1.5)
116.2
\nBank and other borrowings
(1.5)
\u2013
(1.5)
1.5
\u2013
\n2021
\nDerivative \ufb01nancial assets
84.0
(83.4)
0.6
\u2013
0.6
\nDerivative \ufb01nancial liabilities
(84.0)
83.4
(0.6)
\u2013
(0.6)
\nCash and cash equivalents
127.3
\u2013
127.3
\u2013
127.3
\nBank and other borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\nLiquidity and funding risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by cash.
\nThe Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
\nwhen due, under both normal and stressed conditions.
\nThe Group seeks a balance between certainty of funding and a \ufb02exible, cost-effective borrowing structure. The policy is to ensure that the
\nGroup has suf\ufb01cient borrowings and committed facilities to meet its medium-term \ufb01nancing requirements.
\n\n\n
\nThe following are the undiscounted contracted maturities of \ufb01nancial liabilities, including interest payments:
\nCash \ufb02ows associated with non-derivative \ufb01nancial liabilities
\n31 December 2022
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
22.1
22.4
22.4
\u2013
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
12.4
12.8
12.8
\u2013
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
22.2
23.4
0.3
0.3
22.8
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
80.6
91.0
2.7
2.7
85.6
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
21.1
24.2
1.0
1.0
22.2
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.9
9.9
0.2
0.2
0.5
9.0
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
22.1
27.1
0.6
0.6
1.9
24.0
\nBank and other
\nborrowings
Up to 2027
76.4
76.2
1.6
(0.3)
74.9
\u2013
\n5.50% Cumulative
\nFirst Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
51.9
65.3
10.5
8.5
19.9
26.4
\nTrade and
\nother payables
78.6
78.6
78.6
\u2013
\u2013
\u2013
\n396.7
430.9
130.7
13.0
227.8
59.4
\nBank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2027.
\n\n
\n
\n31 December 2021
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
21.0
21.6
0.2
21.4
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
11.1
11.8
0.4
11.4
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
21.1
25.1
0.3
0.3
24.5
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
72.2
81.5
2.4
2.4
76.7
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
18.8
22.5
0.9
0.9
20.7
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.4
9.8
0.1
0.1
0.9
8.7
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
21.0
26.9
0.6
0.6
2.2
23.5
\nBank and other
\nborrowings
Up to 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.50% Cumulative First
\nPreference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
49.8
63.5
9.8
7.9
18.2
27.6
\nTrade and
\nother payables
61.8
61.8
61.8
\u2013
\u2013
\u2013
\n285.6
324.5
76.5
45.0
143.2
59.8
\n\n\n
\nCash \ufb02ows associated with derivatives
\nThe following table indicates the periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to occur. This is matched with
\nthe periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to impact pro\ufb01t or loss. All derivatives are net settled.
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\n2022
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
1.1
79.7
79.2
0.5
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(1.3)
(79.5)
(79.0)
(0.5)
\u2013
\u2013
\n(0.2)
0.2
0.2
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.2
18.0
18.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.3)
(17.9)
(17.9)
\u2013
\u2013
\u2013
\n(0.1)
0.1
0.1
\u2013
\u2013
\u2013
\n(0.3)
0.3
0.3
\u2013
\u2013
\u2013
\n2021
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.5
64.0
64.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.5)
(64.0)
(64.0)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.1
20.1
20.1
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.1)
(20.1)
(20.1)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nMarket risk
\nMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control market risk
\nexposures within acceptable parameters, while optimising the return on risk.
\nThe Group enters into derivatives for hedging purposes, and also incurs \ufb01nancial liabilities, in order to manage market risks. All such
\ntransactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
\nto apply hedge accounting in order to manage volatility in pro\ufb01t or loss.
\nInterest rate risk
\nThe Group seeks to reduce the volatility in its interest charge caused by rate \ufb02uctuations. The proportions of \ufb01xed and \ufb02oating rate debt
\nare determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
\nand leverage position and any perceived correlation between business performance and rates.
\nAt the reporting date the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\nFixed rate instruments
\ncarrying amount
\nVariable rate instruments
\ncarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinancial assets
\u2013
\u2013
117.7
127.3
\nFinancial liabilities
(241.7)
(223.8)
(76.4)
\u2013
\n(241.7)
(223.8)
41.3
127.3
\n\n
\n
\nThe \ufb01xed rate \ufb01nancial liabilities comprise the currency equivalent of \u00a3189.4 million (2021: \u00a3173.6 million) of Senior Notes, \u00a30.4 million
\n(2021: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a351.9 million (2021: \u00a349.8 million). The average cost of the
\nGroup\u2019s \ufb01xed rate instruments is 3.32% (2021: 3.29%) including lease liabilities and 2.92% (2021: 2.90%) excluding lease liabilities.
\nThe variable rate \ufb01nancial assets include the bank balances and cash deposits detailed in note 17 and the variable rate \ufb01nancial liabilities
\ninclude bank borrowings detailed in note 20. Where cash and overdrafts are included in Group cash pool arrangements interest is charged
\non net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 2.5% (2021: 2.5%).
\nAn increase of 100 basis points in interest rates on the variable element of the Group\u2019s net \ufb02oating rate liabilities and cash at the reporting
\ndate would have increased pro\ufb01t by \u00a30.5 million (2021: \u00a31.3 million). A decrease of 100 basis points would have decreased pro\ufb01t by
\n\u00a30.3 million (2021: \u00a30.6 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
\nForeign currency risk
\nDue to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
\n\ufb01rm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
\nthe following 12 months, and achieves this through the use of the forward foreign exchange markets. A signi\ufb01cant proportion of the
\nforward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
\nhedging income statement translation exposure.
\nThere are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
\nGroup. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
\nthe ability of the Group to meet its cash \ufb02ow requirements.
\nThe table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
\nand losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
\ndenominated in the functional currency of the operating company involved.
\nFunctional currency of Group operations
\n2022
2021
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nTrade receivables
9.5
0.3
(0.1)
11.4
(0.1)
(3.2)
\nTrade payables
(3.8)
0.2
1.7
(1.3)
(0.3)
3.6
\nNet debt
\n1
\n(8.0)
0.6
1.1
(10.2)
1.3
0.4
\nNet balance sheet exposure
(2.3)
1.1
2.7
(0.1)
0.9
0.8
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThe amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\nIn respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures
\nthat the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address
\nshort-term imbalances.
\nThe Group classi\ufb01es its forward exchange contracts which hedge forecasted transactions as cash \ufb02ow hedges and states them at fair
\nvalue. The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2022 was a liability of
\n\u00a30.2 million (2021: \u00a3nil).
\nThe contractual cash \ufb02ows associated with the forward exchange contracts that are designated as cash \ufb02ow hedges are shown in the
\nsection on liquidity risk. The impact on pro\ufb01t or loss is expected to occur at the same time as the associated cash \ufb02ows.
\nCurrency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas
\nnet assets through currency depreciation, the Group seeks to match the currency of \ufb01nancial liabilities with the currency in which the net
\nassets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\nand is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\nheadroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s \ufb01nancial liabilities becomes more aligned
\nto the currency of the trading cash \ufb02ows that service them.
\n\n\n
\nThe Group\u2019s currency split of total borrowings was as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGBP
76.7
0.5
\nUSD
114.2
102.1
\nEuro
75.3
71.4
\nOther
\u2013
\u2013
\n266.2
174.0
\nThe Group\u2019s sensitivity to changes in foreign exchange rates on \ufb01nancial assets and liabilities as at 31 December 2022 is as follows:
\nBased upon the currency pro\ufb01le of the Group\u2019s net \ufb01nancial assets and liabilities, if GBP had strengthened by 10%, reported net \ufb01nancial
\nliabilities would have decreased by \u00a311.2 million (2021: \u00a39.9 million). Conversely, if GBP had weakened by 10%, reported net \ufb01nancial
\nliabilities would have increased by \u00a313.9 million (2021: \u00a312.2 million). Assuming the change occurred on the balance sheet date, there
\nwould be no impact on reported pro\ufb01t, as either the net \ufb01nancial liabilities are in the same currency as that of the respective Group entity,
\nor the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\nThe amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\nconditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\nthe Group\u2019s \ufb01nancial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\nand earnings respectively.
\nHedging instruments
\nMaturity date
\nNotional value:
\nLocal currency
\nChange in fair value
\nfor recognising hedge
\nineffectiveness
\nCarrying amount
\nof the hedging
\ninstruments assets/
\n(liabilities)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nHighly probable forecast sales
\nto Jun
\n2024
\nto Dec
\n2022
29.7
40.4
0.3
0.6
0.5
0.2
\nHighly probable forecast purchases
\nto Jun
\n2024
\nto Dec
\n2022
9.7
7.1
0.1
(0.1)
0.1
\u2013
\nWeighted average hedge rates for the year were as follows:
\nWeighted average exchange rates
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEUR/GBP
1.15
1.16
\nAUD/GBP
1.70
1.84
\nSGD/GBP
1.62
1.85
\nUSD/GBP
1.20
1.37
\nHedged items
\nChange in value used for
\ncalculating hedge ineffectiveness
\nBalance in cash \ufb02ow hedge
\nreserve/foreign currency
\ntranslation reserve for
\ncontinuing hedges
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nForecast sales
(0.3)
(0.6)
(0.5)
0.1
\nForecast purchases
(0.1)
0.1
(0.1)
\u2013
\n\n
\n
\nAs at 31 December 2022 the amount in the hedging reserve and translation reserve arising from hedging relationships for which hedge
\naccounting is no longer applied was \u00a3nil (2021: \u00a3nil).
\nThe Group expects highly probable sales and purchases in UK, Europe, North America, Australia and Asia. The Group has entered into
\nforeign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
\nfuture transactions. It is anticipated that the transactions will take place during the next \ufb01nancial year, at which time the amount deferred
\nin equity will be reclassi\ufb01ed to pro\ufb01t or loss.
\nAll hedging instruments are presented within derivative \ufb01nancial instruments on the Group balance sheet.
\nExchange rates
\nThe principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n2022
2021
\nClosing rate
Average rate
Closing rate
Average rate
\nGBP to:
\nUSD
1.21
1.24
1.35
1.38
\nEuro
1.13
1.17
1.19
1.16
\nFor illustrative purposes, the table below provides details of the impact on 2022 revenue, Group adjusted operating pro\ufb01t and pro\ufb01t
\nbefore tax if the actual reported results, calculated using 2022 average exchange rates, were restated for GBP weakening by 10 cents
\nagainst USD in isolation and 10 cents against the Euro in isolation:
\n2022
2021
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nIncrease in revenue/Group adjusted
\noperating pro\ufb01t
\n1
\n/pro\ufb01t before tax if:
\nGBP weakens by 10c against USD
\nin isolation
16.9
2.2
2.0
29.6
3.9
3.5
\nGBP weakens by 10c against the Euro
\nin isolation
21.8
3.5
3.2
18.8
3.3
3.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nOther market price risk
\nEquity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s de\ufb01ned bene\ufb01t
\npension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
\nunfunded de\ufb01ned bene\ufb01t obligations.
\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market con\ufb01dence and to
\nsustain future development of the business. The Board uses a number of measures, identi\ufb01ed as key performance indicators (KPIs),
\nto ensure the continued success of the Group.
\nThe Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
\nshare and share option schemes. From time to time the Company purchases its own shares on the market; the timing of these purchases
\ndepends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s various share option
\nincentive schemes.
\nThe Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
\nthat might be possible with higher levels of borrowings.
\nThe Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
\nIFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.
\n\n\n
\nDebt to adjusted capital
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nBorrowings and overdrafts
266.2
\u2013
266.2
174.0
\u2013
174.0
\nLease liabilities
51.9
(51.9)
\u2013
49.8
(49.8)
\u2013
\nLess: cash and cash equivalents
(117.7)
\u2013
(117.7)
(127.3)
\u2013
(127.3)
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nTotal equity
429.6
\u2013
429.6
349.6
\u2013
349.6
\nLess: amounts accumulated in equity
\nrelating to cash \ufb02ow hedges
0.2
\u2013
0.2
0.1
\u2013
0.1
\nAdjusted capital
429.8
\u2013
429.8
349.7
\u2013
349.7
\nNet debt
\n1
\nto adjusted capital ratio
0.5
n/a
0.3
0.3
n/a
0.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nNet debt
\n1
\nto EBITDA
\n1
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nOperating pro\ufb01t before speci\ufb01c
\nadjusting items
146.3
(3.6)
142.7
118.5
(3.0)
115.5
\nDepreciation and amortisation
42.8
(7.8)
35.0
44.0
(7.9)
36.1
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet debt
\n1
\nto EBITDA
\n1
\nratio
1.1x
n/a
0.8x
0.6x
n/a
0.3x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nInterest cover
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet \ufb01nance costs (excluding IAS 19
\npension charge)
7.8
(2.4)
5.4
7.6
(2.3)
5.3
\nInterest cover
24.2x
n/a
32.9x
21.4x
n/a
28.6x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThere were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
\nare subject to externally imposed capital requirements.
\n\n
\n\nFair values
\n31 December 2022
31 December 2021
\nCarrying
\namount
\n\u00a3m
\nFair value
\nCarrying
\namount
\n\u00a3m
\nFair value
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and
\nliabilities held at
\namortised cost
\n1.18% Euro
\nSenior Notes 2023
(22.1)
\u2013
(21.6)
(21.6)
(21.0)
\u2013
(21.1)
(21.1)
\n3.17% US Dollar
\nSenior Notes 2023
(12.4)
\u2013
(12.1)
(12.1)
(11.1)
\u2013
(11.3)
(11.3)
\n1.55% Euro
\nSenior Notes 2026
(22.2)
\u2013
(20.1)
(20.1)
(21.1)
\u2013
(21.4)
(21.4)
\n3.37% US Dollar
\nSenior Notes 2026
(80.6)
\u2013
(73.5)
(73.5)
(72.2)
\u2013
(72.8)
(72.8)
\n1.74% Euro
\nSenior Notes 2028
(8.9)
\u2013
(7.7)
(7.7)
(8.4)
\u2013
(8.6)
(8.6)
\n2.89% Euro
\nSenior Notes 2030
(22.1)
\u2013
(19.0)
(19.0)
(21.0)
\u2013
(22.1)
(22.1)
\n4.87% US Dollar
\nSenior Notes 2026
(21.1)
\u2013
(20.2)
(20.2)
(18.8)
\u2013
(20.6)
(20.6)
\n5.50% Cumulative
\nFirst Preference shares
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
\n5.00% Cumulative
\nSecond Preference shares
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
\n(189.8)
\u2013
(174.6)
(174.6)
(174.0)
\u2013
(178.3)
(178.3)
\nDerivative \ufb01nancial assets
\nheld at fair value
1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\n1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\nDerivative \ufb01nancial liabilities
\nheld at fair value
(1.6)
\u2013
(1.6)
(1.6)
(0.6)
\u2013
(0.6)
(0.6)
\nThe table above analyses the fair values of \ufb01nancial instruments held by the Group, by valuation method, together with the carrying
\namounts shown in the balance sheet.
\nThe fair value of cash and cash equivalents, current trade and other receivables/payables and \ufb02oating-rate bank and other borrowings are
\nexcluded from the preceding table as their carrying amount approximates their fair value.
