2024 | 2023 | 2022 | |
Average rates | |||
Sterling | 1.28 | 1.24 | 1.23 |
Euro | 1.08 | 1.08 | 1.05 |
Swiss Franc | 1.14 | 1.11 | 1.05 |
Japanese Yen | 0.0066 | 0.0071 | 0.0076 |
Year end rates | |||
Sterling | 1.25 | 1.27 | 1.21 |
Euro | 1.04 | 1.10 | 1.07 |
Swiss Franc | 1.10 | 1.19 | 1.08 |
Japanese Yen | 0.0064 | 0.0071 | 0.0076 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Reportable segment revenue | |||
Orthopaedics | 2,305 | 2,214 | 2,113 |
Sports Medicine & ENT | 1,824 | 1,729 | 1,590 |
Advanced Wound Management | 1,681 | 1,606 | 1,512 |
Revenue from external customers | 5,810 | 5,549 | 5,215 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Revenue by product from continuing operations | |||
Knee Implants | 947 | 940 | 899 |
Hip Implants | 619 | 599 | 584 |
Other Reconstruction | 131 | 111 | 87 |
Trauma & Extremities | 608 | 564 | 543 |
Orthopaedics | 2,305 | 2,214 | 2,113 |
Sports Medicine Joint Repair | 982 | 945 | 870 |
Arthroscopic Enabling Technologies | 632 | 588 | 567 |
ENT (Ear, Nose and Throat) | 210 | 196 | 153 |
Sports Medicine & ENT | 1,824 | 1,729 | 1,590 |
Advanced Wound Care | 735 | 725 | 712 |
Advanced Wound Bioactives | 581 | 553 | 520 |
Advanced Wound Devices | 365 | 328 | 280 |
Advanced Wound Management | 1,681 | 1,606 | 1,512 |
Consolidated revenue from continuing operations | 5,810 | 5,549 | 5,215 |
2024 | 2023 | 2022 | |||||||
Established | Emerging | Total | Established | Emerging | Total | Established | Emerging | Total | |
Markets 1 | Markets | Markets 1 | Markets | Markets 1 | Markets | ||||
$ million | $ million $ million | $ million | $ million $ million | $ million | $ million $ million | ||||
Orthopaedics, Sports Medicine & ENT | 3,366 | 763 | 4,129 | 3,184 | 759 | 3,943 | 2,949 | 754 | 3,703 |
Advanced Wound Management | 1,464 | 217 | 1,681 | 1,406 | 200 | 1,606 | 1,319 | 193 | 1,512 |
Total | 4,830 | 980 | 5,810 | 4,590 | 959 | 5,549 | 4,268 | 947 | 5,215 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Segment profit | |||
Orthopaedics | 265 | 251 | 383 |
Sports Medicine & ENT | 437 | 394 | 472 |
Advanced Wound Management | 399 | 372 | 436 |
Segment trading profit | 1,101 | 1,017 | 1,291 |
Corporate costs 1 | (52) | (47) | (390) |
Acquisition and disposal-related items 2 | (94) | (60) | (4) |
Restructuring and rationalisation expenses | (123) | (220) | (167) |
Amortisation and impairment of acquisition intangibles 2 | (187) | (207) | (205) |
Legal and other 2 | 12 | (58) | (75) |
Operating profit | 657 | 425 | 450 |
Interest income | 24 | 34 | 14 |
Interest expense | (145) | (132) | (80) |
Other finance costs | (28) | (7) | (8) |
Share of results of associates | (10) | (30) | (141) |
Profit before taxation | 498 | 290 | 235 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Depreciation and amortisation | |||
Orthopaedics | 213 | 194 | 191 |
Sports Medicine & ENT | 98 | 97 | 82 |
Advanced Wound Management | 62 | 56 | 41 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
United Kingdom | 465 | 525 | 487 |
United States of America | 3,517 | 3,692 | 3,918 |
Other | 1,538 | 1,397 | 1,387 |
Total non-current assets of the consolidated Group 1 | 5,520 | 5,614 | 5,792 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Revenue | 5,810 | 5,549 | 5,215 |
Cost of goods sold 1 | (1,764) | (1,730) | (1,540) |
Gross profit | 4,046 | 3,819 | 3,675 |
Research and development expenses 2 | (289) | (339) | (345) |
Selling, general and administrative expenses: 3,4,5,6 | |||
Marketing, selling and distribution expenses | (2,276) | (2,218) | (2,066) |
Administrative expenses | (824) | (837) | (814) |
(3,100) | (3,055) | (2,880) | |
Operating profit | 657 | 425 | 450 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Other operating income | – | – | (7) |
Amortisation of intangible assets | 230 | 221 | 229 |
Impairment of intangible assets | 16 | 37 | 39 |
Impairment of goodwill 1 | 65 | 84 | – |
Impairment of property, plant and equipment | 9 | 31 | 30 |
Fair value remeasurement of trade investments | – | 4 | – |
Restructuring and rationalisation costs | 123 | 220 | 167 |
Depreciation of property, plant and equipment 2 | 325 | 306 | 319 |
Loss on disposal of property, plant and equipment and intangible assets | 22 | 18 | 11 |
Advertising costs | 84 | 88 | 92 |
2024 | 2023 | 2022 | ||
Notes | $ million | $ million | $ million | |
Wages and salaries | 1,663 | 1,683 | 1,565 | |
Social security costs | 244 | 242 | 215 | |
Pension costs (including retirement healthcare) | 18 | 95 | 95 | 88 |
Share-based payments | 22 | 40 | 39 | 40 |
2,042 | 2,059 | 1,908 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Audit services: | |||
Group accounts | 7.1 | 7.9 | 7.2 |
Local statutory audit pursuant to legislation | 2.0 | 2.1 | 2.2 |
Other services: | |||
Audit-related services | 0.4 | 0.3 | 0.4 |
Total auditor’s remuneration | 9.5 | 10.3 | 9.8 |
Arising: | |||
In the UK | 7.0 | 6.0 | 5.3 |
Outside the UK | 2.5 | 4.3 | 4.5 |
9.5 | 10.3 | 9.8 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Interest income | 24 | 34 | 14 |
Interest expense: | |||
Bank borrowings | (8) | (10) | (3) |
Private placement notes | (29) | (38) | (39) |
Corporate bond | (89) | (46) | (27) |
Lease liabilities | (8) | (8) | (6) |
Other | (11) | (30) | (5) |
(145) | (132) | (80) | |
