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"4000000", "decimals": -6, "dimensions": { "concept": "itvplc:InterestPaidOnLeaseLiabilities", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-540": { "value": "SECTION 1: BASIS OF PREPARATION In this section This section sets out the Group\u2019s accounting policies that relate to the financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also shows new UK- adopted accounting standards, amendments and interpretations, and whether they are effective in 2023 or later years. We explain how these changes are expected to impact the financial position and performance of the Group. The financial statements consolidate those of ITV plc (\u2018the Company\u2019) and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in associates and jointly controlled entities. The Company is registered in England and Wales. These Group financial statements were prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The accounting policies have been applied consistently in the financial years presented, other than where new policies have been adopted. The financial statements are principally prepared on the basis of historical cost. Where other bases are applied, these are identified in the relevant accounting policy. The parent company financial statements have been prepared in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure Framework\u2019 (\u2018FRS 101\u2019). The notes form part of the financial statements. Going concern As at 31 December 2023, the Group was in a net debt position of \u00a3553 million (2022: \u00a3623 million), including gross borrowings of \u00a3893 million (2022: \u00a3971 million) offset by cash and cash equivalents of \u00a3340 million (2022: \u00a3348 million). In addition to \u00a3340 million of cash and cash equivalents (2022: \u00a3348 million), the Group has a syndicated \u00a3500 million Revolving Credit Facility (RCF) entered into during 2022 which was undrawn at 31 December 2023 (31 December 2022: \u00a350 million drawn). \u00a383 million of this facility expires in January 2028 and the remaining \u00a3417 million expires in January 2029. In December 2023, the Group entered into an additional \u00a3100 million bilateral RCF which matures in December 2028, and which is undrawn at 31 December 2023. The Group also has a \u00a3300 million committed and undrawn bilateral facility expiring in June 2026 (31 December 2022: undrawn). This provides \u00a31,240 million (2022: \u00a31,098 million) of liquidity. The \u20ac259 million Eurobond matured in December 2023 and was repaid through cash proceeds drawn in full from a \u00a3230 million term loan facility entered into in August 2023. The term loan matures in July 2027 and interest on the loan is determined as an aggregate of compounded Sterling Overnight Index Average (SONIA) plus a margin. The term loan has the same financial covenants as the Group\u2019s RCF facility. The two RCFs are 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 (measures as defined in the RCF documentation). In addition, the \u00a3500 million RCF is subject to ESG targets linked to the delivery of ITV\u2019s science-based carbon emissions targets. As at 31 December 2023, the Group had covenant net debt of \u00a3415 million (2022: \u00a3461 million) and its financial position was well within its covenants. The leverage and interest cover tests will be tested again on 30 June 2024. The \u00a3500 million 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 2022, however 2023 emissions will not be verified until July 2024. 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 2024 (in line with the viability assessment period). The mid case scenario is based on the 2024 Board approved budget and 2024 to 2026 strategic plan, also approved by the Board. 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. 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 and a decline in advertising revenue in comparison to 2023. The severe but plausible scenarios do not assume the adoption of a range of mitigations available to the Board. After considering the severe but plausible scenarios, the Group remains able to operate within its financial covenants and will have sufficient liquidity during the going concern period to 30 June 2025. The Directors propose a final dividend of 3.3 pence per share (2022: 3.3 pence), which equates to a full year dividend of 5.0 pence per share, subject to approval by shareholders at the AGM on 2 May 2024. 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. 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. Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: \u2022 Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non-current assets and liabilities or equity investments in non-current assets \u2022 Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables \u2022 Financial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables \u2022 Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. 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. 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. 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 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 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 income statement. 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 and therefore may have a material impact on the financial statements in the next 12 months 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 The classification of income or
(See note 2.2) expenses as exceptional items
Defined benefit pension Estimates of the assumptions for valuing the
(See note 3.7) defined benefit obligation
Provisions related to The basis for calculating Estimates of the amount required to settle the
Box Clever the provision potential liability
(see note 3.6)
Employee-related The individuals who are included in Estimates of the amounts required to settle
provisions (See note 3.6) the calculation the liability
Acquisition-related Whether future amounts payable Estimates of cash-flow forecasts to support the
liabilities are linked to employment calculation of the future liabilities
(See note 3.1.4 and 3.1.5)
Transmission Whether the transponder contracts
commitments should be classified as leases in
(See note 3.1.1) 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 estimation of net realisable values for programme rights, allocation of programme rights between linear and ITVX, impairment of intangible assets 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.
New or amended accounting standards
The following new standards and/or amendments were effective 1 January 2023, but have not had a significant
impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Accounting standard
Requirement
Impact on financial statements
IFRS 17 \u2018Insurance IFRS 17 \u2018Insurance Contracts\u2019 is a comprehensive new No material change to the
Contracts\u2019 and related accounting standard covering recognition, measurement, Group\u2019s financial position
amendments presentation and disclosures. This standard replaces IFRS or performance.
4 \u2018Insurance Contracts\u2019.
Amendments to IAS 1 The amendments aim to help entities provide accounting No material change to the
\u2018Presentation of Financial policy disclosures that are more useful by replacing the Group\u2019s financial position
Statements\u2019 and IFRS requirement for entities to disclose their \u2018significant\u2019 or performance.
Practice Statement 2 accounting policies with a requirement to disclose their
\u2018Making Materiality \u2018material\u2019 accounting policies. The IFRS Practice Statement 2
Judgements\u2019 has been amended by adding guidance and examples to
explain and demonstrate the application of the \u2018four-step
materiality process\u2019 in making decisions about accounting
policy disclosures.
Amendments to IAS 8 The amendments introduce a new definition of accounting No material change to the
\u2018Accounting Policies, estimates and clarify how entities use measurement Group\u2019s financial position
Changes in Accounting techniques and inputs to develop accounting estimates. or performance.
Estimates and Errors\u2019
Amendments to IAS 12 The amendments aim to narrow the scope of the initial No material change to the
\u2018Income taxes\u2019 \u2013 Initial recognition exception under IAS 12 so that it no longer Group\u2019s financial position
recognition exception applies to transactions that give rise to equal taxable and or performance.
deductible temporary differences.
Amendments to IAS 12 The amendments provide a temporary exception from The Group has applied the
\u2018Income Taxes\u2019- Pillar Two the requirement to recognise and disclose deferred taxes exception under IAS 12 to
income taxes arising from enacted or substantively enacted tax law recognising and disclosing
that implements the Pillar Two model rules published by information about
the OECD, including tax law that implements qualified deferred tax assets and
domestic minimum top-up taxes described in those rules. liabilities related to top-up
income taxes.
Finance (No 2) Bill and Pillar Two impact on financial statements
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum
effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation
balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet
date, however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the
requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that
implements the Pillar Two model rules.
Based on an initial analysis of the current year financial data, most territories in which the Group operates are
expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories
where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be
material. The Group continues to refine this assessment and analyse the future consequences of these rules.
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:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-592": { "value": "
These Group financial statements were prepared in accordance with UK-adopted International Accounting Standards
and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-593": { "value": "Going concern As at 31 December 2023, the Group was in a net debt position of \u00a3553 million (2022: \u00a3623 million), including gross borrowings of \u00a3893 million (2022: \u00a3971 million) offset by cash and cash equivalents of \u00a3340 million (2022: \u00a3348 million). In addition to \u00a3340 million of cash and cash equivalents (2022: \u00a3348 million), the Group has a syndicated \u00a3500 million Revolving Credit Facility (RCF) entered into during 2022 which was undrawn at 31 December 2023 (31 December 2022: \u00a350 million drawn). \u00a383 million of this facility expires in January 2028 and the remaining \u00a3417 million expires in January 2029. In December 2023, the Group entered into an additional \u00a3100 million bilateral RCF which matures in December 2028, and which is undrawn at 31 December 2023. The Group also has a \u00a3300 million committed and undrawn bilateral facility expiring in June 2026 (31 December 2022: undrawn). This provides \u00a31,240 million (2022: \u00a31,098 million) of liquidity. The \u20ac259 million Eurobond matured in December 2023 and was repaid through cash proceeds drawn in full from a \u00a3230 million term loan facility entered into in August 2023. The term loan matures in July 2027 and interest on the loan is determined as an aggregate of compounded Sterling Overnight Index Average (SONIA) plus a margin. The term loan has the same financial covenants as the Group\u2019s RCF facility. The two RCFs are 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 (measures as defined in the RCF documentation). In addition, the \u00a3500 million RCF is subject to ESG targets linked to the delivery of ITV\u2019s science-based carbon emissions targets. As at 31 December 2023, the Group had covenant net debt of \u00a3415 million (2022: \u00a3461 million) and its financial position was well within its covenants. The leverage and interest cover tests will be tested again on 30 June 2024. The \u00a3500 million 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 2022, however 2023 emissions will not be verified until July 2024. 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 2024 (in line with the viability assessment period). The mid case scenario is based on the 2024 Board approved budget and 2024 to 2026 strategic plan, also approved by the Board. 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. 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 and a decline in advertising revenue in comparison to 2023. The severe but plausible scenarios do not assume the adoption of a range of mitigations available to the Board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-594": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-661": { "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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-651": { "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:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-630": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-662": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: \u2022 Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non-current assets and liabilities or equity investments in non-current assets \u2022 Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables \u2022 Financial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables \u2022 Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. 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:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-652": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: \u2022 Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non-current assets and liabilities or equity investments in non-current assets \u2022 Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables \u2022 Financial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables \u2022 Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-595": { "value": "Current/non-current distinction Current assets include assets held primarily for trading purposes, cash and cash equivalents, and assets expected to be realised in, or intended for sale or use in, the course of the Group\u2019s operating cycle. All other assets are classified as non-current assets. Current liabilities include liabilities held primarily for trading purposes, liabilities expected to be settled in the course of the Group\u2019s operating cycle and those liabilities due within one year from the reporting date. All other liabilities are classified as non-current liabilities. Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: \u2022 Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non-current assets and liabilities or equity investments in non-current assets \u2022 Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables \u2022 Financial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables \u2022 Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-631": { "value": "Classification of financial instruments The financial assets and liabilities of the Group are classified into the following financial statement captions in the Consolidated Statement of Financial Position in accordance with IFRS 9 \u2018Financial Instruments\u2019: \u2022 Financial assets/liabilities at fair value through OCI \u2013 measured at fair value through other comprehensive income \u2013 separately disclosed as financial assets/liabilities in current and non-current assets and liabilities or equity investments in non-current assets \u2022 Financial assets/liabilities at fair value through profit or loss \u2013 separately disclosed as derivative financial instruments in current and non-current assets and liabilities and included in other payables (put option liabilities and contingent consideration) or convertible loan receivable within other receivables \u2022 Financial assets measured at amortised cost \u2013 separately disclosed as cash and cash equivalents and trade and other receivables \u2022 Financial liabilities measured at amortised cost \u2013 separately disclosed as borrowings and trade and other payables Judgement is required when determining the appropriate classification of the Group\u2019s financial instruments, requiring assessment of contractual provisions that do or may change the timing or amount of contractual cash flows. Details of the accounting policies for measurement of the above instruments are set out in the relevant note. Where unconditional rights to set off financial instruments exist, and the Group intends to either settle on a net basis or realise the asset and settle the liability simultaneously, the Group presents the relevant instruments net in the Consolidated Statement of Financial Position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-632": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-596": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-597": { "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 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 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 income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-633": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-598": { "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 and therefore may have a material impact on the financial statements in the next 12 months 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 The classification of income or
(See note 2.2) expenses as exceptional items
Defined benefit pension Estimates of the assumptions for valuing the
(See note 3.7) defined benefit obligation
Provisions related to The basis for calculating Estimates of the amount required to settle the
Box Clever the provision potential liability
(see note 3.6)
Employee-related The individuals who are included in Estimates of the amounts required to settle
provisions (See note 3.6) the calculation the liability
Acquisition-related Whether future amounts payable Estimates of cash-flow forecasts to support the
liabilities are linked to employment calculation of the future liabilities
(See note 3.1.4 and 3.1.5)
Transmission Whether the transponder contracts
commitments should be classified as leases in
(See note 3.1.1) 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 estimation of net realisable values for programme rights, allocation of programme rights between linear and ITVX, impairment of intangible assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-634": { "value": "New or amended accounting standards The following new standards and/or amendments were effective 1 January 2023, but have not had a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Accounting standard
Requirement
Impact on financial statements
IFRS 17 \u2018Insurance IFRS 17 \u2018Insurance Contracts\u2019 is a comprehensive new No material change to the
Contracts\u2019 and related accounting standard covering recognition, measurement, Group\u2019s financial position
amendments presentation and disclosures. This standard replaces IFRS or performance.
4 \u2018Insurance Contracts\u2019.
Amendments to IAS 1 The amendments aim to help entities provide accounting No material change to the
\u2018Presentation of Financial policy disclosures that are more useful by replacing the Group\u2019s financial position
Statements\u2019 and IFRS requirement for entities to disclose their \u2018significant\u2019 or performance.
Practice Statement 2 accounting policies with a requirement to disclose their
\u2018Making Materiality \u2018material\u2019 accounting policies. The IFRS Practice Statement 2
Judgements\u2019 has been amended by adding guidance and examples to
explain and demonstrate the application of the \u2018four-step
materiality process\u2019 in making decisions about accounting
policy disclosures.
Amendments to IAS 8 The amendments introduce a new definition of accounting No material change to the
\u2018Accounting Policies, estimates and clarify how entities use measurement Group\u2019s financial position
Changes in Accounting techniques and inputs to develop accounting estimates. or performance.
Estimates and Errors\u2019
Amendments to IAS 12 The amendments aim to narrow the scope of the initial No material change to the
\u2018Income taxes\u2019 \u2013 Initial recognition exception under IAS 12 so that it no longer Group\u2019s financial position
recognition exception applies to transactions that give rise to equal taxable and or performance.
deductible temporary differences.
Amendments to IAS 12 The amendments provide a temporary exception from The Group has applied the
\u2018Income Taxes\u2019- Pillar Two the requirement to recognise and disclose deferred taxes exception under IAS 12 to
income taxes arising from enacted or substantively enacted tax law recognising and disclosing
that implements the Pillar Two model rules published by information about
the OECD, including tax law that implements qualified deferred tax assets and
domestic minimum top-up taxes described in those rules. liabilities related to top-up
income taxes.
Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date, however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-599": { "value": "New or amended accounting standards The following new standards and/or amendments were effective 1 January 2023, but have not had a significant impact on the Group\u2019s results or Consolidated Statement of Financial Position.
Accounting standard
Requirement
Impact on financial statements
IFRS 17 \u2018Insurance IFRS 17 \u2018Insurance Contracts\u2019 is a comprehensive new No material change to the
Contracts\u2019 and related accounting standard covering recognition, measurement, Group\u2019s financial position
amendments presentation and disclosures. This standard replaces IFRS or performance.
4 \u2018Insurance Contracts\u2019.
Amendments to IAS 1 The amendments aim to help entities provide accounting No material change to the
\u2018Presentation of Financial policy disclosures that are more useful by replacing the Group\u2019s financial position
Statements\u2019 and IFRS requirement for entities to disclose their \u2018significant\u2019 or performance.
Practice Statement 2 accounting policies with a requirement to disclose their
\u2018Making Materiality \u2018material\u2019 accounting policies. The IFRS Practice Statement 2
Judgements\u2019 has been amended by adding guidance and examples to
explain and demonstrate the application of the \u2018four-step
materiality process\u2019 in making decisions about accounting
policy disclosures.
Amendments to IAS 8 The amendments introduce a new definition of accounting No material change to the
\u2018Accounting Policies, estimates and clarify how entities use measurement Group\u2019s financial position
Changes in Accounting techniques and inputs to develop accounting estimates. or performance.
Estimates and Errors\u2019
Amendments to IAS 12 The amendments aim to narrow the scope of the initial No material change to the
\u2018Income taxes\u2019 \u2013 Initial recognition exception under IAS 12 so that it no longer Group\u2019s financial position
recognition exception applies to transactions that give rise to equal taxable and or performance.
deductible temporary differences.
Amendments to IAS 12 The amendments provide a temporary exception from The Group has applied the
\u2018Income Taxes\u2019- Pillar Two the requirement to recognise and disclose deferred taxes exception under IAS 12 to
income taxes arising from enacted or substantively enacted tax law recognising and disclosing
that implements the Pillar Two model rules published by information about
the OECD, including tax law that implements qualified deferred tax assets and
domestic minimum top-up taxes described in those rules. liabilities related to top-up
income taxes.
Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date, however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-635": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "ITV Studios ITV Studios is a scaled and global creator, owner and distributor of high-quality TV content. ITV Studios is the largest producer in the UK, one of the largest unscripted producers in the US and one of the top three producers in the majority of the international markets in which it operates. ITV Studios has established relationships with key content buyers and leading creative talent in those markets; and with a combined content library of over 90,000 hours, it is also one of the pre-eminent global distributors. ITV Studios UK, the largest producer in the UK, produces programming for the Group\u2019s own channels, accounting for 70% of ITV main channel spend on commissioned programming (2022: 65%). Programming is also sold to other UK broadcasters, networks and streaming platforms. ITV Studios US is one of the largest unscripted producers in the US and continues to grow its scripted presence by investing in high-profile dramas. ITV Studios also operates in ten other international locations, together called ITV Studios International, being Australia, Germany, France, Italy, Spain, the Netherlands, Sweden, Norway, Finland and Denmark where content is produced for local and international broadcasters, networks and streaming platforms. This content is either locally created IP or formats that have been created elsewhere by ITV, primarily in the UK, the Netherlands and in Israel. ITV Studios Global Partnerships license ITV\u2019s finished programmes, formats and third-party content internationally. Within this business, the Group also finances productions both on and off ITV to acquire global distribution rights. Media & Entertainment ITV is the largest commercial broadcaster and streamer in the UK, delivering unrivalled audience scale and reach. Media & Entertainment (M&E) includes Streaming and Broadcast through which we distribute content via ITVX, our free advertiser-funded streaming service, and via our free-to-air linear TV channels. Our content is also distributed on third-party partner platforms such as Sky and Virgin. ITVX also includes a subscription tier, ITVX Premium, which provides subscribers with all of ITVX\u2019s programming ad-free along with other exclusive content. ITV offers advertisers a unique combination of mass simultaneous reach, targeted advertising, and commercial and creative partnerships, in a brand-safe environment across ITVX and our linear TV channels. Digital revenue is predominantly made up of digital advertising revenues, subscription revenue and digital sponsorship and commercial partnerships. Non-digital advertising revenue is predominantly made up of advertising, sponsorship and commercial partnership revenue from our linear television channels. Other revenue is predominantly made up of competitions around our linear television programming and third party licensing revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "value": "
Accounting policies
Revenue measurement and recognition
The Group derives revenue from the transfer of goods and services. Revenue recognition is based on the delivery of
performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised
either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019
as control of the performance obligation is transferred to the customer.
Customer contracts can have a wide variety of performance obligations, from production contracts to format
licences and distribution activities. For these contracts, each performance obligation is identified and evaluated.
Under IFRS 15 the Group needs to evaluate if a format or licence represents a right to access the content (revenue
recognised over time) or represents a right to use the content (revenue recognised at a point in time). The Group has
determined that most format and licence revenues are satisfied at a point in time due to there being limited ongoing
involvement in the use of the licence following its transfer to the customer.
The transaction price, being the amount to which the Group expects to be entitled and has rights to under the
contract is allocated to the identified performance obligations. The transaction price will also include an estimate of
any variable consideration where the Group\u2019s performance may result in additional revenues. Variable consideration
is estimated based on the achievement of agreed targets, such as audience targets. Variable consideration is
recognised only to the extent that it is highly probable that a significant reversal of revenue recognised will not occur
when the uncertainty associated with the variable consideration is subsequently resolved.
Revenue is stated exclusive of VAT and equivalent sales taxes.
Complexity in advertising revenue measurement and recognition is driven by a combination of automated and
manual processes involved in measuring the value delivered to the customer and therefore the value of variable
consideration due.
In assessing the transaction price, any non-cash consideration received from a customer is included. Non-cash
consideration is measured at fair value. It takes into account the value of what the Group is receiving rather than the
value of what the Group is giving up.
Complex one-off contracts in all classes of revenue are assessed individually and judgement is exercised in
identifying performance obligations and allocating price to them. Timing of revenue recognition is another area of
judgement particularly in respect of contracts in the ITV Studios division to assess whether revenue should be
recognised at a point in time or over time.
Revenue recognition criteria for the key classes of revenue are as follows:
Segment
Major classes of revenue and revenue recognition policy
Payment terms
ITV Studios
Programme
\u2022
Revenue generated from the programmes produced for broadcasters
\u2022
Payment term is
production and streaming platforms in the UK, US and internationally is over the term of
recognised at the point of delivery of an episode and acceptance by the contract
the customer. Revenue from producer for hire contracts, where in an
event of cancellation, cost is recovered plus a margin, is recognised
over time, over the term of the contract
Format licences
\u2022
A licence is granted for the exploitation of a format in a stated territory,
\u2022
Payment term is
media and period. Licence revenue is recognised when the licence
over the term of
period has commenced (point in time)
the contract
Programme
\u2022
A licence is granted for the transmission of a programme in a stated
\u2022
Payment term is
distribution territory, media and period and revenue is recognised at the point over the term of
rights when the contract is signed, the content is available for download and the contract
the licence period has started (point in time)
Segment
Major classes of revenue and revenue recognition policy
Payment terms
Media & Entertainment
Total advertising
\u2022
Net advertising revenue is generated from selling spot airtime on linear
\u2022
Received in the
revenue
TV and is recognised at the point of transmission
month after
\u2022
Online advertising revenue from video on demand is generated from
transmission
selling advertising on ITVX (ITV Hub before the launch of ITVX in
\u2022
Received in the
December 2022) and is recognised at the point of delivery
month after
\u2022
Revenue from the sponsorship of programmes across ITV linear
campaign is delivered
channels and online is recognised over the period of transmission
\u2022
Received prior to
transmission
Subscriptions
\u2022
Revenue from subscription services is recognised over the
\u2022
Payment term is
subscription period over the term of
the contract or
subscription period
SDN
\u2022
Revenue is generated from the carriage fee or capacity of the digital
\u2022
Payment term is
multiplex and is recognised over the term of the contract over the term of
the contract
Partnerships and
\u2022
Revenue from platforms such as Sky and Virgin Media O2, and
\u2022
Payment term is
other revenue third-party commissions. Revenue related to performance obligations over the term of
delivered over time (e.g. provision of HD and SD channels and updated the contract
library content) are recognised over the term of the contract while
revenues related to one-time provision of content are recognised on
delivery of the content (point in time)
\u2022
Interactive revenue is earned from entries to competitions and is
\u2022
Payment term is
recognised as the event occurs (point in time) within two months
\u2022
Minorities revenues is the revenue received from Channel 3 licencees
of the competition
that are not part of the ITV Group. The performance obligations are being aired
delivered as programming is delivered to the licensee and revenue is
\u2022
Payment term is
recognised over the term of the contract (over time) over the term of
\u2022
Other categories of revenues within \u2018Partnerships and other revenue\u2019
the contract
are individually immaterial
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 18 to 31 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.
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.
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.
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.
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.
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:
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 Group\u2019s balance sheet 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.
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.
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
Customer Straight-line or up to 6 years at the date of acquisition are estimated. If applicable,
contracts reducing balance a contributory charge is deducted for the use of other
as appropriate assets needed to exploit the cash flow. The net cash
Customer relationships
Straight-line
5 to 10 years
flow is then discounted back to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those contracts
arrangements depending on the existing at the date of acquisition are estimated.
contract terms 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
Start-up basis of expected future cash flows existing
depending on at the date of acquisition. If applicable, a contributory
term of licence 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
up to 20 years
Initially at cost and subsequently at cost less
straight-line as accumulated amortisation
appropriate
Software licences and
Straight-line
1 to 10 years
Initially at cost and subsequently at cost less
development 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. Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash- generating unit (CGU), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. There is a wide range of potential outcomes regarding the possible future performance of each of ITV Group\u2019s cash- generating units, Media & Entertainment, ITV Studios and SDN. In the impairment review the Directors used the scenarios utilised for the viability statement. The Directors, however, do not consider that any reasonably possible changes in the key assumptions would cause the recoverable amount of the Group\u2019s cash-generating units to fall below their carrying values and therefore they are not considered key sources of estimation uncertainty. Accounting policies The Group measures non-current assets that are classified as held for sale at the lower of their carrying amount and fair value less costs to sell. On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited.
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.
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.
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 2023, total contributions expensed were \u00a325 million (2022: \u00a329 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 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 IAS 19 surplus or deficit does not drive the deficit funding contribution. Following the above triennial valuation of
Section A of the ITV Pensions Scheme, ITV paid deficit reduction contributions of \u00a340 million in 2023, and expects
the deficit reduction contributions to be \u00a353 million in 2024 and \u00a328 million in 2025.
The next triennial valuation of the ITV Pension Scheme as at 31 December 2022 by an independent actuary
appointed by the Trustee of the Scheme is currently underway and is expected to be agreed in the coming months.
The Group will then update any required deficit reduction contributions in line with the valuation.
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 \u00a348 million (2022: \u00a347 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 January 2024, the triennial valuation of the
UTV Scheme as at 30 June 2023 was completed. The Scheme had assets of \u00a391 million as at the valuation date
and \u00a388 million of liabilities resulting in an agreed Technical Provisions surplus of \u00a33 million and hence there are
no deficit contributions payable.
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.
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.
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.
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.
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:
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.
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.
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, exercises were satisfied by
using shares purchased in the market and held in the ITV Employees\u2019 Benefit Trust as well as the issue of new shares.