\nFair value hierarchy
\nThe different levels have been de\ufb01ned as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
\nreasonable levels of price transparency. Fair value is calculated using discounted cash \ufb02ow methodology, future cash \ufb02ows are estimated
\nbased on forward exchange rates.
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe major methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the preceding table are
\nas follows:
\nEquity securities
\nFair value is based on quoted market prices at the balance sheet date.
\n\n\n
\nDerivatives
\nForward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
\ndeducting the current spot rate.
\nFixed-rate borrowings
\nFair value is calculated based on discounted expected future principal and interest cash \ufb02ows. The interest rates used to determine the fair
\nvalue of borrowings are 4.2%-6.4% (2021: 1.0%-3.1%).
\nThere have been no transfers between Level 1 and Level 2 during 2022 and 2021 and there were no Level 3 \ufb01nancial instruments in either
\n2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20491": {
"value": "21. Financial risk management This note presents information about the Group\u2019s exposure to a variety of \ufb01nancial risks: credit risk, liquidity risk, market risk and
\nforeign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
\n\ufb01nancial statements.
\nFinancial risk management and Treasury Policy
\nGroup Treasury works within a framework of policies and procedures approved by the Board. It acts as a service centre for Morgan
\nAdvanced Materials plc\u2019s businesses, not as a pro\ufb01t centre, and manages and controls risk in the treasury environment through the
\nestablishment of such procedures. Group Treasury seeks to align treasury goals, objectives and philosophy to those of the Group. It is
\nresponsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other treasury business.
\nAs part of the policies and procedures, there is strict control over the use of \ufb01nancial instruments to hedge foreign currencies and interest
\nrates. Speculative trading in derivatives and other \ufb01nancial instruments is not permitted.
\nCredit risk
\nCredit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations.
\nThe Group is exposed to credit risk on \ufb01nancial instruments such as liquid assets, derivative assets and trade receivables.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
\ndate was:
\nCarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade and other receivables
170.6
139.2
\nCash and cash equivalents
117.7
127.3
\nDerivatives
1.3
0.6
\n289.6
267.1
\nTrade and other receivables
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The demographics of the
\nGroup\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less in\ufb02uence on
\ncredit risk.
\nManagement has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
\nperformed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of \ufb01nancial assets.
\nThe Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
\ndecades. Others have modi\ufb01ed and enhanced designs or adopted the same components into new products, extending the lifecycle of
\nthe components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts and,
\nalthough the top 20 ranking will alter from year to year, many of the names remain consistent over time.
\nThe Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
\ninvestments. At the point the amount is considered irrecoverable it is written off against the \ufb01nancial asset directly.
\nMovements on the provision for expected credit losses were as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(10.9)
(7.4)
\nNet remeasurement of loss allowance
(1.4)
(4.5)
\nAmounts written off
3.9
1.0
\nEffect of movement in foreign exchange
(0.7)
\u2013
\nBalance at 31 December
(9.1)
(10.9)
\n
\n
\nThere has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period in assessing
\nthe loss allowance for these \ufb01nancial assets. The loss allowance for trade receivables by ageing category is as follows:
\n2022
2021
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nNot past due
0.1%
144.7
(0.2)
144.5
0.3%
119.1
(0.4)
118.7
\nPast due 0-30
\ndays
0.5%
21.5
(0.1)
21.4
\u2013
14.8
\u2013
14.8
\nPast due 31-60
\ndays
\u2013
3.9
\u2013
3.9
\u2013
3.8
\u2013
3.8
\nPast due 61-90
\ndays
61.9%
2.1
(1.3)
0.8
7.1%
1.4
(0.1)
1.3
\nPast due more
\nthan 90 days
100.0%
7.5
(7.5)
\u2013
94.5%
11.0
(10.4)
0.6
\n179.7
(9.1)
170.6
150.1
(10.9)
139.2
\nCash, cash equivalents and derivatives
\nCash balances held by companies representing over 65% of the Group\u2019s revenue are managed centrally through a number of pooling
\narrangements. Credit risk is managed by investing in liquid assets and acquiring derivatives in a diversi\ufb01ed way from high-credit-quality
\n\ufb01nancial institutions. Counterparties are reviewed through the use of rating agencies, systemic risk considerations and through regular
\nreview of the \ufb01nancial press.
\nOffsetting \ufb01nancial assets and liabilities
\nThe following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
\na gross basis, and the amounts offset in the balance sheet.
\nThe Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
\nmaster netting agreements, and are also presented in the table to show the total net exposure of the Group.
\nGross amounts
\nof recognised
\n\ufb01nancial assets/
\n(liabilities)
\n\u00a3m
\nAmounts
\noffset
\n\u00a3m
\nNet amounts
\npresented
\non the
\nbalance sheet
\n\u00a3m
\nFinancial
\ninstruments not
\noffset in the
\nbalance sheet
\n\u00a3m
\nNet
\namount
\n\u00a3m
\n2022
\nDerivative \ufb01nancial assets
97.4
(96.1)
1.3
\u2013
1.3
\nDerivative \ufb01nancial liabilities
(97.7)
96.1
(1.6)
\u2013
(1.6)
\nCash and cash equivalents
117.7
\u2013
117.7
(1.5)
116.2
\nBank and other borrowings
(1.5)
\u2013
(1.5)
1.5
\u2013
\n2021
\nDerivative \ufb01nancial assets
84.0
(83.4)
0.6
\u2013
0.6
\nDerivative \ufb01nancial liabilities
(84.0)
83.4
(0.6)
\u2013
(0.6)
\nCash and cash equivalents
127.3
\u2013
127.3
\u2013
127.3
\nBank and other borrowings
\u2013
\u2013
\u2013
\u2013
\u2013
\nLiquidity and funding risk
\nLiquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by cash.
\nThe Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
\nwhen due, under both normal and stressed conditions.
\nThe Group seeks a balance between certainty of funding and a \ufb02exible, cost-effective borrowing structure. The policy is to ensure that the
\nGroup has suf\ufb01cient borrowings and committed facilities to meet its medium-term \ufb01nancing requirements.
\n\n\n
\nThe following are the undiscounted contracted maturities of \ufb01nancial liabilities, including interest payments:
\nCash \ufb02ows associated with non-derivative \ufb01nancial liabilities
\n31 December 2022
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
22.1
22.4
22.4
\u2013
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
12.4
12.8
12.8
\u2013
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
22.2
23.4
0.3
0.3
22.8
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
80.6
91.0
2.7
2.7
85.6
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
21.1
24.2
1.0
1.0
22.2
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.9
9.9
0.2
0.2
0.5
9.0
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
22.1
27.1
0.6
0.6
1.9
24.0
\nBank and other
\nborrowings
Up to 2027
76.4
76.2
1.6
(0.3)
74.9
\u2013
\n5.50% Cumulative
\nFirst Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
51.9
65.3
10.5
8.5
19.9
26.4
\nTrade and
\nother payables
78.6
78.6
78.6
\u2013
\u2013
\u2013
\n396.7
430.9
130.7
13.0
227.8
59.4
\nBank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2027.
\n\n
\n
\n31 December 2021
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
21.0
21.6
0.2
21.4
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
11.1
11.8
0.4
11.4
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
21.1
25.1
0.3
0.3
24.5
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
72.2
81.5
2.4
2.4
76.7
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
18.8
22.5
0.9
0.9
20.7
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.4
9.8
0.1
0.1
0.9
8.7
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
21.0
26.9
0.6
0.6
2.2
23.5
\nBank and other
\nborrowings
Up to 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.50% Cumulative First
\nPreference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
49.8
63.5
9.8
7.9
18.2
27.6
\nTrade and
\nother payables
61.8
61.8
61.8
\u2013
\u2013
\u2013
\n285.6
324.5
76.5
45.0
143.2
59.8
\n\n\n
\nCash \ufb02ows associated with derivatives
\nThe following table indicates the periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to occur. This is matched with
\nthe periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to impact pro\ufb01t or loss. All derivatives are net settled.
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\n2022
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
1.1
79.7
79.2
0.5
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(1.3)
(79.5)
(79.0)
(0.5)
\u2013
\u2013
\n(0.2)
0.2
0.2
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.2
18.0
18.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.3)
(17.9)
(17.9)
\u2013
\u2013
\u2013
\n(0.1)
0.1
0.1
\u2013
\u2013
\u2013
\n(0.3)
0.3
0.3
\u2013
\u2013
\u2013
\n2021
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.5
64.0
64.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.5)
(64.0)
(64.0)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.1
20.1
20.1
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.1)
(20.1)
(20.1)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nMarket risk
\nMarket risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control market risk
\nexposures within acceptable parameters, while optimising the return on risk.
\nThe Group enters into derivatives for hedging purposes, and also incurs \ufb01nancial liabilities, in order to manage market risks. All such
\ntransactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
\nto apply hedge accounting in order to manage volatility in pro\ufb01t or loss.
\nInterest rate risk
\nThe Group seeks to reduce the volatility in its interest charge caused by rate \ufb02uctuations. The proportions of \ufb01xed and \ufb02oating rate debt
\nare determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
\nand leverage position and any perceived correlation between business performance and rates.
\nAt the reporting date the interest rate pro\ufb01le of the Group\u2019s interest-bearing \ufb01nancial instruments was:
\nFixed rate instruments
\ncarrying amount
\nVariable rate instruments
\ncarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nFinancial assets
\u2013
\u2013
117.7
127.3
\nFinancial liabilities
(241.7)
(223.8)
(76.4)
\u2013
\n(241.7)
(223.8)
41.3
127.3
\n\n
\n
\nThe \ufb01xed rate \ufb01nancial liabilities comprise the currency equivalent of \u00a3189.4 million (2021: \u00a3173.6 million) of Senior Notes, \u00a30.4 million
\n(2021: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a351.9 million (2021: \u00a349.8 million). The average cost of the
\nGroup\u2019s \ufb01xed rate instruments is 3.32% (2021: 3.29%) including lease liabilities and 2.92% (2021: 2.90%) excluding lease liabilities.
\nThe variable rate \ufb01nancial assets include the bank balances and cash deposits detailed in note 17 and the variable rate \ufb01nancial liabilities
\ninclude bank borrowings detailed in note 20. Where cash and overdrafts are included in Group cash pool arrangements interest is charged
\non net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 2.5% (2021: 2.5%).
\nAn increase of 100 basis points in interest rates on the variable element of the Group\u2019s net \ufb02oating rate liabilities and cash at the reporting
\ndate would have increased pro\ufb01t by \u00a30.5 million (2021: \u00a31.3 million). A decrease of 100 basis points would have decreased pro\ufb01t by
\n\u00a30.3 million (2021: \u00a30.6 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
\nForeign currency risk
\nDue to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
\n\ufb01rm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
\nthe following 12 months, and achieves this through the use of the forward foreign exchange markets. A signi\ufb01cant proportion of the
\nforward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
\nhedging income statement translation exposure.
\nThere are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
\nGroup. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
\nthe ability of the Group to meet its cash \ufb02ow requirements.
\nThe table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
\nand losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
\ndenominated in the functional currency of the operating company involved.
\nFunctional currency of Group operations
\n2022
2021
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nGBP
\n\u00a3m
\nUSD
\n\u00a3m
\nEuro
\n\u00a3m
\nTrade receivables
9.5
0.3
(0.1)
11.4
(0.1)
(3.2)
\nTrade payables
(3.8)
0.2
1.7
(1.3)
(0.3)
3.6
\nNet debt
\n1
\n(8.0)
0.6
1.1
(10.2)
1.3
0.4
\nNet balance sheet exposure
(2.3)
1.1
2.7
(0.1)
0.9
0.8
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThe amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\nIn respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures
\nthat the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address
\nshort-term imbalances.
\nThe Group classi\ufb01es its forward exchange contracts which hedge forecasted transactions as cash \ufb02ow hedges and states them at fair
\nvalue. The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2022 was a liability of
\n\u00a30.2 million (2021: \u00a3nil).
\nThe contractual cash \ufb02ows associated with the forward exchange contracts that are designated as cash \ufb02ow hedges are shown in the
\nsection on liquidity risk. The impact on pro\ufb01t or loss is expected to occur at the same time as the associated cash \ufb02ows.
\nCurrency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas
\nnet assets through currency depreciation, the Group seeks to match the currency of \ufb01nancial liabilities with the currency in which the net
\nassets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\nand is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\nheadroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s \ufb01nancial liabilities becomes more aligned
\nto the currency of the trading cash \ufb02ows that service them.
\n\n\n
\nThe Group\u2019s currency split of total borrowings was as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nGBP
76.7
0.5
\nUSD
114.2
102.1
\nEuro
75.3
71.4
\nOther
\u2013
\u2013
\n266.2
174.0
\nThe Group\u2019s sensitivity to changes in foreign exchange rates on \ufb01nancial assets and liabilities as at 31 December 2022 is as follows:
\nBased upon the currency pro\ufb01le of the Group\u2019s net \ufb01nancial assets and liabilities, if GBP had strengthened by 10%, reported net \ufb01nancial
\nliabilities would have decreased by \u00a311.2 million (2021: \u00a39.9 million). Conversely, if GBP had weakened by 10%, reported net \ufb01nancial
\nliabilities would have increased by \u00a313.9 million (2021: \u00a312.2 million). Assuming the change occurred on the balance sheet date, there
\nwould be no impact on reported pro\ufb01t, as either the net \ufb01nancial liabilities are in the same currency as that of the respective Group entity,
\nor the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\nThe amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\nconditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\nthe Group\u2019s \ufb01nancial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\nand earnings respectively.
\nHedging instruments
\nMaturity date
\nNotional value:
\nLocal currency
\nChange in fair value
\nfor recognising hedge
\nineffectiveness
\nCarrying amount
\nof the hedging
\ninstruments assets/
\n(liabilities)
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nHighly probable forecast sales
\nto Jun
\n2024
\nto Dec
\n2022
29.7
40.4
0.3
0.6
0.5
0.2
\nHighly probable forecast purchases
\nto Jun
\n2024
\nto Dec
\n2022
9.7
7.1
0.1
(0.1)
0.1
\u2013
\nWeighted average hedge rates for the year were as follows:
\nWeighted average exchange rates
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nEUR/GBP
1.15
1.16
\nAUD/GBP
1.70
1.84
\nSGD/GBP
1.62
1.85
\nUSD/GBP
1.20
1.37
\nHedged items
\nChange in value used for
\ncalculating hedge ineffectiveness
\nBalance in cash \ufb02ow hedge
\nreserve/foreign currency
\ntranslation reserve for
\ncontinuing hedges
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCash \ufb02ow hedges
\nForecast sales
(0.3)
(0.6)
(0.5)
0.1
\nForecast purchases
(0.1)
0.1
(0.1)
\u2013
\n\n
\n
\nAs at 31 December 2022 the amount in the hedging reserve and translation reserve arising from hedging relationships for which hedge
\naccounting is no longer applied was \u00a3nil (2021: \u00a3nil).
