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Pete Raby
Richard Armitage
Chief Executive Of\ufb01cer
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"concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00390": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00391": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00393": { "value": "163000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:I4K14LL95N2PHDL7EG85", 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"ConsolidatedStatementOfCashFlows_Label_00723": { "value": "-9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00725": { "value": "111500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00726": { "value": "124500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "1. Material 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
Act and is headquartered in the UK. The address of the registered office is given in Shareholder information on page 206. The principal
activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic Report.
The Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The Parent
Company financial statements present information about the Company as a separate entity and not about its Group. These consolidated
financial statements have been drawn up to 31 December 2024. The Group maintains a 12-month calendar financial year ending on
31 December.
The Group financial 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. The Company has elected to
prepare its Parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
these are presented on pages 181 to 199.
Certain line items in the primary statements have been disaggregated to provide greater clarity, and accordingly, the corresponding prior
year comparative amounts have been re-presented for consistency and comparability between periods. The comparative period includes
\u00a313.5 million of pension assets that were previously presented net within pension liabilities. There is no impact on net profit, net assets or
cash flows.
Except for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
applied consistently to all periods presented in these Group financial statements.
Material accounting policies
Measurement convention
The financial statements are prepared on the historical cost basis except for derivative financial instruments and financial instruments
designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
Functional and presentation currency
The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
Basis of consolidation
(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
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.
(iii) Transactions eliminated on consolidation
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the
investment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations are
translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the dates
of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.
Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.
Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring a promised good or service to a
customer. The Group\u2019s principal performance obligation is the provision of products and components, and is satisfied at a point in time and
subject to payment terms typical to the geography in which the business operates. For goods that are collected by the customer, revenue
is recognised at the point the customer has taken physical possession of the goods. For contracts that include delivery of goods, the
delivery element of the contract constitutes a separate performance obligation because it is distinct. For these contracts, control of the
goods does not transfer to the customer until the goods have been delivered and therefore both performance obligations are satisfied
simultaneously. Revenue for these contracts is therefore recognised on delivery.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products GBU. Revenue for these
contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
IFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and by GBU, which are aligned by product type, in note 3 to the consolidated financial statements.
Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expense relating to the research phase is recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expense relating to
development is capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expense which does not meet
the capitalisation criteria is expensed as incurred.
Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.
Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement.
Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(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,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
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 and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under 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 those
costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n \n
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.
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
there is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
The recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is
recognised immediately in the income statement.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
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 of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.
Trade and other payables
Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised
cost using the effective interest method.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.
Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine 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
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.
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
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.
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 of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.
Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.
Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by The Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid which includes directly attributable costs is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.
Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the
application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Critical accounting judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the
consolidated financial statements is included in the following notes:
Note 6: Speci\ufb01c adjusting items
The Group separately presents specific adjusting items in the consolidated income statement which, in the Directors\u2019 judgement,
need to be disclosed separately by virtue of their size and incidence in order for users of the consolidated financial statements to obtain
an alternative understanding of the financial information and the underlying performance of the business. These are items which occur
infrequently and include (but are not limited to):
Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
Impairment of non-financial assets which are material;
Gains or losses on disposal or exit of businesses;
Significant costs incurred as part of the integration of an acquired business;
Gains or losses arising on significant changes to or closures of defined benefit pension plans; and
Design, configuration, customisation and implementation of a Global ERP system.
Determining whether an item is part of specific adjusting items requires judgement to determine the nature and the intention of
the transaction.
Note 24: Provisions and contingent liabilities
Due to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
whether a contingent liability has crystallised into a provision. Management assesses whether there is sufficient information to determine
that an environmental liability exists and whether it is possible to estimate with sufficient reliability what the cost of remediation is likely to
be. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
or sufficient information becomes available through the study to estimate the costs of remediation.
The Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
on past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and
associated negotiations.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in
the notes below.
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 of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet.
Other assumptions and estimates which have a lower risk of resulting in a material adjustment
to the carrying amounts of assets and liabilities within the next 12 months include:
Notes 8 and 14: Taxation
The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
the Group operates.
The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately
provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final
outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments,
past experience with tax authorities, recent case law or rulings on similar issues and external advice received.
Note 21: Credit risk
Note 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
allowance for its estimate of expected credit losses against receivables.
Climate change-related risks and opportunities
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in
the Group\u2019s TCFD disclosures on pages 33 to 42. Management has assessed the potential financial impacts relating to the identified risks,
primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
assets, and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are
no further material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements.
These judgements will be kept under review by management as the future impacts of climate change depend on environmental,
regulatory and other factors outside of the Group\u2019s control, which are not all currently known.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the
Financial Review on pages 50 to 54. In addition, note 21 to the consolidated financial statements includes the Group\u2019s policies and
processes for managing financial risk, details of its financial instruments and hedging activities, and details of its exposures to credit risk
and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements. The principal borrowing facilities are
subject to covenants that are measured semi-annually with reference to net debt to EBITDA and interest cover as at 31 December 2024.
The Group had both significant available liquidity and headroom on its covenants and no scheduled debt maturities until 2026.
A number of stress test scenarios have been performed to demonstrate the decline in business performance required in order for the
Group to breach its banking covenants. The Directors do not consider these scenarios to be plausible given the diversity of the Group\u2019s
end-markets and its broad manufacturing base.
The Board and Executive Committee regularly review principal and emerging risks including climate change risk and consider the impact
of these risks in the context of the viability and going concern assessments on pages 55 and 56. The Directors have a reasonable
expectation that the Company and the Group have adequate resources to continue in operational existence for a period of 18 months
from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern basis in preparing the
Annual Report and Accounts.
Alternative performance measures
The Group monitors business performance through alternative performance measures (APMs) which are not defined under IFRS and are
therefore non-GAAP measures. The APMs provide useful information to stakeholders, including additional insight into ongoing trading and
year-on-year comparisons. These APMs are not a substitute for IFRS measures but are complementary to them. The Group defines each
APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The definition, purpose and
reconciliation to statutory figures where applicable are included on pages 202 to 205.
Newly adopted standards
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to IAS 1 Non-current Liabilities with Covenants.
Amendments to IAS 1 Classification of liabilities as current or non-current.
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements.
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
IFRS S1 \u2018General requirements for Disclosure of Sustainability-related Financial Information\u2019.
IFRS S2 \u2018Climate-related Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019.
Amendments to IAS 21 Lack of Exchangeability.
IFRS 18: Presentation and Disclosure in Financial Statements.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025 and adoption is not expected to lead to any
material changes to the Group\u2019s accounting policies or have any other material impact on the financial position or performance of the
Group. IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 Presentation of Financial Statements.
The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and
financing, introduces disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other
disclosure information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the
effect of IFRS 18 on these consolidated financial statements.
There 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "1. Material 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
Act and is headquartered in the UK. The address of the registered office is given in Shareholder information on page 206. The principal
activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic Report.
The Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The Parent
Company financial statements present information about the Company as a separate entity and not about its Group. These consolidated
financial statements have been drawn up to 31 December 2024. The Group maintains a 12-month calendar financial year ending on
31 December.
The Group financial 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. The Company has elected to
prepare its Parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
these are presented on pages 181 to 199.
Certain line items in the primary statements have been disaggregated to provide greater clarity, and accordingly, the corresponding prior
year comparative amounts have been re-presented for consistency and comparability between periods. The comparative period includes
\u00a313.5 million of pension assets that were previously presented net within pension liabilities. There is no impact on net profit, net assets or
cash flows.
Except for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
applied consistently to all periods presented in these Group financial statements.
Material accounting policies
Measurement convention
The financial statements are prepared on the historical cost basis except for derivative financial instruments and financial instruments
designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
Functional and presentation currency
The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
Basis of consolidation
(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
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.
(iii) Transactions eliminated on consolidation
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the
investment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations are
translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the dates
of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.
Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.
Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring a promised good or service to a
customer. The Group\u2019s principal performance obligation is the provision of products and components, and is satisfied at a point in time and
subject to payment terms typical to the geography in which the business operates. For goods that are collected by the customer, revenue
is recognised at the point the customer has taken physical possession of the goods. For contracts that include delivery of goods, the
delivery element of the contract constitutes a separate performance obligation because it is distinct. For these contracts, control of the
goods does not transfer to the customer until the goods have been delivered and therefore both performance obligations are satisfied
simultaneously. Revenue for these contracts is therefore recognised on delivery.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products GBU. Revenue for these
contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
IFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and by GBU, which are aligned by product type, in note 3 to the consolidated financial statements.
Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expense relating to the research phase is recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expense relating to
development is capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expense which does not meet
the capitalisation criteria is expensed as incurred.
Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.
Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement.
Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(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,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
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 and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under 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 those
costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n \n
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.
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
there is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
The recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is
recognised immediately in the income statement.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
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 of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.
Trade and other payables
Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised
cost using the effective interest method.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.
Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine 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
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.
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
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.
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 of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.
Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.
Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by The Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid which includes directly attributable costs is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.
Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the
application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Critical accounting judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the
consolidated financial statements is included in the following notes:
Note 6: Speci\ufb01c adjusting items
The Group separately presents specific adjusting items in the consolidated income statement which, in the Directors\u2019 judgement,
need to be disclosed separately by virtue of their size and incidence in order for users of the consolidated financial statements to obtain
an alternative understanding of the financial information and the underlying performance of the business. These are items which occur
infrequently and include (but are not limited to):
Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
Impairment of non-financial assets which are material;
Gains or losses on disposal or exit of businesses;
Significant costs incurred as part of the integration of an acquired business;
Gains or losses arising on significant changes to or closures of defined benefit pension plans; and
Design, configuration, customisation and implementation of a Global ERP system.
Determining whether an item is part of specific adjusting items requires judgement to determine the nature and the intention of
the transaction.
Note 24: Provisions and contingent liabilities
Due to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
whether a contingent liability has crystallised into a provision. Management assesses whether there is sufficient information to determine
that an environmental liability exists and whether it is possible to estimate with sufficient reliability what the cost of remediation is likely to
be. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
or sufficient information becomes available through the study to estimate the costs of remediation.
The Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
on past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and
associated negotiations.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in
the notes below.
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 of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet.
Other assumptions and estimates which have a lower risk of resulting in a material adjustment
to the carrying amounts of assets and liabilities within the next 12 months include:
Notes 8 and 14: Taxation
The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
the Group operates.
The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately
provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final
outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments,
past experience with tax authorities, recent case law or rulings on similar issues and external advice received.
Note 21: Credit risk
Note 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
allowance for its estimate of expected credit losses against receivables.
Climate change-related risks and opportunities
The potential climate change-related risks and opportunities to which the Group is exposed, as identified by management, are disclosed in
the Group\u2019s TCFD disclosures on pages 33 to 42. Management has assessed the potential financial impacts relating to the identified risks,
primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived
assets, and the recoverability of the Group\u2019s deferred tax assets. Management has exercised judgement in concluding that there are
no further material financial impacts of the Group\u2019s climate-related risks and opportunities on the consolidated financial statements.
These judgements will be kept under review by management as the future impacts of climate change depend on environmental,
regulatory and other factors outside of the Group\u2019s control, which are not all currently known.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in
the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the
Financial Review on pages 50 to 54. In addition, note 21 to the consolidated financial statements includes the Group\u2019s policies and
processes for managing financial risk, details of its financial instruments and hedging activities, and details of its exposures to credit risk
and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements. The principal borrowing facilities are
subject to covenants that are measured semi-annually with reference to net debt to EBITDA and interest cover as at 31 December 2024.
The Group had both significant available liquidity and headroom on its covenants and no scheduled debt maturities until 2026.
A number of stress test scenarios have been performed to demonstrate the decline in business performance required in order for the
Group to breach its banking covenants. The Directors do not consider these scenarios to be plausible given the diversity of the Group\u2019s
end-markets and its broad manufacturing base.
The Board and Executive Committee regularly review principal and emerging risks including climate change risk and consider the impact
of these risks in the context of the viability and going concern assessments on pages 55 and 56. The Directors have a reasonable
expectation that the Company and the Group have adequate resources to continue in operational existence for a period of 18 months
from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern basis in preparing the
Annual Report and Accounts.
Alternative performance measures
The Group monitors business performance through alternative performance measures (APMs) which are not defined under IFRS and are
therefore non-GAAP measures. The APMs provide useful information to stakeholders, including additional insight into ongoing trading and
year-on-year comparisons. These APMs are not a substitute for IFRS measures but are complementary to them. The Group defines each
APM and therefore they may not be directly comparable with similarly named metrics in other businesses. The definition, purpose and
reconciliation to statutory figures where applicable are included on pages 202 to 205.
Newly adopted standards
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to IAS 1 Non-current Liabilities with Covenants.
Amendments to IAS 1 Classification of liabilities as current or non-current.
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements.
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
IFRS S1 \u2018General requirements for Disclosure of Sustainability-related Financial Information\u2019.
IFRS S2 \u2018Climate-related Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019.
Amendments to IAS 21 Lack of Exchangeability.
IFRS 18: Presentation and Disclosure in Financial Statements.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025 and adoption is not expected to lead to any
material changes to the Group\u2019s accounting policies or have any other material impact on the financial position or performance of the
Group. IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 Presentation of Financial Statements.
The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and
financing, introduces disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other
disclosure information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the
effect of IFRS 18 on these consolidated financial statements.
There are no other upcoming accounting standards or amendments that are applicable to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00578": { "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 office is given in Shareholder information on page 206. The principal
activities of the Company and its subsidiaries and the nature of the Group\u2019s operations are set out in the Strategic Report.
The Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The Parent
Company financial statements present information about the Company as a separate entity and not about its Group. These consolidated
financial statements have been drawn up to 31 December 2024. The Group maintains a 12-month calendar financial year ending on
31 December.
The Group financial 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. The Company has elected to
prepare its Parent Company financial statements in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework;
these are presented on pages 181 to 199.
Certain line items in the primary statements have been disaggregated to provide greater clarity, and accordingly, the corresponding prior
year comparative amounts have been re-presented for consistency and comparability between periods. The comparative period includes
\u00a313.5 million of pension assets that were previously presented net within pension liabilities. There is no impact on net profit, net assets or
cash flows.
Except for the changes set out in the adoption of new and revised standards section, the accounting policies set out below have been
applied consistently to all periods presented in these Group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Morgan Advanced Materials plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "UK", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00554": { "value": "The Group financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00594": { "value": "Material accounting policies
Measurement convention
The financial statements are prepared on the historical cost basis except for derivative financial instruments and financial instruments
designated as fair value through other comprehensive income (\u2018FVOCI\u2019).
Functional and presentation currency
The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
Basis of consolidation
(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
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.
(iii) Transactions eliminated on consolidation
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the
investment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations are
translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the dates
of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.
Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.
Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring a promised good or service to a
customer. The Group\u2019s principal performance obligation is the provision of products and components, and is satisfied at a point in time and
subject to payment terms typical to the geography in which the business operates. For goods that are collected by the customer, revenue
is recognised at the point the customer has taken physical possession of the goods. For contracts that include delivery of goods, the
delivery element of the contract constitutes a separate performance obligation because it is distinct. For these contracts, control of the
goods does not transfer to the customer until the goods have been delivered and therefore both performance obligations are satisfied
simultaneously. Revenue for these contracts is therefore recognised on delivery.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products GBU. Revenue for these
contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
IFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and by GBU, which are aligned by product type, in note 3 to the consolidated financial statements.
Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expense relating to the research phase is recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expense relating to
development is capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expense which does not meet
the capitalisation criteria is expensed as incurred.
Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.
Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.
Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations is shown as a single line on the face of the consolidated income statement, separate from the results of the rest of the Group.
Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement.
Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(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,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
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 and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under 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 those
costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n \n
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.
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
there is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
The recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is
recognised immediately in the income statement.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised.
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 of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.
Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.
Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.
Trade and other payables
Trade and other payables are recognised initially at transaction price. Subsequent to initial recognition, they are measured at amortised
cost using the effective interest method.
Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.
Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine 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
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.
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
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.
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 of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.
Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.
Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by The Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid which includes directly attributable costs is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.
Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.
Critical accounting judgements and key sources of estimation uncertainty
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the
application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Critical accounting judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the
consolidated financial statements is included in the following notes:
Note 6: Speci\ufb01c adjusting items
The Group separately presents specific adjusting items in the consolidated income statement which, in the Directors\u2019 judgement,
need to be disclosed separately by virtue of their size and incidence in order for users of the consolidated financial statements to obtain
an alternative understanding of the financial information and the underlying performance of the business. These are items which occur
infrequently and include (but are not limited to):
Individual restructuring projects which are material or relate to the closure of a part of the business and are not expected to recur;
Impairment of non-financial assets which are material;
Gains or losses on disposal or exit of businesses;
Significant costs incurred as part of the integration of an acquired business;
Gains or losses arising on significant changes to or closures of defined benefit pension plans; and
Design, configuration, customisation and implementation of a Global ERP system.
Determining whether an item is part of specific adjusting items requires judgement to determine the nature and the intention of
the transaction.
Note 24: Provisions and contingent liabilities
Due to the nature of its operations, the Group holds provisions for its environmental obligations. Judgement is needed in determining
whether a contingent liability has crystallised into a provision. Management assesses whether there is sufficient information to determine
that an environmental liability exists and whether it is possible to estimate with sufficient reliability what the cost of remediation is likely to
be. For environmental remediation matters, this tends to be at the point in time when a remediation feasibility study has been completed,
or sufficient information becomes available through the study to estimate the costs of remediation.
The Group will recognise a legal provision at the point when the outcome of a legal matter can be reliably estimated. Estimates are based
on past experience of similar issues, professional advice received and the Group\u2019s assessment of the most likely outcome. The timing of the
utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the outcome of various court proceedings and
associated negotiations.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in
the notes below.
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 of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet.
Other assumptions and estimates which have a lower risk of resulting in a material adjustment
to the carrying amounts of assets and liabilities within the next 12 months include:
Notes 8 and 14: Taxation
The level of current tax and deferred tax recognised is dependent on the tax rates in effect at the balance sheet date, and on subjective
judgements as to the outcome of decisions to be made by the tax authorities in the various tax jurisdictions around the world in which
the Group operates.
The Group periodically assesses its liabilities and contingencies for all tax years open to audit based on the latest information available.
The Group records its best estimate of these tax liabilities, including related interest charges. While management believes it has adequately
provided for the probable outcome of these matters, future results may include adjustments to these estimated tax liabilities and the final
outcome of tax examinations may result in a materially different outcome than that assumed in the tax liabilities. Provisions are made
against individual exposures taking into account the specific circumstances of each case, including the strengths of technical arguments,
past experience with tax authorities, recent case law or rulings on similar issues and external advice received.
Note 21: Credit risk
Note 21 contains information about the Group\u2019s exposure to credit risk, including a sensitivity analysis. The Group establishes a loss
allowance for its estimate of expected credit losses against receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Measurement convention
The financial statements are prepared on the historical cost basis except for derivative financial instruments and financial instruments
designated as fair value through other comprehensive income (\u2018FVOCI\u2019).", "dimensions": { "concept": "mgam:DescriptionOfAccountingPolicyForMeasurementConventionExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "Functional and presentation currency The Group\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Basis of consolidation
(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
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.
(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
other professional and consulting fees, are expensed as incurred.
(iii) Transactions eliminated on consolidation
Intra-Group balances and any unrealised gains and losses or income and expenses arising from intra-Group transactions are eliminated
in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the
investment to the extent of the Group\u2019s interest in the associate. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "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
from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which
control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00589": { "value": "(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
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
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00590": { "value": "(ii) Acquisitions
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group. The Group measures goodwill as the acquisition-date fair value of the consideration transferred, including the
amount of any non-controlling interest in the acquiree, less the net of the acquisition-date fair values of the identifiable assets acquired and
liabilities assumed, including contingent liabilities as required by IFRS 3.
Consideration transferred includes the fair values of assets transferred, liabilities incurred by the Group to the previous owners of the
acquiree, equity interests issued by the Group, contingent consideration and share-based payment awards of the acquiree that are replaced
in the business combination. Any contingent consideration payable is recognised at fair value at the acquisition date. Subsequent changes to
the fair value of contingent consideration that is not classified as equity is recognised in the income statement.
Transaction costs that the Group incurs in connection with a business combination, such as finder\u2019s fees, legal fees, due diligence fees and
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
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies at the balance sheet date are translated to pounds sterling at the foreign exchange rate ruling
at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair
value are translated to pounds sterling at foreign exchange rates ruling at the dates the fair values are determined.
(ii) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to
pounds sterling at foreign exchange rates ruling at the balance sheet date. The revenue, expenses and cash flows of foreign operations are
translated to pounds sterling at an average rate for the period where this approximates to the foreign exchange rates ruling at the dates
of the transactions. Foreign exchange differences arising on retranslation since the adoption of IFRS are recognised directly in other
comprehensive income and accumulated in the translation reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "Speci\ufb01c adjusting items
The Group presents specific adjusting items separately in the consolidated income statement. These are items which occur infrequently
and are presented separately in the consolidated income statement due to their nature and size. The Directors consider disclosure of
specific adjusting items necessary for the users of the financial statements to obtain an alternative understanding of the financial information
and underlying performance of the business.", "dimensions": { "concept": "mgam:DescriptionOfAccountingSpecificAdjustingItemsExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "Revenue
Revenue is recognised as or when the Group satisfies a contractual performance obligation by transferring a promised good or service to a
customer. The Group\u2019s principal performance obligation is the provision of products and components, and is satisfied at a point in time and
subject to payment terms typical to the geography in which the business operates. For goods that are collected by the customer, revenue
is recognised at the point the customer has taken physical possession of the goods. For contracts that include delivery of goods, the
delivery element of the contract constitutes a separate performance obligation because it is distinct. For these contracts, control of the
goods does not transfer to the customer until the goods have been delivered and therefore both performance obligations are satisfied
simultaneously. Revenue for these contracts is therefore recognised on delivery.
Substantially, all of the Group\u2019s revenue is derived from short-term contracts for the provision of products and components. A smaller
portion of the Group\u2019s revenue relates to project-based business, principally within the Thermal Products GBU. Revenue for these
contracts is recognised in line with fulfilment of contractual performance obligations stated in the contract.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised
will not occur. The transaction price is determined as the amount receivable for the provision of products and components excluding
rebates, discounts and similar items. Determining the transaction price does not require significant judgement. The costs incurred in
obtaining contracts are not material and the Group acts as a principal in its transactions with customers.
IFRS 15 Revenue from Contracts with Customers requires revenue to be disaggregated into categories that depict how the nature,
amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Group discloses revenue disaggregated
by geography, end-market and by GBU, which are aligned by product type, in note 3 to the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "Research and development
The Group undertakes research and development activities as part of continual improvement of existing products and exploring new
products. Expense relating to the research phase is recognised in the income statement as incurred. During the development phase
the Group applies the research to improve existing products or offer new products by solving technical problems. Expense relating to
development is capitalised where the expense can be reliably measured, the asset created is technically and commercially feasible,
the Group intends to complete and use or sell the asset and future economic benefits are probable. Expense which does not meet
the capitalisation criteria is expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00585": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "Finance income and expense
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate method, interest receivable on
funds invested, gains and losses on hedging instruments that are recognised in the income statement, interest on IFRS 16 lease liabilities
and net interest on IAS 19 pension assets and IAS 19 obligations. Interest income is recognised in the income statement as it accrues,
using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Taxation
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to
the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised in equity
or other comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00588": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00581": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are
not provided for: the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither accounting nor taxable
profit and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets
and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits 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 benefit will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00587": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00586": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00580": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Discontinued operations
Where the Group has disposed of or has classified as held-for-sale a business component which represents a separate major line of
business or geographical area of operations, it classifies such operations as discontinued. The post-tax profit or loss of the discontinued
operations 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00584": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00583": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00582": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency risk cash flow hedges. Hedges of foreign
exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Group
documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its
strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group
documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable
to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
There is an economic relationship between the hedged item and the hedging instrument;
The effect of credit risk does not dominate the value changes that result from that economic relationship; and
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually
hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management
objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship
(for example rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of
a forward contract (for example including the forward elements) as the hedging instrument for all of its hedging relationships involving
forward contracts.
Note 21 sets out details of the fair values of the derivative instruments used for hedging purposes.
Movements in the hedging reserve in equity are detailed in note 19.
Fair value hedges
The fair value change on qualifying hedging instruments is recognised in the income statement.
Where hedging gains or losses are recognised in income statement, they are recognised in the same line as the hedged item.
Cash \ufb02ow hedges
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify
as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to the income statement in the
periods when the hedged item affects the income statement, in the same line as the recognised hedged item. However, when the hedged
forecast transaction results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously recognised
in other comprehensive income and accumulated in equity are removed from equity and included in the initial measurement of the cost
of the non-financial asset or non-financial liability. This transfer does not affect other comprehensive income. Furthermore, if the Group
expects that some or all of the loss accumulated in the hedging reserve will not be recovered in the future, that amount is immediately
reclassified to the income statement.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in the
cash flow hedge reserve at that time remains in equity and is reclassified to the income statement when the forecast transaction occurs.
When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified
immediately to the income statement.
Net investment hedge accounting
The Group uses foreign currency denominated borrowings as a hedge against translation exposure on the Group\u2019s net investment in
overseas companies. Where the hedge is fully effective at hedging, the variability in the net assets of such companies caused by changes
in exchange rates and the changes in value of borrowings are recognised in other comprehensive income and accumulated in the
translation reserve. The ineffective part of any changes in value caused by changes in exchange rates is recognised immediately in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Property, plant and equipment
(i) Owned assets
Items of property, plant and equipment are stated at cost less accumulated depreciation (see below) and impairment losses. The cost of
self-constructed assets includes the cost of materials, direct labour and an appropriate proportion of production overheads. Where parts
of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and
equipment.
Gains and losses on the disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the
carrying amount of the asset. Gains and losses on the disposal of property, plant and equipment are recognised in \u2018Operating costs before
amortisation of intangible assets, impairments and reversal of impairments of non-financial assets\u2019 in the income statement.