Share-based compensation charges totalled \u00a316 million in 2023 (2022: \u00a319 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "Revenue measurement and recognition The Group derives revenue from the transfer of goods and services. Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer. Customer contracts can have a wide variety of performance obligations, from production contracts to format licences and distribution activities. For these contracts, each performance obligation is identified and evaluated. Under IFRS 15 the Group needs to evaluate if a format or licence represents a right to access the content (revenue recognised over time) or represents a right to use the content (revenue recognised at a point in time). The Group has determined that most format and licence revenues are satisfied at a point in time due to there being limited ongoing involvement in the use of the licence following its transfer to the customer. The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenues. Variable consideration is estimated based on the achievement of agreed targets, such as audience targets. Variable consideration is recognised only to the extent that it is highly probable that a significant reversal of revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue is stated exclusive of VAT and equivalent sales taxes. Complexity in advertising revenue measurement and recognition is driven by a combination of automated and manual processes involved in measuring the value delivered to the customer and therefore the value of variable consideration due. In assessing the transaction price, any non-cash consideration received from a customer is included. Non-cash consideration is measured at fair value. It takes into account the value of what the Group is receiving rather than the value of what the Group is giving up. Complex one-off contracts in all classes of revenue are assessed individually and judgement is exercised in identifying performance obligations and allocating price to them. Timing of revenue recognition is another area of judgement particularly in respect of contracts in the ITV Studios division to assess whether revenue should be recognised at a point in time or over time. Revenue recognition criteria for the key classes of revenue are as follows:
Segment
Major classes of revenue and revenue recognition policy
Payment terms
ITV Studios
Programme
\u2022
Revenue generated from the programmes produced for broadcasters
\u2022
Payment term is
production and streaming platforms in the UK, US and internationally is over the term of
recognised at the point of delivery of an episode and acceptance by the contract
the customer. Revenue from producer for hire contracts, where in an
event of cancellation, cost is recovered plus a margin, is recognised
over time, over the term of the contract
Format licences
\u2022
A licence is granted for the exploitation of a format in a stated territory,
\u2022
Payment term is
media and period. Licence revenue is recognised when the licence
over the term of
period has commenced (point in time)
the contract
Programme
\u2022
A licence is granted for the transmission of a programme in a stated
\u2022
Payment term is
distribution territory, media and period and revenue is recognised at the point over the term of
rights when the contract is signed, the content is available for download and the contract
the licence period has started (point in time)
Segment
Major classes of revenue and revenue recognition policy
Payment terms
Media & Entertainment
Total advertising
\u2022
Net advertising revenue is generated from selling spot airtime on linear
\u2022
Received in the
revenue
TV and is recognised at the point of transmission
month after
\u2022
Online advertising revenue from video on demand is generated from
transmission
selling advertising on ITVX (ITV Hub before the launch of ITVX in
\u2022
Received in the
December 2022) and is recognised at the point of delivery
month after
\u2022
Revenue from the sponsorship of programmes across ITV linear
campaign is delivered
channels and online is recognised over the period of transmission
\u2022
Received prior to
transmission
Subscriptions
\u2022
Revenue from subscription services is recognised over the
\u2022
Payment term is
subscription period over the term of
the contract or
subscription period
SDN
\u2022
Revenue is generated from the carriage fee or capacity of the digital
\u2022
Payment term is
multiplex and is recognised over the term of the contract over the term of
the contract
Partnerships and
\u2022
Revenue from platforms such as Sky and Virgin Media O2, and
\u2022
Payment term is
other revenue third-party commissions. Revenue related to performance obligations over the term of
delivered over time (e.g. provision of HD and SD channels and updated the contract
library content) are recognised over the term of the contract while
revenues related to one-time provision of content are recognised on
delivery of the content (point in time)
\u2022
Interactive revenue is earned from entries to competitions and is
\u2022
Payment term is
recognised as the event occurs (point in time) within two months
\u2022
Minorities revenues is the revenue received from Channel 3 licencees
of the competition
that are not part of the ITV Group. The performance obligations are being aired
delivered as programming is delivered to the licensee and revenue is
\u2022
Payment term is
recognised over the term of the contract (over time) over the term of
\u2022
Other categories of revenues within \u2018Partnerships and other revenue\u2019
the contract
are individually immaterial
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-600": { "value": "The results for the year aggregate these classes of revenue into the following categories:
2023 2023 2022 2022
\u00a3m % of total \u00a3m % of total
ITV Studios UK
962
822
ITV Studios US
395
467
ITV Studios International
445
465
Global Partnerships
*
368
342
Total ITV Studios
2,170
51%
2,096
48%
Total advertising revenue (TAR)
1,778
42%
1,931
44%
Subscriptions
59
54
SDN
48
55
Partnerships and other revenue
205
209
Media & Entertainment
2,090
49%
2,249
52%
Total revenue
4,260
4,345
** *** * Global Formats and Distribution was rebranded as Global Partnerships in the year ** ITV Studios UK, ITV Studios US and Studios International revenues are mainly programme production. Global Partnerships revenue is from programme distribution rights, format licences and gaming, live events and merchandising. *** Includes internal supply as discussed in the APMs (page 43). Digital revenues of \u00a3490 million (2022: \u00a3411 million) include digital advertising revenue and subscription revenue, digital sponsorship and partnership revenue, ITV Win and other revenues from digital business ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "The results for the year aggregate these classes of revenue into the following categories:
2023 2023 2022 2022
\u00a3m % of total \u00a3m % of total
ITV Studios UK
962
822
ITV Studios US
395
467
ITV Studios International
445
465
Global Partnerships
*
368
342
Total ITV Studios
2,170
51%
2,096
48%
Total advertising revenue (TAR)
1,778
42%
1,931
44%
Subscriptions
59
54
SDN
48
55
Partnerships and other revenue
205
209
Media & Entertainment
2,090
49%
2,249
52%
Total revenue
4,260
4,345
** *** * Global Formats and Distribution was rebranded as Global Partnerships in the year ** ITV Studios UK, ITV Studios US and Studios International revenues are mainly programme production. Global Partnerships revenue is from programme distribution rights, format licences and gaming, live events and merchandising. *** Includes internal supply as discussed in the APMs (page 43). Digital revenues of \u00a3490 million (2022: \u00a3411 million) include digital advertising revenue and subscription revenue, digital sponsorship and partnership revenue, ITV Win and other revenues from digital business ventures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "Segmental information Operating segments, which have not been aggregated, are determined in a manner that is consistent with how the business is managed and reported to the Management Board. The Management Board is regarded as the chief operating decision-maker and considers the business, primarily from an operating activity perspective. The Groups' segments are Media & Entertainment and ITV Studios, the results of which are outlined in the following tables:
Media &
ITV Studios
*
Entertainment Consolidated
2023 2023 2023
\u00a3m \u00a3m \u00a3m
Total segment revenue
2,170
2,090
4,260
Intersegment revenue
(629)
(7)
(636)
Revenue from external customers
1,541
2,083
3,624
Adjusted EBITA
286
205
491
Unrealised profit in stock adjustment (2)
Group adjusted EBITA 489
** ***
Media &
ITV Studios* Entertainment Consolidated
2022 2022 2022
\u00a3m \u00a3m \u00a3m
Total segment revenue
2,096
2,249
4,345
Intersegment revenue
(611)
(6)
(617)
Revenue from external customers
1,485
2,243
3,728
Adjusted EBITA
259
464
723
Unrealised profit in stock adjustment (6)
Group adjusted EBITA 717
** *** * Intersegment revenue originates mainly in the UK. ** Adjusted EBITA is EBITA adjusted to exclude exceptional items and includes the benefit of production tax credits. It is stated after the elimination of intersegment revenue and costs. *** Group adjusted EBITA removes the profit recorded in the ITV Studios business related to content sold to the Media & Entertainment business but unutilised and held on the balance sheet at the year end. A reconciliation of Group adjusted EBITA to statutory profit before tax is provided on page 43. The Group\u2019s principal operations are in the United Kingdom. Revenue from external customers in the United Kingdom is \u00a32,272 million (2022: \u00a32,376 million) and revenue from external customers in other countries is \u00a31,352 million (2022: \u00a31,352 million), of which revenue of \u00a3641 million (2022: \u00a3655 million) was generated in the US during the year. The Operating and Financial Performance Review provides further detail on ITV\u2019s international revenues. Intersegment revenue, which is earned on arm\u2019s length terms, is mainly generated from the supply of ITV Studios programmes to Media & Entertainment for transmission primarily on the ITV network. This revenue stream is a measure that informs the Group\u2019s strategic priority of building a strong international content business, as producing and retaining rights to the shows broadcast on the ITV network benefits the Group further from subsequent international content and format sales. In preparing the segmental information, centrally managed costs have been allocated between reportable segments on a methodology driven principally by revenue, headcount or building occupancy of each segment. This is consistent with the basis of reporting to the Board of Directors. There is one media buying agency (2022: two) acting on behalf of a number of advertisers that represent the Group\u2019s major customers. This agency is the only customer that individually represents over 10% of the Group\u2019s revenue. Revenue of approximately \u00a3478 million was derived from this customer in 2023. In 2022, there were two media buying agencies that represented over 10% of the Group\u2019s revenue with \u00a3548 million and \u00a3355 million respectively. This revenue is attributable to the Media & Entertainment segment. The following table shows the total of non-current assets other than financial instruments, deferred tax assets, and pension assets broken down by location of the assets:
2023 2022
\u00a3m \u00a3m
UK
1,372
1,415
US
391
472
Rest of the world
137
155
Total non-current assets
1,900
2,042
Timing of revenue recognition The following table includes classes of revenue from contracts disaggregated by the timing of recognition:
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Products and services Products and services
transferred at a point in time transferred over time
Total advertising revenue, subscriptions, SDN and other M&E
1,755
1,902
328
341
Programme production, programme distribution rights
1,187
1,169
266
236
Format licences
82
76
6
4
Total external revenue
3,024
3,147
600
581
Forward bookings The following table includes revenue from contracts signed before the reporting date that is to be recognised in periods after the reporting date (i.e. the performance obligations remain unsatisfied or partially unsatisfied at the reporting date):
2024 2025 2026 Beyond
\u00a3m \u00a3m \u00a3m \u00a3m
Media & Entertainment
92
73
53
29
ITV Studios
151
180
39
12
Total revenue
243
253
92
41
Internal supply
(43)
(52)
\u2013
\u2013
Total external revenue
200
201
92
41
The Group applies the practical expedients in IFRS 15 and, therefore, does not disclose information about remaining performance obligations that have original expected durations of less than one year or where the price is not yet known (e.g. net advertising revenue (NAR)).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "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 18 to 31 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 2023 2022
\u00a3m \u00a3m
Group adjusted EBITA
489
717
Production tax credits
(85)
(49)
EBITA before exceptional items
404
668
Operating exceptional items
2.2
(77)
(65)
Amortisation and impairment
(89)
(84)
Net financing costs
4.4
(45)
(26)
Share of profits of joint ventures and associated undertakings
\u2013
8
Statutory profit before tax
193
501
", "dimensions": { "concept": "itvplc:DisclosureOfGroupAdjustedEBITDA", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "value": "
Cash generated from operations
A reconciliation of profit before tax to cash generated from operations before exceptional items is as follows:
Note 2023 2022
\u00a3m \u00a3m
Cash flows from operating activities
Statutory profit before tax
193
501
Add back:
Share of profits of joint ventures and associated undertakings
\u2013
(8)
Net financing costs
4.4
45
26
Operating exceptional items
2.2
77
65
Depreciation of property, plant and equipment (net of exceptional items)
3.2
46
53
Amortisation and impairment
89
84
Share-based compensation
4.8
16
19
Increase in programme rights and distribution rights
(33)
(70)
Decrease/(increase) in receivables, contract assets and production inventories
274
(133)
(Decrease)/increase in payables and contract liabilities
(151)
53
Movement in working capital
90
(150)
Cash generated from operations before exceptional items
556
590
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-601": { "value": "Cash generated from operations A reconciliation of profit before tax to cash generated from operations before exceptional items is as follows:
Note 2023 2022
\u00a3m \u00a3m
Cash flows from operating activities
Statutory profit before tax
193
501
Add back:
Share of profits of joint ventures and associated undertakings
\u2013
(8)
Net financing costs
4.4
45
26
Operating exceptional items
2.2
77
65
Depreciation of property, plant and equipment (net of exceptional items)
3.2
46
53
Amortisation and impairment
89
84
Share-based compensation
4.8
16
19
Increase in programme rights and distribution rights
(33)
(70)
Decrease/(increase) in receivables, contract assets and production inventories
274
(133)
(Decrease)/increase in payables and contract liabilities
(151)
53
Movement in working capital
90
(150)
Cash generated from operations before exceptional items
556
590
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "value": "Operating costs The major components of operating costs of \u00a33,386 million (2022: \u00a33,209 million) are content costs of \u00a31,293 million (2022: \u00a31,216 million), other net costs of production of \u00a31,496 million (2022: \u00a31,444 million), staff costs of \u00a3385 million (2022: \u00a3347 million), depreciation, amortisation and impairment of \u00a3135 million (2022: \u00a3137 million) and operating exceptional items of \u00a377 million (2022: \u00a365 million). Staff costs Staff costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
548
497
Social security and other costs
98
80
Share-based compensation (see note 4.8)
16
19
Pension costs
31
35
Total staff costs
*
693
631
Less: staff costs allocated to productions, exceptional items or capitalised
(308)
(284)
Net staff costs
385
347
* Staff costs includes the management board including two executive directors but excludes the non-executives and the Chairman. Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2023
2022
ITV Studios
4,017
4,042
Media & Entertainment
2,852
2,635
6,869
6,677
The monthly average number of people employed over the year is:
2023
2022
ITV Studios
4,248
4,144
Media & Entertainment
2,939
2,681
7,187
6,825
The increase in headcount is due to a continued investment in digital and technical expertise to drive our digital revenue primarily on ITVX.
Depreciation
Depreciation in the year was \u00a346 million (2022: \u00a353 million), of which \u00a328 million (2022: \u00a333 million) relates to ITV
Studios and \u00a318 million (2022: \u00a320 million) to Media & Entertainment. A further \u00a36 million (2022: \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 has been included in exceptional items. See notes 2.2 and 3.2 for further details.
Audit fees
The Group\u2019s auditors are PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on
assignments additional to its statutory audit duties where its expertise and experience with the Group are important
and are in line with the Group\u2019s policy on auditor independence. In 2023, non-audit fees of \u00a31.3 million (2022: \u00a3nil)
were paid to PricewaterhouseCoopers LLP for services related to a proposed acquisition. Fees for audit-related
assurance services of \u00a30.2 million (2022: \u00a30.2 million), being the review of the interim results for the six months to
30 June 2023 were also incurred. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are
set out below:
PwC PwC
2023 2022
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
2.1
1.8
For the audit of subsidiaries of the Group
1.7
1.3
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
4.0
3.3
Other assurance services
1.3
\u2013
Total non-audit services*
1.3
\u2013
Total fees paid to auditors
5.3
3.3
* See details of non-audit services policy in the Audit and Risk Committee Report on page 116.
Other than noted above, there were no fees payable in 2023 or 2022 to PricewaterhouseCoopers LLP or their associates
for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-653": { "value": "Operating costs The major components of operating costs of \u00a33,386 million (2022: \u00a33,209 million) are content costs of \u00a31,293 million (2022: \u00a31,216 million), other net costs of production of \u00a31,496 million (2022: \u00a31,444 million), staff costs of \u00a3385 million (2022: \u00a3347 million), depreciation, amortisation and impairment of \u00a3135 million (2022: \u00a3137 million) and operating exceptional items of \u00a377 million (2022: \u00a365 million). Staff costs Staff costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
548
497
Social security and other costs
98
80
Share-based compensation (see note 4.8)
16
19
Pension costs
31
35
Total staff costs
*
693
631
Less: staff costs allocated to productions, exceptional items or capitalised
(308)
(284)
Net staff costs
385
347
* Staff costs includes the management board including two executive directors but excludes the non-executives and the Chairman. Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2023
2022
ITV Studios
4,017
4,042
Media & Entertainment
2,852
2,635
6,869
6,677
The monthly average number of people employed over the year is:
2023
2022
ITV Studios
4,248
4,144
Media & Entertainment
2,939
2,681
7,187
6,825
The increase in headcount is due to a continued investment in digital and technical expertise to drive our digital revenue primarily on ITVX. Depreciation Depreciation in the year was \u00a346 million (2022: \u00a353 million), of which \u00a328 million (2022: \u00a333 million) relates to ITV Studios and \u00a318 million (2022: \u00a320 million) to Media & Entertainment. A further \u00a36 million (2022: \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 has been included in exceptional items. See notes 2.2 and 3.2 for further details. Audit fees The Group\u2019s auditors are PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. In 2023, non-audit fees of \u00a31.3 million (2022: \u00a3nil) were paid to PricewaterhouseCoopers LLP for services related to a proposed acquisition. Fees for audit-related assurance services of \u00a30.2 million (2022: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2023 were also incurred. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2023 2022
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
2.1
1.8
For the audit of subsidiaries of the Group
1.7
1.3
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
4.0
3.3
Other assurance services
1.3
\u2013
Total non-audit services*
1.3
\u2013
Total fees paid to auditors
5.3
3.3
* See details of non-audit services policy in the Audit and Risk Committee Report on page 116. Other than noted above, there were no fees payable in 2023 or 2022 to PricewaterhouseCoopers LLP or their associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-636": { "value": "Operating costs The major components of operating costs of \u00a33,386 million (2022: \u00a33,209 million) are content costs of \u00a31,293 million (2022: \u00a31,216 million), other net costs of production of \u00a31,496 million (2022: \u00a31,444 million), staff costs of \u00a3385 million (2022: \u00a3347 million), depreciation, amortisation and impairment of \u00a3135 million (2022: \u00a3137 million) and operating exceptional items of \u00a377 million (2022: \u00a365 million). Staff costs Staff costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
548
497
Social security and other costs
98
80
Share-based compensation (see note 4.8)
16
19
Pension costs
31
35
Total staff costs
*
693
631
Less: staff costs allocated to productions, exceptional items or capitalised
(308)
(284)
Net staff costs
385
347
* Staff costs includes the management board including two executive directors but excludes the non-executives and the Chairman. Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted average FTEE over the year is:
2023
2022
ITV Studios
4,017
4,042
Media & Entertainment
2,852
2,635
6,869
6,677
The monthly average number of people employed over the year is:
2023
2022
ITV Studios
4,248
4,144
Media & Entertainment
2,939
2,681
7,187
6,825
The increase in headcount is due to a continued investment in digital and technical expertise to drive our digital revenue primarily on ITVX. Depreciation Depreciation in the year was \u00a346 million (2022: \u00a353 million), of which \u00a328 million (2022: \u00a333 million) relates to ITV Studios and \u00a318 million (2022: \u00a320 million) to Media & Entertainment. A further \u00a36 million (2022: \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 has been included in exceptional items. See notes 2.2 and 3.2 for further details. Audit fees The Group\u2019s auditors are PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. In 2023, non-audit fees of \u00a31.3 million (2022: \u00a3nil) were paid to PricewaterhouseCoopers LLP for services related to a proposed acquisition. Fees for audit-related assurance services of \u00a30.2 million (2022: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2023 were also incurred. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2023 2022
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
2.1
1.8
For the audit of subsidiaries of the Group
1.7
1.3
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
4.0
3.3
Other assurance services
1.3
\u2013
Total non-audit services*
1.3
\u2013
Total fees paid to auditors
5.3
3.3
* See details of non-audit services policy in the Audit and Risk Committee Report on page 116. Other than noted above, there were no fees payable in 2023 or 2022 to PricewaterhouseCoopers LLP or their associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-602": { "value": "
Staff costs
Staff costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Wages and salaries
548
497
Social security and other costs
98
80
Share-based compensation (see note 4.8)
16
19
Pension costs
31
35
Total staff costs
*
693
631
Less: staff costs allocated to productions, exceptional items or capitalised
(308)
(284)
Net staff costs
385
347
* Staff costs includes the management board including two executive directors but excludes the non-executives and the Chairman.
Full-time equivalent employees (FTEE) include those FTEEs that are allocated to the cost of productions during the
year; however, they exclude short-term contractors and freelancers who are engaged on productions. The weighted
average FTEE over the year is:
2023
2022
ITV Studios
4,017
4,042
Media & Entertainment
2,852
2,635
6,869
6,677
The monthly average number of people employed over the year is:
2023
2022
ITV Studios
4,248
4,144
Media & Entertainment
2,939
2,681
7,187
6,825
The increase in headcount is due to a continued investment in digital and technical expertise to drive our digital
revenue primarily on ITVX.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-603": { "value": "Depreciation Depreciation in the year was \u00a346 million (2022: \u00a353 million), of which \u00a328 million (2022: \u00a333 million) relates to ITV Studios and \u00a318 million (2022: \u00a320 million) to Media & Entertainment. A further \u00a36 million (2022: \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 has been included in exceptional items. See notes 2.2 and 3.2 for further details.
B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a319 million (2022: \u00a345 million)
Amortisation and impairment of assets acquired through business combinations and investments of \u00a389 million
(2022: \u00a384 million), excluding amortisation of software licences and development of \u00a364 million (2022: \u00a327 million),
net of related tax credit of \u00a36 million (2022: \u00a312 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-604": { "value": "Audit fees The Group\u2019s auditors are PricewaterhouseCoopers LLP. The Group may engage PricewaterhouseCoopers LLP on assignments additional to its statutory audit duties where its expertise and experience with the Group are important and are in line with the Group\u2019s policy on auditor independence. In 2023, non-audit fees of \u00a31.3 million (2022: \u00a3nil) were paid to PricewaterhouseCoopers LLP for services related to a proposed acquisition. Fees for audit-related assurance services of \u00a30.2 million (2022: \u00a30.2 million), being the review of the interim results for the six months to 30 June 2023 were also incurred. Fees paid to PricewaterhouseCoopers LLP and its associates during the year are set out below:
PwC PwC
2023 2022
\u00a3m \u00a3m
For the audit of the Group\u2019s annual financial statements
2.1
1.8
For the audit of subsidiaries of the Group
1.7
1.3
Audit-related assurance services
0.2
0.2
Total audit and audit-related assurance services
4.0
3.3
Other assurance services
1.3
\u2013
Total non-audit services*
1.3
\u2013
Total fees paid to auditors
5.3
3.3
* See details of non-audit services policy in the Audit and Risk Committee Report on page 116. Other than noted above, there were no fees payable in 2023 or 2022 to PricewaterhouseCoopers LLP or their associates for the audit of financial statements of any associate or pension scheme of the Group, or internal audit activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "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 18 to 31 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "value": "Exceptional items Operating exceptional items are analysed as follows:
2023 2022
(Charge)/credit Ref. \u00a3m \u00a3m
Operating exceptional items:
Acquisition-related expenses
A
(24)
(4)
Restructuring and transformation costs
B
(25)
(28)
Property costs
C
(10)
(24)
Pension related costs
D
\u2013
(4)
Costs related to the passing of Her Majesty Queen Elizabeth II
E
\u2013
(16)
Sports rights
F
\u2013
5
Employee-related tax provision
G
3
(10)
Insured trade receivable provision
H
3
23
Legal settlements
I
(13)
\u2013
Legal and other costs
J
(11)
(7)
Total operating exceptional items
(77)
(65)
Tax on operating exceptional items
12
8
Total operating exceptional items net of tax
(65)
(57)
A. Acquisition-related expenses Acquisition-related expenses of \u00a324 million (2022: \u00a34 million) are predominantly performance-based, employment- linked consideration to former owners and professional fees related to acquisitions and potential acquisitions. B. Restructuring and transformation costs Restructuring and transformation costs of \u00a325 million (2022: \u00a328 million) relate to one-off significant restructuring and transformation programmes of the business. Significant projects include a business transformation programme which commenced in 2021. This programme includes the implementation of a new cloud-based ERP solution, a software as a service (SaaS) solution where the implementation costs are expensed as incurred. The implementation commenced in 2021 and is expected to continue into 2024. Other significant projects include a rationalisation of the Studios operational structures outside the UK. Costs relating to this review will continue throughout 2024. C. Property costs Following the decision to move to Broadcast Centre in early 2022, \u00a310 million (2022: \u00a317 million) of property costs and move related costs have been recognised as exceptional, including accelerated depreciation following a change in useful life of the related assets. No further exceptional costs are expected related to the move to Broadcast Centre. In 2022, an additional \u00a37 million impairment on leasehold improvements and right of use asset was provided following the decision to vacate our New York office and reduce our property footprint in the US. D. Pension related costs The 2022 charge relates to the risk premium paid in relation to the buy-out of Section C of the ITV Pension Scheme. E. Costs related to the passing of Her Majesty Queen Elizabeth II Following the passing of Her Majesty Queen Elizabeth II in September 2022, the M&E business incurred significant additional costs related to news coverage associated with the reporting of the death of the Queen, the funeral and programmes featuring the character of the Queen that will unlikely ever be screened. \u00a316 million of costs were recognised in 2022. F. Sports rights In 2021, certain sporting events were cancelled by the relevant governing body. The Group had previously recognised an impairment provision for these events. \u00a35 million was released in 2022 as a refund of earlier payments made was expected. G. Employee-related tax provisions From April 2021 the responsibility for undertaking IR35 employment status assessments, and where necessary withholding PAYE and paying NICs, passed to the employer, rather than remaining with individuals and their personal service companies. HMRC have issued assessments on the Group for several individuals engaged by the Group during the tax years 2016/17 to 2018/19 as employed for tax purposes. This is a complex area and the Group has been in continuous discussion with HMRC on this matter throughout 2023. In 2023, HMRC advised that certain individuals were no longer of interest to them and the related provision previously classified as exceptional was released. Due to ongoing reviews by HMRC and court cases in this matter, the final amount payable could be significantly different to amounts currently provided. H. Insured trade receivable provision In 2017, the Group recorded a bad debt provision of US$41 million related to trade receivables for The Voice of China. Subsequently, US$34 million of cash was received from the licensee and the corresponding bad debt provision was released. The Directors anticipated recovering the remainder of the trade receivable from the trade credit insurance. In 2023, a settlement of the claim was agreed with the insurers resulting in an exceptional credit of US$5 million (\u00a33 million). No further recovery of the remaining trade receivable is expected. I. Legal settlements Legal settlements of \u00a313 million (2022: \u00a3nil) relate to settlements or proposed settlements on a number of significant legal cases which are considered outside the normal course of business. J. Legal and other costs Legal and other costs of \u00a311 million (2022: \u00a37 million) relates primarily to legal costs for matters considered to be outside the normal course of business, including Box Clever, The Voice of Holland, the UK Competition and Markets Authority (CMA) investigations and the Phillip Schofield KC Review.", "dimensions": { "concept": "itvplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-605": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "
Taxation \u2013 Consolidated Income Statement
The total taxation charge in the Consolidated Income Statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax:
Current tax credit/(charge) on profit before exceptional items
24
(38)
Current tax credit on exceptional items
11
7
35
(31)
Adjustments related to prior periods
(12)
9
23
(22)
Deferred tax:
Origination and reversal of temporary differences
(7)
(34)
Deferred tax credit on exceptional items
1
1
Impact of changes to statutory tax rates
1
(6)
(5)
(39)
Adjustments related to prior periods
(2)
(5)
(7)
(44)
Total taxation credit/(charge) in the Consolidated Income Statement
16
(66)
In order to understand how, in the Consolidated Income Statement, a tax credit of \u00a316 million (2022: \u00a366 million charge) arises on a profit before tax of \u00a3193 million (2022: \u00a3501 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax credit as follows:
2023 2022
\u00a3m \u00a3m
Profit before tax
193
501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%) on profit
before tax
(45)
(95)
Non-taxable income/non-deductible expenses
(10)
(15)
Prior year adjustments
(14)
4
Other taxes
(8)
(8)
Previously unrecognised deferred tax assets
6
\u2013
Current year losses not recognised
(17)
(8)
Impact of overseas tax rates
2
(1)
Impact of changes in tax rates
1
(6)
Movement on tax provisions
(1)
(1)
Production tax credits
102
64
Statutory taxation credit/(charge) in the Consolidated Income Statement
16
(66)
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 total current tax credit of \u00a323 million (2022: \u00a322 million charge) includes a \u00a312 million charge (2022: \u00a39 million credit) relating to prior years, and the deferred tax charge of \u00a37 million (2022: \u00a344 million charge) includes a \u00a32 million charge (2022: \u00a35 million charge) 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 (2022: \u00a38 million charge) includes state taxes of \u00a33 million in the US, local taxes of \u00a31 million in Italy and France plus \u00a34 million of irrecoverable withholding tax in the UK. A previously unrecognised deferred tax asset of \u00a36 million relating to historical capital losses, has been recognised in 2023, as they will be utilised against the capital profits realised on the sale of BritBox International, announced on 1 March 2024. The tax impact of current year losses not recognised is \u00a317 million (2022: \u00a38 million), this relates to \u00a32 million in Australia, \u00a31 million in France, \u00a313 million in Italy and \u00a31 million in other overseas jurisdictions. No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are they suitable taxable temporary differences against which the losses can unwind. 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 2023, the total impact is \u00a32 million credit (2022: \u00a31 million charge) due to profits arising in lower tax jurisdictions. The UK corporation tax rate increased from 19% to 25%, effective from 1 April 2023. The current year movement through the Consolidated Income Statement, on the deferred tax liability created in respect of the change in the tax rate, is a \u00a31 million credit (2022: \u00a36 million charge). 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 (8.3)% (2022: 13.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the statutory profit before tax. The tax rate is lower than in 2022 primarily due to significantly higher HETV tax credits compared to the profits. 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 21.5% (2022: 20.1%). In 2023, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a37 million, compared with a charge of \u00a334 million in 2022. Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a32 million (2022: \u00a323 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, no deferred tax (2022: credit of \u00a35 million) on gilts, \u00a31 million deferred tax charge on derivatives (2022: \u00a31 million credit) and \u00a32 million deferred tax charge on the cost of hedging (2022: \u00a3nil). A deferred tax charge of \u00a33 million (2022: \u00a37 million charge) has been recognised in equity in respect of share-based payments. There has been \u00a311 million current tax credit recognised in other comprehensive income in the current year on pensions. There has been no current tax on foreign exchange movements net of hedging (2022: \u00a3nil). There has been \u00a31 million current tax credit recognised in equity in the current year in relation to share-based compensation (2022: \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 Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2023 statement and equity Other exchange 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
1
(6)
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(1)
\u2013
\u2013
1
(49)
Pension scheme
(56)
(1)
(2)
\u2013
\u2013
(59)
Tax losses
27
7
\u2013
\u2013
(2)
32
Share-based compensation
9
(1)
(3)
\u2013
\u2013
5
Other temporary differences
30
(5)
(3)
1
\u2013
23
(38)
(7)
(8)
1
(1)
(53)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2022 statement and equity Other exchange 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
(24)
1
4
(38)
At 31 December 2023, the net deferred tax liability position is \u00a353 million (2022: \u00a338 million liability), consisting of total deferred tax assets of \u00a3106 million (2022: \u00a3133 million) and total deferred tax liabilities of \u00a3159 million (2022: \u00a3171 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a359 million (2022: deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 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 is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year. A deferred tax asset of \u00a332 million (2022: \u00a327 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3371 million (2022: \u00a3558 million) in respect of capital losses of \u00a31,483 million (2022: \u00a32,231 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 capital losses not recognised compared to the prior year is due to the dissolution of a company that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a310 million (2022: \u00a313 million) in respect of UK losses of \u00a338 million (2022: \u00a353 million), \u00a325 million (2022: \u00a319 million) in respect of overseas losses of \u00a3106 million (2022: \u00a384 million) including \u00a32 million in respect of losses that expire between 2024 and 2028. In addition to this the Group has not recognised \u00a35 million (2022: \u00a35 million) in respect of other overseas short-term timing differences of \u00a321 million. Subsidiaries of ITV plc Group have undistributed earnings of \u00a342 million (2022: \u00a326 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. Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. Changes to the current UK system of Audio-visual tax credits On 29 November 2023, the UK government issued final legislation to reform the current system of Audio-Visual Expenditure Credit (AVEC) tax credits to merge the four existing AVEC schemes (Film, High-End Television (HETV), Children\u2019s Television and Animation) into a single scheme and has reviewed the qualifying criteria. The AVEC legislation was substantively enacted on 5 February 2024 and can be claimed on expenditure incurred from 1 January 2024. The new scheme is one of expenditure credits as opposed to corporate tax relief, requiring a change to the accounting treatment to include them within statutory operating profit rather than within the consolidated tax charge. The effect of this change in legislation will therefore be to increase our EBITA, adjusted EBITA, adjusted EBITA margin, profit before tax and tax expense but will leave our profit after tax unchanged, compared to the previous HETV tax credit accounting treatment. We continue to assess the impact on the Group and do not anticipate there to be a material change in their net economic value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-667": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax:
