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   "decimals": -6,
   "dimensions": {
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    "unit": "iso4217:GBP"
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  "fact-492": {
   "value": "50000000",
   "decimals": -6,
   "dimensions": {
    "concept": "itvplc:ReleaseOfRestrictedCashClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   "dimensions": {
    "concept": "itvplc:ReleaseOfRestrictedCashClassifiedAsFinancingActivities",
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    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-494": {
   "value": "22000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
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   "value": "26000000",
   "decimals": -6,
   "dimensions": {
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    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-496": {
   "value": "25000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-497": {
   "value": "11000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-498": {
   "value": "3000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-499": {
   "value": "1000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-500": {
   "value": "201000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-501": {
   "value": "-0",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-502": {
   "value": "-458000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-503": {
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   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-504": {
   "value": "-350000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   }
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  "fact-505": {
   "value": "71000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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   }
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  "fact-506": {
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   "decimals": -6,
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    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-507": {
   "value": "618000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-508": {
   "value": "12000000",
   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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   "decimals": -6,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
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  "fact-510": {
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    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
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  "fact-511": {
   "value": "686000000",
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    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00",
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    "concept": "itvplc:NetCashFlowOnLeaseLiabilitiesIncludingInterest",
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    "concept": "itvplc:InterestPaidOnLeaseLiabilities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
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   "value": "3000000",
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    "concept": "itvplc:InterestPaidOnLeaseLiabilities",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
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  "fact-515": {
   "value": "Notes to <span class=\"_ _4\"/>the Financial Statements Section 1: <span class=\"_ _4\"/>Basis <span class=\"ls1b1 ws216\">of Preparation </span><span class=\"ls1b1 ws216\"/>180<span class=\"ff122 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff121 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff123 ls3 ws2\">\u2009</span><span class=\"ff122 ls1ad\">Annual Report and Acco<span class=\"_ _0\"/>unts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span>In this section This sec<span class=\"_ _0\"/>tion se<span class=\"_ _0\"/>ts out th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> accoun<span class=\"_ _0\"/>ting pol<span class=\"_ _0\"/>icies th<span class=\"_ _0\"/>at rel<span class=\"_ _0\"/>ate to th<span class=\"_ _0\"/>e financ<span class=\"_ _0\"/>ial statements as a whole<span class=\"_ _3\"/>. Where an accounti<span class=\"_ _3\"/>ng <span class=\"ls18d ws1d4\">policy is spec<span class=\"_ _0\"/>ific to<span class=\"_ _0\"/> one note<span class=\"_ _0\"/>, the pol<span class=\"_ _0\"/>icy </span>is desc<span class=\"_ _0\"/>ribed in th<span class=\"_ _0\"/>e note t<span class=\"_ _0\"/>o which i<span class=\"_ _0\"/>t relates<span class=\"_ _0\"/>. This s<span class=\"_ _0\"/>ection<span class=\"_ _0\"/> also sho<span class=\"_ _0\"/>ws new UK-<span class=\"_ _0\"/>adopt<span class=\"_ _0\"/>ed accounting stan<span class=\"_ _0\"/>dards, amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> and interp<span class=\"_ _0\"/>retations<span class=\"_ _0\"/>, and whethe<span class=\"_ _0\"/>r they are effective <span class=\"_ _3\"/>in 2022 or later <span class=\"_ _3\"/>years. We explai<span class=\"_ _3\"/>n how these change<span class=\"_ _3\"/>s are expected to impact the fi<span class=\"_ _3\"/>nancial positio<span class=\"_ _3\"/>n and performance of <span class=\"_ _3\"/>the Group. The fina<span class=\"_ _0\"/>ncial s<span class=\"_ _0\"/>tatements c<span class=\"_ _0\"/>onsol<span class=\"_ _0\"/>idate t<span class=\"_ _0\"/>hose of I<span class=\"_ _0\"/>TV plc <span class=\"_ _0\"/>(\u2018the C<span class=\"_ _0\"/>ompany\u2019<span class=\"_ _0\"/>) and its<span class=\"_ _0\"/> subs<span class=\"_ _0\"/>idiaries <span class=\"_ _0\"/>(togeth<span class=\"_ _0\"/>er refe<span class=\"_ _0\"/>rred t<span class=\"_ _0\"/>o as the \u2018Group<span class=\"_ _0\"/>\u2019) and the Gro<span class=\"_ _0\"/>up\u2019s inte<span class=\"_ _0\"/>rests in ass<span class=\"_ _0\"/>ociates and j<span class=\"_ _0\"/>ointly controll<span class=\"_ _0\"/>ed entiti<span class=\"_ _0\"/>es. The Company<span class=\"_ _0\"/> is registere<span class=\"_ _0\"/>d in England an<span class=\"_ _0\"/>d Wales.<span class=\"_ _0\"/> These Group financial statement<span class=\"_ _3\"/>s were prepared in accord<span class=\"ls1a1 ws1d2\">ance with UK-adopted International<span class=\"_ _0\"/> Accounting Standards </span>and with the requirements of the Companies Act 2006 as applicab<span class=\"_ _3\"/>le to companies reporting under those standards. <span class=\"_ _3\"/> The account<span class=\"_ _0\"/>ing polici<span class=\"_ _0\"/>es have been a<span class=\"_ _0\"/>pplied cons<span class=\"_ _0\"/>istently in t<span class=\"_ _0\"/>he financial<span class=\"_ _0\"/> years presen<span class=\"_ _0\"/>ted, other<span class=\"_ _0\"/> than where new policies<span class=\"_ _0\"/> have been a<span class=\"_ _0\"/>dopted.<span class=\"_ _0\"/>  The financ<span class=\"_ _0\"/>ial statem<span class=\"_ _0\"/>ents are p<span class=\"_ _0\"/>rincipall<span class=\"_ _0\"/>y prepared<span class=\"_ _0\"/> on the bas<span class=\"_ _0\"/>is of histor<span class=\"_ _0\"/>ical cost.<span class=\"_ _0\"/> Where oth<span class=\"_ _0\"/>er bases ar<span class=\"_ _0\"/>e applied,<span class=\"_ _0\"/> these are identif<span class=\"_ _0\"/>ied in the rele<span class=\"_ _0\"/>vant acco<span class=\"_ _0\"/>unting policy.<span class=\"_ _0\"/> The parent compa<span class=\"_ _3\"/>ny financial statem<span class=\"_ _3\"/>ents have been prepar<span class=\"ls18b ws1c5\">ed in accordance wi<span class=\"_ _0\"/>th Financial Re<span class=\"_ _0\"/>porting Stand<span class=\"_ _0\"/>ard 101 </span>\u2018Reduced Di<span class=\"_ _3\"/>sclosure Framework\u2019 (<span class=\"_ _3\"/>\u2018FRS 101\u2019). The notes form part of the fi<span class=\"_ _3\"/>nancial statement<span class=\"_ _3\"/>s. Going concern As at 31<span class=\"_ _0\"/> Decemb<span class=\"_ _0\"/>er 2022, the<span class=\"_ _0\"/> Group w<span class=\"_ _0\"/>as in a <span class=\"_ _0\"/>net debt <span class=\"_ _0\"/>positi<span class=\"ls18d ws1d4\">on<span class=\"_ _0\"/> of \u00a3623 m<span class=\"_ _0\"/>illion (2<span class=\"_ _0\"/>021: \u00a34<span class=\"_ _0\"/>14 milli<span class=\"_ _0\"/>on), in<span class=\"_ _0\"/>cludin<span class=\"_ _0\"/>g gross<span class=\"_ _0\"/> </span>borrowing<span class=\"_ _3\"/>s of \u00a3971 million (2<span class=\"_ _3\"/>021: \u00a31,150 millio<span class=\"_ _3\"/>n) offset by <span class=\"_ _4\"/>unrestricted cash of \u00a3348 million <span class=\"_ _3\"/>(2021: \u00a3686 mi<span class=\"_ _3\"/>llion) and rest<span class=\"_ _3\"/>ricted cash o<span class=\"_ _3\"/>f \u00a3nil (2021<span class=\"_ _3\"/>: \u00a350 mi<span class=\"_ _3\"/>llion).  In addition to \u00a3348<span class=\"_ _3\"/> million of unre<span class=\"_ _3\"/>stricted ca<span class=\"_ _3\"/>sh (31 <span class=\"ls186 ws2\">D<span class=\"_ _3\"/>ecember 2021: \u00a36<span class=\"_ _3\"/>86 million), the<span class=\"_ _3\"/> Group ha<span class=\"_ _3\"/>s a synd<span class=\"_ _3\"/>icated </span>\u00a3500 mi<span class=\"_ _3\"/>llion Revolving <span class=\"_ _3\"/>Credit Faci<span class=\"_ _3\"/>lity entered <span class=\"_ _3\"/>into duri<span class=\"_ _3\"/>ng <span class=\"ls189 ws1bf\">2022 and expiring in Janu<span class=\"_ _0\"/>ary 2028, of wh<span class=\"_ _0\"/>ich \u00a350 million w<span class=\"_ _0\"/>as </span>drawn at 31 De<span class=\"_ _3\"/>cember 2022. This f<span class=\"_ _3\"/>acility rep<span class=\"_ _3\"/>laces the \u00a3630 mi<span class=\"_ _3\"/>llion Revolvi<span class=\"_ _3\"/>ng Credit Faci<span class=\"_ _3\"/>lity held as at<span class=\"_ _3\"/> 31 December 2021 which was due to ex<span class=\"_ _0\"/>pire in Decemb<span class=\"_ _0\"/>er 2023. The Group als<span class=\"_ _0\"/>o has a \u00a3300 million commi<span class=\"_ _0\"/>tted and undr<span class=\"_ _0\"/>awn bilateral facility e<span class=\"_ _0\"/>xpiring in June<span class=\"_ _0\"/> 2026 (of <span class=\"_ _0\"/>which \u00a3152<span class=\"_ _0\"/> million wa<span class=\"ls184 ws1b3\">s drawn at 31 December<span class=\"_ _3\"/> 2021), providi<span class=\"_ _3\"/>ng \u00a31,098 millio<span class=\"_ _3\"/>n </span>(31 December 2021: \u00a31,464 mi<span class=\"_ _3\"/>llion) of liquidity.  The \u20ac335 mi<span class=\"_ _3\"/>llion Eurobond m<span class=\"_ _3\"/>aturing in Septemb<span class=\"_ _3\"/>er 2022 was repaid usi<span class=\"_ _3\"/>ng available <span class=\"_ _3\"/>cash. There are <span class=\"_ _3\"/>no financial covenants <span class=\"_ _3\"/>in relation to bo<span class=\"_ _3\"/>nds in issue, a<span class=\"_ _3\"/>lthough there are <span class=\"_ _3\"/>cross defau<span class=\"_ _3\"/>lt provisions. The RCF is sub<span class=\"_ _0\"/>ject to lever<span class=\"_ _0\"/>age and int<span class=\"_ _0\"/>erest cover sem<span class=\"_ _0\"/>i-ann<span class=\"ls186 ws2\">ual covenant te<span class=\"_ _3\"/>sts that requir<span class=\"_ _3\"/>e the Group to <span class=\"_ _3\"/>maintain a<span class=\"_ _3\"/> </span>leverage ratio<span class=\"_ _3\"/> of below 3.<span class=\"_ _3\"/>5x and interest cove<span class=\"_ _3\"/>r above 3.0x<span class=\"_ _3\"/> (as defined in t<span class=\"_ _3\"/>he RCF documentatio<span class=\"_ _3\"/>n). In addition, there<span class=\"_ _3\"/> are ESG targ<span class=\"_ _3\"/>ets link<span class=\"_ _3\"/>ed to the de<span class=\"_ _3\"/>livery of IT<span class=\"_ _3\"/>V\u2019s science<span class=\"_ _3\"/>-base<span class=\"ls184 ws1b3\">d carbon emi<span class=\"_ _3\"/>ssions target<span class=\"_ _3\"/>s. As at 31 Dece<span class=\"_ _3\"/>mber 2022, the </span>Group had covenant<span class=\"_ _3\"/> net debt of \u00a3461 million (31 December 2021: \u00a3278 million) and<span class=\"_ _3\"/> its financial position was well within its <span class=\"_ _3\"/>covenants. T<span class=\"_ _3\"/>he leverag<span class=\"_ _3\"/>e and intere<span class=\"_ _3\"/>st cover t<span class=\"_ _3\"/>ests will be t<span class=\"_ _4\"/>ested again on 30 June <span class=\"_ _3\"/>2023.  The Revolvi<span class=\"_ _3\"/>ng Credit Facility (RCF)<span class=\"_ _3\"/> contains Scope 1<span class=\"_ _3\"/>, 2 and 3 greenhouse ga<span class=\"_ _3\"/>s emissions targ<span class=\"_ _3\"/>ets which align t<span class=\"_ _3\"/>o ITV's stated objective to ha<span class=\"_ _3\"/>ve Net Zero carbon emissions by 203<span class=\"_ _3\"/>0. These targets are measured at the end<span class=\"_ _3\"/> of each financial year and i<span class=\"_ _3\"/>ndependently veri<span class=\"_ _3\"/>fied in July fo<span class=\"_ _3\"/>llowing the relevant De<span class=\"_ _3\"/>cember year e<span class=\"_ _3\"/>nd. Scope 1 <span class=\"_ _3\"/>and 2 emissions <span class=\"_ _3\"/>are measured se<span class=\"_ _0\"/>parately to Sc<span class=\"_ _0\"/>ope 3 emiss<span class=\"_ _0\"/>ions. The mar<span class=\"_ _0\"/>gin on the fa<span class=\"_ _0\"/>cility reduc<span class=\"_ _0\"/>es by 2.5bps if Sc<span class=\"_ _0\"/>ope 1, 2 and 3 t<span class=\"_ _0\"/>argets are met, by 1.2<span class=\"_ _0\"/>5bps if either<span class=\"_ _0\"/> Scope 1 and 2 ta<span class=\"_ _0\"/>rgets are met o<span class=\"_ _0\"/>r Scope 3 targ<span class=\"_ _0\"/>ets are met,<span class=\"_ _0\"/> and increas<span class=\"_ _0\"/>es by 2.5bps if neither targ<span class=\"_ _3\"/>et is met. Fa<span class=\"_ _3\"/>iling to meet target<span class=\"_ _3\"/>s does not imp<span class=\"_ _3\"/>act the avai<span class=\"_ _3\"/>lability of t<span class=\"_ _3\"/>he RCF. The Group m<span class=\"_ _3\"/>et Scope 1, 2 and 3 target<span class=\"_ _3\"/>s for 2021, 2022 e<span class=\"_ _3\"/>missions will <span class=\"_ _3\"/>not be verified<span class=\"_ _3\"/> until July <span class=\"_ _3\"/>2023. Over the life of<span class=\"_ _3\"/> the facility, i<span class=\"_ _3\"/>t may be necessary to re<span class=\"_ _3\"/>calibrate the<span class=\"_ _3\"/> baseline emi<span class=\"_ _3\"/>ssions level set i<span class=\"_ _3\"/>n 2019, particular<span class=\"_ _3\"/>ly in relation to<span class=\"_ _3\"/> Scope 3 emissio<span class=\"_ _3\"/>ns and there is a<span class=\"_ _3\"/> mechanism in the<span class=\"_ _3\"/> RCF documentation that<span class=\"_ _3\"/> allows fo<span class=\"_ _3\"/>r this. The Directors have prep<span class=\"_ _0\"/>ared forecasts for three cash flow scen<span class=\"ls198 ws2\">arios (mid, h<span class=\"_ _0\"/>igh and low cases), for the pe<span class=\"_ _0\"/>riod of three y<span class=\"_ _0\"/>ears </span>from 1 January 2023 (in line with the vi<span class=\"ls1a8 ws1bc\">ability assessment pe<span class=\"_ _3\"/>riod). The mid <span class=\"_ _3\"/>case sc<span class=\"ls198 ws2\">enario is the basis for the 2023 Boa<span class=\"_ _0\"/>rd </span></span>approved budge<span class=\"_ _0\"/>t. The key assumptions in the scen<span class=\"_ _0\"/>arios relate to fluct<span class=\"_ _0\"/>uations in the adv<span class=\"_ _0\"/>ert<span class=\"ls199 ws1b3\">ising m<span class=\"_ _0\"/>arket due to au<span class=\"_ _0\"/>dience </span>and/or market decline and <span class=\"_ _0\"/>the evolving de<span class=\"_ _0\"/>mand in the conten<span class=\"_ _0\"/>t market, specif<span class=\"_ _0\"/>ically relating to content pi<span class=\"_ _0\"/>peline. The former assumption relates to the G<span class=\"_ _0\"/>roup\u2019s advertising<span class=\"_ _0\"/> revenue while th<span class=\"ls197 ws1b5\">e latt<span class=\"_ _0\"/>er impacts the scale and timing of productions for ITV </span>Studios. All sc<span class=\"_ _0\"/>enarios have <span class=\"_ _0\"/>embedded infl<span class=\"_ _0\"/>ationary im<span class=\"_ _0\"/>pacts with<span class=\"ls1a8 ws1bf\"> increased production costs in<span class=\"ls1b4 ws1b7\"> the short to med<span class=\"_ _3\"/>ium term </span></span>as well as continued structural changes in <span class=\"_ _0\"/>the advertising ma<span class=\"ls198 ws2\">rket and<span class=\"_ _0\"/> viewing habits wi<span class=\"_ _0\"/>th </span>increased focus on streaming. The Directors have also consi<span class=\"_ _0\"/>dered a number of sensi<span class=\"_ _0\"/>tivities to<span class=\"_ _0\"/> the mid case scenario t<span class=\"_ _0\"/>o arrive at a seve<span class=\"_ _0\"/>re but plausible downside scenario that has been us<span class=\"_ _0\"/>ed to assess the appropri<span class=\"ls198 ws2\">ateness of p<span class=\"_ _0\"/>reparing these consolidat<span class=\"_ _0\"/>ed financial statement<span class=\"_ _0\"/>s </span>using the goin<span class=\"_ _0\"/>g conc<span class=\"_ _0\"/>ern basis. Thes<span class=\"_ _0\"/>e sensit<span class=\"_ _0\"/>ivities in<span class=\"_ _0\"/>clude settle<span class=\"_ _0\"/>m<span class=\"ls198 ws2\">ents i<span class=\"_ _0\"/>n respect of ongoin<span class=\"_ _0\"/>g litigation, lost and/or delay<span class=\"_ _0\"/>ed </span>Studios productions, a failure to deliver the expected consumpt<span class=\"_ _0\"/><span class=\"ls197 ws1b5\">ion hours or subscribe<span class=\"_ _0\"/>r growth for Streaming, a decline <span class=\"_ _0\"/>in </span>advertising reven<span class=\"_ _0\"/>ue in comparison to 2021 an<span class=\"_ _0\"/>d a cyber security <span class=\"_ _0\"/><span class=\"ls197 ws1b5\">breach. In addition, as an equ<span class=\"_ _0\"/>ivalent of a reverse stress test, </span>consideration has been gi<span class=\"_ _0\"/>ven to all scenar<span class=\"ls1b3 ws1c0\">ios impacting simultaneously. In this highly unlikely (possibly not plausible) </span>downside scenario the Group exper<span class=\"_ _0\"/>iences si<span class=\"ls199 ws1b3\">gnificant l<span class=\"_ _0\"/>oss of profit <span class=\"_ _0\"/>and cash outflo</span>ws but<span class=\"_ _0\"/> remains able to operate within its financial covenants and has sufficient liquidity <span class=\"ls198 ws2\">during the going concern p<span class=\"_ _0\"/>eriod to 30 June 2024.<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 1: <span class=\"_ _4\"/>Basis <span class=\"ls1b1 ws216\">of Preparation </span>180<span class=\"ff122 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff121 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff123 ls3 ws2\">\u2009</span><span class=\"ff122 ls1ad\">Annual Report and Acco<span class=\"_ _0\"/>unts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span>In this  section This sec<span class=\"_ _0\"/>tion se<span class=\"_ _0\"/>ts out th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> accoun<span class=\"_ _0\"/>ting pol<span class=\"_ _0\"/>icies th<span class=\"_ _0\"/>at rel<span class=\"_ _0\"/>ate to th<span class=\"_ _0\"/>e financ<span class=\"_ _0\"/>ial statements as a whole<span class=\"_ _3\"/>. Where an accounti<span class=\"_ _3\"/>ng <span class=\"ls18d ws1d4\">policy is spec<span class=\"_ _0\"/>ific to<span class=\"_ _0\"/> one note<span class=\"_ _0\"/>, the pol<span class=\"_ _0\"/>icy </span>is desc<span class=\"_ _0\"/>ribed in th<span class=\"_ _0\"/>e note t<span class=\"_ _0\"/>o which i<span class=\"_ _0\"/>t relates<span class=\"_ _0\"/>. This s<span class=\"_ _0\"/>ection<span class=\"_ _0\"/> also sho<span class=\"_ _0\"/>ws new UK-<span class=\"_ _0\"/>adopt<span class=\"_ _0\"/>ed accounting stan<span class=\"_ _0\"/>dards, amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> and interp<span class=\"_ _0\"/>retations<span class=\"_ _0\"/>, and whethe<span class=\"_ _0\"/>r they are effective <span class=\"_ _3\"/>in 2022 or later <span class=\"_ _3\"/>years. We explai<span class=\"_ _3\"/>n how these change<span class=\"_ _3\"/>s are expected to impact the fi<span class=\"_ _3\"/>nancial positio<span class=\"_ _3\"/>n and performance of <span class=\"_ _3\"/>the Group. The fina<span class=\"_ _0\"/>ncial s<span class=\"_ _0\"/>tatements c<span class=\"_ _0\"/>onsol<span class=\"_ _0\"/>idate t<span class=\"_ _0\"/>hose of I<span class=\"_ _0\"/>TV plc <span class=\"_ _0\"/>(\u2018the C<span class=\"_ _0\"/>ompany\u2019<span class=\"_ _0\"/>) and its<span class=\"_ _0\"/> subs<span class=\"_ _0\"/>idiaries <span class=\"_ _0\"/>(togeth<span class=\"_ _0\"/>er refe<span class=\"_ _0\"/>rred t<span class=\"_ _0\"/>o as the \u2018Group<span class=\"_ _0\"/>\u2019) and the Gro<span class=\"_ _0\"/>up\u2019s inte<span class=\"_ _0\"/>rests in ass<span class=\"_ _0\"/>ociates and j<span class=\"_ _0\"/>ointly controll<span class=\"_ _0\"/>ed entiti<span class=\"_ _0\"/>es. The Company<span class=\"_ _0\"/> is registere<span class=\"_ _0\"/>d in England an<span class=\"_ _0\"/>d Wales.<span class=\"_ _0\"/> These Group financial statement<span class=\"_ _3\"/>s were prepared in accord<span class=\"ls1a1 ws1d2\">ance with UK-adopted International<span class=\"_ _0\"/> Accounting Standards </span>and with the requirements of the Companies Act 2006 as applicab<span class=\"_ _3\"/>le to companies reporting under those standards. <span class=\"_ _3\"/> The account<span class=\"_ _0\"/>ing polici<span class=\"_ _0\"/>es have been a<span class=\"_ _0\"/>pplied cons<span class=\"_ _0\"/>istently in t<span class=\"_ _0\"/>he financial<span class=\"_ _0\"/> years presen<span class=\"_ _0\"/>ted, other<span class=\"_ _0\"/> than where new policies<span class=\"_ _0\"/> have been a<span class=\"_ _0\"/>dopted.<span class=\"_ _0\"/>  The financ<span class=\"_ _0\"/>ial statem<span class=\"_ _0\"/>ents are p<span class=\"_ _0\"/>rincipall<span class=\"_ _0\"/>y prepared<span class=\"_ _0\"/> on the bas<span class=\"_ _0\"/>is of histor<span class=\"_ _0\"/>ical cost.<span class=\"_ _0\"/> Where oth<span class=\"_ _0\"/>er bases ar<span class=\"_ _0\"/>e applied,<span class=\"_ _0\"/> these are identif<span class=\"_ _0\"/>ied in the rele<span class=\"_ _0\"/>vant acco<span class=\"_ _0\"/>unting policy.<span class=\"_ _0\"/> The parent compa<span class=\"_ _3\"/>ny financial statem<span class=\"_ _3\"/>ents have been prepar<span class=\"ls18b ws1c5\">ed in accordance wi<span class=\"_ _0\"/>th Financial Re<span class=\"_ _0\"/>porting Stand<span class=\"_ _0\"/>ard 101 </span>\u2018Reduced Di<span class=\"_ _3\"/>sclosure Framework\u2019 (<span class=\"_ _3\"/>\u2018FRS 101\u2019). The notes form part of the fi<span class=\"_ _3\"/>nancial statement<span class=\"_ _3\"/>s. Going concern As at 31<span class=\"_ _0\"/> Decemb<span class=\"_ _0\"/>er 2022, the<span class=\"_ _0\"/> Group w<span class=\"_ _0\"/>as in a <span class=\"_ _0\"/>net debt <span class=\"_ _0\"/>positi<span class=\"ls18d ws1d4\">on<span class=\"_ _0\"/> of \u00a3623 m<span class=\"_ _0\"/>illion (2<span class=\"_ _0\"/>021: \u00a34<span class=\"_ _0\"/>14 milli<span class=\"_ _0\"/>on), in<span class=\"_ _0\"/>cludin<span class=\"_ _0\"/>g gross<span class=\"_ _0\"/> </span>borrowing<span class=\"_ _3\"/>s of \u00a3971 million (2<span class=\"_ _3\"/>021: \u00a31,150 millio<span class=\"_ _3\"/>n) offset by <span class=\"_ _4\"/>unrestricted cash of \u00a3348 million <span class=\"_ _3\"/>(2021: \u00a3686 mi<span class=\"_ _3\"/>llion) and rest<span class=\"_ _3\"/>ricted cash o<span class=\"_ _3\"/>f \u00a3nil (2021<span class=\"_ _3\"/>: \u00a350 mi<span class=\"_ _3\"/>llion).  In addition to \u00a3348<span class=\"_ _3\"/> million of unre<span class=\"_ _3\"/>stricted ca<span class=\"_ _3\"/>sh (31 <span class=\"ls186 ws2\">D<span class=\"_ _3\"/>ecember 2021: \u00a36<span class=\"_ _3\"/>86 millio<span class=\"_ _3\"/>n), the Group ha<span class=\"_ _3\"/>s a synd<span class=\"_ _3\"/>icated </span>\u00a3500 mi<span class=\"_ _3\"/>llion Revolving <span class=\"_ _3\"/>Credit Faci<span class=\"_ _3\"/>lity entered <span class=\"_ _3\"/>into duri<span class=\"_ _3\"/>ng <span class=\"ls189 ws1bf\">2022 and expiring in Janu<span class=\"_ _0\"/>ary 2028, of wh<span class=\"_ _0\"/>ich \u00a350 million w<span class=\"_ _0\"/>as </span>drawn at 31 De<span class=\"_ _3\"/>cember 2022. This f<span class=\"_ _3\"/>acility rep<span class=\"_ _3\"/>laces the \u00a3630 mi<span class=\"_ _3\"/>llion Revolvi<span class=\"_ _3\"/>ng Credit Faci<span class=\"_ _3\"/>lity held as at<span class=\"_ _3\"/> 31 December 2021 which was due to ex<span class=\"_ _0\"/>pire in Decemb<span class=\"_ _0\"/>er 2023. The Group als<span class=\"_ _0\"/>o has a \u00a3300 million commi<span class=\"_ _0\"/>tted and undr<span class=\"_ _0\"/>awn bilateral facility e<span class=\"_ _0\"/>xpiring in June<span class=\"_ _0\"/> 2026 (of <span class=\"_ _0\"/>which \u00a3152<span class=\"_ _0\"/> million wa<span class=\"ls184 ws1b3\">s drawn at 31 December<span class=\"_ _3\"/> 2021), providi<span class=\"_ _3\"/>ng \u00a31,098 millio<span class=\"_ _3\"/>n </span>(31 December 2021: \u00a31,464 mi<span class=\"_ _3\"/>llion) of liquidity.  The \u20ac335 mi<span class=\"_ _3\"/>llion Eurobond m<span class=\"_ _3\"/>aturing in Septemb<span class=\"_ _3\"/>er 2022 was repaid usi<span class=\"_ _3\"/>ng available <span class=\"_ _3\"/>cash. There are <span class=\"_ _3\"/>no financial covenants <span class=\"_ _3\"/>in relation to bo<span class=\"_ _3\"/>nds in issue, a<span class=\"_ _3\"/>lthough there are <span class=\"_ _3\"/>cross defau<span class=\"_ _3\"/>lt provisions. The RCF is sub<span class=\"_ _0\"/>ject to lever<span class=\"_ _0\"/>age and int<span class=\"_ _0\"/>erest cover sem<span class=\"_ _0\"/>i-ann<span class=\"ls186 ws2\">ual covenant te<span class=\"_ _3\"/>sts that requir<span class=\"_ _3\"/>e the Group to <span class=\"_ _3\"/>maintain a<span class=\"_ _3\"/> </span>leverage ratio<span class=\"_ _3\"/> of below 3.<span class=\"_ _3\"/>5x and interest cove<span class=\"_ _3\"/>r above 3.0x<span class=\"_ _3\"/> (as defined in t<span class=\"_ _3\"/>he RCF documentatio<span class=\"_ _3\"/>n). In addition, there<span class=\"_ _3\"/> are ESG targ<span class=\"_ _3\"/>ets link<span class=\"_ _3\"/>ed to the de<span class=\"_ _3\"/>livery of IT<span class=\"_ _3\"/>V\u2019s science<span class=\"_ _3\"/>-base<span class=\"ls184 ws1b3\">d carbon emi<span class=\"_ _3\"/>ssions target<span class=\"_ _3\"/>s. As at 31 Dece<span class=\"_ _3\"/>mber 2022, the </span>Group had covenant<span class=\"_ _3\"/> net debt of \u00a3461 million (31 December 2021: \u00a3278 million) and<span class=\"_ _3\"/> its financial position was well within its <span class=\"_ _3\"/>covenants. T<span class=\"_ _3\"/>he leverag<span class=\"_ _3\"/>e and intere<span class=\"_ _3\"/>st cover t<span class=\"_ _3\"/>ests will be t<span class=\"_ _4\"/>ested again on 30 June <span class=\"_ _3\"/>2023.  The Revolvi<span class=\"_ _3\"/>ng Credit Facility (RCF)<span class=\"_ _3\"/> contains Scope 1<span class=\"_ _3\"/>, 2 and 3 greenhouse ga<span class=\"_ _3\"/>s emissions targ<span class=\"_ _3\"/>ets which align t<span class=\"_ _3\"/>o ITV's stated objective to ha<span class=\"_ _3\"/>ve Net Zero carbon emissions by 203<span class=\"_ _3\"/>0. These targets are measured at the end<span class=\"_ _3\"/> of each financial year and i<span class=\"_ _3\"/>ndependently veri<span class=\"_ _3\"/>fied in July fo<span class=\"_ _3\"/>llowing the relevant De<span class=\"_ _3\"/>cember year e<span class=\"_ _3\"/>nd. Scope 1 <span class=\"_ _3\"/>and 2 emissions <span class=\"_ _3\"/>are measured se<span class=\"_ _0\"/>parately to Sc<span class=\"_ _0\"/>ope 3 emiss<span class=\"_ _0\"/>ions. The mar<span class=\"_ _0\"/>gin on the fa<span class=\"_ _0\"/>cility reduc<span class=\"_ _0\"/>es by 2.5bps if Sc<span class=\"_ _0\"/>ope 1, 2 and 3 t<span class=\"_ _0\"/>argets are met, by 1.2<span class=\"_ _0\"/>5bps if either<span class=\"_ _0\"/> Scope 1 and 2 ta<span class=\"_ _0\"/>rgets are met o<span class=\"_ _0\"/>r Scope 3 targ<span class=\"_ _0\"/>ets are met,<span class=\"_ _0\"/> and increas<span class=\"_ _0\"/>es by 2.5bps if neither targ<span class=\"_ _3\"/>et is met. Fa<span class=\"_ _3\"/>iling to meet target<span class=\"_ _3\"/>s does not imp<span class=\"_ _3\"/>act the avai<span class=\"_ _3\"/>lability of t<span class=\"_ _3\"/>he RCF. The Group m<span class=\"_ _3\"/>et Scope 1, 2 and 3 target<span class=\"_ _3\"/>s for 2021, 2022 e<span class=\"_ _3\"/>missions will <span class=\"_ _3\"/>not be verified<span class=\"_ _3\"/> until July <span class=\"_ _3\"/>2023. Over the life of<span class=\"_ _3\"/> the facility, i<span class=\"_ _3\"/>t may be necessary to re<span class=\"_ _3\"/>calibrate the<span class=\"_ _3\"/> baseline emi<span class=\"_ _3\"/>ssions level set i<span class=\"_ _3\"/>n 2019, particular<span class=\"_ _3\"/>ly in relation to<span class=\"_ _3\"/> Scope 3 emissio<span class=\"_ _3\"/>ns and there is a<span class=\"_ _3\"/> mechanism in the<span class=\"_ _3\"/> RCF documentation that<span class=\"_ _3\"/> allows fo<span class=\"_ _3\"/>r this. The Directors have prep<span class=\"_ _0\"/>ared forecasts for three cash flow scen<span class=\"ls198 ws2\">arios (mid, h<span class=\"_ _0\"/>igh and low cases), for the pe<span class=\"_ _0\"/>riod of three y<span class=\"_ _0\"/>ears </span>from 1 January 2023 (in line with the vi<span class=\"ls1a8 ws1bc\">ability assessment pe<span class=\"_ _3\"/>riod). The mid <span class=\"_ _3\"/>case sc<span class=\"ls198 ws2\">enario is the basis for the 2023 Boa<span class=\"_ _0\"/>rd </span></span>approved budge<span class=\"_ _0\"/>t. The key assumptions in the scen<span class=\"_ _0\"/>arios relate <span class=\"_ _0\"/>to fluctuations in the adv<span class=\"_ _0\"/>ert<span class=\"ls199 ws1b3\">ising m<span class=\"_ _0\"/>arket due to au<span class=\"_ _0\"/>dience </span>and/or market decline and <span class=\"_ _0\"/>the evolving de<span class=\"_ _0\"/>mand in the conten<span class=\"_ _0\"/>t market, specif<span class=\"_ _0\"/>ically relating to content pi<span class=\"_ _0\"/>peline. The former assumption relates to the G<span class=\"_ _0\"/>roup\u2019s advertising<span class=\"_ _0\"/> revenue while th<span class=\"ls197 ws1b5\">e latt<span class=\"_ _0\"/>er impacts the scale and timing of productions for ITV </span>Studios. All sc<span class=\"_ _0\"/>enarios have <span class=\"_ _0\"/>embedded infl<span class=\"_ _0\"/>ationary im<span class=\"_ _0\"/>pacts with<span class=\"ls1a8 ws1bf\"> increased production costs in<span class=\"ls1b4 ws1b7\"> the short to med<span class=\"_ _3\"/>ium term </span></span>as well as continued structural changes in <span class=\"_ _0\"/>the advertising ma<span class=\"ls198 ws2\">rket and<span class=\"_ _0\"/> viewing habits wi<span class=\"_ _0\"/>th </span>increased focus on streaming. The Directors have also consi<span class=\"_ _0\"/>dered a number of sensi<span class=\"_ _0\"/>tivities to<span class=\"_ _0\"/> the mid case scenario t<span class=\"_ _0\"/>o arrive at a seve<span class=\"_ _0\"/>re but plausible downside scenario that has been us<span class=\"_ _0\"/>ed to assess the appropri<span class=\"ls198 ws2\">ateness of p<span class=\"_ _0\"/>reparing these consolidat<span class=\"_ _0\"/>ed financial statement<span class=\"_ _0\"/>s </span>using the goin<span class=\"_ _0\"/>g conc<span class=\"_ _0\"/>ern basis. Thes<span class=\"_ _0\"/>e sensit<span class=\"_ _0\"/>ivities in<span class=\"_ _0\"/>clude settle<span class=\"_ _0\"/>m<span class=\"ls198 ws2\">ents i<span class=\"_ _0\"/>n respect of ongoin<span class=\"_ _0\"/>g litigation, lost and/or delay<span class=\"_ _0\"/>ed </span>Studios productions, a failure to deliver the expected consumpt<span class=\"_ _0\"/><span class=\"ls197 ws1b5\">ion hours or subscribe<span class=\"_ _0\"/>r growth for Streaming, a decline <span class=\"_ _0\"/>in </span>advertising reven<span class=\"_ _0\"/>ue in comparison to 2021 an<span class=\"_ _0\"/>d a cyber security <span class=\"_ _0\"/><span class=\"ls197 ws1b5\">breach. In addition, as an equ<span class=\"_ _0\"/>ivalent of a reverse stress test, </span>consideration has been gi<span class=\"_ _0\"/>ven to all scenar<span class=\"ls1b3 ws1c0\">ios impacting simultaneously. In this highly unlikely (possibly not plausible) </span>downside scenario the Group exper<span class=\"_ _0\"/>iences si<span class=\"ls199 ws1b3\">gnificant l<span class=\"_ _0\"/>oss of profit <span class=\"_ _0\"/>and cash outflo</span>ws but<span class=\"_ _0\"/> remains able to operate within its financial covenants and has sufficient liquidity <span class=\"ls198 ws2\">during the going concern p<span class=\"_ _0\"/>eriod to 30 June 2024.<span class=\"_ _335\"> </span></span>ITV plc<span class=\"ff12a ls3 ws2\">\u2009<span class=\"ff12b ls1ae ws1cc\">Annual Report and Accounts 2022 </span></span><span class=\"fs27 ls1b6 ws218\">181<span class=\"_ _0\"/><span class=\"ff12b ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>The Directors propo<span class=\"_ _3\"/>se a final dividend of 3.3<span class=\"_ _3\"/> pence per share, which equates to a full ye<span class=\"_ _3\"/>ar dividend of 5.0 pence<span class=\"_ _3\"/> per share, subject to appr<span class=\"_ _3\"/>oval by shareholder<span class=\"_ _3\"/>s at the AGM on 4 May 2023 (2021: 3.3 pence). The Direc<span class=\"_ _3\"/>tors intend to at least ma<span class=\"_ _0\"/>intain<span class=\"_ _0\"/> this div<span class=\"_ _0\"/>idend ov<span class=\"_ _0\"/>er the med<span class=\"_ _0\"/>ium ter<span class=\"_ _0\"/>m (this <span class=\"ls18f ws1d7\">was included in all scenarios modelled). The Directors will </span>continue to balance shareholder returns with a commitment<span class=\"ls18d ws1d4\"> to main<span class=\"_ _0\"/>tain in<span class=\"_ _0\"/>vestm<span class=\"_ _0\"/>ent grad<span class=\"_ _0\"/>e credi<span class=\"_ _0\"/>t metrics ov<span class=\"_ _0\"/>er the<span class=\"_ _0\"/> </span>medium term and<span class=\"_ _3\"/> to continue<span class=\"_ _3\"/> to <span class=\"ls186 ws1c9\">invest in th<span class=\"_ _3\"/>e Group\u2019s strat<span class=\"_ _3\"/>egy.  </span>Consequent<span class=\"_ _3\"/>ly, the Director<span class=\"_ _3\"/>s are confident that t<span class=\"_ _3\"/>he Group will <span class=\"_ _4\"/><span class=\"ls18d\">hav<span class=\"_ _0\"/>e suff<span class=\"_ _0\"/>icien<span class=\"_ _0\"/>t funds<span class=\"_ _0\"/> to con<span class=\"_ _0\"/>tinue <span class=\"_ _0\"/>to meet<span class=\"_ _0\"/> its l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ties </span>as they fa<span class=\"_ _3\"/>ll due for at<span class=\"_ _3\"/> least 12 mont<span class=\"_ _3\"/>hs from the date<span class=\"_ _3\"/> of approval o<span class=\"_ _3\"/>f these conso<span class=\"_ _3\"/>lidated financial <span class=\"_ _3\"/>statements and therefore hav<span class=\"_ _3\"/>e prepared the <span class=\"_ _3\"/>consolidated <span class=\"_ _3\"/>financial statements <span class=\"_ _3\"/>on a going co<span class=\"_ _3\"/>ncern basis. Subsidiaries, joint ventures, associat<span class=\"_ _0\"/>es and investments  Subsidia<span class=\"_ _0\"/>ries are en<span class=\"_ _0\"/>tities tha<span class=\"_ _0\"/>t are direc<span class=\"_ _0\"/>tly or indi<span class=\"_ _0\"/>rectly contr<span class=\"_ _0\"/>olled by th<span class=\"_ _0\"/>e Group. Con<span class=\"_ _0\"/>trol exis<span class=\"_ _0\"/>ts where the Gr<span class=\"_ _0\"/>oup is exposed,<span class=\"_ _0\"/> or has rights t<span class=\"_ _0\"/>o variable<span class=\"_ _0\"/> returns fro<span class=\"_ _0\"/>m its invol<span class=\"_ _0\"/>vement wi<span class=\"_ _0\"/>th the inv<span class=\"_ _0\"/>estee an<span class=\"_ _0\"/>d has the abil<span class=\"_ _0\"/>ity to affec<span class=\"_ _0\"/>t thos<span class=\"_ _0\"/>e returns through its power over t<span class=\"_ _3\"/>he investee<span class=\"ls18c ws1bc\">. In assessing control, potential voting<span class=\"ls186 ws1c9\"> rights that are curr<span class=\"_ _3\"/>ently exerci<span class=\"_ _3\"/>sable </span></span>or converti<span class=\"_ _3\"/>ble are taken i<span class=\"_ _3\"/>nto account. A join<span class=\"_ _0\"/>t ventu<span class=\"_ _0\"/>re is a<span class=\"_ _0\"/> joint<span class=\"_ _0\"/> arran<span class=\"_ _0\"/>gemen<span class=\"_ _0\"/>t in wh<span class=\"_ _0\"/>ich th<span class=\"_ _0\"/>e Group<span class=\"_ _0\"/> holds <span class=\"_ _0\"/>an int<span class=\"_ _0\"/>erest un<span class=\"_ _0\"/>der a c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>tual a<span class=\"_ _0\"/>rrange<span class=\"_ _0\"/>ment w<span class=\"_ _0\"/>here the Group and<span class=\"_ _3\"/> one or more ot<span class=\"_ _3\"/>her parties <span class=\"_ _3\"/>undertake an e<span class=\"_ _3\"/>conomic activity that<span class=\"_ _3\"/> is subject t<span class=\"_ _3\"/>o joint control. <span class=\"_ _3\"/>The Group accounts for its intere<span class=\"_ _3\"/>sts in joint ventures using the equi<span class=\"ls188 ws1d2\">ty method. <span class=\"_ _3\"/>Under the equit<span class=\"_ _3\"/>y method, the investment i<span class=\"_ _3\"/>n the </span>entity is stated as one li<span class=\"_ _3\"/>ne item at co<span class=\"ls18e ws1c0\">st p<span class=\"_ _3\"/>lus the<span class=\"_ _3\"/> investor\u2019<span class=\"_ _4\"/>s share of retai<span class=\"_ _4\"/>ned post-acqui<span class=\"_ _4\"/>sition profit<span class=\"_ _4\"/>s or losses,<span class=\"_ _3\"/> less </span>any dividends received and other changes in net <span class=\"_ _3\"/>assets. An associat<span class=\"_ _3\"/>e is an enti<span class=\"_ _3\"/>ty, other tha<span class=\"_ _3\"/>n a subsidiary <span class=\"_ _3\"/>or joint vent<span class=\"_ _3\"/>ure, over whi<span class=\"_ _3\"/>ch the Group ha<span class=\"_ _3\"/>s significant i<span class=\"_ _3\"/>nfluence. Signif<span class=\"_ _0\"/>icant infl<span class=\"_ _0\"/>uence is<span class=\"_ _0\"/> the pow<span class=\"_ _0\"/>er to part<span class=\"_ _0\"/>icipat<span class=\"_ _0\"/>e in, but n<span class=\"_ _0\"/>ot control<span class=\"_ _0\"/> or join<span class=\"_ _0\"/>tly con<span class=\"_ _0\"/>trol, t<span class=\"_ _0\"/>he financ<span class=\"_ _0\"/>ial and o<span class=\"_ _0\"/>perati<span class=\"_ _0\"/>ng decisions of <span class=\"_ _3\"/>an entity. These i<span class=\"_ _3\"/>nvestments a<span class=\"_ _3\"/>re <span class=\"ls186 ws1c9\">also a<span class=\"_ _3\"/>ccounted for using th<span class=\"_ _3\"/>e equity method. </span>Investments ar<span class=\"_ _3\"/>e entities wher<span class=\"_ _3\"/>e the Group co<span class=\"_ _3\"/>ncludes it does <span class=\"_ _4\"/><span class=\"ws1c8\">not have significant influence and are held at<span class=\"_ _3\"/> fair value </span>unless t<span class=\"_ _3\"/>he investme<span class=\"_ _3\"/>nt is a start-up<span class=\"_ _3\"/> business<span class=\"_ _3\"/>, in which ca<span class=\"_ _3\"/>se it<span class=\"ls18d ws1d4\"> is valu<span class=\"_ _0\"/>ed initial<span class=\"_ _0\"/>ly at cos<span class=\"_ _0\"/>t as a prox<span class=\"_ _0\"/>y for fair<span class=\"_ _0\"/> value.  </span>Current/non-current distinction Current<span class=\"_ _0\"/> assets<span class=\"_ _0\"/> incl<span class=\"_ _0\"/>ude ass<span class=\"_ _0\"/>ets hel<span class=\"_ _0\"/>d prim<span class=\"_ _0\"/>arily<span class=\"_ _0\"/> for t<span class=\"_ _0\"/>rading<span class=\"_ _0\"/> purp<span class=\"ls18c ws1bc\">oses, cash<span class=\"_ _0\"/> and cash equivalents, and assets expected to </span>be realised<span class=\"_ _3\"/> in, or intended for<span class=\"_ _3\"/> sale or use in, the<span class=\"_ _3\"/> course of the Gro<span class=\"_ _3\"/>up\u2019s operating cycle<span class=\"_ _3\"/>. All other asset<span class=\"_ _3\"/>s are classified<span class=\"_ _3\"/> as non-current assets. Current liabiliti<span class=\"_ _3\"/>es include liabilitie<span class=\"_ _3\"/>s held primarily for<span class=\"_ _3\"/> tradin<span class=\"ls184 ws1c8\">g purposes, liabilit<span class=\"_ _3\"/>ies expected to be settled in the co<span class=\"_ _3\"/>urse </span>of the Group\u2019s operati<span class=\"_ _3\"/>ng cycle and those liabilitie<span class=\"_ _3\"/>s due within<span class=\"ws1b3\"> one ye<span class=\"_ _3\"/>ar from the r<span class=\"_ _3\"/>eporting date. A<span class=\"_ _3\"/>ll other liab<span class=\"_ _3\"/>ilities are </span>classified as non-curr<span class=\"_ _0\"/>ent liabiliti<span class=\"_ _0\"/>es. Classification of financial instruments The financia<span class=\"_ _3\"/>l assets and liabi<span class=\"_ _3\"/>lities of the Group<span class=\"_ _3\"/> are classifi<span class=\"_ _3\"/><span class=\"ls184 ws1c8\">ed into the followi<span class=\"_ _3\"/>ng financial statem<span class=\"_ _3\"/>ent captions in the </span>Consolid<span class=\"_ _0\"/>ated Stateme<span class=\"_ _0\"/>nt of Financi<span class=\"_ _0\"/>al Position in acco<span class=\"_ _0\"/>rdance with<span class=\"_ _0\"/> IFRS 9 \u2018Financ<span class=\"_ _0\"/>ial Instrum<span class=\"_ _0\"/>ents\u2019: \u2022  <span class=\"ff12b ls184 ws1d2\">Financial a<span class=\"_ _3\"/>ssets/liabilitie<span class=\"_ _3\"/>s at fair value<span class=\"_ _3\"/> through OC<span class=\"_ _3\"/>I \u2013 measured a<span class=\"_ _3\"/>t fair value <span class=\"_ _3\"/>through other <span class=\"_ _3\"/>comprehensive inco<span class=\"_ _3\"/>me \u2013<span class=\"_ _335\"> </span></span>separat<span class=\"_ _3\"/>ely disclosed<span class=\"_ _3\"/> as financ<span class=\"_ _4\"/>ial assets/liabil<span class=\"_ _3\"/>ities in cu<span class=\"_ _4\"/>rrent and non-curren<span class=\"_ _3\"/>t assets<span class=\"_ _3\"/> and liabil<span class=\"_ _3\"/>ities or e<span class=\"_ _3\"/>quity investmen<span class=\"_ _3\"/>ts in non-cu<span class=\"_ _4\"/>rrent assets \u2022  <span class=\"ff12b ls18b ws1b5\">Financial asse<span class=\"_ _0\"/>ts/liabilities<span class=\"_ _0\"/> at fair value t<span class=\"_ _0\"/>hrough prof<span class=\"_ _0\"/>it or lo<span class=\"ls183 ws1b6\">ss \u2013 sep<span class=\"_ _0\"/>arately dis<span class=\"_ _0\"/>closed as deri<span class=\"_ _0\"/>vative finan<span class=\"_ _0\"/>cial instrument<span class=\"_ _0\"/>s </span></span>in current and n<span class=\"_ _0\"/>on-curre<span class=\"_ _0\"/>nt assets and liabi<span class=\"_ _0\"/>lities an<span class=\"_ _0\"/>d included<span class=\"ls184 ws1d2\"> in other payable<span class=\"_ _3\"/>s (put option<span class=\"_ _3\"/> liabilities and<span class=\"_ _3\"/> contingent </span>considerati<span class=\"_ _0\"/>on) or convertib<span class=\"_ _0\"/>le loan rece<span class=\"_ _0\"/>ivable withi<span class=\"_ _0\"/>n other receiv<span class=\"_ _0\"/>ables  \u2022  <span class=\"ff12b ls186 ws1c8\">Financial a<span class=\"_ _3\"/>ssets measur<span class=\"_ _3\"/>ed at amortised c<span class=\"_ _3\"/>ost \u2013 separately disc<span class=\"_ _3\"/>losed as cash<span class=\"_ _3\"/> and cash equivalen<span class=\"_ _3\"/>ts and trade and<span class=\"_ _3\"/> </span>other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s \u2022  <span class=\"ff12b ls186 ws1c8\">Financial li<span class=\"_ _3\"/>abilities me<span class=\"_ _3\"/>asured at amort<span class=\"_ _3\"/>ised cost \u2013 separ<span class=\"_ _3\"/>ately disclose<span class=\"_ _3\"/>d as borrowing<span class=\"_ _3\"/>s and trade and other<span class=\"_ _3\"/> payables </span>Judgement<span class=\"_ _0\"/> is requ<span class=\"_ _0\"/>ired when<span class=\"_ _0\"/> determ<span class=\"_ _0\"/>ining the<span class=\"_ _0\"/> appropr<span class=\"_ _0\"/>iate classif<span class=\"_ _0\"/>ication <span class=\"_ _0\"/>of the G<span class=\"_ _0\"/>roup\u2019s fina<span class=\"_ _0\"/>ncial instr<span class=\"_ _0\"/>uments, requi<span class=\"_ _3\"/>ring ass<span class=\"_ _3\"/>essment <span class=\"_ _3\"/>of cont<span class=\"_ _3\"/>ractua<span class=\"_ _3\"/>l provi<span class=\"_ _3\"/>sions t<span class=\"_ _3\"/>hat do or<span class=\"_ _4\"/> may change t<span class=\"_ _3\"/>he timi<span class=\"_ _3\"/>ng or amo<span class=\"_ _3\"/>unt of <span class=\"_ _3\"/>contract<span class=\"_ _4\"/>ual cash flows. Details<span class=\"_ _0\"/> of the accoun<span class=\"_ _0\"/>ting p<span class=\"_ _0\"/>olicies for me<span class=\"_ _0\"/>asurem<span class=\"_ _0\"/>ent of th<span class=\"_ _0\"/>e above inst<span class=\"_ _0\"/>ruments<span class=\"_ _0\"/> are set out i<span class=\"_ _0\"/>n the relev<span class=\"_ _0\"/>ant note.<span class=\"_ _0\"/> Where un<span class=\"_ _3\"/>conditional<span class=\"_ _3\"/> rights to s<span class=\"_ _3\"/>et off fi<span class=\"_ _3\"/>nancial ins<span class=\"_ _3\"/>truments e<span class=\"_ _3\"/>xist, the G<span class=\"_ _3\"/>roup presents<span class=\"_ _3\"/> the rele<span class=\"_ _3\"/>vant instr<span class=\"_ _3\"/>uments net<span class=\"_ _3\"/> in the Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Financial P<span class=\"_ _3\"/>osition. Recognition and derecognition of financial assets and liabilities The Group recognises a <span class=\"_ _3\"/>financial asset or <span class=\"_ _3\"/>liability when it become<span class=\"_ _3\"/>s a party to the<span class=\"_ _3\"/> contract. Financial instruments are<span class=\"_ _3\"/> no longer recogni<span class=\"_ _3\"/>sed in the Consoli<span class=\"_ _3\"/>dated Statement<span class=\"_ _3\"/> of Fina<span class=\"ls18a ws1c3\">n<span class=\"_ _3\"/>cial Po<span class=\"_ _3\"/>sition<span class=\"_ _3\"/> when the co<span class=\"_ _3\"/>ntra<span class=\"_ _3\"/>ctual cash<span class=\"_ _3\"/> flows e<span class=\"_ _3\"/>xpire or<span class=\"_ _3\"/> </span>when the Group<span class=\"_ _0\"/> no longer reta<span class=\"_ _0\"/>ins control of subs<span class=\"_ _0\"/>tant<span class=\"ls185 ws1b6\">ial<span class=\"_ _0\"/>ly all the<span class=\"_ _0\"/> risks and rew<span class=\"_ _0\"/>ards und<span class=\"_ _0\"/>er the inst<span class=\"_ _0\"/>rument.</span><span class=\"ls185 ws1b6\"><span class=\"_ _0\"/> </span>Cash and cash equivalents Cash and cash <span class=\"_ _0\"/>equivalents comprise cash balanc<span class=\"_ _0\"/>es and call <span class=\"ls18d ws1d4\">depo<span class=\"_ _0\"/>sits wit<span class=\"_ _0\"/>h a matur<span class=\"_ _0\"/>ity of less<span class=\"_ _0\"/> than or<span class=\"_ _0\"/> equal to th<span class=\"_ _0\"/>ree </span>months from the date of acquisition. <span class=\"ls186 ws2\">The carrying value o<span class=\"_ _3\"/>f cash and<span class=\"_ _3\"/> cash eq<span class=\"_ _3\"/><span class=\"ws1c9\">uivalent<span class=\"_ _3\"/>s is considered to appro<span class=\"_ _3\"/>ximate </span></span>fair value.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff127\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>179<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff128 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 1:<span class=\"_ _3\"/> Basis <span class=\"_ _4\"/>of Preparation <span class=\"_ _3\"/><span class=\"ff131 ls1b1 ws216\">continued<span class=\"ff130 ls3 ws2\"> </span></span>182<span class=\"ff131 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff132 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff133 ls3 ws2\">\u2009</span><span class=\"ff131 ls1ad\">Annual Report and Accounts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span>Foreign currencies The prim<span class=\"_ _0\"/>ary econo<span class=\"_ _0\"/>mic envir<span class=\"_ _0\"/>onment in whic<span class=\"_ _0\"/>h the Grou<span class=\"_ _0\"/>p operat<span class=\"ls186 ws1c9\">es is the UK and therefore the consolid<span class=\"_ _3\"/>ated financi<span class=\"_ _3\"/>al </span>statements are pr<span class=\"_ _3\"/>esented in pound<span class=\"_ _3\"/>s sterling <span class=\"_ _3\"/>(\u2018\u00a3\u2019).<span class=\"_ _335\"> </span>Where Group companies based in the UK t<span class=\"_ _3\"/>ransact in fore<span class=\"ls184 ws1b3\">ign cu<span class=\"_ _3\"/>rrencies, these tra<span class=\"_ _3\"/>nsactions are t<span class=\"_ _3\"/>ranslated into </span>pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the excha<span class=\"_ _0\"/>nge rate on th<span class=\"_ _0\"/>e transac<span class=\"_ _0\"/>tion date.<span class=\"_ _0\"/> Foreign c<span class=\"_ _0\"/>urrency m<span class=\"_ _0\"/>onetary ass<span class=\"_ _0\"/>ets and li<span class=\"_ _0\"/>abilities<span class=\"_ _0\"/> are translated into pounds ster<span class=\"_ _3\"/>ling at th<span class=\"ls184 ws1b3\">e year end e<span class=\"_ _3\"/>xchange rate. <span class=\"_ _3\"/>Where there is<span class=\"_ _3\"/> a movement i<span class=\"_ _3\"/>n the exchange r<span class=\"_ _3\"/>ate </span>between the da<span class=\"_ _3\"/>te of the tr<span class=\"_ _3\"/>ansaction and t<span class=\"_ _3\"/>he year end,<span class=\"_ _3\"/> a foreign excha<span class=\"_ _3\"/>nge gain or loss i<span class=\"_ _3\"/>s recognised in t<span class=\"_ _3\"/>he Consoli<span class=\"_ _3\"/>dated Inco<span class=\"_ _3\"/>me Stateme<span class=\"_ _4\"/>n<span class=\"_ _0\"/>t. Non-<span class=\"_ _3\"/>monetary as<span class=\"_ _3\"/>sets and <span class=\"_ _3\"/>li<span class=\"ls188 ws1d2\">abilities me<span class=\"_ _3\"/>asured at histori<span class=\"_ _3\"/>cal cost are translated<span class=\"_ _3\"/>  </span>into pounds ster<span class=\"_ _3\"/>ling at the exchang<span class=\"_ _3\"/>e rate on the date o<span class=\"_ _3\"/>f the transaction. The assets and <span class=\"_ _3\"/>liabilities of Group<span class=\"_ _3\"/> companies outside of the <span class=\"_ _3\"/><span class=\"ls184 ws1b3\">UK are translated<span class=\"_ _3\"/> into pounds ste<span class=\"_ _3\"/>rling at t<span class=\"_ _3\"/>he year end </span>exchange ra<span class=\"_ _0\"/>te. The rev<span class=\"_ _0\"/>enue, exp<span class=\"_ _0\"/>enses and o<span class=\"_ _0\"/>ther comp<span class=\"_ _0\"/>rehensiv<span class=\"_ _0\"/>e income of th<span class=\"_ _0\"/>ese comp<span class=\"_ _0\"/>anies are tr<span class=\"_ _0\"/>anslated in<span class=\"_ _0\"/>to pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the aver<span class=\"_ _0\"/>age monthl<span class=\"_ _0\"/>y exchange ra<span class=\"_ _0\"/>te during th<span class=\"_ _0\"/>e year. Wh<span class=\"_ _0\"/>ere diffe<span class=\"_ _0\"/>rences aris<span class=\"_ _0\"/>e between th<span class=\"_ _0\"/>ese rates,<span class=\"_ _0\"/> they are recogn<span class=\"_ _0\"/>ised in th<span class=\"_ _0\"/>e translation<span class=\"_ _0\"/> reserve w<span class=\"_ _0\"/>ithin other com<span class=\"_ _0\"/>prehensiv<span class=\"_ _0\"/>e income.  The Group\u2019s<span class=\"_ _0\"/> net investmen<span class=\"_ _0\"/>ts in compan<span class=\"_ _0\"/>ies outside th<span class=\"_ _0\"/>e UK may be hed<span class=\"_ _0\"/>ged where the cur<span class=\"_ _0\"/>rency expos<span class=\"_ _0\"/>ure is consi<span class=\"_ _0\"/>dered to be material. Hedge<span class=\"_ _3\"/> accounting is implemented on certain forei<span class=\"_ _3\"/>gn currency firm commitme<span class=\"_ _3\"/>nts, for which the effectiv<span class=\"_ _0\"/>e port<span class=\"_ _0\"/>ion of an<span class=\"_ _0\"/>y foreign<span class=\"_ _0\"/> exchang<span class=\"_ _0\"/>e gains o<span class=\"_ _0\"/>r losses is<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> other com<span class=\"_ _0\"/>prehe<span class=\"_ _0\"/>nsive inc<span class=\"_ _0\"/>ome (n<span class=\"_ _0\"/>ote 4.3<span class=\"_ _0\"/>). Exchange differences arising on the transl<span class=\"ls19e ws1b3\">ation of t<span class=\"_ _3\"/>he Group\u2019s interests in joint ventures and associates are recognised </span>in the tra<span class=\"_ _3\"/>nslation reserve<span class=\"_ _3\"/> within other<span class=\"_ _3\"/> comprehensive i<span class=\"_ _3\"/>ncome. On dispos<span class=\"_ _0\"/>al of a foreign<span class=\"_ _0\"/> subsidia<span class=\"_ _0\"/>ry, an inte<span class=\"_ _0\"/>rest in a join<span class=\"_ _0\"/>t ventur<span class=\"_ _0\"/>e or an associ<span class=\"_ _0\"/>ate, the<span class=\"_ _0\"/> related tr<span class=\"_ _0\"/>anslation res<span class=\"_ _0\"/>erve is<span class=\"_ _0\"/> released to<span class=\"_ _0\"/> the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement<span class=\"_ _0\"/> as part of the ga<span class=\"_ _0\"/>in or loss on disp<span class=\"_ _0\"/>osal. Where a forward currency cont<span class=\"_ _3\"/>ract is used to manage foreig<span class=\"_ _4\"/><span class=\"ws1b3\">n exchange risk and hedg<span class=\"_ _3\"/>e accounting i<span class=\"_ _3\"/>s not applied, <span class=\"_ _3\"/>any </span>impact o<span class=\"_ _3\"/>f movements i<span class=\"_ _3\"/>n currency for<span class=\"_ _3\"/> both the forwar<span class=\"_ _3\"/>d currency contract<span class=\"_ _3\"/>s and the asset<span class=\"_ _3\"/>s and liabi<span class=\"_ _3\"/>lities is taken to the Consolidated<span class=\"_ _3\"/> Income Statement<span class=\"_ _3\"/>. Accounting judgements and estimat<span class=\"_ _0\"/>es The prepa<span class=\"_ _0\"/>ration of<span class=\"_ _0\"/> financial st<span class=\"_ _0\"/>atements<span class=\"_ _0\"/> requir<span class=\"_ _0\"/>es manage<span class=\"_ _0\"/>ment to ex<span class=\"_ _0\"/>ercise jud<span class=\"_ _0\"/>gement in<span class=\"_ _0\"/> apply<span class=\"_ _0\"/>ing the Grou<span class=\"_ _0\"/>p\u2019s accounting pol<span class=\"_ _0\"/>icies. It also<span class=\"_ _0\"/> requires the<span class=\"_ _0\"/> use of estima<span class=\"_ _0\"/>tes and assump<span class=\"_ _0\"/>tions that af<span class=\"_ _0\"/>fect the r<span class=\"_ _0\"/>eported am<span class=\"_ _0\"/>ounts of assets, lia<span class=\"_ _0\"/>bilities,<span class=\"_ _0\"/> income an<span class=\"_ _0\"/>d expenses. <span class=\"_ _0\"/>Actual <span class=\"_ _0\"/>results may <span class=\"_ _0\"/>differ fro<span class=\"_ _0\"/>m these<span class=\"_ _0\"/> estima<span class=\"_ _0\"/>tes. The c<span class=\"_ _0\"/>urrent m<span class=\"_ _0\"/>acroeconom<span class=\"_ _0\"/>ic environmen<span class=\"_ _0\"/>t has cause<span class=\"_ _0\"/>d greater es<span class=\"_ _0\"/>timation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement to be<span class=\"_ _0\"/> applie<span class=\"_ _0\"/>d, particul<span class=\"_ _0\"/>arly in re<span class=\"_ _0\"/>spect of p<span class=\"_ _0\"/>ension obligations and discount rates <span class=\"ls188 ws1d5\">used for impairment reviews. </span>Estimate<span class=\"_ _3\"/>s and und<span class=\"_ _3\"/>erlying<span class=\"_ _3\"/> assumpti<span class=\"_ _3\"/>ons are r<span class=\"_ _3\"/>eviewed o<span class=\"_ _3\"/>n an ong<span class=\"_ _3\"/>oing basi<span class=\"_ _4\"/>s, with revisio<span class=\"_ _3\"/>ns reco<span class=\"_ _3\"/>gnised in t<span class=\"_ _3\"/>he period<span class=\"_ _3\"/> in which the estimates are revised and <span class=\"ls188 ws1d2\">in any futu<span class=\"_ _3\"/>re periods affected. </span>The areas<span class=\"_ _0\"/> involv<span class=\"_ _0\"/>ing mate<span class=\"_ _0\"/>rial ju<span class=\"_ _0\"/>dgement <span class=\"_ _0\"/>or com<span class=\"_ _0\"/>plexity<span class=\"_ _0\"/> are <span class=\"ls188 ws1d2\">set out below. Additional deta<span class=\"_ _3\"/>il on the judgements<span class=\"_ _3\"/> and </span>sources of estimat<span class=\"_ _3\"/>ion uncertainty applied by <span class=\"_ _3\"/>management are set out i<span class=\"_ _3\"/>n the accounting po<span class=\"_ _3\"/>licies section of the releva<span class=\"_ _3\"/>nt notes:  Area <span class=\"_ _1a9\"> </span>Key judgements <span class=\"_ _af\"> </span>Key sources<span class=\"ls1a5 ws1e4\"> of estimation uncertainty </span>Exceptional item<span class=\"_ _0\"/>s (See note 2.2) The classification of income or expenses as<span class=\"_ _0\"/> exceptional ite<span class=\"_ _0\"/>ms Defined b<span class=\"_ _3\"/>enefit pension<span class=\"_ _3\"/>  (See note 3.7)  <span class=\"_ _134\"> </span>Es<span class=\"_ _3\"/>timates o<span class=\"_ _3\"/>f the assumpt<span class=\"_ _3\"/>ions for valu<span class=\"_ _4\"/>ing the defined bene<span class=\"_ _3\"/>fit obligation Provisio<span class=\"_ _0\"/>ns relat<span class=\"_ _0\"/>ed to Box Clever  (see note 3.6) The basis for ca<span class=\"_ _0\"/>lculating  the provisio<span class=\"_ _3\"/>n Estimates of the<span class=\"_ _0\"/> amount requir<span class=\"_ _0\"/>ed to settle the potential li<span class=\"_ _0\"/>ability Employee-<span class=\"_ _3\"/>related provisions<span class=\"_ _3\"/> (See note<span class=\"_ _3\"/> 3.6) The indiv<span class=\"_ _3\"/>iduals who are inc<span class=\"_ _3\"/>luded in the calculation Estimates of<span class=\"_ _0\"/> the am<span class=\"_ _0\"/>ounts req<span class=\"_ _0\"/>uired to se<span class=\"_ _0\"/>ttle the liability Acquisition-<span class=\"_ _0\"/>related liabil<span class=\"_ _3\"/>ities  (See note 3.1.4 a<span class=\"_ _0\"/>nd 3.1.5) Whether fut<span class=\"_ _0\"/>ure amounts<span class=\"_ _0\"/> payable are linked to emplo<span class=\"_ _3\"/>yment Estimate<span class=\"_ _3\"/>s of cash-<span class=\"_ _3\"/>flow forecas<span class=\"_ _3\"/>ts to supp<span class=\"_ _3\"/>ort the calculat<span class=\"_ _0\"/>ion of the fut<span class=\"_ _0\"/>ure liabiliti<span class=\"_ _0\"/>es  Transmission commitments  (See note 3.1.1)<span class=\"_ _0\"/> Whether the transponder contracts<span class=\"_ _3\"/> should be clas<span class=\"_ _0\"/>sified as lease<span class=\"_ _0\"/>s in accordance with IFRS 16 In addition to the above, there are <span class=\"_ _3\"/>a nu<span class=\"ws1b5\">mber of areas which involve a <span class=\"_ _3\"/>high degr<span class=\"ls19e ws1b3\">ee of estimation and are significant to </span></span>the financial statements but <span class=\"_ _3\"/>are not expected to have a mate<span class=\"ls19e ws1b3\">rial impact on them<span class=\"_ _3\"/> in the <span class=\"ls1a0 ws2\">next 12 months. The key areas </span></span>underlying estimation uncertainty include the reviews of onerous contracts and impairment provisions in relation to sports rights, allocation of programme rights to ITVX, impa<span class=\"ls1a1 ws1d2\">irment of intangible assets, purchase price all<span class=\"_ _0\"/>ocation in </span>business combinations and taxation. M<span class=\"_ _0\"/>ore detail on each of these items is given in the relevant notes.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff127\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>180<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff128 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 1:<span class=\"_ _3\"/> Basis <span class=\"_ _4\"/>of Preparation <span class=\"_ _3\"/><span class=\"ff131 ls1b1 ws216\">continued<span class=\"ff130 ls3 ws2\"> </span></span>182<span class=\"ff131 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff132 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff133 ls3 ws2\">\u2009</span><span class=\"ff131 ls1ad\">Annual Report and Accounts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span>Foreign currencies The prim<span class=\"_ _0\"/>ary econo<span class=\"_ _0\"/>mic envir<span class=\"_ _0\"/>onment in whic<span class=\"_ _0\"/>h the Grou<span class=\"_ _0\"/>p operat<span class=\"ls186 ws1c9\">es is the UK and therefore the consolid<span class=\"_ _3\"/>ated financi<span class=\"_ _3\"/>al </span>statements are pr<span class=\"_ _3\"/>esented in pound<span class=\"_ _3\"/>s sterling <span class=\"_ _3\"/>(\u2018\u00a3\u2019). Where Group companies based in the UK t<span class=\"_ _3\"/>ransact in fore<span class=\"ls184 ws1b3\">ign cu<span class=\"_ _3\"/>rrencies, these tra<span class=\"_ _3\"/>nsactions are t<span class=\"_ _3\"/>ranslated into </span>pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the excha<span class=\"_ _0\"/>nge rate on th<span class=\"_ _0\"/>e transac<span class=\"_ _0\"/>tion date.<span class=\"_ _0\"/> Foreign c<span class=\"_ _0\"/>urrency m<span class=\"_ _0\"/>onetary ass<span class=\"_ _0\"/>ets and li<span class=\"_ _0\"/>abilities<span class=\"_ _0\"/> are translated into pounds ster<span class=\"_ _3\"/>ling at th<span class=\"ls184 ws1b3\">e year end e<span class=\"_ _3\"/>xchange rate. <span class=\"_ _3\"/>Where there is<span class=\"_ _3\"/> a movement i<span class=\"_ _3\"/>n the exchange r<span class=\"_ _3\"/>ate </span>between the da<span class=\"_ _3\"/>te of the tr<span class=\"_ _3\"/>ansaction and t<span class=\"_ _3\"/>he year end,<span class=\"_ _3\"/> a foreign excha<span class=\"_ _3\"/>nge gain or loss i<span class=\"_ _3\"/>s recognised in t<span class=\"_ _3\"/>he Consoli<span class=\"_ _3\"/>dated Inco<span class=\"_ _3\"/>me Stateme<span class=\"_ _4\"/>n<span class=\"_ _0\"/>t. Non-<span class=\"_ _3\"/>monetary as<span class=\"_ _3\"/>sets and <span class=\"_ _3\"/>li<span class=\"ls188 ws1d2\">abilities me<span class=\"_ _3\"/>asured at histori<span class=\"_ _3\"/>cal cost are translated<span class=\"_ _3\"/>  </span>into pounds ster<span class=\"_ _3\"/>ling at the exchang<span class=\"_ _3\"/>e rate on the date o<span class=\"_ _3\"/>f the transaction. The assets and <span class=\"_ _3\"/>liabilities of Group<span class=\"_ _3\"/> companies outside of the <span class=\"_ _3\"/><span class=\"ls184 ws1b3\">UK are translated<span class=\"_ _3\"/> into pounds ste<span class=\"_ _3\"/>rling at t<span class=\"_ _3\"/>he year end </span>exchange ra<span class=\"_ _0\"/>te. The rev<span class=\"_ _0\"/>enue, exp<span class=\"_ _0\"/>enses and o<span class=\"_ _0\"/>ther comp<span class=\"_ _0\"/>rehensiv<span class=\"_ _0\"/>e income of th<span class=\"_ _0\"/>ese comp<span class=\"_ _0\"/>anies are tr<span class=\"_ _0\"/>anslated in<span class=\"_ _0\"/>to pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the averag<span class=\"_ _0\"/>e monthl<span class=\"_ _0\"/>y exchange ra<span class=\"_ _0\"/>te during th<span class=\"_ _0\"/>e year. Wh<span class=\"_ _0\"/>ere diffe<span class=\"_ _0\"/>rences arise<span class=\"_ _0\"/> between th<span class=\"_ _0\"/>ese rates,<span class=\"_ _0\"/> they are recogn<span class=\"_ _0\"/>ised in th<span class=\"_ _0\"/>e translation<span class=\"_ _0\"/> reserve w<span class=\"_ _0\"/>ithin other com<span class=\"_ _0\"/>prehensiv<span class=\"_ _0\"/>e income.  The Group\u2019s<span class=\"_ _0\"/> net investmen<span class=\"_ _0\"/>ts in compan<span class=\"_ _0\"/>ies outside th<span class=\"_ _0\"/>e UK may be hed<span class=\"_ _0\"/>ged where the cur<span class=\"_ _0\"/>rency expos<span class=\"_ _0\"/>ure is consi<span class=\"_ _0\"/>dered to be material. Hedge<span class=\"_ _3\"/> accounting is implemented on certain forei<span class=\"_ _3\"/>gn currency firm commitme<span class=\"_ _3\"/>nts, for which the effectiv<span class=\"_ _0\"/>e port<span class=\"_ _0\"/>ion of an<span class=\"_ _0\"/>y foreign<span class=\"_ _0\"/> exchang<span class=\"_ _0\"/>e gains o<span class=\"_ _0\"/>r losses is<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> other com<span class=\"_ _0\"/>prehe<span class=\"_ _0\"/>nsive inc<span class=\"_ _0\"/>ome (n<span class=\"_ _0\"/>ote 4.3<span class=\"_ _0\"/>). Exchange differences arising on the transl<span class=\"ls19e ws1b3\">ation of t<span class=\"_ _3\"/>he Group\u2019s interests in joint ventures and associates are recognised </span>in the tra<span class=\"_ _3\"/>nslation reserve<span class=\"_ _3\"/> within other<span class=\"_ _3\"/> comprehensive i<span class=\"_ _3\"/>ncome. On dispos<span class=\"_ _0\"/>al of a foreign<span class=\"_ _0\"/> subsidia<span class=\"_ _0\"/>ry, an inte<span class=\"_ _0\"/>rest in a join<span class=\"_ _0\"/>t ventur<span class=\"_ _0\"/>e or an associ<span class=\"_ _0\"/>ate, the<span class=\"_ _0\"/> related tr<span class=\"_ _0\"/>anslation res<span class=\"_ _0\"/>erve is<span class=\"_ _0\"/> released to<span class=\"_ _0\"/> the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement<span class=\"_ _0\"/> as part of the ga<span class=\"_ _0\"/>in or loss on disp<span class=\"_ _0\"/>osal. Where a forward currency cont<span class=\"_ _3\"/>ract is used to manage foreig<span class=\"_ _4\"/><span class=\"ws1b3\">n exchange risk and hedg<span class=\"_ _3\"/>e accounting i<span class=\"_ _3\"/>s not applied, <span class=\"_ _3\"/>any </span>impact o<span class=\"_ _3\"/>f movements i<span class=\"_ _3\"/>n currency for<span class=\"_ _3\"/> both the forwar<span class=\"_ _3\"/>d currency contract<span class=\"_ _3\"/>s and the asset<span class=\"_ _3\"/>s and liabi<span class=\"_ _3\"/>lities is taken to the Consolidated<span class=\"_ _3\"/> Income Statement<span class=\"_ _3\"/>. Accounting judgements and estimat<span class=\"_ _0\"/>es The prepa<span class=\"_ _0\"/>ration of<span class=\"_ _0\"/> financial st<span class=\"_ _0\"/>atements<span class=\"_ _0\"/> requir<span class=\"_ _0\"/>es manage<span class=\"_ _0\"/>ment to exerc<span class=\"_ _0\"/>ise jud<span class=\"_ _0\"/>gement in<span class=\"_ _0\"/> applyin<span class=\"_ _0\"/>g the Grou<span class=\"_ _0\"/>p\u2019s accounting pol<span class=\"_ _0\"/>icies. It also<span class=\"_ _0\"/> requires the<span class=\"_ _0\"/> use of estima<span class=\"_ _0\"/>tes and assump<span class=\"_ _0\"/>tions that af<span class=\"_ _0\"/>fect the r<span class=\"_ _0\"/>eported am<span class=\"_ _0\"/>ounts of assets, lia<span class=\"_ _0\"/>bilities,<span class=\"_ _0\"/> income an<span class=\"_ _0\"/>d expenses. <span class=\"_ _0\"/>Actual <span class=\"_ _0\"/>results may <span class=\"_ _0\"/>differ fro<span class=\"_ _0\"/>m these<span class=\"_ _0\"/> estima<span class=\"_ _0\"/>tes. The c<span class=\"_ _0\"/>urrent m<span class=\"_ _0\"/>acroeconom<span class=\"_ _0\"/>ic environmen<span class=\"_ _0\"/>t has cause<span class=\"_ _0\"/>d greater es<span class=\"_ _0\"/>timation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement to be<span class=\"_ _0\"/> applie<span class=\"_ _0\"/>d, particul<span class=\"_ _0\"/>arly in re<span class=\"_ _0\"/>spect of p<span class=\"_ _0\"/>ension obligations and discount rates <span class=\"ls188 ws1d5\">used for impairment reviews. </span>Estimate<span class=\"_ _3\"/>s and und<span class=\"_ _3\"/>erlying<span class=\"_ _3\"/> assumpti<span class=\"_ _3\"/>ons are r<span class=\"_ _3\"/>eviewed o<span class=\"_ _3\"/>n an ong<span class=\"_ _3\"/>oing basi<span class=\"_ _4\"/>s, with revisio<span class=\"_ _3\"/>ns reco<span class=\"_ _3\"/>gnised in t<span class=\"_ _3\"/>he period<span class=\"_ _3\"/> in which the estimates are revised and <span class=\"ls188 ws1d2\">in any futu<span class=\"_ _3\"/>re periods affected. </span>The areas<span class=\"_ _0\"/> involv<span class=\"_ _0\"/>ing mate<span class=\"_ _0\"/>rial ju<span class=\"_ _0\"/>dgement <span class=\"_ _0\"/>or com<span class=\"_ _0\"/>plexity<span class=\"_ _0\"/> are <span class=\"ls188 ws1d2\">set out below. Additional deta<span class=\"_ _3\"/>il on the judgements<span class=\"_ _3\"/> and </span>sources of estimat<span class=\"_ _3\"/>ion uncertainty applied by <span class=\"_ _3\"/>management are set out i<span class=\"_ _3\"/>n the accounting po<span class=\"_ _3\"/>licies section of the releva<span class=\"_ _3\"/>nt notes:  Area <span class=\"_ _1a9\"> </span>Key judgements <span class=\"_ _af\"> </span>Key sources<span class=\"ls1a5 ws1e4\"> of estimation uncertainty </span>Exceptional item<span class=\"_ _0\"/>s (See note 2.2) The classification of income or expenses as<span class=\"_ _0\"/> exceptional ite<span class=\"_ _0\"/>ms Defined b<span class=\"_ _3\"/>enefit pension<span class=\"_ _3\"/>  (See note 3.7)  <span class=\"_ _134\"> </span>Es<span class=\"_ _3\"/>timates o<span class=\"_ _3\"/>f the assumpt<span class=\"_ _3\"/>ions for valu<span class=\"_ _4\"/>ing the defined bene<span class=\"_ _3\"/>fit obligation Provisio<span class=\"_ _0\"/>ns relat<span class=\"_ _0\"/>ed to Box Clever  (see note 3.6) The basis for ca<span class=\"_ _0\"/>lculating  the provisio<span class=\"_ _3\"/>n Estimates of the<span class=\"_ _0\"/> amount requir<span class=\"_ _0\"/>ed to settle the potential li<span class=\"_ _0\"/>ability Employee-<span class=\"_ _3\"/>related provisions<span class=\"_ _3\"/> (See note<span class=\"_ _3\"/> 3.6) The indiv<span class=\"_ _3\"/>iduals who are inc<span class=\"_ _3\"/>luded in the calculation Estimates of<span class=\"_ _0\"/> the am<span class=\"_ _0\"/>ounts req<span class=\"_ _0\"/>uired to se<span class=\"_ _0\"/>ttle the liability Acquisition-<span class=\"_ _0\"/>related liabil<span class=\"_ _3\"/>ities  (See note 3.1.4 a<span class=\"_ _0\"/>nd 3.1.5) Whether fut<span class=\"_ _0\"/>ure amounts<span class=\"_ _0\"/> payable are linked to emplo<span class=\"_ _3\"/>yment Estimate<span class=\"_ _3\"/>s of cash-<span class=\"_ _3\"/>flow forecas<span class=\"_ _3\"/>ts to supp<span class=\"_ _3\"/>ort the calculat<span class=\"_ _0\"/>ion of the fut<span class=\"_ _0\"/>ure liabiliti<span class=\"_ _0\"/>es  Transmission commitments  (See note 3.1.1)<span class=\"_ _0\"/> Whether the transponder contracts<span class=\"_ _3\"/> should be clas<span class=\"_ _0\"/>sified as lease<span class=\"_ _0\"/>s in accordance with IFRS 16 In addition to the above, there are <span class=\"_ _3\"/>a nu<span class=\"ws1b5\">mber of areas which involve a <span class=\"_ _3\"/>high degr<span class=\"ls19e ws1b3\">ee of estimation and are significant to </span></span>the financial statements but <span class=\"_ _3\"/>are not expected to have a mate<span class=\"ls19e ws1b3\">rial impact on them<span class=\"_ _3\"/> in the <span class=\"ls1a0 ws2\">next 12 months. The key areas </span></span>underlying estimation uncertainty include the reviews of onerous contracts and impairment provisions in relation to sports rights, allocation of programme rights to ITVX, impa<span class=\"ls1a1 ws1d2\">irment of intangible assets, purchase price all<span class=\"_ _0\"/>ocation in </span>business combinations and taxation. M<span class=\"_ _0\"/>ore detail on each of these items is given in the relevant notes.  ITV plc<span class=\"ff137 ls3 ws2\">\u2009<span class=\"ff138 ls1ae ws1cc\">Annual Report and Accounts 2022 </span></span><span class=\"fs27 ls1b6 ws218\">183<span class=\"_ _0\"/><span class=\"ff138 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>The Directo<span class=\"_ _3\"/>rs recognise the<span class=\"_ _3\"/> climate cri<span class=\"_ _3\"/>sis and the potenti<span class=\"_ _3\"/>al impact <span class=\"_ _3\"/>it may have <span class=\"_ _3\"/>on both the wid<span class=\"_ _3\"/>er world and the success of ITV. The t<span class=\"_ _0\"/>hreat contin<span class=\"_ _0\"/>ues to evolv<span class=\"_ _0\"/>e and busin<span class=\"_ _0\"/>esses globally<span class=\"_ _0\"/> have a respons<span class=\"_ _0\"/>ibility to take<span class=\"_ _0\"/> meaningf<span class=\"_ _0\"/>ul action to m<span class=\"_ _3\"/>itigate and pre<span class=\"_ _3\"/>vent further <span class=\"_ _3\"/>climate change. T<span class=\"_ _3\"/>he Directors ar<span class=\"_ _3\"/>e committed<span class=\"_ _3\"/> to reducing t<span class=\"_ _3\"/>he impact o<span class=\"_ _3\"/>f ITV on the env<span class=\"_ _0\"/>ironmen<span class=\"_ _0\"/>t. Clim<span class=\"_ _0\"/>ate-rel<span class=\"_ _0\"/>ated ris<span class=\"_ _0\"/>ks have <span class=\"_ _0\"/>been id<span class=\"_ _0\"/>entified<span class=\"_ _0\"/> <span class=\"ls183 ws1b5\">as an eme<span class=\"_ _0\"/>rging busi<span class=\"_ _0\"/>ness risk<span class=\"ws1b2\">;<span class=\"_ _0\"/> however, th<span class=\"_ _0\"/>e Directors do </span></span>not view the<span class=\"_ _3\"/>m as a source o<span class=\"_ _3\"/>f material e<span class=\"_ _3\"/>stimation uncertai<span class=\"_ _3\"/>nty for the<span class=\"_ _3\"/> Group. For furt<span class=\"_ _3\"/>her detail, <span class=\"_ _3\"/>see the Risks a<span class=\"_ _3\"/>nd Uncertainties <span class=\"_ _3\"/>section of the <span class=\"_ _3\"/>Strategic Report. New or amended accounting standards<span class=\"_ _0\"/> The followin<span class=\"_ _0\"/>g new standa<span class=\"_ _0\"/>rds and/or amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> are effectiv<span class=\"ls189 ws1bf\">e 1<span class=\"_ _0\"/> January 2022, bu<span class=\"_ _0\"/>t have not had a si<span class=\"_ _0\"/>gnificant impac<span class=\"_ _0\"/>t </span>on the Group<span class=\"_ _0\"/>\u2019s results or Cons<span class=\"_ _0\"/>olidated St<span class=\"_ _0\"/>atement o<span class=\"_ _0\"/>f Financial Posi<span class=\"_ _0\"/>tion. Accounting standard <span class=\"_ _13c\"> </span>Requirement <span class=\"_ _209\"> </span><span class=\"ls3 ws1cf\">Impact on financial statements </span>Amendments to <span class=\"_ _0\"/>IAS 16 \u2018Property,<span class=\"_ _3\"/> Plant and Equipment\u2019: Procee<span class=\"_ _0\"/>ds before intended<span class=\"_ _0\"/> use <span class=\"ls3 ws2\"> </span>The amendment to IAS 16 Pro<span class=\"_ _3\"/>perty, Plant and<span class=\"_ _3\"/> Equipment (PP&amp;E) prohibits an enti<span class=\"_ _0\"/>ty from<span class=\"ls184 ws1d5\"> deducting from the cost of </span>an item of<span class=\"_ _0\"/> PP&amp;E any <span class=\"_ _0\"/>proceeds re<span class=\"_ _0\"/>ceived from s<span class=\"_ _0\"/>elling<span class=\"_ _0\"/> items produced<span class=\"_ _3\"/> while the enti<span class=\"_ _3\"/>ty is prepari<span class=\"_ _3\"/>ng the asse<span class=\"_ _3\"/>t for its intended<span class=\"_ _3\"/> use. It al<span class=\"_ _3\"/>so clarifie<span class=\"_ _3\"/><span class=\"ls189 ws1c0\">s that an entity is \u2018t<span class=\"_ _0\"/>esting </span>whether the asset is func<span class=\"_ _3\"/>tioning properly<span class=\"_ _3\"/>\u2019 when it assesses<span class=\"_ _3\"/> the techni<span class=\"_ _0\"/>cal and p<span class=\"_ _0\"/>hysical p<span class=\"_ _0\"/>erforman<span class=\"_ _0\"/>ce of the as<span class=\"_ _0\"/>set. The financial pe<span class=\"_ _3\"/>rformance o<span class=\"_ _3\"/>f the asset is not releva<span class=\"_ _3\"/>nt to this a<span class=\"_ _3\"/>ssessment<span class=\"_ _3\"/>. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce.  Amendments to IAS 37 \u2018Provisions,<span class=\"_ _3\"/> Contingent Liabilities an<span class=\"_ _0\"/>d Continge<span class=\"_ _0\"/>nt Assets\u2019:<span class=\"_ _3\"/> Onerous Contrac<span class=\"_ _4\"/>ts \u2013 Cost of Fulfil<span class=\"_ _0\"/>ling a Cont<span class=\"_ _0\"/>ract<span class=\"ls3 ws2\"> </span>The amendment to<span class=\"_ _3\"/> IAS 37 clarif<span class=\"ls18b ws1b2\">ies that the direct costs of </span>fulfilling<span class=\"_ _3\"/> a contract includ<span class=\"_ _3\"/>e both the inc<span class=\"_ _3\"/>remental cos<span class=\"_ _3\"/>ts of fulfilli<span class=\"_ _0\"/>ng the contr<span class=\"_ _0\"/>act and an al<span class=\"_ _0\"/>location of<span class=\"_ _0\"/> other cost<span class=\"_ _0\"/>s directly<span class=\"_ _3\"/> related to<span class=\"_ _4\"/> fulfilling <span class=\"ls18b ws1b5\">contracts. Before recog<span class=\"_ _0\"/>nising a </span>separate prov<span class=\"_ _3\"/>ision for an<span class=\"_ _3\"/> onerous contrac<span class=\"_ _3\"/>t, the entity recognises any i<span class=\"_ _0\"/>mpairment loss that has<span class=\"_ _0\"/> occurred on assets u<span class=\"_ _3\"/>sed in fulfil<span class=\"_ _4\"/>ling the contract. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Annual Improvements to IFRS Standards 2018-2<span class=\"_ _0\"/>020<span class=\"ls3 ws2\"> </span>The followi<span class=\"_ _0\"/>ng improvement<span class=\"_ _0\"/>s were finali<span class=\"_ _0\"/>sed in May 20<span class=\"_ _0\"/>20:  \u2022  <span class=\"ff138 ls18b ws1b5\">IFRS 9 \u2018Financial I<span class=\"_ _0\"/>nstruments\u2019 \u2013 <span class=\"_ _0\"/>clarifies which f<span class=\"_ _0\"/>ees </span>should be include<span class=\"_ _3\"/>d in the 10% te<span class=\"_ _3\"/>st for derecognit<span class=\"_ _3\"/>ion of financial l<span class=\"_ _3\"/>iabilities.  \u2022  <span class=\"ff138 ls186 ws1c8\">IFRS 16 \u2018Lease<span class=\"_ _3\"/>s\u2019 \u2013 amendment o<span class=\"_ _3\"/>f illustrative exa<span class=\"_ _3\"/>mple 13 </span>to remove the i<span class=\"_ _0\"/>llustration of pa<span class=\"_ _0\"/>yments from the lessor<span class=\"_ _0\"/> relating<span class=\"_ _3\"/> to leasehold im<span class=\"_ _3\"/>provements, to<span class=\"_ _3\"/> remove any confusion about the tr<span class=\"_ _0\"/>eatment of lease i<span class=\"_ _0\"/>ncentives. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Amendments to IFRS 3 \u2018Busine<span class=\"_ _0\"/>ss Comb<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>ons\u2019 \u2013 Reference to<span class=\"_ _3\"/> the Conceptu<span class=\"_ _3\"/>al Framework<span class=\"ls3 ws2\"> </span>Minor amend<span class=\"_ _3\"/>ments were made <span class=\"_ _3\"/>to IFRS 3 <span class=\"_ _3\"/>\u2018Business Combination<span class=\"_ _3\"/>s\u2019 to update th<span class=\"_ _3\"/>e reference<span class=\"_ _3\"/>s to the Conceptu<span class=\"_ _3\"/>al Framework fo<span class=\"_ _3\"/>r Financia<span class=\"_ _3\"/>l Reporting and<span class=\"_ _3\"/> add an exception for the <span class=\"_ _3\"/>recognition o<span class=\"_ _3\"/>f liabil<span class=\"_ _3\"/>ities and con<span class=\"_ _3\"/>tingent l<span class=\"_ _3\"/>iabiliti<span class=\"_ _3\"/>es within the scop<span class=\"_ _0\"/>e of IAS 37 \u2018Provis<span class=\"_ _0\"/>ions, Conti<span class=\"_ _0\"/>ngent Liabi<span class=\"_ _0\"/>lities and Continge<span class=\"_ _0\"/>nt Assets\u2019 an<span class=\"_ _0\"/>d Interpretati<span class=\"_ _0\"/>on 21 \u2018Levi<span class=\"_ _0\"/>es\u2019. The amendment<span class=\"_ _0\"/>s also confirm that conti<span class=\"_ _0\"/>ngent assets should no<span class=\"_ _3\"/>t be recognis<span class=\"_ _3\"/>ed at the<span class=\"_ _3\"/> acquisi<span class=\"_ _3\"/>tion date.  No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Accounting standards effective in future periods The Direc<span class=\"_ _0\"/>tors have cons<span class=\"_ _0\"/>idered th<span class=\"_ _0\"/>e impac<span class=\"_ _0\"/>t on the Group<span class=\"_ _0\"/> of new and rev<span class=\"_ _0\"/>ised accoun<span class=\"_ _0\"/>ting stan<span class=\"_ _0\"/>dards, in<span class=\"_ _0\"/>terpre<span class=\"_ _0\"/>tations or amendment<span class=\"_ _3\"/>s that are not<span class=\"_ _3\"/> yet effectiv<span class=\"_ _3\"/>e and do not e<span class=\"_ _3\"/>xpect them to have <span class=\"_ _3\"/>a significant i<span class=\"_ _3\"/>mpact on the Group\u2019s re<span class=\"_ _3\"/>sults and Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Financial P<span class=\"_ _3\"/>osition.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff127\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>181<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff128 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year 1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">8<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">8<span class=\"fc7 sc0\">4<span class=\"_ _211\"/><span class=\"fc8 sc1\">4<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> <span class=\"fs26 fc7 sc0\">I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _66\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff13e fc7 sc0\">\u2009<span class=\"ff13d ls193 ws1e6\">Annual<span class=\"_ _3\"/> Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In this  section This section focuses on the resul<span class=\"_ _0\"/>ts and pe<span class=\"ls184 ws1b3\">rformance of t<span class=\"_ _3\"/>he Group. On the <span class=\"_ _3\"/>following </span>pages, you wi<span class=\"_ _3\"/>ll find disclosure<span class=\"_ _3\"/>s explaining t<span class=\"_ _3\"/>he Group\u2019s results for the<span class=\"_ _3\"/> year, segmental inform<span class=\"_ _3\"/>ation, exceptional items, taxatio<span class=\"_ _3\"/>n and earnings per share<span class=\"_ _3\"/>. 2.1 Profit before t<span class=\"_ _0\"/>ax   <span class=\"_ _85\"> </span><span class=\"ff13f fca ls187 ws21c\">Keeping </span>it simple This sect<span class=\"_ _0\"/>ion analyses<span class=\"_ _0\"/> the Grou<span class=\"_ _0\"/>p\u2019s profi<span class=\"_ _0\"/>t before tax<span class=\"_ _0\"/> by refere<span class=\"_ _0\"/>nce to the ac<span class=\"_ _0\"/>tiviti<span class=\"_ _0\"/>es performe<span class=\"_ _0\"/>d by the Gr<span class=\"_ _0\"/>oup and an<span class=\"_ _0\"/> analysis of<span class=\"_ _0\"/> key opera<span class=\"_ _0\"/>ting cos<span class=\"_ _0\"/>ts. Total reve<span class=\"_ _3\"/>nue and adju<span class=\"_ _3\"/>sted earnings before<span class=\"_ _3\"/> interest, ta<span class=\"_ _3\"/>x and amortisat<span class=\"_ _3\"/>ion (adjusted EBITA) (both<span class=\"_ _0\"/> as define<span class=\"_ _0\"/>d in the AP<span class=\"_ _0\"/>Ms) are th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> key perfor<span class=\"_ _0\"/>mance an<span class=\"_ _0\"/>d profit indicators.<span class=\"_ _0\"/> They reflect<span class=\"_ _0\"/> the way the bus<span class=\"_ _0\"/>iness is man<span class=\"_ _0\"/>aged and<span class=\"_ _0\"/> how the Direct<span class=\"_ _0\"/>ors assess the pe<span class=\"_ _0\"/>rformance o<span class=\"_ _0\"/>f the Grou<span class=\"_ _0\"/>p. This sec<span class=\"_ _0\"/>tion theref<span class=\"_ _0\"/>ore also shows<span class=\"_ _0\"/> each division\u2019s<span class=\"_ _3\"/> contribution to total re<span class=\"_ _3\"/>venue and adjusted EBITA<span class=\"_ _3\"/>. Accounting policies Revenue mea<span class=\"_ _3\"/>surement and recogni<span class=\"_ _3\"/>tion The Group d<span class=\"_ _0\"/>erives reven<span class=\"_ _0\"/>ue from the t<span class=\"_ _0\"/>ransfer of goo<span class=\"_ _0\"/>ds and serv<span class=\"_ _0\"/>ices. Reve<span class=\"_ _0\"/>nue recogni<span class=\"_ _0\"/>tion is based<span class=\"_ _0\"/> on the deliver<span class=\"_ _0\"/>y of performance ob<span class=\"_ _3\"/>ligations and an<span class=\"_ _3\"/> assessment of when <span class=\"_ _3\"/>control is tra<span class=\"_ _3\"/>nsferred to the<span class=\"_ _3\"/> customer. Revenu<span class=\"_ _3\"/>e is recogni<span class=\"_ _3\"/>sed either when<span class=\"_ _3\"/> the performance ob<span class=\"_ _3\"/>ligation in the <span class=\"_ _3\"/>contract has <span class=\"_ _3\"/>been performed (<span class=\"_ _3\"/>\u2018point in time\u2019 r<span class=\"_ _3\"/>ecognition) or \u2018<span class=\"_ _3\"/>over time\u2019 as contro<span class=\"_ _3\"/>l of the performance o<span class=\"_ _3\"/>bligation i<span class=\"_ _3\"/>s transferred to the <span class=\"_ _3\"/>customer. Customer co<span class=\"_ _3\"/>ntracts can ha<span class=\"_ _3\"/>ve a wide variety of perfo<span class=\"_ _3\"/>rma<span class=\"ls184 ws1b3\">nce obligations, <span class=\"_ _3\"/>from producti<span class=\"_ _3\"/>on contracts to<span class=\"_ _3\"/> format </span>licences and d<span class=\"_ _0\"/>istribut<span class=\"_ _0\"/>ion activit<span class=\"_ _0\"/>ies. For these c<span class=\"_ _0\"/>ontracts,<span class=\"_ _0\"/> each perfo<span class=\"_ _0\"/>rmance obli<span class=\"_ _0\"/>gation is id<span class=\"_ _0\"/>entified an<span class=\"_ _0\"/>d evaluate<span class=\"_ _0\"/>d. Under IFRS 15<span class=\"_ _0\"/> the Group ne<span class=\"_ _0\"/>eds to evalua<span class=\"_ _0\"/>te if a format or lic<span class=\"_ _0\"/>ence repres<span class=\"_ _0\"/>ents a righ<span class=\"_ _0\"/>t to access the co<span class=\"_ _0\"/>ntent (rev<span class=\"_ _0\"/>enue recognised<span class=\"_ _3\"/> over time) or<span class=\"_ _3\"/> represents a right to<span class=\"_ _3\"/> use the co<span class=\"_ _3\"/>ntent (revenue re<span class=\"_ _3\"/>cognised at a<span class=\"_ _3\"/> point in time)<span class=\"_ _3\"/>. The Group has determined that mo<span class=\"_ _3\"/>st format and <span class=\"_ _3\"/>licence reve<span class=\"_ _3\"/>nues are sati<span class=\"_ _3\"/>sfied at a poi<span class=\"_ _3\"/>nt in time due t<span class=\"_ _3\"/>o there bei<span class=\"_ _3\"/>ng limited ongoing involvem<span class=\"_ _0\"/>ent in the us<span class=\"_ _0\"/>e of the lic<span class=\"_ _0\"/>ence following its t<span class=\"_ _0\"/>ransfer to the c<span class=\"_ _0\"/>ustomer. The transa<span class=\"_ _3\"/>ction price, b<span class=\"_ _3\"/>eing the amou<span class=\"_ _3\"/>nt to which the<span class=\"_ _3\"/> Grou<span class=\"ls184 ws1b3\">p<span class=\"_ _3\"/> expects to be <span class=\"_ _3\"/>entitled and ha<span class=\"_ _3\"/>s rights to und<span class=\"_ _3\"/>er the </span>contract is all<span class=\"_ _0\"/>ocated<span class=\"_ _0\"/> to the identifi<span class=\"_ _0\"/>ed perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions. The t<span class=\"_ _0\"/>ransaction<span class=\"_ _0\"/> price will also<span class=\"_ _0\"/> include an estima<span class=\"_ _0\"/>te of any variable<span class=\"_ _3\"/> consideration where the Group\u2019<span class=\"_ _3\"/>s performance ma<span class=\"ls18b ws1c0\">y result in<span class=\"_ _0\"/> additional <span class=\"_ _0\"/>revenues. Va<span class=\"_ _0\"/>riable cons<span class=\"_ _0\"/>ideration </span>is estimat<span class=\"_ _0\"/>ed based on<span class=\"_ _0\"/> the achievem<span class=\"_ _0\"/>ent of agre<span class=\"_ _0\"/>ed targets, such<span class=\"_ _0\"/> as audience t<span class=\"_ _0\"/>argets. Vari<span class=\"_ _0\"/>able consid<span class=\"_ _0\"/>eration is recogni<span class=\"_ _3\"/>sed only to t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e extent that<span class=\"_ _3\"/> it is hig<span class=\"_ _3\"/>hly probable t<span class=\"_ _3\"/>h<span class=\"ls185\">at a signif<span class=\"_ _0\"/>icant r<span class=\"_ _0\"/>eversal <span class=\"_ _0\"/>of reven<span class=\"_ _0\"/>ue reco<span class=\"_ _0\"/>gnise<span class=\"_ _0\"/>d will not<span class=\"_ _0\"/> occur </span>when the unce<span class=\"_ _3\"/>rtainty associat<span class=\"_ _3\"/>ed with the vari<span class=\"_ _3\"/>able consid<span class=\"_ _3\"/>eration is subsequent<span class=\"_ _3\"/>ly resolved.  Revenue is <span class=\"_ _3\"/>stated exclu<span class=\"_ _3\"/>sive of VAT a<span class=\"_ _3\"/>nd equivalent sales ta<span class=\"_ _3\"/>xes. Complexity in advert<span class=\"_ _0\"/>ising revenue measuremen<span class=\"_ _0\"/>t and recogniti<span class=\"_ _0\"/>on is driven by a combina<span class=\"_ _0\"/>tion of automate<span class=\"_ _0\"/>d and manual processes involved in measuring the value delivered to the cust<span class=\"ls198 ws2\">omer and therefore the v<span class=\"_ _0\"/>alue of variable consideration <span class=\"_ _0\"/>due.  </span>In assessing the transaction price, an<span class=\"ls183 ws1b5\">y non-cash cons<span class=\"_ _0\"/>ideratio<span class=\"_ _0\"/>n received f<span class=\"_ _0\"/>rom a c<span class=\"_ _0\"/>ustomer<span class=\"_ _0\"/> is includ<span class=\"_ _0\"/>ed. Non-c<span class=\"_ _0\"/>ash </span>consideration i<span class=\"_ _3\"/>s measured at fair v<span class=\"_ _3\"/>alue. It<span class=\"_ _3\"/> takes into acco<span class=\"_ _3\"/>unt the value <span class=\"_ _3\"/>of what the Gr<span class=\"_ _3\"/>oup is recei<span class=\"_ _3\"/>ving rather than the value of <span class=\"_ _3\"/>what the Group i<span class=\"_ _3\"/>s giving up. Complex one-<span class=\"_ _0\"/>off contrac<span class=\"_ _0\"/>ts in all class<span class=\"_ _0\"/>es of reven<span class=\"_ _0\"/>ue are assesse<span class=\"_ _0\"/>d individuall<span class=\"_ _0\"/>y and judgem<span class=\"_ _0\"/>ent is exe<span class=\"_ _0\"/>rcised in identifyin<span class=\"_ _0\"/>g perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions and all<span class=\"_ _0\"/>ocating a pr<span class=\"_ _0\"/>ice to them. T<span class=\"_ _0\"/>iming of reven<span class=\"_ _0\"/>ue recogni<span class=\"_ _0\"/>tion is ano<span class=\"_ _0\"/>ther area of judgemen<span class=\"_ _0\"/>t partic<span class=\"_ _0\"/>ularly in r<span class=\"_ _0\"/>espect of c<span class=\"_ _0\"/>ontracts<span class=\"_ _0\"/> in the I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios divis<span class=\"_ _0\"/>ion to <span class=\"_ _0\"/>assess whethe<span class=\"_ _0\"/>r revenue<span class=\"_ _0\"/> should be<span class=\"_ _0\"/> recogni<span class=\"_ _3\"/>sed at a point<span class=\"_ _3\"/> in time or<span class=\"_ _3\"/> over time<span class=\"_ _3\"/>.<span class=\"_ _335\"> </span> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>182<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year 1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">8<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">8<span class=\"fc7 sc0\">4<span class=\"_ _211\"/><span class=\"fc8 sc1\">4<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> <span class=\"fs26 fc7 sc0\">I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _66\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff13e fc7 sc0\">\u2009<span class=\"ff13d ls193 ws1e6\">Annual<span class=\"_ _3\"/> Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>In this  section This section focuses on the resul<span class=\"_ _0\"/>ts and pe<span class=\"ls184 ws1b3\">rformance of t<span class=\"_ _3\"/>he Group. On the <span class=\"_ _3\"/>following </span>pages, you wi<span class=\"_ _3\"/>ll find disclosure<span class=\"_ _3\"/>s explaining t<span class=\"_ _3\"/>he Group\u2019s results for the<span class=\"_ _3\"/> year, segmental inform<span class=\"_ _3\"/>ation, exceptional items, taxatio<span class=\"_ _3\"/>n and earnings per share<span class=\"_ _3\"/>. 2.1 Profit before t<span class=\"_ _0\"/>ax   <span class=\"_ _85\"> </span><span class=\"ff13f fca ls187 ws21c\">Keeping </span>it simple This sect<span class=\"_ _0\"/>ion analyses<span class=\"_ _0\"/> the Grou<span class=\"_ _0\"/>p\u2019s profi<span class=\"_ _0\"/>t before tax<span class=\"_ _0\"/> by refere<span class=\"_ _0\"/>nce to the ac<span class=\"_ _0\"/>tiviti<span class=\"_ _0\"/>es performe<span class=\"_ _0\"/>d by the Gr<span class=\"_ _0\"/>oup and an<span class=\"_ _0\"/> analysis of<span class=\"_ _0\"/> key opera<span class=\"_ _0\"/>ting cos<span class=\"_ _0\"/>ts. Total reve<span class=\"_ _3\"/>nue and adju<span class=\"_ _3\"/>sted earnings before<span class=\"_ _3\"/> interest, ta<span class=\"_ _3\"/>x and amortisat<span class=\"_ _3\"/>ion (adjusted EBITA) (both<span class=\"_ _0\"/> as define<span class=\"_ _0\"/>d in the AP<span class=\"_ _0\"/>Ms) are th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> key perfor<span class=\"_ _0\"/>mance an<span class=\"_ _0\"/>d profit indicators.<span class=\"_ _0\"/> They reflect<span class=\"_ _0\"/> the way the bus<span class=\"_ _0\"/>iness is man<span class=\"_ _0\"/>aged and<span class=\"_ _0\"/> how the Direct<span class=\"_ _0\"/>ors assess the pe<span class=\"_ _0\"/>rformance o<span class=\"_ _0\"/>f the Grou<span class=\"_ _0\"/>p. This sec<span class=\"_ _0\"/>tion theref<span class=\"_ _0\"/>ore also shows<span class=\"_ _0\"/> each division\u2019s<span class=\"_ _3\"/> contribution to total re<span class=\"_ _3\"/>venue and adjusted EBITA<span class=\"_ _3\"/>. Accounting policies Revenue mea<span class=\"_ _3\"/>surement and recogni<span class=\"_ _3\"/>tion The Group d<span class=\"_ _0\"/>erives reven<span class=\"_ _0\"/>ue from the t<span class=\"_ _0\"/>ransfer of goo<span class=\"_ _0\"/>ds and serv<span class=\"_ _0\"/>ices. Reve<span class=\"_ _0\"/>nue recogni<span class=\"_ _0\"/>tion is based<span class=\"_ _0\"/> on the deliver<span class=\"_ _0\"/>y of performance ob<span class=\"_ _3\"/>ligations and an<span class=\"_ _3\"/> assessment of when<span class=\"_ _3\"/> control is t<span class=\"_ _3\"/>ransferred to the<span class=\"_ _3\"/> customer. Revenu<span class=\"_ _3\"/>e is recogni<span class=\"_ _3\"/>sed either when<span class=\"_ _3\"/> the performance ob<span class=\"_ _3\"/>ligation in the <span class=\"_ _3\"/>contract has <span class=\"_ _3\"/>been performed (<span class=\"_ _3\"/>\u2018point in time\u2019 r<span class=\"_ _3\"/>ecognition) or \u2018<span class=\"_ _3\"/>over time\u2019 as contro<span class=\"_ _3\"/>l of the performance o<span class=\"_ _3\"/>bligation i<span class=\"_ _3\"/>s transferred to the <span class=\"_ _3\"/>customer. Customer co<span class=\"_ _3\"/>ntracts can ha<span class=\"_ _3\"/>ve a wide variety of perfo<span class=\"_ _3\"/>rma<span class=\"ls184 ws1b3\">nce obligations, <span class=\"_ _3\"/>from producti<span class=\"_ _3\"/>on contracts to<span class=\"_ _3\"/> format </span>licences and d<span class=\"_ _0\"/>istribut<span class=\"_ _0\"/>ion activit<span class=\"_ _0\"/>ies. For these c<span class=\"_ _0\"/>ontracts,<span class=\"_ _0\"/> each perfo<span class=\"_ _0\"/>rmance obli<span class=\"_ _0\"/>gation is id<span class=\"_ _0\"/>entified an<span class=\"_ _0\"/>d evaluate<span class=\"_ _0\"/>d. Under IFRS 15<span class=\"_ _0\"/> the Group ne<span class=\"_ _0\"/>eds to evalua<span class=\"_ _0\"/>te if a format or lic<span class=\"_ _0\"/>ence repres<span class=\"_ _0\"/>ents a righ<span class=\"_ _0\"/>t to access the co<span class=\"_ _0\"/>ntent (rev<span class=\"_ _0\"/>enue recognised<span class=\"_ _3\"/> over time) or<span class=\"_ _3\"/> represents a right to<span class=\"_ _3\"/> use the co<span class=\"_ _3\"/>ntent (revenue re<span class=\"_ _3\"/>cognised at a<span class=\"_ _3\"/> point in time)<span class=\"_ _3\"/>. The Group has determined that mo<span class=\"_ _3\"/>st format and <span class=\"_ _3\"/>licence reve<span class=\"_ _3\"/>nues are sati<span class=\"_ _3\"/>sfied at a poi<span class=\"_ _3\"/>nt in time due t<span class=\"_ _3\"/>o there bei<span class=\"_ _3\"/>ng limited ongoing involvem<span class=\"_ _0\"/>ent in the us<span class=\"_ _0\"/>e of the lic<span class=\"_ _0\"/>ence following its t<span class=\"_ _0\"/>ransfer to the c<span class=\"_ _0\"/>ustomer. The transa<span class=\"_ _3\"/>ction price, b<span class=\"_ _3\"/>eing the amount<span class=\"_ _4\"/> to which the Grou<span class=\"ls184 ws1b3\">p<span class=\"_ _3\"/> expects to be <span class=\"_ _3\"/>entitled and ha<span class=\"_ _3\"/>s rights to und<span class=\"_ _3\"/>er the </span>contract is all<span class=\"_ _0\"/>ocated<span class=\"_ _0\"/> to the identifi<span class=\"_ _0\"/>ed perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions. The t<span class=\"_ _0\"/>ransaction<span class=\"_ _0\"/> price will also<span class=\"_ _0\"/> include an estima<span class=\"_ _0\"/>te of any variable<span class=\"_ _3\"/> consideration where the Group\u2019<span class=\"_ _3\"/>s performance ma<span class=\"ls18b ws1c0\">y result in<span class=\"_ _0\"/> additional <span class=\"_ _0\"/>revenues. Va<span class=\"_ _0\"/>riable cons<span class=\"_ _0\"/>ideration </span>is estimat<span class=\"_ _0\"/>ed based on<span class=\"_ _0\"/> the achievem<span class=\"_ _0\"/>ent of agre<span class=\"_ _0\"/>ed targets, such<span class=\"_ _0\"/> as audience t<span class=\"_ _0\"/>argets. Vari<span class=\"_ _0\"/>able consid<span class=\"_ _0\"/>eration is recogni<span class=\"_ _3\"/>sed only to t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e extent that<span class=\"_ _3\"/> it is hig<span class=\"_ _3\"/>hly probable t<span class=\"_ _3\"/>h<span class=\"ls185\">at a signif<span class=\"_ _0\"/>icant r<span class=\"_ _0\"/>eversal <span class=\"_ _0\"/>of reven<span class=\"_ _0\"/>ue reco<span class=\"_ _0\"/>gnise<span class=\"_ _0\"/>d will not<span class=\"_ _0\"/> occur </span>when the unce<span class=\"_ _3\"/>rtainty associat<span class=\"_ _3\"/>ed with the vari<span class=\"_ _3\"/>able consid<span class=\"_ _3\"/>eration is subsequent<span class=\"_ _3\"/>ly resolved.  Revenue is <span class=\"_ _3\"/>stated exclu<span class=\"_ _3\"/>sive of VAT a<span class=\"_ _3\"/>nd equivalent sales ta<span class=\"_ _3\"/>xes. Complexity in advert<span class=\"_ _0\"/>ising revenue measuremen<span class=\"_ _0\"/>t and recogniti<span class=\"_ _0\"/>on is driven by a combina<span class=\"_ _0\"/>tion of automate<span class=\"_ _0\"/>d and manual processes involved in measuring the value delivered to the cust<span class=\"ls198 ws2\">omer and therefore the v<span class=\"_ _0\"/>alue of variable consideration <span class=\"_ _0\"/>due.  </span>In assessing the transaction price, an<span class=\"ls183 ws1b5\">y non-cash cons<span class=\"_ _0\"/>ideratio<span class=\"_ _0\"/>n received f<span class=\"_ _0\"/>rom a c<span class=\"_ _0\"/>ustomer<span class=\"_ _0\"/> is includ<span class=\"_ _0\"/>ed. Non-c<span class=\"_ _0\"/>ash </span>consideration i<span class=\"_ _3\"/>s measured at fair v<span class=\"_ _3\"/>alue. It<span class=\"_ _3\"/> takes into acco<span class=\"_ _3\"/>unt the value <span class=\"_ _3\"/>of what the Gr<span class=\"_ _3\"/>oup is recei<span class=\"_ _3\"/>ving rather than the value of <span class=\"_ _3\"/>what the Group i<span class=\"_ _3\"/>s giving up. Complex one-<span class=\"_ _0\"/>off contrac<span class=\"_ _0\"/>ts in all class<span class=\"_ _0\"/>es of reven<span class=\"_ _0\"/>ue are assesse<span class=\"_ _0\"/>d individuall<span class=\"_ _0\"/>y and judgem<span class=\"_ _0\"/>ent is exe<span class=\"_ _0\"/>rcised in identifyin<span class=\"_ _0\"/>g perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions and all<span class=\"_ _0\"/>ocating a pr<span class=\"_ _0\"/>ice to them. T<span class=\"_ _0\"/>iming of reven<span class=\"_ _0\"/>ue recogni<span class=\"_ _0\"/>tion is ano<span class=\"_ _0\"/>ther area of judgemen<span class=\"_ _0\"/>t partic<span class=\"_ _0\"/>ularly in r<span class=\"_ _0\"/>espect of c<span class=\"_ _0\"/>ontracts<span class=\"_ _0\"/> in the I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios divis<span class=\"_ _0\"/>ion to <span class=\"_ _0\"/>assess whethe<span class=\"_ _0\"/>r revenue<span class=\"_ _0\"/> should be<span class=\"_ _0\"/> recogni<span class=\"_ _3\"/>sed at a point<span class=\"_ _3\"/> in time or<span class=\"_ _3\"/> over time<span class=\"_ _3\"/>. ITV plc<span class=\"ff147 ls3 ws2\">\u2009</span><span class=\"ff148 ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1b8 ws21a\">185<span class=\"ff148 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>Revenue recogniti<span class=\"_ _3\"/>on criteria for the Gr<span class=\"_ _3\"/>oup\u2019s key classes of r<span class=\"_ _3\"/>evenue are as follows: Segment <span class=\"_ _12f\"> </span>Major cl<span class=\"_ _0\"/>asses of revenue and reve<span class=\"_ _0\"/>nue recognition policy <span class=\"_ _212\"> </span>Payment terms ITV Studios<span class=\"_ _0\"/> Programm<span class=\"_ _0\"/>e production \u2022  <span class=\"ff149 ls185 ws1b6\">Revenue gen<span class=\"_ _0\"/>erated fr<span class=\"_ _0\"/>om the prog<span class=\"_ _0\"/>rammes<span class=\"_ _0\"/> produced fo<span class=\"_ _0\"/>r broadcas<span class=\"_ _0\"/>ters </span>and streami<span class=\"_ _3\"/>ng platforms <span class=\"_ _3\"/>in the UK, US<span class=\"_ _3\"/> and internatio<span class=\"_ _3\"/>nally is recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery o<span class=\"_ _3\"/>f an episode and a<span class=\"_ _3\"/>cceptance by the customer<span class=\"_ _3\"/>. Revenue from producer<span class=\"_ _3\"/> for hire contracts, where in an event<span class=\"_ _3\"/> of cancel<span class=\"_ _3\"/>lation, co<span class=\"_ _4\"/>st is recovered p<span class=\"_ _3\"/>lus a margin<span class=\"_ _3\"/>, is recog<span class=\"_ _3\"/>nised over time, <span class=\"_ _3\"/>over the term of the <span class=\"_ _3\"/>contract \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Format licences<span class=\"_ _0\"/> \u2022  <span class=\"ff149 ls184 ws1c8\">A licence i<span class=\"_ _3\"/>s granted for the exploitatio<span class=\"_ _3\"/>n of a format in a stated </span>territory, media and p<span class=\"_ _3\"/>eriod. Licence reve<span class=\"_ _3\"/>nue is recognised <span class=\"_ _3\"/>when the licen<span class=\"_ _3\"/>ce period <span class=\"_ _3\"/>has comme<span class=\"_ _3\"/>nced (poi<span class=\"_ _3\"/>nt in ti<span class=\"_ _3\"/>me) \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Programm<span class=\"_ _0\"/>e distribution rights \u2022  <span class=\"ff149 ls184 ws1b3\">A lice<span class=\"_ _3\"/>nce is granted f<span class=\"_ _3\"/>or the transm<span class=\"_ _3\"/>ission of a pr<span class=\"_ _3\"/>ogramme in a stated<span class=\"_ _3\"/> </span>territory, media and p<span class=\"_ _3\"/>eriod and revenue i<span class=\"_ _3\"/>s recognised at t<span class=\"_ _3\"/>he point when the con<span class=\"_ _0\"/>tract is si<span class=\"_ _0\"/>gned, the con<span class=\"_ _0\"/>tent is ava<span class=\"_ _0\"/>ilable fo<span class=\"_ _0\"/>r downloa<span class=\"_ _0\"/>d and the licenc<span class=\"_ _0\"/>e period has<span class=\"_ _0\"/> started (<span class=\"_ _0\"/>point in t<span class=\"_ _0\"/>ime) \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Segment <span class=\"_ _12f\"> </span>Major classes<span class=\"_ _0\"/> of revenue and revenue recognition po<span class=\"_ _0\"/>licy <span class=\"_ _213\"> </span>Payment terms Media &amp; Entertainment Total adver<span class=\"_ _3\"/>tising revenue \u2022  <span class=\"ff149 ls18d ws1d4\">Net adver<span class=\"_ _0\"/>tising r<span class=\"_ _0\"/>evenue<span class=\"_ _0\"/> is gener<span class=\"_ _0\"/>ated fr<span class=\"_ _0\"/>om sellin<span class=\"_ _0\"/>g spot a<span class=\"_ _0\"/>irtime on<span class=\"_ _0\"/> linear </span>TV and is re<span class=\"_ _3\"/>cognised at the <span class=\"_ _3\"/>point of tran<span class=\"_ _3\"/>smission \u2022  <span class=\"ff149 ls186 ws2\">Onli<span class=\"_ _3\"/>ne advertising<span class=\"_ _3\"/> revenue <span class=\"_ _3\"/>from video <span class=\"_ _3\"/>on demand is <span class=\"_ _3\"/>generated f<span class=\"_ _3\"/>rom </span>sellin<span class=\"_ _0\"/>g advert<span class=\"_ _0\"/>ising on<span class=\"_ _0\"/> ITVX (ITV<span class=\"_ _0\"/> Hub bef<span class=\"_ _0\"/>ore the lau<span class=\"_ _0\"/>nch of I<span class=\"_ _0\"/>TVX) and<span class=\"_ _0\"/> is recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery \u2022  <span class=\"ff149 ls186 ws1c9\">Revenue<span class=\"_ _3\"/> from the sponsorship<span class=\"_ _4\"/> <span class=\"_ _0\"/>of programmes across IT<span class=\"_ _3\"/>V linear </span>channels and<span class=\"_ _3\"/> online<span class=\"_ _3\"/> is recog<span class=\"_ _3\"/>nised over <span class=\"_ _3\"/>the period of t<span class=\"_ _3\"/>ransmissio<span class=\"_ _3\"/>n \u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span>after tran<span class=\"_ _0\"/>smission<span class=\"_ _0\"/> \u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span>after c<span class=\"_ _0\"/>ampaign <span class=\"_ _0\"/>is delivered \u2022  <span class=\"ff149 ls19b ws1b9\">Receive<span class=\"_ _0\"/>d prior<span class=\"_ _0\"/> to </span>transmission Subscriptions \u2022  <span class=\"ff149 ls18d ws1d4\">Revenue f<span class=\"_ _0\"/>rom subsc<span class=\"_ _0\"/>ripti<span class=\"_ _0\"/>on serv<span class=\"_ _0\"/>ices is rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed over th<span class=\"_ _0\"/>e </span>subscription period \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contract or subscription period SDN \u2022  <span class=\"ff149 ls184 ws1b3\">Revenue i<span class=\"_ _3\"/>s generated fr<span class=\"_ _3\"/>om the carriage <span class=\"_ _3\"/>fee or capaci<span class=\"_ _3\"/>ty of the digita<span class=\"_ _3\"/>l </span>multiplex and is recog<span class=\"_ _3\"/>nised over the term <span class=\"_ _3\"/>of the contract \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Partners<span class=\"_ _3\"/>hips and other re<span class=\"_ _0\"/>venue \u2022  <span class=\"ff149 ls185 ws1b6\">Revenue fro<span class=\"_ _0\"/>m platform<span class=\"_ _0\"/>s such as Sky<span class=\"_ _0\"/> and Virgin M<span class=\"_ _0\"/>edia O2, an<span class=\"_ _0\"/>d </span> third-party commissi<span class=\"_ _3\"/>ons. Revenue relat<span class=\"_ _3\"/>ed to performance oblig<span class=\"_ _3\"/>ations delivered over time (<span class=\"_ _3\"/>e.g. provision of HD<span class=\"_ _3\"/> and SD channels <span class=\"_ _3\"/>and updated library cont<span class=\"_ _3\"/>ent) are recogni<span class=\"_ _3\"/>sed over<span class=\"ls18d ws1d4\"> the term of the c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>t while </span>revenues<span class=\"_ _0\"/> relate<span class=\"_ _0\"/>d to one-<span class=\"_ _0\"/>time p<span class=\"_ _0\"/>rovision<span class=\"_ _0\"/> of conten<span class=\"_ _0\"/>t are <span class=\"_ _0\"/>recognis<span class=\"_ _0\"/>ed on delivery of<span class=\"_ _0\"/> the conten<span class=\"_ _0\"/>t (poin<span class=\"_ _0\"/>t in time) \u2022  <span class=\"ff149 ls184 ws1b3\">Interacti<span class=\"_ _3\"/>ve revenue i<span class=\"_ _3\"/>s earned from e<span class=\"_ _3\"/>ntries to co<span class=\"_ _3\"/>mpetitions and i<span class=\"_ _3\"/>s </span>recognis<span class=\"_ _0\"/>ed as the ev<span class=\"_ _0\"/>ent occurs (<span class=\"_ _0\"/>point in ti<span class=\"_ _0\"/>me) \u2022  <span class=\"ff149 ls186 ws1c9\">Minorities reve<span class=\"_ _3\"/>nue is the revenu<span class=\"_ _3\"/>e received from Cha<span class=\"_ _3\"/>nnel 3 lice<span class=\"_ _3\"/>ncees </span>that are not<span class=\"_ _4\"/> part of the ITV Group. <span class=\"_ _3\"/>The performance<span class=\"_ _3\"/> obligations ar<span class=\"_ _3\"/>e delivered as programmi<span class=\"_ _3\"/>ng is delivered to t<span class=\"_ _3\"/>he licensee and revenue<span class=\"_ _3\"/> is recogni<span class=\"_ _3\"/>sed over the term of t<span class=\"_ _3\"/>he contract (over time) \u2022  <span class=\"ff149 ls184 ws1c8\">Other catego<span class=\"_ _3\"/>ries of revenues withi<span class=\"_ _3\"/>n \u2018Partnerships and other<span class=\"_ _3\"/> revenue\u2019 </span>are indiv<span class=\"_ _0\"/>idually imm<span class=\"_ _0\"/>aterial<span class=\"_ _0\"/>  \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is </span>within<span class=\"_ _0\"/> two mont<span class=\"_ _0\"/>hs of the competition being aired \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contract  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>183<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff14f ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff14e ls3 ws2\"> </span></span>186 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff151 ls3 ws2\">\u2009</span><span class=\"ff14f ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>The results fo<span class=\"_ _0\"/>r the year aggr<span class=\"_ _0\"/>egate thes<span class=\"_ _0\"/>e classes of re<span class=\"_ _0\"/>venue into t<span class=\"_ _0\"/>he following cate<span class=\"_ _0\"/>gories: 2022 \u00a3m 2022 % of total 2021 \u00a3m 2021 % of total ITV Studios UK <span class=\"_ _214\"> </span><span class=\"ff150 ls184 ws1d4\">822 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span></span></span><span class=\"ls18d ws21f\">683  </span>ITV Studios US <span class=\"_ _210\"> </span><span class=\"ff150 ls183 ws1bd\">467 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls19b ws220\">372<span class=\"_ _0\"/>  </span>ITV Studios International 4<span class=\"_ _335\"> </span>65 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls189 ws221\">407  </span></span>Global Form<span class=\"_ _0\"/>ats and Dis<span class=\"_ _0\"/>tribut<span class=\"_ _0\"/>ion <span class=\"_ _215\"> </span><span class=\"ff150 ls3 ws2\">3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>2 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls183 ws222\">298  </span></span>Total ITV Studios* <span class=\"_ _216\"> </span><span class=\"ls18b ws1bb\">2,096 <span class=\"_ _60\"> </span><span class=\"ls183 ws1bd\">48<span class=\"_ _0\"/>% <span class=\"_ _6e\"> </span></span><span class=\"ff152 ws223\">1,7<span class=\"_ _0\"/>60 44% </span></span>Total adverti<span class=\"_ _3\"/>sing revenue (TAR) <span class=\"_ _db\"> </span><span class=\"ff150 ls189 ws1b8\">1,931 <span class=\"_ _4d\"> </span><span class=\"ls183 ws1bd\">44%<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span></span><span class=\"ls18b ws223\">1,957 48% </span>Subscriptions <span class=\"_ _217\"> </span><span class=\"ff150 ls184 ws1d4\">54 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _131\"> </span></span></span><span class=\"ls18b ws225\">42<span class=\"_ _0\"/>  </span>SDN <span class=\"_ _218\"> </span><span class=\"ff150 ls18f ws1c4\">55 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ed\"> </span></span></span><span class=\"ls18c ws226\">70  </span>Partnershi<span class=\"_ _3\"/>ps and ot<span class=\"_ _3\"/>her revenue <span class=\"_ _104\"> </span><span class=\"ff150 ls18d ws1d3\">209 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls18c ws226\">213  </span>Media &amp; Entertainment <span class=\"_ _219\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">52% <span class=\"_ _3f\"> </span><span class=\"ff152 ls189 ws227\">2,282<span class=\"_ _0\"/> 56% </span></span></span>Total revenue** <span class=\"_ _21a\"> </span><span class=\"ls18b ws1bb\">4,345 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _56\"> </span></span></span><span class=\"ff152 ws221\">4,042  </span>* <span class=\"_ _2d\"> </span>ITV Studios UK, ITV Studios US and Studios Internati<span class=\"_ _3\"/>onal revenues are mainly programme production. Globa<span class=\"_ _3\"/>l Formats and Distrib<span class=\"ls1be ws228\">ution revenue is from </span>programme<span class=\"_ _0\"/> distribu<span class=\"_ _0\"/>tion ri<span class=\"_ _0\"/>ghts, forma<span class=\"_ _0\"/>t licence<span class=\"_ _0\"/>s and gam<span class=\"_ _0\"/>ing, live e<span class=\"_ _0\"/>vents a<span class=\"_ _0\"/>nd merchan<span class=\"_ _0\"/>dising. ** <span class=\"_ _2f\"> </span>Includes internal sup<span class=\"_ _3\"/>ply as discussed in the APMs (p<span class=\"_ _3\"/>age 59). Digital revenues of \u00a3411 mi<span class=\"_ _0\"/>llion (2021: \u00a3347 mil<span class=\"_ _0\"/>lion) include digital a<span class=\"_ _0\"/>dvertising re<span class=\"_ _0\"/>venue and subscripti<span class=\"_ _0\"/>on revenue, digit<span class=\"_ _0\"/>al sponsorship a<span class=\"_ _0\"/>nd partnership<span class=\"_ _0\"/> revenue, ITV Wi<span class=\"_ _0\"/>n and other re<span class=\"_ _0\"/>venues from digi<span class=\"_ _0\"/>tal busine<span class=\"_ _0\"/>ss ventures.  Segmental information Operating segments, which have not been aggregated, are de<span class=\"_ _4\"/><span class=\"ls1a1 ws1d2\">termined in<span class=\"_ _0\"/> a manner that is consistent with how th<span class=\"_ _0\"/>e </span>business is managed and reported to the Management Board.<span class=\"ls1a0 ws2\"> The Management Board is rega</span>rded as the chief operating dec<span class=\"_ _4\"/>ision<span class=\"_ _4\"/>-make<span class=\"_ _4\"/>r an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>nsiders the busi<span class=\"_ _3\"/>ness, primaril<span class=\"_ _3\"/>y from an operati<span class=\"_ _3\"/>ng activity per<span class=\"_ _3\"/>spective.  The Groups' segments are Media &amp; Enterta<span class=\"_ _0\"/>inment and ITV Studios,<span class=\"ls198 ws2\"> the results of which are <span class=\"_ _0\"/>outlined in th<span class=\"_ _0\"/>e following tables: </span>ITV Studios<span class=\"_ _335\"> </span>1<span class=\"_ _335\"> </span>2022 \u00a3m Media &amp; Entertainment 2022 \u00a3m Consolidated 2022 \u00a3m Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21b\"> </span><span class=\"ff150 ls18b ws1bb\">2,096 <span class=\"_ _23\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _22\"> </span></span>4,3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>5 Intersegment<span class=\"_ _0\"/> revenue <span class=\"_ _21c\"> </span><span class=\"ff150 ls189 ws1b8\">(611) <span class=\"_ _47\"> </span><span class=\"ls18b ws1bb\">(6) <span class=\"_ _12\"> </span>(617) </span></span>Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21d\"> </span><span class=\"ls189 ws1b8\">1,485 <span class=\"_ _23\"> </span><span class=\"ls185 ws1c1\">2,243<span class=\"_ _0\"/> <span class=\"_ _42\"> </span><span class=\"ls188 ws1b9\">3,728 </span></span></span>Adjusted EBITA<span class=\"_ _335\"> </span>2 <span class=\"_ _113\"> </span><span class=\"ls18d ws1d3\">259<span class=\"_ _0\"/> </span>4<span class=\"_ _335\"> </span>64 <span class=\"_ _4d\"> </span><span class=\"ls185 ws1c1\">723 </span>Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _81\"> </span><span class=\"ls18b ws1bb\">(6) </span>Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span>3 <span class=\"_ _186\"> </span> <span class=\"_ _ae\"> </span> <span class=\"_ _124\"> </span><span class=\"ls18b ws1bb\">717 </span>Restated ITV Studios<span class=\"_ _335\"> </span>1,4<span class=\"_ _335\"> </span>2021 \u00a3m Media &amp; Entertainment 2021 \u00a3m Restated Consolidated<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>2021 \u00a3m Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21e\"> </span><span class=\"ff152 ls189 ws22a\">1,760 <span class=\"_ _1\"> </span>2,282 4,042 </span>Intersegment<span class=\"_ _0\"/> revenue<span class=\"_ _335\"> </span>(583) <span class=\"_ _95\"> </span>(6) (589) Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21a\"> </span><span class=\"ff152 ls18b ws22c\">1,177 <span class=\"_ _5\"/>2,276 3,4<span class=\"_ _0\"/>53 </span>Adjusted EBITA<span class=\"_ _335\"> </span>2 <span class=\"_ _220\"> </span><span class=\"ff152 ls18c ws22e\">213 598 <span class=\"_ _6\"> </span>811 </span>Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> </span> <span class=\"_ _2d\"> </span> 2 Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span>3  <span class=\"_ _d0\"> </span> 813 1 <span class=\"_ _2d\"> </span>Intersegment revenue originates mainly in t<span class=\"_ _3\"/>he UK. 2 <span class=\"_ _33\"> </span>Adjuste<span class=\"_ _0\"/>d EBITA is<span class=\"_ _0\"/> EBITA adjus<span class=\"_ _0\"/>ted to e<span class=\"_ _0\"/>xclude<span class=\"_ _0\"/> exceptio<span class=\"_ _0\"/>nal items a<span class=\"_ _0\"/>nd inclu<span class=\"_ _0\"/>des the be<span class=\"_ _0\"/>nefit of<span class=\"_ _0\"/> production <span class=\"_ _0\"/>tax cred<span class=\"_ _0\"/>its. It is<span class=\"_ _0\"/> state<span class=\"ls1c5 ws1e5\">d afte<span class=\"_ _0\"/>r the el<span class=\"_ _0\"/>iminat<span class=\"_ _0\"/>ion of </span>intersegme<span class=\"_ _0\"/>nt revenue an<span class=\"_ _0\"/>d costs. 3 <span class=\"_ _33\"> </span>Group a<span class=\"_ _0\"/>djusted EB<span class=\"_ _0\"/>ITA removes<span class=\"_ _0\"/> the prof<span class=\"_ _0\"/>it recorde<span class=\"_ _0\"/>d in the<span class=\"_ _0\"/> ITV Stu<span class=\"_ _0\"/>dios busines<span class=\"_ _0\"/>s rela<span class=\"_ _0\"/>ted to co<span class=\"_ _0\"/>ntent sold<span class=\"_ _0\"/> to the <span class=\"_ _0\"/>Media &amp; Ente<span class=\"_ _0\"/>rtain<span class=\"ws233\">ment busine<span class=\"_ _0\"/>ss but </span>unutilised and h<span class=\"_ _3\"/>eld on the balance sheet at the year<span class=\"_ _3\"/> end. 4 <span class=\"_ _33\"> </span>ITV Studios Ad<span class=\"_ _3\"/>justed<span class=\"_ _3\"/> EBITA for 202<span class=\"_ _3\"/>1 has been r<span class=\"_ _3\"/>estated t<span class=\"_ _3\"/>o remove <span class=\"ls1c7 ws235\">the unrealised profit in stock adjustment as this is an adj<span class=\"_ _3\"/>ustment required on consolidation </span>only. Th<span class=\"_ _3\"/>e launch<span class=\"_ _3\"/> of ITV<span class=\"_ _3\"/>X in the M<span class=\"_ _4\"/>&amp;E segment is <span class=\"_ _3\"/>likely t<span class=\"_ _3\"/>o increa<span class=\"_ _3\"/>se the <span class=\"_ _3\"/>levels o<span class=\"_ _3\"/>f content<span class=\"_ _3\"/> held o<span class=\"_ _3\"/>n the Stat<span class=\"_ _4\"/>ement of Finan<span class=\"_ _3\"/>cial Posi<span class=\"ls1c8 ws236\">tion, potentially requiring a larger </span>profit in stock adjustment and therefore management believes the adj<span class=\"_ _3\"/>ustment should be recorded at a consolidated level only.  The Grou<span class=\"_ _3\"/>p\u2019s princ<span class=\"_ _3\"/>ipal oper<span class=\"_ _3\"/>ations are <span class=\"_ _3\"/>in the <span class=\"_ _3\"/>United Kin<span class=\"_ _3\"/>gdom. Revenue <span class=\"_ _3\"/>from external<span class=\"_ _3\"/> customers<span class=\"_ _3\"/> in the Uni<span class=\"_ _3\"/>ted Kingdom is \u00a32,376 million (2021: \u00a32,<span class=\"_ _0\"/>365 million) an<span class=\"_ _0\"/>d revenue from<span class=\"ls184 ws1d2\"> external custome<span class=\"_ _3\"/>rs in other coun<span class=\"_ _3\"/>tries is \u00a31,<span class=\"_ _3\"/>352 million </span>(2021: \u00a31,088 m<span class=\"_ _0\"/>illion), of<span class=\"_ _0\"/> which <span class=\"_ _0\"/>revenue of<span class=\"_ _0\"/> \u00a3655 mill<span class=\"_ _0\"/>ion (202<span class=\"_ _0\"/><span class=\"ls186 ws1c8\">1: \u00a3485 mill<span class=\"_ _3\"/>ion) was generate<span class=\"_ _3\"/>d in the US during<span class=\"_ _3\"/> the year. </span>The Operating and Financ<span class=\"_ _3\"/>ial Performance Review<span class=\"_ _3\"/> provides further detail on ITV<span class=\"_ _3\"/>\u2019s international<span class=\"_ _3\"/> revenues.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>184<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff14f ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff14e ls3 ws2\"> </span></span>186 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff151 ls3 ws2\">\u2009</span><span class=\"ff14f ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>The results fo<span class=\"_ _0\"/>r the year aggr<span class=\"_ _0\"/>egate thes<span class=\"_ _0\"/>e classes of re<span class=\"_ _0\"/>venue into t<span class=\"_ _0\"/>he following cate<span class=\"_ _0\"/>gories: 2022 \u00a3m 2022 % of total 2021 \u00a3m 2021 % of total ITV Studios UK <span class=\"_ _214\"> </span><span class=\"ff150 ls184 ws1d4\">822 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span></span></span><span class=\"ls18d ws21f\">683  </span>ITV Studios US <span class=\"_ _210\"> </span><span class=\"ff150 ls183 ws1bd\">467 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls19b ws220\">372<span class=\"_ _0\"/>  </span>ITV Studios International 465 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls189 ws221\">407  </span></span>Global Form<span class=\"_ _0\"/>ats and Dis<span class=\"_ _0\"/>tribut<span class=\"_ _0\"/>ion <span class=\"_ _215\"> </span><span class=\"ff150 ls3 ws2\">3</span>42 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls183 ws222\">298  </span></span>Total ITV Studios* <span class=\"_ _216\"> </span><span class=\"ls18b ws1bb\">2,096 <span class=\"_ _60\"> </span><span class=\"ls183 ws1bd\">48<span class=\"_ _0\"/>% <span class=\"_ _6e\"> </span></span><span class=\"ff152 ws223\">1,7<span class=\"_ _0\"/>60 44% </span></span>Total adverti<span class=\"_ _3\"/>sing revenue (TAR) <span class=\"_ _db\"> </span><span class=\"ff150 ls189 ws1b8\">1,931 <span class=\"_ _4d\"> </span><span class=\"ls183 ws1bd\">44%<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span></span><span class=\"ls18b ws223\">1,957 48% </span>Subscriptions <span class=\"_ _217\"> </span><span class=\"ff150 ls184 ws1d4\">54 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _131\"> </span></span></span><span class=\"ls18b ws225\">42<span class=\"_ _0\"/>  </span>SDN <span class=\"_ _218\"> </span><span class=\"ff150 ls18f ws1c4\">55 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ed\"> </span></span></span><span class=\"ls18c ws226\">70  </span>Partnershi<span class=\"_ _3\"/>ps and ot<span class=\"_ _3\"/>her revenue <span class=\"_ _104\"> </span><span class=\"ff150 ls18d ws1d3\">209 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls18c ws226\">213  </span>Media &amp; Entertainment <span class=\"_ _219\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">52% <span class=\"_ _3f\"> </span><span class=\"ff152 ls189 ws227\">2,282<span class=\"_ _0\"/> 56% </span></span></span>Total revenue** <span class=\"_ _21a\"> </span><span class=\"ls18b ws1bb\">4,345 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _56\"> </span></span></span><span class=\"ff152 ws221\">4,042  </span>* <span class=\"_ _2d\"> </span>ITV Studios UK, ITV Studios US and Studios Internati<span class=\"_ _3\"/>onal revenues are mainly programme production. Globa<span class=\"_ _3\"/>l Formats and Distrib<span class=\"ls1be ws228\">ution revenue is from </span>programme<span class=\"_ _0\"/> distribu<span class=\"_ _0\"/>tion ri<span class=\"_ _0\"/>ghts, forma<span class=\"_ _0\"/>t licence<span class=\"_ _0\"/>s and gam<span class=\"_ _0\"/>ing, live e<span class=\"_ _0\"/>vents a<span class=\"_ _0\"/>nd merchan<span class=\"_ _0\"/>dising. ** <span class=\"_ _2f\"> </span>Includes internal sup<span class=\"_ _3\"/>ply as discussed in the APMs (p<span class=\"_ _3\"/>age 59). Digital revenues of \u00a3411 mi<span class=\"_ _0\"/>llion (2021: \u00a3347 mil<span class=\"_ _0\"/>lion) include digital a<span class=\"_ _0\"/>dvertising reven<span class=\"_ _0\"/>ue and subscripti<span class=\"_ _0\"/>on revenue, digit<span class=\"_ _0\"/>al sponsorship a<span class=\"_ _0\"/>nd partnership<span class=\"_ _0\"/> revenue, ITV Wi<span class=\"_ _0\"/>n and other re<span class=\"_ _0\"/>venues from digi<span class=\"_ _0\"/>tal busine<span class=\"_ _0\"/>ss ventures.  Segmental information Operating segments, which have not been aggregated, are de<span class=\"_ _4\"/><span class=\"ls1a1 ws1d2\">termined in<span class=\"_ _0\"/> a manner that is consistent with how th<span class=\"_ _0\"/>e </span>business is managed and reported to the Management Board.<span class=\"ls1a0 ws2\"> The Management Board is rega</span>rded as the chief operating dec<span class=\"_ _4\"/>ision<span class=\"_ _4\"/>-make<span class=\"_ _4\"/>r an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>nsiders the busi<span class=\"_ _3\"/>ness, primaril<span class=\"_ _3\"/>y from an operati<span class=\"_ _3\"/>ng activity per<span class=\"_ _3\"/>spective.  The Groups' segments are Media &amp; Enterta<span class=\"_ _0\"/>inment and ITV Studios,<span class=\"ls198 ws2\"> the results of which are <span class=\"_ _0\"/>outlined in th<span class=\"_ _0\"/>e following tables: </span>ITV Studios<span class=\"_ _335\"> </span>1<span class=\"_ _335\"> </span>2022 \u00a3m Media &amp; Entertainment 2022 \u00a3m Consolidated 2022 \u00a3m Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21b\"> </span><span class=\"ff150 ls18b ws1bb\">2,096 <span class=\"_ _23\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _22\"> </span></span>4,3</span>45 Intersegment<span class=\"_ _0\"/> revenue <span class=\"_ _21c\"> </span><span class=\"ff150 ls189 ws1b8\">(611) <span class=\"_ _47\"> </span><span class=\"ls18b ws1bb\">(6) <span class=\"_ _12\"> </span>(617) </span></span>Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21d\"> </span><span class=\"ls189 ws1b8\">1,485 <span class=\"_ _23\"> </span><span class=\"ls185 ws1c1\">2,243<span class=\"_ _0\"/> <span class=\"_ _42\"> </span><span class=\"ls188 ws1b9\">3,728 </span></span></span>Adjusted EBITA<span class=\"_ _335\"> </span>2 <span class=\"_ _113\"> </span><span class=\"ls18d ws1d3\">259<span class=\"_ _0\"/> </span>464 <span class=\"_ _4d\"> </span><span class=\"ls185 ws1c1\">723 </span>Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"_ _221\"> </span><span class=\"ff150 fc7 sc0\"> <span class=\"_ _142\"> </span> <span class=\"_ _81\"> </span><span class=\"ls18b ws1bb\">(6) </span></span></span></span>Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span>3 <span class=\"_ _186\"> </span> <span class=\"_ _ae\"> </span> <span class=\"_ _124\"> </span><span class=\"ls18b ws1bb\">717 </span>Restated ITV Studios<span class=\"_ _335\"> </span>1,4<span class=\"_ _335\"> </span>2021 \u00a3m Media &amp; Entertainment 2021 \u00a3m Restated Consolidated<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>2021 \u00a3m Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21e\"> </span><span class=\"ff152 ls189 ws22a\">1,760 <span class=\"_ _1\"> </span>2,282 4,042 </span>Intersegment<span class=\"_ _0\"/> revenue<span class=\"_ _335\"> </span>(583) <span class=\"_ _95\"> </span>(6) (589) Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21a\"> </span><span class=\"ff152 ls18b ws22c\">1,177 <span class=\"_ _5\"/>2,276 3,4<span class=\"_ _0\"/>53 </span>Adjusted EBITA<span class=\"_ _335\"> </span>2 <span class=\"_ _220\"> </span><span class=\"ff152 ls18c ws22e\">213 598 <span class=\"_ _6\"> </span>811 </span>Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"_ _221\"> </span><span class=\"ff152 fc7 sc0 ls189 ws22f\"> <span class=\"_ _2d\"> </span> 2 </span></span></span>Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span>3  <span class=\"_ _d0\"> </span> 813 1 <span class=\"_ _2d\"> </span>Intersegment revenue originates mainly in t<span class=\"_ _3\"/>he UK. 2 <span class=\"_ _33\"> </span>Adjuste<span class=\"_ _0\"/>d EBITA is<span class=\"_ _0\"/> EBITA adjus<span class=\"_ _0\"/>ted to e<span class=\"_ _0\"/>xclude<span class=\"_ _0\"/> exceptio<span class=\"_ _0\"/>nal items a<span class=\"_ _0\"/>nd inclu<span class=\"_ _0\"/>des the be<span class=\"_ _0\"/>nefit of<span class=\"_ _0\"/> production <span class=\"_ _0\"/>tax cred<span class=\"_ _0\"/>its. It is<span class=\"_ _0\"/> state<span class=\"ls1c5 ws1e5\">d afte<span class=\"_ _0\"/>r the el<span class=\"_ _0\"/>iminat<span class=\"_ _0\"/>ion of </span>intersegme<span class=\"_ _0\"/>nt revenue an<span class=\"_ _0\"/>d costs. 3 <span class=\"_ _33\"> </span>Group a<span class=\"_ _0\"/>djusted EB<span class=\"_ _0\"/>ITA removes<span class=\"_ _0\"/> the prof<span class=\"_ _0\"/>it recorde<span class=\"_ _0\"/>d in the<span class=\"_ _0\"/> ITV Stu<span class=\"_ _0\"/>dios busines<span class=\"_ _0\"/>s rela<span class=\"_ _0\"/>ted to co<span class=\"_ _0\"/>ntent sold<span class=\"_ _0\"/> to the <span class=\"_ _0\"/>Media &amp; Ente<span class=\"_ _0\"/>rtain<span class=\"ws233\">ment busine<span class=\"_ _0\"/>ss but </span>unutilised and h<span class=\"_ _3\"/>eld on the balance sheet at the year<span class=\"_ _3\"/> end. 4 <span class=\"_ _33\"> </span>ITV Studios Ad<span class=\"_ _3\"/>justed<span class=\"_ _3\"/> EBITA for 202<span class=\"_ _3\"/>1 has been r<span class=\"_ _3\"/>estated t<span class=\"_ _3\"/>o remove <span class=\"ls1c7 ws235\">the unrealised profit in stock adjustment as this is an adj<span class=\"_ _3\"/>ustment required on consolidation </span>only. Th<span class=\"_ _3\"/>e launch<span class=\"_ _3\"/> of ITV<span class=\"_ _3\"/>X in the M<span class=\"_ _4\"/>&amp;E segment is <span class=\"_ _3\"/>likely t<span class=\"_ _3\"/>o increa<span class=\"_ _3\"/>se the <span class=\"_ _3\"/>levels o<span class=\"_ _3\"/>f content<span class=\"_ _3\"/> held o<span class=\"_ _3\"/>n the Stat<span class=\"_ _4\"/>ement of Finan<span class=\"_ _3\"/>cial Posi<span class=\"ls1c8 ws236\">tion, potentially requiring a larger </span>profit in stock adjustment and therefore management believes the adj<span class=\"_ _3\"/>ustment should be recorded at a consolidated level only.  The Grou<span class=\"_ _3\"/>p\u2019s princ<span class=\"_ _3\"/>ipal oper<span class=\"_ _3\"/>ations are <span class=\"_ _3\"/>in the <span class=\"_ _3\"/>United Kin<span class=\"_ _3\"/>gdom. Revenue <span class=\"_ _3\"/>from external<span class=\"_ _3\"/> customers<span class=\"_ _3\"/> in the Uni<span class=\"_ _3\"/>ted Kingdom is \u00a32,376 million (2021: \u00a32,<span class=\"_ _0\"/>365 million) an<span class=\"_ _0\"/>d revenue from<span class=\"ls184 ws1d2\"> external custome<span class=\"_ _3\"/>rs in other coun<span class=\"_ _3\"/>tries is \u00a31,<span class=\"_ _3\"/>352 million </span>(2021: \u00a31,088 m<span class=\"_ _0\"/>illion), of<span class=\"_ _0\"/> which <span class=\"_ _0\"/>revenue of<span class=\"_ _0\"/> \u00a3655 mill<span class=\"_ _0\"/>ion (202<span class=\"_ _0\"/><span class=\"ls186 ws1c8\">1: \u00a3485 mill<span class=\"_ _3\"/>ion) was generate<span class=\"_ _3\"/>d in the US during<span class=\"_ _3\"/> the year. </span>The Operating and Financ<span class=\"_ _3\"/>ial Performance Review<span class=\"_ _3\"/> provides further detail on ITV<span class=\"_ _3\"/>\u2019s international<span class=\"_ _3\"/> revenues.  ITV plc<span class=\"ff155 ls3 ws2\">\u2009</span><span class=\"ff156 ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1b8 ws21a\">187<span class=\"ff156 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>Intersegment revenue, whi<span class=\"_ _3\"/>ch is earned on arm\u2019s length te<span class=\"ls19f ws1b5\">rms, i<span class=\"_ _3\"/>s mainly generated from <span class=\"_ _3\"/>the supply of ITV Stud<span class=\"_ _3\"/>ios </span>programmes to Media &amp; Entertainment for transmission primaril<span class=\"ls1a0 ws2\">y on the ITV network. This <span class=\"ws1b5\">revenue <span class=\"_ _3\"/>stream is a measure </span></span>that informs the Group\u2019s strategic priority<span class=\"ls1a1 ws1d2\"> of building a strong international content bus<span class=\"_ _0\"/>iness, as producing and retaining </span>rights to the shows broadcast on the ITV network benefits <span class=\"ls1a0 ws2\">the Group further from subsequent i<span class=\"_ _3\"/>nternational content and </span>format sales.  In preparing the segment<span class=\"_ _3\"/>al information, centra<span class=\"_ _3\"/>lly managed cost<span class=\"_ _3\"/>s have been allocated bet<span class=\"_ _3\"/>ween reportable segme<span class=\"_ _3\"/>nts on a meth<span class=\"_ _0\"/>odolog<span class=\"_ _0\"/>y driven p<span class=\"_ _0\"/>rincipal<span class=\"_ _0\"/>ly by re<span class=\"_ _0\"/>venue, he<span class=\"_ _0\"/>adcoun<span class=\"_ _0\"/>t or buil<span class=\"_ _0\"/>ding occu<span class=\"_ _0\"/>pancy<span class=\"_ _0\"/> of each segm<span class=\"_ _0\"/>ent. Th<span class=\"_ _0\"/>is is cons<span class=\"_ _0\"/>isten<span class=\"_ _0\"/>t with the b<span class=\"_ _0\"/>asis of re<span class=\"_ _0\"/>portin<span class=\"_ _0\"/>g to the Bo<span class=\"_ _0\"/>ard of Direc<span class=\"_ _0\"/>tors.<span class=\"_ _0\"/> There are t<span class=\"_ _3\"/>wo media buying <span class=\"_ _3\"/>agencies (2021<span class=\"_ _3\"/>: two) acting on<span class=\"_ _4\"/><span class=\"ws1c8\"> <span class=\"_ _0\"/>behalf of a number of advert<span class=\"_ _4\"/>isers that represent the </span>Group\u2019s majo<span class=\"_ _0\"/>r customers. Th<span class=\"_ _0\"/>ese agenci<span class=\"_ _0\"/>es are the only custo<span class=\"_ _0\"/>mers that in<span class=\"_ _0\"/>dividually<span class=\"_ _0\"/> represent o<span class=\"_ _0\"/>ver 10% of the Gr<span class=\"_ _0\"/>oup\u2019s revenue, with \u00a3548 mi<span class=\"_ _3\"/>llion (2021: \u00a3593 <span class=\"_ _3\"/>million) and \u00a335<span class=\"_ _3\"/>5 million (2021: \u00a3353 mi<span class=\"_ _3\"/>llion) respectively, revenue<span class=\"_ _3\"/> derived from the<span class=\"_ _3\"/>se customer<span class=\"_ _3\"/>s. This revenu<span class=\"_ _3\"/>e is attribut<span class=\"_ _3\"/>able to <span class=\"_ _3\"/>the Media <span class=\"_ _3\"/>&amp; Entertainm<span class=\"_ _3\"/>ent segme<span class=\"_ _3\"/>nt. The fol<span class=\"_ _3\"/>lowing table<span class=\"_ _3\"/> shows the<span class=\"_ _3\"/> total of no<span class=\"_ _3\"/>n-current<span class=\"_ _3\"/> assets ot<span class=\"_ _3\"/>her than fi<span class=\"_ _4\"/>nancial instrument<span class=\"_ _3\"/>s, deferred<span class=\"_ _3\"/> tax asset<span class=\"_ _3\"/>s, and pension assets broke<span class=\"_ _3\"/>n down by location of <span class=\"_ _3\"/>the assets: 2022 \u00a3m 2021 \u00a3m UK <span class=\"_ _223\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _151\"> </span><span class=\"ff154 ls189 ws1b8\">1,415 <span class=\"_ _89\"> </span><span class=\"ff157\">1,242 </span></span></span>US <span class=\"_ _223\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _41\"> </span><span class=\"ff154 ls183 ws1bd\">472 <span class=\"_ _23\"> </span></span><span class=\"ls18b ws1bb\">421 </span></span>Rest of the world <span class=\"_ _224\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _b8\"> </span><span class=\"ff154 ls18c ws1c2\">155 <span class=\"_ _24\"> </span></span><span class=\"ls18b ws1bb\">187 </span></span>Total non-curr<span class=\"_ _0\"/>ent assets<span class=\"_ _0\"/> <span class=\"_ _225\"> </span> <span class=\"_ _1f\"> </span><span class=\"ff157 ls3 ws2\"> <span class=\"_ _9\"> </span><span class=\"ff154\"> <span class=\"_ _c7\"> </span></span></span><span class=\"ws1bb\">2,0<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>2 <span class=\"_ _aa\"> </span><span class=\"ff157 ls18b ws1bb\">1,850 </span>Timing of revenue recognition The followin<span class=\"_ _0\"/>g table incl<span class=\"_ _0\"/>udes clas<span class=\"_ _0\"/>ses of revenue fr<span class=\"_ _0\"/>om contracts<span class=\"_ _0\"/> disaggrega<span class=\"_ _0\"/>ted by the tim<span class=\"_ _0\"/>ing of recogni<span class=\"_ _0\"/>tion: 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Products and services transferred at a point in time<span class=\"_ _0\"/> <span class=\"_ _f\"> </span> Products and services transferred over time Total adve<span class=\"_ _3\"/>rtising r<span class=\"_ _3\"/>evenue, su<span class=\"_ _3\"/>bscription<span class=\"_ _3\"/>s, SDN an<span class=\"_ _3\"/>d other M&amp;E <span class=\"_ _130\"> </span><span class=\"ff154 ls189 ws1b8\">1,902 <span class=\"_ _89\"> </span><span class=\"ff157 ls18b ws238\">1,952  <span class=\"_ _3e\"> </span></span>341 <span class=\"_ _82\"> </span><span class=\"ff157 ls19b ws1d6\">32<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>Programme<span class=\"_ _0\"/> productio<span class=\"_ _0\"/>n, program<span class=\"_ _0\"/>me distrib<span class=\"_ _0\"/>ution rights<span class=\"_ _0\"/> <span class=\"_ _226\"> </span><span class=\"ff154 ls18c ws1c2\">1,169 <span class=\"_ _22\"> </span><span class=\"ff157 ls18d ws1d3\">91<span class=\"_ _335\"> </span></span></span>4  <span class=\"_ _45\"> </span><span class=\"ff154 ls18d ws1d3\">23<span class=\"_ _0\"/>6 <span class=\"_ _22\"> </span></span><span class=\"ls183 ws1bd\">18<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Format licences<span class=\"_ _0\"/> <span class=\"_ _207\"> </span><span class=\"ff154 ls185 ws1c1\">76 <span class=\"_ _54\"> </span><span class=\"ff157 ls3 ws2\">7<span class=\"_ _335\"> </span></span></span>4  <span class=\"_ _56\"> </span><span class=\"ff154 ls186 ws1b6\">4 <span class=\"_ _4d\"> </span><span class=\"ff157\">5 </span></span>Total e<span class=\"_ _3\"/>xternal reven<span class=\"_ _3\"/>ue <span class=\"_ _227\"> </span><span class=\"ls188 ws1b9\">3,147 <span class=\"_ _a9\"> </span><span class=\"ff157 ls18c ws1c2\">2,940<span class=\"_ _0\"/> <span class=\"_ _9\"> </span></span><span class=\"ls3 ws2\"> <span class=\"_ _34\"> </span><span class=\"ls185 ws1c1\">581 <span class=\"_ _23\"> </span><span class=\"ff157 ls189 ws1b8\">513 </span></span></span></span>Forward bookings  The following table includes <span class=\"_ _0\"/>revenue from <span class=\"ls196 ws1d7\">contracts signed before t<span class=\"_ _3\"/>he reportin<span class=\"_ _3\"/>g date<span class=\"ls1b5 ws1d4\"> that is to be recognised in periods<span class=\"_ _0\"/> </span></span>after the report<span class=\"_ _0\"/>ing date (<span class=\"_ _0\"/>i.e. the performance<span class=\"_ _0\"/> obligations<span class=\"_ _0\"/> remain<span class=\"ls1a8 ws1bf\"> unsatisfied or partially unsatisfied at t<span class=\"_ _3\"/>he reporting date): </span>2023 \u00a3m 2024 \u00a3m 2025 \u00a3m Beyond \u00a3m Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _181\"> </span><span class=\"ff157 ls18b ws239\">143 80 <span class=\"_ _e\"> </span>59 <span class=\"_ _0\"/>50 </span>ITV Studios <span class=\"_ _137\"> </span><span class=\"ff157 ws23a\">206 98 <span class=\"_ _6\"> </span>40 <span class=\"_ _65\"> </span>\u2013 </span>Total revenue <span class=\"_ _ee\"> </span><span class=\"ls18f ws1c4\">349 <span class=\"_ _22\"> </span><span class=\"ls188 ws1b9\">178 <span class=\"_ _43\"> </span><span class=\"ls184 ws1d4\">99 <span class=\"_ _4b\"> </span><span class=\"ls18c ws1c2\">50 </span></span></span></span>Internal supply <span class=\"_ _228\"> </span><span class=\"ff154 ls18b ws1bb\">(82) <span class=\"_ _b8\"> </span><span class=\"ls183 ws1bd\">(26<span class=\"_ _0\"/>) <span class=\"_ _60\"> </span><span class=\"ff157 ls18f ws1c4\">\u2013 <span class=\"_ _60\"> </span>\u2013 </span></span></span>Total e<span class=\"_ _3\"/>xternal reven<span class=\"_ _3\"/>ue <span class=\"_ _229\"> </span><span class=\"ls18d ws1d3\">267 <span class=\"_ _82\"> </span><span class=\"ls18f ws1c4\">152 <span class=\"_ _3f\"> </span><span class=\"ls184 ws1d4\">99 <span class=\"_ _4b\"> </span><span class=\"ls18c ws1c2\">50 </span></span></span></span>The Group a<span class=\"_ _3\"/>pplies the practica<span class=\"_ _3\"/>l expedients in IF<span class=\"_ _3\"/>RS 15 and, there<span class=\"_ _3\"/>fore, does not di<span class=\"_ _3\"/>sclose infor<span class=\"_ _3\"/>mation about rema<span class=\"_ _3\"/>ining performanc<span class=\"_ _0\"/>e obligations<span class=\"_ _0\"/> that have or<span class=\"_ _0\"/>iginal expe<span class=\"_ _0\"/>cted durati<span class=\"_ _0\"/>ons of less than on<span class=\"_ _0\"/>e year or where t<span class=\"_ _0\"/>he price is not yet known (e.g. net adve<span class=\"_ _0\"/>rtising revenue <span class=\"_ _0\"/>(NAR)). ITV Studios  ITV Studios is the<span class=\"_ _3\"/> Group\u2019s internatio<span class=\"_ _3\"/>nal content business, creati<span class=\"_ _3\"/>ng and producing progr<span class=\"_ _3\"/>ammes and formats t<span class=\"_ _3\"/>hat return an<span class=\"_ _0\"/>d travel<span class=\"_ _0\"/>, namely dr<span class=\"_ _0\"/>ama, ente<span class=\"_ _0\"/>rtainmen<span class=\"_ _0\"/>t and fac<span class=\"_ _0\"/>tual entert<span class=\"_ _0\"/>ainment. ITV Studios UK i<span class=\"_ _3\"/>s the largest co<span class=\"_ _3\"/>mmercial pr<span class=\"_ _3\"/>oducer in the UK<span class=\"_ _3\"/> and produces pro<span class=\"_ _3\"/>gramming for t<span class=\"_ _3\"/>he Group\u2019s o<span class=\"_ _3\"/>wn channels, accounting for 65% of I<span class=\"_ _0\"/>TV main channel s<span class=\"_ _0\"/>pend <span class=\"ls183 ws1b5\">on commiss<span class=\"_ _0\"/>ioned pro<span class=\"_ _0\"/>gramming <span class=\"_ _0\"/>(2021: 70%).<span class=\"_ _0\"/> Programmin<span class=\"_ _0\"/>g </span>is also sol<span class=\"_ _0\"/>d to <span class=\"_ _0\"/>other UK<span class=\"_ _0\"/> broadcas<span class=\"_ _0\"/>ters, n<span class=\"_ _0\"/>etworks<span class=\"_ _0\"/> and str<span class=\"_ _0\"/>eaming<span class=\"_ _0\"/> platfo<span class=\"_ _0\"/>rms.  ITV Stud<span class=\"_ _0\"/>ios US is<span class=\"_ _0\"/> the leadin<span class=\"_ _0\"/>g unscr<span class=\"_ _0\"/>ipted in<span class=\"_ _0\"/>depen<span class=\"_ _0\"/>dent prod<span class=\"_ _0\"/>ucer of<span class=\"_ _0\"/> conten<span class=\"_ _0\"/>t in the U<span class=\"_ _0\"/>S and is gr<span class=\"_ _0\"/>owing its<span class=\"_ _0\"/> script<span class=\"_ _0\"/>ed presence by inc<span class=\"_ _0\"/>reasing inv<span class=\"_ _0\"/>estment in high<span class=\"_ _0\"/>-profile<span class=\"_ _0\"/> dramas. ITV Stud<span class=\"_ _0\"/>ios als<span class=\"_ _0\"/>o operates<span class=\"_ _0\"/> in ten oth<span class=\"_ _0\"/>er inter<span class=\"_ _0\"/>nation<span class=\"_ _0\"/>al loca<span class=\"_ _0\"/><span class=\"ls18c ws1be\">tions, together called ITV Studios International,<span class=\"_ _0\"/> being </span>Australi<span class=\"_ _3\"/>a, Germany, France<span class=\"_ _3\"/>, Italy, Sp<span class=\"ls184 ws1c8\">ai<span class=\"_ _3\"/>n, the Netherlands, Sweden, Norwa<span class=\"_ _3\"/>y, Finland and Denmark whe<span class=\"_ _3\"/>re content is </span>produced<span class=\"_ _0\"/> for loc<span class=\"_ _0\"/>al and <span class=\"_ _0\"/>intern<span class=\"_ _0\"/>ational b<span class=\"_ _0\"/>roadcas<span class=\"_ _0\"/>ters, n<span class=\"_ _0\"/>etworks <span class=\"ls184 ws1c8\">and streaming platforms. This content is either lo<span class=\"_ _3\"/>cally </span>created IP o<span class=\"_ _3\"/>r formats th<span class=\"_ _3\"/>at have been <span class=\"_ _3\"/>created elsewher<span class=\"_ _3\"/>e by ITV, primari<span class=\"_ _3\"/>ly in the UK<span class=\"_ _3\"/>, the Netherla<span class=\"_ _3\"/>nds and in <span class=\"_ _3\"/>Israel. ITV Studios Global Formats and Distribution divi<span class=\"_ _3\"/>sion oper<span class=\"ls184 ws1c8\">ates three centr<span class=\"_ _3\"/>es of excellence \u2013 The Creative Net<span class=\"_ _3\"/>work, </span>Global Dis<span class=\"_ _0\"/>tribution an<span class=\"_ _0\"/>d Global<span class=\"_ _0\"/> Entertainm<span class=\"_ _0\"/>ent. Th<span class=\"_ _0\"/>is enabl<span class=\"_ _0\"/>e<span class=\"ls184 ws1b3\">s the Group to <span class=\"_ _3\"/>create more <span class=\"_ _3\"/>hits, to bui<span class=\"_ _3\"/>ld better brand<span class=\"_ _3\"/>s </span>and formats internatio<span class=\"_ _3\"/>nally and to moneti<span class=\"_ _3\"/>se them effectivel<span class=\"ls186 ws1c9\">y<span class=\"_ _3\"/>. Global Formats and Distr<span class=\"_ _3\"/>ibution license<span class=\"_ _3\"/> ITV\u2019s finished<span class=\"_ _4\"/> </span>programmes, formats and third-party conte<span class=\"_ _3\"/>nt internationa<span class=\"ws1d2\">lly. Within this busi<span class=\"_ _3\"/>ness, the Group a<span class=\"_ _3\"/>lso finances </span>productions both on a<span class=\"_ _3\"/>nd off ITV to acquire<span class=\"_ _3\"/> global distributio<span class=\"_ _3\"/>n rights.<span class=\"ff158 ls3 ws2\"> <span class=\"_ _e2\"> </span></span><span class=\"ff158 ls3 ws2\"><span class=\"ff157\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>185<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff15b ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff15a ls3 ws2\"> </span></span>188 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff15d ls3 ws2\">\u2009</span><span class=\"ff15b ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>Media &amp; Entertainment  Media &amp; Entertainment (M&amp;E) operates two business streams <span class=\"ls1a0 ws1c9\">\u2013 Broadcast and Streaming. </span>The Broadcast business is the home of ITV <span class=\"_ _3\"/>main channel, IT<span class=\"_ _3\"/>V3 and ITV4 <span class=\"_ _3\"/>channels, and co<span class=\"_ _4\"/>ntinues to deliver ITV\u2019<span class=\"_ _4\"/>s USP of mass simultaneous re<span class=\"_ _3\"/>ach. The Streaming business focuses on driving digital<span class=\"_ _0\"/> viewing by<span class=\"ls1a0 ws2\"> providing content that appeals to audiences who do most </span>or all of their viewing on demand, and serving it to them in<span class=\"_ _0\"/> wh<span class=\"ls1a0 ws2\">atever way they want to access <span class=\"ls19e ws1b3\">it. It includes our <span class=\"_ _3\"/>advertiser </span></span>funded channels of ITVX, ITV2, ITVBe and CITV and subscription streaming service through ITVX Premium and BritBox. Group adjusted EBITA The Direc<span class=\"_ _0\"/>tors assess<span class=\"_ _0\"/> the perfor<span class=\"_ _0\"/>mance of th<span class=\"_ _0\"/>e repor<span class=\"_ _0\"/>table segm<span class=\"_ _0\"/>ents base<span class=\"_ _0\"/>d on a measur<span class=\"_ _0\"/>e of adjust<span class=\"_ _0\"/>ed EBITA.<span class=\"_ _0\"/> The Directors us<span class=\"_ _0\"/>e this non-IFRS<span class=\"_ _0\"/> measurem<span class=\"_ _0\"/>ent basis a<span class=\"_ _0\"/>s it excludes the ef<span class=\"_ _0\"/>fect of trans<span class=\"_ _0\"/>actions tha<span class=\"_ _0\"/>t could distort<span class=\"_ _0\"/> the understandi<span class=\"_ _3\"/>ng of the Group\u2019<span class=\"_ _3\"/>s performance <span class=\"_ _3\"/>for the year <span class=\"_ _3\"/>and comparabi<span class=\"_ _3\"/>lity between pe<span class=\"_ _3\"/>riods. See the Operati<span class=\"_ _3\"/>ng and Financial Perf<span class=\"_ _3\"/>ormance Revie<span class=\"_ _3\"/>w on pages 28 to 65<span class=\"_ _3\"/> for the detail<span class=\"_ _3\"/>ed explanatio<span class=\"_ _3\"/>n of the Group<span class=\"_ _3\"/>\u2019s use of <span class=\"_ _3\"/>adjusted performance measure<span class=\"_ _3\"/>s. A reconciliation of<span class=\"_ _3\"/> Group adjusted <span class=\"_ _3\"/>EBIT<span class=\"ws1d5\">A to statutory profit before tax is provided as follows: </span> <span class=\"_ _82\"> </span><span class=\"ls1a4 ws1e3\">Note </span>2022 \u00a3m 2021 \u00a3m Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _0\"/> <span class=\"_ _22a\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _3f\"> </span></span><span class=\"ls18b ws1bb\">717 <span class=\"_ _54\"> </span><span class=\"ff15e ls18c ws1c2\">813 </span></span>Production ta<span class=\"_ _0\"/>x credits <span class=\"_ _fa\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _56\"> </span></span><span class=\"ff15c ws1bd\">(49) <span class=\"_ _12\"> </span><span class=\"ff15e ls19b ws1d6\">(29) </span></span>EBITA before exceptional items  <span class=\"_ _22b\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _54\"> </span></span><span class=\"ws1c4\">668 <span class=\"_ _11c\"> </span><span class=\"ff15e ls18c ws1c2\">78<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items <span class=\"_ _22c\"> </span><span class=\"ff15e ls189 ws1b8\">2.2 <span class=\"_ _43\"> </span><span class=\"ff15c ls18c ws1c2\">(65) <span class=\"_ _8b\"> </span></span><span class=\"ls188 ws1b9\">(196) </span></span>Amortisation and impair<span class=\"_ _0\"/>ment <span class=\"_ _11d\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _56\"> </span></span><span class=\"ff15c ws1b8\">(84) <span class=\"_ _12\"> </span><span class=\"ff15e ls188 ws1b9\">(69) </span></span>Net financing costs <span class=\"_ _22d\"> </span><span class=\"ff15e ls18b ws1bb\">4.<span class=\"_ _335\"> </span></span>4 <span class=\"_ _43\"> </span><span class=\"ff15c ls183 ws1bd\">(26) <span class=\"_ _80\"> </span></span><span class=\"ls18d ws1d3\">(50)<span class=\"_ _0\"/> </span>Share of pr<span class=\"_ _0\"/>ofits of jo<span class=\"_ _0\"/>int ventur<span class=\"_ _0\"/>es and a<span class=\"_ _0\"/>ssociated <span class=\"_ _0\"/>undertakin<span class=\"_ _0\"/>gs <span class=\"_ _68\"> </span><span class=\"ff15e ls3\"> <span class=\"_ _5c\"> </span><span class=\"ff15c ls184 ws1d4\">8 <span class=\"_ _124\"> </span></span><span class=\"ls183 ws1bd\">12 </span></span>Loss on sale of subsidiaries and investments  <span class=\"_ _79\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _25\"> </span><span class=\"ff15c ls184 ws1d4\">\u2013 <span class=\"_ _47\"> </span></span><span class=\"ls19b ws1d6\">(1)<span class=\"_ _0\"/> </span></span>Profit befor<span class=\"_ _0\"/>e tax  <span class=\"_ _14e\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _59\"> </span></span><span class=\"ls18c ws1c2\">501 <span class=\"_ _62\"> </span><span class=\"ff15e ls18b ws1bb\">480</span></span><span class=\"ls18c ws1c2\"><span class=\"ff15e ls18b ws1bb\"><span class=\"_ _0\"/> </span></span>Cash generated from operations A reconciliation from profit before tax to ca<span class=\"_ _3\"/>sh generated from operations before exceptio<span class=\"_ _3\"/>nal items is as follows:  <span class=\"_ _24\"> </span><span class=\"ls1a4 ws1e3\">Note </span>2022 \u00a3m 2021 \u00a3m Cash flows from operating<span class=\"_ _3\"/> activities <span class=\"_ _15a\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ff15c\"> <span class=\"_ _131\"> </span></span> </span>Profit before t<span class=\"_ _0\"/>ax <span class=\"_ _22e\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _62\"> </span><span class=\"ff15c ls18c ws1c2\">501 <span class=\"_ _12\"> </span></span><span class=\"ls18b ws1bb\">480 </span></span>Add back: <span class=\"_ _22f\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ff15c\"> <span class=\"_ _ed\"> </span></span> </span>Loss on sale of subsidiaries a<span class=\"_ _0\"/>nd investments (ex<span class=\"_ _0\"/>ceptional items) <span class=\"_ _cb\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _1d2\"> </span><span class=\"ff15c ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span></span><span class=\"ls186 ws1b6\">1 </span></span>Share of pr<span class=\"_ _0\"/>ofits of jo<span class=\"_ _0\"/>int ventur<span class=\"_ _0\"/>es and a<span class=\"_ _0\"/>ssociated <span class=\"_ _0\"/>undertakin<span class=\"_ _0\"/>gs <span class=\"_ _64\"> </span><span class=\"ff15e ls3\"> <span class=\"_ _4d\"> </span></span><span class=\"ff15c ws1bd\">(8) <span class=\"_ _62\"> </span><span class=\"ff15e ls19b ws1d6\">(12) </span></span>Net financing costs <span class=\"_ _fe\"> </span><span class=\"ff15e ls18b ws1bb\">4.<span class=\"_ _335\"> </span></span>4 <span class=\"_ _16\"> </span><span class=\"ff15c ls18d ws1d3\">26 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws1bd\">50 </span>Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items <span class=\"_ _10b\"> </span><span class=\"ff15e ls189 ws1b8\">2.2 <span class=\"_ _16\"> </span><span class=\"ff15c\">65 <span class=\"_ _20\"> </span></span><span class=\"ls188 ws1b9\">196 </span></span>Deprecia<span class=\"_ _3\"/>tion of proper<span class=\"_ _3\"/>ty, plant and equ<span class=\"_ _3\"/>ipment (net of exce<span class=\"_ _3\"/>ptional items) <span class=\"_ _f9\"> </span><span class=\"ff15e ls183 ws1bd\">3.2 <span class=\"_ _6b\"> </span><span class=\"ff15c ls18f ws1c4\">53 <span class=\"_ _6b\"> </span></span>59 </span>Amortisation and impair<span class=\"_ _0\"/>ment <span class=\"_ _230\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _5f\"> </span><span class=\"ff15c ls185 ws1c1\">84<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span><span class=\"ls188 ws1b9\">69 </span></span>Share-based compen<span class=\"_ _3\"/>sation  <span class=\"_ _231\"> </span><span class=\"ff15e ls189 ws1b8\">4.8 <span class=\"_ _13\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _4d\"> </span></span><span class=\"ls183 ws1bd\">12<span class=\"_ _0\"/> </span></span>Increase in programme r<span class=\"_ _3\"/>ights and distribution<span class=\"_ _3\"/> rights <span class=\"_ _ba\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _11c\"> </span><span class=\"ff15c ls189 ws1b8\">(70) <span class=\"_ _43\"> </span></span></span><span class=\"ws1b9\">(6) </span>Increase in receivables and contract assets <span class=\"_ _232\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _34\"> </span></span><span class=\"ff15c ws1c2\">(133) <span class=\"_ _26\"> </span></span><span class=\"ls185 ws1c1\">(270) </span>Increase in payables and contract liabilitie<span class=\"_ _3\"/>s <span class=\"_ _216\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _16\"> </span><span class=\"ff15c ls18f ws1c4\">53 <span class=\"_ _20\"> </span></span><span class=\"ls183 ws1bd\">135 </span></span>Movement in wor<span class=\"_ _0\"/>king capital<span class=\"_ _0\"/> <span class=\"_ _233\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _a9\"> </span> <span class=\"_ _9f\"> </span><span class=\"ff15c ls189 ws1b8\">(150) <span class=\"_ _45\"> </span></span><span class=\"ls185 ws1c1\">(141) </span></span>Cash generate<span class=\"_ _0\"/>d from operations before ex<span class=\"_ _0\"/>ceptional items <span class=\"_ _64\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _49\"> </span></span><span class=\"ls18d ws1d3\">590<span class=\"_ _0\"/> <span class=\"_ _54\"> </span><span class=\"ff15e ls18c ws1c2\">71<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>Operating costs The major <span class=\"_ _3\"/>component<span class=\"_ _3\"/>s of operating<span class=\"_ _3\"/> costs <span class=\"_ _3\"/>of \u00a33,209 mi<span class=\"_ _3\"/>llion (2021: \u00a3<span class=\"_ _3\"/>2,934 mi<span class=\"_ _3\"/>llion) are <span class=\"_ _3\"/>content <span class=\"_ _3\"/>costs of \u00a3<span class=\"_ _3\"/>1,216 milli<span class=\"_ _3\"/>on (2021:<span class=\"_ _3\"/> \u00a31,154 mi<span class=\"_ _4\"/>llion), other <span class=\"_ _3\"/>net cost<span class=\"_ _3\"/>s of produ<span class=\"_ _3\"/>ction of \u00a31,<span class=\"_ _3\"/>444 milli<span class=\"_ _3\"/>on (202<span class=\"_ _3\"/>1: \u00a31,124<span class=\"_ _3\"/> millio<span class=\"_ _3\"/>n), staf<span class=\"_ _3\"/>f costs of<span class=\"_ _3\"/> \u00a3347 mil<span class=\"_ _3\"/>lion (2021: \u00a3332 million)<span class=\"_ _3\"/>, depreciation, amorti<span class=\"_ _3\"/>sation and impairme<span class=\"_ _3\"/>nt of \u00a3137 million (2<span class=\"_ _3\"/>021: \u00a3128 million) and operati<span class=\"_ _3\"/>ng exceptional items of \u00a365 million (2021: \u00a3196 million).  Follo<span class=\"_ _3\"/>wing the laun<span class=\"_ _3\"/>ch of ITV<span class=\"_ _3\"/>X, the conte<span class=\"_ _3\"/>nt cost<span class=\"_ _3\"/>s above in<span class=\"_ _3\"/>clude netwo<span class=\"_ _3\"/>rk schedu<span class=\"_ _3\"/>le cost<span class=\"_ _3\"/>s and the co<span class=\"_ _3\"/>ntent co<span class=\"_ _3\"/>sts previously a<span class=\"_ _3\"/>llocated to Brit<span class=\"_ _3\"/>Box UK. T<span class=\"_ _3\"/>he comparativ<span class=\"_ _3\"/>es above have<span class=\"_ _3\"/> been re-presented<span class=\"_ _3\"/> to reflect <span class=\"_ _3\"/>this change. Staff costs Staff cos<span class=\"_ _0\"/>ts can be <span class=\"_ _0\"/>analysed as<span class=\"_ _0\"/> follows:<span class=\"_ _0\"/> 2022 \u00a3m 2021 \u00a3m Wages and salari<span class=\"_ _0\"/>es <span class=\"_ _1c3\"> </span><span class=\"ff15c ls183 ws1bd\">49<span class=\"_ _0\"/>7 <span class=\"_ _4d\"> </span></span><span class=\"ff15e ws1bb\">441<span class=\"_ _0\"/> </span>Social se<span class=\"_ _0\"/>curity an<span class=\"_ _0\"/>d other costs<span class=\"_ _0\"/> <span class=\"_ _234\"> </span><span class=\"ff15c ws1c1\">80 <span class=\"_ _78\"> </span><span class=\"ff15e ls188 ws1b9\">69 </span></span>Share-based compensa<span class=\"_ _3\"/>tion (see note 4.8) <span class=\"_ _114\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _1f\"> </span><span class=\"ff15e ls183 ws1bd\">12 </span></span>Pension costs<span class=\"_ _0\"/> <span class=\"_ _235\"> </span><span class=\"ff15c ls18f ws1c4\">35 <span class=\"_ _81\"> </span><span class=\"ff15e ls19b ws1d6\">31 </span></span>Total sta<span class=\"_ _3\"/>ff costs* <span class=\"_ _187\"> </span><span class=\"ls189 ws1b8\">631 <span class=\"_ _4d\"> </span><span class=\"ff15e\">553 </span></span>Less: staff cos<span class=\"_ _0\"/>ts allocated t<span class=\"_ _0\"/>o productio<span class=\"_ _0\"/>ns, exceptiona<span class=\"_ _0\"/>l items or <span class=\"_ _0\"/>capitalised  <span class=\"_ _38\"> </span><span class=\"ff15c ws1bb\">(284) <span class=\"_ _4b\"> </span><span class=\"ff15e ls185 ws1c1\">(221) </span></span>Net staff costs  <span class=\"_ _1bb\"> </span><span class=\"ls3 ws2\">3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>7 <span class=\"_ _4d\"> </span><span class=\"ff15e\">332 </span>* <span class=\"_ _2d\"> </span>Staff costs includes the management board including two execut<span class=\"ls1c0 ws1de\">ive directors but exclud<span class=\"_ _3\"/>es the non-executives and the Ch<span class=\"_ _3\"/>airman.</span><span class=\"ls1c0 ws1de\"><span class=\"ff15f ls3 ws2\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>186<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff15b ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff15a ls3 ws2\"> </span></span>188 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff15d ls3 ws2\">\u2009</span><span class=\"ff15b ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>Media &amp; Entertainment  Media &amp; Entertainment (M&amp;E) operates two business streams <span class=\"ls1a0 ws1c9\">\u2013 Broadcast and Streaming. </span>The Broadcast business is the home of ITV <span class=\"_ _3\"/>main channel, IT<span class=\"_ _3\"/>V3 and ITV4 <span class=\"_ _3\"/>channels, and co<span class=\"_ _4\"/>ntinues to deliver ITV\u2019<span class=\"_ _4\"/>s USP of mass simultaneous re<span class=\"_ _3\"/>ach. The Streaming business focuses on driving digital<span class=\"_ _0\"/> viewing by<span class=\"ls1a0 ws2\"> providing content that appeals to audiences who do most </span>or all of their viewing on demand, and serving it to them in<span class=\"_ _0\"/> wh<span class=\"ls1a0 ws2\">atever way they want to access <span class=\"ls19e ws1b3\">it. It includes our <span class=\"_ _3\"/>advertiser </span></span>funded channels of ITVX, ITV2, ITVBe and CITV and subscription streaming service through ITVX Premium and BritBox. Group adjusted EBITA The Direc<span class=\"_ _0\"/>tors assess<span class=\"_ _0\"/> the perfor<span class=\"_ _0\"/>mance of th<span class=\"_ _0\"/>e repor<span class=\"_ _0\"/>table segm<span class=\"_ _0\"/>ents base<span class=\"_ _0\"/>d on a measur<span class=\"_ _0\"/>e of adjust<span class=\"_ _0\"/>ed EBITA.<span class=\"_ _0\"/> The Directors us<span class=\"_ _0\"/>e this non-IFRS<span class=\"_ _0\"/> measurem<span class=\"_ _0\"/>ent basis a<span class=\"_ _0\"/>s it excludes the ef<span class=\"_ _0\"/>fect of trans<span class=\"_ _0\"/>actions tha<span class=\"_ _0\"/>t could distort<span class=\"_ _0\"/> the understandi<span class=\"_ _3\"/>ng of the Group\u2019<span class=\"_ _3\"/>s performance <span class=\"_ _3\"/>for the year <span class=\"_ _3\"/>and comparabi<span class=\"_ _3\"/>lity between pe<span class=\"_ _3\"/>riods. See the Operati<span class=\"_ _3\"/>ng and Financial Perf<span class=\"_ _3\"/>ormance Revie<span class=\"_ _3\"/>w on pages 28 to 65<span class=\"_ _3\"/> for the detail<span class=\"_ _3\"/>ed explanatio<span class=\"_ _3\"/>n of the Group<span class=\"_ _3\"/>\u2019s use of <span class=\"_ _3\"/>adjusted performance measure<span class=\"_ _3\"/>s. A reconciliation of<span class=\"_ _3\"/> Group adjusted <span class=\"_ _3\"/>EBIT<span class=\"ws1d5\">A to statutory profit before tax is provided as follows: </span> <span class=\"_ _82\"> </span><span class=\"ls1a4 ws1e3\">Note </span>2022 \u00a3m 2021 \u00a3m Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _0\"/> <span class=\"_ _22a\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _3f\"> </span></span><span class=\"ls18b ws1bb\">717 <span class=\"_ _54\"> </span><span class=\"ff15e ls18c ws1c2\">813 </span></span>Production ta<span class=\"_ _0\"/>x credits <span class=\"_ _fa\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _56\"> </span></span><span class=\"ff15c ws1bd\">(49) <span class=\"_ _12\"> </span><span class=\"ff15e ls19b ws1d6\">(29) </span></span>EBITA before exceptional items  <span class=\"_ _22b\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _54\"> </span></span><span class=\"ws1c4\">668 <span class=\"_ _11c\"> </span><span class=\"ff15e ls18c ws1c2\">78</span></span>4<span class=\"_ _335\"> </span>Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items <span class=\"_ _22c\"> </span><span class=\"ff15e ls189 ws1b8\">2.2 <span class=\"_ _43\"> </span><span class=\"ff15c ls18c ws1c2\">(65) <span class=\"_ _8b\"> </span></span><span class=\"ls188 ws1b9\">(196) </span></span>Amortisation and impair<span class=\"_ _0\"/>ment <span class=\"_ _11d\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _56\"> </span></span><span class=\"ff15c ws1b8\">(84) <span class=\"_ _12\"> </span><span class=\"ff15e ls188 ws1b9\">(69) </span></span>Net financing costs <span class=\"_ _22d\"> </span><span class=\"ff15e ls18b ws1bb\">4.</span>4 <span class=\"_ _43\"> </span><span class=\"ff15c ls183 ws1bd\">(26) <span class=\"_ _80\"> </span></span><span class=\"ls18d ws1d3\">(50)<span class=\"_ _0\"/> </span>Share of pr<span class=\"_ _0\"/>ofits of jo<span class=\"_ _0\"/>int ventur<span class=\"_ _0\"/>es and a<span class=\"_ _0\"/>ssociated <span class=\"_ _0\"/>undertakin<span class=\"_ _0\"/>gs <span class=\"_ _68\"> </span><span class=\"ff15e ls3\"> <span class=\"_ _5c\"> </span><span class=\"ff15c ls184 ws1d4\">8 <span class=\"_ _124\"> </span></span><span class=\"ls183 ws1bd\">12 </span></span>Loss on sale of subsidiaries and investments  <span class=\"_ _79\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _25\"> </span><span class=\"ff15c ls184 ws1d4\">\u2013 <span class=\"_ _47\"> </span></span><span class=\"ls19b ws1d6\">(1)<span class=\"_ _0\"/> </span></span>Profit befor<span class=\"_ _0\"/>e tax  <span class=\"_ _14e\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _59\"> </span></span><span class=\"ls18c ws1c2\">501 <span class=\"_ _62\"> </span><span class=\"ff15e ls18b ws1bb\">480<span class=\"_ _0\"/> </span></span>Cash generated from operations A reconciliation from profit before tax to ca<span class=\"_ _3\"/>sh generated from operations before exceptio<span class=\"_ _3\"/>nal items is as follows:  <span class=\"_ _24\"> </span><span class=\"ls1a4 ws1e3\">Note </span>2022 \u00a3m 2021 \u00a3m Cash flows from operating<span class=\"_ _3\"/> activities <span class=\"_ _15a\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ff15c\"> <span class=\"_ _131\"> </span></span> </span>Profit before t<span class=\"_ _0\"/>ax <span class=\"_ _22e\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _62\"> </span><span class=\"ff15c ls18c ws1c2\">501 <span class=\"_ _12\"> </span></span><span class=\"ls18b ws1bb\">480 </span></span>Add back: <span class=\"_ _22f\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ff15c\"> <span class=\"_ _ed\"> </span></span> </span>Loss on sale of subsidiaries a<span class=\"_ _0\"/>nd investments (ex<span class=\"_ _0\"/>ceptional items) <span class=\"_ _cb\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _1d2\"> </span><span class=\"ff15c ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span></span><span class=\"ls186 ws1b6\">1 </span></span>Share of pr<span class=\"_ _0\"/>ofits of jo<span class=\"_ _0\"/>int ventur<span class=\"_ _0\"/>es and a<span class=\"_ _0\"/>ssociated <span class=\"_ _0\"/>undertakin<span class=\"_ _0\"/>gs <span class=\"_ _64\"> </span><span class=\"ff15e ls3\"> <span class=\"_ _4d\"> </span></span><span class=\"ff15c ws1bd\">(8) <span class=\"_ _62\"> </span><span class=\"ff15e ls19b ws1d6\">(12) </span></span>Net financing costs <span class=\"_ _fe\"> </span><span class=\"ff15e ls18b ws1bb\">4.</span>4 <span class=\"_ _16\"> </span><span class=\"ff15c ls18d ws1d3\">26 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws1bd\">50 </span>Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items <span class=\"_ _10b\"> </span><span class=\"ff15e ls189 ws1b8\">2.2 <span class=\"_ _16\"> </span><span class=\"ff15c\">65 <span class=\"_ _20\"> </span></span><span class=\"ls188 ws1b9\">196 </span></span>Deprecia<span class=\"_ _3\"/>tion of proper<span class=\"_ _3\"/>ty, plant and equ<span class=\"_ _3\"/>ipment (net of exce<span class=\"_ _3\"/>ptional items) <span class=\"_ _f9\"> </span><span class=\"ff15e ls183 ws1bd\">3.2 <span class=\"_ _6b\"> </span><span class=\"ff15c ls18f ws1c4\">53 <span class=\"_ _6b\"> </span></span>59 </span>Amortisation and impair<span class=\"_ _0\"/>ment <span class=\"_ _230\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _5f\"> </span><span class=\"ff15c ls185 ws1c1\">84<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span><span class=\"ls188 ws1b9\">69 </span></span>Share-based compen<span class=\"_ _3\"/>sation  <span class=\"_ _231\"> </span><span class=\"ff15e ls189 ws1b8\">4.8 <span class=\"_ _13\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _4d\"> </span></span><span class=\"ls183 ws1bd\">12<span class=\"_ _0\"/> </span></span>Increase in programme r<span class=\"_ _3\"/>ights and distribution<span class=\"_ _3\"/> rights <span class=\"_ _ba\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _11c\"> </span><span class=\"ff15c ls189 ws1b8\">(70) <span class=\"_ _43\"> </span></span></span><span class=\"ws1b9\">(6) </span>Increase in receivables and contract assets <span class=\"_ _232\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _34\"> </span></span><span class=\"ff15c ws1c2\">(133) <span class=\"_ _26\"> </span></span><span class=\"ls185 ws1c1\">(270) </span>Increase in payables and contract liabilitie<span class=\"_ _3\"/>s <span class=\"_ _216\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _16\"> </span><span class=\"ff15c ls18f ws1c4\">53 <span class=\"_ _20\"> </span></span><span class=\"ls183 ws1bd\">135 </span></span>Movement in wor<span class=\"_ _0\"/>king capital<span class=\"_ _0\"/> <span class=\"_ _233\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _a9\"> </span> <span class=\"_ _9f\"> </span><span class=\"ff15c ls189 ws1b8\">(150) <span class=\"_ _45\"> </span></span><span class=\"ls185 ws1c1\">(141) </span></span>Cash generate<span class=\"_ _0\"/>d from operations before ex<span class=\"_ _0\"/>ceptional items <span class=\"_ _64\"> </span><span class=\"ff15e ls3 ws2\"> <span class=\"_ _49\"> </span></span><span class=\"ls18d ws1d3\">590<span class=\"_ _0\"/> <span class=\"_ _54\"> </span><span class=\"ff15e ls18c ws1c2\">71</span></span>4<span class=\"_ _335\"> </span>Operating costs The major <span class=\"_ _3\"/>component<span class=\"_ _3\"/>s of operating<span class=\"_ _3\"/> costs <span class=\"_ _3\"/>of \u00a33,209 mi<span class=\"_ _3\"/>llion (2021: \u00a3<span class=\"_ _3\"/>2,934 mi<span class=\"_ _3\"/>llion) are <span class=\"_ _3\"/>content <span class=\"_ _3\"/>costs of \u00a3<span class=\"_ _3\"/>1,216 milli<span class=\"_ _3\"/>on (2021:<span class=\"_ _3\"/> \u00a31,154 mi<span class=\"_ _4\"/>llion), other <span class=\"_ _3\"/>net cost<span class=\"_ _3\"/>s of produ<span class=\"_ _3\"/>ction of \u00a31,<span class=\"_ _3\"/>444 milli<span class=\"_ _3\"/>on (202<span class=\"_ _3\"/>1: \u00a31,124<span class=\"_ _3\"/> millio<span class=\"_ _3\"/>n), staf<span class=\"_ _3\"/>f costs of<span class=\"_ _3\"/> \u00a3347 mil<span class=\"_ _3\"/>lion (2021: \u00a3332 million)<span class=\"_ _3\"/>, depreciation, amorti<span class=\"_ _3\"/>sation and impairme<span class=\"_ _3\"/>nt of \u00a3137 million (2<span class=\"_ _3\"/>021: \u00a3128 million) and operati<span class=\"_ _3\"/>ng exceptional items of \u00a365 million (2021: \u00a3196 million).  Follo<span class=\"_ _3\"/>wing the laun<span class=\"_ _3\"/>ch of ITV<span class=\"_ _3\"/>X, the conte<span class=\"_ _3\"/>nt cost<span class=\"_ _3\"/>s above in<span class=\"_ _3\"/>clude netwo<span class=\"_ _3\"/>rk schedu<span class=\"_ _3\"/>le cost<span class=\"_ _3\"/>s and the co<span class=\"_ _3\"/>ntent co<span class=\"_ _3\"/>sts previously a<span class=\"_ _3\"/>llocated to Brit<span class=\"_ _3\"/>Box UK. T<span class=\"_ _3\"/>he comparativ<span class=\"_ _3\"/>es above have<span class=\"_ _3\"/> been re-presented<span class=\"_ _3\"/> to reflect <span class=\"_ _3\"/>this change. Staff costs Staff cos<span class=\"_ _0\"/>ts can be <span class=\"_ _0\"/>analysed as<span class=\"_ _0\"/> follows:<span class=\"_ _0\"/> 2022 \u00a3m 2021 \u00a3m Wages and salari<span class=\"_ _0\"/>es <span class=\"_ _1c3\"> </span><span class=\"ff15c ls183 ws1bd\">49<span class=\"_ _0\"/>7 <span class=\"_ _4d\"> </span></span><span class=\"ff15e ws1bb\">441<span class=\"_ _0\"/> </span>Social se<span class=\"_ _0\"/>curity an<span class=\"_ _0\"/>d other costs<span class=\"_ _0\"/> <span class=\"_ _234\"> </span><span class=\"ff15c ws1c1\">80 <span class=\"_ _78\"> </span><span class=\"ff15e ls188 ws1b9\">69 </span></span>Share-based compensa<span class=\"_ _3\"/>tion (see note 4.8) <span class=\"_ _114\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _1f\"> </span><span class=\"ff15e ls183 ws1bd\">12 </span></span>Pension costs<span class=\"_ _0\"/> <span class=\"_ _235\"> </span><span class=\"ff15c ls18f ws1c4\">35 <span class=\"_ _81\"> </span><span class=\"ff15e ls19b ws1d6\">31 </span></span>Total sta<span class=\"_ _3\"/>ff costs* <span class=\"_ _187\"> </span><span class=\"ls189 ws1b8\">631 <span class=\"_ _4d\"> </span><span class=\"ff15e\">553 </span></span>Less: staff cos<span class=\"_ _0\"/>ts allocated t<span class=\"_ _0\"/>o productio<span class=\"_ _0\"/>ns, exceptiona<span class=\"_ _0\"/>l items or <span class=\"_ _0\"/>capitalised  <span class=\"_ _38\"> </span><span class=\"ff15c ws1bb\">(284) <span class=\"_ _4b\"> </span><span class=\"ff15e ls185 ws1c1\">(221) </span></span>Net staff costs  <span class=\"_ _1bb\"> </span><span class=\"ls3 ws2\">3</span>47 <span class=\"_ _4d\"> </span><span class=\"ff15e\">332 </span>* <span class=\"_ _2d\"> </span>Staff costs includes the management board including two execut<span class=\"ls1c0 ws1de\">ive directors but exclud<span class=\"_ _3\"/>es the non-executives and the Ch<span class=\"_ _3\"/>airman.<span class=\"ff15f ls3 ws2\"> </span></span>ITV plc<span class=\"ff161 ls3 ws2\">\u2009</span><span class=\"ff162 ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1b8 ws21a\">189<span class=\"ff162 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>Full-tim<span class=\"_ _0\"/>e equival<span class=\"_ _0\"/>ent empl<span class=\"_ _0\"/>oyees<span class=\"_ _0\"/> (FTEE) in<span class=\"_ _0\"/>clude th<span class=\"_ _0\"/>ose FTEEs<span class=\"_ _0\"/> that a<span class=\"_ _0\"/>re alloca<span class=\"_ _0\"/>ted to th<span class=\"_ _0\"/>e cost of p<span class=\"_ _0\"/>roduct<span class=\"_ _0\"/>ions du<span class=\"_ _0\"/>ring the year; however<span class=\"_ _3\"/>, they exclude short-term<span class=\"_ _3\"/><span class=\"ls190 ws1c7\"> contract<span class=\"_ _3\"/>ors and free<span class=\"_ _3\"/>lancers who<span class=\"_ _3\"/> are en<span class=\"ls185 ws2\">gaged <span class=\"_ _0\"/>on produc<span class=\"_ _0\"/>tions. <span class=\"_ _0\"/>The weigh<span class=\"_ _0\"/>ted </span></span>average <span class=\"_ _3\"/>FTEE over t<span class=\"_ _3\"/>he year is<span class=\"_ _3\"/>:  <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span>ITV Studios <span class=\"_ _236\"> </span><span class=\"ff160 ls189 ws1b8\">4,042 <span class=\"_ _12\"> </span><span class=\"ff163 ls183 ws1bd\">3,816 </span></span>Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _16e\"> </span><span class=\"ff160 ls18b ws1bb\">2,635 <span class=\"_ _42\"> </span><span class=\"ff163 ls18f ws1c4\">2,499 </span></span> <span class=\"_ _237\"> </span><span class=\"ff160 ls189 ws1b8\">6,677 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,<span class=\"_ _0\"/>315 </span></span>The monthl<span class=\"_ _0\"/>y averag<span class=\"_ _0\"/>e number<span class=\"_ _0\"/> of peopl<span class=\"_ _0\"/>e employe<span class=\"_ _0\"/>d over the<span class=\"_ _0\"/> year is:  <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span>ITV Studios <span class=\"_ _238\"> </span><span class=\"ff160 ls18b ws1bb\">4,144 <span class=\"_ _80\"> </span><span class=\"ff163 ls189 ws1b8\">4,10<span class=\"_ _0\"/>9 </span></span>Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _239\"> </span><span class=\"ff160 ls18b ws1bb\">2,681 <span class=\"_ _42\"> </span><span class=\"ff163 ls189 ws1b8\">2,509 </span></span> <span class=\"_ _23a\"> </span><span class=\"ff160 ls189 ws1b8\">6,825 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,618 </span></span>The increase<span class=\"_ _0\"/> in headcount is du<span class=\"_ _0\"/>e to the investme<span class=\"_ _0\"/>nt in digital an<span class=\"_ _0\"/>d technical ex<span class=\"_ _0\"/>pertise to drive<span class=\"_ _0\"/> our digital rev<span class=\"_ _0\"/>enue primarily on <span class=\"_ _3\"/>ITVX as well<span class=\"_ _3\"/> as converting <span class=\"_ _3\"/>freelance cont<span class=\"_ _3\"/>ractors to <span class=\"_ _3\"/>fixed term or <span class=\"_ _3\"/>permanent employees<span class=\"_ _3\"/>. Depreciation  Depreciation in the year<span class=\"_ _3\"/> was \u00a353 million (2021: \u00a359 million), of which \u00a333 <span class=\"_ _3\"/>million (2021: \u00a339 million) re<span class=\"_ _3\"/>lates to ITV Studios <span class=\"_ _3\"/>and \u00a320 mi<span class=\"_ _3\"/>llion (2021<span class=\"_ _3\"/>: \u00a320 mi<span class=\"_ _3\"/>llion) to M<span class=\"_ _3\"/>edia &amp; Enter<span class=\"_ _3\"/>tainment. A<span class=\"_ _3\"/> further \u00a3<span class=\"_ _3\"/>8 million i<span class=\"_ _4\"/>n respect of acce<span class=\"_ _3\"/>lerated depreciation followi<span class=\"_ _3\"/>ng a change in useful life o<span class=\"_ _3\"/>f the related asset<span class=\"_ _3\"/>s in relation to the <span class=\"_ _3\"/>move to a new Londo<span class=\"_ _3\"/>n site has been include<span class=\"_ _0\"/>d in exception<span class=\"_ _0\"/>al items. See no<span class=\"_ _0\"/>tes 2.2 and 3.2 fo<span class=\"_ _0\"/>r further deta<span class=\"_ _0\"/>ils. Audit fees<span class=\"_ _0\"/> The Grou<span class=\"_ _3\"/>p\u2019s audito<span class=\"_ _3\"/>r is Pw<span class=\"_ _3\"/>C LLP. The Gr<span class=\"_ _3\"/>oup may <span class=\"_ _3\"/>engage Pw<span class=\"_ _3\"/>C on assi<span class=\"_ _3\"/>gnment<span class=\"_ _3\"/>s additiona<span class=\"_ _3\"/>l to it<span class=\"_ _3\"/>s statutor<span class=\"_ _3\"/>y audit d<span class=\"_ _3\"/>uties where its expertise<span class=\"_ _3\"/> and experience <span class=\"_ _3\"/>with the Group are impo<span class=\"_ _3\"/>rtant and are i<span class=\"_ _3\"/>n line with Group\u2019s po<span class=\"_ _3\"/>licy on auditor independence. In 2022, <span class=\"_ _0\"/>no non-audit fees<span class=\"ls184 ws1b3\">, other than in <span class=\"_ _3\"/>respect of aud<span class=\"_ _3\"/>it-related a<span class=\"_ _3\"/>ssurance services (bei<span class=\"_ _3\"/>ng the review </span>of the inte<span class=\"_ _3\"/>rim results for the <span class=\"_ _3\"/>six months to 3<span class=\"_ _3\"/>0 June 2022) were pai<span class=\"_ _3\"/>d to PwC (2<span class=\"_ _3\"/>021: PwC: \u00a3nil)<span class=\"_ _3\"/>. Fees paid to<span class=\"_ _3\"/> PwC and its asso<span class=\"_ _3\"/>ciates durin<span class=\"_ _3\"/>g the year<span class=\"_ _3\"/> are set out b<span class=\"_ _3\"/>elow: PWC  2022 \u00a3m PWC  2021 \u00a3m For the aud<span class=\"_ _3\"/>it of the Group\u2019s annua<span class=\"_ _3\"/>l financial s<span class=\"_ _3\"/>tatements <span class=\"_ _162\"> </span><span class=\"ff160 ls18f ws1c4\">1.8 <span class=\"_ _69\"> </span><span class=\"ff163 ls18b ws1bb\">1.8 </span></span>For the aud<span class=\"_ _3\"/>it of subsidiar<span class=\"_ _3\"/>ies of the Group <span class=\"_ _23b\"> </span><span class=\"ff160 ls18c ws1c2\">1.3 <span class=\"_ _69\"> </span><span class=\"ff163 ls18b ws1bb\">1.5 </span></span>Audit-<span class=\"_ _3\"/>related assu<span class=\"_ _3\"/>rance serv<span class=\"_ _3\"/>ices <span class=\"_ _23c\"> </span><span class=\"ff160 ls18b ws1b2\">0.2  <span class=\"_ _60\"> </span><span class=\"ff163 ls189 ws1b8\">0.2 </span></span>Total audi<span class=\"_ _0\"/>t and audit-<span class=\"_ _0\"/>relate<span class=\"_ _0\"/>d assura<span class=\"_ _0\"/>nce service<span class=\"_ _0\"/>s <span class=\"_ _23d\"> </span><span class=\"ls18c ws1c2\">3.3 <span class=\"_ _47\"> </span><span class=\"ff163 ls19b ws1d6\">3.<span class=\"_ _0\"/>5 </span></span>Other assu<span class=\"_ _3\"/>rance service<span class=\"_ _3\"/>s <span class=\"_ _12e\"> </span><span class=\"ff160 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span><span class=\"ff163 ls18f ws1c4\">\u2013 </span></span>Total non-audit serv<span class=\"_ _0\"/>ices* <span class=\"_ _23f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span><span class=\"ff163 ls18f ws1c4\">\u2013 </span></span>Total <span class=\"_ _3\"/>fees paid to<span class=\"_ _3\"/> auditor <span class=\"_ _240\"> </span><span class=\"ls18c ws1c2\">3.3 <span class=\"_ _47\"> </span><span class=\"ff163 ls19b ws1d6\">3.<span class=\"_ _0\"/>5 </span></span>* <span class=\"_ _2d\"> </span>See de<span class=\"_ _0\"/>tails of non<span class=\"_ _0\"/>-audit ser<span class=\"_ _0\"/>vices pol<span class=\"_ _0\"/>icy in the<span class=\"_ _0\"/> Audit and Risk C<span class=\"_ _0\"/>ommittee Re<span class=\"_ _0\"/>port on pa<span class=\"_ _0\"/>ge 136. There were<span class=\"_ _0\"/> no fees <span class=\"_ _0\"/>payable in<span class=\"_ _0\"/> 2022 or 20<span class=\"_ _0\"/>21 to PwC <span class=\"_ _0\"/>or their <span class=\"_ _0\"/>associates<span class=\"_ _0\"/> for the a<span class=\"_ _0\"/>uditing of<span class=\"_ _0\"/> financi<span class=\"_ _0\"/>al statement<span class=\"_ _0\"/>s of any associat<span class=\"_ _0\"/>e or pensio<span class=\"_ _0\"/>n scheme of<span class=\"_ _0\"/> the Gro<span class=\"_ _0\"/>up, inter<span class=\"_ _0\"/>nal audit, a<span class=\"_ _0\"/>nd servic<span class=\"_ _0\"/>es relating<span class=\"_ _0\"/> to corporat<span class=\"_ _0\"/>e financ<span class=\"_ _0\"/>e transact<span class=\"_ _0\"/>ions entered int<span class=\"_ _0\"/>o or prop<span class=\"_ _0\"/>osed to b<span class=\"_ _0\"/>e entered<span class=\"_ _0\"/> into, by o<span class=\"_ _0\"/>r on beha<span class=\"_ _0\"/>lf of th<span class=\"_ _0\"/>e Group or<span class=\"_ _0\"/> any of its <span class=\"_ _0\"/>associat<span class=\"_ _0\"/>es.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>187<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year <span class=\"ff167 ls1ca ws23d\">continued<span class=\"_ _3\"/><span class=\"ff166 ls3 ws2\"> </span></span>190 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff169 ls3 ws2\">\u2009</span><span class=\"ff167 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>2.2 Exceptiona<span class=\"_ _0\"/>l items  <span class=\"_ _85\"> </span><span class=\"ff16a fca ls187 ws21c\">Keeping  </span>it simple Exceptional items <span class=\"_ _3\"/>are excluded <span class=\"_ _3\"/>from management<span class=\"_ _3\"/>\u2019s assessment of<span class=\"_ _3\"/> profit becaus<span class=\"_ _3\"/>e by their<span class=\"_ _0\"/> size or na<span class=\"_ _0\"/>ture they<span class=\"_ _0\"/> could dis<span class=\"_ _0\"/>tort the Gr<span class=\"_ _0\"/>oup\u2019s unde<span class=\"_ _0\"/>rlying qu<span class=\"_ _0\"/>ality of ea<span class=\"_ _0\"/>rnings.<span class=\"_ _0\"/> They are ty<span class=\"_ _3\"/>pically g<span class=\"_ _3\"/>ains or losse<span class=\"_ _3\"/>s arising <span class=\"_ _3\"/>from events t<span class=\"_ _3\"/>hat are not <span class=\"_ _3\"/>considered<span class=\"_ _3\"/> part of the core opera<span class=\"_ _3\"/>tions of the busi<span class=\"_ _3\"/>ness. These items are<span class=\"_ _3\"/> excluded to refle<span class=\"_ _3\"/>ct performance i<span class=\"_ _3\"/>n a consiste<span class=\"_ _3\"/>nt manner a<span class=\"_ _3\"/>nd are in li<span class=\"_ _4\"/>ne with how the busi<span class=\"_ _3\"/>ness is managed an<span class=\"_ _0\"/>d measure<span class=\"_ _0\"/>d on a day-to-da<span class=\"_ _0\"/>y basis. Accounting policies Exceptional it<span class=\"_ _3\"/>ems as described abo<span class=\"_ _3\"/>ve are high<span class=\"_ _3\"/>lighted on th<span class=\"ls186 ws1c9\">e fa<span class=\"_ _3\"/>ce of the Consolidated Incom<span class=\"_ _3\"/>e Statement. Se<span class=\"_ _3\"/>e the </span>Operating and<span class=\"_ _3\"/> Financial Performance<span class=\"_ _3\"/> Review on page<span class=\"_ _3\"/>s 28 to 65 fo<span class=\"_ _3\"/>r the detailed ex<span class=\"_ _3\"/>planation of t<span class=\"_ _3\"/>he Group\u2019<span class=\"_ _3\"/>s use of adjusted perform<span class=\"_ _3\"/>ance measures. Gains or losses on di<span class=\"_ _3\"/>sposal<span class=\"ws1b3\"> of non-core a<span class=\"_ _3\"/>ssets are a<span class=\"_ _3\"/>lso considered e<span class=\"_ _3\"/>xceptional due </span>to their nat<span class=\"_ _3\"/>ure and impact on<span class=\"_ _3\"/> the Group\u2019s <span class=\"_ _3\"/>underlying qual<span class=\"_ _3\"/>ity of earnings.  Exceptional items Operating and<span class=\"_ _3\"/> non-operating e<span class=\"_ _3\"/>xceptional items a<span class=\"_ _3\"/>re analysed as fo<span class=\"_ _3\"/>llows: (Charge)/credit <span class=\"_ _1bd\"> </span><span class=\"ls1cb ws1ce\">Ref. </span>2022  \u00a3m 2021  \u00a3m Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items:<span class=\"_ _0\"/> <span class=\"_ _10b\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _ae\"> </span></span> </span>Acquisition-related expenses <span class=\"_ _10f\"> </span>A <span class=\"_ _1f\"> </span><span class=\"ff168 ls18b ws1bb\">(4) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(109) </span>Restructur<span class=\"_ _0\"/>ing and transf<span class=\"_ _0\"/>ormation<span class=\"_ _0\"/> costs <span class=\"_ _241\"> </span>B <span class=\"_ _4d\"> </span><span class=\"ff168 ls18b ws1bb\">(28) <span class=\"_ _69\"> </span></span><span class=\"ls19b ws1d6\">(8) </span>Property<span class=\"_ _3\"/> costs <span class=\"_ _242\"> </span>C <span class=\"_ _4d\"> </span><span class=\"ff168 ls189 ws1b8\">(24) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(8) </span>Pensio<span class=\"_ _3\"/>n relate<span class=\"_ _3\"/>d costs <span class=\"_ _243\"> </span>D <span class=\"_ _14d\"> </span><span class=\"ff168 ls3 ws2\">(<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _6b\"> </span><span class=\"ff16b ls19b ws1d6\">(21)<span class=\"_ _0\"/> </span>Costs rel<span class=\"_ _0\"/>ated to<span class=\"_ _0\"/> the pass<span class=\"_ _0\"/>ing of H<span class=\"_ _0\"/>er Maje<span class=\"_ _0\"/>sty Quee<span class=\"_ _0\"/>n Eliza<span class=\"_ _0\"/>beth II <span class=\"_ _3a\"> </span>E <span class=\"_ _124\"> </span><span class=\"ff168 ls189 ws1b8\">(16)<span class=\"_ _0\"/> <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Sports rights  <span class=\"_ _244\"> </span>F <span class=\"_ _131\"> </span><span class=\"ff168 ws1c4\">5 <span class=\"_ _44\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>) </span>Transpond<span class=\"_ _0\"/>er onero<span class=\"_ _0\"/>us contrac<span class=\"_ _0\"/>t <span class=\"_ _225\"> </span>G <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _47\"> </span></span><span class=\"ls19b ws1d6\">(16) </span>Employee-related<span class=\"_ _3\"/> tax provision <span class=\"_ _245\"> </span>H <span class=\"_ _60\"> </span><span class=\"ff168 ls189 ws1b8\">(10) <span class=\"_ _6e\"> </span></span><span class=\"ls183 ws1bd\">(22) </span>Insured trade r<span class=\"_ _3\"/>eceivable pro<span class=\"_ _3\"/>vision <span class=\"_ _246\"> </span>I <span class=\"_ _1d2\"> </span><span class=\"ff168 ls185 ws1c1\">23 <span class=\"_ _168\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Other <span class=\"_ _247\"> </span><span class=\"ls18c ws1c2\">J <span class=\"_ _5c\"> </span><span class=\"ff168 ls18b ws1bb\">(7) <span class=\"_ _4d\"> </span></span></span>(11) Total operatin<span class=\"_ _3\"/>g exceptional <span class=\"_ _3\"/>items <span class=\"_ _20b\"> </span><span class=\"ff16b ls3 ws2\"> </span>(65) <span class=\"_ _62\"> </span><span class=\"ff16b ls188 ws1b9\">(196) </span>Tax on oper<span class=\"_ _3\"/>ating exceptional it<span class=\"_ _3\"/>ems <span class=\"_ _248\"> </span> <span class=\"_ _12f\"> </span><span class=\"ff168 ws1d4\">8 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">16 </span>Total operating exc<span class=\"_ _3\"/>eptional items net of tax <span class=\"_ _ea\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _124\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _12\"> </span><span class=\"ff16b ls19b ws1d6\">(18<span class=\"_ _0\"/>0) </span></span>Non-operatin<span class=\"_ _0\"/>g exception<span class=\"_ _0\"/>al items: <span class=\"_ _183\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _142\"> </span></span> </span>Financing exceptional item: acquisition-related <span class=\"_ _249\"> </span>K <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _203\"> </span></span><span class=\"ls18d ws1d3\">(10)<span class=\"_ _0\"/> </span>Total non-ope<span class=\"_ _3\"/>rating exceptio<span class=\"_ _3\"/>nal items <span class=\"_ _24a\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _141\"> </span><span class=\"ff168\"> <span class=\"_ _16\"> </span></span><span class=\"ls18d ws1d3\">(10) </span></span>Tax on n<span class=\"_ _0\"/>on-opera<span class=\"_ _0\"/>ting except<span class=\"_ _0\"/>ional item<span class=\"_ _0\"/>s <span class=\"_ _dc\"> </span> <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Total e<span class=\"_ _3\"/>xceptional <span class=\"_ _3\"/>items ne<span class=\"_ _3\"/>t of tax <span class=\"_ _9d\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _60\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _62\"> </span><span class=\"ff16b ls18d ws1d3\">(190) </span></span>A. Acquisiti<span class=\"_ _0\"/>on-related <span class=\"_ _0\"/>expenses Acquisition-related expe<span class=\"_ _3\"/>nses of \u00a34 million (2021: \u00a3109 mi<span class=\"_ _3\"/>llion) relate primari<span class=\"_ _3\"/>ly to integration costs and p<span class=\"_ _3\"/>rofessional fees, mai<span class=\"_ _3\"/>nly financial due di<span class=\"_ _3\"/>ligence and <span class=\"_ _3\"/>legal costs in<span class=\"_ _3\"/>curred on curr<span class=\"_ _3\"/>ent period acquisiti<span class=\"_ _3\"/>ons. Also included<span class=\"_ _3\"/> are performance-based,<span class=\"_ _3\"/> employment-li<span class=\"_ _3\"/>nked expected pa<span class=\"_ _3\"/>yments to former<span class=\"_ _3\"/> owners, wi<span class=\"_ _3\"/>th the final d<span class=\"_ _3\"/>etermination of t<span class=\"_ _3\"/>he second earn<span class=\"_ _0\"/>out on the Tal<span class=\"_ _0\"/>pa acquisi<span class=\"_ _0\"/>tion accoun<span class=\"_ _0\"/>ting for the ma<span class=\"_ _0\"/>jority of<span class=\"_ _0\"/> the amount charg<span class=\"_ _0\"/>ed in 2021. B. Re<span class=\"_ _3\"/>structu<span class=\"_ _3\"/>ring and<span class=\"_ _4\"/> transforma<span class=\"_ _3\"/>tion c<span class=\"_ _3\"/>osts Restructuring and tr<span class=\"_ _3\"/>ansformation costs of \u00a328 mi<span class=\"_ _3\"/>llion (2021: <span class=\"ls19e ws1b3\">\u00a38 mi<span class=\"_ _3\"/>llion) relate to one-off significant restructuring and </span>transformation programmes of the busine<span class=\"ls1a1 ws1d2\">ss. Significant programmes in the year</span> include the ITV Together programme which includes the implementa<span class=\"ls19f ws1b5\">tion of a new <span class=\"_ _3\"/>cloud-based ERP solution, a <span class=\"_ _3\"/>so<span class=\"ls1a0 ws2\">ftware as a service (SaaS) <span class=\"_ _3\"/>solution where </span></span>the implementation costs are expensed as incurred. The implementat<span class=\"_ _4\"/>ion of the programme commenced in 2021 and will continue into 2023 and 2024. Additional<span class=\"ls19f ws1b5\"> exceptional co<span class=\"_ _3\"/>sts related to the ITV To<span class=\"_ _4\"/><span class=\"ls1a0 ws2\">gether programme of between \u00a38 million </span></span>and \u00a310 million are expected to be incurred to <span class=\"_ _3\"/>complete the foundational stage of the<span class=\"_ _3\"/> programme.  C. Proper<span class=\"_ _0\"/>ty costs<span class=\"_ _0\"/> Following t<span class=\"_ _3\"/>he decision to mo<span class=\"_ _3\"/>ve to Broadcast <span class=\"_ _3\"/>Centre in ear<span class=\"_ _3\"/>ly 2022, \u00a317 million (<span class=\"_ _3\"/>2021: \u00a38 million) o<span class=\"_ _3\"/>f property co<span class=\"_ _3\"/>sts and move relat<span class=\"_ _3\"/>ed costs have<span class=\"_ _3\"/> been recognised <span class=\"_ _3\"/>as exceptional, i<span class=\"_ _3\"/>ncluding acce<span class=\"_ _3\"/>lerated depreciat<span class=\"_ _3\"/>ion following<span class=\"_ _3\"/> a change in useful life of th<span class=\"_ _0\"/>e related<span class=\"_ _0\"/> assets. Additi<span class=\"_ _0\"/>onal excep<span class=\"_ _0\"/>tional costs<span class=\"_ _0\"/> related to the<span class=\"_ _0\"/> property<span class=\"_ _0\"/> move of \u00a310 mill<span class=\"_ _0\"/>ion is expec<span class=\"_ _0\"/>ted to be incur<span class=\"_ _3\"/>red in 2023. An additiona<span class=\"_ _3\"/>l \u00a37 million i<span class=\"_ _3\"/>mpair<span class=\"ls183 ws1b2\">ment on leasehold imp<span class=\"_ _0\"/>rovemen<span class=\"_ _0\"/>ts and right of use<span class=\"_ _0\"/> asset has </span>been provi<span class=\"_ _3\"/>ded following<span class=\"_ _3\"/> the decisio<span class=\"_ _3\"/>n to vacate ou<span class=\"_ _3\"/>r New York<span class=\"_ _3\"/> office and<span class=\"_ _3\"/> reduce our pr<span class=\"_ _3\"/>operty footpri<span class=\"_ _3\"/>nt in the US<span class=\"_ _3\"/>. D. Pension related costs The Box Clever provision wa<span class=\"_ _3\"/>s increased by \u00a321 million in 202<span class=\"_ _3\"/>1<span class=\"ls1a0 ws2\"> reflecting an increa<span class=\"_ _3\"/>se in management\u2019s estimate of the </span>provision required. The treatment of this increase a<span class=\"_ _3\"/>s exceptional is consis<span class=\"ls19e ws1b3\">tent with the recognition of the \u00a331 million </span>provision in 2020 as an exc<span class=\"_ _0\"/>eptional charge<span class=\"ls1a0 ws2\">. There has been no change to the provisio<span class=\"ls19e ws1b3\">n in 2022. See 3.6 f<span class=\"_ _3\"/>or further details.  </span></span>In April 2022, t<span class=\"_ _3\"/>he Pension Trustee <span class=\"_ _3\"/>completed a buyout<span class=\"_ _3\"/> of Sectio<span class=\"_ _3\"/>n C of the IT<span class=\"_ _3\"/>V Pension Scheme<span class=\"_ _3\"/>, which in pra<span class=\"_ _3\"/>ctical terms split th<span class=\"_ _3\"/>e bulk annuity poli<span class=\"_ _3\"/>cy into individu<span class=\"_ _3\"/>al annuity po<span class=\"_ _3\"/>licies for e<span class=\"_ _3\"/>ach scheme member<span class=\"_ _3\"/>. \u00a34 million <span class=\"_ _3\"/>(2021: \u00a3nil) which related to<span class=\"_ _3\"/> the risk pr<span class=\"_ _3\"/>emium of Se<span class=\"_ _3\"/>ction C was <span class=\"_ _3\"/>paid. Further detai<span class=\"_ _3\"/>ls are provided<span class=\"_ _3\"/> in note 3.7.<span class=\"ff16c ls3 ws2\"> </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>188<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year <span class=\"ff167 ls1ca ws23d\">continued<span class=\"_ _3\"/><span class=\"ff166 ls3 ws2\"> </span></span>190 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff169 ls3 ws2\">\u2009</span><span class=\"ff167 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>2.2 Exceptiona<span class=\"_ _0\"/>l items  <span class=\"_ _85\"> </span><span class=\"ff16a fca ls187 ws21c\">Keeping  </span>it simple Exceptional items <span class=\"_ _3\"/>are excluded <span class=\"_ _3\"/>from management<span class=\"_ _3\"/>\u2019s assessment of<span class=\"_ _3\"/> profit becaus<span class=\"_ _3\"/>e by their<span class=\"_ _0\"/> size or na<span class=\"_ _0\"/>ture they<span class=\"_ _0\"/> could dis<span class=\"_ _0\"/>tort the Gr<span class=\"_ _0\"/>oup\u2019s unde<span class=\"_ _0\"/>rlying qu<span class=\"_ _0\"/>ality of ea<span class=\"_ _0\"/>rnings.<span class=\"_ _0\"/> They are ty<span class=\"_ _3\"/>pically g<span class=\"_ _3\"/>ains or losse<span class=\"_ _3\"/>s arising <span class=\"_ _3\"/>from events t<span class=\"_ _3\"/>hat are not<span class=\"_ _3\"/> considered<span class=\"_ _3\"/> part of the core opera<span class=\"_ _3\"/>tions of the busi<span class=\"_ _3\"/>ness. These items are<span class=\"_ _3\"/> excluded to refle<span class=\"_ _3\"/>ct performance i<span class=\"_ _3\"/>n a consiste<span class=\"_ _3\"/>nt manner a<span class=\"_ _3\"/>nd are in li<span class=\"_ _4\"/>ne with how the busi<span class=\"_ _3\"/>ness is managed an<span class=\"_ _0\"/>d measure<span class=\"_ _0\"/>d on a day-to-da<span class=\"_ _0\"/>y basis. Accounting policies Exceptional it<span class=\"_ _3\"/>ems as described abo<span class=\"_ _3\"/>ve are high<span class=\"_ _3\"/>lighted on th<span class=\"ls186 ws1c9\">e fa<span class=\"_ _3\"/>ce of the Consolidated Incom<span class=\"_ _3\"/>e Statement. Se<span class=\"_ _3\"/>e the </span>Operating and<span class=\"_ _3\"/> Financial Performance<span class=\"_ _3\"/> Review on page<span class=\"_ _3\"/>s 28 to 65 fo<span class=\"_ _3\"/>r the detailed ex<span class=\"_ _3\"/>planation of t<span class=\"_ _3\"/>he Group\u2019<span class=\"_ _3\"/>s use of adjusted perform<span class=\"_ _3\"/>ance measures. Gains or losses on di<span class=\"_ _3\"/>sposal<span class=\"ws1b3\"> of non-core a<span class=\"_ _3\"/>ssets are a<span class=\"_ _3\"/>lso considered e<span class=\"_ _3\"/>xceptional due </span>to their nat<span class=\"_ _3\"/>ure and impact on<span class=\"_ _3\"/> the Group\u2019s <span class=\"_ _3\"/>underlying qual<span class=\"_ _3\"/>ity of earnings.  Exceptional items Operating and<span class=\"_ _3\"/> non-operating e<span class=\"_ _3\"/>xceptional items a<span class=\"_ _3\"/>re analysed as fo<span class=\"_ _3\"/>llows: (Charge)/credit <span class=\"_ _1bd\"> </span><span class=\"ls1cb ws1ce\">Ref. </span>2022  \u00a3m 2021  \u00a3m Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items:<span class=\"_ _0\"/> <span class=\"_ _10b\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _ae\"> </span></span> </span>Acquisition-related expenses <span class=\"_ _10f\"> </span>A <span class=\"_ _1f\"> </span><span class=\"ff168 ls18b ws1bb\">(4) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(109) </span>Restructur<span class=\"_ _0\"/>ing and transf<span class=\"_ _0\"/>ormation<span class=\"_ _0\"/> costs <span class=\"_ _241\"> </span>B <span class=\"_ _4d\"> </span><span class=\"ff168 ls18b ws1bb\">(28) <span class=\"_ _69\"> </span></span><span class=\"ls19b ws1d6\">(8) </span>Property<span class=\"_ _3\"/> costs <span class=\"_ _242\"> </span>C <span class=\"_ _4d\"> </span><span class=\"ff168 ls189 ws1b8\">(24) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(8) </span>Pensio<span class=\"_ _3\"/>n relate<span class=\"_ _3\"/>d costs <span class=\"_ _243\"> </span>D <span class=\"_ _14d\"> </span><span class=\"ff168 ls3 ws2\">(</span>4<span class=\"_ _335\"> </span>) <span class=\"_ _6b\"> </span><span class=\"ff16b ls19b ws1d6\">(21)<span class=\"_ _0\"/> </span>Costs rel<span class=\"_ _0\"/>ated to<span class=\"_ _0\"/> the pass<span class=\"_ _0\"/>ing of H<span class=\"_ _0\"/>er Maje<span class=\"_ _0\"/>sty Quee<span class=\"_ _0\"/>n Eliza<span class=\"_ _0\"/>beth II <span class=\"_ _3a\"> </span>E <span class=\"_ _124\"> </span><span class=\"ff168 ls189 ws1b8\">(16)<span class=\"_ _0\"/> <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Sports rights  <span class=\"_ _244\"> </span>F <span class=\"_ _131\"> </span><span class=\"ff168 ws1c4\">5 <span class=\"_ _44\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>) </span>Transpond<span class=\"_ _0\"/>er onero<span class=\"_ _0\"/>us contrac<span class=\"_ _0\"/>t <span class=\"_ _225\"> </span>G <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _47\"> </span></span><span class=\"ls19b ws1d6\">(16) </span>Employee-related<span class=\"_ _3\"/> tax provisio<span class=\"_ _3\"/>n <span class=\"_ _20b\"> </span>H <span class=\"_ _4d\"> </span><span class=\"ff168 ls189 ws1b8\">(10)<span class=\"_ _0\"/> <span class=\"_ _6e\"> </span></span><span class=\"ls183 ws1bd\">(22) </span>Insured trade r<span class=\"_ _3\"/>eceivable pro<span class=\"_ _3\"/>vision <span class=\"_ _246\"> </span>I <span class=\"_ _1d2\"> </span><span class=\"ff168 ls185 ws1c1\">23 <span class=\"_ _168\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Other <span class=\"_ _247\"> </span><span class=\"ls18c ws1c2\">J <span class=\"_ _5c\"> </span><span class=\"ff168 ls18b ws1bb\">(7) <span class=\"_ _4d\"> </span></span></span>(11) Total operatin<span class=\"_ _3\"/>g exceptional <span class=\"_ _3\"/>items <span class=\"_ _20b\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _60\"> </span><span class=\"ff168 fc7 sc0 ls18c ws1c2\">(65) <span class=\"_ _62\"> </span><span class=\"ff16b ls188 ws1b9\">(196) </span></span></span></span>Tax on oper<span class=\"_ _3\"/>ating exceptional it<span class=\"_ _3\"/>ems <span class=\"_ _248\"> </span> <span class=\"_ _12f\"> </span><span class=\"ff168 ws1d4\">8 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">16 </span>Total operating exc<span class=\"_ _3\"/>eptional items net of tax <span class=\"_ _ea\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _124\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _12\"> </span><span class=\"ff16b ls19b ws1d6\">(18<span class=\"_ _0\"/>0) </span></span>Non-operatin<span class=\"_ _0\"/>g exception<span class=\"_ _0\"/>al items: <span class=\"_ _183\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _142\"> </span></span> </span>Financing exceptional item: acquisition-related <span class=\"_ _249\"> </span>K <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _203\"> </span></span><span class=\"ls18d ws1d3\">(10)<span class=\"_ _0\"/> </span>Total non-ope<span class=\"_ _3\"/>rating exceptio<span class=\"_ _3\"/>nal items <span class=\"_ _24a\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _141\"> </span><span class=\"ff168\"> <span class=\"_ _16\"> </span></span><span class=\"ls18d ws1d3\">(10) </span></span>Tax on n<span class=\"_ _0\"/>on-opera<span class=\"_ _0\"/>ting except<span class=\"_ _0\"/>ional item<span class=\"_ _0\"/>s <span class=\"_ _dc\"> </span> <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Total e<span class=\"_ _3\"/>xceptional <span class=\"_ _3\"/>items ne<span class=\"_ _3\"/>t of tax <span class=\"_ _9d\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _60\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _62\"> </span><span class=\"ff16b ls18d ws1d3\">(190) </span></span>A. Acquisiti<span class=\"_ _0\"/>on-related <span class=\"_ _0\"/>expenses Acquisition-related expe<span class=\"_ _3\"/>nses of \u00a34 million (2021: \u00a3109 mi<span class=\"_ _3\"/>llion) relate primari<span class=\"_ _3\"/>ly to integration costs and p<span class=\"_ _3\"/>rofessional fees, mai<span class=\"_ _3\"/>nly financial due di<span class=\"_ _3\"/>ligence and <span class=\"_ _3\"/>legal costs in<span class=\"_ _3\"/>curred on curr<span class=\"_ _3\"/>ent period acquisiti<span class=\"_ _3\"/>ons. Also included<span class=\"_ _3\"/> are performance-based,<span class=\"_ _3\"/> employment-li<span class=\"_ _3\"/>nked expected pa<span class=\"_ _3\"/>yments to former<span class=\"_ _3\"/> owners, wi<span class=\"_ _3\"/>th the final d<span class=\"_ _3\"/>etermination of t<span class=\"_ _3\"/>he second earn<span class=\"_ _0\"/>out on the Tal<span class=\"_ _0\"/>pa acquisi<span class=\"_ _0\"/>tion accoun<span class=\"_ _0\"/>ting for the ma<span class=\"_ _0\"/>jority of<span class=\"_ _0\"/> the amount charg<span class=\"_ _0\"/>ed in 2021. B. Re<span class=\"_ _3\"/>structu<span class=\"_ _3\"/>ring and<span class=\"_ _4\"/> transforma<span class=\"_ _3\"/>tion c<span class=\"_ _3\"/>osts Restructuring and tr<span class=\"_ _3\"/>ansformation costs of \u00a328 mi<span class=\"_ _3\"/>llion (2021: <span class=\"ls19e ws1b3\">\u00a38 mi<span class=\"_ _3\"/>llion) relate to one-off significant restructuring and </span>transformation programmes of the busine<span class=\"ls1a1 ws1d2\">ss. Significant programmes in the year</span> include the ITV Together programme which includes the implementa<span class=\"ls19f ws1b5\">tion of a new <span class=\"_ _3\"/>cloud-based ERP solution, a <span class=\"_ _3\"/>so<span class=\"ls1a0 ws2\">ftware as a service (SaaS) <span class=\"_ _3\"/>solution where </span></span>the implementation costs are expensed as incurred. The implementat<span class=\"_ _4\"/>ion of the programme commenced in 2021 and will continue into 2023 and 2024. Additional<span class=\"ls19f ws1b5\"> exceptional co<span class=\"_ _3\"/>sts related to the ITV To<span class=\"_ _4\"/><span class=\"ls1a0 ws2\">gether programme of between \u00a38 million </span></span>and \u00a310 million are expected to be incurred to <span class=\"_ _3\"/>complete the foundational stage of the<span class=\"_ _3\"/> programme.  C. Proper<span class=\"_ _0\"/>ty costs<span class=\"_ _0\"/> Following t<span class=\"_ _3\"/>he decision to mo<span class=\"_ _3\"/>ve to Broadcast <span class=\"_ _3\"/>Centre in ear<span class=\"_ _3\"/>ly 2022, \u00a317 million (<span class=\"_ _3\"/>2021: \u00a38 million) o<span class=\"_ _3\"/>f property co<span class=\"_ _3\"/>sts and move relat<span class=\"_ _3\"/>ed costs have<span class=\"_ _3\"/> been recognised <span class=\"_ _3\"/>as exceptional, i<span class=\"_ _3\"/>ncluding acce<span class=\"_ _3\"/>lerated depreciat<span class=\"_ _3\"/>ion following<span class=\"_ _3\"/> a change in useful life of th<span class=\"_ _0\"/>e related<span class=\"_ _0\"/> assets. Additi<span class=\"_ _0\"/>onal excep<span class=\"_ _0\"/>tional costs<span class=\"_ _0\"/> related to the<span class=\"_ _0\"/> property<span class=\"_ _0\"/> move of \u00a310 mill<span class=\"_ _0\"/>ion is expec<span class=\"_ _0\"/>ted to be incur<span class=\"_ _3\"/>red in 2023. An additiona<span class=\"_ _3\"/>l \u00a37 million i<span class=\"_ _3\"/>mpair<span class=\"ls183 ws1b2\">ment on leasehold imp<span class=\"_ _0\"/>rovemen<span class=\"_ _0\"/>ts and right of use<span class=\"_ _0\"/> asset has </span>been provi<span class=\"_ _3\"/>ded following<span class=\"_ _3\"/> the decisio<span class=\"_ _3\"/>n to vacate ou<span class=\"_ _3\"/>r New York<span class=\"_ _3\"/> office and<span class=\"_ _3\"/> reduce our pr<span class=\"_ _3\"/>operty footpri<span class=\"_ _3\"/>nt in the US<span class=\"_ _3\"/>. D. Pension related costs The Box Clever provision wa<span class=\"_ _3\"/>s increased by \u00a321 million in 202<span class=\"_ _3\"/>1<span class=\"ls1a0 ws2\"> reflecting an increa<span class=\"_ _3\"/>se in management\u2019s estimate of the </span>provision required. The treatment of this increase a<span class=\"_ _3\"/>s exceptional is consis<span class=\"ls19e ws1b3\">tent with the recognition of the \u00a331 million </span>provision in 2020 as an exc<span class=\"_ _0\"/>eptional charge<span class=\"ls1a0 ws2\">. There has been no change to the provisio<span class=\"ls19e ws1b3\">n in 2022. See 3.6 f<span class=\"_ _3\"/>or further details.  </span></span>In April 2022, t<span class=\"_ _3\"/>he Pension Trustee <span class=\"_ _3\"/>completed a buyout<span class=\"_ _3\"/> of Sectio<span class=\"_ _3\"/>n C of the IT<span class=\"_ _3\"/>V Pension Scheme<span class=\"_ _3\"/>, which in pra<span class=\"_ _3\"/>ctical terms split th<span class=\"_ _3\"/>e bulk annuity poli<span class=\"_ _3\"/>cy into individu<span class=\"_ _3\"/>al annuity po<span class=\"_ _3\"/>licies for e<span class=\"_ _3\"/>ach scheme member<span class=\"_ _3\"/>. \u00a34 million <span class=\"_ _3\"/>(2021: \u00a3nil) which related to<span class=\"_ _3\"/> the risk pr<span class=\"_ _3\"/>emium of Se<span class=\"_ _3\"/>ction C was <span class=\"_ _3\"/>paid. Further detai<span class=\"_ _3\"/>ls are provided<span class=\"_ _3\"/> in note 3.7.<span class=\"ff16c ls3 ws2\"> </span>ITV plc<span class=\"ff16e ls3 ws2\">\u2009</span><span class=\"ff16f ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1a3 ws1dd\">191<span class=\"ff16f ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>E. Costs <span class=\"_ _3\"/>related to t<span class=\"_ _3\"/>he passing of He<span class=\"_ _3\"/>r Majesty Quee<span class=\"_ _3\"/>n Elizabeth <span class=\"_ _3\"/>II Follow<span class=\"_ _0\"/>ing the<span class=\"_ _0\"/> passin<span class=\"_ _0\"/>g of H<span class=\"_ _0\"/>er Ma<span class=\"_ _0\"/>jesty <span class=\"_ _0\"/>Queen El<span class=\"_ _0\"/>izabet<span class=\"_ _0\"/>h II <span class=\"_ _0\"/>in Sept<span class=\"_ _0\"/>ember 20<span class=\"_ _0\"/>22, th<span class=\"_ _0\"/>e M&amp;E<span class=\"_ _0\"/> busine<span class=\"_ _0\"/>ss inc<span class=\"_ _0\"/>urred s<span class=\"_ _0\"/>ignif<span class=\"_ _0\"/>icant<span class=\"_ _0\"/> additional cost re<span class=\"_ _3\"/>lated to news coverage<span class=\"_ _3\"/> associated with<span class=\"ls184 ws1b3\"> t<span class=\"_ _3\"/>he reporting of t<span class=\"_ _3\"/>he death of th<span class=\"_ _3\"/>e Queen and the <span class=\"_ _3\"/>funeral. </span>These cost<span class=\"_ _3\"/>s were over a<span class=\"_ _3\"/>nd above norma<span class=\"_ _3\"/>l day-to-day co<span class=\"_ _3\"/>st and do not i<span class=\"_ _4\"/>nclude any financial impact <span class=\"_ _3\"/>of the advert<span class=\"_ _3\"/>ising blackou<span class=\"_ _0\"/>t in force du<span class=\"_ _0\"/>ring this<span class=\"_ _0\"/> period. The<span class=\"_ _0\"/> business<span class=\"_ _0\"/> has also<span class=\"ls184 ws1c8\"> written off remaining Spitting Image episod<span class=\"_ _3\"/>es featuring the </span>Queen as it<span class=\"_ _3\"/> is highly unlik<span class=\"_ _3\"/>ely they wi<span class=\"_ _3\"/>ll ever be scr<span class=\"_ _3\"/>eened and are <span class=\"_ _3\"/>unable to be e<span class=\"_ _3\"/>ffectively ed<span class=\"_ _3\"/>ited. In total t<span class=\"_ _3\"/>he business has incurr<span class=\"_ _4\"/>ed <span class=\"_ _0\"/>\u00a316 mil<span class=\"_ _3\"/>lion of cost whi<span class=\"_ _4\"/>ch <span class=\"_ _0\"/>is cons<span class=\"_ _3\"/>idered ex<span class=\"_ _3\"/>ceptional. F. Sports ri<span class=\"_ _0\"/>ghts The impact of<span class=\"_ _3\"/> COVID-19 on t<span class=\"_ _3\"/>he planned spor<span class=\"_ _3\"/>ting schedule a<span class=\"_ _3\"/>nd the conseque<span class=\"_ _3\"/>ntial impact o<span class=\"_ _3\"/>n TAR, along wit<span class=\"_ _3\"/>h changi<span class=\"_ _3\"/>ng forecast<span class=\"_ _3\"/>s of audien<span class=\"_ _3\"/>ce mix and reve<span class=\"_ _3\"/>nues for cert<span class=\"_ _3\"/>ai<span class=\"ls185 ws1b6\">n sportin<span class=\"_ _0\"/>g events,<span class=\"_ _0\"/> resulted<span class=\"_ _0\"/> in the reco<span class=\"_ _0\"/>gnition of<span class=\"_ _0\"/> a \u00a323 </span>million provision for impairment of <span class=\"_ _3\"/>specific sports rights in 2020. It i<span class=\"_ _3\"/>s not possible to split this imp<span class=\"_ _3\"/>airment between that caused by the COVID-19 pandemic and underlying mark<span class=\"_ _3\"/><span class=\"ls186 ws1c9\">et movements<span class=\"_ _3\"/>. In 2022 the remaini<span class=\"_ _3\"/>ng sports events that<span class=\"_ _3\"/> </span>this provi<span class=\"_ _3\"/>sion related to <span class=\"_ _3\"/>were cancelled b<span class=\"_ _3\"/>y the relevant<span class=\"_ _3\"/> governing bo<span class=\"_ _3\"/>dy and the re<span class=\"_ _3\"/>lated provision <span class=\"_ _3\"/>held of \u00a35 <span class=\"_ _3\"/>million was releas<span class=\"_ _0\"/>ed as a refun<span class=\"_ _0\"/>d is expec<span class=\"_ _0\"/>ted. G. Transpo<span class=\"_ _0\"/>nder onero<span class=\"_ _0\"/>us contra<span class=\"_ _0\"/>ct In 2021 we provide<span class=\"_ _3\"/>d \u00a316 million for a<span class=\"_ _3\"/>n onerous contract <span class=\"_ _3\"/>for a second tran<span class=\"_ _3\"/>sponder. This followed <span class=\"_ _3\"/>a review of our transponder capacity usage in the secon<span class=\"_ _0\"/>d half of 2020 and early 2021. H. Employee-<span class=\"_ _0\"/>related tax<span class=\"_ _0\"/> provisions<span class=\"_ _0\"/> The determinatio<span class=\"_ _3\"/>n of the emp<span class=\"_ _3\"/>loyment tax <span class=\"_ _3\"/>status of so<span class=\"_ _3\"/>me individuals <span class=\"_ _3\"/>contracted by t<span class=\"_ _3\"/>he Group is com<span class=\"_ _3\"/>plex. In Mar<span class=\"_ _3\"/>ch 2021, HMRC issued an initial assessmen<span class=\"ls184 ws1b3\">t<span class=\"_ _3\"/> on several i<span class=\"_ _3\"/>ndividuals engaged<span class=\"_ _3\"/> by the Group d<span class=\"_ _3\"/>uring the tax ye<span class=\"_ _3\"/>ar 2016/17 </span>as employed for tax purposes. In June 2021, HMRC upda<span class=\"ws1d2\">ted guid<span class=\"_ _3\"/>ance on factors det<span class=\"_ _3\"/>ermining the employment tax </span>status of TV and<span class=\"_ _3\"/> Radio presenters.  