(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,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00595": { "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,
plant and equipment. Land is not depreciated. Depreciation methods, useful lives and residual values are reviewed at each balance sheet
date. The estimated useful lives are as follows:
\n \n
Buildings
50 years
Plant, equipment and fixtures
3\u201320 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "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 and
a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as
leases with a lease term of 12 months or less) and leases of low-value assets (defined as leases of a value of less than USD5,000 at lease
commencement). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the
term of the lease.
(i) Lease liabilities
The lease liability is initially measured at the present value of future lease payments, discounted by using an incremental borrowing rate for
the relevant geographical region. The lease payments included in the lease liability comprise fixed lease payments, variable payments that
depend on an index or rate and any payments due under lease extension, termination or purchase options to the extent they are assessed
as reasonably certain.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability
(and makes a corresponding adjustment to the related right-of-use asset) whenever there is a lease modification, a change in lease term or
there is a significant event or change in circumstances resulting in a change in the assessment or exercise of other lease variables, such as
purchase options. A remeasurement will also occur when the lease payments change due to changes in index rates.
(ii) Right-of-use assets
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement date, less any lease incentives received and initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or
restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured
under 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 those
costs are incurred to produce inventories.
(iii) Depreciation of right-of-use assets
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at
the commencement date of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the
acquisition and the fair value of assets, liabilities and contingent liabilities acquired.
Goodwill is allocated to groups of cash-generating units and is not amortised but tested at least annually for impairment. If the recoverable
amount of the cash-generating unit or group of cash-generating units is less than the carrying amount of the unit or group, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit or group and then to reduce the carrying amount
of the other intangibles and other assets of the unit or group on a pro-rata basis. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see below) and impairment losses.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n \n
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "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.
Amortisation is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets unless such
lives are indefinite. Intangible assets with an indefinite useful life are systematically tested for impairment at each balance sheet date.
Other intangible assets are amortised from the date they are available for use. The estimated useful lives are as follows:
\n \n
Capitalised development costs
3 years
Computer software
3\u201310 years
Customer relationships
15\u201320 years
Technology and trademarks
15\u201320 years
When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service agreement which do not
result in the creation of an asset that the Group has control over, then these costs are expensed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "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
there is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
The recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is
recognised immediately in the income statement.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00591": { "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
there is any indication of impairment. If any such indication exists, the asset or cash-generating unit\u2019s recoverable amount is estimated.
The recoverable amount of other assets and cash-generating units is the greater of their value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash-generating unit. An impairment loss is
recognised immediately in the income statement.
An impairment loss is reversed if the subsequent increase in recoverable amount can be related objectively to an event occurring after
the impairment loss was recognised. A reversal of an impairment loss is recognised immediately in the income statement to the extent
that the asset\u2019s or cash-generating unit\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "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 of business, less the estimated costs of completion and selling expenses.
The cost of inventories is based on the first-in-first-out principle and includes expenditure incurred in acquiring the inventories and bringing
them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate
share of overheads based on normal operating capacity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00593": { "value": "Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00592": { "value": "Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Trade and other receivables
The Group\u2019s trade receivables are held for collection under IFRS 9 and are initially recorded at transaction price and subsequently
measured at amortised cost less allowances for expected credit losses (\u2018ECL\u2019).
The ECL are calculated in accordance with the simplified approach under IFRS 9 by applying lifetime historical credit loss experience to
trade receivables. The expected credit loss rate is adjusted to account for overdue debts and to reflect current economic conditions and
future default rates. Trade receivables more than 180 days past due are generally considered not recoverable and a 100% loss allowance
is recognised, except where historical experience with certain customers or geographies indicates otherwise. The loss is recognised in
the income statement.
Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written
off are credited to the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise bank balances and cash deposits. Cash deposits include demand deposits and short-term
investments with maturities of three months or less. Bank overdrafts that are repayable on demand form an integral part of the Group\u2019s
cash management and are included as a component of cash and cash equivalents for the purposes of the Group statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "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 using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "Borrowings
Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated
at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of
the borrowings on an effective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Pensions and other long-term service bene\ufb01ts
(i) De\ufb01ned contribution plans
For defined contribution plans, the Group pays contributions to either publicly or privately administered pension plans, and the Group
has no further payment obligations once the contributions have been paid. Obligations for contributions to defined contribution pension
plans are recognised as an expense in the income statement as incurred.
(ii) De\ufb01ned bene\ufb01t plans
A defined benefit plan is any retirement plan which is not a defined contribution plan. Typically, defined benefit plans define an amount of
retirement benefit that an employee will receive, usually depending on one or more factors such as age, years of service and earnings.
The Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount
of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to
determine 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
AA-credit-rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a
qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group, the recognised asset is limited to the total of the present value of economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available
to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. Remeasurement gains and losses, differences
between the interest income and actual returns on assets, and the effect of changes in actuarial assumptions, are recognised in full in other
comprehensive income in the year in which they arise.
(iii) Long-term service bene\ufb01ts
The Group\u2019s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that
employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected
unit credit method, or similar approximation, and is discounted to its present value and the fair value of any related assets is deducted.
The discount rate is the yield at the balance sheet date on AA-credit-rated bonds that have maturity dates approximating the terms of the
Group\u2019s obligations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "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
in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is
adjusted to reflect the actual number of awards for which the related service and non-market performance conditions are met, such
that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market
performance conditions at the vesting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "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 of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "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 of
a past event and there is probable outflow of resources which can be reliably measured and will be required to settle the obligation.
Provisions are recognised at an amount equal to the best estimate of the expenditure required to settle the Group\u2019s liability. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate reflective of the current market
assessments of the time value of money and, where appropriate, the risks specific to the liability.
A contingent liability is disclosed, where significant, if the existence of the obligation will only be confirmed by future events or where the
amount of the obligation cannot be measured with reasonable reliability. A contingent liability is not disclosed if the likelihood of a material
outflow in excess of any amounts provided is considered remote. Obligations arising from restructuring plans are recognised when detailed
formal plans have been established and when there is a valid expectation that such a plan will be carried out. The Group\u2019s contingent
liabilities are reviewed on a regular basis.
A contingent asset is not recognised but is disclosed, where significant, if an inflow of economic benefit is probable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "Preference share capital
Preference share capital is classified as a financial liability within borrowings if the substance of the shares does not contain an equity
element. Dividends on Preference share capital are classified as finance charges within the consolidated income statement.", "dimensions": { "concept": "mgam:DescriptionOfAccountingPolicyForPreferenceShareCapitalExplanatoryPolicyTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "Share capital
Ordinary shares are classified as equity.
Purchase of own shares
Shares purchased by The Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid which includes directly attributable costs is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00727": { "value": "Purchase of own shares
Shares purchased by The Morgan General Employee Benefit Trust (\u2018the Trust\u2019) are used to satisfy share awards under the Group share
scheme plans. The consideration paid which includes directly attributable costs is net of any tax effects and is recognised as a deduction
from equity. Shares purchased by the Company as part of the share buyback programme are cancelled, the nominal value of the shares is
transferred from share capital to the capital redemption reserve and retained earnings are reduced by the value of the consideration paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "Dividends
Equity dividends on Ordinary share capital are recognised as a liability in the Company\u2019s financial statements on the date that the
shareholder\u2019s right to receive payment is established. Dividends declared after the balance sheet date are not recognised as there is no
present obligation at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in the notes below.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "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 of the reasonably possible
changes for the inflation, discount rate and mortality rate assumptions. The actuarial evaluation of pension assets and liabilities is based
on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small
changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the pension asset and
liability included in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "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
the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the
Financial Review on pages 50 to 54. In addition, note 21 to the consolidated financial statements includes the Group\u2019s policies and
processes for managing financial risk, details of its financial instruments and hedging activities, and details of its exposures to credit risk
and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements. The principal borrowing facilities are
subject to covenants that are measured semi-annually with reference to net debt to EBITDA and interest cover as at 31 December 2024.
The Group had both significant available liquidity and headroom on its covenants and no scheduled debt maturities until 2026.
A number of stress test scenarios have been performed to demonstrate the decline in business performance required in order for the
Group to breach its banking covenants. The Directors do not consider these scenarios to be plausible given the diversity of the Group\u2019s
end-markets and its broad manufacturing base.
The Board and Executive Committee regularly review principal and emerging risks including climate change risk and consider the impact
of these risks in the context of the viability and going concern assessments on pages 55 and 56. The Directors have a reasonable
expectation that the Company and the Group have adequate resources to continue in operational existence for a period of 18 months
from the date of signing this Annual Report and Accounts. Accordingly, they continue to adopt the going concern basis in preparing the
Annual Report and Accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00568": { "value": "Newly adopted standards
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to IAS 1 Non-current Liabilities with Covenants.
Amendments to IAS 1 Classification of liabilities as current or non-current.
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements.
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
IFRS S1 \u2018General requirements for Disclosure of Sustainability-related Financial Information\u2019.
IFRS S2 \u2018Climate-related Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019.
Amendments to IAS 21 Lack of Exchangeability.
IFRS 18: Presentation and Disclosure in Financial Statements.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025 and adoption is not expected to lead to any
material changes to the Group\u2019s accounting policies or have any other material impact on the financial position or performance of the
Group. IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 Presentation of Financial Statements.
The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and
financing, introduces disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other
disclosure information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the
effect of IFRS 18 on these consolidated financial statements.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00567": { "value": "Newly adopted standards
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards as adopted by the UK that are
mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material impact
on the disclosures or on the amounts reported in these financial statements.
Amendments to IAS 1 Non-current Liabilities with Covenants.
Amendments to IAS 1 Classification of liabilities as current or non-current.
Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements.
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback.
Accounting developments and changes
New accounting standards in issue but not yet effective
New standards and interpretations that are in issue but not yet effective are listed below.
IFRS S1 \u2018General requirements for Disclosure of Sustainability-related Financial Information\u2019.
IFRS S2 \u2018Climate-related Disclosures\u2019.
Amendment to IFRS 9 and IFRS 7 \u2018Classification and Measurement of Financial Instruments\u2019.
Amendments to IAS 21 Lack of Exchangeability.
IFRS 18: Presentation and Disclosure in Financial Statements.
The adoption of amendments to IAS 21 is effective for the period beginning 1 January 2025 and adoption is not expected to lead to any
material changes to the Group\u2019s accounting policies or have any other material impact on the financial position or performance of the
Group. IFRS 18 is effective for periods beginning on or after 1 January 2027 and replaces IAS 1 Presentation of Financial Statements.
The standard requires the classification of income and expenditure in the income statement to be split between operating, investing and
financing, introduces disclosures around management defined performance measures (MPMs) and aggregation and disaggregation of other
disclosure information. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the
effect of IFRS 18 on these consolidated financial statements.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "2. Acquisitions and disposals
In March 2024 the Group acquired the remaining 7% of the shares in Morgan Korea Company Ltd, a manufacturing business which
services all three segments of the Group, for consideration of \u00a35.1 million. The Group had previously owned 93% of the business and
included the entity in the Group consolidation.
There were no acquisitions or disposals of businesses by the Group in 2023.", "dimensions": { "concept": "mgam:DisclosureOfAcquisitionsAndDisposalsExplanatoryTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "3. Segmental reporting
As part of the restructuring programme to streamline and simplify the Group a change was implemented, effective from 1 January 2024,
\n
to manage the Group through three distinct reporting segments, Thermal Products, Performance Carbon and Technical Ceramics.
\n
The internal management information, regularly reviewed by the Group\u2019s Board of Directors (the Chief Operating Decision Maker) in
\n
order to allocate resources and assess performance, is presented on the basis of these reporting segments.
\n
Segmental results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a
\n
reasonable basis. Unallocated items comprise mainly investments and related income, borrowings and related expenses, corporate assets
\n
and head office expenses, and income tax assets and liabilities.
\n
The information presented below represents the reporting segments of the Group. Comparative figures have been presented based on
\n
the new reporting segments.
Thermal Products
Performance Carbon
Technical Ceramics
2024
2023
2024
2023
2024
2023
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
418.2
454.4
345.2
327.2
337.3
333.1
Segment adjusted operating profit
1
40.0
40.2
55.1
50.0
39.2
36.0
Corporate costs
2
Group adjusted operating profit
1
Amortisation of intangible assets
(0.8)
(1.4)
(0.3)
(0.8)
(0.6)
(1.1)
Operating profit before specific adjusting items
39.2
38.8
54.8
49.2
38.6
34.9
Specific adjusting items included in operating profit
3
(8.1)
(9.3)
(7.6)
(9.3)
(0.7)
7.6
Operating profit/(loss)
31.1
29.5
47.2
39.9
37.9
42.5
Finance income
Finance expense
Profit before taxation
Segment assets
373.4
376.2
316.3
278.2
222.7
217.6
Segment liabilities
103.9
101.0
54.0
55.0
85.0
80.4
Segment capital expenditure
22.8
17.2
52.3
27.2
21.0
15.9
Segment depreciation \u2013 property, plant and equipment
14.6
13.9
10.9
11.2
8.6
6.8
Segment depreciation \u2013 right-of-use assets
3.8
3.5
1.5
1.3
3.3
2.8
Segment impairment reversals of non-financial assets
\u2013
2.4
\u2013
\u2013
\u2013
5.7
Segment impairment of non-financial assets
4.2
\u2013
\u2013
7.0
\u2013
0.3
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
\n
to 205.
\n
2.
Corporate costs consist of central head office costs.
\n
3.
Details of specific adjusting items from continuing operations are given in note 6 to the consolidated financial statements.
\n \n
Segment totals
Corporate costs
Group
2024
2023
2024
2023
2024
2023
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue from external customers
1,100.7
1,114.7
\u2013
\u2013
1,100.7
1,114.7
Segment adjusted operating profit
1
134.3
126.2
\u2013
\u2013
134.3
126.2
Corporate costs
2
(5.9)
(5.9)
(5.9)
(5.9)
Group adjusted operating profit
1
128.4
120.3
Amortisation of intangible assets
(1.7)
(3.3)
\u2013
\u2013
(1.7)
(3.3)
Operating profit before specific adjusting items
132.6
122.9
(5.9)
(5.9)
126.7
117.0
Specific adjusting items included in operating profit /(loss)
3
(16.4)
(11.0)
(6.7)
(14.1)
(23.1)
(25.1)
Operating profit/(loss)
116.2
111.9
(12.6)
(20.0)
103.6
91.9
Finance income
2.6
3.9
Finance expense
(21.6)
(18.0)
Profit before taxation
84.6
77.8
Segment assets
912.4
872.0
164.7
166.2
1,077.1
1,038.2
Segment liabilities
242.9
236.4
444.9
403.2
687.8
639.6
Segment capital expenditure
96.1
60.3
\u2013
\u2013
96.1
60.3
Segment depreciation \u2013 property, plant and equipment
34.1
31.9
\u2013
\u2013
34.1
31.9
Segment depreciation \u2013 right-of-use assets
8.6
7.6
\u2013
\u2013
8.6
7.6
Segment impairment reversals of non-financial assets
\u2013
8.1
\u2013
\u2013
\u2013
8.1
Segment impairment of non-financial assets
4.2
7.3
\u2013
\u2013
4.2
7.3
\n
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
\n
to 205.
\n
2.
Corporate costs consist of central head office costs.
\n
3.
Details of specific adjusting items from continuing operations are given in note 6 to the consolidated financial statements.
\n
Revenue from external customers and non-current assets by geography
\n\n \n
Revenue from
Non-current assets (excluding
external customers
pension and deferred tax assets)
2024
2023
2024
2023
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
USA
451.8
427.4
263.9
219.8
China
97.7
114.8
44.6
43.4
Germany
83.2
88.7
42.3
41.9
UK (the Group\u2019s country of domicile)
44.2
43.6
110.1
101.6
Other Asia, Australasia, Middle East and Africa
192.9
197.1
55.5
54.6
Other Europe
165.6
173.2
33.1
37.1
Other North America
37.1
44.9
1.9
2.1
South America
28.2
25.0
11.5
12.7
1,100.7
1,114.7
562.9
513.2
\n
Revenue from external customers is based on geographic location of the end-customer. Segment assets are based on geographical
\n
location of the assets. In the current and prior year no single customer represented more than 5% of revenue.
Revenue from external customers by end-market
2024
2023
Continuing operations
\u00a3m
\u00a3m
Semiconductors
105.7
108.6
Healthcare
84.1
78.7
Clean energy and clean transportation
57.6
50.0
Faster growing markets
247.4
237.3
Industrial
294.2
315.9
Conventional transportation
202.8
200.2
Metals
140.0
150.2
Petrochemical and chemical
106.0
110.8
Security and defence
73.9
68.5
Conventional energy
36.4
31.8
Core markets
853.3
877.4
1,100.7
1,114.7
Intercompany sales to other segments
Thermal Products
Performance Carbon
Technical Ceramics
Segment totals
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Intercompany sales to
other segments
1.7
1.0
0.5
0.1
0.5
0.7
2.7
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00570": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "mgam:DisclosureOfOperatingCostsBeforeSpecificAdjustingItemsTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00604": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00603": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00576": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00575": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00574": { "value": "4. Operating costs before speci\ufb01c adjusting items
2024
2023
Continuing operations
Note
\u00a3m
\u00a3m
Change in stocks of finished goods and work in progress
3.9
(2.9)
Raw materials and consumables
283.6
305.6
Other operating costs
158.2
164.9
445.7
467.6
Employee costs:
Wages and salaries
313.7
315.3
Equity-settled share-based payment expense
23
2.8
2.9
Social security costs and other benefits
64.6
66.5
Pension costs
22
16.2
16.4
397.3
401.1
Depreciation \u2013 property, plant and equipment
11
34.1
31.9
Depreciation \u2013 right-of-use assets
12
8.6
7.6
42.7
39.5
Short-term leases and leasing of low-value assets:
Plant and equipment
0.1
0.1
Other leases
0.4
0.4
0.5
0.5
Other operating charges and income:
Net foreign exchange (gains)/losses
(3.1)
2.3
Net other operating charges
89.2
83.4
86.1
85.7
Total operating costs before specific adjusting items and amortisation of intangible assets
972.3
994.4
Amortisation of intangible assets
13
1.7
3.3
Total operating costs before specific adjusting items
974.0
997.7
The following costs are included in total operating costs before specific adjusting items.
1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs.
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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "1. Research and development
The Group recognised \u00a331.1 million in expense in respect of research and development (2023: \u00a332.9 million). These costs are included
in employee costs and other operating costs. There are no individually material project costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "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, is set out below. The prior year includes additional audit fees incurred for the audit of the Company\u2019s annual accounts and the
audits of the subsidiaries of the Company in relation to the cyber security incident. Fees in relation to non-audit services were \u00a341,000
(2023: \u00a338,000).
2024
2023
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts:
in respect of the current year
1.0
1.2
in respect of the prior year
\u2013
1.2
Fees payable to the Company\u2019s auditor and its associates for other services:
the auditing of accounts of any subsidiaries of the Company
2.3
2.8
3.3
5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "5. Staff numbers
The monthly average number of persons employed by the Group (including Directors) during the year, analysed by reporting segment,
was as follows:
Number of employees
2024
2023
Reportable operating segments
Thermal Products
2,810
2,910
Performance Carbon
2,570
2,570
Technical Ceramics
3,160
3,140
Segment total
8,540
8,620
Corporate
50
50
Group
8,590
8,670
Average employee numbers have been rounded to the nearest 10.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "6. Speci\ufb01c adjusting items
2024
2023
Continuing operations
\u00a3m
\u00a3m
Costs associated with the cyber security incident
(1.1)
(14.7)
Net restructuring charge
(13.1)
(3.5)
Design, configuration, customisation and implementation of a Global ERP system
(5.2)
\u2013
Net business closure costs
\u2013
(1.9)
Credit/(charge) in relation to the impact of Argentina\u2019s currency devaluation
0.5
(5.8)
Impairment of non-financial assets
(4.2)
(7.3)
Reversal of impairment of non-financial assets
\u2013
8.1
Total specific adjusting items before income tax
(23.1)
(25.1)
Income tax credit from specific adjusting items
2.5
3.8
Total specific adjusting items after income tax
(20.6)
(21.3)
The total cash outflow in respect of specific adjusting items excludes impairment of non-financial assets and reversal of impairment of
non-financial assets, and is reported within cash flows from operating activities in the consolidated cash flows.
Specific adjusting items from continuing operations
\n
Specific adjusting items are items which occur infrequently and are presented separately in the consolidated income statement due to their
\n
nature and size. The Directors consider disclosure of specific adjusting items necessary for the users of the financial statements to obtain an
\n
alternative understanding of the financial information and underlying performance of the business.
\n
Costs associated with the cyber security incident
\n
The Group incurred a residual \u00a31.1 million (2023: \u00a314.7 million) of exceptional costs and charges in relation to the cyber security incident
\n
which took place in January 2023.
\n
Net restructuring charge
\n
During the year the business continued its previously announced simplification and restructuring programme, and expanded the
\n
programme to achieve further cost reductions and efficiencies. A total charge of \u00a313.1 million was recognised in relation to these
\n
programmes.
\n
In 2023, a charge of \u00a36.5 million was recognised in respect of restructuring programmes, which was partially offset by the release of
\n
a \u00a33.0 million restructuring provision following settlement of a multi-employer pension plan and the re-letting of a site held by
\n
Technical Ceramics.
\n
Design, con\ufb01guration, customisation and implementation of a Global ERP system
\n
During the year the Group accelerated the development of its Global ERP intended to replace over 30 legacy systems across the Group.
\n
The programme is expected to complete over three years and will create further opportunities to align business processes, strengthen
\n
information security and the control environment. The costs of \u00a35.2 million associated with the design, configuration and implementation
\n
of the system are classified as specific adjusting items due to their nature and size.
\n
Net business closure costs
\n
During 2024, the Group did not incur any costs relating to business closures.
\n
During 2023, the Group incurred \u00a31.9 million for decommissioning, advisory and severance costs relating to the liquidation of a Thermal
\n
Products business in China. In addition, a provision of \u00a32.4 million was recognised relating to the environmental remediation of a Thermal
\n
Products business in France which was sold in 2015. This charge was offset by a gain of \u00a32.4 million recognised on disposal of land and
\n
buildings for a Thermal Products business in China which was closed in 2020.
\n
Credit/(charge) in relation to the impact of Argentina\u2019s currency devaluation
\n
In December 2023, Argentina devalued its currency by more than 50% and restrictions on imports limited the flow of raw materials to
\n
the site. As a result the Group incurred a charge of \u00a35.8 million in the year ended 31 December 2023, which consisted of \u00a32.6 million for
\n
the impact of the currency devaluation on the trading results of the Argentina business, impairment of property, plant and equipment of
\n
\u00a31.9 million and impairment of inventories of \u00a31.3 million.
\n
During the year ended 31 December 2024 an impairment charge of \u00a30.5 million was reversed which related to the inventories sold in
\n
the year.
\n
2024 Impairment of non-\ufb01nancial assets
\n
Thermal Products
\n
In light of challenging trading conditions, the Group has conducted an impairment review and where necessary performed an impairment
\n
assessment in accordance with IAS 36 Impairment of Assets. As a result, the Group has recognised a net impairment charge of \u00a34.2 million
\n
related to fixed assets held by our Thermal Products business in Europe. The value-in-use calculation used a pre-tax discount rate of
\n
13.5\u201317.2% and a long-term growth rate of 1.1\u20131.7% to derive the terminal value.
\n
2023 Impairment of non-\ufb01nancial assets
\n
Performance Carbon
\n
The Group recognised an impairment charge of \u00a37.3 million related to fixed assets held by Performance Carbon businesses in Europe
\n
(\u00a33.2 million), North America (\u00a31.5 million) and Asia (\u00a32.6 million) as a result of underutilised assets and assets developed which were not
\n
commercially viable. The value-in-use calculation used a pre-tax discount rate of 13.9\u201317.3% and a long-term growth rate of 1.0% to
\n
derive the terminal value.
2023 Reversal of impairment of non-\ufb01nancial assets
In 2023 the Group identified businesses within Thermal Products and Technical Ceramics, which previously incurred charges for
impairment of fixed assets, where the business had demonstrated sustained recovery. Consequently a reversal of impairment of
\u00a38.1 million was recognised which consisted of \u00a32.4 million for a partial reversal in Thermal Products and \u00a35.7 million in respect of a full
reversal in Technical Ceramics. The value in use calculation used a pre-tax discount rate of 13.6% and a long-term growth rate of 1.0%
to derive the terminal value.
Review of cumulative impairment of non-\ufb01nancial assets
Impairment charges of \u00a318.9 million (2023: \u00a320.6 million) for non-financial assets which the business continues to use have been
recorded during the current and previous years. These impaired amounts could be reversed if the related businesses were to outperform
significantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions in assessing
the value in use of these non-financial assets. This did not result in a material reversal of the impaired amounts. ", "dimensions": { "concept": "mgam:DisclosureOfSpecificAdjustingItemsExplanatoryTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "7. Finance income and expense \n \n
2024
2023
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.6
3.9
Finance income
2.6
3.9
Interest expense on borrowings and overdrafts
(18.4)
(15.6)
Interest expense on lease liabilities
(2.6)
(2.4)
Net interest on IAS 19 defined benefit pension obligations
(0.6)
\u2013
Finance expense
(21.6)
(18.0)
Net financing costs
(19.0)
(14.1)
No finance 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "7. Finance income and expense \n \n
2024
2023
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.6
3.9
Finance income
2.6
3.9
Interest expense on borrowings and overdrafts
(18.4)
(15.6)
Interest expense on lease liabilities
(2.6)
(2.4)
Net interest on IAS 19 defined benefit pension obligations
(0.6)
\u2013
Finance expense
(21.6)
(18.0)
Net financing costs
(19.0)
(14.1)
No finance 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "7. Finance income and expense \n \n
2024
2023
Continuing operations
\u00a3m
\u00a3m
Interest on bank balances and cash deposits
2.6
3.9
Finance income
2.6
3.9
Interest expense on borrowings and overdrafts
(18.4)
(15.6)
Interest expense on lease liabilities
(2.6)
(2.4)
Net interest on IAS 19 defined benefit pension obligations
(0.6)
\u2013
Finance expense
(21.6)
(18.0)
Net financing costs
(19.0)
(14.1)
No finance 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "8. Taxation \u2013 income tax expense \n \n
2024
2023
Continuing operations
\u00a3m
\u00a3m
Current tax
Current year
29.7
25.5
Current tax associated with Pillar Two income taxes
0.2
\u2013
29.9
25.5
Deferred tax
Current year
(2.4)
(2.5)
Adjustments for prior years
(1.6)
(0.8)
(4.0)
(3.3)
Total income tax expense recognised in the income statement
25.9
22.2
Recognised in other comprehensive income
Tax effect on components of other comprehensive income:
Deferred tax associated with defined benefit schemes
0.6
0.5
Total tax recognised in other comprehensive income
0.6
0.5
There was no deferred tax associated with share schemes recognised in other comprehensive income (2023: none).
