Think beyond. Shape the future.

Annual Report 2022

Our business

Ññî ìñîìëïá Øáïñòåñï Ýð Ý ãèÝêßá
ÙäÝð óá àë
Ññî Ëêòáïðéáêð ìîëìëïåðåëê
ÅäÝåîéÝêĎï ïðÝðáéáêð
Åäåáâ ÇôáßñðåòáĎï ïðîÝðáãåß îáòåáó Ññî áôðáîêÝè áêòåîëêéáêð
Ññî éÝîçáðï
Ññî ïðîÝðáãõ
Äñïåêáïï éëàáè
Õáßðåëê # ÕðÝðáéáêð
Ññî ïðÝçáäëèàáîï Ôåïç òåÝÞåèåðõ Ýêà ãëåêã ßëêßáîê

Our performance

Strategic report

Íáõ ÒáîâëîéÝêßá ËêàåßÝðëîï
ÈåêÝêßåÝè îáòåáó ÑìáîÝðåêã îáòåáóï
Õðááè Æåòåïåëê Õðááè Èèëó Åëêðîëè
Õðááè ÃàòÝêßáà ÔáâîÝßðëîåáï
Õðááè Õáêïëîï ÒîëÞáï
Èëñêàîõ Æåòåïåëê

Contents Financial highlights

Revenue	ÖîÝàåêãìîëĦð1
£m	£m
£2,047m	£227m
22	22
2,047	227
21	21
1,643	142
20	20
1,458	101
ÑìáîÝðåêãìîëĦð	Headline earnings1,2
£m	£m
£217m	£152m
22	22
217	152
21	21
133	96
20	20
74	63
Statutory EPS	ÈîááßÝïäħëó1
p	£m
67.2p	£123m
22	22
67.2	123
21	21
37.7	-0.3

Èëî àáĦêåðåëêï ëâ ÝèðáîêÝðåòá ìáîâëîéÝêßá éáÝïñîáï îáâáî ðë Ðëðá ëâ ðäá Éîëñì ÈåêÝêßåÝè ÕðÝðáéáêðï ÊáÝàèåêá îáïñèðï îáâáî ðë ßëêðåêñåêã ëìáîÝðåëêï Ýêà áôßèñàá ïáìÝîÝðáèõ îáìëîðáà åðáéï

ÐëêĦêÝêßåÝèäåãäèåãäðï

Lost Time Injury Frequency Rate

15.3

1.08

Total R&D spend* £m

£36m

Ãð ßëêïðÝêð ßñîîáêßõ

Forward-looking statements

Öäåï ÃêêñÝè Ôáìëîð ßëêðÝåêï ßáîðÝåê âëîóÝîàèëëçåêã ïðÝðáéáêðï óåðä îáïìáßð ðë ðäá ëìáîÝðåëêï ïðîÝðáãõ ìáîâëîéÝêßá ĦêÝêßåÝè ßëêàåðåëê Ýêà ãîëóðä ëììëîðñêåðåáï ëâ ðäá Øáïñòåñï Éîëñì Äõ ðäáåî êÝðñîá ðäáïá ïðÝðáéáêðï åêòëèòá ñêßáîðÝåêðõ Ýêà Ýîá ÞÝïáà ëê Ýïïñéìðåëêï Ýêà åêòëèòá îåïçï ñêßáîðÝåêðåáï Ýêà ëðäáî âÝßðëîï ðäÝð ßëñèà ßÝñïá ÝßðñÝè îáïñèðï Ýêà àáòáèëìéáêðï ðë àåĪáî éÝðáîåÝèèõ âîëé ðäëïá ÝêðåßåìÝðáà

Öäá âëîóÝîàèëëçåêã ïðÝðáéáêðï îáħáßð çêëóèáàãá Ýêà åêâëîéÝðåëê ÝòÝåèÝÞèá Ýð ðäá àÝðá ëâ ìîáìÝîÝðåëê ëâ ðäåï ÃêêñÝè Ôáìëîð Ýêà ëðäáî ðäÝê åê ÝßßëîàÝêßá óåðä åðï èáãÝè Ýêà îáãñèÝðëîõ ëÞèåãÝðåëêï ðäá ÅëéìÝêõ ñêàáîðÝçáï êë ëÞèåãÝðåëê ðë ñìàÝðá ðäáïá âëîóÝîàèëëçåêã ïðÝðáéáêðï Ðëðäåêã åê ðäåï ÃêêñÝè Ôáìëîð ïäëñèà Þá ßëêïðîñáà Ýï Ý ìîëĦð âëîáßÝïð

We think beyond today's solutions ÝêàïäÝìáðäáâñðñîá ðäîëñãäåêêëòÝðåëê

Our purpose

ØáïñòåñïåïÝãèëÞÝèèáÝàáîåêéëèðáêéáðÝèħëó engineering and technology, serving process industries operating in challenging high-temperature conditions.

Ùá ðäåêç Þáõëêà ðëàÝõ ðë ßîáÝðá ðäá åêêëòÝðåòá ïëèñðåëêï ðäÝð óåèè ïäÝìá ðäá âñðñîá àáèåòáîåêã ìîëàñßðï Ýêà ïáîòåßáï ðäÝð äáèì ëñî ßñïðëéáîï éÝçá ðäáåî åêàñïðîåÝè ìîëßáïïáï ïÝâáî éëîá áĨßåáêð Ýêà éëîá ïñïðÝåêÝÞèá

Ëê ðñîê óá ìîëòåàá ëñî áéìèëõááï óåðä Ý ïÝâá óëîçìèÝßá óäáîá ðäáõ Ýîá îáßëãêåïáà àáòáèëìáà Ýêà ìîëìáîèõ îáóÝîàáà Ýêà Ýåé ðë àáèåòáî ïñïðÝåêÝÞèá ìîëĦðÝÞèá ãîëóðä ðë ìîëòåàá ëñî ïäÝîáäëèàáîï óåðä Ý ïñìáîåëî îáðñîê ëê ðäáåî åêòáïðéáêð

Name: Çâîáê ÇòÝêãáèåïðÝ Role: Èáîîëñï ÏáðÝèèñîãåïð Èëñêàîõ Æáòáèëìéáêð Çôìáîð Location: Õñöäëñ

Our business

4 Vesuvius at a glance
6 What we do
8 Our investment proposition
10 Chairman's statement
12 Chief Executive's strategic review
14 Our external environment
16 Our markets
18 Our strategy
20 Business model
22 Section 172(1) Statement
Our stakeholders 27 Risk, viability and going concern

Name: Ertan Eser Role: Group Leader Sedex Location: Borken

Name: Kritika Raman Role: Trainee Engineer Location: Kolkata

We're harnessing technology to create solutions that drive our customers' success

In 2022 we spent £36m on R&D, developing innovative products and solutions in our six R&D centres that will enable our customers to optimise their efficiency.

Name: Tiago Dos Santos Role: Research Engineer – VISO Location: Ghlin

At a glance

We are a global group providing products and solutions to industrial ßñïðëéáîïóäëéÝêÝãáðäáħëóëâéëèðáêéáðÝèÑñîðáßäêëèëãõèáà solutions allow our customers to tackle complex problems in their ìîëàñßðåëêÑñîßñïðëéáîïÝîáìîáàëéåêÝêðèõåêðäáïðááèÝêà âëñêàîõåêàñïðîåáïÝêàóáïáîòáðäáéâîëéðóëÆåòåïåëêï

Steel Revenue £1,496m

ÑñîßñïðëéáîïÝîáïðááèìîëàñßáîïÝêàëðäáîäåãäðáéìáîÝðñîáåêàñïðîåáï ØáïñòåñïåïÝóëîèàèáÝàáîåêðäáïñììèõëâîáâîÝßðëîõìîëàñßðïïõïðáéïÝêàïëèñðåëêï ÖäáïáäáèìëñîßñïðëéáîïåêßîáÝïáðäáåîáĨßåáêßõÝêàìîëàñßðåòåðõáêäÝêßáíñÝèåðõ åéìîëòáïÝâáðõÝêàîáàñßáðäáåîßëïðïÝêàðäáåîáêòåîëêéáêðÝèåéìÝßð

Business Units

Flow Control

Steel production volume is the ìîåéÝîõàîåòáîëâàáéÝêàâëî ÈèëóÅëêðîëèĎïìîëàñßðïóäåèïð ðäáðîáêàâëîčäåãäðáßäêëèëãõ steel' allows us to leverage our advanced solutions and achieve ÝÞëòáéÝîçáðãîëóðäîÝðáï

Sensors & Probes

Steel production volume and ðäáêááàðëåêßîáÝïáðäáíñÝèåðõ ÝêàßëêïåïðáêßõëâßÝïðïðááè àîåòáïàáéÝêàâëîëñî ÕáêïëîïÒîëÞáïÞñïåêáïï

Advanced Refractories

Steel production volume and ßáîðÝåêëðäáîäåãäðáéìáîÝðñîá åêàñïðîåáïïñßäÝïÝèñéåêåñé ßëììáîßáéáêðìáðîëßäáéåßÝè ÝêàáêáîãõâîëéóÝïðáÝîá ðäáàîåòáîïâëîðäáÃàòÝêßáà ÔáâîÝßðëîåáïÄñïåêáïï×êåðĎï ìîëàñßðàáéÝêà

Foundry Revenue £551m

Sensors & Probes

£40m

ÙáÝîáÝóëîèàèáÝàáîåêðäáïñììèõëâßëêïñéÝÞèáìîëàñßðïðáßäêåßÝèÝàòåßáÝêà ÝììèåßÝðåëêïñììëîððëðäáãèëÞÝèâëñêàîõåêàñïðîõåéìîëòåêãßÝïðåêãíñÝèåðõÝêà âëñêàîõáĨßåáêßõÑñîìîåéÝîõßñïðëéáîïÝîáâáîîëñïÝêàêëêâáîîëñïâëñêàîåáï ïáîòåêãòÝîåëñïáêàéÝîçáðïâîëéèÝîãáÞáïìëçáßÝïðåêãïðëäåãäòëèñéáÝñðëéëðåòá ìåáßáïÙáëìáîÝðáåêðäáâëñêàîõïáßðëîñêàáîðäáÈëïáßëÞîÝêàÒîëàñßðàáéÝêàåê ëñîÈëñêàîõÆåòåïåëêåïàîåòáêÞõäåãäáîïëìäåïðåßÝðåëêàáéÝêàåêãäåãäáîíñÝèåðõéáðÝè ÝêàåêßîáÝïåêãèõéëîáßëéìèáôßÝïðåêãï

in the fast-growing markets in EEMEA, India and South East Asia.

Breakdown by region

* Trademark of the Vesuvius Group of companies, unregistered or registered in certain countries, used under licence.

What we do

ÙáàîÝóëêõáÝîïëâðáßäêåßÝèáôìáîðåïáÝêàåêòáïðéáêðåêåêêëòÝðåëê ðëìîëòåàáïëèñðåëêïìîëàñßðïÝêàïáîòåßáïðäÝðÝîáßîåðåßÝèðëðäá ïñßßáïïëâëñîßñïðëéáîïåêðäáïðááèâëñêàîõÝêàëðäáî äåãäðáéìáîÝðñîáåêàñïðîåáï

What we do for our Steel customers

Ùáïñììèõ îáâîÝßðëîõ ìîëàñßðïħëó ßëêðîëèïõïðáéï and process measurement solutions to our ÕðááèÆåòåïåëê customers

We combine these with robotics and mechatronic installations to èëóáîßëïðÝêà åéìîëòáïÝâáðõ Ýêàßëêïåïðáêßõ

Ññîïëèñðåëêï Ýààîáïïðäáçáõ ßäÝèèáêãáïëâëñî customers in the ïðááèåêàñïðîõïñßä as maintaining ïðááèíñÝèåðõÝêà îáàñßåêãáêáîãõ usage during the casting process

ÑñîìîëàñßðïÝêà their applications ìîáïáîòáðäáìñîåðõ ëâðäáïðááèÝïåð moves through the production ìîëßáïïâîëé åêåðåÝèîáĦêåêãðë ðäáßÝïðïðááèïèÝÞ bar or ingot

Our solutions help to improve safety, quality and consistency. They reduce energy usage, and lessen the environmental impact of the steel-making process

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá ÕñïðÝåêÝÞåèåðõ Governance Financial Statements

What is a refractory?

ÔáâîÝßðëîåáïÝîáßáîÝéåßéÝðáîåÝèïàáïåãêáàðëóåðäïðÝêà ðäáòáîõäåãäðáéìáîÝðñîáïáêßëñêðáîáàåêéëàáîêéÝêñâÝßðñîåêã ÏëîáäáÝðîáïåïðÝêððäÝêéáðÝèïðäáõÝîáñïáàðëèåêáðäáäëð ïñîâÝßáïâëñêàåêïåàáéÝêõåêàñïðîåÝèìîëßáïïáï

What we do for our Foundry customers

We provide customisable products and process ðáßäêëèëãõðë âëñêàîåáïðäÝð improve the íñÝèåðõëâ their castings

We combine this with technical ÝàòåßáÝììèåßÝðåëê engineering and computer modelling to improve process outcomes

Ññîïëèñðåëêï Ýààîáïïðäáçáõ ßäÝèèáêãáïëâëñî âëñêàîõßñïðëéáîï ëâßÝïðåêãíñÝèåðõ and production áĨßåáêßõ

ÑñîìîëàñßðïÝêà solutions clean the éëèðáêéáðÝè improve the ïëèåàåĦßÝðåëêëâ ðäÝðéáðÝèÝêà reduce wastage in ðäáĦêÝèßÝïðåêã

Our castings contribute to the improvement of product quality ÝêàéÝêñâÝßðñîåêãáĨßåáêßõóäåèïðîáàñßåêãðäááêòåîëêéáêðÝè impact of the casting process

Our investment proposition

ÙáÞáèåáòáðäÝðØáïñòåñïëĪáîïÝßëéìáèèåêãëììëîðñêåðõ âëîåêòáïðëîïÃïÝãèëÞÝèÞñïåêáïïóåðäåêàñïðîõèáÝàåêã ÔÆÝêàÝïðîëêãâëßñïëêãîëóåêãáßëêëéåáï óáëĪáîÝñêåíñáìîëìëïåðåëêóåðäáôßåðåêãìëðáêðåÝè âëîìîëĦðãáêáîÝðåëê

Each of these elements enables ñïðëàîåòáìîëĦðÝÞèáãîëóðä with a cash-generative model. of theseelementsena ñïðëàîåòáìîëĦðÝÞèáãîëóð mo

Name:ÏÝåçáÈîáîåßçï ×ïåêãØáïñòåñïĎåê Role:ÖáÝéÎáÝàáîÆáèåòáîõÏÝêÝãáéáêðÕÅÏ Location: Äëîçáê

Statutory EPS

67.2p

	67.2p
37.7p

20 15.3p

21 22

Sales generated by market-leading sustainable products1 generated prod

17.9%

22	17.9%
21	17.5%
20	16.0%
×ïåêãØáïñòåñïĎåêðáîêÝèïßëîáßÝîà

Principal reasons to invest

1	We operate in long-term growth markets	– ÆáéëãîÝìäåßãîëóðäñîÞÝêåïÝðåëêÝêàïñïðÝåêÝÞåèåðõêááàïÝîáàîåòåêãðäá ãîëóðäëâïðááèÝêàâëñêàîõéÝîçáðïãèëÞÝèèõ – ÉîëóåêããîááêáêáîãõåêâîÝïðîñßðñîáåïåêßîáÝïåêãàáéÝêàâëîïðááè – ÆáéÝêàâëîäåãäšðáßäïðááèÝêàäåãäßëéìèáôåðõßÝïðåêãïÝîáãîëóåêãÝäáÝà ëâðäáéÝîçáð
2	We are an industry leader	– ÙáÝîáÝãèëÞÝèèáÝàáîóäáîáëñîìîëàñßðïÝîáìîåéÝîåèõâëßñïáà›åêħëóßëêðîëè Ýêàâëñêàîõïëèñðåëêï – ÙáìîëòåàáðáßäêëèëãõšÞÝïáàïëèñðåëêïóäåßääáèìëñîßñïðëéáîïåéìîëòáðäáåî ïñïðÝåêÝÞåèåðõïÝâáðõíñÝèåðõÝêàßëïðìáîâëîéÝêßá – ÙáäÝòáÝóëîèàóåàáìîáïáêßáÝêàÝîááïìáßåÝèèõïðîëêãåêðäáâÝïðáïðãîëóåêã îáãåëêïëâËêàåÝÕëñðäšÇÝïðÃïåÝÏåààèáÇÝïðÃâîåßÝÝêàÎÝðåêÃéáîåßÝóäåèïð éÝåêðÝåêåêãèáÝàáîïäåìåêÇñîëìáÝêàÐëîðäÃéáîåßÝ
3	We are leading the technology race	– ÙáïìáêàðóåßáÝïéñßäëêԘÆÝïÝìáîßáêðÝãáëâïÝèáïðäÝêëñî closest competitors – ÖäåïåêòáïðéáêðáêÝÞèáïñïðëéÝåêðÝåêÝêàáòáêåêßîáÝïáčßèáÝîÞèñáóÝðáîĎÞáðóááê us and competitors – "YëâëñîïÝèáïÝîáåêìîëàñßðïèÝñêßäáàåêðäáèÝïðĦòáõáÝîïÑñîëÞæáßðåòáåïâëî this to reach 20%
4	Technology leadership gives ñïìîåßåêãħáôåÞåèåðõ	– ÙáßÝêßëéìáêïÝðáâëîßëïðåêßîáÝïáï – ÙáãÝåêéÝîçáðïäÝîáåêÈèëóÅëêðîëèÝêàÈëñêàîõðäîëñãäïñìáîåëîðáßäêëèëãõ – ÑñîïëèñðåëêïÝîáÝòáîõïéÝèèìÝîðëâðäáßëïðïðîñßðñîáëâëñîßñïðëéáîï
	and market opportunities	ÖäåïßëïðåïëñðóáåãäáàÞõðäáÞáêáĦðïëâëñîðáßäêëèëãåßÝèàåĪáîáêðåÝðåëê
5	We have a strong sustainability strategy	– ÙáäÝòáîáàñßáàëñîßÝîÞëêâëëðìîåêðÞõéëîáðäÝê\$Yïåêßá% – ÙáìèÝêðëîáàñßáåðÞõ!YÞõ!ïëðäÝðóáóåèèÞáêáðöáîëÞõ! – ÑñîìîëàñßðïáêÝÞèáëñîßñïðëéáîïðëåéìîëòáðäáåîëóêßÝîÞëêâëëðìîåêð – #!YëâëñîԘÆìåìáèåêáåïàáàåßÝðáàðëìîëàñßðïóåðäïñìáîåëî ïñïðÝåêÝÞåèåðõßäÝîÝßðáîåïðåßï

Chairman's statement

ÖäáìáëìèáìîëàñßðïÝêàáôìáîðåïáåê ìèÝßáâëîèëêãðáîéïñïðÝåêÝÞèáãîëóðä

Dear Shareholder,

I am delighted to be reporting to you for the ĦîïððåéáÝïÅäÝåîéÝêëâØáïñòåñïäÝòåêã æëåêáàðäáÄëÝîàÝððäááêàëâØáïñòåñï äÝïàáèåòáîáàÝïðÝêàëñðìáîâëîéÝêßáåê óåðäĦêÝêßåÝèîáïñèðïïåãêåĦßÝêðèõÝäáÝàëâ ðäáÉîëñìĎïáôìáßðÝðåëêïÝððäáÞáãåêêåêã ëâðäáõáÝîÖäåïäÝïÞááêÝßäåáòáàðäîëñãä ÝçááêâëßñïëêßëééáîßåÝèáôßáèèáêßáÝêà àáéëêïðîÝðáïðäáÝãåèåðõëâëñîÞñïåêáïï ÝêàðäáÝÞåèåðõëâëñîìáëìèáðëîáïìëêàðë áßëêëéåßßäÝèèáêãáïËóëñèàèåçáðëðäÝêç ÝèèëâéõØáïñòåñïßëèèáÝãñáïâëîðäá ìîëâáïïåëêÝèåïéÝêààáàåßÝðåëêðäáõïäëóáà àñîåêãÝêàâëîðäáåîïðáÝàâÝïðßëêðîåÞñðåëê ðëðäáïááôßáèèáêðîáïñèðï

Safety

ÖäáêñéÞáîëêáìîåëîåðõÝðØáïñòåñïåïðëìîëòåàá ëñîáéìèëõááïóåðäÝïÝâáóëîçìèÝßáïëðäÝð ðäáõîáðñîêäëéáïÝâáèõðëðäáåîâÝéåèåáïÝððäá áêàëâáÝßäóëîçåêãàÝõÖäáîáâëîáëêèõðäá äåãäáïðèáòáèïëâïÝâáðõìáîâëîéÝêßáßÝêÞá ÝßßáìðáàØáïñòåñïÞáèåáòáïðäÝðÝèèóëîçîáèÝðáà åêæñîåáïëîåèèäáÝèðäÝîáìîáòáêðÝÞèáéÝçåêã ïÝâáðõðäáîáïìëêïåÞåèåðõëâáòáîõØáïñòåñï

áéìèëõááÖäáîáåïÝêñêàáîïðÝêàåêãðäÝð óëîçåêãïÝâáèõåïÝßèáÝîßëêàåðåëêëâ áéìèëõéáêðÃãÝåêïððäåïÞÝßçãîëñêàåðåï àááìèõîáãîáððÝÞèáðäÝðóáïñĪáîáàÝâÝðÝèåðõ ÝðëñîæëåêðòáêðñîáïåðáåêÙñäÝêÅäåêÝàñîåêã ÙáÝîáàáðáîéåêáàðëáêïñîáðäÝðèáïïëêï èáÝîêðâîëéðäåïÝßßåàáêðÝîáïäÝîáàÝßîëïïðäá ÉîëñìðëìîáòáêðâñîðäáîåêßåàáêðïÑñîðäëñãäðï îáéÝåêóåðäðäáâÝéåèõÝêàâîåáêàïëâðäá ßëèèáÝãñáóáèëïð

Initial impressions

ËäÝòáîáßáåòáàÝóÝîéóáèßëéáðëØáïñòåñï ëòáîðäáìÝïðâáóéëêðäïËäÝòáòåïåðáàëñî ïåðáïåêÄëîçáêÉáîéÝêõÕçÝóåêÝÒëèÝêà ÝêàÉäèåêÄáèãåñéÝêàÞááêåéìîáïïáàÞõ ðäáàáìðäëâçêëóèáàãáÝêàáôìáîðåïáðäÝð áôåïðïåêëñîëìáîÝðåëêïÏõĦîïðåêðáîÝßðåëêï óåðäðäáÞñïåêáïïðáèèéáðäÝðØáïñòåñïĎÅÑÔÇ òÝèñáïëâÅëñîÝãáÑóêáîïäåìÔáïìáßðÝêà ÇêáîãõÝîáßèáÝîèõÝèåòáÝêàóáèèÝêàáéÞáààáà åêðäáëîãÝêåïÝðåëê

ËðåïÝèîáÝàõßèáÝîðëéáðäÝðÔÆåïÝßëîá ßëéìëêáêððëëñîïñßßáïïÝêàðäáàáèåòáîõëâëñî ïðîÝðáãõÖäáîáåïàááìðáßäêåßÝèáôìáîðåïáåêðäá ëîãÝêåïÝðåëêÝêàðäáïìÝîçëâåêêëòÝðåëêåïðîñèõ

ÝèåãäðÝßîëïïÝèèÄñïåêáïï×êåðïËÝéèëëçåêã âëîóÝîàðëåêßîáÝïåêãðäáÞîáÝàðäÝêààáìðä ëâéõðáßäêåßÝèñêàáîïðÝêàåêãëâëñîìîëàñßðï ÝêàïëèñðåëêïÝïËßëêðåêñáðëòåïåðëñîïåðáïåêðäá year ahead.

1,458 1,643

2,047

Strategy

20 21 22

Revenue £m

£2,047m

ËÞáèåáòáðäÝðØáïñòåñïĎçáõïðîáêãðäåïåðïÝÞåèåðõðë ÝààòÝèñáðëëñîßñïðëéáîïÞõàîåòåêãáĨßåáêßõ Ýêàìîëàñßðåòåðõåéìîëòáéáêðïåêðäáåî ìîëßáïïáïÝïóáèèÝïìîëòåàåêãïñììëîððëéÝçá ðäáåîëìáîÝðåëêïïÝâáîÝêàéëîááêòåîëêéáêðÝèèõ âîåáêàèõÙáÝîáìÝïïåëêÝðáÝÞëñðëñîìîëàñßðï Ýêàïëèñðåëêïóäåßääáèìëñîßñïðëéáîïàáèåòáî ßëêïåïðáêðèõäåãäáîíñÝèåðõĦêåïäáàìîëàñßðï óåðäÝêåéìîëòáàéáðÝèèñîãåßÝèïðîñßðñîáÝêà ñïåêãâáóáîîáïëñîßáïËêðäåïóÝõØáïñòåñïìèÝõï ÝêåéìëîðÝêðîëèáåêåéìîëòåêãëñîßñïðëéáîïĎ ßëééáîßåÝèíñÝèåðõÝêàáêòåîëêéáêðÝè ëñðßëéáïÑñîáôðáêïåòáÔÆßÝìÝÞåèåðõàááì ìîëàñßðçêëóèáàãáÝêàèëêãïðÝêàåêãïðááè ÝêàâëñêàîõìîëßáïïáôìáîðåïááêÝÞèáñïðë ìÝîðêáîóåðäðäáéðëåêêëòÝðáÝêàÝàÝìððë ðäáåîßäÝêãåêãêááàï

ÆñîåêãðäáõáÝîðäáÄëÝîàßëêàñßðáàåðïÝêêñÝè îáòåáóëâðäáïðîÝðáãõâëîáÝßäÄñïåêáïï×êåð ÇÝßääÝïÝðÝåèëîáàìèÝêâëîìîëĦðÝÞèáãîëóðä ÝêàäåãäáîìîëĦðéÝîãåêïâëßñïáàëê åêêëòÝðåëêíñÝèåðõÝêàèëêãðáîéïñïðÝåêÝÞåèåðõ ÃãÝåêïððäåïÞÝßçãîëñêàðäáÄëÝîàîáÝĨîéáà åðïïñììëîðâëîÝïåãêåĦßÝêðåêòáïðéáêð ìîëãîÝééáåêðäáÉîëñììÝîðåßñèÝîèõâëßñïåêã ëêëñîãîëóðäéÝîçáðïÝßîëïïðäáóëîèà

People

ÒáëìèáÝîáßèáÝîèõÝððäáäáÝîðëâØáïñòåñïÝêà ñêàáîïðÝêàåêãðäáóëîçñêàáîðÝçáêðëáêïñîá óáäÝòáðäáîåãäðìáëìèáåêðäáîåãäðìèÝßáïåêðäá ÞñïåêáïïîáéÝåêáàÝçáõâëßñïâëîðäáÄëÝîàåê ÆñîåêãâñîðäáîÅÑØËÆ%àåïîñìðåëêåê ÅäåêÝåêëñîìáëìèáëêßáÝãÝåêáôßáèèáàåê ðäáåîàáàåßÝðåëêéÝåêðÝåêåêãëìáîÝðåëêïÝðëñî ïåðáïàáïìåðáâñîðäáîèëßçàëóêïËãåòáéõðäÝêçï ðëðäëïáðáÝéïÎåçáóåïáóäáêðäáßëêħåßðÞîëçá ëñðåê×çîÝåêáëñîßëèèáÝãñáïßëêðåêñáàðë ïñììëîððäáëîãÝêåïÝðåëêàáïìåðáåééáêïá ìáîïëêÝèßäÝèèáêãáïÙáÝîáðäÝêçâñèðäÝðëñî ìáëìèáðäáîáîáéÝåêïÝâáÝêàëêÞáäÝèâëâðäá ÄëÝîàËðäÝêçðäáéâëîðäáóëîçðäáõßëêðåêñá ðëàëåêáôðîáéáèõàåĨßñèðßåîßñéïðÝêßáï

ÖäáîáßáêðßõÞáîïáßñîåðõåêßåàáêðäÝï àáéëêïðîÝðáàðäáàáìðäëâëñîëîãÝêåïÝðåëêÝè îáïåèåáêßáÝêàßñèðñîáÙáÝîáîáïìëêàåêãðëðäá ßëêïåàáîÝÞèáßäÝèèáêãáïðäåïäÝïìëïáàÝêàÝð áòáîõïåðáëñîìáëìèáäÝòáóëîçáàåêßîáàåÞèõ

Carl-Peter Forster ÅäÝåîéÝê

ÔÆåïÝßëîáßëéìëêáêððëëñîïñßßáïï ÝêàðäáàáèåòáîõëâëñîïðîÝðáãõ

äÝîàðëîáïðëîáìîëàñßðåëêîáåêïðÝðáïõïðáéï ÝêàïáîòáëñîßñïðëéáîïàáéëêïðîÝðåêãëñî ßëîáòÝèñáïðëðäáâñèè

ÏáéÞáîïëâðäáÄëÝîàéÝàáòåïåðïðëïåðáïåê ÄáèãåñéÄîÝöåèÉáîéÝêõËêàåÝÌÝìÝêÏáôåßë ÝêàðäáÐáðäáîèÝêàïàñîåêãðäáõáÝîËðåïàñîåêã ðäáïáòåïåðïðäÝððäáÆåîáßðëîïßÝêïìáÝç ĦîïðäÝêàóåðäëñîìáëìèáäëèàåêãčðëóêäÝèèĎ éááðåêãïèåïðáêåêãðëðäáåîíñáïðåëêïÝêà âááàÞÝßçÝêàðÝçåêãðäáðáéìáîÝðñîáëâðäá ëîãÝêåïÝðåëêÃêáéìèëõáááêãÝãáéáêðïñîòáõ óÝïÝãÝåêßëêàñßðáàåêËêåðïâëñîðäõáÝî ìÝîðåßåìÝðåëêîáéÝåêáàäåãäÝð%YÝêàðáÝé âááàÞÝßçîáìëîðïóáîáìîëòåàáàðëéëîáðäÝê #éÝêÝãáîïËðåïåêðäáÝßðåëêìèÝêêåêãðäÝð óåèèßëéáâîëéðäáîáìëîðïðäÝððäáîáÝèòÝèñáðë ðäáÞñïåêáïïóåèèÞáàáèåòáîáàÖäáåêâëîéÝðåëê óáîáßáåòáâîëéðäááêãÝãáéáêðïñîòáõÝêàðäá âÝßáðëâÝßáåêðáîÝßðåëêïÝðïåðáïïñììëîððäá ÄëÝîàåêñêàáîïðÝêàåêãÝêàÝïïáïïåêãðäá äáÝèðäÝêàßëêïåïðáêßõëâðäáÉîëñìĎïßñèðñîá

Sustainability

ÖäáÉîëñìäÝïïáðßèáÝîåêðáîêÝèëìáîÝðåëêÝè ðÝîãáðïÝîëñêàïñïðÝåêÝÞåèåðõìáîâëîéÝêßá ìÝîðåßñèÝîèõåêîáèÝðåëêðëëñîÅÑ2áéåïïåëêï ÝêàáêáîãõßëêïñéìðåëêÑñîâëßñïëê ïñïðÝåêÝÞåèåðõåïåêßîáÝïåêãèõáêðóåêáàóåðäëñî ÔÆßÝìÝÞåèåðåáïóäáîáëñîîáïáÝîßäáêÝÞèáïñï ðëßëêðåêñáðëÞîåêãåêêëòÝðåòáéëîááĨßåáêð ïëèñðåëêïðëëñîßñïðëéáîïÙáÝèïëïááëêãëåêã ßëééáîßåÝèëììëîðñêåðåáïâëîðäáÞñïåêáïïÝïðäá áêáîãõðîÝêïåðåëêÝßßáèáîÝðáïóåðäîáêáóÝÞèá áêáîãõìîëàñßðåëêìèÝêðïïñßäÝïóåêàëîïëèÝî îáíñåîåêãïåãêåĦßÝêðèõéëîáäåãäíñÝèåðõïðááè ðäÝêðäëïáìëóáîáàÞõâëïïåèâñáèïÝêàÝïïñßä àîåòåêããîëóðäåêðäáïðááèåêàñïðîõÙáäÝòá ïáððäáðÝîãáðëâîáÝßäåêãÝêáðöáîëßÝîÞëê âëëðìîåêðÝððäáèÝðáïðÞõ!Öäåïóåèèîáíñåîá ßÝìåðÝèåêòáïðéáêðåêëñîëìáîÝðåëêïÝêàðäá àáòáèëìéáêðÝêàÝàëìðåëêëâêáóìîëàñßðåëê ðáßäêëèëãåáïÙáäÝòáßèáÝîìîåëîåðåáïðÝîãáðï ÝêàéåèáïðëêáïåàáêðåĦáàÝïóáìîëãîáïïëê ðäåïæëñîêáõ

The Board and governance

ËóëñèàèåçáðëðäÝêçÌëäêÏ߯ëêëñãäâëîðäá àáìðäÝêààáàåßÝðåëêëâäåïïáîòåßáåêäåïðáê õáÝîïÝïÅäÝåîéÝêëâØáïñòåñïïðááîåêãðäá ÉîëñìâîëéåðïáïðÝÞèåïäéáêðÝïÝêåêàáìáêàáêð ìñÞèåßßëéìÝêõÙäåèïðÌëäêèáÝòáïØáïñòåñï ÝðäîåòåêãÅëéìÝêõåêäåïóëîàïÝêàåêéõòåáó ðäáîáåïéëîáðëßëéá

ËêèåêáóåðäëñîìèÝêïâëîÄëÝîàïñßßáïïåëê óáóáèßëéáàÅÝîèÝÄÝåèëðëðäáÄëÝîà ÝïÝÐëêáôáßñðåòáÆåîáßðëîèÝïðéëêðä ÌÝêáÊåêçèáõóäëäÝïïáîòáàðäáÉîëñì àåèåãáêðèõâëîðáêõáÝîïóåèèïðáìàëóêÝððäá ÃÉÏÌÝêáèáÝòáïñïóåðäòáîõéÝêõ ðäÝêçïâëîäáîïáîòåßá

ËêóáóåèèÝèïëóáèßëéáÏÝîçÅëèèåïðë ðäáÄëÝîàÝïðäáïñßßáïïëîðëÉñõÛëñêã ëñîàáìÝîðåêãÅÈÑÏÝîçÞîåêãïÝóáÝèðä ëâëìáîÝðåëêÝèĦêÝêßááôìáîåáêßáðëñï äÝòåêãóëîçáàåêÝêñéÞáîëâåêðáîêÝðåëêÝè ÞñïåêáïïáïÞëðäåêïåàáÝêàëñðïåàáðäá×Í ÙáçááêèõÝêðåßåìÝðáäåïåêðáãîÝðåëêåêðëëñî ÄëÝîàÝêàéÝêÝãáéáêððáÝéÙáéñïðëâ ßëñîïáðäÝêçÉñõâëîäåïèáÝàáîïäåìëâðäá ĦêÝêßáâñêßðåëêÝêàðäáßëêïåàáîÝÞèááôìáîðåïá äáäÝïÞîëñãäðëòáîðäáìÝïðïáòáêõáÝîïåêåðï àáòáèëìéáêðÝêàëìáîÝðåëê

ÖäáÄëÝîàßëêàñßðáàÝêáòÝèñÝðåëêëâåðï ìáîâëîéÝêßáåêÖäåïåêàåßÝðáïðäÝðËäÝòá æëåêáàÝÄëÝîàðäÝðåïëìáêåêåðïàáèåÞáîÝðåëêï ÝêàåïßèáÝîÝÞëñððäáçáõïðîÝðáãåßÝêà ëìáîÝðåëêÝèàîåòáîïëâðäáÞñïåêáïïÖäáëñðìñð ëâðäåïìîëßáïïóåèèÞáñïáàðëäáèìïáð ìîåëîåðåáïâëîðäáÄëÝîàĎïÝßðåòåðåáïåê

Dividend

ÖäáØáïñòåñïàåòåàáêàìëèåßõÝåéïðëàáèåòáî èëêãðáîéàåòåàáêàãîëóðäìîëòåàáàðäåïåï ïñììëîðáàÞõßÝïäħëóÝêàñêàáîèõåêãáÝîêåêãï ÝêàåïæñïðåĦáàåêðäáßëêðáôðëâëñîßÝìåðÝè áôìáêàåðñîáîáíñåîáéáêðïÝêàðäáìîáòÝåèåêã éÝîçáðëñðèëëçÖäáÄëÝîàäÝïîáßëééáêàáà ÝĦêÝèàåòåàáêàëâ!#!ìáêßáìáîïäÝîá

!ìáêßáìáîïäÝîáâëîðäáõáÝîáêàáà ÆáßáéÞáîËâÝììîëòáàÝððäáÃêêñÝè ÉáêáîÝèÏááðåêãðäåïĦêÝèàåòåàáêàóåèèÞáìÝåà ëêÏÝõðëïäÝîáäëèàáîïëêðäáîáãåïðáî ÝðÃìîåè

Annual General Meeting

ÖäáÃêêñÝèÉáêáîÝèÏááðåêãóåèèÞáäáèàëê \$ÏÝõÖäáÐëðåßáëâÏááðåêãÝêà áôìèÝêÝðëîõêëðáïßëêðÝåêåêãàáðÝåèïëâðäá îáïëèñðåëêïðëÞáìñððëðäáéááðåêãÝßßëéìÝêõ ðäåïÃêêñÝèÔáìëîðÝêàÝîáÝòÝåèÝÞèáëêëñî óáÞïåðáóóóòáïñòåñïßëé

Looking ahead

ÃïÝêåêßëéåêãÅäÝåîéÝêËÝéìîëòåàáàóåðäÝ ãëëàëììëîðñêåðõðëÝïïáïïðäáÄëÝîàĎïìîåëîåðåáï ËÞáèåáòáðäÝðØáïñòåñïäÝïÝßèáÝîïðîÝðáãõâëî ãîëóðäÝêàâëîàáèåòáîåêãïñìáîåëîîáðñîêïðë ëñîïäÝîáäëèàáîïËêðäáéëêðäïÝêàõáÝîïÝäáÝà óáóåèèàáèåòáîëêëñîïðîÝðáãõÙáóåèèéÝåêðÝåê ëñîìîåéÝîõâëßñïëêïÝâáðõàîåòáåêêëòÝðåëê ðäîëñãäëñîàáàåßÝðáàÔÆßÝìÝÞåèåðåáïàáèåòáî éÝîçáðèáÝàåêãíñÝèåðõìîëàñßðïÝêàïëèñðåëêï ÝêàéÝåêðÝåêîëÞñïðĦêÝêßåÝèéÝêÝãáéáêððë ïñììëîðåêòáïðéáêðåêðäáÞñïåêáïïÝêàóäáîá ÝììîëìîåÝðáÝßíñåïåðåëêïÖäáõáÝîÝäáÝà óåèèìîáïáêðáßëêëéåßßëééáîßåÝèÝêà ëìáîÝðåëêÝèßäÝèèáêãáïËÝéßëêĦàáêððäÝðóá äÝòáðäáìáëìèáìîëàñßðïÝêàáôìáîðåïáðëâÝßá ðäáéÝêàßëêðåêñáëêëñîìÝðäëâèëêãðáîé ïñïðÝåêÝÞèáãîëóðä

Carl-Peter Forster

ÅäÝåîéÝê ÏÝîßä

ÅäåáâÇôáßñðåòáĎïïðîÝðáãåßîáòåáó

ÔáßëîàìîëâåðÝÞåèåðõàáïìåðáÝ ßäÝèèáêãåêãðîÝàåêãáêòåîëêéáêð

Patrick André ÅäåáâÇôáßñðåòá Pa

ËêóáàáèåòáîáàîáßëîàîáïñèðïÝêà ìîëĦðÝÞåèåðõàáïìåðáÝàåĨßñèðáêòåîëêéáêð åêÞëðäëñîÕðááèÝêàÈëñêàîõéÝîçáðïÝêà ßäÝèèáêãåêãåêħÝðåëêÝîõßëïðìîáïïñîá

ÃàåĨßñèðéÝîçáðáêòåîëêéáêð

ÕðááèéÝîçáðïÝâðáîÝìîëéåïåêãïðÝîððëðäáõáÝî óáÝçáêáàïåãêåĦßÝêðèõàñîåêãðäáïáßëêàäÝèâ ÖäåïàáßèåêáóÝïáôÝßáîÞÝðáàåêÇÏÇÃÞõðäá ßëêïáíñáêßáïëâðäá×çîÝåêåÝêßëêħåßðËêàåÝ óÝïðäáëêèõéÝæëîîáãåëêåêðäáóëîèàðëáôäåÞåð ÝìëïåðåòáãîëóðäåêÑòáîÝèèïðááè ìîëàñßðåëêåêðäáóëîèàáôßèñàåêãÅäåêÝàáßèåêáà Þõ"!YåêËêÅäåêÝïðááèìîëàñßðåëêÝèïë àáßèåêáàâëîðäáïáßëêàõáÝîåêÝîëóÞõY

ËêâëñêàîõéÝîçáðïîáéÝåêáàóáèèÞáèëó ðäáåîìîáìÝêàáéåßèáòáèÞëðäåêÅäåêÝÝêàåê ðäáóëîèàáôßèñàåêãÅäåêÝËêìÝîðåßñèÝîòÝîåëñï ïñììèõßäÝåêÞëððèáêáßçïßëêðåêñáàðëèåéåððäá îáßëòáîõëâðäáÝñðëéëðåòáïáßðëîËêÇÏÇÃ ëðäáîâëñêàîõïáßðëîïóáîáÝèïëÝĪáßðáàÞõ ðäáßëêħåßðåê×çîÝåêá

ÅäÝèèáêãåêãåêħÝðåëêÝîõßëïðìîáïïñîá

ÖäáßëïðëâéëïðîÝóéÝðáîåÝèïñïáàâëîðäá éÝêñâÝßðñîáëâîáâîÝßðëîåáïîáéÝåêáàÝðÝäåãä èáòáèåêÝÞëòáðäáåîèëêãðáîéÝòáîÝãá ÃððäáïÝéáðåéááêáîãõßëïðïåêßîáÝïáà òáîõïåãêåĦßÝêðèõáïìáßåÝèèõåêÇñîëìáÝïÝ ßëêïáíñáêßáëâðäá×çîÝåêåÝêßëêħåßðÏëïð ëðäáîßëïðåêìñðïÝèïëîáãåïðáîáàÝÞêëîéÝèèõ äåãäåêßîáÝïáïàñáðëðäáãáêáîÝèåêħÝðåëêÝîõ áêòåîëêéáêðÖäáëêèõïåãêåĦßÝêðáôßáìðåëê ðëðäåïåêħÝðåëêÝîõðîáêàóÝïïáÝâîáåãäðóäåßä àáßèåêáàìîëãîáïïåòáèõàñîåêãðäáïáßëêàäÝèâ ëâðäáõáÝîÝâðáîðäáìáÝçåê

Strong market share gains and pricing performance leading to record results ÝêàìîëĦðÝÞåèåðõ

ÄëðäðäáÕðááèÝêàÈëñêàîõÆåòåïåëêïÝßäåáòáà ÝïðîëêãßëééáîßåÝèìáîâëîéÝêßáåê ãÝåêåêãéÝîçáðïäÝîáåêéëïðîáãåëêïÝêà åêàëåêãïëìÝîðåÝèèõéåðåãÝðáàðäáòëèñéá àáßèåêáåêáêàéÝîçáðïÖäáéÝåêáôßáìðåëê óÝïÔñïïåÝàñáðëðäáßáïïÝðåëêëâïÝèáïðë ïÝêßðåëêáàßñïðëéáîï

ÙáóáîáìÝîðåßñèÝîèõìèáÝïáàóåðäðäá ìáîâëîéÝêßáëâëñîÈèëóÅëêðîëèÄñïåêáïï ×êåðóäåßäßëêðåêñáàðëáôìÝêàåðïéÝîçáð ïäÝîáåêòëèñéáåêÝèèîáãåëêï

ÃððäáïÝéáðåéáÝïóáãîáóéÝîçáðïäÝîáóá ïñßßáïïâñèèõåêßîáÝïáàëñîìîåßáïåêÝèèÄñïåêáïï ×êåðïâñèèõßëéìáêïÝðåêãâëîðäáåêßîáÝïáåêëñî ßëïðÞÝïáÖäåïÝÞåèåðõðëïåéñèðÝêáëñïèõåéìîëòá éÝîçáðïäÝîáÝêàìîåßáïåïéÝàáìëïïåÞèáÞõ ðäáðáßäêëèëãåßÝèàåĪáîáêðåÝðåëêåêëñîìîëàñßðï ÝêàïëèñðåëêïàîåòáêÞõëñîßëêðåêñÝèåêòáïðéáêð åêîáïáÝîßäÝêààáòáèëìéáêð

ÖäÝêçïðëðäåïéÝîçáðïäÝîáÝêàìîåßåêã ìáîâëîéÝêßáåêóáàáèåòáîáàëñîÞáïð îáïñèðïÝêàìîëĦðÝÞåèåðõáòáîÑñîîáòáêñá îáÝßäáày #éÝêåêßîáÝïáëâ!YßëéìÝîáà ðëëñîðîÝàåêãìîëĦðîáÝßäáày#é ÝêåêßîáÝïáëâ"YÝêàëñîîáðñîêëêïÝèáï óÝïYÖäáïáîáïñèðïâÝîáôßááàáàðäëïáëâ ëñîìîáòåëñïîáßëîàõáÝîìîáìÝêàáéåßåê\$ àáïìåðáïåãêåĦßÝêðèõèëóáîïÝèáïòëèñéáïàñá ðëðäáìáîïåïðåêãéÝîçáðóáÝçêáïïåê ÃïïñéåêãïåéåèÝîòëèñéáïÝï\$ëñîîáðñîêëê ïÝèáïóëñèàäÝòáÞááêòáîõßèëïáðëëñîëÞæáßðåòá ëâ!YàáéëêïðîÝðåêãðäáåéìÝßðëâðäáßëïð ßëéìáðåðåòáêáïïÝêàðáßäêëèëãõïðîÝðáãõóá äÝòááêãÝãáàåêëòáîðäáìÝïðĦòáõáÝîïÝêà ðäáìîëĦðÝÞåèåðõìëðáêðåÝèëâðäáÉîëñìëêßáåðï ÕðááèÝêàÈëñêàîõáêàéÝîçáðïâñèèõîáßëòáî

ÕðîëêãâîááßÝïäħëóãáêáîÝðåëê àáïìåðáîáßëîàãîëóðäåêåêòáïðéáêðï and safety stock rebuild

ÑñîãîëóðäãáêáîÝðåêãåêòáïðéáêðìîëãîÝééá ßëêðåêñáàÝìÝßáåêÝêàóåèèïñììëîððäá ìîëãîáïïåëêëâëñîîáïñèðïÝêàìîëĦðÝÞåèåðõåê õáÝîïðëßëéáÖäááôìÝêïåëêëâëñîØËÕÑ* and ïèåàáãÝðáìîëàñßðåëêßÝìÝßåðõåêÈèëóÅëêðîëè èÝñêßäáàåêåïìîëßááàåêãÝïìèÝêêáàÝêà óåèèáêÝÞèáñïðëÞáêáĦðâîëéðäáñìßëéåêã éÝîçáðãîëóðäåêËêàåÝÕëñðäÇÝïðÃïåÝÝêà ÇÇÏÇÃâîëé

ËêóáÝèïëåêåðåÝðáàðäáßëêïðîñßðåëêëâÝ êáóÈèëóÅëêðîëèħñôìèÝêðåêËêàåÝóäåßäóåèè ÞáßëéáëìáîÝðåëêÝèåê ÝêàÃàòÝêßáà ÔáâîÝßðëîåáïÞáãÝêðäáßëêïðîñßðåëêëâÝêáó ïðÝðáëâðäáÝîðÞÝïåßéëêëèåðäåßïìèÝêðåê ËêàåÝÖäåïóåèèáêÝÞèáñïðëåêðîëàñßáëñîèÝðáïð ðáßäêëèëãåßÝèåêêëòÝðåëêïÝêàåêßîáÝïáëñî ìîáïáêßáåêðäåïâÝïðãîëóåêãéÝîçáðåêðäá ßëéåêãõáÝîï

ËêðäáÈëñêàîõÆåòåïåëêßëêïðîñßðåëêëâÝêáó ħñôìîëàñßðåëêèåêáåêÅäåêÝäÝïßëééáêßáà ÖäåïóåèèáêÝÞèáñïðëåêßîáÝïáëñîìîáïáêßá in the growing aluminium foundry market in ðäáßëñêðîõ

ÃððäáïÝéáðåéáÝïåêòáïðåêãåêßÝìÝßåðõ áôìÝêïåëêóáÝèïëðëëçðäáàáßåïåëêðëåêßîáÝïá ëñîïÝâáðõïðëßçëâìîëàñßðïÝêàîÝóéÝðáîåÝèï ðëìîëðáßðëñîßñïðëéáîïÖäåïâëèèëóáàëêâîëé ðäáðóëâëîßáéÝæáñîáåêßåàáêðïóááôìáîåáêßáà ÝððäááêàëâóäåßäîáïñèðáàâîëéðäáèÝßç ëâîáèåÝÞåèåðõåêðäáâîáåãäðÝêàèëãåïðåßïéÝîçáð ÙáïñßßáïïâñèèõÝßßëéìèåïäáàðäåïåêÝêà îááïðÝÞèåïäáàâñèèïáßñîåðõëâïñììèõâëîëñî ßñïðëéáîïåêïìåðáëâëêãëåêãîáèåÝÞåèåðõåïïñáï åêðäáèëãåïðåßïéÝîçáðàñîåêãðäáõáÝî

ÆáïìåðáðäáïáïåãêåĦßÝêðßÝïäåêòáïðéáêðïåê ãîëóðäãáêáîÝðåêãßÝìåðÝèáôìáêàåðñîáÝêà óëîçåêãßÝìåðÝèâëîëñîßñïðëéáîïëñîïðîëêã ĦêÝêßåÝèîáïñèðïßëñìèáàóåðäïðîåêãáêðßÝïä éÝêÝãáéáêðàåïßåìèåêááêÝÞèáàñïðëãáêáîÝðá ÝïåãêåĦßÝêðèõìëïåðåòáâîááßÝïäħëóÝêàâñîðäáî îáàñßáëñîèáòáèëâàáÞðåêÑñîèáòáîÝãá îÝðåëÝèïëàáßèåêáààñîåêãðäáõáÝîâîëé ôÝð ÆáßáéÞáîðë%ôÝðÆáßáéÞáî

Increased R&D investment, laying ðäáâëñêàÝðåëêâëîâñðñîáãîëóðä

ÙáïåãêåĦßÝêðèõåêßîáÝïáàëñîåêòáïðéáêðåê îáïáÝîßäÝêààáòáèëìéáêðåêïìáêàåêã y"éÝêåêßîáÝïáëâ\$YëòáîÖäåïóÝï âñèèõáôìáêïáàåêëñîìîëĦðÝêàèëïïïðÝðáéáêð ÑñîéÝåêâëßñïÝîáÝïîáéÝåêåêêëòÝðåëêåê éÝðáîåÝèïïßåáêßáóåðäðäáëÞæáßðåòáðë ßëêðåêñëñïèõåéìîëòáðäáìáîâëîéÝêßáëâ ëñîßëêïñéÝÞèáïÝêàðäáàáòáèëìéáêðëâ éáßäÝðîëêåßïïëèñðåëêïáêÝÞèåêãëñîßñïðëéáîï ðëïñÞïðåðñðáëìáîÝðëîïðëéÝêåìñèÝðáëñî ßëêïñéÝÞèáïÝêàÞõàëåêãïëåéìîëòáðäáåî ïÝâáðõîáèåÝÞåèåðõßëïðÝêàíñÝèåðõìáîâëîéÝêßá

ÙáïñßßáïïâñèèõèÝñêßäáà!êáóìîëàñßðïåê åêëñîðäîááÄñïåêáïï×êåðïÑñîÐáó ÒîëàñßðÕÝèáïîÝðåëàáĦêáàÝïðäáìáîßáêðÝãá ëâëñîïÝèáïîáÝèåïáàóåðäìîëàñßðïóäåßäàåàêĎð áôåïðĦòáõáÝîïÝãëîáÝßäáà"Yåê ñìâîëé!Yåê

ËêÌñêáóáâëîéÝèèõëìáêáàëñîÉäèåê ßáêðîáëâáôßáèèáêßáâëîÔÆÝêàÏáßäÝðîëêåßï óäåßäâëßñïáïëêàáòáèëìåêãêáóìîëàñßðïÝêà ïäëóßÝïåêãðäáéðëßñïðëéáîïËĎéàáèåãäðáà óåðäðäáåéìÝßððäáïåðáåïäÝòåêãÙáäÝòá óáèßëéáà!ßñïðëéáîàáèáãÝðåëêïðëðäá ÉäèåêßáêðîáåêðäáĦîïðïåôéëêðäïëâëìáêåêã

ÙáåêðáêàðëßëêðåêñáðëîáåêâëîßáëñîîáïáÝîßä ÝêààáòáèëìéáêðáĪëîðåêðäáßëéåêãõáÝîï ÝêàÝßßáèáîÝðáðäáèÝñêßäëâêáóåêêëòÝðåòá ìîëàñßðïðëïñììëîðëñîãîëóðäÝêàéÝîçáð ïäÝîáãÝåêÝéÞåðåëêï

ÖîÝàáéÝîçëâðäáØáïñòåñïÉîëñìëâßëéìÝêåáïñêîáãåïðáîáàëîîáãåïðáîáàåêßáîðÝåêßëñêðîåáïñïáàñêàáîèåßáêßá

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá ÕñïðÝåêÝÞåèåðõ ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï

ÑñîãîëóðäãáêáîÝðåêãåêòáïðéáêð ìîëãîÝééáßëêðåêñáàÝìÝßáåê

Stable safety performance

ÃâðáîðäáïåãêåĦßÝêðåéìîëòáéáêðîáãåïðáîáàåê óáïðÝÞåèåïáàëñîïÝâáðõîáïñèðïåêóåðä ÝÎëïðÖåéáËêßåàáêðÈîáíñáêßõÔÝðáëâ\$òï "åêÙáîáéÝåêäëóáòáîñêïÝðåïĦáà óåðäðäåïèáòáèÝêàÝîáåêðáêïåâõåêãëñîáĪëîðïðë ìîëãîáïïîÝìåàèõðëóÝîàïëñîëÞæáßðåòáëâöáîë åêßåàáêðïÆáïìåðáéñßäãëëàóëîçÝðéÝêõ ïåðáïËÝéìîëâëñêàèõïëîîõðëîáìëîððäÝðåê ðäáîáóÝïÝâÝðÝèåðõÝðëñîæëåêðòáêðñîá éÝêñâÝßðñîåêãïåðáåêÙñäÝêÅäåêÝÖäá åêßåàáêðóÝïåêòáïðåãÝðáàâñèèõåêßëêæñêßðåëê óåðäðäáèëßÝèÅäåêáïáÝñðäëîåðåáïÝêàóáóåèè áêïñîáðäÝðóáèáÝîêðäáêáßáïïÝîõèáïïëêïðë ìîáòáêððäåïðîÝãáàõáòáîÞáåêãîáìáÝðáà

ÃêáóÕñïðÝåêÝÞåèåðõÝéÞåðåëê ÕåãêåĦßÝêðìîëãîáïïåêëñîæëñîêáõ to net zero

ËêóáßëêðåêñáàðëåéìèáéáêðëñîÝßðåëê ìèÝêðëàáßÝîÞëêåïáëñîÝßðåòåðåáïËêìÝîðåßñèÝî óáîáåêâëîßáàëñîáêáîãõïÝòåêãïåêåðåÝðåòáï ÝêàÝßßáèáîÝðáàëñîìîëãîÝééáðëïäåâð ëñîáèáßðîåßåðõßëêïñéìðåëêóëîèàóåàáðë êëêßÝîÞëêáéåððåêãïëñîßáïÖäÝêçïðëðäáïá áĪëîðïóáîáàñßáàëñîßÝîÞëêâëëðìîåêðÞõ \$\$YÝïßëéìÝîáàóåðäëñî%îáâáîáêßá õáÝîòáîïñï!!Yåê

ÖëìîëãîáïïâÝïðáîðëóÝîàïëñîãëÝèëâäÝòåêã ÝêáðöáîëßÝîÞëêâëëðìîåêðÞõ!ÝððäáèÝðáïð óáÝèïëïáðëñîïáèòáïÝêáóåêðáîéáàåÝîõðÝîãáð ðëîáàñßáëñîÅÑ2âëëðìîåêðÞõ!YÞáâëîá !ÝïßëéìÝîáàóåðäëñî%îáâáîáêßáõáÝî ÖëÝßäåáòáðäåïëÞæáßðåòáóáäÝòáàáĦêáàÝ àáðÝåèáàßÝìåðÝèáôìáêàåðñîáìîëãîÝééáëâ ßy"éóäåßäóåèèÞáãîÝàñÝèèõåéìèáéáêðáà ëòáîðäáêáôðõáÝîï

Successful integration of acquisitions

ËêóáßëêðåêñáàóåðäðäáåêðáãîÝðåëêëâ ×êåòáîïÝèÔáâîÝßðëîåáïč×êåòáîïÝèĎðäáïìáßåÝèðõ îáâîÝßðëîõÞñïåêáïïåêðäá×êåðáàÕðÝðáïóäåßä

óáÝßíñåîáàåêÆáßáéÞáîÖäáåêðáãîÝðåëê äÝïåêòëèòáàðäáîáãåëêÝèßëêïëèåàÝðåëêëâðäá éÝêñâÝßðñîåêãëâÝàòÝêßáàîáâîÝßðëîõÝêà âëñêàîõìîëàñßðïÞëðäëâØáïñòåñïÝêàðäëïá Ýßíñåîáàâîëé×êåòáîïÝèðëßîáÝðáßáêðîáïëâ áôßáèèáêßáÝêàéëîááĨßåáêðëìáîÝðåëêï

ÙáÝèïëÝßíñåîáàÄÝõñíñÝêÏÝãêáïåñéÅë ÄÏÅåêÑßðëÞáîÝóëîèàßèÝïïÞÝïåß éëêëèåðäåßîáâîÝßðëîõìèÝêðåêÅäåêÝÝêàÝ èëêãïðÝêàåêãéÝêñâÝßðñîåêãìÝîðêáîëâëñîï ÖäáÝßíñåïåðåëêïáßñîáïïðîÝðáãåßÝèèõòÝèñÝÞèá ÞÝïåßéëêëèåðäåßòëèñéáïÝðÝìèÝêðóäåßä ÞáêáĦðïâîëéòáîõßëéìáðåðåòáèëßÝèîÝó éÝðáîåÝèÝßßáïïÖäåïÝßíñåïåðåëêóåèèïñììëîð ëñîâñîðäáîàáòáèëìéáêðåêðäáâÝïðãîëóåêã ÃïåÝÒÝßåĦßîáãåëê

Board Chairman

ÃïßëééñêåßÝðáàèÝïðõáÝîÌëäêÏ߯ëêëñãä ïðëëààëóêâîëéðäáÄëÝîàÝïìèÝêêáàåê ÆáßáéÞáîÝêàèáÝòáïóåðäëñîïåêßáîá ðäÝêçïËĎéàáèåãäðáàðëóáèßëéáÅÝîèÒáðáî ÈëîïðáîðëðäáÄëÝîàÝïÅäÝåîéÝêÝêàèëëç âëîóÝîàðëóëîçåêãóåðääåéåêðäáßëéåêã éëêðäïÝêàõáÝîïðëÞñåèàëêðäáïñßßáïï ÝßäåáòáàðëàÝðá

ÅäåáâÈåêÝêßåÝèÑĨßáî

ÉñõÛëñêãßäëïáðëèáÝòáØáïñòåñïäÝòåêã óëîçáàÝïÅÈÑâëîïáòáêõáÝîïßëêßèñàåêã äåïóëîçóåðäñïåêéåàÈáÞîñÝîõËóëñèà èåçáðëðäÝêçäåéëêßáÝãÝåêâëîäåïïñììëîð ÝêàïáîòåßáðëðäáÞñïåêáïïÙáÝêêëñêßáàåê ÌÝêñÝîõðäÝðÏÝîçÅëèèåïóåèèÞáæëåêåêãØáïñòåñï ÝïÅÈÑÞõÌñèõðäåïõáÝîÏÝîçäÝïÝóáÝèðä ëâáôìáîåáêßáåêåêðáîêÝðåëêÝèĦêÝêßáîëèáïåê ÌëäêÙëëàÉîëñììèßÝêàëðäáîíñëðáà ÞñïåêáïïáïÝêàËĎéèëëçåêãâëîóÝîàðëäåé æëåêåêãðäáðáÝéËêðäáåêðáîòáêåêãðåéáËÝé ãîÝðáâñèðëéõßëèèáÝãñáÔåßäÝîàÕõçáïóäëäÝï óëîçáàÝðØáïñòåñïåêêñéáîëñïëìáîÝðåëêÝè ÝêàĦêÝêßáîëèáïâëîðÝçåêãëêðäáìëïåðåëê ëâåêðáîåéÅÈÑ

Cyber update

Ñê"ÈáÞîñÝîõóáÝêêëñêßáàðäÝðóáäÝà ïñĪáîáàÝßõÞáîïáßñîåðõåêßåàáêðËêëîàáîðë ßëêðÝåêðäáðäîáÝðóáòëèñêðÝîåèõïäñðàëóêëñî ïõïðáéïëêÝìîáßÝñðåëêÝîõÞÝïåïÆñîåêãðäåï ìáîåëàëñîïåðáïåêïðåãÝðáàéÝêñÝèìîëßáàñîáï ÝêàóëîçÝîëñêàïðëéÝåêðÝåêìîëàñßðåëê ïäåììåêãÝêàåêòëåßåêãÙáäÝòáïåêßáóëîçáà ðåîáèáïïèõëêðäáîáåêïðÝðáéáêðëâëñîïõïðáéï ÝêàËÝéìèáÝïáàðëîáìëîððäÝððäáåêåðåÝèìáîåëà ëâéÝæëîàåïîñìðåëêäÝïÞááêïäëîðÝêàÝèèïåðáï ÝêàïåãêåĦßÝêðïõïðáéïÝîáêëóëìáîÝðåëêÝè ÃïïñßäóááôìáßððäáåéìÝßðëêðîÝàåêãðëÞá éëàáïðèåéåðáàðëëêáëĪßëïðïëâÞáðóááêyé Ýêày!é

Outlook

ÎëëçåêãâëîóÝîàóááôìáßððëßëêðåêñáðë ïñßßáïïâñèèõÝßäåáòáéÝîçáðïäÝîáãÝåêïðäîëñãä ðáßäêëèëãåßÝèàåĪáîáêðåÝðåëêÝêàêáóìîëàñßð èÝñêßäáïÙáÝîáÝèïëßëêĦàáêðåêëñîÝÞåèåðõðë ßëòáîßëïðåêßîáÝïáïóåðäìîåßåêãÃßßëîàåêãèõ óáÝîáßëêĦàáêððäÝðëñîîáïñèðïóåèè ÞáåêèåêáóåðäëñîáôìáßðÝðåëêïàáïìåðá ïáòáîÝèäáÝàóåêàï

ÃïÝêðåßåìÝðáàðäáÕðááèÝêàÈëñêàîõéÝîçáðï îáéÝåêóáÝçÝêàóáÝêðåßåìÝðáðäáîÝðáëâ îáßëòáîõðëÞáïèëóÝêàëêèõåéìîëòáèÝðáîåê the year
ÖäáìèÝêêáàîáàñßðåëêåêëñîëóêåêòáêðëîõðë êëîéÝèåïáàèáòáèïóäåßäåïÝàîÝãëêĦôáàßëïð ÝÞïëîìðåëêóåèèßëêðåêñáðäîëñãäëñððäáĦîïð half of 2023
ÖäáêáãÝðåòáåéìÝßðëâðäáßõÞáîïáßñîåðõ åêßåàáêðåêßñîîáàÝððäáÞáãåêêåêãëâðäáõáÝî

ÎëëçåêãÞáõëêàóááôìáßððäáìëïåðåòá åéìÝßðëâëñîåêòáïðéáêðåêÔÆèëêãðáîé ãîëóðäåêåðåÝðåòáïÝêààáòáèëìéáêðëâëñî ßÝìÝßåðõåêâÝïðãîëóåêãîáãåëêïóåèèîáïñèðåê ÝßßáèáîÝðáàãîëóðäÝêàìîëĦðÝÞåèåðõ

Patrick André

ÅäåáâÇôáßñðåòá ÏÝîßä

Our external environment

Solutions for the changing demands of business

Changes in our markets present both challenges and opportunities. ÙáäÝòáîáïìëêàáàðëèëêãðáîéðîáêàïÞõìëïåðåëêåêãëñîïáèòáïâëîãîëóðä

ÄÃÕËÎËÖÇÓñåßçÕðÝîð* is a tundish working lining spray mass to be used on a single, combined, drying and preheating cycle using less energy, èáïïóÝðáîÝêààáèåòáîåêã higher quality.

Helping our customers tackle climate change

What's happening

The pressure on the Steel and Foundry industries to reduce greenhouse gas (GHG) emissions, particularly CO2, åïåêßîáÝïåêãïåãêåĦßÝêðèõÝïãëòáîêéáêðï are enforcing stricter regulations, especially in the EU, the US and China.

Our customers are focusing on reducing absolute energy consumption and GHG emissions through technological changes away from higher emission processes, as well as reducing energy consumption ÝêàÉÊÉáéåïïåëêïòåÝåêßîáÝïáà áĨßåáêßõËêðäáïðááèåêàñïðîõðäáîåïáëâ ïßîÝìÝòÝåèÝÞåèåðõÝêàëâåðïîáßõßèåêãåï supporting a shift to electric arc furnaces away from blast furnaces to produce steel. Alongside this, the use of direct-reduced iron in combination with green hydrogen in steel production to manufacture 'Green Steel' (where hydrogen itself is made using sustainable energy) is gaining traction.

Our Foundry customers are experiencing a drastic change in their end-markets as parts of the world shift towards hybrid ÝêàáèáßðîåßòáäåßèáïóäåßäÝèëêãïåàá ðäáïåãêåĦßÝêðéëòáéáêððëóÝîàïãîááê electricity generation, is accelerating a transition away from traditional ferrous casting into non-ferrous casting.

How we are responding

We work closely with our customers ðëàáòáèëìêáóìîëàñßðïÝêàðáßäêëèëãåáï to meet these challenges with sustainability being a critical focus åêêáóìîëàñßðàáòáèëìéáêð

ÑñîÕðááèÆåòåïåëêåïìÝîðêáîåêãóåðä ßñïðëéáîïðëàáòáèëìîáâîÝßðëîõïëèñðåëêï for next-generation steel-making processes. Additionally, we continue to àáòáèëìêáóìîëàñßðïóåðäïñìáîåëî sustainability characteristics.

ÑñîÈëñêàîõÆåòåïåëêðáÝéïÝîá àáòáèëìåêãêáóĦèðîÝðåëêâááàåêã mould coating and molten metal treatment products to support the ÝòÝåèÝÞåèåðõëâäåãäáîìáîâëîéÝêßáéáðÝè and the manufacture of lighter-weight ßëéìëêáêðïâëîðäáÝñðëéëðåòáåêàñïðîõ ÖäáõÝîáÝèïëàáòáèëìåêãêáóìîëàñßðï for aluminium foundries to support the âÝïðãîëóåêãéÝîçáðåêáèáßðîåßòáäåßèáï

ÖîÝàáéÝîçëâðäáØáïñòåñïÉîëñìëâßëéìÝêåáïñêîáãåïðáîáàëîîáãåïðáîáàåêßáîðÝåêßëñêðîåáïñïáàñêàáîèåßáêßá

Responding to the demand for higher quality steel and foundry products

What's happening

The importance of technology to àåĪáîáêðåÝðáïðááèÝêàâëñêàîõìîëàñßáîï continues to grow, supported by the àáòáèëìéáêðëâéëîáàáéÝêàåêã product applications.

Steel producers are increasingly focused on supplying higher-quality steel ãîÝàáïâëîÝñðëéëðåòáÝêàìëóáî generation, where the consistency of the ĦêåïäáàïðááèåïâñêàÝéáêðÝèÖäåïåïàîåòåêã ÝêÝÞëòáéÝîçáðãîëóðäâëîáßÝïðâëî high-technology steel in all regions.

ËêâëñêàîåáïðäáîáßëêðåêñáïðëÞáÝðîáêà towards higher metal and process quality, as they focus on a greater number of applications that require castings to combine high strength with thinner, èåãäðáîìîëĦèáïÝêàãîáÝðáîßëéìèáôåðõ

How we are responding

ØáïñòåñïåïïðîëêãèõìëïåðåëêáàðëâÝßåèåðÝðá ðäáïáñìãîÝàáïÝêàðëÞáêáĦðâîëéðäáïá ðîáêàïÙáäÝòáÝóåàáìîëàñßðÝêà ïáîòåßáëĪáîåêãàáïåãêáàðëïñììëîððäá production of high-technology steel and complex cast components across our broad, global manufacturing base.

ÙáßëêðåêñáðëåêòáïðäáÝòåèõåêÔÆ with dedicated centres of excellence to think beyond what exists today.

ØáïñòåñïĎåêêëòÝðåòáìëîðâëèåëëâ ìîëàñßðïÝêàïáîòåßáïðëãáðäáî with its global footprint, enable us to ìîëòåàáäåãäðáßäêëèëãõïëèñðåëêïðë our worldwide customers.

Harnessing automation

What's happening

ÑñîßñïðëéáîïâÝßááòáîåêßîáÝïåêã regulation and scrutiny to ensure the safety of their workforce in all parts of their operations, as well as continuously åéìîëòåêãðäáåîìîëßáïïáĨßåáêßõ

ÃàòÝêßáéáêðïåêÝñðëéÝðåëêßÝê transform production, bringing greater consistency whilst lowering cost. At the ïÝéáðåéáîëÞëðïßÝêïñììëîðëîáòáê substitute operators in hazardous ìîëàñßðåëêÝîáÝïïåãêåĦßÝêðèõ åéìîëòåêãïÝâáðõìáîâëîéÝêßá

With labour shortages a growing challenge in some markets, automation ßÝêßîáÝðáéëîáħáôåÞèáëìáîÝðåëêïÝêà reduce reliance on manual operators.

How we are responding

ØáïñòåñïäÝïðäáãèëÞÝèÝêàåêàáìðä capability to combine know-how in steel mills and foundries with robotic ßÝìÝÞåèåðåáïðëàáèåòáîïñìáîåëîïÝâáðõ performance in hazardous areas of production.

ÙáìîëòåàáèÝïáîðáßäêëèëãõðëÝïïáïï refractory wear, allowing targeted repair with our broad range of refractory consumables and application solutions – âëîáĨßåáêðÝêàïÝâáëìáîÝðåëêÙá äÝòáåêòáïðáàïåãêåĦßÝêðîáïëñîßáïåê ðäáàáòáèëìéáêðëâëñîéáßäÝðîëêåßï capabilities to shape the future operations of steel and foundry plants with our ßñîîáêðîëÞëðåßïëĪáîåêãáãðñêàåïä continuous casting) as well as with new automation capabilities in other areas. We are also exploring new ways to integrate continuous data capture into ëñîïëèñðåëêïðëãåòáëñîßñïðëéáîïâñîðäáî insights into the use of consumables in their production processes.

Robotics R&D centre of excellence in Ghlin

Vesuvius' Smart Tundish Spray Robot (TSR), is known for its safe, consistent and reliable performance. In 2022, Vesuvius launched the next generation TSR in our Mechatronics centre of excellence in Ghlin, Belgium; building on this success to deliver further innovations to improve the user interface and enhance the ease of its operation.

Our markets

ÙáäÝòáßëîááêàéÝîçáðïåêïðááèéÝçåêã and ferrous foundry with an increasing focus on aluminium, cement and non-ferrous foundries.

ØáïñòåñïïÝèáïÞõßñïðëéáîÝßðåòåðõ

Vesuvius' key customers continue to be steel producers and ferrous foundries, with the strategic ambition to further grow in non-ferrous foundries and other high temperature industrial processes such as aluminium and cement.

Ùáàáòáèëìèëêãðáîéóëîçåêã relationships with our customers to ñêàáîïðÝêàðäáåîêááàïÝêààáòáèëì tailored solutions that meet them.

Name:ÏÝîßëÃêàîáÆáÑèåòáåîÝÆñðîÝ Role: ÓñÝèåðõËêïìáßðëî Location: Rio de Janeiro

Name: ËïÝàëîÝÆáèèÝÎåÞáîÝÉëàëõ Role:ÓñÝèåðõËêïìáßðëî Location: Rio de Janeiro

Name:ÎñçÝïÃêåÞÝèÕåéëáïÈÝñïðåêë Role:ÓñÝèåðõËêïìáßðëî Location: Rio de Janeiro

Our strategy

What we want to achieve ÑñîÕðîÝðáãåßÑÞæáßðåòáï

ÑñîìñîìëïáåïðëÞáÝãèëÞÝèèáÝàáîåêéëèðáêéáðÝèħëó engineering and technology. We think beyond today to create ðäáåêêëòÝðåòáïëèñðåëêïðäÝðóåèèïäÝìáðäáâñðñîáàáèåòáîåêã ðäåïðäîëñãäëñîÕðîÝðáãåßÑÞæáßðåòáï

ÙáÝßäåáòáìîëĦðÝÞèáãîëóðäÞõâëßñïåêãëñîáĪëîðïëêðäá high-quality, high-technology segments of the steel and foundry markets, and concentrate on increasing the ÝñðëéÝðåëêÝêàáĨßåáêßõëâëñîéÝêñâÝßðñîåêãÞÝïá

	Measurements
ÃèóÝõïìñðïÝâáðõĦîïð	ÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðá
ÆáèåòáîìîëĦðÝÞèáãîëóðä	×êàáîèõåêãîáòáêñáãîëóðä
Generate value for our shareholders	ÖîÝàåêãìîëĦð Return on sales ÊáÝàèåêáìîëĦðÞáâëîáðÝô	Headline EPS ÔáðñîêëêåêòáïðáàßÝìåðÝè
ÏÝåêðÝåêÝêáĨßåáêð capital structure	ÈîááßÝïäħëó ÃòáîÝãáóëîçåêãßÝìåðÝè to sales	Ëêðáîáïðßëòáî ÐáðàáÞððëÇÄËÖÆÃ
Deliver industry-leading sustainable operations and solutions	Energy intensity CO2e emission intensity Wastewater Solid waste	Recycled material Compliance training Supply chain
Think beyond in innovation	ÖëðÝèԘÆïìáêà New product sales
Foster talent, skill and motivation in our people	Éáêàáîàåòáîïåðõ

We measure and monitor our performance against these

ÕðîÝðáãåßÑÞæáßðåòáïðäîëñãäëñîÍáõÒáîâëîéÝêßáËêàåßÝðëîïÍÒËï

See our Key Performance Indicators on p36 and 37

How we are doing it Our execution priorities

Reinforcing our technology leadership

ØáïñòåñïóÝïÞñåèðÝêàãîáóðäîëñãäðáßäêëèëãõ ÞîáÝçðäîëñãäïÙáâëßñïëêàáèåòáîåêãéÝîçáðèáÝàåêã ðáßäêëèëãõóäåßäßëêðåêñáïðëàîåòáëñîñêåíñáòÝèñá ìîëìëïåðåëêÝêàñêàáîìåêïëñîÝÞåèåðõðëàáèåòáî ëêãëåêãòÝèñááêäÝêßáéáêððëëñîßñïðëéáîï

How we are progressing Performance in 2022

Æñîåêãóáåêòáïðáày"éåêÔÆ\$Y ëâîáòáêñáÙáîáéÝåêßëééåððáàðëïìáêà ßYëâïÝèáïëêåêêëòÝðåëêáòáîõõáÝîÙáåêòáïð throughout the product cycle from front-end åêêëòÝðåëêðëáôåïðåêãìîëàñßðàáòáèëìéáêð âëßñïåêãëêðäáìîëæáßðïðäÝðàáèåòáîðäáäåãäáïð impact to our customers.

Developing our technical service ëĪáîåêãÝêàåêßîáÝïåêãìáêáðîÝðåëê of value-creating solutions

ÃïïðááèÝêàâëñêàîõéÝîçáðïåêàáòáèëìåêãáßëêëéåáï ÞáßëéáéëîáíñÝèåðõâëßñïáàóáäÝòáðäáëììëîðñêåðõ ðëïåãêåĦßÝêðèõåêßîáÝïáëñîìáêáðîÝðåëêëâðäáïáéÝîçáðï ðäîëñãäðäáòÝèñáàáèåòáîáàÞõëñîïëèñðåëêï

Capturing growth in developing markets

Building on our long-standing presence in all markets, óáßÝêèáòáîÝãáðäáäåãäãîëóðäáêæëõáàÞõëñîßñïðëéáîïĎ industries in emerging markets, which are large consumers of steel goods and foundry castings.

Improving cost leadership and margins

ÙáßëêðåêñëñïèõìñîïñáåêåðåÝðåòáïðëÝàÝìðëñîÞñïåêáïï ÝêàëñîßëïðÞÝïáðëðäáßäÝêãåêãðîÝàåêãáêòåîëêéáêð

Major acceleration of expansion capex in 2022 óåðäy!éëâðëðÝèßÝìáôß"Yïìáêðëêãîëóðä ìîëæáßðïìÝîðåßñèÝîèõåêÈèëóÅëêðîëèðëïáîòáâÝïð ãîëóåêãàáòáèëìåêãéÝîçáðïåêÃïåÝ

ËêóáëñðìáîâëîéáàðäáéÝîçáðåêàáòáèëìåêã éÝîçáðîáãåëêïÈèëóÅëêðîëèëñðìáîâëîéáàåêËêàåÝ ÕëñðäÇÝïðÃïåÝÝêàÎÝðåêÃéáîåßÝÝêàÈëñêàîõÝèïë ìáîâëîéáàóáèèåêÃïåÝÒÝßåĦßÝêàÕëñðäÃéáîåßÝ

Driving sustainability within Vesuvius and for customers

ÙáàáòáèëììîëàñßðïðäÝðïááçðëäáèìëñîßñïðëéáîï àîåòááĨßåáêßõÝêàîáàñßáðäáåîáêòåîëêéáêðÝèâëëðìîåêð ÝêàóáÝîáâëßñïåêãëêîáàñßåêãðäááêòåîëêéáêðÝèåéìÝßð of our own operations. See our Sustainability section on p50-85.

ËêóáéÝàááôßáèèáêðìîëãîáïïëêëñî carbon reduction target, such that, in June, we decided to increase our ambition from a YîáàñßðåëêÞõ!ðëÝYîáàñßðåëê

ÙáßëêðåêñáðëàáòáèëìëñîìèÝêïðëîáÝßäÝ net zero carbon footprint by 2050 at the latest.

ÖîÝàáéÝîçëâðäáØáïñòåñïÉîëñìëâßëéìÝêåáïñêîáãåïðáîáàëîîáãåïðáîáàåêßáîðÝåêßëñêðîåáïñïáàñêàáîèåßáêßá

Business model

ÃìîëĦðÝÞèáħáôåÞèáßÝïäãáêáîÝðåòáéëàáè focused on sustainable growth

Our key resources What we do

Financial capital

We use the cash generated by our business ðëåêòáïðåêåêêëòÝðåëêìáëìèáëìáîÝðåêã assets, technology and sales to generate further growth.

Manufacturing capital

ÙáäÝòáÝãèëÞÝèâëëðìîåêðóåðä 55 production sites on six continents, ãåòåêãñïìîëôåéåðõðëëñîßñïðëéáîï

Intellectual capital

ÙáäÝòáïåôÔÆßáêðîáïëâáôßáèèáêßá ðëãáðäáîóåðäàáàåßÝðáàÔÆïðÝĪ óëîèàóåàáãáêáîÝðåêãåêêëòÝðåòá ìîëàñßðïÝêàïáîòåßáïðäÝðäáèìëñî customers make their industrial processes ïÝâáîéëîááĨßåáêðÝêàéëîáïñïðÝåêÝÞèá

Human capital

Ùáåêòáïðåêàáòáèëìåêãëñîïçåèèáà ÝêàéëðåòÝðáàóëîçâëîßáëâéëîáðäÝê ìáëìèáÝêàìîëòåàáðäáéóåðä ÝïÝâááêòåîëêéáêðåêóäåßäðëóëîç

Social capital

We champion our Values and our ethical conduct. We maintain strong relationships with customers and our wider stakeholder groups.

Natural capital

We utilise high-quality raw materials, secured through reliable, ÝêàóáèèàáòáèëìáàïñïðÝåêÝÞèá supply chains.

R&D centres of excellence	6
Employees	11, 134
Production sites	55

We develop and manufacture high-technology products and solutions to assist ëñîßñïðëéáîïåêðäáéÝêÝãáéáêðëâéëèðáêéáðÝèÙáëìáîÝðáÝìîëĦðÝÞèá ħáôåÞèáßÝïäãáêáîÝðåòáÝêàãîëóðäÞñåèàåêãÞñïåêáïïéëàáèÑòáîéÝêõõáÝîï we have built the brand equity of our Vesuvius and Foseco products through technology leadership, reliability and service.

Our sustainable competitive advantages

Global presence

Our local manufacturing, local expertise and global knowledge of customers' ìîëßáïïáïãåòáñïÝïìáßåÝèîáèÝðåëêïäåì with our customers.

Advanced technology

ÑñîßëêðåêñåêãåêòáïðéáêðåêØáïñòåñïĎÔÆ ßáêðîáïëâáôßáèèáêßáåïîáħáßðáàåêÝèèÝîáÝï ëâëñîëĪáîåêãÙáÝîáðäáîáâëîáÝÞèáðë ìîëòåàáëñîßñïðëéáîïóåðäïëìäåïðåßÝðáà åêêëòÝðåòáßñïðëéàáïåãêáàïëèñðåëêï

Read more about our Value-added solutions on p14 and 15

Optimised manufacturing

ÎëóßëïðèáÝêéÝêñâÝßðñîåêãìîëòåàáï reliable 'just-in-time' products.

Service and consistency

Our knowledge of end-market processes, ïìáßåĦßÝðåëêïÝêàðáßäêåíñáïÝîëñêàðäá óëîèàãåòáïëñîáôìáîðïÝêñêìÝîÝèèáèáà ability to support our customers.

Our industry experts are embedded at many customer locations and are therefore ideally placed to collaborate with customers to identify potential ïáîòåßáÝêàìîëßáïïåéìîëòáéáêðï This also enables us to grow our ïëèñðåëêïÝêàïáîòåßáìëîðâëèåë
Ùáàáòáèëìäåãäðáßäêëèëãõìîëàñßðï ðäÝðàáèåòáîíñÝèåðõáêäÝêßáéáêð áĨßåáêßõãÝåêïÝêàáêáîãõïÝòåêãï to our customers. We focus on áêòåîëêéáêðÝèïñïðÝåêÝÞåèåðõåêëñî ëóêÞñïåêáïïðäîëñãäðäááĨßåáêð use of energy and natural resources.
ÑñîéëàáèåïìîëĦðÝÞèáÞõÝèèëóåêã òÝèñáìîåßåêãâëîÞáïìëçáìîëàñßðïÝêà ïáîòåßáïËðãáêáîÝðáïãîëóðäÝïóá enlarge our market with additional åêêëòÝðåòáìîëàñßðïÝêàïëèñðåëêï
Our model is resilient to end-market òëèÝðåèåðõàñáðëðäáħáôåÞåèåðõëâëñî àåòáîïåĦáàéÝêñâÝßðñîåêãâëëðìîåêð and adjustable cost base, increasingly supported by automation.
Our commitment to ethical business àáèåòáîïïðîëêãèëêãðáîéïñïðÝåêÝÞèá commercial relationships.

How we deliver The value we create

Our investors

ÑñîßÝïäãáêáîÝðåòáÝêàèëóßÝìåðÝè åêðáêïåðõÞñïåêáïïìîëòåàáïîáðñîêï to our shareholders and underpins sustainable growth.

Our customers

ÑñîåêòáïðéáêðåêåêêëòÝðåëêßîáÝðáï cutting-edge products and solutions àáèåòáîåêãáêäÝêßáàòÝèñáâëîëñî customers. Our technology solutions åéìîëòáßñïðëéáîïÝâáðõÝêàîáéëòá operators from the most dangerous parts of our customers' processes.

Our people

We focus on the health and safety ëâÝèèëñîïðÝĪÙááêãÝãáóåðä our people, encouraging and rewarding high performance to create an áêòåîëêéáêðóäáîáÝèèßÝêîáÝèåïá ðäáåîåêàåòåàñÝèìëðáêðåÝè

Our communities

We are committed to maintaining ìëïåðåòáîáèÝðåëêïäåìïóåðäðäáßëééñêåðåáï in which we operate. Our social îáïìëêïåÞåèåðõÝßðåòåðåáïßëéìèáéáêðëñî Values and we encourage our employees to engage with communities and groups local to our operations.

Name:ÒÝñèåêÝÍëłëàöåáæßöõç Role: Production Manager Location: Skawina

Section 172(1) Statement – Stakeholders

Effective engagement with stakeholders promotes the long-term sustainability of the Group

Vesuvius is required to provide information on how the Directors have performed their duties under Section 172 of the Companies Act 2006 during the year. This requires the Board to promote the success of the Company over the long term for the ÞáêáĦðëâïäÝîáäëèàáîïÝïÝóäëèá whilst having regard to a range of other key stakeholders and interests.

The Board recognises the need for the ÉîëñìðëäÝòááĪáßðåòááêãÝãáéáêðóåðä ÝêàáêßëñîÝãáìÝîðåßåìÝðåëêâîëéÝèèçáõ stakeholders to promote these long-term interests. The Group's key stakeholder ãîëñìïîáħáßðåêãðäëïáóäëäÝòáðäá ÞåããáïðåéìÝßðëêðäáÞñïåêáïïÝêàëñî modes of engagement are outlined in the tables on pages 25 and 26.

ÖäáÄëÝîàßëêĦîéïðäÝðåðäÝïÝßðáà in accordance with the Section 172 îáíñåîáéáêðïðäîëñãäëñððäáõáÝî considering the impact of its decisions ëêïäÝîáäëèàáîïÝêàëðäáîïðÝçáäëèàáîï ÝêàðÝçåêãåêðëÝßßëñêððäáåîàåĪáîåêã views and requirements.

The likely consequences of any decision in the long term

The Board is responsible for the overall direction of the Group. It sets the Group's ïðîÝðáãõëòáîïááïðäáÝèèëßÝðåëêëâ resources and monitors the performance ëâðäáÉîëñìðëáêïñîáðäÝððäáÉîëñìåï structured appropriately for the challenges and opportunities of the future. ËêìáîâëîéåêãðäáïáàñðåáïðäáÄëÝîàåï focused on the sustainable success of the ÉîëñìåêðäáèëêãðáîéÝêàðäááôåïðáêßá of a culture that supports this success. ÖäîëñãäëñððäáõáÝîðäáÄëÝîà considered the long-term consequences ëâðäáàáßåïåëêïåðéÝàáâëßñïåêãëêðäá interests of relevant stakeholders as ÝììîëìîåÝðáÇôÝéìèáïëâäëóðäáÄëÝîà considered Stakeholders' interests in some of the key decisions it took during the year are given opposite. Further information on the Group's strategy can be found in Our strategy on pages 18 and 19.

Section 172(1) Statement continued

The interests of the company's employees

The Board takes the health and safety of the Group's employees as its primary responsibility. Following the fatal incident ÝðÝæëåêðòáêðñîáïåðáåêÙñäÝêÅäåêÝ åêðäáÄëÝîàîáßáåòáàîáãñèÝî ÞîåáĦêãïëêðäáåêòáïðåãÝðåëêïåêðëðäá îëëðßÝñïáëâðäááòáêðÝêàðäáÝßðåëêï being taken throughout the business to apply lessons learned.

At each Board meeting the Board received a report on the Group's performance against health and safety KPIs and îáòåáóáàåêàáðÝåèðäáßåîßñéïðÝêßáïëâÝêõ Lost Time Injuries that had been reported.

ÆñîåêãðäáõáÝîðäáÄëÝîàÝèïëîáòåáóáà ìîëãîáïïÝãÝåêïððäáïìáßåĦßÊÔëÞæáßðåòáï for each Business Unit and monitored the åêåðåÝðåòáïÞáåêãåéìèáéáêðáàðëàáòáèëì îáðÝåêÝêàéëðåòÝðááéìèëõááïÝêà improve succession planning.

Jane Hinkley serves as the designated ÐëêáôáßñðåòáÆåîáßðëîîáïìëêïåÞèáâëî workforce engagement and she oversaw the Board's engagement activities during the year. This included a review of the results of the global employee engagement survey and a series of site visits by Board members.

Further information about the Group's approach to health and safety and employment matters can be found on ìÝãáï# \$åêßèñàåêãàáðÝåèïëâðäá engagement survey results. Information about the work of the Board's Committees in considering and supporting the interests of the Company's employees can be found in the Nomination and Remuneration Committees' Reports on pages 110–143.

The need to foster the company's ÞñïåêáïïîáèÝðåëêïäåìïóåðäïñììèåáîï customers and others

ÆñîåêãðäáÄëÝîàîáßáåòáà ìîáïáêðÝðåëêïëêáêàéÝîçáðïðäá dynamics of the Group's relationships with ßñïðëéáîïÝêàïñììèåáîïÝêàçáõéÝððáîï of concern to them. It discussed the steps being taken by the Group to respond to ßñïðëéáîïĎëêãëåêãîáíñåîáéáêðïÝêàðäá îáïáÝîßäÝêààáòáèëìéáêðéÝîçáðåêã and new product launch strategies being actioned to respond to these. The Board reviewed information on the Group's performance against key manufacturing quality targets and was updated at Board meetings on actions undertaken to rectify ÝêõïåãêåĦßÝêðíñÝèåðõåïïñáïëîßñïðëéáî ßëéìèÝåêðïìÝîðåßñèÝîèõåâðäáïáåêàåßÝðáà repeat issues that required investigation. Further information on the Board's focus ëêïñììèåáîïßñïðëéáîïÝêàëðäáîïßÝê be found in the Corporate Governance Statement on page 95.

The impact of the company's operations on the community and the environment

ÕñììëîðåêãëñîßñïðëéáîïĎáĪëîðïðë reduce their own environmental footprint ÝêàåéìîëòáïÝâáðõëêðäáïäëìħëëî is a key element of the Group's strategy. ÖäîëñãäëñððäáÄëÝîààåïßñïïáà each Business Unit's progress with this strategy. It also received biannual presentations from the VP Sustainability on the work of the Sustainability Council and the Group's progress against its ïñïðÝåêÝÞåèåðõðÝîãáðïËêÝààåðåëêðäá Board and Audit Committee monitored the Group's progress with TCFD compliance. Further details of the Board's oversight of sustainability can be found in the Sustainability section on pages 50–85. The Board recognises that the success of the Group's operations is dependent on maintaining positive relations with the communities in which óáëìáîÝðáÆñîåêãðäáÄëÝîà continued to encourage Vesuvius' sites to support their local communities through charitable activities and community áòáêðïÇôÝéìèáïëâóäåßäßÝêÞáâëñêàåê the Our Communities section on page 83.

ÖäáàáïåîÝÞåèåðõëâðäáßëéìÝêõ maintaining a reputation for high ïðÝêàÝîàïëâÞñïåêáïïßëêàñßð

The Board takes seriously the Group's obligation to maintain a high standard of business conduct and assessed compliance with this requirement through ÝòÝîåáðõëâéáßäÝêåïéïàñîåêã including reports from Internal and ÇôðáîêÝèÃñàåðÝèëêãóåðäâááàÞÝßçâîëé the Group's employee engagement survey. The Board received formal reports during ëêðäáÉîëñìĎïßëéìèåÝêßáÝßðåòåðåáï including the Group's risk assessment ìîëãîÝééáÝêàðîÝåêåêãìîÝßðåßáï ÝêàïìáßåĦßåïïñáïîÝåïáàðäîëñãäðäá Group's Speak Up helpline and internal reporting processes. Further details of the Group's compliance activities can be found in the Our communities section on pages 81-85.

ÖäáêááàðëÝßðâÝåîèõÝïÞáðóááê éáéÞáîïëâðäáßëéìÝêõ

The primary focus of the Board's business decisions is on ensuring the long-term sustainability of the Group. The Board îáßëãêåïáïðäÝðåêïááçåêãðëéÝåêðÝåê èëêãðáîéìîëĦðÝÞåèåðõðäáÉîëñìåïîáèåÝêð ëêðäáïñììëîðëâÝèèëâåðïïðÝçáäëèàáîï åêßèñàåêãðäáÉîëñìĎïóëîçâëîßáåðï ßñïðëéáîïïñììèåáîïÝêàðäáßëééñêåðåáï in which its businesses operate. In taking ßÝìåðÝèÝèèëßÝðåëêàáßåïåëêïàñîåêã the Board was cognisant of the need to ÞÝèÝêßáðäáåêðáîáïðïëâàåĪáîáêð stakeholders. Decisions on the Group's ÝììîëÝßäðëåêòáïðéáêðëììëîðñêåðåáï óëîçåêãßÝìåðÝèßÝìáôÔÆåêòáïðéáêð åêìáëìèáàåòåàáêàìëèåßõÝêàìáêïåëê contributions were all considered against this backdrop.

Our stakeholders

Why this stakeholder is important to us Issues that matter to them Our response and engagement

Our people

ÙåðäëñîàáßáêðîÝèåïáàéÝêÝãáéáêðéëàáè the dedication and professionalism of our ìáëìèáðäáåîßÝìÝßåðõðëëóêðäáåîîëèáïÝêà ðäáåîàîåòáâëîîáïñèðïÝîáðäáéëïðïåãêåĦßÝêð contributors to Vesuvius' success. We focus ëêðäáäáÝèðäÝêàïÝâáðõëâÝèèëñîïðÝĪ and operate with a clear set of CORE Values that are embedded across the business. ÙááêãÝãáóåðäëñîìáëìèááêßëñîÝãåêã and rewarding high performance to create an environment where all can realise their individual potential.

Health and safety Diversity and inclusion Remuneration evolution International mobility Employee engagement Development and retention Career opportunities Sustainability performance

We have a fundamental focus on health and safety and the care of all employees

ÖäáîáåïßëêðåêñåêãàåÝèëãñáÞáðóááêáéìèëõááï and their managers, including the conduct of regular performance reviews

ÙáëìáîÝðáÝßëéìáðåðåòáîáéñêáîÝðåëêÝêàÞáêáĦðï strategy, emphasising talent development with tailored career-stage programmes

ÎåòåêãðäáØÝèñáïÝêàëðäáîÝóÝîàïßäáéáïßáèáÞîÝðá individual achievements in the demonstration of our values

ÑñîãèëÞÝèßëééñêåßÝðåëêéáßäÝêåïéïåêßèñàáÝêåêðîÝêáð ãèëÞÝèáéÝåèßëééñêåßÝðåëêïÝêàÝØáïñòåñïêáóïÝìì alongside forums such as local 'town hall' meetings

The Group operates local works councils, recognises ðîÝàáñêåëêïÝêàåïêáãëðåÝðåêãðäáîááïðÝÞèåïäéáêðëâ its European Works Council

ÙåàáîÝêãåêãåêðáîêÝèðîÝåêåêãåïëĪáîáàëêçáõæëÞîáèÝðáà åïïñáïóåðäìîëãîÝééáïïñßäÝïðäáØáïñòåñï×êåòáîïåðõ ÊáÝÖðÝêàðäáÈëïáßë×êåòáîïåðõ

Customers

ÇêãÝãåêãóåðäÝêàèåïðáêåêãðëëñîßñïðëéáîï helps us to understand their needs and identify opportunities and challenges. Collaborating with our customers enables us ðëàîåòáòÝèñáâëîðäáéñïåêãëñîáôìáîðåïáðë åéìîëòáðäáïÝâáðõÝêàáĨßåáêßõëâðäáåî éÝêñâÝßðñîåêãìîëßáïïáïáêäÝêßåêãðäáåî end-product quality and reducing their costs.

Health and safety

ÒîëàñßðåëêáĨßåáêßõ
Product quality and performance
Innovation and provision of solutions
Environmental performance

We employ highly skilled technical experts to help us understand our customers' needs, and to identify opportunities and solutions for them

We engage with customers on safety leadership and support their training requirements

ÑñîáôðáêïåòáÔÆßÝìÝÞåèåðõàááììîëàñßðçêëóèáàãá and long-standing steel and foundry process expertise áêÝÞèáñïðëìÝîðêáîóåðäðäáéðëåêêëòÝðáÝêàÝàÝìððë their changing needs

We maintain senior-level dialogue with all key customers, including Directors' visits to customers' sites, as appropriate

ÙááïðÝÞèåïäßñïðëéáîîáèÝðåëêïäåìïëêÝãèëÞÝè ÞÝïåïÝïîáíñåîáàßëéìèáéáêðáàÞõàåòáîïáèëßÝè ïáîòåßåêãßÝìÝÞåèåðõ

ÑñîÞñïåêáïïéëàáèâëßñïáïëêßëèèÝÞëîÝðåëêóåðä customers, to provide customised solutions.

ÑñîðáßäêåßÝèïëèñðåëêïáêÝÞèáßñïðëéáîïðëàîåòá ìîëàñßðåëêáĨßåáêßõåéìîëòåêãòÝèñáßîáÝðåëêÝêà environmental outcomes

We provide technical customer training, including ëìáîÝðåêãðäáÈëïáßë×êåòáîïåðõÝêàìÝîðåßåìÝðáåê industry forums and events

Suppliers and contractors

ÏÝåêðÝåêåêãÝħáôåÞèáóëîçâëîßáðäîëñãäðäá ñïáëâßëêðîÝßðëîïÝêàßëïðáĪáßðåòáÝßßáïï to high-quality raw materials is vital to our success. Our suppliers and contractors are critical to our business.

Operational performance
Responsible procurement
Trust and ethics

Payment practices

Vesuvius conducts regular visits to key suppliers

ÕáêåëîèáòáèîáèÝðåëêïäåìïÝîáÞñåèðóåðäèÝîãáïñììèåáîï ÃèèïñììèåáîïÞîëçáîïâëîéÝæëîîÝóéÝðáîåÝèïäÝòá

îáãñèÝîåêðáîÝßðåëêóåðäðäáÉèëÞÝèÒñîßäÝïåêãÖáÝé

ÆáàåßÝðáàßÝðáãëîõàåîáßðëîïÞñåèàèëêãðáîéîáèÝðåëêïäåìï and product expertise for key raw materials

Vesuvius conducts a rigorous and consistent supplier accreditation procedure

ÇĪáßðåòáóëîçåêãìîëðëßëèïåêßèñàåêãóëîçîåïç ÝïïáïïéáêðïÝîááïðÝÞèåïäáàóåðäßëêðîÝßðëîï

Section 172(1) Statement continued

Our stakeholders continued

Why this stakeholder is important to us Issues that matter to them Our response and engagement

Investors

ÖäáïñììëîðëâëñîáíñåðõÝêààáÞðåêòáïðëîï ÝêàßëêðåêñáàÝßßáïïðëâñêàåêãåïòåðÝèðëðäá performance of our business. We work to ensure that our investors and lenders have ÝßèáÝîñêàáîïðÝêàåêãëâëñîïðîÝðáãõ ìáîâëîéÝêßáÝêàëÞæáßðåòáïîáßëãêåïåêã that supportive investors are more likely to ìîëòåàáðäáÅëéìÝêõóåðäâñêàïâëîáôìÝêïåëê ÙááêãÝãáóåðäèáêàáîïðëâñèĦèëñîßëéìèåÝêßá obligations and to ensure that we have clear knowledge and awareness of market sensitivities and trends.

Shareholder value Financial and operational performance Strategy and business development Dividend and gearing policy Sustainability strategy and performance Governance Transparency and ethical behaviour ØáïñòåñïĎËêòáïðëîÔáèÝðåëêïïðîÝðáãõåïéÝêÝãáàÞõ our Head of Investor Relations. She, along with the ÅäåáâÈåêÝêßåÝèÑĨßáîÝêàÅäåáâÇôáßñðåòáäëèà regular meetings with key and prospective investors The Group Treasurer and CFO hold regular meetings with çáõìáîïëêêáèâîëéÞÝêçïÝêàëðäáîèáêàáîïóäëìîëòåàá ðäáÉîëñìĎïàáÞðâñêàåêãÖäáÉîëñìÖîáÝïñîõâñêßðåëê also maintains an ongoing dialogue with key relationship ÞÝêçïÝêàëðäáîèëßÝèÞÝêçïåêðäáßëñêðîåáïåêóäåßä Vesuvius operates The Group's Annual Report provides an overview of the Group's activities. Regular announcements and press îáèáÝïáïÝîáìñÞèåïäáàðëìîëòåàáñìàÝðáïëêðäáÉîëñìĎï performance and progress The AGM provides all shareholders with an opportunity to directly engage with the Board There is ongoing dialogue with the Company's analysts ðëÝààîáïïáêíñåîåáïÝêàìîëéëðáðäáÞñïåêáïï The Chair of the Remuneration Committee consults with our èÝîãáïðïäÝîáäëèàáîïëêïåãêåĦßÝêðîáéñêáîÝðåëêéÝððáîï Career opportunities Operational performance Transparency and ethical behaviour Environmental performance We provide work experience and internships to local university students and school children We maintain contact with universities to identify local ðÝèáêðÝêàëñîÞñïåêáïïáïÝððáêàßÝîááîïâÝåîïÝêàìîëòåàá student work placements and internships ÏÝêõëâëñîïåðáïïìëêïëîèëßÝèßäÝîåðÝÞèáÝßðåòåðåáï and participate in local volunteering initiatives We maintain clear oversight and control of the environmental impact of our production sites ÙáäÝòáÝßèáÝîïðîÝðáãõâëîßÝîÞëêîáàñßðåëêåêëñî manufacturing process Governance and transparency Operational performance Reporting on performance metrics Environmental performance ØáïñòåñïåïÝïåãêÝðëîõðëðäá×ÐÉèëÞÝèÅëéìÝßð ÙáìñÞèåïäÝâñèèÕñïðÝåêÝÞåèåðõÔáìëîðëêèåêáóäåßäßÝê ÞáÝßßáïïáàòåÝðäáØáïñòåñïóáÞïåðá We regularly engage with government agencies who visit our sites and carry out inspections We respond to environmental research as part of customer and supplier due diligence

ÙáìÝîðåßåìÝðáåêáêòåîëêéáêðÝèÝêàïëßåÝèîáïìëêïåÞåèåðõ research and questionnaires

Communities

We are committed to maintaining positive relationships with the communities in which we operate. Our social responsibility activities complement our Values and we encourage our employees to engage with communities and groups local to our operations.

Environmental agencies and organisations

Good environmental management is aligned óåðäëñîâëßñïëêßëïðëìðåéåïÝðåëê ëìáîÝðåëêÝèáôßáèèáêßáÝêàèëêãðáîé business sustainability. We engage with appropriate organisations to ensure that we ÝîáßëéìèõåêãóåðäîáãñèÝðëîõîáíñåîáéáêðï and to publicise our performance.

ÔåïçòåÝÞåèåðõÝêàãëåêãßëêßáîê

The Board continually monitors the internal and áôðáîêÝèîåïçïðäÝðßëñèàïåãêåâåßÝêðèõåéìÝßððäá Group's long-term performance

The Group undertakes a continuous process to review and understand áôåïðåêãÝêàáéáîãåêãîåïçï

Risk management in 2022

ÇÝßäõáÝîðäáÄëÝîàáôáîßåïáïëòáîïåãäðëâ ðäáÉîëñìĎïìîåêßåìÝèîåïçïñêàáîðÝçåêã ÝïìáßåĦßîáòåáóëâðäáóÝõåêóäåßäðäá Group manages those risks. This process provides the Board with a clear understanding of the individuals within the business responsible for the management of each of its principal risks and the mitigation in place to address it. The Board ÝèïëîáòåáóïÝêàóäáîáÝììîëìîåÝðá updates the Group's risk appetite for those åïïñáïåàáêðåĦáàÝïìîåêßåìÝèîåïçïÝêàðäá associated adequacy of the steps being taken to mitigate them.

The Board has overall responsibility for establishing and maintaining a system of risk management and internal control ÝêàâëîîáòåáóåêãåðïáĪáßðåòáêáïïÖäá Group undertakes a continuous process to identify and review risk. This assessment undergoes a formal review at half-year ÝêàÝðõáÝîáêàÖäáîåïçïåàáêðåĦáà by the business are compiled centrally to deliver a coordinated picture of the Group's key operational risks. These risks are then reviewed by the Group ÇôáßñðåòáÅëééåððáá

ÃïìÝîðëâðäåïîáòåáóáÝßäÐëêáôáßñðåòá Director contributes their individual view of the top-down strategic risks facing the Group – drawing on the broad commercial ÝêàĦêÝêßåÝèáôìáîåáêßáðäáõäÝòáãÝåêáà both inside and outside the Group – as well as their views on the Group's risk appetite. The results of this assessment are then overlaid on the internal assessment of risks to build a comprehensive analysis of áôåïðåêãÝêàáéáîãåêãîåïçËêðäåïóÝõðäá Directors' views on each of the principal îåïçïÝêàëêáéáîãåêãîåïçïåêãáêáîÝèÝîá independently gathered and integrated into the management discussions and actions taken on risk.

ÖäáìîëßáïïßëòáîïÞëðäĦêÝêßåÝèÝêà êëêĦêÝêßåÝèîåïçïÝêàßëêïåàáîïðäáîåïçï associated with the impact of the Group's Ýßðåòåðåáïëêáéìèëõááïßñïðëéáîï ïñììèåáîïðäááêòåîëêéáêðèëßÝè communities and society more generally.

ÃïåêìîáòåëñïõáÝîïåêðäáÉîëñìĎï assessment of principal risks was reviewed and considered against any emerging risks ÝêàñêßáîðÝåêðåáïðäÝðóáîáåàáêðåĦáà through this internal review process. ÃèëêãïåàáðäåïðäáÄëÝîàßëêðåêñáàðë monitor the implications of emerging macro trends on the business. These trends åêßèñàáàÝñðëéÝðåëêåêéÝêñâÝßðñîåêã ÞñïåêáïïàåãåðÝèåïÝðåëêÝñðëéëðåòá áèáßðîåĦßÝðåëêãáëìëèåðåßÝèðáêïåëêÝêàåê ìÝîðåßñèÝîðäáïåãêåĦßÝêðïðáìïÞáåêãðÝçáê in our end-markets to combat climate change as businesses commit to future net zero emissions targets. All of these could act as disruptors to our business. Commentary on some of these areas is ßëêðÝåêáàåêðäáÑñîáôðáîêÝèáêòåîëêéáêð section on pages 14 and 15 of this Report. No additional critical macro trends were åàáêðåĦáàåê

The Board also conducted further physical site visits in 2022. The Directors believe ðäÝððäåïàåîáßðáêãÝãáéáêðóåðäïðÝĪ åïðäáéëïðáĪáßðåòáóÝõðëÝïïáïïðäá 'temperature' of the organisation – hearing ĦîïðäÝêàÝÞëñðåïïñáïßëêßáîêïÝêà potential risks that might impact the Group. More details on the site visits conducted can be found on page 95.

Risk remains an integrated part of all Äñïåêáïï×êåðìîáïáêðÝðåëêïðëðäáÄëÝîà informing the Board of the operational approach taken to risk management on a day-to-day basis.

Changes to risk in 2022

ËêðäáÄëÝîàßëêðåêñáàðëâëßñï ëêðäáÉîëñìĎïáôåïðåêãîåïçïÝêàðäá ìîëßáïïáïðëéåðåãÝðáÝêàéÝêÝãáðäáé whilst remaining alert to the potential for there to be other emerging risks. The risks posed by the COVID-19 pandemic broadly îáßáàáààñîåêãëðäáîðäÝêåêÅäåêÝ where we continued to be alert to the potential for disruptions to our operations

and limitations on movement around the country. Ahead of the recent cyber åêßåàáêððäáÄëÝîàäÝàêëðáàðäá developing trends in cyber threats to ÞñïåêáïïåêãáêáîÝèÝêàäÝàîáħáßðáà this in the principal risks of the business in terms of business continuity.

ÑðäáîáéáîãåêãîåïçïóáîáÝïïáïïáàóåðä the Board considering the pressures on the ÞñïåêáïïâîëéåêħÝðåëêÝêàåêðáîáïðîÝðáï ÝêàðäááĪáßðïëâðäáåêßîáÝïåêãèõàåĨßñèð áêòåîëêéáêðâëîáêáîãõìîåßåêãÝêàïñììèõ which deteriorated further during the year ÝïÝîáïñèðëâðäáßëêħåßðåê×çîÝåêá

The Board also considered the continuing work required to ensure that the Group's decentralised management and talent pipeline delivers the Group's ìîëĦðÝÞèáãîëóðäÝéÞåðåëêïóäåèïðÝèïë consistently displaying behaviours in line with the Group's values in the conduct of all business.

Against the more uncertain economic ÞÝßçàîëìÞîëÝàáîÞñïåêáïïßëêðåêñåðõ risks were highlighted by the Board. With job markets in some jurisdictions ÞáßëéåêãåêßîáÝïåêãèõàåĨßñèðìëïð ìÝêàáéåßðäáïáâëßñïáàëêìáëìèá and the need to ensure that the business has the right management with the rights skills in the right places. This has to be coupled with the ability to retain and develop these people and a bench of talent lower down the business to support succession planning.

The Board also considered security of supply of raw materials and the geopolitical trends potentially moving away from the drive for globalisation.

It was noted that a number of these and other issues were already addressed in the Group's principal risks and by related mitigation activities.

ÔåïçòåÝÞåèåðõÝêàãëåêãßëêßáîêcontinued

ËïïñáïåàáêðåĦáàåêßáîðÝåêëâðäáÉîëñìĎï principal risks materialised during ÖäáÉîëñìĎïáôåïðåêãéáÝïñîáïåê mitigation were initiated and reviewed to áêïñîáðäáåîßëêðåêñåêãáĪáßðåòáêáïï These were most notably:

Business interruption:ËêðäáĦîïðäÝèâëâ ðäáõáÝîßëêïåàáîÝÞèáóëîçóÝïàëêáëê security of energy resources in the light of the disruption of the Russian gas supply to Europe. This focused on plans to ensure that our European facilities could continue ðëëìáîÝðáÝêàðäáÝÞåèåðõðëðîÝêïâáî production in the event of an interruption in gas supply. Our business in Ukraine ïñĪáîáàòáîõïåãêåĦßÝêðßäÝèèáêãáïÞñð ßëêðåêñáàðëëìáîÝðáðëðäááôðáêð ìëïïåÞèáóåðäðäááôßáìðåëêÝèïñììëîðëâ ëñîìáëìèáÞÝïáàðäáîáËêÝààåðåëêëñî ÞñïåêáïïåêÅäåêÝßëêðåêñáàðëáôìáîåáêßá lockdowns related to the COVID-19 ìÝêàáéåßÝêàÝààîáïïåêãðäáïáîåïçïóÝï a clear focus for our regional management in China.

ËêÌÝêñÝîõðäåïõáÝîóáÝèïëïñĪáîáàÝê áôìèëïåëêÝðëñîïåðáåêÕëñðäÃâîåßÝóäåßä damaged some equipment and required the instigation of our business continuity plan to mitigate the impact on our customers.

End-market risk: The global economic ëñðèëëçàáðáîåëîÝðáàïåãêåĦßÝêðèõåêðäá ïáßëêàäÝèâëâóåðäìÝîðåßñèÝî concern indicated for the mature ÇñîëìáÝêáßëêëéåáïÖäááĪáßðïëâðäåï àåàêëðäÝòáÝïåãêåĦßÝêðåéìÝßðåê given the sharp focus on the commercial performance of our Steel and Foundry Divisions. Whilst the geographic diversity of our business and our presence in developing markets stand as robust mitigation to any regional disruptions ëîáßëêëéåßàáßèåêáðäááĪáßðïëâðäåï projected global decline continue to be carefully monitored.

Complex and changing regulatory

environment:Öäáßëêħåßðåê×çîÝåêáèáà ðëÝïåãêåĦßÝêðåêßîáÝïáåêïÝêßðåëêïÝêà restrictions relating predominantly to ÔñïïåÝåéìëïáàÞõðäá×êåðáàÍåêãàëé the European Union and the United States. The Group monitored these developments closely and using our established internal ðáÝéÝêàìîëßáïïáïðëëçïðáìïðëÝïïáïï and respond to each iteration of these restrictions as they were imposed.

People, culture and performance: The shift in working patterns to more remote working that come about as a result of the COVID-19 pandemic continues to be in

place in the majority of our geographies. Whilst Vesuvius does not have a global ìëèåßõåêðäåïîáãÝîàáêÝÞèåêãëñî businesses to tailor their approach as êáßáïïÝîõÝßëêßáîðáàáĪëîðäÝïÞááê made to bring our people back to the physical workplace where possible. This is considered to be particularly important in ðäáßëêðáôðëâåêïðåèèåêãêáóæëåêáîïóåðä a sense of the culture and values of ØáïñòåñïóäåßäóáÞáèåáòáßÝêêëðÞá adequately transmitted in fully remote working structures.

ÆáïìåðáðäáÝâëîáéáêðåëêáàßäÝèèáêãáï the Board did not identify any new principal risks during 2022 or any overall éÝðáîåÝèßäÝêãáðëðäáÉîëñìĎïåàáêðåĦáà ìîåêßåìÝèîåïçïÝêàñêßáîðÝåêðåáïÝèÞáåð that within those risks a number of issues manifested themselves during the year. ÃïïñßäðäáÉîëñìĎïïðÝðáéáêðëâìîåêßåìÝè risks and uncertainties was unchanged in 2022 from 2021.

ÅõÞáîïáßñîåðõ

The Audit Committee and Board receive regular updates on the Group's activities in îáãÝîàðëßõÞáîïáßñîåðõåêßèñàåêããáêáîÝè àáòáèëìéáêðïÝêàïìáßåĦßÝßðåëêïÝêà activities within the Vesuvius business. A comprehensive plan was established in 2020 to further strengthen Vesuvius' overall IT security. This was progressed in 2021 and continued to be the focus åêóåðäÝêñéÞáîëâÝßðåòåðåáï ñêàáîðÝçáêðëïðîáêãðäáêÝêàîáĦêá our systems and controls during the year. A holistic approach is taken to addressing ßõÞáîßäÝèèáêãáïâëßñïåêãëêðäá improvement of the Group's overall IT åêâîÝïðîñßðñîáìîëßáàñîáïÝêàâîÝéáóëîç The Group continues to run regular training programmes on cyber/IT security. See page 105 in the Audit Committee report for further information on the Group's approach to cyber security.

ßõÞáîåêßåàáêð

ËêÈáÞîñÝîõðäáÉîëñìóÝïðäáïñÞæáßð of a cyber incident involving unauthorised access to our IT systems. This required the instigation of the Group's Cyber Incident Plan. Our systems were shut down to contain the incident on a precautionary ÞÝïåïÝêàëñîïåðáïåéìèáéáêðáàðäáåî business continuity plans to maintain their operations. The investigation is still ongoing and the Board continues to monitor the impact of the incident and receives regular updates on progress to ÝààîáïïåðåêßèñàåêãðäáÝßðåëêïÞáåêã

taken to mitigate the immediate risk ëââñîðäáîåêßåàáêðïÉëåêãâëîóÝîà consideration will be given to any additional strategic or operational improvements required to the Group's ïõïðáéïÝêàìîëßáïïáïðëâñîðäáîîáàñßá the potential for future attacks and further improve the Group's resilience for dealing with such incidents.

Climate change

The Group's overall risk management processes also incorporate consideration of the potential impact of climate-related risks on the Group. The Group does not regard climate change itself to represent a material stand-alone risk for the Group's operations.

ÙäåèïðÝïåãêåĦßÝêðìîëìëîðåëêëâðäá Group's revenue is generated from steel éÝêñâÝßðñîáÝêàÝñðëéëðåòáßÝïðåêãï industries that are under transition as a result of their focus on improving áêòåîëêéáêðÝèìáîâëîéÝêßáóáÞáèåáòá these changes will be positive for the Group. The opportunities in the Group's ÞñïåêáïïïðîÝðáãõóäåßäåïâëñêàáàëê helping our customers to improve their éÝêñâÝßðñîåêãáĨßåáêßõÝêàðäáíñÝèåðõ of their products – and therefore reduce their climate impact – will play a critical part in the development of the Group going forward. We also see potential ÞáêáĦðïâëîðäáÉîëñìâîëéðäá ÝßßáèáîÝðåëêëâðäááêáîãõðîÝêïåðåëê as this will create continued demand for the high-quality steel produced using Vesuvius' products and solutions.

The Group continues to recognise that climate change could present further uncertainty for the Group in terms of åêßîáÝïáàîáãñèÝðåëêðäááòëèñðåëêëâðäá geographical distribution of our customer base and the costs of meeting more onerous disclosure requirements. Further information about the Group's consideration of climate-related risks and opportunities can be found in the Our planet section on pages 57-65.

The risks we associate with our sustainability performance and our end-customers' sustainability transition – ÞÝàãáàÝïÇÕÉÝîáåàáêðåĦáàÝïÝ separate element of the Group risk îáãåïðáîîáßëãêåïåêãðäáóëîçØáïñòåñï can do to mitigate the environmental impact of our customers' processes. Other elements of this risk are incorporated into the appropriate principal risk and uncertainty that the ÉîëñìäÝïåàáêðåĦáàÖäáÉîëñìßëêðåêñáï to focus internally on the action we can take to drive our business' sustainability. ËêðäáÉîëñìßëêðåêñáàåðïâëßñïëê ðäáåàáêðåĦáàáêòåîëêéáêðÝèïñïðÝåêÝÞåèåðõ ÍÒËïóåðäÝìÝîðåßñèÝîâëßñïëêîáàñßåêã energy consumption and CO2ááéåïïåëêï recycling and waste disposal. Under the Group's Sustainability initiative we seek to drive a lower CO2ááéåïïåëêåêðáêïåðõ îáàñßáêëîéÝèåïáàáêáîãõñïÝãáÝêàðÝçá the steps necessary to meet the target set of being absolute CO2e emissions net zero by 2050 at the latest. Further information can be found in the Our planet section on pages 57–70.

Risk mitigation

ÖäáìîåêßåìÝèîåïçïåàáêðåĦáàÝîáÝßðåòáèõ éÝêÝãáàåêëîàáîðëéåðåãÝðááôìëïñîá Senior management 'owners' have been åàáêðåĦáàâëîáÝßäìîåêßåìÝèîåïçÝêàðäáõ éÝêÝãáðäáéåðåãÝðåëêïëâðäÝðïìáßåĦß risk and contribute to the analysis of its likelihood and materiality. This analysis is reported to the Board. The risks are ÝêÝèõïáàåêðäáßëêðáôðëâëñîÞñïåêáïï structure which gives protection against a number of principal risks we face with àåòáîïåĦáàßñîîáêßåáïÝóåàáïìîáÝà ßñïðëéáîÞÝïáèëßÝèìîëàñßðåëêéÝðßäåêã the diversity of our markets and intensive ðîÝåêåêãëâëñîáéìèëõááïÃààåðåëêÝèèõ we seek to mitigate risk through contractual measures. Where costáĪáßðåòáðäáîåïçåïðîÝêïâáîîáàðëåêïñîáîï Our processes are not designed to áèåéåêÝðáîåïçÞñððëåàáêðåâõëñîìîåêßåìÝè risks and seek to reduce them to a îáÝïëêÝÞèáèáòáèåêðäáßëêðáôðëâðäá delivery of the Group's strategy.

Business continuity

In partnership with our risk management ÝàòåïáîïÝêàëñîåêïñîáîïóáïááçðë åàáêðåâõðäáéëïðáĪáßðåòáéáÝêïëâ reducing or eliminating insurable îåïçïðäîëñãäÝßëéÞåêÝðåëêëâîåïç management and the placing of insurance cover.

Our insurer property loss control programme is based upon insurer loss modelling and focuses on insured losses. The insurer's loss control engineers undertake a series of on-site inspections âëßñïáàëêéÝßäåêáîõÞîáÝçàëóêĦîá natural catastrophe and other property damage and business interruption risks. These surveys yield a series of loss-reduction recommendations. ÖäááôáßñðåëêëâðäáïáîáßëééáêàÝðåëêï is agreed with site management and then followed through to completion.

ËêìÝîÝèèáèØáïñòåñïĎëóêèëïï management programme focuses on strategic sites and sites that are not routinely covered by the insurer programme. Assisted by an independent ßëêïñèðÝêðóáñêàáîðÝçáìîëìáîðõ loss control and business continuity surveys using Vesuvius' bespoke risk ÝêàáôìëïñîáÞÝïáàìîëðëßëè

These reports yield further risk reduction îáßëééáêàÝðåëêïÝêàåéìîëòáéáêð actions and timescales are agreed and followed through by site management. To support the Group's loss control ÝßðåòåðåáïîåïçéÝêÝãáéáêðóëîçïäëìï Ýîáßëêàñßðáàßëòáîåêãèëïïìîáòáêðåëê áéáîãáêßõìèÝêêåêãßîåïåïéÝêÝãáéáêð and business recovery. As the footprint of ðäáÉîëñìàáòáèëìïÝêàåêßáîðÝåêßÝïáï production concentrates in a smaller êñéÞáîëâħÝãïäåìïåðáïÞñïåêáïï continuity planning is conducted to ensure ðäÝðïñĨßåáêðîáïåèåáêßáîáéÝåêïåêðäá manufacturing network to address projected supply interruptions.

ÙåðäîáãÝîàðëĦîáïÝâáðõðäáÉîëñì éëêåðëîïÝèèĦîáîáèÝðáàêáÝîéåïïáïëî éåêëîàÝêãáîëñïëßßñîîáêßáïÃêõĦîáï åêßèñàåêãëòáîäáÝðåêãÝîáîáìëîðáà and analysed both locally and by senior HSE management in order that safety improvement initiatives can be prioritised and communicated throughout the Group. Underlying causes are established with detailed analysis undertaken as a means of proposing improvement priorities in order that safety and process safety initiatives can be targeted on a riskassessed basis.

Internal control

The Group's internal control system åïàáïåãêáàðëéÝêÝãáîÝðäáîðäÝê áèåéåêÝðáðäáĦêÝêßåÝèîåïçïâÝßåêã the Group and safeguard its assets. No system of internal control can provide absolute assurance against material misstatement or loss. The Group's system is designed to provide the Directors with reasonable assurance that problems are åàáêðåĦáàëêÝðåéáèõÞÝïåïÝêàÝîáàáÝèð with appropriately.

The Audit Committee assists the Board åêîáòåáóåêãðäááĪáßðåòáêáïïëâðäá ÉîëñìĎïïõïðáéëâåêðáîêÝèßëêðîëè åêßèñàåêãĦêÝêßåÝèëìáîÝðåëêÝèÝêà ßëéìèåÝêßáßëêðîëèïÝêàîåïç management systems. The key features of the Group's system of internal control are set out in the table overleaf.

ÔáòåáóåêãðäááĪáßðåòáêáïïëâîåïç management and internal control

The internal control system covers the Group as a whole and is monitored and supported by the Group's Internal Ãñàåðâñêßðåëêóäåßäßëêàñßðïîáòåáóï of Vesuvius' businesses and reports objectively both on the adequacy and áĪáßðåòáêáïïëâðäáïõïðáéëâåêðáîêÝè control and on those businesses' compliance with Group policies and procedures. The Audit Committee receives reports from the Group Head of Internal Audit and reports to the Board on the results of its review.

The Group also conducts a self ßáîðåĦßÝðåëêáôáîßåïáÞõóäåßäïáêåëî ĦêÝêßåÝèëìáîÝðåëêÝèÝêàâñêßðåëêÝè éÝêÝãáéáêðßáîðåâõðäáßëéìèåÝêßá ðäîëñãäëñððäáõáÝîëâðäáÝîáÝïñêàáî their responsibility with the Group's policies and procedures and highlight any material issues that have occurred during the year.

As part of the Board's process for îáòåáóåêãðäááĪáßðåòáêáïïëâðäá ïõïðáéëâåêðáîêÝèßëêðîëèåðàáèáãÝðáï certain matters to the Audit Committee. Following the Audit Committee's review ëâåêðáîêÝèĦêÝêßåÝèßëêðîëèïÝêàëâðäá ìîëßáïïáïßëòáîåêãëðäáîßëêðîëèïðäá Board annually evaluates the results of the internal control and risk management procedures conducted by senior management. Since the date ëâðäåïáòÝèñÝðåëêðäáîáäÝòáÞááêêë ïåãêåĦßÝêðßäÝêãáïåêåêðáîêÝèßëêðîëèïëî ëðäáîéÝððáîïåàáêðåĦáàóäåßäßëñèà ïåãêåĦßÝêðèõÝĪáßððäáé

In accordance with the provisions of ðäá×ÍÅëîìëîÝðáÉëòáîêÝêßáÅëàáðäá ÆåîáßðëîïßëêĦîéðäÝððäáõäÝòáßÝîîåáà out a robust assessment of the principal ÝêàáéáîãåêãîåïçïâÝßåêãðäáÅëéìÝêõ including those that threaten its business éëàáèâñðñîáìáîâëîéÝêßáïëèòáêßõëî liquidity. They have also reviewed the áĪáßðåòáêáïïëâðäáÉîëñìĎïïõïðáéëâ åêðáîêÝèßëêðîëèÝêàßëêĦîéðäÝððäá necessary actions have been taken to remedy any control weaknesses åàáêðåĦáààñîåêãðäáõáÝîÝêàðëðäá date of this report.

Further detail regarding the Audit ÅëééåððááĎïîáòåáóëâðäááĪáßðåòáêáïïëâ the Group's risk management and internal control systems is contained in the Audit Committee report on pages 104-106.

ÔåïçòåÝÞåèåðõÝêàãëåêãßëêßáîêcontinued

Key features of risk management and internal control

Strategy and	Comprehensive strategic planning and forecasting process
ĦêÝêßåÝèîáìëîðåêã	Annual budget approved by the Board
	ÏëêðäèõëìáîÝðåêãĦêÝêßåÝèåêâëîéÝðåëêîáìëîðáàÝãÝåêïðÞñàãáð
	Key trends and variances analysed and action taken as appropriate
Vesuvius GAAP	Accounting policies and procedures formulated and disseminated to all Group operations
	ÅëòáîïðäáÝììèåßÝðåëêëâÝßßëñêðåêãïðÝêàÝîàïðäáéÝåêðáêÝêßáëâÝßßëñêðåêãîáßëîàï ÝêàçáõĦêÝêßåÝèßëêðîëèìîëßáàñîáï
Operational controls	ÑìáîÝðåêãßëéìÝêåáïÝêàßëîìëîÝðáëĨßáïéÝåêðÝåêåêðáîêÝèßëêðîëèïÝêàìîëßáàñîáï appropriate to their structure and business environment
	ÅëéìèåÝêßáóåðäÉîëñììëèåßåáïëêåðáéïïñßäÝïÝñðäëîåïÝðåëêëâßÝìåðÝèáôìáêàåðñîá ðîáÝïñîõðîÝêïÝßðåëêïðäáéÝêÝãáéáêðëâåêðáèèáßðñÝèìîëìáîðõÝêàèáãÝèŸîáãñèÝðëîõåïïñáï
	×ïáëâßëééëêÝßßëñêðåêãìëèåßåáïÝêàìîëßáàñîáïÝêàĦêÝêßåÝèîáìëîðåêãïëâðóÝîáñïáà åêĦêÝêßåÝèîáìëîðåêãÝêàßëêïëèåàÝðåëê
	ÕåãêåĦßÝêðĦêÝêßåêãÝêàåêòáïðéáêðàáßåïåëêïîáïáîòáàðëðäáÄëÝîà
	Monitoring of policy and control mechanisms for managing treasury risk by the Board
	ÅèáÝîèõàáèáãÝðáàÝñðäëîåðõâëîßÝìåðÝèáôìáêàåðñîáìñîßäÝïåêãßñïðëéáîßëêðîÝßðï and hiring

Risk assessment	ÅëêðåêñëñïìîëßáïïâëîåàáêðåâõåêãáòÝèñÝðåêãÝêàéÝêÝãåêãÝêõïåãêåĦßÝêðîåïçï
and management	Risk management process designed to identify the key risks facing each business
	Reports made to the Board on how those risks are managed
	ÇÝßäéÝæëîÉîëñìÄñïåêáïï×êåðìîëàñßáïÝîåïçéÝìðëåàáêðåâõçáõîåïçïÝêàÝïïáïï ðäáèåçáèåäëëàëâîåïçïëßßñîîåêãÝïóáèèÝïðäáåîåéìÝßðÝêàéåðåãÝðåêãÝßðåëêï
	ÖëìšàëóêîåïçåàáêðåĦßÝðåëêñêàáîðÝçáêÝðÉîëñìÇôáßñðåòáÅëééåððááÝêà Board meetings
	Board review of insurance and other measures used in managing risks across the Group
	ÖäáÄëÝîàåïêëðåĦáàëâéÝæëîåïïñáïÝêàéÝçáïÝêÝêêñÝèÝïïáïïéáêðëâóäáðäáîîåïçï have changed
	Ongoing assurance processes by the legal function and Internal Audit including the ÝêêñÝèïáèâšßáîðåĦßÝðåëêìîëßáïï
	ÇôðáîêÝèèõïñììëîðáàÕìáÝç×ìóäåïðèáÞèëóåêãèåêá
Internal Audit	ÔáòåáóïØáïñòåñïĎÞñïåêáïïáïÝêàîáìëîðïëêðäáÝàáíñÝßõÝêàáĪáßðåòáêáïïëâðäáåî systems of internal control and compliance with Group policies and procedures
	ÃãîááïÝßðåëêìèÝêïâëîðäáîáïëèñðåëêëâÝêõåéìîëòáéáêðÝßðåëêïåàáêðåĦáàÞõðäáåîÝñàåðï ÝêàéëêåðëîïóåðäèëßÝèéÝêÝãáéáêðÝêàðäáÄñïåêáïï×êåðÒîáïåàáêðïìîëãîáïïåëêóåðä their completion
	Reports to the Audit Committee on the results of each audit and provides regular updates on high-priority action items
	ÖäáÃñàåðÅëééåððááàåïßñïïáïðäáçáõîåïçïåàáêðåĦáàÞõËêðáîêÝèÃñàåð

ÖäáîåïçïåàáêðåĦáàëêìÝãáïÝêàÝîá those the Board considers to be the most relevant to the Group in relation to their potential impact on the achievement of its Strategic Objectives. All of the risks set out ëêðäáïáìÝãáïßëñèàéÝðáîåÝèèõÝĪáßððäá ÉîëñìåðïÞñïåêáïïáïâñðñîáëìáîÝðåëêï ÝêàĦêÝêßåÝèßëêàåðåëêÝêàßëñèàßÝñïá ÝßðñÝèîáïñèðïðëàåĪáîéÝðáîåÝèèõâîëé áôìáßðáàëîäåïðëîåßÝèîáïñèðïÖäáÉîëñì ßëêðåêñáïðëâëßñïëêîåïçéåðåãÝðåëê ÝêàóäåèïðÝïåàáêðåĦáàÝÞëòáßáîðÝåê elements of the Group's risks have éÝêåâáïðáàåêÝêàðäáìîåêßåìÝè risks of the Group remain the same. These risks are not the only ones that the Group faces or will face. Some risks are not yet known and some currently not deemed to be material could become so.

ØåÝÞåèåðõÕðÝðáéáêð

In accordance with the UK Corporate ÉëòáîêÝêßáÅëàáðäáÆåîáßðëîïäÝòá assessed the viability of the Group over a ðäîááõáÝîìáîåëàðëÆáßáéÞáî! taking into account the Group's current position and the potential impact of the principal risks and uncertainties. The Directors have determined that three years is an appropriate period over which to provide the Viability Statement because this is the Company's planning cycle and åðåïïñĨßåáêðèõâñêàáàÞõĦêÝêßåêã facilities with average maturity terms of ÝììîëôåéÝðáèõïåôõáÝîïÖäáìîëæáßðáà ßÝïäħëóïâëîðäáêáôððäîááõáÝîïäÝòá been based on the latest Board-approved budgets and strategic plans.

ËêéÝçåêãðäåïïðÝðáéáêððäáÆåîáßðëîï have carried out a robust assessment of the principal risks that may threaten the ÞñïåêáïïéëàáèâñðñîáìáîâëîéÝêßá solvency and liquidity of the Group. This is embodied in annual review of a three-year business plan which includes a review of ïáêïåðåòåðõðëčÞñïåêáïïÝïñïñÝèĎîåïçïïñßä ÝïìîëĦðãîëóðäÝêàóëîçåêãßÝìåðÝè òÝîåÝêßáïïáòáîáÞñðìèÝñïåÞèááòáêðïÝêà the impact these could have on the Group's debt covenants and available liquidity. The results take account of the availability ÝêàèåçáèõáĪáßðåòáêáïïëâðäáéåðåãÝðåêã actions that could be taken to avoid or

Assess Principal risks and stress scenarios

reduce the impact or occurrence of the underlying risks. Whilst the review has ßëêïåàáîáàÝèèðäáìîåêßåìÝèîåïçïåàáêðåĦáà ÞõðäáÉîëñìðäáâëèèëóåêãóáîáïáèáßðáà for enhanced stress testing: an unplanned drop in customer demand; debt recovery risk due to customer default; business interruption due to the unplanned closure of several key plants; and raw material ìîåßáåêħÝðåëêÖäáÉîëñìĎïìîñàáêð ÞÝèÝêßáïäááðéÝêÝãáéáêðħáôåÞèáßëïð base able to react quickly to end-market ßëêàåðåëêïÝßßáïïðëèëêãðáîéßÝìåðÝèÝð ÝßßáìðÝÞèáĦêÝêßåêãßëïðïÝêàóáèè ãáëãîÝìäåßÝèèõàåòáîïåĦáàåêðáîêÝðåëêÝè businesses leave it well placed to manage these principal risks. In performing the ïðîáïïðáïðåêãßáîðÝåêÝïïñéìðåëêïóáîá éÝàáåêßèñàåêãðäÝðßñïðëéáîâÝåèñîáï îáïñèðåêóîåðáëĪïëâðäáâñèèòÝèñáëâðäá receivables with no lost revenue îáìèÝßáéáêðÝêàßÝïäħëóåïïñììëîðáà ÞõóëîçåêãßÝìåðÝèîáèáÝïáïîáïðîåßðáà ßÝìåðÝèáôìáêàåðñîáÝêàëìáîÝðåêãßëïð reductions. Under the enhanced stress ðáïðåêãàáïßîåÞáàÝÞëòáÝìëðáêðåÝè breach of a covenant would only occur in the event of an unforeseen reduction in îáòáêñáëâãîáÝðáîðäÝêYÃßßëîàåêãèõ ðäáÆåîáßðëîïßëêĦîéðäÝððäáõäÝòáÝ îáÝïëêÝÞèááôìáßðÝðåëêðäÝððäáÉîëñìóåèè be able to continue in operation and meet its liabilities as they fall due over the three-year period to 31 December 2025. ÈñîðäáîéëîáðäáÄëÝîàÞáèåáòáïðäÝððäá Group continues to be well positioned for success in the longer term because ëâëñîáôìëïñîáðëèëêãðáîéãîëóåêã end-markets; our market-leading position that is supported by ongoing investment in innovation and R&D; our strong degree of customer intimacy with around a third of our employees working at customer facilities; and the focus we have on building quality teams with clear organisational responsibility.

Going concern statement

The Group's available committed liquidity ïðëëàÝðy % éÝðõáÝîáêàñìâîëé y !"éÝðõáÝîáêàÝïÝîáïñèðëâ lower borrowings under the Group's committed facilities and an increase in recorded cash balances. The Directors äÝòáìîáìÝîáàßÝïäħëóâëîáßÝïðïâëîðäá

Group for the period to 30 June 2024. ÖäáïáâëîáßÝïðïîáħáßðÝêÝïïáïïéáêðëâ ßñîîáêðÝêàâñðñîááêàéÝîçáðßëêàåðåëêï óäåßäÝîááôìáßðáàðëÞáßäÝèèáêãåêãåê 2023 and to recover thereafter (as set out in the 'outlook' statement in the Chief ÇôáßñðåòáĎïÕðîÝðáãåßÔáòåáóåêðäåï àëßñéáêðÝêàðäáåîåéìÝßðëêðäá Group's future trading performance.

The Directors have also considered a ïáòáîáÞñðìèÝñïåÞèáàëóêïåàáïßáêÝîåë based on an assumed protracted ÅÑØËÆ%îáèÝðáààáéÝêàåéìÝßð àáïìåðááéáîãåêãßëêĦàáêßáðäÝððäá worst of the pandemic may be behind us. This downside scenario assumes: a decline åêÞñïåêáïïÝßðåòåðõÝêàìîëĦðÝÞåèåðõåê Ýêà ðëðäáèáòáèÝßäåáòáàåêÊ the period most severely impacted by COVID-19; working capital as a percentage of sales in the downside case consistent with that in the base case; and dividends not paid in 2023 then reinstated.

ÑêÝâñèèõáÝîÞÝïåïîáèÝðåòáðëðäåï implies a 30% decline in sales and a c.57% àáßèåêáåêÖîÝàåêãÒîëĦð

The Group has two covenants; net debt/ ÇÄËÖÆÃñêàáî!ôÝêàÝêåêðáîáïð ßëòáîîáíñåîáéáêðëâÝðèáÝïð ôËêðäåï àëóêïåàáïßáêÝîåëðäáâëîáßÝïðïïäëó ðäÝððäáÉîëñìĎïéÝôåéñéêáðàáÞð EBITDA (pre-IFRS 16 in-line with the ßëòáêÝêðßÝèßñèÝðåëêàëáïêëðáôßááà ôßëéìÝîáàðëÝèáòáîÝãáßëòáêÝêð ëâ!ôÝêàðäáéåêåéñéåêðáîáïðßëòáî îáÝßäáàåï%ôßëéìÝîáàðëÝßëòáêÝêð éåêåéñéëâ ô

The forecasts show that the Group will be able to operate within the current committed debt facilities and show continued compliance with the Company's ĦêÝêßåÝèßëòáêÝêðïÑêðäáÞÝïåïëâðäá áôáîßåïáàáïßîåÞáàÝÞëòáÝêàðäáÉîëñìĎï ÝòÝåèÝÞèáßëééåððáààáÞðâÝßåèåðåáïðäá Directors consider that the Group and the Company have adequate resources to ßëêðåêñáåêëìáîÝðåëêÝèáôåïðáêßáâëîÝ period of at least 12 months from the date ëâïåãêåêãëâðäáïáĦêÝêßåÝèïðÝðáéáêðï and that there is no material uncertainty åêîáïìáßðëâãëåêãßëêßáîêÃßßëîàåêãèõ they continue to adopt a going concern ÞÝïåïåêìîáìÝîåêãðäáĦêÝêßåÝèïðÝðáéáêðï of the Group and the Company.

ØåÝÞåèåðõìîëßáïï

Identify

Viability time horizon and risk analysis framework

Model

Viability against risk ïßáêÝîåëïáôÝéåêåêã probabilities and impacts

Report

See Viability Statement

Principal risks and uncertainties

Risk	Potential impact	Mitigation
End-market risks ØáïñòåñïïñĪáîïÝêñêìèÝêêáà	×êìèÝêêáààîëìåêàáéÝêàÝêàŸëî revenue due to reduced production Þõëñîßñïðëéáîï	ÉáëãîÝìäåßàåòáîïåĦßÝðåëêëâîáòáêñáï ÒîëàñßðåêêëòÝðåëêÝêàïáîòåßáëĪáîåêãïïáßñîåêãèëêãšðáîé
àîëìåêàáéÝêàîáòáêñáÝêàŸëî	Margin reduction	îáòáêñáïðîáÝéïÝêàéÝåêðÝåêåêãìáîâëîéÝêßáàåĪáîáêðåÝè
margin because of market volatility beyond its control.	Customer failure leading to increased	Increase in service and product lines by the development of the ÖáßäêåßÝèÕáîòåßáïëĪáîåêã
	ÞÝààáÞðï	R&D includes assessment of emerging technologies
Strategic	Loss of market share to competition	ÏÝêñâÝßðñîåêãßÝìÝßåðõîÝðåëêÝèåïÝðåëêÝêàħáôåÞèáßëïðÞÝïá
alignment	Cost pressures at customers leading to use of cheaper solutions	ÆåòáîïåĦáàßñïðëéáîÞÝïáêëßñïðëéáîåïãîáÝðáîðäÝêY of revenue
		Robust credit and working capital control to mitigate the risk of default by counterparties
Protectionism and ãèëÞÝèåïÝðåëê	Restricted access to market due to enforced preference of local suppliers	ÊåãäèõàåòáîïåĦáàéÝêñâÝßðñîåêãâëëðìîåêðóåðäéÝêñâÝßðñîåêã sites located in 26 countries
The Vesuvius business model	ËêßîáÝïáàÞÝîîåáîïðëáêðîõâëîêáó ÞñïåêáïïáïëîáôìÝêïåëê	Strong local management with delegated authority to run their businesses and manage customer relationships
cannot adapt or respond quickly enough to threats from	Increased costs from import duties,	ÅëïðħáôåÞåèåðõ
protectionism and globalisation.	ðÝôÝðåëêëîðÝîåĪï Loss of market share	ÖÝôîåïçéÝêÝãáéáêðÝêàßëêðîëèâîÝéáóëîçðëãáðäáîóåðä ÝïðîëêãßëêðîëèëâåêðáîšßëéìÝêõðîÝàåêã
ØáïñòåñïïðÝΟßëêðîÝßðëîïÝîá åêæñîáàÝðóëîçëîßñïðëéáîïïðÝĪ ëîðäåîàìÝîðåáïïñĪáîìäõïåßÝè åêæñîõëîĦêÝêßåÝèèëïïÞáßÝñïáëâ failures in Vesuvius products.	ðëÝàòáîïáĦêÝêßåÝèåéìÝßðëîèëïï of reputation as technology leader Incident at customer plant causes manufacturing downtime or damage to infrastructure	ÇôìáîåáêßáàðáßäêåßÝèïðÝĪçêëóèáàãáÝÞèáåêðäáÝììèåßÝðåëê ëâëñîìîëàñßðïÝêàðáßäêëèëãõ Targeted global insurance programme ÇôìáîåáêßáàåêðáîêÝèèáãÝèâñêßðåëêëòáîïááåêã
Strategic alignment	Customer claims from product íñÝèåðõåïïñáï	third-party contracting
Complex and changing regulatory environment	Revenue reduction from reduced end-market access Disruption of supply chain and route	Compliance programmes and training across the Group Independent Internal Audit function
ØáïñòåñïáôìáîåáêßáïÝ contracting customer base or increased transaction and administrative costs due to	to market	ÇôìáîåáêßáàåêðáîêÝèèáãÝèâñêßðåëêåêßèñàåêãàáàåßÝðáà compliance specialists
	Increased internal control processes Increased frequency of	Global procurement category management of strategic îÝóéÝðáîåÝèï
compliance with changing	regulatory investigations
regulatory requirements.	Reputational damage
Strategic alignment	Trade restrictions
Failure to secure innovation	ÒîëàñßðïñÞïðåðñðåëêÞõßñïðëéáîï	ÇêàñîåêãÝêàïåãêåĦßÝêðåêòáïðéáêðåêԘÆ
Vesuvius fails to achieve continuous improvement in its ìîëàñßðïïõïðáéïÝêàïáîòåßáï	Increased competitive pressure ðäîëñãäèÝßçëâàåĪáîáêðåÝðåëêëâ ØáïñòåñïëĪáîåêã	with market-leading research ÃïäÝîáàïðîÝðáãõâëîåêêëòÝðåëêðäîëñãäëñððäáÉîëñì deployed via our R&D centres
	Commoditisation of product portfolio through lack of development	Stage gate process from innovation to commercialisation to foster innovation and increase alignment with strategy
Strategic alignment	Lack of response to changing	ÒîëãîÝééáëâéÝêñâÝßðñîåêãÝêàìîëßáïïáôßáèèáêßá
	customer needs	ÓñÝèåðõìîëãîÝééáâëßñïáàëêíñÝèåðõÝêàßëêïåïðáêßõ

Loss of intellectual property protection

Stringent intellectual property registration and defence

Risk Potential impact Mitigation

Business interruption Vesuvius loses production ßÝìÝßåðõëîáôìáîåáêßáïïñììèõ chain disruption due to physical ïåðáàÝéÝãáÝßßåàáêðĦîá êÝðñîÝèàåïÝïðáîðáîîëîåïéžëî other events such as industrial ÝßðåëêßõÞáîÝððÝßçëîãèëÞÝè health crises. Strategic alignment	ÎëïïŸßèëïñîáëâÝéÝæëîìèÝêð temporarily or permanently impairing ëñîÝÞåèåðõðëïáîòáëñîßñïðëéáîï ÆÝéÝãáðëëîîáïðîåßðåëêåêëñîÝÞåèåðõ to use assets Denial of access to critical systems or control processes Disruption of manufacturing processes ËêÝÞåèåðõðëïëñîßáßîåðåßÝèîÝóéÝðáîåÝèï	ÆåòáîïåĦáàéÝêñâÝßðñîåêãâëëðìîåêð Disaster recovery planning Business continuity planning with strategic maintenance of áôßáïïßÝìÝßåðõ ÒäõïåßÝèÝêàËÖÝßßáïïßëêðîëèïïáßñîåðõïõïðáéïÝêàðîÝåêåêã Cyber risks integrated into wider risk-management structure Well-established global insurance programme Group-wide safety management programmes Dual sourcing strategy and development of substitutes
People, culture and performance Vesuvius is unable to attract and îáðÝåêðäáîåãäðßÝèåÞîáëâïðÝĪ fails to instil an appropriate culture or fails to embed the right systems to drive personal performance in pursuit of the Group's long-term growth. Strategic alignment	Organisational culture of high performance is not achieved ÕðÝĪðñîêëòáîåêãîëóåêãáßëêëéåáï and regions Stagnation of ideas and development opportunities Loss of expertise and critical Þñïåêáïïçêëóèáàãá Reduced management pipeline for succession to senior positions	ËêðáîêÝèâëßñïëêðÝèáêðàáòáèëìéáêðÝêàðîÝåêåêã with tailored career-stage programmes and clear performance management strategies Contacts with universities to identify and develop talent Career path planning and global opportunities for äåãäšìëðáêðåÝèïðÝĪ Internal programmes for the structured transfer of technical and other knowledge ÅèáÝîèõàáĦêáàØÝèñáïñêàáîìåêÞñïåêáïïßñèðñîá Group focus on enhancing gender diversity
Health and safety ØáïñòåñïïðÝĪëîßëêðîÝßðëîï are injured at work because of âÝåèñîáïåêØáïñòåñïĎëìáîÝðåëêï equipment or processes. Strategic alignment	ËêæñîõðëïðÝĪÝêàßëêðîÝßðëîï ÊáÝèðäÝêàïÝâáðõÞîáÝßäáï Manufacturing downtime or damage to infrastructure from incident at plant ËêÝÞåèåðõðëÝððîÝßððäá necessary workforce Reputational damage	ÃßðåòáïÝâáðõìîëãîÝééáïóåðäëêãëåêãóåàášîÝêãåêã monitoring and safety training Independent safety audit team Quality management programmes including stringent éÝêñâÝßðñîåêãìîëßáïïßëêðîëèïðÝêàÝîàïéëêåðëîåêã Ýêàîáìëîðåêã
Environmental, Social and Governance criteria Vesuvius fails to capitalise on the opportunity to help its customers ïåãêåĦßÝêðèõîáàñßáðäáåîßÝîÞëê emissions as environmental pressure grows on the steel industry or Vesuvius fails to meet ðäááôìáßðÝðåëêïëâåðïòÝîåëñï stakeholders including employees and investors. Strategic alignment	Loss of opportunity to grow sales Loss of opportunity to increase margin ÎëïïëâïðÝçáäëèàáîßëêĦàáêßá including investors Reputational damage	ÆáòáèëìéáêðÝêàåéìèáéáêðÝðåëêëâÝêáóÕñïðÝåêÝÞåèåðõåêåðåÝðåòá which includes stretching targets focused on reducing the Group's áêáîãõñïÝãáÅÑ2áéåïïåëêïóÝïðáÝêàîáßõßèáàéÝðáîåÝèï R&D focus on products that assist customers to reduce carbon emissions and improve their own sustainability measures ÕçåèèáàðáßäêåßÝèïÝèáïâëîßáðëàáòáèëìáĨßåáêðïëèñðåëêïâëî our customers Globally disseminated Code of Conduct sets out standards of ßëêàñßðáôìáßðáàÝêàÃÄÅÒëèåßõÝàëìðáàóåðäöáîëðëèáîÝêßá regarding bribery and corruption Internal Speak Up mechanisms to allow reporting of concerns ÇôðáêïåòáñïáëâàñáàåèåãáêßáðëÝïïáïïáôåïðåêãÝêàìëðáêðåÝè business partners and customers
Strategic alignment Always put ïÝâáðõĦîïð	Deliver Generate Maintain value for our ìîëĦðÝÞèá growth shareholders	Deliver ÖäåêçÞáõëêà Foster talent, industry-leading in innovation skill and motivation ÝêáĨßåáêð capital structure ïñïðÝåêÝÞèá in our people operations and solutions

See more about Our strategy on p18 and 19

Our performance

36 Key Performance Indicators
38 Financial review
42 Operating reviews
42 Steel Division
43 Steel Flow Control
44 Steel Advanced Refractories
45 Steel Sensors & Probes 46 Foundry Division

Name:ÌáĪáîïëêÅëîîáÝÆëïÕÝêðëï Role: Production Process Leader Location: Rio de Janeiro

Name: Phelipe Oliveira Dias De Abreu Role: Quality Inspector Location: Rio de Janeiro

ÙáĎîáëìðåéåïåêãáĨßåáêßõðäîëñãä our innovative products

We develop high-technology products that deliver quality enhancement, efficiency gains and energy savings to our customers. Our solutions help our customers to lower their production costs and improve efficiency, by improving product yield.

Name: Teresa Tondera Role: Laboratory Manager Location: Skawina

Name: Joe Yi Role: M&T Director – Steel China & North Asia Location: Suzhou

Key Performance Indicators

Financial KPIs1
Strategic alignment	KPI	Purpose	Link to remuneration
Deliver ìîëĦðÝÞèá growth	Underlying revenue growth % 18 22 18 21 -13 20	Provides an important indicator of organic (like-for-like) growth of Group businesses between reporting periods. This measure eliminates the impact of exchange rates, ÝßíñåïåðåëêïàåïìëïÝèïÝêàïåãêåĦßÝêð business closures
Generate value for our shareholders	ÖîÝàåêãìîëĦð£m 227 22 142 21 20 101	Used to assess the trading performance of Group businesses
	Return on sales % 11.1 22 8.7 21 7.0 20
	ÊáÝàèåêáìîëĦðÞáâëîáðÝô£m 217 22 137 21 92 20	×ïáàðëÝïïáïïðäáĦêÝêßåÝèìáîâëîéÝêßá of the Group as a whole
	Headline EPS p 56.5 22 35.3 21 23.2 20	Used to assess the underlying earnings performance of the Group as a whole	Annual Incentive Plan and Vesuvius Share Plan – Read more about these ëêìš#
	Return on invested capital % 10.7 22 7.5 21 4.9 20	×ïáàðëÝïïáïïðäáĦêÝêßåÝèìáîâëîéÝêßá of the Group	Annual Incentive Plan and Vesuvius Share Plan – Read more about these ëêìš#
Maintain an áĨßåáêðßÝìåðÝè structure	ÈîááßÝïäħëó£m 22 123 -0.3 21 114 20	Used to assess the underlying cash generation of the Group
	Average working capital to sales % 23.8 22 20.9 21 20 23.2	One of the factors driving the generation of âîááßÝïäħëóåïðäáÝòáîÝãáóëîçåêãßÝìåðÝè to sales ratio, which indicates the level of working capital used in the business	Annual Incentive Plan – Read more about ðäåïëêì! Ýêà"
	Interest cover 29.8x 22 21 30.5x 14.5x 20	Interest cover and net debt to EBITDA are ñïáàðëÝïïáïïðäáĦêÝêßåÝèìëïåðåëêëâðäá Group and its ability to fund future growth
	Net debt to EBITDA 0.9 22 1.4 21 1.2 20 ÈëîàáĦêåðåëêïëâÝèðáîêÝðåòáìáîâëîéÝêßáéáÝïñîáïîáâáîðëÐëðá ëâðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðï

Strategic alignment	KPI	Target/description	Link to remuneration
Always put ïÝâáðõĦîïð	Lost Time Injury Frequency Rate 22 1.08 21 1.06 20 1.16	ÎÖËÈÔëâÞáèëó Work-related illness or injuries which resulted åêÝêáéìèëõááÞáåêãÝÞïáêðâëîÝðèáÝïðëêá day – measured per million hours worked	Vesuvius Share Plan – Read more about ðäåïëêìš#
ÖäåêçÞáõëêàåê innovation	Total R&D spend £m 36 22 31 21 28 20	ÃðßëêïðÝêðßñîîáêßõ
	New product sales % 16 22 15 21 12 20	Sales of products launched within the last ĦòáõáÝîïÝïÝYëâðëðÝèîáòáêñá
Deliver industry leading ïñïðÝåêÝÞèá operations and solutions	Energy intensity kWh per metric tonne of product packed for shipment š"Y	YîáàñßðåëêåêáêáîãõåêðáêïåðõÞõ !òï%ž
	CO2e emission intensity š\$\$Y	YîáàñßðåëêëâÕßëìáÝêàÕßëìá COe emission intensity per metric tonne ëâìîëàñßðìÝßçáàâëîïäåìéáêðÞõ !òï%ž	Annual Incentive Plan and Vesuvius Share Plan – Read more about these ëêìš#
	Wastewater š%Y	!YîáàñßðåëêëâóÝïðáóÝðáîìáîéáðîåß ðëêêáëâìîëàñßðìÝßçáàâëîïäåìéáêð Þõ!òï%ž
	Solid waste š\$Y	!YîáàñßðåëêëâïëèåàóÝïðáäÝöÝîàëñïÝêà ïáêððëèÝêàĦèèžìáîéáðîåßðëêêáëâìîëàñßð ìÝßçáàâëîïäåìéáêðÞõ!òï%ž
	Recycled material "Y	#YëâîÝóéÝðáîåÝèïñïáàåêìîëàñßðåëêðë be recycled materials from external sources Þõ!
	Compliance training %%Y	ÃðèáÝïð%YëâðÝîãáðáàïðÝĪðë complete Anti-Bribery and Corruption training annually
	Supply chain \$Y	ÄõðäááêàëâßëêàñßðïñïðÝåêÝÞåèåðõ assessments of raw material suppliers ßëòáîåêãÝðèáÝïð!YëâÉîëñìïìáêà
Foster talent, skill and motivation in our people	Gender diversity Y	!YâáéÝèáîáìîáïáêðÝðåëêåêðäáÕáêåëî Leadership Group (approximately "ðëìéÝêÝãáéáêðžÞõ!	Annual Incentive Plan and Vesuvius Share Plan – Read more about these ëêìš#

ÔáÞÝïáèåêáàñïåêãìîáÝßíñåïåðåëêàÝðÝâëîðäáÞñïåêáïïÝßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáïËêß

Æëáïêëðåêßèñàáâñãåðåòááéåïïåëêïàáéåêåéåï

Financial review

Strong commercial performance to counteract challenging markets

The following review considers a number ëâëñîĦêÝêßåÝèÍÒËïÝêàïáðïëñðëðäáî îáèáòÝêðĦêÝêßåÝèåêâëîéÝðåëê

ÈëîàáĦêåðåëêïëâÝèðáîêÝðåòáìáîâëîéÝêßá éáÝïñîáïîáâáîðëÐëðá ëâðäáÉîëñì ÈåêÝêßåÝèÕðÝðáéáêðï

Basis of preparation

ÃèèîáâáîáêßáïåêðäåïĦêÝêßåÝèîáòåáóÝîá to headline performance unless stated ëðäáîóåïáÕááÐëðá ðëðäáÉîëñì ÈåêÝêßåÝèÕðÝðáéáêðïâëîðäáàáĦêåðåëê of headline performance.

Introduction

ÖäáõáÝîóÝïÝîáßëîàõáÝîâëîðäá ÉîëñìåêðáîéïëâðîÝàåêãìîëĦðÝêàîáðñîê on sales, despite the depressed underlying markets, driven mainly by price increases ðëîáßëòáîßëïðåêħÝðåëêÖäåïäÝïÝèèëóáà us to pay an attractive dividend to our shareholders, while increasing investments in strategic areas.

2022 performance overview

We are pleased with the performance of ðäáÉîëñìåêðäáÄñïåêáïï×êåðïäÝà good success in recovering cost increases on a timely basis whilst gaining market share in most regions, demonstrating the strength of the Group positioning in the market driven by the technological àåĪáîáêðåÝðåëêëâëñîìîëàñßðïÝêà solutions. Reported revenue increased by y éëòáîðäáìîåëîõáÝî!YÝêàÞõ yéëêÝêñêàáîèõåêãÞÝïåï\$Y

ÑêÝîáìëîðáàÞÝïåïðäáÕðááèÝêàÈëñêàîõ ÆåòåïåëêîáòáêñáåêßîáÝïáàÞõ\$YÝêà #YîáïìáßðåòáèõåêðäáõáÝî

Our volume performance in the Steel ÆåòåïåëêóÝïÞîëÝàèõħÝðßëéìÝîáàðë Ýß#Yàáßèåêáåêïðááèìîëàñßðåëêåê the world excluding China and Iran. Our resilient performance was driven ÞõéÝîçáðïäÝîáãÝåêïåêÈèëóÅëêðîëè everywhere in the World and market share gains in Advanced Refractories in most îáãåëêïÑñîÈëñêàîõÆåòåïåëêáôìáîåáêßáà a low single digit volume decline due primarily to still very depressed underlying markets and some limited market share losses due to priority given to pricing.

ÖäÝêçïðëëñîáĨßåáêðìîåßáåêßîáÝïáï a resilient commercial performance and ÝìîëàñßðéåôÞáêáĦðóáäÝòáÝßäåáòáà ÝîáßëîàðîÝàåêãìîëĦðëây#é!Y higher than prior year on an underlying ÞÝïåïÝêàÝîáßëîàîáðñîêëêïÝèáïëâ YäåãäáîðäÝêðäáìîåëîõáÝîÞõ ÞìïëêÝêñêàáîèõåêãÞÝïåï

Our cash management performance óÝïîëÞñïðÝßäåáòåêãÝê\$YßÝïä conversion, thanks to a strong operational ìáîâëîéÝêßáìÝîðåÝèèõëĪïáðÞõÝê investment in trade working capital and a continuous investment in strategic capacity expansion. As a result, we have decreased our net debt position and improved our leverage ratio ëâêáðàáÞððëÇÄËÖÆÃðë%ôâîëé ôåêÆáßáéÞáî

Revenue

	2022 Revenue			Ôáòáêñá				YßäÝêãá
£m	As reported	Acquisitions/ (disposals)	Underlying	As reported	Currency	Acquisitions/ (disposals)	Underlying	Reported	Underlying
Steel	1,496	(34)	1,462	#	!\$	ž	#	\$Y	%Y
Èëñêàîõ	551	(3)	548	#		–	\$	#Y	Y
Total Group	2,047	(37)	2,010	"	#	ž	#	!Y	\$Y

ÖîÝàåêãìîëĦð

	ÖîÝàåêãìîëĦð			ÖîÝàåêãìîëĦð				YßäÝêãá
£m	As reported	Acquisitions/ (disposals)	Underlying	As reported	Currency	Acquisitions/ (disposals)	Underlying	Reported	Underlying
Steel	173	(5)	167		!		#	"%Y	!"Y
Èëñêàîõ	54	(1)	54			–		!Y	Y
Total Group	227	(6)	221		!		\$	"Y	!Y

20 21 22 Average working capital to sales* % 23.8% 23.8 20.9 23.2 21 22 20 Underlying revenue growth* % 18% 18 18 -13 20 21 22 ÑìáîÝðåêãìîëĦð£m £217m 217 133 74 20 21 22 Headline earnings per share* pence 56.5p 56.5 35.3 23.2

Statutory earnings per share pence

ÈëîàáĦêåðåëêïëâÝèðáîêÝðåòáìáîâëîéÝêßá éáÝïñîáïîáâáîðëÐëðá ëâðäáÉîëñì ÈåêÝêßåÝèÕðÝðáéáêðï

Dividend

ÖäáÄëÝîàäÝïîáßëééáêàáàÝĦêÝè àåòåàáêàëâ!#!ìáêßáìáîïäÝîáðëÞá paid, subject to shareholder approval, ëêÏÝõðëïäÝîáäëèàáîïëêðäá îáãåïðáîÝðÃìîåèÙäáêÝààáàðë ðäáåêðáîåéàåòåàáêàëâ"!ìáêßá ìáîïäÝîáìÝåàëê"ÕáìðáéÞáî this represents a full-year dividend of !ìáêßáìáîïäÝîá

It remains the Board's intention to deliver long-term dividend growth, provided this is supported by underlying earnings, cash ħëóïßÝìåðÝèáôìáêàåðñîáîáíñåîáéáêðï and the prevailing market outlook.

Key Performance Indicators

ÙáäÝòáåàáêðåĦáàÝêñéÞáîëâÍÒËï against which we have consistently reported. As with prior years, we measure our results on an underlying basis, where we adjust to ensure appropriate comparability between periods, åîîáïìáßðåòáëâßñîîáêßõħñßðñÝðåëêïÝêà any business acquisitions and disposals.