Net interest expense | (121) | (98) | (66) |
2024 | 2023 | 2022 | ||
Notes | $ million | $ million | $ million | |
Retirement benefit net interest expense | 18 | (4) | (1) | (2) |
Unwinding of discount 1 | (19) | (6) | (9) | |
Other | (5) | – | 3 | |
Other finance costs | (28) | (7) | (8) |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Current taxation: | |||
UK corporation tax at 25.0% (2023: 23.5%; 2022: 19.0%) | 13 | 15 | 17 |
Overseas tax | 182 | 165 | 104 |
Current income tax charge | 195 | 180 | 121 |
Adjustments in respect of prior periods | (37) | (45) | (10) |
Total current taxation | 158 | 135 | 111 |
Deferred taxation: | |||
Origination and reversal of temporary differences | (79) | (116) | (77) |
Changes in tax rates | – | (2) | (5) |
Adjustments to estimated amounts arising in prior periods | 7 | 10 | (17) |
Total deferred taxation | (72) | (108) | (99) |
Total taxation as per the income statement | 86 | 27 | 12 |
Taxation in other comprehensive income | 6 | (18) | 5 |
Taxation in equity | 1 | – | 3 |
Taxation charge attributable to the Group | 93 | 9 | 20 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Profit before taxation | 498 | 290 | 235 |
Expected taxation at UK statutory rate of 25.0% (2023: 23.5%, 2022: 19.0%) | 125 | 68 | 45 |
Differences in overseas taxation rates 1 | (33) | (24) | (19) |
Innovation reliefs 2 | (10) | (7) | (10) |
Recognition of previously unrecognised temporary differences 3 | (8) | (14) | (4) |
Expenses not deductible for tax purposes 4 | 32 | 38 | 31 |
Pillar Two top up taxes 5 | 8 | – | – |
Change in tax rates | – | (2) | (5) |
Withholding tax | 2 | 3 | 1 |
Adjustments in respect of prior years 6 | (30) | (35) | (27) |
Total taxation charge as per the income statement | 86 | 27 | 12 |
Inventory, | ||||||
Accelerated | Retirement | Losses | provisions | |||
tax | benefit | and other | and other | |||
depreciation | Intangibles | obligations | tax credits | differences | Total | |
$ million | $ million | $ million | $ million | $ million | $ million | |
At 31 December 2022 | (75) | (181) | (21) | 140 | 278 | 141 |
Exchange adjustment | – | (1) | (3) | 1 | 1 | (2) |
Movement in income statement – current year | (15) | 43 | – | 63 | 25 | 116 |
Movement in income statement – prior years | – | 1 | – | (10) | (1) | (10) |
Movement in other comprehensive income | – | – | 18 | – | – | 18 |
Changes in tax rate | (1) | – | – | 4 | (1) | 2 |
At 31 December 2023 | (91) | (138) | (6) | 198 | 302 | 265 |
Exchange adjustment | – | – | – | (1) | (7) | (8) |
Movement in income statement – current year | 7 | 22 | 4 | 32 | 14 | 79 |
Movement in income statement – prior years | (11) | – | – | – | 4 | (7) |
Movement in other comprehensive income | – | – | (1) | – | (5) | (6) |
Movement in equity | – | – | – | – | (1) | (1) |
Acquisitions | – | (19) | – | 16 | – | (3) |
At 31 December 2024 | (95) | (135) | (3) | 245 | 307 | 319 |
Represented by: | ||||||
2024 | 2023 | |||||
$ million | $ million | |||||
Deferred tax assets | 350 | 274 | ||||
Deferred tax liabilities | (31) | (9) | ||||
Net position at 31 December | 319 | 265 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Earnings | |||
Attributable profit for the year | 412 | 263 | 223 |
2024 | 2023 | 2022 | |
Number of shares (millions) | |||
Basic weighted number of shares | 873 | 871 | 872 |
Dilutive impact of share incentive schemes outstanding | 3 | 2 | 1 |
Diluted weighted average number of shares | 876 | 873 | 873 |
Earnings per ordinary share | |||
Basic | 47.2¢ | 30.2¢ | 25.5¢ |
Diluted | 47.0¢ | 30.1¢ | 25.5¢ |
Plant and equipment | Assets in | |||||
Land and | course of | |||||
buildings | Instruments | Other | construction | Total | ||
Notes | $ million | $ million | $ million | $ million | $ million | |
Cost | ||||||
At 1 January 2023 | 726 | 1,710 | 1,332 | 256 | 4,024 | |
Exchange adjustment | 8 | 10 | 21 | 4 | 43 | |
Additions | 69 | 211 | 29 | 70 | 379 | |
Disposals | (39) | (88) | (51) | (2) | (180) | |
Impairment | – | – | – | (5) | (5) | |
Reclassification | 4 | – | – | – | 4 | |
Transfers | 27 | 1 | 102 | (153) | (23) | |
At 31 December 2023 | 795 | 1,844 | 1,433 | 170 | 4,242 | |
Exchange adjustment | (15) | (61) | (18) | – | (94) | |
Additions | 28 | 225 | 35 | 53 | 341 | |
Disposals | (25) | (84) | (69) | (7) | (185) | |
Impairment | – | – | – | (12) | (12) | |
Transfers | 6 | – | 68 | (82) | (8) | |
At 31 December 2024 | 789 | 1,924 | 1,449 | 122 | 4,284 | |
Depreciation and impairment | ||||||
At 1 January 2023 | 284 | 1,366 | 919 | – | 2,569 | |
Exchange adjustment | 4 | 8 | 15 | – | 27 | |
Charge for the year | 63 | 154 | 89 | – | 306 | |
Impairment | 21 | 1 | 4 | – | 26 | |
Disposals | (34) | (76) | (50) | – | (160) | |
Reclassification | 4 | – | – | – | 4 | |
Transfers | – | (1) | 1 | – | – | |
At 31 December 2023 | 342 | 1,452 | 978 | – | 2,772 | |
Exchange adjustment | (8) | (51) | (12) | – | (71) | |
Charge for the year | 66 | 163 | 96 | – | 325 | |
Impairment | (5) | – | 2 | – | (3) | |
Disposals | (24) | (73) | (64) | – | (161) | |
At 31 December 2024 | 371 | 1,491 | 1,000 | – | 2,862 | |
Net book amounts | ||||||
At 31 December 2024 | 418 | 433 | 449 | 122 | 1,422 | |
At 31 December 2023 | 453 | 392 | 455 | 170 | 1,470 |
Land and | Plant and | |
buildings | equipment | |
