Resultados del año completo 2023 de Morgan Advanced Materials
Fidor AG
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07:46 20/03/24
Resultados del ejercicio completo para el período finalizado el 31 de diciembre de 2023
Results in line, business simplification announced, higher growth outlook
Millones de libras a menos que se indique lo contrario
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2023 |
2022 | Como se informó el cambio | Organic moneda constante1 el cambio |
Resultados ajustados Ingresos |
1,114.7 |
1,112.1 | + 0.2% | + 2.5% |
Beneficio operativo ajustado del grupo1 | 120.3 | 151.0 | (20.3)% | (16.6)% |
Margen de beneficio operativo ajustado del grupo1 | 10.8% | 13.6% | (280) puntos básicos | |
El rendimiento del capital invertido1,2 | 17.6% | 23.7% | (610) puntos básicos | |
EPS ajustado1 | 25.0p | 33.8p | (26.0)% | |
Flujo de caja libre antes de adquisiciones, enajenaciones y dividendos1 | 14.6 | (46.9) | + 131.1% | |
Deuda neta (excl. pasivos por arrendamiento)1 | 185.2 | 148.5 | + 24.7% | |
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Resultados estatutarios |
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Ingresos | 1,114.7 | 1,112.1 | ||
Beneficio operativo | 91.9 | 140.8 | (34.7)% | |
Beneficio antes de impuestos | 77.8 | 131.6 | (40.9)% | |
EPS continuo3 | 16.4p | 30.6p | (46.4)% | |
EPS continuas y descontinuadas3 | 16.6p | 31.0p | (46.5)% | |
Cash generated from continued operations | 126.3 | 59.1 | + 113.7% | |
Dividendo total por acción | 12.0p | 12.0p |
1. Definitions of these non-GAAP measures can be found in the glossary of terms on page 46, reconciliations of the statutory results to the adjusted measures can be found on pages 14 to 18. Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text and by a footnote where they appear in tables.
2. The return on invested capital calculation has been simplified so that it can be calculated from published information and the prior period comparative has been restated. See details on page 17.
3. EPS se presenta sobre una base 'continua' y combinada 'continua y discontinuada' para la información legal. Se proporcionan más detalles en la nota 8 a los estados financieros consolidados.
Aspectos destacados del grupo
· | Organic constant-currency* revenue growth of 2.5%, with 10.4% from our faster growing markets |
· | Adjusted operating profit £120.3m, adjusted operating profit margin 10.8% and ROIC 17.6% |
· | Recovery from cyber security incident now substantially complete |
· | Cash generated from continued operations of £126.3 million, reflecting full recovery of the mid-year increase in working capital |
· | Strong balance sheet with net debt*/EBITDA (excl. leasing)* of 1.2 times |
· | Absolute CO2e emissions (from scope 1 and 2) reduced by 25% compared with 2022 |
· | Simplification of Group structure announced alongside additional cost reduction programme |
· | Further market demand driving an acceleration of Semiconductor investment, with higher medium-term Group growth now expected |
· | Underlying outlook for 2024 performance unchanged, foreign exchange headwind anticipated |
Al comentar sobre los resultados, el director ejecutivo, Pete Raby, dijo:
"Our product differentiation and successful business model have enabled us to deliver solid revenue growth in both our Core and Faster Growing markets, despite the impact of the cyber security incident in the first half and weaker market conditions in the second. We have substantially completed our recovery from the cyber security incident, with our profitability and cash performance in line with our financial framework in the second half. We are pleased to be able to announce an acceleration of our Semiconductor capacity investment, and a simplification of the Group that supports a leaner structure as we enter 2024. I want to thank all our employees for their hard work in achieving this result."
Semiconductor Investment
The Company continues to experience strong demand for its semiconductor consumable products driven by growth in the Silicon Carbide wafer market for power electronics. Having announced in December 2022 a £60 million investment over three years to create additional capacity, we are now increasing our investment such that we expect to have invested £100 million by 2026. We expect this investment to drive attractive long-term growth and strong returns, transitioning the Group further towards faster growing markets.
Simplificación de Negocios
The Company's growth targets are underpinned by the development of leading differentiated positions in attractive growth markets delivered through deep process and material know how in our manufacturing sites. In order to streamline our management structures and optimise plant operations, we will in future manage the Company through three distinct segments:
Thermal Products: comprising the current Thermal Ceramics and MMS segments, focused on growth opportunities in which heat resistance, fire protection and insulation are principal product attributes.
Performance Carbon: comprising the current Electrical Carbon and part of the Seals and Bearings segments, with a clear strategy to pursue opportunities for carbon-based components in Semiconductor, Rail, Aerospace, Power Generation and other markets.
Technical Ceramics: comprising the current Technical Ceramics and part of the Seals and Bearings segments, focused on development of our advanced ceramic applications in Semiconductor, Healthcare, Aerospace and Industrial equipment.
This change forms part of a broader restructuring plan that is expected to deliver £10 million of annualised savings by 2025, with an expected implementation cost of around £20 million, of which £18 million are cash costs expected to be incurred over 2023 to 2025. As well as the savings from simplification of our structure, the Company is progressing with the next phase of its site rationalisation programme with four factories identified for closure.
AF 2023 £ m | AF 2024 £ m | AF 2025 £ m | Total £ m | |
Beneficio operativo ajustado1 beneficios (incrementales) | 1 | 7 | 10 | - |
Costs charged to specific adjusting items | (7) | (11) | (2) | (20) |
Outlook
Whilst mindful of weaker market conditions in the near term, our outlook for full-year constant currency revenue growth remains in line with our financial framework. We expect our restructuring plan to deliver initial cost benefits in 2024, whilst we are also accelerating our investment in Semiconductor capacity as we ramp up to meet strong demand, and increasing our investment in IT. Our underlying outlook for 2024 performance is unchanged, with a slight weighting to our second half as additional capacity comes online, and a foreign exchange headwind anticipated.
1. Las definiciones de estas medidas no GAAP se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
Nuestro propósito
Nuestro propósito es utilizar materiales avanzados para hacer el mundo más sostenible y mejorar la calidad de vida. Este propósito guía nuestras acciones: sustenta nuestro trabajo para reducir nuestro impacto ambiental, informa cómo tratamos a nuestra gente y garantiza que cumplamos con nuestra responsabilidad de buen gobierno corporativo.
Cumplimos con nuestro propósito a través de los productos que fabricamos y la forma en que los fabricamos.
· | Mejoramos la calidad de vida apoyando los diagnósticos médicos con nuestros tubos de alimentación en escáneres médicos. Nuestros pasamuros son el núcleo de los implantes cocleares y nuestros sellos se utilizan en bombas de sangre. Estos productos transforman la vida de las personas.
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· | Nuestros productos ayudan a mantener a las personas seguras. Estamos orgullosos de diseñar protección contra incendios en todo, desde automóviles hasta túneles, desde barcos hasta plataformas petrolíferas.
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· | Diseñamos y fabricamos nuestros productos para ayudar a los clientes a ahorrar energía.
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· | Our carbon brushes are integral to wind turbines and power generators and enable electrified rail transport.
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· | Our ceramic rollers are used to make thin-film solar panels, our insulation is used in solar towers and steam turbines, and our ceramic cores are used to make more efficient industrial gas turbines. These are all products which promote a more sustainable and environmentally secure future for our planet.
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Nuestra estrategia
Nuestra estrategia se basa en nuestras fortalezas y enfoca al Grupo en negocios escalables en mercados atractivos y en el desarrollo de nuestras tres capacidades principales en enfoque al cliente, ingeniería de aplicaciones y ciencia de materiales. Para continuar con el desarrollo de nuestras capacidades centrales, tenemos tres prioridades de ejecución:
Gran diferencia positiva: asegurarnos de que gobernamos nuestro negocio de la manera correcta, cuidando el medio ambiente, cuidando a nuestra gente y operando con altos estándares éticos. Esta prioridad respalda nuestro enfoque en viviendo y respirando nuestros compromisos de inclusión, trato justo a las personas, reducción de residuos, gestión de nuestro consumo de agua y reducción de emisiones.
deleitar al cliente - following on from our foundational work on sales effectiveness, we are working to shape our product and service offerings further based on customer needs, with the overall objective of making our business more customer-centric. We gathered customer feedback during 2022 through a range of channels and are using that to understand our customer segments in more detail. This will enable us to align our product, service and support offerings more closely to customer needs.
Innovar para crecer - muchos de nuestros clientes tienen una necesidad cada vez mayor de reducir su consumo de energía y CO2 emissions, or to deliver higher performance from their processes, and these customers need our help. This priority supports our focus on working with the customer to innovate in traditional heavy industries whilst accelerating our development in our faster growing markets: clean energy, clean transportation, semiconductors and healthcare.
We have been focusing our product development and business development efforts in these markets over the recent years to develop new and differentiated products that solve complex problems for our customers.
· | Energia limpia. Crecimiento en almacenamiento de energía, escobillas y anillos colectores para aplicaciones eólicas terrestres y productos cerámicos y de carbono utilizados en la fabricación de paneles solares.
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· | Transporte limpio. Crecimiento en nuestro negocio de colectores de rieles para aplicaciones de metro y rieles principales, y en componentes de bombas de vacío y agua para aplicaciones de vehículos eléctricos.
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· | Semiconductores. Crecimiento desde el suministro de consumibles de carbono y cerámica hasta pasos clave del proceso de semiconductores, incluido el crecimiento de cristales, la deposición, la litografía y el grabado.
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· | Cuidado de la salud. Crecimiento a partir de imágenes médicas y suministro de aislamiento de baja temperatura para el transporte y almacenamiento de medicamentos y vacunas.
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During 2023, organic constant-currency* revenue growth in these segments was 10.4%, which represented 21.3% of our revenue overall.
Nuestro marco financiero
We have a clear, through-cycle financial framework, consisting of:
· | Crecimiento orgánico de los ingresos en moneda constante* del 4% al 7% a lo largo del ciclo |
· | Margen de beneficio operativo ajustado* de 12.5%-15% |
· | Retorno sobre el capital invertido* del 17%-20% |
· | Apalancamiento (deuda neta*/EBITDA excl. arrendamiento*) de 1.0-2.0 veces |
Our framework drives enhanced earnings growth and underpins our strategy. We have upgraded our constant-currency* growth guidance for 2024 onwards (previously 3%-6%) in anticipation of the significant Semiconductor investment, noted on page 2.
Nuestras prioridades ambientales, sociales y de gobernanza (ESG)
In March 2021, we set stretching targets to improve our environmental, social and governance performance and become a more sustainable business. We take these commitments seriously and have plans in place to deliver against them in the coming years.
Proteger el medio ambiente
· | Our goal is to be a CO2e Scope 1 and 2 net zero business by 2050. Our 2030 target is to reduce our scope 1 and 2 CO2e emissions by 50% (from a 2015 baseline), and during the year we reduced our emissions by 25%. We are now 54% below our 2015 baseline and on track to meet our 2030 goal. |
· | Our goal is to use water sustainably across our business. Our 2030 target is to reduce our overall water usage, as well as our water usage in high and extremely high stress areas, by 30% (from a 2015 baseline). Our overall water usage decreased by 11% compared with last year and water in high-stress areas has reduced by 14%. We are on track to meet our 2030 goal. |
Proporcionar un lugar de trabajo seguro, justo e inclusivo
· | Our goal is to create an environment and culture with zero harm to our employees. Our 2030 target is a lost-time accident rate below 0.1 (lost-time accidents per 100,000 hours worked). Our LTA rate was 0.19 (2022: 0.28), an improvement over the prior year reflecting the significant focus on employee safety and wellbeing. During the year we refreshed our 'take 5 for safety' process, introducing new templates and training all of our people. We also completed further work to improve the safety of our high temperature processes and deployed a new EHS system to facilitate reporting and management of EHS activities. |
· | Our goal is that our employee demographics reflect the communities that we operate in. Our 2030 target is for 40% female representation across our leadership population of our organisation. Our diversity position improved slightly over the year with 30% females in our leadership population. While we have done a lot to improve our business as an environment for female leaders, we have yet to make progress on this metric and we will be taking further steps in 2024 including further policy improvements, ensuring diverse shortlists when filling roles and accelerating the development of our female leaders. |
· | Our goal is to be a welcoming and inclusive environment where our employees can grow and thrive. Our 2030 target is to attain a top quartile employee engagement score. We completed a pulse engagement survey in December 2023 and our engagement score was 54%, this reflects a 1% reduction from the equivalent population last year. We will be completing a full survey in June 2024 and are continuing to drive actions locally and globally to improve the experience of our people. |
Nuestro Director de Medio Ambiente, Salud y Sostenibilidad del Grupo y el Director de Recursos Humanos del Grupo coordinan nuestros proyectos de mejora. Además, la Junta revisa el progreso trimestralmente y asume un papel activo para exigir al equipo ejecutivo que rinda cuentas sobre la mejora del desempeño ESG.
Consultas
pete rabi | Materiales avanzados de Morgan | 01753 837 000 |
Richard Armitage | Materiales avanzados de Morgan | |
nina coad | Brunswick | 0207 404 5959 |
Presentación de resultados hoy
Hoy habrá una presentación para analistas e inversores a las 09:30 (hora del Reino Unido) a través de una conferencia web.
Un webcast de audio en vivo y una presentación de diapositivas de este evento estarán disponibles en www.morganadvancedmaterials.com Le recomendamos que se registre antes de las 09:15 (hora del Reino Unido).
Base de preparación
Medidas que no son PCGA
A lo largo de este informe, se utilizan medidas ajustadas para describir el desempeño financiero del Grupo. Estos no se reconocen bajo las NIIF u otros principios de contabilidad generalmente aceptados (GAAP). El Comité Ejecutivo y la Junta administran y evalúan el desempeño del negocio en estas medidas y se presentan como los Directores consideran que brindan información útil a los accionistas, incluida una perspectiva adicional sobre el comercio en curso y las comparaciones año tras año. Estas medidas que no son GAAP deben verse como complementarias, no como reemplazos, de las medidas GAAP comparables.
Throughout this report these non-GAAP measures are clearly identified by an asterisk (*) where they appear in text, and by a footnote when they appear in tables and charts. Definitions of these non-GAAP measures can be found in the glossary of terms on page 46, and reconciliations of the statutory results to the adjusted measures can be found on pages 14 to 18.
Revisión de operaciones
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1. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
2. Los detalles de las partidas de ajuste específicas de las operaciones continuas se revelan en la nota 4 de los estados financieros consolidados.
Cerámica Térmica
Revenue for Thermal Ceramics for the year was £402.2 million, representing a decrease of 4.6% compared with £421.4 million in 2022. Reductions in Conventional energy and Industrial segments were partially offset by growth across several segments including Healthcare, Conventional transportation and Metals. Foreign exchange has been a substantial driver of the decline as on an organic constant-currency* basis, year-on-year revenue decreased by 0.7%.
Thermal Ceramics operating profit was £25.3 million (2022: £44.3 million), and operating margin was 6.3% (2022: 10.5%). Operating margin has declined versus prior year owing to inefficiencies from the cyber security incident impacting the first half of the year. Full year margins show significant recovery through H2. Details of the specific adjusting items charge of £8.0 million (2022: £2.8 million) are included in note 4. Adjusted operating profit* was £34.5 million (2022: £48.7 million) with adjusted operating profit margin* of 8.6% (2022: 11.6%).
Sistemas de metal fundido
Revenue for Molten Metals Systems for the year was £52.2 million, a decrease of 9.7% compared with £57.8 million in 2022. Revenue decline is seen across both Industrial and Metals segments due to reduced market demand. On an organic constant-currency* basis, year-on-year revenue decreased by 8.1%.
Molten Metal Systems operating profit was £4.2 million (2022: £7.5 million), and operating profit margin was 8.0% (2022: 13.0%). Margin weakening has been caused by the drop through of volume decline as well as cyber security related inefficiencies in the first half. Details of the specific adjusting items charge of £1.3 million (2022: £nil) are included in note 4. Adjusted operating profit* was £5.7 million (2022: £7.8 million) with adjusted operating profit margin* of 10.9% (2022: 13.5%).
Carbón Eléctrico
Revenue for Electrical Carbon for the year was £201.4 million, representing an increase of 6.7% compared with £188.7 million in 2022, driven by significant growth in our Semiconductor segment. On an organic constant-currency* basis, year-on-year revenue increased by 9.7%.