Reconciliation of effective tax rate
\n \n
2024
2024
2023
2023
\u00a3m
%
\u00a3m
%
Profit before tax
84.6
77.8
Income tax charge using the domestic corporation tax rate
21.1
24.9
18.3
23.5
Effect of different tax rates in other jurisdictions
0.3
0.4
1.4
1.8
Local taxes including withholding tax suffered
3.7
4.4
1.3
1.7
Permanent differences
(0.1)
(0.1)
0.1
0.1
Movements related to unrecognised temporary differences
2.5
2.9
2.0
2.6
Adjustments in respect of prior years
(1.6)
(1.9)
(0.9)
(1.2)
Statutory effective rate of tax
25.9
30.6
22.2
28.5
The effective rate of tax before specific adjusting items is 26.4% (2023: 25.3%).
The Group operates in many jurisdictions around the world and is subject to factors that may impact future tax charges implementation of
the Organisation for Economic Co-operation and Development (OECD)\u2019s BEPS actions, tax rate and legislation changes, expiry of the
statute of limitations and resolution of tax audits and disputes.
The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) published the Pillar Two model rules designed to ensure
that large multinational enterprises pay a minimum tax of 15% on their profits in each jurisdiction they operate in.
On 11 July, 2024, the UK enacted the Pillar Two income inclusion rules (IIR). The legislation implements a domestic top-up tax and a
multinational top-up tax which is effective for the financial year beginning 1 January 2024. The Group is in scope of the enacted legislation.
The Group has also applied the exception under the IAS 12 \u2013 Income Taxes as issued in May 2023, for the amendment in recognising and
disclosing information about deferred tax assets and liabilities. Accordingly, the Group neither recognises nor discloses information about
deferred tax assets or liabilities related to Pillar Two taxes.
The assessment of the potential exposure to Pillar Two income taxes indicate that the transitional safe harbour rules apply to most
jurisdictions in which the Group operates, with the exception of France, Singapore and the United Arab Emirates.
The amendments per IAS 12 requires Groups to disclose separately their current tax expense in relation to Pillar Two tax. The group
estimates a current tax expense related to Pillar Two taxes of \u00a30.2 million for the territories where the safe harbour rules do not apply.
The Group continues to monitor Pillar Two legislative developments across the territories in which we operate to evaluate the future
impact on our business.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "9. Discontinued operations
The Group disposed of its Composites and Defence Systems business on 20 November 2018. The business represented a separate
reportable segment and therefore, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations,
the disposal group was classified as discontinued. During the year the Group recognised a gain of \u00a30.1 million (2023: \u00a30.7 million)
from a long-term contract.
The results from discontinued operations, which have been disclosed in the consolidated income statement, are set out below:
\n \n
31 December 2024
31 December 2023
Results
Results
before
before
speci\ufb01c
Speci\ufb01c
speci\ufb01c
Speci\ufb01c
adjusting
adjusting
adjusting
adjusting
items
items
Total
items
items
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
\u2013
0.1
0.1
\u2013
0.7
0.7
Operating income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit before taxation
\u2013
0.1
0.1
\u2013
0.7
0.7
Income tax expense
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Profit from
discontinued operations
\u2013
0.1
0.1
\u2013
0.7
0.7
Basic earnings per share from
discontinued operations
10
\u2013
0.2p
Diluted earnings per share from
discontinued operations
10
\u2013
0.2p
There is no income tax expense in relation to the discontinued operations in either the current or preceding year.
Cash flows from discontinued operations are set out below:
\n \n
31 December
31 December
2024
2023
\u00a3m
\u00a3m
Net cash generated from operating activities
0.1
0.4
Net cash generated from investing activities
\u2013
\u2013
Net cash used in financing activities
\u2013
\u2013
0.1
0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "10. Earnings per share \n \n
31 December 2024
31 December 2023
Basic
Diluted
Basic
Diluted
earnings
earnings
earnings
earnings
Earnings
per share
per share
Earnings
per share
per share
\u00a3m
pence
pence
\u00a3m
pence
pence
Profit for the year attributable to
shareholders of the Company
50.3
17.7p
17.5p
47.3
16.6p
16.5p
Profit from discontinued operations
(0.1)
\u2013
\u2013
(0.7)
(0.2)p
(0.2)p
Profit from continuing operations
50.2
17.7p
17.5p
46.6
16.4p
16.3p
Specific adjusting items
23.1
8.1p
8.0p
25.1
8.8p
8.7p
Amortisation of intangible assets
1.7
0.6p
0.6p
3.3
1.2p
1.1p
Tax effect of the above
1
(2.5)
(0.9)p
(0.9)p
(3.8)
(1.3)p
(1.3)p
Non-controlling interests\u2019 share
of the above adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Adjusted profit for the year from
continuing operations as used in
adjusted earnings per share
72.5
25.5p
25.2p
71.2
25.0p
24.8p
1.
The tax effect of the amortisation of intangible assets was \u00a3nil (2023: \u00a3nil).
\n \n
Number of shares (millions)
2024
2023
Weighted average number of Ordinary shares for the purposes of basic earnings per share
1
284.5
284.8
Effect of dilutive potential Ordinary shares:
Share options
2.8
2.5
Weighted average number of Ordinary shares for the purposes of diluted earnings
per share
287.3
287.3
1.
The calculation of the weighted average number of shares excludes the shares held by The Morgan General Employee Benefit Trust, on which the dividends are waived. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "11. Property, plant and equipment \n \n
Plant,
Land and
equipment
buildings
and \ufb01xtures
Total
\u00a3m
\u00a3m
\u00a3m
Cost
Balance at 1 January 2023
219.2
770.2
989.4
Additions
7.3
54.0
61.3
Disposals
(0.3)
(12.4)
(12.7)
Transfers between categories
0.4
(0.4)
\u2013
Effect of movement in foreign exchange
(10.5)
(34.0)
(44.5)
Balance at 31 December 2023
216.1
777.4
993.5
Balance at 1 January 2024
216.1
777.4
993.5
Additions
13.2
81.1
94.3
Disposals
(11.5)
(35.0)
(46.5)
Transfers between categories
0.8
(0.8)
\u2013
Effect of movement in foreign exchange
(2.0)
(4.8)
(6.8)
Balance at 31 December 2024
216.6
817.9
1,034.5
Depreciation and impairment losses
Balance at 1 January 2023
117.7
588.5
706.2
Depreciation charge for the year
6.0
25.9
31.9
Impairment losses
1.7
8.3
10.0
Impairment reversals
(0.1)
(5.4)
(5.5)
Disposals
(0.2)
(11.6)
(11.8)
Effect of movement in foreign exchange
(6.1)
(25.0)
(31.1)
Balance at 31 December 2023
119.0
580.7
699.7
Balance at 1 January 2024
119.0
580.7
699.7
Depreciation charge for the year
5.4
28.7
34.1
Impairment losses
\u2013
4.6
4.6
Disposals
(10.3)
(34.2)
(44.5)
Transfers between categories
(0.5)
0.5
\u2013
Effect of movement in foreign exchange
(0.4)
(3.9)
(4.3)
Balance at 31 December 2024
113.2
576.4
689.6
Carrying amounts
At 1 January 2023
101.5
181.7
283.2
At 31 December 2023
97.1
196.7
293.8
At 31 December 2024
103.4
241.5
344.9
No assets were pledged as security for liabilities in the current or prior year. The net book value includes assets under construction of
\u00a351.0 million (2023: \u00a324.2 million) comprising of \u00a32.8 million of land and buildings (2023: \u00a33.3 million) and \u00a348.2 million of plant,
equipment and fixtures (2023: \u00a320.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "12. Right-of-use assets \n \n
Land and
Plant and
buildings
equipment
Total
\u00a3m
\u00a3m
\u00a3m
Cost
Balance at 1 January 2023
82.4
12.4
94.8
Additions
0.6
5.1
5.7
Disposals
(1.6)
(5.2)
(6.8)
Remeasurements
0.9
(0.2)
0.7
Effect of movement in foreign exchange
(1.8)
(0.2)
(2.0)
Balance at 31 December 2023
80.5
11.9
92.4
Balance at 1 January 2024
80.5
11.9
92.4
Additions
5.7
2.8
8.5
Disposals
(5.4)
(2.5)
(7.9)
Remeasurements
2.4
\u2013
2.4
Effect of movement in foreign exchange
(1.0)
(0.6)
(1.6)
Balance at 31 December 2024
82.2
11.6
93.8
Depreciation and impairment losses
Balance at 1 January 2023
53.4
7.8
61.2
Depreciation charge for the year
4.8
2.8
7.6
Impairment losses
\u2013
0.4
0.4
Impairment reversals
(1.3)
\u2013
(1.3)
Disposals
(1.6)
(5.2)
(6.8)
Effect of movement in foreign exchange
\u2013
(0.3)
(0.3)
Balance at 31 December 2023
55.3
5.5
60.8
Balance at 1 January 2024
55.3
5.5
60.8
Depreciation charge for the year
5.6
3.0
8.6
Impairment losses
\u2013
0.8
0.8
Disposals
(5.4)
(2.5)
(7.9)
Effect of movement in foreign exchange
(0.8)
(0.2)
(1.0)
Balance at 31 December 2024
54.7
6.6
61.3
Carrying amounts
At 1 January 2023
29.0
4.6
33.6
At 31 December 2023
25.2
6.4
31.6
At 31 December 2024
27.5
5.0
32.5
The weighted average lease term is 10.2 years for land and buildings and 1.9 years for plant and equipment (2023: 10.8 years and 3.7 years
respectively). The maturity analysis of lease liabilities is presented in note 20.
The Group recognised expense relating to short-term leases and leasing of low-value assets of \u00a30.5 million (2023: \u00a30.5 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "13. Intangible assets \n \n
Capitalised
Customer
Technology and
development
Computer
Goodwill
relationships
trademarks
costs
software
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Balance at 1 January 2023
181.9
63.9
4.3
0.8
37.8
288.7
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effect of movement in foreign exchange
(4.4)
(3.0)
(0.1)
\u2013
(1.2)
(8.7)
Balance at 31 December 2023
177.5
60.9
4.2
0.8
36.2
279.6
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Amortisation and impairment losses
Balance at 1 January 2023
\u2013
63.1
3.8
0.8
32.0
99.7
Amortisation charge for the year
\u2013
0.4
0.1
\u2013
2.8
3.3
Impairment losses
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Impairment reversals
\u2013
(0.6)
(0.7)
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effects of movement in foreign exchange
\u2013
(3.1)
\u2013
\u2013
(0.9)
(4.0)
Balance at 31 December 2023
\u2013
59.8
3.2
0.8
33.6
97.4
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Carrying amounts
At 1 January 2023
181.9
0.8
0.5
\u2013
5.8
189.0
At 31 December 2023
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by IFRS 8 Operating segments, as this is the lowest
level at which goodwill is monitored.
Goodwill is attributed to each operating segment as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Thermal Products
95.6
96.0
Performance Carbon
46.1
46.2
Technical Ceramics
35.2
35.3
176.9
177.5
Each operating segment is assessed for impairment annually and whenever there is an indication of impairment.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board approved budget, cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2024.
In 2024, a 2.1% growth rate (2023: 1.0%) has been used for years beyond 2029 and to calculate a terminal value. Management has
assessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
In 2024, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
Thermal Products: 15.1%, Performance Carbon: 14.1% and Technical Ceramics 13.6%. The 2023 pre-tax discount rates on an equivalent
basis were Thermal Products: 14.5%, Performance Carbon: 15.2% and Technical Ceramics 14.1%.
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n \n
Decrease in recoverable value
Assuming 10%
decrease in
Assuming 10%
growth rate and
increase in
Assuming 10%
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
growth rates
growth
rate
\ufb02ows
arising
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
1.9
35.4
39.9
39.6
None
Performance Carbon
2.3
117.0
120.1
108.7
None
Technical Ceramics
2.0
53.2
53.7
47.7
None
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "13. Intangible assets \n \n
Capitalised
Customer
Technology and
development
Computer
Goodwill
relationships
trademarks
costs
software
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Balance at 1 January 2023
181.9
63.9
4.3
0.8
37.8
288.7
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effect of movement in foreign exchange
(4.4)
(3.0)
(0.1)
\u2013
(1.2)
(8.7)
Balance at 31 December 2023
177.5
60.9
4.2
0.8
36.2
279.6
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Amortisation and impairment losses
Balance at 1 January 2023
\u2013
63.1
3.8
0.8
32.0
99.7
Amortisation charge for the year
\u2013
0.4
0.1
\u2013
2.8
3.3
Impairment losses
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Impairment reversals
\u2013
(0.6)
(0.7)
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effects of movement in foreign exchange
\u2013
(3.1)
\u2013
\u2013
(0.9)
(4.0)
Balance at 31 December 2023
\u2013
59.8
3.2
0.8
33.6
97.4
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Carrying amounts
At 1 January 2023
181.9
0.8
0.5
\u2013
5.8
189.0
At 31 December 2023
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by IFRS 8 Operating segments, as this is the lowest
level at which goodwill is monitored.
Goodwill is attributed to each operating segment as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Thermal Products
95.6
96.0
Performance Carbon
46.1
46.2
Technical Ceramics
35.2
35.3
176.9
177.5
Each operating segment is assessed for impairment annually and whenever there is an indication of impairment.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board approved budget, cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2024.
In 2024, a 2.1% growth rate (2023: 1.0%) has been used for years beyond 2029 and to calculate a terminal value. Management has
assessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
In 2024, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
Thermal Products: 15.1%, Performance Carbon: 14.1% and Technical Ceramics 13.6%. The 2023 pre-tax discount rates on an equivalent
basis were Thermal Products: 14.5%, Performance Carbon: 15.2% and Technical Ceramics 14.1%.
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n \n
Decrease in recoverable value
Assuming 10%
decrease in
Assuming 10%
growth rate and
increase in
Assuming 10%
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
growth rates
growth
rate
\ufb02ows
arising
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
1.9
35.4
39.9
39.6
None
Performance Carbon
2.3
117.0
120.1
108.7
None
Technical Ceramics
2.0
53.2
53.7
47.7
None
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "13. Intangible assets \n \n
Capitalised
Customer
Technology and
development
Computer
Goodwill
relationships
trademarks
costs
software
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Balance at 1 January 2023
181.9
63.9
4.3
0.8
37.8
288.7
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.6
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effect of movement in foreign exchange
(4.4)
(3.0)
(0.1)
\u2013
(1.2)
(8.7)
Balance at 31 December 2023
177.5
60.9
4.2
0.8
36.2
279.6
Balance at 1 January 2024
177.5
60.9
4.2
0.8
36.2
279.6
Additions (externally purchased)
\u2013
\u2013
\u2013
\u2013
0.3
0.3
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effect of movement in foreign exchange
(0.6)
0.9
(0.2)
\u2013
0.2
0.3
Balance at 31 December 2024
176.9
61.8
4.0
0.8
35.9
279.4
Amortisation and impairment losses
Balance at 1 January 2023
\u2013
63.1
3.8
0.8
32.0
99.7
Amortisation charge for the year
\u2013
0.4
0.1
\u2013
2.8
3.3
Impairment losses
\u2013
\u2013
\u2013
\u2013
0.7
0.7
Impairment reversals
\u2013
(0.6)
(0.7)
\u2013
\u2013
(1.3)
Disposals
\u2013
\u2013
\u2013
\u2013
(1.0)
(1.0)
Effects of movement in foreign exchange
\u2013
(3.1)
\u2013
\u2013
(0.9)
(4.0)
Balance at 31 December 2023
\u2013
59.8
3.2
0.8
33.6
97.4
Balance at 1 January 2024
\u2013
59.8
3.2
0.8
33.6
97.4
Amortisation charge for the year
\u2013
0.3
0.2
\u2013
1.2
1.7
Disposals
\u2013
\u2013
\u2013
\u2013
(0.8)
(0.8)
Effects of movement in foreign exchange
\u2013
0.9
(0.1)
\u2013
0.4
1.2
Balance at 31 December 2024
\u2013
61.0
3.3
0.8
34.4
99.5
Carrying amounts
At 1 January 2023
181.9
0.8
0.5
\u2013
5.8
189.0
At 31 December 2023
177.5
1.1
1.0
\u2013
2.6
182.2
At 31 December 2024
176.9
0.8
0.7
\u2013
1.5
179.9
Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by IFRS 8 Operating segments, as this is the lowest
level at which goodwill is monitored.
Goodwill is attributed to each operating segment as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Thermal Products
95.6
96.0
Performance Carbon
46.1
46.2
Technical Ceramics
35.2
35.3
176.9
177.5
Each operating segment is assessed for impairment annually and whenever there is an indication of impairment.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board approved budget, cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2024.
In 2024, a 2.1% growth rate (2023: 1.0%) has been used for years beyond 2029 and to calculate a terminal value. Management has
assessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
In 2024, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
Thermal Products: 15.1%, Performance Carbon: 14.1% and Technical Ceramics 13.6%. The 2023 pre-tax discount rates on an equivalent
basis were Thermal Products: 14.5%, Performance Carbon: 15.2% and Technical Ceramics 14.1%.
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n \n
Decrease in recoverable value
Assuming 10%
decrease in
Assuming 10%
growth rate and
increase in
Assuming 10%
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
growth rates
growth
rate
\ufb02ows
arising
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
1.9
35.4
39.9
39.6
None
Performance Carbon
2.3
117.0
120.1
108.7
None
Technical Ceramics
2.0
53.2
53.7
47.7
None
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00579": { "value": "Impairment test for cash-generating units or groups of cash-generating units containing goodwill
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group\u2019s cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.
Goodwill impairment testing is performed at the operating segment level as defined by IFRS 8 Operating segments, as this is the lowest
level at which goodwill is monitored.
Goodwill is attributed to each operating segment as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Thermal Products
95.6
96.0
Performance Carbon
46.1
46.2
Technical Ceramics
35.2
35.3
176.9
177.5
Each operating segment is assessed for impairment annually and whenever there is an indication of impairment.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of each
operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short and
long-term growth rates and discount rates.
The cash flow projections in year one are based on the most recent Board approved budget, cash flow projections for years two to
five are based on the most recent forecasts. The key assumptions that underpin these cash flow projections relate to sales and operating
margins, which are based on past experience, taking into account the effect of known or likely changes in market or operating conditions.
The growth rates have been calculated using GDP growth forecasts published by the International Monetary Fund for the Group\u2019s
end-markets. These GDP growth forecasts have been weighted to reflect the Group\u2019s weighted average sales in each end-market
during 2024.
In 2024, a 2.1% growth rate (2023: 1.0%) has been used for years beyond 2029 and to calculate a terminal value. Management has
assessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
In 2024, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
Thermal Products: 15.1%, Performance Carbon: 14.1% and Technical Ceramics 13.6%. The 2023 pre-tax discount rates on an equivalent
basis were Thermal Products: 14.5%, Performance Carbon: 15.2% and Technical Ceramics 14.1%.
A sensitivity analysis was performed in order to quantify the impact of possible adverse changes in key assumptions used in the discounted
cash flows; the results are presented in the table below.
\n \n
Decrease in recoverable value
Assuming 10%
decrease in
Assuming 10%
growth rate and
increase in
Assuming 10%
Long-term
no terminal
pre-tax discount
decrease in cash
Impairment
growth rates
growth
rate
\ufb02ows
arising
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Thermal Products
1.9
35.4
39.9
39.6
None
Performance Carbon
2.3
117.0
120.1
108.7
None
Technical Ceramics
2.0
53.2
53.7
47.7
None
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "14. Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
\n \n
Assets
Assets
Liabilities
Liabilities
Net
Net
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
\u2013
\u2013
(9.3)
(10.6)
(9.3)
(10.6)
Right-of-use assets and lease liabilities
2.2
2.7
\u2013
\u2013
2.2
2.7
Intangible assets
\u2013
\u2013
(0.4)
(0.4)
(0.4)
(0.4)
Employee benefits
7.6
8.3
\u2013
\u2013
7.6
8.3
Provisions
8.6
8.9
\u2013
\u2013
8.6
8.9
Tax value of loss carried
forward recognised
9.3
6.0
\u2013
\u2013
9.3
6.0
Other items
0.7
0.9
\u2013
\u2013
0.7
0.9
Offset
(7.0)
(9.2)
7.0
9.2
\u2013
\u2013
21.4
17.6
(2.7)
(1.8)
18.7
15.8
Deferred tax assets and liabilities are offset when there is a legally enforceable right to do so and when they relate to taxes levied by the
same tax authority on either the same entity or on different entities where it is intended to settle the tax on a net basis.
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
\n \n
2024
2023
\u00a3m
\u00a3m
Tax losses
169.5
139.2
Capital losses
46.4
43.4
Other deductible temporary differences
103.1
121.3
319.0
303.9
Deferred tax assets have not been recognised in relation to these temporary differences due to uncertainty surrounding future utilisation.
Based on current tax legislation, the tax losses will not expire. Although the Group as a whole is profitable, the unrecognised losses relate
to entities where it is not probable that there will be future taxable profits against which these losses can be utilised.
Movements in temporary differences during the year
\n \n
Recognised
Recognised
Recognised
Recognised
in the income
directly
31 December
in the income
directly
31 December
statement
in equity
2023
statement
in equity
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property, plant and equipment
2.1
\u2013
(10.6)
1.3
\u2013
(9.3)
Right-of-use assets and lease liabilities
(0.9)
\u2013
2.7
(0.5)
\u2013
2.2
Intangible assets
\u2013
\u2013
(0.4)
\u2013
\u2013
(0.4)
Employee benefits
(1.4)
(0.5)
8.3
(0.1)
(0.6)
7.6
Provisions
(2.5)
\u2013
8.9
(0.3)
\u2013
8.6
Tax value of loss carried forward recognised
4.3
\u2013
6.0
3.3
\u2013
9.3
Others
1.7
(0.3)
0.9
0.3
(0.5)
0.7
3.3
(0.8)
15.8
4.0
(1.1)
18.7
Deferred income tax of \u00a34.1 million (2023: \u00a34.2 million) is provided on the potential unremitted earnings of overseas subsidiary
undertakings. Where 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "15. Inventories \n \n
2024
2023
\u00a3m
\u00a3m
Raw materials and consumables
50.4
52.2
Work in progress
55.2
56.5
Finished goods
60.3
66.4
165.9
175.1
Inventories include a provisions of \u00a36.9 million (2023: \u00a35.8 million) recognised in operating costs.
At the year end the Group held consignment inventory of \u00a327.5 million (2023: \u00a325.6 million) which was not included in the balance sheet.
The majority of this balance is for precious metals, which are held on consignment by a subsidiary and are invoiced only when the material
is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00599": { "value": "16. Trade and other receivables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Trade receivables
0.6
0.3
Prepayments
0.6
0.6
Other receivables
2.4
2.5
3.6
3.4
Current
Gross trade receivables
165.1
169.0
Expected credit losses
(8.3)
(9.0)
Net trade receivables
156.8
160.0
Contract assets
0.5
0.3
Prepayments
17.5
15.6
VAT, goods and sales taxes receivable
7.3
9.3
Other non-trade receivables
7.5
6.4
189.6
191.6
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00598": { "value": "16. Trade and other receivables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Trade receivables
0.6
0.3
Prepayments
0.6
0.6
Other receivables
2.4
2.5
3.6
3.4
Current
Gross trade receivables
165.1
169.0
Expected credit losses
(8.3)
(9.0)
Net trade receivables
156.8
160.0
Contract assets
0.5
0.3
Prepayments
17.5
15.6
VAT, goods and sales taxes receivable
7.3
9.3
Other non-trade receivables
7.5
6.4
189.6
191.6
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "16. Trade and other receivables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Trade receivables
0.6
0.3
Prepayments
0.6
0.6
Other receivables
2.4
2.5
3.6
3.4
Current
Gross trade receivables
165.1
169.0
Expected credit losses
(8.3)
(9.0)
Net trade receivables
156.8
160.0
Contract assets
0.5
0.3
Prepayments
17.5
15.6
VAT, goods and sales taxes receivable
7.3
9.3
Other non-trade receivables
7.5
6.4
189.6
191.6
The Group\u2019s exposure to credit and currency risks related to trade and other receivables is disclosed in note 21.
Contract assets relate to the Group\u2019s right to consideration for project-based business which was completed but not billed at the end of
the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "17. Cash and cash equivalents \n \n
2024
2023
\u00a3m
\u00a3m
Bank balances
110.8
112.5
Cash deposits
10.0
12.0
Cash and cash equivalents
120.8
124.5
In 2024, the Group had restricted cash of \u00a32.2 million (2023: \u00a31.6 million) as a result of exchange controls in Argentina.
Reconciliation of net cash and cash equivalents to net debt
\n \n
2024
2023
\u00a3m
\u00a3m
Opening borrowings
(309.7)
(266.2)
Increase in borrowings
(121.3)
(247.2)
Repayment of borrowings
88.0
193.9
Effect of movements in foreign exchange
5.3
9.8
Closing borrowings
(337.7)
(309.7)
Net cash
1
and cash equivalents
111.5
124.5
Closing net debt
1
(226.2)
(185.2)
Opening lease liabilities
(47.1)
(51.9)
Payment of lease liabilities
10.6
8.9
New leases and lease remeasurement
(10.9)
(6.4)
Effect of movements in foreign exchange
0.3
2.3
Closing lease liabilities
(47.1)
(47.1)
Closing net debt
1
and lease liabilities
(273.3)
(232.3)
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes.
\n \n
Net cash
Net debt
1
and cash
Movement
Lease
and lease
Borrowings
equivalents
in net debt
1
liabilities
liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2023
(266.2)
117.7
(148.5)
(51.9)
(200.4)
Cash inflow
\u2013
38.9
38.9
\u2013
38.9
Borrowings and lease liability cash (outflow)/inflow
(53.3)
\u2013
(53.3)
8.9
(44.4)
Net interest paid
\u2013
(17.9)
(17.9)
\u2013
(17.9)
Net cash inflow/(outflow)
(53.3)
21.0
(32.3)
8.9
(23.4)
Share purchases
\u2013
(4.7)
(4.7)
\u2013
(4.7)
New leases and lease remeasurement
\u2013
\u2013
\u2013
(6.4)
(6.4)
Exchange and other movements
9.8
(9.5)
0.3
2.3
2.6
At 31 December 2023
(309.7)
124.5
(185.2)
(47.1)
(232.3)
At 1 January 2024
(309.7)
124.5
(185.2)
(47.1)
(232.3)
Cash inflow
\u2013
23.0
23.0
\u2013
23.0
Borrowings and lease liability cash (outflow)/inflow
(33.3)
\u2013
(33.3)
10.6
(22.7)
Net interest paid
\u2013
(20.5)
(20.5)
\u2013
(20.5)
Net cash inflow/(outflow)
(33.3)
2.5
(30.8)
10.6
(20.2)
Share purchases
\u2013
(8.2)
(8.2)
\u2013
(8.2)
New leases and lease remeasurement
\u2013
\u2013
\u2013
(10.9)
(10.9)
Exchange and other movements
5.3
(7.3)
(2.0)
0.3
(1.7)
At 31 December 2024
(337.7)
111.5
(226.2)
(47.1)
(273.3)
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "\n \n
2024
2023
\u00a3m
\u00a3m
Bank balances
110.8
112.5
Cash deposits
10.0
12.0
Cash and cash equivalents
120.8
124.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00596": { "value": "In 2024, the Group had restricted cash of \u00a32.2 million (2023: \u00a31.6 million) as a result of exchange controls in Argentina.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00600": { "value": "18. Trade and other payables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals
0.7
0.7
Other payables
2.1
1.7
2.8
2.4
Current
Trade payables
87.4
78.1
Contract liabilities
6.7
8.6
Accruals
72.6
72.5
Other tax and social security
13.0
15.6
Creditors in relation to capital expenditure
10.1
9.7
Other payables
14.3
7.5
204.1
192.0
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a38.6 million as revenue and the Group expects to recognise
\u00a36.7 million of contract liabilities in 2025.
During the year the Group entered into a non-discretionary agreement with Investec, acting as riskless principal, to enable the Company
to purchase up to \u00a310.0 million, excluding expenses, of the Company\u2019s ordinary shares. During the year 1,825,090 shares with a nominal
value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, The Group recognised a liability in other payables for the remaining
\u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "18. Trade and other payables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals
0.7
0.7
Other payables
2.1
1.7
2.8
2.4
Current
Trade payables
87.4
78.1
Contract liabilities
6.7
8.6
Accruals
72.6
72.5
Other tax and social security
13.0
15.6
Creditors in relation to capital expenditure
10.1
9.7
Other payables
14.3
7.5
204.1
192.0
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a38.6 million as revenue and the Group expects to recognise
\u00a36.7 million of contract liabilities in 2025.
During the year the Group entered into a non-discretionary agreement with Investec, acting as riskless principal, to enable the Company
to purchase up to \u00a310.0 million, excluding expenses, of the Company\u2019s ordinary shares. During the year 1,825,090 shares with a nominal
value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, The Group recognised a liability in other payables for the remaining
\u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "18. Trade and other payables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals
0.7
0.7
Other payables
2.1
1.7
2.8
2.4
Current
Trade payables
87.4
78.1
Contract liabilities
6.7
8.6
Accruals
72.6
72.5
Other tax and social security
13.0
15.6
Creditors in relation to capital expenditure
10.1
9.7
Other payables
14.3
7.5
204.1
192.0
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a38.6 million as revenue and the Group expects to recognise
\u00a36.7 million of contract liabilities in 2025.
During the year the Group entered into a non-discretionary agreement with Investec, acting as riskless principal, to enable the Company
to purchase up to \u00a310.0 million, excluding expenses, of the Company\u2019s ordinary shares. During the year 1,825,090 shares with a nominal
value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, The Group recognised a liability in other payables for the remaining
\u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "18. Trade and other payables \n \n
2024
2023
\u00a3m
\u00a3m
Non-current
Accruals
0.7
0.7
Other payables
2.1
1.7
2.8
2.4
Current
Trade payables
87.4
78.1
Contract liabilities
6.7
8.6
Accruals
72.6
72.5
Other tax and social security
13.0
15.6
Creditors in relation to capital expenditure
10.1
9.7
Other payables
14.3
7.5
204.1
192.0
The Directors consider that the carrying amount of trade payables approximates to their fair value.
Contract liabilities relate to payments received from customers for project-based business in advance of the performance obligation
being satisfied. During the year the Group recognised contract liabilities of \u00a38.6 million as revenue and the Group expects to recognise
\u00a36.7 million of contract liabilities in 2025.
During the year the Group entered into a non-discretionary agreement with Investec, acting as riskless principal, to enable the Company
to purchase up to \u00a310.0 million, excluding expenses, of the Company\u2019s ordinary shares. During the year 1,825,090 shares with a nominal
value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, The Group recognised a liability in other payables for the remaining
\u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "19. Capital and reserves
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign
operations and the cumulative foreign exchange differences deferred into the net investment hedge. The movements of the translation
reserve are as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(29.9)
\u2013
Foreign exchange differences and related taxes
(10.0)
(29.6)
Gain/(loss) arising on changes in fair value of net investment hedges during the period
1.7
(0.3)
Balance at 31 December
(38.2)
(29.9)
Hedging reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow
hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in the income statement only when the hedged
transaction impacts the income statement, or is included directly in the initial cost or other carrying amount of the hedged non-financial
items (basis adjustment).
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
1.1
(0.2)
(Loss)/gain arising on changes in fair value of hedging instruments during the period
(0.3)
1.1
(Loss)/gain reclassified to income statement
(1.0)
0.2
Balance at 31 December
(0.2)
1.1
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
Capital redemption reserve
The capital redemption reserve relates to the purchase of own shares. During the year the Group entered into a non-discretionary
agreement with Investec, acting as riskless principal, to enable the Company to purchase up to \u00a310.0 million, excluding expenses, of the
Company\u2019s ordinary shares. Under the terms of the agreement, Investec make its trading decisions independently of and uninfluenced by
the Company, in accordance with certain preset parameters. Tranche 1 will end no later than 31 March 2025. During the year 1,825,090
shares with a nominal value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, 1,745,423 were subsequently cancelled as at
31 December 2024 under the share buyback programme and the remainder were cancelled after the year end. The Group recognised a
liability and a reduction in equity to reflect the remaining \u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.
The nominal value of the shares cancelled was \u00a30.4 million which was transferred to the capital redemption reserve.
Retained earnings
The Company has acquired its own shares to satisfy the requirements of the various share option incentive schemes. At 31 December
2024, 464,405 shares (2023: 807,911) were held by the Trust and are treated as a deduction from equity. No treasury shares were held
by the Company (2023: none). All rights conferred by those shares are suspended until they are reissued.
A summary of the movements in own shares held by the Trust is set out in the table below:
\n \n
2024
2023
Cost
Cost
Shares
\u00a3m
Shares
\u00a3m
At 1 January
807,911
2.1
1,173,686
3.1
New shares purchased
1,285,000
3.5
1,774,145
4.7
Exercise of share options
(1,628,506)
(4.4)
(2,139,920)
(5.7)
At 31 December
464,405
1.2
807,911
2.1
Consideration received in respect of shares transferred to participants of employee share schemes was \u00a30.2 million (2023: \u00a30.6 million).
The market value of shares held by the Trust at 31 December 2024 was \u00a31.3 million (2023: \u00a32.3 million).
Dividends
The following Ordinary dividends were declared and paid by the Company:
\n \n
Per share
Total
2024
2023
2024
2023
pence
pence
\u00a3m
\u00a3m
2023 final
\u2013
6.7
\u2013
19.1
2023 interim
\u2013
5.3
\u2013
15.1
2024 final
6.8
\u2013
19.3
\u2013
2024 interim
5.4
\u2013
15.4
\u2013
12.2
12.0
34.7
34.2
After 31 December 2024 the following dividends were proposed by the Directors for 2024. These dividends have not been provided for
and there are no income tax consequences. The proposed 2024 final dividend is based upon the number of shares outstanding at the
balance sheet date.
\n \n
\u00a3m
6.8 pence per qualifying Ordinary share
19.3
19.3
Called-up share capital
\n \n
Nominal value
Number of shares
\u00a3m
Issued and fully paid Ordinary shares of 25 pence each
At 1 January 2023 and 31 December 2023
285,369,988
71.3
Shares purchased and cancelled under share buyback scheme
(1,745,423)
(0.4)
At 31 December 2024
283,624,565
70.9
As at the date of this Report 282,148,476 Ordinary shares were in issue (2023: 285,369,988).
Details of options outstanding in respect of Ordinary shares are given in note 23.
Additionally the Company has authorised, issued and fully paid 437,281 (2023: 437,281) cumulative Preference shares classified as
borrowings totalling \u00a30.4 million (2023: \u00a30.4 million). The Preference shares comprise 125,327 of 5.5% Cumulative First Preference shares
of \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.
Dividends on the cumulative Preference shares are presented within finance costs in the Group\u2019s consolidated income statement.
Voting rights of shareholders
Ordinary shares
The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
meetings of the Company.
Preference shares
The 5.5% Cumulative First Preference shares of \u00a31 each and the 5.0% Cumulative Second Preference shares of \u00a31 each confer on the
holders thereof the right to receive a cumulative preferential dividend at the rate of 5.5% and 5.0% respectively, calculated up to 30 June
and 31 December in every year. The First and Second Cumulative Preference shares shall not entitle the holders thereof to attend or vote
at any general meeting unless either:
(i)
the meeting is convened to consider any resolutions for reducing the capital, or authorising any issue of debentures or debenture stock,
or increasing the borrowing powers of the Board under the Articles of Association of the Company, or winding up, or sanctioning a sale
of the undertaking, or altering the Articles in any manner affecting their respective interests, or any other resolutions directly altering
their respective rights and privileges; or
(ii) at the date of the notice convening the general meeting, the Preference dividend is upwards of one month in arrears from the payment
date of any half-yearly instalment.
On a return of capital on a winding-up, the assets of the Company available for distribution shall be applied:
First, in payment to the holders of the First Preference shares of the amounts paid up on such shares, together with interest at the rate
of 5.5% per annum.
Second, in payment to the holders of the Second Preference shares of the amounts paid up on such shares, together with interest at the
rate of 5.0% per annum.
Third, in repaying the capital paid up or credited as paid up on the Ordinary shares.
Fourth, any surplus shall be distributed rateably amongst the holders of the Ordinary shares in proportion to the nominal amount paid
up on their respective holdings of shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign
operations and the cumulative foreign exchange differences deferred into the net investment hedge. The movements of the translation
reserve are as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(29.9)
\u2013
Foreign exchange differences and related taxes
(10.0)
(29.6)
Gain/(loss) arising on changes in fair value of net investment hedges during the period
1.7
(0.3)
Balance at 31 December
(38.2)
(29.9)
Hedging reserve
The cash flow hedge reserve represents the cumulative amount of gains and losses on hedging instruments deemed effective in cash flow
hedges. The cumulative deferred gain or loss on the hedging instrument is recognised in the income statement only when the hedged
transaction impacts the income statement, or is included directly in the initial cost or other carrying amount of the hedged non-financial
items (basis adjustment).
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
1.1
(0.2)
(Loss)/gain arising on changes in fair value of hedging instruments during the period
(0.3)
1.1
(Loss)/gain reclassified to income statement
(1.0)
0.2
Balance at 31 December
(0.2)
1.1
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of FVOCI investments until the investment is derecognised.
Capital redemption reserve
The capital redemption reserve relates to the purchase of own shares. During the year the Group entered into a non-discretionary
agreement with Investec, acting as riskless principal, to enable the Company to purchase up to \u00a310.0 million, excluding expenses, of the
Company\u2019s ordinary shares. Under the terms of the agreement, Investec make its trading decisions independently of and uninfluenced by
the Company, in accordance with certain preset parameters. Tranche 1 will end no later than 31 March 2025. During the year 1,825,090
shares with a nominal value of \u00a30.5 million were purchased for consideration of \u00a34.7 million, 1,745,423 were subsequently cancelled as at
31 December 2024 under the share buyback programme and the remainder were cancelled after the year end. The Group recognised a
liability and a reduction in equity to reflect the remaining \u00a35.3 million of shares which will be purchased under tranche 1 of the agreement.
The nominal value of the shares cancelled was \u00a30.4 million which was transferred to the capital redemption reserve.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00597": { "value": "No treasury shares were held by the Company (2023: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Dividends
The following Ordinary dividends were declared and paid by the Company:
\n \n
Per share
Total
2024
2023
2024
2023
pence
pence
\u00a3m
\u00a3m
2023 final
\u2013
6.7
\u2013
19.1
2023 interim
\u2013
5.3
\u2013
15.1
2024 final
6.8
\u2013
19.3
\u2013
2024 interim
5.4
\u2013
15.4
\u2013
12.2
12.0
34.7
34.2
After 31 December 2024 the following dividends were proposed by the Directors for 2024. These dividends have not been provided for
and there are no income tax consequences. The proposed 2024 final dividend is based upon the number of shares outstanding at the
balance sheet date.
\n \n
\u00a3m
6.8 pence per qualifying Ordinary share
19.3
19.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Called-up share capital \n \n
Nominal value
Number of shares
\u00a3m
Issued and fully paid Ordinary shares of 25 pence each
At 1 January 2023 and 31 December 2023
285,369,988
71.3
Shares purchased and cancelled under share buyback scheme
(1,745,423)
(0.4)
At 31 December 2024
283,624,565
70.9
As at the date of this Report 282,148,476 Ordinary shares were in issue (2023: 285,369,988).
Details of options outstanding in respect of Ordinary shares are given in note 23.
Additionally the Company has authorised, issued and fully paid 437,281 (2023: 437,281) cumulative Preference shares classified as
borrowings totalling \u00a30.4 million (2023: \u00a30.4 million). The Preference shares comprise 125,327 of 5.5% Cumulative First Preference shares
of \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.
Dividends on the cumulative Preference shares are presented within finance costs in the Group\u2019s consolidated income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "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
amortised cost.
At 31 December 2024, the Group is committed to future payments of \u00a30.4 million (2023: \u00a30.5 million) for short-term leases and leasing
of low-value assets.
At 31 December 2024, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a37.9 million (2023: \u00a3nil).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2023: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current liabilities
Senior Notes
188.2
188.2
Bank and other borrowings
149.1
120.5
Cumulative Preference shares
0.4
0.4
Lease liabilities
36.1
36.6
373.8
345.7
Current liabilities
Bank and other borrowings
9.3
0.6
Lease liabilities
11.0
10.5
20.3
11.1
During the year the Group entered into a new \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024. During the prior year, the Group entered into a \u20ac92.0 million
Schuldschein Loan Agreement with maturity in June 2028. Cash flows associated with these arrangement are included in \u2018Cash flows
associated with non-derivative financial liabilities\u2019 section of note 21 in \u2018Bank and other borrowings\u2019.
As at 31 December 2024 the Group had available headroom on its borrowing facilities of \u00a3279.3 million (2023: \u00a3187.9 million).
In 2024, bank and other borrowings did not include any borrowings secured on the assets of the Group (2023: \u00a3nil). ", "dimensions": { "concept": "mgam:DisclosureOfBorrowingsAndLeaseLiabilitiesExplanatoryTextBlock", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00602": { "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
amortised cost.
At 31 December 2024, the Group is committed to future payments of \u00a30.4 million (2023: \u00a30.5 million) for short-term leases and leasing
of low-value assets.
At 31 December 2024, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a37.9 million (2023: \u00a3nil).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2023: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current liabilities
Senior Notes
188.2
188.2
Bank and other borrowings
149.1
120.5
Cumulative Preference shares
0.4
0.4
Lease liabilities
36.1
36.6
373.8
345.7
Current liabilities
Bank and other borrowings
9.3
0.6
Lease liabilities
11.0
10.5
20.3
11.1
During the year the Group entered into a new \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024. During the prior year, the Group entered into a \u20ac92.0 million
Schuldschein Loan Agreement with maturity in June 2028. Cash flows associated with these arrangement are included in \u2018Cash flows
associated with non-derivative financial liabilities\u2019 section of note 21 in \u2018Bank and other borrowings\u2019.
As at 31 December 2024 the Group had available headroom on its borrowing facilities of \u00a3279.3 million (2023: \u00a3187.9 million).
In 2024, bank and other borrowings did not include any borrowings secured on the assets of the Group (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00601": { "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
amortised cost.
At 31 December 2024, the Group is committed to future payments of \u00a30.4 million (2023: \u00a30.5 million) for short-term leases and leasing
of low-value assets.
At 31 December 2024, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a37.9 million (2023: \u00a3nil).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2023: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current liabilities
Senior Notes
188.2
188.2
Bank and other borrowings
149.1
120.5
Cumulative Preference shares
0.4
0.4
Lease liabilities
36.1
36.6
373.8
345.7
Current liabilities
Bank and other borrowings
9.3
0.6
Lease liabilities
11.0
10.5
20.3
11.1
During the year the Group entered into a new \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024. During the prior year, the Group entered into a \u20ac92.0 million
Schuldschein Loan Agreement with maturity in June 2028. Cash flows associated with these arrangement are included in \u2018Cash flows
associated with non-derivative financial liabilities\u2019 section of note 21 in \u2018Bank and other borrowings\u2019.
As at 31 December 2024 the Group had available headroom on its borrowing facilities of \u00a3279.3 million (2023: \u00a3187.9 million).
In 2024, bank and other borrowings did not include any borrowings secured on the assets of the Group (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "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
amortised cost.
At 31 December 2024, the Group is committed to future payments of \u00a30.4 million (2023: \u00a30.5 million) for short-term leases and leasing
of low-value assets.
At 31 December 2024, future cash flows in respect of leases which the Group had entered into but which had not yet commenced was
\u00a37.9 million (2023: \u00a3nil).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is \u00a3nil (2023: \u00a3nil).
For more information about the Group\u2019s exposure to interest rate and foreign currency risk, see note 21.
Borrowing facilities and liquidity
All of the Group\u2019s borrowing facilities are arranged by Group Treasury with Morgan Advanced Materials plc as the principal obligor.
Where ancillary credit facilities are provided to operating subsidiaries, they are authorised and supervised by Group Treasury in accordance
with the Group\u2019s Treasury Policy. Group Treasury seeks to obtain certainty of access to funding in the amounts, diversity of maturities and
diversity of counterparties as required to support the Group\u2019s medium-term financing requirements and to minimise the impact of poor
credit market conditions.
\n \n
2024
2023
\u00a3m
\u00a3m
Non-current liabilities
Senior Notes
188.2
188.2
Bank and other borrowings
149.1
120.5
Cumulative Preference shares
0.4
0.4
Lease liabilities
36.1
36.6
373.8
345.7
Current liabilities
Bank and other borrowings
9.3
0.6
Lease liabilities
11.0
10.5
20.3
11.1
During the year the Group entered into a new \u20ac150.0 million delayed draw Term Loan Facility with maturity in December 2029.
\u20ac75.0 million of the Facility had been utilised as at 31 December 2024. During the prior year, the Group entered into a \u20ac92.0 million
Schuldschein Loan Agreement with maturity in June 2028. Cash flows associated with these arrangement are included in \u2018Cash flows
associated with non-derivative financial liabilities\u2019 section of note 21 in \u2018Bank and other borrowings\u2019.
As at 31 December 2024 the Group had available headroom on its borrowing facilities of \u00a3279.3 million (2023: \u00a3187.9 million).
In 2024, bank and other borrowings did not include any borrowings secured on the assets of the Group (2023: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00564": { "value": "21. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n \n
Carrying amount
2024
2023
\u00a3m
\u00a3m
FVTPL \u2013 equity instruments
2.0
2.2
Trade receivables
157.4
160.3
Cash and cash equivalents
120.8
124.5
Derivatives
1.2
1.5
281.4
288.5
FVTPL \u2013 equity instruments
In 2023, the Group purchased an equity instrument in Argentina for \u00a35.0 million, designated in Argentine pesos. The equity instrument
has been classified as fair value through profit and loss (\u2018FVTPL\u2019). During the year, a fair value gain of \u00a31.9 million (2023: \u00a30.9 million) was
recognised, offset by a foreign exchange loss of \u00a30.4 million (2023: \u00a33.7 million) and a disposal of \u00a31.7 million (2023: \u00a3nil). At the year end,
the carrying amount of the equity instrument was \u00a32.0 million (2023: \u00a32.2 million).
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(9.0)
(9.1)
Net remeasurement of loss allowance
0.3
(0.6)
Amounts written off
0.3
0.4
Effect of movement in foreign exchange
0.1
0.3
Balance at 31 December
(8.3)
(9.0)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n \n
2024
2023
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
134.5
(0.1)
134.4
0.2%
133.3
(0.2)
133.1
Past due
0\u201330 days
1.2%
17.2
(0.2)
17.0
1.0%
19.9
(0.2)
19.7
Past due
31\u201360 days
0.0%
3.5
\u2013
3.5
0.0%
3.7
\u2013
3.7
Past due
61\u201390 days
4.3%
2.3
(0.1)
2.2
6.3%
1.6
(0.1)
1.5
Past due more
than 90 days
96.3%
8.2
(7.9)
0.3
81.0%
10.5
(8.5)
2.0
165.7
(8.3)
157.4
169.0
(9.0)
160.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00577": { "value": "21. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n \n
Carrying amount
2024
2023
\u00a3m
\u00a3m
FVTPL \u2013 equity instruments
2.0
2.2
Trade receivables
157.4
160.3
Cash and cash equivalents
120.8
124.5
Derivatives
1.2
1.5
281.4
288.5
FVTPL \u2013 equity instruments
In 2023, the Group purchased an equity instrument in Argentina for \u00a35.0 million, designated in Argentine pesos. The equity instrument
has been classified as fair value through profit and loss (\u2018FVTPL\u2019). During the year, a fair value gain of \u00a31.9 million (2023: \u00a30.9 million) was
recognised, offset by a foreign exchange loss of \u00a30.4 million (2023: \u00a33.7 million) and a disposal of \u00a31.7 million (2023: \u00a3nil). At the year end,
the carrying amount of the equity instrument was \u00a32.0 million (2023: \u00a32.2 million).
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(9.0)
(9.1)
Net remeasurement of loss allowance
0.3
(0.6)
Amounts written off
0.3
0.4
Effect of movement in foreign exchange
0.1
0.3
Balance at 31 December
(8.3)
(9.0)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n \n
2024
2023
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
134.5
(0.1)
134.4
0.2%
133.3
(0.2)
133.1
Past due
0\u201330 days
1.2%
17.2
(0.2)
17.0
1.0%
19.9
(0.2)
19.7
Past due
31\u201360 days
0.0%
3.5
\u2013
3.5
0.0%
3.7
\u2013
3.7
Past due
61\u201390 days
4.3%
2.3
(0.1)
2.2
6.3%
1.6
(0.1)
1.5
Past due more
than 90 days
96.3%
8.2
(7.9)
0.3
81.0%
10.5
(8.5)
2.0
165.7
(8.3)
157.4
169.0
(9.0)
160.0
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 66% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in liquid
assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed through the
use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy requires bank
accounts to be setup with banks and financial institutions with a Moody\u2019s long term international credit rating of at least A3. There are
limited instances such as in certain jurisdictions where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n \n
Gross amounts
Net amounts
Financial
of recognised
presented
instruments not
\ufb01nancial assets/
Amounts
on the
offset in the
Net
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
2023
Derivative financial assets
1.5
\u2013
1.5
\u2013
1.5
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
124.5
\u2013
124.5
(0.6)
123.9
Bank and other borrowings
(0.6)
\u2013
(0.6)
0.6
\u2013
Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n \n
31 December 2023
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
76.6
84.0
2.6
2.6
78.8
\u2013
Euro
Senior Notes 2026
1.55%
2026
21.7
22.6
0.3
0.3
22.0
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.0
22.1
1.0
1.0
20.1
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.7
9.5
0.2
0.2
9.1
\u2013
Euro
Senior Notes 2030
2.89%
2030
21.7
26.0
0.6
0.6
1.9
22.9
US Dollar
Senior Notes 2031
5.47%
2031
7.9
11.0
0.4
0.4
1.3
8.9
US Dollar
Senior Notes 2033
5.53%
2033
7.9
11.9
0.4
0.4
1.3
9.8
US Dollar
Senior Notes 2035
5.61%
2035
23.7
38.8
1.3
1.3
4.0
32.2
Bank and other
borrowings
Up to 2028
121.1
123.0
1.1
\u2013
121.9
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.03%
Up to 2044
47.1
58.6
10.5
9.0
18.3
20.8
Trade payables
78.1
78.1
78.1
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
9.7
9.7
9.7
\u2013
\u2013
\u2013
Other payables
9.2
9.2
7.5
1.7
\u2013
\u2013
453.8
504.5
113.7
17.5
278.7
94.6
Cash flows associated with derivatives
\n
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
\n
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n \n
Carrying
Contractual
Less than
More than
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total Cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
2023
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
37.7
37.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(37.9)
(37.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.2)
(0.2)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.5
1.8
1.8
\u2013
\u2013
\u2013
Total Cash flow hedges
1.1
1.6
1.6
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
7.7
7.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(7.6)
(7.6)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.0
1.7
1.7
\u2013
\u2013
\u2013
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
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement.
Interest rate risk
The Group seeks to reduce the volatility in its interest charge caused by rate fluctuations. The proportions of fixed and floating rate debt
are determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
and leverage position, and any perceived correlation between business performance and rates.
At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
\n \n
Fixed-rate instruments
Variable rate instruments
carrying amount
carrying amount
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u2013
\u2013
120.8
124.5
Financial liabilities
(235.7)
(235.7)
(158.4)
(121.1)
(235.7)
(235.7)
(37.6)
3.4
The fixed-rate financial liabilities comprise the currency equivalent of \u00a3188.2 million (2023: \u00a3188.2 million) of Senior Notes, \u00a30.4 million
(2023: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a347.1 million (2023: \u00a347.1 million). The average cost of the
Group\u2019s fixed-rate instruments is 4.11% (2023: 3.93%) including lease liabilities and 3.67% (2023: 3.65%) excluding lease liabilities.
The variable rate financial assets include the bank balances and cash deposits detailed in note 17 and the variable rate financial liabilities
include bank borrowings detailed in note 20. Where cash and overdrafts are included in Group cash pool arrangements, interest is charged
on net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 4.32% (2023: 5.6%).
An increase of 100 basis points in interest rates on the variable element of the Group\u2019s net floating-rate liabilities and cash at the reporting
date would have increased profit by \u00a30.3 million (2023: \u00a30.9 million). A decrease of 100 basis points would have decreased profit by
\u00a30.4 million (2023: \u00a30.7 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
Foreign currency risk
Due to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
firm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
the following 12 months, and achieves this through the use of the forward foreign exchange markets. A significant proportion of the
forward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
hedging income statement translation exposure.
There are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
Group. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
the ability of the Group to meet its cash flow requirements.
The table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in the functional currency of the operating company involved.
\n \n
2024
2023
GBP
USD
Euro
GBP
USD
Euro
Functional currency of Group operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
11.7
0.4
1.7
12.4
(6.9)
(2.8)
Trade payables
(10.3)
(0.9)
(1.4)
(9.3)
5.0
3.5
Net debt
1
(2.9)
0.9
0.4
(8.8)
1.5
0.3
Net balance sheet exposure
(1.5)
0.4
0.7
(5.7)
(0.4)
1.0
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
In respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures that
\n
the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term
\n
imbalances.
\n
The Group classifies its forward exchange contracts which hedge forecasted transactions as cash flow hedges and states them at fair value.
\n
The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2024 was a liability of \u00a30.5 million
\n
(2023: asset of \u00a31.1 million).
\n
The contractual cash flows associated with the forward exchange contracts that are designated as cash flow hedges are shown in the
\n
section on liquidity risk. The impact on the income statement is expected to occur at the same time as the associated cash flows.
\n
Currency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas net
\n
assets through currency depreciation, the Group seeks to match the currency of financial liabilities with the currency in which the net
\n
assets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\n
and is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\n
headroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s financial liabilities becomes more aligned
\n
to the currency of the trading cash flows that service them.
\n
The Group\u2019s currency split of total borrowings was as follows:
\n\n \n
2024
2023
\u00a3m
\u00a3m
GBP
7.8
(0.4)
USD
151.2
156.5
Euro
188.0
153.6
347.0
309.7
\n
The Group\u2019s sensitivity to changes in foreign exchange rates on financial assets and liabilities as at 31 December 2024 is set out below.
\n
Based upon the currency profile of the Group\u2019s net financial assets and liabilities, if GBP had strengthened by 10%, reported net financial
\n
liabilities would have decreased by \u00a323.3 million (2023: \u00a318.9 million). Conversely, if GBP had weakened by 10%, reported net financial
\n
liabilities would have increased by \u00a332.9 million (2023: \u00a327.9 million). Assuming the change occurred on the balance sheet date, there
\n
would be no impact on reported profit, as either the net financial liabilities are in the same currency as that of the respective Group entity,
\n
or the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\n
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\n
conditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\n
the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\n
and earnings respectively.
\n
Hedging instruments
\n\n \n
Change in fair value
Carrying amount of the
Notional value:
for recognising hedge
hedging instruments
Maturity date
Local currency
ineffectiveness
assets/(liabilities)
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
to Dec
to Dec
Highly probable forecast sales
2025
2024
32.3
37.7
0.7
(1.0)
0.2
(0.5)
to Dec
to Dec
Highly probable forecast purchases
2025
2024
17.9
35.6
0.2
(0.7)
(0.4)
(0.6)
\n
Weighted average hedge rates for the year were as follows:
\n\n \n
Weighted average exchange rates
2024
2023
\u00a3m
\u00a3m
EUR/GBP
1.18
1.16
AUD/GBP
1.97
1.99
SGD/GBP
n/a
1.68
USD/GBP
1.30
1.27
Hedged items
\n \n
Balance in cash \ufb02ow hedge reserve/
Change in value used for
foreign currency translation
calculating hedge ineffectiveness
reserve for continuing hedges
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Forecast sales
(0.7)
1.0
(0.2)
0.5
Forecast purchases
(0.2)
0.7
0.4
0.6
As at 31 December 2024 there were no amounts in the hedging reserve and translation reserve arising from hedging relationships for
which hedge accounting is no longer applied.
The Group expects highly probable sales and purchases in UK, Europe, North America, Australia and Asia. The Group has entered into
foreign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
future transactions. It is anticipated that the transactions will take place during the next financial year, at which time the amount deferred
in equity will be reclassified to the income statement.
All hedging instruments are presented within derivative financial instruments on the Group balance sheet.
Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n \n
2024
2023
Closing rate
Average rate
Closing rate
Average rate
GBP to:
USD
1.25
1.28
1.27
1.24
Euro
1.21
1.18
1.15
1.15
For illustrative purposes, the table below provides details of the impact on 2024 revenue, Group adjusted operating profit and profit
before tax if the actual reported results, calculated using 2024 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation:
\n \n
2024
2023
Group adjusted
Group adjusted
operating
Pro\ufb01t
operating
Pro\ufb01t
Revenue
pro\ufb01t
1
before tax
Revenue
pro\ufb01t
1
before tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
operating profit/profit before tax if:
GBP weakens by 10c against USD
in isolation
42.3
4.4
3.6
42.8
4.9
4.1
GBP weakens by 10c against
the Euro in isolation
19.8
3.2
0.5
21.5
2.5
2.2
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Other market price risk
Equity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s defined benefit
pension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
unfunded defined benefit obligations.
Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.
Debt to adjusted capital
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings and overdrafts
347.0
\u2013
347.0
309.7
\u2013
309.7
Lease liabilities
\u2013
47.1
47.1
\u2013
47.1
47.1
Less: cash and cash equivalents
(120.8)
\u2013
(120.8)
(124.5)
\u2013
(124.5)
Net debt
1
226.2
47.1
273.3
185.2
47.1
232.3
Total equity
389.3
\u2013
389.3
398.6
\u2013
398.6
Less: amounts accumulated in equity
relating to cash flow hedges
0.2
\u2013
0.2
(1.1)
\u2013
(1.1)
Adjusted capital
389.5
\u2013
389.5
397.5
\u2013
397.5
Net debt
1
to adjusted capital ratio
0.6x
n/a
0.7x
0.5x
n/a
0.6x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Net debt to EBITDA
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
226.2
47.1
273.3
185.2
47.1
232.3
Operating profit before specific
adjusting items
122.1
4.6
126.7
113.3
3.7
117.0
Depreciation and amortisation
35.8
8.6
44.4
35.2
7.6
42.8
EBITDA
1
157.9
13.2
171.1
148.5
11.3
159.8
Net debt
1
to EBITDA
1
ratio
1.4x
n/a
1.6x
1.2x
n/a
1.5x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Interest cover
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
157.9
13.2
171.1
148.5
11.3
159.8
Net finance costs (excluding IAS 19
pension charge)
15.8
2.6
18.4
11.7
2.4
14.1
Interest cover
10.0x
n/a
9.3x
12.7x
n/a
11.3x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
are subject to externally imposed capital requirements.
Fair values
\n \n
31 December 2024
31 December 2023
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(77.9)
\u2013
(74.2)
(74.2)
(76.6)
\u2013
(71.6)
(71.6)
Euro
Senior Notes 2026
1.55%
(20.8)
\u2013
(19.9)
(19.9)
(21.7)
\u2013
(20.3)
(20.3)
US Dollar
Senior Notes 2026
4.87%
(20.4)
\u2013
(20.1)
(20.1)
(20.0)
\u2013
(19.4)
(19.4)
Euro
Senior Notes 2028
1.74%
(8.3)
\u2013
(7.7)
(7.7)
(8.7)
\u2013
(8.0)
(8.0)
Euro
Senior Notes 2030
2.89%
(20.7)
\u2013
(18.8)
(18.8)
(21.7)
\u2013
(19.6)
(19.6)
US Dollar
Senior Notes 2031
5.47%
(8.0)
\u2013
(7.6)
(7.6)
(7.9)
\u2013
(7.7)
(7.7)
US Dollar
Senior Notes 2033
5.53%
(8.0)
\u2013
(7.4)
(7.4)
(7.9)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2035
5.61%
(24.1)
\u2013
(22.0)
(22.0)
(23.7)
\u2013
(22.8)
(22.8)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(188.6)
\u2013
(178.1)
(178.1)
(188.6)
\u2013
(177.4)
(177.4)
Financial assets held at FVTPL
2.0
2.0
\u2013
2.0
2.2
2.2
\u2013
2.2
Derivative financial assets
held at fair value
1.2
\u2013
1.2
1.2
1.5
\u2013
1.5
1.5
3.2
2.0
1.2
3.2
3.7
2.2
1.5
3.7
Derivative financial liabilities
held at fair value
(2.6)
\u2013
(2.6)
(2.6)
(0.5)
\u2013
(0.5)
(0.5)
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2024 and 2023 and there were no Level 3 financial instruments in
either 2024 or 2023.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7\u20136.6% (2023: 3.7\u20136.3%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "21. Financial risk management
This note presents information about the Group\u2019s exposure to a variety of financial risks: credit risk, liquidity risk, market risk and
foreign currency risk, and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated
financial statements.
Financial risk management and Treasury Policy
The Group Treasury function acts as a service centre for Morgan Advanced Materials plc\u2019s businesses. The function works within a
framework of Board approved policies and procedures, which are aligned to the wider goals, objectives and philosophy of the Group.
These policies and procedures are focused on managing and controlling risk in the treasury environment, and include strict control over
the use of financial instruments to hedge foreign currencies and interest rates. Speculative trading in derivatives and other financial
instruments is not permitted.
The function is responsible for all of the Group\u2019s funding, liquidity, cash management, interest rate risk, foreign exchange risk and other
treasury matters.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n \n
Carrying amount
2024
2023
\u00a3m
\u00a3m
FVTPL \u2013 equity instruments
2.0
2.2
Trade receivables
157.4
160.3
Cash and cash equivalents
120.8
124.5
Derivatives
1.2
1.5
281.4
288.5
FVTPL \u2013 equity instruments
In 2023, the Group purchased an equity instrument in Argentina for \u00a35.0 million, designated in Argentine pesos. The equity instrument
has been classified as fair value through profit and loss (\u2018FVTPL\u2019). During the year, a fair value gain of \u00a31.9 million (2023: \u00a30.9 million) was
recognised, offset by a foreign exchange loss of \u00a30.4 million (2023: \u00a33.7 million) and a disposal of \u00a31.7 million (2023: \u00a3nil). At the year end,
the carrying amount of the equity instrument was \u00a32.0 million (2023: \u00a32.2 million).
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(9.0)
(9.1)
Net remeasurement of loss allowance
0.3
(0.6)
Amounts written off
0.3
0.4
Effect of movement in foreign exchange
0.1
0.3
Balance at 31 December
(8.3)
(9.0)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n \n
2024
2023
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
134.5
(0.1)
134.4
0.2%
133.3
(0.2)
133.1
Past due
0\u201330 days
1.2%
17.2
(0.2)
17.0
1.0%
19.9
(0.2)
19.7
Past due
31\u201360 days
0.0%
3.5
\u2013
3.5
0.0%
3.7
\u2013
3.7
Past due
61\u201390 days
4.3%
2.3
(0.1)
2.2
6.3%
1.6
(0.1)
1.5
Past due more
than 90 days
96.3%
8.2
(7.9)
0.3
81.0%
10.5
(8.5)
2.0
165.7
(8.3)
157.4
169.0
(9.0)
160.0
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 66% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in liquid
assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed through the
use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy requires bank
accounts to be setup with banks and financial institutions with a Moody\u2019s long term international credit rating of at least A3. There are
limited instances such as in certain jurisdictions where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n \n
Gross amounts
Net amounts
Financial
of recognised
presented
instruments not
\ufb01nancial assets/
Amounts
on the
offset in the
Net
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
2023
Derivative financial assets
1.5
\u2013
1.5
\u2013
1.5
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
124.5
\u2013
124.5
(0.6)
123.9
Bank and other borrowings
(0.6)
\u2013
(0.6)
0.6
\u2013
Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n\n\n\n \n
31 December 2023
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
76.6
84.0
2.6
2.6
78.8
\u2013
Euro
Senior Notes 2026
1.55%
2026
21.7
22.6
0.3
0.3
22.0
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.0
22.1
1.0
1.0
20.1
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.7
9.5
0.2
0.2
9.1
\u2013
Euro
Senior Notes 2030
2.89%
2030
21.7
26.0
0.6
0.6
1.9
22.9
US Dollar
Senior Notes 2031
5.47%
2031
7.9
11.0
0.4
0.4
1.3
8.9
US Dollar
Senior Notes 2033
5.53%
2033
7.9
11.9
0.4
0.4
1.3
9.8
US Dollar
Senior Notes 2035
5.61%
2035
23.7
38.8
1.3
1.3
4.0
32.2
Bank and other
borrowings
Up to 2028
121.1
123.0
1.1
\u2013
121.9
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.03%
Up to 2044
47.1
58.6
10.5
9.0
18.3
20.8
Trade payables
78.1
78.1
78.1
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
9.7
9.7
9.7
\u2013
\u2013
\u2013
Other payables
9.2
9.2
7.5
1.7
\u2013
\u2013
453.8
504.5
113.7
17.5
278.7
94.6
\n
Cash flows associated with derivatives
\n
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
\n
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n \n
Carrying
Contractual
Less than
More than
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total Cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
2023
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
37.7
37.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(37.9)
(37.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.2)
(0.2)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.5
1.8
1.8
\u2013
\u2013
\u2013
Total Cash flow hedges
1.1
1.6
1.6
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
7.7
7.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(7.6)
(7.6)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.0
1.7
1.7
\u2013
\u2013
\u2013
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
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement.
Interest rate risk
The Group seeks to reduce the volatility in its interest charge caused by rate fluctuations. The proportions of fixed and floating rate debt
are determined having regard to a number of factors, including prevailing market conditions, interest rate cycle, the Group\u2019s interest cover
and leverage position, and any perceived correlation between business performance and rates.
At the reporting date the interest rate profile of the Group\u2019s interest-bearing financial instruments was:
\n \n
Fixed-rate instruments
Variable rate instruments
carrying amount
carrying amount
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u2013
\u2013
120.8
124.5
Financial liabilities
(235.7)
(235.7)
(158.4)
(121.1)
(235.7)
(235.7)
(37.6)
3.4
The fixed-rate financial liabilities comprise the currency equivalent of \u00a3188.2 million (2023: \u00a3188.2 million) of Senior Notes, \u00a30.4 million
(2023: \u00a30.4 million) of cumulative Preference shares and lease liabilities of \u00a347.1 million (2023: \u00a347.1 million). The average cost of the
Group\u2019s fixed-rate instruments is 4.11% (2023: 3.93%) including lease liabilities and 3.67% (2023: 3.65%) excluding lease liabilities.
The variable rate financial assets include the bank balances and cash deposits detailed in note 17 and the variable rate financial liabilities
include bank borrowings detailed in note 20. Where cash and overdrafts are included in Group cash pool arrangements, interest is charged
on net bank balances and borrowings. The average rate of the Group\u2019s variable rate instruments is 4.32% (2023: 5.6%).
An increase of 100 basis points in interest rates on the variable element of the Group\u2019s net floating-rate liabilities and cash at the reporting
date would have increased profit by \u00a30.3 million (2023: \u00a30.9 million). A decrease of 100 basis points would have decreased profit by
\u00a30.4 million (2023: \u00a30.7 million). This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
Foreign currency risk
Due to the international reach of the Group, currency transaction exposures exist. The Group has a policy in place to hedge all material
firm commitments and a large proportion of highly probable forecast foreign currency exposures in respect of sales and purchases over
the following 12 months, and achieves this through the use of the forward foreign exchange markets. A significant proportion of the
forward exchange contracts have maturities of less than one year after the balance sheet date. The Group continues its practice of not
hedging income statement translation exposure.
There are exchange control restrictions which affect the ability of a small number of the Group\u2019s subsidiaries to transfer funds to the
Group. The Group does not believe such restrictions have had or will have any material adverse impact on the Group as a whole or
the ability of the Group to meet its cash flow requirements.
The table below shows the Group\u2019s currency exposures, being exposures on currency transactions that give rise to net currency gains
and losses recognised in the income statement. Such exposures comprise the monetary assets and liabilities of the Group that are not
denominated in the functional currency of the operating company involved.
\n \n
2024
2023
GBP
USD
Euro
GBP
USD
Euro
Functional currency of Group operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
11.7
0.4
1.7
12.4
(6.9)
(2.8)
Trade payables
(10.3)
(0.9)
(1.4)
(9.3)
5.0
3.5
Net debt
1
(2.9)
0.9
0.4
(8.8)
1.5
0.3
Net balance sheet exposure
(1.5)
0.4
0.7
(5.7)
(0.4)
1.0
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
The amounts shown in the table take into account the effect of the forward contracts entered into to manage these currency exposures.
\n
In respect of other monetary assets and liabilities held in currencies other than the currency of the reporting unit, the Group ensures that
\n
the net exposure is kept to an acceptable level, by buying or selling foreign currencies at spot rates where necessary to address short-term
\n
imbalances.
\n
The Group classifies its forward exchange contracts which hedge forecasted transactions as cash flow hedges and states them at fair value.
\n
The fair value of forward exchange contracts used as hedges of forecasted transactions at 31 December 2024 was a liability of \u00a30.5 million
\n
(2023: asset of \u00a31.1 million).
\n
The contractual cash flows associated with the forward exchange contracts that are designated as cash flow hedges are shown in the
\n
section on liquidity risk. The impact on the income statement is expected to occur at the same time as the associated cash flows.
\n
Currency translation risks are controlled centrally. To defend against the impact of a permanent reduction in the value of its overseas net
\n
assets through currency depreciation, the Group seeks to match the currency of financial liabilities with the currency in which the net
\n
assets are denominated. This is achieved by raising funds in different currencies and through the use of hedging instruments such as swaps,
\n
and is implemented only to the extent that the Group\u2019s gearing covenant under the terms of its borrowing documents, as well as its facility
\n
headroom, are likely to remain comfortably within limits. In this way, the currency of the Group\u2019s financial liabilities becomes more aligned
\n
to the currency of the trading cash flows that service them.
\n
The Group\u2019s currency split of total borrowings was as follows:
\n\n \n
2024
2023
\u00a3m
\u00a3m
GBP
7.8
(0.4)
USD
151.2
156.5
Euro
188.0
153.6
347.0
309.7
\n
The Group\u2019s sensitivity to changes in foreign exchange rates on financial assets and liabilities as at 31 December 2024 is set out below.
\n
Based upon the currency profile of the Group\u2019s net financial assets and liabilities, if GBP had strengthened by 10%, reported net financial
\n
liabilities would have decreased by \u00a323.3 million (2023: \u00a318.9 million). Conversely, if GBP had weakened by 10%, reported net financial
\n
liabilities would have increased by \u00a332.9 million (2023: \u00a327.9 million). Assuming the change occurred on the balance sheet date, there
\n
would be no impact on reported profit, as either the net financial liabilities are in the same currency as that of the respective Group entity,
\n
or the change would be offset by an equal and opposite change in the foreign currency monetary items in the Group\u2019s holding company.
\n
The amounts generated from the sensitivity analysis are forward-looking estimates of market risk assuming certain adverse market
\n
conditions occur. Actual results in the future may differ materially from those projected results. The impact of a weakening in GBP on
\n
the Group\u2019s financial assets and liabilities would be more than offset in equity and income by its impact on the Group\u2019s overseas net assets
\n
and earnings respectively.
\n
Hedging instruments
\n\n \n
Change in fair value
Carrying amount of the
Notional value:
for recognising hedge
hedging instruments
Maturity date
Local currency
ineffectiveness
assets/(liabilities)
2024
2023
2024
2023
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
to Dec
to Dec
Highly probable forecast sales
2025
2024
32.3
37.7
0.7
(1.0)
0.2
(0.5)
to Dec
to Dec
Highly probable forecast purchases
2025
2024
17.9
35.6
0.2
(0.7)
(0.4)
(0.6)
\n
Weighted average hedge rates for the year were as follows:
\n\n \n
Weighted average exchange rates
2024
2023
\u00a3m
\u00a3m
EUR/GBP
1.18
1.16
AUD/GBP
1.97
1.99
SGD/GBP
n/a
1.68
USD/GBP
1.30
1.27
Hedged items
\n \n
Balance in cash \ufb02ow hedge reserve/
Change in value used for
foreign currency translation
calculating hedge ineffectiveness
reserve for continuing hedges
2024
2023
2024
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedges
Forecast sales
(0.7)
1.0
(0.2)
0.5
Forecast purchases
(0.2)
0.7
0.4
0.6
As at 31 December 2024 there were no amounts in the hedging reserve and translation reserve arising from hedging relationships for
which hedge accounting is no longer applied.
The Group expects highly probable sales and purchases in UK, Europe, North America, Australia and Asia. The Group has entered into
foreign exchange forward contracts (for terms not exceeding 18 months) to hedge the exchange rate risk arising from these anticipated
future transactions. It is anticipated that the transactions will take place during the next financial year, at which time the amount deferred
in equity will be reclassified to the income statement.
All hedging instruments are presented within derivative financial instruments on the Group balance sheet.
Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n \n
2024
2023
Closing rate
Average rate
Closing rate
Average rate
GBP to:
USD
1.25
1.28
1.27
1.24
Euro
1.21
1.18
1.15
1.15
For illustrative purposes, the table below provides details of the impact on 2024 revenue, Group adjusted operating profit and profit
before tax if the actual reported results, calculated using 2024 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation:
\n \n
2024
2023
Group adjusted
Group adjusted
operating
Pro\ufb01t
operating
Pro\ufb01t
Revenue
pro\ufb01t
1
before tax
Revenue
pro\ufb01t
1
before tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
operating profit/profit before tax if:
GBP weakens by 10c against USD
in isolation
42.3
4.4
3.6
42.8
4.9
4.1
GBP weakens by 10c against
the Euro in isolation
19.8
3.2
0.5
21.5
2.5
2.2
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Other market price risk
Equity price risk arises from FVOCI equity instruments held for meeting partially the unfunded portion of the Group\u2019s defined benefit
pension obligations. The primary goal of the Group\u2019s investment strategy is to maximise returns in order to meet partially the Group\u2019s
unfunded defined benefit obligations.
Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 16 Leases as these adjusted measures are more closely aligned to the Group\u2019s covenants.
Debt to adjusted capital
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Borrowings and overdrafts
347.0
\u2013
347.0
309.7
\u2013
309.7
Lease liabilities
\u2013
47.1
47.1
\u2013
47.1
47.1
Less: cash and cash equivalents
(120.8)
\u2013
(120.8)
(124.5)
\u2013
(124.5)
Net debt
1
226.2
47.1
273.3
185.2
47.1
232.3
Total equity
389.3
\u2013
389.3
398.6
\u2013
398.6
Less: amounts accumulated in equity
relating to cash flow hedges
0.2
\u2013
0.2
(1.1)
\u2013
(1.1)
Adjusted capital
389.5
\u2013
389.5
397.5
\u2013
397.5
Net debt
1
to adjusted capital ratio
0.6x
n/a
0.7x
0.5x
n/a
0.6x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Net debt to EBITDA
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net debt
1
226.2
47.1
273.3
185.2
47.1
232.3
Operating profit before specific
adjusting items
122.1
4.6
126.7
113.3
3.7
117.0
Depreciation and amortisation
35.8
8.6
44.4
35.2
7.6
42.8
EBITDA
1
157.9
13.2
171.1
148.5
11.3
159.8
Net debt
1
to EBITDA
1
ratio
1.4x
n/a
1.6x
1.2x
n/a
1.5x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
Interest cover
\n \n
2024
2023
Excluding
IFRS 16
Excluding
IFRS 16
IFRS 16
impact
As stated
IFRS 16
impact
As stated
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
EBITDA
1
157.9
13.2
171.1
148.5
11.3
159.8
Net finance costs (excluding IAS 19
pension charge)
15.8
2.6
18.4
11.7
2.4
14.1
Interest cover
10.0x
n/a
9.3x
12.7x
n/a
11.3x
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.
There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries
are subject to externally imposed capital requirements.
