LUXFER HOLDINGS PLC | CIK:0001096056 | 3

  • Filed: 3/19/2018
  • Entity registrant name: LUXFER HOLDINGS PLC (CIK: 0001096056)
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    • ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory

    Revenue and segmental analysis
    For management purposes, the Group is organized into two reporting divisions, Gas Cylinders and Elektron. These divisions are aggregated from the six identified operating segments in the Group; Luxfer Gas Cylinders and Luxfer Superform aggregate to Gas Cylinders; and Luxfer MEL Technologies, Luxfer Magtech, Luxfer Graphic Arts and Luxfer Czech Republic aggregate to Elektron. The change in operating segments has come about with the change of CEO during 2017, and the way the group has been re-organized to reflect the common elements within the group. This rationale is in line with IFRS 8 which allows for aggregation of operating segments on the basis they share similar economic characteristics for the nature of the products and services; the nature of the production processes; the type or class of customer for their products and services; the methods used to distribute their products or provide their services; and the nature of the regulatory environment. For the purposes of impairment testing, the cash generating units (CGUs) have been assessed to be at the same level as the operating segments. The tables below set out information on the results of these two reportable divisions.
    Management monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated by the chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments and has been identified as the CEO, based on trading profit or loss (defined as operating profit or loss before profits on sale of redundant site, changes to defined benefit pension plans and restructuring and other expense), and adjusted EBITDA (defined as profit on operations before taxation for the period, finance income (which comprises interest received and foreign exchange gains) and costs (which comprises interest costs, IAS 19R retirement benefits finance charge and the unwind of the discount on deferred contingent consideration from acquisitions), net gain / loss on acquisitions and disposals of businesses, changes to defined benefit pension plans, restructuring and other expense, other share based compensation charges, depreciation and amortization and loss on disposal of property, plant and equipment). For the purposes of our divisional segmental analysis, IFRS 8 requires the use of "segment profit" performance measures that are used by our chief operating decision maker. Trading profit is the "segment profit" used to satisfy this requirement in the below analysis.
    Unallocated assets and liabilities include those which are held on behalf of the Group and cannot be allocated to a division, such as taxation, investments, cash, retirement benefits obligations, bank and other loans and holding company assets and liabilities.

    REPORTING SEGMENTS:
    Year ended December 31, 2017
     
     
    Gas
    Cylinders
     
    Elektron
     
    Unallocated
     
    Total
    Continuing
    Activities
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     

     
     

     
     

     
     

     
     
    Segment revenue
    220.2

     
    221.6

     
    —

     
    441.8

     
     
    Inter-segment revenue
    —

     
    (0.5
    )
     
    —

     
    (0.5
    )
     
     
    Revenue to external customers
    220.2

     
    221.1

     
    —

     
    441.3

     
     
    Result
     

     
     

     
     

     
     
     
     
    Adjusted EBITDA
    17.3

     
    44.5

     
    —

     
    61.8

     
     
    Other share based compensation charges
    (1.0
    )
     
    (1.2
    )
     
    —

     
    (2.2
    )
     
     
    Loss on disposal of property, plant and equipment
    —

     
    (0.1
    )
     
    —

     
    (0.1
    )
     
     
    Depreciation and amortization
    (7.6
    )
     
    (11.4
    )
     
    —

     
    (19.0
    )
     
     
    Trading profit—segment result
    8.7

     
    31.8

     
    —

     
    40.5

     
     
    Profit on sale of redundant site
    —

     
    —

     
    0.4

     
    0.4

     
     
    Restructuring and other expense (Note 5)
    (6.6
    )
     
    (12.7
    )
     
    (2.3
    )
     
    (21.6
    )
     
     
    Operating profit
    2.1

     
    19.1

     
    (1.9
    )
     
    19.3

     
     
    Acquisitions and disposals (Note 5)
    —

     
    1.3

     
    —

     
    1.3

     
     
    Net interest costs
    —

     
    —

     
    (6.7
    )
     
    (6.7
    )
     
     
    IAS 19R retirement benefits finance charge
    —

     
    —

     
    (1.8
    )
     
    (1.8
    )
     
     
    Unwind of discount on deferred contingent consideration from acquisitions
    —

     
    (0.2
    )
     
    —

     
    (0.2
    )
     
     
    Profit / (loss) on operations before taxation
    2.1

     
    20.2

     
    (10.4
    )
     
    11.9

     
     
    Tax expense
     

     
     

     
     
     
    (0.4
    )
     
     
    Net income for the year
     

     
     

     
     

     
    11.5

     
     
    Other segment information
     

     
     

     
     

     
     
     
     
    Segment assets
    150.5

     
    207.6

     
    44.5

     
    402.6

     
     
    Segment liabilities
    (22.6
    )
     
    (22.3
    )
     
    (195.4
    )
     
    (240.3
    )
     
     
    Net assets / (liabilities) employed(2)
    127.9

     
    185.3

     
    (150.9
    )
     
    162.3

     
     
    Capital expenditure: Property, plant and equipment
    3.5

     
    5.7

     
    —

     
    9.2

     
     
    Capital expenditure: Intangible assets
    1.4

     
    0.3

     
    —

     
    1.7

     


    Year ended December 31, 2016
     
     
    Gas
    Cylinders
     
    Elektron
     
    Unallocated
     
    Total
    Continuing
    Activities
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     

     
     

     
     

     
     

     
     
    Segment revenue
    225.8

     
    189.1

     
    —

     
    414.9

     
     
    Inter-segment revenue
    —

     
    (0.1
    )
     
    —

     
    (0.1
    )
     
     
    Revenue to external customers
    225.8

     
    189.0

     
    —

     
    414.8

     
     
    Result
     

     
     

     
     

     
     
     
     
    Adjusted EBITDA
    19.7

     
    35.6

     
    —

     
    55.3

     
     
    Other share based compensation charges
    (0.6
    )
     
    (0.8
    )
     
    —

     
    (1.4
    )
     
     
    Loss on disposal of property, plant and equipment
    (0.1
    )
     
    (0.1
    )
     
    —

     
    (0.2
    )
     
     
    Depreciation and amortization
    (7.6
    )
     
    (10.8
    )
     
    —

     
    (18.4
    )
     
     
    Trading profit—segment result
    11.4

     
    23.9

     
    —

     
    35.3

     
     
    Profit on sale of redundant site
    —

     
    —

     
    2.1

     
    2.1

     
     
    Changes to defined benefit pension plans (Note 5)
    —

     
    —

     
    0.6

     
    0.6

     
     
    Restructuring and other expense (Note 5)
    —

     
    (2.2
    )
     
    —

     
    (2.2
    )
     
     
    Operating profit
    11.4

     
    21.7

     
    2.7

     
    35.8

     
     
    Acquisitions and disposals (Note 5)
    —

     
    0.2

     
    —

     
    0.2

     
     
    Net interest costs
    —

     
    —

     
    (5.6
    )
     
    (5.6
    )
     
     
    IAS 19R retirement benefits finance charge
    —

     
    —

     
    (2.1
    )
     
    (2.1
    )
     
     
    Unwind of discount on deferred contingent consideration from acquisitions
    —

     
    (0.4
    )
     
    —

     
    (0.4
    )
     
     
    Profit / (loss) on operations before taxation
    11.4

     
    21.5

     
    (5.0
    )
     
    27.9

     
     
    Tax expense
     

     
     

     
     
     
    (6.0
    )
     
     
    Net income for the year
     

     
     

     
     

     
    21.9

     
     
    Other segment information
     

     
     

     
     

     
     
     
     
    Segment assets
    146.8

     
    190.6

     
    54.1

     
    391.5

     
     
    Segment liabilities
    (21.7
    )
     
    (14.2
    )
     
    (213.7
    )
     
    (249.6
    )
     
     
    Net assets / (liabilities) employed(2)
    125.1

     
    176.4

     
    (159.6
    )
     
    141.9

     
     
    Capital expenditure: Property, plant and equipment
    6.5

     
    10.0

     
    —

     
    16.5

     
     
    Capital expenditure: Intangible assets
    1.5

     
    0.9

     
    —

     
    2.4

     
    Year ended December 31, 2015
     
     
    Gas
    Cylinders
     
    Elektron
     
    Unallocated
     
    Total
    Continuing
    Activities
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     
     
     
     
     
     
     
     
     
    Segment revenue
    239.1

     
    221.8

     
    —

     
    460.9

     
     
    Inter-segment revenue
    —

     
    (0.6
    )
     
    —

     
    (0.6
    )
     
     
    Revenue to external customers
    239.1

     
    221.2

     
    —

     
    460.3

     
     
    Result
     

     
     

     
     

     
     
     
     
    Adjusted EBITDA
    16.5

     
    45.7

     
    —

     
    62.2

     
     
    Other share based compensation charges
    (0.7
    )
     
    (0.6
    )
     
    —

     
    (1.3
    )
     
     
    Depreciation and amortization
    (7.2
    )
     
    (11.4
    )
     
    —

     
    (18.6
    )
     
     
    Trading profit—segment result
    8.6

     
    33.7

     
    —

     
    42.3

     
     
    Changes to defined benefit pension plans (Note 5)
    —

     
    —

     
    18.0

     
    18.0

     
     
    Restructuring and other expense (Note 5)
    (21.9
    )
     
    (0.5
    )
     
    —

     
    (22.4
    )
     
     
    Operating (loss)/profit
    (13.3
    )
     
    33.2

     
    18.0

     
    37.9

     
     
    Acquisitions and disposals (Note 5)
    (0.2
    )
     
    —

     
    (1.8
    )
     
    (2.0
    )
     
     
    Net interest costs
    —

     
    —

     
    (6.9
    )
     
    (6.9
    )
     
     
    IAS 19R retirement benefits finance charge
    —

     
    —

     
    (3.0
    )
     
    (3.0
    )
     
     
    Unwind of discount on deferred contingent consideration from acquisitions
    —

     
    (0.4
    )
     
    —

     
    (0.4
    )
     
     
    (Loss)/profit on operations before taxation
    (13.5
    )
     
    32.8

     
    6.3

     
    25.6

     
     
    Tax expense
     

     
     

     
     
     
    (9.5
    )
     
     
    Net income for the year
     

     
     

     
     

     
    16.1

     
     
    Other segment information
     

     
     

     
     

     
     
     
     
    Segment assets
    158.3

     
    208.5

     
    68.9

     
    435.7

     
     
    Segment liabilities
    (32.3
    )
     
    (21.4
    )
     
    (212.3
    )
     
    (266.0
    )
     
     
    Net assets/(liabilities) employed(2)
    126.0

     
    187.1

     
    (143.4
    )
     
    169.7

     
     
    Capital expenditure: Property, plant and equipment
    6.0

     
    9.3

     
    —

     
    15.3

     
     
    Capital expenditure: Intangible assets
    1.2

     
    0.9

     
    —

     
    2.1

     

    GEOGRAPHIC ORIGIN:
    Year ended December 31, 2017
     
     
    United
    Kingdom
     
    Rest of
    Europe
     
    North
    America
     
    Australasia
     
    Asia
     
    Total
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     

     
     

     
     

     
     

     
     

     
     

     
     
    Segment revenue
    162.6

     
    48.6

     
    275.9

     
    0.1

     
    2.7

     
    489.9

     
     
    Inter-segment revenue
    (23.1
    )
     
    (1.5
    )
     
    (24.0
    )
     
    —

     
    —

     
    (48.6
    )
     
     
    Revenue to external customers
    139.5

     
    47.1

     
    251.9

     
    0.1

     
    2.7

     
    441.3

     
     
    Result
     

     
     

     
     

     
     

     
     

     
     
     
     
    Adjusted EBITDA
    16.2

     
    1.3

     
    44.1

     
    0.1

     
    0.1

     
    61.8

     
     
    Other share based compensation charges
    (1.4
    )
     
    —

     
    (0.8
    )
     
    —

     
    —

     
    (2.2
    )
     
     
    Loss on disposal of property, plant and equipment
    —

     
    (0.1
    )
     
    —

     
    —

     
    —

     
    (0.1
    )
     
     
    Depreciation and amortization
    (5.9
    )
     
    (2.4
    )
     
    (10.7
    )
     
    —

     
    —

     
    (19.0
    )
     
     
    Trading profit/(loss)—segment result
    8.9

     
    (1.2
    )
     
    32.6

     
    0.1

     
    0.1

     
    40.5

     
     
    Sale of redundant site
    0.4

     
    —

     
    —

     
    —

     
    —

     
    0.4

     
     
    Restructuring and other expense (Note 5)
    (14.4
    )
     
    (2.3
    )
     
    (4.9
    )
     
    —

     
    —

     
    (21.6
    )
     
     
    Operating (loss) / profit
    (5.1
    )
     
    (3.5
    )
     
    27.7

     
    0.1

     
    0.1

     
    19.3

     
     
    Other geographical segment information
     

     
     

     
     

     
     

     
     

     
     
     
     
    Non-current assets(1)
    74.3

     
    14.2

     
    142.5

     
    —

     
    0.3

     
    231.3

     
     
    Net assets employed(2)
    10.0

     
    30.7

     
    118.8

     
    —

     
    2.8

     
    162.3

     
     
    Capital expenditure: Property, plant and equipment
    4.4

     
    0.7

     
    4.1

     
    —

     
    —

     
    9.2

     
     
    Capital expenditure: Intangible assets
    1.4

     
    —

     
    0.3

     
    —

     
    —

     
    1.7

     
    Year ended December 31, 2016
     
     
    United
    Kingdom
     
    Rest of
    Europe
     
    North
    America
     
    Australasia
     
    Asia
     
    Total
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     
     
     
     
     
     
     
     
     
     
     
     
     
    Segment revenue
    142.6

     
    39.1

     
    282.5

     
    0.1

     
    3.4

     
    467.7

     
     
    Inter-segment revenue
    (28.6
    )
     
    (1.6
    )
     
    (22.7
    )
     
    —

     
    —

     
    (52.9
    )
     
     
    Revenue to external customers
    114.0

     
    37.5

     
    259.8

     
    0.1

     
    3.4

     
    414.8

     
     
    Result
     

     
     

     
     

     
     

     
     

     
     
     
     
    Adjusted EBITDA
    17.4

     
    (0.4
    )
     
    37.8

     
    0.1

     
    0.4

     
    55.3

     
     
    Other share based compensation charges
    (1.0
    )
     
    —

     
    (0.4
    )
     
    —

     
    —

     
    (1.4
    )
     
     
    Loss on disposal of property, plant and equipment
    —

     
    (0.1
    )
     
    (0.1
    )
     
    —

     
    —

     
    (0.2
    )
     
     
    Depreciation and amortization
    (5.7
    )
     
    (2.3
    )
     
    (10.3
    )
     
    —

     
    (0.1
    )
     
    (18.4
    )
     
     
    Trading profit/(loss)—segment result
    10.7

     
    (2.8
    )
     
    27.0

     
    0.1

     
    0.3

     
    35.3

     
     
    Sale of redundant site
    2.1

     
    —

     
    —

     
    —

     
    —

     
    2.1

     
     
    Changes to defined benefit pension plans
    —

     
    —

     
    0.6

     
    —

     
    —

     
    0.6

     
     
    Restructuring and other expense (Note 5)
    (0.6
    )
     
    —

     
    (1.6
    )
     
    —

     
    —

     
    (2.2
    )
     
     
    Operating profit/(loss)
    12.2

     
    (2.8
    )
     
    26.0

     
    0.1

     
    0.3

     
    35.8

     
     
    Other geographical segment information
     

     
     

     
     

     
     

     
     

     
     
     
     
    Non-current assets(1)
    77.5

     
    13.8

     
    143.9

     
    —

     
    0.2

     
    235.4

     
     
    Net assets employed(2)
    6.9

     
    19.7

     
    112.3

     
    0.3

     
    2.7

     
    141.9

     
     
    Capital expenditure: Property, plant and equipment
    6.7

     
    1.2

     
    8.6

     
    —

     
    —

     
    16.5

     
     
    Capital expenditure: Intangible assets
    2.0

     
    —

     
    0.4

     
    —

     
    —

     
    2.4

     
    Year ended December 31, 2015
     
     
    United
    Kingdom
     
    Rest of
    Europe
     
    North
    America
     
    Australasia
     
    Asia
     
    Total
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue
     
     
     
     
     
     
     
     
     
     
     
     
     
    Segment revenue
    145.0

     
    62.4

     
    299.6

     
    0.1

     
    3.9

     
    511.0

     
     
    Inter-segment revenue
    (27.0
    )
     
    (2.9
    )
     
    (20.8
    )
     
    —

     
    —

     
    (50.7
    )
     
     
    Revenue to external customers
    118.0

     
    59.5

     
    278.8

     
    0.1

     
    3.9

     
    460.3

     
     
    Result
     
     
     
     
     
     
     
     
     
     
     
     
     
    Adjusted EBITDA
    13.6

     
    1.3

     
    46.5

     
    0.2

     
    0.6

     
    62.2

     
     
    Other share based compensation charges
    (1.0
    )
     
    —

     
    (0.3
    )
     
    —

     
    —

     
    (1.3
    )
     
     
    Depreciation and amortization
    (6.1
    )
     
    (2.3
    )
     
    (10.1
    )
     
    —

     
    (0.1
    )
     
    (18.6
    )
     
     
    Trading profit/(loss)—segment result
    6.5

     
    (1.0
    )
     
    36.1

     
    0.2

     
    0.5

     
    42.3

     
     
    Changes to defined benefit pension plans
    18.0

     
    —

     
    —

     
    —

     
    —

     
    18.0

     
     
    Restructuring and other expense (Note 5)
    (8.0
    )
     
    (7.8
    )
     
    (6.6
    )
     
    —

     
    —

     
    (22.4
    )
     
     
    Operating profit/(loss)
    16.5

     
    (8.8
    )
     
    29.5

     
    0.2

     
    0.5

     
    37.9

     
     
    Other geographical segment information
     
     
     
     
     
     
     
     
     
     
     
     
     
    Non-current assets(1)
    67.8

     
    14.5

     
    147.6

     
    —

     
    0.3

     
    230.2

     
     
    Net assets employed(2)
    19.7

     
    23.7

     
    122.6

     
    0.3

     
    3.4

     
    169.7

     
     
    Capital expenditure: Property, plant and equipment
    5.5

     
    1.4

     
    8.4

     
    —

     
    —

     
    15.3

     
     
    Capital expenditure: Intangible assets
    1.7

     
    —

     
    0.4

     
    —

     
    —

     
    2.1

     
    (1) 
    The Group's non-current assets analyzed by geographic origin include property, plant and equipment, intangible assets and investments.
    (2) 
    Represents net assets employed—excluding inter-segment assets and liabilities.

    GEOGRAPHIC DESTINATION:
     
     
    United
    Kingdom
     
    Rest of
    Europe
     
    Africa
     
    North
    America
     
    South
    America
     
    Asia
    Pacific
     
    Total
     
     
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
    $M
     
     
    Revenue—Continuing activities
     

     
     

     
     

     
     

     
     

     
     

     
     

     
     
    Year ended December 31, 2017
    40.7

     
    102.9

     
    3.0

     
    238.7

     
    8.6

     
    47.4

     
    441.3

     
     
    Year ended December 31, 2016
    36.4

     
    94.2

     
    2.4

     
    226.3

     
    9.9

     
    45.6

     
    414.8

     
     
    Year ended December 31, 2015
    53.5

     
    98.9

     
    2.7

     
    245.9

     
    13.4

     
    45.9

     
    460.3