Electrical Carbon operating profit was £38.7 million (2022: £39.1 million), and operating profit margin was 19.2% (2022: 20.7%). Slight margin reduction is a result of cyber security incident related inefficiencies in the first half of the year. Details of the specific adjusting items charge of £2.3 million (2022: £0.1 million credit) are included in note 4. Adjusted operating profit* was £41.5 million (2022: £39.7 million) with an adjusted operating profit margin* of 20.6% (2022: 21.0%).
Sellos y cojinetes
Revenue for Seals and Bearings in 2023 was £145.8 million, representing a decrease of 1.8% compared with £148.5 million in 2022, with the primary driver being a decline in the Industrial segment offset by strong growth in the Healthcare and Petrochemical segments. On an organic constant-currency* basis, year-on-year revenue decreased by 1.2%. Ceramic armour sales in 2023 were £25.4 million (2022: £25.5 million).
Seals and Bearings operating profit was £3.3 million (2022: £16.6 million), and operating profit margin was 2.3% (2022: 11.2%). Details of the specific adjusting items charge of £7.4 million (2022: £1.6 million) are included in note 4. Margin deteriorated as a result of manufacturing inefficiencies from the cyber security incident. Adjusted operating profit* was £11.4 million (2022: £19.0 million), with an adjusted operating profit margin* of 7.8% (2022: 12.8%).
Cerámica Técnica
Revenue for the Technical Ceramics global business unit in 2023 was £313.1 million, an increase of 5.9% compared with £295.7 million in 2022, driven by strong growth in Conventional transport (particularly Aerospace) and Security and defense with a combination of market growth and share wins. On an organic constant-currency* basis, year-on-year revenue increased by 6.4%.
Technical Ceramics operating profit was £40.4 million (2022: £39.2 million), and operating profit margin was 12.9% (2022: 13.3%). Details of the specific adjusting items credit of £8.0 million (2022: £1.2 million charge) are included in note 4. Margin decline due to continued system recovery from the cyber security incident and related inefficiencies. Adjusted operating profit* was £33.1 million (2022: £41.7 million), with an adjusted operating profit margin* of 10.6% (2022: 14.1%).
Revisión financiera del grupo
Group revenue was £1,114.7 million (2022: £1,112.1 million), an increase of 0.2% on a reported basis compared with 2022.
El beneficio operativo ajustado del grupo* fue de 120.3 millones de libras esterlinas (2022: 151.0 millones de libras esterlinas). El margen de beneficio operativo ajustado* fue del 10.8 %, en comparación con el 13.6 % de 2022.
Operating profit was £91.9 million (2022: £140.8 million) and profit before tax was £77.8 million (2022: £131.6 million). Specific adjusting items in 2023 was a net pre-tax charge of £25.1 million (2022: £5.5 million), primarily relating to the cyber security incident in January 2023, impairment of non-financial assets, and impact of Argentina's currency devaluation. Further details are included under Specific adjusting items below.
El cargo de amortización del Grupo fue de £3.3 millones (2022: £4.7 millones).
The net finance charge was £14.1 million (2022: £9.2 million) comprising net bank interest and similar charges of £11.7 million (2022: £5.4 million), net interest on IAS 19 pension obligations of £nil (2022: £1.4 million), and the interest expense on lease liabilities of £2.4 million (2022: £2.4 million) resulting from IFRS 16 Leases. Bank charges have increased because of higher borrowings and interest rates.
Looking forward to 2024, we anticipate that the net finance charge will be around £18-20 million, comprising: net bank interest and similar charges of £16-17 million; net interest on IAS 19 pension obligations of £0.5 million; and net interest expense on lease liabilities of £2 million.
The Group tax charge from continuing operations, excluding specific adjusting items, was £26.0 million (2022: £37.1 million). The effective tax rate, excluding specific adjusting items, was 25.3.% (2022: 27.0%). Note 6 to the consolidated financial statements on page 34 provides additional information on the Group's tax charge. Looking forward to 2024, we anticipate that the effective tax rate will be around 25%-27%. On a statutory basis, the Group tax charge was £22.2 million (2022: £36.0 million), lower than the previous year due to the lower taxable profits.
Basic earnings per share from continuing operations was 16.4 pence (2022: 30.6 pence) and adjusted earnings per share* was 25.0 pence (2022: 33.8 pence). Details of these calculations can be found in note 8 to the consolidated financial statements on page 36.
The Group's balance sheet and liquidity remain robust. Net debt* for the year ended 31 December 2023 was £232.3 million, with net debt excluding lease liabilities* of £185.2 million. The Group has cash and cash equivalents* of £124.5 million and undrawn headroom on its revolving credit facility of £187.9 million.
Our key financial covenants are measured on a pre-IFRS 16 Leases basis. As at 31 December 2023, net debt* to EBITDA*, excluding lease liabilities, was 1.2 times compared to a covenant not to exceed 3.0 times, and our interest cover was 12.7 times, compared with a covenant to exceed 4.0 times.
Elementos de ajuste específicos
In the consolidated income statement, the Group presents specific adjusting items separately. In the judgement of the Directors, as a result of the nature and value of these items they should be disclosed separately from the underlying results of the Group to allow the reader to obtain an alternative understanding of the financial information and the performance of the Group excluding these items.
Los detalles de las partidas de ajuste específicas que surgen de las operaciones continuas durante el año y el período comparativo se proporcionan en la nota 4 a los estados financieros consolidados. Las partidas de ajuste específicas en relación con las operaciones discontinuadas se revelan en la nota 7 a los estados financieros consolidados.
En 2023, las partidas de ajuste específicas antes de impuestos de operaciones continuas totalizaron £25.1 millones (2022: £5.5 millones) y comprendieron lo siguiente:
2023 £ m | 2022 £ m | |
Elementos de ajuste específicos de operaciones continuas1 | ||
Costs associated with the cyber security incident | (14.7) | - |
Charges in relation to the impact of Argentina's currency devaluation | (5.8) | - |
Net restructuring (charge)/credit | (3.5) | 0.6 |
Net business closure and exit costs | (1.9) | - |
Impairment review of non-financial assets | (7.3) | (6.5) |
Reversal of impairment of non-financial assets | 8.1 | - |
Beneficio neto por enajenación de negocio | - | 0.4 |
Total de partidas específicas de ajuste antes del impuesto a las ganancias | (25.1) | (5.5) |
Crédito por impuesto sobre la renta de partidas específicas de ajuste | 3.8 | 1.1 |
Total de partidas específicas de ajuste después del impuesto a las ganancias | (21.3) | (4.4) |
1. Las partidas de ajuste específicas relacionadas con operaciones discontinuadas se revelan en la nota 7.
2023
Costs associated with the cyber security incident
During 2023, we incurred £14.7 million of exceptional costs and charges in relation to the cyber security incident in January 2023. These were comprised of legal and advisory costs, IT recovery and support costs and impairment charges for IT assets which were rendered unusable as a result of the incident.
Charges in relation to the impact of Argentina's currency devaluation
On 13 December 2023, Argentina devalued its currency by more than 50%. The impact of the currency devaluation (£2.6 million) has been classified as a specific adjusting item. An impairment review was also performed as at 31 December 2023 and, due to restrictions on imports limiting the ability to purchase raw materials and the subsequent effect on forecast trading, we have fully impaired the carrying value of property, plant and equipment and the value of raw materials which, in the current circumstances, we would be unable to sell. The impairment charges in relation to property, plant and equipment and inventory were £1.9 million and £1.3 million respectively.
Net restructuring charge
The Group has taken the opportunity to reduce our global footprint and rationalise costs in order to focus resources on our faster growing markets and optimise factory operations. This restructuring programme commenced in the second half of 2023 and will continue into 2024. A charge of £6.5 million has been recognised in relation to this and comprises costs associated with staff redundancies and site closure costs.
A restructuring provision of £3.0 million held for Technical Ceramics, ceramic cores during the Group's 2020 restructuring programme has been released following settlement of a multi-employer pension plan and the re-letting of the site.
Net business closure and exit costs
During 2023, we commenced liquidation of a Thermal Ceramics business in China. Costs associated with this were £1.9 million and included severance, decommissioning and advisory fees.
The land and buildings owned by another Thermal Ceramics business in China which was closed in 2020 were sold in December 2023. The gain associated with this sale was £2.4 million.
We disposed of a Thermal Ceramics business in France in 2015, for which we retained responsibility for remediating the impact of historical manufacturing processes on the environment. An assessment of the remaining required remediation was performed in 2023 and as a consequence of this review we have provided £2.4 million.
Deterioro de activos no financieros
Seals and Bearings, Europe
An impairment charge of £2.9 million was recognised after reassessing the value in use of property, plant and equipment in a business in Italy, which was experiencing limited growth. This represents a partial impairment of the assets; the carrying value of the assets following this impairment was £5.3 million. The calculation of value in use was performed as at 31 December 2023, a long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value, with a pre-tax discount rate of 17.3%.
An impairment charge of £0.3 million was recognised after assessing the viability of a development asset, which could not be successfully commissioned.
Seals and Bearings, Asia
An impairment charge of £1.9 million was recognised after reassessing the value in use of property, plant and equipment in a business which was experiencing limited growth and under-utilisation of key assets. This represents a partial impairment of assets; the carrying value of the assets following this impairment was £2.2 million. The calculation was performed as at 31 December 2023, using a long-term growth rate of 1.0% and a pre-tax discount rate of 13.9%.
Electrical Carbon, North America
An impairment charge of £1.5 million was recognised after assessing the viability of a development asset in North America which was not deemed to be commercially viable.
Electrical Carbon, Asia
An impairment charge of £0.7 million was recognised in relation to assets associated with a manufacturing line which, based on current projections, is expected to be under-utilised from 2025 onwards.
Reversal of impairment of non-financial assets (recognised in previous periods)
In 2020, as a result of the COVID-19 pandemic, we impaired property, plant and equipment within our Technical Ceramics, ceramic cores business and Thermal Ceramics, Europe. Following our review as at 31 December 2023 of assets which continue to be used and which were impaired in previous years, we have reversed a portion of this impairment. For the ceramic cores business, we reversed £5.7 million being a full reversal, reinstating the net book value at which the assets would have been held if the impairment had not been booked in 2020, because the business and the aerospace industry have demonstrated sustained growth. For Thermal Ceramics, Europe we have recorded a partial impairment reversal of £2.4 million following sustained recovery of the industrial market segments. This reversal is based on a value in use calculation which was performed at 31 December 2023, using a long-term growth rate of 1.0% for years beyond the five-year forecast period and in calculating terminal value, with a pre-tax discount rate of 13.6%.
Review of cumulative impairment of non-financial assets
Impairment charges of £20.6 million for non-financial assets which the business continues to use have been recorded during the current and previous years (Technical Ceramics, Asia £7.7 million, Thermal Ceramics £7.2 million, Seals and Bearings, Asia £2.9 million and Seals and Bearings, Europe £2.8 million). These impaired amounts could be reversed if the related businesses were to outperform significantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions in assessing the value in use of these non-financial assets. This did not result in a material reversal of the impaired amounts.
2022
Deterioro de activos no financieros
Seals and Bearings, Asia
An impairment charge of £0.6 million was recognised relating to assets purchased to support a customer contract which did not materialise.
A further impairment charge of £1.0 million was recognised after reassessing the value in use of property, plant and equipment in a business in Asia which was taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value of the assets following this impairment was £5.2 million. The calculation of the value in use was performed as at December 2022. A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 12.9% was used to determine the value in use.
Thermal Ceramics, Europe
An impairment charge of £1.2 million was recognised following a fire in December which destroyed a warehouse and inventory. The assets were subsequently written off.
An impairment charge of £1.1 million was recognised after reassessing the value in use of property, plant and equipment in a business in France which was experiencing limited growth and under-utilisation of key assets. This represented a partial impairment of the assets. The carrying value of the assets following the impairment was £0.3 million. The calculation of value in use was performed as at December 2022. A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 13.7% was used to determine the value in use.
Thermal Ceramics, South America
An impairment charge of £0.9 million was recognised in relation to assets associated with a closed manufacturing line.
Cerámica Técnica, Asia
An impairment charge of £1.7 million was recognised after reassessing the value in use of property, plant and equipment in a business in Asia which was taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value of the assets following this impairment was £3.2 million. The calculation of the value in use was performed as at December 2022.
A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 12.9% was used to determine the value in use.
Crédito de reestructuración
A credit of £0.6 million was recognised in the year ended 31 December 2022. This represented the release of restructuring provisions recorded in relation to the Group's 2020 restructuring programme. The remaining provision of £10.5 million as at 31 December 2022 included lease exit costs and multi-employer pension obligations for two sites which were closed in 2021. In 2022, the cash outflows relating to the pension obligations were expected to continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash outflows in relation to the lease were expected to continue for four years.
Beneficio neto por enajenación de negocio
The Group disposed of its investment in the joint venture Sukhoy Log, based in Russia, during 2022. This disposal generated a net profit of £0.4 million. Refer to note 2 for further information.
Impacto de la moneda extranjera
Los principales tipos de cambio utilizados en la conversión de los resultados de las subsidiarias en el extranjero fueron los siguientes:
2023 | 2022 | |||
GBP a: | Tasa de cierre | Tasa promedio | Tasa de cierre | Tasa promedio |
Dólar estadounidense | 1.27 | 1.24 | 1.21 | 1.24 |
Euro | 1.15 | 1.15 | 1.13 | 1.17 |
For illustrative purposes, the table below provides details of the impact on 2023 revenue and Group adjusted operating profit* if the actual reported results, calculated using 2023 average exchange rates were restated for GBP weakening by 10 cents against USD in isolation and 10 cents against the Euro in isolation:
Aumento de los ingresos de 2023 / beneficio operativo ajustado1 Si: | Ingresos
£ m | Beneficio operativo ajustado1 £ m |
GBP weakens by 10c against the USD in isolation | 42.8 | 4.9 |
La libra esterlina se debilita en 10 centavos frente al euro de forma aislada | 21.5 | 2.5 |
Retranslating the 2023 full year results at the February 2024 closing exchange rates would lead to revenue of £1,091.7 million and adjusted operating profit* of £112.7 million.
Flujo de fondos
2023
£ m | 2022
£ m | |
Efectivo generado por operaciones continuas | 126.3 | 59.1 |
Gasto de capital neto | (58.5) | (57.4) |
Interés neto sobre efectivo y préstamos | (11.6) | (5.4) |
Impuesto pagado | (30.3) | (31.8) |
Pagos de arrendamiento e intereses | (11.3) | (11.4) |
Flujo de caja libre antes de adquisiciones, enajenaciones y dividendos1 | 14.6 | (46.9) |
Dividendos pagados a accionistas externos de plc | (34.2) | (31.6) |
Flujos de efectivo netos de otras actividades de inversión y financiación | (17.8) | (10.3) |
Flujos de efectivo por venta de subsidiarias y asociadas | - | 0.4 |
Flujos de efectivo netos de operaciones discontinuadas | 0.4 | 1.1 |
Movimiento cambiario y otros movimientos distintos del efectivo | 0.3 | (14.5) |
Deuda neta de apertura1 excluyendo los pasivos por arrendamiento | (148.5) | (46.7) |
Cierre de la deuda neta1 excluyendo los pasivos por arrendamiento | (185.2) | (148.5) |
Cierre de pasivos por arrendamiento | (47.1) | (51.9) |
Cierre de la deuda neta1 | (232.3) | (200.4) |
1. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
Cash generated from continuing operations was £126.3 million (2022: 59.1 million).
Free cash flow before acquisitions, disposals and dividends* was £14.6 million (2022: £(46.9) million).
Net debt* at the year end was £232.3. million (2022: £200.4 million), representing a net debt* to EBITDA* ratio of 1.5. times (2022: 1.1 times).
Net debt* excluding lease liabilities was £185.2. million (2022: £148.5 million), representing a net debt* to EBITDA* ratio excluding lease liabilities of 1.2 times (2022: 0.8 times).
Planes de pensiones de prestaciones definidas
The Group pension deficit has increased by £9.6 million since last year end to £25.2 million on an IAS 19 (revised) basis.