\nThe Group expects highly probable sales and purchases in UK, Europe, North America, Australia and Asia. The Group has entered into
\nforeign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
\nfuture transactions. It is anticipated that the transactions will take place during the next \ufb01nancial year, at which time the amount deferred
\nin equity will be reclassi\ufb01ed to pro\ufb01t or loss.
\nAll hedging instruments are presented within derivative \ufb01nancial instruments on the Group balance sheet.
\nExchange rates
\nThe principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n2022
2021
\nClosing rate
Average rate
Closing rate
Average rate
\nGBP to:
\nUSD
1.21
1.24
1.35
1.38
\nEuro
1.13
1.17
1.19
1.16
\nFor illustrative purposes, the table below provides details of the impact on 2022 revenue, Group adjusted operating pro\ufb01t and pro\ufb01t
\nbefore tax if the actual reported results, calculated using 2022 average exchange rates, were restated for GBP weakening by 10 cents
\nagainst USD in isolation and 10 cents against the Euro in isolation:
\n2022
2021
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nIncrease in revenue/Group adjusted
\noperating pro\ufb01t
\n1
\n/pro\ufb01t before tax if:
\nGBP weakens by 10c against USD
\nin isolation
16.9
2.2
2.0
29.6
3.9
3.5
\nGBP weakens by 10c against the Euro
\nin isolation
21.8
3.5
3.2
18.8
3.3
3.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nOther market price risk
\nEquity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s de\ufb01ned bene\ufb01t
\npension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
\nunfunded de\ufb01ned bene\ufb01t obligations.
\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market con\ufb01dence and to
\nsustain future development of the business. The Board uses a number of measures, identi\ufb01ed as key performance indicators (KPIs),
\nto ensure the continued success of the Group.
\nThe Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
\nshare and share option schemes. From time to time the Company purchases its own shares on the market; the timing of these purchases
\ndepends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s various share option
\nincentive schemes.
\nThe Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
\nthat might be possible with higher levels of borrowings.
\nThe Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
\nIFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.
\n\n\n
\nDebt to adjusted capital
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nBorrowings and overdrafts
266.2
\u2013
266.2
174.0
\u2013
174.0
\nLease liabilities
51.9
(51.9)
\u2013
49.8
(49.8)
\u2013
\nLess: cash and cash equivalents
(117.7)
\u2013
(117.7)
(127.3)
\u2013
(127.3)
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nTotal equity
429.6
\u2013
429.6
349.6
\u2013
349.6
\nLess: amounts accumulated in equity
\nrelating to cash \ufb02ow hedges
0.2
\u2013
0.2
0.1
\u2013
0.1
\nAdjusted capital
429.8
\u2013
429.8
349.7
\u2013
349.7
\nNet debt
\n1
\nto adjusted capital ratio
0.5
n/a
0.3
0.3
n/a
0.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nNet debt
\n1
\nto EBITDA
\n1
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nNet debt
\n1
\n200.4
(51.9)
148.5
96.5
(49.8)
46.7
\nOperating pro\ufb01t before speci\ufb01c
\nadjusting items
146.3
(3.6)
142.7
118.5
(3.0)
115.5
\nDepreciation and amortisation
42.8
(7.8)
35.0
44.0
(7.9)
36.1
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet debt
\n1
\nto EBITDA
\n1
\nratio
1.1x
n/a
0.8x
0.6x
n/a
0.3x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nInterest cover
\n2022
2021
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nAs stated
\n\u00a3m
\nIFRS 16
\nimpact
\n\u00a3m
\nExcluding
\nIFRS 16
\n\u00a3m
\nEBITDA
\n1
\n189.1
(11.4)
177.7
162.5
(10.9)
151.6
\nNet \ufb01nance costs (excluding IAS 19
\npension charge)
7.8
(2.4)
5.4
7.6
(2.3)
5.3
\nInterest cover
24.2x
n/a
32.9x
21.4x
n/a
28.6x
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.
\nThere were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
\nare subject to externally imposed capital requirements.
\n\n
\n\nFair values
\n31 December 2022
31 December 2021
\nCarrying
\namount
\n\u00a3m
\nFair value
\nCarrying
\namount
\n\u00a3m
\nFair value
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and
\nliabilities held at
\namortised cost
\n1.18% Euro
\nSenior Notes 2023
(22.1)
\u2013
(21.6)
(21.6)
(21.0)
\u2013
(21.1)
(21.1)
\n3.17% US Dollar
\nSenior Notes 2023
(12.4)
\u2013
(12.1)
(12.1)
(11.1)
\u2013
(11.3)
(11.3)
\n1.55% Euro
\nSenior Notes 2026
(22.2)
\u2013
(20.1)
(20.1)
(21.1)
\u2013
(21.4)
(21.4)
\n3.37% US Dollar
\nSenior Notes 2026
(80.6)
\u2013
(73.5)
(73.5)
(72.2)
\u2013
(72.8)
(72.8)
\n1.74% Euro
\nSenior Notes 2028
(8.9)
\u2013
(7.7)
(7.7)
(8.4)
\u2013
(8.6)
(8.6)
\n2.89% Euro
\nSenior Notes 2030
(22.1)
\u2013
(19.0)
(19.0)
(21.0)
\u2013
(22.1)
(22.1)
\n4.87% US Dollar
\nSenior Notes 2026
(21.1)
\u2013
(20.2)
(20.2)
(18.8)
\u2013
(20.6)
(20.6)
\n5.50% Cumulative
\nFirst Preference shares
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
\n5.00% Cumulative
\nSecond Preference shares
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
\n(189.8)
\u2013
(174.6)
(174.6)
(174.0)
\u2013
(178.3)
(178.3)
\nDerivative \ufb01nancial assets
\nheld at fair value
1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\n1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\nDerivative \ufb01nancial liabilities
\nheld at fair value
(1.6)
\u2013
(1.6)
(1.6)
(0.6)
\u2013
(0.6)
(0.6)
\nThe table above analyses the fair values of \ufb01nancial instruments held by the Group, by valuation method, together with the carrying
\namounts shown in the balance sheet.
\nThe fair value of cash and cash equivalents, current trade and other receivables/payables and \ufb02oating-rate bank and other borrowings are
\nexcluded from the preceding table as their carrying amount approximates their fair value.
\nFair value hierarchy
\nThe different levels have been de\ufb01ned as follows:
\nLevel 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\nLevel 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
\nreasonable levels of price transparency. Fair value is calculated using discounted cash \ufb02ow methodology, future cash \ufb02ows are estimated
\nbased on forward exchange rates.
\nLevel 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\nThe major methods and assumptions used in estimating the fair values of \ufb01nancial instruments re\ufb02ected in the preceding table are
\nas follows:
\nEquity securities
\nFair value is based on quoted market prices at the balance sheet date.
\n\n\n
\nDerivatives
\nForward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
\ndeducting the current spot rate.
\nFixed-rate borrowings
\nFair value is calculated based on discounted expected future principal and interest cash \ufb02ows. The interest rates used to determine the fair
\nvalue of borrowings are 4.2%-6.4% (2021: 1.0%-3.1%).
\nThere have been no transfers between Level 1 and Level 2 during 2022 and 2021 and there were no Level 3 \ufb01nancial instruments in either
\n2022 or 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20494": {
"value": "This note presents information about the Group\u2019s exposure to a variety of \ufb01nancial risks: credit risk, liquidity risk, market risk and
\nforeign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
\n\ufb01nancial statements.
Carrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade and other receivables
170.6
139.2
\nCash and cash equivalents
117.7
127.3
\nDerivatives
1.3
0.6
\n289.6
267.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20506": {
"value": "Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations.
\nThe Group is exposed to credit risk on \ufb01nancial instruments such as liquid assets, derivative assets and trade receivables.
\nThe carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
\ndate was:
\nCarrying amount
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nTrade and other receivables
170.6
139.2
\nCash and cash equivalents
117.7
127.3
\nDerivatives
1.3
0.6
\n289.6
267.1
\nTrade and other receivables
\nThe Group\u2019s exposure to credit risk is in\ufb02uenced mainly by the individual characteristics of each customer. The demographics of the
\nGroup\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less in\ufb02uence on
\ncredit risk.
\nManagement has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
\nperformed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of \ufb01nancial assets.
\nThe Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
\ndecades. Others have modi\ufb01ed and enhanced designs or adopted the same components into new products, extending the lifecycle of
\nthe components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts and,
\nalthough the top 20 ranking will alter from year to year, many of the names remain consistent over time.
\nThe Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
\ninvestments. At the point the amount is considered irrecoverable it is written off against the \ufb01nancial asset directly.
\nMovements on the provision for expected credit losses were as follows:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nBalance at 1 January
(10.9)
(7.4)
\nNet remeasurement of loss allowance
(1.4)
(4.5)
\nAmounts written off
3.9
1.0
\nEffect of movement in foreign exchange
(0.7)
\u2013
\nBalance at 31 December
(9.1)
(10.9)
\n
\n
\nThere has been no change in the estimation techniques or signi\ufb01cant assumptions made during the current reporting period in assessing
\nthe loss allowance for these \ufb01nancial assets. The loss allowance for trade receivables by ageing category is as follows:
\n2022
2021
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit loss
\nrate
\n%
\nGross trade
\nreceivables
\n\u00a3m
\nExpected
\ncredit losses
\n\u00a3m
\nNet trade
\nreceivables
\n\u00a3m
\nNot past due
0.1%
144.7
(0.2)
144.5
0.3%
119.1
(0.4)
118.7
\nPast due 0-30
\ndays
0.5%
21.5
(0.1)
21.4
\u2013
14.8
\u2013
14.8
\nPast due 31-60
\ndays
\u2013
3.9
\u2013
3.9
\u2013
3.8
\u2013
3.8
\nPast due 61-90
\ndays
61.9%
2.1
(1.3)
0.8
7.1%
1.4
(0.1)
1.3
\nPast due more
\nthan 90 days
100.0%
7.5
(7.5)
\u2013
94.5%
11.0
(10.4)
0.6
\n179.7
(9.1)
170.6
150.1
(10.9)
139.2
\nCash, cash equivalents and derivatives
\nCash balances held by companies representing over 65% of the Group\u2019s revenue are managed centrally through a number of pooling
\narrangements. Credit risk is managed by investing in liquid assets and acquiring derivatives in a diversi\ufb01ed way from high-credit-quality
\n\ufb01nancial institutions. Counterparties are reviewed through the use of rating agencies, systemic risk considerations and through regular
\nreview of the \ufb01nancial press.
\nOffsetting \ufb01nancial assets and liabilities
\nThe following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
\na gross basis, and the amounts offset in the balance sheet.
\nThe Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
\nmaster netting agreements, and are also presented in the table to show the total net exposure of the Group.
\nGross amounts
\nof recognised
\n\ufb01nancial assets/
\n(liabilities)
\n\u00a3m
\nAmounts
\noffset
\n\u00a3m
\nNet amounts
\npresented
\non the
\nbalance sheet
\n\u00a3m
\nFinancial
\ninstruments not
\noffset in the
\nbalance sheet
\n\u00a3m
\nNet
\namount
\n\u00a3m
\n2022
\nDerivative \ufb01nancial assets
97.4
(96.1)
1.3
\u2013
1.3
\nDerivative \ufb01nancial liabilities
(97.7)
96.1
(1.6)
\u2013
(1.6)
\nCash and cash equivalents
117.7
\u2013
117.7
(1.5)
116.2
\nBank and other borrowings
(1.5)
\u2013
(1.5)
1.5
\u2013
\n2021
\nDerivative \ufb01nancial assets
84.0
(83.4)
0.6
\u2013
0.6
\nDerivative \ufb01nancial liabilities
(84.0)
83.4
(0.6)
\u2013
(0.6)
\nCash and cash equivalents
127.3
\u2013
127.3
\u2013
127.3
\nBank and other borrowings
\u2013
\u2013
\u2013
\u2013
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20673": {
"value": "Offsetting \ufb01nancial assets and liabilities The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
\na gross basis, and the amounts offset in the balance sheet.
\nThe Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
\nmaster netting agreements, and are also presented in the table to show the total net exposure of the Group.
\nGross amounts
\nof recognised
\n\ufb01nancial assets/
\n(liabilities)
\n\u00a3m
\nAmounts
\noffset
\n\u00a3m
\nNet amounts
\npresented
\non the
\nbalance sheet
\n\u00a3m
\nFinancial
\ninstruments not
\noffset in the
\nbalance sheet
\n\u00a3m
\nNet
\namount
\n\u00a3m
\n2022
\nDerivative \ufb01nancial assets
97.4
(96.1)
1.3
\u2013
1.3
\nDerivative \ufb01nancial liabilities
(97.7)
96.1
(1.6)
\u2013
(1.6)
\nCash and cash equivalents
117.7
\u2013
117.7
(1.5)
116.2
\nBank and other borrowings
(1.5)
\u2013
(1.5)
1.5
\u2013
\n2021
\nDerivative \ufb01nancial assets
84.0
(83.4)
0.6
\u2013
0.6
\nDerivative \ufb01nancial liabilities
(84.0)
83.4
(0.6)
\u2013
(0.6)
\nCash and cash equivalents
127.3
\u2013
127.3
\u2013
127.3
\nBank and other borrowings
\u2013
\u2013
\u2013
\u2013
\u2013",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20753": {
"value": "Liquidity and funding risk Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are
\nsettled by cash.
\nThe Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities
\nwhen due, under both normal and stressed conditions.
\nThe Group seeks a balance between certainty of funding and a \ufb02exible, cost-effective borrowing structure. The policy is to ensure that the
\nGroup has suf\ufb01cient borrowings and committed facilities to meet its medium-term \ufb01nancing requirements.
\n\n\n
\nThe following are the undiscounted contracted maturities of \ufb01nancial liabilities, including interest payments:
\nCash \ufb02ows associated with non-derivative \ufb01nancial liabilities
\n31 December 2022
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
22.1
22.4
22.4
\u2013
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
12.4
12.8
12.8
\u2013
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
22.2
23.4
0.3
0.3
22.8
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
80.6
91.0
2.7
2.7
85.6
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
21.1
24.2
1.0
1.0
22.2
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.9
9.9
0.2
0.2
0.5
9.0
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
22.1
27.1
0.6
0.6
1.9
24.0
\nBank and other
\nborrowings
Up to 2027
76.4
76.2
1.6
(0.3)
74.9
\u2013
\n5.50% Cumulative
\nFirst Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
51.9
65.3
10.5
8.5
19.9
26.4
\nTrade and
\nother payables
78.6
78.6
78.6
\u2013
\u2013
\u2013
\n396.7
430.9
130.7
13.0
227.8
59.4
\nBank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2027.