Fair values
\n \n
31 December 2024
31 December 2023
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(77.9)
\u2013
(74.2)
(74.2)
(76.6)
\u2013
(71.6)
(71.6)
Euro
Senior Notes 2026
1.55%
(20.8)
\u2013
(19.9)
(19.9)
(21.7)
\u2013
(20.3)
(20.3)
US Dollar
Senior Notes 2026
4.87%
(20.4)
\u2013
(20.1)
(20.1)
(20.0)
\u2013
(19.4)
(19.4)
Euro
Senior Notes 2028
1.74%
(8.3)
\u2013
(7.7)
(7.7)
(8.7)
\u2013
(8.0)
(8.0)
Euro
Senior Notes 2030
2.89%
(20.7)
\u2013
(18.8)
(18.8)
(21.7)
\u2013
(19.6)
(19.6)
US Dollar
Senior Notes 2031
5.47%
(8.0)
\u2013
(7.6)
(7.6)
(7.9)
\u2013
(7.7)
(7.7)
US Dollar
Senior Notes 2033
5.53%
(8.0)
\u2013
(7.4)
(7.4)
(7.9)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2035
5.61%
(24.1)
\u2013
(22.0)
(22.0)
(23.7)
\u2013
(22.8)
(22.8)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(188.6)
\u2013
(178.1)
(178.1)
(188.6)
\u2013
(177.4)
(177.4)
Financial assets held at FVTPL
2.0
2.0
\u2013
2.0
2.2
2.2
\u2013
2.2
Derivative financial assets
held at fair value
1.2
\u2013
1.2
1.2
1.5
\u2013
1.5
1.5
3.2
2.0
1.2
3.2
3.7
2.2
1.5
3.7
Derivative financial liabilities
held at fair value
(2.6)
\u2013
(2.6)
(2.6)
(0.5)
\u2013
(0.5)
(0.5)
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.
Fair value hierarchy
The different levels have been defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology, future cash flows are
estimated based on forward exchange rates.
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between Level 1 and Level 2 during 2024 and 2023 and there were no Level 3 financial instruments in
either 2024 or 2023.
The major methods and assumptions used in estimating the fair values of financial instruments reflected in the preceding table are as follows:
Equity securities
Fair value is based on quoted market prices at the balance sheet date.
Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate.
Fixed-rate borrowings
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the
fair value of borrowings are 3.7\u20136.6% (2023: 3.7\u20136.3%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group is exposed to credit risk on financial instruments such as liquid assets, derivative assets and trade receivables.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting
date was:
\n \n
Carrying amount
2024
2023
\u00a3m
\u00a3m
FVTPL \u2013 equity instruments
2.0
2.2
Trade receivables
157.4
160.3
Cash and cash equivalents
120.8
124.5
Derivatives
1.2
1.5
281.4
288.5
FVTPL \u2013 equity instruments
In 2023, the Group purchased an equity instrument in Argentina for \u00a35.0 million, designated in Argentine pesos. The equity instrument
has been classified as fair value through profit and loss (\u2018FVTPL\u2019). During the year, a fair value gain of \u00a31.9 million (2023: \u00a30.9 million) was
recognised, offset by a foreign exchange loss of \u00a30.4 million (2023: \u00a33.7 million) and a disposal of \u00a31.7 million (2023: \u00a3nil). At the year end,
the carrying amount of the equity instrument was \u00a32.0 million (2023: \u00a32.2 million).
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
Group\u2019s customer base, including the default risk of the industries and countries in which customers operate, have less influence on
credit risk.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are
performed on all customers requiring credit over a certain amount. The Group does not require collateral in respect of financial assets.
The Group serves thousands of customers. Many of these have purchased the same product for several years and in some cases
decades. Others have modified and enhanced designs or adopted the same components into new products, extending the lifecycle
of the components that the Group supplies. The Group\u2019s level of customer retention is very high, particularly with its major accounts
and, although the top 20 ranking will alter from year to year, many of the names remain consistent over time.
The Group establishes a provision that represents its estimate of expected credit losses in respect of trade and other receivables and
investments. At the point the amount is considered irrecoverable it is written off against the financial asset directly.
Movements on the provision for expected credit losses were as follows:
\n \n
2024
2023
\u00a3m
\u00a3m
Balance at 1 January
(9.0)
(9.1)
Net remeasurement of loss allowance
0.3
(0.6)
Amounts written off
0.3
0.4
Effect of movement in foreign exchange
0.1
0.3
Balance at 31 December
(8.3)
(9.0)
There has been no change in the estimation techniques or significant assumptions made during the current reporting period in assessing
the loss allowance for these financial assets. The loss allowance for trade receivables by ageing category is as follows:
\n \n
2024
2023
Expected
Gross trade
Expected
Net trade
Expected
Gross trade
Expected
Net trade
credit loss rate
receivables
credit losses
receivables
credit loss rate
receivables
credit losses
receivables
%
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
Not past due
0.1%
134.5
(0.1)
134.4
0.2%
133.3
(0.2)
133.1
Past due
0\u201330 days
1.2%
17.2
(0.2)
17.0
1.0%
19.9
(0.2)
19.7
Past due
31\u201360 days
0.0%
3.5
\u2013
3.5
0.0%
3.7
\u2013
3.7
Past due
61\u201390 days
4.3%
2.3
(0.1)
2.2
6.3%
1.6
(0.1)
1.5
Past due more
than 90 days
96.3%
8.2
(7.9)
0.3
81.0%
10.5
(8.5)
2.0
165.7
(8.3)
157.4
169.0
(9.0)
160.0
Cash, cash equivalents and derivatives
Cash balances held by companies representing over 66% of the Group\u2019s revenue are managed centrally through a number of pooling
arrangements. These arrangements principally cover the USA, Eurozone and UK and are represented by both zero balancing and notional
pooling arrangements. The notional cash pooling arrangements are presented on a gross basis. Credit risk is managed by investing in liquid
assets and acquiring derivatives in a diversified way from high-credit-quality financial institutions. Counterparties are reviewed through the
use of rating agencies, systemic risk considerations and through regular review of the financial press. The Group policy requires bank
accounts to be setup with banks and financial institutions with a Moody\u2019s long term international credit rating of at least A3. There are
limited instances such as in certain jurisdictions where this is not practically possible.
Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n \n
Gross amounts
Net amounts
Financial
of recognised
presented
instruments not
\ufb01nancial assets/
Amounts
on the
offset in the
Net
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
2023
Derivative financial assets
1.5
\u2013
1.5
\u2013
1.5
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
124.5
\u2013
124.5
(0.6)
123.9
Bank and other borrowings
(0.6)
\u2013
(0.6)
0.6
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Offsetting financial assets and liabilities
The following table shows the amounts recognised for forward exchange contracts, which are subject to offsetting arrangements on
a gross basis, and the amounts offset in the balance sheet.
The Group also has cash pooling agreements which cannot be offset under IFRS, but which could be settled net under the terms of
master netting agreements, and are also presented in the table below to show the total net exposure of the Group.
\n \n
Gross amounts
Net amounts
Financial
of recognised
presented
instruments not
\ufb01nancial assets/
Amounts
on the
offset in the
Net
(liabilities)
offset
balance sheet
balance sheet
amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Derivative financial assets
1.2
\u2013
1.2
\u2013
1.2
Derivative financial liabilities
(2.6)
\u2013
(2.6)
\u2013
(2.6)
Cash and cash equivalents
120.8
\u2013
120.8
(9.3)
111.5
Bank and other borrowings
(9.3)
\u2013
(9.3)
9.3
\u2013
2023
Derivative financial assets
1.5
\u2013
1.5
\u2013
1.5
Derivative financial liabilities
(0.5)
\u2013
(0.5)
\u2013
(0.5)
Cash and cash equivalents
124.5
\u2013
124.5
(0.6)
123.9
Bank and other borrowings
(0.6)
\u2013
(0.6)
0.6
\u2013
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by cash.
The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions.
The Group seeks a balance between certainty of funding and a flexible, cost-effective borrowing structure. The policy is to ensure that
the Group has sufficient borrowings and committed facilities to meet its medium-term financing requirements.
The following are the undiscounted contracted maturities of financial liabilities, including interest payments:
Cash flows associated with non-derivative financial liabilities
\n \n
31 December 2024
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
77.9
82.7
2.6
80.1
\u2013
\u2013
Euro
Senior Notes 2026
1.55%
2026
20.8
21.3
0.3
21.0
\u2013
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.4
21.5
1.0
20.5
\u2013
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.3
8.8
0.1
0.1
8.6
\u2013
Euro
Senior Notes 2030
2.89%
2030
20.7
24.3
0.6
0.6
1.8
21.3
US Dollar
Senior Notes 2031
5.47%
2031
8.0
10.7
0.4
0.4
1.3
8.6
US Dollar
Senior Notes 2033
5.53%
2033
8.0
11.6
0.4
0.4
1.3
9.5
US Dollar
Senior Notes 2035
5.61%
2035
24.1
38.0
1.3
1.3
4.0
31.4
Bank and other
borrowings
Up to 2029
158.4
162.8
11.7
\u2013
151.1
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.93%
Up to 2044
47.1
54.7
11.0
9.1
19.3
15.3
Trade payables
87.4
87.4
87.4
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
10.1
10.1
10.1
\u2013
\u2013
\u2013
Other payables
16.4
16.4
14.3
2.1
\u2013
\u2013
508.0
550.3
141.2
135.6
187.4
86.1
Bank and other borrowings includes an unsecured multi-currency revolving credit facility set to mature in November 2029, an unsecured
Euro Term Loan set to mature in December 2029 and a Schuldschein Euro Loan Agreement set to mature in June 2028.
\n\n\n\n \n
31 December 2023
Carrying
Contractual
Less than
More than
Effective
Year of
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
interest rate
maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative
financial liabilities
US Dollar
Senior Notes 2026
3.37%
2026
76.6
84.0
2.6
2.6
78.8
\u2013
Euro
Senior Notes 2026
1.55%
2026
21.7
22.6
0.3
0.3
22.0
\u2013
US Dollar Senior Notes
2026
4.87%
2026
20.0
22.1
1.0
1.0
20.1
\u2013
Euro
Senior Notes 2028
1.74%
2028
8.7
9.5
0.2
0.2
9.1
\u2013
Euro
Senior Notes 2030
2.89%
2030
21.7
26.0
0.6
0.6
1.9
22.9
US Dollar
Senior Notes 2031
5.47%
2031
7.9
11.0
0.4
0.4
1.3
8.9
US Dollar
Senior Notes 2033
5.53%
2033
7.9
11.9
0.4
0.4
1.3
9.8
US Dollar
Senior Notes 2035
5.61%
2035
23.7
38.8
1.3
1.3
4.0
32.2
Bank and other
borrowings
Up to 2028
121.1
123.0
1.1
\u2013
121.9
\u2013
Cumulative
First Preference shares
5.50%
0.1
\u2013
\u2013
\u2013
\u2013
\u2013
Cumulative Second
Preference shares
5.00%
0.3
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
5.03%
Up to 2044
47.1
58.6
10.5
9.0
18.3
20.8
Trade payables
78.1
78.1
78.1
\u2013
\u2013
\u2013
Creditors in relation to
capital expenditure
9.7
9.7
9.7
\u2013
\u2013
\u2013
Other payables
9.2
9.2
7.5
1.7
\u2013
\u2013
453.8
504.5
113.7
17.5
278.7
94.6
\n
Cash flows associated with derivatives
\n
The following table indicates the periods in which cash flows associated with cash flow hedges are expected to occur. This is matched with
\n
the periods in which cash flows associated with cash flow hedges are expected to impact the income statement.
\n\n \n
Carrying
Contractual
Less than
More than
amount
cash \ufb02ows
1 year
1\u20132 years
2\u20135 years
5 years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2024
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
30.6
30.6
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(31.7)
(31.7)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.0)
(1.1)
(1.1)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.5
0.5
0.5
\u2013
\u2013
\u2013
Total Cash flow hedges
(0.5)
(0.6)
(0.6)
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
78.0
78.0
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(79.0)
(79.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(1.6)
(1.0)
(1.0)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
0.7
0.1
0.1
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.9)
(0.9)
(0.9)
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
(1.4)
(1.5)
(1.5)
\u2013
\u2013
\u2013
2023
Cash flow hedges
Forward exchange contracts \u2013 liabilities inflow
37.7
37.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(37.9)
(37.9)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.4)
(0.2)
(0.2)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
1.5
1.8
1.8
\u2013
\u2013
\u2013
Total Cash flow hedges
1.1
1.6
1.6
\u2013
\u2013
\u2013
Fair value flow hedges
Forward exchange contracts \u2013 liabilities inflow
7.7
7.7
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities outflow
(7.6)
(7.6)
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 liabilities
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Forward exchange contracts \u2013 assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total Fair value flow hedges
(0.1)
0.1
0.1
\u2013
\u2013
\u2013
Total fair value and cash flow hedges
1.0
1.7
1.7
\u2013
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "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
income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The Group enters into derivatives for hedging purposes, and also incurs financial liabilities, in order to manage market risks. All such
transactions are carried out in accordance with the Treasury Policy, which has been approved by the Board. Generally the Group seeks
to apply hedge accounting in order to manage volatility in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Exchange rates
The principal exchange rates used in the translation of the results of overseas subsidiaries were as follows:
\n \n
2024
2023
Closing rate
Average rate
Closing rate
Average rate
GBP to:
USD
1.25
1.28
1.27
1.24
Euro
1.21
1.18
1.15
1.15
For illustrative purposes, the table below provides details of the impact on 2024 revenue, Group adjusted operating profit and profit
before tax if the actual reported results, calculated using 2024 average exchange rates, were restated for GBP weakening by 10 cents
against USD in isolation and 10 cents against the Euro in isolation:
\n \n
2024
2023
Group adjusted
Group adjusted
operating
Pro\ufb01t
operating
Pro\ufb01t
Revenue
pro\ufb01t
1
before tax
Revenue
pro\ufb01t
1
before tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Increase in revenue/Group adjusted
operating profit/profit before tax if:
GBP weakens by 10c against USD
in isolation
42.3
4.4
3.6
42.8
4.9
4.1
GBP weakens by 10c against
the Euro in isolation
19.8
3.2
0.5
21.5
2.5
2.2
1.
Definitions of these non-GAAP measures and reconciliations to the equivalent statutory measure can be found in the \u2018Glossary\u2019 and \u2018Alternative performance measures\u2019 section on pages 201
to 205.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Capital management
The Board\u2019s policy is to maintain a strong capital base (total equity) so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Board uses a number of measures, identified as KPIs, to ensure the continued success
of the Group.
The Board encourages employees of the Group to hold the Company\u2019s Ordinary shares. The Group operates a number of employee
share and share option schemes. The Company purchases its own shares on the market which are primarily intended to be used for
issuing shares under the Group\u2019s various share option incentive schemes. During the year the Group purchased its own shares which
were subsequently cancelled as part of the share buyback scheme. The timing of these purchases depends on market prices.
The Board seeks to maintain a balance between the advantages and security afforded by a sound capital position, and the higher returns
that might be possible with higher levels of borrowings.
The Group monitors capital using the indicators set out in the table below. These indicators are also presented excluding the impact of
IFRS 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Fair values \n \n
31 December 2024
31 December 2023
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(77.9)
\u2013
(74.2)
(74.2)
(76.6)
\u2013
(71.6)
(71.6)
Euro
Senior Notes 2026
1.55%
(20.8)
\u2013
(19.9)
(19.9)
(21.7)
\u2013
(20.3)
(20.3)
US Dollar
Senior Notes 2026
4.87%
(20.4)
\u2013
(20.1)
(20.1)
(20.0)
\u2013
(19.4)
(19.4)
Euro
Senior Notes 2028
1.74%
(8.3)
\u2013
(7.7)
(7.7)
(8.7)
\u2013
(8.0)
(8.0)
Euro
Senior Notes 2030
2.89%
(20.7)
\u2013
(18.8)
(18.8)
(21.7)
\u2013
(19.6)
(19.6)
US Dollar
Senior Notes 2031
5.47%
(8.0)
\u2013
(7.6)
(7.6)
(7.9)
\u2013
(7.7)
(7.7)
US Dollar
Senior Notes 2033
5.53%
(8.0)
\u2013
(7.4)
(7.4)
(7.9)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2035
5.61%
(24.1)
\u2013
(22.0)
(22.0)
(23.7)
\u2013
(22.8)
(22.8)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(188.6)
\u2013
(178.1)
(178.1)
(188.6)
\u2013
(177.4)
(177.4)
Financial assets held at FVTPL
2.0
2.0
\u2013
2.0
2.2
2.2
\u2013
2.2
Derivative financial assets
held at fair value
1.2
\u2013
1.2
1.2
1.5
\u2013
1.5
1.5
3.2
2.0
1.2
3.2
3.7
2.2
1.5
3.7
Derivative financial liabilities
held at fair value
(2.6)
\u2013
(2.6)
(2.6)
(0.5)
\u2013
(0.5)
(0.5)
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying
amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings
are excluded from the preceding table as their carrying amount approximates their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00571": { "value": "Fair values \n \n
31 December 2024
31 December 2023
Carrying
Fair value
Carrying
Fair value
Effective
amount
Level 1
Level 2
Total
amount
Level 1
Level 2
Total
interest rate
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets and
liabilities held at
amortised cost
US Dollar
Senior Notes 2026
3.37%
(77.9)
\u2013
(74.2)
(74.2)
(76.6)
\u2013
(71.6)
(71.6)
Euro
Senior Notes 2026
1.55%
(20.8)
\u2013
(19.9)
(19.9)
(21.7)
\u2013
(20.3)
(20.3)
US Dollar
Senior Notes 2026
4.87%
(20.4)
\u2013
(20.1)
(20.1)
(20.0)
\u2013
(19.4)
(19.4)
Euro
Senior Notes 2028
1.74%
(8.3)
\u2013
(7.7)
(7.7)
(8.7)
\u2013
(8.0)
(8.0)
Euro
Senior Notes 2030
2.89%
(20.7)
\u2013
(18.8)
(18.8)
(21.7)
\u2013
(19.6)
(19.6)
US Dollar
Senior Notes 2031
5.47%
(8.0)
\u2013
(7.6)
(7.6)
(7.9)
\u2013
(7.7)
(7.7)
US Dollar
Senior Notes 2033
5.53%
(8.0)
\u2013
(7.4)
(7.4)
(7.9)
\u2013
(7.6)
(7.6)
US Dollar
Senior Notes 2035
5.61%
(24.1)
\u2013
(22.0)
(22.0)
(23.7)
\u2013
(22.8)
(22.8)
Cumulative
First Preference shares
5.50%
(0.1)
\u2013
(0.1)
(0.1)
(0.1)
\u2013
(0.1)
(0.1)
Cumulative
Second Preference shares
5.00%
(0.3)
\u2013
(0.3)
(0.3)
(0.3)
\u2013
(0.3)
(0.3)
(188.6)
\u2013
(178.1)
(178.1)
(188.6)
\u2013
(177.4)
(177.4)
Financial assets held at FVTPL
2.0
2.0
\u2013
2.0
2.2
2.2
\u2013
2.2
Derivative financial assets
held at fair value
1.2
\u2013
1.2
1.2
1.5
\u2013
1.5
1.5
3.2
2.0
1.2
3.2
3.7
2.2
1.5
3.7
Derivative financial liabilities
held at fair value
(2.6)
\u2013
(2.6)
(2.6)
(0.5)
\u2013
(0.5)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Derivatives
Forward exchange contracts are marked to market either using listed market prices or by discounting the contractual forward price and
deducting the current spot rate. 45. Derivative \ufb01nancial assets and liabilities
2024
2023
\u00a3m
\u00a3m
Derivative financial assets
Forward foreign exchange contracts non-designated
\u2013 amounts falling due within one year
1.4
1.6
\u2013 amounts falling due after more than one year
\u2013
0.4
1.4
2.0
Derivative financial liabilities
Forward foreign exchange contracts non-designated
\u2013 amounts falling due within one year
(2.4)
(1.7)
\u2013 amounts falling due after more than one year
(6.0)
(2.7)
(8.4)
(4.4)
Fair values are measured using a hierarchy where the inputs are:
Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 not traded in an active market but the fair values are based on quoted market prices or alternative pricing sources with
reasonable levels of price transparency. Fair value is calculated using discounted cash flow methodology; future cash flows are estimated
based on forward exchange rates.
Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The derivative financial assets and liabilities are all measured using Level 2 inputs. The fair value of forward foreign exchange contracts is
estimated by discounting the future cash flows using appropriate market-sourced data at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "22. Pensions and other post-retirement employee bene\ufb01ts
The Group operates a number of defined benefit arrangements as well as defined contribution plans. The defined benefit plans
are primarily in the UK, USA and Europe and predominantly provide pensions based on service and career average pay. In addition
post-retirement medical plans are operated in the USA.
Summary of net defined benefit obligations
\n \n
2024
2023
\u00a3m
\u00a3m
Present value of unfunded defined benefit obligations
(32.8)
(36.9)
Present value of funded defined benefit obligations
(429.5)
(479.2)
Fair value of plan assets
440.8
490.9
(21.5)
(25.2)
Amounts recognised in income statement
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Current service cost
(2.1)
(2.4)
Administrative expenses recognised outside of the pension liability
(0.7)
(1.1)
Curtailments and settlements
0.1
\u2013
Total expense within operating costs relating to defined benefit plans
(2.7)
(3.5)
Defined contribution plans
(13.5)
(12.9)
Total expense within operating costs
4
(16.2)
(16.4)
Net interest on net defined benefit liability
7
(0.6)
\u2013
Total expense recognised in income statement
(16.8)
(16.4)
Amounts recognised in other comprehensive income
\n \n
2024
2023
\u00a3m
\u00a3m
Experience gain on plan obligations
2.0
1.2
Changes in financial assumptions underlying the present value of plan obligations \u2013 gain/(loss)
39.1
(12.7)
Changes in demographic assumptions underlying the present value of plan obligations \u2013 gain
1.4
2.9
Actual return on plan assets (excluding amounts included in net interest expense)
(41.2)
(2.9)
Remeasurements recognised in other comprehensive income
1.3
(11.5)
Deferred tax associated with the above
(0.6)
(0.5)
Total amount recognised in other comprehensive income
0.7
(12.0)
Defined contribution plans
\n
The Group operates a number of defined contribution pension plans. The total expense relating to these plans in the current year
\n
was \u00a313.5 million (2023: \u00a312.9 million). The expense includes ongoing contributions to the one remaining US Multi-Employer Plan of
\n
\u00a30.1 million (2023: \u00a30.2 million). The Group expects to contribute \u00a313.8 million to ongoing defined contribution arrangements in 2025.
\n
Defined benefit plans
\n
UK Schemes
\n
In the UK, the Group operates two defined benefit pension schemes, the Morgan Pension Scheme and the Morgan Group Senior Staff
\n
Pension and Life Assurance Scheme (\u2018the UK Schemes\u2019). The two UK Schemes provide a benefit based upon an employee\u2019s total service
\n
and their career average earnings (including allowance for consumer price inflation), although historically benefits were based upon an
\n
employee\u2019s final salary. Once in payment, pensions receive increases as set out in the rules, at either a fixed level, or in line with the
\n
Retail Price Index. The overall duration of the UK Schemes is around 12 years.
\n
The UK Schemes\u2019 assets are held in trustee-administered funds which are governed by UK regulations, as is the nature of the relationship
\n
between the Group and the Trustees. Responsibility for the governance of the UK Schemes \u2013 including investment decisions and
\n
contribution schedules \u2013 lies with the Board of Trustees which must consult with the Group in such matters. The Board of Trustees
\n
must be composed of representatives of the Company, plan participants and independent trustee directors, in accordance with the
\n
UK Scheme\u2019s governing documents.
\n
Funding legislation in the UK requires that schemes are fully funded on a scheme-specific basis, and this must be assessed at least every
\n
three years. To the extent that there is a deficit against this measure, a payment schedule must be agreed such that the deficit is removed
\n
over a reasonable period of time.
\n
The most recent full actuarial valuations of the UK Schemes were undertaken as at 31 March 2022 and resulted in combined assessed
\n
deficits of \u00a349.7 million on the \u2018Technical Provisions\u2019 basis. The Company subsequently agreed with the Trustees to make a lump sum
\n
contribution to the Schemes of \u00a367.0 million on 29 December 2022 in lieu of the remaining contributions that would otherwise have been
\n
due under the existing recovery plans from the 31 March 2019 valuations. The sum paid also represented the value of the deficit on the
\n
more prudent \u2018Long Term Objective\u2019 basis. The next valuations are due as at 31 March 2025 and will be the first undertaken under the
\n
new statutory funding regime introduced via the Pension Schemes Act 2021. The impact of the new regime is currently being assessed.
\n
However, no further contributions to the Schemes are expected to be required.
\n
The UK Schemes were closed to new entrants on 1 August 2011, with any new employees receiving benefits through the Morgan Group
\n
Personal Pension Plan, a defined contribution arrangement. The Morgan Group Senior Staff Pension and Life Assurance Scheme was
\n
closed to the future accrual of benefits on and with effect from 6 April 2016. The Morgan Pension Scheme was closed to the future
\n
accrual of benefits with effect from 6 April 2018. Current employees, including those who were active in the Schemes at closure,
\n
are auto-enrolled into the Morgan Group Personal Pension Plan for their future pension benefits.
\n
The Group has considered third-party powers and does not believe the Trustees have any powers that would prevent the Group
\n
obtaining a refund of any surplus on wind-up of the Scheme following gradual settlement of the plan obligations. As such the Group\u2019s
\n
interpretation 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
\n
an asset and it is not necessary to recognise additional liabilities in respect of contribution agreements reached with the pension scheme
\n
Trustees, managers or any third party.
\n
The Trustees and the Group have considered the impact of the recent Virgin Media court case on the Morgan Pension Scheme and, in
\n
particular, the extent to which actuarial confirmation was provided that any changes made to the Scheme between 1997 and 2016 did not
\n
adversely impact members\u2019 contracted out benefits. Reasonable due diligence has concluded that no additional liability requires disclosure.
\n
The Morgan Group Senior Staff Pension and Life Assurance Scheme was not contracted out over this period and therefore is not affected
\n
by the ruling.