Current tax credit/(charge) on profit before exceptional items
24
(38)
Current tax credit on exceptional items
11
7
35
(31)
Adjustments related to prior periods
(12)
9
23
(22)
Deferred tax:
Origination and reversal of temporary differences
(7)
(34)
Deferred tax credit on exceptional items
1
1
Impact of changes to statutory tax rates
1
(6)
(5)
(39)
Adjustments related to prior periods
(2)
(5)
(7)
(44)
Total taxation credit/(charge) in the Consolidated Income Statement
16
(66)
In order to understand how, in the Consolidated Income Statement, a tax credit of \u00a316 million (2022: \u00a366 million charge) arises on a profit before tax of \u00a3193 million (2022: \u00a3501 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax credit as follows:
2023 2022
\u00a3m \u00a3m
Profit before tax
193
501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%) on profit
before tax
(45)
(95)
Non-taxable income/non-deductible expenses
(10)
(15)
Prior year adjustments
(14)
4
Other taxes
(8)
(8)
Previously unrecognised deferred tax assets
6
\u2013
Current year losses not recognised
(17)
(8)
Impact of overseas tax rates
2
(1)
Impact of changes in tax rates
1
(6)
Movement on tax provisions
(1)
(1)
Production tax credits
102
64
Statutory taxation credit/(charge) in the Consolidated Income Statement
16
(66)
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 total current tax credit of \u00a323 million (2022: \u00a322 million charge) includes a \u00a312 million charge (2022: \u00a39 million credit) relating to prior years, and the deferred tax charge of \u00a37 million (2022: \u00a344 million charge) includes a \u00a32 million charge (2022: \u00a35 million charge) 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 (2022: \u00a38 million charge) includes state taxes of \u00a33 million in the US, local taxes of \u00a31 million in Italy and France plus \u00a34 million of irrecoverable withholding tax in the UK. A previously unrecognised deferred tax asset of \u00a36 million relating to historical capital losses, has been recognised in 2023, as they will be utilised against the capital profits realised on the sale of BritBox International, announced on 1 March 2024. The tax impact of current year losses not recognised is \u00a317 million (2022: \u00a38 million), this relates to \u00a32 million in Australia, \u00a31 million in France, \u00a313 million in Italy and \u00a31 million in other overseas jurisdictions. No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are they suitable taxable temporary differences against which the losses can unwind. 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 2023, the total impact is \u00a32 million credit (2022: \u00a31 million charge) due to profits arising in lower tax jurisdictions. The UK corporation tax rate increased from 19% to 25%, effective from 1 April 2023. The current year movement through the Consolidated Income Statement, on the deferred tax liability created in respect of the change in the tax rate, is a \u00a31 million credit (2022: \u00a36 million charge). 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 (8.3)% (2022: 13.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the statutory profit before tax. The tax rate is lower than in 2022 primarily due to significantly higher HETV tax credits compared to the profits. 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 21.5% (2022: 20.1%). In 2023, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a37 million, compared with a charge of \u00a334 million in 2022. Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a32 million (2022: \u00a323 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, no deferred tax (2022: credit of \u00a35 million) on gilts, \u00a31 million deferred tax charge on derivatives (2022: \u00a31 million credit) and \u00a32 million deferred tax charge on the cost of hedging (2022: \u00a3nil). A deferred tax charge of \u00a33 million (2022: \u00a37 million charge) has been recognised in equity in respect of share-based payments. There has been \u00a311 million current tax credit recognised in other comprehensive income in the current year on pensions. There has been no current tax on foreign exchange movements net of hedging (2022: \u00a3nil). There has been \u00a31 million current tax credit recognised in equity in the current year in relation to share-based compensation (2022: \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 Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2023 statement and equity Other exchange 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
1
(6)
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(1)
\u2013
\u2013
1
(49)
Pension scheme
(56)
(1)
(2)
\u2013
\u2013
(59)
Tax losses
27
7
\u2013
\u2013
(2)
32
Share-based compensation
9
(1)
(3)
\u2013
\u2013
5
Other temporary differences
30
(5)
(3)
1
\u2013
23
(38)
(7)
(8)
1
(1)
(53)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2022 statement and equity Other exchange 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
(24)
1
4
(38)
At 31 December 2023, the net deferred tax liability position is \u00a353 million (2022: \u00a338 million liability), consisting of total deferred tax assets of \u00a3106 million (2022: \u00a3133 million) and total deferred tax liabilities of \u00a3159 million (2022: \u00a3171 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a359 million (2022: deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 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 is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year. A deferred tax asset of \u00a332 million (2022: \u00a327 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3371 million (2022: \u00a3558 million) in respect of capital losses of \u00a31,483 million (2022: \u00a32,231 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 capital losses not recognised compared to the prior year is due to the dissolution of a company that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a310 million (2022: \u00a313 million) in respect of UK losses of \u00a338 million (2022: \u00a353 million), \u00a325 million (2022: \u00a319 million) in respect of overseas losses of \u00a3106 million (2022: \u00a384 million) including \u00a32 million in respect of losses that expire between 2024 and 2028. In addition to this the Group has not recognised \u00a35 million (2022: \u00a35 million) in respect of other overseas short-term timing differences of \u00a321 million. Subsidiaries of ITV plc Group have undistributed earnings of \u00a342 million (2022: \u00a326 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. Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. Changes to the current UK system of Audio-visual tax credits On 29 November 2023, the UK government issued final legislation to reform the current system of Audio-Visual Expenditure Credit (AVEC) tax credits to merge the four existing AVEC schemes (Film, High-End Television (HETV), Children\u2019s Television and Animation) into a single scheme and has reviewed the qualifying criteria. The AVEC legislation was substantively enacted on 5 February 2024 and can be claimed on expenditure incurred from 1 January 2024. The new scheme is one of expenditure credits as opposed to corporate tax relief, requiring a change to the accounting treatment to include them within statutory operating profit rather than within the consolidated tax charge. The effect of this change in legislation will therefore be to increase our EBITA, adjusted EBITA, adjusted EBITA margin, profit before tax and tax expense but will leave our profit after tax unchanged, compared to the previous HETV tax credit accounting treatment. We continue to assess the impact on the Group and do not anticipate there to be a material change in their net economic 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:
2023 2022
\u00a3m \u00a3m
Trade payables
105
141
VAT and social security
35
38
Other payables
170
146
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
2
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
39
1
Accruals
596
573
950
901
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:
2023 2022
\u00a3m \u00a3m
Trade payables
25
17
Other payables
33
28
Acquisition-related liabilities \u2013 employment-linked contingent consideration
10
6
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
24
38
67
72
Total trade and other payables due after more than one year
92
89
Trade payables due after more than one year relates primarily to royalties in both 2023 and 2022. Other payables due after more than one year relates primarily to film creditors of \u00a324 million (2022: \u00a322 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 2023 were \u00a378 million (2022: \u00a347 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a3105 million (2022: \u00a389 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 \u00a386 million and \u00a3147 million. The liabilities due after more than one year are expected to be settled between 2025 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. 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 year:
2023
2022
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
185
(372)
189
(359)
Decrease due to balance transferred to trade receivables
(152)
\u2013
(180)
\u2013
Increases as a result of the changes in the measure of
progress
169
\u2013
170
\u2013
Decreases due to revenue recognised in the year
\u2013
332
\u2013
405
Increase due to cash received
\u2013
(147)
\u2013
(383)
Acquisitions
\u2013
\u2013
6
(35)
Balance at 31 December
*
202
(187)
185
(372)
* Contract assets is stated net of provisions for impairment of \u00a31 million (2022: \u00a38 million) which have been included in the reconciliation in note 3.1.3. Non-current contract assets of \u00a313 million (2022: \u00a3nil) is included in the above reconciliation.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-663": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax:
Current tax credit/(charge) on profit before exceptional items
24
(38)
Current tax credit on exceptional items
11
7
35
(31)
Adjustments related to prior periods
(12)
9
23
(22)
Deferred tax:
Origination and reversal of temporary differences
(7)
(34)
Deferred tax credit on exceptional items
1
1
Impact of changes to statutory tax rates
1
(6)
(5)
(39)
Adjustments related to prior periods
(2)
(5)
(7)
(44)
Total taxation credit/(charge) in the Consolidated Income Statement
16
(66)
In order to understand how, in the Consolidated Income Statement, a tax credit of \u00a316 million (2022: \u00a366 million charge) arises on a profit before tax of \u00a3193 million (2022: \u00a3501 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax credit as follows:
2023 2022
\u00a3m \u00a3m
Profit before tax
193
501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%) on profit
before tax
(45)
(95)
Non-taxable income/non-deductible expenses
(10)
(15)
Prior year adjustments
(14)
4
Other taxes
(8)
(8)
Previously unrecognised deferred tax assets
6
\u2013
Current year losses not recognised
(17)
(8)
Impact of overseas tax rates
2
(1)
Impact of changes in tax rates
1
(6)
Movement on tax provisions
(1)
(1)
Production tax credits
102
64
Statutory taxation credit/(charge) in the Consolidated Income Statement
16
(66)
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 total current tax credit of \u00a323 million (2022: \u00a322 million charge) includes a \u00a312 million charge (2022: \u00a39 million credit) relating to prior years, and the deferred tax charge of \u00a37 million (2022: \u00a344 million charge) includes a \u00a32 million charge (2022: \u00a35 million charge) 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 (2022: \u00a38 million charge) includes state taxes of \u00a33 million in the US, local taxes of \u00a31 million in Italy and France plus \u00a34 million of irrecoverable withholding tax in the UK. A previously unrecognised deferred tax asset of \u00a36 million relating to historical capital losses, has been recognised in 2023, as they will be utilised against the capital profits realised on the sale of BritBox International, announced on 1 March 2024. The tax impact of current year losses not recognised is \u00a317 million (2022: \u00a38 million), this relates to \u00a32 million in Australia, \u00a31 million in France, \u00a313 million in Italy and \u00a31 million in other overseas jurisdictions. No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are they suitable taxable temporary differences against which the losses can unwind. 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 2023, the total impact is \u00a32 million credit (2022: \u00a31 million charge) due to profits arising in lower tax jurisdictions. The UK corporation tax rate increased from 19% to 25%, effective from 1 April 2023. The current year movement through the Consolidated Income Statement, on the deferred tax liability created in respect of the change in the tax rate, is a \u00a31 million credit (2022: \u00a36 million charge). 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 (8.3)% (2022: 13.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the statutory profit before tax. The tax rate is lower than in 2022 primarily due to significantly higher HETV tax credits compared to the profits. 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 21.5% (2022: 20.1%). In 2023, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a37 million, compared with a charge of \u00a334 million in 2022. Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a32 million (2022: \u00a323 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, no deferred tax (2022: credit of \u00a35 million) on gilts, \u00a31 million deferred tax charge on derivatives (2022: \u00a31 million credit) and \u00a32 million deferred tax charge on the cost of hedging (2022: \u00a3nil). A deferred tax charge of \u00a33 million (2022: \u00a37 million charge) has been recognised in equity in respect of share-based payments. There has been \u00a311 million current tax credit recognised in other comprehensive income in the current year on pensions. There has been no current tax on foreign exchange movements net of hedging (2022: \u00a3nil). There has been \u00a31 million current tax credit recognised in equity in the current year in relation to share-based compensation (2022: \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 Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2023 statement and equity Other exchange 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
1
(6)
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(1)
\u2013
\u2013
1
(49)
Pension scheme
(56)
(1)
(2)
\u2013
\u2013
(59)
Tax losses
27
7
\u2013
\u2013
(2)
32
Share-based compensation
9
(1)
(3)
\u2013
\u2013
5
Other temporary differences
30
(5)
(3)
1
\u2013
23
(38)
(7)
(8)
1
(1)
(53)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2022 statement and equity Other exchange 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
(24)
1
4
(38)
At 31 December 2023, the net deferred tax liability position is \u00a353 million (2022: \u00a338 million liability), consisting of total deferred tax assets of \u00a3106 million (2022: \u00a3133 million) and total deferred tax liabilities of \u00a3159 million (2022: \u00a3171 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a359 million (2022: deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 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 is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year. A deferred tax asset of \u00a332 million (2022: \u00a327 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3371 million (2022: \u00a3558 million) in respect of capital losses of \u00a31,483 million (2022: \u00a32,231 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 capital losses not recognised compared to the prior year is due to the dissolution of a company that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a310 million (2022: \u00a313 million) in respect of UK losses of \u00a338 million (2022: \u00a353 million), \u00a325 million (2022: \u00a319 million) in respect of overseas losses of \u00a3106 million (2022: \u00a384 million) including \u00a32 million in respect of losses that expire between 2024 and 2028. In addition to this the Group has not recognised \u00a35 million (2022: \u00a35 million) in respect of other overseas short-term timing differences of \u00a321 million. Subsidiaries of ITV plc Group have undistributed earnings of \u00a342 million (2022: \u00a326 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. Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. Changes to the current UK system of Audio-visual tax credits On 29 November 2023, the UK government issued final legislation to reform the current system of Audio-Visual Expenditure Credit (AVEC) tax credits to merge the four existing AVEC schemes (Film, High-End Television (HETV), Children\u2019s Television and Animation) into a single scheme and has reviewed the qualifying criteria. The AVEC legislation was substantively enacted on 5 February 2024 and can be claimed on expenditure incurred from 1 January 2024. The new scheme is one of expenditure credits as opposed to corporate tax relief, requiring a change to the accounting treatment to include them within statutory operating profit rather than within the consolidated tax charge. The effect of this change in legislation will therefore be to increase our EBITA, adjusted EBITA, adjusted EBITA margin, profit before tax and tax expense but will leave our profit after tax unchanged, compared to the previous HETV tax credit accounting treatment. We continue to assess the impact on the Group and do not anticipate there to be a material change in their net economic value. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Due within one year:
Trade receivables
427
476
Other receivables
145
162
Prepayments
58
54
630
692
Due after more than one year:
Trade receivables
37
24
Other receivables
25
20
62
44
Total trade and other receivables
692
736
\u00a3464 million (2022: \u00a3500 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2023 2022
\u00a3m \u00a3m
Current
408
437
Up to 30 days overdue
29
34
Between 30 and 90 days overdue
21
20
Over 90 days overdue
6
9
464
500
Movements in the Group\u2019s provision for impairment of trade receivables and contract assets can be shown as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
24
43
Charged during the year
4
14
Bad debts written off
(8)
\u2013
Release of provision
(11)
(33)
At 31 December*
9
24
* \u00a31 million (2022: \u00a38 million) of the provision relates to contract assets and is included in the balance disclosed in note 3.1.6. Of the provision total, \u00a37 million relates to balances overdue by more than 90 days (2022: \u00a322 million) and \u00a32 million relates to current balances (2022: less than \u00a31 million). In 2023, a settlement of the claim was agreed with the credit insurers in relation to the remaining amount receivable for The Voice of China, resulting in an exceptional credit of US$5 million (\u00a33 million) consistent with the original treatment. See note 2.2. No further recovery of the remaining trade receivable is expected. The remaining release of the provision relates to other settlements for outstanding production related receivables and contract assets. The credit has been taken to operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-637": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax:
Current tax credit/(charge) on profit before exceptional items
24
(38)
Current tax credit on exceptional items
11
7
35
(31)
Adjustments related to prior periods
(12)
9
23
(22)
Deferred tax:
Origination and reversal of temporary differences
(7)
(34)
Deferred tax credit on exceptional items
1
1
Impact of changes to statutory tax rates
1
(6)
(5)
(39)
Adjustments related to prior periods
(2)
(5)
(7)
(44)
Total taxation credit/(charge) in the Consolidated Income Statement
16
(66)
In order to understand how, in the Consolidated Income Statement, a tax credit of \u00a316 million (2022: \u00a366 million charge) arises on a profit before tax of \u00a3193 million (2022: \u00a3501 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax credit as follows:
2023 2022
\u00a3m \u00a3m
Profit before tax
193
501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%) on profit
before tax
(45)
(95)
Non-taxable income/non-deductible expenses
(10)
(15)
Prior year adjustments
(14)
4
Other taxes
(8)
(8)
Previously unrecognised deferred tax assets
6
\u2013
Current year losses not recognised
(17)
(8)
Impact of overseas tax rates
2
(1)
Impact of changes in tax rates
1
(6)
Movement on tax provisions
(1)
(1)
Production tax credits
102
64
Statutory taxation credit/(charge) in the Consolidated Income Statement
16
(66)
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 total current tax credit of \u00a323 million (2022: \u00a322 million charge) includes a \u00a312 million charge (2022: \u00a39 million credit) relating to prior years, and the deferred tax charge of \u00a37 million (2022: \u00a344 million charge) includes a \u00a32 million charge (2022: \u00a35 million charge) 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 (2022: \u00a38 million charge) includes state taxes of \u00a33 million in the US, local taxes of \u00a31 million in Italy and France plus \u00a34 million of irrecoverable withholding tax in the UK. A previously unrecognised deferred tax asset of \u00a36 million relating to historical capital losses, has been recognised in 2023, as they will be utilised against the capital profits realised on the sale of BritBox International, announced on 1 March 2024. The tax impact of current year losses not recognised is \u00a317 million (2022: \u00a38 million), this relates to \u00a32 million in Australia, \u00a31 million in France, \u00a313 million in Italy and \u00a31 million in other overseas jurisdictions. No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are they suitable taxable temporary differences against which the losses can unwind. 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 2023, the total impact is \u00a32 million credit (2022: \u00a31 million charge) due to profits arising in lower tax jurisdictions. The UK corporation tax rate increased from 19% to 25%, effective from 1 April 2023. The current year movement through the Consolidated Income Statement, on the deferred tax liability created in respect of the change in the tax rate, is a \u00a31 million credit (2022: \u00a36 million charge). 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 (8.3)% (2022: 13.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the statutory profit before tax. The tax rate is lower than in 2022 primarily due to significantly higher HETV tax credits compared to the profits. 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 21.5% (2022: 20.1%). In 2023, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a37 million, compared with a charge of \u00a334 million in 2022. Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a32 million (2022: \u00a323 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, no deferred tax (2022: credit of \u00a35 million) on gilts, \u00a31 million deferred tax charge on derivatives (2022: \u00a31 million credit) and \u00a32 million deferred tax charge on the cost of hedging (2022: \u00a3nil). A deferred tax charge of \u00a33 million (2022: \u00a37 million charge) has been recognised in equity in respect of share-based payments. There has been \u00a311 million current tax credit recognised in other comprehensive income in the current year on pensions. There has been no current tax on foreign exchange movements net of hedging (2022: \u00a3nil). There has been \u00a31 million current tax credit recognised in equity in the current year in relation to share-based compensation (2022: \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 Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2023 statement and equity Other exchange 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
1
(6)
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(1)
\u2013
\u2013
1
(49)
Pension scheme
(56)
(1)
(2)
\u2013
\u2013
(59)
Tax losses
27
7
\u2013
\u2013
(2)
32
Share-based compensation
9
(1)
(3)
\u2013
\u2013
5
Other temporary differences
30
(5)
(3)
1
\u2013
23
(38)
(7)
(8)
1
(1)
(53)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2022 statement and equity Other exchange 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
(24)
1
4
(38)
At 31 December 2023, the net deferred tax liability position is \u00a353 million (2022: \u00a338 million liability), consisting of total deferred tax assets of \u00a3106 million (2022: \u00a3133 million) and total deferred tax liabilities of \u00a3159 million (2022: \u00a3171 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a359 million (2022: deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 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 is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year. A deferred tax asset of \u00a332 million (2022: \u00a327 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3371 million (2022: \u00a3558 million) in respect of capital losses of \u00a31,483 million (2022: \u00a32,231 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 capital losses not recognised compared to the prior year is due to the dissolution of a company that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a310 million (2022: \u00a313 million) in respect of UK losses of \u00a338 million (2022: \u00a353 million), \u00a325 million (2022: \u00a319 million) in respect of overseas losses of \u00a3106 million (2022: \u00a384 million) including \u00a32 million in respect of losses that expire between 2024 and 2028. In addition to this the Group has not recognised \u00a35 million (2022: \u00a35 million) in respect of other overseas short-term timing differences of \u00a321 million. Subsidiaries of ITV plc Group have undistributed earnings of \u00a342 million (2022: \u00a326 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. Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. Changes to the current UK system of Audio-visual tax credits On 29 November 2023, the UK government issued final legislation to reform the current system of Audio-Visual Expenditure Credit (AVEC) tax credits to merge the four existing AVEC schemes (Film, High-End Television (HETV), Children\u2019s Television and Animation) into a single scheme and has reviewed the qualifying criteria. The AVEC legislation was substantively enacted on 5 February 2024 and can be claimed on expenditure incurred from 1 January 2024. The new scheme is one of expenditure credits as opposed to corporate tax relief, requiring a change to the accounting treatment to include them within statutory operating profit rather than within the consolidated tax charge. The effect of this change in legislation will therefore be to increase our EBITA, adjusted EBITA, adjusted EBITA margin, profit before tax and tax expense but will leave our profit after tax unchanged, compared to the previous HETV tax credit accounting treatment. We continue to assess the impact on the Group and do not anticipate there to be a material change in their net economic value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-606": { "value": "Taxation \u2013 Consolidated Income Statement The total taxation charge in the Consolidated Income Statement is analysed as follows:
2023 2022
\u00a3m \u00a3m
Current tax:
Current tax credit/(charge) on profit before exceptional items
24
(38)
Current tax credit on exceptional items
11
7
35
(31)
Adjustments related to prior periods
(12)
9
23
(22)
Deferred tax:
Origination and reversal of temporary differences
(7)
(34)
Deferred tax credit on exceptional items
1
1
Impact of changes to statutory tax rates
1
(6)
(5)
(39)
Adjustments related to prior periods
(2)
(5)
(7)
(44)
Total taxation credit/(charge) in the Consolidated Income Statement
16
(66)
In order to understand how, in the Consolidated Income Statement, a tax credit of \u00a316 million (2022: \u00a366 million charge) arises on a profit before tax of \u00a3193 million (2022: \u00a3501 million), the taxation charge that would arise at the standard rate of UK corporation tax is reconciled to the actual tax credit as follows:
2023 2022
\u00a3m \u00a3m
Profit before tax
193
501
Notional taxation charge at UK corporation tax rate of 23.5% (2022: 19%) on profit
before tax
(45)
(95)
Non-taxable income/non-deductible expenses
(10)
(15)
Prior year adjustments
(14)
4
Other taxes
(8)
(8)
Previously unrecognised deferred tax assets
6
\u2013
Current year losses not recognised
(17)
(8)
Impact of overseas tax rates
2
(1)
Impact of changes in tax rates
1
(6)
Movement on tax provisions
(1)
(1)
Production tax credits
102
64
Statutory taxation credit/(charge) in the Consolidated Income Statement
16
(66)
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 total current tax credit of \u00a323 million (2022: \u00a322 million charge) includes a \u00a312 million charge (2022: \u00a39 million credit) relating to prior years, and the deferred tax charge of \u00a37 million (2022: \u00a344 million charge) includes a \u00a32 million charge (2022: \u00a35 million charge) 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 (2022: \u00a38 million charge) includes state taxes of \u00a33 million in the US, local taxes of \u00a31 million in Italy and France plus \u00a34 million of irrecoverable withholding tax in the UK. A previously unrecognised deferred tax asset of \u00a36 million relating to historical capital losses, has been recognised in 2023, as they will be utilised against the capital profits realised on the sale of BritBox International, announced on 1 March 2024. The tax impact of current year losses not recognised is \u00a317 million (2022: \u00a38 million), this relates to \u00a32 million in Australia, \u00a31 million in France, \u00a313 million in Italy and \u00a31 million in other overseas jurisdictions. No deferred tax on these losses has been recognised as we do not have certainty over future taxable profits in those jurisdictions nor are they suitable taxable temporary differences against which the losses can unwind. 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 2023, the total impact is \u00a32 million credit (2022: \u00a31 million charge) due to profits arising in lower tax jurisdictions. The UK corporation tax rate increased from 19% to 25%, effective from 1 April 2023. The current year movement through the Consolidated Income Statement, on the deferred tax liability created in respect of the change in the tax rate, is a \u00a31 million credit (2022: \u00a36 million charge). 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 (8.3)% (2022: 13.2%), and is the statutory tax charge on the face of the Consolidated Income Statement expressed as a percentage of the statutory profit before tax. The tax rate is lower than in 2022 primarily due to significantly higher HETV tax credits compared to the profits. 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 21.5% (2022: 20.1%). In 2023, the current year movement recognised in the Consolidated Income Statement on origination and reversal of temporary differences (excluding exceptional items) is a charge of \u00a37 million, compared with a charge of \u00a334 million in 2022. Taxation \u2013 Other comprehensive income (OCI) and equity As analysed in the table below a deferred tax charge of \u00a32 million (2022: \u00a323 million charge) has been recognised on actuarial movements on pensions. Other temporary differences recognised in other comprehensive income include, no deferred tax (2022: credit of \u00a35 million) on gilts, \u00a31 million deferred tax charge on derivatives (2022: \u00a31 million credit) and \u00a32 million deferred tax charge on the cost of hedging (2022: \u00a3nil). A deferred tax charge of \u00a33 million (2022: \u00a37 million charge) has been recognised in equity in respect of share-based payments. There has been \u00a311 million current tax credit recognised in other comprehensive income in the current year on pensions. There has been no current tax on foreign exchange movements net of hedging (2022: \u00a3nil). There has been \u00a31 million current tax credit recognised in equity in the current year in relation to share-based compensation (2022: \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 Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2023 statement and equity Other exchange 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Tangible assets
1
(6)
\u2013
\u2013
\u2013
(5)
Intangible assets
(49)
(1)
\u2013
\u2013
1
(49)
Pension scheme
(56)
(1)
(2)
\u2013
\u2013
(59)
Tax losses
27
7
\u2013
\u2013
(2)
32
Share-based compensation
9
(1)
(3)
\u2013
\u2013
5
Other temporary differences
30
(5)
(3)
1
\u2013
23
(38)
(7)
(8)
1
(1)
(53)
At Recognised in Recognised At
1 January the income in OCI Foreign 31 December
2022 statement and equity Other exchange 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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)
(24)
1
4
(38)
At 31 December 2023, the net deferred tax liability position is \u00a353 million (2022: \u00a338 million liability), consisting of total deferred tax assets of \u00a3106 million (2022: \u00a3133 million) and total deferred tax liabilities of \u00a3159 million (2022: \u00a3171 million). The Consolidated Statement of Financial Position presents deferred tax after netting off balances within countries \u2013 a deferred tax asset of \u00a36 million and a deferred tax liability of \u00a359 million (2022: deferred tax asset of \u00a319 million and a deferred tax liability of \u00a357 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 is partially driven by the employer contributions to the Group\u2019s defined benefit pension scheme made during the year. The adjustment in other comprehensive income to the deferred tax balances relates to the actuarial loss recognised in the year. A deferred tax asset of \u00a332 million (2022: \u00a327 million) has been recognised for tax losses where a full recovery is expected based on forecasted taxable profits. A deferred tax asset of \u00a3371 million (2022: \u00a3558 million) in respect of capital losses of \u00a31,483 million (2022: \u00a32,231 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 capital losses not recognised compared to the prior year is due to the dissolution of a company that held capital losses. Due to uncertainty over the timing and extent of their utilisation, the Group has not recognised deferred tax assets of \u00a310 million (2022: \u00a313 million) in respect of UK losses of \u00a338 million (2022: \u00a353 million), \u00a325 million (2022: \u00a319 million) in respect of overseas losses of \u00a3106 million (2022: \u00a384 million) including \u00a32 million in respect of losses that expire between 2024 and 2028. In addition to this the Group has not recognised \u00a35 million (2022: \u00a35 million) in respect of other overseas short-term timing differences of \u00a321 million. Subsidiaries of ITV plc Group have undistributed earnings of \u00a342 million (2022: \u00a326 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. Finance (No 2) Bill and Pillar Two impact on financial statements On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15% for large groups and for financial years beginning on or after 31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by the balance sheet date however the amendments to IAS 12 \u2018Income Taxes\u2019 Pillar Two income taxes provides an exemption from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to refine this assessment and analyse the future consequences of these rules. Changes to the current UK system of Audio-visual tax credits On 29 November 2023, the UK government issued final legislation to reform the current system of Audio-Visual Expenditure Credit (AVEC) tax credits to merge the four existing AVEC schemes (Film, High-End Television (HETV), Children\u2019s Television and Animation) into a single scheme and has reviewed the qualifying criteria. The AVEC legislation was substantively enacted on 5 February 2024 and can be claimed on expenditure incurred from 1 January 2024. The new scheme is one of expenditure credits as opposed to corporate tax relief, requiring a change to the accounting treatment to include them within statutory operating profit rather than within the consolidated tax charge. The effect of this change in legislation will therefore be to increase our EBITA, adjusted EBITA, adjusted EBITA margin, profit before tax and tax expense but will leave our profit after tax unchanged, compared to the previous HETV tax credit accounting treatment. We continue to assess the impact on the Group and do not anticipate there to be a material change in their net economic value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "Basic earnings per share
2023
2022
Statutory profit for the year attributable to equity shareholders of ITV plc (\u00a3m)
210
428
Weighted average number of ordinary shares in issue \u2013 million
4,023
4,010
Basic earnings per ordinary share
5.2p
10.7p
Diluted earnings per share
2023
2022
Statutory profit for the year attributable to equity shareholders of ITV plc (\u00a3m)
210
428
Weighted average number of ordinary shares in issue \u2013 million
4,023
4,010
Dilution due to share options \u2013 million
36
36
Total weighted average number of ordinary shares in issue \u2013 million
4,059
4,046
Diluted earnings per ordinary share
5.2p
10.6p
Adjusted earnings per share
2023 2022
Ref. \u00a3m \u00a3m
Statutory profit for the year attributable to equity shareholders of ITV plc
210
428
Exceptional items (net of tax)
A
65
57
Profit for the year before exceptional items
275
485
Amortisation and impairment of acquired intangible assets
B
19
45
Adjustments to net financing costs
C
18
\u2013
Adjusted profit for the year attributable to ITV shareholders
312
530
Total weighted average number of ordinary shares in issue \u2013 million
4,023
4,010
Adjusted earnings per ordinary share
7.8p
13.2p
Diluted adjusted earnings per share
2023
2022
Adjusted profit (\u00a3m)
312
530
Weighted average number of ordinary shares in issue \u2013 million
4,023
4,010
Dilution due to share options \u2013 million
36
36
Total weighted average number of ordinary shares in issue \u2013 million
4,059
4,046
Diluted adjusted earnings per ordinary share
7.7p
13.1p
Details of the adjustments to earnings are as follows: A. Exceptional items (net of tax) \u00a365 million (2022: \u00a357 million) Exceptional items of \u00a377 million (2022: \u00a365 million), net of related tax credit of \u00a312 million (2022: \u00a38 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 \u00a377 million exceptional charge comprises exceptional costs of \u00a388 million and an exceptional credit of \u00a311 million. \u00a326 million of the net exceptional costs were disallowed for tax purposes and so there is no associated tax credit. See note 2.2 for the detailed composition of exceptional items. B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a319 million (2022: \u00a345 million) Amortisation and impairment of assets acquired through business combinations and investments of \u00a389 million (2022: \u00a384 million), excluding amortisation of software licences and development of \u00a364 million (2022: \u00a327 million), net of related tax credit of \u00a36 million (2022: \u00a312 million). C. Adjustments to net financing costs (net of tax) \u00a318 million (2022: \u00a3nil) Net financing costs of \u00a345 million (2022: \u00a326 million), is adjusted to reflect the underlying cash cost of interest for the business. These adjustments of \u00a316 million (2022: \u00a3nil) relates principally to finance costs on acquisitions, imputed pension interest and other financial gains and losses that do not reflect the relevant interest cash cost to the business and are not yet realised balances. The tax charge in relation to these adjustments is \u00a32 million (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-638": { "value": "B. Amortisation and impairment of acquired intangible assets (net of tax) of \u00a319 million (2022: \u00a345 million) Amortisation and impairment of assets acquired through business combinations and investments of \u00a389 million (2022: \u00a384 million), excluding amortisation of software licences and development of \u00a364 million (2022: \u00a327 million), net of related tax credit of \u00a36 million (2022: \u00a312 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "Programme rights The Group\u2019s policies with respect to programme rights recognise that the pattern of consumption on linear and streaming (ITVX) varies. 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. The Group has defined policies on how programme rights are allocated to linear and streaming based on a pattern of viewing. There are also distinct policies across the platforms when these 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.