\n\n
\n
\n31 December 2021
\nEffective
\ninterest
\nrate
\nYear of
\nmaturity
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\nNon-derivative
\n\ufb01nancial liabilities
\n1.18% Euro
\nSenior Notes 2023
1.18%
2023
21.0
21.6
0.2
21.4
\u2013
\u2013
\n3.17% US Dollar
\nSenior Notes 2023
3.17%
2023
11.1
11.8
0.4
11.4
\u2013
\u2013
\n1.55% Euro
\nSenior Notes 2026
1.55%
2026
21.1
25.1
0.3
0.3
24.5
\u2013
\n3.37% US Dollar
\nSenior Notes 2026
3.37%
2026
72.2
81.5
2.4
2.4
76.7
\u2013
\n4.87% US Dollar
\nSenior Notes 2026
4.87%
2026
18.8
22.5
0.9
0.9
20.7
\u2013
\n1.74% Euro
\nSenior Notes 2028
1.74%
2028
8.4
9.8
0.1
0.1
0.9
8.7
\n2.89% Euro
\nSenior Notes 2030
2.89%
2030
21.0
26.9
0.6
0.6
2.2
23.5
\nBank and other
\nborrowings
Up to 2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.50% Cumulative First
\nPreference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
\n5.00% Cumulative
\nSecond Preference
\nshares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
\nLease liabilities
4.77%
Up to 2051
49.8
63.5
9.8
7.9
18.2
27.6
\nTrade and
\nother payables
61.8
61.8
61.8
\u2013
\u2013
\u2013
\n285.6
324.5
76.5
45.0
143.2
59.8
\n\n\n
\nCash \ufb02ows associated with derivatives
\nThe following table indicates the periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to occur. This is matched with
\nthe periods in which cash \ufb02ows associated with cash \ufb02ow hedges are expected to impact pro\ufb01t or loss. All derivatives are net settled.
\nCarrying
\namount
\n\u00a3m
\nContractual
\ncash \ufb02ows
\n\u00a3m
\nLess than
\n1 year
\n\u00a3m
\n1-2 years
\n\u00a3m
\n2-5 years
\n\u00a3m
\nMore than
\n5 years
\n\u00a3m
\n2022
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
1.1
79.7
79.2
0.5
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(1.3)
(79.5)
(79.0)
(0.5)
\u2013
\u2013
\n(0.2)
0.2
0.2
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.2
18.0
18.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.3)
(17.9)
(17.9)
\u2013
\u2013
\u2013
\n(0.1)
0.1
0.1
\u2013
\u2013
\u2013
\n(0.3)
0.3
0.3
\u2013
\u2013
\u2013
\n2021
\nCash \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.5
64.0
64.0
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.5)
(64.0)
(64.0)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nFair value \ufb02ow hedges
\nForward exchange contracts \u2013 assets
0.1
20.1
20.1
\u2013
\u2013
\u2013
\nForward exchange contracts \u2013 liabilities
(0.1)
(20.1)
(20.1)
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\n\u2013
\u2013
\u2013
\u2013
\u2013
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21245": {
"value": "Market risk Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices, will affect the Group\u2019s
\nincome or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and control market risk
\nexposures within acceptable parameters, while optimising the return on risk.
\nThe Group enters into derivatives for hedging purposes, and also incurs \ufb01nancial liabilities, in order to manage market risks. All such
\ntransactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
\nto apply hedge accounting in order to manage volatility in pro\ufb01t or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21565": {
"value": "Exchange rates The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n2022
2021
\nClosing rate
Average rate
Closing rate
Average rate
\nGBP to:
\nUSD
1.21
1.24
1.35
1.38
\nEuro
1.13
1.17
1.19
1.16
\nFor illustrative purposes, the table below provides details of the impact on 2022 revenue, Group adjusted operating pro\ufb01t and pro\ufb01t
\nbefore tax if the actual reported results, calculated using 2022 average exchange rates, were restated for GBP weakening by 10 cents
\nagainst USD in isolation and 10 cents against the Euro in isolation:
\n2022
2021
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nRevenue
\n\u00a3m
\nGroup
\nadjusted
\noperating
\npro\ufb01t
\n1
\n\u00a3m
\nPro\ufb01t
\nbefore tax
\n\u00a3m
\nIncrease in revenue/Group adjusted
\noperating pro\ufb01t
\n1
\n/pro\ufb01t before tax if:
\nGBP weakens by 10c against USD
\nin isolation
16.9
2.2
2.0
29.6
3.9
3.5
\nGBP weakens by 10c against the Euro
\nin isolation
21.8
3.5
3.2
18.8
3.3
3.1
\n1.
De\ufb01nitions of these non-GAAP measures can be found in the glossary of terms on page 206, reconciliations of the statutory results to the adjusted measures can be found on pages 57\u201359.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21640": {
"value": "Capital management The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market con\ufb01dence and to
\nsustain future development of the business. The Board uses a number of measures, identi\ufb01ed as key performance indicators (KPIs),
\nto ensure the continued success of the Group.
\nThe Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
\nshare and share option schemes. From time to time the Company purchases its own shares on the market; the timing of these purchases
\ndepends on market prices. Primarily the shares are intended to be used for issuing shares under the Group\u2019s various share option
\nincentive schemes.
\nThe Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
\nthat might be possible with higher levels of borrowings.
\nThe Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
\nIFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21892": {
"value": "Fair values 31 December 2022
31 December 2021
\nCarrying
\namount
\n\u00a3m
\nFair value
\nCarrying
\namount
\n\u00a3m
\nFair value
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and
\nliabilities held at
\namortised cost
\n1.18% Euro
\nSenior Notes 2023
(22.1)
\u2013
(21.6)
(21.6)
(21.0)
\u2013
(21.1)
(21.1)
\n3.17% US Dollar
\nSenior Notes 2023
(12.4)
\u2013
(12.1)
(12.1)
(11.1)
\u2013
(11.3)
(11.3)
\n1.55% Euro
\nSenior Notes 2026
(22.2)
\u2013
(20.1)
(20.1)
(21.1)
\u2013
(21.4)
(21.4)
\n3.37% US Dollar
\nSenior Notes 2026
(80.6)
\u2013
(73.5)
(73.5)
(72.2)
\u2013
(72.8)
(72.8)
\n1.74% Euro
\nSenior Notes 2028
(8.9)
\u2013
(7.7)
(7.7)
(8.4)
\u2013
(8.6)
(8.6)
\n2.89% Euro
\nSenior Notes 2030
(22.1)
\u2013
(19.0)
(19.0)
(21.0)
\u2013
(22.1)
(22.1)
\n4.87% US Dollar
\nSenior Notes 2026
(21.1)
\u2013
(20.2)
(20.2)
(18.8)
\u2013
(20.6)
(20.6)
\n5.50% Cumulative
\nFirst Preference shares
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
\n5.00% Cumulative
\nSecond Preference shares
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
\n(189.8)
\u2013
(174.6)
(174.6)
(174.0)
\u2013
(178.3)
(178.3)
\nDerivative \ufb01nancial assets
\nheld at fair value
1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\n1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\nDerivative \ufb01nancial liabilities
\nheld at fair value
(1.6)
\u2013
(1.6)
(1.6)
(0.6)
\u2013
(0.6)
(0.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21893": {
"value": "Fair values 31 December 2022
31 December 2021
\nCarrying
\namount
\n\u00a3m
\nFair value
\nCarrying
\namount
\n\u00a3m
\nFair value
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nLevel 1
\n\u00a3m
\nLevel 2
\n\u00a3m
\nTotal
\n\u00a3m
\nFinancial assets and
\nliabilities held at
\namortised cost
\n1.18% Euro
\nSenior Notes 2023
(22.1)
\u2013
(21.6)
(21.6)
(21.0)
\u2013
(21.1)
(21.1)
\n3.17% US Dollar
\nSenior Notes 2023
(12.4)
\u2013
(12.1)
(12.1)
(11.1)
\u2013
(11.3)
(11.3)
\n1.55% Euro
\nSenior Notes 2026
(22.2)
\u2013
(20.1)
(20.1)
(21.1)
\u2013
(21.4)
(21.4)
\n3.37% US Dollar
\nSenior Notes 2026
(80.6)
\u2013
(73.5)
(73.5)
(72.2)
\u2013
(72.8)
(72.8)
\n1.74% Euro
\nSenior Notes 2028
(8.9)
\u2013
(7.7)
(7.7)
(8.4)
\u2013
(8.6)
(8.6)
\n2.89% Euro
\nSenior Notes 2030
(22.1)
\u2013
(19.0)
(19.0)
(21.0)
\u2013
(22.1)
(22.1)
\n4.87% US Dollar
\nSenior Notes 2026
(21.1)
\u2013
(20.2)
(20.2)
(18.8)
\u2013
(20.6)
(20.6)
\n5.50% Cumulative
\nFirst Preference shares
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
\n5.00% Cumulative
\nSecond Preference shares
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
\n(189.8)
\u2013
(174.6)
(174.6)
(174.0)
\u2013
(178.3)
(178.3)
\nDerivative \ufb01nancial assets
\nheld at fair value
1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\n1.3
\u2013
1.3
1.3
0.6
\u2013
0.6
0.6
\nDerivative \ufb01nancial liabilities
\nheld at fair value
(1.6)
\u2013
(1.6)
(1.6)
(0.6)
\u2013
(0.6)
(0.6)
\nThe table above analyses the fair values of \ufb01nancial instruments held by the Group, by valuation method, together with the carrying
\namounts shown in the balance sheet.
\nThe fair value of cash and cash equivalents, current trade and other receivables/payables and \ufb02oating-rate bank and other borrowings are
\nexcluded from the preceding table as their carrying amount approximates their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22088": {
"value": "Derivatives Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
\ndeducting the current spot rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22101": {
"value": "22. Pensions and other post-retirement employee bene\ufb01ts The Group operates a number of de\ufb01ned bene\ufb01t arrangements as well as de\ufb01ned contribution plans. The de\ufb01ned bene\ufb01t plans
\nare primarily in the UK, US and Europe and predominantly provide pensions based on service and career-average pay. In addition
\npost-retirement medical plans are operated in the US.
\nSummary of net de\ufb01ned bene\ufb01t obligations
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
(36.5)
(47.3)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(485.3)
(687.2)
\nFair value of plan assets
506.2
631.8
\n(15.6)
(102.7)
\nAmounts recognised in pro\ufb01t or loss
\nNote
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nCurrent service cost
(2.7)
(3.2)
\nAdministrative expenses recognised outside of the pension liability
(1.5)
(1.3)
\nCurtailments and settlements
0.2
0.1
\nTotal expense within operating costs relating to de\ufb01ned bene\ufb01t plans
(4.0)
(4.4)
\nDe\ufb01ned contribution plans
(12.2)
(10.7)
\nTotal expense within operating costs
4
(16.2)
(15.1)
\nNet interest on net de\ufb01ned bene\ufb01t liability
7
(1.4)
(1.6)
\nTotal expense recognised in pro\ufb01t or loss
(17.6)
(16.7)
\nAmounts recognised in other comprehensive income
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nExperience loss on plan obligations
(14.4)
(4.9)
\nChanges in \ufb01nancial assumptions underlying the present value of plan obligations \u2013 gain
225.6
51.3
\nChanges in demographic assumptions underlying the present value of plan obligations \u2013 gain
0.8
6.7
\nActual return on plan assets (excluding amounts included in net interest expense)
(206.5)
2.4
\nRemeasurements recognised in other comprehensive income
5.5
55.5
\nDeferred tax associated with the above
(3.4)
(0.6)
\nTotal amount recognised in other comprehensive income
2.1
54.9
\nDe\ufb01ned contribution plans
\nThe Group operates a number of de\ufb01ned contribution pension plans. The total expense relating to these plans in the current
\nyear was \u00a312.2 million (2021: \u00a310.7 million). The expense includes contributions to two US Multi-Employer Plans of \u00a30.3 million
\n(2021: \u00a30.3 million). The Group expects to contribute \u00a313.0 million to ongoing de\ufb01ned contribution arrangements in 2023.
\n
\n
\nDe\ufb01ned bene\ufb01t plans
\nUK Schemes
\nIn the UK, the Group operates two de\ufb01ned bene\ufb01t pension schemes, the Morgan Pension Scheme and the Morgan Group Senior Staff
\nPension and Life Assurance Scheme (\u2018the UK Schemes\u2019). The two UK Schemes provide a bene\ufb01t based upon an employee\u2019s total service
\nand their career average earnings (including allowance for consumer price in\ufb02ation), although historically bene\ufb01ts were based upon an
\nemployee\u2019s \ufb01nal salary. Once in payment, pensions receive increases as set out in the rules, at either a \ufb01xed level, or in line with the
\nRetail Price Index. The overall duration of the UK Schemes is around 12 years.
\nThe UK Schemes\u2019 assets are held in trustee-administered funds which are governed by UK regulations, as is the nature of the relationship
\nbetween the Group and the Trustees. Responsibility for the governance of the UK Schemes \u2013 including investment decisions and
\ncontribution schedules \u2013 lies with the Board of Trustees which must consult with the Group in such matters. The Board of Trustees
\nmust be composed of representatives of the Company, plan participants and independent trustee directors, in accordance with the
\nUK Scheme\u2019s governing documents.
\nFunding legislation in the UK requires that schemes are fully funded on a scheme-speci\ufb01c basis, and this must be assessed at least every
\nthree years. To the extent that there is a de\ufb01cit against this measure, a payment schedule must be agreed such that the de\ufb01cit is removed
\nover a reasonable period of time.
\nThe most recent full actuarial valuations of the UK Schemes were undertaken as at 31 March 2022 and resulted in combined assessed
\nde\ufb01cits of \u00a349.7 million on the \u2018Technical Provisions\u2019 basis. The Company subsequently agreed with the Trustees to make a lump sum
\ncontribution to the Schemes of \u00a367.0 million on 29 December 2022 in lieu of the remaining contributions that would otherwise have been
\ndue under the existing recovery plans from the 31 March 2019 valuations. The sum paid also represented the value of the de\ufb01cit on the
\nmore prudent \u2018Long Term Objective\u2019 basis. As a result, no further contributions to the Schemes are expected to be required pending the
\nresults of the next full valuations as at 31 March 2025.
\nThe UK Schemes were closed to new entrants on 1 August 2011, with any new employees receiving bene\ufb01ts through the Morgan Group
\nPersonal Pension Plan, a de\ufb01ned contribution arrangement. The Morgan Group Senior Staff Pension and Life Assurance Scheme was
\nclosed to the future accrual of bene\ufb01ts on and with effect from 6 April 2016. The Morgan Pension Scheme was closed to the future
\naccrual of bene\ufb01ts with effect from 6 April 2018. Current employees, including those who were active in the Schemes at closure,
\nare auto-enrolled into the Morgan Group Personal Pension Plan for their future pension bene\ufb01ts.
\nThe Group has considered third-party powers and does not believe the Trustees have any powers that would prevent the Group
\nobtaining a refund of any surplus on wind-up of the Scheme following gradual settlement of the plan obligations. As such the Group\u2019s
\ninterpretation is that the current version of IFRIC 14 does not have an impact and, as a result, any IAS 19 surplus can be recognised as
\nan asset and it is not necessary to recognise additional liabilities in respect of contribution agreements reached with the pension scheme
\nTrustees, managers or any third party.
\nUS Schemes
\nThe Group operates a tax quali\ufb01ed de\ufb01ned bene\ufb01t pension scheme in the US (\u2018MUSE DB Scheme\u2019), and a Supplemental Executive
\nRetirement Plan (\u2018SERP\u2019) which is not tax approved (together \u2018the US Schemes\u2019). The MUSE DB Scheme is frozen, and therefore
\nemployees accrue bene\ufb01ts within a 401k arrangement.