2024 | $ million | $ million |
Opening Balance | 157 | 28 |
Exchange Adjustment | (5) | (1) |
Additions | 25 | 22 |
Depreciation charge in the year | (41) | (13) |
Impairment | 1 | – |
Net book value at 31 December | 137 | 36 |
2024 | 2023 | ||
Notes | $ million | $ million | |
Cost and net book value | |||
At 1 January | 2,992 | 3,031 | |
Exchange adjustment | (47) | 45 | |
Impairment | (65) | (84) | |
Acquisitions | 21 | 146 | – |
At 31 December | 3,026 | 2,992 |
2024 | 2023 | |
$ million | $ million | |
Orthopaedics | 807 | 915 |
Sports Medicine | 1,302 | 1,154 |
ENT | 287 | 287 |
Advanced Wound Management | 630 | 636 |
3,026 | 2,992 |
Customer and | Assets | ||||||
Product- | distribution- | in course of | |||||
Technology | related | related | Soſtware | construction | Total | ||
Notes | $ million | $ million | $ million | $ million | $ million | $ million | |
Cost | |||||||
At 1 January 2023 | 582 | 2,232 | 235 | 508 | 96 | 3,653 | |
Exchange adjustment | 4 | 36 | (1) | 5 | 4 | 48 | |
Additions | – | 2 | 2 | 36 | 64 | 104 | |
Disposals | (1) | (7) | – | (4) | – | (12) | |
Transfers | (3) | 10 | – | 2 | 14 | 23 | |
At 31 December 2023 | 582 | 2,273 | 236 | 547 | 178 | 3,816 | |
Exchange adjustment | (7) | (35) | (6) | (10) | (1) | (59) | |
Acquisitions | 21 | 81 | 3 | – | – | – | 84 |
Additions | – | 1 | 4 | 30 | 52 | 87 | |
Disposals | – | – | – | (9) | (1) | (10) | |
Transfers | 1 | (3) | – | 143 | (133) | 8 | |
At 31 December 2024 | 657 | 2,239 | 234 | 701 | 95 | 3,926 | |
Amortisation and impairment | |||||||
At 1 January 2023 | 228 | 1,614 | 160 | 415 | – | 2,417 | |
Exchange adjustment | 2 | 36 | – | 4 | – | 42 | |
Charge for the year | 46 | 121 | 16 | 38 | – | 221 | |
Impairment | – | 37 | – | – | – | 37 | |
Disposals | – | (7) | – | (4) | – | (11) | |
At 31 December 2023 | 276 | 1,801 | 176 | 453 | – | 2,706 | |
Exchange adjustment | (3) | (33) | (5) | (9) | – | (50) | |
Charge for the year | 54 | 109 | 15 | 52 | – | 230 | |
Impairment | 15 | – | – | 1 | – | 16 | |
Disposals | – | – | – | (8) | – | (8) | |
At 31 December 2024 | 342 | 1,877 | 186 | 489 | – | 2,894 | |
Net book amounts | |||||||
At 31 December 2024 | 315 | 362 | 48 | 212 | 95 | 1,032 | |
At 31 December 2023 | 306 | 472 | 60 | 94 | 178 | 1,110 |
2024 | 2023 | |
$ million | $ million | |
Technology | 69 | 46 |
Product-related | 108 | 150 |
Customer and distribution-related | 10 | 11 |
Total | 187 | 207 |
Remaining | ||
Carrying value | amortisation | |
$ million | period | |
Intangibles acquired as part of the CartiHeal acquisition | 77 | 9-10 years |
Intangibles acquired as part of the ArthroCare acquisition | 205 | 9 years |
Intangibles acquired as part of the Osiris acquisition | 139 | 3-4 years |
Intangibles acquired as part of the Healthpoint acquisition | 107 | 3 years |
2024 | 2023 | |
$ million | $ million | |
At 1 January | 8 | 12 |
Additions | 1 | – |
Fair value remeasurement | – | (4) |
At 31 December | 9 | 8 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Balance sheet | 7 | 16 | 46 |
Income statement loss | (10) | (30) | (32) |
Impairment of interest in associate | – | – | (109) |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Summarised statement of comprehensive income | |||
Revenue | 420 | 377 | 386 |
Attributable loss for the year | (34) | (152) | (129) |
Group adjustments 1 | (2) | 46 | 17 |
Total comprehensive loss | (36) | (106) | (112) |
Group share of loss for the year at 27.13% (2023: 27.96%, 2022: 28.3%) | (10) | (30) | (32) |
2024 | 2023 | |
$ million | $ million | |
Summarised balance sheet | ||
Non-current assets | 471 | 562 |
Current assets | 299 | 249 |
Non-current liabilities | (371) | (424) |
Current liabilities | (211) | (160) |
Net assets | 188 | 227 |
Net equity attributable to owners | 188 | 227 |
Group’s share of net assets at 27.13% (2023: 27.96%) | 51 | 64 |
Group adjustments 1,2 | (45) | (48) |
Group’s carrying amount of investment at 27.13% (2023: 27.96%) | 6 | 16 |
2024 | 2023 | |
$ million | $ million | |
Raw materials and consumables | 469 | 503 |
Work-in-progress | 45 | 60 |
Finished goods and goods for resale | 1,873 | 1,832 |
2,387 | 2,395 |
2024 | 2023 | |
$ million | $ million | |
Current | ||
Trade receivables | 1,100 | 1,104 |
Less: loss allowance | (41) | (45) |
Trade receivables – net | 1,059 | 1,059 |
Derivatives 1 | 47 | 27 |
Other receivables 2 | 148 | 122 |
Prepayments | 127 | 92 |
1,381 | 1,300 | |
Non-current | ||
Other non-current assets | 24 | 18 |
1,405 | 1,318 |
2024 Weighted | 2024 Gross | 2023 Weighted | 2023 Gross | |||
average loss | 2024 Loss | carrying | average loss | 2023 Loss | carrying | |
rate | allowance | amount | rate | allowance | amount | |
% | $ million | $ million | % | $ million | $ million | |
Not past due | -0.8% | (7) | 860 | -0.1% | (1) | 788 |
Past due not more than 3 months | -0.6% | (1) | 154 | -0.6% | (1) | 180 |
Past due more than 3 months | -7.7% | (2) | 26 | -3.9% | (2) | 51 |
Past due more than 6 months | -51.7% | (31) | 60 | -48.2% | (41) | 85 |
(41) | 1,100 | (45) | 1,104 | |||
Loss allowance | (41) | (45) | ||||
Trade receivables – net | 1,059 | 1,059 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
At 1 January | 45 | 49 | 57 |
Exchange adjustment | (2) | 1 | (3) |
Net receivables provided during the year | 1 | 3 | 4 |
