2023 | 2022 | ||
Note | $m | $m | |
Revenue | 2 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Distribution costs | ( | ( | |
Administrative expenses | ( | ( | |
Operating profit/(loss) | 2 | ( | |
Other expenses 1 | 25 | ( | ( |
Finance income | 3 | ||
Finance costs | 4 | ( | ( |
Profit/(loss) before income tax | ( | ||
Tax | 6 | ( | ( |
Profit/(loss) from continuing operations | 7 | ( | |
(Loss)/profit from discontinued operations | 32 | ( | |
Profit/(loss) for the year | ( | ||
Attributable to: | |||
Equity holders of the parent | ( | ||
Earnings per share | |||
From continuing operations | |||
Basic earnings/(loss) (cents) | 9 | ( | |
Diluted earnings/(loss) (cents) | 9 | ( | |
From continuing and discontinued operations | |||
Basic earnings/(loss) (cents) | 9 | ( | |
Diluted earnings/(loss) (cents) | 9 | ( |
2023 | 2022 | ||
Note | $m | $m | |
Profit/(loss) for the year | ( | ||
Other comprehensive income: | |||
Items that will not be reclassified subsequently to profit and loss: | |||
Remeasurement of retirement benefit obligations | 25 | ( | |
Deferred tax associated with retirement benefit obligations | ( | ||
Items relating to discontinued operations, net of tax | 25 | ||
Items that may be reclassified subsequently to profit and loss: | |||
Exchange differences on translation of foreign operations | 22 | ( | ( |
Effective portion of change in fair value of net investment hedge | 22 | ||
Tax associated with change in fair value of net investment hedge | ( | ( | |
Tax associated with changes in cash flow hedges | ( | ||
Recycling of deferred foreign exchange losses on disposal | |||
Effective portion of changes in fair value of cash flow hedges | 22 | ( | |
Fair value of cash flow hedges transferred to income statement | 22 | ( | |
Exchange differences on translation of share options reserves | ( | ||
Other comprehensive income/(loss) | ( | ||
Total comprehensive income/(loss) for the year | ( | ||
Attributable to: | |||
Equity holders of the parent | ( |
2023 | 2022 | ||
31 December | 31 December | ||
Note | $m | $m | |
Non-current assets | |||
Goodwill and other intangible assets | 10 | ||
Property, plant and equipment | 11 | ||
Tax recoverable | 30 | ||
Financial assets | 21 | ||
Deferred tax assets | 16 | ||
Net retirement benefit surplus | 25 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 12 | ||
Trade and other receivables | 13 | ||
Financial assets | 21 | ||
Current tax assets | |||
Cash and cash equivalents | 20 | ||
Total current assets | |||
Assets classified as held for sale | 32 | ||
Total assets | |||
Current liabilities | |||
Bank overdrafts and loans | 19 | ( | |
Trade and other payables | 14 | ( | ( |
Financial liabilities | 21 | ( | |
Current tax liabilities | ( | ( | |
Lease liabilities | 24 | ( | ( |
Provisions | 15 | ( | ( |
Total current liabilities | ( | ( | |
Non-current liabilities | |||
Loans and borrowings | 21 | ( | ( |
Retirement benefit obligations | 25 | ( | ( |
Deferred tax liabilities | 16 | ( | ( |
Lease liabilities | 24 | ( | ( |
Provisions | 15 | ( | ( |
Financial liabilities | 21 | ( | ( |
Total non-current liabilities | ( | ( | |
Liabilities classified as held for sale | 32 | ( | |
Total liabilities | ( | ( | |
Net assets | |||
Equity | |||
Share capital | 17 | ||
Share premium | |||
Other reserves | 18 | ||
Retained earnings | |||
Total equity attributable to holders of the parent | |||
Total equity |
Share | Share | Translation | Hedging | Other | Retained | Total | |
capital | premium | reserve | reserve | reserves | earnings | equity | |
$m | $m | $m | $m | $m | $m | $m | |
Balance at 1 January 2022 | ( | ( | |||||
Comprehensive income: | |||||||
Loss for the year | ( | ( | |||||
Other comprehensive loss: | |||||||
Exchange differences (see Note 22) | ( | ( | ( | ||||
Fair value of cash flow hedges transferred to the income | |||||||
statement (see Note 22) | |||||||
Effective portion of changes in fair value of cash flow hedges | |||||||
(see Note 22) | ( | ( | |||||
Tax associated with changes in cash flow hedges | |||||||
Tax associated with change in fair value of net investment hedge | ( | ( | |||||
Remeasurements of retirement benefit obligations (see Note 25) | ( | ( | |||||
Deferred tax associated with retirement benefit obligations | |||||||
Transfer | ( | ( | |||||
Total other comprehensive (loss)/income | ( | ( | ( | ( | |||
Total comprehensive (loss)/income | ( | ( | ( | ( | |||
Transactions with owners: | |||||||
Issue of shares by the Company | |||||||
Deferred tax on share based payments recognised within equity | |||||||
Share based payments (see Note 26) | |||||||
Fair value of cash flow hedges transferred to net assets | |||||||
(see Note 22) | |||||||
Reserve reclassification | ( | ||||||
Total transactions with owners | ( | ||||||
Balance at 31 December 2022 | ( | ( | |||||
Comprehensive income: | |||||||
Profit for the year | |||||||
Other comprehensive income: | |||||||
Exchange differences (see Note 22) | |||||||
Fair value of cash flow hedges transferred to the income | |||||||
statement (see Note 22) | ( | ( | |||||
Effective portion of changes in fair value of cash flow hedges | |||||||
(see Note 22) | |||||||
Tax associated with changes in cash flow hedges | ( | ( | |||||
Tax associated with change in fair value of net investment hedge | ( | ( | |||||
Remeasurements of retirement benefit obligations (see Note 25) | |||||||
Deferred tax associated with retirement benefit obligations | ( | ( | |||||
Recycling of deferred foreign exchange losses on disposal | |||||||
Transfer | ( | ||||||
Total other comprehensive income/(loss) | ( | ||||||
Total comprehensive income/(loss) | ( | ||||||
Transactions with owners: | |||||||
Issue of shares by the Company | |||||||
Purchase of shares by Employee Share Options Trust (“ESOT”) | ( | ( | |||||
Deferred tax on share based payments recognised within equity | ( | ( | |||||
Share based payments (see Note 26) | |||||||
Fair value of cash flow hedges transferred to net assets | |||||||
(see Note 22) | |||||||
Total transactions with owners | ( | ||||||
Balance at 31 December 2023 | ( |
2023 | 2022 | ||
Note | $m | $m | |
Operating activities: | |||
Profit/(loss) from continuing operations | ( | ||
Adjustments for: | |||
Other expenses | |||
Finance income | ( | ( | |
Finance costs | |||
Tax charge | |||
Depreciation and amortisation | |||
Impairment loss on property, plant and equipment | 11 | ||
Increase/(decrease) in provisions and financial liabilities | ( | ||
Pension payments net of current service cost | 25 | ( | ( |
Share based payments expense | 26 | ||
Impairment of goodwill | 10 | ||
Operating cash flow before movement in working capital | |||
Decrease/(increase) in inventories | ( | ||
(Increase)/decrease in trade and other receivables | ( | ||
(Decrease)/increase in trade and other payables | ( | ||
Cash generated by operations | |||
Income taxes paid | ( | ( | |
Interest paid | 4 | ( | ( |
Net cash flow used in operating activities from discontinued operations | 32 | ( | |
Net cash flow from operating activities | |||
Investing activities: | |||
Interest received | |||
Disposal of property, plant and equipment | ( | ||
Purchase of property, plant and equipment | 11 | ( | ( |
Disposal of business | 32 | ||
Acquisition of intangible assets | 10 | ( | ( |
Net cash flow used in investing activities from discontinued operations | 32 | ( | ( |
Net cash flow used in investing activities | ( | ||
Financing activities: | |||
Issue of shares by the Company, net of repurchases of shares by ESOT | ( | ||
Net movement on existing debt | 28 | ( | ( |
Payment of interest on lease liabilities | 24 | ( | ( |
Payment of gross lease liabilities | 24 | ( | ( |
Net cash flow used in financing activities from discontinued operations | 32 | ||
Net cash flow used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at 1 January | |||
Foreign exchange on cash and cash equivalents | ( | ||
Less: cash and cash equivalents classified as held for sale | 32 | ||
Cash and cash equivalents at 31 December | 20 |
UK | ||
International Accounting Standards | Endorsement | |
(IAS/IFRSs) and Interpretations (IFRICs): | status | Effective date |
IFRS 17 Insurance Contracts | Endorsed | 1 January |
2023 | ||
Amendments to IFRS 17: Initial | Endorsed | 1 January |
Application of IFRS 17 and IFRS 9 – | 2023 | |
Comparative Information | ||
Amendments to IAS 1 and IFRS | Endorsed | 1 January |
Practice Statement 2: Disclosure of Accounting Policies | 2023 | |
Amendments to IAS 8: Definition of | Endorsed | 1 January |
Accounting Estimates | 2023 | |
Amendments to IAS 12: Deferred Tax | Endorsed | 1 January |
related to Assets and Liabilities arising | 2023 | |
from a Single Transaction | ||
Amendment to IAS 12 - International | Endorsed | 1 January |
tax reform - pillar two model rules | 2023 |
Effective | ||
for annual | ||
reporting | ||
International Accounting Standards | UK | periods |
(IAS/IFRSs) and Interpretations (IFRICs) | Endorsement | beginning |
not yet endorsed for use in the EU or UK: | status | on or after |
Amendments to IAS 1: Classification of | Endorsed | 1 January |
Liabilities as Current or Non-current | 2024 | |
Amendments to IFRS 16 Leases: | Endorsed | 1 January |
Lease Liability in a Sale and Leaseback | 2024 | |
Amendments to IAS 1: Non-Current | Endorsed | 1 January |
Liabilities with Covenants | 2024 | |
Amendment to IAS 7 and IFRS 7 – | Not yet | 1 January |
Supplier finance | endorsed | 2024 |
Amendments to IAS 21 – | Not yet | 1 January |
Lack of Exchangeability | endorsed | 2025 |
IFRS S1: General requirements for | Not yet | 1 January |
disclosure of sustainability-related | endorsed | 2024 |
financial information | ||
IFRS S2: Climate-related disclosures | Not yet | 1 January |
endorsed | 2024 |
2023 | |||||||
Performance | |||||||
Specialties | Personal | Segment | Central | ||||
Coatings | Talc | totals | Care | totals | costs | Total | |
$m | $m | $m | $m | $m | $m | $m | |
Revenue | 367.6 | 136.5 | 504.1 | 209.3 | 713.4 | – | 713.4 |
Internal revenue | – | – | – | – | – | – | – |
Revenue from external customers | 367.6 | 136.5 | 504.1 | 209.3 | 713.4 | – | 713.4 |
Adjusted operating profit/(loss) | 56.1 | 14.0 | 70.1 | 50.3 | 120.4 | (16.5) | 103.9 |
Adjusting items (see Note 5) | (0.9) | (5.4) | (6.3) | (7.1) | (13.4) | (31.6) | (45.0) |
Operating profit/(loss) | 55.2 | 8.6 | 63.8 | 43.2 | 107.0 | (48.1) | 58.9 |
Other expenses | (2.3) | ||||||
Finance income | 4.4 | ||||||
Finance expense | (21.3) | ||||||
Tax | (11.5) | ||||||
Loss from discontinued operations | (1.7) | ||||||
Profit for the year | 26.5 |
2023 | |||||
Personal | |||||
Care and | Segment | Central | |||
Coatings | Talc | totals | costs | Total | |
$m | $m | $m | $m | $m | |
Fixed assets | 763.0 | 295.4 | 1,058.4 | 15.8 | 1,074.2 |
Inventories | 135.8 | 27. 4 | 163.2 | 0.1 | 163.3 |
Trade and other receivables | 77.4 | 19.8 | 97. 2 | 4.6 | 101.8 |
Other tax recoverable | – | – | – | 20.0 | 20.0 |
Derivatives | – | – | – | 13.4 | 13.4 |
Tax assets | – | – | – | 30.8 | 30.8 |
Retirement benefit surplus | – | – | – | 42.1 | 42.1 |
Cash and cash equivalents | – | – | – | 65.8 | 65.8 |
Total assets | 976.2 | 342.6 | 1,318.8 | 192.6 | 1,511.4 |
Trade and other payables | (74.1) | (22.5) | (96.6) | (21.3) | (117.9) |
Operating provisions | (32.3) | (36.6) | (68.9) | (13.0) | (81.9) |
Lease liabilities | (23.9) | (9.4) | (33.3) | (2.9) | (36.2) |
Bank overdrafts and loans | – | – | – | (264.7) | (264.7) |
Current tax liabilities | – | – | – | (13.6) | (13.6) |
Retirement benefit obligations | – | – | – | (9.0) | (9.0) |
Deferred tax liabilities | – | – | – | (138.7) | (138.7) |
Financial liabilities | – | – | – | (2.1) | (2.1) |
Total liabilities | (130.3) | (68.5) | (198.8) | (465.3) | (664.1) |
Net assets | 845.9 | 274.1 | 1,120.0 | (272.7) | 847.3 |
Capital additions | 13.6 | 51.6 | 65.2 | 6.5 | 71.7 |
Depreciation and amortisation | (27.8) | (24.5) | (52.3) | (2.6) | (54.9) |
North | United | Rest of | Rest of | ||
America | Kingdom | Europe | the World | Total | |
2023 | $m | $m | $m | $m | $m |
Revenue from external customers | 231.8 | 24.8 | 263.4 | 193.4 | 713.4 |
Fixed assets | 652.5 | 30.6 | 316.7 | 74.4 | 1,074.2 |
Capital additions | 10.0 | 4.9 | 51.6 | 5.2 | 71.7 |
Depreciation and amortisation | (22.9) | (1.6) | (26.4) | (4.0) | (54.9) |
2022 | |||||||
Performance | |||||||
Specialties | Personal | Segment | Central | ||||
Coatings | Talc | totals | Care | totals | costs | Total | |
$m | $m | $m | $m | $m | $m | $m | |
Revenue | 389.1 | 135.8 | 524.9 | 211.5 | 736.4 | – | 736.4 |
Internal revenue | – | – | – | – | – | – | – |
Revenue from external customers | 389.1 | 135.8 | 524.9 | 211.5 | 736.4 | – | 736.4 |
Adjusted operating profit/(loss) | 70.3 | (0.4) | 69.9 | 49.0 | 118.9 | (18.4) | 100.5 |
Adjusting items (see Note 5) | (4.1) | (133.6) | (137.7) | (8.4) | (146.1) | 3.8 | (142.3) |
Operating profit/(loss) | 66.2 | (134.0) | (67.8) | 40.6 | (27. 2) | (14.6) | (41.8) |
Other expenses | (1.3) | ||||||
Finance income | 9.9 | ||||||
Finance expense | (21.6) | ||||||
Tax | (7.8) | ||||||
Profit from discontinued operations | 11.5 | ||||||
Loss for the year | (51.1) |
2022 | |||||
Personal | |||||
Care, and | Segment | Central | |||
Coatings | Talc | totals | costs | Total | |
$m | $m | $m | $m | $m | |
Fixed assets | 774.6 | 259.4 | 1,034.0 | 12.6 | 1,046.6 |
Inventories | 151.6 | 30.3 | 181.9 | 0.1 | 182.0 |
Trade and other receivables | 70.9 | 17. 2 | 88 .1 | 6.8 | 94.9 |
Other tax recoverable | – | – | – | 17.5 | 17.5 |
Derivatives | – | – | – | 12.0 | 12.0 |
Tax assets | – | – | – | 31.8 | 31.8 |
Retirement benefit surplus | – | – | – | 26.4 | 26.4 |
Cash and cash equivalents | – | – | – | 54.9 | 54.9 |
Segment assets | 997.1 | 306.9 | 1,304.0 | 162.1 | 1,466.1 |
Assets classified as held for sale | 160.9 | ||||
Total assets | 1,627.0 | ||||
Trade and other payables | (83.6) | (27.3) | (110.9) | (24.5) | (135.4) |
Operating provisions | (0.8) | (4.6) | (5.4) | (24.3) | (29.7) |
Lease liabilities | (2 6.1) | (9.6) | (35.7) | (0.6) | (36.3) |
Bank overdrafts and loans | – | – | – | (417. 4) | (417.4) |
Current tax liabilities | – | – | – | (20.2) | (20.2) |
Retirement benefit obligations | – | – | – | (8.9) | (8.9) |
Deferred tax liabilities | – | – | – | (131.3) | (131.3) |
Financial liabilities | – | – | – | (6.1) | (6.1) |
Segment liabilities | (110.5) | (41.5) | (152.0) | (633.3) | (785.3) |
Liabilities classified as held for sale | (57.8) | ||||
Total liabilities | (8 43.1) | ||||
Net assets | 888.6 | 265.4 | 1,152.0 | (471.2) | 783.9 |
Capital additions | 18.3 | 17.1 | 35.4 | 3.2 | 38.6 |
Depreciation and amortisation | (28.6) | (24.8) | (53.4) | (3.2) | (56.6) |
North | United | Rest of | Rest of | ||
America | Kingdom | Europe | the World | Total | |
2022 | $m | $m | $m | $m | $m |
Revenue from external customers | 234.6 | 23.2 | 250.3 | 228.3 | 736.4 |
Fixed assets | 666.9 | 26.4 | 280.9 | 72.4 | 1,046.6 |
Capital additions | 20.1 | 6.0 | 5.3 | 7.2 | 38.6 |
Depreciation and amortisation | (24.0) | (1.5) | (27.9) | (3.2) | (56.6) |
2023 | 2022 | |
$m | $m | |
Interest on bank deposits | 0.5 | 0.2 |
Pension and other post | ||
retirement liabilities | 1.0 | 0.6 |
Fair value movement on derivatives | 1.5 | 9.1 |
Interest on EU state aid receivable | 1.4 | – |
Total finance income | 4.4 | 9.9 |
2023 | 2022 | |
$m | $m | |
Interest on bank loans | 17.5 | 19.5 |
Unwind of discount on provisions | 1.4 | 0.7 |
Interest on lease liabilities | 1.3 | 1.4 |
Fair value movements on derivatives | 1.1 | – |
Total finance costs | 21.3 | 21.6 |
2023 | 2022 | |
$m | $m | |
Business transformation | 26.1 | 4.8 |
Environmental provisions | ||
Increase in provisions due | ||
to additional remediation | ||
work identified | 6.6 | 3.4 |
Decrease in provisions due | ||
to change in discount rate | (0.4) | ( 7. 2) |
Impairment of property, plant and equipment | – | 23.0 |
Impairment of goodwill | – | 103.4 |
Amortisation of intangibles | ||
arising on acquisition | 12.7 | 14.9 |
45.0 | 142.3 | |
Unrealised mark to market of derivative financial instruments | 1.1 | (6.6) |
Interest on EU state aid receivable | (1.4) | – |
Tax credit in relation to adjusting items | (8.4) | (8.3) |
36.3 | 127.4 |
2023 | |||
2023 | 2023 | Adjusted | |
Profit | Adjusting | profit | |
and loss | items | and loss | |
$m | $m | $m | |
Revenue | 713.4 | – | 713.4 |
Cost of sales | (429.1) | – | (429.1) |
Gross profit | 284.3 | – | 284.3 |
Distribution costs | (108.7) | – | (108.7) |
Administrative expenses | (116.7) | 45.0 | (71.7) |
Operating profit | 58.9 | 45.0 | 103.9 |
Other expenses | (2.3) | – | (2.3) |
Finance income | 4.4 | (1.4) | 3.0 |
Finance costs | (21.3) | 1.1 | (20.2) |
Profit before income tax | 39.7 | 44.7 | 84.4 |
Tax | (11.5) | (8.4) | (19.9) |
Profit from continuing operations | 28.2 | 36.3 | 64.5 |
Earnings per share | |||
From continuing operations | |||
Basic earnings (cents) | 4.8 | 6.2 | 11.0 |
Diluted earnings (cents) | 4.7 | 6.1 | 10.8 |
2022 | |||
2022 | 2022 | Adjusted | |
Profit | Adjusting | profit | |
and loss | items | and loss | |
$m | $m | $m | |
Revenue | 736.4 | – | 736.4 |
Cost of sales | (4 37.5) | – | (437. 5) |
Gross profit | 298.9 | – | 298.9 |
Distribution costs | (125.0) | – | (125.0) |
Administrative expenses | (215.7) | 142.3 | (73.4) |
Operating (loss)/profit | (41.8) | 142.3 | 100.5 |
Other expenses | (1.3) | – | (1.3) |
Finance income | 9.9 | (6.6) | 3.3 |
Finance costs | (21.6) | – | (21.6) |
(Loss)/profit before income tax | (54.8) | 135.7 | 80.9 |
Tax | (7.8) | (8.3) | (16.1) |
(Loss)/profit from continuing operations | (62.6) | 127.4 | 64.8 |
Earnings per share | |||
From continuing operations | |||
Basic (loss)/earnings (cents) | (10.7) | 21.8 | 11.1 |
Diluted (loss)/earnings (cents) | (10.7) | 21.6 | 10.9 |
2023 | |||||||
Performance | |||||||
Specialties | Personal | Segment | Central | ||||
Coatings | Talc | totals | Care | totals | costs | Total | |
$m | $m | $m | $m | $m | $m | $m | |
Operating profit/(loss) | 55.2 | 8.6 | 63.8 | 43.2 | 107.0 | (48.1) | 58.9 |
Adjusting items: | |||||||
Business transformation | 0.7 | – | 0.7 | – | 0.7 | 25.4 | 26.1 |
Increase in environmental | |||||||
provisions due to additional | |||||||
remediation work identified | – | – | – | – | – | 6.6 | 6.6 |
Decrease in environmental provisions | |||||||
due to change in discount rate | – | – | – | – | – | (0.4) | (0.4) |
Amortisation of intangibles | |||||||
arising on acquisition | 0.2 | 5.4 | 5.6 | 7.1 | 12.7 | – | 12.7 |
Adjusted operating profit/(loss) | 56.1 | 14.0 | 70.1 | 50.3 | 120.4 | (16.5) | 103.9 |
2022 | |||||||
Performance | |||||||
Specialties | Personal | Segment | Central | ||||
Coatings | Talc | totals | Care | totals | costs | Total | |
$m | $m | $m | $m | $m | $m | $m | |
Operating profit/(loss) | 69.2 | (134.0) | (64.8) | 44.4 | (20.4) | (21.4) | (41.8) |
Adjusting items: | |||||||
Business transformation | 2.9 | 1.9 | 4.8 | – | 4.8 | – | 4.8 |
Increase in environmental | |||||||
provisions due to additional | |||||||
remediation work identified | – | – | – | – | – | 3.4 | 3.4 |
Decrease in environmental provisions | |||||||
due to change in discount rate | – | – | – | – | – | ( 7. 2) | (7. 2) |
Impairment of property, plant and equipment | – | 23.0 | 23.0 | – | 23.0 | – | 23.0 |
Impairment of goodwill | – | 103.4 | 103.4 | – | 103.4 | – | 103.4 |
Amortisation of intangibles | |||||||
arising on acquisition | 1.2 | 5.3 | 6.5 | 8.4 | 14.9 | – | 14.9 |
Adjusted operating profit/(loss) | 73.3 | (0.4) | 72.9 | 52.8 | 125.7 | (25.2) | 100.5 |
2023 | 2022 | |
$m | $m | |
Current tax: | ||
UK corporation tax | 6.2 | 11. 2 |
Overseas corporation tax | 8.7 | 6.5 |
Adjustments in respect of prior years: | ||
United Kingdom | (0.7) | (0.6) |
Overseas | (3.0) | (3.8) |
Total current tax | 11.2 | 13.3 |
Deferred tax: | ||
United Kingdom | (0.2) | 3.1 |
Overseas | (1.6) | (8.4) |
Adjustment in respect of prior years: | ||
United Kingdom | – | – |
Overseas | 2.1 | (0.2) |
Total deferred tax | 0.3 | (5.5) |
Income tax expense for the year | 11.5 | 7.8 |
Comprising: | ||
Income tax expense for the year | 11.5 | 7.8 |
Adjusting items 1 : | ||
Overseas taxation on adjusting items | (4.0) | (6.3) |
UK taxation on adjusting items | (4.4) | (2.0) |
Taxation on adjusting items | (8.4) | (8.3) |
Income tax expense for the year after adjusting items | 19.9 | 16.1 |
2023 | 2023 | 2022 | 2022 | |
Gross | Tax impact | Gross | Tax impact | |
$m | $m | $m | $m | |
Business transformation | 26.1 | 5.2 | 4.8 | 1.1 |
Environmental provisions | 6.2 | 1.3 | (3.8) | (0.7) |
Impairment of property, plant and equipment | – | – | 23.0 | 4.9 |
Impairment of goodwill | – | – | 103.4 | – |
Mark to market of derivative financial instruments | 1.1 | 0.2 | (6.6) | (1.3) |
Interest on EU state aid receivable | (1.4) | (0.4) | – | – |
Amortisation of intangibles arising on acquisition | 12.7 | 2.1 | 14.9 | 2.9 |
Reversal of uncertain tax provision | – | – | – | 1.4 |
Tax charge | 44.7 | 8.4 | 135.7 | 8.3 |
2023 | 2023 | 2022 | 2022 | |
$m | % | $m | % | |
Profit/(loss) before tax | 39.7 | (54.8) | ||
Tax at 23.5% (2022: 19.00%) | 9.4 | 23.5 | (10.4) | (19.0) |
Difference in overseas effective tax rates | 1.9 | 4.9 | 2.3 | 4.2 |
Income not taxable | – | – | (0.4) | (0.7) |
Expenses not deductible for tax purposes | 7.1 | 17.9 | 21.8 | 39.7 |
Adjustments in respect of prior years | (1.5) | (3.7) | (4.6) | (8.4) |
Tax rate changes | – | – | 0.2 | 0.4 |
Tax associated with disposal of discontinued operations | (12.8) | (32.2) | – | – |
Movement in unrecognised deferred tax | 7.4 | 18.6 | (1.1) | (2.0) |
Total charge and effective tax rate for the year | 11.5 | 29.0 | 7. 8 | 14.2 |
Depreciation of property, plant and equipment | 41.6 | 41.2 | |
Amortisation of intangible assets | 13.3 | 15.4 | |
Total depreciation and amortisation expense | 54.9 | 56.6 | |
(Loss)/profit on disposal of property, plant and equipment | (0.8) | 0.3 | |
Write off of inventory | 4.6 | 3.0 | |
Cost of inventories recognised as expense | 295.9 | 302.9 | |
Fees payable to company’s auditors and its associates: | |||
Audit of company | 1.2 | 1.4 | |
Audit of subsidiaries | 0.9 | 1.0 | |
Audit related services – interim review | 0.3 | 0.3 | |
1 | Includes auditing of the financial statements. |
2023 | 2022 | |
$m | $m | |
Wages and salaries | 110.4 | 113.2 |
Social security costs | 9.0 | 9.6 |
Pension costs | 7.4 | 7.2 |
Share based payment costs | 4.4 | 3 .1 |
Total employee costs | 131.2 | 13 3.1 |
2023 | 2022 | |
Number | Number | |
Personal Care and Coatings | 1,031 | 1,076 |
Talc | 228 | 235 |
Central | 19 | 17 |
Total | 1,278 | 1,328 |
2023 | 2022 | |
$m | $m | |
Adjusted earnings | 64.5 | 64.8 |
Adjusting items net of tax | (36.3) | (127.4) |
Earnings/(loss) for the purpose | ||
of basic earnings per share | 28.2 | (62.6) |
(Loss)/earnings from discontinued operations | (1.7) | 11.5 |
Earnings/(loss) from continuing and discontinued operations | 26.5 | (51.1) |
2023 | 2022 | |
m | m | |
Weighted average number of shares for the purposes of basic | ||
earnings per share | 585.7 | 582.6 |
Effect of dilutive share options | 11.2 | 9.7 |
Weighted average number of shares for the purposes of diluted earnings per share | 596.9 | 592.3 |
2023 | 2022 | |
cents | cents | |
Earnings per share from continuing operations: | ||
Basic earnings/(loss) | 4.8 | (10.7) |
Diluted earnings/(loss) | 4.7 | (10.7) |
Basic after adjusting items | 11.0 | 11.1 |
Diluted after adjusting items | 10.8 | 10.9 |
Earnings per share from discontinued operations: | ||
Basic (loss)/earnings from discontinued operations | (0.3) | 2.0 |
Diluted (loss)/earnings from discontinued operations | (0.3) | 2.0 |
Earnings per share | ||
from continuing and discontinued operations: | ||
Basic earnings/(loss) from continuing and discontinued operations | 4.5 | (8.8) |
Diluted earnings/(loss) from continuing and discontinued operations | 4.4 | (8.8) |
Other | |||||
Customer | intangible | ||||
Goodwill | Brand | lists | assets | Total | |
$m | $m | $m | $m | $m | |
Cost: | |||||
At 1 January 2022 | 725.6 | 26.9 | 166.4 | 104.6 | 1,023.5 |
Exchange differences | (26.2) | (1.6) | (3.2) | (3.3) | (34.3) |
Additions | – | – | – | 0.2 | 0.2 |
Transferred to assets held for sale | – | – | – | (2.6) | (2.6) |
At 31 December 2022 | 699.4 | 25.3 | 163.2 | 98.9 | 986.8 |
Exchange differences | 12.8 | 0.1 | 1.8 | 2.5 | 17.2 |
Additions | – | – | – | 0.1 | 0.1 |
At 31 December 2023 | 712.2 | 25.4 | 165.0 | 101.5 | 1,004.1 |
Amortisation and impairment: | |||||
At 1 January 2022 | 112.6 | 3.2 | 39.6 | 52.4 | 207.8 |
Exchange differences | 2.5 | (0.7) | (1.9) | 1.4 | 1.3 |
Charge for the year | – | – | 8.8 | 6.9 | 15.7 |
Impairment | 103.4 | – | – | – | 103.4 |
Transferred to assets held for sale | – | – | – | (1.6) | (1.6) |
At 31 December 2022 | 218.5 | 2.5 | 46.5 | 59.1 | 326.6 |
Exchange differences | 11.4 | – | 1.5 | 0.7 | 13.6 |
Charge for the year | – | – | 8.6 | 4.7 | 13.3 |
Impairment | – | – | – | – | – |
At 31 December 2023 | 229.9 | 2.5 | 56.6 | 64.5 | 353.5 |
Carrying amount: | |||||
At 31 December 2023 | 482.3 | 22.9 | 108.4 | 37.0 | 650.6 |
At 31 December 2022 | 480.9 | 22.8 | 116.7 | 39.8 | 660.2 |
At 1 January 2022 | 613.0 | 23.7 | 126.8 | 52.2 | 815.7 |
2023 | 2022 | |
$m | $m | |
Personal Care | 296.6 | 296.0 |
Coatings | 208.6 | 2 07.7 |
At 31 December | 505.2 | 503.7 |
Right-of-use assets | ||||||||
Fixtures | Fixtures | |||||||
Land and | Plant and | fittings and | Under | Land and | Plant and | fittings and | ||
buildings | machinery | equipment | construction | buildings | machinery | equipment | Total | |
$m | $m | $m | $m | $m | $m | $m | $m | |
Cost: | ||||||||
At 1 January 2022 | 127.1 | 680.6 | 43.8 | 45.1 | 53.7 | 6.0 | 2.9 | 959.2 |
Additions | – | 13.5 | – | 33.4 | 4.0 | 0.8 | 0.5 | 52.2 |
Exchange differences | (5.0) | (25.1) | (1.4) | (1.6) | (0.9) | (0.3) | – | (34.3) |
Disposals | – | (5.7) | (0.2) | – | (1.5) | (1.5) | – | (8.9) |
Reclassifications | 1.6 | 33.5 | 1.6 | (36.7) | – | – | – | – |
Transferred to assets | ||||||||
held for sale | (34.0) | (186.2) | (11.7) | (7.3) | – | (0.8) | (0.6) | (240.6) |
At 31 December 2022 | 89.7 | 510.6 | 32.1 | 32.9 | 55.3 | 4.2 | 2.8 | 727.6 |
Additions | 1.5 | 62.3 | 0.1 | 2.7 | 4.1 | 0.3 | 0.7 | 71.7 |
Exchange differences | 1.8 | 13.3 | 0.1 | 0.2 | 0.5 | 0.1 | 0.2 | 16.2 |
Disposals | (0.8) | (6.4) | (0.3) | – | (5.5) | (2.3) | (1.9) | (17.2) |
Reclassifications | 7.9 | 15.1 | 0.5 | (23.5) | – | – | – | – |
At 31 December 2023 | 100.1 | 594.9 | 32.5 | 12.3 | 54.4 | 2.3 | 1.8 | 798.3 |
Accumulated | ||||||||
depreciation and impairment losses: | ||||||||
At 1 January 2022 | 66.4 | 330.3 | 34.8 | – | 23 .1 | 2.8 | 2.1 | 459.5 |
Charge for the year | 2.6 | 39.6 | 1.6 | – | 4.1 | 0.9 | 0.5 | 49.3 |
Exchange differences | (2.5) | (10.9) | (0.7) | – | (0.3) | – | – | (14.4) |
Disposals | – | (4.9) | (0.2) | – | (0.7) | (0.1) | – | (5.9) |
Impairment losses | – | 23.0 | – | – | – | – | – | 23.0 |
Reclassifications | 0.4 | 3.2 | (3.6) | – | – | – | – | – |
Transferred to assets | ||||||||
held for sale | (26.4) | (134.3) | (8.6) | – | – | (0.6) | (0.4) | (170.3) |
At 31 December 2022 | 40.5 | 246.0 | 23.3 | – | 26.2 | 3.0 | 2.2 | 341.2 |
Charge for the year | 2.1 | 33.0 | 1.2 | – | 4.1 | 0.9 | 0.3 | 41.6 |
Exchange differences | 1.2 | 6.1 | 0.1 | – | 0.3 | 0.1 | – | 7.8 |
Disposals | (0.8) | (6.1) | (0.2) | – | (4.9) | (2.3) | (1.6) | (15.9) |
Impairment losses | – | – | – | – | – | – | – | – |
Reclassifications | – | 1.0 | (1.0) | – | – | – | – | – |
At 31 December 2023 | 43.0 | 280.0 | 23.4 | – | 25.7 | 1.7 | 0.9 | 374.7 |
Net book value: | ||||||||
At 31 December 2023 | 57.1 | 314.9 | 9.1 | 12.3 | 28.7 | 0.6 | 0.9 | 423.6 |
At 31 December 2022 | 49.2 | 264.6 | 8.8 | 32.9 | 29.1 | 1.2 | 0.6 | 386.4 |
At 1 January 2022 | 60.7 | 350.3 | 9.0 | 45.1 | 30.6 | 3.2 | 0.8 | 499.7 |
2023 | 2022 | |
$m | $m | |
Raw materials and consumables | 43.9 | 55.4 |
Work in progress | 7.2 | 10.7 |
Finished goods and goods | ||
purchased for resale | 112.2 | 115.9 |
At 31 December | 163.3 | 182.0 |
2023 | 2022 | |
$m | $m | |
Trade receivables | 80.1 | 77.5 |
Other receivables | 13.5 | 10.4 |
Prepayments | 8.2 | 7.0 |
At 31 December | 101.8 | 94.9 |
2023 | 2022 | |
$m | $m | |
Trade payables | 60.5 | 74.0 |
Other payables | 14.2 | 13.5 |
Accruals | 43.2 | 47.9 |
At 31 December | 117.9 | 135.4 |
Environmental | Self insurance | Restructuring | Other | Total | |
$m | $m | $m | $m | $m | |
At 1 January 2023 | 27.5 | 0.5 | 0.6 | 1.1 | 29.7 |
Increase/(decrease) in provisions | 34.6 | 0.5 | 25.4 | – | 60.4 |
Unused amounts reversed | – | – | (0.6) | (0.4) | (1.0) |
Unwinding of discount | 1.5 | – | – | – | 1.5 |
Utilised during the year | (4.4) | (0.5) | (5.4) | – | (10.3) |
Currency translation differences | 1.3 | – | 0.1 | 0.1 | 1.5 |
At 31 December 2023 | 60.5 | 0.5 | 20.1 | 0.8 | 81.9 |
Due within 1 year | 4.5 | 0.3 | 15.9 | 0.8 | 21.5 |
Due after 1 year | 56.0 | 0.2 | 4.2 | – | 60.4 |
1-10 years | 11-20 years | 20-25 years | 25+ years | Total | |
$m | $m | $m | $m | $m | |
Environmental provisions | 46.8 | 29.3 | 12.4 | 13 .1 101.6 |
Accelerated | Amortisation | Other | Other | ||||
Retirement | tax | of US | intangible | temporary | Unrelieved | ||
benefit plans | depreciation | goodwill | assets | differences | tax losses | Total | |
$m | $m | $m | $m | $m | $m | $m | |
At 1 January 2022 | (12.4) | (42.8) | (63.4) | (31.4) | 20.1 | 7.9 | (122.0) |
Credit/(charge) to the income statement | – | (0.1) | 0.4 | 2.0 | 0.6 | 1.5 | 4.4 |
Credit to other comprehensive income | 5.3 | – | – | – | 0.8 | – | 6 .1 |
Credit to retained earnings | – | – | – | – | 0.4 | – | 0.4 |
Currency translation differences | 1.7 | (0.1) | – | 1.5 | (0.2) | 0.2 | 3.1 |
Transferred to assets/(liabilities) | |||||||
held for sale | (0.7) | 8.7 | – | – | (6.5) | – | 1.5 |
At 31 December 2022 | (6.1) | (34.3) | (63.0) | (27.9) | 15.2 | 9.6 | (106.5) |
(Charge)/credit to the income statement | (0.5) | (4.8) | 0.2 | 2.0 | 0.8 | (6.1) | (8.4) |
(Charge)/credit to other comprehensive income | (2.8) | – | – | – | (0.6) | – | (3.4) |
Credit to retained earnings | – | – | – | – | (1.4) | – | (1.4) |
Disposal | – | 3.2 | – | – | – | – | 3.2 |
Currency translation differences | (0.3) | (3.7) | – | (0.7) | 2.4 | (0.3) | (2.6) |
At 31 December 2023 | (9.7) | (39.6) | (62.8) | (26.6) | 16.4 | 3.2 | (119.1) |
Deferred tax assets | – | – | – | – | 16.4 | 3.2 | 19.6 |
Deferred tax liabilities | (9.7) | (39.6) | (62.8) | (26.6) | – | – | (138.7) |
2023 | 2022 | |
$m | $m | |
At 1 January | 52.3 | 52.2 |
Issue of shares | 0.2 | 0.1 |
At 31 December | 52.5 | 52.3 |
Capital | Share | ||||
redemption | Translation | Hedging | options | ||
reserve | reserve | reserve | reserve | Total | |
$m | $m | $m | $m | $m | |
At 1 January 2022 | 158.8 | (67.7 ) | (8.6) | 8.2 | 90.7 |
Share based payments | – | – | – | 3.4 | 3.4 |
Exchange differences | – | (54.7) | – | (0.9) | (55.6) |
Fair value of cash flow hedges transferred to the income statement | – | – | 1.6 | – | 1.6 |
Effective portion of changes in fair value of cash flow hedges | – | – | (2.6) | – | (2.6) |
Fair value of cash flow hedges transferred to net assets | – | – | 0.8 | – | 0.8 |
Transfer | – | – | 7.8 | (4.0) | 3.8 |
At 31 December 2022 | 158.8 | (122.4) | (1.0) | 6.7 | 42.1 |
Share based payments | – | – | – | 4.2 | 4.2 |
Exchange differences | – | 9.7 | – | 0.2 | 9.9 |
Fair value of cash flow hedges transferred to the income statement | – | – | 12.7 | – | 12.7 |
Effective portion of changes in fair value of cash flow hedges | – | – | (6.3) | – | (6.3) |
Fair value of cash flow hedges transferred to net assets | – | – | 0.5 | – | 0.5 |
Recycle deferred foreign exchange losses on disposal | – | 9.3 | – | – | 9.3 |
Transfer | – | – | – | (2.3) | (2.3) |
At 31 December 2023 | 158.8 | (103.4) | 5.9 | 8.8 | 70.1 |
2023 | 2022 | |
$m | $m | |
Bank loans | 267.8 | 419.0 |
Unamortised syndicate loan fees | (3.1) | (4.3) |
Short-term borrowings | – | 2.7 |
Carrying value of borrowings at 31 December | 264.7 | 417.4 |
The borrowings are repayable as follows: | ||
Within one year | 71.6 | 2.7 |
Within two to four years | 196.2 | 419.0 |
In the fifth year | – | – |
267.8 | 421.7 |
2023 | 2022 | |
% | % | |
Bank loans | 5.8 | 3.0 |
2023 | 2022 | |
$m | $m | |
US dollar | 110.0 | 233.1 |
Euro | 157.8 | 185.9 |
Total bank loans | 267.8 | 419.0 |
2023 | 2022 | |
$m | $m | |
Cash at bank and on hand at 31 December | 65.8 | 54.9 |
Held at fair value | Held at amortised cost | |||||
Through | Derivatives | |||||
profit | used for | Loans and | Total | Total | ||
and loss | hedging | receivables | Liabilities | book value | fair value | |
At 31 December 2023: | $m | $m | $m | $m | $m | $m |
Current: | ||||||
Trade and other receivables (see Note 13) | – | – | 93.6 | – | 93.6 | 93.6 |
Derivative financial instruments (see Note 22) | – | 7.4 | – | – | 7. 4 | 7.4 |
Cash and cash equivalents (see Note 20) | – | – | 65.8 | – | 65.8 | 65.8 |
Non-current: | ||||||
Derivative financial instruments (see Note 22) | – | 6.0 | – | – | 6.0 | 6.0 |
Financial assets | – | 13.4 | 159.4 | – | 172.8 | 172.8 |
Current: | ||||||
Bank overdrafts and loans (see Note 19) | – | – | – | – | – | – |
Trade and other payables (see Note 14) | – | – | – | (117.9) | (117.9) | (117.9) |
Derivative financial instruments (see Note 22) | – | – | – | – | – | – |
Lease liabilities (see Note 24) | – | – | – | (5.9) | (5.9) | (5.9) |
Non-current: | ||||||
Loans and borrowings 2 (see Note 19) | – | – | – | (264.7) | (264.7) | (267.8) |
Lease liabilities (see Note 24) | – | – | – | (30.3) | (30.3) | (30.3) |
Derivative financial instruments (see Note 22) | – | (2.1) | – | – | (2.1) | (2.1) |
Financial liabilities | – | (2.1) | – | (418.8) | (420.9) | (424.0) |
Total | – | 11.3 | 159.4 | (418.8) | (248.1) | (251.2) |
Held at fair value | Held at amortised cost | |||||
Through | Derivatives | |||||
profit | used for | Loans and | Total | Total | ||
and loss | hedging | receivables | Liabilities | book value | fair value | |
At 31 December 2022: | $m | $m | $m | $m | $m | $m |
Current: | ||||||
Trade and other receivables (see Note 13) | – | – | 87.9 | – | 87.9 | 87. 9 |
Derivative financial instruments (see Note 22) | 6.9 | 3.8 | – | – | 10.7 | 10.7 |
Cash and cash equivalents (see Note 20) | – | – | 54.9 | – | 54.9 | 54.9 |
Non-current: | ||||||
Derivative financial instruments (see Note 22) | – | 1.3 | – | – | 1.3 | 1.3 |
Financial assets | 6.9 | 5.1 | 142.8 | – | 154.8 | 154.8 |
Current: | ||||||
Bank overdrafts and loans (see Note 19) | – | – | – | (2.7) | (2.7) | (2.7) |
Trade and other payables (see Note 14) | – | – | – | (135.4) | (135.4) | (135.4) |
Derivative financial instruments (see Note 22) | (0.5) | (2.8) | – | – | (3.3) | (3.3) |
Lease liabilities (see Note 24) | – | – | – | (6.1) | (6.1) | (6.1) |
Non-current: | ||||||
Loans and borrowings 2 (see Note 19) | – | – | – | (414.7) | (414.7) | (419.0) |
Lease liabilities (see Note 24) | – | – | – | (30.2) | (30.2) | (30.2) |
Derivative financial instruments (see Note 22) | (2.8) | – | – | (2.8) | (2.8) | |
Financial liabilities | (0.5) | (5.6) | – | (5 8 9.1) | (595.2) | (599.5) |
Total | 6.4 | (0.5) | 142.8 | (589.1) | (440.4) | (444.7) |
2023 | 2022 | |
$m | $m | |
Recognised in profit or loss | ||
Revenue – fair value of cash flow | ||
hedges transferred from equity | ||
to the income statement | 0.4 | 1.7 |
Interest income on bank deposits | ||
held at amortised cost | 0.5 | 0.2 |
Fair value movement on derivatives | 1.5 | 9.1 |
Financial income | 2.0 | 9.3 |
Interest on bank loans | (23.4) | (19.6) |
Fair value of cash flow hedges | ||
transferred from equity to the income statement | 5.9 | 0.1 |
Fair value movement on derivatives | (1.1) | – |
Interest on lease liabilities | (1.3) | (1.4) |
Financial costs | (19.9) | (20.9) |
2023 | 2022 | |
$m | $m | |
Recognised directly in equity | ||
Effective portion of changes in fair value of cash flow hedge (gain/(loss)) | 12.7 | (2.6) |
Fair value of cash flow hedges | ||
transferred to income statement | (6.3) | 1.6 |
Fair value of cash flow hedges | ||
transferred to net assets | 0.5 | 0.8 |
Effective portion of change in fair value of net investment hedge | 14.8 | 46.2 |
Foreign currency translation | ||
differences for foreign operations | (5.1) | (100.9) |
Recycle deferred foreign exchange | ||
losses on disposal of subsidiary | 9.3 | |
Recognised in: | ||
Hedging reserve | 6.9 | (0.2) |
Translation reserve | 19.0 | (54.7) |
Contract or underlying | ||||
principal amount | Fair Value | |||
Assets | Liabilities | |||
At 31 December 2023: | Assets | Liabilities | $m | $m |
Current: | ||||
Interest rate swaps – cash flow hedges | $100m | – | 2.0 | – |
Interest rate swaps | $50m | – | 0.6 | – |
Nickel swaps – cash flow hedges | 324MT | – | 4.4 | – |
Aluminium swaps – cash flow hedges | 2,460MT | – | 0.4 | – |
Total | 7. 4 | – | ||
Non current: | ||||
Interest rate swaps – cash flow hedges | – | €142m | – | (2.1) |
Nickel swaps – cash flow hedges | 576MT | – | 6.0 | – |
Total | 13.4 | (2.1) |
Contract or underlying | ||||||||
principal amount | Fair Value | |||||||
Assets | Liabilities | |||||||
At 31 December 2022: | Liabilities | Assets | $m | $m | ||||
Current: | ||||||||
Interest rate swaps – cash flow hedges | – | €120m/$50m | 3.7 | – | ||||
Nickel swaps – cash flow hedges | MT | – | 288 | – | (2.6) | |||
Aluminium swaps – cash flow hedges | 2,58 | ,380MT | 1 | 0MT | 0.1 | (0.2) | ||
Cross currency swaps | – | €100m/$110m | 3.1 | – | ||||
Foreign exchange forwards | – | €100m/$109m | – | (0.5) | ||||
Swaptions | – | $150m | 3.8 | – | ||||
Total | 10.7 | (3.3) | ||||||
Non current: | ||||||||
Nickel swaps – cash flow hedges | 0MT | 216 | MT | 72 | 1.3 | (2.8) | ||
Total | 1.3 | (2.8) |
Amount | ||||
Total hedging | Amount | reclassified | Line item | |
(loss)/gain | reclassified | from OCI to | in the profit or loss | |
recognised | from OCI to | the Balance | statement or | |
in OCI | profit or loss | Sheet | Balance Sheet | |
$m | $m | $m | $m | |
Year ended 31 December 2023 | ||||
Interest rate swaps – cash flow hedges | 2.2 | 5.9 | – | Finance costs |
Nickel forward contracts – cash flow hedges | (15.0) | 0.4 | – | Revenue |
Aluminium forward contracts – cash flow hedges | 0.1 | – | (0.5) | Inventory |
Year ended 31 December 2022 | ||||
Interest rate swaps – cash flow hedges | 3.6 | (0.1) | – | Finance costs |
Nickel forward contracts – cash flow hedges | (5.4) | 1.7 | – | Revenue |
Aluminium forward contracts – cash flow hedges | (0.8) | – | 0.8 | Inventory |
2023 | 2022 | |
Foreign | Foreign | |
currency | currency | |
translation | translation | |
reserve | reserve | |
Year ended 31 December | $m | $m |
Net investment in foreign subsidiaries | (5.1) | (100.9) |
Foreign | ||
Cash flow | currency | |
hedge | translation | |
reserve | reserve | |
$m | $m | |
At 1 January 2022 | (8.6) | (67.7 ) |
Effective portion of changes | ||
in fair value arising from: | ||
Derivative cash flow | ||
hedging instruments | (2.6) | – |
Amount reclassified to profit or loss | 1.6 | – |
Amount reclassified to net assets | 0.8 | – |
Transfer | 7.8 | – |
Foreign currency revaluation of the net foreign operations | – | (100.9) |
Foreign currency revaluation | ||
of borrowings | – | 46.2 |
At 31 December 2022 | (1.0) | (122.4) |
Effective portion of changes | ||
in fair value arising from: | ||
Derivative cash flow | ||
hedging instruments | 12.7 | – |
Amount reclassified to profit or loss | (6.3) | – |
Amount reclassified to net assets | 0.5 | – |
Recycling of deferred foreign exchange | ||
losses on disposal of subsidiary | – | 9.3 |
Foreign currency revaluation of the net foreign operations | – | (5.1) |
Foreign currency revaluation | ||
of borrowings | – | 14.8 |
At 31 December 2023 | 5.9 | (103.4) |
Carrying amount | ||
2023 | 2022 | |
$m | $m | |
Trade receivables | 80.1 | 77.5 |
Cash and cash equivalents | 65.8 | 54.9 |
At 31 December | 145.9 | 132.4 |
Carrying amount | ||
2023 | 2022 | |
$m | $m | |
North America | 26.0 | 25.5 |
Europe | 32.4 | 27. 2 |
Rest of the World | 21.7 | 24.8 |
At 31 December | 80.1 | 7 7. 5 |
Expected | Expected | |||||
Gross | Expected | credit loss | Gross | Expected | credit loss | |
2023 | credit loss | 2023 | 2022 | credit loss | 2022 | |
$m | rate | $m | $m | rate | $m | |
Not past due | 71.0 | 0.1% | – | 67.9 | 0.1% | (0.1) |
Past due 0-30 days | 7.5 | 0.0% | – | 6.3 | 0.0% | – |
Past due 31-120 days | 1.8 | 13.2% | (0.3) | 3.2 | 0.0% | – |
Past due > 121 days | 0.7 | 97.1% | (0.6) | 1.6 | 87. 5% | (1.4) |
Total | 81.0 | (0.9) | 79.0 | (1.5) |
2023 | 2022 | |
$m | $m | |
At 1 January | 1.5 | 1.7 |
Released to income statement – administrative expenses | (0.6) | 0.5 |
Amounts written off | – | (0.5) |
Transferred to assets held for sale (see Note 32) | – | (0.2) |
At 31 December | 0.9 | 1.5 |
Total | Undrawn | Drawn | Total | Undrawn | Drawn | |
committed | committed | committed | committed | committed | committed | |
facilities | facilities | Facilities | facilities | facilities | Facilities | |
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
$m | $m | $m | $m | $m | $m | |
US dollar term loan | 100.0 | – | 100.0 | 150.0 | – | 150.0 |
Euro term loan | 157. 8 | – | 157.8 | 152.5 | – | 152.5 |
RCF | 375.0 | 365.0 | 10.0 | 408.5 | 291.9 | 116.6 |
Lines of credit | 22.9 | 22.9 | – | 22.4 | 22.4 | – |
Total | 657.7 | 387.9 | 267.8 | 733.4 | 314.3 | 419.1 |
of which expires after more than 1 year | 303.4 | 301.9 |
31 December 2023 | |||||
Within | |||||
1 year | 1 to 2 years | 2 to 5 years | After 5 years | Total | |
$m | $m | $m | $m | $m | |
Non-derivative financial liabilities: | |||||
Bank overdrafts | – | – | – | – | – |
Secured bank loan | 27.6 | 16.2 | 265.8 | – | 309.6 |
Trade and other payables | 117.9 | – | – | – | 117.9 |
Lease liabilities | 5.9 | 5.5 | 12.0 | 19.6 | 43.0 |
Total | 151.4 | 21.7 | 277.8 | 19.6 | 470.5 |
Derivative financial liabilities: | |||||
Interest rate swaps | (3.6) | (0.1) | – | – | (3.7) |
Commodity swap contracts | (4.9) | (4.5) | (3.1) | – | (12.5) |
Total | (8.5) | (4.6) | (3.1) | – | (16.2) |
2023 | 2022 | |||
Income | Income | |||
statement | Equity | statement | Equity | |
$m | $m | $m | $m | |
Gain from US Dollar strengthening 10% against Euro | 0.4 | 0.9 | 0.4 | – |
Gain/(loss) from US Dollar strengthening 10% against Sterling | 0.2 | (12.0) | 0.8 | (20.3) |
2023 | 2022 | |||
100bps | 100bps | 100bps | 100bps | |
increase | decrease | increase | decrease | |
$m | $m | $m | $m | |
Variable rate instruments – gain/(loss) | 0.7 | (0.7) | 2.8 | (2.0) |
2023 | 2022 | |
$m | $m | |
Depreciation expense on right-of-use assets | 5.3 | 5.5 |
Interest expense on lease liabilities | 1.3 | 1.4 |
Expense related to short-term | ||
leases and low-value assets | 0.3 | 0.4 |
Expense relating to variable | ||
lease payments not included | ||
in lease liabilities | 0.5 | 1.2 |
2023 | 2022 | |
$m | $m | |
At 1 January | 36.3 | 40.2 |
Additions | 5.1 | 5.5 |
Disposals | (0.6) | (2.2) |
Interest expense | 1.3 | 1.4 |
Payments | (6.5) | (7.1) |
Foreign exchange movements | 0.6 | (1.1) |
Transferred to liabilities held for sale | ||
(see Note 32) | – | (0.4) |
At 31 December | 36.2 | 36.3 |
2023 | 2022 | |
$m | $m | |
Within one year | 5.9 | 6.1 |
In the second to fifth years inclusive | 17.5 | 15.2 |
After five years | 12.8 | 15.0 |
At 31 December | 36.2 | 36.3 |
UK pension | US pension | US PRMB | |||
scheme | schemes | scheme | Other | Total | |
$m | $m | $m | $m | $m | |
2023 | |||||
Total market value of assets | 483.6 | 93.8 | – | – | 577. 4 |
Present value of scheme liabilities | (444.9) | (90.4) | (3.4) | (5.6) | (544.3) |
Net asset/(liability) recognised in the balance sheet | 38.7 | 3.4 | (3.4) | (5.6) | 33.1 |
UK pension | US pension | US PRMB | |||
scheme | schemes | scheme | Other | Total | |
$m | $m | $m | $m | $m | |
2022 | |||||
Total market value of assets | 462.8 | 91.6 | – | – | 554.4 |
Present value of scheme liabilities | (436.4) | (91.6) | (3.5) | (5.4) | (536.9) |
Net asset/(liability) recognised in the balance sheet | 26.4 | – | (3.5) | (5.4) | 17. 5 |
UK pension | US pension | US PRMB | |||
scheme | schemes | scheme | Other | Total | |
$m | $m | $m | $m | $m | |
Surplus/(deficit) in schemes at 1 January 2023 | 26.4 | – | (3.5) | (5.4) | 17.5 |
Included in profit or loss: | |||||
Current service cost | (0.1) | (0.3) | – | (0.1) | (0.5) |
Running costs | (1.9) | (0.4) | – | – | (2.3) |
Net interest income/(expense) | 1.4 | – | (0.2) | (0.1) | 1.1 |
Total | (0.6) | (0.7) | (0.2) | (0.2) | (1.7) |
Included in other comprehensive income: | |||||
Re-measurements: | |||||
Return on plan assets excluding interest income | 9.7 | 4.3 | – | – | 14.0 |
Actuarial gains arising from demographic assumptions | 12.2 | – | – | 0.1 | 12.3 |
Actuarial losses arising from financial assumptions | (9.5) | (1.9) | (0.2) | (0.1) | (11.7) |
Actuarial (losses)/gains arising from experience adjustment | (3.0) | 0.8 | – | – | (2.2) |
Exchange differences | 1.7 | – | – | (0.4) | 1.3 |
Total | 11.1 | 3.2 | (0.2) | (0.4) | 13.7 |
Contributions: | |||||
Employers | 1.8 | 0.9 | 0.5 | 0.4 | 3.6 |
Surplus/(deficit) at 31 December 2023 | 38.7 | 3.4 | (3.4) | (5.6) | 33.1 |
UK pension | US pension | US PRMB | |||
scheme | schemes | scheme | Other | Total | |
$m | $m | $m | $m | $m | |
Surplus/(deficit) in schemes at 1 January 2022 | 56.6 | (1.7) | (6.6) | (9.0) | 39.3 |
Included in profit or loss | |||||
Current service cost | (0.5) | (0.6) | (0.1) | – | (1.2) |
Running costs | (1.0) | (0.4) | – | – | (1.4) |
Net interest income/(expense) | 1.0 | – | (0.3) | (0.1) | 0.6 |
Total | (0.5) | (1.0) | (0.4) | (0.1) | (2.0) |
Included in other comprehensive income | |||||
Re-measurements: | |||||
Return on plan assets excluding interest income | (200.4) | (26.1) | – | 0.1 | (226.4) |
Actuarial gains arising from demographic assumptions | – | 0.1 | – | – | 0.1 |
Actuarial losses arising from financial assumptions | 191.3 | 26.1 | 1.2 | 2.8 | 221.4 |
Actuarial (losses)/gains arising from experience adjustment | (14.5) | 1.3 | – | (0.1) | (13.3) |
Exchange differences | (6.6) | – | – | 0.6 | (6.0) |
Total | (30.2) | 1.4 | 1.2 | 3.4 | (24.2) |
Contributions: | |||||
Employers | 0.5 | 0.6 | 0.6 | 0.3 | 2.0 |
Transferred to liabilities held for sale (see Note 32) | – | 0.7 | 1.7 | – | 2.4 |
Surplus/(deficit) at 31 December 2022 | 26.4 | – | (3.5) | (5.4) | 17.5 |
UK pension | US pension | US PRMB | ||
scheme | schemes | scheme | Total | |
$m | $m | $m | $m | |
Equities | 100.8 | 22.4 | – | 123.2 |
Bonds | 339.4 | 58.6 | – | 398.0 |
Cash/liquidity funds | 43.4 | 12.8 | – | 56.2 |
At 31 December 2023 | 483.6 | 93.8 | – | 577.4 |
Equities | 80.2 | 26.4 | – | 106.6 |
Bonds | 316.3 | 53.2 | – | 369.5 |
Cash/liquidity funds | 66.3 | 12.0 | – | 78.3 |
At 31 December 2022 | 462.8 | 91.6 | – | 554.4 |
UK pension | US pension | US PRMB | ||
scheme | schemes | scheme | Total | |
$m | $m | $m | $m | |
At 1 January 2022 | 774.9 | 130.1 | – | 905.0 |
Expected return | 12.6 | 3.3 | – | 15.9 |
Running costs | (1.0) | (0.4) | – | (1.4) |
Actuarial gains | (200.4) | (26.1) | – | (226.5) |
Contributions by employer | 0.5 | 0.6 | – | 1.1 |
Benefits paid | (34.7) | ( 7.7 ) | – | (42.4) |
Exchange differences | (89.1) | – | – | (89.1) |
Transferred to assets held for sale | – | (8.2) | – | (8.2) |
At 31 December 2022 | 462.8 | 91.6 | – | 554.4 |
Expected return | 23.3 | 4.4 | – | 27.7 |
Running costs | (1.9) | (0.4) | – | (2.3) |
Actuarial gains | 9.7 | 4.3 | – | 14.0 |
Contributions by employer | 1.8 | 0.9 | – | 2.7 |
Benefits paid | (39.2) | (7.0) | – | (46.2) |
Exchange differences | 27.1 | – | – | 27.1 |
At 31 December 2023 | 483.6 | 93.8 | – | 577.4 |
UK pension | US pension | US PRMB | ||
scheme | schemes | scheme | Total | |
$m | $m | $m | $m | |
At 1 January 2022 | (718.3) | (131.8) | (6.6) | (856.7) |
Service cost | (0.5) | (0.6) | (0.1) | (1.2) |
Past service cost | – | – | – | – |
Interest cost | (11.6) | (3.3) | (0.3) | (15.2) |
Actuarial gains/(losses) | ||||
– demographic assumptions | – | 0.1 | – | 0.1 |
– financial assumptions | 191.3 | 26.1 | 1.2 | 218.6 |
– experience adjustments | (14.5) | 1.3 | – | (13.2) |
Benefits paid | 34.7 | 7.7 | 0.6 | 43.0 |
Exchange differences | 82.5 | – | – | 82.5 |
Transferred to assets held for sale | – | 8.9 | 1.7 | 10.6 |
At 31 December 2022 | (436.4) | (91.6) | (3.5) | (531.5) |
Service cost | (0.1) | (0.3) | – | (0.4) |
Past service cost | – | – | – | – |
Interest cost | (21.9) | (4.4) | (0.2) | (26.5) |
Actuarial gains/(losses) | ||||
– demographic assumptions | 12.2 | – | – | 12.2 |
– financial assumptions | (9.5) | (1.9) | (0.2) | (11.6) |
– experience adjustments | (3.0) | 0.8 | – | (2.2) |
Benefits paid | 39.2 | 7.0 | 0.5 | 46.7 |
Exchange differences | (25.4) | – | – | (25.4) |
At 31 December 2023 | (444.9) | (90.4) | (3.4) | (538.7) |
UK % | US % | |
2023 | ||
Rate of increase in salaries | 4.2 | 3.0 |
Rate of increase in pensions in payment | 3.1 | N/A |
Discount rate | 4.5 | 5.1 |
Inflation | 3.2 | 2.4 |
2022 | ||
Rate of increase in salaries | 4.5 | 3.0 |
Rate of increase in pensions in payment | 3.3 | N/A |
Discount rate | 4.8 | 5.1 |
Inflation | 3.5 | 2.4 |
UK | US | |||
2023 | 2022 | 2023 | 2022 | |
years | years | years | years | |
Retiring at 31 December | ||||
Males | 21 | 22 | 21 | 21 |
Females | 24 | 24 | 22 | 22 |
Retiring in 20 years | ||||
Males | 23 | 23 | 21 | 21 |
Females | 25 | 26 | 23 | 23 |
Assumption | Change in assumption | Impact on UK scheme | Impact on US scheme |
Discount rate | Increased/decreased by 0.5% | Decreased/increased by 5% | Decreased/increased by 4% |
Rate of inflation | Increased/decreased by 0.5% | Increased/decreased by 3% | Increased/decreased by 0% |
Rate of salary growth | Increased/decreased by 0.5% | Increased/decreased by 0% | Increased/decreased by 0% |
Rate of mortality | Increased by 1 year | Increased by 5% | Increased by 3% |
2023 | 2022 | |
Fair value per option (pence) | 104.2 | 95.2 |
Expected volatility (%) | 38.0 | 44.0 |
Risk free rate (%) | 4.7 | 3.3 |
Expected dividend yield (%) | 2.4 | 3.0 |
’000 | ||||||||
’000 | ||||||||
2023 | 2022 | |
Average | Average | |
exercise | exercise | |
price (p) | price (p) | |
At 1 January | 9.6 | 11.9 |
Granted | 8.9 | 14.9 |
Exercised | 12.3 | 30.6 |
Expired | 10.0 | 20.4 |
At 31 December | 8.6 | 9.6 |
Exercisable at 31 December | 31.8 | 49.3 |
2023 | 2022 | |
$m | $m | |
Salaries and short term | ||
employee benefits | 3.6 | 3.4 |
Post-employment benefits | 0.3 | 0.3 |
Other long term benefits | 0.4 | 0.4 |
Share based payments | 1.3 | 0.4 |
Total | 5.6 | 4.5 |
2023 | 2022 | |
$m | $m | |
Change in net cash resulting from cash flows: | ||
Increase/(decrease) in cash and cash equivalents | 9.9 | (27.8) |
Decrease/(increase) in borrowings repayable within one year | 2.5 | (3.0) |
Decrease in borrowings repayable after one year | 158.0 | 54.6 |
170.4 | 23.8 | |
Currency translation differences | (5.6) | 10.4 |
Decrease in net borrowings | 164.8 | 34.2 |
Net borrowings at 1 January | (366.8) | (401.0) |
Net borrowings at 31 December | (202.0) | (366.8) |
Bank and | Total | Cash and | Net debt | ||
other | Lease | financing | cash | and lease | |
borrowings | liabilities | liabilities | equivalents | liabilities | |
$m | $m | $m | $m | $m | |
At 1 January 2022 | (485.6) | (40.2) | (525.8) | 84.6 | (441.2) |
Exchange rate adjustments | 12.3 | 1.1 | 13.4 | (2.0) | 11.4 |
Cash flows from financing activities | 51.6 | 7.1 | 58.7 | (57.8) | 0.9 |
Other movements | – | (4.7) | (4.7) | 30.1 | 25.4 |
Transferred to liabilities held for sale | – | 0.4 | 0.4 | – | 0.4 |
At 31 December 2022 | (421.7) | (36.3) | (458.0) | 54.9 | (403.1) |
Exchange rate adjustments | (6.6) | (0.7) | (7.3) | 1.0 | (6.3) |
Cash flows from financing activities | 160.5 | 6.5 | 167.0 | 9.9 | 176.9 |
Other movements | – | (5.0) | (5.0) | – | (5.0) |
At 31 December 2023 | (267.8) | (35.5) | (303.3) | 65.8 | (237.5) |
2023 | 2022 | |
$m | $m | |
Revenue | 14.4 | 185.0 |
Expenses | (14.2) | (165.0) |
Calculated gain on sale of Chromium business | 26.6 | – |
Disposal transaction costs | (6.4) | (5.6) |
Recycling of deferred foreign | ||
exchange losses | (9.3) | – |
Profit before income tax | 11.1 | 14.4 |
Tax | (12.8) | (2.9) |
(Loss)/profit from discontinued operations | (1.7) | 11.5 |
2023 | 2022 | |
$m | $m | |
Operating profit | 11.1 | 15.2 |
Adjusting items: | ||
Calculated gain on sale of Chromium business | (26.6) | – |
Disposal transaction costs | 6.4 | 5.6 |
Recycling of deferred foreign | ||
exchange losses on sale of business | 9.3 | – |
Increase in environmental | ||
provisions due to additional | ||
remediation work identified | – | 5.3 |
Decrease in environmental provisions | ||
due to change in discount rate | – | (3.1) |
Amortisation of intangibles arising | ||
on acquisition | – | 0.2 |
Adjusted operating profit | 0.2 | 23.2 |
2023 | |
$m | |
Goodwill | – |
Intangible assets | 1.0 |
Property, plant and equipment | 70.2 |
Inventories | 69.1 |
Trade and other receivables | 20.7 |
Total assets | 161.0 |
Trade and other payables | (23.2) |
Provisions | (19.7) |
Pensions | (2.2) |
Tax liabilities | (3.2) |
Lease liabilities | (0.1) |
Total liabilities | (48.4) |
Net assets disposed | 112.6 |
Gross cash proceeds | 139.2 |
Calculated gain on sale of Chromium business | 26.6 |