This is done by:

Restating the previous period's results ÝððäáïÝéáâëîáåãêáôßäÝêãáÈÚ rates used in the current period
Removing the results of disposed businesses in both the current and prior years
Removing the results of acquired businesses in both the current and prior years

ÖäáîáâëîáâëîóáäÝòá

ÔáðîÝêïèÝðáàîáïñèðïÝððäáÈÚîÝðáï ñïáàåêßÝèßñèÝðåêãðäáîáïñèðï
Removed the results of the refractories business acquired from Universal àñîåêã

ÑÞæáßðåòáÆáèåòáîãîëóðä

ÍÒË×êàáîèõåêãîáòáêñáãîëóðä

ÔáìëîðáàîáòáêñáâëîóÝïy #é óäåßäáíñÝðáàðëyéëêÝê underlying basis. Reported revenue for óÝïy" éóäåßäáíñÝðáàðë y#éëêÝêñêàáîèõåêãÞÝïåï ñêàáîèõåêãîáòáêñáåêßîáÝïáàÞõ\$Y year-on-year. The increase in revenue åêÕðááèÝêàÈëñêàîõäÝïéÝåêèõÞááê driven by price increases to compensate âëîßëïðåêħÝðåëê

ÑÞæáßðåòáÉáêáîÝðáïñïðÝåêÝÞèá ìîëĦðÝÞåèåðõÝêàßîáÝðá shareholder value

ÍÒËÖîÝàåêãìîëĦðÝêàÔáðñîêëêÕÝèáï

We continue to measure underlying ðîÝàåêãìîëĦðëâðäáÉîëñìÝïóáèèÝï ðîÝàåêãìîëĦðÝïÝìáîßáêðÝãáëâïÝèáï which we refer to as our Return on Sales or RoS.

ÖîÝàåêãìîëĦðâëîóÝïy#é ÝêàÔáðñîêëêÕÝèáïóÝïYÑêÝê ñêàáîèõåêãÞÝïåïðîÝàåêãìîëĦðåêßîáÝïáà Þõ!YÝêàÔáðñîêëêÕÝèáïÞõ Þìï ÖäáåêßîáÝïáåêðîÝàåêãìîëĦðÝêà Return on Sales is primarily due to product mix, price increases and recovery ëâðäáåêìñðßëïðäáÝàóåêà

The Steel Division recorded Return on ÕÝèáïëâ!YÝ#Þìïñêàáîèõåêã åéìîëòáéáêðâîëéÖîÝàåêãìîëĦð åêßîáÝïáàÞõ!"YëêÝêñêàáîèõåêãÞÝïåï ðëy#éàñîåêãðäáìáîåëàÔáðñîêëê ÕÝèáïåêðäáÈëñêàîõÆåòåïåëêåêßîáÝïáàÞõ ÞìïõáÝîëêõáÝîëêÝêñêàáîèõåêã ÞÝïåïðë%%YåêÖîÝàåêãìîëĦðóÝï y! éîáìîáïáêðåêãÝYåêßîáÝïáëê an underlying basis versus prior year.

Financial review continued

ÈëîàáĦêåðåëêïëâÝèðáîêÝðåòáìáîâëîéÝêßá éáÝïñîáïîáâáîðëÐëðá ëâðäáÉîëñì ÈåêÝêßåÝèÕðÝðáéáêðï
ÃðßëêïðÝêðßñîîáêßõ

ÍÒËÊáÝàèåêáÒÄÖÝêàäáÝàèåêáÇÒÕ

ÊáÝàèåêáìîëĦðÞáâëîáðÝôÒÄÖÝêà headline earnings per share (EPS) are used ðëéáÝïñîáðäáñêàáîèõåêãĦêÝêßåÝè performance of the Group. The main àåĪáîáêßáÞáðóááêðîÝàåêãìîëĦðÝêà ÒÄÖåïêáðĦêÝêßáßëïðïóäåßäóáîáyé åêy!éäåãäáîðäÝê

ÑñîÊáÝàèåêáÒÄÖóÝïy#é!\$Y higher than last year on a reported basis. ËêßèñàåêãÝéëîðåïÝðåëêyéëñîÒÄÖ ëây#éóÝï"YäåãäáîðäÝêèÝïðõáÝî Headline EPS from continuing operations Ýð!"!ìóÝï"YäåãäáîðäÝê

ÍÒËÔáðñîêëêåêòáïðáàßÝìåðÝèÔÑËÅ

The Group has adopted ROIC as its key measure of return from the Group's åêòáïðáàßÝìåðÝèÖäáÔÑÐÃìáîâëîéÝêßá measure has been replaced with ROIC, which provides a more complete measure of Vesuvius' returns. ROIC is calculated ÝïðîÝàåêãìîëĦðèáïïÝéëîðåïÝðåëêëâ acquired intangibles plus share of post-tax ìîëĦðëâæëåêðòáêðñîáïÝêàÝïïëßåÝðáïâëî ðäáìîáòåëñïéëêðäïÝâðáîðÝôàåòåàáà by the average (being the average of the opening and closing balance sheet) åêòáïðáàßÝìåðÝèàáĦêáàÝïðëðÝèÝïïáðï excluding cash plus non-interest-bearing liabilities), at the average foreign exchange rate for the year.

ÑñîÔÑËÅâëîóÝï#Y#!Y

ÑÞæáßðåòáÏÝåêðÝåêïðîëêã ßÝïäãáêáîÝðåëêÝêàÝêáĨßåáêð capital structure

ÍÒËÈîááßÝïäħëóÝêàóëîçåêãßÝìåðÝè

ÈñêàÝéáêðÝèðëáêïñîåêãðäÝðóáäÝòá adequate capital to execute our corporate ïðîÝðáãõåïßëêòáîðåêãëñîìîëĦðïåêðëßÝïä partly through strict management of our working capital. The Group generated ÝàæñïðáàëìáîÝðåêãßÝïäħëóïëây\$"é îáìîáïáêðåêãÝ#YåêßîáÝïáòáîïñï ÖäåïåéìèåáïÝßÝïäßëêòáîïåëêîÝðáåê ëâ\$YYßÝïäßëêòáîïåëê was driven by strong operational ìáîâëîéÝêßáìÝîðåÝèèõëĪïáðÞõÝê investment in trade working capital and an investment in capital expenditure of which ß"YåïåêãîëóðäßÝìáôÖäáéÝæëîåðõëâ the growth capex has been invested in áôìÝêàåêãÈèëóÅëêðîëèßÝìÝßåðõåêëñî ÒëèÝêàÝêàËêàåÝìèÝêðïÈîááßÝïäħëó âîëéßëêðåêñåêãëìáîÝðåëêïóÝïyé åêyé

We measure working capital both in terms ëâÝßðñÝèßÝïäħëóéëòáéáêðïÝêàÝïÝ percentage of sales revenue. Trade working capital as a percentage of sales in óÝï\$Y%YéáÝïñîáà ëêÝéëêðäéëòåêãÝòáîÝãáÞÝïåï In absolute terms on a constant currency basis, trade working capital increased by y!éåê

The decrease in inventory on a constant ßñîîáêßõÞÝïåïòáîïñïÆáßáéÞáî yéóÝïëĪïáðÞõåêßîáÝïáààáÞðëîï y%éÝêàîáàñßáàßîáàåðëîïy\$é

ÍÒËÐáðàáÞðÝêàåêðáîáïðßëòáî

The Group had committed borrowing âÝßåèåðåáïëây#éÝïëâÆáßáéÞáî y#"éëâóäåßäyé óÝïñêàîÝóêy\$é

ÐáðàáÞðëêÆáßáéÞáî óÝïy!!éÝyéàáßîáÝïáâîëé ÆáßáéÞáîÝïïåãêåĦßÝêðèõäåãäáî âîááßÝïäħëóëâyéóÝïëĪïáð by a foreign exchange adjustment of yéÝy!\$éàåòåàáêàìÝõéáêððë shareholders, an increase in leases of yéÇÕÑÒïäÝîáìñîßäÝïáïëây#é and the acquisition of Bayuquan ÏÝãêáïåñéÅëâëîy é

ÃððäááêàëâðäáêáðàáÞððëÇÄËÖÆÃ îÝðåëóÝï%ô ôÝêàÇÄËÖÆÃðë åêðáîáïðóÝï%\$ô!ôÖäáïá ratios are monitored regularly to ensure ðäÝððäáÉîëñìäÝïïñĨßåáêðĦêÝêßåêã available to run the business and fund future growth.

The Group's debt facilities have two ĦêÝêßåÝèßëòáêÝêðïðäáîÝðåëïëâêáðàáÞð ðëÇÄËÖÆÃéÝôåéñé!ôèåéåðÝêà ÇÄËÖÆÃðëåêðáîáïðéåêåéñé ôèåéåð Certain adjustments are made to the net debt calculations for bank covenant ìñîìëïáïðäáéëïðïåãêåĦßÝêðëâóäåßä åïðëáôßèñàáðäáåéìÝßðëâËÈÔÕ"

ÍÒËÔÆÕìáêà

We believe that our market-leading product technology and services deliver fundamental value to our customers and that the primary mechanism to deliver that òÝèñáåïðëåêòáïðïåãêåĦßÝêðèõåêîáïáÝîßä ÝêààáòáèëìéáêðËêóáïìáêðy"é ëêÔÆÝßðåòåðåáïyéÝðßëêïðÝêð ßñîîáêßõóäåßäîáìîáïáêðï\$Yëâ ëñîîáòáêñá\$Y

Financial risk factors

The Group undertakes regular risk reviews and, as a minimum, a full risk assessment process twice a year. As in previous years this included input from the Board in both the assessment of risk and the proposed éåðåãÝðåëêÙáßëêïåàáîðäáéÝåêĦêÝêßåÝè risks faced by the Group as being those posed by a decline in our end-markets, èáÝàåêãðëîáàñßáàîáòáêñáÝêàìîëĦðÝï well as potential customer default. We also monitor carefully the challenges that come âîëéÞîëÝàáîĦêÝêßåÝèñêßáîðÝåêðõóäåßä could bring lack of liquidity and market volatility. Important but lesser risk exists in interest rate movements, foreign exchange îÝðáéëòáéáêðïÝêàßëïðåêħÝðåëêÞñð these are not expected to have a material impact on the business after considering ðäáßëêðîëèïóáäÝòáåêìèÝßáÕááÐëðá! ðëðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðï

Our key mitigation of end-market risk is to manage the Group's exposure through balancing our portfolio of businesses geographically and to invest in product innovation. We do so through targeted capital investment in new and growing businesses and a combination of capital and human resource in emerging markets. ÙäáêßëêïåàáîåêãëðäáîĦêÝêßåÝèîåïçï we mitigate liquidity concerns by ĦêÝêßåêãñïåêãÞëðäðäáÞÝêçÝêà private placement markets. The Group also seeks to avoid a concentration of debt maturities in any one period to spread its îáĦêÝêßåêãîåïçÖäáÉîëñìĎïèåíñåàåðõ ïðëëàÝðy % éÝðÆáßáéÞáî ÙáàáĦêáèåíñåàåðõÝïñêàîÝóêßëééåððáà debt facilities plus our cash on balance sheet, less the cash in China which is used as collateral against an equivalent loan from Standard Chartered.

Taxation

A key measure of tax performance is the äáÝàèåêááĪáßðåòáðÝôîÝðáÇÖÔóäåßäåï calculated on the income tax associated with headline performance, divided by the äáÝàèåêáìîëĦðÞáâëîáðÝôÝêàÞáâëîáðäá ÉîëñìĎïïäÝîáëâìëïððÝôìîëĦðëâæëåêð ventures. The Group's headline ETR, based on the income tax costs associated óåðääáÝàèåêáìáîâëîéÝêßáëây!#é y"éóÝï"!Y" Y

The Group's total income tax costs for the period include a credit within separately îáìëîðáàåðáéïëây%éy"é which primarily relates to a credit of y\$éy"éâëèèëóåêãðäá recognition of certain deferred tax assets.

ÃðÝôßäÝîãáîáħáßðáàåêðäáÉîëñì Statement of Comprehensive Income in ðäáõáÝîÝéëñêðáàðëy\$éyé ßîáàåðóäåßäìîåéÝîåèõßëéìîåïáïÝy#é ßäÝîãáyéßîáàåðåêîáïìáßðëâ tax on net actuarial gains and losses on áéìèëõááÞáêáĦðïåêßèñïåòáëâðäáÞñõåê of the UK pension scheme.

ÙááôìáßððäáÉîëñìĎïäáÝàèåêááĪáßðåòá ðÝôîÝðáëêäáÝàèåêáìîëĦðÞáâëîáðÝôÝêà ÞáâëîáðäáïäÝîáëâìëïððÝôìîëĦðïâîëé æëåêðòáêðñîáïðëÞáÞáðóááê#YÝêà \$Yåê

Capital expenditure

ÅÝìåðÝèáôìáêàåðñîáåêóÝïy é y"#éëâóäåßäy\$!éóÝïåêðäá ÕðááèÆåòåïåëêy #éÝêày%éåêðäá ÈëñêàîõÆåòåïåëêyéÅÝìåðÝè expenditure on revenue-generating customer installation assets, primarily åêÕðááèóÝïy\$éy"é

Pensions

The Group has a limited number of äåïðëîåßÝèàáĦêáàÞáêáĦðìèÝêïèëßÝðáà mainly in the UK, USA, Germany and Belgium. The main plans in the UK are closed, and those in the USA largely closed ðëâñîðäáîÞáêáĦðïÝßßîñÝèÃèèëâðäá liabilities in the UK were insured following a buy-in agreement with Pension Insurance ÅëîìëîÝðåëêìèßÒËÅåêÖäåïÞñõåê agreement secured an insurance asset from PIC that matches the remaining pension liabilities of the UK Plan, with the result that the Company no longer bears any investment, longevity, interest rate or åêħÝðåëêîåïçïåêîáïìáßðëâðäá×ÍÒèÝê

The Group's net pension liability at ÆáßáéÞáîóÝïy!"éâñèè õáÝîy##éèåÝÞåèåðõÖäáîáäÝïÞááê a decrease in the liabilities of German and Belgian plans due to an increase in bond yields.

Corporate activity

Ñê\$ÑßðëÞáîðäáÉîëñìÝßíñåîáà ÄÝõñíñÝêÏÝãêáïåñéÅëÄÏÅ a world-class basic monolithic refractory ìèÝêðåêÅäåêÝóåðäîáòáêñáïëâÔÏÄ éåèèåëêßy éåèèåëêåêÄÏÅäÝï been a long-standing manufacturing partner of Vesuvius Advanced Refractories and in recent years has supplied us with YëâåðïìîëàñßðåëêòëèñéáïÖäá acquisition secures strategically valuable basic monolithic volumes at a plant which ÞáêáĦðïâîëéòáîõßëéìáðåðåòáèëßÝèîÝó material access. It will support our further development in China, South-East Asia ÝêàÐëîðäÃïåÝ

Operating review

Steel Division

Revenue £m £1,496m ÖîÝàåêãìîëĦð £m y#é

Vesuvius comprises ðóëÆåòåïåëêïÕðááèÝêà ÈëñêàîõÖäáÕðááèÆåòåïåëê ëìáîÝðáïÝïðäîááÄñïåêáïï ×êåðïÈèëóÅëêðîëè ÃàòÝêßáàÔáâîÝßðëîåáï ÝêàÕáêïëîïÒîëÞáï

ÅäÝêãáïàáïßîåÞáàÝîáòáîïñïëêÝê ñêàáîèõåêãÞÝïåïáôßèñàåêãðäáåéìÝßðëâ âëîáåãêáôßäÝêãáÝêàÝßíñåïåðåëêïÝêà àåïìëïÝèïñêèáïïëðäáîóåïáêëðáà

ÖäáïáîáòáêñáåêßîáÝïáïóáîáÝßäåáòáà åêðäáßëêðáôðëâÝàáßèåêåêãéÝîçáð Õðááèìîëàñßðåëêåêðäáóëîèàáôßèñàåêã ÅäåêÝÝêàËîÝêóäåßäÝßßëñêðïâëî ÝììîëôåéÝðáèõ%YëâØáïñòåñïĎïÝèáï àáßèåêáàÞõ#YõáÝîëêõáÝîóåðäËêàåÝ ðäáëêèõßëñêðîõÝéëêãðäáðëì!ãèëÞÝè ìîëàñßáîïðëãîëóõáÝîëêõáÝîØáïñòåñï also ceased sales to sanctioned customers åêÔñïïåÝåêßëéìèåÝêßáóåðäðäáïÝêßðåëêï îáãåéáïåéìëïáàåêîáïìëêïáðëðäá ×çîÝåêåÝêßëêħåßð

ÈèëóÅëêðîëèïåãêåĦßÝêðèõëñðìáîâëîéáà ðäáïðááèéÝîçáðåêÝèèéÝæëîîáãåëêïóåðä ëòáîÝèèħÝðòëèñéáïàáïìåðáðäáéÝîçáð ßëêðîÝßðåëêËêÃàòÝêßáàÔáâîÝßðëîåáï underlying volumes modestly declined, ïðåèèëñðìáîâëîéåêãðäáéÝîçáðàáïìåðá ìîåßáåêßîáÝïáï

ÕðááèÆåòåïåëêðîÝàåêãìîëĦðåéìîëòáà"%Y ðëy#é!"YëêÝêñêàáîèõåêãÞÝïåï óåðäîáðñîêëêïÝèáïáôìÝêàåêã\$Þìïðë !Yîáħáßðåêãáôßáèèáêðîáßëòáîõëâ åêìñðßëïðîåïáïìîëàñßðéåôÞáêáĦðïÝêà ðäáéÝîãåêÝßßîáðåëêëâðäáÝßíñåïåðåëê

Steel Division	2022 (£m)	yéž	ÅäÝêãáYž	×êàáîèõåêã ßäÝêãáYž
ÈèëóÅëêðîëèîáòáêñá	811	649	!Y	20%
ÃàòÝêßáàÔáâîÝßðëîåáïîáòáêñá	645	489	Y	19%
Sensors & Probes revenue	40		19%	11%
Total Steel Revenue	1,496	1,172	28%	19%
ÖëðÝèÕðááèÖîÝàåêãÒîëĦð	173	102	69%	!"Y
Total Steel Return on Sales	11.5%	\$#Y	€\$Þìï	€#Þìï
Crude steel production year-on-year change				2021/2022
ÅäåêÝ				-2.1%
ËêàåÝ				5.5%
ÐÃÈÖÃ				-5.5%
ÕëñðäÃéáîåßÝ				-5.2%
ÇÏÇÃ				-11.4%
ÇÏÇÃáôËîÝê				-13.1%
Ç×#€×Í				-10.8%
World				-4.2%
ÙëîèàáôÅäåêÝÝêàËîÝê				-7.0%

ÕëñîßáÙëîèàÕðááèÃïïëßåÝðåëê

Flow Control

The Flow Control Business Unit supplies the global steel industry with consumable ceramic products, systems, robotics, digital services and technical services. These products are used to contain, ßëêðîëèÝêàéëêåðëîðäáħëóëâéëèðáê steel in the continuous casting process. The consumable ceramic products that Vesuvius supplies have a short service èåâáëâðáêÝéÝððáîëâÝâáóäëñîïàñá ðëðäáïåãêåĦßÝêðóáÝîßÝñïáàÞõðäá extremely demanding environment in which they are used. Our colleagues work alongside customers in steel plants to ensure that our products are correctly utilised. The quality, reliability and ßëêïåïðáêßõëâðäáïáìîëàñßðïÝêà services and the associated robotic solutions and digital services we provide ÝîáðäáîáâëîáßîåðåßÝèðëðäáíñÝèåðõëâðäá ĦêåïäáàéáðÝèÞáåêãìîëàñßáàÝêàðäá ìîëàñßðåòåðõìîëĦðÝÞåèåðõÝêàïÝâáðõ ëâëñîßñïðëéáîïĎìîëßáïïáï

ËêîáòáêñáïåêðäáÉîëñìĎïÈèëó Control business increased by 20% õáÝîëêõáÝîðëy\$éàîåòáêÞõìîåßá increases to recover input costs and éÝîçáðïäÝîáãÝåêïåêÝàáßèåêåêãéÝîçáð

ËêÇÏÇÃîáòáêñáïãîáóYßëéìÝîáàðë 2021, versus declines in steel production of YîáħáßðåêãïåãêåĦßÝêðìîåßáåêßîáÝïáï óäåèáòëèñéáîáàñßáàïðåèèëñðìáîâëîéåêã ðäáéÝîçáðÞõïáòáîÝèìáîßáêðÖñîçáõ óÝïÝïðÝêàëñðìáîâëîéáîåêðäáìáîåëà ßëêðåêñåêãðëïäëóòáîõïñÞïðÝêðåÝèòëèñéá ãîëóðäËêðäáÃéáîåßÝïñêàáîèõåêã îáòáêñáïãîáó YðäåïëñðìáîâëîéÝêßá óÝïàîåòáêÞõãîëóðäåêòëèñéáïåêÞëðä regions, outperforming steel production àáßèåêáïëâ!!YÝêà!YåêÐÃÈÖÃ ÝêàÕëñðäÃéáîåßÝîáïìáßðåòáèõÝïóáèè ÝïìîåßåêãËêÃïåÝÒÝßåĦßîáòáêñáï ãîáóYòáîïñïïðááèìîëàñßðåëêãîëóðä ëâ!!YåêËêàåÝÝêààáßèåêáïëâY Ýêà\$YåêÅäåêÝÝêàÕëñðäÇÝïðÃïåÝ îáïìáßðåòáèõÑñîòëèñéáïåêËêàåÝãîáó àëñÞèáàåãåðÝêàÕëñðäÇÝïðÃïåÝ ãîáóßY

ÕðîÝðáãåßäåãäèåãäðïâîëéðäáõáÝî

ÖäáâëßñïàñîåêãóÝïëêßëééáîßåÝè áôßáèèáêßáåêßèñàåêãåéìîëòåêãèáÝàðåéáï ÝêàëêéÝæëîåêòáïðéáêðïåêßÝìÝßåðõåê ëñîâÝïðáïðãîëóåêãîáãåëêïâëîëñîçáõ ìîëàñßðîÝêãáï

ÃðëñîìèÝêðåêÕçÝóåêÝÒëèÝêàóáÝîá ìÝîðóÝõðäîëñãäÝéÝæëîáôìÝêïåëê ìîëãîÝééáðëåêßîáÝïáÇÏÇÃßÝìÝßåðõ åêØËÕÑ* ìîëàñßðïÞõ!YÝêàïèåàáãÝðáï ÞõYÖäáìîëãîÝééáïìÝêïðóë õáÝîïóåðäçáõéåèáïðëêáïÝßäåáòáàåê ÝêàðäáØËÕÑ* ìîáïïáïêëó ëìáîÝðåëêÝèÃðëñîìèÝêðåêÍëèçÝðÝËêàåÝ óáÝîáåêßîáÝïåêãßÝìÝßåðõåêØËÕÑ* ìîëàñßðïÞõ!YÖäåïóåèèáêÝÞèáñïðë ÞáððáîïáîòáðäáâÝïðãîëóåêãéÝîçáðïëâ ÞëðäËêàåÝÝêàÕëñðäÇÝïðÃïåÝ

ÎëëçåêãâëîóÝîà

ÖäáßëéìèáðåëêëâðäááôìÝêïåëêìîëæáßð ÝðÕçÝóåêÝóåèèÞáðäáçáõâëßñïðäåïõáÝî ÝêàóáÝêðåßåìÝðáðäÝððäáêáóïèåàáãÝðá ßÝìÝßåðõóåèèÞáëìáîÝðåëêÝèÞõðäááêàëâ ðäáõáÝîÖäåïáôìÝêïåëêóåèèïñììëîðëñî ïðîÝðáãåßéÝîçáðëÞæáßðåòáïËêÝààåðåëê óáÝîáìîëãîáïïåêãóëîçëêÝààåðåëêÝè ħñôßÝìÝßåðõåêËêàåÝóäåßäåïáôìáßðáà ðëÞáßëéáëìáîÝðåëêÝèåê

ÙáÝîáÝèïëßëêðåêñåêãëñîáĪëîðïðë àáòáèëìêáóìîëàñßðïóåðäïñìáîåëî ïñïðÝåêÝÞåèåðõßäÝîÝßðáîåïðåßïðëäáèì ëñîßñïðëéáîïàîåòááĨßåáêßõÝêà îáàñßáðäáåîáêòåîëêéáêðÝèâëëðìîåêð

Flow Control Revenue	2022 (£m)	yéž	ÅäÝêãáYž	×êàáîèõåêã ßäÝêãáYž
ÃéáîåßÝï	321	217	48%	Y
ÇñîëìáÏåààèáÇÝïð˜ÃâîåßݝÇÏÇÞ	275	248	11%	12%
ÃïåݚÒÝßåĦß	214	184	16%	11%
Total Flow Control Revenue	811	649	!Y	20%

ÖîÝàáéÝîçëâðäáØáïñòåñïÉîëñìëâßëéìÝêåáïñêîáãåïðáîáàëîîáãåïðáîáàåêßáîðÝåêßëñêðîåáï ñïáàñêàáîèåßáêßá

Steel Division continued

Revenue £m

ÃàòÝêßáàÔáâîÝßðëîåáï

ÖäáÃàòÝêßáàÔáâîÝßðëîåáïÄñïåêáïï×êåð ïñììèåáïïìáßåÝèåïðîáâîÝßðëîõéÝðáîåÝèï designed to protect the steel-making plant and equipment such as the ladle or ðñêàåïäâîëéðäáéëèðáêéáðÝèËêëîàáî ðëéÝôåéåïáðäáåîáĪáßðåòáêáïïóáëĪáî advanced installation technologies which harness mechatronic solutions, ßëéìñðÝðåëêÝèħñåààõêÝéåßï capabilities and lasers. The specialist îáâîÝßðëîõéÝðáîåÝèïÝîáïñÞæáßððë extreme temperatures, corrosion and ÝÞîÝïåëêðäáõÝîáåêðäáâëîéëâìëóàáî mixes (which are spray-applied or cast ëêðëðäáòáïïáèðëÞáèåêáàÝêàîáâîÝßðëîõ shapes (e.g. bricks and other larger ìîáßÝïðïäÝìáïÖäáïáîòåßáèåâáëâðäá ìîëàñßðïðäÝðÃàòÝêßáàÔáâîÝßðëîåáï ïñììèåáïßÝêòÝîõïëéáÝéÝððáîëâäëñîï ÝêàëðäáîïâëîÝìáîåëàëâõáÝîïÞÝïáà ñìëêðäáðõìáëâîáâîÝßðëîõÝêàðäáèáòáè ëâóáÝîÃêåêðáãîÝèìÝîðëâëñîïñßßáïï depends upon our best-in-class installation technologies which improve ðäáßëêïåïðáêßõÝêàìáîâëîéÝêßáëâ åêïðÝèèáàØáïñòåñïîáâîÝßðëîåáïÝï óáèèÝïðäáäåãäèáòáèëâßëèèÝÞëîÝðåëê with our customers.

ÃàòÝêßáàÔáâîÝßðëîåáïîáìëîðáàîáòáêñáï ëây" !éåêÝêåêßîáÝïáëâ%Y ÑòáîÝèèóáëñðìáîâëîéáàðäáéÝîçáðóåðä ÝïåãêåĦßÝêðìîåßáîåïáðëßëòáîßëïðïÝêà òëèñéáïðäÝðóáîáëêèõéëàáïðèõêáãÝðåòá áôßèñàåêãðäáÞáêáĦðëâðäáÞñïåêáïï Ýßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáï ÖäáÞñïåêáïïëñðìáîâëîéáàÝéÝîçáð ðäÝðàáßèåêáà#YëòáîÝèèîáãÝåêåêã ïëéáéÝîçáðïäÝîáèëïðåêóäáê óáìîåëîåðåïáàìîåßåêãëòáîòëèñéá

Ôáòáêñáïãîáó#YåêðäáÃéáîåßÝïóåðä ãëëàìáîâëîéÝêßáåêÕëñðäÃéáîåßÝ óäåßäãîáóòëèñéáï%Yòáîïñïïðááè ìîëàñßðåëêàáßèåêáïëâ!YËêßèñàåêãðäá ÞáêáĦðëâðäáÞñïåêáïïÝßíñåîáàâîëé ×êåòáîïÝèÔáâîÝßðëîåáïâëîóäåßäðäåïóÝï ðäáĦîïðâñèèõáÝîëâëóêáîïäåìÝêàëðäáî ñêàáîèõåêãÝàæñïðéáêðïîáòáêñáïåêðäÝð îáãåëêãîáó \$YËêÇÏÇÃîáòáêñáïãîáó ÞõYàñîåêãðäáìáîåëàîáħáßðåêã ïåãêåĦßÝêðèõìëïåðåòáìîåßåêãëĪïáðÞõ éåàïåêãèáàåãåðòëèñéáàáßèåêáï ßëéìÝîáàðëéÝîçáðìîëàñßðåëêàáßèåêáï ëâYÇÏÇÃáôßèñàåêãËîÝêÕëñîßá ÙÕÃËêÃïåÝÒÝßåĦßîáòáêñáïãîáó%Y àîåòáêÞõàëñÞèáàåãåðìîåßåêãåêßîáÝïáï ÝêàÝïðîëêãëñðìáîâëîéÝêßáåêËêàåÝ Yòëèñéáãîëóðä

ÕðîÝðáãåßäåãäèåãäðïâîëéðäáõáÝî

ËêóáßëéìèáðáàÝêñéÞáîëâ çáõéåèáïðëêáïåêðäáåêðáãîÝðåëêëâðäá specialty refractory business based in ÒáêêïõèòÝêåÝ×ÕÃóäåßäóáÝßíñåîáà âîëé×êåòáîïÝèÔáâîÝßðëîåáïËêßåê ÆáßáéÞáîÖäåïÞñïåêáïïåïâëßñïáà ëêðñêàåïäïðááèßëêðåêñëñïßÝïðåêã ÝììèåßÝðåëêïÝïóáèèÝïßëêïñéÝÞèá ìîëàñßðïâëîðäáâëñêàîõåêàñïðîõÖäá ÝßíñåïåðåëêóÝïïðîÝðáãåßÝèèõåéìëîðÝêðâëî ëñîßëîáðñêàåïäÞñïåêáïïÝêàáôìÝêàåêã

ëñîÐëîðäÃéáîåßÝêìîáïáêßáÝéëêã áèáßðîåßÝîßâñîêÝßáÇÃÈïðááèìîëàñßáîï ËêðäáõáÝîóáäÝòáïñßßáïïâñèèõ consolidated certain manufacturing ÝßðåòåðåáïåêðëëñîÐÃÈÖÃéÝêñâÝßðñîåêã âëëðìîåêðâÝßåèåðÝðáàÞõÝêËÖïõïðáé åêðáãîÝðåëêóäåßäèÝõïðäáãîëñêàóëîç âëîâñîðäáîáĨßåáêßåáï

ËêÌñêáóáëìáêáàëñîéáßäÝðîëêåß ßáêðîáëâáôßáèèáêßáåêÉäèåêÄáèãåñé ÝèëêãïåàáÔÆëêðäáïÝéáïåðáÖäá upgrade to our R&D facilities generates áßëêëéåáïëâïßÝèáÞáêáĦðïåêßîáÝïåêã ßëèèÝÞëîÝðåëêÝêàëĪáîïåéìîëòáà ìîëôåéåðõðëìîëàñßðåëêÖäáïåðáêëó îáãñèÝîèõóáèßëéáïßñïðëéáîãîëñìïðë ïááÝêàèáÝîêÝÞëñððäáÞáêáĦðïëñî ïëèñðåëêïëĪáîÝïóáèèÝïÞáåêãëñîßáêðîá âëîðäáàáòáèëìéáêðëâðäáïáìîëàñßðï

ÈåêÝèèõåêÑßðëÞáîóáÝßíñåîáà ÄÝõñíñÝêÏÝãêáïåñéÅëÄÏÅ ÝóëîèàßèÝïïéëêëèåðäåßâÝßðëîõåê ÅäåêÝÄÏÅäÝïÞááêÝèëêãïðÝêàåêã manufacturing partner for Vesuvius ÝêàåðïÝßíñåïåðåëêïðîáêãðäáêïëñîïñììèõ ßäÝåêâëîðäåïïðîÝðáãåßìîëàñßð

ÎëëçåêãâëîóÝîàðë

ËêóáóåèèÞñåèàëêðäáâëñêàÝðåëêï èÝåàåêðëàáòáèëìëñîéáßäÝðîëêåß ðáßäêëèëãõÖäåïêáóßÝìÝÞåèåðõßîáÝðáï ðäáëììëîðñêåðõâëîÝéÝðáîåÝèïðáìñìåê ßñïðëéáîåêïðÝèèÝðåëêïëâîëÞëðåßïëèñðåëêï

ËêÝààåðåëêóáóåèèßëêðåêñáðäá ìîëßáïïëâåêðáãîÝðåêãðäáÞñïåêáïï Ýßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáï åêðëëñîÐÃÈÖÃëìáîÝðåëêïËêÔÆóá óåèèåêßîáÝïáðäáâëßñïëêàáèåòáîåêãêáó ìîëàñßðïðäÝðåéìîëòáëñîßñïðëéáîïĎ áêòåîëêéáêðÝèâëëðìîåêð

ÃàòÝêßáàÔáâîÝßðëîåáïÔáòáêñá	2022 (£m)	yéž	ÅäÝêãáYž	×êàáîèõåêã ßäÝêãáYž
ÃéáîåßÝï	245	"!	48%	17%
ÇñîëìáÏåààèáÇÝïð˜ÃâîåßݝÇÏÇÞ	231	188	Y	21%
ÃïåݚÒÝßåĦß	170	"	!Y	19%
Total Advanced
ÔáâîÝßðëîåáïÔáòáêñá	645	489	Y	19%

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá Sustainability ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï !

Steel Sensors & Probes

The Steel Sensors & Probes Business ×êåðëĪáîïìîëàñßðïðëëñîßñïðëéáîï to enable them to make their underlying ìîëßáïïáïéëîááĨßåáêðÝêàîáèåÝÞèá ÖäáÄñïåêáïï×êåðâëßñïáïëêìîëòåàåêã ÝîÝêãáëâìîëàñßðïðäÝðáêäÝêßáðäá ßëêðîëèÝêàéëêåðëîåêãëâëñîßñïðëéáîïĎ production processes, complementing ØáïñòåñïĎïðîëêãìîáïáêßáÝêàáôìáîðåïá in molten metal engineering. This aims to create new technologies that can be integrated into expert process management systems. By using these ðáßäêëèëãåáïßñïðëéáîïßÝêâëßñï on critical parameters within their ìîëßáïïáïáêÝÞèåêãðäáéðëîáĦêá their production methods to improve quality, lower production costs and éÝôåéåïááĨßåáêßõ

ÔáòáêñáïåêÕðááèÕáêïëîïÒîëÞáïóáîá £40m in 2022, representing an underlying åêßîáÝïáëâYõáÝîëêõáÝîîáħáßðåêã ÝïðîëêãìáîâëîéÝêßáåêðäáÃéáîåßÝï åêìÝîðåßñèÝîÕëñðäÃéáîåßÝ

ÎëëçåêãâëîóÝîàðë

Ëêóáóåèèßëêðåêñáðëáôáßñðáëñî îáòáêñáãîëóðäÝêàéÝîçáðïäÝîáãÝåê ïðîÝðáãõåêÝèèîáãåëêïÖäÝêçïðëëñî manufacturing and commercial footprint, óáÞáèåáòáðäÝðóáÝîáóáèèìèÝßáàðëïáîòá ëñîßñïðëéáîïÝêàðëïááçðëáôìÝêàëñî ïÝèáïåêÃïåÝâñîðäáîßëêïëèåàÝðåêãëñî ïðîáêãðäåêðäáãèëÞÝèéÝîçáðìèÝßá ÈåêÝèèõóáóåèèßëêðåêñáðëåêòáïðåêðäá development of innovative products to ïñììëîðëñîßñïðëéáîïëêðäáåîæëñîêáõ ðëóÝîàïãîááêáîïÝâáîÝêàéëîá ìîëĦðÝÞèáïðááèìîëàñßðåëê

Steel Sensors & Probes Revenue	2022 (£m)	2021 yéž	ÅäÝêãá Yž	×êàáîèõåêã ßäÝêãáYž
ÃéáîåßÝï	29		!Y	Y
ÇñîëìáÏåààèáÇÝïð˜ÃâîåßݝÇÏÇÞ	11	10	6%	8%
ÃïåݚÒÝßåĦß	0.4		Yž	Yž
Total Steel Sensors & Probes Revenue	40		19%	11%

The Foundry Division is a world leader in ðäáïñììèõëâßëêïñéÝÞèáìîëàñßðï technical advice and application support ðëðäáãèëÞÝèâëñêàîõåêàñïðîõðëåéìîëòá ðäáìáîâëîéÝêßáÝêàíñÝèåðõëââáîîëñï ÝêàêëêâáîîëñïßÝïðåêãïØáïñòåñï operates under the brand Foseco in the âëñêàîõéÝîçáðÖäáâëñêàîõìîëßáïï is highly sequential and is critically àáìáêàáêðëêßëêïåïðáêßõëâìîëàñßð quality and productivity optimisation. Working alongside customers at their sites, our engineers provide on-site technical expertise in addition to ÝàòÝêßáàßëéìñðÝðåëêÝèħñåààõêÝéåßï capabilities to develop the best customised solutions. The conditioning ëâéëèðáêéáðÝèðäáêÝðñîáëâðäáéëñèà ñïáàÝêàáïìáßåÝèèõðäáàáïåãêëâðäá óÝõéáðÝèħëóïåêðëðäáéëñèàÝîáçáõ ìÝîÝéáðáîïåêÝâëñêàîõàáðáîéåêåêã ÞëðäðäáíñÝèåðõëâðäáĦêåïäáàßÝïðåêãï and the labour, energy and metal ñïÝãááĨßåáêßõëâðäáâëñêàîõ ØáïñòåñïĎìîëàñßðïÝêàÝïïëßåÝðáà ïáîòåßáïðëâëñêàîåáïåéìîëòáÝèèëâ these parameters.

ÖäááêàéÝîçáðïâëîÈëñêàîõîáéÝåêáà óáÝçóåðäãîëóðäåêðäáÃéáîåßÝïÝ ÞîëÝàèõħÝðéÝîçáðåêÇñîëìáÝêàÝéåôáà ìåßðñîáåêÃïåÝóåðäÅäåêÝåéìÝßðáàÞõ àáßèåêáïåêðäáäáÝòõòáäåßèáéÝîçáð

ØáïñòåñïĎÈëñêàîõÆåòåïåëêîáìëîðáà îáòáêñáïëây!!éåêÝêåêßîáÝïáëâ YÑêÝîáìëîðáàÞÝïåïåêßèñàåêãïëéá ÞáêáĦðâîëéðäáÞñïåêáïïÝßíñåîáàâîëé ×êåòáîïÝèÔáâîÝßðëîåáïðäáÈëñêàîõ ÆåòåïåëêîáòáêñáóÝïñì#YÖäáåêßîáÝïá åêïÝèáïîáħáßðïìîåßåêãåêßîáÝïáïóäåßä ïñßßáïïâñèèõëĪïáðßëïðåêħÝðåëêÙáÝèïë ÝßäåáòáàéÝîçáðïäÝîáãÝåêïåêéëïðßëîá îáãåëêïÝêàìîëàñßðïðäáëêèõïåãêåĦßÝêð áôßáìðåëêÞáåêãÙáïðáîêÇñîëìáóäáîá óáèëïðïëéáéÝîçáðïäÝîáàñáðëìîåëîåðõ ÞáåêããåòáêðëìîåßáåêßîáÝïáï

ÖäáÈëñêàîõÆåòåïåëêÝèïëÝßäåáòáà éáÝêåêãâñèéÝîãåêîáßëòáîõóåðäðîÝàåêã ìîëĦðãîëóåêãYðëy! éÝïÔáðñîêëê ÕÝèáïåêßîáÝïáà Þìïðë%%Y

ÖäáÈëñêàîõÆåòåïåëêãîáóîáòáêñáïåêÝèè éÝæëîîáãåëêïÈëñêàîõîáòáêñáïåêðäá ÃéáîåßÝïãîáó#YõáÝîëêõáÝîàîåòáê by a strong commercial performance and éÝîçáðïäÝîáãÝåêïËêÇÏÇÃñêàáîèõåêã îáòáêñáïåêßîáÝïáàÞõ"Yóåðä ìÝîðåßñèÝîèõïðîëêãîáòáêñáãîëóðäåê ÉáîéÝêõÕìÝåêÈîÝêßáÝêàÖñîçáõàîåòáê ìîåéÝîåèõÞõìîåßáåêßîáÝïáïðëëĪïáð åêħÝðåëêÝïóáèèÝïéÝîçáðïäÝîáãÝåêïåê ÖñîçáõËêÃïåÝÒÝßåĦßëñîÞñïåêáïïáïãîáó åêîáòáêñáåêÝèèéÝæëîßëñêðîåáïáôßáìð ÅäåêÝîáħáßðåêãëñîáôßáèèáêðßëééáîßåÝè àáèåòáîõÖîÝàåêãìîëĦðÝêàîáðñîêëêïÝèáï increased substantially, demonstrating our ëòáîÝèèïðîëêãìáîâëîéÝêßá

Foundry Division	2022 (£m)	yéž	ÅäÝêãáYž	×êàáîèõåêã ßäÝêãáYž
Èëñêàîõîáòáêñá	551	471	17%	Y
ÈëñêàîõðîÝàåêãìîëĦð	54	40	!Y	Y
Foundry Return on Sales	9.9%	\$"Y	€Þìï	€ Þìï
Foundry revenue	2022 (£m)	yéž	ÅäÝêãáYž	×êàáîèõåêã ßäÝêãáYž
ÃéáîåßÝï	145	100	!Y	27%
ÇñîëìáÏåààèáÇÝïð˜ÃâîåßݝÇÏÇÞ	225	199	Y	16%
ÃïåݚÒÝßåĦß	181	172	!Y	Y
Total Foundry Revenue	551	471	17%	Y
ÖëðÝèÈëñêàîõÖîÝàåêãÒîëĦð	54	40	!Y	Y
Total Foundry Return on Sales	9.9%	\$"Y	€Þìï	€ Þìï

Karena Cancilleri ÒîáïåàáêðÈëñêàîõ

ÕðîÝðáãåßäåãäèåãäðïâîëéðäáõáÝî

ËêðäáðóëéëïðïåãêåĦßÝêðêáó ìîëàñßðèÝñêßäáïóáîáÔëðëßèáêá* and ÃßðåßëðáÖÕ*

Rotoclene* is a revolutionary molten metal ðîáÝðéáêððáßäêëèëãõâëîïðááèâëñêàîåáï óäåßäàáèåòáîïÝïåãêåĦßÝêðåéìîëòáéáêð åêéáèðÝêàßÝïðåêãíñÝèåðõîáàñßåêãðäá ÝéëñêðëâîáóëîçëâðäáßÝïðåêãìëïðåðï ïëèåàåĦßÝðåëêÝêàðäáÝïïëßåÝðáàèÝÞëñî ßëïðïÃîáàñßðåëêëâðäáÝéëñêðëâóÝïðá ÝèïëèáÝàïðëÝîáàñßðåëêåêðäááêáîãõ ßëêïñéìðåëêÝêàÅÑ2 footprint of a âëñêàîõÝïåðÝßäåáòáïÝÞáððáîîÝðåë ëâóáåãäðëâĦêåïäáàßÝïðåêãïðë éáðÝèéáèðáà

ÃßðåßëðáÖÕ* åïÝßëÝðåêãóäåßäáêÝÞèáï foundries to produce iron castings óåðäðäåêêáîïáßðåëêïðäÝêìîáòåëñïèõ ÝßäåáòÝÞèáÖäåïáêÝÞèáïðäáóáåãäðëâ çáõÝñðëéëðåòáßëéìëêáêðïðëÞá reduced, reducing costs for foundries ÝêààáèåòáîåêãâñáèáĨßåáêßõÞáêáĦðï âëîðäáñèðåéÝðááêàßñïðëéáîï

ÙáÝèïëßëêðåêñáðëéÝçáïåãêåĦßÝêð ìîëãîáïïåêëñîïðîÝðáãõëâãîëóåêãåê êëêâáîîëñïáêàéÝîçáðïóåðäðäá ßëééáîßåÝèðáÝéêëóèÝîãáèõåêìèÝßáÝêà ïÝèáïåêßîáÝïåêãÞõYàñîåêãðäáõáÝî

ÎëëçåêãâëîóÝîàðë

äÝïðäáìëðáêðåÝèðëÞáÝîáßëîàõáÝî âëîêáóìîëàñßðèÝñêßäáïåêÈëñêàîõ óåðäÝïåãêåĦßÝêðêñéÞáîëâìîëàñßðï åêðäáĦêÝèïðÝãáïëâàáòáèëìéáêð ÖäáïáåêêëòÝðåòáìîëàñßðïóåèèïñììëîð ðäáéÝêñâÝßðñîáëâèåãäðáîóáåãäð äåãäìáîâëîéÝêßáßëéìëêáêðïÙáÝîá also focusing on developing products for äåãäãîëóðäáêàéÝîçáðïïñßäÝïóåêà ðñîÞåêáïÝêàáèáßðîåßòáäåßèáï

ÃéëêãïððäáïáåïÆñîÝðáçÕñìáîéáèð* , ÝêáôðãáêáîÝðåëêßèÝõãîÝìäåðáßîñßåÞèá óäåßäëñðìáîâëîéïðäáßëéìáðåðåëê óåðäïñìáîåëîâîÝßðñîáðëñãäêáïï äåãäðáéìáîÝðñîáïðîáêãðäÝêàëôåàÝðåëê resistance to ensure longer life in its use in àáéÝêàåêãÝèñéåêåñééáèðåêãëìáîÝðåëêï

ÙáÝîáÝèïëàáòáèëìåêãÙÃÕÅÑ* , ÝóÝðáîïëèñÞèáÞåêàáîóäåßäóåèèáêÝÞèá ðäáñïáëâïÝêàßëîáïâëîäåãäìîáïïñîá àåáßÝïðåêãÝììèåßÝðåëêïÖäåïåïÞáßÝñïáëâ åðïÝÞåèåðõðëÝßäåáòáðäáîáíñåîáàïðîáêãðäï åêðäåïàáéÝêàåêãìîëßáïïóäåèïðÞáåêã áÝïõðëîáéëòáâîëéðäáĦêåïäáàßÝïðåêã ÖäåïãåòáïãîáÝðáîàáïåãêħáôåÞåèåðõðë âëñêàîåáïóáåãäðïÝòåêãÞáêáĦðïâëîðäá ĦêåïäáàßÝïðåêãÝêàîáàñßáïàëóêïðîáÝé ìîëßáïïåêãßëïðï

ÙáßëêðåêñáðëàáòáèëìòÝèñáÝààáà ÝêßåèèÝîõïáîòåßáïâëîëñîßñïðëéáîïïñßä as our crucible management application, óäåßäóåèèäáèìëñîßñïðëéáîïéëîá áĪáßðåòáèõéëêåðëîðäáìáîâëîéÝêßáëâðäåï ßîåðåßÝèìîëàñßðåêðäáåîìîëàñßðåëêìîëßáïï

ÖîÝàáéÝîçëâðäáØáïñòåñïÉîëñìëâßëéìÝêåáïñêîáãåïðáîáàëîîáãåïðáîáàåêßáîðÝåêßëñêðîåáï ñïáàñêàáîèåßáêßá

Sustainability

50 Progress on our
Sustainability roadmap 51 Our Sustainability journey
52 Our Sustainability strategy and objectives
53 Our Sustainability targets
54 TCFD
57 Our planet
71 Our customers
74 Our people 81 Our communities

Name: Leandro Cesar Role: Senior Development Associate Location: Pittsburgh

Name: Agnes Hessling Role: Executive Assistant Foundry Europe Location: Borken

We're helping our customers reduce their environmental impact

The pressure on industry to reduce greenhouse gas emissions is increasing. We work closely with our customers to develop new products and technologies to meet these challenges, with sustainability being a critical focus in new product development.

Name: Song Li Role: Senior R&D Engineer Location: Suzhou

Progress on our Sustainability roadmap

Alexander Laugier-Werth VP Sustainability, HSE & Quality Alexand Susta

ÐëêĦêÝêßåÝèÝêàÕñïðÝåêÝÞåèåðõ Information Statement

ÖäåïÐëêÈåêÝêßåÝèÝêàÕñïðÝåêÝÞåèåðõ ËêâëîéÝðåëêÕðÝðáéáêðìîëòåàáï åêâëîéÝðåëêëêðäáÉîëñìĎïÝßðåòåðåáï Ýêàìëèåßåáïåêîáïìáßðëâ

Environmental matters ÑñîìèÝêáð	ì!#š#
Climate-related reporting
ÖÅÈÆ	ì!
The Company's employees
Ññîìáëìèá	ì# š\$
ÕëßåÝèéÝððáîï
Ññîßëééñêåðåáï	ì\$š\$!
ÔáïìáßðâëîäñéÝêîåãäðï
Ññîßëééñêåðåáï	ì\$
ÃêðåšßëîîñìðåëêÝêà
anti-bribery matters
Ññîßëééñêåðåáï	ì\$

ÖäåïïðÝðáéáêðÝèïëàáðÝåèïóäáîá îáèáòÝêððäáàñáàåèåãáêßáìîëßáïïáï åéìèáéáêðáàÞõðäáÅëéìÝêõåê ìñîïñÝêßáëâðäáïáìëèåßåáï

ÈñîðäáîåêâëîéÝðåëêàåïßèëïáàåêëðäáî ïáßðåëêïëâðäáÕðîÝðáãåßÔáìëîðåï åêßëîìëîÝðáàåêðëðäåïïðÝðáéáêðÞõ îáâáîáêßáåêßèñàåêã

ËêâëîéÝðåëêëêðäáÉîëñìĎïìîåêßåìÝèîåïçï

ÆáðÝåèïëâðäáÉîëñìĎïìîåêßåìÝèîåïçïîáèÝðåêã ðëðäáïáêëêĦêÝêßåÝèÝêàïñïðÝåêÝÞåèåðõ éÝððáîïÝîáàáðÝåèáàåêðäáÉîëñìĎïïßäáàñèá ëâìîåêßåìÝèîåïçïÝêàñêßáîðÝåêðåáï

	ìš
ÔåïçòåÝÞåèåðõÝêà ãëåêãßëêßáîê	ì#š
Details of the Group's business model	ìš
Details of the Group's êëêšĦêÝêßåÝèÍÒËï	ì#

ÖäáĦãäðÝãÝåêïðßèåéÝðáßäÝêãá ßëêðåêñáïðëîáíñåîáäåãäáîðáßäêëèëãõ ïðááèÝêàèÝîãáîéëîáßëéìèáôßÝïðåêãï ÙåêàÝêàïëèÝîáêáîãõìîëàñßðåëê ßÝìÝßåðõÝîáÞëðäßëêïåàáîÝÞèõéëîá ïðááèåêðáêïåòáðäÝêâëïïåèâñáèìëóáî ïðÝðåëêïÝêàðäáïáÝîáÞëðäïáððë ãîëóßëêïåàáîÝÞèõÃèèåáàðëðäåï ðäáïðááèéÝçåêãìîëßáïïåïåðïáèâ àáßÝîÞëêåïåêãðäÝêçïðëáĪëîðïðë åéìîëòáðäáìáîâëîéÝêßáëâáôåïðåêã ÝïïáðïÝêàðäáïäåâðâîëéÞèÝïðâñîêÝßáï ðëáèáßðîåßÝîßâñîêÝßáï

ØáïñòåñïïñììèåáïßëêïñéÝÞèáîáâîÝßðëîõ ìîëàñßðïÝêàáêãåêááîåêãïëèñðåëêïðäÝð ÝîáßîåðåßÝèðëðäáìáîâëîéÝêßáëâéáðÝè ßÝïðåêãìîëßáïïáïÇòáîõàÝõóáäáèìëñî ßñïðëéáîïåéìîëòáðäáïÝâáðõáêáîãõ áĨßåáêßõõåáèàÝêàîáèåÝÞåèåðõëâðäáåî ìîëßáïïáïÝêàáòáîõàÝõóáóëîçåêßèëïá ìÝîðêáîïäåìóåðäðäáéëïðÝàòÝêßáà ïðááèéÝçáîïðëàáòáèëìðäáîáâîÝßðëîõ ìîëàñßðïâëîðäáãîááêïðááèéÝçåêãÝêà ßÝïðåêãìîëßáïïáïëâðäáâñðñîá

ØáïñòåñïĎÕñïðÝåêÝÞåèåðõïðîÝðáãõâëîéÝèèõ èÝñêßäáàÝððäááêàëâÞîåêãï ðëãáðäáîÝèèëñîáêòåîëêéáêðÝèïëßåÝè ÝêàãëòáîêÝêßáåêåðåÝðåòáïåêðëëêá ßëëîàåêÝðáàìîëãîÝééáÖäáïðîÝðáãõ åïÞñåèðëêâëñîìåèèÝîïëñîìèÝêáð ëñîßñïðëéáîïëñîìáëìèáÝêà ëñîßëééñêåðåáï

ÙáäÝòáïáðëñðâëñîçáõïñïðÝåêÝÞåèåðõ ïðîÝðáãåßìîåëîåðåáïÖÝîãáðïâëîðäîáá ëâðäáïáÝîááéÞáààáàåêðëëñî éÝêÝãáéáêðåêßáêðåòáÝîîÝêãáéáêðï

ÄáßëéåêãÝöáîëÝßßåàáêðßëéìÝêõ
ÔáàñßåêãëñîÕßëìáÝêàÕßëìáÅÑ áéåïïåëêïðëîáÝßäêáðöáîëÞõ!Ýð the latest
Êáèìåêãëñîßñïðëéáîïîáàñßáðäáåîëóê ÅÑáéåïïåëêï
ËêßîáÝïåêããáêàáîàåòáîïåðõåêðäáÕáêåëî ÎáÝàáîïäåìÉîëñìÝêàÝðáòáîõèáòáèëâ ðäáÅëéìÝêõ

ÙáÝîáïåãêÝðëîåáïðëðäá×ÐÉèëÞÝè ÅëéìÝßðÝêàîáìëîðÝêêñÝèèõëêëñî ïñïðÝåêÝÞåèåðõÝßðåòåðåáïßëééåðéáêðïÝêà ìîëãîáïïÙáÝèïëìîáìÝîáÝïáìÝîÝðá ÕñïðÝåêÝÞåèåðõÔáìëîðáÝßäõáÝîóäåßä ãåòáïÝéëîáåêàáìðäëòáîòåáóëâëñî ïñïðÝåêÝÞåèåðõÝßðåòåðåáïÖäåïßÝêÞá ÝßßáïïáàòåÝëñîóáÞïåðá óóóòáïñòåñïßëé

ÙáÝîáòáîõìîëñàëâëñîìîëãîáïïðëàÝðá ÝïáôáéìèåĦáàÞõðäááôðáîêÝèîáßëãêåðåëê ëâðäáîÝðåêãÝãáêßåáïÕåêßáëñî ÏÕÅËÇÕÉîÝðåêãäÝïìîëãîáïïáàâîëé ÄÄÄðëÃÃÝêàëñîÇßëØÝàåïîÝðåêãâîëé ÕåèòáîðëÉëèàËêóáïñÞéåððáàëñî ĦîïðÅÆÒíñáïðåëêêÝåîáóäåßäîáßáåòáà ÝÄãîÝàá

ÙáÝîáßëééåððáàðëðîÝêïìÝîáêðÝêà ðäëîëñãäîáìëîðåêãëêëñîïñïðÝåêÝÞåèåðõ ìáîâëîéÝêßáÙáóëñèàóáèßëéá ÝêõåêìñðëîâááàÞÝßçðë ïñïðÝåêÝÞåèåðõªòáïñòåñïßëé

Alexander Laugier-Werth

VP Sustainability, HSE & Quality

ÐëðáÙÝïðáÝêàîáßõßèåêãàÝðÝßëêðÝåêáàåêðäåï îáìëîðàëáïêëðåêßèñàáðäáðóëïåðáïÝßíñåîáàâîëé ×êåòáîïÝèÔáâîÝßðëîåáïÝððäááêàëâêëîðäáïåðá ÝßíñåîáàåêÑßðëÞáîóåðäðäáÝßíñåïåðåëêëâÄÏÅ ÖäááêáîãõÝêàáéåïïåëêïàÝðÝÝèïëàëáïêĎðåêßèñàá ÄÏÅóäåèïððäáïÝâáðõàÝðÝâëîÄÏÅäÝïÞááê åêßèñàáàâîëéðäáàÝðáëâÝßíñåïåðåëê

Our Sustainability journey

ÃîáÝïëâÕñïðÝåêÝÞåèåðõâëßñï

ÔáàñßåêãÕßëìáÝêàáéåïïåëêï áòÝèñÝðåêãÕßëìááéåïïåëêïóåðä ëñîïñììèåáîï
ÆáðáîéåêåêãÅÑáéåïïåëêïÝòëåàáàÞõ ßñïðëéáîïÝêàßîáÝðåêãâñîðäáîÝßðåëê ìèÝêïðëéÝôåéåïáðäåï
ÕóåðßäåêãðëßÝîÞëêâîáááèáßðîåßåðõëê ëñîïåðáïóäáîáòáîìëïïåÞèá
Ãïïáïïåêãêáóìîëàñßðàáòáèëìéáêðï ÝêàðáßäêëèëãåáïÞÝïáàëêðäáåîïÝâáðõ ÝêàáêòåîëêéáêðÝèÞáêáĦðï
ÕñììëîðåêãáàñßÝðåëêâëîóëéáêåê ïßåáêðåĦßĦáèàï
ËêßîáÝïåêããáêàáîàåòáîïåðõåêðäá ÕáêåëîÎáÝàáîïäåìÉîëñìÝêàÝð áòáîõèáòáèëâðäáÅëéìÝêõ
ËêßîáÝïåêãáéìèëõáááêãÝãáéáêð
×êàáîðÝçåêãáêòåîëêéáêðÝèåéìÝßð ÝêÝèõïåïëâßÝìåðÝèáôìáêàåðñîáóåðäðäá åêðáîêÝèìîåßáëâÅÑáéåïïåëêïîáòåáóáà áòáîõõáÝî
ÕááçåêãËÕÑ ßáîðåĦßÝðåëê ëâéÝêñâÝßðñîåêãïåðáïêëð ÝèîáÝàõßáîðåĦáà
×êàáîðÝçåêãïñïðÝåêÝÞåèåðõ ÝïïáïïéáêðïÝêàÝñàåðïëâïñììèåáîï

Our Sustainability journey

2020	2021	2022
– ÕñïðÝåêÝÞåèåðõÅäÝîðáî – ÕñïðÝåêÝÞåèåðõÅëñêßåè – ØáïñòåñïÝàäáîáïðëðäá ×ÐÉèëÞÝèÅëéìÝßð – ËêðáîêÝèÒîåßáëâÅÝîÞëê – ÕñììèåáîÝïïáïïéáêðìîëãîÝééá	– ÕßëìáÝêàÕßëìááéåïïåëêï áôðáîêÝèèõòáîåĦáà – ÕßëìááéåïïåëêïáòÝèñÝðáà – ÕñïðÝåêÝÞèáìîëßñîáéáêðìëèåßõ – ÕñïðÝåêÝÞåèåðõïßëîáßÝîà – ÈåîïðÕñïðÝåêÝÞåèåðõÔáìëîð – ÖÅÈÆàåïßèëïñîáï	– ÔëÝàéÝìðëêáðöáîë – ÅÆÒíñáïðåëêêÝåîá – ÕñïðÝåêÝÞåèåðõÔáìëîðÉÔËÝèåãêáà
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ØáïñòåñïĎÇêòåîëêéáêðÝèÒëèåßõ

Ùáßëééåððë

ÏåêåéåïáàåîáßðÝêàåêàåîáßðÅÑÝêàëðäáîãîááêäëñïáãÝïáéåïïåëêï ÞõîáàñßåêãðäááêáîãõåêðáêïåðõëâëñîÞñïåêáïïÝêàñïåêãßèáÝêáî áêáîãõïëñîßáï
ÏåêåéåïáðäáßëêïñéìðåëêëâóÝðáîÝêàëðäáîîáïëñîßáï
ÔáàñßáóÝïðáÝðïëñîßáÝêààñîåêãìîëàñßðåëê
ËêßîáÝïáðäáñïÝãáëâîáßõßèáàéÝðáîåÝèïÝêàìîëéëðáðäáàáòáèëìéáêð ëâðäáßåîßñèÝîáßëêëéõ
ÏåêåéåïáÝêõìëèèñðåëêëîîáèáÝïáïëâïñÞïðÝêßáïóäåßäßëñèàÝàòáîïáèõ ÝĪáßðäñéÝêïëîðäááêòåîëêéáêð
ÃòëåàêáãÝðåòáåéìÝßðïëêÞåëàåòáîïåðõ
ÕááðäáâñèèìëèåßõëêóóóòáïñòåñïßëéâëîâñîðäáîàáðÝåèï

ÑñîÕñïðÝåêÝÞåèåðõïðîÝðáãõÝêàëÞæáßðåòáï

ÅîáÝðåêãÝÞáððáîðëéëîîëó âëîëñîìèÝêáðëñîßñïðëéáîï ëñîìáëìèáÝêàëñîßëééñêåðåáï

ÙáßîáÝðáåêêëòÝðåòáïëèñðåëêïðäÝðáêÝÞèá ëñîßñïðëéáîïðëåéìîëòáðäáåîïÝâáðõ ÝêàíñÝèåðõìáîâëîéÝêßáîáàñßáðäáåî áêòåîëêéáêðÝèâëëðìîåêðÞáßëéá éëîááĨßåáêðåêðäáåîìîëßáïïáï Ýêàîáàñßáßëïðï

ÙáÝåéðëàáèåòáîïñïðÝåêÝÞèáìîëĦðÝÞèá ãîëóðäðëìîëòåàáëñîïäÝîáäëèàáîïóåðäÝ ïñìáîåëîîáðñîêëêðäáåîåêòáïðéáêðóäåèïð ìîëòåàåêãëñîáéìèëõááïóåðäÝïÝâá óëîçìèÝßáóäáîáðäáõÝîáîáßëãêåïáà àáòáèëìáàÝêàìîëìáîèõîáóÝîàáà

ÑñîÕñïðÝåêÝÞåèåðõåêåðåÝðåòááéÞëàåáïðäåï ìñîìëïáËðïáðïëñððäáÉîëñìĎïâëîéÝè ëÞæáßðåòáïÝêàðÝîãáðïâëîïñììëîðåêãëñî ßñïðëéáîïëñîáéìèëõááïÝêàëñî ßëééñêåðåáïÝêàâëîìîëðáßðåêãëñî ìèÝêáðâëîâñðñîáãáêáîÝðåëêïËðåï áéÞáààáàåêðäáÉîëñìĎïëòáîÝèèïðîÝðáãõ Ýêàåêâëîéïäëóóáàáèåòáîëêðäá ÉîëñìĎïáôáßñðåëêìîåëîåðåáï

ÖäáçáõëÞæáßðåòáïÝêàìîåëîåðåáïëâëñî ÕñïðÝåêÝÞåèåðõåêåðåÝðåòáÝîáëñðèåêáà äáîáÖäáõóáîáàáĦêáàâëèèëóåêãðäá åàáêðåĦßÝðåëêÝêàÝêÝèõïåïëâðäáÉîëñìĎï éëïðåéìëîðÝêðÝêàéÝðáîåÝèïñïðÝåêÝÞåèåðõ îåïçïÝêàëììëîðñêåðåáï

Our planet

ÖëðÝßçèáßèåéÝðáßäÝêãáÞõ îáàñßåêãëñîÅÑáéåïïåëêïÝêà äáèìåêãëñîßñïðëéáîïîáàñßá ðäáåîïóåðäëñîìîëàñßðïÝêà ïáîòåßáïÙáÝîáßëééåððáàðë îáÝßäåêãÝêáðöáîëßÝîÞëê âëëðìîåêðÝððäáèÝðáïðÞõ!
ÖëáêãÝãáåêðäáßåîßñèÝîáßëêëéõ ÞõîáàñßåêãëñîóÝïðáîáßëòáîåêã éëîáëâëñîìîëàñßðïÝâðáîðäáõ äÝòáÞááêñïáàÝêàåêßîáÝïåêãðäá ñïÝãáëâîáßõßèáàéÝðáîåÝèï

ì!#

Our people

ÖëáêïñîáðäáïÝâáðõëâëñîìáëìèá ÝêàáòáîõëêááèïáóäëÝßßáïïáï ëñîïåðáïÖäåïåïëñîĦîïðìîåëîåðõ ÙáðÝçáïÝâáðõòáîõïáîåëñïèõÝêà ÝîáßëêïðÝêðèõïðîåòåêãðëåéìîëòá
ÖëëĪáîãîëóðäëììëîðñêåðåáï ðëÝèèëñîáéìèëõááïðäîëñãä ðîÝåêåêãÝêàßÝîááîìîëãîáïïåëê ðëàáòáèëìàåòáîïááêãÝãáàÝêà äåãäìáîâëîéåêãðáÝéï

Ññîßñïðëéáîï

ÖëïñììëîðëñîßñïðëéáîïĎáĪëîðï ðëåéìîëòáïÝâáðõëêðäáïäëì ħëëîáïìáßåÝèèõáôìëïñîáðë äëðéáðÝè
Öëäáèìßñïðëéáîïåéìîëòá ðäáåîëìáîÝðåëêÝèìáîâëîéÝêßá ÝêàðäáîáÞõîáàñßáðäáåî áêòåîëêéáêðÝèâëëðìîåêðÝêà áïìáßåÝèèõðäáåîÅÑáéåïïåëêï

ì#

Ññîßëééñêåðåáï

Öëïñììëîððäáßëééñêåðåáï åêóäåßäóáëìáîÝðáóåðäÝ âëßñïëêìîëéëðåêãÝêà ïñììëîðåêãóëéáêĎïáàñßÝðåëê åêïßåáêðåĦßĦáèàï
ÖëáêïñîááðäåßÝèÞñïåêáïïßëêàñßð ÞëðäåêðáîêÝèèõÝêàóåðäëñî ðîÝàåêãìÝîðêáîï
ÖëáôðáêàëñîïñïðÝåêÝÞåèåðõ ßëééåðéáêððëëñîïñììèåáîïÝêà áêßëñîÝãáðäáéðëìîëãîáïï

Progress on our Sustainability targets

ÖäáÄëÝîàäÝïåàáêðåĦáàïåãêåĦßÝêðêëêĦêÝêßåÝèÍÒËïâëîðäáÞñïåêáïïÝêàåðïïðîÝðáãõÖóëÍÒËïîáèÝðáðëåêêëòÝðåëê ÖëðÝèÔÆïìáêàÝêàìáîßáêðÝãáëâêáóìîëàñßðïÝèáïóäåèáðäáîáéÝåêåêãêåêáßëòáîðäáÉîëñìĎïéÝåêÕñïðÝåêÝÞåèåðõëÞæáßðåòáï

ÙáäÝòáïáðïðîáðßäåêãðÝîãáðïâëîðäáÉîëñìĎïïñïðÝåêÝÞåèåðõÍÒËïðëîáÝßäóåðäåêïáððåéáâîÝéáïðäáïáÝîáïáðëñðåêðäáðÝÞèáÞáèëó ËêòåáóëâðäáìîëãîáïïéÝàáðäáîáàñßðåëêëâÕßëìáÝêàÕßëìáÅÑááéåïïåëêïðÝîãáðóÝïåêßîáÝïáàåêâîëéYðëY ÝêàåðïßëòáîÝãáåêßîáÝïáàâîëéÇêáîãõÅÑáðëÝèèÅÑááéåïïåëêï

ÍÒË	ÏáÝïñîá	ÖÝîãáð	ìîëãîáïï òïìèÝê	ìîëãîáïï	×ÐÕñïðÝåêÝÞèá Æáòáèëìéáêð ÉëÝèï
Safety	ÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðá Þáèëó	<1		\$	\$
Energy intensity	Äõ!îáàñßááêáîãõåêðáêïåðõ ìáîéáðîåßðëêêáëâìîëàñßð ìÝßçáàâëîïäåìéáêðòï%ž	-10%		š"Y	%
CO2e emission intensity	Äõ!îáàñßáÕßëìáÝêà ÕßëìáÅÑááéåïïåëêåêðáêïåðõ ìáîéáðîåßðëêêáëâìîëàñßð ìÝßçáàâëîïäåìéáêðòï%ž	-20%		š\$\$Y	%
Wastewater	Äõ!îáàñßáóÝïðáóÝðáîìáî éáðîåßðëêêáëâìîëàñßðìÝßçáà âëîïäåìéáêðòï%ž	-25%		š%Y	"%
Solid waste	Äõ!îáàñßáïëèåàóÝïðá äÝöÝîàëñïÝêàïáêððëèÝêàĦèèž ìáîéáðîåßðëêêáëâìîëàñßð ìÝßçáàâëîïäåìéáêðòï%ž	-25%		š\$Y	%
Ôáßõßèáà material	Äõ!åêßîáÝïáðäáìîëìëîðåëê ëâîáßõßèáàéÝðáîåÝèïâîëé áôðáîêÝèïëñîßáïñïáàåê ìîëàñßðåëê	7%		"Y	%
Gender diversity	Äõ!åêßîáÝïáâáéÝèá îáìîáïáêðÝðåëêåêðäáÕáêåëî ÎáÝàáîïäåìÉîëñìÝììîëô "ðëìéÝêÝãáîïž	25%		Y	5
ÅëéìèåÝêßá training	ËêßîáÝïáðäáìáîßáêðÝãáëâ ðÝîãáðáàïðÝĪóäëßëéìèáðá ÝêðåšÞîåÞáîõÝêàßëîîñìðåëê ðîÝåêåêãÝêêñÝèèõ	90%		%%Y	16
ÕñììèõßäÝåê	Äõðäááêàëâßëêàñßð ïñïðÝåêÝÞåèåðõÝïïáïïéáêðïëâ ëñîîÝóéÝðáîåÝèïïñììèåáîï ßëòáîåêãÝðèáÝïð!YëâÉîëñì îÝóéÝðáîåÝèïìáêà	50%		\$Y	\$#

Òîëãîáïïçáõ ÄáäåêàìèÝê	ÑêìèÝê ÃäáÝàëâïßäáàñèá		ÖÝîãáðÝßäåáòáà
	ØáïñòåñïĎßëêðîåÞñðåëêðëðäá×ÐÕñïðÝåêÝÞèáÆáòáèëìéáêðÉëÝèï

ÔáÞÝïáèåêáàñïåêãìîáÝßíñåïåðåëêàÝðÝâëîðäáÞñïåêáïïÝßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáïËêß

Æëáïêëðåêßèñàáâñãåðåòááéåïïåëêïàáéåêåéåï

ÖÝïçÈëîßáëêÅèåéÝðáîáèÝðáàÈåêÝêßåÝèÆåïßèëïñîáï

ÈåêÝêßåÝèÆåïßèëïñîáïÖÅÈÆžäÝï ÖäáßèåéÝðášîáèÝðáàĦêÝêßåÝè ÝèèÕáßðëîï	ÖäáÖÝïçÈëîßáëêÅèåéÝðášîáèÝðáà àáòáèëìáàÝàåïßèëïñîáâîÝéáóëîçðë äáèìßëéìÝêåáïåéìîëòáÝêàåêßîáÝïá ðäáñêàáîïðÝêàåêãëâðäáåîîáìëîðåêã ëâßèåéÝðášîáèÝðáàĦêÝêßåÝèåêâëîéÝðåëê àåïßèëïñîáïåêßèñàáàåêðäåïÃêêñÝè ÔáìëîðÝîáßëêïåïðáêðóåðäðäáÖÅÈÆ ÔáßëééáêàÝðåëêïÝêàÔáßëééáêàáà ÆåïßèëïñîáïÝêàäÝòáÞááêìîáìÝîáà ðÝçåêãåêðëÝßßëñêððäáÉñåàÝêßáâëî	ËêìîáìÝîåêãðäåïÖÅÈÆàåïßèëïñîáóá ßëêïåàáîáàîáßáêðàáòáèëìéáêðïåêãèëÞÝè ÝĪÝåîïÝêàéÝßîëðîáêàïïñßäÝï – ÖäáÝßßáèáîÝðåëêëâðäááèáßðîåßòáäåßèá éÝîçáðãîëóðäÝêàßëêïáíñáêðèõðäá âÝïðáîìáÝçÝêààáßèåêáëâðäáäõÞîåà òáäåßèáïéÝîçáðž – ÖäááêáîãõßîåïåïÝêàìîåßáãÝìïðäÝð ÝììáÝîáàÞáðóááêîáãåëêïÝêàÝððäá ïÝéáðåéáðäáîÝìåàîáàñßðåëêëâðäá ßëïðìáîåêïðÝèèáàçÙäëâîáêáóÝÞèá áêáîãõÝêàÝïïëßåÝðáàéÝïïåòá åêòáïðéáêðïìèÝêï	ÙáßëêßèñàáàðäÝððäáñêàáîèõåêã ÝïïñéìðåëêïÝêààîåòáîïëâëñîïßáêÝîåë ÝêÝèõïåïÝêàðäáîåïçïÝêàëììëîðñêåðåáï ðäÝðóáäÝòáåàáêðåĦáààëêëðîáíñåîáÝêõ ïåãêåĦßÝêðéëàåĦßÝðåëêðäåïõáÝî ÙáÝîáÝóÝîáëâÝãîëóåêãÝßßáìðÝêßá ðäÝððäá!ÅãèëÞÝèóÝîéåêãÝéÞåðåëê óåèèêëðÞáéáðóäåßäïñììëîðïðäá ÝïïñéìðåëêåêëñîïßáêÝîåëìèÝêïðäÝððäá éëïðëìðåéåïðåßïßáêÝîåëåïݏÅåêßîáÝïá åêãèëÞÝèóÝîéåêã ÖäáðÝÞèáïáðïëñðóäáîáõëñßÝêĦêà åêâëîéÝðåëêëêäëóóáäÝòáÝììèåáàáÝßä
			ëâðäáîáßëééáêàÝðåëêïëâðäáÖÅÈÆ
Öëìåß		ÆåïßèëïñîáïñééÝîõ	Øáïñòåñïàåïßèëïñîá
ÉëòáîêÝêßá	Æåïßèëïáðäá	aÆáïßîåÞáðäáÄëÝîàĎïëòáîïåãäðëâ	Sustainability: TCFD	ì!!
	ëîãÝêåïÝðåëêĎï	ßèåéÝðášîáèÝðáàîåïçïÝêàëììëîðñêåðåáï	Risk, viability and going concern	ì#š
	ãëòáîêÝêßá ÝîëñêàßèåéÝðáš		Directors' Remuneration Report	ì"š
	îáèÝðáàîåïçïÝêà	bÆáïßîåÞáéÝêÝãáéáêðĎïîëèáåêÝïïáïïåêã	Sustainability: TCFD	ì!!š!"
	ëììëîðñêåðåáï	ÝêàéÝêÝãåêãßèåéÝðášîáèÝðáàîåïçï	Risk, viability and going concern	ì#š
		Ýêàëììëîðñêåðåáï

Strategy	Æåïßèëïáðäá ÝßðñÝèÝêà ìëðáêðåÝèåéìÝßðï ëâßèåéÝðášîáèÝðáà îåïçïÝêà ëììëîðñêåðåáïëê ðäáëîãÝêåïÝðåëêĎï businesses,	aÆáïßîåÞáðäáßèåéÝðášîáèÝðáàîåïçïÝêà ëììëîðñêåðåáïðäáëîãÝêåïÝðåëêäÝïåàáêðåĦáà ëòáîðäáïäëîðéáàåñéÝêàèëêãðáîé	Sustainability: Our planet	ì!#š"
		bÆáïßîåÞáðäáåéìÝßðëâßèåéÝðášîáèÝðáà	Sustainability: Our planet	ì!#š"!
		îåïçïÝêàëììëîðñêåðåáïëêðäá	Our external environment	ì š!
ïðîÝðáãõÝêà ĦêÝêßåÝèìèÝêêåêã óäáîáïñßä åêâëîéÝðåëêåï éÝðáîåÝè		ëîãÝêåïÝðåëêĎïÞñïåêáïïáïïðîÝðáãõ ÝêàĦêÝêßåÝèìèÝêêåêã	Sustainability: Our customers	ì#š#
	߯áïßîåÞáðäáîáïåèåáêßáëâðäáëîãÝêåïÝðåëêĎï ïðîÝðáãõðÝçåêãåêðëßëêïåàáîÝðåëêàåĪáîáêð ßèåéÝðášîáèÝðáàïßáêÝîåëïåêßèñàåêãÝ ÅëîèëóáîïßáêÝîåë	Sustainability: Our planet	ì"š"
Ôåïç	Æåïßèëïáäëó	aÆáïßîåÞáðäáëîãÝêåïÝðåëêĎïìîëßáïïáï	Sustainability: Our planet	ì!#š"
management	ðäáëîãÝêåïÝðåëê åàáêðåĦáï assesses and éÝêÝãáï ßèåéÝðášîáèÝðáà îåïçï	âëîåàáêðåâõåêãÝêàÝïïáïïåêã	Risk, viability and going concern	ì#š
		ßèåéÝðášîáèÝðáàîåïçï
		bÆáïßîåÞáðäáëîãÝêåïÝðåëêĎïìîëßáïïáï	Sustainability: Our planet	ì!#š"
		âëîéÝêÝãåêãßèåéÝðášîáèÝðáàîåïçï	Risk, viability and going concern	ì\$š%

		߯áïßîåÞáäëóìîëßáïïáïâëîåàáêðåâõåêãÝïïáïïåêã ÝêàéÝêÝãåêãßèåéÝðášîáèÝðáàîåïçïÝîáåêðáãîÝðáà	Sustainability: Our planet	ì!#š"
		åêðëðäáëîãÝêåïÝðåëêĎïëòáîÝèèîåïçéÝêÝãáéáêð	Risk, viability and going concern	ì#š

ÏáðîåßïÝêà targets	Æåïßèëïáðäá éáðîåßïÝêà ðÝîãáðïñïáà	aÆåïßèëïáðäáéáðîåßïñïáàÞõðäáëîãÝêåïÝðåëêðë ÝïïáïïßèåéÝðášîáèÝðáàîåïçïÝêàëììëîðñêåðåáïåê èåêáóåðäåðïïðîÝðáãõÝêàîåïçéÝêÝãáéáêðìîëßáïï	Sustainability	ì!
	ðëÝïïáïïÝêà éÝêÝãáîáèáòÝêð ßèåéÝðášîáèÝðáà îåïçïÝêà ëììëîðñêåðåáï óäáîáïñßä åêâëîéÝðåëê åïéÝðáîåÝè	bÆåïßèëïáÕßëìáÕßëìáÝêàåâÝììîëìîåÝðá ÕßëìáÉÊÉáéåïïåëêïÝêàðäáîáèÝðáàîåïçï	Sustainability: Our planet	ì""š"\$
		߯áïßîåÞáðäáðÝîãáðïñïáàÞõðäáëîãÝêåïÝðåëêðë éÝêÝãáßèåéÝðášîáèÝðáàîåïçïÝêàëììëîðñêåðåáï ÝêàìáîâëîéÝêßáÝãÝåêïððÝîãáðï	Sustainability: Our planet	ì!Ýêà ì""š#

ÕñïðÝåêÝÞåèåðõãëòáîêÝêßáïðîñßðñîá

Board oversight

ÖäáÄëÝîàäëèàïëòáîÝèèÝßßëñêðÝÞåèåðõ ÝêàëòáîïåãäðâëîÝèèéÝððáîïîáèÝðáàðë ïñïðÝåêÝÞåèåðõÝêàðäáéÝêÝãáéáêðëâÝèè îåïçïÝêàëììëîðñêåðåáïåêßèñàåêãðäá åéìÝßðëâßèåéÝðáßäÝêãáëêðäáÉîëñì ËêïáððåêãðäáÉîëñìĎïïðîÝðáãõåðáêïñîáï ðäÝðïñïðÝåêÝÞåèåðõåïáéÞáààáàÝððäá äáÝîðëâðäáÉîëñìÝêàåïîáħáßðáàåêðäá ëìáîÝðåëêÝèìèÝêïëâáÝßäÄñïåêáïï×êåð ÖäáÄëÝîàâëîéÝèèõîáòåáóïÝèèïåãêåĦßÝêð ïñïðÝåêÝÞåèåðõìîëãîÝééáï

ÖäáÄëÝîàĎïëòáîïåãäðëâðäáÉîëñìĎï îáïìëêïáðëßèåéÝðáßäÝêãáåïåêðáãîÝðáà ÞëðäåêðëåðïéëêåðëîåêãëâðäáÉîëñìĎï ÞîëÝàáîïñïðÝåêÝÞåèåðõïðîÝðáãõÝêà åêåðåÝðåòáïÝêàåðïÝììîëÝßäðëïåãêåĦßÝêð ßÝìåðÝèÝêàëðäáîåêòáïðéáêðïÖäá ÄëÝîàâëîéÝèèõàåïßñïïáïðäáÉîëñìĎï ÕñïðÝåêÝÞåèåðõåêåðåÝðåòáÝðèáÝïððóåßá ìáîõáÝîËðïáðïðäáÉîëñìĎïìîåëîåðåáï ÝêàðÝîãáðïÝêàîáòåáóïðäáÉîëñìĎï ìáîâëîéÝêßáÝêàìîëãîáïïÝãÝåêïððäáé ËðÝèïëéëêåðëîïðäáÉîëñìĎïáôðáîêÝèÇÕÉ îÝðåêãïÝêàåêäÝïâëßñïáàëêðäá ÉîëñìĎïîëÝàéÝìðëêáðöáîë

ÖäáÄëÝîàäÝïñêàáîðÝçáêÝàáðÝåèáà ÝïïáïïéáêðëâðäáÉîëñìĎïßèåéÝðáîáèÝðáà îåïçïÝêàëììëîðñêåðåáïåêßèñàåêãðäá ÉîëñìĎïìäõïåßÝèÝêàðîÝêïåðåëêîåïçïËðäÝï ÝèïëßëêïåàáîáàðäáâëîéñèÝðåëêëâðäá ðäîááàåĪáîáêðßèåéÝðáîáèÝðáàïßáêÝîåëï ßëêïðîñßðáàðëÝïïáïïðäáìëðáêðåÝè ĦêÝêßåÝèåéìèåßÝðåëêïëâßèåéÝðáßäÝêãá ÝêàÝïïáïïáàðäáåéìÝßðëâßèåéÝðá îáèÝðáàîåïçïÝêàëììëîðñêåðåáïëêðäá ÉîëñìĎïïðîÝðáãõËðåïëñîìëèåßõâëîáòáîõ ßÝìåðÝèáôìáêàåðñîáÝÞëòáy!éîáíñåîåêã ÄëÝîàÝììîëòÝèðëåêßèñàáÝïñïðÝåêÝÞåèåðõ ÝïïáïïéáêðóäåßäåêßëîìëîÝðáïßèåéÝðá îáèÝðáàìÝîÝéáðáîï

ÖäáÉîëñìĎïÃñàåðÅëééåððááïñììëîðï ðäáÄëÝîàåêáêïñîåêãßèåéÝðáîáèÝðáà åïïñáïÝîáåêðáãîÝðáàåêðëðäáÉîëñìĎïîåïç éÝêÝãáéáêðìîëßáïïÝêàîáòåáóåêãðäá ÉîëñìĎïÖÅÈÆîáìëîðåêãÃïðäáÇôáßñðåòá ÆåîáßðëîóåðäçáõîáïìëêïåÞåèåðõâëîðäá

àáèåòáîõëâðäáÉîëñìĎïïðîÝðáãõëñîÅäåáâ ÇôáßñðåòáÒÝðîåßçÃêàîƇåïñèðåéÝðáèõ îáïìëêïåÞèáâëîðäáÕñïðÝåêÝÞåèåðõåêåðåÝðåòá

ÖäáÔáéñêáîÝðåëêÅëééåððááïñììëîðï ðäáÉîëñìĎïÕñïðÝåêÝÞåèåðõËêåðåÝðåòáÝêà ßèåéÝðáßäÝêãáîáèÝðáàëÞæáßðåòáï ðäîëñãäðäáÝèåãêéáêðëâðäáÉîëñìĎï îáéñêáîÝðåëêïðîÝðáãõÃèèÄñïåêáïï ×êåðÒîáïåàáêðïÝêàáÝßäëâðäá îáãåëêÝèÄñïåêáïï×êåðØåßáÒîáïåàáêðï äÝòáÝìÝîðëâðäáåîÝêêñÝèåêßáêðåòá ßëéìáêïÝðåëêðåáàðëìáîâëîéÝêßáðÝîãáðï ëêÅÑáéåïïåëêïîáàñßðåëêËêÝààåðåëê ðäáÇôáßñðåòáÆåîáßðëîïÝêàëðäáî éáéÞáîïëâðäáÉîëñìÇôáßñðåòá ÅëééåððááìÝîðåßåìÝðáåêðäáÉîëñìĎï ÎëêãÖáîéËêßáêðåòáÒèÝêóåðäðäá òáïðåêãëâYëâáÝßäÝóÝîàÞÝïáàëê ðäîááÇÕÉéáÝïñîáïâëßñïáàëêÝ îáàñßðåëêåêðäáÉîëñìĎïÕßëìá ÅÑáéåïïåëêïÝîáàñßðåëêåêðäáÎëïð ÖåéáËêßåàáêðÈîáíñáêßõÔÝðáÝêàÝê åéìîëòáéáêðåêðäáãáêàáîîáìîáïáêðÝðåëê åêïáêåëîéÝêÝãáéáêð

ÑñîÕñïðÝåêÝÞåèåðõãëòáîêÝêßá

Board

ÊëèàïÝßßëñêðÝÞåèåðõÝêàëòáîïåãäðâëîÝèèéÝððáîï îáèÝðáàðëïñïðÝåêÝÞåèåðõ
ÑòáîïááïðäáàáĦêåðåëêëâðäáÕñïðÝåêÝÞåèåðõïðîÝðáãõ ÝêàåêåðåÝðåòáï
ÕáðïðäáéÝåêðÝîãáðïîáòåáóïìáîâëîéÝêßá Ýêàìîëãîáïï

Audit Committee

ÕñììëîðïðäáÄëÝîàåêáêïñîåêãßèåéÝðáîáèÝðáà åïïñáïÝîáåêðáãîÝðáàåêðëðäáÉîëñìĎïîåïç éÝêÝãáéáêðìîëßáïï
ÔáòåáóïðäáÉîëñìĎïÖÅÈÆÔáìëîðåêãÝêà ßëêĦîéÝðåëêëâðÝîãáðÝïïáïïéáêð

Remuneration Committee

– ÕñììëîðïðäáÕñïðÝåêÝÞåèåðõëÞæáßðåòáïðäîëñãäðäá ÝèåãêéáêðëâðäáÉîëñìĎïîáéñêáîÝðåëêïðîÝðáãõ

ÉîëñìÇôáßñðåòáÅëééåððáá

ÅäåáâÇôáßñðåòáÅäåáâÈåêÝêßåÝèÑĨßáîÉáêáîÝèÅëñêïáèÝêàÅëéìÝêõÕáßîáðÝîõÅäåáâÊÔÑĨßáî Äñïåêáïï×êåðÒîáïåàáêðï

ÃììîëòáïÉîëñìïñïðÝåêÝÞåèåðõîáèÝðáàìëèåßåáï
ÔáßáåòáïîáìëîðïâîëéðäáØÒÕñïðÝåêÝÞåèåðõëêðäá ÕñïðÝåêÝÞåèåðõåêåðåÝðåòá
ËïîáïìëêïåÞèáâëîðäáìîëãîáïïëâðäáÉîëñìÝãÝåêïðåðï ïñïðÝåêÝÞåèåðõëÞæáßðåòáï

Ä×Òîáïåàáêðï

ËêßëîìëîÝðáÉîëñìïñïðÝåêÝÞåèåðõïðîÝðáãõåêðëðäáåî Ä×ïðîÝðáãõ
ÅëééñêåßÝðáðÝîãáðïåêïåàáðäáåîëîãÝêåïÝðåëêï
ÃèèëßÝðáîáïëñîßáïàáĦêáÝêàåéìèáéáêðìèÝêï

ÕñïðÝåêÝÞåèåðõÅëñêßåè

ÉîëñìÇôáßñðåòáÅëééåððááØåßáÒîáïåàáêðÕñïðÝåêÝÞåèåðõÊáÝàëâÅëééñêåßÝðåëêÝêàÇéìèëõááÇêãÝãáéáêð ÊáÝàëâËêòáïðëîÔáèÝðåëêïÊáÝàëâÕðîÝðáãõØåßáÒîáïåàáêðïÑìáîÝðåëêïðäîááÔáãåëêÝèÄñïåêáïï×êåðØÒï

ÑòáîïááïðäáÉîëñìĎïïñïðÝåêÝÞåèåðõÝßðåòåðõ
ÏëêåðëîïìîëãîáïïëêéáðîåßïÝêàðÝîãáðï
ÃïïåïðïðäáÉîëñìåêÝïïáïïåêãðäáåéìèåßÝðåëêïëâ èëêãðáîéßèåéÝðáîáèÝðáàîåïçïÝêàëììëîðñêåðåáï áèÝÞëîÝðåêãïðîÝðáãõÝêàïáððåêãìîåëîåðåáï

VP Sustainability

ÎáÝàïðäáÉîëñìĎïïñïðÝåêÝÞåèåðõÝßðåòåðåáï ßëëîàåêÝðåêãðäáóëîçëâðäáÕñïðÝåêÝÞåèåðõÅëñêßåè
ÇêïñîáïðäáÉîëñìäÝïÝßèáÝîïáðëâÍÒËïÝêà ßëèèÝðáïàÝðÝ
ÑîãÝêåïáïÉîëñìóåàáßëééñêåßÝðåëê
ÎáÝàïáôðáîêÝèîáìëîðåêãÝêààåïßèëïñîáï

ÅäåáâÇôáßñðåòá

ËïñèðåéÝðáèõîáïìëêïåÞèá âëîðäáàáèåòáîõëâðäá ÕñïðÝåêÝÞåèåðõåêåðåÝðåòá

ÖÝïçÈëîßáëêÅèåéÝðáîáèÝðáàÈåêÝêßåÝèÆåïßèëïñîáïßëêðåêñáà

Management oversight

ËêóåðäðäáèÝñêßäëâðäáÉîëñìĎïêáó ÕñïðÝåêÝÞåèåðõåêåðåÝðåòáÝãëòáîêÝêßá ïðîñßðñîáóÝïáïðÝÞèåïäáàßëéìîåïåêãÝ ÕñïðÝåêÝÞåèåðõÅëñêßåèïñììëîðáàÞõðäá êáóîëèáëâØÒÕñïðÝåêÝÞåèåðõÝêàÝßèáÝî ïáðëâÍÒËïÝêàðÝîãáðïóáîáàáèåêáÝðáà ÖäáØáïñòåñïÕñïðÝåêÝÞåèåðõÅëñêßåèåï ßäÝåîáàÞõðäáÅäåáâÇôáßñðåòáÝêà ßëéìîåïáïðäáÉîëñìÇôáßñðåòá ÅëééåððááØÒÕñïðÝåêÝÞåèåðõîáãåëêÝè ØåßáÒîáïåàáêðïâîëéáÝßäÄñïåêáïï ×êåðÊáÝàëâÕðîÝðáãõÊáÝàëâ ÅëééñêåßÝðåëêÝêàÇéìèëõáá ÇêãÝãáéáêðÊáÝàëâËêòáïðëîÔáèÝðåëêï ÝêàØåßáÒîáïåàáêðïëâðäáÑìáîÝðåëêï

ËðéááðïëêÝíñÝîðáîèõÞÝïåïÝêàëòáîïááï ðäáÉîëñìĎïïñïðÝåêÝÞåèåðõÝßðåòåðõéëêåðëîï ìîëãîáïïÝãÝåêïðëñîðÝîãáðïÝêàÝïïåïðï ðäáÄëÝîàóåðäåàáêðåâõåêãÝêàÝïïáïïåêã ðäáåéìèåßÝðåëêïëâèëêãðáîéßèåéÝðá îáèÝðáàîåïçïÝêàëììëîðñêåðåáï áèÝÞëîÝðåêãïñïðÝåêÝÞåèåðõïðîÝðáãõ ÝêàïáððåêãìîåëîåðåáïÖäáÅëñêßåèîáìëîðï ðëðäáÄëÝîàðóåßáìáîõáÝî

ÖäáØÒÕñïðÝåêÝÞåèåðõèáÝàïðäáÉîëñìĎï ïñïðÝåêÝÞåèåðõÝßðåòåðåáïßëëîàåêÝðåêãðäá óëîçëâðäáÕñïðÝåêÝÞåèåðõÅëñêßåèåêßèñàåêã ðäáÉîëñìĎïÝïïáïïéáêðëâßèåéÝðáßäÝêãá îåïçïÝêàëììëîðñêåðåáïÝêàâëîéñèÝðåëê ëâßèåéÝðáîáèÝðáàïßáêÝîåëïÊáåïÝèïë îáïìëêïåÞèáâëîðäáßëèèÝðåëêëâàÝðÝðë ÝïïáïïðäáÉîëñìĎïìáîâëîéÝêßáÝãÝåêïðåðï ïñïðÝåêÝÞåèåðõðÝîãáðïÝêàÍÒËïìîëàñßåêã íñÝîðáîèõìáîâëîéÝêßáîáìëîðïéÝêÝãåêã ÉîëñìóåàáßëééñêåßÝðåëêïÝêàèáÝàåêã áôðáîêÝèîáìëîðåêãÝêààåïßèëïñîáï

ÔáïìëêïåÞåèåðõâëîðäáìîëãîáïïëâðäá ÉîëñìÝãÝåêïðåðïïñïðÝåêÝÞåèåðõëÞæáßðåòáï èåáïóåðäðäáÉîëñìÇôáßñðåòáÅëééåððáá ÝêàëìáîÝðåëêÝèèõáÝßäÄñïåêáïï×êåð ÒîáïåàáêðÖäáïáÄ×ÒîáïåàáêðïÝèëêãóåðä ðäáÔáãåëêÝèÄרÒïáêïñîáðäáÉîëñì ïñïðÝåêÝÞåèåðõïðîÝðáãõåïîáħáßðáàåê áÝßäÄ×ĎïïðîÝðáãõßëééñêåßÝðåêã ðäáïñïðÝåêÝÞåèåðõðÝîãáðïåêïåàáðäáåî ëîãÝêåïÝðåëêïÝêàåéìèáéáêðåêãìèÝêï åêßèñàåêãëòáîïááåêãîáïëñîßáïÝêà ßÝìåðÝèÝèèëßÝðåëêÝêàïáèáßðåêãÔÆ ìîåëîåðåáï

ðëÝßäåáòáðäáïáðÝîãáðïÝêàÝààîáïïðäá ßèåéÝðáîáèÝðáàîåïçïÝêàëììëîðñêåðåáï

ÖäáØÒÕñïðÝåêÝÞåèåðõåïîáïìëêïåÞèáâëî ëòáîïááåêãîáìëîðåêãëêðäáÉîëñìĎï ïñïðÝåêÝÞåèåðõéÝððáîïÝêàéáðîåßïÈëîéÝè ßäÝêêáèïâëîîáìëîðåêãÝîÝêãáëâàÝðÝ ìëåêðïÝîááéÞáààáàåêðäáëîãÝêåïÝðåëê ÇïßÝèÝðåëêéáßäÝêåïéïîëñðåêáîáòåáóï ÝêàåêðáîêÝèßëêðîëèïïñßäÝïÝñàåðåêã ÝêààñáàåèåãáêßáÝîáåêìèÝßáðëáêïñîá ðîÝêïìÝîáêßõßëêïåïðáêßõÝêà ßëéìèáðáêáïïëâåêâëîéÝðåëêÈëî ßáîðÝåêðëìåßïðäáïáÝîáïñììëîðáàÞõ åêàáìáêàáêððäåîàìÝîðõòáîåĦßÝðåëê

ÑñîÕñïðÝåêÝÞåèåðõÅëñêßåèÝêàØÒ ÕñïðÝåêÝÞåèåðõáêïñîáðäÝðóáäÝòá ÝßèáÝîïáðëâÍÒËïÝêàðÝîãáðïðëðîÝßç ðäáÉîëñìĎïìîëãîáïï

ÕßëìáÝêàÅÑ2 and CO2e emissions

Õßëìáßëòáîïáéåïïåëêïâîëéâñáèï ñïáàåêëñîâÝßðëîåáïÝêàëĨßáï âñãåðåòááéåïïåëêïÝêàêëêâñáè ìîëßáïïáéåïïåëêï

ÕßëìáîáèÝðáïðëðäáåêàåîáßðáéåïïåëêï îáïñèðåêãâîëéðäáãáêáîÝðåëêëâ áèáßðîåßåðõäáÝðïðáÝéÝêàäëðóÝðáî óáìñîßäÝïáðëïñììèõëñîëĨßáï ÝêàâÝßðëîåáï

ÕßëìáåêßèñàáïÝèèëðäáîåêàåîáßð áéåïïåëêïðäÝðëßßñîåêðäáÅëéìÝêõĎï òÝèñáßäÝåê

ØáïñòåñïéÝðáîåÝèåðõ Ýïïáïïéáêð

ÑñîÕñïðÝåêÝÞåèåðõåêåðåÝðåòáâëßñïáïëê ëñîéëïðïåãêåĦßÝêðïñïðÝåêÝÞåèåðõåïïñáï ÝêàëììëîðñêåðåáïÖäáïáÝîáàáĦêáà ÞõëñîëêãëåêãéÝðáîåÝèåðõÝïïáïïéáêð óäåßäåàáêðåĦáïÝêàìîåëîåðåïáïåïïñáï ÞÝïáàëêðóëßîåðáîåÝðäáåéìÝßðëî èåçáèõåéìÝßðëêðäáÝßäåáòáéáêðëâ ØáïñòåñïĎÕðîÝðáãåßÑÞæáßðåòáïÝêàðäá åéìÝßðëîìëðáêðåÝèåéìÝßðëêØáïñòåñïĎ ïðÝçáäëèàáîïÝêàðäáåîåêðáîáïðï

Name: ÕñçÝêðÝÔåð Role:ÕáêåëîÇêãåêááîÈÅÏÖ ÎëßÝðåëêÍëèçÝðÝ

Our planet

Vesuvius recognises the urgency of tackling climate ßäÝêãáðäáĦêåðáêÝðñîáëâéëïðêÝðñîÝèîáïëñîßáïÝêà the obligation we have to preserve the environment for future generations. By their very nature, refractory products help our customers to reduce heat loss and the energy consumption of their processes. We are committed to making a strong contribution to the reduction of their greenhouse gas emissions. We also

want to grow our engagement in the circular economy by extending the lifetime of our products, recovering and recycling more of our products after they have been used, and increasing the proportion of recycled materials in our recipes. Environmental compliance at our sites, reduction in waste and increased recycling are çáõðëØáïñòåñïĎëìáîÝðåëêïÝêàßÝêÞáÝïåãêåĦßÝêð àåĪáîáêðåÝðëîâëîëñîÞñïåêáïï

ÖÝßçèåêãßèåéÝðáßäÝêãá

ÙáÝîáßëééåððáàðëîáàñßåêãëñîáêòåîëêéáêðÝèâëëðìîåêðÞõîáÝßäåêãêáðöáîëãîááêäëñïá ãÝïáéåïïåëêïÞõ!ÝððäáèÝðáïðÝêàäáèìåêãëñîßñïðëéáîïîáàñßáðäáåîáéåïïåëêïðäîëñãä åéìîëòáéáêðïåêðäááĨßåáêßõëâðäáåîëìáîÝðåëêï

Õñììëîðåêãìëèåßõàáòáèëìéáêð

ØáïñòåñïïñììëîðïðäáÒÝîåïÃãîááéáêðĎï ßáêðîÝèÝåéðëïðîáêãðäáêðäáãèëÞÝè îáïìëêïáðëðäáðäîáÝðëâßèåéÝðáßäÝêãá ÞõçááìåêãÝãèëÞÝèðáéìáîÝðñîá îåïáðäåïßáêðñîõóáèèÞáèëóÅÝÞëòá ìîáåêàñïðîåÝèèáòáèïÝêàìñîïñåêãáĪëîðï ðëèåéåððäáðáéìáîÝðñîáåêßîáÝïááòáê âñîðäáîðë!ÅòåÝðäáåéìèáéáêðÝðåëê ëâåðïîëÝàéÝìðëêáðöáîë

ÃïðäáóëîèàðîÝêïåðåëêïðëÝèëóßÝîÞëê ãèëÞÝèáßëêëéõØáïñòåñïïñììëîðïðäáßÝèè âëîìëèåßõéÝçáîïðë

ÄñåèàÝèáòáèãèëÞÝèìèÝõåêãĦáèà åêßèñàåêãßÝîÞëêÞëîàáîÝàæñïðéáêðï ÝêàîëÞñïðÝêàìîáàåßðÝÞèáßÝîÞëê ìîåßåêãâëîßëéìÝêåáïÖäåïóåèè ïðîáêãðäáêåêßáêðåòáïðëåêòáïðåê ïñïðÝåêÝÞèáðáßäêëèëãåáïÝêàðë ßäÝêãáÞáäÝòåëñîï
ÆáòáèëìðäáêáßáïïÝîõáêáîãõ ìîëàñßðåëêÝêààåïðîåÞñðåëê åêâîÝïðîñßðñîáðëìîëòåàáÝßßáïïðë ÝÞñêàÝêðÝêàÝĪëîàÝÞèáßèáÝêáêáîãõ

ÔáàñßåêãëñîåéìÝßð

ØáïñòåñïÝßðåòáèõìÝîðåßåìÝðáïåêéáÝïñîáï ðëðÝßçèáßèåéÝðáßäÝêãáÞõîáàñßåêãëñî ÅÑááéåïïåëêïÝêàñïáëâîÝóéÝðáîåÝèï Ýèëêãïåàáäáèìåêãëñîßñïðëéáîïîáàñßá ðäáåîëóêÅÑâëëðìîåêððäÝêçïðëðäáñïá ëâëñîìîëàñßðïÝêàïáîòåßáïØáïñòåñï áéÞîÝßáïïëßåáðõĎïáôìáßðÝðåëêïâëî ãîáÝðáîðîÝêïìÝîáêßõÝîëñêàßèåéÝðá ßäÝêãááôìîáïïáàÞõåêåðåÝðåòáïïñßäÝï ðäáîáßëééáêàÝðåëêïëâðäáÖÅÈÆ

Õñììëîðåêãëñîßñïðëéáîï

ÃßßëîàåêãðëáïðåéÝðáïâîëéðäáÙëîèà ÕðááèÃïïëßåÝðåëêÙÕÃëêÝòáîÝãáâëî %éáðîåßðëêêáïëâÅÑóáîá áéåððáàâëîáòáîõðëêêáëâïðááèìîëàñßáà ÖäáÙÕÃÝèïëáïðåéÝðáàðäÝððäáïðááè åêàñïðîõãáêáîÝðáïÞáðóááê#YÝêà%Y ëâãèëÞÝèàåîáßðáéåïïåëêïâîëéðäáñïáëâ âëïïåèâñáèïÖäáåîëêÝêàïðááèåêàñïðîåáï ÝîáðÝçåêãÝßðåëêðëÝààîáïïðäá àáßÝîÞëêåïÝðåëêßäÝèèáêãáÙáóÝêð ðëïñììëîððäáéÝêàóåèèóëîçåê ìÝîðêáîïäåìóåðäðäáéðëàáòáèëì éëîáïñïðÝåêÝÞèáïëèñðåëêï

ÙåðäÝîëñêàçãëâîáâîÝßðëîõéÝðáîåÝè îáíñåîáàìáîðëêêáëâïðááèìîëàñßáàðäá ßÝîáâñèïáèáßðåëêÝêàñïáëâáêáîãõïÝòåêã îáâîÝßðëîåáïßÝêÞáêáĦßåÝèèõåéìÝßððäáêáð áéåïïåëêëâÅÑåêðäáïðááèéÝêñâÝßðñîåêã ìîëßáïïËêðäáâëñêàîõìîëßáïïðäá ÝéëñêðëâéáðÝèéáèðáàòáîïñïðäáÝéëñêð ïëèàÝïĦêåïäáàßÝïðåêãïåïðäáßîåðåßÝè âÝßðëîåéìÝßðåêãÝâëñêàîõĎï áêòåîëêéáêðÝèáĨßåáêßõØáïñòåñï ßëêðåêñëñïèõóëîçïóåðäåðïßñïðëéáîï ðëåêßîáÝïáðäåïéáðÝèõåáèà

ÅèåéÝðáßäÝêãáîáèÝðáàîåïçï and opportunities

ÖäáÝßðåëêïÞáåêãðÝçáêÞõãëòáîêéáêðï ÝêàïëßåáðåáïÝîëñêàðäáóëîèàðë éåðåãÝðáßèåéÝðáßäÝêãáÝêàðäá ßäÝêãáïåêðáéìáîÝðñîáÝêàóáÝðäáî ìÝððáîêïîáïñèðåêãâîëéåðìîáïáêðÞëðä ëììëîðñêåðåáïÝêàîåïçïðëØáïñòåñïËêåðï ÞîëÝàáïðßëêðáôðóáÞáèåáòáðäÝððäá êááàâëîßèåéÝðáßäÝêãáåêåðåÝðåòáïóåèè ßîáÝðááòáîãîáÝðáîëììëîðñêåðåáïâëî ðäáÉîëñìðëïñììëîðëñîßñïðëéáîï ðëåéìîëòáðäáåîáĨßåáêßõÝêàîáàñßá ðäáåîáêòåîëêéáêðÝèåéìÝßð

Methodology

ÇÝßäõáÝîðäáÉîëñìñêàáîðÝçáïÝîëÞñïð ÝïïáïïéáêðëâðäáìîåêßåìÝèÝêàáéáîãåêã îåïçïóäåßäßëñèàäÝòáÝéÝðáîåÝèåéìÝßð ëêðäáÉîëñìÃêñéÞáîëâïñïðÝåêÝÞåèåðõ îåïçïÝîáîáßëîàáàåêðäåïÝêÝèõïåïïááðäá ÔåïçòåÝÞåèåðõÝêàãëåêãßëêßáîêïáßðåëêëê ì#ëâëñîÃêêñÝèÔáìëîðËêèåêáóåðä ðäáîáßëééáêàÝðåëêïëâðäáÖÅÈÆ ØáïñòåñïÝèïëñêàáîðÝçáïÝîáòåáóëâðäá çáõßèåéÝðáîáèÝðáàëììëîðñêåðåáïÝêàîåïçï ðäÝðóáâëîáïááåéìÝßðåêãðäáÉîëñìëòáî ðäáïäëîðéáàåñéÝêàèëêãðáîé

ÖäáÃñàåðÅëééåððááäÝïîáòåáóáàÝêà ÝììîëòáàëñîßèåéÝðáîáèÝðáàîåïçÝêà ëììëîðñêåðõîáãåïðáîÝêàßëêïåàáîáàðäá ïåãêåĦßÝêßáëâßèåéÝðáîáèÝðáàîåïçïåê îáèÝðåëêðëîåïçïåàáêðåĦáàåêðäáïðÝêàÝîà îåïçéÝêÝãáéáêðìîëßáïïÅèåéÝðá îáèÝðáàîåïçïÝîáîáòåáóáàáòáîõïåôéëêðäï ÝïìÝîðëâðäáÉîëñìĎïïðÝêàÝîàîåïç éÝêÝãáéáêðìîëßáïïðëáêïñîáðäá îáãåïðáîîáħáßðïÝêõéÝðáîåÝèßäÝêãáïåê ðäáëìáîÝðåêãáêòåîëêéáêðÝêàÞñïåêáïï ïðîÝðáãõÝêàðëáêïñîáðäÝððäá éÝêÝãáéáêðëâßèåéÝðáîáèÝðáàîåïçïåï åêðáãîÝðáàåêðëëñîëòáîÝèèìîåêßåìÝèîåïç éÝêÝãáéáêðâîÝéáóëîç

ÖäáÄñïåêáïï×êåðïñïáðäáÝêÝèõïåïëâ îåïçïÝêàëììëîðñêåðåáïðëåêâëîéðäáåî ÞñïåêáïïàáòáèëìéáêðìîåëîåðåáïÝêà âëßñïðäáåîÔÆìîëæáßðìëîðâëèåëï ÖäáõâÝßðëîßèåéÝðáßäÝêãáîåïçïÝêà ëììëîðñêåðåáïåêðëðäáåîÞñïåêáïïìèÝêêåêã ìîëßáïïáïÝïïáïïåêãðäáèëêãðáîé åéìÝßðïëêìîëĦðÝÞåèåðõëâÞëðäðäá îåïçïÝêàëììëîðñêåðåáï

ÒäõïåßÝèîåïçïÝêàÞñïåêáïïßëêðåêñåðõ

ÖäÝêçïðëïåãêåĦßÝêðîáïðîñßðñîåêã áĪëîðïßÝîîåáàëñðïåêßá#Øáïñòåñï êëóëìáîÝðáïåêÝîáïåèåáêðÝêàëìðåéåïáà ãèëÞÝèâëëðìîåêðÒîëôåéåðõóåðäßñïðëéáîï èåéåðïðîÝêïìëîðÝðåëêÝêàÝïïëßåÝðáà ÅÑáéåïïåëêïáêïñîáïäåãäáîħáôåÞåèåðõ ÝêàîáÝßðåòåðõÝêàîáàñßáïóëîçåêã ßÝìåðÝèÛáðÝïåãêåĦßÝêðÝéëñêðëâ îáàñêàÝêßõâëîéëïðìîëàñßðèåêáï îáéÝåêïìîëòåàåêãÞÝßçñìåêßÝïáëâ èëßÝèàåïîñìðåëêÝêàáêïñîåêãßëêðåêñåðõ ëâïñììèõâëîëñîßñïðëéáîï

ÖÝßçèåêãßèåéÝðáßäÝêãáßëêðåêñáà

ØáïñòåñïëìáîÝðáïåê!!éÝêñâÝßðñîåêã ïåðáïÝêàïåôÔÆßáêðîáïëâáôßáèèáêßá èëßÝðáàåê"ßëñêðîåáïÈîëéðåéáðëðåéá ëñîëìáîÝðåëêïßÝêÞáïñÞæáßððëìäõïåßÝè àÝéÝãáàîåòáêÞõóáÝðäáîáòáêðïïñßä ÝïïáòáîáïðëîéïÝêàħëëàåêãóÝðáî ïäëîðÝãáïëîóåèàĦîáïóäëïáâîáíñáêßõ ÝêàåêðáêïåðõéÝõÞááôÝßáîÞÝðáàÞõ ßèåéÝðáßäÝêãáÕñßäáòáêðïéÝõÝèïë åéìÝßððäáéÝêñâÝßðñîåêãßÝìÝÞåèåðåáïëâ ëñîßñïðëéáîïëñîðåáîÝêàèëóáîðåáî ïñììèåáîïÝêàëñîïñììèõßäÝåêèëãåïðåßï

ÕåðáïÝîáîëñðåêáèõÝñàåðáàÞõëñîåêïñîáîï ÝêàëñîáôðáîêÝèîåïçéÝêÝãáîÖäáåî îáìëîðïÝîáßëéÞåêáàóåðäóÝðáîïðîáïï ÝêÝèõïáïÞÝïáàëêðäáÃíñáàñßðóÝðáî îåïçÝðèÝïßëòáîåêãÝèèëñîéÝêñâÝßðñîåêã ïåðáïÝêàÔÆßáêðîáïëâáôßáèèáêßáÝèëêã óåðäëñîäåïðëîõëâáòáêðïðëßîáÝðáëñî ìäõïåßÝèÝêàóáÝðäáîáòáêðîåïçïéÝì ÖäåïìîëòåàáïÝßëéìîáäáêïåòáÝêÝèõïåï ëâëñîïåðáïĎïñïßáìðåÞåèåðõðëìäõïåßÝèîåïçï ÝîåïåêãâîëéßèåéÝðáßäÝêãá

ËêóáßëêðåêñáàñìàÝðåêãëñîîåïç éÝì ïåðáïóáîáåàáêðåĦáàÝïÞáåêãäåãä îåïçâëîÝðèáÝïðëêáðõìáëâóáÝðäáîáòáêð

ħëëàåêãäÝåèïðëîéèåãäðêåêãïðëîéïÝêà ðëîêÝàëáïÝêàâëñîÝîáèëßÝðáàåêÝîáÝï ëâòáîõäåãäóÝðáîïðîáïïÐëêáëâëñîïåðáï óáîáéÝðáîåÝèèõÝĪáßðáàÞõÝêõéÝæëî óáÝðäáîáòáêðïåê

ÙáÝêðåßåìÝðáðäÝððäáëßßñîîáêßáëâ ÝàòáîïáóáÝðäáîáòáêðïóåèèßëêðåêñáðë åêßîáÝïáÝêàóáðäáîáâëîáéÝêÝãáëñî ÞñïåêáïïðëìîáìÝîáâëîðäáéÝêàéåðåãÝðá ðäáåîåéìÝßðóäáêðäáõàëëßßñî

ÃïðäáÉîëñìäÝïîáïðîñßðñîáàÝêà ßëêßáêðîÝðáàåðïéÝêñâÝßðñîåêãâëëðìîåêð ëêÝîáàñßáàêñéÞáîëâèëßÝðåëêïëñî ïðîÝðáãõðëÝààîáïïïäëîððáîéîåïçïäÝï ðîÝêïåðåëêáàâîëéÝâëßñïëêîáàñêàÝêð ßÝìÝßåðõðëåéìîëòáàìîáòáêðåëêÝêà îåïçéÝêÝãáéáêð

ÎëßÝèÝêàìîëàñßðèåêáÞñïåêáïï ßëêðåêñåðõìèÝêïÝîáéÝåêðÝåêáàÞõëñî éÝêñâÝßðñîåêãïåðáïÝêàÝîáîáãñèÝîèõ îáòåáóáàØáïñòåñïïåðáïéÝåêðÝåêÝêà áôáîßåïááéáîãáêßõìèÝêïðëàáÝèóåðä ïñßäáòáêðïÝïìÝîðëâðäáåîêëîéÝèîåïç éÝêÝãáéáêðÝêàÞñïåêáïïßëêðåêñåðõ ìîëßáïïáïÇôáîßåïáïÝêààîåèèïÝîá ëîãÝêåïáàßëòáîåêãËÖàåïÝïðáîîáßëòáîõ ĦîááôìèëïåëêóáÝðäáîÝêàãáëìäõïåßÝè áòáêðïÝêàëñîìîëßáïïáïÝîáåéìîëòáà ÞÝïáàëêðäáèáïïëêïèáÝîêáà

ÅèåéÝðáîáèÝðáàîåïçïÝêà opportunities analysis

ÖîÝêïåðåëêîåïçï

ÙáÞáèåáòáðäÝððäáéÝåêßèåéÝðáßäÝêãá ðîÝêïåðåëêîåïçïâÝßåêãðäáÉîëñìîáèÝðáðë

1ÖäáìëðáêðåÝèâëîßÝîÞëêðÝôåêãëî áéåïïåëêïîåãäðïðîÝàåêãïßäáéáïðë ÞáåêðîëàñßáàëîåêßîáÝïáàóåðäëñð áĪáßðåòáÞëîàáîÝàæñïðéáêð éáßäÝêåïéïðëÝßßëéìÝêõðäáé åêÇñîëìáÝêàðäá×ÕÞñðêëð ñêåâëîéèõåêëðäáîîáãåëêïÝêà
2ÖäáîÝìåàðîÝêïåðåëêâîëéåîëêðë ÝèñéåêåñéâëîèåãäðòáäåßèáßÝïðåêãï

ÃêåêßîáÝïáåêðäáßëïðëâßÝîÞëêáéåïïåëêï óëñèàÝĪáßðëñîéÝêñâÝßðñîåêãßëïðï ÙáÝîáÝààîáïïåêãðäåïðäîëñãäëñîáêáîãõ áĨßåáêßõåéìîëòáéáêðåêåðåÝðåòáïÝêà ßëêòáîïåëêðëêëêâëïïåèâñáèïóäáîáòáî ìëïïåÞèáÎëêãèÝïðåêãáêáîãõìîåßá åêßîáÝïáïÝêàïåãêåĦßÝêðàåĪáîáêßáï

Åëñêðîõ	Site	ÙÝðáîïðîáïï	Èèëëà› óÝðáîÞëàåáï	Èèëëà› ìîáßåìåðÝðåëê	ÊÝåèïðëîé	Îåãäðêåêã	Wind – ðîëìåßÝè ïðëîéï	Wind – áôðîÝ ðîëìåßÝè ïðëîéï	ÖëîêÝàë
ÅäåêÝ	ÃêïäÝê
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Sites with the highest exposure to weather events

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá Sustainability ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï !%

ÞáðóááêÇñîëìáÝêàëðäáîîáãåëêïóëñèà âñîðäáîáôÝßáîÞÝðáðäåïîåïçÝĪáßðåêãëñî ßñïðëéáîïĎéÝêñâÝßðñîåêãâëëðìîåêðÝêà ëñîëóê

ÅèåéÝðáîáèÝðáàîåïçïÝêà opportunities analysis

ØáïñòåñïßëêïåàáîïðäáçáõßèåéÝðá îáèÝðáàëììëîðñêåðåáïÝêàîåïçïðäÝð óáâëîáïááåéìÝßðåêãðäáÉîëñì ëòáîðäáâëèèëóåêãïäëîðéáàåñéÝêà èëêãðáîéðåéáäëîåöëêï

Short term (2025)

ÑñîßñîîáêðïðîÝðáãåßìèÝêïëìáîÝðáóåðäåê ðäåïðåéáâîÝéáÏëïðëâðäáåêðáîéáàåÝðá ïñïðÝåêÝÞåèåðõðÝîãáðïÝììîëòáàÞõðäá ÄëÝîàóáîáïáðóåðä!ÝïÝàáÝàèåêá ÖäåïäëîåöëêáêßëéìÝïïáïëñîßÝìåðÝè áôìáêàåðñîáßõßèáÝèèëóåêãðåéáðë àáßåàáåéìèáéáêðÝêàéáÝïñîáðäá ìîëãîáïïëâÝßðåëêï

ÃòáîõîÝìåàðîÝêïåðåëêâîëéåîëêðë ÝèñéåêåñéâëîèåãäðòáäåßèáßÝïðåêãïóëñèà ÝĪáßðëñîîáòáêñáåêðäáåîëêßÝïðåêãï éÝîçáðÙááôìáßððäåïðëÞáßëéìáêïÝðáà âëîÞõåêßîáÝïáàïÝèáïâëîÝèñéåêåñé

Medium term (2035)

Öäåïåïðäáéëïðèåçáèõäëîåöëêâëîðäá îáãñèÝðëîõâîÝéáóëîçïïñßäÝïðäá Ç×ÇéåïïåëêïÖîÝàåêãÕõïðáéÝêàÅÝîÞëê ÄëîàáîÃàæñïðéáêðÏáßäÝêåïéßñîîáêðèõ ÞáåêãàáĦêáàåêéÝêõîáãåëêïðëîáÝßä ðäáåîâñèèáĪáßðÙáÝêðåßåìÝðáðäÝððäá éÝæëîÝàæñïðéáêðïðëßñïðëéáîïĎâëëðìîåêðï ÝêàðáßäêëèëãõåêòáïðéáêðïóåèèÞáåêâñèè ïóåêãÞõðäáê

Øáîõäåã䝇y!éž
ÏÝæëîy!›!éž
Êåãäy›!éž

ßÝïðåêãïÝêàãîëóåêãïÝèáïëâìîëàñßðïâëî ðäåêïáßðåëêÝñðëéëðåòáßëéìëêáêðåîëê ßÝïðåêãïÝêàðñîÞëßäÝîãáîßÝïðåêãïâëî äõÞîåàòáäåßèáï

Long term (2050)

ÖäåïàáÝàèåêáäÝïÞááêîáðÝåêáàÞõðäá ×êåðáàÐÝðåëêïÝêàéÝêõìëèåßõéÝçåêã ÞëàåáïðëïáðàáßÝîÞëêåïÝðåëêãëÝèï ØáïñòåñïåïßëééåððáàðëîáÝßäåêãêáðöáîë Þõ!ÝððäáèÝðáïð

ÖäáëììëîðñêåðåáïóáäÝòáåàáêðåĦáà ÝîáåêðáãîÝðáàåêðëðäáÉîëñìĎïÞñïåêáïï ïðîÝðáãõÝêàÝîáÞáåêãìñîïñáàÞõðäá îáèáòÝêðÄ×ïÕááÑñîÞñïåêáïïëêì

ÏëàáîÝðáy!é

Ïåêëîy!é

ËêïåãêåĦßÝêðyé

Opportunities

			medium and long term	ÒëðáêðåÝèÝêêñÝèåéìÝßðëêðîÝàåêãìîëĦðåêðäáïäëîð
Ñììëîðñêåðõ	Æáïßîåìðåëê	ËéìÝßð	Õäëîððáîé !	Ïáàåñéðáîé !	Îëêãðáîé !
ÒîëàñßðïÝêàïáîòåßáï
ÃÞåèåðõðë àåòáîïåâõ business Ýßðåòåðåáï	ÅëééáîßåÝèåïáîáâîÝßðëîõïëèñðåëêïâëî èëóšÅÑáéåððåêãìîëßáïïáïåêðäá ìîëàñßðåëêëâÝèñéåêåñéðëîáìèÝßá ßÝîÞëêšÞÝïáàìîëàñßðï	ËêßîáÝïáàîáòáêñá ÝêàðîÝàåêãìîëĦð	Ïåêëî	Ïåêëîðë éëàáîÝðá	Ïåêëîðë éÝæëî
	ÅëééáîßåÝèåïáîáâîÝßðëîõïëèñðåëêï âëîäõàîëãáêšÞÝïáàÆåîáßðÔáàñßðåëê ËîëêìîëàñßðåëêÝêàïðááèðëîáìèÝßá ðîÝàåðåëêÝèîáâîÝßðëîõìîëàñßðï		ËêïåãêåĦßÝêð	ËêïåãêåĦßÝêð ðëéåêëî	ËêïåãêåĦßÝêð ðëäåãä
ÏÝîçáðï
Ãßßáïïðë êáóéÝîçáðï	ÃßßáèáîÝðáàãîëóðäëâðäáóåêà ðñîÞåêáéÝîçáð	ËêßîáÝïáàîáòáêñá ÝêàðîÝàåêãìîëĦð	Ïåêëî	Ïåêëî	Ïåêëîðë äåãä
	ÃßßáèáîÝðáàãîëóðäëâðäáÝèñéåêåñé ßÝïðåêãïéÝîçáðâëîáèáßðîåßòáäåßèáï Ýêàèåãäðšóáåãäðåêã		Ïåêëî	Ïåêëî	ÏëàáîÝðá ðëäåãä
	ÃßßáèáîÝðáàãîëóðäëââáîîëñïßÝïðåêãï âëîäõÞîåàòáäåßèáïðñîÞëšßäÝîãáîïž ÝêàðäåêšïáßðåëêßÝïðåêãïâëîåêðáîêÝè ßëéÞñïðåëêáêãåêáï		ËêïåãêåĦßÝêð ðëéåêëî	ËêïåãêåĦßÝêð ðëéåêëî	ËêïåãêåĦßÝêð
	ÃßßáèáîÝðáàãîëóðäëâðäáäåãäšðáßäêëèëãõ ïðááèïáãéáêð		Ïåêëî	Ïåêëîðëäåãä	Êåãäðë òáîõäåãä

ÖÝßçèåêãßèåéÝðáßäÝêãáßëêðåêñáà

ËéìÝßðßÝðáãëîåáïðîÝàåêãìîëĦðž		ÅÝðÝïðîëìäåߝ‡y!éž		ÏëàáîÝðáy!›éž
ÙáäÝòáÝïïáïïáàëñîîåïçïÝêà		ÏÝæëîy!›!éž
ëììëîðñêåðåáïÝêàïëîðáàðäáéÝßßëîàåêã ðëðäáâëèèëóåêãßèÝïïåĦßÝðåëê				Ïåêëîy›!éž
		Êåãäy›!éž		ËêïåãêåĦßÝêðy›éž
Ôåïçï					ÒëðáêðåÝèÝêêñÝèåéìÝßðëêðîÝàåêãìîëĦðåêðäá
				ïäëîðéáàåñéÝêàèëêãðáîé
Ôåïçï	Æáïßîåìðåëê	ÏåðåãÝðåêãÝßðåëêïÞáåêã ËéìÝßð ñêàáîðÝçáê		Õäëîððáîé !	Ïáàåñéðáîé !	Îëêãðáîé !
ÒäõïåßÝèîåïçï
ËêßîáÝïáàâîáíñáêßõ Ýêàïáòáîåðõëâáôðîáéá óáÝðäáîáòáêðï äáÝðóÝòáïîÝåê Ýêàîåòáîħëëàåêã ßõßèëêáïïêëóž	ÒäõïåßÝèàÝéÝãá ðëØáïñòåñï èëßÝðåëêïÝêà ìáëìèá Business àåïîñìðåëêàñáðë êÝðñîÝèàåïÝïðáî	ËêßîáÝïáàßëïð àñáðëìäõïåßÝè àÝéÝãá Ôáàñßáàîáòáêñá âîëéÞñïåêáïï åêðáîîñìðåëê	ÏåðåãÝðåêãÝßðåëêïâëî ïáòáîáóáÝðäáîáòáêðï ÝêàðäáÝïïëßåÝðáàîåïçï Ýîáåêßèñàáàåêðäá Þñïåêáïïßëêðåêñåðõ ìèÝêïëâìèÝêðïÝêà åêïñîÝêßáåïìñîßäÝïáà	Ïåêëî	Ïåêëî	Ïåêëî
ÖîÝêïåðåëêîåïçï›ÒëèåßõÝêàèáãÝè
ÅÝîÞëêðÝôåêãŸ áéåïïåëêïîåãäðï ðîÝàåêãŸÞëîàáî Ýàæñïðéáêð éáßäÝêåïéï åêðîëàñßáà ëîáôðáêàáà	ËêßîáÝïáåê éÝêñâÝßðñîåêã ßëïðï	ËêßîáÝïáà ëìáîÝðåêãßëïðï éÝåêîåïçåê Çñîëìáž	ÅÝìáôðëåéìîëòá áêáîãõáĨßåáêßõÝêà ßëêòáîïåëêðëêëêšâëïïåè âñáèïðëáèåéåêÝðáÅÑ áéåïïåëêïÔáèëßÝðåëê ëâéÝêñâÝßðñîåêãðë îáħáßðéëòáéáêðïåê ßñïðëéáîÞÝïá	Ïåêëî	ËêïåãêåĦßÝêð ðëéëàáîÝðá	ËêïåãêåĦßÝêð ðëäåãä
ÖîÝêïåðåëêîåïçï›ÏÝîçáð
ÔÝìåàãîëóðäëâ ÝèñéåêåñéßÝïðåêã ìîëßáïïáïâëîèåãäð òáäåßèáßÝïðåêãï Ýððäááôìáêïáëâ ðîÝàåðåëêÝèâáîîëñï Ýêàëðäáî êëêšâáîîëñï ìîëßáïïáïàñáðë ßëêòáîïåëêðë áèáßðîåßòáäåßèáïž	Õäåâðâîëé ßÝïðåêãïñïåêãÝ äåãäèáòáèëâ ßëêïñéÝÞèáïðë èëóßëêïñéÝÞèá ìîëßáïïáï ßîáÝðáïîåïçëâ îáòáêñáèëïïâëî ðäáÈëñêàîõ Æåòåïåëê	Ôáàñßáàîáòáêñá âîëéïäîåêçåêã éÝîçáðÝïïëéá ðîÝàåðåëêÝè ßÝïðåêãïóåèè àåïÝììáÝîëîÞá ßëêòáîðáàðë ÝèðáîêÝðåòá ìîëßáïïáï	Ëêâáîîëñïìñïäðë àáòáèëìïÝèáïëââááàáô ÝêàßëÝðåêãïâëîðäåêš ïáßðåëêÝñðëéëðåòá ßëéìëêáêðïÝêà ìîëàñßðïâëîðñîÞëš ßäÝîãáîßÝïðåêãËêòáïð åêԘÆéÝîçáðåêã ÝêàïÝèáïâëîßáËê êëêšâáîîëñïàáòáèëì ìîëàñßðïâëîÊÒÆÅÝêà ÎÒÆÅìîëßáïïáïÝêà åêßîáÝïáìáêáðîÝðåëêåê éÝîçáðïóåðäèëóáî ñïÝãáëâîáâîÝßðëîåáï	Ïåêëî	ÏëàáîÝðá ðëäåãä	ÏëàáîÝðá ðëéÝæëî
ÖîÝêïåðåëêâîëéåêðáîêÝè ßëéÞñïðåëêáêãåêáï ðëáèáßðîåßòáäåßèáïóåèè èáÝàðëðäáàáßèåêáëâ ïÝêàÝêàãîÝòåðõ ßÝïðåêãï	Ôáàñßáàòëèñéá ëâÝèñéåêåñé ìëóáîðîÝåê ßëéìëêáêðï	Ôáàñßáàîáòáêñá âîëéïäîåêçåêã éÝîçáðëâ ßëêïñéÝÞèáïâëî ïÝêàÝêàãîÝòåðõ ßÝïðåêãï	ÃàÝìðìîëàñßðìëîðâëèåë âëßñïåêãëêÊÒÆÅ ÝêàÎÒÆÅ	Ïåêëî	Ïåêëîðë éëàáîÝðá	ÏëàáîÝðá
ÖîÝêïåðåëêâîëéÄèÝïð ÈñîêÝßáï›ÄèÝïðÑôõãáê ÈñîêÝßáïßëêòáîðáà ðëÆåîáßðÔáàñßðåëê ËîëêëîÇèáßðîåßÃîß ÈñîêÝßáïÇÃȞâëîåîëê ÝêàïðááèéÝçåêã	ÕäÝîáëâÇÃÈ åêðëðÝèïðááè ìîëàñßðåëê åêßîáÝïáï	Ôáàñßáàïåöá ëâéÝîçáðóäáîá Øáïñòåñïåï ïðîëêãáïð èáÝàåêãðëóáÝçáî ìëïåðåëêïåêðäá ïðááèéÝîçáð	ÃàæñïðԘÆÝêàìîëàñßð àáòáèëìéáêðìîåëîåðåáï ÔáàáìèëõïÝèáïâëîßá âëßñïåêãëêÇÃÈéÝîçáð	ËêïåãêåĦßÝêð	Ïåêëîðë éëàáîÝðá	Ïåêëîðë éëàáîÝðá

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá Sustainability ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï "

ÅèåéÝðáßäÝêãáïßáêÝîåëÝêÝèõïåï

ØáïñòåñïäÝïñêàáîðÝçáêïßáêÝîåëÝêÝèõïåï ðëïááçðëíñÝêðåâõðäáèåçáèõåéìÝßðëâ ßèåéÝðáßäÝêãáëêðäáÞñïåêáïïÝêàðëðáïð ðäáîáïåèåáêßáëâðäáÉîëñìĎïïðîÝðáãõðëðäá ßäÝêãáïðäÝðèåáÝäáÝà

ÙáßëêïåàáîáàðäîááïßáêÝîåëï éëàáèèåêãðäáìëðáêðåÝèĦêÝêßåÝèåéìÝßð ëâÅÅÝêà ÅðáéìáîÝðñîá åêßîáÝïáïëêëñîÞñïåêáïï

ÄáïðßÝïáïßáêÝîåë

ËêâëîéñèÝðåêãëñîïßáêÝîåëïóáðëëçÝï ëñîčÞáïðßÝïáĎÝÅïßáêÝîåëÖäåïóÝï ÞÝïáàëêðäáìîáéåïáðäÝðàáïìåðáðäá ðîáéáêàëñïÝßßáèáîÝðåëêëâìñÞèåß ÝóÝîáêáïïîáãñèÝðåëêðáßäêëèëãõ àáòáèëìéáêðÝêàßÝìåðÝèÝèèëßÝðåëêåê îáßáêðõáÝîïóáàëñÞððäÝððäáîáåï ïñĨßåáêððåéáâëîðäá!ÅðÝîãáððëÞá ÝßäåáòáàÙáðäáîáâëîáåàáêðåĦáàëñî éëïðëìðåéåïðåßïßáêÝîåëÝïÅ

ÑñîÝïïñéìðåëêåïðäÝðÝêõâñîðäáî ÝßßáèáîÝðåëêóäåßäóëñèàÝèèëóðäá ìèÝêáððëãáðÞÝßçëêðëÝ!Åßëñîïá óëñèàîáåêâëîßáðäáéÝåêßäÝîÝßðáîåïðåßï ÝêàÝßßáèáîÝðáðäáðåéáèåêáëâëñîÅ ïßáêÝîåëóåðäëñðâñêàÝéáêðÝèèõ ßäÝêãåêãåðïâáÝðñîáï

ÈîëéÝïïñéìðåëêïðëïðîÝðáãõ

ÖäáïßáêÝîåëïðÝçáÝïðäáåîïðÝîðåêãìëåêð ðäáîáãñèÝðëîõÝêàéÝßîëáßëêëéåß ÝïïñéìðåëêïñêàáîìåêêáàÞõðäá ËêðáîêÝðåëêÝèÇêáîãõÃãáêßõĎïÙÇÑ ÕðÝðáàÒëèåßåáïÕßáêÝîåëÝêàÕñïðÝåêÝÞèá ÆáòáèëìéáêðÕßáêÝîåë

ÕñììèáéáêðåêãðäåïóáäÝòáåàáêðåĦáàâëî áÝßäïßáêÝîåëðäáÝîáÝïëâëñîÞñïåêáïïåê óäåßäßäÝêãáïéÝõëßßñîïñßäÝïðäá áòëèñðåëêëâáêàéÝîçáðïßñïðëéáî âëëðìîåêðìÝßáÝêàÞîáÝàðäëâðáßäêëèëãõ ðîÝêïåðåëêåêåîëêÝêàïðááèéÝçåêãìÝßáëâ ßëêòáîïåëêâîëéâëïïåèâñáèïðëßèáÝê áèáßðîåßåðõÝêàäõàîëãáêÝêàáòëèñðåëê ëâðäáÝèñéåêåñééÝîçáðÙáðäáê áòÝèñÝðáàðäáìëðáêðåÝèéÝãêåðñàáëâðäá îåïçïÝêàëììëîðñêåðåáïåêáÝßäïßáêÝîåë ÙáÝêÝèõïáàðäáåéìèåßÝðåëêïâëîØáïñòåñï ÝêàßëêïåàáîáàëñîïðîÝðáãåßîáïìëêïáåê ðáîéïëâëñîéÝêñâÝßðñîåêãÝêàëñî ßëééáîßåÝèâëëðìîåêðëñîìëîðâëèåëëâ ìîëàñßðïÝêàïáîòåßáïðäáßëêòáîïåëêëâ ëñîéÝêñâÝßðñîåêãìîëßáïïáïðëßèáÝê áêáîãõÝêàðäáìîëïìáßðïâëîëñî ÝèñéåêåñéßÝïðåêãÞñïåêáïïÙåðäðäåï ÝììîëÝßäðäáåéìÝßðïëêÝèèçáõÝîáÝï ëâðäáÞñïåêáïïóáîáßëòáîáàïÝèáïÔÆ éÝêñâÝßðñîåêãÝêàìîëßñîáéáêðÖäá ëñðßëéáïëâðäáïßáêÝîåëÝêÝèõïáïäÝòá ÞááêðÝçáêåêðëÝßßëñêðåêâëîéñèÝðåêã ìèÝêïâëîÝßäåáòåêãðäáÉîëñìĎïïðîÝðáãõ

ÖäîááèëêãðáîéïßáêÝîåëï

ÅóÝîéåêãïßáêÝîåë

čÉëëàåêðáêðåëêïäÝéìáîáàÞõâáÝîëâ áßëêëéåßóÝîĎ

ÅóÝîéåêãïßáêÝîåë čÅèëïáààëëîïĎ

ËêßëéìèáðáìëèåßõÝêàĦïßÝèìÝßçÝãáï àåïðëîðßëéìáðåðåëêïèëóåêã àëóêðáßäêëèëãõàáòáèëìéáêðÝêà èáÝàåêãðëãáëãîÝìäåßïäåâðïåêïðááèïñììèõ ÔáãåëêÝèêÝðåëêÝèïáèâåêðáîáïðàîåòáï áßëêëéåßìëèåßõßëéìáðåðåëêóåêïëòáî ßëëìáîÝðåëêîáãñèÝðëîõâîÝéáóëîçÝêà ðáßäêëèëãåáïáòëèòáàåĪáîáêðèõ

ÅóÝîéåêãïßáêÝîåë čÉèëÞÝèÝßßëîàĎ

ÊåãäßëëìáîÝðåëêÝêàßëééåðéáêð ðëèåéåðáéåïïåëêïâÝßåèåðÝðáïðáßäêëèëãõ àáòáèëìéáêðÝêàðäáðîÝêïåðåëêðë ÝèëóßÝîÞëêóëîèà

ÖÝßçèåêãßèåéÝðáßäÝêãáßëêðåêñáà

	ÅóÝîéåêãïßáêÝîåë›čÉëëàåêðáêðåëêï äÝéìáîáàÞõâáÝîëâáßëêëéåßóÝîĎ	ÅóÝîéåêãïßáêÝîåë›čÅèëïáààëëîïĎ	ÅóÝîéåêãïßáêÝîåë›čÉèëÞÝèÝßßëîàĎ
1 Regulatory and éÝßîëáßëêëéåß environment	ÖäáÇñîëìáÝê×êåëêÝêà×êåðáà ÕðÝðáïåéìèáéáêðßÝîÞëêìîåßåêã éáßäÝêåïéïðÝôÝðåëêëîßÝìëêðîÝàáž ÞñðêëÅÝîÞëêÄëîàáîÃàæñïðéáêð ÏáßäÝêåïéëîÖÝîåĪïëîåêïñĨßåáêððë ìîáòáêððäáðîÝêïâáîëâéÝêñâÝßðñîåêã ÝóÝõâîëéðäáïáîáãåëêïž	ÖäáÇñîëìáÝê×êåëêÝêà×êåðáà ÕðÝðáïåéìèáéáêðßÝîÞëêìîåßåêã éáßäÝêåïéïðÝôÝðåëêëîßÝìëê ðîÝàážÝêàÅÝîÞëêÄëîàáî ÃàæñïðéáêðÏáßäÝêåïéïëî ÖÝîåĪïðëìîëðáßððäáåîåêàñïðîåáï âîëéàáèëßÝèåïÝðåëê	ÃèèéÝæëîáßëêëéåáïåéìèáéáêð ßÝîÞëêìîåßåêãéáßäÝêåïéï ÖäáßëïðëâÅÑåêßîáÝïáïåêÝèè îáãåëêïÝðÝßëéìÝîÝÞèáìÝßá
2 Conversion of power generation	– ÈÝïðãîëóðäëâêëêšÅÑáéåððåêã áèáßðîåßåðõïëñîßáïêñßèáÝîÝêà îáêáóÝÞèážåêÇñîëìá	– ÈÝïðãîëóðäëâêëêšÅÑáéåððåêã áêáîãõïëñîßáïêñßèáÝîÝêà îáêáóÝÞèážåêÇñîëìá	– ÈÝïðãîëóðäëâêëêšÅÑáéåððåêã áêáîãõïëñîßáïêñßèáÝîÝêà îáêáóÝÞèážåêÝèèîáãåëêï
from fossil fuels to ßèáÝêáèáßðîåßåðõ and hydrogen	– ÖäáßëïðëââëïïåèâñáèïåêßîáÝïáï ïåãêåĦßÝêðèõåêÇñîëìá – ÇêáîãõìîåßáïàåĪáîãîáÝðèõÞáðóááê ÇñîëìáÝêàðäáîáïðëâðäáóëîèàëòáî Ýèëêãìáîåëàëâðåéá	– ÖäáßëïðëââëïïåèâñáèïåêßîáÝïáï ïåãêåĦßÝêðèõåêÇñîëìáÅëÝè îáàñßáïìîëãîáïïåòáèõÞñðàëáï êëðàåïÝììáÝîêÝðñîÝèãÝï ßëêðåêñáïðëãîëóëñðïåàáÇñîëìá	– ÖäáßëïðëââëïïåèâñáèïåêßîáÝïáï ïåãêåĦßÝêðèõðÝôÝðåëêžßëÝèÝï ÝïëñîßáëâáêáîãõàåïÝììáÝîï êÝðñîÝèãÝïïðÝîðïðëîáàñßá – ÇêáîãõìîåßáïåêÇñîëìá
	– ÅëÝèîáàñßáïìîëãîáïïåòáèõÞñðàëáï êëðàåïÝììáÝîÐÝðñîÝèãÝïßëêðåêñáï ðëãîëóëñðïåàáÇñîëìá	– ÇêáîãõìîåßáïåêÇñîëìá Ýêàðäáîáïðëâðäáóëîèà îáÝèåãêìîëãîáïïåòáèõ	Ýêàðäáîáïðëâðäáóëîèà îáÝèåãêìîëãîáïïåòáèõ – ÊõàîëãáêÞáßëéáïÝòÝåèÝÞèá
	– ÊõàîëãáêàëáïêëðÞáßëéá ÝòÝåèÝÞèáëêÝóåàáïßÝèáÝêà áßëêëéåßÝèèõßëéìáðåðåòáñêðåè	– ÊõàîëãáêÞáßëéáïÝòÝåèÝÞèáëêÝ óåàáïßÝèáåêðäá×ÕÃÝêàÇñîëìá ÝêàáßëêëéåßÝèèõßëéìáðåðåòá	ëêÝóåàáïßÝèáÝêàáßëêëéåßÝèèõ ßëéìáðåðåòáÞáðóááê Ýêà
	óáèèÝâðáî	ÞáðóááêÝêà	– ÈÝïðáèáßðîåĦßÝðåëêëâðäá Ýñðëéëðåòáåêàñïðîõ
			– ÈÝïðãîëóðäëâäõàîëãáêšâñáèèáà äáÝòõòáäåßèáï
3 Öáßäêëèëãõ ðîÝêïåðåëê›	– ÖäáðîÝêïåðåëêåêÞèÝïð âñîêÝßáïðëßèáÝêìîëßáïïáï áãÆåîáßðÔáàñßðåëêËîëêÆÔ˞ äõàîëãáêÅÝîÞëêÅÝìðñîáÕðëîÝãá	– ÇñîëìáÝêåîëêéÝçåêãðîÝêïåðåëêï ðëßèáÝêìîëßáïïáïáãäõàîëãáê ÆÔËÅÅÕÅÅ×՞Öäáïìááàëâ ðäáðîÝêïåðåëêåïàåßðÝðáàÞõðäá	– ÈÝïððîÝêïåðåëêëâåîëêéÝçåêãðë ßèáÝêìîëßáïïáïåêÝèèîáãåëêï ÞèÝïðâñîêÝßáïÝîáîáòÝéìáà ÝäáÝàëâðäáåîêëîéÝèïßäáàñèá
iron and ïðááèéÝçåêã	ÅÅ՞ÅÝîÞëêÅÝìðñîá×ðåèåïÝðåëê ÕðëîÝãáÅÅ×՞žàëáïêëðäÝììáê ëêÝèÝîãáïßÝèá – ×ÕïðááèìîëàñßáîïßëêòáîðÞèÝïð	ÝòÝåèÝÞåèåðõëâãîááêäõàîëãáêåê èÝîãáíñÝêðåðåáï – Õëéá×ÕÞèÝïðâñîêÝßáïÝîá ßëêòáîðáàðëäõàîëãáêëðäáîï	– ÇñîëìáÝêÝêàÅäåêáïáåêðáãîÝðáà ïðááèéÝçåêããîëóïìîåéÝîåèõåê äõàîëãáêšÞÝïáàåîëêìîëàñßðåëê åéìèáéáêðåêãÅÅÕÝêàÅÅ×Õ
	âñîêÝßáïðëÆÔËÝêàÇèáßðîåßÃîß ÈñîêÝßáïÇÃȞðëÞáêáĦðâîëéðäá èëóßëïðÝêàäåãäÝòÝåèÝÞåèåðõëâ êÝðñîÝèãÝï	ðëÆÔ˘ÇÃÈ – ÅäåêáïáïðááèìèÝêðïßëêòáîððë ßèáÝêåîëêÝêàïðááèšéÝçåêã ìîëßáïïáïÝèÞáåðÝðÝïèëóáîìÝßá	ðáßäêëèëãåáïÝïóáèè – ÆÔËÝêàÇÃÈãîëóïåêðäá×Õ ÞáêáĦðåêãâîëéðäáÝòÝåèÝÞåèåðõ ëâèëóßëïðïäÝèáãÝïžÝêàÇñîëìá
		– ÎåððèáëîêëðîÝêïåðåëêëñðïåàá ÅäåêÝðäáÇ×Ýêà×ÕÃ	– ÅñïðëéáîïÝèïëåêòáïððëåêßîáÝïá ðäáìáîâëîéÝêßáëââñîêÝßáï åêßèñàåêãàëóêïðîáÝéëâßÝïðåêã
4 Êåãäšðáßäêëèëãõ ïðááèéÝîçáð	ÊåãäšðáßäêëèëãõïðááèéÝîçáðãîëóïÝð %YìáîõáÝî	ÊåãäšðáßäêëèëãõïðááèéÝîçáðãîëóï ÝðYìáîõáÝîèåãäðšóáåãäðåêã ÝêàéÝðáîåÝèáĨßåáêßõáĪëîðïÞõ àëóêïðîáÝéåêàñïðîåáïÝßßáèáîÝðá ïäåâðâîëéèëóáîðëäåãäáî ìáîâëîéÝêßáãîÝàáïž	ÊåãäšðáßäêëèëãõïðááèéÝîçáð ãîëóïÝð"YìáîõáÝîèåãäðš óáåãäðåêãÝêàéÝðáîåÝèáĨßåáêßõ áĪëîðïÞõàëóêïðîáÝéåêàñïðîåáï ÝßßáèáîÝðáïäåâðâîëéèëóáîðë äåãäáîìáîâëîéÝêßáãîÝàáïž
5 Aluminium éÝîçáð	ÃèñéåêåñééÝîçáðãîëóïÝðYìáî õáÝîáïìáßåÝèèõÊåãäÒîáïïñîáÆåá ÅÝïðåêãÊÒÆÅžÝêàÎëóÒîáïïñîá ÆåáÅÝïðåêãÎÒÆÅžìîëßáïïáï	ÃèñéåêåñééÝîçáðãîëóïÝð!Yìáî õáÝîàîåòáêÞõðäáàáéÝêàâëî ðîÝêïìëîðÝðåëêßëêïðîñßðåëê ÝêàìÝßçÝãåêãžñêðåè ÉîëóðäëâÊÒÆÅŸÎÒÆÅÝðÝäåãäáî ìÝßáåêðäá×ÕÝêàÇ×éÝîçáðï ÏëàáîÝðáàáòáèëìéáêðëâ ïáßëêàÝîõÝèñéåêåñéßÝïðåêã	ÃèñéåêåñééÝîçáðãîëóïÝð#Yìáî õáÝîàîåòáêÞõðäáàáéÝêàâëî ðîÝêïìëîðÝðåëêßëêïðîñßðåëê ÝêàìÝßçÝãåêãžñêðåè! ÉîëóðäëâÊÒÆÅŸÎÒÆÅÝðÝäåãäáî ìÝßáåêðäá×ÕÝêàÇ×éÝîçáðï ÔÝìåààáòáèëìéáêðëâïáßëêàÝîõ ÝèñéåêåñéßÝïðåêã
ÒëðáêðåÝèĦêÝêßåÝè åéìÝßðÞõ! ìîëĦðÞáâëîáðÝôž	-£5m to £0m	£5m to £10m	£15m to £20m

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá Sustainability ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï "

ÍáõâÝßðëîïåéìÝßðåêãØáïñòåñïĎðäîáá ßèåéÝðáßäÝêãáïßáêÝîåëï

1 ÔáãñèÝðëîõÝêàéÝßîëáßëêëéåßàîåòáîï àåĪáîáêðåÝðáëñîïßáêÝîåëï

ÈåîïðèõáĪáßðåòáÞëîàáîÝàæñïðéáêð éáßäÝêåïéïðëÝßßëéìÝêõßÝîÞëê ðÝôÝðåëêëîßÝìÝêàðîÝàáïõïðáéïåê îáãåëêïóåðäÝéÞåðåëñïáéåïïåëêïîáàñßðåëê ëÞæáßðåòáïóåèèãîáÝðèõïñììëîððäá åéìèáéáêðÝðåëêëâðáßäêëèëãåáïîáíñåîáà ðëàáßÝîÞëêåïáïðááèéÝçåêãåêßèñàåêãðäá àáòáèëìéáêðëâäõàîëãáêÝïðäáîáàñßåêã ÝãáêðÅëêòáîïáèõðäáÝÞïáêßáëî åêáĪáßðåòáåéìèáéáêðÝðåëêëâÞëîàáî ÝàæñïðéáêðïóëñèàèáÝàðëïåãêåĦßÝêð àáèëßÝèåïÝðåëêëâðäáïðááèåêàñïðîõÝêàÝ àåïìèÝßáéáêðëâÅÑáéåïïåëêïðëëðäáî ßëñêðîåáïîÝðäáîðäÝêÝïåãêåĦßÝêð îáàñßðåëêëêÝóëîèàóåàáïßÝèáÖäá áêáîãõßîåïåïóäåßäïðÝîðáàåêèÝðá ÝêàåïìÝîðåßñèÝîèõÝßñðáåêÇñîëìáäÝï îáïñèðáàåêÝààåðåëêÝèßëïðïÝêàèëïïëâ ßëéìáðåðåòáêáïïâëîðäáÇñîëìáÝêïðááè åêàñïðîõËêðäáïäëîððáîéðäåïóÝï ÝààîáïïáàÞõðäáðáéìëîÝîõïðëììÝãá ëâïðááèìèÝêðïËâðäááêáîãõßëïðãÝì óåðäëðäáîîáãåëêïîáéÝåêïëòáîÝêñéÞáî ëâõáÝîïðäåïßëñèàîáïñèðåêðäáìáîéÝêáêð ßèëïñîáëâïðááèìèÝêðïÝêààáèëßÝèåïÝðåëê ëâìîëàñßðåëêðëëðäáîîáãåëêïÖäåï ïäåâðåêëñîßñïðëéáîâëëðìîåêðóëñèà èáÝàðëðäáêááàðëÝàÝìðëñîëóê éÝêñâÝßðñîåêãâëëðìîåêð

ÕáßëêàèõìñÞèåßìëèåßõóåèèïåãêåĦßÝêðèõ ÝĪáßððäáîáèÝðåòáßëïðÝêàÝòÝåèÝÞåèåðõëâ êëêÅÑáéåððåêãáêáîãõïëñîßáïòïâëïïåè âñáèïÝêàðäáåîÝïïëßåÝðáàåêâîÝïðîñßðñîáï ÖäáïáóåèèãîáÝðèõåêħñáêßáðäáìÝßáëâ àáìèëõéáêðëâòÝîåëñïðáßäêëèëãåáïÝêà åêàñïðîåáïáèáßðîåßòáäåßèáïßÝîÞëêâîáá äõàîëãáêàáßÝîÞëêåïáàïðááèéÝçåêã ËêâîÝïðîñßðñîáßëêïðîñßðåëêÝêàëðäáî àëóêïðîáÝééÝîçáðïóåèèÝèïëÞá åêßáêðåòåïáàðëîáàñßáïðááèßëêïñéìðåëê ÝßßáèáîÝðåêãðäáïäåâððëóÝîàïäåãä ðáßäêëèëãõïðááèÔåïåêãáêáîãõßëïðïÝï áôìáîåáêßáàïåêßáðäááêàëâóåèè ìëïåðåòáèõÝĪáßððäáãîëóðäîÝðáëâ åêòáïðéáêðåêîáêáóÝÞèááêáîãåáïÝêà ìáêáðîÝðåëêëâáèáßðîåßòáäåßèáïåêðäá ÝñðëéëðåòáéÝîçáðï

ÈåêÝèèõðäáèáòáèëâåêðáîêÝðåëêÝè ßëëìáîÝðåëêðëáêßëñîÝãáÝêàïñììëîð èáïïàáòáèëìáàáßëêëéåáïðëáêãÝãáåêðäá ðáßäêëèëãõðîÝêïåðåëêóåèèÝèïëÝĪáßðëñî ßñïðëéáîéÝêñâÝßðñîåêãâëëðìîåêð

2 Öäáâñðñîáëâïðááè

ÃèèðäîááïßáêÝîåëïÝïïñéáðäÝððäáïðîëêã ßëêêáßðåëêÞáðóááêóëîèàÉÆÒÝêàóëîèà ïðááèëñðìñðóåèèßëêðåêñáïñììëîðáàÞõ ñîÞÝêåïÝðåëêÝêàîåïåêãèåòåêãïðÝêàÝîàï ÝïðäáîáåïêëïåãêåĦßÝêðïñÞïðåðñðáâëîïðááè ÖäáĦãäðÝãÝåêïðßèåéÝðáßäÝêãáåï áôìáßðáàðëäÝòáÝâÝîîáÝßäåêãåéìÝßðëê éÝêõàåĪáîáêðåêàñïðîåáïðîÝêïèÝðåêãåêðë ðäáÝßßáèáîÝðáàãîëóðäëâðäáäåãä ðáßäêëèëãõïðááèïáãéáêðåêóäåßä ØáïñòåñïäÝïÝçáõìîáïáêßáÈëîáôÝéìèá ïëèÝîÝêàóåêàìëóáîìèÝêðïóäáîá åêòáïðéáêðåïãîëóåêãâÝïðÝîáâÝîéëîá ïðááèåêðáêïåòáìáîçÙäëâåêïðÝèèáà ßÝìÝßåðõðäÝêðäáåîâëïïåèâñáèáíñåòÝèáêðï ÎåçáóåïáäõàîëãáêðîÝêïìëîðÝðåëê ÝêëðäáîÝîáÝëâîÝìåàãîëóðäÝèïë îáíñåîáïßëêïåàáîÝÞèáÝéëñêðïëâïìáßåÝè ãîÝàáïëâïðááèâëîêáóìåìáèåêáïÝêàïäåìï

3 ÖáßäêëèëãõðîÝêïåðåëê

ÑñîïßáêÝîåëïßëêïåàáîðäáìÝßáÝêà áôðáêðëâðäáðáßäêëèëãõðîÝêïåðåëêåêåîëê ÝêàïðááèéÝçåêãÖäáÄèÝïðÈñîêÝßá ÄÝïåßÑôõãáêÈñîêÝßáÄÈÄÑÈîëñðá âëîïðááèéÝçåêãåïïåãêåĦßÝêðèõéëîáÅÑ åêðáêïåòáðäÝêðäáÇèáßðîåßÃîßÈñîêÝßá ÇÃÈîëñðáÊëóáòáîÇÃÈïßÝêêëð ßñîîáêðèõÞáñïáàðëìîëàñßáÝèèäåãäáî íñÝèåðõïðááèãîÝàáïÝêàðäáõîáèõëêðäá ÝòÝåèÝÞåèåðõëâïßîÝìïðááèåðïáèâÝâñêßðåëê ëâðäáèáòáèëâáßëêëéåßàáòáèëìéáêð ÉëåêãâëîóÝîàíñÝèåðõèáòáèïìîëàñßáà ÞõÇÃÈïóåèèßëêðåêñáðëåéìîëòá

ØÝîåëñïðáßäêëèëãåáïðëàáßÝîÞëêåïá ðäáÄÈÄÑÈîëñðáÝîáÞáåêãàáòáèëìáà åêßèñàåêãïëèñðåëêïóäåßäïááçðëßÝìðñîá ðäáßÝîÞëêÝïåðåïáéåððáàÝêàáåðäáîïðëîá åðëîñïáðäáßÝîÞëêåêëðäáîìîëßáïïáï ÃèðáîêÝðåòáèõðäáÄÈÄÑÈîëñðáéÝõ ÞáîáìèÝßáàÞõÝßëéÞåêÝðåëêëâÆÔË ÝêàÇÃÈ

ÊõàîëãáêÞÝïáàÆÔËÝïïëßåÝðáàóåðä ÇÃÈïäÝïðäáìëðáêðåÝèðëÞáêáÝîèõ ßÝîÞëêâîááåâßÝîÞëêâîáááèáßðîåßåðõÝêà äõàîëãáêÝîáÝòÝåèÝÞèáÙáÝêðåßåìÝðá ðäÝððäáîáóåèèÞáÝãîÝàñÝèîáàñßðåëêåê ïðááèìîëàñßðåëêòåÝðäáÄÈÄÑÈîëñðá ÝêàãîëóðäåêðäáÇÃÈîëñðáÖäááôðáêð ÝêàìÝßáëâðäåïßäÝêãáóåèèàáìáêà ëêðáßäêëèëãåáïßëéåêãðëéÝðñîåðõ ðäáÝòÝåèÝÞåèåðõëâåêâîÝïðîñßðñîá ßÝîÞëêâîáááèáßðîåßåðõÝêàäõàîëãáê ÝêàîáãñèÝðëîõâîÝéáóëîçï

ÅëêßèñïåëêëêïðîÝðáãåßîáïåèåáêßá

ÕñïðÝåêÝÞåèåðõäÝïÝèóÝõïÞááêÝð ðäáäáÝîðëâØáïñòåñïĎÞñïåêáïïÝêàðäá ÉîëñìĎïÝêÝèõïåïßëêßèñàáïðäÝððäá ëììëîðñêåðåáïâëîðäáÉîëñìéÝêåâáïðáà ÞõðäáãèëÞÝèìîáïïñîáðëéåðåãÝðáßèåéÝðá ßäÝêãáëñðóáåãäðäáîåïçïÑñîðáßäêëèëãõ äáèìïëñîßñïðëéáîïåéìîëòáðäáåîìîëßáïï áĨßåáêßõÝêàðäáåîáêòåîëêéáêðÝèâëëðìîåêð

ÙááïðåéÝðáðäáĦêÝêßåÝèåéìÝßðëâðäá ëììëîðñêåðåáïÝêàîåïçïëêðäáÉîëñìóåèè ÞáéëïðÝàòáîïáñêàáîÝ ÅïßáêÝîåë ÝêàéëïðìëïåðåòáñêàáîÝÅïßáêÝîåë ×êàáîÝèèðäîááïßáêÝîåëïóááôìáßððë ÞáêáĦðâîëéðäáßëêðåêñåêããîëóðäåêðäá ìîëàñßðåëêëâïðááèåêèåêáóåðäÉÆÒÝèëêã óåðäðäáÝßßáèáîÝðåêãïäåâððëóÝîàïäåãäáî ìáîâëîéÝêßáåîëêÝêàïðááèßÝïðåêãï ÝïóáïñììëîðßñïðëéáîïðëéÝôåéåïáðäá áĨßåáêßõÝêàíñÝèåðõëâðäáåîìîëàñßðåëê ÙåðäëñîðáßäêëèëãåßÝèáôìáîðåïáïðîëêã ßñïðëéáîîáèÝðåëêïäåìïÝêàÞîëÝà éÝêñâÝßðñîåêãâëëðìîåêðóááôìáßð ðëìèÝõÝçáõîëèáåêïñììëîðåêãëñî ßñïðëéáîïĎáĪëîðïðëàáßÝîÞëêåïá ðäáåîëìáîÝðåëêï

ÙáÝèïëÞáèåáòáðäáîáåïÝèëóàëóêïåàá âëîØáïñòåñïåêÝèèðäîááïßáêÝîåëïÝï ÝììîëôåéÝðáèõ#!YëâëñîÞñïåêáïïåêïðááè åïåêðäáïðááèßÝïðåêãìÝîðëâðäáëìáîÝðåëê óäåßäÝïÝïðÝêàÝèëêáìîëßáïïåïèëó ÅÑáéåððåêãYðëYëâÝïðááèìèÝêðĎï ÅÑáéåïïåëêïÝêàóäåßäóáàëêëð áôìáßððëÞáÝĪáßðáàÞõðáßäêëèëãõïäåâðï ðäÝððäáàáßÝîÞëêåïÝðåëêëâåîëêÝêàïðááè éÝçåêãóåèèîáíñåîá

ÙäåèïððäááèáßðîåĦßÝðåëêëâèåãäðòáäåßèáï ÝêàëêãëåêãèåãäðóáåãäðåêãáĪëîðïÝîá áôìáßðáàðëðîÝêïèÝðáåêðëÝïäîåêçåêãëâ ðäáéÝîçáðâëîßáîðÝåêåîëêßÝïðåêãïåðåï ÝêðåßåìÝðáàðäÝððäåïóåèèÞáéëîáðäÝê ßëéìáêïÝðáàâëîÞõðäáãîëóðäåêëðäáî éÝîçáðïïñßäÝïóåêàðñîÞåêáïÝêà ÝèñéåêåñéßÝïðåêãï

ÙáàëêëðÝêðåßåìÝðáðäÝðßèåéÝðáßäÝêãá óåèèèáÝàðëÝêõïåãêåĦßÝêðßäÝêãáïåêëñî ÝßßáïïðëßÝìåðÝèëîîáíñåîáðäáåéìÝåîéáêð ëâÝïïáðïëêÝéÝðáîåÝèïßÝèá

ÖÝßçèåêãßèåéÝðáßäÝêãáßëêðåêñáà

Roadmap ðëêáðöáîë

ÙáäÝòáïáðåêðáîéáàåÝðáðÝîãáðïåêëñî æëñîêáõðëîáÝßäêáðöáîëÅÑááéåïïåëêï Þõ!ÕßëìáÝêàÕßëìáåêèåêáóåðä ðäáÒÝîåïÃãîááéáêðÝêàðäá×ÍĎï ßëééåðéáêðåêðäáÅèåéÝðáÅäÝêãá Ãßð\$!ÖÝîãáðÃéáêàéáêð Ñîàáî%ÖäáïááéåïïåëêïáêßëéìÝïï ðäáïáòáêÉÊÉïèåïðáàÞõðäá ËêðáîãëòáîêéáêðÝèÒÝêáèëêÅèåéÝðá ÅäÝêãáåêðäáÍõëðëÒîëðëßëèÅÑ, ÅÊ ÐÑÊÈÅïÒÈÅïÕÈ"ÝêàÐÈ

Ññîìîáâáîîáàéáðîåßïðëéëêåðëîìîëãîáïï óåðäëñîæëñîêáõðëêáðöáîëÝîááêáîãõ ÝêàÅÑááéåïïåëêåêðáêïåðõáêáîãõ ßëêïñéìðåëêÝêàÅÑááéåïïåëêïìáî ðëêêáëâìîëàñßðìÝßçáàâëîïäåìéáêð ÖäáïáîáħáßððäáìîëãîáïïéÝàáåêëñî ëìáîÝðåëêïÞáððáîðäÝêÝÞïëèñðáéáðîåßï ÏÝêÝãåêãðäåïáêáîãõåêðáêïåðõêëðëêèõ äÝïáêòåîëêéáêðÝèÞáêáĦðïÞñðåðåïÝèïë ìÝîðëâëñîèëêãðáîéïðîÝðáãõðëáêäÝêßá ëñîßëïðßëéìáðåðåòáêáïï

Our Targets

YåéìîëòáéáêðåêðäáÉîëñìĎïáêáîãõ åêðáêïåðõÞáðóááê%Ýêà!
YîáàñßðåëêåêÅÑááéåïïåëêåêðáêïåðõ êëîéÝèåïáàìáîéáðîåßðëêêáëâìîëàñßð ìÝßçáàâëîïäåìéáêðÕßëìáÝêàÕßëìá Þõ!òï%ÞÝïáèåêá
YßÝîÞëêâîáááèáßðîåßåðõÞõ
ÃîáàñßðåëêåêðëðÝèÕßëìáÝêàÕßëìá ÅÑááéåïïåëêåêðáêïåðõëâ!YÞõ! òï%ÞÝïáèåêá
ÜáîëÕßëìáÝêàÕßëìááéåïïåëêï Þõ!