\n
The Group has recognised a liability in relation to Guaranteed Minimum Pensions (GMPs), an initiative to remove inequalities in scheme
\n
benefits that arise from GMPs being unequal between men and women. A project to equalise members\u2019 benefits in the Morgan Pension
\n
Scheme is currently being progressed by a Joint Trustee and Employer Working Group and is expected to be completed in 2025.
US Schemes
\n
The Group operates a tax qualified defined benefit pension scheme in the USA (\u2018MUSE DB Scheme\u2019), and a Supplemental Executive
\n
Retirement Plan (\u2018SERP\u2019) which is not tax approved (together \u2018the US Schemes\u2019). The MUSE DB Scheme is frozen, and therefore
\n
employees accrue benefits within a 401k arrangement.
\n
The US Schemes provide a benefit based upon an employee\u2019s service and earnings. The benefits are level both prior to, and while in,
\n
payment. Overall, the US Schemes\u2019 duration is around nine years.
\n
The qualified MUSE DB Scheme\u2019s assets are held in a trust separately from the Group\u2019s assets. For the SERP the Group holds an asset
\n
to meet the obligations; however, due to its nature this is accounted for as a Group asset, rather than an asset of the SERP. Responsibility
\n
for the governance of the US Schemes, including investment decisions and contribution schedules, lies with a management committee,
\n
all of whose members are appointed by the Group.
\n
The funding requirements in the USA, ERISA, require schemes to be fully funded at all times, and if not to target full funding within a
\n
period of seven years.
\n
The most recent full actuarial valuation of the MUSE DB Scheme was undertaken as at 1 January 2024 and the Scheme was 96% funded
\n
on this basis.
\n
On the Defined Benefit Obligation (DBO) basis used for IAS 19 purposes, the Scheme was 100% funded with a surplus as at
\n
31 December 2024 of \u00a30.2 million (2023: \u00a30.3 million deficit).
\n
No further significant contributions to the MUSE DB Scheme are anticipated in the medium term.
\n
European schemes
\n
In Europe (excluding UK), the Group operates a number of retirement schemes, with the bulk of the obligations relating to arrangements
\n
for employees in Germany. In line with local practice, these arrangements are not funded in advance, with benefits being met by the
\n
Group as they fall due.
\n \n
31 December 2024
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Summary of net obligations
Present value of unfunded defined benefit obligations
\u2013
(4.0)
(24.9)
(3.9)
(32.8)
Present value of funded defined benefit obligations
(318.1)
(101.3)
(1.2)
(8.9)
(429.5)
Fair value of plan assets
330.4
101.5
0.2
8.7
440.8
Net obligations
12.3
(3.8)
(25.9)
(4.1)
(21.5)
Represented by:
Surpluses
12.3
0.1
\u2013
0.6
13.0
Obligations
\u2013
(3.9)
(25.9)
(4.7)
(34.5)
Movements in present value of defined benefit obligation
At 1 January 2024
(362.8)
(112.2)
(28.4)
(12.7)
(516.1)
Current service cost
\u2013
\u2013
(0.7)
(1.4)
(2.1)
Interest cost
(15.8)
(5.2)
(1.0)
(0.3)
(22.3)
Actuarial gain/(loss)
Experience gain/(loss) on plan obligations
2.8
(0.8)
0.3
(0.3)
2.0
Changes in financial assumptions \u2013 gain/(loss)
33.0
5.8
0.7
(0.4)
39.1
Changes in demographic assumptions \u2013 gain
1.3
\u2013
\u2013
0.1
1.4
Benefits paid
23.4
8.8
1.7
1.1
35.0
Effect of curtailment or settlement
\u2013
\u2013
0.1
0.1
0.2
Exchange adjustments
\u2013
(1.7)
1.2
1.0
0.5
At 31 December 2024
(318.1)
(105.3)
(26.1)
(12.8)
(462.3)
Movements in fair value of plan assets
At 1 January 2024
375.3
106.7
0.2
8.7
490.9
Interest on plan assets
16.5
4.9
\u2013
0.3
21.7
Remeasurement gain/(loss)
(37.7)
(3.5)
(0.1)
0.1
(41.2)
Contributions by employer
\u2013
0.5
1.7
1.6
3.8
Benefits paid
(23.4)
(8.8)
(1.7)
(1.1)
(35.0)
Administrative cost
(0.3)
\u2013
\u2013
\u2013
(0.3)
Effect of curtailment or settlement
\u2013
\u2013
\u2013
(0.1)
(0.1)
Exchange adjustments
\u2013
1.7
0.1
(0.8)
1.0
At 31 December 2024
330.4
101.5
0.2
8.7
440.8
Actual return on assets
(21.2)
1.4
(0.1)
0.4
(19.5)
Fair value of plan assets by category
Equities
\u2013
4.8
\u2013
\u2013
4.8
Growth assets
1
43.8
\u2013
\u2013
\u2013
43.8
Bonds
28.8
94.7
\u2013
\u2013
123.5
Liability-driven investments (LDI)
2
166.4
\u2013
\u2013
\u2013
166.4
Matching insurance policies
90.1
1.4
0.2
6.2
97.9
Other
1.3
0.6
\u2013
2.5
4.4
330.4
101.5
0.2
8.7
440.8
\n
1.
Growth assets include investment in Multi-Asset Funds as well as UK property.
\n
2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration fixed interest and index-linked government bonds valued at the bid price of the units.
\n
This provides interest rate and inflation 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).
The Group expects to contribute \u00a34.0 million to these arrangements in 2025.
\n\n \n
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimate of employer contributions to be paid into the plans
during the 12-month period beginning 1 January 2025
\u2013
0.5
1.7
1.8
4.0
\n\n \n
31 December 2023
Rest of
UK
USA
Europe
the World
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Summary of net obligations
Present value of unfunded defined benefit obligations
\u2013
(5.2)
(27.1)
(4.6)
(36.9)
Present value of funded defined benefit obligations
(362.8)
(107.0)
(1.3)
(8.1)
(479.2)
Fair value of plan assets
375.3
106.7
0.2
8.7
490.9
Net obligations
12.5
(5.5)
(28.2)
(4.0)
(25.2)
Represented by:
Surpluses
12.5
\u2013
\u2013
1.0
13.5
Obligations
\u2013
(5.5)
(28.2)
(5.0)
(38.7)
Movements in present value of defined benefit obligation
At 1 January 2023
(359.5)
(121.9)
(28.3)
(12.1)
(521.8)
Current service cost
\u2013
\u2013
(0.8)
(1.6)
(2.4)
Interest cost
(16.7)
(5.6)
(1.0)
(0.3)
(23.6)
Actuarial gain/(loss)
Experience gain/(loss) on plan obligations
(0.3)
2.0
\u2013
(0.5)
1.2
Changes in financial assumptions \u2013 gain/(loss)
(10.4)
(1.9)
(0.6)
0.2
(12.7)
Changes in demographic assumptions \u2013 gain
2.9
\u2013
\u2013
\u2013
2.9
Benefits paid
21.2
9.2
1.7
0.9
33.0
Exchange adjustments
\u2013
6.0
0.6
0.7
7.3
At 31 December 2023
(362.8)
(112.2)
(28.4)
(12.7)
(516.1)
Movements in fair value of plan assets
At 1 January 2023
384.7
112.7
0.4
8.4
506.2
Interest on plan assets
17.9
5.4
\u2013
0.3
23.6
Remeasurement gain/(loss)
(6.1)
2.9
\u2013
0.3
(2.9)
Contributions by employer
\u2013
0.6
1.6
1.2
3.4
Benefits paid
(21.2)
(9.2)
(1.7)
(0.9)
(33.0)
Exchange adjustments
\u2013
(5.7)
(0.1)
(0.6)
(6.4)
At 31 December 2023
375.3
106.7
0.2
8.7
490.9
Actual return on assets
11.8
8.3
\u2013
0.6
20.7
Fair value of plan assets by category
Equities
\u2013
6.3
\u2013
\u2013
6.3
Growth assets
1
48.9
\u2013
\u2013
\u2013
48.9
Bonds
26.5
97.7
\u2013
\u2013
124.2
Liability-driven investments (LDI)
2
196.6
\u2013
\u2013
\u2013
196.6
Matching insurance policies
101.9
1.4
0.2
6.3
109.8
Other
1.4
1.3
\u2013
2.4
5.1
375.3
106.7
0.2
8.7
490.9
\n
1.
Growth assets include investment in Global Diversified and Multi-Asset Funds as well as UK property.
\n
2.
The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration fixed interest and index-linked government bonds valued at the bid price of the units.
\n
This provides interest rate and inflation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes.
Actuarial assumptions
\n
The actual liability in respect of global employee benefits will not be known until the last payments have been made. In placing a current
\n
estimate on the Group\u2019s past service benefit obligations, a number of assumptions about the future are required. For defined benefit
\n
schemes, the Directors make annual estimates and assumptions in respect of discount rates, future changes in salaries, employee turnover,
\n
inflation rates, life expectancy and several other assumptions. In making these estimates and assumptions, the Directors consider advice
\n
provided by external advisors, such as actuaries.
\n
The assumptions used are best estimate assumptions chosen from a reasonable range and which may not be borne out in practice.
\n
The principal assumptions are the discount rate and inflation assumptions which are long-term and measured on external factors, based
\n
upon each plan\u2019s duration. In addition to these, the mortality assumption in the UK and the USA is material to the cost of the promised
\n
benefits. In both the UK and Europe, where relevant, the assumed increases in salaries and pensions in payment are derived from
\n
assumed future inflation.
\n
The rates shown below are single equivalents for the obligations as a whole derived from discounting along the yield curve. In line with
\n
IAS 19, in determining the value of the annuity contract held in the UK we have reflected the same methodology as used to value the
\n
corresponding obligations, reflecting the actual cash flow profile and duration of the insured obligations, rather than those of the Schemes
\n
as a whole.
\n
Actuarial assumptions were:
\n\n \n
Rest of
UK
USA
Europe
the World
%
%
%
%
2024
Discount rate
5.45
5.47
3.50
4.66
Salary increase
n/a
n/a
2.00
4.50
Inflation (UK: RPI/CPI)
3.15/2.52
n/a
2.00
n/a
Pensions increase
1
3.00/3.02/3.66
n/a
2.00
n/a
Mortality \u2013 post-retirement:
Life expectancy of a male aged 60 in accounting year (years)
25.51
25.00
25.48
n/a
Life expectancy of a male aged 60 in accounting year +20 (years)
27.02
25.90
28.25
n/a
2023
Discount rate
4.52
4.80
3.40
5.52
Salary increase
n/a
n/a
2.10
4.50
Inflation (UK: RPI/CPI)
3.05/2.31
n/a
2.10
n/a
Pensions increase
1
3.00/2.94/3.62
n/a
2.10
n/a
Mortality \u2013 post-retirement:
Life expectancy of a male aged 60 in accounting year (years)
25.62
25.00
25.33
n/a
Life expectancy of a male aged 60 in accounting year +20 (years)
27.10
25.80
28.12
n/a
\n
1.
Pension increases in the UK reflect both fixed-rate and RPI-related increases to different elements of members\u2019 pensions.
\n
The accounting assumptions noted above are used to calculate the year-end net pension liability in accordance with the relevant
\n
accounting standard, IAS 19 (revised) Employee Benefits. Changes in these assumptions have no impact on the Group\u2019s cash payments to
\n
their arrangements. The payments due are calculated based on local funding requirements, or in the case of the Group\u2019s unfunded
\n
arrangements on the incidence of benefit payments falling due.
The table below demonstrates the sensitivity of the defined benefit obligations to changes in the significant assumptions used for
the schemes.
\n \n
2024
2023
Increase on
Increase on
de\ufb01ned bene\ufb01t
Increase
de\ufb01ned bene\ufb01t
Increase
obligation
on de\ufb01cit
obligation
on de\ufb01cit
Change in assumption
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Discount rate
Decrease by 0.1%
4.6
4.1
5.6
4.9
Discount rate
1
Decrease by 0.5%
23.9
21.0
29.2
25.6
Inflation
Increase by 0.1%
1.5
1.5
1.8
1.7
Inflation
1
Increase by 0.5%
7.8
7.3
9.7
9.1
Mortality \u2013 post-retirement
1
Pensioners live 1 year longer
18.1
11.6
20.5
13.4
Exchange rates
GBP weakens against USD by 10%
11.7
0.4
12.5
0.6
GBP weakens against EUR by 10%
2.9
2.9
3.1
3.1
1.
Sensitivities included as reasonably possible changes under IAS1.
These sensitivities have been calculated to show the movement in the net balance sheet in isolation, and assume no other changes in
market conditions at the accounting date. This is unlikely in practice \u2013 for example, a change in discount rate is unlikely to occur without
any movement in the value of the assets held by the Group\u2019s Schemes, particularly in the UK and USA where liability movements are
effectively fully hedged.
Risks
The net pension liability is a snapshot view which can be significantly influenced by short-term market factors. The calculation of the
surplus or deficit depends, therefore, on factors which are beyond the control of the Group \u2013 principally the value at the balance sheet
date of assets in which the Scheme has invested and long-term interest rates which are used to discount future liabilities. The funding of the
Scheme is based on long-term trends and assumptions relating to market growth, as advised by qualified actuaries and investment advisors.
The most significant risks to which the Group is exposed are:
Investment returns
: The Group\u2019s net balance sheet and contribution requirements are heavily dependent upon the return on the
assets invested in by the Schemes.
Longevity:
The cost to the Group of the pensions promised to members is dependent upon the expected term of these payments.
To the extent that members live longer than expected, this will increase the cost of these arrangements.
Inflation rate risk:
In the UK, the pension promises are, in the main, linked to inflation, and higher inflation will lead to higher liabilities.
The above risks have been mitigated for the majority of the UK Schemes\u2019 pensioner population through the purchase of an insurance
policy, the payments from which exactly match the promises made to employees. Remaining investment risks have also been mitigated
to a significant extent by a diversification of the return-seeking assets and backing uninsured pensioner liabilities via bonds and various
hedging instruments. In the UK, the bonds and LDI mandates target an interest rate hedge against movements in government bond yields
(including providing protection against changes to future inflation expectations) for an amount equal to approximately 100% of the liabilities
valued on the \u2018Long Term Objective\u2019 basis. In the USA, the bond mandates provide an interest rate hedge of approximately 100% of the
liabilities for funded plans.
In addition, the IAS 19 defined benefit obligation is linked to yields on AA-rated corporate bonds; however some of the Group\u2019s
arrangements invest in a number of other assets which will move in a different manner from these bonds. Therefore, changes in market
conditions may lead to volatility in the Group\u2019s balance sheet and in other comprehensive income, and to a lesser extent in the IAS 19
pension expense in the Group\u2019s income statement.
Regulatory Risk:
The Group also closely monitors the external legal and regulatory pension environment to ensure continued
compliance with all relevant requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "23. Share-based payments
The Group operates various share option programmes that allow Group employees to acquire shares in the Company. During 2024,
awards were made to executives and senior employees under the Morgan Advanced Materials plc Long-Term Incentive Plan (LTIP),
the Morgan Advanced Materials plc Deferred Bonus Plan (DBP) and the Morgan Advanced Materials plc Restricted Stock Units (RSU).
The Company also maintains a UK all-employee Sharesave scheme (\u2018Sharesave\u2019). Further details can be found in the Remuneration
Report on pages 84 to 109.
The grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding increase in equity,
over the period that the employees become unconditionally entitled to the options. The amount recognised as an expense is adjusted to
reflect the actual number of share options for which the related service and non-market vesting conditions are met.
The charge expensed to the income statement in 2024 was \u00a32.8 million (2023: \u00a32.9 million).
The following options and awards were outstanding at 31 December 2024 in respect of Ordinary shares:
\n \n
Number
Exercise dates ranging
Employees
Exercise/award
of shares
entitled
Vesting conditions
price(s)
outstanding
from
to
LTIP
Senior
Continued employment
\u2013
7,254,150
13 May 2025
5 September
employees
plus satisfaction of
2027
performance metrics
Sharesave
All UK
Continued employment
209.00p\u2013321.00p
1,085,754
1 December 2024
31 May 2028
employees
DBP
Senior
Continued employment
\u2013
418,844
26 March 2025
26 March 2027
employees
RSU
Select
Continued employment
\u2013
463,373
26 May 2025
26 March 2027
employees
The numbers and weighted average exercise prices of share options are as follows:
\n \n
2024
2023
Weighted
Weighted
average
Number of
average
Number of
exercise price
options
exercise price
options
Outstanding at the beginning of the period
27.63p
8,785,347
28.30p
7,517,706
Granted during the period
15.00p
3,153,808
29.62p
4,240,455
Forfeited during the period
23.54p
(459,351)
24.87p
(580,988)
Exercised during the period
21.63p
(1,623,698)
33.06p
(2,138,502)
Lapsed during the period
5.96p
(633,985)
41.30p
(253,324)
Outstanding at the end of the period
26.06p
9,222,121
27.63p
8,785,347
Exercisable at the end of the period
139.21p
120,602
170.65p
222,637
The weighted average share price at the date of exercise during the period was 283.16 pence (2023: 276.49 pence).
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
grant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a specified period of time
with no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU are
equal to the share price at the date of grant.
\n \n
Awards made in 2024
LTIP
Sharesave
DBP
RSU
Share price at award date
282.89p\u2013302.50p
271.75p
282.89p
282.89p\u2013302.50p
Exercise price
n/a
247.00p
n/a
n/a
Fair value at measurement date
105.00p\u2013250.00p
42.00p
282.89p
282.89p\u2013302.50p
Fair value measurement method
Actuarial
Actuarial
n/a
n/a
binomial
binomial
method
method
Fair value model inputs:
Expected volatility (expressed as weighted average
30%
30%
volatility used in the model)
Option life (expressed as weighted average life
3.0 years
3.3 years
used in the model)
Expected dividends
4.20%
4.40%
Risk-free interest rate
4.00%
3.70%
The expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
adjusted for any expected changes to future volatility due to publicly available information.
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
The weighted average fair value of options issued during 2024 was 202.98 pence (2023: 211.70 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "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
grant to the vesting date. The RSU is an award of shares, which are released in tranches to the participant over a specified period of time
with no performance conditions except continued employment by the Group. As such, the grant-date fair value of the DBP and RSU are
equal to the share price at the date of grant.
\n \n
Awards made in 2024
LTIP
Sharesave
DBP
RSU
Share price at award date
282.89p\u2013302.50p
271.75p
282.89p
282.89p\u2013302.50p
Exercise price
n/a
247.00p
n/a
n/a
Fair value at measurement date
105.00p\u2013250.00p
42.00p
282.89p
282.89p\u2013302.50p
Fair value measurement method
Actuarial
Actuarial
n/a
n/a
binomial
binomial
method
method
Fair value model inputs:
Expected volatility (expressed as weighted average
30%
30%
volatility used in the model)
Option life (expressed as weighted average life
3.0 years
3.3 years
used in the model)
Expected dividends
4.20%
4.40%
Risk-free interest rate
4.00%
3.70%
The expected volatility is based on the historical volatility (calculated based on the weighted average remaining life of the share options)
adjusted for any expected changes to future volatility due to publicly available information.
The fair value of services received in return for share options granted is measured by reference to the fair value of share options granted.
The weighted average fair value of options issued during 2024 was 202.98 pence (2023: 211.70 pence). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00605": { "value": "24. Provisions and contingent liabilities \n \n
Closure and
restructuring
Legal and other
Environmental
provisions
provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
7.9
5.6
8.3
21.8
Provisions made during the year
2.9
2.4
0.1
5.4
Provisions used during the year
(2.9)
(1.1)
(1.6)
(5.6)
Provisions reversed during the year
(0.4)
(0.4)
\u2013
(0.8)
Effect of movements in foreign exchange
(0.1)
(0.2)
(0.1)
(0.4)
Balance at 31 December 2024
7.4
6.3
6.7
20.4
Current
5.4
1.9
2.2
9.5
Non-current
2.0
4.4
4.5
10.9
7.4
6.3
6.7
20.4
\n
Closure and restructuring provisions
\n
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
\n
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
\n
best estimate of other associated restructuring costs including professional fees. The provisions are expected to be utilised in the next one
\n
to two years.
\n
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
\n
pension obligation may continue for up to 16 years, subject to any settlement being reached in advance of that date.
\n
Legal and other provisions
\n
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\n
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\n
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
\n
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
\n
outcome of various court proceedings and associated negotiations.
\n
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it
\n
is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
\n
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
\n
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a39.5 million (2023: \u00a310.3 million) in the ordinary course
\n
of business.
\n
Environmental provisions
\n
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
\n
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
\n
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 14.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00569": { "value": "24. Provisions and contingent liabilities \n \n
Closure and
restructuring
Legal and other
Environmental
provisions
provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
7.9
5.6
8.3
21.8
Provisions made during the year
2.9
2.4
0.1
5.4
Provisions used during the year
(2.9)
(1.1)
(1.6)
(5.6)
Provisions reversed during the year
(0.4)
(0.4)
\u2013
(0.8)
Effect of movements in foreign exchange
(0.1)
(0.2)
(0.1)
(0.4)
Balance at 31 December 2024
7.4
6.3
6.7
20.4
Current
5.4
1.9
2.2
9.5
Non-current
2.0
4.4
4.5
10.9
7.4
6.3
6.7
20.4
\n
Closure and restructuring provisions
\n
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
\n
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
\n
best estimate of other associated restructuring costs including professional fees. The provisions are expected to be utilised in the next one
\n
to two years.
\n
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
\n
pension obligation may continue for up to 16 years, subject to any settlement being reached in advance of that date.
\n
Legal and other provisions
\n
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\n
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\n
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
\n
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
\n
outcome of various court proceedings and associated negotiations.
\n
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it
\n
is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
\n
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
\n
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a39.5 million (2023: \u00a310.3 million) in the ordinary course
\n
of business.
\n
Environmental provisions
\n
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
\n
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
\n
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 14.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed.
25. Capital commitments
In 2024, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
these accounts amount to \u00a313.8 million (2023: \u00a35.2 million) for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "24. Provisions and contingent liabilities \n \n
Closure and
restructuring
Legal and other
Environmental
provisions
provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
7.9
5.6
8.3
21.8
Provisions made during the year
2.9
2.4
0.1
5.4
Provisions used during the year
(2.9)
(1.1)
(1.6)
(5.6)
Provisions reversed during the year
(0.4)
(0.4)
\u2013
(0.8)
Effect of movements in foreign exchange
(0.1)
(0.2)
(0.1)
(0.4)
Balance at 31 December 2024
7.4
6.3
6.7
20.4
Current
5.4
1.9
2.2
9.5
Non-current
2.0
4.4
4.5
10.9
7.4
6.3
6.7
20.4
\n
Closure and restructuring provisions
\n
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
\n
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
\n
best estimate of other associated restructuring costs including professional fees. The provisions are expected to be utilised in the next one
\n
to two years.
\n
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
\n
pension obligation may continue for up to 16 years, subject to any settlement being reached in advance of that date.
\n
Legal and other provisions
\n
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\n
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\n
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
\n
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
\n
outcome of various court proceedings and associated negotiations.
\n
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it
\n
is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
\n
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
\n
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a39.5 million (2023: \u00a310.3 million) in the ordinary course
\n
of business.
\n
Environmental provisions
\n
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
\n
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
\n
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 14.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "24. Provisions and contingent liabilities \n \n
Closure and
restructuring
Legal and other
Environmental
provisions
provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2024
7.9
5.6
8.3
21.8
Provisions made during the year
2.9
2.4
0.1
5.4
Provisions used during the year
(2.9)
(1.1)
(1.6)
(5.6)
Provisions reversed during the year
(0.4)
(0.4)
\u2013
(0.8)
Effect of movements in foreign exchange
(0.1)
(0.2)
(0.1)
(0.4)
Balance at 31 December 2024
7.4
6.3
6.7
20.4
Current
5.4
1.9
2.2
9.5
Non-current
2.0
4.4
4.5
10.9
7.4
6.3
6.7
20.4
\n
Closure and restructuring provisions
\n
Closure and restructuring provisions relate to the Group\u2019s restructuring programmes and represent committed expenditure at the balance
\n
sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management\u2019s
\n
best estimate of other associated restructuring costs including professional fees. The provisions are expected to be utilised in the next one
\n
to two years.
\n
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the
\n
pension obligation may continue for up to 16 years, subject to any settlement being reached in advance of that date.
\n
Legal and other provisions
\n
Legal and other provisions mainly comprise amounts provided against open legal and contractual disputes arising in the normal course of
\n
business and long-service costs. Provisions are made for the expected costs associated with such matters, based on past experience of
\n
similar items and other known factors, taking into account professional advice received, and represent management\u2019s best estimate of the
\n
most likely outcome. The timing of utilisation of these provisions is frequently uncertain, reflecting the complexity of issues and the
\n
outcome of various court proceedings and associated negotiations.
\n
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it
\n
is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated
\n
successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
\n
Subsidiary undertakings within the Group have given unsecured guarantees of \u00a39.5 million (2023: \u00a310.3 million) in the ordinary course
\n
of business.
\n
Environmental provisions
\n
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
\n
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the
\n
next five to ten years.
Tax contingent liabilities
The Group is subject to periodic tax audits by various fiscal authorities covering corporate, employee and sales taxes in the various
jurisdictions in which it operates. We have provided for estimates of the Group\u2019s likely exposures where these can be reliably estimated.
These are disclosed in notes 8 and 14.
Environmental and other contingent liabilities
Due to the international footprint of the Group and the nature of its manufacturing operations it is subject to a wide range of local health
and safety, environmental and employment laws and regulations. At any point in time the Group has a number of ongoing environmental
or employment cases for which there is uncertainty due to the wide range of possible outcomes and associated costs. Possible outcomes
include the case being settled, withdrawn or dismissed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "25. Capital commitments
In 2024, commitments for property, plant and equipment and computer software expenditure for which no provision has been made in
these accounts amount to \u00a313.8 million (2023: \u00a35.2 million) for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "26. Related parties
Identification of related parties
The Group has related party relationships with its subsidiaries (a list of all related undertakings and associates is shown in note 44), and
with its Directors, executive officers and their close family members.