Landmark court cases were heard by the Court of Appeal in ea<span class=\"ls1a1 ws1d2\">rly 2022. Whilst the Group was not involved in th<span class=\"_ _0\"/>ese cases, </span>judgements handed down impact how employment tax stat<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">us<span class=\"_ _0\"/> is being determined for TV and Radio presenters </span>generally. These judgements will therefore have a b<span class=\"_ _3\"/>earing on how much<span class=\"ls19e ws1b3\"> tax might be payable by the Group.  </span>In 2021, we provide<span class=\"_ _3\"/>d \u00a322 mi<span class=\"_ _3\"/>llion for period<span class=\"_ _3\"/>s up to 31 D<span class=\"_ _3\"/>e<span class=\"ls18c ws1bc\">cember 2020. During 2022, we have further increased the </span>provis<span class=\"_ _0\"/>ion by \u00a320<span class=\"_ _0\"/> million<span class=\"_ _0\"/>, of whic<span class=\"_ _0\"/>h \u00a310 mill<span class=\"_ _0\"/>ion rel<span class=\"_ _0\"/>ates to p<span class=\"_ _0\"/>e<span class=\"ls184 ws1b3\">riods up to 31 D<span class=\"_ _3\"/>ecember 2021, <span class=\"_ _3\"/>and is therefor<span class=\"_ _3\"/>e considered </span>exception<span class=\"_ _0\"/>al. The increas<span class=\"_ _0\"/>e largely rela<span class=\"_ _0\"/>tes to where the G<span class=\"_ _0\"/>roup believe<span class=\"_ _0\"/>s the case for sel<span class=\"_ _0\"/>f-employmen<span class=\"_ _0\"/>t has weakene<span class=\"_ _0\"/>d in light o<span class=\"_ _3\"/>f recent <span class=\"_ _3\"/>case la<span class=\"_ _3\"/>w and HMRC\u2019<span class=\"_ _4\"/>s<span class=\"_ _0\"/> hardeni<span class=\"_ _3\"/>ng stan<span class=\"_ _3\"/>ce.  Due to ongoing reviews by HMRC and court cases on this <span class=\"ls188 ws1d2\">matter, the final amount payab<span class=\"_ _3\"/>le could be significantly </span>differen<span class=\"_ _0\"/>t to am<span class=\"_ _0\"/>ounts cu<span class=\"_ _0\"/>rrently <span class=\"_ _0\"/>provid<span class=\"_ _0\"/>ed. See n<span class=\"_ _0\"/>ote 3.6<span class=\"_ _0\"/> for fu<span class=\"_ _0\"/>rther d<span class=\"_ _0\"/>etails. I. Insured t<span class=\"_ _0\"/>rade receiv<span class=\"_ _0\"/>able prov<span class=\"_ _0\"/>ision In 2017, the Group re<span class=\"_ _3\"/>corded a bad debt pro<span class=\"_ _3\"/>vision of US$41 mi<span class=\"_ _4\"/>ll<span class=\"_ _0\"/>ion related to<span class=\"_ _3\"/> trade receivables fo<span class=\"_ _3\"/>r The Voice of China<span class=\"_ _3\"/>. As the Dire<span class=\"_ _3\"/>ctors antici<span class=\"_ _3\"/>pated recoveri<span class=\"_ _3\"/>ng the amount <span class=\"_ _3\"/>either from t<span class=\"_ _3\"/>he counterp<span class=\"_ _3\"/>arty or from tr<span class=\"_ _3\"/>ade credit insurance<span class=\"_ _3\"/>, US$37 mi<span class=\"_ _3\"/>llion was treated<span class=\"_ _3\"/> as an exceptiona<span class=\"_ _3\"/>l cost and the i<span class=\"_ _3\"/>n<span class=\"ws1c8\">surance exce<span class=\"_ _3\"/>ss of US$4 million treated as an operat<span class=\"_ _3\"/>ing </span>cost. All bal<span class=\"_ _0\"/>ances w<span class=\"_ _0\"/>ere held in US<span class=\"_ _0\"/> dollars.  US$34 million of cash re<span class=\"_ _3\"/>ceived in 2018 and 2019 on b<span class=\"_ _3\"/>ehalf of the debtor<span class=\"_ _3\"/> was placed under r<span class=\"_ _3\"/>eview and the bad debt provis<span class=\"_ _0\"/>ion rema<span class=\"_ _0\"/>ined in<span class=\"_ _0\"/> place. Th<span class=\"_ _0\"/>is revie<span class=\"_ _0\"/>w is now co<span class=\"_ _0\"/>mplete<span class=\"_ _0\"/> and the c<span class=\"_ _0\"/>ash recei<span class=\"_ _0\"/>ved acc<span class=\"_ _0\"/>epted an<span class=\"_ _0\"/>d has re<span class=\"_ _0\"/>duced the<span class=\"_ _0\"/> bad debt provision. As su<span class=\"_ _3\"/>ch, the corresponding <span class=\"_ _3\"/>bad debt provision ha<span class=\"_ _3\"/>s been released with US$3<span class=\"_ _3\"/>1 million treat<span class=\"_ _3\"/>ed as an exceptional credit<span class=\"_ _3\"/> and US$3 million tre<span class=\"_ _3\"/>ated as an operating <span class=\"_ _3\"/>credit, consistent <span class=\"_ _3\"/>with the treatment of the ori<span class=\"_ _3\"/>ginal expense. This resul<span class=\"_ _0\"/>ts in a \u00a323 million credit to exceptional items in 2022. J. Other Include<span class=\"_ _3\"/>d in other<span class=\"_ _3\"/> are le<span class=\"_ _3\"/>gal costs<span class=\"_ _3\"/> in relat<span class=\"_ _3\"/>ion to <span class=\"_ _3\"/>litigati<span class=\"_ _3\"/>on <span class=\"ls186 ws1c9\">outside the no<span class=\"_ _3\"/>rmal course<span class=\"_ _3\"/> of business, including<span class=\"_ _3\"/> Box Clever, </span>The Vo<span class=\"_ _0\"/>ice of H<span class=\"_ _0\"/>ollan<span class=\"_ _0\"/>d and th<span class=\"_ _0\"/>e CMA<span class=\"_ _0\"/> inves<span class=\"_ _0\"/>tigatio<span class=\"_ _0\"/>n, offs<span class=\"_ _0\"/>et by<span class=\"_ _0\"/> incom<span class=\"_ _0\"/>e recei<span class=\"_ _0\"/>ved on <span class=\"_ _0\"/>a COVI<span class=\"_ _0\"/>D-19 <span class=\"_ _0\"/>insuran<span class=\"_ _0\"/>ce cla<span class=\"_ _0\"/>im for c<span class=\"_ _0\"/>osts that were treat<span class=\"_ _3\"/>ed as exceptional. K. Acquisition-r<span class=\"_ _0\"/>elated (financin<span class=\"_ _0\"/>g exception<span class=\"_ _0\"/>al item) In 2021, exceptiona<span class=\"_ _3\"/>l finance costs of<span class=\"_ _3\"/> \u00a310 million related <span class=\"_ _3\"/>principally to i<span class=\"_ _3\"/>nterest accrued on ex<span class=\"_ _3\"/>ceptional acquisition- related ex<span class=\"_ _0\"/>penses. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>189<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year <span class=\"ff174 ls1ca ws23d\">continued<span class=\"_ _3\"/><span class=\"ff173 ls3 ws2\"> </span></span>192 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff176 ls3 ws2\">\u2009</span><span class=\"ff174 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>2.3  Taxation  <span class=\"_ _85\"> </span><span class=\"ff177 fca ls187 ws21c\">Keeping </span>it simple This section sets out the Group\u2019s tax accounting po<span class=\"_ _3\"/>licies, the current and deferred tax charges or credits in the year (which together mak<span class=\"_ _3\"/>e up the total tax charge or credit in the Consolidated Income Statem<span class=\"ls19e ws1b3\">ent), a reconciliation of profit before tax to the tax </span>charge for the period and the movements in<span class=\"ls19e ws1b3\"> deferred tax assets and liabilities. </span>Accounting policies The tax cha<span class=\"_ _3\"/>rge for the<span class=\"_ _3\"/> year is re<span class=\"_ _3\"/>cognised i<span class=\"_ _3\"/>n the Consol<span class=\"_ _3\"/><span class=\"ls184 ws1b3\">idated Income <span class=\"_ _3\"/>Statement, the Conso<span class=\"_ _3\"/>lidated Statement<span class=\"_ _3\"/> of </span>Comprehensiv<span class=\"_ _3\"/>e Income and dire<span class=\"_ _3\"/>ctly in equity<span class=\"_ _3\"/>, according to t<span class=\"_ _3\"/>he accounting t<span class=\"_ _3\"/>reatment of t<span class=\"_ _3\"/>he related transactio<span class=\"_ _3\"/>ns. The tax ch<span class=\"_ _0\"/>arge comprise<span class=\"_ _0\"/>s both curr<span class=\"_ _0\"/>ent and defe<span class=\"_ _0\"/>rred tax.<span class=\"_ _0\"/> The calcula<span class=\"_ _0\"/>tion of the G<span class=\"_ _0\"/>roup\u2019s tax<span class=\"_ _0\"/> charge invol<span class=\"_ _0\"/>ves estimation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement in res<span class=\"_ _0\"/>pect of certain i<span class=\"_ _0\"/>tems whose t<span class=\"_ _0\"/>ax treatmen<span class=\"_ _0\"/>t cannot be fully d<span class=\"_ _0\"/>etermine<span class=\"_ _0\"/>d until a resolutio<span class=\"_ _3\"/>n has been rea<span class=\"_ _3\"/>ched by the releva<span class=\"_ _3\"/>nt tax authorit<span class=\"_ _3\"/>y.  Current tax Current<span class=\"_ _0\"/> tax is the ex<span class=\"_ _0\"/>pected tax<span class=\"_ _0\"/> payable<span class=\"_ _0\"/> or receiv<span class=\"_ _0\"/>able on th<span class=\"_ _0\"/>e taxabl<span class=\"_ _0\"/>e income or loss fo<span class=\"_ _0\"/>r the year<span class=\"_ _0\"/> and any adj<span class=\"_ _0\"/>ustment<span class=\"_ _0\"/> in respect of pr<span class=\"_ _3\"/>evious years.  The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es liabil<span class=\"_ _0\"/>ities for<span class=\"_ _0\"/> anticipat<span class=\"_ _0\"/>ed tax issues<span class=\"_ _0\"/> based on<span class=\"_ _0\"/> estimates<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement of th<span class=\"_ _0\"/>e additi<span class=\"_ _0\"/>onal taxe<span class=\"_ _0\"/>s that are <span class=\"_ _3\"/>likely to be<span class=\"_ _3\"/>come due. Amo<span class=\"_ _3\"/>unts are accru<span class=\"_ _3\"/>ed based on <span class=\"_ _3\"/>management\u2019<span class=\"_ _3\"/>s interpretati<span class=\"_ _3\"/>on of specifi<span class=\"_ _4\"/>c<span class=\"_ _0\"/> tax law <span class=\"_ _3\"/>and the like<span class=\"_ _3\"/>lihood of settlement. Wher<span class=\"_ _3\"/>e the final tax<span class=\"_ _3\"/> outcome of the<span class=\"_ _3\"/>se matters is diffe<span class=\"_ _3\"/>rent from the <span class=\"_ _3\"/>amounts that were initially re<span class=\"_ _3\"/>corded, such differe<span class=\"_ _3\"/>nces will impact <span class=\"_ _3\"/>the current ta<span class=\"_ _4\"/><span class=\"ws1c8\">x and <span class=\"_ _0\"/>deferred tax provisio<span class=\"_ _3\"/>ns in the period in which such </span>determ<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>on is mad<span class=\"_ _0\"/>e.  Deferred tax  Deferred t<span class=\"_ _3\"/>ax arises due t<span class=\"_ _3\"/>o certain <span class=\"_ _3\"/>temporary di<span class=\"_ _3\"/>fferences bet<span class=\"_ _3\"/>ween the carr<span class=\"_ _3\"/>ying amount<span class=\"_ _3\"/>s of assets and <span class=\"_ _3\"/>liabilitie<span class=\"_ _3\"/>s for financial rep<span class=\"_ _0\"/>orting purp<span class=\"_ _0\"/>oses and thos<span class=\"_ _0\"/>e for taxati<span class=\"_ _0\"/>on purposes.<span class=\"_ _0\"/>  The follo<span class=\"_ _0\"/>wing tempor<span class=\"_ _0\"/>ary differe<span class=\"_ _0\"/>nces are <span class=\"_ _0\"/>not provi<span class=\"_ _0\"/>ded for: \u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f goodwill </span>\u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f assets or liabil<span class=\"_ _3\"/>ities that<span class=\"_ _3\"/> affect neith<span class=\"_ _3\"/>er accounting no<span class=\"_ _3\"/>r taxable profit<span class=\"_ _3\"/> other than in a </span>business<span class=\"_ _3\"/> combination<span class=\"_ _3\"/>  \u2022  <span class=\"ff174 ls18b ws1b5\">Differences re<span class=\"_ _0\"/>lating to i<span class=\"_ _0\"/>nvestment<span class=\"_ _0\"/>s in subsidiar<span class=\"_ _0\"/>ies to the <span class=\"_ _0\"/>extent that <span class=\"_ _0\"/>they will pr<span class=\"_ _0\"/>obably not re<span class=\"_ _0\"/>verse in t<span class=\"_ _0\"/>he </span>foreseeable<span class=\"_ _3\"/> future The amoun<span class=\"_ _0\"/>t of defe<span class=\"_ _0\"/>rred tax pr<span class=\"_ _0\"/>ovided is b<span class=\"_ _0\"/>ased on the ex<span class=\"_ _0\"/>pected<span class=\"_ _0\"/> manner of r<span class=\"_ _0\"/>ealisat<span class=\"_ _0\"/>ion or settl<span class=\"_ _0\"/>ement of<span class=\"_ _0\"/> the carryi<span class=\"_ _0\"/>ng amount of assets and liabi<span class=\"_ _3\"/>lities. Deferred tax is calculat<span class=\"_ _3\"/>ed<span class=\"ws1b3\"> using tax <span class=\"_ _3\"/>rates that are e<span class=\"_ _3\"/>nacted or substa<span class=\"_ _3\"/>ntively enacted </span>at the bala<span class=\"_ _3\"/>nce sheet date.  A deferred tax<span class=\"_ _3\"/> asset is recog<span class=\"_ _3\"/>nised only to <span class=\"_ _3\"/>the extent that it i<span class=\"_ _3\"/>s probable t<span class=\"_ _3\"/>hat suffici<span class=\"_ _3\"/>ent taxabl<span class=\"_ _3\"/>e profit wi<span class=\"_ _3\"/>ll be available to utilise <span class=\"_ _3\"/>the temporary dif<span class=\"_ _3\"/>ference. Recognition <span class=\"_ _3\"/>of deferred tax<span class=\"_ _3\"/> assets, therefo<span class=\"_ _3\"/>re, involve<span class=\"_ _3\"/>s judgement regardi<span class=\"_ _3\"/>ng the timing and leve<span class=\"_ _3\"/>l of future taxable income.  Deferred tax<span class=\"_ _3\"/> assets and <span class=\"_ _3\"/>liabilities are<span class=\"_ _3\"/> disclosed net<span class=\"_ _3\"/> to the extent that<span class=\"_ _3\"/> they relat<span class=\"_ _3\"/>e to taxes le<span class=\"_ _3\"/>vied by the same author<span class=\"_ _0\"/>ity and th<span class=\"_ _0\"/>e Group has<span class=\"_ _0\"/> the right of<span class=\"_ _0\"/> set-off. Taxation \u2013 Consolidated Income Statement The total ta<span class=\"_ _0\"/>xation char<span class=\"_ _0\"/>ge in the C<span class=\"_ _0\"/>onsolidat<span class=\"_ _0\"/>ed Income Statem<span class=\"_ _0\"/>ent is analys<span class=\"_ _0\"/>ed as follows: 2022 \u00a3m 2021 \u00a3m Current tax: <span class=\"_ _24b\"> </span><span class=\"ff175 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff178\"> </span></span>Current tax <span class=\"_ _3\"/>charge on profit be<span class=\"_ _3\"/>fore exceptio<span class=\"_ _3\"/>nal items <span class=\"_ _24c\"> </span><span class=\"ff175 ls18b ws1bb\">(38) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(108) </span>Current tax credit on exceptional ite<span class=\"_ _3\"/>ms <span class=\"_ _21e\"> </span><span class=\"ff175 ls186 ws1b6\">7 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span> <span class=\"_ _24d\"> </span><span class=\"ff175 ls189 ws1b8\">(31) <span class=\"_ _16\"> </span><span class=\"ff178 ls188 ws1b9\">(97) </span></span>Adjustments <span class=\"_ _0\"/>related to p<span class=\"_ _0\"/>rior periods <span class=\"_ _24e\"> </span><span class=\"ff175 ls184 ws1d4\">9 <span class=\"_ _7a\"> </span><span class=\"ff178 ls19b ws1d6\">(7<span class=\"_ _0\"/>) </span></span> <span class=\"_ _24f\"> </span><span class=\"ff175 ls18b ws1bb\">(22) <span class=\"_ _12\"> </span><span class=\"ff178 ls18d ws1d3\">(104) </span></span>Deferred t<span class=\"_ _0\"/>ax: <span class=\"_ _250\"> </span><span class=\"ff175 ls3\"> <span class=\"_ _142\"> </span><span class=\"ff178\"> </span></span>Origination and <span class=\"_ _3\"/>reversal of <span class=\"_ _3\"/>temporary differe<span class=\"_ _3\"/>nces <span class=\"_ _6a\"> </span><span class=\"ff175 ls189 ws1b8\">(3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _44\"> </span><span class=\"ff178 ls186 ws1b6\">1 </span>Deferred tax credit on exceptional ite<span class=\"_ _3\"/>ms <span class=\"_ _251\"> </span><span class=\"ff175 ls189 ws1b8\">1 <span class=\"_ _ed\"> </span></span><span class=\"ls190 ws1b2\">5 </span>Impact of changes to<span class=\"ls186 ws2\"> statutory tax rates <span class=\"_ _252\"> </span><span class=\"ff175 ls18b ws1bb\">(6) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(4)<span class=\"_ _0\"/> </span></span> <span class=\"_ _24f\"> </span><span class=\"ff175 ls183 ws1bd\">(39) <span class=\"_ _25\"> </span><span class=\"ff178 ls189 ws1b8\">2 </span></span>Adjustments <span class=\"_ _0\"/>related to p<span class=\"_ _0\"/>rior periods <span class=\"_ _253\"> </span><span class=\"ff175 ls18c ws1c2\">(5) <span class=\"_ _203\"> </span><span class=\"ff178 ls183 ws1bd\">10<span class=\"_ _0\"/> </span></span> <span class=\"_ _254\"> </span><span class=\"ff175\">(<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>4) <span class=\"_ _47\"> </span><span class=\"ff178 ls183 ws1bd\">12 </span>Total taxati<span class=\"_ _0\"/>on charge in<span class=\"_ _0\"/> the Consol<span class=\"_ _0\"/>idated Inco<span class=\"_ _0\"/>me Statement<span class=\"_ _0\"/> <span class=\"_ _255\"> </span><span class=\"ff175 ws1bb\">(66) <span class=\"_ _6e\"> </span><span class=\"ff178 ls184 ws1d4\">(92) </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>190<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 2: Results for the Year <span class=\"ff174 ls1ca ws23d\">continued<span class=\"_ _3\"/><span class=\"ff173 ls3 ws2\"> </span></span>192 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff176 ls3 ws2\">\u2009</span><span class=\"ff174 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>2.3  Taxation  <span class=\"_ _85\"> </span><span class=\"ff177 fca ls187 ws21c\">Keeping </span>it simple This section sets out the Group\u2019s tax accounting po<span class=\"_ _3\"/>licies, the current and deferred tax charges or credits in the year (which together mak<span class=\"_ _3\"/>e up the total tax charge or credit in the Consolidated Income Statem<span class=\"ls19e ws1b3\">ent), a reconciliation of profit before tax to the tax </span>charge for the period and the movements in<span class=\"ls19e ws1b3\"> deferred tax assets and liabilities. </span>Accounting policies The tax cha<span class=\"_ _3\"/>rge for the<span class=\"_ _3\"/> year is re<span class=\"_ _3\"/>cognised i<span class=\"_ _3\"/>n the Consol<span class=\"_ _3\"/><span class=\"ls184 ws1b3\">idated Income <span class=\"_ _3\"/>Statement, the Conso<span class=\"_ _3\"/>lidated Statement<span class=\"_ _3\"/> of </span>Comprehensiv<span class=\"_ _3\"/>e Income and dire<span class=\"_ _3\"/>ctly in equity<span class=\"_ _3\"/>, according to t<span class=\"_ _3\"/>he accounting t<span class=\"_ _3\"/>reatment of t<span class=\"_ _3\"/>he related transactio<span class=\"_ _3\"/>ns. The tax ch<span class=\"_ _0\"/>arge comprise<span class=\"_ _0\"/>s both curr<span class=\"_ _0\"/>ent and defe<span class=\"_ _0\"/>rred tax.<span class=\"_ _0\"/> The calcula<span class=\"_ _0\"/>tion of the G<span class=\"_ _0\"/>roup\u2019s tax<span class=\"_ _0\"/> charge invol<span class=\"_ _0\"/>ves estimation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement in res<span class=\"_ _0\"/>pect of certain i<span class=\"_ _0\"/>tems whose t<span class=\"_ _0\"/>ax treatmen<span class=\"_ _0\"/>t cannot be fully d<span class=\"_ _0\"/>etermine<span class=\"_ _0\"/>d until a resolutio<span class=\"_ _3\"/>n has been rea<span class=\"_ _3\"/>ched by the releva<span class=\"_ _3\"/>nt tax authorit<span class=\"_ _3\"/>y.  Current tax Current<span class=\"_ _0\"/> tax is the ex<span class=\"_ _0\"/>pected tax<span class=\"_ _0\"/> payable<span class=\"_ _0\"/> or receiv<span class=\"_ _0\"/>able on th<span class=\"_ _0\"/>e taxabl<span class=\"_ _0\"/>e income or loss fo<span class=\"_ _0\"/>r the year<span class=\"_ _0\"/> and any adj<span class=\"_ _0\"/>ustment<span class=\"_ _0\"/> in respect of pr<span class=\"_ _3\"/>evious years.  The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es liabil<span class=\"_ _0\"/>ities for<span class=\"_ _0\"/> anticipat<span class=\"_ _0\"/>ed tax issues<span class=\"_ _0\"/> based on<span class=\"_ _0\"/> estimates<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement of th<span class=\"_ _0\"/>e additi<span class=\"_ _0\"/>onal taxe<span class=\"_ _0\"/>s that are <span class=\"_ _3\"/>likely to be<span class=\"_ _3\"/>come due. Amo<span class=\"_ _3\"/>unts are accru<span class=\"_ _3\"/>ed based on <span class=\"_ _3\"/>management\u2019<span class=\"_ _3\"/>s interpretati<span class=\"_ _3\"/>on of specifi<span class=\"_ _4\"/>c<span class=\"_ _0\"/> tax law <span class=\"_ _3\"/>and the like<span class=\"_ _3\"/>lihood of settlement. Wher<span class=\"_ _3\"/>e the final tax<span class=\"_ _3\"/> outcome of the<span class=\"_ _3\"/>se matters is diffe<span class=\"_ _3\"/>rent from the <span class=\"_ _3\"/>amounts that were initially re<span class=\"_ _3\"/>corded, such differe<span class=\"_ _3\"/>nces will impact <span class=\"_ _3\"/>the current ta<span class=\"_ _4\"/><span class=\"ws1c8\">x and <span class=\"_ _0\"/>deferred tax provisio<span class=\"_ _3\"/>ns in the period in which such </span>determ<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>on is mad<span class=\"_ _0\"/>e.  Deferred tax  Deferred t<span class=\"_ _3\"/>ax arises due t<span class=\"_ _3\"/>o certain <span class=\"_ _3\"/>temporary di<span class=\"_ _3\"/>fferences bet<span class=\"_ _3\"/>ween the carr<span class=\"_ _3\"/>ying amount<span class=\"_ _3\"/>s of assets and <span class=\"_ _3\"/>liabilitie<span class=\"_ _3\"/>s for financial rep<span class=\"_ _0\"/>orting purp<span class=\"_ _0\"/>oses and thos<span class=\"_ _0\"/>e for taxati<span class=\"_ _0\"/>on purposes.<span class=\"_ _0\"/>  The follo<span class=\"_ _0\"/>wing tempor<span class=\"_ _0\"/>ary differe<span class=\"_ _0\"/>nces are <span class=\"_ _0\"/>not provi<span class=\"_ _0\"/>ded for: \u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f goodwill </span>\u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f assets or liabil<span class=\"_ _3\"/>ities that<span class=\"_ _3\"/> affect neith<span class=\"_ _3\"/>er accounting no<span class=\"_ _3\"/>r taxable profit<span class=\"_ _3\"/> other than in a </span>business<span class=\"_ _3\"/> combination<span class=\"_ _3\"/>  \u2022  <span class=\"ff174 ls18b ws1b5\">Differences re<span class=\"_ _0\"/>lating to i<span class=\"_ _0\"/>nvestment<span class=\"_ _0\"/>s in subsidiar<span class=\"_ _0\"/>ies to the <span class=\"_ _0\"/>extent that <span class=\"_ _0\"/>they will pr<span class=\"_ _0\"/>obably not re<span class=\"_ _0\"/>verse in t<span class=\"_ _0\"/>he </span>foreseeable<span class=\"_ _3\"/> future The amoun<span class=\"_ _0\"/>t of defe<span class=\"_ _0\"/>rred tax pr<span class=\"_ _0\"/>ovided is b<span class=\"_ _0\"/>ased on the ex<span class=\"_ _0\"/>pected<span class=\"_ _0\"/> manner of r<span class=\"_ _0\"/>ealisat<span class=\"_ _0\"/>ion or settl<span class=\"_ _0\"/>ement of<span class=\"_ _0\"/> the carryi<span class=\"_ _0\"/>ng amount of assets and liabi<span class=\"_ _3\"/>lities. Deferred tax is calculat<span class=\"_ _3\"/>ed<span class=\"ws1b3\"> using tax <span class=\"_ _3\"/>rates that are e<span class=\"_ _3\"/>nacted or substa<span class=\"_ _3\"/>ntively enacted </span>at the bala<span class=\"_ _3\"/>nce sheet date.  A deferred tax<span class=\"_ _3\"/> asset is recog<span class=\"_ _3\"/>nised only to <span class=\"_ _3\"/>the extent that it i<span class=\"_ _3\"/>s probable t<span class=\"_ _3\"/>hat suffici<span class=\"_ _3\"/>ent taxabl<span class=\"_ _3\"/>e profit wi<span class=\"_ _3\"/>ll be available to utilise <span class=\"_ _3\"/>the temporary dif<span class=\"_ _3\"/>ference. Recognition <span class=\"_ _3\"/>of deferred tax<span class=\"_ _3\"/> assets, therefo<span class=\"_ _3\"/>re, involve<span class=\"_ _3\"/>s judgement regardi<span class=\"_ _3\"/>ng the timing and leve<span class=\"_ _3\"/>l of future taxable income.  Deferred tax<span class=\"_ _3\"/> assets and <span class=\"_ _3\"/>liabilities are<span class=\"_ _3\"/> disclosed net<span class=\"_ _3\"/> to the extent that<span class=\"_ _3\"/> they relat<span class=\"_ _3\"/>e to taxes le<span class=\"_ _3\"/>vied by the same author<span class=\"_ _0\"/>ity and th<span class=\"_ _0\"/>e Group has<span class=\"_ _0\"/> the right of<span class=\"_ _0\"/> set-off. Taxation \u2013 Consolidated Income Statement The total ta<span class=\"_ _0\"/>xation char<span class=\"_ _0\"/>ge in the C<span class=\"_ _0\"/>onsolidat<span class=\"_ _0\"/>ed Income Statem<span class=\"_ _0\"/>ent is analys<span class=\"_ _0\"/>ed as follows: 2022 \u00a3m 2021 \u00a3m Current tax: <span class=\"_ _24b\"> </span><span class=\"ff175 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff178\"> </span></span>Current tax <span class=\"_ _3\"/>charge on profit be<span class=\"_ _3\"/>fore exceptio<span class=\"_ _3\"/>nal items <span class=\"_ _24c\"> </span><span class=\"ff175 ls18b ws1bb\">(38) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(108) </span>Current tax credit on exceptional ite<span class=\"_ _3\"/>ms <span class=\"_ _21e\"> </span><span class=\"ff175 ls186 ws1b6\">7 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span> <span class=\"_ _24d\"> </span><span class=\"ff175 ls189 ws1b8\">(31) <span class=\"_ _16\"> </span><span class=\"ff178 ls188 ws1b9\">(97) </span></span>Adjustments <span class=\"_ _0\"/>related to p<span class=\"_ _0\"/>rior periods <span class=\"_ _24e\"> </span><span class=\"ff175 ls184 ws1d4\">9 <span class=\"_ _7a\"> </span><span class=\"ff178 ls19b ws1d6\">(7<span class=\"_ _0\"/>) </span></span> <span class=\"_ _24f\"> </span><span class=\"ff175 ls18b ws1bb\">(22) <span class=\"_ _12\"> </span><span class=\"ff178 ls18d ws1d3\">(104) </span></span>Deferred t<span class=\"_ _0\"/>ax: <span class=\"_ _250\"> </span><span class=\"ff175 ls3\"> <span class=\"_ _142\"> </span><span class=\"ff178\"> </span></span>Origination and <span class=\"_ _3\"/>reversal of <span class=\"_ _3\"/>temporary differe<span class=\"_ _3\"/>nces <span class=\"_ _6a\"> </span><span class=\"ff175 ls189 ws1b8\">(3</span>4) <span class=\"_ _44\"> </span><span class=\"ff178 ls186 ws1b6\">1 </span>Deferred tax credit on exceptional ite<span class=\"_ _3\"/>ms <span class=\"_ _251\"> </span><span class=\"ff175 ls189 ws1b8\">1 <span class=\"_ _ed\"> </span></span><span class=\"ls190 ws1b2\">5 </span>Impact of changes to<span class=\"ls186 ws2\"> statutory tax rates <span class=\"_ _252\"> </span><span class=\"ff175 ls18b ws1bb\">(6) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(4)<span class=\"_ _0\"/> </span></span> <span class=\"_ _24f\"> </span><span class=\"ff175 ls183 ws1bd\">(39) <span class=\"_ _25\"> </span><span class=\"ff178 ls189 ws1b8\">2 </span></span>Adjustments <span class=\"_ _0\"/>related to p<span class=\"_ _0\"/>rior periods <span class=\"_ _253\"> </span><span class=\"ff175 ls18c ws1c2\">(5) <span class=\"_ _203\"> </span><span class=\"ff178 ls183 ws1bd\">10<span class=\"_ _0\"/> </span></span> <span class=\"_ _254\"> </span><span class=\"ff175\">(</span>44) <span class=\"_ _47\"> </span><span class=\"ff178 ls183 ws1bd\">12 </span>Total taxati<span class=\"_ _0\"/>on charge in<span class=\"_ _0\"/> the Consol<span class=\"_ _0\"/>idated Inco<span class=\"_ _0\"/>me Statement<span class=\"_ _0\"/> <span class=\"_ _255\"> </span><span class=\"ff175 ws1bb\">(66) <span class=\"_ _6e\"> </span><span class=\"ff178 ls184 ws1d4\">(92) </span></span>ITV plc<span class=\"ff17c ls3 ws2\">\u2009</span><span class=\"ff17d ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1a3 ws1dd\">193<span class=\"ff17d ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>In order to understand how, in the <span class=\"_ _3\"/>Consolidated Income Statement, <span class=\"_ _3\"/>a tax charge of \u00a366 million (202<span class=\"_ _3\"/>1: \u00a392 million) arises on a profit before <span class=\"_ _3\"/>tax of \u00a3501 million (2021: <span class=\"_ _3\"/>\u00a3480 million), the taxa<span class=\"_ _3\"/>tion charge that would arise a<span class=\"_ _3\"/>t the standard rate of UK<span class=\"_ _3\"/> corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before t<span class=\"_ _0\"/>ax <span class=\"_ _1d9\"> </span><span class=\"ff17b ls18c ws1c2\">501 <span class=\"_ _16\"> </span></span><span class=\"ff17e ws1bb\">480 </span>Notional taxation charge at UK corporation tax <span class=\"_ _4\"/><span class=\"ls19f ws1c9\">rate of 19% (2021: 19%) on profit before tax <span class=\"_ _139\"> </span><span class=\"ff17b ls189 ws1b8\">(95)<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span><span class=\"ff17e ls188 ws1b9\">(91) </span></span></span>Non-taxable income/n<span class=\"_ _3\"/>on-deductible expe<span class=\"_ _3\"/>nses <span class=\"_ _15d\"> </span><span class=\"ff17b ls18c ws1c2\">(15) <span class=\"_ _69\"> </span><span class=\"ff17e ls188 ws1b9\">(9) </span></span>Overseas non-<span class=\"_ _0\"/>deductibl<span class=\"_ _0\"/>e exception<span class=\"_ _0\"/>al expenses<span class=\"_ _0\"/> <span class=\"_ _256\"> </span><span class=\"ff17b ls184 ws1d4\">\u2013 <span class=\"_ _6f\"> </span><span class=\"ff17e ls19b ws1d6\">(26<span class=\"_ _0\"/>) </span></span>Prior ye<span class=\"_ _3\"/>ar adjustmen<span class=\"_ _3\"/>ts <span class=\"_ _247\"> </span><span class=\"ff17b ls186 ws1b6\">4 <span class=\"_ _12c\"> </span><span class=\"ff17e ls188 ws1b9\">3 </span></span>Other tax<span class=\"_ _0\"/>es <span class=\"_ _257\"> </span><span class=\"ff17b ls183 ws1bd\">(8) <span class=\"_ _a0\"> </span><span class=\"ff17e ls19b ws1d6\">(7) </span></span>Current year losses not recognised <span class=\"_ _258\"> </span><span class=\"ff17b ls183 ws1bd\">(8) <span class=\"_ _1d2\"> </span><span class=\"ff17e ls19b ws1d6\">(1) </span></span>Impact o<span class=\"_ _3\"/>f overseas tax<span class=\"_ _3\"/> rates <span class=\"_ _259\"> </span><span class=\"ff17b ls189 ws1b8\">(1) <span class=\"_ _203\"> </span><span class=\"ff17e ls183 ws1bd\">10 </span></span>Impact of<span class=\"_ _0\"/> chang<span class=\"_ _0\"/>es in tax<span class=\"_ _0\"/> rates<span class=\"_ _0\"/> <span class=\"_ _20e\"> </span><span class=\"ff17b ls18b ws1bb\">(6) <span class=\"_ _18\"> </span><span class=\"ff17e ls19b ws1d6\">(4) </span></span>Movement on tax<span class=\"_ _3\"/> provisions <span class=\"_ _1da\"> </span><span class=\"ff17b ls189 ws1b8\">(1) <span class=\"_ _18\"> </span><span class=\"ff17e ls19b ws1d6\">(5)<span class=\"_ _0\"/> </span></span>Production ta<span class=\"_ _0\"/>x credits <span class=\"_ _25a\"> </span><span class=\"ff17b ls18b ws1bb\">64 <span class=\"_ _14d\"> </span><span class=\"ff17e ls19b ws1d6\">38 </span></span>Statutor<span class=\"_ _335\"> </span>y taxatio<span class=\"_ _0\"/>n charge in<span class=\"_ _0\"/> the Consol<span class=\"_ _0\"/>idated I<span class=\"_ _0\"/>ncome Stat<span class=\"_ _0\"/>ement <span class=\"_ _52\"> </span><span class=\"ff17b ls18b ws1bb\">(66) <span class=\"_ _6e\"> </span><span class=\"ff17e ls184 ws1d4\">(92) </span></span>Non-dedu<span class=\"_ _0\"/>ctible expe<span class=\"_ _0\"/>nses are expense<span class=\"_ _0\"/>s that are not exp<span class=\"_ _0\"/>ected to be allow<span class=\"_ _0\"/>able for tax purpos<span class=\"_ _0\"/>es. Similarly<span class=\"_ _0\"/>, non-taxable income is<span class=\"_ _3\"/> income that<span class=\"_ _3\"/> is not expected<span class=\"_ _3\"/> to be taxable<span class=\"_ _3\"/>. Adjust<span class=\"_ _0\"/>ments to p<span class=\"_ _0\"/>rior per<span class=\"_ _0\"/>iods pri<span class=\"_ _0\"/>marily<span class=\"_ _0\"/> arise whe<span class=\"_ _0\"/>re an outc<span class=\"_ _0\"/>ome is o<span class=\"_ _0\"/>btaine<span class=\"_ _0\"/>d on cert<span class=\"_ _0\"/>ain tax ma<span class=\"_ _0\"/>tters,<span class=\"_ _0\"/> which d<span class=\"_ _0\"/>iffers fr<span class=\"_ _0\"/>om expectations held when the rela<span class=\"_ _3\"/>ted provision was mad<span class=\"_ _3\"/>e. Wh<span class=\"ws2\">ere t<span class=\"_ _3\"/>he outcome is mor<span class=\"_ _3\"/>e favourab<span class=\"_ _3\"/>le than the provi<span class=\"_ _3\"/>sion </span>made, the differe<span class=\"_ _3\"/>nce is relea<span class=\"_ _3\"/>sed, lowering<span class=\"_ _3\"/> the current year tax<span class=\"_ _3\"/> charge. Where the<span class=\"_ _3\"/> outcome is less favou<span class=\"_ _3\"/>rable than our<span class=\"_ _3\"/> provisio<span class=\"_ _0\"/>n, an additional<span class=\"_ _0\"/> charge to curren<span class=\"_ _0\"/>t year tax will<span class=\"_ _0\"/> occu<span class=\"ls185 ws1b6\">r. The cu<span class=\"_ _0\"/>rrent ta<span class=\"_ _0\"/>x charge i<span class=\"_ _0\"/>ncludes a \u00a3<span class=\"_ _0\"/>9 million cr<span class=\"_ _0\"/>edit (202<span class=\"_ _0\"/>1: </span>\u00a37 milli<span class=\"_ _3\"/>on charge) re<span class=\"_ _3\"/>lating to prior<span class=\"_ _3\"/> years, and the d<span class=\"_ _3\"/>eferred <span class=\"ls18c ws1bc\">tax charge <span class=\"_ _3\"/>includes a \u00a35 million charge (2021: \u00a310 million </span>credit) relating to<span class=\"_ _3\"/> prior years. This adjustme<span class=\"_ _3\"/>nt has arisen<span class=\"ls18c ws1bc\"> following <span class=\"_ _3\"/>changes in estimates of taxes that have already </span>become due, or will become due i<span class=\"_ _3\"/>n the future. Other taxes of \u00a38 million charge (2021: \u00a37 million charge) in<span class=\"ls186 ws2\">cludes stat<span class=\"_ _3\"/>e taxes o<span class=\"_ _3\"/>f \u00a34 milli<span class=\"_ _3\"/>on in the U<span class=\"_ _3\"/>S, local ta<span class=\"_ _3\"/>xes of </span>\u00a32 million i<span class=\"_ _0\"/>n Germany,<span class=\"_ _0\"/> Italy and F<span class=\"_ _0\"/>rance plus<span class=\"_ _0\"/> \u00a32 mill<span class=\"_ _0\"/>ion of irrec<span class=\"_ _0\"/>overabl<span class=\"_ _0\"/>e withhold<span class=\"_ _0\"/>ing tax in th<span class=\"_ _0\"/>e UK. The impact of overseas tax rates reflects the fact that some <span class=\"ws2\">of our profits are earned in territories other than the UK and </span>taxed at rates different from the UK corporation tax rate. In 20<span class=\"ls1a1 ws1d2\">22, the total impact is \u00a31 milli</span>on charge (2021: \u00a310 million cre<span class=\"_ _3\"/>di<span class=\"_ _3\"/>t) <span class=\"_ _4\"/>due t<span class=\"_ _4\"/>o profits arising in higher ta<span class=\"_ _3\"/>x jurisdictions. The increa<span class=\"_ _0\"/>se in the UK corpo<span class=\"_ _0\"/>ration tax rat<span class=\"_ _0\"/>e from 19% to 25%,<span class=\"_ _0\"/> which is eff<span class=\"_ _0\"/>ective from 1 Ap<span class=\"_ _0\"/>ril 2023, will increase<span class=\"_ _0\"/> the Group's fu<span class=\"_ _3\"/>ture current<span class=\"_ _3\"/> tax charge. A<span class=\"_ _4\"/> deferred tax liabi<span class=\"_ _3\"/>lity has bee<span class=\"_ _3\"/>n calculated and<span class=\"_ _3\"/> the curre<span class=\"_ _3\"/>nt year moveme<span class=\"_ _3\"/>nt on the<span class=\"_ _3\"/> change in<span class=\"_ _0\"/> the tax<span class=\"_ _0\"/> rate is a \u00a36<span class=\"_ _0\"/> million<span class=\"_ _0\"/> charge th<span class=\"_ _0\"/>roug<span class=\"_ _0\"/>h th<span class=\"ls184 ws1c8\">e Consolidated Income St<span class=\"_ _3\"/>atement and a \u00a35 million charge </span>through ot<span class=\"_ _3\"/>her comprehe<span class=\"_ _3\"/>nsive income<span class=\"_ _3\"/> or equity. In line with<span class=\"_ _0\"/> our accou<span class=\"_ _0\"/>nting pol<span class=\"_ _0\"/>icy on curr<span class=\"_ _0\"/>ent tax, pr<span class=\"_ _0\"/>ovisions<span class=\"_ _0\"/> are held on th<span class=\"_ _0\"/>e balance s<span class=\"_ _0\"/>heet with<span class=\"_ _0\"/>in current<span class=\"_ _0\"/> tax liabil<span class=\"_ _0\"/>ities in respect of unce<span class=\"_ _3\"/>rtain tax posi<span class=\"_ _3\"/>tions where management<span class=\"_ _3\"/> believ<span class=\"ls184 ws1b3\">e<span class=\"_ _3\"/>s that it is probab<span class=\"_ _3\"/>le that futur<span class=\"_ _3\"/>e payments of t<span class=\"_ _3\"/>ax will </span>be required<span class=\"_ _3\"/>. The prod<span class=\"_ _0\"/>uction t<span class=\"_ _0\"/>ax cred<span class=\"_ _0\"/>its inclu<span class=\"_ _0\"/>ded wi<span class=\"_ _0\"/>thin the r<span class=\"_ _0\"/>econc<span class=\"_ _0\"/>iliati<span class=\"ls184 ws1c8\">on above are UK High-End Television (HET<span class=\"_ _3\"/>V) tax credits </span>and Chil<span class=\"_ _0\"/>dren\u2019s Tele<span class=\"_ _0\"/>vision tax<span class=\"_ _0\"/> credits, which a<span class=\"_ _0\"/>re part of a gr<span class=\"_ _0\"/>oup of incen<span class=\"_ _0\"/>tives pr<span class=\"_ _0\"/>ovided to su<span class=\"_ _0\"/>pport th<span class=\"_ _0\"/>e creative<span class=\"_ _0\"/> industries in t<span class=\"_ _3\"/>he UK. The a<span class=\"_ _3\"/>bility to acce<span class=\"_ _3\"/>ss these tax cr<span class=\"_ _3\"/>edit<span class=\"ls18c ws1bc\">s is fundamental when assessing the viability of investment </span>decisions in the pr<span class=\"_ _3\"/>oduction of high-e<span class=\"_ _3\"/>nd drama and childre<span class=\"_ _3\"/>n\u2019s programmes. Under<span class=\"_ _3\"/> IFRS, these pr<span class=\"_ _3\"/>oduction tax credits are reported <span class=\"_ _3\"/>within the total taxati<span class=\"_ _3\"/>on charge in the Conso<span class=\"_ _3\"/>l<span class=\"ls186 ws1c9\">idated Income State<span class=\"_ _3\"/>ment. However,<span class=\"_ _3\"/> ITV considers the<span class=\"_ _3\"/>m to </span>be a contribution to production costs, and therefore<span class=\"_ _3\"/> workin<span class=\"ls184 ws1c8\">g capital in nature, a<span class=\"_ _3\"/>nd excludes them from its adju<span class=\"_ _3\"/>sted </span>tax charge, i<span class=\"_ _3\"/>ncluding them instead<span class=\"_ _3\"/> within Adjusted EBITA. The effec<span class=\"_ _0\"/>tive tax<span class=\"_ _0\"/> rate is 1<span class=\"_ _0\"/>3.2% (202<span class=\"_ _0\"/>1: 19.2%<span class=\"_ _0\"/>), and is th<span class=\"_ _0\"/>e st<span class=\"ls184 ws1b3\">atutory tax charge o<span class=\"_ _3\"/>n the face of the <span class=\"_ _3\"/>Consolidated <span class=\"_ _3\"/>Income </span>Statement expr<span class=\"_ _3\"/>essed as a per<span class=\"_ _3\"/>centage of the<span class=\"_ _3\"/> profit before tax<span class=\"_ _3\"/>. The tax rate i<span class=\"_ _3\"/>s lower tha<span class=\"_ _3\"/>n in 2021 primari<span class=\"_ _3\"/>ly due to the excepti<span class=\"_ _0\"/>onal ear<span class=\"_ _0\"/>nout ch<span class=\"_ _0\"/>arge in rel<span class=\"_ _0\"/>ation<span class=\"_ _0\"/> to the Tal<span class=\"_ _0\"/>pa BV ac<span class=\"_ _0\"/>quisit<span class=\"_ _0\"/>ion, whic<span class=\"_ _0\"/>h was not<span class=\"_ _0\"/> deduct<span class=\"_ _0\"/>ible for t<span class=\"_ _0\"/>ax purp<span class=\"_ _0\"/>oses and impacted the tax <span class=\"_ _3\"/>rate and an in<span class=\"_ _3\"/>crease in production tax cr<span class=\"ls184 ws1b3\">edit<span class=\"_ _3\"/>s in the year<span class=\"_ _3\"/>. As explained in<span class=\"_ _3\"/> the Finance Revie<span class=\"_ _3\"/>w, the </span>Group uses an adjusted tax rate to show how tax impacts to<span class=\"ls186 ws1c9\">tal adjust<span class=\"_ _3\"/>ed earnings in a wa<span class=\"_ _3\"/>y that is more aligned<span class=\"_ _4\"/> with </span>the Group\u2019s cash <span class=\"_ _3\"/>tax position. The adj<span class=\"_ _3\"/>usted tax rate i<span class=\"_ _3\"/>s 20.1% (2021: 19.9%). In 2022, the current<span class=\"_ _3\"/> year moveme<span class=\"_ _3\"/>nt recogni<span class=\"_ _3\"/>sed in the Co<span class=\"_ _3\"/><span class=\"ws1c8\">nsolidated Income Statem<span class=\"_ _3\"/>ent on origination and rever<span class=\"_ _3\"/>sal </span>of temporary differences (e<span class=\"_ _3\"/>xcluding exceptional items) is a ch<span class=\"ls184 ws1c8\">arge of \u00a334 milli<span class=\"_ _3\"/>on, compared with a credit of<span class=\"_ _3\"/> \u00a31 million </span>in 2021.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>191<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff182 ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff181 ls3 ws2\"> </span></span>194 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff184 ls3 ws2\">\u2009</span><span class=\"ff182 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>Taxation \u2013 Other comprehensive income (OCI) and equity As analysed i<span class=\"_ _4\"/>n<span class=\"_ _0\"/> the tabl<span class=\"_ _3\"/>e below a de<span class=\"_ _3\"/>ferred tax <span class=\"_ _3\"/>charge of \u00a3<span class=\"_ _3\"/>2<span class=\"ls189 ws1d8\">3 million (2021: \u00a32 million charge) has been recognis<span class=\"_ _0\"/>ed on </span>actuarial mo<span class=\"_ _3\"/>vements on p<span class=\"_ _3\"/>ensions. Other temp<span class=\"_ _3\"/>orary difference<span class=\"_ _3\"/>s recognised i<span class=\"_ _3\"/>n other com<span class=\"_ _3\"/>prehensive income<span class=\"_ _3\"/> include, a deferred tax cred<span class=\"_ _3\"/>it of \u00a35 million (2021: charge of \u00a31 mi<span class=\"_ _3\"/>ll<span class=\"ls188 ws1d5\">ion) on gilts, \u00a31 million deferred tax credit on deri<span class=\"_ _3\"/>vatives </span>(2021: \u00a34 m<span class=\"_ _0\"/>illion cha<span class=\"_ _0\"/>rge) and<span class=\"_ _0\"/> no deferre<span class=\"_ _0\"/>d tax movemen<span class=\"_ _0\"/>t on the co<span class=\"_ _0\"/>st of hedgin<span class=\"_ _0\"/>g (2021: \u00a32<span class=\"_ _0\"/> million cr<span class=\"_ _0\"/>edit). A<span class=\"_ _0\"/> deferred<span class=\"_ _0\"/> tax charge of \u00a37 million (2<span class=\"_ _3\"/>021: \u00a32 million credit) has been<span class=\"ls184 ws1b3\"> re<span class=\"_ _3\"/>cognised in eq<span class=\"_ _3\"/>uity in respe<span class=\"_ _3\"/>ct of share<span class=\"_ _3\"/>-based payments. </span>There has bee<span class=\"_ _0\"/>n no current tax r<span class=\"_ _0\"/>ecognised<span class=\"_ _0\"/> in other compr<span class=\"_ _0\"/>ehensive<span class=\"_ _0\"/> income in the c<span class=\"_ _0\"/>urrent per<span class=\"_ _0\"/>iod on foreign exc<span class=\"_ _0\"/>hange movement<span class=\"_ _3\"/>s net of hedging (2021: \u00a33 mi<span class=\"_ _3\"/>llion charge)<span class=\"_ _3\"/> or on <span class=\"_ _3\"/><span class=\"ls19f ws1b5\">pensions (2021: \u00a311 mi<span class=\"_ _3\"/>llion <span class=\"ls1a0 ws2\">credit). There has been no </span></span>current tax recognised in equity in the current period <span class=\"ls1a1 ws1d2\">in relation to share-based compensation (2021: \u00a3nil). </span>Taxation \u2013 Consolidated Statement of Financial Position The table b<span class=\"_ _3\"/>elow outline<span class=\"_ _3\"/>s the deferred <span class=\"_ _3\"/>tax assets/(liabi<span class=\"_ _3\"/>lities) that are re<span class=\"_ _3\"/>cognised in the Co<span class=\"_ _3\"/>nsolidated Statem<span class=\"_ _3\"/>ent of Financial Position, to<span class=\"_ _3\"/>gether with their moveme<span class=\"_ _3\"/>nts in the yea<span class=\"_ _3\"/>r: At 1 January 2022 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Other* \u00a3m Foreign  exchange \u00a3m At 31 December 2022 \u00a3m Tangible assets<span class=\"_ _0\"/> 4 <span class=\"_ _b\"/>(3) <span class=\"_ _1a5\"/>\u2013 \u2013 \u2013 <span class=\"_ _165\"> </span><span class=\"ff183 ls189 ws1b8\">1 </span>Intangible assets <span class=\"_ _c8\"> </span><span class=\"ff185 ls188 ws241\">(45) <span class=\"_ _33\"> </span>1 <span class=\"_ _1f9\"> </span>\u2013 <span class=\"_ _f\"> </span>(3) (2) <span class=\"_ _1\"> </span><span class=\"ff183 ls183 ws1bd\">(49)<span class=\"_ _0\"/> </span></span>Pension s<span class=\"_ _0\"/>cheme <span class=\"_ _e3\"> </span><span class=\"ff185 ls188 ws242\">(6) <span class=\"_ _0\"/>(27) (23) <span class=\"_ _165\"> </span>\u2013 <span class=\"_ _c2\"> </span>\u2013 <span class=\"_ _95\"> </span><span class=\"ff183 ls189 ws1b8\">(56) </span></span>Tax losses <span class=\"_ _bd\"> </span><span class=\"ff185 ls188 ws243\">32 (8) <span class=\"_ _5\"/>\u2013 <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _e\"> </span>3 <span class=\"_ _1f9\"> </span><span class=\"ff183 ls18d ws1d3\">27 </span></span>Share-based compen<span class=\"_ _3\"/>sation <span class=\"_ _103\"> </span><span class=\"ff185 ls188 ws244\">11 <span class=\"_ _9\"> </span>5 <span class=\"_ _0\"/>(7) \u2013 <span class=\"_ _f\"> </span>\u2013 <span class=\"_ _145\"> </span></span><span class=\"ff183 ws1d4\">9 </span>Other temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences <span class=\"_ _8f\"> </span><span class=\"ff185 ls189 ws206\">29 (12) <span class=\"_ _e9\"> </span>6 </span>4 3 <span class=\"_ _2f\"> </span><span class=\"ff183 ls18c ws1c2\">30 </span> <span class=\"_ _ea\"> </span><span class=\"ff185 ls189 ws246\">25 (<span class=\"_ _335\"> </span></span>44<span class=\"_ _335\"> </span>) (2<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>) 1 4 <span class=\"_ _25\"> </span><span class=\"ff183 ls18b ws1bb\">(38) </span>* <span class=\"_ _2d\"> </span>\u00a33 m<span class=\"_ _0\"/>illion of<span class=\"_ _0\"/> the move<span class=\"_ _0\"/>ment in Ot<span class=\"_ _0\"/>her relate<span class=\"_ _0\"/>s to bus<span class=\"_ _0\"/>iness acqu<span class=\"_ _0\"/>isition<span class=\"_ _0\"/>s  At 1 January 2021 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Foreign  exchange \u00a3m At 31 December 2021 \u00a3m Tangible assets<span class=\"_ _0\"/> <span class=\"_ _160\"> </span><span class=\"ff185 ls18f ws249\">8 (3) <span class=\"_ _5\"/>\u2013 <span class=\"_ _5\"/>(1) </span>4<span class=\"_ _335\"> </span>Intangible assets <span class=\"_ _110\"> </span><span class=\"ff185 ls18f ws24a\">(<span class=\"_ _3\"/>41) <span class=\"_ _6\"> </span>(5) <span class=\"_ _65\"> </span>\u2013 <span class=\"_ _166\"> </span>1 (45) </span>Pension s<span class=\"_ _0\"/>cheme  <span class=\"_ _25b\"> </span><span class=\"ff185 ls188 ws211\">(5) <span class=\"_ _1\"> </span>1 <span class=\"_ _0\"/>(2) <span class=\"_ _5\"/>\u2013 (6) </span>Tax losses <span class=\"_ _79\"> </span><span class=\"ff185 ls18f ws24b\">35 <span class=\"_ _2\"> </span>(3) <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _2b\"> </span>\u2013 32 </span>Share-based compen<span class=\"_ _3\"/>sation <span class=\"_ _d6\"> </span><span class=\"ff185 ls189 ws24c\">8 <span class=\"_ _e\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _f\"> </span>2 <span class=\"_ _e\"> </span>\u2013 11 </span>Other temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences <span class=\"_ _1fe\"> </span><span class=\"ff185 ls18f ws24d\">9 <span class=\"_ _2d\"> </span>23 (3) <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _2f\"> </span>29 </span> <span class=\"_ _25c\"> </span><span class=\"ff185\">1<span class=\"_ _335\"> </span></span>4 1<span class=\"_ _335\"> </span>4 <span class=\"_ _2f\"> </span>(3) <span class=\"_ _6\"> </span>\u2013 25 At 31 December 2022, th<span class=\"_ _0\"/>e net deferred ta<span class=\"ls186 ws1c8\">x liability position is \u00a338 mil<span class=\"_ _4\"/>lion (2021: \u00a325 million as<span class=\"_ _3\"/>set), consistin<span class=\"_ _3\"/>g of total </span>deferred t<span class=\"_ _0\"/>ax assets of<span class=\"_ _0\"/> \u00a3133 mi<span class=\"_ _0\"/>llion (2021:<span class=\"_ _0\"/> \u00a3134 mil<span class=\"_ _0\"/>lion) and<span class=\"_ _0\"/> total def<span class=\"_ _0\"/>erred tax l<span class=\"_ _0\"/>iabilitie<span class=\"_ _0\"/>s of \u00a3171 milli<span class=\"_ _0\"/>on (202<span class=\"_ _0\"/>1: \u00a3109 mil<span class=\"_ _0\"/>lion<span class=\"_ _0\"/><span class=\"ls189 ws1b8\">). </span>The Consolidated Sta<span class=\"_ _3\"/>tement of Financial Pos<span class=\"_ _3\"/>ition presents <span class=\"ls18b ws1b2\">deferred tax after netting off balances<span class=\"_ _0\"/> within countries \u2013 </span>a deferred<span class=\"_ _3\"/> tax asset of \u00a3<span class=\"_ _3\"/>19 million and a defer<span class=\"_ _3\"/>red tax liabil<span class=\"_ _3\"/>ity of \u00a357 mill<span class=\"_ _3\"/>ion (2021: defe<span class=\"_ _3\"/>rred tax asse<span class=\"_ _3\"/>t of \u00a337 million and a deferred tax liabi<span class=\"_ _0\"/>lity of \u00a312 million). The defe<span class=\"_ _3\"/>rred tax balanc<span class=\"_ _4\"/>es relate to: \u2022  <span class=\"ff182 ls186 ws1c8\">Property<span class=\"_ _3\"/>, plant and equipmen<span class=\"_ _3\"/>t temporary<span class=\"_ _3\"/> differences arisin<span class=\"_ _3\"/>g on assets qu<span class=\"_ _3\"/>alifying for t<span class=\"_ _3\"/>ax depreciation </span>\u2022  <span class=\"ff182 ls186 ws1c8\">Temporary<span class=\"_ _3\"/> differences on<span class=\"_ _3\"/> intangible asse<span class=\"_ _3\"/>ts, including th<span class=\"_ _3\"/>ose arising<span class=\"_ _3\"/> on business combin<span class=\"_ _3\"/>ations </span>\u2022  <span class=\"ff182 ls183 ws1b6\">Programme<span class=\"_ _0\"/> rights \u2013 tempor<span class=\"_ _0\"/>ary differe<span class=\"_ _0\"/>nces on interc<span class=\"_ _0\"/>ompany profit<span class=\"_ _0\"/>s on stock </span>\u2022  <span class=\"ff182 ls183 ws2\">Pension s<span class=\"_ _0\"/>cheme temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences<span class=\"_ _0\"/> on the IAS<span class=\"_ _0\"/> 19 pension<span class=\"_ _0\"/> surplus a<span class=\"_ _0\"/>nd SDN <span class=\"_ _0\"/>and LTVC p<span class=\"_ _0\"/>ension </span>funding pa<span class=\"_ _3\"/>rtnerships \u2022  <span class=\"ff182 ls183 ws2\">Temporary <span class=\"_ _0\"/>differen<span class=\"_ _0\"/>ces arisin<span class=\"_ _0\"/>g from the<span class=\"_ _0\"/> timing of<span class=\"_ _0\"/> the use<span class=\"_ _0\"/> of tax los<span class=\"_ _0\"/>ses </span>\u2022  <span class=\"ff182 ls186 ws1b3\">Share-based<span class=\"_ _3\"/> compensat<span class=\"_ _3\"/>ion tempo<span class=\"_ _3\"/>rary differe<span class=\"_ _3\"/>nces on sh<span class=\"_ _3\"/>are scheme<span class=\"_ _3\"/>s  </span>\u2022  <span class=\"ff182 ls184 ws1d5\">Other temporary<span class=\"_ _3\"/> differences on provi<span class=\"_ _3\"/>sions and financial in<span class=\"_ _3\"/>struments </span>The deferred<span class=\"_ _3\"/> tax balance a<span class=\"_ _3\"/>ssociated with t<span class=\"_ _3\"/>he pension su<span class=\"ls18f ws1d7\">rp<span class=\"_ _3\"/>lus reflects the current tax benefi<span class=\"_ _3\"/>t obtained in 2022 </span>followi<span class=\"_ _3\"/>ng the employe<span class=\"_ _3\"/>r contribut<span class=\"_ _3\"/>ions to<span class=\"_ _3\"/> the Group\u2019<span class=\"_ _3\"/>s defined<span class=\"_ _3\"/> benefit pe<span class=\"_ _3\"/>nsion sche<span class=\"_ _3\"/>me. The adj<span class=\"_ _3\"/>ustment in ot<span class=\"_ _3\"/>her comprehe<span class=\"_ _0\"/>nsive inc<span class=\"_ _0\"/>ome to the d<span class=\"_ _0\"/>eferred<span class=\"_ _0\"/> tax balanc<span class=\"_ _0\"/>es relates<span class=\"_ _0\"/> to the actu<span class=\"_ _0\"/>arial gain<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in the<span class=\"_ _0\"/> year.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>192<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff182 ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff181 ls3 ws2\"> </span></span>194 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff184 ls3 ws2\">\u2009</span><span class=\"ff182 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>Taxation \u2013 Other comprehensive income (OCI) and equity As analysed i<span class=\"_ _4\"/>n<span class=\"_ _0\"/> the tabl<span class=\"_ _3\"/>e below a de<span class=\"_ _3\"/>ferred tax <span class=\"_ _3\"/>charge of \u00a3<span class=\"_ _3\"/>2<span class=\"ls189 ws1d8\">3 million (2021: \u00a32 million charge) has been recognis<span class=\"_ _0\"/>ed on </span>actuarial mo<span class=\"_ _3\"/>vements on p<span class=\"_ _3\"/>ensions. Other temp<span class=\"_ _3\"/>orary difference<span class=\"_ _3\"/>s recognised i<span class=\"_ _3\"/>n other com<span class=\"_ _3\"/>prehensive income<span class=\"_ _3\"/> include, a deferred tax cred<span class=\"_ _3\"/>it of \u00a35 million (2021: charge of \u00a31 mi<span class=\"_ _3\"/>ll<span class=\"ls188 ws1d5\">ion) on gilts, \u00a31 million deferred tax credit on deri<span class=\"_ _3\"/>vatives </span>(2021: \u00a34 m<span class=\"_ _0\"/>illion cha<span class=\"_ _0\"/>rge) and<span class=\"_ _0\"/> no deferre<span class=\"_ _0\"/>d tax movemen<span class=\"_ _0\"/>t on the co<span class=\"_ _0\"/>st of hedgin<span class=\"_ _0\"/>g (2021: \u00a32<span class=\"_ _0\"/> million cr<span class=\"_ _0\"/>edit). A<span class=\"_ _0\"/> deferred<span class=\"_ _0\"/> tax charge of \u00a37 million (2<span class=\"_ _3\"/>021: \u00a32 million credit) has been<span class=\"ls184 ws1b3\"> re<span class=\"_ _3\"/>cognised in eq<span class=\"_ _3\"/>uity in respe<span class=\"_ _3\"/>ct of share<span class=\"_ _3\"/>-based payments. </span>There has bee<span class=\"_ _0\"/>n no current tax r<span class=\"_ _0\"/>ecognised<span class=\"_ _0\"/> in other compr<span class=\"_ _0\"/>ehensive<span class=\"_ _0\"/> income in the c<span class=\"_ _0\"/>urrent per<span class=\"_ _0\"/>iod on foreign exc<span class=\"_ _0\"/>hange movement<span class=\"_ _3\"/>s net of hedging (2021: \u00a33 mi<span class=\"_ _3\"/>llion charge)<span class=\"_ _3\"/> or on <span class=\"_ _3\"/><span class=\"ls19f ws1b5\">pensions (2021: \u00a311 mi<span class=\"_ _3\"/>llion <span class=\"ls1a0 ws2\">credit). There has been no </span></span>current tax recognised in equity in the current period <span class=\"ls1a1 ws1d2\">in relation to share-based compensation (2021: \u00a3nil). </span>Taxation \u2013 Consolidated Statement of Financial Position The table b<span class=\"_ _3\"/>elow outline<span class=\"_ _3\"/>s the deferred <span class=\"_ _3\"/>tax assets/(liabi<span class=\"_ _3\"/>lities) that are re<span class=\"_ _3\"/>cognised in the Co<span class=\"_ _3\"/>nsolidated Statem<span class=\"_ _3\"/>ent of Financial Position, to<span class=\"_ _3\"/>gether with their moveme<span class=\"_ _3\"/>nts in the yea<span class=\"_ _3\"/>r: At 1 January 2022 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Other* \u00a3m Foreign  exchange \u00a3m At 31 December 2022 \u00a3m Tangible assets<span class=\"_ _0\"/> 4 <span class=\"_ _b\"/>(3) <span class=\"_ _1a5\"/>\u2013 \u2013 \u2013 <span class=\"_ _165\"> </span><span class=\"ff183 ls189 ws1b8\">1 </span>Intangible assets <span class=\"_ _c8\"> </span><span class=\"ff185 ls188 ws241\">(45) <span class=\"_ _33\"> </span>1 <span class=\"_ _1f9\"> </span>\u2013 <span class=\"_ _f\"> </span>(3) (2) <span class=\"_ _1\"> </span><span class=\"ff183 ls183 ws1bd\">(49)<span class=\"_ _0\"/> </span></span>Pension s<span class=\"_ _0\"/>cheme <span class=\"_ _e3\"> </span><span class=\"ff185 ls188 ws242\">(6) <span class=\"_ _0\"/>(27) (23) <span class=\"_ _165\"> </span>\u2013 <span class=\"_ _c2\"> </span>\u2013 <span class=\"_ _95\"> </span><span class=\"ff183 ls189 ws1b8\">(56) </span></span>Tax losses <span class=\"_ _bd\"> </span><span class=\"ff185 ls188 ws243\">32 (8) <span class=\"_ _5\"/>\u2013 <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _e\"> </span>3 <span class=\"_ _1f9\"> </span><span class=\"ff183 ls18d ws1d3\">27 </span></span>Share-based compen<span class=\"_ _3\"/>sation <span class=\"_ _103\"> </span><span class=\"ff185 ls188 ws244\">11 <span class=\"_ _9\"> </span>5 <span class=\"_ _0\"/>(7) \u2013 <span class=\"_ _f\"> </span>\u2013 <span class=\"_ _145\"> </span></span><span class=\"ff183 ws1d4\">9 </span>Other temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences <span class=\"_ _8f\"> </span><span class=\"ff185 ls189 ws206\">29 (12) <span class=\"_ _e9\"> </span>6 </span>4 3 <span class=\"_ _2f\"> </span><span class=\"ff183 ls18c ws1c2\">30 </span> <span class=\"_ _ea\"> </span><span class=\"ff185 ls189 ws246\">25 (</span>44) (24) 1 4 <span class=\"_ _25\"> </span><span class=\"ff183 ls18b ws1bb\">(38) </span>* <span class=\"_ _2d\"> </span>\u00a33 m<span class=\"_ _0\"/>illion of<span class=\"_ _0\"/> the move<span class=\"_ _0\"/>ment in Ot<span class=\"_ _0\"/>her relate<span class=\"_ _0\"/>s to bus<span class=\"_ _0\"/>iness acqu<span class=\"_ _0\"/>isition<span class=\"_ _0\"/>s  At 1 January 2021 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Foreign  exchange \u00a3m At 31 December 2021 \u00a3m Tangible assets<span class=\"_ _0\"/> <span class=\"_ _160\"> </span><span class=\"ff185 ls18f ws249\">8 (3) <span class=\"_ _5\"/>\u2013 <span class=\"_ _5\"/>(1) </span>4<span class=\"_ _335\"> </span>Intangible assets <span class=\"_ _110\"> </span><span class=\"ff185 ls18f ws24a\">(<span class=\"_ _3\"/>41) <span class=\"_ _6\"> </span>(5) <span class=\"_ _65\"> </span>\u2013 <span class=\"_ _166\"> </span>1 (45) </span>Pension s<span class=\"_ _0\"/>cheme  <span class=\"_ _25b\"> </span><span class=\"ff185 ls188 ws211\">(5) <span class=\"_ _1\"> </span>1 <span class=\"_ _0\"/>(2) <span class=\"_ _5\"/>\u2013 (6) </span>Tax losses <span class=\"_ _79\"> </span><span class=\"ff185 ls18f ws24b\">35 <span class=\"_ _2\"> </span>(3) <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _2b\"> </span>\u2013 32 </span>Share-based compen<span class=\"_ _3\"/>sation <span class=\"_ _d6\"> </span><span class=\"ff185 ls189 ws24c\">8 <span class=\"_ _e\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _f\"> </span>2 <span class=\"_ _e\"> </span>\u2013 11 </span>Other temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences <span class=\"_ _1fe\"> </span><span class=\"ff185 ls18f ws24d\">9 <span class=\"_ _2d\"> </span>23 (3) <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _2f\"> </span>29 </span> <span class=\"_ _25c\"> </span><span class=\"ff185\">1</span>4 14 <span class=\"_ _2f\"> </span>(3) <span class=\"_ _6\"> </span>\u2013 25 At 31 December 2022, th<span class=\"_ _0\"/>e net deferred ta<span class=\"ls186 ws1c8\">x liability position is \u00a338 mil<span class=\"_ _4\"/>lion (2021: \u00a325 million as<span class=\"_ _3\"/>set), consistin<span class=\"_ _3\"/>g of total </span>deferred t<span class=\"_ _0\"/>ax assets of<span class=\"_ _0\"/> \u00a3133 mi<span class=\"_ _0\"/>llion (2021:<span class=\"_ _0\"/> \u00a3134 mil<span class=\"_ _0\"/>lion) and<span class=\"_ _0\"/> total def<span class=\"_ _0\"/>erred tax l<span class=\"_ _0\"/>iabilitie<span class=\"_ _0\"/>s of \u00a3171 milli<span class=\"_ _0\"/>on (202<span class=\"_ _0\"/>1: \u00a3109 mil<span class=\"_ _0\"/>lion<span class=\"_ _0\"/><span class=\"ls189 ws1b8\">). </span>The Consolidated Sta<span class=\"_ _3\"/>tement of Financial Pos<span class=\"_ _3\"/>ition presents <span class=\"ls18b ws1b2\">deferred tax after netting off balances<span class=\"_ _0\"/> within countries \u2013 </span>a deferred<span class=\"_ _3\"/> tax asset of \u00a3<span class=\"_ _3\"/>19 million and a defer<span class=\"_ _3\"/>red tax liabil<span class=\"_ _3\"/>ity of \u00a357 mill<span class=\"_ _3\"/>ion (2021: defe<span class=\"_ _3\"/>rred tax asse<span class=\"_ _3\"/>t of \u00a337 million and a deferred tax liabi<span class=\"_ _0\"/>lity of \u00a312 million). The defe<span class=\"_ _3\"/>rred tax balanc<span class=\"_ _4\"/>es relate to: \u2022  <span class=\"ff182 ls186 ws1c8\">Property<span class=\"_ _3\"/>, plant and equipmen<span class=\"_ _3\"/>t temporary<span class=\"_ _3\"/> differences arisin<span class=\"_ _3\"/>g on assets qu<span class=\"_ _3\"/>alifying for t<span class=\"_ _3\"/>ax depreciation </span>\u2022  <span class=\"ff182 ls186 ws1c8\">Temporary<span class=\"_ _3\"/> differences on<span class=\"_ _3\"/> intangible asse<span class=\"_ _3\"/>ts, including th<span class=\"_ _3\"/>ose arising<span class=\"_ _3\"/> on business combin<span class=\"_ _3\"/>ations </span>\u2022  <span class=\"ff182 ls183 ws1b6\">Programme<span class=\"_ _0\"/> rights \u2013 tempor<span class=\"_ _0\"/>ary differe<span class=\"_ _0\"/>nces on interc<span class=\"_ _0\"/>ompany profit<span class=\"_ _0\"/>s on stock </span>\u2022  <span class=\"ff182 ls183 ws2\">Pension s<span class=\"_ _0\"/>cheme temp<span class=\"_ _0\"/>orary diff<span class=\"_ _0\"/>erences<span class=\"_ _0\"/> on the IAS<span class=\"_ _0\"/> 19 pension<span class=\"_ _0\"/> surplus a<span class=\"_ _0\"/>nd SDN <span class=\"_ _0\"/>and LTVC p<span class=\"_ _0\"/>ension </span>funding pa<span class=\"_ _3\"/>rtnerships \u2022  <span class=\"ff182 ls183 ws2\">Temporary <span class=\"_ _0\"/>differen<span class=\"_ _0\"/>ces arisin<span class=\"_ _0\"/>g from the<span class=\"_ _0\"/> timing of<span class=\"_ _0\"/> the use<span class=\"_ _0\"/> of tax los<span class=\"_ _0\"/>ses </span>\u2022  <span class=\"ff182 ls186 ws1b3\">Share-based<span class=\"_ _3\"/> compensat<span class=\"_ _3\"/>ion tempo<span class=\"_ _3\"/>rary differe<span class=\"_ _3\"/>nces on sh<span class=\"_ _3\"/>are scheme<span class=\"_ _3\"/>s  </span>\u2022  <span class=\"ff182 ls184 ws1d5\">Other temporary<span class=\"_ _3\"/> differences on provi<span class=\"_ _3\"/>sions and financial in<span class=\"_ _3\"/>struments </span>The deferred<span class=\"_ _3\"/> tax balance a<span class=\"_ _3\"/>ssociated with t<span class=\"_ _3\"/>he pension su<span class=\"ls18f ws1d7\">rp<span class=\"_ _3\"/>lus reflects the current tax benefi<span class=\"_ _3\"/>t obtained in 2022 </span>followi<span class=\"_ _3\"/>ng the employe<span class=\"_ _3\"/>r contribut<span class=\"_ _3\"/>ions to<span class=\"_ _3\"/> the Group\u2019<span class=\"_ _3\"/>s defined<span class=\"_ _3\"/> benefit pe<span class=\"_ _3\"/>nsion sche<span class=\"_ _3\"/>me. The adj<span class=\"_ _3\"/>ustment in ot<span class=\"_ _3\"/>her comprehe<span class=\"_ _0\"/>nsive inc<span class=\"_ _0\"/>ome to the d<span class=\"_ _0\"/>eferred<span class=\"_ _0\"/> tax balanc<span class=\"_ _0\"/>es relates<span class=\"_ _0\"/> to the actu<span class=\"_ _0\"/>arial gain<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in the<span class=\"_ _0\"/> year.  ITV plc<span class=\"ff189 ls3 ws2\">\u2009</span><span class=\"ff18a ls1bb\">Annual Report and Accounts 2022 </span><span class=\"fs27 ls1a3 ws1dd\">195<span class=\"ff18a ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>A deferred tax asset of \u00a327 million (2021: \u00a332 million) has <span class=\"ls1a0 ws2\">been recognised for tax losses where a full recovery is </span>expected based on forecasted taxable profits. A deferred tax <span class=\"ls1a0 ws2\">asset of \u00a355<span class=\"_ _0\"/>8 million (2021: \u00a3559<span class=\"_ _0\"/> million) in respect of </span>cap<span class=\"_ _3\"/>it<span class=\"_ _3\"/>al <span class=\"_ _3\"/>los<span class=\"_ _4\"/>ses o<span class=\"_ _3\"/>f <span class=\"_ _3\"/>\u00a32,<span class=\"_ _3\"/>231<span class=\"_ _3\"/> mil<span class=\"_ _4\"/>lion <span class=\"_ _3\"/>(2<span class=\"_ _3\"/>021<span class=\"_ _4\"/>: \u00a32,<span class=\"_ _3\"/>237 mi<span class=\"_ _4\"/>llion<span class=\"_ _3\"/>) has not bee<span class=\"_ _3\"/>n recognised due to uncertai<span class=\"_ _3\"/>nties as to whether capital gains <span class=\"_ _3\"/>will arise in t<span class=\"_ _3\"/>he appropriate <span class=\"_ _3\"/>form and releva<span class=\"_ _3\"/>nt territories ag<span class=\"_ _3\"/>ainst which such <span class=\"_ _3\"/>losses could be<span class=\"_ _3\"/> utilised. The decrease in<span class=\"_ _0\"/> the defer<span class=\"_ _0\"/>red tax ass<span class=\"_ _0\"/>et in resp<span class=\"_ _0\"/>ect of the c<span class=\"_ _0\"/>apital l<span class=\"_ _0\"/>o<span class=\"ls184 ws1b3\">sses compared to<span class=\"_ _3\"/> the prior ye<span class=\"_ _3\"/>ar is due to t<span class=\"_ _3\"/>he dissolution </span>of two co<span class=\"_ _3\"/>mpanies that he<span class=\"_ _3\"/>ld capita<span class=\"_ _3\"/>l losses. <span class=\"_ _3\"/>Due to uncertai<span class=\"_ _3\"/>nty over t<span class=\"_ _3\"/>he timing and ex<span class=\"_ _3\"/>tent of t<span class=\"_ _3\"/>heir utilisat<span class=\"_ _3\"/>ion, the Group has not recognised deferr<span class=\"_ _3\"/>ed tax assets of \u00a313 millio<span class=\"_ _3\"/>n <span class=\"ls18b ws1c5\">(2021: \u00a312 million<span class=\"_ _0\"/>) in respect of<span class=\"_ _0\"/> UK losses of \u00a353 milli<span class=\"_ _0\"/>on </span>(2021: \u00a34<span class=\"_ _3\"/>8 million), \u00a3<span class=\"_ _3\"/>19 million<span class=\"_ _3\"/> (2021: \u00a315 <span class=\"_ _3\"/>million) i<span class=\"_ _3\"/>n resp<span class=\"ls18b ws1c5\">ect of overseas losses of<span class=\"_ _0\"/> \u00a384 million (2021: \u00a3<span class=\"_ _0\"/>67 million) </span>including \u00a3<span class=\"_ _0\"/>3 million in respec<span class=\"_ _0\"/>t of losses tha<span class=\"_ _0\"/>t expire be<span class=\"_ _0\"/>tween 2023 and 2027<span class=\"_ _0\"/> and \u00a35 mill<span class=\"_ _0\"/>ion (2021: \u00a3ni<span class=\"_ _0\"/>l) in respec<span class=\"_ _0\"/>t of other ov<span class=\"_ _0\"/>erseas s<span class=\"_ _0\"/>hort-ter<span class=\"_ _0\"/>m timing d<span class=\"_ _0\"/>ifferences<span class=\"_ _0\"/> of \u00a316<span class=\"_ _0\"/> million. Subsidia<span class=\"_ _0\"/>ries of ITV PLC<span class=\"_ _0\"/> Group have und<span class=\"_ _0\"/>istribut<span class=\"_ _0\"/>ed earnings<span class=\"_ _0\"/> of \u00a326 milli<span class=\"_ _0\"/>on (2021: \u00a316 m<span class=\"_ _0\"/>illion) whic<span class=\"_ _0\"/>h, if paid out as<span class=\"_ _0\"/> dividends, wo<span class=\"_ _0\"/>uld be subject<span class=\"_ _0\"/> to tax in the han<span class=\"_ _0\"/>ds of the rec<span class=\"_ _0\"/>ipient. An<span class=\"_ _0\"/> assessable<span class=\"_ _0\"/> temporary d<span class=\"_ _0\"/>ifference exis<span class=\"_ _0\"/>ts, but no deferred tax liability ha<span class=\"_ _3\"/>s been recognised as ITV PLC Gro<span class=\"_ _3\"/>up <span class=\"ls188 ws1d2\">is able to contro<span class=\"_ _3\"/>l the timing of the distrib<span class=\"_ _3\"/>utions from </span>these subsi<span class=\"_ _3\"/>diaries and is not e<span class=\"_ _3\"/>xpected to dist<span class=\"_ _3\"/>ribute these profit<span class=\"_ _3\"/>s in the foreseea<span class=\"_ _3\"/>ble future. During 2021<span class=\"_ _0\"/>, the OECD pu<span class=\"_ _0\"/>blished a fr<span class=\"_ _0\"/>amewor<span class=\"_ _0\"/>k for the in<span class=\"_ _0\"/>trod<span class=\"_ _0\"/><span class=\"ls186 ws2\">uction of <span class=\"_ _3\"/>a global mi<span class=\"_ _3\"/>nimum effe<span class=\"_ _3\"/>ctive tax rat<span class=\"_ _3\"/>e of 15%, </span>applicable to<span class=\"_ _3\"/> large <span class=\"_ _3\"/>multinationa<span class=\"_ _3\"/>l groups. H<span class=\"_ _3\"/>M Treasury has p<span class=\"_ _3\"/>ublished dr<span class=\"_ _3\"/>aft legislatio<span class=\"_ _3\"/>n to impleme<span class=\"_ _3\"/>nt these '<span class=\"_ _3\"/>Pillar Two<span class=\"_ _3\"/>' rules for accoun<span class=\"_ _0\"/>ting perio<span class=\"_ _0\"/>ds starting<span class=\"_ _0\"/> on or after 31 Dec<span class=\"_ _0\"/>ember 2023. Th<span class=\"_ _0\"/>e Group is rev<span class=\"_ _0\"/>iewing thes<span class=\"_ _0\"/>e draft rules<span class=\"_ _0\"/>, which have not been substantively enacted, to understand any potentia<span class=\"_ _3\"/>l impacts. On 17th November 2022, the UK govern<span class=\"_ _3\"/>ment announced plans <span class=\"ws1b3\">to refor<span class=\"_ _3\"/>m the current sy<span class=\"_ _3\"/>stem of AV tax <span class=\"_ _3\"/>credits and has </span>opened a consulta<span class=\"_ _3\"/>tion on its propo<span class=\"_ _3\"/>sals to merge t<span class=\"_ _3\"/>he four ex<span class=\"_ _3\"/><span class=\"ls190 ws1b5\">isting<span class=\"_ _3\"/> AV scheme<span class=\"_ _3\"/>s (film, <span class=\"_ _3\"/>high-end T<span class=\"_ _3\"/>V, chi<span class=\"_ _3\"/>ldren's TV a<span class=\"_ _3\"/>nd </span>animation)<span class=\"_ _3\"/> into a single scheme<span class=\"_ _3\"/> and modernise the criteria<span class=\"_ _4\"/><span class=\"ls190 ws1b5\"> for the high<span class=\"_ _3\"/>-end TV s<span class=\"_ _3\"/>cheme. In<span class=\"_ _3\"/> addition<span class=\"_ _3\"/>, the gover<span class=\"_ _3\"/>nment </span>is proposing ref<span class=\"_ _3\"/>orm of the ent<span class=\"_ _3\"/>ire system, <span class=\"_ _3\"/>changing it from <span class=\"_ _3\"/>a system of t<span class=\"_ _3\"/>ax relief to e<span class=\"_ _3\"/>xpenditure cr<span class=\"_ _3\"/>edits. The outcome of the c<span class=\"_ _0\"/>onsultati<span class=\"_ _0\"/>on may ch<span class=\"_ _0\"/>ange th<span class=\"_ _0\"/>e econom<span class=\"_ _0\"/>ic value<span class=\"_ _0\"/> of high-e<span class=\"_ _0\"/>nd TV t<span class=\"_ _0\"/>ax credi<span class=\"_ _0\"/>ts to ITV <span class=\"_ _0\"/>and the w<span class=\"_ _0\"/>ay they<span class=\"_ _0\"/> are clai<span class=\"_ _0\"/>med and accounted for. <span class=\"_ _3\"/>ITV has responded to the consultation a<span class=\"_ _3\"/>nd will continue to <span class=\"_ _3\"/>monitor future deve<span class=\"_ _3\"/>lopments. 2.4  Earnings per share <span class=\"_ _0\"/>  <span class=\"_ _85\"> </span><span class=\"ff18d fca ls187 ws21c\">Keeping </span>it simple Earnings per <span class=\"_ _3\"/>share (EPS) is<span class=\"_ _3\"/> the amount of po<span class=\"_ _3\"/>st-tax profit <span class=\"_ _3\"/>attributable to <span class=\"_ _3\"/>each share.  Basic EPS<span class=\"ff18b ls184 ws1b3\"> is calculated<span class=\"_ _3\"/> on the Group<span class=\"_ _3\"/> profit for t<span class=\"_ _3\"/>he year attributable<span class=\"_ _3\"/> to equity </span>shareholders of \u00a3428 mi<span class=\"_ _3\"/>llion (2021: \u00a3378 mi<span class=\"_ _3\"/>llion) divided by 4,010 mi<span class=\"_ _3\"/>llion (2021: 4,005<span class=\"_ _3\"/> million), bei<span class=\"_ _3\"/>ng the weighted<span class=\"_ _3\"/> average number of <span class=\"_ _3\"/>shares in is<span class=\"_ _3\"/>sue during the<span class=\"_ _0\"/> year, which excl<span class=\"_ _0\"/>udes EBT shares<span class=\"_ _0\"/> held in trus<span class=\"_ _0\"/>t (see not<span class=\"_ _0\"/>e 4.8). Diluted<span class=\"_ _0\"/> EPS<span class=\"ff18b ws1b6\"> refl<span class=\"_ _0\"/>ects any com<span class=\"_ _0\"/>mitmen<span class=\"_ _0\"/>ts made by t<span class=\"_ _0\"/>he Group t<span class=\"_ _0\"/>o issue sha<span class=\"_ _0\"/>res in the </span>future and so it<span class=\"_ _3\"/> includes the impa<span class=\"_ _3\"/>ct of share <span class=\"_ _3\"/>options.  Adjusted EPS<span class=\"ff18b ls185 ws1b6\"> is present<span class=\"_ _0\"/>ed in ord<span class=\"_ _0\"/>er to show th<span class=\"_ _0\"/>e business p<span class=\"_ _0\"/>erformanc<span class=\"_ _0\"/>e of the Gr<span class=\"_ _0\"/>oup </span>in a consi<span class=\"_ _3\"/>stent manner a<span class=\"_ _3\"/>nd reflect how the<span class=\"_ _3\"/> business is managed<span class=\"_ _3\"/> and measured o<span class=\"_ _3\"/>n a day-to-d<span class=\"_ _0\"/>ay basis. Adjus<span class=\"_ _0\"/>ted EPS reflec<span class=\"_ _0\"/>ts the im<span class=\"_ _0\"/>pact of opera<span class=\"_ _0\"/>ting and non-<span class=\"_ _335\"> </span>operating exceptio<span class=\"_ _3\"/>nal items on Basic EP<span class=\"_ _3\"/>S. Other items excluded from Adju<span class=\"_ _3\"/>sted EPS are amortisat<span class=\"_ _3\"/>ion and impair<span class=\"_ _3\"/>ment of intangib<span class=\"_ _3\"/>le assets a<span class=\"_ _3\"/>cquired through b<span class=\"_ _3\"/>usiness combinations; net financing cost adjustment<span class=\"ls186 ws2\">s; and the tax adju<span class=\"_ _3\"/>stments re<span class=\"_ _3\"/>lating to </span>these item<span class=\"_ _3\"/>s. Each of <span class=\"_ _3\"/>these adjustment<span class=\"_ _4\"/>s is explained in d<span class=\"_ _3\"/>etail in the <span class=\"_ _3\"/>section be<span class=\"_ _3\"/>low. The calculat<span class=\"_ _0\"/>ion of Basic EPS a<span class=\"_ _0\"/>nd Adjusted EP<span class=\"_ _0\"/>S, together<span class=\"_ _0\"/><span class=\"ls189 ws1c0\"> with the diluted <span class=\"_ _0\"/>impact on ea<span class=\"_ _0\"/>ch, is set out below: </span>Basic earnings per sh<span class=\"_ _0\"/>are  <span class=\"_ _25d\"> </span><span class=\"ff188 ls1a4 ws1de\">2022  <span class=\"_ _6b\"> </span></span><span class=\"ls19d ws233\">2021  </span>Profit for<span class=\"_ _3\"/> the year a<span class=\"_ _3\"/>ttributable to<span class=\"_ _3\"/> equity sha<span class=\"_ _3\"/>reholders of <span class=\"_ _3\"/>ITV plc (\u00a3m) 4<span class=\"_ _335\"> </span>28 <span class=\"_ _60\"> </span><span class=\"ff18b ls18d ws1d3\">378 </span>Weighted av<span class=\"_ _0\"/>erage numb<span class=\"_ _0\"/>er of ordinary sha<span class=\"_ _0\"/>res in issue<span class=\"_ _0\"/> \u2013 million <span class=\"_ _140\"> </span><span class=\"ff188 ls189 ws1b8\">4,010 <span class=\"_ _22\"> </span><span class=\"ff18b ls18f ws1c4\">4,005 </span></span>Basic earnin<span class=\"_ _0\"/>gs per ordina<span class=\"_ _0\"/>ry share  <span class=\"_ _25e\"> </span><span class=\"ls18f ws1c4\">10.7p <span class=\"_ _43\"> </span></span><span class=\"ff18b ws1bd\">9.4p </span>Diluted earnings per share  <span class=\"_ _25d\"> </span><span class=\"ff188 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws233\">2021  </span>Profit for<span class=\"_ _3\"/> the year a<span class=\"_ _3\"/>ttributable to<span class=\"_ _3\"/> equity sha<span class=\"_ _3\"/>reholders of <span class=\"_ _3\"/>ITV plc (\u00a3m) 4<span class=\"_ _335\"> </span>28 <span class=\"_ _60\"> </span><span class=\"ff18b ls18d ws1d3\">378 </span>Weighted av<span class=\"_ _0\"/>erage numb<span class=\"_ _0\"/>er of ordinary sha<span class=\"_ _0\"/>res in issue<span class=\"_ _0\"/> \u2013 million <span class=\"_ _140\"> </span><span class=\"ff188 ls189 ws1b8\">4,010 <span class=\"_ _22\"> </span><span class=\"ff18b ls18f ws1c4\">4,005 </span></span>Dilution due to s<span class=\"_ _0\"/>hare options<span class=\"_ _0\"/> <span class=\"_ _25f\"> </span><span class=\"ff188 ls189 ws1b8\">36 <span class=\"_ _78\"> </span><span class=\"ff18b ls18c ws1c2\">46 </span></span>Total wei<span class=\"_ _0\"/>ghted av<span class=\"_ _0\"/>erage num<span class=\"_ _0\"/>ber of or<span class=\"_ _0\"/>dinary s<span class=\"_ _0\"/>hares in issu<span class=\"_ _0\"/>e \u2013 mill<span class=\"_ _0\"/>ion <span class=\"_ _260\"> </span><span class=\"ls189 ws1b8\">4,046 <span class=\"_ _80\"> </span><span class=\"ff18b ls18c ws1c2\">4,051<span class=\"_ _0\"/> </span></span>Diluted earn<span class=\"_ _3\"/>ings per ordinary sh<span class=\"_ _3\"/>are  <span class=\"_ _23b\"> </span><span class=\"ls18f ws1c4\">10.6p <span class=\"_ _3f\"> </span><span class=\"ff18b ls188 ws1b9\">9.3p </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>193<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 2: Results for the Year <span class=\"ff191 ws215\">conti<span class=\"_ _3\"/>nued<span class=\"ff190 ls3 ws2\"> </span></span>196 <span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff193 ls3 ws2\">\u2009</span><span class=\"ff191 ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span>Adjusted earnings per share  Ref. 2022 \u00a3m 2021 \u00a3m Profit for t<span class=\"_ _0\"/>he year attrib<span class=\"_ _0\"/>utable to e<span class=\"_ _0\"/>quity shareh<span class=\"_ _0\"/>olders of ITV<span class=\"_ _0\"/> plc <span class=\"_ _150\"> </span><span class=\"ff194 ls3 ws2\"> </span>428 <span class=\"_ _60\"> </span><span class=\"ff194 ls19b ws1d6\">378 </span>Exceptional it<span class=\"_ _3\"/>ems (net of tax) <span class=\"_ _261\"> </span><span class=\"ff194 ls18f ws1c4\">A <span class=\"_ _14d\"> </span><span class=\"ff192 ls188 ws1b9\">57 <span class=\"_ _13\"> </span></span><span class=\"ls18b ws1bb\">180<span class=\"_ _0\"/> </span></span>Profit <span class=\"_ _3\"/>for the y<span class=\"_ _3\"/>ear befor<span class=\"_ _3\"/>e exceptiona<span class=\"_ _3\"/>l items  <span class=\"_ _262\"> </span><span class=\"ff194 ls3 ws2\"> </span>485 <span class=\"_ _13\"> </span><span class=\"ff194 ls183 ws1bd\">558 </span>Amortisation a<span class=\"_ _0\"/>nd impairment of<span class=\"_ _0\"/> acquired int<span class=\"_ _0\"/>angible ass<span class=\"_ _0\"/>ets <span class=\"_ _1fe\"> </span><span class=\"ff194 ls189 ws1b8\">B <span class=\"_ _69\"> </span><span class=\"ff192 ls183 ws1bd\">45 <span class=\"_ _1f\"> </span></span><span class=\"ls19b ws1d6\">37<span class=\"_ _0\"/> </span></span>Loss on sale of s<span class=\"_ _0\"/>ubsidiaries and inve<span class=\"_ _0\"/>stments <span class=\"_ _262\"> </span><span class=\"ff194 ls18b ws1bb\">C <span class=\"_ _ed\"> </span><span class=\"ff192 ls184 ws1d4\">\u2013 <span class=\"_ _1ce\"> </span></span><span class=\"ls186 ws1b6\">1 </span></span>Adjustments to net financi<span class=\"_ _3\"/>ng costs <span class=\"_ _263\"> </span><span class=\"ff194 ls186 ws1b6\">D <span class=\"_ _131\"> </span><span class=\"ff192 ls184 ws1d4\">\u2013 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">15 </span></span>Adjust<span class=\"_ _3\"/>ed profit<span class=\"_ _3\"/>  <span class=\"_ _264\"> </span><span class=\"ff194 ls3\"> <span class=\"_ _6e\"> </span></span><span class=\"ls18c ws1c2\">530 <span class=\"_ _6f\"> </span><span class=\"ff194 ls186 ws1b6\">611 </span></span>Total weigh<span class=\"_ _3\"/>ted average number of <span class=\"_ _3\"/>ordinary s<span class=\"_ _3\"/>hares in iss<span class=\"_ _3\"/>ue \u2013 million <span class=\"_ _39\"> </span><span class=\"ff194 ls3 ws2\"> <span class=\"_ _82\"> </span><span class=\"ff192 ls189 ws1b8\">4,010<span class=\"_ _0\"/> <span class=\"_ _22\"> </span></span><span class=\"ls18f ws1c4\">4,005 </span></span>Adjusted<span class=\"_ _3\"/> earnings pe<span class=\"_ _3\"/>r ordinary<span class=\"_ _3\"/> share  <span class=\"_ _214\"> </span><span class=\"ff194 ls3 ws2\"> <span class=\"_ _24\"> </span></span><span class=\"ls18f ws1c4\">13.2p <span class=\"_ _12\"> </span><span class=\"ff194 ls183 ws1bd\">15.3p </span></span>Diluted adjusted earnings per share  <span class=\"_ _25d\"> </span><span class=\"ff192 ls1a4 ws1de\">2022  <span class=\"_ _16\"> </span></span><span class=\"ls1ac ws23c\">2021  </span>Adjust<span class=\"_ _3\"/>ed profit<span class=\"_ _3\"/> (\u00a3m) <span class=\"_ _1d1\"> </span><span class=\"ls18c ws1c2\">530 <span class=\"_ _6f\"> </span><span class=\"ff194 ls186 ws1b6\">611 </span></span>Weighted av<span class=\"_ _0\"/>erage number of or<span class=\"_ _0\"/>dinary share<span class=\"_ _0\"/>s in issue \u2013 milli<span class=\"_ _0\"/>on <span class=\"_ _f2\"> </span><span class=\"ff192 ls189 ws1b8\">4,010<span class=\"_ _0\"/> <span class=\"_ _22\"> </span><span class=\"ff194 ls18f ws1c4\">4,005 </span></span>Dilution due to s<span class=\"_ _0\"/>hare options <span class=\"_ _25f\"> </span><span class=\"ff192 ws1b8\">36 <span class=\"_ _1d2\"> </span><span class=\"ff194 ls18c ws1c2\">46 </span></span>Total wei<span class=\"_ _0\"/>ghted aver<span class=\"_ _0\"/>age numbe<span class=\"_ _0\"/>r of ordi<span class=\"_ _0\"/>nary shar<span class=\"_ _0\"/>es in issue \u2013 m<span class=\"_ _0\"/>illion <span class=\"_ _260\"> </span><span class=\"ls189 ws1b8\">4,046 <span class=\"_ _80\"> </span><span class=\"ff194 ls18c ws1c2\">4,051<span class=\"_ _0\"/> </span></span>Diluted <span class=\"_ _3\"/>adjusted ea<span class=\"_ _3\"/>rnings p<span class=\"_ _3\"/>er ordinary <span class=\"_ _3\"/>share  <span class=\"_ _209\"> </span><span class=\"ls18c ws1c2\">13.1p <span class=\"_ _62\"> </span><span class=\"ff194 ls183 ws1bd\">15.1p<span class=\"_ _0\"/> </span></span>Details of t<span class=\"_ _0\"/>he adjustme<span class=\"_ _0\"/>nts to ea<span class=\"_ _0\"/>rnings are <span class=\"_ _0\"/>as follows:<span class=\"_ _0\"/> A. Exceptional items (net of tax) <span class=\"ls1a1 ws2\">\u00a357 million (2021: \u00a3180 million)  </span>Exceptional item<span class=\"_ _3\"/>s of \u00a365 million (<span class=\"_ _3\"/>2021: \u00a3196 millio<span class=\"_ _3\"/>n), net of related <span class=\"_ _3\"/>tax credit of \u00a38 milli<span class=\"_ _3\"/>on (2021: \u00a316 mi<span class=\"_ _3\"/>llion). The exceptional items have bee<span class=\"_ _3\"/>n taxed in<span class=\"ls19e ws1b3\"> accordance with the tax treatment of <span class=\"ws2\">the underlying transaction at the tax </span></span>rate of the jurisdiction to which they relate. The \u00a365 mi<span class=\"ls1c9 ws1c0\">llion ex<span class=\"_ _3\"/>ceptional charge <span class=\"_ _3\"/>comprises ex<span class=\"_ _3\"/>ceptional co<span class=\"_ _3\"/>sts of \u00a391 </span>million and an exceptional credit of \u00a326 million. \u00a313 million <span class=\"ws2\">of the exceptional costs were disallowed for tax purposes and </span>so there is no associated tax credit. The \u00a323 million exceptio<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">nal credit related to the insured trade receivable provision </span>held in the Netherlands relea<span class=\"_ _3\"/>sed in the year for The Voice of <span class=\"ws1b5\">China, which i<span class=\"_ _4\"/>s<span class=\"_ _0\"/> taxed at 26%, and results in a tax <span class=\"_ _3\"/>charge of </span>\u00a36 million. The majority of the remaining n<span class=\"_ _0\"/>et exceptional costs of<span class=\"ls19e ws1b3\"> \u00a375 mill<span class=\"_ _0\"/>ion were taxed at the UK tax rate of 19%, giving </span>a tax credit of \u00a314 million. See <span class=\"_ _3\"/>note 2.2 for <span class=\"ls19e ws1b3\">the detailed composition of exceptional items </span>B. Amortisation and impairm<span class=\"_ _3\"/>ent of acquired inta<span class=\"ls1c9 ws1be\">ngi<span class=\"_ _3\"/>ble assets of \u00a345<span class=\"_ _4\"/> mi<span class=\"ls1a1 ws2\">llio<span class=\"_ _0\"/>n (2021: \u00a337 million) </span></span>Amortisa<span class=\"_ _3\"/>tion and i<span class=\"_ _3\"/>mpairme<span class=\"_ _3\"/>nt of asse<span class=\"_ _3\"/>ts acqui<span class=\"_ _3\"/>red throug<span class=\"_ _3\"/>h busi<span class=\"_ _3\"/>ness combi<span class=\"_ _3\"/>nation<span class=\"_ _3\"/>s and invest<span class=\"_ _4\"/>ments of \u00a384 mi<span class=\"_ _3\"/>llion (2021: \u00a369 m<span class=\"_ _0\"/>illion),<span class=\"_ _0\"/> excludin<span class=\"_ _0\"/>g amort<span class=\"_ _0\"/>isation of<span class=\"_ _0\"/> software<span class=\"_ _0\"/> licences an<span class=\"_ _0\"/>d devel<span class=\"_ _0\"/>opment o<span class=\"_ _0\"/>f \u00a327 million<span class=\"_ _0\"/> (2021: \u00a320<span class=\"_ _0\"/> million<span class=\"_ _0\"/>), net of rela<span class=\"_ _0\"/>ted tax cred<span class=\"_ _0\"/>it of \u00a312 mi<span class=\"_ _0\"/>llion (2021:<span class=\"_ _0\"/> \u00a312 milli<span class=\"_ _0\"/>on)  C. Loss on sale of non-<span class=\"_ _3\"/>current assets and in<span class=\"_ _3\"/>vestments of \u00a3nil<span class=\"_ _3\"/> (2021: \u00a31 million)<span class=\"_ _3\"/> Loss on sale of investments of \u00a3nil (2021: <span class=\"ls188 ws1d2\">\u00a31 million), <span class=\"_ _3\"/>net of related tax <span class=\"_ _3\"/>credit of \u00a3nil (2021: re<span class=\"_ _3\"/>lated tax charge of \u00a3<span class=\"_ _3\"/>nil)  </span>D. Adjustment<span class=\"_ _3\"/>s to net finan<span class=\"_ _3\"/>cing costs \u00a3nil (2<span class=\"_ _3\"/>021: \u00a315 millio<span class=\"_ _3\"/>n) Adjustments to net financing costs includes exc<span class=\"_ _0\"/>eptional financ<span class=\"ls185 ws1b6\">e cos<span class=\"_ _0\"/>ts of \u00a3nil<span class=\"_ _0\"/> (2021: \u00a310 mil<span class=\"_ _0\"/>lion)<span class=\"_ _0\"/> relating pr<span class=\"_ _0\"/>incipally<span class=\"_ _0\"/> </span>to interest accrued on exceptional acquisition-related expenses; foreign exchange, pension interest charges and the unwind of discounting on acqui<span class=\"_ _3\"/>sition related liabilities of \u00a3nil (2021: \u00a39 <span class=\"_ _3\"/>million), net of related <span class=\"_ _3\"/>tax credit of \u00a3nil (2021: \u00a34 m<span class=\"_ _0\"/>illion)<span class=\"_ _0\"/> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff144\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>194<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff145 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities  ITV plc<span class=\"ff198 ls3 ws2\">\u2009</span><span class=\"ff199 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> <span class=\"ff197 ls1a3 ws1dd\">197</span> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span>In this  section This secti<span class=\"_ _0\"/>on shows the ass<span class=\"_ _0\"/>ets used to g<span class=\"_ _0\"/>enerate the G<span class=\"_ _0\"/>roup\u2019s tr<span class=\"_ _0\"/>ading perf<span class=\"_ _0\"/>ormance and the liabi<span class=\"_ _3\"/>lities incurred <span class=\"_ _3\"/>as a result. On t<span class=\"_ _3\"/>he following pag<span class=\"_ _3\"/>es, there are not<span class=\"_ _3\"/>es covering w<span class=\"_ _0\"/>orking ca<span class=\"_ _0\"/>pital, non<span class=\"_ _0\"/>-current <span class=\"_ _0\"/>assets an<span class=\"_ _0\"/>d liabil<span class=\"_ _0\"/>ities, acqu<span class=\"_ _0\"/>isitions<span class=\"_ _0\"/> and disposals, provi<span class=\"_ _3\"/>sions and pensions. Liabilities r<span class=\"_ _3\"/>elating to<span class=\"_ _3\"/> the Group\u2019s fi<span class=\"_ _3\"/>nancin<span class=\"ls183 ws1b2\">g activities a<span class=\"_ _0\"/>re addresse<span class=\"_ _0\"/>d in sectio<span class=\"_ _0\"/>n 4. </span>Deferred<span class=\"_ _0\"/> tax ass<span class=\"_ _0\"/>ets and l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities ar<span class=\"_ _0\"/>e shown <span class=\"_ _0\"/>in not<span class=\"_ _0\"/>e 2.3. 3.1  Workin<span class=\"_ _3\"/>g capital<span class=\"_ _0\"/>  <span class=\"_ _85\"> </span><span class=\"ff19a ls187 ws21c\">Keeping </span>it simple Working capital rep<span class=\"_ _3\"/>resents the asset<span class=\"_ _3\"/>s and liabilities t<span class=\"_ _3\"/>he Group gene<span class=\"_ _3\"/>rates through its trading activity. T<span class=\"_ _3\"/>he Group therefore defines worki<span class=\"_ _3\"/>ng capital as distributi<span class=\"_ _3\"/>on rights, programme<span class=\"_ _0\"/> rights, tra<span class=\"_ _0\"/>de and other r<span class=\"_ _0\"/>eceivables,<span class=\"_ _0\"/> trade and oth<span class=\"_ _0\"/>er payables,<span class=\"_ _0\"/> contract assets and li<span class=\"_ _0\"/>abilities an<span class=\"_ _0\"/>d product<span class=\"_ _0\"/>ion work in pro<span class=\"_ _0\"/>gress. Careful ma<span class=\"_ _3\"/>nagement of worki<span class=\"_ _3\"/>ng capital en<span class=\"_ _3\"/>sures that the Gr<span class=\"_ _3\"/>oup can meet it<span class=\"_ _3\"/>s trading and financ<span class=\"_ _0\"/>ing obli<span class=\"_ _0\"/>gations w<span class=\"_ _0\"/>ithin <span class=\"ls184 ws1c8\">its ordinary operating cycle.  </span>Working capital is <span class=\"_ _3\"/>a driver of the pr<span class=\"_ _3\"/>ofit to cash <span class=\"_ _3\"/>conversion rati<span class=\"_ _3\"/>o, a key performa<span class=\"_ _3\"/>nce indicator for t<span class=\"_ _3\"/>he Group. For<span class=\"_ _3\"/> those subsidiaries<span class=\"_ _3\"/> acquired during t<span class=\"_ _3\"/>he year, wor<span class=\"_ _3\"/>king capital at the d<span class=\"_ _3\"/>ate of acqui<span class=\"_ _3\"/>sition is excluded from<span class=\"_ _3\"/> the profit to<span class=\"_ _3\"/> cash calcu<span class=\"_ _3\"/>lation so that only<span class=\"_ _3\"/> subseque<span class=\"_ _3\"/>nt working capita<span class=\"_ _3\"/>l moveme<span class=\"ls186 ws2\">nt<span class=\"_ _3\"/>s in the period<span class=\"_ _3\"/> contro<span class=\"_ _3\"/>lled by ITV <span class=\"_ _3\"/>are </span>reflected in this metric. In the following note, you<span class=\"_ _3\"/> will find further information reg<span class=\"_ _3\"/>arding working capita<span class=\"_ _3\"/>l managem<span class=\"_ _0\"/>ent and an<span class=\"_ _0\"/>alysis of th<span class=\"_ _0\"/>e elemen<span class=\"_ _0\"/>ts of work<span class=\"_ _0\"/>ing capit<span class=\"_ _0\"/>al. 3.1.1 Programme rights and commitments Accounting polic<span class=\"_ _3\"/>ies Rights are recognised when the Group co<span class=\"ls19e ws1b3\">ntrols the respective rights and the ri<span class=\"ls19f ws1b5\">sks and <span class=\"_ _3\"/>rewards associated wi<span class=\"_ _3\"/>th them.  </span></span>Programme rights <span class=\"_ _3\"/>not yet uti<span class=\"_ _3\"/>lised are included i<span class=\"_ _3\"/>n the Cons<span class=\"ls186 ws1c9\">olidate<span class=\"_ _3\"/>d Statement of Fina<span class=\"_ _3\"/>ncial Positio<span class=\"_ _3\"/>n at the lower of </span>cost and net re<span class=\"_ _0\"/>alisable valu<span class=\"_ _0\"/>e. In assessin<span class=\"_ _0\"/>g net realis<span class=\"_ _0\"/>able value for p<span class=\"_ _0\"/>rogrammes<span class=\"_ _0\"/> in product<span class=\"_ _0\"/>ion, judgemen<span class=\"_ _0\"/>t is requi<span class=\"_ _0\"/>red when consideri<span class=\"_ _3\"/>ng the contract<span class=\"_ _3\"/>ed sales price and esti<span class=\"_ _3\"/>mated cost<span class=\"_ _3\"/>s to complete<span class=\"_ _3\"/>.  Programme ri<span class=\"_ _0\"/>ghts ITVX, our new, free<span class=\"_ _3\"/>, ad-funded streaming servi<span class=\"_ _3\"/>ce (with a pr<span class=\"ws1b3\">emium subscripti<span class=\"_ _3\"/>on proposition) <span class=\"_ _3\"/>launched in Decem<span class=\"_ _3\"/>ber </span>2022, combining <span class=\"_ _0\"/>ITV Hub, ITV <span class=\"_ _0\"/>Hub+ and BritBox<span class=\"_ _0\"/> UK. In prep<span class=\"ls185 ws1b6\">a<span class=\"_ _0\"/>ration for<span class=\"_ _0\"/> the launch,<span class=\"_ _0\"/> the Group<span class=\"_ _0\"/> reviewe<span class=\"_ _0\"/>d its polic<span class=\"_ _0\"/>ies </span>around pr<span class=\"_ _0\"/>ogramme<span class=\"_ _0\"/> rights as<span class=\"_ _0\"/> ITVX has a w<span class=\"_ _0\"/>ider variet<span class=\"_ _0\"/>y of pr<span class=\"ls186 ws2\">ogramming compared<span class=\"_ _3\"/> to the IT<span class=\"_ _3\"/>V Hub service<span class=\"_ _3\"/>. The poli<span class=\"_ _3\"/>cies </span>reviewed included how t<span class=\"_ _3\"/>he programme rights ar<span class=\"_ _3\"/>e allocated to<span class=\"ls184 ws1c8\"> linear and ITVX, when<span class=\"_ _3\"/> programme rights are recognised<span class=\"_ _3\"/> </span>in the Co<span class=\"_ _3\"/>nsolidated Stat<span class=\"_ _3\"/>ement of Fina<span class=\"_ _3\"/>ncial Position; whe<span class=\"_ _3\"/>n<span class=\"ls186 ws2\"> these cost<span class=\"_ _3\"/>s are released<span class=\"_ _3\"/> to the Co<span class=\"_ _3\"/>nsolidated <span class=\"_ _3\"/>Income </span>Statement; a<span class=\"_ _3\"/>nd the impairment re<span class=\"_ _3\"/>view of the <span class=\"_ _3\"/>carrying value<span class=\"_ _3\"/>s of programme ri<span class=\"_ _3\"/>ghts held.  In order to establish the new policies, the Group set out to understand the pattern in<span class=\"_ _0\"/> which the programme right is expected to be consumed on linear and the new streaming <span class=\"ls19e ws1b3\">platform. The Group t<span class=\"_ _3\"/>hen established a method to allocate </span>the programme right asset between streaming and linear based <span class=\"ls1a0 ws2\">on a pattern of viewing. Co<span class=\"ls19f ws1b5\">nsumption of conte<span class=\"_ _3\"/>nt varies </span></span>based on the type of programme right as<span class=\"ls1a0 ws2\"> well as the type of platform it is</span> transmitted on. Programme rights are expensed through operating costs reflec<span class=\"ls19e ws1b3\">ting the pattern in which management expects the right to be consumed. </span>Type of programme <span class=\"_ _5f\"> </span>Streaming policy <span class=\"_ _cc\"> </span>Linear policy Acquired<span class=\"_ _0\"/> conten<span class=\"_ _0\"/>t <span class=\"_ _82\"> </span>Cost ch<span class=\"_ _0\"/>arged t<span class=\"_ _0\"/>o the Cons<span class=\"_ _0\"/>olidated I<span class=\"_ _0\"/>ncome Statement on <span class=\"_ _3\"/>a declining-balance<span class=\"_ _3\"/> method over the lic<span class=\"_ _0\"/>ence per<span class=\"_ _0\"/>iod. Cost charge<span class=\"_ _0\"/>d to the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement o<span class=\"_ _3\"/>ver a number<span class=\"_ _3\"/> of linea<span class=\"_ _3\"/>r trans<span class=\"_ _3\"/>missio<span class=\"_ _3\"/>ns (epi<span class=\"_ _3\"/>sodi<span class=\"_ _3\"/>c). Commission<span class=\"_ _0\"/>ed cont<span class=\"_ _0\"/>ent <span class=\"_ _2a\"> </span>Cost ch<span class=\"_ _0\"/>arged to <span class=\"_ _0\"/>the Cons<span class=\"_ _0\"/>olidated In<span class=\"_ _0\"/>come Statement on <span class=\"_ _3\"/>a declining-balance<span class=\"_ _3\"/> method over the lic<span class=\"_ _0\"/>ence per<span class=\"_ _0\"/>iod Cost charge<span class=\"_ _0\"/>d to the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement on first linear transmission (episodic). Sports rights <span class=\"_ _28\"> </span>Cost charged<span class=\"_ _3\"/> to the Consol<span class=\"_ _3\"/>idated Income Statement on first tra<span class=\"_ _3\"/>nsmission. Cost charge<span class=\"_ _0\"/>d to the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement on first linear transmission. Current a<span class=\"_ _0\"/>ffairs, live<span class=\"_ _0\"/> events, s<span class=\"_ _0\"/>oaps Cost charge<span class=\"_ _0\"/>d to the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement on first tra<span class=\"_ _3\"/>nsmission. Cost charge<span class=\"_ _0\"/>d to the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement on first linear transmission. Library<span class=\"_ _0\"/> of con<span class=\"_ _0\"/>tent (ITVX onl<span class=\"_ _0\"/>y) Straight-line amortisation over lice<span class=\"_ _3\"/>nce windows. Acquired<span class=\"_ _0\"/> programme r<span class=\"_ _0\"/>ights are p<span class=\"_ _0\"/>urchased f<span class=\"_ _0\"/>or the primar<span class=\"_ _0\"/>y purpose of<span class=\"_ _0\"/> broadcast<span class=\"_ _0\"/>ing on the ITV fa<span class=\"_ _0\"/>mily of channels<span class=\"_ _0\"/>, including<span class=\"_ _0\"/> ad-fun<span class=\"_ _0\"/>ded stre<span class=\"_ _0\"/>aming s<span class=\"_ _0\"/>ervice <span class=\"_ _0\"/>and subsc<span class=\"_ _0\"/>ripti<span class=\"_ _0\"/>on stre<span class=\"_ _0\"/>aming se<span class=\"_ _0\"/>rvice <span class=\"_ _0\"/>platfo<span class=\"_ _0\"/>rms. Thes<span class=\"_ _0\"/>e are re<span class=\"_ _0\"/>cognised<span class=\"_ _0\"/> within<span class=\"_ _0\"/> current ass<span class=\"_ _0\"/>ets the earl<span class=\"_ _0\"/>ier of when<span class=\"_ _0\"/> payments<span class=\"_ _0\"/> are made<span class=\"_ _0\"/> or when the<span class=\"_ _0\"/> rights are<span class=\"_ _0\"/> ready for ex<span class=\"_ _0\"/>ploita<span class=\"_ _0\"/>tion. Commiss<span class=\"_ _0\"/>ions, w<span class=\"_ _0\"/>hich pri<span class=\"_ _0\"/>maril<span class=\"_ _0\"/>y compris<span class=\"_ _0\"/>e progr<span class=\"_ _0\"/>ammes pu<span class=\"_ _0\"/>rchas<span class=\"_ _0\"/>ed, base<span class=\"_ _0\"/>d on edit<span class=\"_ _0\"/>orial s<span class=\"_ _0\"/>pecific<span class=\"_ _0\"/>ation<span class=\"_ _0\"/> and ove<span class=\"_ _0\"/>r which th<span class=\"_ _0\"/>e Group has som<span class=\"_ _3\"/>e control, are <span class=\"_ _3\"/>recognised in <span class=\"_ _3\"/>current asset<span class=\"_ _3\"/>s as payments ar<span class=\"_ _3\"/>e made.  The net<span class=\"_ _0\"/> realisabl<span class=\"_ _0\"/>e value<span class=\"_ _0\"/> assessmen<span class=\"_ _0\"/>t for ac<span class=\"_ _0\"/>quire<span class=\"_ _0\"/>d and co<span class=\"_ _0\"/>mmis<span class=\"ls184 ws1b3\">sioned rights (excluding sport<span class=\"_ _3\"/>s rights) is based <span class=\"_ _3\"/>on </span>estima<span class=\"_ _0\"/>ted airtim<span class=\"_ _0\"/>e value. Th<span class=\"_ _0\"/>e net realis<span class=\"_ _0\"/>able val<span class=\"_ _0\"/>ue is assess<span class=\"_ _0\"/>ed on a port<span class=\"_ _0\"/>folio basis<span class=\"_ _0\"/> unless spec<span class=\"_ _0\"/>ific in<span class=\"_ _0\"/>dicato<span class=\"_ _0\"/>rs of impairment<span class=\"_ _3\"/> are identifi<span class=\"_ _3\"/>ed. The net re<span class=\"_ _0\"/>alisable val<span class=\"_ _0\"/>ue assessm<span class=\"_ _0\"/>ent for spo<span class=\"_ _0\"/>rts rights<span class=\"_ _0\"/> is based<span class=\"_ _0\"/> on the estim<span class=\"_ _0\"/>ated air<span class=\"_ _0\"/>time value on<span class=\"_ _0\"/> the tran<span class=\"_ _0\"/>smission<span class=\"_ _0\"/> date o<span class=\"_ _0\"/>f the s<span class=\"_ _0\"/>portin<span class=\"_ _0\"/>g even<span class=\"_ _0\"/>t. <span class=\"ff19d ls3 ws2\"> <span class=\"_ _e2\"> </span></span><span class=\"ff19d ls3 ws2\"><span class=\"ff19b\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>195<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1a3 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1a2 ls3 ws2\"> </span></span>198<span class=\"ff1a5 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1a6 ls3 ws2\">\u2009</span><span class=\"ff1a3 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Programme rig<span class=\"_ _3\"/>hts and other inventor<span class=\"_ _3\"/>y at the year e<span class=\"_ _3\"/>nd are shown <span class=\"_ _3\"/>in the table be<span class=\"_ _3\"/>low: 2022 \u00a3m 2021 \u00a3m Acquir<span class=\"_ _0\"/>ed progra<span class=\"_ _0\"/>mme righ<span class=\"_ _0\"/>ts <span class=\"_ _265\"> </span><span class=\"ff1a4 ws1d3\">225 <span class=\"_ _58\"> </span></span><span class=\"ls18b ws1bb\">177 </span>Commissions <span class=\"_ _1c2\"> </span><span class=\"ff1a4 ls189 ws1b8\">103<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span><span class=\"ff1a7\">78 </span></span>Sports rights <span class=\"_ _266\"> </span><span class=\"ff1a4 ls183 ws1bd\">49 <span class=\"_ _78\"> </span><span class=\"ff1a7\">58 </span></span> <span class=\"_ _267\"> </span><span class=\"ff1a4 ls18f ws1c4\">377 <span class=\"_ _124\"> </span></span><span class=\"ls19b ws1d6\">313 </span>\u00a36 million relates to pro<span class=\"_ _0\"/>gramme rights and other inve<span class=\"_ _0\"/>ntory that will be transmi<span class=\"_ _0\"/>tted in 2024 and beyond (2021: \u00a313 million<span class=\"_ _0\"/> transmitted in 2023 and<span class=\"_ _0\"/> beyond) Included within programme rights and othe<span class=\"_ _3\"/>r inventory is \u00a349 million (2021<span class=\"_ _3\"/>: \u00a358 million) relating to programme <span class=\"_ _3\"/>rights that have been paid for but that are not ye<span class=\"ls1a0 ws2\">t in licence. These amounts ar<span class=\"_ _3\"/>e consider<span class=\"ls19e ws1b3\">ed to be prepayments but are included </span></span>within programme rights and other inven<span class=\"_ _0\"/>tory as it is more <span class=\"ls19e ws1b3\">useful to the reader to show all such rights together. </span>Following th<span class=\"_ _0\"/>e passing of Her Majes<span class=\"_ _0\"/>ty Queen Elizabeth II<span class=\"_ _0\"/> in<span class=\"ls188 ws1d5\"> September 2022, the business has written off remaining </span>Spitting Image episode<span class=\"_ _3\"/>s featuring the Queen (\u00a39 millio<span class=\"_ _3\"/>n) as it is highly unlike<span class=\"_ _3\"/>ly they will ever be screened and are unable to be effecti<span class=\"_ _3\"/>vely edited. Programme an<span class=\"_ _0\"/>d transm<span class=\"ls183 ws1b6\">issi<span class=\"_ _0\"/>on commitm<span class=\"_ _0\"/>ents </span>Transmission commitments are the contra<span class=\"ls1b3 ws1d8\">cted future payments under transmissi<span class=\"ls199 ws2\">on supply agreements that r<span class=\"_ _0\"/>equire the<span class=\"_ _0\"/> </span></span>use of transpon<span class=\"_ _0\"/>der capacity fo<span class=\"_ _0\"/>r a period of u<span class=\"_ _0\"/>p to ten years w<span class=\"_ _0\"/>ith payments<span class=\"_ _0\"/> increasing over t<span class=\"_ _0\"/>ime, limited by<span class=\"_ _0\"/> specific RPI<span class=\"_ _0\"/> caps. The application of<span class=\"_ _0\"/> IFRS 16 \u2018Leases\u2019 requ<span class=\"ls199 ws1b6\">ires ju<span class=\"_ _0\"/>dgement regard<span class=\"_ _0\"/>ing the classificati<span class=\"ls1b3 ws1bf\">on <span class=\"_ _0\"/>of transmission commitments. The </span></span>Group has concluded that<span class=\"_ _3\"/> these contracts do not constitut<span class=\"_ _3\"/>e l<span class=\"ls198 ws1b5\">eases as def<span class=\"_ _0\"/>ined in IFRS 16 as the <span class=\"_ _0\"/>Group does<span class=\"_ _0\"/> not control </span>these assets due to the na<span class=\"_ _0\"/>ture of the operati<span class=\"_ _0\"/>on of the assets<span class=\"ws1b2\"> and the rights re<span class=\"_ _0\"/>tained by the supplier under the contracts. </span>Programming commitments are transactions entered into in the ordinary course of business with programme suppliers, sports organisations and <span class=\"_ _3\"/>film distrib<span class=\"_ _3\"/>utors in respect of ri<span class=\"_ _3\"/><span class=\"ls19e ws1b3\">ghts to broadcast on the ITV network including ITVX and on </span>BritBox UK.  The Group ha<span class=\"_ _3\"/>s onerous contra<span class=\"_ _3\"/>ct provisions o<span class=\"_ _3\"/>f \u00a334 million (2<span class=\"_ _3\"/>021: \u00a332 mi<span class=\"_ _3\"/>llion) in re<span class=\"_ _3\"/>spect of transpo<span class=\"_ _3\"/>nder capacity usage and sports right<span class=\"_ _3\"/>s commitments. See note 3.6 for fu<span class=\"_ _3\"/>rther details. Commit<span class=\"_ _3\"/>ments in re<span class=\"_ _3\"/>spect of<span class=\"_ _3\"/> these tra<span class=\"_ _3\"/>nsactio<span class=\"_ _3\"/>ns, whic<span class=\"_ _3\"/>h are no<span class=\"ls184 ws1c8\">t reflected i<span class=\"_ _3\"/>n the Consolidated Stateme<span class=\"_ _3\"/>nt of Financial </span>Position, are<span class=\"_ _3\"/> due for payment as follows: 2022 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year <span class=\"_ _268\"> </span><span class=\"ff1a4 ls18d ws1d3\">25 <span class=\"_ _6e\"> </span><span class=\"ls183 ws1bd\">466<span class=\"_ _0\"/> <span class=\"_ _3f\"> </span><span class=\"ls190 ws1c9\"> 491 </span></span></span>Later th<span class=\"_ _0\"/>an one<span class=\"_ _0\"/> year an<span class=\"_ _0\"/>d no<span class=\"_ _0\"/>t more th<span class=\"_ _0\"/>an fi<span class=\"_ _0\"/>ve years<span class=\"_ _0\"/> <span class=\"_ _15c\"> </span><span class=\"ff1a4 ls18f ws1c4\">19 <span class=\"_ _16\"> </span>349 <span class=\"_ _16\"> </span>368 </span> <span class=\"_ _269\"> </span><span class=\"ff1a4 ls183 ws1bd\">44 <span class=\"_ _13\"> </span>815<span class=\"_ _0\"/> <span class=\"_ _16\"> </span><span class=\"ls185 ws1c1\">859<span class=\"_ _0\"/> </span></span>2021 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year<span class=\"_ _0\"/> <span class=\"_ _26a\"> </span>25 <span class=\"_ _13\"> </span>552<span class=\"_ _0\"/> <span class=\"_ _124\"> </span>577 Later th<span class=\"_ _0\"/>an one y<span class=\"_ _0\"/>ear and<span class=\"_ _0\"/> not m<span class=\"_ _0\"/>ore than<span class=\"_ _0\"/> five ye<span class=\"_ _0\"/>ars <span class=\"_ _15c\"> </span>43 <span class=\"_ _6b\"> </span>488 <span class=\"_ _124\"> </span>531  <span class=\"_ _26b\"> </span><span class=\"ls183 ws255\">68 1,040 <span class=\"_ _2f\"> </span>1,108 </span>3.1.2 Distribution rights Accounting polic<span class=\"_ _3\"/>ies Distributio<span class=\"_ _3\"/>n rights are programme rights<span class=\"_ _3\"/><span class=\"ls188 ws1d2\"> the Group bu<span class=\"_ _3\"/>ys from producers to de<span class=\"_ _3\"/>rive future revenu<span class=\"_ _3\"/>e, principally throug<span class=\"_ _3\"/>h </span>licensing to<span class=\"_ _3\"/> other broad<span class=\"_ _3\"/>casters. These ar<span class=\"_ _3\"/>e classified a<span class=\"_ _3\"/>s non-current a<span class=\"_ _3\"/>ssets as these rig<span class=\"_ _3\"/>hts are used to de<span class=\"_ _3\"/>rive long-<span class=\"_ _335\"> </span>term econ<span class=\"_ _0\"/>omic ben<span class=\"_ _0\"/>efit fo<span class=\"_ _0\"/>r the Grou<span class=\"_ _0\"/>p. Distribution rights are recognised initiall<span class=\"_ _0\"/>y at cost and charged through operating costs in the Consolidated I<span class=\"_ _0\"/>ncome Statement over a period not exceeding five years, refle<span class=\"_ _3\"/>cti<span class=\"ws2\">ng the value and pattern in which the right is consumed. </span>Advances paid for the acquisition of distribution rights are disclosed as distribution rights as soon as they are contracted. These advance<span class=\"_ _3\"/>s are not expensed until the programme <span class=\"ls19e ws1b3\">is available for distribution. Up to that point, they are </span>assessed annua<span class=\"_ _3\"/>lly for impairment t<span class=\"_ _3\"/>hrough the reassessment of t<span class=\"_ _3\"/>he future sales e<span class=\"_ _3\"/>xpected to be earne<span class=\"_ _3\"/>d from that title.  The net book<span class=\"_ _3\"/> value of<span class=\"_ _3\"/> distribution right<span class=\"_ _3\"/>s at the year<span class=\"_ _3\"/> end is as fo<span class=\"_ _3\"/>llows: 2022 \u00a3m 2021 \u00a3m Distributio<span class=\"_ _3\"/>n rights <span class=\"_ _26c\"> </span><span class=\"ff1a4 ls18f ws1c4\">17 <span class=\"_ _81\"> </span></span><span class=\"ls189 ws1b8\">21 </span>During the ye<span class=\"_ _3\"/>ar, \u00a325 million wa<span class=\"_ _3\"/>s charged to the Co<span class=\"ls188 ws1d5\">nso<span class=\"_ _3\"/>lidated Income Statement (2021: \u00a346 millio<span class=\"_ _3\"/>n). </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>196<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1a3 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1a2 ls3 ws2\"> </span></span>198<span class=\"ff1a5 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1a6 ls3 ws2\">\u2009</span><span class=\"ff1a3 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Programme rig<span class=\"_ _3\"/>hts and other inventor<span class=\"_ _3\"/>y at the year e<span class=\"_ _3\"/>nd are shown <span class=\"_ _3\"/>in the table be<span class=\"_ _3\"/>low: 2022 \u00a3m 2021 \u00a3m Acquir<span class=\"_ _0\"/>ed progra<span class=\"_ _0\"/>mme righ<span class=\"_ _0\"/>ts <span class=\"_ _265\"> </span><span class=\"ff1a4 ws1d3\">225 <span class=\"_ _58\"> </span></span><span class=\"ls18b ws1bb\">177 </span>Commissions <span class=\"_ _1c2\"> </span><span class=\"ff1a4 ls189 ws1b8\">103<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span><span class=\"ff1a7\">78 </span></span>Sports rights <span class=\"_ _266\"> </span><span class=\"ff1a4 ls183 ws1bd\">49 <span class=\"_ _78\"> </span><span class=\"ff1a7\">58 </span></span> <span class=\"_ _267\"> </span><span class=\"ff1a4 ls18f ws1c4\">377 <span class=\"_ _124\"> </span></span><span class=\"ls19b ws1d6\">313 </span>\u00a36 million relates to pro<span class=\"_ _0\"/>gramme rights and other inve<span class=\"_ _0\"/>ntory that will be transmi<span class=\"_ _0\"/>tted in 2024 and beyond (2021: \u00a313 million<span class=\"_ _0\"/> transmitted in 2023 and<span class=\"_ _0\"/> beyond) Included within programme rights and othe<span class=\"_ _3\"/>r inventory is \u00a349 million (2021<span class=\"_ _3\"/>: \u00a358 million) relating to programme <span class=\"_ _3\"/>rights that have been paid for but that are not ye<span class=\"ls1a0 ws2\">t in licence. These amounts ar<span class=\"_ _3\"/>e consider<span class=\"ls19e ws1b3\">ed to be prepayments but are included </span></span>within programme rights and other inven<span class=\"_ _0\"/>tory as it is more <span class=\"ls19e ws1b3\">useful to the reader to show all such rights together. </span>Following th<span class=\"_ _0\"/>e passing of Her Majes<span class=\"_ _0\"/>ty Queen Elizabeth II<span class=\"_ _0\"/> in<span class=\"ls188 ws1d5\"> September 2022, the business has written off remaining </span>Spitting Image episode<span class=\"_ _3\"/>s featuring the Queen (\u00a39 millio<span class=\"_ _3\"/>n) as it is highly unlike<span class=\"_ _3\"/>ly they will ever be screened and are unable to be effecti<span class=\"_ _3\"/>vely edited. Programme an<span class=\"_ _0\"/>d transm<span class=\"ls183 ws1b6\">issi<span class=\"_ _0\"/>on commitm<span class=\"_ _0\"/>ents </span>Transmission commitments are the contra<span class=\"ls1b3 ws1d8\">cted future payments under transmissi<span class=\"ls199 ws2\">on supply agreements that r<span class=\"_ _0\"/>equire the<span class=\"_ _0\"/> </span></span>use of transpon<span class=\"_ _0\"/>der capacity fo<span class=\"_ _0\"/>r a period of u<span class=\"_ _0\"/>p to ten years w<span class=\"_ _0\"/>ith payments<span class=\"_ _0\"/> increasing over t<span class=\"_ _0\"/>ime, limited by<span class=\"_ _0\"/> specific RPI<span class=\"_ _0\"/> caps. The application of<span class=\"_ _0\"/> IFRS 16 \u2018Leases\u2019 requ<span class=\"ls199 ws1b6\">ires ju<span class=\"_ _0\"/>dgement regard<span class=\"_ _0\"/>ing the classificati<span class=\"ls1b3 ws1bf\">on <span class=\"_ _0\"/>of transmission commitments. The </span></span>Group has concluded that<span class=\"_ _3\"/> these contracts do not constitut<span class=\"_ _3\"/>e l<span class=\"ls198 ws1b5\">eases as def<span class=\"_ _0\"/>ined in IFRS 16 as the <span class=\"_ _0\"/>Group does<span class=\"_ _0\"/> not control </span>these assets due to the na<span class=\"_ _0\"/>ture of the operati<span class=\"_ _0\"/>on of the assets<span class=\"ws1b2\"> and the rights re<span class=\"_ _0\"/>tained by the supplier under the contracts. </span>Programming commitments are transactions entered into in the ordinary course of business with programme suppliers, sports organisations and <span class=\"_ _3\"/>film distrib<span class=\"_ _3\"/>utors in respect of ri<span class=\"_ _3\"/><span class=\"ls19e ws1b3\">ghts to broadcast on the ITV network including ITVX and on </span>BritBox UK.  The Group ha<span class=\"_ _3\"/>s onerous contra<span class=\"_ _3\"/>ct provisions o<span class=\"_ _3\"/>f \u00a334 million (2<span class=\"_ _3\"/>021: \u00a332 mi<span class=\"_ _3\"/>llion) in re<span class=\"_ _3\"/>spect of transpo<span class=\"_ _3\"/>nder capacity usage and sports right<span class=\"_ _3\"/>s commitments. See note 3.6 for fu<span class=\"_ _3\"/>rther details. Commit<span class=\"_ _3\"/>ments in re<span class=\"_ _3\"/>spect of<span class=\"_ _3\"/> these tra<span class=\"_ _3\"/>nsactio<span class=\"_ _3\"/>ns, whic<span class=\"_ _3\"/>h are no<span class=\"ls184 ws1c8\">t reflected i<span class=\"_ _3\"/>n the Consolidated Stateme<span class=\"_ _3\"/>nt of Financial </span>Position, are<span class=\"_ _3\"/> due for payment as follows: 2022 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year <span class=\"_ _268\"> </span><span class=\"ff1a4 ls18d ws1d3\">25 <span class=\"_ _6e\"> </span><span class=\"ls183 ws1bd\">466<span class=\"_ _0\"/> <span class=\"_ _3f\"> </span><span class=\"ls190 ws1c9\"> 491 </span></span></span>Later th<span class=\"_ _0\"/>an one<span class=\"_ _0\"/> year an<span class=\"_ _0\"/>d no<span class=\"_ _0\"/>t more th<span class=\"_ _0\"/>an fi<span class=\"_ _0\"/>ve years<span class=\"_ _0\"/> <span class=\"_ _15c\"> </span><span class=\"ff1a4 ls18f ws1c4\">19 <span class=\"_ _16\"> </span>349 <span class=\"_ _16\"> </span>368 </span> <span class=\"_ _269\"> </span><span class=\"ff1a4 ls183 ws1bd\">44 <span class=\"_ _13\"> </span>815<span class=\"_ _0\"/> <span class=\"_ _16\"> </span><span class=\"ls185 ws1c1\">859<span class=\"_ _0\"/> </span></span>2021 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year<span class=\"_ _0\"/> <span class=\"_ _26a\"> </span>25 <span class=\"_ _13\"> </span>552<span class=\"_ _0\"/> <span class=\"_ _124\"> </span>577 Later th<span class=\"_ _0\"/>an one y<span class=\"_ _0\"/>ear and<span class=\"_ _0\"/> not m<span class=\"_ _0\"/>ore than<span class=\"_ _0\"/> five ye<span class=\"_ _0\"/>ars <span class=\"_ _15c\"> </span>43 <span class=\"_ _6b\"> </span>488 <span class=\"_ _124\"> </span>531  <span class=\"_ _26b\"> </span><span class=\"ls183 ws255\">68 1,040 <span class=\"_ _2f\"> </span>1,108 </span>3.1.2 Distribution rights Accounting polic<span class=\"_ _3\"/>ies Distributio<span class=\"_ _3\"/>n rights are programme rights<span class=\"_ _3\"/><span class=\"ls188 ws1d2\"> the Group bu<span class=\"_ _3\"/>ys from producers to de<span class=\"_ _3\"/>rive future revenu<span class=\"_ _3\"/>e, principally throug<span class=\"_ _3\"/>h </span>licensing to<span class=\"_ _3\"/> other broad<span class=\"_ _3\"/>casters. These ar<span class=\"_ _3\"/>e classified a<span class=\"_ _3\"/>s non-current a<span class=\"_ _3\"/>ssets as these rig<span class=\"_ _3\"/>hts are used to de<span class=\"_ _3\"/>rive long-<span class=\"_ _335\"> </span>term econ<span class=\"_ _0\"/>omic ben<span class=\"_ _0\"/>efit fo<span class=\"_ _0\"/>r the Grou<span class=\"_ _0\"/>p. Distribution rights are recognised initiall<span class=\"_ _0\"/>y at cost and charged through operating costs in the Consolidated I<span class=\"_ _0\"/>ncome Statement over a period not exceeding five years, refle<span class=\"_ _3\"/>cti<span class=\"ws2\">ng the value and pattern in which the right is consumed. </span>Advances paid for the acquisition of distribution rights are disclosed as distribution rights as soon as they are contracted. These advance<span class=\"_ _3\"/>s are not expensed until the programme <span class=\"ls19e ws1b3\">is available for distribution. Up to that point, they are </span>assessed annua<span class=\"_ _3\"/>lly for impairment <span class=\"_ _3\"/>through the reassessment of t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e future sales e<span class=\"_ _3\"/>xpected to be earne<span class=\"_ _3\"/>d from that title.  The net book<span class=\"_ _3\"/> value of<span class=\"_ _3\"/> distribution right<span class=\"_ _3\"/>s at the year<span class=\"_ _3\"/> end is as fo<span class=\"_ _3\"/>llows: 2022 \u00a3m 2021 \u00a3m Distributio<span class=\"_ _3\"/>n rights <span class=\"_ _26c\"> </span><span class=\"ff1a4 ls18f ws1c4\">17 <span class=\"_ _81\"> </span></span><span class=\"ls189 ws1b8\">21 </span>During the ye<span class=\"_ _3\"/>ar, \u00a325 million wa<span class=\"_ _3\"/>s charged to the Co<span class=\"ls188 ws1d5\">nso<span class=\"_ _3\"/>lidated Income Statement (2021: \u00a346 millio<span class=\"_ _3\"/>n). </span>I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1aa fc7 sc0\">\u2009<span class=\"ff1a9 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1a9 fs27\"> <span class=\"_ _3\"/>1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">9<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">9<span class=\"fc7 sc0\">9<span class=\"_ _67\"/><span class=\"fc8 sc1\">9<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.1.3 Trade and other receivables Accounting polic<span class=\"_ _3\"/>ies Trade receivab<span class=\"_ _3\"/>les are recogni<span class=\"_ _3\"/>sed initially<span class=\"_ _3\"/> at the value <span class=\"_ _3\"/>of the invoice <span class=\"_ _3\"/>sent to the custom<span class=\"_ _3\"/>er and subseque<span class=\"_ _3\"/>ntly at the amounts cons<span class=\"_ _0\"/>idere<span class=\"_ _0\"/>d recovera<span class=\"_ _0\"/>ble (amo<span class=\"_ _0\"/>rtised c<span class=\"_ _0\"/>ost). Whe<span class=\"_ _0\"/>re paymen<span class=\"_ _0\"/>ts are not d<span class=\"_ _0\"/>ue for more t<span class=\"_ _0\"/>han one yea<span class=\"_ _0\"/>r, they are<span class=\"_ _0\"/> shown in the fi<span class=\"_ _0\"/>nancial state<span class=\"_ _0\"/>ments<span class=\"_ _0\"/> at their net pr<span class=\"_ _0\"/>esent valu<span class=\"_ _0\"/>e to refle<span class=\"_ _0\"/>ct the econ<span class=\"_ _0\"/>omic cos<span class=\"_ _0\"/>t of delayed<span class=\"_ _0\"/> payment.<span class=\"_ _0\"/> The Group prov<span class=\"_ _3\"/>ides good<span class=\"_ _3\"/>s and services t<span class=\"_ _3\"/>o substanti<span class=\"_ _3\"/>ally all of it<span class=\"_ _3\"/>s customer<span class=\"_ _3\"/>s on credit ter<span class=\"_ _3\"/>ms. The credi<span class=\"_ _0\"/>t risk manag<span class=\"_ _0\"/>ement pr<span class=\"_ _0\"/>actices of th<span class=\"_ _0\"/>e Group inclu<span class=\"_ _0\"/>de inter<span class=\"_ _0\"/>nal review<span class=\"_ _0\"/> and repor<span class=\"_ _0\"/>ting of the ag<span class=\"_ _0\"/>eing of tra<span class=\"_ _0\"/>de and other recei<span class=\"_ _3\"/>vables by days pa<span class=\"_ _3\"/>st due. The <span class=\"_ _3\"/>Group applies t<span class=\"_ _3\"/>he IFRS 9 simp<span class=\"_ _3\"/>lified approach in<span class=\"_ _3\"/> measuring expected<span class=\"_ _3\"/> credit losses, which use a lif<span class=\"_ _3\"/>etime expected credit<span class=\"_ _3\"/> loss allowance for all trade<span class=\"_ _3\"/> receivables. To measure<span class=\"_ _3\"/> expected <span class=\"_ _3\"/>credit losse<span class=\"_ _3\"/>s, trade re<span class=\"_ _3\"/>ceivables a<span class=\"_ _3\"/>nd contra<span class=\"_ _3\"/>ct asset<span class=\"_ _3\"/>s have been gro<span class=\"_ _3\"/>uped by shar<span class=\"_ _3\"/>ed credit ri<span class=\"_ _3\"/>sk characteristic<span class=\"_ _3\"/>s and days past du<span class=\"_ _3\"/>e. As part of t<span class=\"_ _3\"/>he expected <span class=\"_ _3\"/>credit losses, t<span class=\"_ _3\"/>he Group may m<span class=\"_ _3\"/>ake additional pr<span class=\"_ _3\"/>ovisions for the recei<span class=\"_ _3\"/>vables of parti<span class=\"_ _4\"/>c<span class=\"_ _0\"/>ular cust<span class=\"_ _3\"/>omers if t<span class=\"_ _3\"/>he deterioration o<span class=\"_ _3\"/>f financial positi<span class=\"_ _3\"/>on was obser<span class=\"_ _3\"/>ved. The carryi<span class=\"_ _3\"/>ng value o<span class=\"_ _3\"/>f trade receivab<span class=\"_ _3\"/>les is co<span class=\"_ _3\"/>nsidered to approxim<span class=\"_ _3\"/>ate fair value<span class=\"_ _3\"/>. Trade and<span class=\"_ _3\"/> other receivab<span class=\"_ _3\"/>les can be analysed as<span class=\"_ _0\"/> follows: 2022 \u00a3m 2021 \u00a3m Due within on<span class=\"_ _0\"/>e year: <span class=\"_ _1c1\"> </span><span class=\"ff1ab ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1ac\"> </span></span>Trade receivab<span class=\"_ _3\"/>les <span class=\"_ _26d\"> </span><span class=\"ff1ab ls183 ws1bd\">476 <span class=\"_ _13\"> </span></span><span class=\"ls18b ws1bb\">43<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Other re<span class=\"_ _3\"/>ceivables <span class=\"_ _26e\"> </span><span class=\"ff1ab ls18f ws1c4\">162 <span class=\"_ _60\"> </span></span><span class=\"ls189 ws1b8\">107 </span>Prepayme<span class=\"_ _3\"/>nts <span class=\"_ _1c7\"> </span><span class=\"ff1ab ls184 ws1d4\">54 <span class=\"_ _a0\"> </span></span><span class=\"ls18b ws1bb\">48<span class=\"_ _0\"/> </span> <span class=\"_ _26f\"> </span><span class=\"ff1ab ls188 ws1b9\">692 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws1bd\">58<span class=\"_ _0\"/>9 </span>Due after m<span class=\"_ _0\"/>ore than one<span class=\"_ _0\"/> year: <span class=\"_ _1da\"> </span><span class=\"ff1ab ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1ac\"> </span></span>Trade receivab<span class=\"_ _3\"/>les <span class=\"_ _1b7\"> </span><span class=\"ff1ab ls18d ws1d3\">24 <span class=\"_ _1f\"> </span></span><span class=\"ws1b9\">33 </span>Other re<span class=\"_ _3\"/>ceivables <span class=\"_ _1b7\"> </span><span class=\"ff1ab ls18d ws1d3\">20 <span class=\"_ _ed\"> </span></span><span class=\"ls188 ws1b9\">9 </span> <span class=\"_ _18f\"> </span><span class=\"ff1ab ls183 ws1bd\">44 <span class=\"_ _78\"> </span></span><span class=\"ls18b ws1bb\">42 </span>Total tra<span class=\"_ _3\"/>de and oth<span class=\"_ _3\"/>er receivables <span class=\"_ _270\"> </span><span class=\"ls18b ws1bb\">736 <span class=\"_ _60\"> </span><span class=\"ff1ac ls184 ws1d4\">631 </span></span>\u00a3500 million (2021: \u00a3467 million) of total trade receivables, stat<span class=\"ls1a1 ws1d2\">ed net of provisions for impairment, are aged as follows:  </span>2022 \u00a3m 2021 \u00a3m Current <span class=\"_ _271\"> </span><span class=\"ff1ab\">437 <span class=\"_ _4d\"> </span></span>427<span class=\"_ _0\"/> Up to 30 da<span class=\"_ _3\"/>ys overdue <span class=\"_ _1e6\"> </span><span class=\"ff1ab ls188 ws1b9\">34 <span class=\"_ _78\"> </span></span><span class=\"ls18f ws1c4\">26 </span>Between 30 and 90 da<span class=\"_ _3\"/>ys overdue <span class=\"_ _272\"> </span><span class=\"ff1ab ls18d ws1d3\">20 <span class=\"_ _14d\"> </span></span><span class=\"ls183 ws1bd\">10<span class=\"_ _0\"/> </span>Over 90 day<span class=\"_ _3\"/>s overdue <span class=\"_ _273\"> </span><span class=\"ff1ab ws1d4\">9 </span>4 <span class=\"_ _274\"> </span><span class=\"ff1ab ls18c ws1c2\">500 <span class=\"_ _4d\"> </span></span><span class=\"ls185 ws1c1\">467 </span>Movements in the Group\u2019s provision for impairment of trade <span class=\"ls1c9 ws1c0\">receivab<span class=\"_ _3\"/>les and contra<span class=\"_ _3\"/>ct assets can b<span class=\"_ _3\"/>e shown as fol<span class=\"_ _3\"/>lows: </span>2022 \u00a3m 2021 \u00a3m At 1 January <span class=\"_ _275\"> </span><span class=\"ff1ab ls183 ws1bd\">43 <span class=\"_ _78\"> </span></span><span class=\"ls18c ws1c2\">46 </span>Charged duri<span class=\"_ _3\"/>ng the year <span class=\"_ _276\"> </span><span class=\"ff1ab ls189 ws1b8\">14 <span class=\"_ _ed\"> </span></span><span class=\"ls188 ws1b9\">6 </span>Unused amounts rever<span class=\"_ _3\"/>sed <span class=\"_ _277\"> </span><span class=\"ff1ab ls18c ws1c2\">(33) <span class=\"_ _18\"> </span></span><span class=\"ls188 ws1b9\">(9) </span>At 31 December* <span class=\"_ _278\"> </span><span class=\"ff1ab ls18d ws1d3\">24 <span class=\"_ _14d\"> </span></span><span class=\"ls18c ws1c2\">43 </span>*  <span class=\"_ _f\"> </span>\u00a38 mill<span class=\"_ _0\"/>ion (2021: \u00a37 mil<span class=\"_ _0\"/>lion) of the p<span class=\"_ _0\"/>rovision re<span class=\"_ _0\"/>lates to con<span class=\"_ _0\"/>tract asset<span class=\"_ _0\"/>s and is include<span class=\"_ _0\"/>d in the balance<span class=\"_ _0\"/> disclosed<span class=\"_ _0\"/> in note 3<span class=\"ls1cb ws1ce\">.1.6<span class=\"_ _3\"/>. </span>Of the provi<span class=\"_ _3\"/>sion total, \u00a322 <span class=\"_ _3\"/>million re<span class=\"_ _3\"/>lates to ba<span class=\"_ _3\"/>lances overd<span class=\"_ _3\"/>ue by more t<span class=\"_ _3\"/>han 90 days (2021<span class=\"_ _3\"/>: \u00a341 millio<span class=\"_ _3\"/>n) and less t<span class=\"_ _3\"/>han \u00a31 million re<span class=\"_ _3\"/>lates to current b<span class=\"_ _3\"/>alances (2021: less than \u00a3<span class=\"_ _3\"/>2 million).  \u00a35 million (202<span class=\"_ _0\"/>1: \u00a330 million) of<span class=\"_ _0\"/> the provis<span class=\"_ _0\"/>ion relates t<span class=\"_ _0\"/>o the overdu<span class=\"_ _0\"/>e receivable fo<span class=\"_ _0\"/>r The Voic<span class=\"_ _0\"/>e of China. Duri<span class=\"_ _0\"/>ng the year, the revie<span class=\"_ _3\"/>w of cash received in 2018 a<span class=\"_ _3\"/>nd 2019 wa<span class=\"ws1d5\">s completed and the pro<span class=\"_ _3\"/>vision unwound with a credit in </span>exceptio<span class=\"_ _3\"/>nal items,<span class=\"_ _3\"/> consist<span class=\"_ _3\"/>ent with the or<span class=\"_ _3\"/>iginal treatme<span class=\"_ _3\"/>nt (see note<span class=\"_ _3\"/> 2.2). For the rem<span class=\"_ _3\"/>aining amou<span class=\"_ _3\"/>nt, discu<span class=\"_ _3\"/>ssions wit<span class=\"_ _3\"/>h the cre<span class=\"_ _0\"/>dit insur<span class=\"_ _0\"/>ers rem<span class=\"_ _0\"/>ain in pr<span class=\"_ _0\"/>ogress, as<span class=\"_ _0\"/> a resul<span class=\"_ _0\"/>t the Grou<span class=\"_ _0\"/>p is not y<span class=\"_ _0\"/>et able to<span class=\"_ _0\"/> demon<span class=\"_ _0\"/>strate su<span class=\"_ _0\"/>fficie<span class=\"_ _0\"/>nt certa<span class=\"_ _0\"/>inty to<span class=\"_ _0\"/> be able to re<span class=\"_ _3\"/>cognise a<span class=\"_ _3\"/> receivable at<span class=\"_ _3\"/> 31 Dece<span class=\"_ _3\"/>mber 2022. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>197<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1b0 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1af ls3 ws2\"> </span></span>200<span class=\"ff1b2 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1b3 ls3 ws2\">\u2009</span><span class=\"ff1b0 ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>3.1.4 Trade and other pay<span class=\"_ _0\"/>ables due within one year Accounting polic<span class=\"_ _3\"/>ies Trade pay<span class=\"_ _0\"/>ables are rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed at the val<span class=\"_ _0\"/>ue of the i<span class=\"_ _0\"/>nvoice rec<span class=\"_ _0\"/>eived from<span class=\"_ _0\"/> a supplier.<span class=\"_ _0\"/> The carry<span class=\"_ _0\"/>ing value<span class=\"_ _0\"/> of current<span class=\"_ _0\"/> and  non-curren<span class=\"_ _0\"/>t trade p<span class=\"_ _0\"/>ayables is<span class=\"_ _0\"/> consider<span class=\"_ _0\"/>ed to appro<span class=\"_ _0\"/>ximate fai<span class=\"_ _0\"/>r value. Tr<span class=\"_ _0\"/>ade and oth<span class=\"_ _0\"/>er payabl<span class=\"_ _0\"/>es due with<span class=\"_ _0\"/>in one yea<span class=\"_ _0\"/>r can be analysed as f<span class=\"_ _0\"/>ollows: 2022 \u00a3m 2021 \u00a3m Trade payab<span class=\"_ _3\"/>les <span class=\"_ _1bc\"> </span><span class=\"ff1b1 ls18b ws1bb\">141 <span class=\"_ _1f\"> </span></span><span class=\"ls18d ws1d3\">91 </span>VAT and s<span class=\"_ _0\"/>ocial secu<span class=\"_ _0\"/>rity <span class=\"_ _279\"> </span><span class=\"ff1b1 ls188 ws1b9\">38 <span class=\"_ _a0\"> </span></span><span class=\"ls18d ws1d3\">60<span class=\"_ _0\"/> </span>Other pa<span class=\"_ _0\"/>yables<span class=\"_ _0\"/> <span class=\"_ _1c9\"> </span><span class=\"ff1b1 ls3 ws2\">1<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>6 <span class=\"_ _60\"> </span><span class=\"ff1b4 ls18b ws1bb\">122<span class=\"_ _0\"/> </span>Acquisition-related liabilities \u2013 employment-linked contingent consideration <span class=\"_ _1a9\"> </span><span class=\"ff1b1 ls184 ws1d4\">2 <span class=\"_ _ed\"> </span></span><span class=\"ls188 ws1b9\">3 </span>Acquisition-related liabilities \u2013 <span class=\"_ _3\"/>payable to sellers under put optio<span class=\"_ _3\"/>ns agreed  on acquisition <span class=\"_ _275\"> </span><span class=\"ff1b1 ls189 ws1b8\">1 <span class=\"_ _14d\"> </span><span class=\"ff1b4\">22 </span></span>Accru<span class=\"_ _0\"/>als <span class=\"_ _27a\"> </span><span class=\"ff1b1 ls189 ws1b8\">573 <span class=\"_ _60\"> </span></span><span class=\"ls186 ws1b6\">551 </span> <span class=\"_ _26f\"> </span><span class=\"ff1b1 ls183 ws1bd\">901<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span><span class=\"ls18c ws1c2\">849 </span>3.1.5 Trade and other payables <span class=\"_ _0\"/>due after more than one year Trade and <span class=\"_ _3\"/>other paya<span class=\"_ _3\"/>bles due afte<span class=\"_ _3\"/>r more tha<span class=\"_ _3\"/>n one year <span class=\"_ _3\"/>can be ana<span class=\"_ _3\"/>lysed as fo<span class=\"_ _3\"/>llows: 2022 \u00a3m 2021 \u00a3m Trade payab<span class=\"_ _3\"/>les <span class=\"_ _1c2\"> </span><span class=\"ff1b1 ls18f ws1c4\">17 <span class=\"_ _1f\"> </span></span><span class=\"ls183 ws1bd\">18<span class=\"_ _0\"/> </span>Other pa<span class=\"_ _0\"/>yables<span class=\"_ _0\"/> <span class=\"_ _18d\"> </span><span class=\"ff1b1 ws1d3\">28 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">28 </span>Acquisition-related liabilities \u2013 employment-linked contingent consideration <span class=\"_ _1a9\"> </span><span class=\"ff1b1 ls18b ws1bb\">6 <span class=\"_ _131\"> </span></span><span class=\"ls188 ws1b9\">6 </span>Acquisition-related liabilities \u2013 <span class=\"_ _3\"/>payable to sellers under put optio<span class=\"_ _3\"/>ns agreed  on acquisition <span class=\"_ _26b\"> </span><span class=\"ff1b1 ls188 ws1b9\">38 <span class=\"_ _14d\"> </span><span class=\"ff1b4\">33 </span></span> <span class=\"_ _1ae\"> </span><span class=\"ff1b1 ls185 ws1c1\">72<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span></span><span class=\"ls18d ws1d3\">67 </span>Total trade <span class=\"_ _3\"/>and other pa<span class=\"_ _3\"/>yables due a<span class=\"_ _3\"/>fter more than on<span class=\"_ _3\"/>e year <span class=\"_ _f7\"> </span><span class=\"ff1b1 ws1d4\">89 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">85 </span>Trade payab<span class=\"_ _3\"/>les due after mo<span class=\"_ _3\"/>re than one yea<span class=\"_ _3\"/>r relates pri<span class=\"_ _3\"/>marily to roya<span class=\"_ _3\"/>lties in bot<span class=\"_ _3\"/>h 2022 and 2021. Other<span class=\"_ _3\"/> payables due<span class=\"_ _3\"/> after more t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>an one year re<span class=\"_ _3\"/>lates primari<span class=\"_ _3\"/>ly to fi<span class=\"ls18c ws1bc\">lm creditors of \u00a322 million (2021: \u00a317 million). </span>Acquisition-related<span class=\"_ _3\"/> liabilities <span class=\"_ _3\"/>or performance-based<span class=\"_ _3\"/> employment<span class=\"_ _3\"/>-linked earno<span class=\"_ _3\"/>uts are the est<span class=\"_ _3\"/>imated amount<span class=\"_ _3\"/>s payable to p<span class=\"_ _3\"/>revious owne<span class=\"_ _3\"/>rs. The estimat<span class=\"_ _3\"/>ed future payme<span class=\"_ _3\"/>nts that are a<span class=\"_ _3\"/>ccrued over the peri<span class=\"_ _3\"/>od the selle<span class=\"_ _3\"/>rs are required to remain<span class=\"_ _3\"/> with the business <span class=\"_ _3\"/>are treated<span class=\"_ _3\"/> as exceptiona<span class=\"_ _3\"/>l costs <span class=\"_ _3\"/>(see note 2.2)<span class=\"_ _3\"/>. Those amou<span class=\"_ _3\"/>nts not li<span class=\"_ _4\"/>nked to employment a<span class=\"_ _3\"/>re estimated and r<span class=\"_ _3\"/>ecognised at <span class=\"_ _3\"/>acquisition at<span class=\"_ _3\"/><span class=\"ls188 ws1d2\"> their time discounted <span class=\"_ _3\"/>value, with the unwi<span class=\"_ _3\"/>nd of the </span>discount re<span class=\"_ _3\"/>corded as part of<span class=\"_ _3\"/> finance cost<span class=\"_ _3\"/>s. Acquisition related liabi<span class=\"_ _3\"/>lities at 31 December 2022 were \u00a347 million (<span class=\"_ _3\"/>2021: \u00a364 million) which rep<span class=\"_ _3\"/>resents the amount accrued to date at their time discounted value. The total undiscounted estimated fut<span class=\"ls1a0 ws2\">ure payments of \u00a389 million </span>(20<span class=\"_ _3\"/>21<span class=\"_ _3\"/>: \u00a3<span class=\"_ _3\"/>79 <span class=\"_ _3\"/>mil<span class=\"_ _4\"/>lion<span class=\"_ _3\"/>) a<span class=\"_ _3\"/>re sensitive to forecast profi<span class=\"_ _3\"/>ts as they are based on a multi<span class=\"_ _3\"/>ple of earnings. The range of<span class=\"_ _3\"/> reasonably p<span class=\"_ _3\"/>ossible out<span class=\"_ _3\"/>comes for the u<span class=\"_ _3\"/>ndiscounted lia<span class=\"_ _3\"/>bility is betwee<span class=\"_ _3\"/>n \u00a374 million a<span class=\"_ _3\"/>nd \u00a3177 million. <span class=\"_ _3\"/>The liabiliti<span class=\"_ _3\"/>es due after more tha<span class=\"_ _3\"/>n one year are expected to be settled<span class=\"_ _3\"/> between 2024 and 2028. All earno<span class=\"_ _3\"/>uts are sensiti<span class=\"_ _4\"/>v<span class=\"_ _0\"/>e to foreca<span class=\"_ _3\"/>st profits as t<span class=\"_ _3\"/>hey are based o<span class=\"_ _3\"/>n a multip<span class=\"_ _3\"/>le of earnings <span class=\"_ _3\"/>and judgement i<span class=\"_ _3\"/>s required where there may be adjustme<span class=\"_ _3\"/>nts to forecasted profit<span class=\"_ _3\"/>s or <span class=\"ws1b3\">when earnou<span class=\"_ _3\"/>ts are negotiated<span class=\"_ _3\"/>, hence t<span class=\"_ _3\"/>he reason for the </span>range noted<span class=\"_ _3\"/> above.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>198<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1b0 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1af ls3 ws2\"> </span></span>200<span class=\"ff1b2 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1b3 ls3 ws2\">\u2009</span><span class=\"ff1b0 ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>3.1.4 Trade and other pay<span class=\"_ _0\"/>ables due within one year Accounting polic<span class=\"_ _3\"/>ies Trade pay<span class=\"_ _0\"/>ables are rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed at the val<span class=\"_ _0\"/>ue of the i<span class=\"_ _0\"/>nvoice rec<span class=\"_ _0\"/>eived from<span class=\"_ _0\"/> a supplier.<span class=\"_ _0\"/> The carry<span class=\"_ _0\"/>ing value<span class=\"_ _0\"/> of current<span class=\"_ _0\"/> and  non-curren<span class=\"_ _0\"/>t trade p<span class=\"_ _0\"/>ayables is<span class=\"_ _0\"/> consider<span class=\"_ _0\"/>ed to appro<span class=\"_ _0\"/>ximate fai<span class=\"_ _0\"/>r value. Tr<span class=\"_ _0\"/>ade and oth<span class=\"_ _0\"/>er payabl<span class=\"_ _0\"/>es due with<span class=\"_ _0\"/>in one yea<span class=\"_ _0\"/>r can be analysed as f<span class=\"_ _0\"/>ollows: 2022 \u00a3m 2021 \u00a3m Trade payab<span class=\"_ _3\"/>les <span class=\"_ _1bc\"> </span><span class=\"ff1b1 ls18b ws1bb\">141 <span class=\"_ _1f\"> </span></span><span class=\"ls18d ws1d3\">91 </span>VAT and s<span class=\"_ _0\"/>ocial secu<span class=\"_ _0\"/>rity <span class=\"_ _279\"> </span><span class=\"ff1b1 ls188 ws1b9\">38 <span class=\"_ _a0\"> </span></span><span class=\"ls18d ws1d3\">60<span class=\"_ _0\"/> </span>Other pa<span class=\"_ _0\"/>yables<span class=\"_ _0\"/> <span class=\"_ _1c9\"> </span><span class=\"ff1b1 ls3 ws2\">1</span>4<span class=\"_ _335\"> </span>6 <span class=\"_ _60\"> </span><span class=\"ff1b4 ls18b ws1bb\">122<span class=\"_ _0\"/> </span>Acquisition-related liabilities \u2013 employment-linked contingent consideration <span class=\"_ _1a9\"> </span><span class=\"ff1b1 ls184 ws1d4\">2 <span class=\"_ _ed\"> </span></span><span class=\"ls188 ws1b9\">3 </span>Acquisition-related liabilities \u2013 <span class=\"_ _3\"/>payable to sellers under put optio<span class=\"_ _3\"/>ns agreed  on acquisition <span class=\"_ _275\"> </span><span class=\"ff1b1 ls189 ws1b8\">1 <span class=\"_ _14d\"> </span><span class=\"ff1b4\">22 </span></span>Accru<span class=\"_ _0\"/>als <span class=\"_ _27a\"> </span><span class=\"ff1b1 ls189 ws1b8\">573 <span class=\"_ _60\"> </span></span><span class=\"ls186 ws1b6\">551 </span> <span class=\"_ _26f\"> </span><span class=\"ff1b1 ls183 ws1bd\">901<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span><span class=\"ls18c ws1c2\">849 </span>3.1.5 Trade and other payables <span class=\"_ _0\"/>due after more than one year Trade and <span class=\"_ _3\"/>other payab<span class=\"_ _4\"/>l<span class=\"_ _0\"/>es due afte<span class=\"_ _3\"/>r more tha<span class=\"_ _3\"/>n one year <span class=\"_ _3\"/>can be ana<span class=\"_ _3\"/>lysed as fo<span class=\"_ _3\"/>llows: 2022 \u00a3m 2021 \u00a3m Trade payab<span class=\"_ _3\"/>les <span class=\"_ _1c2\"> </span><span class=\"ff1b1 ls18f ws1c4\">17 <span class=\"_ _1f\"> </span></span><span class=\"ls183 ws1bd\">18<span class=\"_ _0\"/> </span>Other pa<span class=\"_ _0\"/>yables<span class=\"_ _0\"/> <span class=\"_ _18d\"> </span><span class=\"ff1b1 ws1d3\">28 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">28 </span>Acquisition-related liabilities \u2013 employment-linked contingent consideration <span class=\"_ _1a9\"> </span><span class=\"ff1b1 ls18b ws1bb\">6 <span class=\"_ _131\"> </span></span><span class=\"ls188 ws1b9\">6 </span>Acquisition-related liabilities \u2013 <span class=\"_ _3\"/>payable to sellers under put optio<span class=\"_ _3\"/>ns agreed  on acquisition <span class=\"_ _26b\"> </span><span class=\"ff1b1 ls188 ws1b9\">38 <span class=\"_ _14d\"> </span><span class=\"ff1b4\">33 </span></span> <span class=\"_ _1ae\"> </span><span class=\"ff1b1 ls185 ws1c1\">72<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span></span><span class=\"ls18d ws1d3\">67 </span>Total trade <span class=\"_ _3\"/>and other pa<span class=\"_ _3\"/>yables due a<span class=\"_ _3\"/>fter more than on<span class=\"_ _3\"/>e year <span class=\"_ _f7\"> </span><span class=\"ff1b1 ws1d4\">89 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">85 </span>Trade payab<span class=\"_ _3\"/>les due after mo<span class=\"_ _3\"/>re than one yea<span class=\"_ _3\"/>r relates pri<span class=\"_ _3\"/>marily to roya<span class=\"_ _3\"/>lties in bot<span class=\"_ _3\"/>h 2022 and 2021. Other<span class=\"_ _3\"/> payables due<span class=\"_ _3\"/> after more t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>an one year re<span class=\"_ _3\"/>lates primari<span class=\"_ _3\"/>ly to fi<span class=\"ls18c ws1bc\">lm creditors of \u00a322 million (2021: \u00a317 million). </span>Acquisition-related<span class=\"_ _3\"/> liabilities or<span class=\"_ _3\"/> performance-based<span class=\"_ _3\"/> employment<span class=\"_ _3\"/>-linked earno<span class=\"_ _3\"/>uts are the est<span class=\"_ _3\"/>imated amount<span class=\"_ _3\"/>s payable to p<span class=\"_ _3\"/>revious owne<span class=\"_ _3\"/>rs. The estimat<span class=\"_ _3\"/>ed future payme<span class=\"_ _3\"/>nts that are a<span class=\"_ _3\"/>ccrued over the peri<span class=\"_ _3\"/>od the selle<span class=\"_ _3\"/>rs are required to remain<span class=\"_ _3\"/> with the business <span class=\"_ _3\"/>are treated<span class=\"_ _3\"/> as exceptiona<span class=\"_ _3\"/>l costs <span class=\"_ _3\"/>(see note 2.2)<span class=\"_ _3\"/>. Those amou<span class=\"_ _3\"/>nts not li<span class=\"_ _4\"/>nked to employment a<span class=\"_ _3\"/>re estimated and r<span class=\"_ _3\"/>ecognised at <span class=\"_ _3\"/>acquisition at<span class=\"_ _3\"/><span class=\"ls188 ws1d2\"> their time discounted <span class=\"_ _3\"/>value, with the unwi<span class=\"_ _3\"/>nd of the </span>discount re<span class=\"_ _3\"/>corded as part of<span class=\"_ _3\"/> finance cost<span class=\"_ _3\"/>s. Acquisition related liabi<span class=\"_ _3\"/>lities at 31 December 2022 were \u00a347 million (<span class=\"_ _3\"/>2021: \u00a364 million) which rep<span class=\"_ _3\"/>resents the amount accrued to date at their time discounted value. The total undiscounted estimated fut<span class=\"ls1a0 ws2\">ure payments of \u00a389 million </span>(20<span class=\"_ _3\"/>21<span class=\"_ _3\"/>: \u00a3<span class=\"_ _3\"/>79 <span class=\"_ _3\"/>mil<span class=\"_ _4\"/>lion<span class=\"_ _3\"/>) a<span class=\"_ _3\"/>re sensitive to forecast profi<span class=\"_ _3\"/>ts as they are based on a multi<span class=\"_ _3\"/>ple of earnings. The range of<span class=\"_ _3\"/> reasonably p<span class=\"_ _3\"/>ossible out<span class=\"_ _3\"/>comes for the u<span class=\"_ _3\"/>ndiscounted lia<span class=\"_ _3\"/>bility is betwee<span class=\"_ _3\"/>n \u00a374 million a<span class=\"_ _3\"/>nd \u00a3177 million. <span class=\"_ _3\"/>The liabiliti<span class=\"_ _3\"/>es due after more tha<span class=\"_ _3\"/>n one year are expected to be settled<span class=\"_ _3\"/> between 2024 and 2028. All earno<span class=\"_ _3\"/>uts are sensiti<span class=\"_ _4\"/>v<span class=\"_ _0\"/>e to foreca<span class=\"_ _3\"/>st profits as t<span class=\"_ _3\"/>hey are based o<span class=\"_ _3\"/>n a multip<span class=\"_ _3\"/>le of earnings <span class=\"_ _3\"/>and judgement i<span class=\"_ _3\"/>s required where there may be adjustme<span class=\"_ _3\"/>nts to forecasted profit<span class=\"_ _3\"/>s or <span class=\"ws1b3\">when earnou<span class=\"_ _3\"/>ts are negotiated<span class=\"_ _3\"/>, hence t<span class=\"_ _3\"/>he reason for the </span>range noted<span class=\"_ _3\"/> above.  I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1b7 fc7 sc0\">\u2009<span class=\"ff1b6 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1b6 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">0<span class=\"_ _211\"/><span class=\"fc8 sc1\">0<span class=\"fc7 sc0\">1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.1.6 Contract assets and liabilities Contrac<span class=\"_ _0\"/>t assets<span class=\"_ _0\"/> (accrue<span class=\"_ _0\"/>d income<span class=\"_ _0\"/>) prima<span class=\"_ _0\"/>rily rel<span class=\"_ _0\"/>ate to th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> right to c<span class=\"_ _0\"/>onside<span class=\"_ _0\"/>ration fo<span class=\"_ _0\"/>r work un<span class=\"_ _0\"/>billed at<span class=\"_ _0\"/> the reportin<span class=\"_ _0\"/>g date.<span class=\"_ _0\"/> Many of<span class=\"_ _0\"/> the p<span class=\"_ _0\"/>rogrammes<span class=\"_ _0\"/> the S<span class=\"_ _0\"/>tudios <span class=\"_ _0\"/>division<span class=\"_ _0\"/> produc<span class=\"_ _0\"/>es are s<span class=\"_ _0\"/>old in<span class=\"_ _0\"/>ternati<span class=\"_ _0\"/>onally and<span class=\"_ _0\"/> also us<span class=\"_ _0\"/>ed withi<span class=\"_ _0\"/>n the ITV<span class=\"_ _0\"/> netwo<span class=\"_ _0\"/>rk.  Contract lia<span class=\"_ _3\"/>bilities (deferred<span class=\"_ _3\"/> income) primari<span class=\"_ _3\"/>ly relate t<span class=\"_ _3\"/>o the co<span class=\"_ _3\"/>nsideration received f<span class=\"_ _3\"/>rom customers i<span class=\"_ _3\"/>n advance of transf<span class=\"_ _0\"/>erring<span class=\"_ _0\"/> a good or se<span class=\"_ _0\"/>rvice. Th<span class=\"_ _0\"/>e follow<span class=\"_ _0\"/>ing tabl<span class=\"_ _0\"/>e provid<span class=\"_ _0\"/>es movem<span class=\"_ _0\"/>ents in<span class=\"_ _0\"/> contrac<span class=\"_ _0\"/>t asset<span class=\"_ _0\"/>s and lia<span class=\"_ _0\"/>bilities<span class=\"_ _0\"/> in the pe<span class=\"_ _0\"/>riod:  <span class=\"_ _27b\"> </span><span class=\"ff1b8 ls1a4 ws1e3\">2022 </span> 2021 Contract assets \u00a3m Contract liabilities \u00a3m Re-presente<span class=\"_ _0\"/>d<span class=\"_ _335\"> </span>1<span class=\"_ _335\"> </span>Contract assets \u00a3m Contract liabilities \u00a3m Balance at 1 January  <span class=\"_ _143\"> </span><span class=\"ls188 ws1b9\">189 <span class=\"_ _a6\"> </span><span class=\"ls189 ws1b8\">(359) <span class=\"_ _8d\"> </span><span class=\"ff1b9 ls186 ws257\"> <span class=\"_ _27c\"> </span>155 (271) </span></span></span>Decrease<span class=\"_ _0\"/> due to balanc<span class=\"_ _0\"/>e transfer<span class=\"_ _0\"/>red to tra<span class=\"_ _0\"/>de receiva<span class=\"_ _0\"/>bles <span class=\"_ _25\"> </span><span class=\"ff1b8 ls183 ws1bd\">(180<span class=\"_ _0\"/>) <span class=\"_ _43\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _d0\"> </span></span></span><span class=\"ws258\"> (140) <span class=\"_ _65\"> </span>\u2013 </span>Increases as a result<span class=\"_ _3\"/> of the chan<span class=\"ls1a0 ws2\">ges in the <span class=\"_ _3\"/>measure of progress <span class=\"_ _4b\"> </span><span class=\"ff1b8 ls18b ws1bb\">170 <span class=\"_ _4d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _d0\"> </span></span></span><span class=\"ls183 ws259\"> 17<span class=\"_ _335\"> </span></span></span>4 \u2013 Decreas<span class=\"_ _0\"/>es due to r<span class=\"_ _0\"/>evenue<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in th<span class=\"_ _0\"/>e perio<span class=\"_ _0\"/>d <span class=\"_ _de\"> </span><span class=\"ff1b8 ls184\">\u2013 <span class=\"_ _7f\"> </span><span class=\"ls18b ws1bb\">405 <span class=\"_ _d0\"> </span></span></span><span class=\"ls18c ws25b\"> <span class=\"_ _148\"> </span>\u2013 260 </span>Increase due <span class=\"_ _0\"/>to cash rec<span class=\"_ _0\"/>eived <span class=\"_ _27d\"> </span><span class=\"ff1b8 ls3 ws2\">\u2013<span class=\"ff1ba\"> <span class=\"_ _8a\"> </span></span><span class=\"ls189 ws1b8\">(383) <span class=\"_ _8d\"> </span></span></span><span class=\"ls18f ws25c\"> <span class=\"_ _c0\"> </span>\u2013 (348) </span>Acquisitions <span class=\"_ _218\"> </span><span class=\"ff1b8 ls18b ws1bb\">6 <span class=\"_ _82\"> </span><span class=\"ls18c ws1c2\">(35) </span></span> <span class=\"_ _33\"> </span>\u2013 \u2013 Balance at<span class=\"_ _3\"/> 31 December<span class=\"_ _335\"> </span>2  <span class=\"_ _164\"> </span><span class=\"ls183 ws1bd\">185 <span class=\"_ _45\"> </span><span class=\"ls18c ws1c2\">(372) <span class=\"_ _8d\"> </span><span class=\"ff1b9 ls18f ws25d\"> <span class=\"_ _165\"> </span>189 (359) </span></span></span>1  <span class=\"_ _e\"> </span>Product<span class=\"_ _0\"/>ion work in <span class=\"_ _0\"/>progress<span class=\"_ _0\"/> has been <span class=\"_ _0\"/>re-pres<span class=\"_ _0\"/>ented o<span class=\"_ _0\"/>n the face o<span class=\"_ _0\"/>f the Cons<span class=\"_ _0\"/>olidate<span class=\"_ _0\"/>d Stateme<span class=\"_ _0\"/>nt of Financ<span class=\"_ _0\"/>ial Posi<span class=\"_ _0\"/>tion. The <span class=\"_ _0\"/>balan<span class=\"ls1c4 ws232\">ce was previously included </span>within contra<span class=\"_ _0\"/>ct assets in 2<span class=\"_ _0\"/>021.  2  <span class=\"_ _f\"> </span>Contract assets<span class=\"_ _0\"/> is stat<span class=\"_ _0\"/>ed net of <span class=\"_ _0\"/>provisions<span class=\"_ _0\"/> for im<span class=\"_ _0\"/>pairmen<span class=\"_ _0\"/>t of \u00a38 mill<span class=\"_ _0\"/>ion (2021<span class=\"_ _0\"/>: \u00a37 mill<span class=\"_ _0\"/>ion) whi<span class=\"_ _0\"/>ch have bee<span class=\"_ _0\"/>n include<span class=\"_ _0\"/>d in the recon<span class=\"_ _0\"/>ciliat<span class=\"_ _0\"/>ion in note 3.<span class=\"_ _0\"/>1.3. Non<span class=\"_ _0\"/>-<span class=\"_ _335\"> </span>current con<span class=\"_ _0\"/>tract asse<span class=\"_ _0\"/>ts of \u00a3nil<span class=\"_ _0\"/> (2021:<span class=\"_ _0\"/> \u00a36 millio<span class=\"_ _0\"/>n) is include<span class=\"_ _0\"/>d in the<span class=\"_ _0\"/> above reco<span class=\"_ _0\"/>nciliat<span class=\"_ _0\"/>ion. 3.1.7 Production work in progress Production work in progress relates to costs capitali<span class=\"_ _3\"/>sed by ITV Studios in the course of fulfilling produ<span class=\"_ _3\"/>ction contracts. These costs are cap<span class=\"_ _3\"/>italised when they re<span class=\"_ _3\"/>late directly to a<span class=\"_ _3\"/> contract or to a<span class=\"_ _3\"/> specifically identifi<span class=\"_ _3\"/>able anticipated contrac<span class=\"_ _0\"/>t, the costs<span class=\"_ _0\"/> generat<span class=\"_ _0\"/>e or enhance th<span class=\"_ _0\"/>e resour<span class=\"_ _0\"/>ces of the en<span class=\"_ _0\"/>tity tha<span class=\"_ _0\"/>t will be use<span class=\"_ _0\"/>d in satisfy<span class=\"_ _0\"/>ing or con<span class=\"_ _0\"/>tinuing to satisfy perfor<span class=\"_ _0\"/>mance obligat<span class=\"_ _0\"/>ions in the fu<span class=\"_ _0\"/>ture, and th<span class=\"_ _0\"/>e costs are exp<span class=\"_ _0\"/>ected to be recov<span class=\"_ _0\"/>ered. These costs are<span class=\"_ _0\"/> presente<span class=\"_ _0\"/>d as producti<span class=\"_ _0\"/>on work in prog<span class=\"_ _0\"/>ress assets and<span class=\"_ _0\"/> represent ac<span class=\"_ _0\"/>tual costs incur<span class=\"_ _0\"/>red on the production. T<span class=\"_ _3\"/>he asset is am<span class=\"_ _3\"/>ortised as th<span class=\"_ _3\"/>e performance obli<span class=\"_ _3\"/>gations are sati<span class=\"_ _3\"/>sfied. Prod<span class=\"_ _3\"/>uction work in pr<span class=\"_ _3\"/>ogress was previously in<span class=\"_ _3\"/>cluded within contract<span class=\"_ _3\"/> assets; however, has been re-pr<span class=\"_ _3\"/>esented separately due to its diff<span class=\"_ _3\"/>ering nature to contract assets. Production wo<span class=\"_ _3\"/>rk in progre<span class=\"_ _3\"/>ss at the year<span class=\"_ _3\"/> end is detail<span class=\"_ _3\"/>ed below: 2022 \u00a3m 2021 \u00a3m Production wo<span class=\"_ _3\"/>rk in progre<span class=\"_ _3\"/>ss <span class=\"_ _27e\"> </span><span class=\"ff1b8 ls185 ws1c1\">493 <span class=\"_ _6b\"> </span></span><span class=\"ls18d ws1d3\">360<span class=\"_ _0\"/> </span>During t<span class=\"_ _3\"/>he year, \u00a336<span class=\"_ _3\"/>8 million <span class=\"_ _3\"/>was charged to<span class=\"_ _3\"/> the Cons<span class=\"_ _3\"/><span class=\"ls184 ws1c8\">olidated Income State<span class=\"_ _3\"/>ment for completed prod<span class=\"_ _3\"/>uctions </span>delivere<span class=\"_ _0\"/>d (2021: \u00a32<span class=\"_ _0\"/>64 milli<span class=\"_ _0\"/>on). 3.1.8 Working capital management Cash and<span class=\"_ _3\"/> working capi<span class=\"_ _3\"/>tal manag<span class=\"_ _3\"/>ement has<span class=\"_ _3\"/> been a criti<span class=\"_ _3\"/>cal area of<span class=\"_ _3\"/> focus duri<span class=\"_ _3\"/>ng 2022 and<span class=\"_ _3\"/> 2021. Duri<span class=\"_ _3\"/>ng the year<span class=\"_ _3\"/>, the cash outflow from<span class=\"_ _3\"/> working capital wa<span class=\"ls18c ws1bc\">s \u00a3150 million (2021: outflow of \u00a3141 million) derived as follows: </span>2022 \u00a3m 2021 \u00a3m Increase in programme r<span class=\"_ _3\"/>ights and distribution<span class=\"_ _3\"/> rights <span class=\"_ _27f\"> </span><span class=\"ff1b8 ls189 ws1b8\">(70) <span class=\"_ _12\"> </span></span><span class=\"ws1b9\">(6) </span>Increase in receivables and contract assets <span class=\"_ _280\"> </span><span class=\"ff1b8 ws1c2\">(133) <span class=\"_ _b3\"> </span></span><span class=\"ls185 ws1c1\">(270<span class=\"_ _0\"/>) </span>Increase in payables and contract liabilitie<span class=\"_ _3\"/>s <span class=\"_ _23b\"> </span><span class=\"ff1b8 ls18f ws1c4\">53 <span class=\"_ _22\"> </span></span><span class=\"ls183 ws1bd\">135 </span>Working cap<span class=\"_ _3\"/>ital outf<span class=\"_ _3\"/>low <span class=\"_ _22e\"> </span><span class=\"ls189 ws1b8\">(150) <span class=\"_ _8a\"> </span><span class=\"ff1b9 ls185 ws1c1\">(141)<span class=\"_ _0\"/> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>199<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1be ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>202<span class=\"ff1c0 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1c1 ls3 ws2\">\u2009</span><span class=\"ff1be ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>3.2  Property, plant and equipment Keeping it simple The follow<span class=\"_ _0\"/>ing not<span class=\"_ _0\"/>e shows the ph<span class=\"_ _0\"/>ysical ass<span class=\"_ _0\"/>ets used by th<span class=\"_ _0\"/>e Group t<span class=\"_ _0\"/>o operat<span class=\"_ _0\"/>e the business, generati<span class=\"_ _3\"/>ng revenue<span class=\"_ _3\"/>s and profits. These a<span class=\"_ _3\"/>ssets include o<span class=\"_ _3\"/>ffice build<span class=\"_ _3\"/>ings and studio<span class=\"_ _3\"/>s, as well as e<span class=\"_ _3\"/>quipment used i<span class=\"_ _3\"/>n broadcast transmi<span class=\"_ _3\"/>ssion, programme producti<span class=\"_ _0\"/>on and sup<span class=\"_ _0\"/>port acti<span class=\"_ _0\"/>vities. The cost of these as<span class=\"_ _0\"/>sets is the amount in<span class=\"_ _0\"/>itia<span class=\"ls19e ws1b3\">lly paid for them or for right of use assets, </span>the discounted future lease payments. A depreciati<span class=\"_ _3\"/>on expense <span class=\"ls19e ws1b3\">is charged to the </span>Consolidated Income Statement to reflect annua<span class=\"_ _3\"/>l wear and tear and the reduced value of the asset over time. Depreciation is calc<span class=\"ls1a0 ws2\">ulated by estimating the number of years </span>the Group expects the asset to be used (useful e<span class=\"_ _3\"/>conomic life). If there has been a technologi<span class=\"_ _3\"/>cal chang<span class=\"_ _3\"/>e or decline i<span class=\"_ _3\"/>n busine<span class=\"ls1a0 ws2\">ss performance<span class=\"_ _3\"/>, the Directors review the </span>value of the assets to the business to ensure they <span class=\"_ _3\"/>have not fallen below their depreciated value. If an asset\u2019s value falls <span class=\"ls19e ws1b3\">be<span class=\"_ _3\"/>low its depreciated value, an additional </span>impairment charge is made against profit. This n<span class=\"_ _0\"/>ote also e<span class=\"_ _0\"/>xplains <span class=\"_ _0\"/>the acc<span class=\"_ _0\"/>ountin<span class=\"_ _0\"/>g polic<span class=\"_ _0\"/>ies follow<span class=\"_ _0\"/>ed by I<span class=\"_ _0\"/>TV and <span class=\"_ _0\"/>the sp<span class=\"_ _0\"/>ecific<span class=\"_ _0\"/> estima<span class=\"_ _0\"/>tes made in<span class=\"_ _0\"/> arriving a<span class=\"_ _0\"/>t the net bo<span class=\"_ _0\"/>ok value of th<span class=\"_ _0\"/>ese assets.<span class=\"_ _0\"/> Accounting policies Property<span class=\"_ _3\"/>, plant and <span class=\"_ _3\"/>equipment Property, plant and equipment are stated<span class=\"ls19e ws1b3\"> at cost less accumulated depreciation and impairment losses. Certain items </span>of property, plant and equipment that were revalued to fair va<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">lu<span class=\"_ _0\"/>e prior to 1 January 2004 (the date of transition to IFRS) </span>are measured on the basis of deemed cost, being t<span class=\"_ _3\"/>he revalued<span class=\"ls19e ws1b3\"> amount less depreciation up to the date of transition. </span>Right of us<span class=\"_ _0\"/>e assets A contract contai<span class=\"_ _3\"/>ns a lease if the contract conveys the right <span class=\"ls186 ws2\">to<span class=\"_ _3\"/> control t<span class=\"_ _3\"/>he use of <span class=\"_ _3\"/>an identified a<span class=\"_ _3\"/>sset for a <span class=\"_ _3\"/>period of </span>time in excha<span class=\"_ _3\"/>nge for consid<span class=\"_ _3\"/>eration. These asse<span class=\"_ _3\"/>ts are called rig<span class=\"_ _3\"/>ht of use asset<span class=\"_ _3\"/>s and have been <span class=\"_ _3\"/>included on the Consolidated Stat<span class=\"_ _3\"/>ement of Financia<span class=\"_ _3\"/>l Position at a<span class=\"_ _3\"/> value eq<span class=\"ls183 ws1b5\">ual to the disco<span class=\"_ _0\"/>unted fu<span class=\"_ _0\"/>ture lease<span class=\"_ _0\"/> paymen<span class=\"_ _0\"/>ts. For leas<span class=\"_ _0\"/>es </span>recognis<span class=\"_ _0\"/>ed on trans<span class=\"_ _0\"/>ition t<span class=\"_ _0\"/>o IFRS 16 \u2018Lea<span class=\"_ _0\"/>ses\u2019 the v<span class=\"_ _0\"/>alue is also ad<span class=\"_ _0\"/>justed by<span class=\"_ _0\"/> any prepa<span class=\"_ _0\"/>yments or le<span class=\"_ _0\"/>ase incen<span class=\"_ _0\"/>tives recognised<span class=\"_ _3\"/> immediately bef<span class=\"_ _3\"/>ore the date of i<span class=\"_ _3\"/>nitial applicati<span class=\"_ _3\"/>on. Depreciation Depreciation<span class=\"_ _3\"/> is provided to <span class=\"_ _3\"/>write off t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cost <span class=\"_ _3\"/>of property, p<span class=\"_ _3\"/>lant and equ<span class=\"_ _3\"/>ipment le<span class=\"_ _3\"/>ss estimated re<span class=\"_ _3\"/>sidual va<span class=\"_ _3\"/>lue, on a straight-l<span class=\"_ _0\"/>ine basis over<span class=\"_ _0\"/> their esti<span class=\"_ _0\"/>mated useful<span class=\"_ _0\"/> lives. The annual<span class=\"_ _0\"/> deprecia<span class=\"_ _0\"/>tion charge is sen<span class=\"_ _0\"/>sitive to<span class=\"_ _0\"/> the estima<span class=\"_ _0\"/>ted useful li<span class=\"_ _3\"/>fe of each asset <span class=\"_ _3\"/>and the expect<span class=\"_ _3\"/>ed residual <span class=\"_ _3\"/>value at the end o<span class=\"_ _3\"/>f its life. T<span class=\"_ _3\"/>he major ca<span class=\"_ _3\"/>tegories of proper<span class=\"_ _3\"/>ty, plant and equipment ar<span class=\"_ _3\"/>e depreciated as fo<span class=\"_ _3\"/>llows: Asset class <span class=\"_ _281\"> </span>Depreciation policy Freehold land <span class=\"_ _216\"> </span><span class=\"ls18d ws1d4\">not d<span class=\"_ _0\"/>epreci<span class=\"_ _0\"/>ated </span>Freehold bui<span class=\"_ _3\"/>ldings <span class=\"_ _13f\"> </span>up to 60 years Leasehol<span class=\"_ _0\"/>d impro<span class=\"_ _0\"/>vements<span class=\"_ _0\"/> <span class=\"_ _fc\"> </span>shorter<span class=\"_ _0\"/> of residu<span class=\"_ _0\"/>al lease ter<span class=\"_ _0\"/>m or estima<span class=\"_ _0\"/>ted useful<span class=\"_ _0\"/> life Vehicles, equipme<span class=\"_ _3\"/>nt and fittings* <span class=\"_ _bc\"> </span>3 to <span class=\"_ _3\"/>20 years Right of<span class=\"_ _0\"/> use ass<span class=\"_ _0\"/>ets <span class=\"_ _282\"> </span>over th<span class=\"_ _0\"/>e term o<span class=\"_ _0\"/>f the l<span class=\"_ _0\"/>ease * <span class=\"_ _2d\"> </span>Equ<span class=\"_ _0\"/>ipment <span class=\"_ _0\"/>includes s<span class=\"_ _0\"/>tudio pro<span class=\"_ _0\"/>duction a<span class=\"_ _0\"/>nd techn<span class=\"_ _0\"/>ology ass<span class=\"_ _0\"/>ets. Assets un<span class=\"_ _0\"/>der co<span class=\"_ _0\"/>nstruc<span class=\"_ _0\"/>tion ar<span class=\"_ _0\"/>e not depr<span class=\"_ _0\"/>eciate<span class=\"_ _0\"/>d until th<span class=\"_ _0\"/>e point<span class=\"_ _0\"/> at which<span class=\"_ _0\"/> the asse<span class=\"_ _0\"/>t comes in<span class=\"_ _0\"/>to use by<span class=\"_ _0\"/> the Gro<span class=\"_ _0\"/>up.  Impairment of<span class=\"_ _0\"/> assets Propert<span class=\"_ _0\"/>y, plant an<span class=\"_ _0\"/>d equipm<span class=\"_ _0\"/>ent that is<span class=\"_ _0\"/> subject to d<span class=\"_ _0\"/>eprecia<span class=\"_ _0\"/>tion is rev<span class=\"_ _0\"/>iewed for i<span class=\"_ _0\"/>mpairmen<span class=\"_ _0\"/>t wheneve<span class=\"_ _0\"/>r events<span class=\"_ _0\"/> or changes in cir<span class=\"_ _3\"/>cumstances <span class=\"_ _3\"/>indicate t<span class=\"_ _3\"/>hat the carryi<span class=\"_ _4\"/>ng amount may not be<span class=\"_ _3\"/> recoverable<span class=\"_ _3\"/>. Indicators of i<span class=\"_ _4\"/>m<span class=\"_ _0\"/>pairment m<span class=\"_ _3\"/>ay include changes in technology and business. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>200<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1be ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>202<span class=\"ff1c0 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1c1 ls3 ws2\">\u2009</span><span class=\"ff1be ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>3.2  Property, plant and equipment  <span class=\"_ _85\"> </span><span class=\"ff1c0 ls187 ws21c\">Keeping </span>it simple The follow<span class=\"_ _0\"/>ing not<span class=\"_ _0\"/>e shows the ph<span class=\"_ _0\"/>ysical ass<span class=\"_ _0\"/>ets used by th<span class=\"_ _0\"/>e Group t<span class=\"_ _0\"/>o operat<span class=\"_ _0\"/>e the business, generati<span class=\"_ _3\"/>ng revenue<span class=\"_ _3\"/>s and profits. These a<span class=\"_ _3\"/>ssets include o<span class=\"_ _3\"/>ffice build<span class=\"_ _3\"/>ings and studio<span class=\"_ _3\"/>s, as well as e<span class=\"_ _3\"/>quipment used i<span class=\"_ _3\"/>n broadcast transmi<span class=\"_ _3\"/>ssion, programme producti<span class=\"_ _0\"/>on and sup<span class=\"_ _0\"/>port acti<span class=\"_ _0\"/>vities. The cost of these as<span class=\"_ _0\"/>sets is the amount in<span class=\"_ _0\"/>itia<span class=\"ls19e ws1b3\">lly paid for them or for right of use assets, </span>the discounted future lease payments. A depreciati<span class=\"_ _3\"/>on expense <span class=\"ls19e ws1b3\">is charged to the </span>Consolidated Income Statement to reflect annua<span class=\"_ _3\"/>l wear and tear and the reduced value of the asset over time. Depreciation is calc<span class=\"ls1a0 ws2\">ulated by estimating the number of years </span>the Group expects the asset to be used (useful e<span class=\"_ _3\"/>conomic life). If there has been a technologi<span class=\"_ _3\"/>cal chang<span class=\"_ _3\"/>e or decline i<span class=\"_ _3\"/>n busine<span class=\"ls1a0 ws2\">ss performance<span class=\"_ _3\"/>, the Directors review the </span>value of the assets to the business to ensure they <span class=\"_ _3\"/>have not fallen below their depreciated value. If an asset\u2019s va<span class=\"_ _3\"/>lue falls <span class=\"ls19e ws1b3\">below its depreciated value, an additional </span>impairment charge is made against profit. This n<span class=\"_ _0\"/>ote also e<span class=\"_ _0\"/>xplains <span class=\"_ _0\"/>the acc<span class=\"_ _0\"/>ountin<span class=\"_ _0\"/>g polic<span class=\"_ _0\"/>ies follow<span class=\"_ _0\"/>ed by I<span class=\"_ _0\"/>TV and <span class=\"_ _0\"/>the sp<span class=\"_ _0\"/>ecific<span class=\"_ _0\"/> estima<span class=\"_ _0\"/>tes made in<span class=\"_ _0\"/> arriving a<span class=\"_ _0\"/>t the net bo<span class=\"_ _0\"/>ok value of th<span class=\"_ _0\"/>ese assets.<span class=\"_ _0\"/> Accounting policies Property<span class=\"_ _3\"/>, plant and <span class=\"_ _3\"/>equipment Property, plant and equipment are stated<span class=\"ls19e ws1b3\"> at cost less accumulated depreciation and impairment losses. Certain items </span>of property, plant and equipment that were revalued to fair va<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">lu<span class=\"_ _0\"/>e prior to 1 January 2004 (the date of transition to IFRS) </span>are measured on the basis of deemed cost, being t<span class=\"_ _3\"/>he revalued<span class=\"ls19e ws1b3\"> amount less depreciation up to the date of transition. </span>Right of us<span class=\"_ _0\"/>e assets A contract contai<span class=\"_ _3\"/>ns a lease if the contract conveys the right <span class=\"ls186 ws2\">to<span class=\"_ _3\"/> control t<span class=\"_ _3\"/>he use of <span class=\"_ _3\"/>an identified a<span class=\"_ _3\"/>sset for a <span class=\"_ _3\"/>period of </span>time in excha<span class=\"_ _3\"/>nge for consid<span class=\"_ _3\"/>eration. These asse<span class=\"_ _3\"/>ts are called rig<span class=\"_ _3\"/>ht of use asset<span class=\"_ _3\"/>s and have been <span class=\"_ _3\"/>included on the Consolidated Stat<span class=\"_ _3\"/>ement of Financia<span class=\"_ _3\"/>l Position at a<span class=\"_ _3\"/> value eq<span class=\"ls183 ws1b5\">ual to the disco<span class=\"_ _0\"/>unted fu<span class=\"_ _0\"/>ture lease<span class=\"_ _0\"/> paymen<span class=\"_ _0\"/>ts. For leas<span class=\"_ _0\"/>es </span>recognis<span class=\"_ _0\"/>ed on trans<span class=\"_ _0\"/>ition t<span class=\"_ _0\"/>o IFRS 16 \u2018Lea<span class=\"_ _0\"/>ses\u2019 the v<span class=\"_ _0\"/>alue is also ad<span class=\"_ _0\"/>justed by<span class=\"_ _0\"/> any prepa<span class=\"_ _0\"/>yments or le<span class=\"_ _0\"/>ase incen<span class=\"_ _0\"/>tives recognised<span class=\"_ _3\"/> immediately bef<span class=\"_ _3\"/>ore the date of i<span class=\"_ _3\"/>nitial applicati<span class=\"_ _3\"/>on. Depreciation Depreciation<span class=\"_ _3\"/> is provided to <span class=\"_ _3\"/>write off t<span class=\"_ _3\"/>he cost <span class=\"_ _3\"/>of property, p<span class=\"_ _3\"/>lant and equ<span class=\"_ _3\"/>ipment le<span class=\"_ _3\"/>ss estimated re<span class=\"_ _3\"/>sidual va<span class=\"_ _3\"/>lue, on a straight-l<span class=\"_ _0\"/>ine basis over<span class=\"_ _0\"/> their esti<span class=\"_ _0\"/>mated useful<span class=\"_ _0\"/> lives. The annual<span class=\"_ _0\"/> deprecia<span class=\"_ _0\"/>tion charge is sen<span class=\"_ _0\"/>sitive to<span class=\"_ _0\"/> the estima<span class=\"_ _0\"/>ted useful li<span class=\"_ _3\"/>fe of each asset <span class=\"_ _3\"/>and the expect<span class=\"_ _3\"/>ed residual <span class=\"_ _3\"/>value at the end o<span class=\"_ _3\"/>f its life. T<span class=\"_ _3\"/>he major ca<span class=\"_ _3\"/>tegories of proper<span class=\"_ _3\"/>ty, plant and equipment ar<span class=\"_ _3\"/>e depreciated as fo<span class=\"_ _3\"/>llows: Asset class <span class=\"_ _281\"> </span>Depreciation policy Freehold land <span class=\"_ _216\"> </span><span class=\"ls18d ws1d4\">not d<span class=\"_ _0\"/>epreci<span class=\"_ _0\"/>ated </span>Freehold bui<span class=\"_ _3\"/>ldings <span class=\"_ _13f\"> </span>up to 60 years Leasehol<span class=\"_ _0\"/>d impro<span class=\"_ _0\"/>vements<span class=\"_ _0\"/> <span class=\"_ _fc\"> </span>shorter<span class=\"_ _0\"/> of residu<span class=\"_ _0\"/>al lease ter<span class=\"_ _0\"/>m or estima<span class=\"_ _0\"/>ted useful<span class=\"_ _0\"/> life Vehicles, equipme<span class=\"_ _3\"/>nt and fittings* <span class=\"_ _bc\"> </span>3 to <span class=\"_ _3\"/>20 years Right of<span class=\"_ _0\"/> use ass<span class=\"_ _0\"/>ets <span class=\"_ _282\"> </span>over th<span class=\"_ _0\"/>e term o<span class=\"_ _0\"/>f the l<span class=\"_ _0\"/>ease * <span class=\"_ _2d\"> </span>Equ<span class=\"_ _0\"/>ipment <span class=\"_ _0\"/>includes s<span class=\"_ _0\"/>tudio pro<span class=\"_ _0\"/>duction a<span class=\"_ _0\"/>nd techn<span class=\"_ _0\"/>ology ass<span class=\"_ _0\"/>ets. Assets un<span class=\"_ _0\"/>der co<span class=\"_ _0\"/>nstruc<span class=\"_ _0\"/>tion ar<span class=\"_ _0\"/>e not depr<span class=\"_ _0\"/>eciate<span class=\"_ _0\"/>d until th<span class=\"_ _0\"/>e point<span class=\"_ _0\"/> at which<span class=\"_ _0\"/> the asse<span class=\"_ _0\"/>t comes in<span class=\"_ _0\"/>to use by<span class=\"_ _0\"/> the Gro<span class=\"_ _0\"/>up.  Impairment of<span class=\"_ _0\"/> assets Propert<span class=\"_ _0\"/>y, plant an<span class=\"_ _0\"/>d equipm<span class=\"_ _0\"/>ent that is<span class=\"_ _0\"/> subject to d<span class=\"_ _0\"/>eprecia<span class=\"_ _0\"/>tion is rev<span class=\"_ _0\"/>iewed for i<span class=\"_ _0\"/>mpairmen<span class=\"_ _0\"/>t wheneve<span class=\"_ _0\"/>r events<span class=\"_ _0\"/> or changes in cir<span class=\"_ _3\"/>cumstances <span class=\"_ _3\"/>indicate t<span class=\"_ _3\"/>hat the carryi<span class=\"_ _4\"/>ng amount may not be<span class=\"_ _3\"/> recoverable<span class=\"_ _3\"/>. Indicators of i<span class=\"_ _4\"/>m<span class=\"_ _0\"/>pairment m<span class=\"_ _3\"/>ay include changes in technology and business. I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1c5 fc7 sc0\">\u2009<span class=\"ff1c4 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1c4 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">0<span class=\"_ _211\"/><span class=\"fc8 sc1\">0<span class=\"fc7 sc0\">3<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">3<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Property, plant and equipment Property, p<span class=\"_ _3\"/>lant and equipme<span class=\"_ _3\"/>nt can be ana<span class=\"_ _3\"/>lysed as follo<span class=\"_ _3\"/>ws: Freehold land and buildings  \u00a3m Improvements to l<span class=\"_ _3\"/>easehold land and buildings<span class=\"_ _0\"/> Vehicles, equipment  and fittings Right of use assets  \u00a3m Total  \u00a3m Long  \u00a3m Short  \u00a3m <span class=\"_ _f\"> </span> Owned  \u00a3m Cost At 1 January 2021 <span class=\"_ _ba\"> </span>12 <span class=\"_ _4b\"> </span>80 <span class=\"_ _20\"> </span>28 <span class=\"_ _f\"> </span> <span class=\"_ _34\"> </span>222 <span class=\"_ _24\"> </span>147 <span class=\"_ _9f\"> </span>489 Additions <span class=\"_ _241\"> </span>1 <span class=\"_ _43\"> </span>8 <span class=\"_ _3f\"> </span>\u2013  <span class=\"_ _12\"> </span>12 <span class=\"_ _12\"> </span>13 <span class=\"_ _42\"> </span>3<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Reclassifications <span class=\"_ _284\"> </span>\u2013 <span class=\"_ _a0\"> </span>\u2013 <span class=\"_ _46\"> </span>(2)  <span class=\"_ _60\"> </span>5 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _60\"> </span>3 Foreign exchange <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _69\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _f\"> </span> <span class=\"_ _3f\"> </span>(1) <span class=\"_ _4b\"> </span>(1) <span class=\"_ _62\"> </span>(2) Disposals and retirements <span class=\"_ _da\"> </span>(1) <span class=\"_ _4b\"> </span>(1) <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _9\"> </span> <span class=\"_ _56\"> </span>(3) <span class=\"_ _62\"> </span>(5) <span class=\"_ _8b\"> </span>(10) At 31 December 2021 <span class=\"_ _9a\"> </span>12<span class=\"_ _0\"/> <span class=\"_ _54\"> </span>87 <span class=\"_ _20\"> </span>26 <span class=\"_ _9\"> </span> <span class=\"_ _82\"> </span>235 <span class=\"_ _22\"> </span>15<span class=\"_ _335\"> </span>4 51<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Additions <span class=\"_ _285\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _3f\"> </span>\u2013  <span class=\"_ _80\"> </span>33 <span class=\"_ _49\"> </span>57<span class=\"_ _0\"/> <span class=\"_ _42\"> </span>92 Additions from acquisitions <span class=\"_ _286\"> </span>\u2013 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _f\"> </span> 4 <span class=\"_ _1\"/>1 5 Foreign exchange <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _60\"> </span>2 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _f\"> </span> 4 <span class=\"_ _e9\"> </span>6 12 Dispo<span class=\"_ _3\"/>sals and ret<span class=\"_ _3\"/>irement<span class=\"_ _3\"/>s <span class=\"_ _287\"> </span>\u2013 <span class=\"_ _56\"> </span>(6) <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _9\"> </span> <span class=\"_ _42\"> </span>(62)<span class=\"_ _3\"/> <span class=\"_ _8b\"> </span>(10) <span class=\"_ _50\"> </span>(7<span class=\"_ _3\"/>8) At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _11e\"> </span><span class=\"ls18f ws1c4\">12 <span class=\"_ _11c\"> </span></span><span class=\"ws1c1\">85 <span class=\"_ _11c\"> </span>26<span class=\"_ _0\"/> <span class=\"_ _9\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _34\"> </span><span class=\"ls18d ws1d3\">214 <span class=\"_ _8b\"> </span>20<span class=\"_ _0\"/>8 <span class=\"_ _50\"> </span><span class=\"ls189 ws1b8\">545 </span></span></span></span>Depreciation At 1 January 2021 <span class=\"_ _153\"> </span>2 <span class=\"_ _54\"> </span>22 <span class=\"_ _59\"> </span>16 <span class=\"_ _9\"> </span> <span class=\"_ _80\"> </span>117 <span class=\"_ _54\"> </span>47 <span class=\"_ _9f\"> </span>20<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Charge for the year <span class=\"_ _140\"> </span>\u2013 4 <span class=\"_ _6e\"> </span>1  <span class=\"_ _49\"> </span>37 <span class=\"_ _42\"> </span>25 <span class=\"_ _49\"> </span>67 Reclassifications <span class=\"_ _150\"> </span>(2) <span class=\"_ _1a5\"/>\u2013 2 <span class=\"_ _288\"/> \u2013 \u2013 \u2013 Foreign <span class=\"_ _289\"/>exchange <span class=\"_ _119\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _288\"/> \u2013 <span class=\"_ _1a5\"/>(1) <span class=\"_ _67\"/>(1) Disposals<span class=\"_ _0\"/> and re<span class=\"_ _0\"/>tirement<span class=\"_ _0\"/>s <span class=\"_ _287\"> </span>\u2013 <span class=\"_ _3f\"> </span>(1)<span class=\"_ _0\"/> <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _9\"> </span> <span class=\"_ _56\"> </span>(2<span class=\"_ _0\"/>) <span class=\"_ _4b\"> </span>(7) <span class=\"_ _50\"> </span>(10) At 31 December 2021 <span class=\"_ _96\"> </span>\u2013 <span class=\"_ _20\"> </span>25 <span class=\"_ _59\"> </span>19 <span class=\"_ _9\"> </span> <span class=\"_ _22\"> </span>152 <span class=\"_ _20\"> </span>6<span class=\"_ _335\"> </span>4 260 Charge for the year <span class=\"_ _28a\"> </span>1 <span class=\"_ _60\"> </span>3 <span class=\"_ _124\"> </span>1 <span class=\"_ _ec\"> </span> <span class=\"_ _56\"> </span>31 <span class=\"_ _20\"> </span>25 <span class=\"_ _59\"> </span>61 Foreign exchange <span class=\"_ _15c\"> </span>\u2013 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _f\"> </span> <span class=\"_ _4d\"> </span>3 <span class=\"_ _60\"> </span>2 <span class=\"_ _4d\"> </span>5 Dispo<span class=\"_ _3\"/>sals and re<span class=\"_ _3\"/>tirement<span class=\"_ _3\"/>s <span class=\"_ _287\"> </span>\u2013 <span class=\"_ _3f\"> </span>(1) <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _f\"> </span> <span class=\"_ _24\"> </span>(62)<span class=\"_ _3\"/> <span class=\"_ _12\"> </span>(<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>) (67) At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _101\"> </span><span class=\"ls189 ws1b8\">1 <span class=\"_ _54\"> </span><span class=\"ls18d ws1d3\">27 <span class=\"_ _4b\"> </span>20<span class=\"_ _0\"/> <span class=\"_ _9\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _12\"> </span><span class=\"ls18f ws1c4\">124 <span class=\"_ _42\"> </span></span></span></span></span><span class=\"ws1c1\">87 <span class=\"_ _50\"> </span>259<span class=\"_ _0\"/> </span>Net <span class=\"_ _28b\"/>book <span class=\"_ _28b\"/>value <span class=\"_ _28c\"> </span>   <span class=\"_ _283\"/>    At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _215\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _11c\"> </span><span class=\"ls188 ws1b9\">58 <span class=\"_ _4d\"> </span><span class=\"ls18b ws1bb\">6 <span class=\"_ _9\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _46\"> </span><span class=\"ls18d ws1d3\">90<span class=\"_ _0\"/> <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">121 <span class=\"_ _50\"> </span></span>286<span class=\"_ _0\"/> </span></span></span></span></span>At 31 December 2021 <span class=\"_ _28d\"> </span>12 <span class=\"_ _20\"> </span>62 <span class=\"_ _124\"> </span>7 <span class=\"_ _9\"> </span> <span class=\"_ _20\"> </span>83 <span class=\"_ _4b\"> </span>90<span class=\"_ _0\"/> <span class=\"_ _34\"> </span>25<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Included within property, plant and equipment are assets in the course of construc<span class=\"ls1a0 ws2\">tion of \u00a334 million (2021: \u00a317 million). </span>Include<span class=\"_ _0\"/>d with<span class=\"_ _0\"/>in the dep<span class=\"_ _0\"/>reciati<span class=\"_ _0\"/>on charg<span class=\"_ _0\"/>e for the ye<span class=\"_ _0\"/>ar of \u00a361 m<span class=\"_ _0\"/>ill<span class=\"ls18f ws1d7\">ion (2021: \u00a367 million) is \u00a38 million (2021: \u00a38 million) in </span>respect of accelerate<span class=\"_ _3\"/>d depreciation follo<span class=\"_ _3\"/>wing a change in useful life of t<span class=\"_ _3\"/>he related assets in <span class=\"_ _3\"/>relation to the <span class=\"_ _3\"/>move to a new London site. This depreciation has been<span class=\"_ _3\"/> included in<span class=\"ls184 ws1c8\"> exceptional items. Se<span class=\"_ _3\"/>e note 2.2 for further details. </span>Included in net bo<span class=\"_ _3\"/>ok value of <span class=\"_ _3\"/>right of use a<span class=\"_ _3\"/>ssets is \u00a3121<span class=\"_ _3\"/> <span class=\"ls18f ws1d7\">million (2021: \u00a389 million) related<span class=\"_ _3\"/> to properties and \u00a3nil </span>(2021: \u00a31<span class=\"_ _3\"/> million)<span class=\"_ _3\"/> relating to <span class=\"_ _3\"/>vehicles<span class=\"_ _3\"/>, equipment a<span class=\"_ _3\"/>nd fitting<span class=\"_ _3\"/>s. Capital commitments The Grou<span class=\"_ _3\"/>p has capit<span class=\"_ _3\"/>al commi<span class=\"_ _3\"/>tments<span class=\"_ _3\"/> of \u00a311 milli<span class=\"_ _3\"/>on at 31 <span class=\"ls189 ws1d8\">December 2022 (2021: \u00a36 million). In 2021, the Group </span>reporte<span class=\"_ _0\"/>d capit<span class=\"_ _0\"/>al comm<span class=\"_ _0\"/>itments<span class=\"_ _0\"/> of \u00a345 mil<span class=\"_ _0\"/>lion fo<span class=\"_ _0\"/>r the righ<span class=\"_ _0\"/>t of use as<span class=\"_ _0\"/>sets for<span class=\"_ _0\"/> lease agr<span class=\"_ _0\"/>eements<span class=\"_ _0\"/> on the move<span class=\"_ _0\"/> to Broadc<span class=\"_ _0\"/>ast Centr<span class=\"_ _0\"/>e. This c<span class=\"_ _0\"/>ommitm<span class=\"_ _0\"/>ent has be<span class=\"_ _0\"/>en recog<span class=\"_ _0\"/>nised as<span class=\"_ _0\"/> an addi<span class=\"_ _0\"/>tion to rig<span class=\"_ _0\"/>ht of use<span class=\"_ _0\"/> assets du<span class=\"_ _0\"/>ring th<span class=\"_ _0\"/>e year. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>201<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1cb ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>204<span class=\"ff1cd ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1ce ls3 ws2\">\u2009</span><span class=\"ff1cb ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>3.3  Intangible assets  <span class=\"_ _85\"> </span><span class=\"ff1cd ls187 ws21c\">Keeping </span>it simple The follo<span class=\"_ _3\"/>wing note identifi<span class=\"_ _3\"/>es the non-physi<span class=\"_ _3\"/>cal assets used b<span class=\"_ _3\"/>y the Group to g<span class=\"_ _3\"/>enerate revenue and<span class=\"_ _0\"/> profits.<span class=\"_ _0\"/> These assets<span class=\"_ _0\"/> include form<span class=\"_ _0\"/>ats and bran<span class=\"_ _0\"/>ds, custome<span class=\"_ _0\"/>r contracts an<span class=\"_ _0\"/>d relations<span class=\"_ _0\"/>hips, contractual<span class=\"_ _0\"/> arrang<span class=\"_ _0\"/>ements, l<span class=\"_ _0\"/>icences, <span class=\"_ _0\"/>software d<span class=\"_ _0\"/>evelopmen<span class=\"_ _0\"/>t, film<span class=\"_ _0\"/> libraries<span class=\"_ _0\"/> and goodwill. T<span class=\"_ _3\"/>he cost of the<span class=\"_ _3\"/>se assets is the<span class=\"_ _3\"/> amount that t<span class=\"_ _3\"/>he Group has paid<span class=\"_ _3\"/> or, where there has been a business co<span class=\"_ _3\"/>mbination, the fair valu<span class=\"_ _3\"/>e of the specific intangible<span class=\"_ _3\"/> assets that could<span class=\"_ _3\"/> be sold separately or which arise from<span class=\"_ _3\"/> legal rights. In the case of goodwill, its c<span class=\"_ _0\"/>ost is the amo<span class=\"_ _0\"/>unt the Gro<span class=\"_ _0\"/>up has paid in ac<span class=\"_ _0\"/>quiring a b<span class=\"_ _0\"/>usiness over<span class=\"_ _0\"/> and above the fair value of<span class=\"_ _3\"/> the individual assets and liabi<span class=\"_ _3\"/>lities acquired. The value of goodwill<span class=\"_ _0\"/> is the <span class=\"_ _0\"/>\u2018intan<span class=\"_ _0\"/>gible\u2019 v<span class=\"_ _0\"/>alue th<span class=\"_ _0\"/>at comes<span class=\"_ _0\"/> from,<span class=\"_ _0\"/> for ex<span class=\"_ _0\"/>ample, a<span class=\"_ _0\"/> uniquely<span class=\"_ _0\"/> strong market<span class=\"_ _0\"/> positi<span class=\"_ _0\"/>on and <span class=\"_ _0\"/>the ou<span class=\"_ _0\"/>tstan<span class=\"_ _0\"/>ding p<span class=\"_ _0\"/>roduct<span class=\"_ _0\"/>ivity o<span class=\"_ _0\"/>f its e<span class=\"_ _0\"/>mploy<span class=\"_ _0\"/>ees. The value o<span class=\"_ _3\"/>f intangible asset<span class=\"_ _3\"/>s, with the ex<span class=\"_ _3\"/>ception of good<span class=\"_ _3\"/>will, reduces over<span class=\"_ _3\"/> the number of y<span class=\"_ _0\"/>ears the Gr<span class=\"_ _0\"/>oup exp<span class=\"_ _0\"/>ects to use t<span class=\"_ _0\"/>he asse<span class=\"_ _0\"/>t, the useful ec<span class=\"_ _0\"/>onomic<span class=\"_ _0\"/> life, via an annual amorti<span class=\"_ _4\"/>sation charge to the Consoli<span class=\"_ _3\"/>dated Income State<span class=\"_ _3\"/>ment. Where there has been a t<span class=\"_ _3\"/>echnological <span class=\"_ _3\"/>change or de<span class=\"_ _3\"/>cline in business per<span class=\"_ _3\"/>formance, t<span class=\"_ _3\"/>he Directors review the<span class=\"_ _3\"/> value of asset<span class=\"_ _3\"/>s, including <span class=\"_ _3\"/>goodwill, to ensur<span class=\"_ _3\"/>e they ha<span class=\"_ _3\"/>ve not falle<span class=\"_ _3\"/>n below their amorti<span class=\"_ _3\"/>sed value. Sho<span class=\"_ _3\"/>uld an asset\u2019s <span class=\"_ _3\"/>value fall be<span class=\"_ _3\"/>low its amortised v<span class=\"_ _3\"/>alue, an additional impairm<span class=\"_ _3\"/>ent charge i<span class=\"_ _3\"/>s made against profit<span class=\"_ _3\"/>. This note<span class=\"_ _0\"/> explain<span class=\"_ _0\"/>s the account<span class=\"_ _0\"/>ing polici<span class=\"_ _0\"/>es appli<span class=\"_ _0\"/>ed and the<span class=\"_ _0\"/> specific<span class=\"_ _0\"/> judgemen<span class=\"_ _0\"/>ts and estima<span class=\"_ _0\"/>tes made by<span class=\"_ _0\"/> the Direc<span class=\"_ _0\"/>tors in arr<span class=\"_ _0\"/>iving at the<span class=\"_ _0\"/> net book valu<span class=\"_ _0\"/>e of thes<span class=\"_ _0\"/>e assets. Accounting policies Goodwill Goodwill repre<span class=\"_ _3\"/>sents the future e<span class=\"_ _3\"/>conomic benefit<span class=\"_ _3\"/>s that arise from <span class=\"_ _3\"/>assets that are <span class=\"_ _3\"/>not capable <span class=\"_ _3\"/>of being individu<span class=\"_ _3\"/>ally identified and sepa<span class=\"_ _3\"/>rately recognised<span class=\"_ _3\"/>. G<span class=\"ls186 ws1c9\">oodwill is stated at it<span class=\"_ _3\"/>s recoverable am<span class=\"_ _3\"/><span class=\"ls18e ws1c6\">ount bein<span class=\"_ _3\"/>g cost les<span class=\"_ _3\"/>s any accum<span class=\"_ _3\"/>ulated </span></span>impairm<span class=\"_ _0\"/>ent losses and<span class=\"_ _0\"/> is allocated to th<span class=\"_ _0\"/>e busine<span class=\"_ _0\"/>ss to which it rel<span class=\"_ _0\"/>ates. All busine<span class=\"_ _3\"/>ss combinations that<span class=\"_ _3\"/> have occurred<span class=\"_ _3\"/> since 1 January 2009 were a<span class=\"_ _3\"/>ccounted for usi<span class=\"_ _3\"/>ng the acquisition method. Un<span class=\"_ _0\"/>der this me<span class=\"_ _0\"/>thod, goo<span class=\"_ _0\"/>dwill is measur<span class=\"_ _0\"/>ed as the fair val<span class=\"_ _0\"/>ue of the c<span class=\"_ _0\"/>onsiderati<span class=\"_ _0\"/>on transfer<span class=\"_ _0\"/>red (includin<span class=\"_ _0\"/>g the recogni<span class=\"_ _0\"/>tion of an<span class=\"_ _0\"/>y part of the<span class=\"_ _0\"/> business<span class=\"_ _0\"/> not yet own<span class=\"_ _0\"/>ed (non-c<span class=\"_ _0\"/>ontrol<span class=\"_ _0\"/>ling inte<span class=\"_ _0\"/>rests)),<span class=\"_ _0\"/> less the fa<span class=\"_ _0\"/>ir value of<span class=\"_ _0\"/> the identifiabl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> acquire<span class=\"_ _0\"/>d and lia<span class=\"_ _0\"/>bilities ass<span class=\"_ _0\"/>umed, all<span class=\"_ _0\"/> <span class=\"ls184 ws1b3\">measured at the a<span class=\"_ _3\"/>cquisition date. <span class=\"_ _3\"/>The identification of </span>acquired asset<span class=\"_ _3\"/>s and liabilitie<span class=\"_ _3\"/>s and the allo<span class=\"_ _3\"/>cation of the p<span class=\"_ _3\"/>urchase pri<span class=\"_ _3\"/>ce to them is consid<span class=\"_ _3\"/>ered a key judg<span class=\"_ _3\"/>ement and is based on the <span class=\"_ _3\"/>Group\u2019s understandi<span class=\"_ _3\"/>ng and experien<span class=\"_ _3\"/>ce of the medi<span class=\"_ _3\"/>a business. A<span class=\"_ _3\"/>ny contingent <span class=\"_ _3\"/>consideration expected to be transferred <span class=\"_ _3\"/>in the future i<span class=\"_ _3\"/>s recognised at<span class=\"_ _3\"/> fair value <span class=\"_ _4\"/><span class=\"ls188 ws1d5\">at <span class=\"_ _0\"/>the acquisition date and recognised within other payables. </span>Contingent<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n classified<span class=\"_ _3\"/> as an asset or liability th<span class=\"_ _3\"/><span class=\"ws2\">at is a fi<span class=\"_ _3\"/>nancial instrume<span class=\"_ _3\"/>nt is mea<span class=\"_ _3\"/>sured at fair<span class=\"_ _3\"/> value wit<span class=\"_ _3\"/>h </span>changes in fai<span class=\"_ _0\"/>r value recogn<span class=\"_ _0\"/>ised in the Con<span class=\"_ _0\"/>solida<span class=\"_ _0\"/>ted Income Sta<span class=\"_ _0\"/>tement. Th<span class=\"_ _0\"/>e determi<span class=\"_ _0\"/>nation of fai<span class=\"_ _0\"/>r value is base<span class=\"_ _0\"/>d on an estimate o<span class=\"_ _3\"/>f discounted cash flows. <span class=\"_ _3\"/>The key assumpti<span class=\"_ _3\"/>ons take into co<span class=\"_ _3\"/>nsideration the pro<span class=\"_ _3\"/>bability of m<span class=\"_ _3\"/>eeting each performance targ<span class=\"_ _3\"/>et and the di<span class=\"_ _3\"/>scount rate. Where less th<span class=\"_ _0\"/>an 100% of a subsidi<span class=\"_ _0\"/>ary is acquir<span class=\"_ _0\"/>ed, and call an<span class=\"_ _0\"/>d put options<span class=\"_ _0\"/> are grant<span class=\"_ _0\"/>ed over the rem<span class=\"_ _0\"/>aining<span class=\"_ _0\"/> interest, a  non-controlling<span class=\"_ _3\"/> interest is i<span class=\"_ _3\"/>nitially recognised i<span class=\"_ _3\"/>n equity at<span class=\"_ _4\"/><span class=\"ls185 ws1b6\"> fa<span class=\"_ _0\"/>ir value, whic<span class=\"_ _0\"/>h is establ<span class=\"_ _0\"/>ished b<span class=\"_ _0\"/>ased on th<span class=\"_ _0\"/>e value of th<span class=\"_ _0\"/>e </span>put option. A<span class=\"_ _3\"/> call option<span class=\"_ _3\"/> is recognised a<span class=\"_ _3\"/>s a derivative fi<span class=\"_ _3\"/>nancial instru<span class=\"_ _3\"/>ment, carried <span class=\"_ _3\"/>at fair va<span class=\"_ _3\"/>lue. The put optio<span class=\"_ _3\"/>n is recogni<span class=\"_ _3\"/>sed as a liabi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity withi<span class=\"_ _3\"/>n other payab<span class=\"_ _3\"/>les, carried<span class=\"_ _3\"/> at the pres<span class=\"_ _3\"/>ent value o<span class=\"_ _3\"/>f the put optio<span class=\"_ _3\"/>n exercise pr<span class=\"_ _3\"/>ice, and a<span class=\"_ _3\"/> corresponding<span class=\"_ _3\"/> charge is included in merger and<span class=\"_ _3\"/> other re<span class=\"ls183 ws1b5\">serves. <span class=\"_ _0\"/>Any subse<span class=\"_ _0\"/>quent reme<span class=\"_ _0\"/>asuremen<span class=\"_ _0\"/>t of the<span class=\"_ _0\"/> put opt<span class=\"_ _0\"/>ion </span>liabil<span class=\"_ _0\"/>ity is <span class=\"_ _0\"/>recogn<span class=\"_ _0\"/>ised w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> finan<span class=\"_ _0\"/>ce inc<span class=\"_ _0\"/>ome or c<span class=\"_ _0\"/>ost.<span class=\"_ _0\"/> Subsequent<span class=\"_ _3\"/> adjustment<span class=\"_ _3\"/>s to the fai<span class=\"_ _3\"/>r value of net <span class=\"_ _3\"/>assets acquire<span class=\"_ _3\"/>d can on<span class=\"_ _3\"/>ly be made wit<span class=\"_ _3\"/>hin 12 months <span class=\"_ _3\"/>of the acquisitio<span class=\"_ _3\"/>n date, and o<span class=\"_ _3\"/>nly if fair<span class=\"_ _3\"/> values were d<span class=\"_ _3\"/>etermined provi<span class=\"_ _3\"/>sionally at an e<span class=\"_ _3\"/>arlier reporting d<span class=\"_ _3\"/>ate. These adjus<span class=\"_ _0\"/>tments<span class=\"_ _0\"/> are accoun<span class=\"_ _0\"/>ted for fr<span class=\"_ _0\"/>om the da<span class=\"_ _0\"/>te of acqu<span class=\"_ _0\"/>isition. Acquisi<span class=\"_ _0\"/>tions of non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interests<span class=\"_ _0\"/> are accounte<span class=\"_ _0\"/>d for as transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> owners and<span class=\"_ _0\"/> therefore n<span class=\"_ _0\"/>o goodwill is recogni<span class=\"_ _3\"/>sed as a re<span class=\"_ _3\"/>sult of such t<span class=\"_ _3\"/>ransactions. <span class=\"_ _3\"/>Transact<span class=\"_ _3\"/><span class=\"ls18a ws1c3\">ion cost<span class=\"_ _3\"/>s incur<span class=\"_ _3\"/>red in co<span class=\"_ _3\"/>nnecti<span class=\"_ _3\"/>on with<span class=\"_ _3\"/> those busi<span class=\"_ _3\"/>ness </span>combinatio<span class=\"_ _0\"/>ns, such as legal fees,<span class=\"_ _0\"/> due diligence fe<span class=\"_ _0\"/>es and <span class=\"ls183 ws1b2\">other pro<span class=\"_ _0\"/>fessional f<span class=\"_ _0\"/>ees, are expens<span class=\"_ _0\"/>ed as incurr<span class=\"_ _0\"/>ed. The </span>Director<span class=\"_ _3\"/>s consider thes<span class=\"_ _3\"/>e costs to re<span class=\"_ _3\"/>flect the cost of <span class=\"_ _3\"/>acquisition and<span class=\"_ _3\"/> to form a part<span class=\"_ _3\"/> of the capi<span class=\"_ _3\"/>tal transaction, and highlight th<span class=\"_ _0\"/>em separ<span class=\"_ _0\"/>ately as except<span class=\"_ _0\"/>ional items.<span class=\"_ _0\"/> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>202<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1cb ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>204<span class=\"ff1cd ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1ce ls3 ws2\">\u2009</span><span class=\"ff1cb ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>3.3  Intangible assets  <span class=\"_ _85\"> </span><span class=\"ff1cd ls187 ws21c\">Keeping </span>it simple The follo<span class=\"_ _3\"/>wing note identifi<span class=\"_ _3\"/>es the non-physi<span class=\"_ _3\"/>cal assets used b<span class=\"_ _3\"/>y the Group to g<span class=\"_ _3\"/>enerate revenue and<span class=\"_ _0\"/> profits.<span class=\"_ _0\"/> These assets<span class=\"_ _0\"/> include form<span class=\"_ _0\"/>ats and bran<span class=\"_ _0\"/>ds, custome<span class=\"_ _0\"/>r contracts an<span class=\"_ _0\"/>d relations<span class=\"_ _0\"/>hips, contractual<span class=\"_ _0\"/> arrang<span class=\"_ _0\"/>ements, l<span class=\"_ _0\"/>icences, <span class=\"_ _0\"/>software d<span class=\"_ _0\"/>evelopmen<span class=\"_ _0\"/>t, film<span class=\"_ _0\"/> libraries<span class=\"_ _0\"/> and goodwill. T<span class=\"_ _3\"/>he cost of the<span class=\"_ _3\"/>se assets is the<span class=\"_ _3\"/> amount that t<span class=\"_ _3\"/>he Group has paid<span class=\"_ _3\"/> or, where there has been a business co<span class=\"_ _3\"/>mbination, the fair valu<span class=\"_ _3\"/>e of the specific intangible<span class=\"_ _3\"/> assets that could<span class=\"_ _3\"/> be sold separately or which arise from<span class=\"_ _3\"/> legal rights. In the case of goodwill, its c<span class=\"_ _0\"/>ost is the amo<span class=\"_ _0\"/>unt the Gro<span class=\"_ _0\"/>up has paid in ac<span class=\"_ _0\"/>quiring a b<span class=\"_ _0\"/>usiness over<span class=\"_ _0\"/> and above the fair value of<span class=\"_ _3\"/> the individual assets and liabi<span class=\"_ _3\"/>lities acquired. The value of goodwill<span class=\"_ _0\"/> is the <span class=\"_ _0\"/>\u2018intan<span class=\"_ _0\"/>gible\u2019 v<span class=\"_ _0\"/>alue th<span class=\"_ _0\"/>at comes<span class=\"_ _0\"/> from,<span class=\"_ _0\"/> for ex<span class=\"_ _0\"/>ample, a<span class=\"_ _0\"/> uniquely<span class=\"_ _0\"/> strong market<span class=\"_ _0\"/> positi<span class=\"_ _0\"/>on and <span class=\"_ _0\"/>the ou<span class=\"_ _0\"/>tstan<span class=\"_ _0\"/>ding p<span class=\"_ _0\"/>roduct<span class=\"_ _0\"/>ivity o<span class=\"_ _0\"/>f its e<span class=\"_ _0\"/>mploy<span class=\"_ _0\"/>ees. The value o<span class=\"_ _3\"/>f intangible asset<span class=\"_ _3\"/>s, with the ex<span class=\"_ _3\"/>ception of good<span class=\"_ _3\"/>will, reduces over<span class=\"_ _3\"/> the number of y<span class=\"_ _0\"/>ears the Gr<span class=\"_ _0\"/>oup exp<span class=\"_ _0\"/>ects to use t<span class=\"_ _0\"/>he asse<span class=\"_ _0\"/>t, the useful ec<span class=\"_ _0\"/>onomic<span class=\"_ _0\"/> life, via an annual amorti<span class=\"_ _4\"/>sation charge to the Consoli<span class=\"_ _3\"/>dated Income State<span class=\"_ _3\"/>ment. Where there has been a t<span class=\"_ _3\"/>echnological <span class=\"_ _3\"/>change or de<span class=\"_ _3\"/>cline in business per<span class=\"_ _3\"/>formance, t<span class=\"_ _3\"/>he Directors review the<span class=\"_ _3\"/> value of asset<span class=\"_ _3\"/>s, including <span class=\"_ _3\"/>goodwill, to ensur<span class=\"_ _3\"/>e they ha<span class=\"_ _3\"/>ve not falle<span class=\"_ _3\"/>n below their amorti<span class=\"_ _3\"/>sed value. Sho<span class=\"_ _3\"/>uld an asset\u2019s <span class=\"_ _3\"/>value fall be<span class=\"_ _3\"/>low its amortised v<span class=\"_ _3\"/>alue, an additional impairme<span class=\"_ _3\"/>nt charge i<span class=\"_ _3\"/>s made against profit<span class=\"_ _3\"/>. This note<span class=\"_ _0\"/> explain<span class=\"_ _0\"/>s the account<span class=\"_ _0\"/>ing polici<span class=\"_ _0\"/>es appli<span class=\"_ _0\"/>ed and the<span class=\"_ _0\"/> specific<span class=\"_ _0\"/> judgemen<span class=\"_ _0\"/>ts and estima<span class=\"_ _0\"/>tes made by<span class=\"_ _0\"/> the Direc<span class=\"_ _0\"/>tors in arr<span class=\"_ _0\"/>iving at the<span class=\"_ _0\"/> net book valu<span class=\"_ _0\"/>e of thes<span class=\"_ _0\"/>e assets. Accounting policies Goodwill Goodwill repre<span class=\"_ _3\"/>sents the future e<span class=\"_ _3\"/>conomic benefit<span class=\"_ _3\"/>s that arise from <span class=\"_ _3\"/>assets that are <span class=\"_ _3\"/>not capable <span class=\"_ _3\"/>of being individu<span class=\"_ _3\"/>ally identified and sepa<span class=\"_ _3\"/>rately recognised<span class=\"_ _3\"/>. G<span class=\"ls186 ws1c9\">oodwill is stated at it<span class=\"_ _3\"/>s recoverable am<span class=\"_ _3\"/><span class=\"ls18e ws1c6\">ount bein<span class=\"_ _3\"/>g cost les<span class=\"_ _3\"/>s any accum<span class=\"_ _3\"/>ulated </span></span>impairm<span class=\"_ _0\"/>ent losses and<span class=\"_ _0\"/> is allocated to th<span class=\"_ _0\"/>e busine<span class=\"_ _0\"/>ss to which it rel<span class=\"_ _0\"/>ates. All busine<span class=\"_ _3\"/>ss combinations that<span class=\"_ _3\"/> have occurred<span class=\"_ _3\"/> since 1 January 2009 were ac<span class=\"_ _3\"/>counted for usi<span class=\"_ _3\"/>ng the acquisition method. Un<span class=\"_ _0\"/>der this me<span class=\"_ _0\"/>thod, goo<span class=\"_ _0\"/>dwill is measur<span class=\"_ _0\"/>ed as the fair val<span class=\"_ _0\"/>ue of the c<span class=\"_ _0\"/>onsiderati<span class=\"_ _0\"/>on transfer<span class=\"_ _0\"/>red (includin<span class=\"_ _0\"/>g the recogni<span class=\"_ _0\"/>tion of an<span class=\"_ _0\"/>y part of the<span class=\"_ _0\"/> business<span class=\"_ _0\"/> not yet own<span class=\"_ _0\"/>ed (non-c<span class=\"_ _0\"/>ontrol<span class=\"_ _0\"/>ling inte<span class=\"_ _0\"/>rests)),<span class=\"_ _0\"/> less the fa<span class=\"_ _0\"/>ir value of<span class=\"_ _0\"/> the identifiabl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> acquire<span class=\"_ _0\"/>d and lia<span class=\"_ _0\"/>bilities ass<span class=\"_ _0\"/>umed, all<span class=\"_ _0\"/> <span class=\"ls184 ws1b3\">measured at the a<span class=\"_ _3\"/>cquisition date. <span class=\"_ _3\"/>The identification of </span>acquired asset<span class=\"_ _3\"/>s and liabilitie<span class=\"_ _3\"/>s and the allo<span class=\"_ _3\"/>cation of the p<span class=\"_ _3\"/>urchase pri<span class=\"_ _3\"/>ce to them is consid<span class=\"_ _3\"/>ered a key judg<span class=\"_ _3\"/>ement and is based on the <span class=\"_ _3\"/>Group\u2019s understandi<span class=\"_ _3\"/>ng and experien<span class=\"_ _3\"/>ce of the medi<span class=\"_ _3\"/>a business. A<span class=\"_ _3\"/>ny contingent <span class=\"_ _3\"/>consideration expected to be transferred <span class=\"_ _3\"/>in the future i<span class=\"_ _3\"/>s recognised at<span class=\"_ _3\"/> fair value <span class=\"_ _4\"/><span class=\"ls188 ws1d5\">at <span class=\"_ _0\"/>the acquisition date and recognised within other payables. </span>Contingent<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n classified<span class=\"_ _3\"/> as an asset or liability th<span class=\"_ _3\"/><span class=\"ws2\">at is a fi<span class=\"_ _3\"/>nancial instrume<span class=\"_ _3\"/>nt is mea<span class=\"_ _3\"/>sured at fair<span class=\"_ _3\"/> value wit<span class=\"_ _3\"/>h </span>changes in fai<span class=\"_ _0\"/>r value recogn<span class=\"_ _0\"/>ised in the C<span class=\"_ _0\"/>onsolida<span class=\"_ _0\"/>ted Income Sta<span class=\"_ _0\"/>tement. Th<span class=\"_ _0\"/>e determi<span class=\"_ _0\"/>nation of fai<span class=\"_ _0\"/>r value is base<span class=\"_ _0\"/>d on an estimate o<span class=\"_ _3\"/>f discounted cash flows. <span class=\"_ _3\"/>The key assumpti<span class=\"_ _3\"/>ons take into co<span class=\"_ _3\"/>nsideration the pro<span class=\"_ _3\"/>bability of m<span class=\"_ _3\"/>eeting each performance targ<span class=\"_ _3\"/>et and the di<span class=\"_ _3\"/>scount rate. Where less th<span class=\"_ _0\"/>an 100% of a subsidi<span class=\"_ _0\"/>ary is acquir<span class=\"_ _0\"/>ed, and call an<span class=\"_ _0\"/>d put options<span class=\"_ _0\"/> are grant<span class=\"_ _0\"/>ed over the rem<span class=\"_ _0\"/>aining<span class=\"_ _0\"/> interest, a  non-controlling<span class=\"_ _3\"/> interest is i<span class=\"_ _3\"/>nitially recognised i<span class=\"_ _3\"/>n equity at<span class=\"_ _4\"/><span class=\"ls185 ws1b6\"> fa<span class=\"_ _0\"/>ir value, whic<span class=\"_ _0\"/>h is establ<span class=\"_ _0\"/>ished b<span class=\"_ _0\"/>ased on th<span class=\"_ _0\"/>e value of th<span class=\"_ _0\"/>e </span>put option. A<span class=\"_ _3\"/> call option<span class=\"_ _3\"/> is recognised a<span class=\"_ _3\"/>s a derivative fi<span class=\"_ _3\"/>nancial instru<span class=\"_ _3\"/>ment, carried <span class=\"_ _3\"/>at fair va<span class=\"_ _3\"/>lue. The put optio<span class=\"_ _3\"/>n is recogni<span class=\"_ _3\"/>sed as a liabi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity withi<span class=\"_ _3\"/>n other payab<span class=\"_ _3\"/>les, carried<span class=\"_ _3\"/> at the pres<span class=\"_ _3\"/>ent value o<span class=\"_ _3\"/>f the put optio<span class=\"_ _3\"/>n exercise pr<span class=\"_ _3\"/>ice, and a<span class=\"_ _3\"/> corresponding<span class=\"_ _3\"/> charge is included in merger and<span class=\"_ _3\"/> other re<span class=\"ls183 ws1b5\">serves. <span class=\"_ _0\"/>Any subse<span class=\"_ _0\"/>quent reme<span class=\"_ _0\"/>asuremen<span class=\"_ _0\"/>t of the<span class=\"_ _0\"/> put opt<span class=\"_ _0\"/>ion </span>liabil<span class=\"_ _0\"/>ity is <span class=\"_ _0\"/>recogn<span class=\"_ _0\"/>ised w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> finan<span class=\"_ _0\"/>ce inc<span class=\"_ _0\"/>ome or c<span class=\"_ _0\"/>ost.<span class=\"_ _0\"/> Subsequent<span class=\"_ _3\"/> adjustment<span class=\"_ _3\"/>s to the fai<span class=\"_ _3\"/>r value of net <span class=\"_ _3\"/>assets acquire<span class=\"_ _3\"/>d can on<span class=\"_ _3\"/>ly be made wit<span class=\"_ _3\"/>hin 12 months <span class=\"_ _3\"/>of the acquisitio<span class=\"_ _3\"/>n date, and o<span class=\"_ _3\"/>nly if fair<span class=\"_ _3\"/> values were d<span class=\"_ _3\"/>etermined provi<span class=\"_ _3\"/>sionally at an e<span class=\"_ _3\"/>arlier reporting d<span class=\"_ _3\"/>ate. These adjus<span class=\"_ _0\"/>tments<span class=\"_ _0\"/> are accoun<span class=\"_ _0\"/>ted for fr<span class=\"_ _0\"/>om the da<span class=\"_ _0\"/>te of acqu<span class=\"_ _0\"/>isition. Acquisi<span class=\"_ _0\"/>tions of non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interests<span class=\"_ _0\"/> are accounte<span class=\"_ _0\"/>d for as transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> owners and<span class=\"_ _0\"/> therefore n<span class=\"_ _0\"/>o goodwill is recogni<span class=\"_ _3\"/>sed as a re<span class=\"_ _3\"/>sult of such t<span class=\"_ _3\"/>ransactions. <span class=\"_ _3\"/>Transact<span class=\"_ _3\"/><span class=\"ls18a ws1c3\">ion cost<span class=\"_ _3\"/>s incur<span class=\"_ _3\"/>red in co<span class=\"_ _3\"/>nnecti<span class=\"_ _3\"/>on with<span class=\"_ _3\"/> those busi<span class=\"_ _3\"/>ness </span>combinatio<span class=\"_ _0\"/>ns, such as legal fees,<span class=\"_ _0\"/> due diligence fe<span class=\"_ _0\"/>es and <span class=\"ls183 ws1b2\">other pro<span class=\"_ _0\"/>fessional f<span class=\"_ _0\"/>ees, are expens<span class=\"_ _0\"/>ed as incurr<span class=\"_ _0\"/>ed. The </span>Director<span class=\"_ _3\"/>s consider thes<span class=\"_ _3\"/>e costs to re<span class=\"_ _3\"/>flect the cost of <span class=\"_ _3\"/>acquisition and<span class=\"_ _3\"/> to form a part<span class=\"_ _3\"/> of the capi<span class=\"_ _3\"/>tal transaction, and highlight th<span class=\"_ _0\"/>em separ<span class=\"_ _0\"/>ately as except<span class=\"_ _0\"/>ional items.<span class=\"_ _0\"/> I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1d2 fc7 sc0\">\u2009<span class=\"ff1d1 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1d1 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">0<span class=\"_ _211\"/><span class=\"fc8 sc1\">0<span class=\"fc7 sc0\">5<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">5<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Other intangible assets Intangible assets other th<span class=\"_ _0\"/>an goodwill are those tha<span class=\"_ _0\"/>t are distinct<span class=\"ws1b5\"> and ca<span class=\"_ _0\"/>n be sold separately or wh<span class=\"_ _0\"/>ich arise from legal righ<span class=\"_ _0\"/>ts. </span>The main i<span class=\"_ _3\"/>ntangible as<span class=\"_ _3\"/>sets the Group <span class=\"_ _3\"/>has value<span class=\"_ _3\"/>d are format<span class=\"_ _3\"/>s, brands, <span class=\"_ _3\"/>licences, <span class=\"_ _3\"/>contractu<span class=\"_ _3\"/>al arrangem<span class=\"_ _3\"/>ents, cust<span class=\"_ _3\"/>omer contrac<span class=\"_ _0\"/>ts and <span class=\"_ _0\"/>relations<span class=\"_ _0\"/>hips an<span class=\"_ _0\"/>d librar<span class=\"_ _0\"/>ies. Within ITV,<span class=\"_ _0\"/> there ar<span class=\"_ _0\"/>e two types<span class=\"_ _0\"/> of other in<span class=\"_ _0\"/>tangible as<span class=\"_ _0\"/>sets: th<span class=\"_ _0\"/>ose asse<span class=\"_ _0\"/>ts directl<span class=\"_ _0\"/>y purchase<span class=\"_ _0\"/>d by the Group<span class=\"_ _0\"/> for day-to-<span class=\"_ _335\"> </span>day operationa<span class=\"_ _3\"/>l purposes (such as <span class=\"_ _3\"/>software licences a<span class=\"_ _3\"/>nd development) and intangib<span class=\"_ _3\"/>le assets identified a<span class=\"_ _3\"/>s part of an acquis<span class=\"_ _0\"/>ition of<span class=\"_ _0\"/> a busines<span class=\"_ _0\"/>s.  