ÑñîðÝîãáðïßëòáîYëâØáïñòåñïĎ ëìáîÝðåëêïÝêàÝîáðëÞáÝßäåáòáàóåðäëñð ðäáñïáëâÝêõëĪïáðïëîëêèõðëÝààîáïï îáïåàñÝèáéåïïåëêïÖäáõÝîáÝèåãêáàóåðä ðäáÕßåáêßáÄÝïáàÖÝîãáðïåêåðåÝðåòáÕÄÖå îáíñåîáéáêðïâëîÝóáèèÞáèëóÅãèëÞÝè óÝîéåêãïßáêÝîåë

ÖäáÉîëñìÇêáîãõÅÑááéåïïåëêï îáàñßðåëêðÝîãáðïäÝòáÞááêßÝïßÝàáàðë ÝèèÄñïåêáïï×êåðïóäåßääÝòáÞñåèðÝßðåëê ìèÝêïÝßßëîàåêãèõÒëîðåëêïëâðäáÉîëñì ÇôáßñðåòáÅëééåððááĎïÎëêãÖáîé ËêßáêðåòáÒèÝêÝêàïáêåëîéÝêÝãáéáêð ÝêêñÝèòÝîåÝÞèáßëéìáêïÝðåëêÝîáèåêçáà ðëðäáÝßäåáòáéáêðëâÅÑáéåïïåëêï îáàñßðåëêðÝîãáðï

Our Plan

ÑñîîëÝàéÝìðëêáðöáîëåïÞÝïáàëêĦòá çáõÝîáÝïëââëßñï

ÏëàáîêåïåêãÝêàñìãîÝàåêãåêïðÝèèáà áíñåìéáêððëîáàñßáëñîáêáîãõ ßëêïñéìðåëê
ËêòáïðåêãðëîáêáóáíñåìéáêððëðäáÞáïð ÝòÝåèÝÞèáðáßäêëèëãåáïÝêàßëêòáîðåêãðë èáïïÅÑåêðáêïåòááêáîãõïëñîßáï
ÙäáêìëïïåÞèáîáìèÝßåêãäåãäÅÑe áéåïïåëêáèáßðîåßåðõãáêáîÝðáàâîëé ßëÝèóåðäãîááêáîáèáßðîåßåðõëîëðäáî ïëñîßáïëâáêáîãõ
ÔáàñßåêãëñîáêáîãõóÝïðÝãá îáßëòáîåêãäáÝððëâááàìîëßáïïáïÝêà äëðóÝðáî
ÉáêáîÝðåêãßèáÝêáêáîãõ

ËðåïáïðåéÝðáàðäÝðóáóåèèêááàðëåêòáïð ßy"éëâåêßîáéáêðÝèßÝìåðÝèáôìáêàåðñîá ÞáðóááêÝêà!ðëïñììëîð ëñîîëÝàéÝì

ÕëéáïåãêåĦßÝêðÝïïñéìðåëêïñêàáîìåê ëñîêáðöáîëìèÝêåêßèñàåêã

ÖäáÝòÝåèÝÞåèåðõëâðäáêáßáïïÝîõ ðáßäêëèëãåáïÝðÝêÝĪëîàÝÞèáèáòáèÝêà ÝðÝïßÝèáÝììîëìîåÝðáâëîëñîåêàñïðîõ áïìáßåÝèèõâëîðäáĦîåêãëâîáâîÝßðëîõ ßáîÝéåßïÝêàßÝîÞëêßÝìðñîá
ÖäáàáòáèëìéáêðëâÝààåðåëêÝè ìîëàñßðåëêßÝìÝßåðõÝêààåïðîåÞñðåëê åêâîÝïðîñßðñîáâëîîáêáóÝÞèááêáîãõÝêà äõàîëãáêÝêàðäáåîßëïðßëéìáðåðåòáêáïï
ÃàáíñÝðáìëèåßõïñììëîððëâëïðáî åêêëòÝðåëêÝêàáêïñîáðäáßëïðëâÅÑ áéåïïåëêïóåèèåêßîáÝïáðäáÝððîÝßðåòáêáïï ëâßÝîÞëêâîááìîëßáïïáï
ÐëïåãêåĦßÝêðßäÝêãáðëëñîÞñïåêáïï éëàáèÝêàìîëàñßðìëîðâëèåë

ÖäáÝßäåáòáéáêðëâëñîÅÑááéåïïåëêï ðÝîãáðïóåèèÝèïëÞáïáêïåðåòáðë

ÖäáãîëóðäëâîáòáêñáëîãÝêåßÝèèõÝêà âîëéÝßíñåïåðåëêïÝêààåòáïðåðñîáï
ÒîëàñßðéåôáòëèñðåëêáïìáßåÝèèõàîåòáê ÞõàëèåéáòëèñéáóäåßäåïðäáéëïðÅÑ åêðáêïåòáìîëàñßðèåêá
ÏÝßîëáßëêëéåßßëêàåðåëêïÝêàðäá ßÝìáôßõßèáåéìÝßðåêãìèÝêðèëÝàåêã ÝêàðäáîáÞõðäááêáîãõáĨßåáêßõëâ ßëêðåêñëñïìîëßáïïáï

 ÔáÞÝïáèåêáàñïåêãìîáÝßíñåïåðåëêàÝðÝâëîðäá
ÞñïåêáïïÝßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáï

Ññîæëñîêáõðëêáðöáîë

Our ProgressÍáõÉîëñì åêåðåÝðåòáïâëîáêáîãõ ßëêïáîòÝðåëêÝêàâëîåêßîáÝïåêã áêáîãõáĨßåáêßõ

Õåêßá%óáäÝòáñêàáîðÝçáêÝêñéÞáî ëâéÝæëîìîëæáßðïðëïåãêåĦßÝêðèõîáàñßá ðäáÕßëìáÅÑáéåïïåëêïëâðäáÉîëñìÞõ ÝààîáïïåêãïëéáëâåðïéëïðÅÑáåêðáêïåòá åêïðÝèèÝðåëêïÙáßèëïáàðäáÕçÝóåêÝÞîåßç ìèÝêðáèåéåêÝðáààåîðõßëçáëòáêãÝïÝï ÝâñáèåêÙñäÝêîáìèÝßåêãåðóåðäÝêáó êÝðñîÝèãÝïĦîáàðñêêáèçåèêðîÝêïâáîîáà ðäáÖõèáîìèÝêðÝßðåòåðõðëÏëêðáîîáõÝêà îáìèÝßáàðäáÞñîêáîïõïðáéëâðäá ÑèåâÝêðïâëêðáåêîëðÝîõçåèêÙáÝèïëðëëç ÝàòÝêðÝãáëâðäáßèëïñîáëâëñîÅäåêáïá ìèÝêðÝðÍñÝðÝêãÝêàðäáîáèëßÝðåëêëâåðï ÝßðåòåðõðëîáìèÝßáÝèèàîõåêãëòáêïÝêà çåèêïóåðäêáóëêáïóåðäÝêáêáîãõ áĨßåáêßõåéìîëòáéáêððÝîãáðëâY

ËêêáóßÝìåðÝèáôìáêàåðñîáóëîðä ßåîßÝy#éàáàåßÝðáàðë!åêßîáéáêðÝè åéìîëòáéáêðìîëæáßðïóäåßääÝàáêáîãõ áĨßåáêßõÝêàÅÑáéåïïåëêïîáàñßðåëê ÝïëêáëâðäáåîìîåéáëÞæáßðåòáïóÝï ÝììîëòáàÐåêáïåðáïßëêòáîðáàðë ßÝîÞëêâîáááèáßðîåßåðõßëêðîÝßðïðÝçåêã ðäáðëðÝèêñéÞáîðëîáìîáïáêðåêãY ëâëñîéÝêñâÝßðñîåêãïåðáïÝêàÔÆ ßáêðîáïëâáôßáèèáêßáÙáÝèïëåêÝñãñîÝðáà ïëèÝîìÝêáèåêïðÝèèÝðåëêåêëñîìèÝêðåê ËãëîîáïëÞõðäááêàëââëñîïåðáï óáîááíñåììáàóåðäîáêáóÝÞèááêáîãõ åêïðÝèèÝðåëêïÝêàëêáäÝàåêòáïðáàåêÝ ßëéÞåêáàäáÝðÝêàìëóáîåêïðÝèèÝðåëê

Progress in 2022

1 ÅÝîÞëêâîáááêáîãõïëñîßáï

ÖäáÉîëñìïñììëîðïðäáðîÝêïåðåëêðëóÝîàï îáêáóÝÞèááêáîãõïëñîßáïÝêàßèáÝêáî ßÝîÞëêâîááðáßäêëèëãõóäáêìëïïåÞèá ÑñîáêáîãõïðîÝðáãõåêßèñàáïÝêëêãëåêã áĪëîððëßëêòáîððëßÝîÞëêâîáááèáßðîåßåðõ ßëêðîÝßðïóäáêáòáîìîÝßðåßÝèÝêà áßëêëéåßÝèèõéÝêÝãáÝÞèáåêòáïðåêïëèÝî ìÝêáèïÝêàðäáßëêòáîïåëêëâìîëßáïïáïðë áèáßðîåßåðõÝïïëëêÝïðäáðáßäêëèëãõåï ßëïðáĪáßðåòá

ËêïåðáïßëêòáîðáàðëßÝîÞëêâîáá áèáßðîåßåðõßëêðîÝßðïðÝçåêãðäáðëðÝè êñéÞáîðëîáìîáïáêðåêã!Yëâ ëñîéÝêñâÝßðñîåêãïåðáïÝêàÔÆßáêðîáï ëâáôßáèèáêßá

Ëê!\$Yëâðäáãîåàáèáßðîåßåðõ ßëêïñéáàåêëñîïåðáïóÝïãáêáîÝðáàâîëé îáêáóÝÞèáïëñîßáïÝêà"\$Yñïåêã ìîëßáïïáïðäÝðàåàêëðáéåðÅÑ

ÆñîåêãóáÝèïëåêÝñãñîÝðáàïëèÝî ìÝêáèåêïðÝèèÝðåëêïåêáåãäðêáóìèÝêðï ðÝçåêãðäáðëðÝèêñéÞáîëâéÝêñâÝßðñîåêã ïåðáïÝêàÔÆßáêðîáïëâáôßáèèáêßá áíñåììáàóåðäîáêáóÝÞèááêáîãõ åêïðÝèèÝðåëêïðëÙáäÝòáÝâñîðäáî" ïåðáïåêòáïðåãÝðåêãïëèÝîìÝêáèìîëæáßðï

2 ÅÝìåðÝèßëééåðéáêðïÝêàåêðáîêÝèÅÑìîåßåêã

ÙáåêßèñàáÝêáêòåîëêéáêðÝèåéìÝßð ÝêÝèõïåïåêðäááòÝèñÝðåëêëâáÝßäëâëñî ßÝìåðÝèáôìáêàåðñîáìîëæáßðïÝïðäáïá ÝîáðäáçáõàáßåïåëêïðäÝðàîåòáèëêãðáîé âñðñîáïñïðÝåêÝÞåèåðõìáîâëîéÝêßáÝêà ÅÑáéåïïåëêïåêìÝîðåßñèÝî

ÑñîÇêòåîëêéáêðÝèìëèåßõóäåßäåïðäá îáïìëêïåÞåèåðõëâðäáÅäåáâÇôáßñðåòáÝêà ðäáÉîëñìÇôáßñðåòáÅëééåððááßëòáîï ÝèèëñîëìáîÝðåëêïÝêàïðÝðáïðäÝðÝèèëñî åêòáïðéáêðàáßåïåëêïóåèèåêßèñàáÝê ÝêÝèõïåïëâðäáåîáêòåîëêéáêðÝèåéìÝßðÃê åêðáîêÝèìîåßáâëîÅÑáéåïïåëêïÕßëìá ÝêàÕßëìáåïåêßèñàáàåêðäáßÝèßñèÝðåëê ëâìÝõÞÝßçâëîÝèèåêòáïðéáêðïîáÝßäåêã ðäáðäîáïäëèàâëîÝììîëòÝèÞõðäáÄ× ÒîáïåàáêðïëîÅäåáâÇôáßñðåòá

ØáïñòåñïòåáóïðäåïïäÝàëóìîåßåêã éáßäÝêåïéÝïÝçáõðëëèðëáêïñîáðäÝð ðäááêòåîëêéáêðÝèåéìÝßðëâèëêãðáîé åêòáïðéáêðàáßåïåëêïåïñêàáîïðëëàËð ïááçïðëáêïñîáðäÝððäáÞáïðÝòÝåèÝÞèá ðáßäêëèëãõåïÝàëìðáàáòáêåêèëßÝðåëêï óäáîáêëáôðáîêÝèßëïðâëîßÝîÞëêåïåê ìèÝßáëîâëîáïááê

ÖäáåêðáîêÝèìîåßáëâÅÑóÝïåêåðåÝèèõïáðÝð {ìáîðëêêáëâÅÑåêÖäåïìîåßáåï îáòåáóáàÝêêñÝèèõÝêàåïÝììèåßÝÞèáÝßîëïï ÝèèÄñïåêáïï×êåðïÝêàÝèèîáãåëêïËðäÝï ÞááêïáðÝð{%ìáîðëêêáëâÅÑâëî

3 ËéìîëòåêãëñîáêáîãõáĨßåáêßõ

ÙááêàáÝòëñîðëñïáðäáÞáïðÝòÝåèÝÞèá ðáßäêëèëãåáïðëîáàñßáÅÑáéåïïåëêïåêÝèè ëñîéÝæëîßÝìåðÝèáôìáêàåðñîáìîëæáßðï

ÙáäÝòáñêàáîðÝçáêÝÉîëñìóåàá ìîëãîÝééáëâáêáîãõáĨßåáêßõÝêà áïðÝÞèåïäáàâëîéÝèáĨßåáêßõìîëãîÝééáï åêÝèèÄñïåêáïï×êåðïÝêàîáãåëêïÖäáïá åêßèñàáìîëæáßðïðëñìãîÝàáëîîáðîëĦð áíñåìéáêððëåéìîëòááêáîãõáĨßåáêßõ ÝêàîáàñßáÅÑáéåïïåëêïïñßäÝïðäá åêðîëàñßðåëêëâêáóîáâîÝßðëîõâñîêåðñîá ÝêàåêïðÝèèÝðåëêëâäáÝðîáßëòáîõïõïðáéïåê ëòáêïÝêàçåèêïñìãîÝàáïëâßëéìîáïïëîï îáìèÝßáéáêðëâèåãäðïëñîßáïóåðäÎÇÆ èåãäðïïëèÝîìÝêáèåêïðÝèèÝðåëêÝêàðäá ìñîßäÝïáëâáèáßðîåßâëîçèåâððîñßçï

ËêðäáÄëÝîàÝììîëòáàéÝæëî ßÝìÝßåðõáôìÝêïåëêßÝìåðÝèáôìáêàåðñîá ìîëæáßðïðëðÝèèåêãéëîáðäÝêyé ÃòÝåèÝÞèáðáßäêëèëãåáïÝêàðäáåîåéìÝßðï åêðáîéïëâáêáîãõáĨßåáêßõÝêàÅÑe áéåïïåëêïóáîáïõïðáéÝðåßÝèèõßëêïåàáîáà âëîðäáïáìîëæáßðïÝêàðäáéëïðáĨßåáêð ðáßäêëèëãåáïâëîðäáìñîìëïáïáèáßðáàËê ÝààåðåëêêáóßÝìåðÝèáôìáêàåðñîáóëîðä ßy!"éàáàåßÝðáàðë""ìîëæáßðïóåðä áêáîãõáĨßåáêßõÝêàÅÑáéåïïåëêï îáàñßðåëêÝïëêáëâðäáåîìîåéáëÞæáßðåòáï óÝïÝììîëòáàåê

ÐáôðïðáìïðëÝßäåáòáëñî Net Zero Plan

ØÝîåëñïìîëæáßðïÝîáÞáåêãïðñàåáàðäÝð óåèèäáèìñïàáèåòáîëñîïäëîððáîé! ðÝîãáðïëêðäáîëÝàðëêáðöáîëåêßèñàåêã ðäáåêïðÝèèÝðåëêëââñîðäáîïëèÝîìÝêáèï îáðîëĦððåêãëâëòáêïÝêàçåèêïîáìèÝßáéáêð ëâëèàáîÝêàèáïïáĨßåáêðñêåðïÞñîêáî ïáððåêãëìðåéåïÝðåëêÝêàèëÝàåêãÝêà ßõßèáëìðåéåïÝðåëê

Ëêðäáéáàåñéðáîé!óáÝêðåßåìÝðá ðäÝðâñîðäáîáéåïïåëêïîáàñßðåëêóåèèÞá ìëïïåÞèáðäîëñãäñìãîÝàáïðëëñîëòáêï ÝêàçåèêïÝêàìëïïåÞèõðäáñïáëâÝ ßëéÞåêÝðåëêëâêÝðñîÝèãÝïÝêàîáêáóÝÞèá áêáîãõïñßäÝïßÝîÞëêâîááäõàîëãáêðë ĦîáîáâîÝßðëîõéÝðáîåÝèïÙááïðåéÝðáðäá åêßîáéáêðÝèßÝìåðÝèßëééåðéáêðîáíñåîáà ÞõëñîàáßÝîÞëêåïÝðåëêîëÝàéÝìñêðåè !óåèèÞáÝììîëôåéÝðáèõy"éÝììîëô y!éìáîõáÝîÙáàëêëðáôìáßððäáñïáâñè áßëêëéåßèåòáïëâëñîáôåïðåêãÝïïáðïðëÞá éÝðáîåÝèèõÝĪáßðáàÞõëñîìèÝêïñêðåè! ÒîáßåïáßÝìåðÝèáôìáêàåðñîáìîëæáßðèåïðï äÝòáÞááêàáĦêáàâëîðäá!äëîåöëê ÙáóåèèßëêðåêñáñïåêãðäáåêðáîêÝèìîåßáëâ ßÝîÞëêðëÝïïáïïðäáîáèÝðåòáÞáêáĦðÝêà ìîåëîåðåïáìîëæáßðï

ÙáÝèïëÝêðåßåìÝðááòëèñðåëêïåêëñî ìîëàñßðìëîðâëèåëðëóÝîàïèáïïáêáîãõ åêðáêïåòáìîëàñßðïïñßäÝïîáïåêÞëêàáà ÝêàñêïäÝìáàîáâîÝßðëîåáïðëßëêðåêñá

Ëêðäáèëêãáîðáîé!òÝîåëñï ðáßäêëèëãåáïÝîáìîëéåïåêãßÝêàåàÝðáïâëî ðäáêáÝîöáîëáéåïïåëêïßñîåêãÝêàĦîåêãëâ îáâîÝßðëîõìîëàñßðïáèáßðîåßåðõßÝîÞëê âîááäõàîëãáêïõêðäáðåßãÝïÞåëéÝïï ÙáßñîîáêðèõâëîáïááðäÝðßÝîÞëêßÝìðñîá ïëèñðåëêïóåèèÞáÝòÝåèÝÞèáâëîëñîåêàñïðîåÝè ÝììèåßÝðåëêàñîåêãðäá!!ìáîåëà

ÙáÝîáìîëãîáïïåòáèõÝàÝìðåêãëñî ìîëàñßðÝêàìîëßáïïÔÆìîëãîÝééáï ðëáôìèëîáïñßäëììëîðñêåðåáï

ÖÝßçèåêãßèåéÝðáßäÝêãáßëêðåêñáà

ÑñîáêáîãõßëêïñéìðåëêÝêàÕßëìáÝêàÕßëìáÅÑ2e emissions

ÙäåèáØáïñòåñïĎìîëàñßðïàåĪáî ïåãêåĦßÝêðèõåêðäááêáîãõåêðáêïåðõëâðäáåî éÝêñâÝßðñîáéëïðëâëñîéÝêñâÝßðñîåêã ìîëßáïïáïÝîáêëðáêáîãõåêðáêïåòáêëîàë ðäáõìîëàñßáïåãêåĦßÝêðíñÝêðåðåáïëâ óÝïðáÝêàáéåïïåëêïÆëèåéáìîëàñßðåëê óäåßäñïáïßëÝèðëßÝèßåêáàëèëéåðáåïëñî éÝæëîáéåððáîëâÅÑÆëèåéáÝêàðäá êáôðïåôëâëñîéÝåêéÝêñâÝßðñîåêã ìîëßáïïáïÝßßëñêðâëî#Yëâëñîáêáîãõ ßëêïñéìðåëêÝêà#%YëâëñîèëßÝðåëê ÞÝïáàÅÑááéåïïåëêïÖäáïáßëêðåêñáðë ÞáÝßèáÝîâëßñïâëîëñîåêòáïðéáêððë îáàñßáÅÑááéåïïåëêï

Äáðóááê%ÝêàðäáÉîëñì ÝßäåáòáàÝêëòáîÝèèîáàñßðåëêåêáêáîãõ åêðáêïåðõêëîéÝèåïáàðëìáîéáðîåßðëêêáëâ ìîëàñßðìÝßçáàâëîïäåìéáêðëâ"YòïÝ ðÝîãáðëâYÞõ!Òîëãîáïïåê óÝïÝàòáîïáèõÝĪáßðáàÞõèëóáîòëèñéáï îáïñèðåêãåêèëóáîĦèèîÝðáïâëîßëêðåêñëñï ìîëßáïïáïÝêàèëóáîáêáîãõáĨßåáêßõ

ÆñîåêãðäáïÝéáìáîåëàëñîÅÑe áéåïïåëêåêðáêïåðõéáðîåßÅÑááéåïïåëêï ìáîéáðîåßðëêêáëâìîëàñßðìÝßçáàâëî ïäåìéáêðÕßëìáÝêàÕßëìáéÝîçáð ÞÝïáàìîëãîáïïáàÞõ\$\$YòïÝðÝîãáð ëâYÞõ!ÖäåïåêßèñàáïÝY îáàñßðåëêåêÇêáîãõÅÑe intensity and an YîáàñßðåëêåêÒîëßáïïÅÑe intensity ìáîéáðîåßðëêêáëâìîëàñßðìÝßçáà âëîïäåìéáêð*

ÔáÞÝïáèåêáàñïåêãìîáÝßíñåïåðåëêàÝðÝâëîðäá ÞñïåêáïïÝßíñåîáàâîëé×êåòáîïÝèÔáâîÝßðëîåáï

Õßëìáßëòáîïáéåïïåëêïâîëéâñáèïñïáàåê ëñîâÝßðëîåáïÝêàëĨßáïâñãåðåòááéåïïåëêï Ýêàêëêâñáèìîëßáïïáéåïïåëêï

ÕßëìáîáèÝðáïðëðäáåêàåîáßðáéåïïåëêï îáïñèðåêãâîëéðäáãáêáîÝðåëêëâáèáßðîåßåðõ äáÝðïðáÝéÝêàäëðóÝðáîóáìñîßäÝïáðë ïñììèõëñîëĨßáïÝêàâÝßðëîåáï

ÖäáßëêòáîïåëêÞõéÝêõëâëñîïåðáïðë ßÝîÞëêâîáááèáßðîåßåðõßëêðîÝßðïäÝï äáèìáàëñîÅÑááéåïïåëêïîáàñßáÝðÝ âÝïðáîìÝßáðäÝêëñîáêáîãõáĨßåáêßõ åéìîëòáéáêðï

ØáïñòåñïĎðëðÝèáêáîãõßëïðïëâ y!" éÝîáß\$YëâîáòáêñáÕëñðä ÃâîåßÝåïðäáëêèõßëñêðîõóäáîáóááôßááà ðäáðäîáïäëèàðëÞáïñÞéåððáàðëÝÅÝîÞëê ÖÝôëîÝêÇéåïïåëêïÖîÝàåêãÕßäáéá ÖäáÅÝîÞëêÖÝôßëïðåêóÝïßyé

ÕßëìáÕßëìáÝêàÕßëìááéåïïåëêïéÝîçáðÞÝïáà

ËêØáïñòåñïĎðëðÝèÕßëìáÕßëìáÝêàÕßëìáÅÑááéåïïåëêïóáîá\$ !éáðîåßðëêêáïÖäåïîáìîáïáêðáà\$%!éáðîåßðëêêáï ìáîéåèèåëêyîáòáêñá

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ÕßëìáÅÑ2e emissions	\$ \$#%	!"Y	#	""Y	#!#	\$Y	!#	\$Y
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ÕßëìáÅÑ2e emissions	%!!	\$ Y	\$ \$	#%Y	#!!#	#!%Y	"#%	#"Y
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ØáïñòåñïìèßèëêãðáîéáêáîãõßëêïñéìðåëêÝêàáêáîãõåêðáêïåðõÝããîáãÝðáëâÕßëìáÝêàÕßëìá

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Ðëðáï

åêßèñàáïðäáÞñïåêáïïëâ×êåòáîïÝèÔáâîÝßðëîåáïËêßÞñðáôßèñàáïÄÏÅ

ÐëðáÖäáêñéÞáîïÝîáßëèèÝðáàâîëéáêðåðåáïóåðäåêðäáÉîëñìĎïÑìáîÝðåëêÝèÅëêðîëèÄëñêàÝîõ

ÈñáèßëêïñéìðåëêáéåïïåëêïÝêàêëîéÝèåïáàáéåïïåëêïâëîðäáéÝåêâñáèïßëêïñéáàÝßîëïïðäáÉîëñì èëßÝðåëêÞÝïáàÑìáîÝðåëêÝèÅëêðîëèÄëñêàÝîõïðÝðñðëîõîáìëîðåêã

ËêðäáÉîëñìĎïêëîéÝèåïáàáêáîãõ ßëêïñéìðåëêåêßîáÝïáàÞõ"Yðë #çÙäìáîéáðîåßðëêêá## ÎëßÝðåëêÞÝïáàáéåïïåëêïåêßîáÝïáàÞõ Yðë \$éáðîåßðëêêáïÅÑáìáî éáðîåßðëêêáìîëàñßðìÝßçáàâëîïäåìéáêð %ÝêàéÝîçáðÞÝïáàáéåïïåëêï åêßîáÝïáàÞõ \$Yðë\$éáðîåßðëêêáï ÅÑáìáîéáðîåßðëêêáìîëàñßðìÝßçáàâëî ïäåìéáêð

ÃïåãêåĦßÝêðîáàñßðåëêåêÅÑáîáïñèðáà âîëéîáàñßðåëêïåêðäáìîëàñßðåëêëâ àëèåéáÖäáîáéÝåêåêãàáßîáÝïáïóáîá ìîåéÝîåèõàîåòáêÞõßäÝêãáïåêìîëàñßðåëê òëèñéáïÝêàìîëàñßðéåôÐÝðñîÝèãÝïñïá àáßîáÝïáàÞõ"Yáèáßðîåßåðõßëêïñéìðåëê ÞõYÝêàßëÝèÝÅÑåêðáêïåòáâñáè ßëêïñéìðåëêÞõYðë#ðäëñïÝêà éáðîåßðëêêáï

ÆñîåêãðäáÉîëñìÝèïëßëêïñéáà %ßñÞåßéáðîáïëâàåáïáè#Yëê !ìîåéÝîåèõåêðäáëìáîÝðåëêëââëîçèåâð ðîñßçïëêåðïïåðáïÝêà"!ßñÞåßéáðîáïëâ âñáèëåèÝêåêßîáÝïáëâ!Y!# ËêðëðÝè !#ßñÞåßéáðîáïëâëåèóÝïñïáàÝï âñáèåêYëê!\$

Greenhouse Gas (GHG) reporting

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Õßëìááéåïïåëêï

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îÝóéÝðáîåÝèïñïåêãìñÞèåßèõÝòÝåèÝÞèá ÝòáîÝãáÅÑáéåïïåëêïâÝßðëîïËê ÝààåðåëêóáïðÝîðáàßëèèáßðåêãåêâëîéÝðåëê ëêáêáîãõïëñîßáÅÑáéåïïåëêïàÝðÝÝêà îáàñßðåëêìèÝêïâîëéëñîîÝóéÝðáîåÝèï ïñììèåáîïÝïìÝîðëâëñîÔáíñáïðâëî ÓñëðÝðåëêìîëßáïïÕñììèåáîïîáìîáïáêðåêã "YëâðäáîÝóéÝðáîåÝèïìáêàäÝòá îáïìëêàáàðëëñîîáíñáïðï

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ÖäááêßëñîÝãáéáêðëâßëééñðåêãðë óëîçÞõÞñïëîëðäáîâëîéïëâßëèèáßðåòá ðîÝêïìëîðÝðåëêïáîòåßáïØáïñòåñï ëîãÝêåïáïïñßäïáîòåßáïâëîéëîáðäÝê Øáïñòåñïáéìèëõááï

ØáïñòåñïìèßïðÝðáéáêðëâòáîåĦßÝðåëê

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ÃßëìõëâðäáèåéåðáàÝïïñîÝêßáïðÝðáéáêðßÝêÞáâëñêàëêëñîóáÞïåðáóóóòáïñòåñïßëé

ÒîëàñßðîáïìëêïåÞåèåðõÉîëóåêãëñîáêãÝãáéáêðåêðäáßåîßñèÝîáßëêëéõ

The drive to improve the sustainability ìáîâëîéÝêßáëâØáïñòåñïÝêàðäá îáâîÝßðëîõåêàñïðîõĎïìîëàñßðïóÝï åêåðåÝðáàéÝêõàáßÝàáïÝãëÅëêðåêñëñï åéìîëòáéáêðïäÝòáèáàðëßëêïåàáîÝÞèá îáàñßðåëêïåêÞëðäðäáîÝóéÝðáîåÝèïñïáà ÝêàðäáíñÝêðåðõëâìîëàñßðïäåììáàðë èÝêàĦèèÃïðäáÝéëñêðëâîáâîÝßðëîõ éÝðáîåÝèßëêïñéáàìáîðëêêáëâïðááè ßÝïðèáòáèïëĪðäáìñîìëïáÝêàòÝèñáëâ ðäáñïáëâîáâîÝßðëîõéÝðáîåÝèïóåèèéëòá from delivering insulation to an even greater emphasis on helping to improve ïðááèíñÝèåðõÝêàìîëßáïïáĨßåáêßõ

ÒîëàñßðàñîÝÞåèåðõ

ÑñîĦîïðÝêàìîáâáîîáàïðîÝðáãõðëîáàñßá ðäáàáìèáðåëêëâîáïëñîßáïåïðäááôðáêïåëê ëâìîëàñßðàñîÝÞåèåðõ

ÙáÝîáßëêðåêñëñïèõóëîçåêãðëáôðáêàðäá èåâáðåéáëâëñîßëêïñéÝÞèáìîëàñßðï ÕðîÝðáãåáïåêßèñàáðäáàáòáèëìéáêðëâ ÝàòÝêßáàéÝðáîåÝèïðäáàáïåãêëâïäÝìáï ðäÝðÝèèëóàñÝèñïÝãáëâìîëàñßðïÝêà ìîëàñßðîáìÝåîÝêàîáéÝêñâÝßðñîá ÈëîéáßäÝêåïéïÝêàáíñåìéáêðóáÝèïë ëĪáîóáÝîéëêåðëîåêãÝêàéÝåêðáêÝêßá ïáîòåßáïðëëñîßñïðëéáîïðëáêïñîáðäáåî ëìðåéñéìáîâëîéÝêßáÝêàáôðáêà ðäáåîèåâáðåéá

ÒîëàñßðîáßõßèÝÞåèåðõ

ÃððäáïÝéáðåéáÝïîáàñßåêãðäáíñÝêðåðõ ëâîÝóéÝðáîåÝèïîáíñåîáàâëîáÝßäßÝïðåêã ðáßäêåßÝèïëèñðåëêïÝêàáßëêëéåßßõßèáï äÝòáãîëóêðëáêÝÞèáðäáîáßõßèåêãëâ îáâîÝßðëîõéÝðáîåÝèïÝâðáîñïÝãáåêðäá ìîëàñßðåëêëâåîëêÝêàïðááèÙäáîáÝï åêðäááÝîèõ%#ïêáÝîèõÝèèîáâîÝßðëîõ éÝðáîåÝèïóáîáàåïìëïáàëâÝâðáîñïáåðåï áïðåéÝðáàðäÝðéëîáðäÝêäÝèâÝîáêëó îáßõßèáàËêÇñîëìáÝïèåððèáÝï!Yëâ îáâîÝßðëîõéÝðáîåÝèïêëóãëðëèÝêàĦèè

ÔáßõßèáàéÝðáîåÝèñïÝãá

ÃïìÝîðëâëñîìîëàñßðáêàëâèåâá éÝêÝãáéáêðìîëãîÝééáóáÝîá àáòáèëìåêãòÝîåëñïåêåðåÝðåòáïóåðä ßñïðëéáîïïñßäÝï

ÔáßëòáîõÝêàîáéÝêñâÝßðñîáëâ ìîëàñßðïÝâðáîñïÝãá
ÔáßëòáîõÝêàîáßõßèåêãëâîáâîÝßðëîõ éÝðáîåÝèïÝâðáîñïÝãá
ØÝîåëñïëìðåëêïóåðäîáãÝîàðë éáßäÝêåïéïÝêàáíñåìéáêð åêßèñàåêãîáêðÝè

ÔáßëòáîáàÝêàîáßõßèáàéÝðáîåÝèï

ØáïñòåñïåïàáðáîéåêáàðëåêßîáÝïáðäá ñïÝãáëâîáßëòáîáàÝêàîáßõßèáàéÝðáîåÝèï åêåðïìîëàñßðâëîéñèÝðåëêï

ËêßîáÝïåêãðäáïäÝîáëâîáßëòáîáà ÝêàîáßõßèáàéÝðáîåÝèïåêìîëàñßð âëîéñèÝðåëêïìëïáïéñèðåìèáßäÝèèáêãáï åêðáîéïëâÝòÝåèÝÞåèåðõßëêïåïðáêßõëâ íñÝèåðõßëéìáðåðåòáêáïïòáîïñïòåîãåê éÝðáîåÝèóäëïáìîåßáïħñßðñÝðá îáãñèÝðëîõâîÝéáóëîçïâëîðäá ðîÝêïìëîðÝðåëêëâáêàëâèåâáóÝïðá éÝðáîåÝèïÝêàòÝèåàÝðåëêïðëáêïñîá ðäÝðìîëàñßðìáîâëîéÝêßáÝêàîáèåÝÞåèåðõ îáéÝåêñêÝĪáßðáà

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Name: ÍõèáÔáìåêá Role:ÕáêåëîÎÝÞÖáßäêåßåÝê ÎëßÝðåëêÒåððïÞñîãä

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Material waste

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ãáêáîÝðåëêîááêãåêááîåêãëâìîëàñßð îáßåìáïðëåêßèñàáåêðáîêÝèèõîáßõßèáà éÝðáîåÝèÝêàåàáêðåĦßÝðåëêëâîáßõßèåêã ëììëîðñêåðåáïåêëðäáîåêàñïðîåáïâëî Þõìîëàñßðï

ËêðäáîÝðåëëâïëèåàóÝïðáäÝöÝîàëñï ÝêàïáêððëèÝêàĦèèìáîéáðîåßðëêêáëâ ìîëàñßðìÝßçáàâëîïäåìéáêðîáàñßáàÞõ \$Yòï%îáàñßáàÞõ#Y ÖäáìáîâëîéÝêßáóÝïêëðÝÞèõ ÝĪáßðáàÞõðäáàåïìëïÝèëâéÝðáîåÝèïðäÝð äÝàÞááêàÝéÝãáààñîåêãðäáïáòáîá óáÝðäáîáòáêðÝêàïñÞïáíñáêðħëëàåêã ðäÝðÝĪáßðáàëñîìèÝêðåêÏÝèÝõïåÝåê ÆáßáéÞáîÃâáóïåðáïÝèïëàåïìëïáà ëâóÝïðáéÝðáîåÝèðäÝðäÝàÞááê ÝßßñéñèÝðáàëòáîÝèëêãìáîåëàëâðåéá

ÙÝðáîßëêïñéìðåëê

ÙáÝåéðëîáàñßáÞëðäðäáÝéëñêðëââîáïä óÝðáîßëêïñéáàåêëñîéÝêñâÝßðñîåêã ìîëßáïïÝêàïëßåÝèóÝðáîßëêïñéìðåëê ÖäáéÝåêÝîáÝëââëßñïåïðäáîáàñßðåëêëâ óÝïðáóÝðáîØáïñòåñïóëîçïðëîáàñßáðäá

ßëêïñéìðåëêëâóÝðáîåêåðïéÝêñâÝßðñîåêã ëìáîÝðåëêïÞõîáßõßèåêãÝêàåéìîëòåêã óÝðáîéÝêÝãáéáêðìîëßáïïáïÐëïÝèð óÝðáîëîßëëèåêãóÝðáîåïÝÞïðîÝßðáàóåðä êëîáèÝðáàëñðħëó

ØÝîåëñïðáßäêëèëãåßÝèïëèñðåëêïäÝòáÞááê åéìèáéáêðáàðëîáàñßáëñîóÝðáî ßëêïñéìðåëêÝêàóÝïðáóÝðáîÏëïð êëðáóëîðäõåêòáïðéáêðåêóÝïðáóÝðáî ðîáÝðéáêðåêïðÝèèÝðåëêïäÝòáÞááêéÝàá åê"ìèÝêðïÆîõĦèðáîåêïðÝèèÝðåëêïâëî ìÝîðåßñèÝðáïîáéëòÝèÝèïëÝèèëóâÝîèëóáî óÝðáîßëêïñéìðåëêðäÝêóáðïßîñÞÞáîï

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ÈåòáõáÝîáòëèñðåëêëââîáïäóÝðáîßëêïñéìðåëê

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ÑñîïåðáïóåðäðäáäåãäáïðèáòáèëâóÝðáî ßëêïñéìðåëêÝîááíñåììáàóåðä óÝïðáóÝðáîðîáÝðéáêðìèÝêðïÖäáïá îáìîáïáêð YëâÝèèéÝêñâÝßðñîåêã ïåðáïÝêàÔÆßáêðîáïëâáôßáèèáêßá ÃààåðåëêÝèèõéÝêõðõìáïëâÝßðåòåðõÝîá îëñðåêáèõñêàáîðÝçáêÞõëñîïåðáïðëßëêðîëè ÝêàîáàñßáðäáåîóÝðáîßëêïñéìðåëêÝêà óáäÝòáÝßðåëêìèÝêïåêìèÝßáðëîáàñßáëñî óÝïðáóÝðáîãáêáîÝðåëêãèëÞÝèèõÕëéáëâ ðäáéëïðïåãêåĦßÝêðáôÝéìèáïåêßèñàá

ÔáìèÝßåêãóáðïßîñÞÞåêãïõïðáéïâëî ìÝîðåßñèÝðáîáéëòÝèóåðäàîõĦèðáîïõïðáéï
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Ñìðåéåïåêãìîëàñßðåëêïßäáàñèáï ðëîáàñßáðäáêááàâëîßèáÝêåêã Þáðóááêîáßåìáï
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ÇêòåîëêéáêðÝèáôßááàÝêßáï

ØáïñòåñïåïßëééåððáàðëÝààîáïïåêã áêòåîëêéáêðÝèáôßááàÝêßáïÝêà ßëéìèõåêãóåðäèëßÝèîáãñèÝðåëêï ÃèèáôßááàÝêßáïÝîáîáìëîðáàåêÝßáêðîÝè àÝðÝÞÝïáÃêõïåãêåĦßÝêðáôßááàÝêßáëî áêòåîëêéáêðÝèåêßåàáêðåïîáìëîðáàðëðäá ÉîëñìÇôáßñðåòáÅëééåððáá

ËêØáïñòåñïîáßëîàáà"éåêëî áêòåîëêéáêðÝèåêßåàáêðïÑâðäáïá ðóëîáèÝðáàðëáéåïïåëêïðëÝåîĦòáðë áéåïïåëêïðëóÝðáîÝêà!ðëãîëñêà

ÖëðÝèáêòåîëêéáêðÝèîáèáÝïáï ÝßîëïïðäáÉîëñìåêÝîááïðåéÝðáà ðëäÝòáðëðÝèèáàéáðîåßðëêêáï åêßèñàåêãéáðîåßðëêêáïëâóÝðáî ÞÝïáàéÝðáîåÝèïÝêàéëâ äõàîëßÝîÞëêïóåðäðäáÞÝèÝêßá ÞáåêãïëèåàïÝêàìëóàáîï

ÃèèîáèáÝïáïðëóÝðáîÝêàðëðäáãîëñêà óáîáâñèèõßëêðÝåêáà

ÙäáîáåêßåàáêðïëßßñîðäáõÝîáéÝêÝãáà òåÝØáïñòåñïĎïåðááêòåîëêéáêðÝèîáïìëêïá ìèÝêïÝêàîáìëîðáàðäîëñãäðäáØáïñòåñï åêßåàáêðîáìëîðåêãïõïðáéÙáßëéìèõóåðä èëßÝèîáìëîðåêãîáíñåîáéáêðïåêîáïìáßð ëâïñßäåêßåàáêðïËêÉáîéÝêõÝïèåãäðèõ åêßîáÝïáàèáãåëêáèèÝßëêðÝéåêÝðåëêóÝï àáðáßðáàåêïäëóáîïÝêàîáéáàåÝèÝßðåëê ðÝçáêÃêáôåïðåêãáÝîèåáîÝßðåëêåêîáèÝðåëê ðëÝàåïñïáà×ÕìîëìáîðõâëîóÝïðáóÝðáî áôßááàÝêßáïîáéÝåêïëìáêÖóë îáãñèÝðëîõÝßðåëêïåïïñáàåêÝãÝåêïð ØáïñòåñïåêÄáèãåñéÝèïëîáéÝåêëìáê ÝßðåëêìèÝêïðëÝààîáïïðäáéÝîáÞáåêã åéìèáéáêðáàÐëÝßðåëêóÝïðÝçáêÞõÝêõ ÝñðäëîåðõåêîáèÝðåëêðëÝêáêòåîëêéáêðÝè åêßåàáêðåêóäåßäîáïñèðáàåêĦêÝêßåÝè ìáêÝèðåáïÝãÝåêïðØáïñòåñïÖäáÉîëñì àëáïêëðëìáîÝðáÝêõéåêáïÝêà ßëêïáíñáêðèõðäáÉîëñìãáêáîÝðáï öáîëðÝåèåêãïóÝïðá

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ÕñììëîðåêãëñîßñïðëéáîïĎæëñîêáõðëêáðöáîë

ØáïñòåñïåïßëééåððáàðëãîëóåêãåðïßëêðîåÞñðåëêðëÝïñïðÝåêÝÞèáóëîèà ðäîëñãäìîëàñßðïÝêàïáîòåßáïðäÝðåéìîëòáïÝâáðõéÝôåéåïááêòåîëêéáêðÝè ìáîâëîéÝêßáîáàñßáãîááêäëñïáãÝïáéåïïåëêïÝêàßëêðîåÞñðáðëðäá ßåîßñèÝîáßëêëéõ

Sustainable solutions

ÑñîìîëàñßðïäÝòáðäáìëðáêðåÝèðëäáèì ßñïðëéáîïîáàñßáÝêàÝòëåàãîááêäëñïá ãÝïáéåïïåëêïóäáêßëéìÝîáàóåðäðäáåî ßñîîáêðìîÝßðåßáïÞõÝéëñêðïðäÝðâÝî áôßááàðäááéåïïåëêïîáíñåîáàðë éÝêñâÝßðñîáÝêààåïðîåÞñðáðäáé

ÙáÝßðåòáèõßëëìáîÝðáóåðäßñïðëéáîï ðëäáèìðäáéáòÝèñÝðáðäáÅÑáéåïïåëêï îáàñßðåëêëñîìîëàñßðïÞîåêãðëðäáåî ßëéìèáðáòÝèñáßäÝåê

ÑñîßñïðëéáîïåêðäáåîëêïðááèÝêà ÝèñéåêåñéåêàñïðîåáïÝîááéÞîÝßåêãðäá ßäÝèèáêãáëâàîÝéÝðåßÝèèõîáàñßåêãðäáåî ÅÑáéåïïåëêïÏÝêõäÝòáìèáàãáà ðëîáÝßäêáðöáîëÞõ!ÖäáõÝîá åêòáïðåêãïåãêåĦßÝêðèõðëðîÝêïâëîéðäáåî éÝêñâÝßðñîåêãðáßäêëèëãåáïâëîðäáèëêã

ÔáàñßáÝêàÝòëåàãîááêäëñïá ãÝïáéåïïåëêï

ðáîéóëîçåêãëêÝîÝêãáëâåêåðåÝðåòáï åêßèñàåêãðäáàåîáßðîáàñßðåëêëâåîëê óåðäßÝîÞëêâîááäõàîëãáêÝêàðäá îáìèÝßáéáêðëâßÝîÞëêÝêëàáïåê ÝèñéåêåñéïéáèðåêãÙáßëêðîåÞñðáðëðäáåî áĪëîðïðäîëñãäðáßäêëèëãõìÝîðêáîïäåìï Ýêààáòáèëìåêãêáóìîëàñßðïâëîðäáêáôð ãáêáîÝðåëêöáîëáéåïïåëêïÝèñéåêåñé åîëêÝêàïðááèéÝçåêãìîëßáïïáï

ÒîëàñßðèåâáßõßèáÝïïáïïéáêðï assessing our portfolio

ÙáäÝòáßîáÝðáàÝßëéìîáäáêïåòá ïßëîáßÝîàðëáòÝèñÝðáëñîìîëàñßðïëòáî ðäáåîâñèèìîëàñßðèåâáßõßèáîÝóéÝðáîåÝèï éÝêñâÝßðñîåêãðîÝêïìëîðÝðåëêñïáìäÝïá ÝêàáêàëâèåâáÙáîÝðáëñîìîëàñßðïåê ßëéìÝîåïëêóåðäðäáïðÝêàÝîàëĪáîåêãåê ðäáéÝîçáðßëêïåàáîåêãðäáåîìáîâëîéÝêßá åêðáîéïëâäáÝèðäÝêàïÝâáðõ

ÒîëàñßðïñïðÝåêÝÞåèåðõÞáêáĦðïïßëîáßÝîà

áêòåîëêéáêðÝèåéìÝßðãîááêäëñïáãÝï áéåïïåëêïÝêàáêàëâèåâáìîëßáïïåêãÃèè ßîåðáîåÝÝîáÝïïåãêáàÝóáåãäðåêãËêèåêá óåðäëñîëÞæáßðåòáïðëîáàñßáÞëðäëñîëóê ÅÑáéåïïåëêïÝêàäáèìëñîßñïðëéáîï îáàñßáðäáåîÅÑáéåïïåëêïóáãåòáðäáïá ßîåðáîåÝÝïåãêåĦßÝêðèõäåãäáîóáåãäðåêã

ÒáîâëîéåêãðäåïÝêÝèõïåïïñììëîðïëñî ëÞæáßðåòáðëàáòáèëìÝêàïñììèõìîëàñßðï ðäÝðìîëòåàáëñîßñïðëéáîïóåðäÝïñìáîåëî ëòáîÝèèïñïðÝåêÝÞåèåðõìáîâëîéÝêßáÝãÝåêïð ðäáéÝîçáðïðÝêàÝîà

Ëêóáßëêðåêñáàðäáîëèèëñðëâðäåï åêðáîêÝèïßëîáßÝîàÝßîëïïëñîìîëàñßð ìëîðâëèåëÝêàÝïïáïïáà%#Yëâëñî ßëêïñéÝÞèáìîëàñßðïÑâëñîïÝèáï #%YóáîáãáêáîÝðáàâîëéìîëàñßðïóåðä ïñìáîåëîïñïðÝåêÝÞåèåðõßäÝîÝßðáîåïðåßïÑñî ëÞæáßðåòáåïðëßëêðåêñáãîëóåêãðäáåîïäÝîá ëâëñîìîëàñßðìëîðâëèåëõáÝîÝâðáîõáÝî

ÕñììëîðåêãëñîßñïðëéáîïĎæëñîêáõðëêáðöáîëßëêðåêñáà

Sustainable R&D

2021

2022

×ïåêãØáïñòåñïĎåêðáîêÝèïßëîáßÝîà

ÃðßëêïðÝêðßñîîáêßõ

ØáïñòåñïåêòáïðïïåãêåĦßÝêðèõåêêáó ìîëàñßðàáòáèëìéáêðóëîçåêãßèëïáèõóåðä ëñîßñïðëéáîïðëëĪáîëìðåéåïáàïëèñðåëêï âëîðäáåîïìáßåĦßêááàïÙáäÝòáÝñêåíñá ßëéÞåêÝðåëêëâáôìáîðåïáßëòáîåêãÝóåàá îÝêãáëâĦáèàïåêßèñàåêãéáðÝèèñîãõ îáâîÝßðëîõßáîÝéåßïîëÞëðåßïÝêà éáßäÝðîëêåßïÝêàËÖÖäåïåïßëéÞåêáà óåðäßèëïáßëêðÝßðóåðäßñïðëéáîïðäîëñãä ëñîêáðóëîçëâÝßßëñêðéÝêÝãáîïÝêà ïáîòåßáðáÝéïÝêàðäîëñãäîáãñèÝî ðáßäêåßÝèÝêàÔÆéááðåêãïóåðäëñî çáõßñïðëéáîïðëàîåòáåêêëòÝðåëê

Ùäáêàáïåãêåêãêáóìîëàñßðïðäá ÏÝîçáðåêãÝêàÖáßäêëèëãõðáÝéïåêëñî ïåôÔÆßáêðîáïëâáôßáèèáêßáèåïðáêðë ëñîßñïðëéáîïßèëïáèõëÞïáîòåêãðäáåî ìîëßáïïáïðëñêàáîïðÝêàðäáåîßñîîáêðÝêà âñðñîáßäÝèèáêãáïêááàïÝêàáôìáßðÝðåëêï ÙáßëéÞåêáðäåïèáÝîêåêãóåðäðäá åêâëîéÝðåëêóáäÝòáßëèèáßðáàâîëéëñî ÝêÝèõïåïëâìÝïðåïïñáïÝêàïááçðëÝßäåáòá ÞëðäåêßîáéáêðÝèåéìîëòáéáêðïÝêà ÞîáÝçðäîëñãäåêêëòÝðåëêïåêïÝâáðõ îëÞñïðêáïïîáèåÝÞåèåðõÝêàìáîâëîéÝêßáðë ïðááîðäáàáòáèëìéáêðëâêáôðãáêáîÝðåëê ìîëàñßðïÝêàïáîòåßáï

ÙáäÝòáâëîéÝèèõåêðáãîÝðáàïñïðÝåêÝÞåèåðõ ßëêïåàáîÝðåëêïåêðëìîëàñßðÔÆ×ïåêã ðäáïÝéáäáÝèðäÝêàïÝâáðõáêòåîëêéáêðÝè åéìÝßðãîááêäëñïáãÝïáéåïïåëêïÝêà áêàëâèåâáìîëßáïïåêãßîåðáîåÝÝêà ïßëîáßÝîàÝïóáñïáåêðäáÝïïáïïéáêðëâ ðäááôåïðåêãìîëàñßðìëîðâëèåëóáäÝòá ÞáãñêÝßëéìèáðáÝïïáïïéáêðëâðäá ìåìáèåêáëâÔÆÝêàêáóìîëàñßð àáòáèëìéáêðìîëæáßðïðëßäáßçðäÝð ðäáåîßëêðîåÞñðåëêåïÝèåãêáàóåðäëñî ïñïðÝåêÝÞåèåðõÝéÞåðåëêïÝàæñïðìîåëîåðåáï ÝêàÝèèëßÝðåëêëâîáïëñîßáïÝêàĦêáðñêá ðäáïáèáßðåëêëâêáóìîëæáßðïáêðáîåêãðäá ìåìáèåêáÃèèêáóìîëàñßðàáòáèëìéáêð ìîëæáßðïÝîáÝïïáïïáàñïåêãðäáïáßîåðáîåÝ

ÔÆßëòáîïÝóåàáîÝêãáëâÝßðåòåðåáï îÝêãåêãâîëéâñêàÝéáêðÝèîáïáÝîßäÝêà âîëêðáêàåêêëòÝðåëêðëðäááòÝèñÝðåëêëâ ÝèðáîêÝðåòáéÝðáîåÝèïëñîßáïÝêàïñììëîð ðëëìáîÝðåëêï

×ïåêãëñîåêðáîêÝèìîëàñßðïñïðÝåêÝÞåèåðõ ÞáêáĦðïïßëîáßÝîàóáÝïïáïïóäáðäáîêáó ìîëàñßðïâîëéëñîÔÆäÝòáÞáððáî ïñïðÝåêÝÞåèåðõßäÝîÝßðáîåïðåßïðäÝêðäëïá ÝèîáÝàõëêðäáéÝîçáðáåðäáîâîëé ØáïñòåñïëîâîëéëñîßëéìáðåðëîïÙäáîá óáÝïïáïïðäÝððäáõàëóáßëêïåàáîðäáïá ðëÞáìîëàñßðïóåðäïñìáîåëîïñïðÝåêÝÞåèåðõ ßäÝîÝßðáîåïðåßïóäåßäóáðáîéčéÝîçáð èáÝàåêãïñïðÝåêÝÞèáìîëàñßðïĎ

ÖäáßäÝèèáêãáëâàáßÝîÞëêåïåêãåîëê éÝçåêãÝêàÝèñéåêåñéïéáèðåêãîáíñåîáï ðäáàáòáèëìéáêðÝêàåêàñïðîåÝèåïÝðåëêëâ îÝàåßÝèèõêáóðáßäêëèëãåáïÙá ßëéìèáéáêðëñîåêðáîêÝèáĪëîðïóåðä ìÝîðêáîïäåìïóåðäëòáîÝàëöáêîáïáÝîßä åêïðåðñðåëêïñêåòáîïåðåáïÝêàïðîÝðáãåß ßñïðëéáîïóëîçåêãðëàáòáèëìðäá îáâîÝßðëîõïëèñðåëêïðäÝðóåèèïñììëîððäáïá êëòáèìîëßáïïáïËêðäáÉîëñìïìáêð y\$éîáìîáïáêðåêãYëâðäáÉîëñìĎï ßáêðîÝèâñêßðåëêïÝêàìîëßáïïáïÔÆ ïìáêàëêðäáàáòáèëìéáêðëâéÝîçáð èáÝàåêãïñïðÝåêÝÞèáìîëàñßðïòïy%#é Yåê

Vesuvius' investment in innovation and sustainability

#!Y

of new product development projects were dedicated to market-leading sustainable products

ÒîëàñßðïÝâáðõÝêàíñÝèåðõ

ÃððäáßëîáëâëñîÞñïåêáïïåïðäáàáïåîá ðëäáèìëñîßñïðëéáîïåéìîëòáðäáåî ëìáîÝðåëêÝèìáîâëîéÝêßáÝêàáĨßåáêßõ Customers rely on the quality of our ìîëàñßðïÝêàðäáåîïðîñßðñîÝèåêðáãîåðõ to ensure the safety of their employees ÞõßëêðîëèèåêãðäáħëóëâéëèðáêéáðÝè åêðäáåîëìáîÝðåëêï

ÖäáîáèåÝÞåèåðõÝêàìáîâëîéÝêßáëâëñî ìîëàñßðïÝîáßîåðåßÝèðëëñîßñïðëéáîï åêðáîéïëâïÝâáðõëêðäáïäëìħëëî ëòáîÝèèáíñåìéáêðáĪáßðåòáêáïïèÝÞëñî ìîëàñßðåòåðõÝêàéáðÝèõåáèàÝêàðäáåî áêòåîëêéáêðÝèåéìÝßðîáàñßåêãáêáîãõ ßëêïñéìðåëêÅÑáéåïïåëêïÝêà îáâîÝßðëîõéÝðáîåÝèóÝïðá

ÏÝêõëâëñîìîëàñßðïÝèèëóëñîßñïðëéáîï ðëÝßäåáòáåéìîëòáàéáðÝèèñîãåßÝè ìîëìáîðåáïåêðäáåîìîëàñßðïâëîáôÝéìèá ÝèèëóåêãðäáìîëàñßðåëêëâÞáððáîóåêà ðñîÞåêáßëéìëêáêðïëîðäáèåãäðóáåãäðåêã ëâòáäåßèáï

ÒîëàñßðïÝâáðõÝêàíñÝèåðõ

Ðáóìîëàñßðàáòáèëìéáêð

ÒîëàñßðïÝâáðõåïìÝîÝéëñêððëñï ÙáäÝòáåéìèáéáêðáàÝóåàáîÝêãá ëâìîÝßðåßáïðëëìðåéåïáðäáïÝâáðõ ÝêàíñÝèåðõìáîâëîéÝêßáëâëñîìîëàñßðï åêñïáîáàñßáâÝåèñîáïÝêàåêßîáÝïá ðäáåîèåâáðåéá

ÙáâëèèëóÝïðîåßðïðÝãáãÝðáìîëßáïï âëîðäáàáòáèëìéáêðëâêáóìîëàñßðï áêïñîåêãðäÝðïÝâáðõìáîâëîéÝêßá ëÞæáßðåòáïÝîáàáĦêáàâîëéðäáåêåðåÝè ïðÝãáïÝêàìîëãîáïïåòáèõßëéìèáðáàñì ðëðäáìîëàñßðèÝñêßäÍáõàáèåòáîÝÞèáï åêßèñàáîåïçÝïïáïïéáêðïìîáìÝîÝðåëêëâ ñïáîÝêàéÝåêðáêÝêßáàëßñéáêðÝðåëê éÝêñâÝßðñîåêãßëêðîëèìèÝêïÝêàØáïñòåñï ÝêàßñïðëéáîëìáîÝðëîðîÝåêåêãÙá ñêàáîðÝçááôðáêïåòáðáïðåêãðäîëñãä îåãëîëñïÝèìäÝÝêàÞáðÝðîåÝèïóåðä ïõïðáéÝðåßðîåÝèîáìëîðïðëßëêĦîéðäÝð ðÝîãáðáàìáîâëîéÝêßáÝêàîëÞñïðêáïï ëÞæáßðåòáïÝîáéáðÝêàðëÝèèëóâëî ĦêáðñêåêãÞáâëîáìîëàñßðèÝñêßä ÕÝâáðõàÝðÝïäááðïÝîáÝòÝåèÝÞèáâëîÝèè ßëêïñéÝÞèáìîëàñßðï ðÝîãáðáà ìáîâëîéÝêßá Ýêà îëÞñïðêáïï ĦêáðñêåêãÞáâëîáìîëàñßðèÝñêßä

ÖäáàáòáèëìéáêðëâäñéÝêßáêðîáà îëÞëðåßïëèñðåëêïâëîïðááèïäëìïîáàñßáï ðäááîãëêëéåßïðîÝåêëêëñîßñïðëéáîïĎ ëìáîÝðëîïðëãáðäáîóåðäðäáåîáôìëïñîáðë äåãäðáéìáîÝðñîáï

ÕÝâáðõÝêàíñÝèåðõåêñïáìîëàñßðâááàÞÝßç

ÑñîßëêïðÝêðìáîâëîéÝêßáéëêåðëîåêã àáòáèëìïàááìÝêàèÝïðåêãîáèÝðåëêïäåìï óåðäëñîßñïðëéáîï

ÃâðáîìîëàñßðèÝñêßäóäáêáòáîÝ ïÝâáðõîáèÝðáàåêßåàáêðÝêåêæñîõëîÝ àÝêãáîëñïëßßñîîáêßáëßßñîïÝðëêáëâ ëñîßñïðëéáîïðäÝðéÝõäÝòáåêòëèòáà ÝØáïñòåñïìîëàñßðëîïáîòåßáåðåï ïõïðáéÝðåßÝèèõîáìëîðáàÝêàåêòáïðåãÝðáà ÎåçáóåïáÝèèíñÝèåðõÝêàìáîâëîéÝêßá åïïñáïîÝåïáàÞõðäáØáïñòåñïĦáèàðáÝéïëî ÞõßñïðëéáîïÝîáïõïðáéÝðåßÝèèõîáìëîðáà àëßñéáêðáàÝêàßèÝïïåĦáàÞÝïáàëêðäáåî êÝðñîáÝêàïáòáîåðõ

ËïïñáïÝêàåêßåàáêðïÝîáàáÝèðóåðäðäîëñãä ÝîåãëîëñïìîëÞèáéïëèòåêãéáðäëàëèëãõ ÝêàåêàáìðäåêòáïðåãÝðåëêñïåêãðäá\$Æ ìîÝßðåßÝèìîëÞèáéïëèòåêãéáðäëàëèëãõ ÖäåïáêïñîáïóáåàáêðåâõîëëðßÝñïáï åéìèáéáêðßëîîáßðåòáÝßðåëêïÝêàìîáòáêð ðäáéîáßñîîåêãÖäáëñðßëéáëâðäá åêòáïðåãÝðåëêåêßèñàåêãîëëðßÝñïáïÝêà ßëîîáßðåòáÝßðåëêïåïïäÝîáàóåðäðäá ßñïðëéáîÝêàèáïïëêïèáÝîêáàÝîá åêßëîìëîÝðáàåêðëðäáàáïåãêëââëèèëóåêã ãáêáîÝðåëêïëâìîëàñßðï

Name: ÌÝêñïöÔÝƎ Role:ÉîëñìÎáÝàáî ÎëßÝðåëêÕçÝóåêÝ

Our people

ÙáìîëòåàáëñîáéìèëõááïóåðäÝïÝâáóëîçìèÝßáóäáîáðäáõÝîáîáßëãêåïáà àáòáèëìáàÝêàìîëìáîèõîáóÝîàáà

ÊáÝèðäïÝâáðõÝêàóáèèÞáåêãÝðóëîç

Safety is our top priority and our ëòáîîåàåêãßëééåðéáêððëäáÝèðä and safety is embedded throughout ðäáëîãÝêåïÝðåëê

ÑñîÝììîëÝßäåïðëåàáêðåâõáèåéåêÝðá îáàñßáëîßëêðîëèÝèèóëîçìèÝßáîåïçïÝêà ÝêëêãëåêãïõïðáéëâðîÝåêåêãÝïïáïïéáêð ÝêàåéìîëòáéáêðåïåêìèÝßáðëâëßñïëê ÝßäåáòåêãðäåïÙáîáéÝåêâñêàÝéáêðÝèèõ ßëééåððáàðëìîëðáßðåêãðäáäáÝèðäÝêà ïÝâáðõëâáéìèëõááïßëêðîÝßðëîïòåïåðëîï ßñïðëéáîïÝêàÝêõëðäáîìáîïëêïÝĪáßðáà ÞõëñîÝßðåòåðåáï

ÙáóÝêððëÞáßëéáÝöáîëÝßßåàáêð ßëéìÝêõÝêàÝîáïðîåòåêãðëÞáßëéáÝ ÞáïðåêßèÝïïëîãÝêåïÝðåëêâëîïÝâáðõ ìáîâëîéÝêßáÝêàèáÝàáîïäåì

Our beliefs

1 ÉëëàÊáÝèðäÝêàÕÝâáðõåï ÉëëàÄñïåêáïï
2 ÕÝâáðõåïáòáîõÞëàõĎïîáïìëêïåÞåèåðõ
3 ÙëîçåêãïÝâáèõåïÝßëêàåðåëêëâ áéìèëõéáêð
4 ÃèèóëîçîáèÝðáàåêæñîåáïÝêàóëîç îáèÝðáàåèèäáÝèðäÝîáìîáòáêðÝÞèá

ÊáÝèðäÝêàïÝâáðõãëòáîêÝêßá

ÖäáÄëÝîàäÝïëòáîÝèèîáïìëêïåÞåèåðõ âëîäáÝèðäÝêàïÝâáðõîáèÝðáàéÝððáîï ÝêààáèáãÝðáïÝñðäëîåðõâëîðäá éÝêÝãáéáêðëâðäáäáÝèðäÝêàïÝâáðõ ìáîâëîéÝêßáëâðäáÞñïåêáïïðëðäáÅäåáâ ÇôáßñðåòáÖäáÊáÝèðäÝêàÕÝâáðõÒëèåßõ åïïåãêáàÞõÝèèéáéÞáîïëâðäáÉîëñì ÇôáßñðåòáÅëééåððááÝêàðäáÄñïåêáïï ×êåðÒîáïåàáêðïÝîáîáïìëêïåÞèáâëî åðïàáìèëõéáêð

ÖäáÄëÝîàîáßáåòáïéëêðäèõåêâëîéÝðåëê ëêáòáîõÎëïðÖåéáËêæñîõÝêàçáõïÝâáðõ ìáîâëîéÝêßáåêàåßÝðëîËêÝààåðåëêðäá ÄëÝîàßÝîîåáïëñðÝÞåÝêêñÝèîáòåáóëâ äáÝèðäÝêàïÝâáðõìáîâëîéÝêßáÝêà ëòáîÝèèÅëéìÝêõïÝâáðõïðîÝðáãõÃêêñÝè ìîáïáêðÝðåëêïëâÄñïåêáïï×êåðïðîÝðáãõ ÝèïëåêßèñàáäáÝèðäÝêàïÝâáðõïðîÝðáãõ ÖäáîáïñèðïëâëñîÉîëñìÕÝâáðõÃñàåðïÝîá ìîáïáêðáàðëðäáÄëÝîàðóåßáìáîõáÝî

Group safety audits

ÖäáÉîëñìëìáîÝðáïÝßáêðîÝèïÝâáðõ ÝñàåðåêãðáÝéëâðäîááÝñàåðëîïáÝßäóåðä éëîáðäÝêðáêõáÝîïĎáôìáîåáêßáóäë îáìëîððëðäáØÒÕñïðÝåêÝÞåèåðõÊÕÇ ÓñÝèåðõÖäáðáÝéĎïéÝåêìñîìëïáåïðë òáîåâõðäáàáìèëõéáêðÝêàëêãëåêã ÝììèåßÝðåëêëâðäáÉîëñìĎïïðÝêàÝîàïÝêà ìëèåßåáïåêëñîèëßÝðåëêïåêßèñàåêãëñî éÝêñâÝßðñîåêãïåðáïÔÆâÝßåèåðåáïÝêàðäá ßñïðëéáîèëßÝðåëêïåêóäåßäÝïåãêåĦßÝêð êñéÞáîëâëñîáéìèëõááïëìáîÝðáàÝåèõ ÇÝßäÝñàåðÝèïëåêßèñàáïÝêÝïïáïïéáêð ëâðäáïåðáĎïÊÕÇèáÝàáîïäåìÆñîåêã ðäáðáÝéßëêàñßðáà"!Ýñàåðï

ÈëèèëóåêãáÝßäÝñàåðÝßðåëêìèÝêïÝîá ßîáÝðáàÞõðäáïåðáéÝêÝãáéáêððáÝéïðë ÝààîáïïÝêõåïïñáïåàáêðåĦáàÝêàóëîçëê ßëéìèáðåêãðäáïáåïÝïïáïïáàëêÝîáãñèÝî ÞÝïåïÖäáëÞïáîòÝðåëêïéÝàáàñîåêã ÝñàåðïäÝòáÞááêñïáàðëåéìîëòáðäá ÉîëñìĎïðîÝåêåêãìîëãîÝééáïÝêàðë áêäÝêßáðäáÉîëñìĎïäáÝèðäÝêàïÝâáðõ ïðÝêàÝîàïÖäáîáïñèðïëâðäáÉîëñìÊÕÇ ÝñàåðïÝïóáèèÝïðäáìîëãîáïïëâÝßðåëê ìèÝêïÝààîáïïåêãðäáéëïðßîåðåßÝèåïïñáï ÝîáîáìëîðáàðëðäáÄëÝîàðóåßáÝõáÝî

ÕåðáïÝîáÝèïëáêßëñîÝãáàðëßÝîîõëñð ïáèâÝïïáïïéáêðïÞÝïáàëêðäáÉîëñì ïÝâáðõÝñàåðßëéìèåÝêßáßäáßçèåïððë éëêåðëîðäáåîìîëãîáïï

Safety audits and improvement opportunities

Ëê\$Y#\$Yëâëñîóëîçåêã ìëìñèÝðåëêìáîâëîéáàîëñðåêáïÝâáðõ ÝñàåðïáòáîõéëêðäÖäåïãáêáîÝðáàÝê ÝòáîÝãáëâêåêáïáòáêåéìèáéáêðáà ïÝâáðõåéìîëòáéáêðëììëîðñêåðåáïìáî ìáîïëêâîëééëîáðäÝê áéìèëõááïîáïñèðåêãåêÝê åéìîëòáéáêðåêóëîçáîïÝâáðõ

ÖäáÝñàåðìîëãîÝééáåêòëèòáïáéìèëõááï ÝðÝèèèáòáèïâîëéðäáÉîëñìÇôáßñðåòá ÅëééåððááÝêàïÝâáðõïìáßåÝèåïðïðäîëñãä ðëèëßÝèïåðáéÝêÝãáéáêðáéìèëõááïÝêà àåîáßðèõïñìáîòåïáàßëêðîÝßðëîï

ïÝâáðõìáîâëîéÝêßá

ÑñîÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðá ÎÖËÈÔëâ\$ìáîéåèèåëêäëñîïóëîçáàåê óÝïïðÝÞèáòï"Çôßèñàåêã ðäåîàìÝîðõßëêðîÝßðëîïÝêàòåïåðëîïðäá ÎÖËÈÔóÝï\$ÖäåîàìÝîðõßëêðîÝßðëîï ÝêàòåïåðëîïÎÖËÈÔ

ÈÝðÝèåðåáïÝêàïáòáîáåêæñîåáï

ÕÝàèõåêëêáëâëñîßëèèáÝãñáï ïñĪáîáàÝâÝðÝèåêæñîõàñîåêãÝ éÝåêðáêÝêßáëìáîÝðåëêÝððäáïåðáëâëñî æëåêðòáêðñîáìÝîðêáîåêÙñäÝêÅäåêÝ ÙáÝîáÝßðåòáèõðÝçåêãïðáìïðëèáÝîêâîëé ðäåïðîÝãáàõÝêàåéìîëòáëñîïõïðáéï ÝêàìîëßáàñîáïðëìîáòáêðÝêõïåéåèÝî ëßßñîîáêßáÃêëðäáîëâëñîßëèèáÝãñáï óÝïçåèèáàåêÝîëÝàðîÝĨßÝßßåàáêð óäåèáßëééñðåêãðëóëîçØáïñòåñïåï ìîëòåàåêãĦêÝêßåÝèÝêàïëßåÝèïñììëîð ðëðäáåîâÝéåèåáï

ÖäáîáóáîáÝèïëïáòáîÝèïáòáîáåêæñîåáïåê ÑêáëâëñîßëèèáÝãñáïåêÄîÝöåèèëïð ðäáðåìëâÝĦêãáîåêÝéëòåêãßëêòáõëî ÞáèðÃêëðäáîåêÅäåêÝïñĪáîáàïëéá ïáòáîáÞñîêïâîëéóäåßääáäÝïâñèèõ îáßëòáîáàâîëéðäááôìèëïåëêëâîÝó éÝðáîåÝèïàñîåêãðäáßäÝîãåêãëâÝéåôáî Öäáòåßðåéïëâðóëéëîáåêæñîåáïîáíñåîáà ïäëîðäëïìåðÝèåïÝðåëêïÈëèèëóåêãâñèèîëëð ßÝñïáÝêÝèõïáïëâáÝßäåêßåàáêðîëÞñïð ìîáòáêðÝðåòáéáÝïñîáïóáîáåéìèáéáêðáà ÝßîëïïØáïñòåñïóåðäßäÝêãáïéÝàá ðëëñîÊÕÇïðÝêàÝîàïðëîáàñßáðäáîåïç ëâîáßñîîáêßáï

ÎëïððåéáÝêàéáàåßÝèèõðîáÝðáàåêæñîåáï

ØáïñòåñïëìáîÝðáïÝîëÞñïðÝêà ßëéìîáäáêïåòáìîëßáïïâëîðäáðåéáèõ îáìëîðåêãëâåêßåàáêðïËêëñîåêðáîêÝè ïðÝêàÝîàïðäåîàìÝîðõßëêðîÝßðëîïÝîá åêßèñàáàÝêàóáñïáéëîáïðîåêãáêð àáĦêåðåëêïâëîÎëïðÖåéáËêæñîåáïÎÖËï ÝêàčïáòáîáÝßßåàáêðïĎðäÝêðäáàáĦêåðåëêï ñïáàÞõéÝêõîáãñèÝðëîõÞëàåáïÃèèïåðáï ÝîáîáíñåîáàðëîáìëîðëêÝèèÏáàåßÝèèõ ÖîáÝðáàËêæñîåáïÏÖËïðëéÝåêðÝåêðäá âëßñïëêïÝâáðõÃïÝêåèèñïðîÝðåëêëâðäá ìîáßÝñðåëêÝîõìîáòáêðÝðåòáÝììîëÝßä ðÝçáêÞõØáïñòåñïåêÝßßåàáêðåêòáïðåãÝðåëê ÝèèÎÖËïÝêàÏÖËïîáíñåîáàÝâñèè\$Æîáìëîð

ÙäåèïðóáîáñêñïñÝèõáÝîï ÞáßÝñïáëâðäáÅÑØËÆ%ìÝêàáéåß ÝêàÝïïëßåÝðáàßäÝêãáïåêóëîçåêã óáÞáèåáòáðäÝððäáèëêãðáîéïåãêåĦßÝêð åéìîëòáéáêðïåêÎëïðÖåéáËêæñîõîÝðáï îáħáßðÝÞîëÝàáîðîáêàëâñêàáîèõåêã åéìîëòáéáêðâëîðäáÉîëñìÝêàîáïñèð âîëéÝïðîëêãéÝêÝãáéáêðßëééåðéáêð ðëßäÝêãá

Lost-Time injuries

Lost-Time Injuries per million hours worked

LTIFR 12 months rolling

ÕÝâáðõìáîâëîéÝêßá

ÒáîâëîéÝêßáåêàåßÝðëîï	Employees Ýêààåîáßðèõ supervised ßëêðîÝßðëîï 2022	Third-party ßëêðîÝßðëîï and visitors 2022	Ãèèáéìèëõááï ßëêðîÝßðëîï and visitors 2022
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People and Culture

ÑñîâëßñïëêÒáëìèáÝêàÅñèðñîáïðîÝðáãõ aims to build an outstanding business by áêïñîåêãóáäÝòáðäáåêàåòåàñÝèïïçåèèï ÝêàßÝìÝÞåèåðåáïßîåðåßÝèðëðäáàáèåòáîõëâ ëñîïðîÝðáãõ

ÙáïááçðëàáòáèëìëñðïðÝêàåêãìáëìèá ÙááêïñîáëñîìáëìèáéÝêÝãáîïäÝòá óäÝððäáõêááàðëèáÝàðäáåîàåòáîïá áêãÝãáàÝêàäåãäìáîâëîéåêãðáÝéïâëî ÞñïåêáïïÝêàìáîïëêÝèãîëóðäÖäáïá ãëÝèïÝîáïðîëêãèõñêàáîìåêêáàÞõÝ òÝèñáïàîåòáêóåêêåêãßñèðñîáðäÝð áéÞîÝßáïàåòáîïåðõëâðäåêçåêãÝêà ßëêðåêñëñïåêêëòÝðåëêðëÝßäåáòáäåãä èáòáèïëâìáîâëîéÝêßáÝêàãîëóðä

ÙáßîáÝðáðäåïßñèðñîáÞõÞñåèàåêãÞîëÝà ëîãÝêåïÝðåëêÝèñêàáîïðÝêàåêãëâëñî ïðîÝðáãõãëÝèïÝêàÝßßëñêðÝÞåèåðõ ïñììëîðáàÞõëñîÅÑÔÇØÝèñáïÝêà ìëïåðåòáéÝêÝãáéáêðÞáäÝòåëñîïÙá ïááçðëâëïðáîÝóëîçåêãáêòåîëêéáêððäÝð åïåêßèñïåòáÝêààåòáîïáóäáîáìáëìèáßÝê ÞáðäáéïáèòáïóåðäëñðâáÝîëâäÝîÝïïéáêð ÞñèèõåêãëîàåïßîåéåêÝðåëêÖîñáðëëñî àáßáêðîÝèåïáàÞñïåêáïïéëàáèáÝßäëâ ëñîÄñïåêáïï×êåðïäÝïðäáåîëóêïðîÝðáãåß ÊÔÝãáêàÝïñììëîðåêãàáèåòáîõëâðäáåî ÞñïåêáïïïðîÝðáãåáï

ÑñîìîåêßåìèáïÝêàÝììîëÝßä

ØáïñòåñïåïÝãáëãîÝìäåßÝèèõÝêàßñèðñîÝèèõ àåòáîïáãîëñìáéìèëõåêãéëîáðäÝê ìáëìèáåê ßëñêðîåáï

ÑñîãáëãîÝìäåßÝèàåòáîïåðõìèÝßáïñïßèëïá ðëëñîßñïðëéáîïÝîëñêàðäáãèëÞáËðÝèïë äåãäèåãäðïðäáåéìëîðÝêßáëâéÝåêðÝåêåêã ÝêàÝììèõåêãïðîëêãÝêàßëêïåïðáêðòÝèñáï ÝêàáðäåßÝèìîåêßåìèáïåêëñîóëîèàóåàá ÝììîëÝßäðëÞñïåêáïïÑñîáéìèëõááïĎ áêãÝãáéáêðóåðäëñîòÝèñáïÝêàßñèðñîáåï òåðÝèðëëñîïñßßáïïÝêàðäáïñïðÝåêÝÞèá àáèåòáîõëâðäáÉîëñìĎïïðîÝðáãõ

ØáïñòåñïäÝïáïðÝÞèåïäáàÝâîÝéáóëîçâëî áôìèÝåêåêãÝêàáéÞáààåêãðäáßñèðñîáÝêà ìîåêßåìèáïóáßëêïåàáîðëÞáâñêàÝéáêðÝè ðëëñîïñßßáïïÖëàëðäåïóáßëééñêåßÝðá ëìáêèõÝêàðîÝêïìÝîáêðèõóåðäåêðäá ëîãÝêåïÝðåëêðäîëñãäčðëóêäÝèèĎéááðåêãï ïáêåëîéÝêÝãáéáêðòåïåðïéÝêÝãáéáêð âááàÞÝßçìáîâëîéÝêßááòÝèñÝðåëê éáÝïñîåêãïðÝĪáêãÝãáéáêðÝêà îáïìëêàåêãðëðäáâááàÞÝßçóáîáßáåòá ÅîåðåßÝèèõðäáîáåïëêãëåêãÝêàßëêïåïðáêð ßëééñêåßÝðåëêëâëñîÅÑÔÇØÝèñáïÝêà ðäáìîåêßåìèáïëâëñîÅëàáëâÅëêàñßð ÖäåïåïñêàáîìåêêáàÞõáêãÝãåêãïðÝĪ ÝßîëïïðäáÉîëñìåêÞëðäãáêáîÝèÝêà ðÝîãáðáàðîÝåêåêãðëáêïñîáÝßëêïåïðáêð ñêàáîïðÝêàåêãëâëñîìëèåßåáïÝêà ìîëßáàñîáï

ÖäåïðîÝêïìÝîáêßõëâßëééñêåßÝðåëê ÝèïëáôðáêàïðëëñîïðÝçáäëèàáîï ÙáóÝêððëåêßîáÝïáðäáçêëóèáàãá ÝêàñêàáîïðÝêàåêãëâëñîïðÝçáäëèàáîï ðäîëñãäåêðáîêÝèÝêàáôðáîêÝèîáìëîðåêã ÝêàðîÝêïìÝîáêðÝêàéáÝêåêãâñè àåïßèëïñîáÑñîÕñïðÝåêÝÞåèåðõÔáìëîð åïÝçáõìÝîðëâðäåï

Our CORE Values

ÖäáÉîëñìĎïÅÑÔÇØÝèñáïÅëñîÝãá ÑóêáîïäåìÔáïìáßðÝêàÇêáîãõÝîá ÝßðåòáèõïñììëîðåêãðäáÉîëñìĎïìîåëîåðåáï áêßëñîÝãåêãßëêïåïðáêðÞáäÝòåëñîïÝßîëïï ðäáÉîëñìðëïñïðÝåêëñîÞñïåêáïïïñßßáïï åêðäáâñðñîá

ÖäáïáØÝèñáïÝêàðäáÞáäÝòåëñîï ñêàáîìåêêåêãðäáéßëêòáõðäáéåêàïáð ÝêàÝððåðñàáïóááôìáßðáÝßäáéìèëõááðë ïäëóáòáîõàÝõÖäáõÝîáÝððäáäáÝîðëâ ðäáßñèðñîáëâðäáÉîëñììîëéëðåêãëñî åéÝãáðëáôðáîêÝèïðÝçáäëèàáîïÝêà ñêàáîìåêêåêãðäáßëééáîßåÝèìîëéåïá óáìîëòåàáðëëñîßñïðëéáîï

ÖäáØÝèñáïÝîáîáåêâëîßáàðäîëñãä ëñîìáîâëîéÝêßáéÝêÝãáéáêðïõïðáéï ÝêàÝîáßáèáÞîÝðáàáÝßäõáÝîðäîëñãä ëñîÎåòåêãðäáØÝèñáïÃóÝîàïóäåßä ïáèáßðîáãåëêÝèÝêàãèëÞÝèóåêêáîïâëî áÝßäØÝèñá

ÃðáÝßäëâëñîïåðáïóáàåïìèÝõÅÑÔÇ ØÝèñáïìëïðáîïåêèëßÝèèÝêãñÝãáïÝêà ñïáðëëèïïñßäÝïïßîááêïÝòáîïÝïÝ ßëêïðÝêðîáéåêàáîëâðäáÞáäÝòåëñîïëñî ìáëìèáàåïìèÝõ

Vesuvius' Values

Courage

ËïõïðáéÝðåßÝèèõïÝõàáßåàáÝêààëóäÝðåï îåãäðâëîØáïñòåñïåêßèñàåêãóäáêåðåï àåĨßñèðñêìëìñèÝîëîêëðßëêïáêïñÝè
Ëáôìîáïïéõëìåêåëêïëìáêèõàñîåêã àåïßñïïåëêïÞñðËÝèïëàáâáêàÉîëñì àáßåïåëêïëêßáðäáõĎòáÞááêðÝçáê áòáêåâðäáõàëêëðßëîîáïìëêàðëéõ åêåðåÝèìëïåðåëê
ËìîëÝßðåòáèõðÝçáèáÝàáîïäåìîáïìëêïåÞåèåðõ ëêàåĨßñèðìîëæáßðïÝêàðëìåßïðäÝðÝîá åéìëîðÝêððëðäáÉîëñìĎïìáîâëîéÝêßá éëðåòÝðáàÞõðäáìáîïìáßðåòáëâïñßßáïï îÝðäáîðäÝêìÝîÝèõïáàÞõðäáîåïçëâ ìáîïëêÝèâÝåèñîá

Ôáïìáßð

ËàáéëêïðîÝðáîáïìáßðâëîëðäáîìáëìèáĎï åàáÝïÝêàëìåêåëêïáòáêåâËàåïÝãîáá óåðäðäáé
ËóáèßëéáëìáêàáÞÝðáËèåïðáêðëëðäáîï âëïðáîáïðááéÝêàâÝåîêáïïóåðäßñïðëéáîï ïñììèåáîïßëóëîçáîïïäÝîáäëèàáîïÝêà ðäáßëééñêåðåáïóäáîáóáëìáîÝðá
ËßëééñêåßÝðáéõëÞæáßðåòáïßèáÝîèõÝêà ðÝçáðåéáðëáôìèÝåêÝèèàáßåïåëêïËÞáäÝòá óåðäðäáäåãäáïðèáòáèëâåêðáãîåðõËìîëéëðá àåòáîïåðõÝðÝèèèáòáèïëâðäáÅëéìÝêõ

Ownership

ËÝéìáîïëêÝèèõÝßßëñêðÝÞèáâëîðäá ßëêïáíñáêßáïëâéõÝßðåëêïÝêàâëîðäá ìáîâëîéÝêßáëâðäáÉîëñìåêéõÝîáÝ ëâîáïìëêïåÞåèåðõëîëòáîïåãäðóåðäëñð ÞèÝéåêãáôðáîêÝèßåîßñéïðÝêßáïëîðäá Ýßðåëêïëâëðäáîï
ËàáéëêïðîÝðáÝêáêðîáìîáêáñîåÝèïìåîåð èëëçåêãâëîÝêàïáåöåêãÞñïåêáïï ëììëîðñêåðåáïÝêàËåééáàåÝðáèõÝààîáïï ìîëÞèáéïðäÝðßëéáñìÝïïëëêÝï ËÞáßëéáÝóÝîáëâðäáé
ËéÝêÝãáðäáÉîëñìĎïéëêáõÝêàîáïëñîßáï Ýïðäëñãäðäáõóáîáéõëóê

Energy

ËóëîçäÝîàÝêàìîëâáïïåëêÝèèõåêìñîïñåð ëâáôßáèèáêßá
ËßëêïðÝêðèõîÝåïáðäáÞÝîÝêàßäÝèèáêãáðäá ïðÝðñïíñëÈëîéáðäáïçõåïðäáèåéåð
ËèáÝàÞõáôÝéìèáåêïìåîåêãÝêàéëðåòÝðåêã éõðáÝéðëãëðäááôðîÝéåèáËìîëéëðáÝ ìëïåðåòáÝêàáêáîãåïåêãóëîçáêòåîëêéáêð
ËßëêðåêñëñïèõàáèåòáîëñðïðÝêàåêãßñïðëéáî áôìáîåáêßáÝêàåêêëòÝðåòáïëèñðåëêï
ËêáòáîñêàáîáïðåéÝðáßëéìáðåðëîïÝêà ìáîéÝêáêðèõïðîåòáðëîáåêâëîßáðäáÉîëñìĎï èáÝàáîïäåììëïåðåëê

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá Sustainability ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï ##

ÅëàáëâÅëêàñßð

ÑñîÅëàáëâÅëêàñßðïáðïëñððäá ïðÝêàÝîàïëâßëêàñßðáôìáßðáà óåðäëñðáôßáìðåëêëâáòáîõëêáóäë óëîçïâëîØáïñòåñïåêÝêõëâëñî óëîèàóåàáëìáîÝðåëêï

ÖäáÅëàáëâÅëêàñßðáéìäÝïåïáïëñî ßëééåðéáêððëáðäåßïÝêàßëéìèåÝêßáóåðä ðäáèÝóÝêàßëòáîïáòáîõÝïìáßðëâëñî ÝììîëÝßäðëÞñïåêáïïâîëéðäáóÝõðäÝð óááêãÝãáóåðäßñïðëéáîïáéìèëõááï ðäáéÝîçáðïÝêàëðäáîïðÝçáäëèàáîïðëðäá ïÝâáðõëâëñîáéìèëõááïÝêàóëîçìèÝßáï

ÇòáîõëêáóåðäåêØáïñòåñïåïåêàåòåàñÝèèõ ÝßßëñêðÝÞèáâëîñìäëèàåêãåðï îáíñåîáéáêðïÙáîáßëãêåïáðäÝðèÝïðåêã ÞñïåêáïïïñßßáïïåïéáÝïñîáàêëðëêèõåê ëñîĦêÝêßåÝèìáîâëîéÝêßáÞñðåêðäáóÝõ óáàáÝèóåðäëñîßñïðëéáîïÞñïåêáïï ÝïïëßåÝðáïáéìèëõááïåêòáïðëîïÝêà èëßÝèßëééñêåðåáï

ÖäáÅëàáëâÅëêàñßðåïàåïìèÝõáà ìîëéåêáêðèõÝðÝèèëñîïåðáïÝêàåïìñÞèåïäáà åêëñî%éÝæëîâñêßðåëêÝèèÝêãñÝãáïËðåï ÝòÝåèÝÞèáðëòåáóÝðóóóòáïñòåñïßëé

ÙáßëêðåêñáðëáêäÝêßáðäáìëèåßåáïðäÝð ñêàáîìåêðäáìîåêßåìèáïïáðëñðåêðäáÅëàá ëâÅëêàñßðÖäáïáÝïïåïðáéìèëõááïðë ßëéìèõóåðäëñîáðäåßÝèïðÝêàÝîàïÝêàðäá èáãÝèîáíñåîáéáêðïëâðäáæñîåïàåßðåëêïåê óäåßäóáßëêàñßðëñîÞñïåêáïïÖäáõÝèïë ãåòáìîÝßðåßÝèãñåàÝêßáëêäëóðäåïßÝê ÞáÝßäåáòáà

ÖäáÅëàáëâÅëêàñßðßëòáîïáåãäð çáõÝîáÝï

ÇåãäðçáõÝîáÝï

ÊáÝèðäïÝâáðõÝêà ðäááêòåîëêéáêð
ÖîÝàåêãßñïðëéáîïìîëàñßðï Ýêàïáîòåßáï
ÃêðåÞîåÞáîõÝêàßëîîñìðåëê
ÇéìèëõááïÝêàäñéÝêîåãäðï
! ÆåïßèëïñîáÝêàåêòáïðëîï
" ÉëòáîêéáêðïëßåáðõÝêà èëßÝèßëééñêåðåáï
Åëêħåßðëâåêðáîáïðï
\$ Åëéìáðåðëîï

ÆåòáîïåðõÆáßáéÞáî

	ÈáéÝèá	Male	ÖëðÝè	ÈáéÝèá	Male
ÄëÝîà		!	\$	#!Y	"!Y

ÉîëñìÇôáßñðåòá
ÅëééåððááéáéÞáîï		!	#	%Y	#Y
ÎáÝàáîïäåìîëèáïîáìëîðåêãðë
éáéÞáîïëâðäáÉÇÅ			!	Y	##Y
ÆåîáßðëîïëâÕñÞïåàåÝîåáï
åêßèñàáàåêßëêïëèåàÝðåëê		\$!	!	%Y	\$Y
Senior Managers2	34	130	164	21%	79%
Ãèèëðäáîáéìèëõááï	"	%\$	%#	!Y	\$!Y
Grand total	"#"	% !\$		15%	\$!Y

Ñâðäá!áéìèëõááïóäëÝîáàåîáßðëîïëâÉîëñìïñÞïåàåÝîåáïÞñðêëðéáéÞáîïëâðäáÉÇÅëîàåîáßð îáìëîðïëâðäáÉÇÅ%YÝîáóëéáêÖäåïàåïßèëïñîáåïéÝàáðëßëéìèõóåðäîáãñèÝðëîõîáíñåîáéáêðï ËðåêßèñàáïàåîáßðëîïëâàëîéÝêðßëéìÝêåáïÕëéáåêàåòåàñÝèïäëèàéñèðåìèáàåîáßðëîïäåìï

ÕáêåëîÏÝêÝãáîïÝïàáĦêáàâëîðäáìñîìëïáïëâÕáßðåëê Å\$ßåêßèñàáïàåîáßðëîïëâðäá ÅëéìÝêõĎïïñÞïåàåÝîåáï

ÆåòáîïåðõÝêàåêßèñïåëê

ÃïÝêëîãÝêåïÝðåëêØáïñòåñïäÝïÝãèëÞÝè éñèðåßñèðñîÝèëìáîÝðåëêÝèÝêàßñïðëéáî ÞÝïáóäåßäóáóåïäðëîáħáßðåêïåàáëñî ëîãÝêåïÝðåëêóåðäÝéñèðåßñèðñîÝèàåòáîïá ßëééñêåðõëâáôßáèèáêðìîëâáïïåëêÝèïâîëé ÝèèÞÝßçãîëñêàïÖäåïïðÝîðïÞõâëßñïåêãëê ÞîëÝààåòáîïåðõëâãáêàáîÝêàêÝðåëêÝèåðõ óåðäÝêÝåéðëáêïñîáðäÝðÝèèáéìèëõááï ÝêàæëÞÝììèåßÝêðïÝîáãåòáêáíñÝè ëììëîðñêåðõÝêàðäÝðëñîëîãÝêåïÝðåëêåï îáìîáïáêðÝðåòáëâÝèèïáßðåëêïëâïëßåáðõ óäáîáóáëìáîÝðáØáïñòåñïëìáîÝðáïåê ßëñêðîåáïÝîëñêàðäáóëîèàáéìèëõåêã ìáëìèáóåðä#êÝðåëêÝèåðåáïéÝçåêãñï ÝðîñèõàåòáîïáÞñïåêáïïÙáîáãÝîàðäåï àåòáîïåðõÝïÝßîåðåßÝèÝïìáßðëâëñîïñßßáïï ÝêàâñðñîáãîëóðäÝïåðÝèèëóïñïðëÝßßáïï ðäáóåàáïðîÝêãáëâïçåèèïÝêàáôìáîåáêßá ÇÝßäáéìèëõááåïîáïìáßðáàÝêàòÝèñáà ÝêàÝïÝîáïñèððäáõÝîáÝèèÝÞèáðëãåòáðäáåî ÞáïðÃèèáéìèëõááïÝîáãåòáêäáèìðîÝåêåêã ÝêàáêßëñîÝãáéáêððëàáòáèëìðäáåîâñèè ìëðáêðåÝèÝêàñðåèåïáðäáåîñêåíñáðÝèáêðï

ÑòáîÝèèîáïìëêïåÞåèåðõâëîåéìèáéáêðåêãðäá ÉîëñìĎïÆåòáîïåðõÝêàÇíñÝèåðõÒëèåßõîáïðï óåðäðäáÇôáßñðåòáÆåîáßðëîïÖäá ÐëéåêÝðåëêÅëééåððááéëêåðëîïìîëãîáïï óåðäéááðåêãåðïëÞæáßðåòáïÃððäááêàëâ ðäáÕáêåëîÎáÝàáîïäåìÉîëñì ßëéìîåïåêãß"ïáêåëîéÝêÝãáîï ßëêïåïðáàëâêÝðåëêÝèåðåáïèëßÝðáàåê ßëñêðîåáï!YëâëñîëòáîÝèèóëîçâëîßá óáîáóëéáêóäåßäîáéÝåêáàïðÝÞèá òáîïñï

ÑòáîðäáìÝïððäîááõáÝîïóáäÝòáéÝàá òåïåÞèáìîëãîáïïåêãáêàáîàåòáîïåðõ ÈáéÝèáïêëóîáìîáïáêðYëâëñî ÕáêåëîÎáÝàáîïäåìÉîëñìÝèáòáèðäÝðóá ßëêïåàáîåïïðåèèðëëèëóÞñðóäåßä îáìîáïáêðïÝïåãêåĦßÝêðåéìîëòáéáêðÝï ßëéìÝîáàóåðäðäáèáòáèëâ!Yåê% ÑñîÝéÞåðåëêîáéÝåêïðëîáÝßä!Y óëéáêåêðäåïðåáîÞõðäááêàëâ! ÅëìåáïëâðäáÄëÝîàÆåòáîïåðõÒëèåßõÝêà ÉîëñìÒëèåßõëêÆåòáîïåðõÝêàÇíñÝèåðõÝîá ÝòÝåèÝÞèáðëòåáóëêðäáØáïñòåñïóáÞïåðá óóóòáïñòåñïßëéÈñîðäáîåêâëîéÝðåëê ëêðäáÉîëñìĎïÝììîëÝßäðëìîëéëðåêã àåòáîïåðõßÝêÞáâëñêàëêìÝêà

Senior Leadership Group %

People and Culture ßëêðåêñáà

ÆåïðîåÞñðåëêëâØáïñòåñïáéìèëõááïâñèèðåéáòáîïñïìÝîððåéá

	Èñèèšðåéá áéìèëõááï	Èñèèšðåéá áéìèëõááï Yž	ÒÝîðšðåéá áéìèëõááï	ÒÝîðšðåéá áéìèëõááï Yž
ÒáîéÝêáêðïÝèÝîåáà	%	%%Y	\$	Y
ÒáîéÝêáêðäëñîèõ	!%%	Y		Y
Total Permanent		99%	60	1%
ÖáéìëîÝîõïÝèÝîåáà	\$"	%#Y		Y
ÖáéìëîÝîõäëñîèõ	" %	%%Y	"	Y
Total Temporary	735	99%	9	1%

Employee engagement

ÅëéìÝêåáïóåðääåãäèõáêãÝãáàïðÝĪ àáèåòáîÞáððáîÞñïåêáïïëñðßëéáïÖäáõ äÝòáèëóáîÝÞïáêðááåïéèëóáîïðÝĪ ðñîêëòáîâáóáîïÝâáðõåêßåàáêðïÞáððáî ìîëàñßðíñÝèåðõÝêàäåãäáîìîëàñßðåòåðõ ïÝèáïÝêàìîëĦðÝÞåèåðõ

ÃðØáïñòåñïóáîáãÝîàáêãÝãáéáêð ÝïßîåðåßÝèðëëñîëêãëåêãïñßßáïïÝêà óáóëîçäÝîàðëèåïðáêðëëñîìáëìèáÝêà ÝßðóäáêåïïñáïåéìÝßðåêãáêãÝãáéáêð ÝîáåàáêðåĦáà

ÇêãÝãáéáêðåïÝßëèèáßðåòáîáïìëêïåÞåèåðõ ìÝîðåßñèÝîèõÝéëêãëñîéÝêÝãáéáêð ßëééñêåðõÙáßëêàñßðÝêÝêêñÝè áéìèëõáááêãÝãáéáêðïñîòáõðëéáÝïñîá ëñîáéìèëõááïĎÝððåðñàáïðëØáïñòåñïÝêà ðäáåîóëîçÖäáïñîòáõãáêáîÝðáïîáìëîðïëâ ðáÝéîáïìëêïáïðëðäáïñîòáõÏÝêÝãáîï ðäáêïäÝîáðäáîáïñèðïëìáêèõóåðäðäáåî ðáÝéïÝêàóëîçåêãðëãáðäáîàáòáèëì ÝßðåëêìèÝêïðëÝààîáïïåïïñáï

ÖäáïñîòáõäÝïÞááêßëêàñßðáàïåêßá% åêìÝîðêáîïäåìóåðäÏáîßáîÖäáîáïñèðïÝîá ßèñïðáîáàåêáåãäðïðîÝðáãåßßÝðáãëîåáïÝêà ÞáêßäéÝîçáàáôðáîêÝèèõÝãÝåêïðãèëÞÝè ÝêàéÝêñâÝßðñîåêãåêàñïðîõîáïñèðï

ÇéìèëõáááêãÝãáéáêðÝßðåëêìèÝêï

ÙáâëßñïÝßðåëêìèÝêïêëðëêðäáìñîá ïðÝðåïðåßïÞñðëêïááçåêãðëÞîåêãÝÞëñð éáÝêåêãâñèßäÝêãáåêèåêáóåðäëñî ÅÑÔÇØÝèñáïëâÅëñîÝãáÑóêáîïäåì ÔáïìáßðÝêàÇêáîãõÈëîáôÝéìèá éñßäëâðäáÝßðåëêðÝçáêðëàÝðáäÝï îáïñèðáàåêåéìîëòáàÇéìèëõááÇôìáîåáêßá ÝêàÕÝâáðõ

ËêðäÝêçïðëÝðîáéáêàëñïáĪëîð ÞõèëßÝèéÝêÝãáéáêðïñììëîðáàÞõÝê áĪáßðåòáßëééñêåßÝðåëêßÝéìÝåãêóá ÝãÝåêÝßäåáòáàÝòáîõäåãäìÝîðåßåìÝðåëê èáòáèåêëñîáêãÝãáéáêðïñîòáõóåðä%Y ëâÝèèáéìèëõááïßëéìèáðåêãåððäáïÝéá èáòáèëâìÝîðåßåìÝðåëêÝïóáÝßäåáòáà åê

ÈëèèëóåêãåéìîëòáéáêðïÝßîëïïïåôëâðäá áåãäðßÝðáãëîåáïëâíñáïðåëêïåêðäá ëòáîÝèèáêãÝãáéáêðïßëîáåêßîáÝïáàÞõ YåêÝãÝåêïäëóåêãÝêñìóÝîà ðîáêàåêïåôëñðëâðäááåãäðíñáïðåëê ßÝðáãëîåáïÈëîðäáâëñîðäßëêïáßñðåòáõáÝî ïÝâáðõîáéÝåêáàëñîðëìïðîáêãðäóåðä áéìèëõááïßëêĦàáêðåêðäáÅëéìÝêõĎï ÝììîëÝßäðëïÝâáðõÑðäáîäåãäèåãäðï åêßèñàáàåêßîáÝïáïåêÇéìèëõáá ÇôìáîåáêßáÕáêåëîÎáÝàáîïÇĪáßðåòáêáïï ÝêàÕñîòáõÈëèèëó×ì

ÙäåèáðäáîáóÝïÝêåêßîáÝïáåêðäáÞáèåáâ ðäÝðÝßðåëêìèÝêïâîëéðäáïñîòáõ äÝàÝìëïåðåòáåéìÝßðåðîáéÝåêïÝêÝîáÝ âëîåéìîëòáéáêð

ËêðáîêÝèßëééñêåßÝðåëêï

ÙáßëêðåêñáðëàáòáèëìëñîåêðáîêÝè ßëééñêåßÝðåëêïìîëãîÝééáðëáêïñîáóá äÝòáÝïðîëêãéåôëâßäÝêêáèïðëîáÝßäëñî àåòáîïáìëìñèÝðåëêÖäáÅäåáâÇôáßñðåòá îáãñèÝîèõÝààîáïïáïðäáóäëèáÉîëñì òåÝÅëéìÝêõóåàááéÝåèÝêàòåàáë àáèåòáîåêãïðîÝðáãåßéáïïÝãáïÝêàåê äáäáèàåêðáîÝßðåòáòåîðñÝèïáïïåëêïóåðä ðäáÕáêåëîÎáÝàáîïäåìÉîëñìðëïäÝîá ÞñïåêáïïñìàÝðáïÅëéìÝêõêáóïÝêà ÝêêëñêßáéáêðïÝîáîáãñèÝîèõïäÝîáàëê ðäáÉîëñìåêðîÝêáðÝêàïðÝĪêáóïÝìì óäåèïðïßîááêïÝòáîïÝîáñïáàðëïñììëîð éÝæëîßëééñêåßÝðåëêßÝéìÝåãêïÙá ÝèïëñðåèåïáìëïðáîïÝêàïåðáčðëóêäÝèèĎ éááðåêãïâëîëêïåðáßëééñêåßÝðåëêï ÙäáêáòáîìëïïåÞèáâÝßáðëâÝßá ßëééñêåßÝðåëêåïßëêàñßðáàÝðàåĪáîáêð èáòáèïëâðäáëîãÝêåïÝðåëêìîëòåàåêãðäá êáßáïïÝîõëììëîðñêåðåáïâëîåêðáîÝßðåòá ÓÃïáïïåëêïóåðäÞñïåêáïïèáÝàáîï

ÇéìèëõááßëêïñèðÝðåëêÝêàåêàñïðîåÝèîáèÝðåëêï

ØáïñòåñïïñììëîðïâîááàëéëâÝïïëßåÝðåëê ÝêàðäáîåãäððëßëèèáßðåòáÞÝîãÝåêåêãËêÝèè ëâðäáßëñêðîåáïåêóäåßäóáëìáîÝðáðäá ÉîëñìåêâëîéïÝêàßëêïñèðïèëßÝèóëîçï ßëñêßåèïÝêàðîÝàáñêåëêïëêéÝððáîï ßëêßáîêåêãðäáØáïñòåñïÞñïåêáïïÝï îáíñåîáàÖäáïáìîëßáïïáïÝêàìîëßáàñîáï ÝîáîáãñèÝðáàÞõèëßÝèèÝóÝêàãáêáîÝðá ßëêïðîñßðåòáàåÝèëãñáÞáðóááêáéìèëõáá îáìîáïáêðÝðåòáïÝêàéÝêÝãáéáêðóäåßä

ìîëòåàáïÞáêáĦððëëñîÞñïåêáïïËê #YëâìáîéÝêáêðáéìèëõááïóáîá îáìîáïáêðáàÞõÅëèèáßðåòáÃãîááéáêðï ðäÝðåêßèñàáóëîçåêãßëêàåðåëêïïñßäÝï èëßÝèóëîçïßëñêßåèïðîÝàáñêåëêïëî ëðäáîÞëàåáï

ËêÝààåðåëêðëèëßÝèáéìèëõáá îáìîáïáêðÝðåëêðäáÉîëñìäÝïåêðäáìÝïð ëìáîÝðáàÝÇñîëìáÝêÙëîçïÅëñêßåè ÇÙÅßëêðÝåêåêãîáìîáïáêðÝðåòáïâîëé áÝßäëâðäáÇ×ßëñêðîåáïåêóäåßäØáïñòåñï äÝïáéìèëõááïÖäááôåïðåêãÇÙÅ ÃãîááéáêððáîéåêÝðáàåêâëèèëóåêã êëðåßáãåòáêÞõéÝêÝãáéáêðÝêàðäá àáìÝîðñîáëâðäá×ÍâîëéðäáÇñîëìáÝê ×êåëêÖäáÉîëñìßëêðåêñáïðëÞá áêãÝãáàåêðäáìîëßáïïëâêáãëðåÝðåêãðäá ÝãîááéáêðâëîðäáâëîéÝðåëêëâÝêáó ÇÙÅóåðäÝÕìáßåÝèÐáãëðåÝðåêãÄëàõ

Career management

Talent management

ÖäáÉîëñìÇôáßñðåòáÅëééåððááäëèàï àåîáßðîáïìëêïåÞåèåðõâëîðäáîëèáïÝêà àáòáèëìéáêðëâëñîïáêåëîèáÝàáîïæëåêðèõ îáòåáóåêãßÝìÝÞåèåðõêááàïÝêààáßåàåêã ëêïñßßáïïåëêÝêàßîëïïëîãÝêåïÝðåëêÝè éëòáïâëîðäáèáÝàáîïäåìãîëñìÖäåï åèèñïðîÝðáïðäáïðîëêãßëééåðéáêðÝð ðäáäåãäáïðèáòáèëâëñîëîãÝêåïÝðåëêðë ãîëóåêãðäáÉîëñìñïåêãåðïÅëéìÝêõ óåàáîáïëñîßáï

ÙááéìèëõåêàåòåàñÝèïóåðäÝê áêðîáìîáêáñîåÝèéåêàïáðÝêàÝê åêðáîêÝðåëêÝèëñðèëëçÙäáðäáîðäáõ ÝîáîáßáêðãîÝàñÝðáïëîïáÝïëêáà ìîëâáïïåëêÝèïáòáîõÞëàõóäëóÝêðïðë èáÝòáðäáåîéÝîçåêÝàõêÝéåßîÝìåàèõ àáòáèëìåêãÞñïåêáïïáêòåîëêéáêðäÝïÝ ßäÝêßáðëïñßßááàÕìáßåÝèÝððáêðåëêåï ìÝåàðëÞñåèàåêãïðîëêãàåòáîïáðáÝéïðäÝð ÞîåêãàåĪáîáêðÞÝßçãîëñêàïÝêà áôìáîåáêßáïðëëñîàÝåèõóëîç

Leadership pipeline

ÕðîáêãðäáêåêãðäáèáÝàáîïäåììåìáèåêá ÝêàâÝßåèåðÝðåêãìáëìèáàáòáèëìéáêð ðäîëñãäëñððäáëîãÝêåïÝðåëêîáéÝåêçáõ ÝîáÝïëââëßñïâëîØáïñòåñïÙáßëêðåêñáðë óëîçäÝîàðëáêïñîáðäÝðóáäÝòáðäáîåãäð ßÝìÝÞåèåðõåêáòáîõìÝîðëâðäáëîãÝêåïÝðåëê ðëàîåòáëñîïðîÝðáãõÝêàîáÝèåïáéÝîçáð ëììëîðñêåðåáïÃïÝîáïñèðóáäÝòáÞñåèð äåãäßÝèåÞîáèáÝàáîïäåìðáÝéïéÝêõëâ óäëéÝîáîáèÝðåòáèõêáóðëðäáåîîëèáïÝêà ðëØáïñòåñïÙááéìëóáîëñîìáëìèáðë àîåòáðäáÞñïåêáïïóåðäÝêáêðîáìîáêáñîåÝè ïìåîåðÝêàðëàáòáèëìÝìáîâëîéÝêßá ëîåáêðáàßñèðñîá

ÙáÝåéðëÝàëìðÝêåàáÝèÞÝèÝêßá ÞáðóááêáôðáîêÝèäåîáïÝêàåêðáîêÝè ìîëéëðåëêâñáèèáàÞõÝïðîëêãìîëßáïï ëâÞÝßçñìÝêàïñßßáïïåëêìèÝêêåêã áïìáßåÝèèõâëîéÝêÝãáéáêðìëïåðåëêï Ëêëêèõ\$YëâéåààèáÝêàðëì éÝêÝãáéáêðòÝßÝêßåáïóáîáĦèèáàÞõ åêðáîêÝèßÝêàåàÝðáïîáħáßðåêãÝìáîåëà ëâðîÝêïâëîéÝðåëêÝêàßÝìÝÞåèåðõ ÞñåèàåêãâîëéáôðáîêÝèäåîáïËê ðäáìáîßáêðÝãáëâçáõèáÝàáîïäåìîëèáï îáìëîðåêãàåîáßðèõðëéáéÞáîïëâðäá ÉîëñìÇôáßñðåòáÅëééåððááóåðäéëîá ðäÝêðäîááõáÝîïëâïáîòåßáóÝï Y

Training and development

ÑñîèáÝàáîïðÝçáîáïìëêïåÞåèåðõâëî éÝêÝãåêãÝêààáòáèëìåêãðäáåîðáÝéï ÖäáõÝîáìîëòåàáàóåðäÝßßáïïðëÝßáêðîÝè îáïëñîßáëĪáîåêãáôìáîðåïáåêÉèëÞÝè ÔáóÝîàïÝêàÏëÞåèåðõÖÝèáêðÝêà ÒáîâëîéÝêßáÏÝêÝãáéáêðÅñèðñîáÝêà ÎáÝîêåêãÝêàïñììëîðáàÞõÉîëñìóåàá ìîëßáïïáïÝêàåêâëîéÝðåëêïõïðáéï

ÙááêßëñîÝãáÝêàîáóÝîàäåãä ìáîâëîéÝêßáâëïðáîðÝèáêðÝêàÝåéðë ßîáÝðáÝêáêòåîëêéáêðóäáîáÝèèßÝê îáÝèåïáðäáåîåêàåòåàñÝèìëðáêðåÝèÖëéááð ðäáàáéÝêàïëâðäáÞñïåêáïïÝêàÝàà îåãëñîðëëñîáéìèëõááòÝèñáìîëìëïåðåëê óáäÝòáèÝñêßäáàðîÝåêåêãìîëãîÝééáï ðëÝïïåïðëñîáéìèëõááïðëàáòáèëìðäáåî ïçåèèïÝêàìîëãîáïïðäáåîßÝîááîï

ÑñîÎáÝîêåêãÏÝêÝãáéáêðÕõïðáéÎÏÕ ìîëòåàáïÝãèëÞÝèäñÞâëîØáïñòåñïëêèåêá ðîÝåêåêãßëñîïáïÏÝêàÝðëîõðîÝåêåêã ßëñîïáïÝîáÝñðëéÝðåßÝèèõÝïïåãêáàðëêáó æëåêáîïÝêàßëéìèáðåëêïðÝðåïðåßïÝîááÝïåèõ îáìëîðÝÞèáÖÝîãáðáàðîÝåêåêãßëñîïáïßÝê ÝèïëÞáÝèèëßÝðáàðëáéìèëõááïåêïìáßåĦß îëèáïáãÏëàáîêÕèÝòáîõðîÝåêåêãâëî ïìáßåĦßìáëìèáåêìñîßäÝïåêã

Mentoring programme

ËêØáïñòåñïßëêðåêñáàåðïéáêðëîåêã ìîëãîÝééáâëßñïáàëêèáÝàáîïäåìÝêà ðÝèáêðàáòáèëìéáêðÖäáîáÝîáßñîîáêðèõ %éáêðááïðÝçåêãìÝîðåêðäáéëêðä ìîëãîÝééáëâóäåßäÝîáóëéáê

ÏáêðááïèáÝîêâîëéðäááôìáîåáêßáÝêà ìáîïìáßðåòáïëâÝéëîáïáêåëîìáîïëêåê ØáïñòåñïßîáÝðåêãÝêåêàåòåàñÝèìáîïëêÝè àáòáèëìéáêðìèÝêðëáêäÝêßáðäáåî ßÝîááîïÝêàèáÝàáîïäåìßÝìÝÞåèåðåáïÖäá ìîëãîÝééááêïñîáïåêðáîêÝèçêëóèáàãá ðîÝêïâáîÝêàÞñåèàïÝÞîëÝàáîàááìáî ÝêàéëîáîáÝàõðÝèáêðìëëè

ÖáßäêåßÝèðîÝåêåêã

ÊáÝÖððîÝåêåêãåïÝåéáàÝððäáßëêðåêñëñï ðáßäêåßÝèàáòáèëìéáêðëâØáïñòåñï áéìèëõááïÅëñîïáïîÝêãáâîëéáêðîõ ðëáôìáîðèáòáèïÝêàÝîáßëêðåêñëñïèõ ñìàÝðáàðëçááììÝßáóåðäàáòáèëìåêã ðáßäêëèëãõÝêààáèåòáîõéáðäëàïðäáîáÞõ ãñÝîÝêðááåêãðäÝðØáïñòåñïáôìáîðïÝîá ÝððäáâëîáâîëêðëâðáßäêåßÝèåêêëòÝðåëê ÖäáõÝîáÝãîáÝðóÝõâëîëñîäñãáèõ áôìáîåáêßáàðáßäêåßÝèáôìáîðïðëìÝïïëê

ðäáåîçêëóèáàãáðëðäáêáôðãáêáîÝðåëê ÝêàáêïñîáðäáïñïðÝåêÝÞåèåðõëâëñî çêëóäëóÖäáĦîïðåêðîëàñßðëîõéëàñèáåï éÝêàÝðëîõâëîÝèèêáóáéìèëõááïÝêàåï ÝòÝåèÝÞèáëêðäáÎÏÕÝèèëóåêã ìÝîðåßåìÝêðïðëÝßßáïïèáÝîêåêãÝð ÝêõðåéáÝêõóäáîá

ÇôìáîðèáòáèïëâÊáÝÖððîÝåêåêãÝîáïðåèè äáèàâÝßáðëâÝßáÝïðäáßëñîïáßëêðáêðåï êëðïñåðÝÞèáâëîóáÞÞÝïáàðîÝåêåêãËê "!áéìèëõááïßëéìèáðáàðäáĦîïð éëàñèáëêèåêáâëñîáéìèëõááïßëéìèáðáà ðäáïáßëêàéëàñèáëêèåêáÝêà\$# áéìèëõááïßëéìèáðáàâÝßáðëâÝßá ÊáÝÖððîÝåêåêãïáïïåëêï

ÅëéìèåÝêßáðîÝåêåêã

ÆñîåêãðäáõáÝîóáßëêðåêñáàðëàáòáèëì ëñîðîÝåêåêãìîëãîÝééáÖäåïåïÞÝïáàëê ðäáìîåêßåìèáïßëêðÝåêáàåêðäáØáïñòåñï ÅëàáëâÅëêàñßðÝêàÝïïëßåÝðáà ÝêðåÞîåÞáîõßëîîñìðåëêÝêàëðäáî ßëéìèåÝêßáìëèåßåáïÝêàìîëßáàñîáï ÖîÝåêåêããåòáïëñîáéìèëõááïÝßèáÝîáî ñêàáîïðÝêàåêãëâðäáïßëìáëâîåïçïðäÝð áôåïðÝïóáßëêàñßðëñîÞñïåêáïïÝêàãåòáï ßëêðáôððëäëóðäáÉîëñìáôìáßðïáÝßä áéìèëõááðëîáïìëêàðëðäëïáîåïçï

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ÖäáÅõÞáîÕáßñîåðõÃóÝîáêáïïðîÝåêåêãßëêïåïðïëâĦòáéëàñèáï#YëâáéìèëõááïÝèèëßÝðáàðäáðîÝåêåêãåêäÝòáÝèîáÝàõßëéìèáðáàÝèèĦòáéëàñèáï

People and Culture ßëêðåêñáà

Global reward

ÔáóÝîàÝêàîáßëãêåðåëêÝîáåêðáãîÝè ßëéìëêáêðïëâëñîáéìèëõááòÝèñá ìîëìëïåðåëêáêÝÞèåêãñïðëÝððîÝßðáêãÝãá ÝêàîáðÝåêçáõðÝèáêðÝêàäåãäèõíñÝèåĦáà áéìèëõááïÑñîïõïðáéïÝêàìîëßáïïáï ÝîáàáïåãêáàðëßîáÝðáÝéÝîçáð ßëéìáðåðåòáÝêàîáóÝîàåêãáêòåîëêéáêð âëîÝèèëñîáéìèëõááïÝêàðëîáåêâëîßáðäá òåïåëêïðîÝðáãõÝêàáôìáßðÝðåëêïïáðÞõ ðäáÄëÝîà

ÙáïááçðëßîáÝðáÝßñèðñîáðäÝð ßäÝéìåëêïìáîâëîéÝêßáÞñåèàåêãÝïðîëêã èåêçÞáðóááêåêàåòåàñÝèìáîâëîéÝêßáÝêà ìÝõÑñîãèëÞÝèæëÞãîÝàåêãâîÝéáóëîç ÞÝïáàëêÝïðîñßðñîáàéÝîçáðèáÝàåêã áòÝèñÝðåëêéáðäëàëèëãõáêÝÞèáïñïðë ßëéìÝîáîëèáïÝêàáêïñîáåêðáîêÝè ßëêïåïðáêßõðäîëñãäëñððäáëîãÝêåïÝðåëê

ÙáÝîáßëééåððáàðëßîáÝðåêãîáóÝîàÝêà ìáîâëîéÝêßáéÝêÝãáéáêðïõïðáéïóäåßä ÝîáðîÝêïìÝîáêðÝêàëÞæáßðåòáóäáîá áéìèëõááïîáßáåòááíñÝèìÝõâëîóëîç ëâáíñÝèòÝèñáîáãÝîàèáïïëâðäáåîÝãá îÝßáàåïÝÞåèåðõïáôñÝèëîåáêðÝðåëê ãáêàáîéÝîåðÝèßåòåèìÝîðêáîïäåìëî ìÝîáêðÝèïðÝðñïîáèåãåëêëîÞáèåáâïÑñî éÝêÝãáéáêðÃêêñÝèËêßáêðåòáÒèÝêïÝîá éáÝïñîáàÝãÝåêïðÞëðäØáïñòåñïĎĦêÝêßåÝè ðÝîãáðïÝêàìáîïëêÝèìáîâëîéÝêßáÝê åêßáêðåòáïðîñßðñîáßëêïåïðáêðóåðäðäÝðëâ ëñîÇôáßñðåòáÆåîáßðëîïÖäáØáïñòåñï ÕäÝîáÒèÝêâëîÇôáßñðåòáÆåîáßðëîïÝêà ÉîëñìÇôáßñðåòáÅëééåððááéáéÞáîï áêßëñîÝãáïîëÞñïðàáßåïåëêéÝçåêãÞÝïáà ëêèëêãðáîéãëÝèïîÝðäáîðäÝêïäëîððáîé ãÝåêïÝêàóëîçïðëÝèåãêðäáåêðáîáïðïëâ ìÝîðåßåìÝêðïóåðäðäëïáëâïäÝîáäëèàáîï

Ëê%\$YëâëñîïÝèÝîåáàìáîéÝêáêð áéìèëõááïñêàáîðëëçÝêÝêêñÝè ìáîâëîéÝêßáîáòåáóóåðäðäáåîèåêá éÝêÝãáéáêðÖäåïßëéìÝîáàóåðä%Y åê%!YåêÝêà%Yåê%

Global mobility

ØáïñòåñïëìáîÝðáïóëîèàóåàáÙáÞáèåáòá ðäÝðëñîßëéìÝêåáïïäëñèàÞáéÝêÝãáà ÝêàïðÝĪáàÞõèëßÝèìáîïëêêáèÊëóáòáî óáÝèïëìîëòåàáïáèáßðáàãîëñìïëâ áéìèëõááïóåðäÝîÝêãáëâåêðáîêÝðåëêÝè ÝïïåãêéáêðïÖäáïáÝïïåãêéáêðïÝîá ñïñÝèèõâëîÝèåéåðáàìáîåëàéëïðëâðáê ðäîááõáÝîï

ËêðáîêÝðåëêÝèÝïïåãêááïàëêëðßëéáâîëé ëêáëîðóëßëñêðîåáïÝèëêáÙáäÝòáÝðîñèõ åêðáîêÝðåëêÝèéåôëâêÝðåëêÝèåðåáïåêëñî éëÞåèáìëìñèÝðåëêËêàåòåàñÝèïéëòáêëð ëêèõóåðäåêÝîáãåëêÞñðÝèïëÞáðóááê îáãåëêïÑñîéëÞåèåðõìîëãîÝééáïäëóï ðäÝðëñîÝïïåãêááìëìñèÝðåëêåïÝïàåòáîïá ÝïëñîÉîëñì

ØáïñòåñïëìáîÝðáïåêðáîêÝðåëêÝè Ýïïåãêéáêðìëèåßåáïóäåßäïñììëîððäá òÝîõåêãêÝðñîáÝêàßåîßñéïðÝêßáïëâðäáïá ÝïïåãêéáêðïóäáðäáîðäáõÞáïäëîððáîé èëêãáîðáîéëîîáíñåîááôðáêàáà ßëééñðåêãËêÝààåðåëêóáàëÝßðåòáèõ ïñììëîðóäáîáÝììîëìîåÝðáèëßÝèåïÝðåëê ëâáéìèëõááïñìëêåêðáîêÝðåëêÝè ÝïïåãêéáêðÝêàìîëòåàáßëéìîáäáêïåòá ïñììëîððëÝåàåêðáãîÝðåëêïáððèáéáêðÝêà èëßÝèåïÝðåëêåêðäáêáóáêòåîëêéáêðÖäáïá ìëèåßåáïÝîáïñììèáéáêðáàóåðäßèáÝîèõ åàáêðåĦáàÞáêáĦðïàáèåòáîåêãïñììëîð ÝììîëìîåÝðáðëðäáêÝðñîáëâðäá ÝïïåãêéáêðÙáéÝêÝãáåêðáîêÝðåëêÝè ÝïïåãêéáêðïóåðäħáôåÞåèåðõßÝðáîåêãâëî ßäÝêãåêãáôìáßðÝðåëêïÝêààáéÝêàï âîëéáéìèëõááïóäåèïðÝððäáïÝéáðåéá éááðåêãðäáêááàïëâðäáÞñïåêáïï

ÍáõîÝðåëêÝèáÞáäåêàåêðáîêÝðåëêÝèÝïïåãêéáêðï

ØáïñòåñïßëêïåàáîïåêàåòåàñÝèïâëî åêðáîêÝðåëêÝèÝïïåãêéáêðâëîðäîáá ìîåéÝîõîáÝïëêï

ÒîëòåàåêãØáïñòåñïßëéìÝêåáïóåðäïçåèèï ðäÝðÝîáêëðèëßÝèèõÝòÝåèÝÞèáÝêàðäÝðÝîá îáíñåîáàÝðïäëîðêëðåßáÖäåïðõìåßÝèèõ ëßßñîïåêßëñêðîåáïóäáîáóáÝîá áïðÝÞèåïäåêãëîàáòáèëìåêãëñîìîáïáêßá ÖäáêñéÞáîëâÝïïåãêááïóëîçåêãëêðäåï ÞÝïåïàåéåêåïäáïëòáîðåéáÝïðäá ëîãÝêåïÝðåëêéÝðñîáïÝêàóáîáßîñåð ÝêàðîÝåêèëßÝèðÝèáêððëðÝçáëòáî
ÅÝîááîàáòáèëìéáêðÙáÞáèåáòáðäÝððäá ìáîïëêÝèàáòáèëìéáêðìèÝêëâÝêõ áéìèëõááÞáåêãàáòáèëìáàâëîÝïáêåëî éÝêÝãáéáêðëîïáêåëîáôìáîðìëïåðåëê ïäëñèàåêßèñàáÝìëïðåêãëñðïåàáðäáåî äëéáßëñêðîõÖäåïáêßëñîÝãáïðäáéðë àáòáèëìðäáïçåèèïêáßáïïÝîõðëâñêßðåëê ïñßßáïïâñèèõåêÝêåêðáîêÝðåëêÝè áêòåîëêéáêðÖäáïáìëïðåêãïÝîáðÝåèëîáà ðëðäáêááàïëâðäáëîãÝêåïÝðåëêÝêàðäá êááàïëâðäáåêàåòåàñÝè
ÇêäÝêßåêãàåòáîïåðõÏÝêÝãáéáêð ðáÝéïÞáêáĦðâîëéäÝòåêãÝéåôëâ ãáêàáîÝêàßñèðñîáïËêïìáßåĦßßÝïáï óáñïáåêðáîêÝðåëêÝèÝïïåãêéáêðïðë ïñììëîððäåïãëÝè

Ññîßëééñêåðåáï

ÙáïááçðëáïðÝÞèåïäïðîëêãîáèÝðåëêïäåìïóåðäçáõïðÝçáäëèàáîï ÝêàïñììëîððäáßëééñêåðåáïåêóäåßäóáëìáîÝðá

ÃîáïìëêïåÞèáßëéìÝêõ

ØáïñòåñïåïßëééåððáàðëéÝçåêãÝ ìëïåðåòáßëêðîåÞñðåëêðëïëßåáðõÃïìÝîðëâ ðäåïóáâëßñïëêëìáîÝðåêãÝêáðäåßÝè ÞñïåêáïïóåðäÝììîëìîåÝðáìëèåßåáïåê ìèÝßáðëáêïñîáßëéìèåÝêßáóåðäðäá îáãñèÝðåëêïÝêàèÝóïåêÝèèëñîéÝîçáðï

ÉëòáîêÝêßáÝêàìëèåßåáï

ØáïñòåñïĎëìáîÝðåêãìëèåßåáïñêàáîìåêðäá ìîåêßåìèáïïáðëñðåêëñîÅëàáëâÅëêàñßð ÖäáõÝîáðäáìîÝßðåßÝèîáìîáïáêðÝðåëêëâ ëñîïðÝðñïÝïÝãëëàßëîìëîÝðáßåðåöáêÝêà ðäáõÝïïåïðáéìèëõááïðëñêàáîïðÝêàÝêà ßëéìèõóåðäëñîáðäåßÝèïðÝêàÝîàïÝêàðäá èáãÝèîáíñåîáéáêðïëâðäáæñîåïàåßðåëêïåê óäåßäóáßëêàñßðëñîÞñïåêáïïÖäáõÝèïë ãåòáìîÝßðåßÝèãñåàÝêßáëêäëóðäåïßÝê ÞáÝßäåáòáà

Human rights

ÖäáÉîëñìÊñéÝêÔåãäðïÝêàÎÝÞëñî ÒëèåßõîáħáßðïðäáìîåêßåìèáïßëêðÝåêáà óåðäåêðäá×Ð×êåòáîïÝèÆáßèÝîÝðåëêëâ ÊñéÝêÔåãäðïðäáËêðáîêÝðåëêÝèÎÝÞëñî ÑîãÝêåïÝðåëêĎïÈñêàÝéáêðÝèÅëêòáêðåëêï ëêÎÝÞëñîÕðÝêàÝîàïÝêàðäá×ÐÉèëÞÝè ÅëéìÝßððëóäåßäðäáÉîëñìåïÝ ïåãêÝðëîõÖäáÒëèåßõÝììèåáïðëÝèèÉîëñì áéìèëõááïËðïáðïëñððäáìîåêßåìèáïâëîëñî ÝßðåëêïÝêàÞáäÝòåëñîåêßëêàñßðåêãëñî ÞñïåêáïïÝêàìîëòåàáïãñåàÝêßáðëðäëïá óëîçåêãâëîñïëêäëóóáÝììîëÝßä äñéÝêîåãäðïåïïñáïÖäáÉîëñìßëééåðï êëððëàåïßîåéåêÝðáåêÝêõëâëñî áéìèëõéáêðìîÝßðåßáïÝêàðëëĪáîáíñÝè ëììëîðñêåðåáïðëÝèèÖäáÉîëñìîáïìáßðï ðäáìîåêßåìèáïëââîááàëéëâÝïïëßåÝðåëê ÝêàðäááĪáßðåòáîáßëãêåðåëêëâðäáîåãäððë ßëèèáßðåòáÞÝîãÝåêåêãÝêàëììëïáïðäáñïá ëâÝêàóåèèêëðñïáâëîßáàßëéìñèïëîõ ëîßäåèàèÝÞëñîÖäáïáìîåêßåìèáïäÝòá ÞááêåêðáãîÝðáàåêðëðäáóëîçëâëñî ìîëßñîáéáêððáÝéïÝïóáÝïïáïïëñî ïñììèåáîïÝêàðäáåîÞñïåêáïïìîÝßðåßáïÖäá ìëèåßõóÝïîáòåáóáàÝêàñìàÝðáàåê

Prevention of slavery and human ÝóÝîáêáïïðîÝåêåêãëêßäåèàèÝÞëñî ïèÝòáîõÝêàëîäñéÝêðîÝĨßçåêã

ÆñîåêãóáìñÞèåïäáàëñîïáòáêðä ðîÝêïìÝîáêßõïðÝðáéáêðëñðèåêåêãðäá ÉîëñìĎïÝììîëÝßäðëðäáìîáòáêðåëêëâ ïèÝòáîõÝêàäñéÝêðîÝĨßçåêãåêëñî ÞñïåêáïïÝêàïñììèõßäÝåêÃßëìõëâëñî èÝðáïðïðÝðáéáêðåïÝòÝåèÝÞèáðëòåáóëê ëñîóáÞïåðáóóóòáïñòåñïßëé

ÕåêßáðäáìñÞèåßÝðåëêëâëñîĦîïðïðÝðáéáêð óáäÝòáßëêàñßðáàÝîåïçÝïïáïïéáêðëâ ëñîìñîßäÝïåêãÝßðåòåðåáïïááçåêãðë åàáêðåâõÞõèëßÝðåëêÝêàåêàñïðîõóäáîá ðäáìëðáêðåÝèîåïçïëâéëàáîêïèÝòáîõÝîá äåãäáïðÑñîÝïïáïïéáêðåàáêðåĦáàðäá âëèèëóåêãâëñîåêàñïðîåáïðäÝðìëïáÝäåãäáî îåïçëâéëàáîêïèÝòáîõâëîØáïñòåñï

1 ÏåêåêãÝêàáôðîÝßðåòáåêàñïðîåáï îÝóéÝðáîåÝèï
2 ÖáôðåèáïìáîïëêÝèìîëðáßðåòááíñåìéáêð ÒÒÇÝêàóëîçßèëðäåêã
3 ÖîÝêïìëîðÝêàìÝßçÝãåêã
4 ÏÝåêðáêÝêßáßèáÝêåêãÝãîåßñèðñîÝè óëîçÝêàâëëàìîáìÝîÝðåëê ßëêðîÝßðáàóëîçáîï

ÈëèèëóåêãëñîéëàáîêïèÝòáîõîåïç ÝïïáïïéáêðóáìîëòåàáàóáÞåêÝîðîÝåêåêã ðëëñîçáõìñîßäÝïåêãïðÝĪÝêàóá ßëêðåêñáðëñïáÝêëêèåêááèáÝîêåêã éëàñèáðëñìãîÝàáðäáðîÝåêåêããåòáêðëÝèè ïñììèåáîâÝßåêãïðÝĪÖäåïìîëòåàáïçáõ ãñåàÝêßáëêðäáîáàħÝãïÝïïëßåÝðáà óåðäéëàáîêïèÝòáîõðëÝïïåïððäáéåê åàáêðåâõåêãðäáïáàñîåêãïñììèåáîòåïåðïÝêà ÝßßîáàåðÝðåëêÕåêßáðäáèÝñêßäëâðäá ÏëàáîêÕèÝòáîõîáàħÝãðîÝåêåêãóáäÝòá ðîÝåêáàYëâðäáðÝîãáðáàïðÝĪ

ÕááðäáÉîëñìĎïÕðÝðáéáêðëêðäáÒîáòáêðåëê ëâÕèÝòáîõÝêàÊñéÝêÖîÝĨßçåêã

óóóòáïñòåñïßëéáêïñïðÝåêÝÞåèåðõ ëñîìëèåßåáïïðÝðáéáêðëêéëàáîê ïèÝòáîõäðéè

ÄñïåêáïïáðäåßïÝêðåÞîåÞáîõ ÝêàßëîîñìðåëêÝêàóëîçåêãóåðä third parties

ØáïñòåñïĎÅëàáëâÅëêàñßðÝĨîéïëñî ßëééåðéáêððëßëéìáðåêãòåãëîëñïèõ ÞñðäëêáïðèõÝêàêëðïááçåêãßëéìáðåðåòá ÝàòÝêðÝãáðäîëñãäñêèÝóâñèéáÝêï ÙáßëêàñßðëñîïáèòáïáðäåßÝèèõåêÝèè ìñÞèåßÝĪÝåîïÝßðåòåðåáïåêÝèåãêéáêðóåðä èëßÝèèÝóïÝêàîáãñèÝðåëêïÙáàëêëð áêãÝãáåêñêâÝåîßëéìáðåðåëêáôßäÝêãá ßëééáîßåÝèèõïáêïåðåòáåêâëîéÝðåëêóåðä ßëéìáðåðëîïëîÝßíñåîáåêâëîéÝðåëê îáãÝîàåêãÝßëéìáðåðëîÞõåêÝììîëìîåÝðá éáÝêïÙäáêîáßáåòáàâëîÞñïåêáïï ìñîìëïáïóáïÝâáãñÝîàðäåîàìÝîðõ ßëêĦàáêðåÝèåêâëîéÝðåëêÝêàñïáåðëêèõ âëîðäáìñîìëïáâëîóäåßäåðóÝïìîëòåàáà

ÙááêãÝãáóåðäòÝîåëñïðäåîàìÝîðõ îáìîáïáêðÝðåòáïÝêàåêðáîéáàåÝîåáïåê ëñîÞñïåêáïïÙáîáßëãêåïáðäÝððäáõ ßÝêìîáïáêðÝêåêßîáÝïáàÞîåÞáîõÝêà ßëîîñìðåëêîåïçÑñîìîëßáàñîáëêóëîçåêã óåðäðäåîàìÝîðåáïßèáÝîèõëñðèåêáïëñî öáîëðëèáîÝêßáÝììîëÝßäðëÞîåÞáîõÝêà ìîëòåàáïìîÝßðåßÝèãñåàÝêßáâëîëñî áéìèëõááïåêåàáêðåâõåêãßëêßáîêïÝêà äëóðëîáìëîððäáé

ØáïñòåñïáêãÝãáïóåðäðäåîàìÝîðõïÝèáï ÝãáêðïéÝêõëâóäëéëìáîÝðáåê ßëñêðîåáïóäáîáóáàëêëðäÝòáÝìäõïåßÝè ìîáïáêßáÑñîáéìèëõááïĎñïáëâÝêà åêðáîÝßðåëêóåðäïÝèáïÝãáêðïåïïñììëîðáà ÞõÝêëêãëåêãðîÝåêåêãìîëãîÝééáâëî ðäëïáóäëäÝòáïìáßåĦßîáïìëêïåÞåèåðõâëî ðäáïáîáèÝðåëêïäåìï

ÃïìÝîðëâëñîßëééñêåßÝðåëêÝîëñêà ÝêðåÞîåÞáîõÝêàáðäåßïáéìèëõááïÝîá ÝßðåòáèõáêßëñîÝãáàðëßëêïñèðëêáðäåßÝè åïïñáïÖäáõäÝòáëìáêÝßßáïïðëðäá ÅëéìèåÝêßáÆåîáßðëîÝêàÎáãÝèâñêßðåëê óäëìîëòåàáïñììëîðëêÝîáãñèÝîÞÝïåï

ÆñîåêãðäáÉîëñìßëêðåêñáàðäáàñá àåèåãáêßáîáòåáóëâëñîðäåîàìÝîðõ îáìîáïáêðÝðåòáïÝêàåêðáîéáàåÝîåáï ÈëèèëóåêãðäáìîåëîõáÝîïĎáêäÝêßáàîáòåáó ëâïÝèáïÝãáêðïßñïðëéßèáÝîÝêßáÝãáêðï àåïðîåÞñðëîïÝêàèëãåïðåßïìîëòåàáîïóá ßëêàñßðáàîáìáÝðàñáàåèåãáêßáÙáÝèïë ßëêàñßðáààñáàåèåãáêßáëêÝêõêáóðäåîà ìÝîðåáïåêðîëàñßáàåêðëðäáëîãÝêåïÝðåëê

Ññîàñáàåèåãáêßáìîëßáïïáïóåèèßëêðåêñá ðëÞááôðáêàáàñïåêãÝîåïçÞÝïáà ÝììîëÝßäàñîåêãÝêàÞáõëêà

Name: ÉÝÞîåáèÔëàîåãñáïÕëÝîáï Role: ÓñÝèåðõËêïìáßðëî ÎëßÝðåëêÔåëàáÌÝêáåîë

Community engagement

ØáïñòåñïóÝêðïðëéÝçáÝìëïåðåòá ßëêðîåÞñðåëêðëðäáßëééñêåðåáïåêóäåßä óáóëîçÞõïñììëîðåêãÝóåàáòÝîåáðõëâ âñêàîÝåïåêãÝêàßëééñêåðõÞÝïáà ìîëãîÝééáïÝîëñêàðäáóëîèà

ÙáìîáâáîìÝîðåßåìÝðåëêåêáòáêðï àëêÝðåëêïåêçåêàðëîáãåïðáîáà êëðâëîìîëĦðëîãÝêåïÝðåëêïÝêà ìÝîðåßåìÝðåëêåêßëééñêåðõìîëãîÝééáï ðëßÝïäàëêÝðåëêïÑñîÃêðåÄîåÞáîõ ÝêàÅëîîñìðåëêìëèåßõàáĦêáïîñèáïâëî ðäáìîëìáîäÝêàèåêãëâàëêÝðåëêï Ýêàïìëêïëîïäåì

ÄáèëóÝîáïëéááôÝéìèáïëâðäáéÝêõ ßëééñêåðõìîëãîÝééáïÝêàÝßðåòåðåáï ëñîßëèèáÝãñáïóáîáåêòëèòáàåê ðäîëñãäëñð

×êåðáàÍåêãàëé Poland

ÅëèèáÝãñáïâîëéëñîÈëñêàîõ ÖÝéóëîðäïåðáðëëçìÝîðåêÝ ðîåÝðäèëêðëîÝåïáâñêàïâëî ðäáÅäåèàÉîëóðäÈëñêàÝðåëê ÝßäÝîåðõóäåßäïñììëîðïßäåèàîáê ÝàñèðïÝêàâÝéåèåáïÝĪáßðáàÞõ ãîëóðäßëêàåðåëêï

Belgium

ÇòáîõõáÝîØáïñòåñïÉäèåê ïìëêïëîïÝêÝóÝîàâëîðäá ÞáïðìëïðãîÝàñÝðáóëîçåê éáßäÝðîëêåßïÝððäáÒëèõðáßäêåß ÈÝßñèðõëâÏëêïÖäáÝóÝîà óÝïãåòáêðëÝïðñàáêðâëîäåï óëîçëêðäáčËêïðîñéáêðÝðåëê ëâÝéÝêåìñèÝðëîîëÞëðâëî ßëêðîëèÞõðäáòåïåëêïõïðáéĎ

ËêßëèèáÝãñáïåêÒëèÝêà ßëêðåêñáàðäáåîïñììëîðâëî ×çîÝåêåÝêîáâñãááïóåðäÝêñéÞáî ëâåêåðåÝðåòáïåêßèñàåêãìñîßäÝïåêã ÝîÝêãáëâáàñßÝðåëêÝèéÝðáîåÝèï Ýêàðëõïâëî×çîÝåêåÝêßäåèàîáê ÝððáêàåêãÝìîåéÝîõïßäëëè åêÕçÝóåêÝ

ËêÃìîåèØáïñòåñïÄëîçáê ìîáïáêðáàÝßäáíñáâëî {"ðëÃçðåëêÎåßäðÞèåßçá áØÃßðåëêÔÝõïëâÊëìá ÃïïëßåÝðåëêðëïñììëîððäáåî óëîçóåðäìáëìèáÝĪáßðáàÞõ ðäáóÝîåê×çîÝåêáÙäáêðäá ßëêħåßðåê×çîÝåêáïðÝîðáà ÝêàðäáĦîïðàëêÝðåëêïóáîá îáßáåòáàâîëéðäáóëîçâëîßá

ðäáóëîçïßëñêßåèàáòáèëìáà ðäáĎÒèñï!ËêåðåÝðåòáĎóäáîá åéìîëòáéáêðïñããáïðåëêï éÝàáÞõßëèèáÝãñáï ãáêáîÝðáàÝßëéìÝêõ àëêÝðåëêëâ{!ìáîïñããáïðåëê ÖäåïîÝåïáà{\$óäåßä éÝêÝãáéáêððäáêàëñÞèáà

ØáïñòåñïËêàåÝåïçááêðëáêßëñîÝãá ãåîèïÝêàóëéáêðëìÝîðåßåìÝðáåê ÕÖÇÏÕßåáêßáÖáßäêëèëãõ ÇêãåêááîåêãÝêàÏÝðäáéÝðåßï ßÝîááîïËðëîãÝêåïáàâëîÝ ãîëñìëâèëßÝèîáïåàáêðïðë òåïåðåðïÍëèçÝðÝïåðáðëäáèìðäáé áêòåïÝãáÝðáßäêåßÝèßÝîááî ÖäåïóÝïìÝîðëâÝêëêãëåêã ÇàñßÝðáðäáÉåîèÅäåèàìîëæáßð

ÃïìÝîðëâÝìÝîðêáîïäåìóåðäðäá òëèñêðááîÝïïëßåÝðåëêåêÕñöäëñ ËêàñïðîåÝèÒÝîçØáïñòåñïÅäåêÝ ëîãÝêåïáàÝßëééñêåðõìîëæáßð êÝéáàčÅÝîåêãâëîðäáÊáÝîðĎ ÖäáìîëæáßðìîëéëðáïÅÒÔðîÝåêåêã ÝêàâÝéåèõĦîïðÝåàÝßðåòåðåáï ËðìëìñèÝîåïáïðäáßëêßáìðëâčßÝîåêã âëîõëñîäáÝîðĎÝêàčßÝîåêãâëîõëñî âÝéåèõĎÝêàåéìîëòáïìáëìèáĎï ÝóÝîáêáïïëâäáÝîðàåïáÝïáÝêà ðäáåîÝÞåèåðõðëàáÝèóåðäáéáîãáêßåáï

ÔáïìëêïåÞèáïëñîßåêã

ØáïñòåñïîáßëãêåïáïðäáßîñßåÝèîëèáðäÝð åðïïñììèåáîïìèÝõåêßîáÝðåêãòÝèñáåêðäá ìîëàñßðïÝêàïáîòåßáïðäÝðØáïñòåñï ñèðåéÝðáèõìîëòåàáïðëåðïßñïðëéáîï ËêÝààåðåëêðëðäáßëêïåïðáêðÝêàðåéáèõ ïñììèõëâéÝðáîåÝèïìîëàñßðïÝêà ïáîòåßáïóäåßäÝîáëâðäáäåãäáïðíñÝèåðõ óááôìáßðëñîïñììèåáîïðëëìáîÝðáåêÝ éÝêêáîðäÝðåïÝììîëìîåÝðáåêðáîéïëâ ðäáåîáðäåßÝèèáãÝèáêòåîëêéáêðÝèÝêà ïëßåÝèîáïìëêïåÞåèåðåáï

Òîåêßåìèáï

ÑòáîÝèèëñîëÞæáßðåòáåïðëáêßëñîÝãá ïñììèåáîïðëåéìèáéáêðÝéáÝêåêãâñè ïñïðÝåêÝÞåèåðõìîëãîÝééááéÞîÝßáðäá ×ÐÉèëÞÝèÅëéìÝßðìîåêßåìèáïáòÝèñÝðá ÝêàîáàñßáëñîñìïðîáÝéÅÑáéåïïåëêï ÝêàåàáêðåâõìëðáêðåÝèîåïçïÝêàåâ êáßáïïÝîõÝààîáïïðäáéåêëñîïñììèõ ßäÝåêÖäáïÝðåïâÝßðåëêëâëñîßñïðëéáîïĎ îáíñåîáéáêðïðäáïÝâáðõÝêàîáèåÝÞåèåðõëâ ØáïñòåñïĎìîëàñßðïÝêàðäááĨßåáêßõëâ ØáïñòåñïĎåêðáîêÝèìîëßáïïáïÝîáàáìáêàáêð ëêðäáîáèåÝÞåèåðõëâåðïêáðóëîçëâïñììèåáîï ØáïñòåñïåïßëééåððáàðëáêïñîåêãðäÝðóá ñðåèåïáäåãäíñÝèåðõîÝóéÝðáîåÝèïïáßñîáà ðäîëñãäîáèåÝÞèáÝêàóáèèàáòáèëìáàîÝó éÝðáîåÝèïñììèåáîïÖäáìîåêßåìèáïëâ ïñïðÝåêÝÞèáìîëßñîáéáêðÝîáìîáïßîåÞáà óåðäåêðäáØáïñòåñïÕñïðÝåêÝÞèá ÒîëßñîáéáêðÒëèåßõÝêàïñììëîðáàÞõ ïñììèáéáêðÝîõìîëßáïïáï

ÕñïðÝåêÝÞèáÒîëßñîáéáêðÒëèåßõ

ÙáëìáîÝðáÝÕñïðÝåêÝÞåèåðõÒîëßñîáéáêð ÒëèåßõóäåßäëñðèåêáïçáõßîåðáîåÝâëî ïñììèåáîïÖäáìëèåßõñïáïðäáÉîëñì ÒîëßñîáéáêðĎïčÔáíñáïðâëîÓñëðÝðåëêĎ ÔÈÓìîëßáïïðëáêãÝãáÝïåãêåĦßÝêð êñéÞáîëâØáïñòåñïïñììèåáîïÝêàåï ìîëòåàáàåêßëêæñêßðåëêóåðäðäáØáïñòåñï ÖáîéïÝêàÅëêàåðåëêïëâÒñîßäÝïá

ÈëîïñììèåáîïðëìÝîðåßåìÝðáåêðäáÔÈÓ ðäáõÝîáëÞèåãáàðëÝßßáìðÝêàÝãîááðë ðäáðáîéïëâðäáÕñïðÝåêÝÞåèåðõ ÒîëßñîáéáêðÒëèåßõÝïåðâëîéïÝê ÝààáêàñéðëØáïñòåñïĎïðÝêàÝîàßëêðîÝßð ßèÝñïáïÖäåïìëèåßõåïÝòÝåèÝÞèáëêðäá ØáïñòåñïóáÞïåðá

ÖäáìëèåßõÝììèåáïðëÝèèïñììèåáîïëâ ãëëàïÝêàëîïáîòåßáïáåðäáîñïáàåêëñî éÝêñâÝßðñîåêãìîëßáïïáïÝêàëîïëèà àåîáßðèõÞõñïðëßñïðëéáîïåêßèñàåêã ÖëèèåêãÝêàÔáïÝèáïñììèåáîïËðÝììèåáï ðëïñììèåáîïðäáåîÝãáêðïÝêàðäáåî ïñÞßëêðîÝßðëîïÑêßáÝßßáìðáàåðåïðäá îáïìëêïåÞåèåðõëâðäáïñììèåáîðëòáîåâõÝêà éëêåðëîßëéìèåÝêßáÝãÝåêïððäåïìëèåßõ ÞëðäâëîðäáåîëìáîÝðåëêïÝêàðäëïáëâÝêõ ïñÞßëêðîÝßðëîïÅëéìèåÝêßáóåðäðäá îáíñåîáéáêðïåêðäáìëèåßõåïÝçáõ ßëêïåàáîÝðåëêåêðäáïáèáßðåëêëâïñììèåáîï

ÖäáéÝæëîáèáéáêðïëâðäáÕñïðÝåêÝÞåèåðõ ÒîëßñîáéáêðÒëèåßõÝîá

ÇéìèëõááïÝêàäñéÝêîåãäðï
ÇðäåßÝèÝêàßëéìèåÝêðÞñïåêáïïìîÝßðåßáï
Çêòåîëêéáêð
Quality
Äñïåêáïïßëêðåêñåðõ
ÆëßñéáêðÝðåëêÝêàØáîåĦßÝðåëê áêßëéìÝïïåêãÕñììèåáîàñáàåèåãáêßá ÝêàÕñììèåáîÝïïáïïéáêðï

ÕåêßáåðïèÝñêßäåê\$ïñììèåáîï !YëâðäáðÝîãáðáàãîëñììÝîðåßåìÝðåêãåê ðäáÔÈÓìîëßáïïîáìîáïáêðåêãÝïìáêàëâ yéäÝòáÝèîáÝàõâëîéÝèèõÝãîááàðë ßëéìèõóåðäðäáìëèåßõ

ÕñììèåáîïñïðÝåêÝÞåèåðõÝïïáïïéáêðßîåðáîåÝ

Environment

Energy Consumption & GHGs Water Biodiversity Local & Accidental Pollution Materials, Chemicals & Waste Product Use Product End-of-Life Customer Health & Safety Environmental Services & Advocacy

Labour and Human Rights

Employee Health & Safety Working Conditions Social Dialogue Career Management & Training Child Labour, Forced Labour & ÊñéÝêÖîÝĨßçåêã Diversity, Discrimination & Harassment External Stakeholder Human Rights

ßîåðáîåÝÞÝïáàëêåêðáîêÝðåëêÝèïðÝêàÝîàï

Ethics

Corruption Anti-competitive Practices Responsible Information Management

Sustainable Procurement

Supplier Environmental Practices Supplier Social Practices

Supplier sustainability assessments

ÃïìÝîðëâëñîïñïðÝåêÝÞåèåðõÝãáêàÝ ØáïñòåñïäÝïåéìèáéáêðáàÝÕñììèåáî ÕñïðÝåêÝÞåèåðõÃïïáïïéáêðìîëãîÝééá ïáððåêãðÝîãáðïâëîðäáìîëìëîðåëêëâðäá ðëðÝèîÝóéÝðáîåÝèïìáêàòÝèñáßëòáîáàÞõ ðäáÝïïáïïéáêðÖäáðëìåßÞëñêàÝîõ áôðáêàïðëÝèèïñììèåáîïëâãëëàïáåðäáî ñïáàåêëñîéÝêñâÝßðñîåêãìîëßáïïáï ÝêàëîïëèààåîáßðèõÞõñïðëßñïðëéáîï åêßèñàåêãÔáïÝèáïñììèåáîï

ØáïñòåñïäÝïìÝîðêáîáàóåðäÝê åêàáìáêàáêððäåîàìÝîðõïáîòåßáìîëòåàáî ÇßëØÝàåïðëîÝðáëñîîÝóéÝðáîåÝèï ïñììèåáîïñïåêãÝàáðÝåèáàïáðëâßîåðáîåÝ ÖäáïáßëòáîâëñîðäáéáïÝêàßîåðáîåÝ ÞÝïáàëêåêðáîêÝðåëêÝèïðÝêàÝîàïÎÝÞëñî ÝêàÊñéÝêÔåãäðïÇðäåßïÇêòåîëêéáêð ÝêàÕñïðÝåêÝÞèáÒîëßñîáéáêð

ÉîëñììîëßñîáéáêðÝêàîáãåëêÝè ìîëßñîáéáêððáÝéïÝîáäáÝòåèõåêòëèòáà åêðäáìîëãîÝééáËê% ÖëðÝèðëàÝðá\$áéìèëõááïâîëéðäáïá ðáÝéïäÝòáîáßáåòáàïìáßåĦßðîÝåêåêãëê ïñììèåáîïñïðÝåêÝÞåèåðõÝïïáïïéáêðï YëâðäáðÝîãáðãîëñì

Ëê%ðäáÄëÝîàÝììîëòáàÝðÝîãáððë ÝïïáïïÝðèáÝïð!YëâëñîîÝóéÝðáîåÝè ïìáêàÞõðäááêàëâØÝîåëñïßîåðáîåÝ óáîáßäëïáêðëïáèáßðìÝîðåßåìÝðåêã ïñììèåáîïïñßäÝïïñììèåáîïåöáÝêàîåïç éáðîåßïåêßèñàåêã

ÅÝðáãëîõëâîÝóéÝðáîåÝè
ÃòÝåèÝÞåèåðõëâÝèðáîêÝðåòáïëñîßáï
ÕäÝîáëâïñììèåáîîáòáêñáóåðäØáïñòåñï
ÉîÝàáïåêìîáòåëñïÝïïáïïéáêðï
Ðáóïñììèåáîï
ÕñììèõßäÝåêåêßåàáêðï

ÕåêßáåðïèÝñêßäïñììèåáîïäÝòáæëåêáà ðäáìîëãîÝééáîáìîáïáêðåêãÝïìáêà òÝèñáëây\$éÞáåêãÝììîëô Y ëâðäáÉîëñìĎïîÝóéÝðáîåÝèïñììèåáîï îáìîáïáêðåêã \$YëâðäáÉîëñìĎïîÝó éÝðáîåÝèïìáêàÝêàYëâðäáÉîëñìĎï ïìáêàëêãëëàïñïáàåêëñîéÝêñâÝßðñîåêã ìîëßáïïáïÝêàëîïëèààåîáßðèõÞõñï ðëßñïðëéáîï

ÑâðäáîÝðáàïñììèåáîïYàåàêëð éááððäáéåêåéñéïßëîáàáĦêáàÞõ ØáïñòåñïÝêàóáîáÝïçáàðëåéìèáéáêð åéìîëòáéáêðÝßðåëêïóåðäåêÝðäîááõáÝî ðåéáèåêáÔëñðåêáîáòåáóïÝêàÝêÝêêñÝè îáÝïïáïïéáêðóåèèáêÝÞèáìîëãîáïïðë ÞáéáÝïñîáà

Supplier CSR and Quality audits

ØáïñòåñïßëêàñßðïÝêÝêêñÝèÕñììèåáî ÃñàåðìîëãîÝééáðÝîãáðåêãðäáåî ÅëîìëîÝðáÕëßåÝèÔáïìëêïåÞåèåðõÅÕÔ ìîÝßðåßáïìîëàñßðíñÝèåðõÝêàïáßñîåðõ ëâïñììèõÖäáìîëãîÝééáåïèáàÞõðäá ÉîëñìĎïÒñîßäÝïåêãÝêàÓñÝèåðõðáÝéï èëßÝðáàÝßîëïïÝèèîáãåëêïÖäáãëÝèëâðäá ÝñàåðïåïðëòáîåâõðäÝðëñîïñììèåáîïÝÞåàá ÞõâñêàÝéáêðÝèìîåêßåìèáïîáãÝîàåêãðäá áêòåîëêéáêðÝêàïëßåÝèìîÝßðåßáïÝêà îáàñßáðäáêñéÞáîëâíñÝèåðõåïïñáïðäÝð éÝõÝĪáßðëñîîÝóéÝðáîåÝèïÝêà ßëêïáíñáêðèõëñîëìáîÝðåëêïÝêàðäëïá ëâëñîßñïðëéáîï

ÃïìÝîðëâðäåïóáßÝîîõëñðëêïåðá åêïìáßðåëêïïäÝîááôìáßðÝðåëêïóåðäëñî ïñììèåáîïåàáêðåâõîåïçïÝêàÝàÝìðëñî åêðáîêÝèßëêðîëèïÝßßëîàåêãèõÙá áêßëñîÝãáëñîïñììèåáîïðëåéìîëòáðäáåî ëóêìîëßáïïáïÝêàäáèìðäáéìîåëîåðåïá ÝßðåëêïðëÝßäåáòáðäåïÅëééáêßåêãåê ÝêñéÞáîëâčîáàħÝãĎåðáéïäÝòá ÞááêåêßèñàáàåêëñîëêïåðáòáîåĦßÝðåëê íñáïðåëêêÝåîááïìáßåÝèèõÝààîáïïåêã äñéÝêîåãäðïåïïñáïïñßäÝïßäåèàëîâëîßáà èÝÞëñîâëîóäåßäåééáàåÝðááïßÝèÝðåëê ÝêàåêòáïðåãÝðåëêåïîáíñåîáàåêßÝïáÝêõ ÞîáÝßäåïàáðáßðáà

Ëê%\$Ýñàåðïóáîá ßëêàñßðáàYëêïåðáÝð" ìèñïâëèèëóñìïñììèåáîâÝßåèåðåáï \$âëèèëóñìîáìîáïáêðåêã #% YëâðÝîãáðáàïñììèåáîïÐëßÝïáïëâ äñéÝêîåãäðïÞîáÝßäáïóáîáàáðáßðáàÝï ìÝîðëâðäáïñììèåáîÝñàåðìîëãîÝééá ÑêáïñììèåáîîáßáåòáàãîÝàáïÞáèëó ðäîáïäëèàÙäáîáïñììèåáîïâÝåèðëéááð ðäáîáíñåîáàïðÝêàÝîàïÝßðåëêåïðÝçáê áåðäáîðëïñììëîððäáéðëåéìîëòáëîëñî îáèÝðåëêïäåìóåðäðäáéåïðáîéåêÝðáà

ÃîáÝïëââëßñïåêßèñàá

Quality management rules:

ÈåêÝèåêïìáßðåëêßëêðîëèïÝðåéìëîðÝêð ìîëßáïïïðáìïéÝêÝãáéáêðëâåêßëéåêã éÝðáîåÝèïàÝðÝðîÝßçåêãßñïðëéáî âááàÞÝßçÝêàßëééñêåßÝðåëê

ÏÝêÝãáéáêðëâêëêßëêâëîéåðåáï

ÔáÝßðåëêðëêëêßëêâëîéåðåáïìîëðáßðåëê ëâßñïðëéáîìîëÞèáéîáïëèñðåëêÝêà ÝììèåßÝðåëêëâèáïïëêïèáÝîêáà

ÕñïðÝåêÝÞåèåðõßîåðáîåÝ

ÖäåïÝèåãêïðäáïñììèåáîÝñàåðïÝïÝïáßëêà ìèÝðâëîéðëàîåòáÝêàòåïåÞèõòáîåâõïñììèåáî ïñïðÝåêÝÞåèåðõáĪëîðïÝêàìîëãîÝééáï ßëéìèáéáêðåêãðäáÝïïáïïéáêðïßÝîîåáà ëñðÞõëñîðäåîàìÝîðõìÝîðêáî

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ÒÝðîåßçÃêàîƇ ÅäåáâÇôáßñðåòá

Name: Jennifer Metoyer Wiese Role: Human Resources Location: Cleveland

Name: Melany Serrato Role: Quality Engineer Location: Monterrey

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Name: Phil Prelosky Role: Research Technician Location: Pittsburgh

Board of Directors

Carl-Peter Forster

Chairman

Appointed to the Board 1 November 2022, assumed the role of Chairman on 1 December 2022

Four months on the Board

Extensive Board experience as Chairman and Chief Executive within international listed companies
Proven strategic and operational skills gained in complex multinational industrial goods and engineering businesses
Global commercial and engineering experience, including expertise in operational excellence and lean manufacturing

Current external appointments

Carl-Peter is Chairman of Chemring Group plc and Senior Independent Director at Babcock International Group plc. He is also Chairman of StoreDot, Director of The Mobility House AG, LeddarTech, Inc, Gordon Murray Group Ltd, Envisics Ltd, Lead Equities Fund Management Gmbh and associated companies and serves as a Director on the advisory board of Kinexon GmbH.

Career experience

Carl-Peter has spent the majority of his career holding senior leadership positions in some of the world's largest automotive manufacturers, including BMW, General Motors and Tata Motors (including Jaguar Land Rover). Since he stepped down from Tata Motors in 2011, he has served as a director on a wide variety of public and private company boards, including IMI plc from 2012-2021, Rexam plc from 2014-2016 and Geely Automotive Holdings, Hong Kong, as well as Volvo Cars Group from 2013-2019. Until recently he also served as Chair of the Shareholder Committee of Hella KGaA, the German automotive supplier.

Patrick André

Chief Executive

Appointed to the Board 1 September 2017 Five years on the Board

Global career serving the steel industry
Strong background in strategic development and implementation
Customer focus and proven record of delivery, with strong commercial acumen
Drive and energy in promoting his strategic vision

Current external appointments

None.

Career experience

Patrick joined the Group as President of the Vesuvius Flow Control Business Unit in 2016, until his appointment as Chief Executive in September 2017.