\nThe US Schemes provide a bene\ufb01t based upon an employee\u2019s service and earnings. The bene\ufb01ts are level both prior to, and whilst in,
\npayment. Overall, the US Schemes\u2019 duration is around nine years.
\nThe quali\ufb01ed MUSE DB Scheme\u2019s assets are held in a trust separately from the Group\u2019s assets. For the SERP the Group holds an asset
\nto meet the obligations; however, due to its nature this is accounted for as a Group asset, rather than an asset of the SERP. Responsibility
\nfor the governance of the US Schemes, including investment decisions and contribution schedules, lies with a management committee,
\nall of whose members are appointed by the Group.
\nThe funding requirements in the US, ERISA, require schemes to be fully funded at all times, and if not to target full funding within a period
\nof seven years.
\nThe most recent full actuarial valuation of the MUSE DB Scheme was undertaken as at 1 January 2022 and the Scheme was fully funded
\non this basis.
\nOn the more stringent DBO (De\ufb01ned Bene\ufb01t Obligation) basis used for IAS 19 purposes, the de\ufb01cit of the MUSE DB Scheme as at
\n31 December 2022 totalled \u00a33.4 million (2021: \u00a31.3 million).
\nNo further signi\ufb01cant contributions to the MUSE DB Scheme are anticipated in the medium term.
\nEuropean schemes
\nIn Europe (excluding UK), the Group operates a number of retirement schemes, with the bulk of the obligations relating to arrangements
\nfor employees in Germany. In line with local practice these arrangements are not funded in advance, with bene\ufb01ts being met by the Group
\nas they fall due.
\n\n\n
\n31 December 2022
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nSummary of net obligations
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
\u2013
(5.8)
(26.7)
(4.0)
(36.5)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(359.5)
(116.1)
(1.6)
(8.1)
(485.3)
\nFair value of plan assets
384.7
112.7
0.4
8.4
506.2
\n25.2
(9.2)
(27.9)
(3.7)
(15.6)
\nMovements in present value of de\ufb01ned bene\ufb01t obligation
\nAt 1 January 2022
(544.0)
(139.3)
(39.4)
(11.8)
(734.5)
\nCurrent service cost
\u2013
\u2013
(1.1)
(1.6)
(2.7)
\nInterest cost
(10.3)
(3.9)
(0.3)
(0.2)
(14.7)
\nActuarial gain/(loss)
\nExperience gain/(loss) on plan obligations
(14.7)
(0.1)
0.4
\u2013
(14.4)
\nChanges in \ufb01nancial assumptions \u2013 gain
184.5
28.2
12.2
0.7
225.6
\nChanges in demographic assumptions \u2013 gain/(loss)
0.9
\u2013
(0.1)
\u2013
0.8
\nBene\ufb01ts paid
24.1
9.2
1.6
1.2
36.1
\nCurtailments and settlements
\u2013
\u2013
\u2013
0.2
0.2
\nExchange adjustments
\u2013
(16.0)
(1.6)
(0.6)
(18.2)
\nAt 31 December 2022
(359.5)
(121.9)
(28.3)
(12.1)
(521.8)
\nMovements in fair value of plan assets
\nAt 1 January 2022
492.3
131.6
0.4
7.5
631.8
\nInterest on plan assets
9.4
3.8
\u2013
0.1
13.3
\nRemeasurement loss
(177.2)
(28.9)
\u2013
(0.4)
(206.5)
\nContributions by employer
84.3
0.7
1.6
2.0
88.6
\nBene\ufb01ts paid
(24.1)
(9.2)
(1.6)
(1.2)
(36.1)
\nExchange adjustments
\u2013
14.7
\u2013
0.4
15.1
\nAt 31 December 2022
384.7
112.7
0.4
8.4
506.2
\nActual return on assets
(167.8)
(25.1)
\u2013
(0.3)
(193.2)
\nFair value of plan assets by category
\nEquities
\u2013
6.1
\u2013
\u2013
6.1
\nGrowth assets
\n1
\n40.3
\u2013
\u2013
\u2013
40.3
\nBonds
18.0
104.8
\u2013
\u2013
122.8
\nLiability-driven investments (LDI)
\n2
\n210.9
\u2013
\u2013
\u2013
210.9
\nMatching insurance policies
106.1
1.4
0.4
6.4
114.3
\nOther
9.4
0.4
\u2013
2.0
11.8
\n384.7
112.7
0.4
8.4
506.2
\n1.
Growth assets include investment in Global Diversi\ufb01ed and Multi-Asset Funds as well as UK Property.
\n2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration \ufb01xed interest and index-linked government bonds valued at the bid price of the units.
\nThis provides interest rate and in\ufb02ation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes measured on the \u2018Long Term Objective\u2019 basis (Gilts +50bps)
\n(excluding matching insurance policies).
\n\n
\n
\nThe Group expects to contribute \u00a33.8 million to these arrangements in 2023.
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nEstimate of employer contributions to be paid into the plans
\nduring the 12-month period beginning 1 January 2023
\u2013
0.7
1.7
1.4
3.8
\n31 December 2021
\nUK
\n\u00a3m
\nUS
\n\u00a3m
\nEurope
\n\u00a3m
\nRest of
\nthe World
\n\u00a3m
\nTotal
\n\u00a3m
\nSummary of net obligations
\nPresent value of unfunded de\ufb01ned bene\ufb01t obligations
\u2013
(6.4)
(37.5)
(3.4)
(47.3)
\nPresent value of funded de\ufb01ned bene\ufb01t obligations
(544.0)
(132.9)
(1.9)
(8.4)
(687.2)
\nFair value of plan assets
492.3
131.6
0.4
7.5
631.8
\n(51.7)
(7.7)
(39.0)
(4.3)
(102.7)
\nMovements in present value of de\ufb01ned bene\ufb01t obligation
\nAt 1 January 2021
(603.4)
(147.5)
(45.3)
(11.1)
(807.3)
\nCurrent service cost
\u2013
\u2013
(1.1)
(2.1)
(3.2)
\nInterest cost
(7.2)
(3.3)
(0.2)
(0.1)
(10.8)
\nActuarial gain/(loss)
\nExperience gain/(loss) on plan obligations
(5.2)
(0.4)
0.9
(0.2)
(4.9)
\nChanges in \ufb01nancial assumptions \u2013 gain
43.3
5.5
2.0
0.5
51.3
\nChanges in demographic assumptions \u2013 gain/(loss)
7.2
(0.5)
\u2013
\u2013
6.7
\nBene\ufb01ts paid
21.3
8.5
1.5
0.3
31.6
\nCurtailments and settlements
\u2013
\u2013
\u2013
0.2
0.2
\nExchange adjustments
\u2013
(1.6)
2.8
0.7
1.9
\nAt 31 December 2021
(544.0)
(139.3)
(39.4)
(11.8)
(734.5)
\nMovements in fair value of plan assets
\nAt 1 January 2021
483.1
140.2
0.5
7.2
631.0
\nInterest on plan assets
5.9
3.2
\u2013
0.1
9.2
\nRemeasurement gain/(loss)
7.8
(5.3)
\u2013
(0.1)
2.4
\nContributions by employer
16.8
0.7
1.5
1.1
20.1
\nBene\ufb01ts paid
(21.3)
(8.5)
(1.5)
(0.3)
(31.6)
\nCurtailments and settlements
\u2013
\u2013
\u2013
(0.1)
(0.1)
\nExchange adjustments
\u2013
1.3
(0.1)
(0.4)
0.8
\nAt 31 December 2021
492.3
131.6
0.4
7.5
631.8
\nActual return on assets
13.6
(2.1)
\u2013
(0.1)
11.4
\nFair value of plan assets by category
\nEquities
\n1
\n42.9
\u2013
\u2013
\u2013
42.9
\nGrowth assets
\n2
\n103.6
7.2
\u2013
\u2013
110.8
\nBonds
90.4
119.9
\u2013
\u2013
210.3
\nLiability-driven investments (LDI)
\n3
\n108.4
\u2013
\u2013
\u2013
108.4
\nMatching insurance policies
144.5
\u2013
0.4
4.8
149.7
\nOther
2.5
4.5
\u2013
2.7
9.7
\n492.3
131.6
0.4
7.5
631.8
\n1.
Equity values include both physical equities and the value of equity futures contracts, used to gain leveraged exposure to global equity markets.
\n2.
Growth assets include investment in Global Diversi\ufb01ed and Multi-Asset Funds as well as UK Property.
\n3.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration \ufb01xed interest and index-linked government bonds valued at the bid price of the units.
\nThis provides interest rate and in\ufb02ation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes.
\n\n\n
\nActuarial assumptions
\nThe actual liability in respect of global employee bene\ufb01ts will not be known until the last payments have been made. In placing a current
\nestimate on the Group\u2019s past service bene\ufb01t obligations, a number of assumptions about the future are required. For de\ufb01ned bene\ufb01t
\nschemes, the Directors make annual estimates and assumptions in respect of discount rates, future changes in salaries, employee turnover,
\nin\ufb02ation rates, life expectancy and several other assumptions. In making these estimates and assumptions, the Directors consider advice
\nprovided by external advisors, such as actuaries.
\nThe assumptions used are best estimate assumptions chosen from a reasonable range and which may not be borne out in practice.
\nThe principal assumptions are the discount rate and in\ufb02ation assumptions which are long-term and measured on external factors, based
\nupon each plan\u2019s duration. In addition to these, the mortality assumption in the UK and the US is material to the cost of the promised
\nbene\ufb01ts. In both the UK and Europe, where relevant, the assumed increases in salaries and pensions in payment are derived from
\nassumed future in\ufb02ation.
\nThe rates shown below are single equivalents for the obligations as a whole derived from discounting along the yield curve. In line
\nwith IAS 19, in determining the value of the annuity contract held in the UK we have re\ufb02ected the same methodology as used to value
\nthe corresponding obligations, re\ufb02ecting the actual cash \ufb02ow pro\ufb01le and duration of the insured obligations, rather than those of the
\nSchemes as a whole.
\nActuarial assumptions were:
\nUK
\n%
\nUS
\n%
\nEurope
\n%
\nRest of
\nthe World
\n%
\n2022
\nDiscount rate
4.81
4.99
3.70
5.30
\nSalary increase
n/a
n/a
2.20
5.00
\nIn\ufb02ation (UK: RPI/CPI)
3.26/2.47
n/a
2.20
n/a
\nPensions increase
\n1
\n3.00/3.11/3.70
n/a
2.20
n/a
\nMortality \u2013 post-retirement:
\nLife expectancy of a male aged 60 in accounting year (years)
25.79
24.80
25.19
n/a
\nLife expectancy of a male aged 60 in accounting year + 20 (years)
27.24
24.90
27.98
n/a
\n2021
\nDiscount rate
1.92
2.71
0.90
2.90
\nSalary increase
n/a
n/a
2.40
4.30
\nIn\ufb02ation (UK: RPI/CPI)
3.40/2.61
n/a
1.90
n/a
\nPensions increase
\n1
\n3.00/3.22/3.75
n/a
1.90
n/a
\nMortality \u2013 post-retirement:
\nLife expectancy of a male aged 60 in accounting year (years)
26.0
24.7
25.0
n/a
\nLife expectancy of a male aged 60 in accounting year + 20 (years)
27.4
24.8
27.9
n/a
\n1.
Pension increases in the UK re\ufb02ect both \ufb01xed rate and RPI-related increases to different elements of members\u2019 pensions.
\nThe accounting assumptions noted above are used to calculate the year-end net pension liability in accordance with the relevant accounting
\nstandard, IAS 19 (revised) Employee Bene\ufb01ts. Changes in these assumptions have no impact on the Group\u2019s cash payments to their
\narrangements. The payments due are calculated based on local funding requirements, or in the case of the Group\u2019s unfunded
\narrangements on the incidence of bene\ufb01t payments falling due.
\n\n
\n
\nThe sensitivities of the Group\u2019s net balance sheet to the principal assumptions are:
\nChange in assumption
\n2022
2021
\nIncrease
\non de\ufb01ned
\nbene\ufb01t
\nobligation
\n\u00a3m
\nIncrease
\non de\ufb01cit
\n\u00a3m
\nIncrease on
\nde\ufb01ned
\nbene\ufb01t
\nobligation
\n\u00a3m
\nIncrease
\non de\ufb01cit
\n\u00a3m
\nDiscount rate
Decrease by 0.1%
5.8
5.0
10.7
9.4
\nDiscount rate
Decrease by 0.5%
30.0
25.9
55.9
49.4
\nIn\ufb02ation
Increase by 0.1%
1.8
1.7
3.7
3.5
\nIn\ufb02ation
Increase by 0.5%
9.2
8.7
18.6
17.6
\nMortality \u2013 post-retirement
Pensioners live 1 year longer
20.5
13.6
33.3
21.9
\nExchange rates
GBP weakens against USD by 10%
13.5
1.0
15.5
0.9
\nGBP weakens against EUR by 10%
3.3
3.2
4.4
4.3
\nThese sensitivities have been calculated to show the movement in the net balance sheet in isolation, and assume no other changes in
\nmarket conditions at the accounting date. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without
\nany movement in the value of the assets held by the Group\u2019s Schemes.
\nRisks
\nThe balance sheet net pension liability is a snapshot view which can be signi\ufb01cantly in\ufb02uenced by short-term market factors. The
\ncalculation of the surplus or de\ufb01cit depends, therefore, on factors which are beyond the control of the Group \u2013 principally the value at
\nthe balance sheet date of equity shares in which the Scheme has invested and long-term interest rates which are used to discount future
\nliabilities. The funding of the Scheme is based on long-term trends and assumptions relating to market growth, as advised by quali\ufb01ed
\nactuaries and investment advisors.
\nThe most signi\ufb01cant risks to which the Group is exposed are:
\nInvestment returns
: The Group\u2019s net balance sheet and contribution requirements are heavily dependent upon the return on the
\nassets invested in by the schemes.
\nLongevity:
The cost to the Group of the pensions promised to members is dependent upon the expected term of these payments.
\nTo the extent that members live longer than expected this will increase the cost of these arrangements.
\nIn\ufb02ation rate risk:
In the UK, the pension promises are, in the main, linked to in\ufb02ation, and higher in\ufb02ation will lead to higher liabilities.
\nThe above risks have been mitigated for the majority of the UK Schemes\u2019 pensioner population through the purchase of an insurance
\npolicy, the payments from which exactly match the promises made to employees. Remaining investment risks have also been mitigated
\nto some extent by diversi\ufb01cation of the return-seeking assets and backing uninsured pensioner liabilities via bonds and various hedging
\ninstruments. In the UK, the bonds and LDI mandates target an interest rate hedge against movements in government bond yields
\n(including providing protection against changes to future in\ufb02ation expectations) for an amount equal to approximately 100% of the liabilities
\nvalued on the \u2018Long Term Objective\u2019. In the US, the bond mandates provide an interest rate hedge of approximately 100% of the liabilities
\nfor funded plans.
