RWS Annual Report 2022 web - Flipbook - Page 160
Notes to the Parent Company Financial Statements (continued)
11. SHARE CAPITAL, RESERVES AND SHARE-BASED PAYMENTS
Details of the share capital of the Parent Company can be found in note 21 of the Group’s financial statements.
Details of the dividend payments within the year can be found in note 10 of the Group’s financial statements.
During 2022, the total share-based payment charge amounted to £3.2m (2021: £1.4m). The Company has taken the
exemption available under FRS101 available in respect of disclosures relating to IFRS 2 Share-based payments in respect
of Group settled payments. For details of the Group's share-based payment transactions, see Note 22 of the Group
Financial Statements. Most share-based payments are equity settled by the Parent Company.
Included within retained earnings are £184.6m relating to gain recognised on a cash-box structure utilised as part of
the Moravia acquisition. These amounts are not currently distributable.
12. GUARANTEES AND OTHER FINANCIAL COMMITMENTS
In respect of overdraft facilities, the Parent Company, together with certain subsidiary undertakings, has given to the
Group’s principal bankers cross-guarantees secured by fixed and floating charges over the assets of the Group. At the
end of the year, liabilities covered by these guarantees amounted to £Nil (2021: £Nil).
The Group’s RCF, to which the Parent Company is a borrower is secured by guarantees provided by the material
subsidiaries of the Parent Company’s subsidiary undertakings.
13. POST BALANCE SHEET EVENTS
There have been no significant events that have occurred between the balance sheet date and the date of authorising
these financial statements which require disclosure or adjustment within these financial statements.
ALTERNATIVE PERFORMANCE MEASURES
RWS uses adjusted results as a key performance indicator, as the Directors believe that these provide a more consistent
measure of the Group’s operating performance. Adjusted profit is therefore stated before amortisation of acquired
intangibles, acquisition costs, share-based payment expense and exceptional items. The table below reconciles the
statutory profit before tax to the adjusted profit before tax.
Reconciliation of statutory profit before tax to adjusted profit before tax:
2021
£m
Statutory profit before tax
83.2
55.0
Amortisation of acquired intangibles
34.4
34.4
Acquisition costs
2.1
11.2
Share-based payment expense
3.2
1.4
12.5
14.1
0.3
0.3
135.7
116.4
2022
£m
2021
£m
Adjusted operating profit
138.5
118.5
Amortisation of acquired intangibles
(34.4)
(34.4)
Acquisition costs
(2.1)
(11.2)
Share-based payment expense
(3.2)
(1.4)
(12.5)
(14.1)
86.3
57.4
Exceptional items (note 6)
Exceptional finance costs (note 8)
Adjusted profit before tax
Reconciliation of adjusted operating profit to statutory operating profit:
Exceptional items (note 6)
Statutory operating profit
160
2022
£m
RWS — Annual Report 2022
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