Intangible assets <span class=\"_ _3\"/>acquired directly by t<span class=\"_ _3\"/>he Group are stated<span class=\"_ _3\"/> at cost less accumulated amorti<span class=\"_ _3\"/>sation. Those separately identified int<span class=\"_ _3\"/>angible assets a<span class=\"_ _3\"/>cquired as part<span class=\"_ _3\"/> of an acquis<span class=\"_ _4\"/><span class=\"ls18f ws1d7\">ition or business combination are shown at fair value at <span class=\"_ _3\"/>the </span>date of acquisition less accumulated amortisation. Each class of intangible assets\u2019 va<span class=\"_ _3\"/>luation method on initial recognition, amorti<span class=\"_ _3\"/>sation method and estimat<span class=\"_ _3\"/>ed useful life is set o<span class=\"_ _3\"/>ut in the table be<span class=\"_ _3\"/>low: Class of intangible ass<span class=\"_ _0\"/>et <span class=\"_ _22\"> </span>Amo<span class=\"_ _0\"/>rtisation method <span class=\"_ _33\"> </span>Estimate<span class=\"_ _0\"/>d useful life <span class=\"_ _65\"> </span>Valuation method Brands <span class=\"_ _138\"> </span>Straight-line <span class=\"_ _5e\"> </span>8 to 14 years <span class=\"_ _b6\"> </span>Applying a royalty rate to the expect<span class=\"_ _3\"/>ed future revenue over<span class=\"_ _3\"/> the life of t<span class=\"_ _3\"/>he brand Form<span class=\"_ _0\"/>ats<span class=\"_ _0\"/> <span class=\"_ _1f8\"> </span>Str<span class=\"_ _0\"/>aig<span class=\"_ _0\"/>ht-<span class=\"_ _0\"/>lin<span class=\"_ _0\"/>e <span class=\"_ _c6\"> </span>up<span class=\"_ _0\"/> to<span class=\"_ _0\"/> 8 y<span class=\"_ _0\"/>ea<span class=\"_ _0\"/>rs <span class=\"_ _bf\"> </span>Ex<span class=\"_ _0\"/>pected future cash flows from those a<span class=\"_ _3\"/>ssets existing at the date of acquisition ar<span class=\"ws2\">e estimated. If applicable, </span>a contributory charge is deducted for the use of other assets needed to exploit th<span class=\"ls1a0 ws1c9\">e cash flow. The net cash </span>flow is then discounted back to pr<span class=\"_ _3\"/>esent value Customer  contrac<span class=\"_ _0\"/>ts  Straight-line or reducing balance as appropriate up to 6 y<span class=\"_ _3\"/>ears  Customer <span class=\"_ _3\"/>relationship<span class=\"_ _3\"/>s <span class=\"_ _185\"> </span>Straight-line <span class=\"_ _5e\"> </span>5 to 10 year<span class=\"_ _3\"/>s Contractual arrangeme<span class=\"_ _3\"/>nts Straight-line <span class=\"_ _5e\"> </span>up to 13 years depending on the con<span class=\"_ _0\"/>tract terms Expected fut<span class=\"_ _4\"/>ure cash flows from those<span class=\"_ _3\"/> contract<span class=\"_ _3\"/>s existing at<span class=\"_ _3\"/> the date of <span class=\"_ _3\"/>acquisition are <span class=\"_ _3\"/>estimated. If applicab<span class=\"_ _3\"/>le, a contribut<span class=\"_ _3\"/>ory charge i<span class=\"_ _3\"/>s deducted for the use <span class=\"_ _3\"/>of other assets<span class=\"_ _3\"/> needed to exploi<span class=\"_ _3\"/>t the cash flow. The net c<span class=\"_ _0\"/>ash flow is then disc<span class=\"_ _0\"/>ounted back to presen<span class=\"_ _0\"/>t value Licences <span class=\"_ _b2\"> </span>Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _5e\"> </span>11 to 29 years depending on term of licence Start-up basi<span class=\"_ _4\"/>s of expected future cash flow<span class=\"_ _3\"/>s existing at the date of acqui<span class=\"_ _3\"/>sition. If applicable, a contr<span class=\"_ _3\"/>ibutory charge is deducted for the use of othe<span class=\"_ _3\"/>r assets needed to exp<span class=\"_ _3\"/>loit the cash flow. The net <span class=\"_ _3\"/>cash flow is then discou<span class=\"_ _3\"/>nted back to p<span class=\"_ _3\"/>resent value. Pub<span class=\"_ _3\"/>lic service br<span class=\"_ _3\"/>oadcasting (P<span class=\"_ _3\"/>SB) lice<span class=\"_ _3\"/>nces are va<span class=\"_ _3\"/>lued as a start-u<span class=\"_ _0\"/>p busines<span class=\"_ _0\"/>s with only th<span class=\"_ _0\"/>e licenc<span class=\"_ _0\"/>e in place<span class=\"_ _0\"/> Libraries <span class=\"_ _3\"/>and other <span class=\"_ _22\"> </span>Sum of digits or<span class=\"_ _3\"/> straight-line as appropriate up to 20 years <span class=\"_ _86\"> </span>Initia<span class=\"_ _3\"/>lly at cost and subsequent<span class=\"_ _3\"/>ly at cost less accumulated amortisation Software li<span class=\"_ _3\"/>cences and development Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _c6\"> </span>1 to 10 years <span class=\"_ _5e\"> </span>Initially at cost and sub<span class=\"_ _3\"/>sequently at cost less accumulated amortisation Cloud com<span class=\"_ _0\"/>puting arr<span class=\"_ _0\"/>angemen<span class=\"_ _0\"/>ts Cloud computing arrangements are reviewed <span class=\"_ _3\"/><span class=\"ls19e ws1b3\">to determine if they are within the scope of IAS 38 <span class=\"ls1a0 ws2\">\u2018Intangible Assets\u2019, IFRS </span></span>16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the righ<span class=\"_ _3\"/>t to take possession of the so<span class=\"_ _3\"/>ftware and run it on its own<span class=\"_ _3\"/> or a third-party\u2019s computer infrastructure or if the Group has exclusive rights to use <span class=\"ls1a0 ws1c9\">the software whereby the suppli<span class=\"ws2\">er cannot make the software </span></span>available to other customers.  Configuratio<span class=\"_ _3\"/>n of the software invo<span class=\"_ _3\"/>lves the setting of variou<span class=\"_ _3\"/>s flags or switches within the app<span class=\"_ _3\"/>lication software<span class=\"_ _3\"/> or defining<span class=\"_ _3\"/> values to <span class=\"_ _3\"/>set up t<span class=\"_ _3\"/>he software\u2019s<span class=\"_ _3\"/> existing cod<span class=\"_ _3\"/>e <span class=\"ls18f ws1b7\">to function in a specified way. Customisation involves </span>modifying the <span class=\"_ _3\"/>software code i<span class=\"_ _3\"/>n the application or<span class=\"_ _3\"/> writing additional code<span class=\"_ _3\"/>. Customisation genera<span class=\"_ _3\"/>lly changes or cre<span class=\"_ _3\"/>ates additional functionalitie<span class=\"_ _3\"/>s within the software<span class=\"_ _3\"/>. In both situat<span class=\"_ _3\"/><span class=\"ls18c ws1bc\">ions, the Group also needs to assess if there is a separate </span>intangible asset. If no separate intangi<span class=\"_ _3\"/>ble asset is identifi<span class=\"ls186 ws1c9\">ed, then the<span class=\"_ _3\"/>se costs are expe<span class=\"_ _3\"/>nsed when incurred. If<span class=\"_ _3\"/> an asset </span>is identified, it <span class=\"_ _3\"/>is capitalised and amorti<span class=\"_ _3\"/>sed over the life <span class=\"_ _3\"/>of the asset.  Fair val<span class=\"_ _3\"/>ue on acqui<span class=\"_ _3\"/>sition Determining the fair value of the purchase consideration allo<span class=\"ls1a1 ws1d2\">cated to intangible assets arisin<span class=\"_ _0\"/>g on acquisition requires </span>judgement. The Directors make estimates regarding the timing<span class=\"ws2\"> and amount of future cash flows derived from exploiting </span>the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates, operating costs and t<span class=\"_ _3\"/>he expected useful lives of assets. Judgements are<span class=\"_ _3\"/> also made regarding whether, and for how long, licences will be renewed; this drives our amortisation policy for those assets. The Direct<span class=\"_ _0\"/>ors estimate<span class=\"_ _0\"/> the appro<span class=\"_ _0\"/>priate discou<span class=\"_ _0\"/>nt rate tha<span class=\"_ _0\"/>t reflects cur<span class=\"_ _0\"/>rent market<span class=\"_ _0\"/> assessments of<span class=\"_ _0\"/> the time value<span class=\"_ _0\"/> of money and the risks specific to the assets or businesses being acquired. Amortisation Amortisation is charged to the Conso<span class=\"_ _3\"/>lidated Income Statement over the estimated useful lives of intangib<span class=\"_ _3\"/>le assets unless such lives are<span class=\"_ _3\"/> judged to be i<span class=\"_ _3\"/>ndefinite. Indefinite <span class=\"_ _3\"/>life assets, such a<span class=\"_ _3\"/>s goodwill, are no<span class=\"_ _3\"/>t amortised but are <span class=\"_ _3\"/>tested for impairme<span class=\"_ _3\"/>nt at each ye<span class=\"_ _3\"/>ar end. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>203<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1d7 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1d6 ls3 ws2\"> </span></span>206<span class=\"ff1d9 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1da ls3 ws2\">\u2009</span><span class=\"ff1d7 ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>Impairme<span class=\"_ _0\"/>nt Goodwill is<span class=\"_ _0\"/> not subjec<span class=\"_ _0\"/>t to amort<span class=\"_ _0\"/>isation an<span class=\"_ _0\"/>d is test<span class=\"_ _0\"/>ed annually fo<span class=\"_ _0\"/>r impai<span class=\"_ _0\"/>rment and<span class=\"_ _0\"/> when circum<span class=\"_ _0\"/>stances in<span class=\"_ _0\"/>dicate th<span class=\"_ _0\"/>at the carry<span class=\"_ _0\"/>ing value ma<span class=\"_ _0\"/>y be impai<span class=\"_ _0\"/>red. Other intangible assets are subject to amortisation and ar<span class=\"ls1a0 ws2\">e reviewed for impairment whenever events o<span class=\"_ _3\"/>r changes in </span>circumstances i<span class=\"_ _3\"/>ndicate that the a<span class=\"_ _3\"/>mount carried in the Conso<span class=\"_ _4\"/>l<span class=\"_ _0\"/><span class=\"ls1a0 ws2\">idated Statement of Financial <span class=\"ls1a1 ws1d2\">Position is less than its </span></span>recoverable amount. Determ<span class=\"_ _0\"/>ining wh<span class=\"_ _0\"/>ether th<span class=\"_ _0\"/>e carry<span class=\"_ _0\"/>ing amou<span class=\"_ _0\"/>nt of inta<span class=\"_ _0\"/>ngibl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> has any in<span class=\"_ _0\"/>dicati<span class=\"_ _0\"/>on of imp<span class=\"_ _0\"/>airmen<span class=\"_ _0\"/>t requi<span class=\"_ _0\"/>res judg<span class=\"_ _0\"/>ement.<span class=\"_ _0\"/> Any impairment is re<span class=\"_ _3\"/>cognised in th<span class=\"ls183 ws1b2\">e Consolidated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span>An impairm<span class=\"_ _3\"/>ent test i<span class=\"_ _3\"/>s performed<span class=\"_ _3\"/> by assessing<span class=\"_ _3\"/> the re<span class=\"_ _3\"/>coverable amount<span class=\"_ _3\"/> of each a<span class=\"_ _3\"/>sset, or fo<span class=\"_ _3\"/>r goodwill t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cash-<span class=\"_ _335\"> </span>generatin<span class=\"_ _3\"/>g unit (CGU), or<span class=\"_ _3\"/> group of CGU<span class=\"_ _3\"/>s, related to t<span class=\"_ _3\"/>he goodwill. Tot<span class=\"_ _3\"/>al assets (whi<span class=\"_ _3\"/>ch include good<span class=\"_ _3\"/>will) are group<span class=\"_ _3\"/>ed at the lowe<span class=\"_ _3\"/>st levels for whi<span class=\"_ _3\"/>ch there are separately id<span class=\"_ _3\"/>entifiable<span class=\"_ _4\"/><span class=\"ls188 ws1d5\"> cash flows. The <span class=\"_ _0\"/>identificati<span class=\"ls185 ws2\">on of the rel<span class=\"_ _0\"/>evant C<span class=\"_ _0\"/>GUs fo<span class=\"_ _0\"/>r </span></span>assessing impairment of good<span class=\"_ _3\"/>will is considered a ke<span class=\"_ _3\"/>y judgement. The Dir<span class=\"_ _3\"/>ectors have identified t<span class=\"_ _3\"/>hree CGUs, ITV Studios, Media &amp; Entertainment and SD<span class=\"_ _3\"/>N. The recovera<span class=\"_ _0\"/>ble amoun<span class=\"_ _0\"/>t is the higher<span class=\"_ _0\"/> of an asset\u2019s fa<span class=\"_ _0\"/>ir value less costs t<span class=\"_ _0\"/>o sell and value in<span class=\"_ _0\"/> use. The valu<span class=\"_ _0\"/>e in use is based on the prese<span class=\"_ _3\"/>nt value of t<span class=\"_ _3\"/>he future cash f<span class=\"_ _3\"/>lows expected to<span class=\"_ _3\"/> arise from t<span class=\"_ _3\"/>he asset.  In testing for<span class=\"_ _3\"/> impairment<span class=\"_ _3\"/>, estimates are <span class=\"_ _3\"/>used in deriving <span class=\"_ _3\"/>ca<span class=\"ls189 ws1d8\">sh flows, long-term growth rates and the discount rates.<span class=\"_ _0\"/> </span>Such esti<span class=\"_ _0\"/>mates refl<span class=\"_ _0\"/>ect curren<span class=\"_ _0\"/>t marke<span class=\"_ _0\"/>t assessme<span class=\"_ _0\"/>nts of the ri<span class=\"_ _0\"/>sks speci<span class=\"_ _0\"/>fic to the<span class=\"_ _0\"/> asset and th<span class=\"_ _0\"/>e time v<span class=\"_ _0\"/>alue of money.<span class=\"_ _0\"/> The estimation pr<span class=\"_ _3\"/>ocess is complex due<span class=\"_ _3\"/> to the inherent ri<span class=\"_ _3\"/>sks and uncertainti<span class=\"_ _3\"/>es associated with long<span class=\"_ _3\"/>-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-<span class=\"_ _335\"> </span>term growth rate were made, these changes could materially al<span class=\"ls1a0 ws2\">ter the projected value of the cash flo<span class=\"_ _3\"/>ws of the asset, and </span>as a consequence materially<span class=\"_ _3\"/> different amounts wo<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">uld be reported in th<span class=\"ls1a0 ws1c9\">e financial statements. </span></span>Impairment <span class=\"_ _3\"/>losses in r<span class=\"_ _3\"/>espect of goodwi<span class=\"_ _3\"/>ll cannot be re<span class=\"_ _3\"/>versed. In <span class=\"_ _3\"/>respect of a<span class=\"_ _3\"/>ssets other than good<span class=\"_ _3\"/>will, an impair<span class=\"_ _3\"/>ment loss is revers<span class=\"_ _0\"/>ed if there has bee<span class=\"_ _0\"/>n a change in th<span class=\"_ _0\"/>e estimates us<span class=\"_ _0\"/>ed to determ<span class=\"_ _0\"/>ine the recove<span class=\"_ _0\"/>rable amoun<span class=\"_ _0\"/>t. An impairment<span class=\"_ _4\"/> loss is reversed only to the extent t<span class=\"_ _3\"/>hat the asset\u2019s carryi<span class=\"_ _3\"/>ng amount does no<span class=\"_ _3\"/>t exceed the carry<span class=\"_ _3\"/>ing amount that would <span class=\"_ _3\"/>have been deter<span class=\"_ _3\"/>mined, net o<span class=\"_ _3\"/>f depreciatio<span class=\"_ _3\"/>n or amortisation<span class=\"_ _3\"/>, if no impairme<span class=\"_ _3\"/>nt loss had been r<span class=\"_ _3\"/>ecognised. There is a wide<span class=\"_ _3\"/> range of pote<span class=\"_ _3\"/>ntial out<span class=\"_ _3\"/>comes regarding t<span class=\"_ _3\"/>he possible <span class=\"_ _3\"/>future performance<span class=\"_ _3\"/> of each of <span class=\"_ _3\"/>ITV Group\u2019s <span class=\"_ _3\"/>cash-<span class=\"_ _335\"> </span>generating units, ITV S<span class=\"_ _0\"/>tudios, Media &amp; En<span class=\"_ _0\"/>tertainment and <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">SDN. In the i<span class=\"_ _0\"/>mpairment<span class=\"_ _0\"/> review the<span class=\"_ _0\"/> Directors used th<span class=\"_ _0\"/>e </span>scenarios<span class=\"_ _0\"/> utilise<span class=\"_ _0\"/>d for the via<span class=\"_ _0\"/>bility s<span class=\"_ _0\"/>tatement.<span class=\"_ _0\"/> The Direc<span class=\"_ _0\"/>tors,<span class=\"ls186 ws2\"> however, do <span class=\"_ _3\"/>not conside<span class=\"_ _3\"/>r that any r<span class=\"_ _3\"/>easonably p<span class=\"_ _3\"/>ossible </span>changes in the ke<span class=\"_ _3\"/>y assumptions wo<span class=\"_ _3\"/>uld cause the r<span class=\"_ _3\"/>ecoverable amou<span class=\"_ _3\"/>nt of the Grou<span class=\"_ _3\"/>p\u2019s cash-generating<span class=\"_ _3\"/> units to fall below their <span class=\"_ _3\"/>carrying<span class=\"_ _3\"/> values and the<span class=\"_ _3\"/>refore they are<span class=\"_ _3\"/> not consider<span class=\"_ _3\"/>ed key sour<span class=\"_ _3\"/>ces of estimati<span class=\"_ _3\"/>on uncertainty.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>204<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1d7 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1d6 ls3 ws2\"> </span></span>206<span class=\"ff1d9 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1da ls3 ws2\">\u2009</span><span class=\"ff1d7 ls1bb\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span>Impairme<span class=\"_ _0\"/>nt Goodwill is<span class=\"_ _0\"/> not subjec<span class=\"_ _0\"/>t to amort<span class=\"_ _0\"/>isation an<span class=\"_ _0\"/>d is test<span class=\"_ _0\"/>ed annually fo<span class=\"_ _0\"/>r impai<span class=\"_ _0\"/>rment and<span class=\"_ _0\"/> when circum<span class=\"_ _0\"/>stances in<span class=\"_ _0\"/>dicate th<span class=\"_ _0\"/>at the carry<span class=\"_ _0\"/>ing value ma<span class=\"_ _0\"/>y be impai<span class=\"_ _0\"/>red. Other intangible assets are subject to amortisation and ar<span class=\"ls1a0 ws2\">e reviewed for impairment whenever events o<span class=\"_ _3\"/>r changes in </span>circumstances i<span class=\"_ _3\"/>ndicate that the a<span class=\"_ _3\"/>mount carried in the Conso<span class=\"_ _4\"/>l<span class=\"_ _0\"/><span class=\"ls1a0 ws2\">idated Statement of Financial <span class=\"ls1a1 ws1d2\">Position is less than its </span></span>recoverable amount. Determ<span class=\"_ _0\"/>ining wh<span class=\"_ _0\"/>ether th<span class=\"_ _0\"/>e carry<span class=\"_ _0\"/>ing amou<span class=\"_ _0\"/>nt of inta<span class=\"_ _0\"/>ngibl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> has any in<span class=\"_ _0\"/>dicati<span class=\"_ _0\"/>on of imp<span class=\"_ _0\"/>airmen<span class=\"_ _0\"/>t requi<span class=\"_ _0\"/>res judg<span class=\"_ _0\"/>ement.<span class=\"_ _0\"/> Any impairment is re<span class=\"_ _3\"/>cognised in th<span class=\"ls183 ws1b2\">e Consolidated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span>An impairm<span class=\"_ _3\"/>ent test i<span class=\"_ _3\"/>s performed<span class=\"_ _3\"/> by assessing<span class=\"_ _3\"/> the re<span class=\"_ _3\"/>coverable amount<span class=\"_ _3\"/> of each a<span class=\"_ _3\"/>sset, or fo<span class=\"_ _3\"/>r goodwill t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cash-<span class=\"_ _335\"> </span>generatin<span class=\"_ _3\"/>g unit (CGU), or<span class=\"_ _3\"/> group of CGU<span class=\"_ _3\"/>s, related to t<span class=\"_ _3\"/>he goodwill. Tot<span class=\"_ _3\"/>al assets (whi<span class=\"_ _3\"/>ch include good<span class=\"_ _3\"/>will) are group<span class=\"_ _3\"/>ed at the lowe<span class=\"_ _3\"/>st levels for whi<span class=\"_ _3\"/>ch there are separately id<span class=\"_ _3\"/>entifiable<span class=\"_ _4\"/><span class=\"ls188 ws1d5\"> cash flows. The <span class=\"_ _0\"/>identificati<span class=\"ls185 ws2\">on of the rel<span class=\"_ _0\"/>evant C<span class=\"_ _0\"/>GUs fo<span class=\"_ _0\"/>r </span></span>assessing impairment of good<span class=\"_ _3\"/>will is considered a ke<span class=\"_ _3\"/>y judgement. The Dir<span class=\"_ _3\"/>ectors have identified t<span class=\"_ _3\"/>hree CGUs, ITV Studios, Media &amp; Entertainment and SD<span class=\"_ _3\"/>N. The recovera<span class=\"_ _0\"/>ble amoun<span class=\"_ _0\"/>t is the higher<span class=\"_ _0\"/> of an asset\u2019s fa<span class=\"_ _0\"/>ir value less costs t<span class=\"_ _0\"/>o sell and value in<span class=\"_ _0\"/> use. The valu<span class=\"_ _0\"/>e in use is based on the prese<span class=\"_ _3\"/>nt value of t<span class=\"_ _3\"/>he future cash f<span class=\"_ _3\"/>lows expected to<span class=\"_ _3\"/> arise from t<span class=\"_ _3\"/>he asset.  In testing for<span class=\"_ _3\"/> impairment<span class=\"_ _3\"/>, estimates are <span class=\"_ _3\"/>used in deriving <span class=\"_ _3\"/>ca<span class=\"ls189 ws1d8\">sh flows, long-term growth rates and the discount rates.<span class=\"_ _0\"/> </span>Such esti<span class=\"_ _0\"/>mates refl<span class=\"_ _0\"/>ect curren<span class=\"_ _0\"/>t marke<span class=\"_ _0\"/>t assessme<span class=\"_ _0\"/>nts of the ri<span class=\"_ _0\"/>sks speci<span class=\"_ _0\"/>fic to the<span class=\"_ _0\"/> asset and th<span class=\"_ _0\"/>e time v<span class=\"_ _0\"/>alue of money.<span class=\"_ _0\"/> The estimation pr<span class=\"_ _3\"/>ocess is complex due<span class=\"_ _3\"/> to the inherent ri<span class=\"_ _3\"/>sks and uncertainti<span class=\"_ _3\"/>es associated with long<span class=\"_ _3\"/>-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-<span class=\"_ _335\"> </span>term growth rate were made, these changes could materially al<span class=\"ls1a0 ws2\">ter the projected value of the cash flo<span class=\"_ _3\"/>ws of the asset, and </span>as a consequence materially<span class=\"_ _3\"/> different amounts wo<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">uld be reported in th<span class=\"ls1a0 ws1c9\">e financial statements. </span></span>Impairment <span class=\"_ _3\"/>losses in r<span class=\"_ _3\"/>espect of goodwi<span class=\"_ _3\"/>ll cannot be re<span class=\"_ _3\"/>versed. In <span class=\"_ _3\"/>respect of a<span class=\"_ _3\"/>ssets other than good<span class=\"_ _3\"/>will, an impair<span class=\"_ _3\"/>ment loss is revers<span class=\"_ _0\"/>ed if there has bee<span class=\"_ _0\"/>n a change in th<span class=\"_ _0\"/>e estimates us<span class=\"_ _0\"/>ed to determ<span class=\"_ _0\"/>ine the recove<span class=\"_ _0\"/>rable amoun<span class=\"_ _0\"/>t. An impairment<span class=\"_ _4\"/> loss is reversed only to the extent t<span class=\"_ _3\"/>hat the asset\u2019s carryi<span class=\"_ _3\"/>ng amount does no<span class=\"_ _3\"/>t exceed the carry<span class=\"_ _3\"/>ing amount that would <span class=\"_ _3\"/>have been deter<span class=\"_ _3\"/>mined, net o<span class=\"_ _3\"/>f depreciatio<span class=\"_ _3\"/>n or amortisation<span class=\"_ _3\"/>, if no impairme<span class=\"_ _3\"/>nt loss had been r<span class=\"_ _3\"/>ecognised. There is a wide<span class=\"_ _3\"/> range of pote<span class=\"_ _3\"/>ntial out<span class=\"_ _3\"/>comes regarding t<span class=\"_ _3\"/>he possible <span class=\"_ _3\"/>future performance<span class=\"_ _3\"/> of each of <span class=\"_ _3\"/>ITV Group\u2019s <span class=\"_ _3\"/>cash-<span class=\"_ _335\"> </span>generating units, ITV S<span class=\"_ _0\"/>tudios, Media &amp; En<span class=\"_ _0\"/>tertainment and <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">SDN. In the i<span class=\"_ _0\"/>mpairment<span class=\"_ _0\"/> review the<span class=\"_ _0\"/> Directors used th<span class=\"_ _0\"/>e </span>scenarios<span class=\"_ _0\"/> utilise<span class=\"_ _0\"/>d for the via<span class=\"_ _0\"/>bility s<span class=\"_ _0\"/>tatement.<span class=\"_ _0\"/> The Direc<span class=\"_ _0\"/>tors,<span class=\"ls186 ws2\"> however, do <span class=\"_ _3\"/>not conside<span class=\"_ _3\"/>r that any r<span class=\"_ _3\"/>easonably p<span class=\"_ _3\"/>ossible </span>changes in the ke<span class=\"_ _3\"/>y assumptions wo<span class=\"_ _3\"/>uld cause the r<span class=\"_ _3\"/>ecoverable amou<span class=\"_ _3\"/>nt of the Grou<span class=\"_ _3\"/>p\u2019s cash-generating<span class=\"_ _3\"/> units to fall below their <span class=\"_ _3\"/>carrying<span class=\"_ _3\"/> values and the<span class=\"_ _3\"/>refore they are<span class=\"_ _3\"/> not consider<span class=\"_ _3\"/>ed key sour<span class=\"_ _3\"/>ces of estimati<span class=\"_ _3\"/>on uncertainty.  I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1de fc7 sc0\">\u2009<span class=\"ff1dd ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1dd fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">0<span class=\"_ _211\"/><span class=\"fc8 sc1\">0<span class=\"fc7 sc0\">7<span class=\"_ _67\"/><span class=\"fc8 sc1\">7<span class=\"fc7 sc0\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Intangible assets Intangible as<span class=\"_ _0\"/>sets can b<span class=\"_ _0\"/>e analysed as<span class=\"_ _0\"/> follows: Goodwill \u00a3m Formats and brands \u00a3m Customer contracts and  relationships \u00a3m Contractual arrangements \u00a3m Licences \u00a3m Libraries and other \u00a3m Software licences and development<span class=\"_ _3\"/> \u00a3m Total \u00a3m Cost At 1 Ja<span class=\"_ _3\"/>nuary 20<span class=\"_ _3\"/>21 <span class=\"_ _c3\"> </span>3,895 <span class=\"_ _41\"> </span>5<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>7 <span class=\"_ _167\"> </span>441 <span class=\"_ _d1\"> </span>11<span class=\"_ _0\"/> <span class=\"_ _17\"> </span>176 <span class=\"_ _1f9\"> </span>103 <span class=\"_ _165\"> </span>228 5,401 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1fc\"/>15 <span class=\"_ _1e2\"/>15 Acquisitions <span class=\"_ _139\"> </span>1 \u2013 <span class=\"_ _6\"> </span>1 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _5\"/>2 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _66\"/>(3) <span class=\"_ _67\"/>(3) Foreign exchange <span class=\"_ _48\"> </span>(3) <span class=\"_ _c4\"> </span>(20) <span class=\"_ _12\"> </span>(1) <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _34\"> </span>(23) At 31 December 2021 <span class=\"_ _3f\"> </span>3,893 <span class=\"_ _b8\"> </span>527<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span>441 <span class=\"_ _56\"> </span>11 <span class=\"_ _8b\"> </span>176 <span class=\"_ _41\"> </span>10<span class=\"_ _335\"> </span>4 <span class=\"_ _27c\"> </span>240<span class=\"_ _0\"/> 5,392 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1e2\"/>4<span class=\"_ _335\"> </span>4 4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Acquisitions <span class=\"_ _18\"> </span>107 <span class=\"_ _0\"/>1 <span class=\"_ _188\"/>13 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _1ff\"/>121 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign exchange <span class=\"_ _161\"> </span>37 <span class=\"_ _49\"> </span>21 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _4d\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _49\"> </span>69 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls189 ws1b8\">4,037 <span class=\"_ _1c\"> </span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>9 <span class=\"_ _26\"> </span><span class=\"ls183 ws1bd\">462 <span class=\"_ _28e\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _26\"> </span><span class=\"ls18b ws1bb\">176 <span class=\"_ _3e\"> </span></span>106 <span class=\"_ _26\"> </span><span class=\"ls18d ws1d3\">280<span class=\"_ _0\"/> <span class=\"_ _dd\"> </span></span>5,621 </span></span>Amortisation<span class=\"_ _3\"/> and impairment At 1 January 2021 <span class=\"_ _99\"> </span>2,65<span class=\"_ _335\"> </span>4 435 <span class=\"_ _9\"> </span>427 <span class=\"_ _145\"> </span>11 <span class=\"_ _1\"> </span>12<span class=\"_ _335\"> </span>4 <span class=\"_ _6\"> </span>91 11<span class=\"_ _335\"> </span>4 3,856 Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>5 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>5 <span class=\"_ _5f\"> </span>1 <span class=\"_ _62\"> </span>20 <span class=\"_ _62\"> </span>72 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _1\"/>\u2013 Foreign exchange <span class=\"_ _6d\"> </span>\u2013 <span class=\"_ _50\"> </span>(16) <span class=\"_ _56\"> </span>1 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _82\"> </span>(14) At 31 December 2021 <span class=\"_ _43\"> </span>2,65<span class=\"_ _335\"> </span>4 460 <span class=\"_ _f\"> </span>433 <span class=\"_ _8d\"> </span>11 <span class=\"_ _2f\"> </span>12<span class=\"_ _0\"/>9 <span class=\"_ _2a\"> </span>93 <span class=\"_ _e\"> </span>13<span class=\"_ _335\"> </span>4 3,91<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>6 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _20\"> </span>27 <span class=\"_ _12\"> </span>76 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign <span class=\"_ _288\"/>exchange <span class=\"_ _24\"> </span>\u2013 <span class=\"_ _18a\"/>19 <span class=\"_ _ec\"> </span>7 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _9\"> </span>1 <span class=\"_ _1e2\"/>27 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls18b ws1bb\">2,654 <span class=\"_ _1c\"> </span><span class=\"ls18d ws1d3\">520<span class=\"_ _0\"/> <span class=\"_ _41\"> </span><span class=\"ls183 ws1bd\">44<span class=\"_ _0\"/>6 <span class=\"_ _59\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _a4\"> </span><span class=\"ls18c ws1c2\">131 <span class=\"_ _24\"> </span></span></span></span>93 <span class=\"_ _34\"> </span><span class=\"ls188 ws1b9\">157 <span class=\"_ _5e\"> </span><span class=\"ls189 ws1b8\">4,01<span class=\"_ _0\"/>2 </span></span></span></span>Net <span class=\"_ _283\"/>b<span class=\"_ _3\"/>ook <span class=\"_ _28f\"/>value <span class=\"_ _13\"> </span>  <span class=\"_ _2\"> </span> <span class=\"_ _f\"> </span>   <span class=\"_ _2f\"> </span> <span class=\"_ _1\"/> At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _49\"> </span><span class=\"ls189 ws1b8\">1,383 <span class=\"_ _24\"> </span></span><span class=\"ls184\">29 <span class=\"_ _46\"> </span><span class=\"ls189 ws1b8\">16 <span class=\"_ _60\"> </span></span>\u2013 <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">45 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">13 <span class=\"_ _9f\"> </span></span>123 <span class=\"_ _c6\"> </span><span class=\"ls18c ws1c2\">1,609 </span></span></span>At 31 December 2021 <span class=\"_ _6e\"> </span>1,239 <span class=\"_ _80\"> </span>67 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 4<span class=\"_ _335\"> </span>7 <span class=\"_ _185\"> </span>11 <span class=\"_ _27c\"> </span>106 1,478 Goodwill impairment tests The carry<span class=\"_ _0\"/>ing amount<span class=\"_ _0\"/> of goodwil<span class=\"_ _0\"/>l for each CG<span class=\"_ _0\"/>U is repres<span class=\"_ _0\"/>ented as fo<span class=\"_ _0\"/>llows: 2022  \u00a3m 2021  \u00a3m ITV Studios <span class=\"_ _290\"> </span><span class=\"ff1df ls186 ws1b6\">921 <span class=\"_ _42\"> </span></span><span class=\"ls18c ws1c2\">777 </span>Media &amp; Entertainment <span class=\"_ _205\"> </span><span class=\"ff1df ws1b9\">386 <span class=\"_ _34\"> </span></span><span class=\"ls19b ws1d6\">386 </span>SDN <span class=\"_ _291\"> </span><span class=\"ff1df ls185 ws1c1\">76 <span class=\"_ _54\"> </span></span><span class=\"ls18f ws1c4\">76 </span> <span class=\"_ _24d\"> </span><span class=\"ff1df ls189 ws1b8\">1,383<span class=\"_ _0\"/> <span class=\"_ _ac\"> </span></span><span class=\"ls18b ws1bb\">1,2<span class=\"_ _0\"/>39 </span>There has been no impairme<span class=\"_ _3\"/>nt charge for any CGU duri<span class=\"_ _3\"/>ng the year (2021: \u00a3nil)<span class=\"_ _3\"/>. When assessing impairment, the r<span class=\"_ _3\"/>ecoverable amount of each CGU is based on va<span class=\"_ _3\"/>lue in use calculations. These calculations require the use of estimates, <span class=\"_ _3\"/>specifically: pre-tax cash flow projecti<span class=\"_ _3\"/>ons; long-term growth rates; a<span class=\"_ _3\"/>nd a pre-<span class=\"_ _335\"> </span>tax market discount rate. Cash <span class=\"_ _0\"/>flo<span class=\"_ _0\"/>w <span class=\"_ _0\"/>pro<span class=\"_ _0\"/>ject<span class=\"_ _0\"/>ion<span class=\"_ _0\"/>s <span class=\"_ _0\"/>are <span class=\"_ _0\"/>bas<span class=\"_ _0\"/>e<span class=\"ls190 ws1b5\">d on the Gr<span class=\"_ _3\"/>oup\u2019s cu<span class=\"_ _3\"/>rrent lon<span class=\"_ _3\"/>g-term p<span class=\"_ _3\"/>lan. Bey<span class=\"_ _3\"/>ond the p<span class=\"_ _3\"/>lan, </span>these pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s are extrap<span class=\"_ _0\"/>olated us<span class=\"_ _0\"/>ing an es<span class=\"_ _0\"/>timated<span class=\"_ _0\"/> nominal lon<span class=\"_ _0\"/>g-term grow<span class=\"_ _0\"/>th rate of<span class=\"_ _0\"/> 1.5% (2021: 2%<span class=\"_ _0\"/>). The grow<span class=\"_ _0\"/>th rate use<span class=\"_ _0\"/>d is consis<span class=\"_ _0\"/>tent wi<span class=\"_ _0\"/>th the lo<span class=\"_ _0\"/>ng-term a<span class=\"_ _0\"/>verage<span class=\"_ _0\"/> growth<span class=\"_ _0\"/> rates for<span class=\"_ _0\"/> both the<span class=\"_ _0\"/> indust<span class=\"_ _0\"/>ry and the<span class=\"_ _0\"/> countr<span class=\"_ _0\"/>ies in whic<span class=\"_ _0\"/>h the CGUs are<span class=\"_ _3\"/> locat<span class=\"_ _3\"/>ed and is<span class=\"_ _3\"/> appropriat<span class=\"_ _3\"/>e beca<span class=\"_ _3\"/>use these are <span class=\"_ _3\"/>long-t<span class=\"_ _3\"/>erm busine<span class=\"_ _3\"/>sses. The discount rate <span class=\"_ _3\"/>has been updated for<span class=\"_ _3\"/> each CGU to reflect t<span class=\"_ _3\"/>he latest market a<span class=\"_ _3\"/>ssumptions for the ri<span class=\"_ _3\"/>sk-free rate, the equity ris<span class=\"_ _0\"/>k premium<span class=\"_ _0\"/> and the net<span class=\"_ _0\"/> cost of deb<span class=\"_ _0\"/>t. There is<span class=\"_ _0\"/> curren<span class=\"ls184 ws1b3\">tly no reasonably po<span class=\"_ _3\"/>ssible cha<span class=\"_ _3\"/>nge in discount rate<span class=\"_ _3\"/> that </span>would reduce the <span class=\"_ _3\"/>headroom in any CGU to zero<span class=\"_ _3\"/>. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>205<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1e4 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1e3 ls3 ws2\"> </span></span>208<span class=\"ff1e6 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1e7 ls3 ws2\">\u2009</span><span class=\"ff1e4 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>ITV Studios<span class=\"_ _0\"/> The goodw<span class=\"_ _0\"/>ill for I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios has ar<span class=\"_ _0\"/>isen as a res<span class=\"_ _0\"/>ult of<span class=\"_ _0\"/> the acquis<span class=\"_ _0\"/>ition<span class=\"_ _0\"/> of produc<span class=\"_ _0\"/>tion bus<span class=\"_ _0\"/>inesses<span class=\"_ _0\"/> since 1<span class=\"_ _0\"/>999. Sign<span class=\"_ _0\"/>ifica<span class=\"_ _0\"/>nt balances were <span class=\"_ _3\"/>created from the <span class=\"_ _3\"/>acquisition by Granada o<span class=\"_ _3\"/>f United News and Media\u2019<span class=\"_ _3\"/>s production busine<span class=\"_ _3\"/>sses in 2000 and the mer<span class=\"_ _3\"/>ger of Granad<span class=\"_ _3\"/>a and Car<span class=\"_ _3\"/>lton in 2004 to f<span class=\"_ _3\"/>orm ITV plc. <span class=\"_ _3\"/>ITV Studios <span class=\"_ _3\"/>goodwill also<span class=\"_ _3\"/> includes the <span class=\"_ _3\"/>goodwill arising from acquisitions since 2012, with the largest acquisitions <span class=\"_ _0\"/>being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022.  The key assumptions on <span class=\"_ _3\"/>which the forecast ca<span class=\"_ _3\"/>sh flows for the whole <span class=\"_ _3\"/>CGU were based (as rep<span class=\"_ _3\"/>resented by the approved<span class=\"_ _3\"/> financial budget for 2023 a<span class=\"_ _3\"/>nd forecast to 2025) include re<span class=\"ls1a1 ws1d2\">venue (including international revenue and the I<span class=\"_ _0\"/>TV Studios </span>share of ITV output, growth in<span class=\"_ _3\"/> commissions and <span class=\"_ _3\"/>hours pr<span class=\"ls19e ws1b3\">oduced), margins and the pre-tax market discount rate. </span>These assumptions have been determined by using a combination<span class=\"_ _0\"/> of extrapolation of historical trends within the business, industr<span class=\"_ _3\"/>y estimates and in-hou<span class=\"_ _3\"/>se estimates of growth<span class=\"_ _3\"/> rates in all markets. <span class=\"_ _3\"/>No impairment wa<span class=\"_ _3\"/>s identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.5% (2021: 8.4%)<span class=\"_ _3\"/> has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No re<span class=\"_ _3\"/>asonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. Media &amp; Entertainment  The goodwi<span class=\"_ _3\"/>ll in this CGU <span class=\"_ _3\"/>arose as a re<span class=\"_ _3\"/>sult of t<span class=\"_ _3\"/>he acquisition of br<span class=\"_ _3\"/>oadcasting bu<span class=\"_ _3\"/>sinesses si<span class=\"_ _3\"/>nce 1999, the <span class=\"_ _3\"/>largest of which was the mer<span class=\"_ _0\"/>ger of Carlton<span class=\"_ _0\"/> and Granad<span class=\"_ _0\"/>a in 2004 to form ITV<span class=\"_ _0\"/> plc, which was tr<span class=\"_ _0\"/>eated as an ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n of Carlton for accou<span class=\"_ _0\"/>nting p<span class=\"_ _0\"/>urposes<span class=\"_ _0\"/>. Media &amp; En<span class=\"_ _0\"/>terta<span class=\"_ _0\"/>inment go<span class=\"_ _0\"/>odwill<span class=\"_ _0\"/> also inc<span class=\"_ _0\"/>ludes the<span class=\"_ _0\"/> goodwi<span class=\"_ _0\"/>ll arisin<span class=\"_ _0\"/>g on acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n of UTV<span class=\"_ _0\"/> Limited in Fe<span class=\"_ _3\"/>bruary 2016. The main ass<span class=\"_ _0\"/>umption<span class=\"_ _0\"/>s on which the f<span class=\"_ _0\"/>orecas<span class=\"_ _0\"/>t cash flow pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s for this CGU<span class=\"_ _0\"/> are based (as<span class=\"_ _0\"/> repres<span class=\"_ _0\"/>ented by the<span class=\"_ _0\"/> approved fina<span class=\"_ _3\"/>ncial budget for 2023 <span class=\"_ _3\"/>and forecast to 2025<span class=\"_ _3\"/>) include: the performa<span class=\"_ _3\"/>nce and share of t<span class=\"_ _3\"/>he television advertising <span class=\"_ _3\"/>market; shar<span class=\"_ _3\"/>e of commerci<span class=\"_ _3\"/>al impacts; progr<span class=\"_ _3\"/>amme and other <span class=\"_ _3\"/>costs; and the pre<span class=\"_ _3\"/>-tax market di<span class=\"_ _3\"/>scount rate. The key a<span class=\"_ _3\"/>ssumption in assessi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g the recove<span class=\"_ _3\"/>rable amount o<span class=\"_ _3\"/>f Media &amp; Entert<span class=\"_ _3\"/>ainment goodwi<span class=\"_ _3\"/>ll is the size<span class=\"_ _3\"/> of the televisio<span class=\"_ _3\"/>n and streami<span class=\"_ _3\"/>ng advertisi<span class=\"_ _3\"/>ng market. In <span class=\"_ _3\"/>forming its a<span class=\"_ _3\"/>ssumptions about<span class=\"_ _3\"/> the televisio<span class=\"_ _3\"/>n and streaming<span class=\"_ _3\"/> advertising <span class=\"_ _3\"/>market, the Gr<span class=\"_ _3\"/>oup has used a <span class=\"_ _3\"/>combination of<span class=\"ls18e ws1c6\"> l<span class=\"_ _3\"/>ong-term<span class=\"_ _3\"/> trends, i<span class=\"_ _3\"/>ndustry for<span class=\"_ _4\"/>ecasts and in-h<span class=\"_ _3\"/>ouse </span>estimates, whi<span class=\"_ _3\"/>ch place greater emphasi<span class=\"_ _3\"/>s on recent experience. No impair<span class=\"_ _3\"/>ment was identified. An impa<span class=\"_ _0\"/>irment c<span class=\"_ _0\"/>harge of \u00a32<span class=\"_ _0\"/>,309 mil<span class=\"_ _0\"/>lion w<span class=\"_ _0\"/>as recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the Med<span class=\"_ _0\"/>ia &amp; Entert<span class=\"_ _0\"/>ainm<span class=\"_ _0\"/>ent CGU in 20<span class=\"_ _0\"/>08, as a res<span class=\"_ _0\"/>ult of th<span class=\"_ _0\"/>e downturn in <span class=\"_ _3\"/>the short-term out<span class=\"_ _3\"/>look for the adv<span class=\"_ _3\"/>ertising market. T<span class=\"_ _3\"/>he current y<span class=\"_ _3\"/>ear impairment r<span class=\"_ _3\"/>eview, set o<span class=\"_ _3\"/>ut above, results<span class=\"_ _0\"/> in signi<span class=\"_ _0\"/>ficant he<span class=\"_ _0\"/>adroom<span class=\"_ _0\"/> in exces<span class=\"_ _0\"/>s of the 20<span class=\"_ _0\"/>08 im<span class=\"ls184 ws1c8\">paired amount. Even though the advertisi<span class=\"_ _3\"/>ng market has </span>improved si<span class=\"_ _3\"/>nce then and the impai<span class=\"_ _3\"/>red assets<span class=\"_ _3\"/> are still owne<span class=\"_ _3\"/>d and operated by t<span class=\"_ _3\"/>he Group,<span class=\"_ _3\"/> due to accounti<span class=\"_ _4\"/>ng rules the impairme<span class=\"_ _3\"/>nt cannot<span class=\"_ _4\"/> be reversed.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.4% (2021:<span class=\"_ _3\"/> 8.4%) has been used i<span class=\"_ _3\"/>n discounting the pr<span class=\"_ _3\"/>ojected cash flows. No<span class=\"_ _3\"/> reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. SDN Goodwil<span class=\"_ _3\"/>l was re<span class=\"_ _3\"/>cognised <span class=\"_ _3\"/>when the<span class=\"_ _3\"/> Group acq<span class=\"_ _3\"/>uired SDN<span class=\"_ _3\"/> (t<span class=\"ws1c7\">he li<span class=\"_ _3\"/>cence operat<span class=\"_ _3\"/>or for DTT Multip<span class=\"_ _3\"/>lex A) in 2005<span class=\"_ _3\"/>. </span>It represen<span class=\"_ _0\"/>ted the w<span class=\"_ _0\"/>ider stra<span class=\"_ _0\"/>tegic benef<span class=\"_ _0\"/>its of the a<span class=\"_ _0\"/>cquisit<span class=\"_ _0\"/>ion specifi<span class=\"_ _0\"/>c to the Grou<span class=\"_ _0\"/>p, princ<span class=\"_ _0\"/>ipally the<span class=\"_ _0\"/> enhanced ab<span class=\"_ _0\"/>ility to promote <span class=\"_ _3\"/>Freeview a<span class=\"_ _3\"/>s a platform, busi<span class=\"_ _3\"/>ness relationships <span class=\"_ _3\"/>wi<span class=\"ls183 ws1b5\">th the chann<span class=\"_ _0\"/>els which <span class=\"_ _0\"/>are on Mul<span class=\"_ _0\"/>tiplex A an<span class=\"_ _0\"/>d addit<span class=\"_ _0\"/>ional </span>capacity<span class=\"_ _0\"/> availa<span class=\"_ _0\"/>ble fro<span class=\"_ _0\"/>m 2010. S<span class=\"_ _0\"/>DN\u2019s m<span class=\"_ _0\"/>ultiplex<span class=\"_ _0\"/> licenc<span class=\"_ _0\"/><span class=\"ls18b ws1c5\">e was renewed during 2022<span class=\"_ _0\"/></span><span class=\"ws1b6\"> and expi<span class=\"_ _0\"/>res in 2034.  </span>The main assumpti<span class=\"_ _3\"/>ons on which the foreca<span class=\"_ _3\"/>st cash <span class=\"_ _3\"/>flows are based (as re<span class=\"_ _0\"/>presen<span class=\"_ _0\"/>ted<span class=\"_ _0\"/> by<span class=\"_ _0\"/> the <span class=\"_ _0\"/>appr<span class=\"_ _0\"/>ove<span class=\"_ _0\"/>d f<span class=\"_ _0\"/>inan<span class=\"_ _0\"/>cial<span class=\"_ _0\"/> bu<span class=\"_ _0\"/>dge<span class=\"_ _0\"/>t for 2023 an<span class=\"_ _0\"/>d forecast <span class=\"_ _0\"/>to 2025) are: in<span class=\"_ _3\"/>come<span class=\"_ _3\"/> to b<span class=\"_ _3\"/>e ea<span class=\"_ _3\"/>rne<span class=\"_ _3\"/>d fr<span class=\"ls1a0 ws2\">om rene<span class=\"_ _3\"/>wals of medium-term contracts;<span class=\"_ _3\"/> the market price of </span>available multiplex video streams; and the pre-tax market di<span class=\"ls185 ws1b6\">scount <span class=\"_ _4\"/>rate. These assumptions<span class=\"_ _0\"/> have be<span class=\"_ _0\"/>en determ<span class=\"_ _0\"/>ined by </span>using a combi<span class=\"_ _3\"/>nation of current <span class=\"_ _3\"/>contract terms, recent market tr<span class=\"_ _3\"/>ansactions and in-ho<span class=\"_ _3\"/>use estimates of vide<span class=\"_ _3\"/>o stream availability and<span class=\"_ _3\"/> pricing. No impai<span class=\"_ _3\"/>rment was identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 9.4% (2021: 11.7%) <span class=\"_ _3\"/>has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No <span class=\"_ _3\"/>reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt.IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>206<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1e4 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1e3 ls3 ws2\"> </span></span>208<span class=\"ff1e6 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1e7 ls3 ws2\">\u2009</span><span class=\"ff1e4 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>ITV Studios<span class=\"_ _0\"/> The goodw<span class=\"_ _0\"/>ill for I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios has ar<span class=\"_ _0\"/>isen as a res<span class=\"_ _0\"/>ult of<span class=\"_ _0\"/> the acquis<span class=\"_ _0\"/>ition<span class=\"_ _0\"/> of produc<span class=\"_ _0\"/>tion bus<span class=\"_ _0\"/>inesses<span class=\"_ _0\"/> since 1<span class=\"_ _0\"/>999. Sign<span class=\"_ _0\"/>ifica<span class=\"_ _0\"/>nt balances were <span class=\"_ _3\"/>created from the <span class=\"_ _3\"/>acquisition by Granada o<span class=\"_ _3\"/>f United News and Media\u2019<span class=\"_ _3\"/>s production busine<span class=\"_ _3\"/>sses in 2000 and the mer<span class=\"_ _3\"/>ger of Granad<span class=\"_ _3\"/>a and Car<span class=\"_ _3\"/>lton in 2004 to f<span class=\"_ _3\"/>orm ITV plc. <span class=\"_ _3\"/>ITV Studios <span class=\"_ _3\"/>goodwill also<span class=\"_ _3\"/> includes the <span class=\"_ _3\"/>goodwill arising from acquisitions since 2012, with the largest acquisitions <span class=\"_ _0\"/>being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022.  The key assumptions on <span class=\"_ _3\"/>which the forecast ca<span class=\"_ _3\"/>sh flows for the whole <span class=\"_ _3\"/>CGU were based (as rep<span class=\"_ _3\"/>resented by the approved<span class=\"_ _3\"/> financial budget for 2023 a<span class=\"_ _3\"/>nd forecast to 2025) include re<span class=\"ls1a1 ws1d2\">venue (including international revenue and the I<span class=\"_ _0\"/>TV Studios </span>share of ITV output, growth in<span class=\"_ _3\"/> commissions and <span class=\"_ _3\"/>hours pr<span class=\"ls19e ws1b3\">oduced), margins and the pre-tax market discount rate. </span>These assumptions have been determined by using a combination<span class=\"_ _0\"/> of extrapolation of historical trends within the business, industr<span class=\"_ _3\"/>y estimates and in-hou<span class=\"_ _3\"/>se estimates of growth<span class=\"_ _3\"/> rates in all markets. <span class=\"_ _3\"/>No impairment wa<span class=\"_ _3\"/>s identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.5% (2021: 8.4%)<span class=\"_ _3\"/> has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No re<span class=\"_ _3\"/>asonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. Media &amp; Entertainment  The goodwi<span class=\"_ _3\"/>ll in this CGU <span class=\"_ _3\"/>arose as a re<span class=\"_ _3\"/>sult of t<span class=\"_ _3\"/>he acquisition of br<span class=\"_ _3\"/>oadcasting bu<span class=\"_ _3\"/>sinesses si<span class=\"_ _3\"/>nce 1999, the <span class=\"_ _3\"/>largest of which was the mer<span class=\"_ _0\"/>ger of Carlton<span class=\"_ _0\"/> and Granad<span class=\"_ _0\"/>a in 2004 to form ITV<span class=\"_ _0\"/> plc, which was tr<span class=\"_ _0\"/>eated as an ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n of Carlton for accou<span class=\"_ _0\"/>nting p<span class=\"_ _0\"/>urposes<span class=\"_ _0\"/>. Media &amp; En<span class=\"_ _0\"/>terta<span class=\"_ _0\"/>inment go<span class=\"_ _0\"/>odwill<span class=\"_ _0\"/> also inc<span class=\"_ _0\"/>ludes the<span class=\"_ _0\"/> goodwi<span class=\"_ _0\"/>ll arisin<span class=\"_ _0\"/>g on acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n of UTV<span class=\"_ _0\"/> Limited in Fe<span class=\"_ _3\"/>bruary 2016. The main ass<span class=\"_ _0\"/>umption<span class=\"_ _0\"/>s on which the f<span class=\"_ _0\"/>orecas<span class=\"_ _0\"/>t cash flow pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s for this CGU<span class=\"_ _0\"/> are based (as<span class=\"_ _0\"/> repres<span class=\"_ _0\"/>ented by the<span class=\"_ _0\"/> approved fina<span class=\"_ _3\"/>ncial budget for 2023 <span class=\"_ _3\"/>and forecast to 2025<span class=\"_ _3\"/>) include: the performa<span class=\"_ _3\"/>nce and share of t<span class=\"_ _3\"/>he television advertising <span class=\"_ _3\"/>market; shar<span class=\"_ _3\"/>e of commerci<span class=\"_ _3\"/>al impacts; progr<span class=\"_ _3\"/>amme and other <span class=\"_ _3\"/>costs; and the pre<span class=\"_ _3\"/>-tax market di<span class=\"_ _3\"/>scount rate. The key a<span class=\"_ _3\"/>ssumption in assessi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g the recove<span class=\"_ _3\"/>rable amount o<span class=\"_ _3\"/>f Media &amp; Entert<span class=\"_ _3\"/>ainment goodwi<span class=\"_ _3\"/>ll is the size<span class=\"_ _3\"/> of the televisio<span class=\"_ _3\"/>n and streami<span class=\"_ _3\"/>ng advertisi<span class=\"_ _3\"/>ng market. In <span class=\"_ _3\"/>forming its a<span class=\"_ _3\"/>ssumptions about<span class=\"_ _3\"/> the televisio<span class=\"_ _3\"/>n and streaming<span class=\"_ _3\"/> advertising <span class=\"_ _3\"/>market, the Gr<span class=\"_ _3\"/>oup has used a <span class=\"_ _3\"/>combination of<span class=\"ls18e ws1c6\"> l<span class=\"_ _3\"/>ong-term<span class=\"_ _3\"/> trends, i<span class=\"_ _3\"/>ndustry for<span class=\"_ _4\"/>ecasts and in-h<span class=\"_ _3\"/>ouse </span>estimates, whi<span class=\"_ _3\"/>ch place greater emphasi<span class=\"_ _3\"/>s on recent experience. No impair<span class=\"_ _3\"/>ment was identified. An impa<span class=\"_ _0\"/>irment c<span class=\"_ _0\"/>harge of \u00a32<span class=\"_ _0\"/>,309 mil<span class=\"_ _0\"/>lion w<span class=\"_ _0\"/>as recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the Med<span class=\"_ _0\"/>ia &amp; Entert<span class=\"_ _0\"/>ainm<span class=\"_ _0\"/>ent CGU in 20<span class=\"_ _0\"/>08, as a res<span class=\"_ _0\"/>ult of th<span class=\"_ _0\"/>e downturn in <span class=\"_ _3\"/>the short-term out<span class=\"_ _3\"/>look for the adv<span class=\"_ _3\"/>ertising market. T<span class=\"_ _3\"/>he current y<span class=\"_ _3\"/>ear impairment r<span class=\"_ _3\"/>eview, set o<span class=\"_ _3\"/>ut above, results<span class=\"_ _0\"/> in signi<span class=\"_ _0\"/>ficant he<span class=\"_ _0\"/>adroom<span class=\"_ _0\"/> in exces<span class=\"_ _0\"/>s of the 20<span class=\"_ _0\"/>08 im<span class=\"ls184 ws1c8\">paired amount. Even though the advertisi<span class=\"_ _3\"/>ng market has </span>improved si<span class=\"_ _3\"/>nce then and the impai<span class=\"_ _3\"/>red assets<span class=\"_ _3\"/> are still owne<span class=\"_ _3\"/>d and operated by t<span class=\"_ _3\"/>he Group,<span class=\"_ _3\"/> due to accounti<span class=\"_ _4\"/>ng rules the impairme<span class=\"_ _3\"/>nt cannot<span class=\"_ _4\"/> be reversed.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.4% (2021:<span class=\"_ _3\"/> 8.4%) has been used i<span class=\"_ _3\"/>n discounting the pr<span class=\"_ _3\"/>ojected cash flows. No<span class=\"_ _3\"/> reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. SDN Goodwil<span class=\"_ _3\"/>l was re<span class=\"_ _3\"/>cognised <span class=\"_ _3\"/>when the<span class=\"_ _3\"/> Group acq<span class=\"_ _3\"/>uired SDN<span class=\"_ _3\"/> (t<span class=\"ws1c7\">he li<span class=\"_ _3\"/>cence operat<span class=\"_ _3\"/>or for DTT Multip<span class=\"_ _3\"/>lex A) in 2005<span class=\"_ _3\"/>. </span>It represen<span class=\"_ _0\"/>ted the w<span class=\"_ _0\"/>ider stra<span class=\"_ _0\"/>tegic benef<span class=\"_ _0\"/>its of the a<span class=\"_ _0\"/>cquisit<span class=\"_ _0\"/>ion specifi<span class=\"_ _0\"/>c to the Grou<span class=\"_ _0\"/>p, princ<span class=\"_ _0\"/>ipally the<span class=\"_ _0\"/> enhanced ab<span class=\"_ _0\"/>ility to promote <span class=\"_ _3\"/>Freeview a<span class=\"_ _3\"/>s a platform, busi<span class=\"_ _3\"/>ness relationships <span class=\"_ _3\"/>wi<span class=\"ls183 ws1b5\">th the chann<span class=\"_ _0\"/>els which <span class=\"_ _0\"/>are on Mul<span class=\"_ _0\"/>tiplex A an<span class=\"_ _0\"/>d addit<span class=\"_ _0\"/>ional </span>capacity<span class=\"_ _0\"/> availa<span class=\"_ _0\"/>ble fro<span class=\"_ _0\"/>m 2010. S<span class=\"_ _0\"/>DN\u2019s m<span class=\"_ _0\"/>ultiplex<span class=\"_ _0\"/> licenc<span class=\"_ _0\"/><span class=\"ls18b ws1c5\">e was renewed during 2022<span class=\"_ _0\"/></span><span class=\"ws1b6\"> and expi<span class=\"_ _0\"/>res in 2034.  </span>The main assumpti<span class=\"_ _3\"/>ons on which the foreca<span class=\"_ _3\"/>st cash <span class=\"_ _3\"/>flows are based (as re<span class=\"_ _0\"/>presen<span class=\"_ _0\"/>ted<span class=\"_ _0\"/> by<span class=\"_ _0\"/> the <span class=\"_ _0\"/>appr<span class=\"_ _0\"/>ove<span class=\"_ _0\"/>d f<span class=\"_ _0\"/>inan<span class=\"_ _0\"/>cial<span class=\"_ _0\"/> bu<span class=\"_ _0\"/>dge<span class=\"_ _0\"/>t for 2023 an<span class=\"_ _0\"/>d forecast <span class=\"_ _0\"/>to 2025) are: in<span class=\"_ _3\"/>come<span class=\"_ _3\"/> to b<span class=\"_ _3\"/>e ea<span class=\"_ _3\"/>rne<span class=\"_ _3\"/>d fr<span class=\"ls1a0 ws2\">om rene<span class=\"_ _3\"/>wals of medium-term contracts;<span class=\"_ _3\"/> the market price of </span>available multiplex video streams; and the pre-tax market di<span class=\"ls185 ws1b6\">scount <span class=\"_ _4\"/>rate. These assumptions<span class=\"_ _0\"/> have be<span class=\"_ _0\"/>en determ<span class=\"_ _0\"/>ined by </span>using a combi<span class=\"_ _3\"/>nation of current <span class=\"_ _3\"/>contract terms, recent market tr<span class=\"_ _3\"/>ansactions and in-ho<span class=\"_ _3\"/>use estimates of vide<span class=\"_ _3\"/>o stream availability and<span class=\"_ _3\"/> pricing. No impai<span class=\"_ _3\"/>rment was identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 9.4% (2021: 11.7%) <span class=\"_ _3\"/>has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No <span class=\"_ _3\"/>reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1eb fc7 sc0\">\u2009<span class=\"ff1ea ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1ea fs27\"> 2<span class=\"_ _2c\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">0<span class=\"_ _211\"/><span class=\"fc8 sc1\">0<span class=\"fc7 sc0\">9<span class=\"_ _67\"/><span class=\"fc8 sc1\">9<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.4  Acquisition<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff1ed ls187 ws21c\">Keeping </span>it simple The following section outlines what the Group has a<span class=\"_ _3\"/>cquired in the year.  Most of the deals are structured so that a large part <span class=\"_ _3\"/>of the payment made to the sellers (\u2018consideration\u2019) is determin<span class=\"_ _0\"/>ed based <span class=\"ls1a0 ws2\">on future performance. This is done so </span>that the Group can both align incentives for growth, while reducing risk so that total consideration reflects actual <span class=\"ls19f ws1b5\">performance<span class=\"_ _3\"/>, not expected.  </span>The Group considers the income statement impact of all co<span class=\"_ _3\"/>nsideration to be capital in nature and so excludes it from adjusted pr<span class=\"_ _3\"/>ofit. Therefore, for each acquisition below, the distinction between the types of cons<span class=\"ls1a1 ws1d2\">ideration has been explained in detail. </span>Accounting policies The Group me<span class=\"_ _0\"/>asures the c<span class=\"_ _0\"/>ost of the ac<span class=\"_ _0\"/>quisition<span class=\"_ _0\"/> at the fair<span class=\"_ _0\"/> value of the cons<span class=\"_ _0\"/>ideration<span class=\"_ _0\"/> paid; allocates<span class=\"_ _0\"/> that cost to the<span class=\"_ _0\"/> acquired<span class=\"_ _0\"/> identifi<span class=\"_ _0\"/>able assets<span class=\"_ _0\"/> and li<span class=\"_ _0\"/>abilities <span class=\"_ _0\"/>based o<span class=\"_ _0\"/>n their f<span class=\"_ _0\"/>air value<span class=\"_ _0\"/>s; and alloc<span class=\"_ _0\"/>ates the <span class=\"_ _0\"/>rest of <span class=\"_ _0\"/>the cost<span class=\"_ _0\"/> to goodw<span class=\"_ _0\"/>ill. The Group also<span class=\"_ _3\"/> recognises any exce<span class=\"_ _3\"/>ss of acquired as<span class=\"_ _3\"/>sets and liabi<span class=\"_ _3\"/>lities over the<span class=\"_ _3\"/> consideration pai<span class=\"_ _3\"/>d in the Consolid<span class=\"_ _0\"/>ated Incom<span class=\"_ _0\"/>e Statemen<span class=\"_ _0\"/>t immedi<span class=\"_ _0\"/>ately. IFRS accounting standards require that wh<span class=\"ls1a1 ws1d2\">en consideration is based on future performance, some of this consideration<span class=\"_ _0\"/> </span>is to be included in the purchase price <span class=\"ls1a1 ws1d2\">used in determining goodwill (\u2018contingent consideration\u2019). Exampl<span class=\"_ _0\"/>es of contingent </span>consideration include top-<span class=\"_ _0\"/>up payments and recoupable performanc<span class=\"_ _0\"/>e adjustments. Any remaining consideration is recognised as a liability or expense outside of acquisition accoun<span class=\"_ _0\"/>ting (put option liabilities and employment-linked contingent payments known a<span class=\"_ _3\"/>s \u2018earnout\u2019 payments). Where a payment<span class=\"_ _3\"/> is employment-linked, it<span class=\"_ _4\"/> is treated as a cash-sett<span class=\"_ _3\"/>led share based pay<span class=\"_ _3\"/>ment. The liabi<span class=\"_ _3\"/>lity is measured at<span class=\"_ _3\"/> fair value taki<span class=\"_ _3\"/>ng into account the t<span class=\"_ _3\"/>erms and conditions o<span class=\"_ _3\"/>f the arrangem<span class=\"_ _3\"/>ent and the e<span class=\"_ _3\"/>xtent to which employees hav<span class=\"_ _3\"/>e rendered se<span class=\"_ _3\"/>rvice to date<span class=\"_ _3\"/>. The liability is re<span class=\"_ _3\"/>measured at ea<span class=\"_ _3\"/>ch reporting date <span class=\"_ _3\"/>with changes in t<span class=\"_ _3\"/>he carrying valu<span class=\"_ _3\"/>e recognised i<span class=\"_ _3\"/>n the Consolid<span class=\"ls183 ws1b2\">ated Income Statemen<span class=\"_ _0\"/>t for the pe<span class=\"_ _0\"/>riod. </span>The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es non-c<span class=\"_ _0\"/>ontroll<span class=\"_ _0\"/>ing interes<span class=\"_ _0\"/>ts in an ac<span class=\"_ _0\"/>quired<span class=\"_ _0\"/><span class=\"ls186 ws2\"> entity eit<span class=\"_ _3\"/>her at fair v<span class=\"_ _3\"/>alue or <span class=\"_ _3\"/>at the non-c<span class=\"_ _3\"/>ontrolling </span>interest<span class=\"_ _0\"/>\u2019s proportio<span class=\"_ _0\"/>nate share o<span class=\"_ _0\"/>f the acquir<span class=\"_ _0\"/>ed entity<span class=\"_ _0\"/>\u2019s net identi<span class=\"_ _0\"/>fiable asset<span class=\"_ _0\"/>s. The valuat<span class=\"_ _0\"/>ion choice is ma<span class=\"_ _0\"/>de on an acquis<span class=\"_ _0\"/>ition by ac<span class=\"_ _0\"/>quisit<span class=\"_ _0\"/>ion basis.<span class=\"_ _0\"/>  Acquisitions in the current year The Group<span class=\"_ _0\"/> made tw<span class=\"_ _0\"/>o acquis<span class=\"_ _0\"/>itions in <span class=\"_ _0\"/>the curr<span class=\"_ _0\"/>ent per<span class=\"_ _0\"/>iod. Consi<span class=\"_ _0\"/>deration<span class=\"_ _0\"/> including <span class=\"_ _0\"/>net cash an<span class=\"_ _0\"/>d debt ac<span class=\"_ _0\"/>quired w<span class=\"_ _0\"/>as \u00a3115 milli<span class=\"_ _0\"/>on for t<span class=\"_ _0\"/>hese bus<span class=\"_ _0\"/>inesses, which<span class=\"_ _0\"/> are now <span class=\"_ _0\"/>reported<span class=\"_ _0\"/> within<span class=\"_ _0\"/> the ITV<span class=\"_ _0\"/> Studios o<span class=\"_ _0\"/>peratin<span class=\"_ _0\"/>g segmen<span class=\"_ _0\"/>t. The bus<span class=\"_ _0\"/>inesses fit with the strategy of <span class=\"_ _3\"/>strengthening the Group\u2019<span class=\"_ _3\"/>s existing po<span class=\"_ _3\"/><span class=\"ls183 ws1b2\">sition as a<span class=\"_ _0\"/> producer an<span class=\"_ _0\"/>d global dis<span class=\"_ _0\"/>tributor of w<span class=\"_ _0\"/>orld-class </span>content. Det<span class=\"_ _0\"/>ails of the<span class=\"_ _0\"/> acquisit<span class=\"_ _0\"/>ions are includ<span class=\"_ _0\"/>ed below: Escapade Bidco Limited (<span class=\"_ _0\"/>Plimsoll Productions)  On 1 July 2022, the G<span class=\"_ _0\"/>roup compl<span class=\"_ _0\"/>eted an ac<span class=\"_ _0\"/>quisition<span class=\"_ _0\"/> of a majority<span class=\"_ _0\"/> sharehold<span class=\"_ _0\"/>ing of Plim<span class=\"_ _0\"/>soll Product<span class=\"_ _0\"/>ions (throu<span class=\"_ _0\"/>gh its holding co<span class=\"_ _3\"/>mpany Escapade Bi<span class=\"_ _3\"/>dco Limited), the lar<span class=\"_ _3\"/>gest independent prod<span class=\"_ _3\"/>ucer of natur<span class=\"_ _3\"/>al history pro<span class=\"_ _3\"/>grammes in the world and a<span class=\"_ _0\"/> growing p<span class=\"_ _0\"/>remium<span class=\"_ _0\"/> factual<span class=\"_ _0\"/> producer. Th<span class=\"_ _0\"/>is acqu<span class=\"_ _0\"/>isition<span class=\"_ _0\"/> is a further mil<span class=\"_ _0\"/>estone in<span class=\"_ _0\"/> ITV's stra<span class=\"_ _0\"/>tegy of<span class=\"_ _0\"/> expandin<span class=\"_ _0\"/>g its international conte<span class=\"_ _3\"/>nt business. It further dive<span class=\"_ _3\"/>rsifies ITV Studios prod<span class=\"_ _3\"/>uction base and will enab<span class=\"_ _3\"/>le ITV to take advantage <span class=\"_ _0\"/>of the<span class=\"_ _0\"/> strong d<span class=\"_ _0\"/>emand for<span class=\"_ _0\"/> content <span class=\"_ _0\"/>across <span class=\"_ _0\"/>the ever-<span class=\"_ _0\"/>popular<span class=\"_ _0\"/> natural h<span class=\"_ _0\"/>istory an<span class=\"_ _0\"/>d factual<span class=\"_ _0\"/> genres. <span class=\"_ _0\"/>Plimsoll Productions<span class=\"_ _0\"/> has a s<span class=\"_ _0\"/>trong netw<span class=\"_ _0\"/>ork with <span class=\"_ _0\"/>all of th<span class=\"_ _0\"/>e global<span class=\"_ _0\"/> streame<span class=\"_ _0\"/>rs and th<span class=\"_ _0\"/>is acquis<span class=\"_ _0\"/>ition w<span class=\"_ _0\"/>ill strength<span class=\"_ _0\"/>en and <span class=\"_ _0\"/>deepen I<span class=\"_ _0\"/>TV Studio<span class=\"_ _3\"/>s relatio<span class=\"_ _3\"/>nships wit<span class=\"_ _4\"/>h the streamers. Key terms:  At acquisi<span class=\"_ _0\"/>tion, the Gro<span class=\"_ _0\"/>up made a total<span class=\"_ _0\"/> payment of<span class=\"_ _0\"/> \u00a3103 million fo<span class=\"_ _0\"/>r the purchas<span class=\"_ _0\"/>e of Plimsoll Pro<span class=\"_ _0\"/>ductions. The<span class=\"_ _0\"/> total payment wa<span class=\"_ _3\"/>s split bet<span class=\"_ _3\"/>ween an a<span class=\"_ _3\"/>cquisition of <span class=\"_ _3\"/>shares from t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e vendors o<span class=\"_ _3\"/>f \u00a320 mi<span class=\"_ _3\"/>llion and a <span class=\"_ _3\"/>subscripti<span class=\"_ _3\"/>on for new shares of \u00a383 millio<span class=\"_ _3\"/>n. The cash generated <span class=\"_ _3\"/>from the share <span class=\"_ _3\"/>su<span class=\"ls183 ws1b5\">bscription was us<span class=\"_ _0\"/>ed to re<span class=\"_ _0\"/>pay \u00a365<span class=\"_ _0\"/> million <span class=\"_ _0\"/>of loan no<span class=\"_ _0\"/>tes </span>held by the v<span class=\"_ _0\"/>endors and ex<span class=\"_ _0\"/>ternal debt<span class=\"_ _0\"/> of \u00a318 million.<span class=\"_ _0\"/> Under IFR<span class=\"_ _0\"/>S 3 \u2018Busin<span class=\"_ _0\"/>ess Combin<span class=\"_ _0\"/>ations<span class=\"_ _0\"/>\u2019, only the a<span class=\"_ _0\"/>mount pa<span class=\"_ _0\"/>id to the vend<span class=\"_ _0\"/>ors for shar<span class=\"_ _0\"/>es acquis<span class=\"_ _0\"/>ition (<span class=\"_ _0\"/>\u00a320 million<span class=\"_ _0\"/>) is treated as <span class=\"_ _3\"/>consideration. Howeve<span class=\"_ _3\"/>r, as the debt ha<span class=\"_ _3\"/>s been repai<span class=\"_ _3\"/>d as part of t<span class=\"_ _3\"/>he acquisition agr<span class=\"_ _3\"/>eement, the enti<span class=\"_ _3\"/>re cash outflow of \u00a310<span class=\"_ _0\"/>3 million<span class=\"_ _0\"/> is treated as c<span class=\"_ _0\"/>ost of acqui<span class=\"_ _0\"/>sition in th<span class=\"_ _0\"/>e cash flow statem<span class=\"_ _0\"/>ent. Based on the a<span class=\"_ _3\"/>ssessment of non-co<span class=\"_ _3\"/>ntrolling intere<span class=\"_ _3\"/>st, the Group<span class=\"_ _3\"/> has contro<span class=\"_ _3\"/>l over 93.07% of the<span class=\"_ _3\"/> business a<span class=\"_ _3\"/>cquired and a non-con<span class=\"_ _0\"/>trolling in<span class=\"_ _0\"/>terest of \u00a34<span class=\"_ _0\"/> million has be<span class=\"_ _0\"/>en recognise<span class=\"_ _0\"/>d. Put and call o<span class=\"_ _0\"/>ptions are in pl<span class=\"_ _0\"/>ace over the<span class=\"_ _0\"/> remainin<span class=\"_ _0\"/>g shareholding, <span class=\"_ _3\"/>with an exercise price<span class=\"_ _3\"/> based on a multip<span class=\"_ _4\"/>le of the average<span class=\"_ _3\"/> EBITA for the y<span class=\"_ _3\"/>ears 2023 to 2027. The maximum<span class=\"_ _0\"/> total poten<span class=\"_ _0\"/>tial consider<span class=\"_ _0\"/>ation, inclu<span class=\"_ _0\"/>ding the<span class=\"_ _0\"/> initial paym<span class=\"_ _0\"/>ent and the a<span class=\"_ _0\"/>dditional su<span class=\"_ _0\"/>bscript<span class=\"_ _0\"/>ion of shares, i<span class=\"_ _0\"/>s \u00a3183 mi<span class=\"_ _3\"/>llion (u<span class=\"_ _3\"/>ndiscou<span class=\"_ _3\"/>nted). This<span class=\"_ _3\"/> include<span class=\"_ _3\"/>s put and <span class=\"_ _3\"/>call optio<span class=\"_ _3\"/>ns over t<span class=\"_ _3\"/>he non-c<span class=\"_ _3\"/>ontrolling<span class=\"_ _3\"/> intere<span class=\"_ _3\"/>sts and ear<span class=\"_ _3\"/>nouts. These addi<span class=\"_ _0\"/>tional<span class=\"_ _0\"/> earnout pay<span class=\"_ _0\"/>ments<span class=\"_ _0\"/> are depen<span class=\"_ _0\"/>dent on fu<span class=\"_ _0\"/>ture perf<span class=\"_ _0\"/>ormanc<span class=\"_ _0\"/>e of the bu<span class=\"_ _0\"/>siness and l<span class=\"_ _0\"/>inked to ong<span class=\"_ _0\"/>oing employme<span class=\"_ _0\"/>nt, there<span class=\"_ _0\"/>fore are<span class=\"_ _0\"/> accounted<span class=\"_ _0\"/> for as expens<span class=\"_ _0\"/>e. The Grou<span class=\"_ _0\"/>p considers<span class=\"_ _0\"/> these pay<span class=\"_ _0\"/>ments as ca<span class=\"_ _0\"/>pital in<span class=\"_ _0\"/> nature, and there<span class=\"_ _3\"/>fore expense<span class=\"_ _3\"/>s in relati<span class=\"_ _3\"/>on to these pa<span class=\"_ _3\"/>yments ar<span class=\"_ _3\"/>e <span class=\"ls184 ws1b3\">excluded from<span class=\"_ _3\"/> adjusted profi<span class=\"_ _3\"/>ts as exceptio<span class=\"_ _3\"/>nal items.  </span>Acquisit<span class=\"_ _3\"/>ion accounting<span class=\"_ _3\"/>:  The Group is still completing its valuation<span class=\"_ _0\"/> of the intangible and tangible assets<span class=\"_ _0\"/> acquired with the business. Provisional amounts have been recognised in <span class=\"_ _3\"/>the Group results and Statem<span class=\"ls19e ws1b3\">ent of Financial Position at </span>31 December 2022 with the surplus of consideration over the current fair value of the share of net <span class=\"_ _3\"/>assets acquired allocated to goodwill. The Group expects to complete the valuation of intangible assets and other acquired assets and liabilities in the first half of 2023.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>207<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1f2 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1f1 ls3 ws2\"> </span></span>210<span class=\"ff1f4 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1f5 ls3 ws2\">\u2009</span><span class=\"ff1f2 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>The value of goodwill will be adjusted by a correspo<span class=\"_ _3\"/>nding amount for the value of intangible assets identified and the difference between the market and book values of the asset<span class=\"_ _3\"/>s<span class=\"ls1a1 ws1d3\"> and <span class=\"_ _4\"/>l<span class=\"_ _0\"/>iabilities. Prov<span class=\"_ _0\"/>isi<span class=\"_ _0\"/>on<span class=\"_ _0\"/>al i<span class=\"_ _0\"/>nt<span class=\"_ _0\"/>ang<span class=\"_ _0\"/>ibl<span class=\"_ _0\"/>e a<span class=\"_ _0\"/>ss<span class=\"_ _0\"/>ets<span class=\"_ _0\"/>, be<span class=\"_ _0\"/>in<span class=\"_ _0\"/>g th<span class=\"_ _0\"/>e </span>value pla<span class=\"_ _3\"/>ced on format<span class=\"_ _3\"/>s, brands, custom<span class=\"_ _3\"/>er contracts, <span class=\"_ _3\"/>non-compete arra<span class=\"_ _3\"/>ngements and libr<span class=\"_ _3\"/>aries, of \u00a313 mi<span class=\"_ _4\"/>llion were identified and good<span class=\"_ _4\"/>will was valued at \u00a3103 millio<span class=\"_ _3\"/>n. Good<span class=\"ls184 ws1c8\">wi<span class=\"_ _3\"/>ll represents the value p<span class=\"_ _3\"/>laced on the opportunity to </span>diversif<span class=\"_ _3\"/>y and grow t<span class=\"_ _3\"/>he content<span class=\"_ _3\"/>. The Group recognised the non-c<span class=\"_ _0\"/>ontrolling in<span class=\"ls184 ws1c8\">terests at fair value with a put li<span class=\"_ _3\"/>ability of \u00a34 million being re<span class=\"_ _3\"/>cognised at </span>acquis<span class=\"_ _0\"/>ition. Per<span class=\"_ _0\"/>formanc<span class=\"_ _0\"/>e-base<span class=\"_ _0\"/>d employ<span class=\"_ _0\"/>ment-lin<span class=\"_ _0\"/>ked ea<span class=\"_ _0\"/>rnouts w<span class=\"_ _0\"/>ill be ac<span class=\"_ _0\"/>crued<span class=\"_ _0\"/> over th<span class=\"_ _0\"/>e peri<span class=\"_ _0\"/>od the s<span class=\"_ _0\"/>ellers <span class=\"_ _0\"/>are requ<span class=\"_ _0\"/>ired to remain with the business and will <span class=\"ls18f ws1b7\">be treated as exceptional costs. </span>Effect of acquisition  The provis<span class=\"_ _0\"/>ional am<span class=\"_ _0\"/>ounts rec<span class=\"_ _0\"/>ognise<span class=\"_ _0\"/>d in respec<span class=\"_ _0\"/>t of the es<span class=\"_ _0\"/>timated fa<span class=\"_ _0\"/>ir value of i<span class=\"_ _0\"/>dentif<span class=\"_ _0\"/>iable assets<span class=\"_ _0\"/> and liabil<span class=\"_ _0\"/>ities have been includ<span class=\"_ _0\"/>ed below: 2022 Total \u00a3m  Consideration transfe<span class=\"_ _0\"/>rred: <span class=\"_ _16f\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff1f6\"> </span></span>Initial consideration  <span class=\"_ _293\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _69\"> </span><span class=\"ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Total cons<span class=\"_ _3\"/>ideration <span class=\"_ _1e5\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _69\"> </span><span class=\"ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Provisio<span class=\"_ _3\"/>nal fai<span class=\"_ _3\"/>r value o<span class=\"_ _3\"/>f net a<span class=\"_ _3\"/>ssets acqu<span class=\"_ _3\"/>ired: <span class=\"_ _294\"> </span><span class=\"ls3\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Cash <span class=\"_ _295\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _81\"> </span><span class=\"ls189 ws1b8\">11 </span></span>Intangible assets <span class=\"_ _296\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _14d\"> </span><span class=\"ls18c ws1c2\">13 </span></span>Deferred tax liabilities <span class=\"_ _297\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _47\"> </span><span class=\"ls183 ws1bd\">(2) </span></span>Property, plant and <span class=\"_ _3\"/>equipment <span class=\"_ _234\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Deferred<span class=\"_ _0\"/> tax assets<span class=\"_ _0\"/> <span class=\"_ _298\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12c\"> </span><span class=\"ls189 ws1b8\">1 </span></span>Production wo<span class=\"_ _3\"/>rk in progre<span class=\"_ _3\"/>ss <span class=\"_ _1e3\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _a0\"> </span><span class=\"ls18d ws1d3\">20 </span></span>Trade an<span class=\"_ _0\"/>d other rec<span class=\"_ _0\"/>eivabl<span class=\"_ _0\"/>es <span class=\"_ _259\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _14d\"> </span><span class=\"ls189 ws1b8\">16 </span></span>Contract assets <span class=\"_ _1f1\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Trade and ot<span class=\"_ _3\"/>her payable<span class=\"_ _3\"/>s <span class=\"_ _129\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _6e\"> </span><span class=\"ff1f3 ls18b ws1bb\">(17) </span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _299\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _58\"> </span><span class=\"ff1f3 ls18c ws1c2\">(3)<span class=\"_ _0\"/> </span></span>Contract liabilities <span class=\"_ _278\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3f\"> </span><span class=\"ff1f3 ls189 ws1b8\">(27) </span></span>Borrowings<span class=\"ff1f7 ls3 ws2\"> <span class=\"_ _290\"> </span><span class=\"ff1f3\"> <span class=\"_ _56\"> </span></span></span><span class=\"ff1f3\">(98) </span>Fair value of net liabil<span class=\"_ _0\"/>ities acquired <span class=\"_ _258\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _124\"> </span><span class=\"ls183 ws1bd\">(79)<span class=\"_ _0\"/> </span></span>Non-controlling<span class=\"_ _3\"/> interest measured<span class=\"_ _3\"/> at fair va<span class=\"_ _3\"/>lue <span class=\"_ _29a\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Goodwill <span class=\"_ _29b\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _6b\"> </span><span class=\"ls189 ws1b8\">103 </span></span>Purchase<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n \u2013 cash<span class=\"_ _3\"/> outflow <span class=\"_ _29c\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Cash consid<span class=\"_ _3\"/>eration <span class=\"_ _29d\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3a\"> </span><span class=\"ff1f3 ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Addition<span class=\"_ _0\"/>al cash inve<span class=\"_ _0\"/>sted to repa<span class=\"_ _0\"/>y loans on ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n <span class=\"_ _29e\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3b\"> </span></span><span class=\"ff1f3 ws1c1\">83 </span>Total cash paid on acquisition <span class=\"_ _230\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _159\"> </span><span class=\"ff1f3 ls189 ws1b8\">103 </span></span>Cash acquired <span class=\"_ _1e6\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _39\"> </span></span><span class=\"ff1f3 ws1b8\">(11) </span>Net cash outflow \u2013 in<span class=\"ls190 ws1c9\">vesting act<span class=\"_ _3\"/>ivitie<span class=\"_ _3\"/>s <span class=\"_ _243\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _a0\"> </span><span class=\"ls184 ws1d4\">92 </span></span></span>Other info<span class=\"_ _0\"/>rmation<span class=\"_ _0\"/> <span class=\"_ _1bc\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Present val<span class=\"_ _0\"/>ue of the ex<span class=\"_ _0\"/>pected l<span class=\"_ _0\"/>iability on<span class=\"_ _0\"/> put opti<span class=\"_ _0\"/>ons <span class=\"_ _21a\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Contribu<span class=\"_ _0\"/>tions to the Gro<span class=\"_ _0\"/>up\u2019s perform<span class=\"_ _0\"/>ance: <span class=\"_ _261\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff1f6\"> </span></span>From date of<span class=\"_ _0\"/> acquisiti<span class=\"_ _0\"/>on <span class=\"_ _223\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Revenue  <span class=\"_ _271\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _1d2\"> </span><span class=\"ls188 ws1b9\">32 </span></span>EBITA before exceptional items <span class=\"_ _fe\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Operating profit <span class=\"_ _1ea\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Proform<span class=\"_ _0\"/>a \u2013 Janua<span class=\"_ _0\"/>ry to D<span class=\"_ _0\"/>ecember<span class=\"_ _0\"/> <span class=\"_ _128\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Revenue <span class=\"_ _2a0\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _69\"> </span></span><span class=\"ff1f3\">48 </span>EBITA before exceptional items <span class=\"_ _fe\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Operating profit <span class=\"_ _1ea\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Acquisition costs charged to operating exc<span class=\"_ _0\"/>eptional items in <span class=\"ls1a0 ws1c9\">the Consolidated Income Statem<span class=\"ls19e ws1b3\">ent amounted to \u00a34 million </span></span>for financial due <span class=\"_ _3\"/>diligence and leg<span class=\"_ _3\"/>al costs.<span class=\"_ _3\"/> Lingo Pictures Pty Limited (Lingo Pictures)  On 31 October 2022, the Group<span class=\"_ _0\"/> completed an acquis<span class=\"_ _0\"/>ition of a maj<span class=\"_ _0\"/>ority shareholding (51%) o<span class=\"_ _0\"/>f Lingo Pictures Pty L<span class=\"_ _0\"/>imited, a multi-award winning Australian<span class=\"_ _0\"/> production company. Ling<span class=\"_ _0\"/>o Pictures is the Grou<span class=\"_ _0\"/>ps\u2019 first Australian scripted la<span class=\"_ _0\"/>bel. The Group paid<span class=\"_ _3\"/> \u00a36 million cash consi<span class=\"_ _3\"/>deration for \u00a3<span class=\"_ _3\"/>2 million<span class=\"ls1a8 ws1bf\"> net cash and net asset<span class=\"_ _3\"/>s of <span class=\"ls197 ws1c0\">\u00a3nil. Based on the assessment </span></span>of non-controlling interest, the Group <span class=\"ls1b3 ws1bf\">has control over 100% of the business </span><span class=\"ls198\">acqu<span class=\"_ _0\"/>ired. Performance-based em<span class=\"_ _0\"/>ployment-<span class=\"_ _335\"> </span></span>linked earnouts will be accrued <span class=\"_ _0\"/>over the period <span class=\"_ _0\"/>the sellers <span class=\"ls199 ws1b3\">are re<span class=\"_ _0\"/>quired to re<span class=\"_ _0\"/>main with the <span class=\"_ _0\"/>business and will<span class=\"_ _0\"/> be treated </span>as exceptional costs. Provisional amount<span class=\"ls198 ws2\">s have <span class=\"_ _0\"/>been recognised in th<span class=\"_ _0\"/>ese fina<span class=\"ls1b3 ws1bf\">ncial statements, resulting in goodwill </span></span>recognition <span class=\"_ _0\"/>of \u00a34 million. Th<span class=\"_ _0\"/>e acquisiti<span class=\"_ _0\"/>on accounting<span class=\"_ _0\"/> is expected to <span class=\"_ _0\"/>be finalised in<span class=\"_ _0\"/> the first h<span class=\"_ _0\"/>alf of 2023. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>208<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff1f2 ls1ca ws23d\">continue<span class=\"_ _3\"/>d<span class=\"ff1f1 ls3 ws2\"> </span></span>210<span class=\"ff1f4 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff1f5 ls3 ws2\">\u2009</span><span class=\"ff1f2 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>The value of goodwill will be adjusted by a correspo<span class=\"_ _3\"/>nding amount for the value of intangible assets identified and the difference between the market and book values of the asset<span class=\"_ _3\"/>s<span class=\"ls1a1 ws1d3\"> and <span class=\"_ _4\"/>l<span class=\"_ _0\"/>iabilities. Prov<span class=\"_ _0\"/>isi<span class=\"_ _0\"/>on<span class=\"_ _0\"/>al i<span class=\"_ _0\"/>nt<span class=\"_ _0\"/>ang<span class=\"_ _0\"/>ibl<span class=\"_ _0\"/>e a<span class=\"_ _0\"/>ss<span class=\"_ _0\"/>ets<span class=\"_ _0\"/>, be<span class=\"_ _0\"/>in<span class=\"_ _0\"/>g th<span class=\"_ _0\"/>e </span>value pla<span class=\"_ _3\"/>ced on format<span class=\"_ _3\"/>s, brands, custom<span class=\"_ _3\"/>er contracts, <span class=\"_ _3\"/>non-compete arra<span class=\"_ _3\"/>ngements and libr<span class=\"_ _3\"/>aries, of \u00a313 mi<span class=\"_ _4\"/>llion were identified and good<span class=\"_ _4\"/>will was valued at \u00a3103 millio<span class=\"_ _3\"/>n. Good<span class=\"ls184 ws1c8\">wi<span class=\"_ _3\"/>ll represents the value p<span class=\"_ _3\"/>laced on the opportunity to </span>diversif<span class=\"_ _3\"/>y and grow t<span class=\"_ _3\"/>he content<span class=\"_ _3\"/>. The Group recognised the non-c<span class=\"_ _0\"/>ontrolling in<span class=\"ls184 ws1c8\">terests at fair value with a put li<span class=\"_ _3\"/>ability of \u00a34 million being re<span class=\"_ _3\"/>cognised at </span>acquis<span class=\"_ _0\"/>ition. Per<span class=\"_ _0\"/>formanc<span class=\"_ _0\"/>e-base<span class=\"_ _0\"/>d employ<span class=\"_ _0\"/>ment-lin<span class=\"_ _0\"/>ked ea<span class=\"_ _0\"/>rnouts w<span class=\"_ _0\"/>ill be ac<span class=\"_ _0\"/>crued<span class=\"_ _0\"/> over th<span class=\"_ _0\"/>e peri<span class=\"_ _0\"/>od the s<span class=\"_ _0\"/>ellers <span class=\"_ _0\"/>are requ<span class=\"_ _0\"/>ired to remain with the business and will <span class=\"ls18f ws1b7\">be treated as exceptional costs. </span>Effect of acquisition  The provis<span class=\"_ _0\"/>ional am<span class=\"_ _0\"/>ounts rec<span class=\"_ _0\"/>ognise<span class=\"_ _0\"/>d in respec<span class=\"_ _0\"/>t of the es<span class=\"_ _0\"/>timated fa<span class=\"_ _0\"/>ir value of i<span class=\"_ _0\"/>dentif<span class=\"_ _0\"/>iable assets<span class=\"_ _0\"/> and liabil<span class=\"_ _0\"/>ities have been includ<span class=\"_ _0\"/>ed below: 2022 Total \u00a3m  Consideration transfe<span class=\"_ _0\"/>rred: <span class=\"_ _16f\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff1f6\"> </span></span>Initial consideration  <span class=\"_ _293\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _69\"> </span><span class=\"ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Total cons<span class=\"_ _3\"/>ideration <span class=\"_ _1e5\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _69\"> </span><span class=\"ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Provisio<span class=\"_ _3\"/>nal fai<span class=\"_ _3\"/>r value o<span class=\"_ _3\"/>f net a<span class=\"_ _3\"/>ssets acqu<span class=\"_ _3\"/>ired: <span class=\"_ _294\"> </span><span class=\"ls3\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span>Cash <span class=\"_ _295\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _81\"> </span><span class=\"ls189 ws1b8\">11 </span></span>Intangible assets <span class=\"_ _296\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _14d\"> </span><span class=\"ls18c ws1c2\">13 </span></span>Deferred tax liabilities <span class=\"_ _297\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _47\"> </span><span class=\"ls183 ws1bd\">(2) </span></span>Property, plant and <span class=\"_ _3\"/>equipment <span class=\"_ _234\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Deferred<span class=\"_ _0\"/> tax assets<span class=\"_ _0\"/> <span class=\"_ _298\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12c\"> </span><span class=\"ls189 ws1b8\">1 </span></span>Production wo<span class=\"_ _3\"/>rk in progre<span class=\"_ _3\"/>ss <span class=\"_ _1e3\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _a0\"> </span><span class=\"ls18d ws1d3\">20 </span></span>Trade an<span class=\"_ _0\"/>d other rec<span class=\"_ _0\"/>eivabl<span class=\"_ _0\"/>es <span class=\"_ _259\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _14d\"> </span><span class=\"ls189 ws1b8\">16 </span></span>Contract assets <span class=\"_ _1f1\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Trade and ot<span class=\"_ _3\"/>her payable<span class=\"_ _3\"/>s <span class=\"_ _129\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _6e\"> </span><span class=\"ff1f3 ls18b ws1bb\">(17) </span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _299\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _58\"> </span><span class=\"ff1f3 ls18c ws1c2\">(3)<span class=\"_ _0\"/> </span></span>Contract liabilities <span class=\"_ _278\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3f\"> </span><span class=\"ff1f3 ls189 ws1b8\">(27) </span></span>Borrowings<span class=\"ff1f7 ls3 ws2\"> <span class=\"_ _290\"> </span><span class=\"ff1f3\"> <span class=\"_ _56\"> </span></span></span><span class=\"ff1f3\">(98) </span>Fair value of net liabil<span class=\"_ _0\"/>ities acquired <span class=\"_ _258\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _124\"> </span><span class=\"ls183 ws1bd\">(79)<span class=\"_ _0\"/> </span></span>Non-controlling<span class=\"_ _3\"/> interest measured<span class=\"_ _3\"/> at fair va<span class=\"_ _3\"/>lue <span class=\"_ _29a\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Goodwill <span class=\"_ _29b\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _6b\"> </span><span class=\"ls189 ws1b8\">103 </span></span>Purchase<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n \u2013 cash<span class=\"_ _3\"/> outflow <span class=\"_ _29c\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Cash consid<span class=\"_ _3\"/>eration <span class=\"_ _29d\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3a\"> </span><span class=\"ff1f3 ls18d ws1d3\">20<span class=\"_ _0\"/> </span></span>Addition<span class=\"_ _0\"/>al cash inve<span class=\"_ _0\"/>sted to repa<span class=\"_ _0\"/>y loans on ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n <span class=\"_ _29e\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _3b\"> </span></span><span class=\"ff1f3 ws1c1\">83 </span>Total cash paid on acquisition <span class=\"_ _230\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _159\"> </span><span class=\"ff1f3 ls189 ws1b8\">103 </span></span>Cash acquired <span class=\"_ _1e6\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _39\"> </span></span><span class=\"ff1f3 ws1b8\">(11) </span>Net cash outflow \u2013 in<span class=\"ls190 ws1c9\">vesting act<span class=\"_ _3\"/>ivitie<span class=\"_ _3\"/>s <span class=\"_ _243\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _a0\"> </span><span class=\"ls184 ws1d4\">92 </span></span></span>Other info<span class=\"_ _0\"/>rmation<span class=\"_ _0\"/> <span class=\"_ _1bc\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span>Present val<span class=\"_ _0\"/>ue of the ex<span class=\"_ _0\"/>pected l<span class=\"_ _0\"/>iability on<span class=\"_ _0\"/> put opti<span class=\"_ _0\"/>ons <span class=\"_ _21a\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 </span></span>Contribu<span class=\"_ _0\"/>tions to the Gro<span class=\"_ _0\"/>up\u2019s perform<span class=\"_ _0\"/>ance: <span class=\"_ _261\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff1f6\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span>From date of<span class=\"_ _0\"/> acquisiti<span class=\"_ _0\"/>on <span class=\"_ _223\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> </span></span>Revenue  <span class=\"_ _271\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _1d2\"> </span><span class=\"ls188 ws1b9\">32 </span></span>EBITA before exceptional items <span class=\"_ _fe\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Operating profit <span class=\"_ _1ea\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Proform<span class=\"_ _0\"/>a \u2013 Janua<span class=\"_ _0\"/>ry to D<span class=\"_ _0\"/>ecember<span class=\"_ _0\"/> <span class=\"_ _128\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1f6\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span>Revenue <span class=\"_ _2a0\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _69\"> </span></span><span class=\"ff1f3\">48 </span>EBITA before exceptional items <span class=\"_ _fe\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Operating profit <span class=\"_ _1ea\"> </span><span class=\"ff1f3 ls3 ws2\"> <span class=\"_ _131\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Acquisition costs charged to operating exc<span class=\"_ _0\"/>eptional items in <span class=\"ls1a0 ws1c9\">the Consolidated Income Statem<span class=\"ls19e ws1b3\">ent amounted to \u00a34 million </span></span>for financial due <span class=\"_ _3\"/>diligence and leg<span class=\"_ _3\"/>al costs.<span class=\"_ _3\"/> Lingo Pictures Pty Limited (Lingo Pictures)  On 31 October 2022, the Group<span class=\"_ _0\"/> completed an acquis<span class=\"_ _0\"/>ition of a maj<span class=\"_ _0\"/>ority shareholding (51%) o<span class=\"_ _0\"/>f Lingo Pictures Pty L<span class=\"_ _0\"/>imited, a multi-award winning Australian<span class=\"_ _0\"/> production company. Ling<span class=\"_ _0\"/>o Pictures is the Grou<span class=\"_ _0\"/>ps\u2019 first Australian scripted la<span class=\"_ _0\"/>bel. The Group paid<span class=\"_ _3\"/> \u00a36 million cash consi<span class=\"_ _3\"/>deration for \u00a3<span class=\"_ _3\"/>2 million<span class=\"ls1a8 ws1bf\"> net cash and net asset<span class=\"_ _3\"/>s of <span class=\"ls197 ws1c0\">\u00a3nil. Based on the assessment </span></span>of non-controlling interest, the Group <span class=\"ls1b3 ws1bf\">has control over 100% of the business </span><span class=\"ls198\">acqu<span class=\"_ _0\"/>ired. Performance-based em<span class=\"_ _0\"/>ployment-<span class=\"_ _335\"> </span></span>linked earnouts will be accrued <span class=\"_ _0\"/>over the period <span class=\"_ _0\"/>the sellers <span class=\"ls199 ws1b3\">are re<span class=\"_ _0\"/>quired to re<span class=\"_ _0\"/>main with the <span class=\"_ _0\"/>business and will<span class=\"_ _0\"/> be treated </span>as exceptional costs. Provisional amount<span class=\"ls198 ws2\">s have <span class=\"_ _0\"/>been recognised in th<span class=\"_ _0\"/>ese fina<span class=\"ls1b3 ws1bf\">ncial statements, resulting in goodwill </span></span>recognition <span class=\"_ _0\"/>of \u00a34 million. Th<span class=\"_ _0\"/>e acquisiti<span class=\"_ _0\"/>on accounting<span class=\"_ _0\"/> is expected to <span class=\"_ _0\"/>be finalised in<span class=\"_ _0\"/> the first h<span class=\"_ _0\"/>alf of 2023. I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff1f9 fc7 sc0\">\u2009<span class=\"ff1f8 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff1f8 fs27\"> 2<span class=\"_ _2c\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>3.5  Investment<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff1fb ls187 ws21c\">Keeping </span>it simple The Group ho<span class=\"_ _3\"/>lds non-controlli<span class=\"_ _3\"/>ng interests i<span class=\"_ _3\"/>n a number of di<span class=\"_ _3\"/>fferent entiti<span class=\"_ _3\"/>es. Accounting<span class=\"_ _0\"/> for thes<span class=\"_ _0\"/>e invest<span class=\"_ _0\"/>ments, an<span class=\"_ _0\"/>d the G<span class=\"_ _0\"/>roup\u2019s sh<span class=\"_ _0\"/>are of an<span class=\"_ _0\"/>y profits<span class=\"_ _0\"/> and loss<span class=\"_ _0\"/>es, depends<span class=\"_ _0\"/> on the level of<span class=\"_ _0\"/> control<span class=\"_ _0\"/> or influenc<span class=\"_ _0\"/>e the Grou<span class=\"_ _0\"/>p is grante<span class=\"_ _0\"/>d via its<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t. The three pri<span class=\"_ _3\"/>ncipal types o<span class=\"_ _3\"/>f non-conso<span class=\"_ _3\"/>lidated inve<span class=\"_ _3\"/>stments are jo<span class=\"_ _3\"/>int arrang<span class=\"_ _3\"/>ements (joi<span class=\"_ _3\"/>nt ventures or<span class=\"_ _0\"/> joint oper<span class=\"_ _0\"/>ations), ass<span class=\"_ _0\"/>ociates,<span class=\"_ _0\"/> and equity inv<span class=\"_ _0\"/>estments.<span class=\"_ _0\"/> A joint arrangement is an invest<span class=\"_ _3\"/>ment where <span class=\"ls18d ws1b3\">the Grou<span class=\"_ _0\"/>p has <span class=\"_ _0\"/>joint c<span class=\"_ _0\"/>ontrol,<span class=\"_ _0\"/> with<span class=\"_ _0\"/> one or<span class=\"_ _0\"/> </span>more third par<span class=\"_ _3\"/>ties. An associat<span class=\"_ _3\"/>e is an en<span class=\"ls18d ws1d4\">tity over whic<span class=\"_ _0\"/>h the G<span class=\"_ _0\"/>roup has<span class=\"_ _0\"/> signific<span class=\"_ _0\"/>ant </span>influence (i.<span class=\"_ _0\"/>e. power to part<span class=\"_ _0\"/>icipate in<span class=\"_ _0\"/> the investe<span class=\"_ _0\"/>e\u2019s financial an<span class=\"_ _0\"/>d operatin<span class=\"_ _0\"/>g decisio<span class=\"_ _3\"/>ns). Any<span class=\"_ _3\"/> other inv<span class=\"_ _3\"/>estment i<span class=\"_ _3\"/>s an equit<span class=\"_ _3\"/>y invest<span class=\"_ _3\"/>ment. Accounting policies For joint vent<span class=\"_ _3\"/>ures and asso<span class=\"_ _3\"/>ciates, the Group <span class=\"_ _3\"/>applies equity accou<span class=\"_ _3\"/>nting. Under thi<span class=\"_ _3\"/>s method, it re<span class=\"_ _3\"/>cognises the investme<span class=\"_ _0\"/>nt in th<span class=\"_ _0\"/>e entity<span class=\"_ _0\"/> at cost <span class=\"_ _0\"/>and subs<span class=\"_ _0\"/>equently<span class=\"_ _0\"/> adjusts <span class=\"_ _0\"/>this fo<span class=\"_ _0\"/>r its shar<span class=\"_ _0\"/>e of prof<span class=\"_ _0\"/>its or los<span class=\"_ _0\"/>ses, whic<span class=\"_ _0\"/>h are reco<span class=\"_ _0\"/>gnised in the Conso<span class=\"_ _3\"/>lidated Income Statem<span class=\"_ _3\"/>ent within non-op<span class=\"_ _4\"/><span class=\"ls184 ws1b3\">erating items and included<span class=\"_ _3\"/> in adjusted profi<span class=\"_ _3\"/>t.  </span>Where the Gr<span class=\"_ _3\"/>oup has inve<span class=\"_ _3\"/>sted in as<span class=\"_ _3\"/>sociates by <span class=\"_ _3\"/>acquiring <span class=\"_ _4\"/><span class=\"ls184 ws1c8\">preference shares or convertib<span class=\"_ _3\"/>le debt instruments, the </span>share of profit <span class=\"_ _3\"/>recognised is<span class=\"_ _3\"/> usually \u00a3nil<span class=\"_ _3\"/> as no equity i<span class=\"_ _3\"/>nterest exi<span class=\"_ _3\"/>sts.  Equity investment<span class=\"_ _3\"/>s are held at <span class=\"_ _3\"/>fair value <span class=\"_ _3\"/>unless the investment<span class=\"_ _3\"/> is a start<span class=\"_ _3\"/>-up business, in whi<span class=\"_ _3\"/>ch case it i<span class=\"_ _3\"/>s valued initially<span class=\"_ _3\"/> at cost as <span class=\"_ _3\"/>a proxy fo<span class=\"_ _3\"/>r fair valu<span class=\"_ _3\"/>e.  The carry<span class=\"_ _0\"/>ing amount of<span class=\"_ _0\"/> each category of<span class=\"_ _0\"/> our investmen<span class=\"_ _0\"/>ts is repre<span class=\"_ _0\"/>sented as foll<span class=\"_ _0\"/>ows: Joint ventures \u00a3m Associates \u00a3m Equity investment<span class=\"_ _3\"/>s \u00a3m Total \u00a3m At 1 January 2021 <span class=\"_ _d9\"> </span>2<span class=\"_ _335\"> </span>4 <span class=\"_ _82\"> </span>52 <span class=\"_ _56\"> </span>1 77 Additions 4 <span class=\"_ _59\"> </span>8 <span class=\"_ _59\"> </span>3 15 Share of profits/(losses) <span class=\"_ _63\"> </span>1<span class=\"_ _335\"> </span>4 <span class=\"_ _80\"> </span>(2)<span class=\"_ _0\"/> <span class=\"_ _12\"> </span>\u2013 12 Impairments/fair value adjustments <span class=\"_ _13b\"> </span>\u2013 <span class=\"_ _b2\"> </span>(7) <span class=\"_ _b2\"> </span>\u2013 <span class=\"_ _6b\"> </span>(7) Foreign <span class=\"_ _2a1\"/>exchange <span class=\"_ _150\"> </span>1 \u2013 \u2013 <span class=\"_ _2a2\"/>1 At 31 December 2021 <span class=\"_ _f6\"> </span>43 <span class=\"_ _6d\"> </span>51 4 98 Additions <span class=\"_ _2a3\"> </span>5 <span class=\"_ _59\"> </span>6 <span class=\"_ _56\"> </span>7 18 Share of profits <span class=\"_ _21a\"> </span>7 <span class=\"_ _1a\"> </span>1 <span class=\"_ _7e\"> </span>\u2013 <span class=\"_ _6f\"> </span>8 Impairments/fair value adjustments <span class=\"_ _13b\"> </span>\u2013 <span class=\"_ _e0\"> </span>(<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>) <span class=\"_ _80\"> </span>\u2013 (<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>) Foreign exchange 4 <span class=\"_ _28e\"> </span>6 <span class=\"_ _43\"> </span>\u2013 10 At 31 December 2022 <span class=\"_ _255\"> </span><span class=\"ls188 ws1b9\">59 <span class=\"_ _15\"> </span><span class=\"ls18b ws1bb\">60 <span class=\"_ _6d\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _22\"> </span></span></span></span><span class=\"ws1c2\">130<span class=\"_ _0\"/> </span>Signif<span class=\"_ _0\"/>icant in<span class=\"_ _0\"/>vestm<span class=\"_ _0\"/>ents in jo<span class=\"_ _0\"/>int ven<span class=\"_ _0\"/>tures inc<span class=\"_ _0\"/>lude \u00a34<span class=\"_ _0\"/>8 milli<span class=\"_ _0\"/>on (202<span class=\"_ _0\"/>1: \u00a334 mill<span class=\"_ _0\"/>ion) in<span class=\"_ _0\"/>veste<span class=\"_ _0\"/>d in BritB<span class=\"_ _0\"/>ox LLC in<span class=\"_ _0\"/> the US. The Group\u2019s ass<span class=\"_ _0\"/>ociates includ<span class=\"_ _0\"/>e \u00a338 million (2021: \u00a3<span class=\"_ _0\"/>31 mi<span class=\"ls186 ws2\">llion) relati<span class=\"_ _4\"/>ng to a 45% investment i<span class=\"_ _3\"/>n Blumhouse <span class=\"_ _3\"/>TV </span>Holdings<span class=\"_ _0\"/> LLC, a film and t<span class=\"_ _0\"/>elevision pro<span class=\"_ _0\"/>duction comp<span class=\"_ _0\"/>any in <span class=\"ls18d ws1b3\">the <span class=\"_ _0\"/>US. The<span class=\"_ _0\"/> equi<span class=\"_ _0\"/>ty inv<span class=\"_ _0\"/>estmen<span class=\"_ _0\"/>ts rel<span class=\"_ _0\"/>ate pri<span class=\"_ _0\"/>marily<span class=\"_ _0\"/> to Gr<span class=\"_ _0\"/>oup\u2019s<span class=\"_ _0\"/> </span>Media for E<span class=\"_ _0\"/>quity p<span class=\"_ _0\"/>rogramme.<span class=\"_ _0\"/> BritBox<span class=\"_ _0\"/> LLC is the o<span class=\"_ _0\"/>nly in<span class=\"ls186 ws2\">vestment which is<span class=\"_ _3\"/> considered ma<span class=\"_ _3\"/>terial to t<span class=\"_ _3\"/>he Group. </span>The follow<span class=\"_ _0\"/>ing tabl<span class=\"_ _0\"/>e provides<span class=\"_ _0\"/> summar<span class=\"_ _0\"/>ised unau<span class=\"_ _0\"/>dited fin<span class=\"_ _0\"/>ancial in<span class=\"_ _0\"/>formati<span class=\"_ _0\"/>on for Brit<span class=\"_ _0\"/>Box LLC ali<span class=\"_ _0\"/>gned to th<span class=\"_ _0\"/>e ITV Group<span class=\"_ _0\"/>\u2019s 31 Dece<span class=\"_ _3\"/>mber year end<span class=\"_ _3\"/>, prepared b<span class=\"_ _3\"/>y BritBox LL<span class=\"_ _3\"/>C management<span class=\"_ _3\"/>. BritBox LLC<span class=\"_ _3\"/> has a fina<span class=\"_ _3\"/>ncial year e<span class=\"_ _3\"/>nding on 31 March. Summarised balance sheet: BritBox LLC 2022 \u00a3m  2021 \u00a3m  Current as<span class=\"_ _0\"/>sets <span class=\"_ _2a4\"> </span><span class=\"ff1fa ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1fc\"> </span></span>Cash and cash equivalents <span class=\"_ _17f\"> </span><span class=\"ff1fa ls18f ws1c4\">55 <span class=\"_ _1f\"> </span></span><span class=\"ls18d ws1d3\">37 </span>Other current<span class=\"_ _3\"/> assets <span class=\"_ _2a5\"> </span><span class=\"ff1fa ls18b ws1bb\">146 <span class=\"_ _78\"> </span></span><span class=\"ls183 ws1bd\">58 </span>Total current assets <span class=\"_ _26d\"> </span><span class=\"ff1fa ls18b ws1bb\">201<span class=\"_ _0\"/> <span class=\"_ _78\"> </span></span><span class=\"ls18d ws1d3\">95 </span>Non-curren<span class=\"_ _0\"/>t assets <span class=\"_ _1db\"> </span><span class=\"ff1fa ls18b ws1bb\">6 </span>4<span class=\"_ _335\"> </span>Total assets <span class=\"_ _1c5\"> </span><span class=\"ff1fa ls185 ws1c1\">207 <span class=\"_ _78\"> </span></span><span class=\"ws1d4\">99 </span>Current<span class=\"_ _0\"/> liabil<span class=\"_ _0\"/>ities<span class=\"_ _0\"/> <span class=\"_ _2a6\"> </span><span class=\"ff1fa ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff1fc\"> </span></span>Other current<span class=\"_ _3\"/> liabilities <span class=\"_ _1e3\"> </span><span class=\"ff1fa ls189 ws1b8\">(10<span class=\"_ _0\"/>9) <span class=\"_ _5f\"> </span></span><span class=\"ls19b ws1d6\">(2<span class=\"_ _0\"/>8) </span>Total current liabilitie<span class=\"_ _3\"/>s <span class=\"_ _2a7\"> </span><span class=\"ff1fa ls189 ws1b8\">(109) <span class=\"_ _6e\"> </span></span><span class=\"ls19b ws1d6\">(28) </span>Non-current liabilitie<span class=\"_ _3\"/>s <span class=\"_ _22f\"> </span><span class=\"ff1fa ls3 ws2\"> <span class=\"_ _87\"> </span><span class=\"ff1fc\"> </span></span>Other non<span class=\"_ _3\"/>-current li<span class=\"_ _3\"/>abilitie<span class=\"_ _3\"/>s <span class=\"_ _2a8\"> </span><span class=\"ff1fa ls18c ws1c2\">(5) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(5<span class=\"_ _0\"/>) </span>Total no<span class=\"_ _3\"/>n-curre<span class=\"_ _3\"/>nt liabil<span class=\"_ _3\"/>ities<span class=\"ff1fd ls3 ws2\"> </span>(5) <span class=\"_ _18\"> </span><span class=\"ff1fc ls19b ws1d6\">(5<span class=\"_ _0\"/>) </span>Total liabilities <span class=\"_ _2a9\"> </span><span class=\"ff1fa ls189 ws1b8\">(114) <span class=\"_ _6e\"> </span></span><span class=\"ws1b9\">(33) </span>Net assets <span class=\"_ _1e8\"> </span><span class=\"ls18d ws1d3\">93 <span class=\"_ _14d\"> </span><span class=\"ff1fc ls184 ws1d4\">66</span></span><span class=\"ls18d ws1d3\"><span class=\"ff1fc ls184 ws1d4\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>209<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff201 ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>212<span class=\"ff203 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff204 ls3 ws2\">\u2009</span><span class=\"ff201 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Reconci<span class=\"_ _3\"/>liation to carryi<span class=\"_ _3\"/>ng amounts: 2022 \u00a3m  2021 \u00a3m  Opening net<span class=\"_ _4\"/> <span class=\"_ _0\"/>assets 1 Ja<span class=\"_ _3\"/>nuary <span class=\"_ _27e\"> </span><span class=\"ff202 ls18b ws1bb\">66 <span class=\"_ _81\"> </span></span><span class=\"ls1a1 ws1dc\">31<span class=\"ls3 ws2\"> </span></span>Profit fo<span class=\"_ _0\"/>r the peri<span class=\"_ _0\"/>od <span class=\"_ _2aa\"> </span><span class=\"ff202 ls18f ws1c4\">18 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Foreign exchange impact <span class=\"_ _176\"> </span><span class=\"ff202 ls184 ws1d4\">9 <span class=\"_ _168\"> </span></span><span class=\"ls186 ws1b6\">1 </span>Closing net <span class=\"_ _0\"/>assets <span class=\"_ _2ab\"> </span><span class=\"ff202 ls18d ws1d3\">93 <span class=\"_ _78\"> </span></span><span class=\"ls184 ws1d4\">66 </span>Group\u2019s share in % <span class=\"_ _17d\"> </span><span class=\"ff202 ls184 ws1d4\">50% <span class=\"_ _28e\"> </span></span><span class=\"ls189 ws1b8\">50% </span>Group\u2019s share in \u00a3m <span class=\"_ _222\"> </span><span class=\"ff202 ls183 ws1bd\">47 <span class=\"_ _14d\"> </span></span><span class=\"ls188 ws1b9\">33 </span>Goodwill <span class=\"_ _2ac\"> </span><span class=\"ff202 ls189 ws1b8\">1 <span class=\"_ _168\"> </span></span>1 Carrying a<span class=\"_ _3\"/>mount <span class=\"_ _26c\"> </span><span class=\"ls183 ws1bd\">48 <span class=\"_ _78\"> </span><span class=\"ff205 ls3 ws2\">3<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>Summarised statement of comprehensive income: BritBox LLC 2022 \u00a3m  2021 \u00a3m  Revenue <span class=\"_ _27a\"> </span><span class=\"ff202 ls183 ws1bd\">126 <span class=\"_ _14d\"> </span></span><span class=\"ls1a7 ws1e1\">86<span class=\"ls3 ws2\"> </span></span>Depreciation and amorti<span class=\"_ _3\"/>sation <span class=\"_ _2ad\"> </span><span class=\"ff202 ls183 ws1bd\">(2) <span class=\"_ _1d2\"> </span></span><span class=\"ls19b ws1d6\">(1) </span>Income tax expense* <span class=\"_ _17d\"> </span><span class=\"ff202 ls189 ws1b8\">(1) <span class=\"_ _1d2\"> </span></span><span class=\"ls19b ws1d6\">(1)<span class=\"_ _0\"/> </span>Profit from continui<span class=\"_ _3\"/>ng operations <span class=\"_ _2ae\"> </span><span class=\"ff202 ls18f ws1c4\">18 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Profit for the p<span class=\"_ _0\"/>eriod <span class=\"_ _2af\"> </span><span class=\"ls18f ws1c4\">18 <span class=\"_ _14d\"> </span><span class=\"ff205 ls3 ws2\">3<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>* <span class=\"_ _2b\"> </span>Income tax expense relates to state taxes only. The joint venture partners separately ac<span class=\"_ _3\"/>count for and pay their share of inc<span class=\"_ _3\"/>o<span class=\"ls1c6 ws1e3\">me taxes <span class=\"_ _3\"/>on their<span class=\"_ _3\"/> share of<span class=\"_ _3\"/> profit<span class=\"_ _3\"/>s. </span>Please re<span class=\"_ _3\"/>fer to page 255<span class=\"_ _3\"/> for the list <span class=\"_ _3\"/>of princip<span class=\"_ _3\"/>al invest<span class=\"_ _3\"/>ments he<span class=\"_ _3\"/>ld at 31 De<span class=\"_ _3\"/>cember 2022. 3.6 Provision<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff203 ls187 ws21c\">Keeping </span>it simple A provision i<span class=\"_ _3\"/>s recognised b<span class=\"_ _3\"/>y the Group where<span class=\"_ _3\"/> an obligation<span class=\"_ _3\"/> exists relating <span class=\"_ _3\"/>to events in the past a<span class=\"_ _3\"/>nd it is probable t<span class=\"_ _3\"/>hat cash will be<span class=\"_ _3\"/> paid to settle it<span class=\"_ _3\"/>. A provision<span class=\"_ _0\"/> is made where th<span class=\"_ _0\"/>e Group<span class=\"_ _0\"/> is not certain how much c<span class=\"_ _0\"/>ash will be requ<span class=\"_ _0\"/>ired to settle a liability, so an estimate is required. The main estimates relate<span class=\"_ _3\"/> to the cost of holding<span class=\"_ _0\"/> proper<span class=\"_ _0\"/>ties that<span class=\"_ _0\"/> are no longe<span class=\"_ _0\"/>r in use by t<span class=\"_ _0\"/>he Group, th<span class=\"_ _0\"/>e likel<span class=\"_ _0\"/>ihood of se<span class=\"_ _0\"/>ttling legal claims<span class=\"_ _3\"/> and contract<span class=\"_ _3\"/>s the Gro<span class=\"_ _3\"/>up has entered<span class=\"_ _3\"/> into that ar<span class=\"_ _3\"/>e now u<span class=\"_ _3\"/>nprofitable. Accounting policies A provision i<span class=\"_ _3\"/>s recognised i<span class=\"_ _3\"/>n the Consolidated<span class=\"_ _3\"/> Statement of<span class=\"_ _3\"/> Financial Position whe<span class=\"_ _3\"/>n the Group has <span class=\"_ _3\"/>a present legal or constru<span class=\"_ _3\"/>ctive obligatio<span class=\"_ _3\"/>n arising from past ev<span class=\"_ _3\"/>ents, it is <span class=\"ws2\">probab<span class=\"_ _3\"/>le cash will be <span class=\"_ _3\"/>paid to settle i<span class=\"_ _3\"/>t and the a<span class=\"_ _3\"/>mount can </span>be estimated <span class=\"_ _3\"/>reliably. Pro<span class=\"_ _3\"/>visions are determi<span class=\"_ _3\"/>ned by discounti<span class=\"_ _3\"/>n<span class=\"ls185 ws1b6\">g the expec<span class=\"_ _0\"/>ted futu<span class=\"_ _0\"/>re cash flows<span class=\"_ _0\"/> by a rate tha<span class=\"_ _0\"/>t reflects<span class=\"_ _0\"/> </span>current marke<span class=\"_ _3\"/>t assessments of the time <span class=\"_ _3\"/>value of money<span class=\"_ _3\"/> and the risks spe<span class=\"_ _3\"/>cific to the liab<span class=\"_ _3\"/>ility. The u<span class=\"_ _3\"/>nwinding of t<span class=\"_ _3\"/>he discount is<span class=\"_ _3\"/> recognised as a financi<span class=\"_ _3\"/>ng cost in the Consol<span class=\"_ _3\"/><span class=\"ls185 ws1b6\">idated Inco<span class=\"_ _0\"/>me Statemen<span class=\"_ _0\"/>t. The v<span class=\"_ _0\"/>alue of the p<span class=\"_ _0\"/>rovisio<span class=\"_ _0\"/>n is </span>determin<span class=\"_ _0\"/>ed base<span class=\"_ _0\"/>d on assum<span class=\"_ _0\"/>ptions and es<span class=\"_ _0\"/>timates<span class=\"_ _0\"/> in rela<span class=\"_ _0\"/>tion to the am<span class=\"_ _0\"/>ount an<span class=\"_ _0\"/>d timing<span class=\"_ _0\"/> of actual cas<span class=\"_ _0\"/>h flows, which<span class=\"_ _0\"/> are dependen<span class=\"_ _0\"/>t on futu<span class=\"_ _0\"/>re events.<span class=\"_ _335\"> </span><span class=\"_ _0\"/> Provisions The movem<span class=\"_ _0\"/>ents in prov<span class=\"_ _0\"/>isions du<span class=\"_ _0\"/>ring the year<span class=\"_ _0\"/> are as follows:<span class=\"_ _0\"/> Contract provisions \u00a3m Property provisions \u00a3m Legal and  other provisions \u00a3m Total \u00a3m At 1 January 202<span class=\"_ _0\"/>2 <span class=\"_ _251\"> </span>32 <span class=\"_ _a0\"> </span>6<span class=\"_ _0\"/> <span class=\"_ _11c\"> </span>107 <span class=\"_ _24\"> </span>145 Additions 17 4 <span class=\"_ _6\"> </span>20 41 Utilis<span class=\"_ _0\"/>ed <span class=\"_ _2b0\"> </span>(10) <span class=\"_ _2b1\"> </span>(1) <span class=\"_ _145\"> </span>(2<span class=\"_ _0\"/>) (13) Released <span class=\"_ _2b2\"> </span>(5) <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _1f9\"> </span>\u2013 (5) Foreign exchange <span class=\"_ _9b\"> </span>\u2013 <span class=\"_ _1d2\"> </span>\u2013 <span class=\"_ _1f\"> </span>1 <span class=\"_ _6f\"> </span>1 At 31 December 2022 <span class=\"_ _1d6\"> </span><span class=\"ls184 ws1d4\">34 <span class=\"_ _a0\"> </span>9 <span class=\"_ _4b\"> </span><span class=\"ls183 ws1bd\">126 <span class=\"_ _22\"> </span><span class=\"ls18f ws1c4\">169 </span></span></span>Analysed <span class=\"_ _2b3\"/>between: <span class=\"_ _f2\"> </span>    Current <span class=\"_ _2b4\"> </span>16 <span class=\"_ _86\"> </span>\u2013 <span class=\"_ _e\"> </span>123 139 Non-current  <span class=\"_ _2b5\"> </span>18 <span class=\"_ _1d2\"> </span>9 <span class=\"_ _1d2\"> </span>3 <span class=\"_ _20\"> </span>30 Provisions of \u00a3139<span class=\"_ _3\"/> million are classi<span class=\"_ _3\"/>fied as current liabi<span class=\"_ _3\"/>litie<span class=\"ls184 ws1b3\">s (2021: \u00a3120 millio<span class=\"_ _3\"/>n). Unwind of the d<span class=\"_ _3\"/>iscount is \u00a3ni<span class=\"_ _3\"/>l in </span>2022 and 2021. Contract provisi<span class=\"_ _0\"/>ons \u00a334 mill<span class=\"_ _0\"/>ion (2021: \u00a33<span class=\"_ _0\"/>2 million)<span class=\"_ _0\"/> Contract <span class=\"_ _0\"/>provis<span class=\"_ _0\"/>ions re<span class=\"_ _0\"/>present l<span class=\"_ _0\"/>iabilit<span class=\"_ _0\"/>ies in <span class=\"_ _0\"/>respect<span class=\"_ _0\"/> of one<span class=\"_ _0\"/>rous cont<span class=\"_ _0\"/>racts in<span class=\"_ _0\"/> relat<span class=\"_ _0\"/>ion to in<span class=\"_ _0\"/>dividual<span class=\"_ _0\"/> sports<span class=\"_ _0\"/> rights<span class=\"_ _0\"/> of \u00a317 million (2021: \u00a35 million) and transmission capacity supply contracts of \u00a317 million (2021: \u00a327 million).  Sports <span class=\"_ _3\"/>rights The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es provis<span class=\"_ _0\"/>ions fo<span class=\"_ _0\"/>r onerous<span class=\"_ _0\"/> contracts<span class=\"_ _0\"/> for indi<span class=\"_ _0\"/>vidual spo<span class=\"_ _0\"/>rts righ<span class=\"_ _0\"/>ts when esti<span class=\"_ _0\"/>mated re<span class=\"_ _0\"/>venues for individ<span class=\"_ _0\"/>ual sports<span class=\"_ _0\"/> rights ar<span class=\"_ _0\"/>e less than t<span class=\"_ _0\"/>he value of t<span class=\"_ _0\"/>he rights<span class=\"_ _0\"/> held. The p<span class=\"_ _0\"/>rovision<span class=\"_ _0\"/> is sensit<span class=\"_ _0\"/>ive to the<span class=\"_ _0\"/> changes in<span class=\"_ _0\"/> the sporti<span class=\"_ _4\"/>ng schedule and co<span class=\"_ _3\"/>nsequentia<span class=\"_ _3\"/>l impact<span class=\"_ _3\"/> on TAR. In ca<span class=\"_ _3\"/><span class=\"ls184 ws1c8\">lculating the onerous contra<span class=\"_ _3\"/>ct provision for sport<span class=\"_ _3\"/>s rights, </span>management<span class=\"_ _3\"/> has made estima<span class=\"_ _3\"/>tes and used assumptio<span class=\"_ _3\"/>ns in determini<span class=\"_ _3\"/>ng the nature, am<span class=\"_ _3\"/>ount and tim<span class=\"_ _3\"/>ing of potential outflows, including the co<span class=\"_ _3\"/>mmercial impacts of<span class=\"_ _3\"/> the target audi<span class=\"ls190 ws1b5\">ence t<span class=\"_ _3\"/>hat will b<span class=\"_ _3\"/>e generat<span class=\"_ _3\"/>ed by tho<span class=\"_ _3\"/>se rights<span class=\"_ _3\"/>, scheduli<span class=\"_ _4\"/>ng </span>of the even<span class=\"_ _0\"/>ts and rev<span class=\"_ _0\"/>enue forec<span class=\"_ _0\"/>asts. <span class=\"ff207 ls3 ws2\"> </span><span class=\"ff207 ls3 ws2\"><span class=\"_ _cd\"> </span><span class=\"ff205\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>210<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff201 ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>212<span class=\"ff203 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff204 ls3 ws2\">\u2009</span><span class=\"ff201 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Reconci<span class=\"_ _3\"/>liation to carryi<span class=\"_ _3\"/>ng amounts: 2022 \u00a3m  2021 \u00a3m  Opening net<span class=\"_ _4\"/> <span class=\"_ _0\"/>assets 1 Ja<span class=\"_ _3\"/>nuary <span class=\"_ _27e\"> </span><span class=\"ff202 ls18b ws1bb\">66 <span class=\"_ _81\"> </span></span><span class=\"ls1a1 ws1dc\">31<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span>Profit fo<span class=\"_ _0\"/>r the peri<span class=\"_ _0\"/>od <span class=\"_ _2aa\"> </span><span class=\"ff202 ls18f ws1c4\">18 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">3</span>4<span class=\"_ _335\"> </span>Foreign exchange impact <span class=\"_ _176\"> </span><span class=\"ff202 ls184 ws1d4\">9 <span class=\"_ _168\"> </span></span><span class=\"ls186 ws1b6\">1 </span>Closing net <span class=\"_ _0\"/>assets <span class=\"_ _2ab\"> </span><span class=\"ff202 ls18d ws1d3\">93 <span class=\"_ _78\"> </span></span><span class=\"ls184 ws1d4\">66 </span>Group\u2019s share in % <span class=\"_ _17d\"> </span><span class=\"ff202 ls184 ws1d4\">50% <span class=\"_ _28e\"> </span></span><span class=\"ls189 ws1b8\">50% </span>Group\u2019s share in \u00a3m <span class=\"_ _222\"> </span><span class=\"ff202 ls183 ws1bd\">47 <span class=\"_ _14d\"> </span></span><span class=\"ls188 ws1b9\">33 </span>Goodwill <span class=\"_ _2ac\"> </span><span class=\"ff202 ls189 ws1b8\">1 <span class=\"_ _168\"> </span></span>1 Carrying a<span class=\"_ _3\"/>mount <span class=\"_ _26c\"> </span><span class=\"ls183 ws1bd\">48 <span class=\"_ _78\"> </span><span class=\"ff205 ls3 ws2\">3</span></span>4<span class=\"_ _335\"> </span>Summarised statement of comprehensive income: BritBox LLC 2022 \u00a3m  2021 \u00a3m  Revenue <span class=\"_ _27a\"> </span><span class=\"ff202 ls183 ws1bd\">126 <span class=\"_ _14d\"> </span></span><span class=\"ls1a7 ws1e1\">86<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span>Depreciation and amorti<span class=\"_ _3\"/>sation <span class=\"_ _2ad\"> </span><span class=\"ff202 ls183 ws1bd\">(2) <span class=\"_ _1d2\"> </span></span><span class=\"ls19b ws1d6\">(1) </span>Income tax expense* <span class=\"_ _17d\"> </span><span class=\"ff202 ls189 ws1b8\">(1) <span class=\"_ _1d2\"> </span></span><span class=\"ls19b ws1d6\">(1)<span class=\"_ _0\"/> </span>Profit from continui<span class=\"_ _3\"/>ng operations <span class=\"_ _2ae\"> </span><span class=\"ff202 ls18f ws1c4\">18 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">3</span>4<span class=\"_ _335\"> </span>Profit for the p<span class=\"_ _0\"/>eriod <span class=\"_ _2af\"> </span><span class=\"ls18f ws1c4\">18 <span class=\"_ _14d\"> </span><span class=\"ff205 ls3 ws2\">3</span></span>4<span class=\"_ _335\"> </span>* <span class=\"_ _2b\"> </span>Income tax expense relates to state taxes only. The joint venture partners separately ac<span class=\"_ _3\"/>count for and pay their share of inc<span class=\"_ _3\"/>o<span class=\"ls1c6 ws1e3\">me taxes <span class=\"_ _3\"/>on their<span class=\"_ _3\"/> share of<span class=\"_ _3\"/> profit<span class=\"_ _3\"/>s. </span>Please re<span class=\"_ _3\"/>fer to page 255<span class=\"_ _3\"/> for the <span class=\"_ _3\"/>list of princip<span class=\"_ _3\"/>al invest<span class=\"_ _3\"/>ments he<span class=\"_ _3\"/>ld at 31 De<span class=\"_ _3\"/>cember 2022. 3.6 Provision<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff203 ls187 ws21c\">Keeping </span>it simple A provision i<span class=\"_ _3\"/>s recognised b<span class=\"_ _3\"/>y the Group where<span class=\"_ _3\"/> an obligation<span class=\"_ _3\"/> exists relating <span class=\"_ _3\"/>to events in the past a<span class=\"_ _3\"/>nd it is probable t<span class=\"_ _3\"/>hat cash will be<span class=\"_ _3\"/> paid to settle <span class=\"_ _3\"/>it. A provision<span class=\"_ _0\"/> is made where th<span class=\"_ _0\"/>e Group<span class=\"_ _0\"/> is not certain how much c<span class=\"_ _0\"/>ash will be requ<span class=\"_ _0\"/>ired to settle a liability, so an estimate is required. The main estimates relate<span class=\"_ _3\"/> to the cost of holding<span class=\"_ _0\"/> proper<span class=\"_ _0\"/>ties that<span class=\"_ _0\"/> are no longe<span class=\"_ _0\"/>r in use by t<span class=\"_ _0\"/>he Group, th<span class=\"_ _0\"/>e likel<span class=\"_ _0\"/>ihood of se<span class=\"_ _0\"/>ttling legal claims<span class=\"_ _3\"/> and contract<span class=\"_ _3\"/>s the Gro<span class=\"_ _3\"/>up has entered<span class=\"_ _3\"/> into that ar<span class=\"_ _3\"/>e now u<span class=\"_ _3\"/>nprofitable. Accounting policies A provision i<span class=\"_ _3\"/>s recognised i<span class=\"_ _3\"/>n the Consolidated<span class=\"_ _3\"/> Statement of<span class=\"_ _3\"/> Financial Position whe<span class=\"_ _3\"/>n the Group has <span class=\"_ _3\"/>a present legal or constru<span class=\"_ _3\"/>ctive obligation<span class=\"_ _3\"/> arising from past events,<span class=\"_ _3\"/> it is <span class=\"ws2\">probab<span class=\"_ _3\"/>le cash will be <span class=\"_ _3\"/>paid to settle i<span class=\"_ _3\"/>t and the a<span class=\"_ _3\"/>mount can </span>be estimated <span class=\"_ _3\"/>reliably. Pro<span class=\"_ _3\"/>visions are determi<span class=\"_ _3\"/>ned by discounti<span class=\"_ _3\"/>n<span class=\"ls185 ws1b6\">g the expec<span class=\"_ _0\"/>ted futu<span class=\"_ _0\"/>re cash flows<span class=\"_ _0\"/> by a rate tha<span class=\"_ _0\"/>t reflects<span class=\"_ _0\"/> </span>current marke<span class=\"_ _3\"/>t assessments of the time <span class=\"_ _3\"/>value of money<span class=\"_ _3\"/> and the risks spe<span class=\"_ _3\"/>cific to the liab<span class=\"_ _3\"/>ility. The u<span class=\"_ _3\"/>nwinding of t<span class=\"_ _3\"/>he discount is<span class=\"_ _3\"/> recognised as a financi<span class=\"_ _3\"/>ng cost in the Consol<span class=\"_ _3\"/><span class=\"ls185 ws1b6\">idated Inco<span class=\"_ _0\"/>me Statemen<span class=\"_ _0\"/>t. The v<span class=\"_ _0\"/>alue of the p<span class=\"_ _0\"/>rovisio<span class=\"_ _0\"/>n is </span>determin<span class=\"_ _0\"/>ed base<span class=\"_ _0\"/>d on assum<span class=\"_ _0\"/>ptions and es<span class=\"_ _0\"/>timates<span class=\"_ _0\"/> in rela<span class=\"_ _0\"/>tion to the am<span class=\"_ _0\"/>ount an<span class=\"_ _0\"/>d timing of<span class=\"_ _0\"/> actual cas<span class=\"_ _0\"/>h flows, which<span class=\"_ _0\"/> are dependen<span class=\"_ _0\"/>t on futu<span class=\"_ _0\"/>re events.<span class=\"_ _0\"/> Provisions The movem<span class=\"_ _0\"/>ents in prov<span class=\"_ _0\"/>isions du<span class=\"_ _0\"/>ring the year<span class=\"_ _0\"/> are as follows:<span class=\"_ _0\"/> Contract provisions \u00a3m Property provisions \u00a3m Legal and  other provisions \u00a3m Total \u00a3m At 1 January 202<span class=\"_ _0\"/>2 <span class=\"_ _251\"> </span>32 <span class=\"_ _a0\"> </span>6<span class=\"_ _0\"/> <span class=\"_ _11c\"> </span>107 <span class=\"_ _24\"> </span>145 Additions 17 4 <span class=\"_ _6\"> </span>20 41 Utilis<span class=\"_ _0\"/>ed <span class=\"_ _2b0\"> </span>(10) <span class=\"_ _2b1\"> </span>(1) <span class=\"_ _145\"> </span>(2<span class=\"_ _0\"/>) (13) Released <span class=\"_ _2b2\"> </span>(5) <span class=\"_ _e9\"> </span>\u2013 <span class=\"_ _1f9\"> </span>\u2013 (5) Foreign exchange <span class=\"_ _9b\"> </span>\u2013 <span class=\"_ _1d2\"> </span>\u2013 <span class=\"_ _1f\"> </span>1 <span class=\"_ _6f\"> </span>1 At 31 December 2022 <span class=\"_ _1d6\"> </span><span class=\"ls184 ws1d4\">34 <span class=\"_ _a0\"> </span>9 <span class=\"_ _4b\"> </span><span class=\"ls183 ws1bd\">126 <span class=\"_ _22\"> </span><span class=\"ls18f ws1c4\">169 </span></span></span>Analysed <span class=\"_ _2b3\"/>between: <span class=\"_ _f2\"> </span>    Current <span class=\"_ _2b4\"> </span>16 <span class=\"_ _86\"> </span>\u2013 <span class=\"_ _e\"> </span>123 139 Non-current  <span class=\"_ _2b5\"> </span>18 <span class=\"_ _1d2\"> </span>9 <span class=\"_ _1d2\"> </span>3 <span class=\"_ _20\"> </span>30 Provisions of \u00a3139<span class=\"_ _3\"/> million are classi<span class=\"_ _3\"/>fied as current liabi<span class=\"_ _3\"/>litie<span class=\"ls184 ws1b3\">s (2021: \u00a3120 millio<span class=\"_ _3\"/>n). Unwind of the d<span class=\"_ _3\"/>iscount is \u00a3ni<span class=\"_ _3\"/>l in </span>2022 and 2021. Contract provisi<span class=\"_ _0\"/>ons \u00a334 mill<span class=\"_ _0\"/>ion (2021: \u00a33<span class=\"_ _0\"/>2 million)<span class=\"_ _0\"/> Contract <span class=\"_ _0\"/>provis<span class=\"_ _0\"/>ions re<span class=\"_ _0\"/>present l<span class=\"_ _0\"/>iabilit<span class=\"_ _0\"/>ies in <span class=\"_ _0\"/>respect<span class=\"_ _0\"/> of one<span class=\"_ _0\"/>rous cont<span class=\"_ _0\"/>racts in<span class=\"_ _0\"/> relat<span class=\"_ _0\"/>ion to in<span class=\"_ _0\"/>dividual<span class=\"_ _0\"/> sports<span class=\"_ _0\"/> rights<span class=\"_ _0\"/> of \u00a317 million (2021: \u00a35 million) and transmission capacity supply contracts of \u00a317 million (2021: \u00a327 million).  Sports <span class=\"_ _3\"/>rights The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es provis<span class=\"_ _0\"/>ions fo<span class=\"_ _0\"/>r onerous<span class=\"_ _0\"/> contracts<span class=\"_ _0\"/> for indi<span class=\"_ _0\"/>vidual spo<span class=\"_ _0\"/>rts righ<span class=\"_ _0\"/>ts when esti<span class=\"_ _0\"/>mated re<span class=\"_ _0\"/>venues for individ<span class=\"_ _0\"/>ual sports<span class=\"_ _0\"/> rights ar<span class=\"_ _0\"/>e less than t<span class=\"_ _0\"/>he value of t<span class=\"_ _0\"/>he rights<span class=\"_ _0\"/> held. The p<span class=\"_ _0\"/>rovision<span class=\"_ _0\"/> is sensit<span class=\"_ _0\"/>ive to the<span class=\"_ _0\"/> changes in<span class=\"_ _0\"/> the sporti<span class=\"_ _4\"/>ng schedule and co<span class=\"_ _3\"/>nsequentia<span class=\"_ _3\"/>l impact<span class=\"_ _3\"/> on TAR. In ca<span class=\"_ _3\"/><span class=\"ls184 ws1c8\">lculating the onerous contra<span class=\"_ _3\"/>ct provision for sport<span class=\"_ _3\"/>s rights, </span>management<span class=\"_ _3\"/> has made estima<span class=\"_ _3\"/>tes and used assumptio<span class=\"_ _3\"/>ns in determini<span class=\"_ _3\"/>ng the nature, am<span class=\"_ _3\"/>ount and tim<span class=\"_ _3\"/>ing of potential outflows, including the co<span class=\"_ _3\"/>mmercial impacts of<span class=\"_ _3\"/> the target audi<span class=\"ls190 ws1b5\">ence t<span class=\"_ _3\"/>hat will b<span class=\"_ _3\"/>e generat<span class=\"_ _3\"/>ed by tho<span class=\"_ _3\"/>se rights<span class=\"_ _3\"/>, scheduli<span class=\"_ _4\"/>ng </span>of the even<span class=\"_ _0\"/>ts and rev<span class=\"_ _0\"/>enue forec<span class=\"_ _0\"/>asts. <span class=\"ff207 ls3 ws2\"> <span class=\"_ _cd\"> </span><span class=\"ff205\"> </span></span>I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff209 fc7 sc0\">\u2009<span class=\"ff208 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff208 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _18b\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">3<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">3<span class=\"fc7 sc0\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>The provision held at 31 Dece<span class=\"ls18f ws1d7\">mber 2022 is \u00a317 million (2021: \u00a35 million). The p<span class=\"_ _3\"/>rovision was increased by \u00a317 mi<span class=\"_ _3\"/>llion </span>in the ye<span class=\"_ _0\"/>ar (2021<span class=\"_ _0\"/>: \u00a31 mill<span class=\"_ _0\"/>ion). \u00a3n<span class=\"_ _0\"/>il (202<span class=\"_ _0\"/>1: \u00a314 mill<span class=\"_ _0\"/>ion) h<span class=\"_ _0\"/>as been u<span class=\"_ _0\"/>tilise<span class=\"_ _0\"/>d during th<span class=\"_ _0\"/>e year an<span class=\"_ _0\"/>d \u00a35 milli<span class=\"_ _0\"/>on (202<span class=\"_ _0\"/>1: \u00a3nil)<span class=\"_ _0\"/> was release<span class=\"_ _0\"/>d due to c<span class=\"_ _0\"/>ertain<span class=\"_ _0\"/> sportin<span class=\"_ _0\"/>g events<span class=\"_ _0\"/> being can<span class=\"_ _0\"/>celled<span class=\"_ _0\"/> and a refu<span class=\"_ _0\"/>nd issu<span class=\"_ _0\"/>ed to the Gr<span class=\"_ _0\"/>oup. Th<span class=\"_ _0\"/>e remain<span class=\"_ _0\"/>ing prov<span class=\"_ _0\"/>ision<span class=\"_ _0\"/> is expected to be utilised between 2023 and 2025.  Transponde<span class=\"_ _0\"/>rs In 2020 and 2021, the Group reviewed <span class=\"_ _0\"/>the efficiency of its tr<span class=\"ls198 ws2\">ansponder capaci<span class=\"_ _0\"/>ty usage with a view to <span class=\"_ _0\"/>reducing capacity </span>requirements. This<span class=\"_ _0\"/> has allowed the Group to reor<span class=\"_ _0\"/>ganise channels<span class=\"ws1b5\"> over<span class=\"_ _0\"/> fewer transpon<span class=\"_ _0\"/>ders with the result t<span class=\"_ _0\"/>hat all channels </span>have been cleared from two <span class=\"_ _0\"/>transponde<span class=\"ls1b4 ws1d2\">rs. They are no <span class=\"_ _3\"/>longer uti<span class=\"_ _3\"/>lised and<span class=\"_ _3\"/> <span class=\"ls198 ws1b2\">are therefore not generating revenues. </span></span>Management has applied judgemen<span class=\"ls198 ws1b2\">t in its assessment that the individual elem<span class=\"ws2\">ent of th<span class=\"_ _0\"/>e contract is separable <span class=\"_ _0\"/>from  </span></span>the remaining elements of<span class=\"_ _0\"/> the contract, which are no<span class=\"_ _0\"/>t considered <span class=\"_ _0\"/>onerous. The contracted futur<span class=\"_ _0\"/>e commitment to  October 2024 was therefore r<span class=\"_ _0\"/>ecognised as a <span class=\"_ _0\"/><span class=\"ls1b3 ws1c0\">provision in 2020 and 2021 as there are </span><span class=\"ws1b2\">no future economic benefits expec<span class=\"_ _0\"/>ted.  </span>The provision for onerous contracts at 31<span class=\"ls19f ws1b5\"> <span class=\"_ _3\"/>December 2022 is \u00a317 mi<span class=\"_ _3\"/>llion (2021: \u00a327 milli<span class=\"_ _4\"/>on). \u00a310 million of the provision </span>was utilised during the year (2021: \u00a37 million). <span class=\"_ _3\"/> Property prov<span class=\"_ _0\"/>isions \u00a39 m<span class=\"_ _0\"/>illion (2021:<span class=\"_ _0\"/> \u00a36 million) These provi<span class=\"_ _3\"/>sions primarily <span class=\"_ _3\"/>relate to expe<span class=\"_ _3\"/>cted dilapida<span class=\"_ _3\"/>tion costs at the Gr<span class=\"_ _3\"/>oup\u2019s rental prop<span class=\"_ _3\"/>erties. Legal and other provisi<span class=\"_ _0\"/>ons \u00a3126 million (2021<span class=\"_ _0\"/>: \u00a3107 million) Represents provisions for potential liabilities an<span class=\"_ _0\"/>d their rela<span class=\"ls19f ws1b5\">ted legal costs. These in<span class=\"_ _3\"/>clude \u00a352 million (<span class=\"_ _3\"/>31 December 2021: </span>\u00a352 million) for the potential liability that may arise as a result of the Box Clever Financial Support Directions (FSDs) issued by the Pensions Regulator (tPR), employee-related tax and other provisions of \u00a359 million (2021: \u00a339 million) and other legal and related costs, includin<span class=\"_ _0\"/>g provisions related to The Voice of Holland.  Box Clever Pension Scheme  The Box Clever<span class=\"_ _0\"/> Pension Scheme (<span class=\"_ _0\"/>the Scheme) was man<span class=\"_ _0\"/>aged from i<span class=\"_ _0\"/>ts establishm<span class=\"_ _0\"/>ent by an inde<span class=\"_ _0\"/>pendent T<span class=\"_ _0\"/>rustee and the Group ha<span class=\"_ _4\"/>s not had any commercia<span class=\"_ _3\"/>l connection wi<span class=\"_ _4\"/>th <span class=\"_ _0\"/>the Box Cl<span class=\"_ _3\"/>ever busine<span class=\"_ _3\"/>ss since it went<span class=\"_ _4\"/> <span class=\"_ _0\"/>into administ<span class=\"_ _4\"/>rative receivership in 2003<span class=\"_ _3\"/>. After proceedings in t<span class=\"_ _3\"/>he Upper Tribunal and<span class=\"_ _3\"/> Court of Appeal were dismi<span class=\"_ _3\"/>ssed, certain comp<span class=\"_ _3\"/>anies within ITV were issued with FS<span class=\"_ _0\"/>Ds by <span class=\"ls18b ws1c5\">tPR on 17 March 2020. An<span class=\"_ _0\"/> FSD does not set out what form any f<span class=\"_ _0\"/>inancial support </span>should take, nor<span class=\"_ _0\"/> its amount, an<span class=\"_ _0\"/>d those issu<span class=\"_ _0\"/>es have not yet b<span class=\"_ _0\"/>een resolved as<span class=\"_ _0\"/> part of the legal<span class=\"_ _0\"/> process.  The legislation pr<span class=\"_ _3\"/>ovides that any contributi<span class=\"_ _4\"/>on <span class=\"_ _0\"/>that ITV may <span class=\"ls186 ws2\">make mu<span class=\"_ _3\"/>st be co<span class=\"_ _3\"/>nsidered reasonab<span class=\"_ _3\"/>le. If an agre<span class=\"_ _3\"/>ement is </span>reached with t<span class=\"_ _3\"/>PR there may<span class=\"_ _3\"/> not be an immedi<span class=\"_ _3\"/>ate cash fl<span class=\"_ _3\"/><span class=\"ls185 ws2\">ow im<span class=\"_ _0\"/>pact. If<span class=\"_ _0\"/> an agree<span class=\"_ _0\"/>ment c<span class=\"_ _0\"/>annot <span class=\"_ _0\"/>be reac<span class=\"_ _0\"/>hed, then<span class=\"_ _0\"/> </span>settlement may be protracted <span class=\"_ _3\"/>and subject to <span class=\"_ _3\"/>further legal <span class=\"_ _3\"/><span class=\"ls18c ws1bc\">proceedings which could take several years to resolve.  </span>At 31 December 2003, the Scheme was estimated to have had a deficit on a buyout basis of \u00a325 million. An estimate of the deficit in the Box Clever Group Pension Scheme<span class=\"_ _3\"/> was calculated at \u00a3110 million as <span class=\"_ _3\"/>at 30 <span class=\"ls1ce ws1d7\">April 2020. This estim<span class=\"_ _0\"/>ate was </span>calculated on a buyout basis, using membership data and be<span class=\"ls1a1 ws1d2\">nefits currently being provided in that Scheme, and based </span>on membership data as of February 2020. Thi<span class=\"_ _4\"/>s<span class=\"_ _0\"/> estima<span class=\"ls19e ws1b3\">te has been updated based on 31 December 2022 market </span>conditions and has reduced to \u00a380 million primarily due to the <span class=\"ls1ce ws1d7\">increase in gilt yields and rec<span class=\"_ _0\"/>ent changes in inflation.<span class=\"_ _0\"/>  </span>All of these valuations were of the whole Scheme, encompassing liabilities in respect of former employees of Granada's joint venture partner, Thorn, as wel<span class=\"_ _3\"/>l as former employees of the Group. As report<span class=\"_ _0\"/>ed in the in<span class=\"_ _0\"/>terim sta<span class=\"_ _0\"/>tement, the<span class=\"_ _0\"/> Group re<span class=\"_ _0\"/>ceived a warn<span class=\"_ _0\"/>ing notice<span class=\"_ _0\"/> from tPR<span class=\"_ _0\"/> that it was cons<span class=\"_ _0\"/>iderin<span class=\"_ _0\"/>g exercis<span class=\"_ _0\"/>ing its powe<span class=\"_ _0\"/>r to issu<span class=\"_ _0\"/>e a contri<span class=\"_ _0\"/>bution n<span class=\"_ _0\"/>otice fo<span class=\"_ _0\"/>r the amou<span class=\"_ _0\"/>nt of \u00a313<span class=\"_ _0\"/>3 millio<span class=\"_ _0\"/>n which is<span class=\"_ _0\"/> based on<span class=\"_ _0\"/> a buyout es<span class=\"_ _0\"/>timate<span class=\"_ _0\"/> as at 31 March 2021 p<span class=\"_ _0\"/>rovided<span class=\"_ _0\"/> by the Scheme<span class=\"_ _0\"/>\u2019s actuar<span class=\"_ _0\"/>ial advis<span class=\"_ _0\"/>er, plus a pr<span class=\"_ _0\"/>udent ma<span class=\"_ _0\"/>rgin. The Gr<span class=\"_ _0\"/>oup respon<span class=\"_ _0\"/>ded to th<span class=\"_ _0\"/>e warnin<span class=\"_ _0\"/>g notice on<span class=\"_ _0\"/> 31 October<span class=\"_ _0\"/> 2022. There remains a significant<span class=\"_ _3\"/> number of undecided i<span class=\"_ _3\"/>ssues as<span class=\"ls19e ws1b3\"> to the q<span class=\"_ _3\"/>uantum and form of<span class=\"ls1a1 ws1d2\"> financial support and the </span></span>Directors continue to believe there are many import<span class=\"_ _3\"/>ant factor<span class=\"ls19e ws1b3\">s which need to be taken into account in any decision, and </span>therefore there remains uncertainty around the financial supp<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">ort to be provided. The provision remains at \u00a352 million, </span>and represents the offer made to settle the matter and is based on an IAS 19 valuation to tran<span class=\"ls1a1 ws1d2\">sfer certain liabilities into </span>the existing ITV pensio<span class=\"_ _3\"/>n scheme, whic<span class=\"_ _3\"/>h we consider to be th<span class=\"_ _3\"/>e most likely form of <span class=\"_ _3\"/>settlement. We rem<span class=\"_ _3\"/>ain willing to engage with tPR to resolve the mat<span class=\"_ _3\"/>ter.  Employee-related  The determination of th<span class=\"_ _0\"/>e employment tax status <span class=\"_ _0\"/>of some individuals c<span class=\"_ _0\"/>ontracted by the <span class=\"_ _0\"/>Group is complex. I<span class=\"_ _0\"/>n March 2021, HMRC issued an initial assessment on several individuals engage<span class=\"ls198 ws2\">d by the Group during t<span class=\"_ _0\"/>he tax year 2016/17 as em<span class=\"_ _0\"/>ployed for </span>tax purposes. In June 2021, HMRC update<span class=\"ls199 ws1b3\">d <span class=\"_ _0\"/>guidance on factors<span class=\"_ _0\"/> determinin<span class=\"_ _0\"/>g the emplo<span class=\"_ _0\"/>yment tax status <span class=\"_ _0\"/>of TV and Radio </span>presenters. Land<span class=\"_ _0\"/>mark court cases were hear<span class=\"_ _0\"/>d by the Court of <span class=\"ws1b5\">Appeal i<span class=\"_ _0\"/>n early 2022. Whilst the Group was <span class=\"_ _0\"/>not involved in </span>these cases, judgements handed down impact how employ<span class=\"_ _0\"/><span class=\"ls199 ws2\">ment tax s<span class=\"_ _0\"/>tatus is bein<span class=\"_ _0\"/>g determine<span class=\"_ _0\"/>d for TV and Ra<span class=\"_ _0\"/>dio </span>presenters generally. These j<span class=\"_ _0\"/>udgements will theref<span class=\"_ _0\"/>ore have a <span class=\"ls199 ws1b3\">b<span class=\"_ _0\"/>earing on how much<span class=\"_ _0\"/> tax might be <span class=\"_ _0\"/>payable by the G<span class=\"_ _0\"/>roup.  </span>During<span class=\"_ _3\"/> 2022, we<span class=\"_ _3\"/> have furt<span class=\"_ _4\"/>her reviewed the<span class=\"_ _3\"/> provision<span class=\"_ _3\"/>, which <span class=\"_ _3\"/>has result<span class=\"_ _3\"/>ed in an i<span class=\"_ _4\"/>ncrease in the pr<span class=\"_ _3\"/>ovision <span class=\"_ _3\"/>of \u00a320 <span class=\"_ _3\"/>million, of which \u00a31<span class=\"_ _3\"/>0 million relates to p<span class=\"_ _3\"/>eriods up to 31 December <span class=\"_ _4\"/><span class=\"ls184 ws1c8\">2021 and <span class=\"_ _0\"/>is therefore consid<span class=\"_ _3\"/>ered exceptiona<span class=\"_ _3\"/>l. The increase </span>largely rela<span class=\"_ _3\"/>tes to where the Group<span class=\"_ _3\"/> believes the case<span class=\"_ _3\"/> for self-e<span class=\"_ _3\"/>mployment has weak<span class=\"_ _3\"/>ened in<span class=\"ls183 ws1b5\"> light of rec<span class=\"_ _0\"/>ent case la<span class=\"_ _0\"/>w </span>and HMRC<span class=\"_ _0\"/>\u2019s har<span class=\"_ _0\"/>dening s<span class=\"_ _0\"/>tance.  Due to ongoing reviews by HMRC and court cases on this <span class=\"ls188 ws1d2\">matter, the final amount payab<span class=\"_ _3\"/>le could be significantly </span>different to<span class=\"_ _3\"/> the \u00a356 millio<span class=\"_ _3\"/>n currently p<span class=\"_ _3\"/>rovided (2021: \u00a336 m<span class=\"_ _3\"/>i<span class=\"ls185 ws1b6\">llion). It is<span class=\"_ _0\"/> difficult t<span class=\"_ _0\"/>o provide a ran<span class=\"_ _0\"/>ge for the ex<span class=\"_ _0\"/>pected </span>final amount payab<span class=\"_ _3\"/>le as case law is continua<span class=\"_ _3\"/>lly evolving on <span class=\"ls188 ws1d5\">this matter<span class=\"_ _3\"/>, particularly in relation to Front of Camera </span>presenters. Very few cases have rea<span class=\"_ _3\"/>ched the higher courts and fact patterns can be very different in individua<span class=\"_ _3\"/>l cases, so determination o<span class=\"_ _3\"/>f employme<span class=\"_ _3\"/>nt status for ta<span class=\"_ _3\"/>x purposes remai<span class=\"_ _3\"/>ns very <span class=\"_ _3\"/>subjective. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>211<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff20f ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>214<span class=\"ff211 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff212 ls3 ws2\">\u2009</span><span class=\"ff20f ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>A further<span class=\"_ _3\"/> \u00a33 million <span class=\"_ _3\"/>(2021: \u00a33 millio<span class=\"_ _3\"/>n) is provi<span class=\"_ _3\"/>ded in re<span class=\"_ _3\"/>lation to ot<span class=\"_ _3\"/>her employme<span class=\"_ _3\"/>nt related <span class=\"_ _3\"/>matters. The Voice of Holland In early 2022 alleg<span class=\"_ _3\"/>ations of inapprop<span class=\"_ _3\"/>riate behaviour<span class=\"_ _3\"/> on the set o<span class=\"_ _3\"/>f The Voice o<span class=\"_ _3\"/>f Holland were m<span class=\"_ _3\"/>ade public, resu<span class=\"_ _3\"/>lting in a mid-seas<span class=\"_ _0\"/>on suspens<span class=\"_ _0\"/>ion of se<span class=\"_ _0\"/>ries 12. <span class=\"_ _0\"/>A provisi<span class=\"_ _0\"/>on has b<span class=\"_ _0\"/>een made<span class=\"_ _0\"/> to cov<span class=\"_ _0\"/>er the co<span class=\"_ _0\"/>mmitted c<span class=\"_ _0\"/>osts rel<span class=\"_ _0\"/>ating t<span class=\"_ _0\"/>o the ser<span class=\"_ _0\"/>ies in production <span class=\"_ _3\"/>and other co<span class=\"_ _3\"/>sts. An exter<span class=\"_ _3\"/>nal investigatio<span class=\"_ _3\"/>n of the allegatio<span class=\"_ _3\"/>ns is current<span class=\"_ _3\"/>ly ongoing. Whi<span class=\"_ _3\"/>le unquantifiable at presen<span class=\"_ _0\"/>t, th<span class=\"_ _0\"/>ere may<span class=\"_ _0\"/> be furt<span class=\"_ _0\"/>her financ<span class=\"_ _0\"/>ial imp<span class=\"_ _0\"/>act on <span class=\"_ _0\"/>the Grou<span class=\"_ _0\"/>p. Other Other p<span class=\"_ _0\"/>rovisio<span class=\"_ _0\"/>ns rela<span class=\"_ _0\"/>te to hist<span class=\"_ _0\"/>oric<span class=\"_ _0\"/>al environ<span class=\"_ _0\"/>mental<span class=\"_ _0\"/> provis<span class=\"_ _0\"/>io<span class=\"ls185 ws2\">ns in <span class=\"_ _0\"/>relati<span class=\"_ _0\"/>on to <span class=\"_ _0\"/>our pro<span class=\"_ _0\"/>duction<span class=\"_ _0\"/> sites, c<span class=\"_ _0\"/>losure c<span class=\"_ _0\"/>osts a<span class=\"_ _0\"/>nd </span>provision for lega<span class=\"_ _3\"/>l fees for other o<span class=\"_ _3\"/>ngoing litigation. 3.7 Pensions  <span class=\"_ _85\"> </span><span class=\"ff211 ls187 ws21c\">Keeping </span>it simple In this note, <span class=\"_ _3\"/>we explain the accounti<span class=\"_ _3\"/>ng polici<span class=\"_ _3\"/>es governing the Gro<span class=\"_ _3\"/>up\u2019s pension schemes, follow<span class=\"_ _0\"/>ed by analys<span class=\"_ _0\"/>is of the comp<span class=\"_ _0\"/>onents of th<span class=\"_ _0\"/>e net defin<span class=\"_ _0\"/>ed benefit<span class=\"_ _0\"/> pension<span class=\"_ _3\"/> surplus o<span class=\"_ _3\"/>r deficit<span class=\"_ _4\"/>, including assu<span class=\"_ _3\"/>mptions ma<span class=\"_ _3\"/>de, and w<span class=\"_ _3\"/>here the re<span class=\"_ _3\"/>lated movements have<span class=\"_ _3\"/> been recognised in t<span class=\"_ _3\"/>he financi<span class=\"_ _3\"/>al statements. In addi<span class=\"_ _3\"/>tion, we hav<span class=\"_ _3\"/>e placed te<span class=\"_ _3\"/>xt boxes to exp<span class=\"_ _3\"/>lain so<span class=\"_ _3\"/>me of the <span class=\"ls188 ws1d2\">te<span class=\"_ _3\"/>chnical terms used in the<span class=\"_ _3\"/> disclosure.  </span>What are<span class=\"_ _3\"/> the Group<span class=\"_ _3\"/>\u2019s pension <span class=\"_ _3\"/>schemes?<span class=\"_ _3\"/> <span class=\"ff213 ls3\"> </span>There are t<span class=\"_ _3\"/>wo types of pensi<span class=\"_ _3\"/>on schemes. A \u2018D<span class=\"_ _3\"/>efined Contrib<span class=\"_ _3\"/>ution\u2019 scheme that i<span class=\"_ _3\"/>s open to ITV emp<span class=\"_ _3\"/>loyees, and a number of \u2018De<span class=\"_ _3\"/>fined Benefit\u2019 schemes t<span class=\"_ _3\"/>hat have been closed to n<span class=\"_ _0\"/>ew members s<span class=\"_ _0\"/>ince 2006 <span class=\"_ _0\"/>and closed<span class=\"_ _0\"/> to future acc<span class=\"_ _0\"/>rual in<span class=\"_ _0\"/> 2017. In 201<span class=\"_ _0\"/>6, on acquisition of <span class=\"_ _3\"/>UTV Limited, th<span class=\"_ _3\"/>e Group took o<span class=\"_ _3\"/>ver the UTV Defi<span class=\"_ _3\"/>ned Benefit<span class=\"_ _3\"/> Scheme, which closed t<span class=\"_ _0\"/>o future accr<span class=\"_ _0\"/>ual at the en<span class=\"_ _0\"/>d of March 2019.<span class=\"_ _0\"/> What is a D<span class=\"_ _4\"/>efined Contribution sc<span class=\"_ _3\"/>heme?<span class=\"ff213 ls3 ws2\"> </span>The Defined<span class=\"_ _3\"/> Contribution scheme<span class=\"_ _3\"/> is where the <span class=\"_ _3\"/>Group makes fi<span class=\"_ _4\"/>xed payments into a separate fund<span class=\"_ _3\"/> on behalf o<span class=\"_ _3\"/>f those employee<span class=\"_ _3\"/>s participating in <span class=\"_ _3\"/>saving for their retirement<span class=\"_ _3\"/>. ITV has no further obligatio<span class=\"_ _3\"/>n to the participating emp<span class=\"_ _3\"/>loyee and the risks and reward<span class=\"_ _3\"/>s associated<span class=\"_ _3\"/> with thi<span class=\"_ _3\"/>s type of <span class=\"_ _3\"/>scheme are as<span class=\"_ _3\"/>sumed by the<span class=\"_ _3\"/> members rather th<span class=\"_ _0\"/>an the Grou<span class=\"_ _0\"/>p. Alth<span class=\"_ _0\"/>ough the T<span class=\"_ _0\"/>rustee of<span class=\"_ _0\"/> the scheme m<span class=\"_ _0\"/>akes ava<span class=\"_ _0\"/>ilable a rang<span class=\"_ _0\"/>e of inves<span class=\"_ _3\"/>tment opti<span class=\"_ _3\"/>ons, it is the <span class=\"_ _3\"/>member<span class=\"ls18e ws1c6\">s\u2019 r<span class=\"_ _3\"/>esponsi<span class=\"_ _3\"/>bility<span class=\"_ _3\"/> to make inve<span class=\"_ _3\"/>stment </span>decisio<span class=\"_ _3\"/>ns relati<span class=\"_ _3\"/>ng to t<span class=\"_ _3\"/>heir retire<span class=\"_ _3\"/>ment bene<span class=\"_ _3\"/>fits. What is<span class=\"_ _3\"/> a Defined Be<span class=\"_ _3\"/>nefit sc<span class=\"_ _3\"/>heme? <span class=\"ff213 ls3 ws2\"> </span>In a Defined Benefi<span class=\"_ _3\"/>t scheme, members receiv<span class=\"ls1a0 ws2\">e pa<span class=\"_ _3\"/>yments during retirement, the value </span>of which is dependent on factors such as salary<span class=\"_ _3\"/> and length of service. The Group makes contributions to the scheme, a separate Trustee-<span class=\"_ _0\"/>administered fund that is not consolidated in these financial statements, but is reflected on the defined benefit pension surplus or defi<span class=\"_ _3\"/>cit line in the Cons<span class=\"ls19e ws1b3\">olidated <span class=\"_ _3\"/>Statement of Financial Position. </span>The Trustee, appoi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>ted accordi<span class=\"_ _3\"/>ng to the terms of<span class=\"_ _3\"/> the Schemes\u2019 docu<span class=\"_ _3\"/>mentation, is<span class=\"_ _3\"/> requir<span class=\"_ _0\"/>ed to act<span class=\"_ _0\"/> in the bes<span class=\"_ _0\"/>t inter<span class=\"_ _0\"/>est of th<span class=\"_ _0\"/>e benefic<span class=\"_ _0\"/>iaries<span class=\"_ _0\"/> and is<span class=\"_ _0\"/> respon<span class=\"_ _0\"/>sible for mana<span class=\"_ _3\"/>ging and i<span class=\"_ _3\"/>nvestin<span class=\"_ _3\"/>g the asset<span class=\"_ _3\"/>s of the S<span class=\"_ _3\"/>cheme and i<span class=\"_ _3\"/>ts fundi<span class=\"_ _3\"/>ng positi<span class=\"_ _3\"/>on.  Schemes can be funded, <span class=\"_ _3\"/>where regular cash cont<span class=\"_ _3\"/>ributions are made<span class=\"_ _3\"/> by the employer i<span class=\"_ _3\"/>nto a fund<span class=\"_ _3\"/> which is invested<span class=\"_ _4\"/>. In the event of poor i<span class=\"_ _3\"/>nvestme<span class=\"_ _3\"/>nt returns <span class=\"_ _3\"/>or increases <span class=\"_ _3\"/>in liabilitie<span class=\"_ _3\"/>s, the Group may <span class=\"_ _3\"/>need to address thi<span class=\"_ _3\"/>s through increased <span class=\"_ _3\"/>levels of cont<span class=\"_ _3\"/>ribution. A<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ternati<span class=\"_ _3\"/>vely, s<span class=\"_ _3\"/>chemes can<span class=\"_ _3\"/> be unfunded<span class=\"_ _3\"/>, where no<span class=\"_ _3\"/> regular <span class=\"_ _3\"/>money or assets are required<span class=\"_ _3\"/> to be put aside to <span class=\"_ _3\"/>cover future payments but i<span class=\"_ _3\"/>n some cases security is req<span class=\"_ _3\"/>uired. The accounting defi<span class=\"_ _3\"/>ned benefit pension surplu<span class=\"_ _3\"/>s or deficit (IAS 19) is <span class=\"_ _3\"/>different from the actuarial valuation surplus or defi<span class=\"_ _3\"/>cit as they are calculated on the basis of different assumptions, such a<span class=\"_ _3\"/>s discount rate. The accou<span class=\"_ _3\"/>nting defined benefit pensio<span class=\"_ _3\"/>n surplus or deficit (IAS 19) figure is<span class=\"ls1a0 ws2\"> calculated as at the balance sheet date, and the actuarial </span>surplus or deficit (which drives cash funding requirements) wa<span class=\"_ _3\"/>s calculated for the last triennial valuatio<span class=\"_ _4\"/>n as of 31 December 2019 for Section A of the ITV P<span class=\"_ _3\"/>ension Scheme, 1 January 2020 for Sectio<span class=\"_ _3\"/>n C of the ITV Pe<span class=\"ls1a0 ws2\">nsion Scheme and 30 June 2020 for<span class=\"_ _3\"/> the </span>UTV Pens<span class=\"_ _0\"/>ion Scheme.  Accounting policies Defined contribution scheme Obligations under the Group<span class=\"_ _3\"/>\u2019s defined contri<span class=\"_ _3\"/>bution schemes ar<span class=\"ls185 ws1b6\">e recognised<span class=\"_ _0\"/> as an opera<span class=\"_ _0\"/>ting cost i<span class=\"_ _0\"/>n the Cons<span class=\"_ _0\"/>olidated<span class=\"_ _0\"/> </span>Income Statement as incurred. For 2022, total contribu<span class=\"ls184 ws1b3\">tio<span class=\"_ _3\"/>ns expensed were \u00a329 <span class=\"_ _3\"/>million (2021<span class=\"_ _3\"/>: \u00a326 million)<span class=\"_ _3\"/>. </span>Defined<span class=\"_ _3\"/> benefit s<span class=\"_ _3\"/>cheme The Group\u2019s<span class=\"_ _3\"/> obligatio<span class=\"_ _3\"/>n in respect o<span class=\"_ _3\"/>f the Defi<span class=\"_ _3\"/>ned Benefit<span class=\"_ _3\"/> Scheme is <span class=\"_ _3\"/>calculated by<span class=\"_ _3\"/> estimating<span class=\"_ _3\"/> the amount of <span class=\"_ _3\"/>future retirement<span class=\"_ _3\"/> benefit t<span class=\"_ _3\"/>hat eligible <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>(\u2018beneficiar<span class=\"_ _3\"/>ies\u2019) <span class=\"_ _3\"/><span class=\"ws1c9\">have earned during t<span class=\"_ _3\"/>heir services. That be<span class=\"_ _3\"/>nefit payable i<span class=\"_ _3\"/>n </span>the future<span class=\"_ _0\"/> is discounte<span class=\"_ _0\"/>d to today\u2019s valu<span class=\"_ _0\"/>e and then th<span class=\"_ _0\"/>e fair value of sche<span class=\"_ _0\"/>me assets is de<span class=\"_ _0\"/>ducted to meas<span class=\"_ _0\"/>ure the d<span class=\"_ _0\"/>efined benefit pension position. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>212<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff20f ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>214<span class=\"ff211 ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff212 ls3 ws2\">\u2009</span><span class=\"ff20f ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>A further<span class=\"_ _3\"/> \u00a33 million <span class=\"_ _3\"/>(2021: \u00a33 millio<span class=\"_ _3\"/>n) is provi<span class=\"_ _3\"/>ded in re<span class=\"_ _3\"/>lation to ot<span class=\"_ _3\"/>her employme<span class=\"_ _3\"/>nt related <span class=\"_ _3\"/>matters. The Voice of Holland In early 2022 alleg<span class=\"_ _3\"/>ations of inapprop<span class=\"_ _3\"/>riate behaviour<span class=\"_ _3\"/> on the set o<span class=\"_ _3\"/>f The Voice o<span class=\"_ _3\"/>f Holland were m<span class=\"_ _3\"/>ade public, resu<span class=\"_ _3\"/>lting in a mid-seas<span class=\"_ _0\"/>on suspens<span class=\"_ _0\"/>ion of se<span class=\"_ _0\"/>ries 12. <span class=\"_ _0\"/>A provis<span class=\"_ _0\"/>ion has b<span class=\"_ _0\"/>een made<span class=\"_ _0\"/> to cov<span class=\"_ _0\"/>er the co<span class=\"_ _0\"/>mmitted c<span class=\"_ _0\"/>osts rel<span class=\"_ _0\"/>ating t<span class=\"_ _0\"/>o the ser<span class=\"_ _0\"/>ies in production <span class=\"_ _3\"/>and other co<span class=\"_ _3\"/>sts. An exter<span class=\"_ _3\"/>nal investigatio<span class=\"_ _3\"/>n of the allegatio<span class=\"_ _3\"/>ns is current<span class=\"_ _3\"/>ly ongoing. Whi<span class=\"_ _3\"/>le unquantifiable at presen<span class=\"_ _0\"/>t, th<span class=\"_ _0\"/>ere may<span class=\"_ _0\"/> be furt<span class=\"_ _0\"/>her financ<span class=\"_ _0\"/>ial imp<span class=\"_ _0\"/>act on <span class=\"_ _0\"/>the Grou<span class=\"_ _0\"/>p. Other Other p<span class=\"_ _0\"/>rovisio<span class=\"_ _0\"/>ns rela<span class=\"_ _0\"/>te to hist<span class=\"_ _0\"/>oric<span class=\"_ _0\"/>al environ<span class=\"_ _0\"/>mental<span class=\"_ _0\"/> provis<span class=\"_ _0\"/>io<span class=\"ls185 ws2\">ns in <span class=\"_ _0\"/>relati<span class=\"_ _0\"/>on to <span class=\"_ _0\"/>our pro<span class=\"_ _0\"/>duction<span class=\"_ _0\"/> sites, c<span class=\"_ _0\"/>losure c<span class=\"_ _0\"/>osts a<span class=\"_ _0\"/>nd </span>provision for lega<span class=\"_ _3\"/>l fees for other o<span class=\"_ _3\"/>ngoing litigation. 3.7 Pensions  <span class=\"_ _85\"> </span><span class=\"ff211 ls187 ws21c\">Keeping </span>it simple In this note, <span class=\"_ _3\"/>we explain the accounti<span class=\"_ _3\"/>ng polici<span class=\"_ _3\"/>es governing the Gro<span class=\"_ _3\"/>up\u2019s pension schemes, follow<span class=\"_ _0\"/>ed by analys<span class=\"_ _0\"/>is of the comp<span class=\"_ _0\"/>onents of th<span class=\"_ _0\"/>e net defin<span class=\"_ _0\"/>ed benefi<span class=\"_ _0\"/>t pension<span class=\"_ _3\"/> surplus o<span class=\"_ _3\"/>r deficit<span class=\"_ _4\"/>, including assu<span class=\"_ _3\"/>mptions ma<span class=\"_ _3\"/>de, and w<span class=\"_ _3\"/>here the re<span class=\"_ _3\"/>lated movements have<span class=\"_ _3\"/> been recognised in t<span class=\"_ _3\"/>he financi<span class=\"_ _3\"/>al statements. In addi<span class=\"_ _3\"/>tion, we hav<span class=\"_ _3\"/>e placed te<span class=\"_ _3\"/>xt boxes to exp<span class=\"_ _3\"/>lain so<span class=\"_ _3\"/>me of the <span class=\"ls188 ws1d2\">te<span class=\"_ _3\"/>chnical terms used in the<span class=\"_ _3\"/> disclosure.  </span>What are<span class=\"_ _3\"/> the Group<span class=\"_ _3\"/>\u2019s pension <span class=\"_ _3\"/>schemes?<span class=\"_ _3\"/> <span class=\"ff213 ls3\"> </span>There are t<span class=\"_ _3\"/>wo types of pensi<span class=\"_ _3\"/>on schemes. A \u2018D<span class=\"_ _3\"/>efined Contrib<span class=\"_ _3\"/>ution\u2019 scheme that i<span class=\"_ _3\"/>s open to ITV emp<span class=\"_ _3\"/>loyees, and a number of \u2018De<span class=\"_ _3\"/>fined Benefit\u2019 schemes t<span class=\"_ _3\"/>hat have been closed to n<span class=\"_ _0\"/>ew members s<span class=\"_ _0\"/>ince 2006 <span class=\"_ _0\"/>and closed t<span class=\"_ _0\"/>o future acc<span class=\"_ _0\"/>rual in<span class=\"_ _0\"/> 2017. In 201<span class=\"_ _0\"/>6, on acquisition of <span class=\"_ _3\"/>UTV Limited, th<span class=\"_ _3\"/>e Group took o<span class=\"_ _3\"/>ver the UTV Defi<span class=\"_ _3\"/>ned Benefit<span class=\"_ _3\"/> Scheme, which closed t<span class=\"_ _0\"/>o future accr<span class=\"_ _0\"/>ual at the en<span class=\"_ _0\"/>d of March 2019.<span class=\"_ _0\"/> What is a D<span class=\"_ _4\"/>efined Contribution sc<span class=\"_ _3\"/>heme?<span class=\"ff213 ls3 ws2\"> </span>The Defined<span class=\"_ _3\"/> Contribution scheme<span class=\"_ _3\"/> is where the <span class=\"_ _3\"/>Group makes fi<span class=\"_ _3\"/>xed payments into a<span class=\"_ _3\"/> separate fund<span class=\"_ _3\"/> on behalf o<span class=\"_ _3\"/>f those employee<span class=\"_ _3\"/>s participating in <span class=\"_ _3\"/>saving for their retirement<span class=\"_ _3\"/>. ITV has no further obligatio<span class=\"_ _3\"/>n to the participating emp<span class=\"_ _3\"/>loyee and the risks and reward<span class=\"_ _3\"/>s associated<span class=\"_ _3\"/> with thi<span class=\"_ _3\"/>s type of <span class=\"_ _3\"/>scheme are as<span class=\"_ _3\"/>sumed by the<span class=\"_ _3\"/> members rather th<span class=\"_ _0\"/>an the Grou<span class=\"_ _0\"/>p. Alth<span class=\"_ _0\"/>ough the T<span class=\"_ _0\"/>rustee of<span class=\"_ _0\"/> the scheme m<span class=\"_ _0\"/>akes ava<span class=\"_ _0\"/>ilable a rang<span class=\"_ _0\"/>e of inves<span class=\"_ _3\"/>tment opti<span class=\"_ _3\"/>ons, it is the m<span class=\"_ _3\"/>ember<span class=\"ls18e ws1c6\">s\u2019 r<span class=\"_ _3\"/>esponsi<span class=\"_ _3\"/>bility<span class=\"_ _3\"/> to make inve<span class=\"_ _3\"/>stment </span>decisio<span class=\"_ _3\"/>ns relati<span class=\"_ _3\"/>ng to t<span class=\"_ _3\"/>heir retire<span class=\"_ _3\"/>ment bene<span class=\"_ _3\"/>fits. What is<span class=\"_ _3\"/> a Defined Be<span class=\"_ _3\"/>nefit sc<span class=\"_ _3\"/>heme? <span class=\"ff213 ls3 ws2\"> </span>In a Defined Benefi<span class=\"_ _3\"/>t scheme, members receiv<span class=\"ls1a0 ws2\">e pa<span class=\"_ _3\"/>yments during retirement, the value </span>of which is dependent on factors such as salary<span class=\"_ _3\"/> and length of service. The Group makes contributions to the scheme, a separate Trustee-<span class=\"_ _0\"/>administered fund that is not consolidated in these financial statements, but is reflected on the defined benefit pension surplus or defi<span class=\"_ _3\"/>cit line in the Cons<span class=\"ls19e ws1b3\">olidated <span class=\"_ _3\"/>Statement of Financial Position. </span>The Trustee, appoi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>ted accordi<span class=\"_ _3\"/>ng to the terms of<span class=\"_ _3\"/> the Schemes\u2019 docu<span class=\"_ _3\"/>mentation, is<span class=\"_ _3\"/> requir<span class=\"_ _0\"/>ed to act<span class=\"_ _0\"/> in the bes<span class=\"_ _0\"/>t inter<span class=\"_ _0\"/>est of th<span class=\"_ _0\"/>e benefic<span class=\"_ _0\"/>iaries<span class=\"_ _0\"/> and is<span class=\"_ _0\"/> respon<span class=\"_ _0\"/>sible for mana<span class=\"_ _3\"/>ging and i<span class=\"_ _3\"/>nvestin<span class=\"_ _3\"/>g the asset<span class=\"_ _3\"/>s of the S<span class=\"_ _3\"/>cheme and i<span class=\"_ _3\"/>ts fundi<span class=\"_ _3\"/>ng positi<span class=\"_ _3\"/>on.  Schemes can be funded, <span class=\"_ _3\"/>where regular cash cont<span class=\"_ _3\"/>ributions are made<span class=\"_ _3\"/> by the employer i<span class=\"_ _3\"/>nto a fund<span class=\"_ _3\"/> which is invested<span class=\"_ _4\"/>. In the event of poor i<span class=\"_ _3\"/>nvestme<span class=\"_ _3\"/>nt returns <span class=\"_ _3\"/>or increases <span class=\"_ _3\"/>in liabilitie<span class=\"_ _3\"/>s, the Group may <span class=\"_ _3\"/>need to address thi<span class=\"_ _3\"/>s through increased <span class=\"_ _3\"/>levels of cont<span class=\"_ _3\"/>ribution. A<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ternati<span class=\"_ _3\"/>vely, s<span class=\"_ _3\"/>chemes can<span class=\"_ _3\"/> be unfunded<span class=\"_ _3\"/>, where no<span class=\"_ _3\"/> regular <span class=\"_ _3\"/>money or assets are required<span class=\"_ _3\"/> to be put aside to <span class=\"_ _3\"/>cover future payments but i<span class=\"_ _3\"/>n some cases security is req<span class=\"_ _3\"/>uired. The accounting defi<span class=\"_ _3\"/>ned benefit pension surplu<span class=\"_ _3\"/>s or deficit (IAS 19) is <span class=\"_ _3\"/>different from the actuarial valuation surplus or defi<span class=\"_ _3\"/>cit as they are calculated on the basis of different assumptions, such a<span class=\"_ _3\"/>s discount rate. The a<span class=\"_ _3\"/>ccounting defined benefit pensi<span class=\"_ _3\"/>on surplus or deficit (IAS 19) figure is<span class=\"ls1a0 ws2\"> calculated as at the balance sheet date, and the actuarial </span>surplus or deficit (which drives cash funding requirements) wa<span class=\"_ _3\"/>s calculated for the last triennial valuatio<span class=\"_ _4\"/>n as of 31 December 2019 for Section A of the ITV P<span class=\"_ _3\"/>ension Scheme, 1 January 2020 for Sectio<span class=\"_ _3\"/>n C of the ITV Pe<span class=\"ls1a0 ws2\">nsion Scheme and 30 June 2020 for<span class=\"_ _3\"/> the </span>UTV Pens<span class=\"_ _0\"/>ion Scheme.  Accounting policies Defined contribution scheme Obligations under the Group<span class=\"_ _3\"/>\u2019s defined contri<span class=\"_ _3\"/>bution schemes ar<span class=\"ls185 ws1b6\">e recognised<span class=\"_ _0\"/> as an opera<span class=\"_ _0\"/>ting cost i<span class=\"_ _0\"/>n the Cons<span class=\"_ _0\"/>olidated<span class=\"_ _0\"/> </span>Income Statement as incurred. For 2022, total contribu<span class=\"ls184 ws1b3\">tio<span class=\"_ _3\"/>ns expensed were \u00a329 <span class=\"_ _3\"/>million (2021<span class=\"_ _3\"/>: \u00a326 million)<span class=\"_ _3\"/>. </span>Defined<span class=\"_ _3\"/> benefit s<span class=\"_ _3\"/>cheme The Group\u2019s <span class=\"_ _3\"/>obligation <span class=\"_ _3\"/>in respect of<span class=\"_ _3\"/> the Defi<span class=\"_ _3\"/>ned Benefit<span class=\"_ _3\"/> Scheme is <span class=\"_ _3\"/>calculated by<span class=\"_ _3\"/> estimating<span class=\"_ _3\"/> the amount of <span class=\"_ _3\"/>future retirement<span class=\"_ _3\"/> benefit t<span class=\"_ _3\"/>hat eligible <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>(\u2018beneficiar<span class=\"_ _3\"/>ies\u2019) <span class=\"_ _3\"/><span class=\"ws1c9\">have earned during t<span class=\"_ _3\"/>heir services. That be<span class=\"_ _3\"/>nefit payable i<span class=\"_ _3\"/>n </span>the future<span class=\"_ _0\"/> is discounte<span class=\"_ _0\"/>d to today\u2019s valu<span class=\"_ _0\"/>e and then th<span class=\"_ _0\"/>e fair value of sche<span class=\"_ _0\"/>me assets is de<span class=\"_ _0\"/>ducted to meas<span class=\"_ _0\"/>ure the d<span class=\"_ _0\"/>efined benefit pension position. I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff215 fc7 sc0\">\u2009<span class=\"ff214 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff214 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _18b\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">5<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">5<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Unless ot<span class=\"_ _3\"/>herwise stat<span class=\"_ _3\"/>ed, refere<span class=\"_ _3\"/>nces to De<span class=\"_ _3\"/>fined Bene<span class=\"_ _3\"/>fit Schemes<span class=\"_ _3\"/> (\u2018the Sche<span class=\"_ _3\"/>mes\u2019) wit<span class=\"_ _4\"/>h<span class=\"_ _0\"/>in this<span class=\"_ _3\"/> note refer to<span class=\"_ _3\"/> the IT<span class=\"_ _3\"/>V Pensio<span class=\"_ _3\"/>n Scheme, th<span class=\"_ _3\"/>e Unfunded Sch<span class=\"_ _3\"/>eme and the UTV Pen<span class=\"_ _3\"/>s<span class=\"ls18c ws1bc\">ion Scheme combined. Deta<span class=\"ls184 ws1c8\">ils on each scheme are<span class=\"_ _3\"/> </span></span>provided below. The liabili<span class=\"_ _0\"/>ties of the Schem<span class=\"_ _0\"/>es are measure<span class=\"_ _0\"/>d by discountin<span class=\"_ _0\"/>g the bes<span class=\"_ _0\"/>t estimate of<span class=\"_ _0\"/> future cash flow<span class=\"_ _0\"/>s to be paid us<span class=\"_ _0\"/>ing the \u2018project<span class=\"_ _3\"/>ed unit\u2019 method<span class=\"_ _3\"/>. These calculatio<span class=\"_ _3\"/>ns are complex and are<span class=\"_ _3\"/> performed by a qualifi<span class=\"_ _3\"/>ed actuary. Ther<span class=\"_ _3\"/>e are many judgements and estimat<span class=\"_ _3\"/>es necessary to calcu<span class=\"_ _3\"/>late the Group\u2019<span class=\"ls188 ws1d2\">s estimated <span class=\"_ _3\"/>liabilities, the main a<span class=\"_ _3\"/>ssumptions are set o<span class=\"_ _3\"/>ut </span>later in<span class=\"_ _0\"/> this n<span class=\"_ _0\"/>ote. Mov<span class=\"_ _0\"/>ements<span class=\"_ _0\"/> in assum<span class=\"_ _0\"/>ptions d<span class=\"_ _0\"/>uring t<span class=\"_ _0\"/>he <span class=\"ls183 ws1b2\">year ar<span class=\"_ _0\"/>e called \u2018actua<span class=\"_ _0\"/>rial gains and losse<span class=\"_ _0\"/>s\u2019 and thes<span class=\"_ _0\"/>e are </span>recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the per<span class=\"_ _0\"/>iod in wh<span class=\"_ _0\"/>ich th<span class=\"_ _0\"/>ey aris<span class=\"_ _0\"/>e throu<span class=\"_ _0\"/>gh <span class=\"ls184 ws1c8\">the Consolidated Statement of Compre<span class=\"_ _3\"/>hensive Income.  </span>The accoun<span class=\"_ _0\"/>ting<span class=\"_ _0\"/> define<span class=\"_ _0\"/>d benefi<span class=\"_ _0\"/>t pension s<span class=\"_ _0\"/>urplus<span class=\"_ _0\"/> or defic<span class=\"_ _0\"/>it (IAS 1<span class=\"_ _0\"/>9) is dif<span class=\"_ _0\"/>ferent fr<span class=\"_ _0\"/>om the ac<span class=\"_ _0\"/>tuarial<span class=\"_ _0\"/> valuat<span class=\"_ _0\"/>ion surpl<span class=\"_ _0\"/>us or deficit as t<span class=\"_ _0\"/>hey are calcul<span class=\"_ _0\"/>ated on th<span class=\"_ _0\"/>e basis of di<span class=\"_ _0\"/>fferent as<span class=\"_ _0\"/><span class=\"ls184 ws1b3\">sumptions, such as <span class=\"_ _3\"/>discount rate. <span class=\"_ _3\"/>The accounting <span class=\"_ _3\"/>defined </span>benefit pensio<span class=\"_ _3\"/>n surplus or <span class=\"_ _3\"/>deficit (IAS 1<span class=\"_ _3\"/>9) figure is ca<span class=\"_ _3\"/>lculated as at t<span class=\"_ _3\"/>he balance sheet<span class=\"_ _3\"/> date, and<span class=\"_ _3\"/> the actuaria<span class=\"_ _3\"/>l valuation surplus or deficit (or funding surp<span class=\"_ _3\"/><span class=\"ls190 ws1b5\">lus or d<span class=\"_ _3\"/>eficit)<span class=\"_ _3\"/> is calc<span class=\"_ _3\"/>ulated pe<span class=\"ls188 ws1d5\">r the last t<span class=\"_ _3\"/>rienn<span class=\"ls18c ws1bc\">ial valuation. </span></span></span>The latest triennial valuatio<span class=\"_ _3\"/>n of Section A of the ITV Pension Scheme was undertak<span class=\"_ _3\"/>en as at 31 December 2019 by an independent a<span class=\"_ _3\"/>ctuary appointed by the Tr<span class=\"_ _3\"/>ustee of the Scheme <span class=\"_ _3\"/>and agreed in early <span class=\"_ _3\"/>2022. The funding def<span class=\"_ _3\"/>icit of Section A of the <span class=\"_ _3\"/>ITV Pensi<span class=\"_ _3\"/>on Scheme<span class=\"_ _3\"/> as at 31 D<span class=\"_ _3\"/>ecember 20<span class=\"_ _3\"/>19 amounted to<span class=\"_ _3\"/> \u00a3252 mi<span class=\"_ _3\"/>llion, dow<span class=\"_ _3\"/>n from \u00a3489<span class=\"_ _3\"/> million <span class=\"_ _3\"/>at 1 Janua<span class=\"_ _3\"/>ry 2017. The Group has revi<span class=\"_ _3\"/>sed the existing deficit re<span class=\"_ _3\"/><span class=\"ls188 ws1d2\">duction contributio<span class=\"_ _3\"/>ns to eliminate the def<span class=\"_ _3\"/>icit.  </span>The IAS 19 <span class=\"_ _3\"/>surplus or deficit <span class=\"_ _3\"/>does not drive<span class=\"_ _3\"/> the deficit fu<span class=\"_ _3\"/>nding contribution. Followi<span class=\"_ _3\"/>ng the latest triennial va<span class=\"_ _3\"/>luation of Section A of the ITV Pensions Scheme, ITV paid deficit re<span class=\"ls189 ws1bf\">duction contributions of <span class=\"_ _0\"/>\u00a340 million in 20<span class=\"_ _0\"/>22, and expec<span class=\"_ _0\"/>ts </span>the defic<span class=\"_ _0\"/>it reduc<span class=\"_ _0\"/>tion con<span class=\"_ _0\"/>tribu<span class=\"_ _0\"/>tions to<span class=\"_ _0\"/> be \u00a343 mil<span class=\"_ _0\"/>lion in 20<span class=\"_ _0\"/><span class=\"ls189 ws1bf\">23, \u00a348 million in<span class=\"_ _0\"/> 2024 and \u00a328<span class=\"_ _0\"/> million in 20<span class=\"_ _0\"/>25. The next </span>triennial valuation will be as at <span class=\"_ _0\"/>31<span class=\"ls185 ws1b6\"> Decembe<span class=\"_ _0\"/>r 2022. This<span class=\"_ _0\"/> will dete<span class=\"_ _0\"/>rmine subs<span class=\"_ _0\"/>equent con<span class=\"_ _0\"/>tribut<span class=\"_ _0\"/>ion rates<span class=\"_ _0\"/>. </span>An unfund<span class=\"_ _3\"/>ed scheme<span class=\"_ _3\"/> in relatio<span class=\"_ _3\"/>n to former <span class=\"_ _3\"/>beneficia<span class=\"_ _3\"/>ries who a<span class=\"_ _3\"/>ccrued ben<span class=\"_ _3\"/>efits in exce<span class=\"_ _3\"/><span class=\"ls18c ws1bc\">ss of the maximum allowed for </span>tax purposes is accounted<span class=\"_ _3\"/> for under IA<span class=\"_ _3\"/>S 19 and the Group is<span class=\"_ _3\"/> responsible for meeting<span class=\"_ _3\"/> the pension oblig<span class=\"_ _3\"/>ations as they fall due. For the four fo<span class=\"_ _3\"/>rmer Granada executive<span class=\"_ _3\"/>s within the unfunded schem<span class=\"_ _3\"/>e, there is additiona<span class=\"_ _3\"/>l security in the form of a charge over \u00a34<span class=\"_ _3\"/>7 million (2021: \u00a36<span class=\"_ _3\"/>2 million) of securit<span class=\"_ _4\"/>i<span class=\"ls190 ws1c7\">sed gilts held<span class=\"_ _3\"/> by the Group,<span class=\"_ _3\"/> which are c<span class=\"_ _3\"/>lassified<span class=\"_ _3\"/> as other </span>pension ass<span class=\"_ _0\"/>ets to refl<span class=\"_ _0\"/>ect the G<span class=\"_ _0\"/>roup\u2019<span class=\"ls18c ws1bc\">s net pension surplus or deficit. </span>Due to the size o<span class=\"_ _0\"/>f the UTV Pensio<span class=\"_ _0\"/>n Scheme, the D<span class=\"_ _0\"/>irectors pr<span class=\"_ _0\"/>esent the resul<span class=\"_ _0\"/>ts and posi<span class=\"_ _0\"/>tion of the UT<span class=\"_ _0\"/>V Pension Scheme w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> this n<span class=\"_ _0\"/>ote c<span class=\"_ _0\"/>ombin<span class=\"_ _0\"/>ed with<span class=\"_ _0\"/> the ex<span class=\"_ _0\"/>isting<span class=\"_ _0\"/> ITV <span class=\"ls189 ws1d8\">Sche<span class=\"_ _0\"/>mes. In November 2021, the triennial v<span class=\"_ _0\"/>aluation of the </span>UTV Pension Sc<span class=\"_ _0\"/>heme at 30 Jun<span class=\"_ _0\"/>e 2020 was compl<span class=\"_ _0\"/>eted. The <span class=\"ls183 ws1b2\">Schem<span class=\"_ _0\"/>e had assets<span class=\"_ _0\"/> of \u00a3140 million as<span class=\"_ _0\"/> at the valuati<span class=\"_ _0\"/>on </span>date and<span class=\"_ _0\"/> \u00a3136 mill<span class=\"_ _0\"/>ion of l<span class=\"_ _0\"/>iabilit<span class=\"_ _0\"/>ies res<span class=\"_ _0\"/>ulting<span class=\"_ _0\"/> in an agre<span class=\"_ _0\"/>ed Techn<span class=\"_ _0\"/>ical Prov<span class=\"_ _0\"/>isions<span class=\"_ _0\"/> fundi<span class=\"_ _0\"/>ng surplu<span class=\"_ _0\"/>s of \u00a34 mill<span class=\"_ _0\"/>ion and h<span class=\"_ _0\"/>ence there are no d<span class=\"_ _3\"/>eficit contrib<span class=\"_ _3\"/>utions payab<span class=\"_ _3\"/>le. The next tri<span class=\"_ _4\"/>ennial valuation will be a<span class=\"_ _3\"/>s at 30 June 2023<span class=\"_ _3\"/>. The princ<span class=\"_ _0\"/>ipal empl<span class=\"_ _0\"/>oyer of the<span class=\"_ _0\"/> ITV Pension Sch<span class=\"_ _0\"/>eme and th<span class=\"_ _0\"/>e <span class=\"ls186 ws2\">Unfunded S<span class=\"_ _3\"/>cheme is <span class=\"_ _3\"/>ITV Service<span class=\"_ _3\"/>s Limited, t<span class=\"_ _3\"/>he Granada </span>supplem<span class=\"_ _0\"/>entary s<span class=\"_ _0\"/>cheme is Gran<span class=\"_ _0\"/>ada Grou<span class=\"_ _0\"/>p Limited<span class=\"_ _0\"/> and the UTV P<span class=\"_ _0\"/>ension<span class=\"_ _0\"/> Scheme is UTV<span class=\"_ _0\"/> Limited.<span class=\"_ _0\"/> The defined be<span class=\"_ _0\"/>nefit pens<span class=\"_ _0\"/>ion surplus<span class=\"_ _0\"/>/(deficit<span class=\"_ _0\"/>) (under IAS 19)<span class=\"_ _0\"/> Net pension<span class=\"_ _0\"/> surplus of<span class=\"_ _0\"/> \u00a3192 mill<span class=\"_ _0\"/>ion at 31 Dec<span class=\"_ _0\"/>ember 202<span class=\"_ _0\"/>2 (2021: n<span class=\"_ _0\"/>et pension d<span class=\"_ _0\"/>eficit of \u00a38<span class=\"_ _0\"/> million<span class=\"_ _0\"/>) is state<span class=\"_ _0\"/>d after includi<span class=\"_ _3\"/>ng the un<span class=\"_ _3\"/>funded s<span class=\"_ _3\"/>cheme sec<span class=\"_ _3\"/>urity asse<span class=\"_ _3\"/>t of \u00a347 <span class=\"_ _3\"/>million (<span class=\"_ _3\"/>2021: \u00a36<span class=\"_ _3\"/>2 millio<span class=\"_ _3\"/>n). The tot<span class=\"_ _3\"/>als re<span class=\"_ _3\"/>cognised i<span class=\"_ _3\"/>n 2022 a<span class=\"_ _3\"/>nd 2021 are: 2022 \u00a3m 2021 \u00a3m Total defined benefit scheme obligation<span class=\"_ _3\"/>s <span class=\"_ _1d7\"> </span><span class=\"ff217 ls18b ws1bb\">(2,292) <span class=\"_ _75\"> </span></span><span class=\"ws1b9\">(3,943) </span>Total defined benefit scheme as<span class=\"_ _3\"/>sets <span class=\"_ _21e\"> </span><span class=\"ff217 ls183 ws1bd\">2,43<span class=\"_ _0\"/>7 <span class=\"_ _12\"> </span></span><span class=\"ls18b ws1bb\">3,873 </span>Defined <span class=\"_ _0\"/>benefit<span class=\"_ _0\"/> pension<span class=\"_ _0\"/> surplus<span class=\"_ _0\"/>/(defi<span class=\"_ _0\"/>cit) (IAS<span class=\"_ _0\"/> 19) <span class=\"_ _eb\"> </span><span class=\"ls18b ws1bb\">145 <span class=\"_ _124\"> </span><span class=\"ff216 ls19b ws1d6\">(7<span class=\"_ _0\"/>0) </span></span>Presente<span class=\"_ _0\"/>d as: <span class=\"_ _1c5\"> </span><span class=\"ff217 ls3 ws2\"> <span class=\"_ _130\"> </span><span class=\"ff216\"> </span></span>Defined benefit pension surplus<span class=\"_ _0\"/>* <span class=\"_ _224\"> </span><span class=\"ff217 ls188 ws1b9\">172 <span class=\"_ _78\"> </span></span><span class=\"ls18f ws1c4\">26 </span>Defined benefit pension deficit <span class=\"_ _2b6\"> </span><span class=\"ff217 ws1b8\">(27) <span class=\"_ _3f\"> </span></span><span class=\"ls188 ws1b9\">(96) </span>Defined benefit pension surplus/<span class=\"_ _0\"/>(deficit) (IAS 19) <span class=\"_ _2b7\"> </span><span class=\"ff217 ls18b ws1bb\">145 <span class=\"_ _124\"> </span></span><span class=\"ls19b ws1d6\">(70<span class=\"_ _0\"/>) </span>Other pension asset <span class=\"_ _1b7\"> </span><span class=\"ff217 ls183 ws1bd\">47 <span class=\"_ _14d\"> </span></span><span class=\"ls18d ws1d3\">62 </span>Net pension surplus/(deficit) <span class=\"_ _20c\"> </span><span class=\"ws1b9\">192 <span class=\"_ _5c\"> </span><span class=\"ff216 ls19b ws1d6\">(8)<span class=\"_ _0\"/> </span></span>* <span class=\"_ _2d\"> </span>Incl<span class=\"_ _0\"/>uded with<span class=\"_ _0\"/>in the de<span class=\"_ _0\"/>fined be<span class=\"_ _0\"/>nefit pe<span class=\"_ _0\"/>nsion sur<span class=\"_ _0\"/>plus is t<span class=\"_ _0\"/>he UTV Sc<span class=\"_ _0\"/>heme. The de<span class=\"_ _0\"/>fined <span class=\"_ _0\"/>benefit sche<span class=\"_ _0\"/>me assets<span class=\"_ _0\"/> in the<span class=\"_ _0\"/> UTV Scheme we<span class=\"_ _0\"/><span class=\"ls1bd ws1df\">re valued at \u00a394 million<span class=\"_ _3\"/> </span>as at 31 December 2<span class=\"_ _0\"/>022 (2021: \u00a31<span class=\"_ _0\"/>42 million) a<span class=\"_ _0\"/>nd the define<span class=\"_ _0\"/>d bene<span class=\"ls1d1 ws2\">fit scheme o<span class=\"_ _0\"/>bligations were \u00a385 <span class=\"_ _0\"/><span class=\"ls194 ws1e8\">million (2021: \u00a3116 m<span class=\"_ _0\"/>illion). </span></span>The follow<span class=\"_ _0\"/>ing notes p<span class=\"_ _0\"/>rovide fu<span class=\"_ _0\"/>rther det<span class=\"_ _0\"/>ail on the v<span class=\"_ _0\"/>alue <span class=\"ls183 ws1b2\">of the Sch<span class=\"_ _0\"/>emes\u2019 assets an<span class=\"_ _0\"/>d liabilit<span class=\"_ _0\"/>ies, how these ar<span class=\"_ _0\"/>e </span>account<span class=\"_ _0\"/>ed for and the<span class=\"_ _0\"/>ir impac<span class=\"_ _0\"/>t on the financ<span class=\"_ _0\"/>ial sta<span class=\"_ _0\"/>tements.<span class=\"_ _0\"/>  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>213<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff21b ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>216<span class=\"ff21d ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff21e ls3 ws2\">\u2009</span><span class=\"ff21b ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Defined be<span class=\"_ _0\"/>nefit s<span class=\"_ _0\"/>cheme obli<span class=\"_ _0\"/>gations<span class=\"_ _0\"/> Keeping it simple What cau<span class=\"_ _3\"/>ses move<span class=\"_ _3\"/>ments in<span class=\"_ _3\"/> the defined<span class=\"_ _3\"/> benefit p<span class=\"_ _3\"/>ension ob<span class=\"_ _3\"/>ligations?<span class=\"_ _4\"/><span class=\"ff21f ls3\"> </span>The areas <span class=\"_ _3\"/>that impact the defi<span class=\"_ _3\"/>ned benefit ob<span class=\"_ _3\"/><span class=\"ls190 ws1c7\">ligation (t<span class=\"_ _3\"/>he pension sc<span class=\"_ _3\"/>heme liabil<span class=\"_ _3\"/>ities) </span>position<span class=\"_ _0\"/> at the yea<span class=\"_ _0\"/>r end are as<span class=\"_ _0\"/> follows: \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls18c ws1bf\">Past service cost<span class=\"_ _0\"/><span class=\"ff21f ls184 ws1b3\"> \u2013 is a change<span class=\"_ _3\"/> in present value <span class=\"_ _3\"/>of the benefit<span class=\"_ _3\"/>s built up by<span class=\"_ _3\"/> the </span></span></span>beneficiaries in the<span class=\"_ _3\"/> prior periods; can be po<span class=\"_ _3\"/>sitive or negative resulting <span class=\"_ _3\"/>from changes to the<span class=\"_ _0\"/> existing plan<span class=\"_ _0\"/> as a result of an<span class=\"_ _0\"/> agreement<span class=\"_ _0\"/> between ITV and<span class=\"_ _0\"/> employees or legi<span class=\"_ _3\"/>slative change<span class=\"_ _3\"/> (including legal ruli<span class=\"_ _3\"/>ngs) or as a result<span class=\"_ _3\"/> of significant reductio<span class=\"_ _3\"/>n by ITV i<span class=\"_ _3\"/>n the number<span class=\"_ _3\"/> of employee<span class=\"_ _3\"/>s covered b<span class=\"_ _3\"/>y the plan (curtai<span class=\"_ _4\"/>lment) \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls18d ws1b9\">Inte<span class=\"_ _0\"/>rest cos<span class=\"_ _0\"/>t<span class=\"ff21f ls184 ws1b3\"> \u2013 the pension obligat<span class=\"_ _4\"/>ions payable in the future<span class=\"_ _3\"/> are discounted to <span class=\"_ _3\"/>the </span></span></span>present value <span class=\"_ _3\"/>at year end. A di<span class=\"_ _3\"/>scount factor<span class=\"_ _3\"/> is used to dete<span class=\"_ _3\"/>rmine the cur<span class=\"_ _3\"/>rent value today of<span class=\"_ _0\"/> the future<span class=\"_ _0\"/> cost. Th<span class=\"_ _0\"/>e inter<span class=\"_ _0\"/>est cos<span class=\"_ _0\"/>t is the un<span class=\"_ _0\"/>windin<span class=\"_ _0\"/>g of one y<span class=\"_ _0\"/>ear\u2019s movement i<span class=\"_ _3\"/>n the present va<span class=\"_ _3\"/>lue of the ob<span class=\"_ _3\"/>ligation. It is br<span class=\"_ _3\"/>oadly determined by multiplying<span class=\"_ _3\"/> the discount rate<span class=\"_ _3\"/> at the beginni<span class=\"_ _3\"/>ng of the period<span class=\"_ _3\"/> by the updated pre<span class=\"_ _3\"/>sent value of <span class=\"_ _3\"/>the obligatio<span class=\"_ _3\"/>n during t<span class=\"_ _3\"/>he period. The<span class=\"_ _3\"/> discount rate<span class=\"_ _3\"/> is a key a<span class=\"_ _3\"/>ssumption explained later in t<span class=\"_ _3\"/>his note. This interest<span class=\"_ _3\"/><span class=\"ls18f ws1d7\"> cost is recognised through net financing </span>costs in the<span class=\"_ _3\"/> Consolidated Income<span class=\"_ _3\"/> Statement (<span class=\"_ _3\"/>see note 4.4) \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls186 ws1b3\">Actuarial gain<span class=\"_ _3\"/>s or losses<span class=\"ff21f ls1a0 ws2\"> \u2013 there are broadly two causes of actuarial moveme<span class=\"_ _3\"/>nts: </span></span></span>\u2018experience\u2019 adjustments, which<span class=\"_ _0\"/> arise when comparing assumptions made w<span class=\"_ _0\"/>hen estimating the liabilities and wh<span class=\"_ _0\"/>at has ac<span class=\"ls1a0 ws2\">tually occurred, and adjustments resulting </span>from changes in act<span class=\"_ _3\"/>uarial assumpt<span class=\"_ _3\"/>ions e.g.<span class=\"ls1a0 ws2\"> movem<span class=\"_ _3\"/>ents in corporate bond yields or </span>change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are rec<span class=\"_ _0\"/>ognis<span class=\"ls19f ws1b5\">ed through other comprehensi<span class=\"_ _3\"/>ve income </span>\u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls186 ws1b3\">Benefits paid<span class=\"ff21f ls19e\"> \u2013 any cash benefits paid out by th<span class=\"ls1a0 ws2\">e Scheme will reduce the ob<span class=\"_ _3\"/>ligation </span></span></span></span>The movement<span class=\"_ _3\"/> in the prese<span class=\"_ _3\"/>nt value of the <span class=\"_ _3\"/>Group\u2019s defined benefi<span class=\"_ _3\"/>t obligation <span class=\"_ _3\"/>is analysed below: 2022 \u00a3m 2021 \u00a3m Defined be<span class=\"_ _0\"/>nefit o<span class=\"_ _0\"/>bligation<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> <span class=\"_ _2b8\"> </span><span class=\"ls18c ws1c2\">3,943 <span class=\"_ _49\"> </span><span class=\"ff21f ls18b ws1bb\">4,120 </span></span>Interest cost <span class=\"_ _1f0\"> </span><span class=\"ff21c ls189 ws1b8\">63 <span class=\"_ _78\"> </span></span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Actua<span class=\"_ _0\"/>rial ga<span class=\"_ _0\"/>in <span class=\"_ _2b9\"> </span><span class=\"ff21c ls189 ws1b8\">(1,119) <span class=\"_ _3f\"> </span></span><span class=\"ls186 ws1b6\">(44) </span>Settlement p<span class=\"_ _0\"/>ayments fr<span class=\"_ _0\"/>om plan asse<span class=\"_ _0\"/>ts \u2013 buyout<span class=\"_ _0\"/> of Section C <span class=\"_ _92\"> </span><span class=\"ff21c ls18b ws1bb\">(439) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Benefits paid <span class=\"_ _26c\"> </span><span class=\"ff21c ls189 ws1b8\">(156) <span class=\"_ _4b\"> </span></span><span class=\"ls19b ws1d6\">(187<span class=\"_ _0\"/>) </span>Defined be<span class=\"_ _0\"/>nefit o<span class=\"_ _0\"/>bligati<span class=\"ls18f ws1bc\">on at 31 December <span class=\"_ _15a\"> </span></span><span class=\"ws1c1\">2,292 <span class=\"_ _80\"> </span><span class=\"ff21f ls18d ws1d3\">3,<span class=\"_ _0\"/>943 </span></span>Of the above<span class=\"_ _3\"/> total defined be<span class=\"_ _3\"/>nefit obligatio<span class=\"_ _3\"/>n at 31 De<span class=\"_ _3\"/>ce<span class=\"ws1c8\">mber 2022, \u00a340 million relate<span class=\"_ _3\"/>s to the unfunded schemes </span>(2021: \u00a360 m<span class=\"_ _0\"/>illion).  In November 201<span class=\"_ _0\"/>8, the Pension T<span class=\"_ _0\"/>rustee en<span class=\"_ _0\"/>tered int<span class=\"_ _0\"/>o a bulk annuity ins<span class=\"_ _0\"/>urance cont<span class=\"_ _0\"/>ract in respec<span class=\"_ _0\"/>t of the ben<span class=\"_ _0\"/>efits of two Sect<span class=\"_ _0\"/>ions of t<span class=\"_ _0\"/>he ITV Pens<span class=\"_ _0\"/>ion Schem<span class=\"_ _0\"/>e. This <span class=\"_ _0\"/>type of <span class=\"_ _0\"/>deal <span class=\"ls185 ws1b6\">is als<span class=\"_ _0\"/>o known as a \u2018B<span class=\"_ _0\"/>uy-in\u2019.<span class=\"_ _0\"/> A buy-in is w<span class=\"_ _0\"/>here the T<span class=\"_ _0\"/>rustee </span>purchases an ins<span class=\"_ _0\"/>urance policy,<span class=\"_ _0\"/> which is effectiv<span class=\"_ _0\"/>ely a Sche<span class=\"ls185 ws2\">me ass<span class=\"_ _0\"/>et, whic<span class=\"_ _0\"/>h pays <span class=\"_ _0\"/>the m<span class=\"_ _0\"/>embers b<span class=\"_ _0\"/>enefits<span class=\"_ _0\"/>. The ul<span class=\"_ _0\"/>timate </span>obligation to pay the members benefit<span class=\"_ _3\"/>s remains with the scheme.  In April 2022, the<span class=\"_ _0\"/> Trustee com<span class=\"_ _0\"/>pleted a buy<span class=\"_ _0\"/>out of Section<span class=\"_ _0\"/> C, which in prac<span class=\"_ _0\"/>tical terms<span class=\"_ _0\"/> split the bul<span class=\"_ _0\"/>k annuity pol<span class=\"_ _0\"/>icy into individual<span class=\"_ _0\"/> annuity <span class=\"_ _0\"/>policies<span class=\"_ _0\"/> for each sch<span class=\"_ _0\"/>eme mem<span class=\"_ _0\"/>ber. At t<span class=\"_ _0\"/>hat time, <span class=\"_ _0\"/>the relev<span class=\"_ _0\"/>ant scheme<span class=\"_ _0\"/> assets w<span class=\"_ _0\"/>ere transfe<span class=\"_ _0\"/>rred to the insura<span class=\"_ _0\"/>nce company, wh<span class=\"_ _0\"/>ich became r<span class=\"_ _0\"/>esponsibl<span class=\"_ _0\"/>e for paying th<span class=\"_ _0\"/>e pensions an<span class=\"_ _0\"/>d therefo<span class=\"_ _0\"/>re it remove<span class=\"_ _0\"/>d those lia<span class=\"_ _0\"/>bilities from the pension <span class=\"_ _3\"/>scheme, represe<span class=\"_ _3\"/>nted by \u2018settl<span class=\"_ _3\"/>ement payments fro<span class=\"_ _3\"/>m plan assets \u2013 b<span class=\"_ _3\"/>uyout of Se<span class=\"_ _3\"/>ction C\u2019 in the t<span class=\"_ _3\"/>able above. The<span class=\"_ _3\"/> value of t<span class=\"_ _3\"/>he assets <span class=\"_ _3\"/>and liabilitie<span class=\"_ _3\"/>s settled wa<span class=\"_ _3\"/>s equal and t<span class=\"_ _3\"/>herefore t<span class=\"_ _3\"/>he settlement<span class=\"_ _3\"/> cost was \u00a3<span class=\"_ _3\"/>nil. The buyout represe<span class=\"_ _3\"/>nts a full and definitive settleme<span class=\"_ _3\"/>nt of the liabilitie<span class=\"_ _3\"/>s insured, which as at 31 December<span class=\"_ _3\"/> 2021 represented around 13% of ITV's total defined benefit obligation on the IAS 19 accounting basis.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>214<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff21b ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>216<span class=\"ff21d ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff21e ls3 ws2\">\u2009</span><span class=\"ff21b ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Defined be<span class=\"_ _0\"/>nefit s<span class=\"_ _0\"/>cheme obli<span class=\"_ _0\"/>gations<span class=\"_ _0\"/> Keeping it simple What cau<span class=\"_ _3\"/>ses move<span class=\"_ _3\"/>ments in<span class=\"_ _3\"/> the defined<span class=\"_ _3\"/> benefit p<span class=\"_ _3\"/>ension ob<span class=\"_ _3\"/>ligations?<span class=\"_ _4\"/><span class=\"ff21f ls3\"> </span>The areas <span class=\"_ _3\"/>that impact the defi<span class=\"_ _3\"/>ned benefit ob<span class=\"_ _3\"/><span class=\"ls190 ws1c7\">ligation (t<span class=\"_ _3\"/>he pension sc<span class=\"_ _3\"/>heme liabil<span class=\"_ _3\"/>ities) </span>position<span class=\"_ _0\"/> at the yea<span class=\"_ _0\"/>r end are as<span class=\"_ _0\"/> follows: \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls18c ws1bf\">Past service cost<span class=\"_ _0\"/><span class=\"ff21f ls184 ws1b3\"> \u2013 is a change<span class=\"_ _3\"/> in present value <span class=\"_ _3\"/>of the benefit<span class=\"_ _3\"/>s built up by<span class=\"_ _3\"/> the </span></span></span>beneficiaries in the<span class=\"_ _3\"/> prior periods; can be po<span class=\"_ _3\"/>sitive or negative resulting <span class=\"_ _3\"/>from changes to the<span class=\"_ _0\"/> existing plan<span class=\"_ _0\"/> as a result of an<span class=\"_ _0\"/> agreement<span class=\"_ _0\"/> between ITV and<span class=\"_ _0\"/> employees or legi<span class=\"_ _3\"/>slative change<span class=\"_ _3\"/> (including legal ruli<span class=\"_ _3\"/>ngs) or as a result<span class=\"_ _3\"/> of significant reductio<span class=\"_ _3\"/>n by ITV i<span class=\"_ _3\"/>n the number<span class=\"_ _3\"/> of employee<span class=\"_ _3\"/>s covered b<span class=\"_ _3\"/>y the plan (curtai<span class=\"_ _4\"/>lment) \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls18d ws1b9\">Inte<span class=\"_ _0\"/>rest cos<span class=\"_ _0\"/>t<span class=\"ff21f ls184 ws1b3\"> \u2013 the pension obligat<span class=\"_ _4\"/>ions payable in the future<span class=\"_ _3\"/> are discounted to <span class=\"_ _3\"/>the </span></span></span>present value <span class=\"_ _3\"/>at year end. A di<span class=\"_ _3\"/>scount factor<span class=\"_ _3\"/> is used to dete<span class=\"_ _3\"/>rmine the cur<span class=\"_ _3\"/>rent value today of<span class=\"_ _0\"/> the future<span class=\"_ _0\"/> cost. Th<span class=\"_ _0\"/>e inter<span class=\"_ _0\"/>est cos<span class=\"_ _0\"/>t is the un<span class=\"_ _0\"/>windin<span class=\"_ _0\"/>g of one y<span class=\"_ _0\"/>ear\u2019s movement i<span class=\"_ _3\"/>n the present va<span class=\"_ _3\"/>lue of the ob<span class=\"_ _3\"/>ligation. It is br<span class=\"_ _3\"/>oadly determined by multiplying<span class=\"_ _3\"/> the discount rate<span class=\"_ _3\"/> at the beginni<span class=\"_ _3\"/>ng of the period<span class=\"_ _3\"/> by the updated pre<span class=\"_ _3\"/>sent value of <span class=\"_ _3\"/>the obligatio<span class=\"_ _3\"/>n during t<span class=\"_ _3\"/>he period. The<span class=\"_ _3\"/> discount rate<span class=\"_ _3\"/> is a key a<span class=\"_ _3\"/>ssumption explained later in t<span class=\"_ _3\"/>his note. This interest<span class=\"_ _3\"/><span class=\"ls18f ws1d7\"> cost is recognised through net financing </span>costs in the<span class=\"_ _3\"/> Consolidated Income<span class=\"_ _3\"/> Statement (<span class=\"_ _3\"/>see note 4.4) \u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls186 ws1b3\">Actuarial gain<span class=\"_ _3\"/>s or losses<span class=\"ff21f ls1a0 ws2\"> \u2013 there are broadly two causes of actuarial moveme<span class=\"_ _3\"/>nts: </span></span></span>\u2018experience\u2019 adjustments, which<span class=\"_ _0\"/> arise when comparing assumptions made w<span class=\"_ _0\"/>hen estimating the liabilities and wh<span class=\"_ _0\"/>at has ac<span class=\"ls1a0 ws2\">tually occurred, and adjustments resulting </span>from changes in act<span class=\"_ _3\"/>uarial assumpt<span class=\"_ _3\"/>ions e.g.<span class=\"ls1a0 ws2\"> movem<span class=\"_ _3\"/>ents in corporate bond yields or </span>change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are rec<span class=\"_ _0\"/>ognis<span class=\"ls19f ws1b5\">ed through other comprehensi<span class=\"_ _3\"/>ve income </span>\u2022<span class=\"ff221\"> <span class=\"_ _9\"> </span><span class=\"ff21c ls186 ws1b3\">Benefits paid<span class=\"ff21f ls19e\"> \u2013 any cash benefits paid out by th<span class=\"ls1a0 ws2\">e Scheme will reduce the ob<span class=\"_ _3\"/>ligation </span></span></span></span>The movement<span class=\"_ _3\"/> in the prese<span class=\"_ _3\"/>nt value of the <span class=\"_ _3\"/>Group\u2019s defined benefi<span class=\"_ _3\"/>t obligation <span class=\"_ _3\"/>is analysed below: 2022 \u00a3m 2021 \u00a3m Defined be<span class=\"_ _0\"/>nefit o<span class=\"_ _0\"/>bligation<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> <span class=\"_ _2b8\"> </span><span class=\"ls18c ws1c2\">3,943 <span class=\"_ _49\"> </span><span class=\"ff21f ls18b ws1bb\">4,120 </span></span>Interest cost <span class=\"_ _1f0\"> </span><span class=\"ff21c ls189 ws1b8\">63 <span class=\"_ _78\"> </span></span><span class=\"ls3 ws2\">5</span>4<span class=\"_ _335\"> </span>Actua<span class=\"_ _0\"/>rial ga<span class=\"_ _0\"/>in <span class=\"_ _2b9\"> </span><span class=\"ff21c ls189 ws1b8\">(1,119) <span class=\"_ _3f\"> </span></span><span class=\"ls186 ws1b6\">(44) </span>Settlement p<span class=\"_ _0\"/>ayments fr<span class=\"_ _0\"/>om plan asse<span class=\"_ _0\"/>ts \u2013 buyout<span class=\"_ _0\"/> of Section C <span class=\"_ _92\"> </span><span class=\"ff21c ls18b ws1bb\">(439) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Benefits paid <span class=\"_ _26c\"> </span><span class=\"ff21c ls189 ws1b8\">(156) <span class=\"_ _4b\"> </span></span><span class=\"ls19b ws1d6\">(187<span class=\"_ _0\"/>) </span>Defined be<span class=\"_ _0\"/>nefit o<span class=\"_ _0\"/>bligati<span class=\"ls18f ws1bc\">on at 31 December <span class=\"_ _15a\"> </span></span><span class=\"ws1c1\">2,292 <span class=\"_ _80\"> </span><span class=\"ff21f ls18d ws1d3\">3,<span class=\"_ _0\"/>943 </span></span>Of the above<span class=\"_ _3\"/> total defined be<span class=\"_ _3\"/>nefit obligatio<span class=\"_ _3\"/>n at 31 De<span class=\"_ _3\"/>ce<span class=\"ws1c8\">mber 2022, \u00a340 million relate<span class=\"_ _3\"/>s to the unfunded schemes </span>(2021: \u00a360 m<span class=\"_ _0\"/>illion).  In November 201<span class=\"_ _0\"/>8, the Pension T<span class=\"_ _0\"/>rustee en<span class=\"_ _0\"/>tered int<span class=\"_ _0\"/>o a bulk annuity ins<span class=\"_ _0\"/>urance cont<span class=\"_ _0\"/>ract in respec<span class=\"_ _0\"/>t of the ben<span class=\"_ _0\"/>efits of two Sect<span class=\"_ _0\"/>ions of t<span class=\"_ _0\"/>he ITV Pens<span class=\"_ _0\"/>ion Schem<span class=\"_ _0\"/>e. This <span class=\"_ _0\"/>type of <span class=\"_ _0\"/>deal <span class=\"ls185 ws1b6\">is als<span class=\"_ _0\"/>o known as a \u2018B<span class=\"_ _0\"/>uy-in\u2019.<span class=\"_ _0\"/> A buy-in is w<span class=\"_ _0\"/>here the T<span class=\"_ _0\"/>rustee </span>purchases an ins<span class=\"_ _0\"/>urance policy,<span class=\"_ _0\"/> which is effectiv<span class=\"_ _0\"/>ely a Sche<span class=\"ls185 ws2\">me ass<span class=\"_ _0\"/>et, whic<span class=\"_ _0\"/>h pays <span class=\"_ _0\"/>the m<span class=\"_ _0\"/>embers b<span class=\"_ _0\"/>enefits<span class=\"_ _0\"/>. The ul<span class=\"_ _0\"/>timate </span>obligation to pay the members benefit<span class=\"_ _3\"/>s remains with the scheme.  In April 2022, the<span class=\"_ _0\"/> Trustee com<span class=\"_ _0\"/>pleted a buy<span class=\"_ _0\"/>out of Section<span class=\"_ _0\"/> C, which in prac<span class=\"_ _0\"/>tical terms<span class=\"_ _0\"/> split the bul<span class=\"_ _0\"/>k annuity pol<span class=\"_ _0\"/>icy into individual<span class=\"_ _0\"/> annuity <span class=\"_ _0\"/>policies<span class=\"_ _0\"/> for each sch<span class=\"_ _0\"/>eme mem<span class=\"_ _0\"/>ber. At t<span class=\"_ _0\"/>hat time, <span class=\"_ _0\"/>the relev<span class=\"_ _0\"/>ant scheme<span class=\"_ _0\"/> assets w<span class=\"_ _0\"/>ere transfe<span class=\"_ _0\"/>rred to the insura<span class=\"_ _0\"/>nce company, wh<span class=\"_ _0\"/>ich became r<span class=\"_ _0\"/>esponsibl<span class=\"_ _0\"/>e for paying th<span class=\"_ _0\"/>e pensions an<span class=\"_ _0\"/>d therefo<span class=\"_ _0\"/>re it remove<span class=\"_ _0\"/>d those lia<span class=\"_ _0\"/>bilities from the pension <span class=\"_ _3\"/>scheme, represe<span class=\"_ _3\"/>nted by \u2018settl<span class=\"_ _3\"/>ement payments fro<span class=\"_ _3\"/>m plan assets \u2013 b<span class=\"_ _3\"/>uyout of Se<span class=\"_ _3\"/>ction C\u2019 in the t<span class=\"_ _3\"/>able above. The<span class=\"_ _3\"/> value of t<span class=\"_ _3\"/>he assets <span class=\"_ _3\"/>and liabilitie<span class=\"_ _3\"/>s settled wa<span class=\"_ _3\"/>s equal and t<span class=\"_ _3\"/>herefore t<span class=\"_ _3\"/>he settlement<span class=\"_ _3\"/> cost was \u00a3<span class=\"_ _3\"/>nil. The buyout represe<span class=\"_ _3\"/>nts a full and definitive settleme<span class=\"_ _3\"/>nt of the liabilitie<span class=\"_ _3\"/>s insured, which as at 31 December<span class=\"_ _3\"/> 2021 represented around 13% of ITV's total defined benefit obligation on the IAS 19 accounting basis.  I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff224 fc7 sc0\">\u2009<span class=\"ff223 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff223 fs27\"> 2<span class=\"_ _2c\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _1e2\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">7<span class=\"_ _67\"/><span class=\"fc8 sc1\">7<span class=\"fc7 sc0\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Assumptions us<span class=\"_ _0\"/>ed to estim<span class=\"_ _0\"/>ate the S<span class=\"_ _0\"/>cheme obligati<span class=\"_ _0\"/>ons Keeping it simple What are the main ass<span class=\"_ _0\"/>umptions used<span class=\"_ _0\"/> to estimate the Sch<span class=\"_ _0\"/>eme obligations<span class=\"_ _0\"/>?<span class=\"ff227 ls3 ws2\"> </span>The main ass<span class=\"_ _0\"/>umptions are:<span class=\"_ _0\"/> \u2022<span class=\"ff229\"> <span class=\"_ _9\"> </span><span class=\"ff227 ls184 ws1b3\">An estimate of increa<span class=\"_ _3\"/>ses in pension pa<span class=\"_ _3\"/>yments and the ef<span class=\"_ _3\"/>fect of inf<span class=\"_ _3\"/>lation </span></span>\u2022<span class=\"ff229\"> <span class=\"_ _9\"> </span><span class=\"ff227 ls186 ws1c9\">The life expectancy of benefi<span class=\"_ _3\"/>ciaries </span></span>\u2022<span class=\"ff229\"> <span class=\"_ _9\"> </span><span class=\"ff227 ls185 ws1b6\">The d<span class=\"_ _0\"/>iscount ra<span class=\"_ _0\"/>te used to es<span class=\"_ _0\"/>timat<span class=\"_ _0\"/>e the presen<span class=\"_ _0\"/>t day fair<span class=\"_ _0\"/> value of th<span class=\"_ _0\"/>ese oblig<span class=\"_ _0\"/>ations </span></span>How do we dete<span class=\"_ _0\"/>rmine the app<span class=\"_ _0\"/>ropriate ass<span class=\"_ _0\"/>umptions<span class=\"_ _0\"/>?  The Group takes i<span class=\"_ _3\"/>ndependent a<span class=\"_ _3\"/>ctuarial advice r<span class=\"_ _3\"/>elating to t<span class=\"_ _3\"/>he appropriate<span class=\"_ _3\"/>ness of the assumptions used. IFRS requir<span class=\"_ _0\"/>es that we est<span class=\"_ _0\"/>imate a discoun<span class=\"_ _0\"/>t rate by ref<span class=\"_ _0\"/>erence to high<span class=\"_ _0\"/> quality fixed income i<span class=\"_ _3\"/>nvestments in t<span class=\"_ _3\"/>he UK that match the<span class=\"_ _3\"/> estimated term o<span class=\"_ _3\"/>f the pension obligations.  The inflat<span class=\"_ _0\"/>ion ass<span class=\"_ _0\"/>umption has<span class=\"_ _0\"/> been set<span class=\"_ _0\"/> by lookin<span class=\"_ _0\"/>g at the di<span class=\"_ _0\"/>fference<span class=\"_ _0\"/> between th<span class=\"_ _0\"/>e yields o<span class=\"_ _3\"/>n fixed and ind<span class=\"_ _3\"/>ex-linked g<span class=\"_ _3\"/>overnme<span class=\"ls184 ws1b3\">nt<span class=\"_ _3\"/> bonds. The i<span class=\"_ _3\"/>nflation assumption i<span class=\"_ _3\"/>s </span>used as a basis f<span class=\"_ _0\"/>or the rema<span class=\"_ _0\"/>ining financi<span class=\"_ _0\"/>al assumptio<span class=\"_ _0\"/>ns, except wher<span class=\"_ _0\"/>e caps have been impl<span class=\"_ _0\"/>ement<span class=\"_ _0\"/>ed. The discount rate has therefore been obtained usi<span class=\"_ _3\"/>ng the yields available on AA rated corporate bonds, which match pro<span class=\"_ _3\"/>jected ca<span class=\"ls1a0 ws2\">sh flows. The Group\u2019<span class=\"_ _3\"/>s estimate of the </span>weighted average term of the liabilit<span class=\"ls19f ws1b5\">ies i<span class=\"_ _3\"/>s 12 years (2021: 1<span class=\"_ _3\"/>5 years). </span>The princip<span class=\"_ _3\"/>al assumptions u<span class=\"_ _3\"/>sed in the Schemes\u2019 <span class=\"_ _3\"/>valuations at the y<span class=\"_ _3\"/>ear end were:  <span class=\"_ _274\"> </span><span class=\"ff225 ls1a4 ws1e3\">2022 <span class=\"_ _6f\"> </span></span><span class=\"ls19d ws1cf\">2021 </span>Discount rate <span class=\"_ _1eb\"> </span><span class=\"ff225 ls188 ws1b9\">5.05% <span class=\"_ _22\"> </span></span><span class=\"ls189 ws1b8\">1.80%<span class=\"_ _0\"/> </span>Inflation assumption (RPI)  <span class=\"_ _2ba\"> </span><span class=\"ff225 ls188 ws1b9\">3.15% <span class=\"_ _34\"> </span></span><span class=\"ls18b ws1bb\">3.40%<span class=\"_ _0\"/> </span>Rate of i<span class=\"_ _4\"/>ncrease in pensio<span class=\"_ _3\"/>n payment<span class=\"_ _3\"/> (LPI* 5%<span class=\"_ _3\"/> pension <span class=\"_ _3\"/>increases<span class=\"_ _3\"/>) Deferred/ Pensione<span class=\"_ _3\"/>r 2.80%/3.<span class=\"_ _0\"/>00% Deferred/ Pensio<span class=\"_ _3\"/>ner 2.90%/3.35<span class=\"_ _0\"/>% Rate of increase to de<span class=\"_ _3\"/>ferred pensions (CPI) <span class=\"_ _263\"> </span><span class=\"ff225 ls18b ws1bb\">2.50% <span class=\"_ _82\"> </span></span><span class=\"ls183 ws1bd\">2.90%<span class=\"_ _0\"/> </span>* <span class=\"_ _2d\"> </span>Limited Price Index. From Febr<span class=\"_ _0\"/>uary 2030<span class=\"_ _0\"/> onwards,<span class=\"_ _0\"/> increas<span class=\"_ _0\"/>es in the <span class=\"_ _0\"/>RPI will <span class=\"_ _0\"/>be aligne<span class=\"_ _0\"/>d with t<span class=\"_ _0\"/>hose und<span class=\"_ _0\"/>er the C<span class=\"_ _0\"/>onsumer P<span class=\"_ _0\"/>rices Index<span class=\"_ _0\"/> (\u2018CPI\u2019<span class=\"_ _0\"/>). For Defined Benefit schemes, it means that members with <span class=\"ls186 ws2\">RPI-linked p<span class=\"_ _3\"/>ension increa<span class=\"_ _3\"/>ses will see <span class=\"_ _3\"/>future retir<span class=\"_ _3\"/>ement </span>benefits increase<span class=\"_ _3\"/> more slowly from 203<span class=\"_ _3\"/>0 than they otherwise would. The Group\u2019<span class=\"_ _3\"/>s approach to setting RPI and CPI inflation assumpti<span class=\"_ _3\"/>ons is as follows:  \u2022  <span class=\"ff227 ls183 ws1b5\">The Group<span class=\"_ _0\"/> contin<span class=\"_ _0\"/>ued to s<span class=\"_ _0\"/>et RPI <span class=\"_ _0\"/>inflation i<span class=\"_ _0\"/>n line w<span class=\"_ _0\"/>ith the m<span class=\"_ _0\"/>arket br<span class=\"_ _0\"/>eak-even<span class=\"_ _0\"/> expect<span class=\"_ _0\"/>ations for <span class=\"_ _0\"/>inflatio<span class=\"_ _0\"/>n less an </span>inflation risk<span class=\"_ _3\"/> premium of 0.3<span class=\"_ _3\"/>%  \u2022  <span class=\"ff227 ls184 ws1b3\">The assumptio<span class=\"_ _3\"/>ns linked to RP<span class=\"_ _3\"/>I and CPI as at 31<span class=\"_ _3\"/> December 2022 <span class=\"_ _3\"/>have been determi<span class=\"_ _3\"/>ned by weight<span class=\"_ _3\"/>ing the cash f<span class=\"_ _3\"/>lows </span>to which the link applies  The table below r<span class=\"_ _3\"/>eflects published mortality <span class=\"_ _3\"/>investigation data in conj<span class=\"_ _3\"/>unction with the results of i<span class=\"_ _3\"/>nvestigations into the mortal<span class=\"_ _0\"/>ity experienc<span class=\"_ _0\"/>e of Scheme ben<span class=\"_ _0\"/>eficiar<span class=\"_ _0\"/>ies. The assu<span class=\"ls184 ws1b3\">med life expectatio<span class=\"_ _3\"/>ns on retirement<span class=\"_ _3\"/> for Section A are<span class=\"_ _3\"/>: </span> <span class=\"_ _268\"> </span><span class=\"ff225 ls1a4 ws1e3\">2022 <span class=\"_ _6b\"> </span>2022 </span>2021 2021 Retiring<span class=\"_ _0\"/> today at age<span class=\"_ _0\"/> <span class=\"_ _f4\"> </span><span class=\"ls18b ws1bb\">60<span class=\"_ _0\"/> <span class=\"_ _1d2\"> </span><span class=\"ls18c ws1c2\">65 </span></span>60 65 Males <span class=\"_ _9e\"> </span><span class=\"ff225 ls183 ws1bd\">26.2<span class=\"_ _0\"/> <span class=\"_ _43\"> </span><span class=\"ls189 ws1b8\">21.6 </span></span>26.3 21.7 Females<span class=\"_ _0\"/> <span class=\"_ _2bb\"> </span><span class=\"ff225 ls18b ws1bb\">28.9 <span class=\"_ _43\"> </span></span><span class=\"ff225\">24.1 </span>29.0 24.1 Retiring in 20 y<span class=\"_ _0\"/>ears at age<span class=\"_ _0\"/> <span class=\"_ _2bc\"> </span><span class=\"ls18b ws1bb\">60 <span class=\"_ _1d2\"> </span><span class=\"ls18c ws1c2\">65 </span></span>60 65 Males <span class=\"_ _2bd\"> </span><span class=\"ff225\">27.5 <span class=\"_ _3f\"> </span>22.7 </span>27.6 22.8 Females<span class=\"_ _0\"/> <span class=\"_ _2be\"> </span><span class=\"ff225 ls18f ws1c4\">30.4 <span class=\"_ _56\"> </span><span class=\"ls18b ws1bb\">25.5 <span class=\"_ _43\"> </span></span></span><span class=\"ls18d ws1d3\">30.<span class=\"_ _335\"> </span></span>4 25.5 The net pension surplus/(deficit) is sensitive to changes in<span class=\"ls18c ws1be\"> as<span class=\"_ _0\"/>sumptions. These are disclosed further in this n<span class=\"_ _0\"/>ote. </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>215<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff22c ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>218<span class=\"ff22e ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff22f ls3 ws2\">\u2009</span><span class=\"ff22c ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Total defined benefit s<span class=\"_ _0\"/>cheme assets<span class=\"_ _0\"/> Keeping it simple The Schem<span class=\"_ _0\"/>e holds ass<span class=\"_ _0\"/>ets ac<span class=\"_ _0\"/>ross a num<span class=\"_ _0\"/>ber of d<span class=\"_ _0\"/>ifferent<span class=\"_ _0\"/> classes, w<span class=\"_ _0\"/>hich are m<span class=\"_ _0\"/>anaged by the Trus<span class=\"_ _0\"/>tee, who consults<span class=\"_ _0\"/> with the Grou<span class=\"_ _0\"/>p on changes t<span class=\"_ _0\"/>o its investm<span class=\"_ _0\"/>ent policy.<span class=\"_ _0\"/> What are th<span class=\"_ _0\"/>e Pension S<span class=\"_ _0\"/>cheme as<span class=\"_ _0\"/>sets?<span class=\"ff230 ls3 ws2\"> </span>At 31 Decemb<span class=\"_ _3\"/>er 2022, the Schemes\u2019 a<span class=\"_ _3\"/>ssets <span class=\"ls188 ws1d2\">were invested<span class=\"_ _3\"/> in a diversified po<span class=\"_ _3\"/>rtfolio </span>that cons<span class=\"_ _0\"/>iste<span class=\"_ _0\"/>d prima<span class=\"_ _0\"/>rily of d<span class=\"_ _0\"/>ebt secu<span class=\"_ _0\"/>rities,<span class=\"_ _0\"/> infras<span class=\"_ _0\"/>tructu<span class=\"_ _0\"/>re, prop<span class=\"_ _0\"/>erty an<span class=\"_ _0\"/>d insura<span class=\"_ _0\"/>nce policies mat<span class=\"_ _3\"/>ching the pe<span class=\"_ _3\"/>nsions due to certai<span class=\"_ _4\"/>n beneficiaries. The tab<span class=\"_ _3\"/>les below set out the major categories of assets. Financial i<span class=\"_ _3\"/>nstruments are in p<span class=\"_ _3\"/>lace in order to pr<span class=\"_ _3\"/>ovide protectio<span class=\"_ _3\"/>n against changes in marke<span class=\"_ _0\"/>t factors (i<span class=\"_ _0\"/>nteres<span class=\"_ _0\"/>t rates an<span class=\"_ _0\"/>d inflat<span class=\"_ _0\"/>ion), which<span class=\"_ _0\"/> could ac<span class=\"_ _0\"/>t to increas<span class=\"_ _0\"/>e the ne<span class=\"_ _0\"/>t pension surplus/def<span class=\"_ _0\"/>icit. One such instrument is the longevity swap<span class=\"ls19f ws1b5\">, w<span class=\"_ _3\"/>hich the Scheme tr<span class=\"ls1a0 ws2\">ansacted in 2011 to </span></span>obtain protection against the ef<span class=\"ls1a0 ws2\">fect of increases in the life expectancy of the majority </span>of pensioner beneficiaries at that date. Under the swap, the Tru<span class=\"_ _3\"/>stee agreed to make  pre-determined payments in return for payments to meet the spe<span class=\"_ _3\"/>cified pension obligations as they fall due, irrespective<span class=\"_ _3\"/> of how long the beneficiaries and their dependants live. The difference in the present va<span class=\"_ _3\"/>lues of these two streams of payments is reflected in the Scheme assets<span class=\"ls19f ws1b5\">. T<span class=\"_ _3\"/>he swap had a nil valuati<span class=\"_ _3\"/>on at inception </span>and, using market-based assumptions, i<span class=\"_ _3\"/>s subsequently adjusted for changes in the market life expectancy and market discount rates, i<span class=\"_ _3\"/>n line with its fair value.<span class=\"_ _3\"/> How do we measur<span class=\"_ _0\"/>e the pension Schem<span class=\"_ _0\"/>e assets? Defined b<span class=\"_ _3\"/>enefit scheme asset<span class=\"_ _3\"/>s are measure<span class=\"_ _3\"/>d at their <span class=\"_ _3\"/>fair value<span class=\"_ _3\"/> and can <span class=\"_ _3\"/>change due to the following: \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls18d ws1d4\">Int<span class=\"_ _0\"/>erest in<span class=\"_ _0\"/>come on<span class=\"_ _0\"/> scheme as<span class=\"_ _0\"/>sets<span class=\"_ _0\"/> \u2013 this is<span class=\"ls184 ws1b3\"> determined by multiplying <span class=\"_ _3\"/>the fair value </span></span></span>of the Scheme asset<span class=\"_ _3\"/>s by the di<span class=\"_ _3\"/>scount rate, both take<span class=\"_ _3\"/>n as of the begi<span class=\"_ _3\"/>nning of the year. This i<span class=\"_ _3\"/>s recognised thro<span class=\"_ _3\"/>ugh net financing <span class=\"_ _3\"/>costs in the <span class=\"_ _3\"/>Consolidated Inco<span class=\"_ _3\"/>me Statement \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls185 ws1b6\">Ret<span class=\"_ _0\"/>urn on assets<span class=\"_ _0\"/> arise fro<span class=\"_ _0\"/>m differenc<span class=\"_ _0\"/>es between<span class=\"_ _0\"/> the actu<span class=\"_ _0\"/>al return<span class=\"_ _0\"/> and int<span class=\"_ _0\"/>erest </span></span>income on <span class=\"_ _3\"/>Scheme assets and<span class=\"_ _3\"/> are recognised i<span class=\"_ _3\"/>n the Consolidated Stat<span class=\"_ _3\"/>ement of Other Comprehensive Income \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls184 ws1b3\">Employer\u2019s contributio<span class=\"_ _3\"/>ns are paid i<span class=\"_ _3\"/>nto the Scheme to<span class=\"_ _3\"/> be managed and in<span class=\"_ _3\"/>vested, </span></span>and \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls184 ws1b3\">Benefits and administrati<span class=\"_ _3\"/>ve expenses paid<span class=\"_ _3\"/> out by the Scheme<span class=\"_ _3\"/>s will lower<span class=\"_ _3\"/> the fair </span></span>value of the Sche<span class=\"_ _3\"/>mes\u2019 asse<span class=\"_ _3\"/>ts The movem<span class=\"_ _0\"/>ent in the fair val<span class=\"_ _0\"/>ue of the d<span class=\"_ _0\"/>efined benef<span class=\"_ _0\"/>it schemes<span class=\"_ _0\"/>\u2019 assets is analys<span class=\"_ _0\"/>ed below:<span class=\"_ _0\"/> 2022  \u00a3m 2021  \u00a3m Fair value of Sc<span class=\"_ _0\"/>heme assets<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> <span class=\"_ _181\"> </span><span class=\"ls18c ws1c2\">3,873 <span class=\"_ _42\"> </span><span class=\"ff230\">4,032 </span></span>Interest i<span class=\"_ _4\"/>ncome on Scheme<span class=\"_ _3\"/> assets <span class=\"_ _2bf\"> </span><span class=\"ff22d ls189 ws1b8\">63 <span class=\"_ _78\"> </span></span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Loss on assets, excluding interest income <span class=\"_ _1cb\"> </span><span class=\"ff22d ls189 ws1b8\">(1,039) <span class=\"_ _62\"> </span></span><span class=\"ls18d ws1d3\">(102) </span>Employer<span class=\"_ _0\"/> contribut<span class=\"_ _0\"/>ions <span class=\"_ _1da\"> </span><span class=\"ff22d ls18b ws1bb\">145 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">82 </span>Settlement p<span class=\"_ _0\"/>ayments fr<span class=\"_ _0\"/>om plan asse<span class=\"_ _0\"/>ts \u2013 buyout<span class=\"_ _0\"/> of Section C <span class=\"_ _92\"> </span><span class=\"ff22d ls18b ws1bb\">(439) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Benefits paid <span class=\"_ _26c\"> </span><span class=\"ff22d ls189 ws1b8\">(156) <span class=\"_ _4b\"> </span></span><span class=\"ls19b ws1d6\">(187<span class=\"_ _0\"/>) </span>Administrative expenses paid <span class=\"_ _2c0\"> </span><span class=\"ff22d ls18b ws1bb\">(6) <span class=\"_ _18\"> </span></span><span class=\"ls188 ws1b9\">(6) </span>Pensio<span class=\"_ _3\"/>n insura<span class=\"_ _3\"/>nce risk pr<span class=\"_ _3\"/>emium \u2013 bu<span class=\"_ _3\"/>yout of Se<span class=\"_ _3\"/>ction C <span class=\"_ _2a3\"> </span><span class=\"ff22d ls18b ws1bb\">(4) <span class=\"_ _7a\"> </span></span><span class=\"ls19b ws1b9\">\u2013  </span>Fair val<span class=\"_ _3\"/>ue of Sch<span class=\"_ _3\"/>eme asse<span class=\"_ _3\"/>ts at 31 D<span class=\"_ _3\"/>ecember <span class=\"_ _13d\"> </span><span class=\"ls183 ws1bd\">2,437 <span class=\"_ _12\"> </span><span class=\"ff230 ls189 ws1b8\">3,873 </span></span>The pension <span class=\"_ _3\"/>insurance risk premiu<span class=\"_ _3\"/>m is a one-off <span class=\"_ _3\"/>cost that <span class=\"_ _3\"/><span class=\"ls186 ws2\">was payabl<span class=\"_ _3\"/>e on the comple<span class=\"_ _3\"/>tion of the buy<span class=\"_ _3\"/>out of Se<span class=\"_ _3\"/>ction C </span>of the ITV Pension Sche<span class=\"_ _3\"/>me. See above for fu<span class=\"_ _3\"/>rther details on the buyout<span class=\"_ _3\"/>.<span class=\"ff233 ls3 ws2\"> <span class=\"_ _e2\"> </span></span><span class=\"ff233 ls3 ws2\"><span class=\"ff230\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>216<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff22c ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>218<span class=\"ff22e ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff22f ls3 ws2\">\u2009</span><span class=\"ff22c ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Total defined benefit s<span class=\"_ _0\"/>cheme assets<span class=\"_ _0\"/> Keeping it simple The Schem<span class=\"_ _0\"/>e holds ass<span class=\"_ _0\"/>ets ac<span class=\"_ _0\"/>ross a num<span class=\"_ _0\"/>ber of d<span class=\"_ _0\"/>ifferent<span class=\"_ _0\"/> classes, w<span class=\"_ _0\"/>hich are m<span class=\"_ _0\"/>anaged by the Trus<span class=\"_ _0\"/>tee, who consults<span class=\"_ _0\"/> with the Grou<span class=\"_ _0\"/>p on changes t<span class=\"_ _0\"/>o its investm<span class=\"_ _0\"/>ent policy.<span class=\"_ _0\"/> What are th<span class=\"_ _0\"/>e Pension S<span class=\"_ _0\"/>cheme as<span class=\"_ _0\"/>sets?<span class=\"ff230 ls3 ws2\"> </span>At 31 Decemb<span class=\"_ _3\"/>er 2022, the Schemes\u2019 a<span class=\"_ _3\"/>ssets <span class=\"ls188 ws1d2\">were invested<span class=\"_ _3\"/> in a diversified po<span class=\"_ _3\"/>rtfolio </span>that cons<span class=\"_ _0\"/>iste<span class=\"_ _0\"/>d prima<span class=\"_ _0\"/>rily of d<span class=\"_ _0\"/>ebt secu<span class=\"_ _0\"/>rities,<span class=\"_ _0\"/> infras<span class=\"_ _0\"/>tructu<span class=\"_ _0\"/>re, prop<span class=\"_ _0\"/>erty an<span class=\"_ _0\"/>d insura<span class=\"_ _0\"/>nce policies mat<span class=\"_ _3\"/>ching the pe<span class=\"_ _3\"/>nsions due to certai<span class=\"_ _4\"/>n beneficiaries. The tab<span class=\"_ _3\"/>les below set out the major categories of assets. Financial i<span class=\"_ _3\"/>nstruments are in p<span class=\"_ _3\"/>lace in order to pr<span class=\"_ _3\"/>ovide protectio<span class=\"_ _3\"/>n against changes in marke<span class=\"_ _0\"/>t factors (i<span class=\"_ _0\"/>nteres<span class=\"_ _0\"/>t rates an<span class=\"_ _0\"/>d inflati<span class=\"_ _0\"/>on), which<span class=\"_ _0\"/> could ac<span class=\"_ _0\"/>t to increas<span class=\"_ _0\"/>e the ne<span class=\"_ _0\"/>t pension surplus/def<span class=\"_ _0\"/>icit. One such instrument is the longevity swap<span class=\"ls19f ws1b5\">, w<span class=\"_ _3\"/>hich the Scheme tr<span class=\"ls1a0 ws2\">ansacted in 2011 to </span></span>obtain protection against the ef<span class=\"ls1a0 ws2\">fect of increases in the life expectancy of the majority </span>of pensioner beneficiaries at that date. Under the swa<span class=\"_ _3\"/>p, the Trustee agreed to make  pre-determined payments in return for payments to meet the spe<span class=\"_ _3\"/>cified pension obligations as they fall due, irrespective<span class=\"_ _3\"/> of how long the beneficiaries and their dependants live. The difference in the present va<span class=\"_ _3\"/>lues of these two streams of payments is reflected in the Scheme assets<span class=\"ls19f ws1b5\">. T<span class=\"_ _3\"/>he swap had a nil valuati<span class=\"_ _3\"/>on at inception </span>and, using market-based assumptions, i<span class=\"_ _3\"/>s subsequently adjusted for changes in the market life expectancy and market discount rates, i<span class=\"_ _3\"/>n line with its fair value.<span class=\"_ _3\"/> How do we measur<span class=\"_ _0\"/>e the pension Schem<span class=\"_ _0\"/>e assets? Defined b<span class=\"_ _3\"/>enefit scheme asset<span class=\"_ _3\"/>s are measure<span class=\"_ _3\"/>d at their <span class=\"_ _3\"/>fair value<span class=\"_ _3\"/> and can <span class=\"_ _3\"/>change due to the following: \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls18d ws1d4\">Int<span class=\"_ _0\"/>erest in<span class=\"_ _0\"/>come on<span class=\"_ _0\"/> scheme as<span class=\"_ _0\"/>sets<span class=\"_ _0\"/> \u2013 this is<span class=\"ls184 ws1b3\"> determined by multiplying <span class=\"_ _3\"/>the fair value </span></span></span>of the Scheme asset<span class=\"_ _3\"/>s by the di<span class=\"_ _3\"/>scount rate, both take<span class=\"_ _3\"/>n as of the begi<span class=\"_ _3\"/>nning of the year. This i<span class=\"_ _3\"/>s recognised thro<span class=\"_ _3\"/>ugh net financing <span class=\"_ _3\"/>costs in the <span class=\"_ _3\"/>Consolidated Inco<span class=\"_ _3\"/>me Statement \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls185 ws1b6\">Ret<span class=\"_ _0\"/>urn on assets<span class=\"_ _0\"/> arise fro<span class=\"_ _0\"/>m differenc<span class=\"_ _0\"/>es between<span class=\"_ _0\"/> the actu<span class=\"_ _0\"/>al return<span class=\"_ _0\"/> and int<span class=\"_ _0\"/>erest </span></span>income on <span class=\"_ _3\"/>Scheme assets and<span class=\"_ _3\"/> are recognised i<span class=\"_ _3\"/>n the Consolidated Stat<span class=\"_ _3\"/>ement of Other Comprehensive Income \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls184 ws1b3\">Employer\u2019s contributio<span class=\"_ _3\"/>ns are paid i<span class=\"_ _3\"/>nto the Scheme to<span class=\"_ _3\"/> be managed and in<span class=\"_ _3\"/>vested, </span></span>and \u2022<span class=\"ff232\"> <span class=\"_ _9\"> </span><span class=\"ff230 ls184 ws1b3\">Benefits and administrati<span class=\"_ _3\"/>ve expenses paid<span class=\"_ _3\"/> out by the Scheme<span class=\"_ _3\"/>s will lower<span class=\"_ _3\"/> the fair </span></span>value of the Sche<span class=\"_ _3\"/>mes\u2019 asse<span class=\"_ _3\"/>ts The movem<span class=\"_ _0\"/>ent in the fair val<span class=\"_ _0\"/>ue of the d<span class=\"_ _0\"/>efined benef<span class=\"_ _0\"/>it schemes<span class=\"_ _0\"/>\u2019 assets is analys<span class=\"_ _0\"/>ed below:<span class=\"_ _0\"/> 2022  \u00a3m 2021  \u00a3m Fair value of Sc<span class=\"_ _0\"/>heme assets<span class=\"_ _0\"/> at 1 January<span class=\"_ _0\"/> <span class=\"_ _181\"> </span><span class=\"ls18c ws1c2\">3,873 <span class=\"_ _42\"> </span><span class=\"ff230\">4,032 </span></span>Interest i<span class=\"_ _4\"/>ncome on Scheme<span class=\"_ _3\"/> assets <span class=\"_ _2bf\"> </span><span class=\"ff22d ls189 ws1b8\">63 <span class=\"_ _78\"> </span></span><span class=\"ls3 ws2\">5</span>4<span class=\"_ _335\"> </span>Loss on assets, excluding interest income <span class=\"_ _1cb\"> </span><span class=\"ff22d ls189 ws1b8\">(1,039) <span class=\"_ _62\"> </span></span><span class=\"ls18d ws1d3\">(102) </span>Employer<span class=\"_ _0\"/> contribut<span class=\"_ _0\"/>ions <span class=\"_ _1da\"> </span><span class=\"ff22d ls18b ws1bb\">145 <span class=\"_ _14d\"> </span></span><span class=\"ls189 ws1b8\">82 </span>Settlement p<span class=\"_ _0\"/>ayments fr<span class=\"_ _0\"/>om plan asse<span class=\"_ _0\"/>ts \u2013 buyout<span class=\"_ _0\"/> of Section C <span class=\"_ _92\"> </span><span class=\"ff22d ls18b ws1bb\">(439) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Benefits paid <span class=\"_ _26c\"> </span><span class=\"ff22d ls189 ws1b8\">(156) <span class=\"_ _4b\"> </span></span><span class=\"ls19b ws1d6\">(187<span class=\"_ _0\"/>) </span>Administrative expenses paid <span class=\"_ _2c0\"> </span><span class=\"ff22d ls18b ws1bb\">(6) <span class=\"_ _18\"> </span></span><span class=\"ls188 ws1b9\">(6) </span>Pensio<span class=\"_ _3\"/>n insura<span class=\"_ _3\"/>nce risk pr<span class=\"_ _3\"/>emium \u2013 bu<span class=\"_ _3\"/>yout of Se<span class=\"_ _3\"/>ction C <span class=\"_ _2a3\"> </span><span class=\"ff22d ls18b ws1bb\">(4) <span class=\"_ _7a\"> </span></span><span class=\"ls19b ws1b9\">\u2013  </span>Fair val<span class=\"_ _3\"/>ue of Sch<span class=\"_ _3\"/>eme asse<span class=\"_ _3\"/>ts at 31 D<span class=\"_ _3\"/>ecember <span class=\"_ _13d\"> </span><span class=\"ls183 ws1bd\">2,437 <span class=\"_ _12\"> </span><span class=\"ff230 ls189 ws1b8\">3,873 </span></span>The pension <span class=\"_ _3\"/>insurance risk premiu<span class=\"_ _3\"/>m is a one-off <span class=\"_ _3\"/>cost that <span class=\"_ _3\"/><span class=\"ls186 ws2\">was payabl<span class=\"_ _3\"/>e on the comple<span class=\"_ _3\"/>tion of the buy<span class=\"_ _3\"/>out of Se<span class=\"_ _3\"/>ction C </span>of the ITV Pension Sche<span class=\"_ _3\"/>me. See above for fu<span class=\"_ _3\"/>rther details on the buyout<span class=\"_ _3\"/>.<span class=\"ff233 ls3 ws2\"> <span class=\"_ _e2\"> </span><span class=\"ff230\"> </span></span>I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff235 fc7 sc0\">\u2009<span class=\"ff234 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff234 fs27\"> <span class=\"_ _3\"/>2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _18b\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\">9<span class=\"_ _67\"/><span class=\"fc8 sc1\">9<span class=\"fc7 sc0\"> <span class=\"_ _1fc\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>How are the Sche<span class=\"_ _3\"/>mes\u2019 assets invested?  At 31 December 2022<span class=\"_ _0\"/>, the Schemes\u2019 assets were inv<span class=\"_ _0\"/>ested in a diversified portfol<span class=\"_ _0\"/>io that consisted pri<span class=\"_ _0\"/>marily of debt securities, infrastructure, <span class=\"_ _0\"/>property and insur<span class=\"_ _0\"/>ance policies matc<span class=\"ls197 ws1c0\">hing <span class=\"_ _0\"/>pensions due to certain beneficiaries. The Trustee is </span>responsible for deciding the investment<span class=\"_ _3\"/> strategy for the <span class=\"_ _3\"/>Scheme<span class=\"ws1c0\">s\u2019 assets, although changes in<span class=\"ls199 ws1b6\"> investment policies require<span class=\"_ _0\"/> </span></span>consultation with the Gr<span class=\"_ _0\"/>oup. The assets ar<span class=\"_ _0\"/>e invested in diff<span class=\"_ _0\"/>erent classes to hedge a<span class=\"_ _0\"/>gainst unfavourable m<span class=\"_ _0\"/>ovements in the funding ob<span class=\"_ _3\"/>ligation. When se<span class=\"_ _3\"/>lecting the mi<span class=\"_ _3\"/>x of assets to ho<span class=\"_ _3\"/>ld, <span class=\"ls198 ws2\">and considering their related risks an<span class=\"_ _0\"/>d returns, the Truste<span class=\"_ _0\"/>e will<span class=\"ls3\"> </span></span>weigh up the var<span class=\"_ _0\"/>iability of retu<span class=\"_ _0\"/>rns against the <span class=\"_ _0\"/>target long-ter<span class=\"_ _0\"/>m rate of return <span class=\"_ _0\"/>on the overall<span class=\"_ _0\"/> portfolio. The fair value of<span class=\"_ _0\"/> the Schemes\u2019<span class=\"_ _0\"/> assets is shown<span class=\"_ _0\"/> in the following ta<span class=\"_ _0\"/>ble by major c<span class=\"_ _0\"/>ategory:<span class=\"_ _0\"/> Market value 2022 \u00a3m Quoted  2022  \u00a3m Market value  2022  % Market value<span class=\"_ _3\"/> 2021 \u00a3m Quoted  2021  \u00a3m Market value  2021  % Liability<span class=\"_ _3\"/> hedging a<span class=\"_ _3\"/>ssets <span class=\"_ _2c1\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> <span class=\"_ _1f\"> </span> </span>Fixed i<span class=\"_ _3\"/>nterest gi<span class=\"_ _3\"/>lts <span class=\"_ _94\"> </span><span class=\"ff236 ls18c ws1c2\">365 <span class=\"_ _34\"> </span>365 <span class=\"_ _1f\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _23\"> </span></span></span><span class=\"ls183 ws1bd\">51<span class=\"_ _335\"> </span></span>4 51<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Index<span class=\"_ _3\"/>-linked i<span class=\"_ _4\"/>nterest gilt<span class=\"_ _3\"/>s <span class=\"_ _7b\"> </span><span class=\"ff236 ls184 ws1d4\">788 <span class=\"_ _34\"> </span><span class=\"ls185 ws1c1\">786 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _a6\"> </span></span></span></span><span class=\"ls183 ws295\">1,139<span class=\"_ _0\"/> 1,127 <span class=\"_ _5e\"> </span> </span>Interest rate and inflation hedging derivatives (swaps a<span class=\"_ _3\"/>nd repos) <span class=\"_ _ce\"> </span><span class=\"ff236 ls189 ws1b8\">(375) <span class=\"_ _21\"> </span>(401) <span class=\"_ _47\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _4b\"> </span></span></span><span class=\"ls183 ws296\">60<span class=\"_ _0\"/> 25 <span class=\"_ _95\"> </span> </span> <span class=\"_ _fd\"> </span><span class=\"ff236 ls185 ws1c1\">778 <span class=\"_ _34\"> </span><span class=\"ls189 ws1b8\">750 <span class=\"_ _3e\"> </span><span class=\"ls184 ws1d4\">32% <span class=\"_ _75\"> </span></span></span></span><span class=\"ls188 ws297\">1,713 1,666 <span class=\"_ _f\"> </span>44% </span>Other bonds <span class=\"_ _f5\"> </span><span class=\"ls188 ws1b9\">1,447 <span class=\"_ _11c\"> </span>58 <span class=\"_ _41\"> </span><span class=\"ls184 ws1d4\">59% <span class=\"_ _a6\"> </span><span class=\"ff237 ls18a ws298\">1,767 <span class=\"_ _165\"> </span>75 46% </span></span></span>Retur<span class=\"_ _3\"/>n seeking in<span class=\"_ _3\"/>vestme<span class=\"_ _3\"/>nts <span class=\"_ _286\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> <span class=\"_ _81\"> </span> </span>Infrastructure<span class=\"_ _0\"/> <span class=\"_ _f7\"> </span><span class=\"ff236\">174 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _1f\"> </span> </span></span>168   Property <span class=\"_ _232\"> </span><span class=\"ff236 ls18b ws1bb\">171 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> </span></span>148   Hedge funds/a<span class=\"_ _3\"/>lternatives <span class=\"_ _212\"> </span><span class=\"ff236 ws1d4\">\u2013 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _1f\"> </span> </span></span>1    <span class=\"_ _9d\"> </span><span class=\"ff236 ls189 ws1b8\">345<span class=\"_ _0\"/> <span class=\"_ _81\"> </span></span><span class=\"ff236\"> <span class=\"_ _41\"> </span><span class=\"ls18b ws1bb\">14% <span class=\"_ _42\"> </span></span></span><span class=\"ls183 ws29b\">317 <span class=\"_ _86\"> </span> 8%<span class=\"_ _0\"/> </span>Other inves<span class=\"_ _0\"/>tments <span class=\"_ _249\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> <span class=\"_ _81\"> </span> </span>Cash and cash equivalents <span class=\"_ _2c3\"> </span><span class=\"ff236 ls183 ws1bd\">121 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> <span class=\"_ _23\"> </span></span><span class=\"ff237\">13<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>Insurance poli<span class=\"_ _3\"/>cies <span class=\"_ _2c4\"> </span><span class=\"ff236 ls18f ws1c4\">17 <span class=\"_ _81\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _1f\"> </span> </span></span>530   Longevity swap fai<span class=\"_ _3\"/>r value <span class=\"_ _286\"> </span><span class=\"ff236 ls189 ws1b8\">(271) <span class=\"_ _47\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span> </span></span>(588)  <span class=\"_ _f\"> </span>  <span class=\"_ _263\"> </span><span class=\"ff236 ls18c ws1c2\">(133)<span class=\"_ _0\"/> <span class=\"_ _47\"> </span></span><span class=\"ff236\"> <span class=\"_ _8a\"> </span><span class=\"ls189 ws1b8\">(5)%<span class=\"_ _0\"/> <span class=\"_ _59\"> </span></span></span><span class=\"ls18c ws29e\">76 <span class=\"_ _2c5\"> </span> 2% </span>Total Scheme assets <span class=\"_ _d6\"> </span><span class=\"ls183 ws1bd\">2,437 <span class=\"_ _50\"> </span><span class=\"ls185 ws1c1\">808 <span class=\"_ _c7\"> </span><span class=\"ls189 ws1b8\">100% <span class=\"_ _89\"> </span><span class=\"ff237 ws29f\">3,873 <span class=\"_ _f\"> </span>1,741 100% </span></span></span></span>Included in t<span class=\"_ _3\"/>he above are ove<span class=\"_ _3\"/>rseas assets of \u00a331<span class=\"_ _3\"/>5 million (2<span class=\"_ _3\"/>021: \u00a3257 mi<span class=\"_ _3\"/>llion). None of<span class=\"_ _3\"/> these asset<span class=\"_ _3\"/>s are quoted<span class=\"_ _3\"/>. Followin<span class=\"_ _0\"/>g the co<span class=\"_ _0\"/>mpletio<span class=\"_ _0\"/>n of the buy<span class=\"_ _0\"/>out (se<span class=\"_ _0\"/>e details<span class=\"_ _0\"/> above<span class=\"_ _0\"/>), the asse<span class=\"_ _0\"/>ts were re<span class=\"_ _0\"/>move<span class=\"_ _0\"/>d from the p<span class=\"_ _0\"/>ension<span class=\"_ _0\"/> scheme. The assets in<span class=\"_ _0\"/> respect of<span class=\"_ _0\"/> the buy-i<span class=\"_ _0\"/>n are includ<span class=\"_ _0\"/>ed in the <span class=\"ls184 ws1c8\">insurance policies listed above as at 31<span class=\"_ _3\"/> December 2021. </span>The Trust<span class=\"_ _0\"/>ee entere<span class=\"_ _0\"/>d into a lon<span class=\"_ _0\"/>gevity swap<span class=\"_ _0\"/> in 2011, which<span class=\"_ _0\"/> hedges<span class=\"_ _0\"/> the risk of inc<span class=\"_ _0\"/>reasing li<span class=\"_ _0\"/>fe expect<span class=\"_ _0\"/>ancy over th<span class=\"_ _0\"/>e next 70 years for <span class=\"_ _3\"/>11,700 current pensioners at i<span class=\"_ _3\"/>nception covering \u00a31<span class=\"_ _3\"/>.7 billion of the pension oblig<span class=\"_ _3\"/>ation. The fair value o<span class=\"_ _3\"/>f the longevity swap i<span class=\"_ _3\"/>s negative due to declining <span class=\"_ _3\"/>mortality assu<span class=\"ls184 ws1b3\">mpt<span class=\"_ _3\"/>ions and equa<span class=\"_ _3\"/>ls the disco<span class=\"_ _3\"/>unted value o<span class=\"_ _3\"/>f the projected </span>net cash fl<span class=\"_ _0\"/>ows resul<span class=\"_ _0\"/>ting from<span class=\"_ _0\"/> the con<span class=\"_ _0\"/>tract. The<span class=\"_ _0\"/> fair val<span class=\"_ _0\"/>ue loss <span class=\"ls18d ws1d4\">h<span class=\"_ _0\"/>as reduc<span class=\"_ _0\"/>ed in 2022<span class=\"_ _0\"/> due to a ris<span class=\"_ _0\"/>e in gilt<span class=\"_ _0\"/> yields us<span class=\"_ _0\"/>ed to </span>value the<span class=\"_ _3\"/> swap. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>217<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff23b ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>220<span class=\"ff23d ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff23e ls3 ws2\">\u2009</span><span class=\"ff23b ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Defined pensio<span class=\"_ _0\"/>n deficit sensitivit<span class=\"_ _0\"/>ies Keeping it simple Which assumpt<span class=\"_ _3\"/>ions ha<span class=\"_ _3\"/>ve the bigg<span class=\"_ _3\"/>est impact on<span class=\"_ _3\"/> the Scheme<span class=\"_ _3\"/>?<span class=\"ff23f ls3 ws2\"> </span>It is impo<span class=\"_ _0\"/>rtant to n<span class=\"_ _0\"/>ote that com<span class=\"_ _0\"/>parativ<span class=\"_ _0\"/>ely small c<span class=\"_ _0\"/>hanges in th<span class=\"_ _0\"/>e assump<span class=\"_ _0\"/>tions use<span class=\"_ _0\"/>d may have a signif<span class=\"_ _3\"/>icant effect<span class=\"_ _3\"/> on the Cons<span class=\"ls184 ws1c8\">olidated Income Statement<span class=\"_ _3\"/>, Consolidated </span>Statement of Com<span class=\"_ _3\"/>prehensive Income<span class=\"_ _3\"/> and Consolidated<span class=\"_ _3\"/> Statement of Financia<span class=\"_ _3\"/>l Position. <span class=\"_ _3\"/>This \u2018sensitivity<span class=\"_ _3\"/>\u2019 to change i<span class=\"_ _3\"/>s analysed below to <span class=\"_ _3\"/>demonstrate ho<span class=\"_ _3\"/>w small changes in assumptions can have a large im<span class=\"ls188 ws1d5\">pact on the estimation of the defined </span>benefit pension obligation. The Trustee <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">manages th<span class=\"_ _0\"/>e investm<span class=\"_ _0\"/>ent, mortality an<span class=\"_ _0\"/>d </span>inflation ri<span class=\"_ _3\"/>sks to en<span class=\"_ _3\"/>sure the pensio<span class=\"_ _3\"/>n obligatio<span class=\"_ _3\"/>ns are met <span class=\"_ _3\"/>as they fall <span class=\"_ _3\"/>due.  The investment<span class=\"_ _3\"/> strategy is aimed<span class=\"_ _3\"/> at the Trustee\u2019s <span class=\"_ _3\"/>actuarial valu<span class=\"_ _3\"/>ation liabilitie<span class=\"_ _3\"/>s rather than IAS 19 defi<span class=\"_ _3\"/>ned pension liabilitie<span class=\"_ _3\"/><span class=\"ws1b3\">s. As such, the effe<span class=\"_ _3\"/>ctiveness of t<span class=\"_ _3\"/>he risk </span>hedging strategie<span class=\"_ _3\"/>s on a valuation ba<span class=\"_ _3\"/>sis will not be the same as on an a<span class=\"_ _3\"/>ccounting basis. Thos<span class=\"_ _0\"/>e hedgin<span class=\"_ _0\"/>g strateg<span class=\"_ _0\"/>ies have si<span class=\"_ _0\"/>gnifican<span class=\"_ _0\"/>t impac<span class=\"_ _0\"/>t on the m<span class=\"_ _0\"/>ovement<span class=\"_ _0\"/> in the net pension def<span class=\"_ _0\"/>icit as<span class=\"_ _0\"/> assumptions<span class=\"_ _0\"/> change, of<span class=\"_ _0\"/>fsettin<span class=\"_ _0\"/>g the impac<span class=\"_ _0\"/>ts on the<span class=\"_ _0\"/> obliga<span class=\"_ _0\"/>tion disclosed below. In practice, changes in<span class=\"_ _0\"/> one assumption<span class=\"_ _0\"/> may be accompan<span class=\"_ _0\"/>ied by offsetti<span class=\"_ _0\"/>ng changes in anothe<span class=\"_ _0\"/>r assumpt<span class=\"_ _0\"/>ion (alth<span class=\"_ _0\"/>ough this is<span class=\"_ _0\"/> not alwa<span class=\"_ _0\"/>ys the case<span class=\"_ _0\"/>). Changes in<span class=\"_ _0\"/> the assumptions may o<span class=\"_ _3\"/>ccur at the same t<span class=\"_ _3\"/>ime as changes i<span class=\"_ _4\"/>n<span class=\"_ _0\"/> the market<span class=\"_ _3\"/> value of Scheme assets, wh<span class=\"_ _0\"/>ich may o<span class=\"_ _0\"/>r may no<span class=\"_ _0\"/>t offse<span class=\"_ _0\"/>t the cha<span class=\"_ _0\"/>nges in<span class=\"_ _0\"/> assumptions<span class=\"_ _0\"/>. Changes in assumptions have a differen<span class=\"_ _0\"/>t level of impact as the value <span class=\"_ _0\"/>of the net pension surplus or defic<span class=\"_ _0\"/>it fluctuates,<span class=\"_ _0\"/> because the<span class=\"_ _0\"/> relationship<span class=\"_ _0\"/> between th<span class=\"_ _0\"/>em is not line<span class=\"_ _0\"/>ar. The analysis<span class=\"_ _0\"/> below consi<span class=\"_ _0\"/>ders the im<span class=\"_ _0\"/>pact of a singl<span class=\"_ _0\"/>e change in p<span class=\"_ _0\"/>rincipal assu<span class=\"_ _0\"/>mption<span class=\"_ _0\"/>s on the defined<span class=\"_ _0\"/> benefit obl<span class=\"_ _0\"/>igation while keep<span class=\"_ _0\"/>ing the o<span class=\"_ _0\"/>ther assum<span class=\"_ _0\"/>ptions uncha<span class=\"_ _0\"/>nged an<span class=\"_ _0\"/>d does not<span class=\"_ _0\"/> take into<span class=\"_ _0\"/> account an<span class=\"_ _0\"/>y risk hedgi<span class=\"_ _0\"/>ng strate<span class=\"_ _0\"/>gies: Assumption <span class=\"_ _104\"> </span>Change in assumption <span class=\"_ _201\"> </span>Impact on defin<span class=\"_ _3\"/>ed benefit obligati<span class=\"_ _3\"/>on Discount rate Increase by <span class=\"_ _0\"/>0.1% <span class=\"_ _ff\"> </span>Decrease by \u00a3<span class=\"_ _0\"/>25 millio<span class=\"_ _0\"/>n Decrease by<span class=\"_ _0\"/> 0.1% <span class=\"_ _5a\"> </span>Increase by \u00a325 million Increase by 0.5% <span class=\"_ _157\"> </span>Decrease by \u00a3115 milli<span class=\"_ _0\"/>on Decrease<span class=\"_ _0\"/> by 0.5% <span class=\"_ _109\"> </span>Incr<span class=\"_ _0\"/>ease by \u00a3<span class=\"_ _0\"/>125 mill<span class=\"_ _0\"/>ion Rate of infl<span class=\"_ _3\"/>ation (Retail Pri<span class=\"_ _3\"/>ce Index) Increase by 0.1% <span class=\"_ _159\"> </span>Incr<span class=\"_ _0\"/>ease by \u00a310 million  Decrease<span class=\"_ _0\"/> by 0.1% <span class=\"_ _5a\"> </span>Decrease by \u00a310<span class=\"_ _0\"/> million Rate of i<span class=\"_ _3\"/>nflation (Con<span class=\"_ _3\"/>sumer Pri<span class=\"_ _3\"/>ce Index) Increase by 0.1% <span class=\"_ _159\"> </span>Increa<span class=\"_ _3\"/>se by \u00a35 million Decrease<span class=\"_ _0\"/> by 0.1% <span class=\"_ _5a\"> </span>Decrease by \u00a35 mill<span class=\"_ _0\"/>ion Life expect<span class=\"_ _3\"/>ancies <span class=\"_ _5b\"> </span>Increase by one year <span class=\"_ _15b\"> </span>Increase by \u00a375 mi<span class=\"_ _3\"/>llion The sensiti<span class=\"_ _3\"/>vity analysis has <span class=\"_ _3\"/>been determined<span class=\"_ _3\"/> by extrapolating t<span class=\"_ _3\"/>he impact o<span class=\"_ _3\"/>n the defined benef<span class=\"_ _3\"/>it obligation <span class=\"_ _3\"/>at the year end with<span class=\"_ _0\"/> changes in key<span class=\"_ _0\"/> assumptio<span class=\"_ _0\"/>ns that migh<span class=\"_ _0\"/>t reasona<span class=\"_ _0\"/>bly occur.  While the <span class=\"_ _3\"/>Schemes\u2019 risk <span class=\"_ _3\"/>hedging str<span class=\"_ _3\"/>ategy is aim<span class=\"_ _3\"/>ed at a va<span class=\"_ _3\"/>luation bas<span class=\"_ _3\"/>is, the Di<span class=\"_ _3\"/>rectors e<span class=\"_ _3\"/>stimate that<span class=\"_ _3\"/> on an accou<span class=\"_ _3\"/>nting basis any <span class=\"_ _3\"/>change in asset <span class=\"_ _3\"/>values would signi<span class=\"_ _3\"/>ficantly offset t<span class=\"_ _3\"/>he above impa<span class=\"_ _3\"/>ct on the defined b<span class=\"_ _3\"/>enefit obligati<span class=\"_ _3\"/>on.  In particular, whi<span class=\"_ _3\"/>le an increase<span class=\"_ _3\"/> in assumption of<span class=\"_ _3\"/> life <span class=\"_ _3\"/><span class=\"ls186 ws1c9\">expectanci<span class=\"_ _3\"/>es by one year woul<span class=\"ls184 ws1c8\">d incre<span class=\"_ _3\"/>ase the defined benefit </span></span>obligation by \u00a3<span class=\"_ _3\"/>75 million, the <span class=\"_ _3\"/>assets would bene<span class=\"_ _3\"/>fit from an e<span class=\"_ _3\"/>stimated increa<span class=\"_ _3\"/>se of the va<span class=\"_ _3\"/>lue of the lo<span class=\"_ _3\"/>ngevity swap b<span class=\"_ _3\"/>y \u00a360 million, resulting<span class=\"_ _3\"/> in a net increa<span class=\"_ _3\"/>se in the defined pension de<span class=\"_ _3\"/>ficit of \u00a315 mi<span class=\"_ _3\"/>llion. Further, the<span class=\"_ _0\"/> ITV Pension Sch<span class=\"_ _0\"/>eme inves<span class=\"_ _0\"/>ts in UK governme<span class=\"_ _0\"/>nt bonds and in<span class=\"_ _0\"/>terest ra<span class=\"_ _0\"/>te and infla<span class=\"_ _0\"/>tion swap con<span class=\"_ _0\"/>tracts an<span class=\"_ _0\"/>d therefor<span class=\"_ _0\"/>e movements<span class=\"_ _0\"/> in the defi<span class=\"_ _0\"/>ned benefit o<span class=\"_ _0\"/>bligation<span class=\"_ _0\"/> are typicall<span class=\"_ _0\"/>y offset, to an ext<span class=\"_ _0\"/>ent, by asset m<span class=\"_ _0\"/>ovements.<span class=\"_ _0\"/>  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>218<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff23b ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>220<span class=\"ff23d ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff23e ls3 ws2\">\u2009</span><span class=\"ff23b ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Defined pensio<span class=\"_ _0\"/>n deficit sensitivit<span class=\"_ _0\"/>ies Keeping it simple Which assumpt<span class=\"_ _3\"/>ions ha<span class=\"_ _3\"/>ve the bigg<span class=\"_ _3\"/>est impact on<span class=\"_ _3\"/> the Scheme<span class=\"_ _3\"/>?<span class=\"ff23f ls3 ws2\"> </span>It is impo<span class=\"_ _0\"/>rtant to n<span class=\"_ _0\"/>ote that com<span class=\"_ _0\"/>parativ<span class=\"_ _0\"/>ely small c<span class=\"_ _0\"/>hanges in th<span class=\"_ _0\"/>e assump<span class=\"_ _0\"/>tions used may have a signif<span class=\"_ _3\"/>icant effect<span class=\"_ _3\"/> on the Cons<span class=\"ls184 ws1c8\">olidated Income Statement<span class=\"_ _3\"/>, Consolidated </span>Statement of Com<span class=\"_ _3\"/>prehensive Income<span class=\"_ _3\"/> and Consolidated<span class=\"_ _3\"/> Statement of Financia<span class=\"_ _3\"/>l Position. <span class=\"_ _3\"/>This \u2018sensitivity<span class=\"_ _3\"/>\u2019 to change i<span class=\"_ _3\"/>s analysed below to <span class=\"_ _3\"/>demonstrate ho<span class=\"_ _3\"/>w small changes in assumptions can have a large im<span class=\"ls188 ws1d5\">pact on the estimation of the defined </span>benefit pension obligation. The Trustee <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">manages th<span class=\"_ _0\"/>e investm<span class=\"_ _0\"/>ent, mortality an<span class=\"_ _0\"/>d </span>inflation ri<span class=\"_ _3\"/>sks to en<span class=\"_ _3\"/>sure the pensio<span class=\"_ _3\"/>n obligatio<span class=\"_ _3\"/>ns are met <span class=\"_ _3\"/>as they fall <span class=\"_ _3\"/>due.  The investment<span class=\"_ _3\"/> strategy is aimed<span class=\"_ _3\"/> at the Trustee\u2019s <span class=\"_ _3\"/>actuarial valu<span class=\"_ _3\"/>ation liabilitie<span class=\"_ _3\"/>s rather than IAS 19 defi<span class=\"_ _3\"/>ned pension liabilitie<span class=\"_ _3\"/><span class=\"ws1b3\">s. As such, the effe<span class=\"_ _3\"/>ctiveness of t<span class=\"_ _3\"/>he risk </span>hedging strategie<span class=\"_ _3\"/>s on a valuation ba<span class=\"_ _3\"/>sis will not be the same as on an a<span class=\"_ _3\"/>ccounting basis. Thos<span class=\"_ _0\"/>e hedgin<span class=\"_ _0\"/>g strateg<span class=\"_ _0\"/>ies have si<span class=\"_ _0\"/>gnifican<span class=\"_ _0\"/>t impac<span class=\"_ _0\"/>t on the m<span class=\"_ _0\"/>ovement<span class=\"_ _0\"/> in the net pension def<span class=\"_ _0\"/>icit as<span class=\"_ _0\"/> assumptions<span class=\"_ _0\"/> change, of<span class=\"_ _0\"/>fsettin<span class=\"_ _0\"/>g the impac<span class=\"_ _0\"/>ts on the<span class=\"_ _0\"/> obliga<span class=\"_ _0\"/>tion disclosed below. In practice, changes in<span class=\"_ _0\"/> one assumption<span class=\"_ _0\"/> may be accompan<span class=\"_ _0\"/>ied by offsetti<span class=\"_ _0\"/>ng changes in anothe<span class=\"_ _0\"/>r assumpt<span class=\"_ _0\"/>ion (alth<span class=\"_ _0\"/>ough this is<span class=\"_ _0\"/> not alwa<span class=\"_ _0\"/>ys the case<span class=\"_ _0\"/>). Changes in<span class=\"_ _0\"/> the assumptions may o<span class=\"_ _3\"/>ccur at the same t<span class=\"_ _3\"/>ime as chang<span class=\"_ _3\"/>es in the market<span class=\"_ _3\"/> value of Scheme<span class=\"_ _3\"/> assets, wh<span class=\"_ _0\"/>ich may o<span class=\"_ _0\"/>r may no<span class=\"_ _0\"/>t offse<span class=\"_ _0\"/>t the cha<span class=\"_ _0\"/>nges in<span class=\"_ _0\"/> assumptions<span class=\"_ _0\"/>. Changes in assumptions have a differen<span class=\"_ _0\"/>t level of impact as the value <span class=\"_ _0\"/>of the net pension surplus or defic<span class=\"_ _0\"/>it fluctuates,<span class=\"_ _0\"/> because the<span class=\"_ _0\"/> relationship<span class=\"_ _0\"/> between th<span class=\"_ _0\"/>em is not line<span class=\"_ _0\"/>ar. The analysis<span class=\"_ _0\"/> below consi<span class=\"_ _0\"/>ders the im<span class=\"_ _0\"/>pact of a singl<span class=\"_ _0\"/>e change in p<span class=\"_ _0\"/>rincipal assu<span class=\"_ _0\"/>mption<span class=\"_ _0\"/>s on the defined<span class=\"_ _0\"/> benefit obl<span class=\"_ _0\"/>igation while keep<span class=\"_ _0\"/>ing the o<span class=\"_ _0\"/>ther assum<span class=\"_ _0\"/>ptions uncha<span class=\"_ _0\"/>nged an<span class=\"_ _0\"/>d does not<span class=\"_ _0\"/> take into<span class=\"_ _0\"/> account an<span class=\"_ _0\"/>y risk hedgi<span class=\"_ _0\"/>ng strate<span class=\"_ _0\"/>gies: Assumption <span class=\"_ _104\"> </span>Change in assumption <span class=\"_ _201\"> </span>Impact on defin<span class=\"_ _3\"/>ed benefit obligati<span class=\"_ _3\"/>on Discount rate Increase by <span class=\"_ _0\"/>0.1% <span class=\"_ _ff\"> </span>Decrease by \u00a3<span class=\"_ _0\"/>25 millio<span class=\"_ _0\"/>n Decrease by<span class=\"_ _0\"/> 0.1% <span class=\"_ _5a\"> </span>Increase by \u00a325 million Increase by 0.5% <span class=\"_ _157\"> </span>Decrease by \u00a3115 milli<span class=\"_ _0\"/>on Decrease<span class=\"_ _0\"/> by 0.5% <span class=\"_ _109\"> </span>Incr<span class=\"_ _0\"/>ease by \u00a3<span class=\"_ _0\"/>125 mill<span class=\"_ _0\"/>ion Rate of infl<span class=\"_ _3\"/>ation (Retail Pri<span class=\"_ _3\"/>ce Index) Increase by 0.1% <span class=\"_ _159\"> </span>Incr<span class=\"_ _0\"/>ease by \u00a310 million  Decrease<span class=\"_ _0\"/> by 0.1% <span class=\"_ _5a\"> </span>Decrease by \u00a310<span class=\"_ _0\"/> million Rate of i<span class=\"_ _3\"/>nflation (Con<span class=\"_ _3\"/>sumer Pri<span class=\"_ _3\"/>ce Index) Increase by 0.1% <span class=\"_ _159\"> </span>Increa<span class=\"_ _3\"/>se by \u00a35 million Decrease<span class=\"_ _0\"/> by 0.1% <span class=\"_ _5a\"> </span>Decrease by \u00a35 mill<span class=\"_ _0\"/>ion Life expect<span class=\"_ _3\"/>ancies <span class=\"_ _5b\"> </span>Increase by one year <span class=\"_ _15b\"> </span>Increase by \u00a375 mi<span class=\"_ _3\"/>llion The sensiti<span class=\"_ _3\"/>vity analysis has <span class=\"_ _3\"/>been determined<span class=\"_ _3\"/> by extrapolating t<span class=\"_ _3\"/>he impact o<span class=\"_ _3\"/>n the defined benef<span class=\"_ _3\"/>it obligation <span class=\"_ _3\"/>at the year end with<span class=\"_ _0\"/> changes in key<span class=\"_ _0\"/> assumptio<span class=\"_ _0\"/>ns that migh<span class=\"_ _0\"/>t reasona<span class=\"_ _0\"/>bly occur.  While the <span class=\"_ _3\"/>Schemes\u2019 risk <span class=\"_ _3\"/>hedging str<span class=\"_ _3\"/>ategy is aim<span class=\"_ _3\"/>ed at a va<span class=\"_ _3\"/>luation bas<span class=\"_ _3\"/>is, the Di<span class=\"_ _3\"/>rectors e<span class=\"_ _3\"/>stimate that<span class=\"_ _3\"/> on an accou<span class=\"_ _3\"/>nting basis any <span class=\"_ _3\"/>change in asset <span class=\"_ _3\"/>values would signi<span class=\"_ _3\"/>ficantly offset t<span class=\"_ _3\"/>he above impa<span class=\"_ _3\"/>ct on the defined b<span class=\"_ _3\"/>enefit obligati<span class=\"_ _3\"/>on.  In particular, whi<span class=\"_ _3\"/>le an increase<span class=\"_ _3\"/> in assumption of<span class=\"_ _3\"/> life <span class=\"_ _3\"/><span class=\"ls186 ws1c9\">expectanci<span class=\"_ _3\"/>es by one year woul<span class=\"ls184 ws1c8\">d incre<span class=\"_ _3\"/>ase the defined benefit </span></span>obligation by \u00a3<span class=\"_ _3\"/>75 million, the <span class=\"_ _3\"/>assets would bene<span class=\"_ _3\"/>fit from an e<span class=\"_ _3\"/>stimated increa<span class=\"_ _3\"/>se of the va<span class=\"_ _3\"/>lue of the lo<span class=\"_ _3\"/>ngevity swap b<span class=\"_ _3\"/>y \u00a360 million, resulting<span class=\"_ _3\"/> in a net increa<span class=\"_ _3\"/>se in the defined pension de<span class=\"_ _3\"/>ficit of \u00a315 mi<span class=\"_ _3\"/>llion. Further, the<span class=\"_ _0\"/> ITV Pension Sch<span class=\"_ _0\"/>eme inves<span class=\"_ _0\"/>ts in UK governme<span class=\"_ _0\"/>nt bonds and in<span class=\"_ _0\"/>terest ra<span class=\"_ _0\"/>te and infla<span class=\"_ _0\"/>tion swap c<span class=\"_ _0\"/>ontracts an<span class=\"_ _0\"/>d therefor<span class=\"_ _0\"/>e movements<span class=\"_ _0\"/> in the defi<span class=\"_ _0\"/>ned benefit o<span class=\"_ _0\"/>bligation<span class=\"_ _0\"/> are typicall<span class=\"_ _0\"/>y offset, to an ext<span class=\"_ _0\"/>ent, by asset m<span class=\"_ _0\"/>ovements.<span class=\"_ _0\"/>  I<span class=\"_ _66\"/><span class=\"fc8 sc1\">I<span class=\"fc7 sc0\">T<span class=\"_ _189\"/><span class=\"fc8 sc1\">T<span class=\"fc7 sc0\">V<span class=\"_ _18a\"/><span class=\"fc8 sc1\">V<span class=\"fc7 sc0\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"fc7 sc0\">p<span class=\"_ _189\"/><span class=\"fc8 sc1\">p<span class=\"fc7 sc0\">l<span class=\"_ _188\"/><span class=\"fc8 sc1\">l<span class=\"fc7 sc0\">c<span class=\"_ _18b\"/><span class=\"fc8 sc1\">c<span class=\"ff242 fc7 sc0\">\u2009<span class=\"ff241 ls1bb ws1cc\">Annual Report and Accounts 2022</span><span class=\"ff241 fs27\"> 2<span class=\"_ _2c\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">2<span class=\"_ _1ac\"/><span class=\"fc8 sc1\">2<span class=\"fc7 sc0\">1<span class=\"_ _18b\"/><span class=\"fc8 sc1\">1<span class=\"fc7 sc0\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Keeping it simple What was the impac<span class=\"_ _3\"/>t of movements o<span class=\"_ _3\"/>n the Schemes\u2019 asse<span class=\"_ _3\"/>ts and liabilitie<span class=\"_ _3\"/>s?<span class=\"ff244 ls3 ws2\"> </span>The notes a<span class=\"_ _0\"/>bove descr<span class=\"_ _0\"/>ibe how th<span class=\"_ _0\"/>e Scheme o<span class=\"_ _0\"/>bligations an<span class=\"_ _0\"/>d assets <span class=\"_ _0\"/>are comprise<span class=\"_ _0\"/>d and measu<span class=\"_ _0\"/>red. The follo<span class=\"_ _0\"/>wing note sets o<span class=\"_ _0\"/>ut the im<span class=\"_ _0\"/>pact of various mo<span class=\"_ _0\"/>vements and<span class=\"_ _0\"/> expenses on<span class=\"_ _0\"/> the Scheme on th<span class=\"_ _0\"/>e Group\u2019s fin<span class=\"_ _0\"/>ancial stat<span class=\"_ _0\"/>ements. Amounts recogni<span class=\"_ _3\"/>sed through th<span class=\"_ _3\"/>e Consolidated I<span class=\"_ _3\"/>ncome Stateme<span class=\"_ _3\"/>nt Amounts re<span class=\"_ _3\"/>cognised t<span class=\"_ _3\"/>hrough the C<span class=\"_ _3\"/>onsolidated Inco<span class=\"_ _3\"/>me Statement are <span class=\"_ _3\"/>as follow<span class=\"_ _3\"/>s: 2022  \u00a3m 2021  \u00a3m Amount charged to oper<span class=\"_ _3\"/>ating costs: <span class=\"_ _272\"> </span><span class=\"ff245 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff244\"> </span></span>Scheme admin<span class=\"_ _0\"/>istration ex<span class=\"_ _0\"/>penses <span class=\"_ _206\"> </span><span class=\"ff245 ws1bb\">(6) <span class=\"_ _18\"> </span></span><span class=\"ls188 ws1b9\">(6) </span> <span class=\"_ _1b9\"> </span><span class=\"ff245 ls18b ws1bb\">(6) <span class=\"_ _69\"> </span></span><span class=\"ls188 ws1b9\">(6) </span>Amount charged to ex<span class=\"_ _3\"/>ceptional cost<span class=\"_ _3\"/>s: <span class=\"_ _206\"> </span><span class=\"ff245 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff244\"> </span></span>Pensio<span class=\"_ _3\"/>n insura<span class=\"_ _3\"/>nce risk pr<span class=\"_ _3\"/>emium \u2013 bu<span class=\"_ _3\"/>yout of Se<span class=\"_ _3\"/>ction C <span class=\"_ _2a3\"> </span><span class=\"ff245 ls18b ws1bb\">(4) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Total charge<span class=\"_ _0\"/>d in the Co<span class=\"_ _0\"/>nsolidated<span class=\"_ _0\"/> Income St<span class=\"_ _0\"/>atement <span class=\"_ _e8\"> </span><span class=\"ls189 ws1b8\">(10) <span class=\"_ _2c6\"> </span><span class=\"ff244 ls188 ws1b9\">(6) </span></span>Amounts recognised through the Consolidated Statem<span class=\"_ _0\"/>ent of Comprehens<span class=\"_ _0\"/>ive Income The amounts re<span class=\"_ _3\"/>cognised thr<span class=\"_ _3\"/>ough the Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Comprehensive <span class=\"_ _3\"/>Income are: 2022  \u00a3m 2021 \u00a3m Remeasu<span class=\"_ _0\"/>rement (l<span class=\"_ _0\"/>osses)/g<span class=\"_ _0\"/>ains <span class=\"_ _17f\"> </span><span class=\"ff245 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff244\"> </span></span>Loss on scheme assets excluding interest income <span class=\"_ _2c7\"> </span><span class=\"ff245 ls189 ws1b8\">(1,039) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(10<span class=\"_ _0\"/>2) </span>Actuarial gains/(lo<span class=\"_ _3\"/>sses) on liabilities arising <span class=\"_ _3\"/>from change in: <span class=\"_ _2c8\"> </span><span class=\"ff245 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff244\"> </span></span>\u2013 exper<span class=\"_ _0\"/>ience ad<span class=\"_ _0\"/>justmen<span class=\"_ _0\"/>ts <span class=\"_ _2ad\"> </span><span class=\"ff245 ls189 ws1b8\">(119) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(8)<span class=\"_ _0\"/> </span>\u2013 financial assumptions <span class=\"_ _17f\"> </span><span class=\"ff245 ls188 ws1b9\">1,228 <span class=\"_ _1d2\"> </span></span><span class=\"ls189 ws1b8\">88 </span>\u2013 demograp<span class=\"_ _3\"/>hic assumptions <span class=\"_ _2ba\"> </span><span class=\"ff245 ls189 ws1b8\">10 <span class=\"_ _6f\"> </span></span><span class=\"ls188 ws1b9\">(36) </span> <span class=\"_ _2c9\"> </span><span class=\"ff245 ls18c ws1c2\">1,119 <span class=\"_ _78\"> </span></span>4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Total recognised in the Consolidate<span class=\"_ _0\"/>d <span class=\"ls183 ws1b6\">Statemen<span class=\"_ _0\"/>t of Comprehe<span class=\"_ _0\"/>nsive Inco<span class=\"_ _0\"/>me <span class=\"_ _201\"> </span><span class=\"ls185 ws1c1\">80 <span class=\"_ _6f\"> </span><span class=\"ff244 ls19b ws1d6\">(58)<span class=\"_ _0\"/> </span></span></span>The \u00a31,119 m<span class=\"_ _0\"/>illion actuar<span class=\"_ _0\"/>ial gain on th<span class=\"_ _0\"/>e Schemes\u2019 liabil<span class=\"_ _0\"/>ities was prin<span class=\"_ _0\"/>cipally due t<span class=\"_ _0\"/>o the increas<span class=\"_ _0\"/>e in bond yiel<span class=\"_ _0\"/>ds and to a lesser extent b<span class=\"_ _3\"/>y the decrea<span class=\"_ _3\"/>se in market imp<span class=\"_ _3\"/>lied inflation <span class=\"ls18b ws1c0\">and slightly shorte<span class=\"_ _0\"/>r assumed lif<span class=\"_ _0\"/>e expectancies.<span class=\"_ _0\"/> The actu<span class=\"_ _0\"/>arial </span>gain on the Schemes\u2019 liabil<span class=\"_ _3\"/>ities has been partially off<span class=\"_ _3\"/>set by<span class=\"ls183 ws1b5\"> the impa<span class=\"_ _0\"/>ct of high<span class=\"_ _0\"/> actual <span class=\"_ _0\"/>inflation<span class=\"_ _0\"/> over 2022, wh<span class=\"_ _0\"/>ich woul<span class=\"_ _0\"/>d </span>lead to benefi<span class=\"_ _3\"/>ts being increased<span class=\"_ _3\"/> by more t<span class=\"_ _3\"/>han assumed <span class=\"ls186 ws2\">a<span class=\"_ _3\"/>nd has been recog<span class=\"_ _3\"/>nised as an e<span class=\"_ _3\"/>xperience ad<span class=\"_ _3\"/>justment<span class=\"_ _3\"/>.  </span>The \u00a31,039<span class=\"_ _3\"/> million loss o<span class=\"_ _3\"/>n the Scheme<span class=\"_ _3\"/>s\u2019 assets f<span class=\"_ _3\"/>ollows a<span class=\"_ _3\"/>n increase <span class=\"_ _3\"/>in the gilts yi<span class=\"_ _4\"/>elds and to a lesser ex<span class=\"_ _3\"/>tent the decrease in the value o<span class=\"_ _0\"/>f the inflation-l<span class=\"_ _0\"/>inked assets<span class=\"_ _0\"/>. The actuarial lo<span class=\"_ _0\"/>ss on the Schemes\u2019 assets<span class=\"_ _0\"/> has been partiall<span class=\"_ _0\"/>y offset by an incre<span class=\"_ _3\"/>ase in the fair value lo<span class=\"_ _3\"/>ss of the longevity swa<span class=\"_ _3\"/>p. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>219<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 3: Operating Assets and Liab<span class=\"_ _0\"/>ilities <span class=\"ff249 ls1ca ws23d\">continued</span><span class=\"ls3 ws2\"> </span>222<span class=\"ff24b ls3 ws2\"> </span><span class=\"fs26 ls180 ws1cc\">ITV plc<span class=\"ff24c ls3 ws2\">\u2009</span><span class=\"ff249 ls1bb\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span>Addressin<span class=\"_ _0\"/>g the defin<span class=\"_ _0\"/>ed benef<span class=\"_ _0\"/>it pension<span class=\"_ _0\"/> defici<span class=\"_ _0\"/>t Keeping it simple The Group wor<span class=\"_ _3\"/>ks closely <span class=\"_ _3\"/>with the Trustee t<span class=\"_ _3\"/>o agree appropriat<span class=\"_ _3\"/>e levels <span class=\"_ _3\"/>of funding for the Scheme. This involve<span class=\"_ _3\"/>s agreeing a Schedule of Contrib<span class=\"_ _3\"/>utions at each triennial valuatio<span class=\"_ _3\"/>n, which specifies the<span class=\"_ _3\"/> contributi<span class=\"_ _3\"/>on rates for the employ<span class=\"_ _3\"/>er and, where releva<span class=\"_ _3\"/>nt, scheme be<span class=\"_ _3\"/>neficiarie<span class=\"_ _3\"/>s and the date <span class=\"_ _3\"/>these contri<span class=\"_ _3\"/>butions are d<span class=\"_ _3\"/>ue. A recovery<span class=\"_ _3\"/> plan setting out the steps that will be taken to address a funding shortfall is also agreed.<span class=\"_ _0\"/> In the event<span class=\"_ _0\"/> that the Gr<span class=\"_ _0\"/>oup\u2019s de<span class=\"_ _0\"/>fined ben<span class=\"_ _0\"/>efit scheme<span class=\"_ _0\"/> is in a net lia<span class=\"_ _0\"/>bility p<span class=\"_ _0\"/>osition, the Direc<span class=\"_ _0\"/>tors must ta<span class=\"_ _0\"/>ke steps to man<span class=\"_ _0\"/>age the s<span class=\"_ _0\"/>ize of the d<span class=\"_ _0\"/>eficit. Ap<span class=\"_ _0\"/>art from th<span class=\"_ _0\"/>e funding a<span class=\"_ _0\"/>greemen<span class=\"_ _0\"/>ts menti<span class=\"_ _0\"/>oned abov<span class=\"_ _0\"/>e, this c<span class=\"_ _0\"/>ould involv<span class=\"_ _0\"/>e pledgin<span class=\"_ _0\"/>g addit<span class=\"_ _0\"/>ional asse<span class=\"_ _0\"/>ts to the Scheme, a<span class=\"_ _0\"/>s was the case i<span class=\"_ _0\"/>n the SD<span class=\"ls189 ws1d8\">N and London Televis<span class=\"_ _0\"/>ion Centre pension </span>funding<span class=\"_ _3\"/> partnersh<span class=\"_ _3\"/>ips. The levels of on<span class=\"_ _0\"/>going con<span class=\"_ _0\"/>tribution<span class=\"_ _0\"/>s to the Scheme a<span class=\"_ _0\"/>re based on t<span class=\"_ _0\"/>he expected<span class=\"_ _0\"/> future cash fl<span class=\"_ _0\"/>ows of the Schem<span class=\"_ _0\"/>e. Contributions <span class=\"_ _3\"/>in 2022 for admini<span class=\"_ _3\"/>stration expense<span class=\"_ _3\"/>s are \u00a36 milli<span class=\"_ _3\"/>on (2021: \u00a36 millio<span class=\"_ _3\"/>n).  The Group<span class=\"_ _0\"/> has two asse<span class=\"_ _0\"/>t-backed p<span class=\"_ _0\"/>ension fun<span class=\"_ _0\"/>ding a<span class=\"_ _0\"/>greements<span class=\"_ _0\"/> with the<span class=\"_ _0\"/> Trustee<span class=\"_ _0\"/> \u2013 the SDN pens<span class=\"_ _0\"/>ion fundi<span class=\"_ _0\"/>ng partner<span class=\"_ _3\"/>ship and t<span class=\"_ _3\"/>he London Te<span class=\"_ _3\"/>levisio<span class=\"_ _3\"/>n Centre p<span class=\"_ _3\"/>ension <span class=\"_ _3\"/>funding part<span class=\"_ _4\"/>nership which wer<span class=\"_ _3\"/>e set <span class=\"_ _3\"/>up in 2010 a<span class=\"_ _3\"/>nd 2014 respectively<span class=\"_ _0\"/> to address<span class=\"_ _0\"/> the pension<span class=\"_ _0\"/> deficit. SDN Pension Fundin<span class=\"_ _0\"/>g Partnership In 2010<span class=\"_ _3\"/>, ITV es<span class=\"_ _3\"/>tablished<span class=\"_ _3\"/> a Pension <span class=\"_ _3\"/>Funding P<span class=\"_ _3\"/>artnership<span class=\"_ _4\"/> (PFP) with the Tr<span class=\"_ _4\"/>ustees backed by S<span class=\"_ _3\"/>DN, which <span class=\"_ _3\"/>was subsequently<span class=\"_ _3\"/> extended in<span class=\"_ _3\"/> 2011. The PFP addre<span class=\"_ _3\"/>ssed \u00a3200 milli<span class=\"_ _3\"/><span class=\"ls186 ws2\">on of the fu<span class=\"_ _3\"/>nding deficit<span class=\"_ _3\"/> in Sectio<span class=\"_ _3\"/>n A of the<span class=\"_ _3\"/> defined </span>benefit pens<span class=\"_ _0\"/>ion scheme and un<span class=\"_ _0\"/>der the or<span class=\"_ _0\"/>iginal agre<span class=\"_ _0\"/>ement; ann<span class=\"_ _0\"/>ual paymen<span class=\"_ _0\"/>ts of \u00a31<span class=\"_ _0\"/>1 million for 12<span class=\"_ _0\"/> years from 2011 were made wi<span class=\"_ _0\"/>th the fin<span class=\"_ _0\"/>al annual paymen<span class=\"_ _0\"/>t in 2022. In addi<span class=\"_ _0\"/>tion, a bulle<span class=\"_ _0\"/>t payment of<span class=\"_ _0\"/> up to \u00a3200 million<span class=\"_ _0\"/> was due in 2022. During 2022, t<span class=\"_ _3\"/>he existin<span class=\"_ _3\"/>g PFP agree<span class=\"_ _3\"/>ment was <span class=\"_ _3\"/>amended and<span class=\"_ _3\"/> extended to<span class=\"_ _3\"/> 2031. As a resu<span class=\"_ _3\"/>lt of this<span class=\"_ _3\"/> agreement,<span class=\"_ _3\"/> an upfront payment of \u00a380 million was paid to the pension scheme<span class=\"ls185 ws2\"> in the pe<span class=\"_ _0\"/>riod and<span class=\"_ _0\"/> an add<span class=\"_ _0\"/>itional <span class=\"_ _0\"/>deficit c<span class=\"_ _0\"/>ontri<span class=\"_ _0\"/>bution of<span class=\"_ _0\"/> </span>\u00a33 million w<span class=\"_ _0\"/>as paid for th<span class=\"_ _0\"/>e perio<span class=\"_ _0\"/>d between th<span class=\"_ _0\"/>e end of th<span class=\"_ _0\"/>e original<span class=\"_ _0\"/> agreem<span class=\"_ _0\"/>ent and<span class=\"_ _0\"/> the date the ex<span class=\"_ _0\"/>tension<span class=\"_ _0\"/> agreeme<span class=\"_ _0\"/>nt was si<span class=\"_ _3\"/>gned. The G<span class=\"_ _3\"/>roup is <span class=\"_ _3\"/>committed t<span class=\"_ _3\"/>o up to ni<span class=\"_ _4\"/>ne annual pa<span class=\"ls183\">yments of \u00a3<span class=\"_ _0\"/>16 million<span class=\"_ _0\"/> from 202<span class=\"_ _0\"/>3 and th<span class=\"_ _0\"/>e PFP\u2019s <span class=\"_ _0\"/>interest<span class=\"_ _0\"/> in </span>SDN provides<span class=\"_ _0\"/> collateral for<span class=\"_ _0\"/> these paymen<span class=\"_ _0\"/>ts. On co<span class=\"_ _0\"/>mpletion of<span class=\"_ _0\"/> the final pay<span class=\"_ _0\"/>ment in 20<span class=\"_ _0\"/>31, the Schem<span class=\"_ _0\"/>e\u2019s partners<span class=\"_ _0\"/>hip interest<span class=\"_ _0\"/> will have b<span class=\"_ _0\"/>een repa<span class=\"_ _0\"/>id in full <span class=\"_ _0\"/>and it w<span class=\"_ _0\"/>ill have n<span class=\"_ _0\"/>o right<span class=\"_ _0\"/> to any <span class=\"_ _0\"/>further <span class=\"_ _0\"/>payments. <span class=\"_ _0\"/>The lett<span class=\"_ _0\"/>er of cr<span class=\"_ _0\"/>edit which<span class=\"_ _0\"/> was previously<span class=\"_ _0\"/> used to provide<span class=\"_ _0\"/> addition<span class=\"_ _0\"/>al collateral t<span class=\"_ _0\"/>o support the<span class=\"_ _0\"/> original value of<span class=\"_ _0\"/> the struc<span class=\"_ _0\"/>ture (31 Dec<span class=\"_ _0\"/>ember 2021:<span class=\"_ _0\"/> \u00a3152 mill<span class=\"_ _0\"/>ion) has b<span class=\"_ _0\"/>een releas<span class=\"_ _0\"/>ed. London Television<span class=\"_ _0\"/> Centre P<span class=\"_ _0\"/>ension Fun<span class=\"_ _0\"/>ding Partnershi<span class=\"_ _0\"/>p In 2014<span class=\"_ _3\"/>, ITV est<span class=\"_ _3\"/>ablished<span class=\"_ _3\"/> a Pension <span class=\"_ _3\"/>Funding P<span class=\"_ _3\"/>artnership<span class=\"_ _4\"/> with the Trustee<span class=\"_ _3\"/>s backed by t<span class=\"_ _3\"/>he London<span class=\"_ _3\"/> Televisio<span class=\"_ _3\"/>n Centre which resulted in the <span class=\"_ _3\"/>assets of Section A of<span class=\"_ _3\"/> the defined <span class=\"_ _3\"/><span class=\"ls190 ws1c7\">benefit pens<span class=\"_ _3\"/>ion scheme bei<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g increas<span class=\"_ _3\"/>ed by \u00a350 millio<span class=\"_ _3\"/>n. In </span>November 2019 t<span class=\"_ _3\"/>he London Te<span class=\"_ _3\"/>levision Ce<span class=\"_ _3\"/>ntre was sold<span class=\"_ _4\"/>. \u00a350 million of the pro<span class=\"_ _3\"/>ceeds was previ<span class=\"_ _3\"/>ously held<span class=\"_ _3\"/> in a restricted<span class=\"_ _0\"/> bank account as a r<span class=\"_ _0\"/>eplacemen<span class=\"_ _0\"/>t asset in the p<span class=\"_ _0\"/>e<span class=\"ws1b5\">nsion fun<span class=\"_ _0\"/>ding a<span class=\"_ _0\"/>rrangemen<span class=\"_ _0\"/>t. In 2022 <span class=\"_ _0\"/>this secur<span class=\"_ _0\"/>ity was </span>replac<span class=\"_ _0\"/>ed with a sur<span class=\"_ _0\"/>ety bond an<span class=\"_ _0\"/>d the cash w<span class=\"_ _0\"/>as release<span class=\"_ _0\"/>d to the Gr<span class=\"_ _0\"/>oup. Thi<span class=\"_ _0\"/>s structur<span class=\"_ _0\"/>e continu<span class=\"_ _0\"/>es to be r<span class=\"_ _0\"/>eviewed. The Schem<span class=\"_ _0\"/>e\u2019s inter<span class=\"_ _0\"/>est in thes<span class=\"_ _0\"/>e Partne<span class=\"_ _0\"/>rships re<span class=\"_ _0\"/>duces the defic<span class=\"_ _0\"/>it on a fun<span class=\"_ _0\"/>ding bas<span class=\"_ _0\"/>is but does n<span class=\"_ _0\"/>ot impact th<span class=\"_ _0\"/>e defic<span class=\"_ _0\"/>it on an IAS 19 ba<span class=\"_ _3\"/>sis as the Scheme\u2019<span class=\"_ _3\"/>s interest is <span class=\"_ _3\"/>not a transf<span class=\"_ _3\"/>errable financia<span class=\"_ _3\"/>l instrument. The total deficit funding c<span class=\"_ _0\"/>ontribution for 2022 was \u00a3137 millio<span class=\"ls1c9 ws1c0\">n (31 December 2021: \u00a374 mi<span class=\"_ _3\"/>llion<span class=\"ls1a0 ws2\">). This includes \u00a315 milli<span class=\"_ _3\"/>on </span></span>deferred from 2020 and \u00a325 million of deficit <span class=\"_ _3\"/>contributions agreed as part of the triennial <span class=\"ls1a1 ws1d2\">va<span class=\"_ _3\"/>luation, \u00a380 million<span class=\"_ _0\"/> one-off </span>payment following the extension of the SDN<span class=\"_ _3\"/> PFP, a \u00a33 million payment on the SDN PFP for the bridging period between the end date of the original agreement and the dat<span class=\"_ _3\"/>e of the extension, and \u00a311 million and \u00a33 millio<span class=\"_ _3\"/>n annual payments due under the SDN and London Televi<span class=\"ws1c9\">sion Centre PFPs respectively.  </span>Deficit contribution<span class=\"_ _3\"/>s for 2023 to 2025 consist of contributions agreed with the Trustees following the triennial valuation<span class=\"_ _0\"/> (\u00a343 million, \u00a3<span class=\"_ _0\"/>48 million<span class=\"_ _0\"/> and \u00a328 million<span class=\"_ _0\"/> respectivel<span class=\"_ _0\"/>y) and the ann<span class=\"_ _0\"/>ual paym<span class=\"_ _0\"/>ents under th<span class=\"_ _0\"/>e SDN PFP and London Tele<span class=\"_ _0\"/>vision Cent<span class=\"_ _0\"/>re PFP (\u00a316 m<span class=\"_ _0\"/>illion and \u00a33<span class=\"_ _0\"/> million resp<span class=\"_ _0\"/>ectively).<span class=\"_ _0\"/> Therefore<span class=\"_ _0\"/> total def<span class=\"_ _0\"/>icit contribu<span class=\"_ _0\"/>tions for 202<span class=\"_ _0\"/>3 to 2025 will be \u00a362 million, \u00a367 million and \u00a347 million. IFRIC 1<span class=\"_ _0\"/>4 cla<span class=\"_ _0\"/>rifies <span class=\"_ _0\"/>how the<span class=\"_ _0\"/> asset<span class=\"_ _0\"/> ceil<span class=\"_ _0\"/>ing rul<span class=\"_ _0\"/>es shoul<span class=\"_ _0\"/>d be<span class=\"_ _0\"/> ap<span class=\"ls184\">plied if the Schemes a<span class=\"_ _3\"/>re expected to be <span class=\"_ _3\"/>in surplus, fo<span class=\"_ _3\"/>r </span>example <span class=\"_ _0\"/>as a res<span class=\"_ _0\"/>ult of d<span class=\"_ _0\"/>eficit<span class=\"_ _0\"/> fundin<span class=\"_ _0\"/>g agreem<span class=\"_ _0\"/>ents. T<span class=\"_ _0\"/>he Grou<span class=\"_ _0\"/><span class=\"ls184 ws1b3\">p has determi<span class=\"_ _3\"/>ned that it has an un<span class=\"_ _3\"/>conditional rig<span class=\"_ _3\"/>ht to a </span>refund of any <span class=\"_ _3\"/>surplus assets i<span class=\"_ _4\"/>f the Schemes are run of<span class=\"_ _3\"/>f until t<span class=\"_ _3\"/>he last me<span class=\"_ _3\"/>mber dies. O<span class=\"_ _3\"/>n this basi<span class=\"_ _3\"/>s, IFRIC 14 r<span class=\"_ _3\"/>ules do <span class=\"_ _3\"/>not cause any chang<span class=\"_ _0\"/>e in the pension d<span class=\"_ _0\"/>eficit accountin<span class=\"_ _0\"/>g or disclosures. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff19f\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>220<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff1a0 ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff250 fcb ls3 ws2\"> <span class=\"ff24f fc7\"> </span></span>ITV plc<span class=\"ff252 ls3 ws2\">\u2009<span class=\"ff253 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff251 fs27 ls1bc ws21d\">223 </span></span></span>In this  section This section outlines how the Group ma<span class=\"ls18f ws1d7\">nages its capital structure and related </span>financing costs, including its ba<span class=\"_ _3\"/>lance sheet liquidity and a<span class=\"_ _3\"/>ccess to capital markets. The Direc<span class=\"_ _0\"/>tors de<span class=\"_ _0\"/>termine <span class=\"_ _0\"/>the appr<span class=\"_ _0\"/>opriate c<span class=\"_ _0\"/>apital struc<span class=\"_ _0\"/>ture of I<span class=\"_ _0\"/>TV; speci<span class=\"_ _0\"/>fically how much is raised from shar<span class=\"_ _3\"/>eholders (equity)<span class=\"ls18c ws1bc\"> and how much is borrowed from financial </span>institutio<span class=\"_ _3\"/>ns (debt) in order<span class=\"_ _3\"/> to finance the <span class=\"_ _3\"/>Group\u2019s activit<span class=\"_ _3\"/>ies both no<span class=\"_ _3\"/>w and in the future. Maintaining capit<span class=\"_ _3\"/>al discipline and balance sheet<span class=\"_ _3\"/> efficiency rema<span class=\"_ _3\"/>ins important to the Gro<span class=\"_ _3\"/>up. Any potential courses <span class=\"_ _3\"/>of action in relation to t<span class=\"_ _3\"/>his will take into acc<span class=\"_ _0\"/>ount the Grou<span class=\"_ _0\"/>p\u2019s liqu<span class=\"_ _0\"/>idity need<span class=\"_ _0\"/>s, flexib<span class=\"_ _0\"/>ility t<span class=\"_ _0\"/>o invest in<span class=\"_ _0\"/> the busine<span class=\"_ _0\"/>ss, pens<span class=\"_ _0\"/>ion defici<span class=\"_ _3\"/>t initi<span class=\"_ _4\"/>atives and imp<span class=\"_ _3\"/>act on cred<span class=\"_ _4\"/>it ratings. The Direct<span class=\"_ _0\"/>ors consider th<span class=\"_ _0\"/>e Group\u2019s c<span class=\"_ _0\"/>apital struc<span class=\"_ _0\"/>ture and div<span class=\"_ _0\"/>idend policy a<span class=\"_ _0\"/>t least twice a y<span class=\"_ _3\"/>ear ahead of <span class=\"_ _3\"/>announcing re<span class=\"_ _3\"/>sults. The <span class=\"_ _3\"/>Director<span class=\"_ _3\"/>s take into a<span class=\"_ _3\"/>ccount the available r<span class=\"_ _0\"/>ealised dis<span class=\"_ _0\"/>tributabl<span class=\"_ _0\"/>e reserves fr<span class=\"_ _0\"/>om which a divid<span class=\"_ _0\"/>end would be pai<span class=\"_ _0\"/>d in addition to liquidit<span class=\"_ _3\"/>y and solven<span class=\"_ _3\"/>cy of the Gro<span class=\"_ _3\"/>up. The Directo<span class=\"_ _3\"/>rs also consid<span class=\"_ _3\"/>er the capital struct<span class=\"_ _3\"/>ure and dividend <span class=\"_ _3\"/>policy in the <span class=\"_ _3\"/>context o<span class=\"_ _3\"/>f the Group\u2019s abi<span class=\"_ _3\"/>lity to continue as a going<span class=\"_ _3\"/> concern, t<span class=\"_ _3\"/>o execute t<span class=\"_ _3\"/>he strategy <span class=\"_ _3\"/>and to invest<span class=\"_ _3\"/> in opportunitie<span class=\"_ _3\"/>s to grow the<span class=\"_ _3\"/> business an<span class=\"_ _0\"/>d enhance sha<span class=\"_ _0\"/>reholder<span class=\"_ _0\"/> value. The I<span class=\"_ _0\"/>TV plc Board overs<span class=\"_ _0\"/>ees govern<span class=\"_ _0\"/>ance and appro<span class=\"_ _0\"/>ves tax an<span class=\"_ _0\"/>d treasur<span class=\"_ _0\"/>y related<span class=\"_ _0\"/> policies an<span class=\"_ _0\"/>d procedur<span class=\"_ _0\"/>es.  4.1  Net debt  <span class=\"_ _85\"> </span><span class=\"ff254 ls187 ws21c\">Keeping </span>it simple Net debt is th<span class=\"_ _0\"/>e Group\u2019s ke<span class=\"_ _0\"/>y measure use<span class=\"_ _0\"/>d to evaluat<span class=\"_ _0\"/>e total cash res<span class=\"_ _0\"/>ources net of the current out<span class=\"_ _3\"/>standing debt, including our<span class=\"_ _3\"/> discounted lease liabi<span class=\"_ _3\"/>lities. A full analysis and discussion o<span class=\"_ _3\"/>f net debt and covenant net<span class=\"_ _3\"/> debt is included in <span class=\"_ _3\"/>the Operating and<span class=\"_ _3\"/> Performance Review. The tables below analyse movements in <span class=\"_ _0\"/>the <span class=\"ls198 ws2\">components of net <span class=\"_ _0\"/>debt during the y<span class=\"_ _0\"/>ear: </span>1 January 2022 \u00a3m Acquisitions<span class=\"_ _335\"> </span>** \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2022 \u00a3m Loans and f<span class=\"_ _0\"/>acilities d<span class=\"_ _0\"/>ue within<span class=\"_ _0\"/> one year <span class=\"_ _2ca\"> </span><span class=\"fc7 ls18d ws2a1\">(290)<span class=\"_ _0\"/> <span class=\"_ _2d\"> </span>(1<span class=\"_ _0\"/>9) <span class=\"_ _f\"> </span>257 (237<span class=\"_ _0\"/>) <span class=\"_ _1a7\"/><span class=\"ff257 ls18c ws1c2\">(289) </span></span>Loans and facil<span class=\"_ _0\"/>ities due<span class=\"_ _0\"/> after one year <span class=\"_ _24c\"> </span><span class=\"fc7 ls188 ws2a2\">(732) <span class=\"_ _165\"> </span>\u2013 <span class=\"_ _185\"> </span>\u2013 191 <span class=\"_ _1ac\"/><span class=\"ff257 ls189 ws1b8\">(541) </span></span>Total loans and fac<span class=\"_ _3\"/>ilities <span class=\"_ _b1\"> </span><span class=\"ff255 ls19b ws2a3\">(1,022<span class=\"_ _0\"/>) <span class=\"_ _2f\"> </span>(1<span class=\"_ _0\"/>9) 257<span class=\"_ _0\"/> <span class=\"_ _5\"/>(4<span class=\"_ _0\"/>6) <span class=\"_ _1f3\"/><span class=\"ff257 ls189 ws1b8\">(830) </span></span>Currency c<span class=\"_ _0\"/>omponen<span class=\"_ _0\"/>t of swaps<span class=\"_ _0\"/> held against <span class=\"_ _3\"/>euro deno<span class=\"_ _3\"/>minated bond<span class=\"_ _3\"/>s <span class=\"_ _19\"> </span><span class=\"fc7 ls18f ws2a5\">(36) <span class=\"_ _33\"> </span>\u2013 <span class=\"_ _17\"> </span>\u2013 27 <span class=\"ff257 ls183 ws1bd\">(9) </span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _146\"> </span><span class=\"fc7 ls188 ws2a6\">(9<span class=\"_ _3\"/>2) <span class=\"_ _167\"> </span>\u2013 <span class=\"_ _1f9\"> </span>26 (66) <span class=\"_ _1f3\"/><span class=\"ff257 ls18c ws1c2\">(132)<span class=\"_ _0\"/> </span></span>Total debt <span class=\"_ _15c\"> </span><span class=\"ff255 ls185 ws2a7\">(1<span class=\"_ _0\"/>,150) <span class=\"_ _ec\"> </span>(1<span class=\"_ _0\"/>9) 283 <span class=\"_ _2\"> </span>(85<span class=\"_ _0\"/>) <span class=\"_ _2c\"/><span class=\"ff257 ls189 ws1b8\">(971) </span></span>Restric<span class=\"_ _4\"/>ted cash* <span class=\"_ _92\"> </span><span class=\"ff255 ls18c ws2a9\">50 <span class=\"_ _e7\"> </span>\u2013 (50) <span class=\"_ _9\"> </span>\u2013 <span class=\"_ _65\"> </span></span><span class=\"ls184 ws1d4\">\u2013 </span>Cash <span class=\"_ _10c\"> </span><span class=\"fc7 ls188 ws2aa\">246 <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _f\"> </span>5 6 <span class=\"_ _2cc\"/><span class=\"ff257 ls185 ws1c1\">257 </span></span>Cash equivalents <span class=\"_ _db\"> </span><span class=\"fc7 ls18c ws2ab\">440<span class=\"_ _0\"/> <span class=\"_ _83\"> </span>\u2013 (355) <span class=\"_ _1f9\"> </span>6 <span class=\"_ _2b1\"> </span><span class=\"ff257 ls18d ws1d3\">91 </span></span>Total cash and cash <span class=\"_ _3\"/>equivalents* <span class=\"_ _13e\"> </span><span class=\"ff255 ls18f ws2ac\">686 <span class=\"_ _147\"> </span>\u2013 (350) <span class=\"_ _f\"> </span>12 <span class=\"_ _4\"/><span class=\"ff257 ws1c4\">348 </span></span>Net debt <span class=\"_ _16b\"> </span><span class=\"ff255 ls18d ws2ad\">(4<span class=\"_ _0\"/>14) <span class=\"_ _e\"> </span>(19) (117<span class=\"_ _0\"/>) (7<span class=\"_ _0\"/>3) <span class=\"_ _2c\"/><span class=\"ff257 ls183 ws1bd\">(623) </span></span>* <span class=\"_ _2d\"> </span>On 1 J<span class=\"_ _0\"/>anuary 20<span class=\"_ _0\"/>22 \u00a350 mill<span class=\"_ _0\"/>ion of cash w<span class=\"_ _0\"/>as pres<span class=\"_ _0\"/>ented as res<span class=\"_ _0\"/>tricted<span class=\"ls1c4 ws21e\"> in favour of the commitments under the asset-backed pension<span class=\"ls194 ws2ae\"> agreements. </span></span>This balance is<span class=\"_ _0\"/> \u00a3nil at 31 Decem<span class=\"_ _0\"/>ber 2022 giv<span class=\"_ _0\"/>en the restri<span class=\"_ _0\"/>ctio<span class=\"ls1d4 ws1e4\">n has <span class=\"_ _0\"/>now been remove<span class=\"_ _0\"/>d and the cash<span class=\"_ _0\"/> has been repl<span class=\"_ _0\"/>aced with a sure<span class=\"_ _0\"/>t</span>y bond.<span class=\"_ _0\"/> ** <span class=\"_ _2f\"> </span>Loans on <span class=\"_ _0\"/>acquisit<span class=\"_ _0\"/>ion incl<span class=\"_ _0\"/>ude \u00a398 mil<span class=\"_ _0\"/>lion for P<span class=\"_ _0\"/>limsoll<span class=\"_ _0\"/> Product<span class=\"_ _0\"/>ions and \u00a34<span class=\"_ _0\"/> millio<span class=\"_ _0\"/>n for Lingo <span class=\"_ _0\"/>Picture<span class=\"_ _0\"/>s. The Pl<span class=\"_ _0\"/>imsoll P<span class=\"_ _0\"/>roductio<span class=\"_ _0\"/>n<span class=\"ls1be ws1cf\">s loan has be<span class=\"_ _0\"/>en reduced <span class=\"_ _0\"/>by </span>\u00a383 million which was repaid as part of the acquisition using cash raised from the Group\u2019s subscription for new shares. This \u00a38<span class=\"ls1bd ws1df\">3 million has been treated </span>as a cash ou<span class=\"_ _0\"/>tflow on<span class=\"_ _0\"/> acquisit<span class=\"_ _0\"/>ion rathe<span class=\"_ _0\"/>r than a re<span class=\"_ _0\"/>paymen<span class=\"_ _0\"/>t of debt.<span class=\"_ _0\"/> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>221<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff25d ls3 ws2\"> </span><span class=\"ff25e\">co<span class=\"_ _3\"/>ntinued<span class=\"ff25c ls3 ws2\"> </span></span>224<span class=\"ff260 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff261 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff260 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>1 January 2021 \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2021 \u00a3m<span class=\"ls3 ws2\"> </span>Loans and fa<span class=\"_ _3\"/>cilities due wit<span class=\"_ _3\"/>hin one year <span class=\"_ _138\"> </span><span class=\"ls19b ws2af\"> <span class=\"_ _145\"> </span>(7<span class=\"_ _0\"/>) <span class=\"_ _65\"> </span>(21) (2<span class=\"_ _0\"/>62) <span class=\"_ _4\"/><span class=\"ws1d6\">(290<span class=\"_ _0\"/>)<span class=\"ls3 ws2\"> </span></span></span>Loans and fa<span class=\"_ _3\"/>cilities due a<span class=\"_ _3\"/>fter one year <span class=\"_ _159\"> </span><span class=\"ls185 ws2b0\"> (1,078) <span class=\"_ _148\"> </span>18 <span class=\"_ _86\"> </span>328<span class=\"_ _0\"/> <span class=\"_ _145\"> </span><span class=\"ls19b ws1d6\">(732)<span class=\"_ _0\"/><span class=\"ls3 ws2\"> </span></span></span>Total loans and facilities <span class=\"_ _2cd\"> </span><span class=\"ff262 ls188 ws2b1\"> (1,085) <span class=\"_ _85\"> </span>(3) <span class=\"_ _d4\"> </span>66 <span class=\"_ _e\"> </span><span class=\"ls185 ws1c1\">(1,0<span class=\"_ _0\"/>22)<span class=\"ls3 ws2\"> </span></span></span>Currency<span class=\"_ _3\"/> component of swaps held<span class=\"_ _4\"/> <span class=\"_ _0\"/>against euro deno<span class=\"_ _3\"/>minated bond<span class=\"_ _3\"/>s <span class=\"_ _149\"> </span><span class=\"ls18f ws2b3\"> (23) <span class=\"_ _165\"> </span>\u2013 <span class=\"_ _e9\"> </span>(13) <span class=\"ls188 ws1b9\">(36)</span></span><span class=\"ls3\"> </span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _162\"> </span><span class=\"ls185 ws2b4\"> (105) <span class=\"_ _165\"> </span>29 <span class=\"_ _167\"> </span>(16<span class=\"_ _0\"/>) <span class=\"_ _2d\"> </span><span class=\"ls186 ws1b6\">(92)<span class=\"ls3 ws2\"> </span></span></span>Total debt <span class=\"_ _217\"> </span><span class=\"ff262 ls185 ws2b5\"> (1,213) <span class=\"_ _83\"> </span>26 <span class=\"_ _ab\"> </span>37<span class=\"_ _0\"/> <span class=\"_ _6\"> </span><span class=\"ls18d ws1d3\">(1<span class=\"_ _0\"/>,150)<span class=\"ls3 ws2\"> </span></span></span>Restric<span class=\"_ _3\"/>ted cash <span class=\"_ _285\"> </span><span class=\"ff262 ls18c ws2b6\"> <span class=\"_ _1ac\"/>50 \u2013 \u2013 <span class=\"_ _1ac\"/><span class=\"ls183 ws1bd\">50<span class=\"_ _0\"/> </span></span>Cash <span class=\"_ _225\"> </span><span class=\"ls18f ws1b7\"> <span class=\"_ _6e\"> </span>296 <span class=\"_ _3f\"> </span> (50) <span class=\"_ _81\"> </span>\u2013 <span class=\"_ _6e\"> </span><span class=\"ls3 ws2\">2<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>6 Cash equivalents <span class=\"_ _2cf\"> </span><span class=\"ls188 ws2b7\"> 322 <span class=\"_ _2\"> </span>121 <span class=\"_ _2a\"> </span>(3) <span class=\"_ _189\"/><span class=\"ls18b ws1bb\">440<span class=\"_ _0\"/> </span></span>Total cash and cash equivalent<span class=\"_ _3\"/>s* <span class=\"_ _e3\"> </span><span class=\"ff262 ls188 ws2b8\"> 618 <span class=\"_ _2d0\"> </span>71 <span class=\"_ _65\"> </span>(3) <span class=\"_ _1e2\"/><span class=\"ls18d ws1d3\">686 </span></span>Net debt  <span class=\"_ _2d1\"> </span><span class=\"ff262 ls188 ws1d5\"> <span class=\"_ _9f\"> </span> (545) <span class=\"_ _60\"> </span>97 <span class=\"_ _2c6\"> </span>3<span class=\"_ _335\"> </span></span>4 <span class=\"_ _12\"> </span><span class=\"ls18c ws1be\"> (41<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) Loans and facilities due within one year In January 2022, the Group entered<span class=\"_ _0\"/> into a new syndicated \u00a3500 <span class=\"ls199 ws1b6\">million Revolv<span class=\"_ _0\"/>ing Credit Facility (RCF) to meet<span class=\"_ _0\"/> short-term </span>funding requirem<span class=\"_ _0\"/>ents of which \u00a350 million was dr<span class=\"_ _0\"/>awn at 31 De<span class=\"ls197 ws1c5\">cember 2022. The original terms of the RCF ran until January </span>2027, however ITV took th<span class=\"_ _0\"/>e opportunity to g<span class=\"_ _0\"/>ive notice to extend for on<span class=\"_ _0\"/>e year, pushing cu<span class=\"_ _0\"/>rrent expiry out to<span class=\"_ _0\"/> January 2028. There is a furthe<span class=\"_ _0\"/>r extension o<span class=\"_ _0\"/>pportunity in<span class=\"_ _0\"/> 2024 whic<span class=\"_ _0\"/>h means that fac<span class=\"_ _0\"/>ility could pot<span class=\"_ _0\"/>entially prov<span class=\"_ _0\"/>ide funding<span class=\"_ _0\"/> out to 2029. The financial covenants in the new RCF are th<span class=\"_ _0\"/>e same as thos<span class=\"ls199 ws1b6\">e that applied to the pr<span class=\"_ _0\"/>evious RCF, which was termina<span class=\"_ _0\"/>ted. </span>In addition, there are ESG targets linked to the delivery<span class=\"ls1a8 ws1bf\"> of ITV\u2019s science-based carbon emissions targets.   </span>The \u20ac335 millio<span class=\"_ _3\"/>n Eurobond was repaid <span class=\"_ _3\"/>in September 2022. The \u20ac259 mill<span class=\"_ _0\"/>ion Eurobond at a fixe<span class=\"_ _0\"/>d coupon of<span class=\"_ _0\"/> 2.0%, matures in Dece<span class=\"_ _0\"/>mber 2023 (the princ<span class=\"_ _0\"/>ipal and final in<span class=\"_ _0\"/>terest payment havi<span class=\"_ _3\"/>ng been fully hedged with FX forward rate agre<span class=\"_ _3\"/>ements). Loans and loan notes due after one year  The Group<span class=\"_ _0\"/> has the <span class=\"_ _0\"/>following Eur<span class=\"_ _0\"/>obond in<span class=\"_ _0\"/> issue: \u2022  <span class=\"ff262 ls198 ws2\">\u20ac600 mil<span class=\"_ _0\"/>lion at a fixed coupon of<span class=\"_ _0\"/> 1.375%, which matur<span class=\"_ _0\"/>es in September 2026 and has<span class=\"_ _0\"/> been swappe<span class=\"_ _0\"/>d back to sterling </span>(\u00a3533 million) us<span class=\"_ _0\"/>ing a number of cr<span class=\"_ _0\"/>oss-currency interest <span class=\"_ _0\"/>rate swaps. The resulting fixed <span class=\"_ _0\"/>rate payable in sterling <span class=\"_ _0\"/>is c.2.9%. Available facilities The Group has good acce<span class=\"_ _3\"/>ss to liquidity: \u2022  <span class=\"ff262 ls18d ws1b3\">The Gro<span class=\"_ _0\"/>up has<span class=\"_ _0\"/> a \u00a3300<span class=\"_ _0\"/> mill<span class=\"_ _0\"/>ion bil<span class=\"_ _0\"/>ateral<span class=\"_ _0\"/> loan f<span class=\"_ _0\"/>acilit<span class=\"_ _0\"/>y whic<span class=\"_ _0\"/>h matu<span class=\"_ _0\"/>res o<span class=\"_ _0\"/>n 30 Jun<span class=\"_ _0\"/>e 202<span class=\"_ _0\"/>6. Util<span class=\"_ _0\"/>isatio<span class=\"_ _0\"/>n reque<span class=\"_ _0\"/>sts ar<span class=\"_ _0\"/>e subjec<span class=\"_ _0\"/>t </span>to the <span class=\"_ _3\"/>lender\u2019s abi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity to sour<span class=\"_ _3\"/>ce ITV Cr<span class=\"_ _3\"/>edit Default<span class=\"_ _3\"/> Swaps <span class=\"ls184 ws1c8\">(<span class=\"_ _3\"/>CDS) in the market at the time the utili<span class=\"_ _3\"/>sation request is </span>made. The fa<span class=\"_ _3\"/>cility remain<span class=\"_ _3\"/>s free of fi<span class=\"_ _3\"/>nancial covenan<span class=\"_ _3\"/>ts. At 31 De<span class=\"_ _3\"/>cember 2021 \u00a3152<span class=\"_ _3\"/> million of the fa<span class=\"_ _3\"/>cility wa<span class=\"_ _3\"/>s utilised as a letter of <span class=\"_ _3\"/>credit to support the<span class=\"_ _3\"/> Group\u2019s asset-backed pe<span class=\"_ _3\"/>nsion scheme arrangement in<span class=\"_ _3\"/> respect of the defi<span class=\"_ _3\"/>ned benefit pension scheme. This pension<span class=\"_ _0\"/> sc<span class=\"ls184 ws1b3\">heme arrangem<span class=\"_ _3\"/>ent has been r<span class=\"_ _3\"/>enewed in the period <span class=\"_ _3\"/>and the letter<span class=\"_ _3\"/> of credit </span>has been relea<span class=\"_ _3\"/>sed. The facili<span class=\"_ _3\"/>ty is current<span class=\"_ _3\"/>ly undrawn. See sectio<span class=\"_ _3\"/>n 3.7 for details.  \u2022  <span class=\"ff262 ls185 ws2\">As note<span class=\"_ _0\"/>d above,<span class=\"_ _0\"/> the Gr<span class=\"_ _0\"/>oup has<span class=\"_ _0\"/> \u00a3500 <span class=\"_ _0\"/>million <span class=\"_ _0\"/>of commi<span class=\"_ _0\"/>tted fun<span class=\"_ _0\"/>ding t<span class=\"_ _0\"/>hrough a <span class=\"_ _0\"/>RCF with<span class=\"_ _0\"/> a grou<span class=\"_ _0\"/>p of rel<span class=\"_ _0\"/>ationsh<span class=\"_ _0\"/>ip </span>banks which is c<span class=\"_ _0\"/>urrently available <span class=\"_ _0\"/>until January 2028. At 31<span class=\"_ _0\"/><span class=\"ls184 ws1b3\"> December 2022, \u00a350 m<span class=\"_ _3\"/>illion of the <span class=\"_ _3\"/>facility <span class=\"_ _3\"/>was utilised </span>(31 Dece<span class=\"_ _4\"/>mber 2021: \u00a3ni<span class=\"_ _3\"/>l). The RCF<span class=\"_ _3\"/> document<span class=\"_ _3\"/>ation defin<span class=\"_ _3\"/>es a le<span class=\"_ _3\"/>verage co<span class=\"_ _3\"/>venant (wh<span class=\"_ _3\"/>ich ha<span class=\"_ _3\"/>s to be mai<span class=\"_ _4\"/>ntained at less than 3.5x<span class=\"_ _0\"/>) and an<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t cover cov<span class=\"_ _0\"/>enant (w<span class=\"_ _0\"/>hich has<span class=\"_ _0\"/> to be<span class=\"ls184 ws1b3\"> maintained at greater<span class=\"_ _3\"/> than 3.0x). Bo<span class=\"_ _3\"/>th are tested at </span>30 June a<span class=\"_ _3\"/>nd 31 December ea<span class=\"_ _3\"/>ch year. All <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>covenants were met a<span class=\"_ _3\"/>nd the faci<span class=\"_ _3\"/>lity remains a<span class=\"_ _3\"/>vailable at 31 Dece<span class=\"_ _3\"/>mber 2022. The<span class=\"_ _3\"/> Revolving C<span class=\"_ _3\"/>redit Faci<span class=\"_ _3\"/>lity (RCF) <span class=\"_ _3\"/>co<span class=\"ls184 ws1b3\">ntains Scop<span class=\"_ _3\"/>e 1, 2 and<span class=\"_ _3\"/> 3 greenhouse<span class=\"_ _3\"/> gas emissions ta<span class=\"_ _3\"/>rgets </span>which align to ITV'<span class=\"_ _3\"/>s stated objective to <span class=\"_ _3\"/>have Net Zero <span class=\"_ _3\"/>carbon emissions by<span class=\"_ _3\"/> 2030. These targets ar<span class=\"_ _3\"/>e measured at t<span class=\"_ _3\"/>he end of each financia<span class=\"_ _3\"/>l year and independentl<span class=\"_ _3\"/>y verified in Ju<span class=\"_ _3\"/><span class=\"ls184 ws1b3\">ly following the r<span class=\"_ _3\"/>elevant De<span class=\"_ _3\"/>cember year end<span class=\"_ _3\"/>. Scope 1 and </span>2 emissi<span class=\"_ _3\"/>ons are m<span class=\"_ _3\"/>easured <span class=\"_ _3\"/>separate<span class=\"_ _3\"/>ly to Scope<span class=\"_ _3\"/> 3 emis<span class=\"_ _3\"/>sions. Th<span class=\"_ _3\"/><span class=\"ls185 ws1b6\">e margin on<span class=\"_ _0\"/> the facili<span class=\"_ _0\"/>ty reduces<span class=\"_ _0\"/> by 2.5bps if Sco<span class=\"_ _0\"/>pe 1, </span>2 and 3 tar<span class=\"_ _3\"/>gets are met<span class=\"_ _3\"/>, by 1.25bps i<span class=\"_ _3\"/>f either Scop<span class=\"_ _3\"/>e 1 and 2 target<span class=\"_ _3\"/>s are met or Scop<span class=\"_ _3\"/>e 3 targets <span class=\"_ _3\"/>are met, and i<span class=\"_ _3\"/>ncreases by 2.5bp<span class=\"_ _0\"/>s if neith<span class=\"_ _0\"/>er targ<span class=\"_ _0\"/>et is me<span class=\"_ _0\"/>t. Failin<span class=\"_ _0\"/>g to meet<span class=\"_ _0\"/> target<span class=\"ls188 ws1d2\">s does not impact the avai<span class=\"_ _3\"/>lability of the RCF. The<span class=\"_ _3\"/> Group met </span>Scope 1, 2 and 3 targets for 2021, 2022 emissions will not be ve<span class=\"ls183 ws1b2\">rified until July 2023.<span class=\"_ _0\"/> Over the life<span class=\"_ _0\"/> of the facility, i<span class=\"_ _0\"/>t </span>may be<span class=\"_ _3\"/> neces<span class=\"_ _3\"/>sary to<span class=\"_ _3\"/> recali<span class=\"_ _3\"/>brate th<span class=\"_ _3\"/>e base<span class=\"_ _3\"/>line e<span class=\"_ _3\"/>mission<span class=\"_ _3\"/>s leve<span class=\"_ _3\"/>l set i<span class=\"_ _3\"/>n 2019, pa<span class=\"_ _3\"/>rticul<span class=\"_ _3\"/>arly i<span class=\"_ _3\"/>n relati<span class=\"_ _3\"/>on to <span class=\"_ _3\"/>Scope 3 emission<span class=\"_ _3\"/>s and the<span class=\"_ _3\"/>re is a mechanism<span class=\"_ _3\"/> in the R<span class=\"_ _3\"/>CF documentation t<span class=\"_ _3\"/>hat allows <span class=\"_ _3\"/>for this<span class=\"_ _3\"/>. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>222<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff25d ls3 ws2\"> </span><span class=\"ff25e\">co<span class=\"_ _3\"/>ntinued<span class=\"ff25c ls3 ws2\"> </span></span>224<span class=\"ff260 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff261 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff260 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>1 January 2021 \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2021 \u00a3m<span class=\"ls3 ws2\"> <span class=\"_ _a\"/><span class=\"fc8 sc1\"> </span></span>Loans and fa<span class=\"_ _3\"/>cilities due wit<span class=\"_ _3\"/>hin one year <span class=\"_ _138\"> </span><span class=\"ls19b ws2af\"> <span class=\"_ _145\"> </span>(7<span class=\"_ _0\"/>) <span class=\"_ _2d0\"> </span>(2<span class=\"_ _0\"/>1) (2<span class=\"_ _0\"/>62) <span class=\"_ _4\"/><span class=\"ws1d6\">(290<span class=\"_ _0\"/>)<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span>Loans and fa<span class=\"_ _3\"/>cilities due a<span class=\"_ _3\"/>fter one year <span class=\"_ _159\"> </span><span class=\"ls185 ws2b0\"> (1,078) <span class=\"_ _148\"> </span>18 <span class=\"_ _86\"> </span>328<span class=\"_ _0\"/> <span class=\"_ _145\"> </span><span class=\"ls19b ws1d6\">(732)<span class=\"_ _0\"/><span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span>Total loans and facilities <span class=\"_ _2cd\"> </span><span class=\"ff262 ls188 ws2b1\"> (1,085) <span class=\"_ _85\"> </span>(3) <span class=\"_ _d4\"> </span>66 <span class=\"_ _e\"> </span><span class=\"ls185 ws1c1\">(1,0<span class=\"_ _0\"/>22)<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span>Currency<span class=\"_ _3\"/> component of swaps held<span class=\"_ _3\"/> against euro deno<span class=\"_ _3\"/>minated bond<span class=\"_ _3\"/>s <span class=\"_ _149\"> </span><span class=\"ls18f ws2b3\"> (23) <span class=\"_ _165\"> </span>\u2013 <span class=\"_ _e9\"> </span>(13) <span class=\"ls188 ws1b9\">(36)</span></span><span class=\"ls3\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _162\"> </span><span class=\"ls185 ws2b4\"> (105) <span class=\"_ _165\"> </span>29 <span class=\"_ _167\"> </span>(16<span class=\"_ _0\"/>) <span class=\"_ _2d\"> </span><span class=\"ls186 ws1b6\">(92)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span></span>Total debt <span class=\"_ _217\"> </span><span class=\"ff262 ls185 ws2b5\"> (1,213) <span class=\"_ _83\"> </span>26 <span class=\"_ _ab\"> </span>37<span class=\"_ _0\"/> <span class=\"_ _6\"> </span><span class=\"ls18d ws1d3\">(1<span class=\"_ _0\"/>,150)<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span>Restric<span class=\"_ _3\"/>ted cash <span class=\"_ _285\"> </span><span class=\"ff262 ls18c ws2b6\"> <span class=\"_ _1ac\"/>50 \u2013 \u2013 <span class=\"_ _1ac\"/><span class=\"ls183 ws1bd\">50<span class=\"_ _0\"/> </span></span>Cash <span class=\"_ _225\"> </span><span class=\"ls18f ws1b7\"> <span class=\"_ _6e\"> </span>296 <span class=\"_ _3f\"> </span> (50) <span class=\"_ _81\"> </span>\u2013 <span class=\"_ _6e\"> </span><span class=\"ls3 ws2\">2</span></span>46 Cash equivalents <span class=\"_ _2cf\"> </span><span class=\"ls188 ws2b7\"> 322 <span class=\"_ _2\"> </span>121 <span class=\"_ _2a\"> </span>(3) <span class=\"_ _189\"/><span class=\"ls18b ws1bb\">440<span class=\"_ _0\"/> </span></span>Total cash and cash equivalent<span class=\"_ _3\"/>s* <span class=\"_ _e3\"> </span><span class=\"ff262 ls188 ws2b8\"> 618 <span class=\"_ _2d0\"> </span>71 <span class=\"_ _65\"> </span>(3) <span class=\"_ _1e2\"/><span class=\"ls18d ws1d3\">686 </span></span>Net debt  <span class=\"_ _2d1\"> </span><span class=\"ff262 ls188 ws1d5\"> <span class=\"_ _9f\"> </span> (545) <span class=\"_ _60\"> </span>97 <span class=\"_ _2c6\"> </span>3</span>4 <span class=\"_ _12\"> </span><span class=\"ls18c ws1be\"> (41</span>4) Loans and facilities due within one year In January 2022, the Group entered<span class=\"_ _0\"/> into a new syndicated \u00a3500 <span class=\"ls199 ws1b6\">million Revolv<span class=\"_ _0\"/>ing Credit Facility (RCF) to meet<span class=\"_ _0\"/> short-term </span>funding requirem<span class=\"_ _0\"/>ents of which \u00a350 million was dr<span class=\"_ _0\"/>awn at 31 De<span class=\"ls197 ws1c5\">cember 2022. The original terms of the RCF ran until January </span>2027, however ITV took th<span class=\"_ _0\"/>e opportunity to g<span class=\"_ _0\"/>ive notice to extend for on<span class=\"_ _0\"/>e year, pushing cu<span class=\"_ _0\"/>rrent expiry out to<span class=\"_ _0\"/> January 2028. There is a furthe<span class=\"_ _0\"/>r extension o<span class=\"_ _0\"/>pportunity in<span class=\"_ _0\"/> 2024 whic<span class=\"_ _0\"/>h means that fac<span class=\"_ _0\"/>ility could pot<span class=\"_ _0\"/>entially prov<span class=\"_ _0\"/>ide funding<span class=\"_ _0\"/> out to 2029. The financial covenants in the new RCF are th<span class=\"_ _0\"/>e same as thos<span class=\"ls199 ws1b6\">e that applied to the pr<span class=\"_ _0\"/>evious RCF, which was termina<span class=\"_ _0\"/>ted. </span>In addition, there are ESG targets linked to the delivery<span class=\"ls1a8 ws1bf\"> of ITV\u2019s science-based carbon emissions targets.   </span>The \u20ac335 millio<span class=\"_ _3\"/>n Eurobond was repaid <span class=\"_ _3\"/>in September 2022. The \u20ac259 mill<span class=\"_ _0\"/>ion Eurobond at a fixe<span class=\"_ _0\"/>d coupon of<span class=\"_ _0\"/> 2.0%, matures in Dece<span class=\"_ _0\"/>mber 2023 (the princ<span class=\"_ _0\"/>ipal and final in<span class=\"_ _0\"/>terest payment havi<span class=\"_ _3\"/>ng been fully hedged with FX forward rate agre<span class=\"_ _3\"/>ements). Loans and loan notes due after one year  The Group<span class=\"_ _0\"/> has the <span class=\"_ _0\"/>following Eur<span class=\"_ _0\"/>obond in<span class=\"_ _0\"/> issue: \u2022  <span class=\"ff262 ls198 ws2\">\u20ac600 mil<span class=\"_ _0\"/>lion at a fixed coupon of<span class=\"_ _0\"/> 1.375%, which matur<span class=\"_ _0\"/>es in September 2026 and has<span class=\"_ _0\"/> been swappe<span class=\"_ _0\"/>d back to sterling </span>(\u00a3533 million) us<span class=\"_ _0\"/>ing a number of cr<span class=\"_ _0\"/>oss-currency interest <span class=\"_ _0\"/>rate swaps. The resulting fixed <span class=\"_ _0\"/>rate payable in sterling <span class=\"_ _0\"/>is c.2.9%. Available facilities The Group has good acce<span class=\"_ _3\"/>ss to liquidity: \u2022  <span class=\"ff262 ls18d ws1b3\">The Gro<span class=\"_ _0\"/>up has<span class=\"_ _0\"/> a \u00a3300<span class=\"_ _0\"/> mill<span class=\"_ _0\"/>ion bil<span class=\"_ _0\"/>ateral<span class=\"_ _0\"/> loan f<span class=\"_ _0\"/>acilit<span class=\"_ _0\"/>y whic<span class=\"_ _0\"/>h matu<span class=\"_ _0\"/>res o<span class=\"_ _0\"/>n 30 Jun<span class=\"_ _0\"/>e 202<span class=\"_ _0\"/>6. Util<span class=\"_ _0\"/>isatio<span class=\"_ _0\"/>n reque<span class=\"_ _0\"/>sts ar<span class=\"_ _0\"/>e subjec<span class=\"_ _0\"/>t </span>to the <span class=\"_ _3\"/>lender\u2019s abi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity to sour<span class=\"_ _3\"/>ce ITV Cr<span class=\"_ _3\"/>edit Default<span class=\"_ _3\"/> Swaps <span class=\"ls184 ws1c8\">(<span class=\"_ _3\"/>CDS) in the market at the time the utili<span class=\"_ _3\"/>sation request is </span>made. The fa<span class=\"_ _3\"/>cility remain<span class=\"_ _3\"/>s free of fi<span class=\"_ _3\"/>nancial covenan<span class=\"_ _3\"/>ts. At 31 De<span class=\"_ _3\"/>cember 2021 \u00a3152<span class=\"_ _3\"/> million of the fa<span class=\"_ _3\"/>cility wa<span class=\"_ _3\"/>s utilised as a letter of <span class=\"_ _3\"/>credit to support the<span class=\"_ _3\"/> Group\u2019s asset-backed pe<span class=\"_ _3\"/>nsion scheme arrangement in<span class=\"_ _3\"/> respect of the defi<span class=\"_ _3\"/>ned benefit pension scheme. This pension<span class=\"_ _0\"/> sc<span class=\"ls184 ws1b3\">heme arrangem<span class=\"_ _3\"/>ent has been r<span class=\"_ _3\"/>enewed in the period <span class=\"_ _3\"/>and the letter<span class=\"_ _3\"/> of credit </span>has been relea<span class=\"_ _3\"/>sed. The facili<span class=\"_ _3\"/>ty is current<span class=\"_ _3\"/>ly undrawn. See sectio<span class=\"_ _3\"/>n 3.7 for details.  \u2022  <span class=\"ff262 ls185 ws2\">As note<span class=\"_ _0\"/>d above,<span class=\"_ _0\"/> the Gr<span class=\"_ _0\"/>oup has<span class=\"_ _0\"/> \u00a3500 <span class=\"_ _0\"/>million <span class=\"_ _0\"/>of commi<span class=\"_ _0\"/>tted fun<span class=\"_ _0\"/>ding t<span class=\"_ _0\"/>hrough a <span class=\"_ _0\"/>RCF with<span class=\"_ _0\"/> a grou<span class=\"_ _0\"/>p of rel<span class=\"_ _0\"/>ationsh<span class=\"_ _0\"/>ip </span>banks which is c<span class=\"_ _0\"/>urrently available <span class=\"_ _0\"/>until January 2028. At 31<span class=\"_ _0\"/><span class=\"ls184 ws1b3\"> December 2022, \u00a350 m<span class=\"_ _3\"/>illion of the <span class=\"_ _3\"/>facility <span class=\"_ _3\"/>was utilised </span>(31 Dece<span class=\"_ _4\"/>mber 2021: \u00a3ni<span class=\"_ _3\"/>l). The RCF<span class=\"_ _3\"/> document<span class=\"_ _3\"/>ation defin<span class=\"_ _3\"/>es a le<span class=\"_ _3\"/>verage co<span class=\"_ _3\"/>venant (wh<span class=\"_ _3\"/>ich ha<span class=\"_ _3\"/>s to be mai<span class=\"_ _4\"/>ntained at less than 3.5x<span class=\"_ _0\"/>) and an<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t cover cov<span class=\"_ _0\"/>enant (w<span class=\"_ _0\"/>hich has<span class=\"_ _0\"/> to be<span class=\"ls184 ws1b3\"> maintained at greater<span class=\"_ _3\"/> than 3.0x). Bo<span class=\"_ _3\"/>th are tested at </span>30 June a<span class=\"_ _3\"/>nd 31 December ea<span class=\"_ _3\"/>ch year. All <span class=\"_ _3\"/>financial <span class=\"_ _3\"/>covenants were met a<span class=\"_ _3\"/>nd the faci<span class=\"_ _3\"/>lity remains a<span class=\"_ _3\"/>vailable at 31 Dece<span class=\"_ _3\"/>mber 2022. The<span class=\"_ _3\"/> Revolving C<span class=\"_ _3\"/>redit Faci<span class=\"_ _3\"/>lity (RCF) <span class=\"_ _3\"/>co<span class=\"ls184 ws1b3\">ntains Scop<span class=\"_ _3\"/>e 1, 2 and<span class=\"_ _3\"/> 3 greenhouse<span class=\"_ _3\"/> gas emissions ta<span class=\"_ _3\"/>rgets </span>which align to ITV'<span class=\"_ _3\"/>s stated objective to <span class=\"_ _3\"/>have Net Zero <span class=\"_ _3\"/>carbon emissions by<span class=\"_ _3\"/> 2030. These targets ar<span class=\"_ _3\"/>e measured at t<span class=\"_ _3\"/>he end of each financia<span class=\"_ _3\"/>l year and independentl<span class=\"_ _3\"/>y verified in Ju<span class=\"_ _3\"/><span class=\"ls184 ws1b3\">ly following the r<span class=\"_ _3\"/>elevant De<span class=\"_ _3\"/>cember year end<span class=\"_ _3\"/>. Scope 1 and </span>2 emissi<span class=\"_ _3\"/>ons are m<span class=\"_ _3\"/>easured <span class=\"_ _3\"/>separate<span class=\"_ _3\"/>ly to Scope<span class=\"_ _3\"/> 3 emis<span class=\"_ _3\"/>sions. Th<span class=\"_ _3\"/><span class=\"ls185 ws1b6\">e margin on<span class=\"_ _0\"/> the facili<span class=\"_ _0\"/>ty reduces<span class=\"_ _0\"/> by 2.5bps if Sco<span class=\"_ _0\"/>pe 1, </span>2 and 3 tar<span class=\"_ _3\"/>gets are met<span class=\"_ _3\"/>, by 1.25bps i<span class=\"_ _3\"/>f either Scop<span class=\"_ _3\"/>e 1 and 2 target<span class=\"_ _3\"/>s are met or Scop<span class=\"_ _3\"/>e 3 targets <span class=\"_ _3\"/>are met, and i<span class=\"_ _3\"/>ncreases by 2.5bp<span class=\"_ _0\"/>s if neith<span class=\"_ _0\"/>er targ<span class=\"_ _0\"/>et is me<span class=\"_ _0\"/>t. Failin<span class=\"_ _0\"/>g to meet<span class=\"_ _0\"/> target<span class=\"ls188 ws1d2\">s does not impact the avai<span class=\"_ _3\"/>lability of the RCF. The<span class=\"_ _3\"/> Group met </span>Scope 1, 2 and 3 targets for 2021, 2022 emissions will not be ve<span class=\"ls183 ws1b2\">rified until July 2023.<span class=\"_ _0\"/> Over the life<span class=\"_ _0\"/> of the facility, i<span class=\"_ _0\"/>t </span>may be<span class=\"_ _3\"/> neces<span class=\"_ _3\"/>sary to<span class=\"_ _3\"/> recali<span class=\"_ _3\"/>brate th<span class=\"_ _3\"/>e base<span class=\"_ _3\"/>line e<span class=\"_ _3\"/>mission<span class=\"_ _3\"/>s leve<span class=\"_ _3\"/>l set i<span class=\"_ _3\"/>n 2019, pa<span class=\"_ _3\"/>rticul<span class=\"_ _3\"/>arly i<span class=\"_ _3\"/>n relati<span class=\"_ _3\"/>on to <span class=\"_ _3\"/>Scope 3 emission<span class=\"_ _3\"/>s and the<span class=\"_ _3\"/>re is a mechanism<span class=\"_ _3\"/> in the R<span class=\"_ _3\"/>CF documentation t<span class=\"_ _3\"/>hat allows <span class=\"_ _3\"/>for this<span class=\"_ _3\"/>. ITV plc<span class=\"ff267 ls3 ws2\">\u2009<span class=\"ff268 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff266 fs27 ls1bc ws21d\">225 </span></span></span>4.2 Borrowings   <span class=\"_ _85\"> </span><span class=\"ff26a ls187 ws21c\">Keeping </span>it simple The Group borrows <span class=\"_ _3\"/>money from fi<span class=\"_ _3\"/>nancial institutio<span class=\"_ _3\"/>ns in the form <span class=\"_ _3\"/>of bonds, bank<span class=\"_ _3\"/> facilities<span class=\"_ _0\"/> and other fin<span class=\"_ _0\"/>ancial instr<span class=\"_ _0\"/>uments. The in<span class=\"_ _0\"/>terest pay<span class=\"_ _0\"/>able on thes<span class=\"_ _0\"/>e instrum<span class=\"_ _0\"/>ents is shown in<span class=\"_ _3\"/> the net financ<span class=\"_ _3\"/>ing costs not<span class=\"_ _3\"/>e (note 4.4)<span class=\"_ _3\"/>. There are <span class=\"_ _3\"/>Board-approved po<span class=\"_ _3\"/>licies in p<span class=\"_ _3\"/>lace to manage <span class=\"_ _3\"/>the Group\u2019s fina<span class=\"_ _3\"/>ncial risks. Macro<span class=\"_ _3\"/>econo<span class=\"_ _3\"/>mic market<span class=\"_ _3\"/> risks<span class=\"_ _3\"/>, which imp<span class=\"_ _3\"/>act cur<span class=\"_ _3\"/>rency tr<span class=\"_ _3\"/>ansa<span class=\"_ _3\"/>ctions an<span class=\"_ _3\"/>d intere<span class=\"_ _3\"/>st rates, are disc<span class=\"_ _0\"/>ussed in n<span class=\"_ _0\"/>ote 4.3. Cred<span class=\"_ _0\"/>it and liqui<span class=\"_ _0\"/>dity risks are<span class=\"_ _0\"/> set out below.<span class=\"_ _0\"/> \u2022<span class=\"ff268 fc7\"> <span class=\"_ _9\"> </span></span><span class=\"ff26b ls183 ws1b2\">Cred<span class=\"_ _0\"/>it risk: the r<span class=\"_ _0\"/>isk of financial<span class=\"_ _0\"/> loss to the Group<span class=\"_ _0\"/> if a customer<span class=\"_ _0\"/> or counter<span class=\"_ _0\"/>party fails </span>to meet its <span class=\"_ _3\"/>contractua<span class=\"_ _3\"/>l obligations and  \u2022<span class=\"ff268 fc7\"> <span class=\"_ _9\"> </span></span><span class=\"ff26b ls184 ws1b3\">Liquidity risk: the <span class=\"_ _3\"/>risk that the Grou<span class=\"_ _3\"/>p will not be ab<span class=\"_ _3\"/>le to meet it<span class=\"_ _3\"/>s financial </span>obligations as<span class=\"_ _0\"/> they fall <span class=\"_ _0\"/>due The Group is req<span class=\"_ _0\"/>uired to dis<span class=\"_ _0\"/>close the fa<span class=\"_ _0\"/>ir valu<span class=\"ls198 ws2\">e of its debt inst<span class=\"_ _0\"/>ruments. The fair value <span class=\"_ _0\"/>is </span>the amount the G<span class=\"_ _0\"/>roup would pa<span class=\"_ _0\"/>y a third party <span class=\"_ _0\"/>to <span class=\"ls198 ws2\">transfer th<span class=\"_ _0\"/>e liability. This est<span class=\"_ _0\"/>imation of </span>fair value is con<span class=\"_ _0\"/>sistent with<span class=\"_ _0\"/> instruments<span class=\"_ _0\"/> valued under<span class=\"_ _0\"/> level 1 in not<span class=\"_ _0\"/>e 4.5. Accounting policies Borrowings Borrowin<span class=\"_ _0\"/>gs are recogn<span class=\"_ _0\"/>ised initi<span class=\"_ _0\"/>ally at fair val<span class=\"_ _0\"/>ue less dir<span class=\"_ _0\"/>ectly attrib<span class=\"_ _0\"/>utable trans<span class=\"_ _0\"/>action cost<span class=\"_ _0\"/>s, with sub<span class=\"_ _0\"/>sequent measurem<span class=\"_ _0\"/>ent at amor<span class=\"_ _0\"/>tised cos<span class=\"_ _0\"/>t using th<span class=\"_ _0\"/>e effectiv<span class=\"_ _0\"/>e interes<span class=\"_ _0\"/>t rate me<span class=\"_ _0\"/>thod. Und<span class=\"_ _0\"/>er the amo<span class=\"_ _0\"/>rtised c<span class=\"_ _0\"/>ost method<span class=\"_ _0\"/>, the difference<span class=\"_ _3\"/> between the amou<span class=\"_ _3\"/>nt initially re<span class=\"_ _3\"/>cognised and the <span class=\"ws1c8\">re<span class=\"_ _3\"/>demption value is re<span class=\"_ _3\"/>corded in the Consolidated Incom<span class=\"_ _3\"/>e </span>Statement o<span class=\"_ _3\"/>ver the period <span class=\"_ _3\"/>of the borrowing<span class=\"_ _3\"/> on an eff<span class=\"_ _3\"/>ective int<span class=\"_ _3\"/>erest rate b<span class=\"_ _3\"/>asis. Managing credit and liquidity risk Credit r<span class=\"_ _3\"/>isk The Group\u2019s<span class=\"_ _0\"/> maximum ex<span class=\"_ _0\"/>posure to cred<span class=\"_ _0\"/>it risk is rep<span class=\"_ _0\"/>resented b<span class=\"_ _0\"/>y the carryin<span class=\"_ _0\"/>g amount of der<span class=\"_ _0\"/>ivative fin<span class=\"_ _0\"/>ancial asset<span class=\"_ _0\"/>s (see no<span class=\"_ _0\"/>te 4.3),<span class=\"_ _0\"/> trade r<span class=\"_ _0\"/>eceiva<span class=\"_ _0\"/>bles (s<span class=\"_ _0\"/>ee note <span class=\"_ _0\"/>3.1.3), c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>t assets<span class=\"_ _0\"/> (see<span class=\"_ _0\"/> note <span class=\"_ _0\"/>3.1.6) an<span class=\"_ _0\"/>d cash <span class=\"_ _0\"/>and cash<span class=\"_ _0\"/> equival<span class=\"_ _0\"/>ents (see no<span class=\"_ _0\"/>te 4.1). <span class=\"_ _0\"/> Trade and other rece<span class=\"_ _3\"/>ivables The Group\u2019s<span class=\"_ _0\"/> exposure to c<span class=\"_ _0\"/>redit risk is<span class=\"_ _0\"/> influenced<span class=\"_ _0\"/> mainly by th<span class=\"_ _0\"/>e individual<span class=\"_ _0\"/> characteris<span class=\"_ _0\"/>tics of each cu<span class=\"_ _0\"/>stomer. The<span class=\"_ _0\"/> majority of tr<span class=\"_ _3\"/>ade receivab<span class=\"_ _3\"/>les relate to air<span class=\"_ _3\"/>time sales contra<span class=\"_ _3\"/>cts with advert<span class=\"_ _3\"/>ising agencies a<span class=\"_ _3\"/>nd advertisers. <span class=\"_ _3\"/>Credit insurance <span class=\"_ _3\"/>has been taken out <span class=\"_ _3\"/>against these compa<span class=\"_ _3\"/>nies to minimi<span class=\"_ _4\"/>se the impact on the Group<span class=\"_ _3\"/> in the event <span class=\"_ _3\"/>of a possible de<span class=\"_ _0\"/>fault. T<span class=\"_ _0\"/>he Grou<span class=\"_ _0\"/>p also rev<span class=\"_ _0\"/>iews other s<span class=\"_ _0\"/>ignific<span class=\"_ _0\"/>ant rece<span class=\"_ _0\"/>ivables an<span class=\"_ _0\"/>d will se<span class=\"_ _0\"/>ek to tak<span class=\"_ _0\"/>e out c<span class=\"_ _0\"/>redit insu<span class=\"_ _0\"/>rance on a<span class=\"_ _0\"/>n individua<span class=\"_ _3\"/>l basis wher<span class=\"_ _3\"/>e appropriate.<span class=\"_ _3\"/> Credit risk o<span class=\"_ _3\"/>ver cont<span class=\"_ _3\"/>ra<span class=\"ls185 ws1b6\">ct assets is mo<span class=\"_ _0\"/>nitored<span class=\"_ _0\"/> proactiv<span class=\"_ _0\"/>ely usin<span class=\"_ _0\"/>g daily repo<span class=\"_ _0\"/>rts from<span class=\"_ _0\"/> </span>an external c<span class=\"_ _0\"/>redit risk co<span class=\"_ _0\"/>mpany. Thes<span class=\"_ _0\"/>e reports are use<span class=\"_ _0\"/>d to determ<span class=\"_ _0\"/>ine contrac<span class=\"_ _0\"/>tual obliga<span class=\"_ _0\"/>tions, moni<span class=\"_ _0\"/>tor risk and amend t<span class=\"_ _0\"/>erms wher<span class=\"_ _0\"/>e requ<span class=\"_ _0\"/>ired. Cash and ca<span class=\"_ _3\"/>sh equivale<span class=\"_ _3\"/>nts and deriv<span class=\"_ _3\"/>ative fi<span class=\"_ _3\"/>nancial instr<span class=\"_ _3\"/>uments The Group o<span class=\"_ _0\"/>perates inve<span class=\"_ _0\"/>stment guid<span class=\"_ _0\"/>elines with<span class=\"_ _0\"/> respect to su<span class=\"_ _0\"/>rplus cash<span class=\"_ _0\"/> that empha<span class=\"_ _0\"/>sise preser<span class=\"_ _0\"/>vation of<span class=\"_ _0\"/> capital. The guidelines set<span class=\"_ _3\"/> out procedure<span class=\"_ _3\"/>s and limits on co<span class=\"_ _3\"/>unterparty risk <span class=\"_ _3\"/>and maturity pro<span class=\"_ _3\"/>file of cash <span class=\"_ _3\"/>placed. Counterparty <span class=\"_ _3\"/>limits for cash deposits are large<span class=\"_ _3\"/>ly based upon long-term rati<span class=\"_ _3\"/>ngs published by the major credit rati<span class=\"_ _3\"/>ng agencies. Cash and cash equivalents include money market fun<span class=\"_ _0\"/>ds va<span class=\"ls186 ws1c9\">lued at fair value through pro<span class=\"_ _3\"/>fit and loss. </span>Cash and cash equiv<span class=\"_ _3\"/>alents and<span class=\"_ _3\"/> derivative financial inst<span class=\"_ _3\"/>rume<span class=\"ls183 ws1b2\">nts exposure is lim<span class=\"_ _0\"/>ited to high<span class=\"_ _0\"/> credit qual<span class=\"_ _0\"/>ity financial<span class=\"_ _0\"/> </span>institutions rated<span class=\"_ _3\"/> by two of the key rating agencies used<span class=\"_ _3\"/> by <span class=\"ls186 ws1c9\">the Group. Counterp<span class=\"_ _3\"/>arty credit limi<span class=\"_ _4\"/>ts <span class=\"_ _0\"/>are set in re<span class=\"_ _3\"/>lation to </span>these rat<span class=\"_ _0\"/>ings, in ord<span class=\"_ _0\"/>er to limit th<span class=\"_ _0\"/>e concentrati<span class=\"_ _0\"/>on of exposu<span class=\"_ _0\"/>re to individ<span class=\"_ _0\"/>ual counterp<span class=\"_ _0\"/>arties base<span class=\"_ _0\"/>d on their cred<span class=\"_ _0\"/>it quality. As such, investments are su<span class=\"_ _3\"/>fficiently spread a<span class=\"_ _3\"/>cross high credit quality<span class=\"_ _3\"/> rated counterparties. Counterp<span class=\"_ _0\"/>arty credit l<span class=\"_ _0\"/>imits are revi<span class=\"_ _0\"/>ewed by the Gr<span class=\"_ _0\"/>oup\u2019s Boar<span class=\"_ _0\"/>d of Directors on<span class=\"_ _0\"/> an annual basi<span class=\"_ _0\"/>s and may be<span class=\"_ _0\"/> updated throughou<span class=\"_ _0\"/>t the year sub<span class=\"_ _0\"/>ject to approval<span class=\"_ _0\"/> of the Gro<span class=\"_ _0\"/>up\u2019s Audi<span class=\"_ _0\"/>t &amp; Risk Commit<span class=\"_ _0\"/>tee. Investmen<span class=\"_ _0\"/>t exposure<span class=\"_ _0\"/> with external<span class=\"_ _0\"/> counterparties is made only wit<span class=\"_ _3\"/>h Board approved coun<span class=\"_ _3\"/><span class=\"ws1b3\">terparties and wit<span class=\"_ _3\"/>hin credit <span class=\"_ _3\"/>limits assigned t<span class=\"_ _3\"/>o each </span>counter<span class=\"_ _0\"/>party. Th<span class=\"_ _0\"/>e credit qu<span class=\"_ _0\"/>ality of fi<span class=\"_ _0\"/>nancial coun<span class=\"_ _0\"/>terpart<span class=\"_ _0\"/>ies and th<span class=\"_ _0\"/>e outstan<span class=\"_ _0\"/>ding exp<span class=\"_ _0\"/>osure is mon<span class=\"_ _0\"/>itore<span class=\"_ _0\"/>d throu<span class=\"_ _0\"/>ghout the year by<span class=\"_ _3\"/> the Group<span class=\"_ _3\"/>\u2019s Treasury<span class=\"_ _3\"/> function i<span class=\"_ _3\"/>n accordance <span class=\"_ _3\"/>with the Gr<span class=\"_ _3\"/>oup\u2019s poli<span class=\"_ _3\"/>cy. Borrowings ITV is rated as<span class=\"_ _0\"/> investme<span class=\"_ _0\"/>nt grade by Mo<span class=\"_ _0\"/>ody\u2019s and S&amp;P.<span class=\"_ _0\"/> ITV\u2019s credit ra<span class=\"_ _0\"/>tings, which in<span class=\"_ _0\"/> turn are a<span class=\"_ _0\"/>ffected by k<span class=\"_ _0\"/>ey metrics, such as leverage, the co<span class=\"_ _3\"/>st of credit defa<span class=\"_ _3\"/>ult swap hedgi<span class=\"_ _3\"/>ng, and the absolute<span class=\"_ _3\"/> level of interest rate<span class=\"_ _3\"/>s are key determin<span class=\"_ _0\"/>ants in<span class=\"_ _0\"/> the cost<span class=\"_ _0\"/> of new borr<span class=\"_ _0\"/>owings for<span class=\"_ _0\"/> ITV.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>223<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff270 ls3 ws2\"> </span><span class=\"ff271\">co<span class=\"_ _3\"/>ntinued<span class=\"ff26f ls3 ws2\"> </span></span>226<span class=\"ff273 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff274 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff273 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Liquidity<span class=\"_ _3\"/> risk The Group\u2019s fi<span class=\"_ _3\"/>nancing policy is to f<span class=\"_ _3\"/>und itself for the <span class=\"_ _3\"/>medium to long-term by u<span class=\"_ _3\"/>sing debt instruments wit<span class=\"_ _3\"/>h a range of maturities and to e<span class=\"_ _3\"/>nsure access to appropriate<span class=\"_ _3\"/> short-term<span class=\"ls186 ws2\"> bo<span class=\"_ _3\"/>rrowing faci<span class=\"_ _4\"/>lities with a minimu<span class=\"_ _3\"/>m of \u00a3250<span class=\"_ _3\"/> million o<span class=\"_ _3\"/>f </span>undrawn <span class=\"_ _3\"/>facilities <span class=\"_ _3\"/>available <span class=\"_ _3\"/>at all time<span class=\"_ _3\"/>s.  Long-term funding comes from the UK and <span class=\"_ _3\"/>European ca<span class=\"ls19e ws1b3\">pital markets, while any short to medium-term debt </span>requirements were provided during 2022 through bank cred<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">it facilities totalling \u00a380<span class=\"_ _0\"/>0 million (see below). Management </span>monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on t<span class=\"_ _3\"/>he basis of expected<span class=\"_ _3\"/> cash flows. This monit<span class=\"_ _3\"/>oring includes fina<span class=\"_ _3\"/>ncial rati<span class=\"_ _3\"/>os to assess any pos<span class=\"_ _3\"/>sible future impact on credit<span class=\"_ _3\"/> ratings and headro<span class=\"_ _3\"/>om and takes into account<span class=\"_ _3\"/> the accessibilit<span class=\"_ _3\"/>y of cash and cash equi<span class=\"_ _3\"/>valents. The Group had a \u00a3500 million Revolving Credit Facility with<span class=\"_ _0\"/> a group of relationship banks in 2022 (\u00a3630<span class=\"_ _0\"/> million in 2021).  The new <span class=\"_ _3\"/>\u00a3500 milli<span class=\"_ _4\"/>on Revolving Credit Fa<span class=\"_ _3\"/>cility is av<span class=\"_ _3\"/>ailable <span class=\"_ _3\"/>until Janu<span class=\"_ _3\"/>ary 2028 (wit<span class=\"_ _3\"/>h the opportunity to<span class=\"_ _3\"/> extend fo<span class=\"_ _3\"/>r one further ye<span class=\"_ _0\"/>ar from th<span class=\"_ _0\"/>e expiry da<span class=\"_ _0\"/>te, poten<span class=\"_ _0\"/>tially provi<span class=\"_ _0\"/>ding fun<span class=\"_ _0\"/>ding out to<span class=\"_ _0\"/> 2029). This<span class=\"_ _0\"/> facility repl<span class=\"_ _0\"/>aces the pr<span class=\"_ _0\"/>evious \u00a3630 mil<span class=\"_ _0\"/>lion f<span class=\"_ _0\"/>acili<span class=\"_ _0\"/>ty, whic<span class=\"_ _0\"/>h was <span class=\"_ _0\"/>due to<span class=\"_ _0\"/> matur<span class=\"_ _0\"/>e in 2<span class=\"_ _0\"/>023. Th<span class=\"_ _0\"/><span class=\"ls18c ws1be\">e financial covenants </span><span class=\"ws1d4\">in<span class=\"_ _0\"/> the new Re<span class=\"_ _0\"/>volvin<span class=\"_ _0\"/>g Credit F<span class=\"_ _0\"/>acility<span class=\"_ _0\"/> </span>remain unch<span class=\"_ _0\"/>anged to th<span class=\"_ _0\"/>ose in th<span class=\"_ _0\"/>e previous<span class=\"_ _0\"/> facilit<span class=\"_ _0\"/>y. There are E<span class=\"_ _0\"/>SG targets lin<span class=\"_ _0\"/>ked to th<span class=\"_ _0\"/>e delivery<span class=\"_ _0\"/> of ITV\u2019s scienc<span class=\"_ _0\"/>e-<span class=\"_ _335\"> </span>based carbon emissio<span class=\"_ _3\"/>ns targets. In addition, t<span class=\"_ _3\"/>he Group has \u00a3300 million <span class=\"_ _3\"/>of financial cove<span class=\"_ _3\"/>nant free financing<span class=\"_ _3\"/>, which is availab<span class=\"_ _3\"/>le until June 2026. The intention is to re-fi<span class=\"_ _3\"/>nance the \u20ac259 million Eurobond matu<span class=\"_ _3\"/>ring in December 2023, rat<span class=\"_ _3\"/>her than repay from our cash resources. We are cu<span class=\"_ _3\"/>rrently exploring<span class=\"_ _3\"/> medium to long term<span class=\"ls18c ws1bc\"> refinancing options and have full availability <span class=\"_ _3\"/>under the </span>\u00a3500 milli<span class=\"_ _0\"/>on RCF and \u00a3300 m<span class=\"_ _0\"/>illion CDS fac<span class=\"_ _0\"/>ili<span class=\"ls184 ws1b3\">ties should we need<span class=\"_ _3\"/> to utili<span class=\"_ _3\"/>se these. </span>Fair val<span class=\"_ _3\"/>ue versus boo<span class=\"_ _3\"/>k value The tables<span class=\"_ _0\"/> below prov<span class=\"_ _0\"/>ide fair v<span class=\"_ _0\"/>alue informa<span class=\"_ _0\"/>tion fo<span class=\"_ _0\"/>r the Group<span class=\"_ _0\"/>\u2019s borrowin<span class=\"_ _0\"/>gs:  <span class=\"_ _2d2\"> </span><span class=\"ls1ab ws1cf\"> <span class=\"_ _2d3\"> </span>Book value <span class=\"_ _2d\"> </span> <span class=\"_ _157\"> </span>Fair value </span> Maturity 2022 \u00a3m 2021 \u00a3m  2022 \u00a3m 2021 \u00a3m Loans due with<span class=\"_ _0\"/>in one year<span class=\"_ _0\"/> <span class=\"_ _be\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span>\u20ac335 (previou<span class=\"_ _3\"/>sly \u20ac600) million<span class=\"_ _3\"/> Eurobond<span class=\"ls3 ws2\"> </span>Sept 2022 <span class=\"_ _12c\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ws2bc\">281  <span class=\"_ _1f\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _13\"> </span></span><span class=\"ws1b8\">28<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _13\"> </span></span><span class=\"ff275 ws1d4\">229 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">227 <span class=\"_ _168\"> </span></span><span class=\"ws1c4\">\u2013 </span></span>Revolv<span class=\"_ _0\"/>ing cre<span class=\"_ _0\"/>dit fac<span class=\"_ _0\"/>ility<span class=\"_ _0\"/>* <span class=\"_ _55\"> </span><span class=\"ls189 ws1bf\">Jan<span class=\"_ _0\"/> 2023 <span class=\"_ _a0\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _13\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ws1c4\">\u2013 </span></span></span>Other short-term loans <span class=\"_ _2d4\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span></span><span class=\"ws2be\">9  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span><span class=\"ws1b9\">9 </span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _16\"> </span><span class=\"ff275 ls184 ws1d4\">289 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws2bf\">290  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">287<span class=\"_ _0\"/> <span class=\"_ _4d\"> </span></span><span class=\"ls18f ws1c4\">293 </span></span>Loans du<span class=\"_ _0\"/>e in more<span class=\"_ _0\"/> than o<span class=\"_ _0\"/>ne year<span class=\"_ _0\"/> <span class=\"_ _55\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span>\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _12c\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ls18b ws2c0\">218  <span class=\"_ _1f\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _4d\"> </span></span><span class=\"ls189 ws1b8\">225 </span>\u20ac600 million<span class=\"_ _0\"/> Eurobond <span class=\"_ _8\"> </span><span class=\"ls189 ws1bf\">Sept 20<span class=\"_ _0\"/>26 <span class=\"_ _4d\"> </span><span class=\"ff275 ls18c ws1c2\">531 <span class=\"_ _16\"> </span></span><span class=\"ls183 ws1bd\">50<span class=\"_ _335\"> </span></span></span>4  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">480 <span class=\"_ _60\"> </span><span class=\"ff276\">518 </span></span>Other long<span class=\"_ _3\"/>-term loan<span class=\"_ _3\"/>s <span class=\"_ _70\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ls183 ws2bf\">10<span class=\"_ _0\"/>  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ws1bd\">10 </span></span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _6b\"> </span><span class=\"ff275 ls189 ws1b8\">541<span class=\"_ _0\"/> <span class=\"_ _60\"> </span></span><span class=\"ls19b ws2c1\">732<span class=\"_ _0\"/>  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">490 <span class=\"_ _60\"> </span></span><span class=\"ls188 ws1b9\">753 </span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _6e\"> </span><span class=\"ff275 ls18b ws1bb\">830 <span class=\"_ _12\"> </span></span><span class=\"ls189 ws2bc\">1,022  <span class=\"_ _59\"> </span><span class=\"ff275 ls186 ws1b6\">777 <span class=\"_ _80\"> </span></span><span class=\"ws1b8\">1,046 </span></span>* <span class=\"_ _2d\"> </span>The<span class=\"_ _0\"/> Revolvin<span class=\"_ _0\"/>g Credi<span class=\"_ _0\"/>t Facility <span class=\"_ _0\"/>matures i<span class=\"_ _0\"/>n January 2<span class=\"_ _0\"/>028. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>224<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff270 ls3 ws2\"> </span><span class=\"ff271\">co<span class=\"_ _3\"/>ntinued<span class=\"ff26f ls3 ws2\"> </span></span>226<span class=\"ff273 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff274 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff273 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Liquidity<span class=\"_ _3\"/> risk The Group\u2019s fi<span class=\"_ _3\"/>nancing policy is to f<span class=\"_ _3\"/>und itself for the <span class=\"_ _3\"/>medium to long-term by u<span class=\"_ _3\"/>sing debt instruments wit<span class=\"_ _3\"/>h a range of maturities and to e<span class=\"_ _3\"/>nsure access to appropriate<span class=\"_ _3\"/> short-term<span class=\"ls186 ws2\"> bo<span class=\"_ _3\"/>rrowing faci<span class=\"_ _4\"/>lities with a minimu<span class=\"_ _3\"/>m of \u00a3250<span class=\"_ _3\"/> million o<span class=\"_ _3\"/>f </span>undrawn <span class=\"_ _3\"/>facilities <span class=\"_ _3\"/>available <span class=\"_ _3\"/>at all time<span class=\"_ _3\"/>s.  Long-term funding comes from the UK and <span class=\"_ _3\"/>European ca<span class=\"ls19e ws1b3\">pital markets, while any short to medium-term debt </span>requirements were provided during 2022 through bank cred<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">it facilities totalling \u00a380<span class=\"_ _0\"/>0 million (see below). Management </span>monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on t<span class=\"_ _3\"/>he basis of expected<span class=\"_ _3\"/> cash flows. This monit<span class=\"_ _3\"/>oring includes fina<span class=\"_ _3\"/>ncial rati<span class=\"_ _3\"/>os to assess any pos<span class=\"_ _3\"/>sible future impact on credit<span class=\"_ _3\"/> ratings and headro<span class=\"_ _3\"/>om and takes into account<span class=\"_ _3\"/> the accessibilit<span class=\"_ _3\"/>y of cash and cash equiv<span class=\"_ _3\"/>alents. The Group had a \u00a3500 million Revolving Credit Facility with<span class=\"_ _0\"/> a group of relationship banks in 2022 (\u00a3630<span class=\"_ _0\"/> million in 2021).  The new <span class=\"_ _3\"/>\u00a3500 milli<span class=\"_ _4\"/>on Revolving Credit Fa<span class=\"_ _3\"/>cility is av<span class=\"_ _3\"/>ailable <span class=\"_ _3\"/>until Janu<span class=\"_ _3\"/>ary 2028 (wit<span class=\"_ _3\"/>h the opportunity to<span class=\"_ _3\"/> extend fo<span class=\"_ _3\"/>r one further ye<span class=\"_ _0\"/>ar from th<span class=\"_ _0\"/>e expiry da<span class=\"_ _0\"/>te, poten<span class=\"_ _0\"/>tially provi<span class=\"_ _0\"/>ding fun<span class=\"_ _0\"/>ding out to<span class=\"_ _0\"/> 2029). This<span class=\"_ _0\"/> facility repl<span class=\"_ _0\"/>aces the pr<span class=\"_ _0\"/>evious \u00a3630 mil<span class=\"_ _0\"/>lion f<span class=\"_ _0\"/>acili<span class=\"_ _0\"/>ty, whic<span class=\"_ _0\"/>h was <span class=\"_ _0\"/>due to<span class=\"_ _0\"/> matur<span class=\"_ _0\"/>e in 2<span class=\"_ _0\"/>023. Th<span class=\"_ _0\"/><span class=\"ls18c ws1be\">e financial covenants </span><span class=\"ws1d4\">in<span class=\"_ _0\"/> the new Re<span class=\"_ _0\"/>volvin<span class=\"_ _0\"/>g Credit F<span class=\"_ _0\"/>acility<span class=\"_ _0\"/> </span>remain unch<span class=\"_ _0\"/>anged to th<span class=\"_ _0\"/>ose in th<span class=\"_ _0\"/>e previous<span class=\"_ _0\"/> facilit<span class=\"_ _0\"/>y. There are E<span class=\"_ _0\"/>SG targets lin<span class=\"_ _0\"/>ked to th<span class=\"_ _0\"/>e delivery<span class=\"_ _0\"/> of ITV\u2019s scienc<span class=\"_ _0\"/>e-<span class=\"_ _335\"> </span>based carbon emissio<span class=\"_ _3\"/>ns targets. In addition, t<span class=\"_ _3\"/>he Group has \u00a3300 million <span class=\"_ _3\"/>of financial cove<span class=\"_ _3\"/>nant free financing<span class=\"_ _3\"/>, which is availab<span class=\"_ _3\"/>le until June 2026. The intention is to re-fi<span class=\"_ _3\"/>nance the \u20ac259 million Eurobond matu<span class=\"_ _3\"/>ring in December 2023, rat<span class=\"_ _3\"/>her than repay from our cash resources. We are cu<span class=\"_ _3\"/>rrently exploring<span class=\"_ _3\"/> medium to long term<span class=\"ls18c ws1bc\"> refinancing options and have full availability <span class=\"_ _3\"/>under the </span>\u00a3500 milli<span class=\"_ _0\"/>on RCF and \u00a3300 m<span class=\"_ _0\"/>illion CDS fac<span class=\"_ _0\"/>ili<span class=\"ls184 ws1b3\">ties should we need<span class=\"_ _3\"/> to utili<span class=\"_ _3\"/>se these. </span>Fair val<span class=\"_ _3\"/>ue versus boo<span class=\"_ _3\"/>k value The tables<span class=\"_ _0\"/> below prov<span class=\"_ _0\"/>ide fair valu<span class=\"_ _0\"/>e informa<span class=\"_ _0\"/>tion fo<span class=\"_ _0\"/>r the Group<span class=\"_ _0\"/>\u2019s borrowin<span class=\"_ _0\"/>gs:  <span class=\"_ _2d2\"> </span><span class=\"ls1ab ws1cf\"> <span class=\"_ _2d3\"> </span>Book value <span class=\"_ _2d\"> </span> <span class=\"_ _157\"> </span>Fair value </span> Maturity 2022 \u00a3m 2021 \u00a3m  2022 \u00a3m 2021 \u00a3m Loans due with<span class=\"_ _0\"/>in one year<span class=\"_ _0\"/> <span class=\"_ _be\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span>\u20ac335 (previou<span class=\"_ _3\"/>sly \u20ac600) million<span class=\"_ _3\"/> Eurobond<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _ac\"> </span><span class=\"fc7 sc0 ls189 ws1bf\">Sept 2022 <span class=\"_ _12c\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ws2bc\">281  <span class=\"_ _1f\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _13\"> </span></span><span class=\"ws1b8\">28</span></span></span></span></span>4<span class=\"_ _335\"> </span>\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _13\"> </span></span><span class=\"ff275 ws1d4\">229 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">227 <span class=\"_ _168\"> </span></span><span class=\"ws1c4\">\u2013 </span></span>Revolv<span class=\"_ _0\"/>ing cre<span class=\"_ _0\"/>dit fac<span class=\"_ _0\"/>ility<span class=\"_ _0\"/>* <span class=\"_ _55\"> </span><span class=\"ls189 ws1bf\">Jan<span class=\"_ _0\"/> 2023 <span class=\"_ _a0\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _13\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ws1c4\">\u2013 </span></span></span>Other short-term loans <span class=\"_ _2d4\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span></span><span class=\"ws2be\">9  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span><span class=\"ws1b9\">9 </span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _16\"> </span><span class=\"ff275 ls184 ws1d4\">289 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws2bf\">290  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">287<span class=\"_ _0\"/> <span class=\"_ _4d\"> </span></span><span class=\"ls18f ws1c4\">293 </span></span>Loans du<span class=\"_ _0\"/>e in more<span class=\"_ _0\"/> than o<span class=\"_ _0\"/>ne year<span class=\"_ _0\"/> <span class=\"_ _55\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span>\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _12c\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ls18b ws2c0\">218  <span class=\"_ _1f\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _4d\"> </span></span><span class=\"ls189 ws1b8\">225 </span>\u20ac600 million<span class=\"_ _0\"/> Eurobond <span class=\"_ _8\"> </span><span class=\"ls189 ws1bf\">Sept 20<span class=\"_ _0\"/>26 <span class=\"_ _4d\"> </span><span class=\"ff275 ls18c ws1c2\">531 <span class=\"_ _16\"> </span></span><span class=\"ls183 ws1bd\">50</span></span>4  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">480 <span class=\"_ _60\"> </span><span class=\"ff276\">518 </span></span>Other long<span class=\"_ _3\"/>-term loan<span class=\"_ _3\"/>s <span class=\"_ _70\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ls183 ws2bf\">10<span class=\"_ _0\"/>  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ws1bd\">10 </span></span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _6b\"> </span><span class=\"ff275 ls189 ws1b8\">541<span class=\"_ _0\"/> <span class=\"_ _60\"> </span></span><span class=\"ls19b ws2c1\">732<span class=\"_ _0\"/>  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">490 <span class=\"_ _60\"> </span></span><span class=\"ls188 ws1b9\">753 </span></span> <span class=\"_ _2b2\"> </span> <span class=\"_ _6e\"> </span><span class=\"ff275 ls18b ws1bb\">830 <span class=\"_ _12\"> </span></span><span class=\"ls189 ws2bc\">1,022  <span class=\"_ _59\"> </span><span class=\"ff275 ls186 ws1b6\">777 <span class=\"_ _80\"> </span></span><span class=\"ws1b8\">1,046 </span></span>* <span class=\"_ _2d\"> </span>The<span class=\"_ _0\"/> Revolvin<span class=\"_ _0\"/>g Credi<span class=\"_ _0\"/>t Facility <span class=\"_ _0\"/>matures i<span class=\"_ _0\"/>n January 2<span class=\"_ _0\"/>028. ITV plc<span class=\"ff27b ls3 ws2\">\u2009<span class=\"ff27c ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff27a fs27 ls1bc ws21d\">227 </span></span></span>4.3  Managing  market risks: derivat<span class=\"_ _0\"/>ive financial instruments<span class=\"_ _0\"/> Keeping it simple What is a de<span class=\"_ _0\"/>rivative?<span class=\"_ _0\"/> A derivative<span class=\"_ _3\"/> is a type <span class=\"_ _3\"/>of financial instru<span class=\"_ _3\"/>ment typi<span class=\"_ _3\"/>cally used to<span class=\"_ _3\"/> manage ri<span class=\"_ _3\"/>sk. A derivative\u2019s v<span class=\"_ _3\"/>alue change<span class=\"_ _3\"/>s over time in re<span class=\"_ _3\"/>sponse to under<span class=\"_ _3\"/>lying variable<span class=\"_ _3\"/>s, such as exchange rates or<span class=\"_ _3\"/> interest rates and is e<span class=\"_ _3\"/>ntered into for a <span class=\"_ _3\"/>fixed period. A hedge i<span class=\"_ _3\"/>s where a deriv<span class=\"_ _3\"/>ative is used to <span class=\"_ _3\"/>manage expo<span class=\"_ _3\"/>sure in a<span class=\"_ _3\"/>n underlying<span class=\"_ _3\"/> variable<span class=\"_ _3\"/>. The Group is ex<span class=\"_ _3\"/>posed to ce<span class=\"_ _3\"/>rtain market ri<span class=\"_ _3\"/>sks. In accorda<span class=\"_ _3\"/>nce with Board-approv<span class=\"_ _3\"/>ed policie<span class=\"_ _3\"/>s, whic<span class=\"_ _3\"/>h are set<span class=\"_ _3\"/> out in thi<span class=\"_ _3\"/>s note, t<span class=\"_ _3\"/>he Group <span class=\"_ _3\"/>manages <span class=\"_ _3\"/>these risk<span class=\"_ _3\"/>s by using<span class=\"_ _3\"/> derivative fi<span class=\"_ _3\"/>nancial instrument<span class=\"_ _3\"/>s to hedge the u<span class=\"_ _3\"/>nderlying expo<span class=\"_ _3\"/>sures. Why do we n<span class=\"_ _0\"/>eed them? The key ma<span class=\"_ _3\"/>rket risks f<span class=\"_ _3\"/>acing the Gr<span class=\"_ _3\"/>oup are: \u2022<span class=\"ff27c\"> <span class=\"_ _9\"> </span><span class=\"ff27f ls186\">Currency risk<span class=\"_ _3\"/> arising from<span class=\"_ _3\"/>:  </span></span>i. <span class=\"_ _f\"> </span>Translation risk, t<span class=\"_ _3\"/>hat is the ri<span class=\"_ _3\"/>sk in the period <span class=\"_ _3\"/>of adverse <span class=\"_ _3\"/>currency fluctuati<span class=\"_ _3\"/>ons in the translation of foreign cu<span class=\"_ _3\"/>rrency profits, assets and liabi<span class=\"_ _3\"/>lities (\u2018balance sheet<span class=\"_ _3\"/> risk\u2019) and non-functional<span class=\"_ _0\"/> currency mone<span class=\"_ _0\"/>tary assets an<span class=\"ls184 ws1c8\">d liabilities (\u2018income statem<span class=\"_ _3\"/>ent risk\u2019) </span>and  ii. <span class=\"_ _1\"> </span>Transaction risk, that i<span class=\"_ _3\"/>s the risk that <span class=\"_ _3\"/>currency fluctuatio<span class=\"_ _3\"/>ns will have a<span class=\"_ _3\"/> negative ef<span class=\"_ _3\"/>fect on the value of the Group<span class=\"_ _3\"/>\u2019s non-functio<span class=\"_ _3\"/>nal currency trading<span class=\"_ _3\"/> cash flows. A non-<span class=\"_ _335\"> </span>functional c<span class=\"_ _0\"/>urrency trans<span class=\"_ _0\"/>action is a trans<span class=\"_ _0\"/>action in<span class=\"_ _0\"/> any currency o<span class=\"_ _0\"/>ther than<span class=\"_ _0\"/> the reporting currency<span class=\"_ _3\"/> of the sub<span class=\"_ _3\"/>sidiary  \u2022<span class=\"ff27c\"> <span class=\"_ _9\"> </span><span class=\"ff27f ls188 ws1d2\">Interest rate risk to the Gr<span class=\"_ _3\"/>oup arises from signifi<span class=\"_ _3\"/>cant changes in interest rates o<span class=\"_ _3\"/>n </span></span>borrowing<span class=\"_ _3\"/>s issued at or swapped<span class=\"_ _3\"/> to floating ra<span class=\"_ _3\"/>tes How do we use them? The Group ma<span class=\"_ _0\"/>inly employs<span class=\"_ _0\"/> three ty<span class=\"_ _0\"/>pes of deriva<span class=\"_ _0\"/>tive financi<span class=\"_ _0\"/>al instrumen<span class=\"_ _0\"/>ts when managing its curr<span class=\"_ _3\"/>ency and interest rate risk: \u2022<span class=\"ff27c\"> <span class=\"_ _9\"> </span><span class=\"ff27f ls184 ws1c8\">Foreign exchange swap contracts are derivativ<span class=\"_ _3\"/>e instruments used to hedge </span></span>income st<span class=\"_ _3\"/>atement translati<span class=\"_ _3\"/>on risk arisin<span class=\"ls185 ws2\">g from short-<span class=\"_ _0\"/>term in<span class=\"_ _0\"/>terco<span class=\"_ _0\"/>mpany l<span class=\"_ _0\"/>oans </span>denominat<span class=\"_ _3\"/>ed in a foreign <span class=\"_ _3\"/>currency \u2022<span class=\"ff27c\"> <span class=\"_ _9\"> </span><span class=\"ff27f ls183 ws1b5\">Forw<span class=\"_ _0\"/>ard fore<span class=\"_ _0\"/>ign exchan<span class=\"_ _0\"/>ge cont<span class=\"_ _0\"/>racts are <span class=\"_ _0\"/>derivative <span class=\"_ _0\"/>instrum<span class=\"_ _0\"/>ents use<span class=\"_ _0\"/>d to hedge<span class=\"_ _0\"/> </span></span>transaction ri<span class=\"_ _3\"/>sk so they enab<span class=\"_ _3\"/>le the sale or pur<span class=\"_ _3\"/>chase of foreig<span class=\"_ _3\"/>n currency at a<span class=\"_ _3\"/> known fixed rate o<span class=\"_ _3\"/>n an agreed fut<span class=\"_ _3\"/>ure date and \u2022<span class=\"ff27c fc7\"> <span class=\"_ _9\"> </span><span class=\"ff27f fca ls1a0\">Cross-currency interest rate swaps are derivative instruments u<span class=\"_ _3\"/>sed to exchange the </span></span>principal and interest coupons in a debt <span class=\"ls1a0 ws2\">instrument from one currency to another<span class=\"fc7 ls3\"> </span></span>Analysis<span class=\"_ _0\"/> of the der<span class=\"_ _0\"/>ivatives<span class=\"_ _0\"/> used by the Gr<span class=\"_ _0\"/>oup to hedg<span class=\"_ _0\"/>e its expo<span class=\"_ _0\"/>sure and t<span class=\"_ _0\"/>he various<span class=\"_ _0\"/> methods<span class=\"_ _0\"/> used to calcula<span class=\"_ _0\"/>te their r<span class=\"_ _0\"/>espectiv<span class=\"_ _0\"/>e fair val<span class=\"_ _0\"/>ues are de<span class=\"_ _0\"/>tailed i<span class=\"_ _0\"/>n this secti<span class=\"_ _0\"/>on. Accounting policies Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments ar<span class=\"_ _3\"/>e initially<span class=\"_ _3\"/> recognised at<span class=\"_ _3\"/> fair va<span class=\"_ _3\"/>lue and are <span class=\"_ _3\"/>subsequently <span class=\"_ _3\"/>remeasured at<span class=\"_ _3\"/> fair value with the moveme<span class=\"_ _3\"/>nt recorded i<span class=\"_ _3\"/>n the Consolidated Income <span class=\"_ _3\"/>Statement<span class=\"_ _3\"/>, except where deriv<span class=\"_ _3\"/>atives qualify fo<span class=\"_ _3\"/>r cash flow hedge acco<span class=\"_ _0\"/>unting. In<span class=\"_ _0\"/> this ca<span class=\"_ _0\"/>se, the <span class=\"_ _0\"/>effective<span class=\"_ _0\"/> portion<span class=\"_ _0\"/> of a cash<span class=\"_ _0\"/> flow hed<span class=\"_ _0\"/>ge is rec<span class=\"_ _0\"/>ognise<span class=\"_ _0\"/>d in othe<span class=\"_ _0\"/>r compre<span class=\"_ _0\"/>hensive income<span class=\"_ _0\"/> and pr<span class=\"_ _0\"/>esente<span class=\"_ _0\"/>d in t<span class=\"_ _0\"/>he he<span class=\"_ _0\"/>dging <span class=\"_ _0\"/>reserv<span class=\"_ _0\"/>e with<span class=\"_ _0\"/>in equ<span class=\"_ _0\"/>ity. T<span class=\"_ _0\"/>h<span class=\"ls184 ws1c8\">e cumulative gain or lo<span class=\"_ _3\"/>ss is later reclassified to the </span>Consolid<span class=\"_ _0\"/>ated Income Sta<span class=\"_ _0\"/>tement in th<span class=\"_ _0\"/>e same period as<span class=\"_ _0\"/> the relevan<span class=\"_ _0\"/>t hedged transac<span class=\"_ _0\"/>tion is real<span class=\"_ _0\"/>ised. Deri<span class=\"_ _0\"/>vatives with<span class=\"_ _0\"/> positive<span class=\"_ _0\"/> fair val<span class=\"_ _0\"/>ues are<span class=\"_ _0\"/> recor<span class=\"_ _0\"/>ded as ass<span class=\"_ _0\"/>ets an<span class=\"_ _0\"/>d negat<span class=\"_ _0\"/>ive fair<span class=\"_ _0\"/> values<span class=\"_ _0\"/> as liab<span class=\"_ _0\"/>ilities<span class=\"_ _0\"/>.IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>225<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff284 ls3 ws2\"> </span><span class=\"ff285\">co<span class=\"_ _3\"/>ntinued<span class=\"ff283 ls3 ws2\"> </span></span>228<span class=\"ff287 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff288 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff287 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Determining fair value The fair value of forward foreign exchange co<span class=\"_ _3\"/>ntracts is determined by the change in pric<span class=\"_ _3\"/>e between the contracted rates and the market rates at the reporting date. The contracted ca<span class=\"_ _4\"/>sh flows are then discounted <span class=\"ls19e ws1b3\">by the time remaining to the </span>settlement date of the contract, with a disc<span class=\"ls19f ws1b5\">ount curve that inco<span class=\"_ _3\"/>rporates credit<span class=\"_ _3\"/> risk<span class=\"ls1a0 ws2\">. The fair value of int<span class=\"_ _3\"/>erest rate swaps </span></span>is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account<span class=\"_ _3\"/> current interest rates and the Group\u2019s curr<span class=\"_ _3\"/>ent creditwort<span class=\"ls19e ws1b3\">hiness, as well as that of the swap counterparties. </span>Third-party <span class=\"_ _3\"/>valuations a<span class=\"_ _3\"/>re used to fair<span class=\"_ _3\"/> value the Gr<span class=\"_ _3\"/>oup\u2019s cr<span class=\"_ _3\"/>oss currency i<span class=\"_ _3\"/>nterest rate de<span class=\"_ _3\"/>rivatives. The v<span class=\"_ _3\"/>aluation techniques<span class=\"_ _0\"/> use inpu<span class=\"_ _0\"/>ts, such as<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t rate yi<span class=\"_ _0\"/>eld curves<span class=\"_ _0\"/> and cu<span class=\"_ _0\"/>rrency prices<span class=\"_ _0\"/>/yields<span class=\"_ _0\"/>, volatili<span class=\"_ _0\"/>ties of un<span class=\"_ _0\"/>derlyin<span class=\"_ _0\"/>g instru<span class=\"_ _3\"/>ments and <span class=\"_ _3\"/>correlati<span class=\"_ _3\"/>ons betw<span class=\"_ _3\"/>een input<span class=\"_ _3\"/>s. How do we manage our currency and interest rate risk? Currency risk As the Gro<span class=\"_ _3\"/>up expands its i<span class=\"_ _3\"/>nternational o<span class=\"_ _3\"/>perations, th<span class=\"_ _3\"/>e performance of t<span class=\"_ _3\"/>he business <span class=\"_ _3\"/>becomes increasi<span class=\"_ _3\"/>ngly sensiti<span class=\"_ _3\"/>ve to movements in fo<span class=\"_ _3\"/>reign exchange rate<span class=\"_ _3\"/>s, primarily with respe<span class=\"_ _3\"/>ct to the US dollar and t<span class=\"_ _3\"/>he euro.  The Group\u2019s<span class=\"_ _0\"/> foreign exchan<span class=\"_ _0\"/>ge policy is to us<span class=\"_ _0\"/>e forward fore<span class=\"_ _0\"/>ign exchan<span class=\"_ _0\"/>ge contracts<span class=\"_ _0\"/> to hedge materi<span class=\"_ _0\"/>al non-functi<span class=\"_ _0\"/>onal currency denominated <span class=\"_ _3\"/>costs or reve<span class=\"_ _3\"/>nue for up to <span class=\"_ _3\"/>five years <span class=\"_ _3\"/>forward.  The Group ensu<span class=\"_ _3\"/>res that it<span class=\"_ _3\"/>s net exposure<span class=\"_ _3\"/> to foreign curr<span class=\"_ _3\"/>ency denominated ca<span class=\"_ _3\"/>sh balances is kept<span class=\"_ _4\"/> to a minimal level, where necessary u<span class=\"_ _3\"/>sing foreign currency swa<span class=\"_ _3\"/>ps to exchange bala<span class=\"ls186 ws1c9\">nces back<span class=\"_ _3\"/> into sterling or <span class=\"ls188 ws1d5\">by buyi<span class=\"_ _3\"/>ng or selling foreign </span></span>currencies at spot<span class=\"_ _3\"/> rates. The Group a<span class=\"_ _3\"/>lso utilis<span class=\"_ _3\"/>es foreign exc<span class=\"_ _3\"/>hange swap<span class=\"_ _3\"/>s and cross-<span class=\"_ _3\"/>currency<span class=\"_ _3\"/> interest rat<span class=\"_ _3\"/>e swaps bot<span class=\"_ _3\"/>h to manage fore<span class=\"_ _3\"/>ign currency <span class=\"_ _3\"/>cash flow<span class=\"_ _3\"/> timing diff<span class=\"_ _3\"/>erences a<span class=\"_ _3\"/>nd to hedge for<span class=\"_ _3\"/>eign curre<span class=\"_ _3\"/>ncy denomi<span class=\"_ _3\"/>nated monetary<span class=\"_ _3\"/> items.  During t<span class=\"_ _3\"/>he year, the Board<span class=\"_ _3\"/> approved the hedgi<span class=\"_ _3\"/>ng of the \u20ac3<span class=\"ls18b ws1c0\">35 million 2022 and \u20ac2<span class=\"_ _0\"/>59 mi<span class=\"ls18c ws1be\">llion 202<span class=\"_ _0\"/>3 Eurobond cash </span></span>outflows<span class=\"_ _0\"/>. Given the pe<span class=\"_ _0\"/>rfect matc<span class=\"_ _0\"/>h, these h<span class=\"_ _0\"/>edging ins<span class=\"_ _0\"/>trumen<span class=\"_ _0\"/>ts were set u<span class=\"_ _0\"/>p in separ<span class=\"_ _0\"/>ate hedge ac<span class=\"_ _0\"/>countin<span class=\"_ _0\"/>g relationships with t<span class=\"_ _3\"/>he hedged bonds t<span class=\"_ _3\"/>o manage foreig<span class=\"_ _3\"/>n exchange volatility until repa<span class=\"_ _3\"/>yment. This required t<span class=\"_ _3\"/>he cessation<span class=\"_ _0\"/> of the net inv<span class=\"_ _0\"/>estmen<span class=\"_ _0\"/>t hedge wh<span class=\"_ _0\"/>ere these Eu<span class=\"_ _0\"/>robond bo<span class=\"_ _0\"/>rrowings,<span class=\"_ _0\"/> along wit<span class=\"_ _0\"/>h other mon<span class=\"_ _0\"/>etary ass<span class=\"_ _0\"/>ets and liabili<span class=\"_ _0\"/>ties, we<span class=\"_ _0\"/>re in a hed<span class=\"_ _0\"/>ge accou<span class=\"_ _0\"/>nting a<span class=\"_ _0\"/>rrangem<span class=\"_ _0\"/>ent with<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">the Group\u2019s euro-d<span class=\"_ _3\"/>enominated net asset<span class=\"_ _3\"/>s. This change in </span>policy p<span class=\"_ _0\"/>rovided<span class=\"_ _0\"/> an oppo<span class=\"_ _0\"/>rtunity t<span class=\"_ _0\"/>o conside<span class=\"_ _0\"/>r the rem<span class=\"_ _0\"/>ainin<span class=\"_ _0\"/>g euro den<span class=\"_ _0\"/>ominat<span class=\"_ _0\"/>ed monet<span class=\"_ _0\"/>ary ite<span class=\"_ _0\"/>ms in is<span class=\"_ _0\"/>olation<span class=\"_ _0\"/> on a net basis and<span class=\"_ _3\"/> therefore ma<span class=\"_ _3\"/>nage the re<span class=\"_ _3\"/>maining fo<span class=\"_ _3\"/>reign <span class=\"ls184 ws1c8\">exchange vo<span class=\"_ _3\"/>latility in a more efficie<span class=\"_ _3\"/>nt way. </span>The follow<span class=\"_ _0\"/>ing <span class=\"_ _0\"/>table hi<span class=\"_ _0\"/>ghlights<span class=\"_ _0\"/> the Gr<span class=\"_ _0\"/>oup\u2019s ex<span class=\"_ _0\"/>posure<span class=\"ls184 ws1c8\"> to foreign currency risk resulting from a 10% </span>strengthening/weake<span class=\"_ _3\"/>ning in ster<span class=\"_ _3\"/>ling against t<span class=\"_ _3\"/>he US dollar, eu<span class=\"_ _3\"/>ro and Austr<span class=\"_ _3\"/>alian dolla<span class=\"_ _3\"/>r, assuming all <span class=\"_ _3\"/>other variab<span class=\"_ _3\"/>les are held constan<span class=\"_ _0\"/>t: Impact on profit before tax 2022 \u00a3m Impact on profit before tax<span class=\"_ _0\"/> 2021 \u00a3m Impact on Equity 2022 \u00a3m Impact on Equity 2021 \u00a3m US dollar \u2013 increase 10% <span class=\"_ _98\"> </span><span class=\"ff289 ls183 ws1bd\">(9) <span class=\"_ _93\"> </span></span><span class=\"ls188 ws1b9\">(3) <span class=\"_ _15f\"> </span><span class=\"ff289 ls18b ws1bb\">6 </span></span>4<span class=\"_ _335\"> </span>US dollar \u2013 decrease 1<span class=\"_ _3\"/>0% <span class=\"_ _96\"> </span><span class=\"ff289 ls184 ws1d4\">9 <span class=\"_ _15b\"> </span></span><span class=\"ws1b9\">3 <span class=\"_ _11\"> </span><span class=\"ff289 ls183 ws1bd\">(8) <span class=\"_ _93\"> </span></span><span class=\"ls19b ws1d6\">(4) </span></span>Euro \u2013 increase 10%* <span class=\"_ _e1\"> </span><span class=\"ff289 ls3 ws2\">(<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _a5\"> </span><span class=\"ff28a ls19b ws1d6\">(1<span class=\"_ _0\"/>) <span class=\"_ _f9\"> </span></span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _127\"> </span><span class=\"ff28a ls183 ws1bd\">15 </span></span>Euro \u2013 decrease 10%* <span class=\"_ _249\"> </span><span class=\"ff289 ls18f ws1c4\">5 <span class=\"_ _15\"> </span></span><span class=\"ls189 ws1b8\">2 <span class=\"_ _4f\"> </span><span class=\"ff289 ls186 ws1b6\">4 <span class=\"_ _f9\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>9) </span></span>Australian do<span class=\"_ _3\"/>llar \u2013 increase <span class=\"_ _3\"/>10% <span class=\"_ _e3\"> </span><span class=\"ff289 ls189 ws1b8\">(1) <span class=\"_ _57\"> </span></span><span class=\"ls18f ws1c4\">\u2013 <span class=\"_ _ad\"> </span><span class=\"ff289 ls18b ws1bb\">(4) <span class=\"_ _161\"> </span></span>\u2013 </span>Australian do<span class=\"_ _3\"/>llar \u2013 decrease<span class=\"_ _3\"/> 10% <span class=\"_ _13b\"> </span><span class=\"ff289 ls189 ws1b8\">1 <span class=\"_ _15b\"> </span></span><span class=\"ls18f ws1c4\">\u2013 <span class=\"_ _b5\"> </span><span class=\"ff289 ls186 ws1b6\">4 <span class=\"_ _a7\"> </span></span>\u2013 </span>* <span class=\"_ _2d\"> </span>Equity impact is offset by the euro net assets in the translation reserve using the net investment hedge in 2021. Interest ra<span class=\"_ _3\"/>te risk The Group\u2019s interest r<span class=\"_ _3\"/>ate policy is to <span class=\"_ _3\"/>allow fixed rate gr<span class=\"_ _3\"/>oss debt to va<span class=\"_ _3\"/>ry between 20% and 100% of tot<span class=\"_ _3\"/>al gross debt to<span class=\"_ _3\"/> accommodate f<span class=\"_ _3\"/>loating rate bo<span class=\"_ _3\"/>rrowings under<span class=\"_ _3\"/> the Revolving Cr<span class=\"_ _3\"/>edit Facili<span class=\"_ _3\"/>ty.  For financia<span class=\"_ _3\"/>l assets and <span class=\"_ _3\"/>liabilities cla<span class=\"_ _3\"/>ssified at fai<span class=\"_ _3\"/>r value thr<span class=\"_ _3\"/>ough profit or <span class=\"_ _3\"/>loss, the mov<span class=\"_ _3\"/>ements in the y<span class=\"_ _3\"/>ear relating to changes in fa<span class=\"_ _0\"/>ir value an<span class=\"_ _0\"/>d interes<span class=\"_ _0\"/>t are not se<span class=\"_ _0\"/>parate<span class=\"_ _0\"/>d. At 31 December 2022, the <span class=\"_ _3\"/>Group\u2019s fixed rat<span class=\"_ _3\"/>e debt represented <span class=\"_ _3\"/>93.8% of total gro<span class=\"_ _3\"/>ss debt (2021: 99.8%)<span class=\"_ _3\"/>, therefore with the majority of deb<span class=\"_ _3\"/>t issued at fi<span class=\"_ _3\"/>xed interest rates, changes i<span class=\"_ _3\"/>n the floating rates o<span class=\"_ _3\"/>f interest do not <span class=\"_ _3\"/>significantly affect the Group\u2019s <span class=\"_ _3\"/>net interest <span class=\"_ _3\"/>charge. There are<span class=\"_ _3\"/> no other mate<span class=\"_ _3\"/><span class=\"ls18f ws1d7\">rial floating intere<span class=\"_ _3\"/>st rate financial instruments. </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>226<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff284 ls3 ws2\"> </span><span class=\"ff285\">co<span class=\"_ _3\"/>ntinued<span class=\"ff283 ls3 ws2\"> </span></span>228<span class=\"ff287 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff288 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff287 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Determining fair value The fair value of forward foreign exchange co<span class=\"_ _3\"/>ntracts is determined by the change in pric<span class=\"_ _3\"/>e between the contracted rates and the market rates at the reporting date. The contracted ca<span class=\"_ _4\"/>sh flows are then discounted <span class=\"ls19e ws1b3\">by the time remaining to the </span>settlement date of the contract, with a disc<span class=\"ls19f ws1b5\">ount curve that inco<span class=\"_ _3\"/>rporates credit<span class=\"_ _3\"/> risk<span class=\"ls1a0 ws2\">. The fair value of int<span class=\"_ _3\"/>erest rate swaps </span></span>is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account<span class=\"_ _3\"/> current interest rates and the Group\u2019s curre<span class=\"_ _3\"/>nt creditwort<span class=\"ls19e ws1b3\">hiness, as well as that of the swap counterparties. </span>Third-party <span class=\"_ _3\"/>valuations a<span class=\"_ _3\"/>re used to fair<span class=\"_ _3\"/> value the Gr<span class=\"_ _3\"/>oup\u2019s cr<span class=\"_ _3\"/>oss currency i<span class=\"_ _3\"/>nterest rate de<span class=\"_ _3\"/>rivatives. The v<span class=\"_ _3\"/>aluation techniques<span class=\"_ _0\"/> use inpu<span class=\"_ _0\"/>ts, such as<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t rate yi<span class=\"_ _0\"/>eld curves<span class=\"_ _0\"/> and cu<span class=\"_ _0\"/>rrency prices<span class=\"_ _0\"/>/yields<span class=\"_ _0\"/>, volatili<span class=\"_ _0\"/>ties of un<span class=\"_ _0\"/>derlyin<span class=\"_ _0\"/>g instru<span class=\"_ _3\"/>ments and <span class=\"_ _3\"/>correlati<span class=\"_ _3\"/>ons betw<span class=\"_ _3\"/>een input<span class=\"_ _3\"/>s. How do we manage our currency and interest rate risk? Currency risk As the Gro<span class=\"_ _3\"/>up expands its i<span class=\"_ _3\"/>nternational o<span class=\"_ _3\"/>perations, th<span class=\"_ _3\"/>e performance of t<span class=\"_ _3\"/>he business <span class=\"_ _3\"/>becomes increasi<span class=\"_ _3\"/>ngly sensiti<span class=\"_ _3\"/>ve to movements in fo<span class=\"_ _3\"/>reign exchange rate<span class=\"_ _3\"/>s, primarily with respe<span class=\"_ _3\"/>ct to the US dollar and t<span class=\"_ _3\"/>he euro.  The Group\u2019s<span class=\"_ _0\"/> foreign exchan<span class=\"_ _0\"/>ge policy is to us<span class=\"_ _0\"/>e forward fore<span class=\"_ _0\"/>ign exchan<span class=\"_ _0\"/>ge contracts<span class=\"_ _0\"/> to hedge materi<span class=\"_ _0\"/>al non-functi<span class=\"_ _0\"/>onal currency denominated <span class=\"_ _3\"/>costs or reve<span class=\"_ _3\"/>nue for up to <span class=\"_ _3\"/>five years <span class=\"_ _3\"/>forward.  The Group ensu<span class=\"_ _3\"/>res that it<span class=\"_ _3\"/>s net exposure<span class=\"_ _3\"/> to foreign curr<span class=\"_ _3\"/>ency denominated ca<span class=\"_ _3\"/>sh balances is kept<span class=\"_ _4\"/> to a minimal level, where necessary u<span class=\"_ _3\"/>sing foreign currency swa<span class=\"_ _3\"/>ps to exchange bala<span class=\"ls186 ws1c9\">nces back<span class=\"_ _3\"/> into sterling or <span class=\"ls188 ws1d5\">by buyi<span class=\"_ _3\"/>ng or selling foreign </span></span>currencies at spot<span class=\"_ _3\"/> rates. The Group a<span class=\"_ _3\"/>lso utilis<span class=\"_ _3\"/>es foreign exc<span class=\"_ _3\"/>hange swap<span class=\"_ _3\"/>s and cross-<span class=\"_ _3\"/>currency<span class=\"_ _3\"/> interest rat<span class=\"_ _3\"/>e swaps bot<span class=\"_ _3\"/>h to manage fore<span class=\"_ _3\"/>ign currency <span class=\"_ _3\"/>cash flow<span class=\"_ _3\"/> timing diff<span class=\"_ _3\"/>erences a<span class=\"_ _3\"/>nd to hedge for<span class=\"_ _3\"/>eign curre<span class=\"_ _3\"/>ncy denomi<span class=\"_ _3\"/>nated monetary<span class=\"_ _3\"/> items.  During t<span class=\"_ _3\"/>he year, the Board<span class=\"_ _3\"/> approved the hedgi<span class=\"_ _3\"/>ng of the \u20ac3<span class=\"ls18b ws1c0\">35 million 2022 and \u20ac2<span class=\"_ _0\"/>59 mi<span class=\"ls18c ws1be\">llion 202<span class=\"_ _0\"/>3 Eurobond cash </span></span>outflows<span class=\"_ _0\"/>. Given the pe<span class=\"_ _0\"/>rfect matc<span class=\"_ _0\"/>h, these h<span class=\"_ _0\"/>edging ins<span class=\"_ _0\"/>trumen<span class=\"_ _0\"/>ts were set u<span class=\"_ _0\"/>p in separ<span class=\"_ _0\"/>ate hedge ac<span class=\"_ _0\"/>countin<span class=\"_ _0\"/>g relationships with t<span class=\"_ _3\"/>he hedged bonds t<span class=\"_ _3\"/>o manage foreig<span class=\"_ _3\"/>n exchange volatility until repa<span class=\"_ _3\"/>yment. This required t<span class=\"_ _3\"/>he cessation<span class=\"_ _0\"/> of the net inv<span class=\"_ _0\"/>estmen<span class=\"_ _0\"/>t hedge wh<span class=\"_ _0\"/>ere these Eu<span class=\"_ _0\"/>robond bo<span class=\"_ _0\"/>rrowings,<span class=\"_ _0\"/> along wit<span class=\"_ _0\"/>h other mon<span class=\"_ _0\"/>etary ass<span class=\"_ _0\"/>ets and liabili<span class=\"_ _0\"/>ties, we<span class=\"_ _0\"/>re in a hed<span class=\"_ _0\"/>ge accou<span class=\"_ _0\"/>nting a<span class=\"_ _0\"/>rrangem<span class=\"_ _0\"/>ent with<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">the Group\u2019s euro-d<span class=\"_ _3\"/>enominated net asset<span class=\"_ _3\"/>s. This change in </span>policy p<span class=\"_ _0\"/>rovided<span class=\"_ _0\"/> an oppo<span class=\"_ _0\"/>rtunity t<span class=\"_ _0\"/>o conside<span class=\"_ _0\"/>r the rem<span class=\"_ _0\"/>ainin<span class=\"_ _0\"/>g euro den<span class=\"_ _0\"/>ominat<span class=\"_ _0\"/>ed monet<span class=\"_ _0\"/>ary ite<span class=\"_ _0\"/>ms in is<span class=\"_ _0\"/>olation<span class=\"_ _0\"/> on a net basis and<span class=\"_ _3\"/> therefore ma<span class=\"_ _3\"/>nage the re<span class=\"_ _3\"/>maining fo<span class=\"_ _3\"/>reign <span class=\"ls184 ws1c8\">exchange vo<span class=\"_ _3\"/>latility in a more efficie<span class=\"_ _3\"/>nt way. </span>The follow<span class=\"_ _0\"/>ing <span class=\"_ _0\"/>table hi<span class=\"_ _0\"/>ghlights<span class=\"_ _0\"/> the Gr<span class=\"_ _0\"/>oup\u2019s ex<span class=\"_ _0\"/>posure<span class=\"ls184 ws1c8\"> to foreign currency risk resulting from a 10% </span>strengthening/weake<span class=\"_ _3\"/>ning in ster<span class=\"_ _3\"/>ling against t<span class=\"_ _3\"/>he US dollar, eu<span class=\"_ _3\"/>ro and Austr<span class=\"_ _3\"/>alian dolla<span class=\"_ _3\"/>r, assuming all <span class=\"_ _3\"/>other variab<span class=\"_ _3\"/>les are held constan<span class=\"_ _0\"/>t: Impact on profit before tax 2022 \u00a3m Impact on profit before tax<span class=\"_ _0\"/> 2021 \u00a3m Impact on Equity 2022 \u00a3m Impact on Equity 2021 \u00a3m US dollar \u2013 increase 10% <span class=\"_ _98\"> </span><span class=\"ff289 ls183 ws1bd\">(9) <span class=\"_ _93\"> </span></span><span class=\"ls188 ws1b9\">(3) <span class=\"_ _15f\"> </span><span class=\"ff289 ls18b ws1bb\">6 </span></span>4<span class=\"_ _335\"> </span>US dollar \u2013 decrease 1<span class=\"_ _3\"/>0% <span class=\"_ _96\"> </span><span class=\"ff289 ls184 ws1d4\">9 <span class=\"_ _15b\"> </span></span><span class=\"ws1b9\">3 <span class=\"_ _11\"> </span><span class=\"ff289 ls183 ws1bd\">(8) <span class=\"_ _93\"> </span></span><span class=\"ls19b ws1d6\">(4) </span></span>Euro \u2013 increase 10%* <span class=\"_ _e1\"> </span><span class=\"ff289 ls3 ws2\">(</span>4<span class=\"_ _335\"> </span>) <span class=\"_ _a5\"> </span><span class=\"ff28a ls19b ws1d6\">(1<span class=\"_ _0\"/>) <span class=\"_ _f9\"> </span></span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _127\"> </span><span class=\"ff28a ls183 ws1bd\">15 </span></span>Euro \u2013 decrease 10%* <span class=\"_ _249\"> </span><span class=\"ff289 ls18f ws1c4\">5 <span class=\"_ _15\"> </span></span><span class=\"ls189 ws1b8\">2 <span class=\"_ _4f\"> </span><span class=\"ff289 ls186 ws1b6\">4 <span class=\"_ _f9\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>9) </span></span>Australian do<span class=\"_ _3\"/>llar \u2013 increase <span class=\"_ _3\"/>10% <span class=\"_ _e3\"> </span><span class=\"ff289 ls189 ws1b8\">(1) <span class=\"_ _57\"> </span></span><span class=\"ls18f ws1c4\">\u2013 <span class=\"_ _ad\"> </span><span class=\"ff289 ls18b ws1bb\">(4) <span class=\"_ _161\"> </span></span>\u2013 </span>Australian do<span class=\"_ _3\"/>llar \u2013 decrease<span class=\"_ _3\"/> 10% <span class=\"_ _13b\"> </span><span class=\"ff289 ls189 ws1b8\">1 <span class=\"_ _15b\"> </span></span><span class=\"ls18f ws1c4\">\u2013 <span class=\"_ _b5\"> </span><span class=\"ff289 ls186 ws1b6\">4 <span class=\"_ _a7\"> </span></span>\u2013 </span>* <span class=\"_ _2d\"> </span>Equity impact is offset by the euro net assets in the translation reserve using the net investment hedge in 2021. Interest ra<span class=\"_ _3\"/>te risk The Group\u2019s interest r<span class=\"_ _3\"/>ate policy is to <span class=\"_ _3\"/>allow fixed rate gr<span class=\"_ _3\"/>oss debt to va<span class=\"_ _3\"/>ry between 20% and 100% of tot<span class=\"_ _3\"/>al gross debt to<span class=\"_ _3\"/> accommodate f<span class=\"_ _3\"/>loating rate bo<span class=\"_ _3\"/>rrowings under<span class=\"_ _3\"/> the Revolving Cr<span class=\"_ _3\"/>edit Facili<span class=\"_ _3\"/>ty.  For financia<span class=\"_ _3\"/>l assets and <span class=\"_ _3\"/>liabilities cla<span class=\"_ _3\"/>ssified at fai<span class=\"_ _3\"/>r value thr<span class=\"_ _3\"/>ough profit or <span class=\"_ _3\"/>loss, the mov<span class=\"_ _3\"/>ements in the y<span class=\"_ _3\"/>ear relating to changes in fa<span class=\"_ _0\"/>ir value an<span class=\"_ _0\"/>d interes<span class=\"_ _0\"/>t are not se<span class=\"_ _0\"/>parate<span class=\"_ _0\"/>d. At 31 December 2022, the <span class=\"_ _3\"/>Group\u2019s fixed rat<span class=\"_ _3\"/>e debt represented <span class=\"_ _3\"/>93.8% of total gro<span class=\"_ _3\"/>ss debt (2021: 99.8%)<span class=\"_ _3\"/>, therefore with the majority of deb<span class=\"_ _3\"/>t issued at fi<span class=\"_ _3\"/>xed interest rates, changes i<span class=\"_ _3\"/>n the floating rates o<span class=\"_ _3\"/>f interest do not <span class=\"_ _3\"/>significantly affect the Group\u2019s <span class=\"_ _3\"/>net interest <span class=\"_ _3\"/>charge. There are<span class=\"_ _3\"/> no other mate<span class=\"_ _3\"/><span class=\"ls18f ws1d7\">rial floating intere<span class=\"_ _3\"/>st rate financial instruments. </span>ITV plc<span class=\"ff28f ls3 ws2\">\u2009<span class=\"ff290 ls1bb ws1cc\">Annual Rep<span class=\"_ _3\"/>ort and Accounts 2022 <span class=\"ff28e fs27 ls1bc ws21d\">229 </span></span></span>What is the value of our derivative financial instruments? The followin<span class=\"_ _0\"/>g table shows<span class=\"_ _0\"/> the fair value of<span class=\"_ _0\"/> derivativ<span class=\"_ _0\"/>e financial inst<span class=\"_ _0\"/>ruments anal<span class=\"_ _0\"/>ysed by type of con<span class=\"_ _0\"/>tract. Inter<span class=\"_ _0\"/>est rate swap fair values<span class=\"_ _0\"/> exclude accru<span class=\"_ _0\"/>ed interes<span class=\"_ _0\"/>t. At 31 December 2022 Assets  \u00a3m Liabilities  \u00a3m  Current <span class=\"_ _2d6\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span> </span>Foreign exchange<span class=\"_ _3\"/> forward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges <span class=\"_ _72\"> </span><span class=\"ff291 ws1d4\">2 <span class=\"_ _1f\"> </span><span class=\"ls18b ws1bb\">(6) </span></span>Foreign exch<span class=\"_ _0\"/>ange forwa<span class=\"_ _0\"/>rd contrac<span class=\"_ _0\"/>ts and swaps \u2013 fair val<span class=\"_ _0\"/>ue throug<span class=\"_ _0\"/>h profit or loss<span class=\"_ _0\"/> <span class=\"_ _226\"> </span><span class=\"ff291 ls184 ws1d4\">\u2013 <span class=\"_ _25\"> </span><span class=\"ls189 ws1b8\">(1) </span></span>Non-current <span class=\"_ _1ee\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span> </span>Cross-currency interest swaps \u2013 cash flow hedges <span class=\"_ _2d7\"> </span><span class=\"ff291 ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span><span class=\"ls183 ws1bd\">(8) </span></span>Foreign exchange<span class=\"_ _3\"/> forward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges <span class=\"_ _72\"> </span><span class=\"ff291 ws1d4\">2 <span class=\"_ _131\"> </span>\u2013 </span> <span class=\"_ _2d8\"> </span><span class=\"ff291 ls186 ws1b6\">4 <span class=\"_ _124\"> </span><span class=\"ls18c ws1c2\">(15) </span></span>At 31 December 2021 Assets  \u00a3m Liabilities  \u00a3m  Current Foreign exchange<span class=\"_ _3\"/> forward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges 1 (2) Foreign exch<span class=\"_ _0\"/>ange forwa<span class=\"_ _0\"/>rd contrac<span class=\"_ _0\"/>ts and swaps \u2013 fair val<span class=\"_ _0\"/>ue throug<span class=\"_ _0\"/>h profit or loss<span class=\"_ _0\"/> 2 (3) Non-current Cross-currency interest swaps \u2013 cash flow hedges \u2013 (36) Foreign exchange<span class=\"_ _3\"/> forward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges \u2013 (1) 3 (42) Cash flow hedges The Group applies hedg<span class=\"_ _3\"/>e accounting for <span class=\"_ _3\"/>certain foreign curr<span class=\"ls18c ws1be\">ency firm commitments and highly probable cash flows </span>where the unde<span class=\"_ _3\"/>rlying cash flows ar<span class=\"_ _3\"/>e payable wit<span class=\"_ _3\"/>hin the next <span class=\"_ _4\"/><span class=\"ls186 ws1c9\">five years. In order to fix the<span class=\"_ _3\"/> sterling ca<span class=\"_ _3\"/>sh outflows </span>associated<span class=\"_ _3\"/> with the com<span class=\"_ _3\"/>mitments and inte<span class=\"_ _3\"/>rest payments \u2013 <span class=\"_ _3\"/>which are mai<span class=\"_ _3\"/>nly denominated<span class=\"_ _3\"/> in US dollars or e<span class=\"_ _3\"/>uros \u2013 the Group has taken out for<span class=\"_ _3\"/>ward foreign exchange contra<span class=\"_ _3\"/>cts and cross-currency intere<span class=\"_ _3\"/>st rate swaps for the same foreign curre<span class=\"_ _3\"/>ncy amount and<span class=\"_ _3\"/> maturity date <span class=\"_ _3\"/>as the expected<span class=\"_ _3\"/> foreign curre<span class=\"_ _3\"/>ncy outflow.  There is an<span class=\"_ _0\"/> economic<span class=\"_ _0\"/> relation<span class=\"_ _0\"/>ship betw<span class=\"_ _0\"/>een the h<span class=\"_ _0\"/>edged items<span class=\"_ _0\"/> (being be<span class=\"_ _0\"/>tween 60% to<span class=\"_ _0\"/> 100% of the to<span class=\"_ _0\"/>tal expos<span class=\"_ _0\"/>ure) and the hedgi<span class=\"_ _3\"/>ng instruments as the ter<span class=\"_ _3\"/>ms of the foreign e<span class=\"_ _3\"/>x<span class=\"ws1d5\">change forward contracts and cross-currency intere<span class=\"_ _3\"/>st rate </span>swaps match t<span class=\"_ _3\"/>he terms of t<span class=\"_ _3\"/>he expected highly <span class=\"_ _3\"/>probable f<span class=\"_ _3\"/>ore<span class=\"ls18e ws1c6\">cast tr<span class=\"_ _3\"/>ansacti<span class=\"_ _3\"/>ons or fir<span class=\"_ _3\"/>m commitm<span class=\"_ _3\"/>ents (i.e<span class=\"_ _4\"/>. % notional </span>amount and<span class=\"_ _3\"/> expected rece<span class=\"_ _3\"/>ipt or payment date)<span class=\"_ _3\"/>. Th<span class=\"_ _4\"/>e <span class=\"_ _4\"/>Gro<span class=\"_ _4\"/>u<span class=\"ls198 ws1b2\">p has established a hedge ratio of 1:1 for the hedging </span>relationships as the underlying r<span class=\"_ _0\"/>isk of the foreign exc<span class=\"_ _0\"/>hange <span class=\"ls196 ws1be\">forward contracts are id<span class=\"_ _3\"/>entical to the hedged ri<span class=\"_ _3\"/>sk components. </span>Sources of i<span class=\"_ _3\"/>neffectiveness <span class=\"_ _3\"/>include: \u2022  <span class=\"ff292 ls184 ws1b3\">Different i<span class=\"_ _4\"/>n<span class=\"_ _0\"/>terest rat<span class=\"_ _3\"/>e curve applied to<span class=\"_ _3\"/> discounting t<span class=\"_ _3\"/>he hedged items a<span class=\"_ _3\"/>nd hedging instrument<span class=\"_ _3\"/>s </span>\u2022  <span class=\"ff292 ls184 ws1c8\">Differences in the timing of the ca<span class=\"_ _3\"/>sh flows of<span class=\"ws1b3\"> t<span class=\"_ _3\"/>he hedged items and th<span class=\"_ _3\"/>e hedging instr<span class=\"_ _3\"/>uments </span></span>\u2022  <span class=\"ff292 ls184 ws1b3\">The counterpa<span class=\"_ _3\"/>rties\u2019 credit<span class=\"_ _3\"/> risk differe<span class=\"_ _3\"/>ntly impacting t<span class=\"_ _3\"/>h<span class=\"ls186 ws1c9\">e fair value mov<span class=\"_ _3\"/>ements of the hedging i<span class=\"_ _3\"/>nstruments a<span class=\"_ _3\"/>nd </span></span>hedged items and \u2022  <span class=\"ff292 ls18e ws1c0\">Change<span class=\"_ _3\"/>s to the<span class=\"_ _3\"/> forecast<span class=\"_ _4\"/>ed amount of <span class=\"_ _3\"/>cash f<span class=\"_ _3\"/>lows of <span class=\"_ _3\"/>hedged it<span class=\"_ _3\"/>ems and<span class=\"_ _3\"/> hedgi<span class=\"_ _3\"/>ng inst<span class=\"_ _3\"/>ruments<span class=\"_ _3\"/> </span>The Group uses<span class=\"_ _0\"/> the hedge rela<span class=\"_ _0\"/>tionship,<span class=\"_ _0\"/> credit risk an<span class=\"_ _0\"/>d hedge ratio t<span class=\"_ _0\"/>o measure the<span class=\"_ _0\"/> hedge effec<span class=\"_ _0\"/>tiveness. The amount recognised in other co<span class=\"_ _3\"/>mprehensive income during<span class=\"ls19e ws1b3\"> the period all relates to the effective portion of the </span>revaluation loss a<span class=\"_ _3\"/>ssociated with<span class=\"ls1a0 ws2\"> these contracts. There was \u00a33<span class=\"_ _4\"/> million (2021: less than \u00a31 million) of ineffectiveness </span>taken to the Consolidated Income Statemen<span class=\"ls19f ws1b5\">t and \u00a33<span class=\"_ _3\"/>3 million of cum<span class=\"_ _3\"/>ulative gain (2021: \u00a330 <span class=\"_ _3\"/>million of cu<span class=\"_ _3\"/>mulative loss*) </span>was recycled to the Consolidated Income<span class=\"ls19e ws1b3\"> Statement in the year, <span class=\"_ _3\"/>with \u00a37 million transferred to work in progress.  </span>Under IFR<span class=\"_ _0\"/>S 9, the Gro<span class=\"_ _0\"/>up has ado<span class=\"_ _0\"/>pted the \u2018c<span class=\"_ _0\"/>ost of hed<span class=\"_ _0\"/>ging\u2019 <span class=\"ls188 ws1d2\">approach which allows the re<span class=\"_ _3\"/>co<span class=\"ls184 ws1c8\">gnition of the value of the </span></span>currency basis at inceptio<span class=\"_ _3\"/>n of the hedge t<span class=\"_ _3\"/>o be recorded <span class=\"_ _3\"/>on the Consolid<span class=\"_ _3\"/>ated Stateme<span class=\"_ _3\"/>nt of Financi<span class=\"_ _3\"/>al Positio<span class=\"_ _3\"/>n and amortised <span class=\"_ _3\"/>through net <span class=\"_ _3\"/>financing co<span class=\"_ _3\"/>sts in t<span class=\"_ _3\"/>he Consolid<span class=\"_ _3\"/>ated Income <span class=\"_ _3\"/>Statement o<span class=\"_ _3\"/>ver the life<span class=\"_ _3\"/> of the bo<span class=\"_ _3\"/>nd. Any mar<span class=\"_ _3\"/>k-to-<span class=\"_ _335\"> </span>market change in fair value of the currency basi<span class=\"_ _3\"/>s is recognis<span class=\"ls184 ws1b3\">ed in \u2018cost of <span class=\"_ _3\"/>hedging\u2019 in the <span class=\"_ _3\"/>Consolidated Stat<span class=\"_ _3\"/>ement of </span>Comprehensive Income.<span class=\"_ _0\"/>  Net investment hedges The Group cea<span class=\"_ _3\"/>sed net invest<span class=\"_ _3\"/>ment hedging u<span class=\"_ _3\"/>sing euro de<span class=\"_ _3\"/>nominated debt to hedg<span class=\"_ _3\"/>e against the <span class=\"_ _3\"/>change in the <span class=\"_ _3\"/>sterling value of <span class=\"_ _3\"/>its euro<span class=\"_ _3\"/> denominat<span class=\"_ _3\"/>ed net asset<span class=\"_ _3\"/>s due to mo<span class=\"_ _3\"/>vements i<span class=\"_ _3\"/>n foreign <span class=\"_ _3\"/>exchange rate<span class=\"_ _3\"/>s. A chan<span class=\"_ _3\"/>ge to the ri<span class=\"_ _3\"/>sk management obje<span class=\"_ _3\"/>ctive meant that the <span class=\"ls184 ws1b3\">rem<span class=\"_ _3\"/>aining euro denom<span class=\"_ _3\"/>inated monetar<span class=\"_ _3\"/>y items on the Co<span class=\"_ _3\"/>nsolidated Statement<span class=\"_ _3\"/> </span>of Financial Position could be considered <span class=\"_ _3\"/>in isolation on a net basis and t<span class=\"_ _3\"/>herefore manage the remaining forei<span class=\"_ _3\"/>gn exchange vo<span class=\"_ _3\"/>latility in a <span class=\"_ _3\"/>more effi<span class=\"_ _3\"/>cient way. A <span class=\"_ _3\"/>foreign exchange g<span class=\"_ _3\"/>ain of less t<span class=\"_ _3\"/>han \u00a31 milli<span class=\"_ _3\"/>on (2021: gai<span class=\"_ _3\"/>n of \u00a313 milli<span class=\"_ _3\"/>on) relating to<span class=\"_ _3\"/> the net investme<span class=\"_ _3\"/>nt hedges rema<span class=\"_ _3\"/>ins within ex<span class=\"_ _3\"/>change difference<span class=\"_ _3\"/>s related t<span class=\"_ _3\"/>o translation o<span class=\"_ _3\"/>f foreign operations<span class=\"_ _0\"/> as presen<span class=\"_ _0\"/>ted on the Con<span class=\"_ _0\"/>solid<span class=\"_ _0\"/><span class=\"ls184 ws1c8\">ated Statement of Compr<span class=\"_ _3\"/>ehensive Income. </span>* <span class=\"_ _2d\"> </span>20<span class=\"_ _0\"/>21 has bee<span class=\"_ _0\"/>n updated f<span class=\"_ _0\"/>rom prio<span class=\"_ _0\"/>r year to<span class=\"_ _0\"/> better re<span class=\"_ _0\"/>flect the<span class=\"_ _0\"/> amounts<span class=\"_ _0\"/> reclassifie<span class=\"_ _0\"/>d from t<span class=\"_ _0\"/>he Consol<span class=\"_ _0\"/>idated <span class=\"_ _0\"/>Statement <span class=\"_ _0\"/>of Compre<span class=\"_ _0\"/>hen<span class=\"ls194 ws2ae\">sive Income to the </span>Consolida<span class=\"_ _0\"/>ted In<span class=\"_ _0\"/>come Sta<span class=\"_ _0\"/>tement.<span class=\"_ _0\"/> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>227<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff296 ls3 ws2\"> <span class=\"ff297 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff295 ls3 ws2\"> </span></span></span>230<span class=\"ff299 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff29a ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff299 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>Undiscounted financial liabilities Keeping it simple The Group is<span class=\"_ _0\"/> required to d<span class=\"_ _0\"/>isclose the ex<span class=\"_ _0\"/>pected tim<span class=\"_ _0\"/>ings of cash ou<span class=\"_ _0\"/>tflows for eac<span class=\"_ _0\"/>h of its fina<span class=\"_ _0\"/>ncial l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ties (inc<span class=\"_ _0\"/>luding<span class=\"_ _0\"/> deriva<span class=\"_ _0\"/>ti<span class=\"ls186 ws2\">ves). The am<span class=\"_ _3\"/>ounts disclo<span class=\"_ _3\"/>sed in the tab<span class=\"_ _3\"/>le are </span>the contr<span class=\"_ _0\"/>actual undiscoun<span class=\"_ _0\"/>ted cash fl<span class=\"_ _0\"/>ows (including<span class=\"_ _0\"/> interest), s<span class=\"_ _0\"/>o will not <span class=\"_ _0\"/>always reconcil<span class=\"_ _0\"/>e with the amo<span class=\"_ _0\"/>unts disclosed<span class=\"_ _0\"/> on the Statemen<span class=\"_ _0\"/>t of Financial Po<span class=\"_ _0\"/>sition.  At 31 December 2022 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-deri<span class=\"_ _3\"/>vative fina<span class=\"_ _3\"/>ncial liabi<span class=\"_ _3\"/>lities <span class=\"_ _125\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _4d\"> </span> <span class=\"_ _14d\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Borrowings <span class=\"_ _232\"> </span><span class=\"ff29b ls189 ws1b8\">(830)<span class=\"_ _0\"/> <span class=\"_ _85\"> </span></span><span class=\"ff29b\">(865<span class=\"_ _0\"/>) <span class=\"_ _a8\"> </span><span class=\"ls18f ws1c4\">(302) <span class=\"_ _9f\"> </span><span class=\"ls183 ws1bd\">(8) <span class=\"_ _b6\"> </span><span class=\"ls188 ws1b9\">(550) <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(5) </span></span></span></span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _177\"> </span><span class=\"ff29b ls18c ws1c2\">(132) <span class=\"_ _ab\"> </span><span class=\"ls189 ws1b8\">(149) <span class=\"_ _7f\"> </span><span class=\"ls183 ws1bd\">(21) <span class=\"_ _c4\"> </span>(26) <span class=\"_ _8a\"> </span><span class=\"ls18b ws1bb\">(37)<span class=\"_ _0\"/> <span class=\"_ _89\"> </span></span></span></span>(65) </span>Trade and<span class=\"_ _0\"/> other pay<span class=\"_ _0\"/>ables <span class=\"_ _be\"> </span><span class=\"ff29b ls18b ws1bb\">(915<span class=\"_ _0\"/>) <span class=\"_ _bf\"> </span>(915) <span class=\"_ _a8\"> </span><span class=\"ls18c ws1c2\">(898) <span class=\"_ _8a\"> </span></span>(14) <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span>Contract liabilities <span class=\"_ _f5\"> </span><span class=\"ff29b ls18c ws1c2\">(372) <span class=\"_ _c1\"> </span>(372) <span class=\"_ _aa\"> </span>(372) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _56\"> </span>\u2013 </span></span>Other paya<span class=\"_ _3\"/>bles \u2013 non<span class=\"_ _3\"/>-current <span class=\"_ _1aa\"> </span><span class=\"ff29b ls18b ws1bb\">(28) <span class=\"_ _a8\"> </span>(28)<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _26\"> </span><span class=\"ls189 ws1b8\">(25)<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _62\"> </span></span></span>\u2013 </span></span>Other payables \u2013 commitme<span class=\"_ _3\"/>nts on acquisitions <span class=\"_ _3f\"> </span><span class=\"ff29b ls18b ws1bb\">(47) <span class=\"_ _a9\"> </span>(89)<span class=\"_ _335\"> </span></span>* <span class=\"_ _50\"> </span><span class=\"ls183 ws1bd\">(8)<span class=\"_ _0\"/> <span class=\"_ _89\"> </span>(26) <span class=\"_ _c4\"> </span><span class=\"ls18c ws1c2\">(33) <span class=\"_ _c4\"> </span><span class=\"ls18b ws1bb\">(22) </span></span></span>Derivative financ<span class=\"_ _3\"/>ial instruments <span class=\"_ _119\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _4d\"> </span> <span class=\"_ _14d\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _47\"> </span> </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges <span class=\"_ _d9\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Inflow <span class=\"_ _246\"> </span><span class=\"ff29b ls186 ws1b6\">4 <span class=\"_ _21\"> </span><span class=\"ls183 ws1bd\">480 <span class=\"_ _50\"> </span><span class=\"ls18b ws1bb\">401 <span class=\"_ _24\"> </span><span class=\"ls189 ws1b8\">63 <span class=\"_ _42\"> </span>16 <span class=\"_ _43\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span></span></span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _2d9\"> </span><span class=\"ff29b ls18b ws1bb\">(6) <span class=\"_ _85\"> </span>(486) <span class=\"_ _c7\"> </span>(409) <span class=\"_ _8a\"> </span><span class=\"ls189 ws1b8\">(61) <span class=\"_ _8a\"> </span>(16) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span>Cross-currency swaps \u2013 c<span class=\"_ _0\"/>ash flow hedges <span class=\"_ _1d\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ff29b ls184 ws1d4\">\u2013 <span class=\"_ _b3\"> </span><span class=\"ls18c ws1c2\">560 <span class=\"_ _60\"> </span><span class=\"ls186 ws1b6\">7 <span class=\"_ _43\"> </span>7 <span class=\"_ _1c\"> </span><span class=\"ls188 ws1b9\">546 <span class=\"_ _43\"> </span></span></span></span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _143\"> </span><span class=\"ff29b ls183 ws1bd\">(8)<span class=\"_ _0\"/> <span class=\"_ _85\"> </span><span class=\"ls18b ws1bb\">(596<span class=\"_ _0\"/>) <span class=\"_ _a4\"> </span><span class=\"ls189 ws1b8\">(16) <span class=\"_ _a6\"> </span>(16) <span class=\"_ _b6\"> </span>(564) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span></span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 fair value through profit or loss <span class=\"_ _db\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ff29b ls184 ws1d4\">\u2013 <span class=\"_ _34\"> </span><span class=\"ls18c ws1c2\">51 <span class=\"_ _46\"> </span><span class=\"ls183 ws1bd\">45<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls18b ws1bb\">6 <span class=\"_ _56\"> </span></span></span></span>\u2013 <span class=\"_ _43\"> </span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ff29b ls189 ws1b8\">(1) <span class=\"_ _a9\"> </span><span class=\"ls18b ws1bb\">(52) <span class=\"_ _41\"> </span>(46) <span class=\"_ _9f\"> </span>(6) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _43\"> </span>\u2013 </span></span></span> <span class=\"_ _15d\"> </span><span class=\"ff29b ls18c ws1c2\">(2,335) <span class=\"_ _95\"> </span><span class=\"ls18b ws1bb\">(2,461) <span class=\"_ _e5\"> </span><span class=\"ls189 ws1b8\">(1,61<span class=\"_ _0\"/>9) <span class=\"_ _5e\"> </span>(106) <span class=\"_ _c0\"> </span></span>(64<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _89\"> </span><span class=\"ls18b ws1bb\">(92) </span>At 31 December 2021 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-deri<span class=\"_ _3\"/>vative fina<span class=\"_ _3\"/>ncial liabi<span class=\"_ _3\"/>lities <span class=\"_ _125\"> </span><span class=\"ff29d ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Borrowings <span class=\"_ _2a3\"> </span><span class=\"ls188 ws2ca\">(<span class=\"_ _3\"/>1,022) (1,071) <span class=\"_ _166\"> </span>(308) <span class=\"_ _1f9\"> </span>(229) <span class=\"_ _2a\"> </span>(528) <span class=\"_ _e5\"> </span>(6) </span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _262\"> </span><span class=\"ls188 ws2cb\">(92) (103) <span class=\"_ _95\"> </span>(21) <span class=\"_ _1f9\"> </span>(19) <span class=\"_ _2a\"> </span>(33) <span class=\"_ _2b\"> </span>(30) </span>Trade and<span class=\"_ _0\"/> other pay<span class=\"_ _0\"/>ables <span class=\"_ _2dc\"> </span><span class=\"ls188 ws2cc\">(841) (841) <span class=\"_ _e\"> </span>(824) <span class=\"_ _27c\"> </span>(17) <span class=\"_ _d3\"> </span>\u2013 <span class=\"_ _c1\"> </span>\u2013 </span>Contract liabilities <span class=\"_ _f5\"> </span><span class=\"ls188 ws2cd\">(359) <span class=\"_ _2dd\"/>(359) <span class=\"_ _2de\"/>(359) <span class=\"_ _1a5\"/>\u2013 \u2013 \u2013 </span>Other paya<span class=\"_ _3\"/>bles \u2013 non<span class=\"_ _3\"/>-current <span class=\"_ _70\"> </span><span class=\"ls188 ws2ce\">(28) (28) <span class=\"_ _154\"> </span>\u2013 <span class=\"_ _2d\"> </span>(23) <span class=\"_ _2a\"> </span>(5) <span class=\"_ _145\"> </span>\u2013 </span>Other payables \u2013 commitme<span class=\"_ _3\"/>nts on acquisitions <span class=\"_ _5f\"> </span><span class=\"ls184 ws2cf\">(64) (79)<span class=\"_ _335\"> </span></span>* (26) <span class=\"_ _2d0\"> </span>(1) (52) <span class=\"_ _167\"> </span>\u2013 Derivative financ<span class=\"_ _3\"/>ial instruments <span class=\"_ _119\"> </span><span class=\"ff29d ls3 ws2c9\"> <span class=\"_ _66\"/> <span class=\"_ _f\"> </span>    </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges Inflow <span class=\"_ _1cb\"> </span><span class=\"ls183 ws2d1\">1 193 <span class=\"_ _2b\"> </span>147<span class=\"_ _0\"/> </span>4<span class=\"_ _335\"> </span>6 \u2013 \u2013 Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ls188 ws2d2\">(3) (196) <span class=\"_ _e9\"> </span>(149) <span class=\"_ _2a\"> </span>(47) <span class=\"_ _147\"> </span>\u2013 <span class=\"_ _ab\"> </span>\u2013 </span>Cross-currency swaps \u2013 c<span class=\"_ _0\"/>ash flow hedges <span class=\"_ _7e\"> </span><span class=\"ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ws2d3\">\u2013 539 <span class=\"_ _d4\"> </span>7 <span class=\"_ _185\"> </span>7 <span class=\"_ _2\"> </span>525 <span class=\"_ _185\"> </span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _21a\"> </span><span class=\"ls188 ws2cc\">(36) <span class=\"_ _0\"/>(612) <span class=\"_ _95\"> </span>(16) <span class=\"_ _1f9\"> </span>(16) (<span class=\"_ _3\"/>580) <span class=\"_ _147\"> </span>\u2013 </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 fair value through profit or loss <span class=\"_ _2df\"> </span><span class=\"ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ls185 ws2d4\">2 312 <span class=\"_ _9\"> </span>308 </span>4 \u2013 \u2013 Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ls188 ws2d5\">(3) (311) <span class=\"_ _ec\"> </span>(307) <span class=\"_ _e7\"> </span>(4) <span class=\"_ _154\"> </span>\u2013 <span class=\"_ _e5\"> </span>\u2013 </span> <span class=\"_ _2d1\"> </span><span class=\"ls188 ws2d6\">(2,445) (2,556) <span class=\"_ _2b\"> </span>(1,548) <span class=\"_ _165\"> </span>(299) <span class=\"_ _166\"> </span>(673)  (36) </span>* <span class=\"_ _2d\"> </span>Und<span class=\"_ _0\"/>iscounte<span class=\"_ _0\"/>d expecte<span class=\"_ _0\"/>d futu<span class=\"_ _0\"/>re paymen<span class=\"_ _0\"/>ts depend<span class=\"_ _0\"/>ing on pe<span class=\"_ _0\"/>rformanc<span class=\"_ _0\"/>e of acqu<span class=\"_ _0\"/>isitions; <span class=\"_ _0\"/>the total m<span class=\"_ _0\"/>aximum <span class=\"_ _0\"/>considera<span class=\"_ _0\"/>tion is d<span class=\"_ _0\"/>iscussed <span class=\"ls1c0 ws235\">in the Finance Review.</span><span class=\"ls1c0 ws235\"> </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>228<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff296 ls3 ws2\"> <span class=\"ff297 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff295 ls3 ws2\"> </span></span></span>230<span class=\"ff299 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff29a ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff299 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>Undiscounted financial liabilities Keeping it simple The Group is<span class=\"_ _0\"/> required to d<span class=\"_ _0\"/>isclose the ex<span class=\"_ _0\"/>pected tim<span class=\"_ _0\"/>ings of cash ou<span class=\"_ _0\"/>tflows for eac<span class=\"_ _0\"/>h of its fina<span class=\"_ _0\"/>ncial l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ties (inc<span class=\"_ _0\"/>luding<span class=\"_ _0\"/> deriva<span class=\"_ _0\"/>ti<span class=\"ls186 ws2\">ves). The am<span class=\"_ _3\"/>ounts disclo<span class=\"_ _3\"/>sed in the tab<span class=\"_ _3\"/>le are </span>the contr<span class=\"_ _0\"/>actual undiscoun<span class=\"_ _0\"/>ted cash fl<span class=\"_ _0\"/>ows (including<span class=\"_ _0\"/> interest), s<span class=\"_ _0\"/>o will not <span class=\"_ _0\"/>always reconcil<span class=\"_ _0\"/>e with the amo<span class=\"_ _0\"/>unts disclosed<span class=\"_ _0\"/> on the Statemen<span class=\"_ _0\"/>t of Financial Po<span class=\"_ _0\"/>sition.  At 31 December 2022 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-deri<span class=\"_ _3\"/>vative fina<span class=\"_ _3\"/>ncial liabi<span class=\"_ _3\"/>lities <span class=\"_ _125\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _4d\"> </span> <span class=\"_ _14d\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Borrowings <span class=\"_ _232\"> </span><span class=\"ff29b ls189 ws1b8\">(830)<span class=\"_ _0\"/> <span class=\"_ _85\"> </span></span><span class=\"ff29b\">(865<span class=\"_ _0\"/>) <span class=\"_ _a8\"> </span><span class=\"ls18f ws1c4\">(302) <span class=\"_ _9f\"> </span><span class=\"ls183 ws1bd\">(8) <span class=\"_ _b6\"> </span><span class=\"ls188 ws1b9\">(550) <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(5) </span></span></span></span></span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _177\"> </span><span class=\"ff29b ls18c ws1c2\">(132) <span class=\"_ _ab\"> </span><span class=\"ls189 ws1b8\">(149) <span class=\"_ _7f\"> </span><span class=\"ls183 ws1bd\">(21) <span class=\"_ _c4\"> </span>(26) <span class=\"_ _8a\"> </span><span class=\"ls18b ws1bb\">(37)<span class=\"_ _0\"/> <span class=\"_ _89\"> </span></span></span></span>(65) </span>Trade and<span class=\"_ _0\"/> other pay<span class=\"_ _0\"/>ables <span class=\"_ _be\"> </span><span class=\"ff29b ls18b ws1bb\">(915<span class=\"_ _0\"/>) <span class=\"_ _bf\"> </span>(915) <span class=\"_ _a8\"> </span><span class=\"ls18c ws1c2\">(898) <span class=\"_ _8a\"> </span></span>(14) <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span>Contract liabilities <span class=\"_ _f5\"> </span><span class=\"ff29b ls18c ws1c2\">(372) <span class=\"_ _c1\"> </span>(372) <span class=\"_ _aa\"> </span>(372) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _56\"> </span>\u2013 </span></span>Other paya<span class=\"_ _3\"/>bles \u2013 non<span class=\"_ _3\"/>-current <span class=\"_ _1aa\"> </span><span class=\"ff29b ls18b ws1bb\">(28) <span class=\"_ _a8\"> </span>(28)<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _26\"> </span><span class=\"ls189 ws1b8\">(25)<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span><span class=\"ls18c ws1c2\">(3) <span class=\"_ _62\"> </span></span></span>\u2013 </span></span>Other payables \u2013 commitme<span class=\"_ _3\"/>nts on acquisitions <span class=\"_ _3f\"> </span><span class=\"ff29b ls18b ws1bb\">(47) <span class=\"_ _a9\"> </span>(89)<span class=\"_ _335\"> </span></span>* <span class=\"_ _50\"> </span><span class=\"ls183 ws1bd\">(8)<span class=\"_ _0\"/> <span class=\"_ _89\"> </span>(26) <span class=\"_ _c4\"> </span><span class=\"ls18c ws1c2\">(33) <span class=\"_ _c4\"> </span><span class=\"ls18b ws1bb\">(22) </span></span></span>Derivative financ<span class=\"_ _3\"/>ial instruments <span class=\"_ _119\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _4d\"> </span> <span class=\"_ _14d\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _47\"> </span> </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges <span class=\"_ _d9\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Inflow <span class=\"_ _246\"> </span><span class=\"ff29b ls186 ws1b6\">4 <span class=\"_ _21\"> </span><span class=\"ls183 ws1bd\">480 <span class=\"_ _50\"> </span><span class=\"ls18b ws1bb\">401 <span class=\"_ _24\"> </span><span class=\"ls189 ws1b8\">63 <span class=\"_ _42\"> </span>16 <span class=\"_ _43\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span></span></span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _2d9\"> </span><span class=\"ff29b ls18b ws1bb\">(6) <span class=\"_ _85\"> </span>(486) <span class=\"_ _c7\"> </span>(409) <span class=\"_ _8a\"> </span><span class=\"ls189 ws1b8\">(61) <span class=\"_ _8a\"> </span>(16) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span>Cross-currency swaps \u2013 c<span class=\"_ _0\"/>ash flow hedges <span class=\"_ _1d\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> <span class=\"_ _58\"> </span> </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ff29b ls184 ws1d4\">\u2013 <span class=\"_ _b3\"> </span><span class=\"ls18c ws1c2\">560 <span class=\"_ _60\"> </span><span class=\"ls186 ws1b6\">7 <span class=\"_ _43\"> </span>7 <span class=\"_ _1c\"> </span><span class=\"ls188 ws1b9\">546 <span class=\"_ _43\"> </span></span></span></span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _143\"> </span><span class=\"ff29b ls183 ws1bd\">(8)<span class=\"_ _0\"/> <span class=\"_ _85\"> </span><span class=\"ls18b ws1bb\">(596<span class=\"_ _0\"/>) <span class=\"_ _a4\"> </span><span class=\"ls189 ws1b8\">(16) <span class=\"_ _a6\"> </span>(16) <span class=\"_ _b6\"> </span>(564) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span></span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 fair value through profit or loss <span class=\"_ _db\"> </span><span class=\"ff29b ls3 ws2\"> <span class=\"_ _18\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> <span class=\"_ _203\"> </span> <span class=\"_ _47\"> </span> </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ff29b ls184 ws1d4\">\u2013 <span class=\"_ _34\"> </span><span class=\"ls18c ws1c2\">51 <span class=\"_ _46\"> </span><span class=\"ls183 ws1bd\">45<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls18b ws1bb\">6 <span class=\"_ _56\"> </span></span></span></span>\u2013 <span class=\"_ _43\"> </span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ff29b ls189 ws1b8\">(1) <span class=\"_ _a9\"> </span><span class=\"ls18b ws1bb\">(52) <span class=\"_ _41\"> </span>(46) <span class=\"_ _9f\"> </span>(6) <span class=\"_ _62\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _43\"> </span>\u2013 </span></span></span> <span class=\"_ _15d\"> </span><span class=\"ff29b ls18c ws1c2\">(2,335) <span class=\"_ _95\"> </span><span class=\"ls18b ws1bb\">(2,461) <span class=\"_ _e5\"> </span><span class=\"ls189 ws1b8\">(1,61<span class=\"_ _0\"/>9) <span class=\"_ _5e\"> </span>(106) <span class=\"_ _c0\"> </span></span>(64</span></span>4) <span class=\"_ _89\"> </span><span class=\"ls18b ws1bb\">(92) </span>At 31 December 2021 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-deri<span class=\"_ _3\"/>vative fina<span class=\"_ _3\"/>ncial liabi<span class=\"_ _3\"/>lities <span class=\"_ _125\"> </span><span class=\"ff29d ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Borrowings <span class=\"_ _2a3\"> </span><span class=\"ls188 ws2ca\">(<span class=\"_ _3\"/>1,022) (1,071) <span class=\"_ _166\"> </span>(308) <span class=\"_ _1f9\"> </span>(229) <span class=\"_ _2a\"> </span>(528) <span class=\"_ _e5\"> </span>(6) </span>Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _262\"> </span><span class=\"ls188 ws2cb\">(92) (103) <span class=\"_ _95\"> </span>(21) <span class=\"_ _1f9\"> </span>(19) <span class=\"_ _2a\"> </span>(33) <span class=\"_ _2b\"> </span>(30) </span>Trade and<span class=\"_ _0\"/> other pay<span class=\"_ _0\"/>ables <span class=\"_ _2dc\"> </span><span class=\"ls188 ws2cc\">(841) (841) <span class=\"_ _e\"> </span>(824) <span class=\"_ _27c\"> </span>(17) <span class=\"_ _d3\"> </span>\u2013 <span class=\"_ _c1\"> </span>\u2013 </span>Contract liabilities <span class=\"_ _f5\"> </span><span class=\"ls188 ws2cd\">(359) <span class=\"_ _2dd\"/>(359) <span class=\"_ _2de\"/>(359) <span class=\"_ _1a5\"/>\u2013 \u2013 \u2013 </span>Other paya<span class=\"_ _3\"/>bles \u2013 non<span class=\"_ _3\"/>-current <span class=\"_ _70\"> </span><span class=\"ls188 ws2ce\">(28) (28) <span class=\"_ _154\"> </span>\u2013 <span class=\"_ _2d\"> </span>(23) <span class=\"_ _2a\"> </span>(5) <span class=\"_ _145\"> </span>\u2013 </span>Other payables \u2013 commitme<span class=\"_ _3\"/>nts on acquisitions <span class=\"_ _5f\"> </span><span class=\"ls184 ws2cf\">(64) (79)<span class=\"_ _335\"> </span></span>* (26) <span class=\"_ _2d0\"> </span>(1) (52) <span class=\"_ _167\"> </span>\u2013 Derivative financ<span class=\"_ _3\"/>ial instruments <span class=\"_ _119\"> </span><span class=\"ff29d ls3 ws2c9\"> <span class=\"_ _66\"/> <span class=\"_ _f\"> </span>    </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 cash flow hedges Inflow <span class=\"_ _1cb\"> </span><span class=\"ls183 ws2d1\">1 193 <span class=\"_ _2b\"> </span>147<span class=\"_ _0\"/> </span>46 \u2013 \u2013 Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ls188 ws2d2\">(3) (196) <span class=\"_ _e9\"> </span>(149) <span class=\"_ _2a\"> </span>(47) <span class=\"_ _147\"> </span>\u2013 <span class=\"_ _ab\"> </span>\u2013 </span>Cross-currency swaps \u2013 c<span class=\"_ _0\"/>ash flow hedges <span class=\"_ _7e\"> </span><span class=\"ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ws2d3\">\u2013 539 <span class=\"_ _d4\"> </span>7 <span class=\"_ _185\"> </span>7 <span class=\"_ _2\"> </span>525 <span class=\"_ _185\"> </span>\u2013 </span>Outflo<span class=\"_ _0\"/>w <span class=\"_ _21a\"> </span><span class=\"ls188 ws2cc\">(36) <span class=\"_ _0\"/>(612) <span class=\"_ _95\"> </span>(16) <span class=\"_ _1f9\"> </span>(16) (<span class=\"_ _3\"/>580) <span class=\"_ _147\"> </span>\u2013 </span>Foreign exchange for<span class=\"_ _3\"/>ward contracts a<span class=\"_ _3\"/>nd swaps \u2013 fair value through profit or loss <span class=\"_ _2df\"> </span><span class=\"ls3 ws2c9\"> <span class=\"_ _a\"/> <span class=\"_ _f\"> </span>    </span>Inflow <span class=\"_ _2da\"> </span><span class=\"ls185 ws2d4\">2 312 <span class=\"_ _9\"> </span>308 </span>4 \u2013 \u2013 Outflo<span class=\"_ _0\"/>w <span class=\"_ _2db\"> </span><span class=\"ls188 ws2d5\">(3) (311) <span class=\"_ _ec\"> </span>(307) <span class=\"_ _e7\"> </span>(4) <span class=\"_ _154\"> </span>\u2013 <span class=\"_ _e5\"> </span>\u2013 </span> <span class=\"_ _2d1\"> </span><span class=\"ls188 ws2d6\">(2,445) (2,556) <span class=\"_ _2b\"> </span>(1,548) <span class=\"_ _165\"> </span>(299) <span class=\"_ _166\"> </span>(673)  (36) </span>* <span class=\"_ _2d\"> </span>Und<span class=\"_ _0\"/>iscounte<span class=\"_ _0\"/>d expecte<span class=\"_ _0\"/>d futu<span class=\"_ _0\"/>re paymen<span class=\"_ _0\"/>ts depend<span class=\"_ _0\"/>ing on pe<span class=\"_ _0\"/>rformanc<span class=\"_ _0\"/>e of acqu<span class=\"_ _0\"/>isitions; <span class=\"_ _0\"/>the total m<span class=\"_ _0\"/>aximum <span class=\"_ _0\"/>considera<span class=\"_ _0\"/>tion is d<span class=\"_ _0\"/>iscussed <span class=\"ls1c0 ws235\">in the Finance Review. </span>ITV plc<span class=\"ff2a2 ls3 ws2\">\u2009<span class=\"ff2a3 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff2a1 fs27 ls1bc ws21d\">231 </span></span></span>Timing profile of hedging instrument Keeping it simple The Group is requ<span class=\"_ _3\"/>ired to provide a<span class=\"_ _3\"/> breakdown that di<span class=\"_ _3\"/>scloses a profi<span class=\"_ _3\"/>le of the ti<span class=\"_ _3\"/>ming of the nom<span class=\"_ _3\"/>inal amount<span class=\"_ _3\"/> of the hedging i<span class=\"_ _3\"/>nstrument<span class=\"_ _3\"/> and if appli<span class=\"_ _3\"/>cable, the <span class=\"_ _3\"/>average price or ra<span class=\"_ _0\"/>te (for ex<span class=\"_ _0\"/>ample str<span class=\"_ _0\"/>ike or forw<span class=\"_ _0\"/>ard prices<span class=\"_ _0\"/> etc.) of th<span class=\"_ _0\"/>e hedging<span class=\"_ _0\"/> instrumen<span class=\"_ _0\"/>t. The Group is<span class=\"_ _0\"/> holding th<span class=\"_ _0\"/>e followin<span class=\"_ _0\"/>g foreign exchan<span class=\"_ _0\"/>ge and cr<span class=\"_ _0\"/>oss-currency in<span class=\"_ _0\"/>terest ra<span class=\"_ _0\"/>te swap contrac<span class=\"_ _0\"/>ts: At 31 December 2022 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years <span class=\"_ _12\"> </span><span class=\"ls19d ws1cf\">Total </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"_ _335\"> </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"_ _335\"> </span>(5) <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _124\"> </span></span>(5) Average forward<span class=\"_ _3\"/> rate (AUD/EUR)<span class=\"_ _335\"> </span>1.5688 <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _12c\"> </span><span class=\"ff2a6 ls3 ws2\"> </span></span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps <span class=\"_ _103\"> </span><span class=\"ff2a6 ls3 ws2\"> </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m) <span class=\"_ _219\"> </span><span class=\"ff2a4 ls18b ws1bb\">(4) <span class=\"_ _12\"> </span><span class=\"ls18f ws1c4\">(12) <span class=\"_ _12\"> </span><span class=\"ls189 ws1b8\">(16) <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _54\"> </span></span></span></span>(32) </span>Average forward r<span class=\"_ _3\"/>ate (AUD/GBP) <span class=\"_ _2e0\"> </span><span class=\"ff2a4 ls18c ws1c2\">1.7205 <span class=\"_ _aa\"> </span>1.7967 <span class=\"_ _a9\"> </span>1.7909 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"_ _335\"> </span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _2e1\"> </span><span class=\"ff2a4 ls186 ws1b6\">7 <span class=\"_ _14d\"> </span><span class=\"ls18f ws1c4\">3 <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _13\"> </span><span class=\"ls189 ws1b8\">10 </span></span></span></span>Average forward<span class=\"_ _3\"/> rate (CAD/GBP) <span class=\"_ _c8\"> </span><span class=\"ff2a4 ls189 ws1b8\">1.7155 <span class=\"_ _c7\"> </span><span class=\"ls18b ws1bb\">1.6446 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _12c\"> </span></span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"_ _335\"> </span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _11b\"> </span><span class=\"ff2a4 ws1bd\">(2) <span class=\"_ _58\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _124\"> </span></span>(2) </span>Average fo<span class=\"_ _3\"/>rward rate (CA<span class=\"_ _3\"/>D/USD)  <span class=\"_ _38\"> </span><span class=\"ff2a4 ls18c ws1c2\">1.2400 <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _139\"> </span><span class=\"ls3 ws2\"> </span></span></span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"ff2a5 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff2a6\"> </span></span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _f6\"> </span><span class=\"ff2a4 ls189 ws1b8\">(1) <span class=\"_ _58\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _203\"> </span></span>(1) </span>Average forward r<span class=\"_ _3\"/>ate (DKK/GBP) <span class=\"_ _1f7\"> </span><span class=\"ff2a4 ls18c ws1c2\">8.3506 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _108\"> </span><span class=\"ls3 ws2\"> </span></span></span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"ff2a5 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff2a6\"> </span></span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _15c\"> </span><span class=\"ff2a4 ls189 ws1b8\">(241) <span class=\"_ _49\"> </span>(1<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _82\"> </span><span class=\"ls18f ws1c4\">(255) </span></span>Average forward<span class=\"_ _3\"/> rate (EUR/GBP) <span class=\"_ _c8\"> </span><span class=\"ff2a4 ls189 ws1b8\">1.10<span class=\"_ _0\"/>97 <span class=\"_ _a9\"> </span><span class=\"ls18b ws1bb\">1.1485<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _139\"> </span><span class=\"ls3 ws2\"> </span></span></span></span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps <span class=\"_ _103\"> </span><span class=\"ff2a6 ls3 ws2\"> </span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _11b\"> </span><span class=\"ff2a4 ls18b ws1bb\">(6) <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _124\"> </span></span>(6) </span>Average forward<span class=\"_ _3\"/> rate (EUR/USD) <span class=\"_ _1f7\"> </span><span class=\"ff2a4 ls18f ws1c4\">0.8859 <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _12c\"> </span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"ff2a5 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff2a6\"> </span></span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _1f5\"> </span><span class=\"ff2a4 ls184 ws1d4\">8 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _78\"> </span>8 </span>Average forward<span class=\"_ _3\"/> rate (NOK/GBP) <span class=\"_ _3b\"> </span><span class=\"ff2a4 ls18c ws1c2\">12.0018 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _168\"> </span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"ff2a5 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff2a6\"> </span></span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _282\"> </span><span class=\"ff2a4 ls18b ws1bb\">(4) <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _60\"> </span></span>(4) </span>Average forward r<span class=\"_ _3\"/>ate (ZAR/AUD) <span class=\"_ _38\"> </span><span class=\"ff2a4 ls18f ws1c4\">11.7780<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _12c\"> </span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps<span class=\"ff2a5 ls3 ws2\"> <span class=\"_ _ae\"> </span><span class=\"ff2a6\"> </span></span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _219\"> </span><span class=\"ff2a4 ls18b ws1bb\">67 <span class=\"_ _4d\"> </span><span class=\"ls189 ws1b8\">16 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _13\"> </span><span class=\"ls185 ws1c1\">83 </span></span></span></span>Average forward r<span class=\"_ _3\"/>ate (USD/GBP) <span class=\"_ _c8\"> </span><span class=\"ff2a4 ls18c ws1c2\">1.2627 <span class=\"_ _21\"> </span><span class=\"ls18f ws1c4\">1.1389 <span class=\"_ _14d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _12c\"> </span></span></span></span><span class=\"ls3 ws2\"> </span>Foreign exchange forwa<span class=\"_ _3\"/>rd contracts and swaps <span class=\"_ _103\"> </span><span class=\"ff2a6 ls3 ws2\"> </span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _f6\"> </span><span class=\"ff2a4 ls189 ws1b8\">(1) <span class=\"_ _58\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _203\"> </span></span>(1) </span>Average forward r<span class=\"_ _3\"/>ate (ZAR/GBP) <span class=\"_ _f3\"> </span><span class=\"ff2a4 ls183 ws1bd\">20.<span class=\"_ _0\"/>8998 <span class=\"_ _1f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _168\"> </span></span></span><span class=\"ls3 ws2\"> </span>Cross-<span class=\"_ _3\"/>currenc<span class=\"_ _3\"/>y inter<span class=\"_ _3\"/>est rate<span class=\"_ _3\"/> swaps <span class=\"_ _2d4\"> </span><span class=\"ff2a6 ls3 ws2\"> </span>Notional <span class=\"_ _0\"/>amount (<span class=\"_ _0\"/>\u00a3m) <span class=\"_ _b9\"> </span><span class=\"ff2a4 ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span>\u2013 <span class=\"_ _4b\"> </span><span class=\"ls188 ws1b9\">539 <span class=\"_ _14d\"> </span></span>\u2013 <span class=\"_ _4b\"> </span><span class=\"ls188 ws1b9\">539 </span></span>Average he<span class=\"_ _0\"/>dge rate (EU<span class=\"_ _0\"/>R/GBP) <span class=\"_ _3d\"> </span><span class=\"ff2a4 ls184 ws1d4\">\u2013 <span class=\"_ _1f\"> </span>\u2013 <span class=\"_ _aa\"> </span><span class=\"ls189 ws1b8\">1.1253 <span class=\"_ _14d\"> </span></span>\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls3 ws2\"> </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>229<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2ab ls3 ws2\"> </span><span class=\"ff2ac\">co<span class=\"_ _3\"/>ntinued<span class=\"ff2aa ls3 ws2\"> </span></span>232<span class=\"ff2ae ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff2af ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2ae ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>At 31 December 2021 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years <span class=\"_ _46\"> </span>Total Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional <span class=\"_ _0\"/>amount<span class=\"_ _0\"/> (\u00a3m) <span class=\"_ _f7\"> </span><span class=\"ls184 ws2d8\">(<span class=\"_ _3\"/>11) <span class=\"_ _b\"/>5 \u2013 \u2013 <span class=\"_ _1e2\"/>(6)<span class=\"ls3 ws2\"> </span></span>Average forward<span class=\"_ _3\"/> rate (AUD/GBP) <span class=\"_ _2e0\"> </span><span class=\"ls18c ws2d9\">2.0825 <span class=\"_ _2e2\"/>1.8311 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional <span class=\"_ _0\"/>amount<span class=\"_ _0\"/> (\u00a3m) <span class=\"_ _b9\"> </span><span class=\"ls18c ws2d9\">2 \u2013 \u2013 \u2013 2 </span>Average forward<span class=\"_ _3\"/> rate (CAD<span class=\"_ _3\"/>/GBP) <span class=\"_ _3c\"> </span><span class=\"ls18f ws2da\">1.7<span class=\"_ _0\"/>302 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m) <span class=\"_ _ca\"> </span><span class=\"ls188 ws2db\">(35) <span class=\"_ _ec\"> </span>(1) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _167\"> </span>\u2013 (36)<span class=\"ls3 ws2\"> </span></span>Average forward<span class=\"_ _3\"/> rate (CAD<span class=\"_ _3\"/>/USD) <span class=\"_ _1ab\"> </span><span class=\"ls18c ws2d9\">1.2<span class=\"_ _0\"/>375 <span class=\"_ _2e3\"/>1.2400 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>1 \u2013 \u2013 \u2013 <span class=\"_ _0\"/>1 Average forward<span class=\"_ _3\"/> rate (DKK/GBP)<span class=\"ls3 ws2\"> </span>8.6956 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>(187) <span class=\"_ _f\"> </span>(19<span class=\"_ _0\"/>) <span class=\"_ _8d\"> </span>\u2013 <span class=\"_ _147\"> </span>\u2013 (206) Average forward<span class=\"_ _3\"/> rate (EUR/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> </span>1.1658 <span class=\"_ _2e4\"/>1.1152 \u2013 \u2013 <span class=\"_ _2d\"> </span> Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>6 \u2013 \u2013 \u2013 <span class=\"_ _4\"/>6 Average forward<span class=\"_ _3\"/> rate (NOK<span class=\"_ _3\"/>/GBP)<span class=\"ls3 ws2\"> </span>11.9988 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>1 \u2013 \u2013 \u2013 <span class=\"_ _0\"/>1 Average forward<span class=\"_ _3\"/> rate (SEK/GBP)<span class=\"ls3 ws2\"> </span>12.0070 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>103 <span class=\"_ _18a\"/>10 \u2013 \u2013 <span class=\"_ _d\"/>113 Average forward<span class=\"_ _3\"/> rate (USD/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> </span>1.3370 <span class=\"_ _2e5\"/>1.3387 \u2013 \u2013 <span class=\"_ _2d\"> </span> Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> </span>\u2013 <span class=\"_ _167\"> </span>\u2013 511 <span class=\"_ _167\"> </span>\u2013 511 Average forward<span class=\"_ _3\"/> rate (EUR/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> </span>\u2013 \u2013 <span class=\"_ _2e5\"/>1.1253 \u2013 <span class=\"_ _2d\"> </span> IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>230<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2ab ls3 ws2\"> </span><span class=\"ff2ac\">co<span class=\"_ _3\"/>ntinued<span class=\"ff2aa ls3 ws2\"> </span></span>232<span class=\"ff2ae ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff2af ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2ae ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>At 31 December 2021 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years <span class=\"_ _46\"> </span>Total Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional <span class=\"_ _0\"/>amount<span class=\"_ _0\"/> (\u00a3m) <span class=\"_ _f7\"> </span><span class=\"ls184 ws2d8\">(<span class=\"_ _3\"/>11) <span class=\"_ _b\"/>5 \u2013 \u2013 <span class=\"_ _1e2\"/>(6)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span>Average forward<span class=\"_ _3\"/> rate (AUD/GBP) <span class=\"_ _2e0\"> </span><span class=\"ls18c ws2d9\">2.0825 <span class=\"_ _2e2\"/>1.8311 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional <span class=\"_ _0\"/>amount<span class=\"_ _0\"/> (\u00a3m) <span class=\"_ _b9\"> </span><span class=\"ls18c ws2d9\">2 \u2013 \u2013 \u2013 2 </span>Average forward<span class=\"_ _3\"/> rate (CAD<span class=\"_ _3\"/>/GBP) <span class=\"_ _3c\"> </span><span class=\"ls18f ws2da\">1.7<span class=\"_ _0\"/>302 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m) <span class=\"_ _ca\"> </span><span class=\"ls188 ws2db\">(35) <span class=\"_ _ec\"> </span>(1) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _167\"> </span>\u2013 (36)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> </span></span></span>Average forward<span class=\"_ _3\"/> rate (CAD<span class=\"_ _3\"/>/USD) <span class=\"_ _1ab\"> </span><span class=\"ls18c ws2d9\">1.2<span class=\"_ _0\"/>375 <span class=\"_ _2e3\"/>1.2400 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _2e1\"> </span><span class=\"fc7 sc0 ls184 ws2d8\">1 \u2013 \u2013 \u2013 <span class=\"_ _5\"/>1 </span></span></span>Average forward<span class=\"_ _3\"/> rate (DKK/GBP)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _c8\"> </span><span class=\"fc7 sc0 ls18f ws2da\">8.6956 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _36\"> </span><span class=\"fc7 sc0 ls185 ws2dc\">(187) <span class=\"_ _f\"> </span>(19) <span class=\"_ _84\"> </span>\u2013 <span class=\"_ _147\"> </span>\u2013 (206) </span></span></span>Average forward<span class=\"_ _3\"/> rate (EUR/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _1f4\"> </span><span class=\"fc7 sc0 ls189 ws2dd\">1.16<span class=\"_ _0\"/>58 <span class=\"_ _2e4\"/>1.1152 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _1f5\"> </span><span class=\"fc7 sc0 ls188 ws26a\">6 \u2013 \u2013 \u2013 <span class=\"_ _3\"/>6 </span></span></span>Average forward<span class=\"_ _3\"/> rate (NOK<span class=\"_ _3\"/>/GBP)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _38\"> </span><span class=\"fc7 sc0 ls18c ws2d9\">11.9988 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _2e1\"> </span><span class=\"fc7 sc0 ls184 ws2d8\">1 \u2013 \u2013 \u2013 <span class=\"_ _5\"/>1 </span></span></span>Average forward<span class=\"_ _3\"/> rate (SEK/GBP)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _d2\"> </span><span class=\"fc7 sc0 ls18c ws2d9\">12.0070 \u2013 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional a<span class=\"_ _335\"> </span>mount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _1bf\"> </span><span class=\"fc7 sc0 ls189 ws2dd\">103 <span class=\"_ _1a7\"/>10<span class=\"_ _0\"/> \u2013 \u2013 <span class=\"_ _d\"/>113 </span></span></span>Average forward<span class=\"_ _3\"/> rate (USD/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _1ab\"> </span><span class=\"fc7 sc0 ls18b ws2de\">1.3370 <span class=\"_ _2e5\"/>1.3387 \u2013 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>Foreign exchange forward c<span class=\"_ _3\"/>ontracts and swaps <span class=\"_ _1b\"> </span><span class=\"ff2b0 ls3 ws2d7\">     </span>Notional amount (\u00a3m)<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _b9\"> </span><span class=\"fc7 sc0 ls188 ws2df\">\u2013 <span class=\"_ _167\"> </span>\u2013 511 <span class=\"_ _167\"> </span>\u2013 511 </span></span></span>Average forward<span class=\"_ _3\"/> rate (EUR/GBP)<span class=\"_ _3\"/><span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _100\"> </span><span class=\"fc7 sc0 ls18c ws2d9\">\u2013 \u2013 <span class=\"_ _2e5\"/>1.1253 \u2013 <span class=\"_ _2d\"> </span> </span></span></span>ITV plc<span class=\"ff2b6 ls3 ws2\">\u2009<span class=\"ff2b7 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff2b5 fs27 ls1bc ws21d\">233 </span></span></span>Impact of hedged items on Consolidated Statement of Financial Position, Consolidated Statement of Other Comprehensive Income and Consolidated Statement of Changes in Equity Keeping it simple This table pr<span class=\"_ _3\"/>ovides the follo<span class=\"_ _3\"/>wing details <span class=\"_ _3\"/>in relation to cash f<span class=\"_ _3\"/>low hedge and <span class=\"_ _3\"/>net investm<span class=\"_ _3\"/>ent hedge:  \u2022<span class=\"ff2b7 fc7\"> <span class=\"_ _9\"> </span></span><span class=\"ff2ba ls185\">The ch<span class=\"_ _0\"/>ange in<span class=\"_ _0\"/> value<span class=\"_ _0\"/> of the h<span class=\"_ _0\"/>edged <span class=\"_ _0\"/>item us<span class=\"_ _0\"/>ed as <span class=\"_ _0\"/>the bas<span class=\"_ _0\"/>is for rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ing hed<span class=\"_ _0\"/>ge </span>ineffec<span class=\"_ _0\"/>tiveness<span class=\"_ _0\"/> for the peri<span class=\"_ _0\"/>od \u2022<span class=\"ff2b7 fc7\"> <span class=\"_ _9\"> </span></span><span class=\"ff2ba ls183 ws1b2\">The b<span class=\"_ _0\"/>alances in the cash<span class=\"_ _0\"/> flow hedge<span class=\"_ _0\"/> reserve an<span class=\"_ _0\"/>d the forei<span class=\"_ _0\"/>gn currency tran<span class=\"_ _0\"/>slation </span>reserve fo<span class=\"_ _3\"/>r continui<span class=\"_ _3\"/>ng hedges and \u2022<span class=\"ff2b7 fc7\"> <span class=\"_ _9\"> </span></span><span class=\"ff2ba ls183 ws1b5\">The <span class=\"_ _0\"/>balances re<span class=\"_ _0\"/>maining<span class=\"_ _0\"/> in the<span class=\"_ _0\"/> cash flow h<span class=\"_ _0\"/>edge re<span class=\"_ _0\"/>serve and <span class=\"_ _0\"/>the for<span class=\"_ _0\"/>eign cur<span class=\"_ _0\"/>rency </span>translation reserv<span class=\"_ _3\"/>e from any hedging rela<span class=\"ls183 ws1b5\">tionships for whic<span class=\"_ _0\"/>h hedg<span class=\"_ _0\"/>e accountin<span class=\"_ _0\"/>g is </span>no longer applied The impact of<span class=\"_ _3\"/> hedged items on t<span class=\"_ _3\"/>he Consolidated Stat<span class=\"_ _3\"/>ement of Financia<span class=\"_ _3\"/>l Position is a<span class=\"_ _3\"/>s follows: Cash flow hedge  <span class=\"_ _23f\"> </span><span class=\"ls1a4 ws1e3\">2022 <span class=\"_ _94\"> </span><span class=\"ff2ba ls19d ws1cf\">2021 </span></span>At 31 December Change in fair value used for measuring ineffectiveness \u00a3m Pre-tax closing cash flow hedge  reserve  \u00a3m Pre-tax closing  cost of  hedging  reserve  \u00a3m Change in fair value used for measuring ineffectivene<span class=\"_ _3\"/>ss  \u00a3m Pre-tax closing cash flow hedge  reserve \u00a3m Pre-tax closing  cost of  hedging reserve \u00a3m Highly<span class=\"_ _3\"/> probable<span class=\"_ _3\"/>/firm co<span class=\"_ _3\"/>mmitment<span class=\"_ _3\"/> forecas<span class=\"_ _0\"/>t transac<span class=\"_ _0\"/>tions 3 <span class=\"_ _4d\"> </span><span class=\"ls184 ws1d4\">2 <span class=\"_ _56\"> </span><span class=\"ls189 ws1b8\">(1) <span class=\"_ _2c6\"> </span><span class=\"ff2ba ls3 ws2\">(<span class=\"_ _335\"> </span></span></span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _4b\"> </span>(1) <span class=\"_ _80\"> </span> (1) Borrowings <span class=\"_ _2e1\"> </span><span class=\"ff2b8 ls18c ws1c2\">(5) <span class=\"_ _80\"> </span></span><span class=\"ff2b8\">(4) <span class=\"_ _49\"> </span><span class=\"ls183 ws1bd\">(8) <span class=\"_ _81\"> </span></span></span><span class=\"ls188 ws1d5\">19 <span class=\"_ _5f\"> </span>1 <span class=\"_ _11c\"> </span> (8) </span>Net investment he<span class=\"_ _0\"/>dge   <span class=\"_ _2e6\"> </span> <span class=\"_ _13\"> </span><span class=\"ls1a4 ws1e3\">2022 <span class=\"_ _ec\"> </span></span><span class=\"ff2b9\"> <span class=\"_ _1a9\"> </span><span class=\"ff2ba ls19d ws1cf\">2021 </span></span>At 31 December  Change in fair value used for measuring ineffectiveness Foreign currency translation reserve Change in fair value used for measuring ineffectivene<span class=\"_ _3\"/>ss  Foreign  currency translation reserve Net investment in foreign subsidiaries <span class=\"_ _2e7\"> </span><span class=\"ff2b8 ls184 ws1d4\">\u2013 <span class=\"_ _168\"> </span>\u2013 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1b2\">13  <span class=\"_ _78\"> </span>13 </span>The amount in the tr<span class=\"_ _0\"/>anslation reserve relating <span class=\"_ _0\"/>to continuing hedg<span class=\"_ _0\"/><span class=\"ls197 ws1b5\">es up until May 2022 is a gain of less than<span class=\"_ _0\"/> \u00a31 million (2021: </span>\u00a313 million gain). The ne<span class=\"_ _0\"/>t investment hed<span class=\"_ _0\"/>ge ceased in May 2022 <span class=\"_ _0\"/><span class=\"ls197 ws1b5\">and the amount relatin<span class=\"_ _0\"/>g to discontinued hedges is a loss of </span>\u00a319 million (2021: \u00a3<span class=\"_ _3\"/>19 million loss). The hedging ga<span class=\"_ _0\"/>in recognised in the<span class=\"_ _0\"/> Consolidate<span class=\"_ _0\"/>d Statement of Ch<span class=\"_ _0\"/>an<span class=\"ls1d8 ws1b5\">ges in E<span class=\"_ _0\"/>quity befor<span class=\"_ _0\"/>e tax is equ<span class=\"_ _0\"/>al to the chang<span class=\"_ _0\"/>e in fair valu<span class=\"_ _0\"/>e </span>used for measuring effec<span class=\"_ _0\"/>tiveness. There is \u00a33<span class=\"_ _0\"/> million of inef<span class=\"ws1b5\">fectiveness<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>ed in the Consol<span class=\"_ _0\"/>idated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span>Keeping it simple This tabl<span class=\"_ _0\"/>e detail<span class=\"_ _0\"/>s the effec<span class=\"_ _0\"/>t of the cash fl<span class=\"_ _0\"/>ow hedge in<span class=\"_ _0\"/> the Consol<span class=\"_ _0\"/>idated Inc<span class=\"_ _0\"/>ome Statement and<span class=\"_ _3\"/> Consolidated <span class=\"_ _3\"/>Statement of Compre<span class=\"_ _3\"/>hensive Income. The effect of the cash flow hedg<span class=\"_ _0\"/>e in <span class=\"ws1b5\">the C<span class=\"_ _0\"/>onsolidated Income Statem<span class=\"_ _0\"/>ent and Co</span>ns<span class=\"_ _0\"/>olidated Statement<span class=\"_ _0\"/> of Comprehensive Income is as follows:  At 31 December 2022 Total hedging gain/(loss<span class=\"_ _3\"/>) recognised in OCI Ineffectiveness recognised in  Income Statement Line item in the Income Statement<span class=\"_ _335\"> </span>Cost of hedging recognised  in OCI Amounts reclassified from OCI to Income Statement Line item in  the Income  Statement Highly probable/firm commitment forecast transact<span class=\"_ _3\"/>ions <span class=\"_ _55\"> </span><span class=\"ff2b8 ls18f ws1c4\">3 <span class=\"_ _5d\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _144\"> </span><span class=\"ls18b ws1bb\">(4) <span class=\"_ _34\"> </span><span class=\"ls189 ws1b8\">11 </span></span></span></span>Overheads<span class=\"_ _0\"/>/ Work in pr<span class=\"_ _0\"/>ogress<span class=\"ff2b9 ls3\"> </span>Borrowing <span class=\"_ _149\"> </span><span class=\"ff2b8\">(5) <span class=\"_ _78\"> </span><span class=\"ls18f ws1c4\">3 </span></span>Net financing<span class=\"_ _335\"> </span>cost<span class=\"_ _80\"> </span><span class=\"ls186 ws1b6\">4 <span class=\"_ _8b\"> </span><span class=\"ls18b ws1bb\">(37) </span></span>Net financing cost At 31 December 2021 Total hedgin<span class=\"_ _0\"/>g gain/(loss) recognised in OCI* Ineffectiven<span class=\"_ _3\"/>ess recognised in  Income Statement Line item in the Income Statement Cost of hedging recognised  in OCI Amounts reclassified from OCI to Income Statement Line item in  the Income  Statement Highly probable/firm commitment forecast transactio<span class=\"_ _3\"/>ns  (<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>) <span class=\"_ _78\"> </span> \u2013 <span class=\"_ _8\"> </span>1 <span class=\"_ _46\"> </span>(2) Overhead<span class=\"_ _3\"/>s/ Cost of Sa<span class=\"_ _3\"/>les Borrowing <span class=\"_ _fc\"> </span><span class=\"ls184 ws1c8\"> 19 <span class=\"_ _5c\"> </span>(1) </span>Net financin<span class=\"_ _0\"/>g<span class=\"_ _335\"> </span>cost<span class=\"_ _335\"> </span>(1) <span class=\"_ _45\"> </span> 32<span class=\"_ _335\"> </span>**<span class=\"_ _335\"> </span>Net financing  cost  * <span class=\"_ _2d\"> </span>20<span class=\"_ _0\"/>21 has bee<span class=\"_ _0\"/>n updated f<span class=\"_ _0\"/>rom prio<span class=\"_ _0\"/>r year to<span class=\"_ _0\"/> show pe<span class=\"_ _0\"/>riodic move<span class=\"_ _0\"/>ment.<span class=\"_ _0\"/> ** <span class=\"_ _2f\"> </span>2021 has<span class=\"_ _0\"/> been upd<span class=\"_ _0\"/>ated from <span class=\"_ _0\"/>prior ye<span class=\"_ _0\"/>ar to be<span class=\"_ _0\"/>tter refle<span class=\"_ _0\"/>ct the a<span class=\"_ _0\"/>mounts recl<span class=\"_ _0\"/>assifie<span class=\"_ _0\"/>d from the<span class=\"_ _0\"/> Consoli<span class=\"_ _0\"/>dated St<span class=\"_ _0\"/>atement of<span class=\"_ _0\"/> Comprehe<span class=\"ls1c4 ws232\">nsive Income to the </span>Consolid<span class=\"_ _3\"/>ated Inc<span class=\"_ _3\"/>ome Statement<span class=\"_ _3\"/>. <span class=\"ff2bc ls3 ws2\"> <span class=\"_ _cd\"> </span></span><span class=\"ff2bc ls3 ws2\"><span class=\"ff2ba\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>231<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2bf ls3 ws2\"> <span class=\"ff2c0 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2be ls3 ws2\"> </span></span></span>234<span class=\"ff2c2 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2c3 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2c2 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>Keeping it simple This ta<span class=\"_ _0\"/>ble pro<span class=\"_ _0\"/>vides a<span class=\"_ _0\"/> reconc<span class=\"_ _0\"/>iliatio<span class=\"_ _0\"/>n of each<span class=\"_ _0\"/> componen<span class=\"_ _0\"/>t of th<span class=\"_ _0\"/>e trans<span class=\"_ _0\"/>lation <span class=\"_ _0\"/>reserve reported wit<span class=\"_ _3\"/>hin equity and a<span class=\"_ _3\"/>n analysis of o<span class=\"_ _3\"/>ther comprehensi<span class=\"_ _3\"/>ve income in accordance w<span class=\"_ _0\"/>ith IAS<span class=\"_ _0\"/> 1. Set out belo<span class=\"_ _3\"/>w is the re<span class=\"_ _3\"/>conciliation of each <span class=\"_ _3\"/>component of t<span class=\"_ _3\"/>he translation r<span class=\"_ _3\"/>eserve reported<span class=\"_ _3\"/> in the Consolidated<span class=\"_ _3\"/> Statement of Chang<span class=\"_ _3\"/>es in Equity and the analy<span class=\"_ _3\"/>sis of other comprehensive income:  Cash  flow hedge reserve \u00a3m<span class=\"ff2c5\"> </span>Cost of  hedge  reserve  \u00a3m<span class=\"ff2c5\"> </span>Foreign currency reserve \u00a3m<span class=\"ff2c5\"> </span>Translation reserve \u00a3m As at 1 January 2021<span class=\"ls3 ws2\"> </span>(15) <span class=\"_ _0\"/>(9) 31 <span class=\"_ _17\"> </span>7 Effective portion of changes in fair va<span class=\"_ _3\"/>lue arising from:  <span class=\"_ _bd\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _ec\"> </span> </span>Foreign e<span class=\"_ _0\"/>xchan<span class=\"_ _0\"/>ge forw<span class=\"_ _0\"/>ard con<span class=\"_ _0\"/>tracts <span class=\"_ _162\"> </span><span class=\"ls188 ws2e6\">(2) <span class=\"_ _1\"/>1 <span class=\"_ _f\"> </span>\u2013 (1) </span>Cross-currency interest<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">rate swaps \u2013 borrowing<span class=\"_ _3\"/>s: <span class=\"_ _90\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _2b1\"> </span> </span></span>\u2022  <span class=\"ff2c6 ls184 ws1b3\">Change in fair<span class=\"_ _3\"/> value from t<span class=\"_ _3\"/>he effective hedge<span class=\"_ _3\"/> instrument </span>(13) <span class=\"_ _ec\"> </span>(1) <span class=\"_ _2b1\"> </span>\u2013 (14) Amount reclassified<span class=\"_ _3\"/> to Income Statement <span class=\"_ _2e1\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _2b1\"> </span> </span>\u2022  <span class=\"ff2c6 ls184 ws1c8\">FX forward reclassifi<span class=\"_ _3\"/>ed to cost of sales/overhe<span class=\"_ _3\"/>ads </span>(2) <span class=\"_ _1\"/>\u2013 <span class=\"_ _e9\"> </span>\u2013 (2) \u2022  <span class=\"ff2c6 ls184 ws1b3\">CCIRS recla<span class=\"_ _3\"/>ssified to finance cost<span class=\"_ _3\"/>s </span>32 <span class=\"_ _2d0\"> </span>\u2013 <span class=\"_ _2d0\"> </span>\u2013<span class=\"_ _0\"/> 32 Net gain on<span class=\"_ _0\"/> cash flow he<span class=\"_ _0\"/>dges and c<span class=\"_ _0\"/>ost of hedg<span class=\"_ _0\"/>ing <span class=\"_ _2e8\"> </span><span class=\"ls18f ws2ea\">15 <span class=\"_ _33\"> </span>\u2013 <span class=\"_ _33\"> </span>\u2013 15 </span>Foreign currency reva<span class=\"_ _3\"/>luation of the EUR borrowing <span class=\"_ _2e9\"> </span><span class=\"ls18f ws2eb\">\u2013 <span class=\"_ _2d\"> </span>\u2013 <span class=\"_ _5\"/>13 13 </span>Foreign currency <span class=\"_ _3\"/>revaluation of<span class=\"_ _3\"/> the net fo<span class=\"_ _3\"/>reign operations <span class=\"_ _38\"> </span><span class=\"ls188 ws2ec\">\u2013 \u2013 </span>4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Exchange differences <span class=\"_ _3\"/>on tr<span class=\"ls184 ws1b3\">anslation of f<span class=\"_ _3\"/>oreign operations (<span class=\"_ _3\"/>net of hedgi<span class=\"_ _3\"/>ng) <span class=\"_ _11c\"> </span><span class=\"ls189 ws2ed\">\u2013 <span class=\"_ _e\"> </span>\u2013 17<span class=\"_ _0\"/> 17 </span></span>Income ta<span class=\"_ _0\"/>x (charge<span class=\"_ _0\"/>)/cre<span class=\"_ _0\"/>dit reclas<span class=\"_ _0\"/>s* <span class=\"_ _23d\"> </span><span class=\"ls18f ws2ee\">7 \u2013 \u2013 <span class=\"_ _5\"/>7 </span>Income tax (charge)/credi<span class=\"_ _3\"/>t on other compr<span class=\"_ _3\"/>ehensive income/(expense) <span class=\"_ _69\"> </span><span class=\"ls18f ws2ef\">(4) <span class=\"_ _e\"> </span>2 <span class=\"_ _f\"> </span>(3) (5) </span>As at 31 December 20<span class=\"_ _0\"/>21 <span class=\"_ _2ea\"> </span><span class=\"ff2c6 ls188 ws2f0\">3 (7) </span>4<span class=\"_ _335\"> </span>5 41 Effective portion of changes in fair va<span class=\"_ _3\"/>lue arising from:  <span class=\"_ _2eb\"> </span><span class=\"ls3 ws2f1\"> <span class=\"_ _5\"/> <span class=\"_ _5\"/>  </span>Foreign e<span class=\"_ _0\"/>xchan<span class=\"_ _0\"/>ge forw<span class=\"_ _0\"/>ard con<span class=\"_ _0\"/>tracts <span class=\"_ _0\"/> <span class=\"_ _2ec\"> </span><span class=\"ls188 ws2f2\">(1) (4) <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _9\"> </span>(5) </span>Cross-currency interest<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">rate swaps \u2013 borrowing<span class=\"_ _3\"/>s: <span class=\"_ _88\"> </span><span class=\"ls3 ws2f1\"> <span class=\"_ _1\"/> <span class=\"_ _0\"/>  </span></span>\u2022  <span class=\"ff2c6 ls184 ws1b3\">Change in fair<span class=\"_ _3\"/> value from t<span class=\"_ _3\"/>he effective hedge<span class=\"_ _3\"/> instrument </span>25 4 <span class=\"_ _2d0\"> </span>\u2013 29 Amount reclassified<span class=\"_ _3\"/> to Income Statement <span class=\"_ _2d5\"> </span><span class=\"ls3 ws2f4\">   <span class=\"_ _3\"/><span class=\"ff2c4 ws2\"> </span></span>\u2022  <span class=\"ff2c6 ls184 ws1c8\">FX forward reclassifi<span class=\"_ _3\"/>ed to cost of sales/overhe<span class=\"_ _3\"/>ads </span>4 \u2013 \u2013 4<span class=\"_ _335\"> </span>\u2022  <span class=\"ff2c6 ls18b ws1c0\">FX forward <span class=\"_ _0\"/>and swaps r<span class=\"_ _0\"/>eclassified t<span class=\"_ _0\"/>o finance c<span class=\"_ _0\"/>osts </span>(10) <span class=\"_ _2d0\"> </span>\u2013 <span class=\"_ _166\"> </span>\u2013 (10) \u2022  <span class=\"ff2c6 ls186 ws2\">Amounts <span class=\"_ _3\"/>reclassified<span class=\"_ _3\"/> to work in pr<span class=\"_ _3\"/>ogress </span>7 <span class=\"_ _0\"/>\u2013 <span class=\"_ _0\"/>\u2013 7 \u2022  <span class=\"ff2c6 ls184 ws1b3\">CCIRS recla<span class=\"_ _3\"/>ssified to finance cost<span class=\"_ _3\"/>s </span>(27) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _165\"> </span>\u2013 (27) Net loss <span class=\"_ _0\"/>on cash<span class=\"_ _0\"/> flow he<span class=\"_ _0\"/>dges an<span class=\"_ _0\"/>d cost <span class=\"_ _0\"/>of hedg<span class=\"_ _0\"/>ing <span class=\"_ _2e7\"> </span><span class=\"ls188 ws2f9\">(2) <span class=\"_ _5\"/>\u2013 <span class=\"_ _f\"> </span>\u2013 (2) </span>Foreign currency <span class=\"_ _3\"/>revaluation of<span class=\"_ _3\"/> the net fo<span class=\"_ _3\"/>reign operations <span class=\"_ _38\"> </span><span class=\"ls18d ws25d\">\u2013 <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _5\"/>67 67<span class=\"_ _0\"/> </span>Exchange differences <span class=\"_ _3\"/>on tr<span class=\"ls184 ws1b3\">anslation of f<span class=\"_ _3\"/>oreign operations (<span class=\"_ _3\"/>net of hedgi<span class=\"_ _3\"/>ng) <span class=\"_ _11c\"> </span><span class=\"ls18d ws2fa\">\u2013 <span class=\"_ _2d\"> </span>\u2013 67<span class=\"_ _0\"/> 67 </span></span>Income tax cr<span class=\"_ _3\"/>edit on other co<span class=\"_ _3\"/><span class=\"ls183 ws1b2\">mprehens<span class=\"_ _0\"/>ive incom<span class=\"_ _0\"/>e/(expens<span class=\"_ _0\"/>e)  </span>1 \u2013 \u2013 1 As at 31 Dec<span class=\"_ _3\"/>ember 2022 <span class=\"_ _2d2\"> </span><span class=\"ls184 ws1d4\">2 <span class=\"_ _24\"> </span><span class=\"ls18b ws1bb\">(7) <span class=\"_ _aa\"> </span><span class=\"ls18c ws1c2\">112 <span class=\"_ _8a\"> </span><span class=\"ls188 ws1b9\">107 </span></span></span></span>* <span class=\"_ _2d\"> </span>Inco<span class=\"_ _0\"/>me tax on o<span class=\"_ _0\"/>ther co<span class=\"_ _0\"/>mprehens<span class=\"_ _0\"/>ive income <span class=\"_ _0\"/>has been<span class=\"_ _0\"/> realloca<span class=\"_ _0\"/>ted to the <span class=\"_ _0\"/>relevant<span class=\"_ _0\"/> reserves<span class=\"_ _0\"/> from Ret<span class=\"_ _0\"/>ained Ea<span class=\"_ _0\"/>rnings in<span class=\"_ _0\"/> the prio<span class=\"_ _0\"/>r ye<span class=\"ls1be ws2fc\">ar. </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>232<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2bf ls3 ws2\"> <span class=\"ff2c0 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2be ls3 ws2\"> </span></span></span>234<span class=\"ff2c2 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2c3 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2c2 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>Keeping it simple This ta<span class=\"_ _0\"/>ble pro<span class=\"_ _0\"/>vides a<span class=\"_ _0\"/> reconc<span class=\"_ _0\"/>iliatio<span class=\"_ _0\"/>n of each<span class=\"_ _0\"/> componen<span class=\"_ _0\"/>t of th<span class=\"_ _0\"/>e trans<span class=\"_ _0\"/>lation <span class=\"_ _0\"/>reserve reported wit<span class=\"_ _3\"/>hin equity and<span class=\"_ _3\"/> an analysis of o<span class=\"_ _3\"/>ther comprehensi<span class=\"_ _3\"/>ve income in accordance w<span class=\"_ _0\"/>ith IAS<span class=\"_ _0\"/> 1. Set out belo<span class=\"_ _3\"/>w is the re<span class=\"_ _3\"/>conciliation of each <span class=\"_ _3\"/>component of t<span class=\"_ _3\"/>he translation r<span class=\"_ _3\"/>eserve reported<span class=\"_ _3\"/> in the Consolidated<span class=\"_ _3\"/> Statement of Chang<span class=\"_ _3\"/>es in Equity and the analy<span class=\"_ _3\"/>sis of other comprehensive income:  Cash  flow hedge reserve \u00a3m<span class=\"ff2c5\"> </span>Cost of  hedge  reserve  \u00a3m<span class=\"ff2c5\"> </span>Foreign currency reserve \u00a3m<span class=\"ff2c5\"> </span>Translation reserve \u00a3m As at 1 January 2021<span class=\"ls3 ws2\"> <span class=\"_ _188\"/><span class=\"fc8 sc1\"> <span class=\"_ _2ce\"> </span><span class=\"fc7 sc0 ls188 ws2e4\">(15) <span class=\"_ _5\"/>(9) 31 <span class=\"_ _17\"> </span>7 </span></span></span>Effective portion of changes in fair va<span class=\"_ _3\"/>lue arising from:  <span class=\"_ _bd\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _ec\"> </span> </span>Foreign e<span class=\"_ _0\"/>xchan<span class=\"_ _0\"/>ge forw<span class=\"_ _0\"/>ard con<span class=\"_ _0\"/>tracts <span class=\"_ _162\"> </span><span class=\"ls188 ws2e6\">(2) <span class=\"_ _1\"/>1 <span class=\"_ _f\"> </span>\u2013 (1) </span>Cross-currency interest<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">rate swaps \u2013 borrowing<span class=\"_ _3\"/>s: <span class=\"_ _90\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _2b1\"> </span> </span></span>\u2022  <span class=\"ff2c6 ls184 ws1b3\">Change in fair<span class=\"_ _3\"/> value from t<span class=\"_ _3\"/>he effective hedge<span class=\"_ _3\"/> instrument </span>(13) <span class=\"_ _ec\"> </span>(1) <span class=\"_ _2b1\"> </span>\u2013 (14) Amount reclassified<span class=\"_ _3\"/> to Income Statement <span class=\"_ _2e1\"> </span><span class=\"ls3 ws2e5\">  <span class=\"_ _f\"> </span> <span class=\"_ _2b1\"> </span> </span>\u2022  <span class=\"ff2c6 ls184 ws1c8\">FX forward reclassifi<span class=\"_ _3\"/>ed to cost of sales/overhe<span class=\"_ _3\"/>ads </span>(2) <span class=\"_ _1\"/>\u2013 <span class=\"_ _e9\"> </span>\u2013 (2) \u2022  <span class=\"ff2c6 ls184 ws1b3\">CCIRS recla<span class=\"_ _3\"/>ssified to finance cost<span class=\"_ _3\"/>s </span>32 <span class=\"_ _2d0\"> </span>\u2013 <span class=\"_ _2d0\"> </span>\u2013<span class=\"_ _0\"/> 32 Net gain on<span class=\"_ _0\"/> cash flow he<span class=\"_ _0\"/>dges and c<span class=\"_ _0\"/>ost of hedg<span class=\"_ _0\"/>ing <span class=\"_ _2e8\"> </span><span class=\"ls18f ws2ea\">15 <span class=\"_ _33\"> </span>\u2013 <span class=\"_ _33\"> </span>\u2013 15 </span>Foreign currency reva<span class=\"_ _3\"/>luation of the EUR borrowing <span class=\"_ _2e9\"> </span><span class=\"ls18f ws2eb\">\u2013 <span class=\"_ _2d\"> </span>\u2013 <span class=\"_ _5\"/>13 13 </span>Foreign currency <span class=\"_ _3\"/>revaluation of<span class=\"_ _3\"/> the net fo<span class=\"_ _3\"/>reign operations <span class=\"_ _38\"> </span><span class=\"ls188 ws2ec\">\u2013 \u2013 </span>4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Exchange differences <span class=\"_ _3\"/>on tr<span class=\"ls184 ws1b3\">anslation of f<span class=\"_ _3\"/>oreign operations (<span class=\"_ _3\"/>net of hedgi<span class=\"_ _3\"/>ng) <span class=\"_ _11c\"> </span><span class=\"ls189 ws2ed\">\u2013 <span class=\"_ _e\"> </span>\u2013 17<span class=\"_ _0\"/> 17 </span></span>Income ta<span class=\"_ _0\"/>x (charge<span class=\"_ _0\"/>)/cre<span class=\"_ _0\"/>dit reclas<span class=\"_ _0\"/>s* <span class=\"_ _23d\"> </span><span class=\"ls18f ws2ee\">7 \u2013 \u2013 <span class=\"_ _5\"/>7 </span>Income tax (charge)/credi<span class=\"_ _3\"/>t on other compr<span class=\"_ _3\"/>ehensive income/(expense) <span class=\"_ _69\"> </span><span class=\"ls18f ws2ef\">(4) <span class=\"_ _e\"> </span>2 <span class=\"_ _f\"> </span>(3) (5) </span>As at 31 December 20<span class=\"_ _0\"/>21 <span class=\"_ _2ea\"> </span><span class=\"ff2c6 ls188 ws2f0\">3 (7) </span>45 41 Effective portion of changes in fair va<span class=\"_ _3\"/>lue arising from:  <span class=\"_ _2eb\"> </span><span class=\"ls3 ws2f1\"> <span class=\"_ _5\"/> <span class=\"_ _5\"/>  </span>Foreign e<span class=\"_ _0\"/>xchan<span class=\"_ _0\"/>ge forw<span class=\"_ _0\"/>ard con<span class=\"_ _0\"/>tracts <span class=\"_ _0\"/> <span class=\"_ _2ec\"> </span><span class=\"ls188 ws2f2\">(1) (4) <span class=\"_ _e\"> </span>\u2013 <span class=\"_ _9\"> </span>(5) </span>Cross-currency interest<span class=\"_ _0\"/> <span class=\"ls184 ws1c8\">rate swaps \u2013 borrowing<span class=\"_ _3\"/>s: <span class=\"_ _88\"> </span><span class=\"ls3 ws2f1\"> <span class=\"_ _1\"/> <span class=\"_ _0\"/>  </span></span>\u2022  <span class=\"ff2c6 ls184 ws1b3\">Change in fair<span class=\"_ _3\"/> value from t<span class=\"_ _3\"/>he effective hedge<span class=\"_ _3\"/> instrument </span>25 4 <span class=\"_ _2d0\"> </span>\u2013 29 Amount reclassified<span class=\"_ _3\"/> to Income Statement <span class=\"_ _2d5\"> </span><span class=\"ls3 ws2f4\">   <span class=\"_ _3\"/><span class=\"ff2c4 ws2\"> </span></span>\u2022  <span class=\"ff2c6 ls184 ws1c8\">FX forward reclassifi<span class=\"_ _3\"/>ed to cost of sales/overhe<span class=\"_ _3\"/>ads </span>4 \u2013 \u2013 4<span class=\"_ _335\"> </span>\u2022  <span class=\"ff2c6 ls18b ws1c0\">FX forward <span class=\"_ _0\"/>and swaps r<span class=\"_ _0\"/>eclassified t<span class=\"_ _0\"/>o finance c<span class=\"_ _0\"/>osts </span>(10) <span class=\"_ _2d0\"> </span>\u2013 <span class=\"_ _166\"> </span>\u2013 (10) \u2022  <span class=\"ff2c6 ls186 ws2\">Amounts <span class=\"_ _3\"/>reclassified<span class=\"_ _3\"/> to work in pr<span class=\"_ _3\"/>ogress </span>7 <span class=\"_ _0\"/>\u2013 <span class=\"_ _0\"/>\u2013 7 \u2022  <span class=\"ff2c6 ls184 ws1b3\">CCIRS recla<span class=\"_ _3\"/>ssified to finance cost<span class=\"_ _3\"/>s </span>(27) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _165\"> </span>\u2013 (27) Net loss <span class=\"_ _0\"/>on cash<span class=\"_ _0\"/> flow he<span class=\"_ _0\"/>dges an<span class=\"_ _0\"/>d cost <span class=\"_ _0\"/>of hedg<span class=\"_ _0\"/>ing <span class=\"_ _2e7\"> </span><span class=\"ls188 ws2f9\">(2) <span class=\"_ _5\"/>\u2013 <span class=\"_ _f\"> </span>\u2013 (2) </span>Foreign currency <span class=\"_ _3\"/>revaluation of<span class=\"_ _3\"/> the net fo<span class=\"_ _3\"/>reign operations <span class=\"_ _38\"> </span><span class=\"ls18d ws25d\">\u2013 <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _5\"/>67 67<span class=\"_ _0\"/> </span>Exchange differences <span class=\"_ _3\"/>on tr<span class=\"ls184 ws1b3\">anslation of f<span class=\"_ _3\"/>oreign operations (<span class=\"_ _3\"/>net of hedgi<span class=\"_ _3\"/>ng) <span class=\"_ _11c\"> </span><span class=\"ls18d ws2fa\">\u2013 <span class=\"_ _2d\"> </span>\u2013 67<span class=\"_ _0\"/> 67 </span></span>Income tax cr<span class=\"_ _3\"/>edit on other co<span class=\"_ _3\"/><span class=\"ls183 ws1b2\">mprehens<span class=\"_ _0\"/>ive incom<span class=\"_ _0\"/>e/(expens<span class=\"_ _0\"/>e)  </span>1 \u2013 \u2013 1 As at 31 Dec<span class=\"_ _3\"/>ember 2022 <span class=\"_ _2d2\"> </span><span class=\"ls184 ws1d4\">2 <span class=\"_ _24\"> </span><span class=\"ls18b ws1bb\">(7) <span class=\"_ _aa\"> </span><span class=\"ls18c ws1c2\">112 <span class=\"_ _8a\"> </span><span class=\"ls188 ws1b9\">107 </span></span></span></span>* <span class=\"_ _2d\"> </span>Inco<span class=\"_ _0\"/>me tax on o<span class=\"_ _0\"/>ther co<span class=\"_ _0\"/>mprehens<span class=\"_ _0\"/>ive income <span class=\"_ _0\"/>has been<span class=\"_ _0\"/> realloca<span class=\"_ _0\"/>ted to the <span class=\"_ _0\"/>relevant<span class=\"_ _0\"/> reserves<span class=\"_ _0\"/> from Ret<span class=\"_ _0\"/>ained Ea<span class=\"_ _0\"/>rnings in<span class=\"_ _0\"/> the prio<span class=\"_ _0\"/>r ye<span class=\"ls1be ws2fc\">ar. </span>ITV plc<span class=\"ff2cb ls3 ws2\">\u2009<span class=\"ff2cc ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff2ca fs27 ls1bc ws21d\">235 </span></span></span>Netting arrangements of financial instruments Keeping it simple This section details the Group\u2019s financial ass<span class=\"_ _0\"/>ets and financial liabilities<span class=\"_ _0\"/> that are subject to netting and set-off arrangements. Financial assets and liabilities that are s<span class=\"_ _0\"/>ubject to set-off arrangements and disclosed on a <span class=\"ls1a0 ws2\">net basis in the Group\u2019s Statement of </span>Financial Positi<span class=\"_ _3\"/>on relate to cash pooling arrangeme<span class=\"_ _3\"/>nts. Amounts whi<span class=\"_ _3\"/>ch do not meet the criteria for offsetting on the Consolidated Statem<span class=\"_ _3\"/>ent of Financial Position but could be settled net in certain circumstances principally relate to derivative transactions executed under ISDA agreements where each party ha<span class=\"_ _3\"/>s the option to settle amounts on a net basis in the event of defaul<span class=\"_ _3\"/>t of the other party. At 31 December 2022 Gross financial assets/ liabilities<span class=\"_ _4\"/> \u00a3m Gross collateral assets/liabilities  set-off \u00a3m Net financial assets/liabilities per balance sheet \u00a3m Related amounts not set-off in the balance sheet \u00a3m Net \u00a3m Assets <span class=\"_ _21a\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _93\"> </span> <span class=\"_ _93\"> </span> <span class=\"_ _19\"> </span> <span class=\"_ _19\"> </span> </span>Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments <span class=\"_ _201\"> </span><span class=\"ff2cd ws1b6\">4 <span class=\"_ _12a\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _1b\"> </span></span>4 <span class=\"_ _28\"> </span><span class=\"ls18b ws1bb\">(4) <span class=\"_ _12c\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span></span>Cash and cash equivalents <span class=\"_ _2ed\"> </span><span class=\"ff2cd ls18f ws1c4\">348 <span class=\"_ _1d5\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _14d\"> </span></span>348 <span class=\"_ _139\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _58\"> </span></span>348 </span>Liabilit<span class=\"_ _3\"/>ies <span class=\"_ _162\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _12d\"> </span> <span class=\"_ _93\"> </span> <span class=\"_ _19\"> </span> <span class=\"_ _4e\"> </span> </span>Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments <span class=\"_ _7e\"> </span><span class=\"ff2cd ls18c ws1c2\">(15) <span class=\"_ _1d5\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _78\"> </span></span>(15) <span class=\"_ _131\"> </span><span class=\"ls186 ws1b6\">4 <span class=\"_ _1f\"> </span><span class=\"ls189 ws1b8\">(11) </span></span></span>Loans and facil<span class=\"_ _0\"/>ities <span class=\"_ _100\"> </span><span class=\"ff2cd ls189 ws1b8\">(830) <span class=\"_ _1d5\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _3f\"> </span></span>(830) <span class=\"_ _12c\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _5f\"> </span></span>(830) </span>At 31 December 2021 Gross financia<span class=\"_ _3\"/>l assets/liabilitie<span class=\"_ _0\"/>s \u00a3m Gross collateral assets/liabilities  set-off \u00a3m Net financial assets/liabilitie<span class=\"_ _0\"/>s per balance  sheet \u00a3m Related amounts not set-off in the<span class=\"_ _0\"/> balance sheet \u00a3m Net \u00a3m Assets Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments 3 <span class=\"_ _145\"> </span>\u2013 <span class=\"_ _f\"> </span>3 (3) \u2013 Restr<span class=\"_ _3\"/>icted ca<span class=\"_ _3\"/>sh 50 <span class=\"_ _86\"> </span>\u2013 50 <span class=\"_ _2a\"> </span>\u2013 50 Cash and cash equivalents 686 <span class=\"_ _c1\"> </span>\u2013 686<span class=\"_ _0\"/> <span class=\"_ _145\"> </span>\u2013 68<span class=\"_ _0\"/>6 Liabilit<span class=\"_ _3\"/>ies Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments<span class=\"ls3\"> </span> <span class=\"_ _1d\"> </span><span class=\"fc7 sc0 ls188 ws2a6\">(42) <span class=\"_ _185\"> </span>\u2013 (42) <span class=\"_ _2b1\"> </span>3 <span class=\"_ _0\"/>(39) </span>Loans and facil<span class=\"_ _0\"/>ities <span class=\"_ _28c\"> </span><span class=\"ls189 ws301\">(1,022<span class=\"_ _0\"/>) <span class=\"_ _b3\"> </span>\u2013 (1,022) <span class=\"_ _ab\"> </span>\u2013 (1,022) </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>233<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2d3 ls3 ws2\"> <span class=\"ff2d4 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2d2 ls3 ws2\"> </span></span></span>236<span class=\"ff2d6 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2d7 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2d6 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>4.4  Net fi<span class=\"_ _3\"/>nancing costs  <span class=\"_ _85\"> </span><span class=\"ff2d9 ls187 ws21c\">Keeping </span>it simple This secti<span class=\"_ _0\"/>on details th<span class=\"_ _0\"/>e interest inco<span class=\"_ _0\"/>me generat<span class=\"_ _0\"/>ed on the Gro<span class=\"_ _0\"/>up\u2019s cash and<span class=\"_ _0\"/> other financial ass<span class=\"_ _0\"/>ets and th<span class=\"_ _0\"/>e inter<span class=\"_ _0\"/>est expens<span class=\"_ _0\"/>e incurre<span class=\"_ _0\"/>d on borr<span class=\"_ _0\"/>owings and o<span class=\"_ _0\"/>ther financial liabilities.  In reporting \u2018adj<span class=\"_ _3\"/>usted profit\u2019, the Gro<span class=\"_ _3\"/>up adjusts net financing <span class=\"_ _3\"/>costs to exclude unreali<span class=\"_ _3\"/>sed mark-to<span class=\"_ _3\"/>-market moveme<span class=\"_ _3\"/>nts on<span class=\"ls184 ws1c8\"> intere<span class=\"_ _3\"/>st rate and foreign exchange </span>derivatives, gai<span class=\"_ _3\"/>ns/losses on bond buybacks, <span class=\"_ _3\"/>net pension interest<span class=\"_ _3\"/>, interest and fa<span class=\"_ _3\"/>ir value movements in acquisition-related <span class=\"_ _3\"/>liabilities and other financing costs. Our ratio<span class=\"_ _3\"/>nale for ad<span class=\"_ _3\"/>justme<span class=\"_ _3\"/>nts made to<span class=\"_ _3\"/> financi<span class=\"_ _3\"/>ng cost<span class=\"_ _3\"/>s is set o<span class=\"_ _3\"/>ut in t<span class=\"_ _3\"/>he Finance Rev<span class=\"_ _0\"/>iew. Accounting policies Net fina<span class=\"_ _3\"/>ncing <span class=\"_ _3\"/>costs comp<span class=\"_ _3\"/>rise intere<span class=\"_ _3\"/>st income<span class=\"_ _3\"/> on fund<span class=\"_ _3\"/>s invested<span class=\"_ _3\"/>, gains/lo<span class=\"_ _4\"/>sses on the dispo<span class=\"_ _3\"/>sal of fi<span class=\"_ _4\"/>nancial instrum<span class=\"_ _0\"/>ents, changes in<span class=\"_ _0\"/> the fair value o<span class=\"_ _0\"/>f financial instr<span class=\"_ _0\"/>u<span class=\"ls184 ws1b3\">ments, interest e<span class=\"_ _3\"/>xpense on borrowi<span class=\"_ _3\"/>ngs, unwinding<span class=\"_ _3\"/> of the </span>discount<span class=\"_ _3\"/> on provisi<span class=\"_ _3\"/>ons, u<span class=\"_ _3\"/>nwinding o<span class=\"_ _3\"/>f the disco<span class=\"_ _3\"/>unt on li<span class=\"_ _3\"/>abilitie<span class=\"_ _3\"/>s to non<span class=\"_ _3\"/>-contro<span class=\"_ _3\"/>lling inte<span class=\"_ _3\"/>rest, fo<span class=\"_ _3\"/>reign exch<span class=\"_ _3\"/>ange gain/losses<span class=\"_ _0\"/>, and imp<span class=\"_ _0\"/>uted in<span class=\"_ _0\"/>terest on<span class=\"_ _0\"/> pension ass<span class=\"_ _0\"/>ets and lia<span class=\"_ _0\"/>bilities<span class=\"_ _0\"/>. Interes<span class=\"_ _0\"/>t income an<span class=\"_ _0\"/>d expens<span class=\"_ _0\"/>e is recogn<span class=\"_ _0\"/>ised as it<span class=\"_ _0\"/> accrues<span class=\"_ _0\"/> in prof<span class=\"_ _0\"/>it or loss<span class=\"_ _0\"/>, using<span class=\"_ _0\"/> the effec<span class=\"_ _0\"/>tive in<span class=\"_ _0\"/>terest m<span class=\"_ _0\"/>ethod.<span class=\"_ _0\"/> Net financing costs Net financin<span class=\"_ _0\"/>g costs can be analy<span class=\"_ _0\"/>sed as follows: 2022 \u00a3m 2021 \u00a3m Financing<span class=\"_ _3\"/> income <span class=\"_ _1ea\"> </span><span class=\"ff2d9 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff2da\"> </span></span>Interest income <span class=\"_ _1d9\"> </span><span class=\"ff2d8 ls184 ws1d4\">9 </span>4<span class=\"_ _335\"> </span>Foreign exchange gain <span class=\"_ _19d\"> </span><span class=\"ff2d8 ls18f ws1c4\">3 </span>4<span class=\"_ _335\"> </span>Other finance income <span class=\"_ _1e6\"> </span><span class=\"ff2d8 ls189 ws1b8\">1 <span class=\"_ _168\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span> <span class=\"_ _29f\"> </span><span class=\"ff2d8 ls18c ws1c2\">13 <span class=\"_ _131\"> </span></span><span class=\"ls189 ws1b8\">8 </span>Financ<span class=\"_ _3\"/>ing cost<span class=\"_ _3\"/>s <span class=\"_ _1c8\"> </span><span class=\"ff2da ls3 ws303\">  </span>Interest expe<span class=\"_ _3\"/>nse on financial liabil<span class=\"ls186 ws1c9\">itie<span class=\"_ _3\"/>s measured at amorti<span class=\"_ _3\"/>sed cost <span class=\"_ _118\"> </span><span class=\"ff2d8 ls18f ws1c4\">(18)<span class=\"_ _0\"/> <span class=\"_ _16\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>8) </span></span>Foreign exch<span class=\"_ _0\"/>ange loss <span class=\"_ _1ef\"> </span><span class=\"ff2d8 ls189 ws1b8\">(1) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Other finance expense* <span class=\"_ _1da\"> </span><span class=\"ff2d8 ls189 ws1b8\">(20) <span class=\"_ _3f\"> </span></span><span class=\"ls188 ws1b9\">(30) </span>Financing exceptional item: acquisition-related <span class=\"_ _1cb\"> </span><span class=\"ff2d8 ls184 ws1d4\">\u2013 <span class=\"_ _203\"> </span></span><span class=\"ls18d ws1d3\">(10)<span class=\"_ _0\"/> </span> <span class=\"_ _267\"> </span><span class=\"ff2d8 ls183 ws1bd\">(39) <span class=\"_ _5f\"> </span></span><span class=\"ls19b ws1d6\">(5<span class=\"_ _0\"/>8) </span>Net financ<span class=\"_ _0\"/>ing costs<span class=\"_ _0\"/> <span class=\"_ _1b7\"> </span><span class=\"ff2d8 ws1bd\">(26) <span class=\"_ _3f\"> </span></span><span class=\"ls185 ws1c1\">(50) </span>* <span class=\"_ _2b\"> </span>Interest incurred on the cross-currency interest rate swaps in the year <span class=\"_ _3\"/>is included within other finance expense. In 2021, th<span class=\"ls1c7 ws235\">i<span class=\"_ _3\"/>s interest cost was included within </span>Interest<span class=\"_ _4\"/> expense on finan<span class=\"_ _3\"/>cial liabi<span class=\"_ _4\"/>lities measur<span class=\"_ _3\"/>ed at amorti<span class=\"_ _3\"/>sed cost<span class=\"_ _3\"/>. \u00a38 millio<span class=\"_ _3\"/>n has been<span class=\"_ _3\"/> reclassi<span class=\"_ _4\"/>fied to other fina<span class=\"_ _3\"/>nce expe<span class=\"_ _3\"/>nse<span class=\"ls1c8 ws1e5\"> for 2021 in the table <span class=\"_ _3\"/>above. </span>Other financ<span class=\"_ _0\"/>e exp<span class=\"_ _0\"/>ense inclu<span class=\"_ _0\"/>des lease<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t paymen<span class=\"_ _0\"/>ts, inte<span class=\"_ _0\"/>rest on ac<span class=\"_ _0\"/>quisiti<span class=\"_ _0\"/>on-relate<span class=\"_ _0\"/>d contingen<span class=\"_ _0\"/>t liabil<span class=\"_ _0\"/>ities (no<span class=\"_ _0\"/>t included wit<span class=\"_ _0\"/>hin the exce<span class=\"_ _0\"/>ptional financ<span class=\"_ _0\"/>ing item)<span class=\"_ _0\"/> and bank cha<span class=\"_ _0\"/>rges.  Except<span class=\"_ _0\"/>ional f<span class=\"_ _0\"/>inance c<span class=\"_ _0\"/>osts of<span class=\"_ _0\"/> \u00a310 milli<span class=\"_ _0\"/>on in 202<span class=\"_ _0\"/>1 princ<span class=\"_ _0\"/>ipally r<span class=\"_ _0\"/>elates<span class=\"_ _0\"/> to inte<span class=\"_ _0\"/>rest acc<span class=\"_ _0\"/>rued on exc<span class=\"_ _0\"/>eption<span class=\"_ _0\"/>al acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n-<span class=\"_ _335\"> </span>related expenses.  IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>234<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2d3 ls3 ws2\"> <span class=\"ff2d4 ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2d2 ls3 ws2\"> </span></span></span>236<span class=\"ff2d6 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2d7 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2d6 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>4.4  Net fi<span class=\"_ _3\"/>nancing costs  <span class=\"_ _85\"> </span><span class=\"ff2d9 ls187 ws21c\">Keeping </span>it simple This secti<span class=\"_ _0\"/>on details th<span class=\"_ _0\"/>e interest inco<span class=\"_ _0\"/>me generat<span class=\"_ _0\"/>ed on the Gro<span class=\"_ _0\"/>up\u2019s cash and<span class=\"_ _0\"/> other financial ass<span class=\"_ _0\"/>ets and th<span class=\"_ _0\"/>e inter<span class=\"_ _0\"/>est expens<span class=\"_ _0\"/>e incurre<span class=\"_ _0\"/>d on borr<span class=\"_ _0\"/>owings and o<span class=\"_ _0\"/>ther financial liabilities.  In reporting \u2018adj<span class=\"_ _3\"/>usted profit\u2019, the Gro<span class=\"_ _3\"/>up adjusts net financing <span class=\"_ _3\"/>costs to exclude unreali<span class=\"_ _3\"/>sed mark-to<span class=\"_ _3\"/>-market moveme<span class=\"_ _3\"/>nts on<span class=\"ls184 ws1c8\"> intere<span class=\"_ _3\"/>st rate and foreign exchange </span>derivatives, gai<span class=\"_ _3\"/>ns/losses on bond buybacks, <span class=\"_ _3\"/>net pension interest<span class=\"_ _3\"/>, interest and fa<span class=\"_ _3\"/>ir value movements in acquisition-related <span class=\"_ _3\"/>liabilities and other financing costs. Our ratio<span class=\"_ _3\"/>nale for ad<span class=\"_ _3\"/>justme<span class=\"_ _3\"/>nts made to<span class=\"_ _3\"/> financi<span class=\"_ _3\"/>ng cost<span class=\"_ _3\"/>s is set o<span class=\"_ _3\"/>ut in t<span class=\"_ _3\"/>he Finance Rev<span class=\"_ _0\"/>iew. Accounting policies Net fina<span class=\"_ _3\"/>ncing <span class=\"_ _3\"/>costs comp<span class=\"_ _3\"/>rise intere<span class=\"_ _4\"/>st income on fund<span class=\"_ _3\"/>s invested<span class=\"_ _3\"/>, gains/<span class=\"_ _3\"/>losses o<span class=\"_ _3\"/>n the dispo<span class=\"_ _3\"/>sal of fi<span class=\"_ _4\"/>nancial instrum<span class=\"_ _0\"/>ents, changes in<span class=\"_ _0\"/> the fair value o<span class=\"_ _0\"/>f financial instr<span class=\"_ _0\"/>u<span class=\"ls184 ws1b3\">ments, interest e<span class=\"_ _3\"/>xpense on borrowi<span class=\"_ _3\"/>ngs, unwinding<span class=\"_ _3\"/> of the </span>discount<span class=\"_ _3\"/> on provisi<span class=\"_ _3\"/>ons, u<span class=\"_ _3\"/>nwinding o<span class=\"_ _3\"/>f the disco<span class=\"_ _3\"/>unt on li<span class=\"_ _3\"/>abilitie<span class=\"_ _3\"/>s to non<span class=\"_ _3\"/>-contro<span class=\"_ _3\"/>lling inte<span class=\"_ _3\"/>rest, fo<span class=\"_ _3\"/>reign exch<span class=\"_ _3\"/>ange gain/losses<span class=\"_ _0\"/>, and imp<span class=\"_ _0\"/>uted in<span class=\"_ _0\"/>terest on<span class=\"_ _0\"/> pension ass<span class=\"_ _0\"/>ets and lia<span class=\"_ _0\"/>bilities<span class=\"_ _0\"/>. Interes<span class=\"_ _0\"/>t income an<span class=\"_ _0\"/>d expens<span class=\"_ _0\"/>e is recogn<span class=\"_ _0\"/>ised as it<span class=\"_ _0\"/> accrues<span class=\"_ _0\"/> in prof<span class=\"_ _0\"/>it or loss<span class=\"_ _0\"/>, using<span class=\"_ _0\"/> the effec<span class=\"_ _0\"/>tive in<span class=\"_ _0\"/>terest m<span class=\"_ _0\"/>ethod.<span class=\"_ _0\"/> Net financing costs Net financin<span class=\"_ _0\"/>g costs can be analy<span class=\"_ _0\"/>sed as follows: 2022 \u00a3m 2021 \u00a3m Financing<span class=\"_ _3\"/> income <span class=\"_ _1ea\"> </span><span class=\"ff2d9 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff2da\"> </span></span>Interest income <span class=\"_ _1d9\"> </span><span class=\"ff2d8 ls184 ws1d4\">9 </span>4<span class=\"_ _335\"> </span>Foreign exchange gain <span class=\"_ _19d\"> </span><span class=\"ff2d8 ls18f ws1c4\">3 </span>4<span class=\"_ _335\"> </span>Other finance income <span class=\"_ _1e6\"> </span><span class=\"ff2d8 ls189 ws1b8\">1 <span class=\"_ _168\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span> <span class=\"_ _29f\"> </span><span class=\"ff2d8 ls18c ws1c2\">13 <span class=\"_ _131\"> </span></span><span class=\"ls189 ws1b8\">8 </span>Financ<span class=\"_ _3\"/>ing cost<span class=\"_ _3\"/>s <span class=\"_ _1c8\"> </span><span class=\"ff2da ls3 ws303\">  </span>Interest expe<span class=\"_ _3\"/>nse on financial liabil<span class=\"ls186 ws1c9\">itie<span class=\"_ _3\"/>s measured at amorti<span class=\"_ _3\"/>sed cost <span class=\"_ _118\"> </span><span class=\"ff2d8 ls18f ws1c4\">(18)<span class=\"_ _0\"/> <span class=\"_ _16\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>8) </span></span>Foreign exch<span class=\"_ _0\"/>ange loss <span class=\"_ _1ef\"> </span><span class=\"ff2d8 ls189 ws1b8\">(1) <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span>Other finance expense* <span class=\"_ _1da\"> </span><span class=\"ff2d8 ls189 ws1b8\">(20) <span class=\"_ _3f\"> </span></span><span class=\"ls188 ws1b9\">(30) </span>Financing exceptional item: acquisition-related <span class=\"_ _1cb\"> </span><span class=\"ff2d8 ls184 ws1d4\">\u2013 <span class=\"_ _203\"> </span></span><span class=\"ls18d ws1d3\">(10)<span class=\"_ _0\"/> </span> <span class=\"_ _267\"> </span><span class=\"ff2d8 ls183 ws1bd\">(39) <span class=\"_ _5f\"> </span></span><span class=\"ls19b ws1d6\">(5<span class=\"_ _0\"/>8) </span>Net financ<span class=\"_ _0\"/>ing costs<span class=\"_ _0\"/> <span class=\"_ _1b7\"> </span><span class=\"ff2d8 ws1bd\">(26) <span class=\"_ _3f\"> </span></span><span class=\"ls185 ws1c1\">(50) </span>* <span class=\"_ _2b\"> </span>Interest incurred on the cross-currency interest rate swaps in the year <span class=\"_ _3\"/>is included within other finance expense. In 2021, th<span class=\"ls1c7 ws235\">i<span class=\"_ _3\"/>s interest cost was included within </span>Interest<span class=\"_ _4\"/> expense on finan<span class=\"_ _3\"/>cial liabi<span class=\"_ _4\"/>lities measur<span class=\"_ _3\"/>ed at amorti<span class=\"_ _3\"/>sed cost<span class=\"_ _3\"/>. \u00a38 millio<span class=\"_ _3\"/>n has been<span class=\"_ _3\"/> reclassi<span class=\"_ _4\"/>fied to other fina<span class=\"_ _3\"/>nce expe<span class=\"_ _3\"/>nse<span class=\"ls1c8 ws1e5\"> for 2021 in the table <span class=\"_ _3\"/>above. </span>Other financ<span class=\"_ _0\"/>e exp<span class=\"_ _0\"/>ense inclu<span class=\"_ _0\"/>des lease<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>t paymen<span class=\"_ _0\"/>ts, inte<span class=\"_ _0\"/>rest on ac<span class=\"_ _0\"/>quisiti<span class=\"_ _0\"/>on-relate<span class=\"_ _0\"/>d contingen<span class=\"_ _0\"/>t liabil<span class=\"_ _0\"/>ities (no<span class=\"_ _0\"/>t included wit<span class=\"_ _0\"/>hin the exce<span class=\"_ _0\"/>ptional financ<span class=\"_ _0\"/>ing item)<span class=\"_ _0\"/> and bank cha<span class=\"_ _0\"/>rges.  Except<span class=\"_ _0\"/>ional f<span class=\"_ _0\"/>inance c<span class=\"_ _0\"/>osts of<span class=\"_ _0\"/> \u00a310 milli<span class=\"_ _0\"/>on in 202<span class=\"_ _0\"/>1 princ<span class=\"_ _0\"/>ipally r<span class=\"_ _0\"/>elates<span class=\"_ _0\"/> to inte<span class=\"_ _0\"/>rest acc<span class=\"_ _0\"/>rued on exc<span class=\"_ _0\"/>eption<span class=\"_ _0\"/>al acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n-<span class=\"_ _335\"> </span>related expenses.  ITV plc<span class=\"ff2df ls3 ws2\">\u2009<span class=\"ff2e0 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff2de fs27 ls1bc ws21d\">237 </span></span></span>4.5  Fair value hierarchy  <span class=\"_ _85\"> </span><span class=\"ff2e2 ls187 ws21c\">Keeping </span>it simple The financi<span class=\"_ _3\"/>al instrum<span class=\"_ _3\"/>ents includ<span class=\"_ _3\"/>ed in the Conso<span class=\"_ _3\"/>lidated St<span class=\"_ _3\"/>atement of Fi<span class=\"_ _3\"/>nancial Position are<span class=\"_ _3\"/> measured at<span class=\"_ _3\"/> either fair v<span class=\"_ _3\"/>alue or a<span class=\"_ _3\"/>mortised cost<span class=\"_ _3\"/>. The measure<span class=\"_ _3\"/>ment of this fa<span class=\"_ _0\"/>ir value ca<span class=\"_ _0\"/>n in some c<span class=\"_ _0\"/>ases be su<span class=\"_ _0\"/>bjective,<span class=\"_ _0\"/> and can<span class=\"_ _0\"/> depend o<span class=\"_ _0\"/>n the in<span class=\"_ _0\"/>puts us<span class=\"_ _0\"/>ed in the calcu<span class=\"_ _3\"/>lations. The Group generally <span class=\"_ _3\"/>uses external va<span class=\"_ _3\"/>luations using mark<span class=\"_ _3\"/>et inputs or marke<span class=\"_ _0\"/>t values<span class=\"_ _0\"/> (e.g. e<span class=\"_ _0\"/>xternal s<span class=\"_ _0\"/>hare p<span class=\"_ _0\"/>rices<span class=\"_ _0\"/>). The <span class=\"_ _0\"/>differen<span class=\"_ _0\"/>t valuat<span class=\"_ _0\"/>ion me<span class=\"_ _0\"/>thods ar<span class=\"_ _0\"/>e called \u2018hierarchies\u2019<span class=\"_ _3\"/> and are described b<span class=\"_ _3\"/>elow. Level 1<span class=\"fc7 ls3 ws2\"> </span>Fair values<span class=\"_ _0\"/> are measu<span class=\"_ _0\"/>red using<span class=\"_ _0\"/> quoted pr<span class=\"_ _0\"/>ices (una<span class=\"_ _0\"/>djuste<span class=\"_ _0\"/>d) in activ<span class=\"_ _0\"/>e markets<span class=\"_ _0\"/> for identical<span class=\"_ _0\"/> assets<span class=\"_ _0\"/> or li<span class=\"_ _0\"/>abilitie<span class=\"_ _0\"/>s. Level 2<span class=\"fc7 ls3 ws2\"> </span>Fair values<span class=\"_ _0\"/> are measu<span class=\"_ _0\"/>red using<span class=\"_ _0\"/> inputs,<span class=\"_ _0\"/> other than qu<span class=\"_ _0\"/>oted pric<span class=\"_ _0\"/>es includ<span class=\"_ _0\"/>ed within Level 1, <span class=\"_ _3\"/>which are obse<span class=\"_ _3\"/>rvable fo<span class=\"_ _3\"/>r the asset<span class=\"_ _3\"/> or liabi<span class=\"_ _3\"/>lity either dir<span class=\"_ _3\"/>ectly or <span class=\"_ _3\"/>indirectly. Interest rate swaps a<span class=\"_ _3\"/>nd options are accounted for<span class=\"_ _3\"/> at their fair value based<span class=\"_ _3\"/> upon exit prices a<span class=\"_ _0\"/>t the c<span class=\"_ _0\"/>urrent <span class=\"_ _0\"/>report<span class=\"_ _0\"/>ing peri<span class=\"_ _0\"/>od. Forw<span class=\"_ _0\"/>ard fo<span class=\"_ _0\"/>reign exch<span class=\"_ _0\"/>ange co<span class=\"_ _0\"/>ntracts <span class=\"_ _0\"/>are accounted for <span class=\"_ _3\"/>at the diffe<span class=\"_ _3\"/>rence betwee<span class=\"_ _3\"/>n the contr<span class=\"_ _3\"/>act excha<span class=\"_ _3\"/>nge rate and<span class=\"_ _3\"/> the quoted<span class=\"_ _3\"/> forward<span class=\"_ _0\"/> exchange r<span class=\"_ _0\"/>ate at the re<span class=\"_ _0\"/>porting<span class=\"_ _0\"/> date. Level 3 Fair value<span class=\"_ _3\"/>s are measured <span class=\"_ _3\"/>using inputs for t<span class=\"_ _3\"/>he asset or <span class=\"_ _3\"/>liability that a<span class=\"_ _3\"/>re not based on observable<span class=\"_ _3\"/> market data. The tab<span class=\"_ _3\"/>les be<span class=\"_ _3\"/>low set <span class=\"_ _3\"/>out the <span class=\"_ _3\"/>financia<span class=\"_ _3\"/>l instr<span class=\"_ _4\"/>uments includ<span class=\"_ _3\"/>ed <span class=\"ls184 ws1b3\">on the C<span class=\"_ _3\"/>onsolidated Statem<span class=\"_ _3\"/>ent of Financial Po<span class=\"_ _3\"/>sition at </span>fair value:<span class=\"_ _0\"/> Fair value 31 December 2022 \u00a3m Level 1 31 December 2022 \u00a3m Level 2 31 December 2022 \u00a3m Level 3 31 December 2022 \u00a3m Assets meas<span class=\"_ _3\"/>ured at fair<span class=\"_ _3\"/> value <span class=\"_ _2ee\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> </span>Financial instrument<span class=\"_ _3\"/>s at fair v<span class=\"_ _3\"/>alue through re<span class=\"_ _3\"/>serves <span class=\"_ _de\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _ae\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> </span>Other pension assets \u2013 gilts (see note 3.7) <span class=\"_ _119\"> </span><span class=\"ff2e1 ls183 ws1bd\">47 <span class=\"_ _1d2\"> </span>47 <span class=\"_ _12c\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _ed\"> </span>\u2013 </span></span>Financial instruments at fair value t<span class=\"_ _3\"/>hrough profit or loss <span class=\"_ _b2\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> </span>Money market funds  <span class=\"_ _ef\"> </span><span class=\"ff2e1 ls18d ws1d3\">91 <span class=\"_ _14d\"> </span>91 <span class=\"_ _ed\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _ed\"> </span>\u2013 </span></span>Equity investment<span class=\"_ _3\"/>s (see note 3<span class=\"_ _3\"/>.5) <span class=\"_ _f2\"> </span><span class=\"ff2e1 ls189 ws1b8\">11 <span class=\"_ _ed\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _81\"> </span></span>11 </span>Financial assets at fair value through profit<span class=\"_ _3\"/> or loss <span class=\"_ _2ef\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> </span>Convertibl<span class=\"_ _3\"/>e loan receivab<span class=\"_ _3\"/>le <span class=\"_ _10c\"> </span><span class=\"ff2e1 ls18f ws1c4\">3 <span class=\"_ _131\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span>\u2013 <span class=\"_ _131\"> </span></span>3 </span>Financial ass<span class=\"_ _0\"/>ets at fair valu<span class=\"_ _0\"/>e through re<span class=\"_ _0\"/>serves <span class=\"_ _2f0\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> </span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _15a\"> </span><span class=\"ff2e1 ls186 ws1b6\">4 <span class=\"_ _12c\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12f\"> </span></span>4 <span class=\"_ _ed\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span> <span class=\"_ _2f1\"> </span><span class=\"ff2e1 ls18c ws1c2\">156 <span class=\"_ _13\"> </span><span class=\"ls188 ws1b9\">138 <span class=\"_ _12f\"> </span><span class=\"ls186 ws1b6\">4 <span class=\"_ _14d\"> </span><span class=\"ls189 ws1b8\">14 </span></span></span></span>Fair value 31 December 2022 \u00a3m Level 1 31 December 2022 \u00a3m Level 2 31 December 2022 \u00a3m Level 3 31 December 2022 \u00a3m Liabilit<span class=\"_ _3\"/>ies measured<span class=\"_ _3\"/> at fair va<span class=\"_ _3\"/>lue <span class=\"_ _219\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> <span class=\"_ _142\"> </span> </span>Financial liabilities at fair value through profit or loss <span class=\"_ _4a\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _87\"> </span> <span class=\"_ _ae\"> </span> <span class=\"_ _142\"> </span> </span>Foreign exchange<span class=\"_ _3\"/> forward contr<span class=\"_ _3\"/>acts and swaps <span class=\"_ _b1\"> </span><span class=\"ff2e1 ls189 ws1b8\">(1) <span class=\"_ _7a\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _5c\"> </span></span>(1) <span class=\"_ _7a\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span>Acquisition-related liabilities \u2013 payable to sellers under put options agreed on acquisitio<span class=\"_ _3\"/>n (see notes 3.1.4 and 3.1.5)<span class=\"_ _0\"/> <span class=\"_ _2f2\"> </span><span class=\"ff2e1 ls183 ws1bd\">(39) <span class=\"_ _25\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span>\u2013 <span class=\"_ _4d\"> </span></span>(39) </span>Financial liabilities at<span class=\"_ _3\"/> fair value through re<span class=\"_ _3\"/>serves <span class=\"_ _2f3\"> </span><span class=\"ff2e1 ls3 ws2\"> <span class=\"_ _142\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _ae\"> </span> </span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _227\"> </span><span class=\"ff2e1 ws1bb\">(14) <span class=\"_ _25\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span>(14) <span class=\"_ _7a\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span> <span class=\"_ _2f1\"> </span><span class=\"ff2e1 ls189 ws1b8\">(5<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>) <span class=\"_ _25\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _6f\"> </span><span class=\"ls18c ws1c2\">(15) <span class=\"_ _43\"> </span><span class=\"ls183 ws1bd\">(39) </span></span></span>There have b<span class=\"_ _0\"/>een no chang<span class=\"_ _0\"/>es in the class<span class=\"_ _0\"/>ification o<span class=\"_ _0\"/>f assets<span class=\"ls186 ws2\"> and liabilities and<span class=\"_ _3\"/> there ha<span class=\"_ _3\"/>ve<span class=\"ws1c9\"> been no movements wit<span class=\"_ _4\"/>h<span class=\"_ _0\"/>in </span></span>levels. Info<span class=\"_ _0\"/>rmation<span class=\"_ _0\"/> on th<span class=\"_ _0\"/>e fair v<span class=\"_ _0\"/>alue m<span class=\"_ _0\"/>easuremen<span class=\"_ _0\"/>ts of l<span class=\"_ _0\"/>evel 3 <span class=\"_ _0\"/>assets an<span class=\"_ _0\"/>d liabil<span class=\"_ _0\"/>ities <span class=\"_ _0\"/>is det<span class=\"_ _0\"/>ailed in <span class=\"_ _0\"/>the rel<span class=\"_ _0\"/>evant n<span class=\"_ _0\"/>otes referenced<span class=\"_ _3\"/> above. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>235<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2e7 ls3 ws2\"> </span><span class=\"ff2e8\">co<span class=\"_ _3\"/>ntinued<span class=\"ff2e6 ls3 ws2\"> </span></span>238<span class=\"ff2ea ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff2eb ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2ea ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Assets measur<span class=\"_ _3\"/>ed at fair val<span class=\"_ _3\"/>ue <span class=\"_ _2ee\"> </span><span class=\"ff2ed ls3 ws22d\">    </span>Financial instruments at fair val<span class=\"_ _0\"/>ue through reserves <span class=\"_ _3a\"> </span><span class=\"ls3 ws22d\">    </span>Other pension assets \u2013 <span class=\"ls18d ws1b3\">gilts (s<span class=\"_ _0\"/>ee not<span class=\"_ _0\"/>e 3.7<span class=\"_ _0\"/>) <span class=\"_ _119\"> </span><span class=\"ws304\">62 <span class=\"_ _18a\"/>62 \u2013 \u2013<span class=\"_ _0\"/> </span></span>Financial instruments at fair val<span class=\"_ _0\"/>ue through profit or loss <span class=\"_ _b2\"> </span><span class=\"ls3 ws22d\">    </span>Money mark<span class=\"_ _3\"/>et funds  <span class=\"_ _21d\"> </span><span class=\"ls3\">4<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>0 4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>0 \u2013 \u2013 Equity investments (see <span class=\"_ _3\"/>note 3.5) 4 \u2013 \u2013 4<span class=\"_ _335\"> </span>Financial assets at fair va<span class=\"ls184 ws1b3\">lue through profit or<span class=\"_ _3\"/> loss <span class=\"_ _2ef\"> </span><span class=\"ls3 ws22d\">    </span></span>Foreign e<span class=\"_ _0\"/>xchang<span class=\"_ _0\"/>e forwa<span class=\"_ _0\"/>rd cont<span class=\"_ _0\"/>racts an<span class=\"_ _0\"/>d swaps<span class=\"_ _0\"/> <span class=\"_ _2f4\"> </span><span class=\"ls18c ws307\">2 \u2013 2 \u2013 </span>Convertibl<span class=\"_ _3\"/>e loan receivab<span class=\"_ _3\"/>le <span class=\"_ _10c\"> </span><span class=\"ls18c ws307\">2 \u2013 \u2013 2 </span>Financial assets at fair<span class=\"ls185 ws1b6\"> valu<span class=\"_ _0\"/>e through re<span class=\"_ _0\"/>serves <span class=\"_ _2f0\"> </span><span class=\"ls3 ws22d\">    </span></span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _9d\"> </span><span class=\"ls184 ws308\">1 \u2013 <span class=\"_ _0\"/>1 \u2013 </span> <span class=\"_ _17f\"> </span><span class=\"ls186 ws309\">5<span class=\"_ _3\"/>11 502 <span class=\"_ _145\"> </span>3 <span class=\"_ _145\"> </span>6 </span>Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Liabilit<span class=\"_ _3\"/>ies measured<span class=\"_ _3\"/> at fair va<span class=\"_ _3\"/>lue <span class=\"_ _219\"> </span><span class=\"ff2ed ls3 ws22d\">    </span>Financial liabilities at fair value through profit or loss <span class=\"_ _4a\"> </span><span class=\"ls3 ws22d\">    </span>Foreign e<span class=\"_ _0\"/>xchang<span class=\"_ _0\"/>e forwa<span class=\"_ _0\"/>rd cont<span class=\"_ _0\"/>racts an<span class=\"_ _0\"/>d swaps<span class=\"_ _0\"/> <span class=\"_ _ce\"> </span><span class=\"ls18f ws30a\">(3) \u2013 <span class=\"_ _3\"/>(3) \u2013 </span>Acquisition-related liabilities \u2013 payable to sellers under put options agreed on a<span class=\"_ _3\"/>cquisition (see notes 3.1.4 and 3.1.5)<span class=\"_ _0\"/> <span class=\"_ _2ea\"> </span><span class=\"ls184 ws30b\">(55) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _167\"> </span>\u2013 (55) </span>Financial liabilities at<span class=\"_ _3\"/> fair value throug<span class=\"_ _3\"/>h reserves <span class=\"_ _2c3\"> </span><span class=\"ls3 ws22d\"> <span class=\"_ _1a5\"/>   </span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _13d\"> </span><span class=\"ls188 ws30c\">(39) \u2013 <span class=\"_ _1a7\"/>(39) \u2013 </span> <span class=\"_ _17f\"> </span><span class=\"ls18f ws30d\">(97) <span class=\"_ _166\"> </span>\u2013 <span class=\"_ _f\"> </span>(42) (55) </span>Refer to note<span class=\"_ _3\"/> 4.3 for how we value<span class=\"_ _3\"/> interest rate swap<span class=\"_ _3\"/>s and forward foreig<span class=\"_ _3\"/>n currency<span class=\"_ _3\"/> contracts. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>236<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2e7 ls3 ws2\"> </span><span class=\"ff2e8\">co<span class=\"_ _3\"/>ntinued<span class=\"ff2e6 ls3 ws2\"> </span></span>238<span class=\"ff2ea ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff2eb ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2ea ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Assets measur<span class=\"_ _3\"/>ed at fair val<span class=\"_ _3\"/>ue <span class=\"_ _2ee\"> </span><span class=\"ff2ed ls3 ws22d\">    </span>Financial instruments at fair val<span class=\"_ _0\"/>ue through reserves <span class=\"_ _3a\"> </span><span class=\"ls3 ws22d\">    </span>Other pension assets \u2013 <span class=\"ls18d ws1b3\">gilts (s<span class=\"_ _0\"/>ee not<span class=\"_ _0\"/>e 3.7<span class=\"_ _0\"/>) <span class=\"_ _119\"> </span><span class=\"ws304\">62 <span class=\"_ _18a\"/>62 \u2013 \u2013<span class=\"_ _0\"/> </span></span>Financial instruments at fair val<span class=\"_ _0\"/>ue through profit or loss <span class=\"_ _b2\"> </span><span class=\"ls3 ws22d\">    </span>Money mark<span class=\"_ _3\"/>et funds  <span class=\"_ _21d\"> </span><span class=\"ls3\">4</span>40 440 \u2013 \u2013 Equity investments (see <span class=\"_ _3\"/>note 3.5) 4 \u2013 \u2013 4<span class=\"_ _335\"> </span>Financial assets at fair va<span class=\"ls184 ws1b3\">lue through profit or<span class=\"_ _3\"/> loss <span class=\"_ _2ef\"> </span><span class=\"ls3 ws22d\">    </span></span>Foreign e<span class=\"_ _0\"/>xchang<span class=\"_ _0\"/>e forwa<span class=\"_ _0\"/>rd cont<span class=\"_ _0\"/>racts an<span class=\"_ _0\"/>d swaps<span class=\"_ _0\"/> <span class=\"_ _2f4\"> </span><span class=\"ls18c ws307\">2 \u2013 2 \u2013 </span>Convertibl<span class=\"_ _3\"/>e loan receivab<span class=\"_ _3\"/>le <span class=\"_ _10c\"> </span><span class=\"ls18c ws307\">2 \u2013 \u2013 2 </span>Financial assets at fair<span class=\"ls185 ws1b6\"> valu<span class=\"_ _0\"/>e through re<span class=\"_ _0\"/>serves <span class=\"_ _2f0\"> </span><span class=\"ls3 ws22d\">    </span></span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _9d\"> </span><span class=\"ls184 ws308\">1 \u2013 <span class=\"_ _0\"/>1 \u2013 </span> <span class=\"_ _17f\"> </span><span class=\"ls186 ws309\">5<span class=\"_ _3\"/>11 502 <span class=\"_ _145\"> </span>3 <span class=\"_ _145\"> </span>6 </span>Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Liabilit<span class=\"_ _3\"/>ies measured<span class=\"_ _3\"/> at fair va<span class=\"_ _3\"/>lue <span class=\"_ _219\"> </span><span class=\"ff2ed ls3 ws22d\">    </span>Financial liabilities at fair value through profit or loss <span class=\"_ _4a\"> </span><span class=\"ls3 ws22d\">    </span>Foreign e<span class=\"_ _0\"/>xchang<span class=\"_ _0\"/>e forwa<span class=\"_ _0\"/>rd cont<span class=\"_ _0\"/>racts an<span class=\"_ _0\"/>d swaps<span class=\"_ _0\"/> <span class=\"_ _ce\"> </span><span class=\"ls18f ws30a\">(3) \u2013 <span class=\"_ _3\"/>(3) \u2013 </span>Acquisition-related liabilities \u2013 payable to sellers under put options agreed on a<span class=\"_ _3\"/>cquisition (see notes 3.1.4 and 3.1.5)<span class=\"_ _0\"/> <span class=\"_ _2ea\"> </span><span class=\"ls184 ws30b\">(55) <span class=\"_ _2b1\"> </span>\u2013 <span class=\"_ _167\"> </span>\u2013 (55) </span>Financial liabilities at<span class=\"_ _3\"/> fair value throug<span class=\"_ _3\"/>h reserves <span class=\"_ _2c3\"> </span><span class=\"ls3 ws22d\"> <span class=\"_ _1a5\"/>   </span>Cash flow h<span class=\"_ _0\"/>edges <span class=\"_ _13d\"> </span><span class=\"ls188 ws30c\">(39) \u2013 <span class=\"_ _1a7\"/>(39) \u2013 </span> <span class=\"_ _17f\"> </span><span class=\"ls18f ws30d\">(97) <span class=\"_ _166\"> </span>\u2013 <span class=\"_ _f\"> </span>(42) (55) </span>Refer to note<span class=\"_ _3\"/> 4.3 for how we value<span class=\"_ _3\"/> interest rate swap<span class=\"_ _3\"/>s and forward foreig<span class=\"_ _3\"/>n currency<span class=\"_ _3\"/> contracts. ITV plc<span class=\"ff2f2 ls3 ws2\">\u2009<span class=\"ff2f3 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff2f1 fs27 ls1bc ws21d\">239 </span></span></span>4.6  Lease liabilitie<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff2f5 ls187 ws21c\">Keeping </span>it simple From 1 J<span class=\"_ _0\"/>anuary 2019<span class=\"_ _0\"/>, the Gr<span class=\"_ _0\"/>oup accou<span class=\"_ _0\"/>nts for <span class=\"_ _0\"/>operating<span class=\"_ _0\"/> leases un<span class=\"_ _0\"/>der IFRS<span class=\"_ _0\"/> 16 \u2018Leases\u2019. Lea<span class=\"_ _3\"/>se liabilitie<span class=\"_ _3\"/>s representing the di<span class=\"_ _4\"/>scounted future lease payments<span class=\"_ _3\"/> and right of use <span class=\"_ _3\"/>assets are r<span class=\"_ _3\"/>ecognised in the<span class=\"_ _3\"/> Consolidated St<span class=\"_ _3\"/>atement of Fina<span class=\"_ _3\"/>ncial Position. <span class=\"_ _3\"/>Lease costs su<span class=\"_ _3\"/>ch as property r<span class=\"_ _3\"/>ent are now <span class=\"_ _3\"/>recognised i<span class=\"_ _3\"/>n the form of deprec<span class=\"_ _0\"/>iation an<span class=\"_ _0\"/>d inte<span class=\"_ _0\"/>rest in<span class=\"_ _0\"/> the Cons<span class=\"_ _0\"/>olidat<span class=\"_ _0\"/>ed Income<span class=\"_ _0\"/> Statemen<span class=\"_ _0\"/>t.  Accounting policies Lease li<span class=\"_ _0\"/>abiliti<span class=\"_ _0\"/>es repr<span class=\"_ _0\"/>esent th<span class=\"_ _0\"/>e disc<span class=\"_ _0\"/>ounted fu<span class=\"_ _0\"/>ture l<span class=\"_ _0\"/>ease pa<span class=\"ls186\">yments. Discount rates ar<span class=\"_ _3\"/>e calculated <span class=\"_ _3\"/>for similar<span class=\"_ _3\"/> assets, </span>in similar<span class=\"_ _0\"/> economic<span class=\"_ _0\"/> environm<span class=\"_ _0\"/>ents, tak<span class=\"_ _0\"/>ing into acc<span class=\"_ _0\"/>ount the <span class=\"ls186 ws2\">length of the lea<span class=\"_ _3\"/>se. The unwi<span class=\"_ _3\"/>nding of t<span class=\"_ _3\"/>he discounting<span class=\"_ _3\"/> is </span>recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> net <span class=\"_ _0\"/>financ<span class=\"_ _0\"/>ing cos<span class=\"_ _0\"/>ts in<span class=\"_ _0\"/> the C<span class=\"_ _0\"/>onsol<span class=\"_ _0\"/>idated In<span class=\"_ _0\"/>co<span class=\"ls184\">me Statement. The f<span class=\"_ _3\"/>ollowing table o<span class=\"_ _3\"/>utlines the matu<span class=\"_ _3\"/>rity </span>analysis o<span class=\"_ _0\"/>f the lease<span class=\"_ _0\"/> liabil<span class=\"_ _0\"/>ities: 2022 \u00a3m 2021 \u00a3m Contractual discounted<span class=\"_ _3\"/> cash flows <span class=\"_ _2f5\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _44\"> </span><span class=\"ff2f6\"> </span></span>Less than one<span class=\"_ _0\"/> year <span class=\"_ _1ad\"> </span><span class=\"ff2f4 ls185 ws1c1\">21 <span class=\"_ _16\"> </span></span><span class=\"ls189 ws1b8\">21 </span>Two to fi<span class=\"_ _3\"/>ve years <span class=\"_ _1c2\"> </span><span class=\"ff2f4 ls18f ws1c4\">55 <span class=\"_ _3f\"> </span></span><span class=\"ls18c ws1c2\">46 </span>More th<span class=\"_ _0\"/>an five<span class=\"_ _0\"/> years <span class=\"_ _1cf\"> </span><span class=\"ff2f4 ls18c ws1c2\">56 <span class=\"_ _3f\"> </span></span><span class=\"ls189 ws1b8\">25 </span>Lease liabi<span class=\"_ _3\"/>lities at<span class=\"_ _3\"/> 31 December  <span class=\"_ _fe\"> </span><span class=\"ff2f4 ls188 ws1b9\">132 <span class=\"_ _3f\"> </span></span><span class=\"ls18d ws1d3\">92 </span>1 January 2022 \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2022 \u00a3m Lease l<span class=\"_ _0\"/>iabil<span class=\"_ _0\"/>ities <span class=\"_ _233\"> </span><span class=\"ls188 ws30e\">(92) 26 (66) <span class=\"_ _2f6\"/><span class=\"ff2f4 ls18c ws1c2\">(132) </span></span>Total lease l<span class=\"_ _0\"/>iabilities <span class=\"_ _209\"> </span><span class=\"ff2f6 ls188 ws30e\">(92) <span class=\"_ _0\"/>26 (66) <span class=\"_ _2f6\"/><span class=\"ff2f4 ls18c ws1c2\">(132) </span></span>The followin<span class=\"_ _0\"/>g amounts<span class=\"_ _0\"/> have been inclu<span class=\"_ _0\"/>ded <span class=\"ls184 ws1c8\">in the Consolidated Income Statement<span class=\"_ _3\"/>: </span>2022 \u00a3m 2021 \u00a3m Interest expe<span class=\"_ _3\"/>nse on lease liabi<span class=\"_ _3\"/>lities <span class=\"_ _2f7\"> </span><span class=\"ff2f4 ls18b ws1bb\">(4) <span class=\"_ _59\"> </span></span><span class=\"ls188 ws1b9\">(3) </span>Amounts reco<span class=\"_ _3\"/>gnised in the Co<span class=\"_ _3\"/>nsolidated Income Stat<span class=\"_ _3\"/>ement <span class=\"_ _160\"> </span><span class=\"ff2f4 ls18b ws1bb\">(4) <span class=\"_ _59\"> </span></span><span class=\"ls188 ws1b9\">(3) </span>The Gro<span class=\"_ _0\"/>up has el<span class=\"_ _0\"/>ected n<span class=\"_ _0\"/>ot to <span class=\"_ _0\"/>recognise<span class=\"_ _0\"/> right<span class=\"_ _0\"/> of use <span class=\"_ _0\"/>assets an<span class=\"_ _0\"/>d lease l<span class=\"_ _0\"/>iabilit<span class=\"_ _0\"/>ies for s<span class=\"_ _0\"/>hort-<span class=\"_ _0\"/>term lea<span class=\"_ _0\"/>ses (i.e.<span class=\"_ _0\"/> lease <span class=\"_ _0\"/>term less than <span class=\"_ _0\"/>12 months)<span class=\"_ _0\"/> or low-valu<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> (i.e. und<span class=\"_ _0\"/>er \u00a35,000). <span class=\"_ _0\"/>The Gr<span class=\"_ _0\"/>oup will con<span class=\"_ _0\"/>tinue to<span class=\"_ _0\"/> expense<span class=\"_ _0\"/> the leas<span class=\"_ _0\"/>e paymen<span class=\"_ _0\"/>ts associ<span class=\"_ _3\"/>ated with these<span class=\"_ _3\"/> leases o<span class=\"_ _3\"/>n a straight-l<span class=\"_ _3\"/>ine basis ove<span class=\"_ _3\"/>r the le<span class=\"_ _3\"/>ase term. At 3<span class=\"_ _3\"/>1 December<span class=\"_ _3\"/> 2022, this was <span class=\"_ _3\"/>less than \u00a31 million (2021: less than \u00a31 million<span class=\"_ _0\"/>).  Variable leas<span class=\"_ _0\"/>e payments t<span class=\"_ _0\"/>hat depen<span class=\"_ _0\"/>d on an index or<span class=\"_ _0\"/> a rate are als<span class=\"_ _0\"/>o less than \u00a31 milli<span class=\"_ _0\"/>on (2021: less th<span class=\"_ _0\"/>an \u00a31 million).  Some proper<span class=\"_ _0\"/>ty leases con<span class=\"_ _0\"/>tain extens<span class=\"_ _0\"/>ion options b<span class=\"_ _0\"/>eyond the non-<span class=\"_ _0\"/>cancellabl<span class=\"_ _0\"/>e period. The G<span class=\"_ _0\"/>roup assess<span class=\"_ _0\"/>es at the lease commence<span class=\"_ _3\"/>ment date whet<span class=\"_ _3\"/>her it is r<span class=\"_ _3\"/>easonably certain <span class=\"ws1c8\">to exer<span class=\"_ _3\"/>cise the extension optio<span class=\"_ _3\"/>ns. The lease liability at </span>31 December<span class=\"_ _3\"/> 2022 include<span class=\"_ _3\"/>s one such extension whi<span class=\"_ _3\"/>ch resulted in<span class=\"ls185 ws2\"> an increase i<span class=\"_ _0\"/>n the l<span class=\"_ _0\"/>ease liab<span class=\"_ _0\"/>ility o<span class=\"_ _0\"/>f \u00a31 mill<span class=\"_ _0\"/>ion. Th<span class=\"_ _0\"/>ere </span>are no <span class=\"_ _0\"/>other s<span class=\"_ _0\"/>ignific<span class=\"_ _0\"/>ant ext<span class=\"_ _0\"/>ension o<span class=\"_ _0\"/>ptions. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>237<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2fa ls3 ws2\"> <span class=\"ff2fb ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2f9 ls3 ws2\"> </span></span></span>240<span class=\"ff2fd ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2fe ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2fd ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>4.7  Equity  <span class=\"_ _85\"> </span><span class=\"ff300 ls187 ws21c\">Keeping </span>it simple This section exp<span class=\"_ _3\"/>lains material movements record<span class=\"_ _3\"/>ed in shareholders\u2019 equity, present<span class=\"_ _0\"/>ed in <span class=\"_ _0\"/>the Consol<span class=\"_ _0\"/>idate<span class=\"_ _0\"/>d State<span class=\"_ _0\"/>ment of<span class=\"_ _0\"/> Changes <span class=\"_ _0\"/>in Equ<span class=\"_ _0\"/>ity, which<span class=\"_ _0\"/> are no<span class=\"_ _0\"/>t explained else<span class=\"_ _3\"/>where in the financial stat<span class=\"_ _3\"/>ements.  Accounting policies Fair value reserve Financial a<span class=\"_ _3\"/>ssets are <span class=\"_ _3\"/>stated at f<span class=\"_ _3\"/>air value<span class=\"_ _3\"/>, with any gai<span class=\"_ _3\"/>n or <span class=\"_ _3\"/>loss recogni<span class=\"_ _3\"/>sed directly<span class=\"_ _3\"/> in the fair va<span class=\"_ _3\"/>lue reserve<span class=\"_ _3\"/> in equity, unless the loss is <span class=\"_ _3\"/>a permanent impairme<span class=\"_ _3\"/>nt, when it i<span class=\"_ _3\"/>s <span class=\"ws1c8\">then recorded in the Co<span class=\"_ _3\"/>nsolidated Income Statem<span class=\"_ _3\"/>ent. </span>Dividend<span class=\"_ _3\"/>s Dividends are <span class=\"_ _3\"/>recognised through <span class=\"_ _3\"/>equity on the ea<span class=\"_ _3\"/>rlier of their <span class=\"_ _3\"/>approval by t<span class=\"_ _3\"/>he Company\u2019s shareho<span class=\"_ _3\"/>lders or their payment. Divid<span class=\"_ _3\"/>ends are di<span class=\"_ _3\"/>stributed based on t<span class=\"_ _3\"/>he realised distr<span class=\"_ _3\"/>ibutable reser<span class=\"_ _3\"/>ves (within <span class=\"_ _3\"/>retained earnings) <span class=\"_ _3\"/>of ITV plc (the Company)<span class=\"_ _3\"/> and not based on <span class=\"_ _3\"/>the Group\u2019s <span class=\"_ _3\"/>retained earnings. 4.7.1 Share cap<span class=\"_ _3\"/>ital and share premium The Group\u2019s share capital at 31 December 2022 of <span class=\"_ _3\"/>\u00a3403 mill<span class=\"ls19e ws1b3\">ion (2021: \u00a3403 million) and share premium of \u00a3174 million </span>(2021: \u00a3174 millio<span class=\"_ _3\"/>n) is the same as that of<span class=\"_ _3\"/> ITV plc. Details <span class=\"ls1a0 ws2\">of this are g<span class=\"_ _3\"/>iven in the ITV plc Company financial stateme<span class=\"_ _3\"/>nts </span>section of this Annual Report<span class=\"_ _3\"/>.  4.7.2 Mer<span class=\"_ _3\"/>ger and othe<span class=\"_ _3\"/>r reserves Merger and other<span class=\"_ _3\"/> reserves at 31 De<span class=\"_ _3\"/>cember include the fo<span class=\"_ _3\"/>llowing reserve<span class=\"_ _3\"/>s: 2022 \u00a3m 2021 \u00a3m Merger reserv<span class=\"_ _3\"/>es  <span class=\"_ _2a9\"> </span><span class=\"ff2ff ls18d ws1d3\">95 <span class=\"_ _14d\"> </span><span class=\"ff301\">95 </span></span>Capital res<span class=\"_ _0\"/>erves<span class=\"_ _0\"/> <span class=\"_ _2f8\"> </span><span class=\"ff2ff ls18c ws1c2\">112 <span class=\"_ _203\"> </span></span><span class=\"ls183 ws1bd\">112 </span>Capital redemption reserves <span class=\"_ _244\"> </span><span class=\"ff2ff ls189 ws1b8\">36 <span class=\"_ _14d\"> </span></span><span class=\"ws1b9\">36 </span>Revalua<span class=\"_ _0\"/>tion rese<span class=\"_ _0\"/>rves <span class=\"_ _2b9\"> </span><span class=\"ff2ff ls184 ws1d4\">2 <span class=\"_ _12c\"> </span></span><span class=\"ls189 ws1b8\">2 </span>Put option liabilities ar<span class=\"_ _3\"/>ising on acquisition of subsidiaries <span class=\"_ _ea\"> </span><span class=\"ff2ff ls18b ws1bb\">(34) <span class=\"_ _3f\"> </span></span><span class=\"ls188 ws1b9\">(30) </span>Total <span class=\"_ _2f9\"> </span><span class=\"ls183 ws1bd\">211 <span class=\"_ _60\"> </span><span class=\"ff301 ls18b ws1bb\">215<span class=\"_ _0\"/> </span></span>Merger reser<span class=\"_ _0\"/>ves, Capit<span class=\"_ _0\"/>al reserves and<span class=\"_ _0\"/> Capital red<span class=\"_ _0\"/>emption<span class=\"_ _0\"/> reserves rela<span class=\"_ _0\"/>te primaril<span class=\"_ _0\"/>y to balances<span class=\"_ _0\"/> arising on<span class=\"_ _0\"/> previous mergers and a<span class=\"_ _3\"/>cquisitions, including <span class=\"_ _3\"/>the merger of Gra<span class=\"_ _3\"/>nada <span class=\"ls18d\">and Carlton<span class=\"_ _0\"/> in 200<span class=\"_ _0\"/>3. Pu<span class=\"_ _0\"/>t opti<span class=\"_ _0\"/>on liab<span class=\"_ _0\"/>ilities<span class=\"_ _0\"/> aris<span class=\"_ _0\"/>ing on<span class=\"_ _0\"/> </span>acquisi<span class=\"_ _0\"/>tion of s<span class=\"_ _0\"/>ubsidia<span class=\"_ _0\"/>ries relat<span class=\"_ _0\"/>es to opt<span class=\"_ _0\"/>ions and f<span class=\"_ _0\"/>orwards co<span class=\"_ _0\"/>ntracts o<span class=\"_ _0\"/>ver shares<span class=\"_ _0\"/> relating<span class=\"_ _0\"/> to non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>ts. The moveme<span class=\"_ _3\"/>nt in the <span class=\"_ _3\"/>current y<span class=\"_ _3\"/>ear relates to <span class=\"_ _3\"/>the fair va<span class=\"_ _3\"/>lue <span class=\"ls184 ws1b3\">of t<span class=\"_ _3\"/>he put liabi<span class=\"_ _3\"/>lity over the non-cont<span class=\"_ _3\"/>rolling intere<span class=\"_ _3\"/>sts in </span>Escapad<span class=\"_ _0\"/>e Bidco L<span class=\"_ _0\"/>imited (Pl<span class=\"_ _0\"/>imsoll<span class=\"_ _0\"/> Product<span class=\"_ _0\"/>ions).  4.7.3 Transla<span class=\"_ _0\"/>tion reserv<span class=\"_ _0\"/>e The translation reserve c<span class=\"_ _0\"/>omprises: \u2022  <span class=\"ff301 ls1a0 ws2\">All foreign exchange differences arising <span class=\"ls19f ws1b5\">on the tran<span class=\"_ _3\"/>slation of the accounts of<span class=\"_ _3\"/>, and investments i<span class=\"_ _3\"/>n, foreign operations </span></span>\u2022  <span class=\"ff301 ls183 ws1b2\">The gains or loss<span class=\"_ _0\"/>es on the por<span class=\"_ _0\"/>tion of cash flow<span class=\"_ _0\"/> hedges th<span class=\"_ _0\"/>at have been d<span class=\"_ _0\"/>eemed effec<span class=\"_ _0\"/>tive and cost<span class=\"_ _0\"/>s of hedging </span>under IFRS 9 (see note 4.3) \u2022  <span class=\"ff301 ls184 ws1b3\">The net mo<span class=\"_ _3\"/>vement in the ca<span class=\"_ _3\"/>sh flow hedge re<span class=\"_ _3\"/>serve was a <span class=\"_ _3\"/>loss of \u00a32 million (<span class=\"_ _3\"/>2021: gain of \u00a31<span class=\"_ _3\"/>8 million)<span class=\"_ _3\"/>. The loss on </span>cash flow hedges i<span class=\"_ _3\"/>n the period <span class=\"_ _3\"/>was \u00a32 millio<span class=\"_ _3\"/>n (2021: gain <span class=\"_ _3\"/><span class=\"ls18c ws1bc\">of \u00a315 million) and had a related tax charge of \u00a3nil million </span>(2021:<span class=\"_ _0\"/> \u00a34 mil<span class=\"_ _0\"/>lion<span class=\"_ _0\"/>).  \u2022  <span class=\"ff301 ls183 ws1b5\">There was n<span class=\"_ _0\"/>o net <span class=\"_ _0\"/>movemen<span class=\"_ _0\"/>t in the c<span class=\"_ _0\"/>ost of he<span class=\"_ _0\"/>dging res<span class=\"_ _0\"/>erve (20<span class=\"_ _0\"/>21: no n<span class=\"_ _0\"/>et movem<span class=\"_ _0\"/>ent) </span>4.7.4 Fair<span class=\"_ _0\"/> value res<span class=\"_ _0\"/>erve The fair valu<span class=\"_ _0\"/>e reserve com<span class=\"_ _0\"/>prises all mov<span class=\"_ _0\"/>ements ari<span class=\"_ _0\"/>sing on the r<span class=\"_ _0\"/>evaluati<span class=\"_ _0\"/>on of gilts accou<span class=\"_ _0\"/>nted for at fa<span class=\"_ _0\"/>ir value thr<span class=\"_ _0\"/>ough OCI financia<span class=\"_ _3\"/>l instruments. The movement in 2022 is a \u00a319 mi<span class=\"ls18b ws1c0\">llion loss on revalua<span class=\"_ _0\"/>tion (2021:<span class=\"_ _0\"/> less than <span class=\"_ _0\"/>\u00a31 million)<span class=\"_ _0\"/> and a </span>related tax<span class=\"_ _3\"/> credit of \u00a35<span class=\"_ _3\"/> million (2021:<span class=\"_ _3\"/> \u00a31 million charge)<span class=\"_ _3\"/>. See notes <span class=\"_ _3\"/>2.3 and 3.7.  4.7.5 Ret<span class=\"_ _4\"/>ained earnings The retai<span class=\"_ _3\"/>ned earnings <span class=\"_ _3\"/>reserve c<span class=\"_ _3\"/>omprises pro<span class=\"_ _3\"/>fit for the <span class=\"_ _3\"/>year attributa<span class=\"_ _3\"/>ble to owne<span class=\"_ _3\"/>rs of the <span class=\"_ _3\"/>Company of \u00a3<span class=\"_ _3\"/>428 millio<span class=\"_ _3\"/>n (2021: \u00a3378 mi<span class=\"_ _3\"/>llion) and other<span class=\"_ _3\"/> items recognised dir<span class=\"_ _3\"/>ectly th<span class=\"_ _3\"/>rough equity a<span class=\"_ _3\"/>s presented in t<span class=\"_ _3\"/>he Consolidated<span class=\"_ _3\"/> Statement of<span class=\"_ _0\"/> <span class=\"_ _0\"/>Ch<span class=\"_ _0\"/>a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>g<span class=\"_ _0\"/>e<span class=\"_ _0\"/>s <span class=\"_ _0\"/>i<span class=\"_ _0\"/>n<span class=\"_ _0\"/> E<span class=\"_ _0\"/>q<span class=\"_ _0\"/>u<span class=\"_ _0\"/>i<span class=\"_ _0\"/>ty<span class=\"_ _0\"/>. Other items <span class=\"_ _0\"/>include the credit <span class=\"_ _0\"/>for <span class=\"ls197 ws1b5\">the Group\u2019s sh<span class=\"_ _0\"/>are-based compen<span class=\"ls1b3 ws1c0\">sation schemes, which are </span></span>described in note 4.8. Reflecting<span class=\"_ _0\"/> ITV\u2019s strong o<span class=\"_ _0\"/>perational an<span class=\"_ _0\"/>d financial p<span class=\"_ _0\"/>erformance in<span class=\"_ _0\"/> the year, an<span class=\"_ _0\"/>d in line with pr<span class=\"_ _0\"/>evious guid<span class=\"_ _0\"/>ance, the Board proposes a<span class=\"_ _3\"/> final dividend<span class=\"_ _3\"/> of 3.3p, giving <span class=\"_ _3\"/>a full year <span class=\"_ _4\"/>dividend of 5.0p per share<span class=\"_ _3\"/>. \u00a3201 million o<span class=\"_ _3\"/>f dividends were paid (2021: \u00a3<span class=\"_ _3\"/>nil), represent<span class=\"_ _3\"/>ing a final 2021 di<span class=\"_ _3\"/>vidend of 3.3p<span class=\"_ _3\"/> per share and<span class=\"_ _3\"/> an interim 2022 di<span class=\"_ _3\"/>vidend of 1.<span class=\"_ _3\"/>7p per share<span class=\"_ _3\"/>.<span class=\"_ _335\"> </span>4.7.6 No<span class=\"_ _3\"/>n-contro<span class=\"_ _3\"/>lling intere<span class=\"_ _3\"/>sts Non-controll<span class=\"_ _0\"/>ing interes<span class=\"_ _0\"/>t (NCI) rep<span class=\"_ _0\"/>resents th<span class=\"_ _0\"/>e share of n<span class=\"_ _0\"/>on-wholly own<span class=\"_ _0\"/>ed subsidi<span class=\"_ _0\"/>aries\u2019 net ass<span class=\"_ _0\"/>ets that are<span class=\"_ _0\"/> not directl<span class=\"_ _0\"/>y attributable to<span class=\"_ _3\"/> the shareholders of <span class=\"_ _3\"/>ITV. The moveme<span class=\"_ _3\"/>nt for 2022 compri<span class=\"_ _3\"/>ses: \u2022  <span class=\"ff301 ls184 ws1b3\">The share o<span class=\"_ _3\"/>f profit attributab<span class=\"_ _3\"/>le to NCI of<span class=\"_ _3\"/> \u00a37 million (2<span class=\"_ _3\"/>021: share of pr<span class=\"_ _3\"/>ofit attributab<span class=\"_ _3\"/>le to NCI of \u00a31<span class=\"_ _3\"/>0 million) </span>\u2022  <span class=\"ff301 ls18b ws1c5\">Foreign exchan<span class=\"_ _0\"/>ge gains of \u00a38 milli<span class=\"_ _0\"/>on (2021: losses of \u00a3<span class=\"_ _0\"/>1 million) </span>\u2022  <span class=\"ff301 ws1bc\">The distributions made to NCI of \u00a33 million (2021: \u00a31 million) </span>\u2022  <span class=\"ff301 ls184 ws1b3\">The share o<span class=\"_ _3\"/>f net assets at<span class=\"_ _3\"/>tributable to NC<span class=\"_ _3\"/>I relating to<span class=\"_ _3\"/> subsidiaries acq<span class=\"_ _3\"/>uired, dispo<span class=\"_ _3\"/>sed or changes i<span class=\"_ _3\"/>n ownership </span>interest in <span class=\"_ _3\"/>2022 of \u00a34 milli<span class=\"_ _3\"/>on (2021: \u00a31 mi<span class=\"_ _3\"/>llion)<span class=\"ff302 ls3 ws2\"> <span class=\"_ _e2\"> </span></span><span class=\"ff302 ls3 ws2\"><span class=\"ff301\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>238<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff2fa ls3 ws2\"> <span class=\"ff2fb ls1ca ws23d\">continued<span class=\"_ _4\"/><span class=\"ff2f9 ls3 ws2\"> </span></span></span>240<span class=\"ff2fd ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff2fe ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff2fd ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>4.7  Equity  <span class=\"_ _85\"> </span><span class=\"ff300 ls187 ws21c\">Keeping </span>it simple This section exp<span class=\"_ _3\"/>lains material movements record<span class=\"_ _3\"/>ed in shareholders\u2019 equity, present<span class=\"_ _0\"/>ed in <span class=\"_ _0\"/>the Consol<span class=\"_ _0\"/>idate<span class=\"_ _0\"/>d State<span class=\"_ _0\"/>ment of<span class=\"_ _0\"/> Changes <span class=\"_ _0\"/>in Equ<span class=\"_ _0\"/>ity, which<span class=\"_ _0\"/> are no<span class=\"_ _0\"/>t explained else<span class=\"_ _3\"/>where in the financial stat<span class=\"_ _3\"/>ements.  Accounting policies Fair value reserve Financial a<span class=\"_ _3\"/>ssets are <span class=\"_ _3\"/>stated at f<span class=\"_ _3\"/>air value<span class=\"_ _3\"/>, with any gai<span class=\"_ _3\"/>n or <span class=\"_ _3\"/>loss recogni<span class=\"_ _3\"/>sed directly<span class=\"_ _3\"/> in the fair va<span class=\"_ _3\"/>lue reserve<span class=\"_ _3\"/> in equity, unless the loss is <span class=\"_ _3\"/>a permanent impairme<span class=\"_ _3\"/>nt, when it i<span class=\"_ _3\"/>s <span class=\"ws1c8\">then recorded in the Co<span class=\"_ _3\"/>nsolidated Income Statem<span class=\"_ _3\"/>ent. </span>Dividend<span class=\"_ _3\"/>s Dividends are <span class=\"_ _3\"/>recognised through <span class=\"_ _3\"/>equity on the ea<span class=\"_ _3\"/>rlier of their <span class=\"_ _3\"/>approval by t<span class=\"_ _3\"/>he Company\u2019s shareho<span class=\"_ _3\"/>lders or their payment. Divid<span class=\"_ _3\"/>ends are di<span class=\"_ _3\"/>stributed based on t<span class=\"_ _3\"/>he realised distr<span class=\"_ _3\"/>ibutable reser<span class=\"_ _3\"/>ves (within <span class=\"_ _3\"/>retained earnings) <span class=\"_ _3\"/>of ITV plc (the Company)<span class=\"_ _3\"/> and not based on <span class=\"_ _3\"/>the Group\u2019s <span class=\"_ _3\"/>retained earnings. 4.7.1 Share cap<span class=\"_ _3\"/>ital and share premium The Group\u2019s share capital at 31 December 2022 of <span class=\"_ _3\"/>\u00a3403 mill<span class=\"ls19e ws1b3\">ion (2021: \u00a3403 million) and share premium of \u00a3174 million </span>(2021: \u00a3174 millio<span class=\"_ _3\"/>n) is the same as that of<span class=\"_ _3\"/> ITV plc. Details <span class=\"ls1a0 ws2\">of this are g<span class=\"_ _3\"/>iven in the ITV plc Company financial stateme<span class=\"_ _3\"/>nts </span>section of this Annual Report<span class=\"_ _3\"/>.  4.7.2 Mer<span class=\"_ _3\"/>ger and othe<span class=\"_ _3\"/>r reserves Merger and other<span class=\"_ _3\"/> reserves at 31 De<span class=\"_ _3\"/>cember include the fo<span class=\"_ _3\"/>llowing reserve<span class=\"_ _3\"/>s: 2022 \u00a3m 2021 \u00a3m Merger reserv<span class=\"_ _3\"/>es  <span class=\"_ _2a9\"> </span><span class=\"ff2ff ls18d ws1d3\">95 <span class=\"_ _14d\"> </span><span class=\"ff301\">95 </span></span>Capital res<span class=\"_ _0\"/>erves<span class=\"_ _0\"/> <span class=\"_ _2f8\"> </span><span class=\"ff2ff ls18c ws1c2\">112 <span class=\"_ _203\"> </span></span><span class=\"ls183 ws1bd\">112 </span>Capital redemption reserves <span class=\"_ _244\"> </span><span class=\"ff2ff ls189 ws1b8\">36 <span class=\"_ _14d\"> </span></span><span class=\"ws1b9\">36 </span>Revalua<span class=\"_ _0\"/>tion rese<span class=\"_ _0\"/>rves <span class=\"_ _2b9\"> </span><span class=\"ff2ff ls184 ws1d4\">2 <span class=\"_ _12c\"> </span></span><span class=\"ls189 ws1b8\">2 </span>Put option liabilities ar<span class=\"_ _3\"/>ising on acquisition of subsidiaries <span class=\"_ _ea\"> </span><span class=\"ff2ff ls18b ws1bb\">(34) <span class=\"_ _3f\"> </span></span><span class=\"ls188 ws1b9\">(30) </span>Total <span class=\"_ _2f9\"> </span><span class=\"ls183 ws1bd\">211 <span class=\"_ _60\"> </span><span class=\"ff301 ls18b ws1bb\">215<span class=\"_ _0\"/> </span></span>Merger reser<span class=\"_ _0\"/>ves, Capit<span class=\"_ _0\"/>al reserves and<span class=\"_ _0\"/> Capital red<span class=\"_ _0\"/>emption res<span class=\"_ _0\"/>erves rela<span class=\"_ _0\"/>te primaril<span class=\"_ _0\"/>y to balances ar<span class=\"_ _0\"/>ising on<span class=\"_ _0\"/> previous mergers and a<span class=\"_ _3\"/>cquisitions, including <span class=\"_ _3\"/>the merger of Gra<span class=\"_ _3\"/>nada <span class=\"ls18d\">and Carlton<span class=\"_ _0\"/> in 200<span class=\"_ _0\"/>3. Pu<span class=\"_ _0\"/>t opti<span class=\"_ _0\"/>on liab<span class=\"_ _0\"/>ilities<span class=\"_ _0\"/> aris<span class=\"_ _0\"/>ing on<span class=\"_ _0\"/> </span>acquisi<span class=\"_ _0\"/>tion of s<span class=\"_ _0\"/>ubsidia<span class=\"_ _0\"/>ries relat<span class=\"_ _0\"/>es to opt<span class=\"_ _0\"/>ions and f<span class=\"_ _0\"/>orwards co<span class=\"_ _0\"/>ntracts o<span class=\"_ _0\"/>ver shares<span class=\"_ _0\"/> relating<span class=\"_ _0\"/> to non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interes<span class=\"_ _0\"/>ts. The moveme<span class=\"_ _3\"/>nt in the <span class=\"_ _3\"/>current y<span class=\"_ _3\"/>ear relates to <span class=\"_ _3\"/>the fair va<span class=\"_ _3\"/>lue <span class=\"ls184 ws1b3\">of t<span class=\"_ _3\"/>he put liabi<span class=\"_ _3\"/>lity over the non-cont<span class=\"_ _3\"/>rolling intere<span class=\"_ _3\"/>sts in </span>Escapad<span class=\"_ _0\"/>e Bidco L<span class=\"_ _0\"/>imited (Pl<span class=\"_ _0\"/>imsoll<span class=\"_ _0\"/> Product<span class=\"_ _0\"/>ions).  4.7.3 Transla<span class=\"_ _0\"/>tion reserv<span class=\"_ _0\"/>e The translation reserve c<span class=\"_ _0\"/>omprises: \u2022  <span class=\"ff301 ls1a0 ws2\">All foreign exchange differences arising <span class=\"ls19f ws1b5\">on the tran<span class=\"_ _3\"/>slation of the accounts of<span class=\"_ _3\"/>, and investments i<span class=\"_ _3\"/>n, foreign operations </span></span>\u2022  <span class=\"ff301 ls183 ws1b2\">The gains or loss<span class=\"_ _0\"/>es on the por<span class=\"_ _0\"/>tion of cash flow<span class=\"_ _0\"/> hedges th<span class=\"_ _0\"/>at have been d<span class=\"_ _0\"/>eemed effec<span class=\"_ _0\"/>tive and cost<span class=\"_ _0\"/>s of hedging </span>under IFRS 9 (see note 4.3) \u2022  <span class=\"ff301 ls184 ws1b3\">The net mo<span class=\"_ _3\"/>vement in the ca<span class=\"_ _3\"/>sh flow hedge re<span class=\"_ _3\"/>serve was a <span class=\"_ _3\"/>loss of \u00a32 million (<span class=\"_ _3\"/>2021: gain of \u00a31<span class=\"_ _3\"/>8 million)<span class=\"_ _3\"/>. The loss on </span>cash flow hedges i<span class=\"_ _3\"/>n the period <span class=\"_ _3\"/>was \u00a32 millio<span class=\"_ _3\"/>n (2021: gain <span class=\"_ _3\"/><span class=\"ls18c ws1bc\">of \u00a315 million) and had a related tax charge of \u00a3nil million </span>(2021:<span class=\"_ _0\"/> \u00a34 mil<span class=\"_ _0\"/>lion<span class=\"_ _0\"/>).  \u2022  <span class=\"ff301 ls183 ws1b5\">There was n<span class=\"_ _0\"/>o net <span class=\"_ _0\"/>movemen<span class=\"_ _0\"/>t in the c<span class=\"_ _0\"/>ost of he<span class=\"_ _0\"/>dging res<span class=\"_ _0\"/>erve (20<span class=\"_ _0\"/>21: no n<span class=\"_ _0\"/>et movem<span class=\"_ _0\"/>ent) </span>4.7.4 Fair<span class=\"_ _0\"/> value res<span class=\"_ _0\"/>erve The fair valu<span class=\"_ _0\"/>e reserve com<span class=\"_ _0\"/>prises all mov<span class=\"_ _0\"/>ements ari<span class=\"_ _0\"/>sing on the r<span class=\"_ _0\"/>evaluati<span class=\"_ _0\"/>on of gilts accou<span class=\"_ _0\"/>nted for at fa<span class=\"_ _0\"/>ir value thr<span class=\"_ _0\"/>ough OCI financia<span class=\"_ _3\"/>l instruments. The movement in 2022 is a \u00a319 mi<span class=\"ls18b ws1c0\">llion loss on revalua<span class=\"_ _0\"/>tion (2021:<span class=\"_ _0\"/> less than <span class=\"_ _0\"/>\u00a31 million)<span class=\"_ _0\"/> and a </span>related tax<span class=\"_ _3\"/> credit of \u00a35<span class=\"_ _3\"/> million (2021:<span class=\"_ _3\"/> \u00a31 million charge)<span class=\"_ _3\"/>. See notes <span class=\"_ _3\"/>2.3 and 3.7.  4.7.5 Ret<span class=\"_ _4\"/>ained earnings The retai<span class=\"_ _3\"/>ned earnings <span class=\"_ _3\"/>reserve c<span class=\"_ _3\"/>omprises pro<span class=\"_ _3\"/>fit for the <span class=\"_ _3\"/>year attributa<span class=\"_ _3\"/>ble to owne<span class=\"_ _3\"/>rs of the <span class=\"_ _3\"/>Company of \u00a3<span class=\"_ _3\"/>428 millio<span class=\"_ _3\"/>n (2021: \u00a3378 mi<span class=\"_ _3\"/>llion) and other<span class=\"_ _3\"/> items recognised dir<span class=\"_ _3\"/>ectly th<span class=\"_ _3\"/>rough equity a<span class=\"_ _3\"/>s presented in t<span class=\"_ _3\"/>he Consolidated<span class=\"_ _3\"/> Statement of<span class=\"_ _0\"/> <span class=\"_ _0\"/>Ch<span class=\"_ _0\"/>a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>g<span class=\"_ _0\"/>e<span class=\"_ _0\"/>s <span class=\"_ _0\"/>i<span class=\"_ _0\"/>n<span class=\"_ _0\"/> E<span class=\"_ _0\"/>q<span class=\"_ _0\"/>u<span class=\"_ _0\"/>i<span class=\"_ _0\"/>ty<span class=\"_ _0\"/>. Other items <span class=\"_ _0\"/>include the credit <span class=\"_ _0\"/>for <span class=\"ls197 ws1b5\">the Group\u2019s sh<span class=\"_ _0\"/>are-based compen<span class=\"ls1b3 ws1c0\">sation schemes, which are </span></span>described in note 4.8. Reflecting<span class=\"_ _0\"/> ITV\u2019s strong o<span class=\"_ _0\"/>perational an<span class=\"_ _0\"/>d financial p<span class=\"_ _0\"/>erformance in<span class=\"_ _0\"/> the year, an<span class=\"_ _0\"/>d in line with pr<span class=\"_ _0\"/>evious guid<span class=\"_ _0\"/>ance, the Board proposes a<span class=\"_ _3\"/> final dividend<span class=\"_ _3\"/> of 3.3p, giving <span class=\"_ _3\"/>a full year <span class=\"_ _4\"/>dividend of 5.0p per share<span class=\"_ _3\"/>. \u00a3201 million o<span class=\"_ _3\"/>f dividends were paid (2021: \u00a3<span class=\"_ _3\"/>nil), represent<span class=\"_ _3\"/>ing a final 2021 di<span class=\"_ _3\"/>vidend of 3.3p<span class=\"_ _3\"/> per share and a<span class=\"_ _3\"/>n interim 2022 di<span class=\"_ _3\"/>vidend of 1.<span class=\"_ _3\"/>7p per share<span class=\"_ _3\"/>.  4.7.6 No<span class=\"_ _3\"/>n-contro<span class=\"_ _3\"/>lling intere<span class=\"_ _3\"/>sts Non-controll<span class=\"_ _0\"/>ing interes<span class=\"_ _0\"/>t (NCI) rep<span class=\"_ _0\"/>resents th<span class=\"_ _0\"/>e share of n<span class=\"_ _0\"/>on-wholly own<span class=\"_ _0\"/>ed subsidi<span class=\"_ _0\"/>aries\u2019 net ass<span class=\"_ _0\"/>ets that are<span class=\"_ _0\"/> not directl<span class=\"_ _0\"/>y attributable to<span class=\"_ _3\"/> the shareholders of <span class=\"_ _3\"/>ITV. The moveme<span class=\"_ _3\"/>nt for 2022 compri<span class=\"_ _3\"/>ses: \u2022  <span class=\"ff301 ls184 ws1b3\">The share o<span class=\"_ _3\"/>f profit attributab<span class=\"_ _3\"/>le to NCI of<span class=\"_ _3\"/> \u00a37 million (2<span class=\"_ _3\"/>021: share of pr<span class=\"_ _3\"/>ofit attributab<span class=\"_ _3\"/>le to NCI of \u00a31<span class=\"_ _3\"/>0 million) </span>\u2022  <span class=\"ff301 ls18b ws1c5\">Foreign exchan<span class=\"_ _0\"/>ge gains of \u00a38 milli<span class=\"_ _0\"/>on (2021: losses of \u00a3<span class=\"_ _0\"/>1 million) </span>\u2022  <span class=\"ff301 ws1bc\">The distributions made to NCI of \u00a33 million (2021: \u00a31 million) </span>\u2022  <span class=\"ff301 ls184 ws1b3\">The share o<span class=\"_ _3\"/>f net assets at<span class=\"_ _3\"/>tributable to NC<span class=\"_ _3\"/>I relating to<span class=\"_ _3\"/> subsidiaries acq<span class=\"_ _3\"/>uired, dispo<span class=\"_ _3\"/>sed or changes i<span class=\"_ _3\"/>n ownership </span>interest in <span class=\"_ _3\"/>2022 of \u00a34 milli<span class=\"_ _3\"/>on (2021: \u00a31 mi<span class=\"_ _3\"/>llion)<span class=\"ff302 ls3 ws2\"> <span class=\"_ _e2\"> </span><span class=\"ff301\"> </span></span>ITV plc<span class=\"ff306 ls3 ws2\">\u2009<span class=\"ff307 ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff305 fs27 ls1bc ws21d\">241 </span></span></span>4.8 Share-bas<span class=\"_ _0\"/>ed compensat<span class=\"_ _0\"/>ion  <span class=\"_ _85\"> </span><span class=\"ff309 ls187 ws21c\">Keeping </span>it simple The Group uti<span class=\"_ _3\"/>lises share awar<span class=\"_ _3\"/>d schemes as pa<span class=\"_ _3\"/>rt of its employee<span class=\"_ _3\"/> remuneration packages, and the<span class=\"_ _3\"/>refore operates a numbe<span class=\"_ _3\"/>r of share-based compensati<span class=\"_ _3\"/>on schemes, namel<span class=\"_ _0\"/>y the Deferr<span class=\"_ _0\"/>ed Share Aw<span class=\"_ _0\"/>ard (DSA<span class=\"_ _0\"/>), Executive Sh<span class=\"_ _0\"/>are Plan (ESP<span class=\"_ _0\"/>), Performanc<span class=\"_ _0\"/>e Share<span class=\"_ _0\"/> Plan (PS<span class=\"_ _0\"/>P), Long <span class=\"_ _0\"/>Term Incen<span class=\"_ _0\"/>tive Plan<span class=\"_ _0\"/> (LTIP) an<span class=\"_ _0\"/>d Save <span class=\"_ _0\"/>As You Earn (SAYE) scheme<span class=\"_ _3\"/>s. The share-based compensat<span class=\"_ _3\"/>ion is not pensionable. A transac<span class=\"_ _0\"/>tion will<span class=\"_ _0\"/> be classed<span class=\"_ _0\"/> as share-<span class=\"_ _0\"/>based c<span class=\"_ _0\"/>ompensati<span class=\"_ _0\"/>on where t<span class=\"_ _0\"/>he Group<span class=\"_ _0\"/> receive<span class=\"_ _3\"/>s services fr<span class=\"_ _3\"/>om employee<span class=\"_ _3\"/>s and pays fo<span class=\"_ _3\"/>r these in <span class=\"_ _3\"/>shares or simi<span class=\"_ _3\"/>lar equity instru<span class=\"_ _0\"/>ments. I<span class=\"_ _0\"/>f the Gro<span class=\"_ _0\"/>up incu<span class=\"_ _0\"/>rs a liabil<span class=\"_ _0\"/>ity <span class=\"ls186 ws2\">linked to t<span class=\"_ _3\"/>he price or v<span class=\"_ _3\"/>alue of the <span class=\"_ _3\"/>Group\u2019s </span>shares, this wi<span class=\"_ _3\"/>ll also fall under <span class=\"_ _3\"/>a share-based<span class=\"_ _3\"/> transactio<span class=\"_ _3\"/>n.  Accounting policies For each of the Gro<span class=\"_ _3\"/>up\u2019s share-based co<span class=\"ls184 ws1b3\">mpe<span class=\"_ _3\"/>nsation schemes, the fai<span class=\"_ _3\"/>r value of t<span class=\"_ _3\"/>he equity instr<span class=\"_ _3\"/>ument granted is<span class=\"_ _3\"/> </span>measured at<span class=\"_ _3\"/> grant date and sp<span class=\"_ _3\"/>read over t<span class=\"_ _3\"/>he vesting peri<span class=\"_ _3\"/>od <span class=\"ws1c8\">via a charge to the Conso<span class=\"_ _3\"/>lidat<span class=\"ls186 ws1c9\">ed Income Stateme<span class=\"_ _3\"/>nt with a </span></span>correspondi<span class=\"_ _3\"/>ng increase<span class=\"_ _3\"/> in equity<span class=\"_ _3\"/>. The fair value of the share options and awar<span class=\"ws2\">ds is measure<span class=\"_ _0\"/>d using either market <span class=\"_ _0\"/>price at gran<span class=\"_ _0\"/>t date or, for th<span class=\"_ _0\"/>e SAYE scheme, </span>a Black\u2013Scholes model, taking into account the terms and condit<span class=\"ls198 ws2\">ions of the individ<span class=\"_ _0\"/>ual scheme. Expected volatility<span class=\"_ _0\"/> is based </span>on the historical volatility <span class=\"_ _0\"/>of ITV plc <span class=\"ls198 ws2\">shares over a three or<span class=\"_ _0\"/> five year period, b<span class=\"_ _0\"/>ased on the life of th<span class=\"_ _0\"/>e options. </span>Vesting<span class=\"_ _3\"/> condition<span class=\"_ _3\"/>s are limit<span class=\"_ _3\"/>ed to service co<span class=\"_ _3\"/>nditions<span class=\"_ _3\"/> and performance<span class=\"_ _3\"/> condition<span class=\"_ _3\"/>s. For perfor<span class=\"_ _3\"/>mance-based s<span class=\"_ _3\"/>chemes, the releva<span class=\"_ _0\"/>nt Group pe<span class=\"_ _0\"/>rformance<span class=\"_ _0\"/> measures<span class=\"_ _0\"/> are projec<span class=\"_ _0\"/>ted to th<span class=\"_ _0\"/>e end of the p<span class=\"_ _0\"/>erform<span class=\"_ _0\"/>ance perio<span class=\"_ _0\"/>d in order<span class=\"_ _0\"/> to determ<span class=\"_ _0\"/>ine the numbe<span class=\"_ _0\"/>r of option<span class=\"_ _0\"/>s expecte<span class=\"_ _0\"/>d to vest.<span class=\"_ _0\"/> This estima<span class=\"_ _0\"/>te of the p<span class=\"_ _0\"/>erform<span class=\"_ _0\"/>ance measur<span class=\"_ _0\"/>es is used to<span class=\"_ _0\"/> determin<span class=\"_ _0\"/>e the op<span class=\"_ _0\"/>tion fair value<span class=\"_ _3\"/>, discounted to pre<span class=\"_ _3\"/>sent value. T<span class=\"_ _3\"/>he Group revise<span class=\"_ _3\"/>s the numbe<span class=\"_ _3\"/>r of options that<span class=\"_ _3\"/> are expected to<span class=\"_ _3\"/> vest, includ<span class=\"_ _3\"/>ing an estimate of<span class=\"_ _0\"/> forfeitu<span class=\"_ _0\"/>res at each repor<span class=\"_ _0\"/>ting date based<span class=\"_ _0\"/> on forecas<span class=\"_ _0\"/>t performanc<span class=\"_ _0\"/>e measures<span class=\"_ _0\"/>. The impac<span class=\"_ _0\"/>t of the revision to<span class=\"_ _3\"/> original esti<span class=\"_ _3\"/>mates, if any, is r<span class=\"_ _3\"/>ecognised in<span class=\"ls186 ws1c9\"> t<span class=\"_ _3\"/>he Consolidated<span class=\"_ _3\"/> Income Statement<span class=\"_ _3\"/>, with a corresponding </span>adjustme<span class=\"_ _3\"/>nt to equity. Exercises of <span class=\"_ _3\"/>share options granted<span class=\"_ _3\"/> to employees <span class=\"_ _3\"/>can be satisfied <span class=\"_ _3\"/>by market pur<span class=\"_ _3\"/>chase or issue<span class=\"_ _3\"/> of new share<span class=\"_ _3\"/>s. No new shares may be i<span class=\"_ _3\"/>ssued to sati<span class=\"_ _3\"/>sfy exercises u<span class=\"_ _3\"/>nder the term<span class=\"_ _3\"/>s of the DSA. During t<span class=\"_ _3\"/>he year, all e<span class=\"_ _3\"/>xercises were<span class=\"_ _3\"/> satisfied by using shar<span class=\"_ _3\"/>es purchased i<span class=\"_ _3\"/>n the market<span class=\"_ _3\"/> and held i<span class=\"_ _3\"/>n the ITV <span class=\"_ _3\"/>Employees\u2019 Be<span class=\"_ _3\"/>nefit Trust. Share-based<span class=\"_ _3\"/> compensation charges tota<span class=\"_ _3\"/>lled <span class=\"ls190 ws1b5\">\u00a319 millio<span class=\"_ _3\"/>n in 2022 (<span class=\"_ _3\"/>2021: \u00a312 <span class=\"_ _3\"/>million)<span class=\"_ _3\"/>.</span><span class=\"ls190 ws1b5\"> </span>Share options outstanding The table be<span class=\"_ _3\"/>low summarises<span class=\"_ _3\"/> the movements i<span class=\"_ _3\"/>n the number o<span class=\"_ _3\"/>f share options out<span class=\"_ _3\"/>standing for the Grou<span class=\"_ _3\"/>p and their weighted average<span class=\"_ _3\"/> exercise price<span class=\"_ _3\"/>: Number of options (\u2018000) 2022 Weighted average exercise price (pence) Number of options (\u2018000) 2021 Weighted average exercise pri<span class=\"_ _3\"/>ce (pence) Outstandi<span class=\"_ _4\"/>ng at 1 January <span class=\"_ _2cf\"> </span><span class=\"ff308 ls18f ws1c4\">98,934 <span class=\"_ _22\"> </span><span class=\"ls185 ws1c1\">24.98 <span class=\"_ _21\"> </span></span></span><span class=\"ls18b ws30f\">106,303 24.25<span class=\"_ _0\"/> </span>Granted during<span class=\"_ _3\"/> the year \u2013 ni<span class=\"_ _3\"/>l priced <span class=\"_ _2c1\"> </span><span class=\"ff308 ls18c ws1c2\">17,238 <span class=\"_ _ed\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span>9,075 \u2013 Granted during the ye<span class=\"_ _3\"/>ar \u2013 other <span class=\"_ _140\"> </span><span class=\"ff308 ls189 ws1b8\">13,814 <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">62.85 <span class=\"_ _49\"> </span></span></span><span class=\"ls190 ws311\">3,665 96<span class=\"_ _3\"/>.37 </span>Forfeited duri<span class=\"_ _3\"/>ng the year <span class=\"_ _2fa\"> </span><span class=\"ff308 ls18b ws1bb\">(3,095) <span class=\"_ _26\"> </span><span class=\"ls188 ws1b9\">56.49 <span class=\"_ _34\"> </span></span></span><span class=\"ls18f ws312\">(2,158) 48.56 </span>Exercised duri<span class=\"_ _3\"/>ng the year<span class=\"_ _3\"/> \u2013 nil priced <span class=\"_ _61\"> </span><span class=\"ff308 ls18c ws1c2\">(6,201) <span class=\"_ _25\"> </span><span class=\"ls184 ws1d4\">\u2013 </span></span>(4,905)<span class=\"_ _0\"/> \u2013 Exercised duri<span class=\"_ _3\"/>ng the year<span class=\"_ _3\"/> \u2013 other  <span class=\"_ _2cd\"> </span><span class=\"ff308 ls189 ws1b8\">(110) <span class=\"_ _7f\"> </span><span class=\"ls18c ws1c2\">50.61 <span class=\"_ _43\"> </span></span></span><span class=\"ls185 ws314\">(457) 72.3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Expired during t<span class=\"_ _3\"/>he year <span class=\"_ _e4\"> </span><span class=\"ff308 ls189 ws1b8\">(15,85<span class=\"_ _0\"/>1) <span class=\"_ _8b\"> </span><span class=\"ls18f ws1c4\">35.87 <span class=\"_ _8a\"> </span></span><span class=\"ff30a ws315\">(12,589) 25.51 </span></span>Outstanding<span class=\"_ _4\"/> at 31 December <span class=\"_ _f2\"> </span><span class=\"ls18c ws1c2\">104,729 <span class=\"_ _22\"> </span><span class=\"ls185 ws1c1\">24.<span class=\"_ _0\"/>74 <span class=\"_ _41\"> </span><span class=\"ff30a ls183 ws1bd\">98,<span class=\"_ _0\"/>93</span></span></span>4 24.98 Exercis<span class=\"_ _0\"/>able at 31 De<span class=\"_ _0\"/>cember<span class=\"_ _0\"/> <span class=\"_ _f8\"> </span><span class=\"ls18c ws1c2\">4,383<span class=\"_ _0\"/> <span class=\"_ _22\"> </span>30.63 <span class=\"_ _124\"> </span><span class=\"ff30a ls189 ws22c\">877 69.35 </span></span>The averag<span class=\"_ _0\"/>e share price<span class=\"_ _0\"/> during 2022 w<span class=\"_ _0\"/>as 78.32 pence (20<span class=\"_ _0\"/>21: 116.48<span class=\"_ _0\"/> pence). <span class=\"ff30b ls3 ws2\"> <span class=\"_ _cd\"> </span><span class=\"ff30a\"> </span></span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>239<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff30e ls3 ws2\"> </span><span class=\"ff30f\">co<span class=\"_ _3\"/>ntinued<span class=\"ff30d ls3 ws2\"> </span></span>242<span class=\"ff311 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff312 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff311 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Of the options <span class=\"_ _3\"/>still outstanding, the rang<span class=\"_ _3\"/>e of exercise pric<span class=\"_ _3\"/><span class=\"ls186 ws2\">es and wei<span class=\"_ _3\"/>ghted average r<span class=\"_ _3\"/>emaining <span class=\"_ _3\"/>contractua<span class=\"_ _3\"/>l life of t<span class=\"_ _3\"/>hese </span>options can be analysed a<span class=\"_ _3\"/>s follows: Range of exercise p<span class=\"_ _3\"/>rices (pence)<span class=\"_ _3\"/> Weighted average exercise price (pence) Number of options (\u2018000) 2022 Weighted average remaining contractual life (years) Weighted average exercise pri<span class=\"_ _3\"/>ce (pence) Number of options (\u2018000) 2021 Weighted average remaining contractual life (years) Nil <span class=\"_ _160\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _1c\"> </span><span class=\"ls18f ws1c4\">59,056 <span class=\"_ _59\"> </span>0.29 <span class=\"_ _12c\"> </span></span></span><span class=\"ls189 ws317\">\u2013 57,336 <span class=\"_ _8d\"> </span>1.12<span class=\"_ _0\"/> </span>20.00 \u2013 49.99 <span class=\"_ _29\"> </span><span class=\"ff314 ls185 ws1c1\">49.<span class=\"_ _0\"/>17 <span class=\"_ _45\"> </span><span class=\"ls188 ws1b9\">29,225 <span class=\"_ _5f\"> </span><span class=\"ls183 ws1bd\">1.81 <span class=\"_ _46\"> </span><span class=\"ff313 ws318\">49.17 31<span class=\"_ _0\"/>,601 <span class=\"_ _165\"> </span>2.80 </span></span></span></span>50.00 \u2013 69.99 <span class=\"_ _e3\"> </span><span class=\"ff314 ls18b ws1bb\">61.73 <span class=\"_ _3e\"> </span><span class=\"ls18f ws1c4\">10,878 <span class=\"_ _54\"> </span><span class=\"ls18c ws1c2\">3.44 <span class=\"_ _168\"> </span></span></span></span><span class=\"ws306\">\u2013 \u2013 \u2013 </span>70.00 \u2013 99.99 <span class=\"_ _29\"> </span><span class=\"ff314 ls18d ws1d3\">85.22 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">5,351 <span class=\"_ _3f\"> </span>1.35 <span class=\"_ _12\"> </span></span></span><span class=\"ls18b ws319\">86.31 8,420 <span class=\"_ _165\"> </span>1.17 </span>100.00 \u2013 109.99 <span class=\"_ _de\"> </span><span class=\"ff314 ls18f ws1c4\">105.98 <span class=\"_ _2c6\"> </span><span class=\"ls18d ws1d3\">90<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls18b ws1bb\">1.46 <span class=\"_ _26\"> </span></span></span></span><span class=\"ls183 ws31a\">105.98 846<span class=\"_ _0\"/> 1.13 </span>110.00 \u2013 119.9<span class=\"_ _0\"/>9 <span class=\"_ _1fe\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span>\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws306\">\u2013 \u2013 \u2013 </span>120.00 \u2013 149.99 <span class=\"_ _f3\"> </span><span class=\"ff314 ls189 ws1b8\">130.61 <span class=\"_ _4d\"> </span><span class=\"ls188 ws1b9\">129 <span class=\"_ _20\"> </span>0.94 <span class=\"_ _7f\"> </span></span></span><span class=\"ls185 ws1c1\">133.<span class=\"_ _0\"/>4<span class=\"_ _335\"> </span></span>4 <span class=\"_ _6\"> </span>596 0.78 150.00 \u2013 199.99 <span class=\"_ _9c\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _7f\"> </span></span><span class=\"ws31c\">162.55 <span class=\"_ _ec\"> </span>135 0.77 </span>Assumptions DSA, LTIP a<span class=\"_ _3\"/>nd PSP options ar<span class=\"_ _3\"/>e valued dire<span class=\"_ _3\"/>ctly by refe<span class=\"_ _3\"/>rence to the shar<span class=\"_ _3\"/>e price at date<span class=\"_ _3\"/> of grant.  The options granted <span class=\"_ _3\"/>in the current a<span class=\"_ _3\"/>nd prior years for<span class=\"_ _3\"/> the <span class=\"ls184 ws1b3\">HMRC approved SA<span class=\"_ _3\"/>YE scheme, are v<span class=\"_ _3\"/>alued using t<span class=\"_ _3\"/>he Black\u2013<span class=\"_ _335\"> </span></span>Scholes model, using the ass<span class=\"_ _0\"/>umptions below: Scheme name <span class=\"_ _78\"> </span>Date of grant Share price at grant (pence) Exercise  price (pence) Expected volatility % Expected  life (years) Gross dividend yield % Risk-free rate  % Fair value (pence) 3 Year <span class=\"_ _139\"> </span><span class=\"ls189 ws1bf\">13 April<span class=\"_ _0\"/> 2021 <span class=\"_ _c4\"> </span>122.<span class=\"_ _0\"/>90 <span class=\"_ _45\"> </span>97.95 <span class=\"_ _c4\"> </span>41.73 <span class=\"_ _89\"> </span>3.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _8a\"> </span>0.16 <span class=\"_ _21\"> </span>46.48 </span>5 Year <span class=\"_ _8f\"> </span><span class=\"ls189 ws1bf\">13 April 2021 <span class=\"_ _8a\"> </span>122.90 <span class=\"_ _45\"> </span>97.95 <span class=\"_ _ac\"> </span>38.<span class=\"_ _0\"/>12 <span class=\"_ _ac\"> </span>5.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _89\"> </span>0.39 <span class=\"_ _aa\"> </span>51.80 </span>3 Year <span class=\"_ _82\"> </span><span class=\"ls188 ws1d5\">6 September 2021 <span class=\"_ _41\"> </span>117.10 <span class=\"_ _1c\"> </span>93.86 <span class=\"_ _a9\"> </span>42.0<span class=\"_ _335\"> </span></span>4 <span class=\"_ _2f\"> </span>3.2<span class=\"_ _0\"/>5 <span class=\"_ _5e\"> </span>\u2013 <span class=\"_ _6\"> </span>0.23 44.<span class=\"_ _0\"/>30 5 Year <span class=\"_ _34\"> </span><span class=\"ls188 ws1d5\">6 September 2021 <span class=\"_ _3e\"> </span>117.10 <span class=\"_ _1c\"> </span>93.86 <span class=\"_ _a9\"> </span>36.09 <span class=\"_ _89\"> </span>5.25 <span class=\"_ _203\"> </span>\u2013 <span class=\"_ _89\"> </span>0.36 <span class=\"_ _b3\"> </span>47.33 </span>3 Year <span class=\"_ _13c\"> </span><span class=\"ls18c ws1bc\">12 April 2022 <span class=\"_ _50\"> </span>79.08 <span class=\"_ _41\"> </span>67.72 <span class=\"_ _a9\"> </span>47.00 <span class=\"_ _89\"> </span>3.25 <span class=\"_ _203\"> </span>\u2013 <span class=\"_ _1c\"> </span>1.55 <span class=\"_ _c4\"> </span>21.19 </span>5 Year <span class=\"_ _99\"> </span><span class=\"ls189 ws1d8\">12 April 2022 <span class=\"_ _8b\"> </span>79.08<span class=\"_ _0\"/> <span class=\"_ _41\"> </span>67.72 <span class=\"_ _a8\"> </span>40.05 <span class=\"_ _ac\"> </span>5.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _a6\"> </span>1.58 <span class=\"_ _b3\"> </span>18.45 </span>3 Year <span class=\"_ _9f\"> </span><span class=\"ls189 ws1bf\">5 Septem<span class=\"_ _0\"/>ber 2022 <span class=\"_ _34\"> </span>62.7<span class=\"_ _335\"> </span></span>4 <span class=\"_ _33\"> </span>57.73 47.80<span class=\"_ _0\"/> <span class=\"_ _2\"> </span>3.25 <span class=\"_ _b6\"> </span>\u2013 <span class=\"_ _ec\"> </span>2.97<span class=\"_ _0\"/> <span class=\"_ _5\"/>14.<span class=\"_ _0\"/>95 5 Year <span class=\"_ _50\"> </span><span class=\"ls189 ws1bf\">5 September 20<span class=\"_ _0\"/>22 <span class=\"_ _9f\"> </span>62.7<span class=\"_ _335\"> </span></span>4 <span class=\"_ _e9\"> </span>57.73 41.03 <span class=\"_ _5\"/>5.25 <span class=\"_ _c0\"> </span>\u2013 <span class=\"_ _2\"> </span>2.85 <span class=\"_ _5\"/>12.<span class=\"_ _0\"/>63 Employees\u2019 Benefit Trust The Group has<span class=\"_ _0\"/> investment<span class=\"_ _0\"/>s in its own shares<span class=\"_ _0\"/> as a result of shar<span class=\"_ _0\"/>es purchase<span class=\"_ _0\"/>d by the ITV Empl<span class=\"_ _0\"/>oyees\u2019 Ben<span class=\"_ _0\"/>efit Trust (EBT). <span class=\"_ _0\"/>Transac<span class=\"_ _0\"/>tions with <span class=\"_ _0\"/>the G<span class=\"_ _0\"/>roup-s<span class=\"_ _0\"/>ponsored E<span class=\"_ _0\"/>BT ar<span class=\"_ _0\"/>e incl<span class=\"ls184 ws1b3\">uded in these financia<span class=\"_ _3\"/>l statements and pr<span class=\"_ _3\"/>imarily co<span class=\"_ _3\"/>nsist </span>of the EBT\u2019s purchase<span class=\"_ _3\"/>s of shares in ITV plc, which is account<span class=\"_ _3\"/>ed for as a reduction to ret<span class=\"_ _3\"/>ained earnings. The table b<span class=\"_ _3\"/>elow shows t<span class=\"_ _3\"/>he number of IT<span class=\"_ _3\"/>V plc shares held <span class=\"_ _3\"/>in the EBT at<span class=\"_ _3\"/> 31 December 2021 a<span class=\"_ _3\"/>nd the relea<span class=\"_ _3\"/>ses from the EBT made in the y<span class=\"_ _3\"/>ear to satisfy awar<span class=\"_ _3\"/>ds under the Group\u2019<span class=\"_ _3\"/>s share schemes: Scheme <span class=\"_ _2fb\"> </span>Shares held at Number of shares (released)/pur<span class=\"_ _3\"/>chased Nominal value \u00a3  <span class=\"_ _262\"> </span>1 Jan<span class=\"_ _0\"/>uary 2022 <span class=\"_ _8\"> </span><span class=\"ws321\">18,478,248 1,847<span class=\"_ _0\"/>,825 </span>LTIP rel<span class=\"_ _0\"/>eases  \u2013 <span class=\"_ _33\"> </span> DSA releas<span class=\"_ _0\"/>es <span class=\"_ _294\"> </span><span class=\"ls18f ws1b7\"> <span class=\"_ _7a\"> </span>   (1,121,039) <span class=\"_ _7\"/> </span>ESP releases <span class=\"_ _25c\"> </span><span class=\"ls18d ws323\"> (11,8<span class=\"_ _0\"/>56) <span class=\"_ _a6\"> </span> </span>PSP releases<span class=\"_ _0\"/> <span class=\"_ _25c\"> </span><span class=\"ws324\"> (2,650,771) <span class=\"_ _3f\"> </span> </span>SAYE releases <span class=\"_ _2fc\"> </span><span class=\"ws325\"> (107,203) <span class=\"_ _24\"> </span> </span>Shares purchased  \u2013 <span class=\"_ _33\"> </span>  <span class=\"_ _262\"> </span><span class=\"ff314 ls18d ws1b9\">31 Decem<span class=\"_ _0\"/>ber 2022<span class=\"_ _0\"/> <span class=\"_ _2fd\"> </span><span class=\"ls189 ws1b8\">14,587,379 <span class=\"_ _99\"> </span>1,458,738 </span></span>The tota<span class=\"_ _3\"/>l number of <span class=\"_ _3\"/>shares held<span class=\"_ _3\"/> by the <span class=\"_ _3\"/>EBT at 31 Dece<span class=\"_ _3\"/>mb<span class=\"ls18f ws1d7\">er 2022 represents 0.36% (2021: 0.46%) of <span class=\"_ _3\"/>ITV\u2019s issued </span>share capital. The<span class=\"_ _3\"/> market value of own sha<span class=\"_ _3\"/>res held at <span class=\"_ _3\"/><span class=\"ls184 ws1c8\">31 December 2022 is \u00a311 mil<span class=\"_ _3\"/>lion (2021: \u00a320 million)<span class=\"_ _3\"/>. </span>The shares wi<span class=\"_ _3\"/>ll be held<span class=\"_ _3\"/> in the EBT unti<span class=\"_ _3\"/>l such time as t<span class=\"_ _3\"/>hey may be t<span class=\"_ _3\"/>ransferred t<span class=\"_ _3\"/>o participant<span class=\"_ _3\"/>s of the various Grou<span class=\"_ _3\"/>p share schemes. Ri<span class=\"_ _3\"/>ghts to dividend<span class=\"_ _3\"/>s have been waiv<span class=\"_ _3\"/>ed by th<span class=\"_ _3\"/><span class=\"ls188 ws1d2\">e EBT in respect o<span class=\"_ _3\"/>f shares held that do <span class=\"_ _3\"/>not relate to </span>restricte<span class=\"_ _0\"/>d shares<span class=\"_ _0\"/> under <span class=\"_ _0\"/>the DSA.<span class=\"_ _0\"/> In acco<span class=\"_ _0\"/>rdance w<span class=\"_ _0\"/>ith th<span class=\"_ _0\"/>e Trust D<span class=\"_ _0\"/>eed, the <span class=\"_ _0\"/>Trustees<span class=\"_ _0\"/> of th<span class=\"_ _0\"/>e EBT h<span class=\"_ _0\"/>ave the<span class=\"_ _0\"/> power <span class=\"_ _0\"/>to exercis<span class=\"_ _0\"/>e all vot<span class=\"_ _0\"/>ing righ<span class=\"_ _0\"/>ts in rela<span class=\"_ _0\"/>tion to any<span class=\"_ _0\"/> invest<span class=\"_ _0\"/>ment (incl<span class=\"_ _0\"/>udin<span class=\"_ _0\"/>g shares)<span class=\"_ _0\"/> held with<span class=\"_ _0\"/>in that t<span class=\"_ _0\"/>rust. Th<span class=\"_ _0\"/>e Trust is<span class=\"_ _0\"/> accoun<span class=\"_ _0\"/>ted for as a separate e<span class=\"_ _3\"/>ntity and therefore is only ac<span class=\"_ _3\"/>counted for in the conso<span class=\"_ _3\"/>lidated financial stateme<span class=\"_ _3\"/>nts and not included<span class=\"_ _3\"/> in the <span class=\"_ _3\"/>ITV plc Com<span class=\"_ _3\"/>pany financi<span class=\"_ _3\"/>al statements. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>240<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 4: <span class=\"_ _4\"/>Capital Structure <span class=\"_ _3\"/>and Financing <span class=\"_ _4\"/>Costs<span class=\"ff30e ls3 ws2\"> </span><span class=\"ff30f\">co<span class=\"_ _3\"/>ntinued<span class=\"ff30d ls3 ws2\"> </span></span>242<span class=\"ff311 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff312 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff311 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Of the options <span class=\"_ _3\"/>still outstanding, the rang<span class=\"_ _3\"/>e of exercise pric<span class=\"_ _3\"/><span class=\"ls186 ws2\">es and wei<span class=\"_ _3\"/>ghted average r<span class=\"_ _3\"/>emaining <span class=\"_ _3\"/>contractua<span class=\"_ _3\"/>l life of t<span class=\"_ _3\"/>hese </span>options can be analysed a<span class=\"_ _3\"/>s follows: Range of exercise p<span class=\"_ _3\"/>rices (pence)<span class=\"_ _3\"/> Weighted average exercise price (pence) Number of options (\u2018000) 2022 Weighted average remaining contractual life (years) Weighted average exercise pri<span class=\"_ _3\"/>ce (pence) Number of options (\u2018000) 2021 Weighted average remaining contractual life (years) Nil <span class=\"_ _160\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _1c\"> </span><span class=\"ls18f ws1c4\">59,056 <span class=\"_ _59\"> </span>0.29 <span class=\"_ _12c\"> </span></span></span><span class=\"ls189 ws317\">\u2013 57,336 <span class=\"_ _8d\"> </span>1.12<span class=\"_ _0\"/> </span>20.00 \u2013 49.99 <span class=\"_ _29\"> </span><span class=\"ff314 ls185 ws1c1\">49.<span class=\"_ _0\"/>17 <span class=\"_ _45\"> </span><span class=\"ls188 ws1b9\">29,225 <span class=\"_ _5f\"> </span><span class=\"ls183 ws1bd\">1.81 <span class=\"_ _46\"> </span><span class=\"ff313 ws318\">49.17 31<span class=\"_ _0\"/>,601 <span class=\"_ _165\"> </span>2.80 </span></span></span></span>50.00 \u2013 69.99 <span class=\"_ _e3\"> </span><span class=\"ff314 ls18b ws1bb\">61.73 <span class=\"_ _3e\"> </span><span class=\"ls18f ws1c4\">10,878 <span class=\"_ _54\"> </span><span class=\"ls18c ws1c2\">3.44 <span class=\"_ _168\"> </span></span></span></span><span class=\"ws306\">\u2013 \u2013 \u2013 </span>70.00 \u2013 99.99 <span class=\"_ _29\"> </span><span class=\"ff314 ls18d ws1d3\">85.22 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">5,351 <span class=\"_ _3f\"> </span>1.35 <span class=\"_ _12\"> </span></span></span><span class=\"ls18b ws319\">86.31 8,420 <span class=\"_ _165\"> </span>1.17 </span>100.00 \u2013 109.99 <span class=\"_ _de\"> </span><span class=\"ff314 ls18f ws1c4\">105.98 <span class=\"_ _2c6\"> </span><span class=\"ls18d ws1d3\">90<span class=\"_ _0\"/> <span class=\"_ _56\"> </span><span class=\"ls18b ws1bb\">1.46 <span class=\"_ _26\"> </span></span></span></span><span class=\"ls183 ws31a\">105.98 846<span class=\"_ _0\"/> 1.13 </span>110.00 \u2013 119.9<span class=\"_ _0\"/>9 <span class=\"_ _1fe\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span>\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws306\">\u2013 \u2013 \u2013 </span>120.00 \u2013 149.99 <span class=\"_ _f3\"> </span><span class=\"ff314 ls189 ws1b8\">130.61 <span class=\"_ _4d\"> </span><span class=\"ls188 ws1b9\">129 <span class=\"_ _20\"> </span>0.94 <span class=\"_ _7f\"> </span></span></span><span class=\"ls185 ws1c1\">133.<span class=\"_ _0\"/>4</span>4 <span class=\"_ _6\"> </span>596 0.78 150.00 \u2013 199.99 <span class=\"_ _9c\"> </span><span class=\"ff314 ls184 ws1d4\">\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _ed\"> </span>\u2013 <span class=\"_ _7f\"> </span></span><span class=\"ws31c\">162.55 <span class=\"_ _ec\"> </span>135 0.77 </span>Assumptions DSA, LTIP a<span class=\"_ _3\"/>nd PSP options ar<span class=\"_ _3\"/>e valued dire<span class=\"_ _3\"/>ctly by refe<span class=\"_ _3\"/>rence to the shar<span class=\"_ _3\"/>e price at date<span class=\"_ _3\"/> of grant.  The options granted <span class=\"_ _3\"/>in the current a<span class=\"_ _3\"/>nd prior years for<span class=\"_ _3\"/> the <span class=\"ls184 ws1b3\">HMRC approved SA<span class=\"_ _3\"/>YE scheme, are v<span class=\"_ _3\"/>alued using t<span class=\"_ _3\"/>he Black\u2013<span class=\"_ _335\"> </span></span>Scholes model, using the ass<span class=\"_ _0\"/>umptions below: Scheme name <span class=\"_ _78\"> </span>Date of grant Share price at grant (pence) Exercise  price (pence) Expected volatility % Expected  life (years) Gross dividend yield % Risk-free rate  % Fair value (pence) 3 Year <span class=\"_ _139\"> </span><span class=\"ls189 ws1bf\">13 April<span class=\"_ _0\"/> 2021 <span class=\"_ _c4\"> </span>122.<span class=\"_ _0\"/>90 <span class=\"_ _45\"> </span>97.95 <span class=\"_ _c4\"> </span>41.73 <span class=\"_ _89\"> </span>3.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _8a\"> </span>0.16 <span class=\"_ _21\"> </span>46.48 </span>5 Year <span class=\"_ _8f\"> </span><span class=\"ls189 ws1bf\">13 April 2021 <span class=\"_ _8a\"> </span>122.90 <span class=\"_ _45\"> </span>97.95 <span class=\"_ _ac\"> </span>38.<span class=\"_ _0\"/>12 <span class=\"_ _ac\"> </span>5.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _89\"> </span>0.39 <span class=\"_ _aa\"> </span>51.80 </span>3 Year <span class=\"_ _82\"> </span><span class=\"ls188 ws1d5\">6 September 2021 <span class=\"_ _41\"> </span>117.10 <span class=\"_ _1c\"> </span>93.86 <span class=\"_ _a9\"> </span>42.0</span>4 <span class=\"_ _2f\"> </span>3.2<span class=\"_ _0\"/>5 <span class=\"_ _5e\"> </span>\u2013 <span class=\"_ _6\"> </span>0.23 44.<span class=\"_ _0\"/>30 5 Year <span class=\"_ _34\"> </span><span class=\"ls188 ws1d5\">6 September 2021 <span class=\"_ _3e\"> </span>117.10 <span class=\"_ _1c\"> </span>93.86 <span class=\"_ _a9\"> </span>36.09 <span class=\"_ _89\"> </span>5.25 <span class=\"_ _203\"> </span>\u2013 <span class=\"_ _89\"> </span>0.36 <span class=\"_ _b3\"> </span>47.33 </span>3 Year <span class=\"_ _13c\"> </span><span class=\"ls18c ws1bc\">12 April 2022 <span class=\"_ _50\"> </span>79.08 <span class=\"_ _41\"> </span>67.72 <span class=\"_ _a9\"> </span>47.00 <span class=\"_ _89\"> </span>3.25 <span class=\"_ _203\"> </span>\u2013 <span class=\"_ _1c\"> </span>1.55 <span class=\"_ _c4\"> </span>21.19 </span>5 Year <span class=\"_ _99\"> </span><span class=\"ls189 ws1d8\">12 April 2022 <span class=\"_ _8b\"> </span>79.08<span class=\"_ _0\"/> <span class=\"_ _41\"> </span>67.72 <span class=\"_ _a8\"> </span>40.05 <span class=\"_ _ac\"> </span>5.25 <span class=\"_ _58\"> </span>\u2013 <span class=\"_ _a6\"> </span>1.58 <span class=\"_ _b3\"> </span>18.45 </span>3 Year <span class=\"_ _9f\"> </span><span class=\"ls189 ws1bf\">5 Septem<span class=\"_ _0\"/>ber 2022 <span class=\"_ _34\"> </span>62.7</span>4 <span class=\"_ _33\"> </span>57.73 47.80<span class=\"_ _0\"/> <span class=\"_ _2\"> </span>3.25 <span class=\"_ _b6\"> </span>\u2013 <span class=\"_ _ec\"> </span>2.97<span class=\"_ _0\"/> <span class=\"_ _5\"/>14.<span class=\"_ _0\"/>95 5 Year <span class=\"_ _50\"> </span><span class=\"ls189 ws1bf\">5 September 20<span class=\"_ _0\"/>22 <span class=\"_ _9f\"> </span>62.7</span>4 <span class=\"_ _e9\"> </span>57.73 41.03 <span class=\"_ _5\"/>5.25 <span class=\"_ _c0\"> </span>\u2013 <span class=\"_ _2\"> </span>2.85 <span class=\"_ _5\"/>12.<span class=\"_ _0\"/>63 Employees\u2019 Benefit Trust The Group has<span class=\"_ _0\"/> investment<span class=\"_ _0\"/>s in its own shares<span class=\"_ _0\"/> as a result of shar<span class=\"_ _0\"/>es purchase<span class=\"_ _0\"/>d by the ITV Empl<span class=\"_ _0\"/>oyees\u2019 Ben<span class=\"_ _0\"/>efit Trust (EBT). <span class=\"_ _0\"/>Transac<span class=\"_ _0\"/>tions with <span class=\"_ _0\"/>the G<span class=\"_ _0\"/>roup-s<span class=\"_ _0\"/>ponsored E<span class=\"_ _0\"/>BT ar<span class=\"_ _0\"/>e incl<span class=\"ls184 ws1b3\">uded in these financia<span class=\"_ _3\"/>l statements and pr<span class=\"_ _3\"/>imarily co<span class=\"_ _3\"/>nsist </span>of the EBT\u2019s purchase<span class=\"_ _3\"/>s of shares in ITV plc, which is account<span class=\"_ _3\"/>ed for as a reduction to ret<span class=\"_ _3\"/>ained earnings. The table b<span class=\"_ _3\"/>elow shows t<span class=\"_ _3\"/>he number of IT<span class=\"_ _3\"/>V plc shares held <span class=\"_ _3\"/>in the EBT at<span class=\"_ _3\"/> 31 December 2021 a<span class=\"_ _3\"/>nd the relea<span class=\"_ _3\"/>ses from the EBT made in the y<span class=\"_ _3\"/>ear to satisfy awar<span class=\"_ _3\"/>ds under the Group\u2019<span class=\"_ _3\"/>s share schemes: Scheme <span class=\"_ _2fb\"> </span>Shares held at Number of shares (released)/pur<span class=\"_ _3\"/>chased Nominal value \u00a3  <span class=\"_ _262\"> </span>1 Jan<span class=\"_ _0\"/>uary 2022 <span class=\"_ _8\"> </span><span class=\"ws321\">18,478,248 1,847<span class=\"_ _0\"/>,825 </span>LTIP rel<span class=\"_ _0\"/>eases <span class=\"_ _294\"> </span><span class=\"ls18f ws322\"> \u2013 <span class=\"_ _33\"> </span> </span>DSA releas<span class=\"_ _0\"/>es <span class=\"_ _294\"> </span><span class=\"ls18f ws1b7\"> <span class=\"_ _7a\"> </span>   (1,121,039) <span class=\"_ _7\"/> </span>ESP releases <span class=\"_ _25c\"> </span><span class=\"ls18d ws323\"> (11,8<span class=\"_ _0\"/>56) <span class=\"_ _a6\"> </span> </span>PSP releases<span class=\"_ _0\"/> <span class=\"_ _25c\"> </span><span class=\"ws324\"> (2,650,771) <span class=\"_ _3f\"> </span> </span>SAYE releases <span class=\"_ _2fc\"> </span><span class=\"ws325\"> (107,203) <span class=\"_ _24\"> </span> </span>Shares purchased <span class=\"_ _2fe\"> </span><span class=\"ls18f ws322\"> \u2013 <span class=\"_ _33\"> </span> </span> <span class=\"_ _262\"> </span><span class=\"ff314 ls18d ws1b9\">31 Decem<span class=\"_ _0\"/>ber 2022<span class=\"_ _0\"/> <span class=\"_ _2fd\"> </span><span class=\"ls189 ws1b8\">14,587,379 <span class=\"_ _99\"> </span>1,458,738 </span></span>The tota<span class=\"_ _3\"/>l number of <span class=\"_ _3\"/>shares held<span class=\"_ _3\"/> by the <span class=\"_ _3\"/>EBT at 31 Dece<span class=\"_ _3\"/>mb<span class=\"ls18f ws1d7\">er 2022 represents 0.36% (2021: 0.46%) of <span class=\"_ _3\"/>ITV\u2019s issued </span>share capital. The<span class=\"_ _3\"/> market value of own sha<span class=\"_ _3\"/>res held at <span class=\"_ _3\"/><span class=\"ls184 ws1c8\">31 December 2022 is \u00a311 mil<span class=\"_ _3\"/>lion (2021: \u00a320 million)<span class=\"_ _3\"/>. </span>The shares wi<span class=\"_ _3\"/>ll be held<span class=\"_ _3\"/> in the EBT unti<span class=\"_ _3\"/>l such time as t<span class=\"_ _3\"/>hey may be t<span class=\"_ _3\"/>ransferred t<span class=\"_ _3\"/>o participant<span class=\"_ _3\"/>s of the various Grou<span class=\"_ _3\"/>p share schemes. Ri<span class=\"_ _3\"/>ghts to dividend<span class=\"_ _3\"/>s have been waiv<span class=\"_ _3\"/>ed by th<span class=\"_ _3\"/><span class=\"ls188 ws1d2\">e EBT in respect o<span class=\"_ _3\"/>f shares held that do <span class=\"_ _3\"/>not relate to </span>restricte<span class=\"_ _0\"/>d shares<span class=\"_ _0\"/> under <span class=\"_ _0\"/>the DSA.<span class=\"_ _0\"/> In acco<span class=\"_ _0\"/>rdance w<span class=\"_ _0\"/>ith th<span class=\"_ _0\"/>e Trust D<span class=\"_ _0\"/>eed, the <span class=\"_ _0\"/>Trustees<span class=\"_ _0\"/> of th<span class=\"_ _0\"/>e EBT h<span class=\"_ _0\"/>ave the<span class=\"_ _0\"/> power <span class=\"_ _0\"/>to exercis<span class=\"_ _0\"/>e all vot<span class=\"_ _0\"/>ing righ<span class=\"_ _0\"/>ts in rela<span class=\"_ _0\"/>tion to any<span class=\"_ _0\"/> invest<span class=\"_ _0\"/>ment (incl<span class=\"_ _0\"/>udin<span class=\"_ _0\"/>g shares)<span class=\"_ _0\"/> held with<span class=\"_ _0\"/>in that t<span class=\"_ _0\"/>rust. Th<span class=\"_ _0\"/>e Trust is<span class=\"_ _0\"/> accoun<span class=\"_ _0\"/>ted for as a separate e<span class=\"_ _3\"/>ntity and therefore is only ac<span class=\"_ _3\"/>counted for in the conso<span class=\"_ _3\"/>lidated financial stateme<span class=\"_ _3\"/>nts and not included<span class=\"_ _3\"/> in the <span class=\"_ _3\"/>ITV plc Com<span class=\"_ _3\"/>pany financi<span class=\"_ _3\"/>al statements. Notes to <span class=\"_ _4\"/>the Financial Statements Section <span class=\"_ _3\"/>5: <span class=\"_ _3\"/>Other <span class=\"_ _3\"/>Notes <span class=\"_ _3\"/> 243<span class=\"ff318 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff319 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff318 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>5.1  Related party transactions Keeping it simple The related pa<span class=\"_ _3\"/>rties identified<span class=\"_ _3\"/> by the Director<span class=\"_ _3\"/>s include joi<span class=\"_ _3\"/>nt ventures, <span class=\"_ _3\"/>associated underta<span class=\"_ _3\"/>kings, <span class=\"_ _3\"/>fixed a<span class=\"_ _3\"/>sset i<span class=\"_ _3\"/>nvestme<span class=\"_ _3\"/>nts and<span class=\"_ _3\"/> key manag<span class=\"_ _3\"/>ement per<span class=\"_ _3\"/>sonnel<span class=\"_ _3\"/>. To enable us<span class=\"_ _0\"/>ers of our financ<span class=\"_ _0\"/>ial statemen<span class=\"_ _0\"/>ts to form<span class=\"_ _0\"/> a view about t<span class=\"_ _0\"/>he effects of related pa<span class=\"_ _0\"/>rty rela<span class=\"_ _0\"/>tionsh<span class=\"_ _0\"/>ips on the Gr<span class=\"_ _0\"/>oup, we dis<span class=\"_ _0\"/>close th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> transac<span class=\"_ _0\"/>tions wi<span class=\"_ _0\"/>th those related part<span class=\"_ _3\"/>ies during<span class=\"_ _3\"/> the year a<span class=\"_ _3\"/>nd any associated ye<span class=\"_ _3\"/>ar end trading ba<span class=\"_ _3\"/>lances. Transactions with joint ventures and associated undertaking<span class=\"_ _0\"/>s Transact<span class=\"_ _0\"/>ions wi<span class=\"_ _0\"/>th join<span class=\"_ _0\"/>t ventur<span class=\"_ _0\"/>es an<span class=\"_ _0\"/>d associa<span class=\"_ _0\"/>ted un<span class=\"_ _0\"/>dertak<span class=\"_ _0\"/>ings duri<span class=\"_ _0\"/>ng the y<span class=\"_ _0\"/>ear wer<span class=\"_ _0\"/>e: 2022  \u00a3m 2021  \u00a3m Sales to joint ventures <span class=\"_ _2ff\"> </span><span class=\"ff31a ls183 ws1bd\">41 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">2<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>Sales to a<span class=\"_ _3\"/>ssociated u<span class=\"_ _3\"/>ndertakings <span class=\"_ _300\"> </span><span class=\"ff31a ls189 ws1b8\">16 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span>Purchases from joint ventures <span class=\"_ _2ad\"> </span><span class=\"ff31a ws1c4\">33 <span class=\"_ _14d\"> </span></span><span class=\"ls18d ws1d3\">32 </span>Purchases f<span class=\"_ _3\"/>rom associ<span class=\"_ _3\"/>ated undertaki<span class=\"_ _4\"/>n<span class=\"_ _0\"/>gs <span class=\"_ _301\"> </span><span class=\"ff31a ls183 ws1bd\">77 <span class=\"_ _78\"> </span></span><span class=\"ls18d ws1d3\">65<span class=\"_ _0\"/> </span>The transactions with join<span class=\"_ _0\"/>t ventures primar<span class=\"_ _0\"/>ily relate to sale<span class=\"ls1a8 ws1bf\">s and purchases of digital multiplex services with Digital 3&amp;4 </span>Limited and dis<span class=\"_ _0\"/>tribution revenue f<span class=\"_ _0\"/>rom BritBox LLC, B<span class=\"_ _0\"/>ritBox Internati<span class=\"_ _0\"/>onal Limited and Bri<span class=\"_ _0\"/>tBox Australia Managemen<span class=\"_ _0\"/>t Pty Limited. Sales to associated undertakings include airtim<span class=\"_ _0\"/>e <span class=\"ls1b3 ws1c0\">sales to DTV Services Limited.<span class=\"ls1a8 ws1bf\"> Purchases from associated </span></span>undertakings pr<span class=\"_ _0\"/>imarily relate to th<span class=\"_ _0\"/>e purcha<span class=\"ls197 ws1b5\">se of news services from ITN L<span class=\"_ _0\"/>imited.  </span>All transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> associate<span class=\"_ _0\"/>d under<span class=\"_ _0\"/>takings<span class=\"_ _0\"/> and join<span class=\"_ _0\"/>t ventures ar<span class=\"_ _0\"/>ise in th<span class=\"_ _0\"/>e normal cou<span class=\"_ _0\"/>rse of bus<span class=\"_ _0\"/>iness on an<span class=\"_ _0\"/> arm\u2019s length basi<span class=\"_ _4\"/>s. The amounts owed by a<span class=\"_ _3\"/>nd to these re<span class=\"_ _3\"/>lated parties <span class=\"_ _3\"/>at 31 December<span class=\"_ _3\"/> were: 2022  \u00a3m 2021  \u00a3m Amounts owed by joint ventures <span class=\"_ _128\"> </span><span class=\"ff31a ws1c4\">12 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span>Amounts o<span class=\"_ _3\"/>wed by associated under<span class=\"_ _3\"/>takings <span class=\"_ _22b\"> </span><span class=\"ff31a ls18f ws1c4\">19 <span class=\"_ _1f\"> </span></span><span class=\"ls183 ws1bd\">10 </span>Amounts o<span class=\"_ _3\"/>wed to joint ve<span class=\"_ _3\"/>ntures <span class=\"_ _2ba\"> </span><span class=\"ff31a ls18f ws1c4\">5 <span class=\"_ _1ce\"> </span></span><span class=\"ls186 ws1b6\">1 </span>Amounts owed to<span class=\"_ _3\"/> associated<span class=\"_ _3\"/> undertakings <span class=\"_ _184\"> </span><span class=\"ff31a ls188 ws1b9\">17 <span class=\"_ _ed\"> </span></span><span class=\"ls184 ws1d4\">9 </span>None of th<span class=\"_ _0\"/>e bala<span class=\"_ _0\"/>nces are s<span class=\"_ _0\"/>ecured. Amounts owed by joint ventur<span class=\"_ _3\"/>es primarily relate to tra<span class=\"_ _3\"/>ding with BritBox L<span class=\"_ _3\"/>LC and BritBox Australia <span class=\"_ _3\"/>Management Pty Limited. Balances owed by<span class=\"_ _3\"/> associated undertaki<span class=\"_ _3\"/>ngs largely relate to Bedro<span class=\"_ _3\"/>ck Entertainment LLC and Southroc<span class=\"_ _3\"/>k Production<span class=\"_ _3\"/>s LLC. Balance<span class=\"_ _3\"/>s owed to as<span class=\"_ _3\"/>sociated unde<span class=\"_ _3\"/>rtakings<span class=\"_ _3\"/> primarily re<span class=\"_ _3\"/>late to trading <span class=\"_ _3\"/>with ITN Li<span class=\"_ _3\"/>mited and amou<span class=\"_ _3\"/>nts owed to B<span class=\"_ _0\"/>edrock En<span class=\"_ _0\"/>tertainm<span class=\"_ _0\"/>ent LLC. Amounts paid to the Group\u2019s retire<span class=\"_ _3\"/>ment be<span class=\"ls188 ws1d5\">nefit plans are set out in note 3.7.  </span>Transactions with key management personnel Key managem<span class=\"_ _0\"/>ent consists<span class=\"_ _0\"/> of ITV plc Execu<span class=\"_ _0\"/>tive and N<span class=\"_ _0\"/>on-executiv<span class=\"_ _0\"/>e Directo<span class=\"_ _0\"/>rs and the o<span class=\"_ _0\"/>ther member<span class=\"_ _0\"/>s of the ITV Manageme<span class=\"_ _3\"/>nt Board<span class=\"_ _3\"/>. Key managem<span class=\"_ _3\"/>ent per<span class=\"_ _3\"/>sonnel co<span class=\"_ _3\"/>mpensation<span class=\"_ _3\"/> is as fol<span class=\"_ _3\"/>lows: 2022  \u00a3m 2021  \u00a3m Short-<span class=\"_ _0\"/>term em<span class=\"_ _0\"/>ployee b<span class=\"_ _0\"/>enefi<span class=\"_ _0\"/>ts <span class=\"_ _242\"> </span><span class=\"ff31a ls189 ws1b8\">11 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">13 </span>Share-based<span class=\"_ _3\"/> compensation <span class=\"_ _2e6\"> </span><span class=\"ff31a ls18b ws1bb\">6 </span>4 <span class=\"_ _1b9\"> </span><span class=\"ff31a ls188 ws1b9\">17 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">17</span><span class=\"ls183 ws1bd\"> </span>IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>241<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 5<span class=\"_ _3\"/>: Other <span class=\"_ _4\"/>Notes<span class=\"ff321 ls3 ws2\"> <span class=\"ff322 ls1ca ws23d\">continued</span><span class=\"ff320\"> </span></span>244<span class=\"ff324 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff325 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff324 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>5.2  Contingent assets and liabilitie<span class=\"_ _0\"/>s Keeping it simple A contin<span class=\"_ _0\"/>gent<span class=\"_ _0\"/> asset <span class=\"_ _0\"/>or liab<span class=\"_ _0\"/>ility <span class=\"_ _0\"/>is a l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ty tha<span class=\"_ _0\"/>t is n<span class=\"_ _0\"/>ot suff<span class=\"_ _0\"/>icien<span class=\"_ _0\"/>tly ce<span class=\"_ _0\"/>rtain <span class=\"_ _0\"/>to qual<span class=\"_ _0\"/>ify fo<span class=\"_ _0\"/>r recogni<span class=\"_ _0\"/>tion as an<span class=\"_ _0\"/> asset o<span class=\"_ _0\"/>r provis<span class=\"_ _0\"/>ion where u<span class=\"_ _0\"/>ncertaint<span class=\"_ _0\"/>y may exis<span class=\"_ _0\"/>t regar<span class=\"_ _0\"/>ding the<span class=\"_ _0\"/> outcome<span class=\"_ _0\"/> of future ev<span class=\"_ _0\"/>ents.  Contingent liabilities As reported i<span class=\"_ _3\"/>n our interim financial stat<span class=\"_ _3\"/>ements, on 12 <span class=\"ls18b ws1c0\">July 2022, the UK C<span class=\"_ _0\"/>ompetition<span class=\"_ _0\"/> and Mark<span class=\"_ _0\"/>ets Authority<span class=\"_ _0\"/> (CMA) </span>opened an investigatio<span class=\"_ _3\"/>n into certain conduct of ITV an<span class=\"ls185 ws2\">d other named c<span class=\"_ _0\"/>ompan<span class=\"_ _0\"/>ies in <span class=\"_ _0\"/>the sec<span class=\"_ _0\"/>tor rela<span class=\"_ _0\"/>ting to<span class=\"_ _0\"/> the </span>producti<span class=\"_ _0\"/>on and bro<span class=\"_ _0\"/>adcas<span class=\"_ _0\"/>ting of spor<span class=\"_ _0\"/>ts conte<span class=\"_ _0\"/>nt in the Un<span class=\"_ _0\"/>ited King<span class=\"_ _0\"/>dom. The in<span class=\"_ _0\"/>vestig<span class=\"_ _0\"/>ation is at an<span class=\"_ _0\"/> early stag<span class=\"_ _0\"/>e and it is<span class=\"_ _0\"/> not curre<span class=\"_ _3\"/>ntly possible to reli<span class=\"_ _3\"/>ably quantify<span class=\"_ _3\"/> any liability th<span class=\"_ _3\"/>at might result f<span class=\"_ _3\"/>rom the investi<span class=\"_ _3\"/>gation. ITV i<span class=\"_ _3\"/>s committed to complying with competition law and is cooperating with the CMA\u2019s enquiries. There are c<span class=\"_ _0\"/>ontinge<span class=\"_ _0\"/>nt liabil<span class=\"_ _0\"/>ities in re<span class=\"_ _0\"/>spect of c<span class=\"_ _0\"/>ertain li<span class=\"_ _0\"/>tigation<span class=\"_ _0\"/> and guar<span class=\"_ _0\"/>antees, br<span class=\"_ _0\"/>oadcas<span class=\"_ _0\"/>ting issues<span class=\"_ _0\"/>, and in res<span class=\"_ _0\"/>pect of warranties g<span class=\"_ _0\"/>iven in conn<span class=\"_ _0\"/>ection with<span class=\"_ _0\"/> certain dispos<span class=\"_ _0\"/>als of busines<span class=\"_ _0\"/>ses. None of th<span class=\"_ _0\"/>ese items ar<span class=\"_ _0\"/>e expecte<span class=\"_ _0\"/>d to have a materia<span class=\"_ _3\"/>l effect on<span class=\"_ _3\"/> the Gro<span class=\"_ _3\"/>up\u2019s resu<span class=\"_ _3\"/>lts or fi<span class=\"_ _3\"/>nancial po<span class=\"_ _3\"/>sition<span class=\"_ _3\"/>. IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>242<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial Statements Section 5<span class=\"_ _3\"/>: Other <span class=\"_ _4\"/>Notes<span class=\"ff321 ls3 ws2\"> <span class=\"ff322 ls1ca ws23d\">continued</span><span class=\"ff320\"> </span></span>244<span class=\"ff324 ls3 ws2\"> </span><span class=\"fs26 ls1d2 ws1af\">ITV plc<span class=\"ff325 ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff324 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"fs27 ls3 ws2\"> </span></span></span></span>5.2  Contingent assets and liabilitie<span class=\"_ _0\"/>s  <span class=\"_ _85\"> </span><span class=\"ff327 ls187 ws21c\">Keeping </span>it simple A cont<span class=\"_ _0\"/>ingent<span class=\"_ _0\"/> asset <span class=\"_ _0\"/>or liab<span class=\"_ _0\"/>ility <span class=\"_ _0\"/>is a l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ty tha<span class=\"_ _0\"/>t is n<span class=\"_ _0\"/>ot suff<span class=\"_ _0\"/>icien<span class=\"_ _0\"/>tly ce<span class=\"_ _0\"/>rtain <span class=\"_ _0\"/>to qual<span class=\"_ _0\"/>ify fo<span class=\"_ _0\"/>r recogni<span class=\"_ _0\"/>tion as an<span class=\"_ _0\"/> asset o<span class=\"_ _0\"/>r provis<span class=\"_ _0\"/>ion where u<span class=\"_ _0\"/>ncertaint<span class=\"_ _0\"/>y may exis<span class=\"_ _0\"/>t regar<span class=\"_ _0\"/>ding the<span class=\"_ _0\"/> outcome<span class=\"_ _0\"/> of future ev<span class=\"_ _0\"/>ents.  Contingent liabilities As reported i<span class=\"_ _3\"/>n our interim financial stat<span class=\"_ _3\"/>ements, on 12 <span class=\"ls18b ws1c0\">July 2022, the UK C<span class=\"_ _0\"/>ompetition<span class=\"_ _0\"/> and Mark<span class=\"_ _0\"/>ets Authority<span class=\"_ _0\"/> (CMA) </span>opened an investigatio<span class=\"_ _3\"/>n into certain conduct of ITV an<span class=\"ls185 ws2\">d other named c<span class=\"_ _0\"/>ompan<span class=\"_ _0\"/>ies in <span class=\"_ _0\"/>the sec<span class=\"_ _0\"/>tor rela<span class=\"_ _0\"/>ting to<span class=\"_ _0\"/> the </span>producti<span class=\"_ _0\"/>on and bro<span class=\"_ _0\"/>adcas<span class=\"_ _0\"/>ting of spor<span class=\"_ _0\"/>ts conte<span class=\"_ _0\"/>nt in the Un<span class=\"_ _0\"/>ited King<span class=\"_ _0\"/>dom. The in<span class=\"_ _0\"/>vestig<span class=\"_ _0\"/>ation is at an<span class=\"_ _0\"/> early stag<span class=\"_ _0\"/>e and it is<span class=\"_ _0\"/> not curre<span class=\"_ _3\"/>ntly possible to reli<span class=\"_ _3\"/>ably quantify<span class=\"_ _3\"/> any liability th<span class=\"_ _3\"/>at might result f<span class=\"_ _3\"/>rom the investi<span class=\"_ _3\"/>gation. ITV i<span class=\"_ _3\"/>s committed to complying with competition law and is cooperating with the CMA\u2019s enquiries. There are c<span class=\"_ _0\"/>ontinge<span class=\"_ _0\"/>nt liabil<span class=\"_ _0\"/>ities in re<span class=\"_ _0\"/>spect of c<span class=\"_ _0\"/>ertain li<span class=\"_ _0\"/>tigation<span class=\"_ _0\"/> and guar<span class=\"_ _0\"/>antees, br<span class=\"_ _0\"/>oadcas<span class=\"_ _0\"/>ting issues<span class=\"_ _0\"/>, and in res<span class=\"_ _0\"/>pect of warranties g<span class=\"_ _0\"/>iven in conn<span class=\"_ _0\"/>ection with<span class=\"_ _0\"/> certain dispos<span class=\"_ _0\"/>als of busines<span class=\"_ _0\"/>ses. None of th<span class=\"_ _0\"/>ese items ar<span class=\"_ _0\"/>e expecte<span class=\"_ _0\"/>d to have a materia<span class=\"_ _3\"/>l effect on<span class=\"_ _3\"/> the Gro<span class=\"_ _3\"/>up\u2019s resu<span class=\"_ _3\"/>lts or fi<span class=\"_ _3\"/>nancial po<span class=\"_ _3\"/>sition<span class=\"_ _3\"/>. ITV plc<span class=\"ff32d ls3 ws2\">\u2009<span class=\"ff32e ls1bb ws1cc\">Annual <span class=\"_ _3\"/>Report and Accounts 2022 <span class=\"ff32c fs27 ls1bc ws21d\">245 </span></span></span>5.3 Subsidiaries exempt  from audit Keeping it simple Certain su<span class=\"_ _3\"/>bsidiaries of the Grou<span class=\"_ _3\"/>p can take an exemptio<span class=\"_ _3\"/>n from havi<span class=\"_ _3\"/>ng an audit. <span class=\"_ _3\"/>Strict criteria mu<span class=\"_ _3\"/>st be met for t<span class=\"_ _3\"/>his exemption to b<span class=\"_ _3\"/>e taken, a<span class=\"_ _3\"/>nd it must be agree<span class=\"_ _3\"/>d by the Directors of that subsidiary entity. Listed below are subsidia<span class=\"_ _0\"/>ries controlled and consolid<span class=\"_ _0\"/>ated by th<span class=\"_ _0\"/>e Group, where the Direc<span class=\"_ _0\"/>tors have taken t<span class=\"_ _0\"/>he exemption from having an audit of <span class=\"_ _0\"/>its financial statements. Th<span class=\"_ _0\"/>is exemption <span class=\"_ _0\"/>is taken in accordance with <span class=\"_ _0\"/>the Companies Ac<span class=\"_ _0\"/>t 2006 s479A. Company number <span class=\"_ _9f\"> </span>Company name <span class=\"_ _302\"> </span>Company number <span class=\"_ _bf\"> </span>Company name 04195187 <span class=\"_ _1d5\"> </span>12 Yard Pro<span class=\"_ _0\"/>ductions (I<span class=\"_ _0\"/>nvestme<span class=\"_ _0\"/>nts) Limi<span class=\"_ _0\"/>ted <span class=\"_ _28e\"> </span>SC3<span class=\"_ _0\"/>75274 <span class=\"_ _69\"> </span>ITV (Scotla<span class=\"_ _0\"/>nd) Limi<span class=\"_ _0\"/>ted 04145307 <span class=\"_ _1b\"> </span>12 Yard Pro<span class=\"_ _0\"/>ductions<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _76\"> </span>11516620 <span class=\"_ _14d\"> </span>ITV<span class=\"_ _0\"/> 112 Limite<span class=\"_ _0\"/>d 10058419<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Back Pro<span class=\"_ _0\"/>ductions <span class=\"_ _0\"/>Limited <span class=\"_ _77\"> </span>12956<span class=\"_ _0\"/>892 <span class=\"_ _1d2\"> </span>ITV AdVent<span class=\"_ _0\"/>ures Limi<span class=\"_ _0\"/>ted 13813181 <span class=\"_ _19\"> </span>Big Talk (NE<span class=\"_ _0\"/>WCO1) L<span class=\"_ _0\"/>imited <span class=\"_ _ff\"> </span>13087805 <span class=\"_ _69\"> </span>ITV Alde<span class=\"_ _0\"/>r Limite<span class=\"_ _0\"/>d 13087812<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>Big Talk Alo<span class=\"_ _0\"/>ne Limite<span class=\"_ _0\"/>d <span class=\"_ _202\"> </span>14<span class=\"_ _0\"/>047839 <span class=\"_ _a0\"> </span>IT<span class=\"_ _0\"/>V Archie L<span class=\"_ _0\"/>imited 10496857<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Big Talk Col<span class=\"_ _0\"/>d Feet L<span class=\"_ _0\"/>imited <span class=\"_ _de\"> </span>11667230<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span>ITV Bark<span class=\"_ _0\"/>ing Limite<span class=\"_ _0\"/>d 12092620<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Big<span class=\"_ _0\"/> Talk Fri<span class=\"_ _0\"/>day Limi<span class=\"_ _0\"/>ted <span class=\"_ _bc\"> </span>02578005 <span class=\"_ _47\"> </span>ITV Break<span class=\"_ _0\"/>fast Lim<span class=\"_ _0\"/>ited 11109596 <span class=\"_ _1d5\"> </span>Big<span class=\"_ _0\"/> Talk Goes Wron<span class=\"_ _0\"/>g Limited <span class=\"_ _303\"> </span>13087759<span class=\"_ _0\"/> <span class=\"_ _78\"> </span>ITV Dunee<span class=\"_ _0\"/>n Limited 13087733 <span class=\"_ _1d5\"> </span>Big<span class=\"_ _0\"/> Talk Hors<span class=\"_ _0\"/>eface L<span class=\"_ _0\"/>imited <span class=\"_ _304\"> </span>1049468<span class=\"_ _0\"/>4 <span class=\"_ _18\"> </span>ITV Ente<span class=\"_ _0\"/>rprises<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d 13087735 <span class=\"_ _1d5\"> </span>Big Tal<span class=\"_ _0\"/>k I Hate Y<span class=\"_ _0\"/>ou Limite<span class=\"_ _0\"/>d <span class=\"_ _39\"> </span>14133299<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span>ITV Grace L<span class=\"_ _0\"/>imited 07037447 <span class=\"_ _103\"> </span>Big Talk Investments Limited <span class=\"_ _138\"> </span>04159210 <span class=\"_ _a0\"> </span>ITV Holdings Limited 10528952<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Big Tal<span class=\"_ _0\"/>k Living <span class=\"_ _0\"/>the Dream<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _161\"> </span>04159213<span class=\"_ _0\"/> <span class=\"_ _1d2\"> </span>IT<span class=\"_ _0\"/>V Internat<span class=\"_ _0\"/>ional Cha<span class=\"_ _0\"/>nnels Lim<span class=\"_ _0\"/>ited 11723899 <span class=\"_ _141\"> </span>Big Talk Offen<span class=\"_ _0\"/>ders Limite<span class=\"_ _0\"/>d <span class=\"_ _39\"> </span>SC473179<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>ITV LTVC<span class=\"_ _0\"/> (Scotla<span class=\"_ _0\"/>nd) Limite<span class=\"_ _0\"/>d 11109572 <span class=\"_ _141\"> </span>Big Tal<span class=\"_ _0\"/>k Peacock L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _31\"> </span>13989<span class=\"_ _0\"/>147 <span class=\"_ _1f\"> </span>ITV Maternal <span class=\"_ _0\"/>Limited<span class=\"_ _0\"/> 02897434 <span class=\"_ _ae\"> </span>Big Ta<span class=\"_ _3\"/>lk Pictures Li<span class=\"_ _3\"/>mited <span class=\"_ _38\"> </span>006038<span class=\"_ _3\"/>93 <span class=\"_ _58\"> </span>ITV Network Li<span class=\"_ _3\"/>mited 06567813<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Big T<span class=\"_ _0\"/>alk Produc<span class=\"_ _0\"/>tions Li<span class=\"_ _0\"/>mited <span class=\"_ _305\"> </span>11723842 <span class=\"_ _1f\"> </span>I<span class=\"_ _0\"/>TV Night<span class=\"_ _0\"/>ingale Lim<span class=\"_ _0\"/>ited 02936337 <span class=\"_ _1b\"> </span>Boom Cymru T<span class=\"_ _0\"/>V Ltd <span class=\"_ _cb\"> </span>006034<span class=\"_ _0\"/>71 <span class=\"_ _18\"> </span>IT<span class=\"_ _0\"/>V Pension Scheme<span class=\"_ _0\"/> Limited 07922831 <span class=\"_ _12a\"> </span>Boom Pic<span class=\"_ _0\"/>tures Lim<span class=\"_ _0\"/>ited <span class=\"_ _1ab\"> </span>14461569 <span class=\"_ _78\"> </span>IT<span class=\"_ _0\"/>V POS Limi<span class=\"_ _0\"/>ted 03866274 <span class=\"_ _ae\"> </span>Box Clever Technology Limited <span class=\"_ _2e\"> </span>0156562<span class=\"_ _3\"/>5 <span class=\"_ _69\"> </span>ITV Properties (Developments) Limited 0189153<span class=\"_ _0\"/>9 <span class=\"_ _12a\"> </span>Broad Stree<span class=\"_ _0\"/>t Films<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _4a\"> </span> <span class=\"_ _51\"> </span>IT<span class=\"_ _0\"/>V Proper<span class=\"_ _0\"/>ties (J<span class=\"_ _0\"/>ersey<span class=\"_ _0\"/>) Limite<span class=\"_ _0\"/>d 11434722 <span class=\"_ _35\"> </span>Button Hall Productions <span class=\"_ _37\"> </span>13087782 <span class=\"_ _78\"> </span>ITV Ralph and Katie Limited 02285229<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Campania Lim<span class=\"_ _0\"/>ited <span class=\"_ _2f0\"> </span>14460328 <span class=\"_ _69\"> </span>ITV RE Lim<span class=\"_ _0\"/>ited 04159249<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Carl<span class=\"_ _0\"/>ton Con<span class=\"_ _0\"/>tent Hol<span class=\"_ _0\"/>dings Limi<span class=\"_ _0\"/>ted <span class=\"_ _7c\"> </span>08554937 <span class=\"_ _2c6\"> </span>ITV She<span class=\"_ _0\"/>tland L<span class=\"_ _0\"/>imited 00301188<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Carl<span class=\"_ _0\"/>ton Film D<span class=\"_ _0\"/>istribu<span class=\"_ _0\"/>tors Limi<span class=\"_ _0\"/>ted <span class=\"_ _6c\"> </span>11723826<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span>ITV S<span class=\"_ _0\"/>py Limited<span class=\"_ _0\"/> 01692483 <span class=\"_ _1b\"> </span>Carlton Finance L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _1f7\"> </span>09498877 <span class=\"_ _69\"> </span>ITV TFG Holdi<span class=\"_ _0\"/>ngs Limit<span class=\"_ _0\"/>ed 03984490 <span class=\"_ _108\"> </span>Carlton Food Netwo<span class=\"_ _3\"/>rk Limited <span class=\"_ _1d\"> </span>11107934 <span class=\"_ _1f\"> </span>ITV The Ba<span class=\"_ _3\"/>y Limited 03053908 <span class=\"_ _87\"> </span>Carlton Pr<span class=\"_ _0\"/>ogrammes<span class=\"_ _0\"/> Developme<span class=\"_ _0\"/>nt Limite<span class=\"_ _0\"/>d <span class=\"_ _54\"> </span>1308769<span class=\"_ _0\"/>3 <span class=\"_ _1d2\"> </span>ITV The<span class=\"_ _0\"/> Reckonin<span class=\"_ _0\"/>g Limited<span class=\"_ _0\"/> 03210452 <span class=\"_ _103\"> </span>Carlto<span class=\"_ _0\"/>n Screen<span class=\"_ _0\"/> Adverti<span class=\"_ _0\"/>sing (Hold<span class=\"_ _0\"/>ings) L<span class=\"_ _0\"/>imited <span class=\"_ _26\"> </span>12368504<span class=\"_ _0\"/> <span class=\"_ _2c6\"> </span>I<span class=\"_ _0\"/>TV TLC Lim<span class=\"_ _0\"/>ited 03210363 <span class=\"_ _1b\"> </span>Carltonco Nine<span class=\"_ _0\"/>ty-Six  <span class=\"_ _4c\"> </span>094981<span class=\"_ _0\"/>77 <span class=\"_ _1d2\"> </span>IT<span class=\"_ _0\"/>V Top Class L<span class=\"_ _0\"/>imited 02280048<span class=\"_ _0\"/> <span class=\"_ _108\"> </span>Castl<span class=\"_ _0\"/>efield P<span class=\"_ _0\"/>ropertie<span class=\"_ _0\"/>s Limite<span class=\"_ _0\"/>d <span class=\"_ _1a\"> </span>14<span class=\"_ _0\"/>048049 <span class=\"_ _18\"> </span>ITV Venture<span class=\"_ _0\"/>r Limited<span class=\"_ _0\"/> 06409013<span class=\"_ _0\"/> <span class=\"_ _142\"> </span>Cat\u2019s on t<span class=\"_ _0\"/>he Roof Me<span class=\"_ _0\"/>dia Limite<span class=\"_ _0\"/>d <span class=\"_ _b4\"> </span>03089273 <span class=\"_ _2c6\"> </span>ITV Ve<span class=\"_ _0\"/>ntures Lim<span class=\"_ _0\"/>ited 04257248 <span class=\"_ _ae\"> </span>Chan<span class=\"_ _3\"/>nel Televisi<span class=\"_ _3\"/>on Holdings Li<span class=\"_ _3\"/>mited <span class=\"_ _103\"> </span>11107431 <span class=\"_ _5c\"> </span>ITV Vera Limited 08195508 <span class=\"_ _ae\"> </span>Cirkus Lim<span class=\"_ _0\"/>ited <span class=\"_ _2dc\"> </span>14460676 <span class=\"_ _a0\"> </span>ITV WKOW L<span class=\"_ _0\"/>imited 1024019<span class=\"_ _0\"/>2 <span class=\"_ _1b\"> </span>Cloth C<span class=\"_ _0\"/>at LBB L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _202\"> </span>13<span class=\"_ _0\"/>087699<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>ITV Y<span class=\"_ _0\"/>&amp;M Limi<span class=\"_ _0\"/>ted 02852812 <span class=\"_ _103\"> </span>Cosgrove Ha<span class=\"_ _3\"/>ll Films Limited <span class=\"_ _76\"> </span>05518785 <span class=\"_ _69\"> </span>Juice Music UK Limited 09366309 <span class=\"_ _142\"> </span>Crook P<span class=\"_ _0\"/>roductions<span class=\"_ _0\"/> Limited <span class=\"_ _4a\"> </span>123<span class=\"_ _0\"/>68661 <span class=\"_ _14d\"> </span>Mammoth <span class=\"_ _0\"/>Screen (BH<span class=\"_ _0\"/>R) Limited 05421502 <span class=\"_ _103\"> </span>Cynhyrchiadau B<span class=\"_ _0\"/>oomerang C<span class=\"_ _0\"/>yfyngedig<span class=\"_ _0\"/><span class=\"ls1d1 ws328\"> <span class=\"_ _10a\"> </span>09355455 <span class=\"_ _18\"> </span>Mammoth Screen (End) Limited </span>08479545<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Double Double L<span class=\"_ _0\"/>imited <span class=\"_ _8\"> </span>08546<span class=\"_ _0\"/>227 <span class=\"_ _2c6\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (End2) L<span class=\"_ _0\"/>imited 07821062 <span class=\"_ _1b\"> </span>EQ P<span class=\"_ _0\"/>ictures L<span class=\"_ _0\"/>imited <span class=\"_ _2d4\"> </span>11<span class=\"_ _0\"/>109917 <span class=\"_ _25\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (End6)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> 09366308 <span class=\"_ _142\"> </span>Gameface Produc<span class=\"_ _0\"/>tions Limite<span class=\"_ _0\"/>d <span class=\"_ _b2\"> </span>119<span class=\"_ _0\"/>08267 <span class=\"_ _14d\"> </span>Mammoth Scree<span class=\"_ _0\"/>n (End7) Limite<span class=\"_ _0\"/>d 05946785 <span class=\"_ _142\"> </span>Gorilla TV Group Lim<span class=\"_ _3\"/>ited <span class=\"_ _38\"> </span>12368766 <span class=\"_ _1d2\"> </span>Mammoth Screen (End<span class=\"_ _3\"/>8) Limited 03776018 <span class=\"_ _12a\"> </span>Gorilla TV Lim<span class=\"_ _0\"/>ited<span class=\"_ _0\"/> <span class=\"_ _9c\"> </span>10<span class=\"_ _0\"/>528827 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (E<span class=\"_ _0\"/>nd9)L<span class=\"_ _0\"/>imited 00290076 <span class=\"_ _87\"> </span>Granada Grou<span class=\"_ _0\"/>p Limited<span class=\"_ _0\"/> <span class=\"_ _2e0\"> </span>13<span class=\"_ _0\"/>087685 <span class=\"_ _1d2\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (Evans) Lim<span class=\"_ _0\"/>ited 0396241<span class=\"_ _3\"/>0 <span class=\"_ _ae\"> </span>Granada Li<span class=\"_ _3\"/>mited <span class=\"_ _118\"> </span>13989267 <span class=\"_ _1d2\"> </span>Mammoth Screen (<span class=\"_ _3\"/>GK) Limit<span class=\"_ _3\"/>ed 03106798<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Grana<span class=\"_ _0\"/>da Media L<span class=\"_ _0\"/>imited <span class=\"_ _55\"> </span>1199<span class=\"_ _0\"/>5990 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (<span class=\"_ _0\"/>MD) Lim<span class=\"_ _0\"/>ited 053447<span class=\"_ _3\"/>72 <span class=\"_ _1b\"> </span>Granada<span class=\"_ _3\"/> Screen (20<span class=\"_ _3\"/>05) Limit<span class=\"_ _4\"/>e<span class=\"_ _0\"/>d <span class=\"_ _13a\"> </span>12735978 <span class=\"_ _14d\"> </span>Mammoth<span class=\"_ _3\"/> Screen (M<span class=\"_ _3\"/>D2) Limit<span class=\"_ _3\"/>ed 0073306<span class=\"_ _3\"/>3 <span class=\"_ _142\"> </span>Granada Television Over<span class=\"_ _3\"/>seas Limited <span class=\"_ _8f\"> </span>13989179 <span class=\"_ _14d\"> </span>Mammoth Screen (MIE) Li<span class=\"_ _3\"/>mited 00250311<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Granada UK Ren<span class=\"_ _0\"/>tal and Retail<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _c3\"> </span>11<span class=\"_ _0\"/>062257 <span class=\"_ _14d\"> </span>Mamm<span class=\"_ _0\"/>oth Screen (N<span class=\"_ _0\"/>C) Limite<span class=\"_ _0\"/>d 10094508<span class=\"_ _0\"/> <span class=\"_ _87\"> </span>Harlots<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _100\"> </span>0966<span class=\"_ _0\"/>0486 <span class=\"_ _58\"> </span>Mam<span class=\"_ _0\"/>moth Sc<span class=\"_ _0\"/>reen (Pol<span class=\"_ _0\"/>2) Limite<span class=\"_ _0\"/>d 04842712<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Interac<span class=\"_ _0\"/>tive Tel<span class=\"_ _0\"/>ephony Lim<span class=\"_ _0\"/>ited <span class=\"_ _c5\"> </span>1003<span class=\"_ _0\"/>1005 <span class=\"_ _18\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (Pol3) L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> 00608490<span class=\"_ _0\"/> <span class=\"_ _139\"> </span>ITC E<span class=\"_ _0\"/>ntertainme<span class=\"_ _0\"/>nt Gro<span class=\"_ _0\"/>up Limite<span class=\"_ _0\"/>d <span class=\"_ _15f\"> </span>1052876<span class=\"_ _0\"/>3 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (<span class=\"_ _0\"/>Pol4) Lim<span class=\"_ _0\"/>ited IT<span class=\"_ _0\"/>V pl<span class=\"_ _0\"/>c   <span class=\"ff259\">An<span class=\"_ _0\"/>n<span class=\"_ _0\"/>ua<span class=\"_ _0\"/>l Rep<span class=\"_ _0\"/>or<span class=\"_ _0\"/>t a<span class=\"_ _0\"/>n<span class=\"_ _0\"/>d Acco<span class=\"_ _0\"/>un<span class=\"_ _0\"/>ts 202<span class=\"_ _0\"/>2<span class=\"_ _335\"> </span></span>243<span class=\"_ _335\"> </span>FINANC<span class=\"_ _0\"/>IAL ST<span class=\"_ _4\"/>A<span class=\"_ _4\"/>TEM<span class=\"_ _0\"/>ENTS <span class=\"ff25a ls3 ws2\">NOT<span class=\"_ _0\"/>ES T<span class=\"_ _0\"/>O TH<span class=\"_ _0\"/>E F<span class=\"_ _0\"/>INA<span class=\"_ _0\"/>NCI<span class=\"_ _0\"/>A<span class=\"_ _0\"/>L STATEME<span class=\"_ _0\"/>NT<span class=\"_ _0\"/>S CON<span class=\"_ _0\"/>TI<span class=\"_ _0\"/>NUE<span class=\"_ _0\"/>D<span class=\"_ _335\"> </span></span>Notes to <span class=\"_ _4\"/>the Financial <span class=\"_ _3\"/>Statements Section 5<span class=\"_ _3\"/>: Other <span class=\"_ _4\"/>Notes<span class=\"ff336 ls3 ws2\"> <span class=\"ff337 ls1ca ws23d\">continued<span class=\"_ _3\"/><span class=\"ff335 ls3 ws2\"> </span></span></span>246<span class=\"ff339 ls3 ws2\"> </span><span class=\"fs26 ls1d5 ws1d9\">ITV plc<span class=\"ff33a ls3 ws2\">\u2009<span class=\"_ _3\"/><span class=\"ff339 ls1bb ws1cc\">Annual Report and Accounts 2022<span class=\"_ _3\"/><span class=\"fs27 ls3 ws2\"> </span></span></span></span>Company number <span class=\"_ _9f\"> </span>Company name <span class=\"_ _302\"> </span>Company number <span class=\"_ _bf\"> </span>Company name 11108289<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>Mammoth Scree<span class=\"_ _0\"/>n (Pol5) L<span class=\"_ _0\"/>imited <span class=\"_ _4f\"> </span>13714204 <span class=\"_ _14d\"> </span>QSP Noll<span class=\"_ _0\"/>y Limite<span class=\"_ _0\"/>d 08799982 <span class=\"_ _ae\"> </span>Mamm<span class=\"_ _0\"/>oth Screen (<span class=\"_ _0\"/>Poldark) L<span class=\"_ _0\"/>imited <span class=\"_ _35\"> </span>1446<span class=\"_ _0\"/>0933 <span class=\"_ _69\"> </span>QSP PD Lim<span class=\"_ _0\"/>ited 09646520 <span class=\"_ _87\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (QV) L<span class=\"_ _0\"/>imited <span class=\"_ _b2\"> </span>140<span class=\"_ _0\"/>48037 <span class=\"_ _69\"> </span>QSP SO l<span class=\"_ _0\"/>imited 11108327<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>Mammoth Screen (<span class=\"_ _0\"/>Serpen<span class=\"_ _0\"/>t) Limited<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>14460663<span class=\"_ _0\"/> <span class=\"_ _2c6\"> </span>QSP TRK<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> 11204836 <span class=\"_ _12a\"> </span>Mammoth Sc<span class=\"_ _0\"/>reen (SG)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _27\"> </span>12350991 <span class=\"_ _78\"> </span>Seco<span class=\"_ _0\"/>nd Act (Gra<span class=\"_ _0\"/>ce) Limite<span class=\"_ _0\"/>d NI678277<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>Mammoth <span class=\"_ _0\"/>Screen (TJ)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _1f8\"> </span>09366311 <span class=\"_ _78\"> </span>Second Ac<span class=\"_ _0\"/>t Product<span class=\"_ _0\"/>ions Limi<span class=\"_ _0\"/>ted 13087656<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Mammot<span class=\"_ _0\"/>h Screen (T<span class=\"_ _0\"/>ower) Limi<span class=\"_ _0\"/>ted <span class=\"_ _12d\"> </span>07714999<span class=\"_ _0\"/> <span class=\"_ _1d2\"> </span>Si<span class=\"_ _0\"/>ghtseers<span class=\"_ _0\"/> Film Limi<span class=\"_ _0\"/>ted 10528702 <span class=\"_ _103\"> </span>Mammoth Screen (VF) Limited <span class=\"_ _2e\"> </span>03991026 <span class=\"_ _2c6\"> </span>So Television Limited 11108322 <span class=\"_ _35\"> </span>Mammoth Screen (V<span class=\"_ _0\"/>ic3) Limited <span class=\"_ _b5\"> </span>07<span class=\"ls1e2 ws329\">155077 <span class=\"_ _78\"> </span>The Gard<span class=\"_ _3\"/>en Produ<span class=\"_ _3\"/>ctions Limit<span class=\"_ _3\"/>ed </span>11108320 <span class=\"_ _12a\"> </span>Mammoth Screen (WOF) Limit<span class=\"_ _3\"/>ed <span class=\"_ _161\"> </span>02351132 <span class=\"_ _78\"> </span>TwoFour Broadcast Limited NI687412 <span class=\"_ _141\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (WOF2)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _93\"> </span>0860<span class=\"_ _0\"/>2993 <span class=\"_ _47\"> </span>TwoFo<span class=\"_ _0\"/>ur Group Hol<span class=\"_ _0\"/>dings L<span class=\"_ _0\"/>imited 10973979 <span class=\"_ _1d5\"> </span>Mammoth Screen (WOTW) Limited <span class=\"_ _1e\"> </span>05493388 <span class=\"_ _18\"> </span>TwoFou<span class=\"_ _335\"> </span>r Group Limited 05976348 <span class=\"_ _ae\"> </span>Mammoth<span class=\"_ _3\"/> Screen Ltd <span class=\"_ _af\"> </span>11109744 <span class=\"_ _14d\"> </span>WP Anne Limited 13412337<span class=\"_ _0\"/> <span class=\"_ _35\"> </span>Me<span class=\"_ _0\"/>tavision Li<span class=\"_ _0\"/>mited <span class=\"_ _307\"> </span>10796122 <span class=\"_ _14d\"> </span>WP Bod<span class=\"_ _0\"/>yguard Lim<span class=\"_ _0\"/>ited 09477931 <span class=\"_ _306\"> </span>Monumental Television Limited <span class=\"_ _13a\"> </span>14360979 <span class=\"_ _69\"> </span>WP Delia Limited 04201477<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Morn<span class=\"_ _0\"/>ing TV Limi<span class=\"_ _0\"/>ted <span class=\"_ _286\"> </span>12368643<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>WP<span class=\"_ _0\"/> Diplomat <span class=\"_ _0\"/>Limited 12180134<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>MT Ghosts<span class=\"_ _0\"/> 2 Limite<span class=\"_ _0\"/>d <span class=\"_ _308\"> </span>11109437<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span>WP Vigi<span class=\"_ _335\"> </span>l Limite<span class=\"_ _0\"/>d 12368748<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>MT Gh<span class=\"_ _0\"/>osts Limi<span class=\"_ _0\"/>ted <span class=\"_ _307\"> </span>1398886<span class=\"_ _0\"/>4 <span class=\"_ _69\"> </span>WP Fif<span class=\"_ _0\"/>teen Limi<span class=\"_ _0\"/>ted 13989060 <span class=\"_ _142\"> </span>MT Maryland Limit<span class=\"_ _3\"/>ed <span class=\"_ _309\"> </span>12116627 <span class=\"_ _81\"> </span>WP Karen Pirie Limit<span class=\"_ _3\"/>ed 13813329 <span class=\"_ _1d5\"> </span>MT Mrs Sidhu Limit<span class=\"_ _3\"/>ed <span class=\"_ _30a\"> </span>11109287 <span class=\"_ _1f\"> </span>WP LOD5 Li<span class=\"_ _3\"/>mited 13087117<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>MT<span class=\"_ _0\"/> Murder i<span class=\"_ _0\"/>n Provenc<span class=\"_ _0\"/>e Limited <span class=\"_ _27\"> </span>12116457 <span class=\"_ _5c\"> </span>WP LOD6 L<span class=\"_ _0\"/>imited 13506403<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Planet Woo <span class=\"_ _0\"/>Limited <span class=\"_ _119\"> </span>1308<span class=\"_ _0\"/>7865 <span class=\"_ _a0\"> </span>WP Mal<span class=\"_ _0\"/>practice<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d 14163547<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>QSP ATF<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _d6\"> </span>121164<span class=\"ls1e3 ws1e3\">61 <span class=\"_ _5c\"> </span>WP Pembrokeshire Limited </span>14163654 <span class=\"_ _1d5\"> </span>QSP FMO Limite<span class=\"_ _0\"/>d <span class=\"_ _287\"> </span>1308786<span class=\"_ _0\"/>0 <span class=\"_ _69\"> </span>WP RM Lim<span class=\"_ _0\"/>ited 1446091<span class=\"_ _0\"/>6 <span class=\"_ _1b\"> </span>QSP Gho<span class=\"_ _0\"/>sted L<span class=\"_ _0\"/>imited <span class=\"_ _260\"> </span>111099<span class=\"_ _0\"/>29 <span class=\"_ _14d\"> </span>WP Sa<span class=\"_ _0\"/>ve Me 2 L<span class=\"_ _0\"/>imited 14496123<span class=\"_ _0\"/> <span class=\"_ _12a\"> </span>QSP Me<span class=\"_ _0\"/>n Up Lim<span class=\"_ _0\"/>ited <span class=\"_ _13b\"> </span>12368475 <span class=\"_ _78\"> </span>W<span class=\"_ _0\"/>P Showtrial<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d 14458573<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>QSP MU <span class=\"_ _0\"/>Limited<span class=\"_ _0\"/> <span class=\"_ _302\"> </span>12368477 <span class=\"_ _14d\"> </span>W<span class=\"_ _0\"/>P The Sus<span class=\"_ _0\"/>pect Lim<span class=\"_ _0\"/>ited 1446222<span class=\"_ _0\"/>0 <span class=\"_ _103\"> </span>QSP MY<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _64\"> </span> <span class=\"_ _1f8\"> </span> ITV Propert<span class=\"_ _0\"/>ies (Jer<span class=\"_ _0\"/>sey) Limit<span class=\"_ _0\"/>ed is exempt f<span class=\"_ _0\"/>rom audi<span class=\"_ _0\"/>t under art<span class=\"_ _0\"/>icle 113 of the C<span class=\"_ _0\"/>ompan<span class=\"_ _0\"/>ies Act (Je<span class=\"_ _0\"/>rsey) Law 19<span class=\"_ _0\"/>91",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "Section 1: <span class=\"_ _4\"/>Basis <span class=\"ls1b1 ws216\">of Preparation </span>180<span class=\"ff122 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff121 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff123 ls3 ws2\">\u2009</span><span class=\"ff122 ls1ad\">Annual Report and Acco<span class=\"_ _0\"/>unts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span>In this section This sec<span class=\"_ _0\"/>tion se<span class=\"_ _0\"/>ts out th<span class=\"_ _0\"/>e Group\u2019s<span class=\"_ _0\"/> accoun<span class=\"_ _0\"/>ting pol<span class=\"_ _0\"/>icies th<span class=\"_ _0\"/>at rel<span class=\"_ _0\"/>ate to th<span class=\"_ _0\"/>e financ<span class=\"_ _0\"/>ial statements as a whole<span class=\"_ _3\"/>. Where an accounti<span class=\"_ _3\"/>ng <span class=\"ls18d ws1d4\">policy is spec<span class=\"_ _0\"/>ific to<span class=\"_ _0\"/> one note<span class=\"_ _0\"/>, the pol<span class=\"_ _0\"/>icy </span>is desc<span class=\"_ _0\"/>ribed in th<span class=\"_ _0\"/>e note t<span class=\"_ _0\"/>o which i<span class=\"_ _0\"/>t relates<span class=\"_ _0\"/>. This s<span class=\"_ _0\"/>ection<span class=\"_ _0\"/> also sho<span class=\"_ _0\"/>ws new UK-<span class=\"_ _0\"/>adopt<span class=\"_ _0\"/>ed accounting stan<span class=\"_ _0\"/>dards, amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> and interp<span class=\"_ _0\"/>retations<span class=\"_ _0\"/>, and whethe<span class=\"_ _0\"/>r they are effective <span class=\"_ _3\"/>in 2022 or later <span class=\"_ _3\"/>years. We explai<span class=\"_ _3\"/>n how these change<span class=\"_ _3\"/>s are expected to impact the fi<span class=\"_ _3\"/>nancial positio<span class=\"_ _3\"/>n and performance of <span class=\"_ _3\"/>the Group. The fina<span class=\"_ _0\"/>ncial s<span class=\"_ _0\"/>tatements c<span class=\"_ _0\"/>onsol<span class=\"_ _0\"/>idate t<span class=\"_ _0\"/>hose of I<span class=\"_ _0\"/>TV plc <span class=\"_ _0\"/>(\u2018the C<span class=\"_ _0\"/>ompany\u2019<span class=\"_ _0\"/>) and its<span class=\"_ _0\"/> subs<span class=\"_ _0\"/>idiaries <span class=\"_ _0\"/>(togeth<span class=\"_ _0\"/>er refe<span class=\"_ _0\"/>rred t<span class=\"_ _0\"/>o as the \u2018Group<span class=\"_ _0\"/>\u2019) and the Gro<span class=\"_ _0\"/>up\u2019s inte<span class=\"_ _0\"/>rests in ass<span class=\"_ _0\"/>ociates and j<span class=\"_ _0\"/>ointly controll<span class=\"_ _0\"/>ed entiti<span class=\"_ _0\"/>es. The Company<span class=\"_ _0\"/> is registere<span class=\"_ _0\"/>d in England an<span class=\"_ _0\"/>d Wales.<span class=\"_ _0\"/> These Group financial statement<span class=\"_ _3\"/>s were prepared in accord<span class=\"ls1a1 ws1d2\">ance with UK-adopted International<span class=\"_ _0\"/> Accounting Standards </span>and with the requirements of the Companies Act 2006 as applicab<span class=\"_ _3\"/>le to companies reporting under those standards. <span class=\"_ _3\"/> The account<span class=\"_ _0\"/>ing polici<span class=\"_ _0\"/>es have been a<span class=\"_ _0\"/>pplied cons<span class=\"_ _0\"/>istently in t<span class=\"_ _0\"/>he financial<span class=\"_ _0\"/> years presen<span class=\"_ _0\"/>ted, other<span class=\"_ _0\"/> than where new policies<span class=\"_ _0\"/> have been a<span class=\"_ _0\"/>dopted.<span class=\"_ _0\"/>  The financ<span class=\"_ _0\"/>ial statem<span class=\"_ _0\"/>ents are p<span class=\"_ _0\"/>rincipall<span class=\"_ _0\"/>y prepared<span class=\"_ _0\"/> on the bas<span class=\"_ _0\"/>is of histor<span class=\"_ _0\"/>ical cost.<span class=\"_ _0\"/> Where oth<span class=\"_ _0\"/>er bases ar<span class=\"_ _0\"/>e applied,<span class=\"_ _0\"/> these are identif<span class=\"_ _0\"/>ied in the rele<span class=\"_ _0\"/>vant acco<span class=\"_ _0\"/>unting policy.<span class=\"_ _0\"/> The parent compa<span class=\"_ _3\"/>ny financial statem<span class=\"_ _3\"/>ents have been prepar<span class=\"ls18b ws1c5\">ed in accordance wi<span class=\"_ _0\"/>th Financial Re<span class=\"_ _0\"/>porting Stand<span class=\"_ _0\"/>ard 101 </span>\u2018Reduced Di<span class=\"_ _3\"/>sclosure Framework\u2019 (<span class=\"_ _3\"/>\u2018FRS 101\u2019). The notes form part of the fi<span class=\"_ _3\"/>nancial statement<span class=\"_ _3\"/>s. Going concern As at 31<span class=\"_ _0\"/> Decemb<span class=\"_ _0\"/>er 2022, the<span class=\"_ _0\"/> Group w<span class=\"_ _0\"/>as in a <span class=\"_ _0\"/>net debt <span class=\"_ _0\"/>positi<span class=\"ls18d ws1d4\">on<span class=\"_ _0\"/> of \u00a3623 m<span class=\"_ _0\"/>illion (2<span class=\"_ _0\"/>021: \u00a34<span class=\"_ _0\"/>14 milli<span class=\"_ _0\"/>on), in<span class=\"_ _0\"/>cludin<span class=\"_ _0\"/>g gross<span class=\"_ _0\"/> </span>borrowing<span class=\"_ _3\"/>s of \u00a3971 million (2<span class=\"_ _3\"/>021: \u00a31,150 millio<span class=\"_ _3\"/>n) offset by <span class=\"_ _4\"/>unrestricted cash of \u00a3348 million <span class=\"_ _3\"/>(2021: \u00a3686 mi<span class=\"_ _3\"/>llion) and rest<span class=\"_ _3\"/>ricted cash o<span class=\"_ _3\"/>f \u00a3nil (2021<span class=\"_ _3\"/>: \u00a350 mi<span class=\"_ _3\"/>llion).  In addition to \u00a3348<span class=\"_ _3\"/> million of unre<span class=\"_ _3\"/>stricted ca<span class=\"_ _3\"/>sh (31 <span class=\"ls186 ws2\">D<span class=\"_ _3\"/>ecember 2021: \u00a36<span class=\"_ _3\"/>86 million), the<span class=\"_ _3\"/> Group ha<span class=\"_ _3\"/>s a synd<span class=\"_ _3\"/>icated </span>\u00a3500 mi<span class=\"_ _3\"/>llion Revolving <span class=\"_ _3\"/>Credit Faci<span class=\"_ _3\"/>lity entered <span class=\"_ _3\"/>into duri<span class=\"_ _3\"/>ng <span class=\"ls189 ws1bf\">2022 and expiring in Janu<span class=\"_ _0\"/>ary 2028, of wh<span class=\"_ _0\"/>ich \u00a350 million w<span class=\"_ _0\"/>as </span>drawn at 31 De<span class=\"_ _3\"/>cember 2022. This f<span class=\"_ _3\"/>acility rep<span class=\"_ _3\"/>laces the \u00a3630 mi<span class=\"_ _3\"/>llion Revolvi<span class=\"_ _3\"/>ng Credit Faci<span class=\"_ _3\"/>lity held as at<span class=\"_ _3\"/> 31 December 2021 which was due to ex<span class=\"_ _0\"/>pire in Decemb<span class=\"_ _0\"/>er 2023. The Group als<span class=\"_ _0\"/>o has a \u00a3300 million commi<span class=\"_ _0\"/>tted and undr<span class=\"_ _0\"/>awn bilateral facility e<span class=\"_ _0\"/>xpiring in June<span class=\"_ _0\"/> 2026 (of <span class=\"_ _0\"/>which \u00a3152<span class=\"_ _0\"/> million wa<span class=\"ls184 ws1b3\">s drawn at 31 December<span class=\"_ _3\"/> 2021), providi<span class=\"_ _3\"/>ng \u00a31,098 millio<span class=\"_ _3\"/>n </span>(31 December 2021: \u00a31,464 mi<span class=\"_ _3\"/>llion) of liquidity.  The \u20ac335 mi<span class=\"_ _3\"/>llion Eurobond m<span class=\"_ _3\"/>aturing in Septemb<span class=\"_ _3\"/>er 2022 was repaid usi<span class=\"_ _3\"/>ng available <span class=\"_ _3\"/>cash. There are <span class=\"_ _3\"/>no financial covenants <span class=\"_ _3\"/>in relation to bo<span class=\"_ _3\"/>nds in issue, a<span class=\"_ _3\"/>lthough there are <span class=\"_ _3\"/>cross defau<span class=\"_ _3\"/>lt provisions. The RCF is sub<span class=\"_ _0\"/>ject to lever<span class=\"_ _0\"/>age and int<span class=\"_ _0\"/>erest cover sem<span class=\"_ _0\"/>i-ann<span class=\"ls186 ws2\">ual covenant te<span class=\"_ _3\"/>sts that requir<span class=\"_ _3\"/>e the Group to <span class=\"_ _3\"/>maintain a<span class=\"_ _3\"/> </span>leverage ratio<span class=\"_ _3\"/> of below 3.<span class=\"_ _3\"/>5x and interest cove<span class=\"_ _3\"/>r above 3.0x<span class=\"_ _3\"/> (as defined in t<span class=\"_ _3\"/>he RCF documentatio<span class=\"_ _3\"/>n). In addition, there<span class=\"_ _3\"/> are ESG targ<span class=\"_ _3\"/>ets link<span class=\"_ _3\"/>ed to the de<span class=\"_ _3\"/>livery of IT<span class=\"_ _3\"/>V\u2019s science<span class=\"_ _3\"/>-base<span class=\"ls184 ws1b3\">d carbon emi<span class=\"_ _3\"/>ssions target<span class=\"_ _3\"/>s. As at 31 Dece<span class=\"_ _3\"/>mber 2022, the </span>Group had covenant<span class=\"_ _3\"/> net debt of \u00a3461 million (31 December 2021: \u00a3278 million) and<span class=\"_ _3\"/> its financial position was well within its <span class=\"_ _3\"/>covenants. T<span class=\"_ _3\"/>he leverag<span class=\"_ _3\"/>e and intere<span class=\"_ _3\"/>st cover t<span class=\"_ _3\"/>ests will be t<span class=\"_ _4\"/>ested again on 30 June <span class=\"_ _3\"/>2023.  The Revolvi<span class=\"_ _3\"/>ng Credit Facility (RCF)<span class=\"_ _3\"/> contains Scope 1<span class=\"_ _3\"/>, 2 and 3 greenhouse ga<span class=\"_ _3\"/>s emissions targ<span class=\"_ _3\"/>ets which align t<span class=\"_ _3\"/>o ITV's stated objective to ha<span class=\"_ _3\"/>ve Net Zero carbon emissions by 203<span class=\"_ _3\"/>0. These targets are measured at the end<span class=\"_ _3\"/> of each financial year and i<span class=\"_ _3\"/>ndependently veri<span class=\"_ _3\"/>fied in July fo<span class=\"_ _3\"/>llowing the relevant De<span class=\"_ _3\"/>cember year e<span class=\"_ _3\"/>nd. Scope 1 <span class=\"_ _3\"/>and 2 emissions <span class=\"_ _3\"/>are measured se<span class=\"_ _0\"/>parately to Sc<span class=\"_ _0\"/>ope 3 emiss<span class=\"_ _0\"/>ions. The mar<span class=\"_ _0\"/>gin on the fa<span class=\"_ _0\"/>cility reduc<span class=\"_ _0\"/>es by 2.5bps if Sc<span class=\"_ _0\"/>ope 1, 2 and 3 t<span class=\"_ _0\"/>argets are met, by 1.2<span class=\"_ _0\"/>5bps if either<span class=\"_ _0\"/> Scope 1 and 2 ta<span class=\"_ _0\"/>rgets are met o<span class=\"_ _0\"/>r Scope 3 targ<span class=\"_ _0\"/>ets are met,<span class=\"_ _0\"/> and increas<span class=\"_ _0\"/>es by 2.5bps if neither targ<span class=\"_ _3\"/>et is met. Fa<span class=\"_ _3\"/>iling to meet target<span class=\"_ _3\"/>s does not imp<span class=\"_ _3\"/>act the avai<span class=\"_ _3\"/>lability of t<span class=\"_ _3\"/>he RCF. The Group m<span class=\"_ _3\"/>et Scope 1, 2 and 3 target<span class=\"_ _3\"/>s for 2021, 2022 e<span class=\"_ _3\"/>missions will <span class=\"_ _3\"/>not be verified<span class=\"_ _3\"/> until July <span class=\"_ _3\"/>2023. Over the life of<span class=\"_ _3\"/> the facility, i<span class=\"_ _3\"/>t may be necessary to re<span class=\"_ _3\"/>calibrate the<span class=\"_ _3\"/> baseline emi<span class=\"_ _3\"/>ssions level set i<span class=\"_ _3\"/>n 2019, particular<span class=\"_ _3\"/>ly in relation to<span class=\"_ _3\"/> Scope 3 emissio<span class=\"_ _3\"/>ns and there is a<span class=\"_ _3\"/> mechanism in the<span class=\"_ _3\"/> RCF documentation that<span class=\"_ _3\"/> allows fo<span class=\"_ _3\"/>r this. The Directors have prep<span class=\"_ _0\"/>ared forecasts for three cash flow scen<span class=\"ls198 ws2\">arios (mid, h<span class=\"_ _0\"/>igh and low cases), for the pe<span class=\"_ _0\"/>riod of three y<span class=\"_ _0\"/>ears </span>from 1 January 2023 (in line with the vi<span class=\"ls1a8 ws1bc\">ability assessment pe<span class=\"_ _3\"/>riod). The mid <span class=\"_ _3\"/>case sc<span class=\"ls198 ws2\">enario is the basis for the 2023 Boa<span class=\"_ _0\"/>rd </span></span>approved budge<span class=\"_ _0\"/>t. The key assumptions in the scen<span class=\"_ _0\"/>arios relate to fluct<span class=\"_ _0\"/>uations in the adv<span class=\"_ _0\"/>ert<span class=\"ls199 ws1b3\">ising m<span class=\"_ _0\"/>arket due to au<span class=\"_ _0\"/>dience </span>and/or market decline and <span class=\"_ _0\"/>the evolving de<span class=\"_ _0\"/>mand in the conten<span class=\"_ _0\"/>t market, specif<span class=\"_ _0\"/>ically relating to content pi<span class=\"_ _0\"/>peline. The former assumption relates to the G<span class=\"_ _0\"/>roup\u2019s advertising<span class=\"_ _0\"/> revenue while th<span class=\"ls197 ws1b5\">e latt<span class=\"_ _0\"/>er impacts the scale and timing of productions for ITV </span>Studios. All sc<span class=\"_ _0\"/>enarios have <span class=\"_ _0\"/>embedded infl<span class=\"_ _0\"/>ationary im<span class=\"_ _0\"/>pacts with<span class=\"ls1a8 ws1bf\"> increased production costs in<span class=\"ls1b4 ws1b7\"> the short to med<span class=\"_ _3\"/>ium term </span></span>as well as continued structural changes in <span class=\"_ _0\"/>the advertising ma<span class=\"ls198 ws2\">rket and<span class=\"_ _0\"/> viewing habits wi<span class=\"_ _0\"/>th </span>increased focus on streaming. The Directors have also consi<span class=\"_ _0\"/>dered a number of sensi<span class=\"_ _0\"/>tivities to<span class=\"_ _0\"/> the mid case scenario t<span class=\"_ _0\"/>o arrive at a seve<span class=\"_ _0\"/>re but plausible downside scenario that has been us<span class=\"_ _0\"/>ed to assess the appropri<span class=\"ls198 ws2\">ateness of p<span class=\"_ _0\"/>reparing these consolidat<span class=\"_ _0\"/>ed financial statement<span class=\"_ _0\"/>s </span>using the goin<span class=\"_ _0\"/>g conc<span class=\"_ _0\"/>ern basis. Thes<span class=\"_ _0\"/>e sensit<span class=\"_ _0\"/>ivities in<span class=\"_ _0\"/>clude settle<span class=\"_ _0\"/>m<span class=\"ls198 ws2\">ents i<span class=\"_ _0\"/>n respect of ongoin<span class=\"_ _0\"/>g litigation, lost and/or delay<span class=\"_ _0\"/>ed </span>Studios productions, a failure to deliver the expected consumpt<span class=\"_ _0\"/><span class=\"ls197 ws1b5\">ion hours or subscribe<span class=\"_ _0\"/>r growth for Streaming, a decline <span class=\"_ _0\"/>in </span>advertising reven<span class=\"_ _0\"/>ue in comparison to 2021 an<span class=\"_ _0\"/>d a cyber security <span class=\"_ _0\"/><span class=\"ls197 ws1b5\">breach. In addition, as an equ<span class=\"_ _0\"/>ivalent of a reverse stress test, </span>consideration has been gi<span class=\"_ _0\"/>ven to all scenar<span class=\"ls1b3 ws1c0\">ios impacting simultaneously. In this highly unlikely (possibly not plausible) </span>downside scenario the Group exper<span class=\"_ _0\"/>iences si<span class=\"ls199 ws1b3\">gnificant l<span class=\"_ _0\"/>oss of profit <span class=\"_ _0\"/>and cash outflo</span>ws but<span class=\"_ _0\"/> remains able to operate within its financial covenants and has sufficient liquidity <span class=\"ls198 ws2\">during the going concern p<span class=\"_ _0\"/>eriod to 30 June 2024.<span class=\"_ _335\"> </span></span><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:840.7712px;\">The Directors propo<span class=\"_ _3\"/>se a final dividend of 3.3<span class=\"_ _3\"/> pence per share, which equates to a full ye<span class=\"_ _3\"/>ar dividend of 5.0 pence<span class=\"_ _3\"/> per </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:827.8223px;\">share, subject to appr<span class=\"_ _3\"/>oval by shareholder<span class=\"_ _3\"/>s at the AGM on 4 May 2023 (2021: 3.3 pence). The Direc<span class=\"_ _3\"/>tors intend to at </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:814.79047px;\">least ma<span class=\"_ _0\"/>intain<span class=\"_ _0\"/> this div<span class=\"_ _0\"/>idend ov<span class=\"_ _0\"/>er the med<span class=\"_ _0\"/>ium ter<span class=\"_ _0\"/>m (this <span class=\"ls18f ws1d7\">was included in all scenarios modelled). The Directors will </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:801.7586px;\">continue to balance shareholder returns with a commitment<span class=\"ls18d ws1d4\"> to main<span class=\"_ _0\"/>tain in<span class=\"_ _0\"/>vestm<span class=\"_ _0\"/>ent grad<span class=\"_ _0\"/>e credi<span class=\"_ _0\"/>t metrics ov<span class=\"_ _0\"/>er the<span class=\"_ _0\"/> </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:788.72675px;\">medium term and<span class=\"_ _3\"/> to continue<span class=\"_ _3\"/> to <span class=\"ls186 ws1c9\">invest in th<span class=\"_ _3\"/>e Group\u2019s strat<span class=\"_ _3\"/>egy.  </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:765.4022px;\">Consequent<span class=\"_ _3\"/>ly, the Director<span class=\"_ _3\"/>s are confident that t<span class=\"_ _3\"/>he Group will <span class=\"_ _4\"/><span class=\"ls18d\">hav<span class=\"_ _0\"/>e suff<span class=\"_ _0\"/>icien<span class=\"_ _0\"/>t funds<span class=\"_ _0\"/> to con<span class=\"_ _0\"/>tinue <span class=\"_ _0\"/>to meet<span class=\"_ _0\"/> its l<span class=\"_ _0\"/>iabili<span class=\"_ _0\"/>ties </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:752.3703px;\">as they fa<span class=\"_ _3\"/>ll due for at<span class=\"_ _3\"/> least 12 mont<span class=\"_ _3\"/>hs from the date<span class=\"_ _3\"/> of approval o<span class=\"_ _3\"/>f these conso<span class=\"_ _3\"/>lidated financial <span class=\"_ _3\"/>statements and </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:739.33844px;\">therefore hav<span class=\"_ _3\"/>e prepared the <span class=\"_ _3\"/>consolidated <span class=\"_ _3\"/>financial statements <span class=\"_ _3\"/>on a going co<span class=\"_ _3\"/>ncern basis. </div><div class=\"t m0 h85 ff129 fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0011901855px; bottom:713.92175px;\">Subsidiaries, joint ventures, associat<span class=\"_ _0\"/>es and investments  </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:700.34753px;\">Subsidia<span class=\"_ _0\"/>ries are en<span class=\"_ _0\"/>tities tha<span class=\"_ _0\"/>t are direc<span class=\"_ _0\"/>tly or indi<span class=\"_ _0\"/>rectly contr<span class=\"_ _0\"/>olled by th<span class=\"_ _0\"/>e Group. Con<span class=\"_ _0\"/>trol exis<span class=\"_ _0\"/>ts where the Gr<span class=\"_ _0\"/>oup is </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:687.3987px;\">exposed,<span class=\"_ _0\"/> or has rights t<span class=\"_ _0\"/>o variable<span class=\"_ _0\"/> returns fro<span class=\"_ _0\"/>m its invol<span class=\"_ _0\"/>vement wi<span class=\"_ _0\"/>th the inv<span class=\"_ _0\"/>estee an<span class=\"_ _0\"/>d has the abil<span class=\"_ _0\"/>ity to affec<span class=\"_ _0\"/>t thos<span class=\"_ _0\"/>e </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:674.3668px;\">returns through its power over t<span class=\"_ _3\"/>he investee<span class=\"ls18c ws1bc\">. In assessing control, potential voting<span class=\"ls186 ws1c9\"> rights that are curr<span class=\"_ _3\"/>ently exerci<span class=\"_ _3\"/>sable </span></span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:661.33496px;\">or converti<span class=\"_ _3\"/>ble are taken i<span class=\"_ _3\"/>nto account. </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0011901855px; bottom:637.92737px;\">A join<span class=\"_ _0\"/>t ventu<span class=\"_ _0\"/>re is a<span class=\"_ _0\"/> joint<span class=\"_ _0\"/> arran<span class=\"_ _0\"/>gemen<span class=\"_ _0\"/>t in wh<span class=\"_ _0\"/>ich th<span class=\"_ _0\"/>e Group<span class=\"_ _0\"/> holds <span class=\"_ _0\"/>an int<span class=\"_ _0\"/>erest un<span class=\"_ _0\"/>der a c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>tual a<span class=\"_ _0\"/>rrange<span class=\"_ _0\"/>ment w<span class=\"_ _0\"/>here </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:624.9785px;\">the Group and<span class=\"_ _3\"/> one or more ot<span class=\"_ _3\"/>her parties <span class=\"_ _3\"/>undertake an e<span class=\"_ _3\"/>conomic activity that<span class=\"_ _3\"/> is subject t<span class=\"_ _3\"/>o joint control. <span class=\"_ _3\"/>The Group </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:611.94666px;\">accounts for its intere<span class=\"_ _3\"/>sts in joint ventures using the equi<span class=\"ls188 ws1d2\">ty method. <span class=\"_ _3\"/>Under the equit<span class=\"_ _3\"/>y method, the investment i<span class=\"_ _3\"/>n the </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:598.9148px;\">entity is stated as one li<span class=\"_ _3\"/>ne item at co<span class=\"ls18e ws1c0\">st p<span class=\"_ _3\"/>lus the<span class=\"_ _3\"/> investor\u2019<span class=\"_ _4\"/>s share of retai<span class=\"_ _4\"/>ned post-acqui<span class=\"_ _4\"/>sition profit<span class=\"_ _4\"/>s or losses,<span class=\"_ _3\"/> less </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:585.88293px;\">any dividends received and other changes in net <span class=\"_ _3\"/>assets. </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:562.5584px;\">An associat<span class=\"_ _3\"/>e is an enti<span class=\"_ _3\"/>ty, other tha<span class=\"_ _3\"/>n a subsidiary <span class=\"_ _3\"/>or joint vent<span class=\"_ _3\"/>ure, over whi<span class=\"_ _3\"/>ch the Group ha<span class=\"_ _3\"/>s significant i<span class=\"_ _3\"/>nfluence. </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:549.5265px;\">Signif<span class=\"_ _0\"/>icant infl<span class=\"_ _0\"/>uence is<span class=\"_ _0\"/> the pow<span class=\"_ _0\"/>er to part<span class=\"_ _0\"/>icipat<span class=\"_ _0\"/>e in, but n<span class=\"_ _0\"/>ot control<span class=\"_ _0\"/> or join<span class=\"_ _0\"/>tly con<span class=\"_ _0\"/>trol, t<span class=\"_ _0\"/>he financ<span class=\"_ _0\"/>ial and o<span class=\"_ _0\"/>perati<span class=\"_ _0\"/>ng </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:536.4946px;\">decisions of <span class=\"_ _3\"/>an entity. These i<span class=\"_ _3\"/>nvestments a<span class=\"_ _3\"/>re <span class=\"ls186 ws1c9\">also a<span class=\"_ _3\"/>ccounted for using th<span class=\"_ _3\"/>e equity method. </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:513.0871px;\">Investments ar<span class=\"_ _3\"/>e entities wher<span class=\"_ _3\"/>e the Group co<span class=\"_ _3\"/>ncludes it does <span class=\"_ _4\"/><span class=\"ws1c8\">not have significant influence and are held at<span class=\"_ _3\"/> fair value </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:500.05524px;\">unless t<span class=\"_ _3\"/>he investme<span class=\"_ _3\"/>nt is a start-up<span class=\"_ _3\"/> business<span class=\"_ _3\"/>, in which ca<span class=\"_ _3\"/>se it<span class=\"ls18d ws1d4\"> is valu<span class=\"_ _0\"/>ed initial<span class=\"_ _0\"/>ly at cos<span class=\"_ _0\"/>t as a prox<span class=\"_ _0\"/>y for fair<span class=\"_ _0\"/> value.  </span></div><div class=\"t m0 h85 ff129 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:474.65558px;\">Current/non-current distinction </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0011901855px; bottom:461.15936px;\">Current<span class=\"_ _0\"/> assets<span class=\"_ _0\"/> incl<span class=\"_ _0\"/>ude ass<span class=\"_ _0\"/>ets hel<span class=\"_ _0\"/>d prim<span class=\"_ _0\"/>arily<span class=\"_ _0\"/> for t<span class=\"_ _0\"/>rading<span class=\"_ _0\"/> purp<span class=\"ls18c ws1bc\">oses, cash<span class=\"_ _0\"/> and cash equivalents, and assets expected to </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:448.1275px;\">be realised<span class=\"_ _3\"/> in, or intended for<span class=\"_ _3\"/> sale or use in, the<span class=\"_ _3\"/> course of the Gro<span class=\"_ _3\"/>up\u2019s operating cycle<span class=\"_ _3\"/>. All other asset<span class=\"_ _3\"/>s are classified<span class=\"_ _3\"/> </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:435.09564px;\">as non-current assets. </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:411.6881px;\">Current liabiliti<span class=\"_ _3\"/>es include liabilitie<span class=\"_ _3\"/>s held primarily for<span class=\"_ _3\"/> tradin<span class=\"ls184 ws1c8\">g purposes, liabilit<span class=\"_ _3\"/>ies expected to be settled in the co<span class=\"_ _3\"/>urse </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:398.7392px;\">of the Group\u2019s operati<span class=\"_ _3\"/>ng cycle and those liabilitie<span class=\"_ _3\"/>s due within<span class=\"ws1b3\"> one ye<span class=\"_ _3\"/>ar from the r<span class=\"_ _3\"/>eporting date. A<span class=\"_ _3\"/>ll other liab<span class=\"_ _3\"/>ilities are </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18b ws1c5\" style=\"left:0.0011901855px; bottom:385.70734px;\">classified as non-curr<span class=\"_ _0\"/>ent liabiliti<span class=\"_ _0\"/>es. </div><div class=\"t m0 h85 ff129 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:360.28836px;\">Classification of financial instruments </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:346.71402px;\">The financia<span class=\"_ _3\"/>l assets and liabi<span class=\"_ _3\"/>lities of the Group<span class=\"_ _3\"/> are classifi<span class=\"_ _3\"/><span class=\"ls184 ws1c8\">ed into the followi<span class=\"_ _3\"/>ng financial statem<span class=\"_ _3\"/>ent captions in the </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:333.68213px;\">Consolid<span class=\"_ _0\"/>ated Stateme<span class=\"_ _0\"/>nt of Financi<span class=\"_ _0\"/>al Position in acco<span class=\"_ _0\"/>rdance with<span class=\"_ _0\"/> IFRS 9 \u2018Financ<span class=\"_ _0\"/>ial Instrum<span class=\"_ _0\"/>ents\u2019: </div><div class=\"t m0 h6d ff12d fs29 fc7 sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:319.8721px;\">\u2022  <span class=\"ff12b ls184 ws1d2\">Financial a<span class=\"_ _3\"/>ssets/liabilitie<span class=\"_ _3\"/>s at fair value<span class=\"_ _3\"/> through OC<span class=\"_ _3\"/>I \u2013 measured a<span class=\"_ _3\"/>t fair value <span class=\"_ _3\"/>through other <span class=\"_ _3\"/>comprehensive inco<span class=\"_ _3\"/>me \u2013<span class=\"_ _335\"> </span></span></div><div class=\"t m0 h6d ff12b fs29 fc7 sc0 ls186 ws1b3\" style=\"left:8.747192px; bottom:305.8338px;\">separat<span class=\"_ _3\"/>ely disclosed<span class=\"_ _3\"/> as financ<span class=\"_ _4\"/>ial assets/liabil<span class=\"_ _3\"/>ities in cu<span class=\"_ _4\"/>rrent and non-curren<span class=\"_ _3\"/>t assets<span class=\"_ _3\"/> and liabil<span class=\"_ _3\"/>ities or e<span class=\"_ _3\"/>quity </div><div class=\"t m0 h6d ff12b fs29 fc7 sc0 ls186 ws1b3\" style=\"left:8.747192px; bottom:291.79547px;\">investmen<span class=\"_ _3\"/>ts in non-cu<span class=\"_ _4\"/>rrent assets </div><div class=\"t m0 h6d ff12d fs29 fc7 sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:277.75717px;\">\u2022  <span class=\"ff12b ls18b ws1b5\">Financial asse<span class=\"_ _0\"/>ts/liabilities<span class=\"_ _0\"/> at fair value t<span class=\"_ _0\"/>hrough prof<span class=\"_ _0\"/>it or lo<span class=\"ls183 ws1b6\">ss \u2013 sep<span class=\"_ _0\"/>arately dis<span class=\"_ _0\"/>closed as deri<span class=\"_ _0\"/>vative finan<span class=\"_ _0\"/>cial instrument<span class=\"_ _0\"/>s </span></span></div><div class=\"t m0 h6d ff12b fs29 fc7 sc0 ls183 ws1b6\" style=\"left:8.747192px; bottom:263.71887px;\">in current and n<span class=\"_ _0\"/>on-curre<span class=\"_ _0\"/>nt assets and liabi<span class=\"_ _0\"/>lities an<span class=\"_ _0\"/>d included<span class=\"ls184 ws1d2\"> in other payable<span class=\"_ _3\"/>s (put option<span class=\"_ _3\"/> liabilities and<span class=\"_ _3\"/> contingent </span></div><div class=\"t m0 h6d ff12b fs29 fc7 sc0 ls183 ws1b6\" style=\"left:8.747192px; bottom:249.68054px;\">considerati<span class=\"_ _0\"/>on) or convertib<span class=\"_ _0\"/>le loan rece<span class=\"_ _0\"/>ivable withi<span class=\"_ _0\"/>n other receiv<span class=\"_ _0\"/>ables  </div><div class=\"t m0 h6d ff12d fs29 fc7 sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:235.64224px;\">\u2022  <span class=\"ff12b ls186 ws1c8\">Financial a<span class=\"_ _3\"/>ssets measur<span class=\"_ _3\"/>ed at amortised c<span class=\"_ _3\"/>ost \u2013 separately disc<span class=\"_ _3\"/>losed as cash<span class=\"_ _3\"/> and cash equivalen<span class=\"_ _3\"/>ts and trade and<span class=\"_ _3\"/> </span></div><div class=\"t m0 h6d ff12b fs29 fc7 sc0 ls185 ws1b3\" style=\"left:8.747192px; bottom:221.60394px;\">other re<span class=\"_ _0\"/>ceivable<span class=\"_ _0\"/>s </div><div class=\"t m0 h6d ff12d fs29 fc7 sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:207.56561px;\">\u2022  <span class=\"ff12b ls186 ws1c8\">Financial li<span class=\"_ _3\"/>abilities me<span class=\"_ _3\"/>asured at amort<span class=\"_ _3\"/>ised cost \u2013 separ<span class=\"_ _3\"/>ately disclose<span class=\"_ _3\"/>d as borrowing<span class=\"_ _3\"/>s and trade and other<span class=\"_ _3\"/> payables </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:183.92981px;\">Judgement<span class=\"_ _0\"/> is requ<span class=\"_ _0\"/>ired when<span class=\"_ _0\"/> determ<span class=\"_ _0\"/>ining the<span class=\"_ _0\"/> appropr<span class=\"_ _0\"/>iate classif<span class=\"_ _0\"/>ication <span class=\"_ _0\"/>of the G<span class=\"_ _0\"/>roup\u2019s fina<span class=\"_ _0\"/>ncial instr<span class=\"_ _0\"/>uments, </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18e ws1c0\" style=\"left:0.0011901855px; bottom:170.98096px;\">requi<span class=\"_ _3\"/>ring ass<span class=\"_ _3\"/>essment <span class=\"_ _3\"/>of cont<span class=\"_ _3\"/>ractua<span class=\"_ _3\"/>l provi<span class=\"_ _3\"/>sions t<span class=\"_ _3\"/>hat do or<span class=\"_ _4\"/> may change t<span class=\"_ _3\"/>he timi<span class=\"_ _3\"/>ng or amo<span class=\"_ _3\"/>unt of <span class=\"_ _3\"/>contract<span class=\"_ _4\"/>ual cash </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:157.94907px;\">flows. Details<span class=\"_ _0\"/> of the accoun<span class=\"_ _0\"/>ting p<span class=\"_ _0\"/>olicies for me<span class=\"_ _0\"/>asurem<span class=\"_ _0\"/>ent of th<span class=\"_ _0\"/>e above inst<span class=\"_ _0\"/>ruments<span class=\"_ _0\"/> are set out i<span class=\"_ _0\"/>n the relev<span class=\"_ _0\"/>ant note.<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:144.9172px;\">Where un<span class=\"_ _3\"/>conditional<span class=\"_ _3\"/> rights to s<span class=\"_ _3\"/>et off fi<span class=\"_ _3\"/>nancial ins<span class=\"_ _3\"/>truments e<span class=\"_ _3\"/>xist, the G<span class=\"_ _3\"/>roup presents<span class=\"_ _3\"/> the rele<span class=\"_ _3\"/>vant instr<span class=\"_ _3\"/>uments net<span class=\"_ _3\"/> in </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:131.88535px;\">the Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Financial P<span class=\"_ _3\"/>osition. </div><div class=\"t m0 h85 ff129 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:106.4337px;\">Recognition and derecognition of financial assets and liabilities </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:92.9375px;\">The Group recognises a <span class=\"_ _3\"/>financial asset or <span class=\"_ _3\"/>liability when it become<span class=\"_ _3\"/>s a party to the<span class=\"_ _3\"/> contract. Financial instruments are<span class=\"_ _3\"/> </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:79.905624px;\">no longer recogni<span class=\"_ _3\"/>sed in the Consoli<span class=\"_ _3\"/>dated Statement<span class=\"_ _3\"/> of Fina<span class=\"ls18a ws1c3\">n<span class=\"_ _3\"/>cial Po<span class=\"_ _3\"/>sition<span class=\"_ _3\"/> when the co<span class=\"_ _3\"/>ntra<span class=\"_ _3\"/>ctual cash<span class=\"_ _3\"/> flows e<span class=\"_ _3\"/>xpire or<span class=\"_ _3\"/> </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:66.873764px;\">when the Group<span class=\"_ _0\"/> no longer reta<span class=\"_ _0\"/>ins control of subs<span class=\"_ _0\"/>tant<span class=\"ls185 ws1b6\">ial<span class=\"_ _0\"/>ly all the<span class=\"_ _0\"/> risks and rew<span class=\"_ _0\"/>ards und<span class=\"_ _0\"/>er the inst<span class=\"_ _0\"/>rument.</span><span class=\"ls185 ws1b6\"><span class=\"_ _0\"/> </span></div><div class=\"t m0 h85 ff129 fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0011901855px; bottom:41.448914px;\">Cash and cash equivalents </div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls18c ws1be\" style=\"left:0.0011901855px; bottom:27.874573px;\">Cash and cash <span class=\"_ _0\"/>equivalents comprise cash balanc<span class=\"_ _0\"/>es and call <span class=\"ls18d ws1d4\">depo<span class=\"_ _0\"/>sits wit<span class=\"_ _0\"/>h a matur<span class=\"_ _0\"/>ity of less<span class=\"_ _0\"/> than or<span class=\"_ _0\"/> equal to th<span class=\"_ _0\"/>ree </span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0011901855px; bottom:14.92572px;\">months from the date of acquisition. <span class=\"ls186 ws2\">The carrying value o<span class=\"_ _3\"/>f cash and<span class=\"_ _3\"/> cash eq<span class=\"_ _3\"/><span class=\"ws1c9\">uivalent<span class=\"_ _3\"/>s is considered to appro<span class=\"_ _3\"/>ximate </span></span></div><div class=\"t m0 h6b ff12c fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:1.8938446px;\">fair value.  </div><div class=\"t m0 h86 ff130 fs2e fc7 sc0 ls1b0 ws215\" style=\"left:615.364px; bottom:889.06537px;\">Section 1:<span class=\"_ _3\"/> Basis <span class=\"_ _4\"/>of Preparation <span class=\"_ _3\"/><span class=\"ff131 ls1b1 ws216\">continued<span class=\"ff130 ls3 ws2\"> </span></span></div><div class=\"c w25 h68\" style=\"left:573.0781px; bottom:-79.98947px;\"><div class=\"t m0 x4 h85 y2c95 ff132 fs27 fc7 sc0 ls1b8 ws21a\">182<span class=\"ff131 fs26 ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> <span class=\"ff132 fc7 sc0 ls1b2 ws1e6\">ITV plc<span class=\"ff133 ls3 ws2\">\u2009</span><span class=\"ff131 ls1ad\">Annual Report and Accounts 2022<span class=\"ls3 ws2\"> <span class=\"_ _66\"/><span class=\"fc8 sc1\"> </span></span></span></span></span></span></div></div><div class=\"t m0 h85 ff132 fs27 fc7 sc0 ls19a ws2\" style=\"left:725.2195px; bottom:841.6334px;\">Foreign currencies </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:828.0591px;\">The prim<span class=\"_ _0\"/>ary econo<span class=\"_ _0\"/>mic envir<span class=\"_ _0\"/>onment in whic<span class=\"_ _0\"/>h the Grou<span class=\"_ _0\"/>p operat<span class=\"ls186 ws1c9\">es is the UK and therefore the consolid<span class=\"_ _3\"/>ated financi<span class=\"_ _3\"/>al </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:725.2195px; bottom:815.0272px;\">statements are pr<span class=\"_ _3\"/>esented in pound<span class=\"_ _3\"/>s sterling <span class=\"_ _3\"/>(\u2018\u00a3\u2019).<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:725.2195px; bottom:791.7027px;\">Where Group companies based in the UK t<span class=\"_ _3\"/>ransact in fore<span class=\"ls184 ws1b3\">ign cu<span class=\"_ _3\"/>rrencies, these tra<span class=\"_ _3\"/>nsactions are t<span class=\"_ _3\"/>ranslated into </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:778.67084px;\">pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the excha<span class=\"_ _0\"/>nge rate on th<span class=\"_ _0\"/>e transac<span class=\"_ _0\"/>tion date.<span class=\"_ _0\"/> Foreign c<span class=\"_ _0\"/>urrency m<span class=\"_ _0\"/>onetary ass<span class=\"_ _0\"/>ets and li<span class=\"_ _0\"/>abilities<span class=\"_ _0\"/> are </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:725.2195px; bottom:765.639px;\">translated into pounds ster<span class=\"_ _3\"/>ling at th<span class=\"ls184 ws1b3\">e year end e<span class=\"_ _3\"/>xchange rate. <span class=\"_ _3\"/>Where there is<span class=\"_ _3\"/> a movement i<span class=\"_ _3\"/>n the exchange r<span class=\"_ _3\"/>ate </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:725.2195px; bottom:752.69006px;\">between the da<span class=\"_ _3\"/>te of the tr<span class=\"_ _3\"/>ansaction and t<span class=\"_ _3\"/>he year end,<span class=\"_ _3\"/> a foreign excha<span class=\"_ _3\"/>nge gain or loss i<span class=\"_ _3\"/>s recognised in t<span class=\"_ _3\"/>he </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:725.2195px; bottom:739.6582px;\">Consoli<span class=\"_ _3\"/>dated Inco<span class=\"_ _3\"/>me Stateme<span class=\"_ _4\"/>n<span class=\"_ _0\"/>t. Non-<span class=\"_ _3\"/>monetary as<span class=\"_ _3\"/>sets and <span class=\"_ _3\"/>li<span class=\"ls188 ws1d2\">abilities me<span class=\"_ _3\"/>asured at histori<span class=\"_ _3\"/>cal cost are translated<span class=\"_ _3\"/>  </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:725.2195px; bottom:726.62634px;\">into pounds ster<span class=\"_ _3\"/>ling at the exchang<span class=\"_ _3\"/>e rate on the date o<span class=\"_ _3\"/>f the transaction. </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:725.2195px; bottom:703.2188px;\">The assets and <span class=\"_ _3\"/>liabilities of Group<span class=\"_ _3\"/> companies outside of the <span class=\"_ _3\"/><span class=\"ls184 ws1b3\">UK are translated<span class=\"_ _3\"/> into pounds ste<span class=\"_ _3\"/>rling at t<span class=\"_ _3\"/>he year end </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:690.26996px;\">exchange ra<span class=\"_ _0\"/>te. The rev<span class=\"_ _0\"/>enue, exp<span class=\"_ _0\"/>enses and o<span class=\"_ _0\"/>ther comp<span class=\"_ _0\"/>rehensiv<span class=\"_ _0\"/>e income of th<span class=\"_ _0\"/>ese comp<span class=\"_ _0\"/>anies are tr<span class=\"_ _0\"/>anslated in<span class=\"_ _0\"/>to </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:677.2381px;\">pounds st<span class=\"_ _0\"/>erling a<span class=\"_ _0\"/>t the aver<span class=\"_ _0\"/>age monthl<span class=\"_ _0\"/>y exchange ra<span class=\"_ _0\"/>te during th<span class=\"_ _0\"/>e year. Wh<span class=\"_ _0\"/>ere diffe<span class=\"_ _0\"/>rences aris<span class=\"_ _0\"/>e between th<span class=\"_ _0\"/>ese rates,<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:725.2195px; bottom:664.2062px;\">they are recogn<span class=\"_ _0\"/>ised in th<span class=\"_ _0\"/>e translation<span class=\"_ _0\"/> reserve w<span class=\"_ _0\"/>ithin other com<span class=\"_ _0\"/>prehensiv<span class=\"_ _0\"/>e income.  </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:725.2195px; bottom:640.79865px;\">The Group\u2019s<span class=\"_ _0\"/> net investmen<span class=\"_ _0\"/>ts in compan<span class=\"_ _0\"/>ies outside th<span class=\"_ _0\"/>e UK may be hed<span class=\"_ _0\"/>ged where the cur<span class=\"_ _0\"/>rency expos<span class=\"_ _0\"/>ure is consi<span class=\"_ _0\"/>dered </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:725.2195px; bottom:627.8498px;\">to be material. Hedge<span class=\"_ _3\"/> accounting is implemented on certain forei<span class=\"_ _3\"/>gn currency firm commitme<span class=\"_ _3\"/>nts, for which the </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:725.2195px; bottom:614.81793px;\">effectiv<span class=\"_ _0\"/>e port<span class=\"_ _0\"/>ion of an<span class=\"_ _0\"/>y foreign<span class=\"_ _0\"/> exchang<span class=\"_ _0\"/>e gains o<span class=\"_ _0\"/>r losses is<span class=\"_ _0\"/> recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> other com<span class=\"_ _0\"/>prehe<span class=\"_ _0\"/>nsive inc<span class=\"_ _0\"/>ome (n<span class=\"_ _0\"/>ote 4.3<span class=\"_ _0\"/>). </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:725.2195px; bottom:591.41034px;\">Exchange differences arising on the transl<span class=\"ls19e ws1b3\">ation of t<span class=\"_ _3\"/>he Group\u2019s interests in joint ventures and associates are recognised </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:725.2195px; bottom:578.3785px;\">in the tra<span class=\"_ _3\"/>nslation reserve<span class=\"_ _3\"/> within other<span class=\"_ _3\"/> comprehensive i<span class=\"_ _3\"/>ncome. </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:554.97095px;\">On dispos<span class=\"_ _0\"/>al of a foreign<span class=\"_ _0\"/> subsidia<span class=\"_ _0\"/>ry, an inte<span class=\"_ _0\"/>rest in a join<span class=\"_ _0\"/>t ventur<span class=\"_ _0\"/>e or an associ<span class=\"_ _0\"/>ate, the<span class=\"_ _0\"/> related tr<span class=\"_ _0\"/>anslation res<span class=\"_ _0\"/>erve is<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:725.2195px; bottom:541.9391px;\">released to<span class=\"_ _0\"/> the Consoli<span class=\"_ _0\"/>dated Incom<span class=\"_ _0\"/>e Statement<span class=\"_ _0\"/> as part of the ga<span class=\"_ _0\"/>in or loss on disp<span class=\"_ _0\"/>osal. </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:725.2195px; bottom:518.6145px;\">Where a forward currency cont<span class=\"_ _3\"/>ract is used to manage foreig<span class=\"_ _4\"/><span class=\"ws1b3\">n exchange risk and hedg<span class=\"_ _3\"/>e accounting i<span class=\"_ _3\"/>s not applied, <span class=\"_ _3\"/>any </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:725.2195px; bottom:505.58264px;\">impact o<span class=\"_ _3\"/>f movements i<span class=\"_ _3\"/>n currency for<span class=\"_ _3\"/> both the forwar<span class=\"_ _3\"/>d currency contract<span class=\"_ _3\"/>s and the asset<span class=\"_ _3\"/>s and liabi<span class=\"_ _3\"/>lities is taken to </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:725.2195px; bottom:492.55078px;\">the Consolidated<span class=\"_ _3\"/> Income Statement<span class=\"_ _3\"/>. </div><div class=\"t m0 h85 ff132 fs27 fc7 sc0 ls1b7 ws219\" style=\"left:725.2195px; bottom:467.17053px;\">Accounting judgements and estimat<span class=\"_ _0\"/>es </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:453.5962px;\">The prepa<span class=\"_ _0\"/>ration of<span class=\"_ _0\"/> financial st<span class=\"_ _0\"/>atements<span class=\"_ _0\"/> requir<span class=\"_ _0\"/>es manage<span class=\"_ _0\"/>ment to ex<span class=\"_ _0\"/>ercise jud<span class=\"_ _0\"/>gement in<span class=\"_ _0\"/> apply<span class=\"_ _0\"/>ing the Grou<span class=\"_ _0\"/>p\u2019s </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:725.2195px; bottom:440.64734px;\">accounting pol<span class=\"_ _0\"/>icies. It also<span class=\"_ _0\"/> requires the<span class=\"_ _0\"/> use of estima<span class=\"_ _0\"/>tes and assump<span class=\"_ _0\"/>tions that af<span class=\"_ _0\"/>fect the r<span class=\"_ _0\"/>eported am<span class=\"_ _0\"/>ounts of </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls183 ws1b5\" style=\"left:725.2195px; bottom:427.61548px;\">assets, lia<span class=\"_ _0\"/>bilities,<span class=\"_ _0\"/> income an<span class=\"_ _0\"/>d expenses. <span class=\"_ _0\"/>Actual <span class=\"_ _0\"/>results may <span class=\"_ _0\"/>differ fro<span class=\"_ _0\"/>m these<span class=\"_ _0\"/> estima<span class=\"_ _0\"/>tes. The c<span class=\"_ _0\"/>urrent m<span class=\"_ _0\"/>acroeconom<span class=\"_ _0\"/>ic </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:725.2195px; bottom:414.58362px;\">environmen<span class=\"_ _0\"/>t has cause<span class=\"_ _0\"/>d greater es<span class=\"_ _0\"/>timation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement to be<span class=\"_ _0\"/> applie<span class=\"_ _0\"/>d, particul<span class=\"_ _0\"/>arly in re<span class=\"_ _0\"/>spect of p<span class=\"_ _0\"/>ension </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:725.2195px; bottom:401.5517px;\">obligations and discount rates <span class=\"ls188 ws1d5\">used for impairment reviews. </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:725.2195px; bottom:378.22717px;\">Estimate<span class=\"_ _3\"/>s and und<span class=\"_ _3\"/>erlying<span class=\"_ _3\"/> assumpti<span class=\"_ _3\"/>ons are r<span class=\"_ _3\"/>eviewed o<span class=\"_ _3\"/>n an ong<span class=\"_ _3\"/>oing basi<span class=\"_ _4\"/>s, with revisio<span class=\"_ _3\"/>ns reco<span class=\"_ _3\"/>gnised in t<span class=\"_ _3\"/>he period<span class=\"_ _3\"/> in </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:725.2195px; bottom:365.1953px;\">which the estimates are revised and <span class=\"ls188 ws1d2\">in any futu<span class=\"_ _3\"/>re periods affected. </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls185 ws2\" style=\"left:725.2195px; bottom:341.78775px;\">The areas<span class=\"_ _0\"/> involv<span class=\"_ _0\"/>ing mate<span class=\"_ _0\"/>rial ju<span class=\"_ _0\"/>dgement <span class=\"_ _0\"/>or com<span class=\"_ _0\"/>plexity<span class=\"_ _0\"/> are <span class=\"ls188 ws1d2\">set out below. Additional deta<span class=\"_ _3\"/>il on the judgements<span class=\"_ _3\"/> and </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:725.2195px; bottom:328.7559px;\">sources of estimat<span class=\"_ _3\"/>ion uncertainty applied by <span class=\"_ _3\"/>management are set out i<span class=\"_ _3\"/>n the accounting po<span class=\"_ _3\"/>licies section of the </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:725.2195px; bottom:315.724px;\">releva<span class=\"_ _3\"/>nt notes:  </div><div class=\"t m0 h78 ff131 fs2c fc7 sc0 ls1ab ws1da\" style=\"left:725.2195px; bottom:293.20114px;\">Area <span class=\"_ _1a9\"> </span>Key judgements <span class=\"_ _af\"> </span>Key sources<span class=\"ls1a5 ws1e4\"> of estimation uncertainty </span></div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:725.2195px; bottom:277.20853px;\">Exceptional item<span class=\"_ _0\"/>s </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:725.2195px; bottom:264.17667px;\">(See note 2.2) </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18f ws1bc\" style=\"left:854.11523px; bottom:277.20853px;\">The classification of income or </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:854.11523px; bottom:264.17667px;\">expenses as<span class=\"_ _0\"/> exceptional ite<span class=\"_ _0\"/>ms </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:725.2195px; bottom:249.66998px;\">Defined b<span class=\"_ _3\"/>enefit pension<span class=\"_ _3\"/>  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:725.2195px; bottom:236.63812px;\">(See note 3.7) </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:854.11523px; bottom:249.66998px;\"> <span class=\"_ _134\"> </span>Es<span class=\"_ _3\"/>timates o<span class=\"_ _3\"/>f the assumpt<span class=\"_ _3\"/>ions for valu<span class=\"_ _4\"/>ing the </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls184 ws1d5\" style=\"left:1029.203px; bottom:236.63812px;\">defined bene<span class=\"_ _3\"/>fit obligation </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls185 ws1b3\" style=\"left:725.2195px; bottom:220.33707px;\">Provisio<span class=\"_ _0\"/>ns relat<span class=\"_ _0\"/>ed to </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:725.2195px; bottom:207.38818px;\">Box Clever  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls189 ws1c5\" style=\"left:725.2195px; bottom:194.35632px;\">(see note 3.6) </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:854.11523px; bottom:220.33707px;\">The basis for ca<span class=\"_ _0\"/>lculating  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:854.11523px; bottom:207.30518px;\">the provisio<span class=\"_ _3\"/>n </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:1029.203px; bottom:220.33707px;\">Estimates of the<span class=\"_ _0\"/> amount requir<span class=\"_ _0\"/>ed to settle the </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:1029.203px; bottom:207.30518px;\">potential li<span class=\"_ _0\"/>ability </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls186 ws1b6\" style=\"left:725.2195px; bottom:178.05405px;\">Employee-<span class=\"_ _3\"/>related </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:725.2195px; bottom:165.02216px;\">provisions<span class=\"_ _3\"/> (See note<span class=\"_ _3\"/> 3.6) </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:854.11523px; bottom:178.05405px;\">The indiv<span class=\"_ _3\"/>iduals who are inc<span class=\"_ _3\"/>luded in </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls188 ws1d7\" style=\"left:854.11523px; bottom:165.02216px;\">the calculation </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws2\" style=\"left:1029.203px; bottom:178.05405px;\">Estimates of<span class=\"_ _0\"/> the am<span class=\"_ _0\"/>ounts req<span class=\"_ _0\"/>uired to se<span class=\"_ _0\"/>ttle </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls189 ws1c5\" style=\"left:1029.203px; bottom:165.02216px;\">the liability </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:725.2195px; bottom:148.72095px;\">Acquisition-<span class=\"_ _0\"/>related </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls190 ws2\" style=\"left:725.2195px; bottom:135.68909px;\">liabil<span class=\"_ _3\"/>ities  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:725.2195px; bottom:122.65723px;\">(See note 3.1.4 a<span class=\"_ _0\"/>nd 3.1.5) </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:854.11523px; bottom:148.71057px;\">Whether fut<span class=\"_ _0\"/>ure amounts<span class=\"_ _0\"/> payable </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls184 ws1d5\" style=\"left:854.11523px; bottom:135.67871px;\">are linked to emplo<span class=\"_ _3\"/>yment </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:1029.203px; bottom:148.71057px;\">Estimate<span class=\"_ _3\"/>s of cash-<span class=\"_ _3\"/>flow forecas<span class=\"_ _3\"/>ts to supp<span class=\"_ _3\"/>ort the </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls185 ws1d4\" style=\"left:1029.203px; bottom:135.67871px;\">calculat<span class=\"_ _0\"/>ion of the fut<span class=\"_ _0\"/>ure liabiliti<span class=\"_ _0\"/>es  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:725.2195px; bottom:106.437805px;\">Transmission </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:725.2195px; bottom:93.405945px;\">commitments  </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:725.2195px; bottom:80.374084px;\">(See note 3.1.1)<span class=\"_ _0\"/> </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls188 ws1b7\" style=\"left:854.11523px; bottom:106.42743px;\">Whether the transponder contracts<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:854.11523px; bottom:93.39557px;\">should be clas<span class=\"_ _0\"/>sified as lease<span class=\"_ _0\"/>s in </div><div class=\"t m0 h6d ff131 fs29 fc7 sc0 ls18f ws1bc\" style=\"left:854.11523px; bottom:80.36371px;\">accordance with IFRS 16 </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:725.2195px; bottom:53.934967px;\">In addition to the above, there are <span class=\"_ _3\"/>a nu<span class=\"ws1b5\">mber of areas which involve a <span class=\"_ _3\"/>high degr<span class=\"ls19e ws1b3\">ee of estimation and are significant to </span></span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:725.2195px; bottom:40.903107px;\">the financial statements but <span class=\"_ _3\"/>are not expected to have a mate<span class=\"ls19e ws1b3\">rial impact on them<span class=\"_ _3\"/> in the <span class=\"ls1a0 ws2\">next 12 months. The key areas </span></span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:725.2195px; bottom:27.954239px;\">underlying estimation uncertainty include the reviews of onerous contracts and impairment provisions in relation to </div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:725.2195px; bottom:14.922379px;\">sports rights, allocation of programme rights to ITVX, impa<span class=\"ls1a1 ws1d2\">irment of intangible assets, purchase price all<span class=\"_ _0\"/>ocation in </span></div><div class=\"t m0 h6b ff134 fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:725.2195px; bottom:1.8905106px;\">business combinations and taxation. M<span class=\"_ _0\"/>ore detail on each of these items is given in the relevant notes.  </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:658.9274px;\">The Directo<span class=\"_ _3\"/>rs recognise the<span class=\"_ _3\"/> climate cri<span class=\"_ _3\"/>sis and the potenti<span class=\"_ _3\"/>al impact <span class=\"_ _3\"/>it may have <span class=\"_ _3\"/>on both the wid<span class=\"_ _3\"/>er world and the </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:645.9786px;\">success of ITV. The t<span class=\"_ _0\"/>hreat contin<span class=\"_ _0\"/>ues to evolv<span class=\"_ _0\"/>e and busin<span class=\"_ _0\"/>esses globally<span class=\"_ _0\"/> have a respons<span class=\"_ _0\"/>ibility to take<span class=\"_ _0\"/> meaningf<span class=\"_ _0\"/>ul </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:632.9467px;\">action to m<span class=\"_ _3\"/>itigate and pre<span class=\"_ _3\"/>vent further <span class=\"_ _3\"/>climate change. T<span class=\"_ _3\"/>he Directors ar<span class=\"_ _3\"/>e committed<span class=\"_ _3\"/> to reducing t<span class=\"_ _3\"/>he impact o<span class=\"_ _3\"/>f ITV on </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:619.91486px;\">the env<span class=\"_ _0\"/>ironmen<span class=\"_ _0\"/>t. Clim<span class=\"_ _0\"/>ate-rel<span class=\"_ _0\"/>ated ris<span class=\"_ _0\"/>ks have <span class=\"_ _0\"/>been id<span class=\"_ _0\"/>entified<span class=\"_ _0\"/> <span class=\"ls183 ws1b5\">as an eme<span class=\"_ _0\"/>rging busi<span class=\"_ _0\"/>ness risk<span class=\"ws1b2\">;<span class=\"_ _0\"/> however, th<span class=\"_ _0\"/>e Directors do </span></span></div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:606.966px;\">not view the<span class=\"_ _3\"/>m as a source o<span class=\"_ _3\"/>f material e<span class=\"_ _3\"/>stimation uncertai<span class=\"_ _3\"/>nty for the<span class=\"_ _3\"/> Group. For furt<span class=\"_ _3\"/>her detail, <span class=\"_ _3\"/>see the Risks a<span class=\"_ _3\"/>nd </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws2\" style=\"left:0.0011901855px; bottom:593.93414px;\">Uncertainties <span class=\"_ _3\"/>section of the <span class=\"_ _3\"/>Strategic Report. </div><div class=\"t m0 h85 ff136 fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0011901855px; bottom:568.51025px;\">New or amended accounting standards<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:554.9359px;\">The followin<span class=\"_ _0\"/>g new standa<span class=\"_ _0\"/>rds and/or amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> are effectiv<span class=\"ls189 ws1bf\">e 1<span class=\"_ _0\"/> January 2022, bu<span class=\"_ _0\"/>t have not had a si<span class=\"_ _0\"/>gnificant impac<span class=\"_ _0\"/>t </span></div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:541.90405px;\">on the Group<span class=\"_ _0\"/>\u2019s results or Cons<span class=\"_ _0\"/>olidated St<span class=\"_ _0\"/>atement o<span class=\"_ _0\"/>f Financial Posi<span class=\"_ _0\"/>tion. </div><div class=\"t m0 h78 ff138 fs2c fc7 sc0 ls1a4 ws2\" style=\"left:0.0011901855px; bottom:519.36194px;\">Accounting standard <span class=\"_ _13c\"> </span>Requirement <span class=\"_ _209\"> </span><span class=\"ls3 ws1cf\">Impact on financial statements </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:0.0011901855px; bottom:503.29132px;\">Amendments to <span class=\"_ _0\"/>IAS 16 </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:490.34247px;\">\u2018Property,<span class=\"_ _3\"/> Plant and </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0011901855px; bottom:477.3106px;\">Equipment\u2019: Procee<span class=\"_ _0\"/>ds </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:464.27875px;\">before intended<span class=\"_ _0\"/> use <span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d5\" style=\"left:137.52597px; bottom:503.29236px;\">The amendment to IAS 16 Pro<span class=\"_ _3\"/>perty, Plant and<span class=\"_ _3\"/> Equipment </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:137.52597px; bottom:490.3435px;\">(PP&amp;E) prohibits an enti<span class=\"_ _0\"/>ty from<span class=\"ls184 ws1d5\"> deducting from the cost of </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws2\" style=\"left:137.52597px; bottom:477.31165px;\">an item of<span class=\"_ _0\"/> PP&amp;E any <span class=\"_ _0\"/>proceeds re<span class=\"_ _0\"/>ceived from s<span class=\"_ _0\"/>elling<span class=\"_ _0\"/> items </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:137.52597px; bottom:464.2798px;\">produced<span class=\"_ _3\"/> while the enti<span class=\"_ _3\"/>ty is prepari<span class=\"_ _3\"/>ng the asse<span class=\"_ _3\"/>t for its </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:137.52597px; bottom:451.33093px;\">intended<span class=\"_ _3\"/> use. It al<span class=\"_ _3\"/>so clarifie<span class=\"_ _3\"/><span class=\"ls189 ws1c0\">s that an entity is \u2018t<span class=\"_ _0\"/>esting </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d5\" style=\"left:137.52597px; bottom:438.29907px;\">whether the asset is func<span class=\"_ _3\"/>tioning properly<span class=\"_ _3\"/>\u2019 when it assesses<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws2\" style=\"left:137.52597px; bottom:425.26715px;\">the techni<span class=\"_ _0\"/>cal and p<span class=\"_ _0\"/>hysical p<span class=\"_ _0\"/>erforman<span class=\"_ _0\"/>ce of the as<span class=\"_ _0\"/>set. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:137.52597px; bottom:412.3183px;\">The financial pe<span class=\"_ _3\"/>rformance o<span class=\"_ _3\"/>f the asset is not releva<span class=\"_ _3\"/>nt to </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws2\" style=\"left:137.52597px; bottom:399.28644px;\">this a<span class=\"_ _3\"/>ssessment<span class=\"_ _3\"/>. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:414.63214px; bottom:503.28198px;\">No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls188 ws1b7\" style=\"left:414.63214px; bottom:490.33313px;\">Group\u2019s financial position<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:414.63214px; bottom:477.30127px;\">or performan<span class=\"_ _0\"/>ce.  </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:0.0011901855px; bottom:382.99493px;\">Amendments to IAS 37 </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:0.0011901855px; bottom:369.96307px;\">\u2018Provisions,<span class=\"_ _3\"/> Contingent </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:357.01416px;\">Liabilities an<span class=\"_ _0\"/>d Continge<span class=\"_ _0\"/>nt </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:343.9823px;\">Assets\u2019:<span class=\"_ _3\"/> Onerous Contrac<span class=\"_ _4\"/>ts \u2013 </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:330.95044px;\">Cost of Fulfil<span class=\"_ _0\"/>ling a Cont<span class=\"_ _0\"/>ract<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls188 ws1d7\" style=\"left:137.52597px; bottom:382.9961px;\">The amendment to<span class=\"_ _3\"/> IAS 37 clarif<span class=\"ls18b ws1b2\">ies that the direct costs of </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:137.52597px; bottom:369.96423px;\">fulfilling<span class=\"_ _3\"/> a contract includ<span class=\"_ _3\"/>e both the inc<span class=\"_ _3\"/>remental cos<span class=\"_ _3\"/>ts of </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls185 ws1d4\" style=\"left:137.52597px; bottom:357.01538px;\">fulfilli<span class=\"_ _0\"/>ng the contr<span class=\"_ _0\"/>act and an al<span class=\"_ _0\"/>location of<span class=\"_ _0\"/> other cost<span class=\"_ _0\"/>s </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:137.52597px; bottom:343.98352px;\">directly<span class=\"_ _3\"/> related to<span class=\"_ _4\"/> fulfilling <span class=\"ls18b ws1b5\">contracts. Before recog<span class=\"_ _0\"/>nising a </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:137.52597px; bottom:330.9516px;\">separate prov<span class=\"_ _3\"/>ision for an<span class=\"_ _3\"/> onerous contrac<span class=\"_ _3\"/>t, the entity </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:137.52597px; bottom:318.00275px;\">recognises any i<span class=\"_ _0\"/>mpairment loss that has<span class=\"_ _0\"/> occurred on </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:137.52597px; bottom:304.9709px;\">assets u<span class=\"_ _3\"/>sed in fulfil<span class=\"_ _4\"/>ling the contract. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:414.63214px; bottom:382.98572px;\">No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls188 ws1b7\" style=\"left:414.63214px; bottom:369.95386px;\">Group\u2019s financial position<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:414.63214px; bottom:356.922px;\">or performan<span class=\"_ _0\"/>ce. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18c ws1bf\" style=\"left:0.0011901855px; bottom:288.6772px;\">Annual Improvements to </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:0.0011901855px; bottom:275.64532px;\">IFRS Standards 2018-2<span class=\"_ _0\"/>020<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:137.52597px; bottom:288.6772px;\">The followi<span class=\"_ _0\"/>ng improvement<span class=\"_ _0\"/>s were finali<span class=\"_ _0\"/>sed in May 20<span class=\"_ _0\"/>20:  </div><div class=\"t m0 h6d ff13a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:137.52597px; bottom:274.55585px;\">\u2022  <span class=\"ff138 ls18b ws1b5\">IFRS 9 \u2018Financial I<span class=\"_ _0\"/>nstruments\u2019 \u2013 <span class=\"_ _0\"/>clarifies which f<span class=\"_ _0\"/>ees </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:147.15118px; bottom:260.51758px;\">should be include<span class=\"_ _3\"/>d in the 10% te<span class=\"_ _3\"/>st for derecognit<span class=\"_ _3\"/>ion of </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:147.15118px; bottom:246.47925px;\">financial l<span class=\"_ _3\"/>iabilities.  </div><div class=\"t m0 h6d ff13a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:137.52597px; bottom:232.44092px;\">\u2022  <span class=\"ff138 ls186 ws1c8\">IFRS 16 \u2018Lease<span class=\"_ _3\"/>s\u2019 \u2013 amendment o<span class=\"_ _3\"/>f illustrative exa<span class=\"_ _3\"/>mple 13 </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:147.15118px; bottom:218.40265px;\">to remove the i<span class=\"_ _0\"/>llustration of pa<span class=\"_ _0\"/>yments from the lessor<span class=\"_ _0\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:147.15118px; bottom:204.36432px;\">relating<span class=\"_ _3\"/> to leasehold im<span class=\"_ _3\"/>provements, to<span class=\"_ _3\"/> remove any </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:147.15118px; bottom:190.32602px;\">confusion about the tr<span class=\"_ _0\"/>eatment of lease i<span class=\"_ _0\"/>ncentives. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:414.63214px; bottom:288.69794px;\">No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls188 ws1b7\" style=\"left:414.63214px; bottom:275.66608px;\">Group\u2019s financial position<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:414.63214px; bottom:262.63422px;\">or performan<span class=\"_ _0\"/>ce. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls189 ws1c5\" style=\"left:0.0011901855px; bottom:163.62213px;\">Amendments to IFRS 3 </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18d ws1b9\" style=\"left:0.0011901855px; bottom:150.67328px;\">\u2018Busine<span class=\"_ _0\"/>ss Comb<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>ons\u2019 \u2013 </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:137.64139px;\">Reference to<span class=\"_ _3\"/> the Conceptu<span class=\"_ _3\"/>al </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:0.0011901855px; bottom:124.60953px;\">Framework<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:137.52597px; bottom:163.62317px;\">Minor amend<span class=\"_ _3\"/>ments were made <span class=\"_ _3\"/>to IFRS 3 <span class=\"_ _3\"/>\u2018Business </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:137.52597px; bottom:150.67432px;\">Combination<span class=\"_ _3\"/>s\u2019 to update th<span class=\"_ _3\"/>e reference<span class=\"_ _3\"/>s to the Conceptu<span class=\"_ _3\"/>al </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:137.52597px; bottom:137.64243px;\">Framework fo<span class=\"_ _3\"/>r Financia<span class=\"_ _3\"/>l Reporting and<span class=\"_ _3\"/> add an exception </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws2\" style=\"left:137.52597px; bottom:124.610565px;\">for the <span class=\"_ _3\"/>recognition o<span class=\"_ _3\"/>f liabil<span class=\"_ _3\"/>ities and con<span class=\"_ _3\"/>tingent l<span class=\"_ _3\"/>iabiliti<span class=\"_ _3\"/>es </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:137.52597px; bottom:111.66171px;\">within the scop<span class=\"_ _0\"/>e of IAS 37 \u2018Provis<span class=\"_ _0\"/>ions, Conti<span class=\"_ _0\"/>ngent Liabi<span class=\"_ _0\"/>lities </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:137.52597px; bottom:98.62985px;\">and Continge<span class=\"_ _0\"/>nt Assets\u2019 an<span class=\"_ _0\"/>d Interpretati<span class=\"_ _0\"/>on 21 \u2018Levi<span class=\"_ _0\"/>es\u2019. </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:137.52597px; bottom:85.59799px;\">The amendment<span class=\"_ _0\"/>s also confirm that conti<span class=\"_ _0\"/>ngent assets </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:137.52597px; bottom:72.5661px;\">should no<span class=\"_ _3\"/>t be recognis<span class=\"_ _3\"/>ed at the<span class=\"_ _3\"/> acquisi<span class=\"_ _3\"/>tion date.  </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls190 ws1c9\" style=\"left:414.63214px; bottom:163.60242px;\">No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls188 ws1b7\" style=\"left:414.63214px; bottom:150.65356px;\">Group\u2019s financial position<span class=\"_ _3\"/> </div><div class=\"t m0 h6d ff138 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:414.63214px; bottom:137.62167px;\">or performan<span class=\"_ _0\"/>ce. </div><div class=\"t m0 h85 ff136 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:41.531586px;\">Accounting standards effective in future periods </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:27.957367px;\">The Direc<span class=\"_ _0\"/>tors have cons<span class=\"_ _0\"/>idered th<span class=\"_ _0\"/>e impac<span class=\"_ _0\"/>t on the Group<span class=\"_ _0\"/> of new and rev<span class=\"_ _0\"/>ised accoun<span class=\"_ _0\"/>ting stan<span class=\"_ _0\"/>dards, in<span class=\"_ _0\"/>terpre<span class=\"_ _0\"/>tations </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:14.925507px;\">or amendment<span class=\"_ _3\"/>s that are not<span class=\"_ _3\"/> yet effectiv<span class=\"_ _3\"/>e and do not e<span class=\"_ _3\"/>xpect them to have <span class=\"_ _3\"/>a significant i<span class=\"_ _3\"/>mpact on the Group\u2019s re<span class=\"_ _3\"/>sults </div><div class=\"t m0 h6b ff139 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:1.8936462px;\">and Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Financial P<span class=\"_ _3\"/>osition.  </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "ITV plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "plc",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "Going concern As at 31 December 2022, the Group was in a net debt position of \u00a3623 million (2021: \u00a3414 million), including gross borrowings of \u00a3971 million (2021: \u00a31,150 million) offset by unrestricted cash of \u00a3348 million (2021: \u00a3686 million) and restricted cash of \u00a3nil (2021: \u00a350 million).  In addition to \u00a3348 million of unrestricted cash (31 December 2021: \u00a3686 million), the Group has a syndicated \u00a3500 million Revolving Credit Facility entered into during 2022 and expiring in January 2028, of which \u00a350 million was drawn at 31 December 2022. This facility replaces the \u00a3630 million Revolving Credit Facility held as at 31 December 2021 which was due to expire in December 2023. The Group also has a \u00a3300 million committed and undrawn bilateral facility expiring in June 2026 (of which \u00a3152 million was drawn at 31 December 2021), providing \u00a31,098 million (31 December 2021: \u00a31,464 million) of liquidity.  The \u20ac335 million Eurobond maturing in September 2022 was repaid using available cash. There are no financial covenants in relation to bonds in issue, although there are cross default provisions. The RCF is subject to leverage and interest cover semi-annual covenant tests that require the Group to maintain a leverage ratio of below 3.5x and interest cover above 3.0x (as defined in the RCF documentation). In addition, there are ESG targets linked to the delivery of ITV\u2019s science-based carbon emissions targets. As at 31 December 2022, the Group had covenant net debt of \u00a3461 million (31 December 2021: \u00a3278 million) and its financial position was well within its covenants. The leverage and interest cover tests will be tested again on 30 June 2023.  The Revolving Credit Facility (RCF) contains Scope 1, 2 and 3 greenhouse gas emissions targets which align to ITV's stated objective to have Net Zero carbon emissions by 2030. These targets are measured at the end of each financial year and independently verified in July following the relevant December year end. Scope 1 and 2 emissions are measured separately to Scope 3 emissions. The margin on the facility reduces by 2.5bps if Scope 1, 2 and 3 targets are met, by 1.25bps if either Scope 1 and 2 targets are met or Scope 3 targets are met, and increases by 2.5bps if neither target is met. Failing to meet targets does not impact the availability of the RCF. The Group met Scope 1, 2 and 3 targets for 2021, 2022 emissions will not be verified until July 2023. Over the life of the facility, it may be necessary to recalibrate the baseline emissions level set in 2019, particularly in relation to Scope 3 emissions and there is a mechanism in the RCF documentation that allows for this. The Directors have prepared forecasts for three cash flow scenarios (mid, high and low cases), for the period of three years from 1 January 2023 (in line with the viability assessment period). The mid case scenario is the basis for the 2023 Board approved budget. The key assumptions in the scenarios relate to fluctuations in the advertising market due to audience and/or market decline and the evolving demand in the content market, specifically relating to content pipeline. The former assumption relates to the Group\u2019s advertising revenue while the latter impacts the scale and timing of productions for ITV Studios. All scenarios have embedded inflationary impacts with increased production costs in the short to medium term as well as continued structural changes in the advertising market and viewing habits with increased focus on streaming. The Directors have also considered a number of sensitivities to the mid case scenario to arrive at a severe but plausible downside scenario that has been used to assess the appropriateness of preparing these consolidated financial statements using the going concern basis. These sensitivities include settlements in respect of ongoing litigation, lost and/or delayed Studios productions, a failure to deliver the expected consumption hours or subscriber growth for Streaming, a decline in advertising revenue in comparison to 2021 and a cyber security breach. In addition, as an equivalent of a reverse stress test, consideration has been given to all scenarios impacting simultaneously. In this highly unlikely (possibly not plausible) downside scenario the Group experiences significant loss of profit and cash outflows but remains able to operate within its financial covenants and has sufficient liquidity during the going concern period to 30 June 2024. The Directors propose a final dividend of 3.3 pence per share, which equates to a full year dividend of 5.0 pence per share, subject to approval by shareholders at the AGM on 4 May 2023 (2021: 3.3 pence). The Directors intend to at least maintain this dividend over the medium term (this was included in all scenarios modelled). The Directors will continue to balance shareholder returns with a commitment to maintain investment grade credit metrics over the medium term and to continue to invest in the Group\u2019s strategy.  Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these consolidated financial statements and therefore have prepared the consolidated financial statements on a going concern basis. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "Subsidiaries, joint ventures, associates and investments  Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "Subsidiaries, joint ventures, associates and investments  Subsidiaries are entities that are directly or indirectly controlled by the Group. Control exists where the Group is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. A joint venture is a joint arrangement in which the Group holds an interest under a contractual arrangement where the Group and one or more other parties undertake an economic activity that is subject to joint control. The Group accounts for its interests in joint ventures using the equity method. Under the equity method, the investment in the entity is stated as one line item at cost plus the investor\u2019s share of retained post-acquisition profits or losses, less any dividends received and other changes in net assets. An associate is an entity, other than a subsidiary or joint venture, over which the Group has significant influence. Significant influence is the power to participate in, but not control or jointly control, the financial and operating decisions of an entity. These investments are also accounted for using the equity method. Investments are entities where the Group concludes it does not have significant influence and are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "Recognition and derecognition of financial assets and liabilities The Group recognises a financial asset or liability when it becomes a party to the contract. Financial instruments are no longer recognised in the Consolidated Statement of Financial Position when the contractual cash flows expire or when the Group no longer retains control of substantially all the risks and rewards under the instrument.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with a maturity of less than or equal to three months from the date of acquisition. The carrying value of cash and cash equivalents is considered to approximate fair value. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "Foreign currencies The primary economic environment in which the Group operates is the UK and therefore the consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019). Where Group companies based in the UK transact in foreign currencies, these transactions are translated into pounds sterling at the exchange rate on the transaction date. Foreign currency monetary assets and liabilities are translated into pounds sterling at the year end exchange rate. Where there is a movement in the exchange rate between the date of the transaction and the year end, a foreign exchange gain or loss is recognised in the Consolidated Income Statement. Non-monetary assets and liabilities measured at historical cost are translated  into pounds sterling at the exchange rate on the date of the transaction. The assets and liabilities of Group companies outside of the UK are translated into pounds sterling at the year end exchange rate. The revenue, expenses and other comprehensive income of these companies are translated into pounds sterling at the average monthly exchange rate during the year. Where differences arise between these rates, they are recognised in the translation reserve within other comprehensive income.  The Group\u2019s net investments in companies outside the UK may be hedged where the currency exposure is considered to be material. Hedge accounting is implemented on certain foreign currency firm commitments, for which the effective portion of any foreign exchange gains or losses is recognised in other comprehensive income (note 4.3). Exchange differences arising on the translation of the Group\u2019s interests in joint ventures and associates are recognised in the translation reserve within other comprehensive income. On disposal of a foreign subsidiary, an interest in a joint venture or an associate, the related translation reserve is released to the Consolidated Income Statement as part of the gain or loss on disposal. Where a forward currency contract is used to manage foreign exchange risk and hedge accounting is not applied, any impact of movements in currency for both the forward currency contracts and the assets and liabilities is taken to the Consolidated Income Statement. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "The primary economic environment in which the Group operates is the UK and therefore the consolidated financial statements are presented in pounds sterling (\u2018\u00a3\u2019). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "Accounting judgements and estimates The preparation of financial statements requires management to exercise judgement in applying the Group\u2019s accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The current macroeconomic environment has caused greater estimation and judgement to be applied, particularly in respect of pension obligations and discount rates used for impairment reviews. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the estimates are revised and in any future periods affected. The areas involving material judgement or complexity are set out below. Additional detail on the judgements and sources of estimation uncertainty applied by management are set out in the accounting policies section of the relevant notes:  Area  Key judgements  Key sources of estimation uncertainty Exceptional items (See note 2.2) The classification of income or expenses as exceptional items Defined benefit pension  (See note 3.7)   Estimates of the assumptions for valuing the defined benefit obligation Provisions related to Box Clever  (see note 3.6) The basis for calculating  the provision Estimates of the amount required to settle the potential liability Employee-related provisions (See note 3.6) The individuals who are included in the calculation Estimates of the amounts required to settle the liability Acquisition-related liabilities  (See note 3.1.4 and 3.1.5) Whether future amounts payable are linked to employment Estimates of cash-flow forecasts to support the calculation of the future liabilities  Transmission commitments  (See note 3.1.1) Whether the transponder contracts should be classified as leases in accordance with IFRS 16 In addition to the above, there are a number of areas which involve a high degree of estimation and are significant to the financial statements but are not expected to have a material impact on them in the next 12 months. The key areas underlying estimation uncertainty include the reviews of onerous contracts and impairment provisions in relation to sports rights, allocation of programme rights to ITVX, impairment of intangible assets, purchase price allocation in business combinations and taxation. More detail on each of these items is given in the relevant notes.  The Directors recognise the climate crisis and the potential impact it may have on both the wider world and the success of ITV. The threat continues to evolve and businesses globally have a responsibility to take meaningful action to mitigate and prevent further climate change. The Directors are committed to reducing the impact of ITV on the environment. Climate-related risks have been identified as an emerging business risk; however, the Directors do not view them as a source of material estimation uncertainty for the Group. For further detail, see the Risks and Uncertainties section of the Strategic Report. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "New or amended accounting standards<span class=\"_ _0\"/> The followin<span class=\"_ _0\"/>g new standa<span class=\"_ _0\"/>rds and/or amen<span class=\"_ _0\"/>dments<span class=\"_ _0\"/> are effectiv<span class=\"ls189 ws1bf\">e 1<span class=\"_ _0\"/> January 2022, bu<span class=\"_ _0\"/>t have not had a si<span class=\"_ _0\"/>gnificant impac<span class=\"_ _0\"/>t </span>on the Group<span class=\"_ _0\"/>\u2019s results or Cons<span class=\"_ _0\"/>olidated St<span class=\"_ _0\"/>atement o<span class=\"_ _0\"/>f Financial Posi<span class=\"_ _0\"/>tion. Accounting standard <span class=\"_ _13c\"> </span>Requirement <span class=\"_ _209\"> </span><span class=\"ls3 ws1cf\">Impact on financial statements </span>Amendments to <span class=\"_ _0\"/>IAS 16 \u2018Property,<span class=\"_ _3\"/> Plant and Equipment\u2019: Procee<span class=\"_ _0\"/>ds before intended<span class=\"_ _0\"/> use <span class=\"ls3 ws2\"> </span>The amendment to IAS 16 Pro<span class=\"_ _3\"/>perty, Plant and<span class=\"_ _3\"/> Equipment (PP&amp;E) prohibits an enti<span class=\"_ _0\"/>ty from<span class=\"ls184 ws1d5\"> deducting from the cost of </span>an item of<span class=\"_ _0\"/> PP&amp;E any <span class=\"_ _0\"/>proceeds re<span class=\"_ _0\"/>ceived from s<span class=\"_ _0\"/>elling<span class=\"_ _0\"/> items produced<span class=\"_ _3\"/> while the enti<span class=\"_ _3\"/>ty is prepari<span class=\"_ _3\"/>ng the asse<span class=\"_ _3\"/>t for its intended<span class=\"_ _3\"/> use. It al<span class=\"_ _3\"/>so clarifie<span class=\"_ _3\"/><span class=\"ls189 ws1c0\">s that an entity is \u2018t<span class=\"_ _0\"/>esting </span>whether the asset is func<span class=\"_ _3\"/>tioning properly<span class=\"_ _3\"/>\u2019 when it assesses<span class=\"_ _3\"/> the techni<span class=\"_ _0\"/>cal and p<span class=\"_ _0\"/>hysical p<span class=\"_ _0\"/>erforman<span class=\"_ _0\"/>ce of the as<span class=\"_ _0\"/>set. The financial pe<span class=\"_ _3\"/>rformance o<span class=\"_ _3\"/>f the asset is not releva<span class=\"_ _3\"/>nt to this a<span class=\"_ _3\"/>ssessment<span class=\"_ _3\"/>. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce.  Amendments to IAS 37 \u2018Provisions,<span class=\"_ _3\"/> Contingent Liabilities an<span class=\"_ _0\"/>d Continge<span class=\"_ _0\"/>nt Assets\u2019:<span class=\"_ _3\"/> Onerous Contrac<span class=\"_ _4\"/>ts \u2013 Cost of Fulfil<span class=\"_ _0\"/>ling a Cont<span class=\"_ _0\"/>ract<span class=\"ls3 ws2\"> </span>The amendment to<span class=\"_ _3\"/> IAS 37 clarif<span class=\"ls18b ws1b2\">ies that the direct costs of </span>fulfilling<span class=\"_ _3\"/> a contract includ<span class=\"_ _3\"/>e both the inc<span class=\"_ _3\"/>remental cos<span class=\"_ _3\"/>ts of fulfilli<span class=\"_ _0\"/>ng the contr<span class=\"_ _0\"/>act and an al<span class=\"_ _0\"/>location of<span class=\"_ _0\"/> other cost<span class=\"_ _0\"/>s directly<span class=\"_ _3\"/> related to<span class=\"_ _4\"/> fulfilling <span class=\"ls18b ws1b5\">contracts. Before recog<span class=\"_ _0\"/>nising a </span>separate prov<span class=\"_ _3\"/>ision for an<span class=\"_ _3\"/> onerous contrac<span class=\"_ _3\"/>t, the entity recognises any i<span class=\"_ _0\"/>mpairment loss that has<span class=\"_ _0\"/> occurred on assets u<span class=\"_ _3\"/>sed in fulfil<span class=\"_ _4\"/>ling the contract. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Annual Improvements to IFRS Standards 2018-2<span class=\"_ _0\"/>020<span class=\"ls3 ws2\"> </span>The followi<span class=\"_ _0\"/>ng improvement<span class=\"_ _0\"/>s were finali<span class=\"_ _0\"/>sed in May 20<span class=\"_ _0\"/>20:  \u2022  <span class=\"ff138 ls18b ws1b5\">IFRS 9 \u2018Financial I<span class=\"_ _0\"/>nstruments\u2019 \u2013 <span class=\"_ _0\"/>clarifies which f<span class=\"_ _0\"/>ees </span>should be include<span class=\"_ _3\"/>d in the 10% te<span class=\"_ _3\"/>st for derecognit<span class=\"_ _3\"/>ion of financial l<span class=\"_ _3\"/>iabilities.  \u2022  <span class=\"ff138 ls186 ws1c8\">IFRS 16 \u2018Lease<span class=\"_ _3\"/>s\u2019 \u2013 amendment o<span class=\"_ _3\"/>f illustrative exa<span class=\"_ _3\"/>mple 13 </span>to remove the i<span class=\"_ _0\"/>llustration of pa<span class=\"_ _0\"/>yments from the lessor<span class=\"_ _0\"/> relating<span class=\"_ _3\"/> to leasehold im<span class=\"_ _3\"/>provements, to<span class=\"_ _3\"/> remove any confusion about the tr<span class=\"_ _0\"/>eatment of lease i<span class=\"_ _0\"/>ncentives. No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Amendments to IFRS 3 \u2018Busine<span class=\"_ _0\"/>ss Comb<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>ons\u2019 \u2013 Reference to<span class=\"_ _3\"/> the Conceptu<span class=\"_ _3\"/>al Framework<span class=\"ls3 ws2\"> </span>Minor amend<span class=\"_ _3\"/>ments were made <span class=\"_ _3\"/>to IFRS 3 <span class=\"_ _3\"/>\u2018Business Combination<span class=\"_ _3\"/>s\u2019 to update th<span class=\"_ _3\"/>e reference<span class=\"_ _3\"/>s to the Conceptu<span class=\"_ _3\"/>al Framework fo<span class=\"_ _3\"/>r Financia<span class=\"_ _3\"/>l Reporting and<span class=\"_ _3\"/> add an exception for the <span class=\"_ _3\"/>recognition o<span class=\"_ _3\"/>f liabil<span class=\"_ _3\"/>ities and con<span class=\"_ _3\"/>tingent l<span class=\"_ _3\"/>iabiliti<span class=\"_ _3\"/>es within the scop<span class=\"_ _0\"/>e of IAS 37 \u2018Provis<span class=\"_ _0\"/>ions, Conti<span class=\"_ _0\"/>ngent Liabi<span class=\"_ _0\"/>lities and Continge<span class=\"_ _0\"/>nt Assets\u2019 an<span class=\"_ _0\"/>d Interpretati<span class=\"_ _0\"/>on 21 \u2018Levi<span class=\"_ _0\"/>es\u2019. The amendment<span class=\"_ _0\"/>s also confirm that conti<span class=\"_ _0\"/>ngent assets should no<span class=\"_ _3\"/>t be recognis<span class=\"_ _3\"/>ed at the<span class=\"_ _3\"/> acquisi<span class=\"_ _3\"/>tion date.  No mater<span class=\"_ _3\"/>ial change to th<span class=\"_ _3\"/>e Group\u2019s financial position<span class=\"_ _3\"/> or performan<span class=\"_ _0\"/>ce. Accounting standards effective in future periods The Direc<span class=\"_ _0\"/>tors have cons<span class=\"_ _0\"/>idered th<span class=\"_ _0\"/>e impac<span class=\"_ _0\"/>t on the Group<span class=\"_ _0\"/> of new and rev<span class=\"_ _0\"/>ised accoun<span class=\"_ _0\"/>ting stan<span class=\"_ _0\"/>dards, in<span class=\"_ _0\"/>terpre<span class=\"_ _0\"/>tations or amendment<span class=\"_ _3\"/>s that are not<span class=\"_ _3\"/> yet effectiv<span class=\"_ _3\"/>e and do not e<span class=\"_ _3\"/>xpect them to have <span class=\"_ _3\"/>a significant i<span class=\"_ _3\"/>mpact on the Group\u2019s re<span class=\"_ _3\"/>sults and Consolidat<span class=\"_ _3\"/>ed Statement of<span class=\"_ _3\"/> Financial P<span class=\"_ _3\"/>osition.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "Accounting standards effective in future periods The Directors have considered the impact on the Group of new and revised accounting standards, interpretations or amendments that are not yet effective and do not expect them to have a significant impact on the Group\u2019s results and Consolidated Statement of Financial Position.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "<div class=\"t m5 h72 ff141 fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0007171631px; bottom:416.04718px;\">Accounting policies </div><div class=\"t m6 h6d ff141 fs29 fcd sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:402.47302px;\">Revenue mea<span class=\"_ _3\"/>surement and recogni<span class=\"_ _3\"/>tion </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:389.4411px;\">The Group d<span class=\"_ _0\"/>erives reven<span class=\"_ _0\"/>ue from the t<span class=\"_ _0\"/>ransfer of goo<span class=\"_ _0\"/>ds and serv<span class=\"_ _0\"/>ices. Reve<span class=\"_ _0\"/>nue recogni<span class=\"_ _0\"/>tion is based<span class=\"_ _0\"/> on the deliver<span class=\"_ _0\"/>y of </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:376.49225px;\">performance ob<span class=\"_ _3\"/>ligations and an<span class=\"_ _3\"/> assessment of when <span class=\"_ _3\"/>control is tra<span class=\"_ _3\"/>nsferred to the<span class=\"_ _3\"/> customer. Revenu<span class=\"_ _3\"/>e is recogni<span class=\"_ _3\"/>sed </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:363.4604px;\">either when<span class=\"_ _3\"/> the performance ob<span class=\"_ _3\"/>ligation in the <span class=\"_ _3\"/>contract has <span class=\"_ _3\"/>been performed (<span class=\"_ _3\"/>\u2018point in time\u2019 r<span class=\"_ _3\"/>ecognition) or \u2018<span class=\"_ _3\"/>over time\u2019 </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:350.42853px;\">as contro<span class=\"_ _3\"/>l of the performance o<span class=\"_ _3\"/>bligation i<span class=\"_ _3\"/>s transferred to the <span class=\"_ _3\"/>customer. </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:327.021px;\">Customer co<span class=\"_ _3\"/>ntracts can ha<span class=\"_ _3\"/>ve a wide variety of perfo<span class=\"_ _3\"/>rma<span class=\"ls184 ws1b3\">nce obligations, <span class=\"_ _3\"/>from producti<span class=\"_ _3\"/>on contracts to<span class=\"_ _3\"/> format </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:314.07214px;\">licences and d<span class=\"_ _0\"/>istribut<span class=\"_ _0\"/>ion activit<span class=\"_ _0\"/>ies. For these c<span class=\"_ _0\"/>ontracts,<span class=\"_ _0\"/> each perfo<span class=\"_ _0\"/>rmance obli<span class=\"_ _0\"/>gation is id<span class=\"_ _0\"/>entified an<span class=\"_ _0\"/>d evaluate<span class=\"_ _0\"/>d. </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:301.04022px;\">Under IFRS 15<span class=\"_ _0\"/> the Group ne<span class=\"_ _0\"/>eds to evalua<span class=\"_ _0\"/>te if a format or lic<span class=\"_ _0\"/>ence repres<span class=\"_ _0\"/>ents a righ<span class=\"_ _0\"/>t to access the co<span class=\"_ _0\"/>ntent (rev<span class=\"_ _0\"/>enue </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:288.00836px;\">recognised<span class=\"_ _3\"/> over time) or<span class=\"_ _3\"/> represents a right to<span class=\"_ _3\"/> use the co<span class=\"_ _3\"/>ntent (revenue re<span class=\"_ _3\"/>cognised at a<span class=\"_ _3\"/> point in time)<span class=\"_ _3\"/>. The Group has </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:275.0595px;\">determined that mo<span class=\"_ _3\"/>st format and <span class=\"_ _3\"/>licence reve<span class=\"_ _3\"/>nues are sati<span class=\"_ _3\"/>sfied at a poi<span class=\"_ _3\"/>nt in time due t<span class=\"_ _3\"/>o there bei<span class=\"_ _3\"/>ng limited ongoing </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:262.02765px;\">involvem<span class=\"_ _0\"/>ent in the us<span class=\"_ _0\"/>e of the lic<span class=\"_ _0\"/>ence following its t<span class=\"_ _0\"/>ransfer to the c<span class=\"_ _0\"/>ustomer. </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:238.62012px;\">The transa<span class=\"_ _3\"/>ction price, b<span class=\"_ _3\"/>eing the amou<span class=\"_ _3\"/>nt to which the<span class=\"_ _3\"/> Grou<span class=\"ls184 ws1b3\">p<span class=\"_ _3\"/> expects to be <span class=\"_ _3\"/>entitled and ha<span class=\"_ _3\"/>s rights to und<span class=\"_ _3\"/>er the </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:225.58826px;\">contract is all<span class=\"_ _0\"/>ocated<span class=\"_ _0\"/> to the identifi<span class=\"_ _0\"/>ed perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions. The t<span class=\"_ _0\"/>ransaction<span class=\"_ _0\"/> price will also<span class=\"_ _0\"/> include an estima<span class=\"_ _0\"/>te of </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:212.63934px;\">any variable<span class=\"_ _3\"/> consideration where the Group\u2019<span class=\"_ _3\"/>s performance ma<span class=\"ls18b ws1c0\">y result in<span class=\"_ _0\"/> additional <span class=\"_ _0\"/>revenues. Va<span class=\"_ _0\"/>riable cons<span class=\"_ _0\"/>ideration </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:199.60748px;\">is estimat<span class=\"_ _0\"/>ed based on<span class=\"_ _0\"/> the achievem<span class=\"_ _0\"/>ent of agre<span class=\"_ _0\"/>ed targets, such<span class=\"_ _0\"/> as audience t<span class=\"_ _0\"/>argets. Vari<span class=\"_ _0\"/>able consid<span class=\"_ _0\"/>eration is </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:186.57562px;\">recogni<span class=\"_ _3\"/>sed only to t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e extent that<span class=\"_ _3\"/> it is hig<span class=\"_ _3\"/>hly probable t<span class=\"_ _3\"/>h<span class=\"ls185\">at a signif<span class=\"_ _0\"/>icant r<span class=\"_ _0\"/>eversal <span class=\"_ _0\"/>of reven<span class=\"_ _0\"/>ue reco<span class=\"_ _0\"/>gnise<span class=\"_ _0\"/>d will not<span class=\"_ _0\"/> occur </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:173.54376px;\">when the unce<span class=\"_ _3\"/>rtainty associat<span class=\"_ _3\"/>ed with the vari<span class=\"_ _3\"/>able consid<span class=\"_ _3\"/>eration is subsequent<span class=\"_ _3\"/>ly resolved.  </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:150.13623px;\">Revenue is <span class=\"_ _3\"/>stated exclu<span class=\"_ _3\"/>sive of VAT a<span class=\"_ _3\"/>nd equivalent sales ta<span class=\"_ _3\"/>xes. </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0007171631px; bottom:126.811676px;\">Complexity in advert<span class=\"_ _0\"/>ising revenue measuremen<span class=\"_ _0\"/>t and recogniti<span class=\"_ _0\"/>on is driven by a combina<span class=\"_ _0\"/>tion of automate<span class=\"_ _0\"/>d and manual </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls197 ws1c5\" style=\"left:0.0007171631px; bottom:113.779785px;\">processes involved in measuring the value delivered to the cust<span class=\"ls198 ws2\">omer and therefore the v<span class=\"_ _0\"/>alue of variable consideration <span class=\"_ _0\"/>due.  </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0007171631px; bottom:90.37225px;\">In assessing the transaction price, an<span class=\"ls183 ws1b5\">y non-cash cons<span class=\"_ _0\"/>ideratio<span class=\"_ _0\"/>n received f<span class=\"_ _0\"/>rom a c<span class=\"_ _0\"/>ustomer<span class=\"_ _0\"/> is includ<span class=\"_ _0\"/>ed. Non-c<span class=\"_ _0\"/>ash </span></div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:77.34036px;\">consideration i<span class=\"_ _3\"/>s measured at fair v<span class=\"_ _3\"/>alue. It<span class=\"_ _3\"/> takes into acco<span class=\"_ _3\"/>unt the value <span class=\"_ _3\"/>of what the Gr<span class=\"_ _3\"/>oup is recei<span class=\"_ _3\"/>ving rather than the </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:64.3085px;\">value of <span class=\"_ _3\"/>what the Group i<span class=\"_ _3\"/>s giving up. </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:40.983948px;\">Complex one-<span class=\"_ _0\"/>off contrac<span class=\"_ _0\"/>ts in all class<span class=\"_ _0\"/>es of reven<span class=\"_ _0\"/>ue are assesse<span class=\"_ _0\"/>d individuall<span class=\"_ _0\"/>y and judgem<span class=\"_ _0\"/>ent is exe<span class=\"_ _0\"/>rcised in </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:27.952087px;\">identifyin<span class=\"_ _0\"/>g perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions and all<span class=\"_ _0\"/>ocating a pr<span class=\"_ _0\"/>ice to them. T<span class=\"_ _0\"/>iming of reven<span class=\"_ _0\"/>ue recogni<span class=\"_ _0\"/>tion is ano<span class=\"_ _0\"/>ther area of </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0007171631px; bottom:14.920227px;\">judgemen<span class=\"_ _0\"/>t partic<span class=\"_ _0\"/>ularly in r<span class=\"_ _0\"/>espect of c<span class=\"_ _0\"/>ontracts<span class=\"_ _0\"/> in the I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios divis<span class=\"_ _0\"/>ion to <span class=\"_ _0\"/>assess whethe<span class=\"_ _0\"/>r revenue<span class=\"_ _0\"/> should be<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff140 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:1.8883667px;\">recogni<span class=\"_ _3\"/>sed at a point<span class=\"_ _3\"/> in time or<span class=\"_ _3\"/> over time<span class=\"_ _3\"/>.<span class=\"_ _335\"> </span> </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:643.2399px;\">Revenue recogniti<span class=\"_ _3\"/>on criteria for the Gr<span class=\"_ _3\"/>oup\u2019s key classes of r<span class=\"_ _3\"/>evenue are as follows: </div><div class=\"t m0 h76 ff149 fs2c fc7 sc0 ls19d ws1da\" style=\"left:0.0011901855px; bottom:621.00616px;\">Segment <span class=\"_ _12f\"> </span>Major cl<span class=\"_ _0\"/>asses of revenue and reve<span class=\"_ _0\"/>nue recognition policy <span class=\"_ _212\"> </span>Payment terms </div><div class=\"t m0 h6d ff146 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:605.32544px;\">ITV Studios<span class=\"_ _0\"/> </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls185 ws1c1\" style=\"left:0.0011901855px; bottom:591.12714px;\">Programm<span class=\"_ _0\"/>e </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:0.0011901855px; bottom:578.0953px;\">production </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:591.3554px;\">\u2022  <span class=\"ff149 ls185 ws1b6\">Revenue gen<span class=\"_ _0\"/>erated fr<span class=\"_ _0\"/>om the prog<span class=\"_ _0\"/>rammes<span class=\"_ _0\"/> produced fo<span class=\"_ _0\"/>r broadcas<span class=\"_ _0\"/>ters </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:578.4065px;\">and streami<span class=\"_ _3\"/>ng platforms <span class=\"_ _3\"/>in the UK, US<span class=\"_ _3\"/> and internatio<span class=\"_ _3\"/>nally is </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:565.37463px;\">recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery o<span class=\"_ _3\"/>f an episode and a<span class=\"_ _3\"/>cceptance by </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:101.01367px; bottom:552.3428px;\">the customer<span class=\"_ _3\"/>. Revenue from producer<span class=\"_ _3\"/> for hire contracts, where in an </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18e ws1c6\" style=\"left:101.01367px; bottom:539.3939px;\">event<span class=\"_ _3\"/> of cancel<span class=\"_ _3\"/>lation, co<span class=\"_ _4\"/>st is recovered p<span class=\"_ _3\"/>lus a margin<span class=\"_ _3\"/>, is recog<span class=\"_ _3\"/>nised </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:526.44507px;\">over time, <span class=\"_ _3\"/>over the term of the <span class=\"_ _3\"/>contract </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:430.62616px; bottom:591.3554px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:439.6789px; bottom:578.4065px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d3\" style=\"left:439.6789px; bottom:565.45764px;\">contrac<span class=\"_ _0\"/>t </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:511.16376px;\">Format licences<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:511.40234px;\">\u2022  <span class=\"ff149 ls184 ws1c8\">A licence i<span class=\"_ _3\"/>s granted for the exploitatio<span class=\"_ _3\"/>n of a format in a stated </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:101.01367px; bottom:498.4535px;\">territory, media and p<span class=\"_ _3\"/>eriod. Licence reve<span class=\"_ _3\"/>nue is recognised <span class=\"_ _3\"/>when the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:101.01367px; bottom:485.50464px;\">licen<span class=\"_ _3\"/>ce period <span class=\"_ _3\"/>has comme<span class=\"_ _3\"/>nced (poi<span class=\"_ _3\"/>nt in ti<span class=\"_ _3\"/>me) </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:430.62616px; bottom:511.40234px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:439.6789px; bottom:498.4535px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d3\" style=\"left:439.6789px; bottom:485.50464px;\">contrac<span class=\"_ _0\"/>t </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls185 ws1c1\" style=\"left:0.0011901855px; bottom:470.20673px;\">Programm<span class=\"_ _0\"/>e </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:0.0011901855px; bottom:457.17487px;\">distribution rights </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:470.435px;\">\u2022  <span class=\"ff149 ls184 ws1b3\">A lice<span class=\"_ _3\"/>nce is granted f<span class=\"_ _3\"/>or the transm<span class=\"_ _3\"/>ission of a pr<span class=\"_ _3\"/>ogramme in a stated<span class=\"_ _3\"/> </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:101.01367px; bottom:457.48608px;\">territory, media and p<span class=\"_ _3\"/>eriod and revenue i<span class=\"_ _3\"/>s recognised at t<span class=\"_ _3\"/>he point </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:101.01367px; bottom:444.45422px;\">when the con<span class=\"_ _0\"/>tract is si<span class=\"_ _0\"/>gned, the con<span class=\"_ _0\"/>tent is ava<span class=\"_ _0\"/>ilable fo<span class=\"_ _0\"/>r downloa<span class=\"_ _0\"/>d and </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:101.01367px; bottom:431.50537px;\">the licenc<span class=\"_ _0\"/>e period has<span class=\"_ _0\"/> started (<span class=\"_ _0\"/>point in t<span class=\"_ _0\"/>ime) </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:430.62616px; bottom:470.435px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:439.6789px; bottom:457.48608px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d3\" style=\"left:439.6789px; bottom:444.53723px;\">contrac<span class=\"_ _0\"/>t </div><div class=\"t m0 h76 ff149 fs2c fc7 sc0 ls19d ws1da\" style=\"left:0.0011901855px; bottom:393.59796px;\">Segment <span class=\"_ _12f\"> </span>Major classes<span class=\"_ _0\"/> of revenue and revenue recognition po<span class=\"_ _0\"/>licy <span class=\"_ _213\"> </span>Payment terms </div><div class=\"t m0 h6d ff146 fs29 fc7 sc0 ls18f ws1be\" style=\"left:0.0011901855px; bottom:377.91736px;\">Media &amp; Entertainment </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:364.03088px;\">Total adver<span class=\"_ _3\"/>tising </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls183 ws1bd\" style=\"left:0.0011901855px; bottom:350.99902px;\">revenue </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:364.34216px;\">\u2022  <span class=\"ff149 ls18d ws1d4\">Net adver<span class=\"_ _0\"/>tising r<span class=\"_ _0\"/>evenue<span class=\"_ _0\"/> is gener<span class=\"_ _0\"/>ated fr<span class=\"_ _0\"/>om sellin<span class=\"_ _0\"/>g spot a<span class=\"_ _0\"/>irtime on<span class=\"_ _0\"/> linear </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:351.3933px;\">TV and is re<span class=\"_ _3\"/>cognised at the <span class=\"_ _3\"/>point of tran<span class=\"_ _3\"/>smission </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:337.0437px;\">\u2022  <span class=\"ff149 ls186 ws2\">Onli<span class=\"_ _3\"/>ne advertising<span class=\"_ _3\"/> revenue <span class=\"_ _3\"/>from video <span class=\"_ _3\"/>on demand is <span class=\"_ _3\"/>generated f<span class=\"_ _3\"/>rom </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:101.01367px; bottom:324.01184px;\">sellin<span class=\"_ _0\"/>g advert<span class=\"_ _0\"/>ising on<span class=\"_ _0\"/> ITVX (ITV<span class=\"_ _0\"/> Hub bef<span class=\"_ _0\"/>ore the lau<span class=\"_ _0\"/>nch of I<span class=\"_ _0\"/>TVX) and<span class=\"_ _0\"/> is </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:311.063px;\">recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:296.71344px;\">\u2022  <span class=\"ff149 ls186 ws1c9\">Revenue<span class=\"_ _3\"/> from the sponsorship<span class=\"_ _4\"/> <span class=\"_ _0\"/>of programmes across IT<span class=\"_ _3\"/>V linear </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls186 ws2\" style=\"left:101.01367px; bottom:283.7646px;\">channels and<span class=\"_ _3\"/> online<span class=\"_ _3\"/> is recog<span class=\"_ _3\"/>nised over <span class=\"_ _3\"/>the period of t<span class=\"_ _3\"/>ransmissio<span class=\"_ _3\"/>n </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:364.35254px;\">\u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:440.86853px; bottom:351.4037px;\">after tran<span class=\"_ _0\"/>smission<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:337.05408px;\">\u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws2\" style=\"left:440.86853px; bottom:324.02222px;\">after c<span class=\"_ _0\"/>ampaign <span class=\"_ _0\"/>is </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:440.86853px; bottom:311.07336px;\">delivered </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:296.72382px;\">\u2022  <span class=\"ff149 ls19b ws1b9\">Receive<span class=\"_ _0\"/>d prior<span class=\"_ _0\"/> to </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:440.86853px; bottom:283.77496px;\">transmission </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:0.0011901855px; bottom:268.77692px;\">Subscriptions </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:269.0882px;\">\u2022  <span class=\"ff149 ls18d ws1d4\">Revenue f<span class=\"_ _0\"/>rom subsc<span class=\"_ _0\"/>ripti<span class=\"_ _0\"/>on serv<span class=\"_ _0\"/>ices is rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed over th<span class=\"_ _0\"/>e </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:101.01367px; bottom:256.13934px;\">subscription period </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:269.0882px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:440.86853px; bottom:256.05634px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:440.86853px; bottom:243.02441px;\">contract or </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:440.86853px; bottom:230.07556px;\">subscription period </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:0.0011901855px; bottom:215.18195px;\">SDN </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:215.4206px;\">\u2022  <span class=\"ff149 ls184 ws1b3\">Revenue i<span class=\"_ _3\"/>s generated fr<span class=\"_ _3\"/>om the carriage <span class=\"_ _3\"/>fee or capaci<span class=\"_ _3\"/>ty of the digita<span class=\"_ _3\"/>l </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:101.01367px; bottom:202.47174px;\">multiplex and is recog<span class=\"_ _3\"/>nised over the term <span class=\"_ _3\"/>of the contract </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:215.4206px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:440.86853px; bottom:202.47174px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d3\" style=\"left:440.86853px; bottom:189.52283px;\">contrac<span class=\"_ _0\"/>t </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:174.53705px;\">Partners<span class=\"_ _3\"/>hips and </div><div class=\"t m0 h6d ff148 fs29 fc7 sc0 ls185 ws1b3\" style=\"left:0.0011901855px; bottom:161.50519px;\">other re<span class=\"_ _0\"/>venue </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:174.76532px;\">\u2022  <span class=\"ff149 ls185 ws1b6\">Revenue fro<span class=\"_ _0\"/>m platform<span class=\"_ _0\"/>s such as Sky<span class=\"_ _0\"/> and Virgin M<span class=\"_ _0\"/>edia O2, an<span class=\"_ _0\"/>d </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:101.01367px; bottom:161.81644px;\"> third-party commissi<span class=\"_ _3\"/>ons. Revenue relat<span class=\"_ _3\"/>ed to performance oblig<span class=\"_ _3\"/>ations </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:101.01367px; bottom:148.78458px;\">delivered over time (<span class=\"_ _3\"/>e.g. provision of HD<span class=\"_ _3\"/> and SD channels <span class=\"_ _3\"/>and updated </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:101.01367px; bottom:135.75272px;\">library cont<span class=\"_ _3\"/>ent) are recogni<span class=\"_ _3\"/>sed over<span class=\"ls18d ws1d4\"> the term of the c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>t while </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws2\" style=\"left:101.01367px; bottom:122.80386px;\">revenues<span class=\"_ _0\"/> relate<span class=\"_ _0\"/>d to one-<span class=\"_ _0\"/>time p<span class=\"_ _0\"/>rovision<span class=\"_ _0\"/> of conten<span class=\"_ _0\"/>t are <span class=\"_ _0\"/>recognis<span class=\"_ _0\"/>ed on </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:101.01367px; bottom:109.85501px;\">delivery of<span class=\"_ _0\"/> the conten<span class=\"_ _0\"/>t (poin<span class=\"_ _0\"/>t in time) </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:95.5054px;\">\u2022  <span class=\"ff149 ls184 ws1b3\">Interacti<span class=\"_ _3\"/>ve revenue i<span class=\"_ _3\"/>s earned from e<span class=\"_ _3\"/>ntries to co<span class=\"_ _3\"/>mpetitions and i<span class=\"_ _3\"/>s </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:101.01367px; bottom:82.55655px;\">recognis<span class=\"_ _0\"/>ed as the ev<span class=\"_ _0\"/>ent occurs (<span class=\"_ _0\"/>point in ti<span class=\"_ _0\"/>me) </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:68.20697px;\">\u2022  <span class=\"ff149 ls186 ws1c9\">Minorities reve<span class=\"_ _3\"/>nue is the revenu<span class=\"_ _3\"/>e received from Cha<span class=\"_ _3\"/>nnel 3 lice<span class=\"_ _3\"/>ncees </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:101.01367px; bottom:55.17511px;\">that are not<span class=\"_ _4\"/> part of the ITV Group. <span class=\"_ _3\"/>The performance<span class=\"_ _3\"/> obligations ar<span class=\"_ _3\"/>e </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:101.01367px; bottom:42.14325px;\">delivered as programmi<span class=\"_ _3\"/>ng is delivered to t<span class=\"_ _3\"/>he licensee and revenue<span class=\"_ _3\"/> is </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:101.01367px; bottom:29.194366px;\">recogni<span class=\"_ _3\"/>sed over the term of t<span class=\"_ _3\"/>he contract (over time) </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:92.678955px; bottom:14.844788px;\">\u2022  <span class=\"ff149 ls184 ws1c8\">Other catego<span class=\"_ _3\"/>ries of revenues withi<span class=\"_ _3\"/>n \u2018Partnerships and other<span class=\"_ _3\"/> revenue\u2019 </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:101.01367px; bottom:1.895935px;\">are indiv<span class=\"_ _0\"/>idually imm<span class=\"_ _0\"/>aterial<span class=\"_ _0\"/>  </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:174.7757px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:440.86853px; bottom:161.82681px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d3\" style=\"left:440.86853px; bottom:148.87796px;\">contrac<span class=\"_ _0\"/>t </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:91.62491px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:440.86853px; bottom:78.59305px;\">within<span class=\"_ _0\"/> two mont<span class=\"_ _0\"/>hs of </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:440.86853px; bottom:65.56119px;\">the competition being </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls184 ws1d4\" style=\"left:440.86853px; bottom:52.612305px;\">aired </div><div class=\"t m0 h6b ff14a fs29 fc7 sc0 ls18c ws1c2\" style=\"left:431.7901px; bottom:38.262726px;\">\u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span></div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:440.86853px; bottom:25.313873px;\">the term<span class=\"_ _0\"/> of the </div><div class=\"t m0 h6b ff149 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:440.86853px; bottom:12.365021px;\">contract  </div>Accounting policies Exceptional it<span class=\"_ _3\"/>ems as described abo<span class=\"_ _3\"/>ve are high<span class=\"_ _3\"/>lighted on th<span class=\"ls186 ws1c9\">e fa<span class=\"_ _3\"/>ce of the Consolidated Incom<span class=\"_ _3\"/>e Statement. Se<span class=\"_ _3\"/>e the </span>Operating and<span class=\"_ _3\"/> Financial Performance<span class=\"_ _3\"/> Review on page<span class=\"_ _3\"/>s 28 to 65 fo<span class=\"_ _3\"/>r the detailed ex<span class=\"_ _3\"/>planation of t<span class=\"_ _3\"/>he Group\u2019<span class=\"_ _3\"/>s use of adjusted perform<span class=\"_ _3\"/>ance measures. Gains or losses on di<span class=\"_ _3\"/>sposal<span class=\"ws1b3\"> of non-core a<span class=\"_ _3\"/>ssets are a<span class=\"_ _3\"/>lso considered e<span class=\"_ _3\"/>xceptional due </span>to their nat<span class=\"_ _3\"/>ure and impact on<span class=\"_ _3\"/> the Group\u2019s <span class=\"_ _3\"/>underlying qual<span class=\"_ _3\"/>ity of earnings.  Accounting policies The tax cha<span class=\"_ _3\"/>rge for the<span class=\"_ _3\"/> year is re<span class=\"_ _3\"/>cognised i<span class=\"_ _3\"/>n the Consol<span class=\"_ _3\"/><span class=\"ls184 ws1b3\">idated Income <span class=\"_ _3\"/>Statement, the Conso<span class=\"_ _3\"/>lidated Statement<span class=\"_ _3\"/> of </span>Comprehensiv<span class=\"_ _3\"/>e Income and dire<span class=\"_ _3\"/>ctly in equity<span class=\"_ _3\"/>, according to t<span class=\"_ _3\"/>he accounting t<span class=\"_ _3\"/>reatment of t<span class=\"_ _3\"/>he related transactio<span class=\"_ _3\"/>ns. The tax ch<span class=\"_ _0\"/>arge comprise<span class=\"_ _0\"/>s both curr<span class=\"_ _0\"/>ent and defe<span class=\"_ _0\"/>rred tax.<span class=\"_ _0\"/> The calcula<span class=\"_ _0\"/>tion of the G<span class=\"_ _0\"/>roup\u2019s tax<span class=\"_ _0\"/> charge invol<span class=\"_ _0\"/>ves estimation<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement in res<span class=\"_ _0\"/>pect of certain i<span class=\"_ _0\"/>tems whose t<span class=\"_ _0\"/>ax treatmen<span class=\"_ _0\"/>t cannot be fully d<span class=\"_ _0\"/>etermine<span class=\"_ _0\"/>d until a resolutio<span class=\"_ _3\"/>n has been rea<span class=\"_ _3\"/>ched by the releva<span class=\"_ _3\"/>nt tax authorit<span class=\"_ _3\"/>y.  Current tax Current<span class=\"_ _0\"/> tax is the ex<span class=\"_ _0\"/>pected tax<span class=\"_ _0\"/> payable<span class=\"_ _0\"/> or receiv<span class=\"_ _0\"/>able on th<span class=\"_ _0\"/>e taxabl<span class=\"_ _0\"/>e income or loss fo<span class=\"_ _0\"/>r the year<span class=\"_ _0\"/> and any adj<span class=\"_ _0\"/>ustment<span class=\"_ _0\"/> in respect of pr<span class=\"_ _3\"/>evious years.  The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es liabil<span class=\"_ _0\"/>ities for<span class=\"_ _0\"/> anticipat<span class=\"_ _0\"/>ed tax issues<span class=\"_ _0\"/> based on<span class=\"_ _0\"/> estimates<span class=\"_ _0\"/> and judg<span class=\"_ _0\"/>ement of th<span class=\"_ _0\"/>e additi<span class=\"_ _0\"/>onal taxe<span class=\"_ _0\"/>s that are <span class=\"_ _3\"/>likely to be<span class=\"_ _3\"/>come due. Amo<span class=\"_ _3\"/>unts are accru<span class=\"_ _3\"/>ed based on <span class=\"_ _3\"/>management\u2019<span class=\"_ _3\"/>s interpretati<span class=\"_ _3\"/>on of specifi<span class=\"_ _4\"/>c<span class=\"_ _0\"/> tax law <span class=\"_ _3\"/>and the like<span class=\"_ _3\"/>lihood of settlement. Wher<span class=\"_ _3\"/>e the final tax<span class=\"_ _3\"/> outcome of the<span class=\"_ _3\"/>se matters is diffe<span class=\"_ _3\"/>rent from the <span class=\"_ _3\"/>amounts that were initially re<span class=\"_ _3\"/>corded, such differe<span class=\"_ _3\"/>nces will impact <span class=\"_ _3\"/>the current ta<span class=\"_ _4\"/><span class=\"ws1c8\">x and <span class=\"_ _0\"/>deferred tax provisio<span class=\"_ _3\"/>ns in the period in which such </span>determ<span class=\"_ _0\"/>inati<span class=\"_ _0\"/>on is mad<span class=\"_ _0\"/>e.  Deferred tax  Deferred t<span class=\"_ _3\"/>ax arises due t<span class=\"_ _3\"/>o certain <span class=\"_ _3\"/>temporary di<span class=\"_ _3\"/>fferences bet<span class=\"_ _3\"/>ween the carr<span class=\"_ _3\"/>ying amount<span class=\"_ _3\"/>s of assets and <span class=\"_ _3\"/>liabilitie<span class=\"_ _3\"/>s for financial rep<span class=\"_ _0\"/>orting purp<span class=\"_ _0\"/>oses and thos<span class=\"_ _0\"/>e for taxati<span class=\"_ _0\"/>on purposes.<span class=\"_ _0\"/>  The follo<span class=\"_ _0\"/>wing tempor<span class=\"_ _0\"/>ary differe<span class=\"_ _0\"/>nces are <span class=\"_ _0\"/>not provi<span class=\"_ _0\"/>ded for: \u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f goodwill </span>\u2022  <span class=\"ff174 ls186 ws1c8\">The initi<span class=\"_ _3\"/>al recognition o<span class=\"_ _3\"/>f assets or liabil<span class=\"_ _3\"/>ities that<span class=\"_ _3\"/> affect neith<span class=\"_ _3\"/>er accounting no<span class=\"_ _3\"/>r taxable profit<span class=\"_ _3\"/> other than in a </span>business<span class=\"_ _3\"/> combination<span class=\"_ _3\"/>  \u2022  <span class=\"ff174 ls18b ws1b5\">Differences re<span class=\"_ _0\"/>lating to i<span class=\"_ _0\"/>nvestment<span class=\"_ _0\"/>s in subsidiar<span class=\"_ _0\"/>ies to the <span class=\"_ _0\"/>extent that <span class=\"_ _0\"/>they will pr<span class=\"_ _0\"/>obably not re<span class=\"_ _0\"/>verse in t<span class=\"_ _0\"/>he </span>foreseeable<span class=\"_ _3\"/> future The amoun<span class=\"_ _0\"/>t of defe<span class=\"_ _0\"/>rred tax pr<span class=\"_ _0\"/>ovided is b<span class=\"_ _0\"/>ased on the ex<span class=\"_ _0\"/>pected<span class=\"_ _0\"/> manner of r<span class=\"_ _0\"/>ealisat<span class=\"_ _0\"/>ion or settl<span class=\"_ _0\"/>ement of<span class=\"_ _0\"/> the carryi<span class=\"_ _0\"/>ng amount of assets and liabi<span class=\"_ _3\"/>lities. Deferred tax is calculat<span class=\"_ _3\"/>ed<span class=\"ws1b3\"> using tax <span class=\"_ _3\"/>rates that are e<span class=\"_ _3\"/>nacted or substa<span class=\"_ _3\"/>ntively enacted </span>at the bala<span class=\"_ _3\"/>nce sheet date.  A deferred tax<span class=\"_ _3\"/> asset is recog<span class=\"_ _3\"/>nised only to <span class=\"_ _3\"/>the extent that it i<span class=\"_ _3\"/>s probable t<span class=\"_ _3\"/>hat suffici<span class=\"_ _3\"/>ent taxabl<span class=\"_ _3\"/>e profit wi<span class=\"_ _3\"/>ll be available to utilise <span class=\"_ _3\"/>the temporary dif<span class=\"_ _3\"/>ference. Recognition <span class=\"_ _3\"/>of deferred tax<span class=\"_ _3\"/> assets, therefo<span class=\"_ _3\"/>re, involve<span class=\"_ _3\"/>s judgement regardi<span class=\"_ _3\"/>ng the timing and leve<span class=\"_ _3\"/>l of future taxable income.  Deferred tax<span class=\"_ _3\"/> assets and <span class=\"_ _3\"/>liabilities are<span class=\"_ _3\"/> disclosed net<span class=\"_ _3\"/> to the extent that<span class=\"_ _3\"/> they relat<span class=\"_ _3\"/>e to taxes le<span class=\"_ _3\"/>vied by the same author<span class=\"_ _0\"/>ity and th<span class=\"_ _0\"/>e Group has<span class=\"_ _0\"/> the right of<span class=\"_ _0\"/> set-off. Accounting polic<span class=\"_ _3\"/>ies Rights are recognised when the Group co<span class=\"ls19e ws1b3\">ntrols the respective rights and the ri<span class=\"ls19f ws1b5\">sks and <span class=\"_ _3\"/>rewards associated wi<span class=\"_ _3\"/>th them.  </span></span>Programme rights <span class=\"_ _3\"/>not yet uti<span class=\"_ _3\"/>lised are included i<span class=\"_ _3\"/>n the Cons<span class=\"ls186 ws1c9\">olidate<span class=\"_ _3\"/>d Statement of Fina<span class=\"_ _3\"/>ncial Positio<span class=\"_ _3\"/>n at the lower of </span>cost and net re<span class=\"_ _0\"/>alisable valu<span class=\"_ _0\"/>e. In assessin<span class=\"_ _0\"/>g net realis<span class=\"_ _0\"/>able value for p<span class=\"_ _0\"/>rogrammes<span class=\"_ _0\"/> in product<span class=\"_ _0\"/>ion, judgemen<span class=\"_ _0\"/>t is requi<span class=\"_ _0\"/>red when consideri<span class=\"_ _3\"/>ng the contract<span class=\"_ _3\"/>ed sales price and esti<span class=\"_ _3\"/>mated cost<span class=\"_ _3\"/>s to complete<span class=\"_ _3\"/>.  Accounting polic<span class=\"_ _3\"/>ies Distributio<span class=\"_ _3\"/>n rights are programme rights<span class=\"_ _3\"/><span class=\"ls188 ws1d2\"> the Group bu<span class=\"_ _3\"/>ys from producers to de<span class=\"_ _3\"/>rive future revenu<span class=\"_ _3\"/>e, principally throug<span class=\"_ _3\"/>h </span>licensing to<span class=\"_ _3\"/> other broad<span class=\"_ _3\"/>casters. These ar<span class=\"_ _3\"/>e classified a<span class=\"_ _3\"/>s non-current a<span class=\"_ _3\"/>ssets as these rig<span class=\"_ _3\"/>hts are used to de<span class=\"_ _3\"/>rive long-<span class=\"_ _335\"> </span>term econ<span class=\"_ _0\"/>omic ben<span class=\"_ _0\"/>efit fo<span class=\"_ _0\"/>r the Grou<span class=\"_ _0\"/>p. Distribution rights are recognised initiall<span class=\"_ _0\"/>y at cost and charged through operating costs in the Consolidated I<span class=\"_ _0\"/>ncome Statement over a period not exceeding five years, refle<span class=\"_ _3\"/>cti<span class=\"ws2\">ng the value and pattern in which the right is consumed. </span>Advances paid for the acquisition of distribution rights are disclosed as distribution rights as soon as they are contracted. These advance<span class=\"_ _3\"/>s are not expensed until the programme <span class=\"ls19e ws1b3\">is available for distribution. Up to that point, they are </span>assessed annua<span class=\"_ _3\"/>lly for impairment t<span class=\"_ _3\"/>hrough the reassessment of t<span class=\"_ _3\"/>he future sales e<span class=\"_ _3\"/>xpected to be earne<span class=\"_ _3\"/>d from that title.  <div class=\"t m0 h6d ff1ab fs29 fcd sc0 ls188 ws1d7\" style=\"left:0.0011901855px; bottom:152.71533px;\">Accounting polic<span class=\"_ _3\"/>ies </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:139.76648px;\">Trade receivab<span class=\"_ _3\"/>les are recogni<span class=\"_ _3\"/>sed initially<span class=\"_ _3\"/> at the value <span class=\"_ _3\"/>of the invoice <span class=\"_ _3\"/>sent to the custom<span class=\"_ _3\"/>er and subseque<span class=\"_ _3\"/>ntly at the </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:126.73462px;\">amounts cons<span class=\"_ _0\"/>idere<span class=\"_ _0\"/>d recovera<span class=\"_ _0\"/>ble (amo<span class=\"_ _0\"/>rtised c<span class=\"_ _0\"/>ost). Whe<span class=\"_ _0\"/>re paymen<span class=\"_ _0\"/>ts are not d<span class=\"_ _0\"/>ue for more t<span class=\"_ _0\"/>han one yea<span class=\"_ _0\"/>r, they are<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:113.70276px;\">shown in the fi<span class=\"_ _0\"/>nancial state<span class=\"_ _0\"/>ments<span class=\"_ _0\"/> at their net pr<span class=\"_ _0\"/>esent valu<span class=\"_ _0\"/>e to refle<span class=\"_ _0\"/>ct the econ<span class=\"_ _0\"/>omic cos<span class=\"_ _0\"/>t of delayed<span class=\"_ _0\"/> payment.<span class=\"_ _0\"/> The </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:100.6709px;\">Group prov<span class=\"_ _3\"/>ides good<span class=\"_ _3\"/>s and services t<span class=\"_ _3\"/>o substanti<span class=\"_ _3\"/>ally all of it<span class=\"_ _3\"/>s customer<span class=\"_ _3\"/>s on credit ter<span class=\"_ _3\"/>ms. </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:77.34631px;\">The credi<span class=\"_ _0\"/>t risk manag<span class=\"_ _0\"/>ement pr<span class=\"_ _0\"/>actices of th<span class=\"_ _0\"/>e Group inclu<span class=\"_ _0\"/>de inter<span class=\"_ _0\"/>nal review<span class=\"_ _0\"/> and repor<span class=\"_ _0\"/>ting of the ag<span class=\"_ _0\"/>eing of tra<span class=\"_ _0\"/>de and </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:64.31445px;\">other recei<span class=\"_ _3\"/>vables by days pa<span class=\"_ _3\"/>st due. The <span class=\"_ _3\"/>Group applies t<span class=\"_ _3\"/>he IFRS 9 simp<span class=\"_ _3\"/>lified approach in<span class=\"_ _3\"/> measuring expected<span class=\"_ _3\"/> credit </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:51.282593px;\">losses, which use a lif<span class=\"_ _3\"/>etime expected credit<span class=\"_ _3\"/> loss allowance for all trade<span class=\"_ _3\"/> receivables. </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:27.875061px;\">To measure<span class=\"_ _3\"/> expected <span class=\"_ _3\"/>credit losse<span class=\"_ _3\"/>s, trade re<span class=\"_ _3\"/>ceivables a<span class=\"_ _3\"/>nd contra<span class=\"_ _3\"/>ct asset<span class=\"_ _3\"/>s have been gro<span class=\"_ _3\"/>uped by shar<span class=\"_ _3\"/>ed credit ri<span class=\"_ _3\"/>sk </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:14.9262085px;\">characteristic<span class=\"_ _3\"/>s and days past du<span class=\"_ _3\"/>e. As part of t<span class=\"_ _3\"/>he expected <span class=\"_ _3\"/>credit losses, t<span class=\"_ _3\"/>he Group may m<span class=\"_ _3\"/>ake additional pr<span class=\"_ _3\"/>ovisions </div><div class=\"t m0 h6b ff1ac fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:1.8943481px;\">for the recei<span class=\"_ _3\"/>vables of parti<span class=\"_ _4\"/>c<span class=\"_ _0\"/>ular cust<span class=\"_ _3\"/>omers if t<span class=\"_ _3\"/>he deterioration o<span class=\"_ _3\"/>f financial positi<span class=\"_ _3\"/>on was obser<span class=\"_ _3\"/>ved. </div>Accounting polic<span class=\"_ _3\"/>ies Trade pay<span class=\"_ _0\"/>ables are rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed at the val<span class=\"_ _0\"/>ue of the i<span class=\"_ _0\"/>nvoice rec<span class=\"_ _0\"/>eived from<span class=\"_ _0\"/> a supplier.<span class=\"_ _0\"/> The carry<span class=\"_ _0\"/>ing value<span class=\"_ _0\"/> of current<span class=\"_ _0\"/> and  non-curren<span class=\"_ _0\"/>t trade p<span class=\"_ _0\"/>ayables is<span class=\"_ _0\"/> consider<span class=\"_ _0\"/>ed to appro<span class=\"_ _0\"/>ximate fai<span class=\"_ _0\"/>r value. Tr<span class=\"_ _0\"/>ade and oth<span class=\"_ _0\"/>er payabl<span class=\"_ _0\"/>es due with<span class=\"_ _0\"/>in one yea<span class=\"_ _0\"/>r can be analysed as f<span class=\"_ _0\"/>ollows: Accounting policies Property<span class=\"_ _3\"/>, plant and <span class=\"_ _3\"/>equipment Property, plant and equipment are stated<span class=\"ls19e ws1b3\"> at cost less accumulated depreciation and impairment losses. Certain items </span>of property, plant and equipment that were revalued to fair va<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">lu<span class=\"_ _0\"/>e prior to 1 January 2004 (the date of transition to IFRS) </span>are measured on the basis of deemed cost, being t<span class=\"_ _3\"/>he revalued<span class=\"ls19e ws1b3\"> amount less depreciation up to the date of transition. </span>Right of us<span class=\"_ _0\"/>e assets A contract contai<span class=\"_ _3\"/>ns a lease if the contract conveys the right <span class=\"ls186 ws2\">to<span class=\"_ _3\"/> control t<span class=\"_ _3\"/>he use of <span class=\"_ _3\"/>an identified a<span class=\"_ _3\"/>sset for a <span class=\"_ _3\"/>period of </span>time in excha<span class=\"_ _3\"/>nge for consid<span class=\"_ _3\"/>eration. These asse<span class=\"_ _3\"/>ts are called rig<span class=\"_ _3\"/>ht of use asset<span class=\"_ _3\"/>s and have been <span class=\"_ _3\"/>included on the Consolidated Stat<span class=\"_ _3\"/>ement of Financia<span class=\"_ _3\"/>l Position at a<span class=\"_ _3\"/> value eq<span class=\"ls183 ws1b5\">ual to the disco<span class=\"_ _0\"/>unted fu<span class=\"_ _0\"/>ture lease<span class=\"_ _0\"/> paymen<span class=\"_ _0\"/>ts. For leas<span class=\"_ _0\"/>es </span>recognis<span class=\"_ _0\"/>ed on trans<span class=\"_ _0\"/>ition t<span class=\"_ _0\"/>o IFRS 16 \u2018Lea<span class=\"_ _0\"/>ses\u2019 the v<span class=\"_ _0\"/>alue is also ad<span class=\"_ _0\"/>justed by<span class=\"_ _0\"/> any prepa<span class=\"_ _0\"/>yments or le<span class=\"_ _0\"/>ase incen<span class=\"_ _0\"/>tives recognised<span class=\"_ _3\"/> immediately bef<span class=\"_ _3\"/>ore the date of i<span class=\"_ _3\"/>nitial applicati<span class=\"_ _3\"/>on. Depreciation Depreciation<span class=\"_ _3\"/> is provided to <span class=\"_ _3\"/>write off t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cost <span class=\"_ _3\"/>of property, p<span class=\"_ _3\"/>lant and equ<span class=\"_ _3\"/>ipment le<span class=\"_ _3\"/>ss estimated re<span class=\"_ _3\"/>sidual va<span class=\"_ _3\"/>lue, on a straight-l<span class=\"_ _0\"/>ine basis over<span class=\"_ _0\"/> their esti<span class=\"_ _0\"/>mated useful<span class=\"_ _0\"/> lives. The annual<span class=\"_ _0\"/> deprecia<span class=\"_ _0\"/>tion charge is sen<span class=\"_ _0\"/>sitive to<span class=\"_ _0\"/> the estima<span class=\"_ _0\"/>ted useful li<span class=\"_ _3\"/>fe of each asset <span class=\"_ _3\"/>and the expect<span class=\"_ _3\"/>ed residual <span class=\"_ _3\"/>value at the end o<span class=\"_ _3\"/>f its life. T<span class=\"_ _3\"/>he major ca<span class=\"_ _3\"/>tegories of proper<span class=\"_ _3\"/>ty, plant and equipment ar<span class=\"_ _3\"/>e depreciated as fo<span class=\"_ _3\"/>llows: Asset class <span class=\"_ _281\"> </span>Depreciation policy Freehold land <span class=\"_ _216\"> </span><span class=\"ls18d ws1d4\">not d<span class=\"_ _0\"/>epreci<span class=\"_ _0\"/>ated </span>Freehold bui<span class=\"_ _3\"/>ldings <span class=\"_ _13f\"> </span>up to 60 years Leasehol<span class=\"_ _0\"/>d impro<span class=\"_ _0\"/>vements<span class=\"_ _0\"/> <span class=\"_ _fc\"> </span>shorter<span class=\"_ _0\"/> of residu<span class=\"_ _0\"/>al lease ter<span class=\"_ _0\"/>m or estima<span class=\"_ _0\"/>ted useful<span class=\"_ _0\"/> life Vehicles, equipme<span class=\"_ _3\"/>nt and fittings* <span class=\"_ _bc\"> </span>3 to <span class=\"_ _3\"/>20 years Right of<span class=\"_ _0\"/> use ass<span class=\"_ _0\"/>ets <span class=\"_ _282\"> </span>over th<span class=\"_ _0\"/>e term o<span class=\"_ _0\"/>f the l<span class=\"_ _0\"/>ease * <span class=\"_ _2d\"> </span>Equ<span class=\"_ _0\"/>ipment <span class=\"_ _0\"/>includes s<span class=\"_ _0\"/>tudio pro<span class=\"_ _0\"/>duction a<span class=\"_ _0\"/>nd techn<span class=\"_ _0\"/>ology ass<span class=\"_ _0\"/>ets. Assets un<span class=\"_ _0\"/>der co<span class=\"_ _0\"/>nstruc<span class=\"_ _0\"/>tion ar<span class=\"_ _0\"/>e not depr<span class=\"_ _0\"/>eciate<span class=\"_ _0\"/>d until th<span class=\"_ _0\"/>e point<span class=\"_ _0\"/> at which<span class=\"_ _0\"/> the asse<span class=\"_ _0\"/>t comes in<span class=\"_ _0\"/>to use by<span class=\"_ _0\"/> the Gro<span class=\"_ _0\"/>up.  Impairment of<span class=\"_ _0\"/> assets Propert<span class=\"_ _0\"/>y, plant an<span class=\"_ _0\"/>d equipm<span class=\"_ _0\"/>ent that is<span class=\"_ _0\"/> subject to d<span class=\"_ _0\"/>eprecia<span class=\"_ _0\"/>tion is rev<span class=\"_ _0\"/>iewed for i<span class=\"_ _0\"/>mpairmen<span class=\"_ _0\"/>t wheneve<span class=\"_ _0\"/>r events<span class=\"_ _0\"/> or changes in cir<span class=\"_ _3\"/>cumstances <span class=\"_ _3\"/>indicate t<span class=\"_ _3\"/>hat the carryi<span class=\"_ _4\"/>ng amount may not be<span class=\"_ _3\"/> recoverable<span class=\"_ _3\"/>. Indicators of i<span class=\"_ _4\"/>m<span class=\"_ _0\"/>pairment m<span class=\"_ _3\"/>ay include changes in technology and business. Accounting policies Goodwill Goodwill repre<span class=\"_ _3\"/>sents the future e<span class=\"_ _3\"/>conomic benefit<span class=\"_ _3\"/>s that arise from <span class=\"_ _3\"/>assets that are <span class=\"_ _3\"/>not capable <span class=\"_ _3\"/>of being individu<span class=\"_ _3\"/>ally identified and sepa<span class=\"_ _3\"/>rately recognised<span class=\"_ _3\"/>. G<span class=\"ls186 ws1c9\">oodwill is stated at it<span class=\"_ _3\"/>s recoverable am<span class=\"_ _3\"/><span class=\"ls18e ws1c6\">ount bein<span class=\"_ _3\"/>g cost les<span class=\"_ _3\"/>s any accum<span class=\"_ _3\"/>ulated </span></span>impairm<span class=\"_ _0\"/>ent losses and<span class=\"_ _0\"/> is allocated to th<span class=\"_ _0\"/>e busine<span class=\"_ _0\"/>ss to which it rel<span class=\"_ _0\"/>ates. All busine<span class=\"_ _3\"/>ss combinations that<span class=\"_ _3\"/> have occurred<span class=\"_ _3\"/> since 1 January 2009 were a<span class=\"_ _3\"/>ccounted for usi<span class=\"_ _3\"/>ng the acquisition method. Un<span class=\"_ _0\"/>der this me<span class=\"_ _0\"/>thod, goo<span class=\"_ _0\"/>dwill is measur<span class=\"_ _0\"/>ed as the fair val<span class=\"_ _0\"/>ue of the c<span class=\"_ _0\"/>onsiderati<span class=\"_ _0\"/>on transfer<span class=\"_ _0\"/>red (includin<span class=\"_ _0\"/>g the recogni<span class=\"_ _0\"/>tion of an<span class=\"_ _0\"/>y part of the<span class=\"_ _0\"/> business<span class=\"_ _0\"/> not yet own<span class=\"_ _0\"/>ed (non-c<span class=\"_ _0\"/>ontrol<span class=\"_ _0\"/>ling inte<span class=\"_ _0\"/>rests)),<span class=\"_ _0\"/> less the fa<span class=\"_ _0\"/>ir value of<span class=\"_ _0\"/> the identifiabl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> acquire<span class=\"_ _0\"/>d and lia<span class=\"_ _0\"/>bilities ass<span class=\"_ _0\"/>umed, all<span class=\"_ _0\"/> <span class=\"ls184 ws1b3\">measured at the a<span class=\"_ _3\"/>cquisition date. <span class=\"_ _3\"/>The identification of </span>acquired asset<span class=\"_ _3\"/>s and liabilitie<span class=\"_ _3\"/>s and the allo<span class=\"_ _3\"/>cation of the p<span class=\"_ _3\"/>urchase pri<span class=\"_ _3\"/>ce to them is consid<span class=\"_ _3\"/>ered a key judg<span class=\"_ _3\"/>ement and is based on the <span class=\"_ _3\"/>Group\u2019s understandi<span class=\"_ _3\"/>ng and experien<span class=\"_ _3\"/>ce of the medi<span class=\"_ _3\"/>a business. A<span class=\"_ _3\"/>ny contingent <span class=\"_ _3\"/>consideration expected to be transferred <span class=\"_ _3\"/>in the future i<span class=\"_ _3\"/>s recognised at<span class=\"_ _3\"/> fair value <span class=\"_ _4\"/><span class=\"ls188 ws1d5\">at <span class=\"_ _0\"/>the acquisition date and recognised within other payables. </span>Contingent<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n classified<span class=\"_ _3\"/> as an asset or liability th<span class=\"_ _3\"/><span class=\"ws2\">at is a fi<span class=\"_ _3\"/>nancial instrume<span class=\"_ _3\"/>nt is mea<span class=\"_ _3\"/>sured at fair<span class=\"_ _3\"/> value wit<span class=\"_ _3\"/>h </span>changes in fai<span class=\"_ _0\"/>r value recogn<span class=\"_ _0\"/>ised in the Con<span class=\"_ _0\"/>solida<span class=\"_ _0\"/>ted Income Sta<span class=\"_ _0\"/>tement. Th<span class=\"_ _0\"/>e determi<span class=\"_ _0\"/>nation of fai<span class=\"_ _0\"/>r value is base<span class=\"_ _0\"/>d on an estimate o<span class=\"_ _3\"/>f discounted cash flows. <span class=\"_ _3\"/>The key assumpti<span class=\"_ _3\"/>ons take into co<span class=\"_ _3\"/>nsideration the pro<span class=\"_ _3\"/>bability of m<span class=\"_ _3\"/>eeting each performance targ<span class=\"_ _3\"/>et and the di<span class=\"_ _3\"/>scount rate. Where less th<span class=\"_ _0\"/>an 100% of a subsidi<span class=\"_ _0\"/>ary is acquir<span class=\"_ _0\"/>ed, and call an<span class=\"_ _0\"/>d put options<span class=\"_ _0\"/> are grant<span class=\"_ _0\"/>ed over the rem<span class=\"_ _0\"/>aining<span class=\"_ _0\"/> interest, a  non-controlling<span class=\"_ _3\"/> interest is i<span class=\"_ _3\"/>nitially recognised i<span class=\"_ _3\"/>n equity at<span class=\"_ _4\"/><span class=\"ls185 ws1b6\"> fa<span class=\"_ _0\"/>ir value, whic<span class=\"_ _0\"/>h is establ<span class=\"_ _0\"/>ished b<span class=\"_ _0\"/>ased on th<span class=\"_ _0\"/>e value of th<span class=\"_ _0\"/>e </span>put option. A<span class=\"_ _3\"/> call option<span class=\"_ _3\"/> is recognised a<span class=\"_ _3\"/>s a derivative fi<span class=\"_ _3\"/>nancial instru<span class=\"_ _3\"/>ment, carried <span class=\"_ _3\"/>at fair va<span class=\"_ _3\"/>lue. The put optio<span class=\"_ _3\"/>n is recogni<span class=\"_ _3\"/>sed as a liabi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity withi<span class=\"_ _3\"/>n other payab<span class=\"_ _3\"/>les, carried<span class=\"_ _3\"/> at the pres<span class=\"_ _3\"/>ent value o<span class=\"_ _3\"/>f the put optio<span class=\"_ _3\"/>n exercise pr<span class=\"_ _3\"/>ice, and a<span class=\"_ _3\"/> corresponding<span class=\"_ _3\"/> charge is included in merger and<span class=\"_ _3\"/> other re<span class=\"ls183 ws1b5\">serves. <span class=\"_ _0\"/>Any subse<span class=\"_ _0\"/>quent reme<span class=\"_ _0\"/>asuremen<span class=\"_ _0\"/>t of the<span class=\"_ _0\"/> put opt<span class=\"_ _0\"/>ion </span>liabil<span class=\"_ _0\"/>ity is <span class=\"_ _0\"/>recogn<span class=\"_ _0\"/>ised w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> finan<span class=\"_ _0\"/>ce inc<span class=\"_ _0\"/>ome or c<span class=\"_ _0\"/>ost.<span class=\"_ _0\"/> Subsequent<span class=\"_ _3\"/> adjustment<span class=\"_ _3\"/>s to the fai<span class=\"_ _3\"/>r value of net <span class=\"_ _3\"/>assets acquire<span class=\"_ _3\"/>d can on<span class=\"_ _3\"/>ly be made wit<span class=\"_ _3\"/>hin 12 months <span class=\"_ _3\"/>of the acquisitio<span class=\"_ _3\"/>n date, and o<span class=\"_ _3\"/>nly if fair<span class=\"_ _3\"/> values were d<span class=\"_ _3\"/>etermined provi<span class=\"_ _3\"/>sionally at an e<span class=\"_ _3\"/>arlier reporting d<span class=\"_ _3\"/>ate. These adjus<span class=\"_ _0\"/>tments<span class=\"_ _0\"/> are accoun<span class=\"_ _0\"/>ted for fr<span class=\"_ _0\"/>om the da<span class=\"_ _0\"/>te of acqu<span class=\"_ _0\"/>isition. Acquisi<span class=\"_ _0\"/>tions of non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interests<span class=\"_ _0\"/> are accounte<span class=\"_ _0\"/>d for as transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> owners and<span class=\"_ _0\"/> therefore n<span class=\"_ _0\"/>o goodwill is recogni<span class=\"_ _3\"/>sed as a re<span class=\"_ _3\"/>sult of such t<span class=\"_ _3\"/>ransactions. <span class=\"_ _3\"/>Transact<span class=\"_ _3\"/><span class=\"ls18a ws1c3\">ion cost<span class=\"_ _3\"/>s incur<span class=\"_ _3\"/>red in co<span class=\"_ _3\"/>nnecti<span class=\"_ _3\"/>on with<span class=\"_ _3\"/> those busi<span class=\"_ _3\"/>ness </span>combinatio<span class=\"_ _0\"/>ns, such as legal fees,<span class=\"_ _0\"/> due diligence fe<span class=\"_ _0\"/>es and <span class=\"ls183 ws1b2\">other pro<span class=\"_ _0\"/>fessional f<span class=\"_ _0\"/>ees, are expens<span class=\"_ _0\"/>ed as incurr<span class=\"_ _0\"/>ed. The </span>Director<span class=\"_ _3\"/>s consider thes<span class=\"_ _3\"/>e costs to re<span class=\"_ _3\"/>flect the cost of <span class=\"_ _3\"/>acquisition and<span class=\"_ _3\"/> to form a part<span class=\"_ _3\"/> of the capi<span class=\"_ _3\"/>tal transaction, and highlight th<span class=\"_ _0\"/>em separ<span class=\"_ _0\"/>ately as except<span class=\"_ _0\"/>ional items.<span class=\"_ _0\"/> Other intangible assets Intangible assets other th<span class=\"_ _0\"/>an goodwill are those tha<span class=\"_ _0\"/>t are distinct<span class=\"ws1b5\"> and ca<span class=\"_ _0\"/>n be sold separately or wh<span class=\"_ _0\"/>ich arise from legal righ<span class=\"_ _0\"/>ts. </span>The main i<span class=\"_ _3\"/>ntangible as<span class=\"_ _3\"/>sets the Group <span class=\"_ _3\"/>has value<span class=\"_ _3\"/>d are format<span class=\"_ _3\"/>s, brands, <span class=\"_ _3\"/>licences, <span class=\"_ _3\"/>contractu<span class=\"_ _3\"/>al arrangem<span class=\"_ _3\"/>ents, cust<span class=\"_ _3\"/>omer contrac<span class=\"_ _0\"/>ts and <span class=\"_ _0\"/>relations<span class=\"_ _0\"/>hips an<span class=\"_ _0\"/>d librar<span class=\"_ _0\"/>ies. Within ITV,<span class=\"_ _0\"/> there ar<span class=\"_ _0\"/>e two types<span class=\"_ _0\"/> of other in<span class=\"_ _0\"/>tangible as<span class=\"_ _0\"/>sets: th<span class=\"_ _0\"/>ose asse<span class=\"_ _0\"/>ts directl<span class=\"_ _0\"/>y purchase<span class=\"_ _0\"/>d by the Group<span class=\"_ _0\"/> for day-to-<span class=\"_ _335\"> </span>day operationa<span class=\"_ _3\"/>l purposes (such as <span class=\"_ _3\"/>software licences a<span class=\"_ _3\"/>nd development) and intangib<span class=\"_ _3\"/>le assets identified a<span class=\"_ _3\"/>s part of an acquis<span class=\"_ _0\"/>ition of<span class=\"_ _0\"/> a busines<span class=\"_ _0\"/>s.  Intangible assets <span class=\"_ _3\"/>acquired directly by t<span class=\"_ _3\"/>he Group are stated<span class=\"_ _3\"/> at cost less accumulated amorti<span class=\"_ _3\"/>sation. Those separately identified int<span class=\"_ _3\"/>angible assets a<span class=\"_ _3\"/>cquired as part<span class=\"_ _3\"/> of an acquis<span class=\"_ _4\"/><span class=\"ls18f ws1d7\">ition or business combination are shown at fair value at <span class=\"_ _3\"/>the </span>date of acquisition less accumulated amortisation. Each class of intangible assets\u2019 va<span class=\"_ _3\"/>luation method on initial recognition, amorti<span class=\"_ _3\"/>sation method and estimat<span class=\"_ _3\"/>ed useful life is set o<span class=\"_ _3\"/>ut in the table be<span class=\"_ _3\"/>low: Class of intangible ass<span class=\"_ _0\"/>et <span class=\"_ _22\"> </span>Amo<span class=\"_ _0\"/>rtisation method <span class=\"_ _33\"> </span>Estimate<span class=\"_ _0\"/>d useful life <span class=\"_ _65\"> </span>Valuation method Brands <span class=\"_ _138\"> </span>Straight-line <span class=\"_ _5e\"> </span>8 to 14 years <span class=\"_ _b6\"> </span>Applying a royalty rate to the expect<span class=\"_ _3\"/>ed future revenue over<span class=\"_ _3\"/> the life of t<span class=\"_ _3\"/>he brand Form<span class=\"_ _0\"/>ats<span class=\"_ _0\"/> <span class=\"_ _1f8\"> </span>Str<span class=\"_ _0\"/>aig<span class=\"_ _0\"/>ht-<span class=\"_ _0\"/>lin<span class=\"_ _0\"/>e <span class=\"_ _c6\"> </span>up<span class=\"_ _0\"/> to<span class=\"_ _0\"/> 8 y<span class=\"_ _0\"/>ea<span class=\"_ _0\"/>rs <span class=\"_ _bf\"> </span>Ex<span class=\"_ _0\"/>pected future cash flows from those a<span class=\"_ _3\"/>ssets existing at the date of acquisition ar<span class=\"ws2\">e estimated. If applicable, </span>a contributory charge is deducted for the use of other assets needed to exploit th<span class=\"ls1a0 ws1c9\">e cash flow. The net cash </span>flow is then discounted back to pr<span class=\"_ _3\"/>esent value Customer  contrac<span class=\"_ _0\"/>ts  Straight-line or reducing balance as appropriate up to 6 y<span class=\"_ _3\"/>ears  Customer <span class=\"_ _3\"/>relationship<span class=\"_ _3\"/>s <span class=\"_ _185\"> </span>Straight-line <span class=\"_ _5e\"> </span>5 to 10 year<span class=\"_ _3\"/>s Contractual arrangeme<span class=\"_ _3\"/>nts Straight-line <span class=\"_ _5e\"> </span>up to 13 years depending on the con<span class=\"_ _0\"/>tract terms Expected fut<span class=\"_ _4\"/>ure cash flows from those<span class=\"_ _3\"/> contract<span class=\"_ _3\"/>s existing at<span class=\"_ _3\"/> the date of <span class=\"_ _3\"/>acquisition are <span class=\"_ _3\"/>estimated. If applicab<span class=\"_ _3\"/>le, a contribut<span class=\"_ _3\"/>ory charge i<span class=\"_ _3\"/>s deducted for the use <span class=\"_ _3\"/>of other assets<span class=\"_ _3\"/> needed to exploi<span class=\"_ _3\"/>t the cash flow. The net c<span class=\"_ _0\"/>ash flow is then disc<span class=\"_ _0\"/>ounted back to presen<span class=\"_ _0\"/>t value Licences <span class=\"_ _b2\"> </span>Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _5e\"> </span>11 to 29 years depending on term of licence Start-up basi<span class=\"_ _4\"/>s of expected future cash flow<span class=\"_ _3\"/>s existing at the date of acqui<span class=\"_ _3\"/>sition. If applicable, a contr<span class=\"_ _3\"/>ibutory charge is deducted for the use of othe<span class=\"_ _3\"/>r assets needed to exp<span class=\"_ _3\"/>loit the cash flow. The net <span class=\"_ _3\"/>cash flow is then discou<span class=\"_ _3\"/>nted back to p<span class=\"_ _3\"/>resent value. Pub<span class=\"_ _3\"/>lic service br<span class=\"_ _3\"/>oadcasting (P<span class=\"_ _3\"/>SB) lice<span class=\"_ _3\"/>nces are va<span class=\"_ _3\"/>lued as a start-u<span class=\"_ _0\"/>p busines<span class=\"_ _0\"/>s with only th<span class=\"_ _0\"/>e licenc<span class=\"_ _0\"/>e in place<span class=\"_ _0\"/> Libraries <span class=\"_ _3\"/>and other <span class=\"_ _22\"> </span>Sum of digits or<span class=\"_ _3\"/> straight-line as appropriate up to 20 years <span class=\"_ _86\"> </span>Initia<span class=\"_ _3\"/>lly at cost and subsequent<span class=\"_ _3\"/>ly at cost less accumulated amortisation Software li<span class=\"_ _3\"/>cences and development Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _c6\"> </span>1 to 10 years <span class=\"_ _5e\"> </span>Initially at cost and sub<span class=\"_ _3\"/>sequently at cost less accumulated amortisation Cloud com<span class=\"_ _0\"/>puting arr<span class=\"_ _0\"/>angemen<span class=\"_ _0\"/>ts Cloud computing arrangements are reviewed <span class=\"_ _3\"/><span class=\"ls19e ws1b3\">to determine if they are within the scope of IAS 38 <span class=\"ls1a0 ws2\">\u2018Intangible Assets\u2019, IFRS </span></span>16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the righ<span class=\"_ _3\"/>t to take possession of the so<span class=\"_ _3\"/>ftware and run it on its own<span class=\"_ _3\"/> or a third-party\u2019s computer infrastructure or if the Group has exclusive rights to use <span class=\"ls1a0 ws1c9\">the software whereby the suppli<span class=\"ws2\">er cannot make the software </span></span>available to other customers.  Configuratio<span class=\"_ _3\"/>n of the software invo<span class=\"_ _3\"/>lves the setting of variou<span class=\"_ _3\"/>s flags or switches within the app<span class=\"_ _3\"/>lication software<span class=\"_ _3\"/> or defining<span class=\"_ _3\"/> values to <span class=\"_ _3\"/>set up t<span class=\"_ _3\"/>he software\u2019s<span class=\"_ _3\"/> existing cod<span class=\"_ _3\"/>e <span class=\"ls18f ws1b7\">to function in a specified way. Customisation involves </span>modifying the <span class=\"_ _3\"/>software code i<span class=\"_ _3\"/>n the application or<span class=\"_ _3\"/> writing additional code<span class=\"_ _3\"/>. Customisation genera<span class=\"_ _3\"/>lly changes or cre<span class=\"_ _3\"/>ates additional functionalitie<span class=\"_ _3\"/>s within the software<span class=\"_ _3\"/>. In both situat<span class=\"_ _3\"/><span class=\"ls18c ws1bc\">ions, the Group also needs to assess if there is a separate </span>intangible asset. If no separate intangi<span class=\"_ _3\"/>ble asset is identifi<span class=\"ls186 ws1c9\">ed, then the<span class=\"_ _3\"/>se costs are expe<span class=\"_ _3\"/>nsed when incurred. If<span class=\"_ _3\"/> an asset </span>is identified, it <span class=\"_ _3\"/>is capitalised and amorti<span class=\"_ _3\"/>sed over the life <span class=\"_ _3\"/>of the asset.  Fair val<span class=\"_ _3\"/>ue on acqui<span class=\"_ _3\"/>sition Determining the fair value of the purchase consideration allo<span class=\"ls1a1 ws1d2\">cated to intangible assets arisin<span class=\"_ _0\"/>g on acquisition requires </span>judgement. The Directors make estimates regarding the timing<span class=\"ws2\"> and amount of future cash flows derived from exploiting </span>the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates, operating costs and t<span class=\"_ _3\"/>he expected useful lives of assets. Judgements are<span class=\"_ _3\"/> also made regarding whether, and for how long, licences will be renewed; this drives our amortisation policy for those assets. The Direct<span class=\"_ _0\"/>ors estimate<span class=\"_ _0\"/> the appro<span class=\"_ _0\"/>priate discou<span class=\"_ _0\"/>nt rate tha<span class=\"_ _0\"/>t reflects cur<span class=\"_ _0\"/>rent market<span class=\"_ _0\"/> assessments of<span class=\"_ _0\"/> the time value<span class=\"_ _0\"/> of money and the risks specific to the assets or businesses being acquired. Amortisation Amortisation is charged to the Conso<span class=\"_ _3\"/>lidated Income Statement over the estimated useful lives of intangib<span class=\"_ _3\"/>le assets unless such lives are<span class=\"_ _3\"/> judged to be i<span class=\"_ _3\"/>ndefinite. Indefinite <span class=\"_ _3\"/>life assets, such a<span class=\"_ _3\"/>s goodwill, are no<span class=\"_ _3\"/>t amortised but are <span class=\"_ _3\"/>tested for impairme<span class=\"_ _3\"/>nt at each ye<span class=\"_ _3\"/>ar end. Impairme<span class=\"_ _0\"/>nt Goodwill is<span class=\"_ _0\"/> not subjec<span class=\"_ _0\"/>t to amort<span class=\"_ _0\"/>isation an<span class=\"_ _0\"/>d is test<span class=\"_ _0\"/>ed annually fo<span class=\"_ _0\"/>r impai<span class=\"_ _0\"/>rment and<span class=\"_ _0\"/> when circum<span class=\"_ _0\"/>stances in<span class=\"_ _0\"/>dicate th<span class=\"_ _0\"/>at the carry<span class=\"_ _0\"/>ing value ma<span class=\"_ _0\"/>y be impai<span class=\"_ _0\"/>red. Other intangible assets are subject to amortisation and ar<span class=\"ls1a0 ws2\">e reviewed for impairment whenever events o<span class=\"_ _3\"/>r changes in </span>circumstances i<span class=\"_ _3\"/>ndicate that the a<span class=\"_ _3\"/>mount carried in the Conso<span class=\"_ _4\"/>l<span class=\"_ _0\"/><span class=\"ls1a0 ws2\">idated Statement of Financial <span class=\"ls1a1 ws1d2\">Position is less than its </span></span>recoverable amount. Determ<span class=\"_ _0\"/>ining wh<span class=\"_ _0\"/>ether th<span class=\"_ _0\"/>e carry<span class=\"_ _0\"/>ing amou<span class=\"_ _0\"/>nt of inta<span class=\"_ _0\"/>ngibl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> has any in<span class=\"_ _0\"/>dicati<span class=\"_ _0\"/>on of imp<span class=\"_ _0\"/>airmen<span class=\"_ _0\"/>t requi<span class=\"_ _0\"/>res judg<span class=\"_ _0\"/>ement.<span class=\"_ _0\"/> Any impairment is re<span class=\"_ _3\"/>cognised in th<span class=\"ls183 ws1b2\">e Consolidated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span>An impairm<span class=\"_ _3\"/>ent test i<span class=\"_ _3\"/>s performed<span class=\"_ _3\"/> by assessing<span class=\"_ _3\"/> the re<span class=\"_ _3\"/>coverable amount<span class=\"_ _3\"/> of each a<span class=\"_ _3\"/>sset, or fo<span class=\"_ _3\"/>r goodwill t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cash-<span class=\"_ _335\"> </span>generatin<span class=\"_ _3\"/>g unit (CGU), or<span class=\"_ _3\"/> group of CGU<span class=\"_ _3\"/>s, related to t<span class=\"_ _3\"/>he goodwill. Tot<span class=\"_ _3\"/>al assets (whi<span class=\"_ _3\"/>ch include good<span class=\"_ _3\"/>will) are group<span class=\"_ _3\"/>ed at the lowe<span class=\"_ _3\"/>st levels for whi<span class=\"_ _3\"/>ch there are separately id<span class=\"_ _3\"/>entifiable<span class=\"_ _4\"/><span class=\"ls188 ws1d5\"> cash flows. The <span class=\"_ _0\"/>identificati<span class=\"ls185 ws2\">on of the rel<span class=\"_ _0\"/>evant C<span class=\"_ _0\"/>GUs fo<span class=\"_ _0\"/>r </span></span>assessing impairment of good<span class=\"_ _3\"/>will is considered a ke<span class=\"_ _3\"/>y judgement. The Dir<span class=\"_ _3\"/>ectors have identified t<span class=\"_ _3\"/>hree CGUs, ITV Studios, Media &amp; Entertainment and SD<span class=\"_ _3\"/>N. The recovera<span class=\"_ _0\"/>ble amoun<span class=\"_ _0\"/>t is the higher<span class=\"_ _0\"/> of an asset\u2019s fa<span class=\"_ _0\"/>ir value less costs t<span class=\"_ _0\"/>o sell and value in<span class=\"_ _0\"/> use. The valu<span class=\"_ _0\"/>e in use is based on the prese<span class=\"_ _3\"/>nt value of t<span class=\"_ _3\"/>he future cash f<span class=\"_ _3\"/>lows expected to<span class=\"_ _3\"/> arise from t<span class=\"_ _3\"/>he asset.  In testing for<span class=\"_ _3\"/> impairment<span class=\"_ _3\"/>, estimates are <span class=\"_ _3\"/>used in deriving <span class=\"_ _3\"/>ca<span class=\"ls189 ws1d8\">sh flows, long-term growth rates and the discount rates.<span class=\"_ _0\"/> </span>Such esti<span class=\"_ _0\"/>mates refl<span class=\"_ _0\"/>ect curren<span class=\"_ _0\"/>t marke<span class=\"_ _0\"/>t assessme<span class=\"_ _0\"/>nts of the ri<span class=\"_ _0\"/>sks speci<span class=\"_ _0\"/>fic to the<span class=\"_ _0\"/> asset and th<span class=\"_ _0\"/>e time v<span class=\"_ _0\"/>alue of money.<span class=\"_ _0\"/> The estimation pr<span class=\"_ _3\"/>ocess is complex due<span class=\"_ _3\"/> to the inherent ri<span class=\"_ _3\"/>sks and uncertainti<span class=\"_ _3\"/>es associated with long<span class=\"_ _3\"/>-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-<span class=\"_ _335\"> </span>term growth rate were made, these changes could materially al<span class=\"ls1a0 ws2\">ter the projected value of the cash flo<span class=\"_ _3\"/>ws of the asset, and </span>as a consequence materially<span class=\"_ _3\"/> different amounts wo<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">uld be reported in th<span class=\"ls1a0 ws1c9\">e financial statements. </span></span>Impairment <span class=\"_ _3\"/>losses in r<span class=\"_ _3\"/>espect of goodwi<span class=\"_ _3\"/>ll cannot be re<span class=\"_ _3\"/>versed. In <span class=\"_ _3\"/>respect of a<span class=\"_ _3\"/>ssets other than good<span class=\"_ _3\"/>will, an impair<span class=\"_ _3\"/>ment loss is revers<span class=\"_ _0\"/>ed if there has bee<span class=\"_ _0\"/>n a change in th<span class=\"_ _0\"/>e estimates us<span class=\"_ _0\"/>ed to determ<span class=\"_ _0\"/>ine the recove<span class=\"_ _0\"/>rable amoun<span class=\"_ _0\"/>t. An impairment<span class=\"_ _4\"/> loss is reversed only to the extent t<span class=\"_ _3\"/>hat the asset\u2019s carryi<span class=\"_ _3\"/>ng amount does no<span class=\"_ _3\"/>t exceed the carry<span class=\"_ _3\"/>ing amount that would <span class=\"_ _3\"/>have been deter<span class=\"_ _3\"/>mined, net o<span class=\"_ _3\"/>f depreciatio<span class=\"_ _3\"/>n or amortisation<span class=\"_ _3\"/>, if no impairme<span class=\"_ _3\"/>nt loss had been r<span class=\"_ _3\"/>ecognised. There is a wide<span class=\"_ _3\"/> range of pote<span class=\"_ _3\"/>ntial out<span class=\"_ _3\"/>comes regarding t<span class=\"_ _3\"/>he possible <span class=\"_ _3\"/>future performance<span class=\"_ _3\"/> of each of <span class=\"_ _3\"/>ITV Group\u2019s <span class=\"_ _3\"/>cash-<span class=\"_ _335\"> </span>generating units, ITV S<span class=\"_ _0\"/>tudios, Media &amp; En<span class=\"_ _0\"/>tertainment and <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">SDN. In the i<span class=\"_ _0\"/>mpairment<span class=\"_ _0\"/> review the<span class=\"_ _0\"/> Directors used th<span class=\"_ _0\"/>e </span>scenarios<span class=\"_ _0\"/> utilise<span class=\"_ _0\"/>d for the via<span class=\"_ _0\"/>bility s<span class=\"_ _0\"/>tatement.<span class=\"_ _0\"/> The Direc<span class=\"_ _0\"/>tors,<span class=\"ls186 ws2\"> however, do <span class=\"_ _3\"/>not conside<span class=\"_ _3\"/>r that any r<span class=\"_ _3\"/>easonably p<span class=\"_ _3\"/>ossible </span>changes in the ke<span class=\"_ _3\"/>y assumptions wo<span class=\"_ _3\"/>uld cause the r<span class=\"_ _3\"/>ecoverable amou<span class=\"_ _3\"/>nt of the Grou<span class=\"_ _3\"/>p\u2019s cash-generating<span class=\"_ _3\"/> units to fall below their <span class=\"_ _3\"/>carrying<span class=\"_ _3\"/> values and the<span class=\"_ _3\"/>refore they are<span class=\"_ _3\"/> not consider<span class=\"_ _3\"/>ed key sour<span class=\"_ _3\"/>ces of estimati<span class=\"_ _3\"/>on uncertainty.  Accounting policies The Group me<span class=\"_ _0\"/>asures the c<span class=\"_ _0\"/>ost of the ac<span class=\"_ _0\"/>quisition<span class=\"_ _0\"/> at the fair<span class=\"_ _0\"/> value of the cons<span class=\"_ _0\"/>ideration<span class=\"_ _0\"/> paid; allocates<span class=\"_ _0\"/> that cost to the<span class=\"_ _0\"/> acquired<span class=\"_ _0\"/> identifi<span class=\"_ _0\"/>able assets<span class=\"_ _0\"/> and li<span class=\"_ _0\"/>abilities <span class=\"_ _0\"/>based o<span class=\"_ _0\"/>n their f<span class=\"_ _0\"/>air value<span class=\"_ _0\"/>s; and alloc<span class=\"_ _0\"/>ates the <span class=\"_ _0\"/>rest of <span class=\"_ _0\"/>the cost<span class=\"_ _0\"/> to goodw<span class=\"_ _0\"/>ill. The Group also<span class=\"_ _3\"/> recognises any exce<span class=\"_ _3\"/>ss of acquired as<span class=\"_ _3\"/>sets and liabi<span class=\"_ _3\"/>lities over the<span class=\"_ _3\"/> consideration pai<span class=\"_ _3\"/>d in the Consolid<span class=\"_ _0\"/>ated Incom<span class=\"_ _0\"/>e Statemen<span class=\"_ _0\"/>t immedi<span class=\"_ _0\"/>ately. IFRS accounting standards require that wh<span class=\"ls1a1 ws1d2\">en consideration is based on future performance, some of this consideration<span class=\"_ _0\"/> </span>is to be included in the purchase price <span class=\"ls1a1 ws1d2\">used in determining goodwill (\u2018contingent consideration\u2019). Exampl<span class=\"_ _0\"/>es of contingent </span>consideration include top-<span class=\"_ _0\"/>up payments and recoupable performanc<span class=\"_ _0\"/>e adjustments. Any remaining consideration is recognised as a liability or expense outside of acquisition accoun<span class=\"_ _0\"/>ting (put option liabilities and employment-linked contingent payments known a<span class=\"_ _3\"/>s \u2018earnout\u2019 payments). Where a payment<span class=\"_ _3\"/> is employment-linked, it<span class=\"_ _4\"/> is treated as a cash-sett<span class=\"_ _3\"/>led share based pay<span class=\"_ _3\"/>ment. The liabi<span class=\"_ _3\"/>lity is measured at<span class=\"_ _3\"/> fair value taki<span class=\"_ _3\"/>ng into account the t<span class=\"_ _3\"/>erms and conditions o<span class=\"_ _3\"/>f the arrangem<span class=\"_ _3\"/>ent and the e<span class=\"_ _3\"/>xtent to which employees hav<span class=\"_ _3\"/>e rendered se<span class=\"_ _3\"/>rvice to date<span class=\"_ _3\"/>. The liability is re<span class=\"_ _3\"/>measured at ea<span class=\"_ _3\"/>ch reporting date <span class=\"_ _3\"/>with changes in t<span class=\"_ _3\"/>he carrying valu<span class=\"_ _3\"/>e recognised i<span class=\"_ _3\"/>n the Consolid<span class=\"ls183 ws1b2\">ated Income Statemen<span class=\"_ _0\"/>t for the pe<span class=\"_ _0\"/>riod. </span>The Group<span class=\"_ _0\"/> recognis<span class=\"_ _0\"/>es non-c<span class=\"_ _0\"/>ontroll<span class=\"_ _0\"/>ing interes<span class=\"_ _0\"/>ts in an ac<span class=\"_ _0\"/>quired<span class=\"_ _0\"/><span class=\"ls186 ws2\"> entity eit<span class=\"_ _3\"/>her at fair v<span class=\"_ _3\"/>alue or <span class=\"_ _3\"/>at the non-c<span class=\"_ _3\"/>ontrolling </span>interest<span class=\"_ _0\"/>\u2019s proportio<span class=\"_ _0\"/>nate share o<span class=\"_ _0\"/>f the acquir<span class=\"_ _0\"/>ed entity<span class=\"_ _0\"/>\u2019s net identi<span class=\"_ _0\"/>fiable asset<span class=\"_ _0\"/>s. The valuat<span class=\"_ _0\"/>ion choice is ma<span class=\"_ _0\"/>de on an acquis<span class=\"_ _0\"/>ition by ac<span class=\"_ _0\"/>quisit<span class=\"_ _0\"/>ion basis.<div class=\"t m5 h72 ff1fa fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0011901855px; bottom:114.31915px;\">Accounting policies </div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:100.744934px;\">For joint vent<span class=\"_ _3\"/>ures and asso<span class=\"_ _3\"/>ciates, the Group <span class=\"_ _3\"/>applies equity accou<span class=\"_ _3\"/>nting. Under thi<span class=\"_ _3\"/>s method, it re<span class=\"_ _3\"/>cognises the </div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:87.79608px;\">investme<span class=\"_ _0\"/>nt in th<span class=\"_ _0\"/>e entity<span class=\"_ _0\"/> at cost <span class=\"_ _0\"/>and subs<span class=\"_ _0\"/>equently<span class=\"_ _0\"/> adjusts <span class=\"_ _0\"/>this fo<span class=\"_ _0\"/>r its shar<span class=\"_ _0\"/>e of prof<span class=\"_ _0\"/>its or los<span class=\"_ _0\"/>ses, whic<span class=\"_ _0\"/>h are reco<span class=\"_ _0\"/>gnised </div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:74.76422px;\">in the Conso<span class=\"_ _3\"/>lidated Income Statem<span class=\"_ _3\"/>ent within non-op<span class=\"_ _4\"/><span class=\"ls184 ws1b3\">erating items and included<span class=\"_ _3\"/> in adjusted profi<span class=\"_ _3\"/>t.  </span></div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:51.35669px;\">Where the Gr<span class=\"_ _3\"/>oup has inve<span class=\"_ _3\"/>sted in as<span class=\"_ _3\"/>sociates by <span class=\"_ _3\"/>acquiring <span class=\"_ _4\"/><span class=\"ls184 ws1c8\">preference shares or convertib<span class=\"_ _3\"/>le debt instruments, the </span></div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:38.324768px;\">share of profit <span class=\"_ _3\"/>recognised is<span class=\"_ _3\"/> usually \u00a3nil<span class=\"_ _3\"/> as no equity i<span class=\"_ _3\"/>nterest exi<span class=\"_ _3\"/>sts.  </div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:14.917236px;\">Equity investment<span class=\"_ _3\"/>s are held at <span class=\"_ _3\"/>fair value <span class=\"_ _3\"/>unless the investment<span class=\"_ _3\"/> is a start<span class=\"_ _3\"/>-up business, in whi<span class=\"_ _3\"/>ch case it i<span class=\"_ _3\"/>s valued </div><div class=\"t m6 h6b ff1fc fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:1.885376px;\">initially<span class=\"_ _3\"/> at cost as <span class=\"_ _3\"/>a proxy fo<span class=\"_ _3\"/>r fair valu<span class=\"_ _3\"/>e.  </div>Accounting policies A provision i<span class=\"_ _3\"/>s recognised i<span class=\"_ _3\"/>n the Consolidated<span class=\"_ _3\"/> Statement of<span class=\"_ _3\"/> Financial Position whe<span class=\"_ _3\"/>n the Group has <span class=\"_ _3\"/>a present legal or constru<span class=\"_ _3\"/>ctive obligatio<span class=\"_ _3\"/>n arising from past ev<span class=\"_ _3\"/>ents, it is <span class=\"ws2\">probab<span class=\"_ _3\"/>le cash will be <span class=\"_ _3\"/>paid to settle i<span class=\"_ _3\"/>t and the a<span class=\"_ _3\"/>mount can </span>be estimated <span class=\"_ _3\"/>reliably. Pro<span class=\"_ _3\"/>visions are determi<span class=\"_ _3\"/>ned by discounti<span class=\"_ _3\"/>n<span class=\"ls185 ws1b6\">g the expec<span class=\"_ _0\"/>ted futu<span class=\"_ _0\"/>re cash flows<span class=\"_ _0\"/> by a rate tha<span class=\"_ _0\"/>t reflects<span class=\"_ _0\"/> </span>current marke<span class=\"_ _3\"/>t assessments of the time <span class=\"_ _3\"/>value of money<span class=\"_ _3\"/> and the risks spe<span class=\"_ _3\"/>cific to the liab<span class=\"_ _3\"/>ility. The u<span class=\"_ _3\"/>nwinding of t<span class=\"_ _3\"/>he discount is<span class=\"_ _3\"/> recognised as a financi<span class=\"_ _3\"/>ng cost in the Consol<span class=\"_ _3\"/><span class=\"ls185 ws1b6\">idated Inco<span class=\"_ _0\"/>me Statemen<span class=\"_ _0\"/>t. The v<span class=\"_ _0\"/>alue of the p<span class=\"_ _0\"/>rovisio<span class=\"_ _0\"/>n is </span>determin<span class=\"_ _0\"/>ed base<span class=\"_ _0\"/>d on assum<span class=\"_ _0\"/>ptions and es<span class=\"_ _0\"/>timates<span class=\"_ _0\"/> in rela<span class=\"_ _0\"/>tion to the am<span class=\"_ _0\"/>ount an<span class=\"_ _0\"/>d timing<span class=\"_ _0\"/> of actual cas<span class=\"_ _0\"/>h flows, which<span class=\"_ _0\"/> are dependen<span class=\"_ _0\"/>t on futu<span class=\"_ _0\"/>re events.<span class=\"_ _335\"> </span>Accounting policies Defined contribution scheme Obligations under the Group<span class=\"_ _3\"/>\u2019s defined contri<span class=\"_ _3\"/>bution schemes ar<span class=\"ls185 ws1b6\">e recognised<span class=\"_ _0\"/> as an opera<span class=\"_ _0\"/>ting cost i<span class=\"_ _0\"/>n the Cons<span class=\"_ _0\"/>olidated<span class=\"_ _0\"/> </span>Income Statement as incurred. For 2022, total contribu<span class=\"ls184 ws1b3\">tio<span class=\"_ _3\"/>ns expensed were \u00a329 <span class=\"_ _3\"/>million (2021<span class=\"_ _3\"/>: \u00a326 million)<span class=\"_ _3\"/>. </span>Defined<span class=\"_ _3\"/> benefit s<span class=\"_ _3\"/>cheme The Group\u2019s<span class=\"_ _3\"/> obligatio<span class=\"_ _3\"/>n in respect o<span class=\"_ _3\"/>f the Defi<span class=\"_ _3\"/>ned Benefit<span class=\"_ _3\"/> Scheme is <span class=\"_ _3\"/>calculated by<span class=\"_ _3\"/> estimating<span class=\"_ _3\"/> the amount of <span class=\"_ _3\"/>future retirement<span class=\"_ _3\"/> benefit t<span class=\"_ _3\"/>hat eligible <span class=\"_ _3\"/>employees <span class=\"_ _3\"/>(\u2018beneficiar<span class=\"_ _3\"/>ies\u2019) <span class=\"_ _3\"/><span class=\"ws1c9\">have earned during t<span class=\"_ _3\"/>heir services. That be<span class=\"_ _3\"/>nefit payable i<span class=\"_ _3\"/>n </span>the future<span class=\"_ _0\"/> is discounte<span class=\"_ _0\"/>d to today\u2019s valu<span class=\"_ _0\"/>e and then th<span class=\"_ _0\"/>e fair value of sche<span class=\"_ _0\"/>me assets is de<span class=\"_ _0\"/>ducted to meas<span class=\"_ _0\"/>ure the d<span class=\"_ _0\"/>efined benefit pension position. <div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:477.8493px;\">Unless ot<span class=\"_ _3\"/>herwise stat<span class=\"_ _3\"/>ed, refere<span class=\"_ _3\"/>nces to De<span class=\"_ _3\"/>fined Bene<span class=\"_ _3\"/>fit Schemes<span class=\"_ _3\"/> (\u2018the Sche<span class=\"_ _3\"/>mes\u2019) wit<span class=\"_ _4\"/>h<span class=\"_ _0\"/>in this<span class=\"_ _3\"/> note refer to<span class=\"_ _3\"/> the IT<span class=\"_ _3\"/>V </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:464.90045px;\">Pensio<span class=\"_ _3\"/>n Scheme, th<span class=\"_ _3\"/>e Unfunded Sch<span class=\"_ _3\"/>eme and the UTV Pen<span class=\"_ _3\"/>s<span class=\"ls18c ws1bc\">ion Scheme combined. Deta<span class=\"ls184 ws1c8\">ils on each scheme are<span class=\"_ _3\"/> </span></span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:451.8686px;\">provided below. </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:428.46106px;\">The liabili<span class=\"_ _0\"/>ties of the Schem<span class=\"_ _0\"/>es are measure<span class=\"_ _0\"/>d by discountin<span class=\"_ _0\"/>g the bes<span class=\"_ _0\"/>t estimate of<span class=\"_ _0\"/> future cash flow<span class=\"_ _0\"/>s to be paid us<span class=\"_ _0\"/>ing </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:415.4292px;\">the \u2018project<span class=\"_ _3\"/>ed unit\u2019 method<span class=\"_ _3\"/>. These calculatio<span class=\"_ _3\"/>ns are complex and are<span class=\"_ _3\"/> performed by a qualifi<span class=\"_ _3\"/>ed actuary. Ther<span class=\"_ _3\"/>e are many </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:402.48035px;\">judgements and estimat<span class=\"_ _3\"/>es necessary to calcu<span class=\"_ _3\"/>late the Group\u2019<span class=\"ls188 ws1d2\">s estimated <span class=\"_ _3\"/>liabilities, the main a<span class=\"_ _3\"/>ssumptions are set o<span class=\"_ _3\"/>ut </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:389.44843px;\">later in<span class=\"_ _0\"/> this n<span class=\"_ _0\"/>ote. Mov<span class=\"_ _0\"/>ements<span class=\"_ _0\"/> in assum<span class=\"_ _0\"/>ptions d<span class=\"_ _0\"/>uring t<span class=\"_ _0\"/>he <span class=\"ls183 ws1b2\">year ar<span class=\"_ _0\"/>e called \u2018actua<span class=\"_ _0\"/>rial gains and losse<span class=\"_ _0\"/>s\u2019 and thes<span class=\"_ _0\"/>e are </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls19b ws1b9\" style=\"left:0.0011901855px; bottom:376.41656px;\">recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the per<span class=\"_ _0\"/>iod in wh<span class=\"_ _0\"/>ich th<span class=\"_ _0\"/>ey aris<span class=\"_ _0\"/>e throu<span class=\"_ _0\"/>gh <span class=\"ls184 ws1c8\">the Consolidated Statement of Compre<span class=\"_ _3\"/>hensive Income.  </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:353.00903px;\">The accoun<span class=\"_ _0\"/>ting<span class=\"_ _0\"/> define<span class=\"_ _0\"/>d benefi<span class=\"_ _0\"/>t pension s<span class=\"_ _0\"/>urplus<span class=\"_ _0\"/> or defic<span class=\"_ _0\"/>it (IAS 1<span class=\"_ _0\"/>9) is dif<span class=\"_ _0\"/>ferent fr<span class=\"_ _0\"/>om the ac<span class=\"_ _0\"/>tuarial<span class=\"_ _0\"/> valuat<span class=\"_ _0\"/>ion surpl<span class=\"_ _0\"/>us or </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:340.06018px;\">deficit as t<span class=\"_ _0\"/>hey are calcul<span class=\"_ _0\"/>ated on th<span class=\"_ _0\"/>e basis of di<span class=\"_ _0\"/>fferent as<span class=\"_ _0\"/><span class=\"ls184 ws1b3\">sumptions, such as <span class=\"_ _3\"/>discount rate. <span class=\"_ _3\"/>The accounting <span class=\"_ _3\"/>defined </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:327.02832px;\">benefit pensio<span class=\"_ _3\"/>n surplus or <span class=\"_ _3\"/>deficit (IAS 1<span class=\"_ _3\"/>9) figure is ca<span class=\"_ _3\"/>lculated as at t<span class=\"_ _3\"/>he balance sheet<span class=\"_ _3\"/> date, and<span class=\"_ _3\"/> the actuaria<span class=\"_ _3\"/>l valuation </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:313.99646px;\">surplus or deficit (or funding surp<span class=\"_ _3\"/><span class=\"ls190 ws1b5\">lus or d<span class=\"_ _3\"/>eficit)<span class=\"_ _3\"/> is calc<span class=\"_ _3\"/>ulated pe<span class=\"ls188 ws1d5\">r the last t<span class=\"_ _3\"/>rienn<span class=\"ls18c ws1bc\">ial valuation. </span></span></span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:290.58887px;\">The latest triennial valuatio<span class=\"_ _3\"/>n of Section A of the ITV Pension Scheme was undertak<span class=\"_ _3\"/>en as at 31 December 2019 by an </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:277.64px;\">independent a<span class=\"_ _3\"/>ctuary appointed by the Tr<span class=\"_ _3\"/>ustee of the Scheme <span class=\"_ _3\"/>and agreed in early <span class=\"_ _3\"/>2022. The funding def<span class=\"_ _3\"/>icit of Section </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:264.60815px;\">A of the <span class=\"_ _3\"/>ITV Pensi<span class=\"_ _3\"/>on Scheme<span class=\"_ _3\"/> as at 31 D<span class=\"_ _3\"/>ecember 20<span class=\"_ _3\"/>19 amounted to<span class=\"_ _3\"/> \u00a3252 mi<span class=\"_ _3\"/>llion, dow<span class=\"_ _3\"/>n from \u00a3489<span class=\"_ _3\"/> million <span class=\"_ _3\"/>at 1 Janua<span class=\"_ _3\"/>ry </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:251.5763px;\">2017. The Group has revi<span class=\"_ _3\"/>sed the existing deficit re<span class=\"_ _3\"/><span class=\"ls188 ws1d2\">duction contributio<span class=\"_ _3\"/>ns to eliminate the def<span class=\"_ _3\"/>icit.  </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:228.1687px;\">The IAS 19 <span class=\"_ _3\"/>surplus or deficit <span class=\"_ _3\"/>does not drive<span class=\"_ _3\"/> the deficit fu<span class=\"_ _3\"/>nding contribution. Followi<span class=\"_ _3\"/>ng the latest triennial va<span class=\"_ _3\"/>luation of </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:215.21985px;\">Section A of the ITV Pensions Scheme, ITV paid deficit re<span class=\"ls189 ws1bf\">duction contributions of <span class=\"_ _0\"/>\u00a340 million in 20<span class=\"_ _0\"/>22, and expec<span class=\"_ _0\"/>ts </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:202.18799px;\">the defic<span class=\"_ _0\"/>it reduc<span class=\"_ _0\"/>tion con<span class=\"_ _0\"/>tribu<span class=\"_ _0\"/>tions to<span class=\"_ _0\"/> be \u00a343 mil<span class=\"_ _0\"/>lion in 20<span class=\"_ _0\"/><span class=\"ls189 ws1bf\">23, \u00a348 million in<span class=\"_ _0\"/> 2024 and \u00a328<span class=\"_ _0\"/> million in 20<span class=\"_ _0\"/>25. The next </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18c ws1be\" style=\"left:0.0011901855px; bottom:189.15613px;\">triennial valuation will be as at <span class=\"_ _0\"/>31<span class=\"ls185 ws1b6\"> Decembe<span class=\"_ _0\"/>r 2022. This<span class=\"_ _0\"/> will dete<span class=\"_ _0\"/>rmine subs<span class=\"_ _0\"/>equent con<span class=\"_ _0\"/>tribut<span class=\"_ _0\"/>ion rates<span class=\"_ _0\"/>. </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:165.7486px;\">An unfund<span class=\"_ _3\"/>ed scheme<span class=\"_ _3\"/> in relatio<span class=\"_ _3\"/>n to former <span class=\"_ _3\"/>beneficia<span class=\"_ _3\"/>ries who a<span class=\"_ _3\"/>ccrued ben<span class=\"_ _3\"/>efits in exce<span class=\"_ _3\"/><span class=\"ls18c ws1bc\">ss of the maximum allowed for </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:152.79974px;\">tax purposes is accounted<span class=\"_ _3\"/> for under IA<span class=\"_ _3\"/>S 19 and the Group is<span class=\"_ _3\"/> responsible for meeting<span class=\"_ _3\"/> the pension oblig<span class=\"_ _3\"/>ations as they </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:139.76782px;\">fall due. For the four fo<span class=\"_ _3\"/>rmer Granada executive<span class=\"_ _3\"/>s within the unfunded schem<span class=\"_ _3\"/>e, there is additiona<span class=\"_ _3\"/>l security in the form </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:126.73596px;\">of a charge over \u00a34<span class=\"_ _3\"/>7 million (2021: \u00a36<span class=\"_ _3\"/>2 million) of securit<span class=\"_ _4\"/>i<span class=\"ls190 ws1c7\">sed gilts held<span class=\"_ _3\"/> by the Group,<span class=\"_ _3\"/> which are c<span class=\"_ _3\"/>lassified<span class=\"_ _3\"/> as other </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:113.7041px;\">pension ass<span class=\"_ _0\"/>ets to refl<span class=\"_ _0\"/>ect the G<span class=\"_ _0\"/>roup\u2019<span class=\"ls18c ws1bc\">s net pension surplus or deficit. </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:90.37958px;\">Due to the size o<span class=\"_ _0\"/>f the UTV Pensio<span class=\"_ _0\"/>n Scheme, the D<span class=\"_ _0\"/>irectors pr<span class=\"_ _0\"/>esent the resul<span class=\"_ _0\"/>ts and posi<span class=\"_ _0\"/>tion of the UT<span class=\"_ _0\"/>V Pension </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0011901855px; bottom:77.34772px;\">Scheme w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> this n<span class=\"_ _0\"/>ote c<span class=\"_ _0\"/>ombin<span class=\"_ _0\"/>ed with<span class=\"_ _0\"/> the ex<span class=\"_ _0\"/>isting<span class=\"_ _0\"/> ITV <span class=\"ls189 ws1d8\">Sche<span class=\"_ _0\"/>mes. In November 2021, the triennial v<span class=\"_ _0\"/>aluation of the </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls189 ws1bf\" style=\"left:0.0011901855px; bottom:64.31586px;\">UTV Pension Sc<span class=\"_ _0\"/>heme at 30 Jun<span class=\"_ _0\"/>e 2020 was compl<span class=\"_ _0\"/>eted. The <span class=\"ls183 ws1b2\">Schem<span class=\"_ _0\"/>e had assets<span class=\"_ _0\"/> of \u00a3140 million as<span class=\"_ _0\"/> at the valuati<span class=\"_ _0\"/>on </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:51.366943px;\">date and<span class=\"_ _0\"/> \u00a3136 mill<span class=\"_ _0\"/>ion of l<span class=\"_ _0\"/>iabilit<span class=\"_ _0\"/>ies res<span class=\"_ _0\"/>ulting<span class=\"_ _0\"/> in an agre<span class=\"_ _0\"/>ed Techn<span class=\"_ _0\"/>ical Prov<span class=\"_ _0\"/>isions<span class=\"_ _0\"/> fundi<span class=\"_ _0\"/>ng surplu<span class=\"_ _0\"/>s of \u00a34 mill<span class=\"_ _0\"/>ion and h<span class=\"_ _0\"/>ence </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:38.335083px;\">there are no d<span class=\"_ _3\"/>eficit contrib<span class=\"_ _3\"/>utions payab<span class=\"_ _3\"/>le. The next tri<span class=\"_ _4\"/>ennial valuation will be a<span class=\"_ _3\"/>s at 30 June 2023<span class=\"_ _3\"/>. </div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:14.927551px;\">The princ<span class=\"_ _0\"/>ipal empl<span class=\"_ _0\"/>oyer of the<span class=\"_ _0\"/> ITV Pension Sch<span class=\"_ _0\"/>eme and th<span class=\"_ _0\"/>e <span class=\"ls186 ws2\">Unfunded S<span class=\"_ _3\"/>cheme is <span class=\"_ _3\"/>ITV Service<span class=\"_ _3\"/>s Limited, t<span class=\"_ _3\"/>he Granada </span></div><div class=\"t m0 h6b ff216 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:1.8956909px;\">supplem<span class=\"_ _0\"/>entary s<span class=\"_ _0\"/>cheme is Gran<span class=\"_ _0\"/>ada Grou<span class=\"_ _0\"/>p Limited<span class=\"_ _0\"/> and the UTV P<span class=\"_ _0\"/>ension<span class=\"_ _0\"/> Scheme is UTV<span class=\"_ _0\"/> Limited.<span class=\"_ _0\"/> </div><div class=\"t m5 h72 ff269 fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0011901855px; bottom:67.50812px;\">Accounting policies </div><div class=\"t m6 h6d ff269 fs29 fcd sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:53.933777px;\">Borrowings </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:40.984924px;\">Borrowin<span class=\"_ _0\"/>gs are recogn<span class=\"_ _0\"/>ised initi<span class=\"_ _0\"/>ally at fair val<span class=\"_ _0\"/>ue less dir<span class=\"_ _0\"/>ectly attrib<span class=\"_ _0\"/>utable trans<span class=\"_ _0\"/>action cost<span class=\"_ _0\"/>s, with sub<span class=\"_ _0\"/>sequent </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:27.953064px;\">measurem<span class=\"_ _0\"/>ent at amor<span class=\"_ _0\"/>tised cos<span class=\"_ _0\"/>t using th<span class=\"_ _0\"/>e effectiv<span class=\"_ _0\"/>e interes<span class=\"_ _0\"/>t rate me<span class=\"_ _0\"/>thod. Und<span class=\"_ _0\"/>er the amo<span class=\"_ _0\"/>rtised c<span class=\"_ _0\"/>ost method<span class=\"_ _0\"/>, the </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:14.921143px;\">difference<span class=\"_ _3\"/> between the amou<span class=\"_ _3\"/>nt initially re<span class=\"_ _3\"/>cognised and the <span class=\"ws1c8\">re<span class=\"_ _3\"/>demption value is re<span class=\"_ _3\"/>corded in the Consolidated Incom<span class=\"_ _3\"/>e </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:1.8892822px;\">Statement o<span class=\"_ _3\"/>ver the period <span class=\"_ _3\"/>of the borrowing<span class=\"_ _3\"/> on an eff<span class=\"_ _3\"/>ective int<span class=\"_ _3\"/>erest rate b<span class=\"_ _3\"/>asis. </div>Accounting policies Derivative<span class=\"_ _3\"/> financial i<span class=\"_ _3\"/>nstruments ar<span class=\"_ _3\"/>e initially<span class=\"_ _3\"/> recognised at<span class=\"_ _3\"/> fair va<span class=\"_ _3\"/>lue and are <span class=\"_ _3\"/>subsequently <span class=\"_ _3\"/>remeasured at<span class=\"_ _3\"/> fair value with the moveme<span class=\"_ _3\"/>nt recorded i<span class=\"_ _3\"/>n the Consolidated Income <span class=\"_ _3\"/>Statement<span class=\"_ _3\"/>, except where deriv<span class=\"_ _3\"/>atives qualify fo<span class=\"_ _3\"/>r cash flow hedge acco<span class=\"_ _0\"/>unting. In<span class=\"_ _0\"/> this ca<span class=\"_ _0\"/>se, the <span class=\"_ _0\"/>effective<span class=\"_ _0\"/> portion<span class=\"_ _0\"/> of a cash<span class=\"_ _0\"/> flow hed<span class=\"_ _0\"/>ge is rec<span class=\"_ _0\"/>ognise<span class=\"_ _0\"/>d in othe<span class=\"_ _0\"/>r compre<span class=\"_ _0\"/>hensive income<span class=\"_ _0\"/> and pr<span class=\"_ _0\"/>esente<span class=\"_ _0\"/>d in t<span class=\"_ _0\"/>he he<span class=\"_ _0\"/>dging <span class=\"_ _0\"/>reserv<span class=\"_ _0\"/>e with<span class=\"_ _0\"/>in equ<span class=\"_ _0\"/>ity. T<span class=\"_ _0\"/>h<span class=\"ls184 ws1c8\">e cumulative gain or lo<span class=\"_ _3\"/>ss is later reclassified to the </span>Consolid<span class=\"_ _0\"/>ated Income Sta<span class=\"_ _0\"/>tement in th<span class=\"_ _0\"/>e same period as<span class=\"_ _0\"/> the relevan<span class=\"_ _0\"/>t hedged transac<span class=\"_ _0\"/>tion is real<span class=\"_ _0\"/>ised. Deri<span class=\"_ _0\"/>vatives with<span class=\"_ _0\"/> positive<span class=\"_ _0\"/> fair val<span class=\"_ _0\"/>ues are<span class=\"_ _0\"/> recor<span class=\"_ _0\"/>ded as ass<span class=\"_ _0\"/>ets an<span class=\"_ _0\"/>d negat<span class=\"_ _0\"/>ive fair<span class=\"_ _0\"/> values<span class=\"_ _0\"/> as liab<span class=\"_ _0\"/>ilities<span class=\"_ _0\"/>.<div class=\"t m5 h72 ff2d8 fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0007171631px; bottom:67.51788px;\">Accounting policies </div><div class=\"t m6 h6b ff2da fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0007171631px; bottom:53.943665px;\">Net fina<span class=\"_ _3\"/>ncing <span class=\"_ _3\"/>costs comp<span class=\"_ _3\"/>rise intere<span class=\"_ _3\"/>st income<span class=\"_ _3\"/> on fund<span class=\"_ _3\"/>s invested<span class=\"_ _3\"/>, gains/lo<span class=\"_ _4\"/>sses on the dispo<span class=\"_ _3\"/>sal of fi<span class=\"_ _4\"/>nancial </div><div class=\"t m6 h6b ff2da fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:40.994812px;\">instrum<span class=\"_ _0\"/>ents, changes in<span class=\"_ _0\"/> the fair value o<span class=\"_ _0\"/>f financial instr<span class=\"_ _0\"/>u<span class=\"ls184 ws1b3\">ments, interest e<span class=\"_ _3\"/>xpense on borrowi<span class=\"_ _3\"/>ngs, unwinding<span class=\"_ _3\"/> of the </span></div><div class=\"t m6 h6b ff2da fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0007171631px; bottom:27.96289px;\">discount<span class=\"_ _3\"/> on provisi<span class=\"_ _3\"/>ons, u<span class=\"_ _3\"/>nwinding o<span class=\"_ _3\"/>f the disco<span class=\"_ _3\"/>unt on li<span class=\"_ _3\"/>abilitie<span class=\"_ _3\"/>s to non<span class=\"_ _3\"/>-contro<span class=\"_ _3\"/>lling inte<span class=\"_ _3\"/>rest, fo<span class=\"_ _3\"/>reign exch<span class=\"_ _3\"/>ange </div><div class=\"t m6 h6b ff2da fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:14.93103px;\">gain/losses<span class=\"_ _0\"/>, and imp<span class=\"_ _0\"/>uted in<span class=\"_ _0\"/>terest on<span class=\"_ _0\"/> pension ass<span class=\"_ _0\"/>ets and lia<span class=\"_ _0\"/>bilities<span class=\"_ _0\"/>. Interes<span class=\"_ _0\"/>t income an<span class=\"_ _0\"/>d expens<span class=\"_ _0\"/>e is recogn<span class=\"_ _0\"/>ised as it<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff2da fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:1.8991699px;\">accrues<span class=\"_ _0\"/> in prof<span class=\"_ _0\"/>it or loss<span class=\"_ _0\"/>, using<span class=\"_ _0\"/> the effec<span class=\"_ _0\"/>tive in<span class=\"_ _0\"/>terest m<span class=\"_ _0\"/>ethod.<span class=\"_ _0\"/> </div>Accounting policies Lease li<span class=\"_ _0\"/>abiliti<span class=\"_ _0\"/>es repr<span class=\"_ _0\"/>esent th<span class=\"_ _0\"/>e disc<span class=\"_ _0\"/>ounted fu<span class=\"_ _0\"/>ture l<span class=\"_ _0\"/>ease pa<span class=\"ls186\">yments. Discount rates ar<span class=\"_ _3\"/>e calculated <span class=\"_ _3\"/>for similar<span class=\"_ _3\"/> assets, </span>in similar<span class=\"_ _0\"/> economic<span class=\"_ _0\"/> environm<span class=\"_ _0\"/>ents, tak<span class=\"_ _0\"/>ing into acc<span class=\"_ _0\"/>ount the <span class=\"ls186 ws2\">length of the lea<span class=\"_ _3\"/>se. The unwi<span class=\"_ _3\"/>nding of t<span class=\"_ _3\"/>he discounting<span class=\"_ _3\"/> is </span>recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> net <span class=\"_ _0\"/>financ<span class=\"_ _0\"/>ing cos<span class=\"_ _0\"/>ts in<span class=\"_ _0\"/> the C<span class=\"_ _0\"/>onsol<span class=\"_ _0\"/>idated In<span class=\"_ _0\"/>co<span class=\"ls184\">me Statement. The f<span class=\"_ _3\"/>ollowing table o<span class=\"_ _3\"/>utlines the matu<span class=\"_ _3\"/>rity </span>analysis o<span class=\"_ _0\"/>f the lease<span class=\"_ _0\"/> liabil<span class=\"_ _0\"/>ities:<div class=\"t m5 h72 ff2ff fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0007171631px; bottom:103.870544px;\">Accounting policies </div><div class=\"t m6 h6d ff2ff fs29 fcd sc0 ls18c ws1bf\" style=\"left:0.0007171631px; bottom:90.37421px;\">Fair value reserve </div><div class=\"t m6 h6b ff301 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:77.34235px;\">Financial a<span class=\"_ _3\"/>ssets are <span class=\"_ _3\"/>stated at f<span class=\"_ _3\"/>air value<span class=\"_ _3\"/>, with any gai<span class=\"_ _3\"/>n or <span class=\"_ _3\"/>loss recogni<span class=\"_ _3\"/>sed directly<span class=\"_ _3\"/> in the fair va<span class=\"_ _3\"/>lue reserve<span class=\"_ _3\"/> in equity, </div><div class=\"t m6 h6b ff301 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:64.310486px;\">unless the loss is <span class=\"_ _3\"/>a permanent impairme<span class=\"_ _3\"/>nt, when it i<span class=\"_ _3\"/>s <span class=\"ws1c8\">then recorded in the Co<span class=\"_ _3\"/>nsolidated Income Statem<span class=\"_ _3\"/>ent. </span></div><div class=\"t m6 h6d ff2ff fs29 fcd sc0 ls190 ws1b2\" style=\"left:0.0007171631px; bottom:40.902954px;\">Dividend<span class=\"_ _3\"/>s </div><div class=\"t m6 h6b ff301 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:27.95404px;\">Dividends are <span class=\"_ _3\"/>recognised through <span class=\"_ _3\"/>equity on the ea<span class=\"_ _3\"/>rlier of their <span class=\"_ _3\"/>approval by t<span class=\"_ _3\"/>he Company\u2019s shareho<span class=\"_ _3\"/>lders or their </div><div class=\"t m6 h6b ff301 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:14.92218px;\">payment. Divid<span class=\"_ _3\"/>ends are di<span class=\"_ _3\"/>stributed based on t<span class=\"_ _3\"/>he realised distr<span class=\"_ _3\"/>ibutable reser<span class=\"_ _3\"/>ves (within <span class=\"_ _3\"/>retained earnings) <span class=\"_ _3\"/>of ITV plc </div><div class=\"t m6 h6b ff301 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:1.8903198px;\">(the Company)<span class=\"_ _3\"/> and not based on <span class=\"_ _3\"/>the Group\u2019s <span class=\"_ _3\"/>retained earnings. </div><div class=\"t m5 h72 ff308 fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0011901855px; bottom:265.14917px;\">Accounting policies </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:251.65295px;\">For each of the Gro<span class=\"_ _3\"/>up\u2019s share-based co<span class=\"ls184 ws1b3\">mpe<span class=\"_ _3\"/>nsation schemes, the fai<span class=\"_ _3\"/>r value of t<span class=\"_ _3\"/>he equity instr<span class=\"_ _3\"/>ument granted is<span class=\"_ _3\"/> </span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:238.6211px;\">measured at<span class=\"_ _3\"/> grant date and sp<span class=\"_ _3\"/>read over t<span class=\"_ _3\"/>he vesting peri<span class=\"_ _3\"/>od <span class=\"ws1c8\">via a charge to the Conso<span class=\"_ _3\"/>lidat<span class=\"ls186 ws1c9\">ed Income Stateme<span class=\"_ _3\"/>nt with a </span></span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:225.58923px;\">correspondi<span class=\"_ _3\"/>ng increase<span class=\"_ _3\"/> in equity<span class=\"_ _3\"/>. </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls198 ws1b2\" style=\"left:0.0011901855px; bottom:202.18164px;\">The fair value of the share options and awar<span class=\"ws2\">ds is measure<span class=\"_ _0\"/>d using either market <span class=\"_ _0\"/>price at gran<span class=\"_ _0\"/>t date or, for th<span class=\"_ _0\"/>e SAYE scheme, </span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls197 ws1c5\" style=\"left:0.0011901855px; bottom:189.23279px;\">a Black\u2013Scholes model, taking into account the terms and condit<span class=\"ls198 ws2\">ions of the individ<span class=\"_ _0\"/>ual scheme. Expected volatility<span class=\"_ _0\"/> is based </span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls197 ws1b5\" style=\"left:0.0011901855px; bottom:176.20093px;\">on the historical volatility <span class=\"_ _0\"/>of ITV plc <span class=\"ls198 ws2\">shares over a three or<span class=\"_ _0\"/> five year period, b<span class=\"_ _0\"/>ased on the life of th<span class=\"_ _0\"/>e options. </span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:152.79333px;\">Vesting<span class=\"_ _3\"/> condition<span class=\"_ _3\"/>s are limit<span class=\"_ _3\"/>ed to service co<span class=\"_ _3\"/>nditions<span class=\"_ _3\"/> and performance<span class=\"_ _3\"/> condition<span class=\"_ _3\"/>s. For perfor<span class=\"_ _3\"/>mance-based s<span class=\"_ _3\"/>chemes, </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:139.76147px;\">the releva<span class=\"_ _0\"/>nt Group pe<span class=\"_ _0\"/>rformance<span class=\"_ _0\"/> measures<span class=\"_ _0\"/> are projec<span class=\"_ _0\"/>ted to th<span class=\"_ _0\"/>e end of the p<span class=\"_ _0\"/>erform<span class=\"_ _0\"/>ance perio<span class=\"_ _0\"/>d in order<span class=\"_ _0\"/> to determ<span class=\"_ _0\"/>ine </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:126.81262px;\">the numbe<span class=\"_ _0\"/>r of option<span class=\"_ _0\"/>s expecte<span class=\"_ _0\"/>d to vest.<span class=\"_ _0\"/> This estima<span class=\"_ _0\"/>te of the p<span class=\"_ _0\"/>erform<span class=\"_ _0\"/>ance measur<span class=\"_ _0\"/>es is used to<span class=\"_ _0\"/> determin<span class=\"_ _0\"/>e the op<span class=\"_ _0\"/>tion </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:113.78076px;\">fair value<span class=\"_ _3\"/>, discounted to pre<span class=\"_ _3\"/>sent value. T<span class=\"_ _3\"/>he Group revise<span class=\"_ _3\"/>s the numbe<span class=\"_ _3\"/>r of options that<span class=\"_ _3\"/> are expected to<span class=\"_ _3\"/> vest, includ<span class=\"_ _3\"/>ing </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:100.7489px;\">an estimate of<span class=\"_ _0\"/> forfeitu<span class=\"_ _0\"/>res at each repor<span class=\"_ _0\"/>ting date based<span class=\"_ _0\"/> on forecas<span class=\"_ _0\"/>t performanc<span class=\"_ _0\"/>e measures<span class=\"_ _0\"/>. The impac<span class=\"_ _0\"/>t of the </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:87.80005px;\">revision to<span class=\"_ _3\"/> original esti<span class=\"_ _3\"/>mates, if any, is r<span class=\"_ _3\"/>ecognised in<span class=\"ls186 ws1c9\"> t<span class=\"_ _3\"/>he Consolidated<span class=\"_ _3\"/> Income Statement<span class=\"_ _3\"/>, with a corresponding </span></div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:74.76819px;\">adjustme<span class=\"_ _3\"/>nt to equity. </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:51.360596px;\">Exercises of <span class=\"_ _3\"/>share options granted<span class=\"_ _3\"/> to employees <span class=\"_ _3\"/>can be satisfied <span class=\"_ _3\"/>by market pur<span class=\"_ _3\"/>chase or issue<span class=\"_ _3\"/> of new share<span class=\"_ _3\"/>s. No new </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:38.328735px;\">shares may be i<span class=\"_ _3\"/>ssued to sati<span class=\"_ _3\"/>sfy exercises u<span class=\"_ _3\"/>nder the term<span class=\"_ _3\"/>s of the DSA. During t<span class=\"_ _3\"/>he year, all e<span class=\"_ _3\"/>xercises were<span class=\"_ _3\"/> satisfied by </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:25.296875px;\">using shar<span class=\"_ _3\"/>es purchased i<span class=\"_ _3\"/>n the market<span class=\"_ _3\"/> and held i<span class=\"_ _3\"/>n the ITV <span class=\"_ _3\"/>Employees\u2019 Be<span class=\"_ _3\"/>nefit Trust. </div><div class=\"t m6 h6b ff30a fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:1.8893433px;\">Share-based<span class=\"_ _3\"/> compensation charges tota<span class=\"_ _3\"/>lled <span class=\"ls190 ws1b5\">\u00a319 millio<span class=\"_ _3\"/>n in 2022 (<span class=\"_ _3\"/>2021: \u00a312 <span class=\"_ _3\"/>million)<span class=\"_ _3\"/>.</span><span class=\"ls190 ws1b5\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "Revenue mea<span class=\"_ _3\"/>surement and recogni<span class=\"_ _3\"/>tion The Group d<span class=\"_ _0\"/>erives reven<span class=\"_ _0\"/>ue from the t<span class=\"_ _0\"/>ransfer of goo<span class=\"_ _0\"/>ds and serv<span class=\"_ _0\"/>ices. Reve<span class=\"_ _0\"/>nue recogni<span class=\"_ _0\"/>tion is based<span class=\"_ _0\"/> on the deliver<span class=\"_ _0\"/>y of performance ob<span class=\"_ _3\"/>ligations and an<span class=\"_ _3\"/> assessment of when <span class=\"_ _3\"/>control is tra<span class=\"_ _3\"/>nsferred to the<span class=\"_ _3\"/> customer. Revenu<span class=\"_ _3\"/>e is recogni<span class=\"_ _3\"/>sed either when<span class=\"_ _3\"/> the performance ob<span class=\"_ _3\"/>ligation in the <span class=\"_ _3\"/>contract has <span class=\"_ _3\"/>been performed (<span class=\"_ _3\"/>\u2018point in time\u2019 r<span class=\"_ _3\"/>ecognition) or \u2018<span class=\"_ _3\"/>over time\u2019 as contro<span class=\"_ _3\"/>l of the performance o<span class=\"_ _3\"/>bligation i<span class=\"_ _3\"/>s transferred to the <span class=\"_ _3\"/>customer. Customer co<span class=\"_ _3\"/>ntracts can ha<span class=\"_ _3\"/>ve a wide variety of perfo<span class=\"_ _3\"/>rma<span class=\"ls184 ws1b3\">nce obligations, <span class=\"_ _3\"/>from producti<span class=\"_ _3\"/>on contracts to<span class=\"_ _3\"/> format </span>licences and d<span class=\"_ _0\"/>istribut<span class=\"_ _0\"/>ion activit<span class=\"_ _0\"/>ies. For these c<span class=\"_ _0\"/>ontracts,<span class=\"_ _0\"/> each perfo<span class=\"_ _0\"/>rmance obli<span class=\"_ _0\"/>gation is id<span class=\"_ _0\"/>entified an<span class=\"_ _0\"/>d evaluate<span class=\"_ _0\"/>d. Under IFRS 15<span class=\"_ _0\"/> the Group ne<span class=\"_ _0\"/>eds to evalua<span class=\"_ _0\"/>te if a format or lic<span class=\"_ _0\"/>ence repres<span class=\"_ _0\"/>ents a righ<span class=\"_ _0\"/>t to access the co<span class=\"_ _0\"/>ntent (rev<span class=\"_ _0\"/>enue recognised<span class=\"_ _3\"/> over time) or<span class=\"_ _3\"/> represents a right to<span class=\"_ _3\"/> use the co<span class=\"_ _3\"/>ntent (revenue re<span class=\"_ _3\"/>cognised at a<span class=\"_ _3\"/> point in time)<span class=\"_ _3\"/>. The Group has determined that mo<span class=\"_ _3\"/>st format and <span class=\"_ _3\"/>licence reve<span class=\"_ _3\"/>nues are sati<span class=\"_ _3\"/>sfied at a poi<span class=\"_ _3\"/>nt in time due t<span class=\"_ _3\"/>o there bei<span class=\"_ _3\"/>ng limited ongoing involvem<span class=\"_ _0\"/>ent in the us<span class=\"_ _0\"/>e of the lic<span class=\"_ _0\"/>ence following its t<span class=\"_ _0\"/>ransfer to the c<span class=\"_ _0\"/>ustomer. The transa<span class=\"_ _3\"/>ction price, b<span class=\"_ _3\"/>eing the amou<span class=\"_ _3\"/>nt to which the<span class=\"_ _3\"/> Grou<span class=\"ls184 ws1b3\">p<span class=\"_ _3\"/> expects to be <span class=\"_ _3\"/>entitled and ha<span class=\"_ _3\"/>s rights to und<span class=\"_ _3\"/>er the </span>contract is all<span class=\"_ _0\"/>ocated<span class=\"_ _0\"/> to the identifi<span class=\"_ _0\"/>ed perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions. The t<span class=\"_ _0\"/>ransaction<span class=\"_ _0\"/> price will also<span class=\"_ _0\"/> include an estima<span class=\"_ _0\"/>te of any variable<span class=\"_ _3\"/> consideration where the Group\u2019<span class=\"_ _3\"/>s performance ma<span class=\"ls18b ws1c0\">y result in<span class=\"_ _0\"/> additional <span class=\"_ _0\"/>revenues. Va<span class=\"_ _0\"/>riable cons<span class=\"_ _0\"/>ideration </span>is estimat<span class=\"_ _0\"/>ed based on<span class=\"_ _0\"/> the achievem<span class=\"_ _0\"/>ent of agre<span class=\"_ _0\"/>ed targets, such<span class=\"_ _0\"/> as audience t<span class=\"_ _0\"/>argets. Vari<span class=\"_ _0\"/>able consid<span class=\"_ _0\"/>eration is recogni<span class=\"_ _3\"/>sed only to t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e extent that<span class=\"_ _3\"/> it is hig<span class=\"_ _3\"/>hly probable t<span class=\"_ _3\"/>h<span class=\"ls185\">at a signif<span class=\"_ _0\"/>icant r<span class=\"_ _0\"/>eversal <span class=\"_ _0\"/>of reven<span class=\"_ _0\"/>ue reco<span class=\"_ _0\"/>gnise<span class=\"_ _0\"/>d will not<span class=\"_ _0\"/> occur </span>when the unce<span class=\"_ _3\"/>rtainty associat<span class=\"_ _3\"/>ed with the vari<span class=\"_ _3\"/>able consid<span class=\"_ _3\"/>eration is subsequent<span class=\"_ _3\"/>ly resolved.  Revenue is <span class=\"_ _3\"/>stated exclu<span class=\"_ _3\"/>sive of VAT a<span class=\"_ _3\"/>nd equivalent sales ta<span class=\"_ _3\"/>xes. Complexity in advert<span class=\"_ _0\"/>ising revenue measuremen<span class=\"_ _0\"/>t and recogniti<span class=\"_ _0\"/>on is driven by a combina<span class=\"_ _0\"/>tion of automate<span class=\"_ _0\"/>d and manual processes involved in measuring the value delivered to the cust<span class=\"ls198 ws2\">omer and therefore the v<span class=\"_ _0\"/>alue of variable consideration <span class=\"_ _0\"/>due.  </span>In assessing the transaction price, an<span class=\"ls183 ws1b5\">y non-cash cons<span class=\"_ _0\"/>ideratio<span class=\"_ _0\"/>n received f<span class=\"_ _0\"/>rom a c<span class=\"_ _0\"/>ustomer<span class=\"_ _0\"/> is includ<span class=\"_ _0\"/>ed. Non-c<span class=\"_ _0\"/>ash </span>consideration i<span class=\"_ _3\"/>s measured at fair v<span class=\"_ _3\"/>alue. It<span class=\"_ _3\"/> takes into acco<span class=\"_ _3\"/>unt the value <span class=\"_ _3\"/>of what the Gr<span class=\"_ _3\"/>oup is recei<span class=\"_ _3\"/>ving rather than the value of <span class=\"_ _3\"/>what the Group i<span class=\"_ _3\"/>s giving up. Complex one-<span class=\"_ _0\"/>off contrac<span class=\"_ _0\"/>ts in all class<span class=\"_ _0\"/>es of reven<span class=\"_ _0\"/>ue are assesse<span class=\"_ _0\"/>d individuall<span class=\"_ _0\"/>y and judgem<span class=\"_ _0\"/>ent is exe<span class=\"_ _0\"/>rcised in identifyin<span class=\"_ _0\"/>g perform<span class=\"_ _0\"/>ance obliga<span class=\"_ _0\"/>tions and all<span class=\"_ _0\"/>ocating a pr<span class=\"_ _0\"/>ice to them. T<span class=\"_ _0\"/>iming of reven<span class=\"_ _0\"/>ue recogni<span class=\"_ _0\"/>tion is ano<span class=\"_ _0\"/>ther area of judgemen<span class=\"_ _0\"/>t partic<span class=\"_ _0\"/>ularly in r<span class=\"_ _0\"/>espect of c<span class=\"_ _0\"/>ontracts<span class=\"_ _0\"/> in the I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios divis<span class=\"_ _0\"/>ion to <span class=\"_ _0\"/>assess whethe<span class=\"_ _0\"/>r revenue<span class=\"_ _0\"/> should be<span class=\"_ _0\"/> recogni<span class=\"_ _3\"/>sed at a point<span class=\"_ _3\"/> in time or<span class=\"_ _3\"/> over time<span class=\"_ _3\"/>.<span class=\"_ _335\"> </span>Revenue recogniti<span class=\"_ _3\"/>on criteria for the Gr<span class=\"_ _3\"/>oup\u2019s key classes of r<span class=\"_ _3\"/>evenue are as follows: Segment <span class=\"_ _12f\"> </span>Major cl<span class=\"_ _0\"/>asses of revenue and reve<span class=\"_ _0\"/>nue recognition policy <span class=\"_ _212\"> </span>Payment terms ITV Studios<span class=\"_ _0\"/> Programm<span class=\"_ _0\"/>e production \u2022  <span class=\"ff149 ls185 ws1b6\">Revenue gen<span class=\"_ _0\"/>erated fr<span class=\"_ _0\"/>om the prog<span class=\"_ _0\"/>rammes<span class=\"_ _0\"/> produced fo<span class=\"_ _0\"/>r broadcas<span class=\"_ _0\"/>ters </span>and streami<span class=\"_ _3\"/>ng platforms <span class=\"_ _3\"/>in the UK, US<span class=\"_ _3\"/> and internatio<span class=\"_ _3\"/>nally is recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery o<span class=\"_ _3\"/>f an episode and a<span class=\"_ _3\"/>cceptance by the customer<span class=\"_ _3\"/>. Revenue from producer<span class=\"_ _3\"/> for hire contracts, where in an event<span class=\"_ _3\"/> of cancel<span class=\"_ _3\"/>lation, co<span class=\"_ _4\"/>st is recovered p<span class=\"_ _3\"/>lus a margin<span class=\"_ _3\"/>, is recog<span class=\"_ _3\"/>nised over time, <span class=\"_ _3\"/>over the term of the <span class=\"_ _3\"/>contract \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Format licences<span class=\"_ _0\"/> \u2022  <span class=\"ff149 ls184 ws1c8\">A licence i<span class=\"_ _3\"/>s granted for the exploitatio<span class=\"_ _3\"/>n of a format in a stated </span>territory, media and p<span class=\"_ _3\"/>eriod. Licence reve<span class=\"_ _3\"/>nue is recognised <span class=\"_ _3\"/>when the licen<span class=\"_ _3\"/>ce period <span class=\"_ _3\"/>has comme<span class=\"_ _3\"/>nced (poi<span class=\"_ _3\"/>nt in ti<span class=\"_ _3\"/>me) \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Programm<span class=\"_ _0\"/>e distribution rights \u2022  <span class=\"ff149 ls184 ws1b3\">A lice<span class=\"_ _3\"/>nce is granted f<span class=\"_ _3\"/>or the transm<span class=\"_ _3\"/>ission of a pr<span class=\"_ _3\"/>ogramme in a stated<span class=\"_ _3\"/> </span>territory, media and p<span class=\"_ _3\"/>eriod and revenue i<span class=\"_ _3\"/>s recognised at t<span class=\"_ _3\"/>he point when the con<span class=\"_ _0\"/>tract is si<span class=\"_ _0\"/>gned, the con<span class=\"_ _0\"/>tent is ava<span class=\"_ _0\"/>ilable fo<span class=\"_ _0\"/>r downloa<span class=\"_ _0\"/>d and the licenc<span class=\"_ _0\"/>e period has<span class=\"_ _0\"/> started (<span class=\"_ _0\"/>point in t<span class=\"_ _0\"/>ime) \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Segment <span class=\"_ _12f\"> </span>Major classes<span class=\"_ _0\"/> of revenue and revenue recognition po<span class=\"_ _0\"/>licy <span class=\"_ _213\"> </span>Payment terms Media &amp; Entertainment Total adver<span class=\"_ _3\"/>tising revenue \u2022  <span class=\"ff149 ls18d ws1d4\">Net adver<span class=\"_ _0\"/>tising r<span class=\"_ _0\"/>evenue<span class=\"_ _0\"/> is gener<span class=\"_ _0\"/>ated fr<span class=\"_ _0\"/>om sellin<span class=\"_ _0\"/>g spot a<span class=\"_ _0\"/>irtime on<span class=\"_ _0\"/> linear </span>TV and is re<span class=\"_ _3\"/>cognised at the <span class=\"_ _3\"/>point of tran<span class=\"_ _3\"/>smission \u2022  <span class=\"ff149 ls186 ws2\">Onli<span class=\"_ _3\"/>ne advertising<span class=\"_ _3\"/> revenue <span class=\"_ _3\"/>from video <span class=\"_ _3\"/>on demand is <span class=\"_ _3\"/>generated f<span class=\"_ _3\"/>rom </span>sellin<span class=\"_ _0\"/>g advert<span class=\"_ _0\"/>ising on<span class=\"_ _0\"/> ITVX (ITV<span class=\"_ _0\"/> Hub bef<span class=\"_ _0\"/>ore the lau<span class=\"_ _0\"/>nch of I<span class=\"_ _0\"/>TVX) and<span class=\"_ _0\"/> is recognised<span class=\"_ _3\"/> at the point<span class=\"_ _3\"/> of delivery \u2022  <span class=\"ff149 ls186 ws1c9\">Revenue<span class=\"_ _3\"/> from the sponsorship<span class=\"_ _4\"/> <span class=\"_ _0\"/>of programmes across IT<span class=\"_ _3\"/>V linear </span>channels and<span class=\"_ _3\"/> online<span class=\"_ _3\"/> is recog<span class=\"_ _3\"/>nised over <span class=\"_ _3\"/>the period of t<span class=\"_ _3\"/>ransmissio<span class=\"_ _3\"/>n \u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span>after tran<span class=\"_ _0\"/>smission<span class=\"_ _0\"/> \u2022  <span class=\"ff149 ls189 ws1d8\">Received in the month </span>after c<span class=\"_ _0\"/>ampaign <span class=\"_ _0\"/>is delivered \u2022  <span class=\"ff149 ls19b ws1b9\">Receive<span class=\"_ _0\"/>d prior<span class=\"_ _0\"/> to </span>transmission Subscriptions \u2022  <span class=\"ff149 ls18d ws1d4\">Revenue f<span class=\"_ _0\"/>rom subsc<span class=\"_ _0\"/>ripti<span class=\"_ _0\"/>on serv<span class=\"_ _0\"/>ices is rec<span class=\"_ _0\"/>ognis<span class=\"_ _0\"/>ed over th<span class=\"_ _0\"/>e </span>subscription period \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contract or subscription period SDN \u2022  <span class=\"ff149 ls184 ws1b3\">Revenue i<span class=\"_ _3\"/>s generated fr<span class=\"_ _3\"/>om the carriage <span class=\"_ _3\"/>fee or capaci<span class=\"_ _3\"/>ty of the digita<span class=\"_ _3\"/>l </span>multiplex and is recog<span class=\"_ _3\"/>nised over the term <span class=\"_ _3\"/>of the contract \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t Partners<span class=\"_ _3\"/>hips and other re<span class=\"_ _0\"/>venue \u2022  <span class=\"ff149 ls185 ws1b6\">Revenue fro<span class=\"_ _0\"/>m platform<span class=\"_ _0\"/>s such as Sky<span class=\"_ _0\"/> and Virgin M<span class=\"_ _0\"/>edia O2, an<span class=\"_ _0\"/>d </span> third-party commissi<span class=\"_ _3\"/>ons. Revenue relat<span class=\"_ _3\"/>ed to performance oblig<span class=\"_ _3\"/>ations delivered over time (<span class=\"_ _3\"/>e.g. provision of HD<span class=\"_ _3\"/> and SD channels <span class=\"_ _3\"/>and updated library cont<span class=\"_ _3\"/>ent) are recogni<span class=\"_ _3\"/>sed over<span class=\"ls18d ws1d4\"> the term of the c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>t while </span>revenues<span class=\"_ _0\"/> relate<span class=\"_ _0\"/>d to one-<span class=\"_ _0\"/>time p<span class=\"_ _0\"/>rovision<span class=\"_ _0\"/> of conten<span class=\"_ _0\"/>t are <span class=\"_ _0\"/>recognis<span class=\"_ _0\"/>ed on delivery of<span class=\"_ _0\"/> the conten<span class=\"_ _0\"/>t (poin<span class=\"_ _0\"/>t in time) \u2022  <span class=\"ff149 ls184 ws1b3\">Interacti<span class=\"_ _3\"/>ve revenue i<span class=\"_ _3\"/>s earned from e<span class=\"_ _3\"/>ntries to co<span class=\"_ _3\"/>mpetitions and i<span class=\"_ _3\"/>s </span>recognis<span class=\"_ _0\"/>ed as the ev<span class=\"_ _0\"/>ent occurs (<span class=\"_ _0\"/>point in ti<span class=\"_ _0\"/>me) \u2022  <span class=\"ff149 ls186 ws1c9\">Minorities reve<span class=\"_ _3\"/>nue is the revenu<span class=\"_ _3\"/>e received from Cha<span class=\"_ _3\"/>nnel 3 lice<span class=\"_ _3\"/>ncees </span>that are not<span class=\"_ _4\"/> part of the ITV Group. <span class=\"_ _3\"/>The performance<span class=\"_ _3\"/> obligations ar<span class=\"_ _3\"/>e delivered as programmi<span class=\"_ _3\"/>ng is delivered to t<span class=\"_ _3\"/>he licensee and revenue<span class=\"_ _3\"/> is recogni<span class=\"_ _3\"/>sed over the term of t<span class=\"_ _3\"/>he contract (over time) \u2022  <span class=\"ff149 ls184 ws1c8\">Other catego<span class=\"_ _3\"/>ries of revenues withi<span class=\"_ _3\"/>n \u2018Partnerships and other<span class=\"_ _3\"/> revenue\u2019 </span>are indiv<span class=\"_ _0\"/>idually imm<span class=\"_ _0\"/>aterial<span class=\"_ _0\"/>  \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contrac<span class=\"_ _0\"/>t \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is </span>within<span class=\"_ _0\"/> two mont<span class=\"_ _0\"/>hs of the competition being aired \u2022  <span class=\"ff149 ls183 ws1b2\">Payment term<span class=\"_ _0\"/> is over </span>the term<span class=\"_ _0\"/> of the contract",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "<div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:278.11768px;\">The results fo<span class=\"_ _0\"/>r the year aggr<span class=\"_ _0\"/>egate thes<span class=\"_ _0\"/>e classes of re<span class=\"_ _0\"/>venue into t<span class=\"_ _0\"/>he following cate<span class=\"_ _0\"/>gories: </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:307.93912px; bottom:255.64978px;\">2022 </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls3 ws2\" style=\"left:314.02405px; bottom:246.44421px;\">\u00a3m </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:379.79456px; bottom:255.64978px;\">2022 </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls3 ws21e\" style=\"left:362.93396px; bottom:246.44421px;\">% of total </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:453.2921px; bottom:255.64978px;\">2021 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:458.60394px; bottom:246.44421px;\">\u00a3m </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:525.94885px; bottom:255.64978px;\">2021 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1a4 ws1e8\" style=\"left:508.42773px; bottom:246.44421px;\">% of total </div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:11.920929px; bottom:231.07574px;\">ITV Studios UK <span class=\"_ _214\"> </span><span class=\"ff150 ls184 ws1d4\">822 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span></span></span><span class=\"ls18d ws21f\">683  </span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:11.920929px; bottom:217.26746px;\">ITV Studios US <span class=\"_ _210\"> </span><span class=\"ff150 ls183 ws1bd\">467 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls19b ws220\">372<span class=\"_ _0\"/>  </span></div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:11.920929px; bottom:203.3811px;\">ITV Studios International </div><div class=\"c w38 h7d\" style=\"left:307.93912px; bottom:200.57141px;\"><div class=\"t m0 x0 h6d y338e ff150 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:314.02405px; bottom:203.3811px;\">65 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls189 ws221\">407  </span></span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:11.920929px; bottom:189.57275px;\">Global Form<span class=\"_ _0\"/>ats and Dis<span class=\"_ _0\"/>tribut<span class=\"_ _0\"/>ion <span class=\"_ _215\"> </span><span class=\"ff150 ls3 ws2\">3<span class=\"_ _335\"> </span></span></div><div class=\"c w38 h80\" style=\"left:314.02405px; bottom:186.6861px;\"><div class=\"t m0 x0 h6d y3028 ff150 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls184 ws1d4\" style=\"left:320.6968px; bottom:189.57275px;\">2 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _78\"> </span><span class=\"ff152 ls183 ws222\">298  </span></span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls18c ws1bf\" style=\"left:0.0007171631px; bottom:175.06226px;\">Total ITV Studios* <span class=\"_ _216\"> </span><span class=\"ls18b ws1bb\">2,096 <span class=\"_ _60\"> </span><span class=\"ls183 ws1bd\">48<span class=\"_ _0\"/>% <span class=\"_ _6e\"> </span></span><span class=\"ff152 ws223\">1,7<span class=\"_ _0\"/>60 44% </span></span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:11.920929px; bottom:146.0415px;\">Total adverti<span class=\"_ _3\"/>sing revenue (TAR) <span class=\"_ _db\"> </span><span class=\"ff150 ls189 ws1b8\">1,931 <span class=\"_ _4d\"> </span><span class=\"ls183 ws1bd\">44%<span class=\"_ _0\"/> <span class=\"_ _6b\"> </span></span></span><span class=\"ls18b ws223\">1,957 48% </span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls18c ws1c2\" style=\"left:11.920929px; bottom:132.23328px;\">Subscriptions <span class=\"_ _217\"> </span><span class=\"ff150 ls184 ws1d4\">54 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _131\"> </span></span></span><span class=\"ls18b ws225\">42<span class=\"_ _0\"/>  </span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:11.920929px; bottom:118.3468px;\">SDN <span class=\"_ _218\"> </span><span class=\"ff150 ls18f ws1c4\">55 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _ed\"> </span></span></span><span class=\"ls18c ws226\">70  </span></div><div class=\"t m0 h6d ff152 fs29 fc7 sc0 ls186 ws2\" style=\"left:11.920929px; bottom:104.53845px;\">Partnershi<span class=\"_ _3\"/>ps and ot<span class=\"_ _3\"/>her revenue <span class=\"_ _104\"> </span><span class=\"ff150 ls18d ws1d3\">209 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _81\"> </span></span></span><span class=\"ls18c ws226\">213  </span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls18f ws1be\" style=\"left:0.0007171631px; bottom:90.027954px;\">Media &amp; Entertainment <span class=\"_ _219\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _203\"> </span><span class=\"ls184 ws1d4\">52% <span class=\"_ _3f\"> </span><span class=\"ff152 ls189 ws227\">2,282<span class=\"_ _0\"/> 56% </span></span></span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls189 ws1c5\" style=\"left:0.0007171631px; bottom:75.51764px;\">Total revenue** <span class=\"_ _21a\"> </span><span class=\"ls18b ws1bb\">4,345 <span class=\"_ _175\"> </span><span class=\"ls3 ws2\"> <span class=\"_ _56\"> </span></span></span><span class=\"ff152 ws221\">4,042  </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0007171631px; bottom:57.340515px;\">* <span class=\"_ _2d\"> </span>ITV Studios UK, ITV Studios US and Studios Internati<span class=\"_ _3\"/>onal revenues are mainly programme production. Globa<span class=\"_ _3\"/>l Formats and Distrib<span class=\"ls1be ws228\">ution revenue is from </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:11.920929px; bottom:46.262695px;\">programme<span class=\"_ _0\"/> distribu<span class=\"_ _0\"/>tion ri<span class=\"_ _0\"/>ghts, forma<span class=\"_ _0\"/>t licence<span class=\"_ _0\"/>s and gam<span class=\"_ _0\"/>ing, live e<span class=\"_ _0\"/>vents a<span class=\"_ _0\"/>nd merchan<span class=\"_ _0\"/>dising. </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c0 ws1de\" style=\"left:0.0007171631px; bottom:35.184814px;\">** <span class=\"_ _2f\"> </span>Includes internal sup<span class=\"_ _3\"/>ply as discussed in the APMs (p<span class=\"_ _3\"/>age 59). </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:14.823364px;\">Digital revenues of \u00a3411 mi<span class=\"_ _0\"/>llion (2021: \u00a3347 mil<span class=\"_ _0\"/>lion) include digital a<span class=\"_ _0\"/>dvertising re<span class=\"_ _0\"/>venue and subscripti<span class=\"_ _0\"/>on revenue, digit<span class=\"_ _0\"/>al </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0007171631px; bottom:1.7915039px;\">sponsorship a<span class=\"_ _0\"/>nd partnership<span class=\"_ _0\"/> revenue, ITV Wi<span class=\"_ _0\"/>n and other re<span class=\"_ _0\"/>venues from digi<span class=\"_ _0\"/>tal busine<span class=\"_ _0\"/>ss ventures.  </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "<div class=\"t m0 h72 ff150 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0007171631px; bottom:537.6725px;\">Segmental information </div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:524.6443px;\">Operating segments, which have not been aggregated, are de<span class=\"_ _4\"/><span class=\"ls1a1 ws1d2\">termined in<span class=\"_ _0\"/> a manner that is consistent with how th<span class=\"_ _0\"/>e </span></div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:511.69543px;\">business is managed and reported to the Management Board.<span class=\"ls1a0 ws2\"> The Management Board is rega</span>rded as the chief operating </div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:498.66357px;\">dec<span class=\"_ _4\"/>ision<span class=\"_ _4\"/>-make<span class=\"_ _4\"/>r an<span class=\"_ _3\"/>d co<span class=\"_ _3\"/>nsiders the busi<span class=\"_ _3\"/>ness, primaril<span class=\"_ _3\"/>y from an operati<span class=\"_ _3\"/>ng activity per<span class=\"_ _3\"/>spective.  </div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls197 ws1b5\" style=\"left:0.0007171631px; bottom:475.25604px;\">The Groups' segments are Media &amp; Enterta<span class=\"_ _0\"/>inment and ITV Studios,<span class=\"ls198 ws2\"> the results of which are <span class=\"_ _0\"/>outlined in th<span class=\"_ _0\"/>e following tables: </span></div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1ab ws1e3\" style=\"left:364.2381px; bottom:443.58868px;\">ITV Studios<span class=\"_ _335\"> </span></div><div class=\"t m0 h8b ff150 fs2f fc7 sc0 ls3 ws2\" style=\"left:408.69562px; bottom:446.16315px;\">1<span class=\"_ _335\"> </span></div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:392.02197px; bottom:434.46112px;\">2022 </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls3 ws2\" style=\"left:399.77136px; bottom:425.33362px;\">\u00a3m </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:446.83527px; bottom:452.7162px;\">Media &amp; </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:421.87726px; bottom:443.58862px;\">Entertainment </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:458.60394px; bottom:434.46112px;\">2022 </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls3 ws2\" style=\"left:465.021px; bottom:425.33362px;\">\u00a3m </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:493.1717px; bottom:443.58862px;\">Consolidated </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:524.8397px; bottom:434.46112px;\">2022 </div><div class=\"t m0 h78 ff150 fs2c fc7 sc0 ls3 ws2\" style=\"left:531.6426px; bottom:425.33362px;\">\u00a3m </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:409.9651px;\">Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21b\"> </span><span class=\"ff150 ls18b ws1bb\">2,096 <span class=\"_ _23\"> </span><span class=\"ls18d ws1d3\">2,249 <span class=\"_ _22\"> </span></span>4,3<span class=\"_ _335\"> </span></span></div><div class=\"c w2f h7d\" style=\"left:515.279px; bottom:407.15613px;\"><div class=\"t m0 x1c8 h6d y3078 ff150 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls1c1 ws1d7\" style=\"left:537.4956px; bottom:409.9651px;\">5 </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:396.15674px;\">Intersegment<span class=\"_ _0\"/> revenue <span class=\"_ _21c\"> </span><span class=\"ff150 ls189 ws1b8\">(611) <span class=\"_ _47\"> </span><span class=\"ls18b ws1bb\">(6) <span class=\"_ _12\"> </span>(617) </span></span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:381.64624px;\">Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21d\"> </span><span class=\"ls189 ws1b8\">1,485 <span class=\"_ _23\"> </span><span class=\"ls185 ws1c1\">2,243<span class=\"_ _0\"/> <span class=\"_ _42\"> </span><span class=\"ls188 ws1b9\">3,728 </span></span></span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:352.31332px;\">Adjusted EBITA<span class=\"_ _335\"> </span></div><div class=\"t m0 h88 ff150 fs2a fc7 sc0 ls3 ws2\" style=\"left:79.098694px; bottom:355.58984px;\">2</div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls3 ws2\" style=\"left:81.82063px; bottom:352.31332px;\"> <span class=\"_ _113\"> </span><span class=\"ls18d ws1d3\">259<span class=\"_ _0\"/> </span></div><div class=\"c w38 h7d\" style=\"left:457.35425px; bottom:349.50507px;\"><div class=\"t m0 x0 h6d y33b1 ff150 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls190 ws1b2\" style=\"left:463.99323px; bottom:352.31332px;\">64 <span class=\"_ _4d\"> </span><span class=\"ls185 ws1c1\">723 </span></div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:337.80298px;\">Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls3 ws2\" style=\"left:410.239px; bottom:337.80298px;\"> <span class=\"_ _142\"> </span> <span class=\"_ _81\"> </span><span class=\"ls18b ws1bb\">(6) </span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0007171631px; bottom:323.2925px;\">Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span></div><div class=\"t m0 h88 ff150 fs2a fc7 sc0 ls3 ws2\" style=\"left:109.20331px; bottom:326.56903px;\">3</div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls3 ws2\" style=\"left:113.83078px; bottom:323.2925px;\"> <span class=\"_ _186\"> </span> <span class=\"_ _ae\"> </span> <span class=\"_ _124\"> </span><span class=\"ls18b ws1bb\">717 </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1aa ws1e3\" style=\"left:364.2381px; bottom:286.23615px;\">Restated ITV </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ac ws1da\" style=\"left:377.27216px; bottom:277.1086px;\">Studios<span class=\"_ _335\"> </span></div><div class=\"t m0 h8c ff152 fs2f fc7 sc0 ls1c2 ws229\" style=\"left:404.5044px; bottom:279.68323px;\">1,4<span class=\"_ _335\"> </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:393.32245px; bottom:267.98132px;\">2021 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:399.77136px; bottom:258.8538px;\">\u00a3m </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1da\" style=\"left:448.74384px; bottom:286.23636px;\">Media &amp; </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1a5 ws1e8\" style=\"left:424.64545px; bottom:277.10883px;\">Entertainment </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:460.30054px; bottom:267.98132px;\">2021 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:465.021px; bottom:258.8538px;\">\u00a3m </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls3 ws2\" style=\"left:510.04517px; bottom:286.23636px;\">Restated </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ac ws1da\" style=\"left:491.9956px; bottom:277.10883px;\">Consolidated<span class=\"_ _335\"> </span></div><div class=\"t m0 h8c ff152 fs2f fc7 sc0 ls3 ws2\" style=\"left:541.9078px; bottom:279.68323px;\">4<span class=\"_ _335\"> </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:525.94885px; bottom:267.98132px;\">2021 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:531.6426px; bottom:258.8538px;\">\u00a3m </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:243.48499px;\">Total segm<span class=\"_ _3\"/>ent revenue <span class=\"_ _21e\"> </span><span class=\"ff152 ls189 ws22a\">1,760 <span class=\"_ _1\"> </span>2,282 4,042 </span></div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:229.67679px;\">Intersegment<span class=\"_ _0\"/> revenue<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls18f ws22b\" style=\"left:389.43634px; bottom:229.67679px;\">(583) <span class=\"_ _95\"> </span>(6) (589) </div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:215.16644px;\">Revenue fro<span class=\"_ _3\"/>m external custo<span class=\"_ _3\"/>mers  <span class=\"_ _21a\"> </span><span class=\"ff152 ls18b ws22c\">1,177 <span class=\"_ _5\"/>2,276 3,4<span class=\"_ _0\"/>53 </span></div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:185.83337px;\">Adjusted EBITA<span class=\"_ _335\"> </span></div><div class=\"t m0 h88 ff150 fs2a fc7 sc0 ls3 ws2\" style=\"left:79.098694px; bottom:189.1099px;\">2</div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls3 ws2\" style=\"left:81.82063px; bottom:185.83337px;\"> <span class=\"_ _220\"> </span><span class=\"ff152 ls18c ws22e\">213 598 <span class=\"_ _6\"> </span>811 </span></div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:171.3229px;\">Unrealised profit in st<span class=\"_ _0\"/>ock adjustment<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls189 ws22f\" style=\"left:410.239px; bottom:171.3229px;\"> <span class=\"_ _2d\"> </span> 2 </div><div class=\"t m0 h6d ff150 fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0007171631px; bottom:156.81241px;\">Group adj<span class=\"_ _0\"/>usted EBITA<span class=\"_ _335\"> </span></div><div class=\"t m0 h88 ff150 fs2a fc7 sc0 ls1c3 ws230\" style=\"left:109.20331px; bottom:160.0892px;\">3 </div><div class=\"t m0 h6b ff152 fs29 fc7 sc0 ls18c ws231\" style=\"left:410.239px; bottom:156.81241px;\"> <span class=\"_ _d0\"> </span> 813 </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c4 ws232\" style=\"left:0.0007171631px; bottom:138.63556px;\">1 <span class=\"_ _2d\"> </span>Intersegment revenue originates mainly in t<span class=\"_ _3\"/>he UK. </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:127.55771px;\">2 <span class=\"_ _33\"> </span>Adjuste<span class=\"_ _0\"/>d EBITA is<span class=\"_ _0\"/> EBITA adjus<span class=\"_ _0\"/>ted to e<span class=\"_ _0\"/>xclude<span class=\"_ _0\"/> exceptio<span class=\"_ _0\"/>nal items a<span class=\"_ _0\"/>nd inclu<span class=\"_ _0\"/>des the be<span class=\"_ _0\"/>nefit of<span class=\"_ _0\"/> production <span class=\"_ _0\"/>tax cred<span class=\"_ _0\"/>its. It is<span class=\"_ _0\"/> state<span class=\"ls1c5 ws1e5\">d afte<span class=\"_ _0\"/>r the el<span class=\"_ _0\"/>iminat<span class=\"_ _0\"/>ion of </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1bf ws233\" style=\"left:11.920929px; bottom:116.55789px;\">intersegme<span class=\"_ _0\"/>nt revenue an<span class=\"_ _0\"/>d costs. </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:105.48004px;\">3 <span class=\"_ _33\"> </span>Group a<span class=\"_ _0\"/>djusted EB<span class=\"_ _0\"/>ITA removes<span class=\"_ _0\"/> the prof<span class=\"_ _0\"/>it recorde<span class=\"_ _0\"/>d in the<span class=\"_ _0\"/> ITV Stu<span class=\"_ _0\"/>dios busines<span class=\"_ _0\"/>s rela<span class=\"_ _0\"/>ted to co<span class=\"_ _0\"/>ntent sold<span class=\"_ _0\"/> to the <span class=\"_ _0\"/>Media &amp; Ente<span class=\"_ _0\"/>rtain<span class=\"ws233\">ment busine<span class=\"_ _0\"/>ss but </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c0 ws1de\" style=\"left:11.920929px; bottom:94.40219px;\">unutilised and h<span class=\"_ _3\"/>eld on the balance sheet at the year<span class=\"_ _3\"/> end. </div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c6 ws234\" style=\"left:0.0007171631px; bottom:83.40236px;\">4 <span class=\"_ _33\"> </span>ITV Studios Ad<span class=\"_ _3\"/>justed<span class=\"_ _3\"/> EBITA for 202<span class=\"_ _3\"/>1 has been r<span class=\"_ _3\"/>estated t<span class=\"_ _3\"/>o remove <span class=\"ls1c7 ws235\">the unrealised profit in stock adjustment as this is an adj<span class=\"_ _3\"/>ustment required on consolidation </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c6 ws1e3\" style=\"left:11.920929px; bottom:72.32451px;\">only. Th<span class=\"_ _3\"/>e launch<span class=\"_ _3\"/> of ITV<span class=\"_ _3\"/>X in the M<span class=\"_ _4\"/>&amp;E segment is <span class=\"_ _3\"/>likely t<span class=\"_ _3\"/>o increa<span class=\"_ _3\"/>se the <span class=\"_ _3\"/>levels o<span class=\"_ _3\"/>f content<span class=\"_ _3\"/> held o<span class=\"_ _3\"/>n the Stat<span class=\"_ _4\"/>ement of Finan<span class=\"_ _3\"/>cial Posi<span class=\"ls1c8 ws236\">tion, potentially requiring a larger </span></div><div class=\"t m0 h76 ff152 fs2c fc7 sc0 ls1c8 ws1e5\" style=\"left:11.920929px; bottom:61.246674px;\">profit in stock adjustment and therefore management believes the adj<span class=\"_ _3\"/>ustment should be recorded at a consolidated level only.  </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls186 ws1b3\" style=\"left:0.0007171631px; bottom:40.885056px;\">The Grou<span class=\"_ _3\"/>p\u2019s princ<span class=\"_ _3\"/>ipal oper<span class=\"_ _3\"/>ations are <span class=\"_ _3\"/>in the <span class=\"_ _3\"/>United Kin<span class=\"_ _3\"/>gdom. Revenue <span class=\"_ _3\"/>from external<span class=\"_ _3\"/> customers<span class=\"_ _3\"/> in the Uni<span class=\"_ _3\"/>ted Kingdom </div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls18b ws1b2\" style=\"left:0.0007171631px; bottom:27.85318px;\">is \u00a32,376 million (2021: \u00a32,<span class=\"_ _0\"/>365 million) an<span class=\"_ _0\"/>d revenue from<span class=\"ls184 ws1d2\"> external custome<span class=\"_ _3\"/>rs in other coun<span class=\"_ _3\"/>tries is \u00a31,<span class=\"_ _3\"/>352 million </span></div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls183 ws2\" style=\"left:0.0007171631px; bottom:14.82132px;\">(2021: \u00a31,088 m<span class=\"_ _0\"/>illion), of<span class=\"_ _0\"/> which <span class=\"_ _0\"/>revenue of<span class=\"_ _0\"/> \u00a3655 mill<span class=\"_ _0\"/>ion (202<span class=\"_ _0\"/><span class=\"ls186 ws1c8\">1: \u00a3485 mill<span class=\"_ _3\"/>ion) was generate<span class=\"_ _3\"/>d in the US during<span class=\"_ _3\"/> the year. </span></div><div class=\"t m0 h6d ff14f fs29 fc7 sc0 ls184 ws1d5\" style=\"left:0.0007171631px; bottom:1.7894592px;\">The Operating and Financ<span class=\"_ _3\"/>ial Performance Review<span class=\"_ _3\"/> provides further detail on ITV<span class=\"_ _3\"/>\u2019s international<span class=\"_ _3\"/> revenues.  </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:917.1774px;\">Intersegment revenue, whi<span class=\"_ _3\"/>ch is earned on arm\u2019s length te<span class=\"ls19f ws1b5\">rms, i<span class=\"_ _3\"/>s mainly generated from <span class=\"_ _3\"/>the supply of ITV Stud<span class=\"_ _3\"/>ios </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:904.2286px;\">programmes to Media &amp; Entertainment for transmission primaril<span class=\"ls1a0 ws2\">y on the ITV network. This <span class=\"ws1b5\">revenue <span class=\"_ _3\"/>stream is a measure </span></span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:891.1967px;\">that informs the Group\u2019s strategic priority<span class=\"ls1a1 ws1d2\"> of building a strong international content bus<span class=\"_ _0\"/>iness, as producing and retaining </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:878.16486px;\">rights to the shows broadcast on the ITV network benefits <span class=\"ls1a0 ws2\">the Group further from subsequent i<span class=\"_ _3\"/>nternational content and </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls19f ws1c7\" style=\"left:0.0011901855px; bottom:865.133px;\">format sales.  </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:841.8085px;\">In preparing the segment<span class=\"_ _3\"/>al information, centra<span class=\"_ _3\"/>lly managed cost<span class=\"_ _3\"/>s have been allocated bet<span class=\"_ _3\"/>ween reportable segme<span class=\"_ _3\"/>nts </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:828.77655px;\">on a meth<span class=\"_ _0\"/>odolog<span class=\"_ _0\"/>y driven p<span class=\"_ _0\"/>rincipal<span class=\"_ _0\"/>ly by re<span class=\"_ _0\"/>venue, he<span class=\"_ _0\"/>adcoun<span class=\"_ _0\"/>t or buil<span class=\"_ _0\"/>ding occu<span class=\"_ _0\"/>pancy<span class=\"_ _0\"/> of each segm<span class=\"_ _0\"/>ent. Th<span class=\"_ _0\"/>is is cons<span class=\"_ _0\"/>isten<span class=\"_ _0\"/>t </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:815.7447px;\">with the b<span class=\"_ _0\"/>asis of re<span class=\"_ _0\"/>portin<span class=\"_ _0\"/>g to the Bo<span class=\"_ _0\"/>ard of Direc<span class=\"_ _0\"/>tors.<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:792.33716px;\">There are t<span class=\"_ _3\"/>wo media buying <span class=\"_ _3\"/>agencies (2021<span class=\"_ _3\"/>: two) acting on<span class=\"_ _4\"/><span class=\"ws1c8\"> <span class=\"_ _0\"/>behalf of a number of advert<span class=\"_ _4\"/>isers that represent the </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:779.3883px;\">Group\u2019s majo<span class=\"_ _0\"/>r customers. Th<span class=\"_ _0\"/>ese agenci<span class=\"_ _0\"/>es are the only custo<span class=\"_ _0\"/>mers that in<span class=\"_ _0\"/>dividually<span class=\"_ _0\"/> represent o<span class=\"_ _0\"/>ver 10% of the Gr<span class=\"_ _0\"/>oup\u2019s </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:766.35645px;\">revenue, with \u00a3548 mi<span class=\"_ _3\"/>llion (2021: \u00a3593 <span class=\"_ _3\"/>million) and \u00a335<span class=\"_ _3\"/>5 million (2021: \u00a3353 mi<span class=\"_ _3\"/>llion) respectively, revenue<span class=\"_ _3\"/> derived </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:753.3246px;\">from the<span class=\"_ _3\"/>se customer<span class=\"_ _3\"/>s. This revenu<span class=\"_ _3\"/>e is attribut<span class=\"_ _3\"/>able to <span class=\"_ _3\"/>the Media <span class=\"_ _3\"/>&amp; Entertainm<span class=\"_ _3\"/>ent segme<span class=\"_ _3\"/>nt. </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:729.917px;\">The fol<span class=\"_ _3\"/>lowing table<span class=\"_ _3\"/> shows the<span class=\"_ _3\"/> total of no<span class=\"_ _3\"/>n-current<span class=\"_ _3\"/> assets ot<span class=\"_ _3\"/>her than fi<span class=\"_ _4\"/>nancial instrument<span class=\"_ _3\"/>s, deferred<span class=\"_ _3\"/> tax asset<span class=\"_ _3\"/>s, and </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:716.88513px;\">pension assets broke<span class=\"_ _3\"/>n down by location of <span class=\"_ _3\"/>the assets: </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:468.0935px; bottom:694.4499px;\">2022 </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls3 ws2\" style=\"left:475.17834px; bottom:685.3223px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:524.54626px; bottom:694.4499px;\">2021 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:530.0347px; bottom:685.3223px;\">\u00a3m </div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:0.0011901855px; bottom:669.876px;\">UK <span class=\"_ _223\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _151\"> </span><span class=\"ff154 ls189 ws1b8\">1,415 <span class=\"_ _89\"> </span><span class=\"ff157\">1,242 </span></span></span></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:656.0676px;\">US <span class=\"_ _223\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _41\"> </span><span class=\"ff154 ls183 ws1bd\">472 <span class=\"_ _23\"> </span></span><span class=\"ls18b ws1bb\">421 </span></span></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls189 ws1c0\" style=\"left:0.0011901855px; bottom:642.18115px;\">Rest of the world <span class=\"_ _224\"> </span><span class=\"ff157 ls3 ws237\"> <span class=\"_ _47\"> </span>  <span class=\"_ _b8\"> </span><span class=\"ff154 ls18c ws1c2\">155 <span class=\"_ _24\"> </span></span><span class=\"ls18b ws1bb\">187 </span></span></div><div class=\"t m0 h6d ff154 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:627.74884px;\">Total non-curr<span class=\"_ _0\"/>ent assets<span class=\"_ _0\"/> <span class=\"_ _225\"> </span> <span class=\"_ _1f\"> </span><span class=\"ff157 ls3 ws2\"> <span class=\"_ _9\"> </span><span class=\"ff154\"> <span class=\"_ _c7\"> </span></span></span><span class=\"ws1bb\">2,0<span class=\"_ _335\"> </span></span></div><div class=\"c w3d h81\" style=\"left:458.5896px; bottom:624.86206px;\"><div class=\"t m0 x1c8 h6d y3053 ff154 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff154 fs29 fc7 sc0 ls184 ws1d4\" style=\"left:480.48535px; bottom:627.74884px;\">2 <span class=\"_ _aa\"> </span><span class=\"ff157 ls18b ws1bb\">1,850 </span></div><div class=\"t m0 h72 ff154 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:603.3307px;\">Timing of revenue recognition </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:589.75635px;\">The followin<span class=\"_ _0\"/>g table incl<span class=\"_ _0\"/>udes clas<span class=\"_ _0\"/>ses of revenue fr<span class=\"_ _0\"/>om contracts<span class=\"_ _0\"/> disaggrega<span class=\"_ _0\"/>ted by the tim<span class=\"_ _0\"/>ing of recogni<span class=\"_ _0\"/>tion: </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:352.25983px; bottom:567.2106px;\">2022 </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls3 ws2\" style=\"left:358.3623px; bottom:558.083px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:408.31274px; bottom:567.2106px;\">2021 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:414.63214px; bottom:558.083px;\">\u00a3m </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:468.0935px; bottom:567.2106px;\">2022 </div><div class=\"t m0 h78 ff154 fs2c fc7 sc0 ls3 ws2\" style=\"left:475.17834px; bottom:558.083px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:524.54626px; bottom:567.2106px;\">2021 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:530.0347px; bottom:558.083px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1da\" style=\"left:347.59143px; bottom:544.8208px;\">Products and services </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1da\" style=\"left:324.2078px; bottom:535.61523px;\">transferred at a point in time<span class=\"_ _0\"/> <span class=\"_ _f\"> </span> </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1da\" style=\"left:461.9948px; bottom:544.8208px;\">Products and services </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1da\" style=\"left:466.36383px; bottom:535.61523px;\">transferred over time </div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:520.24664px;\">Total adve<span class=\"_ _3\"/>rtising r<span class=\"_ _3\"/>evenue, su<span class=\"_ _3\"/>bscription<span class=\"_ _3\"/>s, SDN an<span class=\"_ _3\"/>d other M&amp;E <span class=\"_ _130\"> </span><span class=\"ff154 ls189 ws1b8\">1,902 <span class=\"_ _89\"> </span><span class=\"ff157 ls18b ws238\">1,952  <span class=\"_ _3e\"> </span></span>341 <span class=\"_ _82\"> </span><span class=\"ff157 ls19b ws1d6\">32<span class=\"_ _335\"> </span></span></span></div><div class=\"c w28 h7d\" style=\"left:524.54626px; bottom:517.43787px;\"><div class=\"t m0 x1b2 h6b y2fe2 ff157 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls183 ws2\" style=\"left:0.0011901855px; bottom:506.4383px;\">Programme<span class=\"_ _0\"/> productio<span class=\"_ _0\"/>n, program<span class=\"_ _0\"/>me distrib<span class=\"_ _0\"/>ution rights<span class=\"_ _0\"/> <span class=\"_ _226\"> </span><span class=\"ff154 ls18c ws1c2\">1,169 <span class=\"_ _22\"> </span><span class=\"ff157 ls18d ws1d3\">91<span class=\"_ _335\"> </span></span></span></div><div class=\"c w3e h81\" style=\"left:410.19293px; bottom:503.55127px;\"><div class=\"t m0 x1af h6b y3091 ff157 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6d ff157 fs29 fc7 sc0 ls3 ws237\" style=\"left:426.40082px; bottom:506.4383px;\">  <span class=\"_ _45\"> </span><span class=\"ff154 ls18d ws1d3\">23<span class=\"_ _0\"/>6 <span class=\"_ _22\"> </span></span><span class=\"ls183 ws1bd\">18<span class=\"_ _335\"> </span></span></div><div class=\"c w3f h81\" style=\"left:526.3024px; bottom:503.55127px;\"><div class=\"t m0 x1af h6b y3091 ff157 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:492.55194px;\">Format licences<span class=\"_ _0\"/> <span class=\"_ _207\"> </span><span class=\"ff154 ls185 ws1c1\">76 <span class=\"_ _54\"> </span><span class=\"ff157 ls3 ws2\">7<span class=\"_ _335\"> </span></span></span></div><div class=\"c w40 h7d\" style=\"left:414.63214px; bottom:489.74268px;\"><div class=\"t m0 x22b h6b y343e ff157 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6d ff157 fs29 fc7 sc0 ls3 ws237\" style=\"left:426.40082px; bottom:492.55194px;\">  <span class=\"_ _56\"> </span><span class=\"ff154 ls186 ws1b6\">4 <span class=\"_ _4d\"> </span><span class=\"ff157\">5 </span></span></div><div class=\"t m0 h6d ff154 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:478.04163px;\">Total e<span class=\"_ _3\"/>xternal reven<span class=\"_ _3\"/>ue <span class=\"_ _227\"> </span><span class=\"ls188 ws1b9\">3,147 <span class=\"_ _a9\"> </span><span class=\"ff157 ls18c ws1c2\">2,940<span class=\"_ _0\"/> <span class=\"_ _9\"> </span></span><span class=\"ls3 ws2\"> <span class=\"_ _34\"> </span><span class=\"ls185 ws1c1\">581 <span class=\"_ _23\"> </span><span class=\"ff157 ls189 ws1b8\">513 </span></span></span></span></div><div class=\"t m0 h72 ff154 fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0011901855px; bottom:453.62344px;\">Forward bookings  </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:440.12726px;\">The following table includes <span class=\"_ _0\"/>revenue from <span class=\"ls196 ws1d7\">contracts signed before t<span class=\"_ _3\"/>he reportin<span class=\"_ _3\"/>g date<span class=\"ls1b5 ws1d4\"> that is to be recognised in periods<span class=\"_ _0\"/> </span></span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls199 ws1b3\" style=\"left:0.0011901855px; bottom:427.09537px;\">after the report<span class=\"_ _0\"/>ing date (<span class=\"_ _0\"/>i.e. the performance<span class=\"_ _0\"/> obligations<span class=\"_ _0\"/> remain<span class=\"ls1a8 ws1bf\"> unsatisfied or partially unsatisfied at t<span class=\"_ _3\"/>he reporting date): </span></div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:354.9198px; bottom:404.55325px;\">2023 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:361.11932px; bottom:395.42572px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:410.19293px; bottom:404.55325px;\">2024 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:416.5407px; bottom:395.42572px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:468.0935px; bottom:404.55325px;\">2025 </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:475.17834px; bottom:395.42572px;\">\u00a3m </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1a5 ws1e8\" style=\"left:515.28766px; bottom:404.55325px;\">Beyond </div><div class=\"t m0 h76 ff157 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:530.0347px; bottom:395.42572px;\">\u00a3m </div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:380.05725px;\">Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _181\"> </span><span class=\"ff157 ls18b ws239\">143 80 <span class=\"_ _e\"> </span>59 <span class=\"_ _0\"/>50 </span></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:0.0011901855px; bottom:366.17078px;\">ITV Studios <span class=\"_ _137\"> </span><span class=\"ff157 ws23a\">206 98 <span class=\"_ _6\"> </span>40 <span class=\"_ _65\"> </span>\u2013 </span></div><div class=\"t m0 h6d ff154 fs29 fc7 sc0 ls189 ws1c5\" style=\"left:0.0011901855px; bottom:351.66043px;\">Total revenue <span class=\"_ _ee\"> </span><span class=\"ls18f ws1c4\">349 <span class=\"_ _22\"> </span><span class=\"ls188 ws1b9\">178 <span class=\"_ _43\"> </span><span class=\"ls184 ws1d4\">99 <span class=\"_ _4b\"> </span><span class=\"ls18c ws1c2\">50 </span></span></span></span></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:0.0011901855px; bottom:337.85196px;\">Internal supply <span class=\"_ _228\"> </span><span class=\"ff154 ls18b ws1bb\">(82) <span class=\"_ _b8\"> </span><span class=\"ls183 ws1bd\">(26<span class=\"_ _0\"/>) <span class=\"_ _60\"> </span><span class=\"ff157 ls18f ws1c4\">\u2013 <span class=\"_ _60\"> </span>\u2013 </span></span></span></div><div class=\"t m0 h6d ff154 fs29 fc7 sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:323.3416px;\">Total e<span class=\"_ _3\"/>xternal reven<span class=\"_ _3\"/>ue <span class=\"_ _229\"> </span><span class=\"ls18d ws1d3\">267 <span class=\"_ _82\"> </span><span class=\"ls18f ws1c4\">152 <span class=\"_ _3f\"> </span><span class=\"ls184 ws1d4\">99 <span class=\"_ _4b\"> </span><span class=\"ls18c ws1c2\">50 </span></span></span></span></div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0011901855px; bottom:300.95197px;\">The Group a<span class=\"_ _3\"/>pplies the practica<span class=\"_ _3\"/>l expedients in IF<span class=\"_ _3\"/>RS 15 and, there<span class=\"_ _3\"/>fore, does not di<span class=\"_ _3\"/>sclose infor<span class=\"_ _3\"/>mation about rema<span class=\"_ _3\"/>ining </div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:288.0031px;\">performanc<span class=\"_ _0\"/>e obligations<span class=\"_ _0\"/> that have or<span class=\"_ _0\"/>iginal expe<span class=\"_ _0\"/>cted durati<span class=\"_ _0\"/>ons of less than on<span class=\"_ _0\"/>e year or where t<span class=\"_ _0\"/>he price is not yet known </div><div class=\"t m0 h6d ff156 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:274.97125px;\">(e.g. net adve<span class=\"_ _0\"/>rtising revenue <span class=\"_ _0\"/>(NAR)). </div><div class=\"t m0 h72 ff154 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:251.56967px;\">ITV Studios  </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:238.54132px;\">ITV Studios is the<span class=\"_ _3\"/> Group\u2019s internatio<span class=\"_ _3\"/>nal content business, creati<span class=\"_ _3\"/>ng and producing progr<span class=\"_ _3\"/>ammes and formats t<span class=\"_ _3\"/>hat </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:225.50946px;\">return an<span class=\"_ _0\"/>d travel<span class=\"_ _0\"/>, namely dr<span class=\"_ _0\"/>ama, ente<span class=\"_ _0\"/>rtainmen<span class=\"_ _0\"/>t and fac<span class=\"_ _0\"/>tual entert<span class=\"_ _0\"/>ainment. </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:202.1849px;\">ITV Studios UK i<span class=\"_ _3\"/>s the largest co<span class=\"_ _3\"/>mmercial pr<span class=\"_ _3\"/>oducer in the UK<span class=\"_ _3\"/> and produces pro<span class=\"_ _3\"/>gramming for t<span class=\"_ _3\"/>he Group\u2019s o<span class=\"_ _3\"/>wn </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls18c ws1be\" style=\"left:0.0011901855px; bottom:189.15303px;\">channels, accounting for 65% of I<span class=\"_ _0\"/>TV main channel s<span class=\"_ _0\"/>pend <span class=\"ls183 ws1b5\">on commiss<span class=\"_ _0\"/>ioned pro<span class=\"_ _0\"/>gramming <span class=\"_ _0\"/>(2021: 70%).<span class=\"_ _0\"/> Programmin<span class=\"_ _0\"/>g </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:176.12117px;\">is also sol<span class=\"_ _0\"/>d to <span class=\"_ _0\"/>other UK<span class=\"_ _0\"/> broadcas<span class=\"_ _0\"/>ters, n<span class=\"_ _0\"/>etworks<span class=\"_ _0\"/> and str<span class=\"_ _0\"/>eaming<span class=\"_ _0\"/> platfo<span class=\"_ _0\"/>rms.  </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:152.71361px;\">ITV Stud<span class=\"_ _0\"/>ios US is<span class=\"_ _0\"/> the leadin<span class=\"_ _0\"/>g unscr<span class=\"_ _0\"/>ipted in<span class=\"_ _0\"/>depen<span class=\"_ _0\"/>dent prod<span class=\"_ _0\"/>ucer of<span class=\"_ _0\"/> conten<span class=\"_ _0\"/>t in the U<span class=\"_ _0\"/>S and is gr<span class=\"_ _0\"/>owing its<span class=\"_ _0\"/> script<span class=\"_ _0\"/>ed </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:139.68175px;\">presence by inc<span class=\"_ _0\"/>reasing inv<span class=\"_ _0\"/>estment in high<span class=\"_ _0\"/>-profile<span class=\"_ _0\"/> dramas. </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:116.35719px;\">ITV Stud<span class=\"_ _0\"/>ios als<span class=\"_ _0\"/>o operates<span class=\"_ _0\"/> in ten oth<span class=\"_ _0\"/>er inter<span class=\"_ _0\"/>nation<span class=\"_ _0\"/>al loca<span class=\"_ _0\"/><span class=\"ls18c ws1be\">tions, together called ITV Studios International,<span class=\"_ _0\"/> being </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:103.32532px;\">Australi<span class=\"_ _3\"/>a, Germany, France<span class=\"_ _3\"/>, Italy, Sp<span class=\"ls184 ws1c8\">ai<span class=\"_ _3\"/>n, the Netherlands, Sweden, Norwa<span class=\"_ _3\"/>y, Finland and Denmark whe<span class=\"_ _3\"/>re content is </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:90.29346px;\">produced<span class=\"_ _0\"/> for loc<span class=\"_ _0\"/>al and <span class=\"_ _0\"/>intern<span class=\"_ _0\"/>ational b<span class=\"_ _0\"/>roadcas<span class=\"_ _0\"/>ters, n<span class=\"_ _0\"/>etworks <span class=\"ls184 ws1c8\">and streaming platforms. This content is either lo<span class=\"_ _3\"/>cally </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:77.2616px;\">created IP o<span class=\"_ _3\"/>r formats th<span class=\"_ _3\"/>at have been <span class=\"_ _3\"/>created elsewher<span class=\"_ _3\"/>e by ITV, primari<span class=\"_ _3\"/>ly in the UK<span class=\"_ _3\"/>, the Netherla<span class=\"_ _3\"/>nds and in <span class=\"_ _3\"/>Israel. </div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:53.937042px;\">ITV Studios Global Formats and Distribution divi<span class=\"_ _3\"/>sion oper<span class=\"ls184 ws1c8\">ates three centr<span class=\"_ _3\"/>es of excellence \u2013 The Creative Net<span class=\"_ _3\"/>work, </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:40.905174px;\">Global Dis<span class=\"_ _0\"/>tribution an<span class=\"_ _0\"/>d Global<span class=\"_ _0\"/> Entertainm<span class=\"_ _0\"/>ent. Th<span class=\"_ _0\"/>is enabl<span class=\"_ _0\"/>e<span class=\"ls184 ws1b3\">s the Group to <span class=\"_ _3\"/>create more <span class=\"_ _3\"/>hits, to bui<span class=\"_ _3\"/>ld better brand<span class=\"_ _3\"/>s </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:27.873306px;\">and formats internatio<span class=\"_ _3\"/>nally and to moneti<span class=\"_ _3\"/>se them effectivel<span class=\"ls186 ws1c9\">y<span class=\"_ _3\"/>. Global Formats and Distr<span class=\"_ _3\"/>ibution license<span class=\"_ _3\"/> ITV\u2019s finished<span class=\"_ _4\"/> </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:14.924446px;\">programmes, formats and third-party conte<span class=\"_ _3\"/>nt internationa<span class=\"ws1d2\">lly. Within this busi<span class=\"_ _3\"/>ness, the Group a<span class=\"_ _3\"/>lso finances </span></div><div class=\"t m0 h6b ff157 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:1.8925781px;\">productions both on a<span class=\"_ _3\"/>nd off ITV to acquire<span class=\"_ _3\"/> global distributio<span class=\"_ _3\"/>n rights.<span class=\"ff158 ls3 ws2\"> <span class=\"_ _e2\"> </span></span><span class=\"ff158 ls3 ws2\"><span class=\"ff157\"> </span></span></div><div class=\"t m0 h72 ff15c fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0007171631px; bottom:66.88074px;\">Media &amp; Entertainment  </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:53.930237px;\">Media &amp; Entertainment (M&amp;E) operates two business streams <span class=\"ls1a0 ws1c9\">\u2013 Broadcast and Streaming. </span>The Broadcast business is </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls1c9 ws1c0\" style=\"left:0.0007171631px; bottom:40.898376px;\">the home of ITV <span class=\"_ _3\"/>main channel, IT<span class=\"_ _3\"/>V3 and ITV4 <span class=\"_ _3\"/>channels, and co<span class=\"_ _4\"/>ntinues to deliver ITV\u2019<span class=\"_ _4\"/>s USP of mass simultaneous re<span class=\"_ _3\"/>ach. </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:0.0007171631px; bottom:27.866516px;\">The Streaming business focuses on driving digital<span class=\"_ _0\"/> viewing by<span class=\"ls1a0 ws2\"> providing content that appeals to audiences who do most </span></div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:0.0007171631px; bottom:14.917664px;\">or all of their viewing on demand, and serving it to them in<span class=\"_ _0\"/> wh<span class=\"ls1a0 ws2\">atever way they want to access <span class=\"ls19e ws1b3\">it. It includes our <span class=\"_ _3\"/>advertiser </span></span></div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:1.8858032px;\">funded channels of ITVX, ITV2, ITVBe and CITV and subscription streaming service through ITVX Premium and BritBox. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-521": {