\nIn addition, the IAS 19 de\ufb01ned bene\ufb01t obligation is linked to yields on AA-rated corporate bonds; however some of the Group\u2019s
\narrangements invest in a number of other assets which will move in a different manner from these bonds. Therefore, changes in market
\nconditions may lead to volatility in the net pension liability on the Group\u2019s balance sheet and in other comprehensive income, and to
\na lesser extent in the IAS 19 pension expense in the Group\u2019s income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22948": {
"value": "23. Share-based payments The Group operates various share option programmes that allow Group employees to acquire shares in the Company. During 2022,
\nawards were made to executives and senior employees under the Morgan Advanced Materials plc Long-Term Incentive Plan (LTIP),
\nthe Morgan Advanced Materials plc Deferred Bonus Plan (DBP) and the Morgan Advanced Materials plc Restricted Stock Units (RSU).
\nThe Company also maintains a UK all-employee Sharesave scheme (Sharesave). Further details can be found in the Remuneration Report
\non pages 90\u2013116.
\nThe grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in equity,
\nover the period that the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to
\nre\ufb02ect the actual number of share options for which the related service and non-market vesting conditions are met.
\nThe charge expensed to the income statement in 2022 was \u00a35.7 million (2021: \u00a34.5 million).
\n\n\n\n
\nThe following options and awards were outstanding at 31 December 2022 in respect of Ordinary shares:
\nEmployees
\nentitled
Vesting conditions
\nExercise/award
\nprice(s)
\nNumber
\nof shares
\noutstanding
\nExercise dates ranging
\nfrom
to
\nLTIP
Senior
\nemployees
\nContinued employment
\nplus satisfaction of
\nperformance metrics
\n\u2013
4,585,134
1 January 2023
30 May 2025
\nSharesave
All UK
\nemployees
\nContinued employment
181.00p-321.00p
1,053,084
1 December 2022
1 June 2026
\nDBP
Senior
\nemployees
\nContinued employment
\u2013
513,137
18 March 2022
21 March 2025
\nRSU
Select
\nemployees
\nContinued employment
\u2013
1,366,351
21 May 2023
30 May 2025
\nThe numbers and weighted average exercise prices of share options are as follows:
\n2022
2021
\nWeighted
\naverage
\nexercise price
\nNumber of
\noptions
\nWeighted
\naverage
\nexercise price
\nNumber of
\noptions
\nOutstanding at the beginning of the period
26.44p
8,174,265
28.68p
8,532,753
\nGranted during the period
23.24p
2,985,494
11.58p
2,654,176
\nForfeited during the period
39.31p
(158,602)
25.37p
(659,714)
\nExercised during the period
39.31p
(1,280,013)
31.21p
(1,081,782)
\nLapsed during the period
0.71p
(2,203,438)
6.92p
(1,271,168)
\nOutstanding at the end of the period
28.30p
7,517,706
26.44p
8,174,265
\nExercisable at the end of the period
182.49p
138,258
90.14p
115,153
\nThe weighted average share price at the date of exercise during the period was 293.19 pence (2021: 328.64 pence).
\nMeasurement of fair values
\nThe DBP is an award of deferred shares which include the accumulated value of any dividends which fall during the period from the date of
\ngrant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a speci\ufb01ed period of time
\nwith no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU are
\nequal to the share price at the date of grant.
\nAwards made in 2022
\nLTIP
Sharesave
DBP
RSU
\nShare price at award date
294.50p-
\n317.50p
\n234.50p
318.00p
294.50p-
\n317.50p
\nExercise price
n/a
210.00p
n/a
n/a
\nFair value at measurement date
101.00p-
\n260.00p
\n48.00p
318.00p
294.50p-
\n317.50p
\nFair value measurement method
Actuarial
\nbinomial
\nmodel
\nModi\ufb01ed
\nbinomial
\nmodel
\nn/a
n/a
\nFair value model inputs:
\nExpected volatility (expressed as weighted average volatility
\nused in the model)
\n30%
35%
\nOption life (expressed as weighted average life used in
\nthe model)
\n3.0 years
3.3 years
\nExpected dividends
3.2%-3.5%
4.2%
\nRisk-free interest rate
1.3%-1.5%
4.0%
\n
\n
\nThe expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
\nadjusted for any expected changes to future volatility due to publicly available information.
\nThe fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
\nThe weighted average fair value of options issued during 2022 was 204.74 pence (2021: 271.44 pence).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23078": {
"value": "Measurement of fair values The DBP is an award of deferred shares which include the accumulated value of any dividends which fall during the period from the date of
\ngrant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a speci\ufb01ed period of time
\nwith no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU are
\nequal to the share price at the date of grant.
\nAwards made in 2022
\nLTIP
Sharesave
DBP
RSU
\nShare price at award date
294.50p-
\n317.50p
\n234.50p
318.00p
294.50p-
\n317.50p
\nExercise price
n/a
210.00p
n/a
n/a
\nFair value at measurement date
101.00p-
\n260.00p
\n48.00p
318.00p
294.50p-
\n317.50p
\nFair value measurement method
Actuarial
\nbinomial
\nmodel
\nModi\ufb01ed
\nbinomial
\nmodel
\nn/a
n/a
\nFair value model inputs:
\nExpected volatility (expressed as weighted average volatility
\nused in the model)
\n30%
35%
\nOption life (expressed as weighted average life used in
\nthe model)
\n3.0 years
3.3 years
\nExpected dividends
3.2%-3.5%
4.2%
\nRisk-free interest rate
1.3%-1.5%
4.0%
\n
\n
\nThe expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
\nadjusted for any expected changes to future volatility due to publicly available information.
\nThe fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
\nThe weighted average fair value of options issued during 2022 was 204.74 pence (2021: 271.44 pence).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23158": {
"value": "24. Provisions and contingent liabilities Closure and
\nrestructuring
\nprovisions
\n\u00a3m
\nLegal and
\nother
\nprovisions
\n\u00a3m
\nEnvironmental
\nprovisions
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2022
11.8
10.0
7.8
29.6
\nProvisions made during the year
1.3
0.2
1.1
2.6
\nProvisions used during the year
(3.2)
(1.7)
(1.3)
(6.2)
\nProvisions reversed during the year
(0.6)
(0.6)
(0.5)
(1.7)
\nEffect of movements in foreign exchange
1.2
0.2
0.3
1.7
\nBalance at 31 December 2022
10.5
8.1
7.4
26.0
\nCurrent
2.5
3.5
3.9
9.9
\nNon-current
8.0
4.6
3.5
16.1
\n10.5
8.1
7.4
26.0
\nClosure and restructuring provisions
\nClosure and restructuring provisions are based on the Group\u2019s restructuring programmes and represent committed expenditure at the
\nbalance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and
\nmanagement\u2019s best estimate of other associated restructuring costs including professional fees.
\nWhilst the Group\u2019s restructuring programme was completed in 2021, we retain provisions for remaining lease exit costs and multi-
\nemployer pension obligations from two sites which were closed during 2021. The cash out\ufb02ows relating to the pension obligations
\nmay continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash out\ufb02ows in relation to the lease
\nmay continue for the next four years.
\nLegal and other provisions
\nLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\nbusiness and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\nsimilar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of
\nthe most likely outcome. The timing of utilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the
\noutcome of various court proceedings and associated negotiations.
\nWhere obligations are not capable of being reliably estimated, or if a material out\ufb02ow of economic resources is considered remote, it is
\nclassi\ufb01ed as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully
\nand, therefore, the possibility of any material out\ufb02ow in settlement is assessed as remote.
\nSubsidiary undertakings within the Group have given unsecured guarantees of \u00a310.2 million (2021: \u00a310.5 million) in the ordinary course
\nof business.
\nEnvironmental provisions
\nEnvironmental provisions are made for quanti\ufb01able environmental liabilities arising from known environmental issues. The amounts
\nprovided are based on the best estimate of the costs required to remedy these issues. At one site, a remediation feasibility study is
\ncurrently being conducted in relation to a known environmental issue and in conjunction with the local environmental regulator.
\nA remediation plan has been prepared. The provision recorded re\ufb02ects the estimated costs of remediation and awaits \ufb01nal regulatory
\napproval. The provision is expected to be utilised in the next \ufb01ve years.
\n\n\n
\nEnvironmental contingent liabilities
\nThe Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the
\nworld. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing
\nprocesses on the environment or lead to other economic out\ufb02ows. Such contingencies may exist for various sites which the Group
\ncurrently operates or has operated in the past. There is a contingent liability arising from the as yet unknown environmental issues at
\nthe site referred to above, pending the completion of the feasibility study.
\nTax contingent liabilities
\nThe Group is subject to periodic tax audits by various \ufb01scal authorities covering corporate, employee and sales taxes in the various
\njurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
\nThese are disclosed in notes 8 and 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23159": {
"value": "24. Provisions and contingent liabilities Closure and
\nrestructuring
\nprovisions
\n\u00a3m
\nLegal and
\nother
\nprovisions
\n\u00a3m
\nEnvironmental
\nprovisions
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2022
11.8
10.0
7.8
29.6
\nProvisions made during the year
1.3
0.2
1.1
2.6
\nProvisions used during the year
(3.2)
(1.7)
(1.3)
(6.2)
\nProvisions reversed during the year
(0.6)
(0.6)
(0.5)
(1.7)
\nEffect of movements in foreign exchange
1.2
0.2
0.3
1.7
\nBalance at 31 December 2022
10.5
8.1
7.4
26.0
\nCurrent
2.5
3.5
3.9
9.9
\nNon-current
8.0
4.6
3.5
16.1
\n10.5
8.1
7.4
26.0
\nClosure and restructuring provisions
\nClosure and restructuring provisions are based on the Group\u2019s restructuring programmes and represent committed expenditure at the
\nbalance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and
\nmanagement\u2019s best estimate of other associated restructuring costs including professional fees.
\nWhilst the Group\u2019s restructuring programme was completed in 2021, we retain provisions for remaining lease exit costs and multi-
\nemployer pension obligations from two sites which were closed during 2021. The cash out\ufb02ows relating to the pension obligations
\nmay continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash out\ufb02ows in relation to the lease
\nmay continue for the next four years.
\nLegal and other provisions
\nLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\nbusiness and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\nsimilar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of
\nthe most likely outcome. The timing of utilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the
\noutcome of various court proceedings and associated negotiations.
\nWhere obligations are not capable of being reliably estimated, or if a material out\ufb02ow of economic resources is considered remote, it is
\nclassi\ufb01ed as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully
\nand, therefore, the possibility of any material out\ufb02ow in settlement is assessed as remote.
\nSubsidiary undertakings within the Group have given unsecured guarantees of \u00a310.2 million (2021: \u00a310.5 million) in the ordinary course
\nof business.
\nEnvironmental provisions
\nEnvironmental provisions are made for quanti\ufb01able environmental liabilities arising from known environmental issues. The amounts
\nprovided are based on the best estimate of the costs required to remedy these issues. At one site, a remediation feasibility study is
\ncurrently being conducted in relation to a known environmental issue and in conjunction with the local environmental regulator.
\nA remediation plan has been prepared. The provision recorded re\ufb02ects the estimated costs of remediation and awaits \ufb01nal regulatory
\napproval. The provision is expected to be utilised in the next \ufb01ve years.
\n\n\n
\nEnvironmental contingent liabilities
\nThe Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the
\nworld. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing
\nprocesses on the environment or lead to other economic out\ufb02ows. Such contingencies may exist for various sites which the Group
\ncurrently operates or has operated in the past. There is a contingent liability arising from the as yet unknown environmental issues at
\nthe site referred to above, pending the completion of the feasibility study.
\nTax contingent liabilities
\nThe Group is subject to periodic tax audits by various \ufb01scal authorities covering corporate, employee and sales taxes in the various
\njurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
\nThese are disclosed in notes 8 and 14.
\n25. Capital commitments
\nIn 2022, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
\nthese accounts amount to \u00a35.9 million (2021: \u00a36.3 million) for the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23160": {
"value": "24. Provisions and contingent liabilities Closure and
\nrestructuring
\nprovisions
\n\u00a3m
\nLegal and
\nother
\nprovisions
\n\u00a3m
\nEnvironmental
\nprovisions
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2022
11.8
10.0
7.8
29.6
\nProvisions made during the year
1.3
0.2
1.1
2.6
\nProvisions used during the year
(3.2)
(1.7)
(1.3)
(6.2)
\nProvisions reversed during the year
(0.6)
(0.6)
(0.5)
(1.7)
\nEffect of movements in foreign exchange
1.2
0.2
0.3
1.7
\nBalance at 31 December 2022
10.5
8.1
7.4
26.0
\nCurrent
2.5
3.5
3.9
9.9
\nNon-current
8.0
4.6
3.5
16.1
\n10.5
8.1
7.4
26.0
\nClosure and restructuring provisions
\nClosure and restructuring provisions are based on the Group\u2019s restructuring programmes and represent committed expenditure at the
\nbalance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and
\nmanagement\u2019s best estimate of other associated restructuring costs including professional fees.
\nWhilst the Group\u2019s restructuring programme was completed in 2021, we retain provisions for remaining lease exit costs and multi-
\nemployer pension obligations from two sites which were closed during 2021. The cash out\ufb02ows relating to the pension obligations
\nmay continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash out\ufb02ows in relation to the lease
\nmay continue for the next four years.
\nLegal and other provisions
\nLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\nbusiness and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\nsimilar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of
\nthe most likely outcome. The timing of utilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the
\noutcome of various court proceedings and associated negotiations.
\nWhere obligations are not capable of being reliably estimated, or if a material out\ufb02ow of economic resources is considered remote, it is
\nclassi\ufb01ed as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully
\nand, therefore, the possibility of any material out\ufb02ow in settlement is assessed as remote.
\nSubsidiary undertakings within the Group have given unsecured guarantees of \u00a310.2 million (2021: \u00a310.5 million) in the ordinary course
\nof business.
\nEnvironmental provisions
\nEnvironmental provisions are made for quanti\ufb01able environmental liabilities arising from known environmental issues. The amounts
\nprovided are based on the best estimate of the costs required to remedy these issues. At one site, a remediation feasibility study is
\ncurrently being conducted in relation to a known environmental issue and in conjunction with the local environmental regulator.
\nA remediation plan has been prepared. The provision recorded re\ufb02ects the estimated costs of remediation and awaits \ufb01nal regulatory
\napproval. The provision is expected to be utilised in the next \ufb01ve years.
\n\n\n
\nEnvironmental contingent liabilities
\nThe Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the
\nworld. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing
\nprocesses on the environment or lead to other economic out\ufb02ows. Such contingencies may exist for various sites which the Group
\ncurrently operates or has operated in the past. There is a contingent liability arising from the as yet unknown environmental issues at
\nthe site referred to above, pending the completion of the feasibility study.
\nTax contingent liabilities
\nThe Group is subject to periodic tax audits by various \ufb01scal authorities covering corporate, employee and sales taxes in the various
\njurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
\nThese are disclosed in notes 8 and 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23161": {
"value": "24. Provisions and contingent liabilities Closure and
\nrestructuring
\nprovisions
\n\u00a3m
\nLegal and
\nother
\nprovisions
\n\u00a3m
\nEnvironmental
\nprovisions
\n\u00a3m
\nTotal
\n\u00a3m
\nBalance at 1 January 2022
11.8
10.0
7.8
29.6
\nProvisions made during the year
1.3
0.2
1.1
2.6
\nProvisions used during the year
(3.2)
(1.7)
(1.3)
(6.2)
\nProvisions reversed during the year
(0.6)
(0.6)
(0.5)
(1.7)
\nEffect of movements in foreign exchange
1.2
0.2
0.3
1.7
\nBalance at 31 December 2022
10.5
8.1
7.4
26.0
\nCurrent
2.5
3.5
3.9
9.9
\nNon-current
8.0
4.6
3.5
16.1
\n10.5
8.1
7.4
26.0
\nClosure and restructuring provisions
\nClosure and restructuring provisions are based on the Group\u2019s restructuring programmes and represent committed expenditure at the
\nbalance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and
\nmanagement\u2019s best estimate of other associated restructuring costs including professional fees.
\nWhilst the Group\u2019s restructuring programme was completed in 2021, we retain provisions for remaining lease exit costs and multi-
\nemployer pension obligations from two sites which were closed during 2021. The cash out\ufb02ows relating to the pension obligations
\nmay continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash out\ufb02ows in relation to the lease
\nmay continue for the next four years.
\nLegal and other provisions
\nLegal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\nbusiness and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\nsimilar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of
\nthe most likely outcome. The timing of utilisation of these provisions is frequently uncertain, re\ufb02ecting the complexity of issues and the
\noutcome of various court proceedings and associated negotiations.
\nWhere obligations are not capable of being reliably estimated, or if a material out\ufb02ow of economic resources is considered remote, it is
\nclassi\ufb01ed as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully
\nand, therefore, the possibility of any material out\ufb02ow in settlement is assessed as remote.
\nSubsidiary undertakings within the Group have given unsecured guarantees of \u00a310.2 million (2021: \u00a310.5 million) in the ordinary course
\nof business.
\nEnvironmental provisions
\nEnvironmental provisions are made for quanti\ufb01able environmental liabilities arising from known environmental issues. The amounts
\nprovided are based on the best estimate of the costs required to remedy these issues. At one site, a remediation feasibility study is
\ncurrently being conducted in relation to a known environmental issue and in conjunction with the local environmental regulator.
\nA remediation plan has been prepared. The provision recorded re\ufb02ects the estimated costs of remediation and awaits \ufb01nal regulatory
\napproval. The provision is expected to be utilised in the next \ufb01ve years.
\n\n\n
\nEnvironmental contingent liabilities
\nThe Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the
\nworld. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing
\nprocesses on the environment or lead to other economic out\ufb02ows. Such contingencies may exist for various sites which the Group
\ncurrently operates or has operated in the past. There is a contingent liability arising from the as yet unknown environmental issues at
\nthe site referred to above, pending the completion of the feasibility study.
\nTax contingent liabilities
\nThe Group is subject to periodic tax audits by various \ufb01scal authorities covering corporate, employee and sales taxes in the various
\njurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
\nThese are disclosed in notes 8 and 14.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23291": {
"value": "25. Capital commitments In 2022, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
these accounts amount to \u00a35.9 million (2021: \u00a36.3 million) for the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23298": {
"value": "26. Related parties Identi\ufb01cation of related parties
\nThe Group has related party relationships with its subsidiaries (a list of all related undertakings and associates is shown in note 43),
\nand with its Directors, executive of\ufb01cers and their close family members.
\nTransactions with key management personnel
\nThe Company has written service contracts or letters of appointment with each of its Directors, under which the Directors receive
\na salary or a fee and other emoluments.
\nThe key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
\nmembers of the Executive Committee.
\nThe compensation for the executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee bene\ufb01ts
4.8
7.5
\nEmployer national insurance contributions
1.0
0.4
\nPension and other post-employment costs
0.3
0.3
\nShare-based payment expense
\n1
\n1.9
1.7
\nTermination payments
0.1
\u2013
\nNon-executive Directors\u2019 fees and bene\ufb01ts
0.5
0.5
\nTotal compensation of key management personnel
8.6
10.4
\n1.
Share-based payment expense represents the net IFRS 2 share-based payment (credit)/charge to the consolidated income statement in the year for the members of the Executive
\nCommittee. In 2022, due to changes in assumptions in non-market-based performance conditions, a net credit of \u00a30.1 million was recognised in the consolidated income statement
\n(2021: net credit of \u00a30.1 million).
\nOther related party transactions
\nOn 28 April 2021, the Group completed the sale of its investment in associate, as detailed in note 2. In 2022, there was \u00a3nil sales to
\n(2021: \u00a3nil) and \u00a3nil purchases from (2021: \u00a30.6 million) the associate. As at 31 December 2022, trade receivables due from the associate
\nwere \u00a3nil (2021: \u00a3nil) and trade payables due to the associate were \u00a3nil (2021: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23304": {
"value": "Transactions with key management personnel The Company has written service contracts or letters of appointment with each of its Directors, under which the Directors receive
\na salary or a fee and other emoluments.
\nThe key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
\nmembers of the Executive Committee.
\nThe compensation for the executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nShort-term employee bene\ufb01ts
4.8
7.5
\nEmployer national insurance contributions
1.0
0.4
\nPension and other post-employment costs
0.3
0.3
\nShare-based payment expense
\n1
\n1.9
1.7
\nTermination payments
0.1
\u2013
\nNon-executive Directors\u2019 fees and bene\ufb01ts
0.5
0.5
\nTotal compensation of key management personnel
8.6
10.4
\n1.
Share-based payment expense represents the net IFRS 2 share-based payment (credit)/charge to the consolidated income statement in the year for the members of the Executive
\nCommittee. In 2022, due to changes in assumptions in non-market-based performance conditions, a net credit of \u00a30.1 million was recognised in the consolidated income statement
\n(2021: net credit of \u00a30.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23365": {
"value": "27. Subsequent events Morgan experienced a cyber security incident in January 2023, having detected unauthorised activity on the network. Immediate steps
\nwere taken to contain the incident, launch incident response plans, engage specialist support services and embark on restoring systems.
\nAll manufacturing sites are operational, although some continue to use manual processes as work continues to restore their systems.
\nThis has been treated as a non-adjusting post balance sheet event and there has been no impact on the \ufb01nancial results reported for the
\nyear ended 31 December 2022.
\nWe expect to incur around \u00a315 million of system recovery and specialist support costs, including IT asset impairment charges of
\n\u00a30.7 million. These charges will be presented separately as speci\ufb01c adjusting items in the consolidated income statement for the year
\nending 31 December 2023. At the date of signing, and following consultation with our advisors, we also have a non-adjusting post balance
\nsheet contingent liability relating to potential enforcement action or civil claims pending the completion of our investigation into what
data was accessed and regulatory engagement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23496": {
"value": "Company balance sheet
\nAS AT 31 DECEMBER 2022
Note
\n2022
\n\u00a3m
\n2021
\n\u00a3m
\nNon-current assets
\nIntangible assets
30
1.1
2.6
\nProperty, plant and equipment
31
3.7
3.4
\nRight-of-use assets
32
0.9
0.8
\nInvestments in subsidiary undertakings
33
757.8
718.2
\nDebtors \u2013 amounts due after more than one year
34
139.0
218.0
\nEmployee bene\ufb01ts: pensions
38
6.4
\u2013
\n908.9
943.0
\nCurrent assets
\nDebtors \u2013 amounts due within one year
34
159.1
22.9
\nCash and cash equivalents
7.2
19.4
\n166.3
42.3
\nCurrent liabilities
\nCreditors \u2013 amounts falling due within one year
35
122.4
68.6
\nProvisions
39
2.2
\u2013
\n124.6
68.6
\nNet current assets/(liabilities)
41.7
(26.3)
\nTotal assets less current liabilities
950.6
916.7
\nNon-current liabilities
\nCreditors \u2013 amounts falling due after more than one year
36
270.6
202.7
\nEmployee bene\ufb01ts: pensions
38
\u2013
15.0
\nProvisions
39
3.0
5.1
\n273.6
222.8
\nNet assets
677.0
693.9
\nCapital and reserves
\nEquity shareholders\u2019 funds
\nShare capital
40
71.3
71.3
\nShare premium
111.7
111.7
\nMerger reserve
17.0
17.0
\nCapital redemption reserve
35.7
35.7
\nRetained earnings
441.3
458.2
\nShareholders\u2019 funds
677.0
693.9
\nUnder Section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement.
\nDuring 2022, the Company recognised a pro\ufb01t of \u00a313.6 million (2021: \u00a3122.6 million).
\nThe \ufb01nancial statements were approved by the Board of Directors on 27 April 2023 and were signed on its behalf by:
\nPete Raby
Richard Armitage
\nChief Executive Of\ufb01cer
Chief Financial Of\ufb01cer
Company statement of changes in equity
\nFOR THE YEAR ENDED 31 DECEMBER 2022
Called-up
\nshare capital
\n\u00a3m
\nShare
\npremium
\naccount
\n\u00a3m
\nMerger
\nreserve
\n\u00a3m
\nCapital
\nredemption
\nreserve
\n\u00a3m
\nPro\ufb01t and
\nloss account
\n\u00a3m
\nTotal
\nequity
\n\u00a3m
\nBalance at 1 January 2021
71.3
111.7
17.0
35.7
341.0
576.7
\nTotal comprehensive income
\nfor the year:
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
122.6
122.6
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
14.8
14.8
\nTransactions with owners:
\nDividends
\u2013
\u2013
\u2013
\u2013
(19.1)
(19.1)
\nEquity-settled share-based
\npayment transactions
\u2013
\u2013
\u2013
\u2013
4.5
4.5
\nOwn shares acquired for share
\nincentive schemes (net)
\u2013
\u2013
\u2013
\u2013
(5.6)
(5.6)
\nBalance at 31 December 2021
71.3
111.7
17.0
35.7
458.2
693.9
\nBalance at 1 January 2022
71.3
111.7
17.0
35.7
458.2
693.9
\nTotal comprehensive income
\nfor the year:
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
13.6
13.6
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
(2.5)
(2.5)
\nTransactions with owners:
\nDividends
\u2013
\u2013
\u2013
\u2013
(31.6)
(31.6)
\nEquity-settled share-based
\npayment transactions
\u2013
\u2013
\u2013
\u2013
6.0
6.0
\nOwn shares acquired for share
\nincentive schemes (net)
\u2013
\u2013
\u2013
\u2013
(2.4)
(2.4)
\nBalance at 31 December 2022
71.3
111.7
17.0
35.7
441.3
677.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23654": {
"value": "Basis of preparation These \ufb01nancial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019)
\nand the Companies Act 2006.
\nThe separate \ufb01nancial statements of the Company are presented as required by the Companies Act 2006. The Company meets the
\nde\ufb01nition of a qualifying entity under FRS 100 Application of Financial Reporting Requirements issued by the FRC. Accordingly, these
\n\ufb01nancial statements are prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.
\nIn these \ufb01nancial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
\na cash \ufb02ow statement and related notes
\ncomparative period reconciliations for share capital, tangible \ufb01xed assets and intangible assets
\ntransactions with wholly-owned subsidiaries
\nthe effects of new but not yet effective IFRS
\nthe compensation of key management personnel; and
\ncapital management.
\nAs the consolidated \ufb01nancial statements of Morgan Advanced Materials plc include the equivalent disclosures, the Company has also taken
\nthe exemptions under FRS 101 available in respect of the following disclosures:
\nIFRS 2 Share-Based Payments in respect of Group-settled share-based payments; and
\nthe disclosures required by IFRS 7 Financial Instruments Disclosures.
\nThe Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next \ufb01nancial statements.
\nUnder Section 408(4) of the Companies Act 2006 the Company is exempt from the requirement to present its own income statement
\nor statement of comprehensive income.
\nThe Company\u2019s \ufb01nancial statements are presented in its functional currency, pounds sterling, generally rounded to the nearest million.
\nThe Company\u2019s \ufb01nancial statements are prepared on a going concern basis as set out in note 1 the consolidated \ufb01nancial statements of
\nthe Group.
\nThe accounting policies set out below have, unless otherwise stated, been applied consistently to the period presented in these
\n\ufb01nancial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23879": {
"value": "Financial guarantee contracts Where the Company enters into \ufb01nancial guarantee contracts to guarantee the indebtedness of other companies within its Group, the
\nCompany considers these to be insurance arrangements, and accounts for them as such. In this respect, the Company treats the guarantee
\ncontract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the
\nguarantee, at which point a liability would be recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24752": {
"value": "43. Fixed asset investments In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings as at 31 December 2022 is disclosed
\nbelow. Related undertakings include subsidiary undertakings, all signi\ufb01cant holdings (being 20% or more interest), associated undertakings,
\njoint ventures and qualifying partnerships. Unless otherwise stated the Group\u2019s shareholding represents Ordinary shares held indirectly by
\nthe Company.
\nName of undertaking
\nCountry of
\nincorporation
Registered of\ufb01ce address
\n% shareholding
\nowned by
\nthe Group
\nCarbo San Luis S.A.
\n11
\nArgentina
Talcahuano 736, 4th Floor, Buenos Aires, C1013AAP, Argentina
100.00%
\nMorgan Technical Ceramics
\nAustralia Pty Ltd
\nAustralia
4 Redwood Drive, Clayton, VIC 3168, Australia
100.00%
\nMorganite Australia Pty Ltd
\n12
\nAustralia
30-36 Birralee Road, Regency Park, SA 5010, Australia
100.00%
\nMorgan Mechanical Carbon
\nAustralasia Pty Ltd
\n1
\nAustralia
Unit 4, 92-100 Belmore Road, Riverwood, NSW 2210, Australia
100.00%
\nMorganite Brasil Ltda
\n13
\nBrazil
Avenida do Tabo\u00e3o 3265, Tabo\u00e3o, S\u00e3o Bernardo do Campo,
\nS\u00e3o Paulo, CEP 09656-000, Brazil
\n100.00%
\nMorgan Advanced Materials
\nCanada Inc.
\n14
\nCanada
1185 Walkers Line, Burlington, ON L7M 1L1, Canada
100.00%
\nCarbo Chile S.A.