Type of programme
Streaming policy
Linear policy
Acquired content
Cost charged to the Income Statement
Cost charged to the Income Statement
on a declining-balance method over the over a number of linear transmissions
licence period (episodic)
Commissioned content
Cost charged to the Income Statement
Cost charged to the Income Statement
on a declining-balance method over the on first linear transmission (episodic)
licence period
Sports rights
Cost charged to the Income Statement
Cost charged to the Income Statement
on first transmission on first linear transmission
Current affairs, live Cost charged to the Income Statement Cost charged to the Income Statement
events, soaps on first transmission on first linear transmission
Library of content Straight-line amortisation over licence windows
(ITVX only)
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, commissioned and 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. During the pandemic, sports rights were reviewed separately for impairment following the impact of the pandemic on the planned sporting schedule and the consequential impact on TAR and audience mix for certain sporting events. There are no current specific indicators of impairment, therefore sports rights have now reverted to being assessed with all other content on a portfolio basis. Programme rights and other inventory at the year end are shown in the table below:
2023 2022
\u00a3m \u00a3m
Acquired programme rights
284
225
Commissions
83
103
Sports rights
46
49
413
377
\u00a3nil relates to stock that will be transmitted in 2025 and beyond (2022: \u00a36 million transmitted in 2024 and beyond). Included within programme rights and other inventory is \u00a346 million (2022: \u00a349 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. 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 requires judgement regarding the classification of transmission commitments. The Group has concluded that these contracts do not constitute leases as defined in IFRS 16 \u2018Leases\u2019, 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 \u00a318 million (2022: \u00a334 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:
Transmission Programme Total
2023 \u00a3m \u00a3m \u00a3m
Within one year
20
488
508
Later than one year and not more than five years
\u2013
380
380
20
868
888
Transmission Programme Total
2022 \u00a3m \u00a3m \u00a3m
Within one year
25
466
491
Later than one year and not more than five years
19
349
368
44
815
859
", "dimensions": { "concept": "itvplc:DisclosureOfProgrammeRights", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "
The net book value of distribution rights at the year end is as follows:
2023 2022
\u00a3m \u00a3m
Distribution rights
14
17
During the year, \u00a318 million was charged to the Consolidated Income Statement (2022: \u00a325 million).
", "dimensions": { "concept": "itvplc:DisclosureOfDistributionRights", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-668": { "value": "3.1.3 Trade and other receivables 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. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Due within one year:
Trade receivables
427
476
Other receivables
145
162
Prepayments
58
54
630
692
Due after more than one year:
Trade receivables
37
24
Other receivables
25
20
62
44
Total trade and other receivables
692
736
\u00a3464 million (2022: \u00a3500 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2023 2022
\u00a3m \u00a3m
Current
408
437
Up to 30 days overdue
29
34
Between 30 and 90 days overdue
21
20
Over 90 days overdue
6
9
464
500
Movements in the Group\u2019s provision for impairment of trade receivables and contract assets can be shown as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
24
43
Charged during the year
4
14
Bad debts written off
(8)
\u2013
Release of provision
(11)
(33)
At 31 December*
9
24
* \u00a31 million (2022: \u00a38 million) of the provision relates to contract assets and is included in the balance disclosed in note 3.1.6. Of the provision total, \u00a37 million relates to balances overdue by more than 90 days (2022: \u00a322 million) and \u00a32 million relates to current balances (2022: less than \u00a31 million). In 2023, a settlement of the claim was agreed with the credit insurers in relation to the remaining amount receivable for The Voice of China, resulting in an exceptional credit of US$5 million (\u00a33 million) consistent with the original treatment. See note 2.2. No further recovery of the remaining trade receivable is expected. The remaining release of the provision relates to other settlements for outstanding production related receivables and contract assets. The credit has been taken to operating profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-654": { "value": "3.1.3 Trade and other receivables 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. The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Due within one year:
Trade receivables
427
476
Other receivables
145
162
Prepayments
58
54
630
692
Due after more than one year:
Trade receivables
37
24
Other receivables
25
20
62
44
Total trade and other receivables
692
736
\u00a3464 million (2022: \u00a3500 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2023 2022
\u00a3m \u00a3m
Current
408
437
Up to 30 days overdue
29
34
Between 30 and 90 days overdue
21
20
Over 90 days overdue
6
9
464
500
Movements in the Group\u2019s provision for impairment of trade receivables and contract assets can be shown as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
24
43
Charged during the year
4
14
Bad debts written off
(8)
\u2013
Release of provision
(11)
(33)
At 31 December*
9
24
* \u00a31 million (2022: \u00a38 million) of the provision relates to contract assets and is included in the balance disclosed in note 3.1.6. Of the provision total, \u00a37 million relates to balances overdue by more than 90 days (2022: \u00a322 million) and \u00a32 million relates to current balances (2022: less than \u00a31 million). In 2023, a settlement of the claim was agreed with the credit insurers in relation to the remaining amount receivable for The Voice of China, resulting in an exceptional credit of US$5 million (\u00a33 million) consistent with the original treatment. See note 2.2. No further recovery of the remaining trade receivable is expected. The remaining release of the provision relates to other settlements for outstanding production related receivables and contract assets. The credit has been taken to operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "The carrying value of trade receivables is considered to approximate fair value. Trade and other receivables can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Due within one year:
Trade receivables
427
476
Other receivables
145
162
Prepayments
58
54
630
692
Due after more than one year:
Trade receivables
37
24
Other receivables
25
20
62
44
Total trade and other receivables
692
736
\u00a3464 million (2022: \u00a3500 million) of total trade receivables, stated net of provisions for impairment, are aged as follows:
2023 2022
\u00a3m \u00a3m
Current
408
437
Up to 30 days overdue
29
34
Between 30 and 90 days overdue
21
20
Over 90 days overdue
6
9
464
500
Movements in the Group\u2019s provision for impairment of trade receivables and contract assets can be shown as follows:
2023 2022
\u00a3m \u00a3m
At 1 January
24
43
Charged during the year
4
14
Bad debts written off
(8)
\u2013
Release of provision
(11)
(33)
At 31 December*
9
24
* \u00a31 million (2022: \u00a38 million) of the provision relates to contract assets and is included in the balance disclosed in note 3.1.6. Of the provision total, \u00a37 million relates to balances overdue by more than 90 days (2022: \u00a322 million) and \u00a32 million relates to current balances (2022: less than \u00a31 million). In 2023, a settlement of the claim was agreed with the credit insurers in relation to the remaining amount receivable for The Voice of China, resulting in an exceptional credit of US$5 million (\u00a33 million) consistent with the original treatment. See note 2.2. No further recovery of the remaining trade receivable is expected. The remaining release of the provision relates to other settlements for outstanding production related receivables and contract assets. The credit has been taken to operating profit.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-655": { "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:
2023 2022
\u00a3m \u00a3m
Trade payables
105
141
VAT and social security
35
38
Other payables
170
146
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
2
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
39
1
Accruals
596
573
950
901
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-664": { "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:
2023 2022
\u00a3m \u00a3m
Trade payables
105
141
VAT and social security
35
38
Other payables
170
146
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
2
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
39
1
Accruals
596
573
950
901
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "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:
2023 2022
\u00a3m \u00a3m
Trade payables
105
141
VAT and social security
35
38
Other payables
170
146
Acquisition-related liabilities \u2013 employment-linked contingent consideration
5
2
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
39
1
Accruals
596
573
950
901
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:
2023 2022
\u00a3m \u00a3m
Trade payables
25
17
Other payables
33
28
Acquisition-related liabilities \u2013 employment-linked contingent consideration
10
6
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
24
38
67
72
Total trade and other payables due after more than one year
92
89
Trade payables due after more than one year relates primarily to royalties in both 2023 and 2022. Other payables due after more than one year relates primarily to film creditors of \u00a324 million (2022: \u00a322 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 2023 were \u00a378 million (2022: \u00a347 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a3105 million (2022: \u00a389 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 \u00a386 million and \u00a3147 million. The liabilities due after more than one year are expected to be settled between 2025 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-607": { "value": "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: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-656": { "value": "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:
2023 2022
\u00a3m \u00a3m
Trade payables
25
17
Other payables
33
28
Acquisition-related liabilities \u2013 employment-linked contingent consideration
10
6
Acquisition-related liabilities \u2013 payable to sellers under put options agreed on
acquisition
24
38
67
72
Total trade and other payables due after more than one year
92
89
Trade payables due after more than one year relates primarily to royalties in both 2023 and 2022. Other payables due after more than one year relates primarily to film creditors of \u00a324 million (2022: \u00a322 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 2023 were \u00a378 million (2022: \u00a347 million) which represents the amount accrued to date at their time discounted value. The total undiscounted estimated future payments of \u00a3105 million (2022: \u00a389 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 \u00a386 million and \u00a3147 million. The liabilities due after more than one year are expected to be settled between 2025 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:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "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 year:
2023
2022
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
185
(372)
189
(359)
Decrease due to balance transferred to trade receivables
(152)
\u2013
(180)
\u2013
Increases as a result of the changes in the measure of
progress
169
\u2013
170
\u2013
Decreases due to revenue recognised in the year
\u2013
332
\u2013
405
Increase due to cash received
\u2013
(147)
\u2013
(383)
Acquisitions
\u2013
\u2013
6
(35)
Balance at 31 December
*
202
(187)
185
(372)
* Contract assets is stated net of provisions for impairment of \u00a31 million (2022: \u00a38 million) which have been included in the reconciliation in note 3.1.3.
Non-current contract assets of \u00a313 million (2022: \u00a3nil) is included in the above reconciliation.
", "dimensions": { "concept": "itvplc:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-608": { "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 year:
2023
2022
Contract Contract Contract Contract
assets liabilities assets liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January
185
(372)
189
(359)
Decrease due to balance transferred to trade receivables
(152)
\u2013
(180)
\u2013
Increases as a result of the changes in the measure of
progress
169
\u2013
170
\u2013
Decreases due to revenue recognised in the year
\u2013
332
\u2013
405
Increase due to cash received
\u2013
(147)
\u2013
(383)
Acquisitions
\u2013
\u2013
6
(35)
Balance at 31 December
*
202
(187)
185
(372)
* Contract assets is stated net of provisions for impairment of \u00a31 million (2022: \u00a38 million) which have been included in the reconciliation in note 3.1.3. Non-current contract assets of \u00a313 million (2022: \u00a3nil) is included in the above reconciliation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "3.1.7 Production inventories Production inventories includes work in progress and finished programmes in relation 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 inventories assets and represent actual costs incurred on the production. The asset is charged to the income statement as the performance obligations are satisfied. Production inventories at the year end is detailed below:
2023 2022
\u00a3m \u00a3m
Production inventories
234
493
During the year, \u00a3498 million was charged to the Consolidated Income Statement for completed productions delivered (2022: \u00a3368 million). ", "dimensions": { "concept": "itvplc:DisclosureOfProductionWorkInProgress", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "
3.1.8 Working capital management
Cash and working capital management has been a critical area of focus during 2023 and 2022. During the year,
the cash inflow from working capital was \u00a390 million (2022: outflow of \u00a3150 million) derived as follows:
2023 2022
\u00a3m \u00a3m
Increase in programme rights and distribution rights
(33)
(70)
Decrease/(increase) in receivables, contract assets and production inventories
274
(133)
(Decrease)/increase in payables and contract liabilities
(151)
53
Working capital inflow/(outflow)
90
(150)
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-609": { "value": "3.1.8 Working capital management Cash and working capital management has been a critical area of focus during 2023 and 2022. During the year, the cash inflow from working capital was \u00a390 million (2022: outflow of \u00a3150 million) derived as follows:
2023 2022
\u00a3m \u00a3m
Increase in programme rights and distribution rights
(33)
(70)
Decrease/(increase) in receivables, contract assets and production inventories
274
(133)
(Decrease)/increase in payables and contract liabilities
(151)
53
Working capital inflow/(outflow)
90
(150)
Managing credit and liquidity risk Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long-term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure is limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board of Directors on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s and S&P. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV. Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium-term debt requirements were provided throughout 2023 through bank credit facilities totalling \u00a3900 million (see below). Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. Fair value versus book value The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2023 2022 2023 2022
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
\u20ac259 (previously \u20ac500) million Eurobond
Dec 2023
\u2013
229
\u2013
227
Revolving credit facility
*
\u2013
50
\u2013
50
Other short-term loans
Various
5
10
5
10
5
289
5
287
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
520
531
490
480
\u00a3230 million Term Loan
July 2027
230
\u2013
230
\u2013
Other long-term loans
Various
8
10
8
10
758
541
728
490
763
830
733
777
* The \u00a3500 million Revolving Credit Facility matures in January 2028 (\u00a383 million) and January 2029 (\u00a3417 million) 4.3 Managing market risks: derivative financial instruments Keeping it simple What is a derivative? A derivative is a type of financial instrument typically used to manage risk. A derivative\u2019s value changes over time in response to underlying variables, such as exchange rates or interest rates and is entered into for a fixed period. A hedge is where a derivative is used to manage exposure in an underlying variable. The Group is exposed to certain market risks. In accordance with Board-approved policies, which are set out in this note, the Group manages these risks by using derivative financial instruments to hedge the underlying exposures. Why do we need them? The key market risks facing the Group are: \u2022 Currency risk arising from: i. Translation risk, that is the risk in the period of adverse currency fluctuations in the translation of foreign currency profits, assets and liabilities (\u2018balance sheet risk\u2019) and non-functional currency monetary assets and liabilities (\u2018income statement risk\u2019) and ii. Transaction risk, that is the risk that currency fluctuations will have a negative effect on the value of the Group\u2019s non-functional currency trading cash flows. A non- functional currency transaction is a transaction in any currency other than the reporting currency of the subsidiary \u2022 Interest rate risk to the Group arises from significant changes in interest rates on borrowings issued at or swapped to floating rates How do we use them? The Group mainly employs three types of derivative financial instruments when managing its currency and interest rate risk: \u2022 Foreign exchange swap contracts are derivative instruments used to hedge income statement translation risk arising from short-term intercompany loans denominated in a foreign currency \u2022 Forward foreign exchange contracts are derivative instruments used to hedge transaction risk so they enable the sale or purchase of foreign currency at a known fixed rate on an agreed future date and \u2022 Cross-currency interest rate swaps are derivative instruments used to exchange the principal and interest coupons in a debt instrument from one currency to another Analysis of the derivatives used by the Group to hedge its exposure and the various methods used to calculate their respective fair values are detailed in this section. 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. 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. 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 Impact on Impact on Impact on
profit before tax profit before tax Equity Equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(6)
(9)
7
6
US dollar \u2013 decrease 10%
7
9
(8)
(8)
Euro \u2013 increase 10%
(1)
(4)
1
(3)
Euro \u2013 decrease 10%
2
5
\u2013
4
Australian dollar \u2013 increase 10%
(1)
(1)
(2)
(4)
Australian dollar \u2013 decrease 10%
1
1
2
4
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 2023, the Group\u2019s fixed rate debt represented 69.9% of total gross debt (2022: 93.8%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "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 Group\u2019s balance sheet 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-610": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-611": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "Property, plant and equipment Property, plant and equipment can be analysed as follows:
Vehicles,
Improvements to leasehold equipment Right
Freehold land and buildings and fittings of use
land and Long Short Owned assets Total
buildings \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
12
87
26
235
154
514
Additions
\u2013
2
\u2013
33
57
92
Reclassifications
\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
Additions
\u2013
2
\u2013
28
12
42
Derecognition of right of use asset
\u2013
\u2013
\u2013
\u2013
(14)
(14)
Foreign exchange
\u2013
(1)
\u2013
(2)
(3)
(6)
Disposals and retirements
\u2013
(2)
(8)
(33)
(43)
(86)
At 31 December 2023
12
84
18
207
160
481
Depreciation
At 1 January 2022
\u2013
25
19
152
64
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
Charge for the year
1
3
1
25
22
52
Derecognition of right of use asset
\u2013
\u2013
\u2013
\u2013
(6)
(6)
Foreign exchange
\u2013
\u2013
\u2013
(2)
(1)
(3)
Disposals and retirements
\u2013
(2)
(8)
(32)
(42)
(84)
At 31 December 2023
2
28
13
115
60
218
Net book value
At 31 December 2023
10
56
5
92
100
263
At 31 December 2022
11
58
6
90
121
286
Included within property, plant and equipment are assets in the course of construction of \u00a319 million (2022: \u00a334 million). Included within the depreciation charge for the year of \u00a352 million (2022: \u00a361 million) is \u00a36 million (2022: \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. Disposals and retirements for the year include assets written off with nil net book value that are not expected to generate any future economic benefits. Included in net book value of right of use assets is \u00a3100 million (2022: \u00a3121 million) related to properties and \u00a3nil (2022: \u00a3nil) relating to vehicles, equipment and fittings. The Group signed a subleasing arrangement, which is classified as a finance lease in accordance with IFRS 16 \u2018Leases\u2019. In accordance with the standard, the right of use asset with a net book value of \u00a38 million was derecognised and replaced by a net investment in the sublease which has been recognised within other receivables. This arrangement does not impact the lease liabilities arising from the original lease which have been included in note 4.6. Capital commitments The Group has capital commitments of \u00a32 million at 31 December 2023 (2022: \u00a311 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-612": { "value": "
Capital commitments
The Group has capital commitments of \u00a32 million at 31 December 2023 (2022: \u00a311 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-639": { "value": "Capital commitments The Group has capital commitments of \u00a32 million at 31 December 2023 (2022: \u00a311 million). Contingent liabilities 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. In addition, the determination of employment tax status of some individuals contracted by ITV is complex and a future liability could arise in relation to this. None of these items are expected to have a material effect on the Group\u2019s results or financial position. As previously reported, 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 the CMA has confirmed it is currently undertaking further investigation until at least March 2024, subsequent to which ITV anticipates it will receive additional detail regarding any future steps. On 11 October 2023, the CMA opened an investigation into certain conduct of ITV and other named companies in the sector relating to the production and broadcasting of television content in the UK, excluding sports content. The investigation remains 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's enquiries in relation to both investigations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "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. 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
Customer Straight-line or up to 6 years at the date of acquisition are estimated. If applicable,
contracts reducing balance a contributory charge is deducted for the use of other
as appropriate assets needed to exploit the cash flow. The net cash
Customer relationships
Straight-line
5 to 10 years
flow is then discounted back to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those contracts
arrangements depending on the existing at the date of acquisition are estimated.
contract terms 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
Start-up basis of expected future cash flows existing
depending on at the date of acquisition. If applicable, a contributory
term of licence 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
up to 20 years
Initially at cost and subsequently at cost less
straight-line as accumulated amortisation
appropriate
Software licences and
Straight-line
1 to 10 years
Initially at cost and subsequently at cost less
development 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. Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash- generating unit (CGU), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. There is a wide range of potential outcomes regarding the possible future performance of each of ITV Group\u2019s cash- generating units, Media & Entertainment, ITV Studios and SDN. In the impairment review the Directors used the scenarios utilised for the viability statement. The Directors, however, do not consider that any reasonably possible changes in the key assumptions would cause the recoverable amount of the Group\u2019s cash-generating units to fall below their carrying values and therefore they are not considered key sources of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-613": { "value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-669": { "value": "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. Accounting policies The Group measures non-current assets that are classified as held for sale at the lower of their carrying amount and fair value less costs to sell. On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. At 31 December 2023, the Group included these interests at their carrying value, as held for sale in the Consolidated Statement of Financial Position. There are no liabilities associated with this sale.
2023 2022
\u00a3m \u00a3m
Assets classified as held for sale - investments in joint ventures
66
\u2013
66
\u2013
The results for the entities held for sale (other than ITV SVOD Australia Pty Ltd) are included in share of profits and losses after tax of joint ventures and associated undertakings and not within the M&E reportable segment. Cash Balances held within ITV SVOD Australia Pty Ltd were fully utilised prior to completion of the sale and therefore have not been included in the above assets held for sale. Included in the Group\u2019s Consolidated Statement of Financial Position are working capital balances with the entities held for sale, for content and other related trading activities. These balances will be settled in the normal course of business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-614": { "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
Customer Straight-line or up to 6 years at the date of acquisition are estimated. If applicable,
contracts reducing balance a contributory charge is deducted for the use of other
as appropriate assets needed to exploit the cash flow. The net cash
Customer relationships
Straight-line
5 to 10 years
flow is then discounted back to present value
Contractual
Straight-line
up to 13 years
Expected future cash flows from those contracts
arrangements depending on the existing at the date of acquisition are estimated.
contract terms 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
Start-up basis of expected future cash flows existing
depending on at the date of acquisition. If applicable, a contributory
term of licence 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
up to 20 years
Initially at cost and subsequently at cost less
straight-line as accumulated amortisation
appropriate
Software licences and
Straight-line
1 to 10 years
Initially at cost and subsequently at cost less
development 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-615": { "value": "Impairment Goodwill is not subject to amortisation and is tested annually for impairment and when circumstances indicate that the carrying value may be impaired. Other intangible assets are subject to amortisation and are reviewed for impairment whenever events or changes in circumstances indicate that the amount carried in the Consolidated Statement of Financial Position is less than its recoverable amount. Determining whether the carrying amount of intangible assets has any indication of impairment requires judgement. Any impairment is recognised in the Consolidated Income Statement. An impairment test is performed by assessing the recoverable amount of each asset, or for goodwill the cash- generating unit (CGU), or group of CGUs, related to the goodwill. Total assets (which include goodwill) are grouped at the lowest levels for which there are separately identifiable cash flows. The Directors have identified three CGUs, Media & Entertainment, ITV Studios and SDN. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. The value in use is based on the present value of the future cash flows expected to arise from the asset. In testing for impairment, estimates are used in deriving cash flows and the discount rates. Such estimates reflect current market assessments of the risks specific to the asset and the time value of money. The estimation process is complex due to the inherent risks and uncertainties associated with long-term forecasting. If different estimates of the projected future cash flows or a different selection of an appropriate discount rate or long-term growth rate were made, these changes could materially alter the projected value of the cash flows of the asset, and as a consequence materially different amounts would be reported in the financial statements. Impairment losses in respect of goodwill cannot be reversed. In respect of assets other than goodwill, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. There is a wide range of potential outcomes regarding the possible future performance of each of ITV Group\u2019s cash- generating units, Media & Entertainment, ITV Studios and SDN. In the impairment review the Directors used the scenarios utilised for the viability statement. The Directors, however, do not consider that any reasonably possible changes in the key assumptions would cause the recoverable amount of the Group\u2019s cash-generating units to fall below their carrying values and therefore they are not considered key sources of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "Intangible assets Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,893
527
441
11
176
104
240
5,392
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44
44
Acquisitions
107
1
13
\u2013
\u2013
\u2013
\u2013
121
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
37
21
8
\u2013
\u2013
2
1
69
At 31 December 2022
4,037
549
462
11
176
106
280
5,621
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39
39
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
(18)
(9)
(4)
\u2013
\u2013
(1)
\u2013
(32)
At 31 December 2023
4,019
540
457
11
176
105
256
5,564
Amortisation and
impairment
At 1 January 2022
2,654
460
433
11
129
93
134
3,914
Charge for the year
\u2013
41
6
\u2013
2
\u2013
27
76
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
\u2013
19
7
\u2013
\u2013
\u2013
1
27
At 31 December 2022
2,654
520
446
11
131
93
157
4,012
Charge for the year
\u2013
17
4
\u2013
2
\u2013
64
87
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
\u2013
(8)
(4)
\u2013
\u2013
(1)
\u2013
(13)
At 31 December 2023
2,654
529
445
11
133
92
158
4,022
Net book value
At 31 December 2023
1,365
11
12
\u2013
43
13
98
1,542
At 31 December 2022
1,383
29
16
\u2013
45
13
123
1,609
Goodwill impairment tests The carrying amount of goodwill for each CGU is represented as follows:
2023 2022
\u00a3m \u00a3m
ITV Studios
903
921
Media & Entertainment
386
386
SDN
76
76
1,365
1,383
There has been no impairment charge for any CGU during the year (2022: \u00a3nil). When assessing impairment, the recoverable amount of each CGU is based on value in use calculations. These calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an estimated nominal long-term growth rate of 1.5% (2022: 1.5%). The growth rate used is consistent with the long-term average growth rates for both the industry and the countries in which the CGUs are located and is appropriate because these are long-term businesses. The discount rate has been updated for each CGU to reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt. There is currently no reasonably possible change in discount rate that would reduce the headroom in any CGU to zero. ITV Studios The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since 1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV Studios goodwill also includes the goodwill arising from acquisitions since 2012, with the largest acquisitions being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022. The key assumptions on which the forecast cash flows for the whole CGU were based (as represented by the approved financial budget for 2024 and forecast to 2026) include revenue (including international revenue and the ITV Studios share of ITV output, growth in commissions and hours produced), margins and the pre-tax market discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, industry estimates and in-house estimates of growth rates in all markets. No impairment was identified. A pre-tax discount rate of 10.7% (2022: 10.5%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. Media & Entertainment The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999, the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also includes the goodwill arising on acquisition of UTV Limited in February 2016. The main assumptions on which the forecast cash flow projections for this CGU are based (as represented by the approved financial budget for 2024 and forecast to 2026) include: the size, performance and share of the television and streaming advertising market; share of commercial impacts; programme and other costs; and the pre-tax market discount rate. In forming its assumptions about the television and streaming advertising market, the Group has used a combination of long-term trends, industry forecasts and in-house estimates, which place greater emphasis on recent experience. No impairment was identified. An impairment charge of \u00a32,309 million was recognised in the Media & Entertainment CGU in 2008, as a result of the downturn in the short-term outlook for the advertising market. The current year impairment review, set out above, results in significant headroom. Even though the advertising market has improved since the impairment was recognised in 2008 and the impaired assets are still owned and operated by the Group, due to accounting rules the impairment to goodwill cannot be reversed. A pre-tax discount rate of 10.4% (2022: 10.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. SDN Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in 2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally the enhanced ability to promote Freeview as a platform, business relationships with the channels which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was renewed during 2022 and expires in 2034. The main assumptions on which the forecast cash flows are based (as represented by the approved financial budget for 2024 and forecast to 2026) are: income to be earned from renewals of medium-term contracts; the market price of available multiplex video streams; and the pre-tax market discount rate. These assumptions have been determined by using a combination of current contract terms, recent market transactions and in-house estimates of video stream availability and pricing. No impairment was identified. A pre-tax discount rate of 9.1% (2022: 9.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-640": { "value": "Intangible assets Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,893
527
441
11
176
104
240
5,392
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44
44
Acquisitions
107
1
13
\u2013
\u2013
\u2013
\u2013
121
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
37
21
8
\u2013
\u2013
2
1
69
At 31 December 2022
4,037
549
462
11
176
106
280
5,621
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39
39
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
(18)
(9)
(4)
\u2013
\u2013
(1)
\u2013
(32)
At 31 December 2023
4,019
540
457
11
176
105
256
5,564
Amortisation and
impairment
At 1 January 2022
2,654
460
433
11
129
93
134
3,914
Charge for the year
\u2013
41
6
\u2013
2
\u2013
27
76
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
\u2013
19
7
\u2013
\u2013
\u2013
1
27
At 31 December 2022
2,654
520
446
11
131
93
157
4,012
Charge for the year
\u2013
17
4
\u2013
2
\u2013
64
87
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
\u2013
(8)
(4)
\u2013
\u2013
(1)
\u2013
(13)
At 31 December 2023
2,654
529
445
11
133
92
158
4,022
Net book value
At 31 December 2023
1,365
11
12
\u2013
43
13
98
1,542
At 31 December 2022
1,383
29
16
\u2013
45
13
123
1,609
Goodwill impairment tests The carrying amount of goodwill for each CGU is represented as follows:
2023 2022
\u00a3m \u00a3m
ITV Studios
903
921
Media & Entertainment
386
386
SDN
76
76
1,365
1,383
There has been no impairment charge for any CGU during the year (2022: \u00a3nil). When assessing impairment, the recoverable amount of each CGU is based on value in use calculations. These calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an estimated nominal long-term growth rate of 1.5% (2022: 1.5%). The growth rate used is consistent with the long-term average growth rates for both the industry and the countries in which the CGUs are located and is appropriate because these are long-term businesses. The discount rate has been updated for each CGU to reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt. There is currently no reasonably possible change in discount rate that would reduce the headroom in any CGU to zero. ITV Studios The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since 1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV Studios goodwill also includes the goodwill arising from acquisitions since 2012, with the largest acquisitions being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022. The key assumptions on which the forecast cash flows for the whole CGU were based (as represented by the approved financial budget for 2024 and forecast to 2026) include revenue (including international revenue and the ITV Studios share of ITV output, growth in commissions and hours produced), margins and the pre-tax market discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, industry estimates and in-house estimates of growth rates in all markets. No impairment was identified. A pre-tax discount rate of 10.7% (2022: 10.5%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. Media & Entertainment The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999, the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also includes the goodwill arising on acquisition of UTV Limited in February 2016. The main assumptions on which the forecast cash flow projections for this CGU are based (as represented by the approved financial budget for 2024 and forecast to 2026) include: the size, performance and share of the television and streaming advertising market; share of commercial impacts; programme and other costs; and the pre-tax market discount rate. In forming its assumptions about the television and streaming advertising market, the Group has used a combination of long-term trends, industry forecasts and in-house estimates, which place greater emphasis on recent experience. No impairment was identified. An impairment charge of \u00a32,309 million was recognised in the Media & Entertainment CGU in 2008, as a result of the downturn in the short-term outlook for the advertising market. The current year impairment review, set out above, results in significant headroom. Even though the advertising market has improved since the impairment was recognised in 2008 and the impaired assets are still owned and operated by the Group, due to accounting rules the impairment to goodwill cannot be reversed. A pre-tax discount rate of 10.4% (2022: 10.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. SDN Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in 2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally the enhanced ability to promote Freeview as a platform, business relationships with the channels which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was renewed during 2022 and expires in 2034. The main assumptions on which the forecast cash flows are based (as represented by the approved financial budget for 2024 and forecast to 2026) are: income to be earned from renewals of medium-term contracts; the market price of available multiplex video streams; and the pre-tax market discount rate. These assumptions have been determined by using a combination of current contract terms, recent market transactions and in-house estimates of video stream availability and pricing. No impairment was identified. A pre-tax discount rate of 9.1% (2022: 9.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-616": { "value": "Intangible assets Intangible assets can be analysed as follows:
Customer Software
Formats contracts and Contractual Libraries licences and
Goodwill and brands relationships arrangements Licences and other development Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
3,893
527
441
11
176
104
240
5,392
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44
44
Acquisitions
107
1
13
\u2013
\u2013
\u2013
\u2013
121
Disposals
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
37
21
8
\u2013
\u2013
2
1
69
At 31 December 2022
4,037
549
462
11
176
106
280
5,621
Additions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39
39
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
(18)
(9)
(4)
\u2013
\u2013
(1)
\u2013
(32)
At 31 December 2023
4,019
540
457
11
176
105
256
5,564
Amortisation and
impairment
At 1 January 2022
2,654
460
433
11
129
93
134
3,914
Charge for the year
\u2013
41
6
\u2013
2
\u2013
27
76
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(5)
(5)
Foreign exchange
\u2013
19
7
\u2013
\u2013
\u2013
1
27
At 31 December 2022
2,654
520
446
11
131
93
157
4,012
Charge for the year
\u2013
17
4
\u2013
2
\u2013
64
87
Disposals
\u2013
\u2013
(1)
\u2013
\u2013
\u2013
(63)
(64)
Foreign exchange
\u2013
(8)
(4)
\u2013
\u2013
(1)
\u2013
(13)
At 31 December 2023
2,654
529
445
11
133
92
158
4,022
Net book value
At 31 December 2023
1,365
11
12
\u2013
43
13
98
1,542
At 31 December 2022
1,383
29
16
\u2013
45
13
123
1,609
Goodwill impairment tests The carrying amount of goodwill for each CGU is represented as follows:
2023 2022
\u00a3m \u00a3m
ITV Studios
903
921
Media & Entertainment
386
386
SDN
76
76
1,365
1,383
There has been no impairment charge for any CGU during the year (2022: \u00a3nil). When assessing impairment, the recoverable amount of each CGU is based on value in use calculations. These calculations require the use of estimates, specifically: pre-tax cash flow projections; long-term growth rates; and a pre-tax market discount rate. Cash flow projections are based on the Group\u2019s current long-term plan. Beyond the plan, these projections are extrapolated using an estimated nominal long-term growth rate of 1.5% (2022: 1.5%). The growth rate used is consistent with the long-term average growth rates for both the industry and the countries in which the CGUs are located and is appropriate because these are long-term businesses. The discount rate has been updated for each CGU to reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt. There is currently no reasonably possible change in discount rate that would reduce the headroom in any CGU to zero. ITV Studios The goodwill for ITV Studios has arisen as a result of the acquisition of production businesses since 1999. Significant balances were created from the acquisition by Granada of United News and Media\u2019s production businesses in 2000 and the merger of Granada and Carlton in 2004 to form ITV plc. ITV Studios goodwill also includes the goodwill arising from acquisitions since 2012, with the largest acquisitions being Leftfield in 2014, followed by Talpa in 2015 and Plimsoll in 2022. The key assumptions on which the forecast cash flows for the whole CGU were based (as represented by the approved financial budget for 2024 and forecast to 2026) include revenue (including international revenue and the ITV Studios share of ITV output, growth in commissions and hours produced), margins and the pre-tax market discount rate. These assumptions have been determined by using a combination of extrapolation of historical trends within the business, industry estimates and in-house estimates of growth rates in all markets. No impairment was identified. A pre-tax discount rate of 10.7% (2022: 10.5%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. Media & Entertainment The goodwill in this CGU arose as a result of the acquisition of broadcasting businesses since 1999, the largest of which was the merger of Carlton and Granada in 2004 to form ITV plc, which was treated as an acquisition of Carlton for accounting purposes. Media & Entertainment goodwill also includes the goodwill arising on acquisition of UTV Limited in February 2016. The main assumptions on which the forecast cash flow projections for this CGU are based (as represented by the approved financial budget for 2024 and forecast to 2026) include: the size, performance and share of the television and streaming advertising market; share of commercial impacts; programme and other costs; and the pre-tax market discount rate. In forming its assumptions about the television and streaming advertising market, the Group has used a combination of long-term trends, industry forecasts and in-house estimates, which place greater emphasis on recent experience. No impairment was identified. An impairment charge of \u00a32,309 million was recognised in the Media & Entertainment CGU in 2008, as a result of the downturn in the short-term outlook for the advertising market. The current year impairment review, set out above, results in significant headroom. Even though the advertising market has improved since the impairment was recognised in 2008 and the impaired assets are still owned and operated by the Group, due to accounting rules the impairment to goodwill cannot be reversed. A pre-tax discount rate of 10.4% (2022: 10.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. SDN Goodwill was recognised when the Group acquired SDN (the licence operator for DTT Multiplex A) in 2005. It represented the wider strategic benefits of the acquisition specific to the Group, principally the enhanced ability to promote Freeview as a platform, business relationships with the channels which are on Multiplex A and additional capacity available from 2010. SDN\u2019s multiplex licence was renewed during 2022 and expires in 2034. The main assumptions on which the forecast cash flows are based (as represented by the approved financial budget for 2024 and forecast to 2026) are: income to be earned from renewals of medium-term contracts; the market price of available multiplex video streams; and the pre-tax market discount rate. These assumptions have been determined by using a combination of current contract terms, recent market transactions and in-house estimates of video stream availability and pricing. No impairment was identified. A pre-tax discount rate of 9.1% (2022: 9.4%) has been used in discounting the projected cash flows. No reasonably possible change in assumptions or discount rate would lead to an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-567": { "value": "Accounting policies The Group measures non-current assets that are classified as held for sale at the lower of their carrying amount and fair value less costs to sell. On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-568": { "value": "At 31 December 2023, the Group included these interests at their carrying value, as held for sale in the Consolidated Statement of Financial Position. There are no liabilities associated with this sale.
