2023 | 2022 | |
£m | £m | |
Receivables, which are included in ‘Trade and other receivables’ | 356.9 | 380.8 |
Contract assets, which are included in ‘Trade and other receivables’ | 1.6 | 1.5 |
Contract liabilities, which are included in ‘Trade and other payables’ | 2.3 | 2.5 |
2023 | |||||||
Flow | Advanced | Sensors | |||||
Control | Refractories | & Probes | Total Steel | Foundry | Total | ||
Note | £m | £m | £m | £m | £m | £m | |
Segment revenue | 793.0 | 567.9 | 39.1 | 1,400.0 | 529.8 | 1,929.8 | |
– at a point in time | 1,396.6 | 529.8 | 1,926.4 | ||||
– over time | 3.4 | – | 3.4 | ||||
Segment adjusted EBITDA | 187.9 | 70.3 | 258.2 | ||||
Segment depreciation and amortisation | (40.3) | (17.5) | (57.8) | ||||
Segment trading profit | 147.6 | 52.8 | 200.4 | ||||
Return on sales margin | 10.5% | 10.0% | 10.4% | ||||
Amortisation of acquired | |||||||
intangible assets | (10.3) | ||||||
Operating profit | 190.1 | ||||||
Net finance costs | (11.6) | ||||||
Share of post-tax profit of joint ventures | 0.9 | ||||||
Profit before tax | 179.4 | ||||||
Capital expenditure additions | 93.2 | 32.1 | 125.3 | ||||
Inventory | 18 | 239.5 | 51.5 | 291.0 | |||
Trade debtors | 17 | 267.6 | 89.3 | 356.9 | |||
Trade payables | 27 | (177.7) | (58.7) | (236.4) |
2022 | |||||||
Flow | Advanced | Sensors | |||||
Control | Refractories | & Probes | Total Steel | Foundry | Total | ||
Note | £m | £m | £m | £m | £m | £m | |
Segment revenue | 810.9 | 645.3 | 40.2 | 1,496.4 | 551.0 | 2,047.4 | |
– at a point in time | 1,493.7 | 551.0 | 2,044.7 | ||||
– over time | 2.7 | – | 2.7 | ||||
Segment adjusted EBITDA | 210.6 | 72.1 | 282.7 | ||||
Segment depreciation and amortisation | (37.9) | (17.6) | (55.5) | ||||
Segment trading profit | 172.7 | 54.5 | 227.2 | ||||
Return on sales margin | 11.5% | 9.9% | 11.1% | ||||
Amortisation of acquired | |||||||
intangible assets | (10.4) | ||||||
Operating profit | 216.8 | ||||||
Net finance costs | (11.4) | ||||||
Share of post-tax profit of joint ventures | 1.2 | ||||||
Profit before tax | 206.6 | ||||||
Capital expenditure additions | 85.2 | 18.7 | 103.9 | ||||
Inventory | 18 | 259.6 | 56.4 | 316.0 | |||
Trade debtors | 17 | 288.0 | 92.8 | 380.8 | |||
Trade payables | 27 | (177.2) | (62.3) | (239.5) |
External revenue | Non-current assets | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
EMEA | 669.6 | 741.6 | 515.8 | 500.0 |
Asia | 565.6 | 565.2 | 233.0 | 237.2 |
North America | 528.7 | 549.1 | 404.1 | 384.3 |
South America | 165.9 | 191.5 | 52.1 | 44.3 |
Revenue | 1,929.8 | 2,047.4 | 1,205.0 | 1,165.8 |
2023 | 2022 | ||
Notes(s) | £m | £m | |
Cost of materials recognised as an expense | 18 | 853.5 | 923.1 * |
Research and development | 37.4 | 35.9 | |
Employee expenses | 7 | 475.1 | 441.3 |
Depreciation | 14 | 57.4 | 55.2 |
Amortisation | 15 | 10.7 | 10.7 |
Operating lease charges | 28 | 3.0 | 2.3 |
Expected credit loss allowances (credit)/charge | 17, 24.2 | (2.6) | 9.9 |
Other expenses | 305.1 | 352.2 |
2023 | 2022 | |
£m | £m | |
Fees payable to the Company’s auditors and their associates for the audit | ||
of the Parent Company and Consolidated Financial Statements | 1.0 | 1.1 |
Fees payable to the Company’s auditors and their associates for other services: | ||
Audit of the Company’s subsidiaries | 1.1 | 1.0 |
Audit-related assurance services | 0.2 | 0.2 |
Total auditors’ remuneration | 2.3 | 2.3 |
2023 |
2022 |
||
Note |
£m |
£m |
|
Wages and salaries |
392.2 |
365.8 |
|
Social security costs |
58.3 |
54.0 |
|
Share-based payments |
26 |
7.3 |
5.1 |
Pension costs – defined contribution pension plans |
25 |
12.1 |
10.8 |
– defined benefit pension plans |
25 |
4.7 |
5.2 |
Other post-retirement benefits |
25 |
0.5 |
0.4 |
Total employee expenses |
475.1 |
441.3 |
2023 |
2022 |
|
no. |
no. |
|
Steel |
9,057 |
8,720 |
Foundry |
2,455 |
2,470 |
Total monthly average number of employees |
11,512 |
11,190 |
2023 |
2022 |
|
£m |
£m |
|
Short-term employee benefits |
2.5 |
1.9 |
Post-employment benefits |
0.2 |
0.3 |
Share-based payments |
1.5 |
0.6 |
Total remuneration of key management personnel |
4.2 |
2.8 |
2023 |
2022 |
|
£m |
£m |
|
Interest payable on borrowings |
||
Loans and overdrafts |
20.1 |
15.4 |
Interest on lease liabilities |
2.4 |
1.9 |
Amortisation of capitalised arrangement fees |
1.0 |
1.0 |
Total interest payable on borrowings |
23.5 |
18.3 |
Interest on net retirement benefit obligations |
2.3 |
1.4 |
Adjustment to discounts on provisions and other liabilities |
2.4 |
1.1 |
Adjustment to discounts on receivables |
(1.3) |
(0.6) |
Finance income |
(15.3) |
(8.8) |
Total net finance costs |
11.6 |
11.4 |
2023 | 2022 | ||
£m | £m | ||
Current tax | |||
Overseas taxation | 38.9 | 43.6 | |
Adjustments in respect of prior years | 6.7 | (1.1) | |
Total current tax, continuing operations | 45.6 | 42.5 | |
Deferred tax | |||
Origination and reversal of temporary taxable differences | 6.2 | (23.6) | |
Adjustments in respect of prior years | (3.0) | (0.8) | |
Total deferred tax, continuing operations | 3.2 | (24.4) | |
Total income tax charge | 48.8 | 18.1 | |
Total income tax charge attributable to: | |||
Continuing operations | – headline performance | 51.9 | 57.2 |
– separately reported | (3.1) | (39.1) | |
Total income tax charge | 48.8 | 18.1 |
2023 | 2022 | |
Separately reported items | £m | £m |
Additional recognition of UK deferred tax asset | – | (37.8) |
Amortisation and utilisation of acquired intangibles | (2.7) | (2.7) |
Recognition of deferred tax asset on acquired intangibles | (0.4) | – |
Additional derecognition/(recognition) of US deferred tax asset | – | 1.4 |
Total tax credit separately reported | (3.1) | (39.1) |
2023 | 2022 | |
£m | £m | |
Profit before tax | 179.4 | 206.6 |
Tax at the UK corporation tax rate of 23.5% (2022: 19.0%) | 42.1 | 39.2 |
Overseas tax rate differences | 0.6 | 16.5 |
Withholding taxes | 6.4 | 2.8 |
(Income)/expenses not (taxable)/deductible for tax purposes | (4.6) | 0.8 |
Utilisation of previously unrecognised tax losses | – | (0.8) |
US deferred tax asset not previously recognised | – | (5.7) |
UK deferred tax asset not previously recognised | – | (37.8) |
Deferred tax assets not recognised | 0.6 | – |
Deferred tax rate changes | – | 1.1 |
Adjustments in respect of prior years | 3.7 | 2.0 |
Total income tax charge | 48.8 | 18.1 |
Other | Other | |||||
operating | Pension | Intangible | temporary | |||
Interest | losses | costs | assets | differences | Total | |
£m | £m | £m | £m | £m | £m | |
As at 1 January 2022 | 34.4 | 15.5 | 13.4 | (23.8) | 35.1 | 74.6 |
Exchange adjustments | 4.1 | 1.3 | 1.2 | (0.9) | 2.2 | 7.9 |
Other net charge to Group Statement of | ||||||
Comprehensive Income | – | – | (6.7) | – | (1.5) | (8.2) |
Other net credit/(charge) to Group Income Statement | 0.1 | 37.2 | 0.2 | 2.9 | (1.1) | 39.3 |
Other net credit/(charge) to Group Income Statement US | 2.7 | (7.6) | (1.4) | (0.8) | (7.8) | (14.9) |
As at 31 December 2022 | 41.3 | 46.4 | 6.7 | (22.6) | 26.9 | 98.7 |
Exchange adjustments | (1.8) | 0.6 | (0.2) | 0.8 | (1.8) | (2.4) |
Other net charge to Group Statement of | ||||||
Comprehensive Income | – | – | (2.0) | – | – | (2.0) |
Other net (charge)/credit to Group Income Statement | (5.7) | (4.3) | (1.5) | 3.7 | 4.6 | (3.2) |
As at 31 December 2023 | 33.8 | 42.7 | 3.0 | (18.1) | 29.7 | 91.1 |
2023 | 2022 | |
£m | £m | |
Recognised in the Group Balance Sheet as: | ||
Non-current deferred tax assets | 114.6 | 110.6 |
Non-current deferred tax liabilities | (23.5) | (11.9) |
Net total deferred tax assets | 91.1 | 98.7 |
2023 | 2022 | |
£m | £m | |
Deferred tax assets | 8.9 | 18.2 |
Deferred tax liabilities | (2.7) | (2.7) |
2023 | 2022 | |
£m | £m | |
Operating losses (further described below) | 91.6 | 100.6 |
Unrelieved US interest (may be carried forward indefinitely) | 0.7 | – |
Capital losses available to offset future UK capital gains (may be carried forward indefinitely) | 45.5 | 46.2 |
UK ACT credits (may be carried forward indefinitely) | 19.3 | 19.3 |
Other temporary differences | 4.7 | 9.0 |
Total deferred tax assets not recognised | 161.8 | 175.1 |
Operating | Operating | Operating | Operating | |||
losses | losses not | losses | losses not | |||
recognised | recognised | Total | recognised | recognised | Total | |
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
£m | £m | £m | £m | £m | £m | |
UK (may be carried forward indefinitely) | 34.4 | 72.1 | 106.5 | 37.8 | 79.1 | 116.9 |
US (due to expire 2024–2031) | 1.4 | – | 1.4 | 2.6 | – | 2.6 |
ROW (may be carried forward indefinitely) | 6.9 | 19.5 | 26.4 | 6.0 | 21.5 | 27.5 |
42.7 | 91.6 | 134.3 | 46.4 | 100.6 | 147.0 |
2023 | 2022 | |
£m | £m | |
Liabilities for income tax payable | 3.5 | 12.8 |
Provisions for uncertain tax positions | 6.3 | 6.8 |
9.8 | 19.6 | |
Less: Income tax recoverable within one year | 11.5 | 15.3 |
Net (asset)/liability | (1.7) | 4.3 |
2023 | 2022 | |
£m | £m | |
Profit attributable to owners of the Parent | 118.5 | 181.1 |
Adjustments for separately reported items: | ||
Amortisation of acquired intangible assets | 10.3 | 10.4 |
Restructuring charges | – | – |
Vacant site remediation costs | – | – |
Guaranteed minimum pensions (GMP) equalisation charge | – | – |
Income tax credit | (3.1) | (39.1) |
Headline profit attributable to owners of the Parent | 125.7 | 152.4 |
2023 | 2022 | |
millions | millions | |
For calculating basic and headline EPS | 269.1 | 269.6 |
Adjustment for potentially dilutive ordinary shares | 3.0 | 1.9 |
For calculating diluted and diluted headline EPS | 272.1 | 271.5 |
2023 | 2022 | |
pence | pence | |
Earnings per share | ||
– reported basic | 44.0 | 67.2 |
– reported diluted | 43.6 | 66.7 |
– headline basic | 46.7 | 56.5 |
– headline diluted | 46.2 | 56.1 |
2023 | 2022 | ||
Notes | £m | £m | |
Operating profit | 190.1 | 216.8 | |
Adjustments for: | |||
Amortisation of acquired intangible assets | 15 | 10.3 | 10.4 |
Restructuring charges | – | – | |
Vacant site remediation costs | – | – | |
Trading profit | 200.4 | 227.2 | |
Gain on disposal of non-current assets | (2.5) | (0.1) | |
Depreciation and amortisation | 14 | 57.8 | 55.5 |
Defined benefit retirement plans net charge | 5.2 | 5.6 | |
Net decrease in inventories | 18 | 9.9 | 2.2 |
Net decrease/(increase) in trade receivables | 17 | 2.6 | (9.2) |
Net increase/(decrease) in trade payables | 27 | 8.3 | (28.0) |
Net (increase)/decrease in other working capital | (0.5) | 24.7 | |
Outflow related to restructuring charges | 6 | (0.8) | (1.5) |
Defined benefit retirement plans cash outflows | 25 | (7.4) | (6.3) |
Vacant site remediation costs paid | (1.0) | (1.8) | |
Cash generated from operations | 272.0 | 268.3 |
2023 | 2022 | |
£m | £m | |
Cash at bank and in hand | 164.2 | 184.2 |
Bank overdrafts | (3.4) | (4.4) |
Cash and cash equivalents in the Group Statement of Cash Flows | 160.8 | 179.8 |
Balance |
Balance |
|||||
as at |
Foreign |
as at |
||||
1 January |
exchange |
Fair value |
Non-cash |
Cash |
31 December |
|
2023 |
adjustments |
losses |
movements * |
flow |
2023 |
|
£m |
£m |
£m |
£m |
£m |
£m |
|
Cash and cash equivalents |
||||||
Cash at bank and in hand |
184.2 |
(21.1) |
– |
– |
1.1 |
164.2 |
Bank overdrafts |
(4.4) |
0.1 |
– |
– |
0.9 |
(3.4) |
179.8 |
(21.0) |
– |
– |
2.0 |
160.8 |
|
Borrowings, excluding bank overdrafts |
(440.2) |
11.9 |
– |
(33.6) |
61.3 |
(400.6) |
Capitalised arrangement fees |
2.7 |
– |
– |
(0.9) |
– |
1.8 |
Derivative financial instruments |
2.7 |
– |
(2.2) |
– |
– |
0.5 |
Net debt |
(255.0) |
(9.1) |
(2.2) |
(34.5) |
63.3 |
(237.5) |
Balance |
Balance |
|||||
as at |
Foreign |
as at |
||||
1 January |
exchange |
Fair value |
Non-cash |
Cash |
31 December |
|
2022 |
adjustments |
gains |
movements * |
flow |
2022 |
|
£m |
£m |
£m |
£m |
£m |
£m |
|
Cash and cash equivalents |
||||||
Cash at bank and in hand |
169.1 |
0.1 |
– |
– |
15.0 |
184.2 |
Bank overdrafts |
(6.7) |
(0.3) |
– |
– |
2.6 |
(4.4) |
162.4 |
(0.2) |
– |
– |
17.6 |
179.8 |
|
Borrowings, excluding bank overdrafts |
(440.3) |
(25.4) |
– |
(11.5) |
37.0 |
(440.2) |
Capitalised arrangement fees |
3.3 |
– |
– |
(0.6) |
– |
2.7 |
Derivative financial instruments |
(2.5) |
– |
5.2 |
– |
– |
2.7 |
Net debt |
(277.1) |
(25.6) |
5.2 |
(12.1) |
54.6 |
(255.0) |
Asset category | Estimated useful life | |
Freehold property | between 10 and 50 years | |
Leasehold property | the term of the lease | |
Right-of-use assets | shorter of the asset’s useful life and lease term | |
Plant and equipment | – motor vehicles and information technology equipment | between 1 and 5 years |
– other | between 3 and 15 years |
Right-of-use | Right-of-use | ||||||
assets – land | assets – plant | ||||||
Freehold | Leasehold | & buildings | & equipment | Plant and | Construction | ||
property | property | (Note 28.2) | (Note 28.2) | equipment | in progress | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Cost | |||||||
As at 31 December 2021 and 1 January 2022 | 245.0 | 0.7 | 39.1 | 29.0 | 572.7 | 41.2 | 927.7 |
Exchange adjustments | 16.0 | – | 1.7 | 1.9 | 37.1 | 3.8 | 60.5 |
Capital expenditure additions | 7.3 | – | 3.3 | 8.1 | 20.8 | 59.9 | 99.4 |
Acquisitions through business combinations | 1.1 | – | 2.2 | – | 0.2 | – | 3.5 |
Disposals | (1.6) | – | (1.1) | (3.4) | (14.9) | (0.5) | (21.5) |
Reclassifications | 1.3 | – | – | (0.2) | 27.4 | (28.6) | (0.1) |
As at 31 December 2022 and 1 January 2023 | 269.1 | 0.7 | 45.2 | 35.4 | 643.3 | 75.8 | 1,069.5 |
Exchange adjustments | (8.3) | – | (3.3) | (1.7) | (22.6) | (0.8) | (36.7) |
Capital expenditure additions | 15.8 | – | 15.3 | 16.0 | 45.6 | 24.6 | 117.3 |
Disposals | (3.9) | (0.6) | (3.6) | (6.2) | (18.8) | (0.2) | (33.3) |
Reclassifications | 6.1 | – | – | – | 10.1 | (16.2) | – |
As at 31 December 2023 | 278.8 | 0.1 | 53.6 | 43.5 | 657.6 | 83.2 | 1,116.8 |
Accumulated depreciation and impairment losses | |||||||
As at 31 December 2021 and 1 January 2022 | 117.8 | 0.7 | 10.1 | 16.1 | 430.5 | – | 575.2 |
Exchange adjustments | 8.0 | – | 0.4 | 1.0 | 29.0 | – | 38.4 |
Depreciation charge | 7.3 | – | 5.7 | 6.8 | 35.4 | – | 55.2 |
Impairment | 0.9 | – | 0.5 | – | 0.1 | – | 1.5 |
Disposals | (0.4) | – | (1.1) | (2.9) | (13.9) | – | (18.3) |
Reclassifications | 3.9 | – | – | (0.1) | (3.9) | – | (0.1) |
As at 31 December 2022 and 1 January 2023 | 137.5 | 0.7 | 15.6 | 20.9 | 477.2 | – | 651.9 |
Exchange adjustments | (3.3) | – | (1.5) | (1.0) | (17.1) | – | (22.9) |
Depreciation charge | 7.6 | – | 5.8 | 8.4 | 35.6 | – | 57.4 |
Impairment | – | – | – | – | – | – | – |
Disposals | (2.9) | (0.6) | (3.4) | (5.3) | (18.2) | – | (30.4) |
Reclassifications | 1.7 | – | – | – | (1.7) | – | – |
As at 31 December 2023 | 140.6 | 0.1 | 16.5 | 23.0 | 475.8 | – | 656.0 |
Net book value as at 31 December 2023 | 138.2 | – | 37.1 | 20.5 | 181.8 | 83.2 | 460.8 |
Net book value as at 31 December 2022 | 131.6 | – | 29.6 | 14.5 | 166.1 | 75.8 | 417.6 |
Net book value as at 31 December 2021 | 127.2 | – | 29.0 | 12.9 | 142.2 | 41.2 | 352.5 |
Other | Other | ||||||||
acquired | acquired | ||||||||
intangible | 2023 | intangible | 2022 | ||||||
Goodwill | assets | Software | total | Goodwill | assets | Software | total | ||
Note | £m | £m | £m | £m | £m | £m | £m | £m | |
Cost | |||||||||
As at 1 January | 657.9 | 292.9 | 10.8 | 961.6 | 614.2 | 285.7 | 6.7 | 906.6 | |
Reclassification of | |||||||||
non-compete agreements | |||||||||
to goodwill * | – | – | – | – | 0.9 | (0.9) | – | – | |
Exchange adjustments | (27.0) | (5.6) | 0.2 | (32.4) | 42.4 | 8.1 | 0.5 | 51.0 | |
Capital expenditure additions | – | – | 8.0 | 8.0 | – | – | 4.5 | 4.5 | |
Disposals | – | – | (0.2) | (0.2) | – | – | (0.9) | (0.9) | |
Business combinations | 19 | – | – | – | – | 0.4 | – | – | 0.4 |
Reclassifications | – | – | – | – | – | – | – | – | |
As at 31 December | 630.9 | 287.3 | 18.8 | 937.0 | 657.9 | 292.9 | 10.8 | 961.6 | |
Accumulated amortisation | |||||||||
and impairment losses | |||||||||
As at 1 January | – | 221.1 | 3.0 | 224.1 | – | 206.7 | 3.1 | 209.8 | |
Exchange adjustments | – | (3.4) | (0.2) | (3.6) | – | 4.0 | 0.2 | 4.2 | |
Amortisation charge | |||||||||
for the year | – | 10.3 | 0.4 | 10.7 | – | 10.4 | 0.3 | 10.7 | |
Impairment | – | – | – | – | – | – | 0.3 | 0.3 | |
Disposals | – | – | (0.2) | (0.2) | – | – | (0.9) | (0.9) | |
Reclassifications | – | – | – | – | – | – | – | – | |
As at 31 December | – | 228.0 | 3.0 | 231.0 | – | 221.1 | 3.0 | 224.1 | |
Net book value as at | |||||||||
31 December | 630.9 | 59.3 | 15.8 | 706.0 | 657.9 | 71.8 | 7.8 | 737.5 |
2023 | 2022 | |
£m | £m | |
Steel Flow Control | 275.1 | 286.8 |
Steel Advanced Refractories | 146.1 | 152.5 |
Foundry | 209.7 | 218.6 |
Total goodwill | 630.9 | 657.9 |
Net book | Net book | ||
Remaining | value as at | value as at | |
useful life | 31 Dec 2023 | 31 Dec 2022 | |
years | £m | £m | |
Steel Flow Control, Steel Advanced Refractories & Foundry | |||
– Foseco customer relationships (useful life: 20 years) | 4.3 | 22.5 | 28.9 |
– Foseco trade name (useful life: 20 years) | 4.3 | 15.4 | 19.0 |
Steel Advanced Refractories | |||
– URI customer relationships (useful life: 20 years) | 18.0 | 5.9 | 6.6 |
– URI know-how (useful life: 20 years) | 18.0 | 4.7 | 5.2 |
– CCPI customer relationships (useful life: 20 years) | 15.2 | 10.8 | 12.1 |
Total | 59.3 | 71.8 |
Decrease in | |||||
recoverable | Impairment | ||||
Key assumption | Relevant CGU | Assumption | Sensitivity | value, £m | arising, £m |
Free cash flow average annual | AR | 67.0% | Decrease the free cash flows | (113.6) | None |
growth rate (3 year) | by 20% | ||||
Pre-tax discount rate | AR | 12.3% | Increase by 3.4% | (153.1) | None |
Combination of both key | AR | 67.0% and | Combination of both | (236.1) | (62.7) |
assumptions above | 12.3% | sensitivities above |
2023 | 2022 | |||||||
ECL | ECL | ECL | ECL | |||||
Gross | provision | Net | provision | Gross | provision | Net | provision | |
£m | £m | £m | coverage 1 | £m | £m | £m | coverage 1 | |
Trade receivables | ||||||||
– current | 308.9 | (0.7) | 308.2 | 0.2% | 305.4 | (2.3) | 303.1 | 0.8% |
– 1 to 30 days past due | 34.7 | (0.3) | 34.4 | 0.9% | 51.4 | (1.6) | 49.8 | 3.1% |
– 31 to 60 days past due | 10.1 | (0.7) | 9.4 | 6.9% | 14.1 | (0.6) | 13.5 | 4.3% |
– 61 to 90 days past due | 2.5 | (0.3) | 2.2 | 12.0% | 7.3 | (0.2) | 7.1 | 2.7% |
– over 90 days past due | 27.3 | (24.6) | 2.7 | 90.1% | 35.4 | (28.1) | 7.3 | 79.4% |
Trade receivables | 383.5 | (26.6) | 356.9 | 413.6 | (32.8) | 380.8 | ||
Other receivables | 78.4 | 65.3 | ||||||
Prepayments | 25.2 | 30.8 | ||||||
Total trade and other receivables | 460.5 | 476.9 |
2023 | 2022 | |
£m | £m | |
Raw materials | 96.9 | 104.6 |
Work in progress | 20.6 | 22.0 |
Semi-finished goods | 24.4 | 21.4 |
Finished goods | 149.1 | 168.0 |
Total inventories | 291.0 | 316.0 |
2023 |
2022 |
|||
Nominal |
Nominal |
|||
Number |
value |
Number |
value |
|
Allotted, issued and fully paid ordinary shares of 10p each |
m |
£m |
m |
£m |
As at 1 January |
278.5 |
27.8 |
278.5 |
27.8 |
Share buyback |
(0.6) |
(0.1) |
– |
– |
As at 31 December |
277.9 |
27.7 |
278.5 |
27.8 |
Reserve |
Share |
Capital |
Other |
Total |
||
for own |
option |
redemption |
retained |
retained |
||
shares |
reserve |
reserve |
earnings |
earnings |
||
Notes |
£m |
£m |
£m |
£m |
£m |
|
As at 31 December 2021 and 1 January 2022 |
(34.5) |
4.1 |
– |
2,513.8 |
2,483.4 |
|
Profit for the year |
– |
– |
– |
181.1 |
181.1 |
|
Remeasurement of defined benefit liabilities/assets |
– |
– |
– |
27.4 |
27.4 |
|
Recognition of share-based payments |
– |
5.1 |
– |
– |
5.1 |
|
Release of share option reserve on exercised |
||||||
and lapsed options |
1.2 |
(1.2) |
– |
– |
– |
|
Income tax on items recognised in other |
||||||
comprehensive income |
– |
– |
– |
(8.2) |
(8.2) |
|
Purchase of ESOP shares |
(6.9) |
– |
– |
– |
(6.9) |
|
Dividends paid |
23 |
– |
– |
– |
(58.1) |
(58.1) |
As at 31 December 2022 and 1 January 2023 |
(40.2) |
8.0 |
– |
2,656.0 |
2,623.8 |
|
Profit for the year |
– |
– |
– |
118.5 |
118.5 |
|
Remeasurement of defined benefit liabilities/assets |
– |
– |
– |
8.4 |
8.4 |
|
Recognition of share-based payments |
– |
7.3 |
– |
– |
7.3 |
|
Release of share option reserve on exercised |
||||||
and lapsed options |
3.2 |
(3.2) |
– |
– |
– |
|
Income tax on items recognised in other |
||||||
comprehensive income |
– |
– |
– |
(2.0) |
(2.0) |
|
Purchase of ESOP shares |
(1.1) |
– |
– |
– |
(1.1) |
|
Share buyback |
– |
– |
(3.0) |
– |
(3.0) |
|
Dividends paid |
23 |
– |
– |
– |
(60.7) |
(60.7) |
As at 31 December 2023 |
(38.1) |
12.1 |
(3.0) |
2,720.2 |
2,691.2 |
Cash flow |
||||
Other |
hedge |
Translation |
Total other |
|
reserves |
reserve |
reserve |
reserves |
|
£m |
£m |
£m |
£m |
|
As at 31 December 2021 and 1 January 2022 |
(1,499.3) |
(1.1) |
32.8 |
(1,467.6) |
Exchange differences on translation of the net assets of foreign operations |
– |
– |
96.1 |
96.1 |
Exchange differences on translation of net investment hedges |
– |
– |
(20.7) |
(20.7) |
Net change in costs of hedging |
– |
– |
– |
– |
Change in the fair value of the hedging instrument |
– |
8.3 |
– |
8.3 |
Amounts reclassified from the Income Statement |
– |
(7.5) |
– |
(7.5) |
As at 31 December 2022 and 1 January 2023 |
(1,499.3) |
(0.3) |
108.2 |
(1,391.4) |
Exchange differences on translation of the net assets of foreign operations |
– |
– |
(80.8) |
(80.8) |
Exchange differences on translation of net investment hedges |
– |
– |
7.9 |
7.9 |
Net change in costs of hedging |
– |
0.4 |
– |
0.4 |
Change in the fair value of the hedging instrument |
– |
(4.2) |
– |
(4.2) |
Amounts reclassified from Net finance costs |
– |
3.5 |
– |
3.5 |
As at 31 December 2023 |
(1,499.3) |
(0.6) |
35.3 |
(1,464.6) |
2023 |
2022 |
|
£m |
£m |
|
Amounts recognised as dividends and paid to equity shareholders during the year |
||
Final dividend for the year ended 31 December 2021 of 15.0p per ordinary share |
– |
40.5 |
Interim dividend for the year ended 31 December 2022 of 6.5p per ordinary share |
– |
17.6 |
Final dividend for the year ended 31 December 2022 of 15.75p per ordinary share |
42.4 |
– |
Interim dividend for the year ended 31 December 2023 of 6.8p per ordinary share |
18.3 |
– |
60.7 |
58.1 |
2023 | 2022 | |||
Assets | Liabilities | Assets | Liabilities | |
£m | £m | £m | £m | |
Investments (Level 2) | 0.3 | – | 0.5 | – |
Derivatives not designated for hedge accounting purposes (Level 2) | – | (0.1) | 0.1 | (0.1) |
Derivatives designated for hedge accounting purposes (Level 2) | 0.6 | – | 2.7 | – |
2023 | 2022 | |||||
Euro | US dollar | Other | Euro | US dollar | Other | |
£m | £m | £m | £m | £m | £m | |
Trade receivables | 70.3 | 56.9 | 11.6 | 82.0 | 58.7 | 9.3 |
Cash at bank | 6.5 | 12.1 | 2.6 | 10.1 | 9.8 | 0.7 |
Trade payables | (43.0) | (38.6) | (17.8) | (52.6) | (47.4) | (16.2) |
Private Placement Notes | (171.7) | (91.1) | – | (175.2) | (120.7) | – |
Bank loans and overdrafts | (42.7) | – | – | (44.8) | (0.1) | (0.1) |
Lease liabilities | (1.3) | – | (1.8) | (1.5) | (0.3) | (0.8) |
Cross-currency interest rate swaps | (66.4) | 67.6 | – | (67.8) | 71.1 | – |
Foreign currency forward contracts | ||||||
– Buy foreign currency | 0.5 | 2.4 | 0.1 | 0.9 | 4.8 | – |
– Sell foreign currency | (26.5) | (27.6) | – | (16.9) | (22.3) | – |
(274.3) | (18.3) | (5.3) | (265.8) | (46.4) | (7.1) |
Net unhedged monetary (liabilities)/assets | ||||
Euro | US dollar | Other | Total | |
£m | £m | £m | £m | |
Functional currency | ||||
Sterling | (281.7) | (22.4) | 1.5 | (302.6) |
Other | 7.4 | 4.1 | (6.8) | 4.7 |
As at 31 December 2023 | (274.3) | (18.3) | (5.3) | (297.9) |
Net unhedged monetary (liabilities)/assets | ||||
Euro | US dollar | Other | Total | |
£m | £m | £m | £m | |
Functional currency | ||||
Sterling | (286.9) | (49.3) | 1.1 | (335.1) |
Other | 21.0 | 2.9 | (8.0) | 15.9 |
As at 31 December 2022 | (265.9) | (46.4) | (6.9) | (319.2) |
Financial liabilities (gross borrowings) | |||
Fixed | Floating | ||
rate | rate | Total | |
£m | £m | £m | |
Sterling | 28.0 | 21.5 | 49.5 |
US dollar | 91.1 | 0.1 | 91.2 |
Euro | 171.7 | 43.4 | 215.1 |
Capitalised arrangement fees | (0.7) | (1.1) | (1.8) |
As at 31 December 2023 | 290.1 | 63.9 | 354.0 |
Financial liabilities (gross borrowings) | |||
Fixed | Floating | ||
rate | rate | Total | |
£m | £m | £m | |
Sterling | 28.0 | 33.3 | 61.3 |
US dollar | 120.7 | 1.9 | 122.6 |
Euro | 175.2 | 44.8 | 220.0 |
Capitalised arrangement fees | (0.9) | (1.8) | (2.7) |
As at 31 December 2022 | 323.0 | 78.2 | 401.2 |
2023 | 2022 | |
£m | £m | |
As at 1 January | 32.8 | 22.7 |
(Decrease)/increase in expected credit loss allowance recognised in profit or loss during the year | (2.6) | 9.9 |
Receivables written off during the year as uncollectable | (2.6) | (0.7) |
Exchange adjustments | (1.0) | 0.9 |
As at 31 December | 26.6 | 32.8 |
Between | Between | Total | ||||
Within | 1 and 2 | 2 and 5 | Over | contractual | Carrying | |
1 year | years | years | 5 years | cash flows | amount | |
As at 31 December 2023 | £m | £m | £m | £m | £m | £m |
Trade payables | 236.4 | – | – | – | 236.4 | 236.4 |
Loans and overdrafts | 22.3 | 68.0 | 196.9 | 103.9 | 391.1 | 355.8 |
Lease liabilities | 13.5 | 12.2 | 17.0 | 19.4 | 62.1 | 48.2 |
Capitalised arrangement fees | – | – | – | – | – | (1.8) |
Derivative liability | 0.1 | – | – | – | 0.1 | 0.1 |
Total financial liabilities | 272.3 | 80.2 | 213.9 | 123.3 | 689.7 | 638.7 |
Between | Between | Total | ||||
Within | 1 and 2 | 2 and 5 | Over | contractual | Carrying | |
1 year | years | years | 5 years | cash flows | amount | |
As at 31 December 2022 | £m | £m | £m | £m | £m | £m |
Trade payables | 239.5 | – | – | – | 239.5 | 239.5 |
Loans and overdrafts | 52.6 | 9.2 | 255.3 | 133.4 | 450.5 | 403.8 |
Lease liabilities | 12.3 | 9.2 | 13.2 | 13.5 | 48.2 | 40.8 |
Capitalised arrangement fees | – | – | – | – | – | (2.7) |
Derivative liability | 0.1 | – | – | – | 0.1 | 0.1 |
Total financial liabilities | 304.5 | 18.4 | 268.5 | 146.9 | 738.3 | 681.5 |
2023 | 2022 | |||||
UK | US | Germany | UK | US | Germany | |
Life expectancy of pension plan members | years | years | years | years | years | years |
Age to which current pensioners are expected to live: | ||||||
– Men | 86.8 | 85.6 | 85.8 | 87.2 | 85.0 | 85.6 |
– Women | 88.6 | 87.6 | 89.2 | 89.0 | 87.0 | 89.0 |
Age to which future pensioners are expected to live: | ||||||
– Men | 87.0 | 87.1 | 88.5 | 87.5 | 86.5 | 88.4 |
– Women | 90.0 | 89.0 | 91.4 | 90.5 | 88.4 | 91.3 |
2023 | 2022 | |||||
UK | US | Germany | UK | US | Germany | |
% p.a. | % p.a. | % p.a. | % p.a. | % p.a. | % p.a. | |
Discount rate | 4.55 | 4.70 | 3.30 | 4.80 | 4.90 | 3.70 |
Price inflation – using RPI for UK | 3.05 | 2.50 | 2.25 | 3.25 | 2.50 | 2.35 |
– using CPI for UK | 2.45 | n/a | n/a | 2.35 | n/a | n/a |
Rate of increase in pensionable salaries | n/a | n/a | 3.00 | n/a | n/a | 3.10 |
Rate of increase to pensions in payment | 2.85 | n/a | 2.25 | 3.00 | n/a | 2.35 |
Assumption | Change in assumption | UK 1 | US | Germany |
Discount rate | Increase/decrease by 0.1% | |||
– impact on plan liabilities | Decrease/increase by £3.7m | Decrease/increase | Decrease/increase | |
by £0.5m | by £0.6m | |||
– impact on plan assets | Decrease/increase by £3.7m | n/a | n/a | |
Price inflation | Increase/decrease by 0.1% | |||
– impact on plan liabilities | Increase/decrease by £2.6m | n/a | Increase/decrease | |
by £0.2m | ||||
– impact on plan assets | Increase/decrease by £2.6m | n/a | n/a | |
Mortality | Increase by one year | |||
– impact on plan liabilities | Increase by £15.1m | Increase by £2.0m | Increase by £1.3m | |
– impact on plan assets | Increase by £15.1m | n/a | n/a |
Other post- | |||||||
retirement & | |||||||
Defined benefit pension plans | long-term | ||||||
benefit | |||||||
UK | US | Germany | ROW | Total | plans | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Present value as at 1 January 2023 | 325.2 | 59.9 | 38.4 | 43.3 | 466.8 | 9.4 | 476.2 |
Exchange differences | – | (3.0) | (0.8) | (1.5) | (5.3) | 0.3 | (5.0) |
Current service cost | – | – | 0.6 | 3.0 | 3.6 | 0.5 | 4.1 |
Interest cost | 15.1 | 2.7 | 1.2 | 1.7 | 20.7 | 0.6 | 21.3 |
Gains arising over the year that are | |||||||
recognised in P&L | – | – | – | – | – | – | – |
Remeasurement of liabilities: | |||||||
– demographic changes | (5.5) | – | – | 0.1 | (5.4) | – | (5.4) |
– financial assumptions | 5.9 | 0.9 | 3.0 | (0.4) | 9.4 | (0.1) | 9.3 |
– experience losses/(gains) | 8.8 | 0.4 | 0.5 | 0.5 | 10.2 | (0.1) | 10.1 |
Benefits paid | (21.1) | (4.5) | (1.6) | (3.6) | (30.8) | (0.7) | (31.5) |
Present value as at 31 December 2023 | 328.4 | 56.4 | 41.3 | 43.1 | 469.2 | 9.9 | 479.1 |
Other post- | |||||||
retirement & | |||||||
Defined benefit pension plans | long-term | ||||||
benefit | |||||||
UK | US | Germany | ROW | Total | plans | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Present value as at 1 January 2022 | 464.3 | 70.2 | 53.3 | 48.3 | 636.1 | 7.0 | 643.1 |
Reclassification to other post-retirement | |||||||
& long-term benefit plans | – | – | – | (2.0) | (2.0) | 2.0 | – |
Exchange differences | – | 7.9 | 2.2 | 1.7 | 11.8 | 0.7 | 12.5 |
Current service cost | – | – | 1.0 | 3.0 | 4.0 | 0.8 | 4.8 |
Interest cost | 9.0 | 1.8 | 0.7 | 0.7 | 12.2 | 0.3 | 12.5 |
Gains arising over the year that are | |||||||
recognised in P&L | – | – | – | – | – | (0.4) | (0.4) |
Remeasurement of liabilities: | |||||||
– demographic changes | (6.1) | – | – | (0.1) | (6.2) | – | (6.2) |
– financial assumptions | (148.5) | (15.0) | (18.3) | (6.8) | (188.6) | (0.5) | (189.1) |
– experience losses/(gains) | 28.9 | (0.5) | 1.1 | 0.8 | 30.3 | 0.3 | 30.6 |
Benefits paid | (22.4) | (4.5) | (1.6) | (2.3) | (30.8) | (0.8) | (31.6) |
Present value as at 31 December 2022 | 325.2 | 59.9 | 38.4 | 43.3 | 466.8 | 9.4 | 476.2 |
2023 | 2022 | |||||||
UK | US | ROW | Total | UK | US | ROW | Total | |
£m | £m | £m | £m | £m | £m | £m | £m | |
As at 1 January | 348.6 | 37.4 | 34.1 | 420.1 | 486.4 | 48.3 | 31.4 | 566.1 |
Exchange differences | – | (2.0) | (1.5) | (3.5) | – | 5.5 | 1.2 | 6.7 |
Interest income | 16.1 | 1.7 | 1.2 | 19.0 | 9.5 | 1.2 | 0.4 | 11.1 |
Return on plan assets | 16.6 | 5.2 | 0.6 | 22.4 | (124.4) | (13.4) | 0.5 | (137.3) |
Contributions from employer | – | – | 3.8 | 3.8 | – | – | 2.7 | 2.7 |
Administration expenses paid | (0.6) | (0.5) | – | (1.1) | (0.6) | (0.6) | – | (1.2) |
Benefits paid | (20.9) | (3.6) | (3.4) | (27.9) | (22.3) | (3.6) | (2.1) | (28.0) |
As at 31 December | 359.8 | 38.2 | 34.8 | 432.8 | 348.6 | 37.4 | 34.1 | 420.1 |
2023 | 2022 | |
total | total | |
£m | £m | |
Remeasurement of liabilities/assets: | ||
– demographic changes | 5.4 | 6.2 |
– financial assumptions | (9.3) | 189.1 |
– experience losses | (10.1) | (30.6) |
Return on plan assets | 22.4 | (137.3) |
Total movement | 8.4 | 27.4 |
Other post- | |||||||
retirement & | |||||||
Defined benefit pension plans | long-term | ||||||
benefit | 2023 | ||||||
UK | US | Germany | ROW | Total | plans | total | |
£m | £m | £m | £m | £m | £m | £m | |
Equities | 18.5 | 3.9 | – | 2.8 | 25.2 | – | 25.2 |
Bonds | – | 32.8 | – | 2.2 | 35.0 | – | 35.0 |
Annuity insurance contracts | 321.3 | – | – | 27.8 | 349.1 | – | 349.1 |
Other assets | 20.0 | 1.5 | – | 2.0 | 23.5 | – | 23.5 |
Fair value of plan assets | 359.8 | 38.2 | – | 34.8 | 432.8 | – | 432.8 |
Present value of funded obligations | (327.3) | (49.1) | – | (39.9) | (416.3) | – | (416.3) |
32.5 | (10.9) | – | (5.1) | 16.5 | – | 16.5 | |
Present value of unfunded obligations | (1.1) | (7.3) | (41.3) | (3.2) | (52.9) | (9.9) | (62.8) |
Total net surpluses/(liabilities) | 31.4 | (18.2) | (41.3) | (8.3) | (36.4) | (9.9) | (46.3) |
Recognised in the Group Balance Sheet as: | |||||||
Net surpluses | 32.5 | – | – | 2.1 | 34.6 | – | 34.6 |
Net liabilities | (1.1) | (18.2) | (41.3) | (10.4) | (71.0) | (9.9) | (80.9) |
Total net surpluses/(liabilities) | 31.4 | (18.2) | (41.3) | (8.3) | (36.4) | (9.9) | (46.3) |
Other post- | |||||||
retirement & | |||||||
Defined benefit pension plans | long-term | ||||||
benefit | 2022 | ||||||
UK | US | Germany | ROW | Total | plans | total | |
£m | £m | £m | £m | £m | £m | £m | |
Equities | 12.1 | 0.5 | – | 2.3 | 14.9 | – | 14.9 |
Bonds | – | 35.6 | – | 3.0 | 38.6 | – | 38.6 |
Annuity insurance contracts | 318.1 | – | – | 24.7 | 342.8 | – | 342.8 |
Other assets | 18.4 | 1.3 | – | 4.1 | 23.8 | – | 23.8 |
Fair value of plan assets | 348.6 | 37.4 | – | 34.1 | 420.1 | – | 420.1 |
Present value of funded obligations | (324.1) | (51.7) | – | (40.2) | (416.0) | – | (416.0) |
24.5 | (14.3) | – | (6.1) | 4.1 | – | 4.1 | |
Present value of unfunded obligations | (1.1) | (8.2) | (38.4) | (3.1) | (50.8) | (9.4) | (60.2) |
Total net surpluses/(liabilities) | 23.4 | (22.5) | (38.4) | (9.2) | (46.7) | (9.4) | (56.1) |
Recognised in the Group Balance Sheet as: | |||||||
Net surpluses | 24.5 | – | – | 1.7 | 26.2 | – | 26.2 |
Net liabilities | (1.1) | (22.5) | (38.4) | (10.9) | (72.9) | (9.4) | (82.3) |
Total net surpluses/(liabilities) | 23.4 | (22.5) | (38.4) | (9.2) | (46.7) | (9.4) | (56.1) |
2023 | 2022 | |||||
Other post- | Other post- | |||||
Defined | retirement & | Defined | retirement & | |||
benefit | long-term | benefit | long-term | |||
pension | benefit | pension | benefit | |||
plans | plans | Total | plans | plans | Total | |
£m | £m | £m | £m | £m | £m | |
Current service cost | 3.6 | 0.5 | 4.1 | 4.0 | 0.8 | 4.8 |
Gains arising over the year that are recognised in P&L | – | – | – | – | (0.4) | (0.4) |
Administration expenses | 1.1 | – | 1.1 | 1.2 | – | 1.2 |
Net interest cost | 1.7 | 0.6 | 2.3 | 1.1 | 0.3 | 1.4 |
Total net charge | 6.4 | 1.1 | 7.5 | 6.3 | 0.7 | 7.0 |
2023 | 2022 | ||
£m | £m | ||
In arriving at trading profit | – within other manufacturing costs | 1.3 | 1.7 |
– within administration, selling and distribution costs | 3.9 | 3.9 | |
In arriving at profit before tax | – within net finance costs | 2.3 | 1.4 |
Total net charge | 7.5 | 7.0 |
2023 | 2022 | |
£m | £m | |
Long-Term Incentive Plan | 2.2 | 0.9 |
Other plans | 5.1 | 4.2 |
Total expense | 7.3 | 5.1 |
Number of outstanding awards | ||||||
As at | Forfeited/ | As at | ||||
1 Jan 2023 | Granted | Exercised | lapsed | Expired | 31 Dec 2023 | |
LTIP | 2,145,335 | 1,097,274 | (283,402) | (777,326) | nil | 2,181,881 |
Weighted average exercise price | nil | nil | nil | nil | nil | nil |
Other plans | 1,722,689 | 1,486,666 | (439,041) | (203,365) | nil | 2,566,949 |
Weighted average exercise price | nil | nil | nil | nil | nil | nil |
Number of outstanding awards | ||||||
As at | Forfeited/ | As at | ||||
1 Jan 2022 | Granted | Exercised | lapsed | Expired | 31 Dec 2022 | |
LTIP | 1,939,964 | 981,558 | nil | (776,187) | nil | 2,145,335 |
Weighted average exercise price | nil | nil | nil | nil | nil | nil |
Other plans | 549,033 | 1,513,457 | (228,175) | (111,626) | nil | 1,722,689 |
Weighted average exercise price | nil | nil | nil | nil | nil | nil |
2023 | 2022 | |||||
Weighted | Weighted | |||||
average | average | |||||
Awards | outstanding | Awards | outstanding | |||
exercisable | contractual | Range of | exercisable | contractual | Range of | |
as at | life of | exercise | as at | life of | exercise | |
31 Dec 2023 | awards | prices | 31 Dec 2022 | awards | prices | |
no. | years | pence | no. | years | pence | |
LTIP | – | 8.4 | – | 8.3 | ||
Weighted average exercise price | – | n/a | – | n/a | ||
Other plans | – | 0.6 | – | 0.9 | ||
Weighted average exercise price | – | n/a | – | n/a |
2023 | |||
LTIP ROIC/ | LTIP TSR | ||
ESG element | element | Other plans | |
Fair value of options granted | 386p | 238p | 386p |
Share price on date of grant | 386p | 386p | 386p |
Expected volatility | n/a | 34.6% | n/a |
Risk-free interest rate | n/a | 3.3% | n/a |
Exercise price (per share) | nil | nil | nil |
Expected term (years) | 3 | 3 | 2 |
Expected dividend yield | nil | nil | nil |
2022 | |||
LTIP ROIC/ | LTIP TSR | ||
ESG element | element | Other plans | |
Fair value of options granted | 385p | 217p | 385p |
Share price on date of grant | 385p | 385p | 385p |
Expected volatility | n/a | 39.3% | n/a |
Risk-free interest rate | n/a | 1.28% | n/a |
Exercise price (per share) | nil | nil | nil |
Expected term (years) | 3 | 3 | 2 |
Expected dividend yield | nil | nil | nil |
2023 | 2022 | |
£m | £m | |
Non-current | ||
Accruals and other payables | 9.1 | 13.8 |
Total non-current other payables | 9.1 | 13.8 |
Current | ||
Trade payables | 236.4 | 239.5 |
Other taxes and social security | 36.5 | 38.1 |
Accruals and other payables | 104.9 | 100.8 |
Total current trade and other payables | 377.8 | 378.4 |
2023 | 2022 | |
£m | £m | |
Not later than one year | 0.6 | 0.5 |
Later than one year and not later than five years | – | 0.2 |
Later than five years | – | – |
Total operating lease commitments | 0.6 | 0.7 |
Disposal, | ||||
closure and | ||||
environmental | Restructuring | |||
costs | charges | Other | Total | |
£m | £m | £m | £m | |
As at 31 December 2021 and 1 January 2022 | 41.7 | 5.0 | 4.0 | 50.7 |
Exchange adjustments | 5.0 | 0.6 | 0.3 | 5.9 |
Charge to Group Income Statement – trading profit | 16.7 | – | 11.4 | 28.1 |
Adjustment to discount | 1.1 | – | – | 1.1 |
Cash spend | (6.8) | (1.5) | (10.3) | (18.6) |
Transferred to other balance sheet accounts | – | (0.5) | – | (0.5) |
As at 31 December 2022 and 1 January 2023 | 57.7 | 3.6 | 5.4 | 66.7 |
Exchange adjustments | (2.6) | (0.1) | (0.1) | (2.8) |
Charge to Group Income Statement – trading profit | 1.5 | (0.3) | 7.3 | 8.5 |
Adjustment to discount | 2.3 | – | – | 2.3 |
Cash spend | (7.0) | (0.8) | (8.3) | (16.1) |
As at 31 December 2023 | 51.9 | 2.4 | 4.3 | 58.6 |
Company |
Company |
||||
legal name |
Registered office address |
Jurisdiction |
legal name |
Registered office address |
Jurisdiction |
Advent Process |
333 Prince Charles Drive, |
Canada |
Foseco Holding |
165 Fleet Street, London, |
England |
Engineering Inc. |
Welland, Ontario, |
(Ontario) |
Limited |
EC4A 2AE, England |
|
L3B 5P4, Canada |
Foseco Industrial e |
Km 15, Rodovia Raposo |
Brazil |
||
BMI Refractory |
600 N 2nd Street, Suite 401, |
US |
Comercial Ltda |
Tavares, Butanta Cep, |
|
Services Inc. |
Harrisburg, PA 17101-1071, |
(Pennsylvania) |
São Paulo, 05577-100, Brazil |
||
United States |
Foseco |
170/69, 22nd Floor Ocean |
Thailand |
||
Brazil 1 Limited |
165 Fleet Street, London, |
England |
International |
Tower 1, Ratchadapisek Road, |
|
EC4A 2AE, England |
Holding |
Klongtoey, Bangkok, |
|||
CCPI Inc. |
Suite 201, 910 Foulk Road, |
US |
(Thailand) Limited |
10110, Thailand |
|
Wilmington, New Castle, |
(Delaware) |
Foseco |
1 Midland Way, Central Park, |
England |
|
DE 19803, United States |
International |
Barlborough Links, Derbyshire, |
|||
Cookson |
Km 7 1/2, Autopista San Isidro, |
Dominican |
Limited |
S43 4XA, England |
|
Dominicana, |
Edificio Modelo A, Zona Franca |
Republic |
Foseco Japan |
9th Floor, Orix Kobe Sannomiya |
Japan |
SRL |
San Isidro, Santo Domingo |
Limited |
Building, 6-1-10, Goko dori, Chuo- |
||
Oeste, Dominican Republic |
ku, Kobe Hyogo, 651-0087, Japan |
||||
East Moon |
Unit 01, 86/F International |
Hong Kong |
Foseco Korea |
74 Jeongju-ro, Bucheon-si, |
South Korea |
Investment |
Commerce Centre, |
Limited |
Gyeonggi-do, 14523, South Korea |
||
(HK Holding) |
1 Austin Road West, |
Foseco |
165 Fleet Street, London, |
England |
|
Company Limited |
Kowloon, Hong Kong |
Limited |
EC4A 2AE, England |
||
Flo-Con |
CT Corporation, 1209 Orange |
US |
Foseco |
CT Corporation, 1209 Orange |
US |
Holding, Inc. |
Street, The Corporation Trust |
(Delaware) |
Metallurgical Inc. |
Street, The Corporation Trust |
(Delaware) |
Company, Wilmington, |
Company, Wilmington, |
||||
DE 19801, United States |
DE 19801, United States |
||||
Foseco (FS) |
1 Midland Way, Central Park, |
England |
Foseco |
Binnenhavenstraat 20, 7553 GJ |
Netherlands |
Limited |
Barlborough Links, Derbyshire, |
Nederland BV |
Hengelo (OV), Netherlands |
||
S43 4XA, England |
|||||
Foseco Overseas |
165 Fleet Street, London, |
England |
|||
Foseco (Jersey) |
44 Esplanade, St Helier, |
Jersey |
Limited |
EC4A 2AE, England |
|
Limited |
JE4 9WG, Jersey |
||||
Foseco Portugal |
Rua Manuel Pinto de Azevedo, |
Portugal |
|||
Foseco (UK) |
165 Fleet Street, London, |
England |
Produtos Para |
No 626 4100-320 Porto, |
|
Limited |
EC4A 2AE, England |
Fundiçâo Lda |
Portugal |
||
Foseco Canada |
181 Bay Street, Suite 1800, |
Canada |
Foseco S.A.S. |
Le Newton C, 7 Mail Barthélémy |
France |
Limited |
Toronto, Ontario, M5J 2T9, Canada (Ontario) |
Thimonnier, 77185 Lognes, France |
|||
Foseco Espanola |
5, Barrio Elizalde, Izurza, |
Spain |
Foseco Steel |
1 Midland Way, Central Park, |
England |
S.A. |
Bizkaia, 48213, Spain |
(UK) Limited |
Barlborough Links, Derbyshire, |
||
Foseco Foundry |
Room 819, Shekou Zhaoshang |
China |
S43 4XA, England |
||
(China) |
Building, Nanshan District, |
Foseco |
165 Fleet Street, London, |
England |
|
Co. Limited |
Shenzhen, Guangdong, |
Technology |
EC4A 2AE, England |
||
518067, China |
Limited |
||||
Foseco |
5, Barrio Elizalde, |
Spain |
J.H. France |
CT Corporation, 1209 Orange |
US |
Fundición Holding |
Izurza, Bizkaia, |
Refractories |
Street, The Corporation Trust |
(Delaware) |
|
(Espanola), S.L. |
48213, Spain |
Company |
Company, Wilmington, |
||
Foseco Holding |
165 Fleet Street, London, |
England |
DE 19801, United States |
||
(Europe) Limited |
EC4A 2AE, England |
John G. Stein & |
1 Midland Way, Central Park, |
England |
|
Foseco Holding |
12 Bosworth Street, |
South Africa |
Company Limited |
Barlborough Links, Derbyshire, |
|
(South Africa) |
Alrode, Alberton, 1449, |
S43 4XA, England |
|||
(Pty) Limited |
South Africa |
Mainsail |
Victoria Place, 5th Floor, |
Bermuda |
|
Foseco |
Rivium Boulevard 301, |
Netherlands |
Insurance |
31 Victoria Street, Pembroke, |
|
Holding BV |
Capelle aan den Ijssel, Rotterdam |
Company Limited |
Hamilton, HM 10, Bermuda |
||
2909LK, Netherlands |
Mascinco |
Avenida Brasil, 49550 – parte, |
Brazil |
||
Foseco Holding |
165 Fleet Street, London, |
England |
Empreendimentos |
Distrito Industrial de Palmares – |
|
International |
EC4A 2AE, England |
e Participações |
Campo, Grande – Cep: 23065-480, |
||
Limited |
Ltda |
Rio de Janeiro, RJ, Brazil |
Company | Company | ||||
legal name | Registered office address | Jurisdiction | legal name | Registered office address | Jurisdiction |
Mercajoya, S.A. | Capitán Haya, 56 – 1ºH, | Spain | Vesuvius China | 86/F International Commerce | Hong Kong |
28020 Madrid, Spain | Holdings | Centre, 1 Austin Road West, | |||
Co. Limited | Kowloon, Hong Kong | ||||
Metal Way | Estrada Santa Isabel, 7655 KM37, | Brazil | |||
Equipamentos | Bairro Do Una, Itaquaquecetuba, | Vesuvius | 165 Fleet Street, London, | England | |
Metalurgicos Ltda | São Paulo – SP, CEP: 08580 000, Brazil | China Limited | EC4A 2AE, England | ||
New Foseco | 1 Midland Way, Central Park, | England | Vesuvius Colombia Calle 26 No. 102-20 Floor 3, | Colombia | |
(UK) Limited | Barlborough Links, Derbyshire, | S.A.S. | Bogota, Colombia | ||
S43 4XA, England | Vesuvius | Via Nassa 17, Lugano, | Switzerland | ||
Process Metrix, | 6622 Owens Drive, Pleasanton, | US | Corporation S.A. | CH 6900, Switzerland | |
LLC | CA 94588, United States | (California) | Vesuvius | ul. Jasnogórska 11, | Poland |
PT Foseco | Jl Rawa Gelam 2/5, Kawasan | Indonesia | CSD Sp z.o.o. | Kraków, 31-358, Poland | |
Indonesia | Industri, Pulogadung, Jakarta, | Vesuvius | Warehouse No: 1J-09/3, | United Arab | |
13930, Indonesia | Emirates FZE | P O Box 49261, | Emirates | ||
PT Foseco | Jl Rawa Gelam 2/5, Kawasan | Indonesia | Hamriyah Free Zone, Sharjah, | ||
Trading Indonesia | Industri, Pulogadung, Jakarta, | United Arab Emirates | |||
13930, Indonesia | Vesuvius | Gelsenkirchener Strasse 10, | Germany | ||
Realisations 789, | CT Corporation, | US | Europe GmbH | Borken, D-46325, Germany | |
LLC | 1209 Orange Street, | (Delaware) | Vesuvius | 17 Rue de Douvrain, Ghlin, | Belgium |
The Corporation Trust Company, | Europe S.A. | 7011, Belgium | |||
Wilmington, DE 19801, United States | |||||
Vesuvius | 3, Avenue De L’europe, | France | |||
S G Blair & | 1 Midland Way, Central Park, | England | Europe S.A.S. | Parc Les Pivolles, | |
Company Limited | Barlborough Links, Derbyshire, | 69150 Décines-Charpieu, France | |||
S43 4XA, England | |||||
Vesuvius Financial | 165 Fleet Street, London, | England | |||
SIDERMES Inc. | 175 montée Calixa-Lavallée, | Canada | 1 Limited | EC4A 2AE, England | |
Vesuvius Sensors | Verchêres, Québec J0L2R0, | ||||
and Probes | Canada | Vesuvius | Pajamäentie 8D7, | Finland | |
Finland OY | 00360 Helsinki, Finland | ||||
SIR | Siegener Strasse 152, | Germany | |||
Feuerfestprodukte | Kreuztal, D-57223, | Vesuvius Foundry | 12 Wei Wen Road, | China | |
GmbH | Germany | Products (Suzhou) | China-Singapore Suzhou Ind Park, | ||
Co. Limited | Suzhou, Jiangsu Province, | ||||
SOLED S.A.S. | Centre d’Activités Economiques | France | 215122, China | ||
Vesuvius Sensors | Zone Industrielle de Franchepré | ||||
and Probes France | 54240 Joeuf, France | Vesuvius Foundry | 2 Changchun Road, | China | |
Technologies | Economic Development Area, | ||||
Veservice | Av Brasil, 49550, Distrito Industrial | Brazil | (Jiangsu) Co. | Changshu, Jiangsu, | |
Ltda | de Palmares, Campo Grande, | Limited | 215537, China | ||
Rio de Janeiro, 23065-480, Brazil | |||||
Vesuvius | Rue Paul Deudon 68, Boite Postale 19, | France | |||
Vesuvius | 170/69, 22nd Floor Ocean Tower 1, | Thailand | France S.A. | Feignies 59750, France | |
(Thailand) | Ratchadapisek Road, Klongtoey, | ||||
Co., Limited | Bangkok, 10110, Thailand | Vesuvius | Gelsenkirchener Strasse 10, | Germany | |
GmbH | Borken, D-46325, Germany | ||||
Vesuvius | Street Urquiza, 919, Floor 2, Rosario, | Argentina | |||
(V.E.A.R.) S.A. | Provincia de Santa Fé, Argentina | Vesuvius | 165 Fleet Street, London, | England | |
Group Limited | EC4A 2AE, England | ||||
Vesuvius Advanced Xiaotaizi Village, Ningyuan | China | ||||
Ceramics (Anshan) Town, Qianshan District, Anshan, | Vesuvius | 17 Rue de Douvrain, Ghlin, | Belgium | ||
Co., Limited | Liaoning Province, 114011, China | Group S.A. | 7011, Belgium | ||
Vesuvius | 221 Xing Ming Street, | China | Vesuvius Holding | Gelsenkirchener Strasse 10, | Germany |
Advanced | China-Singapore Suzhou Ind Park, | Deutschland | Borken, D-46325, | ||
Ceramics (China) | Suzhou, Jiangsu Province, | GmbH | Germany | ||
Co., Limited | 215021, China | Vesuvius Holding | 68 Rue Paul Deudon, Boite Postale 19, | France | |
Vesuvius | 1209 Orange Street, Wilmington, | US | France S.A.S. | Feignies 59750, France | |
America, Inc. | DE 19801, United States | (Delaware) | Vesuvius Holding | Via Mantova 10, | Italy |
Vesuvius Australia | 40-46 Gloucester Boulevarde, | Australia | Italia – Società a | 20835 Muggio | |
(Holding) Pty | Port Kembla, NSW, 2505, | Responsabilità | MB, Italy | ||
Limited | Australia | Limitata | |||
Vesuvius Australia | 40-46 Gloucester Boulevarde, | Australia | Vesuvius | 165 Fleet Street, London | England |
Pty Limited | Port Kembla, NSW, 2505, Australia | Holdings Limited | EC4A 2AE, England | ||
Vesuvius | Zandvoordestraat 366, Oostende, | Belgium | Vesuvius Ibérica | Capitán Haya, 56 – 1ºH, | Spain |
Belgium N.V. | B-8400, Belgium | Refractarios S.A. | 28020 Madrid, Spain | ||
Vesuvius | 181 Bay Street, Suite 1800, | Canada | Vesuvius | CT Corporation, 1209 Orange Street, | US |
Canada Inc | Toronto, Ontario, M5J 2T9, Canada | International | The Corporation Trust Company, | (Delaware) | |
Corporation | Wilmington, DE 19801, United States | ||||
Vesuvius Ceramics | 165 Fleet Street, London, | England | |||
Limited | EC4A 2AE, England | Vesuvius | 165 Fleet Street, | England | |
Investments | London, EC4A 2AE, | ||||
Limited | England |
Company | Company | ||||
legal name | Registered office address | Jurisdiction | legal name | Registered office address | Jurisdiction |
Vesuvius Istanbul | Gebze OSB2 Mh. 1700., | Turkey | Vesuvius Poland | Ul Tyniecka 12, Skawina, | Poland |
Refrakter Sanayi | Sok No:1704/1, Cayirova, | Sp z.o.o. | 32-050, Poland | ||
ve Ticaret AS | Kocaeli, 41420, Turkey | Vesuvius Process | 3, Avenue de l’Europe, | France | |
Vesuvius IT and | 10th Floor, Unit No. 2, Fountainhead- | India | Metrix S.A.S. | Parc Les Pivolles, | |
Shared Services | Tower 3, B Wing, Phoenix Market City, | 69150 Décines-Charpieu, France | |||
Private Limited | Viman nagar, Pune, Pune- 411014, | Vesuvius Ras Al | Street No. F14, RAK Investment | United | |
Maharashtra, India | Khaimah FZ-LLC | Authority Free Zone, Al Hamra, | Arab | ||
Vesuvius Italia | Via Mantova 10, | Italy | Ras Al Khaimah, PO Box 86408, | Emirates | |
S.p.A. | 20835 Muggio MB, Italy | United Arab Emirates | |||
Vesuvius | 9th Floor, Orix Kobe Sannomiya | Japan | Vesuvius | Street San Martin 870, | Chile |
Japan Inc. | Building 6-1-10, Goko dori, | Refractarios de | Room 308, Tower B, | ||
Chou-ku,Kobe Hyogo, 651-0087, Japan | Chile S.A. | Concepcion, Chile | |||
Vesuvius K.S.R. | 1 Midland Way, Central Park, | England | Vesuvius | Galati, Marea Unire avenue 107, | Romania |
Limited | Barlborough Links, Derbyshire | Refractories S.r.l. | Galati county, 800329, Romania | ||
S43 4XA, England | Vesuvius | Room No. 9, 3rd Floor, 7 Ganesh | India | ||
Vesuvius Life Plan | 165 Fleet Street, London, | England | Refractory India | Chandra Avenue, Kolkata, | |
Trustee Limited | EC4A 2AE, England | Private Limited | WB 700013, India | ||
Vesuvius LLC | 502, 5th floor, 1 Myasicsheva str., | Russia | Vesuvius | Avenida Brasil 49550, Distrito Industrial | Brazil |
Zhukovsky, Moscow region, | Refratários | de Palmares, Campo Grande, Rio de | |||
140180, Russian Federation | Ltda | Janeiro, 23065-480, Brazil | |||
Vesuvius | Unit 30-01, Level 30 Tower A, | Malaysia | Vesuvius | 4, Forradsgatan, Amal, S-662 34, | Sweden |
Malaysia | Vertical Business Suite Avenue 3, | Scandinavia AB | Sweden | ||
Sdn Bhd | Bangsar South, No 8 Jalan Kerinchi, | Vesuvius Sensors | 10 Via Mantova, Muggio, | Italy | |
Kuala Lumpur Wilayah Persekutuan, | & Probes Europe | Monza e Brianza, | |||
59200, Malaysia | S.p.A. | 20835, Italy | |||
Vesuvius | 165 Fleet Street, London, | England | Vesuvius-SERT | 3, Avenue de l’Europe, | France |
Management | EC4A 2AE, England | S.A.S. | Parc Les Pivolles, | ||
Limited | 69150 Décines-Charpieu, France | ||||
Vesuvius | 165 Fleet Street, London, | England | Vesuvius Services | Calle Dean Valdivia 148, piso 11 – | Peru |
Management | EC4A 2AE, England | Peru S.A.C. | oficina 1134, Edificio Platinum Plaza – | ||
Services Limited | San Isidro, Lima, Peru | ||||
Vesuvius Mexico | Av. Ruiz Cortinez, Num. 140, Colonia | Mexico | Vesuvius Solar | 1/F, building 3, No. 12, Weiwen | China |
S.A. de C.V. | Jardines de San Rafael, Guadalupe, | Crucible (Suzhou) | Road China-Singapore Suzhou | ||
Nuevo León, CP 67119, Mexico | Co., Ltd | Ind Park, Suzhou, Jiangsu Province, | |||
Vesuvius | 56, rd 15, Apt 103, Maadi, | Egypt | 215122, China | ||
Mid-East Limited | Cairo, Egypt | Vesuvius South | Pebble Lane, Private Bag X2, | South | |
Vesuvius Moravia, | Konska c.p. 740, Trinec, | Czech | Africa (Pty) Limited Olifantsfontein, Gauteng | Africa | |
s.r.o. | 739 61, Czech Republic | Republic | Province, 1665, South Africa | ||
Vesuvius Mulheim | Gelsenkirchener Strasse 10, | Germany | Vesuvius | ul. Jasnogórska 11, Kraków, | Poland |
GmbH | Borken, D-46325, Germany | Sp z.o.o. | 31-358, Poland | ||
Vesuvius NC, LLC | Corporation Trust Center, | US | Vesuvius SSC | ul. Jasnogórska 11, Kraków, | Poland |
1209 Orange Street, Wilmington, | (Delaware) | Sp z.o.o. | 31-358, Poland | ||
New Castle County, DE 19801, | Vesuvius UK | 1 Midland Way, Central Park, | England | ||
United States | Limited | Barlborough Links, Derbyshire, | |||
Vesuvius New | Bell Gully, Level 22, Vero Centre, | New | S43 4XA, England | ||
Zealand Limited | 48 Shortland Street, Auckland, | Zealand | Vesuvius Ukraine | 27, Udarnykiv Street, City of | Ukraine |
1010 New Zealand | LLC | Dnipropetrovsk, 49000, Ukraine | |||
Vesuvius Overseas | 165 Fleet Street, London, | England | Vesuvius USA | CT Corporation, 208 South LaSalle | US (Illinois) |
Investments | EC4A 2AE, England | Corporation | Street, Chicago, Cook County, | ||
Limited | IL 60604, United States | ||||
Vesuvius Overseas | 165 Fleet Street, London, | England | Vesuvius VA | 165 Fleet Street, London, | England |
Limited | EC4A 2AE, England | Limited | EC4A 2AE, England | ||
Vesuvius Penn | Corporation Trust Center, | US | Vesuvius Vietnam | 7th Floor, Peakview Tower Building, | Vietnam |
Corporation | 1209 Orange Street, Wilmington, | (Delaware) | Limited | No.36 Hoang Cau Street, O Cho Dua | |
DE 19801, United States | Ward, Don Da District, Hanoi City, | ||||
Vesuvius Pension | 165 Fleet Street, London, | England | Vietnam | ||
Plans Trustees | EC4A 2AE, England | Vesuvius Zyarock | 1/F, building 3, No. 12, Weiwen | China | |
Limited | Ceramics (Suzhou) | Road China-Singapore Suzhou | |||
Vesuvius Peru | Calle Dean Valdivia 148, piso 11 – | Peru | Co., Limited | Ind Park, Suzhou, Jiangsu Province, | |
S.A.C. | oficina 1134, Edificio Platinum Plaza – | 215122, China | |||
San Isidro, Lima, Peru |
Company | Company | ||||
legal name | Registered office address | Jurisdiction | legal name | Registered office address | Jurisdiction |
Vesuvius-Premier | 1 Midland Way, Central Park, | England | Yingkou Bayuquan Cui Tun Village, Hai Dong Office, | China | |
Refractories | Barlborough Links, | Refractories Co., | Bayuquan District, Liaoning Province, | ||
(Holdings) | Derbyshire, S43 4XA, | Limited | YingKou, 115007, China | ||
Limited | England | Yingkou YingWei | 50 Wanghai New District, Bayuquan | China | |
Wilkes-Lucas | 165 Fleet Street, London | England | Magnesium Co., | District, Yinkou City, Liaoning Province, | |
Limited | EC4A 2AE, England | Ltd | 115007, China |
2023 | 2022 | |
£m | £m | |
As at 1 January | 13.0 | 12.8 |
Share of post-tax profit of joint ventures and associates | 0.9 | 1.2 |
Dividends received from joint ventures and associates | (1.0) | (1.3) |
Foreign exchange | (1.6) | 0.3 |
As at 31 December | 11.3 | 13.0 |
2023 | 2022 | |
£m | £m | |
Revenue | 46.0 | 50.9 |
Trading profit | 2.3 | 3.2 |
Net finance costs | – | – |
Profit before tax | 2.3 | 3.2 |
Income tax expense | (0.6) | (0.8) |
Profit after tax | 1.7 | 2.4 |
Non-current assets | 6.8 | 7.3 |
Current assets | 22.0 | 22.6 |
Non-current liabilities | – | – |
Current liabilities | (7.1) | (6.1) |
Net assets | 21.7 | 23.8 |
2023 | 2022 | |
£m | £m | |
Revenue | 40.6 | 44.5 |
Depreciation | 0.7 | 1.0 |
Trading profit | 2.0 | 2.8 |
Net finance costs | – | – |
Profit before tax | 2.0 | 2.8 |
Income tax expense | (0.5) | (0.7) |
Profit after tax | 1.5 | 2.1 |
Non-current assets | 6.5 | 7.0 |
Current assets 1 | 14.3 | 14.5 |
Non-current liabilities | – | – |
Current liabilities | (5.9) | (5.0) |
Net assets | 14.9 | 16.5 |
2023 | 2022 | |||
Name of entity | Registered address | Jurisdiction | % ownership | % ownership |
Wuhan Wugang-Vesuvius | Gongnong Village Qingshan District, Wuhan, | China | 50 | 50 |
Advanced CCR Co., Limited | Hubei Province, 430082, China | |||
Wuhan Wugang-Vesuvius | Gongnong Village Qingshan District, Wuhan, | China | 50 | 50 |
Advanced Ceramics Co., | Hubei Province, 430082, China | |||
Limited |
2023 | 2022 | |||
Name of entity | Registered address | Jurisdiction | % ownership | % ownership |
Sapotech Oy | Paavo Havaksen tie 5 D, 90570 Oulu, Finland | Finland | 14.9 | 14.9 |
Newshelf 480 | 144 Oxford Road, Rosebank, Melrose, | South Africa | 45 | 45 |
Proprietary Limited | Johannesburg, 2196, South Africa |
2023 | 2022 | |||
Name of entity | Registered address | Jurisdiction | % ownership | % ownership |
Vesuvius India Limited | P-104 Taratala Road, Kolkata, 700 088, India | India | 55.57 | 55.57 |
Foseco India Limited | 922/923, Gat, Sanaswadi, Taluka, Shirur, | India | 74.98 | 74.98 |
Pune, 412208, India | ||||
Foseco Golden Gate | 6 Kung Yeh 2nd Road, Ping Tung Dist, | Taiwan | 51 | 51 |
Company Limited | Ping Tung, 90049, Taiwan | |||
Foseco (Thailand) Limited | 170/69, 22nd Floor Ocean Tower 1, Ratchadapisek | Thailand | 74 | 74 |
Road, Klongtoey, Bangkok, 10110, Thailand | ||||
Vesuvius Ceska | Prumyslová 726, Konská, Trinec, 739 61, | Czech | 60 | 60 |
Republika, a.s. | Czech Republic | Republic |
2023 | 2022 | |
£m | £m | |
Summarised balance sheet | ||
Current assets | 106.6 | 105.2 |
Current liabilities | (32.0) | (28.8) |
Current net assets | 74.6 | 76.4 |
Non-current assets | 42.3 | 26.1 |
Non-current liabilities | (3.9) | (2.6) |
Non-current net assets | 38.4 | 23.5 |
Net assets | 113.0 | 99.9 |
Accumulated non-controlling interests | (50.5) | (44.7) |
Summarised statement of comprehensive income | ||
Revenue | 155.0 | 137.7 |
Profit after tax | 21.0 | 12.1 |
Profit allocated to non-controlling interests | 9.3 | 5.4 |
Dividends paid to non-controlling interests | (0.7) | (0.7) |
Summarised cash flows | ||
Cash flows from operating activities | 10.9 | 13.8 |
Cash flows from investing activities | (20.8) | (11.6) |
Cash flows from financing activities | (0.1) | (0.7) |
Net (decrease)/increase in cash and cash equivalents | (10.0) | 1.5 |
2023 |
2022 |
|
£m |
£m |
|
Sales to joint ventures |
4.3 |
5.3 |
Purchases from joint ventures |
30.1 |
32.3 |
Purchases from associates |
– |
– |
Dividends received |
1.0 |
1.3 |
Trade payables owed to joint ventures |
10.3 |
6.7 |
Trade receivables due from joint ventures |
1.0 |
0.7 |
2023 | 2022 | ||
Note | £m | £m | |
Cash generated from operations | 11 | 272.0 | 268.3 |
Add: Outflows relating to restructuring charges | 0.8 | 1.5 | |
Less: Capital expenditure | (92.6) | (89.2) | |
Add: Vacant site remediation costs | 1.0 | 1.8 | |
Add: Proceeds from the sale of property, plant and equipment | 5.4 | 3.1 | |
Adjusted operating cash flow | 186.6 | 185.5 | |
Trading profit | 200.4 | 227.2 | |
Cash conversion | 93% | 82% |
2023 | 2022 | |
£m | £m | |
Average trade working capital | 451.8 | 487.3 |
Total revenue | 1,929.8 | 2,047.4 |
Average trade working capital to sales ratio | 23.4% | 23.8% |
2023 | 2022 | ||
Note | £m | £m | |
Total interest payable on borrowings | 8 | 23.5 | 18.3 |
Finance income | 8 | (15.3) | (8.8) |
Net interest payable on borrowings | 8.2 | 9.5 |
2023 | 2022 | ||
Note | £m | £m | |
Adjusted EBITDA | 4 | 258.2 | 282.7 |
Net interest payable on borrowings | 8.2 | 9.5 | |
Interest cover | 31.5x | 29.8x |
2023 | 2022 | ||
Note | £m | £m | |
Net debt | 13 | 237.5 | 255.0 |
Adjusted EBITDA | 4 | 258.2 | 282.7 |
Net debt to adjusted EBITDA | 0.9x | 0.9x |
2023 | 2022 | |
£m | £m | |
Average invested capital | 1,558.5 | 1,503.6 |
Trading profit (Note 35.4) | 200.4 | 227.2 |
Amortisation of acquired intangible assets | (10.3) | (10.4) |
Share of post-tax profit from joint ventures and associates | 0.9 | 1.2 |
Tax on trading profit and amortisation of acquired intangible assets | (52.3) | (57.5) |
138.7 | 160.5 | |
ROIC | 8.9% | 10.7% |
2023 | 2022 | |
£m | £m | |
Cash | 164.2 | 184.2 |
Undrawn committed debt facilities | 333.4 | 322.5 |
Cash used as collateral on loans | (10.0) | (13.0) |
Gross up of cash in notional pools | – | (0.1) |
Liquidity | 487.6 | 493.6 |