· | The UK Schemes' surplus decreased by £12.7 million to £12.5 million (2022 surplus: £25.2 million), (discount rate 2023: 4.52%; discount rate 2022: 4.81%). |
· | The US Schemes' deficit decreased by £3.7 million to £5.5 million (2022: £9.2 million), (discount rate 2023: 4.80%; discount rate 2022: 4.99%). |
· | The European Schemes' deficit increased by £0.3 million to £28.2 million (2022: £27.9 million), (discount rate 2023: 3.40%; discount rate 2022: 3.70%). |
· | The Rest of World Schemes' deficit increased by £0.3 million to £4.0 million (2022: £3.7 million), (discount rate 2023: 5.52%; discount rate 2023: 5.30%). |
The most recent full actuarial valuations of the UK Schemes were undertaken as at 31 March 2022 and resulted in combined assessed deficits of £49.7 million on the 'Technical Provisions' basis. The Company subsequently agreed with the Trustees to make a lump sum contribution to the Schemes of £67.0 million on 29 December 2022 in lieu of the remaining contributions that would otherwise have been due under the existing recovery plans from the 31 March 2019 valuations. The sum paid represented the value of the deficit on the more prudent 'Long Term Objective' basis on the date of that agreement, 25 October 2022. As a result, no further contributions to the Schemes are expected to be required pending the results of the next full valuations as at 31 March 2025.
Dividendo final
La Junta recomienda un dividendo final, sujeto a la aprobación de los accionistas, de 6.7 peniques por acción sobre el capital social ordinario del Grupo, pagadero el 17 de mayo de 2024 a los accionistas ordinarios inscritos en el registro al cierre de operaciones el 26 de abril de 2024. El ex -la fecha del dividendo es el 25 de abril de 2024.
Junto con el dividendo a cuenta de 5.3 peniques por acción pagado el 17 de noviembre de 2023, este dividendo complementario, si es aprobado por los accionistas, eleva la distribución total del año a 12.0 peniques por acción (2022: 12.0 peniques).
Un dividendo total de 12.0 peniques por acción representa una cobertura de dividendos de EPS* ajustado de 2.1 veces.
El Directorio has committed to grow the Ordinary dividend as the economic environment and the Group's earnings improve, targeting a dividend cover of around 2.5 times over the medium term. While the results in 2023 were depressed by the impact of the cyber security incident, the balance sheet is strong and the Board is confident about the outlook for the business. Consequently, the Board is recommending a flat dividend in 2023 even though cover is lower than our target for this year.
Definiciones y conciliaciones de medidas no GAAP con GAAP
Se hace referencia a las siguientes medidas que no son PCGA a lo largo de este documento. Estas medidas se muestran porque los Directores consideran que brindan información útil a los accionistas, incluida información adicional sobre las operaciones en curso y las comparaciones interanuales. Estas medidas que no son PCGA deben verse como complementarias, no como reemplazos, de las medidas PCGA comparables. Como se define en la base de preparación en la página 24, estas medidas se calculan de forma continua.
Beneficio operativo ajustado
La utilidad operativa ajustada se establece antes de las partidas de ajuste específicas y la amortización de los activos intangibles. Los elementos de ajuste específicos se excluyen sobre la base de que distorsionan el rendimiento comercial. La amortización se excluye consistente con años anteriores.
2023 | Cerámica Térmica £ m | fundido Sistemas de metal £ m | Carbón Eléctrico £ m | Sellos y cojinetes £ m | Cerámica Técnica £ m | Total del segmento £ m | Sector empresarial costos1 £ m | Grupo procesos £ m |
Beneficio operativo | 25.3 | 4.2 | 38.7 | 3.3 | 40.4 | 111.9 | (20.0) | 91.9 |
Vuelva a agregar elementos de ajuste específicos incluidos en la utilidad operativa | 8.0 | 1.3 | 2.3 | 7.4 | (8.0) | 11.0 | 14.1 | 25.1 |
Añadir la amortización | 1.2 | 0.2 | 0.5 | 0.7 | 0.7 | 3.3 | - | 3.3 |
Beneficio operativo ajustado | 34.5 | 5.7 | 41.5 | 11.4 | 33.1 | 126.2 | (5.9) | 120.3 |
Margen de beneficio operativo ajustado | 8.6% | 10.9% | 20.6% | 7.8% | 10.6% |
| 10.8% |
1. Los costos corporativos consisten en los costos de la oficina central.
2022 | Cerámica Térmica £ m | fundido Sistemas de metal £ m | Carbón Eléctrico £ m | Sellos y cojinetes £ m | Cerámica Técnica £ m | Total del segmento £ m | Sector empresarial costos1 £ m | Grupo procesos £ m |
Beneficio operativo | 44.3 | 7.5 | 39.1 | 16.6 | 39.2 | 146.7 | (5.9) | 140.8 |
Vuelva a agregar elementos de ajuste específicos incluidos en la utilidad operativa | 2.8 | - | (0.1) | 1.6 | 1.2 | 5.5 | - | 5.5 |
Añadir la amortización | 1.6 | 0.3 | 0.7 | 0.8 | 1.3 | 4.7 | - | 4.7 |
Beneficio operativo ajustado | 48.7 | 7.8 | 39.7 | 19.0 | 41.7 | 156.9 | (5.9) | 151.0 |
Margen de beneficio operativo ajustado | 11.6% | 13.5% | 21.0% | 12.8% | 14.1% |
|
| 13.6% |
1. Los costos corporativos consisten en los costos de la oficina central.
Cultivo orgánico
Organic growth is the growth of the business excluding the impacts of acquisitions and divestments, and foreign currency impacts. Esta medida se utiliza ya que permite comparar los ingresos y la utilidad operativa ajustada de forma homogénea. Commentary on the underlying business performance is included within the Review of operations on pages 6 to 8.
Movimientos interanuales en los ingresos del segmento
| Cerámica Térmica £ m | Sistemas de metal fundido £ m | Carbón Eléctrico £ m | Sellos y cojinetes £ m | Cerámica Técnica £ m | Segmento total £ m |
Ingresos 2022 | 421.4 | 57.8 | 188.7 | 148.5 | 295.7 | 1,112.1 |
Impacto de los movimientos de divisas | (16.3) | (1.0) | (5.1) | (0.9) | (1.5) | (24.8) |
Impacto de adquisiciones, enajenaciones y salidas de negocios | - | - | - | - | - | - |
Cambio orgánico de moneda constante | (2.9) | (4.6) | 17.8 | (1.8) | 18.9 | 27.4 |
Variación orgánica en moneda constante% | (0.7)% | (8.1)% | 9.7% | (1.2)% | 6.4% | 2.5% |
Ingresos 2023 | 402.2 | 52.2 | 201.4 | 145.8 | 313.1 | 1,114.7 |
Movimientos interanuales en segmento y beneficio operativo ajustado del Grupo
| Cerámica Térmica £ m | Sistemas de metal fundido £ m | Carbón Eléctrico £ m | Sellos y cojinetes £ m | Cerámica Técnica £ m | Total del segmento £ m | Sector empresarial costos1 £ m | Grupo procesos £ m |
Beneficio operativo ajustado 2022 | 48.7 | 7.8 | 39.7 | 19.0 | 41.7 | 156.9 | (5.9) | 151.0 |
Impacto de los movimientos de divisas | (4.7) | (0.3) | (1.7) | (0.2) | 0.1 | (6.8) | - | (6.8) |
Impacto de adquisiciones, enajenaciones y salidas de negocios | - | - | - | - | - | - | - | - |
Cambio orgánico de moneda constante | (9.5) | (1.8) | 3.5 | (7.4) | (8.7) | (23.9) | - | (23.9) |
Variación orgánica en moneda constante% | (21.6)% | (24.0)% | 9.2% | (39.4)% | (20.8)% | (15.9)% | - | - |
Beneficio operativo ajustado 2023 | 34.5 | 5.7 | 41.5 | 11.4 | 33.1 | 126.2 | (5.9) | 120.3 |
1. Los costos corporativos consisten en los costos de la oficina central.
EBITDA del Grupo
Group EBITDA is defined as operating profit before specific adjusting items, depreciation and amortisation of intangible assets. The Group uses this measure as it is a key metric in covenants over debt facilities, these covenants use EBITDA on a pre-IFRS 16 basis i.e. excluding capital and interest payments on leases which have been capitalised following the adoption of IFRS 16. This is used as a proxy for the charge that would have been attributable to operating leases under the now defunct IAS 17. A reconciliation of operating profit to Group EBITDA is as follows:
| 2023 £ m | 2022 £ m |
Beneficio operativo | 91.9 | 140.8 |
Agregar: elementos de ajuste específicos incluidos en la ganancia operativa | 25.1 | 5.5 |
Add back: depreciación - propiedad, planta y equipo | 31.9 | 30.3 |
Agregar: depreciación - activos por derecho de uso | 7.6 | 7.8 |
Add back: amortización de activos intangibles | 3.3 | 4.7 |
EBITDA del Grupo | 159.8 | 189.1 |
EBITDA del Grupo excluyendo NIIF 16 Arrendamientos el impacto | 148.5 | 177.7 |
Flujo de caja libre antes de adquisiciones, enajenaciones y dividendos
Free cash flow before acquisitions, disposals and dividends is defined as cash generated from continuing operations less net capital expenditure, net interest (interest paid on borrowings, overdrafts and lease liabilities, net of interest received), tax paid and lease payments. The Group discloses free cash flow as this provides readers of the consolidated financial statements with a measure of the cash flows from the business before corporate level cash flows (acquisitions, disposals and dividends).
La conciliación del efectivo generado por las operaciones continuas con el flujo de efectivo libre antes de adquisiciones, enajenaciones y dividendos es la siguiente:
| 2023 £ m | 2022 £ m |
Efectivo generado por operaciones continuas | 126.3 | 59.1 |
Gasto de capital neto | (58.5) | (57.4) |
Interés neto sobre efectivo y préstamos | (11.6) | (5.4) |
Impuesto pagado | (30.3) | (31.8) |
Pagos de arrendamiento e intereses | (11.3) | (11.4) |
Flujo de caja libre antes de adquisiciones, enajenaciones y dividendos | 14.6 | (46.9) |
Efectivo neto y equivalentes de efectivo
El efectivo neto y equivalentes de efectivo se define como efectivo y equivalentes de efectivo menos los descubiertos bancarios. El Grupo también revela esta medida, ya que proporciona una indicación de la liquidez neta a corto plazo disponible para el Grupo.
| 2023 £ m | 2022 £ m |
Efectivo y equivalentes de efectivo | 124.5 | 117.7 |
sobregiros bancarios | (0.6) | (1.5) |
Efectivo neto y equivalentes de efectivo | 123.9 | 116.2 |
Deuda neta
Net debt is defined as borrowings, bank overdrafts and lease liabilities, less cash and cash equivalents. The Group discloses net debt because it helps readers of the consolidated financial statements assess its ability to meet financial obligations, manage debt and its capacity to invest in growth opportunities. The Group also discloses this metric excluding lease liabilities as this is the measure used in the covenants over the Group's debt facilities.
| 2023 £ m | 2022 £ m |
Efectivo y equivalentes de efectivo | 124.5 | 117.7 |
Préstamos no corrientes | (309.1) | (230.1) |
Pasivos por arrendamiento no corrientes | (36.6) | (41.4) |
Préstamos corrientes y descubiertos bancarios | (0.6) | (36.1) |
Pasivos corrientes por arrendamiento | (10.5) | (10.5) |
Cierre de la deuda neta | (232.3) | (200.4) |
Deuda neta de cierre excluidos los pasivos por arrendamiento | (185.2) | (148.5) |
El rendimiento del capital invertido
The Group discloses return on invested capital (ROIC) to assess its efficiency in generating profits from the capital it has invested in its operations. The ROIC calculation has been simplified this year so that it can be calculated from published information. Prior period comparatives have been restated to follow the same methodology. ROIC is now defined as 12-month adjusted operating profit (operating profit excluding specific adjusting items and amortisation of intangible assets) divided by the average adjusted net assets (excludes long-term employee benefits, deferred tax assets and liabilities, current tax payable, provisions, cash and cash equivalents, borrowings, bank overdrafts and lease liabilities). Third party working capital includes inventories, trade and other receivables, and trade and other payables.
| 2023 £ m | 20221 £ m |
Beneficio operativo | 91.9 | 140.8 |
Volver a agregar: elementos de ajuste específicos | 25.1 | 5.5 |
Add back: amortización de activos intangibles | 3.3 | 4.7 |
Beneficio operativo ajustado del grupo | 120.3 | 151.0 |
|
| |
Capital de trabajo de terceros | 174.7 | 181.7 |
Planta y equipo | 293.8 | 283.2 |
Activos por derecho de uso | 31.6 | 33.6 |
Goodwill | 177.5 | 181.9 |
Otros activos intangibles | 4.7 | 7.1 |
Capital empleado | 682.3 | 687.5 |
Capital medio empleado | 684.9 | 637.8 |
|
| |
ROIC | 17.6% | 23.7% |
1. The return on invested capital calculation has been simplified so that it can be calculated from published information and the prior period comparative has been restated. Under the previous methodology (which used 12-month adjusted operating profit and 12-month adjusted net assets), ROIC as at 31 December 2023 was 16.9% (2022: 23.0%).
Ganancias ajustadas por acción
Adjusted earnings per share is defined as operating profit adjusted to exclude specific adjusting items and amortisation of intangible assets, less net financing costs, income tax expense and non-controlling interests, divided by the weighted average number of Ordinary shares during the period. This measure of earnings is shown because the Directors consider that it provides a helpful indication of the Group's financial performance excluding material non-recurring expenses or gains and non-financial asset impairments and impairment reversals, and therefore facilitates the evaluation of the Group's performance over time.
En la nota 8 de los estados financieros consolidados en la página 36 se incluye una conciliación de la utilidad IFRS con la utilidad utilizada para calcular las ganancias por acción ajustadas*.
Ingresos en moneda constante y beneficio operativo ajustado
Los ingresos en moneda constante y la utilidad operativa ajustada se obtienen convirtiendo los resultados del año anterior a las tasas de cambio promedio del año actual. Estas medidas se utilizan porque permiten comparar los ingresos excluyendo el impacto de los tipos de cambio. En la página 11 se proporciona más información sobre los principales tipos de cambio de moneda extranjera utilizados en la conversión de los resultados del Grupo a moneda constante a tipos de cambio medios.
Business simplification
As mentioned on page 2, in order to focus our resources on the most attractive opportunities, we will in future manage the Company through three distinct segments, Thermal Products, Performance Carbon and Technical Ceramics. This structure is effective from 1 January 2024.
| Ingresos | Beneficio operativo ajustado | Operación ajustada profit margin % | |||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| ||||
£ m | £ m | £ m | £ m | % | % |
| ||||
Productos termales | 454.4 | 479.2 | 40.2 | 56.5 | 8.8% | 11.8% |
| |||
Performance Carbon | 327.2 | 321.7 | 50.0 | 57.3 | 15.3% | 17.8% |
| |||
Cerámica Técnica1 | 333.1 | 311.2 | 36.0 | 43.1 | 10.8% | 13.8% |
| |||
Total del segmento | 1,114.7 |
| 1,112.1 | 126.2 |
| 156.9 | 11.3% |
| 14.1% |
|
Costos corporativos |
| (5.9) | (5.9) |
|
| |||||
Beneficio operativo ajustado del grupo |
| 120.3 | 151.0 | 10.8% | 13.6% |
|
The table above displays restated comparative figures for 2022. The restatements reflect the impact of the changes made to the Group's internal organisation which has caused the composition of its reportable segments to change.
1.The new Technical Ceramics segment comprises the current Technical Ceramics GBU and one business from the Seals and Bearings GBU.
Cuenta de resultados consolidada
| Año terminado el 31 de diciembre de 2023 | Año terminado el 31 de diciembre de 2022 |
| ||||||
| Resultados antes de elementos de ajuste específicos | Elementos de ajuste específicos1 | Total | Resultados antes de elementos de ajuste específicos | Elementos de ajuste específicos1 | Total |
| ||
Note | £ m | £ m | £ m | £ m | £ m | £ m |
| ||
Ingresos
| 3 | 1,114.7 | - | 1,114.7 | 1,112.1 | - | 1,112.1 |
| |
Operating costs before amortisation of intangible assets, impairments and reversal of impairments of non-financial assets | (994.4) | (25.9) | (1,020.3) | (961.1) | 1.0 | (960.1) |
| ||
|
|
|
|
| |||||
Profit from operations before amortisation of intangible assets, impairments and reversal of impairments of non-financial assets | 3 | 120.3 | (25.9) | 94.4 | 151.0 | 1.0 | 152.0 |
| |
|
|
|
| ||||||
Amortización de activos intangibles | (3.3) | - | (3.3) | (4.7) | - | (4.7) |
| ||
Deterioro de activos no financieros | 4 | - | (7.3) | (7.3) | - | (6.5) | (6.5) |
| |
Reversal of impairment of non-financial assets | 4 | - | 8.1 | 8.1 | - | - | - |
| |
| |||||||||
Beneficio operativo | 3 | 117.0 | (25.1) | 91.9 | 146.3 | (5.5) | 140.8 |
| |
|
|
|
| ||||||
Ingresos financieros | 3.9 | - | 3.9 | 1.6 | - | 1.6 |
| ||
Gastos financieros | (18.0) | - | (18.0) | (10.8) | - | (10.8) |
| ||
Costos financieros netos | 5 | (14.1) | - | (14.1) | (9.2) | - | (9.2) |
| |
|
|
|
| ||||||
| |||||||||
Beneficio antes de impuestos | 102.9 | (25.1) | 77.8 | 137.1 | (5.5) | 131.6 |
| ||
| |||||||||
Ingreso por gastos de impuesto | 6 | (26.0) | 3.8 | (22.2) | (37.1) | 1.1 | (36.0) |
| |
| |||||||||
Beneficio de operaciones continuas | 76.9 | (21.3) | 55.6 | 100.0 | (4.4) | 95.6 |
| ||
Beneficio de operaciones discontinuadas2 | 7 | - | 0.7 | 0.7 | - | 1.1 | 1.1 |
| |
Ganancias del año | 76.9 | (20.6) | 56.3 | 100.0 | (3.3) | 96.7 |
| ||
|
|
|
| ||||||
Beneficio del ejercicio atribuible a: |
| ||||||||
Accionistas de la Compañía | 67.9 | (20.6) | 47.3 | 91.3 | (3.3) | 88.0 |
| ||
Participaciones no controladoras | 9.0 | - | 9.0 | 8.7 | - | 8.7 |
| ||
Ganancias del año | 76.9 | (20.6) | 56.3 | 100.0 | (3.3) | 96.7 |
| ||
|
|
|
|
| |||||
Ganancias por acción | 8 |
|
|
|
| ||||
Operaciones continuas y discontinuadas |
|
|
| ||||||
Ganancias básicas por acción |
|
| 16.6p | 31.0p |
| ||||
Ganancias diluidas por acción |
|
| 16.5p | 30.7p |
| ||||
|
|
|
| ||||||
Operaciones continuas |
|
|
|
| |||||
Ganancias básicas por acción |
|
| 16.4p | 30.6p |
| ||||
Ganancias diluidas por acción |
|
| 16.3p | 30.3p |
| ||||
|
|
|
|
| |||||
Dividendos3 |
|
|
|
| |||||
Dividendo a cuenta - peniques |
|
| 5.30p | 5.30p |
| ||||
- £ m |
|
| 15.1 | 15.1 |
| ||||
|
|
| |||||||
Dividendo final propuesto - peniques |
|
| 6.70p | 6.70p |
| ||||
- £ m | 19.1 | 19.1 |
|
1. Los detalles de las partidas de ajuste específicas de las operaciones continuas se proporcionan en la nota 4 de los estados financieros consolidados.
2. Los beneficios de las operaciones interrumpidas son enteramente atribuibles a los Accionistas de la Sociedad.
3. El dividendo definitivo propuesto se basa en el número de acciones ordinarias en circulación a la fecha del balance.
Declaración consolidada de ingreso comprensivo
| 31 de diciembre 2023 | 31 de diciembre 2022 | |
Note | £ m | £ m | |
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Ganancias del año | 56.3 | 96.7 | |
Otros (gastos) / ingresos integrales: |
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Partidas que no se reclasificarán posteriormente a resultados: | |||
Remedición (pérdida)/ganancia en planes de beneficios definidos | 14 | (11.5) | 5.5 |
Efecto fiscal de componentes de otro resultado integral no reclasificado | 6 | (0.5) | (3.4) |
(12.0) | 2.1 | ||
Partidas que pueden reclasificarse posteriormente a resultados: | |||
Diferencias de conversión de moneda extranjera | (32.8) | 17.5 | |
Coberturas de flujo de efectivo: | |||
Cambio en el valor razonable | 1.1 | (0.2) | |
Transferido a resultados | 0.2 | 0.1 | |
Coberturas de inversión neta: | |||
Cambio en el valor razonable | (0.3) | - | |
(31.8) | 17.4 | ||
Total de otros (gastos) / ingresos integrales | (43.8) | 19.5 | |
Total de ingresos integrales | 12.5 | 116.2 | |
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Atribuible a: |
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Accionistas de la Compañía | 6.7 | 106.7 | |
Participaciones no controladoras | 5.8 | 9.5 | |
| 12.5 | 116.2 | |
Utilidad integral total atribuible a los accionistas de la Compañía que surge de: |
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Operaciones continuas | 6.0 | 105.6 | |
Operaciones discontinuadas | 0.7 | 1.1 | |
6.7 | 106.7 |
Hoja de balance consolidado
| Como en 31 de diciembre 2023 | Como en 31 diciembre 2022 | ||
Note | £ m | £ m | ||
Activos | ||||
Propiedad, planta y equipo. | 9 | 293.8 | 283.2 | |
Activos por derecho de uso | 10 | 31.6 | 33.6 | |
Activos intangibles: fondo de comercio | 11 | 177.5 | 181.9 | |
Activos intangibles: otros | 11 | 4.7 | 7.1 | |
Inversiones | 2.2 | - | ||
Otros ingresos | 3.4 | 3.2 | ||
Activos por impuestos diferidos | 17.6 | 15.3 | ||
Total del activo no corriente | 530.8 | 524.3 | ||
Los inventarios | 175.1 | 174.2 | ||
Activos financieros derivados | 13 | 1.5 | 1.3 | |
Cuentas comerciales y otras cuentas por cobrar | 191.6 | 202.5 | ||
Impuesto corriente por cobrar | 1.2 | 0.3 | ||
Efectivo y equivalentes de efectivo | 12 | 124.5 | 117.7 | |
Total de activos corrientes | 493.9 | 496.0 | ||
los activos totales | 1,024.7 | 1,020.3 | ||
Pasivos | ||||
Préstamos | 309.1 | 230.1 | ||
Pasivos por arrendamiento | 36.6 | 41.4 | ||
Beneficios a los empleados: pensiones | 14 | 25.2 | 15.6 | |
Provisiones | 15 | 11.5 | 16.1 | |
Cuentas por pagar no comerciales | 2.4 | 2.1 | ||
Pasivos por impuestos diferidos | 1.8 | 2.0 | ||
Total pasivo no corriente | 386.6 | 307.3 | ||
Préstamos y descubiertos bancarios |
| 0.6 | 36.1 | |
Pasivos por arrendamiento |
| 10.5 | 10.5 | |
Comerciales y otras cuentas a pagar |
| 192.0 | 195.0 | |
Impuesto corriente por pagar |
| 25.6 | 30.3 | |
Provisiones | 15 | 10.3 | 9.9 | |
Pasivos financieros derivados | 13 | 0.5 | 1.6 | |
Total pasivo corriente |
| 239.5 | 283.4 | |
Pasivos totales |
| 626.1 | 590.7 | |
Activos netos totales |
| 398.6 | 429.6 | |
Equidad |
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Capital social |
| 71.3 | 71.3 | |
Compartir premium |
| 111.7 | 111.7 | |
Reservas |
| 6.5 | 35.1 | |
Ganancias retenidas |
| 170.8 | 170.9 | |
Patrimonio total atribuible a los accionistas de la Compañía |
| 360.3 | 389.0 | |
Participaciones no controladoras |
| 38.3 | 40.6 | |
Equidad total |
| 398.6 | 429.6 |
Estado de cambios en el patrimonio neto consolidado
Capital social | Compartir premium | Traducción reserva | Cobertura reserva | Reserva de valor razonable | Reserva de amortización de capital | Otras reservas | Ganancias retenidas
| Patrimonio total de la matriz | Participaciones no controladoras | Total equidad | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
Al 1 de enero de 2022 | 71.3 | 111.7 | (16.7) | (0.1) | (1.0) | 35.7 | 0.6 | 109.1 | 310.6 | 39.0 | 349.6 |
Ganancias del año | - | - | - | - | - | - | - | 88.0 | 88.0 | 8.7 | 96.7 |
Otros ingresos / (gastos) integrales: | |||||||||||
Ganancia de remedición en planes de beneficios definidos e impuestos relacionados | - | - | - | - | - | - | - | 2.1 | 2.1 | - | 2.1 |
Diferencias de cambio e impuestos relacionados | - | - | 16.7 | - | - | - | - | - | 16.7 | 0.8 | 17.5 |
Cobertura de flujos de efectivo cambios y transferencias del valor razonable | - | - | - | (0.1) | - | - | - | - | (0.1) | - | (0.1) |
Total de otros ingresos / (gastos) integrales | - | - | 16.7 | (0.1) | - | - | - | 2.1 | 18.7 | 0.8 | 19.5 |
Total de ingresos / (gastos) integrales | - | - | 16.7 | (0.1) | - | - | - | 90.1 | 106.7 | 9.5 | 116.2 |
Transacciones con propietarios: | |||||||||||
Dividendos | - | - | - | - | - | - | - | (31.6) | (31.6) | (7.9) | (39.5) |
Pagos basados en acciones liquidados mediante acciones | - | - | - | - | - | - | - | 5.7 | 5.7 | - | 5.7 |
Acciones propias adquiridas para planes de incentivos de acciones (neto) | - | - | - | - | - | - | - | (2.4) | (2.4) | - | (2.4) |
Al 31 de diciembre de 2022 | 71.3 | 111.7 | - | (0.2) | (1.0) | 35.7 | 0.6 | 170.9 | 389.0 | 40.6 | 429.6 |
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Al 1 de enero de 2023 | 71.3 | 111.7 | - | (0.2) | (1.0) | 35.7 | 0.6 | 170.9 | 389.0 | 40.6 | 429.6 |
Ganancias del año | - | - | - | - | - | - | - | 47.3 | 47.3 | 9.0 | 56.3 |
Otros ingresos / (gastos) integrales: |
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Pérdida por nueva medición en planes de beneficios definidos e impuestos relacionados | - | - | - | - | - | - | - | (12.0) | (12.0) | - | (12.0) |
Diferencias de cambio e impuestos relacionados | - | - | (29.6) | - | - | - | - | - | (29.6) | (3.2) | (32.8) |
Cobertura de flujos de efectivo cambios y transferencias del valor razonable | - | - | - | 1.3 | - | - | - | - | 1.3 | - | 1.3 |
Net investment hedging fair value changes and transfers | - | - | (0.3) | - | - | - | - | - | (0.3) | - | (0.3) |
Total de otros ingresos / (gastos) integrales | - | - | (29.9) | 1.3 | - | - | - | (12.0) | (40.6) | (3.2) | (43.8) |
Total de ingresos / (gastos) integrales | - | - | (29.9) | 1.3 | - | - | - | 35.3 | 6.7 | 5.8 | 12.5 |
Transacciones con propietarios: |
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Dividendos | - | - | - | - | - | - | - | (34.2) | (34.2) | (8.1) | (42.3) |
Pagos basados en acciones liquidados mediante acciones | - | - | - | - | - | - | - | 2.9 | 2.9 | - | 2.9 |
Acciones propias adquiridas para planes de incentivos de acciones (neto) | - | - | - | - | - | - | - | (4.1) | (4.1) | - | (4.1) |
Al 31 de diciembre de 2023 | 71.3 | 111.7 | (29.9) | 1.1 | (1.0) | 35.7 | 0.6 | 170.8 | 360.3 | 38.3 | 398.6 |
Estado de flujos de efectivo consolidado
Año terminado 31 de diciembre 2023 | Año terminado 31 de diciembre 2022 | ||
Note | £ m | £ m | |
Actividades de explotación | |||
Beneficio del año por operaciones continuas | 55.6 | 95.6 | |
Beneficio del año por operaciones discontinuadas | 7 | 0.7 | 1.1 |
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Ajustes para: |
| ||
Depreciación - propiedad, planta y equipo | 31.9 | 30.3 | |
Depreciación: activos por derecho de uso | 7.6 | 7.8 | |
Amortización | 3.3 | 4.7 | |
Costos financieros netos | 5 | 14.1 | 9.2 |
Beneficio por enajenación de negocio | 2,4 | - | (0.4) |
Partidas de ajuste no específicas de efectivo incluidas en la utilidad operativa | (2.5) | 6.6 | |
Fair value gain on equity instruments held at FVTPL | (0.9) | - | |
Utilidad por venta de propiedades, planta y equipo | (1.6) | (0.3) | |
Ingreso por gastos de impuesto | 6 | 22.2 | 36.0 |
Gastos por pagos basados en acciones liquidados con instrumentos de patrimonio | 2.9 | 5.1 | |
Efectivo generado por operaciones antes de cambios en capital de trabajo y provisiones | 133.3 | 195.7 | |
Aumento de cuentas por cobrar comerciales y otras | (4.0) | (26.5) | |
Incremento de inventarios | (12.3) | (25.2) | |
Aumento de cuentas por pagar comerciales y otras | 13.3 | 7.0 | |
Disminución de provisiones | (3.4) | (4.9) | |
Pagos a planes de pensiones de prestación definida (neto de los cargos de pensiones de la NIC 19) | 14 | (0.2) | (85.9) |
Efectivo generado por operaciones | 126.7 | 60.2 | |
Intereses pagados: préstamos y descubiertos |
| (15.5) | (7.0) |
Intereses pagados - pasivos por arrendamiento |
| (2.4) | (2.4) |
Impuesto a las ganancias pagado |
| (30.3) | (31.8) |
Efectivo neto de actividades operativas |
| 78.5 | 19.0 |
Actividades de inversión |
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Compra de propiedad, planta y equipo y software | (60.4) | (58.0) | |
Compra de inversiones |
| (5.6) | - |
Ingresos por venta de propiedades, planta y equipo |
| 1.8 | 0.6 |
Grants received for purchase of equipment |
| 0.1 | - |
Interés recibido |
| 3.9 | 1.6 |
Enajenación de inversiones | - | 0.4 | |
Efectivo neto de actividades de inversión |
| (60.2) | (55.4) |
Actividades de financiación |
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Compra de acciones propias para planes de incentivos a las acciones | (4.7) | (2.9) | |
Producto del ejercicio de opciones sobre acciones | 0.6 | 0.5 | |
Aumento de los empréstitos | 247.2 | 113.3 | |
Reembolso de préstamos | (193.9) | (39.0) | |
Pago de pasivos por arrendamiento | (8.9) | (9.0) | |
Dividendos pagados a accionistas de la Compañía | (34.2) | (31.6) | |
Dividendos pagados a participaciones no controladoras | (8.1) | (7.9) | |
Efectivo neto de actividades de financiación | (2.0) | 23.4 | |
Disminución neta de efectivo y equivalentes de efectivo | 16.3 | (13.0) | |
Efectivo y equivalentes de efectivo al inicio del año | 117.7 | 127.3 | |
Efecto de las fluctuaciones del tipo de cambio en el efectivo mantenido | (9.5) | 3.4 | |
Efectivo y equivalentes de efectivo al cierre del ejercicio | 12 | 124.5 | 117.7 |
Notas sobre los estados financieros consolidados
Nota 1. Bases de preparación, cambios en las políticas contables y áreas de juicio y estimación significativos
The preliminary announcement for the year ended 31 December 2023, which is an abridged statement of the full Annual Report and Accounts, has been prepared in accordance with the requirements of the Companies Act 2006 and International Financial Reporting Standards ('IFRSs') as adopted by the UK. Except for the changes set out in the adoption of new and revised standards section, there has been no other significant impact arising from new accounting policies adopted in the year.
La información financiera que se presenta en este informe no constituye las cuentas legales de la Compañía para los años que terminaron el 31 de diciembre de 2023 o el 31 de diciembre de 2022. Las cuentas legales para el año que terminó el 31 de diciembre de 2022 se han entregado al registrador de compañías, y las del año finalizado el 31 de diciembre de 2023 se entregará a su debido tiempo.
Los auditores han informado sobre esas cuentas; su informe era (i) sin salvedades, (ii) no incluía una referencia a ningún asunto sobre el cual los auditores llamaron la atención a modo de énfasis sin calificar su informe y (iii) no contenía una declaración conforme a la Sección 498(2) o ( 3) de la Ley de Sociedades de 2006 con respecto a las cuentas de 2023 y 2022.
Juicios contables críticos y fuentes clave de incertidumbre en la estimación
In preparing these consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Final outcomes may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis.
Juicios contables críticos
La información sobre los juicios realizados en la aplicación de políticas contables que tienen los efectos más significativos sobre los montos reconocidos en los estados financieros consolidados se incluye en las siguientes notas:
Nota 4: Elementos de ajuste específicos
The Group uses specific adjusting items, which are not defined or specified under IFRS. These specific adjusting items, which are not considered to be a substitute for IFRS measures, provide additional helpful information. In the consolidated income statement, the Group presents specific adjusting items separately. In the judgement of the Directors, due to the nature and value of these items they should be disclosed separately from the underlying results of the Group to provide the reader with an alternative understanding of the financial information and an indication of the underlying performance of the Group. These items which occur infrequently and include (but are not limited to):
· | Proyectos de reestructuración individuales que son materiales o se relacionan con el cierre de una parte del negocio y no se espera que se repitan. |
· | Deterioro de activos no financieros que sean significativos. |
· | Ganancias o pérdidas por enajenación o salida de negocios. |
· | Costos significativos incurridos como parte de la integración de un negocio adquirido. |
· | Ganancias o pérdidas derivadas de cambios significativos o cierres de planes de pensiones de beneficios definidos. |
For the year ended 31 December 2023, costs associated with our response to the cyber security incident and charges in relation to the impact of Argentina's currency devaluation were also classified as specific adjusting items, due to their size and nature.
Determinar si un elemento es parte de elementos de ajuste específicos requiere juicio para determinar la naturaleza y la intención de la transacción.
Nota 15: Provisiones y pasivos contingentes
Por la naturaleza de sus operaciones, el Grupo mantiene provisiones para sus obligaciones ambientales. Se necesita juicio para determinar si un pasivo contingente se ha cristalizado en una provisión. La gerencia evalúa si existe suficiente información para determinar que existe un pasivo ambiental y si es posible estimar con suficiente confiabilidad cuál es el costo probable de la remediación. Para asuntos de remediación ambiental, esto tiende a ser en el momento en que se ha completado un estudio de factibilidad de remediación, o cuando se dispone de suficiente información a través del estudio para estimar los costos de remediación.
El Grupo reconocerá una provisión legal en el momento en que el resultado de un asunto legal pueda estimarse de manera confiable. Las estimaciones se basan en la experiencia pasada de problemas similares, el asesoramiento profesional recibido y la evaluación del Grupo del resultado más probable. El momento de la utilización de estas disposiciones es con frecuencia incierto, lo que refleja la complejidad de las cuestiones y el resultado de varios procedimientos judiciales y negociaciones asociadas.
Fuentes clave de incertidumbre en la estimación
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are included in the notes below.
Management has assessed the potential financial impacts relating to climate change-related risks, primarily considering the useful lives of property, plant and equipment, the possibility of impairment of goodwill and other long-lived assets and the recoverability of the Group's deferred tax assets. Management has exercised judgement in concluding that there are no further material financial impacts of the Group's climate-related risks and opportunities on the consolidated financial statements. These judgements are kept under review by management as the future impacts of climate change depend on environmental, regulatory and other factors outside of the Group's control which are not all currently known.
Nota 14: Pensiones y otros beneficios a los empleados posteriores al retiro: supuestos actuariales clave
The principal actuarial assumptions applied to pensions are shown in note 14. The actuarial evaluation of pension assets and liabilities is based on assumptions in respect of inflation, future salary increases, discount rates, returns on investments and mortality rates. Relatively small changes in the assumptions underlying the actuarial valuations of pension schemes can have a significant impact on the net pension liability included in the balance sheet.
Adopción de normas contables nuevas y revisadas
Estándares recientemente adoptados
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards as adopted by the UK that are mandatorily effective for an accounting period that begins on or after 1 January 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.
· | NIIF 17 Contratos de seguro (incluidas las modificaciones de junio de 2020 y diciembre de 2021 a la NIIF 17) |
· | Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Material Judgements - Disclosure of Accounting Policies |
· | Modificaciones a la NIC 12 Impuesto a las Ganancias - Impuesto Diferido relacionado con Activos y Pasivos que surgen de una Transacción Única |
· | Modificaciones a la NIC 12 Impuesto a las Ganancias - Reforma Fiscal Internacional - Reglas Modelo Pilar Dos |
· | Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates. |
Desarrollos y cambios contables
Nuevas normas contables en circulación pero aún no efectivas
A continuación se enumeran las nuevas normas e interpretaciones que están en cuestión pero que aún no han entrado en vigor:
· | Modificaciones a la NIIF 10 y la NIC 28 Venta o Aportación de Activos entre un Inversionista y su Asociada o Negocio Conjunto |
· | Modificaciones a la NIC 1 Clasificación de pasivos como corrientes o no corrientes |
· | Modificaciones a la NIC 1 Pasivos no Corrientes con Convenios |
· | Modificaciones a la NIC 7 y la NIIF 7 Acuerdos de financiación de proveedores |
· | Amendments to IFRS 16 Lease Liability in a Sale and Leaseback. |
The above standards and interpretations are effective for the period beginning 1 January 2024 and adoption is not expected to lead to any material changes to the Group's accounting policies or have any other material impact on the financial position or performance of the Group.
No existen otras normas contables próximas o modificaciones que sean aplicables al Grupo.
Medidas que no son PCGA
Cuando se ha hecho referencia a medidas que no son GAAP, se han identificado con un asterisco (*) donde aparecen en el texto y con una nota al pie donde aparecen en una tabla.
Las definiciones de estas medidas que no son PCGA, y su conciliación con la medida PCGA relevante, se proporcionan en las páginas 14 a 18.
Preocupación continua
The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report contained in the Annual Report and Accounts. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the Financial Review contained in the Annual Report and Accounts. In addition, note 21 to the Annual Report and Accounts includes the Group's policies and processes for managing financial risk, details of its financial instruments and hedging activities and details of its exposures to credit risk and liquidity risk.
The Group meets its day-to-day working capital requirements through local banking arrangements underpinned by the Group's £230.0 million unsecured multi-currency revolving credit facility, which matures in November 2028. As at 31 December 2023, the Group had both significant available liquidity and headroom on its covenants. Total committed borrowing facilities were £496.9 million. The amount drawn under these facilities was £309.0 million, which together with net cash and cash equivalents of £123.9 million, gave a total headroom of £311.8 million. The multi-currency revolving credit facility was £42.1 million drawn. The Group had no scheduled debt maturities until 2026.
The principal borrowing facilities are subject to covenants that are measured semi-annually in June and December, being net debt to EBITDA of a maximum of 3 times and interest cover of a minimum of 4 times, based on measures defined in the facilities agreements which are adjusted from the equivalent IFRS amounts.
El Grupo ha modelado cuidadosamente su perspectiva de flujo de efectivo, teniendo en cuenta los cambios razonablemente posibles en el rendimiento comercial, los tipos de cambio y los escenarios a la baja plausibles. Esta revisión indicó que había suficiente margen y liquidez para que el negocio continuara durante el período de 18 meses con base en las instalaciones disponibles como se menciona en la nota 21 del Informe y Cuentas Anuales. También se esperaba que el Grupo cumpliera con los convenios requeridos discutidos anteriormente.
El Directorio también revisó las pruebas de estrés inversas realizadas por el Grupo para demostrar cuánto margen de maniobra está disponible en los niveles de convenio con respecto a los cambios en la deuda neta, el EBITDA y los ingresos subyacentes. Con base en esta evaluación, una reducción combinada en el EBITDA del 46 % y un aumento en la deuda neta del 40 % aún permitiría al Grupo operar dentro de sus compromisos financieros. Los Directores no consideran plausible ninguno de estos escenarios dada la diversidad de los mercados finales del Grupo y su amplia base de fabricación.
The Board and Executive Committee have regular reporting and review processes in place in order to closely monitor the ongoing
operational and financial performance of the Group. As part of the ongoing risk management process, principal and emerging risks are identified and reviewed on a regular basis. In addition, the Directors have assessed the risk of climate change and do not consider that it will impact the Group's ability to operate as a going concern for the period under consideration.
La Junta reconoce plenamente los desafíos que se avecinan pero, después de realizar indagaciones y en ausencia de incertidumbres importantes, los Directores tienen una expectativa razonable de que la Compañía y el Grupo tienen los recursos adecuados para continuar en funcionamiento por un período de 18 meses. desde la fecha de firma de la presente Memoria y Cuentas Anuales. En consecuencia, continúan adoptando el principio de empresa en funcionamiento en la preparación del Informe y las Cuentas Anuales.
Directors? Responsibility Statement
The 2023 Annual Report and Accounts, which will be issued in March 2024, contains a responsibility statement in compliance with DTR 4.1.12 of the Listing Rules which sets out that as at the date of approval of the Annual Report on 11 March 2024, the directors confirm to the best of their knowledge:
- the Group and unconsolidated Company financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and Company, and the undertakings included in the consolidation taken as a whole; and
- the performance review contained in the Annual Report and Accounts includes a fair review of the development and performance of the business and the position of the Group and the undertakings including the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face.
Nota 2. Adquisiciones y enajenaciones
2023
There were no acquisitions or disposals of businesses by the Group in 2023.
2022
Disposal of Sukhoy Log
On 29 July 2022, the Group completed the sale of its investment in the joint venture Sukhoy Log, based in Russia. The investment had a carrying value of £nil having been fully impaired in previous years. The Group received consideration of £0.6 million and incurred transaction costs of £0.2 million, resulting in a net consideration of £0.4 million. A profit on disposal of £0.4 million was recognised in specific adjusting items within the consolidated income statement, see also note 4.
There was no income received from Sukhoy Log in the year ended 31 December 2022. The disposal group was included in the Thermal Ceramics operating segment.
Nota 3. Presentación de informes por segmentos
The Group's results are reported as five separate global business units, which have been identified as the Group's reportable operating segments. These have been identified on the basis of internal management reporting information that is regularly reviewed by the Group's Board of Directors (the Chief Operating Decision Maker) in order to allocate resources and assess performance. We will in future manage the Group through three distinct segments: Thermal Products, Performance Carbon and Technical Ceramics. This new structure will be effective from 1 January 2024.
Los resultados, activos y pasivos de los segmentos incluyen elementos directamente atribuibles a un segmento, así como aquellos que pueden asignarse de forma razonable. Las partidas no asignadas comprenden principalmente inversiones e ingresos relacionados, préstamos y gastos relacionados, activos corporativos y gastos de la oficina central, y activos y pasivos por impuestos a las ganancias.
The information presented below represents the operating segments of the Group:
Año terminado el 31 de diciembre de 2023 |
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| Cerámica Térmica | Sistemas de metal fundido | Carbón Eléctrico | Sellos y cojinetes | Cerámica Técnica | Totales de segmento | Costos corporativos | Grupo procesos |
Operaciones continuas | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m |
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Ingresos de clientes externos | 402.2 | 52.2 | 201.4 | 145.8 | 313.1 | 1,114.7 | - | 1,114.7 |
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Beneficio operativo ajustado por segmento1 | 34.5 | 5.7 | 41.5 | 11.4 | 33.1 | 126.2 | - | 126.2 |
Costos corporativos2 |
|
|
|
|
|
| (5.9) | (5.9) |
Beneficio operativo ajustado del grupo1 |
|
|
|
|
|
|
| 120.3 |
Amortización de activos intangibles | (1.2) | (0.2) | (0.5) | (0.7) | (0.7) | (3.3) | - | (3.3) |
Beneficio operativo antes de elementos de ajuste específicos | 33.3 | 5.5 | 41.0 | 10.7 | 32.4 | 122.9 | (5.9) | 117.0 |
Elementos de ajuste específicos incluidos en la utilidad/(pérdida) operativa3 | (8.0) | (1.3) | (2.3) | (7.4) | 8.0 | (11.0) | (14.1) | (25.1) |
Ganancia / (pérdida) operativa | 25.3 | 4.2 | 38.7 | 3.3 | 40.4 | 111.9 | (20.0) | 91.9 |
Ingresos financieros |
|
|
|
|
|
|
| 3.9 |
Gastos financieros |
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|
|
|
|
| (18.0) |
Beneficio antes de impuestos |
|
|
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|
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| 77.8 |
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Activos del segmento | 333.9 | 42.6 | 174.1 | 110.8 | 210.6 | 872.0 | 152.7 | 1,024.7 |
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Pasivos por segmento | 92.6 | 8.5 | 35.5 | 25.1 | 74.7 | 236.4 | 389.7 | 626.1 |
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Gastos de capital del segmento | 13.6 | 3.6 | 16.1 | 12.1 | 14.9 | 60.3 | - | 60.3 |
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Depreciación del segmento: propiedades, planta y equipo | 11.8 | 2.1 | 5.8 | 5.8 | 6.4 | 31.9 | - | 31.9 |
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Depreciación de segmentos: activos por derecho de uso | 3.2 | 0.3 | 0.9 | 0.5 | 2.7 | 7.6 | - | 7.6 |
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Segmento deterioro de activos no financieros | - | - | 1.5 | 5.8 | - | 7.3 | - | 7.3 |
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Segment reversal of impairment of non-financial assets | 2.4 | - | - | - | 5.7 | 8.1 | - | 8.1 |
1. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
2. Los costos corporativos consisten en los costos de la oficina central.
3. Los detalles de las partidas de ajuste específicas de las operaciones continuas se proporcionan en la nota 4 de los estados financieros consolidados.
Año terminado el 31 de diciembre de 2022 |
| |||||||
| Cerámica Térmica | Sistemas de metal fundido | Carbón Eléctrico | Sellos y cojinetes | Cerámica Técnica | Totales de segmento | Costos corporativos | Grupo procesos |
Operaciones continuas | £ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m |
|
|
| ||||||
Ingresos de clientes externos | 421.4 | 57.8 | 188.7 | 148.5 | 295.7 | 1,112.1 | - | 1,112.1 |
Beneficio operativo ajustado por segmento1 | 48.7 | 7.8 | 39.7 | 19.0 | 41.7 | 156.9 | - | 156.9 |
Costos corporativos2 | (5.9) | (5.9) | ||||||
Beneficio operativo ajustado del grupo1 | 151.0 | |||||||
Amortización de activos intangibles | (1.6) | (0.3) | (0.7) | (0.8) | (1.3) | (4.7) | - | (4.7) |
Beneficio operativo antes de elementos de ajuste específicos | 47.1 | 7.5 | 39.0 | 18.2 | 40.4 | 152.2 | (5.9) | 146.3 |
Elementos de ajuste específicos incluidos en la utilidad/(pérdida) operativa3 | (2.8) | - | 0.1 | (1.6) | (1.2) | (5.5) | - | (5.5) |
Beneficio operativo | 44.3 | 7.5 | 39.1 | 16.6 | 39.2 | 146.7 | (5.9) | 140.8 |
Ingresos financieros | 1.6 | |||||||
Gastos financieros | (10.8) | |||||||
Beneficio antes de impuestos | 131.6 | |||||||
Activos del segmento | 361.2 | 44.0 | 159.5 | 115.8 | 199.8 | 880.3 | 140.0 | 1,020.3 |
Pasivos por segmento | 93.2 | 8.9 | 32.6 | 26.5 | 86.3 | 247.5 | 343.2 | 590.7 |
Gastos de capital del segmento | 16.8 | 3.5 | 8.7 | 9.7 | 19.3 | 58.0 | - | 58.0 |
Depreciación del segmento: propiedades, planta y equipo | 11.2 | 2.1 | 5.3 | 6.0 | 5.7 | 30.3 | - | 30.3 |
Depreciación de segmentos: activos por derecho de uso | 3.2 | 0.3 | 1.0 | 0.6 | 2.7 | 7.8 | - | 7.8 |
Segmento deterioro de activos no financieros | 3.2 | - | - | 1.6 | 1.7 | 6.5 | - | 6.5 |
Segment reversal of impairment of non-financial assets | - | - | - | - | - | - | - | - |
1. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
2. Los costos corporativos consisten en los costos de la oficina central.
3. Los detalles de las partidas de ajuste específicas de las operaciones continuas se proporcionan en la nota 4 de los estados financieros consolidados.
Ingresos de clientes externos y activos no corrientes por geografía
Ingresos de | Activos no corrientes (excluyendo impuestos y instrumentos financieros) | |||
Operaciones continuas | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m |
US | 427.4 | 405.6 | 219.8 | 212.6 |
China | 114.8 | 121.4 | 43.4 | 45.5 |
Alemania | 88.7 | 85.1 | 41.9 | 38.0 |
Reino Unido (país de domicilio del Grupo) | 43.6 | 53.2 | 101.6 | 101.1 |
Otros países de Asia, Australasia, Oriente Medio y África | 197.1 | 194.1 | 54.6 | 61.2 |
Otra europa | 173.2 | 182.0 | 37.1 | 37.5 |
Otros Norteamérica | 44.9 | 39.1 | 2.1 | 2.1 |
América del Sur | 25.0 | 31.6 | 12.7 | 11.0 |
1,114.7 | 1,112.1 | 513.2 | 509.0 |
Los ingresos de clientes externos se basan en la ubicación geográfica del cliente final. Los activos del segmento se basan en la ubicación geográfica de los activos. Ningún cliente representa más del 5% de los ingresos.
Ingresos de clientes externos por mercado final
Operaciones continuas | 2023 £ m | 2022 £ m | ||
Semiconductores | 108.6 | 91.3 | ||
Healthcare | 78.7 | 74.7 | ||
Energía limpia y transporte limpio |
|
| 50.0 | 51.7 |
Mercados de crecimiento más rápido |
|
| 237.3 | 217.7 |
Industrial | 315.9 | 344.5 | ||
Transporte convencional | 200.2 | 179.9 | ||
Metales | 150.2 | 159.9 | ||
Petroquímica y química | 110.8 | 112.6 | ||
Seguridad y defensa | 68.5 | 65.2 | ||
Energía convencional |
|
| 31.8 | 32.3 |
Mercados principales |
|
| 877.4 | 894.4 |
1,114.7 | 1,112.1 |
Ventas entre empresas a otros segmentos
Térmica Cerámicas | fundido Metal Todas las funciones a su disposición | Electricidad Carbono | Sellos y Rodamientos | Técnico Cerámicas | Segmento totales
| ||||||||
Operaciones continuas | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m | 2023 £ m | 2022 £ m |
|
Ventas entre empresas a otros segmentos | 1.0 | 0.4 | 0.1 | 0.1 | 0.7 | 0.5 | 2.0 | 0.7 | 0.7 | 1.0 | 4.5 | 2.7 |
|
Nota 4. Elementos de ajuste específicos
| 2023 | 2022 | |
Operaciones continuas | Note | £ m | £ m |
Costs associated with the cyber security incident |
| (14.7) | - |
Charges in relation to the impact of Argentina's currency devaluation |
| (5.8) | - |
Net restructuring (charge)/credit |
| (3.5) | 0.6 |
Net business closure and exit costs |
| (1.9) | - |
Deterioro de activos no financieros |
| (7.3) | (6.5) |
Reversal of impairment of non-financial assets |
| 8.1 | - |
Beneficio neto por enajenación de negocio | 2 | - | 0.4 |
Total de partidas específicas de ajuste antes del impuesto a las ganancias |
| (25.1) | (5.5) |
Crédito por impuesto sobre la renta de partidas específicas de ajuste |
| 3.8 | 1.1 |
Total de partidas específicas de ajuste después del impuesto a las ganancias |
| (21.3) | (4.4) |
Las partidas de ajuste específicas en relación con las operaciones discontinuadas se describen en la nota 7.
2023
Costs associated with the cyber security incident
During 2023, we incurred £14.7 million of exceptional costs and charges in relation to the cyber security incident in January 2023. These were comprised of legal and advisory costs, IT recovery and support costs and impairment charges for IT assets which were rendered unusable as a result of the attack.
Charges in relation to the impact of Argentina's currency devaluation
On 13 December 2023, Argentina devalued its currency by more than 50%. The impact of the currency devaluation (£2.6 million) has been classified as a specific adjusting item. An impairment review was also performed as at 31 December 2023 and, due to restrictions on imports limiting the ability to purchase raw materials and the subsequent effect on forecast trading, we have fully impaired the carrying value of property, plant and equipment and the value of raw materials which, in the current circumstances, we would be unable to sell. The impairment charge in relation to property, plant and equipment and inventory were £1.9 million and £1.3 million respectively.
Net restructuring charge
The Group has taken the opportunity to reduce our global footprint and rationalise costs in order to focus resources on our faster growing markets, and optimise factory operations. This restructuring programme commenced in the second half of 2023 and will continue into 2024. A charge of £6.5 million has been recognised in relation to this and comprises costs associated with staff redundancies and site closure costs.
A restructuring provision of £3.0 million recorded for Technical Ceramics, ceramic cores during the Group's 2020 restructuring programme has been released following settlement of a multi-employer pension plan and the re-letting of a site.
Net business closure and exit costs
During 2023, we commenced liquidation of a Thermal Ceramics business in China. Costs associated with this were £1.9 million and included severance, decommissioning and advisory fees.
The land and buildings owned by another Thermal Ceramics business in China which was closed in 2020 were sold in December 2023. The gain associated with this sale was £2.4 million.
We disposed of a Thermal Ceramics business in France in 2015, for which we retained responsibility for remediating the impact of
historical manufacturing processes on the environment. An assessment of the remaining required remediation was performed in 2023 and as a consequence of this review we have provided £2.4 million.
Net credit from impairment review of non-financial assets
Seals and Bearings, Europe
An impairment charge of £2.9 million has been recognised after reassessing the value in use of property, plant and equipment in a business in Italy which was experiencing limited growth. This represents a partial impairment of the assets; the carrying value of the assets following this impairment was £5.3 million. The calculation of value in use was performed as at 31 December 2023, a long-
term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value, with a pre-tax discount rate of 17.3%.
An impairment charge of £0.3 million has been recognised after assessing the viability of a development asset, which could not be successfully commissioned.
Seals and Bearings, Asia
An impairment charge of £1.9 million has been recognised after reassessing the value in use of property, plant and equipment in a business which was experiencing limited growth and under-utilisation of key assets. This represents a partial impairment of assets; the carrying value of the assets following this impairment was £2.2 million. The calculation was performed as at 31 December 2023, using a long-term growth rate of 1.0% and a pre-tax discount rate of 13.9%.
Electrical Carbon, North America
An impairment charge of £1.5 million has been recognised after assessing the viability of a development asset in North America which was not deemed to be commercially viable.
Electrical Carbon, Asia
An impairment charge of £0.7 million has been recognised in relation to assets associated with a manufacturing line which, based on current projections, is expected to be under-utilised from 2025 onwards.
Reversal of impairments recognised in prior periods
In 2020, as a result of the COVID-19 pandemic, we impaired property, plant and equipment within our Technical Ceramics, ceramic cores business and Thermal Ceramics, Europe. Following our review as at 31 December 2023 of assets which continue to be used and which were impaired in previous years, we have reversed a portion of this impairment. For the ceramic cores business, we reversed £5.7 million being a full reversal, reinstating the net book value at which the assets would have been held if the impairment had not been booked in 2020, because the business and the aerospace industry have demonstrated sustained growth. For Thermal Ceramics, Europe we have recorded a partial impairment reversal of £2.4 million following sustained recovery of the industrial market segments. This reversal is based on a value in use calculation which was performed at 31 December 2023, using a long-term growth rate of 1.0% for years beyond the five-year forecast period and in calculating terminal value, with a pre-tax discount rate of 13.6%.
Review of cumulative impairment of non-financial assets
Impairment charges of £20.6 million for non-financial assets which the business continues to use have been recorded during the current and previous years (Technical Ceramics, Asia £7.7 million, Thermal Ceramics £7.2 million, Seals and Bearings, Asia £2.9 million and Seals and Bearings, Europe £2.8 million). These impaired amounts could be reversed if the related businesses were to outperform significantly against their budget. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions in assessing the value in use of these non-financial assets. This did not result in a material reversal of the impaired amounts.
2022
Deterioro de activos no financieros
Seals & Bearings, Asia
An impairment charge of £0.6 million was recognised relating to assets purchased to support a customer contract which did not
materializar.
A further impairment charge of £1.0 million was recognised after reassessing the value in use of property, plant and equipment in a business in Asia which is taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value of the assets following this impairment was £5.2 million. The calculation of value in use was performed as at December 2022. A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 12.9% was used to determine the value in use.
Thermal Ceramics, Europe
An impairment charge of £1.2 million was recognised following a fire in December which destroyed a warehouse and inventory. The assets were subsequently written off.
An impairment charge of £1.1 million was recognised after reassessing the value in use of property, plant and equipment in a business in France which was experiencing limited growth and under-utilisation of key assets. This represented a partial impairment of the assets; the carrying value of the assets following this impairment was £0.3 million. The calculation of value in use was performed as at December 2022. A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 13.7% was used to determine the value in use.
Thermal Ceramics, South America
An impairment charge of £0.9 million was recognised in relation to assets associated with a closed manufacturing line.
Cerámica Técnica, Asia
An impairment charge of £1.7 million was recognised after reassessing the value in use of property, plant and equipment in a business in Asia which was taking longer than anticipated to generate revenues. This represented a partial impairment of the assets; the carrying value of the assets following this impairment was £3.2 million. The calculation of value in use was performed as at December 2022. A long-term growth rate of 1.0% was used for years beyond the five-year forecast period and in calculating the terminal value. A pre-tax discount rate of 12.9% was used to determine the value in use.
Crédito de reestructuración
A credit of £0.6 million was recognised in the year ended 31 December 2022. This represented the release of restructuring provisions recorded in relation to the Group's 2020 restructuring programme. The remaining provision of £10.5 million as at 31 December 2022 included lease exit costs and multi-employer pension obligations for two sites which were closed during the year ended 31 December 2021. In 2022, the cash outflows relating to the pension obligations were expected to continue for up to 19 years, subject to any settlement being reached in advance of that date. Cash outflows in relation to the lease were expected to continue for four years.
Beneficio neto por enajenación de negocio
The Group disposed of its investment in the joint venture Sukhoy Log, based in Russia, during the year ended 31 December 2022. This disposal generated a net profit of £0.4 million.
Nota 5. Ingresos y gastos financieros
2023 | 2022 | |
Operaciones continuas | £ m | £ m |
Reconocido en resultados |
| |
Intereses sobre saldos bancarios y depósitos en efectivo | 3.9 | 1.6 |
Ingresos financieros | 3.9 | 1.6 |
| ||
Gastos por intereses sobre préstamos y descubiertos | (15.6) | (7.0) |
Gastos por intereses sobre pasivos por arrendamiento | (2.4) | (2.4) |
Intereses netos sobre las obligaciones de pensión por prestaciones definidas de la NIC 19 | - | (1.4) |
Gastos financieros | (18.0) | (10.8) |
Costos financieros netos reconocidos en resultados | (14.1) | (9.2) |
Ningún ingreso o gasto financiero relacionado con operaciones discontinuadas en el año actual o anterior.
Nota 6. Fiscalidad
Operaciones continuas | 2023 £ m | 2022 £ m | ||
Reconocido en resultados |
| |||
Impuesto corriente | ||||
Año corriente | 25.5 | 36.5 | ||
Ajustes de años anteriores | - | 0.5 | ||
25.5 | 37.0 | |||
Impuesto diferido | ||||
Año corriente | (2.5) | (0.4) | ||
Ajustes de años anteriores | (0.8) | (0.6) | ||
(3.3) | (1.0) | |||
Gasto total por impuesto a las ganancias reconocido en resultados | 22.2 | 36.0 | ||
Reconocido en otro resultado integral |
| |||
Efecto impositivo sobre componentes de otro resultado integral: | ||||
Impuesto diferido asociado a esquemas de beneficios definidos | 0.5 | 3.4 | ||
Impuesto total reconocido en otros resultados integrales | 0.5 | 3.4 |
Conciliación de la tasa impositiva efectiva
| 2023 £ m | 2023 % | 2022 £ m | 2022 % |
Beneficio antes de impuestos | 77.8 | 131.6 | ||
Income tax charge using the domestic corporation tax rate | 18.3 | 23.5 | 25.0 | 19.0 |
Efecto de diferentes tipos impositivos en otras jurisdicciones | 1.4 | 1.8 | 7.5 | 5.7 |
Impuestos locales, incluida la retención de impuestos sufridos | 1.3 | 1.7 | 3.4 | 2.6 |
Diferencias permanentes | 0.1 | 0.1 | 0.2 | 0.2 |
Movimientos relacionados con diferencias temporarias no reconocidas | 2.0 | 2.6 | (0.1) | (0.1) |
Ajustes con respecto a años anteriores | (0.9) | (1.2) | - | - |
Tipo impositivo efectivo legal | 22.2 | 28.5 | 36.0 | 27.4 |
La tasa impositiva efectiva antes de elementos de ajuste específicos es del 25.3 % (2022: 27.0 %).
El Grupo opera en muchas jurisdicciones en todo el mundo y está sujeto a factores que pueden afectar los cargos fiscales futuros, incluida la reforma fiscal de los EE. auditorías fiscales y disputas.
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on BEPS (Base Erosion and Profit Shifting) published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy.
The International Accounting Standards Board ("IASB") issued amendments to IAS 12 'Income taxes'. The Amendments apply with
immediate effect and introduce a mandatory temporary exception from the recognition and disclosure of deferred taxes arising from the implementation of the OECD's Pillar Two Model Rules. The Group has applied the exception under the IAS 12 amendment to recognising and disclosing information about deferred tax assets and liabilities related to top-up income in preparing its consolidated financial statements for the year ending 31 December 2023.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up-tax which will be effective for the Group's financial year beginning 1 January 2024. The Group is in scope of the substantively enacted legislation and has performed an assessment of the Group's potential exposure to Pillar Two income taxes.
The assessment of the potential exposure to Pillar Two income taxes is based on the submitted country-by-country reporting data of the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in the majority of the jurisdictions in which the Group operates are above 15%. However, the Group has an entity in United Arab Emirates where the transitional safe harbour relief does not apply as the Pillar Two effective tax rate is below 15%. The Group does not expect a material exposure to Pillar Two income taxes in this jurisdiction.
Nota 7. Operaciones discontinuadas
El Grupo enajenó su negocio de Composites y Sistemas de Defensa el 20 de noviembre de 2018. El negocio representaba un segmento reportable separado y, por lo tanto, de acuerdo con la NIIF 5 Activos no corrientes mantenidos para la venta y operaciones discontinuadas, el grupo enajenable se clasificó como discontinuado.
Los resultados de las operaciones interrumpidas, que se han revelado en la cuenta de pérdidas y ganancias consolidada, se detallan a continuación:
|
| Año terminado el 31 de diciembre de 2023 | Año terminado el 31 de diciembre de 2022 | |||||
|
| Resultados antes de elementos de ajuste específicos | Elementos de ajuste específicos | Total | Resultados antes ajuste específico artículos | Ajuste específico artículos | Total | |
| Note | £ m | £ m | £ m | £ m | £ m | £ m | |
|
|
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|
| ||||
Ingresos |
| - | 0.7 | 0.7 | - | 0.7 | 0.7 | |
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| |||||
Ingresos de explotación |
| - | - | - | - | 0.4 | 0.4 | |
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| |||||
Beneficio antes de impuestos |
| - | 0.7 | 0.7 | - | 1.1 | 1.1 | |
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|
|
| |||||
Ingreso por gastos de impuesto |
| - | - | - | - | - | - | |
|
|
|
| |||||
Beneficio de operaciones discontinuadas |
| - | 0.7 | 0.7 | - | 1.1 | 1.1 | |
|
|
|
| |||||
Utilidad básica por acción de operaciones discontinuadas | 8 |
|
| 0.2p | 0.4p | |||
Utilidad diluida por acción de operaciones discontinuadas | 8 |
|
| 0.2p | 0.4p |
In 2023, a gain of £0.7 million was recognised from a long-term contract.
En 2022, se reconoció una ganancia de £1.1 millones tras la recepción de efectivo de un contrato a largo plazo y la enajenación de una inversión de acuerdo con los términos del acuerdo de enajenación.
No existe gasto por impuesto a las ganancias en relación con las operaciones discontinuadas ni en el año actual ni en el anterior.
Los flujos de efectivo de las operaciones discontinuadas se detallan a continuación:
| Año terminado 31 de diciembre 2023 | Año terminado 31 de diciembre 2022 |
£ m | £ m | |
Efectivo neto generado en actividades operativas | 0.4 | 1.1 |
Efectivo neto generado por actividades de inversión | - | - |
Flujo de caja neto utilizado en actividades de financiación | - | - |
0.4 | 1.1 |
Nota 8. Beneficio por acción
Año terminado el 31 de diciembre de 2023 | Año terminado el 31 de diciembre de 2022 | ||||||
Ganancias | Ganancias básicas por acción | Ganancias diluidas por acción | Ganancias | Basic Earning Per Share (Ganancias Por Acción) | Ganancias diluidas por acción | ||
£ m | penique | penique | £ m | penique | penique | ||
Profit for the year attributable to shareholders of the Company | 47.3 | 16.6p | 16.5p | 88.0 | 31.0p | 30.7p | |
Beneficio de operaciones discontinuadas | (0.7) | (0.2) p | (0.2) p | (1.1) | (0.4) p | (0.4) p | |
Beneficio de operaciones continuas | 46.6 | 16.4p | 16.3p | 86.9 | 30.6p | 30.3p | |
Elementos de ajuste específicos | 25.1 | 8.8p | 8.7p | 5.5 | 1.9p | 1.9p | |
Amortización de activos intangibles | 3.3 | 1.2p | 1.1p | 4.7 | 1.7p | 1.6p | |
Efecto fiscal de lo anterior1 | (3.8) | (1.3) p | (1.3) p | (1.1) | (0.4) p | (0.4) p | |
La participación de los intereses minoritarios en la | - | - | - | - | - | - | |
Adjusted profit for the year from continuing operations as used in adjusted earnings | 71.2 | 25.0p | 24.8p | 96.0 | 33.8p | 33.5p |
1. The tax effect of the amortisation of intangible assets was £nil (2022: £nil).
2. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
| 2023 | 2022 | |
Número de acciones (millones) | |||
Número promedio ponderado de acciones ordinarias a los efectos de la utilidad básica por acción1 | 284.8 | 284.2 | |
Efecto de acciones ordinarias potenciales dilutivas: | |||
Compartir opciones | 2.5 | 2.6 | |
Número promedio ponderado de acciones ordinarias a los efectos de las ganancias por acción diluidas | 287.3 | 286.8 |
1. El cálculo del número medio ponderado de acciones excluye las acciones en poder de The Morgan General Employee Benefit Trust, sobre las que se renuncia a los dividendos.
Nota 9. Propiedades, planta y equipo
Tierra y edificios
£ m | Planta, equipo y accesorios £ m | Total
£ m | ||
Cost | ||||
Saldo al 1 de enero de 2022 | 199.8 | 677.2 | 877.0 | |
Adiciones | 3.8 | 49.7 | 53.5 | |
Disposiciones | (1.3) | (9.1) | (10.4) | |
Transferencias entre categorías | 0.3 | (0.3) | - | |
Efecto del movimiento de divisas | 16.6 | 52.7 | 69.3 | |
Saldo al 31 de diciembre de 2022 | 219.2 | 770.2 | 989.4 | |
Saldo al 1 de enero de 2023 | 219.2 | 770.2 | 989.4 | |
Adiciones | 7.3 | 54.0 | 61.3 | |
Disposiciones | (0.3) | (12.4) | (12.7) | |
Transferencias entre categorías | 0.4 | (0.4) | - | |
Efecto del movimiento de divisas | (10.5) | (34.0) | (44.5) | |
Saldo al 31 de diciembre de 2023 | 216.1 | 777.4 | 993.5 | |
|
|
| ||
Pérdidas por depreciación y deterioro | ||||
Saldo al 1 de enero de 2022 | 103.0 | 525.9 | 628.9 | |
Cargo por depreciación del año | 5.0 | 25.3 | 30.3 | |
Las pérdidas por deterioro | 2.0 | 2.6 | 4.6 | |
Disposiciones | (0.7) | (8.4) | (9.1) | |
Transferencias entre categorías | (0.4) | 0.4 | - | |
Efecto del movimiento de divisas | 8.8 | 42.7 | 51.5 | |
Saldo al 31 de diciembre de 2022 | 117.7 | 588.5 | 706.2 | |
Saldo al 1 de enero de 2023 | 117.7 | 588.5 | 706.2 | |
Cargo por depreciación del año | 6.0 | 25.9 | 31.9 | |
Las pérdidas por deterioro | 1.7 | 8.3 | 10.0 | |
Reversiones por deterioro | (0.1) | (5.4) | (5.5) | |
Disposiciones | (0.2) | (11.6) | (11.8) | |
Efecto del movimiento de divisas | (6.1) | (25.0) | (31.1) | |
Saldo al 31 de diciembre de 2023 | 119.0 | 580.7 | 699.7 | |
Cantidades en libros | ||||
Al 1 de enero de 2022 | 96.8 | 151.3 | 248.1 | |
Al 31 de diciembre de 2022 | 101.5 | 181.7 | 283.2 | |
Al 31 de diciembre de 2023 | 97.1 | 196.7 | 293.8 |
In 2023, no assets were pledged as security for liabilities (2022: none). Profit on sale of property, plant and equipment presented in the cash flow includes £nil (2022: £nil) of insurance proceeds for replacement of assets.
Nota 10. Arrendamientos
La conciliación en el movimiento de los activos por derecho de uso del Grupo se muestra en el siguiente cuadro:
Tierra y edificios £ m | Planta y equipo £ m | Total £ m | ||
Saldo al 1 de enero de 2022 | 27.5 | 4.4 | 31.9 | |
Adiciones | 1.2 | 1.8 | 3.0 | |
Remediciones | 3.1 | 0.6 | 3.7 | |
Cargo por depreciación del año | (5.1) | (2.7) | (7.8) | |
Efecto del movimiento de divisas | 2.3 | 0.5 | 2.8 | |
Saldo al 31 de diciembre de 2022 | 29.0 | 4.6 | 33.6 | |
| ||||
Saldo al 1 de enero de 2023 | 29.0 | 4.6 | 33.6 | |
Adiciones | 0.6 | 5.1 | 5.7 | |
Remediciones | 0.9 | (0.2) | 0.7 | |
Cargo por depreciación del año | (4.8) | (2.8) | (7.6) | |
Las pérdidas por deterioro | - | (0.4) | (0.4) | |
Reversiones por deterioro | 1.3 | - | 1.3 | |
Efecto del movimiento de divisas | (1.8) | 0.1 | (1.7) | |
Saldo al 31 de diciembre de 2023 | 25.2 | 6.4 | 31.6 |
El plazo de arrendamiento medio ponderado es de 10.8 años para terrenos y edificios y de 3.7 años para planta y equipo (2022: 11.6 años y 3.3 años respectivamente).
Los importes reconocidos en la cuenta de pérdidas y ganancias consolidada con respecto a los acuerdos de arrendamiento se detallan en el siguiente cuadro:
| 2023 £ m | 2022 £ m | ||
Gasto por depreciación de activos por derecho de uso | (7.6) | (7.8) | ||
Gastos por intereses sobre pasivos por arrendamiento | (2.4) | (2.4) | ||
Gastos relacionados con arrendamientos a corto plazo y arrendamiento de activos de bajo valor | (0.5) | (0.5) | ||
(10.5) | (10.7) |
Los flujos de efectivo totales de las actividades de arrendamiento en el año finalizado el 31 de diciembre de 2023 fueron de £11.8 millones (2022: £11.9 millones) como se establece en la siguiente tabla:
2023 £ m | 2022 £ m | |||
Pago de pasivos por arrendamiento | (8.9) | (9.0) | ||
Gastos por intereses sobre pasivos por arrendamiento |
| (2.4) | (2.4) | |
Gastos relacionados con arrendamientos a corto plazo de activos de bajo valor |
| (0.5) | (0.5) | |
|
| (11.8) | (11.9) |
A 31 de diciembre de 2023, el Grupo está comprometido con pagos futuros de £0.5 millones (2022: £0.6 millones) por arrendamientos a corto plazo y arrendamiento de activos de bajo valor.
At 31 December 2023, future cash flows in respect of lease which the Group had entered into, but which had not yet commenced was £nil (2022: £nil).
The total of future minimum lease income under non-cancellable leases, where the Group is a lessor is £nil (2022: £nil).
Nota 11. Activos intangibles
|
| Goodwill
£ m | Local relaciones
£ m | Tecnología y marcas comerciales £ m | En mayúscula Desarrollo costos £ m | Módulo software
£ m | Total
£ m |
Cost | |||||||
Saldo al 1 de enero de 2022 | 172.9 | 57.6 | 4.1 | 0.7 | 34.8 | 270.1 | |
Adiciones (comprado externamente) | - | - | - | - | 1.2 | 1.2 | |
Disposiciones | - | - | - | - | (0.1) | (0.1) | |
Efecto del movimiento de divisas | 9.0 | 6.3 | 0.2 | 0.1 | 1.9 | 17.5 | |
Saldo al 31 de diciembre de 2022 | 181.9 | 63.9 | 4.3 | 0.8 | 37.8 | 288.7 | |
Saldo al 1 de enero de 2023 | 181.9 | 63.9 | 4.3 | 0.8 | 37.8 | 288.7 | |
Adiciones (comprado externamente) |
| - | - | - | - | 0.6 | 0.6 |
Disposiciones |
| - | - | - | - | (1.0) | (1.0) |
Efecto del movimiento de divisas |
| (4.4) | (3.0) | (0.1) | - | (1.2) | (8.7) |
Saldo al 31 de diciembre de 2023 |
| 177.5 | 60.9 | 4.2 | 0.8 | 36.2 | 279.6 |
| |||||||
Amortización y pérdidas por deterioro | |||||||
Saldo al 1 de enero de 2022 | - | 56.1 | 3.5 | 0.7 | 26.7 | 87.0 | |
Cargo de amortización del año | - | 0.7 | 0.1 | - | 3.9 | 4.7 | |
Disposiciones | - | - | - | - | (0.1) | (0.1) | |
Efectos del movimiento de divisas | - | 6.3 | 0.2 | 0.1 | 1.5 | 8.1 | |
Saldo al 31 de diciembre de 2022 | - | 63.1 | 3.8 | 0.8 | 32.0 | 99.7 | |
| |||||||
Saldo al 1 de enero de 2023 | - | 63.1 | 3.8 | 0.8 | 32.0 | 99.7 | |
Cargo de amortización del año |
| - | 0.4 | 0.1 | - | 2.8 | 3.3 |
Las pérdidas por deterioro |
| - | - | - | - | 0.7 | 0.7 |
Reversiones por deterioro |
| - | (0.6) | (0.7) | - | - | (1.3) |
Disposiciones |
| - | - | - | - | (1.0) | (1.0) |
Efectos del movimiento de divisas |
| - | (3.1) | - | - | (0.9) | (4.0) |
Saldo al 31 de diciembre de 2023 |
| - | 59.8 | 3.2 | 0.8 | 33.6 | 97.4 |
Cantidades en libros | |||||||
Al 1 de enero de 2022 | 172.9 | 1.5 | 0.6 | - | 8.1 | 183.1 | |
Al 31 de diciembre de 2022 | 181.9 | 0.8 | 0.5 | - | 5.8 | 189.0 | |
Al 31 de diciembre de 2023 |
| 177.5 | 1.1 | 1.0 | - | 2.6 | 182.2 |
Prueba de deterioro para unidades generadoras de efectivo o grupos de unidades generadoras de efectivo que contienen plusvalía
In accordance with the requirements of IAS 36 Impairment of Assets, goodwill is allocated to the Group's cash-generating units or
groups of cash-generating units that are expected to benefit from the synergies of the business combination that gave rise to the goodwill. Goodwill impairment testing is performed at the operating segment level as defined by IFRS 8, as this is the lowest level at which goodwill is monitored.
El crédito mercantil se atribuye a cada segmento operativo de la siguiente manera:
2023 £ m | 2022 £ m | |
Cerámica Térmica | 86.8 | 88.8 |
Sistemas de metal fundido | 9.2 | 9.4 |
Carbón Eléctrico | 30.0 | 30.7 |
Sellos y cojinetes | 15.3 | 15.8 |
Cerámica Técnica | 36.2 | 37.1 |
177.5 | 181.8 |
Cada segmento operativo se evalúa por deterioro anualmente y siempre que haya indicios de deterioro.
The carrying value of goodwill has been assessed with reference to its value in use, reflecting the projected discounted cash flows of
each operating segment to which goodwill has been allocated. The key assumptions used in determining value in use relate to short- and long-term growth rates and discount rates.
Las proyecciones de flujo de caja en el primer año se basan en el presupuesto más reciente aprobado por la Junta. Las proyecciones de flujo de caja para los años dos a cinco se basan en el plan estratégico más reciente aprobado por la Junta. Los supuestos clave que sustentan estas proyecciones de flujo de efectivo se relacionan con las ventas y los márgenes operativos, que se basan en la experiencia pasada, teniendo en cuenta el efecto de cambios conocidos o probables en el mercado o en las condiciones operativas. Se han considerado fuentes de datos externas en cuanto a la solidez y recuperación de los mercados finales del Grupo al construir una expectativa de los flujos de efectivo futuros de cada segmento operativo.
In 2023, a 1.0% growth rate (2022: 1.0%) has been used for years beyond 2028 and to calculate a terminal value. Management has
assessed these growth rates, including the terminal growth rate as reasonable for each operating segment.
In 2023, the Group has used the following pre-tax discount rates for calculating the value in use of each of the operating segments:
Thermal Ceramics: 14.4% (2022: 13.8%), Molten Metal Systems: 15.9% (2022: 15.6%), Electrical Carbon: 15.0% (2022: 14.6%),
Seals and Bearings: 14.2% (2022: 14.0%), Technical Ceramics 14.1% (2022: 14.1%).
The Directors have considered the following individual sensitivities and are confident that no impairment would arise for each of the
Thermal Ceramics, Molten Metal Systems, Electrical Carbon, Seals and Bearings and Technical Ceramics operating segments in any one of the following three circumstances, which are considered reasonably possible changes:
Ø If the pre-tax discount rate was increased by 10%.
Ø If growth for years two to five was decreased by 10% and no growth was assumed in the calculation of terminal value.
Ø Si las proyecciones de flujo de efectivo de todos los negocios se redujeran en un 10%.
Nota 12. Efectivo y equivalentes de efectivo
2023 £ m | 2022 £ m | |
|
| |
Saldos bancarios | 112.5 | 105.8 |
Depósitos en efectivo | 12.0 | 11.9 |
Efectivo y equivalentes de efectivo | 124.5 | 117.7 |
En 2023, el Grupo tenía efectivo restringido por £1.6 millones (2022: £4.0 millones) como resultado de los controles de cambio en Argentina.
Conciliación de efectivo y equivalentes de efectivo con la deuda neta1
2023 | 2022 | |
£ m | £ m | |
Apertura de préstamos y pasivos por arrendamiento | (318.1) | (223.8) |
Aumento de los empréstitos | (247.2) | (113.3) |
Reembolso de préstamos | 193.9 | 39.0 |
Pago de pasivos por arrendamiento | 8.9 | 9.0 |
Cambios totales de los flujos de efectivo | (44.4) | (65.3) |
Nuevos arrendamientos y reevaluación de arrendamientos | (6.4) | (6.7) |
Efecto de los movimientos de divisas | 12.1 | (22.3) |
Cierre de préstamos y pasivos por arrendamiento | (356.8) | (318.1) |
Efectivo y equivalentes de efectivo | 124.5 | 117.7 |
Closing net debt?1 | (232.3) | (200.4) |
1. Las definiciones de estas medidas que no son PCGA se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
2. Comparative information has been restated to present the increase and reduction in borrowings separately.
La siguiente tabla detalla los cambios en los pasivos del Grupo que surgen de las actividades de financiación, incluidos los cambios tanto en efectivo como en otros rubros.
Préstamos £ m | Pasivos por arrendamiento
£ m | Pasivos financieros totales £ m | Efectivo y equivalentes de efectivo £ m | Movimiento en £ m | |
Al 1 de enero de 2022 | (174.0) | (49.8) | (223.8) | 127.3 | (96.5) |
Salida de caja | - | - | - | (0.7) | (0.7) |
Flujo de efectivo del pasivo por préstamos y arrendamiento | (74.3) | 9.0 | (65.3) | - | (65.3) |
Intereses netos pagados | - | - | - | (9.4) | (9.4) |
Entrada / (salida) de efectivo neta | (74.3) | 9.0 | (65.3) | (10.1) | (75.4) |
Compra de acciones | - | - | - | (2.9) | (2.9) |
Nuevos arrendamientos y reevaluación de arrendamientos | - | (6.7) | (6.7) | - | (6.7) |
Cambio y otros movimientos | (17.9) | (4.4) | (22.3) | 3.4 | (18.9) |
Al 31 de diciembre de 2022 | (266.2) | (51.9) | (318.1) | 117.7 | (200.4) |
| |||||
Al 1 de enero de 2023 | (266.2) | (51.9) | (318.1) | 117.7 | (200.4) |
Entrada de efectivo | - | - | - | 38.9 | 38.9 |
Flujo de efectivo del pasivo por préstamos y arrendamiento | (53.3) | 8.9 | (44.4) | - | (44.4) |
Intereses netos pagados | - | - | - | (17.9) | (17.9) |
Entrada / (salida) de efectivo neta | (53.3) | 8.9 | (44.4) | 21.0 | (23.4) |
Compra de acciones | - | - | - | (4.7) | (4.7) |
Nuevos arrendamientos y reevaluación de arrendamientos | - | (6.4) | (6.4) | - | (6.4) |
Cambio y otros movimientos | 9.8 | 2.3 | 12.1 | (9.5) | 2.6 |
Al 31 de diciembre de 2023 | (309.7) | (47.1) | (356.8) | 124.5 | (232.3) |
1. Las definiciones de estas medidas no GAAP se pueden encontrar en el glosario de términos en la página 46, las conciliaciones de los resultados estatutarios con las medidas ajustadas se pueden encontrar en las páginas 14 a 18.
Nota 13. Gestión de riesgos financieros
Valores justos
31 de diciembre 2023 | 31 de diciembre 2022 | |||||||
Que lleva cantidad £ m | Valor razonable | Que lleva cantidad £ m | Valor razonable | |||||
Nivel A1 £ m | Nivel A2 £ m | Total £ m | Nivel A1 £ m | Nivel A2 £ m | Total £ m | |||
Activos y pasivos financieros mantenidos a costo amortizado | ||||||||
1.18% Euro Senior Notes 2023 | - | - | - | - | (22.1) | - | (21.6) | (21.6) |
3.17% Bonos senior en dólares estadounidenses 2023 | - | - | - | - | (12.4) | - | (12.1) | (12.1) |
3.37% Bonos senior en dólares estadounidenses 2026 | (76.6) | - | (71.6) | (71.6) | (80.6) | - | (73.5) | (73.5) |
1.55% Euro Senior Notes 2026 | (21.7) | - | (20.3) | (20.3) | (22.2) | - | (20.1) | (20.1) |
4.87% Bonos senior en dólares estadounidenses 2026 | (20.0) | - | (19.4) | (19.4) | (21.1) | - | (20.2) | (20.2) |
1.74% Euro Senior Notes 2028 | (8.7) | - | (8.0) | (8.0) | (8.9) | - | (7.7) | (7.7) |
2.89% Euro Senior Notes 2030 | (21.7) | - | (19.6) | (19.6) | (22.1) | - | (19.0) | (19.0) |
5.47% Bonos senior en dólares estadounidenses 2031 | (7.9) | - | (7.7) | (7.7) | - | - | - | - |
5.53% Bonos senior en dólares estadounidenses 2033 | (7.9) | - | (7.6) | (7.6) | - | - | - | - |
5.61% Bonos senior en dólares estadounidenses 2035 | (23.7) | - | (22.8) | (22.8) | - | - | - | - |
5.50% de acciones de primera preferencia acumuladas | (0.1) | - | (0.1) | (0.1) | (0.1) | - | (0.1) | (0.1) |
5.00% de acciones de segunda preferencia acumuladas | (0.3) | - | (0.3) | (0.3) | (0.3) | - | (0.3) | (0.3) |
(188.6) | - | (177.4) | (177.4) | (189.8) | - | (174.6) | (174.6) | |
Activos financieros mantenidos en FVTPL | 2.2 | 2.2 | - | 2.2 | - | - | - | - |
Activos financieros derivados mantenidos a valor razonable | 1.5 | - | 1.5 | 1.5 | 1.3 | - | 1.3 | 1.3 |
3.7 | 2.2 | 1.5 | 3.7 | 1.3 | - | 1.3 | 1.3 | |
| ||||||||
Pasivos financieros derivados mantenidos a valor razonable | (0.5) | - | (0.5) | (0.5) | (1.6) | - | (1.6) | (1.6) |
The table above analyses the fair values of financial instruments held by the Group, by valuation method, together with the carrying amounts shown in the balance sheet.
The fair value of cash and cash equivalents, current trade and other receivables/payables and floating-rate bank and other borrowings are excluded from the preceding table as their carrying amount approximates their fair value.
Jerarquía de valor razonable
Los diferentes niveles se han definido de la siguiente manera:
Nivel 1: precios cotizados (sin ajustar) en mercados activos para activos o pasivos idénticos.
Nivel 2: no se negocia en un mercado activo, pero los valores razonables se basan en precios de mercado cotizados o fuentes alternativas de precios con niveles razonables de transparencia de precios. El valor razonable se calcula utilizando la metodología de flujo de efectivo descontado, los flujos de efectivo futuros se estiman con base en los tipos de cambio futuros.
Nivel 3: datos de entrada para el activo o pasivo que no se basan en datos de mercado observables (datos de entrada no observables).
Los principales métodos y supuestos utilizados para estimar los valores razonables de los instrumentos financieros reflejados en la tabla anterior son los siguientes:
Valores de renta variable
El valor razonable se basa en los precios de mercado cotizados a la fecha del balance.
Derivados
Los contratos de cambio a plazo se ajustan al mercado utilizando los precios de mercado cotizados o descontando el precio a plazo contractual y deduciendo el tipo de cambio al contado actual.
Préstamos a tasa fija
Fair value is calculated based on discounted expected future principal and interest cash flows. The interest rates used to determine the fair value of borrowings are 3.7%-6.3% (2022: 4.2%-6.4%).
No ha habido transferencias entre el Nivel 1 y el Nivel 2 durante 2023 y 2022 y no hubo instrumentos financieros de Nivel 3 ni en 2023 ni en 2022.
Nota 14. Pensiones y otros beneficios para empleados posteriores a la jubilación
31 de diciembre 2023 | |||||
UK | US | Europa | Resto del mundo | Total | |
£ m | £ m | £ m | £ m | £ m | |
Resumen de obligaciones netas |
|
|
|
|
|
Valor presente de las obligaciones por beneficios definidos no financiados | - | (5.2) | (27.1) | (4.6) | (36.9) |
Valor presente de las obligaciones de prestaciones definidas financiadas | (362.8) | (107.0) | (1.3) | (8.1) | (479.2) |
Valor razonable de los activos del plan | 375.3 | 106.7 | 0.2 | 8.7 | 490.9 |
| 12.5 | (5.5) | (28.2) | (4.0) | (25.2) |
|
|
|
|
|
|
Movimientos en el valor presente de la obligación por beneficios definidos |
|
|
|
|
|
Al 1 de enero de 2023 | (359.5) | (121.9) | (28.3) | (12.1) | (521.8) |
Costo actual del servicio | - | - | (0.8) | (1.6) | (2.4) |
Costo de interes | (16.7) | (5.6) | (1.0) | (0.3) | (23.6) |
Ganancia / (pérdida) actuarial |
|
|
|
|
|
Experiencia de ganancia / (pérdida) en las obligaciones del plan | (0.3) | 2.0 | - | (0.5) | 1.2 |
Cambios en supuestos financieros - ganancia / (pérdida) | (10.4) | (1.9) | (0.6) | 0.2 | (12.7) |
Cambios en los supuestos demográficos: ganancia / (pérdida) | 2.9 | - | - | - | 2.9 |
Beneficios pagados | 21.2 | 9.2 | 1.7 | 0.9 | 33.0 |
Ajustes de cambio | - | 6.0 | 0.6 | 0.7 | 7.3 |
Al 31 de diciembre de 2023 | (362.8) | (112.2) | (28.4) | (12.7) | (516.1) |
|
|
|
|
|
|
Movimientos en el valor razonable de los activos del plan |
|
|
|
|
|
Al 1 de enero de 2023 | 384.7 | 112.7 | 0.4 | 8.4 | 506.2 |
Intereses sobre los activos del plan | 17.9 | 5.4 | - | 0.3 | 23.6 |
Ganancia/(pérdida) de nueva medición | (6.1) | 2.9 | - | 0.3 | (2.9) |
Contribuciones del empleador | - | 0.6 | 1.6 | 1.2 | 3.4 |
Beneficios pagados | (21.2) | (9.2) | (1.7) | (0.9) | (33.0) |
Ajustes de cambio | - | (5.7) | (0.1) | (0.6) | (6.4) |
Al 31 de diciembre de 2023 | 375.3 | 106.7 | 0.2 | 8.7 | 490.9 |
|
|
|
|
| |
Rendimiento real de los activos | 11.8 | 8.3 | - | 0.6 | 20.7 |
|
|
| 31 de diciembre 2023 | ||
UK | US | Europa | Resto del mundo | Total | |
£ m | £ m | £ m | £ m | £ m | |
Valor razonable de los activos del plan por categoría |
|
|
|
|
|
Renta variable | - | 6.3 | - | - | 6.3 |
Activos de crecimiento1 | 48.9 | - | - | - | 48.9 |
Bonos | 26.5 | 97.7 | - | - | 124.2 |
Inversiones basadas en pasivos (LDI)2 | 196.6 | - | - | - | 196.6 |
Pólizas de seguro a juego | 101.9 | 1.4 | 0.2 | 6.3 | 109.8 |
Otro | 1.4 | 1.3 | - | 2.4 | 5.1 |
| 375.3 | 106.7 | 0.2 | 8.7 | 490.9 |
1. Los activos de crecimiento incluyen inversiones en fondos globales diversificados y multiactivos, así como propiedades en el Reino Unido.
2. The LDI assets are pooled funds in the UK that provide a leveraged return linked to long duration fixed interest and index-linked government bonds valued at the bid price of the units. This provides interest rate and inflation hedging equivalent in size to circa 100% of the invested assets of the UK Schemes measured on the 'Long Term Objective' basis (Gilts +50bps) (excluding matching insurance policies).
El Grupo espera contribuir con 3.6 millones de libras esterlinas a estos acuerdos en 2024.
31 de diciembre 2022 | |||||
UK | US | Europa | Resto de World | Total | |
£ m | £ m | £ m | £ m | £ m | |
Resumen de obligaciones netas | |||||
Valor presente de las obligaciones por beneficios definidos no financiados | - | (5.8) | (26.7) | (4.0) | (36.5) |
Valor presente de las obligaciones de prestaciones definidas financiadas | (359.5) | (116.1) | (1.6) | (8.1) | (485.3) |
Valor razonable de los activos del plan | 384.7 | 112.7 | 0.4 | 8.4 | 506.2 |
| 25.2 | (9.2) | (27.9) | (3.7) | (15.6) |
UK | US | Europa | Resto del mundo | |
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Los principales supuestos actuariales al 31 de diciembre de 2023 eran: | % | % | % | % |
Tasa de descuento | 4.52 | 4.80 | 3.40 | 5.52 |
Inflación (Reino Unido: RPI / CPI) | 3.05/2.31 | n / a | 2.10 | n / a |
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Los principales supuestos actuariales al 31 de diciembre de 2022 eran: | % | % | % | % |
Tasa de descuento | 4.81 | 4.99 | 3.70 | 5.30 |
Inflación (Reino Unido: RPI / CPI) | 3.26/2.47 | n / a | 2.20 | n / a |
Nota 15. Provisiones y pasivos contingentes
| Cierre y reestructuración provisiones £ m | Legal y otros provisiones
£ m | Aplicaciones Medioambientales provisiones
£ m | Total
£ m |
Saldo al 1 de enero de 2023 | 10.5 | 8.1 | 7.4 | 26.0 |
Provisiones realizadas durante el año | 3.0 | 0.9 | 2.6 | 6.5 |
Provisiones utilizadas durante el año | (2.2) | (1.3) | (1.4) | (4.9) |
Provisiones revertidas durante el año | (3.0) | (1.8) | (0.2) | (5.0) |
Efecto de los movimientos de divisas | (0.4) | (0.3) | (0.1) | (0.8) |
Saldo al 31 de diciembre de 2023 | 7.9 | 5.6 | 8.3 | 21.8 |
Current | 5.6 | 2.3 | 2.4 | 10.3 |
No corriente | 2.3 | 3.3 | 5.9 | 11.5 |
7.9 | 5.6 | 8.3 | 21.8 |
Disposiciones por cierre y reestructuración
Closure and restructuring provisions relate to the Group's restructuring programmes and represent committed expenditure at the balance sheet date. The amounts provided are based on the costs of terminating relevant contracts, under the contract terms, and management's best estimate of other associated restructuring costs including professional fees. The provisions are expected to be utilised in the next one to two years.
We have a provision for a multi-employer pension obligation for a site which was closed during 2021. The cash outflows relating to the pension obligation may continue for up to 18 years, subject to any settlement being reached in advance of that date.
Disposiciones legales y otras
Las provisiones legales y de otro tipo comprenden principalmente montos provistos contra disputas legales y contractuales abiertas que surgen en el curso normal del negocio y costos de servicio prolongado. Se hacen provisiones para los costos esperados asociados con tales asuntos, con base en la experiencia pasada de elementos similares y otros factores conocidos, tomando en cuenta el asesoramiento profesional recibido, y representan la mejor estimación de la administración del resultado más probable. El momento de la utilización de estas disposiciones suele ser incierto, lo que refleja la complejidad de las cuestiones y el resultado de varios procedimientos judiciales y negociaciones asociadas.
Where obligations are not capable of being reliably estimated, or if a material outflow of economic resources is considered not probable, it is classified as a contingent liability. The Group is of the opinion that any associated claims that might be brought can be defeated successfully and, therefore, the possibility of any material outflow in settlement is assessed as remote.
Las empresas subsidiarias dentro del Grupo han otorgado garantías no garantizadas de £ 10.3 millones (2022: £ 10.2 millones) en el curso ordinario de los negocios.
Disposiciones ambientales
Environmental provisions are made for quantifiable environmental liabilities arising from known environmental issues. The amounts
provided are based on the best estimate of the costs required to remedy these issues. The provisions are expected to be utilised in the next five to ten years.
Pasivos contingentes ambientales
The Group is subject to local health, safety and environmental laws and regulations concerning its manufacturing operations around the world. These laws and regulations may require the Group to take future action to remediate the impact of historical manufacturing processes on the environment or lead to other economic outflows. Such contingencies may exist for various sites which the Group currently operates or has operated in the past.
Pasivos contingentes fiscales
El Grupo está sujeto a auditorías fiscales periódicas por parte de diversas autoridades fiscales que cubren los impuestos corporativos, de empleados y de ventas en las distintas jurisdicciones en las que opera. Hemos proporcionado estimaciones de las probables exposiciones del Grupo cuando se pueden estimar de forma fiable.
Nota 16. Acontecimientos posteriores
There were no reportable subsequent events following the balance sheet date.
Glosario
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1. Consulte las definiciones y conciliaciones de las medidas no GAAP con las medidas GAAP en las páginas 14 a 18.
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