Utilisation of provision | (3) | (8) | (9) |
At 31 December | 41 | 45 | 49 |
2024 | 2023 | |
$ million | $ million | |
US Dollar | 518 | 506 |
Sterling | 36 | 39 |
Euro | 207 | 224 |
Other | 298 | 290 |
Trade receivables – net | 1,059 | 1,059 |
2024 | 2023 | |
$ million | $ million | |
Current | ||
Trade and other payables | 1,082 | 1,016 |
Derivatives 1 | 18 | 28 |
Acquisition consideration | 28 | 11 |
1,128 | 1,055 | |
Non-current | ||
Acquisition consideration | 77 | 25 |
Derivatives 1 | 16 | – |
Other payables | 2 | 10 |
95 | 35 |
2024 | 2023 | |
$ million | $ million | |
Bank overdraſts, borrowings and loans – current | 2 | 710 |
Corporate bond | 2,498 | 1,550 |
Private placement notes | 625 | 625 |
Borrowings | 3,125 | 2,885 |
Cash and cash equivalents 1 | (619) | (302) |
Credit balance on derivatives – currency swaps | 1 | 1 |
Credit/(debit) balance on derivatives – interest rate swaps | 6 | (7) |
Net debt excluding lease liabilities | 2,513 | 2,577 |
Non-current lease liabilities | 135 | 144 |
Current lease liabilities | 61 | 55 |
Net debt | 2,709 | 2,776 |
Within | Between | Between | Between | Between | |||
one year or | one and | two and | three and | four and | Aſter | ||
on demand | two years | three years | four years | five years | five years | Total | |
$ million | $ million | $ million | $ million | $ million | $ million | $ million | |
At 31 December 2024 | |||||||
Bank overdraſts | 2 | – | – | – | – | – | 2 |
Corporate bond | – | – | 348 | – | 527 | 1,623 | 2,498 |
Private placement notes | – | 75 | 140 | 60 | 100 | 250 | 625 |
Lease liabilities 1 | 61 | 46 | 36 | 23 | 17 | 24 | 207 |
63 | 121 | 524 | 83 | 644 | 1,897 | 3,332 | |
At 31 December 2023 | |||||||
Bank loans | 303 | – | – | – | – | – | 303 |
Bank overdraſts | 2 | – | – | – | – | – | 2 |
Corporate bond | – | – | – | – | – | 1,550 | 1,550 |
Private placement notes | 405 | – | 75 | 140 | 60 | 350 | 1,030 |
Lease liabilities 1 | 55 | 44 | 33 | 25 | 18 | 35 | 210 |
765 | 44 | 108 | 165 | 78 | 1,935 | 3,095 |
Facility 2024 | Date due |
$75 million 3.99% Senior Notes | January 2026 |
$350 million 5.15% US Corporate Bond | March 2027 |
$140 million 2.83% Senior Notes | June 2027 |
$60 million 2.90% Senior Notes | June 2028 |
$1.0 billion syndicated revolving credit facility | October 2029 |
$100 million 2.97% Senior Notes | June 2029 |
€500 million 4.565% EUR Corporate Bond | October 2029 |
$95 million 2.99% Senior Notes | June 2030 |
$1.0 billion 2.032% USD Corporate Bond | October 2030 |
$155 million 3.09% Senior Notes | June 2032 |
$650 million 5.40% USD Corporate Bond | March 2034 |
Facility 2023 | Date due |
$100 million 3.89% Senior Notes | January 2024 |
$305 million 3.36% Senior Notes | November 2024 |
$75 million 3.99% Senior Notes | January 2026 |
$140 million 2.83% Senior Notes | June 2027 |
$60 million 2.90% Senior Notes | June 2028 |
$1.0 billion syndicated RCF | October 2028 |
$100 million 2.97% Senior Notes | June 2029 |
€500 million 4.565% EUR corporate bond | October 2029 |
$95 million 2.99% Senior Notes | June 2030 |
$1.0 billion 2.032% USD corporate bond | October 2030 |
$155 million 3.09% Senior Notes | June 2032 |
Within one | Between | Between | |||
year or on | one and | two and | Aſter | ||
demand | two years | five years | five years | Total | |
$ million | $ million | $ million | $ million | $ million | |
At 31 December 2024 | |||||
Non-derivative financial liabilities: | |||||
Bank overdraſts and loans | 2 | – | – | – | 2 |
Corporate bond | 98 | 95 | 1,109 | 1,825 | 3,127 |
Trade and other payables | 1,082 | – | – | – | 1,082 |
Private placement notes | 19 | 92 | 335 | 263 | 709 |
Acquisition consideration | 28 | 5 | 165 | – | 198 |
Derivative financial instruments: | |||||
Currency swaps/forward foreign exchange contracts – outflow | 2,869 | – | – | – | 2,869 |
Currency swaps/forward foreign exchange contracts – inflow | (2,898) | – | – | – | (2,898) |
1,200 | 192 | 1,609 | 2,088 | 5,089 | |
At 31 December 2023 | |||||
Non-derivative financial liabilities: | |||||
Bank overdraſts and loans | 305 | – | – | – | 305 |
Corporate bond | 53 | 53 | 158 | 1,614 | 1,878 |
Trade and other payables | 1,016 | – | – | – | 1,016 |
Private placement notes | 434 | 19 | 317 | 373 | 1,143 |
Acquisition consideration | 11 | 9 | 2 | 15 | 37 |
Derivative financial instruments: | |||||
Currency swaps/forward foreign exchange contracts – outflow | 2,913 | – | – | – | 2,913 |
Currency swaps/forward foreign exchange contracts – inflow | (2,912) | – | – | – | (2,912) |
1,820 | 81 | 477 | 2,002 | 4,380 |
Carrying | Carrying | Changes in | Hedge | Amounts reclassified | |||
Nominal | amount | amount | fair value | ineffectiveness | from hedging reserve | ||
amount | assets | liabilities | in OCI | in profit or loss | to profit or loss | Line item in | |
million | $ million | $ million | $ million | $ million | $ million | profit or loss | |
At 31 December 2024 | |||||||
Foreign currency risk | |||||||
Forward exchange contracts 1 | 2,415 | 46 | (16) | 38 | – | (1) | Cash flow hedges |
Interest rate risk | |||||||
Interest rate swaps 2 | (1,020) | 10 | (16) | – | – | – | Fair value hedge |
At 31 December 2023 | |||||||
Foreign currency risk | |||||||
Forward exchange contracts 1 | 2,913 | 27 | (28) | (3) | – | (25) | Cash flow hedges |
