Senior plc - 2023년 연간 결과
로얄 더치 쉘 B PLC
€22.80
16:30 19/03/24
31년 2023월 XNUMX일 마감된 연도의 결과
Strong results with adjusted operating profit 61% up on prior year
재무 하이라이트 | 31월 XNUMX일 종료 | 이전 단계로 돌아가기 | 이전 단계로 돌아가기 |
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2023 | 2022 | |||||
수익 | £ 963.5m | £ 848.4m | 14% | 14% | ||
영업 이익 | £ 37.9m | £ 32.5m | 17% | 17% | ||
조정 대상: |
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인수로 인한 무형 자산 상각 | £ 2.2m | £ 0.2m |
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순구조조정비용/(소득) | £ 5.6m | 4.2만 파운드 |
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SITE RELOCATION COST | £ 0.1m | XNUMX파운드 |
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조정 영업이익 (1) | £ 45.8m | £ 28.5m | 61% | 61% | ||
조정된 영업이익률 (1) | 4.8% | 3.4% | + 140bps | + 140bps | ||
과세 전 소득 | £ 22.8m | £ 22.4m | 2% | 2% | ||
세전 조정 이익 (1) | £ 38.3m | £ 20.1m | 91% | 92% | ||
주당 기본 이익 | 7.52p | 4.86p | 55% | |||
주당 조정 수익 (1) | 10.28p | 4.36p | 136% | |||
주당 총 배당금(지불 및 제안) | 2.30p | 1.30p | 77% | |||
무료 현금 흐름 (2) | £ 15.5m | £ 27.7m | -44 % | |||
자본화된 임대를 제외한 순부채 (2) | £ 132.0m | £ 100.5m | £32m 증가 | 순부채 / EBITDA(5) SR 1.6x |
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순부채 (2) | £ 203.8m | £ 178.9m | £25m 증가 | |||
로체 (3) | 7.1% | 4.7% | +240bps |
하이라이트
? | Strong trading performance across the Group compared to 2022 |
? | Adjusted EPS of 10.28p includes benefit of 2.54p from release of provisions for uncertain tax positions |
? | Continued ROCE improvement, increasing by 240 bps |
? | 견고한 핵심 시장 수요, 건전한 예약 대 청구 금액 1.14 |
? | 순부채/EBITDA가 포함된 건전한 대차대조표(5) 1.6 배 |
? | Spencer Aerospace revenues increased by over 50% year-on-year |
? | The Board anticipates good growth for the Group in 2024 in line with its expectations |
? | Final dividend of 1.70p, bringing full year dividend to 2.30p, up 77%, reflecting improved performance and future prospects |
결과에 대해 Senior plc의 그룹 CEO인 David Squires는 다음과 같이 말했습니다.
"Senior has delivered a year of strong trading performance and profit growth with significant momentum across our two divisions.
Our Flexonics Division performed well in 2023 with double-digit margins and strong growth in both land vehicle and power & energy. In 2024 we expect to maintain good performance with land vehicle market demand normalising to more typical levels and continuing robust demand in our downstream oil & gas business.
Momentum is building in our Aerospace Division. We have achieved a diversified position across key civil and defence aircraft platforms and are benefiting from increasing aircraft build rates which we expect will lead to higher sales in 2024 and beyond. Supply chain issues are improving as anticipated and we expect further improvement as 2024 progresses. Beyond this, we can expect Aerospace performance to continue to improve in 2025 as production rates increase, supply chain continues to improve, and additional contractually agreed price rises take effect.
Overall, the Board anticipates good growth for the Group in 2024 in line with its expectations.
Looking further ahead, we remain on track to achieve our stated ROCE target of at least 13.5%. Our strategy and positioning in attractive and structurally resilient core markets, active portfolio management, combined with our sector leading sustainability credentials and highly relevant technical capabilities, provides confidence of continuing performance improvements across our Aerospace and Flexonics Divisions, enhancing value for our stakeholders."
자세한 정보
Bindi Foyle, 그룹 재무 이사, Senior plc | + 44 (0) 1923 714 725 |
Tom Bindloss, Head of Treasury and Interim Investor Relations, Senior plc | + 44 (0) 1923 714 743 |
리처드 웹스터-스미스, FGS 글로벌 | + 44 (0) 7796 708 551 |
노트
이 릴리스는 영국 금융 서비스 당국의 공개 및 투명성 규칙의 규칙 6.3.5의 요구 사항에 따라 회사의 배포 발표를 나타냅니다. Senior plc에 대한 기타 정보와 함께 전체 연간 보고서 및 회계 2023는 다음에서 확인할 수 있습니다. www.seniorplc.com
이 릴리스에 포함된 정보는 Annual Report & Accounts 2023에서 발췌한 것이지만 노트 및 페이지 번호에 대한 일부 참조는 이 릴리스에 적합한 노트 및 페이지 번호를 반영하도록 수정되었습니다.
이사 책임 성명서는 2023년 연례 보고서 및 회계에 포함된 전체 재무제표 및 이사 보고서와 관련하여 작성되었습니다. 따라서 보고된 이사 보고서의 특정 메모 및 일부는 이 릴리스에 포함되지 않습니다.
(1) | Adjusted operating profit and adjusted profit before tax are stated before £2.2m amortisation of intangible assets from acquisitions (2022 - £0.2m), £5.6m net restructuring costs (2022 - £4.2m net income) and £0.1m site relocation cost (2022 - £nil). Adjusted profit before tax is also stated before costs associated with corporate undertakings of £7.6m (2022 - £1.7m). A reconciliation of adjusted operating profit to operating profit is shown in Note 4. Adjusted earnings per share includes the benefit of a release of £10.5m of provision for uncertain tax positions in the second half of 2023, of which £3.5m relates to interest (see Note 5 for further details). Adjusted operating margin is the ratio of adjusted operating profit to revenue. | ||||||||
(2) | 잉여현금흐름과 순부채의 도출에 대해서는 각각 주석 12b와 12c를 참조하십시오. | ||||||||
(3) | 사용 자본 수익률("ROCE")은 연간 조정 영업 이익(주석 4에 정의됨)을 해당 12개월 기간의 시작 및 종료 시점에 사용된 자본의 평균으로 나눈 값에서 파생됩니다. 사용 자본은 총 자본에 순자본을 더한 값입니다. 부채(주석 XNUMXc에서 파생됨). | ||||||||
(4) | 2022년 결과는 2023년 평균 환율 - 고정 통화를 사용하여 번역되었습니다. | ||||||||
(5) | 그룹의 차입금에 대한 약정 준수 여부를 평가하기 위해 다음과 같은 조치가 사용됩니다.
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2023년 평균 환율로 손익 계산서 및 현금 흐름 항목의 환산에 적용된 미국 달러에 대한 그룹의 주요 환율은 $1.24(2022 - $1.24)였으며 31년 2023월 1.27일 대차대조표 항목 환산에 적용된 원금은 $31(2022년 1.21월 XNUMX일)입니다. - $XNUMX).
연간 보고서
전체 연차 보고서 및 회계 2023는 이제 온라인으로 제공됩니다. www.seniorplc.com. 인쇄본은 15년 2024월 XNUMX일 또는 그 직후에 배포됩니다.
웹 캐스트
There will be a presentation on Monday 4 March 2024 at 11.00am GMT accessible via a live webcast on Senior's website at www.seniorplc.com/investors. 웹캐스트는 이후에 볼 수 있도록 웹사이트에서 사용할 수 있습니다.
편집자 주
Senior는 FTSE 250 국제 제조 그룹으로 12개국에서 사업을 운영하고 있습니다. 런던 증권 거래소의 주요 시장(기호 SNR)에 상장되어 있습니다. Senior의 목적은 "모든 이해관계자의 이익을 위해 지속 가능한 세상으로의 전환을 설계하는 데 도움을 주는 것"입니다. Senior는 전 세계 항공우주 및 방위, 육상 차량, 전력 및 에너지 시장의 주요 OEM 생산업체를 위한 첨단 기술 부품 및 시스템을 설계하고 제조합니다.
주의 진술
This Release contains certain forward-looking statements. Such statements are made by the Directors in good faith based on the information available to them at the time of their approval of this Release and they should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.
그룹 최고 경영자의 성명서
2023년 결과 개요
Senior made good operational and strategic progress in 2023. Trading performance was strong with revenue growing 14% and adjusted operating profit growing 61% over 2022.
In 2023, Group revenue increased by 14% on a constant currency basis to £963.5m with strong double-digit growth across both divisions. This year-on-year increase reflected the strength in our core markets and our positioning on key growth platforms across both Aerospace and Flexonics. The Group benefited from growth in land vehicle and power & energy markets, the increases in civil aircraft production rates and higher defence spending.
In Flexonics, revenue grew 18% compared to prior year, on a constant currency basis. This performance was driven by strong customer demand and market share gains in land vehicle as well as good momentum in power & energy markets. In Aerospace, revenue increased 11.5% year-on-year on a constant currency basis. The increase reflected ramp up in civil aircraft production rates and growth in the defence market more than offsetting the reduction in sales to semiconductor equipment customers (which is included in "Other Aerospace").
For the third year running, the Group recorded good order intake reflecting the broad, diversified and high-quality nature of our business. The 2023 book-to-bill ratio of 1.14 underpins our confidence in further growth in 2024 and beyond.
우리는 조정된 기준으로 그룹 성과를 측정하며, 이는 해당 기간의 기본 거래 성과를 직접적으로 반영하지 않는 항목을 제외합니다(주 4 참조). 따라서 아래 참고자료는 이러한 조정된 측정값에 중점을 두고 있습니다.
The Group generated an adjusted operating profit of £45.8m (2022 - £28.5m). Adjusted operating margin increased by 140 basis points, to 4.8% for the year. Price increases secured during the period helped to more than offset the impact of continued inflationary cost increases, including raw materials. The improved profitability also reflected volume related operating leverage, particularly across our Flexonics operating businesses. In Aerospace, trading performance has been in line with expectations whilst absorbing the significant impact of the Thailand supplier fire and other supply chain issues in 2023.
As anticipated, the Aerospace supply chain has started to improve and we expect further progress throughout 2024. The volume of parts shortages and specific supply chain challenges has reduced considerably, however, there are still some challenges on certain material and component categories that are affecting some of our operating businesses in common with the whole industry.
One of the most significant supply chain challenges in 2023 that we have previously highlighted was the fire at one of our key suppliers in Thailand. Our team in Thailand proactively managed the consequences of the fire to help customers, and the supplier in question, to the very best of their ability. Nonetheless the fire had a significant effect on planned growth and performance in our Thailand business and it was to the credit of our other Aerospace businesses that they stepped up to ensure we met our expectations for the Division as a whole. Progress with the factory rebuild at our supplier is continuing apace and should be near completion by the end of Q1 although, as previously advised, it will be well into the second half of 2024 before requalification of their parts from the new factory will allow return to normal operations. Thereafter we are confident that Thailand will see rapid growth as they have a compelling value proposition that our customers are keen to take advantage of.
The Group's adjusted profit before tax increased by 91% in 2023 to £38.3m (2022 - £20.1m). This includes £3.5m benefit (2022 - £nil) from interest unwind following a simplification of our Americas legal entity ownership structure, that will therefore not repeat in 2024 (see Note 5).
The adjusted tax credit for 2023 was £4.2m (2022 - a charge of £2.0m) and includes £7.0m benefit (2022 - £nil) from a release of provision for uncertain tax positions, following the legal entity simplification described above. Adjusted earnings per share increased by 136% to 10.28 pence (2022 - 4.36 pence) and includes benefit of 2.54 pence from the above noted release of interest and tax provisions following the legal entity simplification, that will not repeat in 2024.
Reported operating profit was £37.9m (2022 - £32.5m) and profit before tax was £22.8m (2022 - £22.4m). Basic earnings per share increased to 7.52 pence (2022 - 4.86 pence).
생성된 그룹 free cash inflow of £15.5m (2022 - £27.7m) in 2023; higher year-on-year profits were offset by increased investment in working capital reflecting production growth. Cash outflows from working capital of £27.6m (2022 - £12.1m) reflected higher receivables as a result of revenue growth and planned investment in inventory to enable us to meet the strong increase in demand from our customers, as well as to mitigate ongoing supply chain issues in Aerospace. Gross capital expenditure was £35.9m (2022 - £30.5m) which was 0.9x depreciation (excluding the impact of IFRS 16). Cash interest paid, net of interest received, was £12.9m (2022 - £9.0m) reflecting the effect of higher borrowing costs on variable rate debt.
The Group experienced a net cash outflow of £25.5m (2022 - £2.6m) in 2023, due to free cash inflow of £15.5m (2022 - £27.7m), offset by £25.8m cash outflows related to corporate undertakings; £6.6m dividends paid; £5.6m purchase of shares held by the employee benefit trust; and £3.0m net outflows related to restructuring and the US pension settlement.
The Group's balance sheet remains healthy with a period-end net debt to EBITDA of 1.6x. The headroom on our committed borrowing facilities at 31 December 2023 was £142.4m. 2023년 203.8월 말 순부채는 £71.8m(자본화된 임대 £24.9m 포함)로 2022년 XNUMX월보다 £XNUMXm 증가했습니다. £8.5m의 유리한 통화 움직임과 임대 움직임의 £7.9m 증가.
ROCE increased by 240 basis points to 7.1% (2022 - 4.7%). The continued increase in ROCE reflects the 61% increase in adjusted operating profit in 2023. This improvement keeps the Group on track to deliver our stated ROCE target of at least 13.5%.
The Board has confidence in the Group's performance, financial position and future prospects, and has approved a final dividend of 1.70 pence per share (2022 - 1.00 pence). This will be paid on 31 May 2024 to shareholders on the register at close of business on 3 May 2024. This brings the total dividends, paid and proposed for 2023, to 2.30 pence per share (2022 - 1.30 pence). We will continue to follow a progressive dividend policy reflecting earnings per share, free cash flow generation, market conditions and dividend cover.
시장 개관
Our core Flexonics and Aerospace markets were strong during 2023.
육상차량(그룹의 21%)
Land vehicle markets experienced good momentum in 2023 with strong growth in Europe and India and record heavy-duty truck production in North America.
According to Americas Commercial Transportation ("ACT") research, the North American heavy-duty truck market grew by 8% in 2023 compared to 2022 which was ahead of their earlier expectations. ACT expects this market to decline by 16% in 2024 reflecting a return to more normal levels of production before returning to growth in 2025. As stated by S&P, European truck and bus market production grew by 14% in 2023 and is forecast to decline by 11% in 2024, with growth resuming in 2025. The global commercial vehicle market is expected to grow at low single-digit compound annual growth rate through the cycle.
Passenger vehicle production in 2023 continued to benefit from improving supply chains and pent-up demand. According to S&P, European passenger vehicle production grew by 12% in 2023 and it is forecast to decline by 3% in 2024. Production of electric vehicles (EVs) grew by 32% during 2023, representing 12% of all new passenger vehicles.
전력 및 에너지(그룹 15%)
In 2023, power & energy markets grew with higher levels of activity in upstream oil & gas continuing and good levels of maintenance and overhaul. In upstream markets oil producers sought to enhance both their existing and future production capabilities. Investment in exploration, appraisal and production was high in multiple geographies.
Global oil-refining capacity grew by an estimated 2% in 2023, according to the International Energy Agency (IEA), with most of this growth in Africa, China, and India. Capacity growth in North America was flat.
Looking ahead demand for oil in 2024 is anticipated by the IEA to increase by 1%, in line with the growth in supply. Refining capacity is anticipated to increase by 1% per annum over the next five years. Wood McKenzie forecast that oil consumption will peak in 2028 as improvements in the efficiency of the global-vehicle fleet and the adoption of EVs lead to lower demand, while renewables and nuclear represent a greater share of energy supply.
민간 항공우주(그룹의 42%)
Air-passenger traffic volumes continued to recover strongly during 2023. Revenue Passenger-Kilometres (RPKs) increased by 37% and have now reached 94% of 2019 (pre-pandemic) levels. Domestic passenger traffic surpassed 2019 RPKs during the year, reaching 104% of 2019 levels, while international passenger traffic has reached 89% of pre-pandemic levels. Air traffic will continue to grow driven in particular by demand in Asia-Pacific.
Both single-aisle and wide-body aircraft build rates increased in 2023. Airbus has confirmed that production of the A320-family of aircraft, which represented 10% of Group sales in 2023, are planned to move progressively to 75 per month in 2026. On other important Airbus platforms, production of the A220 remains on track to reach 14 per month in 2026, the A330 rates of 4 per month in 2024 and the A350 a build rate of 10 per month in 2026.
Boeing has confirmed that production of the B737-MAX, which represented 6% of Group sales in 2023, increased from 31 aircraft a month in H1 2023 to 38 aircraft per month by the end of 2023. Rates will not increase beyond this level until approved to do so by the Federal Aviation Administration (FAA). Boeing has previously said that they plan to increase B737 production to 50 per month over the 2025/2026 timeframe.
During the pause in the expansion of B737-MAX production, Boeing has said that they will maintain the current master schedule, which for some suppliers may be above rate 38 per month, to avoid disruptions to the supply chain and support future production increases once authorised by the FAA.
Production of the B787, currently at 5 per month, is planned to move steadily to 10 per month by 2025/2026, while production of the B777X has resumed and the programme's timeline of reaching a build rate of 4 per month by 2025 remains unchanged.
방어(그룹의 14%)
Senior's sales to the defence sector are focused primarily on the US-military aircraft market.
The Group is well placed with good content on the F-35 Joint Strike Fighter, mature programmes such as the C?130J and A400M transport aircraft, Eurofighter and the newer T-7A Red Hawk trainer programme.
Lockheed Martin has stated that they expect to produce F-35 at a rate of 156 aircraft per annum over the next five years.
The first T-7A advanced trainer aircraft from the production line was delivered to the US Air Force (USAF) in November 2023 for flight testing. The USAF have awarded Boeing a contract for 351 of the aircraft, with entry into service expected in 2027.
Other Aerospace (Adjacent Markets) (8% of Group)
Sales from our Aerospace operating businesses into end markets outside of the civil aerospace and defence markets are classified under "Other Aerospace" and include sales into the semiconductor equipment, medical- device and space markets.
Using our world class bellows technology, we manufacture highly engineered proprietary products to provide unique solutions for semiconductor manufacturing equipment and low-earth orbit satellites. Demand in the semiconductor equipment market is anticipated to remain flat during H1 2024 before beginning to recover in the second half.
The low-earth orbit satellite market is expected to grow at a compound annual growth rate of 15% between 2023 and 2030 driven by demand for high-speed and low-cost broadband, growing advancements in satellite network and potential uses for laser-based space optical communications.
그룹 전략 전달
Senior has a compelling strategy to maximise value for shareholders. Our Purpose is "we help engineer the transition to a sustainable world for the benefit of all our stakeholders", further explained on pages 4 and 5 of the Annual Report & Accounts 2023.
To achieve our strategy, we will continue to:
· IP가 풍부한 유체 이송 및 열 관리 제품에 대한 전략적 초점을 강화합니다.
· 고위 운영 체제를 통해 린 제조 및 운영 효율성에 중점을 둡니다.
· 가치 창출을 극대화하기 위해 포트폴리오 최적화 전략을 실행합니다.
· 업계 최고의 지속 가능성 성과를 유지합니다. 그리고
· drive intrinsic strong cash generation and deliver our stated target of at least 13.5% ROCE.
Our strategic focus and expertise in fluid conveyance and thermal management technology and capabilities is supported by extensive design and manufacturing process intellectual property and know-how. We develop and supply proprietary products, sub-systems and systems for our customers' demanding applications across a range of diverse and attractive end markets. Our products are key enablers of pivotal technologies which are delivering emission reductions and environmental efficiency and are highly relevant as the world transitions towards a low-carbon economy. Senior has developed novel solutions for low and zero carbon applications. We are involved in a range of research and development projects that support the drive for electrification and hydrogen propulsion systems on land and in the air. This is discussed further on pages 42 and 47 of the Annual Report & Accounts 2023.
As well as our businesses being actively focused on new product offerings for the transition to a low carbon world, we continue to be actively involved in making conventional technology cleaner as part of our 'one foot in today, one foot in tomorrow' approach. In addition, Senior's end-markets are evolving to reflect the global effort to achieve Net Zero carbon emissions. Senior's technology and product roadmap is aligned to these trends with a product development strategy that is compatible with our focus on sustainability, see pages 16 and 37 of the Annual Report & Accounts 2023. This strategy, along with our well-capitalised businesses, provides a solid foundation to support our future growth aspirations.
Spencer Aerospace
Acquired in November 2022, the integration of Spencer Aerospace is progressing well. Sales grew over 50% versus prior year and order intake underpins further strong growth expected in 2024. In addition, Spencer Aerospace is working collaboratively with our French Aerospace business, Ermeto, which has qualified hydraulic fittings for European Aerospace customers.
고려되고 효과적인 자본 배치
We understand the importance of considered and effective capital deployment towards maximising shareholder value creation. The Group has a financial objective to maintain an overall ROCE in excess of its cost of capital and to target a minimum pre-tax return on capital employed of 13.5% on a post IFRS 16 basis. Our strategy of expanding Senior's high-quality fluid conveyance and thermal management businesses remains a priority. All significant investments are supported by a business case and are assessed using a rigorous investment appraisal process.
To maximise the Group's operating efficiency, overall effectiveness and returns, we actively review our overall portfolio of operating businesses and evaluate them in terms of their strategic fit within the Group in order to maximise Group operating efficiency and optimal value to shareholders.
We continue to explore strategic options for our Aerostructures business which includes the potential divestment of the business.
지속 가능성
Our dedication to sustainability is ingrained in our core Values, forming the foundation of our Purpose.
Our Environmental, Social and Governance (ESG) programmes are dynamic and continually advancing. Notably, we have earned a distinguished "A" rating from CDP for our work during 2023 on climate disclosure and action. In addition, we also attained the highest leadership rating for our 2022 Supplier Engagement programme. These achievements underscore our ongoing commitment to sustainability, reflecting our proactive stance in addressing environmental challenges and fostering positive social and governance practices.
In 2023, our ambitious Net Zero science-based emission reduction targets received verification from the Science Based Targets initiative ("SBTi").
Senior's verified SBTi targets, using 2018 as a base year are:
? | commitment to reach Net Zero greenhouse gas emissions across the value chain by 2040; |
? | near-term, commitment to reduce absolute Scope 1 and 2 greenhouse gas emissions 30% by 2025, and that 82% of suppliers by spend covering purchased goods and services and capital goods will have science-based targets by 2025; and |
? | commitment to reduce absolute Scope 1, 2 and 3 greenhouse gas emissions 90% by 2040. |
SBTi's Target Validation Team assessed Senior's Scope 1 and 2 near-term and long-term target ambitions and Scope 3 long-term ambition and has determined that they are in line with the Paris Agreement targets to limit global warming to a 1.5°C trajectory.
In addition, SBTi commended Senior on the ambition of their overall target, which is the highest designation available through the SBTi process.
2023년에도 우리는 다음과 같은 주요 지속 가능성 지표 및 활동에서 좋은 진전을 이루었습니다.
환경
? | We remain on track to achieve our Scope 1, 2 and 3 Science Based Target initiative ("SBTi") verified Near Term Targets. |
? | Verification of our long-term Net Zero carbon reduction targets. |
? | 우리 전기의 48%는 재생 가능 에너지에서 공급되며, 이는 41년 2022%에서 증가한 것입니다. |
? | Recycled 95.1% of waste produced, compared to 94.8% in 2022. |
사회적
? | Following our 2022 Global Employee Opinion Survey our operating businesses continue to work on implementing their action plans and communicate progress to employees. We will run the next survey in May 2024. |
? | Our Lost Time Injury Illness Rate reduced to 0.32 in 2023, an improvement from 0.38 at the end of 2022. Our Total Recordable Injury Illness Rate improved from 0.93 in 2022 to 0.63 in 2023. |
? | Currently, 57% of the Board Directors are female, including the Chair of the Audit Committee, the Senior Independent Director, who is also Chair of the Remuneration Committee, and the Group Finance Director. The Chair of the Audit Committee is also the non-executive Director with Board responsibility for employee engagement. Two of the Directors (29%) are from ethnic minority backgrounds. |
통치
? | The Board approved the Group's Human Rights Policy, demonstrating commitment to do business in a responsible way and respecting the human rights of our workers and everyone we engage with. |
? | Introduction for 2024 of two new non-financial performance measures (carbon reduction and employee engagement) to the Company's annual bonus targets. |
Further information on Senior's sustainability activities can be found on pages 16 to 37 of our Annual Report & Accounts 2023.
Outlook
Overall, the Board anticipates good growth for the Group in 2024 in line with its expectations.
Momentum is building in our Aerospace Division. We have achieved a diversified position across key civil and defence aircraft platforms and are benefiting from increasing aircraft build rates which we expect will lead to higher sales in 2024 and beyond. Supply chain issues are improving as anticipated and we expect further improvement as 2024 progresses. Beyond this, we can expect Aerospace performance to continue to improve in 2025 as production rates increase, supply chain continues to improve, and additional contractually agreed price rises take effect.
Our Flexonics Division performed well in 2023 with double-digit margins and strong growth in both land vehicle and power & energy. In 2024 we expect to maintain good performance with land vehicle market demand normalising to more typical levels and continuing robust demand in our downstream oil & gas business.
Looking further ahead, we remain on track to achieve our stated Group ROCE target of at least 13.5%. Our strategy and positioning in attractive and structurally resilient core markets, active portfolio management, combined with our sector leading sustainability credentials and highly relevant technical capabilities, provides confidence of continuing performance improvements across our Aerospace and Flexonics Divisions, enhancing value for our stakeholders.
데이비드 스콰이어스
그룹 최고 경영자
분할 검토
플렉소닉 사업부
The Flexonics Division represents 36% (2022 - 35%) of Group revenue and consists of 12 operations which are located in North America (four), continental Europe (two), the United Kingdom (two), South Africa, India, and China (two including the Group's 49% equity stake in a land vehicle product joint venture). This Divisional review, presented before the share of the joint venture results, is on a constant currency basis, whereby 2022 results have been translated using 2023 average exchange rates and on an adjusted basis to exclude net restructuring costs and site relocation costs. The Division's operating results on a constant currency basis are summarised below:
2023 | 2022 | (1) | 변화 | |||
수익 | £ 348.0m | £ 294.9m | 18.0% | |||
조정 된 영업 이익 | £ 37.5m | £ 25.3m | 48.2% | |||
조정 된 영업 마진 | 10.8% | 8.6% | +220bps | |||
(1) | 2022년 결과는 2023년 평균 환율 - 고정 통화를 사용하여 번역되었습니다. | |||||
Divisional revenue increased by £53.1m (18.0%) to £348.0m (2022 - £294.9m) and adjusted operating profit increased by £12.2m (48.2%) to £37.5m (2022 - £25.3m). See Note 3 for a reconciliation of adjusted and reported operating profit.
수익 조정 | £ m |
2022년 수익 | 294.9 |
Land vehicle | 37.9 |
전력 및 에너지 | 15.2 |
2023년 수익 | 348.0 |
In Flexonics, strong customer demand and market share gains in land vehicle as well as good momentum in power & energy markets increased sales in 2023 by 18.0% compared to the prior year, with double-digit growth in all core markets.
Group sales to land vehicle markets increased by 23.1% driven by increased market and customer demand and market share gains for both commercial and passenger vehicles. Senior's sales to the truck and off-highway market increased by £10.4m (11.4%) in North America and by £12.4m (39.6%) in Europe, whilst also growing in India. Our strong sales in truck markets were aided by production increases on recently won contracts. Group sales to passenger vehicle markets increased by £14.7m (43.1%) in the year, benefiting from the launch and ramp up of new programmes in North America and Europe.
In the Group's power & energy markets good momentum continued as sales increased by £15.2m (11.6%) in the year. Sales to oil & gas customers increased by £13.0m (31.8%), as a result of higher demand mainly from upstream activity as well as growth in downstream maintenance and overhaul activity. Sales to power generation and nuclear markets decreased by £3.2m (7.3%) as growth in nuclear was offset by the non-repeat of prior year catch up maintenance activity in powerplants. Sales to other industrial markets increased by £5.4m reflecting growth in sales to aerospace, medical and steel industry customers.
Adjusted operating profit increased by £12.2m compared to prior year and the divisional adjusted operating margin increased by 220 basis points to 10.8% (2022 - 8.6%). This significant improvement in profitability reflected the volume related operating leverage across our operating business and the benefits from recurring price increases and one-off cost recoveries which offset inflationary cost increases.
After a strong performance in 2023, Senior's overall sales to land vehicle markets in 2024 are expected to reflect the market outlook for more normalised levels of production. In terms of the end markets:
? | ACT Research is forecasting a 16% decline in North American heavy-duty truck production in 2024. Following the strength in the market during 2023, demand is anticipated to normalise in 2024 before returning to growth in 2025; |
? | North American medium-duty truck production is forecast to decline by 11% in 2024 due to the need for high inventory levels to correct, before growing again in 2025; |
? | S&P forecasts that European truck and bus production will fall by 11% in 2024 due to macro headwinds including inflation and higher financing costs. Subsequently growth will be driven by replacement demand and the need to comply with new environmental regulations. In 2025, growth of 4% is expected by S&P; and |
? | Light-vehicle production is forecast to fall by 3% in Europe and grow by 3% in India in 2024. |
In power & energy markets we anticipate a rebalancing of inventory by our upstream oil & gas customers in 2024, however, activity levels in the more important downstream and nuclear sectors are likely to remain strong. In terms of the end markets:
? | activity in upstream oil & gas markets is anticipated to remain positive in 2024 as investment to increase production continues. Global demand for oil is forecast to increase by ~1% in 2024, and grow at this rate each year until 2028, according to the IEA; |
? | oil refining capacity is forecast to expand by 1% per annum. Growth in Asia will be offset by rationalisation of refining capacity in OECD countries where the peak in demand for oil is anticipated to occur first; and |
? | global demand for petrochemicals is forecast to increase by ~2% per annum until 2030 according to the IEA. Growth in production capacity will be concentrated in certain markets; India, the Middle East and the US. |
우리는 우리가 사업을 운영하고 있는 다양한 지역의 최종 시장 상황을 주의 깊게 모니터링하고 성장 기회를 극대화할 것입니다.
항공우주사업부
The Aerospace Division represents 64% (2022 - 65%) of Group revenue and consists of 14 operations. These are located in North America (six), the United Kingdom (four), France (two), Thailand and Malaysia. This Divisional review is on a constant currency basis, whereby 2022 results have been translated using 2023 average exchange rates and on an adjusted basis to exclude amortisation of intangible assets from acquisitions and net restructuring costs/income. The Division's operating results on a constant currency basis are summarised below:
2023 | 2022 | (1) | 변화 | |||
수익 | £ 616.5m | £ 553.0m | 11.5% | |||
조정 된 영업 이익 | £ 27.0m | £ 20.3m | 33.0% | |||
조정 된 영업 마진 | 4.4% | 3.7% | +70bps | |||
(1) | 2022년 결과는 2023년 평균 환율 - 고정 통화를 사용하여 번역되었습니다. | |||||
Divisional revenue increased by £63.5m (11.5%) to £616.5m (2022 - £553.0m) whilst adjusted operating profit increased by £6.7m (33.0%) to £27.0m (2022 - £20.3m). See Note 3 for a reconciliation of adjusted and reported operating profit.
수익 조정 | £ m |
2022년 수익 | 553.0 |
민간 항공우주 | 72.0 |
국방 | 10.4 |
Other adjacent markets | (18.9) |
2023년 수익 | 616.5 |
Revenue in the Aerospace Division increased by 11.5% year-on-year on a constant currency basis. The year-on-year increase reflected the ramp up in civil aircraft production rates and growth in the defence market. As anticipated, sales to semiconductor equipment customers (which are included in our "Other Aerospace" (adjacent markets) segment within Aerospace Division) reduced due to lower cyclical market demand.
The civil aerospace sector had the strongest growth during the year with Senior's sales increasing by 21.3%. Aircraft production rates were higher in 2023 compared to 2022, with key platforms, both single aisle and widebody aircraft, contributing to the growth. 22% of civil aerospace sales were from widebody aircraft in 2023, with the other 78% of sales being from single aisle, regional and business jets.
Total revenue from the defence sector increased by £10.4m (8.5%) primarily from the increased demand for legacy platforms and higher aftermarket.
Revenue in our Aerospace Division derived from adjacent markets such as space, power & energy, medical and semiconductor equipment, where the Group manufactures products using very similar technology to that used for certain aerospace products, decreased by £18.9m (20.5%). This is primarily as a result of the decrease in demand from the semiconductor equipment market.
During the period, adjusted operating profit increased by 33.0% to £27.0m (2022 - £20.3m) and the adjusted operating margin increased by 70 basis points to 4.4% (2022 - 3.7%). Price increases secured during the period more than offset the impact of continued inflationary cost increases, including raw materials. As expected, inefficiencies largely caused by certain supply chain challenges are temporarily dampening volume related drop through benefits. Overall trading performance has been in line with expectations whilst absorbing the significant impact of the Thailand supplier fire and other supply chain issues in 2023.
As anticipated, the Aerospace supply chain has started to improve and we expect further progress throughout 2024. The volume of parts shortages and specific supply chain challenges has reduced considerably, however, there are still some issues with certain material and component categories that are affecting some of our operating businesses in common with the whole industry.
One of the most significant supply chain challenges in 2023 that we have previously highlighted was the fire at one of our key suppliers in Thailand. Our team in Thailand proactively managed the consequences of the fire to help customers, and the supplier in question, to the very best of their ability. Nonetheless the fire had a significant effect on planned growth and performance in our Thailand business and it was to the credit of our other Aerospace businesses that they stepped up to ensure we met our expectations for the Division as a whole. Progress with the factory rebuild at our supplier is continuing apace and should be near completion by the end of Q1 although, as previously advised, it will be well into the second half of 2024 before requalification of their parts from the new factory will allow return to normal operations. Thereafter we are confident that Thailand will see rapid growth as they have a compelling value proposition that our customers are keen to take advantage of.
Momentum is building in our Aerospace Division. We have achieved a diversified position across key civil and defence aircraft platforms and are benefiting from increasing aircraft build rates which we expect will lead to higher sales in 2024 and beyond. Supply chain issues are improving as anticipated and we expect further improvement as 2024 progresses. Beyond this, we can expect Aerospace performance to continue to improve in 2025 as production rates increase, supply chain continues to improve, and additional contractually agreed price rises take effect.
Both Airbus and Boeing are planning increases in build rates in 2024 and beyond. In terms of end markets:
? | demand for large commercial aircraft continued to recover strongly with order levels for single-aisle aircraft reaching a new peak in 2023. Airbus received 1,675 net orders for A320 family aircraft during the year. They confirmed at their FY2023 results that the A320 Family programme continues to progress to a build rate of 75 in 2026 as they attempt to meet this strong demand; |
? | Boeing achieved strong growth in its single-aisle order book, which increased by 883 in 2023. Whilst Boeing is having to limit the production of its B737-MAX model to 38 per month, it has asked suppliers to maintain production of parts at previously agreed levels. Any further increase in production needs approval from the FAA. Boeing had previously stated that, following achieving a production rate of 38 aircraft per month, it was aiming to increase production of B737-MAX aircraft to 50 per month by the 2025/2026 timeframe; |
? | the recovery in the long-haul air-passenger market continued during 2023. International passenger traffic is now at 89% of 2019 levels according to IATA. Orders for wide-body aircraft rose significantly as airlines responded to this recovery by seeking to grow and modernise their fleets. Both Airbus and Boeing are aiming to meet this demand by raising production rates of wide-body aircraft; |
? | Airbus has confirmed production rates of its A330 wide-body aircraft at four per month and is targeting an increase in the production rate of A350 aircraft from nine per month currently to 10 per month in 2026; and |
? | Boeing, meanwhile, have announced the resumption of production of the B777X, with a goal of producing 4 per month in 2025/2026, and an increase in the production of the B787 from 5 per month currently, to 10 per month in 2025/2026. |
In the defence market, Senior has a presence on multiple military aircraft programmes including the F-35, C-130J and A400M. Lockheed Martin has confirmed that they anticipate production of 156 F-35 aircraft per annum for the foreseeable future. Senior is also well positioned on the T-7A fighter-jet training aircraft with Low-Rate Initial Production due to begin in 2024.
In other adjacent markets, demand in the semiconductor equipment market is anticipated to remain flat during H1 2024 before beginning to recover in the second half. In the longer term the proliferation of low earth orbit satellites and semiconductor markets provides growth opportunities.
기타 재무 정보
그룹 수익
Group revenue was £963.5m (2022 - £848.4m). Excluding the adverse exchange rate impact of £1.3m, Group revenue increased by £116.4m (13.7%), with growth across both Aerospace and Flexonics year-on-year.
영업 이익
Adjusted operating profit increased by £17.3m (60.7%) to £45.8m (2022 - £28.5m). Excluding the adverse exchange rate impact of £0.1m, adjusted operating profit increased by £17.4m (61.3%) on a constant currency basis. After accounting for £2.2m amortisation of intangible assets from acquisitions (2022 - £0.2m), £5.6m net restructuring cost (2022 - £4.2m net income) and £0.1m site relocation costs (2022 - £nil), reported operating profit was £37.9m (2022 - £32.5m).
The Group's adjusted operating margin increased by 140 basis points, to 4.8% for the full year. This improved profitability principally reflected volume related operating leverage across our businesses, whilst absorbing the impact of disruption caused by supply chain issues. Inflationary pressures were successfully more than offset by increasing prices and surcharges.
금융 비용 및 소득
Finance costs, net of finance income and before interest unwind of deferred and contingent consideration decreased to £7.5m (2022 - £8.4m) and comprise IFRS 16 interest charge on lease liabilities of £2.9m (2022 - £2.5m), net finance income on retirement benefits of £2.1m (2022 - £1.2m), net interest charge of £10.2m (2022 - £7.1m) and interest unwind on uncertain tax positions of £3.5m (2022 - £nil), which will not repeat in 2024 and is described further below in the tax section. The £3.1m increase in net interest charge was mainly driven by higher underlying interest rates on variable rate debt and higher levels of indebtedness in 2023 versus the prior year.
Gross finance costs, including interest unwind of deferred and contingent consideration were £20.5m (2022 - £10.6m) and finance income was £10.1m (2022 - £1.9m), which includes the benefit of interest unwind on uncertain tax positions of £3.5m (2022 - £nil).
Tax credit / charge
The adjusted tax rate for the year was 11.0% credit (2022 - 10.0% charge), being a tax credit of £4.2m (2022 - £2.0m charge) on adjusted profit before tax of £38.3m (2022 - £20.1m). The adjusted tax rate benefitted from a release of £7.0m of provision for uncertain tax positions in the second half of 2023 as described below. The adjusted tax rate also benefitted from enhanced R&D deductions in the US, the UK Super-deduction for capital expenditure and the geographical mix of taxable profits.
Towards the end of 2023, the Group implemented a series of steps to simplify the legal ownership of its Americas legal entity holding structure. As part of the exercise, provisions held for estimated uncertain tax positions around the historical establishment of the Americas legal structure were reassessed. As a result, in accordance with IAS 12 and IFRIC 23 (Uncertainty over Income Tax Treatments), provisions for the uncertain tax positions of £7.0m and associated interest of £3.5m have been released to the consolidated income statement during the year.
The reported tax rate was 36.4% credit, being a tax credit of £8.3m on reported profit before tax of £22.8m. This included £7.0m credit related to the release of provision for uncertain tax positions as described above and £4.1m net tax credit against items excluded from adjusted profit before tax, of which £0.6m credit related to amortisation of intangible assets from acquisitions, £1.5m credit related to net restructuring costs, £0.1m credit related to site relocation costs and £1.9m credit related to corporate undertakings in the year. The 2022 reported tax rate was 9.8% charge, being a tax charge of £2.2m on reported profit before tax of £22.4m. This included £0.2m net tax charge against items excluded from adjusted profit before tax, of which £0.7m charge related to net restructuring income and a £0.5m credit related to corporate undertakings in the year.
Cash tax paid was £5.6m (2022 - £3.5m) and is stated net of refunds received of £2.8m (2022 - £1.1m) of tax paid in prior periods, arising from the offset of tax losses against taxable profits of prior periods.
주당 순이익
The weighted average number of shares, for the purposes of calculating undiluted earnings per share, decreased to 413.3 million (2022 - 415.3 million). The decrease arose principally due to the purchase of shares held by the employee benefit trust partly offset by shares released from the trust to satisfy the vesting of certain share-based payments during 2023. The adjusted earnings per share was 10.28 pence (2022 - 4.36 pence), which includes benefit of 2.54 pence from the release of the provision for uncertain tax positions as described above, that will not repeat in 2024. Basic earnings per share was 7.52 pence (2022 - 4.86 pence). See Note 7 for details of the basis of these calculations.
고용된 자본 수익률("ROCE")
위에서 정의한 그룹의 핵심 성과 지표인 ROCE는 240 베이시스 포인트 증가한 7.1%(2022 - 4.7%)를 기록했습니다. ROCE의 증가는 주로 전년도에 비해 조정 영업 이익이 크게 증가한 결과입니다.
현금 흐름
The Group generated free cash flow of £15.5m in 2023 (2022 - £27.7m) as set out in the table below:
2023 £ m | 2022 £ m | |
영업 이익 | 37.9 | 32.5 |
인수로 인한 무형 자산 상각 | 2.2 | 0.2 |
순구조조정비용/(수익) | 5.6 | (4.2) |
Site relocation costs | 0.1 | - |
조정 된 영업 이익 | 45.8 | 28.5 |
감가상각(소프트웨어 상각 포함) | 49.5 | 49.6 |
운전 자본 및 충당금 이동, 구조 조정 항목 순액 | (27.6) | (12.1) |
연금 기부 | (1.4) | (2.9) |
연금서비스 및 운영비용 | 1.3 | 1.5 |
다른 매물(1) | 1.6 | 5.6 |
이자 지급, 순 | (12.9) | (9.0) |
납부한 소득세, 순액 | (5.6) | (3.5) |
자본 지출 | (35.9) | (30.5) |
부동산, 식물 및 장비 판매 | 0.7 | 0.5 |
무료 현금 흐름 | 15.5 | 27.7 |
기업 사업 | (25.8) | (26.7) |
Net restructuring (cash paid)/proceeds | (2.1) | 2.1 |
미국 연금 정산 | (0.9) | - |
배당금 지급 | (6.6) | (1.2) |
직원 복지 신탁이 보유한 주식 매입 | (5.6) | (4.5) |
순 현금 흐름 | (25.5) | (2.6) |
환율 변동의 영향 | 8.5 | (14.2) |
인수를 포함한 IFRS 16 비현금 추가 및 수정 | (7.9) | (9.0) |
순부채의 변화 | (24.9) | (25.8) |
순부채 개설 | (178.9) | (153.1) |
청산 순 부채 | (203.8) | (178.9) |
(1) | Other items comprises £4.1m share-based payment charges (2022 - £4.3m), £(1.0m) profit on share of joint venture (2022 - £(0.4m)), £(1.3m) working capital and provision currency movements (2022 - £1.8m) and £(0.2m) profit on sale of fixed assets (2022 - £(0.1m)). |
자본 지출
Gross capital expenditure of £35.9m (2022 - £30.5m) was 0.9 times depreciation excluding the impact of IFRS 16 (2022 - 0.8 times). The disposal of property, plant and equipment raised £0.7m (2022 - £0.5m). 2024 capital investment is expected to be slightly above depreciation (excluding the impact of IFRS 16). We are prioritising new investment on growth projects where contracts have been secured, important replacement equipment for current production and sustainability related items.
유동 자산
Working capital increased by £29.6m in 2023 to £160.9m as at 31 December 2023 (31 December 2022 - £131.3m), of which £6.6m decrease related to foreign currency movements. The underlying increase reflects increased trading in the period. Receivables were higher as a result of revenue growth and inventory was higher with planned investment to enable us to meet the strong increase in demand from our customers, as well as to mitigate ongoing supply chain issues in Aerospace. In 2023, working capital increased as a percentage of sales by 120 basis points to 16.7% (2022 - 15.5%). We are likely to see an increase in working capital over the coming year to support the growth anticipated in Aerospace. Our medium term target remains for working capital as a percentage of sales to reduce towards the 15% level.
퇴직금 제도
The retirement benefit surplus in respect of the Group's UK defined benefit pension plan ("the UK Plan") decreased by £3.3m to £48.5m (31 December 2022 - £51.8m) due to £5.0m net actuarial losses and £0.8m running costs partly offset by £2.5m net interest income. Retirement benefit deficits in respect of the US and other territories decreased by £4.1m to £8.0m (31 December 2022 - £12.1m). During 2023, one of the US defined benefit plans was settled following a combination of lump sum payments and annuity purchase. A net expense of £nil and cash outflow of £0.9m was recorded in 2023 in relation to this settlement.
The latest triennial actuarial valuation of the UK Plan as at 5 April 2022 showed a surplus of £24.5m (5 April 2019 - deficit of £10.2m). The Group's deficit reduction cash contributions, including administration costs, to the UK Plan ceased on 30 June 2022.
The estimated cash contributions expected to be paid during 2024 in the US funded plans is £0.9m (£0.9m was paid in 2023, excluding the contribution related to the US pension settlement).
순 부채
Net debt which includes IFRS 16 lease liabilities increased by £24.9m to £203.8m at 31 December 2023 (31 December 2022 - £178.9m). As noted in the cash flow above, the Group generated net cash outflow of £25.5m (as defined in Note 12c), after £8.5m favourable foreign currency movements and £7.9m non-cash changes in lease liabilities due to additions and modifications.
Net debt excluding IFRS 16 lease liabilities of £71.8m (31 December 2022 - £78.4m) increased by £31.5m to £132.0m at 31 December 2023 (31 December 2022 - £100.5m), due to free cash inflow of £15.5m and £4.2m favourable foreign currency movements being more than offset by £25.8m cash outflow in respect of corporate undertakings, £10.2m capital repayment of leases and £15.2m net cash outflows for dividends, purchase of shares, restructuring and US pension settlement.
자금 조달 및 유동성
31년 2023월 181.0일 현재, 리스 및 차입에 직접 관련된 거래 비용을 제외한 그룹의 총 차입금은 £31m(2022년 145.3월 61일 - £31m)이며, 그룹 총 차입금의 2022%가 미국 달러로 표시되었습니다(64년 47.6월 31일 - 2022%). 현금 및 은행 잔고는 £43.2m(XNUMX년 XNUMX월 XNUMX일 - £XNUMXm)입니다.
이러한 차입금의 만기는 연결실체의 약정약정 만기와 함께 다음과 같이 분석할 수 있습니다.
심한 | (2) | 최선을 다하고 | |
XNUMX 년 이내 | 1.8 | - | |
2 학년 때 | 78.1 | 111.5 | |
XNUMX년에서 XNUMX년 사이에 | 101.1 | 162.9 | |
XNUMX년 후 | - | - | |
181.0 | 274.4 |
(2) | 총 차입금에는 기타 대출 및 약정 시설이 포함되지만 £71.8m의 임대와 £(1.4)m의 차입에 직접 관련된 거래 비용은 제외됩니다. |
연말에 그룹은 £274.4m의 사모 부채와 £122.2m의 회전 신용 시설로 구성된 £152.2m의 시설을 약정했습니다. 그룹은 31년 2023월 142.4일 현재 현금 및 미사용 시설에서 £XNUMXm의 헤드룸으로 강력한 자금 조달 위치에 있습니다.
During the second half of 2023, the Group extended the maturity of the sustainability linked UK revolving credit facility to November 2027 with a continued commitment of £115m. New private placement loan notes of $50m (£39.4m) were issued and drawn down in February 2024. These notes carry an interest rate of 6.26% and are due for repayment in February 2030.
The weighted average maturity of the Group's committed facilities at 31 December 2023 was 2.9 years. The current weighted average maturity of the Group's facilities, updated for the February 2024 loan notes of $50m, is 3.2 years.
The Group has £1.8m (2022 - £0.5m) of uncommitted borrowings which are repayable on demand.
The Group has two covenants for committed borrowing facilities, which are tested at June and December: the Group's net debt to EBITDA (defined in the Notes to the Financial Headlines) must not exceed 3.0x and interest cover, the ratio of EBITDA to interest must be higher than 3.5x. At 31 December 2023, the Group's net debt to EBITDA was 1.6x and interest cover was 12.6x, both comfortably within covenant limits.
계속되는 관심과 생존 가능성
In accordance with provisions 30 and 31 of the 2018 UK Corporate Governance Code, the Directors have concluded that there is a reasonable expectation as to the Group's longer-term viability and have continued to adopt the going concern basis in preparing the Financial Statements. The full viability statement can be found on page 78 of the Annual Report & Accounts 2023.
계속 기업을 평가할 때 현금 수준과 사용 가능한 약정 시설을 고려하여 이사회는 그룹이 충분한 자금을 보유하고 있으며 가까운 미래에 운영할 수 있도록 모든 측정 날짜에 부채 약정을 준수할 것으로 예상된다고 결론지었습니다. (재무제표 승인일로부터 최소 12개월의 기간), 심각하지만 그럴듯한 불리한 시나리오에서도.
결론을 내리기 위해 이사회는 재무 예측, 주요 불확실성, 민감도에 대한 엄격한 평가를 수행했으며 공개된 그룹의 주요 위험 및 불확실성의 확률 가중 및 누적 추정 효과를 반영하는 심각하지만 그럴듯한 하향 시나리오를 검토했습니다. 62년 연례 보고서 및 회계 69~2023페이지.
위험과 불확실성
그룹이 직면한 주요 위험과 불확실성은 Annual Report & Accounts 62의 69~2023페이지에 자세히 설명되어 있습니다.
2023년 연례 보고서 및 회계에 대한 이사의 책임 진술
우리는 우리가 아는 한 다음을 확인합니다.
1. | 2023년 연차 보고서 및 계정에 포함된 재무제표는 해당 회계 기준에 따라 작성되었으며 회사의 자산, 부채, 재무 상태 및 손익과 포함된 사업에 대한 진실하고 공정한 시각을 제공합니다. 전체적으로 취한 통합에서; 그리고 |
2. | Annual Report & Accounts 2023에 명시된 전략 보고서에는 비즈니스의 개발 및 성과에 대한 공정한 검토와 전체적으로 통합에 포함된 발행인 및 사업의 위치에 대한 설명이 포함되어 있습니다. 그들이 직면하는 주요 위험과 불확실성. |
이사회 순서
데이비드 스콰이어즈 | 빈디 포일 |
그룹 최고 경영자 | 그룹 재무 이사 |
월 1 2024 | 월 1 2024 |
연결 손익 계산서
31년 2023월 XNUMX일로 종료되는 연도에 대해
노트 | 연말
| 연말
| ||||
수익 | 3 | 963.5 | 848.4 | |||
거래 이익 | 36.9 | 32.1 | ||||
합작투자 수익 지분 | 9 | 1.0 | 0.4 | |||
영업 이익 (1) | 3 | 37.9 | 32.5 | |||
금융 수입 | 10.1 | 1.9 | ||||
금융 비용 | (20.5) | (10.6) | ||||
기업 사업 | 4 | (4.7) | (1.4) | |||
과세 전 소득 (2) | 22.8 | 22.4 | ||||
세금 공제/(요금) | 5 | 8.3 | (2.2) | |||
해당 기간 동안의 이익 | 31.1 | 20.2 | ||||
원인 : | ||||||
모회사의 주주 | 31.1 | 20.2 | ||||
주당 순이익 | ||||||
Basic (3) | 7 | 7.52p | 4.86p | |||
희석 (4) | 7 | 7.32p | 4.73p |
(1) 조정 된 영업 이익 | 4 | 45.8 | 28.5 | |||
(2) 조정 손익/세전 손실 | 4 | 38.3 | 20.1 | |||
(3) 조정 된 주당 수익 | 7 | 10.28p | 4.36p | |||
(4) 조정 및 희석 주당 순이익 | 7 | 10.00p | 4.24p |
연결포괄손익계산서
31년 2023월 XNUMX일로 종료되는 연도에 대해
연말
| 연말
| ||
해당 기간 동안의 이익 | 31.1 | 20.2 | |
기타 포괄 손익 : | |||
후속 적으로 당기 손익으로 재 분류 될 수있는 항목 : | |||
Gains/(losses) on foreign exchange contracts - cash flow hedges during the period | 2.7 | (4.5) | |
이익에 포함된 손실에 대한 재분류 조정 | 0.9 | 2.2 | |
Gains/(losses) on foreign exchange contracts - cash flow hedges | 3.6 | (2.3) | |
해외사업환산환차이 | (16.9) | 24.5 | |
재분류될 수 있는 품목과 관련된 세금 | (0.9) | 0.7 | |
(14.2) | 22.9 | ||
차후 당기손익으로 재분류되지 않는 항목: | |||
확정급여형 연금제도에 대한 보험수리적 손실 | (2.6) | (23.1) | |
재분류되지 않는 품목과 관련된 세금 | 0.6 | 5.7 | |
(2.0) | (17.4) | ||
해당 기간의 기타포괄손익(세금 제외) | (16.2) | 5.5 | |
해당 기간 총 포괄 손익 | 14.9 | 25.7 | |
원인 : | |||
모회사의 주주 | 14.9 | 25.7 |
연결 대차대조표
31 년 2023 월 XNUMX 일 기준
노트 | 연말
| 연말
| ||||
비유동 자산 |
|
| ||||
친선 | 8 | 193.3 | 199.7 | |||
기타 무형 자산 | 33.1 | 36.2 | ||||
합작 투자 | 9 | 5.1 | 4.4 | |||
재산, 식물 및 장비 | 10 | 284.7 | 307.2 | |||
이연 법인세 자산 | 20.7 | 10.9 | ||||
퇴직 급여 | 13 | 48.5 | 51.8 | |||
매출 채권 및 기타 채권 | 0.8 | 0.4 | ||||
비유동 자산 | 586.2 | 610.6 | ||||
유동 자산 |
|
| ||||
재고 | 207.5 | 194.3 | ||||
당기세금 | 2.3 | 2.1 | ||||
매출 채권 및 기타 채권 | 141.7 | 126.7 | ||||
현금 및 은행 잔고 | 12c) | 47.6 | 43.2 | |||
총 유동 자산 | 399.1 | 366.3 | ||||
총자산 |
|
| 985.3 | 976.9 | ||
유동 부채 |
|
| ||||
매입 채무 및 기타 채무 | 188.4 | 191.2 | ||||
현재 세금 부채 | 10.0 | 17.7 | ||||
리스 부채 | 12.4 | 12.7 | ||||
은행 당좌 대월 및 대출 | 12c) | 1.8 | 0.5 | |||
식량 | 10.5 | 16.7 | ||||
Contingent/deferred consideration | 10.5 | 23.4 | ||||
총 유동 부채 | 233.6 | 262.2 | ||||
비유동 부채 |
|
| ||||
은행 및 기타 대출 | 12c) | 177.8 | 143.2 | |||
퇴직 급여 | 13 | 8.0 | 12.1 | |||
이연 법인세 부채 | 7.0 | 4.7 | ||||
리스 부채 | 59.4 | 65.7 | ||||
식량 | 15.0 | 2.9 | ||||
우발적 고려 | 18.5 | 28.9 | ||||
기타 | 8.9 | 7.8 | ||||
비유동 부채 | 294.6 | 265.3 | ||||
총 부채 |
|
| 528.2 | 527.5 | ||
순자산 |
|
| 457.1 | 449.4 | ||
공평 | ||||||
발행된 자본금 | 11 | 41.9 | 41.9 | |||
프리미엄 계정 공유 | 14.8 | 14.8 | ||||
자기자본 | 7.9 | 6.4 | ||||
헤징 및 환산 준비금 | 37.3 | 51.5 | ||||
이익 잉여금 | 368.0 | 346.5 | ||||
자기주식 | (12.8) | (11.7) | ||||
지배기업의 주주에게 귀속되는 자본 | 457.1 | 449.4 | ||||
총 자본 | 457.1 | 449.4 |
연결 자본 변동표
31년 2023월 XNUMX일로 종료되는 연도에 대해 모든 지분은 모회사의 지분 보유자에게 귀속됩니다.
발행 | 공유 | 공평 | Hedging | 트랜스 | 잉여금 | 소유 | 금액 | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | £ m | |
1년 2022월 XNUMX일 잔액 | 41.9 | 14.8 | 5.8 | (37.2) | 65.8 | 343.2 | (9.2) | 425.1 |
2022년 이익 | - | - | - | - | - | 20.2 | - | 20.2 |
외환 계약 손실 - 현금 흐름 헤지 | - | - | - | (2.3) | - | - | - | (2.3) |
해외사업환산환차이 | - | - | - | - | 24.5 | - | - | 24.5 |
확정급여형 연금제도에 대한 보험수리적 이익 | - | - | - | - | - | (23.1) | - | (23.1) |
기타포괄손익의 구성요소에 관한 법인세 | - | - | - | 0.7 | - | 5.7 | - | 6.4 |
해당 기간의 총포괄손익/(비용) | - | - | - | (1.6) | 24.5 | 2.8 | - | 25.7 |
주식기준보상수수료 | - | - | 4.3 | - | - | - | - | 4.3 |
직원 복지 신탁이 보유한 주식 매입 | - | - | - | - | - | - | (4.5) | (4.5) |
종업원복지신탁이 보유한 주식의 활용 | - | - | - | - | - | (2.0) | 2.0 | - |
이익잉여금으로 전환 | - | - | (3.7) | - | - | 3.7 | - | - |
배당금 지급 | - | - | - | - | - | (1.2) | - | (1.2) |
31 년 2022 월 XNUMX 일 잔액 | 41.9 | 14.8 | 6.4 | (38.8) | 90.3 | 346.5 | (11.7) | 449.4 |
2023년 이익 | - | - | - | - | - | 31.1 | - | 31.1 |
Gains on foreign exchange contracts - cash flow hedges | - | - | - | 3.6 | - | - | - | 3.6 |
해외사업환산환차이 | - | - | - | - | (16.9) | - | - | (16.9) |
확정급여형 연금제도에 대한 보험수리적 손실 | - | - | - | - | - | (2.6) | - | (2.6) |
기타 구성 요소와 관련된 세금 포괄 소득 | - | - | - | (0.9) | - | 0.6 | - | (0.3) |
해당 기간의 총포괄손익/(비용) | - | - | - | 2.7 | (16.9) | 29.1 | - | 14.9 |
주식기준보상수수료 | - | - | 4.1 | - | - | - | - | 4.1 |
주식기준보상과 관련된 세금 | - | - | - | - | - | 0.9 | - | 0.9 |
직원 복지 신탁이 보유한 주식 매입 | - | - | - | - | - | - | (5.6) | (5.6) |
종업원복지신탁이 보유한 주식의 활용 | - | - | - | - | - | (4.5) | 4.5 | - |
이익잉여금으로 전환 | - | - | (2.6) | - | - | 2.6 | - | - |
배당금 지급 | - | - | - | - | - | (6.6) | - | (6.6) |
31 년 2023 월 XNUMX 일 잔액 | 41.9 | 14.8 | 7.9 | (36.1) | 73.4 | 368.0 | (12.8) | 457.1 |
연결 현금 흐름표
31년 2023월 XNUMX일로 종료되는 연도에 대해
| 연말 | 연말 | ||||
영업 활동으로 인한 순 현금 | 12a) | 41.4 | 57.7 | |||
투자 활동 | ||||||
받은이자 | 4.3 | 0.7 | ||||
유형자산의 처분에 따른 대가 | 0.7 | 0.5 | ||||
재산, 식물 및 장비 구매 | (33.7) | (28.7) | ||||
무형 자산 구매 | (2.2) | (1.8) | ||||
스펜서 인수 | 14 | (23.9) | (25.3) | |||
투자 활동에 사용 된 순 현금 | (54.8) | (54.6) | ||||
금융 활동 | ||||||
배당금 지급 | (6.6) | (1.2) | ||||
신규 대출 | 136.2 | 90.8 | ||||
차입금 상환 | (96.2) | (90.4) | ||||
직원 복지 신탁이 보유한 주식 매입 | (5.6) | (4.5) | ||||
리스 부채 상환 | (10.2) | (9.1) | ||||
재무활동에서 발생한 순현금/(사용) | 17.6 | (14.4) | ||||
현금및현금성자산의 순증가/(감소) | 4.2 | (11.3) | ||||
기간 초기 현금 및 현금성 자산 | 42.7 | 51.1 | ||||
환율 변동의 영향 | (1.1) | 2.9 | ||||
기말의 현금 및 현금성 자산 | 12c) | 45.8 | 42.7 |
상기 재무제표에 대한 주석
31년 2023월 XNUMX일로 종료되는 연도에 대해
1. 일반 정보
31년 2023월 2023일 종료된 연도의 결과는 2023년 연례 보고서 및 회계에서 발췌한 것이며 그룹의 2022년 또는 2022년 법정 회계를 구성하지 않습니다. 회사의 연례 총회 후에 전달됩니다. 감사인은 두 계정 모두에 대해 보고했습니다. 그들의 보고서는 부적격했고 강조를 통해 어떤 문제에도 주의를 끌지 않았으며 2023년 회사법 498(2) 또는 (3)항 또는 이와 동등한 이전 법률에 따른 진술을 포함하지 않았습니다.
2. 중요한 회계정책
이 연간 결과 발표에 포함된 재무 정보는 영국이 채택한 국제 회계 기준에 따라 작성되었지만 이 발표 자체에는 영국이 채택한 국제 회계 기준을 준수하기에 충분한 정보가 포함되어 있지 않습니다. 영국에서 채택한 국제 회계 표준을 준수하는 전체 재무제표는 www.seniorplc.com에서 온라인으로 제공되는 2023년 연례 보고서 및 계정에 포함되어 있습니다. 인쇄본은 15년 2024월 XNUMX일 또는 그 직후에 배포됩니다.
그룹의 재무제표 승인일 현재 31년 2023월 XNUMX일로 종료되는 회계연도에 유효한 관련되고 중요한 새로운 기준, 기준에 대한 개정 또는 해석이 없습니다.
3. 구간 정보
그룹은 서비스를 제공하는 시장 부문인 Aerospace와 Flexonics에 따라 8개의 운영 사업부로 부문 정보를 보고하며, 이는 집행 위원회에서 채택한 감독과 일치합니다. IFRS XNUMX에 정의된 최고 운영 의사 결정자는 집행 위원회입니다. 그룹은 두 개의 운영 부서로 동일한 기준으로 관리됩니다.
수익 및 영업 이익에 대한 부문 정보와 세후 그룹 이익에 대한 조정은 다음과 같습니다.
항공우주 | 플렉소닉 | 제거 | 금액 | 항공우주 | 플렉소닉 | 제거 | 금액 | ||
출간연도 | 출간연도 | 출간연도 | 출간연도 | 출간연도 | 출간연도 | 출간연도 | 출간연도 | ||
외부 수익 | 615.7 | 347.8 | - | 963.5 | 553.0 | 295.4 | - | 848.4 | |
세그먼트 간 수익 | 0.8 | 0.2 | (1.0) | - | 0.6 | 0.2 | (0.8) | - | |
총 수익 | 616.5 | 348.0 | (1.0) | 963.5 | 553.6 | 295.6 | (0.8) | 848.4 | |
조정된 거래 이익 | 27.0 | 37.5 | (19.7) | 44.8 | 20.3 | 25.4 | (17.6) | 28.1 | |
합작투자 수익 지분 | - | 1.0 | - | 1.0 | - | 0.4 | - | 0.4 | |
조정영업이익(주4) | 27.0 | 38.5 | (19.7) | 45.8 | 20.3 | 25.8 | (17.6) | 28.5 | |
인수로 인한 무형 자산 상각 | (2.2) | - | - | (2.2) | (0.2) | - | - | (0.2) | |
Net restructuring (cost)/income (Note 4) | (3.6) | (2.0) | - | (5.6) | 4.2 | - | - | 4.2 | |
Site relocation costs | - | (0.1) | - | (0.1) | - | - | - | - | |
영업 이익 | 21.2 | 36.4 | (19.7) | 37.9 | 24.3 | 25.8 | (17.6) | 32.5 | |
금융 수입 | 10.1 | 1.9 | |||||||
금융 비용 | (20.5) | (10.6) | |||||||
기업 사업 | (4.7) | (1.4) | |||||||
과세 전 소득 | 22.8 | 22.4 | |||||||
Tax credit/(charge) (Note 5) | 8.3 | (2.2) | |||||||
세후 이익 | 31.1 | 20.2 |
거래이익과 조정거래이익은 각각 영업이익과 조정영업이익을 합자회사 이익분담 전 금액입니다. 조정영업이익의 도출은 주석 4 참조.
자산 및 부채에 대한 세그먼트 정보는 다음과 같습니다.
자산 | 연말 | 연말 | |
항공우주 | 646.5 | 647.8 | |
플렉소닉 | 215.4 | 217.3 | |
보고부문에 대한 부문자산 | 861.9 | 865.1 | |
할당되지 않은 | |||
본부 | 4.0 | 3.6 | |
현금 | 47.6 | 43.2 | |
이연세와 당기세 | 23.0 | 13.0 | |
퇴직 급여 | 48.5 | 51.8 | |
기타 | 0.3 | 0.2 | |
연결대차대조표별 총자산 | 985.3 | 976.9 |
부채 | 연말 | 연말 | |
항공우주 | 183.1 | 189.5 | |
플렉소닉 | 79.9 | 79.7 | |
보고부문에 대한 부문부채 | 263.0 | 269.2 | |
할당되지 않은 | |||
본부 | 22.2 | 19.2 | |
대출 및 초과 인출 | 179.6 | 143.7 | |
이연세와 당기세 | 17.0 | 22.4 | |
퇴직 급여 | 8.0 | 12.1 | |
Deferred/contingent consideration | 29.0 | 52.3 | |
기타 | 9.4 | 8.6 | |
연결대차대조표별 부채총액 | 528.2 | 527.5 |
총 수익은 다음과 같이 시장 부문별로 분류됩니다.
출간연도 | 출간연도 | ||
£ m | £ m | ||
민간 항공 우주 | 410.5 | 339.4 | |
국방 | 132.6 | 122.1 | |
기타 | 73.4 | 92.1 | |
항공우주 | 616.5 | 553.6 | |
Land Vehicle | 201.7 | 164.1 | |
전력 및 에너지 | 146.3 | 131.5 | |
플렉소닉 | 348.0 | 295.6 | |
| |||
제거 | (1.0) | (0.8) | |
총 수익 | 963.5 | 848.4 |
기타 항공우주 분야는 주로 반도체, 의료 및 산업용 애플리케이션을 포함하는 우주 및 비군사 헬리콥터 및 기타 시장으로 구성됩니다.
4. 조정영업이익 및 조정세전이익
The presentation of adjusted operating profit and adjusted profit before tax measures, derived in accordance with the table below, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring cost/income, site relocation costs, and costs associated with corporate undertakings. The Board has a policy, which has been clarified in 2023, to separately disclose items it considers are outside the normal course of management oversight and control on a day-to-day basis and are not reflective of in-year trading performance. Indicative criteria such as period to which the item relates and external driven factors that are outside of the control of the Group in combination with the magnitude and consistency of application are also considered.
The amortisation charge relates to the acquisition of Spencer Aerospace. It is charged on a straight-line basis and reflects a non-cash item for the reported year. The Group implemented a restructuring programme in 2019, which continued into 2022 in response to the impact of the COVID-19 pandemic on some of the Group's end markets. In 2023, some residual restructuring activity took place in response to further specific end market conditions. Site relocation costs relate to transfer of business activities into new or existing cost competitive facilities to support the Group's strategic initiatives. Corporate undertakings relate to business acquisition and disposal activities. In the prior year, the aerospace manufacturing grant within net restructuring income, represents incentives specific to only part of the Group for a limited time period. None of these charges are reflective of in year performance. Therefore, they are excluded by the Board and Executive Committee when measuring the operating performance of the businesses.
연말 | 연말 | ||
영업 이익 | 37.9 | 32.5 | |
인수로 인한 무형 자산 상각 | 2.2 | 0.2 | |
순구조조정비용/(수익) | 5.6 | (4.2) | |
Site relocation costs | 0.1 | - | |
조정 된 영업 이익 | 45.8 | 28.5 | |
과세 전 소득 | 22.8 | 22.4 | |
위와 같이 세전이익 조정 | 7.9 | (4.0) | |
기업 사업 | 4.7 | 1.4 | |
기업 사업 - 이자 | 2.9 | 0.3 | |
총 기업 사업 | 7.6 | 1.7 | |
세전 조정 이익 | 38.3 | 20.1 |
순 구조조정 비용/수익
In 2020 the Group had focused on taking actions to conserve cash to manage through the pandemic, including curtailing capital expenditure, tightly managing working capital and implementing further cost cutting actions. In 2023, some residual restructuring activity took place in response to further specific end market conditions affecting some of the businesses. The Group has continued to review inventory and asset exposures on programmes that have been reduced, cancelled or where the Group will no longer participate. As part of the restructuring focus, we have assessed critically any inventory or asset exposures on these programmes and written down the carrying values on excess holdings and assets where there is no alternate use.
The restructuring resulted in net cost of £5.6m (2022 - net income £4.2m; of which £4.0m related to an aerospace manufacturing grant). Of this, £2.4m related to consultancy and other costs (2022 - £1.2m net charge). For certain specific programmes, and in conjunction with the continued focus on restructuring, management also identified further inventory impairment of £2.0m where customer demand decreased (2022 - £2.7m reversal reflected separate and specific demand increase), and impairment provisions on property, plant and equipment of £1.2m (2022 - £1.3m) to cover the risk where there are no alternative uses.
Net cash outflow related to restructuring activities was £2.1m (2022 - £2.1m net cash inflow). At 31 December 2023, a restructuring provision of £0.5m (31 December 2022 - £0.2m) was recognised and is expected to be utilised in 2024.
Site relocation costs
In 2023, £0.1m of site relocation costs have been incurred related to the initial costs of transferring our Senior Flexonics Crumlin business to a nearby high-tech facility in Wales to better showcase its design, development, test and qualification capabilities in support of the Group's strategic initiatives.
기업 사업
Costs associated with corporate undertakings were £7.6m (2022 - £1.7m), of which £1.5m acquisition costs (2022 - £1.2m) and £2.9m interest unwind of deferred and contingent consideration (2022 - £0.3m) relate to the acquisition of Spencer Aerospace in November 2022 and £3.2m costs are associated with potential disposal and other corporate activities (2022 - £0.2m). See Note 14 for further details on the financial impact of the acquisition in 2023.
5. 세금 부과
연말 | 연말 | ||
현재 세금: | |||
올해 | 10.7 | 8.2 | |
Adjustments in respect of prior periods- Americas uncertain tax positions | (7.0) | - | |
Adjustments in respect of prior periods- other | (4.3) | (1.9) | |
(0.6) | 6.3 | ||
이연 세금: | |||
올해 | (5.8) | (3.5) | |
이전 기간에 대한 조정 | (1.9) | (0.6) | |
(7.7) | (4.1) | ||
총 세금(크레딧)/요금 | (8.3) | 2.2 |
The adjusted tax rate for the year was 11.0% credit (2022 - 10.0% charge), being a tax credit of £4.2m (2022 - £2.0m charge) on adjusted profit before tax of £38.3m (2022 - £20.1m profit). The adjusted tax rate benefitted from a release of £7.0m of provision for uncertain tax positions in the second half of 2023 as described below. The adjusted tax rate also benefitted from enhanced R&D deductions in the US, the UK Super-deduction for capital expenditure and the geographical mix of taxable profits.
On 27th November 2023, the Group implemented a series of steps to simplify the legal ownership of its Americas legal entity holding structure. As part of the exercise, provisions held for estimated uncertain tax positions around the historical establishment of the Americas legal structure were reassessed. As a result, in accordance with IAS 12 and IFRIC 23 (Uncertainty over Income Tax Treatments), provisions for the uncertain tax positions of £7.0m and associated interest of £3.5m have been released to the consolidated income statement during the year.
The reported tax rate was 36.4% credit, being a tax credit of £8.3m on reported profit before tax of £22.8m. This included £4.1m net tax credit on items excluded from adjusted profit before tax. The 2022 reported tax rate was 9.8% charge, being a tax charge of £2.2m on reported profit before tax of £22.4m.
Cash tax paid was £5.6m (2022 - £3.5m) and is stated net of refunds received of £2.8m (2022 - £1.1m) of tax paid in prior periods, arising from the offset of tax losses against taxable profits of prior periods.
6. 배당금
연말 | 연말 | ||
해당 기간에 주주에 대한 분배로 인식된 금액: | |||
Final dividend for the year ended 31 December 2022 of 1.00p per share (2021 - £nil) | 4.1 | - | |
Interim dividend for the year ended 31 December 2023 of 0.60p per share (2022 - 0.30p) | 2.5 | 1.2 | |
6.6 | 1.2 | ||
Proposed final dividend for the year ended 31 December 2023 of 1.70p per share (2022 - 1.00p) | 7.0 | 4.1 |
7. 주당순이익
기본 및 희석 주당 순이익의 계산은 다음 데이터를 기반으로 합니다.
주식수 | 연말 | 연말 | |
기본주당순이익의 가중평균보통주식수 | 413.3 | 415.3 | |
희석 가능성이 있는 보통주의 영향: | |||
공유 옵션 | 11.7 | 11.6 | |
희석주당이익을 위한 가중평균보통주식수 | 425.0 | 426.9 |
2023년 XNUMX월 XNUMX일 종료 | 2022년 XNUMX월 XNUMX일 종료 | |||
주당 수익 및 수익 | 수입 | EPS | 수입 | EPS |
해당 기간 동안의 이익 | 31.1 | 7.52 | 20.2 | 4.86 |
조정하다: | ||||
Amortisation of intangible assets from acquisitions net of tax of £0.6m (2022 - £nil) | 1.6 | 0.39 | 0.2 | 0.05 |
Net restructuring cost/(income) net of tax of £1.5m (2022 - £0.7m) | 4.1 | 0.99 | (3.5) | (0.84) |
Site relocation costs net of tax of £0.1m (2022 - £nil) | - | - | - | - |
£1.9m(2022년 - £0.5m) 세금 공제 법인 사업 | 5.7 | 1.38 | 1.2 | 0.29 |
세후 조정 수입 | 42.5 | 10.28 | 18.1 | 4.36 |
주당 순이익 | ||||
- 기초적인 | 7.52p | 4.86p | ||
- 희석 | 7.32p | 4.73p | ||
- 조정 | 10.28p | 4.36p | ||
- 조정 및 희석 | 10.00p | 4.24p |
모든 기본, 희석 및 조정 주당 이익에 사용되는 분모는 위 표에 자세히 설명되어 있습니다.
The presentation of adjusted earnings per share, derived in accordance with the table above, has been included to identify the performance of the Group prior to the impact of amortisation of intangible assets from acquisitions, net restructuring cost/income, site relocation costs, and costs associated with corporate undertakings.
The Board has a policy, which has been clarified in 2023, to separately disclose items it considers are outside the normal course of management oversight and control on a day-to-day basis and are not reflective of in-year trading performance. Indicative criteria such as period to which the item relates and external driven factors that are outside of the control of the Group in combination with the magnitude and consistency of application are also considered. See Note 4 for further details.
8. 영업권
Goodwill decreased by £6.4m during the year to £193.3m (2022 - £199.7m) due to net foreign exchange differences.
9. 합작 투자에 대한 투자
그룹은 49년에 설립된 중국에 설립된 공동 지배 기업인 Senior Flexonics Technologies(Wuhan) Limited의 지분 2012%를 보유하고 있습니다. 그룹의 투자액 £5.1m은 31일 현재 합작 투자 순자산 중 그룹의 지분을 나타냅니다. 2023년 2022월(4.4 - £XNUMXm).
10. 유형자산
이 기간 동안 그룹은 부동산, 플랜트 및 장비 인수에 33.7만 파운드(2022년 - 28.7만 파운드)를 지출했습니다. 그룹은 또한 장부 가치가 £0.5m(2022 - £0.4m)인 자산, 식물 및 장비를 £0.7m(2022 - £0.5m)의 수익금으로 처분했습니다. 31년 2023월 64.4일 현재 사용권 자산은 £2022m(70.8 - £XNUMXm)입니다.
11. 자본금 공유
31년 2023월 41.9일 현재 자본금은 £2022m입니다. 2023년과 XNUMX년에는 주식이 발행되지 않았습니다.
12. 연결현금흐름표 주석
) 영업 활동으로 인한 순현금으로 영업 이익 조정
연말 | 연말 | ||
영업 이익 | 37.9 | 32.5 | |
다음에 대한 조정 : | |||
유형 자산의 감가 상각 | 48.0 | 48.1 | |
무형 자산의 상각 | 3.7 | 1.7 | |
고정자산 매각이익 | (0.2) | (0.1) | |
주식기준보상수수료 | 4.1 | 4.3 | |
연금 기부 | (1.4) | (2.9) | |
연금서비스 및 운영비용 | 1.3 | 1.5 | |
기업사업비용 | (1.9) | (1.4) | |
합작투자 지분 | (1.0) | (0.4) | |
재고 증가 | (21.7) | (34.2) | |
미수금 증가 | (20.4) | (18.8) | |
미지급금 및 충당금의 증가 | 16.8 | 37.5 | |
유형자산 및 소프트웨어의 구조조정 손상 | 1.2 | 1.3 | |
미국 연금 정산 | (0.9) | - | |
운전 자본 및 충당금 통화 이동 | (1.3) | 1.8 | |
영업으로 창출된 현금 | 64.2 | 70.9 | |
납부 한 소득세 | (5.6) | (3.5) | |
이자 지급 | (17.2) | (9.7) | |
영업 활동으로 인한 순 현금 | 41.4 | 57.7 |
b) 잉여현금흐름
잉여현금흐름은 비법정항목으로 인수, 구조조정, 처분활동, 자금조달, 주주와의 거래 등 기업활동에 앞서 그룹의 현금창출능력에 대한 보고를 강화합니다. 이는 이사회와 집행위원회에서 성과 측정으로 사용되며 다음과 같이 도출됩니다.
연말 | 연말 | ||
영업 활동으로 인한 순 현금 | 41.4 | 57.7 | |
기업사업비용 | 1.9 | 1.4 | |
Net restructuring cash paid/(received) | 2.1 | (2.1) | |
Site relocation costs | 0.1 | - | |
미국 연금 정산 현금 지급 | 0.9 | - | |
받은이자 | 4.3 | 0.7 | |
유형자산의 처분에 따른 대가 | 0.7 | 0.5 | |
재산, 식물 및 장비 구매 | (33.7) | (28.7) | |
무형 자산 구매 | (2.2) | (1.8) | |
무료 현금 흐름 | 15.5 | 27.7 |
다) 순부채 분석
1에서 | 그물 | 교환 | 기타 | 31에서 | ||
£ m | £ m | £ m | £ m | £ m | ||
현금 및 은행 잔고 | 43.2 | 5.5 | (1.1) | - | 47.6 | |
초과 인출 | (0.5) | (1.3) | - | - | (1.8) | |
현금 및 현금성 자산 | 42.7 | 4.2 | (1.1) | - | 45.8 | |
XNUMX년 이내에 갚아야 할 부채 | - | - | - | - | - | |
XNUMX년 후 갚아야 할 부채 | (143.2) | (39.9) | 5.3 | - | (177.8) | |
임대 부채(1) | (78.4) | 10.2 | 4.3 | (7.9) | (71.8) | |
재무활동으로 인한 부채 | (221.6) | (29.7) | 9.6 | (7.9) | (249.6) | |
금액 | (178.9) | (25.5) | 8.5 | (7.9) | (203.8) |
(1) | The change in lease liabilities in the year ended 31 December 2023 includes lease rental payments of £13.1m (£2.9m of these payments relates to lease interest), £4.3m exchange movement and £7.9m other movements which are related to lease additions and modifications. |
| |||
연말 | 연말 | ||||
현금 및 현금성 자산은 다음으로 구성됩니다. | |||||
현금 및 은행 잔고 | 47.6 | 43.2 | |||
초과 인출 | (1.8) | (0.5) | |||
금액 | 45.8 | 42.7 | |||
현금 및 현금 등가물(통합 대차대조표에 단일 자산 유형으로 표시됨)은 은행 현금 및 만기가 XNUMX개월 이하인 기타 유동성이 높은 기타 단기 투자로 구성됩니다.
d) 운전자본 및 충당금 분석
운전 자본은 다음과 같이 구성됩니다.
연말 | 연말 | ||
재고 | 207.5 | 194.3 | |
매출 채권 및 기타 채권 | 141.7 | 126.7 | |
매입 채무 및 기타 채무 | (188.4) | (191.2) | |
파생상품을 포함한 운전 자본 | 160.8 | 129.8 | |
제외되는 품목: | |||
외환 계약 | 0.1 | 1.5 | |
금액 | 160.9 | 131.3 | |
비법정 현금 흐름 항목인 구조 조정 항목을 제외한 운전자본 및 충당금 이동은 다음과 같이 도출됩니다.
연말 | 연말 | ||
재고 증가 | (21.7) | (34.2) | |
미수금 증가 | (20.4) | (18.8) | |
미지급금 및 충당금의 증가 | 16.8 | 37.5 | |
통화 효과를 제외한 운전 자본 및 충당금 이동 | (25.3) | (15.5) | |
제외되는 품목: | |||
(Increase)/decrease in restructuring related inventory impairment | (2.0) | 2.7 | |
(Increase)/decrease in net restructuring provision and other receivables | (0.3) | 0.7 | |
금액 | (27.6) | (12.1) |
13. 퇴직급여제도
31년 2023월 8.0일 현재, £2022m(12.1 - £2.8m)의 총 퇴직 급여 부채는 총 적자가 £2022m(6.7 - £5.2m)인 그룹의 미국 확정 급여 연금 기금 제도와 기타 비 적립 제도로 구성됩니다. £2022m의 적자(5.4 - £48.5m). £2022m(51.8 - £XNUMXm)의 퇴직 급여 잉여금은 그룹의 영국 확정 급여 연금 기금 제도를 구성합니다.
자금 지원 제도의 부채 및 자산 가치는 현재 시장 가치 및 할인율을 사용하여 독립적인 계리사에 의해 평가되었습니다.
14. 취득 및 처분 활동
Spencer Aerospace Manufacturing, LLC. 인수
On 25 November 2022, the Group acquired substantially all of the assets of Spencer Aerospace Manufacturing, LLC, a leading manufacturer of highly engineered, high-pressure hydraulic fluid fittings for use in commercial and military aerospace applications, located in Valencia, California, USA. This acquisition enhances Senior's industry leading fluid conveyance capabilities and is an important step in our strategy to optimise our portfolio and maximise value for shareholders.
The initial consideration was $30m (£24.8m) paid in cash at completion, with a net working capital adjustment of $0.2m (£0.2m), of which $0.6m (£0.5m) was paid in cash initially and $0.4m (£0.3m) cash adjustment was received in January 2023. A further $30m (£24.2m) was paid in November 2023. Additionally, there is contingent consideration of $40m (£29.0m) potentially payable, in milestone amounts, dependent on the financial performance of Spencer Aerospace during the period between completion and 31 December 2026. The most likely range of this contingent element is estimated between $30m and $40m. The fair value of contingent consideration assumes expanding the relationship with Spencer's established customers and leveraging Senior's strong relationships with OEMs, Tier 1 integrators and after market customers around the world to exploit opportunities for Spencer Aerospace.
In 2023, £1.5m costs (2022 - £1.2m) were incurred related to the acquisition. The movement of deferred and contingent consideration payable and working capital receivable since acquisition date is shown below:
연말 | 연말 | ||
1월 XNUMX일 잔액 | 52.0 | - | |
Consideration payable on acquisition | - | 76.9 | |
Cash paid net of working capital received/paid | (23.9) | (25.3) | |
Interest unwind charged to the Income Statement | 2.9 | 0.3 | |
환율 움직임의 영향 | (2.0) | 0.1 | |
31월 XNUMX일 잔액 | 29.0 | 52.0 | |
XNUMX년 이내에 만기가 되는 금액 | 10.5 | 23.4 | |
XNUMX년 후에 지불해야 할 금액 | 18.5 | 28.9 | |
Deferred and contingent consideration at 31 December | 29.0 | 52.3 | |
Working capital receivable at 31 December | - | (0.3) |
Also in 2023, £3.2m costs associated with potential disposal and other corporate activities were incurred (2022 - £0.2m).
15. 조항
Provisions include warranty costs of £17.9m (2022 - £10.8m), restructuring of £0.5m (2022 - £0.2m), and other provisions including contractual matters, claims and legal costs that arise in the ordinary course of business of £7.1m (2022 - £8.6m). The warranty costs include a provision of £11.0m related to one specific disputed commercial matter. In 2022, this provision was £8.6m, of which £4.8m was recorded in Legal claims and contractual matters and subsequently reclassified to warranty in 2023 following a review of the overall nature of the matter. The range of reasonably possible outcomes considered by the Board is £5.4m, which reflects a reasonably possible increase or decrease of £2.7m. No further details on the matter are disclosed to avoid prejudicing the contractual position.
16. 우발부채
그룹은 예를 들어 상업 문제, 제품 품질 또는 책임, 세무 감사와 관련하여 비즈니스 과정에서 수시로 발생하는 다양한 청구의 대상이 됩니다. IASB가 경제적 효익의 유출 가능성이 없을 가능성보다 높다고 평가한 경우 31년 2023월 15일 기준으로 최선의 추정치를 제공했습니다(주석 XNUMX 참조). 다른 모든 문제에 대해 IASB는 혜택의 경제적 유출이 있을 가능성이 없을 가능성보다 높지 않다고 결론을 내렸습니다. 이러한 문제 중 일부의 결과를 확실하게 예측할 수는 없지만 이사들은 적절한 경우 이미 만들어진 조항을 허용한 후 이러한 합의, 법적 조치 또는 청구가 그룹에 상당한 손실을 초래할 것으로 예상하지 않습니다.
17. 특수관계자 거래
Barbara Jeremiah, Senior Independent non-executive Director and Chair of the Remuneration Committee, was appointed a non-executive director of Johnson Matthey Plc with effect from 1 July 2023. Johnson Matthey Plc, a related party of the Group, has been renting excess car parking space from one of the Group's operating businesses on a rolling monthly basis. The lease contract was in place prior to the acquisition of Thermal Engineering in 2013 by the Group. In 2023, £0.06m car park rental was received (2022: £0.06m). There are no outstanding amounts at 31 December 2023 (31 December 2022: £nil).
그룹은 여러 연금 제도 및 그룹의 이사 및 고위 관리자와 관련 당사자 관계를 맺고 있습니다.
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