2016_Halma_ARA_160610_2

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Notes to the Accounts continued 19 PROVISIONS Provisions are presented as: 2 April 2016 £000 28 March 2015 £000 Current 4,437 11,746 Non-current 18,510 1,549 22,947 13,295 Contingent purchase consideration £000 Dilapidations and empty property £000 Product warranty £000 * Comprises £21,990,000 contingent purchase consideration arising on the acquisitions of Visiometrics (£21,345,000), and VAS (£645,000) and £1,000,000 of other current provisions acquired. See note 24. Contingent purchase consideration The provision at the beginning of the year comprised £9,484,000 falling due within one year and £166,000 falling due after one year. The additional provision charged in the year related mainly to a change in the contingent consideration on the Advanced acquisition from £3,356,000 to £4,183,000. The £16,725,000 utilisation relates mainly to settling the £4,183,000 Advanced consideration in cash and loan notes, a payment of £6,001,000 in full and final settlement of the contingent consideration for MST and £6,558,000 paid into escrow in relation to the Visiometrics acquisition (see note 24). The £111,000 release of provision related mainly to a revision to the estimate for the third earn out payment for the acquisition of ASL from £197,000 to £86,000. Of the closing total provision of £17,075,000, £86,000 is due within one year for the acquisition of ASL. Of the balance due after more than one year, £704,000 relating to VAS and £1,136,000 relating to Visiometrics is due within one to two years and the remainder, relating to Visiometrics, is payable annually for four years thereafter. Dilapidations and empty property Dilapidations and empty property provisions exist where the Group has lease contracts under which the unavoidable costs of meeting its obligations under the contracts exceed the economic benefits expected to be received under them. The provisions comprise the Directors’ best estimates of future payments: a) to restore the fabric of buildings to their original condition where it is a condition of the leases prior to return of the properties; and b) on vacant properties, the rental costs of which are not expected to be recoverable from subleasing the properties. These commitments cover the period from 2016 to 2028 though they predominantly fall due within five years. Legal, contractual and other £000 At beginning of the year 9,650 1,379 2,166 100 13,295 Unwinding of discount 38 – – – 38 Additional provision in the year 843 448 1,275 51 2,617 Arising on acquisition* 21,990 52 948 – 22,990 Utilised during the year (16,725) (33) (173) (15) (16,946) Released during the year (111) (111) (351) (54) (627) Exchange adjustments 1,390 30 158 2 1,580 At end of the year 17,075 1,765 4,023 84 22,947 Product warranty Product warranty provisions reflect commitments made to customers on the sale of goods in the ordinary course of business and included within the Group companies’ standard terms and conditions. Warranty commitments cover a period of between one and five years and typically apply for a 12-month period. The provision represents the Directors’ best estimate of the Group’s liability based on past experience. Total £000 136 134 Halma plc Annual Report and Accounts 2016
Notes to the Accounts continued 19 PROVISIONS continued Legal, contractual and other Legal, contractual and other provisions comprise mainly amounts reserved against open legal and contractual disputes. The Company has on occasion been required to take legal or other actions to defend itself against proceedings brought by other parties. Provisions are made for the expected costs associated with such matters, based on past experience of similar items and other known factors, taking into account professional advice received, and represent Directors’ best estimate of the likely outcome. The timing of utilisation of these provisions is frequently uncertain reflecting the complexity of issues and the outcome of various court proceedings and negotiations. Contractual and other provisions represent the Directors’ best estimate of the cost of settling future obligations. Unless specific evidence exists to the contrary, these reserves are shown as current. However, no provision is made for proceedings which have been or might be brought by other parties against Group companies unless the Directors, taking into account professional advice received, assess that it is more likely than not that such proceedings may be successful. 20 TRADE AND OTHER PAYABLES: FALLING DUE AFTER ONE YEAR 2 April 2016 £000 28 March 2015 £000 Other payables 931 720 Accruals 825 302 Deferred income 7,656 1,869 Deferred government grant income 741 865 10,153 3,756 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS 21 DEFERRED TAX Retirement benefit obligations £000 Acquired intangible assets £000 Accelerated tax depreciation £000 Short-term timing differences £000 Sharebased payment £000 Goodwill timing differences £000 At 28 March 2015 13,085 (35,066) (5,519) 356 2,330 1,548 (23,266) (Charge)/credit to Consolidated Income Statement (1,162) 6,989 (514) 785 200 (3,060) 3,238 (Charge)/credit to Consolidated Statement of Comprehensive Income (2,304) – – 209 – – (2,095) Credit to equity – – – – 109 – 109 Acquired (note 24) – (36,468) (62) (581) – 13,242 (23,869) Exchange adjustments – (2,629) (231) (18) – 833 (2,045) At 2 April 2016 9,619 (67,174) (6,326) 751 2,639 12,563 (47,928) Total £000 Retirement benefit obligations £000 Acquired intangible assets £000 Accelerated tax depreciation £000 Short-term timing differences £000 Sharebased payment £000 Goodwill timing differences £000 At 29 March 2014 7,372 (28,493) (5,336) (375) 2,066 2,316 (22,450) (Charge)/credit to Consolidated Income Statement (1,078) 5,831 355 60 (27) (1,228) 3,913 Credit/(charge) to Consolidated Statement of Comprehensive Income 6,791 – – (23) – – 6,768 Credit to equity – – – – 291 – 291 Acquired – (9,020) (70) – – – (9,090) Exchange adjustments – (3,384) (468) 694 – 460 (2,698) At 28 March 2015 13,085 (35,066) (5,519) 356 2,330 1,548 (23,266) Total £000 Halma plc Annual Report and Accounts 2016 137 135
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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
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The Board and Committee evaluations
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Jane Aikman is in her final term, h
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Audit Committee COMMITTEE CHAIRMAN
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POLICY ON AUDITOR INDEPENDENCE AND
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Remuneration Committee COMMITTEE CH
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REMUNERATION POLICY The remuneratio
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Opportunity Maximum opportunity: 15
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EXECUTIVE DIRECTOR SERVICE CONTRACT
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NON-EXECUTIVE DIRECTORS Unless othe
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SINGLE FIGURE OF TOTAL REMUNERATION
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Page 95 and 96: The Companies Act 2006 also require
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Page 111 and 112: Accounting Policies continued KEY A
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Page 151 and 152: 26 FINANCIAL INSTRUMENTS continued
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Page 163 and 164: Company Statement of Changes in Equ
Page 165 and 166: Notes to the Company Accounts conti
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Page 183 and 184: DIVIDEND REINVESTMENT PLAN The Comp
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