Before joining the Group, Patrick served as Executive Vice President Strategic Growth, CEO Europe and CEO for Asia, CIS and Africa for Lhoist company, the world leader in lime production. Prior to this, he was CEO of the Nickel division, then CEO of the Manganese division of ERAMET group, a global manufacturer of nickel and special alloys.

ÆëñãèÝïÊñîð

Senior Independent Director (SID)

Appointed to the Board 2 April 2015 Seven years on the Board

ÓñÝèåĦáàÅäÝîðáîáàÃßßëñêðÝêðóåðäîáßáêð ÝêàîáèáòÝêðĦêÝêßåÝèáôìáîåáêßá
Highly knowledgeable in operational and ßëîìëîÝðáĦêÝêßåÝèéÝððáîïóåðäïåãêåĦßÝêð US and European experience
Proven management and leadership skills

Current external appointments

Non-executive Director and Chair of the Audit Committees of Hikma Pharmaceuticals PLC and the British Standards Institution.

Career experience

Douglas was Finance Director of IMI plc, a UK listed company, until 2015. He spent 23 years at GlaxoSmithKline plc where he äáèàïáêåëîĦêÝêßáÝêàãáêáîÝèéÝêÝãáéáêð positions. Douglas served as SID and Chair of the Audit Committees of Tate & Lyle plc and Countryside Partnerships PLC until 2019 and July 2022 respectively, and he also served as Chairman of Countryside Partnerships PLC from July to November 2022 when it merged with Vistry Group.

Changes to the Board during the year

ÖäáÆåîáßðëîïêÝéáàóáîáåêëĨßáàñîåêã the year and up to the date of this Annual Report, with the exception of:

Carl-Peter Forster who was appointed to the Board on 1 November 2022, and assumed the role of Chairman on 1 December 2022
Carla Bailo who joined the Board on 1 February 2023
Guy Young who served as Chief Financial ÑĨßáîâîëéÐëòáéÞáî!ñêðåèäáèáâð the Group on 17 February 2023

In addition, John McDonough stepped down as Chairman and as a Director of the Company on 1 December 2022.

Richard Sykes (formerly Group Vice President, Business Development) currently ïáîòáïÝïËêðáîåéÅäåáâÈåêÝêßåÝèÑĨßáî but is not a Director of Vesuvius plc.

Mr Mark Collis, currently Chief Financial ÑĨßáîëâðäáÑìáîÝðåëêïÞñïåêáïïëâÌëäê Wood Group PLC, will join the Board as an Executive Director and Chief Financial ÑĨßáîÝððäáèÝðáïðëê Ìñèõ ÏÝîçäÝïëòáîõáÝîïëâïáêåëîĦêÝêßåÝè experience in a number of international businesses including Amec Foster Wheeler plc and Expro International Group. Mr Collis is a Chartered Accountant íñÝèåĦáàóåðäðäáËÅÃÇÙ

Guy Young

ÅäåáâÈåêÝêßåÝèÑĨßáî

Served on the Board from 1 November 2015 to 17 February 2023

Career experience

ÉñõíñÝèåĦáàóåðäðäáÕëñðäÃâîåßÝêËêïðåðñðáëâ Chartered Accountants. He was Chief Financial ÑĨßáîëâÖÝîéÝßÝêàèÝððáîèõÎÝâÝîãáÖÝîéÝß the British building materials company, between 2011 and 2015. Prior to this he spent 13 years working at Anglo American plc.

Carla Bailo

Non-executive Independent Director

Appointed to the Board 1 February 2023 One month on the Board

Strong engineering and product management experience
Research and development background gained during >40 years working in the automotive industry
International experience and extensive knowledge of US markets

Current external appointments

Non-executive Director of EVe Mobility Acquisition Corp., Advance Auto Parts, Inc. and SM Energy Company.

Career experience

ÅÝîèÝïìáêððäáìÝïðĦòáõáÝîïïáîòåêãÝï President and CEO of the Center for Automotive Research (CAR) in the USA, a position she stepped down from at the end of September 2022. Prior to joining CAR, Carla was Assistant Vice President for Mobility Research and Business Development at The Ohio State University. She spent 25 years working at the Nissan Motor Company where she served in a variety of senior management and engineering roles, culminating as Senior Vice President, Research and Development, Americas and Total Customer Satisfaction. Carla also spent ten years earlier in her career with General Motors.

A ÃñàåðÅëééåððáá
N ÐëéåêÝðåëêÅëééåððáá
R ÔáéñêáîÝðåëêÅëééåððáá
ÅëééåððááÅäÝåî

Engagement with the workforce

E ÌÝêáÊåêçèáõïáîòáïÝïðäáàáïåãêÝðáà Non-executive Director responsible for overseeing engagement with the workforce.
* Cevian Capital is a shareholder of Vesuvius plc and, at 2 March 2023, held 21.11% of Vesuvius' issued share capital.

ÍÝðäÆñîîÝêð

Non-executive Independent Director

Appointed to the Board 1 December 2020 Two years on the Board

30 years' experience of people management – Strong operational and strategic track record, gained working at a number of large global manufacturing companies
Experienced UK governance professional

Current external appointments

Non-executive Director and Chair of the Remuneration Committee of SIG plc, and a Non-executive Director of Essentra plc.

Career experience

Kath held various operational and specialist HR roles at GlaxoSmithKline plc and AstraZeneca plc, and was Group HR Director of Rolls-Royce plc. She was most recently Group HR Director of ÈáîãñïëêìèßÝêàÅäåáâÊÔÑĨßáîëâÅÔÊìèß Kath served as a Non-executive Director and Chair of the Remuneration Committee of Renishaw plc from 2015 to 2018 and as a Non-executive Director and Chair of the Remuneration Committee of Calisen plc from 2020 to 2021.

ÈîåáàáîåçáÊáèâáî

Non-executive Director

Appointed to the Board 4 December 2019 Three years on the Board

An experienced strategist, with strong analytic capability
Commercial acumen and a strong track record of working with a portfolio of companies to identify scope for operational and strategic improvement

Current external appointments

Partner of Cevian Capital.*

Career experience

Friederike is a Partner of Cevian Capital. She joined Cevian in 2008 and served as a Non-executive Director on the boards of thyssenkrupp AG from 2020 to 2023 and Valmet Oyj from 2013 to 2017. These are both companies in which Cevian was also invested. Prior to joining Cevian, Friederike worked at McKinsey & Company. She is a CFA Charterholder.

Dinggui Gao

Non-executive Independent Director

Appointed to the Board 1 April 2021 One year on the Board

Strong operational experience driving performance at a range of multinational companies
Proven track record of leadership and international commercial experience
Strong focus on technology and in-depth knowledge of Asian markets

Current external appointments

Non-executive Director Intramco Europe B.V and Operating Partner CITIC Capital Holdings Ltd.

Career experience

Dinggui has nearly 40 years of operational experience having worked in a range of multinational companies including Bosch, Honeywell, Eagle Ottawa and Sandvik AB. He latterly served as Managing Director, China of Formel D Group, the German global service provider to the automotive and components supply industry, joining the company in 2017 and stepping down at the end of October 2021.

ÌÝêáÊåêçèáõ

Non-executive Independent Director

Appointed to the Board 3 December 2012

Ten years on the Board

Proven track record of managing complex global trading businesses
ÓñÝèåĦáàÅäÝîðáîáàÃßßëñêðÝêðóåðä ïåãêåĦßÝêðĦêÝêßåÝèÝêàëìáîÝðåëêÝè experience in large multinational companies
Leadership and global management skills

Current external appointments

None.

Career experience

Jane is a Chartered Accountant and was Managing Director of Navion Shipping AS for three years until 2001. Prior to this, she spent her áôáßñðåòáßÝîááîÝïÅäåáâÈåêÝêßåÝèÑĨßáîÝêà Managing Director of Gotaas-Larsen Shipping Corporation. She was previously Chairman of Teekay GP LLC, a Non-executive Director and Chairman of the Remuneration Committee of Premier Oil plc, and a Non-executive Director of Revus Energy ASA.

Group Executive Committee

Patrick André

Chief Executive

Seven years with the Group For biographical details, please see the Board of Directors on page 88.

Karena Cancilleri

President, Foundry

Three years with the Group Appointed President, Foundry in October 2019. Karena joined the Group from Beaulieu International Group, where she served for six years as VP Engineered Products and latterly President Engineered Products. She has a breadth of managerial experience spanning various international leadership roles in companies such as FiberVisions, Kraton Corporation and Shell.

Karena is based in London, UK.

Pascal Genest

President, Flow Control

Two years with the Group Appointed President, Flow Control in January 2021. Pascal joined the Group from GFG Alliance where he held the position of CEO Liberty Ostrava in the Czech Republic. Prior to this he was CEO of SULB in Bahrain. Pascal has more than 15 years' experience working in the steel industry, mainly with ArcelorMittal. He has also worked in consulting, in private equity and in the aluminium industry. Pascal is based in London, UK.

Henry Knowles

General Counsel and Company Secretary

Nine years with the Group Appointed as General Counsel and Company Secretary in September 2013. Prior to joining Vesuvius, Henry spent eight years at Hikma Pharmaceuticals PLC, a generic pharmaceutical manufacturer óåðäïåãêåĦßÝêðëìáîÝðåëêïåêðäá Middle East, North Africa and the US where he held the roles of General Counsel and Company Secretary. Henry is also responsible for the Group's Intellectual Property function.

Henry is based in London, UK.

Agnieszka Tomczak

ÅäåáâÊÔÑĨßáî

Four years with the Group ÃììëåêðáàÝïÅäåáâÊÔÑĨßáîåê October 2018. Agnieszka has over 25 years of senior leadership experience in multinational companies spanning various business sectors and industries. Prior to joining Vesuvius, she spent 12 years at ICI, which was subsequently acquired by AkzoNobel, in regional and global HR roles.

Agnieszka is based in London, UK.

Changes to the Group Executive Committee (GEC)

Thiago Avelar, President, Advanced Refractories served on the GEC until he left the Group on 8 December 2022.

Patrick Bikard, President Operations and Technology served on the GEC until he retired from the Group on 31 December 2022.

ÉñõÛëñêãÅäåáâÈåêÝêßåÝèÑĨßáîÝèïë served on the GEC until he left the Group on 17 February 2023.

Mark Collis will join the Group Executive Committee on his appointment as CFO.

Corporate Governance Statement

Dear Shareholder,

ÑêÞáäÝèâëâðäáÄëÝîàËÝéàáèåãäðáàðëìîáïáêðéõĦîïð Corporate Governance Statement. This Statement provides investors and other stakeholders with an insight into the governance activities of the Board and its Committees during the year. It describes how the Group has complied with the Principles of the UK Corporate Governance Code during 2022, except where we considered it clearer for us to describe the application of a Principle elsewhere in this Annual Report. The table on page 92 signposts where detailed information on each section of the Code (and associated Principles) can be found. The Board of Vesuvius plc is committed to maintaining high standards of governance and to continuous improvement ðëîáħáßðëêãëåêãÞáïðìîÝßðåßá

During 2022, the Board oversaw the continued progression of the Group's strategy, approving the acquisition of the Group's long-term tolling partner, Bayuquan Magnesium Co, as well as ïåãêåĦßÝêðêáóåêòáïðéáêðïåêìèÝêðßÝìÝßåðõÈëèèëóåêãðäáèÝñêßä of hostilities in Ukraine, the Board monitored the safety of the Group's employees in the region and determined the Group's approach to the continuance of trade with non-sanctioned Russian customers. In addition, as the global macroeconomic environment deteriorated, the Board monitored the impact on the business of rising energy and raw material prices, as well as ëðäáîåêħÝðåëêÝîõåðáéï

During the year the Nomination Committee oversaw the recruitment of three new Directors, with the Board not only appointing me as Chairman but also Carla Bailo as a new ÐëêáôáßñðåòáÆåîáßðëîóåðäáĪáßðâîëéÈáÞîñÝîõÝêà ïáßñîåêãðäáïáîòåßáïëâÏÝîçÅëèèåïÝïëñîêáóÅÈÑóäëóåèèæëåê Þõ ÌñèõÝððäáèÝðáïðËêÝààåðåëêðäáÐëéåêÝðåëêÅëééåððáá óÝïñìàÝðáàëêðäáìîëãîáïïëâĦèèåêãòÝßÝêßåáïÝððäáÇôáßñðåòá Committee and senior management level, and was also kept apprised of the recruitment and development of additional talent in our Business Units to strengthen the pipeline of talented åêàåòåàñÝèïðëĦèèèáÝàáîïäåììëïåðåëêïãëåêãâëîóÝîà

The Remuneration Committee, alongside its regular duties, spent ÝßëêïåàáîÝÞèáÝéëñêðëâðåéáàåïßñïïåêãìîëìëïÝèïâëîðäá Remuneration Policy, to be tabled at the forthcoming AGM. ÈëèèëóåêãðäáßäÝêãáïéÝàáðëðäáåêßáêðåòáïðîñßðñîáåê the Remuneration Committee concluded that no further material changes were required this year, but some changes to the quantum of remuneration were necessary in respect of the ÅäåáâÇôáßñðåòáÖäáïáóáîáðäáïñÞæáßðëâßëêïñèðÝðåëêóåðäëñî top shareholders. More details about the proposed changes and the other work undertaken by the Committee in 2022 can be found in the Directors' Remuneration Report.

The Audit Committee continued to carefully monitor the Group's ĦêÝêßåÝèïåðñÝðåëêàñîåêãðäáõáÝîåêèåãäðëâðäáßäÝèèáêãåêã éÝßîëáßëêëéåßáêòåîëêéáêðËêßëêæñêßðåëêóåðäåðïñïñÝè îáïìëêïåÞåèåðåáïåðìÝåàìÝîðåßñèÝîäááàðëðäáåéìÝßðëâðäáßëêħåßð in Ukraine on the Group's activities and controls, assessing the impact of events on Russia and Ukraine themselves, and the wider repercussions of increases in energy and raw material pricing. In addition, the Committee continued to focus on the development of the Group's cyber security measures, as well as receiving regular updates on the implementation of changes to the ÉîëñìĎïÈåêÝêßáÑìáîÝðåêãÏëàáè

The Board's formal evaluation process for 2022 was externally âÝßåèåðÝðáàÞõðäáßëîìëîÝðáÝàòåïëîõĦîéÎåêðïðëßçÑòáîÝèèðäá ÄëÝîàóÝïßëêïåàáîáàðëëìáîÝðááĪáßðåòáèõóåðäÝììîëìîåÝðá engagement and challenge from all Directors. The balance of the ðëìåßïïñÞéåððáàðëðäáÄëÝîàâëîàåïßñïïåëêóÝïðäáïñÞæáßðëâ ïëéáàáÞÝðáÝêàðäåïåïÝêÝîáÝËåêðáêàðëîáòåáóâñîðäáîåê to ensure that the Board's time is devoted to matters that add maximum value to the business. The evaluation highlighted a number of ongoing Board priorities, including its continued focus on strategic execution, the scope to improve the process for the Board's engagement with the workforce, and ensuring that we continue work to ensure there are robust succession plans for ÇôáßñðåòáÆåîáßðëîÝêàÉÇÅîëèáïóåðäóåàáîðÝèáêðàáòáèëìéáêð fully aligned to the strategic requirements of the business. ÖäáÄëÝîàåïìîëãîáïïåêãðäáïáåê

Yours sincerely

Carl-Peter Forster

Chairman ÏÝîßä

In this section

Board leadership and Company purpose on p93
Division of responsibilities on p96
Audit Committee report on p101
Nomination Committee report on p110
Directors' Remuneration Report on p116
Also see:
Group's statement of purpose on p1
Strategic Report on p1–85

Corporate Governance Statement continued

Board Report

	2018 UK Corporate Governance Code – information availability
Board leadership and Company	ÖäáÅëîìëîÝðáÉëòáîêÝêßáïðÝðáéáêðÅÉÕðÝðáéáêðžëêìÝãáï%› ãåòáïåêâëîéÝðåëêëêðäá Group's compliance with the Principles relating to the Board's leadership and Company purpose. More detailed information on:
purpose	› ÖäáÉîëñìĎïïðÝðáéáêðëâìñîìëïáßÝêÞáâëñêàëêìÝãá
	› The Group's strategy, resources and the indicators it uses to measure performance can be found on ìÝãáï\$Ýêà%ÝêàÝêà"Ýêà#îáïìáßðåòáèõ
	› ÖäáÉîëñìĎïáêãÝãáéáêðóåðäïðÝçáäëèàáîïÝêàðäáÉîëñìĎïÕáßðåëê#žÕðÝðáéáêðåïßëêðÝåêáàåê ðäáÕáßðåëê#žÕðÝðáéáêðÝêàïðÝçáäëèàáîáêãÝãáéáêðïáßðåëêëêìÝãáï›"
	› ÖäáÉîëñìĎïÝììîëÝßäðëóëîçâëîßáéÝððáîïßÝêÞáâëñêàåêðäáÑñîìáëìèáïáßðåëêëêìÝãáï# ›\$ with further details of the Group's approach to employee involvement and engagement contained in the Õáßðåëê#žÕðÝðáéáêðëêìÝãá
	ÆáðÝåèïëâðäáÉîëñìĎïâîÝéáóëîçëâßëêðîëèïåïßëêðÝåêáàåêðäáÃñàåðÅëééåððááîáìëîðëêìÝãáï ›" ëâðäáÅÉÕðÝðáéáêðÝêàåêðäáÔåïçòåÝÞåèåðõÝêàãëåêãßëêßáîêïáßðåëêëêìÝãáï%Ýêà
Division of responsibilities	The CG Statement describes the structure and operation of the Board. The Nomination Committee report, ëêìÝãáï Ýêà!àáïßîåÞáïðäáìîëßáïïðäáÅëéìÝêõßëêàñßðïðëáòÝèñÝðáðäáÄëÝîàðëáêïñîáðäÝðåð ßëêðåêñáïðëëìáîÝðááĪáßðåòáèõðäÝðåêàåòåàñÝèÆåîáßðëîïĎßëêðîåÞñðåëêïÝîáÝììîëìîåÝðáÝêàðäÝððäá oversight of the Chairman promotes a culture of openness and constructive yet challenging debate.
Composition, succession and evaluation	Details of the skills, experience and knowledge of the existing Board members can be found in the Board ÞåëãîÝìäåáïßëêðÝåêáàëêìÝãáï\$\$Ýêà\$%ËêâëîéÝðåëêëêðäáÄëÝîàĎïÝììëåêðéáêðìîëßáïïÝêàÝììîëÝßä to succession planning and Board evaluation is contained in the Nomination Committee report on pages š!ëâðäáÅÉÕðÝðáéáêð
Audit, risk and internal control	ËêâëîéÝðåëêëêðäáìëèåßåáïÝêàìîëßáàñîáïðäáÉîëñìäÝïåêìèÝßáðëéëêåðëîðäááĪáßðåòáêáïïëâðäá ÉîëñìĎïËêðáîêÝèÝêàÇôðáîêÝèÃñàåðâñêßðåëêïÝêàðäáåêðáãîåðõëâðäáÉîëñìĎïĦêÝêßåÝèïðÝðáéáêðïåï ßëêðÝåêáàåêðäáÃñàåðÅëééåððááîáìëîðëêìÝãáï›%ëâðäáÅÉÕðÝðáéáêðÝèëêãóåðäÝêëòáîòåáó ëâðäáìîëßáàñîáïåêìèÝßáðëéÝêÝãáîåïçÝêàëòáîïááðäáåêðáîêÝèßëêðîëèâîÝéáóëîçÈñîðäáîåêâëîéÝðåëê on the Group's approach to risk management is contained in the Risk, viability and going concern section ëâðäáÕðîÝðáãåßÔáòåáóëêìÝãáï#›ÖäáÄëÝîàÞáèåáòáïðäáÃêêñÝèÔáìëîððëÞáÝâÝåîÞÝèÝêßáà and understandable assessment of the Company's position and prospects. A description of the Audit Committee's work in enabling the Board to reach this conclusion is contained in the Audit Committee îáìëîðëêìÝãá
Remuneration	The Company's approach to investing in and rewarding its workforce is described in the Our people section ëêìÝãáï# š\$ÖäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðïáßðåëêëâðäáÅÉÕðÝðáéáêðàáïßîåÞáïðäáÉîëñìĎï approach to Directors' remuneration, including the procedure for developing policy and the Remuneration Committee's discretion for authorising remuneration outcomes. It also includes information about the Remuneration Consultants appointed by the Remuneration Committee. Details of the linkage of the ÆåîáßðëîïĎÔáéñêáîÝðåëêÒëèåßõóåðäèëêãšðáîéïðîÝðáãõåïßëêðÝåêáàëêìÝãá%ÝêàÝèïëäåãäèåãäðáà ëêìÝãáï"Ýêà#åêðäáïáßðåëêëêÍáõÒáîâëîéÝêßáËêàåßÝðëîï

The aforementioned sections are incorporated into the Corporate Governance Report by reference.

ÖäáÄëÝîàåïîáïìëêïåÞèáâëîèáÝàåêãðäáÉîëñìåêÝêáĨßåáêð and entrepreneurial manner, establishing the Group's purpose, values and strategy, and satisfying itself that these and the Group's culture are aligned. It focuses primarily on strategic and policy issues and is responsible for ensuring the long-term sustainable success of the Group. It sets the Group's strategy, oversees the allocation of resources and monitors the ìáîâëîéÝêßáëâðäáÉîëñìËðåïîáïìëêïåÞèáâëîáĪáßðåòáîåïç assessment and management. In performance of these duties, the Board has regard to the interests of the Group's key stakeholders and is cognisant of the potential impact of the decisions it makes on wider society.

Purpose

Vesuvius' purpose is to be a global leader in molten metal ħëóáêãåêááîåêãÝêàðáßäêëèëãõïáîòåßåêãìîëßáïïåêàñïðîåáï operating in challenging high-temperature conditions. We think beyond the status quo to create the innovative solutions that will shape the future for our customers, wider stakeholders and business. We help our customers make their industrial processes ïÝâáîéëîááĨßåáêðÝêàïñïðÝåêÝÞèáÖäáÉîëñìÝåéïðëàáèåòáî ïñïðÝåêÝÞèáìîëĦðÝÞèáãîëóðäìîëòåàåêãåðïïäÝîáäëèàáîïóåðä a superior return on their investment, whilst providing each of its employees with a safe workplace where they are recognised, developed and properly rewarded.

ÖäáÄëÝîàäÝïåàáêðåĦáàïáòáêÕðîÝðáãåßÑÞæáßðåòáïâëîÝßäåáòåêã èëêãðáîéïñïðÝåêÝÞèáïñßßáïïËðåïßñîîáêðèõìñîïñåêãĦòá shorter-term key execution priorities, which encapsulate the Group's immediate aims, including its strategic focus on ïñïðÝåêÝÞåèåðõÈñîðäáîåêâëîéÝðåëêëêðäáïáßÝêÞáâëñêàëê ìÝãáï\$Ýêà%ÖäáÄëÝîàîáãñèÝîèõîáòåáóïðäáÉîëñìĎï performance against a number of Key Performance Indicators (KPIs) which provide information on key aspects of the Group's ĦêÝêßåÝèÝêàêëêĦêÝêßåÝèìáîâëîéÝêßáÖäåïåêâëîéÝðåëêÝïïåïðï the Board to assess progress with the execution of the Group's strategy and to determine any remedial action that needs to be taken. Detailed information on the Group's KPIs can be found on ìÝãáï"Ýêà#

The Group has established a framework of controls to enable risk to be assessed and managed, and further information on this can be found in the Audit, risk and internal control section on ìÝãáëâðäåïÄëÝîàÔáìëîð

Sustainability

Vesuvius recognises that lasting business success is measured êëðëêèõåêĦêÝêßåÝèìáîâëîéÝêßáÞñðåêðäáóÝõåêóäåßäðäá Group deals with its customers, business associates, employees, investors and local communities. Our Sustainability strategy ïñììëîðïðäáÉîëñìĎïçáõÕðîÝðáãåßÑÞæáßðåòáïóäåßäÝîáâëßñïáà ëêßîáÝðåêãÝÞáððáîðëéëîîëóåêÝìîëĦðÝÞèáÝêàïñïðÝåêÝÞèá way. To drive change throughout the Group, the Board has set ïìáßåĦßðÝîãáðïâëßñïáàëêóÝõïåêóäåßäðäáÉîëñìßÝêåéìîëòá its impact on our planet, our communities, our people and our customers. The Board monitors these and oversees the work of the Sustainability Council in spearheading new activities to áêäÝêßáëñîìáîâëîéÝêßáÈñîðäáîåêâëîéÝðåëêßÝêÞáâëñêà åêðäáÕñïðÝåêÝÞåèåðõïáßðåëêëêìÝãáï!\$!

Culture

The Board takes seriously its responsibility for shaping and monitoring the corporate culture of the Group. The Group's ÅÑÔÇØÝèñáïÅëñîÝãáÑóêáîïäåìÔáïìáßðÝêàÇêáîãõ àáĦêáëñîÞáäÝòåëñîïÝßîëïïðäáÞñïåêáïïÝêàÝîáðäáìîÝßðåßÝè representation of the culture we seek to foster, aligning with the Company's purpose and strategy, and supporting our governance and control processes. These Values are prominently àåïìèÝõáàÝðÝèèïåðáïÑñîÅÑÔÇØÝèñáïÝîáîáåêâëîßáàåêëñî performance management systems, which ensures that they ÝîáĦîéèõáéÞáààáàåêëñîàÝõðëàÝõßëêòáîïÝðåëêïÝêà ÞáäÝòåëñîïÈñîðäáîàáðÝåèßÝêÞáâëñêàëêìÝãá#"

ÖäáÅÑÔÇØÝèñáïÝîáïñììëîðáàÞõðäáÉîëñìĎïÅëàáëâ Conduct which sets out the standards of conduct expected, without exception, of everyone who works for Vesuvius in any of its worldwide operations. The Code of Conduct emphasises the Group's commitment to ethical behaviour and compliance with the law. It also covers every aspect of Vesuvius' approach to business, from the way that the Group engages with customers, employees, its markets and each of its other stakeholders, to the safety of its employees and places of óëîçÇòáîõëêáóåðäåêØáïñòåñïåïåêàåòåàñÝèèõÝßßëñêðÝÞèáâëî upholding these requirements.

The Board seeks to ensure that the Group's workforce policies and practices are consistent with the Group's long-term sustainable ïñßßáïïÈñîðäáîåêâëîéÝðåëêÝÞëñððäáÉîëñìĎïîáéñêáîÝðåëê practices for senior managers can be found in the Directors' ÔáéñêáîÝðåëêÔáìëîðëêìÝãáï" ðäáÉîëñìĎïÝììîëÝßäðë àåòáîïåðõåêðäáÐëéåêÝðåëêÅëééåððááîáìëîðëêìÝãáï and the Group's approach to HR matters in the Our people ïáßðåëêëêìÝãáï# \$ËêâëîéÝðåëêëêðäáÉîëñìĎïÕìáÝç×ì ßëêĦàáêðåÝèáéìèëõááßëêßáîêäáèìèåêáåïïáðëñðëòáîèáÝâ

Corporate Governance Statement continued

Whistleblowing policy

Speak Up

All Vesuvius employees can speak up without fear of retaliation, either to Vesuvius management or via independent channels. We have implemented a Speak Up policy, under the responsibility of our Board, which is included in our Code of Conduct. Details of it are provided on the internal Vesuvius website, and communicated by local language posters in all our locations. A third-party operated ßëêĦàáêðåÝèÕìáÝç×ìäáèìèåêáåïÝòÝåèÝÞèá "!àÝõïìáîõáÝî äëñîïìáîàÝõðëÝêõëêá wishing to raise concerns anonymously or in situations where they feel unable to report directly. Details of the helpline can also be found on the Vesuvius website. This independent facility supports online reporting through a web portal and reporting by phone ëîÞõòëåßáéÝåèÇêïñîåêããèëÞÝèÝßßáïïåÞåèåðõ employees can speak with operators in any of our 29 functional languages.

All reports received are reviewed and, where appropriate, investigated and feedback is provided to the reporter via the helpline portal. Vesuvius' Speak Up helpline is highlighted during internal compliance training and new æëåêáîåêàñßðåëêïÐëØáïñòåñïáéìèëõááóåèè ever be penalised or disadvantaged for reporting a legitimate concern in good faith. Reports received via Speak Up channels are managed by the General Counsel and Compliance Director. When received, reports are assessed for risk and category of concern. All reports are considered in line with a protocol for review, investigation, action, closure and feedback, independent of management lines where necessary, and involving senior Business ×êåðëîÊÔéÝêÝãáéáêðÝïÝììîëìîåÝðáÈëî complex issues, formal investigation plans are drawn up, and support from external experts is áêãÝãáàóäáîáêáßáïïÝîõÈááàÞÝßçåï recognised as an important element of the Speak Up process and we aim to provide an ñìàÝðáëêÝèèîáìëîðïóåðäåê\$àÝõïëâîáßáåìð The Group monitors the volume, geographic distribution and range of reports made to the

Speak Up facility to ascertain not only óäáðäáîðäáîáÝîáïåãêåĦßÝêðîáãåëêÝè compliance concerns, but also whether there are countries where access to this facility is less well understood or publicised.

During 2022, the Board received updates on the nature and volume of reports received from ðäáßëêĦàáêðåÝèÕìáÝç×ìäáèìèåêáçáõðäáéáï emerging from these reports and the results ëâÝêõåêòáïðåãÝðåëêïñêàáîðÝçáêÈñîðäáî àáðÝåèïëêïìáßåĦßåïïñáïóáîáìîëòåàáàóäáîá îáíñáïðáàËêðäáÉîëñìîáßáåòáà îáìëîðï%ðäîëñãäðäáÕìáÝç×ìâÝßåèåðõ Ýêà\$óÝèçåêîáìëîðï% ÇÝßäëêáëâ these was reviewed and, where appropriate, åêòáïðåãÝðáàÕåéåèÝîðëÝïñÞïðÝêðåÝè éÝæëîåðõëâðäáïáîáìëîðïîáèÝðáàðëÊÔåïïñáï which indicated no compliance concerns, nor serious breaches of the Code of Conduct. Of the small number of reports received that contained allegations of a breach of our Code of Conduct, thorough investigations were performed and, where appropriate, disciplinary action was taken.

During the year, the Board's assessment of the Group's culture focused on the Group's:

(1) Adherence to the CORE Values – The Board focused on ensuring that there was a consistent culture across the Group, ñêàáîìåêêáàÞõðäáÅÑÔÇØÝèñáïÆñîåêãðäáåîïåðáòåïåðïðäá Directors focused on the extent to which the Values are published, understood and motivate employee behaviour, and reported ëêðäáåîåêàåòåàñÝèĦêàåêãïÝïìÝîðëâðäáåîâááàÞÝßçÆñîåêãðäá year, nominations were once again sought for the Group's ìááîêëéåêÝðáàÎåòåêãÖäáØÝèñáïÃóÝîàïÖäáÄëÝîàóÝï àáèåãäðáàðäÝððäáîáóáîáÝèéëïð"êëéåêÝðåëêïïäëóßÝïåêã examples of individuals and teams going the 'extra mile' to live ðäáÅÑÔÇØÝèñáïÏáéÞáîïëâðäáÉîëñìÇôáßñðåòáÅëééåððáá presented both regional and global awards as part of the process of recognising those individuals who exemplify our values. This year, the global award presentation was held online to ÝèèëóÝèèáéìèëõááïðëæëåêÖäáïðîáêãðäëâðäáÉîëñìĎï commitment to its Values was evidenced by the activities undertaken in the Group during the year to support our Ukrainian colleagues and their families, and by the energy that was applied throughout the business to the pursuit of new and innovative business approaches.

(2) Commitment to safety ÃðáÝßäéááðåêãàñîåêãðäáõáÝî ðäáÄëÝîàîáßáåòáàÝêñìàÝðáëêåïïñáïÝĪáßðåêãðäáãèëÞÝè äáÝèðäÝêàóáèèÞáåêãëâðäáÉîëñìĎïáéìèëõááïÈëèèëóåêãðäá tragic fatality in China, the Board was kept fully apprised of the investigations into its cause and the mitigating actions being taken. As a matter of course the Board receives regular updates on the Group's performance against safety targets, and discusses ÝèèÎëïðÖåéáËêßåàáêðïÝêàðäáâëèèëóñìÝßðåëêðÝçáêËêÝààåðåëê the Board receives biannual reports on the progress of the Group's safety programmes. The Directors used individual site visits to ÝïïáïïáÝßäïåðáĎïßëééåðéáêððëïÝâáðõÝêàðäáÇôáßñðåòá ÆåîáßðëîïÝêàÉîëñìÇôáßñðåòáÅëééåððááéáéÞáîïĎèëêãðáîé incentives include a safety target alongside other sustainability

measures. A core tenet of the Group's Sustainability Initiative is a âëßñïëêáêïñîåêãðäáÉîëñìÝĪëîàïÝïÝâáóëîçåêãáêòåîëêéáêð for all its employees. The Board has set a challenging Group ïÝâáðõðÝîãáðëââáóáîðäÝêëêáèëïððåéáåêæñîõìáîéåèèåëêäëñîï worked. This equates to an average of less than two lost time óëîçîáèÝðáàåêæñîåáïëîåèèêáïïáïìáîéëêðä

(3) EntrepreneurshipÃïìÝîðëâðäáÄëÝîàĎïîëèèåêãÝãáêàÝ the Board received reports from each of the Business Unit Presidents on their business' strategy, new commercial initiatives and future technology trends. These were complemented by a presentation from the President, Operations and Technology on R&D activities throughout the Group, including the processing of new product launches. The Nomination Committee focused on the development and retention of key talent across the Group to execute the Group strategy, and the Board also received reports on the key commercial achievements across the Business Units as ìÝîðëâîáãñèÝîîáìëîðåêãâîëéðäáÅäåáâÇôáßñðåòá

(4) Transparency ÙåðäðäáèåâðåêãëâÅÑØËÆ%ðîÝòáèîáïðîåßðåëêï the Board was once again able to undertake individual and collective site visits to meet employees face-to-face in 2022. The engagement and openness of the employees the Board met, both in person and virtually over the course of the year, óÝïÝïïáïïáàåêðáîéïëâðäáÉîëñìĎïßñèðñîáÖäáïáĦîïðäÝêà reviews were supported by the Directors' review of the output of the Group's Speak Up processes. In addition, the Audit ÅëééåððááïëñãäðíñÝèåðÝðåòáâááàÞÝßçâîëéÇôðáîêÝèÝêà Internal Audit on how transparent/engaged managers had been during audit interactions.

(5) Customer focus ÖäáÅäåáâÇôáßñðåòáñêàáîðëëçÝîÝêãá of customer visits in 2022, meeting face-to-face with key customers to discuss business challenges and future prospects. ÖäáÄëÝîàîáßáåòáààáðÝåèáàÞîåáĦêãïëêðäáÉîëñìĎïçáõ customers, their concentration, diversity and core challenges, alongside information on the state of the Group's markets. The Board also received regular updates on quality performance. These were supported by a full annual presentation on the Group's ongoing initiatives on quality and information provided ÝðáÝßäÄëÝîàéááðåêãëêïìáßåĦßíñÝèåðõåïïñáïÃðáÝßäÄëÝîà meeting, the Board also considered the state of the Group's markets and the associated customer developments.

(6) Diversity and respect for local culturesÆñîåêã the Board, through the work of the Nomination Committee, considered the Board's diversity as part of the Director recruitment exercises and monitored progress with the achievement of the Group's gender diversity target which ïááçïðëäÝòá!YâáéÝèáîáìîáïáêðÝðåëêåêðäáÕáêåëîÎáÝàáîïäåì Éîëñìóäåßäßëéìîåïáïß"åêàåòåàñÝèïÞõ!ÖäáÄëÝîà also reviewed the results of the employee engagement survey and subsequent management actions to support its diversity initiatives.

ÈëèèëóåêãðäááÝïåêãëâÅÑØËÆ%ðîÝòáèîáïðîåßðåëêïàñîåêã 2022, the Directors were once again able to undertake a ìîëãîÝééáëâåêàåòåàñÝèïåðáòåïåðïÃêëĪïåðáÄëÝîàéááðåêãóÝï äáèàåêËêàåÝóåðäòåïåðïßëêàñßðáàðëÈëïáßëËêàåÝÎðàĎïïåðáåêÒñêá ÝêàØáïñòåñïËêàåÝÎðàĎïëìáîÝðåëêåêØåïÝçäÝìÝðêÝéËêÝààåðåëê the Non-executive Directors visited sites in Toyokawa in Japan, ÔåëàáÌÝêáåîëåêÄîÝöåèÏëêðáîîáõåêÏáôåßëÇêïßäáàáåêðäá Netherlands, Skawina in Poland, Borken in Germany and Ghlin in Belgium. The visits provided the Board with greater clarity on local organisation and management, along with providing updates on business performance. During the visits the Directors were able to interact with a cross-section of employees, from various functions and organisational levels. As part of some of these site visits a 'town hall' meeting was held, providing the Non-executive Directors with the opportunity to engage with the workforce to explain the function of the Board and also to explain how executive remuneration aligns with wider Company pay policies. ÃêñéÞáîëâëðäáîåêâëîéÝèåêðáîÝßðåëêïóåðäïðÝĪóáîáÝèïë conducted. These meetings gave the Non-executive Directors the opportunity to hear the views of employees and answer their questions about the Company. The Directors engaged in ĦîïðäÝêààåïßñïïåëêïëêßñèðñîáÝêàìñîìëïáìîëòåàåêãàåîáßð feedback to the Board on their perceptions of each site and potential areas for improvement, alongside highlighting examples of best practice that could be shared more widely.

Section 172 duties

The Directors are cognisant of the duty they have under Section #ëâðäáÅëéìÝêåáïÃßð"ðëìîëéëðáðäáïñßßáïïëâðäá ÅëéìÝêõëòáîðäáèëêãðáîéâëîðäáÞáêáĦðëâïäÝîáäëèàáîï as a whole, whilst also having regard to a range of other key stakeholders. In performance of its duties throughout the year, the Board has had regard to these duties and remained cognisant of the potential impact on these stakeholders of the Group's ÝßðåòåðåáïÖäááĪáßðïëâðäáóÝîåê×çîÝåêáÝêàðäáóåàáî economic impact, had repercussions for all the Group's stakeholders, and the Board remained cognisant of this throughout 2022. Details of the Board and the Company's engagement with stakeholders during the year can be found åêðäáÕáßðåëê#ÕðÝðáéáêðëêìÝãáï"

The Board is committed to communicating with shareholders and other stakeholders in a clear and open manner and seeks to áêïñîááĪáßðåòááêãÝãáéáêððäîëñãäðäáÅëéìÝêõĎïîáãñèÝî activities. The Company undertakes an ongoing programme of meetings with investors, which is managed by the Investor ÔáèÝðåëêïðáÝéÖäáéÝæëîåðõëâéááðåêãïóåðäåêòáïðëîïÝîáèáàÞõ ðäáÅäåáâÇôáßñðåòáÝêàðäáÅäåáâÈåêÝêßåÝèÑĨßáîÞñððäá Chairman also meets with shareholders, and all the Directors are available to meet shareholders on request. The Group appointed a new Investor Relations Manager during the year who is also available to support investors and acts as an extra point of contact in the Company. In advance of the AGM in May, the Chairman contacted the Group's largest shareholders informing ðäáéëâðäáìñÞèåßÝðåëêëâðäáÃêêñÝèÔáìëîðÝêàðäá ÃÉÏÐëðåßáÝêàëĪáîåêãðëéááðóåðäðäáéðëàåïßñïïÝêõ matters of concern. Several shareholders acknowledged receipt of the email, but none requested any further follow-up.

With regard to remuneration matters, early in 2022 the Chair of the Remuneration Committee wrote to our largest shareholders and key governance agencies, to provide additional detail on the Group's executive remuneration proposals for 2022 and invite âñîðäáîáêãÝãáéáêðÔáïìëêïáïóáîáîáßáåòáàâîëéðäáéÝæëîåðõ of shareholders and governance agencies, and further information provided as requested. As a result of this dialogue, the Remuneration Committee concluded that the proposals were well supported and proceeded to implement them. Towards the end of the year the Chair of the Remuneration Committee contacted these shareholders and governance agencies once again, to invite their feedback on proposals to table minor amendments to the Company's Remuneration Policy at the ÃÉÏÝêàðëéÝçáßäÝêãáïðëðäáÅäåáâÇôáßñðåòáĎï îáéñêáîÝðåëêÃãÝåêîáïìëêïáïóáîáîáßáåòáàâîëéðäáéÝæëîåðõ of shareholders and governance agencies, with extensive further dialogue and a number of meetings held to discuss the proposals. The Remuneration Committee will proceed to table the new ÒëèåßõÝððäáâëîðäßëéåêãÃÉÏÈñîðäáîàáðÝåèåïßëêðÝåêáàåêðäá ÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðëêìÝãáï"

Statement on compliance with the UK Corporate Governance Code

ÕÝòáÝïïáðëñðâëîÒîëòåïåëêï%Ýêà\$ÞáèëóðäáÅëéìÝêõ ÝììèåáàðäáÒîåêßåìèáïëâðäá\$×ÍÅëîìëîÝðáÉëòáîêÝêßá Code (the 'Code'), and was fully compliant with its Provisions, ðäîëñãäëñððäáõáÝîáêàáàÆáßáéÞáîÃßëìõëâðäá ÅëàáßÝêÞáâëñêàëêðäáÈÔÅóáÞïåðáÝðäððìïóóóâîßëîãñç directors/corporate-governance-and-stewardship/ uk-corporate-governance-code.

Provision 19: ÌëäêÏ߯ëêëñãäÅÄÇßëéìèáðáàêåêáõáÝîïĎ ïáîòåßáÝïÅäÝåîéÝêëâðäáÄëÝîàëêÑßðëÞáîÖäá ÅëéìÝêõßëééáêßáàÝïáÝîßäâëîÝêáóÅäÝåîéÝêåê and the process, which took longer than anticipated, was ßëéìèáðáàåêÃìîåèËêëîàáîðëÝèèëóÅÝîèÒáðáîÈëîïðáîðë step down from certain external commitments in advance of his ÝììëåêðéáêðÝðØáïñòåñïäáæëåêáàðäáÄëÝîàëêÐëòáéÞáî 2022. He subsequently took over from John McDonough as ÅäÝåîéÝêëêÆáßáéÞáîÝðóäåßäìëåêðÏîÏ߯ëêëñãä left the Board.

Provision 38:The Company has now implemented plans to ÝèåãêðäáèáòáèëâìáêïåëêÝèèëóÝêßáâëîÇôáßñðåòáÆåîáßðëîïóåðä ðäÝðÝììèåßÝÞèáðëðäáéÝæëîåðõëâðäáóëîçâëîßáÕåêßá ëñîåêßñéÞáêðÇôáßñðåòáÆåîáßðëîïĎìáêïåëêßëêðîåÞñðåëêïóáîá âîëöáêÝððäáÌÝêñÝîõÝéëñêðÝêàîáàñßáàðë#YÝððäá áêàëâÞáåêãðäáèáòáèëâðäáéÝæëîåðõëâðäáóëîçâëîßá ÈñîðäáîàáðÝåèïßÝêÞáâëñêàëêìÝãá!

Corporate Governance Statement continued

Division of responsibilities

ÖäáÄëÝîàßñîîáêðèõßëéìîåïáïáåãäðÆåîáßðëîïðäáÐëê áôáßñðåòáÅäÝåîéÝêÅÝîèÒáðáîÈëîïðáîðäáÅäåáâÇôáßñðåòá ÒÝðîåßçÃêàîƇÝêàïåôÐëêáôáßñðåòáÆåîáßðëîïÅÝîèÝÄÝåèë ÍÝðäÆñîîÝêðÆåêããñåÉÝëÈîåáàáîåçáÊáèâáîÌÝêáÊåêçèáõÝêà Douglas Hurt. Douglas Hurt is the Senior Independent Director. ÊáêîõÍêëóèáïåïðäáÅëéìÝêõÕáßîáðÝîõÅÝîèëÄÝåèëæëåêáàðäá ÄëÝîàëêÈáÞîñÝîõÉñõÛëñêãÅäåáâÈåêÝêßåÝèÑĨßáî served on the Board throughout 2022 and stepped down from ðäáÄëÝîàëê#ÈáÞîñÝîõóäáêäáèáâððäáÅëéìÝêõ

The Board considers that, for the purposes of the UK Corporate ÉëòáîêÝêßáÅëàá#YëâðäáÄëÝîàĦòáëâðäáßñîîáêð Non-executive Directors (excluding the Non-executive Chairman), namely Carla Bailo, Kath Durrant, Dinggui Gao, Jane Hinkley and Douglas Hurt, are independent of management and free from ÝêõÞñïåêáïïëîëðäáîîáèÝðåëêïäåìóäåßäßëñèàÝĪáßððäááôáîßåïá

ëâðäáåîåêàáìáêàáêðæñàãáéáêðÆñîåêãðäáÄëÝîà considered Jane Hinkley's tenure and concluded that she should continue to be regarded as independent despite having ßëéìèáðáàðáêõáÝîïëâïáîòåßáëêðäáÄëÝîàëêÆáßáéÞáî 2022, as she continues to operate with an independent spirit and exhibits robust challenge at Board and Committee meetings. Jane will step down from the Board at the close of the forthcoming ÃÉÏÈîåáàáîåçáÊáèâáîåïÝÒÝîðêáîëâÅáòåÝêÅÝìåðÝèóäåßä ßëêðåêñáïðëäëèàYëâØáïñòåñïĎåïïñáàëîàåêÝîõïäÝîá ßÝìåðÝèÃïÝîáïñèðÈîåáàáîåçáÊáèâáîåïêëðßëêïåàáîáàðëÞá åêàáìáêàáêðÖäáÅäÝåîéÝêïÝðåïĦáàðäáåêàáìáêàáêßá criteria on his appointment to the Board. The Board and its Committees have a wide range of skills, experience and knowledge, and further details of each Director's individual contribution in this regard can be found in their biographical àáðÝåèïëêìÝãáï\$\$Ýêà\$%

Division of responsibilities

The Board

Responsible for Group strategy, risk management, succession and policy issues. Sets the purpose, Values and culture for the Group. Monitors the Group's progress against the targets set

Chairman

Provides leadership and guidance for the Board, promoting a high standard of corporate governance. Sets the Board agenda and chairs and manages meetings. Independent on appointment, he is the link between the ÇôáßñðåòáÝêàÐëêáôáßñðåòáÆåîáßðëîï

Chief Executive

Develops strategy for review and approval by the Board. Directs, monitors and manages the operational performance of the Company. Responsible for the application of Group policies, implementation of Group strategy and the resources for their delivery. Accountable to the Board for Group performance

ÅäåáâÈåêÝêßåÝèÑĨßáî

ÕñììëîðïðäáÅäåáâÇôáßñðåòáåê developing strategic direction and works with the Board to develop and implement the Group's strategy. Directs, monitors and manages the ĦêÝêßáÝêàËÖâñêßðåëêïðëáêïñîáðäá ÅëéìÝêõĎïĦêÝêßåÝèëÞæáßðåòáïÝîáéáð áêïñîåêãïëñêàĦêÝêßåÝèéÝêÝãáéáêð and control of the Company's business

Senior Independent Director

Acts as a sounding board for the Chairman, an alternative contact for shareholders and an intermediary for other Non-executive Directors. ÎáÝàïðäáÝêêñÝèáòÝèñÝðåëêëâðäá Chairman and recruitment process for the Chairman's replacement, when required

Non-executive Directors

ÇôáîßåïáÝïðîëêãåêàáìáêàáêð voice, constructively challenging and ïñììëîðåêãðäáÇôáßñðåòáÆåîáßðëîï Scrutinise performance against ëÞæáßðåòáïÝêàéëêåðëîĦêÝêßåÝè reporting. Monitor and oversee risks ÝêàßëêðîëèïàáðáîéåêáÇôáßñðåòá Director remuneration and manage Board succession through their Committee responsibilities. The Non-executive Directors meet at least ðóåßáÝõáÝîóåðäëñððäáÇôáßñðåòá Directors being present

Company Secretary

Advises the Chairman on governance, together with providing updates on regulatory and compliance matters. Supports the Board ÝãáêàÝóåðäßèáÝîåêâëîéÝðåëêħëóÃßðïÝïÝèåêçÞáðóááêðäáÄëÝîàÝêàåðïÅëééåððááïÝêàÞáðóááêðäáÐëêáôáßñðåòáÆåîáßðëîï and senior management

The Chairman and Chief Executive

The division of responsibilities between the Chairman and the ÅäåáâÇôáßñðåòáåïïáðëñðåêóîåðåêãÖäáïáóáîáîáòåáóáààñîåêã the year as part of the Company's annual corporate governance review. They are available to view on the Company's website: www.vesuvius.com.

The Board

The Board has a formal schedule of matters reserved to it and delegates certain matters to its Committees. It is anticipated that ðäáÄëÝîàóåèèßëêòáêáëêïáòáêëßßÝïåëêïàñîåêãäëèàåêã ad hoc meetings to consider non-scheduled business if required.

Board Committees

The principal governance Committees of the Board are the ÃñàåðÐëéåêÝðåëêÝêàÔáéñêáîÝðåëêÅëééåððááïÇÝßä Committee has written terms of reference which were reviewed during the year. These terms of reference are available to view on the Company's website: www.vesuvius.com.

Committee composition is set out in the relevant Committee reports. No one, other than the Committee Chairman and members of the Committee, is entitled to participate in meetings of the Audit, Nomination and Remuneration Committees. However, as detailed in the Committee reports, where the agenda permits, other Directors and senior management regularly attend by invitation, supporting the operation of each of the Committees in an open and consensual manner.

The interactions in the governance process are shown in the schematic below.

Group Executive Committee

ÖäáÉîëñìÝèïëëìáîÝðáïÝÉîëñìÇôáßñðåòáÅëééåððááÉÇÅ óäåßäåïßëêòáêáàÝêàßäÝåîáàÞõðäáÅäåáâÇôáßñðåòáÝêàÝïïåïðï äåéåêàåïßäÝîãåêãäåïîáïìëêïåÞåèåðåáïÆñîåêãðäáÉÇÅ ßëéìîåïáàðäáÅäåáâÇôáßñðåòáÅäåáâÈåêÝêßåÝèÑĨßáîðäáéÝåê Äñïåêáïï×êåðÒîáïåàáêðïðäáÅäåáâÊÔÑĨßáîðäáÒîáïåàáêð Operations and Technology and the General Counsel/Company ÕáßîáðÝîõÖäáÉÇÅéáðâëîïåôâëîéÝèéñèðåàÝõéááðåêãïÝêà two R&D reviews during 2022, and also held bi-weekly meetings to discuss the Group's business activities.

Governance Committees		Administrative Committees In addition, the Board delegates certain responsibilities to a ÈåêÝêßáÅëééåððááÝêàÕäÝîáÕßäáéáÅëééåððááóäåßäëìáîÝðá in accordance with the delegated authority agreed by the Board
Audit Committee To monitor the integrity of ĦêÝêßåÝèîáìëîðåêãÝêàðë assist the Board in its review ëâðäááĪáßðåòáêáïïëâðäá Group's internal controls and risk management systems	Chair Douglas Hurt Membership All independent Non-executive Directors	Finance Committee ÖëÝììîëòáïìáßåĦßâñêàåêã and treasury-related matters in accordance with the Group's delegated authorities or as delegated by the Board	Chair ÅÝîèšÒáðáîÈëîïðáîÅäÝåîéÝê Membership ÅäÝåîéÝêÅäåáâÇôáßñðåòá ÅäåáâÈåêÝêßåÝèÑĨßáîÝêà Group Treasurer
Remuneration Committee To determine the remuneration policy âëîðäáÇôáßñðåòáÆåîáßðëîï and set the appropriate remuneration for the ÅäÝåîéÝêÇôáßñðåòá Directors and senior management	Chair Kath Durrant Membership All independent Non-executive Directors	Share Scheme Committee To facilitate the administration of the Company's share schemes	Chair Any Board member Membership Any two Directors or any two Directors and the Company Secretary
Nomination Committee To advise the Board on appointments, retirements and resignations from the Board and its Committees and to review succession planning and talent development for the Board and senior management	Chair ÅÝîèšÒáðáîÈëîïðáîÅäÝåîéÝê (except when considering his own succession, in which case the Committee would be chaired by the Senior Independent Director) Membership Chairman and the Non-executive Directors

Corporate Governance Statement continued

2022 Board programme The Board discharges its responsibilities through an annual programme of meetings. At each of the regularly scheduled meetings, a number of standard items were considered. These included: ÆåîáßðëîïĎàñðåáïåêßèñàåêãðäëïáåêîáïìáßðëâï#Ýêàßëêħåßðï of interest Minutes of the previous meeting and matters arising ÔáìëîðïâîëéðäáÅäåáâÇôáßñðåòáÅÇÑÝêàðäáÅäåáâÈåêÝêßåÝè ÑĨßáîÅÈÑëêçáõÝïìáßðïëâðäáÞñïåêáïïÝêàðäáÉáêáîÝè Counsel and Company Secretary on governance matters In 2022, the Board focused on key areas of strategy, performance and governance, including the matters outlined below: Strategy Reviewing M&A opportunities and approving the acquisition of Bayuquan Magnesium Co ÔáßáåòåêãÝêàîáòåáóåêãîáìëîðïëêïðîÝðáãõâîëéðäáÈèëóÅëêðîëèÃàòÝêßáàÔáâîÝßðëîåáïÈëñêàîõÝêà Sensors & Probes Business Units ÔáòåáóåêãÝêàÝììîëòåêãïåãêåĦßÝêðåðáéïëâßÝìåðÝèáôìáêàåðñîá ÔáßáåòåêãÝêàîáòåáóåêãîáãñèÝîîáìëîðïâîëéðäáÅÇÑëêÞñïåêáïïäåãäèåãäðïÝêàðäáåéìèáéáêðÝðåëê ëâðäáÉîëñìĎïÕðîÝðáãåßÑÞæáßðåòáï Reviewing the progress of the Group's Sustainability agenda, including receiving regular updates ëêðäáÉîëñìĎïäáÝèðäïÝâáðõÝêàáêòåîëêéáêðÝèëÞæáßðåòáïðäáÉîëñìĎïÖÅÈÆßëéìèåÝêßáÝêàðäá Group's roadmap to net zero ÒÝîðåßåìÝðåëêåêÝðóëàÝõëĪïåðáîáòåáóëâïðîÝðáãõìîáïáêðáàÞõðäáÅÇÑÅÈÑðäáðäîááéÝåê Äñïåêáïï×êåðÒîáïåàáêðïÝêàðäáÅëéìÝêõĎïçáõĦêÝêßåÝèÝàòåïáîï ÅëêïåàáîåêãðäáåéìÝßðëâðäáßëêħåßðåê×çîÝåêáÝêààáðáîéåêåêãðäáÉîëñìĎïÝììîëÝßäðëðîÝàåêãóåðäÔñïïåÝ Receiving and considering reports on the Group's key customers, its HR, purchasing, IT, tax and treasury strategies, legal and compliance activities and the management of the Group's key pension liabilities ÔáßáåòåêãÝêàßëêïåàáîåêãÝìîëãîáïïîáìëîðëêðäáÉîëñìĎïÔÆïðîÝðáãõÝêàëÞæáßðåòáï ÔáòåáóåêãðäáÉîëñìĎïĦêÝêßåêãïðîñßðñîá Reviewing the Group's investor relations strategy and receiving reports from the Company's brokers ëêéÝîçáðåïïñáïÝêàâîëéðäáÅÇÑÅÈÑÝêàðäáÊáÝàëâËêòáïðëîÔáèÝðåëêïëêåêòáïðëîîáèÝðåëêïéááðåêãï and feedback Performance ÔáßáåòåêãîáãñèÝîÞñïåêáïïîáìëîðïâîëéðäáÅÇÑ Reviewing the measures being taken to mitigate the impact of energy and raw material cost increases, and ongoing supply chain disruption ÔáßáåòåêãîáãñèÝîîáìëîðïëêðäáÉîëñìĎïĦêÝêßåÝèìáîâëîéÝêßáÝãÝåêïðçáõåêàåßÝðëîïåêßèñàåêãáÝßä of the Group's KPIs Receiving regular reports on progress against the Group's sustainability targets and regular updates âîëéðäáÅÇÑëêðäáìáîâëîéÝêßáëâðäáÉîëñìĎïÞñïåêáïïáï Receiving regular safety reports and summaries of the investigations conducted after any serious safety incident Receiving regular reports on performance against product quality targets ÕßîñðåêåïåêãðäáÉîëñìĎïĦêÝêßåÝèìáîâëîéÝêßáÝêàâëîáßÝïðï ÔáòåáóåêãÝêàÝãîááåêãðäáÝêêñÝèÞñàãáðÝêàĦêÝêßåÝèìèÝêï Approving trading updates, and preliminary and half-year results Governance Receiving regular reports from the Board Committees Approving the Annual Report and Notice of AGM Approving the payment of the interim dividend, and approving the recommendation of the payment ëâðäáĦêÝèàåòåàáêàïñÞæáßððëïäÝîáäëèàáîÝììîëòÝè ÃììîëòåêãðäáÝììëåêðéáêðëâÅÝîèÒáðáîÈëîïðáîÝïÝêáóÅäÝåîéÝêÝêàëòáîïááåêãðäáìîëßáïïáïðë åàáêðåâõÝêáóÅÈÑÝêàêáóÐëêáôáßñðåòáÆåîáßðëî Reviewing fees for the Non-executive Directors Completing an evaluation of the Board and Committees' performance and regularly reviewing progress ÝãÝåêïððäáåéìîëòáéáêðÝßðåëêïåàáêðåĦáàåêðäááòÝèñÝðåëê Reviewing the Group's internal controls, risk management practices and risk appetite, monitoring the Group's key risks and approving the Group's risk register Reviewing and approving the Group's Modern Slavery Statement Receiving regular updates on corporate governance and regulatory developments, and conducting the formal annual review of the Group's governance arrangements Reviewing information received through the Group's Speak Up reporting processes Reviewing the Board's engagement with employees, including the results of the Group engagement survey

Renewing the Group's delegated authorities

Information and support

The Board ensures that it receives, in a timely manner, information of an appropriate quality to enable it adequately to discharge its responsibilities. Papers are provided to the Directors in advance of the relevant Board or Committee meeting to enable them to make further enquiries about any matters prior to the meeting should they so wish. This also allows Directors who are unable to attend to submit views to the relevant Chairperson in advance of the meeting.

ËêÝààåðåëêðëðäáâëîéÝèÄëÝîàìîëßáïïáïðäáÅäåáâÇôáßñðåòá provides updates on important Company business issues between meetings, and the Board is provided with regular reports ëêçáõĦêÝêßåÝèÝêàéÝêÝãáéáêðåêâëîéÝðåëêÖäáÆåîáßðëîï also receive regular updates on shareholder matters, along óåðäßëìåáïëâÝêÝèõïðïĎêëðáïåïïñáàëêðäáÅëéìÝêõÈëîðäá distribution of all information, Directors have access to a secure online portal, which contains a reference section containing relevant background information.

All Directors have access to the advice and services of the Company Secretary.

There is also an agreed procedure in place for Non-executive Directors, in the furtherance of their duties, to take independent legal advice at the Company's expense. The procedure was not utilised during the year under review.

ÆåîáßðëîïĎßëêħåßðïëâåêðáîáïð

The Board has established a formal system to authorise situations óäáîáÝÆåîáßðëîäÝïÝêåêðáîáïððäÝðßëêħåßðïëîéÝõìëïïåÞèõ ßëêħåßðóåðäðäáåêðáîáïðïëâðäáÅëéìÝêõïåðñÝðåëêÝèßëêħåßðï ÆåîáßðëîïàáßèÝîáïåðñÝðåëêÝèßëêħåßðïïëðäÝððäáõßÝêÞá ßëêïåàáîáàâëîÝñðäëîåïÝðåëêÞõðäáêëêßëêħåßðáàÆåîáßðëîï

ËêßëêïåàáîåêãÝïåðñÝðåëêÝèßëêħåßððäáïáÆåîáßðëîïÝßðåêðäáóÝõ they consider would be most likely to promote the success of the Company and may impose limits or conditions when giving authorisation, or subsequently, if they think this is appropriate.

ÖäáÅëéìÝêõÕáßîáðÝîõîáßëîàïðäáßëêïåàáîÝðåëêëâÝêõßëêħåßð and any authorisations granted. The Board believes that the ÝììîëÝßäåðäÝïåêìèÝßáâëîîáìëîðåêãïåðñÝðåëêÝèßëêħåßðï ßëêðåêñáïðëëìáîÝðááĪáßðåòáèõÖäáÄëÝîàäÝïÝñðäëîåïáàÝêõ ìëðáêðåÝèëîÝßðñÝèßëêħåßðïëâåêðáîáïððäÝðéåãäðÝîåïáÝïÝîáïñèð of Ms Helfer's role as a Partner of Cevian Capital AG. Prior to her resignation as a director of thyssenkrupp AG, the Board had also ÝñðäëîåïáàÝêõìëðáêðåÝèëîÝßðñÝèßëêħåßðïëâåêðáîáïððäÝðéåãäð have arisen from this role.

Board and Committee attendance

The attendance of Directors at the Board meetings held in 2022, and at meetings of the principal Committees of which they are members, is shown in the table below. The maximum number of meetings in the period during which the individual was a Board or Committee member is shown in brackets.

	Board	Audit Committee	Remuneration Committee	Nomination Committee	Y attendance
Chairman
ÌëäêÏ߯ëêëñãäÅÄÇ	9 (9)	›	›	!!ž	Y
ÅÝîèšÒáðáîÈëîïðáî	2 (2)	›	›	ž	Y
Executive Directors
Patrick André	ž	›	›	›	Y
Guy Young	ž	›	›	›	Y
Non-executive Directors
Kath Durrant	%ž	!!ž	##ž	""ž	%"Y
Dinggui Gao	ž	!!ž	##ž	""ž	Y
ÈîåáàáîåçáÊáèâáî	ž	›	›	""ž	Y
Jane Hinkley	ž	!!ž	##ž	""ž	Y
Douglas Hurt	%ž	!!ž	##ž	""ž	%"Y

ÅÝîèÒáðáîÈëîïðáîóÝïÝììëåêðáàðëðäáÄëÝîàëêÐëòáéÞáîÝêàÝïïñéáàðäáîëèáëâÅäÝåîéÝêëêÆáßáéÞáîÖäáðÝÞèáîáħáßðïðäáêñéÞáîëâ Board and Committee meetings that he could attend following his appointment to the Board.

Kath Durrant and Douglas Hurt were unable to attend one Board meeting arranged at short notice due to pre-existing commitments. They both received the papers for the meeting in advance and relayed their comments to the Chairman for communication at the meeting. Dinggui Gao attended all meetings virtually until October, as until that time he was precluded from participating in person due to travel restrictions between China and the UK.

The Chairman and Non-executive Directors have letters of appointment which set out the terms and conditions of their directorship. An indication of the anticipated time commitment åïìîëòåàáàåêîáßîñåðéáêðîëèáïìáßåĦßÝðåëêïÝêàáÝßä Non-executive Director's letter of appointment provides details of the meetings that they are expected to attend, along with the need to accommodate travelling time. Non-executive Directors

ÝîáîáíñåîáàðëïáðÝïåàáïñĨßåáêððåéáðëìîáìÝîáâëîéááðåêãï and regularly to refresh and update their skills and knowledge. Copies of all contracts of service or, where applicable, letters of appointment of the Directors, are available for inspection during ÞñïåêáïïäëñîïÝððäáîáãåïðáîáàëĨßáëâðäáÅëéìÝêõÝêàÝîá available for inspection at the location of the Annual General ÏááðåêãÃÉÏâëî!éåêñðáïìîåëîðëÝêààñîåêãáÝßäÃÉÏ

ÃèèÐëêáôáßñðåòáÆåîáßðëîïäÝòáÝãîááàðëßëééåðïñĨßåáêð time for the proper performance of their responsibilities, acknowledging that this will vary from year to year depending on the Group's activities, and will involve visiting operational and customer sites around the Group. The Chairman in particular àáàåßÝðáïÝïåãêåĦßÝêðÝéëñêðëâðåéáðëØáïñòåñïåêàåïßäÝîãåêã his duties.

Corporate Governance Statement continued

Directors are expected to attend all scheduled Board and Committee meetings and any additional meetings as required. ÇÝßäÆåîáßðëîĎïëðäáîïåãêåĦßÝêðßëééåðéáêðïÝîáàåïßèëïáàðë the Board during the process prior to their appointment and they are required to notify the Board of any subsequent changes. Between July and September 2022, Douglas Hurt, having served as Senior Independent Director of Countryside Partnerships plc âëîÝêñéÞáîëâõáÝîïÞîåáħõÝïïñéáàåðïÅäÝåîéÝêïäåììîåëîðë its merger with Vistry Group. He discussed the change with the Chairman in advance and it was assessed that despite the increased commitment, he would continue to have adequate time to devote to his Vesuvius Board duties.

The Company has reviewed the availability of the Chairman and the Non-executive Directors to perform their duties and considers that each of them can, and in practice does, devote the necessary amount of time to the Company's business.

Composition, evaluation and succession

Appointment and replacement of Directors

The Company's Articles of Association specify that Board éáéÞáîïäåìïäëñèàêëðÞáâáóáîðäÝêĦòáêëîéëîáðäÝê! Directors, save that the Company may, by ordinary resolution, from time to time, vary this minimum and/or maximum number of Directors. Directors may be appointed by ordinary resolution or by the Board. The Board may appoint one or more Directors to ÝêõáôáßñðåòáëĨßáëêïñßäðáîéïÝêàâëîïñßäìáîåëàÝïåððäåêçï ĦðÝêàåðßÝêÝèïëðáîéåêÝðáëîòÝîõïñßäÝêÝììëåêðéáêðÝðÝêõ time. The Articles specify that, at every AGM, any Director who has been appointed by the Vesuvius Board since the last AGM ÝêàÝêõÆåîáßðëîóäëäáèàëĨßáÝððäáðåéáëâðäáðóëìîáßáàåêã AGMs, and who did not retire at either of them, shall retire from ëĨßáÊëóáòáîåêÝßßëîàÝêßáóåðäðäáîáíñåîáéáêðïëâðäáÅëàá ÝèèÆåîáßðëîïóåèèëĪáîðäáéïáèòáïâëîáèáßðåëêëîîááèáßðåëêÝððäá ÃÉÏÖäáÄëÝîàÞáèåáòáïðäÝðáÝßäëâðäáßñîîáêðÆåîáßðëîï åïáĪáßðåòáÝêààáéëêïðîÝðáïßëééåðéáêððëäåïëîäáîîáïìáßðåòá role. Accordingly, the Board recommends that shareholders ÝììîëòáðäáîáïëèñðåëêïðëÞáìîëìëïáàÝððäáÃÉÏîáèÝðåêã to the election and re-election of the Directors. The biographical àáðÝåèïëâðäáÆåîáßðëîïëĪáîåêãðäáéïáèòáïâëîáèáßðåëêëî re-election, including details of their other directorships and îáèáòÝêðïçåèèïÝêàáôìáîåáêßáóåèèÞáïáðëñðåêðäáÐëðåßá of AGM. The biographical details of the Directors are also set out ëêìÝãáï\$\$Ýêà\$%

Recommendations for appointments to the Board and rotation of the Board are made by the Nomination Committee. The Nomination Committee is also responsible for overseeing the éÝåêðáêÝêßáëâÝêáĪáßðåòáïñßßáïïåëêìèÝêâëîðäáÄëÝîàÝêà ïáêåëîéÝêÝãáéáêðÈñîðäáîåêâëîéÝðåëêëêðäáÝßðåòåðåáïëâðäá Nomination Committee is set out in the Nomination Committee îáìëîðëêìÝãáï!

A comprehensive induction programme is available to new Directors. The induction programme is tailored to meet the requirements of the individual appointee and explains the dynamics and operations of the Group, and its markets and technology. The induction includes, as a minimum, a series of meetings with key Group executives and advisers, along with ïåðáòåïåðïðëðäáÉîëñìĎïçáõïðîÝðáãåßïåðáïÈñîðäáîàáðÝåèïëâðäá induction provided for the new Chairman are set out in the ÐëéåêÝðåëêÅëééåððááîáìëîðëêìÝãá

The Chairman, through the Company Secretary, continues to ensure that there is an ongoing process to review training and development needs. Directors are provided with details of seminars and training courses relevant to their role and are encouraged and supported by the Company to attend them. In 2022, regulatory updates were provided as a standing item at áÝßäÄëÝîàéááðåêãåêÝÕáßîáðÝîõĎïÔáìëîðÇôðáîêÝèåêìñðëê legal and regulatory developments impacting the business was also given, with specialist advisers invited to the Board and ÅëééåððááéááðåêãïðëìîëòåàáÞîåáĦêãïëêðëìåßïïñßäÝïðäá changing landscape of Corporate Governance, particularly the èÝðáïðÈÔÅãñåàÝêßáÏÝîçáðÃÞñïáÔáãñèÝðåëêïÝêàÖÅÈÆ

Performance evaluation

The Board carries out an evaluation of its performance and that of its Committees and individual Directors, including the Chairman, every year. Details of the evaluation conducted in 2022 can be found in the Nomination Committee report.

Audit, risk and internal control

The Board is responsible for ensuring that policies and procedures ÝîáåêìèÝßáðëáêïñîáðäáåêàáìáêàáêßáÝêàáĪáßðåòáêáïïëâðäá ËêðáîêÝèÝêàÇôðáîêÝèÃñàåðâñêßðåëêïÖäáÃñàåðÅëééåððáá ÝïïåïðïðäáÄëÝîàåêîáòåáóåêãðäááĪáßðåòáêáïïëâðäáÉîëñìĎï ËêðáîêÝèÝêàÇôðáîêÝèÃñàåðâñêßðåëêïåêÝààåðåëêðëéëêåðëîåêã ðäáåêðáãîåðõëâðäáÉîëñìĎïĦêÝêßåÝèÝêàêÝîîÝðåòáïðÝðáéáêðï ÈñîðäáîåêâëîéÝðåëêÝÞëñððäáóëîçëâðäáÃñàåðÅëééåððááßÝê ÞáâëñêàåêðäáÃñàåðÅëééåððááîáìëîðëêìÝãáï%

The Board is also responsible for setting the Group's risk appetite and ensuring that appropriate risk management systems are in place. The Audit Committee assists the Board in reviewing the áĪáßðåòáêáïïëâðäáïõïðáéëâåêðáîêÝèßëêðîëèåêßèñàåêãĦêÝêßåÝè operational and compliance controls, and risk management systems. The Group's approach to risk management and internal ßëêðîëèåïàåïßñïïáàåêãîáÝðáîàáðÝåèëêìÝãáï#Ýêàðäá Group's principal risks and how they are being managed or éåðåãÝðáàÝîáàáðÝåèáàëêìÝãáïÝêàÖäáØåÝÞåèåðõ Statement which considers the Group's future prospects is åêßèñàáàëêìÝãáÔåïçéÝêÝãáéáêðÝêàåêðáîêÝèßëêðîëèÝîá also discussed in greater detail in the Audit Committee report.

All of the independent Non-executive Directors serve on both the Audit and Remuneration Committees. They therefore bring their experience and knowledge of the activities of each Committee ðëÞáÝîóäáêßëêïåàáîåêãßîåðåßÝèÝîáÝïëâæñàãáéáêðÖäåïéáÝêï that, for example, the Directors are able to consider carefully the åéìÝßðëâåêßáêðåòáÝîîÝêãáéáêðïëêðäáÉîëñìĎïîåïçìîëĦèáÝêà ensure that the Group's Remuneration Policy and programme are ïðîñßðñîáàðëÝèåãêóåðäðäáèëêãðáîéëÞæáßðåòáïÝêàîåïçÝììáðåðá of the Company.

Remuneration

ÖäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðëêìÝãáï" àáïßîåÞáï the work of the Remuneration Committee in developing the Group's policy on executive remuneration, determining Director and senior management remuneration, reviewing workforce îáéñêáîÝðåëêÝêàîáèÝðáàìëèåßåáïåêßèñàåêãáêïñîåêãðäÝððäáïá ÝèåãêóåðäðäáÉîëñìĎïÕðîÝðáãåßÑÞæáßðåòáïÝêàßñèðñîáÝêà overseeing the operation of the executive share incentive plans.

Audit Committee

Douglas Hurt ÅëééåððááÅäÝåîéÝê

Carla Bailo âîëéÈáÞîñÝîõ Kath Durrant Dinggui Gao

Jane Hinkley

The Company Secretary is Secretary to the Committee

Dear Shareholder,

On behalf of the Audit Committee, I am pleased to present the Audit Committee report for 2022. The foundation of the Committee's work each year is a recurring and structured ìîëãîÝééáëâÝßðåòåðåáïóäåßäÝîáàáĦêáàåêÝêÝêêñÝèîëèèåêã Audit Committee timetable. The Audit Committee then considers additional items as matters arise or priorities change.

During 2022, the Committee spent time assessing the impact of the war in Ukraine on the Group's activities, both in terms ëâðäáåééáàåÝðááĪáßðëêðäáÉîëñìĎïÔñïïåÝêÝêà×çîÝåêåÝê businesses, but also in terms of the wider impact on energy and îÝóéÝðáîåÝèìîåßåêãÝêàðäáéÝßîëáßëêëéåßáĪáßðïëâåêħÝðåëê ÝêàßëêïñéáîßëêĦàáêßáëêðäáÞñïåêáïïÙåðäðäáâñîðäáî development of the Group's sustainability reporting the Committee also considered the assurance required for the validation of sustainability metrics, alongside reviewing the ÉîëñìĎïÖÅÈÆîáìëîðåêãÈåêÝèèõåêèåãäðëâðäáåêħÝðåëêÝîõ environment, the Committee undertook a deep dive into the Group's inventory accounting methodology, and again focused on the development of the Group's cyber security measures, as well as continuing to receive regular updates on the implementation ëâßäÝêãáïðëðäáÉîëñìĎïÈåêÝêßáÑìáîÝðåêãÏëàáè

The Audit Committee report describes the work of the Committee during the year, including its role in monitoring ðäáåêðáãîåðõëâðäáÅëéìÝêõĎïĦêÝêßåÝèïðÝðáéáêðïÝêàðäá áĪáßðåòáêáïïëâðäáËêðáîêÝèÝêàÇôðáîêÝèÃñàåðìîëßáïïáï ËðìîëòåàáïÝêëòáîòåáóëâðäáïåãêåĦßÝêðåïïñáïðäáÅëééåððáá äÝïßëêïåàáîáààñîåêãðäáõáÝîÝêàåðïéÝðáîåÝèæñàãáéáêðï ËðÝèïëàáïßîåÞáïäëóðäáÅëééåððááâñèĦèèáàåðïîáïìëêïåÞåèåðåáï ðëÝïïåïððäáÄëÝîàåêîáòåáóåêãðäááĪáßðåòáêáïïëâðäáÉîëñìĎï ïõïðáéëâåêðáîêÝèĦêÝêßåÝèßëêðîëèïÝêàåðïåêðáîêÝèßëêðîëèÝêà risk management systems.

Yours sincerely

Douglas Hurt

Chairman, Audit Committee ÏÝîßä

The Audit Committee

The Audit Committee comprises all the independent Non-executive Directors of the Company, who bring a wide îÝêãáëâĦêÝêßåÝèÝêàßëééáîßåÝèáôìáîðåïáðëðäáÅëééåððááĎï decision-making processes. Douglas Hurt is the Senior Independent Director and Chairman of the Audit Committee. ÊáóÝïðäáÈåêÝêßáÆåîáßðëîëâËÏËìèßâëîêåêáõáÝîïìîåëîðëäåï ÝììëåêðéáêðÝêàäÝïóëîçáàåêòÝîåëñïĦêÝêßåÝèîëèáïðäîëñãäëñð his career. Douglas currently serves as the Chairman of the ÃñàåðÅëééåððááïëâÊåçéÝÒäÝîéÝßáñðåßÝèïÒÎÅÝêàðäá British Standards Institution. He is a Chartered Accountant. This background provides him with the 'recent and relevant ĦêÝêßåÝèáôìáîåáêßáĎîáíñåîáàñêàáîðäáÅëàá

ÖäáÅëàáÝêàÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõÆåïßèëïñîáÉñåàÝêßá and Transparency Rules also contain requirements for the Audit Committee as a whole to have competence relevant to the sector in which the Company operates. Vesuvius' Non-executive ÆåîáßðëîïäÝòáïåãêåĦßÝêðÞîáÝàðäëâáôìáîåáêßáÝêààáìðäëâ knowledge on matters relevant to Vesuvius' operations, both from their previous roles and from their induction and other activities ïåêßáæëåêåêãðäáØáïñòåñïÄëÝîàÖäáÆåîáßðëîïĎÞåëãîÝìäåáïëê ìÝãáï\$\$Ýêà\$%ëñðèåêáðäáåîîÝêãáëâéñèðåêÝðåëêÝèÞñïåêáïïðë ÞñïåêáïïáôìáîåáêßáÝêàáôìáîðåïáåêĦáèàïïñßäÝïáêãåêááîåêã manufacturing, services, logistics and human resources, as well ÝïðäáåîĦêÝêßåÝèÝêàßëééáîßåÝèÝßñéáêÖäáÄëÝîàßëêïåàáîï that the Audit Committee as a whole has competence relevant to Vesuvius' business sector.

Meetings

ÖäáÅëééåððááéáðĦòáðåéáïàñîåêãÖäáÅëééåððáá äÝïÝèïëéáððóåßáïåêßáðäááêàëâðäáĦêÝêßåÝèõáÝîÝêà prior to the signing of this Annual Report. The Board Chairman, ðäáêëêåêàáìáêàáêðÐëêáôáßñðåòáÆåîáßðëîðäáÅäåáâÇôáßñðåòá ðäáÅäåáâÈåêÝêßåÝèÑĨßáîðäáÊáÝàëâÈåêÝêßáðäáÉîëñì ÊáÝàëâËêðáîêÝèÃñàåðÝêàðäáÇôðáîêÝèÃñàåðëîïóáîáÝèèåêòåðáà ðëáÝßäéááðåêãÑðäáîéÝêÝãáéáêðïðÝĪóáîáÝèïëåêòåðáàðë attend as appropriate.

Audit Committee meetings are conducted to promote an open debate, they enable the Committee to provide constructive ßäÝèèáêãáëâïåãêåĦßÝêðÝßßëñêðåêãæñàãáéáêðïÝêàãñåàÝêßá and oversight to management, to ensure that the business maintains an appropriately robust control environment. Between Audit Committee meetings, the Chairman of the Audit Committee áêßëñîÝãáïëìáêàåÝèëãñáÞáðóááêðäáÇôðáîêÝèÃñàåðëîïðäá management team and the Group Head of Internal Audit to ensure that emerging issues are addressed in a timely manner.

Audit Committee continued

Activities in 2022 in

Æñîåêã ðäá Åëééåððáá ìÝåà ìÝîðåßñèÝî Ýððáêðåëê ðë ðäá áĪáßðï ëâðäá éÝßîëáßëêëéåß áêòåîëêéáêð ëê ðäá Éîëñì Öäåï åêßèñàáà Ýïïáïïåêã ðäá åéìÝßð ëâðäá óÝî åê ×çîÝåêá ëê ðäá ÉîëñìĎï Þñïåêáïïáï åêÔñïïåÝ Ýêà ×çîÝåêá Ýêà ðäá óåàáî åéìÝßððë ðäá Éîëñì ëâðäá ßëêßëéåðÝêðåêßîáÝïáï åê ãèëÞÝè áêáîãõ Ýêà îÝó éÝðáîåÝè ìîåßåêã åêħÝðåëê Ýêà åêðáîáïð îÝðáï Ëð Ýèïë ßëêðåêñáà ðë éëêåðëî ðäá åéìÝßð ëâ ÅÑØËÆ% ëê ðäá Éîëñì ìÝîðåßñèÝîèõ åê ÅäåêÝ
Öäá ÅëééåððááĎï ÝãáêàÝ ßëòáîáà ðäá ñïñÝè ïðÝêàåêã åðáéï ðäá îáòåáó ëâ ĦêÝêßåÝè îáïñèðïðäá áĪáßðåòáêáïï ëâðäá ÉîëñìĎï åêðáîêÝè ĦêÝêßåÝè ßëêðîëèï Ýêà ðäá îáòåáó ëâðäá åêðáîêÝè ßëêðîëè Ýêà îåïç éÝêÝãáéáêð ïõïðáéï Ýï óáèè Ýï ÝààåðåëêÝèðëìåßï åêßèñàåêã ñìàÝðáï ëê ßõÞáî ïáßñîåðõ Ýêà Ýê åêàáìðä îáòåáó ëâ ðäá ÉîëñìĎï åêòáêðëîõ Ýßßëñêðåêã éáðäëàëèëãõ
Öäá Åëééåððáá ßëêðåêñáà ðë îáßáåòá âááàÞÝßç ðäîëñãäëñððäá õáÝî on the implementation of the updated Finance Operating Model. Öäåï ïðîñßðñîá ßëêðåêñáï ðäá ðîÝêïåðåëê ëâðäáÄñïåêáïï ×êåð ĦêÝêßá âñêßðåëêï âîëé ìñîáèõ Ýßßëñêðåêã ðë âëîóÝîàèëëçåêã Þñïåêáïï ïñììëîð óåðä ßèáÝîáî ÝßßëñêðÝÞåèåðåáï âëî ßëêðîëèèåêã âñêßðåëêï Ýêà Ý âëßñï ëê âñîðäáî ïðÝêàÝîàåïåêã ßëîá ìîëßáïïáïÖäá Åëééåððáá éëêåðëîáà ßäÝêãáï ðë ðäá ïðîñßðñîá ëâ ĦêÝêßá îëèáï Ýêà ðäá îëèèëñð ëâðäá êáó éëàáè
Öäá Ãñàåð Åëééåððáá ßëêðåêñáà ðë àáòëðá ðåéá ðë áêïñîá ðäÝð åêåðåÝðåòáï ðë éåðåãÝðáìëðáêðåÝè îåïçïÝêàĦêÝêßåÝè áôìëïñîá îáéÝåêáà îëÞñïð Ýêà ÝììîëìîåÝðá
! Öäá Åëééåððáá ßäÝèèáêãáà ðäá Ýïïñéáà ãîëóðä îÝðáï Ýêà àåïßëñêð îÝðáï ñïáà âëî ÝïïáðåéìÝåîéáêð Ýïïáïïéáêðï
" Öäá Åëééåððáá ßëêïåàáîáàðäá ÅëéìÝêõĎï ãëåêã ßëêßáîê ïðÝðáéáêð ßäÝèèáêãåêã ðäá êÝðñîá íñÝêðñé Ýêà Ýïïáïïéáêð ëâðäá ïåãêåĦßÝêð îåïçï ðë ðäá Þñïåêáïï éëàáèâñðñîá ìáîâëîéÝêßá ïëèòáêßõ Ýêà èåíñåàåðõ ëâðäá Éîëñì óäåßä óáîá éëàáèèáà Ýï ìÝîð ëâðäá ïßáêÝîåëï Ýêà ïðîáïï ðáïðåêã ñêàáîðÝçáê ðë ïñììëîððäá ØåÝÞåèåðõ ÕðÝðáéáêð éÝàá Þõ ðäá ÅëéìÝêõ åê ðäá ÃêêñÝèÔáìëîð Ýêà ÈåêÝêßåÝè ÕðÝðáéáêðï Ëê ìÝîðåßñèÝî ðäá Åëééåððáá áôÝéåêáà ðäá ßîåðáîåÝ ïáèáßðáà âëî áêäÝêßáà ïðîáïï ðáïðåêã óäåßä åêßèñàáà Ýê ñêìèÝêêáà àîëì åê ßñïðëéáî àáéÝêà àáÞð îáßëòáîõ îåïç àñá ðë ßñïðëéáî àáâÝñèð Þñïåêáïï åêðáîîñìðåëê àñá ðë ñêìèÝêêáà ßèëïñîá ëâ ïáòáîÝè çáõ ìèÝêðï Ýêà îÝó éÝðáîåÝè ìîåßá åêħÝðåëêÖäá Åëééåððáá Ýèïë ßëêïåàáîáà ðäá ìëðáêðåÝè áĪáßð ëâ Ý ßëéÞåêÝðåëê ëâ îåïç âÝßðëîï ëßßñîîåêã Ýððäá ïÝéá ðåéá Ãððäá äÝèâ õáÝî ðäá Åëééåððáá ñêàáîðëëç Ýêëðäáî àáðÝåèáà èëëç Ýððäá ÅëéìÝêõĎï ãëåêã ßëêßáîê ïðÝðáéáêðÖäá ãëåêã ßëêßáîê ïðÝðáéáêð Ýêà ØåÝÞåèåðõ ÕðÝðáéáêð Ýîá ßëêðÝåêáà óåðäåê ðäá ÕðîÝðáãåßÔáìëîð ëê ìÝãá
Öäá Åëééåððáá îáòåáóáà ðäá îáïëñîßåêã Ýêà àáèåòáîõ ëâðäá ËêðáîêÝè Ãñàåð ìèÝê ßëêïåàáîåêã ðäá áĪáßð ëâðäá îáïåàñÝè ÅÑØËÆ% ðîÝòáè îáïðîåßðåëêï åê ÅäåêÝ Ýêà Ýììîëòáà ðäá ËêðáîêÝè Ãñàåð ìèÝêÖäá Åëééåððáá éëêåðëîáà Þëðä ðäá îáïìëêïáï âîëé Ýêà âëèèëóñì Þõ éÝêÝãáéáêððë ËêðáîêÝè Ãñàåð îáßëééáêàÝðåëêï Ýîåïåêã àñîåêã ðäá õáÝî åê ìÝîðåßñèÝî éÝçåêã ïñîá ðäÝð óäáîá èëêãáîðáîé Ýßðåëêï óáîá êááàáà ðë îáïëèòá Ýê åïïñá áĪáßðåòá ïäëîððáîé éåðåãÝðåëêï óáîá ìñðåê ìèÝßáÖäá Åëééåððáá àåïßñïïáà Ýðèáêãðä Ýêõ ïåãêåĦßÝêðåïïñáï îÝåïáàðäá îëëð ßÝñïáï âëî ðäëïá åïïñáï Ýêà ðäá Ýßðåëêï Þáåêã ðÝçáê ðë îáïëèòá ðäáé

During the year, as is the Audit Committee's established practice, the Committee members met and discussed business and control matters with senior management both during Board presentations and site visits.

The outcomes of Audit Committee meetings were reported to the Board, and all members of the Board received the agenda, papers and minutes of the Committee.

\$ Öäá Åëééåððáá ßëêàñßðáààáðÝåèáà îáòåáóï ëâ ìîëòåïåëêï åêßèñàåêã ìîëòåïåëêï âëî àåïìëïÝè ßèëïñîá Ýêà áêòåîëêéáêðÝè ßëïðï ßäÝèèáêãåêã ðäá îáÝïëêÝÞèáêáïï ëâ ñêàáîèõåêã Ýïïñéìðåëêï Ýêà áïðåéÝðáï ëâ ßëïðï Ýêà ðäá íñÝêðñé ëâ Ýêõ îáèÝðáà åêïñîÝêßá Ýïïáðï
% Öäá Åëééåððáá ßäÝèèáêãáà éÝêÝãáéáêðĎï îáòåïáà âëîáßÝïðï âëî ×Í ðÝôÝÞèá ìîëĦðï ðäÝð äÝòá îáïñèðáà åê ðäá îáßëãêåðåëê ëâ ìîáòåëñïèõ ñêîáßëãêåïáà àáâáîîáà ðÝô Ýïïáðï Ýêà ßëêßñîîáà óåðä ðäá æñàãáéáêð Ýêà áïðåéÝðáï éÝàá ðë àáîåòá ðäá Ýéëñêð îáßëãêåïáà Ýêà åðï àåïßèëïñîá Ýï Ý ïáìÝîÝðáèõ îáìëîðáà åðáé
Öäá Åëééåððáá îáòåáóáà ðäá ÉîëñìĎïÖÅÈÆ îáìëîðåêã Ýêà ðäá ÝïïñîÝêßá îáßáåòáà îáãÝîàåêã ðäá ïñïðÝåêÝÞåèåðõ ÍÒË àÝðÝ
Ëê èåãäð ëâðäá åêħÝðåëêÝîõ áêòåîëêéáêððäá Åëééåððáá ñêàáîðëëç Ý àááìàåòá îáòåáó ëâðäá ÉîëñìĎï åêòáêðëîõ Ýßßëñêðåêã éáðäëàëèëãõ
Öäá Åëééåððáá îáòåáóáà ðäá áĪáßðåòáêáïï ëâðäá ËêðáîêÝè Ýêà ÇôðáîêÝè Ãñàåð ìîëßáïïáï
Öäá Åëééåððáá ÅäÝåîéÝê Ýêà ëðäáî éáéÞáîï ëâðäá Åëééåððáá óáîá åêòëèòáà åê ðäá ìîëßáïï ðë åàáêðåâõ Ýêà Ýììëåêð Ý êáó Åäåáâ ÈåêÝêßåÝè ÑĨßáîÖäá Åëééåððáá ÅäÝåîéÝê óÝï Ýèïë åêòëèòáà åê ðäá ïáèáßðåëê ëâ Ý êáó Éîëñì ÊáÝà ëâËêðáîêÝè Ãñàåðâëèèëóåêã ðäá îáïåãêÝðåëê ëâðäá åêßñéÞáêð
Öäá Åëééåððáá éáð óåðä ðäá ËêðáîêÝè Ýêà ÇôðáîêÝè Ãñàåðëîï óåðäëñð éÝêÝãáéáêð ìîáïáêð Ýêà îáßáåòáà òÝèñÝÞèá âááàÞÝßç ëê Ý îÝêãá ëâðëìåßï
! Öäá Åëééåððáá îáßáåòáà ñìàÝðáï ëê ðäá ìîáìÝîÝðåëêï âëî ðäá Ħèåêã ëâ ðäá ÉîëñìĎï ÝêêñÝè ĦêÝêßåÝè îáìëîðåê ðäá îáíñåîáà ÇñîëìáÝê Õåêãèá Çèáßðîëêåß ÈëîéÝðÇÕÇÈ
" Öäá Åëééåððáá îáßáåòáà îáãñèÝî ñìàÝðáï âîëé ÒóÅ ëê éÝðáîåÝè Ýßßëñêðåêã Ýêà ãëòáîêÝêßá àáòáèëìéáêðï åéìÝßðåêã ðäá Éîëñì óåðäÝ éëîáàáðÝåèáà îáòåáó ëâÝèåãêéáêð óåðäÞáïðìîÝßðåßá îáìëîðåêã ìîëòåàáà åê ÑßðëÞáî
Öäá Åëééåððáá ßëêàñßðáà Ýê áòÝèñÝðåëê ëâåðï ìáîâëîéÝêßá Ýêà áĪáßðåòáêáïï ßëêßèñàåêã ðäÝððäá Åëééåððáá ßëêðåêñáà ðë óëîç áĪáßðåòáèõ Ýßîëïï Ýèè çáõ ÝîáÝï óåðä Ý ßèáÝî Ýêà áĪáßðåòá ÝãáêàÝ Ýêà éááðåêãï îáéÝåêåêã óáèè éÝêÝãáà Ýêà ÝììîëìîåÝðáèõ îáïëñîßáà
\$ Öäá Åëééåððáá îáòåáóáà åðï ðáîéï ëâ îáâáîáêßá

Statement of compliance with the Competition and Markets Authority (CMA) Order

The Committee considers that the Company has complied óåðäðäáÕðÝðñðëîõÃñàåðÕáîòåßáïâëîÎÝîãáÅëéìÝêåáïÏÝîçáð Investigation (Mandatory Use of Competitive Tender Processes ÝêàÃñàåðÅëééåððááÔáïìëêïåÞåèåðåáïÑîàáî Ãîðåßèá# ìñÞèåïäáàÞõðäáÅÏÃëê"ÕáìðáéÞáî åêßèñàåêãóåðä respect to the Audit Committee's responsibilities for agreeing the audit scope and fees and authorising non-audit services.

Role and responsibilities

The main role and responsibilities of the Committee are to:

Monitor the integrity of the Financial Statements of the Company and the Group, and any formal announcements relating to the ÉîëñìĎïĦêÝêßåÝèìáîâëîéÝêßáîáòåáóåêãïåãêåĦßÝêðĦêÝêßåÝè reporting judgements contained in them
ÒîëòåàáÝàòåßáÝïîáíñáïðáàÞõðäáÄëÝîàëêóäáðäáîðäá ÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðïðÝçáêÝïÝóäëèá ÝîáâÝåîÞÝèÝêßáàÝêàñêàáîïðÝêàÝÞèáÝêàìîëòåàáðäáåêâëîéÝðåëê necessary for the shareholders to assess the Group's position and performance, business model and strategy
ÔáòåáóÝêàéëêåðëîðäááĪáßðåòáêáïïëâðäáÅëéìÝêõĎïåêðáîêÝè ĦêÝêßåÝèßëêðîëèïÝêàåêðáîêÝèßëêðîëèÝêàîåïçéÝêÝãáéáêðïõïðáéï
Ôáòåáóìîëßáàñîáïâëîàáðáßðåêã âîÝñàÝêàïõïðáéïÝêàßëêðîëèï âëîðäáìîáòáêðåëêëâÞîåÞáîõÝêàáêïñîáðäÝðÝðäëîëñãäîáòåáóåï ßÝîîåáàëñðëâÝèèÝèèáãáàåêïðÝêßáïëââîÝñàêëðåĦáàðëðäáÅëééåððáá
ÏëêåðëîÝêàîáòåáóðäáîëèáÝêàáĪáßðåòáêáïïëâðäáÅëéìÝêõĎï Internal Audit function and audit programme, ensuring that the âñêßðåëêåïÝàáíñÝðáèõîáïëñîßáàÝêàëìáîÝðáïâîááâîëé management or other restrictions

The Committee operates under formal terms of reference approved by the Board. These were reviewed during the year. They are available to view in the Investors/Corporate Governance/Board Committees section of the Company's website: www.vesuvius.com. Within these terms, the Committee and its individual members are empowered to obtain outside legal or other independent professional advice at the cost of the Company. These powers were not utilised during the year. The Committee may also secure the attendance at its meetings of any employee or other parties with relevant experience and expertise should it be considered necessary.

ÖäáÅëééåððááéáéÞáîïÞáèåáòáðäÝððäáõîáßáåòáàïñĨßåáêð relevant and reliable information throughout the year from éÝêÝãáéáêðÝêàðäáËêðáîêÝèÝêàÇôðáîêÝèÃñàåðëîïðëáêÝÞèá the Committee to fully discharge its responsibilities. The work of the Audit Committee is further elaborated in the remainder of this report.

Financial reporting

ÖäáÅëééåððááâñèĦèèáàåðïìîåéÝîõîáïìëêïåÞåèåðõðëîáòåáóðäá åêðáãîåðõëâðäáäÝèâõáÝîÝêàÝêêñÝèÈåêÝêßåÝèÕðÝðáéáêðïÝêà recommended their approval to the Board.

In forming its views, the Committee assessed:

The quality, acceptability and consistency of the accounting policies and practices
The clarity and consistency of the disclosures, including ßëéìèåÝêßáóåðäîáèáòÝêðĦêÝêßåÝèîáìëîðåêãïðÝêàÝîàïÝêà other reporting requirements
ÕåãêåĦßÝêðåïïñáïóäáîáéÝêÝãáéáêðæñàãáéáêðïÝêàëî estimates had been made that were material to the reporting ëîóäáîáàåïßñïïåëêïäÝàðÝçáêìèÝßáóåðäðäáÇôðáîêÝèÃñàåðëîï åêÝîîåòåêãÝððäáæñàãáéáêðëîáïðåéÝðá
In relation to the overall Annual Report, whether the Annual ÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðïðÝçáêÝïÝóäëèáóáîáâÝåî balanced and understandable, taking into consideration all the information available to the Committee
ÏÝçáîáßëééáêàÝðåëêïðëðäáÄëÝîàëêðäáÝììëåêðéáêð îáÝììëåêðéáêðÝêàîáéëòÝèëâðäáÇôðáîêÝèÃñàåðëîïÝêà negotiate and agree the fees and terms of engagement of the ÇôðáîêÝèÃñàåðëîï
ÏëêåðëîÝêàîáòåáóóåðäðäáÇôðáîêÝèÃñàåðëîïðäáĦêàåêãïëâðäáåî óëîçåêßèñàåêãçáõÝßßëñêðåêãÝêàÝñàåðæñàãáéáêðïäëóÝêõîåïçï ðëÝñàåðíñÝèåðõóáîáÝààîáïïáàÝêàðäáÇôðáîêÝèÃñàåðëîïĎòåáóïëâ ðäáåîåêðáîÝßðåëêïóåðäïáêåëîéÝêÝãáéáêð
ÔáòåáóÝêàéëêåðëîðäáÇôðáîêÝèÃñàåðëîïĎåêàáìáêàáêßáëÞæáßðåòåðõ ÝêàáĪáßðåòáêáïïðÝçåêãåêðëßëêïåàáîÝðåëêîáèáòÝêðèÝóîáãñèÝðåëê ðäáÇðäåßÝèÕðÝêàÝîàëðäáîìîëâáïïåëêÝèîáíñåîáéáêðïÝêàÝêõÈÔÅ ÝñàåðåêïìáßðåëêĦêàåêãï
ÑòáîïááðäáëìáîÝðåëêëâðäáìëèåßõëêðäááêãÝãáéáêðëâðäá ÇôðáîêÝèÃñàåðëîïðëïñììèõêëêÝñàåðïáîòåßáï
ÔáìëîððëðäáÄëÝîàëêäëóðäáÅëééåððááäÝïàåïßäÝîãáà its responsibilities
The Group's compliance with the requirements in respect of ÖÅÈÆîáìëîðåêãåêßèñàåêãðäáÝïïñîÝêßáîáßáåòáàîáãÝîàåêã the sustainability KPI data. The Committee reviewed and approved the climate-related risk and opportunities register, the scenario analyses and the roadmap to net zero
ÖäáÝììèåßÝðåëêëâðäáÈÔÅĎïãñåàÝêßáëêßèáÝîÝêàßëêßåïá reporting and the key takeaways from the Thematic Reviews åïïñáàÞõðäáÈÔÅðäîëñãäëñððäáõáÝîëêðäáéáïïñßäÝï ÌñàãáéáêðïÝêàÇïðåéÝðáïÖÅÈÆàåïßèëïñîáïÇÝîêåêãï per Share and Deferred Tax Assets
The disclosure and presentation of alternative performance éáÝïñîáïåêòåáóëâðäáãñåàáèåêáïåïïñáàÞõðäáÈÔÅ

The Committee actively deliberated on and challenged reports âîëéðäáÅäåáâÈåêÝêßåÝèÑĨßáîÝêàðäáÊáÝàëâÈåêÝêßá ÖäáïáóáîáóáèèìîáìÝîáàÝêàâëîÝîáÝïëâæñàãáéáêðÝêàëî estimation, set out the rationale for the accounting treatment and disclosures, and the pertinent assumptions and the sensitivities of the estimates to changes in the assumptions. ÖäáÇôðáîêÝèÃñàåðëîïÝèïëàáèåòáîáàéáéëîÝêàÝâëîðäá half-year and year-end, stating their views on the treatment of ïåãêåĦßÝêðåïïñáïÖäáÇôðáîêÝèÃñàåðëîïìîëòåàáàÝïñééÝîõâëî each issue, including their assessment of the appropriateness of éÝêÝãáéáêðĎïæñàãáéáêðïëîáïðåéÝðáï

ÕåãêåĦßÝêðåïïñáïÝêàéÝðáîåÝèæñàãáéáêðï

ÖäáÅëééåððááßëêïåàáîáàðäáâëèèëóåêãïåãêåĦßÝêðåïïñáïåêðäá ßëêðáôðëâðäáÈåêÝêßåÝèÕðÝðáéáêðïËðåàáêðåĦáàðäáïáÝîáÝï ðëÞáïåãêåĦßÝêððÝçåêãåêðëÝßßëñêððäáèáòáèëâéÝðáîåÝèåðõÝêà ðäáàáãîááëâæñàãáéáêðáôáîßåïáàÞõéÝêÝãáéáêð

ÖäáÅëééåððááîáïëèòáàðäÝððäáæñàãáéáêðïÝêàáïðåéÝðáï éÝàáëêáÝßäëâðäáïåãêåĦßÝêðåïïñáïàáðÝåèáàëòáîèáÝâóáîá appropriate and acceptable.

Audit Committee continued

Impairment of goodwill

ÖäáõáÝîáêàßÝîîõåêãòÝèñáëâãëëàóåèèëây"!\$éóÝï tested against the current and planned performance of the Steel ÈèëóÅëêðîëèÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÝêàÈëñêàîõÅÉ×ï The Committee considered the Board-approved medium-term business plans and terminal growth assumptions, and the discount rates used in the assessments. Relevant sensitivities using reasonably possible changes to key assumptions were evaluated. ÖäáàáðÝåèáàÝïïñéìðåëêïÝîáìîëòåàáàåêÐëðá#ðëðäáÉîëñì ÈåêÝêßåÝèÕðÝðáéáêðï

Given that the models indicated, even with the application of reasonable sensitivities to the assumptions, that there remains ïåãêåĦßÝêðäáÝàîëëéÞáðóááêðäáØÝèñáåê×ïáÝêàðäáßÝîîõåêã value, the Committee concurred that no goodwill impairment charges were required.

Other provisions

The Committee continues to monitor the implications of a number of potential exposures and claims arising from ongoing litigation, product quality issues, employee disputes, restructuring, vacant sites, environmental matters, legacy matter lawsuits, indirect tax disputes and indemnities or warranties outstanding for disposed businesses. Due to the long gestation period before settlement for a number of these issues can be reached, provisioning for ðäáïáåðáéïîáíñåîáïßÝîáâñèæñàãáéáêðåêëîàáîðëáïðÝÞèåïäÝ reasonable estimate of future liabilities. The Committee also assessed the strength of any insurance coverage for certain of these liabilities and challenged the accounting treatment for any amounts deemed to be recoverable from insurers. After due consideration and challenge, and having considered legal advice ëÞðÝåêáàÞõðäáÅëéìÝêõðäáÅëééåððááåïïÝðåïĦáàðäÝððäáîá are appropriate levels of provisions set aside to settle third-party ßèÝåéïÝêààåïìñðáïÐëðáðëðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðï and that adequate disclosure has been made. Where no reliable estimate of the potential liability can be made for the outcome of an existing issue, no provision has been made and appropriate àåïßèëïñîáåïåêßèñàáàñêàáîßëêðåêãáêðèåÝÞåèåðåáïÐëðáðëðäá ÉîëñìÈåêÝêßåÝèÕðÝðáéáêðï

Operating segments for continuing operations

ÖäáÅëééåððááßëêïåàáîáàðäáÝããîáãÝðåëêëâðäáÕðááèÈèëó Control, Steel Advanced Refractories, and Steel Sensors & Probes operating segments into the Steel reportable segment, noting the economic characteristics of these operating segments which include a similar nature of products, customers, production processes and margins. The Committee concluded that this segmentation remained appropriate.

Impairment of investment in subsidiaries

The Committee has reviewed management's impairment analysis ëâðäáìÝîáêðßëéìÝêõĎïåêòáïðéáêðåêïñÞïåàåÝîåáïÈëèèëóåêãðäåï review it concurred that no impairment was required.

Provisions for trading balances related to the Russia/Ukraine war

The Committee challenged management's expected credit loss model to ensure that appropriate allowance was made for both receivables balances linked to customers impacted by the Russia Ukraine war, or by the changing sanctions regime, and for obsolete inventory impacted by these factors.

Deferred tax

The Committee challenged management's revised forecasts of ×ÍðÝôÝÞèáìîëĦðïÝêàðäáÝéëñêðëâðäáìîáòåëñïèõñêîáßëãêåïáà tax losses that should be recognised. The Committee concurred óåðäéÝêÝãáéáêðĎïæñàãáéáêðïÝêàâëîáßÝïðáïðåéÝðáïðëàáîåòá the amount of the deferred tax losses to be recognised and with their recognition being treated as a separately reported item in the Consolidated Income Statement.

Fair, balanced and understandable reporting

The Committee considered all the information available to it in îáòåáóåêãðäáëòáîÝèèßëêðáêðëâðäáÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝè Statements and the process by which it was compiled and reviewed, to enable it to provide advice to the Board that the ÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðïÝîáâÝåîÞÝèÝêßáà and understandable. In doing so, the Committee ensured that time was again dedicated to the drafting and review process ïëðäÝðåêðáîêÝèèåêçÝãáïóáîáåàáêðåĦáàÝêàßëêïåïðáêßõóÝï ðáïðáàÆîÝâðïëâðäáÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðï were also reviewed by a senior executive not directly involved in the year-end process who reported to the Committee on his impressions of their clarity, comprehensiveness and the balance of disclosure in the document. On completion of the process, ðäáÅëééåððááóÝïïÝðåïĦáàðäÝðåðßëñèàîáßëééáêàðëðäá ÄëÝîàðäÝððäáÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðïÝîáâÝåî balanced and understandable.

Risk management and internal controls

As highlighted in the reviews of strategy and principal risks in the Strategic Report, risk management is inherent in management's thinking and is embedded in the business planning processes of the Group. The Board has overall responsibility for establishing and maintaining a system of risk management and internal ßëêðîëèÝêàâëîîáòåáóåêãåðïáĪáßðåòáêáïïÖäáÃñàåðÅëééåððáá ÝïïåïðïðäáÄëÝîàåêîáòåáóåêãðäááĪáßðåòáêáïïëâðäáÉîëñìĎï ïõïðáéëâåêðáîêÝèßëêðîëèåêßèñàåêãĦêÝêßåÝèëìáîÝðåëêÝè and compliance controls, and risk management systems. This framework is consistent with the Code.

In 2022, Committee members fully participated in the Board review of existing risks and ongoing mitigating actions, âñîðäáîàáðÝåèïëâóäåßäÝîáãåòáêëêìÝãáïÝêàÖäá Committee believes that the Group's process for identifying and understanding its principal risks and uncertainties, including its emerging risks, remains robust and appropriate.

The Committee considered the Company's going concern ïðÝðáéáêðÝêàßäÝèèáêãáàðäáêÝðñîáíñÝêðñéÝêàáĪáßðïëâðäá ßëéÞåêÝðåëêëâðäáñêèåçáèõÞñðïåãêåĦßÝêðîåïçïðëðäáÞñïåêáïï model, future performance, solvency and liquidity of the Group. These were all modelled as part of the scenarios and stress testing undertaken to support the Viability Statement. As part of this review, the Committee considered the Group's forecast funding requirements over the next three years and analysed the impact of key risks faced by the Group with reference to the Group's debt ßëòáêÝêðïðäáïáåêßèñàáàïðîáïïðáïðåêãâëîÝêñêìèÝêêáààîëìåê customer demand, debt recovery risk due to customer default and business interruption due to unplanned closure of several key plants. The scenarios considered the impact of multiple risks occurring simultaneously and the additional mitigating actions that the Group could take. The Committee noted that the Group's àáÞðäáÝàîëëéóÝïïñĨßåáêððëÝßßëééëàÝðáðäáéëàáèèáà stress scenarios. As a result of its review, the Committee was

ïÝðåïĦáàðäÝððäáãëåêãßëêßáîêïðÝðáéáêðÝêàØåÝÞåèåðõ Statement had been prepared on an appropriate basis. The 2022 going concern statement and the 2022 Viability Statement are contained within the Risk, viability and going ßëêßáîêïáßðåëêëêìÝãá

The key features of the Group's internal control system, which provides assurance on the accuracy and reliability of the Group's ĦêÝêßåÝèîáìëîðåêãÝîáàáðÝåèáàåêðäáÔåïçòåÝÞåèåðõÝêàãëåêã ßëêßáîêïáßðåëêëêìÝãáï#ÆñîåêãðäáÅëééåððáá considered the process by which management evaluates internal controls across the Group. The Group Head of Internal Audit provided the Committee with a summary overview of the assurance provided by the Group's control framework and the ðáïðåêãëâðäáïáßëêðîëèïÒóÅîáìëîðïåâðäáîáÝîáÝêõïåãêåĦßÝêð ßëêðîëèàáĦßåáêßåáïåàáêðåĦáààñîåêãðäáßëñîïáëâðäáåîÝñàåð

The Group is made up of several large operating units, but also many small units in geographically diverse locations. Consequently, segregation of duties, overlapping access controls on systems and remote management oversight can give rise to control vulnerabilities and fraud opportunities. The Group has not ÝàëìðáàÝßëééëêÇêðáîìîåïáÔáïëñîßáÒèÝêêåêãïõïðáéÝïÝ Group-wide standard, though where it becomes necessary to ñìàÝðáðäáÇÔÒâëîÝìÝîðåßñèÝîÞñïåêáïïðäáïÝéáïñììèåáîåï used for these implementations, where appropriate. Over time, the Group is moving towards a shared services model for ĦêÝêßåÝèðîÝêïÝßðåëêïáêÝÞèáàÞõìîëßáïïïõïðáéïÝêà controls standardisation between businesses. This is expected to enhance the overall internal control environment in the smaller operating units.

Cyber security

The processes and controls to manage ßõÞáîîåïçïßëêðåêñáàðëÞáÝïåãêåĦßÝêð area of focus for the Group in 2022. Vesuvius like most other companies, receives a large number of 'phishing' emails presenting fake credentials and malicious links, and has also been ïñÞæáßððëîáìáÝðáàÝððáéìðïÝðïëßåÝè áêãåêááîåêãâîÝñàËêÈáÞîñÝîõðäåïõáÝî ðäáÉîëñìóÝïðäáïñÞæáßðëâÝßõÞáî incident involving unauthorised access to our IT systems. The Group responded swiftly to the incident, instigating the Cyber Incident Plan and shutting down our IT systems to contain the incident. The Group's sites implemented their business continuity plans to maintain their operations. The Audit Committee has considered the potential impact of the incident on the Group's year-end audit ÝêàåïïÝðåïĦáàðäÝððäáàÝðÝîáíñåîáàâëî the audit was not compromised. The Committee will continue to monitor the impact of this incident and will review the actions being taken to mitigate the risk of further incidents in the future.

Whilst the Audit Committee maintains oversight of the Group's control systems for reducing cyber risk, the Group's IT Committee is responsible for managing this risk. The IT Committee meets on a regular basis to review and progress the Group's plans for mitigating cyber risks and tackling any cyber issues that arise, and the Audit Committee receives regular updates.

Cyber risks are integrated into the Group's wider risk management, including forming part of the Business Continuity Plan (BCP) undertaken to ßëñêðáîÝßðÞñïåêáïïåêðáîîñìðåëêáåðäáî in loss of production capacity or supply chain disruption due to physical site àÝéÝãáÝßßåàáêðïĦîáïêÝðñîÝè disasters, terrorism), industrial action, cyber attack or global health crises.

Our BCP and cyber security risk management are closely integrated. The Group has conducted repeated cyber security risk assessments, analysing the business impact of certain scenarios to mitigate potential downtime, with an Incident Handling and Response Policy, which has been kept under continual review, and which sets out how we improve visibility and monitoring of all network infrastructure. In addition the Group maintains a Disaster Recovery Plan for inclusion in wider business continuity plans to address network, data centre and infrastructure issues.

Vesuvius operates a multi-year strategy for maintaining and developing cyber security based on best practices and standards, and monitoring trends and cyber threats against appropriate indicators. This encompasses in-house vulnerability testing and analysis, using external reports and benchmarks to develop our processes. Our cyber security work therefore supports and protects our production capacity and delivers investment in appropriate resources in this fast-changing environment. The Group's IT Security Strategy and Roadmap, whilst not formally accredited, åïÞÝïáàëêðäáËÕÑ#ïðÝêàÝîàÝêà NIST frameworks, implementing best practices in the area.

During 2022, the Group completed a number of infrastructure and network enhancements to improve its IT security. ÖäáÅëééåððááìèÝßáïïåãêåĦßÝêð emphasis on operational security, of which information and communication technology and cyber security are a vital part. Cyber resilience continues to be a ïåãêåĦßÝêðÝîáÝëââëßñïâëîðäáÉîëñì

2022 saw further progress in the development of the Group's security monitoring operations, with specialised cyber security tools constantly being åêðîëàñßáàÝêàðñêáàÕåãêåĦßÝêð emphasis is placed on user awareness and in 2022 the Group continued to conduct a series of mandatory cyber security training courses.

The Committee concluded that the work undertaken in 2022 indicated the existence of an appropriate control environment. It did however, note that there were some areas for further ñìãîÝàáâëîóäåßäßèáÝîèõàáĦêáà improvement actions had been åàáêðåĦáàìÝîðåßñèÝîèõåêîáïìáßðëâðäá Group's cyber risks. The subsequent cyber attack serves to reinforce this as an area of continued focus. The Committee recognises that with an organisation of the size and complexity of Vesuvius it is virtually impossible to eradicate the risk of cyber attack but is pleased to note that whilst the Group's systems were penetrated, the risk management plans and practices in place, particularly the business continuity plans, did serve to mitigate the incident.

Audit Committee continued

The Group undertakes a range of activities to mitigate the risk of fraud. This framework is regularly reviewed to determine areas for åéìîëòáéáêðÇèåéåêÝðåêãðäáîåïçëââîÝñàîáéÝåêïëêáëâðäáçáõ areas of focus for Internal Audit, forming a fundamental part of čâñèèïßëìáĎÝêàĦêÝêßåÝèÝñàåðïÖäáïáÝïïáïïðäáíñÝèåðõëâðäá ÞÝèÝêßáïäááðîáßëêßåèåÝðåëêïîáòåáóçáõæñàãáéáêðéÝððáîï ßëêïåàáîÇÔÒÝßßáïïîåãäðïîáòåáóðáêàáîïÝêàíñëðÝðåëêï review the entity's controls over master data changes, and review ßëêðîëèïëòáîìÝõéáêðïæëñîêÝèïÝêàÝïïëßåÝðáàÝììèåßÝðåëêï along with travel and expense reimbursements.

ÃêõßëêðîëèåïïñáïåàáêðåĦáàÞõéÝêÝãáéáêðèëßÝèèõëîÝïÝ result of the work performed by Internal Audit are escalated as appropriate. Internal Audit rates all control issues they identify in ðáîéïëâðäáåîïåãêåĦßÝêßáÝêàÝãîááïîáéáàåÝðåëêìèÝêïóåðäðäá management of the auditee and an action owner, in each case áïðÝÞèåïäåêãÝðÝîãáðàÝðáâëîîáéáàåÝðåëêÈëîïåãêåĦßÝêðåïïñáï management at all levels within the Business Unit are engaged to agree the actions and remediation dates. The status of the remediation is monitored and overdue issues are escalated appropriately with management, and reported at Audit ÅëééåððááéááðåêãïÙäáîáÝïìáßåĦßÝñàåðåàáêðåĦáïéñèðåìèá issues, or where issues arise on the progress of remediation activities, the Audit Committee continues to challenge management to identify root causes and ensure that the right organisational structure and people are in place to address åïïñáïáĪáßðåòáèõ

During 2022, the Group continued to focus on its framework, policies and procedures for the management of anti-bribery and corruption risk and other compliance/regulatory risks, and the Committee noted the Group's ongoing work conducted in this ÝîáÝÉåòáêðäáßëêħåßðåê×çîÝåêáðäáÅëééåððááàåïßñïïáàåê detail the due diligence/compliance processes underpinning the business the Group continues to conduct in Russia and the surrounding region, as well as, more broadly, the process for the monitoring of new and ongoing third-party sales agents. The Committee continued its assessment of the Group's potential exposure to bribery and corruption risks as part of its wider responsibilities for risk management. It was noted that the Group's regular risk assessment work continues, underpinning the Group's activities to ensure that the processes in this area îáħáßðÝêÝììîëìîåÝðáèáòáèëâßëêðîëèâëîðäáÞñïåêáïï

In line with the requirements of the Code, responsibility for the oversight and monitoring of the Group's Speak Up helpline, which collates allegations of improper behaviour and employee concerns, has passed from the Audit Committee to the full Board. The Committee is kept apprised of any complaints received by the Company regarding fraud, accounting, internal accounting ßëêðîëèïÝêàÝñàåðåêãéÝððáîïÈñîðäáîàáðÝåèïëâðäáëìáîÝðåëê of the Group's Speak Up policy and helpline can be found on page 94.

ÇÝßäõáÝîðäáïáêåëîĦêÝêßåÝèëìáîÝðåëêÝèÝêàâñêßðåëêÝè management of the businesses self-certify compliance with Group policies and procedures for the areas of the business ñêàáîðäáåîîáïìëêïåÞåèåðõÝêàßëêĦîéðäááôåïðáêßáëâÝàáíñÝðá internal control systems throughout the year. The Committee reviews any exceptions noted in this bottom-up exercise.

The Committee has also requested that an updated review of fraud opportunities and risk across the Group be conducted, which is currently under preparation. This will drive a further ÝêÝèõïåïëâðäáßëêðîëèïåêìèÝßáðëìîáòáêððäåïïìáßåĦßåêïðÝêßá occurring and the testing of these controls. In addition, the Committee has requested a review of the revenue generated by the sales agents utilised by the Group.

ÐëïåãêåĦßÝêðßëêðîëèåïïñáïóáîáîÝåïáàÞõëñîÇôðáîêÝèÃñàåðëîï ÒóÅÝêàÏÝöÝîïÝêàêëéÝðáîåÝèåïïñáïóáîáåàáêðåĦáàåê After considering these various inputs, the Committee was able to ìîëòåàáÝïïñîÝêßáðëðäáÄëÝîàëêðäááĪáßðåòáêáïïëâåêðáîêÝè ĦêÝêßåÝèßëêðîëèóåðäåêðäáÉîëñìÝêàëêðäáÝàáíñÝßõëâðäá Group's broader internal control systems.

Internal Audit

The Group's Internal Audit function operates on a global basis ðäîëñãäìîëâáïïåëêÝèèõíñÝèåĦáàÝêàáôìáîåáêßáàåêàåòåàñÝè members located in the UK and Poland. They report to the ÉîëñìÊáÝàëâËêðáîêÝèÃñàåðÞÝïáàåêÎëêàëêóäëåêðñîê reports directly to the Chairman of the Audit Committee. During the year there was a change in the Group Head of Internal Audit. The Chairman of the Audit Committee met with the departing Head of Internal Audit to ensure that this departure was not precipitated by any internal control concerns and was involved in the decision to appoint an internal successor.

Throughout 2022, Internal Audit continued to perform a ìîëãîÝééáëâÝñàåðïâëßñïåêãëêåêðáîêÝèĦêÝêßåÝèßëêðîëèï and key Board compliance issues.

The Committee received, considered and approved the 2022 Internal Audit plan which was constructed using a risk-based approach to cover the Group's control environment. The plan is based on the premise that all operating units are audited at least once every three to four years, and each of the large operating entities located in Germany, the US, China, Mexico and Brazil are ÝñàåðáàëêÝêÝêêñÝèÞÝïåïÙåðäâñîðäáîîáèÝôÝðåëêïåêÅÑØËÆ% travel restrictions during the year, audits were conducted on-site åêðäáéÝæëîåðõëâåêïðÝêßáïóåðäÇñîëìáÝêÝñàåðïïßäáàñèáàåê ðäáĦîïðäÝèâëâðäáõáÝîÝêàèëêãäÝñèÝñàåðïåêðäáïáßëêàäÝèâ The China audit was conducted remotely due to continuing travel restrictions.

ÈëñîßÝðáãëîåáïëâÝñàåðóáîáßëêàñßðáàÈåêÝêßåÝèÅëêðîëèï Audits, Deep Dive Trial Balance Audits, Compliance Audits and IT ÃñàåðïóåðäðäáéÝæëîåðõëâðäáÝñàåðÝïïåãêéáêðïñêàáîðÝçáê åê âëßñïáàëêĦêÝêßåÝèßëêðîëèïÖäáÅëééåððáá received a report from the Group Head of Internal Audit at each of its meetings detailing progress against the agreed plan and çáõðîáêàïÝêàĦêàåêãïÃêñìàÝðáëêðäáìîëãîáïïéÝàáðëóÝîàï resolving open issues was also given. Common themes emerging from Internal Audit reports coupled with Internal Audit and management's assessment of risk have informed the àáòáèëìéáêðëâðäáËêðáîêÝèÃñàåðìèÝê

When necessary, Internal Audit contracts auditors from other ÝñàåðĦîéïðëïñììèáéáêðåêðáîêÝèîáïëñîßáïëêÝêÝàäëßÞÝïåï This process provides valuable learning opportunities and we expect to continue to use external resources in specialist areas and geographies in the future.

Control issues continue to be recorded in a live web-based database into which management is required to report progress towards addressing any open issues. Internal Audit monitors the progress made and frequent meetings continue to be held with each Business Unit President to ensure that engagement on the resolution of issues is clearly understood at all levels of the business and responsibility for remediation has been appropriately assigned. The results are communicated to the Audit Committee which also involves senior management as necessary to provide an update against any high-priority actions. Internal Audit undertakes follow-up reviews as required. In ïåðñÝðåëêïóäáîáÝñàåðĦêàåêãïîáíñåîáèëêãáîðáîéïëèñðåëêï the Committee oversees the process for ensuring that adequate mitigating controls are in place.

ÃêåêðáîêÝèîáòåáóóÝïñêàáîðÝçáêëâðäááĪáßðåòáêáïïëâðäá ËêðáîêÝèÃñàåðâñêßðåëêåêÖäáÅÈÑîáòåáóáàðäáËêðáîêÝè ÃñàåðìîëßáïïÝêàâñêßðåëêåêßëêæñêßðåëêóåðäðäáêáóÉîëñì Head of Internal Audit, with a view to further enhancing the quality of the department's contribution and maximising áĨßåáêßõÃïÝîáïñèðïéÝèèßäÝêãáïðëðäáàáìÝîðéáêðĎïìîëðëßëèï were agreed to ensure resource was appropriately applied to ad hoc requests, and that the process for managing and resolving ÝñàåðĦêàåêãïóÝïÝèóÝõïðÝîãáðáàÞõïåãêåĦßÝêßáÊÝòåêã considered the work of the Internal Audit function during 2022, including progress against the 2022 Internal Audit plan, the quality of reports provided to the Committee, and the results ëâðäáîáòåáóëâðäáâñêßðåëêĎïáĪáßðåòáêáïïðäáÅëééåððáá ßëêßèñàáàðäÝððäáËêðáîêÝèÃñàåðâñêßðåëêëìáîÝðáàáĪáßðåòáèõ during 2022, exhibiting an appropriate level of independence and challenge.

ÖäáÃñàåðÅëééåððááäÝïÝèïëßëééåïïåëêáàÇîêïðÛëñêãðë undertake a formal review of the quality of the Group's Internal Audit function.

External Audit

Auditors' appointment

Ëê#ðäáÅëéìÝêõÝììëåêðáàÒîåßáóÝðáîäëñïáÅëëìáîïÎÎÒ ÒóÅÝïÇôðáîêÝèÃñàåðëîïðëðäáÅëéìÝêõÝêàðäáÉîëñìÝêà ÏÝöÝîïÎÎÒÏÝöÝîïðëÝñàåððäáêëêéÝðáîåÝèáêðåðåáïóåðäåêðäá Group. Darryl Phillips serves as the PwC audit partner responsible for the Group audit, a role he assumed following the completion of the 2020 half-year review.

×êàáîðäáÕðÝðñðëîõÃñàåðÕáîòåßáïâëîÎÝîãáÅëéìÝêåáïÏÝîçáð Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order, the Audit Committee is required to report in which year the Company proposes to complete a competitive tender process in respect of ðäáïðÝðñðëîõÇôðáîêÝèÃñàåðëîÝêàðäáîáÝïëêïóäõðäáìîëìëïáà year for the competitive tender process is in the best interests of the shareholders. In compliance with the Order, the Audit ÅëééåððááßëêĦîéïðäÝðÝßëéìáðåðåòáðáêàáîìîëßáïïâëîðäá ÝììëåêðéáêðëâÝïðÝðñðëîõÝñàåðëîóåèèïñÞæáßððëïÝðåïâÝßðëîõ ÝêêñÝèîáòåáóïëâðäááĪáßðåòáêáïïëâðäáÇôðáîêÝèÃñàåðëîïÝêà åðïßëïðïåêðäáåêðáîòáêåêãìáîåëàÞáßëêàñßðáààñîåêã"óåðä a view to recommending the appointment of a new statutory auditor or the reappointment of the incumbent auditor, for the ĦêÝêßåÝèõáÝîáêàåêãÆáßáéÞáî#ÖäáÃñàåðÅëééåððáá believes that conducting a competitive tender process during "âëîðäáÝììëåêðéáêðëâÝêáóïðÝðñðëîõÝñàåðëîâëîðäá ĦêÝêßåÝèõáÝîáêàåêãÆáßáéÞáî#åïÝììîëìîåÝðáÝêàåê the best interests of the shareholders.

2022 Audit plan

During the year the Committee evaluated the PwC Group audit scope for 2022. The year-end audit plan was based on agreed ëÞæáßðåòáïóåðäðäáÝñàåðâëßñïáàëêÝîáÝïåàáêðåĦáàÝï îáìîáïáêðåêãïåãêåĦßÝêðîåïçÝêàîáíñåîåêãæñàãáéáêðËêëîàáî to manage costs, and ensure that the Group maintains audit relationships outside the 'Big 4', Mazars undertakes some of the Group audit work under the direction of PwC. It is principally responsible for the statutory audits of the non-material Group ïñÞïåàåÝîåáïÞñðÝèïëñêàáîðëëçïìáßåĦßÝñàåðìîëßáàñîáïâëî certain component entities that were within PwC's Group audit scope in 2022. Mazars reported independently to PwC on this work and the work was directed, supervised and reviewed by PwC. Mazars also reported independently to the Committee on the work it undertook auditing non-material subsidiaries.

PwC maintained an ongoing dialogue with the Audit Committee throughout the year providing regular updates, including ßëééáêðÝîåáïëêïåãêåĦßÝêðåïïñáïÝêàåðïÝïïáïïéáêðëâ ßëêïåïðáêßõÝêàÝììîëìîåÝðáêáïïåêðäáæñàãáéáêðïÝêà estimates made by management. Private sessions were held with ÒóÅóåðäëñðéÝêÝãáéáêðÞáåêãìîáïáêðÒóÅßëêĦîéáàðäÝð its work had not been constrained in any way and that it was able to exercise appropriate professional scepticism and challenge throughout the audit process. The Chairman of the Audit Committee met on a number of occasions with PwC to monitor the progress of the audit and discuss questions as they arose. The Committee also received a report from Mazars àñîåêãðäáõáÝîóäåßäêëðáàðäÝððäáîáóáîáêëĦêàåêãïëî recommendations in respect of its statutory audits of the êëêéÝðáîåÝèÉîëñìïñÞïåàåÝîåáïâëîðäáõáÝîáêàáàÆáßáéÞáî ðäÝðÏÝöÝîïàááéáàïñĨßåáêðèõéÝðáîåÝèëîïåãêåĦßÝêððë bring to the attention of the Audit Committee.

The Independent Auditors' Report provided by PwC on pages !!%åêßèñàáïÒóÅĎïÝïïáïïéáêðëâðäáçáõÝñàåðéÝððáîï ÖäáïáçáõÝñàåðéÝððáîïÝîáàåïßñïïáàåêðäáïåãêåĦßÝêðåïïñáï ÝêàéÝðáîåÝèæñàãáéáêðïßëééáêðïÝÞëòáÖäáîáìëîðÝèïë summarises the scope, coverage and materiality levels applied by PwC in its audit. As part of the audit planning process and based on a detailed risk assessment, the Committee agreed a éÝðáîåÝèåðõĦãñîáëâyéâëîÉîëñìĦêÝêßåÝèîáìëîðåêã ìñîìëïáïóäåßäåï"YäåãäáîðäÝêèÝïðõáÝîy"éÝêàåïïáðÝð #YëâäáÝàèåêáìîëĦðÞáâëîáðÝôëây#éËéìëîðÝêðèõéñßä èëóáîèáòáèïëâéÝðáîåÝèåðõÝîáñïáàåêðäáÝñàåðĦáèàóëîçëêðäá åêàåòåàñÝèÞñïåêáïïáïÝßîëïïðäáÉîëñìÝêàðäáïáèëóáîĦãñîáï drive the scope and depth of audit work. Any misstatement at or ÝÞëòáy!éóÝïîáìëîðáàðëðäáÅëééåððáá

ÖäáîáóáîáêëïåãêåĦßÝêðßäÝêãáïðäåïõáÝîðëðäáßëòáîÝãáëâðäá ÝñàåðóäåßäïðëëàÝð#YëâðäáÉîëñìĎïîáòáêñá\$YëâìîëĦð ÞáâëîáðÝôÝêà\$YëâäáÝàèåêáìîëĦðÞáâëîáðÝôÖäåïßëòáîÝãá óÝïßëêïåàáîáàðëÞáïñĨßåáêðÞõðäáÅëééåððááÖäáÝñàåð ßëòáîÝãáåïîáħáßðåòáëâðäáèëêãðÝåèëâïéÝèèáîÞñïåêáïïáïóåðäåê the Group that individually are not 'material' to the Group result.

The PwC audit fee approved by the Audit Committee was yéÖäåïóÝïßëêïðîñßðáàÞëððëéñìëêÝèëßÝèßñîîáêßõÞÝïåï and was assessed in light of the audit work required by the agreed materiality level and scope. The fee agreed with Mazars for the audit of the non-material entities and three material entities óÝïy%éîáïñèðåêãåêÝßëéÞåêáàÝñàåðâááâëîëâyé ßëéìÝîáàóåðäy"éåê

Audit Committee continued

ËêàáìáêàáêßáÝêàëÞæáßðåòåðõ

The Committee is responsible for safeguarding the independence ÝêàëÞæáßðåòåðõëâðäáÇôðáîêÝèÃñàåðëîïåêëîàáîðëáêïñîáðäá integrity of the external audit process. In discharging this responsibility during 2022, the Committee:

ÕëñãäðîáãñèÝîßëêĦîéÝðåëêâîëéðäáåêßñéÞáêðÇôðáîêÝè Auditors that they considered themselves to be independent ëâðäáÅëéìÝêõåêðäáåîëóêìîëâáïïåëêÝèæñàãáéáêðÝêà within the context of applicable professional standards
ÃïïáïïáàðäáóëîçëâðäáÇôðáîêÝèÃñàåðëîïÝêàßëêïåàáîáà whether they were exercising an appropriate level of professional scepticism
ÇòÝèñÝðáàÝèèðäáîáèÝðåëêïäåìïÞáðóááêðäáÇôðáîêÝèÃñàåðëîï and the Group, including compliance with the Group's policy on ðäááéìèëõéáêðëââëîéáîáéìèëõááïëâðäáÇôðáîêÝèÃñàåðëîï to determine whether these impaired, or appeared to impair, the Auditors' independence
Reviewed compliance against the policy on the provision of êëêÝñàåðïáîòåßáïÞõðäáÇôðáîêÝèÃñàåðëîï
Reviewed details of the non-audit services provided by the ÇôðáîêÝèÃñàåðëîïÝêàÝïïëßåÝðáàâááï

As a result of its review, the Committee concluded that the ÇôðáîêÝèÃñàåðëîïîáéÝåêáàÝììîëìîåÝðáèõåêàáìáêàáêð

Non-audit services

Vesuvius operates a policy for the approval of non-audit services. A copy of the current policy is available to view in the Audit Committee section of the 'Investors/Corporate Governance' pages of the Company's website: www.vesuvius.com.

ÖäáñïáëâðäáÇôðáîêÝèÃñàåðëîïâëîðäáìîëòåïåëêëâêëêÝñàåð ïáîòåßáïåïïðîåßðèõìîëäåÞåðáàáôßáìðâëîïìáßåĦßìáîéåððáà ÝñàåðîáèÝðáàïáîòåßáïÖäáïáßëéìîåïáÅÝðáãëîõïáîòåßáï óäåßäðäáÇôðáîêÝèÃñàåðëîïÝîáëÞèåãáàðëìáîâëîéàñáðëèÝó ëîîáãñèÝðåëêïñßäÝïîáãñèÝðëîõÝêàïëèòáêßõîáìëîðïÝêà Category 2 services which could be provided by others (albeit ðäáîáÝîáðõìåßÝèèõïåãêåĦßÝêðáĨßåáêßåáïðëÞáäÝàóäáêàëêáåê combination with the audit such as interim reporting). An annual budget for the additional Category 2 service fees proposed to ÞáìÝåàðëðäáÇôðáîêÝèÃñàåðëîïåêðäáâëèèëóåêãõáÝîåïìîáïáêðáà for pre-approval to the Audit Committee each year. Audit Committee approval is required for expenditure in excess of this approved budget.

All audit-related and permissible non-audit services proposed to ÞáßÝîîåáàëñðâëîÝêõÉîëñìßëéìÝêõóëîèàóåàáÞõðäáÇôðáîêÝè Auditors must be pre-approved before an engagement is agreed. ÒîáÝììîëòÝèéñïðÞáëÞðÝåêáàâîëéðäáÊáÝàëâÈåêÝêßáëîðäá ÅäåáâÈåêÝêßåÝèÑĨßáîóäëóåèèßëêĦîéðäÝððäáÃñàåðÅëééåððáá has approved the engagement. Any assignment proposed to be ßÝîîåáàëñðÞõðäáÇôðáîêÝèÃñàåðëîïéñïðÝèïëäÝòáÞááêßèáÝîáà ÞõðäáÇôðáîêÝèÃñàåðëîïĎëóêåêðáîêÝèìîáÝììîëòÝèìîëßáïï ðëÝïïáïïðäáĦîéĎïáðäåßÝèÝÞåèåðõðëàëðäáóëîç

In 2022, the fees for non-audit services payable to PwC amounted ðëyéyéÖäáâááïîáìîáïáêðìÝõéáêðâëî assurance services related to the review of the Group's half-year ĦêÝêßåÝèïðÝðáéáêðïíñÝîðáîèõîáòåáóïÝêàðÝôâëîéÝñàåðïåê India (as required by regulation), tax form audits in Mexico, ÝïïåïðÝêßáóåðäÝêÔÆßáîðåĦßÝðáåêËðÝèõÝêàÝÄîÝöåèåÝêáíñåðõ validation. These are all services where it was considered most áĨßåáêððëñïáÒóÅÞáßÝñïáëâðäáåîáôåïðåêãçêëóèáàãáëâðäá business or because the information required was a by-product of the audit process. In each of the past four years the non-audit îáèÝðáàâááïäÝòáîáìîáïáêðáà%YëâðäáïðÝðñðëîõÝñàåðâááï

ÇĪáßðåòáêáïïëâðäáÇôðáîêÝèÃñàåðìîëßáïï

The Committee and the Board are committed to maintaining ðäáäåãäíñÝèåðõëâðäááôðáîêÝèÝñàåðìîëßáïïÇÝßäõáÝîðäá Committee carries out a formal assessment of the performance ëâðäáÇôðáîêÝèÃñàåðëîïåêßÝîîõåêãëñððäáåîóëîçÝêàëâðäáÝñàåð process in general. Input into the evaluation in 2022 was obtained from management and other key Company personnel, members ëâðäáÃñàåðÅëééåððááÝêàðäáÇôðáîêÝèÃñàåððáÝéÖäáîáòåáó âëßñïáàëêðäáÇôðáîêÝèÃñàåðëîïĎéåêàïáðÝêàßñèðñîáïçåèèï character and knowledge, and the quality of its controls, as set ëñðåêðäáãñåàÝêßáâëîÝñàåðßëééåððááïìîáìÝîáàÞõðäáÈÔÅ

ÖäááòÝèñÝðåëêëâðäáÇôðáîêÝèÃñàåðëîïåêßèñàáàðäá following steps:

ÃïñîòáõëâçáõĦêÝêßáÝêàêëêĦêÝêßáïðÝçáäëèàáîïåê ÊáÝàÑĨßáÝêàåêïßëìáßëñêðîåáï
A commentary-based survey of Audit Committee members focused on their experience of working with PwC
A review of other external evidence on PwC audit quality áãîáìëîðëêÒóÅÞõðäáÈÔÅ
ÆåïßñïïåëêïóåðäÒóÅÝêàçáõĦêÝêßáÝêà êëêĦêÝêßáìáîïëêêáè

ÖäááòÝèñÝðåëêßëêßèñàáàðäÝðÒóÅäÝàìîëòåàáàÝêáĪáßðåòá audit for 2022, with the Auditors exhibiting an appropriate mindset and culture, along with possessing the right skills, ßäÝîÝßðáîÝêàçêëóèáàãáðëáĪáßðåòáèõéÝêÝãáðäáÝñàåð whilst adopting appropriate quality controls. Building on last year's feedback, PwC had improved their audit approach and óëîçáàëêáêïñîåêãáĪáßðåòáÝêàáÝîèõßëééñêåßÝðåëêëâÝñàåð îáíñåîáéáêðïÒóÅóÝïæñàãáàðëßäÝèèáêãáðäáÞñïåêáïïåêðäá right areas and provide strong technical expertise. The PwC team was also seen as independent by the Audit Committee and management. Debrief meetings were held at a local level to àåïßñïïðäáÝñàåðÝêàðëßëêïðîñßðåòáèõïäÝîáâááàÞÝßçðäÝð would facilitate further improvements to the audit planning for the 2022 audit and an improved understanding of the audit approach and requirements. Areas highlighted for further improvement in 2022 included greater stability in the US audit team and enhanced coordination with Mazars and the Shared Service Centres.

Reappointment of PwC for 2022

The Committee is responsible for making recommendations to the Board in relation to the appointment, reappointment and îáéëòÝèëâðäáÇôðáîêÝèÃñàåðëîïËêñêàáîðÝçåêãðäåïàñðõðäá Committee takes into consideration a number of factors ßëêßáîêåêãðäáÇôðáîêÝèÃñàåðëîïÝêàðäáÉîëñìĎïßñîîáêð activity, including:

ÖäáîáïñèðïëâåðïéëïðîáßáêðîáòåáóëâðäááĪáßðåòáêáïï of the Auditors
The results of its review of the independence and ëÞæáßðåòåðõëâðäáÃñàåðëîïìÝîðåßñèÝîèõåêèåãäðëâðäá provision of non-audit services
Its ability to coordinate a global audit, working to tight deadlines
The cost-competitiveness of the Auditors in relation to the audit costs of comparable UK companies
The tenure of the incumbent Auditors
The periodic rotation of the senior audit management assigned to the audit of the Company
ÇôðáîêÝèîáòåáóïëâðäáìáîâëîéÝêßáÝêàíñÝèåðõëâðäá Auditors, including:
- The annual report issued by the Audit Quality Review ðáÝéëâðäáÈåêÝêßåÝèÔáìëîðåêãÅëñêßåèëêðäáóëîçëâ the Auditors
- The Auditors' own annual Transparency Report

Having considered the aforementioned factors, the Committee îáßëééáêàáàðëðäáÄëÝîàðäÝðÒóÅÞáîáÝììëåêðáàâëî ËðßëêĦîéïðäÝðåðïîáßëééáêàÝðåëêåïâîááâîëéðäáåêħñáêßáëâ any third party and that there are no contractual restrictions on the choice of auditor. A resolution proposing the reappointment ëâÒóÅóåèèÞáåêßèñàáàåêðäáêëðåßáëâÃÉÏâëî

ÖäáÅëééåððááîáíñáïðáàßëêĦîéÝðåëêÝêàÒóÅßëêĦîéáàðäÝð there are no longer any restrictions on PwC network companies performing audits of the Group's listed entities in India.

Audit Committee evaluation

The Audit Committee's performance was evaluated as part of the overall externally facilitated Board and Committee performance áòÝèñÝðåëêóäåßäåïàáïßîåÞáàåêàáìðäëêìÝãáï Ýêà! The review concluded that the Committee continued to function well, with the quality and quantity of information provided to the ÅëééåððááæñàãáàðëÞáãëëàÝêàðäáèáòáèëâáêãÝãáéáêð ÞáðóááêðäáÃñàåðÅëééåððááÝêàðäáÅäåáâÈåêÝêßåÝèÑĨßáî ÝêàäåïðáÝéðäáÉîëñìÊáÝàëâËêðáîêÝèÃñàåðÝêàðäáÇôðáîêÝè Audit Partner rated highly. It was noted that rigorous processes were in place to review and monitor the work of the Internal ÝêàÇôðáîêÝèÃñàåðëîïÝêàðäÝððäáÅëééåððááàáàåßÝðáà ÝììîëìîåÝðáîáïëñîßáðëéëêåðëîåêãÝêàßäÝèèáêãåêãïåãêåĦßÝêð ÝñàåðåïïñáïÝêàéÝðáîåÝèÝßßëñêðåêãæñàãáéáêðïÃêñéÞáîëâ ìîåëîåðåáïóáîáåàáêðåĦáàâëîðäáÃñàåðÅëééåððááëòáîðäáßëéåêã year, including further focus on cyber security, cognisance of the need to ensure that the Group's internal controls are developed ðëßëéìèõóåðäðäáêáóÄÇËÕÝêàÅëîìëîÝðáÉëòáîêÝêßáÅëàá requirements when they are announced, and supporting the ðîÝêïåðåëêðëðäáêáóÉîëñìÊáÝàëâËêðáîêÝèÃñàåðÝêàêáóÅÈÑ

On behalf of the Audit Committee

Douglas Hurt

Chairman, Audit Committee ÏÝîßä

Nomination Committee

John McDonough CBE ÅëééåððááÅäÝåîéÝêñêðåèÆáßáéÞáî

Carl-Peter Forster ÅëééåððááÅäÝåîéÝêâîëéÆáßáéÞáî ÕáîòáàëêðäáÅëééåððááâëèèëóåêãäåïÝììëåêðéáêððëðäáÄëÝîàëêÐëòáéÞáîÝêàßäÝåîáà ðäáÅëééåððááâëèèëóåêãäåïÝììëåêðéáêðÝïÅäÝåîéÝêëâðäáÅëéìÝêõëêÆáßáéÞáî

Carla Bailo âîëéÈáÞîñÝîõ Kath Durrant

Dinggui Gao Friederike Helfer Jane Hinkley

Douglas Hurt

The Company Secretary is Secretary to the Committee

Dear Shareholder,

On behalf of the Nomination Committee, I am pleased to present the Nomination Committee report for 2022. The primary responsibility of the Nomination Committee is to focus on Board composition and succession planning, and to ensure that the Board is composed of individuals with the appropriate drive, abilities, diversity and experience to lead the Company in the delivery of its strategy. As part of this work, the Committee is also responsible for overseeing succession plans for the Board and senior management, and ensuring that the Group has a consistent pipeline of diverse talent for future potential progression to the Board.

The primary focus of the Committee during 2022 was on ïñßßáïïåëêÇÝîèõåêðäáõáÝîðäáÅëééåððááèáàÞõðäáÕáêåëî Independent Director, Douglas Hurt, concluded the process for my appointment as the new Chairman of the Company. ÕñÞïáíñáêðèõâëèèëóåêãðäáîáïåãêÝðåëêëâëñîÅÈÑÉñõÛëñêãåê September, the Committee undertook a search for his successor. ÙáÝîáàáèåãäðáàðëäÝòáÝììëåêðáàÏÝîçÅëèèåïÝïÅÈÑäáóåèè æëåêðäáÄëÝîàÝððäáèÝðáïðëê ÌñèõÃððäáïÝéáðåéáóëîç also progressed with the appointment of new non-executive áôìáîðåïáëêðäáÄëÝîàóåðäÅÝîèÝÄÝåèëæëåêåêãñïëêÈáÞîñÝîõ ÌÝêáÊåêçèáõóäëäÝïìîëòåàáàïðÝèóÝîðïáîòåßáðëðäá ÄëÝîàÝêàåðïÅëééåððááïëòáîðáêõáÝîïßëêĦîéáàðäÝðïäá óëñèàïðáìàëóêâîëéðäáÄëÝîàÝððäáßèëïáëâðäáÃÉÏ

Alongside this focus on Board recruitment, the Committee also spent a considerable amount of time during the year discussing senior management succession planning, and in this context, responding to the resignation and retirement of two members of ðäáÉîëñìÇôáßñðåòáÅëééåððááÃèèåáàðëðäåïðäáÅëééåððáá discussed more general aspects of resourcing further down the organisation, discussing the turnover, sourcing and diversity of ïðÝĪåêðäáÕáêåëîÎáÝàáîïäåìÉîëñìëâß"éÝêÝãáîïËðêëðáà that further work was needed to strengthen the pipeline for future vacancies, to ensure that the Group has the right pool of talent ÝòÝåèÝÞèáðëĦèèïáêåëîéÝêÝãáîòÝßÝêßåáï

Yours sincerely

Carl-Peter Forster

Chairman, Nomination Committee ÏÝîßä

Key activities during the year

Board composition

During the year, the Committee reviewed the structure, size and composition of the Board. This review also included consideration of the skills, knowledge and experience required for the Board to ßëêðåêñáðëâñêßðåëêáĪáßðåòáèõÝêàïñììëîððäáàáèåòáîõëâëñî strategy. This analysis took into account the need to ensure an appropriate balance of independence and diversity among Board members, in particular identifying the need to diversify ðäáãáëãîÝìäåßÝèéÝçáñìëâðäáÄëÝîàðëîáħáßððäáóåàá geographical spread of the Company's business. The Committee then evaluated the current Board composition against an assessment of future business needs, considering the Directors standing for election and re-election at the AGM.

Board succession

ÃèëêãïåàáðäáâëßñïëêðäáîáßîñåðéáêðëâðäáêáóÅäÝåîÅÈÑ and Non-executive Director during the year, the Committee also reviewed the future rotation of Directors from the Board. It considered the requirements for Board composition, and seeking to ensure that the Board continues to be resourced by a group of Directors with the skills, diversity and experience necessary to support the future delivery of the Group's strategic ëÞæáßðåòáïÃïìÝîðëâðäåïîáòåáóðäáÅëééåððááßëêïåàáîáàðäá Company's ongoing compliance with the Board Diversity Policy, ÝèïëêëðåêãðäáñìàÝðáðëðäá×ÍÎåïðåêãÔñèáïáĪáßðåòáâëî ĦêÝêßåÝèõáÝîïïðÝîðåêãëêëîÝâðáîÃìîåèìñîïñÝêððë óäåßäëêáëâðäáÅäÝåîÅäåáâÇôáßñðåòáÅäåáâÈåêÝêßåÝèÑĨßáî and Senior Independent Director should be female. The Board is not currently compliant with this requirement.

Senior management development and succession

The Committee maintained oversight of the changes to éáéÞáîïäåìëâðäáÉîëñìÇôáßñðåòáÅëééåððááàñîåêãðäáõáÝî reviewing the Group's succession processes, talent development and proposals for the resourcing of vacant roles going forward. It also considered the management cadre below this level, focusing on the recruitment and retention of talent in the Business ×êåðÇôáßñðåòáÅëééåððááïÝêàßëêïåàáîåêãðäáèáòáèëâðñîêëòáî ÝêààåòáîïåðõåêðäáÞîëÝàáîÕáêåëîÎáÝàáîïäåìÉîëñìÝèëêãóåðä the balance of internal promotions and external appointments into these roles. It examined how the Group's talent management processes were developing, how the senior management cadre was performing and how the mentoring programme established âëîðäáàáòáèëìéáêðëâåêàåòåàñÝèïħÝããáàÝïčäåãäìëðáêðåÝèĎóÝï

Diversity of candidates for the CFO role

The Nomination Committee

The Nomination Committee is made up of me, as Chairman ëâðäáÅëéìÝêõÝêàðäáÐëêáôáßñðåòáÆåîáßðëîïËæëåêáàðäá ÅëééåððááëêéõÝììëåêðéáêððëðäáÄëÝîàëêÐëòáéÞáî 2022 and began chairing the Committee when I assumed the ÅäÝåîéÝêïäåìëâðäáÅëéìÝêõëêÆáßáéÞáîÒîåëîðëðäåï ÌëäêÏ߯ëêëñãäÅÄÇßäÝåîáàðäáÅëééåððááÖäáÅëéìÝêõ Secretary is Secretary to the Committee. Members' biographies ÝîáïáðëñðëêìÝãáï\$\$Ýêà\$%

Role and responsibilities

The Nomination Committee's foremost priorities are to ensure that the Company has the best possible leadership and to ensure that plans are in place for orderly succession to both the Board ÝêàÉîëñìÇôáßñðåòáÅëééåððááìëïåðåëêïÖäáÅëééåððáá ensures that the procedure for the selection of potential ßÝêàåàÝðáïâëîÄëÝîàÝììëåêðéáêðïáåðäáîÝïÝêÇôáßñðåòá ÆåîáßðëîëîåêàáìáêàáêðÐëêáôáßñðåòáÆåîáßðëîåïâëîéÝè rigorous and transparent, and undertaken in a manner consistent with best practice. It also ensures that appointments to the Board ÝîáéÝàáëêéáîåðÝãÝåêïðëÞæáßðåòáßîåðáîåÝÝêàóåðäàñáîáãÝîà

ìîëßááàåêãÝèèÝåéáàÝðàáòáèëìåêãðäáìåìáèåêáëâ experienced and talented managers to succeed to roles at the highest level of the business. In this process, the Committee focused both on the bench strength in key skills and expertise as well as the talent pipeline in critical geographies.

Diversity

The Committee reviewed the Group's progress in achieving its diversity targets, with a particular focus on the recruitment of women to the senior management tiers.

Committee evaluation

ÖäáÅëééåððááîáòåáóáàåðïìáîâëîéÝêßáÝêàáĪáßðåòáêáïï during 2022, including evaluating whether each Non-executive ÆåîáßðëîóÝïïìáêàåêãïñĨßåáêððåéáâñèĦèèåêãðäáåîàñðåáï

Committee terms of reference

The Committee reviewed its terms of reference.

âëîðäáÞáêáĦðïëâãáêàáîïëßåÝèáðäêåßÝêàßëãêåðåòáàåòáîïåðõ and personal strengths.

The Committee met six times during the year. It operates under formal terms of reference, a copy of which is available on the Group's website: www.vesuvius.com.

The Committee and its members are empowered to obtain outside legal or other independent professional advice at the cost of the Company in relation to its deliberations. These rights were not exercised during the year. The Committee may also secure the attendance at its meetings of any employee or other parties it considers necessary.

Process for Board appointments

The Committee follows formal, rigorous and transparent procedures for the appointment of new Directors. When considering a Board appointment, the Nomination Committee àîÝóïñìÝïìáßåĦßÝðåëêâëîðäáîëèáðÝçåêãåêðëßëêïåàáîÝðåëêðäá balance of skills, knowledge and experience of its existing members, the diversity of the Board, the independence of continuing Board members, and the ongoing requirements and anticipated strategic developments of the Group. The search process is then able to focus on appointing a candidate with the necessary attributes to enhance the Board's performance.

ÆñîåêãðäáÅëééåððááĦêÝèåïáàðäáïáèáßðåëêìîëßáïïðë îáßîñåðÝêáóÅäÝåîéÝêñêàáîðëëçÝïáÝîßäâëîÝêáóÅÈÑÝêà as part of the Group's planned Director rotation, commenced the process to identify a new Non-executive Director for the Board. With regard to the Non-executive Director role, the Committee resolved that it was particularly keen to identify candidates who äÝàïåãêåĦßÝêðßëééáîßåÝèáôìáîåáêßáÝêàÝ×ÕÞÝßçãîëñêà to complement the skills of the other Directors. The Committee approached appropriate search consultants to assist with the search. After careful consideration, the global specialist search consultant, Spencer Stuart, was retained to assist with the Chairman and Non-executive Director recruitment, and Odgers ÄáîêàðïëêóåðäðäáÅÈÑîáßîñåðéáêðÄëðäĦîéïäÝòáÝàëìðáà the Voluntary Code of Conduct addressing gender diversity and best practice in search assignments. They do not have any other connection with the Group, other than in respect of management recruitment work undertaken as part of normal trading activities. They were selected for these assignments following a review of ìëðáêðåÝèèõíñÝèåĦáàÝãáêßåáïÞÝïáàëêðäáåîïçåèèïÝêàáôìáîðåïá

In line with Vesuvius' considerable geographical diversity, the searches for these new Directors targeted candidates from around the world for the long-lists of potential appointees ìîëàñßáàÞõðäáÝãáêßåáïÈëîáÝßäÝììëåêðéáêððäáÅëééåððáá reviewed the long-list of candidates, from which a short-list of ßÝêàåàÝðáïâëîåêðáîòåáóóÝïàîÝóêñìÞÝïáàñìëêðäáëÞæáßðåòá ßîåðáîåÝåàáêðåĦáàÝððäáåêßáìðåëêëâáÝßäìîëßáïï

Nomination Committee continued

Members of the Committee conducted initial interviews with the short-listed candidates. The candidates then went on to meet with other Board members. Detailed external references were taken up and, following this, the Committee made formal recommendations to the Board for the appointments. The successful candidates for the non-executive îëèáïóáîáîáíñåîáàðëàáéëêïðîÝðáðäÝððäáõäÝàïñĨßåáêððåéá available to devote to their roles and to identify any potential ßëêħåßðïëâåêðáîáïðÐëßëêħåßðïóáîáåàáêðåĦáà

Carl–Peter Forster induction programme

Areas covered: Provided by:

Vesuvius' purpose, strategic priorities and business operations ÅäåáâÇôáßñðåòáÄ×ÒîáïåàáêðïÅÈÑÅÊÔÑ Business operations, people and culture HeaTt Training, site visits to Skawina (Poland), Health and Safety and Sustainability Strategy Provision of policies/procedures, access to past

ÈåêÝêßåÝèìëïåðåëêìáîâëîéÝêßáÝêàðîáÝïñîõéÝððáîï ÅÈÑÇôðáîêÝèÃñàåðëîï Corporate governance, Board operations, legal and regulatory matters Shareholder and investment community perspective Corporate brokers, Cevian

Board composition

The Committee keeps the current and future membership needs ëâðäáÄëÝîàÝêàåðïÅëééåððááïñêàáîßëêðåêñÝèîáòåáóËðîáħáßðï on the balance of skills, knowledge and experience of the current Directors and compares this to the list of key skills the Board assesses are needed to support the delivery of the Company's strategy. The independence and diversity of the Board, and the balance of skills, experience and development needs of Board members are also examined as part of the Group's annual corporate governance review, which considers the existing tenure and the prospective rotation and retirement of Board members, so that succession can be planned accordingly. The Board considers its diversity, size and composition to be appropriate for the requirements of the business.

ËêðäáÅëééåððááêëðáàðäÝðÌÝêáÊåêçèáõäÝàïáîòáà nine years on the Board. However, given the transition of the Board Chairman, Jane agreed to remain on the Board and continue to support the Group until a successor was recruited following the appointment of the new Chairman. The Board, having carefully considered her circumstances, concluded that she continued to be independent of management and a strong ÝêàòÝèñÝÞèáßëêðîåÞñðëîðëðäáÄëÝîàĎïóëîçÈëèèëóåêãÅÝîèÝ ÄÝåèëĎïÝììëåêðéáêðÝïÝêáóÐëêáôáßñðåòáÆåîáßðëîåêÈáÞîñÝîõ ÌÝêáÊåêçèáõóåèèîáðåîáâîëéðäáÄëÝîàåééáàåÝðáèõ âëèèëóåêãðäáÅëéìÝêõĎïÃÉÏëê\$ÏÝõ

Diversity

The Group's policy on diversity and inclusion outlines Vesuvius' commitment to encouraging a supportive and inclusive culture among its global workforce, promoting diversity and eliminating any potential discrimination in our work environment. Vesuvius' Board Diversity Policy explains how this commitment manifests in relation to the Board.

Vesuvius recognises the value of a diverse and skilled workforce and is committed to creating and maintaining an inclusive and collaborative workplace culture that will provide sustainability for the organisation into the future. We believe that the dedication ÝêàìîëâáïïåëêÝèåïéëâëñîìáëìèáåïðäáéëïðïåãêåĦßÝêð

A comprehensive induction programme is put in place for all new Directors. They are given access to past Board and Committee papers and a programme of meetings and site visits is drawn up to ensure that they can quickly assimilate fundamental information about the business and the Group's operations. ÈëîðäáåêßëéåêãÅäÝåîéÝêðäåïìîëßáïïßëééáêßáàâëèèëóåêã the announcement of his appointment in May, so that he was óáèèìîáìÝîáàÝïäáæëåêáàðäáÄëÝîàÝêàðëëçëòáîðäáîëèáëâ Chairman in December 2022.

Borken (Germany) and Ghlin (Belgium)
Board sustainability presentations

Outgoing Chairman, General Counsel/ ÅëéìÝêõÕáßîáðÝîõáôåïðåêãÐÇÆï

contributor to our success. Having a balance of cultures, ethnicities and genders helps to promote innovation, creativity and engagement. The diversity of our senior management cadre and employees is one of the core strengths of the Group. Copies of the Group's diversity policies can be found on the Group's website: www.vesuvius.com.

The Nomination Committee considers the Group's progress in implementing the Group's diversity policy each year and the achievement of the Group's diversity targets.

ÃßîëïïðäáÉîëñìåê!Y Yëâëñîóëîçâëîßá óáîáóëéáêÝïèåãäðåêßîáÝïáòáîïñïÖäáÉîëñìäÝïïáðÝ ðÝîãáðëâáêïñîåêãðäÝð!YëâðäáÕáêåëîÎáÝàáîïäåìÉîëñìëâðäá ÅëéìÝêõóäåßäßëéìîåïáïß"åêàåòåàñÝèïÝîáâáéÝèáÞõ! This KPI has been incorporated into the long-term incentives of our senior management. The number of women in the Senior ÎáÝàáîïäåìÉîëñìàáßîáÝïáàÞõìáîßáêðÝãáìëåêðåê òáîïñïðëYÇÝßäëâðäáÉîëñìĎïâëñîÄñïåêáïï×êåðï has put in place strategies to address gender diversity.

Board diversity

A large part of the work of the Nomination Committee focuses on ensuring that the Board and its Committees have the appropriate range of diversity, skills, experience, independence and knowledge of the Company and the markets in which it operates, to enable them to discharge their duties and responsibilities áĪáßðåòáèõÖäáÄëÝîàÆåòáîïåðõÒëèåßõßëêĦîéïðäáÉîëñìĎï commitment to maintaining a diverse Board, while continuing to appoint candidates based on merit. We continue to look ÝðàåòáîïåðõåêåðïÞîëÝàáïðïáêïáîáħáßðáàåêðäáîÝêãáëâ backgrounds and experience of Board members who are drawn âîëéàåĪáîáêðêÝðåëêÝèåðåáïÝêàäÝòáéÝêÝãáàÝòÝîåáðõëâ complex global businesses. The Nomination Committee recognises that diversity is a key ingredient in creating a balanced culture for open discussions at Board level and in minimising 'groupthink'.

All independent Non-executive Directors serve on the Audit and Remuneration Committees, and the Chairman and all the Non-executive Directors serve on the Nomination Committee, ïëðäáàåòáîïåðõëâðäáÄëÝîàĎïìîåêßåìÝèÅëééåððááïîáħáßðï the diversity of our Non-executive Directors. The Nomination Committee therefore considers the diversity of the Non-executive Directors as a stand-alone cadre, as well as the diversity of the Board as a whole, when considering recruitment to the Board.

ÖäáÄëÝîàêëðáïðäáîáßáêðßäÝêãáðëðäá×ÍÎåïðåêãÔñèáï áĪáßðåòáâëîĦêÝêßåÝèõáÝîïïðÝîðåêãëêëîÝâðáîÃìîåè îáíñåîåêãßëéìÝêåáïðëßëêĦîéóäáðäáîëîêëð YëâðäáÞëÝîà ÝîáóëéáêÝðèáÝïðëêáëâðäáïáêåëîÞëÝîàìëïåðåëêïÅäÝåîÅÇÑ ÕËÆëîÅÈÑåïäáèàÞõÝóëéÝêóäáðäáîÝðèáÝïðëêáéáéÞáîëâ ðäáÞëÝîàåïâîëéÝéåêëîåðõáðäêåßÞÝßçãîëñêàÝêàðëìîëòåàá numerical disclosure on the ethnic background and sex or gender åàáêðåðõëâðäáÄëÝîàïáêåëîÞëÝîàìëïåðåëêïÅäÝåîÅÇÑÕËÆ ÝêàÅÈÑÝêàáôáßñðåòáéÝêÝãáéáêððáÝé

Ëê#ðäáÄëÝîàïáðÝðÝîãáðâëîÝðèáÝïðYâáéÝèáÄëÝîà éáéÞáîïäåìÖäåïóÝïÝßäåáòáàåê%ÃïÝðÆáßáéÞáî óëéáêéÝàáñì\$YëâðäáÆåîáßðëîïêëóëéáêëßßñìåáàïáêåëî ÄëÝîàìëïåðåëêïëêáëâðäáÆåîáßðëîï!YåàáêðåĦáàÝïäÝòåêã ÝêÃïåÝêäáîåðÝãáÝêàÝêëðäáîÆåîáßðëî!YåàáêðåĦáàÝï having a mixed race heritage. This represented no change in the ÄëÝîàĎïãáêàáîÝêàáðäêåßàåòáîïåðõòáîïñïÆáßáéÞáî

ÈëèèëóåêãðäáÝììëåêðéáêðëâÅÝîèÝÄÝåèëëêÈáÞîñÝîõÝêà ÉñõÛëñêãĎïàáìÝîðñîáâîëéðäáÅëéìÝêõëê#ÈáÞîñÝîõ ðäáìîëìëîðåëêëâóëéáêëêðäáÄëÝîàäÝïåêßîáÝïáàðë!Y ÅñîîáêðèõĦòáÆåîáßðëîïäëèàßåðåöáêïäåìëñðïåàáðäá×Í

The Board recognises that over time the proportion of female ÆåîáßðëîïéÝõħñßðñÝðáêÝðñîÝèèõÝïÄëÝîàéáéÞáîïîáðåîá and new Directors are appointed. The Board always seeks to review a diverse long-list of candidates for all Board positions. All independent Non-executive Directors serve on the Audit and Remuneration Committees, so with the appointment of ÅÝîèëÄÝåèëóëéáêßñîîáêðèõéÝçáñì"YëâðäáéáéÞáîïäåì !YåêÝêàÝèèðäáÐëêáôáßñðåòáÆåîáßðëîïåêßèñàåêã the Chairman) serve on the Nomination Committee so óëéáêîáìîáïáêð!#YëâðäáéáéÞáîïäåìëâðäåïÅëééåððáá !Yåê

ÈñîðäáîåêâëîéÝðåëêëêðäáÉîëñìĎïÝììîëÝßäðëìîëéëðåêã àåòáîïåðõßÝêÞáâëñêàëêìÝãá##

ÃïÝðÆáßáéÞáîðäáãáêàáîÞÝèÝêßáëâðäáÉîëñìĎïáéìèëõááïóÝïÝïâëèèëóï

	ÈáéÝèá	Male	Total	ÈáéÝèá	Male
ÉîëñìÇôáßñðåòáÅëééåððááéáéÞáî	2	!	#	%Y	#Y
ÎáÝàáîïäåìîëèáïîáìëîðåêãðëéáéÞáîïëâðäáÉÇÅ		40	!	Y	##Y
Senior Managers1	14	45	59	24%	76%
All other employees	""	%	#!	!Y	\$!Y
Grand total	1,676	9,458	11,134	15%	85%

Senior Leadership Group2	31	125	156	20%	80%

ÕáêåëîÏÝêÝãáîïßëéìîåïáÉîëñìÇôáßñðåòáÅëééåððááéáéÞáîïìèñïçáõèáÝàáîïäåìîëèáïîáìëîðåêãàåîáßðèõðëéáéÞáîïëâðäáÉîëñì ÇôáßñðåòáÅëééåððáá

ÖäáÕáêåëîÎáÝàáîïäåìÉîëñìßëéìîåïáïðäá!"éëïðïáêåëîéÝêÝãáîïåêðäáëîãÝêåïÝðåëê

ÃïÝðÆáßáéÞáîðäáãáêàáîÞÝèÝêßáëâðäáÆåîáßðëîïÝêàéáéÞáîïëâðäáÉîëñìÇôáßñðåòáÅëééåððááóÝïÝïâëèèëóï

	Number of Board members	Percentage of the Board	Number of senior positions on the Board ÅÇÑÅÈÑ SID and Chair)	Number in ÉîëñìÇôáßñðåòá Committee	Percentage of ÉîëñìÇôáßñðåòá Committee
Men	!	"!Y	4	!	#Y
Women		#!Y	›	2	%Y
ÐëðïìáßåĦáàŸìîáâáîêëððëïÝõ	›	›	›	›	›

ÃïÝðÆáßáéÞáîðäááðäêåßÞÝßçãîëñêàëâðäáÆåîáßðëîïÝêàéáéÞáîïëâðäáÉîëñìÇôáßñðåòáÅëééåððááóÝïÝïâëèèëóï

	Number of Board members	Percentage of the Board	Number of senior positions on the Board ÅÇÑÅÈÑ SID and Chair)	Number in ÉîëñìÇôáßñðåòá Committee	Percentage of ÉîëñìÇôáßñðåòá Committee
White British or other White
(including minority-white groups)	"	#!Y	#!Y	"	\$"Y
ÏåôáàŸÏñèðåìèáÇðäêåßÉîëñìï		!Y	!Y		Y
Asian/Asian British		!Y	›	›	›
Black/African/Caribbean/Black British	›	›	›	›	›
Other ethnic group, including Arab	›	›	›	›	›
ÐëðïìáßåĦáàŸìîáâáîêëððëïÝõ	›	›	›	›	›

The data for these tables was collected by asking individuals to self report against the categories displayed.

Nomination Committee continued

Board evaluation

The Board carries out an evaluation of its performance in Q4 each year. This year's evaluation was again externally facilitated by the ßëîìëîÝðáÝàòåïëîõĦîéÎåêðïðëßçÖäáÉîëñìñïáïÎåêðïðëßçĎï ËêïåàáîÎåïðàÝðÝÞÝïáðëëèÞñðäÝïêëëðäáîßëêêáßðåëêóåðäðäá ëîãÝêåïÝðåëêÝêàÎåêðïðëßçàëáïêëðäÝòáÝßëêêáßðåëêóåðäÝêõ of the Directors.

ÇÝßäáòÝèñÝðåëêóÝïßëêàñßðáàòåÝÝïáîåáïëâðÝîãáðáà questionnaires. As with previous years, the evaluation covered both the performance of the Board and that of its Committees, along with individual reviews of each Director and an analysis of the performance of the Chairman. Narrative reports were prepared for the Board, the Audit, Nomination and Remuneration Committees, and in respect of the Chairman.

In 2022, the Board assessment focused on eleven core areas:

Board composition Board dynamics Strategy Sustainability Talent Risk oversight Oversight of stakeholders Board support and focus of meetings External developments Business priorities Priorities for change

ÎåêðïðëßçÝèïëßëéìÝîáàðäáÄëÝîàĎïîÝðåêãïÝãÝåêïððäëïáëâ other organisations, to identify areas of particular strength and to provide additional context. In particular, given the change of Board leadership, the evaluation was structured to provide the incoming Chairman with a 'baseline' of overall Board ìáîâëîéÝêßáîÝðäáîðäÝêâëßñïåêãëêïìáßåĦßáòáêðïëîáèáéáêðï of the Board's work as has been the case in previous years.

ÑòáîÝèèðäáÄëÝîàóÝïïááêðëëìáîÝðááĪáßðåòáèõóåðäÝê appropriate composition and range of diversity, with the Non-executive Directors deemed to provide appropriate and constructive challenge to management. The Board's relationships and dynamics were rated positively overall, although it was noted that Remuneration Committee deliberations had created areas of tension. The management of meetings, quality and adequacy of performance reporting, quality of presentations made to the Board and level of support provided received high ratings. The balance of the Board's focus was also generally viewed favourably although, as in previous years, there were areas highlighted for greater or reduced emphasis going forward.

The Board's understanding of the views and requirements of stakeholders was rated highly with regard to investors, employees and customers. It was noted that there was continued scope to improve the Board's understanding of the interests of suppliers, and the dynamics of the Group's sourcing of raw materials and ïáîòåßáïÖäáÄëÝîàĎïáĪáßðåòáêáïïåêïáððåêãÝêàéëêåðëîåêã culture throughout the organisation was rated positively and it was noted that the process for Non-executive Director óëîçâëîßááêãÝãáéáêðóëñèàÞáâñîðäáîîáĦêáàåê

ËêðáîéïëâïðîÝðáãõØáïñòåñïĎïåãêåĦßÝêðâëßñïëêÕñïðÝåêÝÞåèåðõ was highly rated, with the integration of sustainability initiatives and targets throughout the business well understood. The Board indicated the importance it placed on continuing to develop åðïñêàáîïðÝêàåêãëâðäáÉîëñìĎïðáßäêëèëãõëĪáîåêãïâëî ßñïðëéáîïØáïñòåñïĎßÝìÝßåðõðëàáèåòáîëêåðïïðîÝðáãåßëÞæáßðåòáï continued to be rated highly overall, with emphasis placed on the importance of having the right people in place to execute the strategy. It was noted that talent retention, development and succession planning continue to be key areas of focus for the Board.

In addition to the primary focus on safety, and the issues highlighted above, the top priorities for Vesuvius as a business ëòáîðäáßëéåêãõáÝîóáîáåàáêðåĦáàÞõðäáÄëÝîàÝïÞáåêã ßëêðåêñåêãðëâëßñïëêïñßßáïïåëêìèÝêêåêãâëîáôáßñðåòáÝêàÉÇÅ roles, expanding the geographical diversity of the Board and åéìîëòåêãðäááĪáßðåòáêáïïëâðäáóëîçâëîßááêãÝãáéáêð programme through site visits. The Board is also keen to gain âñîðäáîåêïåãäðåêðëðäáÉîëñìĎïïñììèåáîÞÝïáÝêàìîëĦèá

The new Chairman conducted one-on-one meetings with each of the other Directors, to discuss the evaluation process and ëñðßëéáïÝêàáêïñîáðäÝððäáÉîëñìóÝïàîÝóåêãáĪáßðåòáèõ on each of their skills and experience. He concluded that each ÆåîáßðëîßëêðåêñáàðëßëêðîåÞñðááĪáßðåòáèõðëðäáóëîçëâðäá Board. An assessment of the outgoing Chairman was conducted ÞõðäáÕáêåëîËêàáìáêàáêðÆåîáßðëîÇÝßäëâðäáÅëééåððááïóÝï ÝèïëßëêïåàáîáàðëäÝòáëìáîÝðáàáĪáßðåòáèõàñîåêãðäáõáÝî

As in previous years, a set of action points was compiled from the ëñðìñðëâðäááòÝèñÝðåëêðëáêïñîáðäÝðåðïĦêàåêãïÝîáåêðáãîÝðáà into the Board's activities. These will be implemented by the Board åêóåðäìîëãîáïïîáòåáóáàÞõðäáÄëÝîàðäîëñãäëñððäáõáÝî

Current Board nationalities

1 Austrian
1 German
3 British
1 French
1 American
1 Chinese

Board composition

ÈñîðäáîåêâëîéÝðåëêëêðäáÉîëñìĎïÝììîëÝßäðëìîëéëðåêãàåòáîïåðõ ##

ÖäááòÝèñÝðåëêåàáêðåĦáàðäáâëèèëóåêãÄëÝîàìîåëîåðåáïâëîâñðñîáÄëÝîàÝððáêðåëêðäáïáóáîáÝààîáïïáààñîåêãÝïâëèèëóï

Area	Issue	Action taken in 2022
Strategy	Oversee the further development of the Group's sustainability strategy and its integration into business planning	ÖäîëñãäëñððäáõáÝîðäáÄëÝîàîáßáåòáàÞîåáĦêãïâîëéðäáÅäåáâÇôáßñðåòáÝêà VP Sustainability on the activities of the Group's Sustainability Council, which is tasked with immediate oversight of the Group's sustainability activity. The Board monitored progress against the Group's targets and received updates from the Business Unit Presidents on the work being undertaken in the businesses to further áéÞáàðäáÉîëñìĎïïñïðÝåêÝÞåèåðõëÞæáßðåòáïÖäáÄëÝîàÝèïëîáòåáóáàðäáéëîá detailed work that had been undertaken to set intermediate targets to drive the ÉîëñìĎïìîëãîáïïðëêáðöáîëÝððäáèÝðáïðÞõ!
	ÇêäÝêßáðäáÄëÝîàĎïÝóÝîáêáïï of competitors' activities and the dynamics of the Group's customers and suppliers	A 'deep-dive' into the breadth of Vesuvius' competitive landscape was presented at the Board's Strategy meeting alongside more detailed information on each Business Unit's particular customer and competitor dynamics. A presentation covering Vesuvius' global customer landscape was made in September during the Board's Indian site visit, and a further paper covering the Group's purchasing and çáõïñììèåáîïðîÝðáãõóÝïìîáïáêðáàðëðäáÄëÝîàåêÑßðëÞáîÈñîðäáîñìàÝðáïëê the activities of the Group's competitors, customers and suppliers were given by ðäáÅäåáâÇôáßñðåòáðäîëñãäëñððäáõáÝîÝïïåãêåĦßÝêðéÝððáîïÝîëïá
People and organisation	ÄëÝîàÝêàÉÇÅ succession planning	The Nomination Committee undertook searches for a new Chairman, êáóÅÈÑÝêàêáóÐëêšáôáßñðåòáÆåîáßðëîËðÝèïëëòáîïÝóðäáÝßðåëêïñêàáîðÝçáê ðëÝààîáïïòÝßÝêßåáïåêðäáÉÇÅÝêàéëêåðëîáàðäáîáßîñåðéáêðàáòáèëìéáêð and retention of individuals in the senior management cadres, along with the impact of these actions on the Group's talent pipeline.
	Workforce engagement	After two years of limited opportunity for travel, the Non-executive Directors were ÝÞèáðëñêàáîðÝçáÝéëîáßëéìîáäáêïåòáïßäáàñèáëâïåðáòåïåðïåêÇÝßäëâ the nine sites they visited provided them with the opportunity to engage directly with the workforce, including conducting 'town hall' meetings to discuss the work of the Remuneration Committee and respond to questions from employees across all topics.
	Board dynamics	A detailed series of induction meetings and site visits were conducted, and key past Board papers were shared to facilitate the integration of the new Chairman into the work of the Board.

Senior management succession

The Committee's succession planning activities also encompass the senior management levels immediately below the Board, aiming to support and encourage the growth of a pool of talent able to step up to the Group's top roles. The Committee spent a ïåãêåĦßÝêðÝéëñêðëâðåéáàñîåêãðäáõáÝîàåïßñïïåêãïáêåëî management succession, in the context of the resignation of the President of Advanced Refractories and the retirement of the ÒîáïåàáêðÑìáîÝðåëêïÝêàÖáßäêëèëãõâîëéðäáÇôáßñðåòá Committee. As a matter of routine, the Committee considers succession plans for all the senior functional and Business Unit positions, assessing the availability of candidates who could cover the roles on a short-term contingency basis should the need arise, along with the pool of medium-term and long-term ðÝèáêðÝòÝåèÝÞèáâëîâñðñîáàáòáèëìéáêðåêðëïìáßåĦßîëèáï The Committee was kept apprised of plans in relation to the îáïëñîßåêãëâðäáðóëÇôáßñðåòáÅëééåððááòÝßÝêßåáïÐëåêðáîêÝè ßÝêàåàÝðáïóáîáæñàãáàîáÝàõðëÝïïñéáðäáîëèáëâÒîáïåàáêðëâ Advanced Refractories and so an external recruitment exercise was launched which remains ongoing. It was resolved that the role of President Operations and Technology would not be directly replaced, with the responsibilities allocated to existing senior managers in the Business Units or supported by recruitment ðëêáóêëêÇôáßñðåòáÅëééåððááîëèáïÖäáÅëééåððááÝèïë ßëêïåàáîáàðäáèáòáèëâðñîêëòáîåêðäáÕáêåëîÎáÝàáîïäåìÉîëñì and the activities being undertaken to retain existing talent, along with the action being taken to develop and recruit new áôáßñðåòáïðëĦèèãÝìïåêðäåïðÝèáêðìëëè

Committee evaluation

The Committee's activities were a separate part of the externally âÝßåèåðÝðáàáòÝèñÝðåëêëâÄëÝîàáĪáßðåòáêáïïàñîåêãðäáõáÝî The results of the questionnaires were collated, and a written report tabled and discussed by the Committee. The management of Nomination Committee meetings continued to be rated highly, with a further improvement seen in the quality of information provided, including a greater breadth of information presented on executive talent development and succession planning. The ÅëééåððááĎïáĪáßðåòáêáïïåêìîëéëðåêãðäáàáòáèëìéáêðëâÝ diverse pipeline of talent throughout the organisation was rated positively, although it was noted that further work needed to be undertaken to promote greater gender diversity. The succession planning process for the Non-executive Directors was deemed to be functioning well but it was noted that the succession plans for ðäáÇôáßñðåòáÆåîáßðëîïÝêàëðäáîéáéÞáîïëâðäáÉÇÅóáîáêëð fully developed, which had been brought into sharp focus by the departures from this group during the year. The pipeline of talent for these roles and those in the immediate levels below will be an ÝîáÝëâïåãêåĦßÝêðáéìäÝïåïâëîðäáÅëééåððááàñîåêã

On behalf of the Nomination Committee

Carl-Peter Forster

Chairman, Nomination Committee ÏÝîßä

Directors' Remuneration Report

Remuneration overview

Kath Durrant – Committee Chair

Dinggui Gao Jane Hinkley

Douglas Hurt Carla Bailo

(from 1 February 2023)

The Company Secretary is Secretary to the Committee

Dear Shareholder,

I am pleased to present our Directors' Remuneration Report (Remuneration Report) for 2022 which, in addition to this Chair's letter, is divided into two sections:

Our proposed new Directors' Remuneration Policy for approval by shareholders at the AGM in May 2023; and
The Annual Report on Directors' Remuneration. This outlines how we implemented the current Directors' Remuneration Policy in 2022 and how we intend to apply the new Policy in 2023

2022 was a year of considerable challenge for the Committee as it sought to ensure that the Company's remuneration strategy îáéÝåêáàĦðâëîìñîìëïáÝêàÝììîëìîåÝðáèõîáóÝîàåêãåê the face of retention challenges and a recent history of low åêßáêðåòáìÝõëñðï

Key activities in 2022

Reviewing and approving achievement against the performance targets for the 2021 Annual Incentive arrangements
Setting performance targets and approving the structure of the 2022 Annual Incentive arrangements, including targets for the new KPIs supported by shareholders in the January 2022 consultation
Reviewing and assessing the Company's attainment of performance conditions applicable to the Vesuvius Share Plan (VSP) awards made in 2019
Setting the performance measures and targets, and authorising the grant of new awards in 2022 under the ØÕÒðäáÆáâáîîáàÕäÝîáÄëêñïÒèÝêÝêàðäáÏáàåñéÖáîé Incentive Plan
Considering the Company's ongoing share sourcing requirements to meet obligations under the Company's ïäÝîáìèÝêïÝêàâñêàåêãëâðäáÇéìèëõááÄáêáĦðÖîñïðÇÄÖ
Reviewing employee remuneration arrangements around the Group, with particular reference to the cost of living issues facing many of our workforce in the current climate
Reviewing the impact, on the Group's remuneration targets, of the war in Ukraine and of the sanctions regime on Russian entities
Considering retention issues and reviewing a range of options
Approving the 2021 Directors' Remuneration Report and reviewing the 2022 Directors' Remuneration Report
Reviewing the Committee's terms of reference
Approving the 2023 remuneration for the Chairman, Chief Executive and senior management

Review of executive remuneration

2023 Remuneration Policy

Our current Policy was approved by shareholders in 2020 and expires in 2023 so we will seek shareholder approval at the forthcoming AGM for a new Policy. The Remuneration Committee has concluded that modest changes are required to the Policy at this time, including a change to the annual incentive opportunity level.

In my statement last year I reported on the extensive executive remuneration review that the Committee undertook in 2021 to understand our competitive positioning, our alignment of pay and performance over time, feedback from shareholders and the views of Board and Executive Committee members. That review åàáêðåĦáàÝêñéÞáîëâåïïñáïåêßèñàåêãðäáßäÝèèáêãáëâïáððåêã èëêãðáîéðÝîãáðïåêÝßõßèåßÝèÞñïåêáïïðäáïßëìáâëîÝèåãêéáêð with strategy to be improved through the selection of alternative KPIs, a desire to incorporate ESG KPIs more explicitly into incentive arrangements and a desire to ensure both the incentivisation and retention of the executive team.

During this review we considered a range of alternative share incentive structures – including a hybrid arrangement of part Restricted Stock Units (RSUs) and part performance shares, and whilst potentially attractive the Committee concluded that it was unlikely that this would achieve shareholder support in the present environment. The Committee also considered a full RSU plan, ÞñðóÝïÝêàîáéÝåêïëâðäáëìåêåëêðäÝðèëêãðáîéïäÝîáÝóÝîàï ïäëñèàÞáèåêçáàåêðäáéÝåêðëèëêãðáîéìáîâëîéÝêßá

Following the review, some modest changes were made to the performance measures in our incentive structure for 2022, ìîåêßåìÝèèõðäáåêðîëàñßðåëêëâÝîáðñîêïéáÝïñîáìëïððÝôÔÑËÅ to align with our strategy of delivering value to shareholders and the introduction of ESG measures aligned with our Sustainability Strategy. The Committee has noted positively the resultant increased focus on ROIC in internal discussions regarding potential acquisitions and in the deployment of capital across the Group. The inclusion of ESG metrics has similarly äÝàÝîáåêâëîßåêãáĪáßðëêÞáäÝòåëñîïóåðäßëêðåêñáàâëßñï on the environmental scorecard in management teams across the business, particularly with regard to CO2 emissions, diversity and safety, which are prime tenets of the culture of Vesuvius. We now need to take time to assess whether these changes have ÝààîáïïáàðäáñêàáîèõåêãåïïñáïåàáêðåĦáàåêðäáîáòåáóëîóäáðäáî more fundamental changes may be required in the future to áêïñîáðäáèëêãðáîéìèÝêÝßäåáòáïåðïëÞæáßðåòáïÝêàðëáêïñîá continued alignment with our Group strategy. Accordingly, the Committee has concluded that no substantive changes should ÞáéÝàáðëðäáÒëèåßõßëêßáîêåêãèëêãðáîéåêßáêðåòáïÝððäåïðåéá in order to allow an appropriate assessment of the impact of the changes to the performance measures. We intend to keep the issue under close review during 2023.

The Committee has spent further time in 2022 considering issues ëâîáðáêðåëêåêèåãäðëâðäáĦêàåêãïâîëéëñîîáòåáóåêÝêà we appreciated the support of shareholders for a substantial increase in salary for our CFO, Guy Young, in early 2022. Unfortunately, we were not able to retain Guy who left Vesuvius in February 2023. The market for talented executives is very strong and we have also experienced other regrettable losses in the senior team, of which there are more details below. A consequent focus on our competitiveness has led us to review the upper limit of annual incentive opportunity in the Policy which, after extensive debate by the Committee, we propose to increase from 150% to 175% of salary for the Executive Directors. A number of shareholders queried this aspect of our policy proposal and we discussed the Committee's track record of setting highly challenging performance targets, as evidenced ÞõðäáÞáèëóéÝîçáðèáòáèëâåêßáêðåòáìÝõëñðïëòáîðäáðáê years since demerger despite consistently strong performance by management (average AIP c.56% of max; average VSP vesting c.31% of max). Whilst setting targets in a cyclical business can be challenging, I would like to reassure shareholders that we have every intention of continuing to set challenging targets going forward.

The Committee additionally took the opportunity to review the current Policy against the UK Corporate Governance Code, shareholder guidance and general market practice. Following that review, a handful of other minor changes are proposed to the new Policy, details of which are summarised on page 124.

CEO remuneration in 2023

In turbulent times steady leadership is particularly important. ×êâëîðñêÝðáèõóáäÝòáïñĪáîáàÝêñéÞáîëâîáãîáððÝÞèáîáßáêð losses amongst our senior team. In addition to Guy Young's recent departure, Thiago Avelar, the Business Unit President responsible for Advanced Refractories left the business in December 2022 and Patrick Bikard, President Operations and Technology retired at the end of 2022. The loss of experience at the helm of the organisation has concerned the Board and the Remuneration Committee. Whilst there are usually multiple factors in people's àáßåïåëêïðëéëòáåðåïðäáÅëééåððááĎïæñàãáéáêððäÝð dissatisfaction with overall remuneration has played a part. ËêìÝîðåßñèÝîðäáèÝßçëâìÝõëñðïâîëéðäáèëêãðáîéåêßáêðåòáåï a particular cause for concern amongst the management team.

The Board, absent the CEO and CFO, determined that it was a commercial imperative, and in the best interests of all stakeholders – including our employees – to retain the CEO, Patrick André, and the remainder of the Executive team given the vital stability that they provide at the head of Vesuvius in this important period whilst a number of leadership transitions take place, including that of the Chairman. As such, the Board requested that the Remuneration Committee consider all options at its disposal to ensure retention. In this context, the Committee

concluded that there needed to be a substantial repositioning of Patrick's remuneration and therefore agreed an increase of YåêäåïïÝèÝîõðëy#ÝêàïñÞæáßððëÝììîëòÝèëâðäá new Remuneration Policy, an increase in his annual incentive opportunity from 150% to 175% of salary. The market for talent is strong in both public and private organisations and this ÝîîÝêãáéáêðìèÝßáïÒÝðîåßçĎïîáéñêáîÝðåëêĦîéèõåêðäáñììáî quartile of a competitive market which the Committee believes is appropriate given his critical importance to the Group, his position as a seasoned FTSE CEO and his sustained strong performance. Patrick's extensive industry experience is particularly important as the business seeks to successfully navigate a complex macro environment across multiple countries in this period of transition.

This is not a decision we have taken lightly, particularly in the current circumstances, and the Committee looked at a range of options for changing Patrick's remuneration. However, we believe that the solution we have arrived at is the best option to ensure that we have continuity and stability in the leadership of the Group. This proposal was discussed with a range of stakeholders including both the former and new Chairmen and our top twenty shareholders, which included Cevian Capital, our largest shareholder with a 21.11% holding in the Company. As part of these consultations, I discussed in detail the rationale for such ÝïåãêåĦßÝêðåêßîáÝïáåêðäáëòáîÝèèìÝßçÝãáðäáïçåèèïÝêà experience of the Executive team remaining, the gaps left by those departing, succession planning in a broader sense and remuneration comparisons to other industrial businesses along óåðäðäáÞîëÝàáîÈÖÕÇ!ÝêàëðäáîßëéìÝîÝÞèáêëê×ÍÝêà private businesses. I also discussed how Vesuvius is a global business and its Executive team is diverse, with four nationalities ìîáïáêðîáħáßðåêãðäáóÝõåêóäåßäØáïñòåñïîáßîñåðïâîëéðäá global marketplace, and how this practice creates greater risk for the Group, as our Executives have a worldwide market to access for alternative roles in both public and private businesses.

In coming to this decision, the Committee was also cognisant of the experience of our general workforce during challenging ðåéáïÙáÝîáÝèèÝßñðáèõßëêïßåëñïëâðäáàåĨßñèðáßëêëéåß áêòåîëêéáêðâÝßáàÞõëñîóëîçâëîßáåêðäá àåĪáîáêðßëñêðîåáï åêóäåßäóáëìáîÝðáÝêàðäåïåïîáħáßðáàåêëñîÞîëÝàáîìÝõ decisions this year. For context, our 2023 salary budget increase for the wider workforce (on a weighted average basis) is c.9% ãèëÞÝèèõäåãäáîðäÝêÝêõåêîáßáêðõáÝîïÖäáéÝæëîåðõëâðäá êëêéÝêÝãáîåÝèóëîçâëîßáÝîáîáìîáïáêðáàÞõðîÝàáñêåëêï ëîòåÝëðäáîßëèèáßðåòáÝîîÝêãáéáêðïïëðäáÅëééåððááåïïÝðåïĦáà that employees' interests are being represented, both in our own review and through salary negotiations throughout the organisation. Additionally, we have taken action in certain çáõéÝîçáðïìÝîðåßñèÝîèõÝĪáßðáàÞõðäáßëïðëâèåòåêãßîåïåï For example, in Poland, the 2023 salary increase was partially accelerated into Q4 2022 to help address the issues faced by our workforce.

Remuneration overview continued

ËêÄîÝöåèóáäÝòáÞááêëĪáîåêãáéìèëõááïÝßßáïïðëäáÝèðäÝêà nutrition advisers, and psychologist support, to counter the physical and mental challenges faced as a result of increased ĦêÝêßåÝèìîáïïñîáïÝêàåêðäá×êåðáàÕðÝðáïóáìîëòåàáà ëêáëĪèñéìïñéìÝõéáêðïðëïáèáßðáàáéìèëõááïéåàõáÝî and formally introduced hybrid working in many locations to reduce the burden of rising travel costs.

Employee engagement continues to be measured, participation rates are high and overall results positive relative to benchmarks.

ÃììëåêðéáêðëâêáóÅäåáâÈåêÝêßåÝèÑĨßáî

ÑñîêáóÅäåáâÈåêÝêßåÝèÑĨßáîÏÝîçÅëèèåïóåèèæëåêðäáÅëéìÝêõ on or before 4 July 2023. Mark has been appointed on an annual salary of £420,000 (unchanged from the salary received by his predecessor in 2022) and pension provision of 17% of salary åêèåêáóåðäðäáÝòáîÝãáîáßáåòáàÞõðäáéÝæëîåðõëâðäáãèëÞÝè workforce). He will also be entitled to an annual incentive ëììëîðñêåðõëâ!YëâïÝèÝîõÝêàÝèëêãðáîéåêßáêðåòáÝóÝîà of 150% of salary (both unchanged from the opportunities available to his predecessor). In 2023, both will be prorated ðëîáħáßððäáìáîåëàáéìèëõáààñîåêãðäáßÝèáêàÝîõáÝî The Committee believes this package to be competitive and broadly at median, but more importantly, appropriately ìëïåðåëêáàòåïƥòåïðäáîáéñêáîÝðåëêîáßáåòáàÞõéáéÞáîï of the Group Executive Committee.

ÃïÝßëêïáíñáêßáëâæëåêåêãØáïñòåñïìèßÏÝîçÅëèèåïåïáôìáßðáà ðëâëîâáåðßáîðÝåêÝêêñÝèÝêàèëêãðáîéåêßáêðåòáïâîëéäåïßñîîáêð employer. In order to compensate him for this, he will receive a ëêáëĪìÝõéáêðáíñåòÝèáêðåêòÝèñáðëðäáÝêêñÝèåêßáêðåòá

payment he has foregone. He will also receive a combination of restricted share awards and performance share awards under the Vesuvius Share Plan, over Vesuvius plc shares, to compensate him for the equity incentives that he has foregone. These shares óåèèòáïðëêÝèåçáâëîèåçáÞÝïåïóåðäîáãÝîàðëíñÝêðñéòÝèñáÝêà timeline versus the awards he has lost. The share awards will be made in accordance with the rules of the Vesuvius Share Plan, and the Group's Remuneration Policy for Executive Directors, and will count towards Mark's shareholding requirement. Full details of the compensatory awards, with share awards expected to total around 80,000 shares, will be included in next year's ÔáéñêáîÝðåëêÔáìëîðëêßáðäáõäÝòáÞááêĦêÝèåïáàÝêà granted following Mark's commencement of employment.

ÑñîëñðãëåêãÅäåáâÈåêÝêßåÝèÑĨßáîÉñõÛëñêãóåèèêëðîáßáåòá any annual bonus for the performance year 2022, and all his outstanding performance share awards lapsed upon his departure date, in line with the Remuneration Policy.

Alignment of our KPIs with Company strategy, purpose and values

ÖäáàáèåòáîõëâĦêÝêßåÝèÍÒËïÝêàðäáàáòáèëìéáêðëâÝêáĪáßðåòá organisation sustainable over the long term relies on a clear set of values. Vesuvius believes that high levels of performance and growth require a diversity of thinking and continuous innovation, underpinned by the behaviours of courage, ownership, respect and energy. The alignment of our incentives óåðäëñîÕðîÝðáãåßÑÞæáßðåòáïåïïñééÝîåïáàåêðäáðÝÞèáÞáèëó As outlined above, no changes are proposed in the KPIs used to assess performance in 2023.

KPI	2022 and 2023 weighting	Strategic rationale
Annual Incentive Plan: one-year performance
EPS	40%	ÅëêïåïðáêðóåðäëñîïðîÝðáãåßÝåéëâïñïðÝåêÝÞèáìîëĦðÝÞèáãîëóðä ÏÝåêðÝåêïðäáìîåéÝîõâëßñïëêÝìîëĦðéáÝïñîáåêïäëîðšðáîéåêßáêðåòåïÝðåëê
ÙëîçåêãßÝìåðÝèŸïÝèáï	20%	Consistent with our strategic aim of maintaining strong cash generation and an áĨßåáêðßÝìåðÝèïðîñßðñîá
ÒëïðšðÝôÔÑËÅ	20%	ÅëêïåïðáêðóåðäëñîïðîÝðáãåßÝåéëâãáêáîÝðåêãïñïðÝåêÝÞèáìîëĦðÝÞåèåðõÝêàßîáÝðåêã shareholder value
Personal measures	20%	ÇêÝÞèáïÝâëßñïëêïìáßåĦßìáîïëêÝèàáèåòáîÝÞèáïéÝêÝãáàðäîëñãäðäáìáîâëîéÝêßá management system
Vesuvius Share Plan: three-year performance
Relative TSR	40%	Consistent with our strategic aim of delivering shareholders a superior return on their investment
ÒëïðšðÝôÔÑËÅ	40%	ÅëêïåïðáêðóåðäëñîïðîÝðáãåßÝåéëâãáêáîÝðåêãïñïðÝåêÝÞèáìîëĦðÝÞåèåðõÝêàßîáÝðåêã shareholder value
ESG	20%	ÒîëòåàáïÝïìáßåĦßâëßñïëêðäáðäîááìîåëîåðõèëêãšðáîéÇÕÉéáÝïñîáïâëîðäáÉîëñì CO2intensity (10%), Safety (5%) and Diversity (5%)

Performance and incentive outcomes in 2022

Health and safety

As the Chairman and Chief Executive outlined in their statements, Safety continues to be our number one priority at Vesuvius. ÃâðáîðäáïåãêåĦßÝêðåéìîëòáéáêðîáãåïðáîáàåêóáïðÝÞåèåïáà our safety results in 2022 with a Lost Time Incident Frequency ÔÝðáëâ\$òï"åêÊëóáòáîóáîáéÝåêàåïïÝðåïĦáà óåðäðäåïèáòáèÝêàÝîáåêðáêïåâõåêãëñîáĪëîðïðëìîëãîáïïîÝìåàèõ ðëóÝîàïëñîëÞæáßðåòáëâöáîëåêßåàáêðïÆáïìåðáßëêðåêñáàâëßñï and strong performance across our sites, it is deeply regrettable ðëîáìëîððäÝðóáïñĪáîáàÝâÝðÝèåðõÝðëñîæëåêðòáêðñîáïåðáåê Wuhan, China. The Committee considered whether any ÝàæñïðéáêðïðëåêßáêðåòáïïäëñèàÞáÝììèåáàÝïÝîáïñèðëâðäåï fatality, however, given the relevant elements of operational management of this site sit outside of Vesuvius' control, this was not felt to be appropriate. We have worked quickly with our partners to ensure we learn the necessary lessons to prevent this tragedy being repeated.

Operational

Revenue for the year increased to £2,047m (+18% on an ñêàáîèõåêãÞÝïåïòïßëêðåêñåêãðäáìëïðìÝêàáéåßÞëñêßá ÞÝßçåêçáõéÝîçáðïÖîÝàåêãìîëĦðÝðy#éóÝï!YãîáÝðáî than 2021 (on an underlying basis) and return on sales increased by 240bps, on an underlying basis, to 11.1%. These results exceeded expectations in what has been a challenging year âëîØáïñòåñïÝêàéÝêõåêàñïðîåÝèÞñïåêáïïáïÖäáßëêħåßðåê ×çîÝåêáßëñìèáàóåðäßëêðåêñåêãìÝêàáéåßîáèÝðáàïñììèõ ßäÝåêàåïîñìðåëêïäÝòáßëêðåêñáàðëÞîåêãïåãêåĦßÝêðßäÝèèáêãá and complexity to each area of our operations. The ongoing management of pricing and the ability to pass on frequent price increases has been a critical area of focus both centrally and in our decentralised operations requiring extensive customer interaction.

Öäáßëêħåßðåê×çîÝåêáìëïáàßäÝèèáêãáïâëîñïåêÔñïïåÝ óäáîáðäáßáïïÝðåëêëâïÝèáïðëïÝêßðåëêáàßñïðëéáîïÝĪáßðáà îáòáêñáÝêàìîëĦðïÐáòáîðäáèáïïÞëðäðäáÕðááèÝêàÈëñêàîõ Divisions achieved a strong commercial performance in 2022, gaining market share in most regions, and with the Flow Control Äñïåêáïï×êåðïìáßåĦßÝèèõãÝåêåêãéÝîçáðïäÝîáåêÝèèîáãåëêï

Our trade working capital to sales ratio was 23.8%, an increase of 290bps vs 2021. We are working to reduce the ratio, focusing on driving down overdues, and managing production to control inventory levels. Product quality metrics have continued to improve.

Strategic

ÙáïåãêåĦßÝêðèõåêßîáÝïáàëñîåêòáïðéáêðåêîáïáÝîßäÝêà development in 2022, reaching £36m, an increase of 18% over âñèèõáôìáêïáàåêëñîìîëĦðÝêàèëïïïðÝðáéáêðÑñîéÝåê focus areas remain the innovation in materials science, with ðäáëÞæáßðåòáðëßëêðåêñëñïèõåéìîëòáðäáìáîâëîéÝêßáëâëñî consumables, and the development of mechatronics solutions enabling our customers to substitute operators to manipulate our consumables and, by doing so, improve their safety, reliability, cost and quality performance.

We successfully launched 15 new products in 2022 in our three Äñïåêáïï×êåðïÑñîÐáóÒîëàñßðÕÝèáïîÝðåëàáĦêáàÝïðäá percentage of our sales realised with products which didn't exist ĦòáõáÝîïÝãëîáÝßäáà"Yåêñìâîëé!Yåê

The Sustainability initiative launched in 2020 has continued to deliver strong results across the associated KPIs, with Scope 1 & 2 CO2e emission intensity continuing to reduce (with 2022 emissions 18.8% lower than the 2019 base year); sustained levels of diversity with women representing 20% of the Senior ÎáÝàáîïäåìÉîëñìÝêàïñßßáïïåëêßÝêàåàÝðáïåàáêðåĦáàâëî ðäáéÝæëîåðõëâßîåðåßÝèîëèáï

The Chief Executive led the Board through extensive strategy discussions exploring options for both organic and inorganic growth. The 2021 acquisition of the refractory business from Universal Refractories, Inc was leveraged with the consolidation of manufacturing of advanced refractory and foundry products (both of Vesuvius and those acquired from Universal) to enhance ëìáîÝðåëêÝèáĨßåáêßõËêÝààåðåëêåêÑßðëÞáîóáÝßíñåîáà ÄÝõñíñÝêÏÝãêáïåñéÅëÄÏÅÝóëîèàßèÝïïÞÝïåßéëêëèåðäåß îáâîÝßðëîõìèÝêðåêÅäåêÝÝêàÝèëêãïðÝêàåêãéÝêñâÝßðñîåêã partner of ours. As outlined in the Chief Executive's statement, we hope this will support our continued development in the âÝïðãîëóåêãÃïåÝÒÝßåĦßîáãåëêÖäáÞÝèÝêßáïäááðîáéÝåêï strong after these acquisitions with the Company's net debt position at 0.9x EBITDA.

Strategic alignment Deliver ìîëĦðÝÞèá

growth

Generate value for our shareholders Maintain ÝêáĨßåáêð

capital structure

Deliver industry-leading ïñïðÝåêÝÞèá operations and

solutions

ÖäåêçÞáõëêà in innovation

Foster talent, skill and motivation in our people

See more about Our strategy on p18 and 19

Always put ïÝâáðõĦîïð

Remuneration overview continued

100% 100%

Chief Financial Officer

In 2022, the Annual Incentive Plan (AIP) was based 40% on ÉîëñìäáÝàèåêááÝîêåêãïìáîïäÝîáÇÒÕYëêÉîëñììëïððÝô ROIC (Return on Invested Capital), 20% on the Group's working ßÝìåðÝèðëïÝèáïîÝðåëÞÝïáàëêðäáéëêðäéëòåêãÝòáîÝãá ÝêàYëêïìáßåĦáàìáîïëêÝèëÞæáßðåòáïÒáîâëîéÝêßáÝãÝåêïð these measures is illustrated above and full details of the targets are given on page 136.

Threshold On-target

78%

Chief Financial Officer

ÑñîÝàæñïðáàäáÝàèåêááÝîêåêãïìáîïäÝîáëâ!"!ìáêßá 53.6 pence when restated at December 2021 exchange rates, was above the maximum Annual Incentive Plan target of 46.6 pence and above the 2021 outturn of 38.8 pence.

ÖäáÉîëñìĎïìëïððÝôÔÑËÅëâ#YÝèïëáôßááàïðäáéÝôåéñé Annual Incentive Plan target of 10.0%.

The Group's working capital to sales ratio of 23.8% fell below the threshold Annual Incentive Plan target of 23.6%.

ÖäáÅëééåððááÝãîááàìáîïëêÝèëÞæáßðåòáïâëîðäáÅäåáâ Executive and CFO at the start of 2022 and assessed their performance to merit 79% and 78% of maximum targets respectively.

The overall formulaic outcome of the bonus scorecard was 75.8% of maximum for the Chief Executive and 75.6% of maximum for the CFO. However, it should be noted that, due to the resignation of Guy Young in 2022, he forfeited his áêðåðèáéáêððëÝêõìÝõëñðñêàáîðäåïìèÝê

The Committee gave careful consideration to these outcomes and óÝïïÝðåïĦáàðäÝððäáõóáîáßëêïåïðáêðóåðäðäáïðîëêãĦêÝêßåÝè and operational performance and strategic progress outlined above. The Committee noted that similar and complementary KPIs exist in the incentive programmes for managers and employees and was mindful of the outturns for the wider óëîçâëîßáåêßëêĦîéåêãåðïàáßåïåëêïâëîÇôáßñðåòáÆåîáßðëîï and the Executive Committee. Consequently, the Committee ßëêßèñàáàðäÝðêëàåïßîáðåëêÝîõÝàæñïðéáêðóÝïîáíñåîáà

The performance period for the awards made under the Vesuvius Share Plan (VSP) in 2020 was completed at the end of 2022. Performance was measured equally by reference to total shareholder return (TSR) relative to the FTSE 250 (excluding åêòáïðéáêððîñïðïÝêàäáÝàèåêáÇÒÕãîëóðäëòáîðäáðäîááõáÝî period. Although this has been a particularly challenging period for the global economy and, by extension, a cyclical business like Vesuvius, relative TSR performance was above median and headline EPS growth was above the target performance level. These results mean that 48.1% of the shares potentially available to the Chief Executive under this award will vest. Due to his resignation, Guy Young's awards lapsed upon his departure. The Committee has not applied any discretion with respect to this vesting of the 2020 VSP awards which it believes is a fair result in ðäáßëêðáôðëâëòáîÝèèÞñïåêáïïìáîâëîéÝêßáëòáîðäåïðäîááõáÝî ìáîåëàËêìÝîðåßñèÝîðäáÅëééåððááóÝïïÝðåïĦáàðäÝðÝïÝîáïñèð of its decision in 2020 to use a share price which was 11.4% higher than the formulaic grant price to determine the level of VSP awards, there are no concerns in relation to windfall gains pertaining to these awards.

Threshold On-target

36%

60%

During the year, the Committee reviewed the Chairman's annual fee, and determined that an increase from £240,000 p.a. to £250,000 p.a. was appropriate. Separately, the Board considered ÐëêáôáßñðåòáÆåîáßðëîâááïÝêàéÝàáÝêñéÞáîëâßëêïáíñáêð ÝàæñïðéáêðïðëðäáâááïðîñßðñîáðäÝðÝîáàáðÝåèáàëêìÝãá\$ ÖäëïáÝàæñïðéáêðïåêßèñàáðäáìîëìëïáàåêðîëàñßðåëêëâÝðîÝòáè allowance payable in respect of additional time spent travelling internationally on Company business.

Employee engagement

ÆñîåêãðäáõáÝîðäáÐëêáôáßñðåòáÆåîáßðëîïòåïåðáàìèÝêðïåê ÄáèãåñéÄîÝöåèËêàåÝÌÝìÝêðäáÐáðäáîèÝêàïÝêàÏáôåßë Each of these site visits enabled direct discussions with local management teams and the workforce on a range of topics. At larger sites, 'town hall' meetings enabled two way dialogue on a range of issues. In these meetings it was usual for ÐëêáôáßñðåòáÆåîáßðëîïðëìîáïáêðëêäëóðäáÄëÝîàÝêà its Committees operate, and on corporate governance, including executive remuneration.

In 2022, the Remuneration Committee received a report from ðäáÅäåáâÊÔÑĨßáîîáãÝîàåêãóëîçâëîßáðáîéïÝêàßëêàåðåëêï across the globe. The subsequent discussion enabled the Committee to better understand the standards applied across a highly decentralised group to ensure appropriate and competitive remuneration arrangements exist in each operating company. ÖäáçáõåïïñáïîÝåïáàîáħáßððäáìîáïïñîáïëâðäáìîáïáêð åêħÝðåëêÝîõáêòåîëêéáêðìÝîðåßñèÝîèõåêäåãäáîåêħÝðåëê countries; the impact of low unemployment levels in many of our main markets, retirement levels and decreasing workforce availability – all of which are driving very competitive recruitment market conditions at all levels of the organisation. The Committee noted the range of solutions being developed as part of the People Strategy – including improved employer branding and alternative recruitment market targeting.

Shareholder engagement

At the 2022 AGM, the Directors' Remuneration Report was supported by 97.7% of voting shareholders and I am very ãîÝðáâñèâëîðäåïàáéëêïðîÝðåëêëâÞîëÝàÞÝïáàïñììëîðâëî our executive remuneration arrangements.

During 2022, the Company's top 22 shareholders were consulted on the proposed changes to the Remuneration Policy in advance of the 2022 AGM and discussions regarding changes in the ÅÇÑĎïîáéñêáîÝðåëêðëëçìèÝßáÝðèáêãðäáåðäáîåêâÝßáðëâÝßá meetings or through detailed correspondence where this was the shareholder's preference. We are grateful for the responses received and discussions had, and appreciate the support expressed by many of our shareholders.

The business has reported strong results for 2022, despite facing ïåãêåĦßÝêðëìáîÝðåëêÝèßäÝèèáêãáïÝêàóáäëìáðëãÝåêõëñî support for the actions we have taken to enable the future success of Vesuvius.

I welcome feedback at any point in time from our entire shareholder base regarding our remuneration arrangements and I hope that we will earn your understanding and support at the forthcoming AGM.

Kath Durrant

Chair of the Remuneration Committee 2 March 2023

Directors' Remuneration Report

Operation of the Remuneration Committee

Remuneration Committee structure

The current members of the Remuneration Committee are all ðäáåêàáìáêàáêðÐëêáôáßñðåòáÆåîáßðëîïëâðäáÅëéìÝêõ

The Committee Chair is Kath Durrant. She, Dinggui Gao, Jane Hinkley and Douglas Hurt have served on the Committee ðäîëñãäëñðÅÝîèÝÄÝåèëæëåêáàðäáÅëééåððááëêäáî appointment to the Board on 1 February 2023. The Committee complies with the requirements of the UK Corporate Governance Code for the composition of remuneration committees. Each of the members brings a broad experience of international businesses and an understanding of their challenges to the work of the Committee. The Company Secretary is Secretary to the Committee. Members' biographies are on pages 88 and 89.

Meetings

The Committee met seven times during the year. The Group's ÅäÝåîéÝêÅäåáâÇôáßñðåòáÅäåáâÈåêÝêßåÝèÑĨßáîÝêàÅäåáâÊÔ ÑĨßáîóáîáåêòåðáàðëáÝßäéááðåêãðëãáðäáîóåðäÈîåáàáîåçá ÊáèâáîØáïñòåñïĎêëêåêàáìáêàáêðÐëêáôáßñðåòáÆåîáßðëî though none of them participated in discussions regarding their own remuneration. In addition, a representative from Deloitte, the Remuneration Committee adviser, attended the meetings. The attendees supported the work of the Committee, giving critical insight into the operational demands of the business and their application to the overall remuneration strategy within the Group. In receiving views on remuneration matters from the Executive Directors and senior management, the Committee îáßëãêåïáàðäáìëðáêðåÝèâëîßëêħåßðïëâåêðáîáïððëÝîåïáÝêà considered the advice accordingly. The Chair of the Committee reported the outcomes of all meetings to the Board.

The Committee operates under formal terms of reference which were reviewed during the year. The terms of reference are available on the Group website: www.vesuvius.com. The Committee members are permitted to obtain outside legal advice at the Company's expense in relation to their deliberations. The Committee may also secure the attendance at its meetings of any employee or other parties it considers necessary.

ÔëèáÝêàîáïìëêïåÞåèåðåáï

The Committee is responsible for:

Determining the overall remuneration policy for the Executive Directors, including the terms of their service agreements, pension rights and compensation payments
Setting the appropriate remuneration for the Chairman, the Executive Directors and Senior Management (being the Group Executive Committee)
Reviewing workforce remuneration and related policies, and the alignment of incentives and rewards with culture, taking these into account when setting the policy for Executive Director remuneration
Overseeing the operation of the executive share incentive plans

Advice provided to the Remuneration Committee

Deloitte is appointed directly by the Remuneration Committee to provide advice on executive remuneration matters, including remuneration structure and policy, updates on market practice and trends, and guidance on the implementation and operation of share incentive plans. The Committee appointed Deloitte, a signatory to the Remuneration Consultants Group Code of Conduct in relation to Executive Remuneration Consulting in the UK, following a formal tender process in 2014. Deloitte also provides the Remuneration Committee with ongoing calculations of total shareholder return (TSR) to enable the ÅëééåððááðëéëêåðëîðäáìáîâëîéÝêßáëâèëêãðáîéïäÝîá incentive plans. Deloitte does not have any other connection with any individual Director.

In addition, in 2022, Deloitte provided the Group with IFRS 2 calculations for the purposes of valuing the share plan grants ÝêàóåðäåêðäáóåàáîÉîëñìóÝïáêãÝãáàåêòÝîåëñïæñîåïàåßðåëêï to provide tax advisory work, and some consultancy services. During 2022, Deloitte's fees for advice to the Remuneration Committee, charged on a time spent basis, amounted to £103,375. The Committee conducted a review of the performance of Deloitte as remuneration adviser during the year and ßëêßèñàáàðäÝðÆáèëåððáßëêðåêñáàðëìîëòåàááĪáßðåòá ëÞæáßðåòáÝêàåêàáìáêàáêðÝàòåßáðëðäáÅëééåððáá ÐëßëêħåßðëâåêðáîáïðÝîåïáïÝïÝîáïñèðëâëðäáîïáîòåßáï provided by Deloitte to the Group.

Activities of the Remuneration Committee

In addition to the activities outlined within the Chair's letter, ðäáÅëééåððááóÝïðäáïñÞæáßðëâÝêáôðáîêÝèèõéëàáîÝðáà performance evaluation in 2022. As part of this review it was noted by the Committee Chair that there were a number of areas for continued focus, which will be taken into consideration by the Committee during 2023. These included continuing to review the alignment of metrics with strategy, monitoring the áĪáßðåòáêáïïëâìëèåßõåêÝßõßèåßÝèáêòåîëêéáêðÝêàïáêåëî management retention.

Remuneration Policy Design Principles

Remuneration Policy Design

ÖäáÅëééåððááåïïÝðåïĦáàðäÝððäáÔáéñêáîÝðåëêÒëèåßõåïàáïåãêáàðëìîëéëðáðäáèëêãðáîéïñßßáïïëâðäáÅëéìÝêõåêÝßßëîàÝêßá with the requirements of the Code with regard to:

Executive remuneration arrangements are transparent with full disclosure in the Annual Report. The Annual Incentive structure for the Executive Directors is based on the same structure utilised for senior executives throughout the Group. ÎëêãðáîéïñïðÝåêÝÞèáãîëóðäåïßëîáðë ðäáèëêãðáîéåêßáêðåòáÝêàÝèëêãïåàá ĦòáõáÝîäëèàåêãìáîåëàïßèáÝîèõÝèåãêï the interests of executives with those of the Group's shareholders.

The new Policy with its focus on three core áèáéáêðïĦôáàìÝõÃêêñÝèËêßáêðåòáÝêà ÎëêãÖáîéËêßáêðåòáåïßèáÝîïåéìèáÝêà easy to understand.

The Committee has carefully analysed the range of possible outcomes of awards and believes the Policy to be fair and proportionate, with the clear linkage to ÉîëñììîëĦðÝÞåèåðõéåðåãÝðåêãðäáìëðáêðåÝè for excessive rewards and the reliance on ÝñàåðáàìîëĦðêñéÞáîïÝêàáôðáîêÝèèõ òáîåĦáàÖÕÔðÝîãáðïïáîòåêãðëéåðåãÝðá behavioural risk. The Committee has discretion under the Vesuvius Share Plan to determine the vesting of awards in accordance with the Code requirement and malus and clawback provisions also apply.

The remuneration illustrations indicate the minimum and maximum potential remuneration. The Committee reviews ðäáñêàáîèõåêãĦêÝêßåÝèìáîâëîéÝêßáëâ the Company over the performance ìáîåëàÝêàðäáêëêĦêÝêßåÝè performance of the Group and ìÝîðåßåìÝêðïðëáêïñîáðäÝðìÝõëñð èáòáèïÝîáæñïðåĦáàÖäáÅëééåððááäÝï ðäáàåïßîáðåëêðëÝéáêàðäáĦêÝèòáïðåêã level if required.

Proportionality

The Committee believes that the ìáîâëîéÝêßáîáèÝðáàáèáéáêðïëâ îáéñêáîÝðåëêäÝòáĦêÝêßåÝèðÝîãáðï which are transparent, stretching and clearly align the Executive Directors' remuneration with the delivery of the Group's strategy. The Vesuvius Share ÒèÝêîáóÝîàïèëêãðáîéìáîâëîéÝêßá directly linked with the Group's strategy and results, ensuring that only strong performance is rewarded (see page 133). Alignment to culture

The Executive Directors' incentive arrangements are consistent with the ÉîëñìĎïßëîáïðîÝðáãåßëÞæáßðåòáëâ àáèåòáîåêãèëêãðáîéïñïðÝåêÝÞèáÝêà ìîëĦðÝÞèáãîëóðäÝêàïñììëîðëñî ìáîâëîéÝêßáëîåáêðÝðáàßñèðñîá values and purpose (see page 118).

ÖäáÔáéñêáîÝðåëêÒëèåßõóÝïìîáìÝîáàåêÝßßëîàÝêßáóåðäðäáÅëéìÝêåáïÃßð"ÝêàðäáÎÝîãáÝêàÏáàåñéïåöáàÅëéìÝêåáï and Groups (Accounts and Reports) Regulations 2008 (as amended). It also meets the requirements of the Financial Conduct Authority's Listing Rules and the Disclosure Guidance and Transparency Rules. The policy was developed within the framework of the meetings as set out on pages 116 and 117 and, as part of that process, the Committee paid particular attention to the need to ÝòëåàÝêõßëêħåßðïëâåêðáîáïðåêåðïàáßåïåëêéÝçåêã

Directors' Remuneration Report

2023 Remuneration Policy

Changes to Policy

Changes in the 2023 Policy are summarised below. The only substantive change is an increase in the maximum annual incentive opportunity. A handful of other minor changes are proposed.

– Pension (page 125)

The pensions section of the Remuneration Policy table contains our updated Executive Director pension arrangements which are compliant with the UK Corporate Governance Code.

– Annual Incentive (page 126)

Maximum annual incentive opportunity for Executive Directors will increase from 150% to 175% of salary as explained in the Remuneration Committee Chair's overview. In 2023, maximum annual incentive opportunity will be 175% of salary for the CEO and 150% of salary for the CFO. The 2023 Policy also åêßèñàáïÝïìáßåĦßßÝìëêìÝõëñð!YëâéÝôåéñéâëî achieving a threshold level of performance.

Consistent with emerging market practice, the 2023 Policy contains scope for the Committee to set and measure bonus targets other than on an annual basis. Use of this option will be reserved for particularly unusual circumstances where there is limited visibility to set robust annual targets. Additionally, in line with Investment Association guidance, the 2023 Policy ensures that the Committee has appropriate àåïßîáðåëêðëÝàæñïððäáâëîéñèÝåßÝêêñÝèåêßáêðåòáëñððñîêïë ðäÝðåðìîëìáîèõîáħáßðïðäáìáîâëîéÝêßáëâðäááôáßñðåòáïÝêà the business, the experience of shareholders in terms of value creation, the experience of wider stakeholders and the general market environment.

– Shareholding guidelines (page 128)

ÅëêïåïðáêðóåðäéÝîçáðìîÝßðåßáðäáÒëèåßõßèÝîåĦáï the Committee's discretion to exempt shares purchased by an Executive Director in a personal capacity from the ìëïðáéìèëõéáêðïäÝîáäëèàåêããñåàáèåêáïÕäÝîáïîáßáåòáà âîëéåêßáêðåòáìèÝêïîáéÝåêâñèèõïñÞæáßððëðäáãñåàáèåêáï

– Recruitment Policy (page 129)

Consistent with market practice, the 2023 Policy contains ħáôåÞåèåðõâëîðäáîáåéÞñîïáéáêðëâèáãÝèëîëðäáîßëïðï approved by the Committee when incurred by an individual in relation to their appointment.

– Exit payment policy (page 130)

ÖäáàáâÝñèðÝììîëÝßäåïðëÝììèõðåéáìîëîÝðåêãðëðäáØÕÒ ÝóÝîàïëâÝčãëëàèáÝòáîĎÈëîâñðñîáÝóÝîàïïñÞæáßððëÃÉÏ approval of the proposed minor technical amendments to the ØÕÒðäáàáâÝñèðÞÝïåïâëîðåéáìîëîÝðåêãóåèèÞáÞõîáâáîáêßáðë the proportion of the performance (rather than vesting) period that has elapsed.

– Remuneration Policy for Non-executive Directors (page 131)

×êàáîðäáÒëèåßõÐëêáôáßñðåòáÆåîáßðëîïéÝõÞá ìîëòåàáàóåðäðîÝòáèÝèèëóÝêßáìÝõéáêðïðëîáħáßððäá additional time commitment involved with travelling internationally on Company business. The 2023 Policy also ßèÝîåĦáïðäáħáôåÞåèåðõðëÝììîëòáîáèáòÝêðÞáêáĦðïáãèåÝÞåèåðõ insurance) in connection with the performance of their duties.

Comparison of Remuneration Policy for Executive Directors with that for other employees

The Remuneration Policy for Executive Directors is designed in line with the remuneration philosophy set out in this report – which also underpins remuneration for the wider Group. However, given that îáéñêáîÝðåëêïðîñßðñîáïâëîëðäáîáéìèëõááïêááàðëîáħáßðÞëðä ïáêåëîåðõÝêàèëßÝèéÝîçáðìîÝßðåßáðäáõàåĪáîâîëéðäáìëèåßõâëî Executive Directors. In particular, Executive Directors receive a äåãäáîìîëìëîðåëêëâðäáåîîáéñêáîÝðåëêåêìáîâëîéÝêßáîáèÝðáà ìÝõÝêàïäÝîáÞÝïáàìÝõéáêðï

All members of the Group Executive Committee participate in the Vesuvius Share Plan and receive awards of Performance Shares, which vest on the basis of the same performance targets set for the Executive Directors. The level of awards granted to members of the Group Executive Committee who don't serve on the Board are lower than those granted to the Executive Directors.

Middle and senior managers also participate in the Annual ËêßáêðåòáÒèÝêÝêàåêßáîðÝåêßÝïáïèëêãáîðáîéïäÝîáëî ßÝïäÞÝïáàìèÝêïóåðäÝóÝîàïìîáàëéåêÝêðèõÞÝïáàëê a blend of Group and regional or Business Unit performance measures appropriate for the scope of participants' responsibilities. Individual percentages of variable versus ĦôáàîáéñêáîÝðåëêÝêàìÝîðåßåìÝðåëêåêïäÝîáÞÝïáàïðîñßðñîáï increase as seniority increases.

Consideration of conditions elsewhere in the Group in developing policy

ÖäáÐëêáôáßñðåòáÆåîáßðëîïìÝîðåßåìÝðáàåêÝêñéÞáîëâčðëóê hall' meetings during the year which provided the opportunity to engage with the workforce to explain how executive remuneration aligns with wider Company pay policies. The Remuneration Committee undertook a global review of workforce remuneration and conditions in 2022, and thus takes into account the pay and employment conditions of other Group employees when determining Executive Directors' remuneration, particularly when determining base salary increases, when the Committee will consider the salary increases for other Group employees in the ïÝéáæñîåïàåßðåëê

Consideration of shareholder views

Vesuvius is committed to open and transparent dialogue with its shareholders on remuneration as well as other governance matters. As Chair of the Committee, Kath Durrant welcomes shareholder engagement and is available for any discussions åêòáïðëîïóåïäðëäÝòáëêîáéñêáîÝðåëêéÝððáîïËêÐëòáéÞáî 2022, the Committee wrote to the top 22 shareholders and key governance agencies outlining its proposals for the 2023 Remuneration Policy, as referenced in the Chair's letter. We received responses from around 80% of recipients and we responded to all questions that were raised.

ÔáéñêáîÝðåëêÒëèåßõÖÝÞèáâëîÇôáßñðåòáÆåîáßðëîï¹

Alignment/purpose	Operation	Opportunity	Performance
Base salary S
Helps to recruit and retain key employees. ÔáħáßðïðäáåêàåòåàñÝèĎï experience, role and contribution within the Company	Base salary is normally reviewed ÝêêñÝèèõóåðäßäÝêãáïáĪáßðåòá from 1 January. Base salary is positioned to be market competitive when considered against other global industrial companies, and relevant international and FTSE 250 companies (excluding investment trusts). ÒÝåàåêßÝïäïñÞæáßððëèëßÝèðÝô and social security regulations.	Salary increases will normally not exceed the average increase awarded to other employees in the Group, although increases may be made above this level at the Committee's discretion in appropriate circumstances. In considering any increase in base salary, the Committee will also take into account: (i) The role and value of the individual (ii) ÅäÝêãáïåêæëÞïßëìáëîîáïìëêïåÞåèåðõ (iii) Progression in the role (e.g. for a new appointee) (iv) ÃïåãêåĦßÝêðåêßîáÝïáåêðäáïßÝèá ëâîëèáÝêàŸëîïåöáòÝèñáëî complexity of the Group (v) The need to maintain market competitiveness ÐëÝÞïëèñðáéÝôåéñéäÝïÞááêïáð for Executive Director base salaries. Current Executive Directors' salaries are set out in the Annual Report on Directors' Remuneration section of	Any increase will take into account the individual's performance, contribution and increasing experience.
ÑðäáîÞáêáĦðï B
Provides normal, éÝîçáðšÝèåãêáà ÞáêáĦðï	ÃîÝêãáëâÞáêáĦðïåêßèñàåêãÞñð not limited to: car allowance, private medical care (including spouse and dependent children), life insurance, disability and health insurance, expense reimbursement (including costs if a spouse accompanies an Executive Director on Vesuvius business), together with relocation allowances and áôìÝðîåÝðáÞáêáĦðïåêïëéáåêïðÝêßáï grossed up for tax, in accordance with the Group's policies, and participation in any employee share scheme operated by the Group.	There is no formal maximum as ÞáêáĦðßëïðïßÝêħñßðñÝðáàáìáêàåêã on changes in provider, cost and individual circumstances.1	Ðëêá
Pension P
Helps to recruit and retain key employees Ensures income in retirement	An allowance is given as a percentage of base salary. This may be used to participate in Vesuvius' pension arrangements, invested in own pension arrangements or taken as a cash supplement (or any combination of the above options).	Maximum of 17% of base salary for incumbent Executive from the end of 2022, in line with the average ëâðäÝðîáßáåòáàÞõðäáéÝæëîåðõëâðäá global workforce.2 The level of allowance for Executive Directors appointed following the adoption of this Policy will be aligned with ðäáìëïðšîáðåîáéáêðÞáêáĦðïÝììèåßÝÞèá ðëðäáéÝæëîåðõëâðäáóëîçâëîßáëî óäáîáÝììîëìîåÝðáðëðäáéÝæëîåðõëâ	Ðëêá

ÖäáÔáéñêáîÝðåëêÅëééåððááîáïáîòáïðäáîåãäððëéÝçáÝêõîáéñêáîÝðåëêìÝõéáêðïÝêàìÝõéáêðïâëîèëïïëâëĨßáåêßèñàåêãáôáîßåïåêãÝêõàåïßîáðåëêï available to it in connection with such payments), notwithstanding that they are not in line with the Policy set out here, where the terms of the payment óáîáÝãîááàåÞáâëîáðäáÒëèåßõïáðëñðäáîáßÝéáåêðëáĪáßðìîëòåàáàðäÝððäáðáîéïëâðäáìÝõéáêðóáîáßëêïåïðáêðóåðäðäáïäÝîáäëèàáîÝììîëòáà Remuneration Policy in force at the time they were agreed; or (ii) at a time when the relevant individual was not a Director of the Company and, in the opinion of the Remuneration Committee, the payment was not in consideration for the individual becoming a Director of the Company. For these purposes, 'payments' include the Remuneration Committee satisfying awards of variable remuneration and, in relation to an award over shares, the terms of the payment are 'agreed' at the time the award is granted.

As analysed in the business's Workforce Retirement Practices review conducted in 2020, as detailed on page 122 of the 2020 Annual Report.

2023 Remuneration Policy continued

Alignment/purpose	Operation	Opportunity	Performance
Annual Incentive AI
Incentivises Executive	ÐëîéÝèèõYëâÝêõÃêêñÝèËêßáêðåòá earned by Executive Directors will be deferred into awards over shares under the Vesuvius Deferred Share Bonus Plan which normally vest after at least three years, other than in ïìáßåĦáàßåîßñéïðÝêßáïåáåêßÝïáï of dismissal for cause, as outlined on page 130 in this Policy. These may be cash or share settled.	Below threshold: 0%.	The Annual Incentive is normally
Directors to achieve çáõïäëîðšðáîéĦêÝêßåÝè		At threshold: Between 0–25% of maximum.	measured on targets set at the beginning of each year. In unusual or exceptional circumstances, for
and strategic targets of the Group		ÑêšðÝîãáð!YëâðäáÝììèåßÝÞèá maximum opportunity in any year.	example where there is exceptional economic volatility which limits visibility
Additional alignment		Maximum: Up to 175% of base salary.	ðëïáðîëÞñïðšéëêðäðÝîãáðïðäá Committee may elect to set and measure
with shareholders' interests through the operation of bonus deferral		The Remuneration Committee will normally set the level of maximum bonus opportunity for each Executive Director at the start of each year.	targets other than on an annual basis. ÖäáéÝæëîåðõëâðäáÃêêñÝèËêßáêðåòá
	The Committee has the discretion to award participants the equivalent value		will be determined by measure(s) of ÉîëñìĦêÝêßåÝèìáîâëîéÝêßáÖäá remainder of the Annual Incentive will ÞáÞÝïáàëêĦêÝêßåÝèïðîÝðáãåßëî operational measures appropriate to the
	of dividends accrued during the vesting period on any shares that vest.	Payments start to accrue on meeting the threshold level of performance,
	ÕñÞæáßððëéÝèñïÝêàßèÝóÞÝßç	with payments between threshold and ëêšðÝîãáðÝêàÞáðóááêëêšðÝîãáðÝêà maximum made on a pro rata basis.	individual Director. Actual performance targets will be disclosed after the performance period has ended. They are not disclosed in advance due to their commercial sensitivity.
			The Committee may use its discretion to amend the formulaic outturn upwards or downwards if it does not consider the formulaic outcome appropriate.
VSP Vesuvius Share Plan (VSP)
Aligns Executive Directors' interests with those of shareholders through the delivery of shares. Rewards Executive Directors for achieving the ïðîÝðáãåßëÞæáßðåòáïëâ growth in shareholder value and earnings Assists retention of Executive Directors ëòáîÝðäîáášõáÝî	VSP awards to Executive Directors are granted as Performance Share awards. These may be cash or share settled. Awards vest three years after their ÝóÝîààÝðáëðäáîðäÝêåêïìáßåĦáà circumstances outlined elsewhere in ðäåïÒëèåßõïñÞæáßððëðäáÝßäåáòáéáêð ëâïìáßåĦáàßëêàåðåëêïÃèèòáïðáà shares, net of any tax liabilities, are then ïñÞæáßððëÝâñîðäáîðóëšõáÝîäëèàåêã period after the vesting date, which will continue to apply notwithstanding the termination of employment of the participants during this holding period, except at the Committee's discretion in	Executive Directors are eligible to receive an annual award with a face value of up to 200% of base salary in Performance Share awards. Vesting at threshold performance is between 0–25% of the award, rising to vesting of the full award at maximum.	ØáïðåêãóåèèÞáïñÞæáßððëìáîâëîéÝêßá conditions as determined by the Remuneration Committee ahead of each award. Those conditions will be disclosed in the Annual Report on Directors' Remuneration section of the Remuneration Report. The performance conditions for 2023 are relative TSR, ìëïðšðÝôÔÑËÅÝêàÇÕÉéáÝïñîáï weighted at 40%, 40% and 20% respectively. The Remuneration Committee will retain discretion for future awards to include additional or alternative performance conditions which are aligned with the corporate strategy.
performance period	exceptional circumstances, including		At its discretion, the Committee may

elect to add additional underpinning performance conditions.

The Company reserves the right only to disclose certain of the performance targets after the performance period has ended, due to their commercial sensitivity.

Prior to any vesting, the Remuneration Committee reviews the underlying ĦêÝêßåÝèìáîâëîéÝêßáëâðäáÉîëñìëòáî ðäáìáîâëîéÝêßáìáîåëàÝêàðäáêëê ĦêÝêßåÝèìáîâëîéÝêßáëâðäáÉîëñìÝêà participants, to ensure that the vesting åïæñïðåĦáàÈëèèëóåêãðäåïîáòåáóðäá Committee has the discretion to amend ðäáĦêÝèòáïðåêãèáòáèåâåðàëáïêëðßëêïåàáî ðäÝðåðåïæñïðåĦáà

ÝêàðäáâñîðäáîðóëõáÝî holding period

exceptional circumstances, including a change of control or where the participant dies or has left employment àñáðëåèèäáÝèðäåêæñîõëîàåïÝÞåèåðõ

The Committee has the discretion to award participants the equivalent value of dividends accrued during the vesting ìáîåëàÝêàâñîðäáîðóëõáÝîäëèàåêã period on any shares that vest.

ÕñÞæáßððëéÝèñïÝêàßèÝóÞÝßç

Our business Our performance Sustainability Governance Financial Statements 127

The charts below show the total remuneration for Executive ÆåîáßðëîïâëîâëîéåêåéñéëêðÝîãáðÝêàéÝôåéñé ìáîâëîéÝêßáÖäáĦôáàáèáéáêðïëâîáéñêáîÝðåëêßëéìîåïá ÞÝïáïÝèÝîõìáêïåëêÝêàëðäáîÞáêáĦðïñïåêãïÝèÝîõàÝðÝ The assumptions on which they are calculated are as follows:

Minimum

Fixed remuneration only.

On-target

ÈåôáàîáéñêáîÝðåëêìèñïëêðÝîãáðÃêêñÝèËêßáêðåòáéÝàáÝð 87.5% of base salary for Patrick André and 75% for Mark Collis); and for the Performance Share awards under the Vesuvius Share ÒèÝêéáàåÝêìáîâëîéÝêßáâëîðäáÖÕÔáèáéáêðÝêàðäáéåàìëåêð ÞáðóááêðäîáïäëèàÝêàéÝôåéñéìáîâëîéÝêßáâëîðäáìëïððÝô ROIC and ESG performance conditions (with overall vesting at 40% of maximum, based on the vesting schedule detailed on ìÝãá ÐëïäÝîáìîåßáÝììîáßåÝðåëêåïÝïïñéáà

Remuneration illustrations £000

Maximum

Fixed remuneration plus maximum Annual Incentive (being full ÝßäåáòáéáêðëâĦêÝêßåÝèÝêàìáîïëêÝèðÝîãáðïéÝàáÝð#!Y of base salary for Patrick André and 150% for Mark Collis) and 100% vesting for Performance Share awards (made at 200% of base salary for Patrick André and 150% of base salary for ÏÝîçÅëèèåïñêàáîðäáØáïñòåñïÕäÝîáÒèÝêÐëïäÝîáìîåßá appreciation is assumed.

Maximum including assumed 50% share price appreciation

This shows the value of the maximum scenario if 50% share price ÝììîáßåÝðåëêåïÝïïñéáàëòáîðäáðäîááõáÝîìáîâëîéÝêßáìáîåëà of the Performance Share awards.

ÐëðáËêÝààåðåëêðäáÅëééåððááîáðÝåêïðäáàåïßîáðåëêðëÝóÝîààåòåàáêàï (either shares or their cash equivalent) on any shares that vest.

2023 Remuneration Policy continued

General operation of the Policy for Executive Directors

Shareholding guidelines

The Remuneration Committee encourages Executive Directors to build and hold a shareholding in the Company equivalent in value to at least 200% of base salary.

Compliance with the shareholding policy is tested at the end of each year for application in the following year, with the valuation of any holding being taken at the higher of: (1) the share price on the date of vesting of any shares derived from a share award, in respect of those shares only; and (2) the average of the closing prices of a Vesuvius ordinary share for the trading days in that December.

Unless exceptionally the Committee determines otherwise, ñêàáîðäáìëïðáéìèëõéáêðïäÝîáäëèàåêããñåàáèåêáðäáÇôáßñðåòá ÆåîáßðëîïóåèèîáéÝåêïñÞæáßððëðäáåîïäÝîáäëèàåêãîáíñåîáéáêðåê ðäáĦîïðõáÝîÝâðáîðäáåîßáïïÝðåëêÝïÝêÇôáßñðåòáÆåîáßðëîÝêàðë !YëâðäáïäÝîáïîáðÝåêáàåêðäáĦîïðõáÝîàñîåêãðäáïáßëêàõáÝî after such cessation, recognising that there is no requirement to purchase additional shares if the shares held when they cease to be an Executive Director are less than the applicable shareholding guideline. However, in relation to shares acquired by an Executive Director in their personal capacity, the Committee may, where appropriate, exempt such shares from the ìëïðáéìèëõéáêðãñåàáèåêá

ÏÝèñïßèÝóÞÝßçÝîîÝêãáéáêðï

ÖäáÇôáßñðåòáÆåîáßðëîïĎòÝîåÝÞèáîáéñêáîÝðåëêåïïñÞæáßððëéÝèñï and clawback provisions. These provide the Committee with the ħáôåÞåèåðõåâîáíñåîáàðëóåðääëèàëîîáßëòáîìÝõéáêðïéÝàáðë Executive Directors under the Annual Incentive Plan (including àáâáîîáàÝóÝîàïÝêàëîðëóåðääëèàëîîáßëòáîïäÝîáÝóÝîàï granted to Executive Directors under the Vesuvius Share Plan, including any dividends granted on such awards. The circumstances in which the Committee could potentially elect to apply malus and clawback provisions include: a material éåïïðÝðáéáêðåêðäáÉîëñìĎïĦêÝêßåÝèîáïñèðïÝêáîîëîåêðäá calculation of the extent of payment or vesting of an incentive; ãîëïïéåïßëêàñßðÞõÝêåêàåòåàñÝèëîïåãêåĦßÝêðĦêÝêßåÝèèëïïëî serious reputational damage to Vesuvius plc resulting from an individual's conduct, a material failure of risk management or a serious breach of health and safety. These malus and clawback provisions apply for a period of up to three years after the end of a performance period (or end of the deferral period in respect of awards made under the Vesuvius Deferred Share Bonus Plan).

Performance measures

In selecting performance measures for the Annual Incentive, ðäáÅëééåððááïááçïðëîáħáßðçáõïðîÝðáãåßÝåéïÝêàðäá êááàâëîÝîåãëîëñïâëßñïëêĦêÝêßåÝèìáîâëîéÝêßáÇÝßäõáÝî the Committee agrees challenging targets to ensure that underperformance is not rewarded. The Company will not be àåïßèëïåêãðäáïìáßåĦßĦêÝêßåÝèëîìáîïëêÝèëÞæáßðåòáïïáðñêðåè after the relevant performance period has ended because ëâßëééáîßåÝèïáêïåðåòåðåáïÖäáìáîïëêÝèëÞæáßðåòáïÝîáÝèè æëÞïìáßåĦßåêêÝðñîáÝêàðîÝßçìáîâëîéÝêßáÝãÝåêïðçáõ strategic, organisational and operational goals.

In selecting performance measures for the Vesuvius Share Plan, the Committee seeks to focus Executive Directors on the áôáßñðåëêëâèëêãðáîéïðîÝðáãõÝêàÝèïëÝèåãêðäáåîîáóÝîàï with value created for shareholders.

In the Policy period, the Committee will continually review the performance measures used to ensure that awards are made on the basis of challenging targets that clearly support the achievement of the Group's strategic aims.

The Committee may vary or waive any performance condition(s) if circumstances occur which cause it to determine that the original condition(s) have ceased to be appropriate, provided that any such variation or waiver is fair, reasonable and not materially èáïïàåĨßñèððëïÝðåïâõðäÝêðäáëîåãåêÝèßëêàåðåëêåêåðïëìåêåëê ËêðäááòáêððäÝððäáÅëééåððááóáîáðëéÝçáÝêÝàæñïðéáêð of this sort, a full explanation would be provided in the next Remuneration Report.

Service contracts for Executive Directors

The Committee will periodically review the contractual terms for êáóÇôáßñðåòáÆåîáßðëîïðëáêïñîáðäÝððäáïáîáħáßðÞáïðìîÝßðåßá Service contracts currently operate on a rolling basis and are èåéåðáàðëÝéëêðäêëðåßáìáîåëà

Patrick André is employed as Chief Executive of Vesuvius plc pursuant to the terms of a service agreement made with the Company dated 17 July 2017. Mark Collis will be employed as ÅäåáâÈåêÝêßåÝèÑĨßáîóåðäÝïðÝîðàÝðáëêëîÞáâëîá Ìñèõ pursuant to the terms of a service agreement with Vesuvius plc dated 4 January 2023. Patrick André's appointment is terminable by Vesuvius on not less than 12 months' written notice, and by him on not less than six months' written notice. Mark Collis's appointment is terminable by him and Vesuvius on not less than six months' written notice.

External appointments of Executive Directors

ÖäáÇôáßñðåòáÆåîáßðëîïàëêëðßñîîáêðèõïáîòáÝïÐëêáôáßñðåòá ÆåîáßðëîïëâÝêõëðäáîíñëðáàßëéìÝêõÕñÞæáßðÝèóÝõïðë consent being granted by the Company for them to take up such an appointment, were they to so serve, the Company would allow them to retain any fees they received for the performance of their duties.

Other

The Committee may: (a) in the event of a variation of the Company's share capital, demerger, special dividend or any other ßëîìëîÝðááòáêðóäåßäåðîáÝïëêÝÞèõàáðáîéåêáïæñïðåĦáïïñßäÝê ÝàæñïðéáêðÝàæñïðÝêàÞÝéáêàðäáðáîéïëâÝóÝîàïãîÝêðáà under the share schemes referred to above in accordance with the rules of the relevant plans.

Share awards may be settled by the issue of new shares or by the transfer of existing shares. In line with prevailing best practice at the time this Policy was approved, any issuance of new shares is èåéåðáàðë!YëâïäÝîáßÝìåðÝèëòáîÝîëèèåêãðáêõáÝîìáîåëàåê relation to discretionary employee share schemes and 10% of ïäÝîáßÝìåðÝèëòáîÝîëèèåêãðáêõáÝîìáîåëàåêîáèÝðåëêðëÝèè employee share schemes.

The Committee may make minor amendments to the Policy set out in this Policy Report (for regulatory, exchange control, tax or administrative purposes or to take account of a change in legislation) without obtaining shareholder approval for that amendment.

Policy for joining and leaving: Recruitment policy

Typical event	Policy
Executive Director appointed or promoted	On appointment or promotion of a new Executive Director, the Committee will typically use the Remuneration Policy in force at the time of the Committee's decision to determine ongoing remuneration. Base salary levels will generally be set in accordance with the Remuneration Policy current at the time of the Committee's decision, taking into account the experience and calibre of the appointee. Other than in exceptional circumstances, other elements of annual remuneration will, typically, be set in line with the Remuneration Policy, including a limit on awards under the Annual Incentive and Vesuvius Share Plan of 375% of salary in aggregate.
First year of appointment	ËâÝììîëìîåÝðáðäáÅëééåððááéÝõÝììèõàåĪáîáêðìáîâëîéÝêßáéáÝïñîáïÝêàŸëîðÝîãáðïðëÝ ÆåîáßðëîĎïĦîïðåêßáêðåòáÝóÝîàïåêäåïŸäáîõáÝîëâÝììëåêðéáêð
Service contract agreed	Service contracts will be entered into on terms similar to those for the existing Executive Directors, summarised in the service contracts of Executive Directors section above.
Appointment of Chairman or ÐëêšáôáßñðåòáÆåîáßðëî	ÙåðäîáïìáßððëðäáÝììëåêðéáêðëâÝêáóÅäÝåîéÝêëîÐëêšáôáßñðåòáÆåîáßðëîÝììëåêðéáêððáîéï will be consistent with those applicable at the time the appointment is agreed. Variable pay will not be ßëêïåàáîáàÙåðäîáïìáßððëÐëêšáôáßñðåòáÆåîáßðëîïâááïóåèèÞáßëêïåïðáêðóåðäðäáÒëèåßõÝððäáðåéá ðäáÝììëåêðéáêðåïÝãîááàËâåêáôßáìðåëêÝèßåîßñéïðÝêßáïÝÐëêšáôáßñðåòáÆåîáßðëîóÝïÝïçáàðë assume an interim executive role, the Company retains the discretion to pay them appropriate executive compensation, in line with the Policy.
Individual appointed on a base salary below market, contingent on performance	ËâåðåïÝììîëìîåÝðáðëÝììëåêðÝêåêàåòåàñÝèëêÝÞÝïáïÝèÝîõåêåðåÝèèõÞáèëóóäÝðåïÝàæñàãáàðëÞá market positioning, contingent on individual performance, the Committee retains the discretion to realign base salary over the one to three years following appointment, which may result in a higher rate of annualised increase than might otherwise be awarded under the Policy. If the Committee åêðáêàïðëîáèõëêðäåïàåïßîáðåëêåðóåèèÞáêëðáàåêðäáĦîïðÔáéñêáîÝðåëêÔáìëîðâëèèëóåêãÝê individual's appointment.
Internal appointment	In the event that an internal appointment is made, or where a Director is appointed as a result of transfer into the Group on an acquisition of another Company, the Committee may continue with existing remuneration provisions for this individual, where appropriate.
Relocation required	If necessary and appropriate to secure the appointment of a candidate who has to move locations as a result of the appointment, whether internal or external, the Committee may make additional payments linked to relocation, above those outlined in the policy table, and would authorise the payment of a relocation allowance and repatriation, as well as other associated international éëÞåèåðõðáîéïÕñßäÞáêáĦðïóëñèàÞáïáðÝðÝèáòáèóäåßäðäáÅëééåððááßëêïåàáîïÝììîëìîåÝðá for the role and the individual's circumstances.
Buying out compensation forfeited on leaving previous employer	In addition to the annual remuneration elements noted above, the Committee may consider buying out terms, incentives and any other compensation arrangements forfeited on leaving a previous employer that an individual forfeits in accepting an appointment with Vesuvius. The Committee will have the authority to rely on Listing Rule 9.4.2 R(2) or to apply the existing limits within the Vesuvius Share Plan to make Restricted Share awards on recruitment. In making any such awards, the Committee will review the terms of any forfeited awards, including, but not limited to, vesting periods, the expected value of such awards on vesting and the likelihood of the performance targets ÝììèåßÝÞèáðëïñßäÝóÝîàïÞáåêãéáðóäåèáîáðÝåêåêãðäáàåïßîáðåëêðëéÝçáÝêõÞñõšëñðÝóÝîàðäá Committee determines is necessary and appropriate. The Committee may also require the ÝììëåêðááðëìñîßäÝïáïäÝîáïåêØáïñòåñïðëÝìîášÝãîááàèáòáèìîåëîðëòáïðåêãëâÝêõïñßäÝóÝîàï ÖäáòÝèñáëâÝêõÞñõšëñðÝóÝîàóåèèÞáßÝììáàðëáêïñîáåðïéÝôåéñéòÝèñáåïêëäåãäáîðäÝêðäá òÝèñáëâðäáÝóÝîàïðäÝððäáåêàåòåàñÝèâëîâáåðáàëêæëåêåêãØáïñòåñïÃêõïñßäÝóÝîàïóåèèÞáïñÞæáßð to malus and clawback.
Reimbursement of other costs	In addition to the elements noted above, the Committee may consider reimbursement of ëðäáîàáéëêïðîÝÞèáïìáßåĦßßëïðïåêßñîîáàÞõÝêåêàåòåàñÝèåêîáèÝðåëêðëðäáåîÝììëåêðéáêð (e.g. legal costs).

Remuneration Policy continued

Policy for joining and leaving:Exit payment policy

Vesuvius has the option to make a payment in lieu of part or all of the required notice period for Executive Directors. Any such payment in lieu will consist of the base salary, pension ßëêðîåÞñðåëêïÝêàòÝèñáëâÞáêáĦðïðëóäåßäðäáÆåîáßðëîóëñèà have been entitled for the duration of the remaining notice period, net of statutory deductions in each case. Half of any payments in lieu of notice would be made in a lump sum, the remainder in equal monthly instalments commencing in the month in which the midpoint of their foregone notice period falls (and are reduced or extinguished by salary from any role undertaken by the departing ÇôáßñðåòáåêðäåïðåéáÇôáßñðåòáÆåîáßðëîïÝîáïñÞæáßððëßáîðÝåê êëêßëéìáðáßëòáêÝêðïâëîÝìáîåëàëâêåêáðëéëêðäïÝêà êëêïëèåßåðÝðåëêßëòáêÝêðïâëîÝìáîåëàëâéëêðäïâëèèëóåêãðäá termination of their employment. Their service agreements are governed by English law.

Executive Directors' contracts do not contain any change of control provisions; they do contain a duty to mitigate should ðäáÆåîáßðëîĦêàÝêÝèðáîêÝðåòáìÝåàëßßñìÝðåëêåêÝêõìáîåëà during which the Company must otherwise pay compensation on early termination.

The table below summarises how the awards under the annual ÞëêñïÝêàØáïñòåñïÕäÝîáÒèÝêÝîáðõìåßÝèèõðîáÝðáàåêàåĪáîáêð leaver scenarios and on a change of control.

Whilst the Committee retains overall discretion on determining čãëëàèáÝòáîĎïðÝðñïåððõìåßÝèèõàáĦêáïÝčãëëàèáÝòáîĎåê circumstances such as retirement with agreement of the Company, ill health, disability, death, redundancy, or part of the business in which the individual is employed or engaged ßáÝïåêãðëÞáìÝîðëâðäáÉîëñìÈåêÝèðîáÝðéáêðåïïñÞæáßððëðäá Committee's discretion.

Event	Timing	Calculation of vesting/payment
Annual Incentive Plan – during period prior to payment
Good leaver	Paid at the same time as to continuing employees.	Annual bonus is paid only to the extent that any performance ßëêàåðåëêïäÝòáÞááêïÝðåïĦáàÝêàåïìîëîÝðáàâëîðäáìîëìëîðåëê ëâðäáĦêÝêßåÝèõáÝîóëîçáàÞáâëîáßáïïÝðåëêëâáéìèëõéáêð In determining the level of bonus to be paid, the Committee may, at its discretion, take into account performance up to the date ëâßáïïÝðåëêëîëòáîðäáĦêÝêßåÝèõáÝîÝïÝóäëèáÞÝïáàëê appropriate performance measures as determined by the Committee. The bonus may, at the Committee's discretion, be paid entirely in cash.
Bad leaver	ÐëðÝììèåßÝÞèá	Individuals lose the right to their annual bonus.
Change of control	ÒÝåàëêðäááĪáßðåòáàÝðáëâ change of control.	Annual bonus is paid only to the extent that any performance ßëêàåðåëêïäÝòáÞááêïÝðåïĦáàÝêàåïìîëîÝðáàâëîðäáìîëìëîðåëê ëâðäáĦêÝêßåÝèõáÝîóëîçáà
		Annual Incentive Plan – in respect of any amount deferred into awards over shares under the Vesuvius Deferred Share Bonus Plan
Good leaver	On the date of the event.	Deferred awards vest in full.
Bad leaver	On the date of the event.	Other than dismissal for cause, deferred awards will vest in full.
Change of control1	Within seven days of the event.	Deferred awards vest in full.
Vesuvius Share Plan
Good leaver2	On normal release date (or earlier at the Committee's discretion).	Unvested awards vest to the extent that any performance ßëêàåðåëêïäÝòáÞááêïÝðåïĦáàÝêàÝìîëîÝðÝîáàñßðåëêÝììèåáï to the value of the awards to take into account the proportion of performance period not served, unless the Committee decides that the reduction in the number of vested shares is inappropriate.
Bad leaver	Unvested awards lapse.	Unvested awards lapse on cessation of employment.
Change of control1	On the date of the event.	Unvested awards vest to the extent that any performance ßëêàåðåëêïäÝòáÞááêïÝðåïĦáàÝêàÝìîëîÝðÝîáàñßðåëêÝììèåáï for the proportion of the vesting period not served, unless the Committee decides that the reduction in the number of vested shares is inappropriate.

In certain circumstances, the Committee may determine that unvested awards under the Vesuvius Deferred Bonus Plan and Vesuvius Share Plan will not vest on a change of control but will instead be replaced by an equivalent grant of a new award, as determined by the Committee, in the new company.

×êàáîðäáîñèáïëâðäáØáïñòåñïÕäÝîáÒèÝêÝêõòáïðáàïäÝîáïêáðëâÝêõðÝôèåÝÞåèåðåáïÝîáïñÞæáßððëÝâñîðäáîðóëõáÝîäëèàåêãìáîåëàÝâðáîðäáòáïðåêãàÝðá The holding period may be terminated early at the Committee's discretion in exceptional circumstances, including a change of control or where the award äëèàáîàåáïëîèáÝòáïáéìèëõéáêðàñáðëåèèäáÝèðäåêæñîõëîàåïÝÞåèåðõ

ÄáêáĦðïêëîéÝèèõßáÝïáðëÞáìîëòåàáàëêðäáàÝðááéìèëõéáêð ends. However, the Committee has the discretion to allow some éåêëîÞáêáĦðïïñßäÝïäáÝèðäåêïñîÝêßáðÝôÝàòåßáÝêà repatriation expenses) to continue to be provided for a period following cessation where this is considered fair and reasonable, or appropriate on the basis of local market practice. In addition, the Committee retains discretion to fund other expenses for the Executive Director; for example, payments to meet legal fees incurred in connection with termination of employment, or to meet the costs of providing outplacement support, and de minimis termination costs up to £5,000 to cover the transfer of mobile phone or other administrative expenses.

The Committee reserves the right to make any other payments in ßëêêáßðåëêóåðäÝÆåîáßðëîĎïßáïïÝðåëêëâëĨßáëîáéìèëõéáêð where the payments are made in good faith in discharge of an existing legal obligation (or by way of damages for breach of such an obligation) or by way of a compromise or settlement of any claim arising in connection with the cessation of a Director's ëĨßáëîáéìèëõéáêð

In certain circumstances, the Committee may approve new contractual arrangements with departing Executive Directors, åêßèñàåêãÞñðêëðèåéåðáàðëïáððèáéáêðßëêĦàáêðåÝèåðõîáïðîåßðåòá ßëòáêÝêðïÝêàëîßëêïñèðÝêßõÝîîÝêãáéáêðïÖäáïáóëñèàÞá used only where the Committee believed it was in the best interests of the Company to do so.

Remuneration Policy for Non-executive Directors

ÖäáÅëéìÝêõïááçïðëÝììëåêðÐëêáôáßñðåòáÆåîáßðëîïóäë have relevant professional knowledge and have gained experience in a relevant industry and geographical sector, to support diversity of expertise at the Board and match the wide geographical spread of the Company's activities.

ÐëêáôáßñðåòáÆåîáßðëîïÝððáêàÄëÝîàÅëééåððááÝêàëðäáî meetings, held mainly in the UK, together with an annual strategy review to debate the Company's strategic direction.

ÃèèÐëêáôáßñðåòáÆåîáßðëîïÝîááôìáßðáàðëâÝéåèåÝîåïá themselves with the scale and scope of the Company's business ÝêàðëéÝåêðÝåêðäáåîïìáßåĦßðáßäêåßÝèïçåèèïÝêàçêëóèáàãá

ÖäáÄëÝîàïáðïðäáèáòáèëââááïìÝåàðëðäáÐëêáôáßñðåòá Directors after considering the role and responsibilities of each Director and the practice of other companies of a similar size and åêðáîêÝðåëêÝèßëéìèáôåðõÖäáÐëêáôáßñðåòáÆåîáßðëîïàëêëð participate in Board discussions on their own remuneration.

Alignment/purpose	Operation	Opportunity	Performance
Fees
To attract and retain Ðëêšáôáßñðåòá Directors of the necessary skill and experience ÞõëĪáîåêãéÝîçáðš competitive fees	Fees are usually reviewed every year by the Board.	ÐëêšáôáßñðåòáÆåîáßðëîïÝêàðäáÅäÝåîéÝêóåèèÞá ìÝåàéÝîçáðšÝììîëìîåÝðáâááïóåðäÝêõåêßîáÝïá	Ðëêá
	ÐëêšáôáßñðåòáÆåîáßðëîïÝîáìÝåàÝÞÝïáâáá for the performance of their role plus additional âááïâëîîëèáïðäÝðåêòëèòáïåãêåĦßÝêðÝààåðåëêÝè ðåéáßëééåðéáêðÝêàŸëîîáïìëêïåÞåèåðõ Such roles could include, but are not limited to, Committee chairmanship (and, where appropriate, membership) or acting as the Senior Independent Director. Fees are paid in cash.	îáħáßðåêãßäÝêãáïåêðäáéÝîçáðëîÝàæñïðéáêðïðë ÝïìáßåĦßÐëêšáôáßñðåòáÆåîáßðëîĎïîëèá
		ÃêõðîÝòáèÝèèëóÝêßáïìÝõÝÞèáóåèèÞáîáħáßðåòá ëâðîÝòáèðåéáåêßñîîáàÝïêáßáïïÝîõðëâñèĦè Company business.
		ÐëáèåãåÞåèåðõâëîÞëêñïáïîáðåîáéáêðÞáêáĦðïëîðë participate in the Group's employee share plans.
	When travelling internationally on Company ÞñïåêáïïÝèèÐëêšáôáßñðåòáÆåîáßðëîïéÝõÝèïë be provided with additional travel allowance ìÝõéáêðïîáħáßðåêãðäáÝïïëßåÝðáàðåéá commitment, paid in cash.	ÄÝïáâááïìÝåàðëÐëêšáôáßñðåòáÆåîáßðëîïóåèè in aggregate, remain within the aggregate limit stated in our Articles, currently being £500,000.
	The Chairman is paid a single cash fee and receives administrative support from the Company.
ÄáêáĦðïÝêàáôìáêïáï
To facilitate execution of responsibilities and duties required by the role	ÃèèÐëêšáôáßñðåòáÆåîáßðëîïÝîáîáåéÞñîïáàâëî reasonable expenses incurred in carrying out	ÐëêšáôáßñðåòáÆåîáßðëîïĎáôìáêïáïÝîáìÝåàåê accordance with Vesuvius' expense procedures.	Ðëêá
	their duties (including any personal tax owing on such expenses).	ÒîëòåïåëêëâÝààåðåëêÝèÞáêáĦðïóåèèÞáÝððäá àåïßîáðåëêëâðäáÄëÝîàÝêàóåèèîáħáßððäá
	Should the Board deem it appropriate, additional ÞáêáĦðïßÝêÞáìîëòåàáàðëÐëêšáôáßñðåòá Directors as required (e.g. liability insurance).	îáÝïëêÝÞèáêááàïëâÝÐëêšáôáßñðåòáÆåîáßðëî in undertaking Company business.

Remuneration Policy continued

Terms of service of the Chairman and other Non-executive Directors

ÖäáðáîéïëâïáîòåßáëâðäáÅäÝåîéÝêÝêàðäáÐëêáôáßñðåòá Directors are contained in letters of appointment. Each ÐëêáôáßñðåòáÆåîáßðëîåïÝììëåêðáàïñÞæáßððëðäáåîáèáßðåëê ÝððäáÅëéìÝêõĎïĦîïðÃêêñÝèÉáêáîÝèÏááðåêãâëèèëóåêãðäáåî ÝììëåêðéáêðÝêàîááèáßðåëêÝðïñÞïáíñáêðÃêêñÝèÉáêáîÝè Meetings. The Chairman is entitled to six months' notice from ðäáÅëéìÝêõÐëêáëâðäáëðäáîÐëêáôáßñðåòáÆåîáßðëîïåï áêðåðèáàðëîáßáåòáßëéìáêïÝðåëêâëîèëïïëâëĨßáÝðÝêõðåéá

ÃèèÐëêáôáßñðåòáÆåîáßðëîïÝîáïñÞæáßððëîáðåîáéáêðÝêàáèáßðåëê ëîîááèáßðåëêåêÝßßëîàÝêßáóåðäðäáÅëéìÝêõĎïÃîðåßèáïëâ ÃïïëßåÝðåëêÖäáßñîîáêðìëèåßõåïâëîÐëêáôáßñðåòáÆåîáßðëîï to serve on the Board for a maximum of nine years, with review ÝððäááêàëâðäîááÝêàïåôõáÝîïïñÞæáßðÝèóÝõïðëéñðñÝè agreement and annual performance evaluation. The Board îáðÝåêïàåïßîáðåëêðëáôðáêàðäáðáêñîáëâÐëêáôáßñðåòáÆåîáßðëîï ÞáõëêàðäåïðåéáïñÞæáßððëðäáîáíñåîáéáêðïëâÄëÝîàÞÝèÝêßá ÝêàåêàáìáêàáêßáÞáåêãïÝðåïĦáà

The table below shows the date of appointment for each of the ÐëêáôáßñðåòáÆåîáßðëîï

ÐëêšáôáßñðåòáÆåîáßðëî	Date of appointment
ÅÝîèšÒáðáîÈëîïðáî	ÐëòáéÞáî
Carla Bailo	1 February 2023
Kath Durrant	1 December 2020
Dinggui Gao	1 April 2021
Friederike Helfer	4 December 2019
	3 December 2012
Douglas Hurt	2 April 2015
Jane Hinkley

Directors' Remuneration Report

Annual Report on Directors' Remuneration

Executive Directors' remuneration in year ahead

The table below sets out the phasing of receipt of the various elements of Executive Director remuneration for 2023.

	2026	Description and link to strategy
Base salary S		Salaries are set at an appropriate level to enable the Company ðëîáßîñåðÝêàîáðÝåêçáõáéìèëõááïÝêàîáħáßððäáåêàåòåàñÝèĎï experience, role and contribution within the Company.
ÄáêáĦðï B		ÒîëòåàáïêëîéÝèéÝîçáðìîÝßðåßáÞáêáĦðï
Pension P		ÖäáìáêïåëêÞáêáĦðäáèìïðëîáßîñåðÝêàîáðÝåêçáõáéìèëõááï and ensures income in retirement.
AI Annual Incentive		The Annual Incentive incentivises the Executive Directors to achieve çáõïäëîðšðáîéĦêÝêßåÝèÝêàïðîÝðáãåßðÝîãáðïëâðäáÉîëñì
AI Deferred Annual Incentive	Holding	The deferral of a portion of the Annual Incentive increases alignment with shareholders.
VSP Vesuvius Share Plan	period	Awards under the Vesuvius Share Plan align Executive Directors' interests with those of shareholders through the delivery of shares and assist in the retention of the Executive Directors. The VSP rewards the Executive Directors for achieving the strategic ëÞæáßðåòáïëâãîëóðäåêïäÝîáäëèàáîòÝèñáÝêàáÝîêåêãï

The table below sets out how the Remuneration Policy will be applied to the Executive Directors' remuneration for 2023. Further details about each of the elements of remuneration are set out in the Remuneration Policy.

S ÄÝïáïÝèÝîõ
Patrick André	£720,000 2022: £643,000	Mark Collis	£420,000 2022:êŸÝ
	As explained in the Committee Chair's letter, the CEO was awarded a 12% increase, áĪáßðåòáÌÝêñÝîõ		To be prorated based on tenure from date of hire in 2023.
B ÄáêáĦðï
ÄáêáĦðïâëîÇôáßñðåòá Directors include:	– Car allowance – Private medical care – Relocation expenses	– Tax advice and tax reimbursement – Commuting costs	– School fees – Directors' spouses' travel – Administrative expenses
P Òáêïåëê
#YëâÞÝïáïÝèÝîõåêèåêáóåðäðäáÝòáîÝãáîáßáåòáàÞõðäáéÝæëîåðõëâðäáãèëÞÝèóëîçâëîßá
AI ÃêêñÝèËêßáêðåòá*
Annual Incentive potential for Patrick André, maximum value	175% of base salary	Annual Incentive potential for Mark Collis, maximum value	150% of base salary
For 2023, the maximum Annual Incentive potential for Patrick André will increase to 175% of base salary with target Annual Incentive potential being 87.5% of base salary for the achievement of target performance in all elements. For Mark Collis, potential will remain ÝððäáèáòáèÝòÝåèÝÞèáìîáòåëñïèõðëðäáÅäåáâÈåêÝêßåÝèÑĨßáîåá#!YÝððÝîãáðÝêà!YÝðéÝôåéñéÒÝõšëñðïóåèèßëééáêßá and increase incrementally from 0% once the threshold performance for any of the elements has been met. In the case of Mark Collis, ðäáåêßáêðåòáìÝõÝÞèáóåèèÞáßÝèßñèÝðáàìîëîÝðÝðëîáħáßðäåïìáîåëàëâáéìèëõéáêðåêðäáßÝèáêàÝîõáÝî
		33% of any Annual Incentive earned will be deferred into awards over shares, which will vest after a holding period of three years.
These incentives are based 40% on Group headline earnings per share, 20% on the Group's working capital to sales ratio (based ëêðäášéëêðäéëòåêãÝòáîÝãážYëêìëïðšðÝôÔáðñîêëêËêòáïðáàÅÝìåðÝèÔÑËŞÝêàYëêïìáßåĦáàìáîïëêÝèëÞæáßðåòáï The Company will not be disclosing the targets set until after the relevant performance period has ended because of commercial ïáêïåðåòåðåáïÖäáìáîïëêÝèëÞæáßðåòáïâëîÝîáâëßñïáàëêèëêãšðáîéïðîÝðáãåßëÞæáßðåòáïëîÝîáæëޚïìáßåĦßåêêÝðñîáÝêàðîÝßç ìáîâëîéÝêßáÝãÝåêïððäáÉîëñìĎïçáõïðîÝðáãåßëîãÝêåïÝðåëêÝèÝêàëìáîÝðåëêÝèãëÝèïóåðäÝïìáßåĦßâëßñïëêÇÕÉëñðßëéáï
VSPØáïñòåñïÕäÝîáÒèÝê* (VSP)
Patrick André, maximum value	200% of base salary	Share awards with a maximum value of 200% of salary will be granted to Patrick André and, for Mark Collis a maximum value ëâ!YëâïÝèÝîõóåèèÞáãîÝêðáàìîëîÝðáàðëîáħáßðäåïìáîåëà of employment during the 2023–2025 performance period. The strike price for the awards will be determined by reference to the average share price over the 30 calendar days prior to grant.
Mark Collis, maximum value	150% of base salary
		Vesting of 40% of shares awarded will be based upon the Company's TSR performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts), YëêìëïðšðÝôÔáðñîêëêËêòáïðáàÅÝìåðÝèÔÑËŞÝêà 20% on ESG. Targets are set out overleaf.
		Performance will be measured over three years with awards òáïðåêãÝâðáîðäîááõáÝîïÖäáîáóåèèðäáêÞáÝâñîðäáîðóëšõáÝî holding period applicable to the awards.
ÞëðäðäáÃËÒÝêàØÕÒïäëñèàéÝæëîåêàñïðîåÝèéÝîçáðàåïîñìðåëêìîáòÝåè		* The Committee is mindful of the present geopolitical environment and the existing energy crisis. In this context it reserves its discretion to amend targets for

Annual Report on Directors' Remuneration continued

Targets for the VSP Awards for the year 2023

TSR ranking relative to FTSE 250 excluding investment trusts	Weighting 40%
	Vesting percentage (of total LTIP)
Below median	0%
Median	10%
Between median and upper quintile	Pro rata between 10% and 40%
Upper quintile and above	40%

Post-tax ROIC1
	Vesting percentage (of total LTIP)2	ÃòáîÝãáÔÑËÅëòáîðäîááš year performance period
Threshold and below	0%	8.5%
Maximum	40%	11.0%

ÔÑËÅåïàáĦêáàÝïÐáðÑìáîÝðåêãÒîëĦðÃâðáîÖÝôÐÑÒÃÖàåòåàáàÞõ åêòáïðáàßÝìåðÝèËÅÐÑÒÃÖåïàáĦêáàÝïÉîëñìðîÝàåêãìîëĦðìèñï ìëïððÝôïäÝîáëâÌØîáïñèðïèáïïÝéëîðåïÝðåëêëâåêðÝêãåÞèáÝïïáðï calculated as an average over the target period. (The inclusion of amortisation charges serves to reduce the calculation of ROIC returns ðäëñãäóáÞáèåáòáðäåïðëÞáðäáéëïðÝììîëìîåÝðáàáĦêåðåëêËêòáïðáà ßÝìåðÝèåïàáĦêáàÝïðëðÝèÝïïáðïáôßèñàåêãßÝïäÝêàêëêåêðáîáïðÞáÝîåêã liabilities, calculated as the average of IC at the start and the end of ðäáðÝîãáðìáîåëàÝðßëêïðÝêðßñîîáêßõÕááÐëðá \$ëâðäáÉîëñì Financial Statements.
ØáïðåêãÞáðóááêðäáïáìëåêðïóåèèÞáëêÝïðîÝåãäðèåêáÞÝïåï

Environment, Social, Governance	Weighting 20%

Safety: ÃòáîÝãáÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðáÎÖËÈÔ1 2023–2025

	Vesting percentage (of total LTIP)2	Range
Threshold and below	0%	1.05
Maximum	5%	0.85

Energy: CO2e: Reduction Scope 1 and 2 CO2e emission intensity (vs 2019 baseline) in 2025 3

	Vesting percentage (of total LTIP)2	Range
Threshold and below	0%	š#Y
Maximum	10%	šY

Diversity: Gender diversity in senior leadership group4 on 31 Dec 2025

	Vesting percentage (of total LTIP)2	Range
Threshold and below	0%	20%
Maximum	5%	26%

ÎÖËÈÔåïðäáÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðáÞÝïáàëêðäáêñéÞáîëâèëïððåéá åêæñîåáïðäÝðëßßñîàñîåêãðäáìáîâëîéÝêßáìáîåëàìáîéåèèåëêäëñîïóëîçáà

ÕðîÝåãäðèåêáòáïðåêãÞáðóááêðäîáïäëèàÝêàéÝôåéñé

Reduction of CO2e emissions per metric tonne of product packed for shipment.

ÕáêåëîÎáÝàáîïäåìÉîëñìåïàáĦêáàÝïðäáÉîëñìÇôáßñðåòáÅëééåððááìèñï the most senior Vesuvius managers worldwide, in terms of their contribution to the Group's overall results and to the execution of the Group's strategy. This group comprises between 150 and 170 members (number may slightly ħñßðñÝðáâîëéëêáõáÝîðëðäáêáôðÞÝïáàëêëîãÝêåïÝðåëêÝèßäÝêãáï

Explaining the ROIC target range

The Committee has considered the Group strategy over the period, market conditions, and historic and current estimates of WACC provided by JP Morgan in determining the target range.

Whilst we expect ROIC to be at the lower end of the range in Year 1, we believe a range of 8.5–11.0% to be appropriate for ðäáØÕÒÝóÝîà!ÖäáðäîáïäëèàìÝõëñðèáòáèîáéÝåêï at 0% this year, but may change for future awards.

ÃàæñïðéáêðïðëðäáÔÑËÅðÝîãáðîÝêãáéÝõÞáîáíñåîáàïäëñèà the Board approve certain mergers, acquisitions or disposals. For any such event that requires Board approval then management will assess the potential impact on ROIC as part of their broader submission, and the Committee will determine óäáðäáîÝêõÝàæñïðéáêððëðÝîãáðïïäëñèàÞáéÝàáËêãáêáîÝè the Committee will have regard to the materiality of the event and the timing in the life of the award cycle. The intention will be to maintain fair, stretching but achievable targets, whilst not providing a disincentive to management to bring forward proposals for mergers, acquisitions or disposals that are in the Company's interest.

Explaining the ESG metrics

The Environment, Social and Governance targets for the 2023 awards represent key strategic priorities for the management team as well as the Board.

Safety continues to be of paramount cultural importance to Vesuvius and progressive improvement has been made in recent years. The targets are considered stretching in the context of an operationally challenging environment with many áéìèëõááïóëîçåêãîáéëðáèõÝðßñïðëéáîïåðáïÎëïðÖåéáËêæñîõ Frequency Rate is a recognised metric, and is measured per million hours worked.

Energy, the reduction in Scope 1 and 2 emissions is a key feature ëâðäáÅëéìÝêõĎïïñïðÝåêÝÞåèåðõïðîÝðáãõïááìÝãáï!# and as such a measure of CO2e emission intensity is used (CO2e emissions per tonne of product packed for shipment). ÄÝïáèåêáÝêàßñîîáêðáéåïïåëêïäÝòáÞááêòáîåĦáàÞõÅÝîÞëê Footprint Ltd. Vesuvius has committed to achieve a net zero status by 2050 at the latest and a roadmap, with clear intermediary targets in 2025 and 2035, has been established, as detailed in our Sustainability report (see pages 64 and 65 for further åêâëîéÝðåëêÔáïðÝðáàìáîâëîéÝêßáëâ!Yòïðäá% baseline has been considered reasonable by the Committee in setting the forward target range. This restatement takes into ÝßßëñêððäáßëêðåêñåêãáôìÝêïåëêìîëæáßðïåêÕçÝóåêÝÒëèÝêà ÝêàÍëèçÝðÝËêàåÝóäåßäóåèèäÝòáÝàáèáðáîåëñïáĪáßðëêðäá \$\$YßÝèßñèÝðáàðëòï%ÞÝïáèåêá

Diversity, a focus on gender diversity has seen improvements in the Senior Leadership Group of c.150–170 individuals in recent years. Targets are set so as to drive continued progress towards the targets outlined in our Sustainability Initiative.

Executive Directors' remuneration in year under review

ÕåêãèáðëðÝèĦãñîáðÝÞèáÝñàåðáà

ÖäáðÝÞèáÞáèëóïáðïëñððäáðëðÝèîáéñêáîÝðåëêîáßáåòáàÞõÇôáßñðåòáÆåîáßðëîïåêðäáĦêÝêßåÝèõáÝîñêàáîîáòåáó

		Patrick André		Guy Young
	2022 (£000)	2021 (£000)	2022 (£000)	2021 (£000)
Total salary	643	618	420	385
ÖÝôÝÞèáÞáêáĦðï1	83	60	18	18
Pension2	155	154	96	96
ÖëðÝèĦôáàìÝõ3	880	832	535	499
Annual Incentive4	731	874	0	537
ÎëêãšÖáîéËêßáêðåòáï5,6,7	594	0	0	0
ÖëðÝèòÝîåÝÞèáìÝõ8	1,325	874	0	537
Total9	2,206	1,706	535	1,036

ÕðÝêàÝîàÞáêáĦðïâëîðäáÇôáßñðåòáÆåîáßðëîïåêßèñàáßÝîÝèèëóÝêßá and private medical care. In 2022, Patrick André also received external professional services support, funded by the Company, in relation to EU Settled Status applications for him and his wife, in line with the approval for such support granted by the Remuneration Committee in ÏÝõ%ÖäáðëðÝèßëïðëâðäåïïñììëîðåêßèñàåêããîëïïñìëâÝïïëßåÝðáà taxes was £44,811.
1. In 2021 and 2022, Patrick André and Guy Young received a pension allowance of 25% of base salary capped at the January 2020 level. ÖäáĦãñîáïâëîåêðäáðÝÞèáîáìîáïáêððäáòÝèñáëâÝèèßÝïäÝèèëóÝêßáï ÝêàßëêðîåÞñðåëêïîáßáåòáàåêîáïìáßðëâìáêïåëêÞáêáĦðïÝðòëèñêðÝîåèõ reduced rates.
ÖäáïñéëâðëðÝèïÝèÝîõðÝôÝÞèáÞáêáĦðïÝêàìáêïåëê
ÖäåïĦãñîáåêßèñàáïðäáÃêêñÝèËêßáêðåòáìÝõéáêðïðëÞáéÝàáðë ðäáÇôáßñðåòáÆåîáßðëîïåêîáèÝðåëêðëðäáõáÝîñêàáîîáòåáóÐëðáðäÝð Guy Young will receive no such payment, having forfeited his entitlement to such payments on account of his resignation from the Company in September 2022. 33% of any Annual Incentive payments will be deferred into awards over shares, to be held for a period of three years. See page 126 for more details.

Annual Incentive for 2022 performance – audited

The Executive Directors are eligible to receive an Annual Incentive calculated as a percentage of base salary, based on achievement ÝãÝåêïðïìáßåĦáàĦêÝêßåÝèðÝîãáðïÝêàìáîïëêÝèëÞæáßðåòáïÇÝßä year, the Remuneration Committee establishes the performance ßîåðáîåÝâëîðäáâëîðäßëéåêãõáÝîÖäáĦêÝêßåÝèðÝîãáðïÝîáïáðÞõ îáâáîáêßáðëðäáÅëéìÝêõĎïĦêÝêßåÝèÞñàãáðÖäáðÝîãáðîÝêãáåï set to ensure that Annual Incentives are only paid out at maximum âëîïåãêåĦßÝêðèõáôßááàåêãìáîâëîéÝêßááôìáßðÝðåëêïÖäá Remuneration Committee considers that the setting and attainment of these targets is important in the context of ÝßäåáòáéáêðëâðäáÅëéìÝêõĎïèëêãáîðáîéïðîÝðáãåßãëÝèï

The Annual Incentive has a threshold level of performance below which no award is paid, a target level at which 50% of the maximum opportunity is payable, and a maximum performance level at which 100% of the maximum opportunity is earned, on a pro rata basis.

! ÖäáĦãñîáïîáìîáïáêððäáÒáîâëîéÝêßáÕäÝîáÝóÝîàïãîÝêðáàðë Patrick André and Guy Young in 2020 under the VSP. Patrick André's award will vest in 2023 while Guy Young's lapsed, in line with Company leaver policies, on his resignation from the Company in February 2023.
" ÖäáòÝèñáëâðäáèëêãðáîéåêßáêðåòáïîáèÝðåêãðëðäáÒáîâëîéÝêßá ÕäÝîáÝóÝîàïãîÝêðáàðëÒÝðîåßçÃêàîƇñêàáîðäáØÕÒåêåïîáħáßðåòá of a share price depreciation of 0.17% between the share price used at grant (392.5p), versus the Q4 2022 average share price (391.8p), used here as a proxy for the vesting price. The values also includes dividend vesting at 45.1p per vested share.
ÖäáĦãñîáïîáìîáïáêððäáÒáîâëîéÝêßáÕäÝîáÝóÝîàïãîÝêðáàðë Patrick André and Guy Young in 2019 under the VSP which lapsed in 2022.
\$ ÖäáïñéëâðäáòÝèñáëâðäáÃêêñÝèËêßáêðåòáÝêàðäáÎëêãÖáîéËêßáêðåòáï óäáîáðäáìáîâëîéÝêßáìáîåëàáêàáààñîåêãðäáĦêÝêßåÝèõáÝî
% ÖäáïñéëâÞÝïáïÝèÝîõÞáêáĦðïìáêïåëêÃêêñÝèËêßáêðåòáÝêàÎëêãÖáîé ËêßáêðåòáïóäáîáðäáìáîâëîéÝêßáìáîåëàáêàáààñîåêãðäáĦêÝêßåÝèõáÝî

Additional note:

ÖëðÝèÆåîáßðëîïĎÔáéñêáîÝðåëêÇôáßñðåòáÆåîáßðëîïÝêàÐëêáôáßñðåòá Directors) is £3.377m. 2021 Directors' Remuneration for the Directors who served during 2021 was £3.257m.

For 2022, the maximum Annual Incentive potential for the Executive Directors was 150% of base salary and their target Annual Incentive potential was 75% of base salary.

ÈëîðäáĦêÝêßåÝèõáÝîðäáÇôáßñðåòáÆåîáßðëîïĎÃêêñÝè Incentives were based 40% on Group headline EPS, 20% on the ÉîëñìĎïîáðñîêëêåêòáïðáàßÝìåðÝèìëïððÝôÔÑËÅYëêðäá ÉîëñìĎïóëîçåêãßÝìåðÝèðëïÝèáïîÝðåëÞÝïáàëêðäáéëêðä éëòåêãÝòáîÝãáÝêàYëêïìáßåĦáàìáîïëêÝèëÞæáßðåòáï

ÐëÃêêñÝèËêßáêðåòáÝóÝîàåïìÝõÝÞèáðëÉñõÛëñêãåêèåãäð of his resignation from the Company in September 2022 and associated forfeiting of his rights to any such payment in line with the Company's leaver policies.

Annual Report on Directors' Remuneration continued

Financial targets in 2022

The 2022 Vesuvius Group headline EPS performance targets ïáðëñðÞáèëóóáîáïáðÝððäáÆáßáéÞáîâñèèõáÝîÝòáîÝãá foreign exchange rates, being the rates used for the 2022 budget process:

Threshold:	On-target:	Maximum:
36.7p	41.6p	46.6p

ÖäáÉîëñìĎïîáðñîêëêåêòáïðáàßÝìåðÝèìëïððÝôÔÑËÅ targets were set as follows:

Threshold:	On-target:	Maximum:
7.5%	8.5%	10.0%

The 2022 Group's working capital to sales ratio targets were set as follows:

Threshold:	On-target:	Maximum:
23.6%	22.6%	21.6%

In assessing the Group's performance against these targets, the Committee uses a constant currency approach. Thus, ðäáâñèèõáÝîÇÒÕìáîâëîéÝêßáóÝïîáðîÝêïèÝðáàÝð ÆáßáéÞáîâñèèõáÝîÝòáîÝãáâëîáåãêáôßäÝêãáîÝðáïðë establish performance. This is consistent with practice in previous years.

In 2022, Vesuvius' EPS performance at the December 2021 âñèèõáÝîÝòáîÝãáâëîáåãêáôßäÝêãáîÝðáïóÝï!"ìáêßá îáðñîêëêåêòáïðáàßÝìåðÝèìëïððÝôÔÑËÅëñðßëéáóÝï#Y and the working capital to sales ratio was 23.8%. Consequently, EPS performance was above the maximum target, return on åêòáïðáàßÝìåðÝèìëïððÝôÔÑËÅìáîâëîéÝêßáóÝïÝÞëòáðäá maximum target, and the Group working capital to sales ratio was below threshold.

ÃïÝîáïñèðåêîáïìáßðëâðäáĦêÝêßåÝèìáîâëîéÝêßáéáðîåßï of the 2022 Annual Incentive, 60% is due on the EPS targets, 30% on the ROIC targets, and 0% on the working capital targets (related to a maximum bonus opportunity of 60%, 30% and 30% of salary respectively).

ÒáîïëêÝèëÞæáßðåòáï

In 2022, a proportion (20%) of the Annual Incentive for Executive Directors (representing 30% of salary) was based on the ÝßäåáòáéáêðëâìáîïëêÝèëÞæáßðåòáï

Patrick André

ÕñééÝîõëâëÞæáßðåòá	Summary outcome
Drive performance and deliver results	– Strong performance on quality, Investor Relations strategy, market share gains, cash conversion and improvement of gross margin
Reinforce talent management and prepare succession plans	– ÆñîåêãðäáîáóÝïïðîëêãìîëãîáïïåêðäáåàáêðåĦßÝðåëêÝêàëêãëåêãàáòáèëìéáêð of successors to key management positions
Review and implement the Group strategy	– ÕåãêåĦßÝêðìîëãîáïïåêàáòáèëìåêãðäáïðîÝðáãåßîëÝàéÝìðëáêäÝêßáîáðñîêðë shareholders, closed the acquisition of BMC and ensured smooth integration of the refractories business acquired from Universal Refractories, Inc
Improve Vesuvius' sustainability performance	– Delivered a strong Sustainability strategy in 2022 and delivered further improvements in CO2 reduction and Top Management diversity

ËêïñééÝîõÝâðáîßëêïåàáîåêãìáîâëîéÝêßáÝïëñðèåêáàÝÞëòáðäáÅëééåððááÝììîëòáàÝêÃêêñÝèËêßáêðåòáìÝõëñðëâ#Yëâ ßëêðîÝßðñÝèÞÝïáïÝèÝîõëñðëâðäáéÝôåéñéìëðáêðåÝèYåêîáïìáßðëâðäáìáîïëêÝèëÞæáßðåòáïëâÒÝðîåßçÃêàîƇ

Guy Young

ÕñééÝîõëâëÞæáßðåòá	Summary outcome
Optimise cash management and ìîëĦðÝÞåèåðõ	– Delivered a clear review of Investor Relations strategy and robust performance on cash management and gross margin
Support growth strategy	– Supported the successful closure of the BMC acquisition and facilitated strong progression on the integration of the refractories business acquired from Universal Refractories, Inc
Drive IT performance	– Continued the implementation of the cyber resilience plan and maintained progress on SAP A1 implementation
Drive Opex reductions	– ÕñßßáïïâñèèõåéìèáéáêðáàðäáëìðåéåïÝðåëêìèÝêëâĦêÝêßáïäÝîáàïáîòåßáïÝêà progressed implementation of the new Finance Operating Model in EMEA
Improve Vesuvius' sustainability performance	– Supported development of a strong sustainability strategy and delivered further improvements in CO2 reduction and Top Management diversity

ËêïñééÝîõÝâðáîßëêïåàáîåêãìáîâëîéÝêßáÝïëñðèåêáàÝÞëòáðäáÅëééåððááÝììîëòáàÝäõìëðäáðåßÝèÃêêñÝèËêßáêðåòáìÝõëñð ëâ YëâßëêðîÝßðñÝèÞÝïáïÝèÝîõëñðëâðäáéÝôåéñéìëðáêðåÝèYåêîáïìáßðëâðäáìáîïëêÝèëÞæáßðåòáïëâÉñõÛëñêã

The total Annual Incentive awards payable to Patrick André in respect of his service as an Executive Director during 2022 is therefore 113.7% of salary, of which 33% will be deferred into awards over shares, to be held for a period of three years, with vesting in accordance with the Remuneration Policy.

The Committee considered the appropriateness of this overall AIP payment in the context of the experience of our various stakeholders àñîåêãÝêàóÝïïÝðåïĦáàðäÝðêëàåïßîáðåëêÝîõÝàæñïðéáêðïóáîáîáíñåîáà

2020 VSP Awards (vesting in 2023) – audited

The performance period applicable to these awards ended on 31 December 2022.

	Weighting	0% vesting	25% vesting		50% vesting 100% vesting	Performance achieved	Pay-out level (% of maximum)
TSR relative to FTSE 250 excluding investment trusts1	50%	Below median	Median	–	Upper quintile	Between median and upper quintile (Ranked 71st)	36.1%
Annual compound headline EPS growth1	50%	Less than 3%	3%	6%	15%	7.8%	60.0%

ÕðîÝåãäðèåêáòáïðåêãÝììèåáïÞáðóááêðäáòáïðåêãìëåêðï

ÕäÝîáÝóÝîàïãîÝêðáààñîåêãðäáĦêÝêßåÝèõáÝîÝñàåðáà

VSP award

An award was granted under the VSP to selected senior executives, including the Executive Directors, in March 2022. UK executives îáßáåòáÝóÝîàïåêðäáâëîéëâêåèßëïðëìðåëêïóåðäÝħáôåÞèááôáîßåïáàÝðáÝêàêëê×ÍáôáßñðåòáïîáßáåòáßëêàåðåëêÝèÝóÝîàïóäåßä ÝîááôáîßåïáàëêðäáàÝðáëâòáïðåêãÖäåïÝóÝîàåïïñÞæáßððëðäáìáîâëîéÝêßáßëêàåðåëêïàáïßîåÞáàÞáèëóÝêàóåèèòáïðåêÏÝîßä! óåðäÝïñÞïáíñáêððóëõáÝîäëèàåêãìáîåëàâëîÝêõòáïðáàïäÝîáïðëÏÝîßä#

	Type of award	Date of grant	Maximum êñéÞáîëâ shares1	Face value (£)	Face value (% of salary)	Threshold vesting	End of performance period
Patrick André		17 March 2022	319,900	£1,238,653	193%	25% of	31 December
Guy Young2	Ðåèšßëïðëìðåëê	17 March 2022	156,716	£606,804	144%	award	2024

In 2022, Patrick André and Guy Young were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. In light of the volatile share price, the Committee applied its discretion so that the maximum number of shares in these allocations were capped at a level ÞÝïáàñìëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäáÈáÞîñÝîõÔáéñêáîÝðåëêÅëééåððááéááðåêã ëây óäåèáðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïìîåëîðëãîÝêðóÝïy\$#ÖäáéÝôåéñéêñéÞáîëâïäÝîáï quoted excludes any additional shares that may be awarded in relation to dividends accruing during the vesting and holding periods.

ÃïóåðääåïëðäáîåêħåãäðØÕÒÝóÝîàïÉñõÛëñêãĎïÝóÝîàèÝìïáàñìëêäåïàáìÝîðñîáâîëéðäáÞñïåêáïïëê#ÈáÞîñÝîõ

ØáïðåêãëâðäáØÕÒÝóÝîàïåïïñÞæáßððëïÝðåïâÝßðåëêëâðäáâëèèëóåêãìáîâëîéÝêßáßëêàåðåëêïÃêõÎÖËÒòáïðåêãåïÝððäáàåïßîáðåëêëâðäá Remuneration Committee.

	Weighting	Threshold	100% vesting
TSR relative to FTSE 250 excluding investment trusts1	40%		Median Upper quintile
Group post-tax ROIC1	40%	7.5%	10%
ESG: Safety: Average Lost Time Injury Frequency Rate (LTIFR) 2022–20241,2	5%	1.1	0.9
ESG: Energy: CO2e: Reduction in Scope 1 and 2 energy CO2e emissions/tonne òï%ÞÝïáèåêážåê 1,3	10%	š Y	šY
ÇÕÉÆåòáîïåðõÉáêàáîàåòáîïåðõåêÕáêåëîÎáÝàáîïäåìÉîëñìëêÆáßáéÞáî 1,4	5%	20%	26%

ÕðîÝåãäðèåêáòáïðåêãÝììèåáïÞáðóááêðäáòáïðåêãìëåêðïÖäîáïäëèàòáïðåêãâëîðäáÖÕÔáèáéáêðåï!YëâéÝôåéñéÝêàYëâéÝôåéñéâëîÝèèëðäáîáèáéáêðï

ÎÖËÈÔåïðäáÎëïðÖåéáËêæñîõÈîáíñáêßõÔÝðáÞÝïáàëêðäáêñéÞáîëâèëïððåéáåêæñîåáïðäÝðëßßñîàñîåêãðäáìáîâëîéÝêßáìáîåëàÖäáßÝèßñèÝðåëêîÝðáåïÎÖËÈÔ per million hours worked.

Reduction of energy CO2e emissions per metric tonne of product packed for shipment.

ÕáêåëîÎáÝàáîïäåìÉîëñìåïàáĦêáàÝïðäáÉîëñìÇôáßñðåòáÅëééåððááìèñïðäáéëïðïáêåëîØáïñòåñïéÝêÝãáîïóëîèàóåàáåêðáîéïëâðäáåîßëêðîåÞñðåëêðëðäá ÉîëñìĎïëòáîÝèèîáïñèðïÝêàðëðäááôáßñðåëêëâðäáÉîëñìĎïïðîÝðáãõÖäåïãîëñìßëéìîåïáïÞáðóááê!Ýêà#éáéÞáîïêñéÞáîéÝõïèåãäðèõħñßðñÝðáâîëé one year to the next based on organisational changes).

Each of the VSP performance measures operates independently. The use of these measures is intended to align Executive Director îáéñêáîÝðåëêóåðäïäÝîáäëèàáîïĎåêðáîáïðïÒîåëîðëòáïðåêãðäáÔáéñêáîÝðåëêÅëééåððááîáòåáóïðäáñêàáîèõåêãĦêÝêßåÝèìáîâëîéÝêßá ëâðäáÅëéìÝêõÝêàêëêĦêÝêßåÝèìáîâëîéÝêßáëâðäáÅëéìÝêõÝêàåêàåòåàñÝèïëòáîðäáìáîâëîéÝêßáìáîåëàðëáêïñîáðäÝððäá òáïðåêãåïæñïðåĦáàÝêàðëßëêïåàáîóäáðäáîðëáôáîßåïáåðïàåïßîáðåëêåêßèñàåêãßëêïåàáîÝðåëêëâÝêõìëðáêðåÝèóåêàâÝèèãÝåêï

Deferred Share Bonus Plan award

33% of the Annual Incentive earned by Patrick André and Guy Young in respect of performance in 2021 was deferred into a share award granted in March 2022 under the Company's Deferred Share Bonus Plan. There are no additional performance conditions applicable to these awards.

	Type of award	Date of grant	ÐñéÞáîëâ shares1	Face value (£)	Vesting date
Patrick André		17 March 2022	75,207	£291,202	18 March 2025
Guy Young	Ðåèšßëïðëìðåëê	17 March 2022	46,235	£179,022

ÖäáêñéÞáîëâïäÝîáïäÝïÞááêßÝèßñèÝðáàñïåêãðäáïäÝîáìîåßáëây\$#ÝòáîÝãáßèëïåêãïäÝîáìîåßáâëîðäáĦòáàáÝèåêãàÝõïìîåëîðëãîÝêðÝêàáôßèñàáïÝêõ additional shares that may be awarded in relation to dividends accruing during the vesting period.

Annual Report on Directors' Remuneration continued

Statement of Executive Directors' shareholding – audited

The interests of Executive Directors and their closely associated persons in ordinary shares as at 31 December 2022, including any interests in share options and shares provisionally awarded under the VSP, are set out below:

			Outstanding share incentive awards
	ÄáêáĦßåÝè holding in shares3	ÄáêáĦßåÝè holding %	With performance conditions1	Without performance conditions2
Patrick André	184,020	0.07	832,882	91,681
Guy Young	153,259	0.06	396,398	57,673

These are Performance Shares granted under the VSP. The awards were ÝèèãîÝêðáàïñÞæáßððëìáîâëîéÝêßáßëêàåðåëêï
1. These are awards granted under the Deferred Share Bonus Plan. ÖäáïáÝóÝîàïÝîáêëðïñÞæáßððëÝêõÝààåðåëêÝèìáîâëîéÝêßáßëêàåðåëêï
ÒÝðîåßçÃêàîƇĎïÞáêáĦßåÝèïäÝîáäëèàåêãåêßèñàáïïäÝîáïäá purchased on 7 March 2022.

Additional notes:

ÐëêáëâðäáëðäáîÆåîáßðëîïêëîðäáåîïìëñïáïêëîðäáåîéåêëîßäåèàîáêäáèà êëêÞáêáĦßåÝèåêðáîáïðïåêðäáëîàåêÝîõïäÝîáïëâðäáÅëéìÝêõàñîåêãðäáõáÝî
1. There were no changes in the interests of Patrick André in the ordinary shares of the Company in the period from 1 January 2023 to the date of this Report.
1. For Guy Young, there were no changes in these interests in the period from 1 January 2023 to his date of leaving, 17 February 2023, other than in îáïìáßðëâäåïëñðïðÝêàåêãìáîâëîéÝêßáîáèÝðáàÝóÝîàïóäåßäèÝìïáàëê his date of leaving.
ÃèèÝóÝîàïñêàáîðäáØÕÒÝîáïñÞæáßððëìáîâëîéÝêßáßëêàåðåëêïÝêà continued employment until the relevant vesting date as set out on page 143.
1. Full details of Directors' shareholdings and incentive awards are given in the Company's Register of Directors' Interests, which is open to inspection at the ÅëéìÝêõĎïîáãåïðáîáàëĨßáàñîåêãêëîéÝèÞñïåêáïïäëñîï

Shareholding guidelines – audited

The Remuneration Committee encourages Executive Directors to build and hold a shareholding in the Company. Under the 2023 Remuneration Policy, the required holding is 200% of salary for all Executive Directors. Executive Directors are required to retain at least 50% (measured as the value after tax) of any shares received through the operation of share schemes; in addition, permission to sell shares held – whether acquired through the operation of share schemes or otherwise – will not be given, other than in exceptional circumstances, if, following the disposal, the shareholding requirement is not achieved or is not maintained.

Compliance with the shareholding policy is tested at the end of each year for application in the following year. Under the 2023 Remuneration Policy, the valuation of any holding is taken at the higher of: (1) the share price on the date of vesting of any shares derived from a share award, in respect of those shares only; and (2) the average of the closing prices of a Vesuvius ordinary share for the trading days in that December.

As at 31 December 2022, the Executive Directors' shareholdings against the shareholding guidelines contained in the Directors' Remuneration Policy in force on that date (using the Company's share price averaged over the trading days of the period 1 December to 31 December 2022, of 387.48 pence per share) were as follows:

Director	Actual share ownership as a percentage of salary at 31 Dec 2022	Policy share ownership as a percentage of salary	Policy met?
Patrick André	135%	200%	ËêðäáÞñåèàš up period
Guy Young	187%	200%	ËêðäáÞñåèàš up period

Payments to past Directors and loss ëâëĨßáìÝõéáêðïÝñàåðáà

ÖäáîáóáîáêëìÝõéáêðïéÝàáðëÝêõÆåîáßðëîâëîèëïïëâëĨßá during the year ended 31 December 2022. External, professional services support was provided in 2022 to former Chief Executive, François Wanecq, in the form of international tax advice relating to his retirement, in line with the commitment to cover such îáÝïëêÝÞèáßëïðïÝïïìáßåĦáàåêðäáÕáßðåëê ÄïðÝðáéáêð referenced in the Company's 2017 Annual Report. Total costs Ýéëñêðáàðëy"%áôßèñïåòáëâØÃÖÐëëðäáîìÝõéáêðïóáîá made to any other past Directors of the Company during the year ended 31 December 2022.

Non-executive Directors

ÕåêãèáðëðÝèĦãñîáðÝÞèáÝñàåðáà

The table below sets out the total remuneration received by ÐëêáôáßñðåòáÆåîáßðëîïåêðäáĦêÝêßåÝèõáÝîñêàáîîáòåáó

		2022		2021
(£000)	Total fees	ÖÝôÝÞèá ÞáêáĦðï1	Total	Total Taxable fees ÞáêáĦðï1 Total
ÅÝîèšÒáðáî	40	2	42	–	–	–
Forster2
John	221	9	230	205	9	214
McDonough
CBE3
Kath Durrant	75	7	82	60	3	63
Dinggui Gao	60	0	60	38	0	38
Friederike	60	2	62	50	3	53
Helfer
Jane Hinkley	70	3	73	56	2	58
Douglas Hurt	85	3	88	70	1	71
Total Non	610	26	636	479	18	497
executive
Director
remuneration

Öäá×ÍîáãñèÝðåëêïîáíñåîáðäáåêßèñïåëêëâÞáêáĦðïâëîÆåîáßðëîïóäáîá these would be taxable in the UK on the assumption that the Director is ðÝôîáïåàáêðåêðäá×ÍÖäáĦãñîáïåêðäáðÝÞèáðäáîáâëîáåêßèñàááôìáêïá reimbursement and associated tax relating to travel, accommodation and subsistence for the Director (and, where appropriate, their spouse) in connection with attendance at Board meetings and other corporate business during the year, which are considered by HMRC to be taxable in the UK.

ÅÝîèÒáðáîÈëîïðáîæëåêáàðäáÄëÝîàëêÐëòáéÞáîÝêàðëëçëòáîÝï Chairman on 1 December 2022.

John McDonough retired from the Board on 1 December 2022.

Fee structure in 2023

The fee for the Chairman was also reviewed by the Committee àñîåêãðäáõáÝîÝêàðäáâááïâëîðäáÐëêáôáßñðåòáÆåîáßðëîï by the Board. Following an assessment of time commitment, roles and responsibilities it was decided that the fees would åêßîáÝïáóåðäáĪáßðâîëéÌÝêñÝîõÖäáÅäÝåîéÝêĎïâáá óÝïåêßîáÝïáàðëy!ðäáÐëêáôáßñðåòáÆåîáßðëîïĎâááï were increased to £63,000. Supplementary fees remain unchanged (supplementary Senior Independent Director fee at £10,000; supplementary fee for the Chairs of the Audit and Remuneration Committees at £15,000; and supplementary âááâëîðäáÐëêáôáßñðåòáÆåîáßðëîîáïìëêïåÞèáâëîóëîçâëîßá engagement at £10,000). In addition, it was decided that ÐëêáôáßñðåòáÆåîáßðëîïïäëñèàîáßáåòáÝïðåìáêàëây åê respect of each overseas, intercontinental trip they undertake on Vesuvius business, with the stipend payable for a maximum ëâĦòáïñßäðîåìïåêÝêõßÝèáêàÝîõáÝî

Statement of Non-executive Directors' shareholding – audited

ÖäáåêðáîáïðïëâÐëêáôáßñðåòáÆåîáßðëîïÝêàðäáåîßèëïáèõÝïïëßåÝðáàìáîïëêïåêëîàåêÝîõïäÝîáïÝïÝðÆáßáéÞáîÝîáïáðëñðÞáèëó

	ÄáêáĦßåÝè holding in shares	ÄáêáĦßåÝè holding %
ÅÝîèšÒáðáîÈëîïðáî	–	0.00
Carla Bailo1	–	0.00
Kath Durrant	–	0.00
Friederike Helfer2	–	0.00
Dinggui Gao	–	0.00
Jane Hinkley	12,000	<0.01
Douglas Hurt	18,000	0.01

ÅÝîèÝÄÝåèëóÝïÝììëåêðáàÝïÝÐëêáôáßñðåòáÆåîáßðëîáĪáßðåòá 1 February 2023.

ÈîåáàáîåçáÊáèâáîåïÝÒÝîðêáîëâÝêàäÝïÝĦêÝêßåÝèåêðáîáïðåêÅáòåÝê Capital which held 57,249,896 ordinary shares (21.11% of Vesuvius' issued share capital) as at 31 December 2022 and at the date of this Report.

Additional notes:

Former Chairman, John McDonough, held 145,000 ordinary shares as at his retirement date of 1 December 2022.

Other regulatory disclosure requirements

Annual changes in Executive Directors' pay versus employee pay

Executive Directors' pay comparison

The London headquartered salaried employee workforce is presented as a voluntary disclosure of the representative comparator ãîëñìâëîðäáØáïñòåñïÉîëñììÝîáêðßëéìÝêõÝïðäáîáåïëêèõëêáêëêÆåîáßðëîáéìèëõááåêðäáìÝîáêðßëéìÝêõ

Year-on-year change in pay for Directors compared to the London headquartered employee average

			2022			2021			2020
	Salary3	Bonus3	ÄáêáĦðï5	Salary3,4	Bonus3	ÄáêáĦðï5,6	Salary3,4	Bonus3	ÄáêáĦðï5
London headquartered employee average1,2	(8)%	(12)%	3%	19%	236%	120%	0%	165%	18%
Executive Directors
Patrick André	4%	(16)%	11%	11%	469%	(6)%	(7%)	183%	(25%)
Guy Young	9%	(100)%	1%	11%	442%	9%	(1%)	155%	(14%)
Non-executive Directors12
ÅÝîèšÒáðáîÈëîïðáî7	n/a	–	n/a	êŸÝ	–	êŸÝ	êŸÝ	–	êŸÝ
John McDonough CBE8	17%	–	(1)%	11%	–	48%	(10%)	–	(46%)
Kath Durrant9	25%	–	117%	19%	–	100%	êŸÝ	–	êŸÝ
Friederike Helfer	20%	–	(31)%	11%	–	969%	(10%)	–	(60%)
Dinggui Gao10	20%	–	100%	êŸÝ	–	êŸÝ	êŸÝ	–	êŸÝ
Jane Hinkley11	26%	–	40%	(5%)	–	63%	(10%)	–	(60%)
Douglas Hurt	21%	–	275%	11%	–	24%	(10%)	–	–

This is the average percentage change, excluding the Executive Directors. ÕÝèÝîåáïÞëêñïÝêàÞáêáĦðïîáèÝðáðëðäáîáèáòÝêðĦêÝêßåÝèîáìëîðåêãõáÝî
ÃòáîÝãáÎëêàëêäáÝàíñÝîðáîáàïÝèÝîõîáàñßáàõáÝîëêõáÝîàñá largely to the departure from the business, during 2022, of several high paid employees.
ÅÝèßñèÝðáàñïåêãàÝðÝâîëéðäáïåêãèáĦãñîáðÝÞèáåêðäáÃêêñÝèÔáìëîð
ÆñîåêãÝèèÇôáßñðåòáÝêàÐëêáôáßñðåòáÆåîáßðëîïðëëçÝòëèñêðÝîõ 20% pay reduction for six months. Other senior employees in London headquarters also took a pay reduction between 10% and 20%, depending on their level of seniority. Therefore, the total percentage increase for the Executive Directors between 2021 and 2022 was higher than their agreed ïÝèÝîõåêßîáÝïáïÝïðäáïáåêßîáÝïáïÝîáßëéìÝîáàóåðäÝßðñÝèìÝîðèõ reduced salary paid during 2020 rather than full, contractual base salary.
! ÅÝèßñèÝðáàñïåêãàÝðÝâîëéðäáÝñàåðáàÆåîáßðëîïĎÇéëèñéáêðïÄáêáĦðï îáèÝðáðëðÝôÝÞèáðîÝòáèÞáêáĦðïÝêàÅëéìÝêõìáêïåëêïåêðäáßÝïáëâ Executive Directors. It is calculated as the percentage increase or decrease ëêðäáÝßðñÝèĦãñîáïõáÝîëêõáÝîÝêàêëðÝêêñÝèåïáàëîìîëîÝðáàâëîÝêõ new starters.
" ÅÝèßñèÝðåëêïëâÞáêáĦðïßäÝêãáïäÝòáÞááêîáïðÝðáàÝïßëéìÝîáà with the 2021 Annual Report, to ensure correct alignment with Single Figure Remuneration tables.
ÅÝîèÒáðáîÈëîïðáîæëåêáàðäáÄëÝîàëêÐëòáéÞáîÝêàðëëçëòáîÝï Chairman on 1 December 2022.
1. John McDonough retired from the Board on 1 December 2022.
% ÍÝðäÆñîîÝêðæëåêáàëêÆáßáéÞáîÝêàðäáêÞáßÝéáðäá Remuneration Committee Chair following the 2021 AGM, and it is this change that accounts for the proportionally higher increase on her salary in 2021.
ÆåêããñåÉÝëæëåêáàëêÃìîåè
1. Jane Hinkley stood down as the Remuneration Committee Chair following ðäáÃÉÏóäåßäÝßßëñêðïâëîäáîêáðîáàñßðåëêåêõáÝîëêõáÝîßäÝêãá in 2021.
ÖäáÐëêáôáßñðåòáÆåîáßðëîïĎâááïóáîáîáòåáóáàÝêàåêßîáÝïáàåê! 2019 and 2022.
ÐëêáëâðäáëðäáîÆåîáßðëîïêëîðäáåîïìëñïáïêëîðäáåîéåêëîßäåèàîáê äáèàêëêÞáêáĦßåÝèåêðáîáïðïåêðäáëîàåêÝîõïäÝîáïëâðäáÅëéìÝêõ during the year.
! ÖäáîáóáîáêëßäÝêãáïåêðäáåêðáîáïðïëâðäáÐëêáôáßñðåòáÆåîáßðëîïåêðäá ordinary shares of the Company in the period from 1 January 2023 to the date of this Report.
1. Full details of Directors' shareholdings are given in the Company's Register of Directors' Interests, which is open to inspection at the ÅëéìÝêõĎïîáãåïðáîáàëĨßáàñîåêãêëîéÝèÞñïåêáïïäëñîï

Annual Report on Directors' Remuneration continued

CEO pay ratio

The UK employee workforce is the representative comparator group to the Chief Executive, Patrick André, who is based in the UK (albeit with a global role and responsibilities). Levels of pay vary widely across the Group depending on geography and local market conditions.

Year	Method	25th percentile pay ratio	50th percentile (median) pay ratio	75th percentile pay ratio
2019	Option A	35:1	28:1	17:1
2020	Option A	32:1	24:1	13:1
2021	Option A	53:1	41:1	21:1
2022	Option A	45:1	34:1	19:1
2022	Total pay and ÞáêáĦðïyž	36,030	47,013	84,926
2022	Salary (£)	30,612	43,102	77,139

The table above shows the Chief Executive pay ratios versus our UK employees for 2019, 2020, 2021 and 2022. The pay îÝðåëïßëéìÝîáÝéëñêðïàåïßèëïáàåêðäáïåêãèáðëðÝèĦãñîá ðÝÞèáâëîðäáÉîëñìÅäåáâÇôáßñðåòáðëðäáÝêêñÝèâñèèðåéá equivalent remuneration of our UK employees for 2019, 2020, 2021 and 2022.

ÐëðÝÞèõðäáîÝðåëïäÝòáèëóáîáàåêòïóäåßäåïåêèåêá óåðäðäáðîáêàëâÝêêñÝèåêßáêðåòáïìÝõëñðïóåðäëòáîÝèèÝêêñÝè åêßáêðåòáìèÝêìÝõëñðïïáððëÞáèëóáîâëîßëéìÝîáàóåðä 2021. Given that variable pay makes up a more substantial proportion of Chief Executive pay than for other employees, an increase or decrease in incentives outturn has a disproportionate impact on the resulting ratio.

Annual spend on employee pay1 òáîïñïïäÝîáäëèàáîàåïðîåÞñðåëêï²

The charts below show the annual spend on all employees (including Executive Directors) compared with distributions made and proposed to be made to shareholders for 2021 and 2022:

Relative importance of spend on pay (2022) £m

Relative importance of spend on pay (2021) £m

ÇéìèëõááìÝõåêßèñàáïóÝãáïÝêàïÝèÝîåáïïëßåÝèïáßñîåðõïäÝîáÞÝïáàìÝõéáêðïÝêàìáêïåëêßëïðïÝêàëðäáîìëïðîáðåîáéáêðÞáêáĦðïÕááÐëðá\$ðëðäá Group Financial Statements.

ÕäÝîáäëèàáîàåïðîåÞñðåëêïàåòåàáêàïåêßèñàáïåêðáîåéÝêàĦêÝèàåòåàáêàïìÝåàåêîáïìáßðëâáÝßäĦêÝêßåÝèõáÝîÕááÐëðá ëâðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðï

The data has been calculated in accordance with 'Option' A in The Companies (Miscellaneous Reporting) Regulations 2018, because it allows the Company to show the total annualised âñèèðåéááíñåòÝèáêðîáéñêáîÝðåëêïÝèÝîõåêßáêðåòáïÝèèëóÝêßáï âááïðÝôÝÞèáÞáêáĦðïÝêàìáîßáêðåèáïÝßîëïïðäáĦêÝêßåÝèõáÝî as at 31 December 2019, 2020, 2021 and 2022.

ÃéëñêðïäÝòáÞááêÝêêñÝèåïáàâëîðäëïáóäëæëåêáàìÝîð óÝõðäîëñãäðäáõáÝîëîóäëÝîáëêìÝîððåéáÝîîÝêãáéáêðï and exclude those who left the organisation during the reporting period.

The approach to calculating the pay ratios is consistent with the prior year and there have not been any changes to the compensation models in the reporting period.

The Committee is comfortable that the principles applied and the quantum of compensation are appropriate across the Group's employee base. These are regularly benchmarked to ensure market competitiveness. There is a consistent approach of measuring against both business and personal performance for all those who participate in incentive programmes. The Group ßëêðåêñáïðëéëêåðëîðäááĪáßðåòáêáïïëâÝèèßëéìáêïÝðåëê practices to identify future opportunities to ensure they remain fair, consistent and in line with best practice.

TSR performance and Chief Executive pay

The TSR performance graph compares Vesuvius' TSR performance with that of the same investment in the FTSE 250 Index áôßèñàåêãåêòáïðéáêððîñïðïÖäåïåêàáôäÝïÞááêßäëïáêÝïðäáßëéìÝîÝðëîåêàáôðëîáħáßððäáïåöáåêðáîêÝðåëêÝèïßëìáÝêà àåòáîïåðõëâðäáÅëéìÝêõÖÕÔåïðäáéáÝïñîáëâðäáîáðñîêïðäÝðÝßëéìÝêõäÝïìîëòåàáàâëîåðïïäÝîáäëèàáîïîáħáßðåêãïäÝîá price movements and assuming reinvestment of dividends.

			François Wanecq1		Patrick André2
Chief Executive pay – ĦêÝêßåÝèõáÝîáêàáà	ŸŸ	ŸŸ	ŸŸ!	ŸŸ"	ŸŸ#	ŸŸ\$	ŸŸ%	ŸŸ	ŸŸ	31/12/22
Total remuneration					£1,6751
ïåêãèáĦãñîáyžž	£2,447	£1,519	£752	£1,173	£4652	£2,022	£1,220	£936	£1,706	£2,206
Annual variable pay					81%1
(% of maximum)	100%	64%	0%	50%	85%2	83%	11%	20%	94%	76%
ÎëêãšðáîéòÝîåÝÞèáìÝõ					43.7%1
(% of maximum)	28%	27%	0%	0%	êŸÝ2	100%	63%	0%	0%	48%

ÃéëñêðïïäëóêåêîáïìáßðëâÈîÝêŝëåïÙÝêáßíâëî#îáħáßðìÝõéáêðïåêîáïìáßðëâäåïïáîòåßáÝïÅäåáâÇôáßñðåòáâîëéÌÝêñÝîõ#ðëÃñãñïð#Ýêà the full value of his VSP award in relation to the performance period 2015–2017.

ÃéëñêðïïäëóêåêîáïìáßðëâÒÝðîåßçÃêàîƇâëî#îáħáßðìÝõéáêðïåêîáïìáßðëâäåïïáîòåßáÝïÅäåáâÇôáßñðåòáâîëéÕáìðáéÞáî#ðëÆáßáéÞáî#

Shareholder voting on remuneration resolutions

	Votes for	Votes against	Votes withheld
Approval of the Directors' Remuneration Policy 2020 AGM	244,618,671 (97.2%)	7,105,663 (2.8%)	3,640
Approval of the Annual Report on Remuneration 2022 AGM	243,341,031 (97.7%)	5,754,991 (2.3%)	5,500

The Directors' Remuneration Report has been approved by the Board and is signed on its behalf by

Kath Durrant

Chair of the Remuneration Committee 2 March 2022

Directors' Remuneration Report

Appendix: Supplementary share-related information

Share usage

Under the rules of the VSP, the Company has the discretion to satisfy awards either by the transfer of Treasury shares or other existing shares, or by the allotment of newly issued shares. Awards made under the Deferred Share Bonus Plan to satisfy shares awarded to Directors in respect of their Annual Incentive, and awards made to management of the Company over shares ìñîïñÝêððëðäáÏáàåñéÖáîéËêßáêðåòáÒèÝêéñïðÞáïÝðåïĦáà out of Vesuvius shares held for this purpose by the Company's ÇéìèëõááÄáêáĦðÖîñïðÇÄÖ

The decision on how to satisfy awards is taken by the Remuneration Committee, which considers the most prudent and appropriate sourcing arrangement for the Company.

At 31 December 2022, the Company held 7,271,174 ordinary shares in Treasury and the EBT held 2,454,110 ordinary shares. ÐëÝààåðåëêÝèïäÝîáïóáîáìñîßäÝïáàÞáðóááêÆáßáéÞáî 2022 and the date of this report.

The EBT can be gifted Treasury shares by the Company, can purchase shares in the open market or can subscribe for newly issued shares, as required, to meet obligations to satisfy options and awards that vest.

The VSP complies with the current Investment Association guidelines on headroom which provide that overall dilution under ÝèèìèÝêïëòáîÝîëèèåêãðáêõáÝîìáîåëàïäëñèàêëðáôßááàYëâ the Company's issued share capital, with a further limitation over ÝîëèèåêãðáêõáÝîìáîåëàëâ!YâëîàåïßîáðåëêÝîõïäÝîáïßäáéáï More than 9.9% of the 10% limit and more than 4.9% of the 5% limit remains available as headroom for the issue of new shares ëîðäáðîÝêïâáîëâÖîáÝïñîõïäÝîáïâëîðäáÅëéìÝêõÐëÖîáÝïñîõ shares were transferred, or newly issued shares allotted under the VSP during the year under review.

Deferred Share Bonus Plan allocations – audited

33% of the Annual Incentives earned by Patrick André and Guy Young in respect of their periods of service as Directors of Vesuvius plc were deferred into shares under the Company's Deferred Share Bonus Plan. The following table sets out details of outstanding awards:

Grant and type of award	Total share allocations as at 1 Jan 2022	Additional shares allocated during the year	Allocations lapsed during the year	Shares vested during the year	Total share allocations as at 31 Dec 2022	Market price of the shares on the day before award (p)	Earliest òáïðåêãŸ release date
Patrick André
14 March 20191 Deferred Bonus Shares	29,646	–	–	(29,646)	0	608	14 Mar 2022
12 March 20202 Deferred Bonus Shares	7,044	–	–	–	7,044	391.8	12 Mar 2023
18 March 20213 Deferred Bonus Shares	9,430	–	–	–	9,430	538	18 Mar 2024
17 March 20224 Deferred Bonus Shares	–	75,207	–	–	75,207	385	17 Mar 2025
Total	46,120	75,207	–	(29,646)	91,681
Guy Young5
14 March 20191 Deferred Bonus Shares	19,028	–	–	(19,028)	0	608	14 Mar 2022
12 March 20202 Deferred Bonus Shares	5,345	–	–	–	5,345	391.8	12 Mar 2023
18 March 20213 Deferred Bonus Shares	6,093	–	–	–	6,093	538	18 Mar 2024
17 March 20224 Deferred Bonus Shares	–	46,235	–	–	46,235	385	17 Mar 2025
Total	30,466	46,235	–	(19,028)	57,673

In 2019, Patrick André and Guy Young received Annual Incentive bonuses in respect of their service as Directors of Vesuvius plc in 2018 of £546,131 and £350,525 respectively. 33% of each bonus was awarded in deferred shares (conditional awards) under the Vesuvius Deferred Share Bonus Plan. The allocations of shares were made on 14 March 2019 and were calculated ÞÝïáàñìëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëê ðäáĦòáàáÝèåêãàÝõïÞáâëîáðäáÝóÝîàóÝïéÝàáÞáåêãy"#%ÖäáðëðÝè value of these awards based on this share price was £180,218 and £115,671, respectively. There are no additional performance conditions applicable to these awards, therefore these shares vested in full on the third anniversary of their award date.
1. In 2020, Patrick André and Guy Young were awarded Annual Incentive bonuses in respect of their service as Directors of Vesuvius plc in 2019 of £83,775 and £63,569 respectively. 33% of each bonus was awarded in deferred shares (conditional awards). The allocations of shares were made on 12 March 2020 and were calculated based upon the average closing éåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäá award was made, being £3.9248. The total value of these awards based on this share price was £27,646 and £20,978 respectively. There are no additional performance conditions applicable to these awards, therefore these shares will vest in full on the third anniversary of their award date.
1. In 2021, Patrick André and Guy Young were awarded Annual Incentive bonuses in respect of their service as Directors of Vesuvius plc in 2020 of £153,419 and £99,138 respectively. 33% of each bonus was awarded in deferred shares (conditional awards). The allocations of shares were made on 18 March 2021 and were calculated based upon the average closing éåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäá

award was made, being £5.3690. The total value of these awards based on this share price was £50,628 and £32,715 respectively. There are no additional performance conditions applicable to these awards, which will therefore will vest in full for Patrick André on the third anniversary of their award date.

1. In 2022, Patrick André and Guy Young were awarded Annual Incentive bonuses in respect of their service as Directors of Vesuvius plc in 2021 of £873,604 and £537,075 respectively. 33% of each bonus was awarded in deferred shares (conditional awards). The allocations of shares were made on 17 March 2022 and were calculated based upon the average closing éåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäá award was made, being £3.872. The total value of these awards based on this share price was £291,202 and £179,022 respectively. There are no additional performance conditions applicable to these awards, which will therefore vest in full for Patrick André on the third anniversary of their award date.
1. Following his departure from the Company on 13 February 2023, Guy Young's outstanding awards vested in full.

Additional note:

" ÖäáéåàéÝîçáðßèëïåêãìîåßáëâØáïñòåñïĎïäÝîáïàñîåêãîÝêãáà between 284.6 pence and 491.0 pence per share, and on 30 December 2022, the last dealing day of the year, was 404.2 pence per share.

Vesuvius Share Plan award allocations – audited

The following table sets out outstanding awards that were allocated to Patrick André and Guy Young under the VSP:

Grant and type of award	Total share allocations as at 1 Jan 2022	Additional shares allocated during the year	Allocations lapsed during the year	Shares vested during the year	Total share allocations as at 31 Dec 2022	Market price of the shares on the day before award (p)	Performance period	Earliest vesting date	End of holding period1
Patrick André
14 March 20192 Performance Shares	197,400	–	(197,400)	–	0	608	1 Jan 19– 31 Dec 21	14 Mar 2022	14 Mar 2024
12 March 20203 Performance Shares	282,772	–	–	–	282,772	391.8	1 Jan 20– 31 Dec 22	12 Mar 2023	12 Mar 2025
18 March 20214 Performance Shares	230,210	–	–	–	230,210	538	1 Jan 21– 31 Dec 23	18 Mar 2024	18 Mar 2026
17 March 20225 Performance Shares	–	319,900	–	–	319,900	385	1 Jan 22– 31 Dec 24	17 Mar 2025	17 Mar 2027
Total	710,382	319,900	(197,400)	0	832,882

Guy Young6
14 March 20192							1 Jan 19–	14 Mar	14 Mar
Performance Shares	86,362	–	(86,362)	–	0	608	31 Dec 21	2022	2024
12 March 20203							1 Jan 20	12 Mar	12 Mar
Performance Shares	132,120	–	–	–	132,120	391.8	31 Dec 22	2023	2025
18 March 20214							1 Jan 21–	18 Mar	18 Mar
Performance Shares	107,562	–	–	–	107,562	538	31 Dec 23	2024	2026
17 March 20225							1 Jan 22–	17 Mar	17 Mar
Performance Shares	–	156,716	–	–	156,716	385	31 Dec 24	2025	2027
Total	326,044	156,716	(86,362)	0	396,398

ÒáîâëîéÝêßáïäÝîáïãîÝêðáàâîëé%ëêóÝîàïÝîáïñÞæáßððëÝâñîðäáî ðóëõáÝîäëèàåêãìáîåëà

In 2019, Patrick André and Guy Young received allocations of Performance Shares worth 200% and 150% of their base salaries. These allocations were ßÝèßñèÝðáàÞÝïáàñìëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎ ïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäáÝóÝîàóÝïéÝàáÞáåêãy"#% The total value of these awards based on this share price was £1,199,994 and £524,994 respectively. Following an assessment of the performance conditions, these awards lapsed in full in 2022.
In 2020, Patrick André and Guy Young were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. In light of the volatile share price, the Committee applied its discretion so that the number of shares in these allocations were capped ÝðÝèáòáèÞÝïáàñìëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎ ïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäáÈáÞîñÝîõÔáéñêáîÝðåëê Committee meeting of £4.371. As a result, Patrick André received an award of 282,772 shares which, at grant, was equivalent in value to 180% of his base salary (£1,109,823* ) and Guy Young received an award of 132,120 shares which, at grant, was equivalent in value to 135% of his base salary (£518,544* ).

ÉîÝêðòÝèñáïÝîáÞÝïáàëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâ ØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïìîåëîðëãîÝêðy% \$

In 2021, Patrick André and Guy Young were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. These allocations were calculated based upon the average ßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîá the award was made, being £5.3690. The total value of these awards based on this share price was £1,235,997 and £577,500 respectively.
In 2022, Patrick André and Guy Young were entitled to receive allocations of Performance Shares worth 200% and 150% of their base salaries respectively. In light of the volatile share price, the Committee applied its discretion so that the number of shares in these allocations were capped ÝðÝèáòáèÞÝïáàñìëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâØáïñòåñïĎ ïäÝîáïëêðäáĦòáàáÝèåêãàÝõïÞáâëîáðäáÈáÞîñÝîõÔáéñêáîÝðåëê Committee meeting of £4.02. As a result, Patrick André received an award of 319,900 shares which, at grant, was equivalent in value to 193% of his base salary (£1,239,653**) and Guy Young received an award of 156,716 shares which, at grant, was equivalent in value to 144% of his base salary (£606,804**).

ÉîÝêðòÝèñáïÝîáÞÝïáàëêðäáÝòáîÝãáßèëïåêãéåàéÝîçáðìîåßáëâ ØáïñòåñïĎïäÝîáïëêðäáĦòáàáÝèåêãàÝõïìîåëîðëãîÝêðy\$#

Guy Young's outstanding awards lapsed in full on his departure from the Company on 13 February 2023.

Additional notes:

1. If the respective performance conditions for Patrick André's awards are not met, then the awards will lapse. If the threshold level of either of the two performance conditions applicable to the awards is met, then 12.50% of the awards will vest.
1. The Remuneration Committee also has the discretion to award cash or shares equivalent in value to the dividend that would have been paid during the vesting period on the number of shares that vest.
% ÖäáéåàéÝîçáðßèëïåêãìîåßáëâØáïñòåñïĎïäÝîáïàñîåêãîÝêãáà between 284.6 pence and 491.0 pence per share, and on 30 December 2022, the last dealing day of the year, was 404.2 pence per share.

Directors' Report

ÖäáÆåîáßðëîïïñÞéåððäáåîÃêêñÝèÔáìëîððëãáðäáîóåðäðäáÝñàåðáàĦêÝêßåÝèïðÝðáéáêðïëâðäáÉîëñìÝêàëâðäáÅëéìÝêõØáïñòåñïìèß îáãåïðáîáàåêÇêãèÝêàÝêàÙÝèáïÐë\$##""âëîðäáõáÝîáêàáàÆáßáéÞáî

ÖäáÅëéìÝêåáïÃßð"îáíñåîáïðäáÅëéìÝêõðëìîëòåàáÝÆåîáßðëîïĎÔáìëîðâëîØáïñòåñïìèßâëîðäáõáÝîáêàáàÆáßáéÞáî

Information incorporated by reference

ÖäáåêâëîéÝðåëêðäÝðâñèĦèïðäåïîáíñåîáéáêðÝêàóäåßäåïåêßëîìëîÝðáàÞõîáâáîáêßáåêðëÝêàâëîéïìÝîðëâðäåïîáìëîðåïåêßèñàáàåêðäá âëèèëóåêãïáßðåëêïëâðäáÃêêñÝèÔáìëîð

ÖäáÕáßðåëê#ÕðÝðáéáêð
ÖäáÐëêĦêÝêßåÝèÝêàïñïðÝåêÝÞåèåðõåêâëîéÝðåëêïðÝðáéáêððäáÕñïðÝåêÝÞåèåðõïáßðåëê
The Governance section, including the Corporate Governance Statement
ÈåêÝêßåÝèåêïðîñéáêðïðäáåêâëîéÝðåëêëêĦêÝêßåÝèîåïçéÝêÝãáéáêðëÞæáßðåòáïÝêàìëèåßåáïßëêðÝåêáàåêÐëðá!ðëðäáÉîëñì Financial Statements

ÖäåïÆåîáßðëîïĎÔáìëîðÝêàðäáÕðîÝðáãåßÔáìëîðßëêðÝåêáàëêìÝãáïðë\$!ðëãáðäáîîáìîáïáêððäáéÝêÝãáéáêðîáìëîðâëîðäá ìñîìëïáëâßëéìèåÝêßáóåðäÆÖÔ \$ÔëâðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõĎïÆåïßèëïñîáÝêàÖîÝêïìÝîáêßõÔñèáï

Going concern	Information on the business environment in which the Group operates, including the factors that are likely to impact the future prospects of the Group, is included in the Strategic Report. The principal risks and uncertainties that the Group faces throughout its global operations are ïäëóêëêìÝãáïÝêàÖäáĦêÝêßåÝèìëïåðåëêëâðäáÉîëñìåðïßÝïäħëóïèåíñåàåðõìëïåðåëê and debt facilities are also described in the Strategic Report. In addition, the Group's Viability Statement is set out within the Strategic Report on page 31. Note 25 to the Group Financial Statements sets out the Group's objectives, policies and processes for managing its capital; ĦêÝêßåÝèîåïçïĦêÝêßåÝèåêïðîñéáêðïÝêàäáàãåêãÝßðåòåðåáïÝêàåðïáôìëïñîáïðëßîáàåðéÝîçáð ÞëðäßñîîáêßõÝêàåêðáîáïðîÝðáîáèÝðáàžÝêàèåíñåàåðõîåïçÈñîðäáîàáðÝåèïëâðäáÉîëñìĎïßÝïä balances and borrowings are included in Notes 13, 14 and 25 to the Group Financial Statements. ÖäáÆåîáßðëîïäÝòáìîáìÝîáàìîëĦðÝêàèëïïÞÝèÝêßáïäááðÝêàßÝïäħëóâëîáßÝïðïâëîðäáÉîëñì âëîÝìáîåëàåêáôßáïïëâéëêðäïâîëéðäáàÝðáëâÝììîëòÝèëâðäáĦêÝêßåÝèïðÝðáéáêðï ÑêðäáÞÝïåïëâðäááôáîßåïáàáïßîåÞáàÝÞëòáðäáÆåîáßðëîïäÝòáìîáìÝîáàÝãëåêãßëêßáîê statement which can be found on page 31.
Events since the balance sheet date	Ñê"ÈáÞîñÝîõóáÝêêëñêßáàðäÝðóáäÝàïñĪáîáàÝßõÞáîïáßñîåðõåêßåàáêðËêëîàáî to contain the threat, we voluntarily shutdown our systems on a precautionary basis. During this period our sites instigated manual procedures and work arounds to maintain production, shipping and invoicing. We have since worked tirelessly on the reinstatement of our systems, and I am pleased to report that the initial period of major disruption has been short, and all sites ÝêàïåãêåĦßÝêðïõïðáéïÝîáêëóëìáîÝðåëêÝèÃïïñßäóááôìáßððäáåéìÝßðëêðîÝàåêãðëÞá éëàáïðèåéåðáàðëëêášëĪßëïðïëâÞáðóááêyéÝêày!é
Future developments	ÃâñèèàáïßîåìðåëêëâðäáÝßðåòåðåáïëâðäáÉîëñìåêßèñàåêãìáîâëîéÝêßáïåãêåĦßÝêðáòáêðïÝĪáßðåêã the Group in the year and indicative information in respect of the likely future developments in the Group's business, can be found in the Strategic Report.
Financial instruments	ËêâëîéÝðåëêëêØáïñòåñïĎĦêÝêßåÝèîåïçéÝêÝãáéáêðëÞæáßðåòáïÝêàìëèåßåáïßÝêÞáâëñêàåê Note 25 to the Group Financial Statements.
Research and development	The Group's investment in research and development (R&D) during the year under review Ýéëñêðáàðëy"éîáìîáïáêðåêãÝììîëôåéÝðáèõ\$Y\$YžëâÉîëñìîáòáêñáž Further details of the Group's R&D activities can be found in the Operating reviews and Sustainability section of the Strategic Report.
Political and charitable donations	In accordance with Vesuvius policy, the Group did not make any political donations or incur any ìëèåðåßÝèáôìáêàåðñîáåêîáèÝðåëêðëÝêõ×Íëîêëêš×ÍìëèåðåßÝèìÝîðåáïàñîåêãêåèž ÖäáÅëéìÝêõéÝàáßäÝîåðÝÞèáàëêÝðåëêïëây!éåêðäá×ÍåêËêêëßäÝîåðÝÞèá àëêÝðåëêïëâéëîáðäÝêyóáîáéÝàáåêðäá×Í

Task Force on Climate-related Financial Disclosures (TCFD)	The Group has reported its climate-related information in accordance with the TCFD disclosure framework. The majority of this information is included in the Sustainability section of the ÕðîÝðáãåßÔáìëîðÃïßäáàñèáëâàåïßèëïñîáåïåêßèñàáàëêìÝãá!
Energy consumption and áĨßåáêßõŸãîááêäëñïá gas emissions	Information on our reporting of greenhouse gas emissions, and the methodology used to record ðäáïáåïïáðëñðëêìÝãá"#ëâðäáÕðîÝðáãåßÔáìëîðÆáðÝåèïëâðäáÉîëñìĎïáêáîãõñïÝãáâëî ÝêàðäááĨßåáêßõåêåðåÝðåòáïßñîîáêðèõÞáåêãñêàáîðÝçáêßÝêÞáâëñêàåêðäáÕñïðÝåêÝÞåèåðõïáßðåëê ëêìÝãáï!#›#
Branches	ÃêñéÞáîëâðäáÉîëñìĎïïñÞïåàåÝîõñêàáîðÝçåêãïéÝåêðÝåêÞîÝêßäáïâñîðäáîàáðÝåèïëâðäáïá can be found in Note 33.1 to the Group Financial Statements.
Dividends	Ãêåêðáîåéàåòåàáêàëâ"!ìáêßá"ìáêßážìáîØáïñòåñïëîàåêÝîõïäÝîáóÝïìÝåàëê "ÕáìðáéÞáîðëïäÝîáäëèàáîïëêðäáîáãåïðáîÝððäáßèëïáëâÞñïåêáïïëê!Ãñãñïð ÖäáÄëÝîàåïîáßëééáêàåêãÝĦêÝèàåòåàáêàåêîáïìáßðëâëâ!#!ìáêßá!ìáêßáž ìáîëîàåêÝîõïäÝîáóäåßäåâÝììîëòáàóåèèÞáìÝåàëêÏÝõðëïäÝîáäëèàáîïëêðäáîáãåïðáî ÝðÃìîåè
Accountability and audit	ÃîáïìëêïåÞåèåðõïðÝðáéáêðëâðäáÆåîáßðëîïÝêàÝïðÝðáéáêðÞõðäáÃñàåðëîÝÞëñðåðïîáìëîðåêã îáïìëêïåÞåèåðåáïßÝêÞáâëñêàëêìÝãáï!Ýêà!›!%îáïìáßðåòáèõÖäáÆåîáßðëîïâñèĦèðäá îáïìëêïåÞåèåðåáïïáðëñðåêðäáåîïðÝðáéáêðóåðäåêðäáßëêðáôðëâÝêëòáîÝèèßëêðîëèáêòåîëêéáêðëâ ßáêðîÝèïðîÝðáãåßàåîáßðåëêÝêààáèáãÝðáàëìáîÝðåêãîáïìëêïåÞåèåðõÃïÝððäáàÝðáëâðäåïîáìëîð as far as each Director of the Company is aware, there is no relevant audit information of óäåßäðäáÅëéìÝêõĎïÃñàåðëîïÝîáñêÝóÝîáÝêàáÝßäÆåîáßðëîäáîáÞõßëêĦîéïðäÝððäáõäÝòá taken all the steps that they ought to have taken as a Director in order to make themselves ÝóÝîáëâÝêõîáèáòÝêðÝñàåðåêâëîéÝðåëêÝêàðëáïðÝÞèåïäðäÝððäáÅëéìÝêõĎïÃñàåðëîåïÝóÝîá of that information.
Auditors' reappointment	ÒîåßáóÝðáîäëñïáÅëëìáîïÎÎҝÒóŞóáîáîáÝììëåêðáàÝïÇôðáîêÝèÃñàåðëîïâëîØáïñòåñïìèßâëî ðäáõáÝîáêàáàÆáßáéÞáîÝððäáÃÉÏÒóÅäÝòáÞááêØáïñòåñïĎÇôðáîêÝèÃñàåðëîï ïåêßá#ÝêàäÝòááôìîáïïáàðäáåîóåèèåêãêáïïðëßëêðåêñáåêëĨßáÝïÃñàåðëîïëâðäáÅëéìÝêõ âëîðäáõáÝîáêàåêãÆáßáéÞáîÅëêïáíñáêðèõîáïëèñðåëêïâëîðäáîáÝììëåêðéáêðëâ ÒóÅÝïÇôðáîêÝèÃñàåðëîïëâðäáÅëéìÝêõÝêàðëÝñðäëîåïáðäáÆåîáßðëîïðëàáðáîéåêáðäáåî îáéñêáîÝðåëêÝîáðëÞáìîëìëïáàÝððäáÃÉÏ
Directors	ÖäáßñîîáêðÆåîáßðëîïëâðäáÅëéìÝêõÝîáÒÝðîåßçÃêàîƇÅÝîèÝÄÝåèëÍÝðäÆñîîÝêðÅÝîèšÒáðáî Forster, Dinggui Gao, Friederike Helfer, Jane Hinkley and Douglas Hurt. Carl-Peter Forster æëåêáàðäáÄëÝîàëêÐëòáéÞáîÝêàïñßßááàáàÌëäêÏ߯ëêëñãäÅÄÇÝïÅäÝåîéÝêëâ ðäáÅëéìÝêõëêÆáßáéÞáîÅÝîèÝÄÝåèëæëåêáàðäáÄëÝîàÝïÝÐëêšáôáßñðåòáÆåîáßðëî ëêÈáÞîñÝîõ John McDonough CBE served on the Board as Chairman of the Company until he stepped down ëêÆáßáéÞáîÉñõÛëñêãîáïåãêáàâîëéðäáÄëÝîàÝêàÝïÅäåáâÈåêÝêßåÝèÑĨßáîëê #ÈáÞîñÝîõÃèèðäáßñîîáêðÆåîáßðëîïóåðäðäááôßáìðåëêëâÌÝêáÊåêçèáõóäëóåèèïðáìàëóê âîëéðäáÄëÝîàÝððäáßèëïáëâðäáÃÉÏóåèèîáðåîáÝððäáÃÉÏëê\$ÏÝõÝêà ëĪáîðäáéïáèòáïâëîáèáßðåëêëîîášáèáßðåëêÄåëãîÝìäåßÝèåêâëîéÝðåëêâëîðäáÆåîáßðëîïåïãåòáê ëêìÝãáï\$\$Ýêà\$%ÈñîðäáîåêâëîéÝðåëêëêðäáîáéñêáîÝðåëêëâÝêàßëêðîÝßðñÝèÝîîÝêãáéáêðï âëîðäáÇôáßñðåòáÝêàÐëêšáôáßñðåòáÆåîáßðëîïåïãåòáêëêìÝãáï"š åêðäáÆåîáßðëîïĎ ÔáéñêáîÝðåëêÔáìëîðÖäáÐëêšáôáßñðåòáÆåîáßðëîïàëêëðäÝòáïáîòåßáÝãîááéáêðï
Directors' indemnities	ÖäáÆåîáßðëîïäÝòáÞááêãîÝêðáàíñÝèåâõåêãðäåîàšìÝîðõåêàáéêåðõìîëòåïåëêïÞõðäáÅëéìÝêõ ÝêàðäáÆåîáßðëîïëâðäáÉîëñìĎï×ÍÒáêïåëêÒèÝêïÖîñïðááÄëÝîàêëêáëâóäëéåïÝÆåîáßðëîëâ ØáïñòåñïìèߞäÝòáÞááêãîÝêðáàíñÝèåâõåêãìáêïåëêïßäáéáåêàáéêåðõìîëòåïåëêïÞõØáïñòåñï Pension Plans Trustees Limited. The indemnities for Directors of Vesuvius plc have been in force since the date of their appointments. The Pension Trustee indemnities were in force throughout ðäáèÝïðĦêÝêßåÝèõáÝîÝêàîáéÝåêåêâëîßá

Directors' Report continued

Annual General Meeting	ÖäáÃêêñÝèÉáêáîÝèÏááðåêãëâðäáÅëéìÝêõóåèèÞáäáèàÝððäáëĨßáïëâÎåêçèÝðáîïÎÎÒ ÑêáÕåèçÕðîááðÎëêàëêÇÅÛ\$ÊÓëêÖäñîïàÝõ\$ÏÝõÝðÝé
Amendments of Articles of Association	ÖäáÅëéìÝêõéÝõéÝçáÝéáêàéáêðïðëðäáÃîðåßèáïÞõóÝõëâïìáßåÝèîáïëèñðåëêåêÝßßëîàÝêßá óåðäðäáÅëéìÝêåáïÃßðÖäáÃîðåßèáïóáîáèÝïðÝéáêàáàÝððäáÃÉÏðëîáħáßðßäÝêãáïåê the law and developments in market practice and technology.
Share capital	ÃïÝððäáàÝðáëâðäåïîáìëîððäáÅëéìÝêõäÝàÝêåïïñáàïäÝîáßÝìåðÝèëâ#\$ \$!#ëîàåêÝîõ ïäÝîáïëâìáêßááÝßä### ëâðäáïáëîàåêÝîõïäÝîáïÝîáäáèàåêÖîáÝïñîõÖäáîáâëîáðäá ðëðÝèêñéÞáîëâØáïñòåñïìèßïäÝîáïóåðäòëðåêãîåãäðïåï#\$%#
	ÈñîðäáîåêâëîéÝðåëêîáèÝðåêãðëðäáÅëéìÝêõĎïåïïñáàïäÝîáßÝìåðÝèßÝêÞáâëñêàåêÐëðá%ðë the Company Financial Statements.
	ÖäáÅëéìÝêõĎïÃîðåßèáïïìáßåâõðäÝðïñÞæáßððëðäáÝñðäëîåïÝðåëêëâÝêÝììîëìîåÝðáîáïëèñðåëê passed at a General Meeting of the Company, Directors can allot relevant securities under Õáßðåëê!!ëâðäáÅëéìÝêåáïÃßðñìðëðäáÝããîáãÝðáêëéåêÝèÝéëñêðïìáßåĦáàÞõðäáîáèáòÝêð îáïëèñðåëêËêÝààåðåëêðäáÃîðåßèáïïðÝðáðäÝððäáÆåîáßðëîïßÝêïááçðäáÝñðäëîåðõëâïäÝîáäëèàáîï åêÝÉáêáîÝèÏááðåêãðëÝèèëðáíñåðõïáßñîåðåáïâëîßÝïäóåðäëñðĦîïðÞáåêãîáíñåîáàðëëĪáîïñßä ïäÝîáïðëáôåïðåêãëîàåêÝîõïäÝîáäëèàáîïåêìîëìëîðåëêðëðäáåîáôåïðåêãäëèàåêãïñêàáîÕáßðåëê !"ëâðäáÅëéìÝêåáïÃßðåêßëêêáßðåëêóåðäÝîåãäðïåïïñáÝêàåêëðäáîßåîßñéïðÝêßáïñìðëðäá ÝããîáãÝðáêëéåêÝèÝéëñêðïìáßåĦáàÞõðäáîáèáòÝêðîáïëèñðåëê
	ÃððäáÃÉÏëê\$ÏÝõðäáÆåîáßðëîïóáîáÝñðäëîåïáàðëåïïñáîáèáòÝêðïáßñîåðåáïñìðëÝê ÝããîáãÝðáêëéåêÝèÝéëñêðëây% "ÝêàåêßëêêáßðåëêóåðäÝîåãäðïåïïñáðëåïïñáîáèáòÝêð ïáßñîåðåáïñìðëÝâñîðäáîêëéåêÝèòÝèñáëây% "ËêÝààåðåëêðäáÆåîáßðëîïóáîááéìëóáîáà ðëÝèèëðáíñåðõïáßñîåðåáïëîïáèèÖîáÝïñîõÕäÝîáïâëîßÝïäëêÝêëêšìîášáéìðåòáÞÝïåïñìðëÝê ÝããîáãÝðáêëéåêÝèÝéëñêðëây!""%ÝêàâëîðäáìñîìëïáïëâĦêÝêßåêãëîîáĦêÝêßåêã åâðäáÝñðäëîåðõåïðëÞáñïáàóåðäåêïåôéëêðäïÝâðáîðäáëîåãåêÝèðîÝêïÝßðåëêžÝðîÝêïÝßðåëêóäåßä ðäáÄëÝîàëâðäáÅëéìÝêõàáðáîéåêáïðëÞáÝêÝßíñåïåðåëêëîëðäáîßÝìåðÝèåêòáïðéáêððëÝèèëð áíñåðõïáßñîåðåáïëîïáèèÖîáÝïñîõÕäÝîáïâëîßÝïäëêÝêëêšìîášáéìðåòáÞÝïåïñìðëÝêÝààåðåëêÝè êëéåêÝèÝéëñêðëây!""%ÇÝßäëâðäáÝñðäëîåðåáïãåòáêåêðäáïáîáïëèñðåëêïáôìåîáïëê ÌñêáëîðäáàÝðáëâðäáÃÉÏðëÞáäáèàåêóäåßäáòáîåïðäááÝîèåáîÖäáîáïëèñðåëêï were all tabled in accordance with the terms of the Pre-Emption Group's Statement of Principles. ÖäáÆåîáßðëîïìîëìëïáðëðÝÞèáñìàÝðáàîáïëèñðåëêïÝððäáÃÉÏðëîáħáßððäáîáòåïáà Pre-Emption Group guidance. In the year ahead, other than potentially in respect of Vesuvius' ability to satisfy rights granted to employees under its various share-based incentive arrangements, the Directors have no present intention of issuing any share capital of Vesuvius plc.
Authority for purchase of own shares	Subject to the provisions of company law and any other applicable regulations, the Company éÝõìñîßäÝïáåðïëóêïäÝîáïÃððäáÃÉÏëê\$ÏÝõØáïñòåñïïäÝîáäëèàáîïãÝòáÝñðäëîåðõ ðëðäáÅëéìÝêõðëéÝçáéÝîçáðìñîßäÝïáïëâñìðë#\$%ØáïñòåñïëîàåêÝîõïäÝîáï îáìîáïáêðåêãYëâðäáÅëéìÝêõĎïåïïñáàëîàåêÝîõïäÝîáßÝìåðÝèÝïÝððäáèÝðáïðìîÝßðåßÝÞèá àÝõìîåëîðëðäáìñÞèåßÝðåëêëâðäáÐëðåßáëâÃÉÏÖäåïÝñðäëîåðõáôìåîáïëêÌñêáëîðäá àÝðáëâðäáÃÉÏðëÞáäáèàåêóäåßäáòáîåïðäááÝîèåáîÖäáÆåîáßðëîïóåèèïááçîáêáóÝèëâ ðäåïÝñðäëîåðõÝððäáÃÉÏ
	ËêðäáÅëéìÝêõÝßíñåîáà### ëîàåêÝîõïäÝîáïîáìîáïáêðåêãÝêëéåêÝèòÝèñáëâ y###Ýêà"YëâðäááêðåîáßÝèèáàñìïäÝîáßÝìåðÝèëâðäáÅëéìÝêõìîåëîðëðäáìñîßäÝïá These shares were purchased pursuant to the Board's commitment to return the majority of the net proceeds of the disposal of the Precious Metals Processing Division to shareholders. These ïäÝîáïÝîáßñîîáêðèõäáèàÝïÖîáÝïñîõïäÝîáïÖäáÅëéìÝêõäÝïêëðïñÞïáíñáêðèõàåïìëïáàëâÝêõ ëâðäáîáìñîßäÝïáàïäÝîáïÆñîåêãðäáõáÝîðäáÅëéìÝêõàåàêëðéÝçáÝêõâñîðäáîÝßíñåïåðåëêï ëâïäÝîáïêëîàåàåðàåïìëïáëâÝêõïäÝîáïìîáòåëñïèõÝßíñåîáàÖäáÅëéìÝêõàëáïêëðäÝòáÝèåáê over any of its shares.

Share plans	ØáïñòåñïëìáîÝðáïÝêñéÞáîëâïäÝîášÞÝïáàåêßáêðåòáìèÝêï×êàáîðäáïáìèÝêïðäáÉîëñìßÝêïÝðåïâõ áêðåðèáéáêðïÞõðäáÝßíñåïåðåëêëâáôåïðåêãïäÝîáïðäáðîÝêïâáîëâÖîáÝïñîõïäÝîáïëîÞõðäáåïïñáëâ êáóïäÝîáïÇôåïðåêãïäÝîáïÝîáäáèàåêÝêáéìèëõááÞáêáĦððîñïðÇÄ֞ÖäáÖîñïðááëâðäáÇÄÖ ìñîßäÝïáïïäÝîáïåêðäáëìáêéÝîçáðÝïîáíñåîáàðëáêÝÞèáðäáÉîëñìðëéááðèåÝÞåèåðåáïâëîðäáåïïñá of shares to satisfy awards that vest. The Trustee does not register votes in respect of these shares ÝððäáÅëéìÝêõĎïÃêêñÝèÉáêáîÝèÏááðåêãïÝêàäÝïóÝåòáàðäáîåãäððëîáßáåòáÝêõàåòåàáêàï ÃðÆáßáéÞáîðäáÇÄÖäáèà\$\$ \$!"ëîàåêÝîõïäÝîáïëâìáÝßäåêðäáÅëéìÝêõÆñîåêãðäá õáÝîðäáÇÄÖïëèàŸðîÝêïâáîîáà%ëîàåêÝîõïäÝîáïðëïÝðåïâõðäáòáïðåêãëâÝóÝîàïñêàáîðäá ÅëéìÝêõĎïïäÝîášÞÝïáàåêßáêðåòáìèÝêïËðÝèïëìñîßäÝïáà\$\$ \$#ëîàåêÝîõïäÝîáïåêØáïñòåñï óåðäÝêëéåêÝèòÝèñáëây\$\$ %ÝðÝðëðÝèßëïðåêßèñàåêãðîÝêïÝßðåëêßëïðïëâÝììîëôåéÝðáèõy"%é ðëäëèàðëïÝðåïâõðäáâñðñîáòáïðåêãëâÝóÝîàïñêàáîðäáÅëéìÝêõĎïïäÝîáåêßáêðåòáìèÝêïÃïÝð ÆáßáéÞáîðäáÇÄÖäáèà ! ëîàåêÝîõïäÝîáïÖäáðëðÝèìñîßäÝïáïàñîåêãðäáõáÝî îáìîáïáêðáà†YëâðäáÅëéìÝêõĎïßÝèèáàñìïäÝîáßÝìåðÝèÃïÝððäáàÝðáëâðäåïîáìëîððäáÇÄÖ äáèà \$##ëîàåêÝîõïäÝîáï
Restrictions on transfer of shares and voting	ÖäáÅëéìÝêõĎïÃîðåßèáïàëêëðßëêðÝåêÝêõïìáßåĦßîáïðîåßðåëêïëêðäáïåöáëâÝäëèàåêãëîëê the transfer of shares. The Directors are not aware of any agreements between holders of the Company's shares that may result in restrictions on the transfer of securities or voting rights. No person has any special rights with regard to the control of the Company's share capital and ÝèèåïïñáàïäÝîáïÝîáâñèèõìÝåàÖäåïåïÝïñééÝîõëêèõÝêàðäáîáèáòÝêðìîëòåïåëêïëâðäáÃîðåßèáï ïäëñèàÞáßëêïñèðáàåââñîðäáîåêâëîéÝðåëêåïîáíñåîáà
Change of control provisions	ÖäáðáîéïëâðäáÉîëñìĎïßëééåððáàÞÝêçâÝßåèåðõÝêà×ÕÒîåòÝðáÒèÝßáéáêðÎëÝêÐëðáïßëêðÝåê ìîëòåïåëêïáêðåðèåêãðäáßëñêðáîìÝîðåáïðëáôáîßåïáðáîéåêÝðåëêëîëðäáîîåãäðïåêðäááòáêðëâÝ ßäÝêãáëâßëêðîëèëêðÝçáëòáîëâðäáÅëéìÝêõÃêñéÞáîëâðäáÝîîÝêãáéáêðïðëóäåßäðäá Company and its subsidiaries are party, such as other debt arrangements and share incentive ìèÝêïéÝõÝèïëÝèðáîëîðáîéåêÝðáëêÝßäÝêãáëâßëêðîëèåêðäááòáêðëâÝðÝçáëòáîËêðäáßëêðáôð ëâðäáÉîëñìÝïÝóäëèáðäáïáëðäáîÝîîÝêãáéáêðïÝîáêëðßëêïåàáîáàðëÞáïåãêåĦßÝêð

Interests in the Company's shares	The Company has been advised in accordance with DTR 5 of the Disclosure and Transparency ÔñèáïëâðäáâëèèëóåêãêëðåĦÝÞèáåêðáîáïðïëâYëîéëîáëâåðïåïïñáàëîàåêÝîõïäÝîáï ÃïÝð	As at
	Æáß	2 Mar 2023
	Cevian Capital Y	21.11%
	GLG Partners LP ""Y	6.26%
	Martin Currie \$Y	4.83%
	BlackRock Inc !Y	5%
	ÃÞáîâëîðäÒÝîðêáîï %Y The interests of Directors and their connected persons in the ordinary shares of the Company as àåïßèëïáàåêÝßßëîàÝêßáóåðäðäáÎåïðåêãÔñèáïëâðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõÝîáÝïïáðëñð ëêìÝãáï\$Ýêà%ëâðäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðÝêààáðÝåèïëâðäáÆåîáßðëîïĎ Deferred Share Bonus Plan and Vesuvius Share Plan are set out on pages 142 and 143.	4.93%

Directors' Report continued

Equal opportunities employment	ØáïñòåñïåïÝêáíñÝèëììëîðñêåðåáïáéìèëõáîÝêààáßåïåëêïëêîáßîñåðéáêðàáòáèëìéáêððîÝåêåêã and promotion, and other employment-related issues are made solely on the grounds of åêàåòåàñÝèÝÞåèåðõÝßäåáòáéáêðáôìáîðåïáÝêàßëêàñßðÖäáïáìîåêßåìèáïÝîáëìáîÝðáàëêÝ non-discriminatory basis, without regard to race, colour, nationality, culture, ethnic origin, îáèåãåëêÞáèåáâãáêàáîïáôñÝèëîåáêðÝðåëêÝãáàåïÝÞåèåðõëîÝêõëðäáîîáÝïëêêëðîáèÝðáàðëæëÞ performance or prohibited by applicable law. In cases where employees are injured or disabled during employment with the Group, support, including appropriate training, is provided to those employees and workplace adjustments are made as appropriate in respect of their duties and working environment, supporting recovery and continued employment.
Employee engagement	Information on the mechanisms through which Vesuvius engages with its workforce is included in ðäáÕáßðåëê#žÕðÝðáéáêðëêìÝãáï›"ÝêàåêðäáÕñïðÝåêÝÞåèåðõïáßðåëêëêìÝãáï#"š\$
Pensions	In each country in which the Group operates, the pension arrangements in place are considered to be consistent with good employment practice in that particular area. Independent advisers are used to ensure that the plans are operated in accordance with local legislation and the rules of each plan. Group policy prohibits direct investment of pension fund assets in the shares of Vesuvius plc. ÖäáéÝæëîåðõëâðäáëêãëåêãìáêïåëêìèÝêïÝîáàáĦêáàßëêðîåÞñðåëêìèÝêïóäáîáëñîëêèõ obligation is to make contributions, with no further commitments on the level of post-retirement ÞáêáĦðïÆñîåêãßÝïäßëêðîåÞñðåëêïëây\$éyéžóáîáéÝàáåêðëðäáàáĦêáà ßëêðîåÞñðåëêìèÝêïÝêàßäÝîãáàðëðîÝàåêãìîëĦð
	ÖäáÉîëñìĎïìîåêßåìÝèàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝîáåêðäá×ÍÝêàðäá×ÕðäáÞáêáĦðïëâ óäåßäÝîáÞÝïáàñìëêðäáĦêÝèìáêïåëêÝÞèáïÝèÝîåáïëâìèÝêéáéÞáîïÖäáÝïïáðïëâðäáïáìèÝêï ÝîáäáèàïáìÝîÝðáèõâîëéðäáÉîëñìåêðîñïðáášÝàéåêåïðáîáàâñêàïÖäáÖîñïðááïÝîáîáíñåîáàðë ÝßðåêðäáÞáïðåêðáîáïðïëâðäáìèÝêïĎÞáêáĦßåÝîåáïÖäáÉîëñìÝèïëäÝïàáĦêáàÞáêáĦðìáêïåëê ìèÝêïåêëðäáîðáîîåðëîåáïÞñðáôßáìðâëîðäëïáåêÉáîéÝêõðäáïáÝîáêëðåêàåòåàñÝèèõéÝðáîåÝèåê relation to the Group.
	ØáïñòåñïßëêðåêñáïðëïááçóÝõïðëàášîåïçåðïáôåïðåêãìáêïåëêìèÝêïðäîëñãäÝßëéÞåêÝðåëêëâ asset matching, buy-in opportunities and, where prudent, voluntary cash contributions. The total ãîëïïàáĦêáàÞáêáĦðëÞèåãÝðåëêïÝðÆáßáéÞáîóáîáy "éâñêàáày!"!%é âñêàáàžÝêày"éñêâñêàáày##éñêâñêàáàžÃâðáîÝïïáðâñêàåêãðäáîáóÝïÝêáð àáĦßåðëây!"éy##éžîáìîáïáêðåêãÝàáßîáÝïáëây%éÖäáÉîëñìĎï×ÍàáĦêáà ÞáêáĦðïìèÝêðäáč×ÍÒèÝêϞÝêàðäáéÝåê×ÕàáĦêáàÞáêáĦðïìèÝêïÝîáßèëïáàðëêáóáêðîÝêðï ÝêàäÝòáßáÝïáàìîëòåàåêãâñðñîáÞáêáĦðïÝßßîñÝèóåðäÝèèáèåãåÞèááéìèëõááïåêïðáÝàÞáåêã ìîëòåàáàóåðäÞáêáĦðïðäîëñãäàáĦêáàßëêðîåÞñðåëêÝîîÝêãáéáêðïÈëîðäáÉîëñìĎïßèëïáà ×ÍÒèÝêÝÖîñïðááÄëÝîàáôåïðïßëéìîåïåêãáéìèëõááïâëîéáîáéìèëõááïÝêàÝêåêàáìáêàáêð ðîñïðááÖäáÄëÝîàßñîîáêðèõßëéìîåïáïïåôðîñïðááÆåîáßðëîïëâóäëéðóëÝîáéáéÞáîš êëéåêÝðáàÖäáÝàéåêåïðîÝðåëêëâðäá×ÍÒèÝêåïëñðïëñîßáàÖäáÅëéìÝêõåïéåêàâñèëâåðï ëÞèåãÝðåëêïñêàáîðäáÒáêïåëêïÃßð ÝêàëâðäáêááàðëßëéìèõóåðäðäáãñåàÝêßáåïïñáàÞõ the Pensions Regulator. Regular dialogue is maintained between the Company and the Trustee ÄëÝîàëâðäá×ÍÒèÝêðëáêïñîáðäÝðÞëðäðäáÅëéìÝêõÝêàÖîñïðááÄëÝîàÝîáÝììîåïáàëâðäá ïÝéáĦêÝêßåÝèÝêàëðäáîåêâëîéÝðåëêÝÞëñððäáÉîëñìÝêàðäá×ÍÒèÝêÖäåïåïìáîðåêáêððë áÝßäÞáåêãÝÞèáðëßëêðîåÞñðáðëðäááĪáßðåòáâñêßðåëêåêãëâðäá×ÍÒèÝêËêÐëòáéÞáîðäá Trustee of the Vesuvius Pension Plan signed a pension insurance buy-in agreement with Pension Insurance Corporation plc (PIC). This buy-in secured an insurance asset from PIC that matches the îáéÝåêåêãìáêïåëêèåÝÞåèåðåáïëâðäá×ÍÒèÝêóåðäðäáîáïñèððäÝððäáÅëéìÝêõêëèëêãáîÞáÝîïÝêõ åêòáïðéáêðèëêãáòåðõåêðáîáïðîÝðáëîåêħÝðåëêîåïçïåêîáïìáßðëâðäá×ÍÒèÝêÃèèÞáêáĦðïåêðäá ×ÍÒèÝêóåðäðäááôßáìðåëêëâÝïéÝèèÝéëñêðëâÞáêáĦðïáôìáßðáàðëÝîåïáåêâñðñîáÝïÝîáïñèð ëâãñÝîÝêðááàéåêåéñéìáêïåëêïÉÏҞáíñÝèåïÝðåëêžÝîáêëóåêïñîáàóåðäÒËÅ
	ÖäáÉîëñìäÝïïáòáîÝèàáĦêáàÞáêáĦðìáêïåëêìèÝêïåêðäá×ÕìîëòåàåêãîáðåîáéáêðÞáêáĦðï ÞÝïáàëêĦêÝèïÝèÝîõëîÝĦôáàÞáêáĦðÖäáÉîëñìĎïìîåêßåìÝè×ÕàáĦêáàÞáêáĦðìáêïåëêìèÝêï ÝîáßèëïáàðëêáóéáéÞáîïÝêàðëâñðñîáÞáêáĦðÝßßîñÝèâëîáôåïðåêãéáéÞáîïÖäáÉîëñìäÝï ïáòáîÝèàáĦêáàÞáêáĦðìáêïåëêÝîîÝêãáéáêðïåêÉáîéÝêõóäåßäÝîáñêâñêàáàÝïåïßëééëê ìîÝßðåßáåêðäÝðßëñêðîõËê"ðäáéÝåêÉáîéÝêàáĦêáàÞáêáĦðìèÝêóÝïßèëïáàâëîêáó áêðîÝêðïÝêàáôåïðåêãéáéÞáîïóáîáëĪáîáàÝÞñõšëñðëâðäáåîÞáêáĦðïñêàáîðäåïìèÝê ÖäëïáóäëÝßßáìðáàðäåïÞñõšëñððäáêæëåêáàðäáêáóàáĦêáàßëêðîåÞñðåëêìèÝê

Listing Rule 9.8.4C R Disclosures	ÖäáâëèèëóåêãàåïßèëïñîáïÝîáéÝàáåêßëéìèåÝêßáóåðäðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõĎïÎåïðåêã Ôñèá%\$ ÅÔ
	ÆåïßèëïñîáîáíñåîáéáêðñêàáîÎÔ%\$ Ô	Reference/Location
	(1) Interest capitalised by the Group during the year	None
	ž ÒñÞèåßÝðåëêëâñêÝñàåðáàĦêÝêßåÝèåêâëîéÝðåëê	Not applicable
	(3) Details of any long-term incentive schemes	Pages 133 and 134
	(4) Director waiver of emoluments	Not applicable
	(5) Director waiver of future emoluments	Not applicable
	"ž ÃèèëðéáêðâëîßÝïäëâáíñåðõïáßñîåðåáïéÝàá during the year	Not applicable
	#ž ÃèèëðéáêðâëîßÝïäëâáíñåðõïáßñîåðåáïéÝàáÞõ a major unlisted subsidiary during the year	Not applicable
	\$ž ÆáðÝåèïëâìÝîðåßåìÝðåëêëâìÝîáêðñêàáîðÝçåêãåê any placing made during the year	Not applicable
	%ž ÆáðÝåèïëâîáèáòÝêðéÝðáîåÝèßëêðîÝßðïåêóäåßäÝ Director or controlling shareholder was interested during the year	Not applicable
	žÅëêðîÝßðïâëîðäáìîëòåïåëêëâïáîòåßáïÞõÝßëêðîëèèåêã shareholder during the year	Not applicable
	(11) Details of any arrangement under which a shareholder has waived or agreed to waive any dividends	Øáïñòåñïìèßäëèàï### ëâåðï ìáêßáëîàåêÝîõïäÝîáïÝïÖîáÝïñîõ shares. No dividends are payable on these shares. The Trustee of the Company's EBT has agreed to waive, on an ongoing basis, any dividends payable on shares it holds in trust for use under the Company's Employee Share Plans, details of which can be âëñêàëêìÝãáï Ýêà #
	(12) Details of where a shareholder has agreed to waive future dividends	See above
	(13) Statements relating to controlling shareholders and ensuring company independence	Not applicable

The Directors' Report has been approved by the Board and is signed, by order of the Board, by the Secretary of the Company.

Henry Knowles Company Secretary ÏÝîßä

Statement of Directors' Responsibilities in respect of the Financial Statements

ÖäáÆåîáßðëîïÝîáîáïìëêïåÞèáâëîìîáìÝîåêãðäáÃêêñÝèÔáìëîð and Financial Statements in accordance with applicable law and regulation.

ÅëéìÝêõèÝóîáíñåîáïðäáÆåîáßðëîïðëìîáìÝîáĦêÝêßåÝè ïðÝðáéáêðïâëîáÝßäĦêÝêßåÝèõáÝî×êàáîðäÝðèÝóðäáÆåîáßðëîï äÝòáìîáìÝîáàðäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïåêÝßßëîàÝêßá óåðä×ÍÝàëìðáàåêðáîêÝðåëêÝèÝßßëñêðåêãïðÝêàÝîàïÝêàðäá ÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïåêÝßßëîàÝêßáóåðä×êåðáà ÍåêãàëéÉáêáîÝèèõÃßßáìðáàÃßßëñêðåêãÒîÝßðåßá×êåðáà ÍåêãàëéÃßßëñêðåêãÕðÝêàÝîàïßëéìîåïåêãÈÔÕ čÔáàñßáàÆåïßèëïñîáÈîÝéáóëîçĎÝêàÝììèåßÝÞèáèÝó

×êàáîßëéìÝêõèÝóðäáÆåîáßðëîïéñïðêëðÝììîëòáðäáĦêÝêßåÝè ïðÝðáéáêðïñêèáïïðäáõÝîáïÝðåïĦáàðäÝððäáõãåòáÝðîñáÝêà âÝåîòåáóëâðäáïðÝðáëâÝĪÝåîïëâðäáÉîëñìÝêàÅëéìÝêõÝêà ëâðäáìîëĦðëîèëïïëâðäáÉîëñìâëîðäÝðìáîåëàËêìîáìÝîåêã ðäáĦêÝêßåÝèïðÝðáéáêðïðäáÆåîáßðëîïÝîáîáíñåîáàðë

Select suitable accounting policies and then apply them consistently
ÕðÝðáóäáðäáîÝììèåßÝÞèá×ÍÝàëìðáàåêðáîêÝðåëêÝè accounting standards have been followed for the Group ĦêÝêßåÝèïðÝðáéáêðïÝêà×êåðáàÍåêãàëéÃßßëñêðåêã ÕðÝêàÝîàïßëéìîåïåêãÈÔÕäÝòáÞááêâëèèëóáàâëîðäá ÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïïñÞæáßððëÝêõéÝðáîåÝè àáìÝîðñîáïàåïßèëïáàÝêàáôìèÝåêáàåêðäáĦêÝêßåÝèïðÝðáéáêðï
Make judgements and accounting estimates that are reasonable and prudent
ÒîáìÝîáðäáĦêÝêßåÝèïðÝðáéáêðïëêðäáãëåêãßëêßáîêÞÝïåï unless it is inappropriate to presume that the Group and Company will continue in business

The Directors are also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ÖäáÆåîáßðëîïÝîáîáïìëêïåÞèáâëîçááìåêãÝàáíñÝðáÝßßëñêðåêã îáßëîàïðäÝðÝîáïñĨßåáêððëïäëóÝêàáôìèÝåêðäáÉîëñìĎïÝêà Company's transactions and disclose with reasonable accuracy ÝðÝêõðåéáðäáĦêÝêßåÝèìëïåðåëêëâðäáÉîëñìÝêàÅëéìÝêõ ÝêàáêÝÞèáðäáéðëáêïñîáðäÝððäáĦêÝêßåÝèïðÝðáéáêðïÝêàðäá Directors' Remuneration Report comply with the Companies Ãßð"

The Directors are responsible for the maintenance and integrity ëâðäáÅëéìÝêõĎïóáÞïåðáÎáãåïèÝðåëêåêðäá×êåðáàÍåêãàëé ãëòáîêåêãðäáìîáìÝîÝðåëêÝêààåïïáéåêÝðåëêëâĦêÝêßåÝè ïðÝðáéáêðïéÝõàåĪáîâîëéèáãåïèÝðåëêåêëðäáîæñîåïàåßðåëêï

ÆåîáßðëîïĎßëêĦîéÝðåëêï

ÖäáÆåîáßðëîïßëêïåàáîðäÝððäáÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝè Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's position and performance, business model and strategy.

Each of the Directors, whose names and functions are listed ÞáèëóßëêĦîéðäÝððëðäáÞáïðëâðäáåîçêëóèáàãá

ÖäáÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïóäåßääÝòáÞááêìîáìÝîáà åêÝßßëîàÝêßáóåðä×êåðáàÍåêãàëéÉáêáîÝèèõÃßßáìðáà ÃßßëñêðåêãÒîÝßðåßá×êåðáàÍåêãàëéÃßßëñêðåêãÕðÝêàÝîàï ßëéìîåïåêãÈÔÕÔáàñßáàÆåïßèëïñîáÈîÝéáóëîçÝêà applicable law), give a true and fair view of the assets, liabilities ÝêàĦêÝêßåÝèìëïåðåëêëâðäáÅëéìÝêõ
ÖäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïóäåßääÝòáÞááêìîáìÝîáà åêÝßßëîàÝêßáóåðä×ÍÝàëìðáàåêðáîêÝðåëêÝèÝßßëñêðåêã standards, give a true and fair view of the assets, liabilities, ĦêÝêßåÝèìëïåðåëêÝêàìîëĦðëâðäáÉîëñì
The Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that the Group faces

The names and functions of the Directors of Vesuvius plc as at the àÝðáëâïåãêåêãðäáïáĦêÝêßåÝèïðÝðáéáêðïÝîáÝïâëèèëóï

Carl-Peter Forster	Chairman
ÒÝðîåßçÃêàîƇ	ÅäåáâÇôáßñðåòá
Douglas Hurt	ÐëêšáôáßñðåòáÆåîáßðëî Senior Independent Director and ÅäÝåîëâðäáÃñàåðÅëééåððáá
Carla Bailo	ÐëêšáôáßñðåòáÆåîáßðëî
ÍÝðäÆñîîÝêð	ÐëêšáôáßñðåòáÆåîáßðëîÝêàÅäÝåî of the Remuneration Committee
Dinggui Gao	ÐëêšáôáßñðåòáÆåîáßðëî
Friederike Helfer	ÐëêšáôáßñðåòáÆåîáßðëî
Jane Hinkley	ÐëêšáôáßñðåòáÆåîáßðëî

On behalf of the Board

Patrick André ÅäåáâÇôáßñðåòá ÏÝîßä

Independent auditors' report to the members of Vesuvius plc

ÔáìëîðëêðäáÝñàåðëâðäáĦêÝêßåÝèïðÝðáéáêðï

Opinion

In our opinion:

ØáïñòåñïìèßĎïÉîëñìĦêÝêßåÝèïðÝðáéáêðïÝêàÅëéìÝêõ ĦêÝêßåÝèïðÝðáéáêðïðäáĐĦêÝêßåÝèïðÝðáéáêðïđãåòáÝðîñá ÝêàâÝåîòåáóëâðäáïðÝðáëâðäáÉîëñìĎïÝêàëâðäáÅëéìÝêõĎï ÝĪÝåîïÝïÝðÆáßáéÞáîÝêàëâðäáÉîëñìĎïìîëĦðÝêà ðäáÉîëñìĎïßÝïäħëóïâëîðäáõáÝîðäáêáêàáà
ðäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïäÝòáÞááêìîëìáîèõìîáìÝîáà åêÝßßëîàÝêßáóåðä×ÍÝàëìðáàåêðáîêÝðåëêÝèÝßßëñêðåêã ïðÝêàÝîàïÝïÝììèåáàåêÝßßëîàÝêßáóåðäðäáìîëòåïåëêïëâðäá ÅëéìÝêåáïÃßð"
ðäáÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïäÝòáÞááêìîëìáîèõ ìîáìÝîáàåêÝßßëîàÝêßáóåðä×êåðáàÍåêãàëéÉáêáîÝèèõ ÃßßáìðáàÃßßëñêðåêãÒîÝßðåßá×êåðáàÍåêãàëéÃßßëñêðåêã ÕðÝêàÝîàïåêßèñàåêãÈÔÕĐÔáàñßáàÆåïßèëïñîáÈîÝéáóëîçđ ÝêàÝììèåßÝÞèáèÝóÝêà
ðäáĦêÝêßåÝèïðÝðáéáêðïäÝòáÞááêìîáìÝîáàåêÝßßëîàÝêßá óåðäðäáîáíñåîáéáêðïëâðäáÅëéìÝêåáïÃßð"

ÙáäÝòáÝñàåðáàðäáĦêÝêßåÝèïðÝðáéáêðïåêßèñàáàóåðäåêðäá ÃêêñÝèÔáìëîðóäåßäßëéìîåïáðäáÉîëñìÝêàÅëéìÝêõÄÝèÝêßá ÕäááðïÝïÝðÆáßáéÞáîðäáÉîëñìËêßëéáÕðÝðáéáêð ðäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéáðäáÉîëñì ÕðÝðáéáêðëâÅÝïäÈèëóïÝêàðäáÉîëñìÝêàÅëéìÝêõ ÕðÝðáéáêðïëâÅäÝêãáïåêÇíñåðõâëîðäáõáÝîðäáêáêàáà ÝêàðäáêëðáïðëðäáĦêÝêßåÝèïðÝðáéáêðïóäåßäåêßèñàáÝ àáïßîåìðåëêëâðäáïåãêåĦßÝêðÝßßëñêðåêãìëèåßåáï

ÑñîëìåêåëêåïßëêïåïðáêðóåðäëñîîáìëîðåêãðëðäáÃñàåðÅëééåððáá

Basis for opinion

ÙáßëêàñßðáàëñîÝñàåðåêÝßßëîàÝêßáóåðäËêðáîêÝðåëêÝè ÕðÝêàÝîàïëêÃñàåðåêã×ÍĐËÕÃï×ÍđÝêàÝììèåßÝÞèáèÝó ÑñîîáïìëêïåÞåèåðåáïñêàáîËÕÃï×ÍÝîáâñîðäáîàáïßîåÞáà åêðäáÃñàåðëîïĎîáïìëêïåÞåèåðåáïâëîðäáÝñàåðëâðäáĦêÝêßåÝè ïðÝðáéáêðïïáßðåëêëâëñîîáìëîðÙáÞáèåáòáðäÝððäáÝñàåð áòåàáêßáóáäÝòáëÞðÝåêáàåïïñĨßåáêðÝêàÝììîëìîåÝðáðë ìîëòåàáÝÞÝïåïâëîëñîëìåêåëê

Independence

ÙáîáéÝåêáàåêàáìáêàáêðëâðäáÉîëñìåêÝßßëîàÝêßáóåðä ðäááðäåßÝèîáíñåîáéáêðïðäÝðÝîáîáèáòÝêððëëñîÝñàåðëâðäá ĦêÝêßåÝèïðÝðáéáêðïåêðäá×ÍóäåßäåêßèñàáïðäáÈÔÅĎïÇðäåßÝè ÕðÝêàÝîàÝïÝììèåßÝÞèáðëèåïðáàìñÞèåßåêðáîáïðáêðåðåáïÝêàóá äÝòáâñèĦèèáàëñîëðäáîáðäåßÝèîáïìëêïåÞåèåðåáïåêÝßßëîàÝêßáóåðä ðäáïáîáíñåîáéáêðï

ÖëðäáÞáïðëâëñîçêëóèáàãáÝêàÞáèåáâóáàáßèÝîáðäÝð êëêÝñàåðïáîòåßáïìîëäåÞåðáàÞõðäáÈÔÅĎïÇðäåßÝèÕðÝêàÝîà óáîáêëðìîëòåàáà

ÑðäáîðäÝêðäëïáàåïßèëïáàåêÐëðá"ëâðäáÉîëñìĦêÝêßåÝè ïðÝðáéáêðïóáäÝòáìîëòåàáàêëêëêÝñàåðïáîòåßáïðëðäá ÅëéìÝêõëîåðïßëêðîëèèáàñêàáîðÝçåêãïåêðäáìáîåëàñêàáîÝñàåð

Independent auditors' report to the members of Vesuvius plc ßëêðåêñáà

Our audit approach

Context

The Vesuvius Group (Vesuvius plc together with its subsidiaries) has operations in 40 countries, including 68 ïÝèáïëĨßáïÝêàäÝï!!ìîëàñßðåëêïåðáï In 2022, as set out in the Chief Executive's strategic review, Vesuvius delivered îáßëîàîáïñèðïàáïìåðáÝàåĨßñèðéÝîçáð áêòåîëêéáêðåêÞëðäÕðááèÝêàÈëñêàîõ îáìëîðåêãïáãéáêðïÝêàßäÝèèáêãåêã åêħÝðåëêÝîõßëïðìîáïïñîáÖäáîáïñèðï óáîáàîåòáêÞõéÝîçáðïäÝîáÝêàìîåßåêã ìáîâëîéÝêßáåêÞëðäÕðááèÝêàÈëñêàîõ ÖäáïñïðÝåêÝÞåèåðõïðîÝðáãõåïåéìëîðÝêð for the Group and includes plans to ÝßäåáòáÝêáðöáîëßÝîÞëêâëëðìîåêðÞõ !ÝððäáèÝðáïðÖäáčÕñïðÝåêÝÞåèåðõĎ ïáßðåëêëâðäáÕðîÝðáãåßîáìëîðïáðïëñð ðäáÉîëñìĎïßèåéÝðáßäÝêãáîåïç ÝïïáïïéáêððäáßèåéÝðáîáèÝðáàðÝîãáðï set and an evaluation of the potential ĦêÝêßåÝèåéìÝßðïÙáïìáßåĦßÝèèõ ßëêïåàáîáàðäáåéìÝßðïëâßèåéÝðá change on the audit and these are set ëñðóåðäåêðäáčÖäáåéìÝßðëâßèåéÝðáîåïç ëêëñîÝñàåðĎïáßðåëêåêðäåïîáìëîð

Overview

Audit scope

Our audit included full scope Ýñàåðïëâ\$ßëéìëêáêðïÝêà ïìáßåĦßÝñàåðìîëßáàñîáïëêßáîðÝåê balances and transactions for ÝààåðåëêÝèßëéìëêáêðï
ÖÝçáêðëãáðäáîðäáßëéìëêáêðïÝð óäåßäáåðäáîâñèèïßëìáÝñàåðóëîçëî ïìáßåĦáàÝñàåðìîëßáàñîáïóáîá ìáîâëîéáàáêÝÞèáàñïðëãáð coverage on 71% of revenue, 80% of ìîëĦðÞáâëîáðÝôÝêà\$YëâìîëĦð ÞáâëîáðÝôÝêàïáìÝîÝðáèõîáìëîðáà åðáéïÊáÝàèåêáìîëĦðÞáâëîáðÝô

Key audit matters

– ËéìÝåîéáêðëâãëëàóåèèÉîëñì

ÒîëòåïåëêïâëîáôìëïñîáïÎáãÝßõ éÝððáîèÝóïñåðïÉîëñì
ËéìÝåîéáêðëâåêòáïðéáêðåê ïñÞïåàåÝîåáïÅëéìÝêõ

Materiality

ÑòáîÝèèÉîëñìéÝðáîåÝèåðõ yéåèèåëêy"éåèèåëê ÞÝïáàëêÝììîëôåéÝðáèõ #Y ÝììîëôåéÝðáèõ "YëâìîëĦðÞáâëîá ðÝôÝêàïáìÝîÝðáèõîáìëîðáàåðáéï čÊáÝàèåêáìîëĦðÞáâëîáðÝôĎ
ÑòáîÝèèÅëéìÝêõéÝðáîåÝèåðõ yéåèèåëêy"éåèèåëêÞÝïáà ëêYëâðëðÝèÝïïáðïßÝììáàÝððäá èáòáèëâëòáîÝèèÉîëñìéÝðáîåÝèåðõ
ÒáîâëîéÝêßáéÝðáîåÝèåðõ y##éåèèåëêy #éåèèåëê ÉîëñìÝêày##éåèèåëê y #éåèèåëêÅëéìÝêõ

The scope of our audit

As part of designing our audit, we àáðáîéåêáàéÝðáîåÝèåðõÝêàÝïïáïïáà ðäáîåïçïëâéÝðáîåÝèéåïïðÝðáéáêð åêðäáĦêÝêßåÝèïðÝðáéáêðï

Key audit matters

ÍáõÝñàåðéÝððáîïÝîáðäëïáéÝððáîï that, in the auditors' professional æñàãáéáêðóáîáëâéëïðïåãêåĦßÝêßáåê ðäá Ýñàåðëâðäá ĦêÝêßåÝèïðÝðáéáêðï ëâ ðäáßñîîáêðìáîåëàÝêàåêßèñàáðäáéëïð ïåãêåĦßÝêðÝïïáïïáàîåïçïëâéÝðáîåÝè éåïïðÝðáéáêðóäáðäáîëîêëðàñá ðëâîÝñàåàáêðåĦáàÞõðäáÝñàåðëîï including those which had the greatest áĪáßðëêðäáëòáîÝèèÝñàåðïðîÝðáãõðäá ÝèèëßÝðåëêëâîáïëñîßáïåêðäáÝñàåð ÝêààåîáßðåêãðäááĪëîðïëâðäá áêãÝãáéáêððáÝéÖäáïáéÝððáîï ÝêàÝêõßëééáêðïóáéÝçáëêðäá results of our procedures thereon, were addressed in the context of our audit of ðäáĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèáÝêà åêâëîéåêãëñîëìåêåëêðäáîáëêÝêàóá do not provide a separate opinion on ðäáïáéÝððáîï

ÖäåïåïêëðÝßëéìèáðáèåïðëâÝèèîåïçï åàáêðåĦáàÞõëñîÝñàåð

ÖäáçáõÝñàåðéÝððáîïÞáèëóÝîá ßëêïåïðáêðóåðäèÝïðõáÝî

Impairment of goodwill (Group)

ÃðÆáßáéÞáîðäáßÝîîõåêãòÝèñáëâãëëàóåèèåïy"!#%éåèèåëê y" éåèèåëêÉëëàóåèèÝîåïåêãâîëéÝßíñåïåðåëêïäÝïÝêåêàáĦêåðá áôìáßðáàñïáâñèèåâáÝêàïëåïêëðÝéëîðåïáàÞñðîÝðäáîåïðáïðáàâëî åéìÝåîéáêðÝðèáÝïðÝêêñÝèèõÝððäáßÝïäãáêáîÝðåêãñêåðĐÅÉ×đèáòáè ÏÝêÝãáéáêðäÝïàáðáîéåêáàåðïÅÉ×ïðëÝèåãêóåðäðäáëìáîÝðåêãïáãéáêðï óäåßäÝîáÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÕðááèÈèëóÅëêðîëèÝêàÈëñêàîõ ÕðááèÕáêïëîïÝêàÒîëÞáïãëëàóåèèóÝïìîáòåëñïèõåéìÝåîáàÝêàåïâñèèõ óîåððáêàëóê

ÏÝêÝãáéáêðìîáìÝîáïÝØÝèñáåê×ïáØË×éëàáèàåïßëñêðáàßÝïäħëó ðëðáïðâëîåéìÝåîéáêðëâðäáßÝîîõåêãòÝèñáëâðäáÝÞëòáÅÉ×ï ÖäåïåïÞÝïáàëêÝÄëÝîàÝììîëòáàÞñàãáðÝêàõáÝîâëîáßÝïðëê óäåßäÝðáîéåêÝèòÝèñáåïßÝèßñèÝðáàÞÝïáàëêèëêãðáîéãîëóðäîÝðáï ÖäáØË×éëàáèîáíñåîáïáïðåéÝðåëêëâìîëæáßðáàâñðñîáßÝïäħëóïÝêà åêòëèòáïéÝçåêãçáõÝïïñéìðåëêïëâîáòáêñáÝêàðîÝàåêãìîëĦðãîëóðä îÝðáïÝêÝììîëìîåÝðáàåïßëñêðîÝðáÝêàèëêãðáîéãîëóðäîÝðáïâëîáÝßäëâ ðäáÅÉ×ïËêéÝçåêãïñßäâñðñîáÝïïñéìðåëêïðäáîáåïÝêåêäáîáêðèáòáèëâ áïðåéÝðåëêñêßáîðÝåêðõðëßëêïåàáîåêßèñàåêãåéìÝßðïðëðäáâëîáßÝïðßÝïä ħëóïðäÝðéÝõÝîåïáâîëéßèåéÝðáßäÝêãáåêħÝðåëêÝîõßëêàåðåëêï ÝêàÅÑØËÆ%

ÙáâëßñïáàëêðäáòÝèñÝðåëêëâðäáãëëàóåèèàñáðëåðïéÝðáîåÝèßÝîîõåêã òÝèñáÝêàóåðäîáãÝîàðëðäááïðåéÝðåëêñêßáîðÝåêðåáïÝîåïåêãâîëéðäá âÝßðëîïïáðëñðÝÞëòá

ÔáâáîðëËêðÝêãåÞèáÃïïáðïÐëðá"ËéìÝåîéáêðëâÖÝêãåÞèáÝêàËêðÝêãåÞèá ÃïïáðïÐëðá#ÅîåðåßÝèÃßßëñêðåêãÌñàãáéáêðïÝêàÇïðåéÝðáïÐëðáÝêà ÕåãêåĦßÝêðåïïñáïÝêàéÝðáîåÝèæñàãáéáêðïåêðäáÃñàåðÅëééåððááîáìëîð

Key audit matter How our audit addressed the key audit matter

ÑñîÝñàåðìîëßáàñîáïåêßèñàáà

ÈëîáÝßäÅÉ×óáëÞðÝåêáàéÝêÝãáéáêðĎïØÝèñáåê×ïáéëàáè ÙááêïñîáàðäáßÝèßñèÝðåëêïóáîáéÝðäáéÝðåßÝèèõÝßßñîÝðáÝêà ðäÝððäáòÝèñÝðåëêéáðäëàëèëãõßëêâëîéáàóåðäðäáîáíñåîáéáêðï ëâËÃÕ"čËéìÝåîéáêðëâÃïïáðïĎ
ÈëîçáõÝïïñéìðåëêïéÝàáÞõéÝêÝãáéáêðåêîáïìáßðëââëîáßÝïð îáòáêñáÝêàðîÝàåêãìîëĦðãîëóðä
- ÙáëÞðÝåêáàéÝêÝãáéáêðĎïïñììëîðåêãáòåàáêßáïñßäÝïðäáÄëÝîà ÝììîëòáàÞñàãáðÝêàõáÝîâëîáßÝïðÙáÝãîááàðäáâëîáßÝïðßÝïä ħëóïÝêàñêàáîèõåêãÝïïñéìðåëêïðëðäáïáÝêàÝïïáïïáàäåïðëîåßÝè áòåàáêßáëâÅÉ×ãîëóðäîÝðáïÙáÝèïëßäÝèèáêãáàðäááôðáêððë óäåßäßèåéÝðáßäÝêãáßëêïåàáîÝðåëêïäÝàÞááêîáħáßðáàåê éÝêÝãáéáêðĎïâëîáßÝïðßÝïäħëóï
- ÙáëÞðÝåêáàáòåàáêßáðäîëñãäëñîëóêåêàáìáêàáêðîáïáÝîßä ÖäåïåêßèñàáàáòåàáêßáëââëîáßÝïðìîëàñßðåëêÝêààáéÝêàèáòáèïâëî ðäáÅÉ×ĎïáêàßñïðëéáîéÝîçáðïåêħÝðåëêâëîáßÝïðïßèåéÝðáßäÝêãá àîåòáêðîáêàïÝêàîáßëòáîõÝêàãîëóðäåêßõßèåßÝèáêàéÝîçáðï
- ÙáßëêïåàáîáàéÝîçáðòÝèñÝðåëêáòåàáêßáïñßäÝïßñîîáêðÝêàðÝîãáð ïäÝîáìîåßáÝêàñêàáîïðëëàéÝðáîåÝèàåĪáîáêßáï
- ÑñîÝñàåðáòåàáêßáßëîîëÞëîÝðáàðîáêàïåêðäáßÝïäħëóïéëàáèèáà ÝèðäëñãäåêõáÝîÝêàÝêàåêðëìáîìáðñåðõáïðåéÝðåëêñêßáîðÝåêðõ åêßîáÝïáïïááëñîïáêïåðåòåðåáïÞáèëó
ÙáñðåèåïáàåêðáîêÝèòÝèñÝðåëêïáôìáîðïðëïñììëîðëñîÝñàåðìîëßáàñîáï ëòáîðäáàåïßëñêðîÝðáÝêàèëêãðáîéãîëóðäîÝðáÝïïñéìðåëêïñïáàåê ðäáåéìÝåîéáêðéëàáèÝêàïáêïåðåïáàðäáåéìÝßðïëâßäÝêãáïåêðäá àåïßëñêðîÝðáóåðäåêëñîòåáóëâÝîáÝïëêÝÞèáîÝêãá
ÙáîáéÝåêáàìîëâáïïåëêÝèèõïßáìðåßÝèëâðäáåéìÝßðïëââëîáßÝïðåêã ñêßáîðÝåêðõìÝîðåßñèÝîèõóäáîááòåàáêßáåêèÝðáîõáÝîïåïéëîá æñàãáéáêðÝèÝïïáðëñðÝÞëòáÙáàáðáîéåêáàÝèðáîêÝðåòáïáêïåðåòåðõ ïßáêÝîåëïðëÝïßáîðÝåêðäááôðáêðëâßäÝêãáïåêìîëæáßðåëêïðäÝðóëñèà ÞáîáíñåîáàâëîðäáãëëàóåèèðëÞáåéìÝåîáàÖäáïáåêßèñàáàïßÝèåêã ÞÝßçõáÝîâëîáßÝïðïÝêàâÝßðëîåêãåêäåïðëîåßÝèèáòáèïëââëîáßÝïðåêã åêÝßßñîÝßõÙáÝèïëáòÝèñÝðáàðäáïáêïåðåòåðõëâåéìÝåîéáêðéëàáèßÝïä ħëóïðëðäáåéìÝßðïëâßèåéÝðáßäÝêãáïáðëñðåêðäáčÕñïðÝåêÝÞåèåðõĎ ïáßðåëêëâðäáÕðîÝðáãåßîáìëîðåêßèñàåêãåàáêðåĦáàßëïðïëâóëîçåêã ðëčêáðöáîëĎÝêàðäáìëðáêðåÝèĦêÝêßåÝèåéìÝßðïëâðäáïßáêÝîåëïâëî ðáéìáîÝðñîáßäÝêãáÙáàåàêëðåàáêðåâõîáÝïëêÝÞèáïáêïåðåòåðåáïðäÝð óëñèàîáïñèðåêåéìÝåîéáêðëâÝêõëâðäáÅÉ×ïÞáåêãðáïðáà

ËêÝààåðåëêðëðäáÝÞëòáìîëßáàñîáïóäåßäßëéìîåïáàëñîÝîáÝëââëßñï óáåêïðîñßðáàëñîßëéìëêáêðÝñàåððáÝéïðëáòÝèñÝðáðäáÝììîëìîåÝðáêáïï ëâéÝêÝãáéáêðåéìÝåîéáêðåêàåßÝðëîÝïïáïïéáêðïìáîâëîéáàóåðäåêðäá ßëéìëêáêðïÝêàðëÝèïëÝïïáïïÝêõéÝðáîåÝèåéìÝßðïëâßèåéÝðáßäÝêãá ÖäáïáÝïïáïïéáêðïâëßñïáàëêåêàåòåàñÝèëîãîëñìïëâÝïïáðïÞáèëóðäá èáòáèïëâðäáÅÉ×ïÑñîßëéìëêáêððáÝéïñêàáîëñîïñìáîòåïåëêàåàêëð åàáêðåâõÝêõÝààåðåëêÝèåéìÝåîéáêðïîáíñåîáàëîåêßëêïåïðáêðĦêàåêãïðë ëñîÉîëñìèáòáèÝïïáïïéáêðåêîáïìáßðëâßèåéÝðáßäÝêãá

ÈîëéëñîìîëßáàñîáïóáßëêßèñàáàðäÝðáïðåéÝðáïÝêàçáõÝïïñéìðåëêï éÝàáÞõéÝêÝãáéáêðåêìáîâëîéåêãåéìÝåîéáêððáïðåêãåêßèñàåêã îáÝïëêÝÞèõìëïïåÞèáàëóêïåàáïáêïåðåòåðåáïóäåßäïäëóáàêëïßáêÝîåëï ëâåéìÝåîéáêðóáîáïñììëîðáàÃììîëìîåÝðáàåïßèëïñîáïäÝòáÞááê åêßèñàáàóåðäåêðäáÃêêñÝèÔáìëîðÖäáÅîåðåßÝèÃßßëñêðåêãÌñàãáéáêðï ÝêàÇïðåéÝðáïêëðáÐëðáÝßßëîàåêãèõäåãäèåãäðïðäåïÝîáÝÝïÝßîåðåßÝè ÝßßëñêðåêãáïðåéÝðáÝèðäëñãäåðåïêëðáôìáßðáàðëéÝðáîåÝèèõåéìÝßððäá ĦêÝêßåÝèïðÝðáéáêðïåêðäáêáôðéëêðäïÑñîĦêàåêãïóáîáàåïßñïïáà óåðäðäáÃñàåðÅëééåððáá

Independent auditors' report to the members of Vesuvius plc ßëêðåêñáà

Provisions for exposures (Legacy matter lawsuits) (Group)

ÖäáÉîëñìäëèàïÝìîëòåïåëêâëîčÆåïìëïÝèßèëïñîáÝêàáêòåîëêéáêðÝèßëïðïĎ óäåßäåêßèñàáïìîëòåïåëêïîáèÝðåêãðëèáãÝßõéÝððáîèÝóïñåðïâëîßèëïáà ÞñïåêáïïáïÝéëñêðåêãðëy!##éåèèåëêy #éåèèåëê

ÆáðáîéåêåêãðäáíñÝêðñéëâðäåïìîëòåïåëêåêòëèòáïéëàáèèåêãÝêàáïðåéÝðåëê ëâáôìáßðáàâñðñîáèáãÝèßèÝåéìáîåëàïòëèñéáïïáððèáéáêðÝéëñêðïÝêà ÝïïëßåÝðáàèáãÝèßëïðïËðÝèïëîáíñåîáïðäáàåîáßðëîïðëñïáæñàãáéáêððë àáðáîéåêáóäáðäáîÝïïëßåÝðáàåêïñîÝêßáîáßëòáîÝÞèáÝéëñêðïïäëñèàÞá îáßëãêåïáàóåðäåêÝïïáðï

ÙáïìáßåĦßÝèèõâëßñïáàëêðäáìîëòåïåëêåêîáïìáßðëâèáãÝßõéÝððáîèÝóïñåðï àñáðëðäáéÝðáîåÝèíñÝêðñéëâðäáìîëòåïåëêÝêàðäáæñàãáéáêðÝêà áïðåéÝðáïåêòëèòáàåêàáðáîéåêåêãåðïòÝèñÝðåëê

ÔáâáîðëÅîåðåßÝèÃßßëñêðåêãÌñàãáéáêðïÝêàÇïðåéÝðáïÐëðáÒîëòåïåëêï ÐëðáÅëêðåêãáêðÎåÝÞåèåðåáïÐëðáÝêàÕåãêåĦßÝêðåïïñáïÝêà éÝðáîåÝèæñàãáéáêðïåêðäáÃñàåðÅëééåððááîáìëîð

Impairment of investment in subsidiaries (Company)

ÖäáÅëéìÝêõäëèàïåêòáïðéáêðïåêïñÞïåàåÝîåáïóåðäÝðëðÝèßÝîîõåêã Ýéëñêðëây##\$éåèèåëêÝðÆáßáéÞáîy##\$éåèèåëê åêÝààåðåëêðëÝéëñêðïëóáàðëïñÞïåàåÝîõñêàáîðÝçåêãïëây%\$éåèèåëê y%## éåèèåëêËÃÕ"čËéìÝåîéáêðëâÝïïáðïĎîáíñåîáïéÝêÝãáéáêð ðëßëêïåàáîóäáðäáîðäáîáÝîáÝêõåêàåßÝðëîïëâåéìÝåîéáêðåêîáïìáßðëâ êëêĦêÝêßåÝèÝïïáðïÆñáðëðäáíñÝêðñéëâðäáßÝîîõåêãÝéëñêðèáòáèï ëâáïðåéÝðåëêñêßáîðÝåêðõðäÝðáôåïðïåéåèÝîðëÝïïñéìðåëêïñïáàåêðáïðåêã âëîåéìÝåîéáêðëâãëëàóåèèÉîëñìÝêàðäáéÝîçáðßÝìåðÝèåïÝðåëêëâðäá ÅëéìÝêõðäåïóÝïÝêÝîáÝëââëßñïâëîðäáÝñàåðëâðäáÅëéìÝêõÅëêïåïðáêð óåðäðäáìîåëîõáÝîéÝêÝãáéáêðìáîâëîéáàÝêåéìÝåîéáêððáïðñðåèåïåêã ßÝïäħëóâëîáßÝïðïñïáàâëîðáïðåêãâëîåéìÝåîéáêðëâðäáÉîëñìĎïãëëàóåèè ðëãáðäáîóåðäÝààåðåëêÝèßëêïåàáîÝðåëêïëâßÝïäħëóïîáèáòÝêððëðäá ïñÞïåàåÝîåáïðäÝððäáÅëéìÝêõëóêï

ÖäáæñàãáéáêðïÝêàáïðåéÝðáïîáíñåîáàðëàáðáîéåêáðäáßÝïäħëóâëîáßÝïðï ÝîáÝèåãêáàóåðäðäëïáïáðëñðåêčËéìÝåîéáêðëâãëëàóåèèÉîëñìĎÝÞëòá

ÔáâáîðëËêòáïðéáêðïÐëðá#ÑðäáîÅîáàåðëîïåêßèñàåêãÖÝôÝðåëêÝêàÕëßåÝè ÕáßñîåðõÐëðá\$ÅîåðåßÝèÃßßëñêðåêãÌñàãáéáêðïÝêàÇïðåéÝðáïÐëðá åêðäáÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïÝêàÕåãêåĦßÝêðåïïñáïÝêàéÝðáîåÝè æñàãáéáêðïåêðäáÃñàåðÅëééåððááîáìëîð

How we tailored the audit scope

ÙáðÝåèëîáàðäáïßëìáëâëñîÝñàåððëáêïñîáðäÝðóáìáîâëîéáà áêëñãäóëîçðëÞáÝÞèáðëãåòáÝêëìåêåëêëêðäáĦêÝêßåÝè ïðÝðáéáêðïÝïÝóäëèáðÝçåêãåêðëÝßßëñêððäáïðîñßðñîáëâ ðäáÉîëñìÝêàðäáÅëéìÝêõðäáÝßßëñêðåêãìîëßáïïáïÝêà ßëêðîëèïÝêàðäáåêàñïðîõåêóäåßäðäáõëìáîÝðá

Key audit matter How our audit addressed the key audit matter

ÑñîÝñàåðìîëßáàñîáïåêßèñàáà

ÑÞðÝåêåêãéÝêÝãáéáêðĎïéëàáèëâðäááïðåéÝðáàèáãÝèßëïðï ÝïïëßåÝðáàåêïñîÝêßáîáßëòáîÝÞèáÝêàðáïðåêãðäáéÝðäáéÝðåßÝè ÝßßñîÝßõÝêàåêðáãîåðõëâðäåïéëàáè
ÙáßäÝèèáêãáàßèÝåéïÝîåïåêãïáððèáéáêðïéÝàáÝêàáôìáßðáàðîáêàï óåðäéÝêÝãáéáêðĎïåêäëñïáÝêàáôðáîêÝèèáãÝèáôìáîðï
ÙáðáïðáàðäáÝßßñîÝßõëâäåïðëîåßÝèïëñîßáàÝðÝóäåßäåïñïáàðë àáðáîéåêááïðåéÝðáïëââñðñîáðîáêàïëâßèÝåéòëèñéáïðõìáïëââñðñîá ßèÝåéïÝêàïáððèáéáêðÝéëñêðïÝêàèáãÝèßëïðïÝïïëßåÝðáàóåðäßèÝåéï ðëïñììëîðåêãßèÝåéàëßñéáêðÝðåëê
ÙáñðåèåïáàëñîëóêÝñàåðëîĎïáôìáîððëïñììëîðëñîÝñàåðëâðäáçáõ ÝïïñéìðåëêïÝêàðëåêàáìáêàáêðèõàáðáîéåêáÝîáÝïëêÝÞèáîÝêãáâëî ðäáìîëòåïåëêáïðåéÝðáÞÝïáàëêîáÝïëêÝÞèõìëïïåÞèáßäÝêãáïåê ïåãêåĦßÝêðÝïïñéìðåëêïàñáðëðäááïðåéÝðåëêñêßáîðÝåêðõåêòëèòáà
ÙáåêïìáßðáàáòåàáêßáëâðäáÝòÝåèÝÞèáåêïñîÝêßáßëòáîðäáîëñðåêá ÝêàßëêïåïðáêðßëèèáßðåëêëâðäåïÝêàßëêïåàáîáàðäáĦêÝêßåÝèßëêàåðåëê ëâåêïñîÝêßáìîëòåàáîïðëãÝåêáòåàáêßáëòáîðäáîáßëãêåðåëêÝêà îáßëòáîÝÞåèåðõëâðäáåêïñîÝêßáÝïïáðÙáÝèïëòáîåĦáàðäÝððäåïóÝï ÝììîëìîåÝðáèõìîáïáêðáàÝïãîëïïëâðäáÝïïëßåÝðáàìîëòåïåëêïóåðäåê čÑðäáîîáßáåòÝÞèáïĎ

ÈîëéëñîìîëßáàñîáïóáßëêßèñàáàðäáÝéëñêðëâðäáìîëòåïåëêäáèàóÝï óåðäåêëñîÝßßáìðÝÞèáîÝêãáÝèÞáåðéëîáðëóÝîàïðäáëìðåéåïðåßáêàëâðäá îÝêãáÙááòÝèñÝðáàðäáèáòáèëâàåïßèëïñîáïÝêàðäÝððäáïáÝàáíñÝðáèõ áôìèÝåêáïðåéÝðåëêñêßáîðÝåêðõëâçáõÝïïñéìðåëêïåêßèñàåêãëòáîðäá èëêãáîðáîéÅîåðåßÝèÃßßëñêðåêãÌñàãáéáêðïÝêàÇïðåéÝðáïÐëðá äåãäèåãäðïðäåïÝîáÝÝïÝßîåðåßÝèÝßßëñêðåêãáïðåéÝðáÑñîĦêàåêãïóáîá àåïßñïïáàóåðäðäáÃñàåðÅëééåððáá

ÑñîÝñàåðìîëßáàñîáïåêßèñàáà

ÙáÝïïáïïáàðäáîáïñèðïëâðäáØÝèñáåê×ïáéëàáèñïáàâëîðäá åéìÝåîéáêððáïðâëîãëëàóåèèðëãáðäáîóåðäÝàæñïðéáêðïéÝàáðë îáħáßðßÝïäåêħëóïðëïñÞïåàåÝîåáïàñáâîëéðäáÅëéìÝêõ
ÑñîðáïðåêãëâðäáÉîëñìØÝèñáåê×ïáéëàáèåêßèñàåêãìîëßáàñîáï ìáîâëîéáàëòáîéÝêÝãáéáêðĎïéëàáèÝêàáòåàáêßáëÞðÝåêáàåêîáïìáßð ëâçáõÝïïñéìðåëêïéÝàáåïïáðëñðåêÍáõÝñàåðéÝððáîčËéìÝåîéáêðëâ ãëëàóåèèĎÙáÝèïëßëéìÝîáàðäáßÝîîõåêãòÝèñáëâðäáåêòáïðéáêðåê ïñÞïåàåÝîåáïÝêàðäáÉîëñìØÝèñáåê×ïáðëðäáéÝîçáðßÝìåðÝèåïÝðåëêÝêà éÝîçáðòÝèñÝðåëêáôìáßðÝðåëêï
ÙáìáîâëîéáàïáêïåðåòåðõÝêÝèõïáïóäåßäïäëóáàðäáîáóÝïêë îáÝïëêÝÞèõìëïïåÞèáïßáêÝîåëïëâåéìÝåîéáêðóäáêðÝçåêãÝßßëñêðëâ áïðåéÝðåëêñêßáîðÝåêðõåêçáõÝïïñéìðåëêïÕßáêÝîåëïéëàáèèáàåêßèñàáà ßëêïåàáîÝðåëêëâäåïðëîåßÝèâëîáßÝïðåêãåêÝßßñîÝßåáïïßÝèåêãÞÝßçõáÝî âëîáßÝïðïÝêàåéìÝßðïëâßèåéÝðáßäÝêãá
ÖäåïåêàåßÝðáàäáÝàîëëéåêðäáàáðáîéåêáàØÝèñáåê×ïáÝêàðäÝððäá åêòáïðéáêðåêïñÞïåàåÝîåáïÞÝèÝêßáóÝïêëðåéìÝåîáà

ÙáîáòåáóáàĦêÝêßåÝèïðÝðáéáêðàåïßèëïñîáïÝêàðäáïáÝîáßëêïåïðáêð óåðäðäáîáïñèðïëâéÝêÝãáéáêðĎïðáïðåêãÝêàëñîÝñàåðáòåàáêßáÅîåðåßÝè ÃßßëñêðåêãÌñàãáéáêðïÝêàÇïðåéÝðáïÐëðáåêðäáÅëéìÝêõĦêÝêßåÝè ïðÝðáéáêðïäåãäèåãäðïðäåïÝîáÝÝïÝßîåðåßÝèÝßßëñêðåêãáïðåéÝðáÝèðäëñãä åðåïêëðáôìáßðáàðëéÝðáîåÝèèõåéìÝßððäáĦêÝêßåÝèïðÝðáéáêðïåêðäáêáôð éëêðäïÑñîĦêàåêãïóáîáàåïßñïïáàóåðäðäáÃñàåðÅëééåððáá

ÖäáØáïñòåñïÉîëñìØáïñòåñïìèßÅëéìÝêõðëãáðäáîóåðäåðï ïñÞïåàåÝîåáïäÝïëìáîÝðåëêïåê ßëñêðîåáïåêßèñàåêã"\$ïÝèáï ëĨßáïÝêàäÝï!!ìîëàñßðåëêïåðáïÖäáÉîëñìßëêïëèåàÝðáï ĦêÝêßåÝèåêâëîéÝðåëêðäîëñãäîáìëîðåêãâîëéåðïßëéìëêáêðï óäåßäåêßèñàáàåòåïåëêïÝêàâñêßðåëêïÝððäáïáïåðáï

ÑñîÝñàåðïßëìáóÝïàáðáîéåêáàÞõßëêïåàáîåêãðäáïåãêåĦßÝêßá ëâðäáßëéìëêáêðĎïßëêðîåÞñðåëêðëìîëĦðÞáâëîáðÝôÝêà ïáìÝîÝðáèõîáìëîðáàåðáéïÊáÝàèåêáìîëĦðÞáâëîáðÝôÙáÝèïë áòÝèñÝðáàßëêðîåÞñðåëêðëîáòáêñáÝêàðëëðäáîåêàåòåàñÝèĦêÝêßåÝè ïðÝðáéáêðèåêáåðáéïóåðäïìáßåĦßßëêïåàáîÝðåëêðëëÞðÝåêåêã ïñĨßåáêðßëòáîÝãáëòáîÝîáÝïëâäáåãäðáêáàîåïçÝêàèëßÝðåëêï

ÙáåàáêðåĦáàëêáßëéìëêáêðêëêáÝïĦêÝêßåÝèèõ ïåãêåĦßÝêðåêÖäáÝñàåðïßëìáßëéìîåïáàëâÝâñîðäáî# ßëéìëêáêðïâëîóäåßäóáàáðáîéåêáàðäÝðâñèèïßëìáÝñàåðïóëñèà êááàðëÞáìáîâëîéáàÝêà ßëéìëêáêðïâëîóäåßäïìáßåĦßÝñàåð ìîëßáàñîáïëêßáîðÝåêÞÝèÝêßáïÝêàðîÝêïÝßðåëêïóáîáìáîâëîéáà ÞõáåðäáîßëéìëêáêððáÝéïëîðäáÉîëñìðáÝéÖäåïßëèèáßðåòáèõ ìîëòåàáàÝñàåðßëòáîÝãáëâ#YëâðäáÉîëñìĎïîáòáêñá\$Yëâ ðäáÉîëñìĎïìîëĦðÞáâëîáðÝôÝêà\$YëâðäáÉîëñìĎïÊáÝàèåêá ìîëĦðÞáâëîáðÝôÖäåïðëãáðäáîóåðäðäáÝààåðåëêÝèìîëßáàñîáï ìáîâëîéáàÝððäáÉîëñìèáòáèåêßèñàåêãðáïðåêãðäáßëêïëèåàÝðåëê ìîëßáïïãÝòáñïðäááòåàáêßáóáêááàáàâëîëñîëìåêåëêëêðäá ĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèá

ËêáïðÝÞèåïäåêãðäáëòáîÝèèÝììîëÝßäðëðäáÉîëñìÝñàåðóá àáðáîéåêáàðäáðõìáëâóëîçðäÝðêááàáàðëÞáìáîâëîéáàÞõ ñïÝïðäáÉîëñìÝñàåððáÝéëîÞõßëéìëêáêðÝñàåðëîïåêÞëðä ÒóÅêáðóëîçĦîéïÝêàëðäáîÝñàåðĦîéïÙäáîáðäáóëîçóÝï ìáîâëîéáàÞõßëéìëêáêðÝñàåðëîïóáàáðáîéåêáàðäáèáòáèëâ åêòëèòáéáêðÝêàëòáîïåãäðóáêááàáàðëäÝòáåêðäáÝñàåðóëîç ÝððäëïáßëéìëêáêðïðëÞáÝÞèáðëßëêßèñàáóäáðäáîïñĨßåáêð ÝììîëìîåÝðáÝñàåðáòåàáêßáäÝàÞááêëÞðÝåêáàÝïÝÞÝïåïâëî ëñîëìåêåëêëêðäáĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèáÖäåïóÝï Ýßäåáòáàðäîëñãä

ËïïñÝêßáëââëîéÝèåêïðîñßðåëêïÝêàîáãñèÝîßëééñêåßÝðåëêï óåðäðäáßëéìëêáêðÝñàåðëîïðäîëñãäëñððäáÝñàåðåêßèñàåêã òåïåðïðëßëéìëêáêðïÞõÉîëñìÝñàåðïáêåëîðáÝééáéÞáîï
ÃððáêàÝêßáÝðÝñàåðßèáÝîÝêßáéááðåêãïÞõÉîëñìÝñàåðïáêåëî ðáÝééáéÞáîï
ËêðáîÝßðåëêïóåðäèëßÝèßëéìëêáêðéÝêÝãáéáêð
ÑñîàåîáßðåëêÝêàïñìáîòåïåëêëâðäáÝñàåðÝììîëÝßäÝêàîáòåáó ëâÝñàåðĦêàåêãï
ÔáòåáóëâïáèáßðáàÝñàåðóëîçìÝìáîïëâßáîðÝåêåêïßëìá ßëéìëêáêðåêßèñàåêãâëîðäáĦêÝêßåÝèèõïåãêåĦßÝêðßëéìëêáêð ÝêàéÝðáîåÝèßëéìëêáêðïÝêà
ÈëîðäáĦêÝêßåÝèèõïåãêåĦßÝêðßëéìëêáêðÝêàéÝðáîåÝè ßëéìëêáêðïéááðåêãïóåðäðäáÉîëñìÝñàåðíñÝèåðõ îáòåáóìÝîðêáî

ÖäáÉîëñìÝñàåððáÝéÝèïëìáîâëîéáàðäáÝñàåðëâðäáÅëéìÝêõ ÝêàëðäáîìîëßáàñîáïëòáîðäëïáßëéìëêáêðïëâðäáÉîëñìêëð ïñÞæáßððëâñèèïßëìáÝñàåðï

The impact of climate risk on our audit

ÖäáčÕñïðÝåêÝÞåèåðõĎïáßðåëêëâðäáÕðîÝðáãåßîáìëîðïáðïëñððäá ÉîëñìĎïßèåéÝðáßäÝêãáîåïçÝïïáïïéáêððäáßèåéÝðáîáèÝðáà ðÝîãáðïïáðÝêàÝêáòÝèñÝðåëêëâðäáìëðáêðåÝèĦêÝêßåÝèåéìÝßðï ËêìèÝêêåêãÝêàáôáßñðåêãëñîÝñàåðóáßëêïåàáîáàéÝêÝãáéáêðĎï îåïçÝïïáïïéáêðÝêàÝêÝèõïåïëâåéìÝßðïðëðäáĦêÝêßåÝè ïðÝðáéáêðïÙáéÝàááêíñåîåáïëâéÝêÝãáéáêððëñêàáîïðÝêà ðäáìîëßáïïÝàëìðáàÞõéÝêÝãáéáêððëÝïïáïïðäááôðáêðëâðäá ìëðáêðåÝèåéìÝßðëâßèåéÝðáîáèÝðáàîåïçÝêàðÝîãáðïáïðÝÞèåïäáàÞõ éÝêÝãáéáêðëêðäáÉîëñìĎïĦêÝêßåÝèïðÝðáéáêðïÝêàïñììëîððäá àåïßèëïñîáïéÝàáóåðäåêðäáčÕñïðÝåêÝÞåèåðõĎïáßðåëêëâðäáÕðîÝðáãåß ÔáìëîðÝêàÐëðá"ëâðäáĦêÝêßåÝèïðÝðáéáêðïÏÝêÝãáéáêð äÝïéÝàáßëééåðéáêðïðëÝßäåáòáêáðöáîëâëîðäáÉîëñìĎïÕßëìá ÝêàÕßëìáßÝîÞëêáéåïïåëêïÞõ!Ýïàåïßèëïáàåêðäá čÕñïðÝåêÝÞåèåðõĎïáßðåëêëâðäáÕðîÝðáãåßîáìëîðëâðäáÃêêñÝè ÔáìëîðÏÝêÝãáéáêðßëêïåàáîïðäáåéìÝßðëâßèåéÝðáîåïçãåòáï îåïáðëÝìëðáêðåÝèéÝðáîåÝèĦêÝêßåÝèïðÝðáéáêðåéìÝßðåêðäáèëêã ðáîéÞáðóááê!Ýêà!

ÙáßäÝèèáêãáàðäáßëéìèáðáêáïïëâéÝêÝãáéáêðĎïßèåéÝðáîåïç assessment by:

ÔáÝàåêãÝààåðåëêÝèïñïðÝåêÝÞåèåðõîáèÝðáàîáìëîðåêãéÝàá ÞõéÝêÝãáéáêðëêðäáÉîëñìĎïóáÞïåðáÝêàåêåðïÅÝîÞëê ÆåïßèëïñîáÒîëæáßðìñÞèåßïñÞéåïïåëêÝêàéÝçåêãéÝêÝãáéáêð ÝóÝîáëâÝêõåêðáîêÝèåêßëêïåïðáêßåáïåêåðïßèåéÝðáîáìëîðåêã
ÅäÝèèáêãåêãðäáßëêïåïðáêßõëâéÝêÝãáéáêðĎïßèåéÝðáåéìÝßð ÝïïáïïéáêðàåïßèëïáàóåðäåêðäáčÕñïðÝåêÝÞåèåðõĎïáßðåëêëâðäá ÕðîÝðáãåßÔáìëîðÝêàÐëðá"ëâðäáĦêÝêßåÝèïðÝðáéáêðï óåðäåêðáîêÝèßèåéÝðáìèÝêïÝêàÞëÝîàéåêñðáïåêßèñàåêã ßëêïåàáîÝðåëêëâóäáðäáîðäáðåéáäëîåöëêïéÝêÝãáéáêðäÝï ñïáàðÝçáÝßßëñêðëâðîÝêïåðåëêîåïçï
×ïåêãëñîçêëóèáàãáëâðäáÞñïåêáïïðëáòÝèñÝðáéÝêÝãáéáêðĎï îåïçÝïïáïïéáêðåðïæñàãáéáêðïÝêàáïðåéÝðáïÝïïáðëñðåê êëðá"ÝêàêëðáëâðäáĦêÝêßåÝèïðÝðáéáêðïÝêàîáïñèðåêã àåïßèëïñîáïóäáîáïåãêåĦßÝêðÝêà
ÅëêïåàáîåêãĦêàåêãïâîëéëñîëóêåêàáìáêàáêðîáïáÝîßäåê îáïìáßðëâßèåéÝðáßäÝêãáàîåòáêðîáêàïðëðäáÉîëñìĎïáêà ßñïðëéáîéÝîçáðï

ÄÝïáàëêðäáìîëßáàñîáïïáðëñðÝÞëòáóáñêàáîïðëëàðäáçáõ åéìÝßðïðëðäáÉîëñìßëñèàåêßèñàáìëðáêðåÝèåêßîáÝïáïåê ßëïðïâîëéßÝîÞëêìîåßåêãéáßäÝêåïéïßëïðïÝêàÞáêáĦðïëâ ðáßäêëèëãõðîÝêïåðåëêåêËîëêÝêàÕðááèéÝçåêãÝêàðäáßëêòáîïåëê ëâéÝêñâÝßðñîåêãìîëßáïïáïðëßèáÝêáêáîãõÖäåïóëñèàéëïð èåçáèõåéìÝßððäáĦêÝêßåÝèïðÝðáéáêðèåêáåðáéïÝêàáïðåéÝðáï ÝïïëßåÝðáàóåðäâñðñîáßÝïäħëóïÞáßÝñïáðäáåéìÝßðëâßèåéÝðá ßäÝêãáâëîðäáØáïñòåñïÉîëñìåïáôìáßðáàðëÞáßëéáéëîá êëðÝÞèáåêðäáéáàåñéðëèëêãðáîéÙáßëêïåàáîáàðäáâëèèëóåêã ÝîáÝïðëìëðáêðåÝèèõÞáéÝðáîåÝèèõåéìÝßðáàÞõßèåéÝðáîåïçÝêà ßëêïáíñáêðèõóáâëßñïáàëñîÝñàåðóëîçåêðäáïáÝîáÝïòÝèñÝðåëê ëâãëëàóåèèÝêàëðäáîêëêĦêÝêßåÝèÝïïáðïÉîëñìñïáâñèèåòáï ÝììèåáàðëðÝêãåÞèáÝêàåêðÝêãåÞèáÝïïáðïÉîëñìÝêàåéìÝåîéáêð ëâåêòáïðéáêðåêïñÞïåàåÝîåáïÅëéìÝêõóåðäåéìÝåîéáêðëâ ãëëàóåèèÉîëñìÝêàåéìÝåîéáêðëâåêòáïðéáêðåêïñÞïåàåÝîåáï ÅëéìÝêõàáðáîéåêáàðëÞáçáõÝñàåðéÝððáîïâëîðäáõáÝî áêàáàÆáßáéÞáîËêëñîÝñàåðëâðäáâëîáßÝïðïñïáàÞõ éÝêÝãáéáêðåêåðïØÝèñáåê×ïáéëàáèïìîáìÝîáàðëðáïðâëî

Independent auditors' report to the members of Vesuvius plc ßëêðåêñáà

åéìÝåîéáêðëâãëëàóåèèÉîëñìÝêàåêòáïðéáêðåêïñÞïåàåÝîåáï ÅëéìÝêõóáßäÝèèáêãáàéÝêÝãáéáêðëêäëóðäáåéìÝßðëâ ßèåéÝðáßëééåðéáêðïéÝàáÞõðäáÉîëñìóëñèàåéìÝßððäá àåïßëñêðáàâëîáßÝïðßÝïäħëóïìîáìÝîáàÞõéÝêÝãáéáêð ÙáÝèïëáòÝèñÝðáàðäáïáêïåðåòåðõëâåéìÝåîéáêðéëàáèßÝïäħëóï ðëðäáåéìÝßðïëâßèåéÝðáßäÝêãáïáðëñðåêðäáčÕñïðÝåêÝÞåèåðõĎ ïáßðåëêëâðäáÕðîÝðáãåßîáìëîðåêßèñàåêãåàáêðåĦáàßëïðïëâ óëîçåêãðëčêáðöáîëĎÝêàðäáìëðáêðåÝèĦêÝêßåÝèåéìÝßðïëâðäá ïßáêÝîåëïâëîðáéìáîÝðñîáßäÝêãáÙáàåàêëðåàáêðåâõîáÝïëêÝÞèá ïáêïåðåòåðåáïðäÝðóëñèàîáïñèðåêåéìÝåîéáêðëâÉîëñìĎïãëëàóåèè ëîðäáÅëéìÝêõĎïåêòáïðéáêðåêïñÞïåàåÝîåáïßÝîîõåêãòÝèñá ÙáÝèïëÝïïáïïáàðäáÝììîëìîåÝðáêáïïëâðäáÝïïëßåÝðáà àåïßèëïñîáïÈëîâñîðäáîàáðÝåèïïááëñîÍáõÃñàåðÏÝððáîëê åéìÝåîéáêðëâãëëàóåèèÉîëñìÝêàåéìÝåîéáêðëâåêòáïðéáêð åêïñÞïåàåÝîåáïÅëéìÝêõ

ÃààåðåëêÝèèõóáßëêïåàáîáàðäáßëêïåïðáêßõëâðäáàåïßèëïñîáïåê îáèÝðåëêðëßèåéÝðáßäÝêãáåêßèñàåêãðäáàåïßèëïñîáïåêðäáÖÝïç ÈëîßáëêÅèåéÝðáîáèÝðáàÈåêÝêßåÝèÆåïßèëïñîáïÖÅÈÆîáèÝðáà îáìëîðåêãóåðäåêðäáčÕñïðÝåêÝÞåèåðõĎïáßðåëêëâðäáÕðîÝðáãåßîáìëîð óåðäðäáĦêÝêßåÝèïðÝðáéáêðïÝêàëñîçêëóèáàãáëÞðÝåêáà âîëéëñîÝñàåðÖäåïåêßèñàáàßëêïåàáîåêãóäáðäáîðäá ÝïïñéìðåëêïéÝàáÞõéÝêÝãáéáêðåêðäáÖÅÈÆïßáêÝîåë ÝêÝèõïåïÝîáßëêïåïðáêðóåðäðäáÝïïñéìðåëêïñïáàáèïáóäáîá åêðäáĦêÝêßåÝèïðÝðáéáêðï

ÙáäÝòáêëðêëðáàÝêõåïïñáïÝïìÝîðëâðäåïóëîçóäåßäßëêðîÝàåßð ðäáàåïßèëïñîáïåêðäáÃêêñÝèÔáìëîðëîéÝðáîåÝèèõåéìÝßððäá ĦêÝêßåÝèïðÝðáéáêðïëîëñîçáõÝñàåðéÝððáîïâëîðäáõáÝîáêàáà ÆáßáéÞáî

Materiality

ÖäáïßëìáëâëñîÝñàåðóÝïåêħñáêßáàÞõëñîÝììèåßÝðåëêëâ éÝðáîåÝèåðõÙáïáðßáîðÝåêíñÝêðåðÝðåòáðäîáïäëèàïâëîéÝðáîåÝèåðõ ÖäáïáðëãáðäáîóåðäíñÝèåðÝðåòáßëêïåàáîÝðåëêïäáèìáàñïðë àáðáîéåêáðäáïßëìáëâëñîÝñàåðÝêàðäáêÝðñîáðåéåêãÝêà áôðáêðëâëñîÝñàåðìîëßáàñîáïëêðäáåêàåòåàñÝèĦêÝêßåÝè ïðÝðáéáêðèåêáåðáéïÝêààåïßèëïñîáïÝêàåêáòÝèñÝðåêãðäá áĪáßðëâéåïïðÝðáéáêðïÞëðäåêàåòåàñÝèèõÝêàåêÝããîáãÝðá ëêðäáĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèá

ÄÝïáàëêëñîìîëâáïïåëêÝèæñàãáéáêðóáàáðáîéåêáàéÝðáîåÝèåðõâëîðäáĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèáÝïâëèèëóï

	Financial statements – Group	Financial statements – Company
Overall materiality	yéåèèåëêy"éåèèåëêž	yéåèèåëêy"éåèèåëêž
How we determined it	ÃììîëôåéÝðáèõ #YÝììîëôåéÝðáèõ "Yž ëâìîëĦðÞáâëîáðÝôÝêàïáìÝîÝðáèõîáìëîðáàåðáéï čÊáÝàèåêáìîëĦðÞáâëîáðÝôϞ	YëâðëðÝèÝïïáðïßÝììáàÝððäáèáòáèëâëòáîÝèè Group materiality
Rationale for benchmark applied	ÙáÞáèåáòáðäÝðìîëĦðÞáâëîáðÝôÝêàïáìÝîÝðáèõîáìëîðáà åðáéïčÊáÝàèåêáìîëĦðÞáâëîáðÝôϞìîëòåàáïñïóåðäÝê ÝììîëìîåÝðáÞÝïåïâëîàáðáîéåêåêãëñîëòáîÝèèÉîëñìÝñàåð éÝðáîåÝèåðõãåòáêåðåïÝçáõéáÝïñîáâëîñïáîïëâðäáĦêÝêßåÝè ïðÝðáéáêðïÞëðäåêðáîêÝèèõÝêàáôðáîêÝèèõÊáÝàèåêáìîëĦð ÞáâëîáðÝôåïÝêÃèðáîêÝðåòáÒáîâëîéÝêßáÏáÝïñîáìîáïáêðáà ÝêààáĦêáàåêðäáÃêêñÝèÔáìëîðÊáÝàèåêáìîëĦð ÞáâëîáðÝôž	ÙáÞáèåáòáðäÝððëðÝèÝïïáðïåïÝêÝììîëìîåÝðáÞÝïåïâëî àáðáîéåêåêãéÝðáîåÝèåðõâëîðäáÅëéìÝêõãåòáêðäåïáêðåðõåïÝê åêòáïðéáêðäëèàåêãßëéìÝêõÝêàðäåïåïÝêÝßßáìðáàÝñàåðåêã ÞáêßäéÝîçÖäáéÝðáîåÝèåðõóÝïßÝììáàðëðäáèáòáèëâÉîëñì ëòáîÝèèéÝðáîåÝèåðõÖäáÅëéìÝêõåïêëðÝêåêšïßëìáßëéìëêáêð âëîëñîÉîëñìÝñàåðYëâðëðÝèÝïïáðïßÝììáàÝððäáèáòáè ëâëòáîÝèèÉîëñìéÝðáîåÝèåðõž

ÈëîáÝßäßëéìëêáêðåêðäáïßëìáëâëñîÉîëñìÝñàåðóáÝèèëßÝðáà ÝéÝðáîåÝèåðõðäÝðåïèáïïðäÝêëñîëòáîÝèèÉîëñìéÝðáîåÝèåðõ ÖäáîÝêãáëâéÝðáîåÝèåðõÝèèëßÝðáàÝßîëïïßëéìëêáêðïóÝï y#éåèèåëêÝêày"!éåèèåëêÅáîðÝåêßëéìëêáêðïóáîáÝñàåðáà ðëÝèëßÝèïðÝðñðëîõÝñàåðéÝðáîåÝèåðõðäÝðóÝïÝèïëèáïïðäÝêëñî ëòáîÝèèÉîëñìéÝðáîåÝèåðõ

ÙáñïáìáîâëîéÝêßáéÝðáîåÝèåðõðëîáàñßáðëÝêÝììîëìîåÝðáèõ èëóèáòáèðäáìîëÞÝÞåèåðõðäÝððäáÝããîáãÝðáëâñêßëîîáßðáà ÝêàñêàáðáßðáàéåïïðÝðáéáêðïáôßááàïëòáîÝèèéÝðáîåÝèåðõ ÕìáßåĦßÝèèõóáñïáìáîâëîéÝêßáéÝðáîåÝèåðõåêàáðáîéåêåêãðäá ïßëìáëâëñîÝñàåðÝêàðäáêÝðñîáÝêàáôðáêðëâëñîðáïðåêãëâ ÝßßëñêðÞÝèÝêßáïßèÝïïáïëâðîÝêïÝßðåëêïÝêààåïßèëïñîáï âëîáôÝéìèáåêàáðáîéåêåêãïÝéìèáïåöáïÑñîìáîâëîéÝêßá éÝðáîåÝèåðõóÝï#!Y#!YëâëòáîÝèèéÝðáîåÝèåðõÝéëñêðåêã ðëy##éåèèåëêy #éåèèåëêâëîðäáÉîëñìĦêÝêßåÝè ïðÝðáéáêðïÝêày##éåèèåëêy #éåèèåëêâëîðäáßëéìÝêõ ĦêÝêßåÝèïðÝðáéáêðï

ËêàáðáîéåêåêãðäáìáîâëîéÝêßáéÝðáîåÝèåðõóáßëêïåàáîáàÝ êñéÞáîëââÝßðëîïðäáäåïðëîõëâéåïïðÝðáéáêðïîåïçÝïïáïïéáêð ÝêàÝããîáãÝðåëêîåïçÝêàðäááĪáßðåòáêáïïëâßëêðîëèïÝêà ßëêßèñàáàðäÝðÝêÝéëñêðÝððäáñììáîáêàëâëñîêëîéÝèîÝêãá óÝïÝììîëìîåÝðá

ÙáÝãîááàóåðäðäáÃñàåðÅëééåððááðäÝðóáóëñèàîáìëîððë ðäáééåïïðÝðáéáêðïåàáêðåĦáààñîåêãëñîÝñàåðÝÞëòáy!! ÉîëñìÝñàåðy!Ýêày!!ÅëéìÝêõÝñàåð y!ÝïóáèèÝïéåïïðÝðáéáêðïÞáèëóðäëïáÝéëñêðï ðäÝðåêëñîòåáóóÝîîÝêðáàîáìëîðåêãâëîíñÝèåðÝðåòáîáÝïëêï

Conclusions relating to going concern

ÑñîáòÝèñÝðåëêëâðäáàåîáßðëîïĎÝïïáïïéáêðëâðäáÉîëñìĎïÝêàðäá ÅëéìÝêõĎïÝÞåèåðõðëßëêðåêñáðëÝàëìððäáãëåêãßëêßáîêÞÝïåïëâ Ýßßëñêðåêãåêßèñàáà

ÇòÝèñÝðåêãéÝêÝãáéáêðĎïÞÝïáßÝïáÝêàïáòáîáÞñðìèÝñïåÞèá àëóêïåàáßÝïáâëîèåíñåàåðõÝêàÝòÝåèÝÞèáĦêÝêßåÝèîáïëñîßáï ÝêàëÞðÝåêåêãïñììëîðåêãáòåàáêßáâëîçáõÝïïñéìðåëêï ÖäåïåêßèñàáàÝãîááåêãðäáñêàáîèõåêãßÝïäħëóìîëæáßðåëêï ðëðäáÄëÝîàÝììîëòáàâëîáßÝïðÝïïáïïåêãäëóðäáïáâëîáßÝïðï óáîáßëéìåèáàÝêàÝïïáïïåêãðäáäåïðëîåßÝèÝßßñîÝßõëâðäá âëîáßÝïðïÙáÝèïëáòÝèñÝðáàßñîîáêðìáîâëîéÝêßáÝêà ÝòÝåèÝÞèáĦêÝêßåêãâÝßåèåðåáïÝêàîáèÝðáàèåíñåàåðõäáÝàîëëé
ÖáïðåêãðäáÝßßñîÝßõëâßÝïäħëóéëàáèïñïáàðëÝïïáïï ÝòÝåèÝÞèáèåíñåàåðõàñîåêãðäáãëåêãßëêßáîêìáîåëààåïßèëïáà
ÆáðáîéåêåêãÝèðáîêÝðåòáïáêïåðåòåðõïßáêÝîåëïðëÝïßáîðÝåêðäá åéìÝßðëâßäÝêãáïåêÝïïñéìðåëêïÖäáïáåêßèñàáàïßÝèåêãÞÝßç âëîáßÝïðïÝêàåêßîáÝïåêãóëîçåêãßÝìåðÝèÝïÝìáîßáêðÝãáëâ âëîáßÝïðîáòáêñá
ÔáÝàåêãéÝêÝãáéáêðĎïàåïßèëïñîáïåêðäáĦêÝêßåÝèïðÝðáéáêðï ÝêàîáèáòÝêðčëðäáîåêâëîéÝðåëêĎåêðäáÃêêñÝèÔáìëîðÝêà ÝïïáïïåêãßëêïåïðáêßõóåðäðäáĦêÝêßåÝèïðÝðáéáêðïÝêàëñî çêëóèáàãáÞÝïáàëêëñîÝñàåð

ÄÝïáàëêðäáóëîçóáäÝòáìáîâëîéáàóáäÝòáêëðåàáêðåĦáà ÝêõéÝðáîåÝèñêßáîðÝåêðåáïîáèÝðåêãðëáòáêðïëîßëêàåðåëêïðäÝð åêàåòåàñÝèèõëîßëèèáßðåòáèõéÝõßÝïðïåãêåĦßÝêðàëñÞðëêðäá ÉîëñìĎïÝêàðäáÅëéìÝêõĎïÝÞåèåðõðëßëêðåêñáÝïÝãëåêãßëêßáîê âëîÝìáîåëàëâÝðèáÝïððóáèòáéëêðäïâîëéóäáêðäáĦêÝêßåÝè ïðÝðáéáêðïÝîáÝñðäëîåïáàâëîåïïñá

ËêÝñàåðåêãðäáĦêÝêßåÝèïðÝðáéáêðïóáäÝòáßëêßèñàáàðäÝð ðäáàåîáßðëîïĎñïáëâðäáãëåêãßëêßáîêÞÝïåïëâÝßßëñêðåêãåê ðäáìîáìÝîÝðåëêëâðäáĦêÝêßåÝèïðÝðáéáêðïåïÝììîëìîåÝðá

ÊëóáòáîÞáßÝñïáêëðÝèèâñðñîááòáêðïëîßëêàåðåëêïßÝêÞá ìîáàåßðáàðäåïßëêßèñïåëêåïêëðÝãñÝîÝêðááÝïðëðäáÉîëñìĎï ÝêàðäáÅëéìÝêõĎïÝÞåèåðõðëßëêðåêñáÝïÝãëåêãßëêßáîê

ËêîáèÝðåëêðëðäáàåîáßðëîïĎîáìëîðåêãëêäëóðäáõäÝòáÝììèåáà ðäá×ÍÅëîìëîÝðáÉëòáîêÝêßáÅëàáóáäÝòáêëðäåêãéÝðáîåÝèðë ÝààëîàîÝóÝððáêðåëêðëåêîáèÝðåëêðëðäáàåîáßðëîïĎïðÝðáéáêðåê ðäáĦêÝêßåÝèïðÝðáéáêðïÝÞëñðóäáðäáîðäáàåîáßðëîïßëêïåàáîáàåð ÝììîëìîåÝðáðëÝàëìððäáãëåêãßëêßáîêÞÝïåïëâÝßßëñêðåêã

ÑñîîáïìëêïåÞåèåðåáïÝêàðäáîáïìëêïåÞåèåðåáïëâðäáàåîáßðëîïóåðä îáïìáßððëãëåêãßëêßáîêÝîáàáïßîåÞáàåêðäáîáèáòÝêðïáßðåëêï ëâðäåïîáìëîð

Reporting on other information

ÖäáëðäáîåêâëîéÝðåëêßëéìîåïáïÝèèëâðäáåêâëîéÝðåëêåêðäá ÃêêñÝèÔáìëîðëðäáîðäÝêðäáĦêÝêßåÝèïðÝðáéáêðïÝêàëñî ÝñàåðëîïĎîáìëîððäáîáëêÖäáàåîáßðëîïÝîáîáïìëêïåÞèáâëîðäá ëðäáîåêâëîéÝðåëêóäåßäåêßèñàáïîáìëîðåêãÞÝïáàëêðäá ÖÝïçÈëîßáëêÅèåéÝðáîáèÝðáàÈåêÝêßåÝèÆåïßèëïñîáïÖÅÈÆ îáßëééáêàÝðåëêïÑñîëìåêåëêëêðäáĦêÝêßåÝèïðÝðáéáêðïàëáï êëðßëòáîðäáëðäáîåêâëîéÝðåëêÝêàÝßßëîàåêãèõóáàëêëð áôìîáïïÝêÝñàåðëìåêåëêëîáôßáìððëðäááôðáêðëðäáîóåïá áôìèåßåðèõïðÝðáàåêðäåïîáìëîðÝêõâëîéëâÝïïñîÝêßáðäáîáëê

ËêßëêêáßðåëêóåðäëñîÝñàåðëâðäáĦêÝêßåÝèïðÝðáéáêðïëñî îáïìëêïåÞåèåðõåïðëîáÝàðäáëðäáîåêâëîéÝðåëêÝêàåêàëåêãïë ßëêïåàáîóäáðäáîðäáëðäáîåêâëîéÝðåëêåïéÝðáîåÝèèõåêßëêïåïðáêð óåðäðäáĦêÝêßåÝèïðÝðáéáêðïëîëñîçêëóèáàãáëÞðÝåêáàåê ðäáÝñàåðëîëðäáîóåïáÝììáÝîïðëÞáéÝðáîåÝèèõéåïïðÝðáà ËâóáåàáêðåâõÝêÝììÝîáêðéÝðáîåÝèåêßëêïåïðáêßõëîéÝðáîåÝè éåïïðÝðáéáêðóáÝîáîáíñåîáàðëìáîâëîéìîëßáàñîáïðëßëêßèñàá óäáðäáîðäáîáåïÝéÝðáîåÝèéåïïðÝðáéáêðëâðäáĦêÝêßåÝè ïðÝðáéáêðïëîÝéÝðáîåÝèéåïïðÝðáéáêðëâðäáëðäáîåêâëîéÝðåëê ËâÞÝïáàëêðäáóëîçóáäÝòáìáîâëîéáàóáßëêßèñàáðäÝððäáîá åïÝéÝðáîåÝèéåïïðÝðáéáêðëâðäåïëðäáîåêâëîéÝðåëêóáÝîá îáíñåîáàðëîáìëîððäÝðâÝßðÙáäÝòáêëðäåêãðëîáìëîðÞÝïáà ëêðäáïáîáïìëêïåÞåèåðåáï

ÙåðäîáïìáßððëðäáÕðîÝðáãåßîáìëîðÝêàÆåîáßðëîïĎîáìëîð óáÝèïëßëêïåàáîáàóäáðäáîðäáàåïßèëïñîáïîáíñåîáàÞõðäá ×ÍÅëéìÝêåáïÃßð"äÝòáÞááêåêßèñàáà

ÄÝïáàëêëñîóëîçñêàáîðÝçáêåêðäáßëñîïáëâðäáÝñàåððäá ÅëéìÝêåáïÃßð"îáíñåîáïñïÝèïëðëîáìëîðßáîðÝåêëìåêåëêï ÝêàéÝððáîïÝïàáïßîåÞáàÞáèëó

Strategic report and Directors' report

ËêëñîëìåêåëêÞÝïáàëêðäáóëîçñêàáîðÝçáêåêðäáßëñîïáëâðäá ÝñàåððäáåêâëîéÝðåëêãåòáêåêðäáÕðîÝðáãåßîáìëîðÝêàÆåîáßðëîïĎ îáìëîðâëîðäáõáÝîáêàáàÆáßáéÞáîåïßëêïåïðáêðóåðäðäá ĦêÝêßåÝèïðÝðáéáêðïÝêàäÝïÞááêìîáìÝîáàåêÝßßëîàÝêßáóåðä ÝììèåßÝÞèáèáãÝèîáíñåîáéáêðï

ËêèåãäðëâðäáçêëóèáàãáÝêàñêàáîïðÝêàåêãëâðäáÉîëñìÝêà ÅëéìÝêõÝêàðäáåîáêòåîëêéáêðëÞðÝåêáàåêðäáßëñîïáëâðäá ÝñàåðóáàåàêëðåàáêðåâõÝêõéÝðáîåÝèéåïïðÝðáéáêðïåêðäá ÕðîÝðáãåßîáìëîðÝêàÆåîáßðëîïĎîáìëîð

Directors' Remuneration

ËêëñîëìåêåëêðäáìÝîðëâðäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîððë ÞáÝñàåðáàäÝïÞááêìîëìáîèõìîáìÝîáàåêÝßßëîàÝêßáóåðäðäá ÅëéìÝêåáïÃßð"

Independent auditors' report to the members of Vesuvius plc ßëêðåêñáà

Corporate governance statement

ÖäáÎåïðåêãÔñèáïîáíñåîáñïðëîáòåáóðäáàåîáßðëîïĎïðÝðáéáêðïåê îáèÝðåëêðëãëåêãßëêßáîêèëêãáîðáîéòåÝÞåèåðõÝêàðäÝðìÝîðëâ ðäáßëîìëîÝðáãëòáîêÝêßáïðÝðáéáêðîáèÝðåêãðëðäáÅëéìÝêõĎï ßëéìèåÝêßáóåðäðäáìîëòåïåëêïëâðäá×ÍÅëîìëîÝðáÉëòáîêÝêßá ÅëàáïìáßåĦáàâëîëñîîáòåáóÑñîÝààåðåëêÝèîáïìëêïåÞåèåðåáï óåðäîáïìáßððëðäáßëîìëîÝðáãëòáîêÝêßáïðÝðáéáêðÝïëðäáî åêâëîéÝðåëêÝîáàáïßîåÞáàåêðäáÔáìëîðåêãëêëðäáîåêâëîéÝðåëê ïáßðåëêëâðäåïîáìëîð

ÄÝïáàëêðäáóëîçñêàáîðÝçáêÝïìÝîðëâëñîÝñàåðóáäÝòá ßëêßèñàáàðäÝðáÝßäëâðäáâëèèëóåêãáèáéáêðïëâðäáßëîìëîÝðá ãëòáîêÝêßáïðÝðáéáêðåïéÝðáîåÝèèõßëêïåïðáêðóåðäðäáĦêÝêßåÝè ïðÝðáéáêðïÝêàëñîçêëóèáàãáëÞðÝåêáààñîåêãðäáÝñàåðÝêàóá äÝòáêëðäåêãéÝðáîåÝèðëÝààëîàîÝóÝððáêðåëêðëåêîáèÝðåëêðë

ÖäáàåîáßðëîïĎßëêĦîéÝðåëêðäÝððäáõäÝòáßÝîîåáàëñðÝîëÞñïð ÝïïáïïéáêðëâðäááéáîãåêãÝêàìîåêßåìÝèîåïçï
ÖäáàåïßèëïñîáïåêðäáÃêêñÝèÔáìëîððäÝðàáïßîåÞáðäëïá ìîåêßåìÝèîåïçïóäÝðìîëßáàñîáïÝîáåêìèÝßáðëåàáêðåâõ áéáîãåêãîåïçïÝêàÝêáôìèÝêÝðåëêëâäëóðäáïáÝîáÞáåêã éÝêÝãáàëîéåðåãÝðáà
ÖäáàåîáßðëîïĎïðÝðáéáêðåêðäáĦêÝêßåÝèïðÝðáéáêðïÝÞëñð óäáðäáîðäáõßëêïåàáîáàåðÝììîëìîåÝðáðëÝàëìððäáãëåêã ßëêßáîêÞÝïåïëâÝßßëñêðåêãåêìîáìÝîåêãðäáéÝêàðäáåî åàáêðåĦßÝðåëêëâÝêõéÝðáîåÝèñêßáîðÝåêðåáïðëðäáÉîëñìĎï ÝêàÅëéìÝêõĎïÝÞåèåðõðëßëêðåêñáðëàëïëëòáîÝìáîåëà ëâÝðèáÝïððóáèòáéëêðäïâîëéðäáàÝðáëâÝììîëòÝèëâðäá ĦêÝêßåÝèïðÝðáéáêðï
ÖäáàåîáßðëîïĎáôìèÝêÝðåëêÝïðëðäáåîÝïïáïïéáêðëâðäáÉîëñìĎï ÝêàÅëéìÝêõĎïìîëïìáßðïðäáìáîåëàðäåïÝïïáïïéáêðßëòáîï ÝêàóäõðäáìáîåëàåïÝììîëìîåÝðáÝêà
ÖäáàåîáßðëîïĎïðÝðáéáêðÝïðëóäáðäáîðäáõäÝòáÝîáÝïëêÝÞèá áôìáßðÝðåëêðäÝððäáÅëéìÝêõóåèèÞáÝÞèáðëßëêðåêñáåê ëìáîÝðåëêÝêàéááðåðïèåÝÞåèåðåáïÝïðäáõâÝèèàñáëòáîðäáìáîåëà ëâåðïÝïïáïïéáêðåêßèñàåêãÝêõîáèÝðáààåïßèëïñîáïàîÝóåêã ÝððáêðåëêðëÝêõêáßáïïÝîõíñÝèåĦßÝðåëêïëîÝïïñéìðåëêï

ÑñîîáòåáóëâðäáàåîáßðëîïĎïðÝðáéáêðîáãÝîàåêãðäáèëêãáîðáîé òåÝÞåèåðõëâðäáÉîëñìÝêàÅëéìÝêõóÝïïñÞïðÝêðåÝèèõèáïïåê ïßëìáðäÝêÝêÝñàåðÝêàëêèõßëêïåïðáàëâéÝçåêãåêíñåîåáïÝêà ßëêïåàáîåêãðäáàåîáßðëîïĎìîëßáïïïñììëîðåêãðäáåîïðÝðáéáêð ßäáßçåêãðäÝððäáïðÝðáéáêðåïåêÝèåãêéáêðóåðäðäáîáèáòÝêð ìîëòåïåëêïëâðäá×ÍÅëîìëîÝðáÉëòáîêÝêßáÅëàáÝêà ßëêïåàáîåêãóäáðäáîðäáïðÝðáéáêðåïßëêïåïðáêðóåðäðäá ĦêÝêßåÝèïðÝðáéáêðïÝêàëñîçêëóèáàãáÝêàñêàáîïðÝêàåêã ëâðäáÉîëñìÝêàÅëéìÝêõÝêàðäáåîáêòåîëêéáêðëÞðÝåêáà åêðäáßëñîïáëâðäáÝñàåð

ËêÝààåðåëêÞÝïáàëêðäáóëîçñêàáîðÝçáêÝïìÝîðëâëñîÝñàåð óáäÝòáßëêßèñàáàðäÝðáÝßäëâðäáâëèèëóåêãáèáéáêðïëâðäá ßëîìëîÝðáãëòáîêÝêßáïðÝðáéáêðåïéÝðáîåÝèèõßëêïåïðáêðóåðä ðäáĦêÝêßåÝèïðÝðáéáêðïÝêàëñîçêëóèáàãáëÞðÝåêáààñîåêã ðäáÝñàåð

– ÖäáàåîáßðëîïĎïðÝðáéáêððäÝððäáõßëêïåàáîðäáÃêêñÝèÔáìëîð ðÝçáêÝïÝóäëèáåïâÝåîÞÝèÝêßáàÝêàñêàáîïðÝêàÝÞèáÝêà ìîëòåàáïðäáåêâëîéÝðåëêêáßáïïÝîõâëîðäáéáéÞáîïðëÝïïáïï ðäáÉîëñìĎïÝêàÅëéìÝêõĎïìëïåðåëêìáîâëîéÝêßáÞñïåêáïï éëàáèÝêàïðîÝðáãõ

ÖäáïáßðåëêëâðäáÃêêñÝèÔáìëîððäÝðàáïßîåÞáïðäáîáòåáó ëâáĪáßðåòáêáïïëâîåïçéÝêÝãáéáêðÝêàåêðáîêÝèßëêðîëè ïõïðáéïÝêà
ÖäáïáßðåëêëâðäáÃêêñÝèÔáìëîðàáïßîåÞåêãðäáóëîçëâðäá ÃñàåðÅëééåððáá

ÙáäÝòáêëðäåêãðëîáìëîðåêîáïìáßðëâëñîîáïìëêïåÞåèåðõðë îáìëîðóäáêðäáàåîáßðëîïĎïðÝðáéáêðîáèÝðåêãðëðäáÅëéìÝêõĎï ßëéìèåÝêßáóåðäðäáÅëàáàëáïêëðìîëìáîèõàåïßèëïáÝàáìÝîðñîá âîëéÝîáèáòÝêðìîëòåïåëêëâðäáÅëàáïìáßåĦáàñêàáîðäáÎåïðåêã ÔñèáïâëîîáòåáóÞõðäáÝñàåðëîï

ÔáïìëêïåÞåèåðåáïâëîðäáĦêÝêßåÝèïðÝðáéáêðïÝêàðäáÝñàåð

ÔáïìëêïåÞåèåðåáïëâðäáàåîáßðëîïâëîðäáĦêÝêßåÝèïðÝðáéáêðï

ÃïáôìèÝåêáàéëîáâñèèõåêðäáÕðÝðáéáêðëâÆåîáßðëîïĎ ÔáïìëêïåÞåèåðåáïåêîáïìáßðëâðäáÈåêÝêßåÝèÕðÝðáéáêðïðäá àåîáßðëîïÝîáîáïìëêïåÞèáâëîðäáìîáìÝîÝðåëêëâðäáĦêÝêßåÝè ïðÝðáéáêðïåêÝßßëîàÝêßáóåðäðäáÝììèåßÝÞèáâîÝéáóëîç ÝêàâëîÞáåêãïÝðåïĦáàðäÝððäáõãåòáÝðîñáÝêàâÝåîòåáó ÖäáàåîáßðëîïÝîáÝèïëîáïìëêïåÞèáâëîïñßäåêðáîêÝèßëêðîëè ÝïðäáõàáðáîéåêáåïêáßáïïÝîõðëáêÝÞèáðäáìîáìÝîÝðåëêëâ ĦêÝêßåÝèïðÝðáéáêðïðäÝðÝîáâîááâîëééÝðáîåÝèéåïïðÝðáéáêð óäáðäáîàñáðëâîÝñàëîáîîëî

ËêìîáìÝîåêãðäáĦêÝêßåÝèïðÝðáéáêðïðäáàåîáßðëîïÝîá îáïìëêïåÞèáâëîÝïïáïïåêãðäáÉîëñìĎïÝêàðäáÅëéìÝêõĎïÝÞåèåðõ ðëßëêðåêñáÝïÝãëåêãßëêßáîêàåïßèëïåêãÝïÝììèåßÝÞèáéÝððáîï îáèÝðáàðëãëåêãßëêßáîêÝêàñïåêãðäáãëåêãßëêßáîêÞÝïåïëâ ÝßßëñêðåêãñêèáïïðäáàåîáßðëîïáåðäáîåêðáêàðëèåíñåàÝðáðäá ÉîëñìëîðäáÅëéìÝêõëîðëßáÝïáëìáîÝðåëêïëîäÝòáêëîáÝèåïðåß ÝèðáîêÝðåòáÞñððëàëïë

ÃñàåðëîïĎîáïìëêïåÞåèåðåáïâëîðäáÝñàåðëâðäáĦêÝêßåÝèïðÝðáéáêðï

ÑñîëÞæáßðåòáïÝîáðëëÞðÝåêîáÝïëêÝÞèáÝïïñîÝêßáÝÞëñðóäáðäáî ðäáĦêÝêßåÝèïðÝðáéáêðïÝïÝóäëèáÝîáâîááâîëééÝðáîåÝè éåïïðÝðáéáêðóäáðäáîàñáðëâîÝñàëîáîîëîÝêàðëåïïñáÝê ÝñàåðëîïĎîáìëîððäÝðåêßèñàáïëñîëìåêåëêÔáÝïëêÝÞèáÝïïñîÝêßá åïÝäåãäèáòáèëâÝïïñîÝêßáÞñðåïêëðÝãñÝîÝêðááðäÝðÝêÝñàåð ßëêàñßðáàåêÝßßëîàÝêßáóåðäËÕÃï×ÍóåèèÝèóÝõïàáðáßðÝ éÝðáîåÝèéåïïðÝðáéáêðóäáêåðáôåïðïÏåïïðÝðáéáêðïßÝêÝîåïá âîëéâîÝñàëîáîîëîÝêàÝîáßëêïåàáîáàéÝðáîåÝèåâåêàåòåàñÝèèõ ëîåêðäáÝããîáãÝðáðäáõßëñèàîáÝïëêÝÞèõÞááôìáßðáàðë åêħñáêßáðäááßëêëéåßàáßåïåëêïëâñïáîïðÝçáêëêðäáÞÝïåï ëâðäáïáĦêÝêßåÝèïðÝðáéáêðï

ËîîáãñèÝîåðåáïåêßèñàåêãâîÝñàÝîáåêïðÝêßáïëâêëêßëéìèåÝêßá óåðäèÝóïÝêàîáãñèÝðåëêïÙáàáïåãêìîëßáàñîáïåêèåêáóåðäëñî îáïìëêïåÞåèåðåáïëñðèåêáàÝÞëòáðëàáðáßðéÝðáîåÝèéåïïðÝðáéáêðï åêîáïìáßðëâåîîáãñèÝîåðåáïåêßèñàåêãâîÝñàÖäááôðáêððëóäåßäëñî ìîëßáàñîáïÝîáßÝìÝÞèáëâàáðáßðåêãåîîáãñèÝîåðåáïåêßèñàåêã âîÝñàåïàáðÝåèáàÞáèëó

ÄÝïáàëêëñîñêàáîïðÝêàåêãëâðäáÉîëñìÝêàåêàñïðîõóá åàáêðåĦáàðäÝððäáìîåêßåìÝèîåïçïëâêëêßëéìèåÝêßáóåðäèÝóïÝêà îáãñèÝðåëêïîáèÝðáàðëåêßëéáÝêàëðäáîðÝôåêðáîêÝðåëêÝèðîÝàá îáïðîåßðåëêïäáÝèðäÝêàïÝâáðõáêòåîëêéáêðÝèÝêàÝêðåÞîåÞáîõ ÝêàóáßëêïåàáîáàðäááôðáêððëóäåßäêëêßëéìèåÝêßáéåãäð äÝòáÝéÝðáîåÝèáĪáßðëêðäáĦêÝêßåÝèïðÝðáéáêðïÙáÝèïë ßëêïåàáîáàðäëïáèÝóïÝêàîáãñèÝðåëêïðäÝðäÝòáÝàåîáßðåéìÝßð ëêðäáĦêÝêßåÝèïðÝðáéáêðïïñßäÝïðäáÅëéìÝêåáïÃßð" ÝêàÎåïðåêãÔñèáïëâðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõÈÅÃ ÙááòÝèñÝðáàéÝêÝãáéáêðĎïåêßáêðåòáïÝêàëììëîðñêåðåáïâëî âîÝñàñèáêðéÝêåìñèÝðåëêëâðäáĦêÝêßåÝèïðÝðáéáêðïåêßèñàåêãðäá îåïçëâëòáîîåàáëâßëêðîëèïÝêààáðáîéåêáàðäÝððäáìîåêßåìÝèîåïçï óáîáîáèÝðáàðëìëïðåêãåêÝììîëìîåÝðáæëñîêÝèáêðîåáïÝêà éÝêÝãáéáêðÞåÝïåêÝßßëñêðåêãáïðåéÝðáïÖäáÉîëñì áêãÝãáéáêððáÝéïäÝîáàðäåïîåïçÝïïáïïéáêðóåðäðäá ßëéìëêáêðÝñàåðëîïïëðäÝððäáõßëñèàåêßèñàáÝììîëìîåÝðá Ýñàåðìîëßáàñîáïåêîáïìëêïáðëïñßäîåïçïåêðäáåîóëîç ÃñàåðìîëßáàñîáïìáîâëîéáàÞõðäáÉîëñìáêãÝãáéáêððáÝé ÝêàëîßëéìëêáêðÝñàåðëîïåêßèñàáà

ÇêíñåîåáïëâÉîëñìÝêàèëßÝèéÝêÝãáéáêððäëïáßäÝîãáà óåðäãëòáîêÝêßáåêðáîêÝèÝñàåðÝêàðäáÉîëñìĎïèáãÝèßëñêïáè åêðáîêÝèÝêàóäáîáîáèáòÝêðáôðáîêÝèåêßèñàåêãßëêïåàáîÝðåëê ëâçêëóêëîïñïìáßðáàåêïðÝêßáïëâêëêßëéìèåÝêßáóåðäèÝóï ÝêàîáãñèÝðåëêïÝêàâîÝñà
×êàáîïðÝêàåêãÝêàáòÝèñÝðåëêëâðäáàáïåãêÝêà åéìèáéáêðÝðåëêëâéÝêÝãáéáêðĎïßëêðîëèïàáïåãêáàðë ìîáòáêðÝêààáðáßðåîîáãñèÝîåðåáïåêßèñàåêãßëéìèåÝêßá óäåïðèáÞèëóåêãÝîîÝêãáéáêðïÝêàðäáîáïñèðïëâ éÝêÝãáéáêðĎïåêòáïðåãÝðåëêëâïñßäéÝððáîï
ËêïìáßðåêãéÝêÝãáéáêðîáìëîðïÝêàÄëÝîàéåêñðáïåêîáèÝðåëê ðëäáÝèðäÝêàïÝâáðõÝêàëðäáîßëéìèåÝêßáéÝððáîï
ÔáÝàåêãÝêàÝïïáïïåêãçáõßëîîáïìëêàáêßáóåðäîáãñèÝðëîõ ÝñðäëîåðåáïåêßèñàåêãåêîáïìáßðëâñêßáîðÝåêðÝôìëïåðåëêï
ÖáïðåêãÝïïñéìðåëêïÝêàæñàãáéáêðïéÝàáÞõéÝêÝãáéáêð åêðäáåîßîåðåßÝèÝßßëñêðåêãáïðåéÝðáïåêìÝîðåßñèÝîîáèÝðåêã ðëåéìÝåîéáêðëâãëëàóåèèÉîëñììîëòåïåëêïâëîáôìëïñîáï ÎáãÝßõéÝððáîèÝóïñåðïÉîëñìÝêàåéìÝåîéáêðëâ åêòáïðéáêðåêïñÞïåàåÝîåáïÅëéìÝêõïááîáèÝðáàçáõÝñàåð éÝððáîïïáßðåëêëâðäåïîáìëîð
ËàáêðåâõåêãÝêàðáïðåêãæëñîêÝèáêðîåáïåêìÝîðåßñèÝîÝêõæëñîêÝè áêðîåáïìëïðáàóåðäñêñïñÝèÝßßëñêðßëéÞåêÝðåëêïåêßèñàåêã åêîáïìáßðëâæëñîêÝèïìëïðáàðëîáòáêñáÝêà
ÑÞðÝåêáàÝêñêàáîïðÝêàåêãëâðäáêÝðñîáëâÝêõðîÝàá îáïðîåßðåëêïÝêàëñîßëéìëêáêðÝñàåðëîïðáïðáàîáèáòÝêð ïñììëîðåêãáòåàáêßáðäÝðáôåïðïèëßÝèèõ

ÖäáîáÝîáåêäáîáêðèåéåðÝðåëêïåêðäáÝñàåðìîëßáàñîáïàáïßîåÞáà ÝÞëòáÙáÝîáèáïïèåçáèõðëÞáßëéáÝóÝîáëâåêïðÝêßáïëâ êëêßëéìèåÝêßáóåðäèÝóïÝêàîáãñèÝðåëêïðäÝðÝîáêëðßèëïáèõ îáèÝðáàðëáòáêðïÝêàðîÝêïÝßðåëêïîáħáßðáàåêðäáĦêÝêßåÝè ïðÝðáéáêðïÃèïëðäáîåïçëâêëðàáðáßðåêãÝéÝðáîåÝèéåïïðÝðáéáêð àñáðëâîÝñàåïäåãäáîðäÝêðäáîåïçëâêëðàáðáßðåêãëêáîáïñèðåêã âîëéáîîëîÝïâîÝñàéÝõåêòëèòáàáèåÞáîÝðáßëêßáÝèéáêðÞõ âëîáôÝéìèáâëîãáîõëîåêðáêðåëêÝèéåïîáìîáïáêðÝðåëêï ëîðäîëñãäßëèèñïåëê

ÑñîÝñàåððáïðåêãéåãäðåêßèñàáðáïðåêãßëéìèáðáìëìñèÝðåëêïëâ ßáîðÝåêðîÝêïÝßðåëêïÝêàÞÝèÝêßáïìëïïåÞèõñïåêãàÝðÝÝñàåðåêã ðáßäêåíñáïÊëóáòáîåððõìåßÝèèõåêòëèòáïïáèáßðåêãÝèåéåðáà êñéÞáîëâåðáéïâëîðáïðåêãîÝðäáîðäÝêðáïðåêãßëéìèáðá ìëìñèÝðåëêïÙáóåèèëâðáêïááçðëðÝîãáðìÝîðåßñèÝîåðáéïâëî ðáïðåêãÞÝïáàëêðäáåîïåöáëîîåïçßäÝîÝßðáîåïðåßïËêëðäáîßÝïáï óáóåèèñïáÝñàåðïÝéìèåêãðëáêÝÞèáñïðëàîÝóÝßëêßèñïåëê ÝÞëñððäáìëìñèÝðåëêâîëéóäåßäðäáïÝéìèáåïïáèáßðáà

ÃâñîðäáîàáïßîåìðåëêëâëñîîáïìëêïåÞåèåðåáïâëîðäáÝñàåð ëâðäáĦêÝêßåÝèïðÝðáéáêðïåïèëßÝðáàëêðäáÈÔÅĎïóáÞïåðáÝð óóóâîßëîãñçÝñàåðëîïîáïìëêïåÞåèåðåáïÖäåïàáïßîåìðåëêâëîéï ìÝîðëâëñîÝñàåðëîïĎîáìëîð

Use of this report

ÖäåïîáìëîðåêßèñàåêãðäáëìåêåëêïäÝïÞááêìîáìÝîáàâëîÝêà ëêèõâëîðäáÅëéìÝêõĎïéáéÞáîïÝïÝÞëàõåêÝßßëîàÝêßáóåðä ÅäÝìðáîëâÒÝîð"ëâðäáÅëéìÝêåáïÃßð"Ýêàâëîêëëðäáî ìñîìëïáÙáàëêëðåêãåòåêãðäáïáëìåêåëêïÝßßáìðëîÝïïñéá îáïìëêïåÞåèåðõâëîÝêõëðäáîìñîìëïáëîðëÝêõëðäáîìáîïëêðë óäëéðäåïîáìëîðåïïäëóêëîåêðëóäëïáäÝêàïåðéÝõßëéá ïÝòáóäáîááôìîáïïèõÝãîááàÞõëñîìîåëîßëêïáêðåêóîåðåêã

Other required reporting

Companies Act 2006 exception reporting

×êàáîðäáÅëéìÝêåáïÃßð"óáÝîáîáíñåîáàðëîáìëîððë õëñåâåêëñîëìåêåëê

óáäÝòáêëðëÞðÝåêáàÝèèðäáåêâëîéÝðåëêÝêàáôìèÝêÝðåëêï óáîáíñåîáâëîëñîÝñàåðëî
ÝàáíñÝðáÝßßëñêðåêãîáßëîàïäÝòáêëðÞááêçáìðÞõðäá ÅëéìÝêõëîîáðñîêïÝàáíñÝðáâëîëñîÝñàåðäÝòáêëðÞááê îáßáåòáàâîëéÞîÝêßäáïêëðòåïåðáàÞõñïëî
ßáîðÝåêàåïßèëïñîáïëâàåîáßðëîïĎîáéñêáîÝðåëêïìáßåĦáàÞõ èÝóÝîáêëðéÝàáëî
ðäáÅëéìÝêõĦêÝêßåÝèïðÝðáéáêðïÝêàðäáìÝîðëâðäá ÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîððëÞáÝñàåðáàÝîáêëðåê ÝãîááéáêðóåðäðäáÝßßëñêðåêãîáßëîàïÝêàîáðñîêï

ÙáäÝòáêëáôßáìðåëêïðëîáìëîðÝîåïåêãâîëéðäåïîáïìëêïåÞåèåðõ

Appointment

ÈëèèëóåêãðäáîáßëééáêàÝðåëêëâðäáÃñàåðÅëééåððáá óáóáîáÝììëåêðáàÞõðäáéáéÞáîïëêÏÝõ#ðëÝñàåððäá ĦêÝêßåÝèïðÝðáéáêðïâëîðäáõáÝîáêàáàÆáßáéÞáî#Ýêà ïñÞïáíñáêðĦêÝêßåÝèìáîåëàïÖäáìáîåëàëâðëðÝèñêåêðáîîñìðáà áêãÝãáéáêðåï"õáÝîïßëòáîåêãðäáõáÝîïáêàáàÆáßáéÞáî #ðëÆáßáéÞáî

Other matter

ËêàñáßëñîïáÝïîáíñåîáàÞõðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõ ÆåïßèëïñîáÉñåàÝêßáÝêàÖîÝêïìÝîáêßõÔñèá Ôðäáïá ĦêÝêßåÝèïðÝðáéáêðïóåèèâëîéìÝîðëâðäáÇÕÇÈìîáìÝîáàÝêêñÝè ĦêÝêßåÝèîáìëîðĦèáàëêðäáÐÝðåëêÝèÕðëîÝãáÏáßäÝêåïéëâ ðäáÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõåêÝßßëîàÝêßáóåðäðäáÇÕÇÈ ÔáãñèÝðëîõÖáßäêåßÝèÕðÝêàÝîàčÇÕÇÈÔÖÕĎÖäåïÝñàåðëîïĎîáìëîð ìîëòåàáïêëÝïïñîÝêßáëòáîóäáðäáîðäáÝêêñÝèĦêÝêßåÝèîáìëîð óåèèÞáìîáìÝîáàñïåêãðäáïåêãèááèáßðîëêåßâëîéÝðïìáßåĦáàåêðäá ÇÕÇÈÔÖÕ

Darryl Phillips (Senior Statutory Auditor)

âëîÝêàëêÞáäÝèâëâÒîåßáóÝðáîäëñïáÅëëìáîïÎÎÒ ÅäÝîðáîáàÃßßëñêðÝêðïÝêàÕðÝðñðëîõÃñàåðëîï Îëêàëê ÏÝîßä

Financial Statements

161 Group Income Statement
162 Group Statement of Comprehensive Income
163 Group Statement of Cash Flows
164 Group Balance Sheet
165 Group Statement of Changes in Equity
166 Notes to the Group Financial Statements
219 Company Balance Sheet
220 Company Statement of Changes in Equity
221 Notes to the Company Financial Statements
227 Five-Year Summary: Divisional Results from
Continuing Operations 228 Shareholder Information (Unaudited)
230 Glossary

We're responding to the increasing need for higher-quality steel

Our customers are focused on producing the higher-quality steel needed for automotive and power generation where the consistency of the finished steel is critical. We have a wide product and service offering designed to support the production of high-technology steel throughout our broad, global manufacturing base.

Name: Andrew Bukala Role: Quality Engineering Supervisor Location: Cleveland

Name: Trisha Nandi Role: S&OP Manager Location: Kolkata

Group Income Statement

For the year ended 31 December 2022

		2022			2021
	Notes	Headline performance1 £m	Separately reported items1 £m	Total £m	Headline performance1 £m	Separately reported items1 £m	Total £m
Revenue	4, 5	2,047.4	–	2,047.4	1,642.9	–	1,642.9
Manufacturing costs		(1,475.9)	–	(1,475.9)	(1,222.8)	–	(1,222.8)
Administration, selling and distribution costs		(344.3)	–	(344.3)	(277.7)	–	(277.7)
ÖîÝàåêãìîëĦð2	5	227.2	–	227.2	142.4	–	142.4
Amortisation of acquired intangible assets	16	–	(10.4)	(10.4)	–	(9.7)	(9.7)
ÑìáîÝðåêãìîëĦð	6	227.2	(10.4)	216.8	142.4	(9.7)	132.7
Finance expense		(20.8)	–	(20.8)	(13.7)	–	(13.7)
Finance income		9.4	–	9.4	7.3	–	7.3
ÐáðĦêÝêßáßëïðï	9	(11.4)	–	(11.4)	(6.4)	–	(6.4)
ÕäÝîáëâìëïðšðÝôìîëĦðëâæëåêðòáêðñîáï and associates	33	1.2	–	1.2	1.3	–	1.3
ÒîëĦðÞáâëîáðÝô		217.0	(10.4)	206.6	137.3	(9.7)	127.6
Income tax charge	10	(57.2)	39.1	(18.1)	(35.9)	16.2	(19.7)
ÒîëĦðÝâðáîðÝô		159.8	28.7	188.5	101.4	6.5	107.9
ÒîëĦðÝððîåÞñðÝÞèáðë
Owners of the Parent	11	152.4	28.7	181.1	95.6	6.5	102.1
Non-controlling interests		7.4	–	7.4	5.8	–	5.8
ÒîëĦðÝâðáîðÝô		159.8	28.7	188.5	101.4	6.5	107.9
Earnings per share – pence	11
Total operations – basic				67.2			37.7
– diluted				66.7			37.5

ÊáÝàèåêáìáîâëîéÝêßáÝêàÕáìÝîÝðáèõîáìëîðáàåðáéïÝîáêëêÉÃÃÒéáÝïñîáïÊáÝàèåêáìáîâëîéÝêßáåïàáĦêáàåêÐëðá ÝêàÕáìÝîÝðáèõîáìëîðáàåðáéïåï àáĦêáàåêÐëðá!

ÖîÝàåêãìîëĦðåïÝêëêÉÃÃÒéáÝïñîáÝêàåïàáĦêáàåêÐëðá

ÖäáÝÞëòáîáïñèðïóáîáàáîåòáàâîëéßëêðåêñåêãëìáîÝðåëêïÖäáìîáðÝôïáìÝîÝðáèõîáìëîðáàåðáéïóëñèàâëîéìÝîðëâ ÃàéåêåïðîÝðåëêïáèèåêãÝêààåïðîåÞñðåëêßëïðïåâßèÝïïåĦáàóåðäåêäáÝàèåêáìáîâëîéÝêßáóäåßäåêßèñàåêãðäáïáÝéëñêðïóëñèà total £354.7m (2021: £287.4m).

Group Statement of Comprehensive Income

For the year ended 31 December 2022

	Notes	2022 £m	2021 £m
ÒîëĦð		188.5	107.9
ËðáéïðäÝðóåèèêëðïñÞïáíñáêðèõÞáîáßèÝïïåĦáàðëËêßëéáÕðÝðáéáêð
ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïŸÝïïáðï	26.6	27.4	(80.6)
ËêßëéáðÝôîáèÝðåêãðëåðáéïêëðîáßèÝïïåĦáà	10.4	(8.2)	12.5
ËðáéïðäÝðéÝõïñÞïáíñáêðèõÞáîáßèÝïïåĦáàðëËêßëéáÕðÝðáéáêð
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâðäáêáðÝïïáðïëââëîáåãêëìáîÝðåëêï		96.7	(31.4)
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâêáðåêòáïðéáêðäáàãáï	23	(20.7)	14.4
Net change in costs of hedging		–	(1.2)
ÅäÝêãáåêðäáâÝåîòÝèñáëâðäáäáàãåêãåêïðîñéáêð		8.3	2.2
ÃéëñêðïîáßèÝïïåĦáàâîëéðäáËêßëéáÕðÝðáéáêð		(7.5)	(0.7)
Ñðäáîßëéìîáäáêïåòáåêßëé៝èëïïžêáðëâåêßëéáðÝô		96.0	(84.8)
Total comprehensive income		284.5	23.1
ÖëðÝèßëéìîáäáêïåòáåêßëéáÝððîåÞñðÝÞèáðë
Owners of the Parent		276.5	17.7
Non-controlling interests		8.0	5.4
Total comprehensive income		284.5	23.1

ÖäáÝÞëòáîáïñèðïóáîáàáîåòáàâîëéßëêðåêñåêãëìáîÝðåëêï

Group Statement of Cash Flows

For the year ended 31 December 2022

	Notes	2022 £m	2021 £m
ÅÝïäħëóïâîëéëìáîÝðåêãÝßðåòåðåáï
Cash generated from operations	12	268.3	82.9
Interest paid		(15.6)	(11.9)
Ëêðáîáïðîáßáåòáà		6.3	4.3
Income taxes paid		(47.9)	(30.1)
ÐáðßÝïäåêħëóâîëéëìáîÝðåêãÝßðåòåðåáï		211.1	45.2
ÅÝïäħëóïâîëéåêòáïðåêãÝßðåòåðåáï
Capital expenditure		(89.2)	(45.5)
Proceeds from the sale of property, plant and equipment		3.1	1.2
ÃßíñåïåðåëêëâïñÞïåàåÝîåáïÝêàæëåêðòáêðñîáïêáðëâßÝïäÝßíñåîáà	20	(3.5)	(43.7)
Æåòåàáêàïîáßáåòáàâîëéæëåêðòáêðñîáï		1.3	1.0
ÐáðßÝïäëñðħëóâîëéåêòáïðåêãÝßðåòåðåáï		(88.3)	(87.0)
ÐáðßÝïäåêħëóŸëñðħëóžÞáâëîáĦêÝêßåêãÝßðåòåðåáï		122.8	(41.8)
ÅÝïäħëóïâîëéĦêÝêßåêãÝßðåòåðåáï
Proceeds from borrowings	14	18.7	89.4
Repayment of borrowings	14	(55.7)	(31.4)
Purchase of ESOP shares	22	(6.9)	(1.1)
ÆåòåàáêàïìÝåàðëáíñåðõïäÝîáäëèàáîï	24	(58.1)	(55.5)
ÆåòåàáêàïìÝåàðëêëêšßëêðîëèèåêãïäÝîáäëèàáîï		(3.2)	(2.2)
ÐáðßÝïäëñðħëóâîëéĦêÝêßåêãÝßðåòåðåáï		(105.2)	(0.8)
ÐáðåêßîáÝï៝àáßîáÝïážåêßÝïäÝêàßÝïäáíñåòÝèáêðï	14	17.6	(42.6)
ÅÝïäÝêàßÝïäáíñåòÝèáêðïÝðÌÝêñÝîõ		162.4	206.8
ÇĪáßðëâáôßäÝêãáîÝðáħñßðñÝðåëêïëêßÝïäÝêàßÝïäáíñåòÝèáêðï	14	(0.2)	(1.8)
ÅÝïäÝêàßÝïäáíñåòÝèáêðïÝðÆáßáéÞáî	13	179.8	162.4
ÃèðáîêÝðåòáìáîâëîéÝêßáéáÝïñîáêëêšïðÝðñðëîõž
	Notes	2022 £m	2021 £m
ÈîááßÝïäħëó	4.11
ÐáðßÝïäåêħëóâîëéëìáîÝðåêãÝßðåòåðåáï		211.1	45.2
Capital expenditure		(89.2)	(45.5)
Proceeds from the sale of property, plant and equipment		3.1	1.2
Æåòåàáêàïîáßáåòáàâîëéæëåêðòáêðñîáï		1.3	1.0
ÆåòåàáêàïìÝåàðëêëêšßëêðîëèèåêãïäÝîáäëèàáîï		(3.2)	(2.2)
ÈîááßÝïäħëó	4.11	123.1	(0.3)

Group Balance Sheet

As at 31 December 2022

	Notes	2022 £m	2021 £m
Assets
Property, plant and equipment	15	417.6	352.5
Intangible assets	16	737.5	696.8
ÇéìèëõááÞáêáĦðï›ïñîìèñïáï	26	26.2	25.1
ËêðáîáïðïåêæëåêðòáêðñîáïÝêàÝïïëßåÝðáï	33	13.0	12.8
Ëêòáïðéáêðï		0.5	0.5
Deferred tax assets	10	110.6	104.2
ÑðäáîîáßáåòÝÞèáï	18	33.7	16.2
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	25	2.7	–
Total non-current assets		1,341.8	1,208.1
Cash and short-term deposits	13	184.2	169.1
Ëêòáêðëîåáï	19	316.0	299.4
ÖîÝàáÝêàëðäáîîáßáåòÝÞèáï	18	476.9	445.2
ËêßëéáðÝôîáßáåòÝÞèá	10	15.3	7.6
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	25	0.1	0.1
Total current assets		992.5	921.4
Total assets		2,334.3	2,129.5
Çíñåðõ
Issued share capital	21	27.8	27.8
Retained earnings	22	2,623.8	2,483.4
Ñðäáîîáïáîòáï	23	(1,391.4)	(1,467.6)
Equity attributable to the owners of the Parent		1,260.2	1,043.6
Non-controlling interests		59.4	54.6
ÖëðÝèáíñåðõ		1,319.6	1,098.2
ÎåÝÞåèåðåáï
Interest-bearing borrowings	25	327.2	329.9
ÇéìèëõááÞáêáĦðï›èåÝÞåèåðåáï	26	82.3	102.1
Other payables	28	13.8	11.6
Òîëòåïåëêï	30	49.3	32.6
Deferred tax liabilities	10	11.9	29.6
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	25	–	2.5
ÖëðÝèêëêšßñîîáêðèåÝÞåèåðåáï		484.5	508.3

Interest-bearing borrowings	25	114.7	113.8
Trade and other payables	28	378.4	372.9
Income tax payable	10	19.6	18.1
Òîëòåïåëêï	30	17.4	18.1
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	25	0.1	0.1
ÖëðÝèßñîîáêðèåÝÞåèåðåáï		530.2	523.0
ÖëðÝèèåÝÞåèåðåáï		1,014.7	1,031.3
ÖëðÝèáíñåðõÝêàèåÝÞåèåðåáï		2,334.3	2,129.5

Company number 8217766

ÖäáĦêÝêßåÝèïðÝðáéáêðïëêìÝãáï"ðë\$óáîáÝììîëòáàÝêàÝñðäëîåïáàâëîåïïñáÞõðäáÆåîáßðëîïëêÏÝîßäÝêàïåãêáàëê their behalf by:

Patrick André

ÅäåáâÇôáßñðåòá

ÉîëñìÕðÝðáéáêðëâÅäÝêãáïåêÇíñåðõ

For the year ended 31 December 2022

	Issued share capital £m	Other reserves £m	Retained earnings £m	Owners of the Parent £m	Non controlling interests £m	Total áíñåðõ £m
As at 1 January 2021	27.8	(1,451.3)	2,502.9	1,079.4	51.4	1,130.8
ÒîëĦð		–	102.1	102.1	5.8	107.9
ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïŸÝïïáðï	– –	–	(80.6)	(80.6)	–	(80.6)
ËêßëéáðÝôîáèÝðåêãðëåðáéïêëðîáßèÝïïåĦáà	–	–	12.5	12.5	–	12.5
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâðäáêáðÝïïáðï
of foreign operations	–	(31.0)	–	(31.0)	(0.4)	(31.4)
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâêáðåêòáïðéáêðäáàãáï	–	14.4	–	14.4	–	14.4
Net change in costs of hedging	–	(1.2)	–	(1.2)	–	(1.2)
ÅäÝêãáåêðäáâÝåîòÝèñáëâðäáäáàãåêãåêïðîñéáêð	–	2.2	–	2.2	–	2.2
ÃéëñêðïîáßèÝïïåĦáàâîëéðäáËêßëéáÕðÝðáéáêð	–	(0.7)	–	(0.7)	–	(0.7)
ËêßëéáðÝôîáèÝðåêãðëåðáéïðäÝðéÝõÞáîáßèÝïïåĦáà	–	–	–	–	–	–
ÑðäáîßëéìîáäáêïåòáèëïïžêáðëâåêßëéáðÝô	–	(16.3)	(68.1)	(84.4)	(0.4)	(84.8)
Total comprehensive income/(loss)	–	(16.3)	34.0	17.7	5.4	23.1
Recognition of share-based payments	–	–	3.1	3.1	–	3.1
Purchase of ESOP shares	–	–	(1.1)	(1.1)	–	(1.1)
ÆåòåàáêàïìÝåàÐëðá ž	–	–	(55.5)	(55.5)	(2.2)	(57.7)
Total transactions with owners	–	–	(53.5)	(53.5)	(2.2)	(55.7)
ÃïÝðÆáßáéÞáî	27.8	(1,467.6)	2,483.4	1,043.6	54.6	1,098.2

As at 1 January 2022	27.8	(1,467.6)	2,483.4	1,043.6	54.6	1,098.2
ÒîëĦð	–	–	181.1	181.1	7.4	188.5
ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïŸÝïïáðï	–	–	27.4	27.4	–	27.4
ËêßëéáðÝôîáèÝðåêãðëåðáéïêëðîáßèÝïïåĦáà	–	–	(8.2)	(8.2)	–	(8.2)
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâðäáêáðÝïïáðï
of foreign operations	–	96.1	–	96.1	0.6	96.7
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâêáðåêòáïðéáêðäáàãáï	–	(20.7)	–	(20.7)	–	(20.7)
Net change in costs of hedging	–	–	–	–	–	–
ÅäÝêãáåêðäáâÝåîòÝèñáëâðäáäáàãåêãåêïðîñéáêð	–	8.3	–	8.3	–	8.3
ÃéëñêðïîáßèÝïïåĦáàâîëéðäáËêßëéáÕðÝðáéáêð	–	(7.5)	–	(7.5)	–	(7.5)
ËêßëéáðÝôîáèÝðåêãðëåðáéïðäÝðéÝõÞáîáßèÝïïåĦáà	–	–	–	–	–	–
ÑðäáîßëéìîáäáêïåòáåêßëéáêáðëâåêßëéáðÝô	–	76.2	19.2	95.4	0.6	96.0
Total comprehensive income/(loss)		76.2	200.3	276.5	8.0	284.5
Recognition of share-based payments	–	–	5.1	5.1	–	5.1
Purchase of ESOP shares	–	–	(6.9)	(6.9)	–	(6.9)
ÆåòåàáêàïìÝåàÐëðá ž	–	–	(58.1)	(58.1)	(3.2)	(61.3)
Total transactions with owners		–	(59.9)	(59.9)	(3.2)	(63.1)
ÃïÝðÆáßáéÞáî	27.8	(1,391.4)	2,623.8	1,260.2	59.4	1,319.6

Notes to the Group Financial Statements continued Statements

1. General Information

Vesuvius plc ('Vesuvius' or 'the Company') is a public company limited by shares. It is incorporated and domiciled in England and Wales, United Kingdom, and listed on the London Stock Exchange. The nature of the operations and principal activities of the Company and its subsidiary and joint venture companies ('the Group') is set out in the Strategic Report on pages 1 to 85. ÖäáÝààîáïïëâåðïîáãåïðáîáàëĨßáåï"!ÈèááðÕðîááðÎëêàëêÇÅ ÃÃÇ

2. Basis of Preparation

2.1 Basis of accounting

ÖäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïäÝòáÞááêìîáìÝîáàåêÝßßëîàÝêßáóåðä×ÍÝàëìðáàåêðáîêÝðåëêÝèÝßßëñêðåêãïðÝêàÝîàïËÈÔÕ ÝêàóåðäðäáîáíñåîáéáêðïëâðäáÅëéìÝêåáïÃßð"ÝïÝììèåßÝÞèáðëßëéìÝêåáïîáìëîðåêãñêàáîðäëïáïðÝêàÝîàïÖäáĦêÝêßåÝè ïðÝðáéáêðïäÝòáÞááêìîáìÝîáàñêàáîðäáäåïðëîåßÝèßëïðßëêòáêðåëêóåðäðäááôßáìðåëêëââÝåîòÝèñáéáÝïñîáéáêðÝììèåáàðë àáĦêáàÞáêáĦðìáêïåëêìèÝêïåêòáïðéáêðïÝêààáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï

2.2 Basis of consolidation

ÖäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïåêßëîìëîÝðáðäáĦêÝêßåÝèïðÝðáéáêðïëâðäáÅëéìÝêõÝêàáêðåðåáïßëêðîëèèáààåîáßðèõÝêà åêàåîáßðèõÞõðäáÅëéìÝêõåðïčïñÞïåàåÝîåáïĎÅëêðîëèáôåïðïóäáêðäáÅëéìÝêõäÝïðäáìëóáîðëàåîáßððäáîáèáòÝêðÝßðåòåðåáïëâÝê áêðåðõðäÝðïåãêåĦßÝêðèõÝĪáßððäááêðåðõĎïîáðñîêïëÝïðëäÝòáîåãäðïðëðäáòÝîåÝÞèáîáðñîêâîëéåðïÝßðåòåðåáïËêÝïïáïïåêãóäáðäáî ßëêðîëèáôåïðïìëðáêðåÝèòëðåêãîåãäðïðäÝðÝîáßñîîáêðèõáôáîßåïÝÞèáÝîáðÝçáêåêðëÝßßëñêðÖäáîáïñèðïëâïñÞïåàåÝîåáïÝßíñåîáà ëîàåïìëïáàëâàñîåêãðäáõáÝîÝîáåêßèñàáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðâîëéðäááĪáßðåòáàÝðáëâÝßíñåïåðåëêëîñìðëðäá áĪáßðåòáàÝðáëâàåïìëïÝèÝïÝììîëìîåÝðá

ÖäáìîåêßåìÝèÝßßëñêðåêãìëèåßåáïÝììèåáàåêðäáìîáìÝîÝðåëêëâðäáïáÉîëñìĦêÝêßåÝèïðÝðáéáêðïÝîáïáðëñðåêðäáÐëðáï ÖäáïáìëèåßåáïäÝòáÞááêßëêïåïðáêðèõÝììèåáàðëÝèèëâðäáõáÝîïìîáïáêðáàñêèáïïëðäáîóåïáïðÝðáàÙäáîáêáßáïïÝîõÝàæñïðéáêðï ÝîáéÝàáðëðäáĦêÝêßåÝèïðÝðáéáêðïëâïñÞïåàåÝîåáïðëÞîåêãðäáåîÝßßëñêðåêãìëèåßåáïåêðëèåêáóåðäðäëïáàáðÝåèáàäáîáåêðëáêïñîá ðäÝððäáÉîëñìĦêÝêßåÝèïðÝðáéáêðïÝîáìîáìÝîáàëêÝßëêïåïðáêðÞÝïåïÃèèåêðîÝÉîëñìðîÝêïÝßðåëêïÞÝèÝêßáïåêßëéáÝêà expenses are eliminated on consolidation.

ÐëêßëêðîëèèåêãåêðáîáïðïåêðäáêáðÝïïáðïëâßëêïëèåàÝðáàïñÞïåàåÝîåáïÝîáåàáêðåĦáàïáìÝîÝðáèõâîëéðäáÉîëñìĎïåêðáîáïððäáîáåê ÐëêßëêðîëèèåêãåêðáîáïðïßëêïåïðëâðäáÝéëñêðëâðäëïáåêðáîáïðïÝððäáàÝðáëâðäáëîåãåêÝèÞñïåêáïïßëéÞåêÝðåëêðëãáðäáîóåðä ðäáêëêßëêðîëèèåêãåêðáîáïðïĎïäÝîáëâìîëĦðëîèëïïáÝßäßëéìëêáêðëâëðäáîßëéìîáäáêïåòáåêßëéáèáïïàåòåàáêàïìÝåàïåêßá ðäáàÝðáëâðäáßëéÞåêÝðåëêÖëðÝèßëéìîáäáêïåòáåêßëéáåïÝððîåÞñðáàðëðäáêëêßëêðîëèèåêãåêðáîáïðïáòáêåâðäåïîáïñèðïåêðäá êëêßëêðîëèèåêãåêðáîáïðïäÝòåêãÝàáĦßåðÞÝèÝêßá

2.3 Going concern

ÖäáÉîëñìĎïÝòÝåèÝÞèáßëééåððáàèåíñåàåðõïðëëàÝðy % éÝðõáÝîáêàñìâîëéy !"éÝðõáÝîáêàÝïÝîáïñèðëâ èëóáîÞëîîëóåêãïñêàáîðäáÉîëñìĎïßëééåððáàâÝßåèåðåáïÝêàÝêåêßîáÝïáåêîáßëîàáàßÝïäÞÝèÝêßáïÖäáÆåîáßðëîïäÝòáìîáìÝîáà ßÝïäħëóâëîáßÝïðïâëîðäáÉîëñìâëîðäáìáîåëàðëÌñêá ÖäáïáâëîáßÝïðïîáħáßðÝêÝïïáïïéáêðëâßñîîáêðÝêàâñðñîá áêàéÝîçáðßëêàåðåëêïóäåßäÝîááôìáßðáàðëÞáßäÝèèáêãåêãåêÝêàðëîáßëòáîðäáîáÝâðáîÝïïáðëñðåêðäáčëñðèëëçĎ ïðÝðáéáêðåêðäáÅäåáâÇôáßñðåòáĎïÕðîÝðáãåßÔáòåáóåêðäåïàëßñéáêðÝêàðäáåîåéìÝßðëêðäáÉîëñìĎïâñðñîáðîÝàåêãìáîâëîéÝêßá

ÖäáÆåîáßðëîïäÝòáÝèïëßëêïåàáîáàÝïáòáîáÞñðìèÝñïåÞèáàëóêïåàáïßáêÝîåëÞÝïáàëêÝêÝïïñéáàìîëðîÝßðáàÅÑØËÆ%îáèÝðáà àáéÝêàåéìÝßðàáïìåðááéáîãåêãßëêĦàáêßáðäÝððäáóëîïðëâðäáìÝêàáéåßéÝõÞáÞáäåêàñïÖäåïàëóêïåàáïßáêÝîåëÝïïñéáï

ÝàáßèåêáåêÞñïåêáïïÝßðåòåðõÝêàìîëĦðÝÞåèåðõåêÝêà ðëðäáèáòáèÝßäåáòáàåêÊðäáìáîåëàéëïðïáòáîáèõ åéìÝßðáàÞõÅÑØËÆ%
óëîçåêãßÝìåðÝèÝïÝìáîßáêðÝãáëâïÝèáïåêðäáàëóêïåàáßÝïáßëêïåïðáêðóåðäðäÝðåêðäáÞÝïáßÝïáÝêà
àåòåàáêàïêëðìÝåàåêðäáêîáåêïðÝðáà

ÑêÝâñèèõáÝîÞÝïåïîáèÝðåòáðëðäåïåéìèåáïÝYàáßèåêáåêïÝèáïÝêàÝß!#YàáßèåêáåêÖîÝàåêãÒîëĦð

ÖäáÉîëñìäÝïðóëßëòáêÝêðïêáðàáÞðÇÄËÖÆÃñêàáî!ôÝêàÝêåêðáîáïðßëòáîîáíñåîáéáêðëâÝðèáÝïð ôËêðäåïàëóêïåàá ïßáêÝîåëðäáâëîáßÝïðïïäëóðäÝððäáÉîëñìĎïéÝôåéñéêáðàáÞðÇÄËÖÆÃìîáËÈÔÕ"åêèåêáóåðäðäáßëòáêÝêðßÝèßñèÝðåëê àëáïêëðáôßááàôßëéìÝîáàðëÝèáòáîÝãáßëòáêÝêðëâ!ôÝêàðäáéåêåéñéåêðáîáïðßëòáîîáÝßäáàåï%ôßëéìÝîáàðëÝ ßëòáêÝêðéåêåéñéëâ ô

ÖäáâëîáßÝïðïïäëóðäÝððäáÉîëñìóåèèÞáÝÞèáðëëìáîÝðáóåðäåêðäáßñîîáêðßëééåððáààáÞðâÝßåèåðåáïÝêàïäëóßëêðåêñáà ßëéìèåÝêßáóåðäðäáÅëéìÝêõĎïĦêÝêßåÝèßëòáêÝêðïÑêðäáÞÝïåïëâðäááôáîßåïáàáïßîåÞáàÝÞëòáÝêàðäáÉîëñìĎïÝòÝåèÝÞèá ßëééåððáààáÞðâÝßåèåðåáïðäáÆåîáßðëîïßëêïåàáîðäÝððäáÉîëñìÝêàðäáÅëéìÝêõäÝòáÝàáíñÝðáîáïëñîßáïðëßëêðåêñáåê ëìáîÝðåëêÝèáôåïðáêßáâëîÝìáîåëàëâÝðèáÝïðéëêðäïâîëéðäáàÝðáëâïåãêåêãëâðäáïáĦêÝêßåÝèïðÝðáéáêðïÝêàðäÝððäáîáåï êëéÝðáîåÝèñêßáîðÝåêðõåêîáïìáßðëâãëåêãßëêßáîêÃßßëîàåêãèõðäáõßëêðåêñáðëÝàëìðÝãëåêãßëêßáîêÞÝïåïåêìîáìÝîåêãðäá ĦêÝêßåÝèïðÝðáéáêðïëâðäáÉîëñìÝêàðäáÅëéìÝêõ

2.4 Functional and presentation currency

ÖäáĦêÝêßåÝèïðÝðáéáêðïÝîáìîáïáêðáàåêéåèèåëêïëâìëñêàïïðáîèåêãóäåßäåïðäáâñêßðåëêÝèßñîîáêßõëâðäáÅëéìÝêõ ÝêàîëñêàáàðëëêáàáßåéÝèìèÝßáÈëîáåãêëìáîÝðåëêïÝîáåêßèñàáàåêÝßßëîàÝêßáóåðäðäáìëèåßåáïïáðëñðåêÐëðá!

2. Basis of Preparation continued

2.5 Disclosure of 'separately reported items'

Columnar presentation

The Group has adopted a columnar presentation for its Group Income Statement, to separately identify headline performance îáïñèðïÝïðäáÆåîáßðëîïßëêïåàáîðäÝððäåïãåòáïÝñïáâñèòåáóëâðäáßëîáîáïñèðïëâðäáëêãëåêãÞñïåêáïïÃïìÝîðëâðäåïìîáïáêðÝðåëê âëîéÝððäáÉîëñìäÝïÝàëìðáàÝìëèåßõëâàåïßèëïåêãïáìÝîÝðáèõëêðäáâÝßáëâåðïÉîëñìËêßëéáÕðÝðáéáêðóåðäåêðäáßëèñéê áêðåðèáàčÕáìÝîÝðáèõîáìëîðáàåðáéïĎðäááĪáßðëâÝêõßëéìëêáêðïëâĦêÝêßåÝèìáîâëîéÝêßáâëîóäåßäðäáÆåîáßðëîïßëêïåàáî ïáìÝîÝðáàåïßèëïñîáóëñèàÝïïåïðñïáîïÞëðäåêÝñïáâñèñêàáîïðÝêàåêãëâðäáĦêÝêßåÝèìáîâëîéÝêßáÝßäåáòáàâëîÝãåòáêõáÝîÝêà in making projections of future results.

Separately reported items

ÄëðäéÝðáîåÝèåðõÝêàðäáêÝðñîáëâðäáßëéìëêáêðïëâåêßëéáÝêàáôìáêïáÝîáßëêïåàáîáàåêàáßåàåêãñìëêïñßäìîáïáêðÝðåëê ÕñßäåðáéïéÝõåêßèñàáåêðáîÝèåÝðäáĦêÝêßåÝèáĪáßðëâáôßáìðåëêÝèåðáéïóäåßäëßßñîåêâîáíñáêðèõïñßäÝïéÝæëîîáïðîñßðñîåêã ÝßðåòåðõóäåßäéÝõîáíñåîáéëîáðäÝêëêáõáÝîðëßëéìèáðáïåãêåĦßÝêðéëòáéáêðåêðäáÉîëñìĎïàáâáîîáàðÝôÞÝèÝêßáïïñßäÝï that caused by the material recognition of previously unrecognised deferred tax assets, items reported separately for consistency, ïñßäÝïÝéëîðåïÝðåëêßäÝîãáïîáèÝðåêãðëÝßíñåîáàåêðÝêãåÞèáÝïïáðïìîëĦðïëîèëïïáïÝîåïåêãëêðäáàåïìëïÝèëâßëêðåêñåêãëî discontinued operations and the taxation impact of the aforementioned items reported separately.

The amortisation charge in respect of intangible assets recognised on business combinations is excluded from the trading results ëâðäáÉîëñìïåêßáðäáõÝîáêëêßÝïäßäÝîãáïÝêàÝîáêëðßëêïåàáîáàîáħáßðåòáëâðäáßëîáðîÝàåêãìáîâëîéÝêßáëâðäáÉîëñì

ËêåðïÝàëìðåëêëâðäåïìëèåßõðäáÅëéìÝêõÝììèåáïÝêáòáêäÝêàáàÝììîëÝßäðëÞëðäãÝåêïÝêàèëïïáïÝêàÝåéïðëÞáÞëðä consistent and clear in its accounting and disclosure of such items.

2.6 Consideration of climate change

ËêìîáìÝîåêãðäáĦêÝêßåÝèïðÝðáéáêðïóáäÝòáßëêïåàáîáàðäáåéìÝßðëâßèåéÝðáßäÝêãáìÝîðåßñèÝîèõåêðäáßëêðáôðëâðäá àåïßèëïñîáïåêßèñàáàåêðäáÕðîÝðáãåßÔáìëîððäåïõáÝîÖäáîáäÝïêëðÞááêÝéÝðáîåÝèåéìÝßðëêðäáĦêÝêßåÝèîáìëîðåêãæñàãáéáêðï ÝêàáïðåéÝðáïÝîåïåêãâîëéëñîßëêïåàáîÝðåëêïßëêïåïðáêðóåðäëñîÝïïáïïéáêððäÝðßèåéÝðáßäÝêãáåïêëðáôìáßðáàðëäÝòáÝ éáÝêåêãâñèåéìÝßðëêðäáòåÝÞåèåðõëâðäáÉîëñìåêðäáéáàåñéðáîéÕìáßåĦßÝèèõóáêëðáðäÝðóáäÝòáßëêïåàáîáàðäáåéìÝßð ëâßèåéÝðáßäÝêãáëêðäáßÝîîõåêãòÝèñáÝêàðäááïðåéÝðåëêëâñïáâñèèåòáïëâìîëìáîðõìèÝêðÝêàáíñåìéáêðïááÐëðá!Ýêà ãëëàóåèèÝêàåêðÝêãåÞèáïïááÐëðá"ÖäáåéìÝßðëâßèåéÝðáßäÝêãáëêåéìÝåîéáêðëâãëëàóåèèåïàåïßèëïáàåêÐëðá#

2.7 Changes in accounting policies

There have been no changes in accounting policies during the year.

2.8 New and revised IFRS

ÅáîðÝåêêáóÝßßëñêðåêãïðÝêàÝîàïÝêàåêðáîìîáðÝðåëêïäÝòáÞááêìñÞèåïäáàðäÝðÝîáêëðéÝêàÝðëîõâëîÆáßáéÞáî îáìëîðåêãìáîåëàïÝêàäÝòáêëðÞááêáÝîèõÝàëìðáàÞõðäáÉîëñìÖäáÉîëñìĎïÝïïáïïéáêðëâðäáåéìÝßðëâðäáïáêáóïðÝêàÝîàï ÝêàåêðáîìîáðÝðåëêïåïðäÝððäáõÝîáêëðáôìáßðáàðëäÝòáÝïåãêåĦßÝêðåéìÝßðëêðäáÉîëñìĎïĦêÝêßåÝèìëïåðåëêìáîâëîéÝêßá ßÝïäħëóïÝêààåïßèëïñîáï

Benchmark reform

ÖäáîáìèÝßáéáêðëâÎåÞëîóåðäÝèðáîêÝðåòáåêðáîáïðîÝðáÞáêßäéÝîçïåïêëóóáèèìîëãîáïïáàÝêàðäáÉîëñìäÝïîáòåáóáàðäáåéìÝßð ëâðäåïëêåðïĦêÝêßåÝèïðÝðáéáêðï

Öäáy\$!éßáêðîÝèÞÝêçâÝßåèåðõïåãêáàëê!ÌñèõìîëòåàáïâëîðäáñïáëâÕÑÐËÃÝêàÇ×ÔËÄÑÔâëîÉÄÒÝêàÇ×ÔàîÝóàëóêï îáïìáßðåòáèõ×ÕÆÎåÞëîîáéÝåêïíñëðáàñêðåèÌñêáÝîáìèÝßáéáêðîáâáîáêßáîÝðáâëî×ÕÆàîÝóàëóêïóåèèÞáÝãîááàÞõðäÝð àÝðáÝïìîëòåàáàâëîóåðäåêðäáðáîéïëâðäáâÝßåèåðõ

ÖäáÉîëñìĎï×ÕÒîåòÝðáÒèÝßáéáêðÐëðáïÞåèÝðáîÝèèëÝêÝãîááéáêðÝêàßîëïïßñîîáêßõåêðáîáïðîÝðáïóÝìïÝîáêëðáôìëïáàðë ÎåÞëîîÝðáïÝêàÝïÝîáïñèðÝîáñêÝĪáßðáàÞõðäáÞáêßäéÝîçîáâëîé

ÖäáÉîëñìßëêßèñàáïðäÝðÞáêßäéÝîçîáâëîéäÝïêëéÝðáîåÝèåéìÝßðëêåðïĦêÝêßåÝèïðÝðáéáêðïÖäáÉîëñìÝèïëßëêĦîéïåðäÝï made no changes to its risk management strategy as a result of benchmark reform.

ÊõìáîåêħÝðåëêÝîõÝßßëñêðåêãåêÖñîçáõ

ÖñîçáõÞáßÝéáÝäõìáîåêħÝðåëêÝîõáßëêëéõâîëéÃìîåèÝêàËÃÕ%čÈåêÝêßåÝèÔáìëîðåêãåêÊõìáîåêħÝðåëêÝîõÇßëêëéåáïĎåï áĪáßðåòáâëîìáîåëàïáêàåêãëêëîÝâðáîÌñêáÖäáÉîëñìëìáîÝðáïåêÖñîçáõðäîëñãäåðïïñÞïåàåÝîõØáïñòåñïËïðÝêÞñè ÕÝêÝõåòáÖåßÝîáðÃÕÙáäÝòáÝïïáïïáàðäáåéìÝßðëâÝììèõåêãäõìáîåêħÝðåëêÝîõÝßßëñêðåêãåêÖñîçáõÝêàåðóÝïêëðéÝðáîåÝè ïëÝïðëîáíñåîáÝêÝàæñïðéáêðâëîðäáõáÝîáêàáàÆáßáéÞáî

Notes to the Group Financial Statements continued

3. Critical Accounting Judgements and Estimates

ÆáðáîéåêåêãðäáßÝîîõåêãÝéëñêðëâïëéáÝïïáðïÝêàèåÝÞåèåðåáïÝêàÝéëñêðïîáßëãêåïáàÝïîáìëîðáàìîëĦðîáíñåîáïæñàãáéáêð ÝêàëîáïðåéÝðåëêëâðäááĪáßðëâñêßáîðÝåêâñðñîááòáêðïÖäáéÝæëîïëñîßáïëâæñàãáéáêðÝêàáïðåéÝðåëêñêßáîðÝåêðõðäÝðäÝòá ÝïåãêåĦßÝêðîåïçëâîáïñèðåêãåêÝéÝðáîåÝèÝàæñïðéáêððëðäáßÝîîõåêãÝéëñêðïëâÝïïáðïÝêàèåÝÞåèåðåáïÝêàÝéëñêðïîáßëãêåïáà ÝïîáìëîðáàìîëĦðÝîáêëðáàÞáèëóÃïìÝîðëâðäááòÝèñÝðåëêëâßîåðåßÝèÝßßëñêðåêãæñàãáéáêðïÝêàçáõïëñîßáïëâáïðåéÝðåëê ñêßáîðÝåêðõðäáÉîëñìäÝïßëêïåàáîáàðäáåéìèåßÝðåëêïëâßèåéÝðáßäÝêãáëêåðïëìáîÝðåëêïÝêàÝßðåòåðåáïÃèèëðäáîÝßßëñêðåêã ìëèåßåáïÝîáåêßèñàáàóåðäåêðäáîáïìáßðåòáÐëðáïðëðäáÈåêÝêßåÝèÕðÝðáéáêðï

3.1 Separately reported items (judgement)

ËêÝßßëîàÝêßáóåðäËÃÕðäáÉîëñìäÝïÝàëìðáàÝìëèåßõëâàåïßèëïåêãïáìÝîÝðáèõëêðäáâÝßáëâåðïÉîëñìËêßëéáÕðÝðáéáêð óåðäåêðäáßëèñéêáêðåðèáàčÕáìÝîÝðáèõîáìëîðáàåðáéïĎðäááĪáßðëâÝêõßëéìëêáêðïëâĦêÝêßåÝèìáîâëîéÝêßáâëîóäåßäðäá ÆåîáßðëîïßëêïåàáîïáìÝîÝðáàåïßèëïñîáóëñèàÝïïåïðÞëðäåêÝñïáâñèñêàáîïðÝêàåêãëâðäáĦêÝêßåÝèìáîâëîéÝêßáÝßäåáòáàâëîÝ ãåòáêõáÝîÝêàåêéÝçåêãìîëæáßðåëêïëââñðñîáîáïñèðïÄëðäéÝðáîåÝèåðõÝêàðäáêÝðñîáëâðäáßëéìëêáêðïëâåêßëéáÝêàáôìáêïá ÝîáßëêïåàáîáàåêàáßåàåêãñìëêïñßäìîáïáêðÝðåëêÕñßäåðáéïéÝõåêßèñàáåêðáîÝèåÝðäáĦêÝêßåÝèáĪáßðëâáôßáìðåëêÝèåðáéï óäåßäëßßñîåêâîáíñáêðèõïñßäÝïéÝæëîîáïðîñßðñîåêãÝßðåòåðõÝêàåðáéïîáìëîðáàïáìÝîÝðáèõâëîßëêïåïðáêßõïñßäÝïÝéëîðåïÝðåëê ßäÝîãáïîáèÝðåêãðëÝßíñåîáàåêðÝêãåÞèáÝïïáðïìîëĦðïëîèëïïáïÝîåïåêãëêðäáàåïìëïÝèëâßëêðåêñåêãëîàåïßëêðåêñáàëìáîÝðåëêï and the taxation impact of the aforementioned exceptional items and other items reported separately.

3.2 Deferred tax asset recognition (judgement and estimate)

ÖäáÆåîáßðëîïÝììèõæñàãáéáêðåêàáðáîéåêåêãóäáðäáîðáéìëîÝîõàåĪáîáêßáïåêßèñàåêãäåïðëîåßÝèðÝôèëïïáïïäëñèàÞá îáßëãêåïáàÝïàáâáîîáàðÝôÝïïáðïÖäáæñàãáéáêðßëêïåàáîïðäáâñðñîáìîëĦðÝÞåèåðõëâðäáîáèáòÝêðÞñïåêáïïáïâîëéÝììîëòáà ÞñàãáðïÝêàÞñïåêáïïìèÝêïÝêàÝêáôðîÝìëèÝðåëêâîëéðäáéÝïïñéåêãðäÝðìîëĦðïßëêðåêñáðëãîëóÝðÝîÝðáßëêïåïðáêðóåðäðäëïá ìèÝêïÖäáïáÞñïåêáïïìèÝêïåêßèñàáÝììîëìîåÝðáïáêïåðåòåðõÝêÝèõïåïóåðäâñîðäáîàáðÝåèïëâðäáëñðßëéáïåêßèñàáàåêÐëðáÝêà Ðëðá ÖäáÝòÝåèÝÞåèåðõëâðäáàáâáîîáàðÝôÝïïáðïâëîßÝîîõâëîóÝîàÝêàðäáêÝðñîáëâðäáðÝôÝÞèáåêßëéáÝãÝåêïðóäåßäðäëïá ÝïïáðïßÝêÞáëĪïáðÝîáÝèïëîáòåáóáàåêàáðÝåè

3.3 Operating segments for continuing operations (judgement)

ÖäáÉîëñìĎïëìáîÝðåêãïáãéáêðïÝîáàáðáîéåêáàðÝçåêãåêðëßëêïåàáîÝðåëêäëóðäáÉîëñìĎïßëéìëêáêðïÝîáîáìëîðáàðëðäá ÉîëñìĎïÅäåáâÇôáßñðåòáóäëéÝçáïðäáçáõëìáîÝðåêãàáßåïåëêïÝêàåïîáïìëêïåÞèáâëîÝèèëßÝðåêãîáïëñîßáïÝêàÝïïáïïåêã performance of the component. Taking into account the Group's management and internal reporting structure, the operating ïáãéáêðïÝîáÕðááèÈèëóÅëêðîëèÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÕðááèÕáêïëîïÒîëÞáïÝêàðäáÈëñêàîõÆåòåïåëêÖäáìîåêßåìÝè activities of each of these segments are described in the Strategic Report.

ÕðááèÈèëóÅëêðîëèÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÝêàÕðááèÕáêïëîïÒîëÞáïëìáîÝðåêãïáãéáêðïÝîáÝããîáãÝðáàåêðëðäá ÕðááèîáìëîðÝÞèáïáãéáêðËêàáðáîéåêåêãðäÝðÝããîáãÝðåëêåïÝììîëìîåÝðáæñàãáéáêðåïÝììèåáàóäåßäðÝçáïåêðëÝßßëñêððäá áßëêëéåßßäÝîÝßðáîåïðåßïëâðäáïáëìáîÝðåêãïáãéáêðïóäåßäåêßèñàáÝïåéåèÝîêÝðñîáëâìîëàñßðïßñïðëéáîïìîëàñßðåëê processes and margins.

ÇéìèëõááÞáêáĦðïáïðåéÝðá

ÖäáÉîëñìĎïĦêÝêßåÝèïðÝðáéáêðïåêßèñàáðäáßëïðïÝêàëÞèåãÝðåëêïÝïïëßåÝðáàóåðäðäáìîëòåïåëêëâìáêïåëêÝêàëðäáîìëïð îáðåîáéáêðÞáêáĦðïðëßñîîáêðÝêàâëîéáîáéìèëõááïËðåïðäáÆåîáßðëîïĎîáïìëêïåÞåèåðõðëïáððäáÝïïñéìðåëêïñïáàåêàáðáîéåêåêã ðäáçáõáèáéáêðïëâðäáßëïðïëâéááðåêãïñßäâñðñîáëÞèåãÝðåëêïÖäáïáÝïïñéìðåëêïÝîáïáðÝâðáîßëêïñèðÝðåëêóåðäðäáÉîëñìĎï ÝßðñÝîåáïÝêàåêßèñàáðäëïáñïáàðëàáðáîéåêáîáãñèÝîïáîòåßáßëïðïÝêàðäáĦêÝêßåêãáèáéáêðïîáèÝðáàðëðäáìèÝêïĎÝïïáðïÝêà èåÝÞåèåðåáïÙäåèïððäáÆåîáßðëîïÞáèåáòáðäÝððäáÝïïñéìðåëêïñïáàÝîáÝììîëìîåÝðáÝßäÝêãáåêðäáÝïïñéìðåëêïßëñèàÝĪáßððäá ÉîëñìĎïìîëĦðÝêàĦêÝêßåÝèìëïåðåëêÖäáìáêïåëêëÞèåãÝðåëêïÝîáéëïðïáêïåðåòáðëÝßäÝêãáåêðäáàåïßëñêðîÝðáÝêàðäáîáâëîá ßëñèàéÝðáîåÝèèõßäÝêãáåêðäáêáôðĦêÝêßåÝèõáÝîåâðäáàåïßëñêðîÝðáßäÝêãáïïåãêåĦßÝêðèõÕáêïåðåòåðõàåïßèëïñîáïÝîáåêßèñàáà åêÐëðá"

ÈëîðäááïðåéÝðáïÞáèëóðäáÉîëñìàëáïêëðäÝòáÝêõçáõÝïïñéìðåëêïßëêßáîêåêãðäáâñðñîáëîëðäáîçáõïëñîßáïëâáïðåéÝðåëê ñêßáîðÝåêðõåêðäáîáìëîðåêãìáîåëàðäÝðÝîáîáÝïëêÝÞèõáôìáßðáàðëäÝòáÝïåãêåĦßÝêðîåïçëâßÝñïåêãÝéÝðáîåÝèÝàæñïðéáêððëðäá ßÝîîõåêãÝéëñêðïëâÝïïáðïèåÝÞåèåðåáïóåðäåêðäáêáôðĦêÝêßåÝèõáÝîÐëêáðäáèáïïðäáïááïðåéÝðáïäÝòáðäáìëðáêðåÝèðëéÝðáîåÝèèõ vary over time and are therefore highlighted.

3.5 Impairment testing of goodwill (estimate)

ÆáðáîéåêåêãóäáðäáîãëëàóåèèåïåéìÝåîáàîáíñåîáïÝêáïðåéÝðåëêëâðäáîáßëòáîÝÞèáÝéëñêðóäåßäåïðäáäåãäáîëâØÝèñáåê×ïá ÝêàâÝåîòÝèñáèáïïßëïððëïáèèëâðäáßÝïäãáêáîÝðåêãñêåðïðëóäåßäðäáïáÝïïáðïäÝòáÞááêÝèèëßÝðáàÖäáØÝèñáåê×ïáßÝèßñèÝðåëê îáíñåîáïáïðåéÝðåëêëââñðñîáßÝïäħëóïáôìáßðáàðëÝîåïáâëîðäáßÝïäãáêáîÝðåêãñêåððäáïáèáßðåëêëâïñåðÝÞèáàåïßëñêðîÝðáïÝêà ðäááïðåéÝðåëêëâèëêãðáîéãîëóðäîÝðáïÃïàáðáîéåêåêãïñßäÝïïñéìðåëêïåïåêäáîáêðèõñêßáîðÝåêÝêàïñÞæáßððëâñðñîáâÝßðëîï ðäáîáåïðäáìëðáêðåÝèðäáïáéÝõàåĪáîåêïñÞïáíñáêðìáîåëàïÝêàðäáîáâëîáéÝðáîåÝèèõßäÝêãáðäáßëêßèñïåëêïîáÝßäáàËêèåãäðëâ ðäåïßëêïåàáîÝðåëêåïéÝàááÝßäõáÝîÝïðëóäáðäáîïáêïåðåòåðõàåïßèëïñîáïÝîáîáíñåîáàâëîîáÝïëêÝÞèõìëïïåÞèáßäÝêãáïðë ÝïïñéìðåëêïÕáêïåðåòåðõàåïßèëïñîáïÝîáåêßèñàáàåêÐëðá#

3. Critical Accounting Judgements and Estimates continued

3.6 Provisions (judgement and estimate)

Vesuvius has extensive international operations and is subject to various legal and regulatory regimes, including those covering ðÝôÝðåëêÝêàáêòåîëêéáêðÝèéÝððáîïÕëéáëâðäáÉîëñìĎïïñÞïåàåÝîåáïÝîáìÝîðåáïðëèáãÝßõéÝððáîÝêàëðäáîèÝóïñåðïßáîðÝåê ëâóäåßäÝîáåêïñîáàßèÝåéïóäåßääÝòáÝîåïáêåêðäáëîàåêÝîõßëñîïáëâðäáëìáîÝðåëêïëâðäáßëéìÝêõåêòëèòáàÕëéáëâðäáïá ìîëòåïåëêïîáèÝðáðëÞñïåêáïïáïðäÝðÝîáßèëïáàëîäÝòáÞááêàåïìëïáàëâÒîëòåïåëêïÝîáéÝàáâëîðäááôìáßðáàÝéëñêðïìÝõÝÞèáåê îáïìáßðëâçêëóêëîìîëÞÝÞèáßëïðïîáïñèðåêãÞëðäâîëéðäáïáðäåîàìÝîðõèÝóïñåðïëîëðäáîîáãñèÝðëîõîáíñåîáéáêðïÖëðäááôðáêð insurance is in place, an asset is recognised in other receivables in respect of associated insurance reimbursements.

ÃïðäáîáïëèñðåëêëâéÝêõëâðäáìëðáêðåÝèëÞèåãÝðåëêïâëîóäåßäìîëòåïåëêåïéÝàáåïïñÞæáßððëèáãÝèëîëðäáîîáãñèÝðëîõìîëßáïï åðîáíñåîáïáïðåéÝðåëêëâðäáðåéåêãíñÝêðñéÝêàÝéëñêðëâÝïïëßåÝðáàëñðħëóïóäåßäÝîáïñÞæáßððëïëéáñêßáîðÝåêðõÖäá ÆåîáßðëîïñïáðäáåîæñàãáéáêðñïåêãäåïðëîåßÝèáòåàáêßáßñîîáêðåêâëîéÝðåëêÝêàáôìáîðáôìáîåáêßáðëàáðáîéåêáóäáðäáîðë îáßëãêåïáÝìîëòåïåëêÝêàéÝçáÝììîëìîåÝðááïðåéÝðáïëâìîëòåïåëêïåêðäáĦêÝêßåÝèïðÝðáéáêðïâëîÝéëñêðïîáèÝðåêãðëïñßä éÝððáîïÃïïëßåÝðáàÝïïáðïâëîåêïñîÝêßáîáßëòáîÝÞèáÝîáîáßëãêåïáàóäåßäåêòëèòáïÝïïáïïåêãðäáèåçáèåäëëàëâåêïñîÝêßáÞáåêã ìÝåàóäåßäåïÝßîåðåßÝèæñàãáéáêðÖäáÆåîáßðëîïäÝòáßëêïåàáîáàðäáÝòÝåèÝÞèáßëòáîÝêàðäáäåïðëîåßÝèáòåàáêßáðëàáðáîéåêá óäáðäáîðäåïåïòåîðñÝèèõßáîðÝåêÇïðåéÝðåêãðäáÝéëñêðëâìîëòåïåëêïÝêàåêïñîÝêßáîáßáåòÝÞèáåïïñÞæáßððëáïðåéÝðåëêñêßáîðÝåêðõ ÕááÐëðáâëîâñîðäáîåêâëîéÝðåëê

4. Alternative Performance Measures

ÖäáÅëéìÝêõñïáïÝêñéÞáîëâÝèðáîêÝðåòáìáîâëîéÝêßáéáÝïñîáïÃÒÏïåêÝààåðåëêðëðäëïáîáìëîðáàåêÝßßëîàÝêßáóåðä ËÈÔÕÖäáÆåîáßðëîïÞáèåáòáðäÝððäáïáÃÒÏïèåïðáàÞáèëóÝîáåéìëîðÝêðóäáêÝïïáïïåêãðäáñêàáîèõåêãĦêÝêßåÝèÝêàëìáîÝðåêã ìáîâëîéÝêßáëâðäáÉîëñìÝêàåðïàåòåïåëêïìîëòåàåêãéÝêÝãáéáêðóåðäçáõåêïåãäðïÝêàéáðîåßïåêïñììëîðëâðäáëêãëåêã éÝêÝãáéáêðëâðäáÉîëñìĎïìáîâëîéÝêßáÝêàßÝïäħëóÃêñéÞáîëâðäáïáÝèåãêóåðäÍáõÒáîâëîéÝêßáËêàåßÝðëîïÍÒËïÝêà ëðäáîçáõéáðîåßïñïáàåêðäáÞñïåêáïïÝêàðäáîáâëîáÝîáßëêïåàáîáàñïáâñèðëÝèïëàåïßèëïáðëðäáñïáîïëâðäáĦêÝêßåÝèïðÝðáéáêðï ÖäáâëèèëóåêãÃÒÏïàëêëðäÝòáÝïðÝêàÝîààáĦêåðåëêìîáïßîåÞáàÞõËÈÔÕÝêàðäáîáâëîáéÝõêëðÞáàåîáßðèõßëéìÝîÝÞèáóåðä similar measures presented by other companies.

4.1 Headline performance

ÊáÝàèåêáìáîâëîéÝêßáîáìëîðáàïáìÝîÝðáèõëêðäáâÝßáëâðäáÉîëñìËêßëéáÕðÝðáéáêðåïâîëéßëêðåêñåêãëìáîÝðåëêïÝêàÞáâëîá items reported separately on the face of the Group Income Statement.

×êàáîèõåêãîáòáêñáñêàáîèõåêãðîÝàåêãìîëĦðÝêàñêàáîèõåêãîáðñîêëêïÝèáï

×êàáîèõåêãîáòáêñáñêàáîèõåêãðîÝàåêãìîëĦðÝêàñêàáîèõåêãîáðñîêëêïÝèáïÝîáðäáäáÝàèåêááíñåòÝèáêðïëâðäáïáéáÝïñîáï ÝâðáîÝàæñïðéáêðïðëáôßèñàáðäááĪáßðïëâßäÝêãáïåêáôßäÝêãáîÝðáïÞñïåêáïïÝßíñåïåðåëêïÝêààåïìëïÝèïÔáßëêßåèåÝðåëêïëâ ñêàáîèõåêãîáòáêñáÝêàñêàáîèõåêãðîÝàåêãìîëĦðßÝêÞáâëñêàåêðäáÈåêÝêßåÝèîáòåáó×êàáîèõåêãîáòáêñáãîëóðäåïëêáëâ ðäáÉîëñìĎïÍÒËïÝêàìîëòåàáïÝêåéìëîðÝêðéáÝïñîáëâëîãÝêåßãîëóðäëâÉîëñìÞñïåêáïïáïÞáðóááêîáìëîðåêãìáîåëàïÞõ áèåéåêÝðåêãðäáåéìÝßðëâáôßäÝêãáîÝðáïÝßíñåïåðåëêïÝêààåïìëïÝèï

4.3 Return on sales (ROS)

ÔÑÕåïßÝèßñèÝðáàÝïðîÝàåêãìîëĦðàåòåàáàÞõîáòáêñáËðåïëêáëâðäáÉîëñìĎïÍÒËïÝêàåïñïáàðëÝïïáïïðäáðîÝàåêãìáîâëîéÝêßáëâ ÉîëñìÞñïåêáïïáïÔÑÕåïàåïßèëïáàåêÐëðá!

ÖîÝàåêãìîëĦðÝàæñïðáàÇÄËÖÃ

ÖîÝàåêãìîëĦðÝàæñïðáàÇÄËÖÃåïàáĦêáàÝïëìáîÝðåêãìîëĦðÞáâëîáïáìÝîÝðáèõîáìëîðáàåðáéïËðåïëêáëâðäáÉîëñìĎïÍÒËïÝêàåï ñïáàðëÝïïáïïðäáðîÝàåêãìáîâëîéÝêßáëâÉîëñìÞñïåêáïïáïËðåïÝèïëñïáàÝïëêáëâðäáðÝîãáðïÝãÝåêïðóäåßäðäáÝêêñÝèÞëêñïáï of certain employees are measured.

! ÊáÝàèåêáìîëĦðÞáâëîáðÝô

ÊáÝàèåêáìîëĦðÞáâëîáðÝôîáìëîðáàïáìÝîÝðáèõëêðäáâÝßáëâðäáÉîëñìËêßëéáÕðÝðáéáêðåïßÝèßñèÝðáàÝïðäáêáððëðÝèëâðîÝàåêã ìîëĦðìèñïðäáÉîëñìĎïïäÝîáëâìëïððÝôìîëĦðëâæëåêðòáêðñîáïÝêàðëðÝèêáðĦêÝêßáßëïðïÝïïëßåÝðáàóåðääáÝàèåêáìáîâëîéÝêßá ËðåïëêáëâðäáÉîëñìĎïÍÒËïÝêàåïñïáàðëÝïïáïïðäáĦêÝêßåÝèìáîâëîéÝêßáëâðäáÉîëñìÝïÝóäëèá

" ÊáÝàèåêááĪáßðåòáðÝôîÝðáÇÖÔ

ÖäáÉîëñìĎïäáÝàèåêáÇÖÔåïßÝèßñèÝðáàëêðäáåêßëéáðÝôßëïðïÝïïëßåÝðáàóåðääáÝàèåêáìáîâëîéÝêßáàåòåàáàÞõäáÝàèåêáìîëĦð ÞáâëîáðÝôÝêàÞáâëîáðäáÉîëñìĎïïäÝîáëâìëïððÝôìîëĦðëâæëåêðòáêðñîáïÝêàÝïïëßåÝðáï

4.7 Headline earnings

ÊáÝàèåêááÝîêåêãïåïìîëĦðÝâðáîðÝôÞáâëîáïáìÝîÝðáèõîáìëîðáàåðáéïÝððîåÞñðÝÞèáðëëóêáîïëâðäáÒÝîáêð

Notes to the Group Financial Statements continued

4. Alternative Performance Measures continued

4.8 Headline earnings per share

ÊáÝàèåêááÝîêåêãïìáîïäÝîáåïßÝèßñèÝðáàÞõàåòåàåêãäáÝàèåêáìîëĦðÞáâëîáðÝôèáïïÝïïëßåÝðáàåêßëéáðÝôßëïðïÝððîåÞñðÝÞèá ðëëóêáîïëâðäáÒÝîáêðÞõðäáóáåãäðáàÝòáîÝãáêñéÞáîëâëîàåêÝîõïäÝîáïåêåïïñáàñîåêãðäáõáÝîËðåïëêáëâðäáÉîëñìĎïÍÒËï ÝêàåïñïáàðëÝïïáïïðäááÝîêåêãïìáîâëîéÝêßáëâðäáÉîëñìÝïÝóäëèáËðåïÝèïëñïáàÝïëêáëâðäáðÝîãáðïÝãÝåêïðóäåßäðäá ÝêêñÝèÞëêñïáïëâßáîðÝåêáéìèëõááïÝîáéáÝïñîáàÊáÝàèåêááÝîêåêãïìáîïäÝîáåïàåïßèëïáàåêÐëðá

% ÃàæñïðáàëìáîÝðåêãßÝïäħëó

ÃàæñïðáàëìáîÝðåêãßÝïäħëóåïßÝïäãáêáîÝðáàâîëéëìáîÝðåëêïÞáâëîáîáïðîñßðñîåêãÝêàòÝßÝêðïåðáîáéáàåÝðåëêßëïðïÞñðÝâðáî deducting capital expenditure net of asset disposals. It is used in calculating the Group's cash conversion. In the prior year, net îáðåîáéáêðÞáêáĦðëÞèåãÝðåëêïóáîáÝààáàÞÝßçåêðäåïßÝèßñèÝðåëêðäåïäÝïÞááêàåïßëêðåêñáàÝïðäáéÝêÝãáéáêðÞáèåáòáïðäÝð ðäáïáîáìîáïáêðßëîáßÝïäħëóïëâðäáÉîëñì

Ðëðáï	2022 £m	yé
Cash generated from operations	268.3	\$%
ÃààÑñðħëóïîáèÝðåêãðëîáïðîñßðñîåêãßäÝîãáï	1.5
ÎáïïÅÝìåðÝèáôìáêàåðñîá	(89.2)	!!ž
ÃààØÝßÝêðïåðáîáéáàåÝðåëêßëïðï	1.8
ÃààÒîëßááàïâîëéðäáïÝèáëâìîëìáîðõìèÝêðÝêàáíñåìéáêð	3.1
ÃàæñïðáàëìáîÝðåêãßÝïäħëó	185.5	!"
ÖîÝàåêãìîëĦð	227.2
Cash conversion	82%	Y

4.10 Cash conversion

ÅÝïäßëêòáîïåëêåïßÝèßñèÝðáàÝïÝàæñïðáàëìáîÝðåêãßÝïäħëóâîëéßëêðåêñåêãëìáîÝðåëêïàåòåàáàÞõðîÝàåêãìîëĦðËðåïñïáâñèâëî éáÝïñîåêãðäáîÝðáÝðóäåßäßÝïäåïãáêáîÝðáàâîëéðîÝàåêãìîëĦðËðåïÝèïëñïáàÝïëêáëâðäáðÝîãáðïÝãÝåêïðóäåßäðäáÝêêñÝè ÞëêñïáïëâßáîðÝåêáéìèëõááïÝîáéáÝïñîáàÖäáßÝèßñèÝðåëêëâßÝïäßëêòáîïåëêåïàáðÝåèáàåêÐëðá %ÝÞëòá

ÈîááßÝïäħëó

ÈîááßÝïäħëóåïàáĦêáàÝïêáðßÝïäħëóâîëéëìáîÝðåêãÝßðåòåðåáïÝâðáîêáðëñðèÝõïâëîðäáìñîßäÝïáÝêàïÝèáëâìîëìáîðõìèÝêð ÝêàáíñåìéáêðàåòåàáêàïâîëéæëåêðòáêðñîáïÝêààåòåàáêàïìÝåàðëêëêßëêðîëèèåêãïäÝîáäëèàáîïËðåïëêáëâðäáÉîëñìĎïÍÒËïÝêà is used to assess the underlying cash generation of the Group and is one of the measures used in monitoring the Group's capital. ÃîáßëêßåèåÝðåëêëââîááßÝïäħëóåïåêßèñàáàñêàáîêáÝðäðäáÉîëñìÕðÝðáéáêðëâÅÝïäÈèëóï

4.12 Average trade working capital to sales ratio

ÖäáÝòáîÝãáðîÝàáóëîçåêãßÝìåðÝèðëïÝèáïîÝðåëåïßÝèßñèÝðáàÝïðäáìáîßáêðÝãáëâÝòáîÝãáðîÝàáóëîçåêãßÝìåðÝèÞÝèÝêßáïðë ðäáðëðÝèîáòáêñáâëîðäáìîáòåëñïéëêðäïÝðßëêïðÝêðßñîîáêßõÃòáîÝãáðîÝàáóëîçåêãßÝìåðÝèßëéìîåïåêãåêòáêðëîåáïðîÝàá îáßáåòÝÞèáïÝêàðîÝàáìÝõÝÞèáïåïßÝèßñèÝðáàÝïðäáÝòáîÝãáëâðäáìîáòåëñïéëêðäáêàÞÝèÝêßáïËðåïëêáëâðäáÉîëñìĎïÍÒËï ÝêàåïñïáâñèâëîéáÝïñîåêãðäáèáòáèëâóëîçåêãßÝìåðÝèñïáàåêðäáÞñïåêáïïÝêàåïëêáëâðäáéáÝïñîáïñïáàåêéëêåðëîåêãðäá Group's capital.

2022 £m	yé
487.3 ÃòáîÝãáðîÝàáóëîçåêãßÝìåðÝè
Total revenue 2,047.4	" %
23.8% ÃòáîÝãáðîÝàáóëîçåêãßÝìåðÝèðëïÝèáïîÝðåë	%Y

ÃàæñïðáàáÝîêåêãïÞáâëîáåêðáîáïððÝôàáìîáßåÝðåëêÝêàÝéëîðåïÝðåëêÝàæñïðáàÇÄËÖÆÃ

ÃàæñïðáàÇÄËÖÆÃåïßÝèßñèÝðáàÝïðäáðëðÝèëâðîÝàåêãìîëĦðÞáâëîáàáìîáßåÝðåëêÝêàÝéëîðåïÝðåëêëâêëêÝßíñåîáàåêðÝêãåÞèá ÝïïáðïËðåïñïáàåêðäáßÝèßñèÝðåëêëâðäáÉîëñìĎïåêðáîáïðßëòáîÝêàêáðàáÞððëÝàæñïðáàÇÄËÖÆÃîÝðåëïÃîáßëêßåèåÝðåëêëâÝàæñïðáà ÇÄËÖÆÃåïåêßèñàáàåêÐëðá!

4. Alternative Performance Measures continued

4.14 Net interest payable on borrowings

ÐáðåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãïåïßÝèßñèÝðáàÝïðëðÝèåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãïèáïïĦêÝêßáåêßëéááôßèñàåêãåêðáîáïðëê êáðîáðåîáéáêðÞáêáĦðëÞèåãÝðåëêïÝàæñïðéáêðïðëàåïßëñêðïÝêàÝêõåðáéïáìÝîÝðáèõîáìëîðáàËðåïñïáàåêðäáßÝèßñèÝðåëêëâðäá Group's interest cover ratio.

Ðëðáï	2022 £m	yé
ÖëðÝèåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãï %	18.3
ÈåêÝêßáåêßëéá %	(8.8)	"#ž
ÐáðåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãï	9.5	"

4.15 Interest cover

ËêðáîáïðßëòáîåïðäáîÝðåëëâÝàæñïðáàÇÄËÖÆÃâëîðäáèÝïðéëêðäïðëêáðåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãïâëîðäáèÝïðéëêðäï ËðåïëêáëâðäáÉîëñìĎïÍÒËïÝêàåïñïáàðëÝïïáïïðäáĦêÝêßåÝèìëïåðåëêëâðäáÉîëñìÝêàåðïÝÞåèåðõðëâñêàâñðñîáãîëóðä

Ðëðáï	2022 £m	yé
5 ÃàæñïðáàÇÄËÖÆÃ	282.7	%
ÐáðåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãï	9.5	"
Interest cover	29.8x	!ô

4.16 Net debt

ÐáðàáÞðßëéìîåïáïðäáêáððëðÝèëâßñîîáêðÝêàêëêßñîîáêðåêðáîáïðÞáÝîåêãÞëîîëóåêãïåêßèñàåêãËÈÔÕ"èáÝïáèåÝÞåèåðåáï ßÝïäÝêàïäëîððáîéàáìëïåðïÝêààáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðïÐáðàáÞðåïÝéáÝïñîáëâðäáÉîëñìĎïêáðåêàáÞðáàêáïïðë ÞÝêçïÝêàëðäáîáôðáîêÝèĦêÝêßåÝèåêïðåðñðåëêïÃîáßëêßåèåÝðåëêëâðäáéëòáéáêðåêêáðàáÞðåïåêßèñàáàåêÐëðá

# ÐáðàáÞððëÝàæñïðáàÇÄËÖÆÃ

ÐáðàáÞððëÝàæñïðáàÇÄËÖÆÃåïðäáîÝðåëëâêáðàáÞðÝððäáõáÝîáêàðëÝàæñïðáàÇÄËÖÆÃâëîðäÝðõáÝîËðåïëêáëâðäáÉîëñìĎïÍÒËï ÝêàåïñïáàðëÝïïáïïðäáĦêÝêßåÝèìëïåðåëêëâðäáÉîëñìÝêàåðïÝÞåèåðõðëâñêàâñðñîáãîëóðäÝêàåïëêáëâðäáéáÝïñîáïñïáàåê monitoring the Group's capital.

Ðëðáï	2022 £m	yé
ÐáðàáÞð	255.0	##
5 ÃàæñïðáàÇÄËÖÆÃ	282.7	%
ÐáðàáÞððëÝàæñïðáàÇÄËÖÆÃ	0.9x	ô

4.18 Return on invested capital (ROIC)

ÖäáÉîëñìäÝïÝàëìðáàÔÑËÅÝïåðïçáõéáÝïñîáëâîáðñîêâîëéðäáÉîëñìĎïåêòáïðáàßÝìåðÝèÖäáÔÑÐÃìáîâëîéÝêßáéáÝïñîá äÝïÞááêîáìèÝßáàóåðäÔÑËÅóäåßäìîëòåàáïÝéëîáßëéìèáðáéáÝïñîáëâØáïñòåñïĎîáðñîêïÔÑËÅåïßÝèßñèÝðáàÝïðîÝàåêãìîëĦð èáïïÝéëîðåïÝðåëêëâÝßíñåîáàåêðÝêãåÞèáïìèñïïäÝîáëâìëïððÝôìîëĦðëâæëåêðòáêðñîáïÝêàÝïïëßåÝðáïâëîðäáìîáòåëñïéëêðäï ÝâðáîðÝôàåòåàáàÞõðäáÝòáîÝãáÞáåêãðäáÝòáîÝãáëâðäáëìáêåêãÝêàßèëïåêãÞÝèÝêßáïäááðåêòáïðáàßÝìåðÝèàáĦêáàÝïðëðÝè ÝïïáðïáôßèñàåêãßÝïäìèñïêëêåêðáîáïðÞáÝîåêãèåÝÞåèåðåáïÝððäáÝòáîÝãáâëîáåãêáôßäÝêãáîÝðáâëîðäáõáÝî

yé
%

%#ž

!ž
%\$%
#!Y

Notes to the Group Financial Statements continued

4. Alternative Performance Measures continued

4.19 Constant currency

ÈåãñîáïìîáïáêðáàÝðßëêïðÝêðßñîîáêßõîáìîáïáêðÝéëñêðïîáðîÝêïèÝðáàÝðÝòáîÝãááôßäÝêãáîÝðáï

4.20 Liquidity

ÎåíñåàåðõåïðäáÉîëñìĎïßÝïäÝêàïäëîððáîéàáìëïåðïìèñïñêàîÝóêßëééåððáààáÞðâÝßåèåðåáïèáïïßÝïäñïáàÝïßëèèÝðáîÝèëêèëÝêï and any gross up of cash in notional cash pools.

2022 £m	yé
Cash 184.2	"%
322.5 ×êàîÝóêßëééåððáààáÞðâÝßåèåðåáï	\$
Cash used as collateral on loans (13.0)	ž
Gross up of cash in notional pools (0.1)	!ž
493.6 Îåíñåàåðõ	!!#

ÎÝïððóáèòáéëêðäïÎÖÏ

ÕëéáîáïñèðïÝîáìîáïáêðáàëîßÝèßñèÝðáàñïåêãàÝðÝâîëéðäáèÝïðéëêðäïâîëéðäáîáâáîáêßáàÝðá

5. Segment Information

ÖäáïáãéáêðåêâëîéÝðåëêßëêðÝåêáàåêðäåïÐëðáîáâáîïðëïáòáîÝèÝèðáîêÝðåòáìáîâëîéÝêßáéáÝïñîáïàáĦêåðåëêïëâóäåßäßÝê ÞáâëñêàåêÐëðá ÖäáÉîëñìäÝïßëêïåàáîáàßèåéÝðáßäÝêãáåêéÝçåêãïáãéáêðÝèÝêàîáòáêñáàåïßèëïñîáïÑììëîðñêåðåáïÝêà risks for the reported segments are further explained in the Sustainability section.

5.1 Business segments

Operating segments for continuing operations

ÕáãéáêðîáòáêñáîáìîáïáêðïîáòáêñáâîëéáôðáîêÝèßñïðëéáîïåêðáîïáãéáêðîáòáêñáåïêëðéÝðáîåÝèÖîÝàåêãìîëĦðåêßèñàáï åðáéïàåîáßðèõÝððîåÞñðÝÞèáðëÝïáãéáêðÝïóáèèÝïðäëïáåðáéïðäÝðßÝêÞáÝèèëßÝðáàëêÝîáÝïëêÝÞèáÞÝïåï

5.2 Accounting policy – revenue recognition

ÖäáÉîëñìàáîåòáïÝèèëâåðïîáòáêñáâîëéßëêðîÝßðïóåðäßñïðëéáîïÖäáÉîëñìáêðáîïåêðëßëêðîÝßðïðëìîëòåàáëêáëîéñèðåìèá products to customers in the steel and foundry industries globally.

Revenue recognition at a point in time

Where the Group provides consumable products only, one performance obligation is present. The performance obligation is ðëàáèåòáîßëêïñéÝÞèáïðëðäáßñïðëéáîÝêàåïïÝðåïĦáàñìëêàáèåòáîõëâðäáïáåðáéïÕåéåèÝîèõóäáîáÝßëêðîÝßðåïâëîðäáïñììèõ ëâïðÝêàÝîàáíñåìéáêððäáîáåïëêáìáîâëîéÝêßáëÞèåãÝðåëêÝêàîáòáêñáåïìîåéÝîåèõîáßëãêåïáàÝðÝìëåêðåêðåéáÞáåêãñìëê delivery of these items. The form of a contract is typically a purchase order from a customer.

ÖäáÉîëñìÝèïëáêðáîïåêðëïëéáßëêðîÝßðïóåðäßñïðëéáîïåêðäáïðááèåêàñïðîõñêàáîóäåßäåðìîåéÝîåèõìîëòåàáïßëêïñéÝÞèáåðáéï ÞñðÝèïëáíñåìéáêðÝêàëîðáßäêåßÝèÝïïåïðÝêßáčïáîòåßáßëêðîÝßðïĎðëâÝßåèåðÝðáðäáïáßñïðëéáîïĎïðááèìîëàñßðåëêìîëßáïïáï ÖäáÉîëñìÝììèåáïæñàãáéáêðåêÝïïáïïåêãóäáðäáîðäáìáîâëîéÝêßáëÞèåãÝðåëêïåáìîëòåïåëêëâßëêïñéÝÞèáïáíñåìéáêðÝêà ðáßäêåßÝèÝïïåïðÝêßáÝîáàåïðåêßðìáîâëîéÝêßáëÞèåãÝðåëêïëîåâðäáïáéÝõÞáÞñêàèáàóäáêÝïïáïïåêãðäáìëåêðÝðóäåßäðäá ßñïðëéáîëÞðÝåêïßëêðîëèëâëîßëêïñéáïðäáÞáêáĦðëâìîëéåïáàãëëàïëîïáîòåßáïÖäáæñàãáéáêððÝçáïåêðëÝßßëñêðóäáðäáî

ÖäááíñåìéáêðìîëòåàáàåêðäáïáßëêðîÝßðïîáéÝåêïðäáìîëìáîðõëâØáïñòåñïÝêàåïñïáàÞõØáïñòåñïðáßäêåßåÝêïÝð customer sites
ÖäáßñïðëéáîÞáêáĦðïâîëéðäáßëéÞåêáàëñðìñðëâðäáßëêðîÝßðÞáåêãðäáñïáëâØáïñòåñïßëêïñéÝÞèáïáíñåìéáêðÝêà technicians to support the customer's production of steel
ÖäáòÝèñáëâðäááíñåìéáêðÝêàðáßäêåßåÝêïñììëîðåïéåêåéÝèîáèÝðåòáðëðäáðëðÝèòÝèñáëâðäáßëêðîÝßððëðäáßñïðëéáîÞáåêã ðäáÞáêáĦðâîëéñïáëâØáïñòåñïßëêïñéÝÞèáï

5. Segment Information continued

5.2 Accounting policy – revenue recognition continued

Revenue recognition at a point in time continued

ÄÝïáàëêðäáÝÞëòáðäáåêàåòåàñÝèáèáéáêðïëâðäáßëêðîÝßðÝîáêëðßëêïåàáîáààåïðåêßðÝêàðäáîáâëîáðäáìáîâëîéÝêßáëÞèåãÝðåëêï are deemed to be bundled into a single performance obligation. Revenue is therefore recognised at a point in time, every time ðäáßñïðëéáîïìñîßäÝïáÝêàßëêïñéáéÝðáîåÝèïÝïðäáõìîëàñßáïðááèËêðäááòáêððäåïæñàãáéáêðóÝïêëðÝììèåáàÝêàðäá ìáîâëîéÝêßáëÞèåãÝðåëêïóáîáêëðÞñêàèáàðäåïóëñèàèåçáèõîáïñèðåêéåêëîÝéëñêðïëâîáòáêñáÞáåêãîáßëãêåïáàáÝîèåáîìîåéÝîåèõ in respect of the technician support.

ÃììîëôåéÝðáèõ\$#Y\$%YëâðäáÝâëîáéáêðåëêáàîáòáêñáîáèÝðáïðëðäáïÝèáëâßëêïñéÝÞèáïÝêàáíñåìéáêðëêèõ ÃììîëôåéÝðáèõYYëâîáòáêñáîáèÝðáïðëßëêðîÝßðïðäÝðßëêðÝåêéñèðåìèáìáîâëîéÝêßáëÞèåãÝðåëêïóäåßäåêðäá majority of cases are deemed to be bundled into a single performance obligation and revenue recognised over the course of the ßëêðîÝßðÝïðäáßñïðëéáîßëêïñéáïÝêàÞáêáĦðïâîëéØáïñòåñïìîëàñßðï

Revenue recognition over time

ÖäáÉîëñìáêðáîïåêðëÞáïìëçááíñåìéáêðàáïåãêÝêàÞñåèàÝêàåêïðÝèèÝðåëêåêïëéáßÝïáïßëêðîÝßðïóåðäßñïðëéáîï ÒáîâëîéÝêßáëÞèåãÝðåëêïÝîáñïñÝèèõàáĦêáàÞõéåèáïðëêáïÝãîááàóåðäðäáßñïðëéáîïåêðäáßëêðîÝßðÖäáßñïðëéáîñïñÝèèõàëáï êëðäÝòáÝîåãäððëÝîáâñêàÝïóëîçìîëãîáïïáïðëóÝîàïÝßäåáòåêãðäáéåèáïðëêáïåêðäáßëêðîÝßðÔáòáêñáåïîáßëãêåïáàëòáî ðåéáÞõéáÝïñîåêãðäáìîëãîáïïëâßëéìèáðåëêëîÝßäåáòáéáêðëâÝéåèáïðëêáâëîáÝßäìáîâëîéÝêßáëÞèåãÝðåëêåàáêðåĦáàóåðäåê ðäáßëêðîÝßðñïñÝèèõóåðäîáâáîáêßáðëßëïðåêìñðïåêßñîîáàÝãÝåêïðëòáîÝèèáïðåéÝðáàßëïðïâëîðäáßëêðîÝßðÖäåïàëáïêëððõìåßÝèèõ áêðÝåèáïðåéÝðåëêëîæñàãáéáêðïÝïðäáßëêðîÝßðïÝîáñïñÝèèõêëðéÝðáîåÝèåêåïëèÝðåëêÝêààëêëðïìÝêéëîáðäÝêéëêðäï ÖäåïÝììîëÝßäðëîáòáêñáîáßëãêåðåëêåïßëêïåàáîáàðëîáħáßðâÝåðäâñèèõðäáòÝèñáÝêàðåéåêãëâãëëàïëîïáîòåßáïðîÝêïâáîîáà and the rights of Vesuvius to revenue.

Determining and allocating the transaction price to performance obligations

ÈëîîáòáêñáîáßëãêåïáàÝðÝìëåêðåêðåéáðäáðîÝêïÝßðåëêìîåßáåïàáðáîéåêáàÝêàÝèèëßÝðáàóåðäîáâáîáêßáðëðäáåêàåòåàñÝèìîåßáï ëâßëêïñéÝÞèáïëîáíñåìéáêðïìáßåĦáàåêðäáßëêðîÝßðëîßñïðëéáîìñîßäÝïáëîàáîËâÝïðÝêàÝèëêáïáèèåêãìîåßáåïêëðÝòÝåèÝÞèá ðäáÉîëñìóåèèáïðåéÝðáðäáïáèèåêãìîåßáóåðäîáâáîáêßáðëðäáìîåßáðäÝðóëñèàÞáßäÝîãáàâëîðäáãëëàïëîïáîòåßáïåâðäáõóáîáïëèà separately. This estimate is not considered complex.

ÈëîïáîòåßáßëêðîÝßðïðäáÞñêàèáàìáîâëîéÝêßáëÞèåãÝðåëêåïàááéáàðëÞáðäáìîëòåïåëêëâßëêïñéÝÞèáïÝêàåêïëéáßÝïáï èÝÞëñîðëâÝßåèåðÝðáìîëàñßðåëêëâßñïðëéáîïðááèÖäáðîÝêïÝßðåëêìîåßáåïàáðáîéåêáàÝêàÝèèëßÝðáàóåðäîáâáîáêßáðëáåðäáîÝê agreed price list for each of the consumables input or, for some contracts, the transaction price is determined and allocated as an amount per unit of customer steel output.

ÈëîîáòáêñáîáßëãêåïáàëòáîðåéáðäáðîÝêïÝßðåëêìîåßáåïàáðáîéåêáàóåðäîáâáîáêßáðëðäáìîåßáïïáðëñðåêðäáßëêðîÝßð ÈëîÞáïìëçááíñåìéáêðÞñåèàïðäáðîÝêïÝßðåëêìîåßáåïÝèèëßÝðáàðëìáîâëîéÝêßáëÞèåãÝðåëêïéåèáïðëêáïóåðäåêðäáßëêðîÝßð ÝêàðäáìÝõéáêðïßäáàñèáïÝãîááàóåðäðäáßñïðëéáîðäÝðÝèåãêðëðäáïáéåèáïðëêáïÈëîåêïðÝèèÝðåëêïðäáðîÝêïÝßðåëêìîåßáåï ÝèèëßÝðáàóåðäîáâáîáêßáðëðäáìîëãîáïïëâßëéìèáðåëêÙäáîáìÝõéáêðïßäáàñèáïåêßèñàáßñïðëéáîÝàòÝêßáìÝõéáêðï åáêëðÝèåãêáàóåðäÝéåèáïðëêáìáîâëîéÝêßáëÞèåãÝðåëêðäáÝéëñêðïîáßáåòáàÝîáåêßèñàáàóåðäåêßëêðîÝßðèåÝÞåèåðåáïñêðåè ðäáìáîâëîéÝêßáëÞèåãÝðåëêðëóäåßäðäáõîáèÝðáåïïÝðåïĦáà

Contracts are to be settled in cash. They do not typically contain any variable consideration, discounts, refunds, rebates, óÝîîÝêðåáïëîïåãêåĦßÝêðĦêÝêßåêãßëéìëêáêðï

Duration and costs of obtaining contracts

ÖäáàñîÝðåëêëâðäáÉîëñìĎïßëêðîÝßðïóåðäßñïðëéáîïåïðõìåßÝèèõèáïïðäÝêëêáõáÝîÝêàÝßßëîàåêãèõðäáÉîëñìäÝïðÝçáêðäá ìîÝßðåßÝèáôìáàåáêðóåðäåêËÈÔÕ!ðëêëðàåïßèëïáðäáðîÝêïÝßðåëêìîåßáÝèèëßÝðáàðëñêïÝðåïĦáàóäëèáëîìÝîðåÝèèõìáîâëîéÝêßá ëÞèåãÝðåëêïÝïëâðäááêàëâðäáîáìëîðåêãìáîåëàÕáîòåßáßëêðîÝßðïéÝõïìÝêëòáîéëîáðäÝêëêáõáÝîÝïðäáõîáéÝåêåêáĪáßð ñìðëÝïìáßåĦáàèáòáèëâßñïðëéáîìîëàñßðåëêëâïðááèÊëóáòáîðäáßäëåßáðëìñîßäÝïáâîëéØáïñòåñïñêàáîðäáßëêðîÝßðîáéÝåêï óåðäðäáßñïðëéáîÝêàðäáîáâëîáðäáîáåïêëßëééåðéáêðâëîðäáßñïðëéáîØáïñòåñïðëìñîßäÝïáìîëàñßáñìðëðäáïìáßåĦáàèáòáè

ÅëïðïëâëÞðÝåêåêãßëêðîÝßðïÝîáêëðßëêïåàáîáàïåãêåĦßÝêðÝêàðäáïáÝîááôìáêïáàÝïåêßñîîáà

Customer credit risk and payment terms

ÖäáÉîëñìÝïïáïïáïßñïðëéáîßîáàåðîåïçÝêàîáßëãêåïáïîáòáêñáóäáêïñßäîåïçåïßëêïåàáîáàèëóÝêàðäáßëêïåàáîÝðåëêßÝïäħëóï àñáÝîáîáÝïëêÝÞèõáôìáßðáàðëħëóðëðäáÉîëñìÖõìåßÝèèõðäáÉîëñìóåèèêëððîÝêïÝßðóåðäßñïðëéáîïóäáîáßîáàåðîåïçßëêßáîêï ÝîáåàáêðåĦáàÝêàðäáîáâëîáðäáîáåïêëéÝðáîåÝèñêîáßëãêåïáàîáòáêñáÝïÝîáïñèðëâßîáàåðîåïçÈëîðîÝàáîáßáåòÝÞèáïÝêàßëêðîÝßð ÝïïáðïåêîáïìáßðëâîáòáêñáîáßëãêåïáàÝêáôìáßðáàßîáàåðèëïïÝèèëóÝêßáåïàáðáîéåêáà

ÅñïðëéáîìÝõéáêððáîéïÝîáïáðëñðåêîáòáêñáßëêðîÝßðïÝêààëêëðáôßááàëêáõáÝîÅñïðëéáîìÝõéáêðïðõìåßÝèèõâëèèëóðäá ïÝðåïâÝßðåëêëâìáîâëîéÝêßáëÞèåãÝðåëêïÝðóäåßäìëåêðîáòáêñáåïîáßëãêåïáàÝêàåêòëåßáàÃßßëîàåêãèõðîÝàáîáßáåòÝÞèáïÝêà ßëêðîÝßðÝïïáðïÝîááôìáßðáàðëàáîåòáßÝïäåêħëóïâëîðäáÉîëñìóåðäåêèáïïðäÝêéëêðäï

Notes to the Group Financial Statements continued

5. Segment Information continued

5.2 Accounting policy – revenue recognition continued

Contract assets and contract liabilities

ÃßëêðîÝßðÝïïáðåïîáßëîàáàóäáêîáòáêñáåïîáßëãêåïáàÞñðÝêåêòëåßáäÝïêëðÞááêîÝåïáàðëðäáßñïðëéáîÅëêðîÝßðÝïïáðïÝîá ïäëîððáîéÝêàðõìåßÝèèõÝîáåêòëåßáàåêðäáâëèèëóåêãéëêðä

Customer advance payments are included in contract liabilities. These are typically not material and relate to over time revenue projects as set out further above.

Uncertainties

ÖäáîáÝîáêëñêßáîðÝåêðåáïåêòëèòåêãáßëêëéåßâÝßðëîïáïðåéÝðåëêëîæñàãáéáêðïëðäáîðäÝêÝïàåïßèëïáàÝÞëòáåêîáïìáßð ëâîáòáêñáîáßëãêåðåëêÅîáàåðîåïçîáèÝðåêãðëðäáßëèèáßðåëêëâßÝïäåêħëóïâîëéîáòáêñáîáßëãêåïáàåïÝààîáïïáàðäîëñãäÝê ÝèèëóÝêßáâëîáôìáßðáàßîáàåðèëïïáïÝïïáðëñðåêðäáðîÝàáÝêàëðäáîîáßáåòÝÞèáïÝßßëñêðåêãìëèåßõ

ÖäáâëèèëóåêãðÝÞèáìîëòåàáïåêâëîéÝðåëêÝÞëñðîáßáåòÝÞèáïßëêðîÝßðÝïïáðïÝêàßëêðîÝßðèåÝÞåèåðåáïâîëéßëêðîÝßðïóåðäßñïðëéáîï

2022 £m	yé
380.8 ÔáßáåòÝÞèáïóäåßäÝîáåêßèñàáàåêčÖîÝàáÝêàëðäáîîáßáåòÝÞèáïĎ	!
1.5 ÅëêðîÝßðÝïïáðïóäåßäÝîáåêßèñàáàåêčÖîÝàáÝêàëðäáîîáßáåòÝÞèáïĎ	%
2.5 ÅëêðîÝßðèåÝÞåèåðåáïóäåßäÝîáåêßèñàáàåêčÖîÝàáÝêàëðäáîìÝõÝÞèáïĎ

ÅëêðîÝßðèåÝÞåèåðåáïëây!éyéåêßèñàáÝàòÝêßáïîáßáåòáàâîëéÝßñïðëéáîðäÝðìîáßáàáðäáïÝðåïâÝßðåëêëâ ìáîâëîéÝêßáëÞèåãÝðåëêïÞõðäáÉîëñìyéëâðäáßëêðîÝßðèåÝÞåèåðåáïîáßëãêåïáàåêðäáìîåëîõáÝîóÝïîáßëãêåïáàÝïîáòáêñá åê

5.3 Segmental analysis

ÖäáîáìëîðÝÞèáïáãéáêðîáïñèðïâîëéßëêðåêñåêãëìáîÝðåëêïâëîÝêàÝîáìîáïáêðáàÞáèëó

		2022
	Ðëðáï	Flow Control £m	Advanced Refractories £m	Sensors & Probes £m	ÖëðÝèÕðááè £m	Foundry £m	ÖëðÝè £m
Segment revenue		810.9	645.3	40.2	1,496.4	551.0	2,047.4
– at a point in time					1,493.7	551.0	2,044.7
– over time					2.7	–	2.7
ÕáãéáêðÝàæñïðáàÇÄËÖÆÃ					210.6	72.1	282.7
Segment depreciation and amortisation					(37.9)	(17.6)	(55.5)
ÕáãéáêððîÝàåêãìîëĦð					172.7	54.5	227.2
Return on sales margin					11.5%	9.9%	11.1%
ÃéëîðåïÝðåëêëâÝßíñåîáà
intangible assets							(10.4)
ÑìáîÝðåêã ìîëĦð							216.8
ÐáðĦêÝêßáßëïðï							(11.4)
ÕäÝîáëâìëïðšðÝôìîëĦðëâæëåêðòáêðñîáï							1.2
ÒîëĦðÞáâëîáðÝô							206.6
Capital expenditure additions					\$!	\$#	%
Inventory	%				!%"	!"	"
Trade debtors	18				\$\$	%\$	\$\$
Trade payables	\$				##ž	"ž	%!ž

5. Segment Information continued

5.3 Segmental analysis continued

		2021
	Ðëðáï	Flow Control £m	Advanced Refractories £m	Sensors & Probes £m	ÖëðÝèÕðááè £m	Foundry £m	ÖëðÝè £m
Segment revenue		648.7	489.1	33.7	1,171.5	471.4	1,642.9
– at a point in time					1,169.9	471.4	1,641.3
– over time					1.6	–	1.6
ÕáãéáêðÝàæñïðáàÇÄËÖÆÃ					135.9	56.3	192.2
Segment depreciation					(33.9)	(15.9)	(49.8)
ÕáãéáêððîÝàåêãìîëĦð					102.0	40.4	142.4
Return on sales margin					8.7%	8.6%	8.7%
ÃéëîðåïÝðåëêëâÝßíñåîáàåêðÝêãåÞèá assets							(9.7)
ÑìáîÝðåêãìîëĦð							132.7
ÐáðĦêÝêßáßëïðï							(6.4)
ÕäÝîáëâìëïðšðÝôìîëĦðëâæëåêðòáêðñîáï							1.3
ÒîëĦðÞáâëîáðÝô							127.6
Capital expenditure additions					#		"#
Inventory	%				\$	!	%%
Trade debtors	18				"#!	\$ #	!
Trade payables	\$				%ž	"!ž	!\$ž

ÖäáÅäåáâÑìáîÝðåêãÆáßåïåëêÏÝçáîàëáïêëðîáòåáóêëêßñîîáêðÝïïáðïÝðÝïáãéáêðÝèèáòáèïëðäáïáàåïßèëïñîáïÝîáêëðåêßèñàáà

5.4 Geographical analysis

		External revenue		ÐëêšßñîîáêðÝïïáðï
	2022 £m	yé	2022 £m	yé
ÇÏÇÃ	741.6	" \$	500.0	!
ÃïåÝ	565.2	%	237.2	\$
ÐëîðäÃéáîåßÝ	549.1	###	384.3	"#
ÕëñðäÃéáîåßÝ	191.5	\$	44.3	!%
Continuing operations	2,047.4	" %	1,165.8	#\$\$

ÇôðáîêÝèîáòáêñáàåïßèëïáàåêðäáðÝÞèáÝÞëòáåïÞÝïáàñìëêðäáãáëãîÝìäåßÝèèëßÝðåëêâîëéóäåßäðäáìîëàñßðïÝêàïáîòåßáïÝîá åêòëåßáàÐëêßñîîáêðÝïïáðïáôßèñàááéìèëõááÞáêáĦðïêáðïñîìèñïáïÝêààáâáîîáàðÝôÝïïáðïËêâëîéÝðåëêîáèÝðåêãðëðäáÉîëñìĎï products and services is given in the Strategic Report. The Group is not dependent on any single customer for its revenue and no ïåêãèáßñïðëéáîâëîáåðäáîëâðäáõáÝîïìîáïáêðáàåêðäáðÝÞèáÝÞëòáÝßßëñêðïâëîéëîáðäÝêYëâðäáÉîëñìĎïðëðÝèáôðáîêÝè îáòáêñáy#%éy!#"éëâîáòáêñáóÝïãáêáîÝðáàâîëéðäá×ÍÝêàðëðÝèêëêßñîîáêðÝïïáðïåêðäá×ÍÝéëñêðáàðë y%%éy% %é

Notes to the Group Financial Statements continued

" ÑìáîÝðåêãÒîëĦð

" ÑìáîÝðåêãìîëĦðåïïðÝðáàÝâðáîßäÝîãåêã

Ðëðáï	2022 £m	yé
Cost of inventories recognised as an expense %	1,417.0	"\$!
Research and development	35.9
Employee expenses 8	441.3	%"\$
15 ÆáìîáßåÝðåëê	55.2	%\$
ÃéëîðåïÝðåëê "	10.7
ÑìáîÝðåêãèáÝïáßäÝîãáï %	2.3	%
ÇôìáßðáàßîáàåðèëïïÝèèëóÝêßáïßäÝîã៝ßîáàåðž \$!	9.9	!ž

ßëéìÝîÝðåòáïâëîßëïðëâåêòáêðëîåáïîáßëãêåïáàÝïÝêáôìáêïáäÝòáÞááêîáïðÝðáàâëèèëóåêãâñîðäáîîáòåáóàñîåêãÖäåïîáïðÝðáéáêðàåàêëðåéìÝßððäá Income Statement or the balance sheet.

ÖäááôìáßðáàßîáàåðèëïïÝèèëóÝêßáßäÝîãáëây%%éåêßîáàåðëây!éåïèÝîãáèõàñáðëåêßîáÝïáàÝèèëóÝêßáâëî ÔñïïåÝÝêà×çîÝåêáßñïðëéáîïÝïÝîáïñèðëâðäáßëêħåßðåêðäáîáãåëêÝêàÝèèëóÝêßáâëîÝïìáßåĦßßñïðëéáîåêÐÃÈÖÃ

6.2 Amounts payable to PricewaterhouseCoopers LLP and their associates

	2022 £m	yé
ÈááïìÝõÝÞèáðëðäáÅëéìÝêõĎïÝñàåðëîïÝêàðäáåîÝïïëßåÝðáïâëîðäáÝñàåð ëâðäáÒÝîáêðÅëéìÝêõÝêàÅëêïëèåàÝðáàÈåêÝêßåÝèÕðÝðáéáêðï	1.1	#
ÈááïìÝõÝÞèáðëðäáÅëéìÝêõĎïÝñàåðëîïÝêàðäáåîÝïïëßåÝðáïâëîëðäáîïáîòåßáï
ÃñàåðëâðäáÅëéìÝêõĎïïñÞïåàåÝîåáï	1.0
ÃñàåðšîáèÝðáàÝïïñîÝêßáïáîòåßáï	0.2
ÖëðÝèÝñàåðëîïĎîáéñêáîÝðåëê	2.3	1.8

ÖëðÝèÝñàåðëîïĎîáéñêáîÝðåëêëâyéåêÝèèîáèÝðáàðëßëêðåêñåêãëìáîÝðåëêïëâóäåßäyéîáèÝðáàðëÝñàåðâááïÝêà yéðëêëêÝñàåðâááïåêîáïìáßðëâðäáÉîëñìĎïäÝèâõáÝîĦêÝêßåÝèïðÝðáéáêðïíñÝîðáîèõîáòåáóïÝêàðÝôâëîéÝñàåðïåêËêàåÝ ÝïîáíñåîáàÞõîáãñèÝðåëêy\$éåêßèñàåêãy#éëâÝñàåðâááïÝêàyéëâêëêÝñàåðâááïðäáèÝððáîåêîáïìáßðëâðäá ÉîëñìĎïäÝèâõáÝîîáòåáóâááÝêàíñÝîðáîèõîáòåáóïÝêàðÝôâëîéÝñàåðïåêËêàåÝÝèëêãóåðäîáòåáóëâÝêÔÆßèÝåéåêËðÝèõËðåïðäá ÉîëñìĎïìëèåßõêëððëñïáðäáÉîëñìĎïÝñàåðëîïâëîêëêÝñàåðïáîòåßáïëðäáîðäÝêâëîÝñàåðîáèÝðáàïáîòåßáïðäÝðÝîáîáíñåîáàðëÞá performed by auditors.

6.3 Amounts payable to Mazars LLP

ÏÝöÝîïÎÎÒÝßðïÝïáôðáîêÝèÝñàåðëîïëâðäáêëêéÝðáîåÝèáêðåðåáïÝêàðäîááéÝðáîåÝèáêðåðåáïóåðäåêðäáÉîëñìÖëðÝèîáéñêáîÝðåëê âëîðäáÝñàåðëâðäáïááêðåðåáïóÝïy%éy\$éÖäåïÝéëñêðåïêëðåêßèñàáàåêðäáðÝÞèáÝÞëòá

7. Restructuring Charges

ÖäáîáóáîáêëîáïðîñßðñîåêãßäÝîãáïåêyêåè

ÅÝïäßëïðïëây!éy éÐëðáóáîáåêßñîîáàåêðäáõáÝîåêîáïìáßðëâìîáòåëñïèõÝêêëñêßáàîáïðîñßðñîåêã ìîëãîÝééáïèáÝòåêãìîëòåïåëêïéÝàáÞñðñêïìáêðëây"éÐëðáÝïÝðÆáßáéÞáîy!é

8. Employees

8.1 Employee expenses

	Ðëðáï	2022 £m	yé
Wages and salaries		365.8	%
Social security costs		54.0	\$
ÕäÝîášÞÝïáàìÝõéáêðï	#	5.1
Òáêïåëêßëïðï›àáĦêáàßëêðîåÞñðåëêìáêïåëêìèÝêï	"	10.8
›àáĦêáàÞáêáĦðìáêïåëêìèÝêï	"	5.2	"
ÑðäáîìëïðšîáðåîáéáêðÞáêáĦðï		0.4
ÖëðÝèáéìèëõáááôìáêïáï		441.3	%"\$

ËêßèñàáàóåðäåêóÝãáïÝêàïÝèÝîåáïåïåêßëéáâîëéãëòáîêéáêðïëâyêåèy éåêîáïìáßðëâïðÝĪóäëäÝàÞááêâñîèëñãäáà àñáðëðäáÅÑØËÆ%ìÝêàáéåßÖäåïåêßëéáâÝèèïóåðäåêËÃÕãëòáîêéáêðãîÝêðïÝïðäáÉîëñìîáßáåòáïåêßëéáåêîáðñîêâëî éááðåêãðäáßëêàåðåëêïåêßèñàáàóåðäåêáÝßäëâðäáîáèáòÝêðãëòáîêéáêðïßäáéáïÖäáåêßëéáÝììîëÝßääÝïÞááêÝììèåáàÝêà ðäáîáâëîáðäáåêßëéáåïîáßëãêåïáàóäáêðäáóÝãáïÝêàïÝèÝîåáïáôìáêïáóäåßäðäáïßäáéáïÝîáåêðáêàáàðëßëéìáêïÝðáåï åêßñîîáàÖäáîáÝîáêëñêâñèĦèèáàßëêàåðåëêïëîëðäáîßëêðåêãáêßåáïðäÝðäÝòáÞááêîáßëãêåïáàåêîáïìáßðëâðäáïáïßäáéáï

8.2 Monthly average number of employees

	2022 no.	* no.
Steel	8,720	\$\$
Èëñêàîõ	2,470	\$
11,190 ÖëðÝèéëêðäèõÝòáîÝãáêñéÞáîëâáéìèëõááï		\$"

ßëéìÝîÝðåòáïäÝòáÞááêîáßèÝïïåĦáàÞáðóááêÕðááèÝêàÈëñêàîõâëèèëóåêãâñîðäáîîáòåáóàñîåêã

ÃïÝðÆáßáéÞáîðäáÉîëñìäÝà áéìèëõááï

8.3 Remuneration of key management personnel

ÖäáîáéñêáîÝðåëêëâðäáÆåîáßðëîïóäëÝîáðäáçáõéÝêÝãáéáêðìáîïëêêáèëâðäáÉîëñìåïïáðëñðÞáèëóåêÝããîáãÝðáâëîáÝßäëâ ðäáßÝðáãëîåáïïìáßåĦáàåêËÃÕ ÔáèÝðáàÒÝîðõÆåïßèëïñîáïÈñîðäáîåêâëîéÝðåëêÝÞëñððäáîáéñêáîÝðåëêëâåêàåòåàñÝèÆåîáßðëîïåï ìîëòåàáàåêðäáÝñàåðáàìÝîðëâðäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðëêìÝãáï"ðë

2022 £m	yé
1.9 ÕäëîðšðáîéáéìèëõááÞáêáĦðï	!
0.3 ÒëïðšáéìèëõéáêðÞáêáĦðï
0.6 ÕäÝîášÞÝïáàìÝõéáêðï	–
2.8 ÖëðÝèîáéñêáîÝðåëêëâçáõéÝêÝãáéáêðìáîïëêêáè	\$

9. Net Finance Costs

	2022 £m	yé
Interest payable on borrowings
Loans and overdrafts	15.4	#
Interest on lease liabilities	1.9	1.5
ÃéëîðåïÝðåëêëâßÝìåðÝèåïáàÝîîÝêãáéáêðâááï	1.0	\$
ÖëðÝèåêðáîáïðìÝõÝÞèáëêÞëîîëóåêãï	18.3
ËêðáîáïðëêêáðîáðåîáéáêðÞáêáĦðëÞèåãÝðåëêï	1.4	ž
ÃàæñïðéáêððëàåïßëñêðïëêìîëòåïåëêïÝêàëðäáîèåÝÞåèåðåáï	1.1	#
ÃàæñïðéáêððëàåïßëñêðïëêîáßáåòÝÞèáï (0.6)		ž
ÈåêÝêßáåêßëéá	(8.8)	"#ž
ÖëðÝèêáðĦêÝêßáßëïðï	11.4	"

ÙåðäåêðäáðÝÞèáÝÞëòáðëðÝèĦêÝêßáßëïðïÝîáy\$éy#éÝêàðëðÝèĦêÝêßáåêßëéáåïy% éy#é

Notes to the Group Financial Statements continued

ËêßëéáÖÝôÅäÝîãá

10.1 Accounting policy

ÖÝôáôìáêïáîáìîáïáêðïðäáïñéëâßñîîáêððÝôÝêààáâáîîáàðÝôÅñîîáêðÝêààáâáîîáàðÝôÝîáîáßëãêåïáàåêìîëĦðëîèëïïáôßáìð ðëðäááôðáêððäÝððäáõîáèÝðáðëåðáéïßäÝîãáàëîßîáàåðáàåêðäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéáëîÉîëñìÕðÝðáéáêð ëâÅäÝêãáïåêÇíñåðõåêóäåßäßÝïáðäáÝïïëßåÝðáàðÝôåïÝèïëîáßëãêåïáàåêðäëïáïðÝðáéáêðï

Current tax

ÅñîîáêððÝôåïÞÝïáàëêðÝôÝÞèáìîëĦðâëîðäáõáÝîÖÝôÝÞèáìîëĦðàåĪáîïâîëéìîëĦðÞáâëîáðÝôÝïîáìëîðáàåêðäáÉîëñìËêßëéá Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes åðáéïðäÝðÝîáêáòáîðÝôÝÞèáëîàáàñßðåÞèáÖäáÉîëñìĎïèåÝÞåèåðõâëîßñîîáêððÝôåïßÝèßñèÝðáàñïåêãðÝôîÝðáïÝêàèÝóïðäÝðäÝòá been enacted, or substantively enacted, by the balance sheet date.

ÃìîëòåïåëêåïîáßëãêåïáàóäáêðäáÉîëñìßëêïåàáîïåðäÝïÝìîáïáêððÝôëÞèåãÝðåëêÝïðäáîáïñèðëâÝìÝïðáòáêðÝêàåðåïìîëÞÝÞèá ðäÝððäáÉîëñìóåèèÞáîáíñåîáàðëïáððèáðäÝðëÞèåãÝðåëêÒîëòåïåëêïáïðÝÞèåïäáàâëîïñßäñêßáîðÝåêðÝôìëïåðåëêïÝîáéÝàáñïåêãÝ ÞáïðáïðåéÝðáëâðäáðÝôáôìáßðáàðëÞáìÝåàÞÝïáàëêÝíñÝèåðÝðåòáÝêàíñÝêðåðÝðåòáÝïïáïïéáêðëâÝèèîáèáòÝêðåêâëîéÝðåëê ÕñßäÝìîëòåïåëêåïðõìåßÝèèõîáíñåîáàóäáîáðäáñêàáîèõåêãðÝôåïïñáåïïñÞæáßððëåêðáîìîáðÝðåëêÝêàîáéÝåêïðëÞáÝãîááà ÝêàðäáîáâëîáåïñêßáîðÝåêÝïðëëñðßëéáÒîåêßåìÝèèõðäáñêßáîðÝåêðÝôìëïåðåëêïâëîóäåßäÝìîëòåïåëêåïéÝàáîáèÝðáðëðäá interpretation of tax legislation and guidance regarding transfer pricing arrangements that have been entered into in the normal ßëñîïáëâÞñïåêáïïËêÝßßëîàÝêßáóåðäËÃÕðÝôìîëòåïåëêïÝîáåêßèñàáàÝïåêßëéáðÝôìÝõÝÞèáëêðäáâÝßáëâðäáÉîëñìÄÝèÝêßá ÕäááðÝêàéëòáéáêðïåêðÝôìîëòåïåëêïÝîáåêßèñàáàóåðäåêåêßëéáðÝôßäÝîãáïëîßîáàåðïåêðäáÉîëñìËêßëéáÕðÝðáéáêð

ËêÝïïáïïåêãÝêõÝììîëìîåÝðáìîëòåïåëêîáíñåîáéáêðïâëîñêßáîðÝåêðÝôåðáéïðäáÉîëñìßëêïåàáîïìîëãîáïïéÝàáåêàåïßñïïåëêï óåðäðäáðÝôÝñðäëîåðåáïáôìáîðÝàòåßáëêðäáèåçáèõëñðßëéáÝêàÝêõîáßáêðàáòáèëìéáêðïåêßÝïáèÝóÆñáðëðäáñêßáîðÝåêðõ ÝïïëßåÝðáàóåðäïñßäðÝôåðáéïåðåïìëïïåÞèáðäÝðÝðÝâñðñîáàÝðáëêßëêßèñïåëêëâðäáëìáêéÝððáîïðäáĦêÝèëñðßëéáéÝõ òÝîõéÝðáîåÝèèõÃêõïñßäòÝîåÝðåëêïóåèèÝĪáßððäáĦêÝêßåÝèîáïñèðïåêðäáõáÝîåêóäåßäïñßäÝàáðáîéåêÝðåëêåïéÝàá

Deferred tax

ÆáâáîîáàðÝôåïîáßëãêåïáàëêàåĪáîáêßáïÞáðóááêðäáßÝîîõåêãÝéëñêðïëâÝïïáðïÝêàèåÝÞåèåðåáïåêðäáĦêÝêßåÝèïðÝðáéáêðïÝêà ðäáßëîîáïìëêàåêãðÝôÞÝïáïñïáàåêðäáßëéìñðÝðåëêëâðÝôÝÞèáìîëĦðÝêàåïÝßßëñêðáàâëîñïåêãðäáÞÝèÝêßáïäááðèåÝÞåèåðõ éáðäëàÆáâáîîáàðÝôèåÝÞåèåðåáïÝîáãáêáîÝèèõîáßëãêåïáàâëîÝèèðÝôÝÞèáðáéìëîÝîõàåĪáîáêßáïÝêààáâáîîáàðÝôÝïïáðïÝîá îáßëãêåïáàðëðäááôðáêððäÝðåðåïìîëÞÝÞèáðäÝððÝôÝÞèáìîëĦðïóåèèÞáÝòÝåèÝÞèáÝãÝåêïðóäåßäàáàñßðåÞèáðáéìëîÝîõàåĪáîáêßáï ßÝêÞáñðåèåïáàÕñßäÝïïáðïÝêàèåÝÞåèåðåáïÝîáêëðîáßëãêåïáàåâðäáðáéìëîÝîõàåĪáîáêßáÝîåïáïâîëéðäáåêåðåÝèîáßëãêåðåëêëâ ãëëàóåèèëîâîëéðäáåêåðåÝèîáßëãêåðåëêëðäáîðäÝêåêÝÞñïåêáïïßëéÞåêÝðåëêëâëðäáîÝïïáðïÝêàèåÝÞåèåðåáïåêÝðîÝêïÝßðåëêðäÝð ÝĪáßðïêáåðäáîðäáðÝôÝÞèáìîëĦðêëîðäáÝßßëñêðåêãìîëĦðÆáâáîîáàðÝôåïßÝèßñèÝðáàÝððäáðÝôîÝðáïðäÝðÝîááôìáßðáàðëÝììèõåê ðäáìáîåëàóäáêðäáèåÝÞåèåðõåïïáððèáàëîðäáÝïïáðåïîáÝèåïáàÞÝïáàëêðÝôîÝðáïÝêàèÝóïðäÝðäÝòáÞááêáêÝßðáàëîïñÞïðÝêðåòáèõ enacted, by the balance sheet date.

ÆáâáîîáàðÝôèåÝÞåèåðåáïÝîáîáßëãêåïáàâëîðÝôÝÞèáðáéìëîÝîõàåĪáîáêßáïÝîåïåêãëêåêòáïðéáêðïåêïñÞïåàåÝîåáïÝêàåêðáîáïðïåêæëåêð òáêðñîáïáôßáìðóäáîáðäáÉîëñìåïÝÞèáðëßëêðîëèðäáîáòáîïÝèëâðäáðáéìëîÝîõàåĪáîáêßáÝêàåðåïìîëÞÝÞèáðäÝððäáðáéìëîÝîõ àåĪáîáêßáóåèèêëðîáòáîïáåêðäáâëîáïááÝÞèáâñðñîáÖäáßÝîîõåêãÝéëñêðëâàáâáîîáàðÝôÝïïáðïåïîáòåáóáàÝðáÝßäÞÝèÝêßáïäááð àÝðáÝêàîáàñßáàðëðäááôðáêððäÝðåðåïêëèëêãáîìîëÞÝÞèáðäÝðïñĨßåáêððÝôÝÞèáìîëĦðïóåèèÞáÝòÝåèÝÞèáðëÝèèëóÝèèëîìÝîðëâðäá ÝïïáððëÞáîáßëòáîáàÆáâáîîáàðÝôÝïïáðïÝêàèåÝÞåèåðåáïÝîáëĪïáðóäáêðäáîáåïÝèáãÝèèõáêâëîßáÝÞèáîåãäððëïáðëĪßñîîáêððÝô ÝïïáðïÝãÝåêïðßñîîáêððÝôèåÝÞåèåðåáïÝêàóäáêðäáõîáèÝðáðëåêßëéáðÝôáïèáòåáàÞõðäáïÝéáðÝôÝðåëêÝñðäëîåðõÝêàðäáÉîëñì intends to settle its current tax assets and liabilities on a net basis.

ËêßëéáÖÝôÅäÝîãácontinued

10.2 Income tax charge

		2022 £m	yé
Current tax
ÑòáîïáÝïðÝôÝðåëê		43.6
ÃàæñïðéáêðïåêîáïìáßðëâìîåëîõáÝîï		(1.1)	(1.5)
ÖëðÝèßñîîáêððÝôßëêðåêñåêãëìáîÝðåëêï		42.5	!
Deferred tax
ÑîåãåêÝðåëêÝêàîáòáîïÝèëâðáéìëîÝîõðÝôÝÞèáàåĪáîáêßáï		(23.6)	"ž
ÃàæñïðéáêðïåêîáïìáßðëâìîåëîõáÝîï		(0.8)	ž
ÖëðÝèàáâáîîáàðÝôßëêðåêñåêãëìáîÝðåëêï		(24.4)	\$ž
ÖëðÝèåêßëéáðÝôßäÝîãá		18.1	%#
ÖëðÝèåêßëéáðÝôßäÝîãáÝððîåÞñðÝÞèáðë
Continuing operations	– headline performance	57.2	!%
	– separately reported	(39.1)	"ž
ÖëðÝèåêßëéáðÝôßäÝîãá		18.1	%#

ËêßèñàáàåêðäáÉîëñìĎïðëðÝèåêßëéáðÝôßäÝîãáÝîáßäÝîãáïÝêàßîáàåðïéááðåêãðäáßîåðáîåÝïáðëñðåêÐëðá!ðëÞáðîáÝðáàÝï ïáìÝîÝðáèõîáìëîðáàåðáéïÝïÝêÝèõïáàåêðäáâëèèëóåêãðÝÞèá

Separately reported items	2022 £m	yé
ÃààåðåëêÝèîáßëãêåðåëêëâ×ÍàáâáîîáàðÝôÝïïáð	(37.8)	–
ÃéëîðåïÝðåëêÝêàñðåèåïÝðåëêëâÝßíñåîáàåêðÝêãåÞèáï	(2.7)	ž
ÃààåðåëêÝèàáîáßëãêåðåë꟝îáßëãêåðåëêžëâ×ÕàáâáîîáàðÝôÝïïáð	1.4	"ž
ÖëðÝèðÝôßäÝîã៝ßîáàåðžïáìÝîÝðáèõîáìëîðáà	(39.1)	"ž

ÃïÝîáïñèðëâðäááôìáßðáàâñðñîáìîëĦðÝÞåèåðõëâðäá×ÍÞñïåêáïïðäáÉîëñìäÝïàáßåàáàðëîáßëãêåïáßáîðÝåê×ÍàáâáîîáàðÝô ÝïïáðïðëðÝèèåêãy#\$éyêåèðäÝðäÝòáêëáôìåîõàÝðáËêîáßëãêåïåêãðäáïáÝïïáðïðäáÉîëñìäÝïßëêïåàáîáàðäáâñðñîá ìîëĦðÝÞåèåðõëâðäá×ÍÞñïåêáïïâîëéÝììîëòáàÞñàãáðïÝêàÞñïåêáïïìèÝêïÝêàÝêáôðîÝìëèÝðåëêâîëéðäáéåâìîëĦðïßëêðåêñáðë ãîëóÝðÝîÝðáßëêïåïðáêðóåðäðäëïáìèÝêïÖäáÉîëñìäÝïÝèïëßÝîîåáàëñðÝêáôáîßåïáðëîáħáßðïßáêÝîåëïóäáîáðäáÞñïåêáïïìèÝê does not materialise as expected. The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the approved budget and the results do not have a material impact on the deferred tax asset balance. ÖäáïáÝïïáðïÝîáÝòÝåèÝÞèáâëîßÝîîõâëîóÝîàåêàáĦêåðáèõÝêàßÝêÞáëĪïáðÝãÝåêïððÝôÝÞèáåêßëéáãáêáîÝðáàåêðäá×Í

ÖäáêáððÝôàáÞåðîáħáßðáàåêðäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéáåêðäáõáÝîÝéëñêðáàðëÝêy\$éßäÝîãá yéßîáàåðßëéìîåïåêãÝy"#éßäÝîãáy!éßîáàåðîáèÝðáàðëðÝôëêêáðÝßðñÝîåÝèãÝåêïÝêàèëïïáïëêðäá áéìèëõááÞáêáĦðïìèÝêyêåèy!éßîáàåðîáèÝðáàðëáôßäÝêãáÝàæñïðéáêðïÝêàÝy!éßäÝîãáyêåèîáèÝðåêãðë deferred tax rate changes.

ÖäáÉîëñìëìáîÝðáïåêÝêñéÞáîëâßëñêðîåáïðäÝðäÝòáàåĪáîåêãðÝôîÝðáïèÝóïÝêàìîÝßðåßáïÅäÝêãáïåêÝêõëâðäáïáÝîáÝï ßëñèàÝàòáîïáèõëîìëïåðåòáèõåéìÝßððäáÉîëñìĎïðÝôßäÝîãáåêðäáâñðñîáÅëêðåêñåêãèëïïáïëîåêïñĨßåáêßõëâðÝôÝÞèáìîëĦð ðëÝÞïëîÞÝèèáôìáêïáïåêÝêõïñÞïåàåÝîõßëñèàäÝòáðäááĪáßðëâåêßîáÝïåêãðÝôßäÝîãáïåêðäáâñðñîáÝïäáÝàèåêááĪáßðåòáðÝô îáèåáâéÝõêëðÞáÝòÝåèÝÞèáâëîðäëïáèëïïáïëîáôìáêïáïÑðäáîïåãêåĦßÝêðâÝßðëîïÝĪáßðåêãðäáðÝôßäÝîãáÝîáàáïßîåÞáàåê ÐëðáïÝêà"

ÔáßëêßåèåÝðåëêëâåêßëéáðÝôßäÝîãáðëìîëĦðÞáâëîáðÝô

	2022 £m	yé
ÒîëĦðÞáâëîáðÝô	206.6	#"
ÖÝôÝððäá×ÍßëîìëîÝðåëêðÝôîÝðáëâ%Y%Yž	39.2
ÑòáîïáÝïðÝôîÝðáàåĪáîáêßáï	16.5	\$#
Withholding taxes	2.8	%
Expenses not deductible for tax purposes	0.8
ÆáâáîîáàðÝôÝïïáðïêëðîáßëãêåïáà	–
Utilisation of previously unrecognised tax losses	(0.8)	ž
US deferred tax asset not previously recognised	(5.7)	"ž
UK deferred tax asset not previously recognised	(37.8)	–
ÆáâáîîáàðÝôîÝðáßäÝêãáï	1.1
ÃàæñïðéáêðïåêîáïìáßðëâìîåëîõáÝîï	2.0	#ž
ÖëðÝèåêßëéáðÝôßäÝîãá	18.1	%#

Notes to the Group Financial Statements continued

ËêßëéáÖÝôÅäÝîãácontinued

10.4 Deferred tax

	Interest yé	Ñðäáî operating losses yé	Òáêïåëê costs yé	Intangible assets yé	Ñðäáî temporary àåĪáîáêßáï yé	Total yé
As at 1 January 2021		\$%	\$	ž	\$	!
ÇôßäÝêãáÝàæñïðéáêðïŸëðäáî		ž	\$ž	ž		!ž
Ãßíñåïåðåëê	–	–	–	%ž	–	%ž
ÑðäáîêáðßîáàåððëÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéá	–	–	!	!	–
ÑðäáîêáðßîáàåðŸßäÝîãážðëÉîëñìËêßëéáÕðÝðáéáêð	\$	#		"ž	1.5
ÑðäáîêáðßîáàåðŸßäÝîãážðëÉîëñìËêßëéáÕðÝðáéáêð×Õ		ž	ž	ž	!	%
As at 31 December 2021	34.4	15.5	13.4	(23.8)	35.1	74.6
ÇôßäÝêãáÝàæñïðéáêðïŸëðäáî	4.1	1.3	1.2	(0.9)	2.2	7.9
ÑðäáîêáðßäÝîãáðëÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéá	–	–	(6.7)	–	(1.5)	(8.2)
ÑðäáîêáðßîáàåðŸßäÝîãážðëÉîëñìËêßëéáÕðÝðáéáêð	0.1	37.2	0.2	2.9	(1.1)	39.3
ÑðäáîêáðßîáàåðŸßäÝîãážðëÉîëñìËêßëéáÕðÝðáéáêð×Õ	2.7	(7.6)	(1.4)	(0.8)	(7.8)	(14.9)
As at 31 December 2022	41.3	46.4	6.7	(22.6)	26.9	98.7
					2022 £m	yé
ÔáßëãêåïáàåêðäáÉîëñìÄÝèÝêßáÕäááðÝï
ÐëêšßñîîáêðàáâáîîáàðÝôÝïïáðï					110.6
ÐëêšßñîîáêðàáâáîîáàðÝôèåÝÞåèåðåáï					(11.9)	%"ž
Net total deferred tax assets					98.7	# "
ËêßèñàáàåêðäáïáàáâáîîáàðÝôÝïïáðïÝêàèåÝÞåèåðåáïÝîáÝéëñêðïáôìáßðáàðëÞáñðåèåïáàåêÝïâëèèëóï
					2022 £m	yé
ÆáâáîîáàðÝôÝïïáðï					18.2	%"
ÆáâáîîáàðÝôèåÝÞåèåðåáï					(2.7)	ž

ÃïÝîáïñèðëâðäááôìáßðáàâñðñîáìîëĦðÝÞåèåðõëâðäá×ÍÞñïåêáïïðäáÉîëñìäÝïàáßåàáàðëîáßëãêåïáßáîðÝåê×ÍàáâáîîáàðÝô ÝïïáðïðäÝðäÝòáêëáôìåîõàÝðáËêßèñàáàåêêëêßñîîáêðàáâáîîáàðÝôÝïïáðïåïy#\$éyêåèåêîáïìáßðëâðäáìÝîðåÝè îáßëãêåðåëêëâðáéìëîÝîõàåĪáîáêßáïÝîåïåêãåêðäá×ÍßëéìñðáàåêÝßßëîàÝêßáóåðäðäáìëèåßõïáðëñðåêÐëðáÝÞëòá ËêÝààåðåëêâëîðäáÉîëñìàáßåàáàðëîáßëãêåïáßáîðÝåê×ÕàáâáîîáàðÝôÝïïáðïÝïÝîáïñèðëâðäáßëêïåïðáêðìîëĦðÝÞåèåðõëâ ðäá×ÕÞñïåêáïïÖäáÉîëñìäÝïÝèïëßÝîîåáàëñðÝêáôáîßåïáðëîáħáßðïßáêÝîåëïóäáîáðäáÞñïåêáïïìèÝêàëáïêëðéÝðáîåÝèåïáÝï expected. The Group has modelled proportionate increases and decreases in relation to the expected taxable income based on the approved budget and the results do not have a material impact on the deferred tax asset balance. The Group remains ßëêĦàáêðëâðäáîáßëòáîõëâðäáïáÝïïáðïy#%éâëî×ÍÝêàyêåèâëî×Õy"%éâëî×ÍÝêàyéâëî×ÕîáéÝåêï ñêîáßëãêåïáàÝïàáðÝåèáàåêðäáðÝÞèáïÞáèëó

ÖÝôèëïïßÝîîõâëîóÝîàïÝêàëðäáîðáéìëîÝîõàåĪáîáêßáïóåðäÝðÝôòÝèñáëây !éy!!éóáîáîáßëãêåïáàÞõ ïñÞïåàåÝîåáïîáìëîðåêãÝèëïïÄÝïáàëêÝììîëòáàÞñïåêáïïìèÝêïëâðäáïáïñÞïåàåÝîåáïðäáÆåîáßðëîïßëêïåàáîåðìîëÞÝÞèáðäÝð ðäáðÝôèëïïßÝîîõâëîóÝîàïÝêàðáéìëîÝîõàåĪáîáêßáïßÝêÞáëĪïáðÝãÝåêïðâñðñîáðÝôÝÞèáìîëĦðïëâðäáïáïñÞïåàåÝîåáï

ÖäáðëðÝèàáâáîîáàðÝôÝïïáðïêëðîáßëãêåïáàÝïÝðÆáßáéÞáîóáîáy#!éy%"éÝïÝêÝèõïáàÞáèëó ËêÝßßëîàÝêßáóåðäðäáÝßßëñêðåêãìëèåßõåêÐëðáðäáïáåðáéïäÝòáêëðÞááêîáßëãêåïáàÝïàáâáîîáàðÝôÝïïáðïëêðäá ÞÝïåïðäÝððäáåîâñðñîááßëêëéåßÞáêáĦðåïêëðìîëÞÝÞèáËêðëðÝèðäáîáóÝïÝàáßîáÝïáëây !éy#éåêßîáÝïá åêêáðñêîáßëãêåïáààáâáîîáàðÝôÝïïáðïàñîåêãðäáõáÝîìîåéÝîåèõàîåòáêÞõðäáîáßëãêåðåëêëâ×ÍàáâáîîáàðÝôÝïïáðïÃèè×Í ñêîáßëãêåïáààáâáîîáàðÝôÝïïáðïÝîáêëóîáìëîðáàÝððäá!YîÝðá

2022 £m	yé
ÑìáîÝðåêãèëïïáïâñîðäáîàáïßîåÞáàÞáèëóž 100.6	!
– ×êîáèåáòáà×ÕåêðáîáïðéÝõÞáßÝîîåáàâëîóÝîàåêàáĦêåðáèõž	#
46.2 ÅÝìåðÝèèëïïáïÝòÝåèÝÞèáðëëĪïáðâñðñîá×ÍßÝìåðÝèãÝåêïéÝõÞáßÝîîåáàâëîóÝîàåêàáĦêåðáèõž	"
19.3 ×ÍÃÅÖßîáàåðïéÝõÞáßÝîîåáàâëîóÝîàåêàáĦêåðáèõž	%
US tax credits –
ÑðäáîðáéìëîÝîõàåĪáîáêßáï 9.0	"
ÖëðÝè àáâáîîáàðÝôÝïïáðïêëðîáßëãêåïáà 175.1	%"

ËêßëéáÖÝôÅäÝîãácontinued

10.4 Deferred tax continued

ÖäáÉîëñìäÝïïåãêåĦßÝêðêáðëìáîÝðåêãèëïïáïóåðäÝðÝôòÝèñáëây #éy!#éëêèõy " éy!!éëâóäåßä éááððäáßîåðáîåÝïáðëñðåêÐëðáðëÞáîáßëãêåïáàëêðäáÉîëñìÄÝèÝêßáÕäááð

	Operating losses recognised 2022 £m	Operating losses not recognised 2022 £m	ÖëðÝè 2022 £m	ÑìáîÝðåêã losses recognised yé	ÑìáîÝðåêã losses not recognised yé	Total yé
×͝éÝõÞáßÝîîåáàâëîóÝîàåêàáĦêåðáèõž	37.8	79.1	116.9	–	"%	"%
×՝àñáðëáôìåîá ›ž	2.6	–	2.6	%		%
ÔÑٝéÝõÞáßÝîîåáàâëîóÝîàåêàáĦêåðáèõž	6.0	21.5	27.5	"	\$	"
ÔÑٝàñáðëáôìåîáóåðäåê!õáÝîïž	–	–	–	–	–	–
	46.4	100.6	147.0	15.5	!	!#

Öäáy#!éy "éëìáîÝðåêãèëïïáïÝòÝåèÝÞèáðëïáðÝãÝåêïðâñðñîáåêßëéáåêðäáîáïðëâðäáóëîèàÝîåïáåêÝêñéÞáîëâ ßëñêðîåáïîáħáßðåêãðäáïìîáÝàëâðäáÉîëñìĎïëìáîÝðåëêï

ÃèåÝÞåèåðõëây\$éyéäÝïÞááêîáßëãêåïáàåêîáïìáßðëâóåðääëèàåêãðÝôáïðäÝðóåèèÞáàñáëêÝîáìÝðîåÝðåëêëââñêàï from the Group's Chinese subsidiaries.

ÆáâáîîáàðÝôåïêëðîáßëãêåïáàåêîáïìáßðëâðäáòÝèñáëâðäáÉîëñìĎïåêòáïðéáêðïåêïñÞïåàåÝîåáïÝêàåêðáîáïðïåêæëåêðòáêðñîáï óäáîáóáÝîáÝÞèáðëßëêðîëèðäáðåéåêãëâðäáîáòáîïÝèëâðäáðáéìëîÝîõàåĪáîáêßáïÝêàåðåïìîëÞÝÞèáðäÝðïñßäàåĪáîáêßáïóåèè êëðîáòáîïáåêðäáâëîáïááÝÞèáâñðñîáÖäáÝéëñêðëâðäáïáðáéìëîÝîõàåĪáîáêßáïâëîóäåßäàáâáîîáàðÝôèåÝÞåèåðåáïäÝòáêëðÞááê îáßëãêåïáàóÝïy\$éy "é

10.5 Income tax payable and recoverable

	2022 £m	yé
Liabilities for income tax payable	12.8
ÒîëòåïåëêïâëîñêßáîðÝåêðÝôìëïåðåëêï	6.8	"%
	19.6	18.1
ÎáïïËêßëéáðÝôîáßëòáîÝÞèáóåðäåêëêáõáÝî	15.3	#"
Net liability	4.3	!

ÒîëòåïåëêïâëîñêßáîðÝåêðÝôìëïåðåëêïÝîáßÝèßñèÝðáàåêÝßßëîàÝêßáóåðäðäáìëèåßõëñðèåêáàåêÐëðáÝêàÝîáðîáÝðáàÝïåêßëéá ðÝôìÝõÝÞèáåêÝßßëîàÝêßáóåðäËÃÕ

ÖäáïáìîëòåïåëêïßëòáîèåðåãÝðáàðÝôéÝððáîïÝïóáèèÝïìîëòåïåëêïâëîëðäáîîåïçïóäáîáðäáÉîëñìÞáèåáòáïåðåïéëîáèåçáèõðäÝêêëð ðäÝððäáîáóëñèàÞáÝïñßßáïïâñèßäÝèèáêãáÞõÝðÝôÝñðäëîåðõðëìëïåðåëêïåðäÝïðÝçáêåêåðïðÝôĦèåêãïÄõåðïêÝðñîáèåðåãÝðåëêßÝê îáïñèðåêïäÝîìħñßðñÝðåëêïåêßÝïäħëóÞëðäåêÝêàëñðîáèÝðåêãðëðÝôáïÅñîîáêðèõéÝêÝãáéáêðàëáïêëðáôìáßðÝêõéÝðáîåÝè Ýàæñïðéáêðïðëðäáïáìîëòåïåëêïåê

ÆñîåêãðäáõáÝîðäáìîëòåïåëêïâëîñêßáîðÝåêðÝôìëïåðåëêïäÝòáîáàñßáàðëy"\$éy"%éÖäáàáßîáÝïáëâyé y"éßÝêÞááôìèÝåêáàÞõðäááôìåîÝðåëêëâðäáïðÝðñðáëâèåéåðÝðåëêïëêßáîðÝåêëðäáîáôìëïñîáïyéyé Ýy!éßäÝîãáyêåèåêîáèÝðåëêðëÝêËêàëêáïåÝêðÝôÝñàåðÝy éßäÝîãáyêåèëêÝÕìÝêåïäðÝôÝñàåðÝêàâëîáåãê áôßäÝêãáéëòáéáêðïëêðäáîáéÝåêåêãÞÝèÝêßáïyéßäÝîãáyéßîáàåð

Notes to the Group Financial Statements continued

ËêßëéáÖÝôÅäÝîãácontinued

" ÍáõâÝßðëîïåéìÝßðåêãðäáïñïðÝåêÝÞåèåðõëâðäáäáÝàèåêááĪáßðåòáðÝôîÝðáÝîáÝïâëèèëóï

ÏÝðáîåÝèßäÝêãáïåêðäáãáëãîÝìäåßéåôëâìîëĦðï

ÖäáÉîëñìĎïäáÝàèåêááĪáßðåòáðÝôîÝðáåïïáêïåðåòáðëßäÝêãáïåêðäáãáëãîÝìäåßéåôëâìîëĦðïÝêàèáòáèëâìîëĦðïÝêàîáħáßðïÝ ßëéÞåêÝðåëêëâäåãäáîîÝðáïåêßáîðÝåêæñîåïàåßðåëêïïñßäÝïÄîÝöåèÅäåêÝÉáîéÝêõËêàåÝÏáôåßëÝêàðäá×ÕÝêàÝèëóáîäáÝàèåêá áĪáßðåòáðÝôîÝðáåêæñîåïàåßðåëêïèåçáÒëèÝêàÝêàðäá×Í

Changes in tax rates, tax reform and its interpretation

ÅäÝêãáïåêðÝôîÝðáïÝêàèÝóïåêðäáæñîåïàåßðåëêïåêóäåßäðäáÉîëñìëìáîÝðáïßëñèàäÝòáÝéÝðáîåÝèáĪáßðëêðäáÉîëñìĎïäáÝàèåêá áĪáßðåòáðÝôîÝðá

Availability of tax advantaged rates

ØáïñòåñïåêÅäåêÝíñÝèåĦáïâëîÝðÝôÝàòÝêðÝãáàîÝðáëâ!YîÝðäáîðäÝêðäáäáÝàèåêáîÝðáëâ!YëêìÝîðëâåðïìîëĦðïàñáðë ðäáäåãäðáßäêëèëãõêÝðñîáëâåðïÞñïåêáïïÇèåãåÞåèåðõâëîðäåïîÝðáåïîáòåáóáàëêÝîáãñèÝîÞÝïåïÞõðäáÅäåêáïáðÝôÝñðäëîåðõÝêà óÝïóëîðäÝììîëôåéÝðáèõy éåêy#éÙåðäëñððäÝðÞáêáĦððäáÉîëñìĎïäáÝàèåêááĪáßðåòáðÝôîÝðáëêäáÝàèåêá ìáîâëîéÝêßáóëñèàäÝòáÞááêYäåãäáîåê!Y

Resolution of tax judgements

ÃðÝêõëêáðåéáðäáÉîëñìßÝêÞáïñÞæáßððëÝêñéÞáîëâßäÝèèáêãáïÞõðÝôÝñðäëîåðåáïåêðäáæñîåïàåßðåëêïåêóäåßäåðëìáîÝðáï ÖäáëñðßëéáëâðäáïáßäÝèèáêãáïåïåêäáîáêðèõñêßáîðÝåêìëðáêðåÝèèõîáïñèðåêãåêÝàåĪáîáêððÝôßäÝîãáâîëéðäáÝéëñêðï initially provided.

11. Earnings per Share (EPS)

11.1 Earnings for EPS

ÄÝïåßÝêààåèñðáàÇÒÕâîëéßëêðåêñåêãëìáîÝðåëêïÝîáÞÝïáàñìëêðäáìîëĦðÝððîåÞñðÝÞèáðëëóêáîïëâðäáÒÝîáêðÝïîáìëîðáà åêðäáÉîëñìËêßëéáÕðÝðáéáêðÖäáðÝÞèáÞáèëóîáßëêßåèáïðäáïáàåĪáîáêðìîëĦðéáÝïñîáï

	2022 £m	yé
ÒîëĦðÝððîåÞñðÝÞèáðëëóêáîïëâðäáÒÝîáêð	181.1
ÃàæñïðéáêðïâëîïáìÝîÝðáèõîáìëîðáàåðáéï
ÃéëîðåïÝðåëêëâÝßíñåîáàåêðÝêãåÞèáÝïïáðï	10.4	%#
Restructuring charges	–	–
Vacant site remediation costs	–	–
ÉñÝîÝêðááàéåêåéñéìáêïåëêïÉÏҞáíñÝèåïÝðåëêßäÝîãá	–	–
ËêßëéáðÝôßîáàåðžŸßäÝîãá	(39.1)	"ž
ÊáÝàèåêáìîëĦðÝððîåÞñðÝÞèáðëëóêáîïëâðäáÒÝîáêð	152.4	%!"

11.2 Weighted average number of shares

	2022 millions	millions
ÈëîßÝèßñèÝðåêãÞÝïåßÝêàäáÝàèåêáÇÒÕ	269.6	#!
ÃàæñïðéáêðâëîìëðáêðåÝèèõàåèñðåòáëîàåêÝîõïäÝîáï	1.9	1.8
ÈëîßÝèßñèÝðåêãàåèñðáàÝêààåèñðáàäáÝàèåêáÇÒÕ	271.5	#

ÈëîðäáìñîìëïáïëâßÝèßñèÝðåêãàåèñðáàÝêààåèñðáàäáÝàèåêáÇÒÕðäáóáåãäðáàÝòáîÝãáêñéÞáîëâëîàåêÝîõïäÝîáïåïÝàæñïðáàðë åêßèñàáðäáóáåãäðáàÝòáîÝãáêñéÞáîëâëîàåêÝîõïäÝîáïðäÝðóëñèàÞáåïïñáàëêðäáßëêòáîïåëêëâÝèèìëðáêðåÝèèõàåèñðåòáëîàåêÝîõ ïäÝîáïáôìáßðáàðëòáïðîáèÝðåêãðëðäáÅëéìÝêõĎïïäÝîáÞÝïáàìÝõéáêðìèÝêïÒëðáêðåÝèëîàåêÝîõïäÝîáïÝîáëêèõðîáÝðáàÝï àåèñðåòáóäáêðäáåîßëêòáîïåëêðëëîàåêÝîõïäÝîáïóëñèààáßîáÝïáÇÒÕëîåêßîáÝïáèëïïìáîïäÝîá

11. Earnings per Share (EPS) continued

11.3 Per share amounts

	2022
	pence	pence
Earnings per share
– basic	67.2	##
– diluted	66.7	#!
– headline	56.5	!
– diluted headline	56.1	!

12. Cash Generated from Operations

	Ðëðáï	2022 £m	yé
ÑìáîÝðåêãìîëĦð		216.8	#
Ãàæñïðéáêðïâëî
ÃéëîðåïÝðåëêëâÝßíñåîáàåêðÝêãåÞèáÝïïáðï	"	10.4	%#
Restructuring charges		–	–
Vacant site remediation costs		–	–
ÉñÝîÝêðááàéåêåéñéìáêïåëêïÉÏҞáíñÝèåïÝðåëêßäÝîãá		–	–
ÖîÝàåêãìîëĦð		227.2
ÎëïïëêàåïìëïÝèëâêëêšßñîîáêðÝïïáðï		(0.1)
ÆáìîáßåÝðåëêÝêàÝéëîðåïÝðåëê	15	55.5	%\$
ÆáĦêáàÞáêáĦðîáðåîáéáêðìèÝêïêáðßäÝîãá		5.6	"
ÐáðàáßîáÝï៝åêßîáÝïážåêåêòáêðëîåáï	%	2.2	!ž
ÐáðåêßîáÝïáåêðîÝàáîáßáåòÝÞèáï	18	(9.2)	!!ž
ÐáðàáßîáÝïសåêßîáÝïáåêðîÝàáìÝõÝÞèáï	\$	(28.0)	#"
ÐáðàáßîáÝï៝åêßîáÝïážåêëðäáîóëîçåêãßÝìåðÝè		24.7	(5.5)
ÑñðħëóîáèÝðáàðëîáïðîñßðñîåêãßäÝîãáï	#	(1.5)	ž
ÆáĦêáàÞáêáĦðîáðåîáéáêðìèÝêïßÝïäëñðħëóï	"	(6.3)	#ž
Vacant site remediation costs paid		(1.8)	ž
Cash generated from operations		268.3	\$%

13. Cash and Cash Equivalents

13.1 Accounting policy

ÅÝïäÝêàïäëîððáîéàáìëïåðïåêðäáÉîëñìÞÝèÝêßáïäááðßëêïåïðëâßÝïäÝðÞÝêçÝêàåêäÝêàÝêàïäëîððáîéàáìëïåðïóåðä ëîåãåêÝèéÝðñîåðõëâðäîááéëêðäïëîèáïïÄÝêçëòáîàîÝâðïðäÝðÝîáîáìÝõÝÞèáëêàáéÝêàÝêàâëîéÝêåêðáãîÝèìÝîðëâðäá ÉîëñìĎïßÝïäéÝêÝãáéáêðÝîáåêßèñàáàÝïÝßëéìëêáêðëâßÝïäÝêàßÝïäáíñåòÝèáêðïâëîðäáìñîìëïáëâðäáÉîëñìÕðÝðáéáêð ëâÅÝïäÈèëóï

	2022 £m	yé
Cash at bank and in hand	184.2	"%
Õäëîðšðáîéàáìëïåðï	–	–
Cash and short-term deposits	184.2	"%
ÄÝêçëòáîàîÝâðï	(4.4)	"#ž
Cash and cash equivalents in the Group Statement of Cash Flows	179.8	"

ÅÝïäåïäáèàÞëðäßáêðîÝèèõÝêàåêëìáîÝðåêãðáîîåðëîåáïÖäáîáåïêëîáïðîåßðáàßÝïäÈëîßáîðÝåêðáîîåðëîåáïåêßèñàåêãÃîãáêðåêÝ China, India and Russia cash is more readily used locally than for broader Group purposes.

Notes to the Group Financial Statements continued

14. Reconciliation of Movement in Net Debt

	Balance as at 1 January 2022 £m	Foreign exchange adjustments £m	Fair value gains £m	Non-cash movements* £m	ÅÝïäħëó £m	Balance as at 31 December 2022 £m
Cash and cash equivalents
Cash at bank and in hand	169.1	0.1	–	–	15.0	184.2
Short-term deposits	–	–	–	–	–	–
Bank overdrafts	(6.7)	(0.3)	–	–	2.6	(4.4)
	162.4	(0.2)	–	–	17.6	179.8
ÄëîîëóåêãïáôßèñàåêãÞÝêçëòáîàîÝâðï	(440.3)	(25.4)	–	(11.5)	37.0	(440.2)
Capitalised arrangement fees	3.3	–	–	(0.6)	–	2.7
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	(2.5)	–	5.2	–	–	2.7
Net debt	(277.1)	(25.6)	5.2	(12.1)	54.6	(255.0)
	Balance as at 1 January 2021 £m	Foreign exchange adjustments £m	Fair value gains £m	Non-cash movements* £m	ÅÝïäħëó £m	Balance as at 31 December 2021 £m
Cash and cash equivalents
Cash at bank and in hand	169.7	(1.9)	–	–	1.3	169.1
Short-term deposits	40.0	–	–	–	(40.0)	–
Bank overdrafts	(2.9)	0.1	–	–	(3.9)	(6.7)
	206.8	(1.8)	–	–	(42.6)	162.4
ÄëîîëóåêãïáôßèñàåêãÞÝêçëòáîàîÝâðï	(376.5)	11.3	–	(17.1)	(58.0)	(440.3)
Capitalised arrangement fees	1.4	–	–	1.9	–	3.3
ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï	(6.8)	–	4.3	–	–	(2.5)
Net debt	(175.1)	9.5	4.3	(15.2)	(100.6)	(277.1)

y!éy#éëâêáóèáÝïáïóáîááêðáîáàåêðëàñîåêãðäáõáÝî

ÐáðàáÞðåïÝéáÝïñîáëâðäáÉîëñìĎïêáðåêàáÞðáàêáïïðëÞÝêçïÝêàëðäáîáôðáîêÝèĦêÝêßåÝèåêïðåðñðåëêïÝêàßëéìîåïáïðäáðëðÝè ëâßÝïäÝêàïäëîððáîéàáìëïåðïßñîîáêðÝêàêëêßñîîáêðåêðáîáïðÞáÝîåêãÞëîîëóåêãïÝêààáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï

y#éëâÞëîîëóåêãïßÝïäħëóáôßèñàåêãÞÝêçëòáîàîÝâðïîáìîáïáêðïðäáêáðëâìîëßááàïÝêàîáìÝõéáêðïëâÞëîîëóåêãï (including lease liabilities).

y\$#éìîëßááàïâîëéÞëîîëóåêãïïäëóêåêðäáÉîëñìÕðÝðáéáêðëâÅÝïäÈèëóïåêßèñàáïy\$#éëâáñîëàîÝóåêãïñêàáîðäá UK syndicated bank facility.

y!!#éîáìÝõéáêðëâÞëîîëóåêãïïäëóêåêðäáÉîëñìÕðÝðáéáêðëâÅÝïäÈèëóïåêßèñàáïy!éëâïðáîèåêãàîÝóåêãï îáìÝåàñêàáîðäá×ÍïõêàåßÝðáàÞÝêçâÝßåèåðõy\$éëâïðáîèåêãàîÝóåêãïîáìÝåàñêàáîðäáßëèèÝðáîÝèåïáàÞåèÝðáîÝèèëÝêâÝßåèåðõ (see Note 25) and net lease repayments of £12.7m.

! ÒîëìáîðõÒèÝêðÝêàÇíñåìéáêð

15.1 Accounting policy

Freehold land and construction in progress are carried at cost less accumulated impairment losses. Other items of property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Costs are capitalised only óäáêåðåïìîëÞÝÞèáðäÝððäáõóåèèîáïñèðåêâñðñîááßëêëéåßÞáêáĦðïħëóåêãðëðäáÉîëñìÝêàóäáêðäáõßÝêÞáéáÝïñîáàîáèåÝÞèõ ÅëïðïÝîáßÝìåðÝèåïáàðëßëêïðîñßðåëêåêìîëãîáïïóäáîáÝêÝïïáðåïÞáåêãàáòáèëìáàÖäåïåïðäáêðîÝêïâáîîáàðëðäáîáèáòÝêðÝïïáð ßèÝïïÝêààáìîáßåÝðáàóäáêðäáÝïïáðåïîáÝàõâëîñïáÃèèëðäáîîáìÝåîïÝêàéÝåêðáêÝêßááôìáêàåðñîáïÝîáßäÝîãáàðëðäáÉîëñì ËêßëéáÕðÝðáéáêðåêðäáìáîåëàåêóäåßäðäáõÝîáåêßñîîáà

ÈîááäëèàèÝêàåïêëðàáìîáßåÝðáàÝïåðäÝïÝêåêĦêåðáèåâáÆáìîáßåÝðåëêëêëðäáîåðáéïëâìîëìáîðõìèÝêðÝêàáíñåìéáêðÞáãåêï óäáêðäáÝïïáðåïÝòÝåèÝÞèáâëîñïáÝêàåïßäÝîãáàðëðäáÉîëñìËêßëéáÕðÝðáéáêðëêÝïðîÝåãäðèåêáÞÝïåïïëÝïðëóîåðáëĪðäá ßëïðèáïïðäááïðåéÝðáàîáïåàñÝèòÝèñáëâðäáÝïïáðëòáîåðïáïðåéÝðáàñïáâñèèåâáÝïâëèèëóï

! ÒîëìáîðõÒèÝêðÝêàÇíñåìéáêðcontinued

15.1 Accounting policy continued

ÃïïáðßÝðáãëîõ	Estimated useful life
Freehold property	ÞáðóááêÝêà!õáÝîï
Leasehold property	the term of the lease
ÔåãäðšëâšñïáÝïïáðï	shorter of the asset's useful life and lease term
Plant and equipment – motor vehicles and information technology equipment	ÞáðóááêÝêà!õáÝîï
– other	ÞáðóááêÝêà!õáÝîï

ÖäáàáìîáßåÝðåëêéáðäëàñïáàîáïåàñÝèòÝèñáïÝêàáïðåéÝðáàñïáâñèèåòáïÝîáîáòåáóáàÝêêñÝèèõÝêàßäÝêãáàåâÝììîëìîåÝðá ÃïàáïßîåÞáàåêÐëðá#ÝêÝïïáðĎïßÝîîõåêãÝéëñêðåïåééáàåÝðáèõóîåððáêàëóêðëåðïîáßëòáîÝÞèáÝéëñêðåâåðïßÝîîõåêãÝéëñêð is greater than its estimated recoverable amount. Gains and losses arising on disposals are determined by comparing sales ìîëßááàïóåðäßÝîîõåêãÝéëñêðÝêàÝîáîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêð

! ÏëòáéáêðåêêáðÞëëçòÝèñá

	Freehold property £m	Leasehold property £m	Ôåãäðšëâšñïá assets – land & buildings (Note 29.2) £m	Ôåãäðšëâšñïá assets – plant & equipment (Note 29.2) £m	Plant and equipment £m	Construction in progress £m	ÖëðÝè1 £m
Cost
ÃïÝðÆáßáéÞáîÝêàÌÝêñÝîõ	241.1	0.9	30.8	26.7	586.3	32.6	918.4
Exchange adjustments	(5.4)	–	(0.9)	(1.0)	(14.0)	(1.1)	(22.4)
Capital expenditure additions	2.3	–	9.9	7.2	17.0	29.1	65.5
ÃßíñåïåðåëêïðäîëñãäÞñïåêáïïßëéÞåêÝðåëêï	6.6	–	–	–	4.3	0.5	11.4
Disposals	(4.5)	(0.1)	(0.7)	(3.3)	(31.9)	(0.7)	(41.2)
ÃïïáðïîáßèÝïïåĦáàâîëéäáèàâëîïÝèá	0.9	–	–	–	–	–	0.9
ÔáßèÝïïåĦßÝðåëêï	4.0	(0.1)	–	(0.6)	11.0	(19.2)	(4.9)
As at 31 December 2021 and 1 January 2022	245.0	0.7	39.1	29.0	572.7	41.2	927.7
Exchange adjustments	16.0	(0.0)	1.7	1.9	37.1	3.8	60.5
Capital expenditure additions	7.3	–	3.3	8.1	20.8	59.9	99.4
ÃßíñåïåðåëêïðäîëñãäÞñïåêáïïßëéÞåêÝðåëêï	1.1	–	2.2	–	0.2	–	3.5
Disposals	(1.6)	–	(1.1)	(3.4)	(14.9)	(0.5)	(21.5)
ÃïïáðïîáßèÝïïåĦáàâîëéäáèàâëîïÝèá	–	–	–	–	–	–	–
ÔáßèÝïïåĦßÝðåëêï	1.3	–	–	(0.2)	27.4	(28.6)	(0.1)
As at 31 December 2022	269.1	0.7	45.2	35.4	643.3	75.8	"%!
Accumulated depreciation and impairment losses
ÃïÝðÆáßáéÞáîÝêàÌÝêñÝîõ	118.5	0.8	6.6	13.2	441.8	–	580.9
Exchange adjustments	(2.8)	–	(0.4)	(0.7)	(9.3)	–	(13.2)
Depreciation charge	6.4	–	4.6	6.2	32.6	–	49.8
Impairment	(2.9)	–	–	–	–	–	(2.9)
Disposals	(1.6)	–	(0.7)	(2.6)	(31.8)	–	(36.7)
ÃïïáðïîáßèÝïïåĦáàâîëéäáèàâëîïÝèá	0.1	–	–	–	–	–	0.1
ÔáßèÝïïåĦßÝðåëêï	0.1	(0.1)	–	–	(2.8)	–	(2.8)
As at 31 December 2021 and 1 January 2022	117.8	0.7	10.1	16.1	430.5	–	575.2
Exchange adjustments	8.0	–	0.4	1.0	29.0	–	38.4
Depreciation charge	7.3	–	5.7	6.8	35.4	–	55.2
Impairment	0.9	–	0.5	–	0.1	–	1.5
Disposals	(0.4)	–	(1.1)	(2.9)	(13.9)	–	(18.3)
ÃïïáðïîáßèÝïïåĦáàâîëéäáèàâëîïÝèá	–	–	–	–	–	–	–
ÔáßèÝïïåĦßÝðåëêï	3.9	–	–	(0.1)	(3.9)	–	(0.1)
As at 31 December 2022	137.5	0.7	15.6	20.9	477.2	–	651.9
ÐáðÞëëçòÝèñáÝïÝðÆáßáéÞáî	131.6	–	29.6	14.5	166.1	75.8	417.6
Net book value as at 31 December 2021	127.2	–	29.0	12.9	142.2	41.2	352.5
Net book value as at 31 January 2020	122.6	0.1	24.2	13.5	144.5	32.6	337.5

ëìáêåêãÞÝèÝêßáïâëîßëïðÝêààáìîáßåÝðåëêäÝòáÞááêãîëïïáàñìÞîëñãäðàëóêÞõyéâëîåàáêðåĦáàĦôáàÝïïáðïìîáòåëñïèõóîåððáêëĪ (£nil net book value).

Notes to the Group Financial Statements continued

! ÒîëìáîðõÒèÝêðÝêàÇíñåìéáêðcontinued

! ÏëòáéáêðåêêáðÞëëçòÝèñácontinued

ÅÝìåðÝèáôìáêàåðñîáëêßñïðëéáîåêïðÝèèÝðåëêÝïïáðïóÝïy#!éy!#é

ÅÝìåðÝèßëééåðéáêðïÝïÝðÆáßáéÞáîóáîáyêåèÆáßáéÞáîyêåè

ÖäáåéìÝßðëâßèåéÝðáßäÝêãáäÝïÞááêßëêïåàáîáàåêðäáîáòåáóëâßÝîîõåêãòÝèñáïðëßëêïåàáîóäáðäáîðäáîáÝîáåêàåßÝðåëêïëâ material impairment arising from the potential physical risks arising from climate change. We have not impaired any assets this year as a result of this exercise. We have also considered the impact of climate change on the estimation of useful lives and no éÝðáîåÝèåéìÝßðïóáîáêëðáà

16. Intangible Assets

ËêðÝêãåÞèáÝïïáðïßëéìîåïáãëëàóåèèëðäáîåêðÝêãåÞèáÝïïáðïðäÝðäÝòáÞááêÝßíñåîáàðäîëñãäÞñïåêáïïßëéÞåêÝðåëêïÝêà ïëâðóÝîáßëïðï

16.1 Accounting policy

ÝÉëëàóåèè

ÉëëàóåèèÝîåïåêãåêÝÞñïåêáïïßëéÞåêÝðåëêåïåêåðåÝèèõîáßëãêåïáàÝïÝêÝïïáðÝðßëïðéáÝïñîáàÝïðäááôßáïïëâðäáÝããîáãÝðáëâ the acquisition-date fair value of the consideration transferred and the amount of any non-controlling interest acquired over the êáðëâðäáÝßíñåïåðåëêàÝðáâÝåîòÝèñáÝéëñêðïëâðäáåàáêðåĦÝÞèáÝïïáðïÝßíñåîáàÝêàèåÝÞåèåðåáïÝïïñéáàÙäáêðäááôßáïïåï êáãÝðåòáÝÞÝîãÝåêìñîßäÝïáãÝåêåïîáßëãêåïáàåééáàåÝðáèõåêìîëĦðëîèëïïÉëëàóåèèåïïñÞïáíñáêðèõéáÝïñîáàÝðßëïðèáïï ÝßßñéñèÝðáàåéìÝåîéáêðèëïïáïóåðäåéìÝåîéáêððáïðåêãßÝîîåáàëñðÝêêñÝèèõëîéëîáâîáíñáêðèõóäáêðäáîáåïÝêåêàåßÝðåëê ðäÝððäáßÝïäãáêáîÝðåêãñêåðÅÉ×ðëóäåßäðäáãëëàóåèèäÝïÞááêÝèèëßÝðáàéÝõÞáåéìÝåîáàÑêàåïìëïÝèëâÝÞñïåêáïï ðäáÝððîåÞñðÝÞèáÝéëñêðëâãëëàóåèèåïåêßèñàáàåêðäáßÝèßñèÝðåëêëâðäáìîëĦðëîèëïïëêàåïìëïÝè

(b) Other intangible assets

ËêðÝêãåÞèáÝïïáðïëðäáîðäÝêãëëàóåèèÝîáîáßëãêåïáàëêÞñïåêáïïßëéÞåêÝðåëêïåâðäáõÝîáïáìÝîÝÞèáëîåâðäáõÝîåïáâîëé ßëêðîÝßðñÝèëîëðäáîèáãÝèîåãäðïÝêàðäáåîòÝèñáßÝêÞáéáÝïñîáàîáèåÝÞèõÖäáõÝîáåêåðåÝèèõéáÝïñîáàÝðßëïðóäåßäåïáíñÝè to the acquisition-date fair value, and subsequently measured at cost less accumulated amortisation charges and accumulated åéìÝåîéáêðèëïïáïÑðäáîåêðÝêãåÞèáÝïïáðïÝîáïñÞæáßððëåéìÝåîéáêððáïðåêãóäáêðäáîáåïÝêåêàåßÝðåëêðäÝðÝêåéìÝåîéáêðèëïï may have been incurred and are amortised over their estimated useful lives.

(c) Research and development costs

ÖäáÉîëñìĎïîáïáÝîßäÝßðåòåðõåêòëèòáïèëêãîÝêãáčÞèñáïçõĎåêòáïðåãÝðåëêðäáĦêàåêãïâîëéóäåßäéÝõÞáñïáàåêðäáâñðñîáðë àáòáèëìêáóëîïñÞïðÝêðåÝèèõåéìîëòáàìîëàñßðïÇôìáêàåðñîáëêîáïáÝîßäÝßðåòåðåáïåïîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêð ÝïÝêáôìáêïáåêðäáõáÝîåêóäåßäåðåïåêßñîîáà

ÆáòáèëìéáêðåïðäáÝììèåßÝðåëêëâîáïáÝîßäĦêàåêãïâëîðäáìîëàñßðåëêëâêáóëîïñÞïðÝêðåÝèèõåéìîëòáàìîëàñßðïìîëßáïïáï and services before the start of commercial production. Development expenditure is capitalised only if the expenditure can be éáÝïñîáàîáèåÝÞèõðäáìîëàñßðëîìîëßáïïåïðáßäêåßÝèèõÝêàßëééáîßåÝèèõâáÝïåÞèáâñðñîááßëêëéåßÞáêáĦðïÝîáìîëÞÝÞèáÝêàðäá ÉîëñìåêðáêàïðëÝêàäÝïïñĨßåáêðîáïëñîßáïðëßëéìèáðáàáòáèëìéáêðÝêàðëñïáëîïáèèðäáÝïïáðÑðäáîóåïáåðåïîáßëãêåïáàåê ðäáÉîëñìËêßëéáÕðÝðáéáêðÝïÝêáôìáêïáåêðäáõáÝîåêóäåßäåðåïåêßñîîáàÅÝìåðÝèåïáààáòáèëìéáêðáôìáêàåðñîáóäáîáðäáîáåï any, is stated at cost less accumulated amortisation and impairment losses.

ËêàáðáîéåêåêãóäáðäáîàáòáèëìéáêðáôìáêàåðñîáåïßÝìåðÝèåïáàÝïÝêåêðÝêãåÞèáÝïïáðéÝêÝãáéáêðßëêïåàáîïóäáðäáîðäá ïðîåßðåêðÝêãåÞèáÝïïáðîáßëãêåðåëêßîåðáîåÝïáðëñðåêËÃÕ\$ËêðÝêãåÞèáÃïïáðïäÝòáÞááêéáðÝððäáðåéáðäááôìáêàåðñîáåïåêßñîîáà ËêéÝçåêãðäåïàáðáîéåêÝðåëêéÝêÝãáéáêðîáßëãêåïáïðäÝðÝïåãêåĦßÝêðÝéëñêðëâðäáàáòáèëìéáêðáôìáêàåðñîáñêàáîðÝçáê ÞõðäáÉîëñìåïâëßñïáàëêàáÝèåêãóåðäèëßÝèßñïðëéáîðáßäêåßÝèïñììëîðåïïñáïÝêàåêßîáéáêðÝèàáòáèëìéáêðïðëáôåïðåêã ìîëàñßðïÝïëììëïáàðëêáóëîïñÞïðÝêðåÝèèõåéìîëòáàìîëàñßðïÝêàðäÝðÝððäáðåéáðäáâáÝïåÞåèåðõëâðäáìîëæáßðåïàáðáîéåêáà ÝïåãêåĦßÝêðìîëìëîðåëêëâðäáàáòáèëìéáêðáôìáêàåðñîáâëîðäÝðìîëæáßðäÝïÝèîáÝàõÞááêåêßñîîáàËêÝêàêëìîëæáßðï éáððäáßîåðáîåÝâëîËÃÕ\$ßÝìåðÝèåïÝðåëê

àÕëâðóÝîá

ÖäáßëïðïëâÇÔÒïõïðáéåéìèáéáêðÝðåëêïåêßèñàåêãðäáìñîßäÝïáßëïðëâðäáïëâðóÝîáÝêàðäáðåéáßëïðïëâáéìèëõááïàåîáßðèõ åêòëèòáàåêðäáåéìèáéáêðÝðåëêóëîçåïßÝìåðÝèåïáàÝêàÝéëîðåïáàëòáîÝìáîåëàëâêëéëîáðäÝêðáêõáÝîï

16. Intangible Assets continued

" ÏëòáéáêðåêêáðÞëëçòÝèñá

	Notes	Éëëàóåèè £m	Other acquired intangible assets £m	ÕëâðóÝîá £m	2022 total £m	Éëëàóåèè £m	Other acquired intangible assets £m	ÕëâðóÝîá £m	2021 total £m
Cost
As at 1 January		614.2	285.7	6.7	906.6	617.6	279.4	–	897.0
ÔáßèÝïïåĦßÝðåëêëâêëêš compete agreements ðëãëëàóåèè*		0.9	(0.9)	–	–	–	–	–	–
Exchange adjustments		42.4	8.1	0.5	51.0	(16.7)	(5.9)	(0.1)	(22.7)
Capital expenditure additions		–	–	4.5	4.5	–	–	1.9	1.9
Disposals		–	–	(0.9)	(0.9)	–	–	–	–
Business combinations	20	0.4	–	–	0.4	13.3	12.2	–	25.5
ÔáßèÝïïåĦßÝðåëêï		–	–	–	–	–	–	4.9	4.9
As at 31 December		657.9	292.9	10.8	961.6	614.2	285.7	6.7	906.6
Accumulated amortisation and impairment losses
As at 1 January		–	206.7	3.1	209.8	–	200.9	–	200.9
Exchange adjustments		–	4.0	0.2	4.2	–	(3.9)	(0.1)	(4.0)
ÃéëîðåïÝðåëêßäÝîãáâëî
the year		–	10.4	0.3	10.7	–	9.7	0.4	10.1
Impairment		–	–	0.3	0.3
Disposals		–	–	(0.9)	(0.9)	–	–	–	–
ÔáßèÝïïåĦßÝðåëêï		–	–	–	–	–	–	2.8	2.8
As at 31 December		–	221.1	3.0	224.1	–	206.7	3.1	209.8
ÐáðÞëëçòÝèñáÝïÝð 31 December		657.9	71.8	7.8	737.5	614.2	79.0	3.6	696.8

ÖäáòÝèñáïÝêàñïáâñèèåòáïëâ×ÔËåêðÝêãåÞèáïåêðäáÃêêñÝèÔáìëîðÝêàÈåêÝêßåÝèÕðÝðáéáêðïóáîáìîëòåïåëêÝèÈñîðäáîòÝèñÝðåëêóëîçàáðáîéåêáà ðäÝððäáîáóáîáêëêëêßëéìáðáÝãîááéáêðïðäÝðßëñèàÞáïáìÝîÝðáèõåàáêðåĦáàâîëéãëëàóåèèÐëðá

Ñâðäáy\$éy"#éïëâðóÝîáßëïðÝïÝðÆáßáéÞáîy"\$éyéóÝïåêðäáßëñîïáëâßëêïðîñßðåëê

ÃéëîðåïÝðåëêßäÝîãáëây éy%#éåêîáïìáßðëâëðäáîÝßíñåîáàåêðÝêãåÞèáÝïïáðïåêßèñàáïy! éy! é îáßëãêåïáàåêîáïìáßðëâÈëïáßëßñïðëéáîîáèÝðåëêïäåìïy"éy"éåêîáïìáßðëâðäáÈëïáßëðîÝàáêÝéáÝêày é y#éåêîáïìáßðëâÐëîðäÃéáîåßÝêÃàòÝêßáàÔáâîÝßðëîåáïåêðÝêãåÞèáÝïïáðï

ÖäáåéìÝßðëâßèåéÝðáßäÝêãáäÝïÞááêßëêïåàáîáàåêðäáîáòåáóëâßÝîîõåêãòÝèñáïðëßëêïåàáîóäáðäáîðäáîáÝîáåêàåßÝðåëêïëâ material impairment arising from risks arising from climate change. We have not impaired any intangible assets this year as a result of this exercise. We have also considered the impact of climate change on the estimation of useful lives and no material åéìÝßðïóáîáêëðáà

" ÃêÝèõïåïëâãëëàóåèèÞõßÝïäãáêáîÝðåêãñêåðÅÉ×

ÉëëàóåèèÝßíñåîáàåêÝÞñïåêáïïßëéÞåêÝðåëêåïÝèèëßÝðáàðëáÝßäëâðäáÉîëñìĎïÅÉ×ïáôìáßðáàðëÞáêáĦðâîëéðäáïõêáîãåáïëâ ðäáßëéÞåêÝðåëêÈëîðäáìñîìëïáïëâåéìÝåîéáêððáïðåêãðäáÆåîáßðëîïßëêïåàáîðäÝððäáÉîëñìäÝïâëñîÅÉ×ïÕðááèÃàòÝêßáà ÔáâîÝßðëîåáïÕðááèÈèëóÅëêðîëèÕðááèÕáêïëîïÒîëÞáïÝêàðäáÈëñêàîõÆåòåïåëêÖäáïáÅÉ×ïîáìîáïáêððäáèëóáïðèáòáèóåðäåê ðäáÉîëñìÝðóäåßäãëëàóåèèåïéëêåðëîáàÐëðá#

2022 £m	2021 £m
286.8 ÕðááèÈèëóÅëêðîëè	269.0
152.5 ÕðááèÃàòÝêßáàÔáâîÝßðëîåáï	140.2
Foundry 218.6	205.0
657.9 ÖëðÝèãëëàóåèè	614.2

Notes to the Group Financial Statements continued

16. Intangible Assets continued

16.4 Analysis of other acquired intangible assets

ÑðäáîÝßíñåîáàåêðÝêãåÞèáÝïïáðïÝîáÝéëîðåïáàëêÝïðîÝåãäðèåêáÞÝïåïëòáîðäáåîáïðåéÝðáàñïáâñèèåòáïÖäáÝïïáðïÝßíñåîáàÝêà ðäáåîîáéÝåêåêãñïáâñèèåòáïÝîáïäëóêÞáèëó

	ÔáéÝåêåêã useful life years	ÐáðÞëëç value as at 31 Dec 2022 £m	Net book value as at 31 Dec 2021 £m
Foseco
›ßñïðëéáîîáèÝðåëêïäåìïñïáâñèèåâáõáÝîïž	5.3	28.9	32.9
›ðîÝàáêÝéáñïáâñèèåâáõáÝîïž	5.3	19.0	22.6
×êåòáîïÝèÔáâîÝßðëîåáïËêߝ×Ô˞
›ßñïðëéáîîáèÝðåëêïäåìïñïáâñèèåâáõáÝîïž	19.0	6.6	6.2
›çêëóšäëóñïáâñèèåâáõáÝîïž	19.0	5.2	5.0
›êëêšßëéìáðáÝãîááéáêðïñïáâñèèåâá!õáÝîïž	n/a	–	0.8
CCPI
›ßñïðëéáîîáèÝðåëêïäåìïñïáâñèèåâáõáÝîïž	16.2	12.1	11.5
Total		71.8	79.0

"! ÃêÝèõïåïëâïëâðóÝîá

ÕëâðóÝîáßëéìîåïáïÇêðáîìîåïáÔáïëñîßáÒèÝêêåêãðëëèïåêñïáÝêàÞáåêãàáòáèëìáàÖäáïëâðóÝîáåïåêïðÝèèáàëêØáïñòåñïĎïáîòáîï ÝêàðäáÉîëñìäÝïßëéìèáðáëóêáîïäåìëâðäáÝïïáðï

17. Impairment of Tangible and Intangible Assets

17.1 Accounting policy

ÖäáÆåîáßðëîïîáãñèÝîèõîáòåáóðäáìáîâëîéÝêßáëâðäáÞñïåêáïïÝêàðäááôðáîêÝèÞñïåêáïïáêòåîëêéáêððëàáðáîéåêáóäáðäáî ðäáîáåïÝêõåêàåßÝðåëêðäÝððäáÉîëñìĎïðÝêãåÞèáÝêàåêðÝêãåÞèáÝïïáðïäÝòáïñĪáîáàÝêåéìÝåîéáêðèëïïËâïñßäåêàåßÝðåëêáôåïðï ðäáäåãäáîëâðäáØÝèñáåê×ïáÝêàðäáâÝåîòÝèñáèáïïßëïðïðëïáèèëĪðäáÝïïáðåïáïðåéÝðáàÝêàßëéìÝîáàóåðäðäáßÝîîõåêãòÝèñá in order to determine the extent, if any, of the impairment loss. Where it is not feasible to estimate the recoverable amount of an åêàåòåàñÝèÝïïáððäáÆåîáßðëîïáïðåéÝðáðäáîáßëòáîÝÞèáÝéëñêðëâðäáÅÉ×ðëóäåßäðäáÝïïáðÞáèëêãïËêÝààåðåëêãëëàóåèèåï ðáïðáàâëîåéìÝåîéáêðëêÝêÝêêñÝèÞÝïåïÉëëàóåèèÝßíñåîáàåêÝÞñïåêáïïßëéÞåêÝðåëêåïÝèèëßÝðáàðëáÝßäëâðäáÉîëñìĎïÅÉ×ï áôìáßðáàðëÞáêáĦðâîëéðäáïõêáîãåáïëâðäáßëéÞåêÝðåëêÝêàðäáÆåîáßðëîïßÝîîõëñðÝêêñÝèåéìÝåîéáêððáïðåêãëâðäáßÝîîõåêã òÝèñáëâáÝßäÅÉ×ðëÝïïáïïðäáêááàâëîÝêõåéìÝåîéáêðëâðäáßÝîîõåêãòÝèñáëâðäáÝïïëßåÝðáàãëëàóåèèÝêàëðäáîåêðÝêãåÞèá and tangible assets.

For the purpose of impairment testing, the recoverable amount of an asset or CGU is the higher of (i) its fair value less costs to ïáèèÝêàåååðïØÝèñáåê×ïáËâðäáîáßëòáîÝÞèáÝéëñêðëâÝÅÉ×åïèáïïðäÝêåðïßÝîîõåêãÝéëñêððäáîáïñèðåêãåéìÝåîéáêðèëïïåï ÝèèëßÝðáàĦîïððëîáàñßáðäáßÝîîõåêãÝéëñêðëâÝêõãëëàóåèèÝèèëßÝðáàðëðäáÅÉ×ÝêàðäáêðëðäáëðäáîÝïïáðïëâðäáÅÉ×ìîë îÝðÝëêðäáÞÝïåïëâðäáßÝîîõåêãÝéëñêðëâáÝßäÝïïáðåêðäáÅÉ×ÃêåéìÝåîéáêðèëïïîáßëãêåïáàâëîãëëàóåèèåïêëðîáòáîïáàåê ÝïñÞïáíñáêðìáîåëàÃêåéìÝåîéáêðèëïïîáßëãêåïáàåêÝìîåëîõáÝîâëîÝêÝïïáðëðäáîðäÝêãëëàóåèèéÝõÞáîáòáîïáàóäáîáðäáîá äÝïÞááêÝïñïðÝåêáàßäÝêãáåêðäááïðåéÝðáïñïáàðëéáÝïñîáðäáÝïïáðĎïîáßëòáîÝÞèáÝéëñêðïåêßáðäáåéìÝåîéáêðèëïïóÝï recognised.

17.2 Key assumptions and methodology

ÖäáçáõÝïïñéìðåëêïåêàáðáîéåêåêãØÝèñáåê×ïáÝîáìîëæáßðáàßÝïäħëóïãîëóðäîÝðáïÝêààåïßëñêðîÝðáïÖäáïáÝîáàåïßèëïáà ÝïßîåðåßÝèÝßßëñêðåêãáïðåéÝðáïåêÐëðá!

ÒîëæáßðáàßÝïäħëóïâëîðäáêáôððäîááõáÝîïäÝòáÞááêÞÝïáàëêðäáèÝðáïðÄëÝîàÝììîëòáàÞñàãáðïÝêàïðîÝðáãåßìèÝêï ÖäáõîáħáßðéÝêÝãáéáêðĎïáôìáßðÝðåëêïëâîáòáêñáÇÄËÖÆÃãîëóðäßÝìåðÝèáôìáêàåðñîáóëîçåêãßÝìåðÝèÝêàÝàæñïðáà ëìáîÝðåêãßÝïäħëóïÞÝïáàëêìÝïðáôìáîåáêßáÝêàâñðñîááôìáßðÝðåëêïëâÞñïåêáïïìáîâëîéÝêßáÝêàðÝçáåêðëÝßßëñêððäá ßõßèåßÝèåðõëâðäáÞñïåêáïïåêóäåßäðäáÅÉ×ëìáîÝðáïÅÝïäħëóïÞáõëêàðäáìáîåëàëâðäáïðîÝðáãåßìèÝêïäÝòáÞááêáôðîÝìëèÝðáà ñïåêãÝìáîìáðñåðõãîëóðäîÝðáëâ!Y!YÖäáãîëóðäîÝðáäÝïÞááêßÝèßñèÝðáàñïåêãÉÆÒãîëóðäâëîáßÝïðïìñÞèåïäáà ÞõðäáËêðáîêÝðåëêÝèÏëêáðÝîõÈñêàâëîðäáÉîëñìĎïáêàéÝîçáðïÖäáïáÉÆÒãîëóðäâëîáßÝïðïäÝòáÞááêóáåãäðáàðëîáħáßððäá ÉîëñìĎïóáåãäðáàÝòáîÝãáïÝèáïåêáÝßäáêàéÝîçáðàñîåêã

17. Impairment of Tangible and Intangible Assets continued

17.2 Key assumptions and methodology continued

ÖäáßÝïäħëóïäÝòáÞááêàåïßëñêðáàðëðäáåîßñîîáêðòÝèñáñïåêãìîáðÝôàåïßëñêðîÝðáïóäåßäîáìîáïáêðáÝßäÅÉ×Ďïóáåãäðáà ÝòáîÝãáßëïðëâßÝìåðÝèÙÃÅÅÖäáÝïïñéìðåëêïñïáàåêðäáßÝèßñèÝðåëêëâðäáÙÃÅÅâëîáÝßäÅÉ×äÝòáÞááêÞáêßäéÝîçáà ðëáôðáîêÝèèõÝòÝåèÝÞèáàÝðÝÖäáïáÝîáåêàñïðîõïìáßåĦßÞáðÝßëáĨßåáêðïîåïçâîááîÝðáïÝêàáíñåðõîåïçìîáéåñéïÖäáìîáðÝô àåïßëñêðîÝðáñïáàâëîðäáÕðááèÈèëóÅëêðîëèÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÝêàÕðááèÕáêïëîïÒîëÞáïÅÉ×ïóÝï!Y YÝêàâëîðäáÈëñêàîõÅÉ×óÝï %Y"YÖäáåêßîáÝïáåêðäáìîáðÝôàåïßëñêðîÝðáïäÝïÞááêàîåòáê ÞõÝêåêßîáÝïáåêáíñåðõîåïçìîáéåñéïÝêàîåïçâîááîÝðáïðäáïáßäÝêãáïÝîáêëðïìáßåĦßðëØáïñòåñï

ÖäáÉîëñìßÝîîåáàëñðåðïÝêêñÝèãëëàóåèèåéìÝåîéáêððáïðÝïÝðÑßðëÞáîÑßðëÞáîÖäáîáßëòáîÝÞèá ÝéëñêðëâáÝßäÅÉ×ïåãêåĦßÝêðèõáôßááàáàåðïßÝîîõåêãòÝèñáðäáîáâëîáêëåéìÝåîéáêðßäÝîãáïäÝòáÞááêîáßëãêåïáàÖäá îáßëòáîÝÞèáÝéëñêðëâáÝßäÅÉ×óÝïÝèïëßäáßçáàÝãÝåêïðåðïßÝîîõåêãòÝèñáÝïÝðÆáßáéÞáîÝêàêëåéìÝåîéáêð ðîåããáîïóáîáåàáêðåĦáà

ÖäáÆåîáßðëîïäÝòáßëêïåàáîáàðäáåéìÝßðëâßèåéÝðáßäÝêãáëêáôìáßðáàâñðñîáßÝïäħëóïåêßèñàåêãðäáéëàáèèåêãëâåéìÝßð ëâßèåéÝðáßäÝêãáïßáêÝîåëïïáðëñðåêðäáÕñïðÝåêÝÞåèåðõïáßðåëêåêðäáÕðîÝðáãåßÔáìëîðÝêàáôìáßðáàßÝìåðÝèáôìáêàåðñîáîáíñåîáà ðëÝßäåáòáðäáÉîëñìĎïÐáðÜáîëðÝîãáðïÝêàëðäáîÝïïñéìðåëêïñïáàâëîãëëàóåèèåéìÝåîéáêððáïðåêãÖäåïàåàêëðîáïñèðåêÝê åéìÝåîéáêðïßáêÝîåëâëîãëëàóåèè

ÕáêïåðåòåðõëâåéìÝåîéáêðîáòåáóï

ÕðááèÈèëóÅëêðîëèÈÅÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÃÔÝêàðäáÈëñêàîõÆåòåïåëêÝîáðäáçáõÅÉ×ïÖäáîáóáîáêëåêðÝêãåÞèá ÝïïáðïåêðäáÕðááèÕáêïëîïÒîëÞáïÅÉ×ÖäáîáßëòáîÝÞèáÝéëñêðëâÝèèÅÉ×ïáôßááàáàðäáåîßÝîîõåêãòÝèñáëêðäáÞÝïåïëâðäá ÝïïñéìðåëêïïáðëñðÝÞëòáÝêàÝêõîáÝïëêÝÞèõìëïïåÞèáßäÝêãáïðäáîáëâÃïáêïåðåòåðõÝêÝèõïåïóÝïßÝîîåáàëñðñïåêãîáÝïëêÝÞèõ ìëïïåÞèáßäÝêãáïðëðäáçáõÝïïñéìðåëêïÝïïáðëñðåêðäáðÝÞèáÞáèëóÖäáâëèèëóåêãàáßîáÝïáïðëðäáîáßëòáîÝÞèáÝéëñêðëâðäá ÉîëñìĎïãëëàóåèèÝêàåêðÝêãåÞèáÝïïáðïóáîáëÞïáîòáà

Key assumption	ÔáèáòÝêðÅÉ×ï	Ãïïñéìðåëê	Sensitivity	Decrease in recoverable value, £m	Impairment arising
ÈîááßÝïäħëóÝòáîÝãáÝêêñÝè			ÆáßîáÝïáðäáâîááßÝïäħëóïëâ
ãîëóðäîÝðáõáÝîž	ÈÅÃÔÈëñêàîõ	"\$Y›% Y	áÝßäåêàåòåàñÝèÉÅ×ÞõY	(441.1)	None
Pre-tax discount rate	ÈÅÃÔ	!Y	ËêßîáÝïáÞõY	(106.6)	None
Pre-tax discount rate	Foundry	%Y	ËêßîáÝïáÞõY	(55.9)	None
ÎëêãšðáîéãîëóðäîÝðá	ÈÅÃÔÈëñêàîõ	!Y	ÆáßîáÝïáÞõ!Y	(199.3)	None

18. Trade and Other Receivables

18.1 Accounting policy

ÖîÝàáÝêàëðäáîîáßáåòÝÞèáïÝîáåêåðåÝèèõîáßëãêåïáàÝðâÝåîòÝèñáÝêàïñÞïáíñáêðèõéáÝïñîáàÝðÝéëîðåïáàßëïðñïåêãðäááĪáßðåòá åêðáîáïðéáðäëàèáïïåéìÝåîéáêðèëïïáïÆáðÝåèïëêåéìÝåîéáêðëâĦêÝêßåÝèÝïïáðïÝîáàåïßèëïáàåêÐëðá!

18.2 Analysis of trade and other receivables (current)

	2022			2021
	Gross £m	ÇÅÎ provision £m	Net £m	ÇÅÎ provision coverage1	Gross £m	ECL provision £m	Net £m	ECL provision coverage1
ÖîÝàáîáßáåòÝÞèáï
– current	305.4	(2.3)	303.1	0.8%	292.1	(0.4)	291.7	Y
– 1 to 30 days past due	51.4	(1.6)	49.8	3.1%	38.5	(0.1)	38.4	Y
– 31 to 60 days past due	14.1	(0.6)	13.5	4.3%	10.5	(0.1)	10.4	Y
– 61 to 90 days past due	7.3	(0.2)	7.1	2.7%	4.6	–	4.6	Y
– over 90 days past due	35.4	(28.1)	7.3	79.4%	29.2	(22.1)	7.1	#!#Y
ÖîÝàáîáßáåòÝÞèáï	413.6	(32.8)	380.8		374.9	(22.7)	352.2
Other receivables			65.3				65.4
Prepayments			30.8				27.6
Total trade and other receivables			476.9				445.2

ECL provision coverage is expected credit loss provision divided by gross trade receivables.

Notes to the Group Financial Statements continued

18. Trade and Other Receivables continued

18.2 Analysis of trade and other receivables (current) continued

ÖäáîáåïêëïåãêåĦßÝêðàåĪáîáêßáÞáðóááêðäáâÝåîòÝèñáëâðäáÉîëñìĎïðîÝàáÝêàëðäáîîáßáåòÝÞèáïÞÝèÝêßáïÝêàðäáÝéëñêðÝð óäåßäðäáõÝîáîáìëîðáàåêðäáÉîëñìÄÝèÝêßáÕäááð

ÊåïðëîåßÝèáôìáîåáêßáäÝïïäëóêðäÝððäáÉîëñìĎïðîÝàáîáßáåòÝÞèáìîëòåïåëêïÝîáéÝåêðÝåêáàÝðèáòáèïðäÝðÝîáïñĨßåáêððëÝÞïëîÞ ÝßðñÝèÞÝààáÞðóîåðáëĪïóåðäëñðÞáåêãáôßáïïåòáÖäáÉîëñìßëêïåàáîïðäáßîáàåðíñÝèåðõëâĦêÝêßåÝèÝïïáðïðäÝðÝîáêáåðäáîìÝïð due nor impaired as good.

ËêßèñàáàóåðäåêÑðäáîîáßáåòÝÞèáïÝîáìîëéåïïëîõêëðáïëây!éyéÖäáéÝæëîåðõëâðäáïáêëðáïîáèÝðáðëßñïðëéáîï åêÅäåêÝÝêàäÝòáðõìåßÝèéÝðñîåðåáïëâïåôéëêðäïâîëéðäáåïïñåêãàÝðáÖäáâñèèÝéëñêðëâîáòáêñáåïîáßëãêåïáàâîëéðäá ßñïðëéáîóäáêìáîâëîéÝêßáëÞèåãÝðåëêïÝîáïÝðåïĦáàåêÝßßëîàÝêßáóåðäËÈÔÕ!ÑðäáîîáßáåòÝÞèáïÝèïëåêßèñàáØÃÖîáßáåòÝÞèáï ëâyéy!éÝêàåêïñîÝêßáîáåéÞñîïáéáêðïïááÐëðáëây#éyé

18.3 Other receivables (non-current)

ÐëêßñîîáêðëðäáîîáßáåòÝÞèáïëây#éy"éåêßèñàáåêïñîÝêßáîáåéÞñîïáéáêðïïááÐëðáëây!é y éÝêàìîáìÝåàðÝôáïëây\$éy"é

ÖäáÉîëñìÝììèåáïðäááôìáßðáàßîáàåðèëïïéëàáèñêàáîËÈÔÕ%ðëðäáïáëðäáîîáßáåòÝÞèáïÖäááôìáßðáàßîáàåðèëïïâëîëðäáî receivables is immaterial.

ÖäáéÝôåéñéáôìëïñîáðëßîáàåðîåïçÝððäááêàëâðäáîáìëîðåêãìáîåëàåïðäáêáðßÝîîõåêãÝéëñêðëâðäáïáðîÝàáÝêàëðäáî receivables.

18.4 Impairment of trade and other receivables

Details relating to the impairment of trade receivables are disclosed in Note 25.

19. Inventories

19.1 Accounting policy

ËêòáêðëîåáïÝîáïðÝðáàÝððäáèëóáîëâßëïðÝêàêáðîáÝèåïÝÞèáòÝèñáÅëïðßëéìîåïáïáôìáêàåðñîáåêßñîîáàåêìñîßäÝïåêãëî éÝêñâÝßðñîåêãåêòáêðëîåáïðëãáðäáîóåðäÝèèëðäáîßëïðïàåîáßðèõåêßñîîáàåêÞîåêãåêãðäáåêòáêðëîõðëåðïìîáïáêðèëßÝðåëêÝêà ßëêàåðåëêÝêàóäáîáÝììîëìîåÝðáÝððîåÞñðÝÞèáìîëàñßðåëêëòáîäáÝàïÞÝïáàëêêëîéÝèÝßðåòåðõèáòáèï

ÖäáïðÝêàÝîàßëïðéáðäëàåïñïáàâëîéáÝïñîáéáêðëâðäáßëïðëâåêòáêðëîåáïåêïëéáèëßÝðåëêïÕðÝêàÝîàßëïðïÝîáîáãñèÝîèõ îáòåáóáàÝêàåâêáßáïïÝîõîáòåïáàåêèåãäðëâßñîîáêðßëêàåðåëêïÑðäáîèëßÝðåëêïéáÝïñîáðäáßëïðëâåêòáêðëîåáïñïåêãÝßðñÝè costs. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred åêéÝîçáðåêãïáèèåêãÝêààåïðîåÞñðåëêÖäáÝéëñêðëâÝêõóîåðáàëóêëâåêòáêðëîåáïðëêáðîáÝèåïÝÞèáòÝèñáåïîáßëãêåïáàÝïÝê áôìáêïáåêðäáõáÝîåêóäåßäðäáóîåðáàëóêëßßñîï

ÖäáÉîëñìàåĪáîáêðåÝðáïÞáðóááêóëîçåêìîëãîáïïåêòáêðëîõðäÝðóåèèÞáñïáàåêéÝêñâÝßðñîåêãìîëßáïïáïÝêàåïêëðêëîéÝèèõ ïëèàðëðäåîàìÝîðåáïÝêàïáéåĦêåïäáàãëëàïåêòáêðëîõðäÝðåïßëêïåàáîáàÝïìÝîðåÝèèõßëéìèáðáåêáêàðëáêàéÝêñâÝßðñîåêã processes and can be sold to a third party in its current state or used for further manufacturing).

