Source document: spirax-sarco-engineering-plc_2019

Question: Why is net debt analysed as a proportion of EBITDA?
Facts: To assess the size of the net debt balance relative to the size of the earnings for the Group
Answer: To assess the size of the net debt balance relative to the size of the earnings for the Group

Question: How is EBITDA calculated?
Facts: by adding back depreciation and amortisation of owned property, plant and equipment, software and development to adjusted operating profit
Answer: by adding back depreciation and amortisation of owned property, plant and equipment, software and development to adjusted operating profit

Question: What are the components considered when calculating the Net debt to EBITDA ratio?
Facts: Earnings before interest, tax, depreciation and amortisation; Net debt
Answer: Earnings before interest, tax, depreciation and amortisation; Net debt

Question: In which year was the net debt to EBITDA ratio larger?
Facts: 2019
Derivation: 0.9>0.8
Answer: 2019

Question: What was the change in net debt from 2018 to 2019?
Facts: 235.8; 295.2
Derivation: 295.2-235.8
Answer: 59.4 million

Question: What was the percentage change in net debt from 2018 to 2019?
Facts: 235.8; 295.2
Derivation: (295.2-235.8)/235.8
Answer: 25.19 percent

Question: What do financial assets with no interest earned comprise of?
Facts: trade and other receivables and cash at bank
Answer: trade and other receivables and cash at bank

Question: What do floating and fixed rate financial assets comprise of?
Facts: cash at bank or cash placed on deposit
Answer: cash at bank or cash placed on deposit

Question: What are the types of currencies in which the interest rate profile of the financial assets of the Group are recorded?
Facts: Euro; Other; Renminbi; Sterling; US Dollar
Answer: Sterling; Euro; US Dollar; Renminbi; Other

Question: In which currency was the total amount of financial assets the smallest?
Facts: Sterling
Derivation: 29.1<42.0<98.4<115.9<146.5
Answer: Sterling

Question: What was the percentage of total financial assets in Euro over the Group total?
Facts: 115.9; 431.9
Derivation: 115.9/431.9
Answer: 26.83 percent

Question: What was the percentage of financial assets on which interest is earned over the total financial assets forEuro?
Facts: 115.9; 97.9
Derivation: (115.9-97.9)/115.9
Answer: 15.53 percent

Question: How do payment terms across the Group vary?
Facts: dependent on the geographic location of each operating company
Answer: dependent on the geographic location of each operating company

Question: When is payment typically due for trade receivables?
Facts: between 20 and 90 days after the invoice is issued
Answer: between 20 and 90 days after the invoice is issued

Question: For which years was the movement in the allowance for impairment in respect of trade receivables during the year recorded?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the balance at 1st January larger?
Facts: 2019
Derivation: 9.8>9.6
Answer: 2019

Question: What was the change in the balance at 31st December in 2019 from 2018?
Facts: 14.8; 9.8
Derivation: 14.8-9.8
Answer: 5 million

Question: What was the percentage change in the balance at 31st December in 2019 from 2018?
Facts: 14.8; 9.8
Derivation: (14.8-9.8)/9.8
Answer: 51.02 percent

Question: How were the capital additions in 2019 split?
Facts: Capital additions split between the UK and rest of the world are UK £36.8m (2018: £20.1m) and rest of the world £143.1m
Answer: Capital additions split between the UK and rest of the world are UK £36.8m (2018: £20.1m) and rest of the world £143.1m

Question: What does capital additions include?
Facts: property, plant and equipment of £59.0m (2018: £33.5m), of which £8.1m (2018: £0.2m) was from acquisitions in the period, and other intangible assets of £72.0m (2018: £19.0m) of which £60.2m (2018: £9.1m) relates to acquired intangibles from acquisitions in the period
Answer: property, plant and equipment of £59.0m (2018: £33.5m), of which £8.1m (2018: £0.2m) was from acquisitions in the period, and other intangible assets of £72.0m (2018: £19.0m) of which £60.2m (2018: £9.1m) relates to acquired intangibles from acquisitions in the period

Question: What are the businesses considered in the table?
Facts: Electric Thermal Solutions; Steam Specialties; Watson-Marlow
Answer: Steam Specialties; Electric Thermal Solutions; Watson-Marlow

Question: In which year was the amount of capital additions for Steam Specialties larger?
Facts: 2019
Derivation: 57.7>27.9
Answer: 2019

Question: What was the amount of capital additions for the UK as a percentage of the group total in 2019?
Facts: 143.1; 36.8
Derivation: 36.8/(36.8+143.1)
Answer: 20.46 percent

Question: What was the percentage change in capital additions in 2019 from 2018 for Steam Specialties?
Facts: 27.9; 57.7
Derivation: (57.7-27.9)/27.9
Answer: 106.81 percent

Question: Where can more details on each shares payment scheme be found?
Facts: in the Annual Report on Remuneration 2019 on pages 102 to 132
Answer: in the Annual Report on Remuneration 2019 on pages 102 to 132

Question: What is the total expense recognised in Income Statement in 2019?
Facts: 6.2
Answer: 6.2 million

Question: What are the types of plans for the share-based payments offered to employees in the table?
Facts: Employee Share Ownership Plan; Performance Share Plan
Answer: Performance Share Plan; Employee Share Ownership Plan

Question: In which year was the amount for Employee Share Ownership Plan value larger?
Facts: 2019
Derivation: 1.1>1.0
Answer: 2019

Question: What was the change in the amount for Performance Share Plan from 2018 to 2019?
Facts: 4.7; 5.1
Derivation: 5.1-4.7
Answer: 0.4 million

Question: What was the percentage change in the amount for Performance Share Plan from 2018 to 2019?
Facts: 4.7; 5.1
Derivation: (5.1-4.7)/4.7
Answer: 8.51 percent

Question: On what basis is the basic and diluted earnings per share calculated on?
Facts: an adjusted profit basis
Answer: an adjusted profit basis

Question: What is the dilution of earnings per share in respect of?
Facts: unexercised share options and the Performance Share Plan.
Answer: unexercised share options and the Performance Share Plan.

Question: What are the types of earnings per share?
Facts: Basic; Diluted
Answer: Basic; Diluted

Question: In which year was the weighted average shares larger?
Facts: 2019
Derivation: 73.7>73.6
Answer: 2019

Question: What was the change in the profit attributable to equity shareholders from 2018 to 2019?
Facts: 166.6; 223.1
Derivation: 166.6-223.1
Answer: -56.5 million

Question: What was the percentage change in the profit attributable to equity shareholders from 2018 to 2019?
Facts: 166.6; 223.1
Derivation: (166.6-223.1)/223.1
Answer: -25.32 percent

Question: What does net debt exclude?
Facts: IFRS 16 lease liabilities to enable comparability with prior years
Answer: IFRS 16 lease liabilities to enable comparability with prior years

Question: Where is the breakdown of the balances that are included within net debt given?
Facts: within Note 24
Answer: within Note 24

Question: What is the Net debt and IFRS 16 lease liabilities for 2018 and 2019 respectively?
Facts: 235.8; 334.1
Answer: 235.8; 334.1 million

Question: In which year is the amount of net debt larger?
Facts: 2019
Derivation: 295.2>235.8
Answer: 2019

Question: What was the change in the amount of Net debt and IFRS 16 lease liabilities from 2018 to 2019?
Facts: 235.8; 334.1
Derivation: 334.1-235.8
Answer: 98.3 million

Question: What was the percentage change in the amount of Net debt and IFRS 16 lease liabilities from 2018 to 2019?
Facts: 235.8; 334.1
Derivation: (334.1-235.8)/235.8
Answer: 41.69 percent

Question: How are non-complete undertakings amortised?
Facts: amortised over their useful economic lives in line with the accounting policies disclosed in Note 1
Answer: amortised over their useful economic lives in line with the accounting policies disclosed in Note 1

Question: What do the individually material balances within the balance of brand names and trademark assets after amortisation relate to?
Facts: Chromalox; Gestra; Thermocoax
Answer: Chromalox; Gestra; Thermocoax

Question: What are the different classes of acquired intangible assets in the table?
Facts: Brand names and trademarks; Customer relationships; Manufacturing designs and core technology; Non-compete undertakings and other
Answer: Customer relationships; Brand names and trademarks; Manufacturing designs and core technology; Non-compete undertakings and other

Question: Which class of acquired intangible assets shown in the table has the lowest amount of acquisitions?
Facts: Non-compete undertakings and other
Derivation: 3.8<7.2<14.3<34.9
Answer: Non-compete undertakings and other

Question: What was the change in the amount of individually material balances under manufacturing designs and core technology for Aflex in 2019 from 2018?
Facts: 8.5; 9.4
Derivation: 8.5-9.4
Answer: -0.9 million

Question: What was the percentage change in the amount of individually material balances under manufacturing designs and core technology for Aflex in 2019 from 2018?
Facts: 8.5; 9.4
Derivation: (8.5-9.4)/9.4
Answer: -9.57 percent

Question: What is the  Translation reserve at the beginning of 2019?
Facts: 30.3
Answer: 30.3 million

Question: What does the change in translation reserve include?
Facts: a £1.4m credit transferred from retained earnings
Answer: a £1.4m credit transferred from retained earnings

Question: What are the types of Other reserves?
Facts: Capital redemption reserve; Cash flow hedges reserve; Employee Benefit Trust reserve; Net investment hedge reserve; Translation reserve
Answer: Translation reserve; Net investment hedge reserve; Cash flow hedges reserve; Capital redemption reserve; Employee Benefit Trust reserve

Question: How many types of other reserves registered a negative Change in year amount?
Facts: 2
Derivation: Translation reserve##Employee Benefit Trust reserve
Answer: 2

Question: What was the amount of capital redemption reserve as a percentage of the total other reserves on 1st January 2019?
Facts: 1.8; 22.2
Derivation: 1.8/22.2
Answer: 8.11 percent

Question: What was the percentage change in the amount of  Translation reserve  from 1st January 2019 to 31st December 2019?
Facts: 14.7; 30.3
Derivation: (-14.7-30.3)/30.3
Answer: -148.51 percent

Question: Why was there an adjustment under Bonus for general employee population?
Facts: 2018 percentage restated to include all UK bonuses for the general UK employee population across the Group
Answer: 2018 percentage restated to include all UK bonuses for the general UK employee population across the Group

Question: What was the 2019 increase in base salary, benefits and bonus for the Group Chief Executive compared against?
Facts: compared to the average increase for the general UK employee population across the Group in the same period
Answer: compared to the average increase for the general UK employee population across the Group in the same period

Question: What are the components of remuneration reflected in the table?
Facts: Benefits; Bonus; Salary
Answer: Salary; Benefits; Bonus

Question: In which year was the change in salary for the general employee population larger?
Facts: 2019
Derivation: 2.9%>2.7%
Answer: 2019

Question: What was the absolute change in the change in salary for the group chief executive in 2019 from 2018? 
Facts: 2.7; 7.7
Derivation: 7.7%-2.7%
Answer: 5 percent

Question: What was the percentage change in the change in salary for the group chief executive in 2019 from 2018? 
Facts: 2.7; 7.7
Derivation: (7.7-2.7)/2.7
Answer: 185.19 percent

Question: What are the relevant disclosures in the table pertaining to?
Facts: in respect of the Performance Share Plan grants
Answer: in respect of the Performance Share Plan grants

Question: What was the number of employees under the 2015 Grant?
Facts: 15
Answer: 15

Question: For which years were the relevant disclosures in respect of the Performance Share Plan grants set out?
Facts: 2015; 2016; 2017; 2018; 2019
Answer: 2015; 2016; 2017; 2018; 2019

Question: In which year's grant had the largest number of employees?
Facts: 2015
Derivation: 15>13>12
Answer: 2015

Question: What was the change in the number of shares under scheme under the 2019 Grant from the 2018 Grant?
Facts: 60,626; 60,899
Derivation: 60,626-60,899
Answer: -273

Question: What was the percentage change in the number of shares under scheme under the 2019 Grant from the 2018 Grant?
Facts: 60,626; 60,899
Derivation: (60,626-60,899)/60,899
Answer: -0.45 percent

Question: What is the Total dividends paid for 2019?
Facts: 75.9
Answer: 75.9 million

Question: When is the proposed dividend subject to be approved?
Facts: 2020
Answer: 2020

Question: For which years are the amounts of total dividends paid calculated?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the total dividends paid larger?
Facts: 2019
Derivation: 75.9>67.0
Answer: 2019

Question: What was the change in the amount of total dividends paid in 2019 from 2018?
Facts: 67.0; 75.9
Derivation: 75.9-67.0
Answer: 8.9 million

Question: What was the percentage change in the amount of total dividends paid in 2019 from 2018?
Facts: 67.0; 75.9
Derivation: (75.9-67.0)/67.0
Answer: 13.28 percent

Question: What details are shown in the Annual Report on Remuneration 2019?
Facts: Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans
Answer: Further details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans

Question: What do the share-based payments charge comprise?
Facts: a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23).
Answer: a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23).

Question: What are the components considered in the calculation of the Total Directors' remuneration?
Facts: Post-retirement benefits; Salaries and short-term benefits; Share-based payments
Answer: Salaries and short-term benefits; Post-retirement benefits; Share-based payments

Question: In which year was the share-based payments larger?
Facts: 2019
Derivation: 1.7>1.3
Answer: 2019

Question: What was the change in the total directors' remuneration in 2019 from 2018?
Facts: 5.4; 6.3
Derivation: 6.3-5.4
Answer: 0.9 million

Question: What was the percentage change in the total directors' remuneration in 2019 from 2018?
Facts: 5.4; 6.3
Derivation: (6.3-5.4)/5.4
Answer: 16.67 percent

Question: What do contract liabilities relate to?
Facts: advance payments received from customers which have not yet been recognised as revenue
Answer: advance payments received from customers which have not yet been recognised as revenue

Question: How much of contract liabilities at 31st December 2018 was recognised as revenue during 2019?
Facts: £8.3m
Answer: £8.3m

Question: What are the components making up total trade and other payables?
Facts: Accruals; Contract liabilities; Other payables; Social security; Trade payables
Answer: Trade payables; Contract liabilities; Social security; Other payables; Accruals

Question: In which year was the amount of trade payables larger?
Facts: 2019
Derivation: 57.9>57.4
Answer: 2019

Question: What was the change in accruals in 2019 from 2018?
Facts: 58.0; 64.8
Derivation: 64.8-58.0
Answer: 6.8 million

Question: What was the percentage change in accruals in 2019 from 2018?
Facts: 58.0; 64.8
Derivation: (64.8-58.0)/58.0
Answer: 11.72 percent

Question: What is the vast majority of the right-of-use asset value related to?
Facts: leased property where the Group leases a number of office and warehouse sites in a number of geographical locations
Answer: leased property where the Group leases a number of office and warehouse sites in a number of geographical locations

Question: What is the average lease term?
Facts: 4.3 years
Answer: 4.3 years

Question: What are the different types of leases making up the right-of-use assets in the table?
Facts: Leased fixtures, fittings, tools and equipment; Leased land and buildings; Leased plants and machinery
Answer: Leased land and buildings; Leased plants and machinery; Leased fixtures, fittings, tools and equipment

Question: Which type of lease had the largest amount of Acquisitions?
Facts: Leased land and buildings
Derivation: 0.8>0.3>0
Answer: Leased land and buildings

Question: What was the total net book value of leased land and buildings and leased plant and machinery?
Facts: 31.9; 7.4
Derivation: 31.9+7.4
Answer: 39.3 million

Question: What was the sum of net book values of leased land and buildings and leased plant and machinery as a percentage of the net book value of the total right-of-use assets?
Facts: 31.9; 40.8; 7.4
Derivation: (31.9+7.4)/40.8
Answer: 96.32 percent

Question: Why are the post-retirement mortality assumptions regularly reviewed?
Facts: in light of scheme-specific experience and more widely available statistics
Answer: in light of scheme-specific experience and more widely available statistics

Question: What is the Company accounting for pension costs in accordance to?
Facts: with International Accounting Standard 19
Answer: with International Accounting Standard 19

Question: What were the financial assumptions used at 31st December?
Facts: Discount rate; Rate of increase in pensions; Rate of increase in salaries; Rate of price inflation
Answer: Rate of increase in salaries; Rate of increase in pensions; Rate of price inflation; Discount rate

Question: In which year was the discount rate larger?
Facts: 2018
Derivation: 2.7%>2.1%
Answer: 2018

Question: What was the absolute percentage change in the rate of price inflation from 2018 to 2019?
Facts: 2.9; 3.2
Derivation: 2.9%-3.2%
Answer: -0.3 percent

Question: What was the absolute percentage change in the discount rate from 2018 to 2019?
Facts: 2.1; 2.7
Derivation: 2.1%-2.7%
Answer: -0.6 percent

Question: What does ROCE measure?
Facts: effective management of fixed assets and working capital relative to the profitability of the business
Answer: effective management of fixed assets and working capital relative to the profitability of the business

Question: How is ROCE calculated?
Facts: adjusted operating profit divided by average capital employed
Answer: adjusted operating profit divided by average capital employed

Question: What are the components factored in when calculating the adjusted operating profit?
Facts: Adjustments; Operating profit
Answer: Operating profit; Adjustments

Question: In which year was the amount of other current assets larger?
Facts: 2019
Derivation: 35.3>32.9
Answer: 2019

Question: What was the change in the adjusted operating profit in 2019 from 2018?
Facts: 264.9; 282.7
Derivation: 282.7-264.9
Answer: 17.8 million

Question: What was the percentage change in the adjusted operating profit in 2019 from 2018?
Facts: 264.9; 282.7
Derivation: (282.7-264.9)/264.9
Answer: 6.72 percent

Question: What did the write-down of inventories recognised as an expense during the year in respect of continuing operations comprise of?
Facts: a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand
Answer: a cost of £5.1m (2018: £4.8m) to write-down inventory to net realisable value reduced by £4.4m (2018: £1.3m) for reversal of previous write-down reassessed as a result of customer demand

Question: What is the value of inventories expected to be recovered after more than 12 months in 2019?
Facts: £13.4m
Answer: £13.4m

Question: What are the components which make up the total inventories?
Facts: Finished goods and goods for resale; Raw materials, consumables and components; Work in progress
Answer: Raw materials, consumables and components; Work in progress; Finished goods and goods for resale

Question: In which year was the Work in progress value larger?
Facts: 2018
Derivation: 25.5<25.7
Answer: 2018

Question: What was the change in total inventories from 2018 to 2019?
Facts: 160.6; 185.9
Derivation: 185.9-160.6
Answer: 25.3 million

Question: What was the percentage change in total inventories from 2018 to 2019?
Facts: 160.6; 185.9
Derivation: (185.9-160.6)/160.6
Answer: 15.75 percent

Question: What information does the table provide?
Facts: The aggregate payroll costs of persons employed by the Group
Answer: The aggregate payroll costs of persons employed by the Group

Question: What was the total payroll costs in 2018?
Facts: 403.9
Answer: 403.9 million

Question: What are the different components that make up the total payroll costs?
Facts: Pension costs; Social security costs; Wages and salaries
Answer: Wages and salaries; Social security costs; Pension costs

Question: In which year was the amount of wages and salaries larger?
Facts: 2019
Derivation: 345.6>325.9
Answer: 2019

Question: What was the change in social security costs in 2019 from 2018?
Facts: 58.7; 71.6
Derivation: 71.6-58.7
Answer: 12.9 million

Question: What was the percentage change in social security costs in 2019 from 2018?
Facts: 58.7; 71.6
Derivation: (71.6-58.7)/58.7
Answer: 21.98 percent

Question: What is the aim of the ESOP?
Facts: to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions
Answer: to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions

Question: When does the accumulation period for the 2019 ESOP end?
Facts: September 2020
Answer: September 2020

Question: For which years of share issuance are the relevant disclosures in respect of the Employee Share Ownership Plans analysed?
Facts: 2015; 2016; 2017; 2018; 2019
Answer: 2015; 2016; 2017; 2018; 2019

Question: In which grant year was the risk free interest rate the highest?
Facts: 2018
Derivation: 0.8%>0.5%>0.4%>0.1%
Answer: 2018

Question: What was the change in the number of employees in 2019 from 2018?
Facts: 1,294; 1,318
Derivation: 1,318-1,294
Answer: 24

Question: What was the percentage change in the number of employees in 2019 from 2018?
Facts: 1,294; 1,318
Derivation: (1,318-1,294)/1,294
Answer: 1.85 percent

Question: How were the voting rights in the table determined?
Facts: in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency Rules DTR 5
Answer: in accordance with the requirements of the UK Listing Authority’s Disclosure and Transparency Rules DTR 5

Question: What do the voting rights in the table represent?
Facts: 3% or more of the voting rights attached to issued shares in the Company as at 28th February 2020 and 31st December 2019
Answer: 3% or more of the voting rights attached to issued shares in the Company as at 28th February 2020 and 31st December 2019

Question: What are the companies under substantial shareholdings in the table?
Facts: APG Groep N.V.; BlackRock, Inc.; Fiera Capital Corporation; Sun Life Financial, Inc.; The Capital Group Companies, Inc.; The Vanguard Group, Inc.
Answer: The Capital Group Companies, Inc.; Sun Life Financial, Inc.; BlackRock, Inc.; Fiera Capital Corporation; APG Groep N.V.; The Vanguard Group, Inc.

Question: Which company has the largest % of issued share capital as at 28.02.20?
Facts: The Capital Group Companies, Inc.
Derivation: 8.9%>7.4%>6.7%>6.5%>5.5%>3.6%
Answer: The Capital Group Companies, Inc.

Question: What was the change in the number of ordinary shares for BlackRock, Inc. in 2020 from 2019?
Facts: 4,624,204; 4,913,790
Derivation: 4,913,790-4,624,204
Answer: 289586

Question: What was the percentage change in the number of ordinary shares for BlackRock, Inc. in 2020 from 2019?
Facts: 4,624,204; 4,913,790
Derivation: (4,913,790-4,624,204)/4,624,204
Answer: 6.26 percent

Question: What does the ROIC measure?
Facts: the after tax return on the total capital invested in the business
Answer: the after tax return on the total capital invested in the business

Question: How is the ROIC calculated?
Facts: adjusted operating profit after tax divided by average invested capital
Answer: adjusted operating profit after tax divided by average invested capital

Question: What are the components factored in when calculating the total invested capital?
Facts: Net debt; Total equity
Answer: Total equity; Net debt

Question: In which year was the amount of adjusted operating profit after tax (excluding IFRS 16) larger?
Facts: 2019
Derivation: 201.2>191.8
Answer: 2019

Question: What is the change in net debt in 2019 from 2018?
Facts: 235.8; 334.1
Derivation: 334.1-235.8
Answer: 98.3 million

Question: What is the percentage change in net debt in 2019 from 2018?
Facts: 235.8; 334.1
Derivation: (334.1-235.8)/235.8
Answer: 41.69 percent

Question: What does the Board use Adjusted cash from operations for?
Facts: to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business
Answer: to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business

Question: How is cash conversion calculated?
Facts: as adjusted cash from operations divided by adjusted operating profit
Answer: as adjusted cash from operations divided by adjusted operating profit

Question: In which years was the adjusted cash conversion calculated in?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the adjusted cash from operations larger?
Facts: 2018
Derivation: 242.9>238.1
Answer: 2018

Question: What was the percentage change in the adjusted cash conversion in 2019 from 2018?
Facts: 84; 91
Derivation: 91%-84%
Answer: 7 percent

Question: What was the percentage change in the amount of tax paid in 2019 from 2018?
Facts: 61.6; 78.4
Derivation: (78.4-61.6)/61.6
Answer: 27.27 percent

Question: What is the country of incorporation of the principal Group companies?
Facts: the same as the country of operation with the exception of companies operating in the United Kingdom which are incorporated in Great Britain
Answer: the same as the country of operation with the exception of companies operating in the United Kingdom which are incorporated in Great Britain

Question: What is the cost of investment at the end of 2019?
Facts: 662.0
Answer: 662.0 million

Question: What made up the Additions in the year of 2019?
Facts: Spirax Sarco America Investments Limited £212.4m; investments in Gestra Holdings Limited £1.6m
Answer: investments in Gestra Holdings Limited £1.6m; Spirax Sarco America Investments Limited £212.4m

Question: In which year was the Share options issued to subsidiary company employees larger?
Facts: 2018
Derivation: 2.6>2.2
Answer: 2018

Question: What was the change in the cost at 31st December in 2019 from 2018?
Facts: 445.8; 662.0
Derivation: 662.0-445.8
Answer: 216.2 million

Question: What was the percentage change in the cost at 31st December in 2019 from 2018?
Facts: 445.8; 662.0
Derivation: (662.0-445.8)/445.8
Answer: 48.5 percent

Question: What was consolidated as a result of the review on the basis of identification of the individual CGUs?
Facts: a number of our current individual CGUs into groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3
Answer: a number of our current individual CGUs into groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3

Question: How are the carrying values of goodwill estimated?
Facts: using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further 9 years based on the most recent forecasts prepared by management
Answer: using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further 9 years based on the most recent forecasts prepared by management

Question: What are the different operating segment as part of the goodwill impairment reviews?
Facts: Electric Thermal Solutions; Steam Specialties; Watson-Marlow
Answer: Steam Specialties; Electric Thermal Solutions; Watson-Marlow

Question: In which year was the amount of Goodwill for Watson-Marlow larger?
Facts: 2018
Derivation: 65.7>60.0
Answer: 2018

Question: What was the change in total goodwill in 2019 from 2018?
Facts: 368.0; 417.7
Derivation: 417.7-368.0
Answer: 49.7 million

Question: What was the percentage change in total goodwill in 2019 from 2018?
Facts: 368.0; 417.7
Derivation: (417.7-368.0)/368.0
Answer: 13.51 percent

Question: What is the amount of dividend payments in 2019?
Facts: £76.3 million
Answer: £76.3 million

Question: What led to the increase in net debt in 2019?
Facts: the acquisition of Thermocoax
Answer: the acquisition of Thermocoax

Question: What was the  Net debt and lease liability at 31st December for 2018 and 2019 respectively?
Facts: (235.8); (334.1)
Answer: (334.1); (235.8) million

Question: In which year was the amount of Depreciation and amortisation (excluding IFRS 16) larger?
Facts: 2019
Derivation: 34.3>32.9
Answer: 2019

Question: What was the change in free cash flow in 2019 from 2018?
Facts: 154.3; 174.6
Derivation: 154.3-174.6
Answer: -20.3 million

Question: What was the percentage change in free cash flow in 2019 from 2018?
Facts: 154.3; 174.6
Derivation: (154.3-174.6)/174.6
Answer: -11.63 percent

Question: How is basic adjusted earnings per share defined as?
Facts: adjusted profit for the period attributable to equity holders divided by the weighted average number of shares
Answer: adjusted profit for the period attributable to equity holders divided by the weighted average number of shares

Question: How is diluted adjusted earnings per share defined as?
Facts: adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares
Answer: adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares

Question: What is the Tax effects on adjusted items for 2018 and 2019 respectively?
Facts: (5.0); (8.5)
Answer: (5.0); (8.5) million

Question: In which year was the basic adjusted earnings per share larger?
Facts: 2019
Derivation: 265.7p>250.0p
Answer: 2019

Question: What was the change in the profit for the period attributable to equity holders as reported under IFRS in 2019 from 2018?
Facts: 166.6; 223.1
Derivation: 166.6-223.1
Answer: -56.5 million

Question: What was the percentage change in the profit for the period attributable to equity holders as reported under IFRS in 2019 from 2018?
Facts: 166.6; 223.1
Derivation: (166.6-223.1)/223.1
Answer: -25.32 percent

Question: Why are the fair values of financial assets and liabilities at 2019 not materially different from book values?
Facts: due to their size or the fact that they were at short-term rates of interest
Answer: due to their size or the fact that they were at short-term rates of interest

Question: How are forward exchange contracts marked to market?
Facts: by discounting the future contracted cash flows using readily available market data
Answer: by discounting the future contracted cash flows using readily available market data

Question: What are the components under financial assets?
Facts: Cash and cash equivalents; Trade, other receivables and contract assets
Answer: Cash and cash equivalents; Trade, other receivables and contract assets

Question: In which year was the carrying value for trade, other receivables and contract assets larger?
Facts: 2018
Derivation: 264.9>263.4
Answer: 2018

Question: What was the change in the carrying value in total financial assets from 2018 to 2019?
Facts: 431.9; 452.0
Derivation: 431.9-452.0
Answer: -20.1 million

Question: What was the percentage change in the carrying value in total financial assets from 2018 to 2019?
Facts: 431.9; 452.0
Derivation: (431.9-452.0)/452.0
Answer: -4.45 percent

Question: How is cash generation data used by the Board?
Facts: key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors’ variable remuneration is based
Answer: key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors’ variable remuneration is based

Question: How is cash generation calculated?
Facts: adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes
Answer: adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes

Question: For which years was the cash generation calculated in?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the amount of adjusted operating profit larger?
Facts: 2019
Derivation: 282.7>264.9
Answer: 2019

Question: What was the change in equity settled share plans in 2019 from 2018?
Facts: 5.7; 6.2
Derivation: 6.2-5.7
Answer: 0.5 million

Question: What was the percentage change in equity settled share plans in 2019 from 2018?
Facts: 5.7; 6.2
Derivation: (6.2-5.7)/5.7
Answer: 8.77 percent

Question: What is the Fair value of scheme’s assets at 2019?
Facts: 59.5
Answer: 59.5 million

Question: What was the actual return on plan assets?
Facts: a gain of £5.5m (2018: £1.0m loss)
Answer: a gain of £5.5m (2018: £1.0m loss)

Question: For which years was the net pension asset calculated for?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the net pension asset larger?
Facts: 2019
Derivation: 4.7>3.1
Answer: 2019

Question: What was the change in net pension asset from 2018 to 2019?
Facts: 3.1; 4.7
Derivation: 4.7-3.1
Answer: 1.6 million

Question: What was the percentage change in net pension asset from 2018 to 2019?
Facts: 3.1; 4.7
Derivation: (4.7-3.1)/3.1
Answer: 51.61 percent