Interest rate risk | |||||||
Interest rate swaps 2 | (500) | 7 | – | – | – | – | Fair value hedge |
Fixed rate liabilities | ||||||||
Weighted | ||||||||
average | ||||||||
Interest | Weighted | time | ||||||
Gross | Currency | rate | Total | Floating | Fixed rate | average | for which | |
borrowings | swaps | swaps | liabilities | rate liabilities | liabilities | interest rate | rate is fixed | |
$ million | $ million | $ million | $ million | $ million | $ million | % | Years | |
At 31 December 2024 | ||||||||
US Dollar | (2,594) | (310) | (16) | (2,920) | (324) | (2,596) | 3.5 | 4.1 |
Other | (531) | (144) | – | (675) | (148) | (527) | ||
Total interest bearing liabilities | (3,125) | (454) | (16) | (3,595) | (472) | (3,123) | ||
At 31 December 2023 | ||||||||
US Dollar | (2,324) | (329) | – | (2,653) | (628) | (2,025) | 2.7 | 5.1 |
Other | (561) | (219) | – | (780) | (224) | (556) | ||
Total interest bearing liabilities | (2,885) | (548) | – | (3,433) | (852) | (2,581) |
Cash and cash | Currency | Interest rate | Floating | Fixed | ||
equivalents | swaps | swaps | Total assets | rate assets | rate assets | |
$ million | $ million | $ million | $ million | $ million | $ million | |
At 31 December 2024 | ||||||
US Dollar | 482 | 146 | – | 628 | 628 | – |
Other | 137 | 307 | 10 | 454 | 454 | – |
Total interest bearing assets | 619 | 453 | 10 | 1,082 | 1,082 | – |
At 31 December 2023 | ||||||
US Dollar | 98 | 217 | – | 315 | 315 | – |
Other | 204 | 331 | 7 | 542 | 542 | – |
Total interest bearing assets | 302 | 548 | 7 | 857 | 857 | – |
Carrying amount | Fair value | ||||||||
Fair value | |||||||||
Fair value – | Fair value | through | Other | ||||||
hedging | Amortised | through | profit | financial | |||||
instruments | cost | OCI | or loss | liabilities | Total | Level 2 | Level 3 | Total | |
At 31 December 2024 | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million |
Financial assets measured | |||||||||
at fair value | |||||||||
Forward foreign exchange contracts | 46 | – | – | – | – | 46 | 46 | – | 46 |
Investments | – | – | – | 9 | – | 9 | – | 9 | 9 |
Interest rate swaps | 10 | – | – | – | – | 10 | 10 | – | 10 |
Currency swaps | – | – | – | 1 | – | 1 | 1 | – | 1 |
56 | – | – | 10 | – | 66 | ||||
Financial liabilities measured | |||||||||
at fair value | |||||||||
Acquisition consideration – | |||||||||
contingent | – | – | – | (84) | – | (84) | – | (84) | (84) |
Forward foreign exchange contracts | (16) | – | – | – | – | (16) | (16) | – | (16) |
Interest rate swaps | (16) | – | – | – | – | (16) | (16) | – | (16) |
Currency swaps | – | – | – | (2) | – | (2) | (2) | – | (2) |
(32) | – | – | (86) | – | (118) | ||||
Financial assets not measured | |||||||||
at fair value | |||||||||
Trade and other receivables | – | 1,190 | – | – | – | 1,190 | |||
Cash and cash equivalents | – | 619 | – | – | – | 619 | |||
– | 1,809 | – | – | – | 1,809 | ||||
Financial liabilities not measured | |||||||||
at fair value | |||||||||
Acquisition consideration – deferred | – | (21) | – | – | – | (21) | |||
Bank overdraſts | – | (2) | – | – | – | (2) | |||
Corporate bond not in a hedge | |||||||||
relationship | – | (1,492) | – | – | – | (1,492) | |||
Corporate bond in a hedge | |||||||||
relationship | – | (1,006) | – | – | – | (1,006) | |||
Private placement debt not in a | |||||||||
hedge relationship | – | (625) | – | – | – | (625) | |||
Trade and other payables | – | (1,084) | – | – | – | (1,084) | |||
– | (4,230) | – | – | – | (4,230) |
Carrying amount | Fair value | ||||||||
Fair value | |||||||||
Fair value – | Fair value | through | Other | ||||||
hedging | Amortised | through | profit | financial | |||||
instruments | cost | OCI | or loss | liabilities | Total | Level 2 | Level 3 | Total | |
At 31 December 2023 | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million |
Financial assets measured | |||||||||
at fair value | |||||||||
Forward foreign exchange contracts | 25 | – | – | – | – | 25 | 25 | – | 25 |
Investments | – | – | – | 8 | – | 8 | – | 8 | 8 |
Contingent consideration receivable | – | – | – | 18 | – | 18 | – | 18 | 18 |
Interest rate swaps | 7 | – | – | – | – | 7 | 7 | – | 7 |
Currency swaps | – | – | 2 | – | – | 2 | 2 | – | 2 |
32 | – | 2 | 26 | – | 60 | ||||
Financial liabilities measured | |||||||||
at fair value | |||||||||
Acquisition consideration – | |||||||||
contingent | – | – | – | (32) | – | (32) | – | (32) | (32) |
Forward foreign exchange contracts | (25) | – | – | – | – | (25) | (25) | – | (25) |
Currency swaps | – | – | (3) | – | – | (3) | (3) | – | (3) |
(25) | – | (3) | (32) | – | (60) | ||||
Financial assets not measured | |||||||||
at fair value | |||||||||
Trade and other receivables | 1,163 | – | – | – | – | 1,163 | |||
Cash and cash equivalents | – | 302 | – | – | – | 302 | |||
1,163 | 302 | – | – | – | 1,465 | ||||
Financial liabilities not measured | |||||||||
at fair value | |||||||||
Acquisition consideration - deferred | – | – | – | – | (4) | (4) | |||
Bank overdraſts | – | – | – | – | (2) | (2) | |||
Bank loans | – | – | – | – | (303) | (303) | |||
Corporate bond not in a hedge | |||||||||
relationship | – | – | – | – | (995) | (995) | |||
Corporate bond in a hedge | |||||||||
relationship | – | – | – | – | (555) | (555) | |||
Private placement debt not in a | |||||||||
hedge relationship | – | – | – | – | (1,030) | (1,030) | |||
Trade and other payables | – | – | – | – | (1,026) | (1,026) | |||
– | – | – | – | (3,915) | (3,915) |
2024 | 2023 | |
$ million | $ million | |
Investments | ||
At 1 January | 8 | 12 |
Additions | 1 | – |
Fair value remeasurement | – | (4) |
At 31 December | 9 | 8 |
Contingent consideration receivable | ||
At 1 January | 18 | 18 |
Transferred to receivables | (18) | – |
At 31 December | – | 18 |
Contingent acquisition consideration liability | ||
At 1 January | (32) | (78) |
Arising on acquisitions | (49) | – |
Payments | 6 | 13 |
Remeasurements | (9) | 33 |
At 31 December | (84) | (32) |
Restructuring | ||||
and | ||||
rationalisation | Legal and other | |||
provisions | Metal-on-metal | provisions | Total | |
$ million | $ million | $ million | $ million | |
At 1 January 2023 | 30 | 239 | 58 | 327 |
Charge to income statement | 220 | – | 9 | 229 |
Release to income statement | – | (8) | (19) | (27) |
Unwinding of discount | – | 5 | – | 5 |
Utilised | (160) | (87) | (7) | (254) |
Exchange adjustment | 1 | – | – | 1 |
At 31 December 2023 | 91 | 149 | 41 | 281 |
Charge to income statement | 123 | – | 12 | 135 |
Release to income statement | – | (28) | (2) | (30) |
Unwinding of discount | – | 6 | – | 6 |
Utilised | (153) | (14) | (20) | (187) |
Exchange adjustment | (2) | – | – | (2) |
At 31 December 2024 | 59 | 113 | 31 | 203 |
Provisions – due within one year | 59 | 28 | 21 | 108 |
Provisions – due aſter one year | – | 85 | 10 | 95 |
At 31 December 2024 | 59 | 113 | 31 | 203 |
Provisions – due within one year | 91 | 111 | 31 | 233 |
Provisions – due aſter one year | – | 38 | 10 | 48 |
At 31 December 2023 | 91 | 149 | 41 | 281 |
2024 | 2023 | |
$ million | $ million | |
Funded plans: | ||
UK Plan | 63 | 61 |
US Plan | – | 8 |
Other plans | (10) | (13) |
53 | 56 | |
Unfunded plans: | ||
Other plans | (60) | (65) |
Retirement healthcare | (9) | (10) |
(16) | (19) | |
Amount recognised on the balance sheet – liability | (79) | (88) |
Amount recognised on the balance sheet – asset | 63 | 69 |
2024 | 2023 | |||||
Obligation | Asset | Total | Obligation | Asset | Total | |
$ million | $ million | $ million | $ million | $ million | $ million | |
Amounts recognised on the balance sheet at | ||||||
beginning of the period | (961) | 942 | (19) | (984) | 1,055 | 71 |
Income statement expense: | ||||||
Current service cost | (7) | – | (7) | (6) | – | (6) |
Settlements | 255 | (250) | 5 | 75 | (79) | (4) |
Interest (expense)/income | (26) | 26 | – | (45) | 49 | 4 |
Administration costs and taxes | (4) | – | (4) | (5) | – | (5) |
Costs recognised in income statement | 218 | (224) | (6) | 19 | (30) | (11) |
Remeasurements: | ||||||
Actuarial (loss)/gain due to liability experience | (6) | – | (6) | (14) | – | (14) |
Actuarial gain due to financial assumptions | ||||||
change | 62 | – | 62 | (25) | – | (25) |
Actuarial gain due to demographic assumptions | 1 | – | 1 | 14 | – | 14 |
Return on plan assets (less)/greater than | ||||||
discount rate | – | (41) | (41) | – | (64) | (64) |
Remeasurements recognised in OCI | 57 | (41) | 16 | (25) | (64) | (89) |
Cash: | ||||||
Employer contributions | – | (9) | (9) | – | 7 | 7 |
Employee contributions | (3) | 3 | – | (3) | 3 | – |
Benefits paid directly by the Group | 3 | – | 3 | 2 | – | 2 |
Benefits paid, taxes and administration costs | ||||||
paid from scheme assets | 41 | (45) | (4) | 67 | (69) | (2) |
Net cash | 41 | (51) | (10) | 66 | (59) | 7 |
Exchange movements | 20 | (17) | 3 | (37) | 40 | 3 |
Amount recognised on the balance sheet | (625) | 609 | (16) | (961) | 942 | (19) |
Amount recognised on the balance sheet – | ||||||
liability | (213) | 134 | (79) | (229) | 141 | (88) |
Amount recognised on the balance sheet – | ||||||
asset | (412) | 475 | 63 | (732) | 801 | 69 |
Represented by: | ||||||
2024 | 2023 | |||||
Obligation | Asset | Total | Obligation | Asset | Total | |
$ million | $ million | $ million | $ million | $ million | $ million | |
UK Plan | (396) | 459 | 63 | (457) | 518 | 61 |
US Plan | – | – | – | (259) | 267 | 8 |
Other Plans | (229) | 150 | (79) | (245) | 157 | (88) |
Total | (625) | 609 | (16) | (961) | 942 | (19) |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
UK Plan: | | ||
Assets with a quoted market price: | | ||
Cash and cash equivalents | 56 | 61 | 2 |
Equity securities | – | – | 3 |
Other bonds | 7 | – | 30 |
Short dated credit fund | – | – | 81 |
Liability driven investments | – | – | 225 |
Diversified growth funds | – | – | 55 |
63 | 61 | 396 | |
Other assets: | | ||
Insurance contract | 396 | 457 | 156 |
Market value of assets | 459 | 518 | 552 |
US Plan: | | ||
Assets with a quoted market price: | | ||
Cash and cash equivalents | – | 267 | 120 |
Government bonds – fixed interest | – | – | 43 |
Corporate bonds | – | – | 197 |
Market value of assets | – | 267 | 360 |
Other Plans: | | ||
Assets with a quoted market price: | | ||
Cash and cash equivalents | 2 | 7 | 7 |
Equity securities | 56 | 50 | 49 |
Government bonds – fixed interest | 6 | 5 | 7 |
Corporate and other bonds | 12 | 10 | 10 |
Insurance contracts | 18 | 23 | 21 |
Property | 25 | 28 | 22 |
Other quoted securities | 11 | 10 | 5 |
130 | 133 | 121 | |
Other assets: | | ||
Insurance contracts | 20 | 24 | 22 |
Market value of assets | 150 | 157 | 143 |
Total market value of assets | 609 | 942 | 1,055 |
2024 | 2023 | 2022 | |
% per annum | % per annum | % per annum | |
UK Plan: | |||
Discount rate | 5.5 | 4.5 | 4.8 |
Future salary increases | n/a | n/a | n/a |
Future pension increases | 3.0 | 3.0 | 3.3 |
Inflation (RPI) | 3.2 | 3.1 | 3.3 |
Inflation (CPI) | 2.7 | 2.5 | 2.3 |
US Plan: | |||
Discount rate | n/a | 5.0 | 5.3 |
Future salary increases | n/a | n/a | n/a |
Inflation | n/a | n/a | n/a |
2024 | 2023 | 2022 | |
years | years | years | |
Life expectancy at age 60 | |||
UK Plan: | |||
Males | 26.6 | 26.9 | 27.4 |
Females | 29.5 | 29.7 | 30.1 |
US Plan: | |||
Males | n/a | 25.0 | 24.9 |
Females | n/a | 27.2 | 27.1 |
Life expectancy at age 60 in 20 years’ time | |||
UK Plan: | |||
Males | 28.1 | 28.4 | 28.9 |
Females | 30.9 | 31.1 | 31.5 |
US Plan: | |||
Males | n/a | 25.0 | 24.9 |
Females | n/a | 27.6 | 27.6 |
Increase/(decrease) in pension | Increase /(decrease) in pension | |||
obligation | cost | |||
$ million | +50bps/+1yr | -50bps/-1yr | +50bps/+1yr | -50bps/-1yr |
UK Plan: | ||||
Discount rate | (25.0) | 28.0 | – | – |
Inflation | 22.0 | (21.0) | – | – |
Mortality | 18.0 | (18.0) | – | – |
Interest rate risk | Volatility in financial markets can change the calculations of the obligation significantly as the calculation |
of the obligation is linked to yields on AA rated corporate bonds. A decrease in the bond yield will increase | |
the measure of plan liabilities, although this will be partially offset by increases in the value of matching | |
plan assets such as bonds and insurance contracts. | |
The UK buy-in in June 2023 removed all remaining material pension liability exposure from the balance | |
sheet, hence, eliminating the interest rate risk for the UK Plan. Following the completion of the US buy-out | |
on 4 January 2024, no further interest risk is linked to the valuation of liability for the US Plan as no liability | |
remains in the Plan. | |
Inflation risk | The UK Plan is linked to inflation. A high rate of inflation will lead to a higher liability. This risk is managed |
by holding inflation-linked bonds and an inflation-linked insurance contract in respect of some of the | |
obligation. In the UK, the liability matching portfolio held in conventional and index-linked gilts was | |
transferred into liability driven investments in order to reduce inflation risk. | |
The UK Plan is closed to future accrual which reduces the exposure to this risk. The US Plan is also closed to | |
future accrual and has no other inflation-linkage thus eliminating the exposure to this risk. Following the full | |
UK Pension buy-in in 2023, the residual inflation risks associated with the UK Plan have been transferred to | |
the UK Plan’s Life Insurance Partners. | |
Investment risk | If the return on plan assets is below the discount rate, all else being equal, there will be an increase |
in the Plan deficit. | |
In the UK, following the full buy-in for the UK Plan, the investment risk has been transferred to the UK | |
Plan’s Life Insurer Partners. | |
The US Plan has a dynamic de-risking policy to shiſt plan assets from return-seeking (growth) assets to | |
liability matching assets over time. The US Pension Plan has an established glide path that is designed to | |
stabilise funding status by reducing the Plan’s exposure to return-seeking assets. Following the completion | |
of the US buy-out on 4 January 2024, no further investment risk is linked to the valuation of liability for the | |
US Plan as no liability remains in the Plan. | |
Longevity risk | The present value of the Plan’s defined benefit liability is calculated by reference to the best estimate |
of the mortality of the Plan participants both during and aſter their employment. An increase in the life | |
expectancy of plan participants above that assumed will increase the benefit obligation. | |
Following the full buy-in, the UK Plan has entered into insurance contract which covers all of the | |
pensioners’ obligations. | |
Following the completion of the US buy-out on 4 January 2024, there is no further longevity risk linked to | |
the valuation of liability for the US Plan as no liability remains in the Plan. |
Ordinary shares (20¢) | Deferred shares (£1.00) | Total | |||
Thousand | $ million | Thousand | $ million | $ million | |
Authorised | |||||
At 31 December 2022 | 1,223,591 | 245 | 50 | – | 245 |
At 31 December 2023 | 1,223,591 | 245 | 50 | – | 245 |
At 31 December 2024 | 1,223,591 | 245 | 50 | – | 245 |
Allotted, issued and fully paid | |||||
At 1 January 2022 | 885,191 | 177 | 50 | – | 177 |
Share options | 229 | – | – | – | – |
Shares cancelled | (7,770) | (2) | – | – | (2) |
At 31 December 2022 | 877,650 | 175 | 50 | – | 175 |
Share options | 23 | – | – | – | – |
At 31 December 2023 | 877,673 | 175 | 50 | – | 175 |
Share options | 31 | – | – | – | – |
At 31 December 2024 | 877,704 | 175 | 50 | – | 175 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Share capital | 175 | 175 | 175 |
Share premium | 615 | 615 | 615 |
Capital redemption reserve | 20 | 20 | 20 |
Treasury shares | (66) | (94) | (118) |
Retained earnings and other reserves | 4,521 | 4,501 | 4,567 |
5,265 | 5,217 | 5,259 |
Employees’ | |||
Treasury | Share Trust | Total | |
$ million | $ million | $ million | |
At 1 January 2023 | 67 | 51 | 118 |
Shares transferred from treasury | (13) | 13 | – |
Shares transferred to Group beneficiaries | (1) | (23) | (24) |
At 31 December 2023 | 53 | 41 | 94 |
Shares transferred to Group beneficiaries | (2) | (26) | (28) |
At 31 December 2024 | 51 | 15 | 66 |
Employees’ | |||
Treasury | Share Trust | Total | |
Number | Number | Number | |
of shares | of shares | of shares | |
million | million | million | |
At 1 January 2023 | 4.3 | 3.2 | 7.5 |
Shares transferred from treasury | (0.8) | 0.8 | – |
Shares transferred to Group beneficiaries | (0.1) | (1.6) | (1.7) |
At 31 December 2023 | 3.4 | 2.4 | 5.8 |
Shares transferred to Group beneficiaries | (0.1) | (1.5) | (1.6) |
At 31 December 2024 | 3.3 | 0.9 | 4.2 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
The following dividends were declared and paid in the year: | |||
Ordinary final of 23.1¢ for 2023 (2022: 23.1¢, 2021: 23.1¢) paid 22 May 2024 | 202 | 201 | 202 |
Ordinary interim of 14.4¢ for 2024 (2023: 14.4¢, 2022: 14.4¢) paid 8 November 2024 | 125 | 126 | 125 |
327 | 327 | 327 |
Borrowings | ||||||||
Total | ||||||||
Net | Net | liabilities | Cash | |||||
Due within | Due aſter | currency | interest | - financing | and cash | |||
Overdraſts | one year | one year | swaps | swaps | activities | equivalents | Net debt | |
$ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million | |
At 1 January 2022 | (5) | (486) | (2,848) | – | – | (3,339) | 1,290 | (2,049) |
Net cash flow/debt movement | 1 | 302 | 94 | (3) | – | 394 | (931) | (537) |
Fair value changes including exchange | ||||||||
adjustments | (2) | 23 | 45 | 3 | (13) | 56 | (9) | 47 |
Corporate bond issuance expense | – | – | 3 | – | – | 3 | – | 3 |
IFRS 16 lease liabilities movement | – | 7 | (6) | – | – | 1 | – | 1 |
At 31 December 2022 | (6) | (154) | (2,712) | – | (13) | (2,885) | 350 | (2,535) |
Net cash flow/debt movement | 8 | (604) | 429 | (4) | – | (171) | (48) | (219) |
Fair value changes including exchange | ||||||||
adjustments | (4) | – | (39) | 3 | 20 | (20) | – | (20) |
Corporate bond issuance expense | – | – | 1 | – | – | 1 | – | 1 |
IFRS 16 lease liabilities movement | – | (6) | 3 | – | – | (3) | – | (3) |
At 31 December 2023 | (2) | (764) | (2,318) | (1) | 7 | (3,078) | 302 | (2,776) |
Net cash flow/debt movement | 1 | 705 | (1,000) | – | – | (294) | 331 | 37 |
Fair value changes including exchange | ||||||||
adjustments | (1) | – | 46 | – | (13) | 32 | (14) | 18 |
Corporate bond issuance expense | – | – | 9 | – | – | 9 | – | 9 |
IFRS 16 lease liabilities movement | – | (2) | 5 | – | – | 3 | – | 3 |
At 31 December 2024 | (2) | (61) | (3,258) | (1) | (6) | (3,328) | 619 | (2,709) |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Net cash flow from cash net of overdraſts | 332 | (40) | (930) |
Settlement of currency swaps | – | (4) | (3) |
Net cash flow from borrowings | (295) | (175) | 396 |
Change in net debt from net cash flow | 37 | (219) | (537) |
IFRS 16 lease liabilities | 3 | (3) | 1 |
Exchange adjustment | 18 | (20) | 47 |
Corporate bond issuance expense | 9 | 1 | 3 |
Change in net debt in the year | 67 | (241) | (486) |
Opening net debt | (2,776) | (2,535) | (2,049) |
Closing net debt | (2,709) | (2,776) | (2,535) |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Cash at bank and other short-term liquid investments with original maturities of three | |||
months or less | 619 | 302 | 350 |
Bank overdraſts | (2) | (2) | (6) |
Cash and cash equivalents | 617 | 300 | 344 |
Repayment | Borrowing | Proceeds from | Repayment | Cash outflow/ | Proceeds from own | ||||
of bank | of bank | Corporate | of lease | (inflow) | Purchase of | shares/issue of | |||
loans 1 | loans 1 | Bond issue | liabilities | from other | Dividends | own shares | ordinary shares | Total | |
2024 | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million | $ million |
Debt | 705 | – | (1,000) | 55 | – | – | – | – | (240) |
Equity | – | – | – | – | – | 327 | – | (1) | 326 |
Total | 705 | – | (1,000) | 55 | – | 327 | – | (1) | 86 |
2023 | |||||||||
Debt | 151 | (326) | – | 52 | (4) | – | – | – | (127) |
Equity | – | – | – | – | – | 327 | – | – | 327 |
Total | 151 | (326) | – | 52 | (4) | 327 | – | – | 200 |
2022 | |||||||||
Debt | 881 | – | (485) | 54 | (3) | – | – | – | 447 |
Equity | – | – | – | – | – | 327 | 158 | (6) | 479 |
Total | 881 | – | (485) | 54 | (3) | 327 | 158 | (6) | 926 |
CartiHeal | |
(2009) Ltd | |
$ million | |
Intangible assets – Product-related and trade name | 84 |
Inventory | 1 |
Cash | 6 |
Other liabilities | (2) |
Trade and other payables | (1) |
Net deferred tax liability | (3) |
Net assets | 85 |
Goodwill | 146 |
Consideration | 231 |
Engage | |
Surgical | |
$ million | |
Intangible assets – Product-related | 44 |
Property, plant and equipment | 2 |
Inventory | 2 |
Trade and other payables | (1) |
Net assets | 47 |
Goodwill | 84 |
Consideration (net of $nil cash acquired) | 131 |
2024 | 2023 | 2022 | |
$ million | $ million | $ million | |
Short-term employee benefits | 22 | 21 | 17 |
Share-based payments expense | 10 | 9 | 10 |
Pension and post-employment benefit entitlements | 1 | 1 | 2 |
33 | 31 | 29 |