Chile
Avenida San Eugenio 12462, Sitio 3, Loteo Estrella del Sur,
\nSantiago, Chile
\n100.00%
\nDalian Morgan Ceramics
\nCompany Ltd
\n15
\nChina
Zhenxing Road, Pulandian Economic Development Zone,
\nDalian, Liaoning Province, China
\n100.00%
\nMorgan Guangzhou Trading
\nCompany Limited
\nChina
Room 204, No. 10, Dalang North Street, Huangpu District,
\nGuangzhou, China
\n100.00%
\nMorgan Haldenwanger Technical
\nCeramics (Wuxi) Co. Ltd
\n15
\nChina
Gongyuanxi Road, Ding Shu Zhen, Yixing, Jiangsu Province
\n214221, China
\n100.00%
\nMorgan Molten Metal Systems
\n(Suzhou) Co. Ltd
\n1,16
\nChina
108 Tongsheng Road, Suzhou Industrial Park, Suzhou,
\nJiangsu Province, 215126, China
\n100.00%
\nMorgan Technical Ceramics
\n(Suzhou) Co. Ltd
\nChina
Room 09, 28th Floor (2809), 288 LongShan Road, Greenland
\nKanhu Plaze, Suzhou New District, Suzhou, 215163, China
\n100.00%
\nMorgan Thermal Ceramics
\n(Shanghai) Co. Ltd
\n1,15
\nChina
18 Kang An Road, Kang Qiao Industrial Zone, Pudong,
\nShanghai 201315, China
\n100.00%
\nMorgan International Trading
\n(Shanghai) Co. Ltd
\n1,15
\nChina
18 Kang An Road, Kang Qiao Industrial Zone, Pudong,
\nShanghai 201315, China
\n100.00%
\nShanghai Morgan Advanced Material
\nand Technology Co. Ltd
\n1,16
\nChina
4250 Long Wu Road, Shanghai, 200241, China
100.00%
\nJiangsu Morgan Ceramic Core
\nTechnology Co. Ltd
\n13,25
\nChina
2 Liye Road, Economic Development Zone, Wuxi, Jiangsu
\nProvince, 214131, China
\n100.00%
\n\n\nName of undertaking
\nCountry of
\nincorporation
Registered of\ufb01ce address
\n% shareholding
\nowned by
\nthe Group
\nMorgan AM&T (Shanghai) Co. Ltd
\n5,13
\nChina
4250 Long Wu Road, Shanghai, 200241, China
70.00%
\nMorgan Kailong (Jingmen) Thermal
\nCeramics Co. Ltd
\n5,15
\nChina
20-1 Quankou Road, Jingmen City, Hubei Province, 448032, China
70.00%
\nDalian Morgan Refractories Ltd
\n5,15
\nChina
No. 06 Xi\u2019nan Road, Shahekou District, Dalian, Liaoning Province
\n116200, China
\n70.00%
\nYixing Morgan Thermal Ceramics
\nCo. Ltd
\n6,15
\nChina
2 Beidan Road, Taodu Industrial Park, Ding Shu Zhen, Yixing,
\nJiangsu, 214222, China
\n51.00%
\nThermal Ceramics de Colombia
\n9
\nColombia
Calle 18 No. 23-31, Bodega 1, Guadalajara de Buga-Valle,
\nAA 5086, Colombia
\n100.00%
\nMorgan Carbon France S.A.S
France
6 rue du R\u00e9servoir, 68420 Eguisheim, France
100.00%
\nThermal Ceramics de France S.A.S.U.
\n16
\nFrance
Centre de Vie BP 75, 3 rue du 18 Juin 1827,
\n42162 Andr\u00e9zieux-Bouth\u00e9on, France
\n100.00%
\nThermal Ceramics S.A.
\n10,16
\nFrance
Centre de Vie BP 75, 3 rue du 18 Juin 1827,
\n42162 Andr\u00e9zieux-Bouth\u00e9on, France
\n100.00%
\nMorgan Advanced Materials
\nHaldenwanger GmbH
\n17
\nGermany
Teplitzerstra\u00dfe 27, 84478 Waldkraiburg, Germany
100.00%
\nMorgan Electrical Carbon
\nDeutschland GmbH
\nGermany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
\nMorgan Thermal Ceramics
\nDeutschland GmbH
\nGermany
Weidenbaumsweg 103, 21035, Hamburg, Germany
100.00%
\nMorgan Molten Metal Systems GmbH
Germany
Noltinastra\u00dfe 29, 37297 Berkatal-Frankenhain, Germany
100.00%
\nMorgan Deutschland Holding GmbH
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
\nPorextherm D\u00e4mmstoffe GmbH
Germany
Heisingerstra\u00dfe 8/10, 87437 Kempten (Allg\u00e4u), Germany
100.00%
\nMorgan Holding GmbH
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
\nThe Morgan Crucible
\nManagement GmbH
\nGermany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
\nWesgo Ceramics GmbH
Germany
Willi-Grasser-Stra\u00dfe 11, 91056 Erlangen, Germany
100.00%
\nRefractarios Nacionales S.A.
Guatemala
Km. 34.5, Ruta al Pac\u00ed\ufb01co, Pal\u00edn, Escuintla, Guatemala
100.00%
\nMorgan AM&T Hong Kong
\nCompany Ltd
\nHong Kong
Units 4-6, 11/F, Siu Wai Industrial Centre, 29-33 Wing Hong Street,
\nCheung Sha Wan, Kowloon, Hong Kong
\n100.00%
\nMorgan Materials Hungary Limited
\nLiability Company
\n15
\nHungary
Csillagvir\u00e1g utca 7, 1106 Budapest, Hungary
100.00%
\nMorgan Advanced Materials India
\nPrivate Ltd
\nIndia
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
100.00%
\nMorganite Crucible (India) Ltd
India
B-11, MIDC Industrial Area, Waluj, Aurangabad, 431136,
\nMaharashtra, India
\n75.00%
\nCiria India Limited
\n15
\nIndia
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091 India
70.00%
\nMurugappa Morgan Thermal
\nCeramics Ltd
\n6
\nIndia
PO Box 1570, Dare House Complex, Old No. 234/New No. 2,
\nNSC Bose Road, Chennai, 600001 India
\n51.00%
\nThermal Ceramics Italiana S.R.L.
\n13
\nItaly
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
\nMorgan Carbon Italia S.R.L.
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
\nMorganite Carbon Kabushiki Kaisha
Japan
1-5, Isogamidori 7-chome, Chuo-ku, Kobe-shi, Hyogo, Japan
100.00%
\nShin-Nippon Thermal
\nCeramics Corporation
\nJapan
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-ku,
\nSakai-shi, Osaka 590-0985, Japan
\n50.00%
\nMorgan Korea Company Ltd
\n4,18
\nKorea
27 Nongongjoongang-ro 46 gil, Nongong-eup, Dalseong-gun,
\nDaegu-si, Republic of Korea
\n93.19%
\nMorganite Luxembourg S.A.
Luxembourg
BP 15, Capellen, L-8301, Luxembourg
100.00%
\nGra\ufb01tos y Maquinados S.A. de C.V.
\n1,19
\nMexico
Cerrada de la Paz No. 101, Col. Industrial La Paz,
\nPachuca Hidalgo, Mexico
\n100.00%
\nName of undertaking
\nCountry of
\nincorporation
Registered of\ufb01ce address
\n% shareholding
\nowned by
\nthe Group
\nGrupo Industrial Morgan
\nS.A. de C.V.
\n1,19
\nMexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
\nMineral de la Reforma, 42181 Hidalgo, 42092, Mexico
\n100.00%
\nMorgan Technical Ceramics
\nS.A. de C.V.
\n19
\nMexico
Av. Fulton No. 20, Fraccionamiento Industrial Valle de Oro,
\nSan Juan del Rio, Queretaro C.P. 76802, Mexico
\n100.00%
\nMorgan Holding Netherlands B.V.
Netherlands
Oude Veiling 3, 1689 AA Zwaag, The Netherlands
100.00%
\nMorgan Terrassen B.V.
Netherlands
Oude Veiling 3, 1689 AA Zwaag, The Netherlands
100.00%
\nMorgan AM&T B.V.
Netherlands
Oude Veiling 3, 1689 AA Zwaag, The Netherlands
100.00%
\nMorgan Carbon Polska Sp.zoo
Poland
ul. Iskry 26, 01-472 Warszawa, Poland
100.00%
\nThermal Ceramics Polska Sp.zoo
Poland
Towarowa 9, 44-100 Gliwice, Poland
100.00%
\nMorgan Ceramics Asia Pte Ltd
\n1
\nSingapore
150 Kampong Ampat, #05-06A, KA Centre, 368324, Singapore
100.00%
\nMorganite Ujantshi (Pty) Ltd
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
74.90%
\nThermal Ceramics South Africa
\n(Pty) Ltd
\nSouth Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
\nMorganite South Africa (Pty) Ltd
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
\nThermal Ceramics Espa\u00f1a S.L.
Spain
Av. Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
\nMorganite Espa\u00f1ola S.A.
Spain
Av. Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
\nMorgan Matroc S.A. (in liquidation)
Spain
Roger de Lluria 104 5\u00ba-2\u00aa, 08037 Barcelona, Spain
100.00%
\nMorgan Advanced Materials
\n(Taiwan) Co. Ltd
\nTaiwan
25 Hsin-Yeh Street, Hsiao Kang, Kaohsiung 81208, Taiwan
100.00%
\nMorganite Thermal Ceramics
\n(Taiwan) Ltd
\nTaiwan
c/o Baker & McKenzie, 15/f, 168 Tun Hwa North Road,
\nTaipei 105, Taiwan
\n88.00%
\nMorgan Holdings
\n(Thailand) Ltd
\n2
\nThailand
22nd-25th Floor, 990 Abdulrahim Place, Rama IV Road, Khwaeng
\nSilom Sub-district, Bangrak District, Bangkok, 10500, Thailand
\n100.00%
\nMorgan Technical Ceramics
\n(Thailand) Ltd
\n2
\nThailand
No. 958 On-nuch Road, Khwaeng Suanluang, Khet Suanluang,
\nBangkok, 10250, Thailand
\n100.00%
\nMKGS Morgan Karbon Gra\ufb01t
\nSanayi Anonim Sirketi
\nTurkey
Osmangazi Mahallesi 2647, Sokak No. 27/3, K\u0131ra\u00e7, Esenyurt,
\nIstanbul 34522, Turkey
\n100.00%
\nMorgan Advanced Materials
\nIndustries Ltd
\nUnited Arab
\nEmirates
\nKHIA4\u201307A, Khalifa Industrial Zone Abu Dhabi (KIZAD),
\nAbu Dhabi, United Arab Emirates
\n100.00%
\nCertech International Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMCCo Limited
\n7
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMNA Finance Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan Electro Ceramics Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan Europe Holding Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan European Finance Limited
United
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan Finance Management Limited
United
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan Holdings Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan International
\nHolding Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorgan North America
\nHolding Limited
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\n\n\n\nName of undertaking
\nCountry of
\nincorporation
Registered of\ufb01ce address
\n% shareholding
\nowned by
\nthe Group
\nMorgan Technical Ceramics Limited
United
\nKingdom
\nMorgan Advanced Materials \u2013 Technical Ceramics, Morgan Drive,
\nStourport-on-Severn, Worcestershire DY13 8DW, UK
\n100.00%
\nMorgan Trans Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorganite Carbon Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorganite Crucible Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nMorganite Electrical Carbon Limited
United
\nKingdom
\nUpper Fforest Way, Morriston, Swansea, West Glamorgan,
\nSA6 8PP, UK
\n100.00%
\nMorganite Special Carbons Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nPetty France Investment
\nNominees Limited
\n1
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nTCG Guardian 1 Limited
United
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nTCG Guardian 2 Limited
United
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nTerrassen Holdings Limited
\n8
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nThe Morgan Crucible
\nCompany Limited
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nThermal Ceramics Limited
\n7
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
\nThermal Ceramics UK Limited
United
\nKingdom
\nTebay Road, Bromborough, Wirral, CH62 3PH, UK
100.00%
\nClearpower Ltd
\n3,20
\nUnited
\nKingdom
\nYork House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
\nCertech, Inc.
\n22
\nUnited States
1 Park Place West, Wood-Ridge, New Jersey, 07075, USA
100.00%
\nGraphite Die Mold, Inc.
\n22
\nUnited States
18 Air Line Park, Durham, Connecticut 06422-1000, USA
100.00%
\nMorgan Advanced Ceramics, Inc.
\n22
\nUnited States
2425 Whipple Road, Hayward, California 94544, USA
100.00%
\nMorgan Advanced Materials and
\nTechnology Inc.
\n22
\nUnited States
441 Hall Avenue, St Marys, Pennsylvania 15857, USA
100.00%
\nMorganite Crucible Inc.
\n23
\nUnited States
2102 Old Savannah Road, Augusta, Georgia 30906, USA
100.00%
\nMorganite Industries Inc.
\n24
\nUnited States
4000 West Chase Blvd, Suite 170, Raleigh,
\nNorth Carolina 27607, USA
\n100.00%
\nNational Electrical Carbon
\nProducts, Inc.
\n14
\nUnited States
PO Box 1056, 251 Forrester Drive, Greenville,
\nSouth Carolina 29602, USA
\n100.00%
\nThermal Ceramics Inc.
\n22
\nUnited States
PO Box 923, 2102 Old Savannah Road, Augusta,
\nGeorgia 30906, USA
\n100.00%
\nThermal Ceramics de
\nVenezuela C.A.
\n15
\nVenezuela
Zona Ind. El Recreo, Av. 87 N\u00b0105-121, Flor Amarillo,
\nValencia Edo. Carabobo, Venezuela
\n100.00%
\n1.
Directly owned by Morgan Advanced Materials plc.
\n2.
99.98% owned by Morgan Advanced Materials plc.
\n3.
99% owned by Morgan Advanced Materials plc.
\n4.
93.19% owned by Morgan Advanced Materials plc.
\n5.
70% owned by Morgan Advanced Materials plc.
\n6.
51% owned by Morgan Advanced Materials plc.
\n7.
50% owned by Morgan Advanced Materials plc.
\n8.
8.18% owned by Morgan Advanced Materials plc.
\n9.
4% owned by Morgan Advanced Materials plc.
\n10. 1.98% owned by Morgan Advanced Materials plc.
\n11.
Ownership held in Class A and Class B Common Stock.
\n12. Ownership held in Ordinary and Non-Cumulative Non-Participating Redeemable
\nPreference Shares.
\n13. Ownership held in Quotas.
\n14. Ownership held in Common Stock of no par value.
\n15. Ownership held in Registered Capital.
\n16. Ownership held in Ordinary Shares of no par value.
\n17. Ownership held in Partnership Shares.
\n18. Ownership held in Common and Preference Shares.
\n19. Ownership held in Series A and Series B.
\n20. Ownership held in Ordinary A, B and C and Preference A and B Shares.
\n21. Ownership held in Ordinary A and B Shares.
\n22. Ownership held in Common Stock.
\n23. Ownership held in Preferred Stock and no par Common Stock.
\n24. Ownership held in Class A, Class B and Class C Common Stock.
\n25. De-registered February 2023.
\nUK incorporated subsidiaries which have taken exemption from audit per Section 479A of the Companies Act 2006 for the year ended
\n31 December 2022 are listed below.
\nMorgan Advanced Materials plc will guarantee the debts and liabilities of the companies claiming the statutory audit exemption at the
\nbalance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss
\nunder the guarantee as remote.
\nName of undertaking
\nRegistered
\nnumber
\nClearpower Limited
06247523
\nMCCO Limited
03246886
\nMNA Finance Limited
10423297
\nMorgan Europe Holding Limited
02540399
\nMorgan European Finance Limited
09910922
\nMorgan Finance Management Limited
10423619
\nMorgan Holdings Limited
01956134
\nMorgan International Holding Limited
10677668
\nMorgan North America Holding Limited
08789720
\nMorgan Trans Limited
02557161
\nMorganite Carbon Limited
00679647
\nMorganite Crucible Limited
02133533
\nTCG Guardian 2 Limited
05564065
\nTerrassen Holdings Limited
01352995
\nThe Morgan Crucible Company Limited
07328730",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25978": {
"value": "York House, Sheet Street, Windsor, SL4 1DD",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:I4K14LL95N2PHDL7EG85",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}