2023 2022
\u00a3m \u00a3m
Assets classified as held for sale - investments in joint ventures
66
\u2013
66
\u2013
The results for the entities held for sale (other than ITV SVOD Australia Pty Ltd) are included in share of profits and losses after tax of joint ventures and associated undertakings and not within the M&E reportable segment. Cash Balances held within ITV SVOD Australia Pty Ltd were fully utilised prior to completion of the sale and therefore have not been included in the above assets held for sale. Included in the Group\u2019s Consolidated Statement of Financial Position are working capital balances with the entities held for sale, for content and other related trading activities. These balances will be settled in the normal course of business.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-641": { "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. The carrying amount of each category of our investments is represented as follows:
Joint ventures Associates Equity investments Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
Additions
5
3
10
18
Share of profits/ (losses)
8
(8)
\u2013
\u2013
Impairments/fair value
adjustments
\u2013
(5)
\u2013
(5)
Dividends received
(3)
\u2013
\u2013
(3)
Foreign exchange
(3)
(3)
\u2013
(6)
Classified as held for sale
(66)
\u2013
\u2013
(66)
At 31 December 2023
\u2013
47
21
68
On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. At 31 December 2023, the Group included these interests at their carrying value of \u00a366 million, as held for sale in the Consolidated Statement of Financial Position. See notes 3.4 and 5.3. At 31 December 2023, there were no other significant investments in joint ventures (2022: \u00a348 million invested in BritBox LLC in the US). The Group\u2019s associates include \u00a331 million (2022: \u00a338 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. No individual investment is considered material to the Group. Please refer to page 240 for the list of joint ventures, associates and other significant holdings held at 31 December 2023. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2023 2022
\u00a3m \u00a3m
Sales to joint ventures
60
41
Sales to associated undertakings
13
16
Purchases from joint ventures
33
33
Purchases from associated undertakings
78
77
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited and distribution revenue from BritBox LLC, BritBox International Limited and BritBox Australia Management Pty Limited. Sales to associated undertakings include airtime sales to DTV Services Limited. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2023 2022
\u00a3m \u00a3m
Amounts owed by joint ventures
41
12
Amounts owed by associated undertakings
10
19
Amounts owed to joint ventures
6
5
Amounts owed to associated undertakings
8
17
None of the balances are secured. Amounts owed by joint ventures primarily relate to trading with BritBox LLC and BritBox Australia Management Pty Limited. Balances owed by associated undertakings largely relate to Bedrock Entertainment LLC and Southrock Productions LLC. Balances owed to associated undertakings primarily relate to trading with ITN Limited and amounts owed to Bedrock Entertainment LLC. Amounts paid to the Group\u2019s retirement benefit plans are set out in note 3.7. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-617": { "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. The carrying amount of each category of our investments is represented as follows:
Joint ventures Associates Equity investments Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
Additions
5
3
10
18
Share of profits/ (losses)
8
(8)
\u2013
\u2013
Impairments/fair value
adjustments
\u2013
(5)
\u2013
(5)
Dividends received
(3)
\u2013
\u2013
(3)
Foreign exchange
(3)
(3)
\u2013
(6)
Classified as held for sale
(66)
\u2013
\u2013
(66)
At 31 December 2023
\u2013
47
21
68
On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. At 31 December 2023, the Group included these interests at their carrying value of \u00a366 million, as held for sale in the Consolidated Statement of Financial Position. See notes 3.4 and 5.3. At 31 December 2023, there were no other significant investments in joint ventures (2022: \u00a348 million invested in BritBox LLC in the US). The Group\u2019s associates include \u00a331 million (2022: \u00a338 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. No individual investment is considered material to the Group. Please refer to page 240 for the list of joint ventures, associates and other significant holdings held at 31 December 2023.
Transactions with joint ventures and associated undertakings
Transactions with joint ventures and associated undertakings during the year were:
2023 2022
\u00a3m \u00a3m
Sales to joint ventures
60
41
Sales to associated undertakings
13
16
Purchases from joint ventures
33
33
Purchases from associated undertakings
78
77
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with
Digital 3&4 Limited and distribution revenue from BritBox LLC, BritBox International Limited and BritBox Australia
Management Pty Limited. Sales to associated undertakings include airtime sales to DTV Services Limited. Purchases
from associated undertakings primarily relate to the purchase of news services from ITN Limited.
All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s
length basis. The amounts owed by and to these related parties at 31 December were:
2023 2022
\u00a3m \u00a3m
Amounts owed by joint ventures
41
12
Amounts owed by associated undertakings
10
19
Amounts owed to joint ventures
6
5
Amounts owed to associated undertakings
8
17
None of the balances are secured.
Amounts owed by joint ventures primarily relate to trading with BritBox LLC and BritBox Australia Management Pty
Limited. Balances owed by associated undertakings largely relate to Bedrock Entertainment LLC and Southrock
Productions LLC. Balances owed to associated undertakings primarily relate to trading with ITN Limited and amounts
owed to Bedrock Entertainment LLC.
Amounts paid to the Group\u2019s retirement benefit plans are set out in note 3.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-569": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-657": { "value": "The carrying amount of each category of our investments is represented as follows:
Joint ventures Associates Equity investments Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
Additions
5
3
10
18
Share of profits/ (losses)
8
(8)
\u2013
\u2013
Impairments/fair value
adjustments
\u2013
(5)
\u2013
(5)
Dividends received
(3)
\u2013
\u2013
(3)
Foreign exchange
(3)
(3)
\u2013
(6)
Classified as held for sale
(66)
\u2013
\u2013
(66)
At 31 December 2023
\u2013
47
21
68
On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. At 31 December 2023, the Group included these interests at their carrying value of \u00a366 million, as held for sale in the Consolidated Statement of Financial Position. See notes 3.4 and 5.3. At 31 December 2023, there were no other significant investments in joint ventures (2022: \u00a348 million invested in BritBox LLC in the US). The Group\u2019s associates include \u00a331 million (2022: \u00a338 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. No individual investment is considered material to the Group. Please refer to page 240 for the list of joint ventures, associates and other significant holdings held at 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-570": { "value": "The carrying amount of each category of our investments is represented as follows:
Joint ventures Associates Equity investments Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
Additions
5
3
10
18
Share of profits/ (losses)
8
(8)
\u2013
\u2013
Impairments/fair value
adjustments
\u2013
(5)
\u2013
(5)
Dividends received
(3)
\u2013
\u2013
(3)
Foreign exchange
(3)
(3)
\u2013
(6)
Classified as held for sale
(66)
\u2013
\u2013
(66)
At 31 December 2023
\u2013
47
21
68
On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in BritBox Australia Management Pty Limited. At 31 December 2023, the Group included these interests at their carrying value of \u00a366 million, as held for sale in the Consolidated Statement of Financial Position. See notes 3.4 and 5.3. At 31 December 2023, there were no other significant investments in joint ventures (2022: \u00a348 million invested in BritBox LLC in the US). The Group\u2019s associates include \u00a331 million (2022: \u00a338 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. No individual investment is considered material to the Group. Please refer to page 240 for the list of joint ventures, associates and other significant holdings held at 31 December 2023. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2023 2022
\u00a3m \u00a3m
Sales to joint ventures
60
41
Sales to associated undertakings
13
16
Purchases from joint ventures
33
33
Purchases from associated undertakings
78
77
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited and distribution revenue from BritBox LLC, BritBox International Limited and BritBox Australia Management Pty Limited. Sales to associated undertakings include airtime sales to DTV Services Limited. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2023 2022
\u00a3m \u00a3m
Amounts owed by joint ventures
41
12
Amounts owed by associated undertakings
10
19
Amounts owed to joint ventures
6
5
Amounts owed to associated undertakings
8
17
None of the balances are secured. Amounts owed by joint ventures primarily relate to trading with BritBox LLC and BritBox Australia Management Pty Limited. Balances owed by associated undertakings largely relate to Bedrock Entertainment LLC and Southrock Productions LLC. Balances owed to associated undertakings primarily relate to trading with ITN Limited and amounts owed to Bedrock Entertainment LLC. Amounts paid to the Group\u2019s retirement benefit plans are set out in note 3.7. Keeping it simple Certain subsidiaries of the Group can take an exemption from having an audit. Strict criteria must be met for this exemption to be taken, and it must be agreed by the Directors of that subsidiary entity. Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A.
Company number
Company name
Company number
Company name
04195187
12 Yard Productions (Investments) Limited
03089273
ITV Ventures Limited
04145307
12 Yard Productions Limited
11107431
ITV Vera Limited
10058419
Back Productions Limited
14460676
ITV WKOW Limited
13087812
Big Talk Alone Limited
13087699
ITV Y&M Limited
10496857
Big Talk Cold Feet Limited
05518785
Juice Music UK Limited
12092620
Big Talk Friday Limited
05976348
Mammoth Screen Limited
11109596
Big Talk Goes Wrong Limited
09355455
Mammoth Screen (End) Limited
13087733
Big Talk Horseface Limited
08546227
Mammoth Screen (End2) Limited
13087735
Big Talk I Hate You Limited
10528827
Mammoth Screen (End9) Limited
07037447
Big Talk Investments Limited
11109917
Mammoth Screen (End6) Limited
10528952
Big Talk Living the Dream Limited
11908267
Mammoth Screen (End7) Limited
13813181
Big Talk Ludwig Limited
12368766
Mammoth Screen (End8) Limited
11723899
Big Talk Offenders Limited
13087685
Mammoth Screen (Evans) Limited
11109572
Big Talk Peacock Limited
12368661
Mammoth Screen (FS) Limited
02897434
Big Talk Pictures Limited
13989267
Mammoth Screen (GK) Limited
06567813
Big Talk Studios Limited
11995990
Mammoth Screen (MD) Limited
02936337
Boom Cymru TV Ltd
12735978
Mammoth Screen (MD2) Limited
07922831
Boom Pictures Limited
13989179
Mammoth Screen (MIE) Limited
03866274
Box Clever Technology Limited
11062257
Mammoth Screen (NC) Limited
04192851
Box Clever Trustees Limited
09660486
Mammoth Screen (Pol2) Limited
11801341
BritBox SVOD Limited
10031005
Mammoth Screen (Pol3) Limited
01891539
Broad Street Films Limited
10528763
Mammoth Screen (Pol4) Limited
02285229
Campania Limited
11108289
Mammoth Screen (Pol5) Limited
04159249
Carlton Content Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
00301188
Carlton Film Distributors Limited
09646520
Mammoth Screen (QV) Limited
01692483
Carlton Finance Limited
11108327
Mammoth Screen (Serpent) Limited
03984490
Carlton Food Network Limited
11204836
Mammoth Screen (SG) Limited
03053908
Carlton Programmes Development Limited
NI678277
Mammoth Screen (TJ) Limited
03210452
Carlton Screen Advertising (Holdings) Limited
13087656
Mammoth Screen (Tower) Limited
03210363
Carltonco Ninety-Six
10528702
Mammoth Screen (VF) Limited
02280048
Castlefield Properties Limited
11108322
Mammoth Screen (Vic3) Limited
06409013
Cat\u2019s on the Roof Media Limited
11108320
Mammoth Screen (WOF) Limited
04257248
Channel Television Holdings Limited
NI687412
Mammoth Screen (WOF2) Limited
08195508
Cirkus Limited
10973979
Mammoth Screen (WOTW) Limited
10240192
Cloth Cat LBB Limited
13412337
Metavision Limited
02852812
Cosgrove Hall Films Limited
09477931
Monumental Television Limited
09366309
Crook Productions Limited
04201477
Morning TV Limited
05421502
Cynhyrchiadau Boomerang Cyfyngedig
12368748
MT Ghosts Limited
08479545
Double Double Limited
14764613
MT Marlow Murder Club Limited
07821062
EQ Pictures Limited
13813329
MT Mrs Sidhu Limited
09366308
Gameface Productions Limited
13989060
MT Maryland Limited
05946785
Gorilla TV Group Limited
13087117
MT Murder in Provence Limited
03776018
Gorilla TV Limited
14763338
Output Productions Limited
00290076
Granada Group Limited
07473151
Oxford Scientific Films Limited
03962410
Granada Limited
13506403
Planet Woo Limited
03106798
Granada Media Limited
15175627
Planet V Limited
05344772
Granada Screen (2005) Limited
09020906
Possessed Limited
00733063
Granada Television Overseas Limited
14163547
QSP ATF Limited
00250311
Granada UK Rental and Retail Limited
14784655
QSP Buried Limited
04842712
Interactive Telephony Limited
14163654
QSP FMO Limited
00608490
ITC Entertainment Group Limited
14460916
QSP Ghosted Limited
SC375274
ITV (Scotland) Limited
14496123
QSP Men Up Limited
11516620
ITV
112
Limited
14458573
QSP MU Limited
12956892
ITV AdVentures Limited
14462220
QSP MY Limited
13087805
ITV Alde
r
Limited
14460933
QSP PD Limited
14047839
ITV Archie Limited
14460663
QSP TRK Limited
11667230
ITV Barking Limited
13714204
QSP Nolly Limited
02578005
ITV Breakfast Limited
14048037
QSP SO limited
02937518
ITV Consume
r
Limited
12350991
Second Act (Grace) Limited
13087759
ITV Duneen Limited
09366311
Second Act Productions Limited
10494684
ITV Enterprises Limited
07714999
Sightseers Film Limited
04159210
ITV Holdings Limited
03991026
So Television Limited
14133299
ITV Grace Limited
11423826
The Addressable Platform Limited
04159213
ITV International Channels Limited
07155077
The Garden Productions Limited
14846610
ITV JCDM Limited
02351132
TwoFour Broadcast Limited
SC473179
ITV LTVC (Scotland) Limited
08602993
TwoFour Group Holdings Limited
14863612
ITV Mandrake Limited
05493388
TwoFour Group Limited
13989147
ITV Maternal Limited
11109744
WP Anne Limited
00603893
ITV Network Limited
10796122
WP Bodyguard Limited
11723842
ITV Nightingale Limited
14360979
WP Delia Limited
00603471
ITV Pension Scheme Limited
12368643
WP Diplomat Limited
14461569
ITV POS Limited
13988864
WP Fifteen Limited
Company number
Company name
Company number
Company name
01565625
ITV Properties (Developments) Limited
12116627
WP Karen Pirie Limited
13087782
ITV Ralph and Katie Limited
14988579
WP Lockerbie Limited
14460328
ITV RE Limited
11109287
WP LOD5 Limited
08554937
ITV Shetland Limited
12116457
WP LOD6 Limited
11723826
ITV Spy Limited
13087865
WP Malpractice Limited
02203983
ITV Studios Global Distribution Limited
12116461
WP Pembrokeshire Limited
09498877
ITV TFG Holdings Limited
13087860
WP RM Limited
11107934
ITV The Bay Limited
11109929
WP Save Me 2 Limited
13087693
ITV The Reckoning Limited
12368475
WP Showtrial Limited
12368504
ITV TLC Limited
14653603
WP The Gathering Limited
09498177
ITV Top Class Limited
12368477
WP The Suspect Limited
14048049
ITV Venturer Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited is exempt from audit under article 113 of the Companies Act (Jersey) Law 1991.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-571": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-658": { "value": "Provisions The movements in provisions during the year are as follows:
Legal and
Contract Property other
provisions provisions provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
34
9
126
169
Additions
\u2013
2
20
22
Utilised
(16)
(1)
(15)
(32)
Released
\u2013
\u2013
(5)
(5)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
18
10
126
154
Analysed between:
Current
12
1
124
137
Non-current
6
9
2
17
Provisions of \u00a3137 million are classified as current liabilities (2022: \u00a3139 million). Unwind of the discount is \u00a3nil in 2023 and 2022. Contract provisions \u00a318 million (2022: \u00a334 million) Contract provisions represent liabilities in respect of onerous contracts in relation to individual sports rights of \u00a311 million (2022: \u00a317 million) and transmission capacity supply contracts of \u00a37 million (2022: \u00a317 million). Sports rights Following the pandemic and up to 31 December 2022, the Group recognised provisions for individual sports rights when estimated revenues were less than the value of the rights. This was considered an indicator of impairment. The provision is sensitive to the changes in the sporting schedule and consequential impact on TAR. In calculating the 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. In periods prior to the pandemic, all programme rights (including sports rights) were assessed for impairment on a portfolio basis unless specific indicators of impairment were identified. In 2023, the Group has included sports rights in the portfolio assessment as there are no specific indicators of impairment. No further impairments have arisen. The provision held at 31 December 2023 is \u00a311 million (2022: \u00a317 million). \u00a36 million of the provision was utilised during the year. In the prior year \u00a35 million 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 2024 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 total provision for onerous contracts at 31 December 2023 is \u00a37 million (2022: \u00a317 million). \u00a310 million of the provision was utilised during the year (2022: \u00a310 million). Property provisions \u00a310 million (2022: \u00a39 million) These provisions primarily relate to expected dilapidation costs at the Group\u2019s rental properties. Legal and other provisions \u00a3126 million (2022: \u00a3126 million) Represents provisions for potential liabilities (arising from legal disputes and claims) and their related legal costs. These include \u00a352 million (2022: \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 \u00a361 million (2022: \u00a359 million) and other legal and related costs. Box Clever Pension Scheme Box Clever Technology Limited (Box Clever) was a TV rental business joint venture set up by Granada Rental and Retail Limited and Carmelite Investments Limited (parent company of Thorn Limited (Thorn) in 1999. The business went into administrative receivership in 2003. 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, further legal proceedings 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 31 March 2021. This estimate was calculated on a buyout basis based on membership data as of February 2020. This estimate has been updated based on 31 December 2023 market conditions and has reduced to \u00a378 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 previously, in 2022 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 made representations in relation to the warning notice on 31 October 2022, tPR responded on 28 July 2023 and the Group replied on 14 November 2023. ITV has continued to engage with tPR during the relevant period. 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 are continuing 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. HMRC has issued assessments to the Group for several individuals engaged by the Group during the tax years 2016/17 to 2018/19 as employed for tax purposes and a provision of \u00a356 million was made. During 2023, we have further reviewed the provision, which has resulted in an increase in the provision of \u00a32 million (2022: \u00a320 million). This has resulted in a \u00a35 million charge to the profit and loss account and a \u00a33 million credit to exceptional items (2022: \u00a310 million) as this relates to periods up to 31 December 2022 and therefore does not relate to the current year. Due to ongoing reviews by HMRC and court cases in this matter, the final amount payable could be significantly different to the \u00a358 million currently provided (2022: \u00a356 million). It is difficult to provide a range for the expected final amounts 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 (2022: \u00a33 million) is provided in relation to other employment related matters. Other Other provisions relate to settlements or proposed settlements on a number of legal cases as well as historical environmental provisions in relation to our production sites, closure costs and provision for legal fees for other ongoing litigation. Contingent liabilities 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. In addition, the determination of employment tax status of some individuals contracted by ITV is complex and a future liability could arise in relation to this. None of these items are expected to have a material effect on the Group\u2019s results or financial position. As previously reported, 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 the CMA has confirmed it is currently undertaking further investigation until at least March 2024, subsequent to which ITV anticipates it will receive additional detail regarding any future steps. On 11 October 2023, the CMA opened an investigation into certain conduct of ITV and other named companies in the sector relating to the production and broadcasting of television content in the UK, excluding sports content. The investigation remains 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's enquiries in relation to both investigations.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-572": { "value": "Provisions The movements in provisions during the year are as follows:
Legal and
Contract Property other
provisions provisions provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
34
9
126
169
Additions
\u2013
2
20
22
Utilised
(16)
(1)
(15)
(32)
Released
\u2013
\u2013
(5)
(5)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
At 31 December 2023
18
10
126
154
Analysed between:
Current
12
1
124
137
Non-current
6
9
2
17
Provisions of \u00a3137 million are classified as current liabilities (2022: \u00a3139 million). Unwind of the discount is \u00a3nil in 2023 and 2022. Contract provisions \u00a318 million (2022: \u00a334 million) Contract provisions represent liabilities in respect of onerous contracts in relation to individual sports rights of \u00a311 million (2022: \u00a317 million) and transmission capacity supply contracts of \u00a37 million (2022: \u00a317 million). Sports rights Following the pandemic and up to 31 December 2022, the Group recognised provisions for individual sports rights when estimated revenues were less than the value of the rights. This was considered an indicator of impairment. The provision is sensitive to the changes in the sporting schedule and consequential impact on TAR. In calculating the 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. In periods prior to the pandemic, all programme rights (including sports rights) were assessed for impairment on a portfolio basis unless specific indicators of impairment were identified. In 2023, the Group has included sports rights in the portfolio assessment as there are no specific indicators of impairment. No further impairments have arisen. The provision held at 31 December 2023 is \u00a311 million (2022: \u00a317 million). \u00a36 million of the provision was utilised during the year. In the prior year \u00a35 million 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 2024 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 total provision for onerous contracts at 31 December 2023 is \u00a37 million (2022: \u00a317 million). \u00a310 million of the provision was utilised during the year (2022: \u00a310 million). Property provisions \u00a310 million (2022: \u00a39 million) These provisions primarily relate to expected dilapidation costs at the Group\u2019s rental properties.
Legal and other provisions \u00a3126 million (2022: \u00a3126 million)
Represents provisions for potential liabilities (arising from legal disputes and claims) and their related legal costs.
These include \u00a352 million (2022: \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 \u00a361 million (2022: \u00a359 million) and other legal and related costs.
Box Clever Pension Scheme
Box Clever Technology Limited (Box Clever) was a TV rental business joint venture set up by Granada Rental and
Retail Limited and Carmelite Investments Limited (parent company of Thorn Limited (Thorn) in 1999. The business
went into administrative receivership in 2003. 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, further legal
proceedings 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 31 March 2021. This
estimate was calculated on a buyout basis based on membership data as of February 2020. This estimate has been
updated based on 31 December 2023 market conditions and has reduced to \u00a378 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 previously, in 2022 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 made representations
in relation to the warning notice on 31 October 2022, tPR responded on 28 July 2023 and the Group replied on
14 November 2023. ITV has continued to engage with tPR during the relevant period.
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 are
continuing 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. HMRC
has issued assessments to the Group for several individuals engaged by the Group during the tax years 2016/17 to
2018/19 as employed for tax purposes and a provision of \u00a356 million was made.
During 2023, we have further reviewed the provision, which has resulted in an increase in the provision of \u00a32 million
(2022: \u00a320 million). This has resulted in a \u00a35 million charge to the profit and loss account and a \u00a33 million credit to
exceptional items (2022: \u00a310 million) as this relates to periods up to 31 December 2022 and therefore does not
relate to the current year.
Due to ongoing reviews by HMRC and court cases in this matter, the final amount payable could be significantly
different to the \u00a358 million currently provided (2022: \u00a356 million). It is difficult to provide a range for the expected
final amounts 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 (2022: \u00a33 million) is provided in relation to other employment related matters.
Other
Other provisions relate to settlements or proposed settlements on a number of legal cases as well as 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-573": { "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 2023, total contributions expensed were \u00a325 million (2022: \u00a329 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 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 IAS 19 surplus or deficit does not drive the deficit funding contribution. Following the above triennial valuation of Section A of the ITV Pensions Scheme, ITV paid deficit reduction contributions of \u00a340 million in 2023, and expects the deficit reduction contributions to be \u00a353 million in 2024 and \u00a328 million in 2025. The next triennial valuation of the ITV Pension Scheme as at 31 December 2022 by an independent actuary appointed by the Trustee of the Scheme is currently underway and is expected to be agreed in the coming months. The Group will then update any required deficit reduction contributions in line with the valuation. 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 \u00a348 million (2022: \u00a347 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 January 2024, the triennial valuation of the UTV Scheme as at 30 June 2023 was completed. The Scheme had assets of \u00a391 million as at the valuation date and \u00a388 million of liabilities resulting in an agreed Technical Provisions surplus of \u00a33 million and hence there are no deficit contributions payable. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-574": { "value": "
The defined benefit pension surplus (under IAS 19)
Net pension surplus of \u00a3209 million at 31 December 2023 (2022: \u00a3192 million) is stated after including the unfunded
scheme security asset of \u00a348 million (2022: \u00a347 million). The totals recognised in 2023 and 2022 are:
2023 2022
\u00a3m \u00a3m
Total defined benefit scheme obligations
(2,194)
(2,292)
Total defined benefit scheme assets
2,355
2,437
Defined benefit pension surplus (IAS 19)
161
145
Presented as:
Defined benefit pension surplus*
187
172
Defined benefit pension deficit
(26)
(27)
Defined benefit pension surplus/(deficit) (IAS 19)
161
145
Other pension asset
48
47
Net pension surplus
209
192
* Included with 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 2023 (2022: \u00a394 million) and the defined benefit scheme obligations were \u00a385 million (2022: \u00a385 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 year by the updated present value of the obligation during the year. 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:
2023 2022
\u00a3m \u00a3m
Defined benefit obligation at 1 January
2,292
3,943
Interest cost
112
63
Actuarial gain
(63)
(1,119)
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Defined benefit obligation at 31 December
2,194
2,292
Of the above total defined benefit obligation at 31 December 2023 \u00a339 million relates to the unfunded schemes (2022: \u00a340 million). 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:
2023
2022
Discount rate
4.75%
5.05%
Inflation assumption (RPI)
3.05%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI* 5% pension increases) 2.80%/3.00% 2.80%/3.00%
Rate of increase to deferred pensions (CPI)
2.50%
2.50%
* Limited Price Index.
From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Prices Index (CPI).
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 2023 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:
2023
2023
2022
2022
Retiring today at age
60
65
60
65
Males
25.7
21.1
26.2
21.6
Females
27.3
22.6
28.9
24.1
Retiring in 20 years at age
60
65
60
65
Males
27.1
22.3
27.5
22.7
Females
28.9
24.0
30.4
25.5
The net pension surplus 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 2023, 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:
2023 2022
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,437
3,873
Interest income on Scheme assets
120
63
Loss on assets, excluding interest income
(98)
(1,039)
Employer contributions
50
145
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Administrative expenses paid
(7)
(6)
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Fair value of Scheme assets at 31 December
2,355
2,437
How are the Schemes\u2019 assets invested?
At 31 December 2023, 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 Quoted Market value Market value Quoted Market value
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
449
449
365
365
Index-linked interest gilts
516
516
788
786
Interest rate and inflation hedging
derivatives
(swaps and repos)
(112)
(142)
(375)
(401)
853
823
36%
778
750
32%
Other bonds
1,456
62
62%
1,447
58
59%
Return seeking investments
Infrastructure
175
174
Property
149
171
324
14%
345
14%
Other investments
Cash and cash equivalents
41
121
Insurance policies
41
17
Longevity swap fair value
(360)
(271)
(278)
(12%)
(133)
(5%)
Total Scheme assets
2,355
885
100%
2,437
808
100%
Included in the above are overseas assets of \u00a324 million (2022: \u00a3315 million). None of these assets are quoted.
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 increased in 2023 due to the latest mortality
analysis from the triennial valuation.
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 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/(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
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a370 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 \u00a370 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 \u00a310 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 of 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:
2023 2022
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(6)
(7)
(6)
Amount charged to exceptional costs:
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Amounts credited to net financing cost
Net interest on defined benefit obligation
8
\u2013
Total charged in the Consolidated Income Statement
1
(10)
Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2023 2022
\u00a3m \u00a3m
Remeasurement (losses)/gains
Loss on scheme assets excluding interest income
(98)
(1,039)
Actuarial gains/(losses) on liabilities arising from change in:
\u2013 experience adjustments
45
(119)
\u2013 financial assumptions
(68)
1,228
\u2013 demographic assumptions
86
10
63
1,119
Total recognised in the Consolidated Statement of Comprehensive Income
(35)
80
The \u00a363 million actuarial gain (2022: \u00a31,119 million actuarial gain) on the Schemes\u2019 liabilities was principally due to the change in the mortality assumptions in line with the latest mortality analysis from the triennial valuation and the updated census data underlying the liability calculations, and to a lesser extent the decrease in market implied inflation. This actuarial gain was partially offset by the decrease in bond yields which increased the value of the liabilities. The \u00a398 million loss (2022: \u00a31,039 million loss) on the Schemes\u2019 assets was principally due to a decrease in the fair value of the longevity swap, driven by updating the value of the swap in line with the latest mortality analysis from the triennial valuation, and to a lesser extent by the assets slightly underperforming expectations.
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 2023 for administration expenses are \u00a37 million (2022: \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, a payment of up to \u00a3200 million was due in 2022. The
existing PFP agreement was amended and extended to 2031. As a result of this agreement, payments of \u00a394 million
were made under the SDN PFP arrangement in 2022. The Group is committed to up to nine annual payments
of \u00a316 million from 2023. These payments are required if the Scheme is calculated to be in a technical deficit.
This calculation is based upon the most recent triennial valuation updated for current market conditions.
The partnership\u2019s interest in SDN provides collateral for these payments.
The \u00a316 million payment under the SDN PFP was not required to be paid in 2023. However, this assessment is
made on an annual basis and therefore the \u00a316 million payment may resume in 2024. The Group retains day to day
operational control of SDN and SDN\u2019s revenues, profits and cashflows continue to be consolidated in the Group\u2019s
financial statements. 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.
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.
Deficit funding contributions
The accounting surplus or deficit does not drive the deficit funding contribution. The Group\u2019s deficit funding
contributions in 2023 were \u00a340 million (31 December 2022: \u00a3137 million). This included \u00a337 million deficit
contribution agreed as part of the triennial valuation and \u00a33 million annual payment under the London Television
Centre PFP.
The 2022 amount included \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 2024 and 2025 consist of contributions agreed with the Trustees following the last finalised
triennial valuation (\u00a353 million and \u00a328 million respectively) and the annual payments under the SDN PFP and
London Television Centre PFP (\u00a316 million and \u00a33 million respectively).
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.
In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made without the
correct actuarial certification were not valid. The Trustees of ITV\u2019s defined benefit pension schemes have taken
advice on the implications of the Virgin Media decision. Initial investigations have not revealed evidence that this will
be a material issue for ITV\u2019s pension schemes, and the Trustees are awaiting the outcome of the appeal (due in 2024)
before deciding if further investigations are necessary. As a result, ITV does not consider it necessary to make any
allowance for the potential impact of the Virgin Media case in its financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-642": { "value": "The defined benefit pension surplus (under IAS 19) Net pension surplus of \u00a3209 million at 31 December 2023 (2022: \u00a3192 million) is stated after including the unfunded scheme security asset of \u00a348 million (2022: \u00a347 million). The totals recognised in 2023 and 2022 are:
2023 2022
\u00a3m \u00a3m
Total defined benefit scheme obligations
(2,194)
(2,292)
Total defined benefit scheme assets
2,355
2,437
Defined benefit pension surplus (IAS 19)
161
145
Presented as:
Defined benefit pension surplus*
187
172
Defined benefit pension deficit
(26)
(27)
Defined benefit pension surplus/(deficit) (IAS 19)
161
145
Other pension asset
48
47
Net pension surplus
209
192
* Included with 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 2023 (2022: \u00a394 million) and the defined benefit scheme obligations were \u00a385 million (2022: \u00a385 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 year by the updated present value of the obligation during the year. 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:
2023 2022
\u00a3m \u00a3m
Defined benefit obligation at 1 January
2,292
3,943
Interest cost
112
63
Actuarial gain
(63)
(1,119)
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Defined benefit obligation at 31 December
2,194
2,292
Of the above total defined benefit obligation at 31 December 2023 \u00a339 million relates to the unfunded schemes (2022: \u00a340 million). 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:
2023
2022
Discount rate
4.75%
5.05%
Inflation assumption (RPI)
3.05%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI* 5% pension increases) 2.80%/3.00% 2.80%/3.00%
Rate of increase to deferred pensions (CPI)
2.50%
2.50%
* Limited Price Index. From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Prices Index (CPI). 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 2023 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:
2023
2023
2022
2022
Retiring today at age
60
65
60
65
Males
25.7
21.1
26.2
21.6
Females
27.3
22.6
28.9
24.1
Retiring in 20 years at age
60
65
60
65
Males
27.1
22.3
27.5
22.7
Females
28.9
24.0
30.4
25.5
The net pension surplus 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 2023, 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:
2023 2022
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,437
3,873
Interest income on Scheme assets
120
63
Loss on assets, excluding interest income
(98)
(1,039)
Employer contributions
50
145
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Administrative expenses paid
(7)
(6)
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Fair value of Scheme assets at 31 December
2,355
2,437
How are the Schemes\u2019 assets invested? At 31 December 2023, 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 Quoted Market value Market value Quoted Market value
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
449
449
365
365
Index-linked interest gilts
516
516
788
786
Interest rate and inflation hedging
derivatives
(swaps and repos)
(112)
(142)
(375)
(401)
853
823
36%
778
750
32%
Other bonds
1,456
62
62%
1,447
58
59%
Return seeking investments
Infrastructure
175
174
Property
149
171
324
14%
345
14%
Other investments
Cash and cash equivalents
41
121
Insurance policies
41
17
Longevity swap fair value
(360)
(271)
(278)
(12%)
(133)
(5%)
Total Scheme assets
2,355
885
100%
2,437
808
100%
Included in the above are overseas assets of \u00a324 million (2022: \u00a3315 million). None of these assets are quoted. 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 increased in 2023 due to the latest mortality analysis from the triennial valuation. 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 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/(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
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a370 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 \u00a370 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 \u00a310 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 of 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:
2023 2022
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(6)
(7)
(6)
Amount charged to exceptional costs:
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Amounts credited to net financing cost
Net interest on defined benefit obligation
8
\u2013
Total charged in the Consolidated Income Statement
1
(10)
Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2023 2022
\u00a3m \u00a3m
Remeasurement (losses)/gains
Loss on scheme assets excluding interest income
(98)
(1,039)
Actuarial gains/(losses) on liabilities arising from change in:
\u2013 experience adjustments
45
(119)
\u2013 financial assumptions
(68)
1,228
\u2013 demographic assumptions
86
10
63
1,119
Total recognised in the Consolidated Statement of Comprehensive Income
(35)
80
The \u00a363 million actuarial gain (2022: \u00a31,119 million actuarial gain) on the Schemes\u2019 liabilities was principally due to the change in the mortality assumptions in line with the latest mortality analysis from the triennial valuation and the updated census data underlying the liability calculations, and to a lesser extent the decrease in market implied inflation. This actuarial gain was partially offset by the decrease in bond yields which increased the value of the liabilities. The \u00a398 million loss (2022: \u00a31,039 million loss) on the Schemes\u2019 assets was principally due to a decrease in the fair value of the longevity swap, driven by updating the value of the swap in line with the latest mortality analysis from the triennial valuation, and to a lesser extent by the assets slightly underperforming expectations. 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 2023 for administration expenses are \u00a37 million (2022: \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, a payment of up to \u00a3200 million was due in 2022. The existing PFP agreement was amended and extended to 2031. As a result of this agreement, payments of \u00a394 million were made under the SDN PFP arrangement in 2022. The Group is committed to up to nine annual payments of \u00a316 million from 2023. These payments are required if the Scheme is calculated to be in a technical deficit. This calculation is based upon the most recent triennial valuation updated for current market conditions. The partnership\u2019s interest in SDN provides collateral for these payments. The \u00a316 million payment under the SDN PFP was not required to be paid in 2023. However, this assessment is made on an annual basis and therefore the \u00a316 million payment may resume in 2024. The Group retains day to day operational control of SDN and SDN\u2019s revenues, profits and cashflows continue to be consolidated in the Group\u2019s financial statements. 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. 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. Deficit funding contributions The accounting surplus or deficit does not drive the deficit funding contribution. The Group\u2019s deficit funding contributions in 2023 were \u00a340 million (31 December 2022: \u00a3137 million). This included \u00a337 million deficit contribution agreed as part of the triennial valuation and \u00a33 million annual payment under the London Television Centre PFP. The 2022 amount included \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 2024 and 2025 consist of contributions agreed with the Trustees following the last finalised triennial valuation (\u00a353 million and \u00a328 million respectively) and the annual payments under the SDN PFP and London Television Centre PFP (\u00a316 million and \u00a33 million respectively). 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. In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made without the correct actuarial certification were not valid. The Trustees of ITV\u2019s defined benefit pension schemes have taken advice on the implications of the Virgin Media decision. Initial investigations have not revealed evidence that this will be a material issue for ITV\u2019s pension schemes, and the Trustees are awaiting the outcome of the appeal (due in 2024) before deciding if further investigations are necessary. As a result, ITV does not consider it necessary to make any allowance for the potential impact of the Virgin Media case in its financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-618": { "value": "The defined benefit pension surplus (under IAS 19) Net pension surplus of \u00a3209 million at 31 December 2023 (2022: \u00a3192 million) is stated after including the unfunded scheme security asset of \u00a348 million (2022: \u00a347 million). The totals recognised in 2023 and 2022 are:
2023 2022
\u00a3m \u00a3m
Total defined benefit scheme obligations
(2,194)
(2,292)
Total defined benefit scheme assets
2,355
2,437
Defined benefit pension surplus (IAS 19)
161
145
Presented as:
Defined benefit pension surplus*
187
172
Defined benefit pension deficit
(26)
(27)
Defined benefit pension surplus/(deficit) (IAS 19)
161
145
Other pension asset
48
47
Net pension surplus
209
192
* Included with 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 2023 (2022: \u00a394 million) and the defined benefit scheme obligations were \u00a385 million (2022: \u00a385 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 year by the updated present value of the obligation during the year. 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:
2023 2022
\u00a3m \u00a3m
Defined benefit obligation at 1 January
2,292
3,943
Interest cost
112
63
Actuarial gain
(63)
(1,119)
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Defined benefit obligation at 31 December
2,194
2,292
Of the above total defined benefit obligation at 31 December 2023 \u00a339 million relates to the unfunded schemes (2022: \u00a340 million). 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:
2023
2022
Discount rate
4.75%
5.05%
Inflation assumption (RPI)
3.05%
3.15%
Deferred/ Deferred/
Pensioner Pensioner
Rate of increase in pension payment (LPI* 5% pension increases) 2.80%/3.00% 2.80%/3.00%
Rate of increase to deferred pensions (CPI)
2.50%
2.50%
* Limited Price Index. From February 2030 onwards, increases in the RPI will be aligned with those under the Consumer Prices Index (CPI). 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 2023 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:
2023
2023
2022
2022
Retiring today at age
60
65
60
65
Males
25.7
21.1
26.2
21.6
Females
27.3
22.6
28.9
24.1
Retiring in 20 years at age
60
65
60
65
Males
27.1
22.3
27.5
22.7
Females
28.9
24.0
30.4
25.5
The net pension surplus 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 2023, 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:
2023 2022
\u00a3m \u00a3m
Fair value of Scheme assets at 1 January
2,437
3,873
Interest income on Scheme assets
120
63
Loss on assets, excluding interest income
(98)
(1,039)
Employer contributions
50
145
Settlement payments from plan assets \u2013 buyout of Section C
\u2013
(439)
Benefits paid
(147)
(156)
Administrative expenses paid
(7)
(6)
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Fair value of Scheme assets at 31 December
2,355
2,437
How are the Schemes\u2019 assets invested? At 31 December 2023, 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 Quoted Market value Market value Quoted Market value
2023 2023 2023 2022 2022 2022
\u00a3m \u00a3m % \u00a3m \u00a3m %
Liability hedging assets
Fixed interest gilts
449
449
365
365
Index-linked interest gilts
516
516
788
786
Interest rate and inflation hedging
derivatives
(swaps and repos)
(112)
(142)
(375)
(401)
853
823
36%
778
750
32%
Other bonds
1,456
62
62%
1,447
58
59%
Return seeking investments
Infrastructure
175
174
Property
149
171
324
14%
345
14%
Other investments
Cash and cash equivalents
41
121
Insurance policies
41
17
Longevity swap fair value
(360)
(271)
(278)
(12%)
(133)
(5%)
Total Scheme assets
2,355
885
100%
2,437
808
100%
Included in the above are overseas assets of \u00a324 million (2022: \u00a3315 million). None of these assets are quoted. 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 increased in 2023 due to the latest mortality analysis from the triennial valuation. 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 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/(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
Increase by 0.1%
Increase by \u00a310 million
(Retail Price Index)
Decrease by 0.1%
Decrease by \u00a310 million
Rate of inflation
Increase by 0.1%
Increase by \u00a35 million
(Consumer Price Index)
Decrease by 0.1%
Decrease by \u00a35 million
Life expectancies
Increase by one year
Increase by \u00a370 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 \u00a370 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 \u00a310 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 of 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:
2023 2022
\u00a3m \u00a3m
Amount charged to operating costs:
Scheme administration expenses
(7)
(6)
(7)
(6)
Amount charged to exceptional costs:
Pension insurance risk premium \u2013 buyout of Section C
\u2013
(4)
Amounts credited to net financing cost
Net interest on defined benefit obligation
8
\u2013
Total charged in the Consolidated Income Statement
1
(10)
Amounts recognised through the Consolidated Statement of Comprehensive Income The amounts recognised through the Consolidated Statement of Comprehensive Income are:
2023 2022
\u00a3m \u00a3m
Remeasurement (losses)/gains
Loss on scheme assets excluding interest income
(98)
(1,039)
Actuarial gains/(losses) on liabilities arising from change in:
\u2013 experience adjustments
45
(119)
\u2013 financial assumptions
(68)
1,228
\u2013 demographic assumptions
86
10
63
1,119
Total recognised in the Consolidated Statement of Comprehensive Income
(35)
80
The \u00a363 million actuarial gain (2022: \u00a31,119 million actuarial gain) on the Schemes\u2019 liabilities was principally due to the change in the mortality assumptions in line with the latest mortality analysis from the triennial valuation and the updated census data underlying the liability calculations, and to a lesser extent the decrease in market implied inflation. This actuarial gain was partially offset by the decrease in bond yields which increased the value of the liabilities. The \u00a398 million loss (2022: \u00a31,039 million loss) on the Schemes\u2019 assets was principally due to a decrease in the fair value of the longevity swap, driven by updating the value of the swap in line with the latest mortality analysis from the triennial valuation, and to a lesser extent by the assets slightly underperforming expectations. 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 2023 for administration expenses are \u00a37 million (2022: \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, a payment of up to \u00a3200 million was due in 2022. The existing PFP agreement was amended and extended to 2031. As a result of this agreement, payments of \u00a394 million were made under the SDN PFP arrangement in 2022. The Group is committed to up to nine annual payments of \u00a316 million from 2023. These payments are required if the Scheme is calculated to be in a technical deficit. This calculation is based upon the most recent triennial valuation updated for current market conditions. The partnership\u2019s interest in SDN provides collateral for these payments. The \u00a316 million payment under the SDN PFP was not required to be paid in 2023. However, this assessment is made on an annual basis and therefore the \u00a316 million payment may resume in 2024. The Group retains day to day operational control of SDN and SDN\u2019s revenues, profits and cashflows continue to be consolidated in the Group\u2019s financial statements. 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. 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. Deficit funding contributions The accounting surplus or deficit does not drive the deficit funding contribution. The Group\u2019s deficit funding contributions in 2023 were \u00a340 million (31 December 2022: \u00a3137 million). This included \u00a337 million deficit contribution agreed as part of the triennial valuation and \u00a33 million annual payment under the London Television Centre PFP. The 2022 amount included \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 2024 and 2025 consist of contributions agreed with the Trustees following the last finalised triennial valuation (\u00a353 million and \u00a328 million respectively) and the annual payments under the SDN PFP and London Television Centre PFP (\u00a316 million and \u00a33 million respectively). 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. In June 2023, the High Court ruled in the Virgin Media case that some historical rule amendments made without the correct actuarial certification were not valid. The Trustees of ITV\u2019s defined benefit pension schemes have taken advice on the implications of the Virgin Media decision. Initial investigations have not revealed evidence that this will be a material issue for ITV\u2019s pension schemes, and the Trustees are awaiting the outcome of the appeal (due in 2024) before deciding if further investigations are necessary. As a result, ITV does not consider it necessary to make any allowance for the potential impact of the Virgin Media case in its financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-575": { "value": "
Currency and
1 January non-cash 31 December
2023 Net cash flow movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(289)
278
6
(5)
Loans and facilities due after one year
(541)
(228)
11
(758)
Total loans and facilities
(830)
50
17
(763)
Currency component of forwards and swaps
held against euro denominated bonds
*
(9)
10
(16)
(15)
Lease liabilities
(132)
26
(9)
(115)
Total debt
(971)
86
(8)
(893)
Cash
257
(37)
(5)
215
Cash equivalents
91
38
(4)
125
Total cash and cash equivalents
348
1
(9)
340
Net debt
(623)
87
(17)
(553)
* Net cash flow from currency component of forwards and swaps relates to the euro denominated bond repaid in the year
Currency and
1 January non-cash 31 December
2022 Acquisitions** Net cash flow movements 2022
\u00a3m \u00a3m \u00a3m \u00a3m \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 forwards and swaps
(36)
\u2013
\u2013
27
(9)
held against euro denominated bonds
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 was \u00a3nil at 31 December 2022 given the restriction was removed in the year and the cash replaced with a surety bond.
** Loans on acquisition included \u00a398 million for Plimsoll Productions and \u00a34 million for Lingo Pictures. The Plimsoll Productions loan was 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 was treated as a cash
outflow on acquisition rather than a repayment of debt.
Loans and facilities due within one year
The \u20ac259 million Eurobond was repaid in December 2023. The sterling-equivalent repayment value, totalling
\u00a3233 million, had been hedged using forward exchange contracts.
Loans and loan notes due after one year
In January 2022, the Group entered into a new syndicated \u00a3500 million Revolving Credit Facility (RCF) to meet
short-term funding requirements. The original terms of the RCF ran until January 2027; however, the Group took
the opportunity to request an extension for one year on the first and second anniversary of the facility. As a result,
\u00a383 million of the \u00a3500 million RCF matures in 2028 and \u00a3417 million matures in January 2029. The RCF was
undrawn as at 31 December 2023 (2022: \u00a350 million drawn).
The Group has a \u20ac600 million Eurobond in issue 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%.
A new \u00a3230 million term loan was taken out in the year, and was fully drawn-down in December 2023 in order to
repay the \u20ac259 million Eurobond. The term loan matures in July 2027. Interest on the loan is determined as an
aggregate of compounded SONIA plus a margin.
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. The facility is currently undrawn (31 December 2022: undrawn).
\u2022 As noted above, the Group has \u00a3500 million of committed funding through a RCF with a group of relationship
banks, which is currently fully available until January 2028. \u00a3417 million of the funding remains committed until
2029. At 31 December 2023, the facility was unutilised (31 December 2022: \u00a350 million drawn). 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 2023. The \u00a3500 million
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
2023; however, 2023 emissions will not be verified until July 2024. 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.
\u2022 In December 2023, the Group secured \u00a3100 million of committed funding via a new bilateral RCF, which matures
in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned
to the \u00a3500 million RCF facility. The facility is currently undrawn.
", "dimensions": { "concept": "itvplc:DisclosureOfNetDebt", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-619": { "value": "
Currency and
1 January non-cash 31 December
2023 Net cash flow movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(289)
278
6
(5)
Loans and facilities due after one year
(541)
(228)
11
(758)
Total loans and facilities
(830)
50
17
(763)
Currency component of forwards and swaps
held against euro denominated bonds
*
(9)
10
(16)
(15)
Lease liabilities
(132)
26
(9)
(115)
Total debt
(971)
86
(8)
(893)
Cash
257
(37)
(5)
215
Cash equivalents
91
38
(4)
125
Total cash and cash equivalents
348
1
(9)
340
Net debt
(623)
87
(17)
(553)
* Net cash flow from currency component of forwards and swaps relates to the euro denominated bond repaid in the year
Currency and
1 January non-cash 31 December
2022 Acquisitions** Net cash flow movements 2022
\u00a3m \u00a3m \u00a3m \u00a3m \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 forwards and swaps
(36)
\u2013
\u2013
27
(9)
held against euro denominated bonds
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 was \u00a3nil at 31 December 2022 given the restriction was removed in the year and the cash replaced with a surety bond. ** Loans on acquisition included \u00a398 million for Plimsoll Productions and \u00a34 million for Lingo Pictures. The Plimsoll Productions loan was 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 was treated as a cash outflow on acquisition rather than a repayment of debt. Loans and facilities due within one year The \u20ac259 million Eurobond was repaid in December 2023. The sterling-equivalent repayment value, totalling \u00a3233 million, had been hedged using forward exchange contracts. Loans and loan notes due after one year In January 2022, the Group entered into a new syndicated \u00a3500 million Revolving Credit Facility (RCF) to meet short-term funding requirements. The original terms of the RCF ran until January 2027; however, the Group took the opportunity to request an extension for one year on the first and second anniversary of the facility. As a result, \u00a383 million of the \u00a3500 million RCF matures in 2028 and \u00a3417 million matures in January 2029. The RCF was undrawn as at 31 December 2023 (2022: \u00a350 million drawn). The Group has a \u20ac600 million Eurobond in issue 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%. A new \u00a3230 million term loan was taken out in the year, and was fully drawn-down in December 2023 in order to repay the \u20ac259 million Eurobond. The term loan matures in July 2027. Interest on the loan is determined as an aggregate of compounded SONIA plus a margin. 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. The facility is currently undrawn (31 December 2022: undrawn). \u2022 As noted above, the Group has \u00a3500 million of committed funding through a RCF with a group of relationship banks, which is currently fully available until January 2028. \u00a3417 million of the funding remains committed until 2029. At 31 December 2023, the facility was unutilised (31 December 2022: \u00a350 million drawn). 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 2023. The \u00a3500 million 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 2023; however, 2023 emissions will not be verified until July 2024. 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. \u2022 In December 2023, the Group secured \u00a3100 million of committed funding via a new bilateral RCF, which matures in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned to the \u00a3500 million RCF facility. The facility is currently undrawn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-659": { "value": "
Currency and
1 January non-cash 31 December
2023 Net cash flow movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Loans and facilities due within one year
(289)
278
6
(5)
Loans and facilities due after one year
(541)
(228)
11
(758)
Total loans and facilities
(830)
50
17
(763)
Currency component of forwards and swaps
held against euro denominated bonds
*
(9)
10
(16)
(15)
Lease liabilities
(132)
26
(9)
(115)
Total debt
(971)
86
(8)
(893)
Cash
257
(37)
(5)
215
Cash equivalents
91
38
(4)
125
Total cash and cash equivalents
348
1
(9)
340
Net debt
(623)
87
(17)
(553)
* Net cash flow from currency component of forwards and swaps relates to the euro denominated bond repaid in the year
Currency and
1 January non-cash 31 December
2022 Acquisitions** Net cash flow movements 2022
\u00a3m \u00a3m \u00a3m \u00a3m \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 forwards and swaps
(36)
\u2013
\u2013
27
(9)
held against euro denominated bonds
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 was \u00a3nil at 31 December 2022 given the restriction was removed in the year and the cash replaced with a surety bond. ** Loans on acquisition included \u00a398 million for Plimsoll Productions and \u00a34 million for Lingo Pictures. The Plimsoll Productions loan was 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 was treated as a cash outflow on acquisition rather than a repayment of debt. Loans and facilities due within one year The \u20ac259 million Eurobond was repaid in December 2023. The sterling-equivalent repayment value, totalling \u00a3233 million, had been hedged using forward exchange contracts. Loans and loan notes due after one year In January 2022, the Group entered into a new syndicated \u00a3500 million Revolving Credit Facility (RCF) to meet short-term funding requirements. The original terms of the RCF ran until January 2027; however, the Group took the opportunity to request an extension for one year on the first and second anniversary of the facility. As a result, \u00a383 million of the \u00a3500 million RCF matures in 2028 and \u00a3417 million matures in January 2029. The RCF was undrawn as at 31 December 2023 (2022: \u00a350 million drawn). The Group has a \u20ac600 million Eurobond in issue 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%. A new \u00a3230 million term loan was taken out in the year, and was fully drawn-down in December 2023 in order to repay the \u20ac259 million Eurobond. The term loan matures in July 2027. Interest on the loan is determined as an aggregate of compounded SONIA plus a margin. 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. The facility is currently undrawn (31 December 2022: undrawn). \u2022 As noted above, the Group has \u00a3500 million of committed funding through a RCF with a group of relationship banks, which is currently fully available until January 2028. \u00a3417 million of the funding remains committed until 2029. At 31 December 2023, the facility was unutilised (31 December 2022: \u00a350 million drawn). 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 2023. The \u00a3500 million 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 2023; however, 2023 emissions will not be verified until July 2024. 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. \u2022 In December 2023, the Group secured \u00a3100 million of committed funding via a new bilateral RCF, which matures in December 2028. The terms and conditions, including financial covenants but not emissions targets, are aligned to the \u00a3500 million RCF facility. The facility is currently undrawn. 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. Managing credit and liquidity risk Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long-term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure is limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board of Directors on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s and S&P. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV. Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium-term debt requirements were provided throughout 2023 through bank credit facilities totalling \u00a3900 million (see below). Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. Fair value versus book value The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2023 2022 2023 2022
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
\u20ac259 (previously \u20ac500) million Eurobond
Dec 2023
\u2013
229
\u2013
227
Revolving credit facility
*
\u2013
50
\u2013
50
Other short-term loans
Various
5
10
5
10
5
289
5
287
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
520
531
490
480
\u00a3230 million Term Loan
July 2027
230
\u2013
230
\u2013
Other long-term loans
Various
8
10
8
10
758
541
728
490
763
830
733
777
* The \u00a3500 million Revolving Credit Facility matures in January 2028 (\u00a383 million) and January 2029 (\u00a3417 million) 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.
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.
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 Impact on Impact on Impact on
profit before tax profit before tax Equity Equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(6)
(9)
7
6
US dollar \u2013 decrease 10%
7
9
(8)
(8)
Euro \u2013 increase 10%
(1)
(4)
1
(3)
Euro \u2013 decrease 10%
2
5
\u2013
4
Australian dollar \u2013 increase 10%
(1)
(1)
(2)
(4)
Australian dollar \u2013 decrease 10%
1
1
2
4
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 2023, the Group\u2019s fixed rate debt represented 69.9% of total gross debt (2022: 93.8%), therefore
the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect
the Group\u2019s net interest charge.
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.
Assets Liabilities
At 31 December 2023 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
3
(1)
Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss
1
\u2013
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(15)
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
(1)
5
(17)
Assets Liabilities
At 31 December 2022 \u00a3m \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)
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 year all relates to the effective portion of the
revaluation loss associated with these contracts. A cumulative loss of \u00a328 million (2022: \u00a333 million of cumulative
gain) was recycled to the Consolidated Income statement to off-set movements on the hedged item, a residual \u00a37
million loss (2022: \u00a33 million loss) remained on the income statement which were not offset.
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 in May 2022 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. The amount relating to discontinued hedges is a loss of \u00a319 million
at 31 December 2023 (2022: \u00a319 million loss).
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.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(763)
(785)
(12)
(8)
(763)
(2)
Lease liabilities
(115)
(140)
(18)
(19)
(52)
(51)
Trade and other payables
(931)
(931)
(906)
(25)
\u2013
\u2013
Other payables \u2013 non-current
(33)
(33)
\u2013
(33)
\u2013
\u2013
Other payables \u2013 commitments on acquisitions
(78)
(105)
*
(47)
\u2013
(55)
(3)
Derivative financial instruments
Foreign exchange forward contracts and swaps \u2013
cash flow hedges
Inflow
4
195
150
45
\u2013
\u2013
Outflow
(2)
(193)
(149)
(44)
\u2013
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
542
7
7
528
\u2013
Outflow
(15)
(580)
(16)
(16)
(548)
\u2013
Foreign exchange forward contracts and swaps \u2013
fair value through profit or loss
Inflow
1
177
171
6
\u2013
\u2013
Outflow
\u2013
(176)
(170)
(6)
\u2013
\u2013
(1,932)
(2,029)
(990)
(93)
(890)
(56)
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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)
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
(1,963)
(2,089)
(1,247)
(106)
(644)
(92)
* Undiscounted expected future payments depending on performance of acquisitions
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:
Less than Between Between Greater than
At 31 December 2023 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.6933
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
(11)
\u2013
\u2013
(12)
Average forward rate (AUD/GBP)
1.2773
1.7559
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
9
2
\u2013
\u2013
11
Average forward rate (CAD/GBP)
1.7711
1.6594
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (DKK/GBP)
8.6515
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
8
\u2013
\u2013
9
Average forward rate (EUR/GBP)
1.1278
1.1272
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
\u2013
\u2013
\u2013
1
Average forward rate (ILS/GBP)
4.6398
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (SEK/GBP)
12.9636
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
4
\u2013
\u2013
\u2013
4
Average forward rate (NOK/GBP)
13.2027
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(4)
\u2013
\u2013
\u2013
(4)
Average forward rate (ZAR/AUD)
12.6830
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(56)
20
\u2013
\u2013
(36)
Average forward rate (USD/GBP)
1.3431
1.2188
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (ZAR/EUR)
20.6262
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (ZAR/GBP)
23.0200
\u2013
\u2013
\u2013
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
\u2013
533
\u2013
533
Average hedge rate (EUR/GBP)
\u2013
\u2013
1.1264
\u2013
Less than Between Between Greater than
At 31 December 2022 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.5688
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\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)
(14)
\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
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 year
\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
2023
2022
Pre-tax Pre-tax
Change in fair Pre-tax closing Change in fair Pre-tax closing
value used for closing cash cost of value used for closing cash cost of
measuring flow hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable/firm commitment
forecast transactions
1
3
\u2013
3
2
(1)
Borrowings
11
1
(2)
(5)
(4)
(8)
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 \u00a37 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:
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2023 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm
commitment forecast Cost of sales/
transactions
1
\u2013
4
2
overheads
Net financing Net financing
Borrowings
11
7
cost
2
26
cost
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2022 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Overheads/
commitment forecast Work in
transactions
3
\u2013
(4)
11
progress
Net financing Net financing
Borrowings
(5)
3
cost
4
(37)
cost
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 Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3
(7)
45
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
\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
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
(13)
4
\u2013
(9)
Cross-currency interest rate swaps \u2013 borrowings:
\u2022
Change in fair value from the effective hedge instrument
(9)
2
\u2013
(7)
Amount reclassified to Income Statement
\u2022
FX forward reclassified to cost of sales/overheads
2
\u2013
\u2013
2
\u2022
FX forward and swaps reclassified to finance costs
15
\u2013
\u2013
15
\u2022
CCIRS reclassified to finance costs
11
\u2013
\u2013
11
Net gain on cash flow hedges and cost of hedging
6
6
\u2013
12
Foreign currency revaluation of the net foreign operations
\u2013
\u2013
(38)
(38)
Exchange differences on translation of foreign operations
\u2013
\u2013
(38)
(38)
Income tax charge on other comprehensive income/(expense)
(1)
(2)
\u2013
(3)
As at 31 December 2023
7
(3)
74
78
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.
Net financial
Gross collateral assets/liabilities Related amounts
Gross financial assets/liabilities per balance not set-off in the
assets/ liabilities set-off sheet balance sheet Net
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial instruments
5
\u2013
5
(2)
3
Cash and cash equivalents
340
\u2013
340
\u2013
340
Liabilities
Derivative financial instruments
(17)
\u2013
(17)
2
(15)
Loans and facilities
(763)
\u2013
(763)
\u2013
(763)
Gross collateral Net financial Related amounts
Gross financial assets/liabilities assets/liabilities not set-off in the
assets/liabilities set-off per balance sheet balance sheet Net
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.7)
48
48
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
125
125
\u2013
\u2013
Equity investments (see note 3.5)
21
\u2013
\u2013
21
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
201
173
5
23
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 payable to sellers under
put options agreed on acquisition (see notes 3.1.4
and 3.1.5)
(63)
\u2013
\u2013
(63)
Financial liabilities at fair value through reserves
Cash flow hedges
(17)
\u2013
(17)
\u2013
(80)
\u2013
(17)
(63)
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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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
(54)
\u2013
(15)
(39)
Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-576": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-577": { "value": "Managing credit and liquidity risk Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). Trade and other receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The majority of trade receivables relate to airtime sales contracts with advertising agencies and advertisers. Credit insurance has been taken out against these companies to minimise the impact on the Group in the event of a possible default. The Group also reviews other significant receivables and will seek to take out credit insurance on an individual basis where appropriate. Credit risk over contract assets is monitored proactively using daily reports from an external credit risk company. These reports are used to determine contractual obligations, monitor risk and amend terms where required. Cash and cash equivalents and derivative financial instruments The Group operates investment guidelines with respect to surplus cash that emphasise preservation of capital. The guidelines set out procedures and limits on counterparty risk and maturity profile of cash placed. Counterparty limits for cash deposits are largely based upon long-term ratings published by the major credit rating agencies. Cash and cash equivalents include money market funds valued at fair value through profit and loss. Cash and cash equivalents and derivative financial instruments exposure is limited to high credit quality financial institutions rated by two of the key rating agencies used by the Group. Counterparty credit limits are set in relation to these ratings, in order to limit the concentration of exposure to individual counterparties based on their credit quality. As such, investments are sufficiently spread across high credit quality rated counterparties. Counterparty credit limits are reviewed by the Group\u2019s Board of Directors on an annual basis and may be updated throughout the year subject to approval of the Group\u2019s Audit & Risk Committee. Investment exposure with external counterparties is made only with Board approved counterparties and within credit limits assigned to each counterparty. The credit quality of financial counterparties and the outstanding exposure is monitored throughout the year by the Group\u2019s Treasury function in accordance with the Group\u2019s policy. Borrowings ITV is rated as investment grade by Moody\u2019s and S&P. ITV\u2019s credit ratings, which in turn are affected by key metrics, such as leverage, the cost of credit default swap hedging, and the absolute level of interest rates are key determinants in the cost of new borrowings for ITV.
Liquidity risk
The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range
of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million
of undrawn facilities available at all times.
Long-term funding comes from the UK and European capital markets, while any short to medium-term debt requirements
were provided throughout 2023 through bank credit facilities totalling \u00a3900 million (see below). Management monitors
rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the
basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings
and headroom and takes into account the accessibility of cash and cash equivalents.
Fair value versus book value
The tables below provide fair value information for the Group\u2019s borrowings:
Book value
Fair value
2023 2022 2023 2022
Maturity \u00a3m \u00a3m \u00a3m \u00a3m
Loans due within one year
\u20ac259 (previously \u20ac500) million Eurobond
Dec 2023
\u2013
229
\u2013
227
Revolving credit facility
*
\u2013
50
\u2013
50
Other short-term loans
Various
5
10
5
10
5
289
5
287
Loans due in more than one year
\u20ac600 million Eurobond
Sept 2026
520
531
490
480
\u00a3230 million Term Loan
July 2027
230
\u2013
230
\u2013
Other long-term loans
Various
8
10
8
10
758
541
728
490
763
830
733
777
* The \u00a3500 million Revolving Credit Facility matures in January 2028 (\u00a383 million) and January 2029 (\u00a3417 million)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-643": { "value": "Credit risk The Group\u2019s maximum exposure to credit risk is represented by the carrying amount of derivative financial assets (see note 4.3), trade receivables (see note 3.1.3), contract assets (see note 3.1.6) and cash and cash equivalents (see note 4.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-644": { "value": "Liquidity risk The Group\u2019s financing policy is to fund itself for the medium to long-term by using debt instruments with a range of maturities and to ensure access to appropriate short-term borrowing facilities with a minimum of \u00a3250 million of undrawn facilities available at all times. Long-term funding comes from the UK and European capital markets, while any short to medium-term debt requirements were provided throughout 2023 through bank credit facilities totalling \u00a3900 million (see below). Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising undrawn bank facilities and cash and cash equivalents) on the basis of expected cash flows. This monitoring includes financial ratios to assess any possible future impact on credit ratings and headroom and takes into account the accessibility of cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-578": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-579": { "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. 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 Impact on Impact on Impact on
profit before tax profit before tax Equity Equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(6)
(9)
7
6
US dollar \u2013 decrease 10%
7
9
(8)
(8)
Euro \u2013 increase 10%
(1)
(4)
1
(3)
Euro \u2013 decrease 10%
2
5
\u2013
4
Australian dollar \u2013 increase 10%
(1)
(1)
(2)
(4)
Australian dollar \u2013 decrease 10%
1
1
2
4
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 2023, the Group\u2019s fixed rate debt represented 69.9% of total gross debt (2022: 93.8%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. 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.
Assets Liabilities
At 31 December 2023 \u00a3m \u00a3m
Current
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
3
(1)
Foreign exchange forward contracts and swaps \u2013 fair value through profit or loss
1
\u2013
Non-current
Cross-currency interest swaps \u2013 cash flow hedges
\u2013
(15)
Foreign exchange forward contracts and swaps \u2013 cash flow hedges
1
(1)
5
(17)
Assets Liabilities
At 31 December 2022 \u00a3m \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)
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 year all relates to the effective portion of the revaluation loss associated with these contracts. A cumulative loss of \u00a328 million (2022: \u00a333 million of cumulative gain) was recycled to the Consolidated Income statement to off-set movements on the hedged item, a residual \u00a37 million loss (2022: \u00a33 million loss) remained on the income statement which were not offset. 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 in May 2022 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. The amount relating to discontinued hedges is a loss of \u00a319 million at 31 December 2023 (2022: \u00a319 million loss). 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.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(763)
(785)
(12)
(8)
(763)
(2)
Lease liabilities
(115)
(140)
(18)
(19)
(52)
(51)
Trade and other payables
(931)
(931)
(906)
(25)
\u2013
\u2013
Other payables \u2013 non-current
(33)
(33)
\u2013
(33)
\u2013
\u2013
Other payables \u2013 commitments on acquisitions
(78)
(105)
*
(47)
\u2013
(55)
(3)
Derivative financial instruments
Foreign exchange forward contracts and swaps \u2013
cash flow hedges
Inflow
4
195
150
45
\u2013
\u2013
Outflow
(2)
(193)
(149)
(44)
\u2013
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
542
7
7
528
\u2013
Outflow
(15)
(580)
(16)
(16)
(548)
\u2013
Foreign exchange forward contracts and swaps \u2013
fair value through profit or loss
Inflow
1
177
171
6
\u2013
\u2013
Outflow
\u2013
(176)
(170)
(6)
\u2013
\u2013
(1,932)
(2,029)
(990)
(93)
(890)
(56)
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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)
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
(1,963)
(2,089)
(1,247)
(106)
(644)
(92)
* Undiscounted expected future payments depending on performance of acquisitions 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:
Less than Between Between Greater than
At 31 December 2023 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.6933
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
(11)
\u2013
\u2013
(12)
Average forward rate (AUD/GBP)
1.2773
1.7559
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
9
2
\u2013
\u2013
11
Average forward rate (CAD/GBP)
1.7711
1.6594
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (DKK/GBP)
8.6515
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
8
\u2013
\u2013
9
Average forward rate (EUR/GBP)
1.1278
1.1272
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
\u2013
\u2013
\u2013
1
Average forward rate (ILS/GBP)
4.6398
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (SEK/GBP)
12.9636
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
4
\u2013
\u2013
\u2013
4
Average forward rate (NOK/GBP)
13.2027
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(4)
\u2013
\u2013
\u2013
(4)
Average forward rate (ZAR/AUD)
12.6830
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(56)
20
\u2013
\u2013
(36)
Average forward rate (USD/GBP)
1.3431
1.2188
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (ZAR/EUR)
20.6262
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (ZAR/GBP)
23.0200
\u2013
\u2013
\u2013
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
\u2013
533
\u2013
533
Average hedge rate (EUR/GBP)
\u2013
\u2013
1.1264
\u2013
Less than Between Between Greater than
At 31 December 2022 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.5688
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\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)
(14)
\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
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 year \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
2023
2022
Pre-tax Pre-tax
Change in fair Pre-tax closing Change in fair Pre-tax closing
value used for closing cash cost of value used for closing cash cost of
measuring flow hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable/firm commitment
forecast transactions
1
3
\u2013
3
2
(1)
Borrowings
11
1
(2)
(5)
(4)
(8)
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 \u00a37 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:
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2023 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm
commitment forecast Cost of sales/
transactions
1
\u2013
4
2
overheads
Net financing Net financing
Borrowings
11
7
cost
2
26
cost
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2022 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Overheads/
commitment forecast Work in
transactions
3
\u2013
(4)
11
progress
Net financing Net financing
Borrowings
(5)
3
cost
4
(37)
cost
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 Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3
(7)
45
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
\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
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
(13)
4
\u2013
(9)
Cross-currency interest rate swaps \u2013 borrowings:
\u2022
Change in fair value from the effective hedge instrument
(9)
2
\u2013
(7)
Amount reclassified to Income Statement
\u2022
FX forward reclassified to cost of sales/overheads
2
\u2013
\u2013
2
\u2022
FX forward and swaps reclassified to finance costs
15
\u2013
\u2013
15
\u2022
CCIRS reclassified to finance costs
11
\u2013
\u2013
11
Net gain on cash flow hedges and cost of hedging
6
6
\u2013
12
Foreign currency revaluation of the net foreign operations
\u2013
\u2013
(38)
(38)
Exchange differences on translation of foreign operations
\u2013
\u2013
(38)
(38)
Income tax charge on other comprehensive income/(expense)
(1)
(2)
\u2013
(3)
As at 31 December 2023
7
(3)
74
78
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.
Net financial
Gross collateral assets/liabilities Related amounts
Gross financial assets/liabilities per balance not set-off in the
assets/ liabilities set-off sheet balance sheet Net
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Derivative financial instruments
5
\u2013
5
(2)
3
Cash and cash equivalents
340
\u2013
340
\u2013
340
Liabilities
Derivative financial instruments
(17)
\u2013
(17)
2
(15)
Loans and facilities
(763)
\u2013
(763)
\u2013
(763)
Gross collateral Net financial Related amounts
Gross financial assets/liabilities assets/liabilities not set-off in the
assets/liabilities set-off per balance sheet balance sheet Net
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-645": { "value": "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. 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 Impact on Impact on Impact on
profit before tax profit before tax Equity Equity
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
US dollar \u2013 increase 10%
(6)
(9)
7
6
US dollar \u2013 decrease 10%
7
9
(8)
(8)
Euro \u2013 increase 10%
(1)
(4)
1
(3)
Euro \u2013 decrease 10%
2
5
\u2013
4
Australian dollar \u2013 increase 10%
(1)
(1)
(2)
(4)
Australian dollar \u2013 decrease 10%
1
1
2
4
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 2023, the Group\u2019s fixed rate debt represented 69.9% of total gross debt (2022: 93.8%), therefore the majority of debt is issued at fixed rates, and changes in the floating rates of interest do not materially affect the Group\u2019s net interest charge. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-620": { "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 year all relates to the effective portion of the revaluation loss associated with these contracts. A cumulative loss of \u00a328 million (2022: \u00a333 million of cumulative gain) was recycled to the Consolidated Income statement to off-set movements on the hedged item, a residual \u00a37 million loss (2022: \u00a33 million loss) remained on the income statement which were not offset. 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 in May 2022 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. The amount relating to discontinued hedges is a loss of \u00a319 million at 31 December 2023 (2022: \u00a319 million loss). 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:
Less than Between Between Greater than
At 31 December 2023 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.6933
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
(11)
\u2013
\u2013
(12)
Average forward rate (AUD/GBP)
1.2773
1.7559
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
9
2
\u2013
\u2013
11
Average forward rate (CAD/GBP)
1.7711
1.6594
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (DKK/GBP)
8.6515
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
8
\u2013
\u2013
9
Average forward rate (EUR/GBP)
1.1278
1.1272
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
1
\u2013
\u2013
\u2013
1
Average forward rate (ILS/GBP)
4.6398
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (SEK/GBP)
12.9636
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
4
\u2013
\u2013
\u2013
4
Average forward rate (NOK/GBP)
13.2027
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(4)
\u2013
\u2013
\u2013
(4)
Average forward rate (ZAR/AUD)
12.6830
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(56)
20
\u2013
\u2013
(36)
Average forward rate (USD/GBP)
1.3431
1.2188
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (ZAR/EUR)
20.6262
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(1)
\u2013
\u2013
\u2013
(1)
Average forward rate (ZAR/GBP)
23.0200
\u2013
\u2013
\u2013
Cross-currency interest rate swaps
Notional amount (\u00a3m)
\u2013
\u2013
533
\u2013
533
Average hedge rate (EUR/GBP)
\u2013
\u2013
1.1264
\u2013
Less than Between Between Greater than
At 31 December 2022 1 year 1 to 2 years 2 to 5 years 5 years Total
Foreign exchange forward contracts and swaps
Notional amount (\u00a3m)
(5)
\u2013
\u2013
\u2013
(5)
Average forward rate (AUD/EUR)
1.5688
\u2013
\u2013
\u2013
Foreign exchange forward contracts and swaps
Notional amount (\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)
(14)
\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
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 year \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
2023
2022
Pre-tax Pre-tax
Change in fair Pre-tax closing Change in fair Pre-tax closing
value used for closing cash cost of value used for closing cash cost of
measuring flow hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable/firm commitment
forecast transactions
1
3
\u2013
3
2
(1)
Borrowings
11
1
(2)
(5)
(4)
(8)
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 \u00a37 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:
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2023 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm
commitment forecast Cost of sales/
transactions
1
\u2013
4
2
overheads
Net financing Net financing
Borrowings
11
7
cost
2
26
cost
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2022 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Overheads/
commitment forecast Work in
transactions
3
\u2013
(4)
11
progress
Net financing Net financing
Borrowings
(5)
3
cost
4
(37)
cost
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-646": { "value": "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.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(763)
(785)
(12)
(8)
(763)
(2)
Lease liabilities
(115)
(140)
(18)
(19)
(52)
(51)
Trade and other payables
(931)
(931)
(906)
(25)
\u2013
\u2013
Other payables \u2013 non-current
(33)
(33)
\u2013
(33)
\u2013
\u2013
Other payables \u2013 commitments on acquisitions
(78)
(105)
*
(47)
\u2013
(55)
(3)
Derivative financial instruments
Foreign exchange forward contracts and swaps \u2013
cash flow hedges
Inflow
4
195
150
45
\u2013
\u2013
Outflow
(2)
(193)
(149)
(44)
\u2013
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
542
7
7
528
\u2013
Outflow
(15)
(580)
(16)
(16)
(548)
\u2013
Foreign exchange forward contracts and swaps \u2013
fair value through profit or loss
Inflow
1
177
171
6
\u2013
\u2013
Outflow
\u2013
(176)
(170)
(6)
\u2013
\u2013
(1,932)
(2,029)
(990)
(93)
(890)
(56)
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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)
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
(1,963)
(2,089)
(1,247)
(106)
(644)
(92)
* Undiscounted expected future payments depending on performance of acquisitions ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-621": { "value": "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.
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-derivative financial liabilities
Borrowings
(763)
(785)
(12)
(8)
(763)
(2)
Lease liabilities
(115)
(140)
(18)
(19)
(52)
(51)
Trade and other payables
(931)
(931)
(906)
(25)
\u2013
\u2013
Other payables \u2013 non-current
(33)
(33)
\u2013
(33)
\u2013
\u2013
Other payables \u2013 commitments on acquisitions
(78)
(105)
*
(47)
\u2013
(55)
(3)
Derivative financial instruments
Foreign exchange forward contracts and swaps \u2013
cash flow hedges
Inflow
4
195
150
45
\u2013
\u2013
Outflow
(2)
(193)
(149)
(44)
\u2013
\u2013
Cross-currency swaps \u2013 cash flow hedges
Inflow
\u2013
542
7
7
528
\u2013
Outflow
(15)
(580)
(16)
(16)
(548)
\u2013
Foreign exchange forward contracts and swaps \u2013
fair value through profit or loss
Inflow
1
177
171
6
\u2013
\u2013
Outflow
\u2013
(176)
(170)
(6)
\u2013
\u2013
(1,932)
(2,029)
(990)
(93)
(890)
(56)
Total Between Between
Carrying contractual Less than 1 and 2 2 and 5 Over
value cash flows 1 year years years 5 years
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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)
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
(1,963)
(2,089)
(1,247)
(106)
(644)
(92)
* Undiscounted expected future payments depending on performance of acquisitions ", "dimensions": { "concept": "itvplc:DisclosureOfIFRS7OfUndiscountedFinanicalLiabilties", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-647": { "value": "Cash flow hedge
2023
2022
Pre-tax Pre-tax
Change in fair Pre-tax closing Change in fair Pre-tax closing
value used for closing cash cost of value used for closing cash cost of
measuring flow hedge hedging measuring flow hedge hedging
ineffectiveness reserve reserve ineffectiveness reserve reserve
At 31 December \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Highly probable/firm commitment
forecast transactions
1
3
\u2013
3
2
(1)
Borrowings
11
1
(2)
(5)
(4)
(8)
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 \u00a37 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:
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2023 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm
commitment forecast Cost of sales/
transactions
1
\u2013
4
2
overheads
Net financing Net financing
Borrowings
11
7
cost
2
26
cost
Amounts
Total hedging Ineffectiveness Cost of reclassified
gain/(loss) recognised in hedging from OCI to
recognised in Income Line item in recognised Income Line item in
OCI Statement the Income in OCI Statement the Income
At 31 December 2022 \u00a3m \u00a3m Statement \u00a3m \u00a3m Statement
Highly probable/firm Overheads/
commitment forecast Work in
transactions
3
\u2013
(4)
11
progress
Net financing Net financing
Borrowings
(5)
3
cost
4
(37)
cost
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 Cost of Foreign
flow hedge hedge currency Translation
reserve reserve reserve reserve
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3
(7)
45
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
\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
Effective portion of changes in fair value arising from:
Foreign exchange forward contracts
(13)
4
\u2013
(9)
Cross-currency interest rate swaps \u2013 borrowings:
\u2022
Change in fair value from the effective hedge instrument
(9)
2
\u2013
(7)
Amount reclassified to Income Statement
\u2022
FX forward reclassified to cost of sales/overheads
2
\u2013
\u2013
2
\u2022
FX forward and swaps reclassified to finance costs
15
\u2013
\u2013
15
\u2022
CCIRS reclassified to finance costs
11
\u2013
\u2013
11
Net gain on cash flow hedges and cost of hedging
6
6
\u2013
12
Foreign currency revaluation of the net foreign operations
\u2013
\u2013
(38)
(38)
Exchange differences on translation of foreign operations
\u2013
\u2013
(38)
(38)
Income tax charge on other comprehensive income/(expense)
(1)
(2)
\u2013
(3)
As at 31 December 2023
7
(3)
74
78
4.7.2 Merger and other reserves Merger and other reserves at 31 December include the following reserves:
2023 2022
\u00a3m \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)
(34)
Total
211
211
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. 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 gain of \u00a35 million (2022: loss of \u00a31 million). This is made up of a gain on cash flow hedges in the year of \u00a36 million (2022: loss of \u00a32 million) and a related tax charge of \u00a31 million (2022: credit of \u00a31 million) \u2022 The net movement in the cost of hedging reserve was a gain of \u00a34 million (2022: \u00a3nil). This is made up of a gain on the cost of hedging in the year of \u00a36 million (2022: \u00a3nil) and a related tax charge of \u00a32 million (2022: \u00a3nil) 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. The movement in 2023 is a \u00a31 million loss on revaluation (2022: loss of \u00a319 million) and a related tax credit of \u00a3nil (2022: \u00a35 million credit). 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 \u00a3210 million (2022: \u00a3428 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. The Board recognises the importance of the ordinary dividend to ITV shareholders. Reflecting its confidence in the business and its strategy, as well as the continued strong cash generation, the Board proposes a final dividend of 3.3p (2022:3.3p), giving a full year dividend of 5.0p (2022: 5.0p) per share. \u00a3201 million of dividends were paid (2022: \u00a3201 million), representing a final 2022 dividend of 3.3p per share and an interim 2023 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 2023 comprises: \u2022 The share of loss attributable to NCI of \u00a31 million (2022: share of profit attributable to NCI of \u00a37 million) \u2022 Foreign exchange losses of \u00a34 million (2022: gains of \u00a38 million) \u2022 The distributions made to NCI of \u00a31 million (2022: \u00a33 million) \u2022 The share of net assets attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2023 of \u00a36 million (2022: \u00a34 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-649": { "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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-622": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-580": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-581": { "value": "
Net financing costs
Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on
acquisition-related liabilities and bank charges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-670": { "value": "Net financing costs Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-665": { "value": "Net financing costs Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-660": { "value": "Net financing costs Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-648": { "value": "Net financing costs Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-623": { "value": "Net financing costs Net financing costs can be analysed as follows:
2023 2022
\u00a3m \u00a3m
Financing income
Interest income
14
9
Foreign exchange gain
2
3
Pension interest income (see note 3.7)
9
\u2013
Other finance income
\u2013
1
25
13
Financing costs
Pension interest expense (see note 3.7)
(1)
\u2013
Interest expense on financial liabilities measured at amortised cost
(15)
(18)
Foreign exchange loss
(7)
(1)
Other finance expense
(47)
(20)
(70)
(39)
Net financing costs
(45)
(26)
Other finance expense includes lease interest payments, finance costs including fair value adjustments on acquisition-related liabilities and bank charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-582": { "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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.7)
48
48
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
125
125
\u2013
\u2013
Equity investments (see note 3.5)
21
\u2013
\u2013
21
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
201
173
5
23
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 payable to sellers under
put options agreed on acquisition (see notes 3.1.4
and 3.1.5)
(63)
\u2013
\u2013
(63)
Financial liabilities at fair value through reserves
Cash flow hedges
(17)
\u2013
(17)
\u2013
(80)
\u2013
(17)
(63)
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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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
(54)
\u2013
(15)
(39)
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-624": { "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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Assets measured at fair value
Financial instruments at fair value through reserves
Other pension assets \u2013 gilts (see note 3.7)
48
48
\u2013
\u2013
Financial instruments at fair value through profit or loss
Money market funds
125
125
\u2013
\u2013
Equity investments (see note 3.5)
21
\u2013
\u2013
21
Financial assets at fair value through profit or loss
Foreign exchange forward contracts and swaps
1
\u2013
1
\u2013
Convertible loan receivable
2
\u2013
\u2013
2
Financial assets at fair value through reserves
Cash flow hedges
4
\u2013
4
\u2013
201
173
5
23
Fair value Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2023 2023 2023 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Liabilities measured at fair value
Financial liabilities at fair value through profit or loss
Acquisition-related liabilities \u2013 payable to sellers under
put options agreed on acquisition (see notes 3.1.4
and 3.1.5)
(63)
\u2013
\u2013
(63)
Financial liabilities at fair value through reserves
Cash flow hedges
(17)
\u2013
(17)
\u2013
(80)
\u2013
(17)
(63)
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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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 Level 1 Level 2 Level 3
31 December 31 December 31 December 31 December
2022 2022 2022 2022
\u00a3m \u00a3m \u00a3m \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
(54)
\u2013
(15)
(39)
Refer to note 4.3 for how we value interest rate swaps and forward foreign currency contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-583": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-584": { "value": "
2023 2022
\u00a3m \u00a3m
Contractual discounted cash flows
Less than one year
18
21
Two to five years
57
55
More than five years
40
56
Lease liabilities at 31 December
115
132
Currency and
1 January non-cash 31 December
2023 Net cash flow movements 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(132)
26
(9)
(115)
Total lease liabilities
(132)
26
(9)
(115)
Currency and
1 January non-cash 31 December
2022 Net cash flow movements 2022
\u00a3m \u00a3m \u00a3m \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:
2023 2022
\u00a3m \u00a3m
Interest expense on lease liabilities
(4)
(4)
Amounts recognised in the Consolidated Income Statement
(4)
(4)
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 2023, this was less than
\u00a31 million (2022: less than \u00a31 million).
Variable lease payments that depend on an index or a rate are also less than \u00a31 million (2022: 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 2023 includes one such extension which resulted in an increase in the lease liability of \u00a32 million.
There are no other significant extension options.
The Group signed a subleasing arrangement, which is classified as a finance lease in accordance with IFRS 16 \u2018Leases\u2019.
In accordance with the standard, the right of use asset with a net book value of \u00a38 million was derecognised and
replaced by a net investment in the sublease which has been recognised within other receivables. See note 3.2. This
arrangement does not impact the lease liabilities arising from the original lease which have been included in this note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-585": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-586": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-587": { "value": "
4.7.1 Share capital and share premium
The Group\u2019s share capital at 31 December 2023 of \u00a3406 million (2022: \u00a3403 million) and share premium of \u00a3174 million
(2022: \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:
2023 2022
\u00a3m \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)
(34)
Total
211
211
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.
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 gain of \u00a35 million (2022: loss of \u00a31 million). This is made
up of a gain on cash flow hedges in the year of \u00a36 million (2022: loss of \u00a32 million) and a related tax charge of
\u00a31 million (2022: credit of \u00a31 million)
\u2022 The net movement in the cost of hedging reserve was a gain of \u00a34 million (2022: \u00a3nil). This is made up of a gain on
the cost of hedging in the year of \u00a36 million (2022: \u00a3nil) and a related tax charge of \u00a32 million (2022: \u00a3nil)
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. The movement in 2023 is a \u00a31 million loss on revaluation (2022: loss of \u00a319 million) and a related tax credit of
\u00a3nil (2022: \u00a35 million credit). 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 \u00a3210 million
(2022: \u00a3428 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.
The Board recognises the importance of the ordinary dividend to ITV shareholders. Reflecting its confidence in the
business and its strategy, as well as the continued strong cash generation, the Board proposes a final dividend of
3.3p (2022:3.3p), giving a full year dividend of 5.0p (2022: 5.0p) per share. \u00a3201 million of dividends were paid (2022:
\u00a3201 million), representing a final 2022 dividend of 3.3p per share and an interim 2023 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 2023 comprises:
\u2022 The share of loss attributable to NCI of \u00a31 million (2022: share of profit attributable to NCI of \u00a37 million)
\u2022 Foreign exchange losses of \u00a34 million (2022: gains of \u00a38 million)
\u2022 The distributions made to NCI of \u00a31 million (2022: \u00a33 million)
\u2022 The share of net assets attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership
interest in 2023 of \u00a36 million (2022: \u00a34 million)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-625": { "value": "4.7.1 Share capital and share premium The Group\u2019s share capital at 31 December 2023 of \u00a3406 million (2022: \u00a3403 million) and share premium of \u00a3174 million (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-626": { "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 2023 comprises: \u2022 The share of loss attributable to NCI of \u00a31 million (2022: share of profit attributable to NCI of \u00a37 million) \u2022 Foreign exchange losses of \u00a34 million (2022: gains of \u00a38 million) \u2022 The distributions made to NCI of \u00a31 million (2022: \u00a33 million) \u2022 The share of net assets attributable to NCI relating to subsidiaries acquired, disposed or changes in ownership interest in 2023 of \u00a36 million (2022: \u00a34 million) ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-588": { "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, exercises were satisfied by using shares purchased in the market and held in the ITV Employees\u2019 Benefit Trust as well as the issue of new shares. Share-based compensation charges totalled \u00a316 million in 2023 (2022: \u00a319 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-589": { "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:
2023 2022
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
(\u2018000) (pence) (\u2018000) (pence)
Outstanding at 1 January
104,729
24.74
98,934
24.98
Granted during the year \u2013 nil priced
20,993
\u2013
17,238
\u2013
Granted during the year \u2013 other
16,395
59.21
13,814
62.85
Forfeited during the year
(4,210)
68.61
(3,095)
56.49
Exercised during the year \u2013 nil priced
(15,551)
\u2013
(6,201)
\u2013
Exercised during the year \u2013 other
(12,954)
49.31
(110)
50.61
Expired during the year
(19,168)
15.57
(15,851)
35.87
Outstanding at 31 December
90,234
25.88
104,729
24.74
Exercisable at 31 December
12,933
34.88
4,383
30.63
The average share price during 2023 was 73.10 pence (2022: 78.32 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:
2023 2022
Weighted Weighted
Weighted average Weighted average
average Number remaining average Number remaining
exercise price of options contractual life exercise price of options contractual life
Range of exercise prices (pence) (pence) (\u2018000) (years) (pence) (\u2018000) (years)
Nil
\u2013
49,386
0.33
\u2013
59,056
0.29
20.00 \u2013 49.99
49.17
15,330
1.17
49.17
29,225
1.81
50.00 \u2013 69.99
58.51
21,454
2.79
61.73
10,878
3.44
70.00 \u2013 99.99
79.42
3,965
2.12
85.22
5,351
1.35
100.00 \u2013 109.99
105.98
61
0.92
105.98
90
1.46
120.00 \u2013 149.99
135.20
38
0.33
130.61
129
0.94
Assumptions
ESP, 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 year for the HMRC approved SAYE scheme, are valued using the Black\u2013
Scholes model, using the assumptions below:
Gross
Share price Exercise Expected Expected dividend Risk-free
at grant price volatility life yield rate Fair value
Scheme name Date of grant (pence) (pence) % (years) % % (pence)
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
62.74
57.73
47.80
3.25
\u2013
2.97
14.95
5 Year
5 September 2022
62.74
57.73
41.03
5.25
\u2013
2.85
12.63
3 Year
5 April 2023
79.78
70.12
45.43
3.25
\u2013
3.40
21.53
5 Year
5 April 2023
79.78
70.12
42.41
5.25
\u2013
3.28
20.99
3 Year
13 September 2023
72.34
56.37
40.60
3.25
\u2013
4.47
20.17
5 Year
13 September 2023
72.34
56.37
42.27
5.25
\u2013
4.29
20.57
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 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 2023 and the releases from the
EBT made in the year to satisfy awards under the Group\u2019s share schemes:
Number of shares Nominal value
Scheme
Shares held at
(released)/purchased \u00a3
1 January 2023
14,587,379
1,458,738
LTIP releases
(93,835)
DSA releas es
(3,115,726)
ESP releases
(226,277)
PSP releases
(5,995,984)
SAYE releases
(13,150,667)
Market purchased shares
9,510,276
Newly issued shares
27,000,000
31 December 2023
28,515,166
2,851,517
The total number of shares held by the EBT at 31 December 2023 represents 0.77% (2022: 0.36%) of ITV\u2019s issued
share capital. The market value of own shares held at 31 December 2023 is \u00a318 million (2022: \u00a311 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-627": { "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:
2023 2022
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
(\u2018000) (pence) (\u2018000) (pence)
Outstanding at 1 January
104,729
24.74
98,934
24.98
Granted during the year \u2013 nil priced
20,993
\u2013
17,238
\u2013
Granted during the year \u2013 other
16,395
59.21
13,814
62.85
Forfeited during the year
(4,210)
68.61
(3,095)
56.49
Exercised during the year \u2013 nil priced
(15,551)
\u2013
(6,201)
\u2013
Exercised during the year \u2013 other
(12,954)
49.31
(110)
50.61
Expired during the year
(19,168)
15.57
(15,851)
35.87
Outstanding at 31 December
90,234
25.88
104,729
24.74
Exercisable at 31 December
12,933
34.88
4,383
30.63
The average share price during 2023 was 73.10 pence (2022: 78.32 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:
2023 2022
Weighted Weighted
Weighted average Weighted average
average Number remaining average Number remaining
exercise price of options contractual life exercise price of options contractual life
Range of exercise prices (pence) (pence) (\u2018000) (years) (pence) (\u2018000) (years)
Nil
\u2013
49,386
0.33
\u2013
59,056
0.29
20.00 \u2013 49.99
49.17
15,330
1.17
49.17
29,225
1.81
50.00 \u2013 69.99
58.51
21,454
2.79
61.73
10,878
3.44
70.00 \u2013 99.99
79.42
3,965
2.12
85.22
5,351
1.35
100.00 \u2013 109.99
105.98
61
0.92
105.98
90
1.46
120.00 \u2013 149.99
135.20
38
0.33
130.61
129
0.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-671": { "value": "5.1 Related party transactions Keeping it simple The related parties identified by the Directors include joint ventures, associated undertakings, fixed asset investments and key management personnel. To enable users of our financial statements to form a view about the effects of related party relationships on the Group, we disclose the Group\u2019s transactions with those related parties during the year and any associated year end trading balances. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2023 2022
\u00a3m \u00a3m
Sales to joint ventures
60
41
Sales to associated undertakings
13
16
Purchases from joint ventures
33
33
Purchases from associated undertakings
78
77
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited and distribution revenue from BritBox LLC, BritBox International Limited and BritBox Australia Management Pty Limited. Sales to associated undertakings include airtime sales to DTV Services Limited. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2023 2022
\u00a3m \u00a3m
Amounts owed by joint ventures
41
12
Amounts owed by associated undertakings
10
19
Amounts owed to joint ventures
6
5
Amounts owed to associated undertakings
8
17
None of the balances are secured. Amounts owed by joint ventures primarily relate to trading with BritBox LLC and BritBox Australia Management Pty Limited. Balances owed by associated undertakings largely relate to Bedrock Entertainment LLC and Southrock Productions LLC. Balances owed to associated undertakings primarily relate to trading with ITN Limited and amounts owed to Bedrock Entertainment LLC. Amounts paid to the Group\u2019s retirement benefit plans are set out in note 3.7. 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:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
11
11
Share-based compensation
6
6
17
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-666": { "value": "5.1 Related party transactions Keeping it simple The related parties identified by the Directors include joint ventures, associated undertakings, fixed asset investments and key management personnel. To enable users of our financial statements to form a view about the effects of related party relationships on the Group, we disclose the Group\u2019s transactions with those related parties during the year and any associated year end trading balances. Transactions with joint ventures and associated undertakings Transactions with joint ventures and associated undertakings during the year were:
2023 2022
\u00a3m \u00a3m
Sales to joint ventures
60
41
Sales to associated undertakings
13
16
Purchases from joint ventures
33
33
Purchases from associated undertakings
78
77
The transactions with joint ventures primarily relate to sales and purchases of digital multiplex services with Digital 3&4 Limited and distribution revenue from BritBox LLC, BritBox International Limited and BritBox Australia Management Pty Limited. Sales to associated undertakings include airtime sales to DTV Services Limited. Purchases from associated undertakings primarily relate to the purchase of news services from ITN Limited. All transactions with associated undertakings and joint ventures arise in the normal course of business on an arm\u2019s length basis. The amounts owed by and to these related parties at 31 December were:
2023 2022
\u00a3m \u00a3m
Amounts owed by joint ventures
41
12
Amounts owed by associated undertakings
10
19
Amounts owed to joint ventures
6
5
Amounts owed to associated undertakings
8
17
None of the balances are secured. Amounts owed by joint ventures primarily relate to trading with BritBox LLC and BritBox Australia Management Pty Limited. Balances owed by associated undertakings largely relate to Bedrock Entertainment LLC and Southrock Productions LLC. Balances owed to associated undertakings primarily relate to trading with ITN Limited and amounts owed to Bedrock Entertainment LLC. Amounts paid to the Group\u2019s retirement benefit plans are set out in note 3.7. 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:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
11
11
Share-based compensation
6
6
17
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-628": { "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:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
11
11
Share-based compensation
6
6
17
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-590": { "value": "
Contingent liabilities
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. In addition, the determination of employment
tax status of some individuals contracted by ITV is complex and a future liability could arise in relation to this. None
of these items are expected to have a material effect on the Group\u2019s results or financial position.
As previously reported, 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 the CMA has confirmed it is currently
undertaking further investigation until at least March 2024, subsequent to which ITV anticipates it will receive
additional detail regarding any future steps.
On 11 October 2023, the CMA opened an investigation into certain conduct of ITV and other named companies
in the sector relating to the production and broadcasting of television content in the UK, excluding sports content.
The investigation remains 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's
enquiries in relation to both investigations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-591": { "value": "
5.3
Subsequent
events
Keeping
it simple
Where the Group receives information in the period between 31 December 2023
and the date of this report about conditions related to certain events that existed at
31 December 2023, we update our disclosures that relate to those conditions in light
of the new information. Such events can be categorised as adjusting or non-
adjusting depending on whether the condition existed at 31 December 2023. If non-
adjusting events are material, non-disclosure could influence the economic
decisions that users make on the basis of the financial statements. Accordingly, for
each material category of non-adjusting event after the reporting period we
disclose in this section the nature of the event and an estimate of its financial
effect, or a statement that such an estimate cannot be made.
Disposal of the Group\u2019s Interests in BritBox International
On 1 March 2024, the Group announced the sale of its entire 50% interest in digital streaming service, BritBox
International to its joint venture partner BBC Studios for a cash consideration of \u00a3255 million. The transaction has
been effected by the disposal of the Group\u2019s 50% interests in BritBox LLC, BB Rights LLC, Denipurna Limited and
BritBox International Limited and the 100% interest in ITV SVOD Australia Pty Ltd, which holds the 50% interest in
BritBox Australia Management Pty Limited.
At 31 December 2023, the Group included these interests at their carrying value of \u00a366 million, as held for sale in the
Consolidated Statement of Financial Position. See notes 3.4 and 3.5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-629": { "value": "
5.4
Subsidiaries
exempt
from audit
Keeping
it simple
Certain subsidiaries of the Group can take an exemption from having an audit. Strict
criteria must be met for this exemption to be taken, and it must be agreed by the
Directors of that subsidiary entity.
Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken the
exemption from having an audit of its financial statements. This exemption is taken in accordance with the
Companies Act 2006 s479A.
Company number
Company name
Company number
Company name
04195187
12 Yard Productions (Investments) Limited
03089273
ITV Ventures Limited
04145307
12 Yard Productions Limited
11107431
ITV Vera Limited
10058419
Back Productions Limited
14460676
ITV WKOW Limited
13087812
Big Talk Alone Limited
13087699
ITV Y&M Limited
10496857
Big Talk Cold Feet Limited
05518785
Juice Music UK Limited
12092620
Big Talk Friday Limited
05976348
Mammoth Screen Limited
11109596
Big Talk Goes Wrong Limited
09355455
Mammoth Screen (End) Limited
13087733
Big Talk Horseface Limited
08546227
Mammoth Screen (End2) Limited
13087735
Big Talk I Hate You Limited
10528827
Mammoth Screen (End9) Limited
07037447
Big Talk Investments Limited
11109917
Mammoth Screen (End6) Limited
10528952
Big Talk Living the Dream Limited
11908267
Mammoth Screen (End7) Limited
13813181
Big Talk Ludwig Limited
12368766
Mammoth Screen (End8) Limited
11723899
Big Talk Offenders Limited
13087685
Mammoth Screen (Evans) Limited
11109572
Big Talk Peacock Limited
12368661
Mammoth Screen (FS) Limited
02897434
Big Talk Pictures Limited
13989267
Mammoth Screen (GK) Limited
06567813
Big Talk Studios Limited
11995990
Mammoth Screen (MD) Limited
02936337
Boom Cymru TV Ltd
12735978
Mammoth Screen (MD2) Limited
07922831
Boom Pictures Limited
13989179
Mammoth Screen (MIE) Limited
03866274
Box Clever Technology Limited
11062257
Mammoth Screen (NC) Limited
04192851
Box Clever Trustees Limited
09660486
Mammoth Screen (Pol2) Limited
11801341
BritBox SVOD Limited
10031005
Mammoth Screen (Pol3) Limited
01891539
Broad Street Films Limited
10528763
Mammoth Screen (Pol4) Limited
02285229
Campania Limited
11108289
Mammoth Screen (Pol5) Limited
04159249
Carlton Content Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
00301188
Carlton Film Distributors Limited
09646520
Mammoth Screen (QV) Limited
01692483
Carlton Finance Limited
11108327
Mammoth Screen (Serpent) Limited
03984490
Carlton Food Network Limited
11204836
Mammoth Screen (SG) Limited
03053908
Carlton Programmes Development Limited
NI678277
Mammoth Screen (TJ) Limited
03210452
Carlton Screen Advertising (Holdings) Limited
13087656
Mammoth Screen (Tower) Limited
03210363
Carltonco Ninety-Six
10528702
Mammoth Screen (VF) Limited
02280048
Castlefield Properties Limited
11108322
Mammoth Screen (Vic3) Limited
06409013
Cat\u2019s on the Roof Media Limited
11108320
Mammoth Screen (WOF) Limited
04257248
Channel Television Holdings Limited
NI687412
Mammoth Screen (WOF2) Limited
08195508
Cirkus Limited
10973979
Mammoth Screen (WOTW) Limited
10240192
Cloth Cat LBB Limited
13412337
Metavision Limited
02852812
Cosgrove Hall Films Limited
09477931
Monumental Television Limited
09366309
Crook Productions Limited
04201477
Morning TV Limited
05421502
Cynhyrchiadau Boomerang Cyfyngedig
12368748
MT Ghosts Limited
08479545
Double Double Limited
14764613
MT Marlow Murder Club Limited
07821062
EQ Pictures Limited
13813329
MT Mrs Sidhu Limited
09366308
Gameface Productions Limited
13989060
MT Maryland Limited
05946785
Gorilla TV Group Limited
13087117
MT Murder in Provence Limited
03776018
Gorilla TV Limited
14763338
Output Productions Limited
00290076
Granada Group Limited
07473151
Oxford Scientific Films Limited
03962410
Granada Limited
13506403
Planet Woo Limited
03106798
Granada Media Limited
15175627
Planet V Limited
05344772
Granada Screen (2005) Limited
09020906
Possessed Limited
00733063
Granada Television Overseas Limited
14163547
QSP ATF Limited
00250311
Granada UK Rental and Retail Limited
14784655
QSP Buried Limited
04842712
Interactive Telephony Limited
14163654
QSP FMO Limited
00608490
ITC Entertainment Group Limited
14460916
QSP Ghosted Limited
SC375274
ITV (Scotland) Limited
14496123
QSP Men Up Limited
11516620
ITV
112
Limited
14458573
QSP MU Limited
12956892
ITV AdVentures Limited
14462220
QSP MY Limited
13087805
ITV Alde
r
Limited
14460933
QSP PD Limited
14047839
ITV Archie Limited
14460663
QSP TRK Limited
11667230
ITV Barking Limited
13714204
QSP Nolly Limited
02578005
ITV Breakfast Limited
14048037
QSP SO limited
02937518
ITV Consume
r
Limited
12350991
Second Act (Grace) Limited
13087759
ITV Duneen Limited
09366311
Second Act Productions Limited
10494684
ITV Enterprises Limited
07714999
Sightseers Film Limited
04159210
ITV Holdings Limited
03991026
So Television Limited
14133299
ITV Grace Limited
11423826
The Addressable Platform Limited
04159213
ITV International Channels Limited
07155077
The Garden Productions Limited
14846610
ITV JCDM Limited
02351132
TwoFour Broadcast Limited
SC473179
ITV LTVC (Scotland) Limited
08602993
TwoFour Group Holdings Limited
14863612
ITV Mandrake Limited
05493388
TwoFour Group Limited
13989147
ITV Maternal Limited
11109744
WP Anne Limited
00603893
ITV Network Limited
10796122
WP Bodyguard Limited
11723842
ITV Nightingale Limited
14360979
WP Delia Limited
00603471
ITV Pension Scheme Limited
12368643
WP Diplomat Limited
14461569
ITV POS Limited
13988864
WP Fifteen Limited
Company number
Company name
Company number
Company name
01565625
ITV Properties (Developments) Limited
12116627
WP Karen Pirie Limited
13087782
ITV Ralph and Katie Limited
14988579
WP Lockerbie Limited
14460328
ITV RE Limited
11109287
WP LOD5 Limited
08554937
ITV Shetland Limited
12116457
WP LOD6 Limited
11723826
ITV Spy Limited
13087865
WP Malpractice Limited
02203983
ITV Studios Global Distribution Limited
12116461
WP Pembrokeshire Limited
09498877
ITV TFG Holdings Limited
13087860
WP RM Limited
11107934
ITV The Bay Limited
11109929
WP Save Me 2 Limited
13087693
ITV The Reckoning Limited
12368475
WP Showtrial Limited
12368504
ITV TLC Limited
14653603
WP The Gathering Limited
09498177
ITV Top Class Limited
12368477
WP The Suspect Limited
14048049
ITV Venturer Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited is exempt from audit under article 113 of the Companies Act (Jersey) Law 1991.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-650": { "value": "5.4 Subsidiaries exempt from audit Keeping it simple Certain subsidiaries of the Group can take an exemption from having an audit. Strict criteria must be met for this exemption to be taken, and it must be agreed by the Directors of that subsidiary entity. Listed below are subsidiaries controlled and consolidated by the Group, where the Directors have taken the exemption from having an audit of its financial statements. This exemption is taken in accordance with the Companies Act 2006 s479A.
Company number
Company name
Company number
Company name
04195187
12 Yard Productions (Investments) Limited
03089273
ITV Ventures Limited
04145307
12 Yard Productions Limited
11107431
ITV Vera Limited
10058419
Back Productions Limited
14460676
ITV WKOW Limited
13087812
Big Talk Alone Limited
13087699
ITV Y&M Limited
10496857
Big Talk Cold Feet Limited
05518785
Juice Music UK Limited
12092620
Big Talk Friday Limited
05976348
Mammoth Screen Limited
11109596
Big Talk Goes Wrong Limited
09355455
Mammoth Screen (End) Limited
13087733
Big Talk Horseface Limited
08546227
Mammoth Screen (End2) Limited
13087735
Big Talk I Hate You Limited
10528827
Mammoth Screen (End9) Limited
07037447
Big Talk Investments Limited
11109917
Mammoth Screen (End6) Limited
10528952
Big Talk Living the Dream Limited
11908267
Mammoth Screen (End7) Limited
13813181
Big Talk Ludwig Limited
12368766
Mammoth Screen (End8) Limited
11723899
Big Talk Offenders Limited
13087685
Mammoth Screen (Evans) Limited
11109572
Big Talk Peacock Limited
12368661
Mammoth Screen (FS) Limited
02897434
Big Talk Pictures Limited
13989267
Mammoth Screen (GK) Limited
06567813
Big Talk Studios Limited
11995990
Mammoth Screen (MD) Limited
02936337
Boom Cymru TV Ltd
12735978
Mammoth Screen (MD2) Limited
07922831
Boom Pictures Limited
13989179
Mammoth Screen (MIE) Limited
03866274
Box Clever Technology Limited
11062257
Mammoth Screen (NC) Limited
04192851
Box Clever Trustees Limited
09660486
Mammoth Screen (Pol2) Limited
11801341
BritBox SVOD Limited
10031005
Mammoth Screen (Pol3) Limited
01891539
Broad Street Films Limited
10528763
Mammoth Screen (Pol4) Limited
02285229
Campania Limited
11108289
Mammoth Screen (Pol5) Limited
04159249
Carlton Content Holdings Limited
08799982
Mammoth Screen (Poldark) Limited
00301188
Carlton Film Distributors Limited
09646520
Mammoth Screen (QV) Limited
01692483
Carlton Finance Limited
11108327
Mammoth Screen (Serpent) Limited
03984490
Carlton Food Network Limited
11204836
Mammoth Screen (SG) Limited
03053908
Carlton Programmes Development Limited
NI678277
Mammoth Screen (TJ) Limited
03210452
Carlton Screen Advertising (Holdings) Limited
13087656
Mammoth Screen (Tower) Limited
03210363
Carltonco Ninety-Six
10528702
Mammoth Screen (VF) Limited
02280048
Castlefield Properties Limited
11108322
Mammoth Screen (Vic3) Limited
06409013
Cat\u2019s on the Roof Media Limited
11108320
Mammoth Screen (WOF) Limited
04257248
Channel Television Holdings Limited
NI687412
Mammoth Screen (WOF2) Limited
08195508
Cirkus Limited
10973979
Mammoth Screen (WOTW) Limited
10240192
Cloth Cat LBB Limited
13412337
Metavision Limited
02852812
Cosgrove Hall Films Limited
09477931
Monumental Television Limited
09366309
Crook Productions Limited
04201477
Morning TV Limited
05421502
Cynhyrchiadau Boomerang Cyfyngedig
12368748
MT Ghosts Limited
08479545
Double Double Limited
14764613
MT Marlow Murder Club Limited
07821062
EQ Pictures Limited
13813329
MT Mrs Sidhu Limited
09366308
Gameface Productions Limited
13989060
MT Maryland Limited
05946785
Gorilla TV Group Limited
13087117
MT Murder in Provence Limited
03776018
Gorilla TV Limited
14763338
Output Productions Limited
00290076
Granada Group Limited
07473151
Oxford Scientific Films Limited
03962410
Granada Limited
13506403
Planet Woo Limited
03106798
Granada Media Limited
15175627
Planet V Limited
05344772
Granada Screen (2005) Limited
09020906
Possessed Limited
00733063
Granada Television Overseas Limited
14163547
QSP ATF Limited
00250311
Granada UK Rental and Retail Limited
14784655
QSP Buried Limited
04842712
Interactive Telephony Limited
14163654
QSP FMO Limited
00608490
ITC Entertainment Group Limited
14460916
QSP Ghosted Limited
SC375274
ITV (Scotland) Limited
14496123
QSP Men Up Limited
11516620
ITV
112
Limited
14458573
QSP MU Limited
12956892
ITV AdVentures Limited
14462220
QSP MY Limited
13087805
ITV Alde
r
Limited
14460933
QSP PD Limited
14047839
ITV Archie Limited
14460663
QSP TRK Limited
11667230
ITV Barking Limited
13714204
QSP Nolly Limited
02578005
ITV Breakfast Limited
14048037
QSP SO limited
02937518
ITV Consume
r
Limited
12350991
Second Act (Grace) Limited
13087759
ITV Duneen Limited
09366311
Second Act Productions Limited
10494684
ITV Enterprises Limited
07714999
Sightseers Film Limited
04159210
ITV Holdings Limited
03991026
So Television Limited
14133299
ITV Grace Limited
11423826
The Addressable Platform Limited
04159213
ITV International Channels Limited
07155077
The Garden Productions Limited
14846610
ITV JCDM Limited
02351132
TwoFour Broadcast Limited
SC473179
ITV LTVC (Scotland) Limited
08602993
TwoFour Group Holdings Limited
14863612
ITV Mandrake Limited
05493388
TwoFour Group Limited
13989147
ITV Maternal Limited
11109744
WP Anne Limited
00603893
ITV Network Limited
10796122
WP Bodyguard Limited
11723842
ITV Nightingale Limited
14360979
WP Delia Limited
00603471
ITV Pension Scheme Limited
12368643
WP Diplomat Limited
14461569
ITV POS Limited
13988864
WP Fifteen Limited
Company number
Company name
Company number
Company name
01565625
ITV Properties (Developments) Limited
12116627
WP Karen Pirie Limited
13087782
ITV Ralph and Katie Limited
14988579
WP Lockerbie Limited
14460328
ITV RE Limited
11109287
WP LOD5 Limited
08554937
ITV Shetland Limited
12116457
WP LOD6 Limited
11723826
ITV Spy Limited
13087865
WP Malpractice Limited
02203983
ITV Studios Global Distribution Limited
12116461
WP Pembrokeshire Limited
09498877
ITV TFG Holdings Limited
13087860
WP RM Limited
11107934
ITV The Bay Limited
11109929
WP Save Me 2 Limited
13087693
ITV The Reckoning Limited
12368475
WP Showtrial Limited
12368504
ITV TLC Limited
14653603
WP The Gathering Limited
09498177
ITV Top Class Limited
12368477
WP The Suspect Limited
14048049
ITV Venturer Limited
11109437
WP Vigil Limited
ITV Properties (Jersey) Limited is exempt from audit under article 113 of the Companies Act (Jersey) Law 1991.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "value": "ITV plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "White City Place 201 Wood Lane London W12 7RU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:ZLECI7ED2QMWFGYCXZ59", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }