2023 | 2022 | ||
Continuing operations | Notes | £m | £m |
Revenue | 1,3 | ||
Cost of sales | ( | ( | |
Gross profit | |||
Net operating expenses | 3 | ( | ( |
Operating profit | |||
Share of profit aer tax of joint ventures and associates | 13 | ||
Profit before finance and tax | |||
Finance income | 6 | ||
Finance costs | 6 | ( | ( |
Profit before tax from continuing operations | |||
Tax | 7 | ( | ( |
Profit for the year from continuing operations | |||
Loss from discontinued operations | 28(c) | ( | |
Total profit/(loss) for the year | ( | ||
Profit/(loss) attributable to: | |||
Owners of the parent | ( | ||
Non-controlling interests | |||
( | |||
Earnings per share from continuing operations attributable to the owners | |||
of the parent | 8 | ||
Basic earnings per share (pence) | |||
Diluted earnings per share (pence) | |||
Earnings/(loss) per share attributable to the owners of the parent | 8 | ||
Basic earnings/(loss) per share (pence) | ( | ||
Diluted earnings/(loss) per share (pence) | ( | ||
Alternative performance measures: | |||
Operating profit from continuing operations | |||
Adjusting items within net operating expenses: | 2 | ||
Acquisition and integration costs | |||
Disposal of businesses | ( | ||
Accelerated amortisation and net impairment reversals | |||
Gain on pension indexation | ( | ||
Adjusted operating profit from continuing operations | |||
Share of profit aer tax of joint ventures and associates | |||
Adjusted profit before finance costs and tax from continuing operations | |||
Net finance costs | ( | ( | |
Adjusting items within net finance costs: | 2 | ||
Net monetary loss on hyperinflation | |||
Interest on dividend payments to former shareholders of Derco | |||
Adjusted profit before tax from continuing operations | |||
Tax on adjusted profit | ( | ( | |
Adjusted profit aer tax from continuing operations | |||
Adjusted earnings per share from continuing operations | 8 | ||
Basic adjusted earnings per share | |||
Diluted adjusted earnings per share |
2023 | 2022 | ||
Notes | £m | £m | |
Profit/(loss) for the year | ( | ||
Other comprehensive income/(loss): | |||
Items that will not be reclassified to the consolidated income statement | |||
Retirement benefit schemes: | |||
– net actuarial losses | 5 | ( | ( |
– deferred tax on actuarial losses | 16 | ||
( | ( | ||
Items that may be or have been reclassified subsequently to the consolidated | |||
income statement | |||
Cash flow hedges: | |||
– net fair value (losses)/gains | 25 | ( | |
– tax on cash flow hedges | 16 | ( | |
Investments held at fair value: | |||
– net fair value losses | 14 | ( | ( |
Deferred tax on taxation losses | 16 | ( | |
Foreign currency translation: | |||
– exchange dierences on translation of foreign operations | 25 | ( | |
– exchange dierences on translation of discontinued operations | 25,28(b) | ||
– recycling of foreign currency reserve | 25 | ( | |
Adjustments for hyperinflation | 25 | ||
( | |||
Other comprehensive (loss)/income for the year | ( | ||
Total comprehensive income for the year | |||
Total comprehensive income attributable to: | |||
– Owners of the parent | |||
– Non-controlling interests | |||
Total comprehensive income/(loss) arising from: | |||
– Continuing operations | |||
– Discontinued operations | ( |
2023 | 2022 | ||
Notes | £m | £m | |
Non-current assets | |||
Intangible assets | 10 | ||
Property, plant and equipment | 11 | ||
Right-of-use assets | 12 | ||
Investments in joint ventures and associates | 13 | ||
Financial assets at fair value through other comprehensive income | 14 | ||
Derivative financial instruments | 23 | ||
Trade and other receivables | 15 | ||
Deferred tax assets | 16 | ||
Retirement benefit asset | 5 | ||
Current assets | |||
Inventories | 17 | ||
Trade and other receivables | 15 | ||
Derivative financial instruments | 23 | ||
Current tax assets | |||
Cash and cash equivalents | 18 | ||
Assets held for sale | 19 | ||
Total assets | |||
Current liabilities | |||
Trade and other payables | 20 | ( | ( |
Derivative financial instruments | 23 | ( | ( |
Current tax liabilities | ( | ( | |
Provisions | 21 | ( | ( |
Lease liabilities | 12 | ( | ( |
Borrowings | 22 | ( | ( |
( | ( | ||
Non-current liabilities | |||
Trade and other payables | 20 | ( | ( |
Provisions | 21 | ( | ( |
Derivative financial instruments | 23 | ( | ( |
Deferred tax liabilities | 16 | ( | ( |
Lease liabilities | 12 | ( | ( |
Borrowings | 22 | ( | ( |
Retirement benefit liability | 5 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
Equity | |||
Share capital | 24 | ||
Share premium | |||
Capital redemption reserve | |||
Merger reserve | 25 | ||
Other reserves | 25 | ( | |
Retained earnings | 26 | ||
Equity attributable to owners of the parent | |||
Non-controlling interests | |||
Total equity |
Total | ||||||||||
equity | ||||||||||
Capital | attributable | Non- | Total | |||||||
Share | Share | redemption | Merger | Other | Retained | to owners of | controlling | shareholders’ | ||
capital | Premium | reserve | reserve | reserves | earnings | the parent | interests | equity | ||
Notes | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 January 2022 | ( | |||||||||
(Loss)/profit for the year | ( | ( | ( | |||||||
Other comprehensive income/(loss) for the year | ( | |||||||||
Total comprehensive income/(loss) for the year | ( | |||||||||
Hedging gains and losses | ||||||||||
transferred to inventory | ||||||||||
Written put option | ( | ( | ( | |||||||
Shares to be issued | ||||||||||
Non-controlling interests | ||||||||||
on acquisition of subsidiaries | ||||||||||
Share-based payments, net of tax | 4,16 | |||||||||
Share buyback | ||||||||||
programme | 24 | ( | ( | ( | ( | |||||
Purchase of own shares | ||||||||||
by the Inchcape | ||||||||||
Employee Trust | ( | ( | ( | |||||||
Dividends: | ||||||||||
– Owners of the parent | 9 | ( | ( | ( | ||||||
– Non-controlling interests | ( | ( | ||||||||
At 1 January 2023 | ||||||||||
Profit for the year | ||||||||||
Other comprehensive | ||||||||||
(loss)/income for the year | ||||||||||
( | ( | ( | ( | ( | ||||||
Total comprehensive income/(loss) for the year | ||||||||||
( | ||||||||||
Hedging gains and losses | ||||||||||
transferred to inventory | ( | ( | ( | |||||||
Written put option | 28(b) | ( | ( | ( | ||||||
Shares issued | 24,25 | ( | ||||||||
Acquisition of non- controlling interests | 28(b) | ( | ||||||||
Non-controlling interests | ||||||||||
on acquisition of subsidiaries | 28(a) | |||||||||
Share-based payments, net of tax | 4,16 | |||||||||
Purchase of own shares | ||||||||||
by the Inchcape | ||||||||||
Employee Trust | ( | ( | ( | |||||||
Dividends: | ||||||||||
– Owners of the parent | 9 | ( | ( | ( | ||||||
– Non-controlling interests | ( | ( | ||||||||
At 31 December 2023 | ( |
2023 | 2022 | ||
Notes | £m | £m | |
Cash generated from operating activities | |||
Cash generated from operations | 27(a) | ||
Tax paid | ( | ( | |
Interest received | |||
Interest paid | ( | ( | |
Net cash generated from operating activities | |||
Cash flows from investing activities | |||
Acquisition of businesses, net of cash and overdras acquired | 28(a) | ( | ( |
Net cash inflow/(outflow) from sale of businesses | ( | ||
Proceeds from disposal of investments in joint ventures and associates | |||
Purchase of investments in joint ventures and associates | ( | ( | |
Purchase of property, plant and equipment | ( | ( | |
Purchase of intangible assets | ( | ( | |
Proceeds from disposal of property, plant and equipment | |||
Dividends received from joint ventures and associates | |||
Payments made before the commencement date of a lease | ( | ||
Receipt from finance sub-lease receivables | |||
Net cash used in investing activities | ( | ( | |
Cash flows from financing activities | |||
Share buyback programme | 24(b) | ( | |
Purchase of own shares by the Inchcape Employee Trust | ( | ( | |
Cash (outflow)/inflow from acquisition financing bridge facility | ( | ||
Cash inflow from revolving credit facility | 22 | ||
Cash inflow from bond issuance | 22 | ||
Cash outflow from other borrowings | ( | ( | |
Payment of capital element of lease liabilities | ( | ( | |
Payments to former shareholders of Derco group | ( | ||
Equity dividends paid | 9 | ( | ( |
Acquisition of non-controlling interests | ( | ||
Dividends paid to non-controlling interests | ( | ( | |
Net cash (used in)/generated from financing activities | ( | ||
Net (decrease)/increase in cash and cash equivalents | 27(b) | ( | |
Cash and cash equivalents at beginning of the year | |||
Eect of foreign exchange rate changes | ( | ||
Cash and cash equivalents at the end of the year | |||
Cash and cash equivalents consist of: | |||
– Cash at bank and cash equivalents | 18 | ||
– Short-term deposits | 18 | ||
– Bank overdras | 22 | ( | ( |
Freehold buildings and | |
long leasehold buildings | 2.0% |
Short leasehold buildings shorter of lease term or useful life | |
Plant, machinery and equipment | 5.0% – 33.3% |
Leased vehicles, rental | |
machinery and equipment | over the lease term |
Distribution | APAC | Exclusive distribution, sales and marketing activities of New Vehicles and Parts. |
Europe & Africa | Sale of New and Used Vehicles together with logistics services where the Group | |
Americas | may also be the exclusive distributor, alongside associated | |
Retail | Sale of New and Used Vehicles, together with associa | |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2023 | £m | £m | £m | £m | £m | £m |
Revenue | ||||||
Total revenue | 2,826 | 2,521 | 3,746 | 9,093 | 2,354 | 11,447 |
Results | ||||||
Adjusted operating profit | 235 | 132 | 262 | 629 | 40 | 669 |
Operating adjusting items | (50) | |||||
Operating profit from continuing operations | 619 | |||||
Share of profit a | 1 | |||||
Profit before finance and tax | 620 | |||||
Finance income | 52 | |||||
Finance costs | (259) | |||||
Profit before tax from continuing operations | 413 | |||||
Tax | (130) | |||||
Profit for the year from continuing operations 283 |
2023 | £m |
UK | 2,065 |
Chile | 1,773 |
Australia | 1,310 |
Rest of the world | 6,299 |
Group | 11, 447 |
2023 | £m |
UK | 297 |
Rest of the world | 2,252 |
Group | 2,549 |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2023 | £m | £m | £m | £m | £m | £m |
Segment assets and liabilities | ||||||
Segment assets | 915 | 748 | 1,454 | 3,117 | 485 | 3,602 |
Other current assets | 795 | |||||
Other non-current assets | 2,742 | |||||
Segment liabilities | (1,269) | (741) | (830) | (2,840) | (495) | (3,335) |
Other liabilities | (2,184) | |||||
Total net assets | 1,620 |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2023 from continuing operations | £m | £m | £m | £m | £m | £m |
Other segment items | ||||||
Capital expenditure: | ||||||
– Property, plant and equipment | 27 | 13 | 27 | 67 | 21 | 88 |
– Leased vehicles, rental machinery and equipment | 20 | 26 | 15 | 61 | 23 | 84 |
– Right-of-use assets | 12 | 7 | 14 | 33 | 3 | 36 |
– Intangible assets | 1 | 1 | 2 | 4 | 1 | 5 |
Depreciation and impairment: | ||||||
– Property, plant and equipment | 11 | 7 | 20 | 38 | 23 | 61 |
– Leased vehicles, rental machinery and equipment | 6 | 1 | 13 | 20 | – | 20 |
– Right-of-use assets | 30 | 8 | 35 | 73 | 8 | 81 |
Amortisation of intangible assets | 2 | 1 | 7 | 10 | 1 | 11 |
Net provisions charged to the consolidated income | ||||||
statement | 8 | 7 | 31 | 46 | 2 | 48 |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2022 | £m | £m | £m | £m | £m | £m |
Revenue | ||||||
Total revenue | 2,341 | 2,048 | 1,480 | 5,869 | 2,264 | 8,133 |
Results | ||||||
Adjusted operating profit | 163 | 90 | 110 | 363 | 48 | 411 |
Operating adjusting items | (11) | |||||
Operating profit from continuing operations | 400 | |||||
Share of profit a | – | |||||
Profit before finance and tax | 400 | |||||
Finance income | 21 | |||||
Finance costs | (88) | |||||
Profit before tax from continuing operations | 333 | |||||
Tax | (98) | |||||
Profit for the year from continuing operations | 235 |
2022 | £m |
UK | 2,029 |
Australia | 1,136 |
Rest of the world | 4,968 |
Group | 8,133 |
2022 | £m |
UK | 299 |
Rest of the world | 2,053 |
Group | 2,352 |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2022 (Represented) | £m | £m | £m | £m | £m | £m |
Segment assets and liabilities | ||||||
Segment assets | 620 | 477 | 1,799 | 2,896 | 440 | 3,336 |
Other current assets | 917 | |||||
Other non-current assets | 2,711 | |||||
Segment liabilities | (921) | (483) | (1,199) | (2,603) | (453) | (3,056) |
Other liabilities | (2,341) | |||||
Total net assets | 1,567 |
Distribution | ||||||
Europe & | Total | |||||
APAC | Africa | Americas | Distribution | Retail | Total | |
2022 from continuing operations | £m | £m | £m | £m | £m | £m |
Other segment items | ||||||
Capital expenditure: | ||||||
– Property, plant and equipment | 14 | 13 | 12 | 39 | 22 | 61 |
– Leased vehicles, rental machinery and equipment | 9 | 4 | – | 13 | – | 13 |
– Right-of-use assets | 10 | 8 | 9 | 27 | 7 | 34 |
– Intangible assets | 1 | 1 | 1 | 3 | 1 | 4 |
Depreciation and impairment: | ||||||
– Property, plant and equipment | 7 | 7 | 9 | 23 | 1 | 24 |
– Leased vehicles, rental machinery and equipment | 4 | 4 | – | 8 | – | 8 |
– Right-of-use assets | 30 | 6 | 13 | 49 | 8 | 57 |
Amortisation of intangible assets | 8 | 6 | 7 | 21 | 2 | 23 |
Net provisions charged to the consolidated income | ||||||
statement | 22 | 21 | 10 | 53 | 6 | 59 |
2023 | 2022 | |
From continuing operations | £m | £m |
Other asset impairment reversals (see notes 11 and 12) | – | 10 |
Disposal of businesses (see note 28) | – | 1 |
Acquisition and integration costs | (50) | (42) |
Accelerated amortisation (SaaS) | – | (13) |
Other income | – | 13 |
Gain on pension indexation | – | 20 |
Total adjusting items in operating profit | (50) | (11) |
Adjusting items in finance costs: | ||
Interest on dividend payments to former shareholders of Derco | (10) | – |
Net monetary loss on hyperinflation | (29) | (29) |
Total adjusting items before tax | (89) | (40) |
Tax on adjusting items (see note 7) | 10 | (1) |
Total adjusting items | (79) | (41) |
2023 | 2022 | |
£m | £m | |
From continuing operations | (represented) | |
Sale of goods | 10,878 | 7,6 87 |
Provision of services | 569 | 446 |
11,447 | 8,133 |
Net operating | Net operating | |||||
expenses | expenses | |||||
before | Adjusting | Net operating | before | Adjusting | Net operating | |
adjusting items | items | expenses | adjusting items | items | expenses | |
2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
From continuing operations | £m | £m | £m | £m | £m | £m |
Distribution costs | 623 | – | 623 | 385 | – | 385 |
Administrative expenses | 664 | 50 | 714 | 512 | 43 | 555 |
Other operating (income)/expenses | (17) | – | (17) | 17 | (32) | (15) |
1,270 | 50 | 1,320 | 914 | 11 | 925 |
2023 | 2022 | |
From continuing operations | £m | £m |
Depreciation and impairment of tangible fixed assets: | ||
– Property, plant and equipment | 61 | 24 |
– Leased vehicles, rental machinery and equipment | 20 | 8 |
– Right-of-use assets | 81 | 57 |
Amortisation of intangible assets | 11 | 23 |
Impairment of trade receivables | 7 | 6 |
Profit on sale of property, plant and equipment and intangibles | (16) | (2) |
2023 | 2022 | |
£m | £m | |
Fees payable to the Company’s auditor and its associates for the audit of the parent | ||
company and the consolidated financial statements | 3 | 3 |
Fees payable to the Company’s auditor and its associates for other services: | ||
– The audit of the Company’s subsidiaries | 5 | 5 |
– Audit related assurance services | – | 5 |
– All other services | – | 1 |
Total fees payable to the Company’s auditor | 8 | 14 |
2023 | 2022 | |
From continuing operations | £m | £m |
Wages and salaries | 597 | 446 |
Social security costs | 48 | 35 |
Other pension costs (see note 5) | 17 | (5) |
Share-based payment charge (see note 4) | 15 | 10 |
677 | 486 |
Total | ||
2023 | 2022 | |
Number | Number | |
APAC | 3,815 | 3,402 |
Europe & Africa | 2,799 | 1,566 |
Americas | 8,549 | 3,972 |
Total Distribution | 15,163 | 8,940 |
Retail | 4,320 | 3,662 |
Central & Digital | 1,379 | 896 |
20,862 | 13,498 |
Weighted | ||||
average | Performance | Save As You | Other | |
2023 | exercise price* | Share Plan | Earn Plan | Share Plans |
Outstanding at 1 January | £4.92 | 5,107,941 | 2,056,778 | 1,370,709 |
Granted | £6.11 | 2,237,809 | 923,833 | 705,070 |
Exercised | £3.81 | (979,410) | (786,587) | (353,282) |
Lapsed | £6.05 | (869,253) | (346,502) | (122,661) |
Outstanding at 31 December | £5.78 | 5,497,087 | 1,847,522 | 1,599,836 |
Exercisable at 31 December | £3.77 | 245,726 | 322,449 | 95,835 |
Weighted | |||||
average | Performance | Save As You | Other | ||
2022 | exercise price* | Share Plan | Earn Plan | Share Plans | |
Outstanding at 1 January | £4.53 | 4,967,050 | 2,068,892 | 1,130,883 | |
Granted | £6.00 | 1,975,716 | 685,472 | 766,006 | |
Exercised | £4.62 | (473,051) | (435,285) | (198,516) | |
Lapsed | £5.17 | (1,361,774) | (262,301) | (327,6 6 4) | |
Outstanding at 31 December | £4.92 | 5,107,941 | 2,056,778 | 1,370,709 | |
Exercisable at 31 December | £4.59 | 166,168 | 45,291 | 11, | 89 5 |
Performance Share Plan | Save As You Earn Plan | Other Share Plans | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Weighted average share price at grant date | £7.53 | £6.52 | £7.64 | £7.0 6 | £7.54 | £6.13 |
Weighted average exercise price* | n/a | n/a | £6.11 | £6.00 | n/a | n/a |
Vesting period | 3.0 years | 3.0 years | 3.0 years | 3.0 years | 2.3 years | 2.7 years |
Expected volatility | n/a | n/a | 31.0% | 33.9% | n/a | n/a |
Expected life of award | 3.0 years | 3.0 years | 3.2 years | 3.2 years | 2.3 years | 2.7 years |
Weighted average risk-free rate | n/a | n/a | 4.5% | 4.4% | n/a | n/a |
Expected dividend yield | n/a | n/a | 4.3% | 3.5% | n/a | n/a |
Weighted average fair value per | ||||||
option | £7.53 | £6.52 | £2.06 | £1.78 | £7.54 | £ 6.13 |
United Kingdom | Overseas | |||
2023 | 2022 | 2023 | 2022 | |
% | % | % | % | |
Rate of increase in salaries | n/a | n/a | 3.4 | 3.4 |
Rate of increase in pensions | 2.6 | 2.5 | 3.7 | 3.6 |
Discount rate | 4.5 | 4.8 | 3.1 | 1.8 |
Rate of inflation: | ||||
– Retail price index | 3.2 | 3.3 | 2.0 | 2.4 |
– Consumer price index | 2.6 | 2.6 | n/a | n/a |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
Present value of funded | ||||||
obligations | (576) | (572) | (31) | (35) | (607) | (607) |
Fair value of plan assets | 655 | 668 | 30 | 33 | 685 | 701 |
Net surplus/(deficit) in funded | ||||||
obligations | 79 | 96 | (1) | (2) | 78 | 94 |
Present value of unfunded | ||||||
obligations | – | – | (11) | (1) | (11) | (1) |
79 | 96 | (12) | (3) | 67 | 93 | |
The net pension asset is analysed | ||||||
as follows: | ||||||
Schemes in surplus | 84 | 104 | – | – | 84 | 104 |
Schemes in deficit | (5) | (8) | (12) | (3) | (17) | (11) |
79 | 96 | (12) | (3) | 67 | 93 |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
Current service cost | – | – | (2) | (2) | (2) | (2) |
Past service cost | – | 20 | – | – | – | 20 |
Scheme expenses | (1) | (2) | – | – | (1) | (2) |
Interest expense on plan liabilities | (27) | (19) | (1) | (1) | (28) | (20) |
Interest income on plan assets | 31 | 22 | 1 | 1 | 32 | 23 |
3 | 21 | (2) | (2) | 1 | 19 |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
Actuarial (losses)/gains on liabilities: | ||||||
– Experience (losses)/gains | (6) | (20) | 1 | 2 | (5) | (18) |
– Changes in demographic | ||||||
assumptions | 22 | – | – | – | 22 | – |
– Changes in financial | ||||||
assumptions | (23) | 312 | 1 | 2 | (22) | 314 |
Actuarial (losses)/gains on assets: | ||||||
– Experience (losses)/gains | (15) | (302) | – | (6) | (15) | (308) |
(22) | (10) | 2 | (2) | (20) | (12) |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
At 1 January | 96 | 82 | (3) | – | 93 | 82 |
Business acquisitions (note 28(a)) | – | – | (11) | – | (11) | – |
Amount recognised in the consolidated income statement | 3 | 21 | (2) | (2) | 1 | 19 |
Contributions by employer | 2 | 3 | 1 | 1 | 3 | 4 |
Actuarial (losses)/gains recognised | ||||||
in the year | (22) | (10) | 2 | (2) | (20) | (12) |
– | – | 1 | – | 1 | – | |
At 31 December | 79 | 96 | (12) | (3) | 67 | 93 |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
At 1 January | (572) | (898) | (36) | (38) | (608) | (936) |
Business acquisitions (note 28(a)) | – | – | (11) | – | (11) | – |
Current service cost | – | – | (2) | (2) | (2) | (2) |
Past service cost | – | 20 | – | – | – | 20 |
Interest expense on plan liabilities | (27) | (19) | (1) | (1) | (28) | (20) |
Actuarial (losses)/gains: | ||||||
– Experience (losses)/gains | (6) | (20) | 1 | 2 | (5) | (18) |
– Changes in demographic | ||||||
assumptions | 22 | – | – | – | 22 | – |
– Changes in financial | ||||||
assumptions | (23) | 312 | 1 | 2 | (22) | 314 |
Benefits paid | 30 | 33 | 3 | 5 | 33 | 38 |
changes | – | – | 3 | (4) | 3 | (4) |
At 31 December | (576) | (572) | (42) | (36) | (618) | (608) |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | £m | £m | |
At 1 January | 668 | 980 | 33 | 38 | 701 | 1,018 |
Interest income on plan assets | 31 | 22 | 1 | 1 | 32 | 23 |
Scheme expenses | (1) | (2) | – | – | (1) | (2) |
Actuarial (losses)/gains: | ||||||
– Experience (losses)/gains | (15) | (302) | – | (6) | (15) | (308) |
Contributions by employer | 2 | 3 | 1 | 1 | 3 | 4 |
Benefits paid | (30) | (33) | (3) | (5) | (33) | (38) |
changes | – | – | (2) | 4 | (2) | 4 |
At 31 December | 655 | 668 | 30 | 33 | 685 | 701 |
United Kingdom | Overseas | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
(represented) | (represented) | |||||
Equities | 5.2% | 5.1% | 50.0% | 50.2% | 7.2% | 7.2% |
Bonds | 32.1% | 6.6% | 43.3% | 42.6% | 32.6% | 8.3% |
Liability driven investment | 55.6% | 75.0% | – | – | 53.1% | 71.4% |
Long lease property | 7.1% | 12.1% | – | – | 6.9% | 11.5% |
Other | – | 1.2% | 6.7% | 7.2% | 0.2% | 1.6% |
100% | 100% | 100% | 100% | 100% | 100% |
United Kingdom | ||
2023 | 2022 | |
£m | £m | |
Discount rate -1% | +75 | +81 |
Discount rate +1% | -61 | -66 |
CPI Inflation -0.25% | -9 | -9 |
CPI Inflation +0.25% | +9 | +10 |
Life expectancy +1 year | +23 | +25 |
2023 | 2022 | |
From continuing operations | £m | £m |
Interest expense on bank and other borrowings | 124 | 27 |
Finance costs on lease liabilities (note 12(b)) | 22 | 10 |
Stock holding interest (note 20) | 50 | 19 |
Net monetary loss on hyperinflation | 29 | 29 |
Interest on deferred dividend payment | 10 | – |
Other finance costs | 24 | 3 |
Finance costs | 259 | 88 |
Bank and other interest income | (47) | (17) |
Net interest income on post-retirement plan assets and liabilities | (4) | (3) |
Other finance income | (1) | (1) |
Finance income | (52) | (21) |
Net finance costs | 207 | 67 |
Analysed as: | ||
Net finance costs excluding adjusting finance costs | 168 | 38 |
Finance costs reported as adjusting items | 39 | 29 |
Net finance costs | 207 | 67 |
2023 | 2022 | |
From continuing operations | £m | £m |
Current tax: | ||
– Overseas tax | 146 | 111 |
Adjustments to prior year liabilities: | ||
– Overseas tax | (6) | (6) |
Current tax | 140 | 105 |
Deferred tax (note 16): | ||
Origination and reversal of t | (10) | (7) |
Deferred tax | (10) | (7) |
Total tax charge | 130 | 98 |
The total tax charge is analysed as follows: | ||
– Tax charge on adjusted profit before tax | 140 | 97 |
– Tax (credit)/charge on adjusting items | (10) | 1 |
Total tax charge | 130 | 98 |
2023 | 2022 | |
From continuing operations | £m | £m |
Profit before tax | 413 | 333 |
Profit before tax multiplied by the weighted average tax rate of 22.4% (2022: 22.7%) | 93 | 75 |
– Permanent | 4 | 10 |
– Non-taxable income | (4) | (4) |
– Prior year items | (4) | (1) |
– Derecognition/(recognition) of deferred tax assets | 27 | (2) |
– Overseas tax audits and settlements | 1 | 2 |
– Taxes on undistributed earnings | 2 | 2 |
– Acquisition of businesses | 2 | 4 |
– Adjustments for hyperinflation | 9 | 12 |
Total tax charge | 130 | 98 |
£m | ||
Accounting profit for the year ending 31 December 2023 | 43 | |
Tax charge for year ending 31 December 2023 | 3 | |
2023 | Averag | 6% |
2023 | 2022 | |
£m | £m | |
Profit/(loss) for the year | 283 | (6) |
Non-controlling interests | (13) | (5) |
Basic earnings | 270 | (11) |
Loss for the year from discontinued operations | – | 241 |
Basic earnings from continuing operations attributable to owners of the parent | 270 | 230 |
Adjusting items | 79 | 41 |
Adjusted earnings from continuing operations | 349 | 271 |
Basic earnings/(loss) per share: | ||
Basic earnings per share from continuing operations | 65.6p | 61.1p |
Basic loss per share from discontinued operations | – | (64.0)p |
Total basic earnings/(loss) per share | 65.6p | (2.9)p |
Diluted earnings/(loss) per share: | ||
Diluted earnings per share from continuing operations | 64.8p | 54.6p |
Diluted loss per share from discontinued operations | – | (57.1)p |
Total diluted earnings/(loss) per share | 64.8p | (2.5)p |
Adjusted earnings per share from continuing operations: | ||
Basic Adjusted earnings per share from continuing operations | 84.8p | 72.0p |
Diluted Adjusted earnings per share from continuing operations | 83.7p | 64.4p |
2023 | 2022 | ||
number | number | ||
Weighted average number of fully paid ordinary shares in issue during the year | 412,689,716 | 377,146,96 | 0 |
Weighted average number of fully paid ordinary shares in issue during the year: | |||
– Held by the Inchcape Employee Trust | (1,131,983) | (749,751) | |
Weighted average number of fully paid ordinary shares for the purposes of basic EPS | 411,557,733 | 376,397, | 20 9 |
Diluti | 5,408,280 | 44,733,701 | |
Adjusted weighted average number of fully paid ordinary shares in issue during the year for the purposes of diluted EPS | 416,966,013 | 421,130,910 |
2023 | 2022 | |
£m | £m | |
Interim dividend for the six months ended 30 June 2023 of 9.6p per share | ||
(30 June 2022: 7.5p per share) | 40 | 28 |
Final dividend for the year ended 31 December 2022 of | ||
(31 December 2021: | 88 | 61 |
128 | 89 |
Indefinite-life | Computer | |||
intangible | ||||
Goodwill | assets 1 | Other | Total | |
Cost | £m | £m | £m | £m |
At 1 January 2022 | 552 | 257 | 217 | 1,026 |
Businesses acquired | 140 | 593 | 26 | 759 |
Business sold | (84) | – | (29) | (113) |
Additions | – | – | 4 | 4 |
Disposals | – | – | (1) | (1) |
Retirements | – | – | (95) | (95) |
40 | 28 | 10 | 78 | |
At 1 January 2023 | 648 | 878 | 132 | 1,658 |
Businesses acquired (see note 28(a)) | 39 | 113 | – | 152 |
Period adjustments (see note 28(b)) | 5 | – | – | 5 |
Additions | – | – | 5 | 5 |
(15) | (43) | (3) | (61) | |
At 31 December 2023 | 677 | 948 | 134 | 1,759 |
Accumulated amortisation and impairment | ||||
At 1 January 2022 | (436) | (18) | (178) | (632) |
Amortisation charge for the year | – | – | (23) | (23) |
Business sold | 84 | – | 28 | 112 |
Disposals | – | – | 1 | 1 |
Retirements | – | – | 95 | 95 |
(26) | (2) | (9) | (37) | |
At 1 January 2023 | (378) | (20) | (86) | (484) |
Amortisation charge for the year (note 3) | – | – | (11) | (11) |
3 | 1 | 3 | 7 | |
At 31 December 2023 | (375) | (19) | (94) | (488) |
Net book value at 31 December 2023 | 302 | 929 | 40 | 1,271 |
Net book value at 31 December 2022 | 270 | 858 | 46 | 1,174 |
2023 | 2022 | |
Goodwill | £m | £m |
Americas | 207 | 212 |
Asia | 79 | 48 |
Other | 16 | 10 |
302 | 270 |
2023 | 2022 | |
Indefinite-life intangible assets | £m | £m |
Europe | 28 | 29 |
Americas – Derco | 506 | 536 |
Americas – Other | 281 | 293 |
APAC | 114 | – |
929 | 858 |
2023 | Americas | Asia |
Pre-tax discount rate (%) | 12.6 | 9.3 |
Long-term growth rate (%) | 2.8 | 2.2 |
Americas – Hino/ | ||||
Americas – | Subaru/JLR/ | Central America | ||
2022 | Baltics | Daimler | Volvo/Porsche | – Suzuki |
Pre-tax discount rate (%) | 8.1 | 15.8 | 12.2 | 14.1 |
Long-term growth rate (%) | 1.9 | 3.2 | 2.9 | 2.6 |
Central | |||
Americas – | America – | ||
2023 | Hino | Suzuki | Derco |
Pre-tax discount rate (%) | 14.3 | 12.6 | 12.5 |
Long-term growth rate (%) | 2.7 | 2.9 | 2.9 |
Central | |||
Americas – | America – | ||
2022 | Hino | Suzuki | Derco |
Pre-tax discount rate (%) | 13.4 | 14.1 | – |
Long-term growth rate (%) | 3.1 | 2.6 | – |
Decrease in | Increase in | ||
Increase/(decrease) in | value in use | value in use | |
assumption | £m | £m | |
Revenue CAGR (%) | (1.0%)/1.0% | (16) | 18 |
Average gross margin (%) | (0.5%)/0.5% | (9) | 9 |
Pre-tax discount rate (%) | 1.0%/(1.0%) | (19) | 25 |
Long-term growth rate (%) | (0.5%)/0.5% | (6) | 7 |
Leased | |||||
Plant, | vehicles, rental | ||||
Land and | machinery and | machinery and | |||
buildings | equipment | Subtotal | equipment | Total | |
Cost | £m | £m | £m | £m | £m |
At 1 January 2022 | 675 | 254 | 929 | 22 | 951 |
Opening balance hyperinflation adjustment | 20 | 14 | 34 | – | 34 |
Businesses acquired | 83 | 34 | 117 | 60 | 177 |
Businesses sold | (63) | (43) | (106) | – | (106) |
Additions | 17 | 47 | 64 | 13 | 77 |
Disposals | (9) | (25) | (34) | – | (34) |
Transferred from/(to) inventory | – | – | – | (10) | (10) |
Retirement of fully depreciated assets | – | (3) | (3) | – | (3) |
Transferred from/(to) assets held for sale | (19) | (3) | (22) | – | (22) |
41 | 24 | 65 | 3 | 68 | |
At 1 January 2023 | 745 | 299 | 1,044 | 88 | 1,132 |
Opening balance hyperinflation adjustment | 9 | 9 | 18 | – | 18 |
Businesses acquired (see note 28(a)) | 79 | 16 | 95 | 3 | 98 |
Additions | 45 | 43 | 88 | 84 | 172 |
Disposals | (10) | (8) | (18) | – | (18) |
Transferred from/(to) inventory | – | (1) | (1) | (21) | (22) |
Other¹ | 4 | (1) | 3 | 1 | 4 |
Transferred from/(to) assets held for sale | (6) | (1) | (7) | – | (7) |
(24) | (12) | (36) | (4) | (40) | |
At 31 December 2023 | 842 | 344 | 1,186 | 151 | 1,337 |
Accumulated depreciation and impairment | |||||
At 1 January 2022 | (204) | (192) | (396) | (7) | (403) |
Opening balance hyperinflation adjustment | (3) | (8) | (11) | – | (11) |
Businesses sold | 29 | 12 | 41 | – | 41 |
Depreciation charge for the year | (14) | (20) | (34) | (8) | (42) |
Impairment reversal for the year | 8 | 1 | 9 | – | 9 |
Disposals | 2 | 25 | 27 | – | 27 |
Transferred to/(from) inventory | – | – | – | 4 | 4 |
Retirement of fully depreciated assets | – | 3 | 3 | – | 3 |
Transferred to/(from) assets held for sale | 6 | 1 | 7 | – | 7 |
(15) | (13) | (28) | (2) | (30) | |
At 1 January 2023 | (191) | (191) | (382) | (13) | (395) |
Opening balance hyperinflation adjustment | (1) | (4) | (5) | – | (5) |
Depreciation charge for the year | (22) | (28) | (50) | (20) | (70) |
Impairment charge for the year | (9) | (2) | (11) | – | (11) |
Disposals | 6 | 6 | 12 | – | 12 |
Transferred to/(from) inventory | – | 1 | 1 | 10 | 11 |
Other¹ | (4) | 1 | (3) | (1) | (4) |
Transferred to/(from) assets held for sale | 2 | 1 | 3 | – | 3 |
5 | 9 | 14 | 1 | 15 | |
At 31 December 2023 | (214) | (207) | (421) | (23) | (444) |
Net book value at 31 December 2023 | 628 | 137 | 765 | 128 | 893 |
Net book value at 31 December 2022 | 554 | 107 | 662 | 75 | 737 |
2023 | 2022 | |
£m | £m | |
Freehold | 469 | 392 |
Leasehold with ove | 58 | 61 |
Short leasehold | 87 | 96 |
Assets under construction | 14 | 5 |
628 | 554 |
2023 | 2022 | |
£m | £m | |
Property, plant and equipment | 11 | (9) |
Right-of-use assets | – | 2 |
At 31 December | 11 | (7) |
Land and | |||
buildings | Other | Total | |
Cost | £m | £m | £m |
At 1 January 2022 | 596 | 3 | 599 |
Opening balance hyperinflation adjustment | 1 | – | 1 |
Businesses acquired | 149 | – | 149 |
Business sold | (25) | – | (25) |
Additions | 33 | 1 | 34 |
Derecognition | (22) | (1) | (23) |
Remeasurement | 25 | – | 25 |
43 | – | 43 | |
At 1 January 2023 | 800 | 3 | 803 |
Opening balance hyperinflation adjustment | 1 | – | 1 |
Businesses acquired (see note 28(a)) | 11 | – | 11 |
Period adjustments (see note 28(b)) | (7) | – | (7) |
Additions | 35 | 1 | 36 |
Derecognition | (38) | (1) | (39) |
Remeasurement | 7 | – | 7 |
Reclassified to assets held for sale | (2) | – | (2) |
(32) | – | (32) | |
At 31 December 2023 | 775 | 3 | 778 |
Accumulated depreciation and impairment | |||
At 1 January 2022 | (336) | (1) | (337) |
Business sold | 13 | – | 13 |
Depreciation charge for the year | (55) | (1) | (56) |
Derecognition | 22 | 1 | 23 |
Impairment charge for the year | (2) | – | (2) |
(25) | – | (25) | |
At 1 January 2023 | (383) | (1) | (384) |
Depreciation charge for the year | (80) | (1) | (81) |
Derecognition | 33 | 1 | 34 |
Remeasurement | 3 | – | 3 |
14 | – | 14 | |
At 31 December 2023 | (413) | (1) | (414) |
Net book value at 31 December 2023 | 362 | 2 | 364 |
Net book value at 31 December 2022 | 417 | 2 | 419 |
2023 | 2022 | |
£m | £m | |
Lease liabilities | ||
Current | 81 | 83 |
Non-current | 359 | 416 |
At 31 December | 440 | 499 |
2023 | 2022 | |
£m | £m | |
Depreciation of right-of-use assets | 81 | 56 |
Impairment charge for right-of-use assets | – | 2 |
Finance costs on lease liabilities (included in finance costs) | 22 | 10 |
Lease rentals – short-term leases | 7 | 6 |
Lease rentals – variable lease payments | 1 | 2 |
Sub-lease finance income (included in other finance income) | (1) | (1) |
Sub-lease income from right-of-use assets | (2) | (2) |
2023 | 2022 | |
£m | £m | |
Lease interest paid | 21 | 10 |
Payment of capital element of lease liabilities | 87 | 63 |
2023 | 2022 | |
£m | £m | |
At 1 January | 22 | 5 |
Businesses acquired (see note 28) | – | 11 |
Additions | 3 | 5 |
Share of profit a | 1 | – |
Return of investment following liquidation of joint venture | (2) | – |
Share of other comprehensive income of joint ventures and associates | – | 1 |
Dividends received | (1) | – |
(2) | – | |
At 31 December | 21 | 22 |
2023 | 2022 | |
£m | £m | |
represented | ||
Cash and cash equivalents | 14 | 12 |
Other current assets | 41 | 43 |
Non-current assets | 222 | 129 |
Total assets | 277 | 185 |
Current financial liabilities | (46) | (28) |
Other current liabilities | (5) | (8) |
Non-current financial liabilities | (184) | (106) |
Total liabilities | (235) | (141) |
Net assets | 42 | 44 |
2023 | 2022 | |
£m | £m | |
Revenue | 61 | – |
Depreciation and amortisation | (1) | – |
Interest expense | (6) | – |
Other expenses | (51) | (2) |
Profit/(loss) before tax | 3 | (2) |
Tax | (1) | 1 |
Profit/(loss | 2 | (1) |
2023 | 2022 | |
£m | £m | |
Opening net assets at 1 January | 44 | 10 |
Profit/(loss) for the year | 2 | (1) |
Businesses acquired | – | 22 |
Additions | 5 | 12 |
Return of investment following liquidation of joint venture | (4) | – |
Other comprehensive (expense)/income for the year | (1) | 1 |
(4) | – | |
Closing net assets at 31 December | 42 | 44 |
Carrying value of interest in joint ventures and associates | 21 | 22 |
2023 | 2022 | |
£m | £m | |
At 1 January | 3 | 5 |
Net fair value losses recognised in other comprehensive income | (2) | (2) |
– | – | |
At 31 December | 1 | 3 |
2023 | 2022 | |
£m | £m | |
Current | – | – |
Non-current | 1 | 3 |
1 | 3 |
2023 | 2022 | |
£m | £m | |
Equity securities | 1 | 3 |
Other | – | – |
1 | 3 |
Current | Non-current | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Trade receivables | 455 | 443 | 17 | 14 |
Less: allowance for expected credit losses | (17) | (17) | – | – |
Net trade receivables | 438 | 426 | 17 | 14 |
Prepayments | 148 | 205 | 10 | 8 |
Accrued income | 36 | 20 | 1 | 1 |
Other taxation and social security | 84 | 97 | – | – |
Other receivables | 129 | 69 | 21 | 31 |
835 | 817 | 49 | 54 |
Current | Non-current | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Buyback assets | 2 | 12 | 7 | 8 |
Indemnity assets | 16 | 9 | – | – |
Interest receivable | 2 | 1 | – | – |
Sublease receivables | 3 | 2 | 7 | 14 |
Other | 106 | 45 | 7 | 9 |
129 | 69 | 21 | 31 |
2023 | 2022 | |
£m | £m | |
APAC | 21 | 84 |
Europe & Africa | 203 | 110 |
Americas | 211 | 225 |
Retail | 37 | 38 |
472 | 457 | |
Less: allowance for expected credit losses | (17) | (17) |
455 | 440 |
Total | Current | 0 – 30 days | 30 – 90 days | > 90 days | |
2023 | £m | £m | £m | £m | £m |
Gross trade receivables | 472 | 250 | 105 | 66 | 51 |
Expected credit loss allowance | (17) | (4) | – | – | (13) |
Net carrying amount | 455 | 246 | 105 | 66 | 38 |
Total | Current | 0 – 30 days | 30 – 90 days | > 90 days | |
2022 | £m | £m | £m | £m | £m |
Gross trade receivables | 457 | 254 | 110 | 53 | 40 |
Expected credit loss allowance | (17) | (2) | (1) | (1) | (13) |
Net carrying amount | 440 | 252 | 109 | 52 | 27 |
2023 | 2022 | |
£m | £m | |
At 1 January | (17) | (12) |
Charge for the year | (9) | (6) |
Amounts writte | 3 | 1 |
Business sold | – | 1 |
Unused amounts reversed | 6 | – |
– | (1) | |
At 31 December | (17) | (17) |
Pension | |||||||||
and other | Provisions | ||||||||
post- | Share- | Accelerated | and other | Indefinite-life | |||||
retirement | Cash flow | based | Tax | tax | timing | intangible | |||
benefits | hedges | payments | losses | depreciation | assets | Leases | Total | ||
Net deferred tax (liability)/asset | £m | £m | £m | £m | £m | £m | £m | £m | £m |
At 1 January 2022 | (24) | 1 | 5 | 18 | 19 | 26 | (62) | 16 | (1) |
Adjustments for hyperinflation | – | – | – | – | (4) | – | – | – | (4) |
(Charged)/credited to the consolidated income | |||||||||
statement (continuing operations) | (4) | – | 1 | – | (4) | 12 | – | 2 | 7 |
(Charged)/credited to the consolidated income | |||||||||
statement (discontinued | |||||||||
operations) | – | – | – | – | – | 1 | – | – | 1 |
Credited/(charged) to equity | |||||||||
and other comprehensive income | – | (9) | – | – | – | – | – | – | (9) |
Businesses acquired | – | – | – | 2 | (20) | 9 | (157) | (1) | (167) |
Business disposed | – | – | – | (1) | – | 2 | – | – | 1 |
rate changes | – | – | – | 1 | – | 3 | (7) | – | (3) |
At 1 January 2023 | (28) | (8) | 6 | 20 | (9) | 53 | (226) | 17 | (175) |
(Charged)/credited to the consolidated income | |||||||||
statement (continuing operations) | – | 2 | 1 | 2 | (7) | 15 | (1) | (2) | 10 |
Credited/(charged) to equity | |||||||||
and other comprehensive income | – | 18 | – | (1) | (5) | 3 | – | – | 15 |
Businesses acquired | |||||||||
(note 28(a)) | 2 | – | – | – | (16) | 14 | (29) | – | (29) |
Period adjustments | |||||||||
(note 28(b)) | – | – | – | – | – | 2 | – | – | 2 |
rate changes | – | – | – | 1 | 1 | (3) | 16 | – | 15 |
At 31 December 2023 | (26) | 12 | 7 | 22 | (36) | 84 | (240) | 15 | (162) |
2023 | 2022 | |
£m | £m | |
Deferred tax assets | 105 | 80 |
Deferred tax liabilities | (267) | (255) |
(162) | (175) |
2023 | 2022 | |
£m | £m | |
Raw materials and work in progress | 124 | 82 |
Finished goods and merchandise | 2,594 | 2,294 |
2,718 | 2,376 |
2023 | 2022 | |
£m | £m | |
Cash at bank | 610 | 641 |
Short-term deposits | 79 | 423 |
689 | 1,064 |
2023 | 2022 | |
£m | £m | |
Assets classified as held for sale | 14 | 19 |
Current | Non-current | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Trade payables | 358 | 418 | – | – |
Payments received on account | 120 | 105 | 8 | 1 |
Vehicle funding agreements | 1,877 | 1,423 | – | – |
Other taxation and social security payable | 97 | 66 | – | – |
Accruals | 467 | 396 | 1 | 2 |
Deferred income | 144 | 156 | 53 | 35 |
Other payables | 87 | 334 | 7 | 22 |
3,150 | 2,898 | 69 | 60 |
2023 | 2022 | |
£m | £m | |
Extended warranties | 42 | 45 |
Service packages | 78 | 58 |
Other services | 77 | 88 |
197 | 191 |
Product | |||||
warranty | Leasehold | Litigation | Other | Total | |
£m | £m | £m | £m | £m | |
At 1 January 2023 | 51 | 9 | 6 | 38 | 104 |
Businesses acquired (see note 28(a)) | 4 | – | – | 1 | 5 |
Period adjustments (see note 28(b)) | – | – | – | 4 | 4 |
Charged to the consolidated income statement | 6 | 1 | 1 | 16 | 24 |
Released to the consolidated income statement | (2) | (1) | (2) | (5) | (10) |
Utilised during the year | (6) | (1) | (2) | (6) | (15) |
(3) | – | – | (1) | (4) | |
At 31 December 2023 | 50 | 8 | 3 | 47 | 108 |
2023 | 2022 | |
£m | £m | |
Current | 69 | 57 |
Non-current | 39 | 47 |
108 | 104 |
Floating rate | Fixed rate | |||||
Weighted | Weighted | |||||
average | average | |||||
Total interest | 2023 | |||||
interest rate | interest rate | bearing | Total | |||
2023 | £m | % | £m | % | £m | £m |
Current | ||||||
Bank overd | 249 | 5.9% | – | – | 249 | 249 |
Bank loans | 298 | 6.2% | 35 | 7.8% | 333 | 333 |
Private Placement | – | – | 70 | 3.0% | 70 | 70 |
547 | 6.1% | 105 | 4.6% | 652 | 652 | |
Non-current | ||||||
Bank loans | 150 | 5.5% | 348 | 6.5% | 498 | 498 |
Private Placement | – | – | 140 | 3.0% | 140 | 140 |
150 | 5.5% | 488 | 5.5% | 638 | 638 | |
Total borrowings | 697 | 5.9% | 593 | 5.4% | 1,290 | 1,290 |
Floating rate | Fixed rate | |||||
Weighted | Weighted | |||||
average | average | |||||
Total interest | 2022 | |||||
interest rate | interest rate | bearing | Total | |||
2022 | £m | % | £m | % | £m | £m |
Current | ||||||
Bank overd | 14 | 3.8% | – | – | 14 | 14 |
Bank loans | 63 | 6.1% | 469 | 8.9% | 532 | 532 |
77 | 5.6% | 469 | 8.9% | 546 | 546 | |
Non-current | ||||||
Bank loans | 625 | 4.0% | 61 | 13.0% | 686 | 686 |
Private Placement | – | – | 210 | 3.0% | 210 | 210 |
625 | 4.0% | 271 | 5.2% | 896 | 896 | |
Total borrowings | 702 | 4.2% | 740 | 7.5% | 1,442 | 1,442 |
Maturity date | May 2024 | May 2027 | May 2027 | May 2029 |
Amount drawn | £70m | £30m | £70m | £40m |
Fixed rate coupon | 2.85% | 3.02% | 3.12% | 3.10% |
Less than 1 | Between 1 and | Between 2 and | Between 3 and | Between 4 and | Greater than 5 | Total interest | |
year | 2 years | 3 years | 4 years | 5 years | years | bearing | |
2023 | £m | £m | £m | £m | £m | £m | £m |
Fixed rate | |||||||
Bank Overdr | – | – | – | – | – | – | – |
Bank loans | 35 | – | – | – | 348 | – | 383 |
Private Placement | 70 | – | – | 100 | – | 40 | 210 |
105 | – | – | 100 | 348 | 40 | 593 | |
Floating rate | |||||||
Bank overd | 249 | – | – | – | – | – | 249 |
Bank loans | 298 | – | – | – | 150 | – | 448 |
547 | – | – | – | 150 | – | 697 |
Less than 1 | Between 1 and | Between 2 and | Between 3 and | Between 4 and | Greater than 5 | Total interest | |
year | 2 years | 3 years | 4 years | 5 years | years | bearing | |
2022 | £m | £m | £m | £m | £m | £m | £m |
Fixed rate | |||||||
Bank loans | 469 | 59 | – | – | 1 | 1 | 530 |
Private Placement | – | 70 | – | – | 100 | 40 | 210 |
469 | 129 | – | – | 101 | 41 | 740 | |
Floating rate | |||||||
Bank overd | 14 | – | – | – | – | – | 14 |
Bank loans | 63 | 625 | – | – | – | – | 688 |
77 | 625 | – | – | – | – | 702 |
Measured | ||||
at fair value | Measured | |||
Measured at | through other | at fair value | ||
amortised | comprehensive | through profit | ||
cost | income | or loss | Total | |
2023 | £m | £m | £m | £m |
Financial assets | ||||
Financial assets at fair value through other comprehensiv | – | 1 | – | 1 |
Trade and other receivables | 613 | – | – | 613 |
Derivative financial instruments | – | 4 | 35 | 39 |
Cash and cash equivalents | 689 | – | – | 689 |
Total financial assets | 1,302 | 5 | 35 | 1,342 |
Financial liabilities | ||||
Trade and other payables | (2,754) | – | – | (2,754) |
Derivative financial instruments | – | (58) | (39) | (97) |
Lease liabilities | (440) | – | – | (440) |
Borrowings | (1,290) | – | – | (1,290) |
Total financial liabilities | (4,484) | (58) | (39) | (4,581) |
(3,182) | (53) | (4) | (3,239) |
Measured | ||||
at fair value | Measured | |||
Measured at | through other | at fair value | ||
amortised | comprehensive | through profit | ||
cost | income | or loss | Total | |
2022 | £m | £m | £m | £m |
Financial assets | ||||
Financial assets at fair value through other comprehensiv | – | 3 | – | 3 |
Trade and other receivables | 521 | – | – | 521 |
Derivative financial instruments | – | 24 | 30 | 54 |
Cash and cash equivalents | 1,064 | – | – | 1,064 |
Total financial assets | 1,585 | 27 | 30 | 1,642 |
Financial liabilities | ||||
Trade and other payables | (2,581) | – | – | (2,581) |
Derivative financial instruments | – | (15) | (25) | (40) |
Lease liabilities | (499) | – | – | (499) |
Borrowings | (1,442) | – | – | (1,442) |
Total financial liabilities | (4,522) | (15) | (25) | (4,562) |
(2,937) | 12 | 5 | (2,920) |
Gross amounts | Related amounts not set | |||||
of financial | Net amounts of | |||||
liabilities | financial assets | financial position | ||||
se | presented in | |||||
Gross amounts | statement | the statement | Cash | |||
of financial | of financial | of financial | collateral | Financial | Net | |
assets | position | position | received | instruments | amount | |
£m | £m | £m | £m | £m | £m | |
As at 31 December 2023 | ||||||
Derivative financial assets | 39 | – | 39 | – | (24) | 15 |
Cash and cash equivalents | 689 | – | 689 | – | (245) | 444 |
728 | – | 728 | – | (269) | 459 | |
As at 31 December 2022 | ||||||
Derivative financial assets | 54 | – | 54 | – | (19) | 35 |
Cash and cash equivalents | 1,064 | – | 1,064 | – | (14) | 1,050 |
1,118 | – | 1,118 | – | (33) | 1,085 |
Net amounts | Related amounts not set | |||||
Gross amounts | of financial | |||||
of financial | liabilities | financial position | ||||
assets set | presented in | |||||
Gross amounts | the statement | the statement | Cash | |||
of financial | of financial | of financial | collateral | Financial | Net | |
liabilities | position | position | paid | instruments | amount | |
£m | £m | £m | £m | £m | £m | |
As at 31 December 2023 | ||||||
Derivative financial liabilities | (97) | – | (97) | – | 24 | (73) |
Bank overd | (249) | – | (249) | – | 245 | (4) |
(346) | – | (346) | – | 269 | (77) | |
As at 31 December 2022 | ||||||
Derivative financial liabilities | (40) | – | (40) | – | 19 | (21) |
Bank overd | (14) | – | (14) | – | 14 | – |
(54) | – | (54) | – | 33 | (21) |
Increase | E | |
in basis | before tax | |
points | £m | |
2023 | ||
Sterling | 100 | (11) |
Euro | 100 | (2) |
Chilean peso | 250 | (2) |
Australian dollar | 100 | 1 |
US dollar | 100 | (3) |
2022 | ||
Sterling | 100 | (10) |
Euro | 100 | – |
Chilean peso | 250 | (3) |
Australian dollar | 100 | 1 |
US dollar | 100 | 1 |
Increase/ | ||
(decrease) in | Eect on | |
exchange | equity | |
rate | £m | |
2023 | ||
Yen | +10% | 3 |
Yen | -10% | 3 |
2022 | ||
Yen | +10% | 3 |
Yen | -10% | 4 |
2023 | 2022 | |||||
Derivative | Cash | Short-term | Derivative | Cash | Short-term | |
assets | at bank | deposits | assets | at bank | deposits | |
Credit rating of counterparty | £m | £m | £m | £m | £m | £m |
AA- | 1 | 198 | – | 12 | 343 | – |
A+ | 8 | 33 | – | 2 | 56 | 40 |
A | 7 | 170 | – | 11 | 33 | 102 |
A- | 9 | 21 | – | 15 | 83 | 134 |
BBB+ | 8 | 35 | – | 6 | 11 | – |
BBB | 2 | 6 | – | 1 | 8 | – |
BBB- | – | 5 | 1 | 1 | 6 | 73 |
BB+ | – | 3 | – | 2 | – | – |
BB- | – | 14 | – | – | 14 | – |
No rating* | 4 | 125 | 78 | 4 | 87 | 74 |
39 | 610 | 79 | 54 | 641 | 423 |
Between | Between | ||||
Less than | 3 to 12 | 1 to 5 | Greater than | ||
3 months | months | years | 5 years | Total | |
2023 | £m | £m | £m | £m | £m |
Financial assets | |||||
Cash and cash equivalents | 689 | – | – | – | 689 |
Trade and other receivables | 428 | 156 | 25 | 4 | 613 |
Financial assets at fair value through other comprehensive income | – | – | – | 1 | 1 |
Derivative financial instruments | 2,720 | 1,288 | 264 | – | 4,272 |
3,837 | 1,444 | 289 | 5 | 5,575 | |
Financial liabilities | |||||
Interest bearing loans and borrowings | (444) | (398) | (545) | (41) | (1,428) |
Lease liabilities | (27) | (74) | (253) | (205) | (559) |
Trade and other payables | (2,178) | (565) | (10) | (2) | (2,755) |
Derivative financial instruments | (2,739) | (1,347) | (285) | – | (4,371) |
(5,388) | (2,384) | (1,093) | (248) | (9,113) | |
Net outflows | (1,551) | (940) | (804) | (243) | (3,538) |
Between | Between | ||||
Less than | 3 to 12 | 1 to 5 | Greater than | ||
3 months | months | years | 5 years | Total | |
2022 | £m | £m | £m | £m | £m |
Financial assets | |||||
Cash and cash equivalents | 1,059 | 5 | – | – | 1,064 |
Trade and other receivables | 444 | 43 | 28 | 6 | 521 |
Financial assets at fair value through other comprehensive income | – | – | – | 3 | 3 |
Derivative financial instruments | 1,216 | 912 | 352 | – | 2,480 |
2,719 | 960 | 380 | 9 | 4,068 | |
Financial liabilities | |||||
Interest bearing loans and borrowings | (172) | (448) | (912) | (43) | (1,575) |
Lease liabilities | (23) | (67) | (246) | (214) | (550) |
Trade and other payables | (1,992) | (562) | (27) | – | (2,581) |
Derivative financial instruments | (1,211) | (941) | (349) | – | (2,501) |
(3,398) | (2,018) | (1,534) | (257) | (7,207) | |
Net outflows | (679) | (1,058) | (1,154) | (248) | (3,139) |
2023 | 2022 | ||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||
£m | £m | £m | £m | £m | £m | £m | £m | ||
Assets | |||||||||
Derivatives used for hedging | – | 39 | – | 39 | – | 54 | – | 54 | |
Financial assets at fair value through other comprehensive income | – | – | 1 | 1 | 1 | – | 2 | 3 | |
– | 39 | 1 | 40 | 1 | 54 | 2 | 57 | ||
Liabilities | |||||||||
Derivatives used for hedging | – | (97) | – | (97) | – | (40) | – | (40) |
Assets | Liabilities | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Cross currency interest rate swaps | – | 4 | – | – |
Forward foreign exchange contracts | 39 | 50 | (97) | (40) |
39 | 54 | (97) | (40) |
2023 | Current | Current | Non-current |
Hedging risk strategy | Cash flow | Fair value | Cash flow |
hedges | hedges | hedges | |
Notional/currency legs (£m) | 2,422 | 1,585 | 264 |
Carrying amount net liabilities (£m) | (39) | (10) | (9) |
Maturity date | to Dec 2024 | to Dec 2024 | to Mar 2026 |
Hedge ratio | 1:1 | 1:1 | 1:1 |
Description of hedged item | Highly probable | FX exposure on | Highly probable |
FX exposures | balance sheet | FX exposures | |
Change in fair value of outstanding hedging instruments since | |||
(22) | (26) | (25) | |
Change in fair value of hedging item used to determine hedge | |||
22 | 26 | 25 | |
Weighted average hedge rate of outstanding deals (AUD/JPY) | 89.06 | n/a | – |
Amounts recognised within net finance costs (£m) | – | (26) | – |
Cash flow hedge reserve (net of tax) at 31 December (£m) | 34 | – | – |
2022 | Current | Current | Non-current |
Hedging risk strategy | Cash flow | Fair value | Cash flow |
hedges | hedges | hedges | |
Notional/currency legs (£m) | 1,347* | 781* | 352* |
Carrying amount net (liabilities)/assets (£m) | (17) | 16 | 16 |
Maturity date | to Dec 2023 | to Dec 2023 | to Mar 2026 |
Hedge ratio | 1:1 | 1:1 | 1:1 |
Description of hedged item | Highly probable | FX exposure on | Highly probable |
FX exposures | balance sheet | FX exposures | |
Change in fair value of outstanding hedging instruments since | |||
(20) | 26 | 13 | |
Change in fair value of hedging item used to determine hedge | |||
20 | (26) | (13) | |
Weighted average hedge rate of outstanding deals (AUD/JPY) | 85.67 | n/a | 90.20 |
Amounts recognised within net finance costs (£m) | – | 26 | – |
Cash flow hedge reserve (net of tax) at 31 December (£m) | 3 | – | – |
2023 | 2022 | |
Adjusted return on capital employed | 26.2% | 40.6% |
2023 | 2022 | |
Adjusted EBITA interest cover (times)* | 7.9 | 459.3 |
Adjusted net debt to EBITDA (times)** | 0.8 | n/a |
Net debt/market capitalisation (percentage)*** | 35.2% | 28.6% |
2023 | 2022 | 2023 | 2022 | |
Number | Number | £m | £m | |
Issued and fully paid ordinary shares | ||||
(nominal value of 10.0p each) | ||||
At 1 January | 374,494,030 | 383,851,938 | 38 | 39 |
Shares issued | 38,513,102 | 4 | – | |
Cancelled under share buyback | – | (9,357,908) | – | (1) |
At 31 December | 413,007,132 | 374,494,030 | 42 | 38 |
Option price | ||
Number of ordinary shares of 10.0p each | Exercisable until | (£) |
The Inchcape SAYE Share Option Scheme – approved | ||
322,449 | 1 May 2024 | 3.77 |
165,261 | 1 May 2025 | 7.31 |
501,444 | 1 May 2026 | 6.00 |
858,368 | 1 May 2027 | 6.11 |
Fair value | |||||
Merger | through OCI | Translation | Hedging | Total other | |
reserve | reserve | reserve | reserve | reserves | |
£m | £m | £m | £m | £m | |
At 1 January 2022 | – | – | (221) | (6) | (227) |
Comprehensive income/(loss) | |||||
Cash flow hedges: | |||||
– net fair value gains | – | – | – | 7 | 7 |
– tax on cash flow hedges | – | – | – | (7) | (7) |
Investments held at fair value: | |||||
– net fair value losses | – | (2) | – | – | (2) |
Exchange | |||||
operations | – | – | 131 | – | 131 |
discontinued operations | – | – | 19 | – | 19 |
Recycling of foreign currency reserve | – | – | 99 | – | 99 |
Adjustments in respect of hyperinflation | – | – | 46 | – | 46 |
Other changes in equity | |||||
Shares to be issued | 316 | – | – | – | 316 |
Cash flow hedges reclassified and reported in inventories | – | – | – | 3 | 3 |
At 1 January 2023 | 316 | (2) | 74 | (3) | 385 |
Comprehensive income/(loss) | |||||
Cash flow hedges: | |||||
– net fair value losses | – | – | – | (45) | (45) |
– tax on cash flow hedges | – | – | – | 17 | 17 |
Investments held at fair value: | |||||
– net fair value losses | – | (3) | – | – | (3) |
Deferred tax on taxation losses | – | – | – | (1) | (1) |
Exchange | |||||
operations | – | – | (131) | – | (131) |
Recycling of foreign currency reserve | – | – | (1) | – | (1) |
Adjustments in respect of hyperinflation | – | – | 34 | – | 34 |
Other changes in equity | |||||
Shares issued | (4) | – | – | – | (4) |
Cash flow hedges reclassified and reported in inventories | – | – | – | (2) | (2) |
At 31 December 2023 | 312 | (5) | (24) | (34) | 249 |
2023 | 2022 | |
£m | £m | |
At 1 January | 820 | 1,009 |
Comprehensive income/(loss) | ||
– Profit/(loss) for the year | 270 | (11) |
– Actuarial losses on defined pension benefits (see note 5) | (20) | (12) |
Total comprehensive income/(loss) attributable to owners of the parent | 250 | (23) |
Other changes in equity | ||
Written put option | (1) | (13) |
Acquisition of non-controlling interests | 3 | – |
Share-based payments, net of tax | 15 | 10 |
Share buyback programme | – | (70) |
Purchase of own shares by Inchcape Employee Trust | (19) | (4) |
Dividends paid (see note 9) | (128) | (89) |
At 31 December | 940 | 820 |
2023 | 2022 | |
£m | £m | |
Cash flows from operating activities | ||
Operating profit – continuing operations | 619 | 400 |
Operating profit – discontinued operations | – | 21 |
Adjusting items (see note 2) | 50 | 11 |
Amortisation of intangible assets (including non-adjusting impairment charges) | 11 | 10 |
Depreciation of property, plant and equipment (including non-adjusting impairment charges) | 61 | 32 |
Depreciation of right-of-use assets (including non-adjusting impairment charges) | 81 | 58 |
Profit on disposal of property, plant and equipment and intangibles | (16) | (2) |
Gain on disposal of right-of-use assets | – | (1) |
Gain on disposal of businesses | – | (3) |
Share-based payments charge | 15 | 10 |
Increase in inventories | (251) | (396) |
Increase in trade and other receivables | (9) | (141) |
Increase in trade and other payables | 415 | 618 |
(Decrease)/increase in provisions | (1) | 30 |
Pension contributions more than pension charge for the year | (1) | (2) |
Increase in leased vehicles, rental machinery and equipment | (18) | – |
Payments in respect of operating adjusting items | (57) | (28) |
Other non-cash items | 1 | 2 |
Cash generated from operations | 900 | 619 |
Liabilities from financing activities | Assets | ||||
Cash/bank | Total | ||||
Borrowings | Leases | Sub-total | ov | net debt | |
£m | £m | £m | £m | £m | |
Net funds at 1 January 2022 | (210) | (324) | (534) | 589 | 55 |
Cash flows | (596) | 64 | (532) | 797 | 265 |
Acquisitions | (622) | (174) | (796) | (395) | (1,191) |
Disposals | – | 13 | 13 | (17) | (4) |
New lease liabilities | – | (58) | (58) | – | (58) |
Foreign exchange adjustments | – | (20) | (20) | 76 | 56 |
Net debt at 1 January 2023 | (1,428) | (499) | (1,927) | 1,050 | (877) |
Cash flows | 412 | 87 | 499 | (400) | 99 |
Acquisitions (see note 28(a)) | (23) | (11) | (34) | (146) | (180) |
Period adjustments (see note 28(b)) | (7) | (1) | (8) | 9 | 1 |
Disposals | – | – | – | 1 | 1 |
New lease liabilities | – | (37) | (37) | – | (37) |
Foreign exchange adjustments | 11 | 21 | 32 | (74) | (42) |
Other non-cash movements | (6) | – | (6) | – | (6) |
Net debt at 31 December 2023 | (1,041) | (440) | (1,481) | 440 | (1,041) |
2023 | 2022 | |
£m | £m | |
Cash and cash equivalents as per the statement of financial position | 689 | 1,064 |
Borrowings – disclosed as current liabilities | (652) | (546) |
Add back: amounts treated as debt financing | 403 | 532 |
Cash and cash equivalents as per the statement of cash flows | 440 | 1,050 |
Debt financing | ||
Amounts to be treated as debt financing | (403) | (532) |
Borrowings – disclosed as non-current liabilities | (638) | (896) |
Lease liabilities | (440) | (499) |
Debt financing | (1,481) | (1,927) |
Net debt | (1,041) | (877) |
Add back: lease liabilities | 440 | 499 |
Adjusted net debt | (601) | (378) |
Mercedes-Benz | ||||
CATS | Indonesia | Other | Total | |
£m | £m | £m | £m | |
Assets and liabilities acquired, at provisional values | ||||
Non-current assets | ||||
Intangible assets | 77 | 29 | 7 | 113 |
Property, plant and equipment | 2 | 91 | 5 | 98 |
Right-of-use assets | 7 | – | 4 | 11 |
Deferred tax assets | – | 7 | – | 7 |
Current assets | ||||
Inventories | 42 | 97 | 17 | 156 |
Trade and other receivables | 8 | 27 | 1 | 36 |
Current tax assets | – | 7 | – | 7 |
Cash and cash equivalents | 15 | 12 | – | 27 |
Current liabilities | ||||
Trade and other payables | (52) | (105) | (5) | (162) |
Provisions | – | (4) | (1) | (5) |
Borrowings | – | (23) | – | (23) |
Non-current liabilities | ||||
Deferred tax liabilities | (19) | (16) | (1) | (36) |
Lease liabilities | (7) | – | (4) | (11) |
Retirement benefit liability | (1) | (10) | – | (11) |
Net identifiable assets acquired | 72 | 112 | 23 | 207 |
Less: Non-controlling interests | (30) | (34) | – | (64) |
Goodwill | 12 | 17 | 10 | 39 |
Net assets acquired | 54 | 95 | 33 | 182 |
Consideration comprises: | ||||
Deferred consideration | – | 9 | – | 9 |
Cash consideration | 54 | 86 | 33 | 173 |
Total consideration | 54 | 95 | 33 | 182 |
2023 | 2022 | |
Cash outflow to acquire businesses, net of cash and overdr | £m | £m |
Current year acquisitions | ||
CATS | 39 | – |
Mercedes-Benz Indonesia | 74 | – |
Other Prior year acquisitions including deferred and contingent payments | 33 | – |
Derco | (9) | 312 |
Ditec | – | 8 |
ITC Group | – | 57 |
Other | – | 18 |
Net cash outflow | 137 | 395 |
Period | |||
2022 | Adjustments | 2023 | |
£m | £m | £m | |
Assets and liabilities acquired, at provisional values | |||
Non-current assets | |||
Intangible assets | 559 | – | 559 |
Property, plant and equipment | 161 | – | 161 |
Right-of-use assets | 124 | (7) | 117 |
Investments in joint ventures and associates | 11 | – | 11 |
Trade and other receivables | 3 | – | 3 |
Deferred tax assets | 10 | 1 | 11 |
Current assets | |||
Inventories | 796 | 4 | 800 |
Trade and other receivables | 316 | – | 316 |
Derivative financial instruments | 5 | – | 5 |
Current tax assets | 34 | (9) | 25 |
Cash and cash equivalents | 95 | – | 95 |
Current liabilities | |||
Trade and other payables | (563) | – | (563) |
Current tax liabilities | (21) | 7 | (14) |
Provisions | (6) | – | (6) |
Lease liabilities | (19) | – | (19) |
Borrowings | (532) | – | (532) |
Non-current liabilities | |||
Provisions | (4) | (4) | (8) |
Deferred tax liabilities | (174) | 2 | (172) |
Lease liabilities | (118) | (1) | (119) |
Borrowings | (85) | (7) | (92) |
Net identifiable assets | 592 | (14) | 578 |
Goodwill | 131 | 5 | 136 |
Net assets acquired | 723 | (9) | 714 |
Consideration comprises: | |||
Shares issued | 316 | – | 316 |
Cash consideration | 407 | (9) | 398 |
Total consideration | 723 | (9) | 714 |
2023 | 2022 | |
Cash outflow to acquire businesses, net of cash and overd | £m | £m |
Cash consideration | (9) | 407 |
Less: Cash acquired | – | (95) |
Net cash (inflow)/outflow | (9) | 312 |
2022 | |
£m | |
Revenue | 237 |
Expenses | (216) |
Operating profit | 21 |
Finance (costs)/income | (1) |
Profit before tax | 20 |
Tax | (5) |
Profi | 15 |
Loss on disposal | (256) |
(Loss)/profit from discontinued operation | (241) |
118 | |
Other comprehensive (loss)/income from discontinued operation | (123) |
2022 | |
£m | |
Net cash inflow from operating activities | 21 |
Net cash outflow from investing activities | (2) |
Net cash outflow from financing activities | (2) |
Net increase in cash generated from discontinued operation | 17 |
Russia | UK Retail | Total | |
£m | £m | £m | |
Disposal proceeds, net of disposal costs | (3) | 6 | 3 |
Net assets disposed of (Loss)/gain on disposal before reclassification of foreign currency translation | (155) | (3) | (158) |
reserve | (158) | 3 | (155) |
Recycling of foreign currency translation reserve | (99) | – | (99) |
(Loss)/gain on disposal | (257) | 3 | (254) |
Russia | UK Retail | Total | |
£m | £m | £m | |
Consideration received, net of disposal costs paid | 10 | 6 | 16 |
Cash & cash equivalents disposed of | (33) | – | (33) |
Net cash (outflow)/inflow on disposal of business | (23) | 6 | (17) |
2023 | 2022 | |
£m | £m | |
Guarantees | 73 | 121 |
Letters of credit | 24 | 21 |
Contingent liabilities | 9 | 11 |
106 | 153 |
2023 | 2022 | |
£m | £m | |
Property, plant and equipment | 19 | 3 |
2023 | 2022 | |
£m | £m | |
Within one year | 3 | 4 |
2023 | 2022 | |
£m | £m | |
Within one year | 4 | 4 |
Between one and five years | 5 | 4 |
Total | 9 | 8 |
2023 | 2022 | |
£m | £m | |
Minimum lease payments receivable: | ||
– Within one year | 3 | 2 |
– Between one and five years | 5 | 7 |
– | 2 | 10 |
Total minimum lease payments receivable | 10 | 19 |
Less: Unearned finance income | – | (4) |
Present value of sub-lease receivables | 10 | 15 |
2023 | 2022 | |
£m | £m | |
Vehicles subject to repurchase commitments | 151 | 98 |
Transactions | Amounts outstanding | |||||
2023 | 2022 | 2023 | 2022 | |||
£m | £m | £m | £m | |||
(represented) | ||||||
Other income paid to related parties | (1) | (1) | – | – | ||
Lease payments made to related parties | (7) | – | (46 | ) | (5 | 3) |
Other income received from joint ventures | 18 | – | 2 | 2 |
2023 | 2022 | |
£m | £m | |
Wages and salaries | 9 | 9 |
Share-based payments | 6 | 4 |
15 | 13 |
Average rates | Closing rates* | |||
2023 | 2022 | 2023 | 2022 | |
Australian dollar | 1.88 | 1.78 | 1.87 | 1.77 |
Chilean peso | 1,044.74 | 1,073.09 | 1,130.41 | 1,028.42 |
Ethiopian birr | 71.84 | 64.72 | 71.84 | 64.72 |
Euro | 1.15 | 1.17 | 1.15 | 1.13 |
Hong Kong dollar | 9.75 | 9.70 | 9.98 | 9.44 |
Russian rouble | n/a | 106.85 | n/a | 78.92 |
Singapore dollar | 1.67 | 1.71 | 1.68 | 1.62 |
US dollar | 1.25 | 1.24 | 1.28 | 1.21 |