REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
London Stock Exchange | ||||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | |||||||||||||
Emerging growth company |
Page | ||||||||
Company Name | Principal Activity | Country of Incorporation | Ownership Interest | |||||||||||||||||
Ferguson Enterprises, LLC(1) | Operating company | United States | 100% | |||||||||||||||||
Ferguson Finance (Switzerland) AG | Financing company | Switzerland | 100% | |||||||||||||||||
Ferguson Group Holdco Limited | Investment company | England and Wales | 100% | |||||||||||||||||
Ferguson Holdings Limited | Holding company | Jersey | 100% | |||||||||||||||||
Ferguson Holdings (Switzerland) AG | Investment company | Switzerland | 100% | |||||||||||||||||
Ferguson Swiss Holdings Limited | Investment company | England and Wales | 100% | |||||||||||||||||
Ferguson Overseas Limited | Investment company | England and Wales | 100% | |||||||||||||||||
Ferguson UK Holdings Limited(2) | Investment company | England and Wales | 100% | |||||||||||||||||
Ferguson U.S. Holdings, Inc.(3) | Investment company | United States | 100% |
Location | Square Feet | Leased/Owned | ||||||||||||
Fort Payne, AL | 643,000 | Owned | ||||||||||||
Stockton, CA (land) | — | Leased | ||||||||||||
Stockton, CA (building) | 648,200 | Owned | ||||||||||||
Perris, CA | 1,039,898 | Owned | ||||||||||||
Frostproof, FL | 521,122 | Owned | ||||||||||||
Waterloo, IA | 608,800 | Owned | ||||||||||||
Celina, OH | 676,320 | Owned | ||||||||||||
Coxsackie, NY | 465,000 | Owned | ||||||||||||
McGregor, TX | 542,000 | Owned | ||||||||||||
Front Royal, VA | 753,880 | Leased | ||||||||||||
Richland, WA | 643,477 | Owned |
Location | Square Feet | Leased/Owned | ||||||||||||
Milton, ON | 292,395 | Leased |
Year ended July 31, | |||||||||||
2021 | 2020 | ||||||||||
$ million | |||||||||||
Revenue | 22,792 | 19,940 | |||||||||
Cost of sales | (15,812) | (13,957) | |||||||||
Gross profit | 6,980 | 5,983 | |||||||||
Operating costs | (4,946) | (4,534) | |||||||||
Operating profit | 2,034 | 1,449 | |||||||||
Finance costs | (145) | (147) | |||||||||
Finance income | 1 | 7 | |||||||||
Share of profit/(loss) after tax of associate | 1 | (2) | |||||||||
Gain on disposal of interests in associates and other investments | — | 7 | |||||||||
Impairment of interests in associates | — | (22) | |||||||||
Profit before tax | 1,891 | 1,292 | |||||||||
Tax | (241) | (317) | |||||||||
Profit from continuing operations | 1,650 | 975 | |||||||||
Loss from discontinued operations | (142) | (14) | |||||||||
Profit for the year | 1,508 | 961 |
Year Ended July 31, | |||||||||||
2021 | 2020 | ||||||||||
$ million | |||||||||||
Revenue | 21,478 | 18,857 | |||||||||
Underlying trading profit(1) | 2,073 | 1,587 |
% of United States segment revenue Fiscal 2021 | United States segment revenue growth Fiscal 2021 | ||||||||||
Residential | ~56 | 19 | % | ||||||||
Commercial | ~31 | 9 | % | ||||||||
Civil/Infrastructure | ~7 | 15 | % | ||||||||
Industrial | ~6 | (1 | %) | ||||||||
Total | 13.9 | % |
Year Ended July 31, | |||||||||||
2021 | 2020 | ||||||||||
$ million | |||||||||||
Revenue | 1,314 | 1,083 | |||||||||
Underlying trading profit(1) | 76 | 43 |
Year Ended July 31, | |||||||||||
2020 | 2019 | ||||||||||
$ million | |||||||||||
Revenue | 18,857 | 18,358 | |||||||||
Underlying trading profit(1) | 1,587 | 1,508 |
% of United States segment revenue Fiscal 2020 | United States segment revenue growth Fiscal 2020 | ||||||||||
Residential | ~54 | 5 | % | ||||||||
Commercial | ~32 | 1 | % | ||||||||
Civil/Infrastructure | ~7 | 9 | % | ||||||||
Industrial | ~7 | (10) | % | ||||||||
Total | 2.7 | % |
Year Ended July 31, | |||||||||||
2020 | 2019 | ||||||||||
$ million | |||||||||||
Revenue | 1,083 | 1,371 | |||||||||
Underlying trading profit(1) | 43 | 76 |
As at July 31, | |||||||||||
2021 | 2020 | ||||||||||
$ million | |||||||||||
Bank overdrafts | 183 | 248 | |||||||||
Senior unsecured loan notes | 2,528 | 2,918 | |||||||||
Total borrowings | 2,711 | 3,166 |
As at July 31, 2021 | |||||||||||||||||
Current | Non-current | Total | |||||||||||||||
$ million | |||||||||||||||||
Bank overdrafts | 183 | — | 183 | ||||||||||||||
Senior unsecured loan notes | — | 2,528 | 2,528 | ||||||||||||||
Total | 183 | 2,528 | 2,711 |
As at July 31, 2021 | |||||
$ million | |||||
Due in one to two years | 250 | ||||
Due in two to three years | 55 | ||||
Due in three to four years | 150 | ||||
Due in four to five years | 400 | ||||
Due in over five years | 1,673 | ||||
Total | 2,528 |
Year Ended July 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Capital Expenditure | $ million | ||||||||||||||||
Acquisition of businesses (net of cash acquired) | 335 | 351 | 657 | ||||||||||||||
Purchases of property, plant and equipment | 174 | 215 | 382 | ||||||||||||||
Purchases of intangible assets | 72 | 87 | 36 | ||||||||||||||
Total | 581 | 653 | 1,075 |
As at July 31, 2021 | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||||||||||||
Contractual Obligations | $ million | ||||||||||||||||||||||||||||
Debt including lease liabilities(a) | 3,595 | 263 | 764 | 786 | 1,782 | ||||||||||||||||||||||||
Interest on debt(b) | 728 | 130 | 219 | 172 | 207 | ||||||||||||||||||||||||
Trade(c) and other payables(d) | 3,525 | 3,188 | 56 | 37 | 244 | ||||||||||||||||||||||||
Total | 7,848 | 3,581 | 1,039 | 995 | 2,233 |
Year ended July 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
$ million | |||||||||||||||||
Net cash generated from operating activities | 1,541 | 1,868 | 1,290 | ||||||||||||||
Net cash used in investing activities | (172) | (606) | (783) | ||||||||||||||
Net cash (used in)/generated from financing activities | (2,085) | (485) | 131 | ||||||||||||||
Net cash (used)/generated | (716) | 777 | 638 | ||||||||||||||
Effects of exchange rate changes | 1 | 4 | (10) | ||||||||||||||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 1,867 | 1,086 | 458 | ||||||||||||||
Cash, cash equivalents and bank overdrafts at the end of the year | 1,152 | 1,867 | 1,086 |
Name | Position | |||||||
Geoff Drabble | Chairman | |||||||
Kevin Murphy | Group Chief Executive and Executive Director | |||||||
Bill Brundage | Group Chief Financial Officer and Executive Director | |||||||
Alan Murray | Senior Independent Non-Executive Director and Employee Engagement Director | |||||||
Kelly Baker | Independent Non-Executive Director | |||||||
Tessa Bamford | Independent Non-Executive Director | |||||||
Cathy Halligan | Independent Non-Executive Director | |||||||
Brian May | Independent Non-Executive Director | |||||||
Tom Schmitt | Independent Non-Executive Director | |||||||
Nadia Shouraboura | Independent Non-Executive Director | |||||||
Jacky Simmonds | Independent Non-Executive Director | |||||||
Suzanne Wood | Independent Non-Executive Director |
Name | Position | |||||||
Kevin Murphy | Group Chief Executive and Executive Director | |||||||
Bill Brundage | Group Chief Financial Officer and Executive Director | |||||||
Ian Graham | Group General Counsel | |||||||
Sammie Long | Chief Human Resources Officer | |||||||
Mike Sajor | Group Chief Information Officer |
Fees(1)(2) (£000) 2020/21 | |||||
Chairman’s Fee | 410.5 | ||||
Non-Executive Director Base Fee | 71.5 | ||||
Additional Fees: | |||||
Senior Independent Director | 21.0 | ||||
Chair of Audit Committee | 21.0 | ||||
Chair of Remuneration Committee | 21.0 | ||||
Employee Engagement Director | 10.2 |
Fees (£000) 2020/21 | Travel Allowance (£000) 2020/21 | Benefits(1)(2) (£000) 2020/21 | |||||||||||||||
Chairman and Non-Executive Directors(3) | |||||||||||||||||
Geoff Drabble | 410.5 | 0.0 | 1.9 | ||||||||||||||
Kelly Baker(4) | 17.9 | 0.0 | 0.0 | ||||||||||||||
Tessa Bamford | 71.5 | 0.0 | 0.0 | ||||||||||||||
Cathy Halligan | 71.5 | 0.0 | 0.0 | ||||||||||||||
Brian May(4) | 41.7 | 0.0 | 0.0 | ||||||||||||||
Alan Murray | 123.7 | 0.0 | 0.0 | ||||||||||||||
Tom Schmitt | 71.5 | 0.0 | 0.0 | ||||||||||||||
Nadia Shouraboura | 71.5 | 0.0 | 0.0 | ||||||||||||||
Jacky Simmonds | 92.5 | 0.0 | 0.6 | ||||||||||||||
Suzanne Wood(4) | 41.7 | 0.0 | 0.0 |
Share-Based Awards (000) | |||||||||||||||||||||||||||||
Executive Directors | Salary (000) | Benefits(1) (000) | Bonuses(2) (000) | Granted in year(3) | Vested in year(4) | ||||||||||||||||||||||||
Kevin Murphy | $ | 1,118.3 | $ | 329.4 | $ | 1,677.5 | $ | 4,125.8 | $ | 3,077.5 | |||||||||||||||||||
Bill Brundage(5) | $ | 552.5 | $ | 238.1 | $ | 603.4 | $ | 1,544.4 | $ | 348.8 | |||||||||||||||||||
Mike Powell(6) | £148.7 | £41.9 | — | — | £1,721.1 |
Threshold | Target | Maximum | |||||||||||||||
as a % of salary | |||||||||||||||||
Kevin Murphy | 49 | % | 110 | % | 150 | % | |||||||||||
Bill Brundage(1) (November 1, 2020 to July 31, 2021) | 50 | % | 90 | % | 110 | % |
Name | Award | Type of Award | Number of Shares (#)(1) | Option Expiration Date | Face Value of Award (£000)(2)(3) | |||||||||||||||||||||||||||
Directors | ||||||||||||||||||||||||||||||||
Kevin Murphy | LTIP | Conditional awards | 37,900 | n/a | 3,042.6 | |||||||||||||||||||||||||||
Bill Brundage | LTIP | Conditional awards | 14,329 | n/a | 1,139.0 |
As at July 31, | |||||||||||||||||
FTE associates by Business Segment | 2021 | 2020 | 2019 | ||||||||||||||
United States | |||||||||||||||||
Canada | |||||||||||||||||
Other | |||||||||||||||||
Continuing operations |
Name | Number of Ordinary Shares Beneficially Owned | Percentage of Ordinary Shares Outstanding | |||||||||
Geoff Drabble | 4,983 | * | |||||||||
Kevin Murphy(1) | 90,350 | * | |||||||||
Bill Brundage(2) | 25,482 | * | |||||||||
Alan Murray | 2,368 | * | |||||||||
Kelly Baker | — | — | |||||||||
Tessa Bamford | 1,940 | * | |||||||||
Cathy Halligan | 425 | * | |||||||||
Brian May | — | — | |||||||||
Tom Schmitt | 1,350 | * | |||||||||
Nadia Shouraboura | — | — | |||||||||
Jacky Simmonds | 1,894 | * | |||||||||
Suzanne Wood | — | — | |||||||||
Ian Graham(3) | 2,501 | * | |||||||||
Sammie Long(4) | 26,953 | * | |||||||||
Mike Sajor(5) | 16,798 | * |
Name of Shareholder | Ordinary Shares | Percentage of Share Capital | Date Notification Received | ||||||||||||||
BlackRock | 23,859,924 | 10.60 | % | March 10, 2021(1) | |||||||||||||
Trian Fund Management, L.P. | 11,935,627 | 5.14 | % | June 12, 2019(2) | |||||||||||||
FIL Limited | 12,339,472 | 4.95 | % | February 15, 2010(2) | |||||||||||||
Norges Bank | 8,660,609 | 3.61 | % | October 10, 2017(2) |
For the Year Ended July 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
$m | |||||||||||||||||
Audit fees(1) | 7.4 | 4.2 | |||||||||||||||
Audit-related fees(2) | 3.2 | 2.6 | |||||||||||||||
Tax Fees | — | — | |||||||||||||||
All other fees(3) | — | 0.9 | |||||||||||||||
Total | 10.6 | 7.7 |
Period | (a) Total Number of Shares Purchased | (b) Average Prices Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Program(1) | (d) Maximum Value of Shares that May Yet Be Purchased Under the Program(1) | ||||||||||||||||||||||
March 1 - March 31, 2021 | 416,552 | $ | 119.89 | 416,552 | $ | 350,061,613 | ||||||||||||||||||||
April 1 - April 30, 2021 | 779,137 | 127.22 | 779,137 | 250,937,175 | ||||||||||||||||||||||
May 1 - May 31, 2021 | 616,781 | 129.54 | 616,781 | 171,037,108 | ||||||||||||||||||||||
June 1 - June 30, 2021 | 734,189 | 138.86 | 734,189 | 69,084,032 | ||||||||||||||||||||||
July 1 - July 31, 2021 | 473,709 | 145.25 | 473,709 | — | ||||||||||||||||||||||
Total | 3,020,368 | $ | 132.34 | 3,020,368 | $ | — |
Ferguson plc | |||||
By: | /s/ William Brundage | ||||
Name: William Brundage | |||||
Title: Group Chief Financial Officer |
Notes | 2021 | 20201 | 20191 2 | ||||||||||||||||||||
$m | $m | $m | |||||||||||||||||||||
Revenue | 2 | ||||||||||||||||||||||
Cost of sales | ( | ( | ( | ||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating costs | ( | ( | ( | ||||||||||||||||||||
Operating profit | 3 | ||||||||||||||||||||||
Finance costs | 4 | ( | ( | ( | |||||||||||||||||||
Finance income | 4 | ||||||||||||||||||||||
Share of profit/(loss) after tax of associates | ( | ||||||||||||||||||||||
Gain on disposal of interests in associates and other investments | |||||||||||||||||||||||
Impairment of interests in associates | ( | ( | |||||||||||||||||||||
Profit before tax | |||||||||||||||||||||||
Tax | 5 | ( | ( | ( | |||||||||||||||||||
Profit from continuing operations | |||||||||||||||||||||||
(Loss) profit from discontinued operations | 6 | ( | ( | ||||||||||||||||||||
Profit for the year attributable to shareholders of the Company | |||||||||||||||||||||||
Earnings per share | 8 | ||||||||||||||||||||||
Continuing operations and discontinued operations | |||||||||||||||||||||||
Basic earnings per share | ¢ | ¢ | ¢ | ||||||||||||||||||||
Diluted earnings per share | ¢ | ¢ | ¢ | ||||||||||||||||||||
Continuing operations only | |||||||||||||||||||||||
Basic earnings per share | ¢ | ¢ | ¢ | ||||||||||||||||||||
Diluted earnings per share | ¢ | ¢ | ¢ |
Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||
$m | $m | $m | |||||||||||||||||||||
Profit for the year | |||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Exchange gain/(loss) on translation of overseas operations(1) | ( | ||||||||||||||||||||||
Exchange (loss)/gain on translation of borrowings and derivatives designated as hedges of overseas operations(1) | ( | ( | |||||||||||||||||||||
Cumulative currency translation differences recycled on disposals(1) | |||||||||||||||||||||||
Cumulative currency translation differences on disposal of interests in associates(1) | |||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: | |||||||||||||||||||||||
Remeasurement of retirement benefit plans(2) | 22 | ( | ( | ||||||||||||||||||||
Tax (charge)/credit on items that will not be reclassified to profit or loss(2) | 5, 22 | ( | |||||||||||||||||||||
Other comprehensive income/(expense) for the year | ( | ( | |||||||||||||||||||||
Total comprehensive income for the year | |||||||||||||||||||||||
Total comprehensive income attributable to: | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Discontinued operations | ( | ||||||||||||||||||||||
Total comprehensive income for the year attributable to shareholders of the Company |
Reserves | Non- controlling interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes | Share capital | Share premium | Translation reserve | Treasury shares | Own shares | Retained earnings | Total equity | ||||||||||||||||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2018 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the year | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive expense | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of Treasury shares | 23 | ( | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Group reconstruction | ( | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Capital reduction | — | ( | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 23 | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Credit to equity for share-based payments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax relating to share-based payments | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment arising from change in non-controlling interest | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury shares | 23 | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Disposal of Treasury shares | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | 7 | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2019 | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment on adoption of IFRS 16 | 1 | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
On August 1, 2019 | ( | ( | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the year | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive expense | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 23 | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Credit to equity for share-based payments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax relating to share-based payments | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury shares | 23 | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Disposal of Treasury shares | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | 7 | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2020 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Profit for the year | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of exchange on translation of overseas operations | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Credit to equity for share-based payments | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Tax relating to share-based payments | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury shares | 23 | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Disposal of Treasury shares | 23 | — | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | 7 | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2021 | ( | ( | ( |
Notes | 2021 | 2020 | |||||||||||||||
$m | $m | ||||||||||||||||
Assets | |||||||||||||||||
Non-current assets | |||||||||||||||||
Intangible assets: goodwill | 10 | ||||||||||||||||
Intangible assets: other | 11 | ||||||||||||||||
Right of use assets | 12 | ||||||||||||||||
Property, plant and equipment | 13 | ||||||||||||||||
Interests in associates | |||||||||||||||||
Other financial assets | |||||||||||||||||
Retirement benefit assets | 22 | ||||||||||||||||
Deferred tax assets | 14 | ||||||||||||||||
Trade and other receivables | 16 | ||||||||||||||||
Derivative financial assets | 20 | ||||||||||||||||
Current assets | |||||||||||||||||
Inventories | 15 | ||||||||||||||||
Trade and other receivables | 16 | ||||||||||||||||
Current tax receivable | |||||||||||||||||
Other financial assets | |||||||||||||||||
Derivative financial assets | 20 | ||||||||||||||||
Cash and cash equivalents | 17 | ||||||||||||||||
Assets held for sale | |||||||||||||||||
Total assets | |||||||||||||||||
Liabilities | |||||||||||||||||
Current liabilities | |||||||||||||||||
Trade and other payables | 18 | ||||||||||||||||
Current tax payable | |||||||||||||||||
Borrowings | 19 | ||||||||||||||||
Lease liabilities | 12 | ||||||||||||||||
Provisions | 21 | ||||||||||||||||
Non-current liabilities | |||||||||||||||||
Trade and other payables | 18 | ||||||||||||||||
Borrowings | 19 | ||||||||||||||||
Lease liabilities | 12 | ||||||||||||||||
Deferred tax liabilities | 14 | ||||||||||||||||
Provisions | 21 | ||||||||||||||||
Retirement benefit obligations | 22 | ||||||||||||||||
Total liabilities | |||||||||||||||||
Net assets | |||||||||||||||||
Equity | |||||||||||||||||
Share capital | 23 | ||||||||||||||||
Share premium | |||||||||||||||||
Reserves | |||||||||||||||||
Equity attributable to shareholders of the Company |
Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||
$m | $m | $m | |||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Cash generated from operations | 24 | ||||||||||||||||||||||
Interest received | |||||||||||||||||||||||
Interest paid | ( | ( | ( | ||||||||||||||||||||
Tax paid | ( | ( | ( | ||||||||||||||||||||
Net cash generated from operating activities | |||||||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Acquisition of businesses (net of cash acquired) | 25 | ( | ( | ( | |||||||||||||||||||
Disposals of businesses (net of cash disposed of) | 26 | ||||||||||||||||||||||
Purchases of property, plant and equipment | ( | ( | ( | ||||||||||||||||||||
Net proceeds from disposal of property, plant and equipment, assets held for sale and right of use assets | |||||||||||||||||||||||
Purchases of intangible assets | ( | ( | ( | ||||||||||||||||||||
Acquisition of associates and other investments | ( | ( | ( | ||||||||||||||||||||
Disposal of interests in associates and other investments | |||||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Proceeds from the issue of shares | 23 | ||||||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 23 | ( | ( | ||||||||||||||||||||
Purchase of Treasury shares | ( | ( | ( | ||||||||||||||||||||
Proceeds from the sale of Treasury shares | 23 | ||||||||||||||||||||||
Proceeds from loans and derivatives | 27 | ||||||||||||||||||||||
Repayments of loans | 27 | ( | ( | ( | |||||||||||||||||||
Lease liability capital payments | 27 | ( | ( | ||||||||||||||||||||
Finance lease capital payments | 27 | ( | |||||||||||||||||||||
Dividends paid to shareholders | ( | ( | ( | ||||||||||||||||||||
Net cash (used in)/generated from financing activities | ( | ( | |||||||||||||||||||||
Net cash (used)/generated | ( | ||||||||||||||||||||||
Effects of exchange rate changes | ( | ||||||||||||||||||||||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 27 | ||||||||||||||||||||||
Cash, cash equivalents and bank overdrafts at the end of the year | 27 |
Customer relationships | |||||
Trade names and brands | |||||
Other |
Freehold buildings | |||||
Leasehold improvements | over the period of the lease | ||||
Plant and machinery | |||||
Computer hardware | |||||
Fixtures and fittings | |||||
Motor vehicles |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
USA | |||||||||||||||||
Canada and Central Europe | |||||||||||||||||
Revenue from external customers |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Residential | |||||||||||||||||
Commercial | |||||||||||||||||
Civil/Infrastructure | |||||||||||||||||
Industrial | |||||||||||||||||
USA | |||||||||||||||||
Canada and Central Europe | |||||||||||||||||
Continuing operations |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Underlying trading profit | |||||||||||||||||
USA | |||||||||||||||||
Canada and Central Europe | |||||||||||||||||
Reconciliation of underlying trading profit to profit before tax | |||||||||||||||||
Total reportable segments results | |||||||||||||||||
Central and other costs | ( | ( | ( | ||||||||||||||
Gain on disposal of businesses | |||||||||||||||||
Business restructuring(1) | ( | ( | |||||||||||||||
Corporate restructuring(2) | ( | ( | |||||||||||||||
Pension plan changes/closure(3) | ( | ||||||||||||||||
Amortization of acquired intangible assets | ( | ( | ( | ||||||||||||||
Net finance costs | ( | ( | ( | ||||||||||||||
Share of profit/(loss) after tax of associates | ( | ||||||||||||||||
Gain on disposal of interests in associates and other investments | |||||||||||||||||
Impairment of interests in associates | ( | ( | |||||||||||||||
Impact of leases | |||||||||||||||||
Profit before tax(4) |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Segment assets | Segment liabilities | Segment net assets/ (liabilities) | Segment assets | Segment liabilities | Segment net assets/ (liabilities) | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
USA | ( | ( | |||||||||||||||||||||||||||||||||
Canada | ( | ( | |||||||||||||||||||||||||||||||||
Total reportable segments | ( | ( | |||||||||||||||||||||||||||||||||
Central and other costs | ( | ( | ( | ||||||||||||||||||||||||||||||||
Discontinued operations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Tax assets/(liabilities) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Derivative financial assets/(liabilities) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
Borrowings | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Group assets/(liabilities) | ( | ( |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
USA | |||||||||||
Canada | |||||||||||
UK | |||||||||||
Group |
2021 | |||||||||||||||||||||||||||||
Additions to goodwill | Additions to other acquired intangible assets and interests in associates | Additions to non-acquired intangible assets | Additions to right of use assets | Additions to property, plant and equipment | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
USA | |||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||
Group |
2020 | |||||||||||||||||||||||||||||
Additions to goodwill | Additions to other acquired intangible assets and interests in associates | Additions to non-acquired intangible assets | Additions to right of use assets | Additions to property, plant and equipment | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
USA | |||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||
Group |
2021 | |||||||||||||||||||||||||||||
Impairment of goodwill, other acquired intangible assets and interests in associates | Amortization of other acquired intangible assets | Amortization and impairment of non-acquired intangible assets | Depreciation and impairment of right of use assets | Depreciation and impairment of property, plant and equipment | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
USA | |||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||||||||
Central and other costs | |||||||||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||
Group |
2020 | |||||||||||||||||||||||||||||
Impairment of goodwill, other acquired intangible assets and interests in associates | Amortization of other acquired intangible assets | Amortization and impairment of non-acquired intangible assets | Depreciation and impairment of right of use assets | Depreciation and impairment of property, plant and equipment | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
USA | |||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||||||||
Central and other costs | |||||||||||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||
Group |
Notes | 2021 | 2020 | 2019 | ||||||||||||||||||||
$m | $m | $m | |||||||||||||||||||||
Amortization of acquired intangible assets | 11 | ||||||||||||||||||||||
Amortization of non-acquired intangible assets | 11 | ||||||||||||||||||||||
Depreciation of right of use assets | 12 | ||||||||||||||||||||||
Impairment of right of use assets | 12 | ||||||||||||||||||||||
Depreciation of property, plant and equipment | 13 | ||||||||||||||||||||||
Impairment of property, plant and equipment | 13 | ||||||||||||||||||||||
Gain on disposal of businesses | ( | ||||||||||||||||||||||
Amounts included in cost of sales with respect to inventory | |||||||||||||||||||||||
Staff costs | 9 | ||||||||||||||||||||||
Operating lease rentals: land and buildings | |||||||||||||||||||||||
Operating lease rentals: plant and machinery | |||||||||||||||||||||||
Trade receivables impairment | ( |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Finance income | |||||||||||||||||
Interest cost on borrowings | ( | ( | ( | ||||||||||||||
Unwind of fair value adjustment to senior unsecured loan notes | |||||||||||||||||
Lease liability expense | ( | ( | |||||||||||||||
Net interest (expense)/income on defined benefit obligation (note 22) | ( | ||||||||||||||||
Valuation gains on financial instruments | |||||||||||||||||
Finance costs | ( | ( | ( | ||||||||||||||
Total net finance costs | ( | ( | ( |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Current year tax charge | |||||||||||||||||
Adjustments to tax charge in respect of prior years | ( | ||||||||||||||||
Total current tax charge | |||||||||||||||||
Deferred tax (credit)/charge: origination and reversal of temporary differences | ( | ( | |||||||||||||||
Total tax charge |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Deferred tax (charge)/credit on remeasurement of retirement benefit plans | ( | ||||||||||||||||
Total tax on items (charge)/credit to the Group statement of comprehensive income | ( |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Current tax credit on share-based payments | |||||||||||||||||
Deferred tax credit on share-based payments | |||||||||||||||||
Total tax on items credited to equity |
Total profit/tax from continuing operations | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||
Tax reconciliation: | $m | % | $m | % | $m | % | ||||||||||||||||||||||||||||||||
Profit before tax | ||||||||||||||||||||||||||||||||||||||
Expected tax at weighted average tax rate(1) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Adjusted for the effects of: | ||||||||||||||||||||||||||||||||||||||
over/(under) provisions in respect of prior periods(2) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
current year credit/(charge) in relation to uncertain tax provisions(3) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
tax credits and incentives | ( | ( | ( | |||||||||||||||||||||||||||||||||||
non-taxable income | ( | ( | ( | |||||||||||||||||||||||||||||||||||
recognition of previously unrecognized deferred tax asset | ( | |||||||||||||||||||||||||||||||||||||
other(4) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
effect of tax rate changes(5) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Tax (charge) / effective tax rate | ( | ( | ( |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Revenue | |||||||||||||||||
Cost of sales | ( | ( | ( | ||||||||||||||
Gross profit | |||||||||||||||||
Operating costs: | |||||||||||||||||
(loss)/gain on disposal of businesses | ( | ||||||||||||||||
operating costs | ( | ( | ( | ||||||||||||||
other | ( | ( | |||||||||||||||
Operating costs | ( | ( | ( | ||||||||||||||
Operating (loss)/profit | ( | ( | |||||||||||||||
Net finance (costs)/income | ( | ( | |||||||||||||||
(Loss)/profit before tax | ( | ( | |||||||||||||||
Tax (charge)/credit | ( | ( | |||||||||||||||
(Loss)/profit from discontinued operations | ( | ( | |||||||||||||||
Basic earnings per share | ( | ¢ | ( | ¢ | ¢ | ||||||||||||
Diluted earnings per share | ( | ¢ | ( | ¢ | ¢ |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Final dividend for the year ended July 31, 2018: | — | — | |||||||||||||||
Interim dividend for the year ended July 31, 2019: | — | — | |||||||||||||||
Final dividend for the year ended July 31, 2019: | — | — | |||||||||||||||
Final dividend for the year ended July 31, 2020: | — | — | |||||||||||||||
Interim dividend for the year ended July 31, 2021: | — | — | |||||||||||||||
Special dividend: | — | — | |||||||||||||||
Dividends paid |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Earnings | Basic earnings per share | Diluted earnings per share | Earnings | Basic earnings per share | Diluted earnings per share | ||||||||||||||||||||||||||||||
$m | cents | cents | $m | cents | cents | ||||||||||||||||||||||||||||||
Profit from continuing and discontinued operations attributable to shareholders of the Company | |||||||||||||||||||||||||||||||||||
Loss from discontinued operations | |||||||||||||||||||||||||||||||||||
Profit from continuing operations |
2019 | |||||||||||||||||
Earnings | Basic earnings per share | Diluted earnings per share | |||||||||||||||
$m | cents | cents | |||||||||||||||
Profit from continuing and discontinued operations attributable to shareholders of the Company | |||||||||||||||||
Profit from discontinued operations | ( | ( | ( | ||||||||||||||
Profit from continuing operations |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Wages and salaries | |||||||||||||||||
Social security costs | |||||||||||||||||
Pension costs—defined contribution plans | |||||||||||||||||
Pension costs—defined benefit plans (note 22) | |||||||||||||||||
Share-based payments | |||||||||||||||||
Total staff costs |
Average number of employees | 2021 | 2020 | 2019 | |||||||||||||||||
USA | ||||||||||||||||||||
Canada and Central Europe | ||||||||||||||||||||
Central and other | ||||||||||||||||||||
Continuing operations |
Key management personnel compensation (including Directors) | 2021 | 2020 | 2019 | |||||||||||||||||
$m | $m | $m | ||||||||||||||||||
Salaries, bonuses and other short term employee benefits | ||||||||||||||||||||
Post-employment benefits | ||||||||||||||||||||
Share-based payments | ||||||||||||||||||||
Total compensation |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Cost | |||||||||||
On August 1 | |||||||||||
Exchange rate adjustment | |||||||||||
Acquisitions | |||||||||||
Adjustment to fair value on prior year acquisitions | ( | ||||||||||
Reclassification as held for sale | ( | ||||||||||
At July 31 | |||||||||||
Accumulated impairment losses | |||||||||||
On August 1 | |||||||||||
Exchange rate adjustment | |||||||||||
Reclassification as held for sale | ( | ||||||||||
At July 31 | |||||||||||
Net book value at July 31 |
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Long term growth rate | Post-tax discount rate | Pre-tax discount rate | Goodwill | Long term growth rate | Post-tax discount rate | Pre-tax discount rate | Goodwill | ||||||||||||||||||||||||||||||||||||||||
% | % | % | $m | % | % | % | $m | ||||||||||||||||||||||||||||||||||||||||
Blended Branches(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Waterworks | |||||||||||||||||||||||||||||||||||||||||||||||
Rest of USA(1) | |||||||||||||||||||||||||||||||||||||||||||||||
USA | |||||||||||||||||||||||||||||||||||||||||||||||
UK | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||
Canada | |||||||||||||||||||||||||||||||||||||||||||||||
Total |
Acquired intangible assets | |||||||||||||||||||||||||||||
Software | Trade names and brands | Customer relationships | Other | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||
On August 1, 2019 | |||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||
Adjustment to fair value on prior year acquisitions | |||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||
Disposals and transfers | ( | ( | |||||||||||||||||||||||||||
At July 31, 2020 | |||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||
Disposals and transfers | ( | ( | |||||||||||||||||||||||||||
Reclassification as held for sale | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
At July 31, 2021 |
Acquired intangible assets | |||||||||||||||||||||||||||||
Software | Trade names and brands | Customer relationships | Other | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | |||||||||||||||||||||||||
Accumulated amortization and impairment losses | |||||||||||||||||||||||||||||
On August 1, 2019 | |||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||
Amortization charge for the year | |||||||||||||||||||||||||||||
Disposals | ( | ( | |||||||||||||||||||||||||||
At July 31, 2020 | |||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||
Amortization charge for the year | |||||||||||||||||||||||||||||
Disposals and transfers | ( | ( | |||||||||||||||||||||||||||
Reclassification as held for sale | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
At July 31, 2021 | |||||||||||||||||||||||||||||
Net book value at July 31, 2021 | |||||||||||||||||||||||||||||
Net book value at July 31, 2020 |
Land and buildings | Plant and machinery | Total right of use assets | |||||||||||||||
$m | $m | $m | |||||||||||||||
Net book value at July 31, 2019 | |||||||||||||||||
Adjustment on adoption of IFRS 16 | |||||||||||||||||
Net book value at August 1, 2019 | |||||||||||||||||
Exchange rate adjustment | |||||||||||||||||
Acquisitions | |||||||||||||||||
Additions | |||||||||||||||||
Disposals and remeasurements | ( | ||||||||||||||||
Depreciation charge for the year | ( | ( | ( | ||||||||||||||
Impairment charge for the year | ( | ( | ( | ||||||||||||||
Net book value at July 31, 2020 | |||||||||||||||||
Exchange rate adjustments | |||||||||||||||||
Acquisitions | |||||||||||||||||
Additions | |||||||||||||||||
Disposals and remeasurements | ( | ||||||||||||||||
Depreciation charge for the year | ( | ( | ( | ||||||||||||||
Reclassification as held for sale | ( | ( | ( | ||||||||||||||
Net book value at July 31, 2021 |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Due in less than one year | |||||||||||
Due in one to two years | |||||||||||
Due in two to three years | |||||||||||
Due in three to four years | |||||||||||
Due in four to five years | |||||||||||
Due in over five years | |||||||||||
Total undiscounted lease payments | |||||||||||
Effect of discounting | ( | ( | |||||||||
Lease liabilities | |||||||||||
Current lease liabilities | |||||||||||
Non-current lease liabilities | |||||||||||
Lease liabilities |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Depreciation of right of use assets | |||||||||||
Impairment of right of use assets | |||||||||||
Short term lease expense | |||||||||||
Low-value lease expense | |||||||||||
Sublease income | ( | ( | |||||||||
Charged to operating costs | |||||||||||
Charged to finance costs | |||||||||||
Total amount charged to the Group income statement |
Land and buildings | |||||||||||||||||||||||||||||||||||
Freehold | Finance leases | Leasehold improvements | Plant and machinery | Other equipment | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||||
At July 31, 2019 | |||||||||||||||||||||||||||||||||||
Adjustments on adoption of IFRS 16 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
On August 1, 2019 | |||||||||||||||||||||||||||||||||||
Exchange rate adjustment | — | ||||||||||||||||||||||||||||||||||
Acquisitions | — | ||||||||||||||||||||||||||||||||||
Additions | — | ||||||||||||||||||||||||||||||||||
Disposals and transfers | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Reclassification as held for sale | ( | — | ( | ( | |||||||||||||||||||||||||||||||
At July 31, 2020 | — | ||||||||||||||||||||||||||||||||||
Exchange rate adjustment | — | ||||||||||||||||||||||||||||||||||
Acquisitions | — | ||||||||||||||||||||||||||||||||||
Additions | — | ||||||||||||||||||||||||||||||||||
Disposals and transfers | ( | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Reclassification as held for sale | ( | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||
At July 31, 2021 | — | ||||||||||||||||||||||||||||||||||
Accumulated depreciation and impairment losses | |||||||||||||||||||||||||||||||||||
At July 31, 2019 | |||||||||||||||||||||||||||||||||||
Adjustments on adoption of IFRS 16 | ( | ( | ( | ||||||||||||||||||||||||||||||||
On August 1, 2019 | |||||||||||||||||||||||||||||||||||
Exchange rate adjustment | — | ||||||||||||||||||||||||||||||||||
Depreciation charge for the year | — | ||||||||||||||||||||||||||||||||||
Impairment charge for the year | — | ||||||||||||||||||||||||||||||||||
Disposals | — | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Reclassification as held for sale | ( | — | ( | ||||||||||||||||||||||||||||||||
At July 31, 2020 | — | ||||||||||||||||||||||||||||||||||
Exchange rate adjustment | — | ||||||||||||||||||||||||||||||||||
Depreciation charge for the year | — | ||||||||||||||||||||||||||||||||||
Disposals and transfers | ( | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Reclassification as held for sale | ( | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||
At July 31, 2021 | — | ||||||||||||||||||||||||||||||||||
Net book value at July 31, 2021 | — | ||||||||||||||||||||||||||||||||||
Net book value at July 31, 2020 | — |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Deferred tax assets | |||||||||||
Deferred tax liabilities | ( | ||||||||||
Goodwill and intangible assets | Share- based payments | Property, plant and equipment | Right of use assets | Lease liabilities | Retirement benefit obligations | Inventory | Tax Method Changes | Tax losses | Trade and other payables | Other | Total | |||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||
At July 31, 2019 | ( | ( | ||||||||||||||||||||||||||||||||||||
Adjustment on adoption of IFRS 16 | ( | ( | ||||||||||||||||||||||||||||||||||||
At August 1, 2019 | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Credit/(charge) to income | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Credit to other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Credit to equity | ||||||||||||||||||||||||||||||||||||||
Acquisitions | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Exchange rate adjustment | ( | |||||||||||||||||||||||||||||||||||||
At July 31, 2020 | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Credit/(charge) to income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Charge to other comprehensive income | ( | ( | ||||||||||||||||||||||||||||||||||||
Credit to equity | ||||||||||||||||||||||||||||||||||||||
Acquisitions | ( | ( | ||||||||||||||||||||||||||||||||||||
Transfers to held for sale | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Transfers between categories | ( | |||||||||||||||||||||||||||||||||||||
Exchange rate adjustment | ||||||||||||||||||||||||||||||||||||||
At July 31, 2021 | ( | ( | ( |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Goods purchased for resale | |||||||||||
Inventory provisions | ( | ( | |||||||||
Net inventories |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Current | |||||||||||
Trade receivables | |||||||||||
Less: provision for expected credit losses | ( | ( | |||||||||
Net trade receivables | |||||||||||
Other receivables | |||||||||||
Prepayments | |||||||||||
Non-current | |||||||||||
Other receivables |
At July 31, 2021 | Amounts not yet due | Less than six months past due | More than six months past due | Total | ||||||||||||||||||||||
$m | $m | $m | $m | |||||||||||||||||||||||
Expected credit loss rate | % | % | % | |||||||||||||||||||||||
Gross trade receivables | ||||||||||||||||||||||||||
Lifetime expected credit losses | ( | ( | ( | ( | ||||||||||||||||||||||
Net trade receivables |
At July 31, 2020 | Amounts not yet due | Less than six months past due | More than six months past due | Total | ||||||||||||||||||||||
$m | $m | $m | $m | |||||||||||||||||||||||
Expected credit loss rate | % | % | % | |||||||||||||||||||||||
Gross trade receivables | ||||||||||||||||||||||||||
Lifetime expected credit losses | ( | ( | ( | ( | ||||||||||||||||||||||
Net trade receivables |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Cash and cash equivalents |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Current | |||||||||||
Trade payables | |||||||||||
Tax and social security | |||||||||||
Other payables | |||||||||||
Accruals and deferred income | |||||||||||
Non-current | |||||||||||
Other payables |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Current | Non- current | Total | Current | Non- current | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
Bank overdrafts | |||||||||||||||||||||||||||||||||||
Senior unsecured loan notes | |||||||||||||||||||||||||||||||||||
Total borrowings |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Due in one to two years | |||||||||||
Due in two to three years | |||||||||||
Due in three to four years | |||||||||||
Due in four to five years | |||||||||||
Due in over five years | |||||||||||
Total |
2021 | 2020(2) | ||||||||||
$m | $m | ||||||||||
Financial assets | |||||||||||
Financial assets at fair value through profit and loss | |||||||||||
Financial assets at fair value through other comprehensive income | |||||||||||
Financial assets at amortized cost | |||||||||||
Financial liabilities | |||||||||||
Financial liabilities at fair value through profit and loss | |||||||||||
Financial liabilities at amortized cost |
At July 31, 2021 | Notes | Gross balances(1) | Offset amounts(2) | Financial statements(3) | Cash pooling amounts(4) | Net total(5) | ||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||||||||
Derivative financial assets | ||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||
Derivative financial assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 17 | ( | ||||||||||||||||||||||||||||||||||||
( | ||||||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||
Borrowings | 19 | ( | ||||||||||||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||||||||
Borrowings | 19 | |||||||||||||||||||||||||||||||||||||
( | ||||||||||||||||||||||||||||||||||||||
Total excluding lease liabilities | 27 | ( | ( | ( |
At July 31, 2020 | Notes | Gross balances(1) | Offset amounts(2) | Financial statements(3) | Cash pooling amounts(4) | Net total(5) | ||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||||||||
Derivative financial assets | ||||||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||
Derivative financial assets | ( | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 17 | ( | ||||||||||||||||||||||||||||||||||||
( | ( |
At July 31, 2020 | Notes | Gross balances(1) | Offset amounts(2) | Financial statements(3) | Cash pooling amounts(4) | Net total(5) | ||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||
Derivative financial liabilities | ( | |||||||||||||||||||||||||||||||||||||
Borrowings | 19 | ( | ||||||||||||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||||||||
Borrowings | 19 | |||||||||||||||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||||||||||||||
Total excluding lease liabilities | 27 | ( | ( | ( |
2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | Debt including lease liabilities | Interest on debt including lease liabilities | Total | Trade and other payables | Debt including lease liabilities | Interest on debt including lease liabilities | Total | ||||||||||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||||||||
Due in less than one year | |||||||||||||||||||||||||||||||||||||||||||||||
Due in one to two years | |||||||||||||||||||||||||||||||||||||||||||||||
Due in two to three years | |||||||||||||||||||||||||||||||||||||||||||||||
Due in three to four years | |||||||||||||||||||||||||||||||||||||||||||||||
Due in four to five years | |||||||||||||||||||||||||||||||||||||||||||||||
Due in over five years | |||||||||||||||||||||||||||||||||||||||||||||||
Total |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Less than one year | |||||||||||
Between one and two years | |||||||||||
Between two and three years | |||||||||||
Between three and four years | |||||||||||
Between four and five years | |||||||||||
After five years | |||||||||||
Total |
At July 31, 2021 | At July 31, 2020 | ||||||||||||||||||||||||||||||||||
Derivatives | Cash and borrowings | Total | Derivatives | Cash and borrowings | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
U.S. dollars | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Pounds sterling | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other currencies | ( | ||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | ( |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Floating | Fixed | Total | Floating | Fixed | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
U.S. dollars | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Pounds sterling | ( | ( | |||||||||||||||||||||||||||||||||
Other currencies | |||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | ( |
Environmental and legal | Ferguson Insurance | Restructuring | Property provisions | Other provisions | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
At July 31, 2019 | |||||||||||||||||||||||||||||||||||
Adjustment on adoption of IFRS 16 | ( | ( | ( | ||||||||||||||||||||||||||||||||
On August 1, 2019 | |||||||||||||||||||||||||||||||||||
Utilized in the year | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Changes in discount rate | |||||||||||||||||||||||||||||||||||
(Credit)/charge for the year | ( | ( | |||||||||||||||||||||||||||||||||
Acquisition of businesses | |||||||||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||||||||
At July 31, 2020 | |||||||||||||||||||||||||||||||||||
Utilized in the year | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Changes in discount rate | ( | ( | |||||||||||||||||||||||||||||||||
Charge/(credit) for the year | ( | ||||||||||||||||||||||||||||||||||
Reclassified as held for sale | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Exchange rate adjustment | |||||||||||||||||||||||||||||||||||
At July 31, 2021 |
At July 31, 2021 | Environmental and legal | Ferguson Insurance | Restructuring | Property provisions | Other provisions | Total | ||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||||||||||||||||
Total provisions |
At July 31, 2020 | Environmental and legal | Ferguson Insurance | Restructuring | Property provisions | Other provisions | Total | ||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||||||||||||||||
Total provisions |
As disclosed in the Group balance sheet | 2021 | 2020 | ||||||||||||
$m | $m | |||||||||||||
Non-current asset | ||||||||||||||
Non-current liability | ( | ( | ||||||||||||
Net asset/(liability) | ( |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Analysis of Group balance sheet net asset/(liability) | UK | Non-UK | Total | UK | Non-UK | Total | |||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
Fair value of plan assets | |||||||||||||||||||||||||||||||||||
Present value of defined benefit obligations | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net asset/(liability) | ( | ( | ( | ( |
Analysis of total expense recognized in the Group income statement | 2021 | 2020 | 2019 | |||||||||||||||||
$m | $m | $m | ||||||||||||||||||
Administrative costs | ||||||||||||||||||||
Settlement losses, past service costs and administrative costs | ||||||||||||||||||||
Charged to operating costs (note 9) | ||||||||||||||||||||
Charged/(credited) to finance costs (note 4) | ( | ( | ||||||||||||||||||
Total expense recognized in the Group income statement |
Analysis of amount recognized in the Group statement of comprehensive income | 2021 | 2020 | 2019 | |||||||||||||||||
$m | $m | $m | ||||||||||||||||||
The return on plan assets (excluding amounts included in net interest expense) | ||||||||||||||||||||
Actuarial gain/(loss) arising from changes in demographic assumptions | ( | |||||||||||||||||||
Actuarial gain/(loss) arising from changes in financial assumptions | ( | ( | ||||||||||||||||||
Actuarial gain/(loss) arising from experience adjustments | ( | |||||||||||||||||||
Remeasurement of retirement benefit plans | ( | ( | ||||||||||||||||||
Tax (charge)/credit | ( | |||||||||||||||||||
Total amount recognized in the Group statement of comprehensive income | ( | ( |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
UK | Non-UK | Total | UK | Non-UK | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
On August 1 | |||||||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||
Employers’ contributions | |||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Remeasurement gain: | |||||||||||||||||||||||||||||||||||
Return on plan assets (excluding amounts included in net interest expense) | |||||||||||||||||||||||||||||||||||
Exchange rate adjustment | ( | ||||||||||||||||||||||||||||||||||
At July 31 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
UK | Non-UK | Total | UK | Non-UK | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
Equity type assets quoted | |||||||||||||||||||||||||||||||||||
Government bonds quoted | |||||||||||||||||||||||||||||||||||
Corporate bonds quoted | |||||||||||||||||||||||||||||||||||
Cash | |||||||||||||||||||||||||||||||||||
Insurance policies | |||||||||||||||||||||||||||||||||||
Securitized fixed income assets | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total fair value of assets |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
UK | Non-UK | Total | UK | Non-UK | Total | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||
On August 1 | |||||||||||||||||||||||||||||||||||
Current service costs (including administrative costs) | |||||||||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Remeasurement (gain)/loss: | |||||||||||||||||||||||||||||||||||
Actuarial (gain)/loss arising from changes in demographic assumptions | ( | ( | |||||||||||||||||||||||||||||||||
Actuarial (gain)/loss arising from changes in financial assumptions | ( | ( | ( | ||||||||||||||||||||||||||||||||
Actuarial (gain)/loss arising from experience adjustments | ( | ( | |||||||||||||||||||||||||||||||||
Exchange rate adjustment | ( | ||||||||||||||||||||||||||||||||||
At July 31 |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Amounts arising from wholly unfunded plans | |||||||||||
Amounts arising from plans that are wholly or partly funded | |||||||||||
Total present value of defined benefit obligations |
2021 | 2020 | ||||||||||||||||||||||
UK | Non-UK | UK | Non-UK | ||||||||||||||||||||
% | % | % | % | ||||||||||||||||||||
Discount rate | |||||||||||||||||||||||
Inflation rate | |||||||||||||||||||||||
Increase to deferred benefits during deferment | n/a | n/a | |||||||||||||||||||||
Increases to pensions in payment | |||||||||||||||||||||||
Salary increases | n/a |
2021 | 2020 | ||||||||||||||||||||||
UK | Non-UK | UK | Non-UK | ||||||||||||||||||||
Years | Years | Years | Years | ||||||||||||||||||||
Current pensioners (at age 65)—male | |||||||||||||||||||||||
Current pensioners (at age 65)—female | |||||||||||||||||||||||
Future pensioners (at age 65)—male | |||||||||||||||||||||||
Future pensioners (at age 65)—female |
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Change | UK | Non-UK | Change | UK | Non-UK | ||||||||||||||||||||||||||||||
$m | $m | $m | $m | ||||||||||||||||||||||||||||||||
Discount rate | + | % | + | % | |||||||||||||||||||||||||||||||
( | % | ( | ( | ( | % | ( | ( | ||||||||||||||||||||||||||||
Inflation rate | + | % | ( | + | % | ( | |||||||||||||||||||||||||||||
( | % | ( | % | ||||||||||||||||||||||||||||||||
Life expectancy | ( | ( | ( | ( |
2021 | 2020 | ||||||||||||||||||||||
Allotted and issued shares | Number of shares | Cost | Number of shares | Cost | |||||||||||||||||||
$m | $m | ||||||||||||||||||||||
Number/cost of ordinary 10 pence shares in the Company (million) |
2021 | 2020 | ||||||||||
Number of ordinary 10 pence shares in the Company in issue at July 31 |
2021 | 2020 | ||||||||||||||||||||||
Number of shares | Cost | Number of shares | Cost | ||||||||||||||||||||
$m | $m | ||||||||||||||||||||||
Treasury shares held by the Company on August 1 | |||||||||||||||||||||||
Treasury shares purchased under irrevocable commitment from prior year | |||||||||||||||||||||||
Treasury shares purchased | |||||||||||||||||||||||
Disposal of Treasury shares to settle share options | ( | ( | ( | ( | |||||||||||||||||||
Treasury shares held by the Company at July 31 |
2021 | 2020 | ||||||||||||||||||||||
Number of shares | Cost | Number of shares | Cost | ||||||||||||||||||||
$m | $m | ||||||||||||||||||||||
Own shares in the Company on August 1 | |||||||||||||||||||||||
New shares purchased | |||||||||||||||||||||||
Exercise of share options | ( | ( | ( | ( | |||||||||||||||||||
Own shares in the Company at July 31 |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Profit for the year attributable to shareholders | |||||||||||||||||
Net finance costs | |||||||||||||||||
Share of (profit)/loss after tax of associates | ( | ( | |||||||||||||||
Gain on disposal of interests in associates and other investments | ( | ( | |||||||||||||||
Impairment of interests in associates | |||||||||||||||||
Tax charge | |||||||||||||||||
Loss/(gain) on disposal and closure of businesses and impairment of assets held for sale | ( | ||||||||||||||||
Amortization of acquired intangible assets | |||||||||||||||||
Amortization of non-acquired intangible assets | |||||||||||||||||
Depreciation and impairment of right of use assets | |||||||||||||||||
Depreciation and impairment of property, plant and equipment | |||||||||||||||||
Gain on disposal of property, plant and equipment, and assets held for sale | ( | ( | ( | ||||||||||||||
(Increase)/decrease in inventories | ( | ( | |||||||||||||||
(Increase)/decrease in trade and other receivables | ( | ( | |||||||||||||||
Increase/(decrease) in trade and other payables | ( | ||||||||||||||||
Decrease in provisions and other liabilities | ( | ( | ( | ||||||||||||||
Share-based payments | |||||||||||||||||
Cash generated from operations |
Name | Date of acquisition | Country of incorporation | Shares/asset deal | Acquired % | |||||||||||||||||||||||||
Old Dominion Supply, Inc. | October 2020 | USA | Shares | ||||||||||||||||||||||||||
Atlantic Construction Fabrics, Inc. | November 2020 | USA | Assets | ||||||||||||||||||||||||||
Nova Wildcat Amerock Holdings, Inc. | January 2021 | USA | Shares | ||||||||||||||||||||||||||
Clarksville Lighting & Appliance, LLC | January 2021 | USA | Assets | ||||||||||||||||||||||||||
The Kitchen Showcase, Inc. | June 2021 | USA | Assets | ||||||||||||||||||||||||||
Moore Industrial Supply | July 2021 | USA | Assets | ||||||||||||||||||||||||||
Canyon Pipe & Supply, Inc. | July 2021 | USA | Assets |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Intangible assets: | |||||||||||
Software | |||||||||||
Trade names and brands | |||||||||||
Customer relationships | |||||||||||
Other | |||||||||||
Right of use assets | |||||||||||
Property, plant and equipment | |||||||||||
Inventories | |||||||||||
Trade and other receivables | |||||||||||
Cash, cash equivalents and bank overdrafts | |||||||||||
Lease liabilities | ( | ( | |||||||||
Trade and other payables | ( | ( | |||||||||
Deferred tax | ( | ( | |||||||||
Provisions | ( | ||||||||||
Total | |||||||||||
Goodwill arising | |||||||||||
Consideration | |||||||||||
Satisfied by: | |||||||||||
Cash | |||||||||||
Deferred consideration | |||||||||||
Total consideration |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Purchase consideration | |||||||||||||||||
Deferred and contingent consideration in respect of acquisitions from prior years | |||||||||||||||||
Cash consideration | |||||||||||||||||
Cash, cash equivalents and bank overdrafts acquired | ( | ( | ( | ||||||||||||||
Net cash outflow in respect of the purchase of businesses |
2021 | 2020 | ||||||||||
$m | $m | ||||||||||
Consideration received | |||||||||||
Net assets disposed of | ( | ||||||||||
Disposal costs and provisions | ( | ||||||||||
Recycling of deferred foreign exchange losses | ( | ||||||||||
Current period loss on disposal | ( |
2021 | 2020 | 2019 | |||||||||||||||
$m | $m | $m | |||||||||||||||
Cash consideration received for current period disposals (net of cash disposed of) | |||||||||||||||||
Cash consideration received in respect of prior year disposals | ( | ||||||||||||||||
Cash paid in respect of prior year disposals | ( | ( | ( | ||||||||||||||
Disposal costs paid | ( | ( | |||||||||||||||
Net cash flow in respect of disposals of businesses |
Cash and cash equivalents (note 17) | Bank overdrafts (note 19) | Total cash, cash equivalents and bank overdrafts | Derivative financial instruments (note 20) | Loans (note 19) | Obligations under finance leases | Total excluding lease liabilities | Lease Liabilities (note 12) | Total including lease liabilities | |||||||||||||||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2018 | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from loans and derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease capital payments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes due to disposal of businesses | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Changes due to acquisition of businesses | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cash flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value and other adjustments | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange movements | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2019 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment on adoption of IFRS 16 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
At August 1, 2019 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from loans and derivatives | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability capital payments(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid on lease liabilities(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes due to acquisition of businesses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cash flows | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability additions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in lease liabilities due to acquisition of businesses | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Discount unwinding on lease liabilities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value and other adjustments | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange movements | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2020 | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from loans and derivatives | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability capital payments(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid on lease liabilities(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes due to disposal of businesses | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Changes due to acquisition of businesses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other cash flows | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash movements | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liability additions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Discount unwinding on lease liabilities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in lease liabilities due to acquisition of businesses | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value and other adjustments | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange movements | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
At July 31, 2021 | ( | ( | ( | ( | ( |
COMPANIES (JERSEY) LAW 1991 MEMORANDUM AND ARTICLES OF ASSOCIATION OF FERGUSON PLC a par value public limited company Company number: 128484 Incorporated the 8 day of March 2019 |
COMPANIES (JERSEY) LAW 1991 ARTICLES OF ASSOCIATION OF FERGUSON PLC a par value public limited company Company number: 128484 Incorporated the 8 day of March 2019 |
A PUBLIC COMPANY LIMITED BY SHARES |
PRELIMINARY | 1 | ||||
SHARE CAPITAL AND LIMITED LIABILITY | 5 | ||||
LISTING RULES AND DISCLOSURE AND TRANSPARENCY RULES | 10 | ||||
VARIATION OF RIGHTS | 17 | ||||
SHARE CERTIFICATES | 18 | ||||
LIEN | 18 | ||||
CALLS ON SHARES | 19 | ||||
FORFEITURES AND SURRENDER | 20 | ||||
TRANSFER OF SHARES | 21 | ||||
TRANSMISSION OF SHARES | 22 | ||||
ALTERATION OF SHARE CAPITAL | 23 | ||||
GENERAL MEETINGS | 24 | ||||
NOTICE OF GENERAL MEETINGS | 25 | ||||
PROCEEDINGS AT GENERAL MEETINGS | 29 | ||||
VOTES OF MEMBERS | 33 | ||||
PROXIES AND CORPORATE REPRESENTATIVES | 35 | ||||
NUMBER OF DIRECTORS | 37 | ||||
APPOINTMENT AND RETIREMENT OF DIRECTORS | 38 | ||||
ALTERNATE DIRECTORS | 40 | ||||
POWERS OF THE BOARD | 41 | ||||
DELEGATION OF POWERS OF THE BOARD | 41 | ||||
BORROWING POWERS OF THE BOARD | 42 | ||||
DISQUALIFICATION AND REMOVAL OF DIRECTORS | 45 | ||||
NON-EXECUTIVE DIRECTORS | 46 | ||||
DIRECTORS’ EXPENSES | 47 | ||||
EXECUTIVE DIRECTORS | 47 | ||||
DIRECTORS’ INTERESTS | 47 | ||||
GRATUITIES, PENSIONS AND INSURANCE | 50 | ||||
PROCEEDINGS OF THE BOARD | 51 | ||||
SECRETARY | 54 | ||||
MINUTES | 54 | ||||
THE SEAL | 54 | ||||
REGISTERS | 55 | ||||
DIVIDENDS | 55 | ||||
CAPITALISATION OF PROFITS AND RESERVES | 59 | ||||
RECORD DATES | 61 | ||||
ACCOUNTS | 61 | ||||
RESTRICTIONS ON POLITICAL DONATIONS | 62 | ||||
COMMUNICATIONS | 62 | ||||
DESTRUCTION OF DOCUMENTS | 68 | ||||
UNTRACED MEMBERS | 69 | ||||
WINDING UP | 70 | ||||
INDEMNITY | 70 | ||||
ARRANGEMENTS IN RESPECT OF THE LISTING OF THE SHARES IN THE UNITED STATES OF AMERICA | 71 |
Corporate Law Issue | Delaware Law | Jersey Law | ||||||
Special Meetings of Shareholders | Shareholders generally do not have the right to call meetings of shareholders unless that right is granted in the certificate of incorporation or by-laws. However, if a corporation fails to hold its annual meeting within a period of 30 days after the date designated for the annual meeting, or if no date has been designated for a period of 13 months after its last annual meeting, the Delaware Court of Chancery may order a meeting to be held upon the application of a shareholder. | Shareholders holding 10% or more of a Jersey company's voting rights and entitled to vote at the relevant meeting may legally require our directors to call a meeting of shareholders. The Jersey Financial Services Commission (“JFSC”), may, at the request of any officer, secretary or shareholder, call or direct the calling of an annual general meeting. Failure to call an annual general meeting in accordance with the requirements of the Jersey Companies Law is a criminal offence on the part of a Jersey company and its directors and secretary. | ||||||
Interested Director Transactions | Interested director transactions are permissible and may not be legally voided if: •either a majority of disinterested directors, or a majority in interest of holders of shares of the corporation's capital stock entitled to vote upon the matter, approves the transaction upon disclosure of all material facts; or •the transaction is determined to have been fair as to the corporation as of the time it is authorized, approved or ratified by the board of directors, a committee thereof or the shareholders. | An interested director must disclose to the company the nature and extent of any interest in a transaction with the company, or one of its subsidiaries, which to a material extent conflicts or may conflict with the interests of the company and of which the director is aware. Failure to disclose an interest entitles the company or a shareholder to apply to the court for an order setting aside the transaction concerned and directing that the director account to the company for any profit. A transaction is not voidable and a director is not accountable notwithstanding a failure to disclose an interest if the transaction is confirmed by special resolution and the nature and extent of the director's interest in the transaction are disclosed in reasonable detail in the notice calling the meeting at which the resolution is passed. Although it may still order that a director account for any profit, a court will not set aside a transaction unless it is satisfied that the interests of third parties who have acted in good faith would not thereby be unfairly prejudiced and the transaction was not reasonable and fair in the interests of the company at the time it was entered into. Our Articles set out a limited number of transactions and matters in which a director may be interested and in which he or she may vote and be counted in the quorum in relation to a resolution on the matter. | ||||||
Cumulative Voting | The certificate of incorporation of a Delaware corporation may provide that shareholders of any class or classes or of any series may vote cumulatively either at all elections or at elections under specified circumstances. | There are no provisions in the Jersey Companies Law relating to cumulative voting. |
Approval of Corporate Matters by Written Consent | Unless otherwise specified in a corporation's certificate of incorporation, shareholders may take action permitted to be taken at an annual or special meeting, without a meeting, notice or a vote, if consents, in writing, setting forth the action, are signed by shareholders with not less than the minimum number of votes that would be necessary to authorize the action at a meeting. All consents must be dated and are only effective if the requisite signatures are collected within 60 days of the earliest dated consent delivered. | If permitted by the articles of association of a company, a written consent signed and passed by the specified majority of members may affect any matter that otherwise may be brought before a shareholders' meeting, except for the removal of a company's auditors. Such consent shall be deemed effective when the instrument, or the last of several instruments, is signed by the specified majority of members or on such later date as is specified in the resolution. Our Articles do not contain provisions regarding shareholder resolutions in writing. | ||||||
Business Combinations | With certain exceptions, a merger, consolidation or sale of all or substantially all of the assets of a Delaware corporation must be approved by the board of directors and a majority of the outstanding shares entitled to vote thereon. | A sale or disposal of all or substantially all the assets of a Jersey company must be approved by the board of directors and, only if the articles of association of the company require, by the shareholders in a general meeting. A merger involving a Jersey company must be generally documented in a merger agreement which must be approved by special resolution of that company. In the case of a merger requiring approval by special resolution, our Articles specify that a special resolution of the Company must be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. Further, in certain scenarios, the UK listing rules to which we are subject also require shareholder approval for dispositions and business combination transactions. In the case of a merger requiring approval by special resolution, our Articles specify that a special resolution of the Company must be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. Further, in certain scenarios, the UK listing rules to which we are subject also require shareholder approval for dispositions and business combination transactions. |
Limitations on Director’s Liability and Indemnification of Directors and Officers | A Delaware corporation may indemnify a director or officer of the corporation against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in defence of an action, suit or proceeding by reason of his or her position if (i) the director or officer acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and (ii) with respect to any criminal action or proceeding, the director or officer had no reasonable cause to believe his or her conduct was unlawful. | The Jersey Companies Law does not contain any provision permitting Jersey companies to limit the liabilities of directors for breach of fiduciary duty. However, a Jersey company may exempt from liability, and indemnify directors and officers, for liabilities: • incurred in defending any civil or criminal legal proceedings where: - judgment is given in the person's favour or the person is acquitted; - the proceedings are discontinued other than by reason of such person (or someone on their behalf) giving some benefit or suffering some detriment; or - the proceedings are settled on terms that such person (or someone on their behalf) gives some benefit or suffers some detriment but in the opinion of a majority of the disinterested directors, the person was substantially successful on the merits in the person's resistance to the proceedings; • incurred to anyone other than to the company if the person acted in good faith with a view to the best interests of the company; • incurred in connection with an application made to the court for relief from liability for negligence, default, breach of duty or breach of trust under Article 212 of the Jersey Companies Law in which relief is granted to the person by the court; or • incurred in a case in which the company normally maintains insurance for persons other than directors. Our Articles provide that the Company is required to indemnify every director or other officer of the Company (other than any person (whether an officer or not) engaged by the Company as auditor) out of its assets against any liability incurred by him or her for negligence, default, breach of duty, breach of trust or otherwise in relation to the affairs of the Company. The extent of such indemnities shall be limited in accordance with the provisions of the Jersey Companies Law. | ||||||
Appraisal Rights | A shareholder of a Delaware corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights under which the shareholder may receive cash in the amount of the fair value of the shares held by that shareholder (as determined by a court) in lieu of the consideration the shareholder would otherwise receive in the transaction. | There are no appraisal rights under the Jersey Companies Law. |
Shareholder Suits | Class actions and derivative actions generally are available to the shareholders of a Delaware corporation for, among other things, breach of fiduciary duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court has discretion to permit the winning party to recover attorneys' fees incurred in connection with such action. | Under Article 141 of the Jersey Companies Law, a shareholder may apply to court for relief on the ground that the conduct of a company's affairs, including a proposed or actual act or omission by a company, is “unfairly prejudicial” to the interests of shareholders generally or of some part of shareholders, including at least the shareholder making the application. There may also be customary law personal actions available to shareholders. Under Article 143 of the Jersey Companies Law (which sets out the types of relief a court may grant in relation to an action brought under Article 141 of the Jersey Companies Law), the court may make an order regulating the affairs of a company, requiring a company to refrain from doing or continuing to do an act complained of, authorizing civil proceedings and providing for the purchase of shares by a company or by any of its other shareholders. | ||||||
Inspection of Books and Records | All shareholders of a Delaware corporation have the right, upon written demand, to inspect or obtain copies of the corporation's shares ledger and its other books and records for any purpose reasonably related to such person's interest as a shareholder. | The register of shareholders and books containing the minutes of general meetings or of meetings of any class of shareholders of a Jersey company must during business hours be open to the inspection of a shareholder of the company without charge. The register of directors and secretaries must during business hours (subject to such reasonable restrictions as the company may by its articles of association or in general meeting impose, but so that not less than two hours in each business day be allowed for inspection) be open to the inspection of a shareholder or director of the company without charge. | ||||||
Amendments to Charter | Amendments to the certificate of incorporation of a Delaware corporation require the affirmative vote of the holders of a majority of the outstanding shares entitled to vote thereon or such greater vote as is provided for in the certificate of incorporation. A provision in the certificate of incorporation requiring the vote of a greater number or proportion of the directors or of the holders of any class of shares than is required by Delaware corporate law may not be amended, altered or repealed except by such greater vote. | The memorandum of association and the articles of association of a Jersey company may only be amended by special resolution (being a two-thirds majority if the articles of association of the company do not specify a greater majority) passed by shareholders in general meeting or by written resolution signed by all the shareholders entitled to vote. Our Articles specify that a special resolution of the Company is required to be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. Our Articles specify that a special resolution of the Company is required to be passed by three-fourths of the shareholders who (being entitled to do so) vote in person, or by proxy. The Articles do not contain provisions regarding shareholder resolutions in writing. |
Blank Check Preferred Stock/Shares | Under Delaware law, the certificate of incorporation of a corporation may give the board of directors the right to issue new classes of preferred shares with voting, conversion dividend distribution, and other rights to be determined by the board of directors at the time of issuance, which could prevent a takeover attempt and thereby preclude shareholders from realizing a potential premium over the market value of their shares. In addition, Delaware law does not prohibit a corporation from adopting a shareholder rights plan, or “poison pill,” which could prevent a takeover attempt and also preclude shareholders from realizing a potential premium over the market value of their shares. | The City Code requires a target company shareholders’ consent in general meeting before the target company can take any action (other than seeking alternative bids) that may result in the frustration of a takeover bid. Moreover, the City Code provides that the board of directors of an offeree company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on merits of a takeover bid. | ||||||
Distributions and Dividends: Repurchases and Redemptions | Under Delaware law, subject to any restrictions contained in the certificate of incorporation, a corporation may pay dividends out of capital surplus or, if there is no surplus, out of net profits for the current and/or the preceding fiscal year in which the dividend is declared, as long as the amount of capital of the corporation following the declaration and payment of the dividend is not less than the aggregate amount of the capital represented by issued and outstanding shares having a preference upon the distribution of assets. Surplus is defined in Delaware law as the excess of the net assets over capital, as such capital may be adjusted by the board of directors. A Delaware corporation may purchase or redeem shares of any class except when its capital is impaired or would be impaired by the purchase or redemption, and it may not purchase, for more than the price at which they may be redeemed, any of its shares which are redeemable at the option of corporation. A corporation may, however, purchase or redeem out of capital shares that are entitled upon any distribution of its assets to preference over another class or series of its shares if the shares are to be retired and the capital reduced. | Under Jersey Companies Law, a Jersey company may make a distribution at any time and out of any source provided that the directors the company who authorize the distribution make an immediate and 12 month forward looking cash-flow solvency statement. Likewise, authorizing directors must also make a solvency statement in the event of redeeming or purchasing the company's shares. A description of Repurchase and Redemptions provisions under Jersey Companies Law is set out above under the heading “Other Jersey, Channel Islands Law Considerations—Purchase or redemption of own shares.” |
Name | Jurisdiction of Incorporation or Organization | ||||
Ferguson Enterprises, LLC | United States | ||||
Ferguson Finance (Switzerland) AG | Switzerland | ||||
Ferguson Group Holdco Limited | England and Wales | ||||
Ferguson Holdings Limited | Jersey | ||||
Ferguson Holdings (Switzerland) AG | Switzerland | ||||
Ferguson Overseas Limited | England and Wales | ||||
Ferguson Swiss Holdings Limited | England and Wales | ||||
Ferguson UK Holdings Limited | England and Wales | ||||
Ferguson U.S. Holdings, Inc. | United States |
Date: September 28, 2021 | By: | /s/ Kevin Murphy | ||||||
Kevin Murphy | ||||||||
Group Chief Executive |
Date: September 28, 2021 | By: | /s/ William Brundage | ||||||
William Brundage | ||||||||
Group Chief Financial Officer |
Date: September 28, 2021 | By: | /s/ Kevin Murphy | ||||||
Kevin Murphy | ||||||||
Group Chief Executive |
Date: September 28, 2021 | By: | /s/ William Brundage | ||||||
William Brundage | ||||||||
Group Chief Financial Officer |
Consolidated Group income statement - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
[1] | Jul. 31, 2019 |
[1],[2] | |||||
Profit or loss [abstract] | |||||||||
Revenue | $ 22,792 | $ 19,940 | $ 19,729 | ||||||
Cost of sales | (15,812) | (13,957) | (13,822) | ||||||
Gross profit | 6,980 | 5,983 | 5,907 | ||||||
Operating costs | (4,946) | (4,534) | (4,528) | ||||||
Operating profit | 2,034 | 1,449 | 1,379 | ||||||
Finance costs | (145) | (147) | (86) | ||||||
Finance income | 1 | 7 | 12 | ||||||
Share of profit/(loss) after tax of associates | 1 | (2) | 2 | ||||||
Gain on disposal of interests in associates and other investments | 0 | 7 | 3 | ||||||
Impairment of interests in associates | 0 | (22) | (9) | ||||||
Profit before tax | 1,891 | 1,292 | 1,301 | ||||||
Tax | (241) | (317) | (259) | ||||||
Profit from continuing operations | 1,650 | 975 | 1,042 | ||||||
(Loss) profit from discontinued operations | (142) | (14) | 66 | ||||||
Profit for the year attributable to shareholders of the Company | $ 1,508 | $ 961 | $ 1,108 | ||||||
Earnings per share [abstract] | |||||||||
Basic earnings per share, Continuing operations and discontinued operations (in US cents per share) | $ 6.747 | $ 4.275 | $ 4.813 | ||||||
Diluted earnings per share, Continuing operations and discontinued operations (in US cents per share) | 6.705 | 4.235 | 4.778 | ||||||
Basic earnings per share, Continuing operations only (in US cents per share) | 7.383 | 4.337 | 4.526 | ||||||
Diluted earnings per share, Continuing operations only (in US cents per share) | $ 7.337 | $ 4.297 | $ 4.493 | ||||||
|
Consolidated Group statement of comprehensive income - USD ($) $ in Millions |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||||||
Statement of comprehensive income [abstract] | |||||||||||||
Profit for the year | $ 1,508 | $ 961 | [1] | $ 1,108 | [1],[2] | ||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||
Exchange gain/(loss) on translation of overseas operations | [3] | 75 | 57 | (86) | |||||||||
Exchange (loss)/gain on translation of borrowings and derivatives designated as hedges of overseas operations | [3] | (31) | (31) | 36 | |||||||||
Cumulative currency translation differences on disposals | [3] | 135 | 9 | 1 | |||||||||
Cumulative currency translation differences on disposal of interests in associates | [3] | 0 | 0 | 7 | |||||||||
Items that will not be reclassified subsequently to profit or loss: | |||||||||||||
Remeasurement of retirement benefit plans | [4] | 107 | (235) | (36) | |||||||||
Tax credit/(charge) on items that will not be reclassified to profit or loss | [4] | (19) | 44 | 6 | |||||||||
Other comprehensive income/(expense) for the year | 267 | (156) | (72) | ||||||||||
Total comprehensive income for the year | 1,775 | 805 | 1,036 | ||||||||||
Total comprehensive income attributable to: | |||||||||||||
Continuing operations | 1,770 | 789 | 1,040 | ||||||||||
Discontinued operations | $ 5 | $ 16 | $ (4) | ||||||||||
|
Consolidated Group statement of changes in equity - USD ($) $ in Millions |
Total |
Adjustment on adoption of IFRS 16 |
After adjustment |
share capital |
share capital
After adjustment
|
Share premium |
Share premium
After adjustment
|
Translation reserve |
Translation reserve
After adjustment
|
Treasury shares |
Treasury shares
After adjustment
|
Own shares |
Own shares
After adjustment
|
Retained earnings |
Retained earnings
Adjustment on adoption of IFRS 16
|
Retained earnings
After adjustment
|
Non- controlling interest |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Jul. 31, 2018 | $ 4,057 | $ 45 | $ 67 | $ (556) | $ (1,380) | $ (90) | $ 5,972 | $ (1) | ||||||||||||||
Profit for the year | 1,108 | [1],[2] | 1,108 | |||||||||||||||||||
Other comprehensive expense | (72) | (42) | (30) | |||||||||||||||||||
Total comprehensive income for the year | 1,036 | (42) | 1,078 | |||||||||||||||||||
Cancellation of Treasury shares | 0 | (4) | 1,369 | (1,365) | ||||||||||||||||||
Group reconstruction | 0 | (11) | 16,083 | (16,072) | ||||||||||||||||||
Capital reduction | 0 | (16,150) | 16,150 | |||||||||||||||||||
Issue of share capital | 9 | 9 | ||||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 38 | 38 | ||||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 0 | 26 | (26) | |||||||||||||||||||
Credit to equity for share-based payments | 34 | 34 | ||||||||||||||||||||
Tax relating to share-based payments | 6 | 6 | ||||||||||||||||||||
Adjustment arising from change in non-controlling interest | 1 | 1 | ||||||||||||||||||||
Purchase of Treasury shares | (309) | (309) | ||||||||||||||||||||
Disposal of Treasury shares | 3 | 15 | (12) | |||||||||||||||||||
Dividends paid | (449) | (449) | ||||||||||||||||||||
Ending balance at Jul. 31, 2019 | 4,350 | $ (187) | $ 4,163 | 30 | $ 30 | 9 | $ 9 | (598) | $ (598) | (305) | $ (305) | (102) | $ (102) | 5,316 | $ (187) | $ 5,129 | ||||||
Beginning balance at Jul. 30, 2019 | (146) | |||||||||||||||||||||
Purchase of Treasury shares | (159) | |||||||||||||||||||||
Ending balance at Jul. 31, 2019 | 4,350 | $ (187) | $ 4,163 | 30 | $ 30 | 9 | $ 9 | (598) | $ (598) | (305) | $ (305) | (102) | $ (102) | 5,316 | $ (187) | $ 5,129 | ||||||
Profit for the year | 961 | [2] | 961 | |||||||||||||||||||
Other comprehensive expense | (156) | 35 | (191) | |||||||||||||||||||
Total comprehensive income for the year | 805 | 35 | 770 | |||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 26 | 26 | ||||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 0 | 40 | (40) | |||||||||||||||||||
Credit to equity for share-based payments | 26 | 26 | ||||||||||||||||||||
Tax relating to share-based payments | 11 | 11 | ||||||||||||||||||||
Purchase of Treasury shares | (292) | (292) | ||||||||||||||||||||
Disposal of Treasury shares | 11 | 27 | (16) | |||||||||||||||||||
Dividends paid | (327) | (327) | ||||||||||||||||||||
Ending balance at Jul. 31, 2020 | 4,371 | 30 | 9 | (563) | (570) | (88) | 5,553 | 0 | ||||||||||||||
Beginning balance at Jul. 30, 2020 | (570) | |||||||||||||||||||||
Purchase of Treasury shares | 0 | |||||||||||||||||||||
Ending balance at Jul. 31, 2020 | 4,371 | 30 | 9 | (563) | (570) | (88) | 5,553 | 0 | ||||||||||||||
Profit for the year | 1,508 | 1,508 | ||||||||||||||||||||
Other comprehensive expense | 267 | 179 | 88 | |||||||||||||||||||
Total comprehensive income for the year | 1,775 | 179 | 1,596 | |||||||||||||||||||
Purchase of own shares by Employee Benefit Trusts | 0 | |||||||||||||||||||||
Reclassification of exchange on translation of overseas operations | 0 | (14) | 14 | |||||||||||||||||||
Issue of own shares by Employee Benefit Trusts | 0 | 30 | (30) | |||||||||||||||||||
Credit to equity for share-based payments | 71 | 71 | ||||||||||||||||||||
Tax relating to share-based payments | 9 | 9 | ||||||||||||||||||||
Purchase of Treasury shares | (400) | (400) | ||||||||||||||||||||
Disposal of Treasury shares | 18 | 39 | (21) | |||||||||||||||||||
Dividends paid | (1,034) | (1,034) | ||||||||||||||||||||
Ending balance at Jul. 31, 2021 | $ 4,810 | $ 30 | $ 9 | $ (398) | $ (931) | $ (58) | $ 6,158 | $ 0 | ||||||||||||||
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Accounting policies |
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting policies | Accounting policies Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, including interpretations issued by the International Accounting Standards Board (“IASB”) and its committees. Ferguson plc is a public company limited by shares incorporated in Jersey under the Companies (Jersey) Law 1991 (as amended) and is headquartered in the UK. It operates as the ultimate parent company of the Group. Its registered office is 13 Castle Street, St Helier, Jersey, JE1 1ES, Channel Islands. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention as modified by the revaluation of financial assets and liabilities measured at fair value. The Group disposed of its UK business on January 29, 2021. The results of the UK business have been reclassified to discontinued operations and the prior year comparative results have been restated throughout the consolidated financial statements. See Note 6 or further details. Choices permitted by IFRS The Group has elected to apply hedge accounting to some of its financial instruments. Accounting developments and changes The following other standards and amendments to existing standards became effective for the year ended July 31, 2021 and have not had a material impact on the Group’s consolidated financial statements: •Amendments to References to the Conceptual Framework in IFRS Standards; •Amendments to IAS 1 and IAS 8 – Definition of Material; •Amendments to IFRS 3 – Definition of a Business; •Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform (Phase 1); and •Amendments to IFRS 16 – COVID-19-Related Rent Concessions Other standards and amendments to existing standards that have been issued but not yet adopted are not expected to have a material impact on the Group’s consolidated financial statements. Critical accounting judgments Impact of the COVID-19 pandemic Management has exercised judgment in evaluating the impact of the COVID-19 pandemic on the consolidated financial statements. In light of the Group’s strong performance during the year, management concluded there was no material negative impact of the COVID-19 pandemic on the financial statements and no new sources of estimation uncertainty. Leases Property leases entered into by the Group typically include extension and termination options to provide operational flexibility to the Group. Management applied significant judgment in determining whether these options were reasonably certain to be exercised when determining the lease term on adoption of IFRS 16. In making this judgment management considered the remaining lease term, future business plans and other relevant economic factors. Specifically in respect to property leases, which represent the majority of the lease liability, a renewal option was determined to be reasonably certain to be exercised when a lease expired within the Group’s three-year strategic planning horizon. Pensions and other post-retirement benefits The Group operates defined benefit pension plans in Canada and the UK that are accounted for using methods that rely on actuarial assumptions to estimate costs and liabilities for inclusion in the consolidated financial statements. The discount rate used is set with reference to the yield at the valuation date on high-quality corporate bonds that have a maturity approximating to the terms of the pension obligations. Significant judgment is required when selecting the bonds to include. The most significant criteria considered for selection of the bonds include the issue size of the corporate bonds, the quality of the bonds and the identification of outliers which are excluded. Sources of estimation uncertainty In applying the Group’s accounting policies, various transactions and balances are valued using estimates or assumptions. Should these estimates or assumptions prove incorrect there may be an impact on the following year’s financial statements. Management believes that the estimates and assumptions that have been applied would not give rise to a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Accounting policies A summary of the principal accounting policies applied by the Group in the preparation of the consolidated financial statements is set out below. The accounting policies have been applied consistently throughout the current and preceding year. Basis of consolidation The consolidated financial information includes the results of the parent company and entities controlled by the Company (its subsidiary undertakings and controlling interests) and its share of profit/(loss) after tax of its associates using the equity method of accounting. The financial performance of business operations is included in profit from continuing operations from the date of acquisition and up to the date of classification as a discontinued operation or sale. Intra-group transactions and balances and any unrealized gains and losses arising from intra-group transactions are eliminated on consolidation. Discontinued operations When the Group has disposed of, or classified as held for sale, a business component that represents a separate major line of business or geographical area of operations, it classifies such operations as discontinued in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. The post-tax profit or loss of the discontinued operations are shown as a single line on the face of the income statement separate from the other results of the Group. Foreign currencies Items included in the financial statements of the parent and of each of the Group’s subsidiary undertakings are measured using the currency of the primary economic environment in which the subsidiary undertaking operates (the “functional currency”). The consolidated financial statements are presented in U.S. dollars, which is the presentational currency of the Group. The trading results of overseas subsidiary undertakings are translated into U.S. dollars using the average rates of exchange ruling during the relevant financial period. The balance sheets of overseas subsidiary undertakings are translated into U.S. dollars at the rates of exchange ruling at the year-end. Exchange differences arising on the translation into U.S. dollars of the net assets of these subsidiary undertakings are recognized in other comprehensive income and accumulated in the translation reserve. At July 31, 2021, the translation reserve comprised $213 million in relation to pound sterling entities, $181 million in relation to U.S. dollar entities and $4 million in relation to entities denominated in other currencies. In the event that a subsidiary undertaking which has a non-U.S. dollar functional currency is disposed of, the gain or loss on disposal recognized in the income statement is determined after taking into account the cumulative currency translation differences that are attributable to the subsidiary undertaking concerned. Foreign currency transactions entered into during the year are translated into the functional currency of the entity at the rates of exchange ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All currency translation differences are taken to the income statement. Except as noted above, changes in the fair value of derivative financial instruments, entered into to hedge foreign currency net assets and that satisfy the hedging conditions of IFRS 9 “Financial Instruments” are recognized in other comprehensive income and the translation reserve (see the separate accounting policy on derivative financial instruments). Business combinations The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Costs related to acquisitions are expensed as incurred. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Interests in associates Investments in companies where significant influence is exercised are accounted for as interests in associates using the equity method of accounting from the date the investee becomes an associate. The investment is initially recognized at cost and adjusted thereafter for changes in the Group’s share in the net assets of the investee. The Group’s share of profit or loss after tax is recognized in the Group income statement and share of other comprehensive income or expense is recognized in the Group statement of other comprehensive income. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the fair value of net assets of the investee is recognized as goodwill, which is included within the carrying amount of the investment. The requirements of IAS 36 “Impairment of Assets”, are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. Impairment losses recognized are charged to the income statement. Revenue The Group’s revenues are derived primarily from the sale of a broad range of plumbing and heating products. The Group’s customers predominantly operate within the repair, maintenance and improvement sector and are served through a network of branches and distribution centers. Revenue is the consideration expected to be received in exchange for the provision of goods falling within the Group’s ordinary activities, excluding intra-group sales, estimated and actual sales returns, trade and early settlement discounts, Value Added Tax and similar sales taxes. Revenue from the sale of goods is recognized when the customer obtains control of the goods, which is the point they are delivered to, or collected by, the customer. Revenue from the provision of goods is only recognized when the transaction price is determinable and it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods to be transferred to the customer. Payment terms between the Group and its customers vary by the type of customer, country of sale and the products sold. The Group does not have significant financing components in its contracts and the payment due date is typically shortly after sale. In some instances, goods are delivered directly to the customer by the supplier. The Group has concluded it is the principal in these transactions as it is primarily responsible to the customer for fulfilling the obligation and has the responsibility for identifying and directing the supplier to deliver the goods to the customer. The Group offers a right of return to its customers for most of its goods sold. Revenue is reduced by the amount of expected returns, estimated based on historical data, in the period in which the related revenue is recorded. Returns can be reliably estimated as historic returns as a percentage of revenue have remained stable over time and the terms and conditions of sale have remained broadly unchanged for several years. Early settlement discounts are known shortly after the sale and can therefore be reliably estimated. The Group also provides customers with assurance-type warranties for some own brand goods that provide assurance the goods comply with agreed-upon specifications and will operate as specified for a set period from the date of sale. Obligations under these warranties are accounted for as provisions. The Group has no contracts with an expected duration of more than one year. Cost of sales Cost of sales includes purchased goods and the cost of bringing inventory to its present location and condition. Supplier rebates In line with industry practice, the Group has agreements (“supplier rebates”) with a number of its suppliers whereby volume-based rebates, marketing support and other discounts are received in connection with the purchase of goods for resale from those suppliers. Rebates relating to the purchase of goods for resale are accrued as earned and are recorded initially as a deduction in inventory with a subsequent reduction in cost of sales when the related product is sold. Volume-based supplier rebates The majority of volume-based supplier rebates are determined by reference to guaranteed rates of rebate. These are calculated through a mechanical process with minimal judgment required to determine the amount recorded in the income statement. A small proportion of volume-based supplier rebates are subject to tiered targets where the rebate percentage increases as volumes purchased reach agreed targets within a set period of time. The majority of rebate agreements apply to purchases in a calendar year and therefore, for tiered rebates, judgment is required to estimate the rebate amount recorded in the income statement at the end of the period. The Group assesses the probability that targeted volumes will be achieved in the year based on forecasts which are informed by historical trading patterns, current performance and trends. This judgment is exercised consistently with historically insignificant true ups at the end of the period. An amount due in respect of supplier rebates is not recognized within the income statement until all the relevant performance criteria, where applicable, have been met and the goods have been sold to a third party. Other rebates The Group has also entered into other rebate agreements which represent a smaller element of the Group’s overall supplier rebates, which are recognized in the income statement when all performance conditions have been fulfilled. Supplier rebates receivable Supplier rebates are offset with amounts owing to each supplier at the balance sheet date and are included within trade payables where the Group has the legal right to offset and net settles balances. Where the supplier rebates are not offset against amounts owing to a supplier, the outstanding amount is included within prepayments. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary undertaking at the date of acquisition. Goodwill on acquisitions of subsidiary undertakings is included within intangible assets. Goodwill is allocated to cash generating units or aggregations of cash generating units (together “CGUs”) where synergy benefits are expected. CGUs are independent sources of income streams and represent the lowest level within the Group at which the associated goodwill is monitored for management purposes. The Group’s CGUs are based on the markets where the business operates and are grouped in line with the management structure. Goodwill is not amortized but is tested annually for impairment and carried at cost less accumulated impairment losses. For goodwill impairment testing purposes, no CGU is larger than the operating segments determined in accordance with IFRS 8 “Operating Segments”. The recoverable amount of goodwill and acquired intangible assets are assessed on the basis of the higher of fair value less costs to sell and the value in use estimate for CGUs to which they are attributed. Where carrying value exceeds the recoverable amount a provision for the impairment is established with a charge included in the income statement. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Other intangible assets An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognized to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable or when it arises from contractual or other legal rights. Intangible assets, primarily brands, trade names and customer relationships, acquired as part of a business combination are capitalized separately from goodwill and are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated using the reducing balance method for customer relationships and the straight-line method for other intangible assets. The cost of the intangible assets is amortized and charged to operating costs in the income statement over their estimated useful lives as follows:
Computer software that is not integral to an item of property, plant and equipment is recognized separately as an intangible asset and is carried at cost less accumulated amortization and accumulated impairment losses. Costs may include software licenses and external and internal costs directly attributable to the development, design and implementation of the computer software. Costs in respect of training and data conversion are expensed as incurred. Amortization is calculated using the straight-line method so as to charge the cost of the computer software to operating costs in the income statement over its estimated useful life of between and five years. Leases The Group enters into leases in the normal course of its business; these principally relate to property for the Group’s branches, distribution centers and offices which have varying terms including extension and termination options and periodic rent reviews. The Group recognizes a right of use asset and a lease liability at the lease commencement date. Non-lease components of a contract are not separated from lease components and instead are accounted for as a single lease component. Lease liabilities are initially measured at the present value of lease payments using the interest rate implicit in the lease, or if this is not readily available, at the Group’s incremental borrowing rate. Lease payments comprise fixed payments, variable payments that depend on an index or rate, payments expected under residual value guarantees and payments under purchase and termination options which are reasonably certain to be exercised. Lease terms are initially determined as the non-cancelable period of a lease adjusted for options to extend or terminate a lease that are reasonably certain to be exercised and management judgment is required in making this determination. Lease liabilities are subsequently measured at amortized cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments as a result of a rent review or a change in an index or rate, or if there is a significant event which changes the assessment of whether it is reasonably certain that extension or termination options will be exercised. Right of use assets are carried at cost less accumulated depreciation and impairment losses and any subsequent remeasurement of the lease liability. Initial cost comprises the lease liability adjusted for lease payments at or before the commencement date, lease incentives received, initial direct costs and an estimate of restoration costs. Right of use assets are depreciated on a straight-line basis to the earlier of the end of the useful life of the asset or the end of the lease term and tested for impairment if an indicator exists. Leases that have a term of 12 months or less and leases for which the underlying asset is of low value are recognized as an expense on a straight-line basis over the lease term. Operating leases (applicable for the year ended July 31, 2019) Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. The cost of operating leases (net of any incentives received from the lessor) is charged to the income statement on a straight line basis over the period of the leases. Property, plant and equipment (“PPE”) PPE is carried at cost less accumulated depreciation and accumulated impairment losses, except for land and assets in the course of construction, which are not depreciated and are carried at cost less accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items. In addition, subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Assets are depreciated to their estimated residual value using the straight-line method over their estimated useful lives as follows:
The residual values and estimated useful lives of PPE are reviewed and adjusted if appropriate at each balance sheet date. The Group reviews at the balance sheet date whether events or circumstances indicate that the carrying value of its PPE may be impaired. If such circumstances are determined to exist, an estimate of the recoverable amount of the asset, or the appropriate grouping of assets, is compared to its carrying value to determine whether an impairment exists. Inventories Inventories, which comprise goods purchased for resale, are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method or the average cost method as appropriate to the nature of the transactions in those items of inventory. The cost of goods purchased for resale includes import and custom duties, transport and handling costs, freight and packing costs and other attributable costs less trade discounts, rebates and other subsidies. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Provisions are made against slow-moving, obsolete and damaged inventories for which the net realizable value is estimated to be less than the cost. The risk of obsolescence of slow-moving inventory is assessed by comparing the level of inventory held to estimated future sales on the basis of historical experience. Trade receivables Trade receivables are recognized initially at their transaction price and measured subsequently at amortized cost using the effective interest method, less the loss allowance. The loss allowance for trade receivables is measured at an amount equal to lifetime expected credit losses, estimated based on historical write-offs adjusted for forward-looking information where appropriate. A loss allowance of 100 percent is recognized against trade receivables more than 180 days past due because historical experience indicates that these are generally not recoverable. The loss is recognized in the income statement. Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to the income statement. Provisions Provisions for self-insured risks, legal claims and environmental restoration are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Such provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. The discount rate used to determine the present value reflects current market assessments of the time value of money. Provisions are not recognized for future operating losses. Retirement benefit obligations Contributions to defined contribution pension plans and other post-retirement benefits are recorded within operating profit. For defined benefit pension plans and other post-retirement benefits, the cost of providing benefits is determined annually using the Projected Unit Credit Method by independent qualified actuaries. The current and past service cost of defined benefit pension plans is recorded within operating profit. The net interest amount is calculated by applying the discount rate to the defined benefit net asset or liability at the beginning of the period. The pension plan net interest is presented as finance income or expense. Actuarial gains and losses arising from experience adjustments. Changes in actuarial assumptions and the return from pension plan assets, excluding amounts recorded in net interest on the net pension plan liability/asset are charged or credited to equity in other comprehensive income in the period in which they arise. The liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present value of the defined benefit obligation at the end of the reporting period. Where a plan is in a net asset position the asset is recognized where trustees do not have unilateral power to augment benefits prior to a wind-up. Tax Current tax represents the expected tax payable (or recoverable) on the taxable income (or losses) for the year using tax rates enacted or substantively enacted at the balance sheet date and taking into account any adjustments arising from prior years. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Tax provisions The Group is subject to income taxes in numerous jurisdictions. Judgment is sometimes required in determining the worldwide provision for income taxes. There may be transactions for which the ultimate tax determination is uncertain and may be challenged by the tax authorities. The Group recognizes liabilities for anticipated or actual tax audit issues based on estimates of whether additional taxes will be due. Where an outflow of funds to a tax authority is considered probable and material and the Group can make a reliable estimate of the outcome of the dispute, management calculates the provision using the most likely amount or the expected value approach, depending on which is most appropriate for the uncertain tax provision. In assessing its uncertain tax provisions, management takes into account the specific facts of each dispute, the likelihood of settlement and professional advice where required. Where the ultimate liability in a dispute varies from the amounts provided, such differences could impact the current and deferred income tax assets and liabilities in the period in which the dispute is concluded. Share capital Where the Company purchases the Company’s equity share capital (Treasury shares), the consideration paid, including any directly attributable incremental costs (net of tax), is deducted from equity attributable to shareholders of the Company until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related tax effects, is included in equity attributable to shareholders of the Company. Share-based payments Share-based incentives are provided to associates under the Group’s long term incentive plans and all-employee sharesave plans. The Group recognizes a compensation cost in respect of these plans that is based on the fair value of the awards, measured using Binomial and Monte Carlo valuation methodologies. For equity-settled plans, the fair value is determined at the date of grant (including the impact of any non-vesting conditions such as a requirement for employees to save) and is not subsequently remeasured unless the conditions on which the award was granted are modified. For cash-settled plans, the fair value is determined at the date of grant and is remeasured at each balance sheet date until the liability is settled. Generally, the compensation cost is recognized on a straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions. Dividends payable Dividends on ordinary shares are recognized in the Group’s consolidated financial statements in the period in which the dividends are approved by the shareholders of the Company or paid. Cash and cash equivalents Cash and cash equivalents includes cash in-hand, deposits held at call with banks with original maturities of three months or less and bank overdrafts to the extent there is a legal right of offset and practice of net settlement with cash balances. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet to the extent that there is no legal right of offset and no practice of net settlement with cash balances. Derivative financial instruments Derivative financial instruments, in particular interest rate swaps and foreign exchange swaps, are used to manage the financial risks arising from the business activities of the Group and the financing of those activities. There is no trading activity in derivative financial instruments. At the inception of a hedging transaction involving the use of derivative financial instruments, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the fair values or cash flows of the hedged items. Derivative financial instruments are recognized as assets and liabilities measured at their fair values at the balance sheet date. Where derivative financial instruments do not fulfil the criteria for hedge accounting contained in IFRS 9, changes in their fair values are recognized in the income statement. When hedge accounting is used, the relevant hedging relationships are classified as fair value hedges, cash flow hedges or net investment hedges. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by the increase or decrease in its fair value attributable to the hedged risk and the resulting gain or loss is recognized in the income statement where, to the extent that the hedge is effective, it will be offset by the change in the fair value of the hedging instrument. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to the income statement over the period to maturity. Where the hedging relationship is classified as a cash flow hedge or as a net investment hedge, to the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognized directly in other comprehensive income. When the hedged item is recognized in the financial statements, the accumulated gains and losses recognized in equity are either recycled to the income statement or, if the hedged item results in a non-financial asset, are recognized as adjustments to its initial carrying amount. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. Borrowings Borrowings are recognized initially at the fair value of the consideration received net of transaction costs incurred. Borrowings are subsequently measured at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement using the effective interest method.
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Segment analysis |
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment analysis | Segmental analysis The Group’s operating segments are established on the basis of the operating businesses overseen by distinct divisional management teams responsible for their performance. These operating businesses are managed on a geographical basis and are regularly reviewed by the chief operating decision-maker, which is determined to be the Group Chief Executive and the Group Chief Financial Officer, in deciding how to allocate resources and assess the performance of the businesses. All operating segments derive their revenue from a single business activity, the distribution of plumbing and heating products. Revenue is attributed to a country based on the location of the Group company reporting the revenue. The Group disposed of its UK business Wolseley UK Limited on January 29, 2021. The UK results have been reclassified to discontinued operations and the prior year comparative results have been restated. Prior to 2019, the Group combined the Canada and Central Europe operating segments into one reportable segment as individually they do not meet the quantitative thresholds set out in IFRS 8 “Operating Segments” to be separately disclosed. In 2019, the Group disposed of its Dutch business, Wasco, which was the last of its Central European businesses. The Group’s business is not highly seasonal and the Group’s customer base is highly diversified, with no individually significant customer. An analysis of segment revenue from external customers is as follows:
There is no revenue from inter-segment transactions. An additional disaggregation of revenue by end market is as follows:
Underlying trading profit is the segment measure of profit and loss reviewed by the chief operating decision maker. Underlying trading profit is defined as profit before tax excluding central and other costs, (loss)/gain on disposal of businesses, business restructuring costs, corporate restructuring costs and pension plan changes/closure costs, amortization of acquired intangible assets, net finance costs, share of profit after tax of associates, gain on disposal of interests in associates and other investments and impairment of interests in associates. As a result of the Group’s adoption of IFRS 16, from August 1, 2019, underlying trading profit also excludes interest and depreciation solely related to leases and adjusts for the inclusion of the lease expenses under the Group’s policy under IAS 17 (i.e., the lease standard in effect prior to the adoption of IFRS 16). An analysis of underlying trading profit by reportable segment and the reconciliation between underlying trading profit by reportable segment and profit before tax is as follows:
(1)For the year ended July 31, 2021, business restructuring reflects the release of provisions in connection with previously anticipated COVID-19 cost actions recorded in fiscal 2020. For the year ended July 31, 2020, business restructuring principally comprised costs incurred in the USA and Canada in respect of cost actions taken to ensure the business is appropriately sized for the post COVID-19 operating environment. For the year ended July 31, 2019, business restructuring comprised costs incurred in the USA and Canada in respect of their business transformation strategies and costs relating to the change in the Group corporate headquarters. (2)For the years ended July 31, 2021 and 2020, corporate restructuring costs related to the Group’s listing in the USA. (3)For the year ended July 31, 2019, pension plan changes/closure relate to the defined benefit pension plan in the UK. (4)From continuing operations. Other information on assets and liabilities by segment is set out in the following tables:
Geographical information on non-current assets is set out in the table below. Non-current assets includes goodwill, other intangible assets, right of use assets, property, plant and equipment and interests in associates.
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Operating profit |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating profit | Operating profit Amounts charged/(credited) in arriving at operating profit from continuing operations include:
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Net finance costs |
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Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net finance costs | Net finance costs
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Tax |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax | Tax The tax charge for the year comprises:
The deferred tax credit of $172 million (2020: charge of $39 million and 2019: credit of $51 million) includes a credit of $29 million (2020: credit of $5 million and 2019: charge $4 million) resulting from changes in tax rates. The deferred tax credit is materially impacted by an accounting method change with respect to accounting for inventory in the USA. This has resulted in a recharacterization of deferred tax liabilities and increased current year tax charge for a net nil impact. A tax charge of $12 million (2020: credit $10 million and 2019: charge of $8 million) arises on the profit from discontinued operations. Tax on items charged to the Group statement of comprehensive income:
Within the statement of other comprehensive income, there is a tax credit of $8 million (2020: $nil and 2019: $nil) relating to changes in tax rates. Tax on items credited to equity:
There is no tax charge in the statement of changes in equity which relates to changes in tax rates in 2021, 2020, and 2019. The Group has made provisions for the liabilities likely to arise from open audits and assessments. At July 31, 2021, the Group has recognized provisions of $138 million (2020: $294 million and 2019: $254 million) in respect of its uncertain tax positions. The total provision has decreased by $156 million in the year primarily due to decreases related to closure of tax authority audits and the expiry of the statute of limitations for a number of open tax years. With respect to the remaining uncertain tax positions, although there is uncertainty regarding the timing of the resolution of these matters, management do not believe that the Group’s uncertain tax provisions constitute a major source of estimation uncertainty as they consider that there is no significant risk of a material change to its estimate of these provisions within the next 12 months.
(1)This expected weighted average tax rate reflects the applicable statutory corporate tax rates on the accounting profits/losses in the countries in which the Group operates after intra-group financing. This results in interest deductions and lower taxable profits in many of the countries and therefore reduce the tax rate. (2)This includes adjustments arising out of movements in uncertain tax provisions regarding prior periods and differences between the final tax liabilities in the tax computations and the tax liabilities provided in the consolidated financial statements. (3)This reflects management’s assessment of the potential tax liability for the current year in relation to open tax issues and audits. (4)This primarily relates to non-taxable disposal of businesses and to certain expenditure for which no tax relief is available such as disallowable business entertaining costs and legal/professional fees. (5)In fiscal 2021, this relates to the change of the corporation tax rate to 25 percent from the previously enacted 19 percent in the UK. In fiscal 2020 and fiscal 2019, this relates to the change of the deferred tax rate to 19 percent from the previously enacted 17 percent in the UK. Deferred tax assets and liabilities Deferred tax assets and liabilities, which are offset where the Group has a legally enforceable right to do so, are shown in the balance sheet after offset as follows:
The following are the major deferred tax assets and liabilities recognized by the Group and movements thereon during the current and prior reporting year:
Legislation has been enacted in the UK to increase the standard rate of UK corporation tax from 19 percent to 25 percent with effect from April 2023. Accordingly, the UK deferred tax assets and liabilities have been calculated based on a tax rate which materially reflects the rate for the period in which the deferred tax assets and liabilities are expected to reverse. Net deferred tax assets have been recognized on the basis that sufficient taxable profits are forecast to be available in the future to enable them to be utilized. In addition, the Group has unrecognized gross tax losses totaling $404 million (2020: $369 million) that have not been recognized on the basis that their future economic benefit is uncertain. These losses have no expiry date and relate predominantly to capital losses. No deferred tax liability has been recognized in respect of taxable temporary differences associated with unremitted earnings from the Group’s subsidiary undertakings. However, tax may arise on $551 million (2020: $442 million) of temporary differences but the Group is in a position to control the timing of their reversal and it is probable that such differences will not reverse in the foreseeable future.
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Discontinued operations |
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Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued operations | Discontinued operations The Group disposed of the shares in its UK business, Wolseley UK Limited, on January 29, 2021 and during the year ended July 31, 2019, sold its remaining property assets in the Nordic region (together the “disposal group”). In accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the disposal group has been presented as a discontinued operation. The assets and liabilities of the UK business were transferred to assets held for sale during the year before being disposed of. The results from discontinued operations, which have been included in the Group income statement, are set out below:
The discontinued loss on disposal of businesses in fiscal 2021 comprises a loss on disposal of the UK business of $370 million generated from the recycling of cumulative translation adjustments and a gain on prior year disposals of $14 million. In fiscal 2021, discontinued other operating costs comprised a $63 million impairment of assets held for sale relating to the sale of the UK business, a $235 million gain from recycling of cumulative translation adjustments following the abandonment of former Group financing companies and a $2 million release relating to UK business restructuring in prior years. In fiscal 2020, discontinued other operating costs also included $18 million in restructuring costs incurred in the UK, including $3 million charged to cost of sales for inventory write-downs. In 2019, discontinued other operating costs primarily relates to business restructuring costs incurred in the UK in respect of their business transformation strategy. During the year, discontinued operations generated cash of $32 million (2020: $113 million and 2019: $2 million) in respect of operating activities, generated $390 million (2020: used $54 million and 2019: $121 million) in respect of investing activities, which includes $380 million (2020: $7 million and 2019: $98 million) of net cash inflow from the disposal of businesses, and used $19 million (2020: $35 million and 2019: $1 million) in respect of financing activities.DisposalsOn January 29, 2021, the Group disposed of the shares in its UK business, Wolseley UK Limited. There were no other disposals in the year ended July 31, 2021. The Group recognized a total loss on disposals in the period of $356 million (2020: $nil million), which is comprised of a loss on the current period disposal of the UK business of $370 million (2020: $nil million) and a gain on prior year disposals of $14 million (2020: $nil million). The total loss is reported within discontinued operations. The loss on current period disposal is as follows:
Net assets disposed of were held in assets and liabilities held for sale. The net inflow of cash in respect of disposals of businesses related to discontinued operations is as follows:
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Dividends |
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Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | Dividends Amounts recognized as distributions to equity shareholders:
Since the end of the financial year, the Directors have proposed a final ordinary dividend of approximately $369 million (166.5 cents per share). The dividend is subject to approval by shareholders at the Company’s 2021 Annual General Meeting and is therefore not included in the balance sheet as a liability at July 31, 2021. Dividends are declared in U.S. dollars and paid in both pounds sterling and U.S. dollars. For those shareholders paid in pounds sterling, the exchange rate used to translate the declared value was set in advance of the payment date. As a result of foreign exchange rate movements between these dates, the total amount paid (shown in the Group cash flow statement) may be different to that stated above.
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Earnings per share |
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Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share
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Employee and key management information |
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Employee and key management information | Employee and key management information
The total staff costs in connection with discontinued operations was $124 million (2020: $246 million and 2019: $267 million).
The average number of employees for discontinued operations was 2,386 (2020: 5,005 and 2019: 5,397). Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Director of the Company. The aggregate emoluments for all key management are set out in the following table:
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Intangible assets—goodwill |
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Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets—goodwill | Intangible assets—goodwill
Goodwill and intangible assets acquired during the year have been allocated to the individual cash generating units or aggregated cash generating units (together “CGUs”) which are deemed to be the smallest identifiable group of assets generating independent cash inflows. CGUs have been aggregated in the disclosure below at a segmental level except for certain CGUs in the USA which are considered to be significant (more than 10 percent of the current year goodwill balance). Impairment reviews were performed for each individual CGU during the year ended July 31, 2021.
(1)Due to a reorganization of the reporting structure, the Facilities Supply CGU, previously included within the Rest of USA CGU, has been reallocated to the Blended Branches CGU. The comparative has been reclassified for comparability. The relevant inputs, including key assumptions, to the value in use calculations of each CGU are set out below. Cash flow forecasts for years one to three are derived from the most recent Board approved strategic plan. The forecast for year five represents an estimate of “mid-cycle” trading performance for the CGU based on historic analysis. Year four is calculated as the average of the final year of the strategic plan and year five’s mid-cycle estimate. The other inputs include: a risk-adjusted pre-tax discount rate, calculated by reference to the weighted average cost of capital (“WACC”) of each country and reflecting the latest equity market risk factors; and the 30-year long term growth rate by country, as published by the IMF in April 2021. The strategic plan is developed based on analyses of sales, markets and costs at a regional level. Consideration is given to past events, knowledge of future contracts and the wider economy. It takes into account both current business and future initiatives. Management has performed a sensitivity analysis across all CGUs which have goodwill and acquired intangible assets using reasonably possible changes in the following key impairment review assumptions: compound average revenue growth rate, post-tax discount rate and long term growth rate, keeping all other assumptions constant. The sensitivity analysis included an assessment of the break-even point for each of the key assumptions. The sensitivity testing identified no reasonably possible changes in key assumptions that would cause the carrying amount of any CGU to exceed its recoverable amount. As a result, management do not believe that the key impairment review assumptions constitute a major source of estimation uncertainty as they consider that there is no significant risk of a material change to its estimate of these assumptions within the next 12 months.
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Intangible assets—other |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets—other | Intangible assets—other
At July 31, 2021, customer relationships net book value includes $69 million (2020: $80 million) in relation to the acquisition of Jones Stephens which had a remaining amortization period of seven years (2020: eight years). The amortization charge for the year includes $5 million (2020: $22 million) in respect of discontinued operations of which $2 million relates to software (2020: $6 million).
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Right of use assets and leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Right of use assets and leases | Right of use assets and leases Movements in right of use assets for the years ended July 31, 2021 were as follows:
The depreciation charge for the year includes $13 million (2020: $35 million) and the impairment charge for the year ended July 31, 2020 includes $2 million in respect of discontinued operations. The Group’s land and building leases include leases for branches, distribution centers and offices. Leases in the USA and Canada often include one or more options to extend the lease term and some of the Group’s leases include options to terminate early. Certain leases include variable lease payments that are linked to a consumer price index or market rate. The Group’s land and building leases have a weighted average remaining lease term at July 31, 2021 of 5.3 years (2020: 5.9 years). The Group’s plant and machinery leases include leases for fleet vehicles, trucks and company cars. These leases have a weighted average remaining lease term at July 31, 2021 of 4.3 years (2020: 4.5 years). The maturity of lease liabilities at July 31, 2021 was as follows:
At July 31, 2021 the Group was committed to future undiscounted lease payments $nil million (2020: $nil million) relating to short term leases. Amounts charged/(credited) to the Group income statement during the year were as follows:
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Property, plant and equipment |
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Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment
The depreciation charge for the year includes $6 million (2020: $19 million) and the impairment charge for the year ended July 31, 2020 includes $1 million in respect of discontinued operations.
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Deferred tax assets and liabilities |
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax asset and liabilities | Tax The tax charge for the year comprises:
The deferred tax credit of $172 million (2020: charge of $39 million and 2019: credit of $51 million) includes a credit of $29 million (2020: credit of $5 million and 2019: charge $4 million) resulting from changes in tax rates. The deferred tax credit is materially impacted by an accounting method change with respect to accounting for inventory in the USA. This has resulted in a recharacterization of deferred tax liabilities and increased current year tax charge for a net nil impact. A tax charge of $12 million (2020: credit $10 million and 2019: charge of $8 million) arises on the profit from discontinued operations. Tax on items charged to the Group statement of comprehensive income:
Within the statement of other comprehensive income, there is a tax credit of $8 million (2020: $nil and 2019: $nil) relating to changes in tax rates. Tax on items credited to equity:
There is no tax charge in the statement of changes in equity which relates to changes in tax rates in 2021, 2020, and 2019. The Group has made provisions for the liabilities likely to arise from open audits and assessments. At July 31, 2021, the Group has recognized provisions of $138 million (2020: $294 million and 2019: $254 million) in respect of its uncertain tax positions. The total provision has decreased by $156 million in the year primarily due to decreases related to closure of tax authority audits and the expiry of the statute of limitations for a number of open tax years. With respect to the remaining uncertain tax positions, although there is uncertainty regarding the timing of the resolution of these matters, management do not believe that the Group’s uncertain tax provisions constitute a major source of estimation uncertainty as they consider that there is no significant risk of a material change to its estimate of these provisions within the next 12 months.
(1)This expected weighted average tax rate reflects the applicable statutory corporate tax rates on the accounting profits/losses in the countries in which the Group operates after intra-group financing. This results in interest deductions and lower taxable profits in many of the countries and therefore reduce the tax rate. (2)This includes adjustments arising out of movements in uncertain tax provisions regarding prior periods and differences between the final tax liabilities in the tax computations and the tax liabilities provided in the consolidated financial statements. (3)This reflects management’s assessment of the potential tax liability for the current year in relation to open tax issues and audits. (4)This primarily relates to non-taxable disposal of businesses and to certain expenditure for which no tax relief is available such as disallowable business entertaining costs and legal/professional fees. (5)In fiscal 2021, this relates to the change of the corporation tax rate to 25 percent from the previously enacted 19 percent in the UK. In fiscal 2020 and fiscal 2019, this relates to the change of the deferred tax rate to 19 percent from the previously enacted 17 percent in the UK. Deferred tax assets and liabilities Deferred tax assets and liabilities, which are offset where the Group has a legally enforceable right to do so, are shown in the balance sheet after offset as follows:
The following are the major deferred tax assets and liabilities recognized by the Group and movements thereon during the current and prior reporting year:
Legislation has been enacted in the UK to increase the standard rate of UK corporation tax from 19 percent to 25 percent with effect from April 2023. Accordingly, the UK deferred tax assets and liabilities have been calculated based on a tax rate which materially reflects the rate for the period in which the deferred tax assets and liabilities are expected to reverse. Net deferred tax assets have been recognized on the basis that sufficient taxable profits are forecast to be available in the future to enable them to be utilized. In addition, the Group has unrecognized gross tax losses totaling $404 million (2020: $369 million) that have not been recognized on the basis that their future economic benefit is uncertain. These losses have no expiry date and relate predominantly to capital losses. No deferred tax liability has been recognized in respect of taxable temporary differences associated with unremitted earnings from the Group’s subsidiary undertakings. However, tax may arise on $551 million (2020: $442 million) of temporary differences but the Group is in a position to control the timing of their reversal and it is probable that such differences will not reverse in the foreseeable future.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories
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Trade and other receivables |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other receivables | Trade and other receivables
Included in prepayments is $344 million (2020: $289 million) due in relation to supplier rebates where there is no right of offset against trade payable balances. Trade receivables have been aged with respect to the payment terms specified in the terms and conditions established with customers. The loss allowance for trade receivables by aging category is as follows:
No contracts contain a significant financing component. Payment from customers is typically due within 30 to 60 days. The contractual amount outstanding on trade receivables that were written off during the year and that are subject to enforcement activity was $9 million (2020: $12 million).
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Cash and cash equivalents |
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents
Included in the balance at July 31, 2021 is an amount of $36 million (2020: $248 million) which is part of the Group’s cash pooling arrangements where there is an equal and opposite balance included within bank overdrafts (note 19). These amounts are subject to a master netting arrangement. At July 31, 2021, cash and cash equivalents included $95 million (2020: $93 million) which is used to collateralize letters of credit on behalf of Ferguson Insurance Limited.
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Trade and other payables |
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Trade and other payables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables | Trade and other payables
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Borrowings |
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Borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings
At July 31, 2021 total 144A Bond debt was $1,350 million (2020: $1,350 million) which is held at par value. The carrying value of the Private Placement Notes of $1,178 million comprises a par value of $1,155 million and a fair value adjustment of $23 million from the application of hedge accounting (2020: $1,568 million, $1,530 million and $38 million respectively). The Group applies fair value hedge accounting to debt of $355 million (2020: $355 million), swapping fixed interest rates into floating interest rates using a series of interest rate swaps. Included in bank overdrafts at July 31, 2021 is an amount of $36 million (2020: $248 million) which is part of the Group’s cash pooling arrangements where there is an equal and opposite balance included within cash and cash equivalents (note 17). These amounts are subject to a master netting arrangement. In April 2020, Ferguson Finance Plc was approved as an eligible issuer under the Covid Corporate Financing Facility (“CCFF”), all commercial paper issued under the CCFF was fully repaid in June 2020 and as a result there are no balances recognized in the financial statements in the current or prior year. The Group did not utilize the funds that were previously drawn down under the facility and Ferguson Finance Plc’s CCFF eligibility expired in October 2020. There are no unfulfilled conditions or contingencies associated with the facility. No bank loans were secured against trade receivables and the trade receivables facility of $600 million was undrawn at July 31, 2021 and July 31, 2020. There have been no significant changes during the year to the Group’s policies on accounting for, valuing and managing the risk of financial instruments. These policies are summarized in note 1. Non-current loans are repayable as follows:
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Financial instruments and financial risk management |
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments and financial risk management | Financial instruments and financial risk management Financial instruments by measurement basis The carrying value of financial instruments by category as defined by IFRS 9 “Financial Instruments” is as follows:
Financial instruments in the category “fair value through profit and loss” and “fair value through other comprehensive income” are measured in the balance sheet at fair value. Fair value measurements can be classified in the following hierarchy: •Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1). •Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly (level 2). •Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3). The Group’s derivatives relate principally to interest rate swaps to manage its exposure to interest rate movements on its borrowings. They are measured at fair value through profit and loss using forward interest curves which are level 2 inputs. The current element of derivative financial assets is $5 million (2020: $11 million) and the non-current element is $16 million (2020: $28 million). Total net derivative financial instruments is an asset of $21 million (2020: $39 million). No transfers between levels occurred during the current or prior year. The Group’s executive deferred compensation plan comprises a financial asset of $332 million (2020: $268 million) which is measured at fair value through profit and loss using level 1 inputs and a financial liability of $328 million (2020: $265 million) which is measured at fair value through profit and loss using level 2 inputs. The fair value of the liability is calculated with reference to the fair value of the associated asset. The financial asset is all classified as non-current. The current element of the financial liability is $31 million (2020: $13 million) and the non-current element is $297 million (2020: $252 million). No transfers between levels occurred during the current or prior year. The Group has made the irrevocable election to designate its investments in equity instruments as financial assets at fair value through other comprehensive income as this presentation is more representative of the nature of the Group’s investments. The fair value of the investments in the current year are measured using market derived valuation methods which utilize level 3 unobservable inputs compared to the prior year which utilized level 2 inputs. The investments are classified as non-current financial assets in the balance sheet. No dividends were received from these investments in the current and prior year. The Group’s other financial instruments are measured at amortized cost. Other receivables include an amount of $64 million (2020: $71 million) which has been discounted at a rate of 1.8 percent (2020: 1.0 percent) due to the long term nature of the receivable. Other current assets and liabilities are either of short maturity or bear floating rate interest and their fair values approximate to book values. The only non-current financial assets or liabilities for which fair value does not approximate to book value are the Private Placement Notes, which had a book value of $1,178 million (2020: $1,568 million) and a fair value (level 2) of $1,273 million (2020: $1,671 million), and the 144A Bonds which had a book value of $1,350 million (2020: $1,350 million) and a fair value (level 1) of $1,538 million (2020: $1,488 million). Disclosure of offsetting arrangements The financial instruments which have been offset in the financial statements are disclosed below:
(1)The gross amounts of the recognized financial assets and liabilities under a master netting agreement, or similar arrangement. (2)The amounts offset in accordance with the criteria in IAS 32. (3)The net amounts presented in the Group balance sheet. (4)The amounts subject to a master netting agreement, or similar arrangement, not included in (3). (5)The net amount after deducting the amounts in (4) from the amounts in (3). Risk management policies The Group is exposed to market risks arising from its international operations and the financial instruments which fund them. The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk and liquidity risk. The Group has well-defined policies for the management of these risks which have been consistently applied during the financial years ended July 31, 2021 and July 31, 2020. By the nature of its business, the Group also has trade credit and commodity price exposures, the management of which is delegated to the operating businesses. There has been no change since the previous year in the major financial risks faced by the Group. Policies for managing each of these risks are regularly reviewed and are summarized below. When the Group enters into derivative transactions (principally interest rate swaps and foreign exchange contracts), the purpose of such transactions is to hedge certain interest rate and currency risks arising from the Group’s operations and its sources of finance. It is, and has been throughout the period under review, the Group’s policy that no trading in financial instruments or speculative transactions be undertaken. Capital structure and risk management The capital structure of the Group consists of derivative financial assets/(liabilities), cash and cash equivalents, borrowings, and equity of the Group (comprising share capital, share premium and reserves). To assess the appropriateness of its capital structure based on current and forecast trading, the Group’s principal measure of financial gearing is the ratio of net debt to adjusted EBITDA. The Group aims to operate with investment grade credit metrics and keep this ratio within one to two times. Of the Group’s borrowing facilities, only the U.S. Private Placement debt contains a financial covenant limiting the ratio of net debt to adjusted EBITDA to 3.5:1. All other borrowing facilities and 144A Bond debt do not contain financial covenants. The Group’s sources of funding currently comprise cash flows generated from operations, equity contributed by shareholders and borrowings from banks and other financial institutions. In order to maintain or adjust the capital structure, the Group may pay a special dividend, return capital to shareholders, repurchase its own shares, issue new shares or sell assets to reduce debt. Credit risk The Group provides sales on credit terms to most of its customers. There is an associated risk that customers may not be able to pay outstanding balances. At July 31, 2021, the maximum exposure to credit risk was $2,786 million (2020: $2,568 million). Each of the Group’s businesses have established procedures in place to review and collect outstanding receivables. Significant outstanding and overdue balances are regularly reviewed and resulting actions are put in place on a timely basis. All of the major businesses use professional and dedicated credit teams, in some cases field-based. Appropriate provisions are made for debts that may be impaired on a timely basis. Concentration of credit risk in trade receivables is limited as the Group’s customer base is large and unrelated. Accordingly, the Group considers that there is no further credit risk provision required above the current provision for expected credit losses. The aging of trade receivables is detailed in note 16. The Group has cash balances deposited for short periods with financial institutions and enters into certain contracts (such as interest rate swaps) which entitle the Group to receive future cash flows from financial institutions. These transactions give rise to credit risk on amounts due from counterparties with a maximum exposure of $1,163 million (2020: $1,873 million). This risk is managed by setting credit and settlement limits for a panel of approved counterparties. The limits are approved by the Treasury Committee and ratings are monitored regularly. Liquidity risk The Group maintains a policy of ensuring sufficient borrowing headroom to finance all investment and capital expenditure included in its strategic plan, with an additional contingent safety margin. The group has estimated its anticipated contractual cash outflows (excluding interest income and income from derivatives), including interest payable in respect of its borrowings (excluding bank overdrafts) and lease liabilities, on an undiscounted basis. The principal assumptions are that floating rate interest is calculated using the prevailing interest rate at the balance sheet date and cash flows in foreign currency are translated using spot rates at the balance sheet date. These cash flows can be analyzed by maturity as follows:
The Group relies on continued access to funding in order to meet its operating obligations, to support the growth of the business and to make acquisitions when opportunities arise. Its sources of funding include cash flows generated by operations and borrowings from banks and other financial institutions. The Group holds a $1,100 million (2020: $1,100 million) revolving credit facility that matures in March 2026, a $500 million bilateral facility that matures in March 2022 (2020: $500 million), and a $600 million (2020: $600 million) securitization facility that matures in May 2024. This facility is secured against the assets of Ferguson Receivables, LLC, a wholly owned subsidiary of Ferguson Enterprises, LLC. The assets of Ferguson Receivables, LLC can only be used to settle the obligations of Ferguson Receivables, LLC and creditors of Ferguson Receivables, LLC have no recourse to the general credit of Ferguson plc or that of other Group subsidiaries. All facilities were undrawn at July 31, 2021 and July 31, 2020. The maturity profile of the Group’s undrawn facilities is as follows:
At July 31, 2021, the Group has total available facilities, excluding bank overdrafts, of $4,728 million (2020: $5,118 million), of which $2,528 million is drawn (note 19) and $2,200 million is undrawn (2020: $2,918 million and $2,200 million, respectively). The Group does not have any debt factoring or supply chain financing arrangements. Foreign currency risk The Group has significant overseas businesses whose revenues are mainly denominated in the currencies of the countries in which the operations are located. Approximately 94 percent (2020: 95 percent and 2019: 93 percent) of the Group’s revenue is in U.S. dollars. Within each country it operates, the Group does not have significant transactional foreign currency cash flow exposures. However, those that do arise may be hedged with either forward contracts or currency options. The Group does not normally hedge profit translation exposure since such hedges have only a temporary effect. The Group’s policy is to adjust the currencies in which its derivative financial assets/(liabilities), cash and cash equivalents and borrowings, are denominated materially to match the currencies in which its trading profit is generated. The net effect of currency translation was to increase revenue by $60 million (2020: decrease by $25 million) and the net effect on trading profit was $nil (2020: $nil). These currency effects primarily reflect a movement of the average U.S. dollar exchange rate against Canadian dollars. Derivative financial assets/(liabilities), cash and cash equivalents and borrowings by currency were as follows:
Net investment hedging Exchange differences arising from the translation of the net investment in foreign operations are recognized in the statement of comprehensive income and accumulated in the translation reserve. Gains and losses on those hedging instruments designated as hedges of the net investments in foreign operations are recognized in equity in the statement of comprehensive income and accumulated in the translation reserve to the extent that the hedging relationship is effective. The Group has net financial liabilities denominated in foreign currencies which have been designated as hedges of the net investment in its overseas subsidiaries. The principal value of those financial liabilities designated as hedges at the balance sheet date was $187 million (2020: $368 million and 2019: $327 million). The loss on translation of those financial instruments into U.S. dollars of $31 million (2020: $31 million and 2019: $36 million gain) has been taken to the statement of comprehensive income. There was no hedge ineffectiveness in the year. Interest rate risk At July 31, 2021, 85 percent (2020: 83 percent) of borrowings (excluding bank overdrafts) were at fixed rates. The Group borrows in the desired currencies principally at rates determined by reference to short term benchmark rates applicable to the relevant currency or market, such as LIBOR. Rates which reset at least every 12 months are regarded as floating rates and the Group then, if appropriate, considers interest rate swaps to generate the desired interest rate profile. The Group reviews deposits and borrowings by currency at Treasury Committee and Board meetings. The Treasury Committee gives prior approval to any variations from floating rate arrangements. The interest rate profile of the Group’s derivative financial assets/(liabilities), cash and cash equivalents and borrowings, including the effect of interest rate swaps is set out below:
The Group’s weighted average cost of debt is 4.5 percent. The Group holds issued fixed rate borrowings at July 31, 2021 of $2,505 million comprising 144A Bonds of $1,350 million and Private Placement Notes of $1,155 million (2020: $2,786 million, $1,350 million and $1,436 million respectively) and these carried a weighted average interest rate of 3.8 percent fixed for a weighted average duration of 6.6 years (2020: 3.7 percent for 7.0 years). The Group holds interest rate swap contracts comprising fixed interest receivable on $355 million of notional principal. These are designated as a fair value hedge against $355 million of Private Placement Notes swapping fixed interest for floating. These contracts expire between November 2023 and November 2026 and the fixed interest rates range between 3.3 percent and 3.5 percent. At July 31, 2021, there were $nil floating rate borrowings, excluding overdrafts. At July 31, 2020, floating rate borrowings, excluding overdrafts, had a weighted average interest rate of 1.7 percent. Monitoring interest rate and foreign currency risk The Group monitors its interest rate and foreign currency risk by reviewing the effect on financial instruments over various periods of a range of possible changes in interest rates and exchange rates. The financial impact for reasonable approximation of possible changes in interest rates and exchange rates are as follows. The Group has estimated that an increase of one percent in the principal floating interest rates to which it is exposed would result in a credit to the income statement of $8 million (2020: $14 million). The Group has estimated that a weakening of the U.S. dollar by 10 percent against financial instruments denominated in a foreign currency in which the Group does business would result in a charge to the translation reserve of $7 million (2020: $52 million). The Group does not consider that there is a useful way of quantifying the Group’s exposure to any of the macroeconomic variables that might affect the collectability of receivables or the prices of commodities.
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Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions | Provisions
Provisions have been analyzed between current and non-current as follows:
The environmental and legal provision includes $64 million (2020: $72 million) for the estimated liability for asbestos litigation on a discounted basis using a long term discount rate of 1.8 percent (2020: 1.0 percent). This amount has been actuarially determined as at July 31, 2021 based on advice from independent professional advisers. The Group has insurance that covers asbestos litigation payments and settlements and based on a review of the insurance carriers and policies in place, the amount of performing insurance cover significantly exceeds the expected future claims. On that basis, it has been determined it is virtually certain the insurance will be recoverable and accordingly an insurance receivable of $64 million (2020: $71 million) has been recorded in other receivables. No material profit or cash flow impact is therefore expected to arise in the foreseeable future in respect of asbestos claims against the Group. Due to the nature of these provisions, the timing of any settlements is uncertain. Ferguson Insurance provisions represent an estimate, based on historical experience, of the ultimate cost of settling outstanding claims and claims incurred but not reported on certain risks retained by the Group (principally USA casualty and global property damage). Due to the nature of these provisions, the timing of any settlements is uncertain. Restructuring provisions include branch closure costs. The weighted average maturity of these obligations is approximately two years. Other provisions include warranty costs relating to businesses disposed of and product warranty provisions. The weighted average maturity of these obligations is approximately 1.5 years.
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Retirement benefit obligations |
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Disclosure of defined benefit plans [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefit obligations | Retirement benefit obligations (i)Long-term benefit plans provided by the Group The principal UK defined benefit plan is the Wolseley Group Retirement Benefits Plan which provides benefits based on final pensionable salaries. The assets are held in separate trustee administered funds. The Group contribution rate is calculated on the Projected Unit Credit Method and agreed with an independent consulting actuary. The plan was closed to new entrants in 2009, it was closed to future service accrual in December 2013, when it was replaced by a defined contribution plan, and during October 2016, it was closed for future non-inflationary salary accrual. In 2017, the Group secured a buy-in insurance policy with Pension Insurance Corporation for the UK defined benefit plan. This policy covered all of the benefits provided by the plan to pensioner members at the time. The insurance asset is valued as exactly equal to the insured liabilities. The deferred members of the plan at the time were not covered by this policy. In 2019, the Group offered some deferred members of the UK defined benefit plan an enhanced transfer value to settle their benefits accrued under the plan. In 2021, prior to the disposal of the UK business, Wolseley UK Limited, the UK defined benefit plan was transferred to Ferguson UK Holdings Limited. The last triennial valuation for the UK defined benefit pension plan was done as at April 2019 and the deficit reduction funding payments agreed with the trustees as a result of this have been paid. The next triennial valuation is due in April 2022. The principal plans operated for USA employees are defined contribution plans, which are established in accordance with USA 401k rules. Companies contribute to both employee compensation deferral and profit sharing plans. In Canada, defined benefit plans and a defined contribution plan are operated. Most of the Canadian defined benefit plans are funded. The contribution rate is calculated on the Projected Unit Credit Method as agreed with independent consulting actuaries. The Group operates a number of smaller defined benefit and defined contribution plans providing pensions or other long term benefits such as long service or termination awards. Investment policy The Group’s investment strategy for its funded post-employment plans is decided locally and, if relevant, by the trustees of the plan and takes account of the relevant statutory requirements. The Group’s objective for the investment strategy is to achieve a target rate of return in excess of the increase in the liabilities, while taking an acceptable amount of investment risk relative to the liabilities. This objective is implemented by using specific allocations to a variety of asset classes that are expected over the long term to deliver the target rate of return. For the UK plan, the buy-in insurance policy represents approximately 28 percent of the plan assets. For the remaining assets, the strategy is to invest in such a way that the expected cash flows broadly match a high proportion of the plan’s expected liability cash flows by investing in predominately income-generating asset classes. The investment strategy is subject to regular review by the trustees of the plan in consultation with the Company. For the non-UK plans, the investment strategy is to invest predominantly in equities and bonds. Investment risk The present value of the UK defined benefit plan liability is calculated using a discount rate determined by reference to high quality corporate bond yields; if the actual return on plan assets is below this rate, it will decrease a net surplus or increase a net pension liability. Currently, the plan is predominately invested in fixed income debt instruments such as corporate and government bonds. Due to the long-term nature of the plan liabilities and the maturity of the plan, the trustees of the pension plan consider the investment allocation appropriate to provide protection against the inflation and interest risk inherent in the plan’s underlying liabilities. Interest risk A decrease in the bond interest rate will increase the UK plan liability and this will be partially offset by an increase in the value of the plan’s debt investments. Longevity risk The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of the UK plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability. (ii)Financial impact of plans
Expected employer contributions to the defined benefit plans for the year ending July 31, 2022 are $2 million. The remeasurement of the defined benefit net asset is included in the Group statement of comprehensive income.
The cumulative amount of actuarial losses recognized in the Group statement of comprehensive income is $652 million (2020: $759 million and 2019: $524 million). The fair value of plan assets is as follows:
Employers’ contributions included special funding contributions of $53 million (2020: $13 million). The plan assets were invested in a diversified portfolio comprised of:
The present value of defined benefit obligations is as follows:
An analysis of the present value of defined benefit obligations by funding status is shown below:
(iii)Valuation assumptions The financial assumptions used to estimate defined benefit obligations are:
The life expectancy assumptions used to estimate defined benefit obligations are:
The weighted average duration of the defined benefit obligation is 20.0 years (2020: 21.1 years). (iv)Sensitivity analysis The Group considers that the most sensitive assumptions are the discount rate, inflation rate and life expectancy. The sensitivity analyses below shows the (increase)/decrease in the Group’s defined benefit plan net asset/liability of reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
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Share capital |
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Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share capital | Share capital (i)Ordinary shares in issue
The authorized share capital of the Company is 500 million ordinary 10 pence shares (2020: 500 million ordinary 10 pence shares). All the allotted and issued shares, including those held by Employee Benefit Trusts and in Treasury, are fully paid or credited as fully paid. A summary of the movements in the year is detailed in the following table:
(ii)Treasury shares The shares purchased under the Group’s buy back programs have been retained in issue as Treasury shares and represent a deduction from equity attributable to shareholders of the Company. A summary of the movements in Treasury shares in the year is detailed in the following table:
Consideration received in respect of shares transferred to participants in certain long term incentive plans and all-employee plans amounted to $18 million (2020: $11 million). (iii)Own shares Two Employee Benefit Trusts have been established in connection with the Company’s discretionary share option plans and long term incentive plans. A summary of the movements in own shares held in Employee Benefit Trusts is detailed in the following table:
Consideration received in respect of shares transferred to participants in the discretionary share option plans and long term incentive plans amounted to $nil (2020: $nil). At July 31, 2021, the shares held in the trusts had a market value of $117 million (2020: $114 million). Dividends due on shares held by the Employee Benefit Trusts are waived in accordance with the provisions of the trust deeds.
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Reconciliation of profit to cash generated from operations |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure Of Reconciliation Of Profit To Operating Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of profit to cash generated from operations | Reconciliation of profit to cash generated from operations Profit for the year is reconciled to cash generated from continuing and discontinued operations as follows:
(1)Total cash outflow in relation to leases including short term leases, leases of low value assets and sublease income in the year ended July 31, 2021, was $359 million (2020: $377 million).
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Acquisitions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions The Group acquired the following businesses during the year ended July 31, 2021, which are all engaged in the distribution of plumbing and heating products and were acquired to support growth in the USA. All transactions have been accounted for by the acquisition method of accounting.
The assets and liabilities acquired and the consideration for all acquisitions in the year are as follows:
The fair values acquired are provisional figures, being the best estimates currently available. Further adjustments may be necessary when additional information is available for some of the judgmental areas. The goodwill arising on these acquisitions is attributable to the anticipated profitability of the new markets and product ranges to which the Group has gained access and additional profitability and operating efficiencies available in respect of existing markets. The acquisitions contributed $159 million to revenue, $9 million to segment trading profit, $10 million loss to the Group’s operating profit, $15 million loss to the Group’s profit before tax and $17 million loss to the Group’s profit after tax for the period between the date of acquisition and the balance sheet date. If each acquisition had been completed on the first day of the financial year, continuing revenue would have been $22,999 million, continuing trading profit would have been $2,195 million, continuing operating profit would have been $2,044 million, continuing profit before tax would have been $1,895 million and continuing profit after tax would have been $1,653 million. The net outflow of cash in respect of the purchase of businesses is as follows:
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Disposals |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposals | Discontinued operations The Group disposed of the shares in its UK business, Wolseley UK Limited, on January 29, 2021 and during the year ended July 31, 2019, sold its remaining property assets in the Nordic region (together the “disposal group”). In accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the disposal group has been presented as a discontinued operation. The assets and liabilities of the UK business were transferred to assets held for sale during the year before being disposed of. The results from discontinued operations, which have been included in the Group income statement, are set out below:
The discontinued loss on disposal of businesses in fiscal 2021 comprises a loss on disposal of the UK business of $370 million generated from the recycling of cumulative translation adjustments and a gain on prior year disposals of $14 million. In fiscal 2021, discontinued other operating costs comprised a $63 million impairment of assets held for sale relating to the sale of the UK business, a $235 million gain from recycling of cumulative translation adjustments following the abandonment of former Group financing companies and a $2 million release relating to UK business restructuring in prior years. In fiscal 2020, discontinued other operating costs also included $18 million in restructuring costs incurred in the UK, including $3 million charged to cost of sales for inventory write-downs. In 2019, discontinued other operating costs primarily relates to business restructuring costs incurred in the UK in respect of their business transformation strategy. During the year, discontinued operations generated cash of $32 million (2020: $113 million and 2019: $2 million) in respect of operating activities, generated $390 million (2020: used $54 million and 2019: $121 million) in respect of investing activities, which includes $380 million (2020: $7 million and 2019: $98 million) of net cash inflow from the disposal of businesses, and used $19 million (2020: $35 million and 2019: $1 million) in respect of financing activities.DisposalsOn January 29, 2021, the Group disposed of the shares in its UK business, Wolseley UK Limited. There were no other disposals in the year ended July 31, 2021. The Group recognized a total loss on disposals in the period of $356 million (2020: $nil million), which is comprised of a loss on the current period disposal of the UK business of $370 million (2020: $nil million) and a gain on prior year disposals of $14 million (2020: $nil million). The total loss is reported within discontinued operations. The loss on current period disposal is as follows:
Net assets disposed of were held in assets and liabilities held for sale. The net inflow of cash in respect of disposals of businesses related to discontinued operations is as follows:
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Changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities |
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Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities | Reconciliation of profit to cash generated from operations Profit for the year is reconciled to cash generated from continuing and discontinued operations as follows:
(1)Total cash outflow in relation to leases including short term leases, leases of low value assets and sublease income in the year ended July 31, 2021, was $359 million (2020: $377 million).
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Related party transactions |
12 Months Ended |
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Jul. 31, 2021 | |
Related party transactions [abstract] | |
Related party transactions | Related party transactions The Group purchases goods and services from companies which are indirect wholly owned subsidiaries of companies which are controlled or significantly influenced by persons who are also Ferguson Non-Executive Directors. In the year ended July 31, 2021, the Group purchased goods and services totaling $24 million (2020: $18 million and 2019: $7 million) from and owed $nil (2020: $nil and 2019: $nil) to these companies. The goods and services are purchased on an arm’s-length basis. The Group made a donation of $2 million (2020: $nil and 2019: $nil) to a charity which has a board member who is a related party of the Group. As at July 31, 2021, the Group has committed to donate a further $1 million (2020: $nil) to this charity. There are no other related party transactions requiring disclosure under IAS 24 “Related Party Disclosures” in the years ended July 31, 2021, July 31, 2020 and July 31, 2019 other than the compensation of key management personnel which is set out in note 9.
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Contingent liabilities |
12 Months Ended |
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Jul. 31, 2021 | |
Disclosure of contingent liabilities [abstract] | |
Contingent liabilities | Contingent liabilities Group companies are, from time to time, subject to certain claims and litigation arising in the normal course of business in relation to, among other things, the products that they supply, contractual and commercial disputes and disputes with employees. Provision is made if, on the basis of current information and professional advice, liabilities are considered likely to arise. In the case of unfavorable outcomes, the Group may benefit from applicable insurance protection. Warranties and indemnities in relation to business disposals Over the past few years, the Group has disposed of a number of non-core businesses and various Group companies have provided certain standard warranties and indemnities to acquirers and other third parties. Provision is made where the Group considers that a liability is likely to crystallize, though it is possible that claims in respect of which no provision has been made could crystallize in the future. Group companies have also made contractual commitments for certain property and other obligations which could be called upon in an event of default. As at the date of this report, appropriate provisions have been made in respect of claims relating to businesses disposed of. Environmental liabilities The operations of certain Group companies are subject to specific environmental regulations. From time to time, the Group conducts preliminary investigations through third parties to assess potential soil or groundwater contamination of sites. Where an obligation to remediate contamination arises, this is provided for, though future liabilities could arise from sites for which no provision is made. Outcome of claims and litigation The outcome of claims and litigation to which Group companies are party cannot readily be foreseen as, in some cases, the facts are unclear, further time is needed to assess properly the merits of the case, or they are part of continuing legal proceedings. However, based on information currently available, the Directors consider that the cost to the Group of an unfavorable outcome arising from such litigation is not expected to have a material adverse effect on the financial position of the Group.
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Events after reporting period |
12 Months Ended |
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Jul. 31, 2021 | |
Disclosure of events after reporting period [Abstract] | |
Events after reporting period | Events after the reporting period There are no post-balance sheet events requiring disclosure under IAS 10 “Events after the Reporting Period”. |
List of accounting policies (Policies) |
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union, including interpretations issued by the International Accounting Standards Board (“IASB”) and its committees. Ferguson plc is a public company limited by shares incorporated in Jersey under the Companies (Jersey) Law 1991 (as amended) and is headquartered in the UK. It operates as the ultimate parent company of the Group. Its registered office is 13 Castle Street, St Helier, Jersey, JE1 1ES, Channel Islands. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention as modified by the revaluation of financial assets and liabilities measured at fair value. The Group disposed of its UK business on January 29, 2021. The results of the UK business have been reclassified to discontinued operations and the prior year comparative results have been restated throughout the consolidated financial statements. See Note 6 or further details.
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Accounting developments and changes | Accounting developments and changes The following other standards and amendments to existing standards became effective for the year ended July 31, 2021 and have not had a material impact on the Group’s consolidated financial statements: •Amendments to References to the Conceptual Framework in IFRS Standards; •Amendments to IAS 1 and IAS 8 – Definition of Material; •Amendments to IFRS 3 – Definition of a Business; •Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform (Phase 1); and •Amendments to IFRS 16 – COVID-19-Related Rent Concessions Other standards and amendments to existing standards that have been issued but not yet adopted are not expected to have a material impact on the Group’s consolidated financial statements.
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Leases | Leases Property leases entered into by the Group typically include extension and termination options to provide operational flexibility to the Group. Management applied significant judgment in determining whether these options were reasonably certain to be exercised when determining the lease term on adoption of IFRS 16. In making this judgment management considered the remaining lease term, future business plans and other relevant economic factors. Specifically in respect to property leases, which represent the majority of the lease liability, a renewal option was determined to be reasonably certain to be exercised when a lease expired within the Group’s three-year strategic planning horizon. Leases The Group enters into leases in the normal course of its business; these principally relate to property for the Group’s branches, distribution centers and offices which have varying terms including extension and termination options and periodic rent reviews. The Group recognizes a right of use asset and a lease liability at the lease commencement date. Non-lease components of a contract are not separated from lease components and instead are accounted for as a single lease component. Lease liabilities are initially measured at the present value of lease payments using the interest rate implicit in the lease, or if this is not readily available, at the Group’s incremental borrowing rate. Lease payments comprise fixed payments, variable payments that depend on an index or rate, payments expected under residual value guarantees and payments under purchase and termination options which are reasonably certain to be exercised. Lease terms are initially determined as the non-cancelable period of a lease adjusted for options to extend or terminate a lease that are reasonably certain to be exercised and management judgment is required in making this determination. Lease liabilities are subsequently measured at amortized cost using the effective interest method. Lease liabilities are remeasured when there is a change in future lease payments as a result of a rent review or a change in an index or rate, or if there is a significant event which changes the assessment of whether it is reasonably certain that extension or termination options will be exercised. Right of use assets are carried at cost less accumulated depreciation and impairment losses and any subsequent remeasurement of the lease liability. Initial cost comprises the lease liability adjusted for lease payments at or before the commencement date, lease incentives received, initial direct costs and an estimate of restoration costs. Right of use assets are depreciated on a straight-line basis to the earlier of the end of the useful life of the asset or the end of the lease term and tested for impairment if an indicator exists. Leases that have a term of 12 months or less and leases for which the underlying asset is of low value are recognized as an expense on a straight-line basis over the lease term. Operating leases (applicable for the year ended July 31, 2019) Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. The cost of operating leases (net of any incentives received from the lessor) is charged to the income statement on a straight line basis over the period of the leases.
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Pension and other post-retirement benefits | Pensions and other post-retirement benefits The Group operates defined benefit pension plans in Canada and the UK that are accounted for using methods that rely on actuarial assumptions to estimate costs and liabilities for inclusion in the consolidated financial statements. The discount rate used is set with reference to the yield at the valuation date on high-quality corporate bonds that have a maturity approximating to the terms of the pension obligations. Significant judgment is required when selecting the bonds to include. The most significant criteria considered for selection of the bonds include the issue size of the corporate bonds, the quality of the bonds and the identification of outliers which are excluded. Retirement benefit obligations Contributions to defined contribution pension plans and other post-retirement benefits are recorded within operating profit. For defined benefit pension plans and other post-retirement benefits, the cost of providing benefits is determined annually using the Projected Unit Credit Method by independent qualified actuaries. The current and past service cost of defined benefit pension plans is recorded within operating profit. The net interest amount is calculated by applying the discount rate to the defined benefit net asset or liability at the beginning of the period. The pension plan net interest is presented as finance income or expense. Actuarial gains and losses arising from experience adjustments. Changes in actuarial assumptions and the return from pension plan assets, excluding amounts recorded in net interest on the net pension plan liability/asset are charged or credited to equity in other comprehensive income in the period in which they arise. The liability or asset recognized in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets less the present value of the defined benefit obligation at the end of the reporting period. Where a plan is in a net asset position the asset is recognized where trustees do not have unilateral power to augment benefits prior to a wind-up.
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Sources of estimation uncertainty | Sources of estimation uncertainty In applying the Group’s accounting policies, various transactions and balances are valued using estimates or assumptions. Should these estimates or assumptions prove incorrect there may be an impact on the following year’s financial statements. Management believes that the estimates and assumptions that have been applied would not give rise to a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. | ||||||||||||||||||||||||||||||||||||||||||
Basis of consolidation | Basis of consolidation The consolidated financial information includes the results of the parent company and entities controlled by the Company (its subsidiary undertakings and controlling interests) and its share of profit/(loss) after tax of its associates using the equity method of accounting. The financial performance of business operations is included in profit from continuing operations from the date of acquisition and up to the date of classification as a discontinued operation or sale. Intra-group transactions and balances and any unrealized gains and losses arising from intra-group transactions are eliminated on consolidation.
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Discontinued operations | Discontinued operations When the Group has disposed of, or classified as held for sale, a business component that represents a separate major line of business or geographical area of operations, it classifies such operations as discontinued in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. The post-tax profit or loss of the discontinued operations are shown as a single line on the face of the income statement separate from the other results of the Group. | ||||||||||||||||||||||||||||||||||||||||||
Foreign currencies | Foreign currencies Items included in the financial statements of the parent and of each of the Group’s subsidiary undertakings are measured using the currency of the primary economic environment in which the subsidiary undertaking operates (the “functional currency”). The consolidated financial statements are presented in U.S. dollars, which is the presentational currency of the Group. The trading results of overseas subsidiary undertakings are translated into U.S. dollars using the average rates of exchange ruling during the relevant financial period. The balance sheets of overseas subsidiary undertakings are translated into U.S. dollars at the rates of exchange ruling at the year-end. Exchange differences arising on the translation into U.S. dollars of the net assets of these subsidiary undertakings are recognized in other comprehensive income and accumulated in the translation reserve. At July 31, 2021, the translation reserve comprised $213 million in relation to pound sterling entities, $181 million in relation to U.S. dollar entities and $4 million in relation to entities denominated in other currencies. In the event that a subsidiary undertaking which has a non-U.S. dollar functional currency is disposed of, the gain or loss on disposal recognized in the income statement is determined after taking into account the cumulative currency translation differences that are attributable to the subsidiary undertaking concerned. Foreign currency transactions entered into during the year are translated into the functional currency of the entity at the rates of exchange ruling on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All currency translation differences are taken to the income statement. Except as noted above, changes in the fair value of derivative financial instruments, entered into to hedge foreign currency net assets and that satisfy the hedging conditions of IFRS 9 “Financial Instruments” are recognized in other comprehensive income and the translation reserve (see the separate accounting policy on derivative financial instruments).
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Business combinations | Business combinations The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Costs related to acquisitions are expensed as incurred. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the Group’s share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement.
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Interests in associates | Interests in associates Investments in companies where significant influence is exercised are accounted for as interests in associates using the equity method of accounting from the date the investee becomes an associate. The investment is initially recognized at cost and adjusted thereafter for changes in the Group’s share in the net assets of the investee. The Group’s share of profit or loss after tax is recognized in the Group income statement and share of other comprehensive income or expense is recognized in the Group statement of other comprehensive income. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the fair value of net assets of the investee is recognized as goodwill, which is included within the carrying amount of the investment. The requirements of IAS 36 “Impairment of Assets”, are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. Impairment losses recognized are charged to the income statement.
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Revenue | Revenue The Group’s revenues are derived primarily from the sale of a broad range of plumbing and heating products. The Group’s customers predominantly operate within the repair, maintenance and improvement sector and are served through a network of branches and distribution centers. Revenue is the consideration expected to be received in exchange for the provision of goods falling within the Group’s ordinary activities, excluding intra-group sales, estimated and actual sales returns, trade and early settlement discounts, Value Added Tax and similar sales taxes. Revenue from the sale of goods is recognized when the customer obtains control of the goods, which is the point they are delivered to, or collected by, the customer. Revenue from the provision of goods is only recognized when the transaction price is determinable and it is probable that the entity will collect the consideration to which it will be entitled in exchange for the goods to be transferred to the customer. Payment terms between the Group and its customers vary by the type of customer, country of sale and the products sold. The Group does not have significant financing components in its contracts and the payment due date is typically shortly after sale. In some instances, goods are delivered directly to the customer by the supplier. The Group has concluded it is the principal in these transactions as it is primarily responsible to the customer for fulfilling the obligation and has the responsibility for identifying and directing the supplier to deliver the goods to the customer. The Group offers a right of return to its customers for most of its goods sold. Revenue is reduced by the amount of expected returns, estimated based on historical data, in the period in which the related revenue is recorded. Returns can be reliably estimated as historic returns as a percentage of revenue have remained stable over time and the terms and conditions of sale have remained broadly unchanged for several years. Early settlement discounts are known shortly after the sale and can therefore be reliably estimated. The Group also provides customers with assurance-type warranties for some own brand goods that provide assurance the goods comply with agreed-upon specifications and will operate as specified for a set period from the date of sale. Obligations under these warranties are accounted for as provisions. The Group has no contracts with an expected duration of more than one year.
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Cost of sales | Cost of sales Cost of sales includes purchased goods and the cost of bringing inventory to its present location and condition. | ||||||||||||||||||||||||||||||||||||||||||
Supplier rebates | Supplier rebates In line with industry practice, the Group has agreements (“supplier rebates”) with a number of its suppliers whereby volume-based rebates, marketing support and other discounts are received in connection with the purchase of goods for resale from those suppliers. Rebates relating to the purchase of goods for resale are accrued as earned and are recorded initially as a deduction in inventory with a subsequent reduction in cost of sales when the related product is sold. Volume-based supplier rebates The majority of volume-based supplier rebates are determined by reference to guaranteed rates of rebate. These are calculated through a mechanical process with minimal judgment required to determine the amount recorded in the income statement. A small proportion of volume-based supplier rebates are subject to tiered targets where the rebate percentage increases as volumes purchased reach agreed targets within a set period of time. The majority of rebate agreements apply to purchases in a calendar year and therefore, for tiered rebates, judgment is required to estimate the rebate amount recorded in the income statement at the end of the period. The Group assesses the probability that targeted volumes will be achieved in the year based on forecasts which are informed by historical trading patterns, current performance and trends. This judgment is exercised consistently with historically insignificant true ups at the end of the period. An amount due in respect of supplier rebates is not recognized within the income statement until all the relevant performance criteria, where applicable, have been met and the goods have been sold to a third party. Other rebates The Group has also entered into other rebate agreements which represent a smaller element of the Group’s overall supplier rebates, which are recognized in the income statement when all performance conditions have been fulfilled. Supplier rebates receivable Supplier rebates are offset with amounts owing to each supplier at the balance sheet date and are included within trade payables where the Group has the legal right to offset and net settles balances. Where the supplier rebates are not offset against amounts owing to a supplier, the outstanding amount is included within prepayments.
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Goodwill | Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary undertaking at the date of acquisition. Goodwill on acquisitions of subsidiary undertakings is included within intangible assets. Goodwill is allocated to cash generating units or aggregations of cash generating units (together “CGUs”) where synergy benefits are expected. CGUs are independent sources of income streams and represent the lowest level within the Group at which the associated goodwill is monitored for management purposes. The Group’s CGUs are based on the markets where the business operates and are grouped in line with the management structure. Goodwill is not amortized but is tested annually for impairment and carried at cost less accumulated impairment losses. For goodwill impairment testing purposes, no CGU is larger than the operating segments determined in accordance with IFRS 8 “Operating Segments”. The recoverable amount of goodwill and acquired intangible assets are assessed on the basis of the higher of fair value less costs to sell and the value in use estimate for CGUs to which they are attributed. Where carrying value exceeds the recoverable amount a provision for the impairment is established with a charge included in the income statement. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
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Other intangible assets | Other intangible assets An intangible asset, which is an identifiable non-monetary asset without physical substance, is recognized to the extent that it is probable that the expected future economic benefits attributable to the asset will flow to the Group and that its cost can be measured reliably. The asset is deemed to be identifiable when it is separable or when it arises from contractual or other legal rights. Intangible assets, primarily brands, trade names and customer relationships, acquired as part of a business combination are capitalized separately from goodwill and are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated using the reducing balance method for customer relationships and the straight-line method for other intangible assets. The cost of the intangible assets is amortized and charged to operating costs in the income statement over their estimated useful lives as follows:
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Property, plant and equipment ("PPE") | Property, plant and equipment (“PPE”) PPE is carried at cost less accumulated depreciation and accumulated impairment losses, except for land and assets in the course of construction, which are not depreciated and are carried at cost less accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items. In addition, subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Assets are depreciated to their estimated residual value using the straight-line method over their estimated useful lives as follows:
The residual values and estimated useful lives of PPE are reviewed and adjusted if appropriate at each balance sheet date. The Group reviews at the balance sheet date whether events or circumstances indicate that the carrying value of its PPE may be impaired. If such circumstances are determined to exist, an estimate of the recoverable amount of the asset, or the appropriate grouping of assets, is compared to its carrying value to determine whether an impairment exists.
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Inventories | Inventories Inventories, which comprise goods purchased for resale, are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (“FIFO”) method or the average cost method as appropriate to the nature of the transactions in those items of inventory. The cost of goods purchased for resale includes import and custom duties, transport and handling costs, freight and packing costs and other attributable costs less trade discounts, rebates and other subsidies. It excludes borrowing costs. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Provisions are made against slow-moving, obsolete and damaged inventories for which the net realizable value is estimated to be less than the cost. The risk of obsolescence of slow-moving inventory is assessed by comparing the level of inventory held to estimated future sales on the basis of historical experience.
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Trade receivables | Trade receivables Trade receivables are recognized initially at their transaction price and measured subsequently at amortized cost using the effective interest method, less the loss allowance. The loss allowance for trade receivables is measured at an amount equal to lifetime expected credit losses, estimated based on historical write-offs adjusted for forward-looking information where appropriate. A loss allowance of 100 percent is recognized against trade receivables more than 180 days past due because historical experience indicates that these are generally not recoverable. The loss is recognized in the income statement. Trade receivables are written off when recoverability is assessed as being remote. Subsequent recoveries of amounts previously written off are credited to the income statement. | ||||||||||||||||||||||||||||||||||||||||||
Provisions | Provisions Provisions for self-insured risks, legal claims and environmental restoration are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Such provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the balance sheet date. The discount rate used to determine the present value reflects current market assessments of the time value of money. Provisions are not recognized for future operating losses. | ||||||||||||||||||||||||||||||||||||||||||
Tax | Tax Current tax represents the expected tax payable (or recoverable) on the taxable income (or losses) for the year using tax rates enacted or substantively enacted at the balance sheet date and taking into account any adjustments arising from prior years. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction, other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Tax provisions The Group is subject to income taxes in numerous jurisdictions. Judgment is sometimes required in determining the worldwide provision for income taxes. There may be transactions for which the ultimate tax determination is uncertain and may be challenged by the tax authorities. The Group recognizes liabilities for anticipated or actual tax audit issues based on estimates of whether additional taxes will be due. Where an outflow of funds to a tax authority is considered probable and material and the Group can make a reliable estimate of the outcome of the dispute, management calculates the provision using the most likely amount or the expected value approach, depending on which is most appropriate for the uncertain tax provision. In assessing its uncertain tax provisions, management takes into account the specific facts of each dispute, the likelihood of settlement and professional advice where required. Where the ultimate liability in a dispute varies from the amounts provided, such differences could impact the current and deferred income tax assets and liabilities in the period in which the dispute is concluded.
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Share capital | Share capital Where the Company purchases the Company’s equity share capital (Treasury shares), the consideration paid, including any directly attributable incremental costs (net of tax), is deducted from equity attributable to shareholders of the Company until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related tax effects, is included in equity attributable to shareholders of the Company. | ||||||||||||||||||||||||||||||||||||||||||
Share-based payments | Share-based payments Share-based incentives are provided to associates under the Group’s long term incentive plans and all-employee sharesave plans. The Group recognizes a compensation cost in respect of these plans that is based on the fair value of the awards, measured using Binomial and Monte Carlo valuation methodologies. For equity-settled plans, the fair value is determined at the date of grant (including the impact of any non-vesting conditions such as a requirement for employees to save) and is not subsequently remeasured unless the conditions on which the award was granted are modified. For cash-settled plans, the fair value is determined at the date of grant and is remeasured at each balance sheet date until the liability is settled. Generally, the compensation cost is recognized on a straight-line basis over the vesting period. Adjustments are made to reflect expected and actual forfeitures during the vesting period due to the failure to satisfy service conditions or non-market performance conditions. | ||||||||||||||||||||||||||||||||||||||||||
Dividends payable | Dividends payable Dividends on ordinary shares are recognized in the Group’s consolidated financial statements in the period in which the dividends are approved by the shareholders of the Company or paid. | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes cash in-hand, deposits held at call with banks with original maturities of three months or less and bank overdrafts to the extent there is a legal right of offset and practice of net settlement with cash balances. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet to the extent that there is no legal right of offset and no practice of net settlement with cash balances. | ||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | Derivative financial instruments Derivative financial instruments, in particular interest rate swaps and foreign exchange swaps, are used to manage the financial risks arising from the business activities of the Group and the financing of those activities. There is no trading activity in derivative financial instruments. At the inception of a hedging transaction involving the use of derivative financial instruments, the Group documents the relationship between the hedged item and the hedging instrument together with its risk management objective and the strategy underlying the proposed transaction. The Group also documents its assessment, both at the inception of the hedging relationship and subsequently on an ongoing basis, of the effectiveness of the hedge in offsetting movements in the fair values or cash flows of the hedged items. Derivative financial instruments are recognized as assets and liabilities measured at their fair values at the balance sheet date. Where derivative financial instruments do not fulfil the criteria for hedge accounting contained in IFRS 9, changes in their fair values are recognized in the income statement. When hedge accounting is used, the relevant hedging relationships are classified as fair value hedges, cash flow hedges or net investment hedges. Where the hedging relationship is classified as a fair value hedge, the carrying amount of the hedged asset or liability is adjusted by the increase or decrease in its fair value attributable to the hedged risk and the resulting gain or loss is recognized in the income statement where, to the extent that the hedge is effective, it will be offset by the change in the fair value of the hedging instrument. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to the income statement over the period to maturity. Where the hedging relationship is classified as a cash flow hedge or as a net investment hedge, to the extent the hedge is effective, changes in the fair value of the hedging instrument arising from the hedged risk are recognized directly in other comprehensive income. When the hedged item is recognized in the financial statements, the accumulated gains and losses recognized in equity are either recycled to the income statement or, if the hedged item results in a non-financial asset, are recognized as adjustments to its initial carrying amount. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement.
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Borrowings | Borrowings Borrowings are recognized initially at the fair value of the consideration received net of transaction costs incurred. Borrowings are subsequently measured at amortized cost with any difference between the initial amount and the maturity amount being recognized in the income statement using the effective interest method. |
Accounting policies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of intangible assets estimated useful lives | The cost of the intangible assets is amortized and charged to operating costs in the income statement over their estimated useful lives as follows:
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Summary of estimated useful lives of depreciable assets | Assets are depreciated to their estimated residual value using the straight-line method over their estimated useful lives as follows:
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Segment analysis (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of operating segments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of geographical areas | An analysis of segment revenue from external customers is as follows:
There is no revenue from inter-segment transactions. An additional disaggregation of revenue by end market is as follows:
Geographical information on non-current assets is set out in the table below. Non-current assets includes goodwill, other intangible assets, right of use assets, property, plant and equipment and interests in associates.
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Disclosure of disaggregation of revenue by end market | An additional disaggregation of revenue by end market is as follows:
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Disclosure of operating segments | An analysis of underlying trading profit by reportable segment and the reconciliation between underlying trading profit by reportable segment and profit before tax is as follows:
(1)For the year ended July 31, 2021, business restructuring reflects the release of provisions in connection with previously anticipated COVID-19 cost actions recorded in fiscal 2020. For the year ended July 31, 2020, business restructuring principally comprised costs incurred in the USA and Canada in respect of cost actions taken to ensure the business is appropriately sized for the post COVID-19 operating environment. For the year ended July 31, 2019, business restructuring comprised costs incurred in the USA and Canada in respect of their business transformation strategies and costs relating to the change in the Group corporate headquarters. (2)For the years ended July 31, 2021 and 2020, corporate restructuring costs related to the Group’s listing in the USA. (3)For the year ended July 31, 2019, pension plan changes/closure relate to the defined benefit pension plan in the UK. (4)From continuing operations. Other information on assets and liabilities by segment is set out in the following tables:
Geographical information on non-current assets is set out in the table below. Non-current assets includes goodwill, other intangible assets, right of use assets, property, plant and equipment and interests in associates.
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Operating profit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Continuing Operations, Profit (Loss) | Amounts charged/(credited) in arriving at operating profit from continuing operations include:
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Net finance costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis of income and expense [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of net finance costs |
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Tax (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Tax Charges | The tax charge for the year comprises:
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Summary of Tax on Items Charged to Comprehensive Income | Tax on items charged to the Group statement of comprehensive income:
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Summary of Items Credited to Equity | Tax on items credited to equity:
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Summary of Tax Reconciliation |
(1)This expected weighted average tax rate reflects the applicable statutory corporate tax rates on the accounting profits/losses in the countries in which the Group operates after intra-group financing. This results in interest deductions and lower taxable profits in many of the countries and therefore reduce the tax rate. (2)This includes adjustments arising out of movements in uncertain tax provisions regarding prior periods and differences between the final tax liabilities in the tax computations and the tax liabilities provided in the consolidated financial statements. (3)This reflects management’s assessment of the potential tax liability for the current year in relation to open tax issues and audits. (4)This primarily relates to non-taxable disposal of businesses and to certain expenditure for which no tax relief is available such as disallowable business entertaining costs and legal/professional fees. (5)In fiscal 2021, this relates to the change of the corporation tax rate to 25 percent from the previously enacted 19 percent in the UK. In fiscal 2020 and fiscal 2019, this relates to the change of the deferred tax rate to 19 percent from the previously enacted 17 percent in the UK.
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Discontinued operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the results from discontinued operations included in the Group income statement | The results from discontinued operations, which have been included in the Group income statement, are set out below:
The loss on current period disposal is as follows:
The net inflow of cash in respect of disposals of businesses related to discontinued operations is as follows:
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Dividends (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subclassifications of assets, liabilities and equities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amounts recognized as distributions to equity shareholders | Amounts recognized as distributions to equity shareholders:
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Earnings per share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share |
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Employee and key management information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number and average number of employees [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Staff Costs |
The aggregate emoluments for all key management are set out in the following table:
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Disclosure Of Average Number Of Employees |
|
Intangible assets—goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in goodwill |
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Disclosure of information for cash-generating units | CGUs have been aggregated in the disclosure below at a segmental level except for certain CGUs in the USA which are considered to be significant (more than 10 percent of the current year goodwill balance). Impairment reviews were performed for each individual CGU during the year ended July 31, 2021.
(1)Due to a reorganization of the reporting structure, the Facilities Supply CGU, previously included within the Rest of USA CGU, has been reallocated to the Blended Branches CGU. The comparative has been reclassified for comparability.
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Intangible assets—other (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of reconciliation of changes in intangible assets |
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Right of use assets and leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Movement in right of use assets | Movements in right of use assets for the years ended July 31, 2021 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity of lease liabilities | The maturity of lease liabilities at July 31, 2021 was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts charged (credited) to the Group income statement | Amounts charged/(credited) to the Group income statement during the year were as follows:
|
Property, plant and equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Assets are depreciated to their estimated residual value using the straight-line method over their estimated useful lives as follows:
|
Deferred tax assets and liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred tax assets and liabilities | Deferred tax assets and liabilities, which are offset where the Group has a legally enforceable right to do so, are shown in the balance sheet after offset as follows:
The following are the major deferred tax assets and liabilities recognized by the Group and movements thereon during the current and prior reporting year:
|
Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventory |
|
Trade and other receivables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of trade and other receivables |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loss allowance for trade receivables by aging category | The loss allowance for trade receivables by aging category is as follows:
|
Cash flow statement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents |
|
Trade and other payables (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Trade and Other Payables |
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Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Borrowings [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of borrowings |
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Schedule of maturity of non-current loans | Non-current loans are repayable as follows:
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Financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Disclosure of detailed information about financial instruments [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of financial assets | The carrying value of financial instruments by category as defined by IFRS 9 “Financial Instruments” is as follows:
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Disclosure of financial liabilities | The carrying value of financial instruments by category as defined by IFRS 9 “Financial Instruments” is as follows:
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Disclosure of offsetting of financial assets and financial liabilities | The financial instruments which have been offset in the financial statements are disclosed below:
(1)The gross amounts of the recognized financial assets and liabilities under a master netting agreement, or similar arrangement. (2)The amounts offset in accordance with the criteria in IAS 32. (3)The net amounts presented in the Group balance sheet. (4)The amounts subject to a master netting agreement, or similar arrangement, not included in (3). (5)The net amount after deducting the amounts in (4) from the amounts in (3).
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Disclosure of maturity analysis for non-derivative financial liabilities | Non-current loans are repayable as follows:
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Disclosure of undrawn borrowing facilities | The maturity profile of the Group’s undrawn facilities is as follows:
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Disclosure of nature and extent of risks arising from financial instruments | Derivative financial assets/(liabilities), cash and cash equivalents and borrowings by currency were as follows:
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Disclosure of financial instruments by type of interest rate | The interest rate profile of the Group’s derivative financial assets/(liabilities), cash and cash equivalents and borrowings, including the effect of interest rate swaps is set out below:
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Provisions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in Provisions |
Provisions have been analyzed between current and non-current as follows:
|
Retirement benefit obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Disclosure of defined benefit plans [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of financial impact of plans | Financial impact of plans
The fair value of plan assets is as follows:
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Summary of expense recognized in Group income statement |
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Summary of remeasurement of the defined benefit net liability included in Group statement comprehensive income | The remeasurement of the defined benefit net asset is included in the Group statement of comprehensive income.
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Summary of the fair value of plan assets | The plan assets were invested in a diversified portfolio comprised of:
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Summary of assumptions and sensitivity analysis | The financial assumptions used to estimate defined benefit obligations are:
The life expectancy assumptions used to estimate defined benefit obligations are:
|
Share capital (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital | Ordinary shares in issue
A summary of the movements in the year is detailed in the following table:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Treasury shares and Own shares | A summary of the movements in Treasury shares in the year is detailed in the following table:
A summary of the movements in own shares held in Employee Benefit Trusts is detailed in the following table:
|
Reconciliation of profit to cash generated from operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Reconciliation Of Profit To Operating Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of profit reconciled to cash generated from continuing and discontinued operations | Profit for the year is reconciled to cash generated from continuing and discontinued operations as follows:
|
Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about acquisitions | All transactions have been accounted for by the acquisition method of accounting.
The assets and liabilities acquired and the consideration for all acquisitions in the year are as follows:
The net outflow of cash in respect of the purchase of businesses is as follows:
|
Disposals (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the results from discontinued operations included in the Group income statement | The results from discontinued operations, which have been included in the Group income statement, are set out below:
The loss on current period disposal is as follows:
The net inflow of cash in respect of disposals of businesses related to discontinued operations is as follows:
|
Changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities |
(1)Total cash outflow in relation to leases including short term leases, leases of low value assets and sublease income in the year ended July 31, 2021, was $359 million (2020: $377 million).
|
Accounting policies - Narrative (Details) $ in Millions |
12 Months Ended |
---|---|
Jul. 31, 2021
USD ($)
| |
Trade receivables | |
Disclosure of financial assets [line items] | |
Expected credit loss rate | 100.00% |
Loss allowance, period past due | 180 days |
Pounds sterling | |
Disclosure of financial assets [line items] | |
Reserve of exchange differences on translation | $ 213 |
U.S. dollars | |
Disclosure of financial assets [line items] | |
Reserve of exchange differences on translation | 181 |
Other currencies | |
Disclosure of financial assets [line items] | |
Reserve of exchange differences on translation | $ 4 |
Segment analysis - Narrative (Details) |
12 Months Ended |
---|---|
Jul. 31, 2021
reportableSegment
| |
Disclosure of operating segments [abstract] | |
Number of reportable segments | 1 |
Segment analysis - Segment Revenue from External Customers (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Revenue from external customers | $ 22,792 | $ 19,940 | [1] | $ 19,729 | [1],[2] | ||||
USA | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Revenue from external customers | 21,478 | 18,857 | 18,358 | ||||||
Canada and Central Europe | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Revenue from external customers | $ 1,314 | $ 1,083 | $ 1,371 | ||||||
|
Segment analysis - Additional Disaggregation of Revenue by End Market (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | $ 22,792 | $ 19,940 | [1] | $ 19,729 | [1],[2] | ||||
USA | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | 21,478 | 18,857 | 18,358 | ||||||
USA | Residential | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | 11,990 | 10,087 | 9,599 | ||||||
USA | Commercial | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | 6,661 | 6,116 | 6,054 | ||||||
USA | Civil/Infrastructure | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | 1,506 | 1,315 | 1,212 | ||||||
USA | Industrial | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | 1,321 | 1,339 | 1,493 | ||||||
Canada and Central Europe | |||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||||||
Continuing operations | $ 1,314 | $ 1,083 | $ 1,371 | ||||||
|
Segment analysis - Reconciliation Between Underlying Trading Profit by Reportable Segment and Profit Before Tax (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Disclosure of operating segments [line items] | |||||||||
Underlying trading profit | $ 2,149 | $ 1,630 | $ 1,584 | ||||||
Central and other costs | (50) | (38) | (45) | ||||||
Gain on disposal of businesses | 0 | 0 | 38 | ||||||
Business restructuring | 11 | (72) | (79) | ||||||
Corporate restructuring | (22) | (25) | 0 | ||||||
Pension plan changes/closure | 0 | 0 | (9) | ||||||
Net finance costs | (144) | (140) | (74) | ||||||
Share of profit/(loss) after tax of associates | 1 | (2) | [1] | 2 | [1],[2] | ||||
Gain on disposal of interests in associates and other investments | 0 | 7 | [1] | 3 | [1],[2] | ||||
Impairment of interests in associates | 0 | (22) | [1] | (9) | [1],[2] | ||||
Impact of leases | 77 | 68 | 0 | ||||||
Profit before tax | 1,891 | 1,292 | [1] | 1,301 | [1],[2] | ||||
Acquired | |||||||||
Disclosure of operating segments [line items] | |||||||||
Amortization charge for the year | (131) | (114) | (110) | ||||||
USA | |||||||||
Disclosure of operating segments [line items] | |||||||||
Underlying trading profit | 2,073 | 1,587 | 1,508 | ||||||
Canada and Central Europe | |||||||||
Disclosure of operating segments [line items] | |||||||||
Underlying trading profit | $ 76 | $ 43 | $ 76 | ||||||
|
Segment analysis - Geographical Information on Non-Current Assets (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of operating segments [line items] | ||
Group | $ 4,508 | $ 4,746 |
USA | ||
Disclosure of operating segments [line items] | ||
Group | 4,242 | 4,134 |
Canada | ||
Disclosure of operating segments [line items] | ||
Group | 263 | 255 |
UK | ||
Disclosure of operating segments [line items] | ||
Group | $ 3 | $ 357 |
Net finance costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Analysis of income and expense [abstract] | |||||||||
Finance income | $ 1 | $ 7 | [1] | $ 12 | [1],[2] | ||||
Interest cost on borrowings | (101) | (108) | (97) | ||||||
Unwind of fair value adjustment to senior unsecured loan notes | 2 | 5 | 6 | ||||||
Lease liability expense | (44) | (49) | 0 | ||||||
Net interest (expense)/income on defined benefit obligation | (2) | 3 | 5 | ||||||
Valuation gains on financial instruments | 0 | 2 | 0 | ||||||
Finance costs | (145) | (147) | [1] | (86) | [1],[2] | ||||
Total net finance costs | $ (144) | $ (140) | $ (74) | ||||||
|
Tax - Summary of Tax Charges (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Income Taxes [Abstract] | |||||||||
Current year tax charge | $ 394 | $ 294 | $ 306 | ||||||
Adjustments to tax charge in respect of prior years | 19 | (16) | 4 | ||||||
Total current tax charge | 413 | 278 | 310 | ||||||
Deferred tax (credit)/charge: origination and reversal of temporary differences | (172) | 39 | (51) | ||||||
Total tax charge | $ 241 | $ 317 | [1] | $ 259 | [1],[2] | ||||
|
Tax - Narrative (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Income Taxes [Abstract] | |||
Deferred tax (credit)/charge: origination and reversal of temporary differences | $ (172,000,000) | $ 39,000,000 | $ (51,000,000) |
Deferred tax expense (income) relating to tax rate changes | 29,000,000 | 5,000,000 | (4,000,000) |
Increased current tax charge | 0 | ||
Tax charge (credit) relating to profit from ordinary activities of discontinued operations | 12,000,000 | (10,000,000) | 8,000,000 |
Tax credit within the statement of other comprehensive income relating to changes in tax rates | 8,000,000 | 0 | 0 |
Tax charge in the statement of changes in equity relating to changes in tax rates | 0 | 0 | 0 |
Provisions recognized in respect of uncertain tax positions | 138,000,000 | $ 294,000,000 | $ 254,000,000 |
Decrease in deferred tax liability (asset) | $ (156,000,000) |
Tax - Summary of Tax on Items Charge to Comprehensive Income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Income Taxes [Abstract] | |||
Deferred tax (charge)/credit on remeasurement of retirement benefit plans | $ (19) | $ 44 | $ 6 |
Total tax on items (charge)/credit to the Group statement of comprehensive income | $ (19) | $ 44 | $ 6 |
Tax - Summary of Items Credited to Equity (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Income Taxes [Abstract] | |||
Current tax credit on share-based payments | $ 5 | $ 6 | $ 5 |
Deferred tax credit on share-based payments | 4 | 5 | 1 |
Total tax on items credited to equity | $ 9 | $ 11 | $ 6 |
Tax - Summary of Tax Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||||||
Profit before tax | $ 1,891 | $ 1,292 | $ 1,301 | ||||||
Expected tax at weighted average tax rate | (431) | (272) | (216) | ||||||
Over/(under) provisions in respect of prior periods | 11 | (2) | (5) | ||||||
current year credit/(charge) in relation to uncertain tax provisions | 138 | (33) | (35) | ||||||
tax credits and incentives | 12 | 6 | 4 | ||||||
non-taxable income | 18 | 8 | 3 | ||||||
recognition of previously unrecognized deferred tax asset | 0 | 0 | 11 | ||||||
other | (18) | (29) | (17) | ||||||
effect of tax rate changes | 29 | 5 | (4) | ||||||
Total tax (charge)/credit | $ (241) | $ (317) | [1] | $ (259) | [1],[2] | ||||
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||||||||
Expected tax at weighted average tax rate | 22.80% | 21.00% | 16.60% | ||||||
Over/(under) provisions in respect of prior periods | (0.60%) | 0.20% | 0.40% | ||||||
current year credit/(charge) in relation to uncertain tax provisions | (7.40%) | 2.60% | 2.70% | ||||||
tax credits and incentives | (0.60%) | (0.50%) | (0.30%) | ||||||
non-taxable income | (1.00%) | (0.60%) | (0.20%) | ||||||
recognition of previously unrecognized deferred tax asset | 0.00% | 0.00% | (0.90%) | ||||||
other | 1.00% | 2.20% | 1.30% | ||||||
effect of tax rate changes | (1.50%) | (0.40%) | 0.30% | ||||||
effective tax rate | 12.70% | 24.50% | 19.90% | ||||||
|
Discontinued operations (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Non-Current Assets Held For Sale And Discontinued Operations [Abstract] | |||||||||
Revenue | $ 1,138 | $ 1,879 | $ 2,281 | ||||||
Cost of sales | (879) | (1,440) | (1,730) | ||||||
Gross profit | 259 | 439 | 551 | ||||||
(loss)/gain on disposal of businesses | (356) | 0 | 19 | ||||||
operating costs | (205) | (441) | (479) | ||||||
other | 174 | (18) | (21) | ||||||
Operating costs | (387) | (459) | (481) | ||||||
Operating (loss)/profit | (128) | (20) | 70 | ||||||
Net finance (costs)/income | (2) | (4) | 4 | ||||||
(Loss)/profit before tax | (130) | (24) | 74 | ||||||
Tax (charge)/credit | (12) | 10 | (8) | ||||||
(Loss)/profit from discontinued operations | $ (142) | $ (14) | [1] | $ 66 | [1],[2] | ||||
Basic earnings per share from discontinued operations (in US cents per share) | $ (0.636) | $ (0.062) | $ 0.287 | ||||||
Diluted earnings per share from discontinued operations (in US cents per share) | $ (0.632) | $ (0.062) | $ 0.285 | ||||||
|
Discontinued operations - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Cash flows from operating activities, discontinued operations | $ 32 | $ 113 | $ 2 |
Cash flows from (used in) investing activities, discontinued operations | 390 | (54) | (121) |
Net cash inflow from the disposal of businesses | 380 | 7 | 98 |
Cash flows from (used in) financing activities, discontinued operations | (19) | (35) | $ (1) |
UK Businesses | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Loss on current year disposal of businesses | (370) | 0 | |
Gain on prior year disposal of businesses | 14 | 0 | |
Impairment loss recognized in profit or loss, assets classified as held for sale, discontinued operations | (63) | ||
Recycling of deferred foreign exchange losses | 235 | ||
Expense of restructuring activities, discontinued operations | $ 2 | 18 | |
Inventory write-down, discontinued operations | $ 3 |
Dividends - Amounts recognized as distributions to equity shareholders (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure Of Dividends [Line Items] | |||
Dividends paid | $ 1,034 | $ 327 | $ 449 |
Final Dividend | |||
Disclosure Of Dividends [Line Items] | |||
Dividends paid | $ 467 | $ 327 | $ 303 |
Dividends paid (in US cents per share) | $ 208.2 | $ 145.1 | $ 131.9 |
Interim Dividend | |||
Disclosure Of Dividends [Line Items] | |||
Dividends paid | $ 163 | $ 146 | |
Dividends paid (in US cents per share) | $ 72.9 | $ 63.1 | |
Special Dividend | |||
Disclosure Of Dividends [Line Items] | |||
Dividends paid | $ 404 | ||
Dividends paid (in US cents per share) | $ 180.0 |
Dividends - Narrative (Details) - Final Dividend - Potential ordinary share transactions $ / shares in Units, $ in Millions |
2 Months Ended |
---|---|
Sep. 29, 2021
USD ($)
$ / shares
| |
Disclosure Of Dividends [Line Items] | |
Dividends proposed before financial statements authorised for issue but not included in balance sheet | $ | $ 369 |
Dividends proposed before financial statements authorised for issue but not included in balance sheet (in US cents per share) | $ / shares | $ 1.665 |
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|||||||
Earnings | |||||||||
Profit from continuing and discontinued operations attributable to shareholders of the Company | $ 1,508 | $ 961 | $ 1,108 | ||||||
(Profit) loss from discontinued operations | 142 | 14 | (66) | ||||||
Profit from continuing operations | $ 1,650 | $ 975 | $ 1,042 | ||||||
Basic earnings per share | |||||||||
Profit from continuing and discontinued operations attributable to shareholders of the Company (in US cents per share) | $ 6.747 | $ 4.275 | [1] | $ 4.813 | [1],[2] | ||||
(Profit) loss from discontinued operations (in US cents per share) | 0.636 | 0.062 | (0.287) | ||||||
Basic earnings per share, Continuing operations only (in US cents per share) | 7.383 | 4.337 | [1] | 4.526 | [1],[2] | ||||
Diluted earnings per share | |||||||||
Profit from continuing and discontinued operations attributable to shareholders of the Company (in US cents per share) | 6.705 | 4.235 | [1] | 4.778 | [1],[2] | ||||
(profit) loss from discontinued operations (in US cents per share) | 0.632 | 0.062 | (0.285) | ||||||
Diluted earnings per share, Continuing operations only (in US cents per share) | $ 7.337 | $ 4.297 | [1] | $ 4.493 | [1],[2] | ||||
|
Earnings per share - Narrative (Details) - shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Earnings per share [abstract] | |||
Weighted-average shares outstanding, basic (in shares) | 223.5 | 224.8 | 230.2 |
Weighted-average shares outstanding, diluted (in shares) | 224.9 | 226.9 | 231.9 |
Employee and key management information - Summary of staff costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Number and average number of employees [abstract] | |||
Wages and salaries | $ 2,807 | $ 2,627 | $ 2,605 |
Social security costs | 182 | 169 | 173 |
Pension costs—defined contribution plans | 74 | 68 | 77 |
Pension costs—defined benefit plans | 3 | 3 | 11 |
Share-based payments | 77 | 24 | 30 |
Total staff costs | $ 3,143 | $ 2,891 | $ 2,896 |
Employee and key management information - Narrative (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021
USD ($)
employee
|
Jul. 31, 2020
USD ($)
employee
|
Jul. 31, 2019
USD ($)
employee
|
|
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Staff costs | $ | $ 3,143 | $ 2,891 | $ 2,896 |
Average number of employees | employee | 29,538 | 29,632 | 30,542 |
Discontinued operations | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Staff costs | $ | $ 124 | $ 246 | $ 267 |
Average number of employees | employee | 2,386 | 5,005 | 5,397 |
Employee and key management information - Summary of average number of employees (Details) - employee |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of geographical areas [line items] | |||
Average number of employees | 29,538 | 29,632 | 30,542 |
USA | |||
Disclosure of geographical areas [line items] | |||
Average number of employees | 27,032 | 27,085 | 27,489 |
Canada and Central Europe | |||
Disclosure of geographical areas [line items] | |||
Average number of employees | 2,443 | 2,473 | 2,974 |
Central and other | |||
Disclosure of geographical areas [line items] | |||
Average number of employees | 63 | 74 | 79 |
Employee and key management information - Summary of key management personnel compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of transactions between related parties [line items] | |||
Share-based payments | $ 77 | $ 24 | $ 30 |
Total staff costs | 3,143 | 2,891 | 2,896 |
Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Salaries, bonuses and other short term employee benefits | 16 | 16 | 13 |
Post-employment benefits | 2 | 1 | 1 |
Share-based payments | 18 | 8 | 11 |
Total staff costs | $ 36 | $ 25 | $ 25 |
Intangible assets—goodwill - Roll forward (Details) - Goodwill - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning of period | $ 1,721 | |
Acquisitions | 80 | $ 78 |
End of period | 1,757 | 1,721 |
Net book value at July 31 | 1,757 | 1,721 |
Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning of period | 1,861 | 1,789 |
Exchange rate adjustment | 15 | 8 |
Acquisitions | 80 | 78 |
Adjustment to fair value on prior year acquisitions | 0 | (14) |
Reclassification as held for sale | 162 | 0 |
End of period | 1,794 | 1,861 |
Net book value at July 31 | 1,794 | 1,861 |
Accumulated impairment losses | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning of period | (140) | (133) |
Exchange rate adjustment | (3) | (7) |
Reclassification as held for sale | (106) | 0 |
End of period | (37) | (140) |
Net book value at July 31 | $ (37) | $ (140) |
Intangible assets—other - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Disclosure of intangible assets material to entity [line items] | ||
Net book value | $ 546 | $ 521 |
Discontinued operations | ||
Disclosure of intangible assets material to entity [line items] | ||
Amortization charge for the year | 5 | 22 |
Customer relationships | ||
Disclosure of intangible assets material to entity [line items] | ||
Net book value | 265 | 230 |
Customer relationships | Jones Stephens | ||
Disclosure of intangible assets material to entity [line items] | ||
Net book value | $ 69 | $ 80 |
Remaining amortisation period | 7 years | 8 years |
Software | ||
Disclosure of intangible assets material to entity [line items] | ||
Net book value | $ 149 | $ 141 |
Software | Discontinued operations | ||
Disclosure of intangible assets material to entity [line items] | ||
Amortization charge for the year | $ 2 | $ 6 |
Right of use assets and leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | $ 241 | $ 233 | $ 0 |
Impairment of right of use assets | 0 | 8 | $ 0 |
Future undiscounted lease payments | 0 | 0 | |
Discontinued operations | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation of right of use assets | $ 13 | 35 | |
Impairment of right of use assets | $ 2 | ||
Land and buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Weighted average remaining lease term | 5 years 3 months 18 days | 5 years 10 months 24 days | |
Plant and machinery | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Weighted average remaining lease term | 4 years 3 months 18 days | 4 years 6 months |
Right of use assets and leases - Amounts charged (credited) to the Group income statement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Presentation of leases for lessee [abstract] | |||
Depreciation of right of use assets | $ 241 | $ 233 | $ 0 |
Impairment of right of use assets | 0 | 8 | $ 0 |
Short term lease expense | 1 | 10 | |
Low-value lease expense | 15 | 16 | |
Sublease income | (2) | (1) | |
Charged to operating costs | 255 | 266 | |
Charged to finance costs | 44 | 49 | |
Total amount charged to the Group income statement | $ 299 | $ 315 |
Property, plant and equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | $ 130 | $ 135 | $ 126 |
Impairment charge for the year | 0 | 4 | $ 0 |
Discontinued operations | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation charge for the year | $ 6 | 19 | |
Impairment charge for the year | $ 1 |
Deferred tax assets and liabilities - Summary of deferred tax assets and liabilities (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
---|---|---|---|
Income Taxes [Abstract] | |||
Deferred tax assets | $ 303 | $ 216 | |
Deferred tax liabilities | 0 | (26) | |
Deferred tax assets, net | $ 303 | $ 190 | $ 108 |
Deferred tax assets and liabilities - Narrative (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Income Taxes [Abstract] | ||
Unused tax losses for which no deferred tax asset recognised | $ 404 | $ 369 |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | $ 551 | $ 442 |
Inventories (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Goods purchased for resale | $ 3,607 | $ 3,089 |
Inventory provisions | (181) | (209) |
Inventories | $ 3,426 | $ 2,880 |
Trade and other receivables (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Current | ||
Net trade receivables | $ 2,786 | $ 2,568 |
Other receivables | 146 | 139 |
Prepayments | 399 | 335 |
Trade and other receivables | 3,331 | 3,042 |
Non-current | ||
Trade and other receivables | 428 | 377 |
Trade receivables | ||
Current | ||
Net trade receivables | 2,803 | 2,604 |
Provision for expected credit losses | ||
Current | ||
Net trade receivables | $ (17) | $ (36) |
Trade and other receivables - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Disclosure of financial assets [line items] | ||
Current supplier rebates due | $ 344 | $ 289 |
Trade receivables | ||
Disclosure of financial assets [line items] | ||
Trade receivables written off | $ 9 | $ 12 |
Cash flow statement (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
Jul. 31, 2018 |
---|---|---|---|---|
Cash and cash equivalents [abstract] | ||||
Cash and cash equivalents | $ 1,335 | $ 2,115 | $ 1,133 | $ 833 |
Cash and cash equivalents, cash pooling arrangement | 36 | 248 | ||
Cash and cash equivalents used as collateral | $ 95 | $ 93 |
Trade and other payables - Schedule of Current and Non-current Payables (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Current | ||
Trade payables | $ 3,234 | $ 2,855 |
Tax and social security | 92 | 114 |
Other payables | 104 | 115 |
Accruals and deferred income | 592 | 507 |
Trade and other payables | 4,022 | 3,591 |
Non-current | ||
Other payables | $ 342 | $ 338 |
Trade and other payables (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Trade and other payables [abstract] | ||
Receivables due from suppliers with respect to supplier rebates where an agreement exists that allow these to be net settled | $ 55 | $ 50 |
Borrowings - Schedule of current and non current borrowings (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
Jul. 31, 2018 |
---|---|---|---|---|
Disclosure of detailed information about borrowings [line items] | ||||
Current | $ 183 | $ 531 | ||
Borrowings | 2,528 | 2,635 | ||
Total | 2,711 | 3,166 | ||
Bank overdrafts | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current | 183 | 248 | ||
Borrowings | 0 | 0 | ||
Total | 183 | 248 | ||
Senior unsecured loan notes | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Current | 0 | 283 | ||
Borrowings | 2,528 | 2,635 | ||
Total | $ 2,528 | $ 2,918 | $ 2,297 | $ 1,530 |
Borrowings - Narrative (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of detailed information about borrowings [line items] | ||
Bonds issued | $ 1,350 | $ 1,350 |
Total | 2,711 | 3,166 |
Bank overdrafts, cash pooling arrangements | 36 | 248 |
Undrawn borrowing facilities | 2,200 | 2,200 |
Fair Value Hedges, Debt | ||
Disclosure of detailed information about borrowings [line items] | ||
Hedged item, liabilities | 355 | 355 |
Private Placement Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 1,178 | 1,568 |
Notional amount | 1,155 | 1,530 |
Borrowings, fair value adjustment | 23 | 38 |
Private Placement Notes | Fair Value Hedges, Debt | ||
Disclosure of detailed information about borrowings [line items] | ||
Hedged item, liabilities | 355 | |
Trade Receivables Facility | ||
Disclosure of detailed information about borrowings [line items] | ||
Undrawn borrowing facilities | $ 600 | $ 600 |
Borrowings - Schedule of non current loans repayable (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of detailed information about borrowings [line items] | ||
Total | $ 2,528 | $ 2,635 |
Due in one to two years | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 250 | 0 |
Due in two to three years | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 55 | 250 |
Due in three to four years | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 150 | 150 |
Due in four to five years | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | 400 | 150 |
Due in over five years | ||
Disclosure of detailed information about borrowings [line items] | ||
Total | $ 1,673 | $ 2,085 |
Financial instruments - Summary of the carrying value of financial instruments (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Financial liabilities at fair value through profit and loss | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | $ 328 | $ 265 |
Financial liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Financial liabilities | 7,026 | 7,474 |
Financial assets at fair value through profit and loss | ||
Disclosure of financial assets [line items] | ||
Financial assets | 353 | 307 |
Financial assets at fair value through other comprehensive income | ||
Disclosure of financial assets [line items] | ||
Financial assets | 18 | 12 |
Financial assets at amortized cost | ||
Disclosure of financial assets [line items] | ||
Financial assets | $ 3,372 | $ 3,114 |
Provisions - Current and Non-current Provisions (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
---|---|---|---|
Disclosure of other provisions [line items] | |||
Current | $ 72 | $ 53 | |
Non-current | 123 | 202 | |
Total provisions | 195 | 255 | $ 265 |
Environmental and legal | |||
Disclosure of other provisions [line items] | |||
Current | 20 | 10 | |
Non-current | 64 | 76 | |
Total provisions | 84 | 86 | 82 |
Ferguson Insurance | |||
Disclosure of other provisions [line items] | |||
Current | 20 | 5 | |
Non-current | 50 | 71 | |
Total provisions | 70 | 76 | 77 |
Restructuring | |||
Disclosure of other provisions [line items] | |||
Current | 2 | 10 | |
Non-current | 2 | 12 | |
Total provisions | 4 | 22 | 40 |
Property provisions | |||
Disclosure of other provisions [line items] | |||
Current | 0 | 8 | |
Non-current | 0 | 25 | |
Total provisions | 0 | 33 | 15 |
Other provisions | |||
Disclosure of other provisions [line items] | |||
Current | 30 | 20 | |
Non-current | 7 | 18 | |
Total provisions | $ 37 | $ 38 | $ 51 |
Provisions - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Disclosure of other provisions [line items] | ||
Insurance receivable | $ 64 | $ 71 |
Environmental and legal | ||
Disclosure of other provisions [line items] | ||
Estimated liability | $ 64 | $ 72 |
Discount rate | 1.80% | 1.00% |
Restructuring | ||
Disclosure of other provisions [line items] | ||
Weighted average maturity of obligation, other provisions | 2 years | |
Other provisions | ||
Disclosure of other provisions [line items] | ||
Weighted average maturity of obligation, other provisions | 1 year 6 months |
Retirement benefit obligations - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Jul. 31, 2022 |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of net defined benefit liability (asset) [line items] | ||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 2 | |||
Cumulative actuarial losses | $ 652 | $ 759 | $ 524 | |
Weighted average duration of defined benefit obligation | 20 years | 21 years 1 month 6 days | ||
Special Funding Contributions | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Employers’ contributions | $ 53 | $ 13 | ||
UK | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Buy-in insurance policy, amount contributed to fair value of plan assets, percent | 28.00% |
Retirement benefit obligations - Plans as disclosed in the Group balance sheet (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of defined benefit plans [abstract] | ||
Non-current asset | $ 108 | $ 0 |
Non-current liability | (12) | (61) |
Net asset/(liability) | $ 96 | $ (61) |
Retirement benefit obligations - Analysis of Group balance sheet net asset (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | $ 2,304 | $ 2,122 |
Present value of defined benefit obligations | (2,208) | (2,183) |
Net asset/(liability) | 96 | (61) |
UK | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | 2,175 | 2,012 |
Present value of defined benefit obligations | (2,067) | (2,039) |
Net asset/(liability) | 108 | (27) |
Non-UK | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | 129 | 110 |
Present value of defined benefit obligations | (141) | (144) |
Net asset/(liability) | $ (12) | $ (34) |
Retirement benefit obligations - Analysis of total expense recognized in the Group income statement (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of defined benefit plans [abstract] | |||
Administrative costs | $ 3 | $ 3 | $ 2 |
Settlement losses, past service costs and administrative costs | 0 | 0 | 9 |
Charged to operating costs (note 9) | 3 | 3 | 11 |
Charged/(credited) to finance costs | 2 | (3) | (5) |
Total staff costs | $ 5 | $ 0 | $ 6 |
Retirement benefit obligations - Analysis of amount recognized in the Group statement of comprehensive income (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of defined benefit plans [abstract] | |||
The return on plan assets (excluding amounts included in net interest expense) | $ 34 | $ 96 | $ 134 |
Actuarial gain/(loss) arising from changes in demographic assumptions | 22 | (62) | 38 |
Actuarial gain/(loss) arising from changes in financial assumptions | 20 | (211) | (210) |
Actuarial gain/(loss) arising from experience adjustments | 31 | (58) | 2 |
Remeasurement of retirement benefit plans | 107 | (235) | (36) |
Tax (charge)/credit | (19) | 44 | 6 |
Total amount recognized in the Group statement of comprehensive income | $ 88 | $ (191) | $ (30) |
Retirement benefit obligations - Analysis of present value of defined benefit obligations (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of defined benefit plans [line items] | ||
Total present value of defined benefit obligations | $ 2,208 | $ 2,183 |
Amounts arising from wholly unfunded plans | ||
Disclosure of defined benefit plans [line items] | ||
Total present value of defined benefit obligations | 3 | 3 |
Amounts arising from plans that are wholly or partly funded | ||
Disclosure of defined benefit plans [line items] | ||
Total present value of defined benefit obligations | $ 2,205 | $ 2,180 |
Retirement benefit obligations - Financial assumptions used to estimate defined benefit obligations (Details) |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
UK | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.70% | 1.50% |
Inflation rate | 3.10% | 2.90% |
Increase to deferred benefits during deferment | 2.40% | 2.10% |
Increases to pensions in payment | 3.00% | 2.60% |
Salary increases | 2.40% | 2.10% |
Non-UK | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.90% | 2.40% |
Inflation rate | 2.00% | 2.00% |
Increases to pensions in payment | 2.00% | 2.00% |
Salary increases | 2.50% |
Share capital - Ordinary shares in issue (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Disclosure of classes of share capital [line items] | ||
Cost of ordinary 10 pence shares in the Company | $ 30 | $ 30 |
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of ordinary 10 pence shares in company (in shares) | 232,171,182 | 232,171,182 |
Cost of ordinary 10 pence shares in the Company | $ 30 | $ 30 |
Share capital - Narrative (Details) shares in Millions, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jul. 31, 2021
USD ($)
|
Jul. 31, 2020
USD ($)
|
Jul. 31, 2021
£ / shares
|
Jul. 31, 2021
USD ($)
shares
|
Jul. 31, 2020
£ / shares
|
Jul. 31, 2020
USD ($)
shares
|
|
Disclosure of classes of share capital [line items] | ||||||
Number of shares authorized (in shares) | shares | 500 | 500 | ||||
Par value (pence per share) | £ / shares | £ 0.10 | £ 0.10 | ||||
Own shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Market value of shares held in trusts | $ 117 | $ 114 | ||||
Long term incentive plans and all-employee plans | ||||||
Disclosure of classes of share capital [line items] | ||||||
Consideration received in respect of shares transferred to participants | $ 18 | $ 11 | ||||
Discretionary share option plans and long term incentive plans | ||||||
Disclosure of classes of share capital [line items] | ||||||
Consideration received in respect of shares transferred to participants | $ 0 | $ 0 |
Share capital - Summary of movement of share capital (Details) - shares |
Jul. 31, 2021 |
Jul. 31, 2020 |
---|---|---|
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of ordinary 10 pence shares in company (in shares) | 232,171,182 | 232,171,182 |
Share capital - Summary of the movement in own shares held in Employee Benefit Trusts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of classes of share capital [line items] | |||
Shares at beginning of period | $ (4,371) | $ (4,350) | $ (4,057) |
New shares purchased | 26 | 38 | |
Exercise of share options | 0 | 0 | 0 |
Shares at end of period | $ (4,810) | $ (4,371) | $ (4,350) |
Own shares | |||
Disclosure of classes of share capital [line items] | |||
Shares at beginning of period (in shares) | 1,277,347 | 1,563,778 | |
New shares purchased (in shares) | 0 | 307,345 | |
Issue Of Own Shares By Employee Benefit Trusts, Shares | (444,158) | (593,776) | |
Shares at end of period (in shares) | 833,189 | 1,277,347 | 1,563,778 |
Shares at beginning of period | $ 88 | $ 102 | $ 90 |
New shares purchased | 0 | 26 | 38 |
Exercise of share options | (30) | (40) | (26) |
Shares at end of period | $ 58 | $ 88 | $ 102 |
Acquisitions - Summary of acquisitions (Details) |
Jul. 31, 2021 |
Jun. 30, 2021 |
Jan. 31, 2021 |
Nov. 30, 2020 |
Oct. 31, 2020 |
---|---|---|---|---|---|
Old Dominion Supply, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
Atlantic Construction Fabrics, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
Nova Wildcat Amerock Holdings, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
Clarksville Lighting & Appliance, LLC | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
The Kitchen Showcase, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
Moore Industrial Supply | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% | ||||
Canyon Pipe & Supply, Inc. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Acquired % | 100.00% |
Acquisitions - Assets acquired and liabilities assumed (Details) - USD ($) $ in Millions |
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
---|---|---|---|
Disclosure of detailed information about business combination [line items] | |||
Software | $ 0 | $ 13 | |
Customer relationships | 132 | 101 | |
Right of use assets | 12 | 30 | |
Property, plant and equipment | 11 | 19 | |
Inventories | 51 | 58 | |
Trade and other receivables | 45 | 62 | |
Cash, cash equivalents and bank overdrafts | 13 | 6 | $ 11 |
Lease liabilities | (12) | (30) | |
Trade and other payables | (30) | (28) | |
Deferred tax | (10) | (11) | |
Provisions | 0 | (2) | |
Total | 244 | 255 | |
Goodwill arising | 80 | 78 | |
Consideration | 324 | 333 | |
Cash | 299 | 321 | $ 656 |
Deferred consideration | 25 | 12 | |
Total consideration | 324 | 333 | |
Trade names and brands | |||
Disclosure of detailed information about business combination [line items] | |||
Identifiable intangible assets recognised as of acquisition date | 17 | 34 | |
Other | |||
Disclosure of detailed information about business combination [line items] | |||
Identifiable intangible assets recognised as of acquisition date | $ 15 | $ 3 |
Acquisitions - Narrative (Details) - USD ($) $ in Millions |
10 Months Ended | 12 Months Ended |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2021 |
|
Business Combinations [Abstract] | ||
Revenue of acquisitions since acquisition dates | $ 159 | |
Trading profit of acquisitions since acquisition dates | 9 | |
Loss to operating profit of acquisitions since acquisition dates | (10) | |
Loss before tax of acquisition since acquisition dates | (15) | |
Loss of acquisitions since acquisition dates | $ (17) | |
Revenue of combined entity as if combination occurred at beginning of period | $ 22,999 | |
Trading profit of combined entity as if combination occurred at beginning of period | 2,195 | |
Profit from operating activities of combined entity as if combination occurred at beginning of period | 2,044 | |
Profit before tax of combined entity as if combination occurred at beginning of period | 1,895 | |
Profit of combined entity as if combination occurred at beginning of period | $ 1,653 |
Acquisitions - Net outflow of cash in respect of the purchase of businesses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Business Combinations [Abstract] | |||
Purchase consideration | $ 299 | $ 321 | $ 656 |
Deferred and contingent consideration in respect of acquisitions from prior years | 49 | 36 | 12 |
Cash consideration | 348 | 357 | 668 |
Cash, cash equivalents and bank overdrafts | (13) | (6) | (11) |
Net cash outflow in respect of the purchase of businesses | $ 335 | $ 351 | $ 657 |
Disposals - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Gain on disposal of businesses | $ (356) | $ 0 | $ 19 |
UK Businesses | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Loss on current year disposal of businesses | (370) | 0 | |
Gain on prior year disposal of businesses | $ 14 | $ 0 |
Disposals - Loss on Current Period Disposal (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net cash inflow from the disposal of businesses | $ 380 | $ 7 | $ 98 |
Discontinued operations | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Net cash inflow from the disposal of businesses | 422 | 0 | |
Net assets disposed of | (390) | 0 | |
Disposal costs and provisions | (32) | 0 | |
Recycling of deferred foreign exchange losses | (370) | 0 | |
Current period loss on disposal | $ (370) | $ 0 |
Disposals - Net Inflow of Cash in Respect of Disposals of Businesses Reported within Discontinued Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Discontinued Operations And Disposal Groups [Abstract] | |||
Cash consideration received for current period disposals (net of cash disposed of) | $ 395 | $ 0 | $ 220 |
Cash consideration received in respect of prior year disposals | 19 | 9 | (2) |
Cash paid in respect of prior year disposals | (2) | (2) | (16) |
Disposal costs paid | (32) | 0 | (1) |
Net cash flow in respect of disposals of businesses | $ 380 | $ 7 | $ 201 |
Changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash, cash equivalents and bank overdrafts at the beginning of the year | $ 2,115 | $ 1,133 | $ 833 |
Bank overdrafts at the beginning of the year | 248 | 47 | 375 |
Cash, cash equivalents and bank overdrafts at the beginning of the year | 1,867 | 1,086 | 458 |
Loans at the beginning of the year | 3,166 | ||
Obligations under finance leases at the beginning of the year | 0 | (6) | (6) |
Total excluding lease liabilities at the beginning of the year | (1,012) | (1,195) | (1,080) |
Lease liabilities at the beginning of the year | 1,355 | 0 | 0 |
Total including lease liabilities at the beginning of the year | (2,367) | (1,195) | (1,080) |
Proceeds from loans and derivatives | (4) | (1,169) | (757) |
Repayments of loans | 375 | 566 | 2 |
Finance lease capital payments | 0 | 0 | 3 |
Lease liability capital payments | 296 | 295 | 0 |
Cash, cash equivalents and bank overdrafts at the end of the year | 1,335 | 2,115 | 1,133 |
Bank overdrafts at the end of the year | 183 | 248 | 47 |
Cash, cash equivalents and bank overdrafts at the end of the year | 1,152 | 1,867 | 1,086 |
Loans at the end of the year | 2,711 | 3,166 | |
Obligations under finance leases at the end of the year | 0 | 0 | (6) |
Total excluding lease liabilities at the end of the year | (1,355) | (1,012) | (1,195) |
Lease liabilities at the end of the year | 1,090 | 1,355 | 0 |
Total including lease liabilities at the end of the year | (2,445) | (2,367) | (1,195) |
Adjustment on adoption of IFRS 16 | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 0 | ||
Bank overdrafts at the beginning of the year | 0 | ||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 0 | ||
Obligations under finance leases at the beginning of the year | 6 | ||
Total excluding lease liabilities at the beginning of the year | 6 | ||
Lease liabilities at the beginning of the year | 1,481 | ||
Total including lease liabilities at the beginning of the year | (1,475) | ||
Cash, cash equivalents and bank overdrafts at the end of the year | 0 | ||
Bank overdrafts at the end of the year | 0 | ||
Cash, cash equivalents and bank overdrafts at the end of the year | 0 | ||
Obligations under finance leases at the end of the year | 6 | ||
Total excluding lease liabilities at the end of the year | 6 | ||
Lease liabilities at the end of the year | 1,481 | ||
Total including lease liabilities at the end of the year | (1,475) | ||
After adjustment | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 1,133 | ||
Bank overdrafts at the beginning of the year | 47 | ||
Cash, cash equivalents and bank overdrafts at the beginning of the year | 1,086 | ||
Obligations under finance leases at the beginning of the year | 0 | ||
Total excluding lease liabilities at the beginning of the year | (1,189) | ||
Lease liabilities at the beginning of the year | 1,481 | ||
Total including lease liabilities at the beginning of the year | (2,670) | ||
Cash, cash equivalents and bank overdrafts at the end of the year | 1,133 | ||
Bank overdrafts at the end of the year | 47 | ||
Cash, cash equivalents and bank overdrafts at the end of the year | 1,086 | ||
Obligations under finance leases at the end of the year | 0 | ||
Total excluding lease liabilities at the end of the year | (1,189) | ||
Lease liabilities at the end of the year | 1,481 | ||
Total including lease liabilities at the end of the year | (2,670) | ||
Total including lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | (4) | (1,169) | (757) |
Repayments of loans | 375 | 566 | 2 |
Finance lease capital payments | 3 | ||
Lease liability capital payments | 296 | 295 | |
Interest paid on lease liabilities | 46 | 53 | |
Changes due to disposal of businesses | 106 | (1) | |
Changes due to acquisition of businesses | 13 | 6 | 8 |
Other cash flows | (702) | 771 | 628 |
Lease liability additions | (97) | (115) | |
Discount unwinding on lease liabilities | (46) | (53) | |
Changes in lease liabilities due to acquisition of businesses | (12) | (30) | |
Fair value and other adjustments | (42) | (8) | (1) |
Exchange movements | (11) | (13) | 3 |
Total excluding lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | (4) | (1,169) | (757) |
Repayments of loans | 375 | 566 | 2 |
Finance lease capital payments | 3 | ||
Lease liability capital payments | 0 | 0 | |
Interest paid on lease liabilities | 0 | 0 | |
Changes due to disposal of businesses | (27) | (1) | |
Changes due to acquisition of businesses | 13 | 6 | 8 |
Other cash flows | (702) | 771 | 628 |
Lease liability additions | 0 | 0 | |
Discount unwinding on lease liabilities | 0 | 0 | |
Changes in lease liabilities due to acquisition of businesses | 0 | 0 | |
Fair value and other adjustments | 2 | 8 | (1) |
Exchange movements | 0 | (5) | 3 |
Cash and cash equivalents and bank overdrafts | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | 0 | 0 | 0 |
Repayments of loans | 0 | 0 | 0 |
Finance lease capital payments | 0 | ||
Lease liability capital payments | 0 | 0 | |
Interest paid on lease liabilities | 0 | 0 | |
Changes due to disposal of businesses | (27) | (1) | |
Changes due to acquisition of businesses | 13 | 6 | 11 |
Other cash flows | (702) | 771 | 628 |
Lease liability additions | 0 | 0 | |
Discount unwinding on lease liabilities | 0 | 0 | |
Changes in lease liabilities due to acquisition of businesses | 0 | 0 | |
Fair value and other adjustments | 0 | 0 | 0 |
Exchange movements | 1 | 4 | (10) |
Derivative financial instruments | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | (4) | (7) | (7) |
Repayments of loans | 0 | 0 | 0 |
Finance lease capital payments | 0 | ||
Lease liability capital payments | 0 | 0 | |
Interest paid on lease liabilities | 0 | 0 | |
Changes due to disposal of businesses | 0 | 0 | |
Changes due to acquisition of businesses | 0 | 0 | 0 |
Other cash flows | 0 | 0 | 0 |
Lease liability additions | 0 | 0 | |
Discount unwinding on lease liabilities | 0 | 0 | |
Changes in lease liabilities due to acquisition of businesses | 0 | 0 | |
Fair value and other adjustments | (13) | 28 | 25 |
Exchange movements | (1) | (4) | 6 |
Loans | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | 0 | (1,162) | (750) |
Repayments of loans | 375 | 566 | 2 |
Finance lease capital payments | 0 | ||
Lease liability capital payments | 0 | 0 | |
Interest paid on lease liabilities | 0 | 0 | |
Changes due to disposal of businesses | 0 | 0 | |
Changes due to acquisition of businesses | 0 | 0 | 0 |
Other cash flows | 0 | 0 | 0 |
Lease liability additions | 0 | 0 | |
Discount unwinding on lease liabilities | 0 | 0 | |
Changes in lease liabilities due to acquisition of businesses | 0 | 0 | |
Fair value and other adjustments | 15 | (20) | (26) |
Exchange movements | 0 | (5) | 7 |
Obligations under finance leases | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | 0 | 0 | 0 |
Repayments of loans | 0 | 0 | 0 |
Finance lease capital payments | 3 | ||
Lease liability capital payments | 0 | 0 | |
Interest paid on lease liabilities | 0 | 0 | |
Changes due to disposal of businesses | 0 | 0 | |
Changes due to acquisition of businesses | 0 | 0 | (3) |
Other cash flows | 0 | 0 | 0 |
Lease liability additions | 0 | 0 | |
Discount unwinding on lease liabilities | 0 | 0 | |
Changes in lease liabilities due to acquisition of businesses | 0 | 0 | |
Fair value and other adjustments | 0 | 0 | 0 |
Exchange movements | 0 | 0 | 0 |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Proceeds from loans and derivatives | 0 | 0 | 0 |
Repayments of loans | 0 | 0 | 0 |
Finance lease capital payments | 0 | ||
Lease liability capital payments | 296 | 295 | |
Interest paid on lease liabilities | 46 | 53 | |
Changes due to disposal of businesses | 133 | 0 | |
Changes due to acquisition of businesses | 0 | 0 | 0 |
Other cash flows | 0 | 0 | 0 |
Lease liability additions | (97) | (115) | |
Discount unwinding on lease liabilities | (46) | (53) | |
Changes in lease liabilities due to acquisition of businesses | (12) | (30) | |
Fair value and other adjustments | (44) | (16) | 0 |
Exchange movements | (11) | (8) | 0 |
Senior unsecured loan notes | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Loans at the beginning of the year | 2,918 | 2,297 | 1,530 |
Loans at the end of the year | 2,528 | 2,918 | 2,297 |
Senior unsecured loan notes | Adjustment on adoption of IFRS 16 | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Loans at the beginning of the year | 0 | ||
Loans at the end of the year | 0 | ||
Senior unsecured loan notes | After adjustment | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Loans at the beginning of the year | 2,297 | ||
Loans at the end of the year | 2,297 | ||
Financial assets at fair value through profit and loss | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Derivative financial instruments at the beginning of the year | 39 | 22 | (2) |
Derivative financial instruments at the end of the year | $ 21 | 39 | 22 |
Financial assets at fair value through profit and loss | Adjustment on adoption of IFRS 16 | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Derivative financial instruments at the beginning of the year | 0 | ||
Derivative financial instruments at the end of the year | 0 | ||
Financial assets at fair value through profit and loss | After adjustment | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Derivative financial instruments at the beginning of the year | $ 22 | ||
Derivative financial instruments at the end of the year | $ 22 |
Changes in cash and cash equivalents, bank overdrafts and liabilities arising from financing activities - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
|
Cash and cash equivalents [abstract] | ||
Cash outflow for leases | $ 359 | $ 377 |
Related party transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Jul. 31, 2021 |
Jul. 31, 2020 |
Jul. 31, 2019 |
|
Non-Executive Directors | |||
Disclosure of transactions between related parties [line items] | |||
Purchases of goods and services, related party transactions | $ 24 | $ 18 | $ 7 |
Amounts payable, related party transactions | 0 | 0 | 0 |
Board member | |||
Disclosure of transactions between related parties [line items] | |||
Donations and subsidies expense | 2 | 0 | $ 0 |
Outstanding commitments made by entity, related party transactions | $ 1 | $ 0 |
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