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 a
salary or a fee and other emoluments.
The key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
members of the Executive Committee.
The compensation for the executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n \n
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
6.2
5.9
Employer national insurance contributions
0.5
0.6
Pension and other post-employment costs
0.3
0.3
Share-based payment expense
1.1
0.9
Non-executive Directors\u2019 fees and benefits
0.5
0.5
Total compensation of key management personnel
8.6
8.2
Other related party transactions
During the year the Group incurred an annual fee of \u00a318,000 (2023: \u00a313,500) to Dunelm Energy for administrative support, a company in
which Ian Marchant, the Group Chairman, has an interest.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "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 a
salary or a fee and other emoluments.
The key management of the Group and Parent Company consists of the Board of Directors (including non-executive Directors) and
members of the Executive Committee.
The compensation for the executive and non-executive Directors and members of the Executive Committee charged in the year was:
\n \n
2024
2023
\u00a3m
\u00a3m
Short-term employee benefits
6.2
5.9
Employer national insurance contributions
0.5
0.6
Pension and other post-employment costs
0.3
0.3
Share-based payment expense
1.1
0.9
Non-executive Directors\u2019 fees and benefits
0.5
0.5
Total compensation of key management personnel
8.6
8.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00754": { "value": "27. Non-controlling interests
Non-controlling interests represent the portion of equity of subsidiaries which is not owned by the Parent Company. The total profit
attributable to non-controlling interests for the year ended 31 December 2024 is \u00a38.5 million (2023: \u00a39.0 million), \u00a37.5 million (2023:
\u00a38.1 million) relates to the subsidiaries listed below, the remaining amount relates to other subsidiaries which are not considered material.
\n \n
Name of entity
Registered address
Ownership %
Morgan AM&T (Shangai) Co., Ltd
4250 Long Wu Road, Shanghay, 200241, China
30%
Murugappa Morgan Thermal Ceramics Ltd
PO Box 1570, Dare House Extension, V Floor, No. 2,
49%
NSC Bose Road, Chennai, Tamil Nadu, 600001, India
Ciria India Limited
P-11 Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
30%
Shin-Nippon Thermal Ceramics Corporation
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-Ku,
50%
Sakai-Shi, Osaka, 590-0985, Japan
Yixing Morgan Thermal Ceramics Co Ltd
2 Beidan Road, Taodu Industrial Park, Dingshu Town,
49%
Yixing City, Jiangsu Province, 214222, China
Morgan Kailong (Jingmen), Thermal Ceramics Co Ltd
20-1 Quankou Road, Jingmen City, Hubei Province,
30%
448032, China
The summarised financial information of the material non-controlling interests are shown below.
\n \n
Morgan Kailong
Murugappa
Shin-Nippon
Yixing Morgan
(Jingmen)
Morgan AM&T
Morgan
Thermal
Thermal
Thermal
(Shanghai)
Thermal
Ciria India
Ceramics
Ceramics
Ceramics
Co., Ltd
Ceramics Ltd
Limited
Corporation
Co Ltd
Co Ltd
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit after tax
6.1
4.6
2.3
1.9
1.3
3.3
Profit for the year attributable
1.9
2.2
0.7
1.0
0.7
1.0
to non-controlling interest
Dividends paid to
2.3
0.7
0.7
1.8
1.0
1.0
non-controlling interest
Non-current assets
5.1
9.0
\u2013
\u2013
8.4
12.3
Current assets
34.3
11.3
5.7
10.5
6.3
7.6
Current liabilities
(13.0)
(3.8)
(1.8)
(3.0)
(3.7)
(5.0)
Total net assets
26.4
16.5
3.9
7.5
11.0
14.9
\n \n
Morgan Kailong
Murugappa
Shin-Nippon
Yixing Morgan
(Jingmen)
Morgan AM&T
Morgan
Thermal
Thermal
Thermal
(Shanghai)
Thermal
Ciria India
Ceramics
Ceramics
Ceramics
Co., Ltd
Ceramics Ltd
Limited
Corporation
Co Ltd
Co Ltd
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit after tax
7.4
4.3
2.8
1.9
1.9
3.1
Profit for the year attributable
2.2
2.1
0.9
1.0
0.9
1.0
to non-controlling interest
Dividends paid to
2.1
0.7
0.8
0.9
1.8
1.1
non-controlling interest
Non-current assets
6.0
5.9
\u2013
0.2
8.9
12.1
Current assets
34.0
11.1
6.2
12.7
6.6
7.0
Current liabilities
(11.6)
(3.6)
(2.2)
(2.9)
(3.8)
(4.3)
Total net assets
28.4
13.4
4.0
10.0
11.7
14.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "28. Subsequent events There were no reportable subsequent events following the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00553": { "value": "Company balance sheet
AS AT 31 DECEMBER 2024
\n \n
2024
2023
Note
\u00a3m
\u00a3m
Non-current assets
Intangible assets
31
\u2013
\u2013
Property, plant and equipment
32
3.3
3.5
Right-of-use assets
33
0.3
0.4
Investments in subsidiary undertakings
34
605.2
716.4
Debtors \u2013 amounts due after more than one year
35
489.1
252.8
Employee benefits: pensions
39
3.1
3.1
1,101.0
976.2
Current assets
Debtors \u2013 amounts due within one year
35
65.6
135.2
Cash and cash equivalents
22.1
15.6
87.7
150.8
Current liabilities
Creditors \u2013 amounts falling due within one year
36
178.5
126.8
Provisions
40
0.9
1.1
179.4
127.9
Net current (liabilities)/assets
(91.7)
22.9
Total assets less current liabilities
1,009.3
999.1
Non-current liabilities
Creditors \u2013 amounts falling due after more than one year
37
429.5
394.7
Provisions
40
2.0
3.0
431.5
397.7
Net assets
577.8
601.4
Capital and reserves
Equity shareholders\u2019 funds
Share capital
41
70.9
71.3
Share premium
111.7
111.7
Merger reserve
17.0
17.0
Capital redemption reserve
36.1
35.7
Other reserves
(5.5)
\u2013
Retained earnings
347.6
365.7
Shareholders\u2019 funds
577.8
601.4
Under Section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement.
The profit for the Company for the year ended 31 December 2024 was \u00a321.5 million (2023: loss of \u00a336.6 million).
The financial statements were approved by the Board of Directors on 27 February 2025 and were signed on its behalf by:
\n \n
Pete Raby
Richard Armitage
Chief Executive Of\ufb01cer
Chief Financial Of\ufb01cer
Company statement of changes in equity
FOR THE YEAR ENDED 31 DECEMBER 2024
\n \n
Share
Capital
Called-up
premium
Merger
redemption
Other
Retained
Total
share capital
account
reserve
reserve
reserves
earnings
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance at 1 January 2023
71.3
111.7
17.0
35.7
\u2013
441.3
677.0
Total comprehensive income
for the year:
Loss for the year
\u2013
\u2013
\u2013
\u2013
\u2013
(36.6)
(36.6)
Other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
(3.6)
(3.6)
Transactions with owners:
Dividends
\u2013
\u2013
\u2013
\u2013
\u2013
(34.2)
(34.2)
Equity-settled share-based
payment transactions
\u2013
\u2013
\u2013
\u2013
\u2013
2.9
2.9
Own shares acquired for share
incentive schemes (net)
\u2013
\u2013
\u2013
\u2013
\u2013
(4.1)
(4.1)
Balance at 31 December 2023
71.3
111.7
17.0
35.7
\u2013
365.7
601.4
Balance at 1 January 2024
71.3
111.7
17.0
35.7
\u2013
365.7
601.4
Total comprehensive income
for the year:
Profit for the year
\u2013
\u2013
\u2013
\u2013
\u2013
21.5
21.5
Other comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
(0.1)
(0.1)
Transactions with owners:
\u2013
Dividends
\u2013
\u2013
\u2013
\u2013
(34.5)
(34.5)
Equity-settled share-based
payment transactions
\u2013
\u2013
\u2013
\u2013
\u2013
2.8
2.8
Own shares acquired for share
incentive schemes (net)
\u2013
\u2013
\u2013
\u2013
\u2013
(3.3)
(3.3)
Purchase of own shares for shares
buyback programme
\u2013
\u2013
\u2013
\u2013
(10.0)
\u2013
(10.0)
Cancellation of own shares under
share buyback programme
(0.4)
\u2013
\u2013
0.4
4.5
(4.5)
\u2013
Balance at 31 December 2024
70.9
111.7
17.0
36.1
(5.5)
347.6
577.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00566": { "value": "Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (\u2018FRS 101\u2019)
and the Companies Act 2006.
The separate financial statements of the Company are presented as required by the Companies Act 2006. The Company meets the
definition of a qualifying entity under FRS 100 Application of Financial Reporting Requirements issued by the FRC. Accordingly, these
financial statements are prepared in accordance with FRS 101.
In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:
A cash flow statement and related notes;
Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;
Transactions with wholly-owned subsidiaries;
The effects of new but not yet effective IFRS;
The compensation of key management personnel;
Capital management;
Disclosures required by IFRS 15 Revenue from Contracts with Customers relating to customer contracts; and
Disclosures required by IFRS 16 Leases relating to lessors.
As the consolidated financial statements of Morgan Advanced Materials plc include the equivalent disclosures, the Company has also taken
the exemptions under FRS 101 available in respect of the following disclosures:
IFRS 2 Share-Based Payments in respect of Group-settled share-based payments;
The disclosures required by IFRS 7 Financial Instruments Disclosures;
Disclosures required by IAS 12 Income Taxes in periods when Pillar Two legislation is enacted; and
Certain disclosures required by IFRS 13 Fair Value Measurement relating to the fair value of assets and liabilities.
The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.
Under Section 408(4) of the Companies Act 2006 the Company is exempt from the requirement to present its own income statement
or statement of comprehensive income.
The Company\u2019s financial statements are presented in pounds sterling, which is the Company\u2019s functional currency.
The Company\u2019s financial statements are prepared on a going concern basis as set out in note 1 of the consolidated financial statements
of the Group.
The accounting policies set out below have, unless otherwise stated, been applied consistently to the period presented in these
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00657": { "value": "Financial guarantee contracts
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its Group, the
Company considers these to be insurance arrangements, and accounts for them as such. In this respect, the Company treats the guarantee
contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the
guarantee, at which point a liability would be recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00656": { "value": "44. Shares held in related undertakings
In accordance with Section 409 of the Companies Act 2006, a full list of related undertakings as at 31 December 2024 is disclosed
below. Related undertakings include subsidiary undertakings, all significant holdings (being 20% or more interest), associated undertakings,
joint ventures and qualifying partnerships. Unless otherwise stated the Group\u2019s shareholding represents Ordinary shares held indirectly by
the Company.
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Carbo San Luis S.A.
11
Argentina
Talcahuano 736, 4th Floor, Buenos Aires, C1013AAP, Argentina
100.00%
Morgan Technical Ceramics
Australia
4 Redwood Drive, Clayton, VIC 3168, Australia
100.00%
Australia Pty Ltd
15
Morganite Australia Pty Ltd
14
Australia
30\u201336 Birralee Road, Regency Park, SA 5010, Australia
100.00%
Morgan Mechanical Carbon
Australia
Riverwood Business Park, Unit 4, 92\u2013100 Belmore Rd, Riverwood,
100.00%
Australasia Pty Ltd
1,5
NSW 2210, Australia
Morganite Brasil Ltda
15
Brazil
Avenida do Tabo\u00e3o 3265, Tabo\u00e3o, S\u00e3o Bernardo do Campo,
100.00%
S\u00e3o Paulo, CEP 09656-000, Brazil
Morgan Advanced Materials
Canada
1185 Walkers Line, Burlington, ON L7M 1L1, Canada
100.00%
Canada Inc.
11
Carbo Chile S.A.
15
Chile
Avenida San Eugenio 12462, Sitio 3, Loteo Estrella del Sur,
100.00%
Santiago, Chile
Dalian Morgan Ceramics
China
Zhenxing Road, Pulandian Economic Development Zone,
100.00%
Company Ltd
18
Dalian, Liaoning Province, 116200, China
Morgan Guangzhou Trading
China
No. A163 Room 326, Scientific Research Office Building, 63 Pu
100.00%
Company Limited
15,20
South Road, Huangpu District, Guangzhou, China
Morgan Haldenwanger Technical
China
Hongwei New Village No. 92, Dingshu Town, Yixing City, Jiangsu
100.00%
Ceramics (Wuxi) Co. Ltd
18
Province, 214221, China
Morgan Molten Metal Systems
China
108 Tongsheng Road, Suzhou Industrial Park, Suzhou,
100.00%
(Suzhou) Co. Ltd
1,12
Jiangsu Province, 215126, China
Morgan Technical Ceramics
China
Room 09, 28th Floor (2809), 288 LongShan Road,
100.00%
(Suzhou) Co. Ltd
11
Kanhu Plaza, Suzhou New District, Suzhou, 215163, China
Morgan Thermal Ceramics
China
18 Kang An Road, Kang Qiao Industrial Zone, Shanghai, Pudong
100.00%
(Shanghai) Co. Ltd
1,18
New District, 201315, China
Morgan International Trading
China
Room 6015, 6th Floor, Great Wall Mansion, No.333 Fute Xi Yi
100.00%
(Shanghai) Co. Ltd
1,18
Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, China
Shanghai Morgan Advanced Material
China
4250 Long Wu Road, Shanghai, 200241, China
100.00%
and Technology Co. Ltd
1,12
Morgan AM&T (Shanghai) Co. Ltd
4,17
China
4250 Long Wu Road, Shanghai, 200241, China
70.00%
Morgan Kailong (Jingmen) Thermal
China
20-1 Quankou Road, Jingmen City, Hubei Province, 448032, China
70.00%
Ceramics Co. Ltd
4,18
Dalian Morgan Refractory Co. Ltd
4,18,20
China
Zhenxing Road, Pulandian Economic Development Zone, Dalian,
70.00%
Liaoning Province, 116200, China
Yixing Morgan Thermal Ceramics
China
2 Beidan Road, Taodu Industrial Park, Dingshu Town, Yixing City,
51.00%
Co. Ltd
5,18
Jiangsu Province, 214222, China
Morgan Carbon France S.A.S
15
France
6 Rue du R\u00e9servoir, 68420 Eguisheim, France
100.00%
Thermal Ceramics de France S.A.S
15
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Thermal Ceramics S.A.
8,15
France
Centre de Vie BP 75, 3 Rue du 18 Juin 1827,
100.00%
42162 Andr\u00e9zieux-Bouth\u00e9on, France
Morgan Advanced Materials
Germany
Teplitzerstra\u00dfe 27, 84478 Waldkraiburg, Germany
100.00%
Haldenwanger GmbH
16
Morgan Electrical Carbon
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Deutschland GmbH
15
Morgan Thermal Ceramics
Germany
Weidenbaumsweg 103, 21035, Hamburg, Germany
100.00%
Deutschland GmbH
15
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Molten Metal Systems GmbH
15
Germany
Noltinastra\u00dfe 29, 37297 Berkatal-Frankenhain, Germany
100.00%
Morgan Deutschland Holding GmbH
15
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Porextherm D\u00e4mmstoffe GmbH
15
Germany
Heisinger Stra\u00dfe 8/10, 87437 Kempten (Allg\u00e4u), Germany
100.00%
Morgan Holding GmbH
15
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
The Morgan Crucible
Germany
Zeppelinstra\u00dfe 26, 53424 Remagen, Germany
100.00%
Management GmbH
15
Wesgo Ceramics GmbH
15
Germany
Willi-Grasser-Stra\u00dfe 11, 91056 Erlangen, Germany
100.00%
Refractarios Nacionales S.A
15
Guatemala
Km. 34.5, Carretera al Pac\u00edfico, Pal\u00edn, Escuintla, Guatemala
100.00%
Morgan AM&T Hong Kong
Hong Kong
Units 4\u20136, 11/F, Siu Wai Industrial Centre, 29\u201333 Wing Hong
100.00%
Company Ltd
15
Street, Cheung Sha Wan, Kowloon, Hong Kong
Morgan Materials Hungary Limited
Hungary
Csillagvir\u00e1g utca 7, Budapest, 1106, Hungary
100.00%
Liability Company
15
Morgan Advanced Materials India
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
100.00%
Private Ltd
15
Morganite Crucible (India) Ltd
12
India
B-11, MIDC Industrial Area, Waluj, Aurangabad, Maharashtra,
75.00%
431136, India
Ciria India Limited
18
India
P-11, Pandav Nagar, Mayur Vihar Phase 1, Delhi, 110091, India
70.00%
Murugappa Morgan Thermal
India
PO Box 1570, Dare House Extension, V Floor, No. 2, NSC Bose
51.00%
Ceramics Ltd
5,12
Road, Chennai, Tamil Nadu, 600001, India
Thermal Ceramics Italiana S.R.L
17
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morgan Carbon Italia S.R.L
15
Italy
Via Vittori Pisani 20, 20124, Milan, Italy
100.00%
Morganite Carbon Co. Ltd
15
Japan
1\u20135, Isogamidori 7-chome, Chuo-ku, Kobe-shi, Hyogo, Japan
100.00%
Shin-Nippon Thermal
Japan
Portus Center Building 12F, 4-45-1 Ebisujimacho, Sakai-ku,
50.00%
Ceramics Corporation
6,15
Sakai-shi, Osaka 590-0985, Japan
Morgan Korea Company Ltd
1,10
Korea
27 Nongongjoongang-ro 46 gil, Nongong-eup, Dalseong-gun,
100.00%
Daegu-si, Korea
Morganite Luxembourg S.A
15
Luxembourg
BP 15, Capellen, L-8301, Luxembourg
100.00%
Grafitos y Maquinados S.A. de C.V.
2,19
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
Mineral de la Reforma, Hidalgo, CP. 42181, Mexico
Grupo Industrial Morgan
Mexico
Cerrada de la Paz No. 101, Fraccionamiento Industrial La Paz,
100.00%
S.A. de C.V.
2,19
Mineral de la Reforma, 42181 Hidalgo, 42092, Mexico
Morgan Technical Ceramics
Mexico
Av. Fulton 20, Fraccionamiento Industrial Valle de Oro,
100.00%
S.A. de C.V.
19
San Juan del Rio, Queretaro, CP. 76802, Mexico
Morgan Holding Netherlands B.V.
15
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherlands
100.00%
Morgan Terrassen B.V.
15
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan AM&T B.V.
15
Netherlands
Oude Veiling 3, Zwaag, 1689 AA, The Netherland
100.00%
Morgan Carbon Polska Spolka z
Poland
ul. Iskry 26, 01-472 Warszawa, Poland
100.00%
ograniczona odpowiedzialnoscia
15
Thermal Ceramics Polska Sp.zoo
15
Poland
Ul. Aleja Walentego Rozdzienskiego nr 1, Lok. KTW 1, P.2, Miejsc,
100.00%
KOD 40-202, Katowice, Poczta Katowice, Poland
Morgan Ceramics Asia Pte Ltd
2,15
Singapore
150 Kampong Ampat, #05-06A, KA Centre, 368324, Singapore
100.00%
Morganite Ujantshi (Pty) Ltd
15
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
74.90%
Thermal Ceramics South Africa
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
(Pty) Ltd
15
Morganite South Africa (Pty) Ltd
15
South Africa
149 South Rand Road, Tulisa Park, Johannesburg 2197, South Africa
100.00%
Thermal Ceramics Espa\u00f1a S.L
15
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morganite Espa\u00f1ola S.A
15
Spain
Av. de Europa, 106, 12006, Castell\u00f3n, Spain
100.00%
Morgan Matroc S.A
15,20
Spain
Roger de Lluria 104 5\u00ba-2\u00aa, 08037 Barcelona, Spain
100.00%
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
Morgan Advanced Materials
Taiwan
25 Hsin-Yeh Street, Hsiao Kang, Kaohsiung 81208, Taiwan
100.00%
(Taiwan) Co. Ltd
15
Morganite Thermal Ceramics
Taiwan
c/o Baker & McKenzie, 15/f, 168 Tun Hwa North Road,
88.00%
(Taiwan) Ltd
15
Taipei 105, Taiwan
Morgan Holdings
Thailand
98 Sathorn Square Office Tower, 37th Floor, North Sathorn Road,
100.00%
(Thailand) Ltd
2,14
Silom, Bangrak, Bangkok, 10500, Thailand
MKGS Morgan Karbon Grafit
Turkey
Mahmutbey M. Tasocagi Yolu C. No. 3, Agaoglu MyOffice 212 Is
100.00%
Sanayi Anonim Sirketi
15
Mrk. B-BI. K:1 D:7, Bagcilar, Istanbul, 34218, Turkey
Morgan Advanced Materials
United Arab
Plot No. KHIA4\u201307A, Khalifa Industrial Zone Abu Dhabi (KIZAD),
100.00%
Industries Ltd
15
Emirates
Abu Dhabi, United Arab Emirates
Certech International Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MCCo Limited
6,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
MNA Finance Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Electro Ceramics Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Europe Holding Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan European Finance Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Finance Management Limited
15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan Holdings Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morgan International
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
1,15
Kingdom
Morgan North America
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Holding Limited
15
Kingdom
Morgan Technical Ceramics Limited
15
United
Morgan Advanced Materials \u2013 Technical Ceramics, Morgan Drive,
100.00%
Kingdom
Stourport-on-Severn, Worcestershire DY13 8DW, UK
Morgan Trans Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Carbon Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Crucible Limited
1,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Morganite Electrical Carbon Limited
15
United
Upper Fforest Way, Morriston, Swansea, West Glamorgan,
100.00%
Kingdom
SA6 8PP, UK
Morganite Special Carbons Limited
2,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Petty France Investment
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Nominees Limited
1,15
Kingdom
TCG Guardian 1 Limited
15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
TCG Guardian 2 Limited
15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Terrassen Holdings Limited
7,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
\n \n
% shareholding
Country of
owned by
Name of undertaking
incorporation
Registered of\ufb01ce address
the Group
The Morgan Crucible
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Company Limited
15
Kingdom
Thermal Ceramics Limited
6,15
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
100.00%
Kingdom
Thermal Ceramics UK Limited
15
United
Tebay Road, Bromborough, Wirral, Merseyside, CH62 3PH, UK
100.00%
Kingdom
Clearpower Ltd
3,13
United
York House, Sheet Street, Windsor, Berkshire, SL4 1DD, UK
99.01%
Kingdom
Certech, Inc.
11
United States
550 Stewart Road, Hanover Township, PA 18706, USA
100.00%
Graphite Die Mold, Inc.
11
United States
18 Air Line Park, Durham, Connecticut 06422-1000, USA
100.00%
Morgan Advanced Ceramics, Inc.
11
United States
2425 Whipple Road, Hayward, California 94544, USA
100.00%
Morgan Advanced Materials and
United States
441 Hall Avenue, St Marys, Pennsylvania 15857, USA
100.00%
Technology Inc.
11
Morganite Crucible Inc.
11
United States
2102 Old Savannah Road, Augusta, Georgia 30906, USA
100.00%
Morganite Industries Inc.
11
United States
4000 West Chase Boulevard, Suite 170, Raleigh,
100.00%
North Carolina 27607, USA
National Electrical Carbon
United States
251 Forrester Drive, Greenville, SC 29607, USA
100.00%
Products, Inc.
11
Thermal Ceramics Inc.
11
United States
2102 Old Savannah Road, Augusta, GA 30906, United States
100.00%
Thermal Ceramics de
Venezuela
Zona Ind. El Recreo, Av. 87 N\u00b0105\u2013121, Flor Amarillo,
100.00%
Venezuela C.A
15
Valencia Edo. Carabobo, Venezuela
\n
1.
Directly owned by Morgan Advanced Materials plc.
\n
2.
99.99% owned by Morgan Advanced Materials plc.
\n
3.
99.01% owned by Morgan Advanced Materials plc.
\n
4.
70% owned by Morgan Advanced Materials plc.
\n
5.
51% owned by Morgan Advanced Materials plc.
\n
6.
50% owned by Morgan Advanced Materials plc.
\n
7.
8.18% owned by Morgan Advanced Materials plc.
\n
8.
1.98% owned by Morgan Advanced Materials plc.
\n
9.
0.001% owned by Morgan Advanced Materials plc.
\n
10. Ownership held in Common and Preference shares.
\n
11. Ownership held in Common stock/shares.
\n
12. Ownership held in Equity shares.
\n
13. Ownership held in Ordinary A, B and C and Preference A and B shares.
\n
14. Ownership held in Ordinary and Preference shares.
\n
15. Ownership held in Ordinary shares.
\n
16. Ownership held in Partnership shares.
\n
17. Ownership held in Quotas.
\n
18. Ownership held in Registered Capital.
\n
19. Ownership held in Series A and Series B shares.
\n
20. In liquidation.
UK incorporated subsidiaries which have taken exemption from audit per Section 479A of the Companies Act 2006 for the year ended
31 December 2024 are listed below.
Morgan Advanced Materials plc will guarantee the debts and liabilities of the companies claiming the statutory audit exemption at the
balance sheet date in accordance with Section 479C of the Companies Act 2006. The Company has assessed the probability of loss
under the guarantee as remote.
Registered
Name of undertaking
number
Clearpower Limited
06247523
MCCO Limited
03246886
MNA Finance Limited
10423297
Morgan Europe Holding Limited
02540399
Morgan European Finance Limited
09910922
Morgan Finance Management Limited
10423619
Morgan Holdings Limited
01956134
Morgan International Holding Limited
10677668
Morgan North America Holding Limited
08789720
Morgan Trans Limited
02557161
Morganite Carbon Limited
00679647
Morganite Crucible Limited
02133533
TCG Guardian 2 Limited
05564065
Terrassen Holdings Limited
01352995
The Morgan Crucible Company Limited
07328730
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "York House, Sheet Street, Windsor, SL4 1DD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:I4K14LL95N2PHDL7EG85", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }