2016_Halma_ARA_160610_2

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Accounting Policies continued Accounting Policies continued (b) Performance share plan Awards under this plan are partly equity-settled and partly cash-settled. Grants were subject to both market-based and non-market-based vesting criteria. No further grants will be made under this plan. The fair value of the equity-settled portion at the date of grant is established by using an appropriate simulation method to reflect the likelihood of market-based performance conditions being met. The fair value is charged to the Consolidated Income Statement on a straight-line basis over the three year vesting period, with appropriate adjustments being made during this period to reflect expected and actual forfeitures arising from the non-market-based performance conditions only. The corresponding credit is to Shareholders’ funds. (c) Executive share plan During the year ended 2 April 2016, Halma plc introduced the Executive Share Plan, in which executive Directors and certain senior employees participate. Grants under this Plan are in the form of Performance Awards or Deferred Share Awards. Performance Awards are subject to non-market-based vesting criteria, and Deferred Share Awards are subject only to continuing service of the employee. Share awards are equity settled. The fair value of the awards at the date of grant, which is estimated to be equal to the market value, is charged to the Consolidated Income Statement on a straight-line basis over the vesting period, with appropriate adjustments being made during this period to reflect expected and actual forfeitures. The corresponding credit is to Shareholders’ funds. (d) Cash settled For cash-settled awards, a liability equal to the portion of the services received is recognised at the current fair value determined at each balance sheet date. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of the cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Deferred government grant income Government grant income that is linked to capital expenditure is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset. In addition, the Group claims research and development expenditure credits arising on qualifying expenditure in its UK-based subsidiaries and shows these ‘above the line’ in Operating profit. Where the credits arise on expenditure that is capitalised as part of Internally generated capitalised development costs, the income is deferred to the Consolidated Balance Sheet and credited to the Consolidated Income Statement over the life of the related asset in line with the policy stated above. Operating profit Operating profit is stated after charging restructuring costs but before the share of results of associates, profit or loss on disposal of operations, finance income and finance costs. 116 114 Halma plc Annual Report and Accounts 2016
Cash and cash equivalents Cash and cash equivalents comprise cash balances, deposits with an initial maturity of less than three months, and bank overdrafts that are repayable on demand. Dividends Dividends payable to the Company’s shareholders are recognised as a liability in the period in which the distribution is approved by the Company’s shareholders. Property, plant and equipment Property, plant and equipment is stated at historical cost less provisions for impairment and depreciation which, with the exception of freehold land which is not depreciated, is provided on a straight-line basis over each asset’s estimated economic life. The principal annual rates used for this purpose are: Freehold property 2% Leasehold properties: Long leases (more than 50 years unexpired) 2% Short leases (less than 50 years unexpired) Period of lease Plant, equipment and vehicles 8% to 33.3% Leases Leases that confer rights and obligations similar to those that attach to owned assets are classified as finance leases, of which the Group has none. All other leases are classified as operating leases. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Operating lease rentals, and any incentives receivable, are charged to the Consolidated Income Statement on a straight-line basis over the lease term. Halma plc Annual Report and Accounts 2016 115 117
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Halma plc Annual Report and Account
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Highlights Another record year of r
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Infrastructure Safety Products whic
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Revenue from outside the USA, UK an
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Our decentralised organisational st
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INCREASING HEALTH AND SAFETY REGULA
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INCREASING DEMAND FOR LIFE-CRITICAL
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Acquisition focus Insight Our marke
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Insight Trapped key interlocking is
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Insight Regulations around the worl
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Insight People are living longer th
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Insight Many processes rely on prec
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Resources and relationships Committ
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GROW INNOVATE ACQUIRE EMPOWER STRAT
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INNOVATE GROW ACQUIRE EMPOWER STRAT
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process and one which is subject to
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Mitigation Increased risk No change
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Mitigation Increased risk No change
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a considerable impact on the oil an
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towards the use of more sensors, no
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A third of American adults suffer f
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Today 1.8 billion people drink faec
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Adjusted profit bridge £m 160 155
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fell from 21% to 20% this year, and
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The Group accounts for post-retirem
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ENVIRONMENTAL MANAGEMENT SYSTEM (EM
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In return, we offer: • The opport
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Our intention is to create effectiv
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PEOPLE AND CULTURE I reported in la
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CAROLE CRAN NON-EXECUTIVE DIRECTOR
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Corporate Governance Report Leaders
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Board governance structure Board Pr
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October 2015 • Group strategic pe
Page 67 and 68: The Board and Committee evaluations
Page 69 and 70: Jane Aikman is in her final term, h
Page 71 and 72: Audit Committee COMMITTEE CHAIRMAN
Page 73 and 74: POLICY ON AUDITOR INDEPENDENCE AND
Page 75 and 76: Remuneration Committee COMMITTEE CH
Page 77 and 78: REMUNERATION POLICY The remuneratio
Page 79 and 80: Opportunity Maximum opportunity: 15
Page 81 and 82: EXECUTIVE DIRECTOR SERVICE CONTRACT
Page 83 and 84: NON-EXECUTIVE DIRECTORS Unless othe
Page 85 and 86: SINGLE FIGURE OF TOTAL REMUNERATION
Page 87 and 88: The three-year period over which th
Page 89 and 90: PERCENTAGE CHANGE IN CEO REMUNERATI
Page 91 and 92: Date of grant As at 28 March 2015 G
Page 93 and 94: Other Statutory Information ACTIVIT
Page 95 and 96: The Companies Act 2006 also require
Page 97 and 98: Directors’ Responsibilities The D
Page 99 and 100: Risk Impairment of the carrying val
Page 101 and 102: AN OVERVIEW OF THE SCOPE OF OUR AUD
Page 103 and 104: Respective responsibilities of dire
Page 105 and 106: Consolidated Statement of Comprehen
Page 107 and 108: Consolidated Statement of Changes i
Page 109 and 110: Consolidated Cash Flow Statement Co
Page 111 and 112: Accounting Policies continued KEY A
Page 113 and 114: Critical accounting judgements Good
Page 115 and 116: Segmental reporting An operating se
Page 117: Accounting Policies continued Cash
Page 121 and 122: Notes to the Accounts continued 1 S
Page 123 and 124: Notes to the Accounts continued 1 S
Page 125 and 126: Notes to the Accounts continued 3 N
Page 127 and 128: Notes to the Accounts continued 6 P
Page 129 and 130: Notes to the Accounts continued 9 T
Page 131 and 132: Notes to the Accounts continued 11
Page 151 and 152: 26 FINANCIAL INSTRUMENTS continued
Page 153 and 154: 26 FINANCIAL INSTRUMENTS continued
Page 163 and 164: Company Statement of Changes in Equ
Page 165 and 166: Notes to the Company Accounts conti
Page 167 and 168: Notes to the Company Accounts conti
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Notes to the Company Accounts conti
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Notes to the Company Accounts conti
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C12 RESERVES The Capital redemption
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C14 EXPLANATION OF TRANSITION TO FR
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2009/10 £000 2010/11 £000 2011/12
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Principal locations Telephone E-mai
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Principal locations Telephone E-mai
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DIVIDEND REINVESTMENT PLAN The Comp
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