   "value": "Group adjusted EBITA The Directors assess the performance of the reportable segments based on a measure of adjusted EBITA. The Directors use this non-IFRS measurement basis as it excludes the effect of transactions that could distort the understanding of the Group\u2019s performance for the year and comparability between periods. See the Operating and Financial Performance Review on pages 28 to 65 for the detailed explanation of the Group\u2019s use of adjusted performance measures. A reconciliation of Group adjusted EBITA to statutory profit before tax is provided as follows:   Note 2022 \u00a3m 2021 \u00a3m Group adjusted EBITA    717  813 Production tax credits    (49)  (29) EBITA before exceptional items     668  78 4 Operating exceptional items  2.2  (65)  (196) Amortisation and impairment    (84)  (69) Net financing costs  4. 4  (26)  (50) Share of profits of joint ventures and associated undertakings    8  12 Loss on sale of subsidiaries and investments     \u2013  (1) Profit before tax     501  480 ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfGroupAdjustedEBITDA",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "Cash generated from operations A reconciliation from profit before tax to cash generated from operations before exceptional items is as follows:   Note 2022 \u00a3m 2021 \u00a3m Cash flows from operating activities       Profit before tax    501  480 Add back:       Loss on sale of subsidiaries and investments (exceptional items)    \u2013  1 Share of profits of joint ventures and associated undertakings    (8)  (12) Net financing costs  4. 4  26  50 Operating exceptional items  2.2  65  196 Depreciation of property, plant and equipment (net of exceptional items)  3.2  53  59 Amortisation and impairment    84  69 Share-based compensation   4.8  19  12 Increase in programme rights and distribution rights    (70)  (6) Increase in receivables and contract assets    (133)  (270) Increase in payables and contract liabilities    53  135 Movement in working capital      (150)  (141) Cash generated from operations before exceptional items    590  71 4 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "<div class=\"t m0 h72 ff15c fs27 fc7 sc0 ls1b7 ws219\" style=\"left:0.0007171631px; bottom:277.58228px;\">Operating costs </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:264.00793px;\">The major <span class=\"_ _3\"/>component<span class=\"_ _3\"/>s of operating<span class=\"_ _3\"/> costs <span class=\"_ _3\"/>of \u00a33,209 mi<span class=\"_ _3\"/>llion (2021: \u00a3<span class=\"_ _3\"/>2,934 mi<span class=\"_ _3\"/>llion) are <span class=\"_ _3\"/>content <span class=\"_ _3\"/>costs of \u00a3<span class=\"_ _3\"/>1,216 milli<span class=\"_ _3\"/>on </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0007171631px; bottom:250.97604px;\">(2021:<span class=\"_ _3\"/> \u00a31,154 mi<span class=\"_ _4\"/>llion), other <span class=\"_ _3\"/>net cost<span class=\"_ _3\"/>s of produ<span class=\"_ _3\"/>ction of \u00a31,<span class=\"_ _3\"/>444 milli<span class=\"_ _3\"/>on (202<span class=\"_ _3\"/>1: \u00a31,124<span class=\"_ _3\"/> millio<span class=\"_ _3\"/>n), staf<span class=\"_ _3\"/>f costs of<span class=\"_ _3\"/> \u00a3347 mil<span class=\"_ _3\"/>lion </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:238.02719px;\">(2021: \u00a3332 million)<span class=\"_ _3\"/>, depreciation, amorti<span class=\"_ _3\"/>sation and impairme<span class=\"_ _3\"/>nt of \u00a3137 million (2<span class=\"_ _3\"/>021: \u00a3128 million) and operati<span class=\"_ _3\"/>ng </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0007171631px; bottom:224.99533px;\">exceptional items of \u00a365 million (2021: \u00a3196 million).  </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls18e ws1c6\" style=\"left:0.0007171631px; bottom:201.58777px;\">Follo<span class=\"_ _3\"/>wing the laun<span class=\"_ _3\"/>ch of ITV<span class=\"_ _3\"/>X, the conte<span class=\"_ _3\"/>nt cost<span class=\"_ _3\"/>s above in<span class=\"_ _3\"/>clude netwo<span class=\"_ _3\"/>rk schedu<span class=\"_ _3\"/>le cost<span class=\"_ _3\"/>s and the co<span class=\"_ _3\"/>ntent co<span class=\"_ _3\"/>sts </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:188.55591px;\">previously a<span class=\"_ _3\"/>llocated to Brit<span class=\"_ _3\"/>Box UK. T<span class=\"_ _3\"/>he comparativ<span class=\"_ _3\"/>es above have<span class=\"_ _3\"/> been re-presented<span class=\"_ _3\"/> to reflect <span class=\"_ _3\"/>this change. </div><div class=\"t m0 h6d ff15c fs29 fcd sc0 ls18f ws1bc\" style=\"left:0.0007171631px; bottom:165.14835px;\">Staff costs </div><div class=\"t m0 h6b ff15e fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0007171631px; bottom:152.11649px;\">Staff cos<span class=\"_ _0\"/>ts can be <span class=\"_ _0\"/>analysed as<span class=\"_ _0\"/> follows:<span class=\"_ _0\"/> </div><div class=\"t m0 h78 ff15c fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:458.60394px; bottom:129.66954px;\">2022 </div><div class=\"t m0 h78 ff15c fs2c fc7 sc0 ls3 ws2\" style=\"left:465.021px; bottom:120.54201px;\">\u00a3m </div><div class=\"t m0 h76 ff15e fs2c fc7 sc0 ls19d ws1cf\" style=\"left:525.94885px; bottom:129.66954px;\">2021 </div><div class=\"t m0 h76 ff15e fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:531.6426px; bottom:120.54201px;\">\u00a3m </div><div class=\"t m0 h6d ff15b fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:105.095276px;\">Wages and salari<span class=\"_ _0\"/>es <span class=\"_ _1c3\"> </span><span class=\"ff15c ls183 ws1bd\">49<span class=\"_ _0\"/>7 <span class=\"_ _4d\"> </span></span><span class=\"ff15e ws1bb\">441<span class=\"_ _0\"/> </span></div><div class=\"t m0 h6d ff15b fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0007171631px; bottom:91.28706px;\">Social se<span class=\"_ _0\"/>curity an<span class=\"_ _0\"/>d other costs<span class=\"_ _0\"/> <span class=\"_ _234\"> </span><span class=\"ff15c ws1c1\">80 <span class=\"_ _78\"> </span><span class=\"ff15e ls188 ws1b9\">69 </span></span></div><div class=\"t m0 h6d ff15b fs29 fc7 sc0 ls184 ws1d5\" style=\"left:0.0007171631px; bottom:77.40059px;\">Share-based compensa<span class=\"_ _3\"/>tion (see note 4.8) <span class=\"_ _114\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _1f\"> </span><span class=\"ff15e ls183 ws1bd\">12 </span></span></div><div class=\"t m0 h6d ff15b fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0007171631px; bottom:63.592255px;\">Pension costs<span class=\"_ _0\"/> <span class=\"_ _235\"> </span><span class=\"ff15c ls18f ws1c4\">35 <span class=\"_ _81\"> </span><span class=\"ff15e ls19b ws1d6\">31 </span></span></div><div class=\"t m0 h6d ff15c fs29 fc7 sc0 ls190 ws1c9\" style=\"left:0.0007171631px; bottom:49.08178px;\">Total sta<span class=\"_ _3\"/>ff costs* <span class=\"_ _187\"> </span><span class=\"ls189 ws1b8\">631 <span class=\"_ _4d\"> </span><span class=\"ff15e\">553 </span></span></div><div class=\"t m0 h6d ff15b fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:34.259308px;\">Less: staff cos<span class=\"_ _0\"/>ts allocated t<span class=\"_ _0\"/>o productio<span class=\"_ _0\"/>ns, exceptiona<span class=\"_ _0\"/>l items or <span class=\"_ _0\"/>capitalised  <span class=\"_ _38\"> </span><span class=\"ff15c ws1bb\">(284) <span class=\"_ _4b\"> </span><span class=\"ff15e ls185 ws1c1\">(221) </span></span></div><div class=\"t m0 h6d ff15c fs29 fc7 sc0 ls18f ws1bc\" style=\"left:0.0007171631px; bottom:19.74884px;\">Net staff costs  <span class=\"_ _1bb\"> </span><span class=\"ls3 ws2\">3<span class=\"_ _335\"> </span></span></div><div class=\"c w43 h7d\" style=\"left:458.60394px; bottom:16.939934px;\"><div class=\"t m0 x22c h6d y3078 ff15c fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff15c fs29 fc7 sc0 ls186 ws1b6\" style=\"left:471.88202px; bottom:19.74884px;\">7 <span class=\"_ _4d\"> </span><span class=\"ff15e\">332 </span></div><div class=\"t m0 h76 ff15e fs2c fc7 sc0 ls1c4 ws21e\" style=\"left:0.0007171631px; bottom:1.5719833px;\">* <span class=\"_ _2d\"> </span>Staff costs includes the management board including two execut<span class=\"ls1c0 ws1de\">ive directors but exclud<span class=\"_ _3\"/>es the non-executives and the Ch<span class=\"_ _3\"/>airman.</span><span class=\"ls1c0 ws1de\"><span class=\"ff15f ls3 ws2\"> </span></span></div>Full-tim<span class=\"_ _0\"/>e equival<span class=\"_ _0\"/>ent empl<span class=\"_ _0\"/>oyees<span class=\"_ _0\"/> (FTEE) in<span class=\"_ _0\"/>clude th<span class=\"_ _0\"/>ose FTEEs<span class=\"_ _0\"/> that a<span class=\"_ _0\"/>re alloca<span class=\"_ _0\"/>ted to th<span class=\"_ _0\"/>e cost of p<span class=\"_ _0\"/>roduct<span class=\"_ _0\"/>ions du<span class=\"_ _0\"/>ring the year; however<span class=\"_ _3\"/>, they exclude short-term<span class=\"_ _3\"/><span class=\"ls190 ws1c7\"> contract<span class=\"_ _3\"/>ors and free<span class=\"_ _3\"/>lancers who<span class=\"_ _3\"/> are en<span class=\"ls185 ws2\">gaged <span class=\"_ _0\"/>on produc<span class=\"_ _0\"/>tions. <span class=\"_ _0\"/>The weigh<span class=\"_ _0\"/>ted </span></span>average <span class=\"_ _3\"/>FTEE over t<span class=\"_ _3\"/>he year is<span class=\"_ _3\"/>:  <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span>ITV Studios <span class=\"_ _236\"> </span><span class=\"ff160 ls189 ws1b8\">4,042 <span class=\"_ _12\"> </span><span class=\"ff163 ls183 ws1bd\">3,816 </span></span>Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _16e\"> </span><span class=\"ff160 ls18b ws1bb\">2,635 <span class=\"_ _42\"> </span><span class=\"ff163 ls18f ws1c4\">2,499 </span></span> <span class=\"_ _237\"> </span><span class=\"ff160 ls189 ws1b8\">6,677 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,<span class=\"_ _0\"/>315 </span></span>The monthl<span class=\"_ _0\"/>y averag<span class=\"_ _0\"/>e number<span class=\"_ _0\"/> of peopl<span class=\"_ _0\"/>e employe<span class=\"_ _0\"/>d over the<span class=\"_ _0\"/> year is:  <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span>ITV Studios <span class=\"_ _238\"> </span><span class=\"ff160 ls18b ws1bb\">4,144 <span class=\"_ _80\"> </span><span class=\"ff163 ls189 ws1b8\">4,10<span class=\"_ _0\"/>9 </span></span>Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _239\"> </span><span class=\"ff160 ls18b ws1bb\">2,681 <span class=\"_ _42\"> </span><span class=\"ff163 ls189 ws1b8\">2,509 </span></span> <span class=\"_ _23a\"> </span><span class=\"ff160 ls189 ws1b8\">6,825 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,618 </span></span>The increase<span class=\"_ _0\"/> in headcount is du<span class=\"_ _0\"/>e to the investme<span class=\"_ _0\"/>nt in digital an<span class=\"_ _0\"/>d technical ex<span class=\"_ _0\"/>pertise to drive<span class=\"_ _0\"/> our digital rev<span class=\"_ _0\"/>enue primarily on <span class=\"_ _3\"/>ITVX as well<span class=\"_ _3\"/> as converting <span class=\"_ _3\"/>freelance cont<span class=\"_ _3\"/>ractors to <span class=\"_ _3\"/>fixed term or <span class=\"_ _3\"/>permanent employees<span class=\"_ _3\"/>. Depreciation  Depreciation in the year<span class=\"_ _3\"/> was \u00a353 million (2021: \u00a359 million), of which \u00a333 <span class=\"_ _3\"/>million (2021: \u00a339 million) re<span class=\"_ _3\"/>lates to ITV Studios <span class=\"_ _3\"/>and \u00a320 mi<span class=\"_ _3\"/>llion (2021<span class=\"_ _3\"/>: \u00a320 mi<span class=\"_ _3\"/>llion) to M<span class=\"_ _3\"/>edia &amp; Enter<span class=\"_ _3\"/>tainment. A<span class=\"_ _3\"/> further \u00a3<span class=\"_ _3\"/>8 million i<span class=\"_ _4\"/>n respect of acce<span class=\"_ _3\"/>lerated depreciation followi<span class=\"_ _3\"/>ng a change in useful life o<span class=\"_ _3\"/>f the related asset<span class=\"_ _3\"/>s in relation to the <span class=\"_ _3\"/>move to a new Londo<span class=\"_ _3\"/>n site has been include<span class=\"_ _0\"/>d in exception<span class=\"_ _0\"/>al items. See no<span class=\"_ _0\"/>tes 2.2 and 3.2 fo<span class=\"_ _0\"/>r further deta<span class=\"_ _0\"/>ils. Audit fees<span class=\"_ _0\"/> The Grou<span class=\"_ _3\"/>p\u2019s audito<span class=\"_ _3\"/>r is Pw<span class=\"_ _3\"/>C LLP. The Gr<span class=\"_ _3\"/>oup may <span class=\"_ _3\"/>engage Pw<span class=\"_ _3\"/>C on assi<span class=\"_ _3\"/>gnment<span class=\"_ _3\"/>s additiona<span class=\"_ _3\"/>l to it<span class=\"_ _3\"/>s statutor<span class=\"_ _3\"/>y audit d<span class=\"_ _3\"/>uties where its expertise<span class=\"_ _3\"/> and experience <span class=\"_ _3\"/>with the Group are impo<span class=\"_ _3\"/>rtant and are i<span class=\"_ _3\"/>n line with Group\u2019s po<span class=\"_ _3\"/>licy on auditor independence. In 2022, <span class=\"_ _0\"/>no non-audit fees<span class=\"ls184 ws1b3\">, other than in <span class=\"_ _3\"/>respect of aud<span class=\"_ _3\"/>it-related a<span class=\"_ _3\"/>ssurance services (bei<span class=\"_ _3\"/>ng the review </span>of the inte<span class=\"_ _3\"/>rim results for the <span class=\"_ _3\"/>six months to 3<span class=\"_ _3\"/>0 June 2022) were pai<span class=\"_ _3\"/>d to PwC (2<span class=\"_ _3\"/>021: PwC: \u00a3nil)<span class=\"_ _3\"/>. Fees paid to<span class=\"_ _3\"/> PwC and its asso<span class=\"_ _3\"/>ciates durin<span class=\"_ _3\"/>g the year<span class=\"_ _3\"/> are set out b<span class=\"_ _3\"/>elow: PWC  2022 \u00a3m PWC  2021 \u00a3m For the aud<span class=\"_ _3\"/>it of the Group\u2019s annua<span class=\"_ _3\"/>l financial s<span class=\"_ _3\"/>tatements <span class=\"_ _162\"> </span><span class=\"ff160 ls18f ws1c4\">1.8 <span class=\"_ _69\"> </span><span class=\"ff163 ls18b ws1bb\">1.8 </span></span>For the aud<span class=\"_ _3\"/>it of subsidiar<span class=\"_ _3\"/>ies of the Group <span class=\"_ _23b\"> </span><span class=\"ff160 ls18c ws1c2\">1.3 <span class=\"_ _69\"> </span><span class=\"ff163 ls18b ws1bb\">1.5 </span></span>Audit-<span class=\"_ _3\"/>related assu<span class=\"_ _3\"/>rance serv<span class=\"_ _3\"/>ices <span class=\"_ _23c\"> </span><span class=\"ff160 ls18b ws1b2\">0.2  <span class=\"_ _60\"> </span><span class=\"ff163 ls189 ws1b8\">0.2 </span></span>Total audi<span class=\"_ _0\"/>t and audit-<span class=\"_ _0\"/>relate<span class=\"_ _0\"/>d assura<span class=\"_ _0\"/>nce service<span class=\"_ _0\"/>s <span class=\"_ _23d\"> </span><span class=\"ls18c ws1c2\">3.3 <span class=\"_ _47\"> </span><span class=\"ff163 ls19b ws1d6\">3.<span class=\"_ _0\"/>5 </span></span>Other assu<span class=\"_ _3\"/>rance service<span class=\"_ _3\"/>s <span class=\"_ _12e\"> </span><span class=\"ff160 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span><span class=\"ff163 ls18f ws1c4\">\u2013 </span></span>Total non-audit serv<span class=\"_ _0\"/>ices* <span class=\"_ _23f\"> </span><span class=\"ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span><span class=\"ff163 ls18f ws1c4\">\u2013 </span></span>Total <span class=\"_ _3\"/>fees paid to<span class=\"_ _3\"/> auditor <span class=\"_ _240\"> </span><span class=\"ls18c ws1c2\">3.3 <span class=\"_ _47\"> </span><span class=\"ff163 ls19b ws1d6\">3.<span class=\"_ _0\"/>5 </span></span>* <span class=\"_ _2d\"> </span>See de<span class=\"_ _0\"/>tails of non<span class=\"_ _0\"/>-audit ser<span class=\"_ _0\"/>vices pol<span class=\"_ _0\"/>icy in the<span class=\"_ _0\"/> Audit and Risk C<span class=\"_ _0\"/>ommittee Re<span class=\"_ _0\"/>port on pa<span class=\"_ _0\"/>ge 136. There were<span class=\"_ _0\"/> no fees <span class=\"_ _0\"/>payable in<span class=\"_ _0\"/> 2022 or 20<span class=\"_ _0\"/>21 to PwC <span class=\"_ _0\"/>or their <span class=\"_ _0\"/>associates<span class=\"_ _0\"/> for the a<span class=\"_ _0\"/>uditing of<span class=\"_ _0\"/> financi<span class=\"_ _0\"/>al statement<span class=\"_ _0\"/>s of any associat<span class=\"_ _0\"/>e or pensio<span class=\"_ _0\"/>n scheme of<span class=\"_ _0\"/> the Gro<span class=\"_ _0\"/>up, inter<span class=\"_ _0\"/>nal audit, a<span class=\"_ _0\"/>nd servic<span class=\"_ _0\"/>es relating<span class=\"_ _0\"/> to corporat<span class=\"_ _0\"/>e financ<span class=\"_ _0\"/>e transact<span class=\"_ _0\"/>ions entered int<span class=\"_ _0\"/>o or prop<span class=\"_ _0\"/>osed to b<span class=\"_ _0\"/>e entered<span class=\"_ _0\"/> into, by o<span class=\"_ _0\"/>r on beha<span class=\"_ _0\"/>lf of th<span class=\"_ _0\"/>e Group or<span class=\"_ _0\"/> any of its <span class=\"_ _0\"/>associat<span class=\"_ _0\"/>es.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "Staff costs Staff cos<span class=\"_ _0\"/>ts can be <span class=\"_ _0\"/>analysed as<span class=\"_ _0\"/> follows:<span class=\"_ _0\"/> 2022 \u00a3m 2021 \u00a3m Wages and salari<span class=\"_ _0\"/>es <span class=\"_ _1c3\"> </span><span class=\"ff15c ls183 ws1bd\">49<span class=\"_ _0\"/>7 <span class=\"_ _4d\"> </span></span><span class=\"ff15e ws1bb\">441<span class=\"_ _0\"/> </span>Social se<span class=\"_ _0\"/>curity an<span class=\"_ _0\"/>d other costs<span class=\"_ _0\"/> <span class=\"_ _234\"> </span><span class=\"ff15c ws1c1\">80 <span class=\"_ _78\"> </span><span class=\"ff15e ls188 ws1b9\">69 </span></span>Share-based compensa<span class=\"_ _3\"/>tion (see note 4.8) <span class=\"_ _114\"> </span><span class=\"ff15c ls18f ws1c4\">19 <span class=\"_ _1f\"> </span><span class=\"ff15e ls183 ws1bd\">12 </span></span>Pension costs<span class=\"_ _0\"/> <span class=\"_ _235\"> </span><span class=\"ff15c ls18f ws1c4\">35 <span class=\"_ _81\"> </span><span class=\"ff15e ls19b ws1d6\">31 </span></span>Total sta<span class=\"_ _3\"/>ff costs* <span class=\"_ _187\"> </span><span class=\"ls189 ws1b8\">631 <span class=\"_ _4d\"> </span><span class=\"ff15e\">553 </span></span>Less: staff cos<span class=\"_ _0\"/>ts allocated t<span class=\"_ _0\"/>o productio<span class=\"_ _0\"/>ns, exceptiona<span class=\"_ _0\"/>l items or <span class=\"_ _0\"/>capitalised  <span class=\"_ _38\"> </span><span class=\"ff15c ws1bb\">(284) <span class=\"_ _4b\"> </span><span class=\"ff15e ls185 ws1c1\">(221) </span></span>Net staff costs  <span class=\"_ _1bb\"> </span><span class=\"ls3 ws2\">3<span class=\"_ _335\"> </span></span>4<span class=\"_ _335\"> </span>7 <span class=\"_ _4d\"> </span><span class=\"ff15e\">332 </span>* <span class=\"_ _2d\"> </span>Staff costs includes the management board including two execut<span class=\"ls1c0 ws1de\">ive directors but exclud<span class=\"_ _3\"/>es the non-executives and the Ch<span class=\"_ _3\"/>airman.</span><span class=\"ls1c0 ws1de\"><span class=\"ff15f ls3 ws2\"> </span></span><div class=\"t m0 h6b ff163 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:218.11768px;\">Full-tim<span class=\"_ _0\"/>e equival<span class=\"_ _0\"/>ent empl<span class=\"_ _0\"/>oyees<span class=\"_ _0\"/> (FTEE) in<span class=\"_ _0\"/>clude th<span class=\"_ _0\"/>ose FTEEs<span class=\"_ _0\"/> that a<span class=\"_ _0\"/>re alloca<span class=\"_ _0\"/>ted to th<span class=\"_ _0\"/>e cost of p<span class=\"_ _0\"/>roduct<span class=\"_ _0\"/>ions du<span class=\"_ _0\"/>ring the </div><div class=\"t m0 h6b ff163 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:205.16882px;\">year; however<span class=\"_ _3\"/>, they exclude short-term<span class=\"_ _3\"/><span class=\"ls190 ws1c7\"> contract<span class=\"_ _3\"/>ors and free<span class=\"_ _3\"/>lancers who<span class=\"_ _3\"/> are en<span class=\"ls185 ws2\">gaged <span class=\"_ _0\"/>on produc<span class=\"_ _0\"/>tions. <span class=\"_ _0\"/>The weigh<span class=\"_ _0\"/>ted </span></span></div><div class=\"t m0 h6b ff163 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:192.13696px;\">average <span class=\"_ _3\"/>FTEE over t<span class=\"_ _3\"/>he year is<span class=\"_ _3\"/>: </div><div class=\"t m0 h78 ff163 fs2c fc7 sc0 ls3 ws2\" style=\"left:410.19293px; bottom:169.5155px;\"> <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:0.0011901855px; bottom:154.14679px;\">ITV Studios <span class=\"_ _236\"> </span><span class=\"ff160 ls189 ws1b8\">4,042 <span class=\"_ _12\"> </span><span class=\"ff163 ls183 ws1bd\">3,816 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:140.33856px;\">Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _16e\"> </span><span class=\"ff160 ls18b ws1bb\">2,635 <span class=\"_ _42\"> </span><span class=\"ff163 ls18f ws1c4\">2,499 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0011901855px; bottom:125.828125px;\"> <span class=\"_ _237\"> </span><span class=\"ff160 ls189 ws1b8\">6,677 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,<span class=\"_ _0\"/>315 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls183 ws2\" style=\"left:0.0011901855px; bottom:103.43848px;\">The monthl<span class=\"_ _0\"/>y averag<span class=\"_ _0\"/>e number<span class=\"_ _0\"/> of peopl<span class=\"_ _0\"/>e employe<span class=\"_ _0\"/>d over the<span class=\"_ _0\"/> year is: </div><div class=\"t m0 h78 ff163 fs2c fc7 sc0 ls3 ws2\" style=\"left:410.19293px; bottom:80.89258px;\"> <span class=\"_ _16\"> </span><span class=\"ff160 ls1a4 ws1e3\">2022 <span class=\"_ _4d\"> </span></span><span class=\"ls19d ws1cf\">2021 </span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls18c ws1d8\" style=\"left:0.0011901855px; bottom:65.52399px;\">ITV Studios <span class=\"_ _238\"> </span><span class=\"ff160 ls18b ws1bb\">4,144 <span class=\"_ _80\"> </span><span class=\"ff163 ls189 ws1b8\">4,10<span class=\"_ _0\"/>9 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:51.637634px;\">Media &amp; Enterta<span class=\"_ _0\"/>inment<span class=\"_ _0\"/> <span class=\"_ _239\"> </span><span class=\"ff160 ls18b ws1bb\">2,681 <span class=\"_ _42\"> </span><span class=\"ff163 ls189 ws1b8\">2,509 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0011901855px; bottom:37.12726px;\"> <span class=\"_ _23a\"> </span><span class=\"ff160 ls189 ws1b8\">6,825 <span class=\"_ _12\"> </span><span class=\"ff163 ls18d ws1d3\">6,618 </span></span></div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:14.815491px;\">The increase<span class=\"_ _0\"/> in headcount is du<span class=\"_ _0\"/>e to the investme<span class=\"_ _0\"/>nt in digital an<span class=\"_ _0\"/>d technical ex<span class=\"_ _0\"/>pertise to drive<span class=\"_ _0\"/> our digital rev<span class=\"_ _0\"/>enue </div><div class=\"t m0 h6d ff162 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:0.0011901855px; bottom:1.7836304px;\">primarily on <span class=\"_ _3\"/>ITVX as well<span class=\"_ _3\"/> as converting <span class=\"_ _3\"/>freelance cont<span class=\"_ _3\"/>ractors to <span class=\"_ _3\"/>fixed term or <span class=\"_ _3\"/>permanent employees<span class=\"_ _3\"/>. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "Audit fees The Group\u2019s auditor is PwC LLP. The Group may engage PwC on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with Group\u2019s policy on auditor independence. In 2022, no non-audit fees, other than in respect of audit-related assurance services (being the review of the interim results for the six months to 30 June 2022) were paid to PwC (2021: PwC: \u00a3nil). Fees paid to PwC and its associates during the year are set out below: PWC  2022 \u00a3m PWC  2021 \u00a3m For the audit of the Group\u2019s annual financial statements  1.8  1.8 For the audit of subsidiaries of the Group  1.3  1.5 Audit-related assurance services  0.2   0.2 Total audit and audit-related assurance services  3.3  3.5 Other assurance services  \u2013  \u2013 Total non-audit services*  \u2013  \u2013 Total fees paid to auditor  3.3  3.5 *  See details of non-audit services policy in the Audit and Risk Committee Report on page 136. There were no fees payable in 2022 or 2021 to PwC or their associates for the auditing of financial statements of any associate or pension scheme of the Group, internal audit, and services relating to corporate finance transactions entered into or proposed to be entered into, by or on behalf of the Group or any of its associates.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "Accounting policies Exceptional items as described above are highlighted on the face of the Consolidated Income Statement. See the Operating and Financial Performance Review on pages 28 to 65 for the detailed explanation of the Group\u2019s use of adjusted performance measures. Gains or losses on disposal of non-core assets are also considered exceptional due to their nature and impact on the Group\u2019s underlying quality of earnings.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-525": {
   "value": "<div class=\"t m5 h72 ff168 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0007171631px; bottom:694.78284px;\">Exceptional items </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:681.75464px;\">Operating and<span class=\"_ _3\"/> non-operating e<span class=\"_ _3\"/>xceptional items a<span class=\"_ _3\"/>re analysed as fo<span class=\"_ _3\"/>llows: </div><div class=\"t m8 h76 ff16b fs2c fc7 sc0 ls3 ws2\" style=\"left:0.0007171631px; bottom:650.0813px;\">(Charge)/credit <span class=\"_ _1bd\"> </span><span class=\"ls1cb ws1ce\">Ref. </span></div><div class=\"t m8 h78 ff168 fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:457.35425px; bottom:659.28687px;\">2022  </div><div class=\"t m8 h78 ff168 fs2c fc7 sc0 ls3 ws2\" style=\"left:465.021px; bottom:650.1593px;\">\u00a3m </div><div class=\"t m8 h76 ff16b fs2c fc7 sc0 ls19d ws233\" style=\"left:525.94885px; bottom:659.28687px;\">2021  </div><div class=\"t m8 h76 ff16b fs2c fc7 sc0 ls1af ws1e5\" style=\"left:531.6426px; bottom:650.1593px;\">\u00a3m </div><div class=\"t m6 h6d ff167 fs29 fc7 sc0 ls183 ws2\" style=\"left:0.0007171631px; bottom:634.71295px;\">Operating <span class=\"_ _0\"/>exceptio<span class=\"_ _0\"/>nal items:<span class=\"_ _0\"/> <span class=\"_ _10b\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _ae\"> </span></span> </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18f ws1d7\" style=\"left:11.920929px; bottom:620.9046px;\">Acquisition-related expenses <span class=\"_ _10f\"> </span>A <span class=\"_ _1f\"> </span><span class=\"ff168 ls18b ws1bb\">(4) <span class=\"_ _12\"> </span></span><span class=\"ls18d ws1d3\">(109) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:11.920929px; bottom:607.0181px;\">Restructur<span class=\"_ _0\"/>ing and transf<span class=\"_ _0\"/>ormation<span class=\"_ _0\"/> costs <span class=\"_ _241\"> </span>B <span class=\"_ _4d\"> </span><span class=\"ff168 ls18b ws1bb\">(28) <span class=\"_ _69\"> </span></span><span class=\"ls19b ws1d6\">(8) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18e ws1c6\" style=\"left:11.920929px; bottom:593.20984px;\">Property<span class=\"_ _3\"/> costs <span class=\"_ _242\"> </span>C <span class=\"_ _4d\"> </span><span class=\"ff168 ls189 ws1b8\">(24) <span class=\"_ _18\"> </span></span><span class=\"ls19b ws1d6\">(8) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18e ws1c0\" style=\"left:11.920929px; bottom:579.3236px;\">Pensio<span class=\"_ _3\"/>n relate<span class=\"_ _3\"/>d costs <span class=\"_ _243\"> </span>D <span class=\"_ _14d\"> </span><span class=\"ff168 ls3 ws2\">(<span class=\"_ _335\"> </span></span></div><div class=\"c w38 h7d\" style=\"left:469.72137px; bottom:576.5144px;\"><div class=\"t m6 x0 h6d y2fd8 ff168 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls18e ws1c5\" style=\"left:476.07892px; bottom:579.3236px;\">) <span class=\"_ _6b\"> </span><span class=\"ff16b ls19b ws1d6\">(21)<span class=\"_ _0\"/> </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18d ws1d4\" style=\"left:11.920929px; bottom:565.51514px;\">Costs rel<span class=\"_ _0\"/>ated to<span class=\"_ _0\"/> the pass<span class=\"_ _0\"/>ing of H<span class=\"_ _0\"/>er Maje<span class=\"_ _0\"/>sty Quee<span class=\"_ _0\"/>n Eliza<span class=\"_ _0\"/>beth II <span class=\"_ _3a\"> </span>E <span class=\"_ _124\"> </span><span class=\"ff168 ls189 ws1b8\">(16)<span class=\"_ _0\"/> <span class=\"_ _7a\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18f ws1d7\" style=\"left:11.920929px; bottom:551.6288px;\">Sports rights  <span class=\"_ _244\"> </span>F <span class=\"_ _131\"> </span><span class=\"ff168 ws1c4\">5 <span class=\"_ _44\"> </span></span><span class=\"ls19b ws1d6\">(1<span class=\"_ _0\"/>) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls183 ws1b5\" style=\"left:11.920929px; bottom:537.82043px;\">Transpond<span class=\"_ _0\"/>er onero<span class=\"_ _0\"/>us contrac<span class=\"_ _0\"/>t <span class=\"_ _225\"> </span>G <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _47\"> </span></span><span class=\"ls19b ws1d6\">(16) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:11.920929px; bottom:523.93427px;\">Employee-related<span class=\"_ _3\"/> tax provision <span class=\"_ _245\"> </span>H <span class=\"_ _60\"> </span><span class=\"ff168 ls189 ws1b8\">(10) <span class=\"_ _6e\"> </span></span><span class=\"ls183 ws1bd\">(22) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:11.920929px; bottom:510.12592px;\">Insured trade r<span class=\"_ _3\"/>eceivable pro<span class=\"_ _3\"/>vision <span class=\"_ _246\"> </span>I <span class=\"_ _1d2\"> </span><span class=\"ff168 ls185 ws1c1\">23 <span class=\"_ _168\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls186 ws1b6\" style=\"left:11.920929px; bottom:496.23956px;\">Other <span class=\"_ _247\"> </span><span class=\"ls18c ws1c2\">J <span class=\"_ _5c\"> </span><span class=\"ff168 ls18b ws1bb\">(7) <span class=\"_ _4d\"> </span></span></span>(11) </div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls184 ws1d2\" style=\"left:0.0007171631px; bottom:481.80707px;\">Total operatin<span class=\"_ _3\"/>g exceptional <span class=\"_ _3\"/>items <span class=\"_ _20b\"> </span><span class=\"ff16b ls3 ws2\"> </span></div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls18c ws1c2\" style=\"left:460.30054px; bottom:481.80707px;\">(65) <span class=\"_ _62\"> </span><span class=\"ff16b ls188 ws1b9\">(196) </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:11.920929px; bottom:467.29663px;\">Tax on oper<span class=\"_ _3\"/>ating exceptional it<span class=\"_ _3\"/>ems <span class=\"_ _248\"> </span> <span class=\"_ _12f\"> </span><span class=\"ff168 ws1d4\">8 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">16 </span></div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls184 ws1d5\" style=\"left:0.0007171631px; bottom:452.78625px;\">Total operating exc<span class=\"_ _3\"/>eptional items net of tax <span class=\"_ _ea\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _124\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _12\"> </span><span class=\"ff16b ls19b ws1d6\">(18<span class=\"_ _0\"/>0) </span></span></div><div class=\"t m6 h6d ff167 fs29 fc7 sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:437.9638px;\">Non-operatin<span class=\"_ _0\"/>g exception<span class=\"_ _0\"/>al items: <span class=\"_ _183\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff168\"> <span class=\"_ _142\"> </span></span> </span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls18f ws1d7\" style=\"left:11.920929px; bottom:424.07733px;\">Financing exceptional item: acquisition-related <span class=\"_ _249\"> </span>K <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _203\"> </span></span><span class=\"ls18d ws1d3\">(10)<span class=\"_ _0\"/> </span></div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls186 ws1c8\" style=\"left:0.0007171631px; bottom:409.64502px;\">Total non-ope<span class=\"_ _3\"/>rating exceptio<span class=\"_ _3\"/>nal items <span class=\"_ _24a\"> </span><span class=\"ff16b ls3 ws2\"> <span class=\"_ _141\"> </span><span class=\"ff168\"> <span class=\"_ _16\"> </span></span><span class=\"ls18d ws1d3\">(10) </span></span></div><div class=\"t m6 h6d ff16b fs29 fc7 sc0 ls183 ws1b5\" style=\"left:11.920929px; bottom:395.13452px;\">Tax on n<span class=\"_ _0\"/>on-opera<span class=\"_ _0\"/>ting except<span class=\"_ _0\"/>ional item<span class=\"_ _0\"/>s <span class=\"_ _dc\"> </span> <span class=\"_ _ed\"> </span><span class=\"ff168 ls184 ws1d4\">\u2013 <span class=\"_ _12c\"> </span></span><span class=\"ls188 ws1b9\">\u2013 </span></div><div class=\"t m6 h6d ff168 fs29 fc7 sc0 ls190 ws2\" style=\"left:0.0007171631px; bottom:380.62405px;\">Total e<span class=\"_ _3\"/>xceptional <span class=\"_ _3\"/>items ne<span class=\"_ _3\"/>t of tax <span class=\"_ _9d\"> </span><span class=\"ff16b ls3\"> <span class=\"_ _60\"> </span></span><span class=\"ls18b ws1bb\">(57) <span class=\"_ _62\"> </span><span class=\"ff16b ls18d ws1d3\">(190) </span></span></div><div class=\"t m6 h6d ff168 fs29 fcd sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:355.6599px;\">A. Acquisiti<span class=\"_ _0\"/>on-related <span class=\"_ _0\"/>expenses </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:342.62802px;\">Acquisition-related expe<span class=\"_ _3\"/>nses of \u00a34 million (2021: \u00a3109 mi<span class=\"_ _3\"/>llion) relate primari<span class=\"_ _3\"/>ly to integration costs and p<span class=\"_ _3\"/>rofessional </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:329.67917px;\">fees, mai<span class=\"_ _3\"/>nly financial due di<span class=\"_ _3\"/>ligence and <span class=\"_ _3\"/>legal costs in<span class=\"_ _3\"/>curred on curr<span class=\"_ _3\"/>ent period acquisiti<span class=\"_ _3\"/>ons. Also included<span class=\"_ _3\"/> are </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:316.6473px;\">performance-based,<span class=\"_ _3\"/> employment-li<span class=\"_ _3\"/>nked expected pa<span class=\"_ _3\"/>yments to former<span class=\"_ _3\"/> owners, wi<span class=\"_ _3\"/>th the final d<span class=\"_ _3\"/>etermination of t<span class=\"_ _3\"/>he </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:303.61545px;\">second earn<span class=\"_ _0\"/>out on the Tal<span class=\"_ _0\"/>pa acquisi<span class=\"_ _0\"/>tion accoun<span class=\"_ _0\"/>ting for the ma<span class=\"_ _0\"/>jority of<span class=\"_ _0\"/> the amount charg<span class=\"_ _0\"/>ed in 2021. </div><div class=\"t m6 h6d ff168 fs29 fcd sc0 ls18a ws1c0\" style=\"left:0.0007171631px; bottom:280.2079px;\">B. Re<span class=\"_ _3\"/>structu<span class=\"_ _3\"/>ring and<span class=\"_ _4\"/> transforma<span class=\"_ _3\"/>tion c<span class=\"_ _3\"/>osts </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:267.25903px;\">Restructuring and tr<span class=\"_ _3\"/>ansformation costs of \u00a328 mi<span class=\"_ _3\"/>llion (2021: <span class=\"ls19e ws1b3\">\u00a38 mi<span class=\"_ _3\"/>llion) relate to one-off significant restructuring and </span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:254.22714px;\">transformation programmes of the busine<span class=\"ls1a1 ws1d2\">ss. Significant programmes in the year</span> include the ITV Together programme </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:241.19528px;\">which includes the implementa<span class=\"ls19f ws1b5\">tion of a new <span class=\"_ _3\"/>cloud-based ERP solution, a <span class=\"_ _3\"/>so<span class=\"ls1a0 ws2\">ftware as a service (SaaS) <span class=\"_ _3\"/>solution where </span></span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:228.24643px;\">the implementation costs are expensed as incurred. The implementat<span class=\"_ _4\"/>ion of the programme commenced in 2021 and will </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:215.21457px;\">continue into 2023 and 2024. Additional<span class=\"ls19f ws1b5\"> exceptional co<span class=\"_ _3\"/>sts related to the ITV To<span class=\"_ _4\"/><span class=\"ls1a0 ws2\">gether programme of between \u00a38 million </span></span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:202.18271px;\">and \u00a310 million are expected to be incurred to <span class=\"_ _3\"/>complete the foundational stage of the<span class=\"_ _3\"/> programme.  </div><div class=\"t m6 h6d ff168 fs29 fcd sc0 ls185 ws1d4\" style=\"left:0.0007171631px; bottom:178.77515px;\">C. Proper<span class=\"_ _0\"/>ty costs<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:165.82626px;\">Following t<span class=\"_ _3\"/>he decision to mo<span class=\"_ _3\"/>ve to Broadcast <span class=\"_ _3\"/>Centre in ear<span class=\"_ _3\"/>ly 2022, \u00a317 million (<span class=\"_ _3\"/>2021: \u00a38 million) o<span class=\"_ _3\"/>f property co<span class=\"_ _3\"/>sts and </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:152.7944px;\">move relat<span class=\"_ _3\"/>ed costs have<span class=\"_ _3\"/> been recognised <span class=\"_ _3\"/>as exceptional, i<span class=\"_ _3\"/>ncluding acce<span class=\"_ _3\"/>lerated depreciat<span class=\"_ _3\"/>ion following<span class=\"_ _3\"/> a change in </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:139.76254px;\">useful life of th<span class=\"_ _0\"/>e related<span class=\"_ _0\"/> assets. Additi<span class=\"_ _0\"/>onal excep<span class=\"_ _0\"/>tional costs<span class=\"_ _0\"/> related to the<span class=\"_ _0\"/> property<span class=\"_ _0\"/> move of \u00a310 mill<span class=\"_ _0\"/>ion is expec<span class=\"_ _0\"/>ted </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:126.81369px;\">to be incur<span class=\"_ _3\"/>red in 2023. An additiona<span class=\"_ _3\"/>l \u00a37 million i<span class=\"_ _3\"/>mpair<span class=\"ls183 ws1b2\">ment on leasehold imp<span class=\"_ _0\"/>rovemen<span class=\"_ _0\"/>ts and right of use<span class=\"_ _0\"/> asset has </span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:113.781815px;\">been provi<span class=\"_ _3\"/>ded following<span class=\"_ _3\"/> the decisio<span class=\"_ _3\"/>n to vacate ou<span class=\"_ _3\"/>r New York<span class=\"_ _3\"/> office and<span class=\"_ _3\"/> reduce our pr<span class=\"_ _3\"/>operty footpri<span class=\"_ _3\"/>nt in the US<span class=\"_ _3\"/>. </div><div class=\"t m6 h6d ff168 fs29 fcd sc0 ls189 ws1c5\" style=\"left:0.0007171631px; bottom:90.37425px;\">D. Pension related costs </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:77.34239px;\">The Box Clever provision wa<span class=\"_ _3\"/>s increased by \u00a321 million in 202<span class=\"_ _3\"/>1<span class=\"ls1a0 ws2\"> reflecting an increa<span class=\"_ _3\"/>se in management\u2019s estimate of the </span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:64.39354px;\">provision required. The treatment of this increase a<span class=\"_ _3\"/>s exceptional is consis<span class=\"ls19e ws1b3\">tent with the recognition of the \u00a331 million </span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:0.0007171631px; bottom:51.361664px;\">provision in 2020 as an exc<span class=\"_ _0\"/>eptional charge<span class=\"ls1a0 ws2\">. There has been no change to the provisio<span class=\"ls19e ws1b3\">n in 2022. See 3.6 f<span class=\"_ _3\"/>or further details.  </span></span></div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:27.954102px;\">In April 2022, t<span class=\"_ _3\"/>he Pension Trustee <span class=\"_ _3\"/>completed a buyout<span class=\"_ _3\"/> of Sectio<span class=\"_ _3\"/>n C of the IT<span class=\"_ _3\"/>V Pension Scheme<span class=\"_ _3\"/>, which in pra<span class=\"_ _3\"/>ctical </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:14.922241px;\">terms split th<span class=\"_ _3\"/>e bulk annuity poli<span class=\"_ _3\"/>cy into individu<span class=\"_ _3\"/>al annuity po<span class=\"_ _3\"/>licies for e<span class=\"_ _3\"/>ach scheme member<span class=\"_ _3\"/>. \u00a34 million <span class=\"_ _3\"/>(2021: \u00a3nil) </div><div class=\"t m6 h6b ff16b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:1.8903732px;\">which related to<span class=\"_ _3\"/> the risk pr<span class=\"_ _3\"/>emium of Se<span class=\"_ _3\"/>ction C was <span class=\"_ _3\"/>paid. Further detai<span class=\"_ _3\"/>ls are provided<span class=\"_ _3\"/> in note 3.7.<span class=\"ff16c ls3 ws2\"> </span></div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls184 ws1d2\" style=\"left:0.0011901855px; bottom:717.1462px;\">E. Costs <span class=\"_ _3\"/>related to t<span class=\"_ _3\"/>he passing of He<span class=\"_ _3\"/>r Majesty Quee<span class=\"_ _3\"/>n Elizabeth <span class=\"_ _3\"/>II </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0011901855px; bottom:704.1973px;\">Follow<span class=\"_ _0\"/>ing the<span class=\"_ _0\"/> passin<span class=\"_ _0\"/>g of H<span class=\"_ _0\"/>er Ma<span class=\"_ _0\"/>jesty <span class=\"_ _0\"/>Queen El<span class=\"_ _0\"/>izabet<span class=\"_ _0\"/>h II <span class=\"_ _0\"/>in Sept<span class=\"_ _0\"/>ember 20<span class=\"_ _0\"/>22, th<span class=\"_ _0\"/>e M&amp;E<span class=\"_ _0\"/> busine<span class=\"_ _0\"/>ss inc<span class=\"_ _0\"/>urred s<span class=\"_ _0\"/>ignif<span class=\"_ _0\"/>icant<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:691.16547px;\">additional cost re<span class=\"_ _3\"/>lated to news coverage<span class=\"_ _3\"/> associated with<span class=\"ls184 ws1b3\"> t<span class=\"_ _3\"/>he reporting of t<span class=\"_ _3\"/>he death of th<span class=\"_ _3\"/>e Queen and the <span class=\"_ _3\"/>funeral. </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:678.1336px;\">These cost<span class=\"_ _3\"/>s were over a<span class=\"_ _3\"/>nd above norma<span class=\"_ _3\"/>l day-to-day co<span class=\"_ _3\"/>st and do not i<span class=\"_ _4\"/>nclude any financial impact <span class=\"_ _3\"/>of the advert<span class=\"_ _3\"/>ising </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:665.18475px;\">blackou<span class=\"_ _0\"/>t in force du<span class=\"_ _0\"/>ring this<span class=\"_ _0\"/> period. The<span class=\"_ _0\"/> business<span class=\"_ _0\"/> has also<span class=\"ls184 ws1c8\"> written off remaining Spitting Image episod<span class=\"_ _3\"/>es featuring the </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:652.1529px;\">Queen as it<span class=\"_ _3\"/> is highly unlik<span class=\"_ _3\"/>ely they wi<span class=\"_ _3\"/>ll ever be scr<span class=\"_ _3\"/>eened and are <span class=\"_ _3\"/>unable to be e<span class=\"_ _3\"/>ffectively ed<span class=\"_ _3\"/>ited. In total t<span class=\"_ _3\"/>he business </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:639.12103px;\">has incurr<span class=\"_ _4\"/>ed <span class=\"_ _0\"/>\u00a316 mil<span class=\"_ _3\"/>lion of cost whi<span class=\"_ _4\"/>ch <span class=\"_ _0\"/>is cons<span class=\"_ _3\"/>idered ex<span class=\"_ _3\"/>ceptional. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls183 ws2\" style=\"left:0.0011901855px; bottom:615.71344px;\">F. Sports ri<span class=\"_ _0\"/>ghts </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:602.7646px;\">The impact of<span class=\"_ _3\"/> COVID-19 on t<span class=\"_ _3\"/>he planned spor<span class=\"_ _3\"/>ting schedule a<span class=\"_ _3\"/>nd the conseque<span class=\"_ _3\"/>ntial impact o<span class=\"_ _3\"/>n TAR, along wit<span class=\"_ _3\"/>h </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:589.7327px;\">changi<span class=\"_ _3\"/>ng forecast<span class=\"_ _3\"/>s of audien<span class=\"_ _3\"/>ce mix and reve<span class=\"_ _3\"/>nues for cert<span class=\"_ _3\"/>ai<span class=\"ls185 ws1b6\">n sportin<span class=\"_ _0\"/>g events,<span class=\"_ _0\"/> resulted<span class=\"_ _0\"/> in the reco<span class=\"_ _0\"/>gnition of<span class=\"_ _0\"/> a \u00a323 </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:576.70087px;\">million provision for impairment of <span class=\"_ _3\"/>specific sports rights in 2020. It i<span class=\"_ _3\"/>s not possible to split this imp<span class=\"_ _3\"/>airment between </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:563.752px;\">that caused by the COVID-19 pandemic and underlying mark<span class=\"_ _3\"/><span class=\"ls186 ws1c9\">et movements<span class=\"_ _3\"/>. In 2022 the remaini<span class=\"_ _3\"/>ng sports events that<span class=\"_ _3\"/> </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:550.72015px;\">this provi<span class=\"_ _3\"/>sion related to <span class=\"_ _3\"/>were cancelled b<span class=\"_ _3\"/>y the relevant<span class=\"_ _3\"/> governing bo<span class=\"_ _3\"/>dy and the re<span class=\"_ _3\"/>lated provision <span class=\"_ _3\"/>held of \u00a35 <span class=\"_ _3\"/>million </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:537.6883px;\">was releas<span class=\"_ _0\"/>ed as a refun<span class=\"_ _0\"/>d is expec<span class=\"_ _0\"/>ted. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:514.2807px;\">G. Transpo<span class=\"_ _0\"/>nder onero<span class=\"_ _0\"/>us contra<span class=\"_ _0\"/>ct </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:501.33185px;\">In 2021 we provide<span class=\"_ _3\"/>d \u00a316 million for a<span class=\"_ _3\"/>n onerous contract <span class=\"_ _3\"/>for a second tran<span class=\"_ _3\"/>sponder. This followed <span class=\"_ _3\"/>a review of our </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0011901855px; bottom:488.3px;\">transponder capacity usage in the secon<span class=\"_ _0\"/>d half of 2020 and early 2021. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls183 ws1b6\" style=\"left:0.0011901855px; bottom:464.89246px;\">H. Employee-<span class=\"_ _0\"/>related tax<span class=\"_ _0\"/> provisions<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:451.86053px;\">The determinatio<span class=\"_ _3\"/>n of the emp<span class=\"_ _3\"/>loyment tax <span class=\"_ _3\"/>status of so<span class=\"_ _3\"/>me individuals <span class=\"_ _3\"/>contracted by t<span class=\"_ _3\"/>he Group is com<span class=\"_ _3\"/>plex. In Mar<span class=\"_ _3\"/>ch </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:438.91168px;\">2021, HMRC issued an initial assessmen<span class=\"ls184 ws1b3\">t<span class=\"_ _3\"/> on several i<span class=\"_ _3\"/>ndividuals engaged<span class=\"_ _3\"/> by the Group d<span class=\"_ _3\"/>uring the tax ye<span class=\"_ _3\"/>ar 2016/17 </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:425.87982px;\">as employed for tax purposes. In June 2021, HMRC upda<span class=\"ws1d2\">ted guid<span class=\"_ _3\"/>ance on factors det<span class=\"_ _3\"/>ermining the employment tax </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:412.84796px;\">status of TV and<span class=\"_ _3\"/> Radio presenters.  </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:389.44043px;\">Landmark court cases were heard by the Court of Appeal in ea<span class=\"ls1a1 ws1d2\">rly 2022. Whilst the Group was not involved in th<span class=\"_ _0\"/>ese cases, </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:376.49158px;\">judgements handed down impact how employment tax stat<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">us<span class=\"_ _0\"/> is being determined for TV and Radio presenters </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:363.45966px;\">generally. These judgements will therefore have a b<span class=\"_ _3\"/>earing on how much<span class=\"ls19e ws1b3\"> tax might be payable by the Group.  </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:340.05212px;\">In 2021, we provide<span class=\"_ _3\"/>d \u00a322 mi<span class=\"_ _3\"/>llion for period<span class=\"_ _3\"/>s up to 31 D<span class=\"_ _3\"/>e<span class=\"ls18c ws1bc\">cember 2020. During 2022, we have further increased the </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:327.02026px;\">provis<span class=\"_ _0\"/>ion by \u00a320<span class=\"_ _0\"/> million<span class=\"_ _0\"/>, of whic<span class=\"_ _0\"/>h \u00a310 mill<span class=\"_ _0\"/>ion rel<span class=\"_ _0\"/>ates to p<span class=\"_ _0\"/>e<span class=\"ls184 ws1b3\">riods up to 31 D<span class=\"_ _3\"/>ecember 2021, <span class=\"_ _3\"/>and is therefor<span class=\"_ _3\"/>e considered </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:314.0714px;\">exception<span class=\"_ _0\"/>al. The increas<span class=\"_ _0\"/>e largely rela<span class=\"_ _0\"/>tes to where the G<span class=\"_ _0\"/>roup believe<span class=\"_ _0\"/>s the case for sel<span class=\"_ _0\"/>f-employmen<span class=\"_ _0\"/>t has weakene<span class=\"_ _0\"/>d in </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0011901855px; bottom:301.03955px;\">light o<span class=\"_ _3\"/>f recent <span class=\"_ _3\"/>case la<span class=\"_ _3\"/>w and HMRC\u2019<span class=\"_ _4\"/>s<span class=\"_ _0\"/> hardeni<span class=\"_ _3\"/>ng stan<span class=\"_ _3\"/>ce.  </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0011901855px; bottom:277.63196px;\">Due to ongoing reviews by HMRC and court cases on this <span class=\"ls188 ws1d2\">matter, the final amount payab<span class=\"_ _3\"/>le could be significantly </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:264.6001px;\">differen<span class=\"_ _0\"/>t to am<span class=\"_ _0\"/>ounts cu<span class=\"_ _0\"/>rrently <span class=\"_ _0\"/>provid<span class=\"_ _0\"/>ed. See n<span class=\"_ _0\"/>ote 3.6<span class=\"_ _0\"/> for fu<span class=\"_ _0\"/>rther d<span class=\"_ _0\"/>etails. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:241.19257px;\">I. Insured t<span class=\"_ _0\"/>rade receiv<span class=\"_ _0\"/>able prov<span class=\"_ _0\"/>ision </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:228.24368px;\">In 2017, the Group re<span class=\"_ _3\"/>corded a bad debt pro<span class=\"_ _3\"/>vision of US$41 mi<span class=\"_ _4\"/>ll<span class=\"_ _0\"/>ion related to<span class=\"_ _3\"/> trade receivables fo<span class=\"_ _3\"/>r The Voice of China<span class=\"_ _3\"/>. </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:215.21182px;\">As the Dire<span class=\"_ _3\"/>ctors antici<span class=\"_ _3\"/>pated recoveri<span class=\"_ _3\"/>ng the amount <span class=\"_ _3\"/>either from t<span class=\"_ _3\"/>he counterp<span class=\"_ _3\"/>arty or from tr<span class=\"_ _3\"/>ade credit insurance<span class=\"_ _3\"/>, </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:202.17996px;\">US$37 mi<span class=\"_ _3\"/>llion was treated<span class=\"_ _3\"/> as an exceptiona<span class=\"_ _3\"/>l cost and the i<span class=\"_ _3\"/>n<span class=\"ws1c8\">surance exce<span class=\"_ _3\"/>ss of US$4 million treated as an operat<span class=\"_ _3\"/>ing </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:189.1481px;\">cost. All bal<span class=\"_ _0\"/>ances w<span class=\"_ _0\"/>ere held in US<span class=\"_ _0\"/> dollars.  </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:165.82355px;\">US$34 million of cash re<span class=\"_ _3\"/>ceived in 2018 and 2019 on b<span class=\"_ _3\"/>ehalf of the debtor<span class=\"_ _3\"/> was placed under r<span class=\"_ _3\"/>eview and the bad debt </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:152.79169px;\">provis<span class=\"_ _0\"/>ion rema<span class=\"_ _0\"/>ined in<span class=\"_ _0\"/> place. Th<span class=\"_ _0\"/>is revie<span class=\"_ _0\"/>w is now co<span class=\"_ _0\"/>mplete<span class=\"_ _0\"/> and the c<span class=\"_ _0\"/>ash recei<span class=\"_ _0\"/>ved acc<span class=\"_ _0\"/>epted an<span class=\"_ _0\"/>d has re<span class=\"_ _0\"/>duced the<span class=\"_ _0\"/> bad </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:139.7598px;\">debt provision. As su<span class=\"_ _3\"/>ch, the corresponding <span class=\"_ _3\"/>bad debt provision ha<span class=\"_ _3\"/>s been released with US$3<span class=\"_ _3\"/>1 million treat<span class=\"_ _3\"/>ed as an </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:126.81094px;\">exceptional credit<span class=\"_ _3\"/> and US$3 million tre<span class=\"_ _3\"/>ated as an operating <span class=\"_ _3\"/>credit, consistent <span class=\"_ _3\"/>with the treatment of the ori<span class=\"_ _3\"/>ginal </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0011901855px; bottom:113.77908px;\">expense. This resul<span class=\"_ _0\"/>ts in a \u00a323 million credit to exceptional items in 2022. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls18f ws1be\" style=\"left:0.0011901855px; bottom:90.37152px;\">J. Other </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0011901855px; bottom:77.33966px;\">Include<span class=\"_ _3\"/>d in other<span class=\"_ _3\"/> are le<span class=\"_ _3\"/>gal costs<span class=\"_ _3\"/> in relat<span class=\"_ _3\"/>ion to <span class=\"_ _3\"/>litigati<span class=\"_ _3\"/>on <span class=\"ls186 ws1c9\">outside the no<span class=\"_ _3\"/>rmal course<span class=\"_ _3\"/> of business, including<span class=\"_ _3\"/> Box Clever, </span></div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0011901855px; bottom:64.39081px;\">The Vo<span class=\"_ _0\"/>ice of H<span class=\"_ _0\"/>ollan<span class=\"_ _0\"/>d and th<span class=\"_ _0\"/>e CMA<span class=\"_ _0\"/> inves<span class=\"_ _0\"/>tigatio<span class=\"_ _0\"/>n, offs<span class=\"_ _0\"/>et by<span class=\"_ _0\"/> incom<span class=\"_ _0\"/>e recei<span class=\"_ _0\"/>ved on <span class=\"_ _0\"/>a COVI<span class=\"_ _0\"/>D-19 <span class=\"_ _0\"/>insuran<span class=\"_ _0\"/>ce cla<span class=\"_ _0\"/>im for c<span class=\"_ _0\"/>osts </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:51.358917px;\">that were treat<span class=\"_ _3\"/>ed as exceptional. </div><div class=\"t m0 h6d ff16d fs29 fcd sc0 ls18b ws1b5\" style=\"left:0.0011901855px; bottom:27.951385px;\">K. Acquisition-r<span class=\"_ _0\"/>elated (financin<span class=\"_ _0\"/>g exception<span class=\"_ _0\"/>al item) </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:14.919495px;\">In 2021, exceptiona<span class=\"_ _3\"/>l finance costs of<span class=\"_ _3\"/> \u00a310 million related <span class=\"_ _3\"/>principally to i<span class=\"_ _3\"/>nterest accrued on ex<span class=\"_ _3\"/>ceptional acquisition- </div><div class=\"t m0 h6b ff170 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:1.8876343px;\">related ex<span class=\"_ _0\"/>penses. </div>",
   "dimensions": {
    "concept": "itvplc:DisclosureOfExceptionalItems",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "Accounting policies The tax charge for the year is recognised in the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income and directly in equity, according to the accounting treatment of the related transactions. The tax charge comprises both current and deferred tax. The calculation of the Group\u2019s tax charge involves estimation and judgement in respect of certain items whose tax treatment cannot be fully determined until a resolution has been reached by the relevant tax authority.  Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment in respect of previous years.  The Group recognises liabilities for anticipated tax issues based on estimates and judgement of the additional taxes that are likely to become due. Amounts are accrued based on management\u2019s interpretation of specific tax law and the likelihood of settlement. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current tax and deferred tax provisions in the period in which such determination is made.  Deferred tax  Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes.  The following temporary differences are not provided for: \u2022  The initial recognition of goodwill \u2022  The initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination  \u2022  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. Deferred tax is calculated using tax rates that are enacted or substantively enacted at the balance sheet date.  A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to utilise the temporary difference. Recognition of deferred tax assets, therefore, involves judgement regarding the timing and level of future taxable income.  Deferred tax assets and liabilities are disclosed net to the extent that they relate to taxes levied by the same authority and the Group has the right of set-off. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "Deferred tax  Deferred tax arises due to certain temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those for taxation purposes.  The following temporary differences are not provided for: \u2022  The initial recognition of goodwill \u2022  The initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination  \u2022  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. Deferred tax is calculated using tax rates that are enacted or substantively enacted at the balance sheet date.  A deferred tax asset is recognised only to the extent that it is probable that sufficient taxable profit will be available to utilise the temporary difference. Recognition of deferred tax assets, therefore, involves judgement regarding the timing and level of future taxable income.  Deferred tax assets and liabilities are disclosed net to the extent that they relate to taxes levied by the same authority and the Group has the right of set-off. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Current tax:     Current tax charge on profit before exceptional items  (38)  (108) Current tax credit on exceptional items  7  11   (31)  (97) Adjustments related to prior periods  9  (7)   (22)  (104) Deferred tax:     Origination and reversal of temporary differences  (3 4 )  1 Deferred tax credit on exceptional items  1  5 Impact of changes to statutory tax rates  (6)  (4)   (39)  2 Adjustments related to prior periods  (5)  10   ( 4 4)  12 Total taxation charge in the Consolidated Income Statement  (66)  (92) In order to understand how, in the Consolidated Income Statement, a tax charge of \u00a366 million (2021: \u00a392 million) arises on a profit before tax of \u00a3501 million (2021: \u00a3480 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax  501  480 Notional taxation charge at UK corporation tax rate of 19% (2021: 19%) on profit before tax  (95)  (91) Non-taxable income/non-deductible expenses  (15)  (9) Overseas non-deductible exceptional expenses  \u2013  (26) Prior year adjustments  4  3 Other taxes  (8)  (7) Current year losses not recognised  (8)  (1) Impact of overseas tax rates  (1)  10 Impact of changes in tax rates  (6)  (4) Movement on tax provisions  (1)  (5) Production tax credits  64  38 Statutor y taxation charge in the Consolidated Income Statement  (66)  (92) Non-deductible expenses are expenses that are not expected to be allowable for tax purposes. Similarly, non-taxable income is income that is not expected to be taxable. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters, which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. The current tax charge includes a \u00a39 million credit (2021: \u00a37 million charge) relating to prior years, and the deferred tax charge includes a \u00a35 million charge (2021: \u00a310 million credit) relating to prior years. This adjustment has arisen following changes in estimates of taxes that have already become due, or will become due in the future. Other taxes of \u00a38 million charge (2021: \u00a37 million charge) includes state taxes of \u00a34 million in the US, local taxes of \u00a32 million in Germany, Italy and France plus \u00a32 million of irrecoverable withholding tax in the UK. The impact of overseas tax rates reflects the fact that some of our profits are earned in territories other than the UK and taxed at rates different from the UK corporation tax rate. In 2022, the total impact is \u00a31 million charge (2021: \u00a310 million credit) due to profits arising in higher tax jurisdictions. The increase in the UK corporation tax rate from 19% to 25%, which is effective from 1 April 2023, will increase the Group's future current tax charge. A deferred tax liability has been calculated and the current year movement on the change in the tax rate is a \u00a36 million charge through the Consolidated Income Statement and a \u00a35 million charge through other comprehensive income or equity. In line with our accounting policy on current tax, provisions are held on the balance sheet within current tax liabilities in respect of uncertain tax positions where management believes that it is probable that future payments of tax will be required. The production tax credits included within the reconciliation above are UK High-End Television (HETV) tax credits and Children\u2019s Television tax credits, which are part of a group of incentives provided to support the creative industries in the UK. The ability to access these tax credits is fundamental when assessing the viability of investment decisions in the production of high-end drama and children\u2019s programmes. Under IFRS, these production tax credits are reported within the total taxation charge in the Consolidated Income Statement. However, ITV considers them to be a contribution to production costs, and therefore working capital in nature, and excludes them from its adjusted tax charge, including them instead within Adjusted EBITA. The effective tax rate is 13.2% (2021: 19.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the profit before tax. The tax rate is lower than in 2021 primarily due to the exceptional earnout charge in relation to the Talpa BV acquisition, which was not deductible for tax purposes and impacted the tax rate and an increase in production tax credits in the year. As explained in the Finance Review, the Group uses an adjusted tax rate to show how tax impacts total adjusted earnings in a way that is more aligned with the Group\u2019s cash tax position. The adjusted tax rate is 20.1% (2021: 19.9%). In 2022, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a334 million, compared with a credit of \u00a31 million in 2021.  Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a323 million (2021: \u00a32 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, a deferred tax credit of \u00a35 million (2021: charge of \u00a31 million) on gilts, \u00a31 million deferred tax credit on derivatives (2021: \u00a34 million charge) and no deferred tax movement on the cost of hedging (2021: \u00a32 million credit). A deferred tax charge of \u00a37 million (2021: \u00a32 million credit) has been recognised in equity in respect of share-based payments. There has been no current tax recognised in other comprehensive income in the current period on foreign exchange movements net of hedging (2021: \u00a33 million charge) or on pensions (2021: \u00a311 million credit). There has been no current tax recognised in equity in the current period in relation to share-based compensation (2021: \u00a3nil). Taxation \u2013 Consolidated Statement of Financial Position The table below outlines the deferred tax assets/(liabilities) that are recognised in the Consolidated Statement of Financial Position, together with their movements in the year: At 1 January 2022 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Other* \u00a3m Foreign  exchange \u00a3m At 31 December 2022 \u00a3m Tangible assets 4 (3) \u2013 \u2013 \u2013  1 Intangible assets  (45)  1  \u2013  (3) (2)  (49) Pension scheme  (6) (27) (23)  \u2013  \u2013  (56) Tax losses  32 (8) \u2013  \u2013  3  27 Share-based compensation  11  5 (7) \u2013  \u2013  9 Other temporary differences  29 (12)  6 4 3  30   25 ( 44 ) (2 4 ) 1 4  (38) *  \u00a33 million of the movement in Other relates to business acquisitions  At 1 January 2021 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Foreign  exchange \u00a3m At 31 December 2021 \u00a3m Tangible assets  8 (3) \u2013 (1) 4 Intangible assets  (41)  (5)  \u2013  1 (45) Pension scheme   (5)  1 (2) \u2013 (6) Tax losses  35  (3)  \u2013  \u2013 32 Share-based compensation  8  1  2  \u2013 11 Other temporary differences  9  23 (3)  \u2013  29   1 4 1 4  (3)  \u2013 25 At 31 December 2022, the net deferred tax liability position is \u00a338 million (2021: \u00a325 million asset), consisting of total deferred tax assets of \u00a3133 million (2021: \u00a3134 million) and total deferred tax liabilities of \u00a3171 million (2021: \u00a3109 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 million (2021: deferred tax asset of \u00a337 million and a deferred tax liability of \u00a312 million). The deferred tax balances relate to: \u2022  Property, plant and equipment temporary differences arising on assets qualifying for tax depreciation \u2022  Temporary differences on intangible assets, including those arising on business combinations \u2022  Programme rights \u2013 temporary differences on intercompany profits on stock \u2022  Pension scheme temporary differences on the IAS 19 pension surplus and SDN and LTVC pension funding partnerships \u2022  Temporary differences arising from the timing of the use of tax losses \u2022  Share-based compensation temporary differences on share schemes  \u2022  Other temporary differences on provisions and financial instruments The deferred tax balance associated with the pension surplus reflects the current tax benefit obtained in 2022 following the employer contributions to the Group\u2019s defined benefit pension scheme. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial gain recognised in the year.  A deferred tax asset of \u00a327 million (2021: \u00a332 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3558 million (2021: \u00a3559 million) in respect of capital losses of \u00a32,231 million (2021: \u00a32,237 million) has not been recognised due to uncertainties as to whether capital gains will arise in the appropriate form and relevant territories against which such losses could be utilised. The decrease in the deferred tax asset in respect of the capital losses compared to the prior year is due to the dissolution of two companies that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a313 million (2021: \u00a312 million) in respect of UK losses of \u00a353 million (2021: \u00a348 million), \u00a319 million (2021: \u00a315 million) in respect of overseas losses of \u00a384 million (2021: \u00a367 million) including \u00a33 million in respect of losses that expire between 2023 and 2027 and \u00a35 million (2021: \u00a3nil) in respect of other overseas short-term timing differences of \u00a316 million. Subsidiaries of ITV PLC Group have undistributed earnings of \u00a326 million (2021: \u00a316 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as ITV PLC Group is able to control the timing of the distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future. During 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational groups. HM Treasury has published draft legislation to implement these 'Pillar Two' rules for accounting periods starting on or after 31 December 2023. The Group is reviewing these draft rules, which have not been substantively enacted, to understand any potential impacts. On 17th November 2022, the UK government announced plans to reform the current system of AV tax credits and has opened a consultation on its proposals to merge the four existing AV schemes (film, high-end TV, children's TV and animation) into a single scheme and modernise the criteria for the high-end TV scheme. In addition, the government is proposing reform of the entire system, changing it from a system of tax relief to expenditure credits. The outcome of the consultation may change the economic value of high-end TV tax credits to ITV and the way they are claimed and accounted for. ITV has responded to the consultation and will continue to monitor future developments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-527": {
   "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows: 2022 \u00a3m 2021 \u00a3m Current tax:     Current tax charge on profit before exceptional items  (38)  (108) Current tax credit on exceptional items  7  11   (31)  (97) Adjustments related to prior periods  9  (7)   (22)  (104) Deferred tax:     Origination and reversal of temporary differences  (3 4 )  1 Deferred tax credit on exceptional items  1  5 Impact of changes to statutory tax rates  (6)  (4)   (39)  2 Adjustments related to prior periods  (5)  10   ( 4 4)  12 Total taxation charge in the Consolidated Income Statement  (66)  (92) In order to understand how, in the Consolidated Income Statement, a tax charge of \u00a366 million (2021: \u00a392 million) arises on a profit before tax of \u00a3501 million (2021: \u00a3480 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax charge as follows: 2022 \u00a3m 2021 \u00a3m Profit before tax  501  480 Notional taxation charge at UK corporation tax rate of 19% (2021: 19%) on profit before tax  (95)  (91) Non-taxable income/non-deductible expenses  (15)  (9) Overseas non-deductible exceptional expenses  \u2013  (26) Prior year adjustments  4  3 Other taxes  (8)  (7) Current year losses not recognised  (8)  (1) Impact of overseas tax rates  (1)  10 Impact of changes in tax rates  (6)  (4) Movement on tax provisions  (1)  (5) Production tax credits  64  38 Statutor y taxation charge in the Consolidated Income Statement  (66)  (92) Non-deductible expenses are expenses that are not expected to be allowable for tax purposes. Similarly, non-taxable income is income that is not expected to be taxable. Adjustments to prior periods primarily arise where an outcome is obtained on certain tax matters, which differs from expectations held when the related provision was made. Where the outcome is more favourable than the provision made, the difference is released, lowering the current year tax charge. Where the outcome is less favourable than our provision, an additional charge to current year tax will occur. The current tax charge includes a \u00a39 million credit (2021: \u00a37 million charge) relating to prior years, and the deferred tax charge includes a \u00a35 million charge (2021: \u00a310 million credit) relating to prior years. This adjustment has arisen following changes in estimates of taxes that have already become due, or will become due in the future. Other taxes of \u00a38 million charge (2021: \u00a37 million charge) includes state taxes of \u00a34 million in the US, local taxes of \u00a32 million in Germany, Italy and France plus \u00a32 million of irrecoverable withholding tax in the UK. The impact of overseas tax rates reflects the fact that some of our profits are earned in territories other than the UK and taxed at rates different from the UK corporation tax rate. In 2022, the total impact is \u00a31 million charge (2021: \u00a310 million credit) due to profits arising in higher tax jurisdictions. The increase in the UK corporation tax rate from 19% to 25%, which is effective from 1 April 2023, will increase the Group's future current tax charge. A deferred tax liability has been calculated and the current year movement on the change in the tax rate is a \u00a36 million charge through the Consolidated Income Statement and a \u00a35 million charge through other comprehensive income or equity. In line with our accounting policy on current tax, provisions are held on the balance sheet within current tax liabilities in respect of uncertain tax positions where management believes that it is probable that future payments of tax will be required. The production tax credits included within the reconciliation above are UK High-End Television (HETV) tax credits and Children\u2019s Television tax credits, which are part of a group of incentives provided to support the creative industries in the UK. The ability to access these tax credits is fundamental when assessing the viability of investment decisions in the production of high-end drama and children\u2019s programmes. Under IFRS, these production tax credits are reported within the total taxation charge in the Consolidated Income Statement. However, ITV considers them to be a contribution to production costs, and therefore working capital in nature, and excludes them from its adjusted tax charge, including them instead within Adjusted EBITA. The effective tax rate is 13.2% (2021: 19.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the profit before tax. The tax rate is lower than in 2021 primarily due to the exceptional earnout charge in relation to the Talpa BV acquisition, which was not deductible for tax purposes and impacted the tax rate and an increase in production tax credits in the year. As explained in the Finance Review, the Group uses an adjusted tax rate to show how tax impacts total adjusted earnings in a way that is more aligned with the Group\u2019s cash tax position. The adjusted tax rate is 20.1% (2021: 19.9%). In 2022, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a334 million, compared with a credit of \u00a31 million in 2021.  Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a323 million (2021: \u00a32 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, a deferred tax credit of \u00a35 million (2021: charge of \u00a31 million) on gilts, \u00a31 million deferred tax credit on derivatives (2021: \u00a34 million charge) and no deferred tax movement on the cost of hedging (2021: \u00a32 million credit). A deferred tax charge of \u00a37 million (2021: \u00a32 million credit) has been recognised in equity in respect of share-based payments. There has been no current tax recognised in other comprehensive income in the current period on foreign exchange movements net of hedging (2021: \u00a33 million charge) or on pensions (2021: \u00a311 million credit). There has been no current tax recognised in equity in the current period in relation to share-based compensation (2021: \u00a3nil). Taxation \u2013 Consolidated Statement of Financial Position The table below outlines the deferred tax assets/(liabilities) that are recognised in the Consolidated Statement of Financial Position, together with their movements in the year: At 1 January 2022 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Other* \u00a3m Foreign  exchange \u00a3m At 31 December 2022 \u00a3m Tangible assets 4 (3) \u2013 \u2013 \u2013  1 Intangible assets  (45)  1  \u2013  (3) (2)  (49) Pension scheme  (6) (27) (23)  \u2013  \u2013  (56) Tax losses  32 (8) \u2013  \u2013  3  27 Share-based compensation  11  5 (7) \u2013  \u2013  9 Other temporary differences  29 (12)  6 4 3  30   25 ( 44 ) (2 4 ) 1 4  (38) *  \u00a33 million of the movement in Other relates to business acquisitions  At 1 January 2021 \u00a3m Recognised in the income statement \u00a3m Recognised  in OCI  and equity \u00a3m Foreign  exchange \u00a3m At 31 December 2021 \u00a3m Tangible assets  8 (3) \u2013 (1) 4 Intangible assets  (41)  (5)  \u2013  1 (45) Pension scheme   (5)  1 (2) \u2013 (6) Tax losses  35  (3)  \u2013  \u2013 32 Share-based compensation  8  1  2  \u2013 11 Other temporary differences  9  23 (3)  \u2013  29   1 4 1 4  (3)  \u2013 25 At 31 December 2022, the net deferred tax liability position is \u00a338 million (2021: \u00a325 million asset), consisting of total deferred tax assets of \u00a3133 million (2021: \u00a3134 million) and total deferred tax liabilities of \u00a3171 million (2021: \u00a3109 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 million (2021: deferred tax asset of \u00a337 million and a deferred tax liability of \u00a312 million). The deferred tax balances relate to: \u2022  Property, plant and equipment temporary differences arising on assets qualifying for tax depreciation \u2022  Temporary differences on intangible assets, including those arising on business combinations \u2022  Programme rights \u2013 temporary differences on intercompany profits on stock \u2022  Pension scheme temporary differences on the IAS 19 pension surplus and SDN and LTVC pension funding partnerships \u2022  Temporary differences arising from the timing of the use of tax losses \u2022  Share-based compensation temporary differences on share schemes  \u2022  Other temporary differences on provisions and financial instruments The deferred tax balance associated with the pension surplus reflects the current tax benefit obtained in 2022 following the employer contributions to the Group\u2019s defined benefit pension scheme. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial gain recognised in the year.  A deferred tax asset of \u00a327 million (2021: \u00a332 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3558 million (2021: \u00a3559 million) in respect of capital losses of \u00a32,231 million (2021: \u00a32,237 million) has not been recognised due to uncertainties as to whether capital gains will arise in the appropriate form and relevant territories against which such losses could be utilised. The decrease in the deferred tax asset in respect of the capital losses compared to the prior year is due to the dissolution of two companies that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a313 million (2021: \u00a312 million) in respect of UK losses of \u00a353 million (2021: \u00a348 million), \u00a319 million (2021: \u00a315 million) in respect of overseas losses of \u00a384 million (2021: \u00a367 million) including \u00a33 million in respect of losses that expire between 2023 and 2027 and \u00a35 million (2021: \u00a3nil) in respect of other overseas short-term timing differences of \u00a316 million. Subsidiaries of ITV PLC Group have undistributed earnings of \u00a326 million (2021: \u00a316 million) which, if paid out as dividends, would be subject to tax in the hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as ITV PLC Group is able to control the timing of the distributions from these subsidiaries and is not expected to distribute these profits in the foreseeable future. During 2021, the OECD published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational groups. HM Treasury has published draft legislation to implement these 'Pillar Two' rules for accounting periods starting on or after 31 December 2023. The Group is reviewing these draft rules, which have not been substantively enacted, to understand any potential impacts. On 17th November 2022, the UK government announced plans to reform the current system of AV tax credits and has opened a consultation on its proposals to merge the four existing AV schemes (film, high-end TV, children's TV and animation) into a single scheme and modernise the criteria for the high-end TV scheme. In addition, the government is proposing reform of the entire system, changing it from a system of tax relief to expenditure credits. The outcome of the consultation may change the economic value of high-end TV tax credits to ITV and the way they are claimed and accounted for. ITV has responded to the consultation and will continue to monitor future developments. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "The calculation of Basic EPS and Adjusted EPS, together with the diluted impact on each, is set out below: Basic earnings per share   2022   2021  Profit for the year attributable to equity shareholders of ITV plc (\u00a3m) 4 28  378 Weighted average number of ordinary shares in issue \u2013 million  4,010  4,005 Basic earnings per ordinary share   10.7p  9.4p Diluted earnings per share   2022  2021  Profit for the year attributable to equity shareholders of ITV plc (\u00a3m) 4 28  378 Weighted average number of ordinary shares in issue \u2013 million  4,010  4,005 Dilution due to share options  36  46 Total weighted average number of ordinary shares in issue \u2013 million  4,046  4,051 Diluted earnings per ordinary share   10.6p  9.3p Adjusted earnings per share  Ref. 2022 \u00a3m 2021 \u00a3m Profit for the year attributable to equity shareholders of ITV plc   428  378 Exceptional items (net of tax)  A  57  180 Profit for the year before exceptional items    485  558 Amortisation and impairment of acquired intangible assets  B  45  37 Loss on sale of subsidiaries and investments  C  \u2013  1 Adjustments to net financing costs  D  \u2013  15 Adjusted profit     530  611 Total weighted average number of ordinary shares in issue \u2013 million    4,010  4,005 Adjusted earnings per ordinary share     13.2p  15.3p Diluted adjusted earnings per share   2022   2021  Adjusted profit (\u00a3m)  530  611 Weighted average number of ordinary shares in issue \u2013 million  4,010  4,005 Dilution due to share options  36  46 Total weighted average number of ordinary shares in issue \u2013 million  4,046  4,051 Diluted adjusted earnings per ordinary share   13.1p  15.1p Details of the adjustments to earnings are as follows: A. Exceptional items (net of tax) \u00a357 million (2021: \u00a3180 million)  Exceptional items of \u00a365 million (2021: \u00a3196 million), net of related tax credit of \u00a38 million (2021: \u00a316 million). The exceptional items have been taxed in accordance with the tax treatment of the underlying transaction at the tax rate of the jurisdiction to which they relate. The \u00a365 million exceptional charge comprises exceptional costs of \u00a391 million and an exceptional credit of \u00a326 million. \u00a313 million of the exceptional costs were disallowed for tax purposes and so there is no associated tax credit. The \u00a323 million exceptional credit related to the insured trade receivable provision held in the Netherlands released in the year for The Voice of China, which is taxed at 26%, and results in a tax charge of \u00a36 million. The majority of the remaining net exceptional costs of \u00a375 million were taxed at the UK tax rate of 19%, giving a tax credit of \u00a314 million. See note 2.2 for the detailed composition of exceptional items B. Amortisation and impairment of acquired intangible assets of \u00a345 million (2021: \u00a337 million) Amortisation and impairment of assets acquired through business combinations and investments of \u00a384 million (2021: \u00a369 million), excluding amortisation of software licences and development of \u00a327 million (2021: \u00a320 million), net of related tax credit of \u00a312 million (2021: \u00a312 million)  C. Loss on sale of non-current assets and investments of \u00a3nil (2021: \u00a31 million) Loss on sale of investments of \u00a3nil (2021: \u00a31 million), net of related tax credit of \u00a3nil (2021: related tax charge of \u00a3nil)  D. Adjustments to net financing costs \u00a3nil (2021: \u00a315 million) Adjustments to net financing costs includes exceptional finance costs of \u00a3nil (2021: \u00a310 million) relating principally to interest accrued on exceptional acquisition-related expenses; foreign exchange, pension interest charges and the unwind of discounting on acquisition related liabilities of \u00a3nil (2021: \u00a39 million), net of related tax credit of \u00a3nil (2021: \u00a34 million)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-529": {
   "value": "Accounting policies Rights are recognised when the Group controls the respective rights and the risks and rewards associated with them.  Programme rights not yet utilised are included in the Consolidated Statement of Financial Position at the lower of cost and net realisable value. In assessing net realisable value for programmes in production, judgement is required when considering the contracted sales price and estimated costs to complete.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-530": {
   "value": "Programme rights ITVX, our new, free, ad-funded streaming service (with a premium subscription proposition) launched in December 2022, combining ITV Hub, ITV Hub+ and BritBox UK. In preparation for the launch, the Group reviewed its policies around programme rights as ITVX has a wider variety of programming compared to the ITV Hub service. The policies reviewed included how the programme rights are allocated to linear and ITVX, when programme rights are recognised in the Consolidated Statement of Financial Position; when these costs are released to the Consolidated Income Statement; and the impairment review of the carrying values of programme rights held.  In order to establish the new policies, the Group set out to understand the pattern in which the programme right is expected to be consumed on linear and the new streaming platform. The Group then established a method to allocate the programme right asset between streaming and linear based on a pattern of viewing. Consumption of content varies based on the type of programme right as well as the type of platform it is transmitted on. Programme rights are expensed through operating costs reflecting the pattern in which management expects the right to be consumed. Type of programme  Streaming policy  Linear policy Acquired content  Cost charged to the Consolidated Income Statement on a declining-balance method over the licence period. Cost charged to the Consolidated Income Statement over a number of linear transmissions (episodic). Commissioned content  Cost charged to the Consolidated Income Statement on a declining-balance method over the licence period Cost charged to the Consolidated Income Statement on first linear transmission (episodic). Sports rights  Cost charged to the Consolidated Income Statement on first transmission. Cost charged to the Consolidated Income Statement on first linear transmission. Current affairs, live events, soaps Cost charged to the Consolidated Income Statement on first transmission. Cost charged to the Consolidated Income Statement on first linear transmission. Library of content (ITVX only) Straight-line amortisation over licence windows. Acquired programme rights are purchased for the primary purpose of broadcasting on the ITV family of channels, including ad-funded streaming service and subscription streaming service platforms. These are recognised within current assets the earlier of when payments are made or when the rights are ready for exploitation. Commissions, which primarily comprise programmes purchased, based on editorial specification and over which the Group has some control, are recognised in current assets as payments are made.  The net realisable value assessment for acquired and commissioned rights (excluding sports rights) is based on estimated airtime value. The net realisable value is assessed on a portfolio basis unless specific indicators of impairment are identified. The net realisable value assessment for sports rights is based on the estimated airtime value on the transmission date of the sporting event.    Programme rights and other inventory at the year end are shown in the table below: 2022 \u00a3m 2021 \u00a3m Acquired programme rights  225  177 Commissions  103  78 Sports rights  49  58   377  313 \u00a36 million relates to programme rights and other inventory that will be transmitted in 2024 and beyond (2021: \u00a313 million transmitted in 2023 and beyond) Included within programme rights and other inventory is \u00a349 million (2021: \u00a358 million) relating to programme rights that have been paid for but that are not yet in licence. These amounts are considered to be prepayments but are included within programme rights and other inventory as it is more useful to the reader to show all such rights together. Following the passing of Her Majesty Queen Elizabeth II in September 2022, the business has written off remaining Spitting Image episodes featuring the Queen (\u00a39 million) as it is highly unlikely they will ever be screened and are unable to be effectively edited. Programme and transmission commitments Transmission commitments are the contracted future payments under transmission supply agreements that require the use of transponder capacity for a period of up to ten years with payments increasing over time, limited by specific RPI caps. The application of IFRS 16 \u2018Leases\u2019 requires judgement regarding the classification of transmission commitments. The Group has concluded that these contracts do not constitute leases as defined in IFRS 16 as the Group does not control these assets due to the nature of the operation of the assets and the rights retained by the supplier under the contracts. Programming commitments are transactions entered into in the ordinary course of business with programme suppliers, sports organisations and film distributors in respect of rights to broadcast on the ITV network including ITVX and on BritBox UK.  The Group has onerous contract provisions of \u00a334 million (2021: \u00a332 million) in respect of transponder capacity usage and sports rights commitments. See note 3.6 for further details. Commitments in respect of these transactions, which are not reflected in the Consolidated Statement of Financial Position, are due for payment as follows: 2022 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year  25  466   491 Later than one year and not more than five years  19  349  368   44  815  859 2021 Transmission \u00a3m Programme \u00a3m Total \u00a3m Within one year  25  552  577 Later than one year and not more than five years  43  488  531   68 1,040  1,108 ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfProgrammeRights",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "3.1.2 Distribution rights Accounting policies Distribution rights are programme rights the Group buys from producers to derive future revenue, principally through licensing to other broadcasters. These are classified as non-current assets as these rights are used to derive long- term economic benefit for the Group. Distribution rights are recognised initially at cost and charged through operating costs in the Consolidated Income Statement over a period not exceeding five years, reflecting the value and pattern in which the right is consumed. Advances paid for the acquisition of distribution rights are disclosed as distribution rights as soon as they are contracted. These advances are not expensed until the programme is available for distribution. Up to that point, they are assessed annually for impairment through the reassessment of the future sales expected to be earned from that title.",
   "dimensions": {
    "concept": "itvplc:DescriptionOfAccountingPolicyForDistributionRights",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "The net book value of distribution rights at the year end is as follows: 2022 \u00a3m 2021 \u00a3m Distribution rights  17  21 During the year, \u00a325 million was charged to the Consolidated Income Statement (2021: \u00a346 million). ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfDistributionRights",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-533": {
   "value": "Accounting policies Trade receivables are recognised initially at the value of the invoice sent to the customer and subsequently at the amounts considered recoverable (amortised cost). Where payments are not due for more than one year, they are shown in the financial statements at their net present value to reflect the economic cost of delayed payment. The Group provides goods and services to substantially all of its customers on credit terms. The credit risk management practices of the Group include internal review and reporting of the ageing of trade and other receivables by days past due. The Group applies the IFRS 9 simplified approach in measuring expected credit losses, which use a lifetime expected credit loss allowance for all trade receivables. To measure expected credit losses, trade receivables and contract assets have been grouped by shared credit risk characteristics and days past due. As part of the expected credit losses, the Group may make additional provisions for the receivables of particular customers if the deterioration of financial position was observed.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Due within one year:     Trade receivables  476  43 4 Other receivables  162  107 Prepayments  54  48   692  589 Due after more than one year:     Trade receivables  24  33 Other receivables  20  9   44  42 Total trade and other receivables  736  631 \u00a3500 million (2021: \u00a3467 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:  2022 \u00a3m 2021 \u00a3m Current  437  427 Up to 30 days overdue  34  26 Between 30 and 90 days overdue  20  10 Over 90 days overdue  9 4  500  467 Movements in the Group\u2019s provision for impairment of trade receivables and contract assets can be shown as follows: 2022 \u00a3m 2021 \u00a3m At 1 January  43  46 Charged during the year  14  6 Unused amounts reversed  (33)  (9) At 31 December*  24  43 *   \u00a38 million (2021: \u00a37 million) of the provision relates to contract assets and is included in the balance disclosed in note 3.1.6. Of the provision total, \u00a322 million relates to balances overdue by more than 90 days (2021: \u00a341 million) and less than \u00a31 million relates to current balances (2021: less than \u00a32 million).  \u00a35 million (2021: \u00a330 million) of the provision relates to the overdue receivable for The Voice of China. During the year, the review of cash received in 2018 and 2019 was completed and the provision unwound with a credit in exceptional items, consistent with the original treatment (see note 2.2). For the remaining amount, discussions with the credit insurers remain in progress, as a result the Group is not yet able to demonstrate sufficient certainty to be able to recognise a receivable at 31 December 2022. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "3.1.4 Trade and other payables due within one year Accounting policies Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and  non-current trade payables is considered to approximate fair value. Trade and other payables due within one year can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Trade payables  141  91 VAT and social security  38  60 Other payables  1 4 6  122 Acquisition-related liabilities \u2013 employment-linked contingent consideration  2  3 Acquisition-related liabilities \u2013 payable to sellers under put options agreed  on acquisition  1  22 Accruals  573  551   901  849 3.1.5 Trade and other payables due after more than one year Trade and other payables due after more than one year can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Trade payables  17  18 Other payables  28  28 Acquisition-related liabilities \u2013 employment-linked contingent consideration  6  6 Acquisition-related liabilities \u2013 payable to sellers under put options agreed  on acquisition  38  33   72  67 Total trade and other payables due after more than one year  89  85 Trade payables due after more than one year relates primarily to royalties in both 2022 and 2021. Other payables due after more than one year relates primarily to film creditors of \u00a322 million (2021: \u00a317 million). Acquisition-related liabilities or performance-based employment-linked earnouts are the estimated amounts payable to previous owners. The estimated future payments that are accrued over the period the sellers are required to remain with the business are treated as exceptional costs (see note 2.2). Those amounts not linked to employment are estimated and recognised at acquisition at their time discounted value, with the unwind of the discount recorded as part of finance costs. Acquisition related liabilities at 31 December 2022 were \u00a347 million (2021: \u00a364 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a389 million (2021: \u00a379 million) are sensitive to forecast profits as they are based on a multiple of earnings. The range of reasonably possible outcomes for the undiscounted liability is between \u00a374 million and \u00a3177 million. The liabilities due after more than one year are expected to be settled between 2024 and 2028. All earnouts are sensitive to forecast profits as they are based on a multiple of earnings and judgement is required where there may be adjustments to forecasted profits or when earnouts are negotiated, hence the reason for the range noted above.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of current and  non-current trade payables is considered to approximate fair value. Trade and other payables due within one year can be analysed as follows: ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-536": {
   "value": "3.1.6 Contract assets and liabilities Contract assets (accrued income) primarily relate to the Group\u2019s right to consideration for work unbilled at the reporting date. Many of the programmes the Studios division produces are sold internationally and also used within the ITV network.  Contract liabilities (deferred income) primarily relate to the consideration received from customers in advance of transferring a good or service. The following table provides movements in contract assets and liabilities in the period:   2022  2021 Contract assets \u00a3m Contract liabilities \u00a3m Re-presented 1 Contract assets \u00a3m Contract liabilities \u00a3m Balance at 1 January   189  (359)    155 (271) Decrease due to balance transferred to trade receivables  (180)  \u2013   (140)  \u2013 Increases as a result of the changes in the measure of progress  170  \u2013   17 4 \u2013 Decreases due to revenue recognised in the period  \u2013  405    \u2013 260 Increase due to cash received  \u2013  (383)    \u2013 (348) Acquisitions  6  (35)   \u2013 \u2013 Balance at 31 December 2   185  (372)    189 (359) 1   Production work in progress has been re-presented on the face of the Consolidated Statement of Financial Position. The balance was previously included within contract assets in 2021.  2   Contract assets is stated net of provisions for impairment of \u00a38 million (2021: \u00a37 million) which have been included in the reconciliation in note 3.1.3. Non- current contract assets of \u00a3nil (2021: \u00a36 million) is included in the above reconciliation. ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfContractAssetsAndLiabilities",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-537": {
   "value": "3.1.7 Production work in progress Production work in progress relates to costs capitalised by ITV Studios in the course of fulfilling production contracts. These costs are capitalised when they relate directly to a contract or to a specifically identifiable anticipated contract, the costs generate or enhance the resources of the entity that will be used in satisfying or continuing to satisfy performance obligations in the future, and the costs are expected to be recovered. These costs are presented as production work in progress assets and represent actual costs incurred on the production. The asset is amortised as the performance obligations are satisfied. Production work in progress was previously included within contract assets; however, has been re-presented separately due to its differing nature to contract assets. Production work in progress at the year end is detailed below: 2022 \u00a3m 2021 \u00a3m Production work in progress  493  360 During the year, \u00a3368 million was charged to the Consolidated Income Statement for completed productions delivered (2021: \u00a3264 million). ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfProductionWorkInProgress",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "3.1.8 Working capital management Cash and working capital management has been a critical area of focus during 2022 and 2021. During the year, the cash outflow from working capital was \u00a3150 million (2021: outflow of \u00a3141 million) derived as follows: 2022 \u00a3m 2021 \u00a3m Increase in programme rights and distribution rights  (70)  (6) Increase in receivables and contract assets  (133)  (270) Increase in payables and contract liabilities  53  135 Working capital outflow  (150)  (141) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "Accounting policies Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Certain items of property, plant and equipment that were revalued to fair value prior to 1 January 2004 (the date of transition to IFRS) are measured on the basis of deemed cost, being the revalued amount less depreciation up to the date of transition. Right of use assets A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. These assets are called right of use assets and have been included on the Consolidated Statement of Financial Position at a value equal to the discounted future lease payments. For leases recognised on transition to IFRS 16 \u2018Leases\u2019 the value is also adjusted by any prepayments or lease incentives recognised immediately before the date of initial application. Depreciation Depreciation is provided to write off the cost of property, plant and equipment less estimated residual value, on a straight-line basis over their estimated useful lives. The annual depreciation charge is sensitive to the estimated useful life of each asset and the expected residual value at the end of its life. The major categories of property, plant and equipment are depreciated as follows: Asset class  Depreciation policy Freehold land  not depreciated Freehold buildings  up to 60 years Leasehold improvements  shorter of residual lease term or estimated useful life Vehicles, equipment and fittings*  3 to 20 years Right of use assets  over the term of the lease *  Equipment includes studio production and technology assets. Assets under construction are not depreciated until the point at which the asset comes into use by the Group.  Impairment of assets Property, plant and equipment that is subject to depreciation is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment may include changes in technology and business. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "Impairment of assets Property, plant and equipment that is subject to depreciation is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment may include changes in technology and business. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "Property, plant and equipment Property, plant and equipment can be analysed as follows: Freehold land and buildings  \u00a3m Improvements to leasehold land and buildings Vehicles, equipment  and fittings Right of use assets  \u00a3m Total  \u00a3m Long  \u00a3m Short  \u00a3m   Owned  \u00a3m Cost At 1 January 2021  12  80  28    222  147  489 Additions  1  8  \u2013   12  13  3 4 Reclassifications  \u2013  \u2013  (2)   5  \u2013  3 Foreign exchange  \u2013  \u2013  \u2013    (1)  (1)  (2) Disposals and retirements  (1)  (1)  \u2013    (3)  (5)  (10) At 31 December 2021  12  87  26    235  15 4 51 4 Additions  \u2013  2  \u2013   33  57  92 Additions from acquisitions  \u2013  \u2013  \u2013   4 1 5 Foreign exchange  \u2013  2  \u2013   4  6 12 Disposals and retirements  \u2013  (6)  \u2013    (62)  (10)  (78) At 31 December 2022  12  85  26    214  208  545 Depreciation At 1 January 2021  2  22  16    117  47  20 4 Charge for the year  \u2013 4  1   37  25  67 Reclassifications  (2) \u2013 2  \u2013 \u2013 \u2013 Foreign exchange  \u2013 \u2013 \u2013  \u2013 (1) (1) Disposals and retirements  \u2013  (1)  \u2013    (2)  (7)  (10) At 31 December 2021  \u2013  25  19    152  6 4 260 Charge for the year  1  3  1    31  25  61 Foreign exchange  \u2013  \u2013  \u2013    3  2  5 Disposals and retirements  \u2013  (1)  \u2013    (62)  ( 4 ) (67) At 31 December 2022  1  27  20    124  87  259          Net book value         At 31 December 2022  11  58  6    90  121  286 At 31 December 2021  12  62  7    83  90  25 4 Included within property, plant and equipment are assets in the course of construction of \u00a334 million (2021: \u00a317 million). Included within the depreciation charge for the year of \u00a361 million (2021: \u00a367 million) is \u00a38 million (2021: \u00a38 million) in respect of accelerated depreciation following a change in useful life of the related assets in relation to the move to a new London site. This depreciation has been included in exceptional items. See note 2.2 for further details. Included in net book value of right of use assets is \u00a3121 million (2021: \u00a389 million) related to properties and \u00a3nil (2021: \u00a31 million) relating to vehicles, equipment and fittings. Capital commitments The Group has capital commitments of \u00a311 million at 31 December 2022 (2021: \u00a36 million). In 2021, the Group reported capital commitments of \u00a345 million for the right of use assets for lease agreements on the move to Broadcast Centre. This commitment has been recognised as an addition to right of use assets during the year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "<div class=\"t m5 h72 ff1cc fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0007171631px; bottom:421.20288px;\">Accounting policies </div><div class=\"t m6 h6d ff1cc fs29 fcd sc0 ls188 ws1b9\" style=\"left:0.0007171631px; bottom:407.62854px;\">Goodwill </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:394.59668px;\">Goodwill repre<span class=\"_ _3\"/>sents the future e<span class=\"_ _3\"/>conomic benefit<span class=\"_ _3\"/>s that arise from <span class=\"_ _3\"/>assets that are <span class=\"_ _3\"/>not capable <span class=\"_ _3\"/>of being individu<span class=\"_ _3\"/>ally </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:381.64783px;\">identified and sepa<span class=\"_ _3\"/>rately recognised<span class=\"_ _3\"/>. G<span class=\"ls186 ws1c9\">oodwill is stated at it<span class=\"_ _3\"/>s recoverable am<span class=\"_ _3\"/><span class=\"ls18e ws1c6\">ount bein<span class=\"_ _3\"/>g cost les<span class=\"_ _3\"/>s any accum<span class=\"_ _3\"/>ulated </span></span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:368.61597px;\">impairm<span class=\"_ _0\"/>ent losses and<span class=\"_ _0\"/> is allocated to th<span class=\"_ _0\"/>e busine<span class=\"_ _0\"/>ss to which it rel<span class=\"_ _0\"/>ates. </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:345.20837px;\">All busine<span class=\"_ _3\"/>ss combinations that<span class=\"_ _3\"/> have occurred<span class=\"_ _3\"/> since 1 January 2009 were a<span class=\"_ _3\"/>ccounted for usi<span class=\"_ _3\"/>ng the acquisition </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:332.1765px;\">method. Un<span class=\"_ _0\"/>der this me<span class=\"_ _0\"/>thod, goo<span class=\"_ _0\"/>dwill is measur<span class=\"_ _0\"/>ed as the fair val<span class=\"_ _0\"/>ue of the c<span class=\"_ _0\"/>onsiderati<span class=\"_ _0\"/>on transfer<span class=\"_ _0\"/>red (includin<span class=\"_ _0\"/>g the </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:319.22766px;\">recogni<span class=\"_ _0\"/>tion of an<span class=\"_ _0\"/>y part of the<span class=\"_ _0\"/> business<span class=\"_ _0\"/> not yet own<span class=\"_ _0\"/>ed (non-c<span class=\"_ _0\"/>ontrol<span class=\"_ _0\"/>ling inte<span class=\"_ _0\"/>rests)),<span class=\"_ _0\"/> less the fa<span class=\"_ _0\"/>ir value of<span class=\"_ _0\"/> the </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0007171631px; bottom:306.1958px;\">identifiabl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> acquire<span class=\"_ _0\"/>d and lia<span class=\"_ _0\"/>bilities ass<span class=\"_ _0\"/>umed, all<span class=\"_ _0\"/> <span class=\"ls184 ws1b3\">measured at the a<span class=\"_ _3\"/>cquisition date. <span class=\"_ _3\"/>The identification of </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:293.16394px;\">acquired asset<span class=\"_ _3\"/>s and liabilitie<span class=\"_ _3\"/>s and the allo<span class=\"_ _3\"/>cation of the p<span class=\"_ _3\"/>urchase pri<span class=\"_ _3\"/>ce to them is consid<span class=\"_ _3\"/>ered a key judg<span class=\"_ _3\"/>ement and is </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:280.2151px;\">based on the <span class=\"_ _3\"/>Group\u2019s understandi<span class=\"_ _3\"/>ng and experien<span class=\"_ _3\"/>ce of the medi<span class=\"_ _3\"/>a business. A<span class=\"_ _3\"/>ny contingent <span class=\"_ _3\"/>consideration expected </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:267.18323px;\">to be transferred <span class=\"_ _3\"/>in the future i<span class=\"_ _3\"/>s recognised at<span class=\"_ _3\"/> fair value <span class=\"_ _4\"/><span class=\"ls188 ws1d5\">at <span class=\"_ _0\"/>the acquisition date and recognised within other payables. </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:254.15134px;\">Contingent<span class=\"_ _3\"/> consideratio<span class=\"_ _3\"/>n classified<span class=\"_ _3\"/> as an asset or liability th<span class=\"_ _3\"/><span class=\"ws2\">at is a fi<span class=\"_ _3\"/>nancial instrume<span class=\"_ _3\"/>nt is mea<span class=\"_ _3\"/>sured at fair<span class=\"_ _3\"/> value wit<span class=\"_ _3\"/>h </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:241.20248px;\">changes in fai<span class=\"_ _0\"/>r value recogn<span class=\"_ _0\"/>ised in the Con<span class=\"_ _0\"/>solida<span class=\"_ _0\"/>ted Income Sta<span class=\"_ _0\"/>tement. Th<span class=\"_ _0\"/>e determi<span class=\"_ _0\"/>nation of fai<span class=\"_ _0\"/>r value is base<span class=\"_ _0\"/>d on </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:228.1706px;\">an estimate o<span class=\"_ _3\"/>f discounted cash flows. <span class=\"_ _3\"/>The key assumpti<span class=\"_ _3\"/>ons take into co<span class=\"_ _3\"/>nsideration the pro<span class=\"_ _3\"/>bability of m<span class=\"_ _3\"/>eeting each </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:215.13873px;\">performance targ<span class=\"_ _3\"/>et and the di<span class=\"_ _3\"/>scount rate. </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:191.73117px;\">Where less th<span class=\"_ _0\"/>an 100% of a subsidi<span class=\"_ _0\"/>ary is acquir<span class=\"_ _0\"/>ed, and call an<span class=\"_ _0\"/>d put options<span class=\"_ _0\"/> are grant<span class=\"_ _0\"/>ed over the rem<span class=\"_ _0\"/>aining<span class=\"_ _0\"/> interest, a  </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:178.78232px;\">non-controlling<span class=\"_ _3\"/> interest is i<span class=\"_ _3\"/>nitially recognised i<span class=\"_ _3\"/>n equity at<span class=\"_ _4\"/><span class=\"ls185 ws1b6\"> fa<span class=\"_ _0\"/>ir value, whic<span class=\"_ _0\"/>h is establ<span class=\"_ _0\"/>ished b<span class=\"_ _0\"/>ased on th<span class=\"_ _0\"/>e value of th<span class=\"_ _0\"/>e </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:165.75046px;\">put option. A<span class=\"_ _3\"/> call option<span class=\"_ _3\"/> is recognised a<span class=\"_ _3\"/>s a derivative fi<span class=\"_ _3\"/>nancial instru<span class=\"_ _3\"/>ment, carried <span class=\"_ _3\"/>at fair va<span class=\"_ _3\"/>lue. The put optio<span class=\"_ _3\"/>n is </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:152.7186px;\">recogni<span class=\"_ _3\"/>sed as a liabi<span class=\"_ _4\"/>l<span class=\"_ _0\"/>ity withi<span class=\"_ _3\"/>n other payab<span class=\"_ _3\"/>les, carried<span class=\"_ _3\"/> at the pres<span class=\"_ _3\"/>ent value o<span class=\"_ _3\"/>f the put optio<span class=\"_ _3\"/>n exercise pr<span class=\"_ _3\"/>ice, and a<span class=\"_ _3\"/> </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:139.76971px;\">corresponding<span class=\"_ _3\"/> charge is included in merger and<span class=\"_ _3\"/> other re<span class=\"ls183 ws1b5\">serves. <span class=\"_ _0\"/>Any subse<span class=\"_ _0\"/>quent reme<span class=\"_ _0\"/>asuremen<span class=\"_ _0\"/>t of the<span class=\"_ _0\"/> put opt<span class=\"_ _0\"/>ion </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0007171631px; bottom:126.737854px;\">liabil<span class=\"_ _0\"/>ity is <span class=\"_ _0\"/>recogn<span class=\"_ _0\"/>ised w<span class=\"_ _0\"/>ithin<span class=\"_ _0\"/> finan<span class=\"_ _0\"/>ce inc<span class=\"_ _0\"/>ome or c<span class=\"_ _0\"/>ost.<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:103.33029px;\">Subsequent<span class=\"_ _3\"/> adjustment<span class=\"_ _3\"/>s to the fai<span class=\"_ _3\"/>r value of net <span class=\"_ _3\"/>assets acquire<span class=\"_ _3\"/>d can on<span class=\"_ _3\"/>ly be made wit<span class=\"_ _3\"/>hin 12 months <span class=\"_ _3\"/>of </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:90.29843px;\">the acquisitio<span class=\"_ _3\"/>n date, and o<span class=\"_ _3\"/>nly if fair<span class=\"_ _3\"/> values were d<span class=\"_ _3\"/>etermined provi<span class=\"_ _3\"/>sionally at an e<span class=\"_ _3\"/>arlier reporting d<span class=\"_ _3\"/>ate. </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:77.26657px;\">These adjus<span class=\"_ _0\"/>tments<span class=\"_ _0\"/> are accoun<span class=\"_ _0\"/>ted for fr<span class=\"_ _0\"/>om the da<span class=\"_ _0\"/>te of acqu<span class=\"_ _0\"/>isition. </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:53.942017px;\">Acquisi<span class=\"_ _0\"/>tions of non-c<span class=\"_ _0\"/>ontrolling<span class=\"_ _0\"/> interests<span class=\"_ _0\"/> are accounte<span class=\"_ _0\"/>d for as transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> owners and<span class=\"_ _0\"/> therefore n<span class=\"_ _0\"/>o goodwill is </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:40.910156px;\">recogni<span class=\"_ _3\"/>sed as a re<span class=\"_ _3\"/>sult of such t<span class=\"_ _3\"/>ransactions. <span class=\"_ _3\"/>Transact<span class=\"_ _3\"/><span class=\"ls18a ws1c3\">ion cost<span class=\"_ _3\"/>s incur<span class=\"_ _3\"/>red in co<span class=\"_ _3\"/>nnecti<span class=\"_ _3\"/>on with<span class=\"_ _3\"/> those busi<span class=\"_ _3\"/>ness </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls18b ws1c5\" style=\"left:0.0007171631px; bottom:27.878296px;\">combinatio<span class=\"_ _0\"/>ns, such as legal fees,<span class=\"_ _0\"/> due diligence fe<span class=\"_ _0\"/>es and <span class=\"ls183 ws1b2\">other pro<span class=\"_ _0\"/>fessional f<span class=\"_ _0\"/>ees, are expens<span class=\"_ _0\"/>ed as incurr<span class=\"_ _0\"/>ed. The </span></div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:14.929413px;\">Director<span class=\"_ _3\"/>s consider thes<span class=\"_ _3\"/>e costs to re<span class=\"_ _3\"/>flect the cost of <span class=\"_ _3\"/>acquisition and<span class=\"_ _3\"/> to form a part<span class=\"_ _3\"/> of the capi<span class=\"_ _3\"/>tal transaction, and </div><div class=\"t m6 h6b ff1cf fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:1.8975525px;\">highlight th<span class=\"_ _0\"/>em separ<span class=\"_ _0\"/>ately as except<span class=\"_ _0\"/>ional items.<span class=\"_ _0\"/> </div><div class=\"t m0 h6d ff1d3 fs29 fcd sc0 ls18f ws1bc\" style=\"left:0.0011901855px; bottom:917.5837px;\">Other intangible assets </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:904.5518px;\">Intangible assets other th<span class=\"_ _0\"/>an goodwill are those tha<span class=\"_ _0\"/>t are distinct<span class=\"ws1b5\"> and ca<span class=\"_ _0\"/>n be sold separately or wh<span class=\"_ _0\"/>ich arise from legal righ<span class=\"_ _0\"/>ts. </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:881.2273px;\">The main i<span class=\"_ _3\"/>ntangible as<span class=\"_ _3\"/>sets the Group <span class=\"_ _3\"/>has value<span class=\"_ _3\"/>d are format<span class=\"_ _3\"/>s, brands, <span class=\"_ _3\"/>licences, <span class=\"_ _3\"/>contractu<span class=\"_ _3\"/>al arrangem<span class=\"_ _3\"/>ents, cust<span class=\"_ _3\"/>omer </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:868.19543px;\">contrac<span class=\"_ _0\"/>ts and <span class=\"_ _0\"/>relations<span class=\"_ _0\"/>hips an<span class=\"_ _0\"/>d librar<span class=\"_ _0\"/>ies. </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:844.78784px;\">Within ITV,<span class=\"_ _0\"/> there ar<span class=\"_ _0\"/>e two types<span class=\"_ _0\"/> of other in<span class=\"_ _0\"/>tangible as<span class=\"_ _0\"/>sets: th<span class=\"_ _0\"/>ose asse<span class=\"_ _0\"/>ts directl<span class=\"_ _0\"/>y purchase<span class=\"_ _0\"/>d by the Group<span class=\"_ _0\"/> for day-to-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:831.756px;\">day operationa<span class=\"_ _3\"/>l purposes (such as <span class=\"_ _3\"/>software licences a<span class=\"_ _3\"/>nd development) and intangib<span class=\"_ _3\"/>le assets identified a<span class=\"_ _3\"/>s part of an </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:818.7241px;\">acquis<span class=\"_ _0\"/>ition of<span class=\"_ _0\"/> a busines<span class=\"_ _0\"/>s.  </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:795.3996px;\">Intangible assets <span class=\"_ _3\"/>acquired directly by t<span class=\"_ _3\"/>he Group are stated<span class=\"_ _3\"/> at cost less accumulated amorti<span class=\"_ _3\"/>sation. Those separately </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:782.36774px;\">identified int<span class=\"_ _3\"/>angible assets a<span class=\"_ _3\"/>cquired as part<span class=\"_ _3\"/> of an acquis<span class=\"_ _4\"/><span class=\"ls18f ws1d7\">ition or business combination are shown at fair value at <span class=\"_ _3\"/>the </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:0.0011901855px; bottom:769.3359px;\">date of acquisition less accumulated amortisation. </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:745.9283px;\">Each class of intangible assets\u2019 va<span class=\"_ _3\"/>luation method on initial recognition, amorti<span class=\"_ _3\"/>sation method and estimat<span class=\"_ _3\"/>ed useful </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:732.8964px;\">life is set o<span class=\"_ _3\"/>ut in the table be<span class=\"_ _3\"/>low: </div><div class=\"t m0 h76 ff1d4 fs2c fc7 sc0 ls19d ws1da\" style=\"left:0.0011901855px; bottom:710.38086px;\">Class of intangible ass<span class=\"_ _0\"/>et <span class=\"_ _22\"> </span>Amo<span class=\"_ _0\"/>rtisation method <span class=\"_ _33\"> </span>Estimate<span class=\"_ _0\"/>d useful life <span class=\"_ _65\"> </span>Valuation method </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:695.01227px;\">Brands <span class=\"_ _138\"> </span>Straight-line <span class=\"_ _5e\"> </span>8 to 14 years <span class=\"_ _b6\"> </span>Applying a royalty rate to the expect<span class=\"_ _3\"/>ed future </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:293.78104px; bottom:681.9804px;\">revenue over<span class=\"_ _3\"/> the life of t<span class=\"_ _3\"/>he brand </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:668.17584px;\">Form<span class=\"_ _0\"/>ats<span class=\"_ _0\"/> <span class=\"_ _1f8\"> </span>Str<span class=\"_ _0\"/>aig<span class=\"_ _0\"/>ht-<span class=\"_ _0\"/>lin<span class=\"_ _0\"/>e <span class=\"_ _c6\"> </span>up<span class=\"_ _0\"/> to<span class=\"_ _0\"/> 8 y<span class=\"_ _0\"/>ea<span class=\"_ _0\"/>rs <span class=\"_ _bf\"> </span>Ex<span class=\"_ _0\"/>pected future cash flows from those a<span class=\"_ _3\"/>ssets existing </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:293.78104px; bottom:655.144px;\">at the date of acquisition ar<span class=\"ws2\">e estimated. If applicable, </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:293.78104px; bottom:642.1951px;\">a contributory charge is deducted for the use of other </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:293.78104px; bottom:629.16327px;\">assets needed to exploit th<span class=\"ls1a0 ws1c9\">e cash flow. The net cash </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:293.78104px; bottom:616.1314px;\">flow is then discounted back to pr<span class=\"_ _3\"/>esent value </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:654.28937px;\">Customer  </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:641.2575px;\">contrac<span class=\"_ _0\"/>ts  </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:127.157166px; bottom:654.28937px;\">Straight-line or </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:127.157166px; bottom:641.3405px;\">reducing balance </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:127.157166px; bottom:628.30865px;\">as appropriate </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws2\" style=\"left:211.42422px; bottom:654.28937px;\">up to 6 y<span class=\"_ _3\"/>ears  </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:614.50275px;\">Customer <span class=\"_ _3\"/>relationship<span class=\"_ _3\"/>s <span class=\"_ _185\"> </span>Straight-line <span class=\"_ _5e\"> </span>5 to 10 year<span class=\"_ _3\"/>s </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls189 ws1b8\" style=\"left:0.0011901855px; bottom:600.6163px;\">Contractual </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws1b6\" style=\"left:0.0011901855px; bottom:587.5844px;\">arrangeme<span class=\"_ _3\"/>nts </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:127.157166px; bottom:600.6163px;\">Straight-line <span class=\"_ _5e\"> </span>up to 13 years </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:211.42422px; bottom:587.5844px;\">depending on </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:211.42422px; bottom:574.63556px;\">the con<span class=\"_ _0\"/>tract </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18f ws1c4\" style=\"left:211.42422px; bottom:561.6037px;\">terms </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:293.78104px; bottom:600.6059px;\">Expected fut<span class=\"_ _4\"/>ure cash flows from those<span class=\"_ _3\"/> contract<span class=\"_ _3\"/>s </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:293.78104px; bottom:587.57404px;\">existing at<span class=\"_ _3\"/> the date of <span class=\"_ _3\"/>acquisition are <span class=\"_ _3\"/>estimated. </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:293.78104px; bottom:574.6252px;\">If applicab<span class=\"_ _3\"/>le, a contribut<span class=\"_ _3\"/>ory charge i<span class=\"_ _3\"/>s deducted </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:293.78104px; bottom:561.5933px;\">for the use <span class=\"_ _3\"/>of other assets<span class=\"_ _3\"/> needed to exploi<span class=\"_ _3\"/>t the </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18c ws1be\" style=\"left:293.78104px; bottom:548.56146px;\">cash flow. The net c<span class=\"_ _0\"/>ash flow is then disc<span class=\"_ _0\"/>ounted back </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls183 ws1b5\" style=\"left:293.78104px; bottom:535.5296px;\">to presen<span class=\"_ _0\"/>t value </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:521.745px;\">Licences <span class=\"_ _b2\"> </span>Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _5e\"> </span>11 to 29 years </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:211.42422px; bottom:508.79614px;\">depending on </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:211.42422px; bottom:495.76428px;\">term of licence </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:293.78104px; bottom:521.745px;\">Start-up basi<span class=\"_ _4\"/>s of expected future cash flow<span class=\"_ _3\"/>s existing </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:293.78104px; bottom:508.79614px;\">at the date of acqui<span class=\"_ _3\"/>sition. If applicable, a contr<span class=\"_ _3\"/>ibutory </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:293.78104px; bottom:495.76428px;\">charge is deducted for the use of othe<span class=\"_ _3\"/>r assets </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:293.78104px; bottom:482.73242px;\">needed to exp<span class=\"_ _3\"/>loit the cash flow. The net <span class=\"_ _3\"/>cash flow </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:293.78104px; bottom:469.78357px;\">is then discou<span class=\"_ _3\"/>nted back to p<span class=\"_ _3\"/>resent value. Pub<span class=\"_ _3\"/>lic </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws2\" style=\"left:293.78104px; bottom:456.7517px;\">service br<span class=\"_ _3\"/>oadcasting (P<span class=\"_ _3\"/>SB) lice<span class=\"_ _3\"/>nces are va<span class=\"_ _3\"/>lued as a </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:293.78104px; bottom:443.71982px;\">start-u<span class=\"_ _0\"/>p busines<span class=\"_ _0\"/>s with only th<span class=\"_ _0\"/>e licenc<span class=\"_ _0\"/>e in place<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:429.92368px;\">Libraries <span class=\"_ _3\"/>and other <span class=\"_ _22\"> </span>Sum of digits or<span class=\"_ _3\"/> </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls189 ws1bf\" style=\"left:127.157166px; bottom:416.8918px;\">straight-line as </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1d4\" style=\"left:127.157166px; bottom:403.85995px;\">appropriate </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:211.42422px; bottom:429.9133px;\">up to 20 years <span class=\"_ _86\"> </span>Initia<span class=\"_ _3\"/>lly at cost and subsequent<span class=\"_ _3\"/>ly at cost less </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:293.78104px; bottom:416.88144px;\">accumulated amortisation </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:390.05905px;\">Software li<span class=\"_ _3\"/>cences and </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1b9\" style=\"left:0.0011901855px; bottom:377.0272px;\">development </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:127.157166px; bottom:390.05905px;\">Straight-li<span class=\"_ _3\"/>ne <span class=\"_ _c6\"> </span>1 to 10 years <span class=\"_ _5e\"> </span>Initially at cost and sub<span class=\"_ _3\"/>sequently at cost less </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:293.78104px; bottom:377.0272px;\">accumulated amortisation </div><div class=\"t m0 h6d ff1d3 fs29 fcd sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:355.65518px;\">Cloud com<span class=\"_ _0\"/>puting arr<span class=\"_ _0\"/>angemen<span class=\"_ _0\"/>ts </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:342.62332px;\">Cloud computing arrangements are reviewed <span class=\"_ _3\"/><span class=\"ls19e ws1b3\">to determine if they are within the scope of IAS 38 <span class=\"ls1a0 ws2\">\u2018Intangible Assets\u2019, IFRS </span></span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:329.67447px;\">16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:316.6426px;\">assumed if the Group has the righ<span class=\"_ _3\"/>t to take possession of the so<span class=\"_ _3\"/>ftware and run it on its own<span class=\"_ _3\"/> or a third-party\u2019s computer </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:303.61075px;\">infrastructure or if the Group has exclusive rights to use <span class=\"ls1a0 ws1c9\">the software whereby the suppli<span class=\"ws2\">er cannot make the software </span></span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws1b5\" style=\"left:0.0011901855px; bottom:290.57886px;\">available to other customers.  </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:267.2543px;\">Configuratio<span class=\"_ _3\"/>n of the software invo<span class=\"_ _3\"/>lves the setting of variou<span class=\"_ _3\"/>s flags or switches within the app<span class=\"_ _3\"/>lication software<span class=\"_ _3\"/> or </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:254.22244px;\">defining<span class=\"_ _3\"/> values to <span class=\"_ _3\"/>set up t<span class=\"_ _3\"/>he software\u2019s<span class=\"_ _3\"/> existing cod<span class=\"_ _3\"/>e <span class=\"ls18f ws1b7\">to function in a specified way. Customisation involves </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:241.19058px;\">modifying the <span class=\"_ _3\"/>software code i<span class=\"_ _3\"/>n the application or<span class=\"_ _3\"/> writing additional code<span class=\"_ _3\"/>. Customisation genera<span class=\"_ _3\"/>lly changes or cre<span class=\"_ _3\"/>ates </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:228.24173px;\">additional functionalitie<span class=\"_ _3\"/>s within the software<span class=\"_ _3\"/>. In both situat<span class=\"_ _3\"/><span class=\"ls18c ws1bc\">ions, the Group also needs to assess if there is a separate </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:215.20987px;\">intangible asset. If no separate intangi<span class=\"_ _3\"/>ble asset is identifi<span class=\"ls186 ws1c9\">ed, then the<span class=\"_ _3\"/>se costs are expe<span class=\"_ _3\"/>nsed when incurred. If<span class=\"_ _3\"/> an asset </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:202.178px;\">is identified, it <span class=\"_ _3\"/>is capitalised and amorti<span class=\"_ _3\"/>sed over the life <span class=\"_ _3\"/>of the asset.  </div><div class=\"t m0 h6d ff1d3 fs29 fcd sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:178.77043px;\">Fair val<span class=\"_ _3\"/>ue on acqui<span class=\"_ _3\"/>sition </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:165.82158px;\">Determining the fair value of the purchase consideration allo<span class=\"ls1a1 ws1d2\">cated to intangible assets arisin<span class=\"_ _0\"/>g on acquisition requires </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:152.7897px;\">judgement. The Directors make estimates regarding the timing<span class=\"ws2\"> and amount of future cash flows derived from exploiting </span></div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:139.75784px;\">the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:126.808975px;\">Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:113.777115px;\">growth rates, operating costs and t<span class=\"_ _3\"/>he expected useful lives of assets. Judgements are<span class=\"_ _3\"/> also made regarding whether, </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0011901855px; bottom:100.74524px;\">and for how long, licences will be renewed; this drives our amortisation policy for those assets. </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:77.33769px;\">The Direct<span class=\"_ _0\"/>ors estimate<span class=\"_ _0\"/> the appro<span class=\"_ _0\"/>priate discou<span class=\"_ _0\"/>nt rate tha<span class=\"_ _0\"/>t reflects cur<span class=\"_ _0\"/>rent market<span class=\"_ _0\"/> assessments of<span class=\"_ _0\"/> the time value<span class=\"_ _0\"/> of </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:64.305824px;\">money and the risks specific to the assets or businesses being acquired. </div><div class=\"t m0 h6d ff1d3 fs29 fcd sc0 ls184 ws1d4\" style=\"left:0.0011901855px; bottom:40.98127px;\">Amortisation </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:27.949402px;\">Amortisation is charged to the Conso<span class=\"_ _3\"/>lidated Income Statement over the estimated useful lives of intangib<span class=\"_ _3\"/>le assets </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:14.917534px;\">unless such lives are<span class=\"_ _3\"/> judged to be i<span class=\"_ _3\"/>ndefinite. Indefinite <span class=\"_ _3\"/>life assets, such a<span class=\"_ _3\"/>s goodwill, are no<span class=\"_ _3\"/>t amortised but are <span class=\"_ _3\"/>tested </div><div class=\"t m0 h6b ff1d4 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:1.8856697px;\">for impairme<span class=\"_ _3\"/>nt at each ye<span class=\"_ _3\"/>ar end. </div><div class=\"t m0 h6d ff1d8 fs29 fcd sc0 ls183 ws1bd\" style=\"left:0.0007171631px; bottom:451.86493px;\">Impairme<span class=\"_ _0\"/>nt </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:438.91608px;\">Goodwill is<span class=\"_ _0\"/> not subjec<span class=\"_ _0\"/>t to amort<span class=\"_ _0\"/>isation an<span class=\"_ _0\"/>d is test<span class=\"_ _0\"/>ed annually fo<span class=\"_ _0\"/>r impai<span class=\"_ _0\"/>rment and<span class=\"_ _0\"/> when circum<span class=\"_ _0\"/>stances in<span class=\"_ _0\"/>dicate th<span class=\"_ _0\"/>at </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:425.88422px;\">the carry<span class=\"_ _0\"/>ing value ma<span class=\"_ _0\"/>y be impai<span class=\"_ _0\"/>red. </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:402.47668px;\">Other intangible assets are subject to amortisation and ar<span class=\"ls1a0 ws2\">e reviewed for impairment whenever events o<span class=\"_ _3\"/>r changes in </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:389.44482px;\">circumstances i<span class=\"_ _3\"/>ndicate that the a<span class=\"_ _3\"/>mount carried in the Conso<span class=\"_ _4\"/>l<span class=\"_ _0\"/><span class=\"ls1a0 ws2\">idated Statement of Financial <span class=\"ls1a1 ws1d2\">Position is less than its </span></span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:376.41296px;\">recoverable amount. </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:353.08838px;\">Determ<span class=\"_ _0\"/>ining wh<span class=\"_ _0\"/>ether th<span class=\"_ _0\"/>e carry<span class=\"_ _0\"/>ing amou<span class=\"_ _0\"/>nt of inta<span class=\"_ _0\"/>ngibl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> has any in<span class=\"_ _0\"/>dicati<span class=\"_ _0\"/>on of imp<span class=\"_ _0\"/>airmen<span class=\"_ _0\"/>t requi<span class=\"_ _0\"/>res judg<span class=\"_ _0\"/>ement.<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:340.05652px;\">Any impairment is re<span class=\"_ _3\"/>cognised in th<span class=\"ls183 ws1b2\">e Consolidated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:316.649px;\">An impairm<span class=\"_ _3\"/>ent test i<span class=\"_ _3\"/>s performed<span class=\"_ _3\"/> by assessing<span class=\"_ _3\"/> the re<span class=\"_ _3\"/>coverable amount<span class=\"_ _3\"/> of each a<span class=\"_ _3\"/>sset, or fo<span class=\"_ _3\"/>r goodwill t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cash-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:303.61713px;\">generatin<span class=\"_ _3\"/>g unit (CGU), or<span class=\"_ _3\"/> group of CGU<span class=\"_ _3\"/>s, related to t<span class=\"_ _3\"/>he goodwill. Tot<span class=\"_ _3\"/>al assets (whi<span class=\"_ _3\"/>ch include good<span class=\"_ _3\"/>will) are group<span class=\"_ _3\"/>ed at </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:290.6682px;\">the lowe<span class=\"_ _3\"/>st levels for whi<span class=\"_ _3\"/>ch there are separately id<span class=\"_ _3\"/>entifiable<span class=\"_ _4\"/><span class=\"ls188 ws1d5\"> cash flows. The <span class=\"_ _0\"/>identificati<span class=\"ls185 ws2\">on of the rel<span class=\"_ _0\"/>evant C<span class=\"_ _0\"/>GUs fo<span class=\"_ _0\"/>r </span></span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:277.63635px;\">assessing impairment of good<span class=\"_ _3\"/>will is considered a ke<span class=\"_ _3\"/>y judgement. The Dir<span class=\"_ _3\"/>ectors have identified t<span class=\"_ _3\"/>hree CGUs, </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0007171631px; bottom:264.6045px;\">ITV Studios, Media &amp; Entertainment and SD<span class=\"_ _3\"/>N. </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:241.19696px;\">The recovera<span class=\"_ _0\"/>ble amoun<span class=\"_ _0\"/>t is the higher<span class=\"_ _0\"/> of an asset\u2019s fa<span class=\"_ _0\"/>ir value less costs t<span class=\"_ _0\"/>o sell and value in<span class=\"_ _0\"/> use. The valu<span class=\"_ _0\"/>e in use is </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:228.1651px;\">based on the prese<span class=\"_ _3\"/>nt value of t<span class=\"_ _3\"/>he future cash f<span class=\"_ _3\"/>lows expected to<span class=\"_ _3\"/> arise from t<span class=\"_ _3\"/>he asset.  </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:204.84052px;\">In testing for<span class=\"_ _3\"/> impairment<span class=\"_ _3\"/>, estimates are <span class=\"_ _3\"/>used in deriving <span class=\"_ _3\"/>ca<span class=\"ls189 ws1d8\">sh flows, long-term growth rates and the discount rates.<span class=\"_ _0\"/> </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:191.80865px;\">Such esti<span class=\"_ _0\"/>mates refl<span class=\"_ _0\"/>ect curren<span class=\"_ _0\"/>t marke<span class=\"_ _0\"/>t assessme<span class=\"_ _0\"/>nts of the ri<span class=\"_ _0\"/>sks speci<span class=\"_ _0\"/>fic to the<span class=\"_ _0\"/> asset and th<span class=\"_ _0\"/>e time v<span class=\"_ _0\"/>alue of money.<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:178.7768px;\">The estimation pr<span class=\"_ _3\"/>ocess is complex due<span class=\"_ _3\"/> to the inherent ri<span class=\"_ _3\"/>sks and uncertainti<span class=\"_ _3\"/>es associated with long<span class=\"_ _3\"/>-term forecasting. </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:165.82794px;\">If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:152.79608px;\">term growth rate were made, these changes could materially al<span class=\"ls1a0 ws2\">ter the projected value of the cash flo<span class=\"_ _3\"/>ws of the asset, and </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:139.76422px;\">as a consequence materially<span class=\"_ _3\"/> different amounts wo<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">uld be reported in th<span class=\"ls1a0 ws1c9\">e financial statements. </span></span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:116.35663px;\">Impairment <span class=\"_ _3\"/>losses in r<span class=\"_ _3\"/>espect of goodwi<span class=\"_ _3\"/>ll cannot be re<span class=\"_ _3\"/>versed. In <span class=\"_ _3\"/>respect of a<span class=\"_ _3\"/>ssets other than good<span class=\"_ _3\"/>will, an impair<span class=\"_ _3\"/>ment </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:103.407776px;\">loss is revers<span class=\"_ _0\"/>ed if there has bee<span class=\"_ _0\"/>n a change in th<span class=\"_ _0\"/>e estimates us<span class=\"_ _0\"/>ed to determ<span class=\"_ _0\"/>ine the recove<span class=\"_ _0\"/>rable amoun<span class=\"_ _0\"/>t. An </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:90.375916px;\">impairment<span class=\"_ _4\"/> loss is reversed only to the extent t<span class=\"_ _3\"/>hat the asset\u2019s carryi<span class=\"_ _3\"/>ng amount does no<span class=\"_ _3\"/>t exceed the carry<span class=\"_ _3\"/>ing amount </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:77.344055px;\">that would <span class=\"_ _3\"/>have been deter<span class=\"_ _3\"/>mined, net o<span class=\"_ _3\"/>f depreciatio<span class=\"_ _3\"/>n or amortisation<span class=\"_ _3\"/>, if no impairme<span class=\"_ _3\"/>nt loss had been r<span class=\"_ _3\"/>ecognised. </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:53.936523px;\">There is a wide<span class=\"_ _3\"/> range of pote<span class=\"_ _3\"/>ntial out<span class=\"_ _3\"/>comes regarding t<span class=\"_ _3\"/>he possible <span class=\"_ _3\"/>future performance<span class=\"_ _3\"/> of each of <span class=\"_ _3\"/>ITV Group\u2019s <span class=\"_ _3\"/>cash-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls189 ws1bf\" style=\"left:0.0007171631px; bottom:40.98761px;\">generating units, ITV S<span class=\"_ _0\"/>tudios, Media &amp; En<span class=\"_ _0\"/>tertainment and <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">SDN. In the i<span class=\"_ _0\"/>mpairment<span class=\"_ _0\"/> review the<span class=\"_ _0\"/> Directors used th<span class=\"_ _0\"/>e </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:27.95575px;\">scenarios<span class=\"_ _0\"/> utilise<span class=\"_ _0\"/>d for the via<span class=\"_ _0\"/>bility s<span class=\"_ _0\"/>tatement.<span class=\"_ _0\"/> The Direc<span class=\"_ _0\"/>tors,<span class=\"ls186 ws2\"> however, do <span class=\"_ _3\"/>not conside<span class=\"_ _3\"/>r that any r<span class=\"_ _3\"/>easonably p<span class=\"_ _3\"/>ossible </span></div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:14.923889px;\">changes in the ke<span class=\"_ _3\"/>y assumptions wo<span class=\"_ _3\"/>uld cause the r<span class=\"_ _3\"/>ecoverable amou<span class=\"_ _3\"/>nt of the Grou<span class=\"_ _3\"/>p\u2019s cash-generating<span class=\"_ _3\"/> units to fall </div><div class=\"t m0 h6b ff1db fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:1.8920288px;\">below their <span class=\"_ _3\"/>carrying<span class=\"_ _3\"/> values and the<span class=\"_ _3\"/>refore they are<span class=\"_ _3\"/> not consider<span class=\"_ _3\"/>ed key sour<span class=\"_ _3\"/>ces of estimati<span class=\"_ _3\"/>on uncertainty.  </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "Accounting policies Goodwill Goodwill represents the future economic benefits that arise from assets that are not capable of being individually identified and separately recognised. Goodwill is stated at its recoverable amount being cost less any accumulated impairment losses and is allocated to the business to which it relates. All business combinations that have occurred since 1 January 2009 were accounted for using the acquisition method. Under this method, goodwill is measured as the fair value of the consideration transferred (including the recognition of any part of the business not yet owned (non-controlling interests)), less the fair value of the identifiable assets acquired and liabilities assumed, all measured at the acquisition date. The identification of acquired assets and liabilities and the allocation of the purchase price to them is considered a key judgement and is based on the Group\u2019s understanding and experience of the media business. Any contingent consideration expected to be transferred in the future is recognised at fair value at the acquisition date and recognised within other payables. Contingent consideration classified as an asset or liability that is a financial instrument is measured at fair value with changes in fair value recognised in the Consolidated Income Statement. The determination of fair value is based on an estimate of discounted cash flows. The key assumptions take into consideration the probability of meeting each performance target and the discount rate. Where less than 100% of a subsidiary is acquired, and call and put options are granted over the remaining interest, a  non-controlling interest is initially recognised in equity at fair value, which is established based on the value of the put option. A call option is recognised as a derivative financial instrument, carried at fair value. The put option is recognised as a liability within other payables, carried at the present value of the put option exercise price, and a corresponding charge is included in merger and other reserves. Any subsequent remeasurement of the put option liability is recognised within finance income or cost. Subsequent adjustments to the fair value of net assets acquired can only be made within 12 months of the acquisition date, and only if fair values were determined provisionally at an earlier reporting date. These adjustments are accounted for from the date of acquisition. Acquisitions of non-controlling interests are accounted for as transactions with owners and therefore no goodwill is recognised as a result of such transactions. Transaction costs incurred in connection with those business combinations, such as legal fees, due diligence fees and other professional fees, are expensed as incurred. The Directors consider these costs to reflect the cost of acquisition and to form a part of the capital transaction, and highlight them separately as exceptional items.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "Other intangible assets Intangible assets other than goodwill are those that are distinct and can be sold separately or which arise from legal rights. The main intangible assets the Group has valued are formats, brands, licences, contractual arrangements, customer contracts and relationships and libraries. Within ITV, there are two types of other intangible assets: those assets directly purchased by the Group for day-to- day operational purposes (such as software licences and development) and intangible assets identified as part of an acquisition of a business.  Intangible assets acquired directly by the Group are stated at cost less accumulated amortisation. Those separately identified intangible assets acquired as part of an acquisition or business combination are shown at fair value at the date of acquisition less accumulated amortisation. Each class of intangible assets\u2019 valuation method on initial recognition, amortisation method and estimated useful life is set out in the table below: Class of intangible asset  Amortisation method  Estimated useful life  Valuation method Brands  Straight-line  8 to 14 years  Applying a royalty rate to the expected future revenue over the life of the brand Formats  Straight-line  up to 8 years  Expected future cash flows from those assets existing at the date of acquisition are estimated. If applicable, a contributory charge is deducted for the use of other assets needed to exploit the cash flow. The net cash flow is then discounted back to present value Customer  contracts  Straight-line or reducing balance as appropriate up to 6 years  Customer relationships  Straight-line  5 to 10 years Contractual arrangements Straight-line  up to 13 years depending on the contract terms Expected future cash flows from those contracts existing at the date of acquisition are estimated. If applicable, a contributory charge is deducted for the use of other assets needed to exploit the cash flow. The net cash flow is then discounted back to present value Licences  Straight-line  11 to 29 years depending on term of licence Start-up basis of expected future cash flows existing at the date of acquisition. If applicable, a contributory charge is deducted for the use of other assets needed to exploit the cash flow. The net cash flow is then discounted back to present value. Public service broadcasting (PSB) licences are valued as a start-up business with only the licence in place Libraries and other  Sum of digits or straight-line as appropriate up to 20 years  Initially at cost and subsequently at cost less accumulated amortisation Software licences and development Straight-line  1 to 10 years  Initially at cost and subsequently at cost less accumulated amortisation Cloud computing arrangements Cloud computing arrangements are reviewed to determine if they are within the scope of IAS 38 \u2018Intangible Assets\u2019, IFRS 16 \u2018Leases\u2019, or a service contract. This is to determine if the Group has control of the software intangible asset. Control is assumed if the Group has the right to take possession of the software and run it on its own or a third-party\u2019s computer infrastructure or if the Group has exclusive rights to use the software whereby the supplier cannot make the software available to other customers.  Configuration of the software involves the setting of various flags or switches within the application software or defining values to set up the software\u2019s existing code to function in a specified way. Customisation involves modifying the software code in the application or writing additional code. Customisation generally changes or creates additional functionalities within the software. In both situations, the Group also needs to assess if there is a separate intangible asset. If no separate intangible asset is identified, then these costs are expensed when incurred. If an asset is identified, it is capitalised and amortised over the life of the asset.  Fair value on acquisition Determining the fair value of the purchase consideration allocated to intangible assets arising on acquisition requires judgement. The Directors make estimates regarding the timing and amount of future cash flows derived from exploiting the assets being acquired. The Directors then estimate an appropriate discount rate to apply to the forecast cash flows. Such estimates are based on current budgets and forecasts, extrapolated for an appropriate period taking into account growth rates, operating costs and the expected useful lives of assets. Judgements are also made regarding whether, and for how long, licences will be renewed; this drives our amortisation policy for those assets. The Directors estimate the appropriate discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or businesses being acquired. Amortisation Amortisation is charged to the Consolidated Income Statement over the estimated useful lives of intangible assets unless such lives are judged to be indefinite. Indefinite life assets, such as goodwill, are not amortised but are tested for impairment at each year end.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "Impairme<span class=\"_ _0\"/>nt Goodwill is<span class=\"_ _0\"/> not subjec<span class=\"_ _0\"/>t to amort<span class=\"_ _0\"/>isation an<span class=\"_ _0\"/>d is test<span class=\"_ _0\"/>ed annually fo<span class=\"_ _0\"/>r impai<span class=\"_ _0\"/>rment and<span class=\"_ _0\"/> when circum<span class=\"_ _0\"/>stances in<span class=\"_ _0\"/>dicate th<span class=\"_ _0\"/>at the carry<span class=\"_ _0\"/>ing value ma<span class=\"_ _0\"/>y be impai<span class=\"_ _0\"/>red. Other intangible assets are subject to amortisation and ar<span class=\"ls1a0 ws2\">e reviewed for impairment whenever events o<span class=\"_ _3\"/>r changes in </span>circumstances i<span class=\"_ _3\"/>ndicate that the a<span class=\"_ _3\"/>mount carried in the Conso<span class=\"_ _4\"/>l<span class=\"_ _0\"/><span class=\"ls1a0 ws2\">idated Statement of Financial <span class=\"ls1a1 ws1d2\">Position is less than its </span></span>recoverable amount. Determ<span class=\"_ _0\"/>ining wh<span class=\"_ _0\"/>ether th<span class=\"_ _0\"/>e carry<span class=\"_ _0\"/>ing amou<span class=\"_ _0\"/>nt of inta<span class=\"_ _0\"/>ngibl<span class=\"_ _0\"/>e assets<span class=\"_ _0\"/> has any in<span class=\"_ _0\"/>dicati<span class=\"_ _0\"/>on of imp<span class=\"_ _0\"/>airmen<span class=\"_ _0\"/>t requi<span class=\"_ _0\"/>res judg<span class=\"_ _0\"/>ement.<span class=\"_ _0\"/> Any impairment is re<span class=\"_ _3\"/>cognised in th<span class=\"ls183 ws1b2\">e Consolidated Income<span class=\"_ _0\"/> Statement.<span class=\"_ _0\"/> </span>An impairm<span class=\"_ _3\"/>ent test i<span class=\"_ _3\"/>s performed<span class=\"_ _3\"/> by assessing<span class=\"_ _3\"/> the re<span class=\"_ _3\"/>coverable amount<span class=\"_ _3\"/> of each a<span class=\"_ _3\"/>sset, or fo<span class=\"_ _3\"/>r goodwill t<span class=\"_ _4\"/>h<span class=\"_ _0\"/>e cash-<span class=\"_ _335\"> </span>generatin<span class=\"_ _3\"/>g unit (CGU), or<span class=\"_ _3\"/> group of CGU<span class=\"_ _3\"/>s, related to t<span class=\"_ _3\"/>he goodwill. Tot<span class=\"_ _3\"/>al assets (whi<span class=\"_ _3\"/>ch include good<span class=\"_ _3\"/>will) are group<span class=\"_ _3\"/>ed at the lowe<span class=\"_ _3\"/>st levels for whi<span class=\"_ _3\"/>ch there are separately id<span class=\"_ _3\"/>entifiable<span class=\"_ _4\"/><span class=\"ls188 ws1d5\"> cash flows. The <span class=\"_ _0\"/>identificati<span class=\"ls185 ws2\">on of the rel<span class=\"_ _0\"/>evant C<span class=\"_ _0\"/>GUs fo<span class=\"_ _0\"/>r </span></span>assessing impairment of good<span class=\"_ _3\"/>will is considered a ke<span class=\"_ _3\"/>y judgement. The Dir<span class=\"_ _3\"/>ectors have identified t<span class=\"_ _3\"/>hree CGUs, ITV Studios, Media &amp; Entertainment and SD<span class=\"_ _3\"/>N. The recovera<span class=\"_ _0\"/>ble amoun<span class=\"_ _0\"/>t is the higher<span class=\"_ _0\"/> of an asset\u2019s fa<span class=\"_ _0\"/>ir value less costs t<span class=\"_ _0\"/>o sell and value in<span class=\"_ _0\"/> use. The valu<span class=\"_ _0\"/>e in use is based on the prese<span class=\"_ _3\"/>nt value of t<span class=\"_ _3\"/>he future cash f<span class=\"_ _3\"/>lows expected to<span class=\"_ _3\"/> arise from t<span class=\"_ _3\"/>he asset.  In testing for<span class=\"_ _3\"/> impairment<span class=\"_ _3\"/>, estimates are <span class=\"_ _3\"/>used in deriving <span class=\"_ _3\"/>ca<span class=\"ls189 ws1d8\">sh flows, long-term growth rates and the discount rates.<span class=\"_ _0\"/> </span>Such esti<span class=\"_ _0\"/>mates refl<span class=\"_ _0\"/>ect curren<span class=\"_ _0\"/>t marke<span class=\"_ _0\"/>t assessme<span class=\"_ _0\"/>nts of the ri<span class=\"_ _0\"/>sks speci<span class=\"_ _0\"/>fic to the<span class=\"_ _0\"/> asset and th<span class=\"_ _0\"/>e time v<span class=\"_ _0\"/>alue of money.<span class=\"_ _0\"/> The estimation pr<span class=\"_ _3\"/>ocess is complex due<span class=\"_ _3\"/> to the inherent ri<span class=\"_ _3\"/>sks and uncertainti<span class=\"_ _3\"/>es associated with long<span class=\"_ _3\"/>-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-<span class=\"_ _335\"> </span>term growth rate were made, these changes could materially al<span class=\"ls1a0 ws2\">ter the projected value of the cash flo<span class=\"_ _3\"/>ws of the asset, and </span>as a consequence materially<span class=\"_ _3\"/> different amounts wo<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">uld be reported in th<span class=\"ls1a0 ws1c9\">e financial statements. </span></span>Impairment <span class=\"_ _3\"/>losses in r<span class=\"_ _3\"/>espect of goodwi<span class=\"_ _3\"/>ll cannot be re<span class=\"_ _3\"/>versed. In <span class=\"_ _3\"/>respect of a<span class=\"_ _3\"/>ssets other than good<span class=\"_ _3\"/>will, an impair<span class=\"_ _3\"/>ment loss is revers<span class=\"_ _0\"/>ed if there has bee<span class=\"_ _0\"/>n a change in th<span class=\"_ _0\"/>e estimates us<span class=\"_ _0\"/>ed to determ<span class=\"_ _0\"/>ine the recove<span class=\"_ _0\"/>rable amoun<span class=\"_ _0\"/>t. An impairment<span class=\"_ _4\"/> loss is reversed only to the extent t<span class=\"_ _3\"/>hat the asset\u2019s carryi<span class=\"_ _3\"/>ng amount does no<span class=\"_ _3\"/>t exceed the carry<span class=\"_ _3\"/>ing amount that would <span class=\"_ _3\"/>have been deter<span class=\"_ _3\"/>mined, net o<span class=\"_ _3\"/>f depreciatio<span class=\"_ _3\"/>n or amortisation<span class=\"_ _3\"/>, if no impairme<span class=\"_ _3\"/>nt loss had been r<span class=\"_ _3\"/>ecognised. There is a wide<span class=\"_ _3\"/> range of pote<span class=\"_ _3\"/>ntial out<span class=\"_ _3\"/>comes regarding t<span class=\"_ _3\"/>he possible <span class=\"_ _3\"/>future performance<span class=\"_ _3\"/> of each of <span class=\"_ _3\"/>ITV Group\u2019s <span class=\"_ _3\"/>cash-<span class=\"_ _335\"> </span>generating units, ITV S<span class=\"_ _0\"/>tudios, Media &amp; En<span class=\"_ _0\"/>tertainment and <span class=\"_ _0\"/><span class=\"ls183 ws1b2\">SDN. In the i<span class=\"_ _0\"/>mpairment<span class=\"_ _0\"/> review the<span class=\"_ _0\"/> Directors used th<span class=\"_ _0\"/>e </span>scenarios<span class=\"_ _0\"/> utilise<span class=\"_ _0\"/>d for the via<span class=\"_ _0\"/>bility s<span class=\"_ _0\"/>tatement.<span class=\"_ _0\"/> The Direc<span class=\"_ _0\"/>tors,<span class=\"ls186 ws2\"> however, do <span class=\"_ _3\"/>not conside<span class=\"_ _3\"/>r that any r<span class=\"_ _3\"/>easonably p<span class=\"_ _3\"/>ossible </span>changes in the ke<span class=\"_ _3\"/>y assumptions wo<span class=\"_ _3\"/>uld cause the r<span class=\"_ _3\"/>ecoverable amou<span class=\"_ _3\"/>nt of the Grou<span class=\"_ _3\"/>p\u2019s cash-generating<span class=\"_ _3\"/> units to fall below their <span class=\"_ _3\"/>carrying<span class=\"_ _3\"/> values and the<span class=\"_ _3\"/>refore they are<span class=\"_ _3\"/> not consider<span class=\"_ _3\"/>ed key sour<span class=\"_ _3\"/>ces of estimati<span class=\"_ _3\"/>on uncertainty.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "<div class=\"t m0 h72 ff1df fs27 fc7 sc0 ls19a ws1cb\" style=\"left:0.0011901855px; bottom:718.3834px;\">Intangible assets </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18b ws1c0\" style=\"left:0.0011901855px; bottom:704.8091px;\">Intangible as<span class=\"_ _0\"/>sets can b<span class=\"_ _0\"/>e analysed as<span class=\"_ _0\"/> follows: </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1aa ws21e\" style=\"left:138.72821px; bottom:655.03674px;\">Goodwill </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:158.81464px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:191.99026px; bottom:664.08624px;\">Formats </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls19d ws1da\" style=\"left:181.84973px; bottom:654.95874px;\">and brands </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:211.42422px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1aa ws21e\" style=\"left:240.06985px; bottom:682.3413px;\">Customer </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls3 ws2\" style=\"left:243.11926px; bottom:673.2138px;\">contracts </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls19d ws1da\" style=\"left:263.65433px; bottom:664.08624px;\">and  </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ac ws1da\" style=\"left:229.94727px; bottom:654.95874px;\">relationships </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:265.2454px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1a5 ws1e8\" style=\"left:288.49368px; bottom:664.08624px;\">Contractual </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1aa ws21e\" style=\"left:280.64557px; bottom:654.95874px;\">arrangements </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:320.14764px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1a5 ws1e8\" style=\"left:352.25983px; bottom:655.03674px;\">Licences </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:372.30127px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:405.44623px; bottom:664.08624px;\">Libraries </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1cf\" style=\"left:401.64618px; bottom:654.95874px;\">and other </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:423.70496px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:457.54803px; bottom:673.2138px;\">Software </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1aa ws1e3\" style=\"left:445.86285px; bottom:664.08624px;\">licences and </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1cf ws1df\" style=\"left:440.86853px; bottom:654.95874px;\">development<span class=\"_ _3\"/> </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:477.84204px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h78 ff1df fs2c fc7 sc0 ls19d ws1cf\" style=\"left:522.4635px; bottom:655.03674px;\">Total </div><div class=\"t m0 h78 ff1df fs2c fc7 sc0 ls3 ws2\" style=\"left:530.0347px; bottom:645.83124px;\">\u00a3m </div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls18d ws1d3\" style=\"left:0.0011901855px; bottom:630.46265px;\">Cost </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0011901855px; bottom:616.6543px;\">At 1 Ja<span class=\"_ _3\"/>nuary 20<span class=\"_ _3\"/>21 <span class=\"_ _c3\"> </span>3,895 <span class=\"_ _41\"> </span>5<span class=\"_ _335\"> </span></div><div class=\"c w37 h81\" style=\"left:211.42422px; bottom:613.76636px;\"><div class=\"t m0 x0 h6b y39b8 ff1e0 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18b ws26c\" style=\"left:217.24277px; bottom:616.6543px;\">7 <span class=\"_ _167\"> </span>441 <span class=\"_ _d1\"> </span>11<span class=\"_ _0\"/> <span class=\"_ _17\"> </span>176 <span class=\"_ _1f9\"> </span>103 <span class=\"_ _165\"> </span>228 5,401 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:602.76794px;\">Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1fc\"/>15 <span class=\"_ _1e2\"/>15 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:588.9597px;\">Acquisitions <span class=\"_ _139\"> </span>1 \u2013 <span class=\"_ _6\"> </span>1 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _5\"/>2 </div><div class=\"c w25 h68\" style=\"left:-184.34375px; bottom:-203.23947px;\"><div class=\"t m0 x203 h6b y39bb ff1e0 fs29 fc7 sc0 ls18f ws26d\">Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _66\"/>(3) <span class=\"_ _67\"/>(3) </div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:561.2651px;\">Foreign exchange <span class=\"_ _48\"> </span>(3) <span class=\"_ _c4\"> </span>(20) <span class=\"_ _12\"> </span>(1) <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _34\"> </span>(23) </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18b ws1c5\" style=\"left:0.0011901855px; bottom:546.7546px;\">At 31 December 2021 <span class=\"_ _3f\"> </span>3,893 <span class=\"_ _b8\"> </span>527<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span>441 <span class=\"_ _56\"> </span>11 <span class=\"_ _8b\"> </span>176 <span class=\"_ _41\"> </span>10<span class=\"_ _335\"> </span></div><div class=\"c w62 h81\" style=\"left:417.8875px; bottom:543.8679px;\"><div class=\"t m0 x1b2 h6b y3028 ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18b ws26e\" style=\"left:435.33984px; bottom:546.7546px;\"> <span class=\"_ _27c\"> </span>240<span class=\"_ _0\"/> 5,392 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:532.24414px;\">Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1e2\"/>4<span class=\"_ _335\"> </span></div><div class=\"c w63 h7d\" style=\"left:477.84204px; bottom:529.4353px;\"><div class=\"t m0 x22b h6b y2fe2 ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls3 ws26f\" style=\"left:489.9124px; bottom:532.24414px;\"> 4<span class=\"_ _335\"> </span></div><div class=\"c w63 h7d\" style=\"left:530.0347px; bottom:529.4353px;\"><div class=\"t m0 x22b h6b y2fe2 ff1e0 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:518.3578px;\">Acquisitions <span class=\"_ _18\"> </span>107 <span class=\"_ _0\"/>1 <span class=\"_ _188\"/>13 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _1ff\"/>121 </div><div class=\"c w25 h68\" style=\"left:-184.34375px; bottom:-203.23947px;\"><div class=\"t m0 x203 h6b y39c1 ff1e0 fs29 fc7 sc0 ls188 ws270\">Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) </div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18c ws1be\" style=\"left:0.0011901855px; bottom:490.6632px;\">Foreign exchange <span class=\"_ _161\"> </span>37 <span class=\"_ _49\"> </span>21 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _4d\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _49\"> </span>69 </div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:475.84076px;\">At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls189 ws1b8\">4,037 <span class=\"_ _1c\"> </span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span></span></div><div class=\"c w64 h8d\" style=\"left:203.78555px; bottom:473.03223px;\"><div class=\"t m0 x22b h6d y2fdd ff1df fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls184 ws1d4\" style=\"left:217.24277px; bottom:475.84076px;\">9 <span class=\"_ _26\"> </span><span class=\"ls183 ws1bd\">462 <span class=\"_ _28e\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _26\"> </span><span class=\"ls18b ws1bb\">176 <span class=\"_ _3e\"> </span></span>106 <span class=\"_ _26\"> </span><span class=\"ls18d ws1d3\">280<span class=\"_ _0\"/> <span class=\"_ _dd\"> </span></span>5,621 </span></span></div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls184 ws1d2\" style=\"left:0.0011901855px; bottom:461.01813px;\">Amortisation<span class=\"_ _3\"/> and impairment </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0011901855px; bottom:446.19568px;\">At 1 January 2021 <span class=\"_ _99\"> </span>2,65<span class=\"_ _335\"> </span></div><div class=\"c w65 h7d\" style=\"left:144.69443px; bottom:443.38702px;\"><div class=\"t m0 x258 h6b y3694 ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls183 ws271\" style=\"left:172.1832px; bottom:446.19568px;\"> 435 <span class=\"_ _9\"> </span>427 <span class=\"_ _145\"> </span>11 <span class=\"_ _1\"> </span>12<span class=\"_ _335\"> </span></div><div class=\"c w66 h7d\" style=\"left:367.56824px; bottom:443.38702px;\"><div class=\"t m0 x1af h6b y3694 ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls185 ws272\" style=\"left:383.15265px; bottom:446.19568px;\"> <span class=\"_ _6\"> </span>91 11<span class=\"_ _335\"> </span></div><div class=\"c w67 h7d\" style=\"left:473.67047px; bottom:443.38702px;\"><div class=\"t m0 x1af h6b y3694 ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls183 ws273\" style=\"left:489.9124px; bottom:446.19568px;\"> 3,856 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:432.38733px;\">Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>5 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>5 <span class=\"_ _5f\"> </span>1 <span class=\"_ _62\"> </span>20 <span class=\"_ _62\"> </span>72 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:418.50116px;\">Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _1\"/>\u2013 </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:404.6927px;\">Foreign exchange <span class=\"_ _6d\"> </span>\u2013 <span class=\"_ _50\"> </span>(16) <span class=\"_ _56\"> </span>1 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _82\"> </span>(14) </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:390.1822px;\">At 31 December 2021 <span class=\"_ _43\"> </span>2,65<span class=\"_ _335\"> </span></div><div class=\"c w65 h7d\" style=\"left:144.69443px; bottom:387.37262px;\"><div class=\"t m0 x258 h6b y366d ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls183 ws274\" style=\"left:172.1832px; bottom:390.1822px;\"> 460 <span class=\"_ _f\"> </span>433 <span class=\"_ _8d\"> </span>11 <span class=\"_ _2f\"> </span>12<span class=\"_ _0\"/>9 <span class=\"_ _2a\"> </span>93 <span class=\"_ _e\"> </span>13<span class=\"_ _335\"> </span></div><div class=\"c w66 h7d\" style=\"left:472.51636px; bottom:387.37262px;\"><div class=\"t m0 x1af h6b y366d ff1e0 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18d ws275\" style=\"left:489.9124px; bottom:390.1822px;\"> 3,91<span class=\"_ _335\"> </span></div><div class=\"c w68 h7d\" style=\"left:517.85126px; bottom:387.37262px;\"><div class=\"t m0 x25a h6b y366d ff1e0 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:375.67188px;\">Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>6 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _20\"> </span>27 <span class=\"_ _12\"> </span>76 </div><div class=\"c w25 h68\" style=\"left:-184.34375px; bottom:-203.23947px;\"><div class=\"t m0 x203 h6b y39cd ff1e0 fs29 fc7 sc0 ls188 ws270\">Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) </div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18f ws26d\" style=\"left:0.0011901855px; bottom:347.97717px;\">Foreign <span class=\"_ _288\"/>exchange <span class=\"_ _24\"> </span>\u2013 <span class=\"_ _18a\"/>19 <span class=\"_ _ec\"> </span>7 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _9\"> </span>1 <span class=\"_ _1e2\"/>27 </div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:333.46667px;\">At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls18b ws1bb\">2,654 <span class=\"_ _1c\"> </span><span class=\"ls18d ws1d3\">520<span class=\"_ _0\"/> <span class=\"_ _41\"> </span><span class=\"ls183 ws1bd\">44<span class=\"_ _0\"/>6 <span class=\"_ _59\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _a4\"> </span><span class=\"ls18c ws1c2\">131 <span class=\"_ _24\"> </span></span></span></span>93 <span class=\"_ _34\"> </span><span class=\"ls188 ws1b9\">157 <span class=\"_ _5e\"> </span><span class=\"ls189 ws1b8\">4,01<span class=\"_ _0\"/>2 </span></span></span></span></div><div class=\"c w25 h68\" style=\"left:-184.34375px; bottom:-203.23947px;\"><div class=\"t m0 x203 h6d y369e ff1df fs29 fc7 sc0 ls184 ws276\">Net <span class=\"_ _283\"/>b<span class=\"_ _3\"/>ook <span class=\"_ _28f\"/>value <span class=\"_ _13\"> </span>  <span class=\"_ _2\"> </span> <span class=\"_ _f\"> </span>   <span class=\"_ _2f\"> </span> <span class=\"_ _1\"/> </div></div><div class=\"t m0 h6d ff1df fs29 fc7 sc0 ls185 ws1d4\" style=\"left:0.0011901855px; bottom:304.2118px;\">At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _49\"> </span><span class=\"ls189 ws1b8\">1,383 <span class=\"_ _24\"> </span></span><span class=\"ls184\">29 <span class=\"_ _46\"> </span><span class=\"ls189 ws1b8\">16 <span class=\"_ _60\"> </span></span>\u2013 <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">45 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">13 <span class=\"_ _9f\"> </span></span>123 <span class=\"_ _c6\"> </span><span class=\"ls18c ws1c2\">1,609 </span></span></span></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:289.38928px;\">At 31 December 2021 <span class=\"_ _6e\"> </span>1,239 <span class=\"_ _80\"> </span>67 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 </div><div class=\"c w37 h80\" style=\"left:372.30127px; bottom:286.50305px;\"><div class=\"t m0 x0 h6b y34ce ff1e0 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18b ws277\" style=\"left:378.0359px; bottom:289.38928px;\">7 <span class=\"_ _185\"> </span>11 <span class=\"_ _27c\"> </span>106 1,478 </div><div class=\"t m0 h72 ff1df fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:264.97125px;\">Goodwill impairment tests </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:251.39691px;\">The carry<span class=\"_ _0\"/>ing amount<span class=\"_ _0\"/> of goodwil<span class=\"_ _0\"/>l for each CG<span class=\"_ _0\"/>U is repres<span class=\"_ _0\"/>ented as fo<span class=\"_ _0\"/>llows: </div><div class=\"t m0 h78 ff1df fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:468.0935px; bottom:228.85114px;\">2022  </div><div class=\"t m0 h78 ff1df fs2c fc7 sc0 ls3 ws2\" style=\"left:475.17834px; bottom:219.7236px;\">\u00a3m </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ac ws23c\" style=\"left:524.54626px; bottom:228.85114px;\">2021  </div><div class=\"t m0 h76 ff1e0 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:531.0526px; bottom:219.7236px;\">\u00a3m </div><div class=\"t m0 h6d ff1e0 fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:204.35498px;\">ITV Studios <span class=\"_ _290\"> </span><span class=\"ff1df ls186 ws1b6\">921 <span class=\"_ _42\"> </span></span><span class=\"ls18c ws1c2\">777 </span></div><div class=\"t m0 h6d ff1e0 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0011901855px; bottom:190.46866px;\">Media &amp; Entertainment <span class=\"_ _205\"> </span><span class=\"ff1df ws1b9\">386 <span class=\"_ _34\"> </span></span><span class=\"ls19b ws1d6\">386 </span></div><div class=\"t m0 h6d ff1e0 fs29 fc7 sc0 ls18b ws1bb\" style=\"left:0.0011901855px; bottom:176.66058px;\">SDN <span class=\"_ _291\"> </span><span class=\"ff1df ls185 ws1c1\">76 <span class=\"_ _54\"> </span></span><span class=\"ls18f ws1c4\">76 </span></div><div class=\"t m0 h6d ff1e0 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0011901855px; bottom:162.14984px;\"> <span class=\"_ _24d\"> </span><span class=\"ff1df ls189 ws1b8\">1,383<span class=\"_ _0\"/> <span class=\"_ _ac\"> </span></span><span class=\"ls18b ws1bb\">1,2<span class=\"_ _0\"/>39 </span></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:139.76007px;\">There has been no impairme<span class=\"_ _3\"/>nt charge for any CGU duri<span class=\"_ _3\"/>ng the year (2021: \u00a3nil)<span class=\"_ _3\"/>. </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:116.35251px;\">When assessing impairment, the r<span class=\"_ _3\"/>ecoverable amount of each CGU is based on va<span class=\"_ _3\"/>lue in use calculations. These </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:103.32065px;\">calculations require the use of estimates, <span class=\"_ _3\"/>specifically: pre-tax cash flow projecti<span class=\"_ _3\"/>ons; long-term growth rates; a<span class=\"_ _3\"/>nd a pre-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0011901855px; bottom:90.371796px;\">tax market discount rate. Cash <span class=\"_ _0\"/>flo<span class=\"_ _0\"/>w <span class=\"_ _0\"/>pro<span class=\"_ _0\"/>ject<span class=\"_ _0\"/>ion<span class=\"_ _0\"/>s <span class=\"_ _0\"/>are <span class=\"_ _0\"/>bas<span class=\"_ _0\"/>e<span class=\"ls190 ws1b5\">d on the Gr<span class=\"_ _3\"/>oup\u2019s cu<span class=\"_ _3\"/>rrent lon<span class=\"_ _3\"/>g-term p<span class=\"_ _3\"/>lan. Bey<span class=\"_ _3\"/>ond the p<span class=\"_ _3\"/>lan, </span></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:77.339935px;\">these pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s are extrap<span class=\"_ _0\"/>olated us<span class=\"_ _0\"/>ing an es<span class=\"_ _0\"/>timated<span class=\"_ _0\"/> nominal lon<span class=\"_ _0\"/>g-term grow<span class=\"_ _0\"/>th rate of<span class=\"_ _0\"/> 1.5% (2021: 2%<span class=\"_ _0\"/>). The grow<span class=\"_ _0\"/>th </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:64.308044px;\">rate use<span class=\"_ _0\"/>d is consis<span class=\"_ _0\"/>tent wi<span class=\"_ _0\"/>th the lo<span class=\"_ _0\"/>ng-term a<span class=\"_ _0\"/>verage<span class=\"_ _0\"/> growth<span class=\"_ _0\"/> rates for<span class=\"_ _0\"/> both the<span class=\"_ _0\"/> indust<span class=\"_ _0\"/>ry and the<span class=\"_ _0\"/> countr<span class=\"_ _0\"/>ies in whic<span class=\"_ _0\"/>h the </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0011901855px; bottom:51.276184px;\">CGUs are<span class=\"_ _3\"/> locat<span class=\"_ _3\"/>ed and is<span class=\"_ _3\"/> appropriat<span class=\"_ _3\"/>e beca<span class=\"_ _3\"/>use these are <span class=\"_ _3\"/>long-t<span class=\"_ _3\"/>erm busine<span class=\"_ _3\"/>sses. </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:27.95163px;\">The discount rate <span class=\"_ _3\"/>has been updated for<span class=\"_ _3\"/> each CGU to reflect t<span class=\"_ _3\"/>he latest market a<span class=\"_ _3\"/>ssumptions for the ri<span class=\"_ _3\"/>sk-free rate, the </div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:14.919769px;\">equity ris<span class=\"_ _0\"/>k premium<span class=\"_ _0\"/> and the net<span class=\"_ _0\"/> cost of deb<span class=\"_ _0\"/>t. There is<span class=\"_ _0\"/> curren<span class=\"ls184 ws1b3\">tly no reasonably po<span class=\"_ _3\"/>ssible cha<span class=\"_ _3\"/>nge in discount rate<span class=\"_ _3\"/> that </span></div><div class=\"t m0 h6b ff1e0 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:1.8879089px;\">would reduce the <span class=\"_ _3\"/>headroom in any CGU to zero<span class=\"_ _3\"/>. </div><div class=\"t m0 h6d ff1e5 fs29 fcd sc0 ls18b ws1b5\" style=\"left:0.0007171631px; bottom:665.0993px;\">ITV Studios<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:652.15045px;\">The goodw<span class=\"_ _0\"/>ill for I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios has ar<span class=\"_ _0\"/>isen as a res<span class=\"_ _0\"/>ult of<span class=\"_ _0\"/> the acquis<span class=\"_ _0\"/>ition<span class=\"_ _0\"/> of produc<span class=\"_ _0\"/>tion bus<span class=\"_ _0\"/>inesses<span class=\"_ _0\"/> since 1<span class=\"_ _0\"/>999. Sign<span class=\"_ _0\"/>ifica<span class=\"_ _0\"/>nt </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:639.1186px;\">balances were <span class=\"_ _3\"/>created from the <span class=\"_ _3\"/>acquisition by Granada o<span class=\"_ _3\"/>f United News and Media\u2019<span class=\"_ _3\"/>s production busine<span class=\"_ _3\"/>sses in 2000 </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:626.08673px;\">and the mer<span class=\"_ _3\"/>ger of Granad<span class=\"_ _3\"/>a and Car<span class=\"_ _3\"/>lton in 2004 to f<span class=\"_ _3\"/>orm ITV plc. <span class=\"_ _3\"/>ITV Studios <span class=\"_ _3\"/>goodwill also<span class=\"_ _3\"/> includes the <span class=\"_ _3\"/>goodwill arising </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls18f ws1b7\" style=\"left:0.0007171631px; bottom:613.1379px;\">from acquisitions since 2012, with the largest acquisitions <span class=\"_ _0\"/>being Leftfield in 2014, followed by Talpa in 2015 and </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls189 ws1d8\" style=\"left:0.0007171631px; bottom:600.106px;\">Plimsoll in 2022.  </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:576.6984px;\">The key assumptions on <span class=\"_ _3\"/>which the forecast ca<span class=\"_ _3\"/>sh flows for the whole <span class=\"_ _3\"/>CGU were based (as rep<span class=\"_ _3\"/>resented by the approved<span class=\"_ _3\"/> </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:563.66656px;\">financial budget for 2023 a<span class=\"_ _3\"/>nd forecast to 2025) include re<span class=\"ls1a1 ws1d2\">venue (including international revenue and the I<span class=\"_ _0\"/>TV Studios </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:550.7177px;\">share of ITV output, growth in<span class=\"_ _3\"/> commissions and <span class=\"_ _3\"/>hours pr<span class=\"ls19e ws1b3\">oduced), margins and the pre-tax market discount rate. </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:0.0007171631px; bottom:537.68585px;\">These assumptions have been determined by using a combination<span class=\"_ _0\"/> of extrapolation of historical trends within the </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:524.654px;\">business, industr<span class=\"_ _3\"/>y estimates and in-hou<span class=\"_ _3\"/>se estimates of growth<span class=\"_ _3\"/> rates in all markets. <span class=\"_ _3\"/>No impairment wa<span class=\"_ _3\"/>s identified.  </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:501.24646px;\">A pre-tax discount rate<span class=\"_ _3\"/> of 10.5% (2021: 8.4%)<span class=\"_ _3\"/> has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No re<span class=\"_ _3\"/>asonably </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:488.21454px;\">possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. </div><div class=\"t m0 h6d ff1e5 fs29 fcd sc0 ls18f ws1bc\" style=\"left:0.0007171631px; bottom:464.89px;\">Media &amp; Entertainment  </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:451.85815px;\">The goodwi<span class=\"_ _3\"/>ll in this CGU <span class=\"_ _3\"/>arose as a re<span class=\"_ _3\"/>sult of t<span class=\"_ _3\"/>he acquisition of br<span class=\"_ _3\"/>oadcasting bu<span class=\"_ _3\"/>sinesses si<span class=\"_ _3\"/>nce 1999, the <span class=\"_ _3\"/>largest of </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:438.8263px;\">which was the mer<span class=\"_ _0\"/>ger of Carlton<span class=\"_ _0\"/> and Granad<span class=\"_ _0\"/>a in 2004 to form ITV<span class=\"_ _0\"/> plc, which was tr<span class=\"_ _0\"/>eated as an ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n of Carlton </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:425.87744px;\">for accou<span class=\"_ _0\"/>nting p<span class=\"_ _0\"/>urposes<span class=\"_ _0\"/>. Media &amp; En<span class=\"_ _0\"/>terta<span class=\"_ _0\"/>inment go<span class=\"_ _0\"/>odwill<span class=\"_ _0\"/> also inc<span class=\"_ _0\"/>ludes the<span class=\"_ _0\"/> goodwi<span class=\"_ _0\"/>ll arisin<span class=\"_ _0\"/>g on acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n of UTV<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:412.84558px;\">Limited in Fe<span class=\"_ _3\"/>bruary 2016. </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:389.438px;\">The main ass<span class=\"_ _0\"/>umption<span class=\"_ _0\"/>s on which the f<span class=\"_ _0\"/>orecas<span class=\"_ _0\"/>t cash flow pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s for this CGU<span class=\"_ _0\"/> are based (as<span class=\"_ _0\"/> repres<span class=\"_ _0\"/>ented by the<span class=\"_ _0\"/> </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:376.40613px;\">approved fina<span class=\"_ _3\"/>ncial budget for 2023 <span class=\"_ _3\"/>and forecast to 2025<span class=\"_ _3\"/>) include: the performa<span class=\"_ _3\"/>nce and share of t<span class=\"_ _3\"/>he television </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:363.37427px;\">advertising <span class=\"_ _3\"/>market; shar<span class=\"_ _3\"/>e of commerci<span class=\"_ _3\"/>al impacts; progr<span class=\"_ _3\"/>amme and other <span class=\"_ _3\"/>costs; and the pre<span class=\"_ _3\"/>-tax market di<span class=\"_ _3\"/>scount rate. </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:340.04974px;\">The key a<span class=\"_ _3\"/>ssumption in assessi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g the recove<span class=\"_ _3\"/>rable amount o<span class=\"_ _3\"/>f Media &amp; Entert<span class=\"_ _3\"/>ainment goodwi<span class=\"_ _3\"/>ll is the size<span class=\"_ _3\"/> of </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:327.01782px;\">the televisio<span class=\"_ _3\"/>n and streami<span class=\"_ _3\"/>ng advertisi<span class=\"_ _3\"/>ng market. In <span class=\"_ _3\"/>forming its a<span class=\"_ _3\"/>ssumptions about<span class=\"_ _3\"/> the televisio<span class=\"_ _3\"/>n and streaming<span class=\"_ _3\"/> </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:313.98596px;\">advertising <span class=\"_ _3\"/>market, the Gr<span class=\"_ _3\"/>oup has used a <span class=\"_ _3\"/>combination of<span class=\"ls18e ws1c6\"> l<span class=\"_ _3\"/>ong-term<span class=\"_ _3\"/> trends, i<span class=\"_ _3\"/>ndustry for<span class=\"_ _4\"/>ecasts and in-h<span class=\"_ _3\"/>ouse </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:300.9541px;\">estimates, whi<span class=\"_ _3\"/>ch place greater emphasi<span class=\"_ _3\"/>s on recent experience. No impair<span class=\"_ _3\"/>ment was identified. </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:277.62958px;\">An impa<span class=\"_ _0\"/>irment c<span class=\"_ _0\"/>harge of \u00a32<span class=\"_ _0\"/>,309 mil<span class=\"_ _0\"/>lion w<span class=\"_ _0\"/>as recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the Med<span class=\"_ _0\"/>ia &amp; Entert<span class=\"_ _0\"/>ainm<span class=\"_ _0\"/>ent CGU in 20<span class=\"_ _0\"/>08, as a res<span class=\"_ _0\"/>ult of th<span class=\"_ _0\"/>e </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:264.59772px;\">downturn in <span class=\"_ _3\"/>the short-term out<span class=\"_ _3\"/>look for the adv<span class=\"_ _3\"/>ertising market. T<span class=\"_ _3\"/>he current y<span class=\"_ _3\"/>ear impairment r<span class=\"_ _3\"/>eview, set o<span class=\"_ _3\"/>ut above, </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0007171631px; bottom:251.56586px;\">results<span class=\"_ _0\"/> in signi<span class=\"_ _0\"/>ficant he<span class=\"_ _0\"/>adroom<span class=\"_ _0\"/> in exces<span class=\"_ _0\"/>s of the 20<span class=\"_ _0\"/>08 im<span class=\"ls184 ws1c8\">paired amount. Even though the advertisi<span class=\"_ _3\"/>ng market has </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:238.61694px;\">improved si<span class=\"_ _3\"/>nce then and the impai<span class=\"_ _3\"/>red assets<span class=\"_ _3\"/> are still owne<span class=\"_ _3\"/>d and operated by t<span class=\"_ _3\"/>he Group,<span class=\"_ _3\"/> due to accounti<span class=\"_ _4\"/>ng rules the </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0007171631px; bottom:225.58508px;\">impairme<span class=\"_ _3\"/>nt cannot<span class=\"_ _4\"/> be reversed.  </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:202.17755px;\">A pre-tax discount rate<span class=\"_ _3\"/> of 10.4% (2021:<span class=\"_ _3\"/> 8.4%) has been used i<span class=\"_ _3\"/>n discounting the pr<span class=\"_ _3\"/>ojected cash flows. No<span class=\"_ _3\"/> reasonably </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:189.14569px;\">possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. </div><div class=\"t m0 h6d ff1e5 fs29 fcd sc0 ls19b ws1d6\" style=\"left:0.0007171631px; bottom:165.73813px;\">SDN </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0007171631px; bottom:152.78928px;\">Goodwil<span class=\"_ _3\"/>l was re<span class=\"_ _3\"/>cognised <span class=\"_ _3\"/>when the<span class=\"_ _3\"/> Group acq<span class=\"_ _3\"/>uired SDN<span class=\"_ _3\"/> (t<span class=\"ws1c7\">he li<span class=\"_ _3\"/>cence operat<span class=\"_ _3\"/>or for DTT Multip<span class=\"_ _3\"/>lex A) in 2005<span class=\"_ _3\"/>. </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:139.75739px;\">It represen<span class=\"_ _0\"/>ted the w<span class=\"_ _0\"/>ider stra<span class=\"_ _0\"/>tegic benef<span class=\"_ _0\"/>its of the a<span class=\"_ _0\"/>cquisit<span class=\"_ _0\"/>ion specifi<span class=\"_ _0\"/>c to the Grou<span class=\"_ _0\"/>p, princ<span class=\"_ _0\"/>ipally the<span class=\"_ _0\"/> enhanced ab<span class=\"_ _0\"/>ility </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0007171631px; bottom:126.725525px;\">to promote <span class=\"_ _3\"/>Freeview a<span class=\"_ _3\"/>s a platform, busi<span class=\"_ _3\"/>ness relationships <span class=\"_ _3\"/>wi<span class=\"ls183 ws1b5\">th the chann<span class=\"_ _0\"/>els which <span class=\"_ _0\"/>are on Mul<span class=\"_ _0\"/>tiplex A an<span class=\"_ _0\"/>d addit<span class=\"_ _0\"/>ional </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0007171631px; bottom:113.693665px;\">capacity<span class=\"_ _0\"/> availa<span class=\"_ _0\"/>ble fro<span class=\"_ _0\"/>m 2010. S<span class=\"_ _0\"/>DN\u2019s m<span class=\"_ _0\"/>ultiplex<span class=\"_ _0\"/> licenc<span class=\"_ _0\"/><span class=\"ls18b ws1c5\">e was renewed during 2022<span class=\"_ _0\"/></span><span class=\"ws1b6\"> and expi<span class=\"_ _0\"/>res in 2034.  </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls1c9 ws1c0\" style=\"left:0.0007171631px; bottom:90.36911px;\">The main assumpti<span class=\"_ _3\"/>ons on which the foreca<span class=\"_ _3\"/>st cash <span class=\"_ _3\"/>flows are based (as re<span class=\"_ _0\"/>presen<span class=\"_ _0\"/>ted<span class=\"_ _0\"/> by<span class=\"_ _0\"/> the <span class=\"_ _0\"/>appr<span class=\"_ _0\"/>ove<span class=\"_ _0\"/>d f<span class=\"_ _0\"/>inan<span class=\"_ _0\"/>cial<span class=\"_ _0\"/> bu<span class=\"_ _0\"/>dge<span class=\"_ _0\"/>t </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls189 ws1c6\" style=\"left:0.0007171631px; bottom:77.33725px;\">for 2023 an<span class=\"_ _0\"/>d forecast <span class=\"_ _0\"/>to 2025) are: in<span class=\"_ _3\"/>come<span class=\"_ _3\"/> to b<span class=\"_ _3\"/>e ea<span class=\"_ _3\"/>rne<span class=\"_ _3\"/>d fr<span class=\"ls1a0 ws2\">om rene<span class=\"_ _3\"/>wals of medium-term contracts;<span class=\"_ _3\"/> the market price of </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:64.30539px;\">available multiplex video streams; and the pre-tax market di<span class=\"ls185 ws1b6\">scount <span class=\"_ _4\"/>rate. These assumptions<span class=\"_ _0\"/> have be<span class=\"_ _0\"/>en determ<span class=\"_ _0\"/>ined by </span></div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:51.356506px;\">using a combi<span class=\"_ _3\"/>nation of current <span class=\"_ _3\"/>contract terms, recent market tr<span class=\"_ _3\"/>ansactions and in-ho<span class=\"_ _3\"/>use estimates of vide<span class=\"_ _3\"/>o stream </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:38.324646px;\">availability and<span class=\"_ _3\"/> pricing. No impai<span class=\"_ _3\"/>rment was identified.  </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:14.917084px;\">A pre-tax discount rate<span class=\"_ _3\"/> of 9.4% (2021: 11.7%) <span class=\"_ _3\"/>has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No <span class=\"_ _3\"/>reasonably </div><div class=\"t m0 h6b ff1e8 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:1.8852234px;\">possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "Intangible assets Intangible as<span class=\"_ _0\"/>sets can b<span class=\"_ _0\"/>e analysed as<span class=\"_ _0\"/> follows: Goodwill \u00a3m Formats and brands \u00a3m Customer contracts and  relationships \u00a3m Contractual arrangements \u00a3m Licences \u00a3m Libraries and other \u00a3m Software licences and development<span class=\"_ _3\"/> \u00a3m Total \u00a3m Cost At 1 Ja<span class=\"_ _3\"/>nuary 20<span class=\"_ _3\"/>21 <span class=\"_ _c3\"> </span>3,895 <span class=\"_ _41\"> </span>5<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>7 <span class=\"_ _167\"> </span>441 <span class=\"_ _d1\"> </span>11<span class=\"_ _0\"/> <span class=\"_ _17\"> </span>176 <span class=\"_ _1f9\"> </span>103 <span class=\"_ _165\"> </span>228 5,401 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1fc\"/>15 <span class=\"_ _1e2\"/>15 Acquisitions <span class=\"_ _139\"> </span>1 \u2013 <span class=\"_ _6\"> </span>1 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _5\"/>2 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _66\"/>(3) <span class=\"_ _67\"/>(3) Foreign exchange <span class=\"_ _48\"> </span>(3) <span class=\"_ _c4\"> </span>(20) <span class=\"_ _12\"> </span>(1) <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _34\"> </span>(23) At 31 December 2021 <span class=\"_ _3f\"> </span>3,893 <span class=\"_ _b8\"> </span>527<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span>441 <span class=\"_ _56\"> </span>11 <span class=\"_ _8b\"> </span>176 <span class=\"_ _41\"> </span>10<span class=\"_ _335\"> </span>4 <span class=\"_ _27c\"> </span>240<span class=\"_ _0\"/> 5,392 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1e2\"/>4<span class=\"_ _335\"> </span>4 4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Acquisitions <span class=\"_ _18\"> </span>107 <span class=\"_ _0\"/>1 <span class=\"_ _188\"/>13 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _1ff\"/>121 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign exchange <span class=\"_ _161\"> </span>37 <span class=\"_ _49\"> </span>21 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _4d\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _49\"> </span>69 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls189 ws1b8\">4,037 <span class=\"_ _1c\"> </span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>9 <span class=\"_ _26\"> </span><span class=\"ls183 ws1bd\">462 <span class=\"_ _28e\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _26\"> </span><span class=\"ls18b ws1bb\">176 <span class=\"_ _3e\"> </span></span>106 <span class=\"_ _26\"> </span><span class=\"ls18d ws1d3\">280<span class=\"_ _0\"/> <span class=\"_ _dd\"> </span></span>5,621 </span></span>Amortisation<span class=\"_ _3\"/> and impairment At 1 January 2021 <span class=\"_ _99\"> </span>2,65<span class=\"_ _335\"> </span>4 435 <span class=\"_ _9\"> </span>427 <span class=\"_ _145\"> </span>11 <span class=\"_ _1\"> </span>12<span class=\"_ _335\"> </span>4 <span class=\"_ _6\"> </span>91 11<span class=\"_ _335\"> </span>4 3,856 Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>5 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>5 <span class=\"_ _5f\"> </span>1 <span class=\"_ _62\"> </span>20 <span class=\"_ _62\"> </span>72 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _1\"/>\u2013 Foreign exchange <span class=\"_ _6d\"> </span>\u2013 <span class=\"_ _50\"> </span>(16) <span class=\"_ _56\"> </span>1 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _82\"> </span>(14) At 31 December 2021 <span class=\"_ _43\"> </span>2,65<span class=\"_ _335\"> </span>4 460 <span class=\"_ _f\"> </span>433 <span class=\"_ _8d\"> </span>11 <span class=\"_ _2f\"> </span>12<span class=\"_ _0\"/>9 <span class=\"_ _2a\"> </span>93 <span class=\"_ _e\"> </span>13<span class=\"_ _335\"> </span>4 3,91<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>6 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _20\"> </span>27 <span class=\"_ _12\"> </span>76 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign <span class=\"_ _288\"/>exchange <span class=\"_ _24\"> </span>\u2013 <span class=\"_ _18a\"/>19 <span class=\"_ _ec\"> </span>7 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _9\"> </span>1 <span class=\"_ _1e2\"/>27 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls18b ws1bb\">2,654 <span class=\"_ _1c\"> </span><span class=\"ls18d ws1d3\">520<span class=\"_ _0\"/> <span class=\"_ _41\"> </span><span class=\"ls183 ws1bd\">44<span class=\"_ _0\"/>6 <span class=\"_ _59\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _a4\"> </span><span class=\"ls18c ws1c2\">131 <span class=\"_ _24\"> </span></span></span></span>93 <span class=\"_ _34\"> </span><span class=\"ls188 ws1b9\">157 <span class=\"_ _5e\"> </span><span class=\"ls189 ws1b8\">4,01<span class=\"_ _0\"/>2 </span></span></span></span>Net <span class=\"_ _283\"/>b<span class=\"_ _3\"/>ook <span class=\"_ _28f\"/>value <span class=\"_ _13\"> </span>  <span class=\"_ _2\"> </span> <span class=\"_ _f\"> </span>   <span class=\"_ _2f\"> </span> <span class=\"_ _1\"/> At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _49\"> </span><span class=\"ls189 ws1b8\">1,383 <span class=\"_ _24\"> </span></span><span class=\"ls184\">29 <span class=\"_ _46\"> </span><span class=\"ls189 ws1b8\">16 <span class=\"_ _60\"> </span></span>\u2013 <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">45 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">13 <span class=\"_ _9f\"> </span></span>123 <span class=\"_ _c6\"> </span><span class=\"ls18c ws1c2\">1,609 </span></span></span>At 31 December 2021 <span class=\"_ _6e\"> </span>1,239 <span class=\"_ _80\"> </span>67 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 4<span class=\"_ _335\"> </span>7 <span class=\"_ _185\"> </span>11 <span class=\"_ _27c\"> </span>106 1,478 Goodwill impairment tests The carry<span class=\"_ _0\"/>ing amount<span class=\"_ _0\"/> of goodwil<span class=\"_ _0\"/>l for each CG<span class=\"_ _0\"/>U is repres<span class=\"_ _0\"/>ented as fo<span class=\"_ _0\"/>llows: 2022  \u00a3m 2021  \u00a3m ITV Studios <span class=\"_ _290\"> </span><span class=\"ff1df ls186 ws1b6\">921 <span class=\"_ _42\"> </span></span><span class=\"ls18c ws1c2\">777 </span>Media &amp; Entertainment <span class=\"_ _205\"> </span><span class=\"ff1df ws1b9\">386 <span class=\"_ _34\"> </span></span><span class=\"ls19b ws1d6\">386 </span>SDN <span class=\"_ _291\"> </span><span class=\"ff1df ls185 ws1c1\">76 <span class=\"_ _54\"> </span></span><span class=\"ls18f ws1c4\">76 </span> <span class=\"_ _24d\"> </span><span class=\"ff1df ls189 ws1b8\">1,383<span class=\"_ _0\"/> <span class=\"_ _ac\"> </span></span><span class=\"ls18b ws1bb\">1,2<span class=\"_ _0\"/>39 </span>There has been no impairme<span class=\"_ _3\"/>nt charge for any CGU duri<span class=\"_ _3\"/>ng the year (2021: \u00a3nil)<span class=\"_ _3\"/>. When assessing impairment, the r<span class=\"_ _3\"/>ecoverable amount of each CGU is based on va<span class=\"_ _3\"/>lue in use calculations. These calculations require the use of estimates, <span class=\"_ _3\"/>specifically: pre-tax cash flow projecti<span class=\"_ _3\"/>ons; long-term growth rates; a<span class=\"_ _3\"/>nd a pre-<span class=\"_ _335\"> </span>tax market discount rate. Cash <span class=\"_ _0\"/>flo<span class=\"_ _0\"/>w <span class=\"_ _0\"/>pro<span class=\"_ _0\"/>ject<span class=\"_ _0\"/>ion<span class=\"_ _0\"/>s <span class=\"_ _0\"/>are <span class=\"_ _0\"/>bas<span class=\"_ _0\"/>e<span class=\"ls190 ws1b5\">d on the Gr<span class=\"_ _3\"/>oup\u2019s cu<span class=\"_ _3\"/>rrent lon<span class=\"_ _3\"/>g-term p<span class=\"_ _3\"/>lan. Bey<span class=\"_ _3\"/>ond the p<span class=\"_ _3\"/>lan, </span>these pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s are extrap<span class=\"_ _0\"/>olated us<span class=\"_ _0\"/>ing an es<span class=\"_ _0\"/>timated<span class=\"_ _0\"/> nominal lon<span class=\"_ _0\"/>g-term grow<span class=\"_ _0\"/>th rate of<span class=\"_ _0\"/> 1.5% (2021: 2%<span class=\"_ _0\"/>). The grow<span class=\"_ _0\"/>th rate use<span class=\"_ _0\"/>d is consis<span class=\"_ _0\"/>tent wi<span class=\"_ _0\"/>th the lo<span class=\"_ _0\"/>ng-term a<span class=\"_ _0\"/>verage<span class=\"_ _0\"/> growth<span class=\"_ _0\"/> rates for<span class=\"_ _0\"/> both the<span class=\"_ _0\"/> indust<span class=\"_ _0\"/>ry and the<span class=\"_ _0\"/> countr<span class=\"_ _0\"/>ies in whic<span class=\"_ _0\"/>h the CGUs are<span class=\"_ _3\"/> locat<span class=\"_ _3\"/>ed and is<span class=\"_ _3\"/> appropriat<span class=\"_ _3\"/>e beca<span class=\"_ _3\"/>use these are <span class=\"_ _3\"/>long-t<span class=\"_ _3\"/>erm busine<span class=\"_ _3\"/>sses. The discount rate <span class=\"_ _3\"/>has been updated for<span class=\"_ _3\"/> each CGU to reflect t<span class=\"_ _3\"/>he latest market a<span class=\"_ _3\"/>ssumptions for the ri<span class=\"_ _3\"/>sk-free rate, the equity ris<span class=\"_ _0\"/>k premium<span class=\"_ _0\"/> and the net<span class=\"_ _0\"/> cost of deb<span class=\"_ _0\"/>t. There is<span class=\"_ _0\"/> curren<span class=\"ls184 ws1b3\">tly no reasonably po<span class=\"_ _3\"/>ssible cha<span class=\"_ _3\"/>nge in discount rate<span class=\"_ _3\"/> that </span>would reduce the <span class=\"_ _3\"/>headroom in any CGU to zero<span class=\"_ _3\"/>. ITV Studios<span class=\"_ _0\"/> The goodw<span class=\"_ _0\"/>ill for I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios has ar<span class=\"_ _0\"/>isen as a res<span class=\"_ _0\"/>ult of<span class=\"_ _0\"/> the acquis<span class=\"_ _0\"/>ition<span class=\"_ _0\"/> of produc<span class=\"_ _0\"/>tion bus<span class=\"_ _0\"/>inesses<span class=\"_ _0\"/> since 1<span class=\"_ _0\"/>999. Sign<span class=\"_ _0\"/>ifica<span class=\"_ _0\"/>nt balances were <span class=\"_ _3\"/>created from the <span class=\"_ _3\"/>acquisition by Granada o<span class=\"_ _3\"/>f United News and Media\u2019<span class=\"_ _3\"/>s production busine<span class=\"_ _3\"/>sses in 2000 and the mer<span class=\"_ _3\"/>ger of Granad<span class=\"_ _3\"/>a and Car<span class=\"_ _3\"/>lton in 2004 to f<span class=\"_ _3\"/>orm ITV plc. <span class=\"_ _3\"/>ITV Studios <span class=\"_ _3\"/>goodwill also<span class=\"_ _3\"/> includes the <span class=\"_ _3\"/>goodwill arising from acquisitions since 2012, with the largest acquisitions <span class=\"_ _0\"/>being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022.  The key assumptions on <span class=\"_ _3\"/>which the forecast ca<span class=\"_ _3\"/>sh flows for the whole <span class=\"_ _3\"/>CGU were based (as rep<span class=\"_ _3\"/>resented by the approved<span class=\"_ _3\"/> financial budget for 2023 a<span class=\"_ _3\"/>nd forecast to 2025) include re<span class=\"ls1a1 ws1d2\">venue (including international revenue and the I<span class=\"_ _0\"/>TV Studios </span>share of ITV output, growth in<span class=\"_ _3\"/> commissions and <span class=\"_ _3\"/>hours pr<span class=\"ls19e ws1b3\">oduced), margins and the pre-tax market discount rate. </span>These assumptions have been determined by using a combination<span class=\"_ _0\"/> of extrapolation of historical trends within the business, industr<span class=\"_ _3\"/>y estimates and in-hou<span class=\"_ _3\"/>se estimates of growth<span class=\"_ _3\"/> rates in all markets. <span class=\"_ _3\"/>No impairment wa<span class=\"_ _3\"/>s identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.5% (2021: 8.4%)<span class=\"_ _3\"/> has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No re<span class=\"_ _3\"/>asonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. Media &amp; Entertainment  The goodwi<span class=\"_ _3\"/>ll in this CGU <span class=\"_ _3\"/>arose as a re<span class=\"_ _3\"/>sult of t<span class=\"_ _3\"/>he acquisition of br<span class=\"_ _3\"/>oadcasting bu<span class=\"_ _3\"/>sinesses si<span class=\"_ _3\"/>nce 1999, the <span class=\"_ _3\"/>largest of which was the mer<span class=\"_ _0\"/>ger of Carlton<span class=\"_ _0\"/> and Granad<span class=\"_ _0\"/>a in 2004 to form ITV<span class=\"_ _0\"/> plc, which was tr<span class=\"_ _0\"/>eated as an ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n of Carlton for accou<span class=\"_ _0\"/>nting p<span class=\"_ _0\"/>urposes<span class=\"_ _0\"/>. Media &amp; En<span class=\"_ _0\"/>terta<span class=\"_ _0\"/>inment go<span class=\"_ _0\"/>odwill<span class=\"_ _0\"/> also inc<span class=\"_ _0\"/>ludes the<span class=\"_ _0\"/> goodwi<span class=\"_ _0\"/>ll arisin<span class=\"_ _0\"/>g on acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n of UTV<span class=\"_ _0\"/> Limited in Fe<span class=\"_ _3\"/>bruary 2016. The main ass<span class=\"_ _0\"/>umption<span class=\"_ _0\"/>s on which the f<span class=\"_ _0\"/>orecas<span class=\"_ _0\"/>t cash flow pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s for this CGU<span class=\"_ _0\"/> are based (as<span class=\"_ _0\"/> repres<span class=\"_ _0\"/>ented by the<span class=\"_ _0\"/> approved fina<span class=\"_ _3\"/>ncial budget for 2023 <span class=\"_ _3\"/>and forecast to 2025<span class=\"_ _3\"/>) include: the performa<span class=\"_ _3\"/>nce and share of t<span class=\"_ _3\"/>he television advertising <span class=\"_ _3\"/>market; shar<span class=\"_ _3\"/>e of commerci<span class=\"_ _3\"/>al impacts; progr<span class=\"_ _3\"/>amme and other <span class=\"_ _3\"/>costs; and the pre<span class=\"_ _3\"/>-tax market di<span class=\"_ _3\"/>scount rate. The key a<span class=\"_ _3\"/>ssumption in assessi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g the recove<span class=\"_ _3\"/>rable amount o<span class=\"_ _3\"/>f Media &amp; Entert<span class=\"_ _3\"/>ainment goodwi<span class=\"_ _3\"/>ll is the size<span class=\"_ _3\"/> of the televisio<span class=\"_ _3\"/>n and streami<span class=\"_ _3\"/>ng advertisi<span class=\"_ _3\"/>ng market. In <span class=\"_ _3\"/>forming its a<span class=\"_ _3\"/>ssumptions about<span class=\"_ _3\"/> the televisio<span class=\"_ _3\"/>n and streaming<span class=\"_ _3\"/> advertising <span class=\"_ _3\"/>market, the Gr<span class=\"_ _3\"/>oup has used a <span class=\"_ _3\"/>combination of<span class=\"ls18e ws1c6\"> l<span class=\"_ _3\"/>ong-term<span class=\"_ _3\"/> trends, i<span class=\"_ _3\"/>ndustry for<span class=\"_ _4\"/>ecasts and in-h<span class=\"_ _3\"/>ouse </span>estimates, whi<span class=\"_ _3\"/>ch place greater emphasi<span class=\"_ _3\"/>s on recent experience. No impair<span class=\"_ _3\"/>ment was identified. An impa<span class=\"_ _0\"/>irment c<span class=\"_ _0\"/>harge of \u00a32<span class=\"_ _0\"/>,309 mil<span class=\"_ _0\"/>lion w<span class=\"_ _0\"/>as recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the Med<span class=\"_ _0\"/>ia &amp; Entert<span class=\"_ _0\"/>ainm<span class=\"_ _0\"/>ent CGU in 20<span class=\"_ _0\"/>08, as a res<span class=\"_ _0\"/>ult of th<span class=\"_ _0\"/>e downturn in <span class=\"_ _3\"/>the short-term out<span class=\"_ _3\"/>look for the adv<span class=\"_ _3\"/>ertising market. T<span class=\"_ _3\"/>he current y<span class=\"_ _3\"/>ear impairment r<span class=\"_ _3\"/>eview, set o<span class=\"_ _3\"/>ut above, results<span class=\"_ _0\"/> in signi<span class=\"_ _0\"/>ficant he<span class=\"_ _0\"/>adroom<span class=\"_ _0\"/> in exces<span class=\"_ _0\"/>s of the 20<span class=\"_ _0\"/>08 im<span class=\"ls184 ws1c8\">paired amount. Even though the advertisi<span class=\"_ _3\"/>ng market has </span>improved si<span class=\"_ _3\"/>nce then and the impai<span class=\"_ _3\"/>red assets<span class=\"_ _3\"/> are still owne<span class=\"_ _3\"/>d and operated by t<span class=\"_ _3\"/>he Group,<span class=\"_ _3\"/> due to accounti<span class=\"_ _4\"/>ng rules the impairme<span class=\"_ _3\"/>nt cannot<span class=\"_ _4\"/> be reversed.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.4% (2021:<span class=\"_ _3\"/> 8.4%) has been used i<span class=\"_ _3\"/>n discounting the pr<span class=\"_ _3\"/>ojected cash flows. No<span class=\"_ _3\"/> reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. SDN Goodwil<span class=\"_ _3\"/>l was re<span class=\"_ _3\"/>cognised <span class=\"_ _3\"/>when the<span class=\"_ _3\"/> Group acq<span class=\"_ _3\"/>uired SDN<span class=\"_ _3\"/> (t<span class=\"ws1c7\">he li<span class=\"_ _3\"/>cence operat<span class=\"_ _3\"/>or for DTT Multip<span class=\"_ _3\"/>lex A) in 2005<span class=\"_ _3\"/>. </span>It represen<span class=\"_ _0\"/>ted the w<span class=\"_ _0\"/>ider stra<span class=\"_ _0\"/>tegic benef<span class=\"_ _0\"/>its of the a<span class=\"_ _0\"/>cquisit<span class=\"_ _0\"/>ion specifi<span class=\"_ _0\"/>c to the Grou<span class=\"_ _0\"/>p, princ<span class=\"_ _0\"/>ipally the<span class=\"_ _0\"/> enhanced ab<span class=\"_ _0\"/>ility to promote <span class=\"_ _3\"/>Freeview a<span class=\"_ _3\"/>s a platform, busi<span class=\"_ _3\"/>ness relationships <span class=\"_ _3\"/>wi<span class=\"ls183 ws1b5\">th the chann<span class=\"_ _0\"/>els which <span class=\"_ _0\"/>are on Mul<span class=\"_ _0\"/>tiplex A an<span class=\"_ _0\"/>d addit<span class=\"_ _0\"/>ional </span>capacity<span class=\"_ _0\"/> availa<span class=\"_ _0\"/>ble fro<span class=\"_ _0\"/>m 2010. S<span class=\"_ _0\"/>DN\u2019s m<span class=\"_ _0\"/>ultiplex<span class=\"_ _0\"/> licenc<span class=\"_ _0\"/><span class=\"ls18b ws1c5\">e was renewed during 2022<span class=\"_ _0\"/></span><span class=\"ws1b6\"> and expi<span class=\"_ _0\"/>res in 2034.  </span>The main assumpti<span class=\"_ _3\"/>ons on which the foreca<span class=\"_ _3\"/>st cash <span class=\"_ _3\"/>flows are based (as re<span class=\"_ _0\"/>presen<span class=\"_ _0\"/>ted<span class=\"_ _0\"/> by<span class=\"_ _0\"/> the <span class=\"_ _0\"/>appr<span class=\"_ _0\"/>ove<span class=\"_ _0\"/>d f<span class=\"_ _0\"/>inan<span class=\"_ _0\"/>cial<span class=\"_ _0\"/> bu<span class=\"_ _0\"/>dge<span class=\"_ _0\"/>t for 2023 an<span class=\"_ _0\"/>d forecast <span class=\"_ _0\"/>to 2025) are: in<span class=\"_ _3\"/>come<span class=\"_ _3\"/> to b<span class=\"_ _3\"/>e ea<span class=\"_ _3\"/>rne<span class=\"_ _3\"/>d fr<span class=\"ls1a0 ws2\">om rene<span class=\"_ _3\"/>wals of medium-term contracts;<span class=\"_ _3\"/> the market price of </span>available multiplex video streams; and the pre-tax market di<span class=\"ls185 ws1b6\">scount <span class=\"_ _4\"/>rate. These assumptions<span class=\"_ _0\"/> have be<span class=\"_ _0\"/>en determ<span class=\"_ _0\"/>ined by </span>using a combi<span class=\"_ _3\"/>nation of current <span class=\"_ _3\"/>contract terms, recent market tr<span class=\"_ _3\"/>ansactions and in-ho<span class=\"_ _3\"/>use estimates of vide<span class=\"_ _3\"/>o stream availability and<span class=\"_ _3\"/> pricing. No impai<span class=\"_ _3\"/>rment was identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 9.4% (2021: 11.7%) <span class=\"_ _3\"/>has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No <span class=\"_ _3\"/>reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "Intangible assets Intangible as<span class=\"_ _0\"/>sets can b<span class=\"_ _0\"/>e analysed as<span class=\"_ _0\"/> follows: Goodwill \u00a3m Formats and brands \u00a3m Customer contracts and  relationships \u00a3m Contractual arrangements \u00a3m Licences \u00a3m Libraries and other \u00a3m Software licences and development<span class=\"_ _3\"/> \u00a3m Total \u00a3m Cost At 1 Ja<span class=\"_ _3\"/>nuary 20<span class=\"_ _3\"/>21 <span class=\"_ _c3\"> </span>3,895 <span class=\"_ _41\"> </span>5<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>7 <span class=\"_ _167\"> </span>441 <span class=\"_ _d1\"> </span>11<span class=\"_ _0\"/> <span class=\"_ _17\"> </span>176 <span class=\"_ _1f9\"> </span>103 <span class=\"_ _165\"> </span>228 5,401 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1fc\"/>15 <span class=\"_ _1e2\"/>15 Acquisitions <span class=\"_ _139\"> </span>1 \u2013 <span class=\"_ _6\"> </span>1 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _5\"/>2 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _66\"/>(3) <span class=\"_ _67\"/>(3) Foreign exchange <span class=\"_ _48\"> </span>(3) <span class=\"_ _c4\"> </span>(20) <span class=\"_ _12\"> </span>(1) <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _34\"> </span>(23) At 31 December 2021 <span class=\"_ _3f\"> </span>3,893 <span class=\"_ _b8\"> </span>527<span class=\"_ _0\"/> <span class=\"_ _9f\"> </span>441 <span class=\"_ _56\"> </span>11 <span class=\"_ _8b\"> </span>176 <span class=\"_ _41\"> </span>10<span class=\"_ _335\"> </span>4 <span class=\"_ _27c\"> </span>240<span class=\"_ _0\"/> 5,392 Additions <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _3\"/>\u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _1e2\"/>4<span class=\"_ _335\"> </span>4 4<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Acquisitions <span class=\"_ _18\"> </span>107 <span class=\"_ _0\"/>1 <span class=\"_ _188\"/>13 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _6\"> </span>\u2013 <span class=\"_ _1ff\"/>121 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign exchange <span class=\"_ _161\"> </span>37 <span class=\"_ _49\"> </span>21 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _4d\"> </span>1<span class=\"_ _0\"/> <span class=\"_ _49\"> </span>69 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls189 ws1b8\">4,037 <span class=\"_ _1c\"> </span><span class=\"ls3 ws2\">5<span class=\"_ _335\"> </span></span></span>4<span class=\"_ _335\"> </span>9 <span class=\"_ _26\"> </span><span class=\"ls183 ws1bd\">462 <span class=\"_ _28e\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _26\"> </span><span class=\"ls18b ws1bb\">176 <span class=\"_ _3e\"> </span></span>106 <span class=\"_ _26\"> </span><span class=\"ls18d ws1d3\">280<span class=\"_ _0\"/> <span class=\"_ _dd\"> </span></span>5,621 </span></span>Amortisation<span class=\"_ _3\"/> and impairment At 1 January 2021 <span class=\"_ _99\"> </span>2,65<span class=\"_ _335\"> </span>4 435 <span class=\"_ _9\"> </span>427 <span class=\"_ _145\"> </span>11 <span class=\"_ _1\"> </span>12<span class=\"_ _335\"> </span>4 <span class=\"_ _6\"> </span>91 11<span class=\"_ _335\"> </span>4 3,856 Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>5 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>5 <span class=\"_ _5f\"> </span>1 <span class=\"_ _62\"> </span>20 <span class=\"_ _62\"> </span>72 Reclassifications <span class=\"_ _62\"> </span>\u2013 \u2013 <span class=\"_ _2\"> </span>\u2013 <span class=\"_ _f\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _1\"/>\u2013 Foreign exchange <span class=\"_ _6d\"> </span>\u2013 <span class=\"_ _50\"> </span>(16) <span class=\"_ _56\"> </span>1 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _6e\"> </span>1 <span class=\"_ _13\"> </span>\u2013 <span class=\"_ _82\"> </span>(14) At 31 December 2021 <span class=\"_ _43\"> </span>2,65<span class=\"_ _335\"> </span>4 460 <span class=\"_ _f\"> </span>433 <span class=\"_ _8d\"> </span>11 <span class=\"_ _2f\"> </span>12<span class=\"_ _0\"/>9 <span class=\"_ _2a\"> </span>93 <span class=\"_ _e\"> </span>13<span class=\"_ _335\"> </span>4 3,91<span class=\"_ _335\"> </span>4<span class=\"_ _335\"> </span>Charge for the year <span class=\"_ _11\"> </span>\u2013 <span class=\"_ _80\"> </span>41 <span class=\"_ _6b\"> </span>6 <span class=\"_ _60\"> </span>\u2013 <span class=\"_ _43\"> </span>2 <span class=\"_ _3f\"> </span>\u2013 <span class=\"_ _20\"> </span>27 <span class=\"_ _12\"> </span>76 Disposals <span class=\"_ _cf\"> </span>\u2013 \u2013 <span class=\"_ _2f\"> </span>\u2013 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _a\"/>(5) <span class=\"_ _1ac\"/>(5) Foreign <span class=\"_ _288\"/>exchange <span class=\"_ _24\"> </span>\u2013 <span class=\"_ _18a\"/>19 <span class=\"_ _ec\"> </span>7 <span class=\"_ _9\"> </span>\u2013 \u2013 \u2013 <span class=\"_ _9\"> </span>1 <span class=\"_ _1e2\"/>27 At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _42\"> </span><span class=\"ls18b ws1bb\">2,654 <span class=\"_ _1c\"> </span><span class=\"ls18d ws1d3\">520<span class=\"_ _0\"/> <span class=\"_ _41\"> </span><span class=\"ls183 ws1bd\">44<span class=\"_ _0\"/>6 <span class=\"_ _59\"> </span><span class=\"ls189 ws1b8\">11 <span class=\"_ _a4\"> </span><span class=\"ls18c ws1c2\">131 <span class=\"_ _24\"> </span></span></span></span>93 <span class=\"_ _34\"> </span><span class=\"ls188 ws1b9\">157 <span class=\"_ _5e\"> </span><span class=\"ls189 ws1b8\">4,01<span class=\"_ _0\"/>2 </span></span></span></span>Net <span class=\"_ _283\"/>b<span class=\"_ _3\"/>ook <span class=\"_ _28f\"/>value <span class=\"_ _13\"> </span>  <span class=\"_ _2\"> </span> <span class=\"_ _f\"> </span>   <span class=\"_ _2f\"> </span> <span class=\"_ _1\"/> At 31 Decemb<span class=\"_ _0\"/>er 2022 <span class=\"_ _49\"> </span><span class=\"ls189 ws1b8\">1,383 <span class=\"_ _24\"> </span></span><span class=\"ls184\">29 <span class=\"_ _46\"> </span><span class=\"ls189 ws1b8\">16 <span class=\"_ _60\"> </span></span>\u2013 <span class=\"_ _23\"> </span><span class=\"ls183 ws1bd\">45 <span class=\"_ _80\"> </span><span class=\"ls18c ws1c2\">13 <span class=\"_ _9f\"> </span></span>123 <span class=\"_ _c6\"> </span><span class=\"ls18c ws1c2\">1,609 </span></span></span>At 31 December 2021 <span class=\"_ _6e\"> </span>1,239 <span class=\"_ _80\"> </span>67 <span class=\"_ _6b\"> </span>8 <span class=\"_ _60\"> </span>\u2013 4<span class=\"_ _335\"> </span>7 <span class=\"_ _185\"> </span>11 <span class=\"_ _27c\"> </span>106 1,478 Goodwill impairment tests The carry<span class=\"_ _0\"/>ing amount<span class=\"_ _0\"/> of goodwil<span class=\"_ _0\"/>l for each CG<span class=\"_ _0\"/>U is repres<span class=\"_ _0\"/>ented as fo<span class=\"_ _0\"/>llows: 2022  \u00a3m 2021  \u00a3m ITV Studios <span class=\"_ _290\"> </span><span class=\"ff1df ls186 ws1b6\">921 <span class=\"_ _42\"> </span></span><span class=\"ls18c ws1c2\">777 </span>Media &amp; Entertainment <span class=\"_ _205\"> </span><span class=\"ff1df ws1b9\">386 <span class=\"_ _34\"> </span></span><span class=\"ls19b ws1d6\">386 </span>SDN <span class=\"_ _291\"> </span><span class=\"ff1df ls185 ws1c1\">76 <span class=\"_ _54\"> </span></span><span class=\"ls18f ws1c4\">76 </span> <span class=\"_ _24d\"> </span><span class=\"ff1df ls189 ws1b8\">1,383<span class=\"_ _0\"/> <span class=\"_ _ac\"> </span></span><span class=\"ls18b ws1bb\">1,2<span class=\"_ _0\"/>39 </span>There has been no impairme<span class=\"_ _3\"/>nt charge for any CGU duri<span class=\"_ _3\"/>ng the year (2021: \u00a3nil)<span class=\"_ _3\"/>. When assessing impairment, the r<span class=\"_ _3\"/>ecoverable amount of each CGU is based on va<span class=\"_ _3\"/>lue in use calculations. These calculations require the use of estimates, <span class=\"_ _3\"/>specifically: pre-tax cash flow projecti<span class=\"_ _3\"/>ons; long-term growth rates; a<span class=\"_ _3\"/>nd a pre-<span class=\"_ _335\"> </span>tax market discount rate. Cash <span class=\"_ _0\"/>flo<span class=\"_ _0\"/>w <span class=\"_ _0\"/>pro<span class=\"_ _0\"/>ject<span class=\"_ _0\"/>ion<span class=\"_ _0\"/>s <span class=\"_ _0\"/>are <span class=\"_ _0\"/>bas<span class=\"_ _0\"/>e<span class=\"ls190 ws1b5\">d on the Gr<span class=\"_ _3\"/>oup\u2019s cu<span class=\"_ _3\"/>rrent lon<span class=\"_ _3\"/>g-term p<span class=\"_ _3\"/>lan. Bey<span class=\"_ _3\"/>ond the p<span class=\"_ _3\"/>lan, </span>these pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s are extrap<span class=\"_ _0\"/>olated us<span class=\"_ _0\"/>ing an es<span class=\"_ _0\"/>timated<span class=\"_ _0\"/> nominal lon<span class=\"_ _0\"/>g-term grow<span class=\"_ _0\"/>th rate of<span class=\"_ _0\"/> 1.5% (2021: 2%<span class=\"_ _0\"/>). The grow<span class=\"_ _0\"/>th rate use<span class=\"_ _0\"/>d is consis<span class=\"_ _0\"/>tent wi<span class=\"_ _0\"/>th the lo<span class=\"_ _0\"/>ng-term a<span class=\"_ _0\"/>verage<span class=\"_ _0\"/> growth<span class=\"_ _0\"/> rates for<span class=\"_ _0\"/> both the<span class=\"_ _0\"/> indust<span class=\"_ _0\"/>ry and the<span class=\"_ _0\"/> countr<span class=\"_ _0\"/>ies in whic<span class=\"_ _0\"/>h the CGUs are<span class=\"_ _3\"/> locat<span class=\"_ _3\"/>ed and is<span class=\"_ _3\"/> appropriat<span class=\"_ _3\"/>e beca<span class=\"_ _3\"/>use these are <span class=\"_ _3\"/>long-t<span class=\"_ _3\"/>erm busine<span class=\"_ _3\"/>sses. The discount rate <span class=\"_ _3\"/>has been updated for<span class=\"_ _3\"/> each CGU to reflect t<span class=\"_ _3\"/>he latest market a<span class=\"_ _3\"/>ssumptions for the ri<span class=\"_ _3\"/>sk-free rate, the equity ris<span class=\"_ _0\"/>k premium<span class=\"_ _0\"/> and the net<span class=\"_ _0\"/> cost of deb<span class=\"_ _0\"/>t. There is<span class=\"_ _0\"/> curren<span class=\"ls184 ws1b3\">tly no reasonably po<span class=\"_ _3\"/>ssible cha<span class=\"_ _3\"/>nge in discount rate<span class=\"_ _3\"/> that </span>would reduce the <span class=\"_ _3\"/>headroom in any CGU to zero<span class=\"_ _3\"/>. ITV Studios<span class=\"_ _0\"/> The goodw<span class=\"_ _0\"/>ill for I<span class=\"_ _0\"/>TV Stud<span class=\"_ _0\"/>ios has ar<span class=\"_ _0\"/>isen as a res<span class=\"_ _0\"/>ult of<span class=\"_ _0\"/> the acquis<span class=\"_ _0\"/>ition<span class=\"_ _0\"/> of produc<span class=\"_ _0\"/>tion bus<span class=\"_ _0\"/>inesses<span class=\"_ _0\"/> since 1<span class=\"_ _0\"/>999. Sign<span class=\"_ _0\"/>ifica<span class=\"_ _0\"/>nt balances were <span class=\"_ _3\"/>created from the <span class=\"_ _3\"/>acquisition by Granada o<span class=\"_ _3\"/>f United News and Media\u2019<span class=\"_ _3\"/>s production busine<span class=\"_ _3\"/>sses in 2000 and the mer<span class=\"_ _3\"/>ger of Granad<span class=\"_ _3\"/>a and Car<span class=\"_ _3\"/>lton in 2004 to f<span class=\"_ _3\"/>orm ITV plc. <span class=\"_ _3\"/>ITV Studios <span class=\"_ _3\"/>goodwill also<span class=\"_ _3\"/> includes the <span class=\"_ _3\"/>goodwill arising from acquisitions since 2012, with the largest acquisitions <span class=\"_ _0\"/>being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022.  The key assumptions on <span class=\"_ _3\"/>which the forecast ca<span class=\"_ _3\"/>sh flows for the whole <span class=\"_ _3\"/>CGU were based (as rep<span class=\"_ _3\"/>resented by the approved<span class=\"_ _3\"/> financial budget for 2023 a<span class=\"_ _3\"/>nd forecast to 2025) include re<span class=\"ls1a1 ws1d2\">venue (including international revenue and the I<span class=\"_ _0\"/>TV Studios </span>share of ITV output, growth in<span class=\"_ _3\"/> commissions and <span class=\"_ _3\"/>hours pr<span class=\"ls19e ws1b3\">oduced), margins and the pre-tax market discount rate. </span>These assumptions have been determined by using a combination<span class=\"_ _0\"/> of extrapolation of historical trends within the business, industr<span class=\"_ _3\"/>y estimates and in-hou<span class=\"_ _3\"/>se estimates of growth<span class=\"_ _3\"/> rates in all markets. <span class=\"_ _3\"/>No impairment wa<span class=\"_ _3\"/>s identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.5% (2021: 8.4%)<span class=\"_ _3\"/> has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No re<span class=\"_ _3\"/>asonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. Media &amp; Entertainment  The goodwi<span class=\"_ _3\"/>ll in this CGU <span class=\"_ _3\"/>arose as a re<span class=\"_ _3\"/>sult of t<span class=\"_ _3\"/>he acquisition of br<span class=\"_ _3\"/>oadcasting bu<span class=\"_ _3\"/>sinesses si<span class=\"_ _3\"/>nce 1999, the <span class=\"_ _3\"/>largest of which was the mer<span class=\"_ _0\"/>ger of Carlton<span class=\"_ _0\"/> and Granad<span class=\"_ _0\"/>a in 2004 to form ITV<span class=\"_ _0\"/> plc, which was tr<span class=\"_ _0\"/>eated as an ac<span class=\"_ _0\"/>quisitio<span class=\"_ _0\"/>n of Carlton for accou<span class=\"_ _0\"/>nting p<span class=\"_ _0\"/>urposes<span class=\"_ _0\"/>. Media &amp; En<span class=\"_ _0\"/>terta<span class=\"_ _0\"/>inment go<span class=\"_ _0\"/>odwill<span class=\"_ _0\"/> also inc<span class=\"_ _0\"/>ludes the<span class=\"_ _0\"/> goodwi<span class=\"_ _0\"/>ll arisin<span class=\"_ _0\"/>g on acqu<span class=\"_ _0\"/>isitio<span class=\"_ _0\"/>n of UTV<span class=\"_ _0\"/> Limited in Fe<span class=\"_ _3\"/>bruary 2016. The main ass<span class=\"_ _0\"/>umption<span class=\"_ _0\"/>s on which the f<span class=\"_ _0\"/>orecas<span class=\"_ _0\"/>t cash flow pro<span class=\"_ _0\"/>jection<span class=\"_ _0\"/>s for this CGU<span class=\"_ _0\"/> are based (as<span class=\"_ _0\"/> repres<span class=\"_ _0\"/>ented by the<span class=\"_ _0\"/> approved fina<span class=\"_ _3\"/>ncial budget for 2023 <span class=\"_ _3\"/>and forecast to 2025<span class=\"_ _3\"/>) include: the performa<span class=\"_ _3\"/>nce and share of t<span class=\"_ _3\"/>he television advertising <span class=\"_ _3\"/>market; shar<span class=\"_ _3\"/>e of commerci<span class=\"_ _3\"/>al impacts; progr<span class=\"_ _3\"/>amme and other <span class=\"_ _3\"/>costs; and the pre<span class=\"_ _3\"/>-tax market di<span class=\"_ _3\"/>scount rate. The key a<span class=\"_ _3\"/>ssumption in assessi<span class=\"_ _4\"/>n<span class=\"_ _0\"/>g the recove<span class=\"_ _3\"/>rable amount o<span class=\"_ _3\"/>f Media &amp; Entert<span class=\"_ _3\"/>ainment goodwi<span class=\"_ _3\"/>ll is the size<span class=\"_ _3\"/> of the televisio<span class=\"_ _3\"/>n and streami<span class=\"_ _3\"/>ng advertisi<span class=\"_ _3\"/>ng market. In <span class=\"_ _3\"/>forming its a<span class=\"_ _3\"/>ssumptions about<span class=\"_ _3\"/> the televisio<span class=\"_ _3\"/>n and streaming<span class=\"_ _3\"/> advertising <span class=\"_ _3\"/>market, the Gr<span class=\"_ _3\"/>oup has used a <span class=\"_ _3\"/>combination of<span class=\"ls18e ws1c6\"> l<span class=\"_ _3\"/>ong-term<span class=\"_ _3\"/> trends, i<span class=\"_ _3\"/>ndustry for<span class=\"_ _4\"/>ecasts and in-h<span class=\"_ _3\"/>ouse </span>estimates, whi<span class=\"_ _3\"/>ch place greater emphasi<span class=\"_ _3\"/>s on recent experience. No impair<span class=\"_ _3\"/>ment was identified. An impa<span class=\"_ _0\"/>irment c<span class=\"_ _0\"/>harge of \u00a32<span class=\"_ _0\"/>,309 mil<span class=\"_ _0\"/>lion w<span class=\"_ _0\"/>as recogn<span class=\"_ _0\"/>ised in<span class=\"_ _0\"/> the Med<span class=\"_ _0\"/>ia &amp; Entert<span class=\"_ _0\"/>ainm<span class=\"_ _0\"/>ent CGU in 20<span class=\"_ _0\"/>08, as a res<span class=\"_ _0\"/>ult of th<span class=\"_ _0\"/>e downturn in <span class=\"_ _3\"/>the short-term out<span class=\"_ _3\"/>look for the adv<span class=\"_ _3\"/>ertising market. T<span class=\"_ _3\"/>he current y<span class=\"_ _3\"/>ear impairment r<span class=\"_ _3\"/>eview, set o<span class=\"_ _3\"/>ut above, results<span class=\"_ _0\"/> in signi<span class=\"_ _0\"/>ficant he<span class=\"_ _0\"/>adroom<span class=\"_ _0\"/> in exces<span class=\"_ _0\"/>s of the 20<span class=\"_ _0\"/>08 im<span class=\"ls184 ws1c8\">paired amount. Even though the advertisi<span class=\"_ _3\"/>ng market has </span>improved si<span class=\"_ _3\"/>nce then and the impai<span class=\"_ _3\"/>red assets<span class=\"_ _3\"/> are still owne<span class=\"_ _3\"/>d and operated by t<span class=\"_ _3\"/>he Group,<span class=\"_ _3\"/> due to accounti<span class=\"_ _4\"/>ng rules the impairme<span class=\"_ _3\"/>nt cannot<span class=\"_ _4\"/> be reversed.  A pre-tax discount rate<span class=\"_ _3\"/> of 10.4% (2021:<span class=\"_ _3\"/> 8.4%) has been used i<span class=\"_ _3\"/>n discounting the pr<span class=\"_ _3\"/>ojected cash flows. No<span class=\"_ _3\"/> reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt. SDN Goodwil<span class=\"_ _3\"/>l was re<span class=\"_ _3\"/>cognised <span class=\"_ _3\"/>when the<span class=\"_ _3\"/> Group acq<span class=\"_ _3\"/>uired SDN<span class=\"_ _3\"/> (t<span class=\"ws1c7\">he li<span class=\"_ _3\"/>cence operat<span class=\"_ _3\"/>or for DTT Multip<span class=\"_ _3\"/>lex A) in 2005<span class=\"_ _3\"/>. </span>It represen<span class=\"_ _0\"/>ted the w<span class=\"_ _0\"/>ider stra<span class=\"_ _0\"/>tegic benef<span class=\"_ _0\"/>its of the a<span class=\"_ _0\"/>cquisit<span class=\"_ _0\"/>ion specifi<span class=\"_ _0\"/>c to the Grou<span class=\"_ _0\"/>p, princ<span class=\"_ _0\"/>ipally the<span class=\"_ _0\"/> enhanced ab<span class=\"_ _0\"/>ility to promote <span class=\"_ _3\"/>Freeview a<span class=\"_ _3\"/>s a platform, busi<span class=\"_ _3\"/>ness relationships <span class=\"_ _3\"/>wi<span class=\"ls183 ws1b5\">th the chann<span class=\"_ _0\"/>els which <span class=\"_ _0\"/>are on Mul<span class=\"_ _0\"/>tiplex A an<span class=\"_ _0\"/>d addit<span class=\"_ _0\"/>ional </span>capacity<span class=\"_ _0\"/> availa<span class=\"_ _0\"/>ble fro<span class=\"_ _0\"/>m 2010. S<span class=\"_ _0\"/>DN\u2019s m<span class=\"_ _0\"/>ultiplex<span class=\"_ _0\"/> licenc<span class=\"_ _0\"/><span class=\"ls18b ws1c5\">e was renewed during 2022<span class=\"_ _0\"/></span><span class=\"ws1b6\"> and expi<span class=\"_ _0\"/>res in 2034.  </span>The main assumpti<span class=\"_ _3\"/>ons on which the foreca<span class=\"_ _3\"/>st cash <span class=\"_ _3\"/>flows are based (as re<span class=\"_ _0\"/>presen<span class=\"_ _0\"/>ted<span class=\"_ _0\"/> by<span class=\"_ _0\"/> the <span class=\"_ _0\"/>appr<span class=\"_ _0\"/>ove<span class=\"_ _0\"/>d f<span class=\"_ _0\"/>inan<span class=\"_ _0\"/>cial<span class=\"_ _0\"/> bu<span class=\"_ _0\"/>dge<span class=\"_ _0\"/>t for 2023 an<span class=\"_ _0\"/>d forecast <span class=\"_ _0\"/>to 2025) are: in<span class=\"_ _3\"/>come<span class=\"_ _3\"/> to b<span class=\"_ _3\"/>e ea<span class=\"_ _3\"/>rne<span class=\"_ _3\"/>d fr<span class=\"ls1a0 ws2\">om rene<span class=\"_ _3\"/>wals of medium-term contracts;<span class=\"_ _3\"/> the market price of </span>available multiplex video streams; and the pre-tax market di<span class=\"ls185 ws1b6\">scount <span class=\"_ _4\"/>rate. These assumptions<span class=\"_ _0\"/> have be<span class=\"_ _0\"/>en determ<span class=\"_ _0\"/>ined by </span>using a combi<span class=\"_ _3\"/>nation of current <span class=\"_ _3\"/>contract terms, recent market tr<span class=\"_ _3\"/>ansactions and in-ho<span class=\"_ _3\"/>use estimates of vide<span class=\"_ _3\"/>o stream availability and<span class=\"_ _3\"/> pricing. No impai<span class=\"_ _3\"/>rment was identified.  A pre-tax discount rate<span class=\"_ _3\"/> of 9.4% (2021: 11.7%) <span class=\"_ _3\"/>has been used i<span class=\"_ _3\"/>n discounting the proje<span class=\"_ _3\"/>cted cash flows. No <span class=\"_ _3\"/>reasonably possible change i<span class=\"_ _3\"/>n assumptions or discount rate<span class=\"_ _3\"/> would lead to an impairme<span class=\"_ _3\"/>nt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "Accounting policies The Group measures the cost of the acquisition at the fair value of the consideration paid; allocates that cost to the acquired identifiable assets and liabilities based on their fair values; and allocates the rest of the cost to goodwill. The Group also recognises any excess of acquired assets and liabilities over the consideration paid in the Consolidated Income Statement immediately. IFRS accounting standards require that when consideration is based on future performance, some of this consideration is to be included in the purchase price used in determining goodwill (\u2018contingent consideration\u2019). Examples of contingent consideration include top-up payments and recoupable performance adjustments. Any remaining consideration is recognised as a liability or expense outside of acquisition accounting (put option liabilities and employment-linked contingent payments known as \u2018earnout\u2019 payments). Where a payment is employment-linked, it is treated as a cash-settled share based payment. The liability is measured at fair value taking into account the terms and conditions of the arrangement and the extent to which employees have rendered service to date. The liability is remeasured at each reporting date with changes in the carrying value recognised in the Consolidated Income Statement for the period. The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. The valuation choice is made on an acquisition by acquisition basis.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "Acquisitions in the current year The Group made two acquisitions in the current period. Consideration including net cash and debt acquired was \u00a3115 million for these businesses, which are now reported within the ITV Studios operating segment. The businesses fit with the strategy of strengthening the Group\u2019s existing position as a producer and global distributor of world-class content. Details of the acquisitions are included below: Escapade Bidco Limited (Plimsoll Productions)  On 1 July 2022, the Group completed an acquisition of a majority shareholding of Plimsoll Productions (through its holding company Escapade Bidco Limited), the largest independent producer of natural history programmes in the world and a growing premium factual producer. This acquisition is a further milestone in ITV's strategy of expanding its international content business. It further diversifies ITV Studios production base and will enable ITV to take advantage of the strong demand for content across the ever-popular natural history and factual genres. Plimsoll Productions has a strong network with all of the global streamers and this acquisition will strengthen and deepen ITV Studios relationships with the streamers. Key terms:  At acquisition, the Group made a total payment of \u00a3103 million for the purchase of Plimsoll Productions. The total payment was split between an acquisition of shares from the vendors of \u00a320 million and a subscription for new shares of \u00a383 million. The cash generated from the share subscription was used to repay \u00a365 million of loan notes held by the vendors and external debt of \u00a318 million. Under IFRS 3 \u2018Business Combinations\u2019, only the amount paid to the vendors for shares acquisition (\u00a320 million) is treated as consideration. However, as the debt has been repaid as part of the acquisition agreement, the entire cash outflow of \u00a3103 million is treated as cost of acquisition in the cash flow statement. Based on the assessment of non-controlling interest, the Group has control over 93.07% of the business acquired and a non-controlling interest of \u00a34 million has been recognised. Put and call options are in place over the remaining shareholding, with an exercise price based on a multiple of the average EBITA for the years 2023 to 2027. The maximum total potential consideration, including the initial payment and the additional subscription of shares, is \u00a3183 million (undiscounted). This includes put and call options over the non-controlling interests and earnouts. These additional earnout payments are dependent on future performance of the business and linked to ongoing employment, therefore are accounted for as expense. The Group considers these payments as capital in nature, and therefore expenses in relation to these payments are excluded from adjusted profits as exceptional items.  Acquisition accounting:  The Group is still completing its valuation of the intangible and tangible assets acquired with the business. Provisional amounts have been recognised in the Group results and Statement of Financial Position at 31 December 2022 with the surplus of consideration over the current fair value of the share of net assets acquired allocated to goodwill. The Group expects to complete the valuation of intangible assets and other acquired assets and liabilities in the first half of 2023.  The value of goodwill will be adjusted by a corresponding amount for the value of intangible assets identified and the difference between the market and book values of the assets and liabilities. Provisional intangible assets, being the value placed on formats, brands, customer contracts, non-compete arrangements and libraries, of \u00a313 million were identified and goodwill was valued at \u00a3103 million. Goodwill represents the value placed on the opportunity to diversify and grow the content. The Group recognised the non-controlling interests at fair value with a put liability of \u00a34 million being recognised at acquisition. Performance-based employment-linked earnouts will be accrued over the period the sellers are required to remain with the business and will be treated as exceptional costs. Effect of acquisition  The provisional amounts recognised in respect of the estimated fair value of identifiable assets and liabilities have been included below: 2022 Total \u00a3m  Consideration transferred:     Initial consideration     20 Total consideration    20 Provisional fair value of net assets acquired:     Cash    11 Intangible assets    13 Deferred tax liabilities    (2) Property, plant and equipment    4 Deferred tax assets    1 Production work in progress    20 Trade and other receivables    16 Contract assets    3 Trade and other payables    (17) Lease liabilities    (3) Contract liabilities    (27) Borrowings    (98) Fair value of net liabilities acquired    (79) Non-controlling interest measured at fair value    4 Goodwill    103 Purchase consideration \u2013 cash outflow     Cash consideration    20 Additional cash invested to repay loans on acquisition    83 Total cash paid on acquisition    103 Cash acquired    (11) Net cash outflow \u2013 investing activities    92 Other information     Present value of the expected liability on put options    4 Contributions to the Group\u2019s performance:     From date of acquisition     Revenue     32 EBITA before exceptional items    3 Operating profit    3 Proforma \u2013 January to December     Revenue    48 EBITA before exceptional items    3 Operating profit    3 Acquisition costs charged to operating exceptional items in the Consolidated Income Statement amounted to \u00a34 million for financial due diligence and legal costs. Lingo Pictures Pty Limited (Lingo Pictures)  On 31 October 2022, the Group completed an acquisition of a majority shareholding (51%) of Lingo Pictures Pty Limited, a multi-award winning Australian production company. Lingo Pictures is the Groups\u2019 first Australian scripted label. The Group paid \u00a36 million cash consideration for \u00a32 million net cash and net assets of \u00a3nil. Based on the assessment of non-controlling interest, the Group has control over 100% of the business acquired. Performance-based employment- linked earnouts will be accrued over the period the sellers are required to remain with the business and will be treated as exceptional costs. Provisional amounts have been recognised in these financial statements, resulting in goodwill recognition of \u00a34 million. The acquisition accounting is expected to be finalised in the first half of 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "Accounting policies For joint ventures and associates, the Group applies equity accounting. Under this method, it recognises the investment in the entity at cost and subsequently adjusts this for its share of profits or losses, which are recognised in the Consolidated Income Statement within non-operating items and included in adjusted profit.  Where the Group has invested in associates by acquiring preference shares or convertible debt instruments, the share of profit recognised is usually \u00a3nil as no equity interest exists.  Equity investments are held at fair value unless the investment is a start-up business, in which case it is valued initially at cost as a proxy for fair value. ",
   "dimensions": {
    "concept": "itvplc:DescriptionOfAccountingPolicyForInvestments",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "The carrying amount of each category of our investments is represented as follows: Joint ventures \u00a3m Associates \u00a3m Equity investments \u00a3m Total \u00a3m At 1 January 2021  2 4  52  1 77 Additions 4  8  3 15 Share of profits/(losses)  1 4  (2)  \u2013 12 Impairments/fair value adjustments  \u2013  (7)  \u2013  (7) Foreign exchange  1 \u2013 \u2013 1 At 31 December 2021  43  51 4 98 Additions  5  6  7 18 Share of profits  7  1  \u2013  8 Impairments/fair value adjustments  \u2013  ( 4 )  \u2013 ( 4 ) Foreign exchange 4  6  \u2013 10 At 31 December 2022  59  60  11  130 Significant investments in joint ventures include \u00a348 million (2021: \u00a334 million) invested in BritBox LLC in the US. The Group\u2019s associates include \u00a338 million (2021: \u00a331 million) relating to a 45% investment in Blumhouse TV Holdings LLC, a film and television production company in the US. The equity investments relate primarily to Group\u2019s Media for Equity programme. BritBox LLC is the only investment which is considered material to the Group. The following table provides summarised unaudited financial information for BritBox LLC aligned to the ITV Group\u2019s 31 December year end, prepared by BritBox LLC management. BritBox LLC has a financial year ending on 31 March. Summarised balance sheet: BritBox LLC 2022 \u00a3m  2021 \u00a3m  Current assets     Cash and cash equivalents  55  37 Other current assets  146  58 Total current assets  201  95 Non-current assets  6 4 Total assets  207  99 Current liabilities     Other current liabilities  (109)  (28) Total current liabilities  (109)  (28) Non-current liabilities     Other non-current liabilities  (5)  (5) Total non-current liabilities (5)  (5) Total liabilities  (114)  (33) Net assets  93  66 Reconciliation to carrying amounts: 2022 \u00a3m  2021 \u00a3m  Opening net assets 1 January  66  31 Profit for the period  18  3 4 Foreign exchange impact  9  1 Closing net assets  93  66 Group\u2019s share in %  50%  50% Group\u2019s share in \u00a3m  47  33 Goodwill  1  1 Carrying amount  48  3 4 Summarised statement of comprehensive income: BritBox LLC 2022 \u00a3m  2021 \u00a3m  Revenue  126  86 Depreciation and amortisation  (2)  (1) Income tax expense*  (1)  (1) Profit from continuing operations  18  3 4 Profit for the period  18  3 4 *  Income tax expense relates to state taxes only. The joint venture partners separately account for and pay their share of income taxes on their share of profits. Please refer to page 255 for the list of principal investments held at 31 December 2022. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "Accounting policies A provision is recognised in the Consolidated Statement of Financial Position when the Group has a present legal or constructive obligation arising from past events, it is probable cash will be paid to settle it and the amount can be estimated reliably. Provisions are determined by discounting the expected future cash flows by a rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a financing cost in the Consolidated Income Statement. The value of the provision is determined based on assumptions and estimates in relation to the amount and timing of actual cash flows, which are dependent on future events.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "Provisions The movements in provisions during the year are as follows: Contract provisions \u00a3m Property provisions \u00a3m Legal and  other provisions \u00a3m Total \u00a3m At 1 January 2022  32  6  107  145 Additions 17 4  20 41 Utilised  (10)  (1)  (2) (13) Released  (5)  \u2013  \u2013 (5) Foreign exchange  \u2013  \u2013  1  1 At 31 December 2022  34  9  126  169 Analysed between:      Current  16  \u2013  123 139 Non-current   18  9  3  30 Provisions of \u00a3139 million are classified as current liabilities (2021: \u00a3120 million). Unwind of the discount is \u00a3nil in 2022 and 2021. Contract provisions \u00a334 million (2021: \u00a332 million) Contract provisions represent liabilities in respect of onerous contracts in relation to individual sports rights of \u00a317 million (2021: \u00a35 million) and transmission capacity supply contracts of \u00a317 million (2021: \u00a327 million).  Sports rights The Group recognises provisions for onerous contracts for individual sports rights when estimated revenues for individual sports rights are less than the value of the rights held. The provision is sensitive to the changes in the sporting schedule and consequential impact on TAR. In calculating the onerous contract provision for sports rights, management has made estimates and used assumptions in determining the nature, amount and timing of potential outflows, including the commercial impacts of the target audience that will be generated by those rights, scheduling of the events and revenue forecasts.  The provision held at 31 December 2022 is \u00a317 million (2021: \u00a35 million). The provision was increased by \u00a317 million in the year (2021: \u00a31 million). \u00a3nil (2021: \u00a314 million) has been utilised during the year and \u00a35 million (2021: \u00a3nil) was released due to certain sporting events being cancelled and a refund issued to the Group. The remaining provision is expected to be utilised between 2023 and 2025.  Transponders In 2020 and 2021, the Group reviewed the efficiency of its transponder capacity usage with a view to reducing capacity requirements. This has allowed the Group to reorganise channels over fewer transponders with the result that all channels have been cleared from two transponders. They are no longer utilised and are therefore not generating revenues. Management has applied judgement in its assessment that the individual element of the contract is separable from  the remaining elements of the contract, which are not considered onerous. The contracted future commitment to  October 2024 was therefore recognised as a provision in 2020 and 2021 as there are no future economic benefits expected.  The provision for onerous contracts at 31 December 2022 is \u00a317 million (2021: \u00a327 million). \u00a310 million of the provision was utilised during the year (2021: \u00a37 million).  Property provisions \u00a39 million (2021: \u00a36 million) These provisions primarily relate to expected dilapidation costs at the Group\u2019s rental properties. Legal and other provisions \u00a3126 million (2021: \u00a3107 million) Represents provisions for potential liabilities and their related legal costs. These include \u00a352 million (31 December 2021: \u00a352 million) for the potential liability that may arise as a result of the Box Clever Financial Support Directions (FSDs) issued by the Pensions Regulator (tPR), employee-related tax and other provisions of \u00a359 million (2021: \u00a339 million) and other legal and related costs, including provisions related to The Voice of Holland.  Box Clever Pension Scheme  The Box Clever Pension Scheme (the Scheme) was managed from its establishment by an independent Trustee and the Group has not had any commercial connection with the Box Clever business since it went into administrative receivership in 2003. After proceedings in the Upper Tribunal and Court of Appeal were dismissed, certain companies within ITV were issued with FSDs by tPR on 17 March 2020. An FSD does not set out what form any financial support should take, nor its amount, and those issues have not yet been resolved as part of the legal process.  The legislation provides that any contribution that ITV may make must be considered reasonable. If an agreement is reached with tPR there may not be an immediate cash flow impact. If an agreement cannot be reached, then settlement may be protracted and subject to further legal proceedings which could take several years to resolve.  At 31 December 2003, the Scheme was estimated to have had a deficit on a buyout basis of \u00a325 million. An estimate of the deficit in the Box Clever Group Pension Scheme was calculated at \u00a3110 million as at 30 April 2020. This estimate was calculated on a buyout basis, using membership data and benefits currently being provided in that Scheme, and based on membership data as of February 2020. This estimate has been updated based on 31 December 2022 market conditions and has reduced to \u00a380 million primarily due to the increase in gilt yields and recent changes in inflation.  All of these valuations were of the whole Scheme, encompassing liabilities in respect of former employees of Granada's joint venture partner, Thorn, as well as former employees of the Group. As reported in the interim statement, the Group received a warning notice from tPR that it was considering exercising its power to issue a contribution notice for the amount of \u00a3133 million which is based on a buyout estimate as at 31 March 2021 provided by the Scheme\u2019s actuarial adviser, plus a prudent margin. The Group responded to the warning notice on 31 October 2022. There remains a significant number of undecided issues as to the quantum and form of financial support and the Directors continue to believe there are many important factors which need to be taken into account in any decision, and therefore there remains uncertainty around the financial support to be provided. The provision remains at \u00a352 million, and represents the offer made to settle the matter and is based on an IAS 19 valuation to transfer certain liabilities into the existing ITV pension scheme, which we consider to be the most likely form of settlement. We remain willing to engage with tPR to resolve the matter.  Employee-related  The determination of the employment tax status of some individuals contracted by the Group is complex. In March 2021, HMRC issued an initial assessment on several individuals engaged by the Group during the tax year 2016/17 as employed for tax purposes. In June 2021, HMRC updated guidance on factors determining the employment tax status of TV and Radio presenters. Landmark court cases were heard by the Court of Appeal in early 2022. Whilst the Group was not involved in these cases, judgements handed down impact how employment tax status is being determined for TV and Radio presenters generally. These judgements will therefore have a bearing on how much tax might be payable by the Group.  During 2022, we have further reviewed the provision, which has resulted in an increase in the provision of \u00a320 million, of which \u00a310 million relates to periods up to 31 December 2021 and is therefore considered exceptional. The increase largely relates to where the Group believes the case for self-employment has weakened in light of recent case law and HMRC\u2019s hardening stance.  Due to ongoing reviews by HMRC and court cases on this matter, the final amount payable could be significantly different to the \u00a356 million currently provided (2021: \u00a336 million). It is difficult to provide a range for the expected final amount payable as case law is continually evolving on this matter, particularly in relation to Front of Camera presenters. Very few cases have reached the higher courts and fact patterns can be very different in individual cases, so determination of employment status for tax purposes remains very subjective. A further \u00a33 million (2021: \u00a33 million) is provided in relation to other employment related matters. The Voice of Holland In early 2022 allegations of inappropriate behaviour on the set of The Voice of Holland were made public, resulting in a mid-season suspension of series 12. A provision has been made to cover the committed costs relating to the series in production and other costs. An external investigation of the allegations is currently ongoing. While unquantifiable at present, there may be further financial impact on the Group. Other Other provisions relate to historical environmental provisions in relation to our production sites, closure costs and provision for legal fees for other ongoing litigation. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "Accounting policies Defined contribution scheme Obligations under the Group\u2019s defined contribution schemes are recognised as an operating cost in the Consolidated Income Statement as incurred. For 2022, total contributions expensed were \u00a329 million (2021: \u00a326 million). Defined benefit scheme The Group\u2019s obligation in respect of the Defined Benefit Scheme is calculated by estimating the amount of future retirement benefit that eligible employees (\u2018beneficiaries\u2019) have earned during their services. That benefit payable in the future is discounted to today\u2019s value and then the fair value of scheme assets is deducted to measure the defined benefit pension position. Unless otherwise stated, references to Defined Benefit Schemes (\u2018the Schemes\u2019) within this note refer to the ITV Pension Scheme, the Unfunded Scheme and the UTV Pension Scheme combined. Details on each scheme are provided below. The liabilities of the Schemes are measured by discounting the best estimate of future cash flows to be paid using the \u2018projected unit\u2019 method. These calculations are complex and are performed by a qualified actuary. There are many judgements and estimates necessary to calculate the Group\u2019s estimated liabilities, the main assumptions are set out later in this note. Movements in assumptions during the year are called \u2018actuarial gains and losses\u2019 and these are recognised in the period in which they arise through the Consolidated Statement of Comprehensive Income.  The accounting defined benefit pension surplus or deficit (IAS 19) is different from the actuarial valuation surplus or deficit as they are calculated on the basis of different assumptions, such as discount rate. The accounting defined benefit pension surplus or deficit (IAS 19) figure is calculated as at the balance sheet date, and the actuarial valuation surplus or deficit (or funding surplus or deficit) is calculated per the last triennial valuation. The latest triennial valuation of Section A of the ITV Pension Scheme was undertaken as at 31 December 2019 by an independent actuary appointed by the Trustee of the Scheme and agreed in early 2022. The funding deficit of Section A of the ITV Pension Scheme as at 31 December 2019 amounted to \u00a3252 million, down from \u00a3489 million at 1 January 2017. The Group has revised the existing deficit reduction contributions to eliminate the deficit.  The IAS 19 surplus or deficit does not drive the deficit funding contribution. Following the latest triennial valuation of Section A of the ITV Pensions Scheme, ITV paid deficit reduction contributions of \u00a340 million in 2022, and expects the deficit reduction contributions to be \u00a343 million in 2023, \u00a348 million in 2024 and \u00a328 million in 2025. The next triennial valuation will be as at 31 December 2022. This will determine subsequent contribution rates. An unfunded scheme in relation to former beneficiaries who accrued benefits in excess of the maximum allowed for tax purposes is accounted for under IAS 19 and the Group is responsible for meeting the pension obligations as they fall due. For the four former Granada executives within the unfunded scheme, there is additional security in the form of a charge over \u00a347 million (2021: \u00a362 million) of securitised gilts held by the Group, which are classified as other pension assets to reflect the Group\u2019s net pension surplus or deficit. Due to the size of the UTV Pension Scheme, the Directors present the results and position of the UTV Pension Scheme within this note combined with the existing ITV Schemes. In November 2021, the triennial valuation of the UTV Pension Scheme at 30 June 2020 was completed. The Scheme had assets of \u00a3140 million as at the valuation date and \u00a3136 million of liabilities resulting in an agreed Technical Provisions funding surplus of \u00a34 million and hence there are no deficit contributions payable. The next triennial valuation will be as at 30 June 2023. The principal employer of the ITV Pension Scheme and the Unfunded Scheme is ITV Services Limited, the Granada supplementary scheme is Granada Group Limited and the UTV Pension Scheme is UTV Limited. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "The defined benefit pension surplus/(deficit) (under IAS 19) Net pension surplus of \u00a3192 million at 31 December 2022 (2021: net pension deficit of \u00a38 million) is stated after including the unfunded scheme security asset of \u00a347 million (2021: \u00a362 million). The totals recognised in 2022 and 2021 are: 2022 \u00a3m 2021 \u00a3m Total defined benefit scheme obligations  (2,292)  (3,943) Total defined benefit scheme assets  2,437  3,873 Defined benefit pension surplus/(deficit) (IAS 19)  145  (70) Presented as:     Defined benefit pension surplus*  172  26 Defined benefit pension deficit  (27)  (96) Defined benefit pension surplus/(deficit) (IAS 19)  145  (70) Other pension asset  47  62 Net pension surplus/(deficit)  192  (8) *  Included within the defined benefit pension surplus is the UTV Scheme. The defined benefit scheme assets in the UTV Scheme were valued at \u00a394 million as at 31 December 2022 (2021: \u00a3142 million) and the defined benefit scheme obligations were \u00a385 million (2021: \u00a3116 million). The following notes provide further detail on the value of the Schemes\u2019 assets and liabilities, how these are accounted for and their impact on the financial statements.  Defined benefit scheme obligations Keeping it simple What causes movements in the defined benefit pension obligations? The areas that impact the defined benefit obligation (the pension scheme liabilities) position at the year end are as follows: \u2022  Past service cost \u2013 is a change in present value of the benefits built up by the beneficiaries in the prior periods; can be positive or negative resulting from changes to the existing plan as a result of an agreement between ITV and employees or legislative change (including legal rulings) or as a result of significant reduction by ITV in the number of employees covered by the plan (curtailment) \u2022  Interest cost \u2013 the pension obligations payable in the future are discounted to the present value at year end. A discount factor is used to determine the current value today of the future cost. The interest cost is the unwinding of one year\u2019s movement in the present value of the obligation. It is broadly determined by multiplying the discount rate at the beginning of the period by the updated present value of the obligation during the period. The discount rate is a key assumption explained later in this note. This interest cost is recognised through net financing costs in the Consolidated Income Statement (see note 4.4) \u2022  Actuarial gains or losses \u2013 there are broadly two causes of actuarial movements: \u2018experience\u2019 adjustments, which arise when comparing assumptions made when estimating the liabilities and what has actually occurred, and adjustments resulting from changes in actuarial assumptions e.g. movements in corporate bond yields or change in mortality. Key assumptions are explained in detail later in this note. Actuarial gains or losses are recognised through other comprehensive income \u2022  Benefits paid \u2013 any cash benefits paid out by the Scheme will reduce the obligation The movement in the present value of the Group\u2019s defined benefit obligation is analysed below: 2022 \u00a3m 2021 \u00a3m Defined benefit obligation at 1 January  3,943  4,120 Interest cost  63  5 4 Actuarial gain  (1,119)  (44) Settlement payments from plan assets \u2013 buyout of Section C  (439)  \u2013 Benefits paid  (156)  (187) Defined benefit obligation at 31 December  2,292  3,943 Of the above total defined benefit obligation at 31 December 2022, \u00a340 million relates to the unfunded schemes (2021: \u00a360 million).  In November 2018, the Pension Trustee entered into a bulk annuity insurance contract in respect of the benefits of two Sections of the ITV Pension Scheme. This type of deal is also known as a \u2018Buy-in\u2019. A buy-in is where the Trustee purchases an insurance policy, which is effectively a Scheme asset, which pays the members benefits. The ultimate obligation to pay the members benefits remains with the scheme.  In April 2022, the Trustee completed a buyout of Section C, which in practical terms split the bulk annuity policy into individual annuity policies for each scheme member. At that time, the relevant scheme assets were transferred to the insurance company, which became responsible for paying the pensions and therefore it removed those liabilities from the pension scheme, represented by \u2018settlement payments from plan assets \u2013 buyout of Section C\u2019 in the table above. The value of the assets and liabilities settled was equal and therefore the settlement cost was \u00a3nil. The buyout represents a full and definitive settlement of the liabilities insured, which as at 31 December 2021 represented around 13% of ITV's total defined benefit obligation on the IAS 19 accounting basis.  Assumptions used to estimate the Scheme obligations Keeping it simple What are the main assumptions used to estimate the Scheme obligations? The main assumptions are: \u2022  An estimate of increases in pension payments and the effect of inflation \u2022  The life expectancy of beneficiaries \u2022  The discount rate used to estimate the present day fair value of these obligations How do we determine the appropriate assumptions?  The Group takes independent actuarial advice relating to the appropriateness of the assumptions used. IFRS requires that we estimate a discount rate by reference to high quality fixed income investments in the UK that match the estimated term of the pension obligations.  The inflation assumption has been set by looking at the difference between the yields on fixed and index-linked government bonds. The inflation assumption is used as a basis for the remaining financial assumptions, except where caps have been implemented. The discount rate has therefore been obtained using the yields available on AA rated corporate bonds, which match projected cash flows. The Group\u2019s estimate of the weighted average term of the liabilities is 12 years (2021: 15 years). The principal assumptions used in the Schemes\u2019 valuations at the year end were:   2022  2021 Discount rate  5.05%  1.80% Inflation assumption (RPI)   3.15%  3.40% Rate of increase in pension payment (LPI* 5% pension increases) Deferred/ Pensioner 2.80%/3.00% Deferred/ Pensioner 2.90%/3.35% Rate of increase to deferred pensions (CPI)  2.50%  2.90% *  Limited Price Index. From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Prices Index (\u2018CPI\u2019). For Defined Benefit schemes, it means that members with RPI-linked pension increases will see future retirement benefits increase more slowly from 2030 than they otherwise would. The Group\u2019s approach to setting RPI and CPI inflation assumptions is as follows:  \u2022  The Group continued to set RPI inflation in line with the market break-even expectations for inflation less an inflation risk premium of 0.3%  \u2022  The assumptions linked to RPI and CPI as at 31 December 2022 have been determined by weighting the cash flows to which the link applies  The table below reflects published mortality investigation data in conjunction with the results of investigations into the mortality experience of Scheme beneficiaries. The assumed life expectations on retirement for Section A are:   2022  2022 2021 2021 Retiring today at age  60  65 60 65 Males  26.2  21.6 26.3 21.7 Females  28.9  24.1 29.0 24.1 Retiring in 20 years at age  60  65 60 65 Males  27.5  22.7 27.6 22.8 Females  30.4  25.5  30. 4 25.5 The net pension surplus/(deficit) is sensitive to changes in assumptions. These are disclosed further in this note. Total defined benefit scheme assets Keeping it simple The Scheme holds assets across a number of different classes, which are managed by the Trustee, who consults with the Group on changes to its investment policy. What are the Pension Scheme assets? At 31 December 2022, the Schemes\u2019 assets were invested in a diversified portfolio that consisted primarily of debt securities, infrastructure, property and insurance policies matching the pensions due to certain beneficiaries. The tables below set out the major categories of assets. Financial instruments are in place in order to provide protection against changes in market factors (interest rates and inflation), which could act to increase the net pension surplus/deficit. One such instrument is the longevity swap, which the Scheme transacted in 2011 to obtain protection against the effect of increases in the life expectancy of the majority of pensioner beneficiaries at that date. Under the swap, the Trustee agreed to make  pre-determined payments in return for payments to meet the specified pension obligations as they fall due, irrespective of how long the beneficiaries and their dependants live. The difference in the present values of these two streams of payments is reflected in the Scheme assets. The swap had a nil valuation at inception and, using market-based assumptions, is subsequently adjusted for changes in the market life expectancy and market discount rates, in line with its fair value. How do we measure the pension Scheme assets? Defined benefit scheme assets are measured at their fair value and can change due to the following: \u2022  Interest income on scheme assets \u2013 this is determined by multiplying the fair value of the Scheme assets by the discount rate, both taken as of the beginning of the year. This is recognised through net financing costs in the Consolidated Income Statement \u2022  Return on assets arise from differences between the actual return and interest income on Scheme assets and are recognised in the Consolidated Statement of Other Comprehensive Income \u2022  Employer\u2019s contributions are paid into the Scheme to be managed and invested, and \u2022  Benefits and administrative expenses paid out by the Schemes will lower the fair value of the Schemes\u2019 assets The movement in the fair value of the defined benefit schemes\u2019 assets is analysed below: 2022  \u00a3m 2021  \u00a3m Fair value of Scheme assets at 1 January  3,873  4,032 Interest income on Scheme assets  63  5 4 Loss on assets, excluding interest income  (1,039)  (102) Employer contributions  145  82 Settlement payments from plan assets \u2013 buyout of Section C  (439)  \u2013 Benefits paid  (156)  (187) Administrative expenses paid  (6)  (6) Pension insurance risk premium \u2013 buyout of Section C  (4)  \u2013  Fair value of Scheme assets at 31 December  2,437  3,873 The pension insurance risk premium is a one-off cost that was payable on the completion of the buyout of Section C of the ITV Pension Scheme. See above for further details on the buyout.   How are the Schemes\u2019 assets invested?  At 31 December 2022, the Schemes\u2019 assets were invested in a diversified portfolio that consisted primarily of debt securities, infrastructure, property and insurance policies matching pensions due to certain beneficiaries. The Trustee is responsible for deciding the investment strategy for the Schemes\u2019 assets, although changes in investment policies require consultation with the Group. The assets are invested in different classes to hedge against unfavourable movements in the funding obligation. When selecting the mix of assets to hold, and considering their related risks and returns, the Trustee will weigh up the variability of returns against the target long-term rate of return on the overall portfolio. The fair value of the Schemes\u2019 assets is shown in the following table by major category: Market value 2022 \u00a3m Quoted  2022  \u00a3m Market value  2022  % Market value 2021 \u00a3m Quoted  2021  \u00a3m Market value  2021  % Liability hedging assets       Fixed interest gilts  365  365    51 4 51 4 Index-linked interest gilts  788  786    1,139 1,127   Interest rate and inflation hedging derivatives (swaps and repos)  (375)  (401)    60 25     778  750  32%  1,713 1,666  44% Other bonds  1,447  58  59%  1,767  75 46% Return seeking investments       Infrastructure  174     168   Property  171     148   Hedge funds/alternatives  \u2013     1     345    14%  317   8% Other investments       Cash and cash equivalents  121      13 4 Insurance policies  17     530   Longevity swap fair value  (271)     (588)      (133)    (5)%  76   2% Total Scheme assets  2,437  808  100%  3,873  1,741 100% Included in the above are overseas assets of \u00a3315 million (2021: \u00a3257 million). None of these assets are quoted. Following the completion of the buyout (see details above), the assets were removed from the pension scheme. The assets in respect of the buy-in are included in the insurance policies listed above as at 31 December 2021. The Trustee entered into a longevity swap in 2011, which hedges the risk of increasing life expectancy over the next 70 years for 11,700 current pensioners at inception covering \u00a31.7 billion of the pension obligation. The fair value of the longevity swap is negative due to declining mortality assumptions and equals the discounted value of the projected net cash flows resulting from the contract. The fair value loss has reduced in 2022 due to a rise in gilt yields used to value the swap. Defined pension deficit sensitivities Keeping it simple Which assumptions have the biggest impact on the Scheme? It is important to note that comparatively small changes in the assumptions used may have a significant effect on the Consolidated Income Statement, Consolidated Statement of Comprehensive Income and Consolidated Statement of Financial Position. This \u2018sensitivity\u2019 to change is analysed below to demonstrate how small changes in assumptions can have a large impact on the estimation of the defined benefit pension obligation. The Trustee manages the investment, mortality and inflation risks to ensure the pension obligations are met as they fall due.  The investment strategy is aimed at the Trustee\u2019s actuarial valuation liabilities rather than IAS 19 defined pension liabilities. As such, the effectiveness of the risk hedging strategies on a valuation basis will not be the same as on an accounting basis. Those hedging strategies have significant impact on the movement in the net pension deficit as assumptions change, offsetting the impacts on the obligation disclosed below. In practice, changes in one assumption may be accompanied by offsetting changes in another assumption (although this is not always the case). Changes in the assumptions may occur at the same time as changes in the market value of Scheme assets, which may or may not offset the changes in assumptions. Changes in assumptions have a different level of impact as the value of the net pension surplus or deficit fluctuates, because the relationship between them is not linear. The analysis below considers the impact of a single change in principal assumptions on the defined benefit obligation while keeping the other assumptions unchanged and does not take into account any risk hedging strategies: Assumption  Change in assumption  Impact on defined benefit obligation Discount rate Increase by 0.1%  Decrease by \u00a325 million Decrease by 0.1%  Increase by \u00a325 million Increase by 0.5%  Decrease by \u00a3115 million Decrease by 0.5%  Increase by \u00a3125 million Rate of inflation (Retail Price Index) Increase by 0.1%  Increase by \u00a310 million  Decrease by 0.1%  Decrease by \u00a310 million Rate of inflation (Consumer Price Index) Increase by 0.1%  Increase by \u00a35 million Decrease by 0.1%  Decrease by \u00a35 million Life expectancies  Increase by one year  Increase by \u00a375 million The sensitivity analysis has been determined by extrapolating the impact on the defined benefit obligation at the year end with changes in key assumptions that might reasonably occur.  While the Schemes\u2019 risk hedging strategy is aimed at a valuation basis, the Directors estimate that on an accounting basis any change in asset values would significantly offset the above impact on the defined benefit obligation.  In particular, while an increase in assumption of life expectancies by one year would increase the defined benefit obligation by \u00a375 million, the assets would benefit from an estimated increase of the value of the longevity swap by \u00a360 million, resulting in a net increase in the defined pension deficit of \u00a315 million. Further, the ITV Pension Scheme invests in UK government bonds and interest rate and inflation swap contracts and therefore movements in the defined benefit obligation are typically offset, to an extent, by asset movements.  Keeping it simple What was the impact of movements on the Schemes\u2019 assets and liabilities? The notes above describe how the Scheme obligations and assets are comprised and measured. The following note sets out the impact of various movements and expenses on the Scheme on the Group\u2019s financial statements. Amounts recognised through the Consolidated Income Statement Amounts recognised through the Consolidated Income Statement are as follows: 2022  \u00a3m 2021  \u00a3m Amount charged to operating costs:     Scheme administration expenses  (6)  (6)   (6)  (6) Amount charged to exceptional costs:     Pension insurance risk premium \u2013 buyout of Section C  (4)  \u2013 Total charged in the Consolidated Income Statement  (10)  (6) Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are: 2022  \u00a3m 2021 \u00a3m Remeasurement (losses)/gains     Loss on scheme assets excluding interest income  (1,039)  (102) Actuarial gains/(losses) on liabilities arising from change in:     \u2013 experience adjustments  (119)  (8) \u2013 financial assumptions  1,228  88 \u2013 demographic assumptions  10  (36)   1,119  4 4 Total recognised in the Consolidated Statement of Comprehensive Income  80  (58) The \u00a31,119 million actuarial gain on the Schemes\u2019 liabilities was principally due to the increase in bond yields and to a lesser extent by the decrease in market implied inflation and slightly shorter assumed life expectancies. The actuarial gain on the Schemes\u2019 liabilities has been partially offset by the impact of high actual inflation over 2022, which would lead to benefits being increased by more than assumed and has been recognised as an experience adjustment.  The \u00a31,039 million loss on the Schemes\u2019 assets follows an increase in the gilts yields and to a lesser extent the decrease in the value of the inflation-linked assets. The actuarial loss on the Schemes\u2019 assets has been partially offset by an increase in the fair value loss of the longevity swap. Addressing the defined benefit pension deficit Keeping it simple The Group works closely with the Trustee to agree appropriate levels of funding for the Scheme. This involves agreeing a Schedule of Contributions at each triennial valuation, which specifies the contribution rates for the employer and, where relevant, scheme beneficiaries and the date these contributions are due. A recovery plan setting out the steps that will be taken to address a funding shortfall is also agreed. In the event that the Group\u2019s defined benefit scheme is in a net liability position, the Directors must take steps to manage the size of the deficit. Apart from the funding agreements mentioned above, this could involve pledging additional assets to the Scheme, as was the case in the SDN and London Television Centre pension funding partnerships. The levels of ongoing contributions to the Scheme are based on the expected future cash flows of the Scheme. Contributions in 2022 for administration expenses are \u00a36 million (2021: \u00a36 million).  The Group has two asset-backed pension funding agreements with the Trustee \u2013 the SDN pension funding partnership and the London Television Centre pension funding partnership which were set up in 2010 and 2014 respectively to address the pension deficit. SDN Pension Funding Partnership In 2010, ITV established a Pension Funding Partnership (PFP) with the Trustees backed by SDN, which was subsequently extended in 2011. The PFP addressed \u00a3200 million of the funding deficit in Section A of the defined benefit pension scheme and under the original agreement; annual payments of \u00a311 million for 12 years from 2011 were made with the final annual payment in 2022. In addition, a bullet payment of up to \u00a3200 million was due in 2022. During 2022, the existing PFP agreement was amended and extended to 2031. As a result of this agreement, an upfront payment of \u00a380 million was paid to the pension scheme in the period and an additional deficit contribution of \u00a33 million was paid for the period between the end of the original agreement and the date the extension agreement was signed. The Group is committed to up to nine annual payments of \u00a316 million from 2023 and the PFP\u2019s interest in SDN provides collateral for these payments. On completion of the final payment in 2031, the Scheme\u2019s partnership interest will have been repaid in full and it will have no right to any further payments. The letter of credit which was previously used to provide additional collateral to support the original value of the structure (31 December 2021: \u00a3152 million) has been released. London Television Centre Pension Funding Partnership In 2014, ITV established a Pension Funding Partnership with the Trustees backed by the London Television Centre which resulted in the assets of Section A of the defined benefit pension scheme being increased by \u00a350 million. In November 2019 the London Television Centre was sold. \u00a350 million of the proceeds was previously held in a restricted bank account as a replacement asset in the pension funding arrangement. In 2022 this security was replaced with a surety bond and the cash was released to the Group. This structure continues to be reviewed. The Scheme\u2019s interest in these Partnerships reduces the deficit on a funding basis but does not impact the deficit on an IAS 19 basis as the Scheme\u2019s interest is not a transferrable financial instrument. The total deficit funding contribution for 2022 was \u00a3137 million (31 December 2021: \u00a374 million). This includes \u00a315 million deferred from 2020 and \u00a325 million of deficit contributions agreed as part of the triennial valuation, \u00a380 million one-off payment following the extension of the SDN PFP, a \u00a33 million payment on the SDN PFP for the bridging period between the end date of the original agreement and the date of the extension, and \u00a311 million and \u00a33 million annual payments due under the SDN and London Television Centre PFPs respectively.  Deficit contributions for 2023 to 2025 consist of contributions agreed with the Trustees following the triennial valuation (\u00a343 million, \u00a348 million and \u00a328 million respectively) and the annual payments under the SDN PFP and London Television Centre PFP (\u00a316 million and \u00a33 million respectively). Therefore total deficit contributions for 2023 to 2025 will be \u00a362 million, \u00a367 million and \u00a347 million. IFRIC 14 clarifies how the asset ceiling rules should be applied if the Schemes are expected to be in surplus, for example as a result of deficit funding agreements. The Group has determined that it has an unconditional right to a refund of any surplus assets if the Schemes are run off until the last member dies. On this basis, IFRIC 14 rules do not cause any change in the pension deficit accounting or disclosures. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "1 January 2022 \u00a3m Acquisitions ** \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2022 \u00a3m Loans and facilities due within one year  (290)  (19)  257 (237) (289) Loans and facilities due after one year  (732)  \u2013  \u2013 191 (541) Total loans and facilities  (1,022)  (19) 257 (46) (830) Currency component of swaps held against euro denominated bonds  (36)  \u2013  \u2013 27 (9) Lease liabilities  (92)  \u2013  26 (66) (132) Total debt  (1,150)  (19) 283  (85) (971) Restricted cash*  50  \u2013 (50)  \u2013  \u2013 Cash  246  \u2013  5 6 257 Cash equivalents  440  \u2013 (355)  6  91 Total cash and cash equivalents*  686  \u2013 (350)  12 348 Net debt  (414)  (19) (117) (73) (623) *  On 1 January 2022 \u00a350 million of cash was presented as restricted in favour of the commitments under the asset-backed pension agreements. This balance is \u00a3nil at 31 December 2022 given the restriction has now been removed and the cash has been replaced with a surety bond. **  Loans on acquisition include \u00a398 million for Plimsoll Productions and \u00a34 million for Lingo Pictures. The Plimsoll Productions loan has been reduced by \u00a383 million which was repaid as part of the acquisition using cash raised from the Group\u2019s subscription for new shares. This \u00a383 million has been treated as a cash outflow on acquisition rather than a repayment of debt. 1 January 2021 \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2021 \u00a3m Loans and facilities due within one year    (7)  (21) (262) (290) Loans and facilities due after one year   (1,078)  18  328  (732) Total loans and facilities   (1,085)  (3)  66  (1,022) Currency component of swaps held against euro denominated bonds   (23)  \u2013  (13) (36) Lease liabilities   (105)  29  (16)  (92) Total debt   (1,213)  26  37  (1,150) Restricted cash   50 \u2013 \u2013 50 Cash    296   (50)  \u2013  2 4 6 Cash equivalents   322  121  (3) 440 Total cash and cash equivalents*   618  71  (3) 686 Net debt      (545)  97  3 4   (41 4 ) Loans and facilities due within one year In January 2022, the Group entered into a new syndicated \u00a3500 million Revolving Credit Facility (RCF) to meet short-term funding requirements of which \u00a350 million was drawn at 31 December 2022. The original terms of the RCF ran until January 2027, however ITV took the opportunity to give notice to extend for one year, pushing current expiry out to January 2028. There is a further extension opportunity in 2024 which means that facility could potentially provide funding out to 2029. The financial covenants in the new RCF are the same as those that applied to the previous RCF, which was terminated. In addition, there are ESG targets linked to the delivery of ITV\u2019s science-based carbon emissions targets.   The \u20ac335 million Eurobond was repaid in September 2022. The \u20ac259 million Eurobond at a fixed coupon of 2.0%, matures in December 2023 (the principal and final interest payment having been fully hedged with FX forward rate agreements). Loans and loan notes due after one year  The Group has the following Eurobond in issue: \u2022  \u20ac600 million at a fixed coupon of 1.375%, which matures in September 2026 and has been swapped back to sterling (\u00a3533 million) using a number of cross-currency interest rate swaps. The resulting fixed rate payable in sterling is c.2.9%. Available facilities The Group has good access to liquidity: \u2022  The Group has a \u00a3300 million bilateral loan facility which matures on 30 June 2026. Utilisation requests are subject to the lender\u2019s ability to source ITV Credit Default Swaps (CDS) in the market at the time the utilisation request is made. The facility remains free of financial covenants. At 31 December 2021 \u00a3152 million of the facility was utilised as a letter of credit to support the Group\u2019s asset-backed pension scheme arrangement in respect of the defined benefit pension scheme. This pension scheme arrangement has been renewed in the period and the letter of credit has been released. The facility is currently undrawn. See section 3.7 for details.  \u2022  As noted above, the Group has \u00a3500 million of committed funding through a RCF with a group of relationship banks which is currently available until January 2028. At 31 December 2022, \u00a350 million of the facility was utilised (31 December 2021: \u00a3nil). The RCF documentation defines a leverage covenant (which has to be maintained at less than 3.5x) and an interest cover covenant (which has to be maintained at greater than 3.0x). Both are tested at 30 June and 31 December each year. All financial covenants were met and the facility remains available at 31 December 2022. The Revolving Credit Facility (RCF) contains Scope 1, 2 and 3 greenhouse gas emissions targets which align to ITV's stated objective to have Net Zero carbon emissions by 2030. These targets are measured at the end of each financial year and independently verified in July following the relevant December year end. Scope 1 and 2 emissions are measured separately to Scope 3 emissions. The margin on the facility reduces by 2.5bps if Scope 1, 2 and 3 targets are met, by 1.25bps if either Scope 1 and 2 targets are met or Scope 3 targets are met, and increases by 2.5bps if neither target is met. Failing to meet targets does not impact the availability of the RCF. The Group met Scope 1, 2 and 3 targets for 2021, 2022 emissions will not be verified until July 2023. Over the life of the facility, it may be necessary to recalibrate the baseline emissions level set in 2019, particularly in relation to Scope 3 emissions and there is a mechanism in the RCF documentation that allows for this. ",
   "dimensions": {
    "concept": "itvplc:DisclosureOfNetDebt",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "Accounting policies Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs, with subsequent measurement at amortised cost using the effective interest rate method. Under the amortised cost method, the difference between the amount initially recognised and the redemption value is recorded in the Consolidated Income Statement over the period of the borrowing on an effective interest rate basis. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "<div class=\"t m5 h72 ff269 fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:444.60742px;\">Managing credit and liquidity risk </div><div class=\"t m6 h6d ff269 fs29 fcd sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:431.11102px;\">Credit r<span class=\"_ _3\"/>isk </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:418.07916px;\">The Group\u2019s<span class=\"_ _0\"/> maximum ex<span class=\"_ _0\"/>posure to cred<span class=\"_ _0\"/>it risk is rep<span class=\"_ _0\"/>resented b<span class=\"_ _0\"/>y the carryin<span class=\"_ _0\"/>g amount of der<span class=\"_ _0\"/>ivative fin<span class=\"_ _0\"/>ancial asset<span class=\"_ _0\"/>s </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:405.0473px;\">(see no<span class=\"_ _0\"/>te 4.3),<span class=\"_ _0\"/> trade r<span class=\"_ _0\"/>eceiva<span class=\"_ _0\"/>bles (s<span class=\"_ _0\"/>ee note <span class=\"_ _0\"/>3.1.3), c<span class=\"_ _0\"/>ontrac<span class=\"_ _0\"/>t assets<span class=\"_ _0\"/> (see<span class=\"_ _0\"/> note <span class=\"_ _0\"/>3.1.6) an<span class=\"_ _0\"/>d cash <span class=\"_ _0\"/>and cash<span class=\"_ _0\"/> equival<span class=\"_ _0\"/>ents </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:392.01544px;\">(see no<span class=\"_ _0\"/>te 4.1). <span class=\"_ _0\"/> </div><div class=\"t m6 h6d ff269 fs29 fcd sc0 ls184 ws1d5\" style=\"left:0.0011901855px; bottom:368.69092px;\">Trade and other rece<span class=\"_ _3\"/>ivables </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:355.65906px;\">The Group\u2019s<span class=\"_ _0\"/> exposure to c<span class=\"_ _0\"/>redit risk is<span class=\"_ _0\"/> influenced<span class=\"_ _0\"/> mainly by th<span class=\"_ _0\"/>e individual<span class=\"_ _0\"/> characteris<span class=\"_ _0\"/>tics of each cu<span class=\"_ _0\"/>stomer. The<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:342.6272px;\">majority of tr<span class=\"_ _3\"/>ade receivab<span class=\"_ _3\"/>les relate to air<span class=\"_ _3\"/>time sales contra<span class=\"_ _3\"/>cts with advert<span class=\"_ _3\"/>ising agencies a<span class=\"_ _3\"/>nd advertisers. <span class=\"_ _3\"/>Credit </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:329.67828px;\">insurance <span class=\"_ _3\"/>has been taken out <span class=\"_ _3\"/>against these compa<span class=\"_ _3\"/>nies to minimi<span class=\"_ _4\"/>se the impact on the Group<span class=\"_ _3\"/> in the event <span class=\"_ _3\"/>of a </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:316.64642px;\">possible de<span class=\"_ _0\"/>fault. T<span class=\"_ _0\"/>he Grou<span class=\"_ _0\"/>p also rev<span class=\"_ _0\"/>iews other s<span class=\"_ _0\"/>ignific<span class=\"_ _0\"/>ant rece<span class=\"_ _0\"/>ivables an<span class=\"_ _0\"/>d will se<span class=\"_ _0\"/>ek to tak<span class=\"_ _0\"/>e out c<span class=\"_ _0\"/>redit insu<span class=\"_ _0\"/>rance on a<span class=\"_ _0\"/>n </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:303.61456px;\">individua<span class=\"_ _3\"/>l basis wher<span class=\"_ _3\"/>e appropriate.<span class=\"_ _3\"/> Credit risk o<span class=\"_ _3\"/>ver cont<span class=\"_ _3\"/>ra<span class=\"ls185 ws1b6\">ct assets is mo<span class=\"_ _0\"/>nitored<span class=\"_ _0\"/> proactiv<span class=\"_ _0\"/>ely usin<span class=\"_ _0\"/>g daily repo<span class=\"_ _0\"/>rts from<span class=\"_ _0\"/> </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:290.6657px;\">an external c<span class=\"_ _0\"/>redit risk co<span class=\"_ _0\"/>mpany. Thes<span class=\"_ _0\"/>e reports are use<span class=\"_ _0\"/>d to determ<span class=\"_ _0\"/>ine contrac<span class=\"_ _0\"/>tual obliga<span class=\"_ _0\"/>tions, moni<span class=\"_ _0\"/>tor risk and </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:277.63385px;\">amend t<span class=\"_ _0\"/>erms wher<span class=\"_ _0\"/>e requ<span class=\"_ _0\"/>ired. </div><div class=\"t m6 h6d ff269 fs29 fcd sc0 ls186 ws1b3\" style=\"left:0.0011901855px; bottom:254.22629px;\">Cash and ca<span class=\"_ _3\"/>sh equivale<span class=\"_ _3\"/>nts and deriv<span class=\"_ _3\"/>ative fi<span class=\"_ _3\"/>nancial instr<span class=\"_ _3\"/>uments </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:241.19443px;\">The Group o<span class=\"_ _0\"/>perates inve<span class=\"_ _0\"/>stment guid<span class=\"_ _0\"/>elines with<span class=\"_ _0\"/> respect to su<span class=\"_ _0\"/>rplus cash<span class=\"_ _0\"/> that empha<span class=\"_ _0\"/>sise preser<span class=\"_ _0\"/>vation of<span class=\"_ _0\"/> capital. The </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1b3\" style=\"left:0.0011901855px; bottom:228.24557px;\">guidelines set<span class=\"_ _3\"/> out procedure<span class=\"_ _3\"/>s and limits on co<span class=\"_ _3\"/>unterparty risk <span class=\"_ _3\"/>and maturity pro<span class=\"_ _3\"/>file of cash <span class=\"_ _3\"/>placed. Counterparty <span class=\"_ _3\"/>limits </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:215.21368px;\">for cash deposits are large<span class=\"_ _3\"/>ly based upon long-term rati<span class=\"_ _3\"/>ngs published by the major credit rati<span class=\"_ _3\"/>ng agencies. Cash and </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls18c ws1be\" style=\"left:0.0011901855px; bottom:202.18182px;\">cash equivalents include money market fun<span class=\"_ _0\"/>ds va<span class=\"ls186 ws1c9\">lued at fair value through pro<span class=\"_ _3\"/>fit and loss. </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:178.77426px;\">Cash and cash equiv<span class=\"_ _3\"/>alents and<span class=\"_ _3\"/> derivative financial inst<span class=\"_ _3\"/>rume<span class=\"ls183 ws1b2\">nts exposure is lim<span class=\"_ _0\"/>ited to high<span class=\"_ _0\"/> credit qual<span class=\"_ _0\"/>ity financial<span class=\"_ _0\"/> </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:165.82541px;\">institutions rated<span class=\"_ _3\"/> by two of the key rating agencies used<span class=\"_ _3\"/> by <span class=\"ls186 ws1c9\">the Group. Counterp<span class=\"_ _3\"/>arty credit limi<span class=\"_ _4\"/>ts <span class=\"_ _0\"/>are set in re<span class=\"_ _3\"/>lation to </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:152.79355px;\">these rat<span class=\"_ _0\"/>ings, in ord<span class=\"_ _0\"/>er to limit th<span class=\"_ _0\"/>e concentrati<span class=\"_ _0\"/>on of exposu<span class=\"_ _0\"/>re to individ<span class=\"_ _0\"/>ual counterp<span class=\"_ _0\"/>arties base<span class=\"_ _0\"/>d on their cred<span class=\"_ _0\"/>it quality. </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:139.76169px;\">As such, investments are su<span class=\"_ _3\"/>fficiently spread a<span class=\"_ _3\"/>cross high credit quality<span class=\"_ _3\"/> rated counterparties. </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:116.354126px;\">Counterp<span class=\"_ _0\"/>arty credit l<span class=\"_ _0\"/>imits are revi<span class=\"_ _0\"/>ewed by the Gr<span class=\"_ _0\"/>oup\u2019s Boar<span class=\"_ _0\"/>d of Directors on<span class=\"_ _0\"/> an annual basi<span class=\"_ _0\"/>s and may be<span class=\"_ _0\"/> updated </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:103.40527px;\">throughou<span class=\"_ _0\"/>t the year sub<span class=\"_ _0\"/>ject to approval<span class=\"_ _0\"/> of the Gro<span class=\"_ _0\"/>up\u2019s Audi<span class=\"_ _0\"/>t &amp; Risk Commit<span class=\"_ _0\"/>tee. Investmen<span class=\"_ _0\"/>t exposure<span class=\"_ _0\"/> with external<span class=\"_ _0\"/> </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:90.37338px;\">counterparties is made only wit<span class=\"_ _3\"/>h Board approved coun<span class=\"_ _3\"/><span class=\"ws1b3\">terparties and wit<span class=\"_ _3\"/>hin credit <span class=\"_ _3\"/>limits assigned t<span class=\"_ _3\"/>o each </span></div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:77.34152px;\">counter<span class=\"_ _0\"/>party. Th<span class=\"_ _0\"/>e credit qu<span class=\"_ _0\"/>ality of fi<span class=\"_ _0\"/>nancial coun<span class=\"_ _0\"/>terpart<span class=\"_ _0\"/>ies and th<span class=\"_ _0\"/>e outstan<span class=\"_ _0\"/>ding exp<span class=\"_ _0\"/>osure is mon<span class=\"_ _0\"/>itore<span class=\"_ _0\"/>d throu<span class=\"_ _0\"/>ghout </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:64.30966px;\">the year by<span class=\"_ _3\"/> the Group<span class=\"_ _3\"/>\u2019s Treasury<span class=\"_ _3\"/> function i<span class=\"_ _3\"/>n accordance <span class=\"_ _3\"/>with the Gr<span class=\"_ _3\"/>oup\u2019s poli<span class=\"_ _3\"/>cy. </div><div class=\"t m6 h6d ff269 fs29 fcd sc0 ls18c ws1c2\" style=\"left:0.0011901855px; bottom:40.985107px;\">Borrowings </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:27.953247px;\">ITV is rated as<span class=\"_ _0\"/> investme<span class=\"_ _0\"/>nt grade by Mo<span class=\"_ _0\"/>ody\u2019s and S&amp;P.<span class=\"_ _0\"/> ITV\u2019s credit ra<span class=\"_ _0\"/>tings, which in<span class=\"_ _0\"/> turn are a<span class=\"_ _0\"/>ffected by k<span class=\"_ _0\"/>ey metrics, </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:14.921371px;\">such as leverage, the co<span class=\"_ _3\"/>st of credit defa<span class=\"_ _3\"/>ult swap hedgi<span class=\"_ _3\"/>ng, and the absolute<span class=\"_ _3\"/> level of interest rate<span class=\"_ _3\"/>s are key </div><div class=\"t m6 h6b ff26b fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:1.8895111px;\">determin<span class=\"_ _0\"/>ants in<span class=\"_ _0\"/> the cost<span class=\"_ _0\"/> of new borr<span class=\"_ _0\"/>owings for<span class=\"_ _0\"/> ITV.  </div><div class=\"t m0 h6d ff275 fs29 fcd sc0 ls186 ws1b3\" style=\"left:0.0007171631px; bottom:574.8056px;\">Liquidity<span class=\"_ _3\"/> risk </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:561.85675px;\">The Group\u2019s fi<span class=\"_ _3\"/>nancing policy is to f<span class=\"_ _3\"/>und itself for the <span class=\"_ _3\"/>medium to long-term by u<span class=\"_ _3\"/>sing debt instruments wit<span class=\"_ _3\"/>h a range of </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:548.8249px;\">maturities and to e<span class=\"_ _3\"/>nsure access to appropriate<span class=\"_ _3\"/> short-term<span class=\"ls186 ws2\"> bo<span class=\"_ _3\"/>rrowing faci<span class=\"_ _4\"/>lities with a minimu<span class=\"_ _3\"/>m of \u00a3250<span class=\"_ _3\"/> million o<span class=\"_ _3\"/>f </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:535.793px;\">undrawn <span class=\"_ _3\"/>facilities <span class=\"_ _3\"/>available <span class=\"_ _3\"/>at all time<span class=\"_ _3\"/>s.  </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:512.3855px;\">Long-term funding comes from the UK and <span class=\"_ _3\"/>European ca<span class=\"ls19e ws1b3\">pital markets, while any short to medium-term debt </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls1a0 ws2\" style=\"left:0.0007171631px; bottom:499.43665px;\">requirements were provided during 2022 through bank cred<span class=\"_ _4\"/><span class=\"ls19e ws1b3\">it facilities totalling \u00a380<span class=\"_ _0\"/>0 million (see below). Management </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls19e ws1b3\" style=\"left:0.0007171631px; bottom:486.40472px;\">monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls19f ws1b5\" style=\"left:0.0007171631px; bottom:473.37286px;\">equivalents) on t<span class=\"_ _3\"/>he basis of expected<span class=\"_ _3\"/> cash flows. This monit<span class=\"_ _3\"/>oring includes fina<span class=\"_ _3\"/>ncial rati<span class=\"_ _3\"/>os to assess any pos<span class=\"_ _3\"/>sible future </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls19f ws1c0\" style=\"left:0.0007171631px; bottom:460.341px;\">impact on credit<span class=\"_ _3\"/> ratings and headro<span class=\"_ _3\"/>om and takes into account<span class=\"_ _3\"/> the accessibilit<span class=\"_ _3\"/>y of cash and cash equi<span class=\"_ _3\"/>valents. </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls1a1 ws1d2\" style=\"left:0.0007171631px; bottom:436.93347px;\">The Group had a \u00a3500 million Revolving Credit Facility with<span class=\"_ _0\"/> a group of relationship banks in 2022 (\u00a3630<span class=\"_ _0\"/> million in 2021).  </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0007171631px; bottom:413.6089px;\">The new <span class=\"_ _3\"/>\u00a3500 milli<span class=\"_ _4\"/>on Revolving Credit Fa<span class=\"_ _3\"/>cility is av<span class=\"_ _3\"/>ailable <span class=\"_ _3\"/>until Janu<span class=\"_ _3\"/>ary 2028 (wit<span class=\"_ _3\"/>h the opportunity to<span class=\"_ _3\"/> extend fo<span class=\"_ _3\"/>r one </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:400.57703px;\">further ye<span class=\"_ _0\"/>ar from th<span class=\"_ _0\"/>e expiry da<span class=\"_ _0\"/>te, poten<span class=\"_ _0\"/>tially provi<span class=\"_ _0\"/>ding fun<span class=\"_ _0\"/>ding out to<span class=\"_ _0\"/> 2029). This<span class=\"_ _0\"/> facility repl<span class=\"_ _0\"/>aces the pr<span class=\"_ _0\"/>evious </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0007171631px; bottom:387.54517px;\">\u00a3630 mil<span class=\"_ _0\"/>lion f<span class=\"_ _0\"/>acili<span class=\"_ _0\"/>ty, whic<span class=\"_ _0\"/>h was <span class=\"_ _0\"/>due to<span class=\"_ _0\"/> matur<span class=\"_ _0\"/>e in 2<span class=\"_ _0\"/>023. Th<span class=\"_ _0\"/><span class=\"ls18c ws1be\">e financial covenants </span><span class=\"ws1d4\">in<span class=\"_ _0\"/> the new Re<span class=\"_ _0\"/>volvin<span class=\"_ _0\"/>g Credit F<span class=\"_ _0\"/>acility<span class=\"_ _0\"/> </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:374.5963px;\">remain unch<span class=\"_ _0\"/>anged to th<span class=\"_ _0\"/>ose in th<span class=\"_ _0\"/>e previous<span class=\"_ _0\"/> facilit<span class=\"_ _0\"/>y. There are E<span class=\"_ _0\"/>SG targets lin<span class=\"_ _0\"/>ked to th<span class=\"_ _0\"/>e delivery<span class=\"_ _0\"/> of ITV\u2019s scienc<span class=\"_ _0\"/>e-<span class=\"_ _335\"> </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0007171631px; bottom:361.56445px;\">based carbon emissio<span class=\"_ _3\"/>ns targets. In addition, t<span class=\"_ _3\"/>he Group has \u00a3300 million <span class=\"_ _3\"/>of financial cove<span class=\"_ _3\"/>nant free financing<span class=\"_ _3\"/>, which </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:348.5326px;\">is availab<span class=\"_ _3\"/>le until June 2026. </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:325.125px;\">The intention is to re-fi<span class=\"_ _3\"/>nance the \u20ac259 million Eurobond matu<span class=\"_ _3\"/>ring in December 2023, rat<span class=\"_ _3\"/>her than repay from our cash </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:312.17615px;\">resources. We are cu<span class=\"_ _3\"/>rrently exploring<span class=\"_ _3\"/> medium to long term<span class=\"ls18c ws1bc\"> refinancing options and have full availability <span class=\"_ _3\"/>under the </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0007171631px; bottom:299.1443px;\">\u00a3500 milli<span class=\"_ _0\"/>on RCF and \u00a3300 m<span class=\"_ _0\"/>illion CDS fac<span class=\"_ _0\"/>ili<span class=\"ls184 ws1b3\">ties should we need<span class=\"_ _3\"/> to utili<span class=\"_ _3\"/>se these. </span></div><div class=\"t m0 h6d ff275 fs29 fcd sc0 ls190 ws1c9\" style=\"left:0.0007171631px; bottom:275.73676px;\">Fair val<span class=\"_ _3\"/>ue versus boo<span class=\"_ _3\"/>k value </div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:262.7049px;\">The tables<span class=\"_ _0\"/> below prov<span class=\"_ _0\"/>ide fair v<span class=\"_ _0\"/>alue informa<span class=\"_ _0\"/>tion fo<span class=\"_ _0\"/>r the Group<span class=\"_ _0\"/>\u2019s borrowin<span class=\"_ _0\"/>gs: </div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls3 ws2\" style=\"left:0.0007171631px; bottom:240.20734px;\"> <span class=\"_ _2d2\"> </span><span class=\"ls1ab ws1cf\"> <span class=\"_ _2d3\"> </span>Book value <span class=\"_ _2d\"> </span> <span class=\"_ _157\"> </span>Fair value </span></div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls19d ws2b9\" style=\"left:0.0007171631px; bottom:217.73956px;\"> Maturity </div><div class=\"t m0 h78 ff275 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:317.8974px; bottom:226.94513px;\">2022 </div><div class=\"t m0 h78 ff275 fs2c fc7 sc0 ls3 ws2\" style=\"left:325.98416px; bottom:217.73956px;\">\u00a3m </div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:385.98395px; bottom:226.94513px;\">2021 </div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls1ab ws2ba\" style=\"left:392.02197px; bottom:217.73956px;\">\u00a3m  </div><div class=\"t m0 h78 ff275 fs2c fc7 sc0 ls1a4 ws1e3\" style=\"left:458.60394px; bottom:226.94513px;\">2022 </div><div class=\"t m0 h78 ff275 fs2c fc7 sc0 ls3 ws2\" style=\"left:465.021px; bottom:217.73956px;\">\u00a3m </div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls19d ws1cf\" style=\"left:525.94885px; bottom:226.94513px;\">2021 </div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls1ab ws1e4\" style=\"left:531.6426px; bottom:217.73956px;\">\u00a3m </div><div class=\"t m0 h6d ff275 fs29 fc7 sc0 ls183 ws1b6\" style=\"left:0.0007171631px; bottom:202.37097px;\">Loans due with<span class=\"_ _0\"/>in one year<span class=\"_ _0\"/> <span class=\"_ _be\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span></div><div class=\"t m0 h6b ff276 fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0007171631px; bottom:188.56262px;\">\u20ac335 (previou<span class=\"_ _3\"/>sly \u20ac600) million<span class=\"_ _3\"/> Eurobond<span class=\"ls3 ws2\"> </span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls189 ws1bf\" style=\"left:223.16443px; bottom:188.56262px;\">Sept 2022 <span class=\"_ _12c\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ws2bc\">281  <span class=\"_ _1f\"> </span><span class=\"ff275 ls184 ws1d4\">\u2013 <span class=\"_ _13\"> </span></span><span class=\"ws1b8\">28<span class=\"_ _335\"> </span></span></span></div><div class=\"c w58 h80\" style=\"left:525.94885px; bottom:185.67535px;\"><div class=\"t m0 x1b2 h6b y3089 ff276 fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:174.67627px;\">\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _13\"> </span></span><span class=\"ff275 ws1d4\">229 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">227 <span class=\"_ _168\"> </span></span><span class=\"ws1c4\">\u2013 </span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls18d ws1b3\" style=\"left:0.0007171631px; bottom:160.86798px;\">Revolv<span class=\"_ _0\"/>ing cre<span class=\"_ _0\"/>dit fac<span class=\"_ _0\"/>ility<span class=\"_ _0\"/>* <span class=\"_ _55\"> </span><span class=\"ls189 ws1bf\">Jan<span class=\"_ _0\"/> 2023 <span class=\"_ _a0\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ls18f ws2bd\">\u2013  <span class=\"_ _13\"> </span><span class=\"ff275 ls18c ws1c2\">50 <span class=\"_ _12c\"> </span></span><span class=\"ws1c4\">\u2013 </span></span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls188 ws1d5\" style=\"left:0.0007171631px; bottom:146.98163px;\">Other short-term loans <span class=\"_ _2d4\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span></span><span class=\"ws2be\">9  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _ed\"> </span></span><span class=\"ws1b9\">9 </span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0007171631px; bottom:132.47113px;\"> <span class=\"_ _2b2\"> </span> <span class=\"_ _16\"> </span><span class=\"ff275 ls184 ws1d4\">289 <span class=\"_ _6b\"> </span></span><span class=\"ls183 ws2bf\">290  <span class=\"_ _20\"> </span><span class=\"ff275 ls18d ws1d3\">287<span class=\"_ _0\"/> <span class=\"_ _4d\"> </span></span><span class=\"ls18f ws1c4\">293 </span></span></div><div class=\"t m0 h6d ff275 fs29 fc7 sc0 ls185 ws1b3\" style=\"left:0.0007171631px; bottom:104.77658px;\">Loans du<span class=\"_ _0\"/>e in more<span class=\"_ _0\"/> than o<span class=\"_ _0\"/>ne year<span class=\"_ _0\"/> <span class=\"_ _55\"> </span><span class=\"ff276 ls3 ws2\"> <span class=\"_ _142\"> </span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span><span class=\"ws2bb\">  <span class=\"_ _168\"> </span></span><span class=\"ff275\"> <span class=\"_ _142\"> </span></span> </span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0007171631px; bottom:90.96826px;\">\u20ac259 (previously \u20ac5<span class=\"_ _3\"/>00) million Eurobond <span class=\"_ _3e\"> </span><span class=\"ls18b ws1c0\">Dec 2023 <span class=\"_ _12c\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _60\"> </span></span><span class=\"ls18b ws2c0\">218  <span class=\"_ _1f\"> </span></span><span class=\"ff275 ws1d4\">\u2013 <span class=\"_ _4d\"> </span></span><span class=\"ls189 ws1b8\">225 </span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls18b ws1c0\" style=\"left:0.0007171631px; bottom:77.08191px;\">\u20ac600 million<span class=\"_ _0\"/> Eurobond <span class=\"_ _8\"> </span><span class=\"ls189 ws1bf\">Sept 20<span class=\"_ _0\"/>26 <span class=\"_ _4d\"> </span><span class=\"ff275 ls18c ws1c2\">531 <span class=\"_ _16\"> </span></span><span class=\"ls183 ws1bd\">50<span class=\"_ _335\"> </span></span></span></div><div class=\"c w74 h7d\" style=\"left:384.46295px; bottom:74.27313px;\"><div class=\"t m0 x266 h6b y2fe2 ff276 fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls3 ws2bb\" style=\"left:402.93207px; bottom:77.08191px;\">  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">480 <span class=\"_ _60\"> </span><span class=\"ff276\">518 </span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0007171631px; bottom:63.27356px;\">Other long<span class=\"_ _3\"/>-term loan<span class=\"_ _3\"/>s <span class=\"_ _70\"> </span><span class=\"ls18c ws1c2\">Various <span class=\"_ _78\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ls183 ws2bf\">10<span class=\"_ _0\"/>  <span class=\"_ _4d\"> </span><span class=\"ff275 ls189 ws1b8\">10 <span class=\"_ _14d\"> </span></span><span class=\"ws1bd\">10 </span></span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0007171631px; bottom:48.763092px;\"> <span class=\"_ _2b2\"> </span> <span class=\"_ _6b\"> </span><span class=\"ff275 ls189 ws1b8\">541<span class=\"_ _0\"/> <span class=\"_ _60\"> </span></span><span class=\"ls19b ws2c1\">732<span class=\"_ _0\"/>  <span class=\"_ _12\"> </span><span class=\"ff275 ls183 ws1bd\">490 <span class=\"_ _60\"> </span></span><span class=\"ls188 ws1b9\">753 </span></span></div><div class=\"t m0 h6d ff276 fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0007171631px; bottom:19.74228px;\"> <span class=\"_ _2b2\"> </span> <span class=\"_ _6e\"> </span><span class=\"ff275 ls18b ws1bb\">830 <span class=\"_ _12\"> </span></span><span class=\"ls189 ws2bc\">1,022  <span class=\"_ _59\"> </span><span class=\"ff275 ls186 ws1b6\">777 <span class=\"_ _80\"> </span></span><span class=\"ws1b8\">1,046 </span></span></div><div class=\"t m0 h76 ff276 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:1.5653076px;\">* <span class=\"_ _2d\"> </span>The<span class=\"_ _0\"/> Revolvin<span class=\"_ _0\"/>g Credi<span class=\"_ _0\"/>t Facility <span class=\"_ _0\"/>matures i<span class=\"_ _0\"/>n January 2<span class=\"_ _0\"/>028. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "Accounting policies Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recorded in the Consolidated Income Statement, except where derivatives qualify for cash flow hedge accounting. In this case, the effective portion of a cash flow hedge is recognised in other comprehensive income and presented in the hedging reserve within equity. The cumulative gain or loss is later reclassified to the Consolidated Income Statement in the same period as the relevant hedged transaction is realised. Derivatives with positive fair values are recorded as assets and negative fair values as liabilities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "Determining fair value The fair value of forward foreign exchange contracts is determined by the change in price between the contracted rates and the market rates at the reporting date. The contracted cash flows are then discounted by the time remaining to the settlement date of the contract, with a discount curve that incorporates credit risk. The fair value of interest rate swaps is the estimated amount that the Group would receive or pay to exit the swap at the reporting date, taking into account current interest rates and the Group\u2019s current creditworthiness, as well as that of the swap counterparties. Third-party valuations are used to fair value the Group\u2019s cross currency interest rate derivatives. The valuation techniques use inputs, such as interest rate yield curves and currency prices/yields, volatilities of underlying instruments and correlations between inputs. How do we manage our currency and interest rate risk? Currency risk As the Group expands its international operations, the performance of the business becomes increasingly sensitive to movements in foreign exchange rates, primarily with respect to the US dollar and the euro.  The Group\u2019s foreign exchange policy is to use forward foreign exchange contracts to hedge material non-functional currency denominated costs or revenue for up to five years forward.  The Group ensures that its net exposure to foreign currency denominated cash balances is kept to a minimal level, where necessary using foreign currency swaps to exchange balances back into sterling or by buying or selling foreign currencies at spot rates. The Group also utilises foreign exchange swaps and cross-currency interest rate swaps both to manage foreign currency cash flow timing differences and to hedge foreign currency denominated monetary items.  During the year, the Board approved the hedging of the \u20ac335 million 2022 and \u20ac259 million 2023 Eurobond cash outflows. Given the perfect match, these hedging instruments were set up in separate hedge accounting relationships with the hedged bonds to manage foreign exchange volatility until repayment. This required the cessation of the net investment hedge where these Eurobond borrowings, along with other monetary assets and liabilities, were in a hedge accounting arrangement with the Group\u2019s euro-denominated net assets. This change in policy provided an opportunity to consider the remaining euro denominated monetary items in isolation on a net basis and therefore manage the remaining foreign exchange volatility in a more efficient way. The following table highlights the Group\u2019s exposure to foreign currency risk resulting from a 10% strengthening/weakening in sterling against the US dollar, euro and Australian dollar, assuming all other variables are held constant: Impact on profit before tax 2022 \u00a3m Impact on profit before tax 2021 \u00a3m Impact on Equity 2022 \u00a3m Impact on Equity 2021 \u00a3m US dollar \u2013 increase 10%  (9)  (3)  6 4 US dollar \u2013 decrease 10%  9  3  (8)  (4) Euro \u2013 increase 10%*  ( 4 )  (1)  (3)  15 Euro \u2013 decrease 10%*  5  2  4  (19) Australian dollar \u2013 increase 10%  (1)  \u2013  (4)  \u2013 Australian dollar \u2013 decrease 10%  1  \u2013  4  \u2013 *  Equity impact is offset by the euro net assets in the translation reserve using the net investment hedge in 2021. Interest rate risk The Group\u2019s interest rate policy is to allow fixed rate gross debt to vary between 20% and 100% of total gross debt to accommodate floating rate borrowings under the Revolving Credit Facility.  For financial assets and liabilities classified at fair value through profit or loss, the movements in the year relating to changes in fair value and interest are not separated. At 31 December 2022, the Group\u2019s fixed rate debt represented 93.8% of total gross debt (2021: 99.8%), therefore with the majority of debt issued at fixed interest rates, changes in the floating rates of interest do not significantly affect the Group\u2019s net interest charge. There are no other material floating interest rate financial instruments. What is the value of our derivative financial instruments? The following table shows the fair value of derivative financial instruments analysed by type of contract. Interest rate swap fair values exclude accrued interest. At 31 December 2022 Assets  \u00a3m Liabilities  \u00a3m  Current     Foreign exchange forward contracts and swaps \u2013 cash flow hedges  2  (6) Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss  \u2013  (1) Non-current     Cross-currency interest swaps \u2013 cash flow hedges  \u2013  (8) Foreign exchange forward contracts and swaps \u2013 cash flow hedges  2  \u2013   4  (15) At 31 December 2021 Assets  \u00a3m Liabilities  \u00a3m  Current Foreign exchange forward contracts and swaps \u2013 cash flow hedges 1 (2) Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss 2 (3) Non-current Cross-currency interest swaps \u2013 cash flow hedges \u2013 (36) Foreign exchange forward contracts and swaps \u2013 cash flow hedges \u2013 (1) 3 (42) Cash flow hedges The Group applies hedge accounting for certain foreign currency firm commitments and highly probable cash flows where the underlying cash flows are payable within the next five years. In order to fix the sterling cash outflows associated with the commitments and interest payments \u2013 which are mainly denominated in US dollars or euros \u2013 the Group has taken out forward foreign exchange contracts and cross-currency interest rate swaps for the same foreign currency amount and maturity date as the expected foreign currency outflow.  There is an economic relationship between the hedged items (being between 60% to 100% of the total exposure) and the hedging instruments as the terms of the foreign exchange forward contracts and cross-currency interest rate swaps match the terms of the expected highly probable forecast transactions or firm commitments (i.e. % notional amount and expected receipt or payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange forward contracts are identical to the hedged risk components. Sources of ineffectiveness include: \u2022  Different interest rate curve applied to discounting the hedged items and hedging instruments \u2022  Differences in the timing of the cash flows of the hedged items and the hedging instruments \u2022  The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items and \u2022  Changes to the forecasted amount of cash flows of hedged items and hedging instruments The Group uses the hedge relationship, credit risk and hedge ratio to measure the hedge effectiveness. The amount recognised in other comprehensive income during the period all relates to the effective portion of the revaluation loss associated with these contracts. There was \u00a33 million (2021: less than \u00a31 million) of ineffectiveness taken to the Consolidated Income Statement and \u00a333 million of cumulative gain (2021: \u00a330 million of cumulative loss*) was recycled to the Consolidated Income Statement in the year, with \u00a37 million transferred to work in progress.  Under IFRS 9, the Group has adopted the \u2018cost of hedging\u2019 approach which allows the recognition of the value of the currency basis at inception of the hedge to be recorded on the Consolidated Statement of Financial Position and amortised through net financing costs in the Consolidated Income Statement over the life of the bond. Any mark-to- market change in fair value of the currency basis is recognised in \u2018cost of hedging\u2019 in the Consolidated Statement of Comprehensive Income.  Net investment hedges The Group ceased net investment hedging using euro denominated debt to hedge against the change in the sterling value of its euro denominated net assets due to movements in foreign exchange rates. A change to the risk management objective meant that the remaining euro denominated monetary items on the Consolidated Statement of Financial Position could be considered in isolation on a net basis and therefore manage the remaining foreign exchange volatility in a more efficient way. A foreign exchange gain of less than \u00a31 million (2021: gain of \u00a313 million) relating to the net investment hedges remains within exchange differences related to translation of foreign operations as presented on the Consolidated Statement of Comprehensive Income. *  2021 has been updated from prior year to better reflect the amounts reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Income Statement. Undiscounted financial liabilities Keeping it simple The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities (including derivatives). The amounts disclosed in the table are the contractual undiscounted cash flows (including interest), so will not always reconcile with the amounts disclosed on the Statement of Financial Position.  At 31 December 2022 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-derivative financial liabilities             Borrowings  (830)  (865)  (302)  (8)  (550)  (5) Lease liabilities  (132)  (149)  (21)  (26)  (37)  (65) Trade and other payables  (915)  (915)  (898)  (14)  (3)  \u2013 Contract liabilities  (372)  (372)  (372)  \u2013  \u2013  \u2013 Other payables \u2013 non-current  (28)  (28)  \u2013  (25)  (3)  \u2013 Other payables \u2013 commitments on acquisitions  (47)  (89) *  (8)  (26)  (33)  (22) Derivative financial instruments             Foreign exchange forward contracts and swaps \u2013 cash flow hedges             Inflow  4  480  401  63  16  \u2013 Outflow  (6)  (486)  (409)  (61)  (16)  \u2013 Cross-currency swaps \u2013 cash flow hedges             Inflow  \u2013  560  7  7  546  \u2013 Outflow  (8)  (596)  (16)  (16)  (564)  \u2013 Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss             Inflow  \u2013  51  45  6  \u2013  \u2013 Outflow  (1)  (52)  (46)  (6)  \u2013  \u2013   (2,335)  (2,461)  (1,619)  (106)  (64 4 )  (92) At 31 December 2021 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-derivative financial liabilities         Borrowings  (1,022) (1,071)  (308)  (229)  (528)  (6) Lease liabilities  (92) (103)  (21)  (19)  (33)  (30) Trade and other payables  (841) (841)  (824)  (17)  \u2013  \u2013 Contract liabilities  (359) (359) (359) \u2013 \u2013 \u2013 Other payables \u2013 non-current  (28) (28)  \u2013  (23)  (5)  \u2013 Other payables \u2013 commitments on acquisitions  (64) (79) * (26)  (1) (52)  \u2013 Derivative financial instruments         Foreign exchange forward contracts and swaps \u2013 cash flow hedges Inflow  1 193  147 4 6 \u2013 \u2013 Outflow  (3) (196)  (149)  (47)  \u2013  \u2013 Cross-currency swaps \u2013 cash flow hedges         Inflow  \u2013 539  7  7  525  \u2013 Outflow  (36) (612)  (16)  (16) (580)  \u2013 Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss         Inflow  2 312  308 4 \u2013 \u2013 Outflow  (3) (311)  (307)  (4)  \u2013  \u2013   (2,445) (2,556)  (1,548)  (299)  (673)  (36) *  Undiscounted expected future payments depending on performance of acquisitions; the total maximum consideration is discussed in the Finance Review. Timing profile of hedging instrument Keeping it simple The Group is required to provide a breakdown that discloses a profile of the timing of the nominal amount of the hedging instrument and if applicable, the average price or rate (for example strike or forward prices etc.) of the hedging instrument. The Group is holding the following foreign exchange and cross-currency interest rate swap contracts: At 31 December 2022 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years  Total Foreign exchange forward contracts and swaps Notional a mount (\u00a3m) (5)  \u2013  \u2013  \u2013  (5) Average forward rate (AUD/EUR) 1.5688  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional a mount (\u00a3m)  (4)  (12)  (16)  \u2013  (32) Average forward rate (AUD/GBP)  1.7205  1.7967  1.7909  \u2013   Foreign exchange forward contracts and swaps Notional amount (\u00a3m)  7  3  \u2013  \u2013  10 Average forward rate (CAD/GBP)  1.7155  1.6446  \u2013  \u2013   Foreign exchange forward contracts and swaps Notional amount (\u00a3m)  (2)  \u2013  \u2013  \u2013  (2) Average forward rate (CAD/USD)   1.2400  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (1)  \u2013  \u2013  \u2013  (1) Average forward rate (DKK/GBP)  8.3506  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (241)  (1 4 )  \u2013  \u2013  (255) Average forward rate (EUR/GBP)  1.1097  1.1485  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (6)  \u2013  \u2013  \u2013  (6) Average forward rate (EUR/USD)  0.8859  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  8  \u2013  \u2013  \u2013  8 Average forward rate (NOK/GBP)  12.0018  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (4)  \u2013  \u2013  \u2013  (4) Average forward rate (ZAR/AUD)  11.7780  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  67  16  \u2013  \u2013  83 Average forward rate (USD/GBP)  1.2627  1.1389  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (1)  \u2013  \u2013  \u2013  (1) Average forward rate (ZAR/GBP)  20.8998  \u2013  \u2013  \u2013   Cross-currency interest rate swaps   Notional amount (\u00a3m)  \u2013  \u2013  539  \u2013  539 Average hedge rate (EUR/GBP)  \u2013  \u2013  1.1253  \u2013   At 31 December 2021 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years  Total Foreign exchange forward contracts and swaps       Notional amount (\u00a3m)  (11) 5 \u2013 \u2013 (6) Average forward rate (AUD/GBP)  2.0825 1.8311 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional amount (\u00a3m)  2 \u2013 \u2013 \u2013 2 Average forward rate (CAD/GBP)  1.7302 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m)  (35)  (1)  \u2013  \u2013 (36) Average forward rate (CAD/USD)  1.2375 1.2400 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 1 \u2013 \u2013 \u2013 1 Average forward rate (DKK/GBP) 8.6956 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) (187)  (19)  \u2013  \u2013 (206) Average forward rate (EUR/GBP) 1.1658 1.1152 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 6 \u2013 \u2013 \u2013 6 Average forward rate (NOK/GBP) 11.9988 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 1 \u2013 \u2013 \u2013 1 Average forward rate (SEK/GBP) 12.0070 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 103 10 \u2013 \u2013 113 Average forward rate (USD/GBP) 1.3370 1.3387 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) \u2013  \u2013 511  \u2013 511 Average forward rate (EUR/GBP) \u2013 \u2013 1.1253 \u2013   Impact of hedged items on Consolidated Statement of Financial Position, Consolidated Statement of Other Comprehensive Income and Consolidated Statement of Changes in Equity Keeping it simple This table provides the following details in relation to cash flow hedge and net investment hedge:  \u2022  The change in value of the hedged item used as the basis for recognising hedge ineffectiveness for the period \u2022  The balances in the cash flow hedge reserve and the foreign currency translation reserve for continuing hedges and \u2022  The balances remaining in the cash flow hedge reserve and the foreign currency translation reserve from any hedging relationships for which hedge accounting is no longer applied The impact of hedged items on the Consolidated Statement of Financial Position is as follows: Cash flow hedge   2022  2021 At 31 December Change in fair value used for measuring ineffectiveness \u00a3m Pre-tax closing cash flow hedge  reserve  \u00a3m Pre-tax closing  cost of  hedging  reserve  \u00a3m Change in fair value used for measuring ineffectiveness  \u00a3m Pre-tax closing cash flow hedge  reserve \u00a3m Pre-tax closing  cost of  hedging reserve \u00a3m Highly probable/firm commitment forecast transactions 3  2  (1)  ( 4 )  (1)   (1) Borrowings  (5)  (4)  (8)  19  1   (8) Net investment hedge      2022    2021 At 31 December  Change in fair value used for measuring ineffectiveness Foreign currency translation reserve Change in fair value used for measuring ineffectiveness  Foreign  currency translation reserve Net investment in foreign subsidiaries  \u2013  \u2013  13   13 The amount in the translation reserve relating to continuing hedges up until May 2022 is a gain of less than \u00a31 million (2021: \u00a313 million gain). The net investment hedge ceased in May 2022 and the amount relating to discontinued hedges is a loss of \u00a319 million (2021: \u00a319 million loss). The hedging gain recognised in the Consolidated Statement of Changes in Equity before tax is equal to the change in fair value used for measuring effectiveness. There is \u00a33 million of ineffectiveness recognised in the Consolidated Income Statement. Keeping it simple This table details the effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income. The effect of the cash flow hedge in the Consolidated Income Statement and Consolidated Statement of Comprehensive Income is as follows:  At 31 December 2022 Total hedging gain/(loss) recognised in OCI Ineffectiveness recognised in  Income Statement Line item in the Income Statement Cost of hedging recognised  in OCI Amounts reclassified from OCI to Income Statement Line item in  the Income  Statement Highly probable/firm commitment forecast transactions  3  \u2013  (4)  11 Overheads/ Work in progress Borrowing  (5)  3 Net financing cost 4  (37) Net financing cost At 31 December 2021 Total hedging gain/(loss) recognised in OCI* Ineffectiveness recognised in  Income Statement Line item in the Income Statement Cost of hedging recognised  in OCI Amounts reclassified from OCI to Income Statement Line item in  the Income  Statement Highly probable/firm commitment forecast transactions  ( 4 )   \u2013  1  (2) Overheads/ Cost of Sales Borrowing   19  (1) Net financing cost (1)   32 ** Net financing  cost  *  2021 has been updated from prior year to show periodic movement. **  2021 has been updated from prior year to better reflect the amounts reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Income Statement.    Keeping it simple This table provides a reconciliation of each component of the translation reserve reported within equity and an analysis of other comprehensive income in accordance with IAS 1. Set out below is the reconciliation of each component of the translation reserve reported in the Consolidated Statement of Changes in Equity and the analysis of other comprehensive income:  Cash  flow hedge reserve \u00a3m Cost of  hedge  reserve  \u00a3m Foreign currency reserve \u00a3m Translation reserve \u00a3m As at 1 January 2021 (15) (9) 31  7 Effective portion of changes in fair value arising from:         Foreign exchange forward contracts  (2) 1  \u2013 (1) Cross-currency interest rate swaps \u2013 borrowings:        \u2022  Change in fair value from the effective hedge instrument (13)  (1)  \u2013 (14) Amount reclassified to Income Statement        \u2022  FX forward reclassified to cost of sales/overheads (2) \u2013  \u2013 (2) \u2022  CCIRS reclassified to finance costs 32  \u2013  \u2013 32 Net gain on cash flow hedges and cost of hedging  15  \u2013  \u2013 15 Foreign currency revaluation of the EUR borrowing  \u2013  \u2013 13 13 Foreign currency revaluation of the net foreign operations  \u2013 \u2013 4 4 Exchange differences on translation of foreign operations (net of hedging)  \u2013  \u2013 17 17 Income tax (charge)/credit reclass*  7 \u2013 \u2013 7 Income tax (charge)/credit on other comprehensive income/(expense)  (4)  2  (3) (5) As at 31 December 2021  3 (7) 4 5 41 Effective portion of changes in fair value arising from:       Foreign exchange forward contracts   (1) (4)  \u2013  (5) Cross-currency interest rate swaps \u2013 borrowings:      \u2022  Change in fair value from the effective hedge instrument 25 4  \u2013 29 Amount reclassified to Income Statement      \u2022  FX forward reclassified to cost of sales/overheads 4 \u2013 \u2013 4 \u2022  FX forward and swaps reclassified to finance costs (10)  \u2013  \u2013 (10) \u2022  Amounts reclassified to work in progress 7 \u2013 \u2013 7 \u2022  CCIRS reclassified to finance costs (27)  \u2013  \u2013 (27) Net loss on cash flow hedges and cost of hedging  (2) \u2013  \u2013 (2) Foreign currency revaluation of the net foreign operations  \u2013  \u2013 67 67 Exchange differences on translation of foreign operations (net of hedging)  \u2013  \u2013 67 67 Income tax credit on other comprehensive income/(expense)  1 \u2013 \u2013 1 As at 31 December 2022  2  (7)  112  107 *  Income tax on other comprehensive income has been reallocated to the relevant reserves from Retained Earnings in the prior year. Netting arrangements of financial instruments Keeping it simple This section details the Group\u2019s financial assets and financial liabilities that are subject to netting and set-off arrangements. Financial assets and liabilities that are subject to set-off arrangements and disclosed on a net basis in the Group\u2019s Statement of Financial Position relate to cash pooling arrangements. Amounts which do not meet the criteria for offsetting on the Consolidated Statement of Financial Position but could be settled net in certain circumstances principally relate to derivative transactions executed under ISDA agreements where each party has the option to settle amounts on a net basis in the event of default of the other party. At 31 December 2022 Gross financial assets/ liabilities \u00a3m Gross collateral assets/liabilities  set-off \u00a3m Net financial assets/liabilities per balance sheet \u00a3m Related amounts not set-off in the balance sheet \u00a3m Net \u00a3m Assets           Derivative financial instruments  4  \u2013  4  (4)  \u2013 Cash and cash equivalents  348  \u2013  348  \u2013  348 Liabilities           Derivative financial instruments  (15)  \u2013  (15)  4  (11) Loans and facilities  (830)  \u2013  (830)  \u2013  (830) At 31 December 2021 Gross financial assets/liabilities \u00a3m Gross collateral assets/liabilities  set-off \u00a3m Net financial assets/liabilities per balance  sheet \u00a3m Related amounts not set-off in the balance sheet \u00a3m Net \u00a3m Assets Derivative financial instruments 3  \u2013  3 (3) \u2013 Restricted cash 50  \u2013 50  \u2013 50 Cash and cash equivalents 686  \u2013 686  \u2013 686 Liabilities Derivative financial instruments   (42)  \u2013 (42)  3 (39) Loans and facilities  (1,022)  \u2013 (1,022)  \u2013 (1,022) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "Cash flow hedges The Group applies hedge accounting for certain foreign currency firm commitments and highly probable cash flows where the underlying cash flows are payable within the next five years. In order to fix the sterling cash outflows associated with the commitments and interest payments \u2013 which are mainly denominated in US dollars or euros \u2013 the Group has taken out forward foreign exchange contracts and cross-currency interest rate swaps for the same foreign currency amount and maturity date as the expected foreign currency outflow.  There is an economic relationship between the hedged items (being between 60% to 100% of the total exposure) and the hedging instruments as the terms of the foreign exchange forward contracts and cross-currency interest rate swaps match the terms of the expected highly probable forecast transactions or firm commitments (i.e. % notional amount and expected receipt or payment date). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange forward contracts are identical to the hedged risk components. Sources of ineffectiveness include: \u2022  Different interest rate curve applied to discounting the hedged items and hedging instruments \u2022  Differences in the timing of the cash flows of the hedged items and the hedging instruments \u2022  The counterparties\u2019 credit risk differently impacting the fair value movements of the hedging instruments and hedged items and \u2022  Changes to the forecasted amount of cash flows of hedged items and hedging instruments The Group uses the hedge relationship, credit risk and hedge ratio to measure the hedge effectiveness. The amount recognised in other comprehensive income during the period all relates to the effective portion of the revaluation loss associated with these contracts. There was \u00a33 million (2021: less than \u00a31 million) of ineffectiveness taken to the Consolidated Income Statement and \u00a333 million of cumulative gain (2021: \u00a330 million of cumulative loss*) was recycled to the Consolidated Income Statement in the year, with \u00a37 million transferred to work in progress.  Under IFRS 9, the Group has adopted the \u2018cost of hedging\u2019 approach which allows the recognition of the value of the currency basis at inception of the hedge to be recorded on the Consolidated Statement of Financial Position and amortised through net financing costs in the Consolidated Income Statement over the life of the bond. Any mark-to- market change in fair value of the currency basis is recognised in \u2018cost of hedging\u2019 in the Consolidated Statement of Comprehensive Income.  Net investment hedges The Group ceased net investment hedging using euro denominated debt to hedge against the change in the sterling value of its euro denominated net assets due to movements in foreign exchange rates. A change to the risk management objective meant that the remaining euro denominated monetary items on the Consolidated Statement of Financial Position could be considered in isolation on a net basis and therefore manage the remaining foreign exchange volatility in a more efficient way. A foreign exchange gain of less than \u00a31 million (2021: gain of \u00a313 million) relating to the net investment hedges remains within exchange differences related to translation of foreign operations as presented on the Consolidated Statement of Comprehensive Income. *  2021 has been updated from prior year to better reflect the amounts reclassified from the Consolidated Statement of Comprehensive Income to the Consolidated Income Statement. Undiscounted financial liabilities Keeping it simple The Group is required to disclose the expected timings of cash outflows for each of its financial liabilities (including derivatives). The amounts disclosed in the table are the contractual undiscounted cash flows (including interest), so will not always reconcile with the amounts disclosed on the Statement of Financial Position.  At 31 December 2022 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-derivative financial liabilities             Borrowings  (830)  (865)  (302)  (8)  (550)  (5) Lease liabilities  (132)  (149)  (21)  (26)  (37)  (65) Trade and other payables  (915)  (915)  (898)  (14)  (3)  \u2013 Contract liabilities  (372)  (372)  (372)  \u2013  \u2013  \u2013 Other payables \u2013 non-current  (28)  (28)  \u2013  (25)  (3)  \u2013 Other payables \u2013 commitments on acquisitions  (47)  (89) *  (8)  (26)  (33)  (22) Derivative financial instruments             Foreign exchange forward contracts and swaps \u2013 cash flow hedges             Inflow  4  480  401  63  16  \u2013 Outflow  (6)  (486)  (409)  (61)  (16)  \u2013 Cross-currency swaps \u2013 cash flow hedges             Inflow  \u2013  560  7  7  546  \u2013 Outflow  (8)  (596)  (16)  (16)  (564)  \u2013 Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss             Inflow  \u2013  51  45  6  \u2013  \u2013 Outflow  (1)  (52)  (46)  (6)  \u2013  \u2013   (2,335)  (2,461)  (1,619)  (106)  (64 4 )  (92) At 31 December 2021 Carrying value \u00a3m Total contractual cash flows \u00a3m Less than 1 year \u00a3m Between 1 and 2 years \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Non-derivative financial liabilities         Borrowings  (1,022) (1,071)  (308)  (229)  (528)  (6) Lease liabilities  (92) (103)  (21)  (19)  (33)  (30) Trade and other payables  (841) (841)  (824)  (17)  \u2013  \u2013 Contract liabilities  (359) (359) (359) \u2013 \u2013 \u2013 Other payables \u2013 non-current  (28) (28)  \u2013  (23)  (5)  \u2013 Other payables \u2013 commitments on acquisitions  (64) (79) * (26)  (1) (52)  \u2013 Derivative financial instruments         Foreign exchange forward contracts and swaps \u2013 cash flow hedges Inflow  1 193  147 4 6 \u2013 \u2013 Outflow  (3) (196)  (149)  (47)  \u2013  \u2013 Cross-currency swaps \u2013 cash flow hedges         Inflow  \u2013 539  7  7  525  \u2013 Outflow  (36) (612)  (16)  (16) (580)  \u2013 Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss         Inflow  2 312  308 4 \u2013 \u2013 Outflow  (3) (311)  (307)  (4)  \u2013  \u2013   (2,445) (2,556)  (1,548)  (299)  (673)  (36) *  Undiscounted expected future payments depending on performance of acquisitions; the total maximum consideration is discussed in the Finance Review. Timing profile of hedging instrument Keeping it simple The Group is required to provide a breakdown that discloses a profile of the timing of the nominal amount of the hedging instrument and if applicable, the average price or rate (for example strike or forward prices etc.) of the hedging instrument. The Group is holding the following foreign exchange and cross-currency interest rate swap contracts: At 31 December 2022 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years  Total Foreign exchange forward contracts and swaps Notional a mount (\u00a3m) (5)  \u2013  \u2013  \u2013  (5) Average forward rate (AUD/EUR) 1.5688  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional a mount (\u00a3m)  (4)  (12)  (16)  \u2013  (32) Average forward rate (AUD/GBP)  1.7205  1.7967  1.7909  \u2013   Foreign exchange forward contracts and swaps Notional amount (\u00a3m)  7  3  \u2013  \u2013  10 Average forward rate (CAD/GBP)  1.7155  1.6446  \u2013  \u2013   Foreign exchange forward contracts and swaps Notional amount (\u00a3m)  (2)  \u2013  \u2013  \u2013  (2) Average forward rate (CAD/USD)   1.2400  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (1)  \u2013  \u2013  \u2013  (1) Average forward rate (DKK/GBP)  8.3506  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (241)  (1 4 )  \u2013  \u2013  (255) Average forward rate (EUR/GBP)  1.1097  1.1485  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (6)  \u2013  \u2013  \u2013  (6) Average forward rate (EUR/USD)  0.8859  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  8  \u2013  \u2013  \u2013  8 Average forward rate (NOK/GBP)  12.0018  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (4)  \u2013  \u2013  \u2013  (4) Average forward rate (ZAR/AUD)  11.7780  \u2013  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  67  16  \u2013  \u2013  83 Average forward rate (USD/GBP)  1.2627  1.1389  \u2013  \u2013   Foreign exchange forward contracts and swaps   Notional amount (\u00a3m)  (1)  \u2013  \u2013  \u2013  (1) Average forward rate (ZAR/GBP)  20.8998  \u2013  \u2013  \u2013   Cross-currency interest rate swaps   Notional amount (\u00a3m)  \u2013  \u2013  539  \u2013  539 Average hedge rate (EUR/GBP)  \u2013  \u2013  1.1253  \u2013   At 31 December 2021 Less than  1 year Between  1 to 2 years Between  2 to 5 years Greater than  5 years  Total Foreign exchange forward contracts and swaps       Notional amount (\u00a3m)  (11) 5 \u2013 \u2013 (6) Average forward rate (AUD/GBP)  2.0825 1.8311 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional amount (\u00a3m)  2 \u2013 \u2013 \u2013 2 Average forward rate (CAD/GBP)  1.7302 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m)  (35)  (1)  \u2013  \u2013 (36) Average forward rate (CAD/USD)  1.2375 1.2400 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 1 \u2013 \u2013 \u2013 1 Average forward rate (DKK/GBP) 8.6956 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) (187)  (19)  \u2013  \u2013 (206) Average forward rate (EUR/GBP) 1.1658 1.1152 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 6 \u2013 \u2013 \u2013 6 Average forward rate (NOK/GBP) 11.9988 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 1 \u2013 \u2013 \u2013 1 Average forward rate (SEK/GBP) 12.0070 \u2013 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) 103 10 \u2013 \u2013 113 Average forward rate (USD/GBP) 1.3370 1.3387 \u2013 \u2013   Foreign exchange forward contracts and swaps       Notional a mount (\u00a3m) \u2013  \u2013 511  \u2013 511 Average forward rate (EUR/GBP) \u2013 \u2013 1.1253 \u2013  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "Accounting policies Net financing costs comprise interest income on funds invested, gains/losses on the disposal of financial instruments, changes in the fair value of financial instruments, interest expense on borrowings, unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "Accounting policies Net financing costs comprise interest income on funds invested, gains/losses on the disposal of financial instruments, changes in the fair value of financial instruments, interest expense on borrowings, unwinding of the discount on provisions, unwinding of the discount on liabilities to non-controlling interest, foreign exchange gain/losses, and imputed interest on pension assets and liabilities. Interest income and expense is recognised as it accrues in profit or loss, using the effective interest method.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "Net financing costs Net financing costs can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Financing income     Interest income  9 4 Foreign exchange gain  3 4 Other finance income  1  \u2013   13  8 Financing costs    Interest expense on financial liabilities measured at amortised cost  (18)  (18) Foreign exchange loss  (1)  \u2013 Other finance expense*  (20)  (30) Financing exceptional item: acquisition-related  \u2013  (10)   (39)  (58) Net financing costs  (26)  (50) *  Interest incurred on the cross-currency interest rate swaps in the year is included within other finance expense. In 2021, this interest cost was included within Interest expense on financial liabilities measured at amortised cost. \u00a38 million has been reclassified to other finance expense for 2021 in the table above. Other finance expense includes lease interest payments, interest on acquisition-related contingent liabilities (not included within the exceptional financing item) and bank charges.  Exceptional finance costs of \u00a310 million in 2021 principally relates to interest accrued on exceptional acquisition- related expenses.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "Net financing costs Net financing costs can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Financing income     Interest income  9 4 Foreign exchange gain  3 4 Other finance income  1  \u2013   13  8 Financing costs    Interest expense on financial liabilities measured at amortised cost  (18)  (18) Foreign exchange loss  (1)  \u2013 Other finance expense*  (20)  (30) Financing exceptional item: acquisition-related  \u2013  (10)   (39)  (58) Net financing costs  (26)  (50) *  Interest incurred on the cross-currency interest rate swaps in the year is included within other finance expense. In 2021, this interest cost was included within Interest expense on financial liabilities measured at amortised cost. \u00a38 million has been reclassified to other finance expense for 2021 in the table above. Other finance expense includes lease interest payments, interest on acquisition-related contingent liabilities (not included within the exceptional financing item) and bank charges.  Exceptional finance costs of \u00a310 million in 2021 principally relates to interest accrued on exceptional acquisition- related expenses.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "Net financing costs Net financing costs can be analysed as follows: 2022 \u00a3m 2021 \u00a3m Financing income     Interest income  9 4 Foreign exchange gain  3 4 Other finance income  1  \u2013   13  8 Financing costs    Interest expense on financial liabilities measured at amortised cost  (18)  (18) Foreign exchange loss  (1)  \u2013 Other finance expense*  (20)  (30) Financing exceptional item: acquisition-related  \u2013  (10)   (39)  (58) Net financing costs  (26)  (50) *  Interest incurred on the cross-currency interest rate swaps in the year is included within other finance expense. In 2021, this interest cost was included within Interest expense on financial liabilities measured at amortised cost. \u00a38 million has been reclassified to other finance expense for 2021 in the table above. Other finance expense includes lease interest payments, interest on acquisition-related contingent liabilities (not included within the exceptional financing item) and bank charges.  Exceptional finance costs of \u00a310 million in 2021 principally relates to interest accrued on exceptional acquisition- related expenses.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "4.5  Fair value hierarchy   Keeping it simple The financial instruments included in the Consolidated Statement of Financial Position are measured at either fair value or amortised cost. The measurement of this fair value can in some cases be subjective, and can depend on the inputs used in the calculations. The Group generally uses external valuations using market inputs or market values (e.g. external share prices). The different valuation methods are called \u2018hierarchies\u2019 and are described below. Level 1 Fair values are measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Fair values are measured using inputs, other than quoted prices included within Level 1, which are observable for the asset or liability either directly or indirectly. Interest rate swaps and options are accounted for at their fair value based upon exit prices at the current reporting period. Forward foreign exchange contracts are accounted for at the difference between the contract exchange rate and the quoted forward exchange rate at the reporting date. Level 3 Fair values are measured using inputs for the asset or liability that are not based on observable market data. The tables below set out the financial instruments included on the Consolidated Statement of Financial Position at fair value: Fair value 31 December 2022 \u00a3m Level 1 31 December 2022 \u00a3m Level 2 31 December 2022 \u00a3m Level 3 31 December 2022 \u00a3m Assets measured at fair value         Financial instruments at fair value through reserves         Other pension assets \u2013 gilts (see note 3.7)  47  47  \u2013  \u2013 Financial instruments at fair value through profit or loss         Money market funds   91  91  \u2013  \u2013 Equity investments (see note 3.5)  11  \u2013  \u2013  11 Financial assets at fair value through profit or loss         Convertible loan receivable  3  \u2013  \u2013  3 Financial assets at fair value through reserves         Cash flow hedges  4  \u2013  4  \u2013   156  138  4  14 Fair value 31 December 2022 \u00a3m Level 1 31 December 2022 \u00a3m Level 2 31 December 2022 \u00a3m Level 3 31 December 2022 \u00a3m Liabilities measured at fair value         Financial liabilities at fair value through profit or loss         Foreign exchange forward contracts and swaps  (1)  \u2013  (1)  \u2013 Acquisition-related liabilities \u2013 payable to sellers under put options agreed on acquisition (see notes 3.1.4 and 3.1.5)  (39)  \u2013  \u2013  (39) Financial liabilities at fair value through reserves         Cash flow hedges  (14)  \u2013  (14)  \u2013   (5 4 )  \u2013  (15)  (39) There have been no changes in the classification of assets and liabilities and there have been no movements within levels. Information on the fair value measurements of level 3 assets and liabilities is detailed in the relevant notes referenced above. Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Assets measured at fair value      Financial instruments at fair value through reserves      Other pension assets \u2013 gilts (see note 3.7)  62 62 \u2013 \u2013 Financial instruments at fair value through profit or loss      Money market funds   4 4 0 4 4 0 \u2013 \u2013 Equity investments (see note 3.5) 4 \u2013 \u2013 4 Financial assets at fair value through profit or loss      Foreign exchange forward contracts and swaps  2 \u2013 2 \u2013 Convertible loan receivable  2 \u2013 \u2013 2 Financial assets at fair value through reserves      Cash flow hedges  1 \u2013 1 \u2013   511 502  3  6 Fair value 31 December 2021 \u00a3m Level 1 31 December 2021 \u00a3m Level 2 31 December 2021 \u00a3m Level 3 31 December 2021 \u00a3m Liabilities measured at fair value      Financial liabilities at fair value through profit or loss      Foreign exchange forward contracts and swaps  (3) \u2013 (3) \u2013 Acquisition-related liabilities \u2013 payable to sellers under put options agreed on acquisition (see notes 3.1.4 and 3.1.5)  (55)  \u2013  \u2013 (55) Financial liabilities at fair value through reserves      Cash flow hedges  (39) \u2013 (39) \u2013   (97)  \u2013  (42) (55) Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "Accounting policies Lease liabilities represent the discounted future lease payments. Discount rates are calculated for similar assets, in similar economic environments, taking into account the length of the lease. The unwinding of the discounting is recognised in net financing costs in the Consolidated Income Statement. The following table outlines the maturity analysis of the lease liabilities: ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "2022 \u00a3m 2021 \u00a3m Contractual discounted cash flows     Less than one year  21  21 Two to five years  55  46 More than five years  56  25 Lease liabilities at 31 December   132  92 1 January 2022 \u00a3m Net cash flow \u00a3m Currency and non-cash movements \u00a3m 31 December 2022 \u00a3m Lease liabilities  (92) 26 (66) (132) Total lease liabilities  (92) 26 (66) (132) The following amounts have been included in the Consolidated Income Statement: 2022 \u00a3m 2021 \u00a3m Interest expense on lease liabilities  (4)  (3) Amounts recognised in the Consolidated Income Statement  (4)  (3) The Group has elected not to recognise right of use assets and lease liabilities for short-term leases (i.e. lease term less than 12 months) or low-value assets (i.e. under \u00a35,000). The Group will continue to expense the lease payments associated with these leases on a straight-line basis over the lease term. At 31 December 2022, this was less than \u00a31 million (2021: less than \u00a31 million).  Variable lease payments that depend on an index or a rate are also less than \u00a31 million (2021: less than \u00a31 million).  Some property leases contain extension options beyond the non-cancellable period. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The lease liability at 31 December 2022 includes one such extension which resulted in an increase in the lease liability of \u00a31 million. There are no other significant extension options. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "Accounting policies Fair value reserve Financial assets are stated at fair value, with any gain or loss recognised directly in the fair value reserve in equity, unless the loss is a permanent impairment, when it is then recorded in the Consolidated Income Statement. ",
   "dimensions": {
    "concept": "itvplc:DescriptionOfAccountingPolicyForFairValueReserve",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "Dividends Dividends are recognised through equity on the earlier of their approval by the Company\u2019s shareholders or their payment. Dividends are distributed based on the realised distributable reserves (within retained earnings) of ITV plc (the Company) and not based on the Group\u2019s retained earnings. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "4.7.1 Share capital and share premium The Group\u2019s share capital at 31 December 2022 of \u00a3403 million (2021: \u00a3403 million) and share premium of \u00a3174 million (2021: \u00a3174 million) is the same as that of ITV plc. Details of this are given in the ITV plc Company financial statements section of this Annual Report.  4.7.2 Merger and other reserves Merger and other reserves at 31 December include the following reserves: 2022 \u00a3m 2021 \u00a3m Merger reserves   95  95 Capital reserves  112  112 Capital redemption reserves  36  36 Revaluation reserves  2  2 Put option liabilities arising on acquisition of subsidiaries  (34)  (30) Total  211  215 Merger reserves, Capital reserves and Capital redemption reserves relate primarily to balances arising on previous mergers and acquisitions, including the merger of Granada and Carlton in 2003. Put option liabilities arising on acquisition of subsidiaries relates to options and forwards contracts over shares relating to non-controlling interests. The movement in the current year relates to the fair value of the put liability over the non-controlling interests in Escapade Bidco Limited (Plimsoll Productions).  4.7.3 Translation reserve The translation reserve comprises: \u2022  All foreign exchange differences arising on the translation of the accounts of, and investments in, foreign operations \u2022  The gains or losses on the portion of cash flow hedges that have been deemed effective and costs of hedging under IFRS 9 (see note 4.3) \u2022  The net movement in the cash flow hedge reserve was a loss of \u00a32 million (2021: gain of \u00a318 million). The loss on cash flow hedges in the period was \u00a32 million (2021: gain of \u00a315 million) and had a related tax charge of \u00a3nil million (2021: \u00a34 million).  \u2022  There was no net movement in the cost of hedging reserve (2021: no net movement) 4.7.4 Fair value reserve The fair value reserve comprises all movements arising on the revaluation of gilts accounted for at fair value through OCI financial instruments. The movement in 2022 is a \u00a319 million loss on revaluation (2021: less than \u00a31 million) and a related tax credit of \u00a35 million (2021: \u00a31 million charge). See notes 2.3 and 3.7.  4.7.5 Retained earnings The retained earnings reserve comprises profit for the year attributable to owners of the Company of \u00a3428 million (2021: \u00a3378 million) and other items recognised directly through equity as presented in the Consolidated Statement of Changes in Equity. Other items include the credit for the Group\u2019s share-based compensation schemes, which are described in note 4.8. Reflecting ITV\u2019s strong operational and financial performance in the year, and in line with previous guidance, the Board proposes a final dividend of 3.3p, giving a full year dividend of 5.0p per share. \u00a3201 million of dividends were paid (2021: \u00a3nil), representing a final 2021 dividend of 3.3p per share and an interim 2022 dividend of 1.7p per share. 4.7.6 Non-controlling interests Non-controlling interest (NCI) represents the share of non-wholly owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of ITV. The movement for 2022 comprises: \u2022  The share of profit attributable to NCI of \u00a37 million (2021: share of profit attributable to NCI of \u00a310 million) \u2022  Foreign exchange gains of \u00a38 million (2021: losses of \u00a31 million) \u2022  The distributions made to NCI of \u00a33 million (2021: \u00a31 million) \u2022  The share of net assets attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2022 of \u00a34 million (2021: \u00a31 million)   ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "4.7.1 Share capital and share premium The Group\u2019s share capital at 31 December 2022 of \u00a3403 million (2021: \u00a3403 million) and share premium of \u00a3174 million (2021: \u00a3174 million) is the same as that of ITV plc. Details of this are given in the ITV plc Company financial statements section of this Annual Report.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "4.7.2 Merger and other reserves Merger and other reserves at 31 December include the following reserves: 2022 \u00a3m 2021 \u00a3m Merger reserves   95  95 Capital reserves  112  112 Capital redemption reserves  36  36 Revaluation reserves  2  2 Put option liabilities arising on acquisition of subsidiaries  (34)  (30) Total  211  215 Merger reserves, Capital reserves and Capital redemption reserves relate primarily to balances arising on previous mergers and acquisitions, including the merger of Granada and Carlton in 2003. Put option liabilities arising on acquisition of subsidiaries relates to options and forwards contracts over shares relating to non-controlling interests. The movement in the current year relates to the fair value of the put liability over the non-controlling interests in Escapade Bidco Limited (Plimsoll Productions).  4.7.3 Translation reserve The translation reserve comprises: \u2022  All foreign exchange differences arising on the translation of the accounts of, and investments in, foreign operations \u2022  The gains or losses on the portion of cash flow hedges that have been deemed effective and costs of hedging under IFRS 9 (see note 4.3) \u2022  The net movement in the cash flow hedge reserve was a loss of \u00a32 million (2021: gain of \u00a318 million). The loss on cash flow hedges in the period was \u00a32 million (2021: gain of \u00a315 million) and had a related tax charge of \u00a3nil million (2021: \u00a34 million).  \u2022  There was no net movement in the cost of hedging reserve (2021: no net movement) 4.7.4 Fair value reserve The fair value reserve comprises all movements arising on the revaluation of gilts accounted for at fair value through OCI financial instruments. The movement in 2022 is a \u00a319 million loss on revaluation (2021: less than \u00a31 million) and a related tax credit of \u00a35 million (2021: \u00a31 million charge). See notes 2.3 and 3.7.  4.7.5 Retained earnings The retained earnings reserve comprises profit for the year attributable to owners of the Company of \u00a3428 million (2021: \u00a3378 million) and other items recognised directly through equity as presented in the Consolidated Statement of Changes in Equity. Other items include the credit for the Group\u2019s share-based compensation schemes, which are described in note 4.8. Reflecting ITV\u2019s strong operational and financial performance in the year, and in line with previous guidance, the Board proposes a final dividend of 3.3p, giving a full year dividend of 5.0p per share. \u00a3201 million of dividends were paid (2021: \u00a3nil), representing a final 2021 dividend of 3.3p per share and an interim 2022 dividend of 1.7p per share. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "4.7.6 Non-controlling interests Non-controlling interest (NCI) represents the share of non-wholly owned subsidiaries\u2019 net assets that are not directly attributable to the shareholders of ITV. The movement for 2022 comprises: \u2022  The share of profit attributable to NCI of \u00a37 million (2021: share of profit attributable to NCI of \u00a310 million) \u2022  Foreign exchange gains of \u00a38 million (2021: losses of \u00a31 million) \u2022  The distributions made to NCI of \u00a33 million (2021: \u00a31 million) \u2022  The share of net assets attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2022 of \u00a34 million (2021: \u00a31 million)  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "Accounting policies For each of the Group\u2019s share-based compensation schemes, the fair value of the equity instrument granted is measured at grant date and spread over the vesting period via a charge to the Consolidated Income Statement with a corresponding increase in equity. The fair value of the share options and awards is measured using either market price at grant date or, for the SAYE scheme, a Black\u2013Scholes model, taking into account the terms and conditions of the individual scheme. Expected volatility is based on the historical volatility of ITV plc shares over a three or five year period, based on the life of the options. Vesting conditions are limited to service conditions and performance conditions. For performance-based schemes, the relevant Group performance measures are projected to the end of the performance period in order to determine the number of options expected to vest. This estimate of the performance measures is used to determine the option fair value, discounted to present value. The Group revises the number of options that are expected to vest, including an estimate of forfeitures at each reporting date based on forecast performance measures. The impact of the revision to original estimates, if any, is recognised in the Consolidated Income Statement, with a corresponding adjustment to equity. Exercises of share options granted to employees can be satisfied by market purchase or issue of new shares. No new shares may be issued to satisfy exercises under the terms of the DSA. During the year, all exercises were satisfied by using shares purchased in the market and held in the ITV Employees\u2019 Benefit Trust. Share-based compensation charges totalled \u00a319 million in 2022 (2021: \u00a312 million). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "Share options outstanding The table below summarises the movements in the number of share options outstanding for the Group and their weighted average exercise price: Number of options (\u2018000) 2022 Weighted average exercise price (pence) Number of options (\u2018000) 2021 Weighted average exercise price (pence) Outstanding at 1 January  98,934  24.98  106,303 24.25 Granted during the year \u2013 nil priced  17,238  \u2013 9,075 \u2013 Granted during the year \u2013 other  13,814  62.85  3,665 96.37 Forfeited during the year  (3,095)  56.49  (2,158) 48.56 Exercised during the year \u2013 nil priced  (6,201)  \u2013 (4,905) \u2013 Exercised during the year \u2013 other   (110)  50.61  (457) 72.3 4 Expired during the year  (15,851)  35.87  (12,589) 25.51 Outstanding at 31 December  104,729  24.74  98,934 24.98 Exercisable at 31 December  4,383  30.63  877 69.35 The average share price during 2022 was 78.32 pence (2021: 116.48 pence). Of the options still outstanding, the range of exercise prices and weighted average remaining contractual life of these options can be analysed as follows: Range of exercise prices (pence) Weighted average exercise price (pence) Number of options (\u2018000) 2022 Weighted average remaining contractual life (years) Weighted average exercise price (pence) Number of options (\u2018000) 2021 Weighted average remaining contractual life (years) Nil  \u2013  59,056  0.29  \u2013 57,336  1.12 20.00 \u2013 49.99  49.17  29,225  1.81  49.17 31,601  2.80 50.00 \u2013 69.99  61.73  10,878  3.44  \u2013 \u2013 \u2013 70.00 \u2013 99.99  85.22  5,351  1.35  86.31 8,420  1.17 100.00 \u2013 109.99  105.98  90  1.46  105.98 846 1.13 110.00 \u2013 119.99  \u2013  \u2013  \u2013  \u2013 \u2013 \u2013 120.00 \u2013 149.99  130.61  129  0.94  133.4 4  596 0.78 150.00 \u2013 199.99  \u2013  \u2013  \u2013  162.55  135 0.77 Assumptions DSA, LTIP and PSP options are valued directly by reference to the share price at date of grant.  The options granted in the current and prior years for the HMRC approved SAYE scheme, are valued using the Black\u2013 Scholes model, using the assumptions below: Scheme name  Date of grant Share price at grant (pence) Exercise  price (pence) Expected volatility % Expected  life (years) Gross dividend yield % Risk-free rate  % Fair value (pence) 3 Year  13 April 2021  122.90  97.95  41.73  3.25  \u2013  0.16  46.48 5 Year  13 April 2021  122.90  97.95  38.12  5.25  \u2013  0.39  51.80 3 Year  6 September 2021  117.10  93.86  42.0 4  3.25  \u2013  0.23 44.30 5 Year  6 September 2021  117.10  93.86  36.09  5.25  \u2013  0.36  47.33 3 Year  12 April 2022  79.08  67.72  47.00  3.25  \u2013  1.55  21.19 5 Year  12 April 2022  79.08  67.72  40.05  5.25  \u2013  1.58  18.45 3 Year  5 September 2022  62.7 4  57.73 47.80  3.25  \u2013  2.97 14.95 5 Year  5 September 2022  62.7 4  57.73 41.03 5.25  \u2013  2.85 12.63 Employees\u2019 Benefit Trust The Group has investments in its own shares as a result of shares purchased by the ITV Employees\u2019 Benefit Trust (EBT). Transactions with the Group-sponsored EBT are included in these financial statements and primarily consist of the EBT\u2019s purchases of shares in ITV plc, which is accounted for as a reduction to retained earnings. The table below shows the number of ITV plc shares held in the EBT at 31 December 2021 and the releases from the EBT made in the year to satisfy awards under the Group\u2019s share schemes: Scheme  Shares held at Number of shares (released)/purchased Nominal value \u00a3   1 January 2022  18,478,248 1,847,825 LTIP releases  \u2013   DSA releases       (1,121,039)  ESP releases   (11,856)   PSP releases   (2,650,771)   SAYE releases   (107,203)   Shares purchased  \u2013     31 December 2022  14,587,379  1,458,738 The total number of shares held by the EBT at 31 December 2022 represents 0.36% (2021: 0.46%) of ITV\u2019s issued share capital. The market value of own shares held at 31 December 2022 is \u00a311 million (2021: \u00a320 million). The shares will be held in the EBT until such time as they may be transferred to participants of the various Group share schemes. Rights to dividends have been waived by the EBT in respect of shares held that do not relate to restricted shares under the DSA. In accordance with the Trust Deed, the Trustees of the EBT have the power to exercise all voting rights in relation to any investment (including shares) held within that trust. The Trust is accounted for as a separate entity and therefore is only accounted for in the consolidated financial statements and not included in the ITV plc Company financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "<div class=\"t m5 h72 ff31a fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:526.2755px;\">Transactions with joint ventures and associated undertaking<span class=\"_ _0\"/>s </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls185 ws2\" style=\"left:0.0011901855px; bottom:512.7012px;\">Transact<span class=\"_ _0\"/>ions wi<span class=\"_ _0\"/>th join<span class=\"_ _0\"/>t ventur<span class=\"_ _0\"/>es an<span class=\"_ _0\"/>d associa<span class=\"_ _0\"/>ted un<span class=\"_ _0\"/>dertak<span class=\"_ _0\"/>ings duri<span class=\"_ _0\"/>ng the y<span class=\"_ _0\"/>ear wer<span class=\"_ _0\"/>e: </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:457.54803px; bottom:490.15533px;\">2022  </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls3 ws2\" style=\"left:463.5006px; bottom:481.02783px;\">\u00a3m </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls19d ws233\" style=\"left:524.54626px; bottom:490.15533px;\">2021  </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls1af ws1e5\" style=\"left:530.0347px; bottom:481.02783px;\">\u00a3m </div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls18c ws1bc\" style=\"left:0.0011901855px; bottom:465.65936px;\">Sales to joint ventures <span class=\"_ _2ff\"> </span><span class=\"ff31a ls183 ws1bd\">41 <span class=\"_ _14d\"> </span></span><span class=\"ls3 ws2\">2<span class=\"_ _335\"> </span></span></div><div class=\"c w69 h80\" style=\"left:530.0347px; bottom:462.7727px;\"><div class=\"t m6 x22b h6b y3028 ff31c fs29 fc7 sc0 ls3 ws2\">4<span class=\"_ _335\"> </span></div></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:451.7729px;\">Sales to a<span class=\"_ _3\"/>ssociated u<span class=\"_ _3\"/>ndertakings <span class=\"_ _300\"> </span><span class=\"ff31a ls189 ws1b8\">16 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls18f ws1d7\" style=\"left:0.0011901855px; bottom:437.96454px;\">Purchases from joint ventures <span class=\"_ _2ad\"> </span><span class=\"ff31a ws1c4\">33 <span class=\"_ _14d\"> </span></span><span class=\"ls18d ws1d3\">32 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:424.0782px;\">Purchases f<span class=\"_ _3\"/>rom associ<span class=\"_ _3\"/>ated undertaki<span class=\"_ _4\"/>n<span class=\"_ _0\"/>gs <span class=\"_ _301\"> </span><span class=\"ff31a ls183 ws1bd\">77 <span class=\"_ _78\"> </span></span><span class=\"ls18d ws1d3\">65<span class=\"_ _0\"/> </span></div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:401.76642px;\">The transactions with join<span class=\"_ _0\"/>t ventures primar<span class=\"_ _0\"/>ily relate to sale<span class=\"ls1a8 ws1bf\">s and purchases of digital multiplex services with Digital 3&amp;4 </span></div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:388.73456px;\">Limited and dis<span class=\"_ _0\"/>tribution revenue f<span class=\"_ _0\"/>rom BritBox LLC, B<span class=\"_ _0\"/>ritBox Internati<span class=\"_ _0\"/>onal Limited and Bri<span class=\"_ _0\"/>tBox Australia Managemen<span class=\"_ _0\"/>t Pty </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls198 ws1b2\" style=\"left:0.0011901855px; bottom:375.7027px;\">Limited. Sales to associated undertakings include airtim<span class=\"_ _0\"/>e <span class=\"ls1b3 ws1c0\">sales to DTV Services Limited.<span class=\"ls1a8 ws1bf\"> Purchases from associated </span></span></div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls199 ws1b6\" style=\"left:0.0011901855px; bottom:362.67084px;\">undertakings pr<span class=\"_ _0\"/>imarily relate to th<span class=\"_ _0\"/>e purcha<span class=\"ls197 ws1b5\">se of news services from ITN L<span class=\"_ _0\"/>imited.  </span></div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0011901855px; bottom:339.3463px;\">All transac<span class=\"_ _0\"/>tions with<span class=\"_ _0\"/> associate<span class=\"_ _0\"/>d under<span class=\"_ _0\"/>takings<span class=\"_ _0\"/> and join<span class=\"_ _0\"/>t ventures ar<span class=\"_ _0\"/>ise in th<span class=\"_ _0\"/>e normal cou<span class=\"_ _0\"/>rse of bus<span class=\"_ _0\"/>iness on an<span class=\"_ _0\"/> arm\u2019s </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:326.31445px;\">length basi<span class=\"_ _4\"/>s. The amounts owed by a<span class=\"_ _3\"/>nd to these re<span class=\"_ _3\"/>lated parties <span class=\"_ _3\"/>at 31 December<span class=\"_ _3\"/> were: </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:457.54803px; bottom:303.78204px;\">2022  </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls3 ws2\" style=\"left:463.5006px; bottom:294.65454px;\">\u00a3m </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls19d ws233\" style=\"left:524.54626px; bottom:303.78204px;\">2021  </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls1af ws1e5\" style=\"left:530.0347px; bottom:294.65454px;\">\u00a3m </div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls18f ws1b7\" style=\"left:0.0011901855px; bottom:279.2859px;\">Amounts owed by joint ventures <span class=\"_ _128\"> </span><span class=\"ff31a ws1c4\">12 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">11 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:265.39954px;\">Amounts o<span class=\"_ _3\"/>wed by associated under<span class=\"_ _3\"/>takings <span class=\"_ _22b\"> </span><span class=\"ff31a ls18f ws1c4\">19 <span class=\"_ _1f\"> </span></span><span class=\"ls183 ws1bd\">10 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls190 ws1c7\" style=\"left:0.0011901855px; bottom:251.59137px;\">Amounts o<span class=\"_ _3\"/>wed to joint ve<span class=\"_ _3\"/>ntures <span class=\"_ _2ba\"> </span><span class=\"ff31a ls18f ws1c4\">5 <span class=\"_ _1ce\"> </span></span><span class=\"ls186 ws1b6\">1 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:237.7049px;\">Amounts owed to<span class=\"_ _3\"/> associated<span class=\"_ _3\"/> undertakings <span class=\"_ _184\"> </span><span class=\"ff31a ls188 ws1b9\">17 <span class=\"_ _ed\"> </span></span><span class=\"ls184 ws1d4\">9 </span></div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:215.31512px;\">None of th<span class=\"_ _0\"/>e bala<span class=\"_ _0\"/>nces are s<span class=\"_ _0\"/>ecured. </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls188 ws1d2\" style=\"left:0.0011901855px; bottom:191.90753px;\">Amounts owed by joint ventur<span class=\"_ _3\"/>es primarily relate to tra<span class=\"_ _3\"/>ding with BritBox L<span class=\"_ _3\"/>LC and BritBox Australia <span class=\"_ _3\"/>Management Pty </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:178.95868px;\">Limited. Balances owed by<span class=\"_ _3\"/> associated undertaki<span class=\"_ _3\"/>ngs largely relate to Bedro<span class=\"_ _3\"/>ck Entertainment LLC and Southroc<span class=\"_ _3\"/>k </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls186 ws2\" style=\"left:0.0011901855px; bottom:165.92682px;\">Production<span class=\"_ _3\"/>s LLC. Balance<span class=\"_ _3\"/>s owed to as<span class=\"_ _3\"/>sociated unde<span class=\"_ _3\"/>rtakings<span class=\"_ _3\"/> primarily re<span class=\"_ _3\"/>late to trading <span class=\"_ _3\"/>with ITN Li<span class=\"_ _3\"/>mited and amou<span class=\"_ _3\"/>nts </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls183 ws1b5\" style=\"left:0.0011901855px; bottom:152.89496px;\">owed to B<span class=\"_ _0\"/>edrock En<span class=\"_ _0\"/>tertainm<span class=\"_ _0\"/>ent LLC. </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls184 ws1c8\" style=\"left:0.0011901855px; bottom:129.4874px;\">Amounts paid to the Group\u2019s retire<span class=\"_ _3\"/>ment be<span class=\"ls188 ws1d5\">nefit plans are set out in note 3.7.  </span></div><div class=\"t m5 h72 ff31a fs27 fc7 sc0 ls19a ws2\" style=\"left:0.0011901855px; bottom:104.06851px;\">Transactions with key management personnel </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls183 ws1b2\" style=\"left:0.0011901855px; bottom:90.49432px;\">Key managem<span class=\"_ _0\"/>ent consists<span class=\"_ _0\"/> of ITV plc Execu<span class=\"_ _0\"/>tive and N<span class=\"_ _0\"/>on-executiv<span class=\"_ _0\"/>e Directo<span class=\"_ _0\"/>rs and the o<span class=\"_ _0\"/>ther member<span class=\"_ _0\"/>s of the ITV </div><div class=\"t m6 h6b ff31c fs29 fc7 sc0 ls190 ws1b5\" style=\"left:0.0011901855px; bottom:77.46246px;\">Manageme<span class=\"_ _3\"/>nt Board<span class=\"_ _3\"/>. Key managem<span class=\"_ _3\"/>ent per<span class=\"_ _3\"/>sonnel co<span class=\"_ _3\"/>mpensation<span class=\"_ _3\"/> is as fol<span class=\"_ _3\"/>lows: </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls1a4 ws1de\" style=\"left:457.54803px; bottom:54.99832px;\">2022  </div><div class=\"t m8 h78 ff31a fs2c fc7 sc0 ls3 ws2\" style=\"left:463.5006px; bottom:45.87082px;\">\u00a3m </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls19d ws233\" style=\"left:524.54626px; bottom:54.99832px;\">2021  </div><div class=\"t m8 h76 ff31c fs2c fc7 sc0 ls1af ws1e5\" style=\"left:530.0347px; bottom:45.87082px;\">\u00a3m </div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls18d ws1d4\" style=\"left:0.0011901855px; bottom:30.424164px;\">Short-<span class=\"_ _0\"/>term em<span class=\"_ _0\"/>ployee b<span class=\"_ _0\"/>enefi<span class=\"_ _0\"/>ts <span class=\"_ _242\"> </span><span class=\"ff31a ls189 ws1b8\">11 <span class=\"_ _81\"> </span></span><span class=\"ls183 ws1bd\">13 </span></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls186 ws1c9\" style=\"left:0.0011901855px; bottom:16.615845px;\">Share-based<span class=\"_ _3\"/> compensation <span class=\"_ _2e6\"> </span><span class=\"ff31a ls18b ws1bb\">6 </span></div><div class=\"c w4d h8d\" style=\"left:536.6153px; bottom:13.807312px;\"><div class=\"t m6 x0 h6b y2fdd ff31c fs29 fc7 sc0 ls3 ws2\">4</div></div><div class=\"t m6 h6d ff31c fs29 fc7 sc0 ls3 ws2\" style=\"left:0.0011901855px; bottom:2.1053772px;\"> <span class=\"_ _1b9\"> </span><span class=\"ff31a ls188 ws1b9\">17 <span class=\"_ _25\"> </span></span><span class=\"ls183 ws1bd\">17</span><span class=\"ls183 ws1bd\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "Transactions with key management personnel Key management consists of ITV plc Executive and Non-executive Directors and the other members of the ITV Management Board. Key management personnel compensation is as follows: 2022  \u00a3m 2021  \u00a3m Short-term employee benefits  11  13 Share-based compensation  6 4  17  17",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "Contingent liabilities As reported in our interim financial statements, on 12 July 2022, the UK Competition and Markets Authority (CMA) opened an investigation into certain conduct of ITV and other named companies in the sector relating to the production and broadcasting of sports content in the United Kingdom. The investigation is at an early stage and it is not currently possible to reliably quantify any liability that might result from the investigation. ITV is committed to complying with competition law and is cooperating with the CMA\u2019s enquiries. There are contingent liabilities in respect of certain litigation and guarantees, broadcasting issues, and in respect of warranties given in connection with certain disposals of businesses. None of these items are expected to have a material effect on the Group\u2019s results or financial position. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "<div class=\"t m5 h6a ff330 fs28 fca sc0 ls187 ws21c\" style=\"left:7.490494px; bottom:664.68524px;\">Keeping </div><div class=\"t m5 h6a ff330 fs28 fca sc0 ls182 ws1b1\" style=\"left:7.490494px; bottom:647.5222px;\">it simple </div><div class=\"t m6 h6b ff331 fs29 fca sc0 ls184 ws1b3\" style=\"left:137.52597px; bottom:667.96185px;\">Certain su<span class=\"_ _3\"/>bsidiaries of the Grou<span class=\"_ _3\"/>p can take an exemptio<span class=\"_ _3\"/>n from havi<span class=\"_ _3\"/>ng an audit. <span class=\"_ _3\"/>Strict </div><div class=\"t m6 h6b ff331 fs29 fca sc0 ls184 ws1b3\" style=\"left:137.52597px; bottom:655.01154px;\">criteria mu<span class=\"_ _3\"/>st be met for t<span class=\"_ _3\"/>his exemption to b<span class=\"_ _3\"/>e taken, a<span class=\"_ _3\"/>nd it must be agree<span class=\"_ _3\"/>d by the </div><div class=\"t m6 h6b ff331 fs29 fca sc0 ls188 ws1d5\" style=\"left:137.52597px; bottom:641.98346px;\">Directors of that subsidiary entity. </div><div class=\"t m6 h6b ff331 fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:584.4097px;\">Listed below are subsidia<span class=\"_ _0\"/>ries controlled and consolid<span class=\"_ _0\"/>ated by th<span class=\"_ _0\"/>e Group, where the Direc<span class=\"_ _0\"/>tors have taken t<span class=\"_ _0\"/>he exemption from </div><div class=\"t m6 h6b ff331 fs29 fc7 sc0 ls198 ws2\" style=\"left:0.0011901855px; bottom:571.37787px;\">having an audit of <span class=\"_ _0\"/>its financial statements. Th<span class=\"_ _0\"/>is exemption <span class=\"_ _0\"/>is taken in accordance with <span class=\"_ _0\"/>the Companies Ac<span class=\"_ _0\"/>t 2006 s479A. </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls3 ws1e4\" style=\"left:0.0011901855px; bottom:548.75775px;\">Company number <span class=\"_ _9f\"> </span>Company name <span class=\"_ _302\"> </span>Company number <span class=\"_ _bf\"> </span>Company name </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:535.57355px;\">04195187 <span class=\"_ _1d5\"> </span>12 Yard Pro<span class=\"_ _0\"/>ductions (I<span class=\"_ _0\"/>nvestme<span class=\"_ _0\"/>nts) Limi<span class=\"_ _0\"/>ted <span class=\"_ _28e\"> </span>SC3<span class=\"_ _0\"/>75274 <span class=\"_ _69\"> </span>ITV (Scotla<span class=\"_ _0\"/>nd) Limi<span class=\"_ _0\"/>ted </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:524.4957px;\">04145307 <span class=\"_ _1b\"> </span>12 Yard Pro<span class=\"_ _0\"/>ductions<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _76\"> </span>11516620 <span class=\"_ _14d\"> </span>ITV<span class=\"_ _0\"/> 112 Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:513.33984px;\">10058419<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Back Pro<span class=\"_ _0\"/>ductions <span class=\"_ _0\"/>Limited <span class=\"_ _77\"> </span>12956<span class=\"_ _0\"/>892 <span class=\"_ _1d2\"> </span>ITV AdVent<span class=\"_ _0\"/>ures Limi<span class=\"_ _0\"/>ted </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:502.7301px;\">13813181 <span class=\"_ _19\"> </span>Big Talk (NE<span class=\"_ _0\"/>WCO1) L<span class=\"_ _0\"/>imited <span class=\"_ _ff\"> </span>13087805 <span class=\"_ _69\"> </span>ITV Alde<span class=\"_ _0\"/>r Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:492.0423px;\">13087812<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>Big Talk Alo<span class=\"_ _0\"/>ne Limite<span class=\"_ _0\"/>d <span class=\"_ _202\"> </span>14<span class=\"_ _0\"/>047839 <span class=\"_ _a0\"> </span>IT<span class=\"_ _0\"/>V Archie L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:481.3545px;\">10496857<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Big Talk Col<span class=\"_ _0\"/>d Feet L<span class=\"_ _0\"/>imited <span class=\"_ _de\"> </span>11667230<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span>ITV Bark<span class=\"_ _0\"/>ing Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:470.74475px;\">12092620<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Big<span class=\"_ _0\"/> Talk Fri<span class=\"_ _0\"/>day Limi<span class=\"_ _0\"/>ted <span class=\"_ _bc\"> </span>02578005 <span class=\"_ _47\"> </span>ITV Break<span class=\"_ _0\"/>fast Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0011901855px; bottom:460.05695px;\">11109596 <span class=\"_ _1d5\"> </span>Big<span class=\"_ _0\"/> Talk Goes Wron<span class=\"_ _0\"/>g Limited <span class=\"_ _303\"> </span>13087759<span class=\"_ _0\"/> <span class=\"_ _78\"> </span>ITV Dunee<span class=\"_ _0\"/>n Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:449.3692px;\">13087733 <span class=\"_ _1d5\"> </span>Big<span class=\"_ _0\"/> Talk Hors<span class=\"_ _0\"/>eface L<span class=\"_ _0\"/>imited <span class=\"_ _304\"> </span>1049468<span class=\"_ _0\"/>4 <span class=\"_ _18\"> </span>ITV Ente<span class=\"_ _0\"/>rprises<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:438.7594px;\">13087735 <span class=\"_ _1d5\"> </span>Big Tal<span class=\"_ _0\"/>k I Hate Y<span class=\"_ _0\"/>ou Limite<span class=\"_ _0\"/>d <span class=\"_ _39\"> </span>14133299<span class=\"_ _0\"/> <span class=\"_ _14d\"> </span>ITV Grace L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0011901855px; bottom:428.07166px;\">07037447 <span class=\"_ _103\"> </span>Big Talk Investments Limited <span class=\"_ _138\"> </span>04159210 <span class=\"_ _a0\"> </span>ITV Holdings Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:417.38385px;\">10528952<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Big Tal<span class=\"_ _0\"/>k Living <span class=\"_ _0\"/>the Dream<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _161\"> </span>04159213<span class=\"_ _0\"/> <span class=\"_ _1d2\"> </span>IT<span class=\"_ _0\"/>V Internat<span class=\"_ _0\"/>ional Cha<span class=\"_ _0\"/>nnels Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:406.7741px;\">11723899 <span class=\"_ _141\"> </span>Big Talk Offen<span class=\"_ _0\"/>ders Limite<span class=\"_ _0\"/>d <span class=\"_ _39\"> </span>SC473179<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>ITV LTVC<span class=\"_ _0\"/> (Scotla<span class=\"_ _0\"/>nd) Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:396.0863px;\">11109572 <span class=\"_ _141\"> </span>Big Tal<span class=\"_ _0\"/>k Peacock L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _31\"> </span>13989<span class=\"_ _0\"/>147 <span class=\"_ _1f\"> </span>ITV Maternal <span class=\"_ _0\"/>Limited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1df ws2e1\" style=\"left:0.0011901855px; bottom:385.3985px;\">02897434 <span class=\"_ _ae\"> </span>Big Ta<span class=\"_ _3\"/>lk Pictures Li<span class=\"_ _3\"/>mited <span class=\"_ _38\"> </span>006038<span class=\"_ _3\"/>93 <span class=\"_ _58\"> </span>ITV Network Li<span class=\"_ _3\"/>mited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:374.78876px;\">06567813<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Big T<span class=\"_ _0\"/>alk Produc<span class=\"_ _0\"/>tions Li<span class=\"_ _0\"/>mited <span class=\"_ _305\"> </span>11723842 <span class=\"_ _1f\"> </span>I<span class=\"_ _0\"/>TV Night<span class=\"_ _0\"/>ingale Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1d4 ws1e4\" style=\"left:0.0011901855px; bottom:364.10095px;\">02936337 <span class=\"_ _1b\"> </span>Boom Cymru T<span class=\"_ _0\"/>V Ltd <span class=\"_ _cb\"> </span>006034<span class=\"_ _0\"/>71 <span class=\"_ _18\"> </span>IT<span class=\"_ _0\"/>V Pension Scheme<span class=\"_ _0\"/> Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:353.4132px;\">07922831 <span class=\"_ _12a\"> </span>Boom Pic<span class=\"_ _0\"/>tures Lim<span class=\"_ _0\"/>ited <span class=\"_ _1ab\"> </span>14461569 <span class=\"_ _78\"> </span>IT<span class=\"_ _0\"/>V POS Limi<span class=\"_ _0\"/>ted </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0011901855px; bottom:342.8034px;\">03866274 <span class=\"_ _ae\"> </span>Box Clever Technology Limited <span class=\"_ _2e\"> </span>0156562<span class=\"_ _3\"/>5 <span class=\"_ _69\"> </span>ITV Properties (Developments) Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1e0 ws235\" style=\"left:0.0011901855px; bottom:332.11566px;\">0189153<span class=\"_ _0\"/>9 <span class=\"_ _12a\"> </span>Broad Stree<span class=\"_ _0\"/>t Films<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _4a\"> </span> <span class=\"_ _51\"> </span>IT<span class=\"_ _0\"/>V Proper<span class=\"_ _0\"/>ties (J<span class=\"_ _0\"/>ersey<span class=\"_ _0\"/>) Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0011901855px; bottom:321.42786px;\">11434722 <span class=\"_ _35\"> </span>Button Hall Productions <span class=\"_ _37\"> </span>13087782 <span class=\"_ _78\"> </span>ITV Ralph and Katie Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:310.8181px;\">02285229<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Campania Lim<span class=\"_ _0\"/>ited <span class=\"_ _2f0\"> </span>14460328 <span class=\"_ _69\"> </span>ITV RE Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:300.1303px;\">04159249<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Carl<span class=\"_ _0\"/>ton Con<span class=\"_ _0\"/>tent Hol<span class=\"_ _0\"/>dings Limi<span class=\"_ _0\"/>ted <span class=\"_ _7c\"> </span>08554937 <span class=\"_ _2c6\"> </span>ITV She<span class=\"_ _0\"/>tland L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:289.4425px;\">00301188<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Carl<span class=\"_ _0\"/>ton Film D<span class=\"_ _0\"/>istribu<span class=\"_ _0\"/>tors Limi<span class=\"_ _0\"/>ted <span class=\"_ _6c\"> </span>11723826<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span>ITV S<span class=\"_ _0\"/>py Limited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0011901855px; bottom:278.83276px;\">01692483 <span class=\"_ _1b\"> </span>Carlton Finance L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _1f7\"> </span>09498877 <span class=\"_ _69\"> </span>ITV TFG Holdi<span class=\"_ _0\"/>ngs Limit<span class=\"_ _0\"/>ed </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1df ws2e1\" style=\"left:0.0011901855px; bottom:268.14496px;\">03984490 <span class=\"_ _108\"> </span>Carlton Food Netwo<span class=\"_ _3\"/>rk Limited <span class=\"_ _1d\"> </span>11107934 <span class=\"_ _1f\"> </span>ITV The Ba<span class=\"_ _3\"/>y Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:257.4572px;\">03053908 <span class=\"_ _87\"> </span>Carlton Pr<span class=\"_ _0\"/>ogrammes<span class=\"_ _0\"/> Developme<span class=\"_ _0\"/>nt Limite<span class=\"_ _0\"/>d <span class=\"_ _54\"> </span>1308769<span class=\"_ _0\"/>3 <span class=\"_ _1d2\"> </span>ITV The<span class=\"_ _0\"/> Reckonin<span class=\"_ _0\"/>g Limited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:246.84741px;\">03210452 <span class=\"_ _103\"> </span>Carlto<span class=\"_ _0\"/>n Screen<span class=\"_ _0\"/> Adverti<span class=\"_ _0\"/>sing (Hold<span class=\"_ _0\"/>ings) L<span class=\"_ _0\"/>imited <span class=\"_ _26\"> </span>12368504<span class=\"_ _0\"/> <span class=\"_ _2c6\"> </span>I<span class=\"_ _0\"/>TV TLC Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0011901855px; bottom:236.15967px;\">03210363 <span class=\"_ _1b\"> </span>Carltonco Nine<span class=\"_ _0\"/>ty-Six  <span class=\"_ _4c\"> </span>094981<span class=\"_ _0\"/>77 <span class=\"_ _1d2\"> </span>IT<span class=\"_ _0\"/>V Top Class L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:225.47186px;\">02280048<span class=\"_ _0\"/> <span class=\"_ _108\"> </span>Castl<span class=\"_ _0\"/>efield P<span class=\"_ _0\"/>ropertie<span class=\"_ _0\"/>s Limite<span class=\"_ _0\"/>d <span class=\"_ _1a\"> </span>14<span class=\"_ _0\"/>048049 <span class=\"_ _18\"> </span>ITV Venture<span class=\"_ _0\"/>r Limited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:214.86212px;\">06409013<span class=\"_ _0\"/> <span class=\"_ _142\"> </span>Cat\u2019s on t<span class=\"_ _0\"/>he Roof Me<span class=\"_ _0\"/>dia Limite<span class=\"_ _0\"/>d <span class=\"_ _b4\"> </span>03089273 <span class=\"_ _2c6\"> </span>ITV Ve<span class=\"_ _0\"/>ntures Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1df ws2e1\" style=\"left:0.0011901855px; bottom:204.17432px;\">04257248 <span class=\"_ _ae\"> </span>Chan<span class=\"_ _3\"/>nel Televisi<span class=\"_ _3\"/>on Holdings Li<span class=\"_ _3\"/>mited <span class=\"_ _103\"> </span>11107431 <span class=\"_ _5c\"> </span>ITV Vera Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:193.48654px;\">08195508 <span class=\"_ _ae\"> </span>Cirkus Lim<span class=\"_ _0\"/>ited <span class=\"_ _2dc\"> </span>14460676 <span class=\"_ _a0\"> </span>ITV WKOW L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:0.0011901855px; bottom:182.87677px;\">1024019<span class=\"_ _0\"/>2 <span class=\"_ _1b\"> </span>Cloth C<span class=\"_ _0\"/>at LBB L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> <span class=\"_ _202\"> </span>13<span class=\"_ _0\"/>087699<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>ITV Y<span class=\"_ _0\"/>&amp;M Limi<span class=\"_ _0\"/>ted </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1e1 ws236\" style=\"left:0.0011901855px; bottom:172.189px;\">02852812 <span class=\"_ _103\"> </span>Cosgrove Ha<span class=\"_ _3\"/>ll Films Limited <span class=\"_ _76\"> </span>05518785 <span class=\"_ _69\"> </span>Juice Music UK Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0011901855px; bottom:161.50122px;\">09366309 <span class=\"_ _142\"> </span>Crook P<span class=\"_ _0\"/>roductions<span class=\"_ _0\"/> Limited <span class=\"_ _4a\"> </span>123<span class=\"_ _0\"/>68661 <span class=\"_ _14d\"> </span>Mammoth <span class=\"_ _0\"/>Screen (BH<span class=\"_ _0\"/>R) Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0011901855px; bottom:150.89145px;\">05421502 <span class=\"_ _103\"> </span>Cynhyrchiadau B<span class=\"_ _0\"/>oomerang C<span class=\"_ _0\"/>yfyngedig<span class=\"_ _0\"/><span class=\"ls1d1 ws328\"> <span class=\"_ _10a\"> </span>09355455 <span class=\"_ _18\"> </span>Mammoth Screen (End) Limited </span></div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:140.20367px;\">08479545<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Double Double L<span class=\"_ _0\"/>imited <span class=\"_ _8\"> </span>08546<span class=\"_ _0\"/>227 <span class=\"_ _2c6\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (End2) L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:129.51587px;\">07821062 <span class=\"_ _1b\"> </span>EQ P<span class=\"_ _0\"/>ictures L<span class=\"_ _0\"/>imited <span class=\"_ _2d4\"> </span>11<span class=\"_ _0\"/>109917 <span class=\"_ _25\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (End6)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1d4 ws1e4\" style=\"left:0.0011901855px; bottom:118.90613px;\">09366308 <span class=\"_ _142\"> </span>Gameface Produc<span class=\"_ _0\"/>tions Limite<span class=\"_ _0\"/>d <span class=\"_ _b2\"> </span>119<span class=\"_ _0\"/>08267 <span class=\"_ _14d\"> </span>Mammoth Scree<span class=\"_ _0\"/>n (End7) Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1df ws2e1\" style=\"left:0.0011901855px; bottom:108.21832px;\">05946785 <span class=\"_ _142\"> </span>Gorilla TV Group Lim<span class=\"_ _3\"/>ited <span class=\"_ _38\"> </span>12368766 <span class=\"_ _1d2\"> </span>Mammoth Screen (End<span class=\"_ _3\"/>8) Limited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:97.53055px;\">03776018 <span class=\"_ _12a\"> </span>Gorilla TV Lim<span class=\"_ _0\"/>ited<span class=\"_ _0\"/> <span class=\"_ _9c\"> </span>10<span class=\"_ _0\"/>528827 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (E<span class=\"_ _0\"/>nd9)L<span class=\"_ _0\"/>imited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws233\" style=\"left:0.0011901855px; bottom:86.92078px;\">00290076 <span class=\"_ _87\"> </span>Granada Grou<span class=\"_ _0\"/>p Limited<span class=\"_ _0\"/> <span class=\"_ _2e0\"> </span>13<span class=\"_ _0\"/>087685 <span class=\"_ _1d2\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (Evans) Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1db ws2e3\" style=\"left:0.0011901855px; bottom:76.233px;\">0396241<span class=\"_ _3\"/>0 <span class=\"_ _ae\"> </span>Granada Li<span class=\"_ _3\"/>mited <span class=\"_ _118\"> </span>13989267 <span class=\"_ _1d2\"> </span>Mammoth Screen (<span class=\"_ _3\"/>GK) Limit<span class=\"_ _3\"/>ed </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:65.54523px;\">03106798<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Grana<span class=\"_ _0\"/>da Media L<span class=\"_ _0\"/>imited <span class=\"_ _55\"> </span>1199<span class=\"_ _0\"/>5990 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (<span class=\"_ _0\"/>MD) Lim<span class=\"_ _0\"/>ited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1e2 ws329\" style=\"left:0.0011901855px; bottom:54.935455px;\">053447<span class=\"_ _3\"/>72 <span class=\"_ _1b\"> </span>Granada<span class=\"_ _3\"/> Screen (20<span class=\"_ _3\"/>05) Limit<span class=\"_ _4\"/>e<span class=\"_ _0\"/>d <span class=\"_ _13a\"> </span>12735978 <span class=\"_ _14d\"> </span>Mammoth<span class=\"_ _3\"/> Screen (M<span class=\"_ _3\"/>D2) Limit<span class=\"_ _3\"/>ed </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1df ws2e1\" style=\"left:0.0011901855px; bottom:44.24768px;\">0073306<span class=\"_ _3\"/>3 <span class=\"_ _142\"> </span>Granada Television Over<span class=\"_ _3\"/>seas Limited <span class=\"_ _8f\"> </span>13989179 <span class=\"_ _14d\"> </span>Mammoth Screen (MIE) Li<span class=\"_ _3\"/>mited </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws233\" style=\"left:0.0011901855px; bottom:33.559906px;\">00250311<span class=\"_ _0\"/> <span class=\"_ _103\"> </span>Granada UK Ren<span class=\"_ _0\"/>tal and Retail<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _c3\"> </span>11<span class=\"_ _0\"/>062257 <span class=\"_ _14d\"> </span>Mamm<span class=\"_ _0\"/>oth Screen (N<span class=\"_ _0\"/>C) Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:22.950134px;\">10094508<span class=\"_ _0\"/> <span class=\"_ _87\"> </span>Harlots<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _100\"> </span>0966<span class=\"_ _0\"/>0486 <span class=\"_ _58\"> </span>Mam<span class=\"_ _0\"/>moth Sc<span class=\"_ _0\"/>reen (Pol<span class=\"_ _0\"/>2) Limite<span class=\"_ _0\"/>d </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:12.262329px;\">04842712<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Interac<span class=\"_ _0\"/>tive Tel<span class=\"_ _0\"/>ephony Lim<span class=\"_ _0\"/>ited <span class=\"_ _c5\"> </span>1003<span class=\"_ _0\"/>1005 <span class=\"_ _18\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (Pol3) L<span class=\"_ _0\"/>imited<span class=\"_ _0\"/> </div><div class=\"t m8 h76 ff331 fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0011901855px; bottom:1.5745544px;\">00608490<span class=\"_ _0\"/> <span class=\"_ _139\"> </span>ITC E<span class=\"_ _0\"/>ntertainme<span class=\"_ _0\"/>nt Gro<span class=\"_ _0\"/>up Limite<span class=\"_ _0\"/>d <span class=\"_ _15f\"> </span>1052876<span class=\"_ _0\"/>3 <span class=\"_ _1d2\"> </span>Mammot<span class=\"_ _0\"/>h Screen (<span class=\"_ _0\"/>Pol4) Lim<span class=\"_ _0\"/>ited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls3 ws1e4\" style=\"left:0.0007171631px; bottom:355.91046px;\">Company number <span class=\"_ _9f\"> </span>Company name <span class=\"_ _302\"> </span>Company number <span class=\"_ _bf\"> </span>Company name </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:342.72626px;\">11108289<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>Mammoth Scree<span class=\"_ _0\"/>n (Pol5) L<span class=\"_ _0\"/>imited <span class=\"_ _4f\"> </span>13714204 <span class=\"_ _14d\"> </span>QSP Noll<span class=\"_ _0\"/>y Limite<span class=\"_ _0\"/>d </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1be ws1cf\" style=\"left:0.0007171631px; bottom:332.03857px;\">08799982 <span class=\"_ _ae\"> </span>Mamm<span class=\"_ _0\"/>oth Screen (<span class=\"_ _0\"/>Poldark) L<span class=\"_ _0\"/>imited <span class=\"_ _35\"> </span>1446<span class=\"_ _0\"/>0933 <span class=\"_ _69\"> </span>QSP PD Lim<span class=\"_ _0\"/>ited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:321.35077px;\">09646520 <span class=\"_ _87\"> </span>Mamm<span class=\"_ _0\"/>oth Scre<span class=\"_ _0\"/>en (QV) L<span class=\"_ _0\"/>imited <span class=\"_ _b2\"> </span>140<span class=\"_ _0\"/>48037 <span class=\"_ _69\"> </span>QSP SO l<span class=\"_ _0\"/>imited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:310.74103px;\">11108327<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>Mammoth Screen (<span class=\"_ _0\"/>Serpen<span class=\"_ _0\"/>t) Limited<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>14460663<span class=\"_ _0\"/> <span class=\"_ _2c6\"> </span>QSP TRK<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:299.66315px;\">11204836 <span class=\"_ _12a\"> </span>Mammoth Sc<span class=\"_ _0\"/>reen (SG)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _27\"> </span>12350991 <span class=\"_ _78\"> </span>Seco<span class=\"_ _0\"/>nd Act (Gra<span class=\"_ _0\"/>ce) Limite<span class=\"_ _0\"/>d </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:287.72717px;\">NI678277<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>Mammoth <span class=\"_ _0\"/>Screen (TJ)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _1f8\"> </span>09366311 <span class=\"_ _78\"> </span>Second Ac<span class=\"_ _0\"/>t Product<span class=\"_ _0\"/>ions Limi<span class=\"_ _0\"/>ted </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:275.7132px;\">13087656<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Mammot<span class=\"_ _0\"/>h Screen (T<span class=\"_ _0\"/>ower) Limi<span class=\"_ _0\"/>ted <span class=\"_ _12d\"> </span>07714999<span class=\"_ _0\"/> <span class=\"_ _1d2\"> </span>Si<span class=\"_ _0\"/>ghtseers<span class=\"_ _0\"/> Film Limi<span class=\"_ _0\"/>ted </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c4 ws21e\" style=\"left:0.0007171631px; bottom:263.77716px;\">10528702 <span class=\"_ _103\"> </span>Mammoth Screen (VF) Limited <span class=\"_ _2e\"> </span>03991026 <span class=\"_ _2c6\"> </span>So Television Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1d1 ws2\" style=\"left:0.0007171631px; bottom:251.84119px;\">11108322 <span class=\"_ _35\"> </span>Mammoth Screen (V<span class=\"_ _0\"/>ic3) Limited <span class=\"_ _b5\"> </span>07<span class=\"ls1e2 ws329\">155077 <span class=\"_ _78\"> </span>The Gard<span class=\"_ _3\"/>en Produ<span class=\"_ _3\"/>ctions Limit<span class=\"_ _3\"/>ed </span></div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0007171631px; bottom:239.82721px;\">11108320 <span class=\"_ _12a\"> </span>Mammoth Screen (WOF) Limit<span class=\"_ _3\"/>ed <span class=\"_ _161\"> </span>02351132 <span class=\"_ _78\"> </span>TwoFour Broadcast Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:227.89117px;\">NI687412 <span class=\"_ _141\"> </span>Mammoth Scre<span class=\"_ _0\"/>en (WOF2)<span class=\"_ _0\"/> Limited<span class=\"_ _0\"/> <span class=\"_ _93\"> </span>0860<span class=\"_ _0\"/>2993 <span class=\"_ _47\"> </span>TwoFo<span class=\"_ _0\"/>ur Group Hol<span class=\"_ _0\"/>dings L<span class=\"_ _0\"/>imited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1d1 ws2\" style=\"left:0.0007171631px; bottom:215.9552px;\">10973979 <span class=\"_ _1d5\"> </span>Mammoth Screen (WOTW) Limited <span class=\"_ _1e\"> </span>05493388 <span class=\"_ _18\"> </span>TwoFou<span class=\"_ _335\"> </span></div><div class=\"c w8e h95\" style=\"left:382.97253px; bottom:213.77106px;\"><div class=\"t m0 xac h76 y4394 ff33b fs2c fc7 sc0 ls3 ws2\">r</div></div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c0 ws1de\" style=\"left:412.91956px; bottom:215.95508px;\"> Group Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c0 ws1de\" style=\"left:0.0007171631px; bottom:203.94104px;\">05976348 <span class=\"_ _ae\"> </span>Mammoth<span class=\"_ _3\"/> Screen Ltd <span class=\"_ _af\"> </span>11109744 <span class=\"_ _14d\"> </span>WP Anne Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws233\" style=\"left:0.0007171631px; bottom:192.00507px;\">13412337<span class=\"_ _0\"/> <span class=\"_ _35\"> </span>Me<span class=\"_ _0\"/>tavision Li<span class=\"_ _0\"/>mited <span class=\"_ _307\"> </span>10796122 <span class=\"_ _14d\"> </span>WP Bod<span class=\"_ _0\"/>yguard Lim<span class=\"_ _0\"/>ited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bd ws1df\" style=\"left:0.0007171631px; bottom:180.06909px;\">09477931 <span class=\"_ _306\"> </span>Monumental Television Limited <span class=\"_ _13a\"> </span>14360979 <span class=\"_ _69\"> </span>WP Delia Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:168.05505px;\">04201477<span class=\"_ _0\"/> <span class=\"_ _1b\"> </span>Morn<span class=\"_ _0\"/>ing TV Limi<span class=\"_ _0\"/>ted <span class=\"_ _286\"> </span>12368643<span class=\"_ _0\"/> <span class=\"_ _a0\"> </span>WP<span class=\"_ _0\"/> Diplomat <span class=\"_ _0\"/>Limited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:156.11908px;\">12180134<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>MT Ghosts<span class=\"_ _0\"/> 2 Limite<span class=\"_ _0\"/>d <span class=\"_ _308\"> </span>11109437<span class=\"_ _0\"/> <span class=\"_ _1f\"> </span>WP Vigi<span class=\"_ _335\"> </span></div><div class=\"c w8f h95\" style=\"left:397.16827px; bottom:153.93463px;\"><div class=\"t m0 x266 h76 y439b ff33b fs2c fc7 sc0 ls3 ws2\">l</div></div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:411.48322px; bottom:156.1189px;\"> Limite<span class=\"_ _0\"/>d </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:144.18292px;\">12368748<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>MT Gh<span class=\"_ _0\"/>osts Limi<span class=\"_ _0\"/>ted <span class=\"_ _307\"> </span>1398886<span class=\"_ _0\"/>4 <span class=\"_ _69\"> </span>WP Fif<span class=\"_ _0\"/>teen Limi<span class=\"_ _0\"/>ted </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1e1 ws236\" style=\"left:0.0007171631px; bottom:132.16895px;\">13989060 <span class=\"_ _142\"> </span>MT Maryland Limit<span class=\"_ _3\"/>ed <span class=\"_ _309\"> </span>12116627 <span class=\"_ _81\"> </span>WP Karen Pirie Limit<span class=\"_ _3\"/>ed </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c0 ws1de\" style=\"left:0.0007171631px; bottom:120.23291px;\">13813329 <span class=\"_ _1d5\"> </span>MT Mrs Sidhu Limit<span class=\"_ _3\"/>ed <span class=\"_ _30a\"> </span>11109287 <span class=\"_ _1f\"> </span>WP LOD5 Li<span class=\"_ _3\"/>mited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:108.296936px;\">13087117<span class=\"_ _0\"/> <span class=\"_ _141\"> </span>MT<span class=\"_ _0\"/> Murder i<span class=\"_ _0\"/>n Provenc<span class=\"_ _0\"/>e Limited <span class=\"_ _27\"> </span>12116457 <span class=\"_ _5c\"> </span>WP LOD6 L<span class=\"_ _0\"/>imited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:96.28296px;\">13506403<span class=\"_ _0\"/> <span class=\"_ _ae\"> </span>Planet Woo <span class=\"_ _0\"/>Limited <span class=\"_ _119\"> </span>1308<span class=\"_ _0\"/>7865 <span class=\"_ _a0\"> </span>WP Mal<span class=\"_ _0\"/>practice<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:84.346985px;\">14163547<span class=\"_ _0\"/> <span class=\"_ _1d5\"> </span>QSP ATF<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _d6\"> </span>121164<span class=\"ls1e3 ws1e3\">61 <span class=\"_ _5c\"> </span>WP Pembrokeshire Limited </span></div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1bf ws1da\" style=\"left:0.0007171631px; bottom:72.41095px;\">14163654 <span class=\"_ _1d5\"> </span>QSP FMO Limite<span class=\"_ _0\"/>d <span class=\"_ _287\"> </span>1308786<span class=\"_ _0\"/>0 <span class=\"_ _69\"> </span>WP RM Lim<span class=\"_ _0\"/>ited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:0.0007171631px; bottom:60.396973px;\">1446091<span class=\"_ _0\"/>6 <span class=\"_ _1b\"> </span>QSP Gho<span class=\"_ _0\"/>sted L<span class=\"_ _0\"/>imited <span class=\"_ _260\"> </span>111099<span class=\"_ _0\"/>29 <span class=\"_ _14d\"> </span>WP Sa<span class=\"_ _0\"/>ve Me 2 L<span class=\"_ _0\"/>imited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:0.0007171631px; bottom:48.461px;\">14496123<span class=\"_ _0\"/> <span class=\"_ _12a\"> </span>QSP Me<span class=\"_ _0\"/>n Up Lim<span class=\"_ _0\"/>ited <span class=\"_ _13b\"> </span>12368475 <span class=\"_ _78\"> </span>W<span class=\"_ _0\"/>P Showtrial<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:0.0007171631px; bottom:36.524963px;\">14458573<span class=\"_ _0\"/> <span class=\"_ _306\"> </span>QSP MU <span class=\"_ _0\"/>Limited<span class=\"_ _0\"/> <span class=\"_ _302\"> </span>12368477 <span class=\"_ _14d\"> </span>W<span class=\"_ _0\"/>P The Sus<span class=\"_ _0\"/>pect Lim<span class=\"_ _0\"/>ited </div><div class=\"t m0 h76 ff33b fs2c fc7 sc0 ls1c5 ws1e5\" style=\"left:0.0007171631px; bottom:24.510986px;\">1446222<span class=\"_ _0\"/>0 <span class=\"_ _103\"> </span>QSP MY<span class=\"_ _0\"/> Limite<span class=\"_ _0\"/>d <span class=\"_ _64\"> </span> <span class=\"_ _1f8\"> </span> </div><div class=\"t m0 h6b ff33b fs29 fc7 sc0 ls185 ws1b6\" style=\"left:0.0007171631px; bottom:1.8870239px;\">ITV Propert<span class=\"_ _0\"/>ies (Jer<span class=\"_ _0\"/>sey) Limit<span class=\"_ _0\"/>ed is exempt f<span class=\"_ _0\"/>rom audi<span class=\"_ _0\"/>t under art<span class=\"_ _0\"/>icle 113 of the C<span class=\"_ _0\"/>ompan<span class=\"_ _0\"/>ies Act (Je<span class=\"_ _0\"/>rsey) Law 19<span class=\"_ _0\"/>91</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "The Company is a qualifying entity as it is a member of the ITV plc Group where ITV plc, the ultimate parent prepares ",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "ITV plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "White City Place 201 Wood Lane London W12 7RU",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:ZLECI7ED2QMWFGYCXZ59",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}