19.2 Analysis of inventories

2022 £m	2021 £m
104.6 ÔÝóéÝðáîåÝèï	105.6
Work in progress 22.0	19.2
21.4 ÕáéåšĦêåïäáàãëëàï	14.6
Finished goods 168.0	160.0
Total inventories 316.0	299.4

ÖäáßëïðëâåêòáêðëîåáïîáßëãêåïáàÝïÝêáôìáêïáÝêàåêßèñàáàåêéÝêñâÝßðñîåêãßëïðïëâßëêðåêñåêãëìáîÝðåëêïåêðäáÉîëñì ËêßëéáÕðÝðáéáêðàñîåêãðäáõáÝîóÝïy #éy"\$!é

Öäáêáðåêòáêðëîåáïëây"éåêßèñàáÝìîëòåïåëêâëîëÞïëèáðáïðëßçëây!éy!éÖäáîáóáîáåêòáêðëîõóîåðáàëóêï ëây##éóîåðáàëóêïëây%é

20. Acquisitions and Divestments

ÛåêãçëñÛåêãÙáåÏÝãêáïåñé

Ñê\$ÑßðëÞáîØáïñòåñïìèßÝßíñåîáàðäáðîÝàáÝêàÝïïáðïëâÛåêãçëñÛåêãÙáåÏÝãêáïåñéÅëÎðàÝÞÝïåßéëêëèåðäåß îáâîÝßðëîõìèÝêðåêÅäåêÝâëîßÝïäßëêïåàáîÝðåëêëâÔÏÄéy éËðäÝïÞáßëéáìÝîðëâðäáÉîëñìĎïÕðááèÃàòÝêßáà ÔáâîÝßðëîåáïÄñïåêáïï×êåðØáïñòåñïÝßíñåîáàêáðÝïïáðïóåðäâÝåîòÝèñáëâÔÏÄ%éy!éÖäáîáóáîáêëéÝðáîåÝèåàáêðåĦÝÞèá åêðÝêãåÞèáÝïïáðïÝßíñåîáàÖäáîáóáîáêëßëêðåêãáêßõîáèÝðáàÝîîÝêãáéáêðïÝîåïåêãâîëéðäáÝßíñåïåðåëêÖäáãëëàóåèèñìëê ÝßíñåïåðåëêóÝïÔÏÄ éy!é

20. Acquisitions and Divestments continued

×êåòáîïÝèÔáâîÝßðëîåáï

Ñê"ÆáßáéÞáîØáïñòåñïìèßÝßíñåîáàðäáðîÝàáÝêàÝïïáðïëâ×êåòáîïÝèÔáâîÝßðëîåáïËêß×ÔËÝïìáßåÝèðõîáâîÝßðëîõ ìîëàñßáîÞÝïáàåêÒáêêïõèòÝêåÝ×ÕÃóäåßäåïâëßñïáàëêðñêàåïäïðááèßëêðåêñëñïßÝïðåêãÝììèåßÝðåëêïÝïóáèèÝïßëêïñéÝÞèá ìîëàñßðïâëîðäáâëñêàîõåêàñïðîõËðäÝïÞáßëéáìÝîðëâðäáÉîëñìĎïÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÄñïåêáïï×êåðóåðäðäááôßáìðåëê ëâðäáèÝàèáèåêáîïÞñïåêáïïóäåßääÝïÞááêÝÞïëîÞáàÞõëñîÈëñêàîõÆåòåïåëêYëâïÝèáïÖäáðîÝêïÝßðåëêòÝèñáà×ÔËÝðÝê áêðáîìîåïáòÝèñáëâw!#éy "éëêÝßÝïäÝêààáÞðâîááÞÝïåïÝêàóÝïâñêàáàâîëéØáïñòåñïĎåêðáîêÝèîáïëñîßáï

ÖäáâÝåîòÝèñáïëâðäáÝïïáðïÝêàèåÝÞåèåðåáïîáßëãêåïáàÝïÝîáïñèðëâðäáÝßíñåïåðåëêäÝòáÞááêñìàÝðáààñîåêãðäáõáÝîáêàáà ÆáßáéÞáîÖäáîáóÝïÝàáßîáÝïáëâyéðëêáðåàáêðåĦÝÞèáÝïïáðïÝßíñåîáàèÝîãáèõàñáðëÝîáàñßðåëêåêêëêßëéìáðá åêðÝêãåÞèáÝïïáðïëây%éÐëðá"ÖäáîáóÝïÝèïëÝàáßîáÝïáëây!éðëßëêïåàáîÝðåëê

	Book value £m	Fair value adjustments £m	Ãàæñïðáà value £m
Property, plant and equipment	4.5	6.9	11.4
ËêðÝêãåÞèáÝïïáðïßñïðëéáîîáèÝðåëêïäåìïÝêàçêëóšäëóž	–	11.3	11.3
Inventories	5.0	1.3	6.3
ÔáßáåòÝÞèáï	5.5	–	5.5
Payables	(1.9)	(0.6)	(2.5)
Äëîîëóåêãï	(5.4)	–	(5.4)
Deferred tax	–	(2.8)	(2.8)
ÐáðåàáêðåĦÝÞèáÝïïáðïÝßíñåîáà	7.7	16.1	23.8
Éëëàóåèè			13.9
Consideration			37.7

ÖäáãëëàóåèèåïÝððîåÞñðÝÞèáðë×ÔËĎïîáìñðÝðåëêåêðäáéÝîçáðìèÝßáÝêàðäáïõêáîãåáïðäÝðØáïñòåñïáôìáßðïðëãÝåêâîëéåðï integration. It is expected to be tax deductible.

ËêßèñàáàóåðäåêðäáìîëìáîðõìèÝêðÝêàáíñåìéáêðÝßíñåîáàóáîáîåãäðëâñïáèáÝïáàÝïïáðïëâyé

ÖäáàáßåïåëêðëÝßíñåîá×ÔËóÝïàîåòáêÞõåðïèëêãïðÝêàåêãßñïðëéáîîáèÝðåëêïäåìïÝêàçêëóäëóÖäáåàáêðåĦÝÞèáåêðÝêãåÞèá ÝïïáðïÝßíñåîáàÝîáßñïðëéáîîáèÝðåëêïäåìïÝêàçêëóäëóÃàáâáîîáàðÝôèåÝÞåèåðõëây\$éäÝïÞááêìîëòåàáàåêîáèÝðåëêðë these fair value adjustments.

ÑêÝßíñåïåðåëê×ÔËóÝïïñÞïñéáàåêðëðäáÕðááèÃàòÝêßáàÔáâîÝßðëîåáïÄñïåêáïï×êåðÝêàðäáÈëñêàîõÆåòåïåëêÝêàãëëàóåèèåï éëêåðëîáàÝððäáèáòáèëâðäáÕðááèÃàòÝêßáàÔáâîÝßðëîåáïëìáîÝðåêãïáãéáêð

ÖäáêáðßÝïäëñðħëóëêÝßíñåïåðåëêóÝïy éåêßèñàåêãîáèÝðáàáôßáïïóëîçåêãßÝìåðÝèìÝõéáêððäáÞñïåêáïïóÝïÝßíñåîáà ëêÝßÝïäÝêààáÞðâîááÞÝïåïËêÝßßëîàÝêßáóåðäËÈÔÕóáàåïßèëïáðäáÝÞëòáßëêïåàáîÝðåëêëây##éÝêàÞëîîëóåêãïîáìÝåà immediately prior to acquisition of £5.4m.

20.3 Other acquisitions

ÖäáÉîëñìàåàêëðÝßíñåîáÝêõéÝðáîåÝèåêðáîáïðïåêÝêõëðäáîßëéìÝêåáïàñîåêãðäáõáÝîáêàáàÆáßáéÞáî

ÖäáîáóÝïêëßëêðåêãáêðßëêïåàáîÝðåëêìÝåààñîåêãðäáõáÝîáêàáàÆáßáéÞáîÅëêðåêãáêðßëêïåàáîÝðåëêëâyé óÝïìÝåààñîåêãåêîáïìáßðëâðäáìîáòåëñïÝßíñåïåðåëêëâÇßåèÏáðÖáß

21. Issued Share Capital

21.1 Accounting policy

Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.

21.2 Analysis of issued share capital

ÖäáÝèèëððáàåïïñáàÝêàâñèèõìÝåàëîàåêÝîõïäÝîáßÝìåðÝèëâðäáÅëéìÝêõÝïÝðÌÝêñÝîõÝêàÆáßáéÞáîóÝï 278,485,071 shares of 10 pence each. Further information relating to the Company's share capital is given in Note 9 to the Company's Financial Statements.

Notes to the Group Financial Statements continued

ÔáðÝåêáàÇÝîêåêãï

	Notes	Ôáïáîòá âëîëóê shares £m	Share option reserve £m	Other retained earnings £m	ÖëðÝè retained earnings £m
ÃïÝðÆáßáéÞáîÝêàÌÝêñÝîõ		(35.9)	3.5	2,535.3	2,502.9
ÒîëĦðâëîðäáõáÝî		–	–	102.1	102.1
ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïŸÝïïáðï		–	–	(80.6)	(80.6)
ÔáßëãêåðåëêëâïäÝîášÞÝïáàìÝõéáêðï		–	3.1	–	3.1
ÔáèáÝïáëâïäÝîáëìðåëêîáïáîòáëêáôáîßåïáàÝêàèÝìïáàëìðåëêï		2.5	(2.5)	–	–
Income tax on items recognised in other comprehensive income		–	–	12.5	12.5
Purchase of ESOP shares		(1.1)	–	–	(1.1)
Dividends paid	24	–	–	(55.5)	(55.5)
As at 31 December 2021 and 1 January 2022		(34.5)	4.1	!\$	\$
ÒîëĦðâëîðäáõáÝî		–	–	181.1	181.1
ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïŸÝïïáðï		–	–	27.4	27.4
ÔáßëãêåðåëêëâïäÝîášÞÝïáàìÝõéáêðï		–	5.1	–	5.1
ÔáèáÝïáëâïäÝîáëìðåëêîáïáîòáëêáôáîßåïáàÝêàèÝìïáàëìðåëêï		1.2	(1.2)	–	–
Income tax on items recognised in other comprehensive income		–	–	(8.2)	(8.2)
Purchase of ESOP shares		(6.9)	–	–	(6.9)
Dividends paid	24	–	–	(58.1)	(58.1)
As at 31 December 2022		(40.2)	8.0	"!"	"\$

23. Other Reserves

	Other reserves £m	ÅÝïäħëó hedge reserve £m	ÖîÝêïèÝðåëê reserve £m	ÖëðÝèëðäáî reserves £m
ÃïÝðÆáßáéÞáîÝêàÌÝêñÝîõ	(1,499.3)	(1.4)	49.4	(1,451.3)
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâðäáêáðÝïïáðïëââëîáåãêëìáîÝðåëêï	–	–	(31.0)	(31.0)
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâêáðåêòáïðéáêðäáàãáï	–	–	14.4	14.4
Net change in costs of hedging	–	(1.2)	–	(1.2)
Change in the fair value of the hedging instrument	–	2.2	–	2.2
ÃéëñêðïîáßèÝïïåĦáàâîëéðäáËêßëéáÕðÝðáéáêð	–	(0.7)	–	(0.7)
As at 31 December 2021 and 1 January 2022	%%ž	(1.1)	32.8	"#"ž
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâðäáêáðÝïïáðïëââëîáåãêëìáîÝðåëêï	–	–	96.1	96.1
ÇôßäÝêãáàåĪáîáêßáïëêðîÝêïèÝðåëêëâêáðåêòáïðéáêðäáàãáï	–	–	(20.7)	(20.7)
Net change in costs of hedging	–	–	–	–
Change in the fair value of the hedging instrument	–	8.3	–	8.3
ÃéëñêðïîáßèÝïïåĦáàâîëéðäáËêßëéáÕðÝðáéáêð	–	(7.5)	–	(7.5)
As at 31 December 2022	%%ž	(0.3)	108.2	% ž

ÙåðäåêëðäáîîáïáîòáïÝïÝðÆáßáéÞáîåïy %%éy %%éÝîåïåêãâîëéðäáàáéáîãáîëâÅëëçïëêÉîëñììèß ÞáåêãðäááôßáïïëâðäáØáïñòåñïìèßïäÝîáßÝìåðÝèëây###%éëòáîðäáðëðÝèïäÝîáßÝìåðÝèÝêàïäÝîáìîáéåñéëâÅëëçïëêÉîëñì plc as at 14 December 2012 of £278.9m.

ÖäáðîÝêïèÝðåëêîáïáîòáåêðäáðÝÞèáÝÞëòáßëéìîåïáïâëîáåãêáôßäÝêãáàåĪáîáêßáïÝððîåÞñðÝÞèáðëðäáëóêáîïëâðäáÒÝîáêð ÖäáïááôßäÝêãáàåĪáîáêßáïÝîåïáâîëéðäáðîÝêïèÝðåëêëâðäáĦêÝêßåÝèïðÝðáéáêðïëââëîáåãêëìáîÝðåëêïÝêàâîëéðäáðîÝêïèÝðåëê ëâĦêÝêßåÝèåêïðîñéáêðïðäÝðäáàãáðäáÉîëñìĎïêáðåêòáïðéáêðåêâëîáåãêëìáîÝðåëêïËêÝààåðåëêðëâëîáåãêáôßäÝêãáàåĪáîáêßáï ÝððîåÞñðÝÞèáðëðäáëóêáîïëâðäáÒÝîáêððäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéáåêßèñàáïâëîáåãêáôßäÝêãáàåĪáîáêßáï attributable to non-controlling interests.

ÑâðäáßèëïåêãÞÝèÝêßáåêðäáðîÝêïèÝðåëêîáïáîòáÝy##éàáÞåðyéàáÞåðîáèÝðáïðëêáðåêòáïðéáêðäáàãåêã ÝîîÝêãáéáêðïìñðåêìèÝßáëêëîÝâðáîÌÝêñÝîõ\$ÞñðàåïßëêðåêñáàÝïÝððäáàÝðáëâðäáÄÝèÝêßáÕäááðÖäáâñèèßèëïåêã ÞÝèÝêßáåêðäáßÝïäħëóäáàãáîáïáîòáîáèÝðáïðëßëêðåêñåêãäáàãáï

ÅÝïäħëóäáàãáîáïáîòáÞÝèÝêßáåêßèñàáïßëïðëâäáàãåêãÞÝèÝêßáëây%éàáÞåðy\$éàáÞåð

24. Dividends paid to Equity Shareholders

	2022 £m	2021 £m
Amounts recognised as dividends and paid to equity shareholders during the year
Final dividend for the year ended 31 December 2020 of 14.3p per ordinary share	–	38.7
Interim dividend for the year ended 31 December 2021 of 6.2p per ordinary share	–	16.8
Final dividend for the year ended 31 December 2021 of 15.0p per ordinary share	40.5	–
Interim dividend for the year ended 31 December 2022 of 6.5p per ordinary share	17.6	–
	58.1	55.5

ÃìîëìëïáàĦêÝèàåòåàáêàâëîðäáõáÝîáêàáàÆáßáéÞáîëây éy !éáíñåòÝèáêððë!#!ìáêßá !ìáêßáìáîëîàåêÝîõïäÝîáåïïñÞæáßððëÝììîëòÝèÞõïäÝîáäëèàáîïÝððäáÅëéìÝêõĎïÃêêñÝèÉáêáîÝèÏááðåêã ëê\$ÏÝõÝêàäÝïêëðÞááêåêßèñàáàÝïÝèåÝÞåèåðõåêðäáïáĦêÝêßåÝèïðÝðáéáêðïËâÝììîëòáàÞõïäÝîáäëèàáîïðäáàåòåàáêà óåèèÞáìÝåàëêÏÝõðëäëèàáîïëâëîàåêÝîõïäÝîáïëêðäáîáãåïðáîëêÃìîåè

25. Financial Risk Management

25.1 Accounting policy

ÝØÝèñÝðåëêëâĦêÝêßåÝèÝïïáðïÝêàèåÝÞåèåðåáï

ÖäáÉîëñìĎïĦêÝêßåÝèÝïïáðïÝêàèåÝÞåèåðåáïÝîáéáÝïñîáàÝïÝììîëìîåÝðááåðäáîÝðÝéëîðåïáàßëïðëîÝðâÝåîòÝèñáðäîëñãäëðäáî ßëéìîáäáêïåòáåêßëéáëîÝðâÝåîòÝèñáðäîëñãäìîëĦðÝêàèëïï

ËÈÔÕÈÝåîØÝèñáÏáÝïñîáéáêðîáíñåîáïßèÝïïåĦßÝðåëêëâĦêÝêßåÝèåêïðîñéáêðïóåðäåêÝäåáîÝîßäõðäÝðìîåëîåðåïáïðäáåêìñðï ðëâÝåîòÝèñáéáÝïñîáéáêðÖäáðäîááèáòáèïëâðäáâÝåîòÝèñáäåáîÝîßäõÝîá

Îáòáè×êÝàæñïðáàíñëðáàìîåßáïåêÝßðåòáéÝîçáðïâëîåàáêðåßÝèÝïïáðïëîèåÝÞåèåðåáï

ÎáòáèËêìñðïëðäáîðäÝêíñëðáàìîåßáïðäÝðÝîáëÞïáîòÝÞèáâëîðäáÝïïáðëîèåÝÞåèåðõáåðäáîàåîáßðèõëîåêàåîáßðèõ

ÎáòáèËêìñðïðäÝðÝîáêëðÞÝïáàëêëÞïáîòÝÞèáéÝîçáðàÝðÝ

ÖîÝàáîáßáåòÝÞèáïÝîáÝéëñêðïàñáâîëéßñïðëéáîïâëîãëëàïïëèàëîïáîòåßáïìáîâëîéáàåêðäáëîàåêÝîõßëñîïáëâÞñïåêáïï ÖîÝàáîáßáåòÝÞèáïÝîáîáßëãêåïáàåêåðåÝèèõÝððäáåîâÝåîòÝèñáóäåßäåïðäáÝéëñêðëâßëêïåàáîÝðåëêðäÝðåïñêßëêàåðåëêÝèÖäáÉîëñì äëèàïðäáðîÝàáîáßáåòÝÞèáïóåðäðäáëÞæáßðåòáëâßëèèáßðåêãðäáßëêðîÝßðñÝèßÝïäħëóïäáèàðëßëèèáßðÝêàðäáîáâëîáéáÝïñîáï ðäáéïñÞïáíñáêðèõÝðÝéëîðåïáàßëïðñïåêãðäááĪáßðåòáåêðáîáïðéáðäëà

ÆáîåòÝðåòáïóäåßäàëêëðéááððäáäáàãáÝßßëñêðåêãßîåðáîåÝÝîáßèÝïïåĦáàÝïâÝåîòÝèñáðäîëñãäìîëĦðÝêàèëïïäáèàâëîðîÝàåêã

ÖäáßîëïïßñîîáêßõåêðáîáïðîÝðáïóÝìïïááÐëðá!óäåßäéááððäáäáàãåêãßîåðáîåÝÝîáéáÝïñîáàÝðâÝåîòÝèñáðäîëñãäëðäáî comprehensive income.

ÎëÝêïÝêàÞëîîëóåêãïÝîáåêåðåÝèèõîáßëãêåïáàÝðâÝåîòÝèñáêáðëâàåîáßðèõÝððîåÞñðÝÞèáðîÝêïÝßðåëêßëïðïÃâðáîåêåðåÝèîáßëãêåðåëê ðäáõÝîáéáÝïñîáàÝðÝéëîðåïáàßëïðñïåêãðäááĪáßðåòáåêðáîáïðéáðäëà

ÞÈëîáåãêßñîîáêßåáï

ÖäáåêàåòåàñÝèĦêÝêßåÝèïðÝðáéáêðïëâáÝßäÉîëñìáêðåðõÝîáìîáìÝîáàåêðäáåîâñêßðåëêÝèßñîîáêßõóäåßäåïðäáßñîîáêßõëâðäá ìîåéÝîõáßëêëéåßáêòåîëêéáêðåêóäåßäðäÝðáêðåðõëìáîÝðáïÈëîðäáìñîìëïáëâðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðïðäáîáïñèðï ÝêàĦêÝêßåÝèìëïåðåëêëâáÝßäáêðåðõÝîáðîÝêïèÝðáàåêðëìëñêàïïðáîèåêãóäåßäåïðäáìîáïáêðÝðåëêÝèßñîîáêßõëâðäáÉîëñì

Reporting foreign currency transactions in functional currency

ÖîÝêïÝßðåëêïåêßñîîáêßåáïëðäáîðäÝêðäááêðåðõĎïâñêßðåëêÝèßñîîáêßõÝîáåêåðåÝèèõîáßëîàáàÝððäáîÝðáïëâáôßäÝêãáìîáòÝåèåêã ÝððäááêàëâðäáìîáßáàåêãéëêðäëîëêðäáàÝðáëâðäáðîÝêïÝßðåëêåðïáèâÃðáÝßäïñÞïáíñáêðÞÝèÝêßáïäááðàÝðá

å ÈëîáåãêßñîîáêßõéëêáðÝîõåðáéïÝîáîáðîÝêïèÝðáàÝððäáîÝðáïìîáòÝåèåêãÝððäáÞÝèÝêßáïäááðàÝðáÇôßäÝêãáàåĪáîáêßáï ÝîåïåêãëêðäáïáððèáéáêðëîîáðîÝêïèÝðåëêëâéëêáðÝîõåðáéïÝîáîáßëãêåïáàáåðäáîåêðäáÉîëñìËêßëéáÕðÝðáéáêðëîðäá ÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéá
åå ÐëêéëêáðÝîõåðáéïéáÝïñîáàÝðäåïðëîåßÝèßëïðåêÝâëîáåãêßñîîáêßõÝîáêëðîáðîÝêïèÝðáà

Translation from functional currency to presentational currency

ÙäáêðäáâñêßðåëêÝèßñîîáêßõëâÝÉîëñìáêðåðõåïàåĪáîáêðâîëéðäáÉîëñìĎïìîáïáêðÝðåëêÝèßñîîáêßõìëñêàïïðáîèåêãåðïîáïñèðï ÝêàĦêÝêßåÝèìëïåðåëêÝîáðîÝêïèÝðáàåêðëðäáìîáïáêðÝðåëêÝèßñîîáêßõÝïâëèèëóï

å ÃïïáðïÝêàèåÝÞåèåðåáïÝîáðîÝêïèÝðáàñïåêãáôßäÝêãáîÝðáïìîáòÝåèåêãÝððäáÞÝèÝêßáïäááðàÝðá
åå ËêßëéáÝêàáôìáêïáåðáéïÝîáðîÝêïèÝðáàÝðÝòáîÝãááôßäÝêãáîÝðáïâëîðäáõáÝîáôßáìðóäáîáðäáñïáëâïñßäÝòáîÝãáîÝðáï àëáïêëðÝììîëôåéÝðáðäááôßäÝêãáîÝðáÝððäáàÝðáëâÝïìáßåĦßðîÝêïÝßðåëêåêóäåßäßÝïáðäáðîÝêïÝßðåëêîÝðáåïñïáà

Notes to the Group Financial Statements ßëêðåêñáà

25. Financial Risk Management ßëêðåêñáà

25.1 Accounting policy ßëêðåêñáà

ÞÈëîáåãêßñîîáêßåáïßëêðåêñáà

Translation from functional currency to presentational currency ßëêðåêñáà

ååå ÃèèîáïñèðåêãáôßäÝêãáàåĪáîáêßáïÝîáîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéáÝêàìîáïáêðáàåêðäáðîÝêïèÝðåëêîáïáîòá åêáíñåðõÝêàÝîáîáßèÝïïåĦáàðëìîëĦðëîèëïïåêðäáìáîåëàåêóäåßäðäáâëîáåãêëìáîÝðåëêåïàåïìëïáàëâ

Net investment in foreign operations

ÇôßäÝêãáàåĪáîáêßáïÝîåïåêãëêÝéëêáðÝîõåðáéðäÝðâëîéïìÝîðëâÝîáìëîðåêãáêðåðõĎïêáðåêòáïðéáêðåêÝâëîáåãêëìáîÝðåëê ÝîáåêåðåÝèèõîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéáÝêàìîáïáêðáàåêðäáðîÝêïèÝðåëêîáïáîòáåêáíñåðõÝêàîáßèÝïïåĦáàðë ìîëĦðëîèëïïëêàåïìëïÝèëâðäáêáðåêòáïðéáêð

ÈåêÝêßåÝèîáìëîðåêãåêäõìáîåêħÝðåëêÝîõáßëêëéåáï

ËêäõìáîåêħÝðåëêÝîõáßëêëéåáïóäáêðîÝêïèÝðåêãðäáîáïñèðïëâëìáîÝðåëêïåêðëÉÄÒÝïïáðïèåÝÞåèåðåáïËêßëéáÕðÝðáéáêðÝêà áíñåðõÝßßëñêðïÝîáðîÝêïèÝðáàÝððäáîÝðáìîáòÝåèåêãëêðäáÞÝèÝêßáïäááðàÝðáÃêõãÝåêëîèëïïëêêáðéëêáðÝîõÝïïáðïèåÝÞåèåðåáï åïîáßëãêåïáàåêðäáÅëêïëèåàÝðáàËêßëéáÕðÝðáéáêðÖäááĪáßðëâåêħÝðåëêëêêëêéëêáðÝîõÝïïáðïèåÝÞåèåðåáïåïîáßëãêåïáàåê ëðäáîßëéìîáäáêïåòáåêßëéáóåðäåêáíñåðõ

߯áîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï

ÖäáÉîëñìñïáïàáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðïčàáîåòÝðåòáïĎðëéÝêÝãáðäáĦêÝêßåÝèîåïçïÝïïëßåÝðáàóåðäåðïñêàáîèõåêãÝßðåòåðåáï ÝêàðäáĦêÝêßåêãëâðäëïáÝßðåòåðåáïÆáîåòÝðåòáïÝîáéáÝïñîáàÝðâÝåîòÝèñáñïåêãéÝîçáðìîåßáïÝððäáÞÝèÝêßáïäááðàÝðáÃêõ àáîåòÝðåòáïóäåßäâëîéìÝîðëâÝäáàãáÝßßëñêðåêãîáèÝðåëêïäåìÝîáàáïåãêÝðáàÝïïñßäëêðäáàÝðáëêóäåßäðäáõÝîááôáßñðáà ÃêõàáîåòÝðåòáïóäåßäàëêëðâëîéìÝîðëâÝàáïåãêÝðáàäáàãáÝßßëñêðåêãîáèÝðåëêïäåìÝîáßèÝïïåĦáàÝïčäáèàâëîðîÝàåêãĎâëî ÝßßëñêðåêãìñîìëïáïÝêàÝîáÝßßëñêðáàâëîÝðâÝåîòÝèñáðäîëñãäìîëĦðëîèëïïÖäáõÝîáìîáïáêðáàÝïßñîîáêðÝïïáðïëîèåÝÞåèåðåáïðë ðäááôðáêððäáõÝîááôìáßðáàðëÞáïáððèáàóåðäåêéëêðäïÝâðáîðäááêàëâðäáîáìëîðåêãìáîåëà

àÅÝïäħëóäáàãáï

ÅäÝêãáïåêðäáâÝåîòÝèñáëâàáîåòÝðåòáïàáïåãêÝðáàÝïßÝïäħëóäáàãáïÝîáîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéáðëðäá áôðáêððäÝððäáäáàãáïÝîááĪáßðåòáÃêõåêáĪáßðåòáìëîðåëêóëñèàåééáàåÝðáèõÞáîáßëãêåïáàåêêáðĦêÝêßáßëïðïåêðäáìîëĦðëî èëïïËâÝâëîáßÝïððîÝêïÝßðåëêåïêëèëêãáîáôìáßðáàðëëßßñîðäáÝéëñêðïìîáòåëñïèõîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéá óëñèàÞáðîÝêïâáîîáàðëêáðĦêÝêßáßëïðïåêðäáìîëĦðëîèëïï

(e) Net investment hedges

ÖäáÉîëñìàáïåãêÝðáïßáîðÝåêëâåðïÞëîîëóåêãïÝêààáîåòÝðåòáïÝïêáðåêòáïðéáêðäáàãáïëâåðïâëîáåãêëìáîÝðåëêïÃïóåðäßÝïä ħëóäáàãáïðäááĪáßðåòáìëîðåëêëâðäáãÝåêëîèëïïëêäáàãåêãåêïðîñéáêðïåïîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéáóäåèïð ÝêõåêáĪáßðåòáìëîðåëêóëñèàåééáàåÝðáèõÞáîáßëãêåïáàåêêáðĦêÝêßáßëïðïåêðäáìîëĦðëîèëïïËêðäááòáêðÝâëîáåãêëìáîÝðåëê åïàåïìëïáàëâëîèåíñåàÝðáàÝéëñêðïîáßëãêåïáàåêëðäáîßëéìîáäáêïåòáåêßëéáÝîáîáßèÝïïåĦáàâîëéáíñåðõðëìîëĦðëîèëïï

25.2 Financial risk factors

ÖäáÉîëñìĎïÖîáÝïñîõàáìÝîðéáêðÝßðåêãåêÝßßëîàÝêßáóåðäìëèåßåáïÝììîëòáàÞõðäáÄëÝîàåïìîåêßåìÝèèõîáïìëêïåÞèáâëî éÝêÝãåêãðäáĦêÝêßåÝèîåïçïâÝßáàÞõðäáÉîëñìÖäáÉîëñìĎïÝßðåòåðåáïáôìëïáåððëÝòÝîåáðõëâĦêÝêßåÝèîåïçïðäáéëïðïåãêåĦßÝêð ëâóäåßäÝîáéÝîçáðîåïçÝêàèåíñåàåðõîåïç

ÃêÝèõïåïëâĦêÝêßåÝèåêïðîñéáêðï

ÖäáâëèèëóåêãðÝÞèáïñééÝîåïáïØáïñòåñïĎĦêÝêßåÝèåêïðîñéáêðïéáÝïñîáàÝðâÝåîòÝèñáÝêàïäëóïðäáèáòáèóåðäåêðäáâÝåîòÝèñá äåáîÝîßäõåêóäåßäðäáĦêÝêßåÝèåêïðîñéáêðïäÝòáÞááêßèÝïïåĦáà

	2022			2021
	Assets £m	ÎåÝÞåèåðåáï £m	Assets £m	Liabilities £m
ËêòáïðéáêðïÎáòáèž	0.5	–	0.5	–
ÆáîåòÝðåòáïêëðàáïåãêÝðáàâëîäáàãáÝßßëñêðåêãìñîìëïáïÎáòáèž	0.1	(0.1)	0.1	ž
ÆáîåòÝðåòáïàáïåãêÝðáàâëîäáàãáÝßßëñêðåêãìñîìëïáïÎáòáèž	2.7	–	–	ž

ÝÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðï

ÖäáÉîëñìñïáïàáîåòÝðåòáïåêðäáâëîéëââëîóÝîàâëîáåãêßñîîáêßõßëêðîÝßðïðëéÝêÝãáðäááââáßðïëâåðïáôìëïñîáðëâëîáåãêáôßäÝêãáîåïçëê ðîÝàáîáßáåòÝÞèáïðîÝàáìÝõÝÞèáïÝêàßÝïäÆáîåòÝðåòáïÝîáëêèõñïáàâëîáßëêëéåßäáàãåêãìñîìëïáïÝêàêëðÝïïìáßñèÝðåòáåêòáïðéáêðï

ËêÌñêáðäáÉîëñìáôáßñðáàÝ×Õw\$"éßîëïïßñîîáêßõåêðáîáïðîÝðáïóÝìÅÅËÔÕÖäááĪáßðëâðäåïåïðëßëêòáîððäá w\$"éÒîåòÝðáÒèÝßáéáêðÐëðáïåïïñáàåêÌñêáåêðë{#""éÖäáðåéåêãÝêàÝéëñêðëâðäá×ÕàëèèÝîßÝïäħëóïñêàáîðäá ÅÅËÔÕáôÝßðèõéåîîëîðäëïáëâðäáÒîåòÝðáÒèÝßáéáêðÐëðáïÝêàðäáéÝðñîåðõàÝðáëâðäáÅÅËÔÕÝèïëéÝðßäáïðäáîáìÝõéáêðàÝðá ëâðäáÐëðáïÖäáÅÅËÔÕóëñèàÞõàáâÝñèðÞáîáòÝèñáàðäîëñãäðäáËêßëéáÕðÝðáéáêðäëóáòáîÝïåðåïåêÝàáïåãêÝðáàäáàãåêã îáèÝðåëêïäåìåðåïåêïðáÝàîáòÝèñáàðäîëñãäëðäáîßëéìîáäáêïåòáåêßëéáÏëîáïìáßåĦßÝèèõðäá×ÕàëèèÝîáôìëïñîáåïàáïåãêÝðáà ÝïÝßÝïäħëóäáàãáëâðäáñêàáîèõåêãÒîåòÝðáÒèÝßáéáêðÐëðáïÝêàðäááñîëáôìëïñîáåïàáïåãêÝðáàÝïÝêáðåêòáïðéáêðäáàãáëâ ìÝîðëâðäáÉîëñìĎïâëîáåãêëìáîÝðåëêïÖäáÅÅËÔÕåïìîáïáêðáàÝïÝêëêßñîîáêðÝïïáðëîèåÝÞåèåðõÝïåðåïáôìáßðáàðëÞáïáððèáàéëîá ðäÝêéëêðäïÝâðáîðäááêàëâðäáîáìëîðåêãìáîåëà

25.2 Financial risk factors ßëêðåêñáà

ÝÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðïßëêðåêñáà

ÙåðäðäááôßáìðåëêëâðäáÅÅËÔÕðäáâÝåîòÝèñáëâàáîåòÝðåòáïëñðïðÝêàåêãÝððäáõáÝîáêàäÝïÞááêÞëëçáàðäîëñãäðäáËêßëéá ÕðÝðáéáêðåêÃèèëâðäáâÝåîòÝèñáïïäëóêåêðäáðÝÞèáÝÞëòáÝîáßèÝïïåĦáàñêàáîËÈÔÕÝïÎáòáèéáÝïñîáéáêðïóäåßä äÝòáÞááêßÝèßñèÝðáàñïåêãíñëðáàìîåßáïâîëéÝßðåòáéÝîçáðïóäáîáïåéåèÝîßëêðîÝßðïÝîáðîÝàáàÝêàðäáíñëðáïîáħáßðÝßðñÝè ðîÝêïÝßðåëêïåêïåéåèÝîåêïðîñéáêðïÃèèëâðäáàáîåòÝðåòáÝïïáðïÝêàèåÝÞåèåðåáïêëðàáïåãêÝðáàâëîäáàãáÝßßëñêðåêãìñîìëïáï îáìëîðáàåêðäáðÝÞèáÝÞëòáóåèèéÝðñîáóåðäåêÝõáÝîëâðäáÞÝèÝêßáïäááðàÝðá

ÆáîåòÝðåòáĦêÝêßåÝèåêïðîñéáêðïÝîáïñÞæáßððëËêðáîêÝðåëêÝèÕóÝìïÝêàÆáîåòÝðåòáïÃïïëßåÝðåëêËÕÆÃÝãîááéáêðïÆáîåòÝðåòáï àáïåãêÝðáàâëîäáàãáÝßßëñêðåêãìñîìëïáïÝîáìîáïáêðáàêáðy#éyéëâóäåßäÝèèåêàåòåàñÝèåêïðîñéáêðïÝîáÝïïáðï ãîëïïÝïïáðïy#éÝêàãîëïïèåÝÞåèåðåáïy"é

ÞÏÝîçáðîåïç

ÏÝîçáðîåïçåïðäáîåïçðäÝðáåðäáîðäáâÝåîòÝèñáïëîðäáßÝïäħëóïëâðäáÉîëñìĎïĦêÝêßåÝèåêïðîñéáêðïéÝõħñßðñÝðáÞáßÝñïáëâ ßäÝêãáïåêéÝîçáðìîåßáïÖäáÉîëñìåïìîåêßåìÝèèõáôìëïáàðëéÝîçáðîåïçðäîëñãäħñßðñÝðåëêïåêáôßäÝêãáîÝðáïÝêàåêðáîáïðîÝðáï

Currency risk

ÖäáÉîëñìËêßëéáÕðÝðáéáêðåïáôìëïáàðëßñîîáêßõîåïçëêéëêáðÝîõåðáéïðäÝðÝîáàáêëéåêÝðáàåêßñîîáêßåáïëðäáîðäÝêðäá âñêßðåëêÝèßñîîáêßõëâðäáßëéìÝêåáïåêóäåßäðäáõÝîáäáèàÖäáßñîîáêßõìîëĦèáëâðäáïáĦêÝêßåÝèÝïïáðïÝêàĦêÝêßåÝèèåÝÞåèåðåáï åïïäëóêåêðäáðÝÞèáÞáèëó

	2022		2021
	Euro £m	US dollar £m	Other £m	Çñîë £m	US dollar £m	Other £m
Trade receivables	82.0	58.7	9.3	70.7	38.7	28.3
ÅÝïäÝðÞÝêç	10.1	9.8	0.7	5.2	8.3	15.7
Trade payables	(52.6)	(47.4)	(16.2)	ž	"\$ž	%%ž
ÒîåòÝðáÒèÝßáéáêðÐëðáï	(175.2)	(120.7)	–	"" ž	#%ž	–
ÄÝêçèëÝêïÝêàëòáîàîÝâðï	(44.8)	(0.1)	(0.1)	ž	–	–
Lease liabilities	(1.5)	(0.3)	(0.8)	"ž	–	%ž
ÅîëïïšßñîîáêßõåêðáîáïðîÝðáïóÝìï	(67.8)	71.1	–	" ž	63.6	–
ÈëîáåãêßñîîáêßõâëîóÝîàßëêðîÝßðï
›Äñõâëîáåãêßñîîáêßõ	0.9	4.8	–	0.9	5.5	–
›Õáèèâëîáåãêßñîîáêßõ	(16.9)	(22.3)	–	ž	ž	"ž
	(265.8)	(46.4)	(7.1)	\$ž	%\$ž	22.6

ÖäáÉîëñìäÝïy éy\$éëâáôßäÝêãáàåĪáîáêßáïîáßëãêåïáàåêðäáËêßëéáÕðÝðáéáêðëâóäåßäy\$éÝîëïáëêðäá îáòÝèñÝðåëêëâàáîåòÝðåòáïy%é

ÖäáðÝÞèáïÞáèëóïäëóðäáêáðñêäáàãáàéëêáðÝîõÝïïáðïÝêàèåÝÞåèåðåáïëâÉîëñìßëéìÝêåáïðäÝðÝîáêëðàáêëéåêÝðáàåêðäáåî âñêßðåëêÝèßñîîáêßõÝêàóäåßäßëñèàãåòáîåïáðëáôßäÝêãáãÝåêïÝêàèëïïáïåêðäáÉîëñìËêßëéáÕðÝðáéáêð

		ÐáðñêäáàãáàéëêáðÝîõèåÝÞåèåðåáÝïïáðï
	Euro £m	US dollar £m	Other £m	Total £m
Functional currency
Õðáîèåêã	(286.9)	(49.3)	1.1	(335.1)
Other	21.0	2.9	(8.0)	15.9
ÃïÝðÆáßáéÞáî	(265.9)	(46.4)	(6.9)	(319.2)

		ÐáðñêäáàãáàéëêáðÝîõèåÝÞåèåðåáÝïïáðï
	Çñîë £m	US dollar £m	Other £m	Total £m
Functional currency
Õðáîèåêã	!ž	ž	5.2	\$% ž
Other	14.1	#!ž	17.4	24.0
ÃïÝðÆáßáéÞáî	\$ž	%\$ž	22.6	"! ž

ÖäáÉîëñìĦêÝêßáïåðïëìáîÝðåëêïìÝîðèõÞõëÞðÝåêåêãâñêàåêãðäîëñãäáôðáîêÝèÞëîîëóåêãïÙäáîáðäáïáÞëîîëóåêãïÝîáêëðåêïðáîèåêã ðäáõéÝõÞáàáïåãêÝðáàÝïêáðåêòáïðéáêðäáàãáïÖäåïáêÝÞèáïãÝåêïÝêàèëïïáïÝîåïåêãëêîáðîÝêïèÝðåëêðëÞáßäÝîãáàðëëðäáî ßëéìîáäáêïåòáåêßëéáìîëòåàåêãÝìÝîðåÝèëĪïáðåêáíñåðõÝãÝåêïððäáãÝåêïÝêàèëïïáïÝîåïåêãëêðîÝêïèÝðåëêëâëòáîïáÝïêáðÝïïáðï

ÃïÝðÆáßáéÞáî{ "éÝêàw"éëâÞëîîëóåêãïóáîáàáïåãêÝðáàÝïäáàãáïëâêáðåêòáïðéáêðïåê{ "éÝêà w"éóëîðäëâëòáîïáÝïâëîáåãêëìáîÝðåëêïËêÝààåðåëêðäá{#""éÅÅËÔÕèåÝÞåèåðõäÝïÞááêàáïåãêÝðáàÝïÝêáðåêòáïðéáêð äáàãáëâÝâñîðäáî{#""éóëîðäëâëòáîïáÝïâëîáåãêëìáîÝðåëêï

Notes to the Group Financial Statements ßëêðåêñáà

25. Financial Risk Management ßëêðåêñáà

25.2 Financial risk factors ßëêðåêñáà

ÞÏÝîçáðîåïçßëêðåêñáà

ÃïðäáòÝèñáëâðäáÞëîîëóåêãïÝêàðäáÅÅËÔÕèåÝÞåèåðõáôÝßðèõéÝðßäáïðäáàáïåãêÝðáàäáàãáàìëîðåëêëâðäáêáðåêòáïðéáêðï ðäáîáèáòÝêðäáàãáîÝðåëåïÖäáêáðåêòáïðéáêðäáàãáïÝîáðäáîáâëîáäåãäèõáĪáßðåòáËðåïêëðáàðäÝðäáàãáåêáĪáßðåòáêáïï óëñèàÝîåïáåêðäááòáêððäáîáóáîáåêïñĨßåáêðáñîëàáêëéåêÝðáàëòáîïáÝïâëîáåãêëìáîÝðåëêïðëÞáéÝðßäáàÝãÝåêïððäá {#""éÅÅËÔÕèåÝÞåèåðõ

ÖäáðëðÝèîáðîÝêïèÝðåëêåéìÝßðëâðäáÞëîîëóåêãïÝêàÅÅËÔÕàáïåãêÝðáàÝïêáðåêòáïðéáêðäáàãáïóÝïÝèëïïëây#é ÝãÝåêëây é

Öäáw\$"éÅÅËÔÕÝïïáðäÝïÞááêàáïåãêÝðáàÝïÝßÝïäħëóäáàãáëâðäáw\$"é×ÕÒÒÐëðáïåïïñáàåêÃïÝèèìîåêßåìÝè ÝêàåêðáîáïðßÝïäħëóïñêàáîðäáÅÅËÔÕáôÝßðèõéåîîëîðäëïáñêàáîðäá×ÕÒÒÐëðáïðäáßÝïäħëóäáàãáåïäåãäèõáĪáßðåòáËðåï êëðáàðäÝðäáàãáåêáĪáßðåòáêáïïóëñèàÝîåïáåêðäááòáêððäáîáóÝïÝßäÝêãáåêðäáßëêðîÝßðñÝèðáîéïëâáåðäáîðäá×ÕÒÒÐëðáï ëîðäáÅÅËÔÕ

ÊáàãááĪáßðåòáêáïïåïàáðáîéåêáàÝðåêßáìðåëêëâðäáäáàãáîáèÝðåëêïäåìÝêàðäîëñãäìáîåëàåßáĪáßðåòáêáïïÝïïáïïéáêðï ðëáêïñîáðäÝðÝêáßëêëéåßîáèÝðåëêïäåìáôåïðïÞáðóááêðäáäáàãáàåðáéÝêàäáàãåêãåêïðîñéáêð

Interest rate risk

ÖäáÉîëñìĎïåêðáîáïðîÝðáîåïçìîåêßåìÝèèõÝîåïáïåêîáèÝðåëêðëåðïÞëîîëóåêãïÙäáîáÞëîîëóåêãïÝîáäáèàÝðħëÝðåêãîÝðáïëâåêðáîáïð ħñßðñÝðåëêïåêåêðáîáïðîÝðáïáôìëïáðäáÉîëñìðëòÝîåÝÞåèåðõåêðäáßÝïäħëóïÝïïëßåÝðáàóåðäåðïåêðáîáïðìÝõéáêðïÝêàóäáîá ÞëîîëóåêãïÝîáäáèàÝðĦôáàîÝðáïëâåêðáîáïðħñßðñÝðåëêïåêåêðáîáïðîÝðáïáôìëïáðäáÉîëñìðëßäÝêãáïåêðäáâÝåîòÝèñáëâåðï ÞëîîëóåêãïÖäáÉîëñìĎïìëèåßõåïðëéÝåêðÝåêÝêÝììîëìîåÝðáéåôëâĦôáàÝêàħëÝðåêãîÝðáÞëîîëóåêãïÞÝïáàëêðäáØáïñòåñï ðîÝàåêãáêòåîëêéáêðéÝîçáðßëêàåðåëêïÝêàëðäáîáßëêëéåßâÝßðëîï

ÃïÝðÆáßáéÞáîðäáÉîëñìäÝàw "é{%\$éÝêày\$éy%éåêðëðÝèëâ×ÕÒîåòÝðáÒèÝßáéáêð×ÕÒÒÐëðáï ëñðïðÝêàåêãóäåßäßÝîîõÝĦôáàîÝðáëâåêðáîáïðîáìîáïáêðåêã\$YëâðäáÉîëñìĎïðëðÝèÞëîîëóåêãïëñðïðÝêàåêãÝððäÝðàÝðá ÖäáåêðáîáïðîÝðáìîëĦèáëâðäáÉîëñìĎïÞëîîëóåêãïåïàáðÝåèáàåêðäáðÝÞèáïÞáèëó

		ÈåêÝêßåÝèèåÝÞåèåðåáïãîëïïÞëîîëóåêãïž
	Fixed rate £m	Floating rate £m	Total £m
Õðáîèåêã	28.0	33.3	61.3
US dollar	120.7	1.9	122.6
Çñîë	175.2	44.8	220.0
ÅÝìåðÝèåïáàÝîîÝêãáéáêðâááï	(0.9)	(1.8)	(2.7)
ÃïÝðÆáßáéÞáî	323.0	78.2	401.2

		ÈåêÝêßåÝèèåÝÞåèåðåáïãîëïïÞëîîëóåêãïž
	Èåôáà rate £m	ÈèëÝðåêã rate £m	Total £m
Õðáîèåêã	28.0	76.4	104.4
US dollar	107.9	1.2	109.1
Çñîë	166.4	27.2	193.6
ÅÝìåðÝèåïáàÝîîÝêãáéáêðâááï	ž	ž	ž
ÃïÝðÆáßáéÞáî	301.1	102.7	403.8

ËêâëîéÝðåëêåêîáïìáßðëâðäáßñîîáêßõîåïçéÝêÝãáéáêðëâw\$"éëâ×ÕàëèèÝîàáêëéåêÝðáàĦôáàîÝðáĦêÝêßåÝèèåÝÞåèåðåáïåï provided above.

ÖäáħëÝðåêãîÝðáĦêÝêßåÝèèåÝÞåèåðåáïïäëóêåêðäáðÝÞèáïÝÞëòáÞáÝîåêðáîáïðÝðÝéÝîçáðßëêòáêðåëêîáâáîáêßáîÝðáÝììîëìîåÝðá ðëáÝßäßñîîáêßõìèñïÝéÝîãåêÖäáĦôáàîÝðáĦêÝêßåÝèèåÝÞåèåðåáïëây%éyéäÝòáÝóáåãäðáàÝòáîÝãáåêðáîáïð îÝðáëâYYÝêàÝóáåãäðáàÝòáîÝãáìáîåëàâëîóäåßäðäáîÝðáåïĦôáàëâ!õáÝîï"õáÝîï

ÖäáĦêÝêßåÝèÝïïáðïÝððîÝßðħëÝðåêãîÝðáåêðáîáïð

ÄÝïáàñìëêðäáåêðáîáïðîÝðáìîëĦèáëâðäáÉîëñìĎïĦêÝêßåÝèèåÝÞåèåðåáïïäëóêåêðäáðÝÞèáïÝÞëòáÝYåêßîáÝïáåêéÝîçáðåêðáîáïð îÝðáïóëñèàåêßîáÝïáÞëðäðäáĦêÝêßáßëïðïßäÝîãáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðÝêàðäáåêðáîáïðìÝåàåêðäáÉîëñìÕðÝðáéáêð ëâÅÝïäÈèëóïÞõy\$éyéÝêàÝYîáàñßðåëêåêéÝîçáðåêðáîáïðîÝðáïóëñèààáßîáÝïáÞëðäðäáĦêÝêßáßëïðïßäÝîãáà åêðäáÉîëñìËêßëéáÕðÝðáéáêðÝêàðäáåêðáîáïðìÝåàåêðäáÉîëñìÕðÝðáéáêðëâÅÝïäÈèëóïÞõy\$éyé

25. Financial Risk Management ßëêðåêñáà

25.2 Financial risk factors ßëêðåêñáà

(c) Credit risk

ÅîáàåðîåïçÝîåïáïâîëéßÝïäÝêàßÝïäáíñåòÝèáêðïàáîåòÝðåòáĦêÝêßåÝèÝïïáðïÝêààáìëïåðïóåðäÞÝêçïÝêàĦêÝêßåÝèåêïðåðñðåëêï ÝïóáèèÝïßîáàåðáôìëïñîáïðëßñïðëéáîïåêßèñàåêãëñðïðÝêàåêãîáßáåòÝÞèáï

(i) Risk management

ÈëîÞÝêçïÝêàĦêÝêßåÝèåêïðåðñðåëêïÝìÝîðâîëéßáîðÝåêèåéåðáàßåîßñéïðÝêßáïÉîëñììëèåßõåïðäÝðëêèõåêàáìáêàáêðèõîÝðáà áêðåðåáïóåðäÝéåêåéñéîÝðåêãëâčÃĎÝîáÝßßáìðáàÝïßëñêðáîìÝîðåáïËêÝààåðåëêðäáÉîëñìĎïëìáîÝðåêãßëéìÝêåáïäÝòá ìëèåßåáïÝêàìîëßáàñîáïåêìèÝßáðëÝïïáïïðäáßîáàåðóëîðäåêáïïëâðäáßñïðëéáîïóåðäóäëéðäáõàëÞñïåêáïï

ååËéìÝåîéáêðëâĦêÝêßåÝèÝïïáðï

ÖäáÉîëñìïñÞæáßðïðîÝàáîáßáåòÝÞèáïâîëéïÝèáïëâåêòáêðëîõÝêàâîëéðäáìîëòåïåëêëâïáîòåßáïðëðäááôìáßðáàßîáàåðèëïïéëàáè

ÙäåèïðßÝïäÝêàßÝïäáíñåòÝèáêðïÝîáÝèïëïñÞæáßððëðäáåéìÝåîéáêðîáíñåîáéáêðïëâËÈÔÕ%ðäáåàáêðåĦáàåéìÝåîéáêðèëïï was immaterial.

ÖäáÉîëñìÝììèåáïðäáËÈÔÕ%ïåéìèåĦáàÝììîëÝßäðëéáÝïñîåêãáôìáßðáàßîáàåðèëïïáïóäåßäñïáïÝèåâáðåéááôìáßðáàèëïï ÝèèëóÝêßáâëîÝèèðîÝàáîáßáåòÝÞèáïÝêàßëêðîÝßðÝïïáðïÖäááôìáßðáàèëïïîÝðáïÝîáÞÝïáàëêðäáìÝõéáêðìîëĦèáïëâïÝèáïëòáî Ýìáîåëàëâ"éëêðäïÞáâëîáÆáßáéÞáîÝêàðäáßëîîáïìëêàåêãäåïðëîåßÝèßîáàåðèëïïáïáôìáîåáêßáàóåðäåêðäåïìáîåëà ÖäáäåïðëîåßÝèèëïïîÝðáïÝîáÝàæñïðáàðëîáħáßðßñîîáêðÝêàâëîóÝîàèëëçåêãåêâëîéÝðåëêëêéÝßîëáßëêëéåßâÝßðëîïÝĪáßðåêã ðäáÝÞåèåðõëâðäáßñïðëéáîïðëïáððèáðäáîáßáåòÝÞèáïÖäáÉîëñìäÝïåàáêðåĦáàðäáßñîîáêðïðÝðáëâðäááßëêëéõïñßäÝïéÝîçáð åêðáîáïðîÝðáïëîãîëóðäîÝðáïÝêàìÝîðåßñèÝîåêàñïðîõåïïñáïåêðäáßëñêðîåáïåêóäåßäåðïáèèïåðïãëëàïÝêàïáîòåßáïðëÞáðäáéëïð îáèáòÝêðâÝßðëîïÝêàÝßßëîàåêãèõÝàæñïðïðäáäåïðëîåßÝèèëïïîÝðáïÞÝïáàëêáôìáßðáàßäÝêãáïåêðäáïáâÝßðëîï

ÔáãÝîàèáïïëâðäáÝêÝèõïåïÝÞëòáÝïåãêåĦßÝêðåêßîáÝïáåêßîáàåðîåïçåïìîáïñéáàåâÝàáÞðëîåïéëîáðäÝêàÝõïìÝïðàñáåê éÝçåêãÝßëêðîÝßðñÝèìÝõéáêðÙäáîáëÞæáßðåòááòåàáêßááôåïðïðäÝðÝðîÝàáîáßáåòÝÞèáÞÝèÝêßáéÝõÞáåéìÝåîáàìîëòåïåëê åïéÝàáâëîðäáàåĪáîáêßáÞáðóááêåðïßÝîîõåêãÝéëñêðÝêàðäáìîáïáêðòÝèñáëâðäááïðåéÝðáàßÝïäðäÝðóåèèÞáîáßëòáîáà

ÇòåàáêßáëâåéìÝåîéáêðéÝõåêßèñàáïñßäâÝßðëîïÝïÝßäÝêãáåêßîáàåðîåïçìîëĦèáëâðäáßñïðëéáîðäáßñïðëéáîÞáåêãåêàáâÝñèð ëêÝßëêðîÝßðëîðäáßñïðëéáîáêðáîåêãÞÝêçîñìðßõëîĦêÝêßåÝèîáëîãÝêåïÝðåëêìîëßááàåêãïÃèèïåãêåĦßÝêðÞÝèÝêßáïÝîáîáòåáóáà åêàåòåàñÝèèõâëîáòåàáêßáëâåéìÝåîéáêð

ÖîÝàáîáßáåòÝÞèáïÝêàßëêðîÝßðÝïïáðïÝîáóîåððáêëĪóäáêðäáîáåïêëîáÝïëêÝÞèááôìáßðÝðåëêëâîáßëòáîõËêàåßÝðëîïðäÝððäáîá åïêëîáÝïëêÝÞèááôìáßðÝðåëêëâîáßëòáîõåêßèñàáÝéëêãïðëðäáîïðäáâÝåèñîáëâÝàáÞðëîðëáêãÝãáåêÝîáìÝõéáêðìèÝêóåðäðäá ÉîëñìÝêàÝâÝåèñîáðëéÝçáßëêðîÝßðñÝèìÝõéáêðïâëîÝìáîåëàëâãîáÝðáîðäÝêàÝõïìÝïðàñáÙäáîáèëÝêïëîîáßáåòÝÞèáï äÝòáÞááêóîåððáêëĪðäáÅëéìÝêõßëêðåêñáïðëáêãÝãáåêáêâëîßáéáêðÝßðåòåðõðëÝððáéìððëîáßëòáîðäáîáßáåòÝÞèáàñá

ÙäáîáîáßëòáîåáïÝîáéÝàáðäáïáÝîáîáßëãêåïáàóåðäåêðäáËêßëéáÕðÝðáéáêð

ÖäáßèëïåêãáôìáßðáàßîáàåðèëïïÝèèëóÝêßáâëîðîÝàáîáßáåòÝÞèáïÝïÝðÆáßáéÞáîîáßëêßåèáïðëðäáëìáêåêãèëïïÝèèëóÝêßáï Ýïâëèèëóï

	2022 £m	2021 £m
As at 1 January	22.7	24.0
ÆáßîáÝïសåêßîáÝïáåêáôìáßðáàßîáàåðèëïïÝèèëóÝêßáîáßëãêåïáàåêìîëĦðëîèëïïàñîåêãðäáõáÝî	9.9	!ž
ÔáßáåòÝÞèáïóîåððáêëĪàñîåêãðäáõáÝîÝïñêßëèèáßðÝÞèá	(0.7)	ž
ÇôßäÝêãáÝàæñïðéáêðï	0.9	!ž
ÃïÝðÆáßáéÞáî	32.8	22.7

ÖäáàáÞåðâëîðäáõáÝîïäëóêåêðäáðÝÞèáÝÞëòáåïîáßëîàáàóåðäåêÝàéåêåïðîÝðåëêïáèèåêãÝêààåïðîåÞñðåëêßëïðïåêðäáÉîëñì Income Statement.

ÖäáÉîëñìÝèïëÝììèåáïðäááôìáßðáàßîáàåðèëïïéëàáèñêàáîËÈÔÕ%ðëëðäáîîáßáåòÝÞèáïËâÝððäáîáìëîðåêãàÝðáðäáßîáàåðîåïç ëâðäáîáßáåòÝÞèáïäÝïêëðåêßîáÝïáàïåãêåĦßÝêðèõïåêßáåêåðåÝèîáßëãêåðåëêðäáÉîëñìéáÝïñîáïðäáèëïïÝèèëóÝêßáÝðÝêÝéëñêð áíñÝèðëéëêðäáôìáßðáàßîáàåðèëïïáïËâðäáßîáàåðîåïçëêðäÝðîáßáåòÝÞèáäÝïåêßîáÝïáàïåãêåĦßÝêðèõïåêßáåêåðåÝèîáßëãêåðåëê ðäáÉîëñìéáÝïñîáïðäáèëïïÝèèëóÝêßáÝðÝêÝéëñêðáíñÝèðëðäáèåâáðåéááôìáßðáàßîáàåðèëïïáïÖäááôìáßðáàßîáàåðèëïïëê other receivables is not material.

Notes to the Group Financial Statements ßëêðåêñáà

25. Financial Risk Management ßëêðåêñáà

25.2 Financial risk factors ßëêðåêñáà

(d) Liquidity risk

ÎåíñåàåðõîåïçåïðäáîåïçðäÝððäáÉîëñìéåãäðäÝòáàåĨßñèðåáïåêéááðåêãåðïĦêÝêßåÝèëÞèåãÝðåëêïÖäáÉîëñìéÝêÝãáïðäåïîåïçÞõ áêïñîåêãðäÝðåðéÝåêðÝåêïïñĨßåáêðèáòáèïëâßëééåððáàÞëîîëóåêãâÝßåèåðåáïÝêàßÝïäÝêàßÝïäáíñåòÝèáêðïðëáêïñîáðäÝðåðßÝê éááðåðïëìáîÝðåëêÝèßÝïäħëóîáíñåîáéáêðïÝêàÝêõéÝðñîåêãĦêÝêßåÝèèåÝÞåèåðåáïóäåèïðÝðÝèèðåéáïëìáîÝðåêãóåðäåêåðïĦêÝêßåÝè ßëòáêÝêðïÖäáèáòáèëâëìáîÝðåëêÝèäáÝàîëëéìîëòåàáàÞõðäáÉîëñìĎïßëééåððáàÞëîîëóåêãâÝßåèåðåáïåïîáòåáóáàÝðèáÝïð ÝêêñÝèèõÝïìÝîðëâðäáÉîëñìĎïðäîááõáÝîìèÝêêåêãìîëßáïïÙäáîáðäåïìîëßáïïåêàåßÝðáïÝêááàâëîÝààåðåëêÝèĦêÝêßáðäåïåï ÝààîáïïáàëêÝðåéáèõÞÝïåïÞõéáÝêïëâáåðäáîÝààåðåëêÝèßëééåððáàÞÝêçâÝßåèåðåáïëîîÝåïåêãĦêÝêßáåêðäáßÝìåðÝèéÝîçáðï

ËêÌñèõðäáÉîëñìáôáîßåïáàåðïëìðåëêðëîáíñáïðÝëêáõáÝîáôðáêïåëêðëðäáéÝðñîåðõëâåðïy\$!éßëééåððáàÞÝêçâÝßåèåðõ Èëèèëóåêãðäåïîáíñáïðy "!éëâðäáâÝßåèåðõéÝðñîáïåêÃñãñïð"óåðäy\$!ééÝðñîåêãåêÌñèõ!

ÃïÝðÆáßáéÞáîðäáÉîëñìäÝàßëééåððáàÞëîîëóåêãâÝßåèåðåáïëây#%éy#"éëâóäåßäy!é y\$éóáîáñêàîÝóê%YëâðäáïáñêàîÝóêâÝßåèåðåáïÝîáàñáðëáôìåîáåêÃñãñïð"ÖäáÉîëñìĎïÞëîîëóåêã îáíñåîáéáêðïÝîáéáðÞõ×ÕÒÒÝéñèðåßñîîáêßõßëééåððáàïõêàåßÝðáàÞÝêçâÝßåèåðõëây\$!éy\$!éÝêàÝÞåèÝðáîÝè ÞÝêçâÝßåèåðõëâyéyéóäåßäåïâñèèõßëèèÝðáîÝèåïáàÝãÝåêïðÝìëîðåëêëâðäáÉîëñìĎïßÝïäÞÝèÝêßáåêÅäåêÝ

×ÕÒÒÐëðáïåïïñáàÝïÝðÆáßáéÞáîÝéëñêðáàðëy%éw "é{%\$éÝêày\$éÝêàäÝàÝóáåãäðáàÝòáîÝãá ìáîåëàðëéÝðñîåðõëâ!õáÝîïwéåïîáìÝõÝÞèáåêÆáßáéÞáî{!éÝêàw"éåê!{éÝêàw"éåê #wéåê\${!éåê%Ýêà{éÝêày\$éåêÖäáéÝðñîåðõÝêÝèõïåïëâðäáÉîëñìĎïãîëïïÞëîîëóåêãï åêßèñàåêãåêðáîáïðåïïäëóêåêðäáðÝÞèáïÞáèëóÖäáßÝïäħëóïïäëóêÝîáñêàåïßëñêðáà

	Within 1 year	Äáðóááê 1 and 2 years	Äáðóááê 2 and 5 years	Over 5 years	Total contractual	Carrying amount
ÃïÝðÆáßáéÞáî	£m	£m	£m	£m	ßÝïäħëóï £m	£m
Trade payables	239.5	–	–	–	239.5	239.5
Loans and overdrafts	52.6	9.2	255.3	133.4	450.5	403.8
Lease liabilities	12.3	9.2	13.2	13.5	48.2	40.8
ÅÝìåðÝèåïáàÝîîÝêãáéáêðâááï	–	–	–	–	–	(2.7)
Derivative liability	0.1	–	–	–	0.1	0.1
ÖëðÝèĦêÝêßåÝèèåÝÞåèåðåáï	304.5	18.4	268.5	146.9	738.3	681.5
As at 31 December 2021	Within 1 year £m	Äáðóááê 1 and 2 years £m	Äáðóááê 2 and 5 years £m	Over 5 years £m	Total ßëêðîÝßðñÝè ßÝïäħëóï £m	ÅÝîîõåêã Ýéëñêð £m
Trade payables	253.8	–	–	–	253.8	253.8
Loans and overdrafts	37.4	9.6	178.2	235.0	460.2	407.1
Lease liabilities	11.6	9.2	13.4	13.2	47.4	39.9

ÅÝìåðÝèåïáàÝîîÝêãáéáêðâááï	–	–	–	–	–	ž
Derivative liability	"ž	"ž	"ž	0.2	"ž	2.6

ÅÝìåðÝèåïáàÝîîÝêãáéáêðâááïïäëóêåêðäáðÝÞèáïÝÞëòáóäåßääÝòáÞááêîáßëãêåïáàÝïÝîáàñßðåëêåêÞëîîëóåêãïåêðäáÈåêÝêßåÝè ÕðÝðáéáêðïÝéëñêðáàðëy#éÝïÝðÆáßáéÞáîÆáßáéÞáîyéëâóäåßäy%éyéîáèÝðáàðëðäá ×ÕÒÒÝêày\$éyéîáèÝðáàðëðäáÉîëñìĎïïõêàåßÝðáàÞÝêçâÝßåèåðõ

ÖäáßÝîîõåêãÝéëñêðëâèáÝïáèåÝÞåèåðåáïâÝèèåêãàñáóåðäåêëêáõáÝîóÝïyé"éÖäáßÝîîõåêãÝéëñêðëâèáÝïá èåÝÞåèåðåáïâÝèèåêãàñáÝâðáîéëîáðäÝêëêáõáÝîóÝïy\$!éy\$é

25. Financial Risk Management ßëêðåêñáà

25.3 Capital management

ÖäáÅëéìÝêõßëêïåàáîïåðïßÝìåðÝèðëÞááíñÝèðëðäáïñéëâåðïðëðÝèáíñåðõàåïßèëïáàëêðäáÉîëñìÄÝèÝêßáÕäááðÝêàêáðàáÞð Ðëðá ËðéëêåðëîïåðïßÝìåðÝèñïåêãÝêñéÞáîëâÍÒËïåêßèñàåêãâîááßÝïäħëóÝòáîÝãáóëîçåêãßÝìåðÝèðëïÝèáïîÝðåëïêáðàáÞð ðëÇÄËÖÆÃîÝðåëïÝêàÔÑËÅÐëðá ÖäáÉîëñìĎïëÞæáßðåòáïóäáêéÝêÝãåêãåðïßÝìåðÝèÝîá

ÖëáêïñîáðäÝððäáÉîëñìÝêàÝèèëâåðïÞñïåêáïïáïÝîáÝÞèáðëëìáîÝðáÝïãëåêãßëêßáîêïÝêàáêïñîáðäÝððäáÉîëñìëìáîÝðáï óåðäåêðäáĦêÝêßåÝèßëòáêÝêðïßëêðÝåêáàóåðäåêåðïàáÞðâÝßåèåðåáï
ÖëäÝòáÝòÝåèÝÞèáðäáêáßáïïÝîõĦêÝêßåÝèîáïëñîßáïðëÝèèëóðäáÉîëñìðëåêòáïðåêÝîáÝïðäÝðéÝõàáèåòáîÝßßáìðÝÞèáâñðñîá îáðñîêïðëåêòáïðëîï
ÖëéÝåêðÝåêïñĨßåáêðĦêÝêßåÝèîáïëñîßáïðëéåðåãÝðáÝãÝåêïðîåïçïÝêàñêâëîáïááêáòáêðï
ÖëéÝôåéåïáïäÝîáäëèàáîòÝèñáðäîëñãäéÝåêðÝåêåêãÝêÝììîëìîåÝðáÞÝèÝêßáÞáðóááêðäáÉîëñìĎïáíñåðõÝêàêáðàáÞð

ÖäáÉîëñìëìáîÝðáàóåðäåêðäáîáíñåîáéáêðïëâåðïàáÞðßëòáêÝêðïðäîëñãäëñððäáõáÝîÝêàäÝïïñĨßåáêðèåíñåàåðõäáÝàîëëé óåðäåêåðïßëééåððáààáÞðâÝßåèåðåáïÆáðÝåèïëâðäáÉîëñìĎïßëòáêÝêðßëéìèåÝêßáÝêàßëééåððáààáÞðâÝßåèåðåáïßÝêÞáâëñêàåê ðäáÕðîÝðáãåßÔáìëîðëêìÝãá

" ÇéìèëõááÄáêáĦðï

26.1 Accounting policy

ÖäáêáðèåÝÞåèåðõëîêáðïñîìèñïîáßëãêåïáàåêðäáÉîëñìÄÝèÝêßáÕäááðâëîðäáÉîëñìĎïàáĦêáàÞáêáĦðìèÝêïåïðäáìîáïáêðòÝèñáëâ ðäáàáĦêáàÞáêáĦðëÞèåãÝðåëêÝððäáÞÝèÝêßáïäááðàÝðáèáïïðäáâÝåîòÝèñáëâðäáìèÝêÝïïáðïÖäáàáĦêáàÞáêáĦðëÞèåãÝðåëêåï ßÝèßñèÝðáàÞõåêàáìáêàáêðÝßðñÝîåáïñïåêãðäáìîëæáßðáàñêåðßîáàåðéáðäëàÝêàÞõàåïßëñêðåêãðäááïðåéÝðáàâñðñîáßÝïäħëóï ñïåêãåêðáîáïðîÝðáïëêäåãäíñÝèåðõßëîìëîÝðáÞëêàïðäÝðäÝòáàñîÝðåëêïÝììîëôåéÝðåêãðäáðáîéïëâðäáîáèÝðáàìáêïåëêèåÝÞåèåðõ

ÃêõÝïïáðîáßëãêåïáàåêîáïìáßðëâÝïñîìèñïÝîåïåêãâîëéðäåïßÝèßñèÝðåëêåïèåéåðáàðëðäáÝïïáðßáåèåêãóäáîáðäåïåïðäáìîáïáêðòÝèñá ëâÝêõáßëêëéåßÞáêáĦðïÝòÝåèÝÞèáåêðäáâëîéëâîáâñêàïëîîáàñßðåëêïåêâñðñîáßëêðîåÞñðåëêïåêîáïìáßðëâðäáìèÝêïÖäáÉîëñì äÝïÝêñêßëêàåðåëêÝèîåãäððëÝîáâñêàëâðäá×ÍïñîìèñïÝïàáĦêáàñêàáîËÈÔËÅ ÝêàßëêïåàáîïðäÝððäáìëïïåÞåèåðõðäÝðÝïñîìèñï ßëñèàÞáîáàñßáàëîáôðåêãñåïäáàÞõàåïßîáðåëêÝîõÝßðåëêïÞõðäáÖîñïðááàëáïêëðÝĪáßððäááôåïðáêßáëâðäáÝïïáðÝððäááêàëâðäá îáìëîðåêãìáîåëàÖäáÉîëñìðäáîáâëîáîáßëãêåïáïÝìáêïåëêÝïïáðóåðäîáïìáßððëðäáïßäáéáòÝèñáàëêÝêËÃÕ%ÞÝïåïÐëèåÝÞåèåðõ åïîáßëãêåïáàóåðäîáïìáßððëâñîðäáîâñêàåêãßëêðîåÞñðåëêï

ÖäááôìáêïáâëîðäáÉîëñìĎïàáĦêáàÞáêáĦðìèÝêïåïîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðÝïïäëóêåêÐëðá"\$ÃßðñÝîåÝè ãÝåêïÝêàèëïïáïÝîåïåêãëêðäáÝïïáðïÝêàèåÝÞåèåðåáïëâðäáìèÝêïÝîáîáìëîðáàóåðäåêðäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòá ËêßëéáÝêàãÝåêïÝêàèëïïáïÝîåïåêãëêïáððèáéáêðïÝêàßñîðÝåèéáêðïÝîáîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðåêðäá ïÝéáèåêáÝïðäáåðáéðäÝðãÝòáîåïáðëðäáïáððèáéáêðëîßñîðÝåèéáêðëîåâéÝðáîåÝèïáìÝîÝðáèõîáìëîðáàÝïÝßëéìëêáêðëâ ëìáîÝðåêãìîëĦð

Notes to the Group Financial Statements ßëêðåêñáà

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

26.2 Group post-retirement plans

ÖäáÉîëñìëìáîÝðáïÝêñéÞáîëâìáêïåëêìèÝêïÝîëñêàðäáóëîèàÞëðäàáĦêáàÞáêáĦðÝêààáĦêáàßëêðîåÞñðåëêÝêàÝßßëñêðï âëîðäáéåêÝßßëîàÝêßáóåðäËÃÕ%ÖäáîáÝîáÝèïëïëéáæñÞåèááÝîîÝêãáéáêðïëðäáîèëêãðáîéÞáêáĦðïìèÝêïóäåßäóäåèáðäáõ àëêëðêááàðëÞáåêßèñàáàåêðäáàáðÝåèáààåïßèëïñîáïñêàáîËÃÕ%äÝòáÞááêåêßèñàáàåêðäáÝêÝèõïåïÞáèëó

ÖäáÉîëñìĎïìîåêßåìÝèàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝîáåêðäá×ÍÝêàðäá×ÕðäáÞáêáĦðïëâóäåßäÝîáÞÝïáàñìëêðäáĦêÝè ìáêïåëêÝÞèáïÝèÝîåáïëâìèÝêéáéÞáîïÖäáÝïïáðïëâðäáïáìèÝêïÝîáäáèàïáìÝîÝðáèõâîëéðäáÉîëñìåêðîñïðááÝàéåêåïðáîáà âñêàïÖäáÖîñïðááïÝîáîáíñåîáàðëÝßðåêðäáÞáïðåêðáîáïðïëâðäáìèÝêïĎÞáêáĦßåÝîåáïÖäáÉîëñìÝèïëäÝïàáĦêáàÞáêáĦðìáêïåëê ìèÝêïåêëðäáîðáîîåðëîåáïÞñðáôßáìðâëîðäëïáåêÉáîéÝêõðäáïáÝîáêëðåêàåòåàñÝèèõéÝðáîåÝèåêîáèÝðåëêðëðäáÉîëñì

ÝÆáĦêáàÞáêáĦðìáêïåëêìèÝêï×Í

ÖäáÉîëñìĎïéÝåêàáĦêáàÞáêáĦðìáêïåëêìèÝêåêðäá×Íčðäá×ÍÒèÝêĎåïßèëïáàðëêáóéáéÞáîïÝêàðëâñðñîáÞáêáĦðÝßßîñÝè ÖäááôåïðåêãìèÝêóÝïáïðÝÞèåïäáàñêàáîÝðîñïðàááàÝêàåïïñÞæáßððëðäáÒáêïåëêïÃßð ÝêàãñåàÝêßáåïïñáàÞõðäá×Í ÒáêïåëêïÔáãñèÝðëî

ËêÐëòáéÞáîðäáÖîñïðááëâðäáØáïñòåñïÒáêïåëêÒèÝêïåãêáàÝìáêïåëêåêïñîÝêßáÞñõåêÝãîááéáêðóåðäÒáêïåëêËêïñîÝêßá ÅëîìëîÝðåëêìèßÒËÅÖäåïÞñõåêïáßñîáàÝêåêïñîÝêßáÝïïáðâîëéÒËÅðäÝðéÝðßäáïðäáîáéÝåêåêãìáêïåëêèåÝÞåèåðåáïëâðäá×Í ÒèÝêóåðäðäáîáïñèððäÝððäáÅëéìÝêõêëèëêãáîÞáÝîïÝêõåêòáïðéáêðèëêãáòåðõåêðáîáïðîÝðáëîåêħÝðåëêîåïçïåêîáïìáßðëâðäá ×ÍÒèÝêÃèèÞáêáĦðïåêðäá×ÍÒèÝêóåðäðäááôßáìðåëêëâÝïéÝèèÝéëñêðëâÞáêáĦðïáôìáßðáàðëÝîåïáåêâñðñîáÝïÝîáïñèðëâ ãñÝîÝêðááàéåêåéñéìáêïåëêïÉÏÒáíñÝèåïÝðåëêÝîáêëóåêïñîáàóåðäÒËÅ

ÖäáîáåïÝčèëêãðáîéïßäáéáïìáßåĦßâñêàåêãïðÝêàÝîàĎåêÒÝîðëâðäáÒáêïåëêïÃßð ËêðáîéïëâÒÝîððäá×ÍÒèÝêåïïñÞæáßð ðëÝîáíñåîáéáêðčðäáïðÝðñðëîõâñêàåêãëÞæáßðåòáĎðäÝðåðéñïðäÝòáïñĨßåáêðÝêàÝììîëìîåÝðáÝïïáðïðëßëòáîåðïðáßäêåßÝè ìîëòåïåëêïÕñßäðáßäêåßÝèìîëòåïåëêïÝîáàáðáîéåêáàÝïìÝîðëâðäáðîåáêêåÝèòÝèñÝðåëê×êàáîðäáîñèáïëâðäá×ÍÒèÝêðäáÖîñïðáá ÝâðáîßëêïñèðÝðåëêóåðäðäáÅëéìÝêõäÝïðäáìëóáîðëïáððäáâñêàåêãßëêðîåÞñðåëêïðÝçåêãåêðëÝßßëñêððäáîáïñèðïëâðäáðîåáêêåÝè òÝèñÝðåëêÝêàðäáÒáêïåëêÃßð èáãåïèÝðåëêÈëèèëóåêãðäáÞñõåêîáâáîîáàðëÝÞëòáêëâñîðäáîßëêðîåÞñðåëêïÝîááôìáßðáàðë ÞáìÝåàðëðäá×ÍÒèÝêÞõðäáÅëéìÝêõÝêàðäáßëïðëâÉÏÒáíñÝèåïÝðåëêóåèèÞáéáðëñðëâðäáïñîìèñï×ÍÒèÝêÝïïáðï

ÞÆáĦêáàÞáêáĦðìáêïåëêìèÝêï×Õ

ÖäáÉîëñìäÝïïáòáîÝèàáĦêáàÞáêáĦðìáêïåëêìèÝêïåêðäá×ÕìîëòåàåêãîáðåîáéáêðÞáêáĦðïÞÝïáàëêĦêÝèïÝèÝîõëîÝĦôáà ÞáêáĦðÖäáÉîëñìĎïìîåêßåìÝè×ÕàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝîáßèëïáàðëêáóéáéÞáîïÝêàðëâñðñîáÞáêáĦðÝßßîñÝèâëî áôåïðåêãéáéÞáîïÃßðñÝîåÝèòÝèñÝðåëêïëâðäá×ÕàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝîáßÝîîåáàëñðáòáîõõáÝîÝêàðäáèÝïðâñèè òÝèñÝðåëêóÝïßÝîîåáàëñðÝïÝðÆáßáéÞáîÃððäÝðàÝðáðäáéÝîçáðòÝèñáëâðäáìèÝêÝïïáðïóÝïw !éîáìîáïáêðåêã Ýâñêàåêãèáòáèëâ##YëââñêàáàÝßßîñáàìèÝêÞáêáĦðïÝððäÝðàÝðáñïåêãðäáìîëæáßðáàñêåðéáðäëàëâòÝèñÝðåëêëâw"é ÈñêàåêãèáòáèïâëîðäáÉîëñìĎï×ÕàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝîáÞÝïáàñìëêÝêêñÝèòÝèñÝðåëêïßÝîîåáàëñðÞõåêàáìáêàáêð íñÝèåĦáàÝßðñÝîåáïÝêàÝîáãëòáîêáàÞõ×ÕÉëòáîêéáêðîáãñèÝðåëêï

ÖäáÉîëñìĎï×ÕíñÝèåĦáààáĦêáàÞáêáĦðìáêïåëêìèÝêåïïñÞæáßððëðäáéåêåéñéßëêðîåÞñðåëêîáíñåîáéáêðïëâðäáËêðáîêÝè ÔáòáêñáÅëàáÕáßðåëêï Ýêà ÅëêðîåÞñðåëêïÝîáàáðáîéåêáàÞõðîñïðááïåêßëêïñèðÝðåëêóåðäðäáÅëéìÝêõÞÝïáàëê ðäáÝêêñÝèòÝèñÝðåëêïóäåßäÝîáïñÞéåððáàðëðäáËêðáîêÝèÔáòáêñáÕáîòåßáÆñîåêãðäáĦïßÝèõáÝîÞáãåêêåêãÌÝêñÝîõ ðëðÝèéåêåéñéîáíñåîáàßëêðîåÞñðåëêïóáîáwêåè×êàáîðäáïáâñêàåêãèÝóïÝêàÞÝïáàëêðäáìèÝêàáĦßåððäáîáíñåîáàéåêåéñé ÝêêñÝèßëêðîåÞñðåëêâëîðäáĦïßÝèõáÝîåïáôìáßðáàðëÞáwêåèÝêàðäáîáíñåîáàÝêêñÝèßëêðîåÞñðåëêïâëîðäáìáîåëà ! ÝîááôìáßðáàðëÞáåêðäáw!éðëw!éîÝêãáÅëêðîåÞñðåëêïëâwêåèóáîáéÝàáàñîåêã

߯áĦêáàÞáêáĦðìáêïåëêìèÝêïÉáîéÝêõ

ÖäáÉîëñìäÝïïáòáîÝèàáĦêáàÞáêáĦðìáêïåëêÝîîÝêãáéáêðïåêÉáîéÝêõóäåßäÝîáñêâñêàáàÝïåïßëééëêìîÝßðåßáåêðäÝð ßëñêðîõÖäáéÝåêìèÝêóÝïßèëïáàðëêáóáêðîÝêðïëêÆáßáéÞáî"ÝêàîáìèÝßáàÞõÝàáĦêáàßëêðîåÞñðåëêìèÝêâëîêáó æëåêáîïÖäáÉáîéÝêàáĦêáàÞáêáĦðìèÝêßëêðÝåêïéÝåêèõàåîáßðìáêïåëêìîëéåïáïÞÝïáàëêóëîçïßëñêßåèÝãîááéáêðïÝïóáèè ÝïëêïëéáåêàåòåàñÝèìáêïåëêìîëéåïáïÖäáèáãÝèâîÝéáóëîçåïðäáÉáîéÝêÅëéìÝêõÒáêïåëêïÃßðčÄáðîåáÞïîáêðáêãáïáðöĎ ÖäáìèÝêåïñêâñêàáàÞëëçîáïáîòáàÝêàðäáßëéìÝêõìÝõïÝèèÞáêáĦðìÝõéáêðïóäáêðäáõâÝèèàñá

àÆáĦêáàÞáêáĦðìáêïåëêìèÝêïîáïðëâðäáóëîèàÝêàëðäáîìëïðîáðåîáéáêðÞáêáĦðï

ÖäáÉîëñìäÝïïáòáîÝèàáĦêáàÞáêáĦðìáêïåëêÝîîÝêãáéáêðïÝßîëïïðäáîáïðëâðäáóëîèàÔÑÙðäáèÝîãáïðëâóäåßäÝîáåê ÄáèãåñéÖäáêáðèåÝÞåèåðõëâðäáÔÑÙìèÝêïÝðÆáßáéÞáîóÝïy%éy"%éÖäáÉîëñìÝèïëäÝïèåÝÞåèåðåáïîáèÝðåêã ðëéáàåßÝèåêïñîÝêßáÝîîÝêãáéáêðïÝêàðáîéåêÝðåëêìèÝêïóäåßäìîëòåàáâëîÞáêáĦððëÞáìÝåàðëáéìèëõááïëêîáðåîáéáêð ÖäáêáðèåÝÞåèåðõëâðäáïáëðäáîìëïðîáðåîáéáêðÞáêáĦðïÝïÝðÆáßáéÞáîóÝïy% éy#é

áÆáĦêáàßëêðîåÞñðåëêìáêïåëêìèÝêï

ÖäáðëðÝèáôìáêïáâëîðäáÉîëñìĎïàáĦêáàßëêðîåÞñðåëêìèÝêïåêðäáÉîëñìËêßëéáÕðÝðáéáêðÝéëñêðáàðëy\$éyé ÝêàîáìîáïáêðïðäáßëêðîåÞñðåëêïìÝõÝÞèáâëîðäáõáÝîÞõðäáÉîëñìðëðäáìèÝêï

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

26.2 Group post-retirement plans ßëêðåêñáà

(f) Multi-employer plans

ÆñáðëßëèèáßðåòáÝãîááéáêðïØáïñòåñïåêðäá×ÕìÝîðåßåìÝðáïðëãáðäáîóåðäëðäáîáêðáîìîåïáïåêñêåëêîñêéñèðåáéìèëõáî ìáêïåëêìèÝêïâëîðáéìëîÝîõóëîçáîïäåîáàëêïåðáïÖäáïáÝîáÝßßëñêðáàâëîÝïàáĦêáàßëêðîåÞñðåëêìèÝêïÖäáÞñèçëâðäá éñèðåáéìèëõáîìáêïåëêìèÝêïîáèÝðáàðëÄÏËóäåßäóÝïàåïìëïáàåê\$ÖäáÄÏËïÝèáðîÝêïÝßðåëêóÝïïðîñßðñîáàðëáêïñîá ÝïÞáïðÝïìëïïåÞèáðäÝðÝêõìáêïåëêèåÝÞåèåðõóëñèàãëðëðäáÝßíñåîåêãßëéìÝêõÖäáîáåïÝĦòáõáÝîóåêàëóóäáîáØáïñòåñï ×ÕßëñèàïðåèèäÝòáïëéáèåÝÞåèåðõâëîÝêõïäëîðâÝèèåêðäáÄÏËìèÝêïïäëñèàðäáÞñõáîßáÝïáðëáôåïð

" ÒëïðîáðåîáéáêðèåÝÞåèåðõòÝèñÝðåëê

ÖäáéÝåêÝïïñéìðåëêïñïáàåêßÝèßñèÝðåêãðäáßëïðïÝêàëÞèåãÝðåëêïëâðäáÉîëñìĎïàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝïàáðÝåèáà ÞáèëóÝîáïáðÞõðäáÆåîáßðëîïÝâðáîßëêïñèðÝðåëêóåðäåêàáìáêàáêðìîëâáïïåëêÝèèõíñÝèåĦáàÝßðñÝîåáïÝêàåêßèñàáðäëïáñïáà ðëàáðáîéåêáîáãñèÝîïáîòåßáßëïðïÝêàðäáĦêÝêßåêãáèáéáêðïîáèÝðáàðëðäáìèÝêïĎÝïïáðïÝêàèåÝÞåèåðåáïËðåïðäáÆåîáßðëîïĎ îáïìëêïåÞåèåðõðëïáððäáÝïïñéìðåëêïñïáàåêàáðáîéåêåêãðäáçáõáèáéáêðïëâðäáßëïðïëâéááðåêãïñßäâñðñîáëÞèåãÝðåëêï ÙäåèïððäáÆåîáßðëîïÞáèåáòáðäÝððäáÝïïñéìðåëêïñïáàÝîáÝììîëìîåÝðáÝßäÝêãáåêðäáÝïïñéìðåëêïñïáàßëñèàÝĪáßððäá ÉîëñìĎïìîëĦðÝêàĦêÝêßåÝèìëïåðåëê

(a) Mortality assumptions

ÖäáéëîðÝèåðõÝïïñéìðåëêïñïáàåêðäáÝßðñÝîåÝèòÝèñÝðåëêïëâðäáÉîëñìĎï×Í×ÕÝêàÉáîéÝêàáĦêáàÞáêáĦðìáêïåëêèåÝÞåèåðåáï ÝîáïñééÝîåïáàåêðäáðÝÞèáÞáèëóÝêàäÝòáÞááêïáèáßðáàðëîáħáßððäáßäÝîÝßðáîåïðåßïÝêàáôìáîåáêßáëâðäáéáéÞáîïäåìëâ those plans.

Èëîðäá×ÍÒèÝêðäáÝïïñéìðåëêïñïáàäÝòáÞááêàáîåòáàâîëéðäáÕáèâÃàéåêåïðáîáàÒáêïåëêÕßäáéáïčÕÃÒÕÕĎÃèèðÝÞèáóåðä âñðñîáèëêãáòåðõåéìîëòáéáêðïåêèåêáóåðäðäáčßëîáĎéëîðÝèåðõåéìîëòáéáêððÝÞèáïìñÞèåïäáàåêÞõðäáÅëêðåêñëñïÏëîðÝèåðõ ËêòáïðåãÝðåëêÅÏËóåðäÝèëêãðáîéîÝðáëâåéìîëòáéáêðëâ!YìáîõáÝîÈëîðäáÉîëñìĎï×ÕìèÝêïðäáÝïïñéìðåëêïñïáàäÝòá ÞááêÞÝïáàëêðäáÒîåéëîðÝèåðõðÝÞèáïÝêàÏÒìîëæáßðåëêïßÝèáÖäáÉîëñìĎïéÝæëîìèÝêïåêÉáîéÝêõäÝòáÞááêòÝèñáà ñïåêãðäáéëàåĦáàÊáñÞáßçÔåßäððÝâáèê\$ÉéëîðÝèåðõðÝÞèáïËêîáïìáßðëâðäáèåâááôìáßðÝêßõðÝÞèáïÞáèëóßñîîáêðìáêïåëêáîï ÝîáÝïïñéáàðëÞá"!õáÝîïëèàóäåèáâñðñîáìáêïåëêáîïÝîáÝïïñéáàðëÞá !õáÝîïëèà

		2021
ÎåâááôìáßðÝêßõëâìáêïåëêìèÝêéáéÞáîï	×Í years	US years	Germany years	×Í years	US years	ÉáîéÝêõ years
ÃãáðëóäåßäßñîîáêðìáêïåëêáîïÝîááôìáßðáàðëèåòá
›Ïáê	87.2	85.0	85.6	87.2	85.0	85.5
– Women	89.0	87.0	89.0	88.9	87.0	88.9
ÃãáðëóäåßäâñðñîáìáêïåëêáîïÝîááôìáßðáàðëèåòá
›Ïáê	87.5	86.5	88.4	87.5	86.5	88.2
– Women	90.5	88.4	91.3	90.4	88.4	91.1

ÞÑðäáîéÝåêÝßðñÝîåÝèòÝèñÝðåëêÝïïñéìðåëêï

	2022			2021
	×Í % p.a.	US % p.a.	Germany % p.a.	×Í YìÝ	US YìÝ	ÉáîéÝêõ YìÝ
ÆåïßëñêðîÝðá	4.80	4.90	3.70	2.00	2.45	1.20
ÒîåßáåêħÝðåëê ›ñïåêãÔÒËâëî×Í	3.25	2.50	2.35	3.25	2.25	2.00
›ñïåêãÅÒËâëî×Í	2.35	êŸÝ	êŸÝ	2.45	êŸÝ	êŸÝ
Rate of increase in pensionable salaries	êŸÝ	êŸÝ	3.10	êŸÝ	êŸÝ	2.75
Rate of increase to pensions in payment	3.00	êŸÝ	2.35	3.15	êŸÝ	2.00

ÖäáàåïßëñêðîÝðáñïáàðëàáðáîéåêáðäáèåÝÞåèåðåáïëâðäá×ÍÒèÝêâëîËÃÕ%ÝßßëñêðåêãìñîìëïáïåïîáíñåîáàðëÞáàáðáîéåêáà ÞõîáâáîáêßáðëéÝîçáðõåáèàïëêäåãäíñÝèåðõßëîìëîÝðáÞëêàïÖäá×ÍàåïßëñêðîÝðáåêðäáÝÞëòáðÝÞèáåïÞÝïáàëêÝêÝèõïåï ñïåêãðäááôìáßðáàâñðñîáßÝïäħëóïëâðäáØáïñòåñïÒáêïåëêÒèÝêÝêàðäáÃÑÐÃÃõåáèàßñîòáðäá×ÕàåïßëñêðîÝðáåïÞÝïáà ëêðäáÈÖÕÇâëîéáîèõÅåðåãîëñììáêïåëêàåïßëñêðßñîòáÝêàðäáÉáîéÝêõàåïßëñêðîÝðáåïÞÝïáàëêÃÃßëîìëîÝðáÞëêàõåáèàï åêßèñàáàåêðäáåÄëôôÇñîëÃÃßëîìëîÝðáÞëêàåêàåßáï

ÖäáÝïïñéìðåëêïâëî×ÍìîåßáåêħÝðåëêÝîáïáðÞõîáâáîáêßáðëðäáàåĪáîáêßáÞáðóááêõåáèàïëêèëêãáîðáîéßëêòáêðåëêÝè ãëòáîêéáêðÞëêàïÝêàåêàáôèåêçáàÞëêàïáôßáìðâëîÅÒËâëîóäåßäêëÝììîëìîåÝðáÞëêàïáôåïðóäåßäåïÝïïñéáàðëÞá %ìëåêðïèëóáî\$ìëåêðïèëóáîðäÝêÔÒËÞÝïáàåêħÝðåëê

Notes to the Group Financial Statements ßëêðåêñáà

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

" ÒëïðîáðåîáéáêðèåÝÞåèåðõòÝèñÝðåëêßëêðåêñáà

ßÕáêïåðåòåðõÝêÝèõïåïëâðäáåéìÝßðëâßäÝêãáïåêïåãêåĦßÝêðËÃÕ%ÝßðñÝîåÝèÝïïñéìðåëêï

Öäá×ÍÒèÝêÖîñïðááäÝïáêðáîáàåêðëÝìáêïåëêåêïñîÝêßáÞñõåêÝãîááéáêðóåðäðäáÒáêïåëêËêïñîÝêßáÅëîìëîÝðåëêÒËÅ Öäá×ÕìáêïåëêïÝîáêëðåêħÝðåëêèåêçáàÖäáîÝðáëâåêßîáÝïáåêìáêïåëêÝÞèáïÝèÝîåáïÝêàëâìáêïåëêïåêìÝõéáêðåïðäáîáâëîá êëðïåãêåĦßÝêððëðäáòÝèñÝðåëêëâðäáÉîëñìĎïëòáîÝèèìáêïåëêèåÝÞåèåðåáï

ÖäáïáêïåðåòåðõëâðäáàáĦêáàÞáêáĦðëÞèåãÝðåëêðëßäÝêãáïåêðäáóáåãäðáàìîåêßåìÝèÝïïñéìðåëêïåï

Ãïïñéìðåëê	ÅäÝêãáåêÝïïñéìðåëê	×Í	US	ÉáîéÝêõ
ÆåïßëñêðîÝðá	ËêßîáÝïáŸàáßîáÝïáÞõY
	– impact on plan liabilities	ÆáßîáÝïáŸ increase by £3.7m	ÆáßîáÝïáŸåêßîáÝïá by £0.5m	ÆáßîáÝïáŸåêßîáÝïá by £0.6m
	– impact on plan assets	ÆáßîáÝïáŸåêßîáÝïáÞõy#é	êŸÝ	êŸÝ
ÒîåßáåêħÝðåëê	ËêßîáÝïáŸàáßîáÝïáÞõY
	– impact on plan liabilities	ËêßîáÝïáŸ decrease by £2.4m	êŸÝ	ËêßîáÝïáŸàáßîáÝïá by £0.2m
	– impact on plan assets	ËêßîáÝïáŸàáßîáÝïáÞõy é	êŸÝ	êŸÝ
ÏëîðÝèåðõ	Increase by one year
	– impact on plan liabilities	Increase by £15.5m	Increase by £2.1m	Increase by £1.2m
	– impact on plan assets	Increase by £15.5m	êŸÝ	êŸÝ

" ÆáĦêáàÞáêáĦðëÞèåãÝðåëê

ÖäáÝòáîÝãáàñîÝðåëêëâðäáëÞèåãÝðåëêïðëóäåßäðäáèåÝÞåèåðåáïëâðäáÉîëñìĎïìîåêßåìÝèìáêïåëêìèÝêïîáèÝðáåïõáÝîïâëîðäá×Í "õáÝîïâëîÉáîéÝêõÝêà%õáÝîïâëîðäá×Õ

	ÆáĦêáàÞáêáĦðìáêïåëêìèÝêï					Other post retirement & long-term
	×Í £m	US £m	Germany £m	ROW £m	Total £m	ÞáêáĦð plans £m	Total £m
Present value as at 1 January 2022	464.3	70.2	53.3	48.3	636.1	7.0	643.1
ÔáßèÝïïåĦßÝðåëêðëëðäáîìëïðšîáðåîáéáêð˜ èëêãšðáîéÞáêáĦðìèÝêï*	–	–	–	(2.0)	(2.0)	2.0	–
ÇôßäÝêãáàåĪáîáêßáï	–	7.9	2.2	1.7	11.8	0.7	12.5
Åñîîáêðïáîòåßáßëïð	–	–	1.0	3.0	4.0	0.8	4.8
Interest cost	9.0	1.8	0.7	0.7	12.2	0.3	12.5
ÉÝåêïÝîåïåêãëòáîðäáõáÝîðäÝðÝîá îáßëãêåïáàåêҘÎ	–	–	–	–	–	(0.4)	(0.4)
ÔáéáÝïñîáéáêðëâèåÝÞåèåðåáï
›àáéëãîÝìäåßßäÝêãáï	(6.1)	–	–	(0.1)	(6.2)	–	(6.2)
›ĦêÝêßåÝèÝïïñéìðåëêï	(148.5)	(15.0)	(18.3)	(6.8)	(188.6)	(0.5)	(189.1)
›áôìáîåáêßáèëïïáãÝåêïž	28.9	(0.5)	1.1	0.8	30.3	0.3	30.6
ÄáêáĦðïìÝåà	(22.4)	(4.5)	(1.6)	(2.3)	(30.8)	(0.8)	(31.6)
ÒîáïáêðòÝèñáÝïÝðÆáßáéÞáî	325.2	59.9	38.4	43.3	466.8	9.4	476.2

ÃæñÞåèááÝîîÝêãáéáêðëðäáîèëêãðáîéÞáêáĦðïìèÝêìîáòåëñïèõîáßëîàáàåêðäáÔÑÙàåïßèëïñîáäÝïÞááêîáßèÝïïåĦáàåêðëëðäáîìëïðîáðåîáéáêð èëêãðáîéÞáêáĦðïâëîßëêïåïðáêßõëâìèÝßáéáêðóåðäÝèèëðäáîæñÞåèááÝîîÝêãáéáêðï

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

" ÆáĦêáàÞáêáĦðëÞèåãÝðåëêßëêðåêñáà

	ÆáĦêáàÞáêáĦðìáêïåëêìèÝêï					Other post îáðåîáéáêð˜ èëêãšðáîé
	×Í £m	US £m	ÉáîéÝêõ £m	ROW £m	Total £m	ÞáêáĦð plans £m	Total £m
Present value as at 1 January 2021	501.8	74.3	63.1	52.1	691.3	7.0	698.3
ÇôßäÝêãáàåĪáîáêßáï	–	0.7	#ž	ž	"ž	ž	"ž
Åñîîáêðïáîòåßáßëïð	–	–	1.7	3.1	4.8	0.4	5.2
Interest cost	6.8	1.5	0.3	0.5	9.1	0.2	9.3
ÔáéáÝïñîáéáêðëâèåÝÞåèåðåáï
›àáéëãîÝìäåßßäÝêãáï	ž	0.2	–	0.1	ž	–	ž
›ĦêÝêßåÝèÝïïñéìðåëêï	\$ž	%ž	!#ž	"ž	ž	–	ž
›áôìáîåáêßáãÝåêï	5.0	0.5	%ž	\$ž	3.8	0.1	3.9
ÄáêáĦðïìÝåà	ž	ž	!ž	ž	\$ž	!ž	ž
ÒîáïáêðòÝèñáÝïÝðÆáßáéÞáî	464.3	70.2	53.3	48.3	636.1	7.0	643.1

26.5 Fair value of plan assets

	2022			2021
	×Í £m	US £m	ROW £m	Total £m	×Í £m	US £m	ROW £m	Total £m
As at 1 January	486.4	48.3	31.4	566.1	616.4	48.4	31.4	696.2
ÇôßäÝêãáàåĪáîáêßáï	–	5.5	1.2	6.7	–	0.4	ž	"ž
Interest income	9.5	1.2	0.4	11.1	8.4	1.0	0.2	9.6
ÔáðñîêëêìèÝêÝïïáðï	(124.4)	(13.4)	0.5	(137.3)	#ž	1.3	1.6	\$ž
ÅëêðîåÞñðåëêïâîëéáéìèëõáî	–	–	2.7	2.7	0.1	0.9	2.7	3.7
ÃàéåêåïðîÝðåëêáôìáêïáïìÝåà	(0.6)	(0.6)	–	(1.2)	#ž	!ž	–	ž
ÄáêáĦðïìÝåà	(22.3)	(3.6)	(2.1)	(28.0)	ž	ž	!ž	%\$ž
ÃïÝðÆáßáéÞáî	348.6	37.4	34.1	420.1	486.4	48.3	31.4	566.1

ÖäáÉîëñìĎïìáêïåëêìèÝêïåêÉáîéÝêõÝîáñêâñêàáàÝïåïßëééëêìîÝßðåßáåêðäÝðßëñêðîõÝêàÝßßëîàåêãèõðäáîáÝîáêëÝïïáðï associated with these plans.

"" ÔáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïÝïïáðï

	2022 total	2021 total
	£m	£m
ÔáéáÝïñîáéáêðëâèåÝÞåèåðåáïŸÝïïáðï
›àáéëãîÝìäåßßäÝêãáï	6.2	0.1
›ĦêÝêßåÝèÝïïñéìðåëêï	189.1	34.0
›áôìáîåáêßáèëïïáï	(30.6)	%ž
ÔáðñîêëêìèÝêÝïïáðï	(137.3)	\$ž
Total movement	27.4	\$"ž

ÖäáîáéáÝïñîáéáêðëâàáĦêáàÞáêáĦðèåÝÞåèåðåáïÝêàÝïïáðïåïîáßëãêåïáàåêðäáÉîëñìÕðÝðáéáêðëâÅëéìîáäáêïåòáËêßëéá

Notes to the Group Financial Statements ßëêðåêñáà

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

26.7 Balance sheet recognition

ÖäáÝéëñêðîáßëãêåïáàåêðäáÉîëñìÄÝèÝêßáÕäááðåêîáïìáßðëâðäáÉîëñìĎïàáĦêáàÞáêáĦðìáêïåëêìèÝêïÝêàëðäáî ìëïðîáðåîáéáêðèëêãðáîéÞáêáĦðìèÝêïåïÝêÝèõïáàåêðäáâëèèëóåêãðÝÞèáïóäåßäÝèèîáèÝðáðëßëêðåêñåêãëìáîÝðåëêï ÃèèáíñåðõïáßñîåðåáïÝêàÞëêàïäÝòáíñëðáàìîåßáïåêÝßðåòáéÝîçáðï

	ÆáĦêáàÞáêáĦðìáêïåëêìèÝêï					Other post retirement & long-term
	×Í £m	US £m	Germany £m	ROW £m	Total £m	ÞáêáĦð plans £m	2022 total £m
Çíñåðåáï	12.1	0.5	–	2.3	14.9	–	14.9
Äëêàï	–	35.6	–	3.0	38.6	–	38.6
ÃêêñåðõåêïñîÝêßáßëêðîÝßðï	318.1	–	–	24.7	342.8	–	342.8
Other assets	18.4	1.3	–	4.1	23.8	–	23.8
ÈÝåîòÝèñáëâìèÝêÝïïáðï	348.6	37.4	–	34.1	420.1	–	420.1
ÒîáïáêðòÝèñáëââñêàáàëÞèåãÝðåëêï	(324.1)	(51.7)	–	(40.2)	(416.0)	–	(416.0)
	24.5	(14.3)	–	(6.1)	4.1	–	4.1
ÒîáïáêðòÝèñáëâñêâñêàáàëÞèåãÝðåëêï	(1.1)	(8.2)	(38.4)	(3.1)	(50.8)	(9.4)	(60.2)
ÖëðÝèêáðïñîìèñïáèåÝÞåèåðåáïž	23.4	(22.5)	(38.4)	(9.2)	(46.7)	(9.4)	(56.1)
Recognised in the Group Balance Sheet as:
Ðáðïñîìèñïáï	24.5	–	–	1.7	26.2	–	26.2
ÐáðèåÝÞåèåðåáï	(1.1)	(22.5)	(38.4)	(10.9)	(72.9)	(9.4)	(82.3)
ÖëðÝèêáðïñîìèñïáèåÝÞåèåðåáïž	23.4	(22.5)	(38.4)	(9.2)	(46.7)	(9.4)	(56.1)

	Other post îáðåîáéáêð˜ ÆáĦêáàÞáêáĦðìáêïåëêìèÝêï èëêãšðáîé
	×Í £m	US £m	ÉáîéÝêõ £m	ROW £m	Total £m	ÞáêáĦð plans £m	2021 total £m
Çíñåðåáï	9.8	3.3	–	2.4	15.5	–	15.5
Äëêàï	–	44.0	–	3.0	47.0	–	47.0
ÃêêñåðõåêïñîÝêßáßëêðîÝßðï	456.7	–	–	22.5	479.2	–	479.2
Other assets	19.9	1.0	–	3.5	24.4	–	24.4
ÈÝåîòÝèñáëâìèÝêÝïïáðï	486.4	48.3	–	31.4	566.1	–	566.1
ÒîáïáêðòÝèñáëââñêàáàëÞèåãÝðåëêï	"#ž	!%%ž	–	ž	!"!%ž	–	!"!%ž
	23.7	"ž	–	%ž	0.2	–	0.2
ÒîáïáêðòÝèñáëâñêâñêàáàëÞèåãÝðåëêï	"ž	ž	!ž	!ž	#ž	#ž	##ž
ÖëðÝèêáðïñîìèñïáèåÝÞåèåðåáïž	22.1	%ž	!ž	"%ž	#ž	#ž	##ž
Recognised in the Group Balance Sheet as:
Ðáðïñîìèñïáï	23.7	–	–	1.4	25.1	–	25.1
ÐáðèåÝÞåèåðåáï	"ž	%ž	!ž	\$ž	%!ž	#ž	ž
ÖëðÝèêáðïñîìèñïáèåÝÞåèåðåáïž	22.1	%ž	!ž	"%ž	#ž	#ž	##ž

Ý×ÍÒèÝêÝïïáðÝèèëßÝðåëê

ÃïÝðÆáßáéÞáîëâðäá×ÍÒèÝêĎïðëðÝèÝïïáðï% Y%%YóáîáîáìîáïáêðáàÞõðäáÝêêñåðõåêïñîÝêßáßëêðîÝßðï ßëòáîåêãðäá×ÍÒèÝêĎïìáêïåëêèåÝÞåèåðåáï YYóáîáÝèèëßÝðáàðëáíñåðåáïÝêà!Y YðëßÝïä

Öäá×ÍÒèÝêÖîñïðááäÝïáêðáîáàåêðëÝìáêïåëêåêïñîÝêßáÞñõåêÝãîááéáêðóåðäðäáÒáêïåëêËêïñîÝêßáÅëîìëîÝðåëêÒËÅ óäáîáÞõðäá×ÍÒèÝêÖîñïðááäÝïìÝåàåêïñîÝêßáìîáéåñéïðëÒËÅðëåêïñîáÝèèëâðäá×ÍÒèÝêĎïèåÝÞåèåðåáï×êàáîðäåïÝîîÝêãáéáêð ðäáòÝèñáëâðäáÒËÅåêïñîÝêßáßëêðîÝßðéÝðßäáïðäáòÝèñáëâðäáèåÝÞåèåðåáïâëîßñîîáêðÞáêáĦðïÞáßÝñïáðäáåêħÝðåëêåêðáîáïðîÝðá åêòáïðéáêðÝêàèëêãáòåðõîåïçïâëîØáïñòåñïåêîáïìáßðëâðäáïáèåÝÞåèåðåáïÝîááèåéåêÝðáàÖäáÞñõåêÝãîááéáêðáêïñîáïðäÝððäá ×ÍìáêïåëêìèÝêëÞèåãÝðåëêïåêîáïìáßðëâÝèèåðïéáéÞáîïÝêàðäáåîÝììîëòáààáìáêàÝêðïÝîáåêïñîáà

ÃïÝðÆáßáéÞáîðäáËÃÕ%òÝèñÝðåëêëâðäáÒËÅåêïñîÝêßáßëêðîÝßðòÝèñáÝïïëßåÝðáàóåðäðäáÞëñãäðåêèåÝÞåèåðåáïóÝï y\$éy !"#éÖäáìëèåßõÝêàðäáÝïïëßåÝðáàòÝèñÝðåëêÝîáñìàÝðáàÝêêñÝèèõðëîáħáßðîáðåîáéáêðïÝêàéëîðÝèåðõ

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

26.7 Balance sheet recognition ßëêðåêñáà

Þ×ÕÒèÝêÝïïáðÝèèëßÝðåëê

ÃèèëâðäáÝïïáðïåêðäáéÝåê×ÕÒèÝêäÝòáÝíñëðáàéÝîçáðìîåßáåêÝêÝßðåòáéÝîçáðÖäáÒèÝêéåðåãÝðáïáôìëïñîáðëåêðáîáïðîÝðáï ÞõáéìèëõåêãÝèåÝÞåèåðõéÝðßäåêãåêòáïðéáêðïðîÝðáãõÃèèêëêàáîåòÝðåòáÝïïáðïÝîáåêòáïðáàåêèåÝÞåèåðõéÝðßäåêãÞëêàïóåðäÝ ïåéåèÝîÝòáîÝãáàñîÝðåëêðëðäáèåÝÞåèåðåáïëâðäáÒèÝêÕåêßá\$ðäáåêòáïðéáêðÝèèëßÝðåëêäÝïÞááêàáîåïçáàâîëéÝêÝèèëßÝðåëê ëâ#YèåÝÞåèåðõéÝðßäåêãÝêà\$YîáðñîêïááçåêãÝïïáðïðëÝêÝèèëßÝðåëêëâYèåÝÞåèåðõéÝðßäåêãÖäáÒèÝêîáðÝåêïáíñåðõîåïç ðäîëñãäñïáëâáíñåðõàáîåòÝðåòáßëêðîÝßðïóäåßäìîëòåàááíñåðõéÝîçáðáôìëïñîáóåðäïëéáèáòáèëâáíñåðõàëóêïåàáìîëðáßðåëê

߯áĦêáàÞáêáĦðßëêðîåÞñðåëêïåê

ËêðäáÉîëñìåïáôìáßðáàðëéÝçáßëêðîåÞñðåëêïåêðëåðïàáĦêáàÞáêáĦðìáêïåëêÝêàëðäáîìëïðîáðåîáéáêðèëêãðáîé ÞáêáĦðïìèÝêïëâÝîëñêày""éóåðäïìáßåĦßßëêðîåÞñðåëêïëâÝììîëôåéÝðáèõyéy\$éÝêày%éÝêðåßåìÝðáàâëîðäá ×ÕÒèÝêïÉáîéÝêÒèÝêïÝêàÄáèãåÝêÒèÝêïîáïìáßðåòáèõ

26.8 Income statement recognition

ÖäááôìáêïáîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðåêîáïìáßðëâðäáÉîëñìĎïàáĦêáàÞáêáĦðîáðåîáéáêðìèÝêïÝêàëðäáî ìëïðîáðåîáéáêðèëêãðáîéÞáêáĦðìèÝêïåïïäëóêÞáèëó

	2022			2021
	ÆáĦêáà ÞáêáĦð pension plans £m	Other post retirement & long-term ÞáêáĦð plans £m	Total £m	ÆáĦêáà ÞáêáĦð pension plans £m	Other post îáðåîáéáêð˜ èëêãšðáîé ÞáêáĦð plans £m	Total £m
Åñîîáêðïáîòåßáßëïð	4.0	0.8	4.8	4.8	0.4	5.2
ÉÝåêïÝîåïåêãëòáîðäáõáÝîðäÝðÝîáîáßëãêåïáàåêҘÎ	–	(0.4)	(0.4)	–	–	–
ÃàéåêåïðîÝðåëêáôìáêïáï	1.2	–	1.2	1.2	–	1.2
ÐáðåêðáîáïðßëïðŸãÝåêž	1.1	0.3	1.4	!ž	0.2	ž
Total net charge	6.3	0.7	7.0	5.5	0.6	6.1

ÖäáðëðÝèêáðßäÝîãáëây#éy"éîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðåêîáïìáßðëâðäáÉîëñìĎïàáĦêáàÞáêáĦð ìáêïåëêìèÝêïÝêàëðäáîìëïðîáðåîáéáêðèëêãðáîéÞáêáĦðïìèÝêïåïÝêÝèõïáàåêðäáâëèèëóåêãðÝÞèá

	2022 £m	2021 £m
ËêÝîîåòåêãÝððîÝàåêãìîëĦð ›óåðäåêëðäáîéÝêñâÝßðñîåêãßëïðï	1.7	1.8
›óåðäåêÝàéåêåïðîÝðåëêïáèèåêãÝêààåïðîåÞñðåëêßëïðï	3.9	4.6
ËêÝîîåòåêãÝðìîëĦðÞáâëîáðÝô ›óåðäåêêáðĦêÝêßáßëïðï	1.4	ž
Total net charge	7.0	6.1

GMP equalisation

Ã×ÍÊåãäÅëñîðîñèåêãóÝïéÝàáëê"ÑßðëÞáî\$åêîáïìáßðëâðäáãáêàáîáíñÝèåïÝðåëêëâãñÝîÝêðááàéåêåéñéìáêïåëêï ÉÏÒïâëîëßßñìÝðåëêÝèìáêïåëêïßäáéáïÖäáåéìÝßðëâÉÏÒáíñÝèåïÝðåëêÝïÝðÆáßáéÞáî\$óÝïáïðåéÝðáàðëÞáy !é

Ãïáßëêà×ÍÊåãäÅëñîðÉÏÒáíñÝèåïÝðåëêîñèåêãóÝïåïïñáàëêÐëòáéÞáîÖäåïïáßëêàîñèåêãßëêïåàáîáàðäáðîáÝðéáêð ëâäåïðëîåßÝèðîÝêïâáîïëñðåáðäëïáéáéÞáîïóäëäÝàðîÝêïâáîîáàëñðÞáâëîá"ÑßðëÞáî\$ÖäáîñèåêãßëòáîïÞëðä åêàåòåàñÝèÝêàÞñèçðîÝêïâáîïëñðËðàëáïêëðîáòåïåðÝêõëâðäáåïïñáïÝààîáïïáàåêðäá\$îñèåêãÖäáåéìÝßðëâÉÏÒáíñÝèåïÝðåëê âëîðäáïáßëêàîñèåêãóÝïáïðåéÝðáàðëÞáy\$éÝïÝðÆáßáéÞáî

ÖäáåêßîáÝïáåêìáêïåëêèåÝÞåèåðåáïîáïñèðåêãâîëéðäáïáæñàãáéáêðïäÝòáÞááêðîáÝðáàâëîËÃÕ%ìñîìëïáïÝïìèÝêÝéáêàéáêðï ÝêàîáïñèðáàåêÝêåêßîáÝïáåêðäáìáêïåëêàáĦßåðåêðäáÞÝèÝêßáïäááðÝêàÝßëîîáïìëêàåêãìÝïðïáîòåßáßëïðåêðäáËêßëéá ÕðÝðáéáêðÖäáïáÝéáêàéáêðïäÝòáìîáòåëñïèõÞááêðîáÝðáàÝïïáìÝîÝðáèõîáìëîðáàåðáéïïëðäÝððäáîáäÝïÞááêêëåéìÝßð ëêäáÝàèåêáìáîâëîéÝêßáÙáÝîáóëîçåêãóåðäðäáÖîñïðááïëâëñî×ÍìáêïåëêìèÝêÝêàëñîÝßðñÝîåÝèÝêàèáãÝèÝàòåïáîïðë ñêàáîïðÝêàðäááôðáêððëóäåßäðäáïáæñàãáéáêðïßîõïðÝèèåïáÝààåðåëêÝèèåÝÞåèåðåáïâëîðäá×ÍìáêïåëêìèÝê

Notes to the Group Financial Statements ßëêðåêñáà

" ÇéìèëõááÄáêáĦðïßëêðåêñáà

"% ÔåïçïðëóäåßäðäáàáĦêáàÞáêáĦðìáêïåëêìèÝêïáôìëïáðäáÉîëñì

ÖäáìîåêßåìÝèîåïçïâÝßáàÞõðäáïáìèÝêïßëéìîåïáåðäáîåïçðäÝððäáòÝèñáëâðäáìèÝêÝïïáðïåïêëðïñĨßåáêððëéááðÝèèìèÝê èåÝÞåèåðåáïÝïðäáõâÝèèàñáååðäáîåïçðäÝðìèÝêÞáêáĦßåÝîåáïèåòáèëêãáîðäÝêáêòåïÝãáàßÝñïåêãèåÝÞåèåðåáïðëáôßááàðäáÝòÝåèÝÞèá ìèÝêÝïïáðïÝêàåååðäáîåïçðäÝððäáéÝîçáðÞÝïáàâÝßðëîïñïáàðëòÝèñáìèÝêèåÝÞåèåðåáïÝêàÝïïáðïßäÝêãáéÝðáîåÝèèõÝàòáîïáèõ ðëåêßîáÝïáìèÝêèåÝÞåèåðåáïëòáîðäáòÝèñáëâÝòÝåèÝÞèáìèÝêÝïïáðïÈñîðäáîàáðÝåèïÝîáãåòáêÞáèëó

Èëèèëóåêãðäá×ÍÒèÝêìáêïåëêåêïñîÝêßáÞñõåêÝãîááéáêððäáåêħÝðåëêåêðáîáïðîÝðáåêòáïðéáêðÝêàèëêãáòåðõîåïçïâëî Øáïñòåñïåêîáïìáßðëâðäá×ÍÒèÝêÝîááèåéåêÝðáàÖäáâëèèëóåêãîåïçïîáèÝðáðëðäáëðäáîìèÝêïëìáîÝðáàÞõðäáÉîëñì

Counterparty risk

ÖäåïåïéåðåãÝðáàÞõñïåêãÝàåòáîïåĦáàîÝêãáëâßëñêðáîìÝîðåáïëâäåãäïðÝêàåêãÝêàáêïñîåêãìëïåðåëêïÝîáßëèèÝðáîÝèåïáà Ýïîáíñåîáà

Asset volatility

ÖäáèåÝÞåèåðåáïÝîáßÝèßñèÝðáàñïåêãÝàåïßëñêðîÝðáïáðóåðäîáâáîáêßáðëßëîìëîÝðáÞëêàõåáèàïåâÝïïáðïñêàáîìáîâëîéÝãÝåêïððäåï õåáèàðäåïóåèèßîáÝðáÝàáĦßåðÖëîáàñßáðäåïîåïçðäáìáêïåëêìèÝêïÝîáèÝîãáèõåêòáïðáàåêãëòáîêéáêðÝêàßëîìëîÝðáÞëêàï

ÅäÝêãáïåêÞëêàõåáèàï

ÃàáßîáÝïáåêßëîìëîÝðáÞëêàõåáèàïóåèèåêßîáÝïáðäáïßäáéáèåÝÞåèåðåáïÝèðäëñãäðäåïóåèèÞáìÝîðåÝèèõëĪïáðÞõÝêåêßîáÝïáåêðäá òÝèñáëâðäáïßäáéáïĎÞëêàäëèàåêãï

ËêħÝðåëêîåïç

ÏñßäëâðäáìèÝêïĎÞáêáĦðëÞèåãÝðåëêïëñðïåàáðäá×ÕÝîáèåêçáàðëåêħÝðåëêÝêàäåãäáîåêħÝðåëêóåèèèáÝàðëäåãäáîèåÝÞåèåðåáï

Life expectancy

ÖäáéÝæëîåðõëâðäáìèÝêïĎëÞèåãÝðåëêïÝîáðëìîëòåàáÞáêáĦðïâëîðäáèåâáëâðäáéáéÞáîÝêàåêïëéáßÝïáïðäáåîïìëñïáëê àáÝðäëâðäáéáéÞáîïëåêßîáÝïáïåêèåâááôìáßðÝêßõóåèèîáïñèðåêÝêåêßîáÝïáåêðäáèåÝÞåèåðåáï

ËêÃñãñïð"ðäáìáêïåëêïâëîðäáéÝæëîåðõëâßñîîáêðìáêïåëêáîïåêðäá×ÕéÝåêìèÝêóáîáÞëñãäðëñðóåðäÝêåêïñîÝêßá ßëéìÝêõîáéëòåêãÝèèîáïìëêïåÞåèåðõÝêàîåïçîáèÝðáàðëðäáïáìáêïåëêïâîëéðäáÉîëñìËêîáßáêðõáÝîïÝêñéÞáîëââñîðäáî áôáîßåïáïäÝòáÞááêßÝîîåáàëñððëÞñõëñð×ÕÞáêáĦðï

# ÕäÝîáÞÝïáàÒÝõéáêðï

27.1 Accounting policy

ÖäáÉîëñìëìáîÝðáïÝêáíñåðõïáððèáàïäÝîáÞÝïáàìÝõéáêðÝîîÝêãáéáêðâëîåðïáéìèëõááïÇíñåðõïáððèáàïäÝîáÞÝïáà ìÝõéáêðïÝîáéáÝïñîáàÝðâÝåîòÝèñáÝððäáàÝðáëâãîÝêðÈëîãîÝêðïóåðäéÝîçáðÞÝïáàßëêàåðåëêïÝððÝßäáàðëðäáé ïñßäÝïðëðÝèïäÝîáäëèàáîîáðñîêâÝåîòÝèñáåïéáÝïñîáàñïåêãÝâëîéëâïðëßäÝïðåßëìðåëêìîåßåêãéëàáèÈëîãîÝêðïóåðä êëêéÝîçáðÞÝïáàßëêàåðåëêïïñßäÝïãîëóðäåêîáðñîêëêåêòáïðáàßÝìåðÝèÔÑËÅáêòåîëêéáêðÝèïëßåÝèÝêàãëòáîêÝêßáßîåðáîåÝ ÇÕÉÝêàäáÝàèåêááÝîêåêãïìáîïäÝîáÇÒÕâÝåîòÝèñáåïéáÝïñîáàñïåêãðäáÄèÝßçÕßäëèáïëìðåëêìîåßåêãéëàáèÖäáâÝåîòÝèñá åïáôìáêïáàëêÝïðîÝåãäðèåêáÞÝïåïëòáîðäáòáïðåêãìáîåëàóåðäÝßëîîáïìëêàåêãåêßîáÝïáåêáíñåðõÖäáßñéñèÝðåòááôìáêïá îáßëãêåïáàåïÝàæñïðáàâëîðäáÞáïðáïðåéÝðáëâðäáïäÝîáïðäÝðóåèèáòáêðñÝèèõòáïð

# ÕäÝîáÞÝïáàÒÝõéáêðïßëêðåêñáà

27.2 Income statement recognition

ÖäáðëðÝèáôìáêïáîáßëãêåïáàåêðäáÉîëñìËêßëéáÕðÝðáéáêðåïïäëóêÞáèëó

	2022 £m	2021 £m
ÎëêãšÖáîéËêßáêðåòáÒèÝê	0.9	0.2
Other plans	4.2	2.9
Total expense	5.1	3.1

ÖäáÉîëñìëìáîÝðáïÝêñéÞáîëâàåĪáîáêðïäÝîáÞÝïáàìÝõéáêðìèÝêïðäáéëïðïåãêåĦßÝêðëâóäåßäåïðäáÎëêãÖáîéËêßáêðåòá ÒèÝêÎÖËÒàáðÝåèïëâóäåßäßÝêÞáâëñêàåêðäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîð

27.3 Details of outstanding options

	ÐñéÞáîëâëñðïðÝêàåêãÝóÝîàï
	As at 1 Jan 2022	Granted	Exercised	ÈëîâáåðáàŸ lapsed	Expired	As at 31 Dec 2022
ÎÖËÒ	1,939,964	981,558	nil	(776,187)	nil	2,145,335
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil
Other plans	549,033	1,513,457	(228,175)	(111,626)	nil	1,722,689
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil

ÈëîðäáÝóÝîàïáôáîßåïáààñîåêãðäáéÝîçáðòÝèñáÝððäáàÝðáëâáôáîßåïáîÝêãáàâîëé%ìáêßáðë%!!ìáêßáìáîïäÝîá

	ÐñéÞáîëâëñðïðÝêàåêãÝóÝîàï
	As at 1 Jan 2021	ÉîÝêðáà	Çôáîßåïáà	ÈëîâáåðáàŸ lapsed	Çôìåîáà	As at 31 Dec 2021
ÎÖËÒ	##!	#%\$	"#ž	\$""ž	nil	%%%"
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil
Other plans	"!	%#"%	#\$ž	%ž	nil	! %
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil

ÈëîðäáëìðåëêïáôáîßåïáààñîåêãðäáéÝîçáðòÝèñáÝððäáàÝðáëâáôáîßåïáîÝêãáàâîëé #ìáêßáðë!# ìáêßá

ÆáðÝåèïëâéÝîçáðìáîâëîéÝêßáßëêàåðåëêïÝîáåêßèñàáàåêðäáÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîð

	2022			2021
	ÃóÝîàï áôáîßåïÝÞèá as at 31 Dec 2022 no.	Weighted average outstanding contractual life of ÝóÝîàï years	Range of exercise prices pence	Awards áôáîßåïÝÞèá as at 31 Dec 2021 no.	Ùáåãäðáà ÝòáîÝãá ëñðïðÝêàåêã ßëêðîÝßðñÝè life of awards years	ÔÝêãáëâ áôáîßåïá prices pence
ÎÖËÒ	–	8.3		–	8.3
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	–		êŸÝ	–		êŸÝ
Other plans	–	0.9		–	0.9
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	–		êŸÝ	–		êŸÝ

Notes to the Group Financial Statements ßëêðåêñáà

# ÕäÝîáÞÝïáàÒÝõéáêðïßëêðåêñáà

27.4 Options granted during the year

		2022
	ÎÖËÒÔÑËş ESG element	LTIP TSR element	Other plans
ÈÝåîòÝèñáëâëìðåëêïãîÝêðáà	385p	217p	385p
ÕäÝîáìîåßáëêàÝðáëâãîÝêð	385p	385p	385p
ÇôìáßðáàòëèÝðåèåðõ	êŸÝ	39.3%	êŸÝ
ÔåïçšâîááåêðáîáïðîÝðá	êŸÝ	1.28%	êŸÝ
ÇôáîßåïáìîåßáìáîïäÝîáž	nil	nil	nil
ÇôìáßðáàðáîéõáÝîïž	3	3	2
Çôìáßðáààåòåàáêàõåáèà	nil	nil	nil

	2021
	ÎÖËÒÇÒÕ element	ÎÖËÒÖÕÔ element	Other plans
ÈÝåîòÝèñáëâëìðåëêïãîÝêðáà	538p	340p	538p
ÕäÝîáìîåßáëêàÝðáëâãîÝêð	538p	538p	538p
ÇôìáßðáàòëèÝðåèåðõ	êŸÝ	%Y	êŸÝ
ÔåïçšâîááåêðáîáïðîÝðá	êŸÝ	Y	êŸÝ
ÇôáîßåïáìîåßáìáîïäÝîáž	nil	nil	nil
ÇôìáßðáàðáîéõáÝîïž	3	3	2
Çôìáßðáààåòåàáêàõåáèà	nil	nil	nil

ÈëîðäáÎÖËÒÝóÝîàïåïïñáàåêÝêàòáïðåêãëâ!YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêðäáÉîëñìĎïðäîááõáÝîðëðÝè ïäÝîáäëèàáîîáðñîêÖÕÔìáîâëîéÝêßáîáèÝðåòáðëðäÝðëâðäáßëêïðåðñáêðßëéìÝêåáïëâðäáÈÖÕÇ!áôßèñàåêãåêòáïðéáêððîñïðï ÝêàòáïðåêãëâðäáîáéÝåêåêã!YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêäáÝàèåêáÇÒÕãîëóðä

ÈëîðäáÎÖËÒÝóÝîàïåïïñáàåêòáïðåêãëâ YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêðäáÉîëñìĎïðäîááõáÝîðëðÝèïäÝîáäëèàáîîáðñîê ÖÕÔìáîâëîéÝêßáîáèÝðåòáðëðäÝðëâðäáßëêïðåðñáêðßëéìÝêåáïëâðäáÈÖÕÇ!áôßèñàåêãåêòáïðéáêððîñïðïÝêàòáïðåêãëâðäá îáéÝåêåêã"YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêÔÑËÅÝêàÇÕÉðÝîãáðï

ÇôìáßðáàòëèÝðåèåðõóÝïàáðáîéåêáàÞõßÝèßñèÝðåêãðäáäåïðëîåßÝèòëèÝðåèåðõëâðäáÉîëñìĎïïäÝîáìîåßáëòáîðäá\$õáÝîï \$õáÝîïìîåëîðëðäáãîÝêðàÝðáâëîðäáÏÝîßäãîÝêðÖäáîåïçâîááîÝðáëâîáðñîêóÝïÝïïñéáàðëÞáðäáõåáèàðë éÝðñîåðõëêÝ×ÍĦôáàãåèðóåðäðäáðáîéðëéÝðñîåðõáíñÝèðëðäááôìáßðáàèåâáëâðäáëìðåëêÃððäáàåïßîáðåëêëâðäáÔáéñêáîÝðåëê ÅëééåððááÝóÝîàäëèàáîïîáßáåòáðäáòÝèñáëâàåòåàáêàïðäÝðóëñèàäÝòáÞááêìÝåàëêðäáåîòáïðáàïäÝîáïåêðäáìáîåëà ÞáðóááêãîÝêðÝêàòáïðåêãÃßßëîàåêãèõðäáîáåïêëàåïßëñêððëðäáòÝèñÝðåëêâëîàåòåàáêàïâëîáãëêáàñîåêãðäáòáïðåêãìáîåëà

28. Trade and Other Payables

28.1 Accounting policy

ÖîÝàáÝêàëðäáîìÝõÝÞèáïÝîáåêåðåÝèèõîáßëãêåïáàÝðâÝåîòÝèñáÝêàïñÞïáíñáêðèõéáÝïñîáàÝðÝéëîðåïáàßëïðñïåêãðäááĪáßðåòá interest method.

28.2 Analysis of trade and other payables	2022 £m	2021 £m
Non-current
Accruals and other payables	13.8	11.6
Total non-current other payables	13.8	11.6
Current
Trade payables	239.5	253.8
Other taxes and social security	38.1	33.5
Accruals and other payables	100.8	85.6
Total current trade and other payables	378.4	372.9

ÖäáîáåïêëïåãêåĦßÝêðàåĪáîáêßáÞáðóááêðäáâÝåîòÝèñáëâðäáÉîëñìĎïðîÝàáÝêàëðäáîìÝõÝÞèáïÞÝèÝêßáïÝêàðäáÝéëñêðÝð óäåßäðäáõÝîáîáìëîðáàåêðäáÉîëñìÄÝèÝêßáÕäááð

ËêßèñàáàóåðäåêðîÝàáìÝõÝÞèáïåêðäáðÝÞèáÝÞëòáåïy%#éy#\$éïñÞæáßððëïñììèåáîĦêÝêßåêãÝãîááéáêðïáêðáîáàåêðë óåðäßáîðÝåêëâðäáÉîëñìĎïÞÝêçï×êàáîðäáðáîéïëâðäáÝãîááéáêðïðäáÉîëñìĎïïñììèåáîïåêßáîðÝåêßëñêðîåáïßÝêáèáßððëÞá ìÝåàáÝîèåáîðäÝêðäáðáîéïëâðäáåîÝãîááéáêðóåðäØáïñòåñïÞõîáíñáïðåêãàåïßëñêðáàáÝîèõïáððèáéáêðâîëéðäáÝîîÝêãåêãÞÝêç ÖäåïáÝîèõïáððèáéáêðåïáĪáßðáàÞáðóááêðäáÞÝêçÝêàðäáïñììèåáîâîëéðäáìáîïìáßðåòáëâðäáÉîëñìðäáðáîéïëâáÝßäìÝõÝÞèá îáéÝåêñêßäÝêãáàÖäáÉîëñìåïêëðßäÝîãáàÝêõåêðáîáïðßëïðëîâááåêîáïìáßðëâðäáÝãîááéáêðï

29. Leases

29.1 Accounting policy

Lease liabilities are recognised at the present value of the remaining lease payments, discounted using the interest rate implicit in ðäáèáÝïáåâðäÝðîÝðáßÝêÞáîáÝàåèõàáðáîéåêáàËâðäÝðîÝðáßÝêêëðÞáîáÝàåèõàáðáîéåêáàðäáèáïïááĎïåêßîáéáêðÝèÞëîîëóåêãîÝðá åïñïáàßÝèßñèÝðáàÝïðäáèëßÝèãëòáîêéáêðÞëêàîÝðáìèñïÝêåêðáîáïðîÝðáïìîáÝàËêßÝïáïóäáîáðäáîáóÝïÝêëìðåëêðëðáîéåêÝðá ëîáôðáêàÝèáÝïáðäáàñîÝðåëêëâðäáèáÝïáÝïïñéáàâëîðäåïìñîìëïáîáħáßðáàðäáÉîëñìĎïáôåïðåêãåêðáêðåëêïîáãÝîàåêãïñßä ëìðåëêïÎáÝïáèåÝÞåèåðåáïåêßèñàáðäáêáðìîáïáêðòÝèñáëâðäáâëèèëóåêãèáÝïáìÝõéáêðï

ÈåôáàìÝõéáêðïåêßèñàåêãåêïñÞïðÝêßáĦôáàìÝõéáêðïèáïïÝêõèáÝïáåêßáêðåòáïîáßáåòÝÞèá
ØÝîåÝÞèáèáÝïáìÝõéáêðïðäÝðÝîáÞÝïáàëêÝêåêàáôëîÝîÝðá
Amounts expected to be payable by the lessee under residual value guarantees
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option
ÒÝõéáêðïëâìáêÝèðåáïâëîðáîéåêÝðåêãðäáèáÝïáåâðäáèáÝïáðáîéîáħáßðïðäáèáïïáááôáîßåïåêãðäÝðëìðåëê

ÅÝïäħëóïâîëéèáÝïáïÝîáìîáïáêðáàóåðäåêčÔáìÝõéáêðïëâÞëîîëóåêãïĎåêðäáÉîëñìÕðÝðáéáêðëâÅÝïäÈèëóï

ÎáÝïáïëâèëóòÝèñáÝïïáðïÝêàïäëîððáîéèáÝïáïïäëîðáîðäÝêéëêðäïÝîáßèÝïïåĦáàÝïëìáîÝðåêãèáÝïáïÝêàêáåðäáîðäáÝïïáð êëîðäáßëîîáïìëêàåêãèåÝÞåèåðõðëðäáèáïïëîåïîáßëãêåïáàåêðäáÉîëñìÄÝèÝêßáÕäááðÔáêðÝèïìÝõÝÞèáñêàáîëìáîÝðåêãèáÝïáïÝîá ßäÝîãáàðëðäáÉîëñìËêßëéáÕðÝðáéáêðëêÝïðîÝåãäðèåêáÞÝïåïëòáîðäáðáîéëâðäáèáÝïáÄáêáĦðïîáßáåòáàÝêàîáßáåòÝÞèáÝïÝê åêßáêðåòáðëáêðáîÝêëìáîÝðåêãèáÝïáÝîáÝèïëïìîáÝàëêÝïðîÝåãäðèåêáÞÝïåïëòáîðäáèáÝïáðáîé

29.2 Lease liabilities

ÖäáèáÝïáèåÝÞåèåðåáïÝðÆáßáéÞáîóáîáy \$éy%%éÖäáßÝïäìÝõéáêðïâëîèáÝïáïàñîåêãðäáõáÝîóáîáy "é y éÖäáéÝðñîåðõÝêÝèõïåïëâðäáèáÝïáèåÝÞåèåðåáïåïàåïßèëïáàåêÐëðá!à

ÖäáêáðÞëëçòÝèñáëâðäáÉîëñìĎïìîëìáîðõìèÝêðÝêàáíñåìéáêðÝïïáðïäáèàÝïîåãäðëâñïáÝïïáðïñêàáîèáÝïáßëêðîÝßðïÝð ÆáßáéÞáîóÝïy éy %éÐëðá!ÖäáîåãäðëâñïáÝïïáðåïàáìîáßåÝðáàëòáîðäáïäëîðáîëâðäáÝïïáðĎï ñïáâñèèåâáÝêàðäáèáÝïáðáîéëêÝïðîÝåãäðèåêáÞÝïåï

29.3 Operating lease commitments

ÖäáâñðñîáÝããîáãÝðáéåêåéñéèáÝïáìÝõéáêðïñêàáîêëêßÝêßáèèÝÞèáëìáîÝðåêãèáÝïáïÝîáìÝõÝÞèáÝïâëèèëóï

	2022 £m	2021 £m
ÐëðèÝðáîðäÝêëêáõáÝî	0.5	0.5
ÎÝðáîðäÝêëêáõáÝîÝêàêëðèÝðáîðäÝêĦòáõáÝîï	0.2	0.2
ÎÝðáîðäÝêĦòáõáÝîï	–	–
Total operating lease commitments	0.7	0.7

ÖäáßëïðåêßñîîáàÞõðäáÉîëñìåêðäáõáÝîåêîáïìáßðëâÝïïáðïäáèàñêàáîëìáîÝðåêãèáÝïáïÝèèëâóäåßäóÝïßäÝîãáàóåðäåêðîÝàåêã ìîëĦðÝéëñêðáàðëyéy%éëâóäåßäy#éyéîáèÝðáàðëïäëîðèáêãðäèáÝïáïÝêày"éy#é îáèÝðáàðëèáÝïáïëâèëóòÝèñáåðáéï

Notes to the Group Financial Statements continued

30. Provisions

30.1 Accounting policy

ÒîëòåïåëêïÝîáîáßëãêåïáàóäáêðäáÉîëñìäÝïÝìîáïáêðëÞèåãÝðåëêÝïÝîáïñèðëâÝìÝïðáòáêðÝêàåðåïìîëÞÝÞèáðäÝððäáÉîëñì óåèèÞáîáíñåîáàðëïáððèáðäÝðëÞèåãÝðåëêÒîëòåïåëêïÝîáéáÝïñîáàÝððäáÆåîáßðëîïĎÞáïðáïðåéÝðáëâðäááôìáêàåðñîáîáíñåîáàðë ïáððèáðäáëÞèåãÝðåëêÝððäáÞÝèÝêßáïäááðàÝðáÙäáîáðäááĪáßðëâðäáðåéáòÝèñáëâéëêáõåïéÝðáîåÝèìîëòåïåëêïÝîáàåïßëñêðáà ñïåêãÝìîáðÝôàåïßëñêðîÝðáðäÝðîáħáßðïÞëðäðäáßñîîáêðéÝîçáðÝïïáïïéáêðëâðäáðåéáòÝèñáëâéëêáõÝêàðäáïìáßåĦßîåïçï ÝïïëßåÝðáàóåðäðäáëÞèåãÝðåëêÙäáîáàåïßëñêðåêãåïñïáàðäáåêßîáÝïáåêðäáìîëòåïåëêàñáðëðäáìÝïïÝãáëâðåéáåïîáßëãêåïáà ÝïÝĦêÝêßáßëïð

30.2 Analysis of provisions

	Disposal, closure and environmental costs £m	Ôáïðîñßðñîåêã charges £m	Other £m	Total £m
As at 31 December 2020 and 1 January 2021		9.2	!	56.8
ÇôßäÝêãáÝàæñïðéáêðï	0.3	ž	–	0.1
ÅäÝîãáðëÉîëñìËêßëéáÕðÝðáéáêð›ðîÝàåêãìîëĦð	#	–	9.2	16.6
Ãàæñïðéáêððëàåïßëñêð	0.7	–	–	0.7
Cash spend	\$%ž	ž	"ž	!ž
As at 31 December 2021 and 1 January 2022	41.7	5.0	4.0	50.7
ÇôßäÝêãáÝàæñïðéáêðï	5.0	0.6	0.3	5.9
ÅäÝîãáðëÉîëñìËêßëéáÕðÝðáéáêð›ðîÝàåêãìîëĦð	16.7	–	11.4	28.1
Ãàæñïðéáêððëàåïßëñêð	1.1	–	–	1.1
Cash spend	(6.8)	(1.5)	(10.3)	(18.6)
ÖîÝêïâáîîáàð랟âîëéëðäáîÞÝèÝêßáïäááðÝßßëñêðï	–	(0.5)	–	(0.5)
As at 31 December 2022	57.7	3.6	5.4	66.7

ÑâðäáðëðÝèìîëòåïåëêÞÝèÝêßáÝïÝðÆáßáéÞáîëây""#éy!#éy %éy"éåïîáßëãêåïáàåêðäáÉîëñì ÄÝèÝêßáÕäááðóåðäåêêëêßñîîáêðèåÝÞåèåðåáïÝêày# éy\$éóåðäåêßñîîáêðèåÝÞåèåðåáï

Disposal, closure and environmental charges

ÖäáìîëòåïåëêâëîàåïìëïÝèßèëïñîáÝêàáêòåîëêéáêðÝèßëïðïåêßèñàáïðäáÆåîáßðëîïĎßñîîáêðÞáïðáïðåéÝðáëâðäáÝéëñêðïðëÞá ìÝõÝÞèáåêîáïìáßðëâçêëóêëîìîëÞÝÞèáßëïðïîáïñèðåêãâîëéðäåîàìÝîðõßèÝåéïåêßèñàåêãèáãÝßõéÝððáîèÝóïñåðï

ÖäáîáîáéÝåêïåêäáîáêðñêßáîðÝåêðõÝïïëßåÝðáàóåðäáïðåéÝðåêãðäáâñðñîáßëïðïëâèáãÝßõéÝððáîèÝóïñåðïËêÝïïáïïåêãðäá probable costs and realisation certainty of these provisions, or related assets, management has made reasonable assumptions, åêßèñàåêãìîëæáßðåëêïëâðäáêñéÞáîëââñðñîáßèÝåéïðäáÝììîëôåéÝðáÝòáîÝãáßëïðëâðäëïáßèÝåéïåêßèñàåêãèáãÝèßëïðïÝêà åêâîáíñáêðèÝîãáîòÝèñáßèÝåéïÝêàðäáèáêãðäëâðåéáðÝçáêðëîáïëèòáïñßäßèÝåéïÖäáìîëòåïåëêîáħáßðïðäáÆåîáßðëîïĎÞáïð áïðåéÝðáëâðäáâñðñîáèåÝÞåèåðõÝêàðäáòÝèñáëâðäáßëîîáïìëêàåêãÝïïáðÄõêÝðñîáðäáïáÝïïñéìðåëêïÝîáñêßáîðÝåêÝêàðäáîáâëîá ßäÝêãáïðëðäáÝïïñéìðåëêïñïáàßëñèàïåãêåĦßÝêðèõÝèðáîðäáÆåîáßðëîïĎÝïïáïïéáêðëâðäáòÝèñáòëèñéáëâßèÝåéïðåéåêãëî ßáîðÝåêðõëâðäáßëïðïëîîáèÝðáàÝéëñêðïÕáêïåðåòåðõÝêÝèõïáïäÝòáÞááêßëêàñßðáàñïåêãòÝîåÝðåëêïðëðäáçáõÝïïñéìðåëêïèåïðáà ÝÞëòáÝêàåêàåßÝðåòáèõïäëó

ÃYßäÝêãáåêðäáÝòáîÝãáßëïðëâßèÝåéïßëéÞåêáàóåðäÝêåêßîáÝïáåêðäáìîëìëîðåëêëâäåãäáîòÝèñáßèÝåéïóëñèàåéìÝßð the gross provision by approximately £6.9m and the corresponding asset for insurance cover by approximately £6.5m
Ã"YßäÝêãáåêðäááôìáßðáààñîÝðåëêëâßèÝåéïóëñèàåéìÝßððäáãîëïïìîëòåïåëêÞõÝììîëôåéÝðáèõy \$éÝêàðäá ßëîîáïìëêàåêãÝïïáðâëîåêïñîÝêßáßëòáîÞõÝììîëôåéÝðáèõy é

ÅäÝêãáïåêàåïßëñêðîÝðáïïñßäÝïðäëïáëÞïáîòáàåêéÝõäÝòáÝïåãêåĦßÝêðåéìÝßðëêãîëïïìîëòåïåëêïÝêàîáèÝðáàÝïïáðï for insurance cover.

ÃïïñéìðåëêïÝîáàáðáîéåêáàóåðäîáâáîáêßáðëäåïðëîåßÝèåêâëîéÝðåëêÝêàðîáêàïáôìáîåáêßáàðëàÝðáßëéÞåêáàóåðäïìáßåÝèåïð òåáóïëêâñðñîáëñðèëëçÃïÝïïñéìðåëêïßÝêòÝîõåêàåòåàñÝèèõëîåêßëéÞåêÝðåëêëòáîðäáèëêãáîðáîéðäáîáßÝêÞáêëãñÝîÝêðáá ðäÝððäáÝïïñéìðåëêïñïáàðëáïðåéÝðáðäáìîëòåïåëêóåèèîáïñèðåêÝêÝßßñîÝðáìîáàåßðåëêëâðäáÝßðñÝèßëïðïðäÝðéÝõÞáåêßñîîáà

30. Provisions continued

30.2 Analysis of provisions continued

Disposal, closure and environmental charges continued

ÃïðäáîáïëèñðåëêëâéÝêõëâðäáëÞèåãÝðåëêïâëîóäåßäìîëòåïåëêåïéÝàáåïïñÞæáßððëèáãÝèëîëðäáîîáãñèÝðëîõìîëßáïïðäáðåéåêãëâ ðäáÝïïëßåÝðáàßÝïäëñðħëóïåïÝèïëïñÞæáßððëïëéáñêßáîðÝåêðõÊëóáòáîðäáéÝæëîåðõëâðäáÝéëñêðïìîëòåàáàÝîááôìáßðáàðë be utilised over the next ten years. The provision, underlying estimates of costs and associated insurance estimates are regularly ÝïïáïïáàðëîáħáßðÝêõßäÝêãáàßåîßñéïðÝêßáïóåðäîáãÝîàðëåêàåòåàñÝèéÝððáîïÃêõéëòáéáêðïåéìÝßðåêãðäáËêßëéá ÕðÝðáéáêðÝîáåêßèñàáàóåðäåêäáÝàèåêáìáîâëîéÝêßá

ÃïïáðëñðÝÞëòáóäáîáåêïñîÝêßáßëòáîáôåïðïâëîÝêõëâðäáïáçêëóêëîìîëÞÝÞèáßëïðïÝîáèÝðáàÝïïáðåïîáßëãêåïáàåêðäá ÉîëñìÄÝèÝêßáÕäááðëêèõóäáêåðïòÝèñáßÝêÞáîáèåÝÞèõéáÝïñîáàÝêàîáåéÞñîïáéáêðåïßëêïåàáîáàðëÞáòåîðñÝèèõßáîðÝåê ÞõéÝêÝãáéáêðÃïÝðÆáßáéÞáîy"\$éy éóÝïîáßëîàáàåêëðäáîîáßáåòÝÞèáïåêîáïìáßðëâÝïïëßåÝðáà åêïñîÝêßáîáåéÞñîïáéáêðïëâóäåßäy!éy éåïêëêßñîîáêðÃßîáàåðëây"éóÝïîáßëîàáààñîåêã y"éðëîáħáßððäáåêßîáÝïáåêÝïïáðïâëîåêïñîÝêßáßëòáîóäåßäåïåêßèñàáàåêðäáčÃàéåêåïðîÝðåëêïáèèåêãÝêààåïðîåÞñðåëê ßëïðïĎèåêáåêðäáËêßëéáÕðÝðáéáêðÖäåïåïëĪïáðÞõÝàáÞåðëây"éåêy"éðëîáħáßðÝêåêßîáÝïáåêìîëòåïåëêï âëîîáèÝðáàßèÝåéïåêðäáïÝéáèåêáëâðäáËêßëéáÕðÝðáéáêð

ËêÝààåðåëêðäåïìîëòåïåëêßëòáîïðäááïðåéÝðáëâßëïðïðëÞáìÝõÝÞèáÞëðäåêðäáâñèĦèéáêðëâëÞèåãÝðåëêïåêßñîîáàåêßëêêáßðåëêóåðä âëîéáîÉîëñìÞñïåêáïïáïîáïñèðåêãâîëéáåðäáîàåïìëïÝèëîßèëïñîáðëãáðäáîóåðäðäëïáîáèÝðáàðëðäáàáéëèåðåëêÝêàßèáÝêñìëâ closed sites.

Restructuring charges provisions

ÖäáìîëòåïåëêâëîîáïðîñßðñîåêãßäÝîãáïåêßèñàáïðäáßëïðïðëßëéìèáðáðäáÉîëñìĎïéÝæëîîáïðîñßðñîåêãìîëãîÝééáïÖäáéÝæëîåðõ ëâðäåïÞÝèÝêßáëây"éÝïÝðÆáßáéÞáîy!éåïáôìáßðáàðëÞáìÝåàëñðëòáîðäáêáôðõáÝî

Other

ÑðäáîìîëòåïåëêïßëéìîåïáÝéëñêðïìÝõÝÞèáåêîáïìáßðëâçêëóêëîìîëÞÝÞèáßëïðïîáïñèðåêãÞëðäâîëéèáãÝèëîëðäáîîáãñèÝðëîõ îáíñåîáéáêðïóëîçáîïĎßëéìáêïÝðåëêÝêàéáàåßÝèßèÝåéïÝêàâîëéðäåîàìÝîðõßèÝåéïÃïðäáïáððèáéáêðëâéÝêõëâðäá ëÞèåãÝðåëêïâëîóäåßäìîëòåïåëêåïéÝàáåïïñÞæáßððëîáÝïëêÝÞèáÝïïñéìðåëêïèáãÝèëîëðäáîîáãñèÝðëîõìîëßáïïðäáðåéåêãëâðäá ÝïïëßåÝðáàëñðħëóïåïïñÞæáßððëïëéáñêßáîðÝåêðõÞñððäáéÝæëîåðõëâÝéëñêðïìîëòåàáàÝîááôìáßðáàðëÞáñðåèåïáàëòáîðäáêáôð ðóëõáÝîïÝêàðäáñêàáîèõåêãáïðåéÝðáïëâßëïðïÝîáîáãñèÝîèõñìàÝðáàðëîáħáßðßäÝêãáàßåîßñéïðÝêßáïóåðäîáãÝîàðëåêàåòåàñÝè éÝððáîïÆñîåêãðäáÉîëñìîáßëãêåïáàêáðßäÝîãáïëây éy%éåêðäáÉîëñìËêßëéáÕðÝðáéáêððëìîëòåàáâëî òÝîåëñïéáàåßÝèÞáêáĦðïÝêàëðäáîßèÝåéï

ÖäáÉîëñìäÝïßëêïåàáîáàðäáåéìÝßðëâßèåéÝðáßäÝêãáëêìîëòåïåëêïåêßèñàåêãàáßëééåïïåëêåêãëîáêòåîëêéáêðÝèîáäÝÞåèåðÝðåëê and there have been no material changes needed to amounts already provided.

ÑĪÄÝèÝêßáÕäááðÃîîÝêãáéáêðï

ËêßëéìèåÝêßáóåðäßñîîáêðîáìëîðåêãîáíñåîáéáêðïßáîðÝåêÝîîÝêãáéáêðïáêðáîáàåêðëÞõðäáÉîëñìåêåðïêëîéÝèßëñîïáëâ ÞñïåêáïïÝîáêëðîáìëîðáàåêðäáÉîëñìÄÝèÝêßáÕäááðÑâïñßäÝîîÝêãáéáêðïðäáèÝîãáïðÝéëñêðïÝîáâñðñîáèáÝïáìÝõéáêðï åêîáèÝðåëêðëÝïïáðïñïáàÞõðäáÉîëñìñêàáîêëêßÝêßáèèÝÞèáëìáîÝðåêãèáÝïáïÐëðá%

32. Contingent Liabilities

ÆáðÝåèïëâãñÝîÝêðááïãåòáêÞõðäáÅëéìÝêõëêÞáäÝèâëâðäáÉîëñìÝîáãåòáêåêÐëðáðëðäáÅëéìÝêõÈåêÝêßåÝèÕðÝðáéáêðï

ØáïñòåñïäÝïáôðáêïåòáåêðáîêÝðåëêÝèëìáîÝðåëêïÝêàåïïñÞæáßððëòÝîåëñïèáãÝèÝêàîáãñèÝðëîõîáãåéáïåêßèñàåêãðäëïáßëòáîåêã taxation and environmental matters.

ÅáîðÝåêëâØáïñòåñïĎïñÞïåàåÝîåáïÝîáïñÞæáßððëèáãÝßõéÝððáîèÝóïñåðïìîáàëéåêÝêðèõåêðäá×ÕîáèÝðåêãðëÝïéÝèèêñéÞáîëâ ìîëàñßðïßëêðÝåêåêãÝïÞáïðëïéÝêñâÝßðñîáàìîåëîðëðäáÝßíñåïåðåëêëâðäëïáïñÞïåàåÝîåáïÞõØáïñòåñïÖäáïáïñåðïñïñÝèèõÝèïë êÝéáéÝêõëðäáîìîëàñßðéÝêñâÝßðñîáîïÖëàÝðáØáïñòåñïåïêëðÝóÝîáëâðäáîáÞáåêãÝêõèåÝÞåèåðõòáîàåßðïÝãÝåêïðÝêõëâðäáïá ïñÞïåàåÝîåáïÇÝßäõáÝîÝêñéÞáîëâðäáïáèÝóïñåðïÝîáóåðäàîÝóêàåïéåïïáàëîïáððèáà

ÃïðäáïáððèáéáêðëâéÝêõëâðäáëÞèåãÝðåëêïâëîóäåßäîáïáîòáåïéÝàáåïïñÞæáßððëèáãÝèëîëðäáîîáãñèÝðëîõìîëßáïïðäáðåéåêã ÝêàÝéëñêðëâðäáÝïïëßåÝðáàëñðħëóïåïïñÞæáßððëïëéáñêßáîðÝåêðõïááÐëðáâëîâñîðäáîåêâëîéÝðåëêÖäáÝéëñêðìÝåà åêßèñàåêãßëïðïåêîáèÝðåëêðëðäåïèåðåãÝðåëêäÝïêëðäÝàÝéÝðáîåÝèáĪáßðëêØáïñòåñïĎĦêÝêßåÝèìëïåðåëêëîîáïñèðïëâëìáîÝðåëêïåê the current year.

Notes to the Group Financial Statements continued

33. Investments in Subsidiaries, Joint Ventures and Associates

33.1 Investment in subsidiaries

ÃïñÞïåàåÝîõåïÝêáêðåðõëòáîóäåßäðäáÉîëñìäÝïßëêðîëèÖäáÉîëñìßëêðîëèïÝêáêðåðõóäáêðäáÉîëñìåïáôìëïáàðëëîäÝï îåãäðïðëòÝîåÝÞèáîáðñîêïâîëéåðïåêòëèòáéáêðóåðäðäááêðåðõÝêàßÝêÝĪáßððäëïáîáðñîêïðäîëñãäåðïìëóáîëòáîðäááêðåðõ ÕñÞïåàåÝîåáïÝîáâñèèõßëêïëèåàÝðáàâîëéðäáàÝðáëêóäåßäßëêðîëèåïðîÝêïâáîîáàðëðäáÉîëñì

ÖäáïñÞïåàåÝîåáïæëåêðòáêðñîáïÝêàÝïïëßåÝðáïëâØáïñòåñïìèßÝêàðäáßëñêðîåáïåêóäåßäðäáõÝîáåêßëîìëîÝðáàÝîáïáðëñðÞáèëó ÙåðäðäááôßáìðåëêëâØáïñòåñïÊëèàåêãïÎåéåðáàóäëïáëîàåêÝîõïäÝîáßÝìåðÝèóÝïàåîáßðèõäáèàÞõØáïñòåñïìèßðäáëîàåêÝîõ ßÝìåðÝèëâðäáßëéìÝêåáïèåïðáàÞáèëóóÝïóäëèèõëóêáàÞõÝØáïñòåñïìèßïñÞïåàåÝîõÝïÝðÆáßáéÞáî

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
Advent Process Engineering Inc.	333 Prince Charles Drive, Welland, Ontario, ÎÄ!Ò ÅÝêÝàÝ	Canada ÑêðÝîåëž
ÄÏËÔáâîÝßðëîõ ÕáîòåßáïËêß	"ÐêàÕðîááðÕñåðá ÊÝîîåïÞñîãÒÃ#š# ×êåðáàÕðÝðáï	×Õ ÒáêêïõèòÝêåݞ
ÄîÝöåèÎåéåðáà	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
CCPI Inc.	Õñåðá%ÈëñèçÔëÝà ÙåèéåêãðëêÐáóÅÝïðèá ÆÇ%\$×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž
Åëëçïëê Dominicana, ÕÔÎ	Íé#ŸÃñðëìåïðÝÕÝêËïåàîë ÇàåĦßåëÏëàáèëÃÜëêÝÈîÝêßÝ ÕÝêËïåàîëÕÝêðëÆëéåêãë ÑáïðáÆëéåêåßÝêÔáìñÞèåß	Dominican ÔáìñÞèåß
ÇÝïðÏëëê Investment ÊÍÊëèàåêãž Company Limited	×êåð\$ŸÈËêðáîêÝðåëêÝè Commerce Centre, ÃñïðåêÔëÝàÙáïð ÍëóèëëêÊëêãÍëêã	ÊëêãÍëêã
ÈèëšÅëê ÊëèàåêãËêß	CT Corporation, 1209 Orange ÕðîááðÖäáÅëîìëîÝðåëêÖîñïð Company, Wilmington, ÆÇ%\$×êåðáàÕðÝðáï	×՝ÆáèÝóÝîáž
ÈëïáßëÈ՞ Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
ÈëïáßëÌáîïáõž Limited	ÇïìèÝêÝàáÕðÊáèåáî ÌÇ %ÙÉÌáîïáõ	Jersey
Èëïáßë×͞ Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
Foseco Canada Limited	\$ÄÝõÕðîááðÕñåðá\$ ÖëîëêðëÑêðÝîåëÏ!ÌÖ% Canada	Canada ÑêðÝîåëž
Foseco Espanola ÕÃ	!ÄÝîîåëÇèåöÝèàáËöñîöÝ ÄåöçÝåÝ \$ÕìÝåê	ÕìÝåê
Foseco Foundry ÅäåêݞÅë Limited	Ôëëé\$%ÕäáçëñÜäÝëïäÝêã ÄñåèàåêãÐÝêïäÝêÆåïðîåßð ÕäáêöäáêÉñÝêãàëêã 518067, China	China
Foseco ÈñêàåßåƌêÊëèàåêã ÇïìÝêëèݞÕÎ	!ÄÝîîåëÇèåöÝèàá ËöñîöÝÄåöçÝåÝ \$ÕìÝåê	ÕìÝåê
ÈëïáßëÊëèàåêã ÇñîëìážÎåéåðáà	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
ÈëïáßëÊëèàåêã ÕëñðäÃâîåßݞ ÒðõžÎåéåðáà	ÄëïóëîðäÕðîááð ÃèîëàáÃèÞáîðëê % ÕëñðäÃâîåßÝ	ÕëñðäÃâîåßÝ
Foseco ÊëèàåêãÄØ	ÔåòåñéÄëñèáòÝîà ÅÝìáèèáÝÝêàáêËæïïáèÔëððáîàÝé %%ÎÍÐáðäáîèÝêàï	ÐáðäáîèÝêàï
ÈëïáßëÊëèàåêã International Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
ÈëïáßëÊëèàåêã Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
Foseco Industrial e Comercial Ltda	Íé!ÔëàëòåÝÔÝìëïë ÖÝòÝîáïÄñðÝêðÝÅáì ÕLjëÒÝñèë!!##šÄîÝöåè	ÄîÝöåè
Foseco International Êëèàåêã ÖäÝåèÝêàžÎåéåðáà	#Ÿ"%êàÈèëëîÑßáÝê ÖëóáîÔÝðßäÝàÝìåïáçÔëÝà ÍèëêãðëáõÄÝêãçëç 10110, Thailand	Thailand
Foseco International Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
Foseco Japan Limited	%ðäÈèëëîÑîåôÍëÞáÕÝêêëéåõÝ Äñåèàåêã"ššÉëçëàëîåÅäñëš çñÍëÞáÊõëãë"!š\$#ÌÝìÝê	Japan
Foseco Korea Limited	# ÌáëêãæñšîëÄñßäáëêšïå Éõáëêããåšàë !ÕëñðäÍëîáÝ	ÕëñðäÍëîáÝ
Foseco Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
Foseco ÏáðÝèèñîãåßÝèËêß	CT Corporation, 1209 Orange ÕðîááðÖäáÅëîìëîÝðåëêÖîñïð Company, Wilmington, ÆÇ%\$×êåðáàÕðÝðáï	×՝ÆáèÝóÝîáž
Foseco ÐáàáîèÝêàÄØ	ÄåêêáêäÝòáêïðîÝÝð#!!ÉÌ ÊáêãáèëÑ؞ÐáðäáîèÝêàï	ÐáðäáîèÝêàï
Foseco Overseas Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
Foseco Philippines Inc.	ߟëÃßßîÝÎÝóÑĨßáŸÈÃßßîÝ ÎÝóÖëóáîÕáßëêàÃòáßëîðäÕð ÅîáïßáêðÒÝîçÙáïðÄëêåâÝßåë ÉèëÞÝèÅåðõÖÝãñåãÅåðõ 1635 Philippines	Philippines
Foseco Portugal Produtos Para Fundiçâo Lda	ÔñÝÏÝêñáèÒåêðëàáÃöáòáàë Ðë"" šÒëîðë Portugal	Portugal
ÈëïáßëÕÃÕ	ÎáÐáóðëêÅ#ÏÝåèÄÝîðäƇèƇéõ Thimonnier, 77185 Lognes, France	France
ÈëïáßëÕðááè ×͞Îåéåðáà	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
Foseco Technology Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
ÌÊÈîÝêßá ÔáâîÝßðëîåáï Company	CT Corporation, 1209 Orange ÕðîááðÖäáÅëîìëîÝðåëêÖîñïð Company, Wilmington, ÆÇ%\$×êåðáàÕðÝðáï	×՝ÆáèÝóÝîáž
ÌëäêÉÕðáåê˜ Company Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
ÏÝåêïÝåè Insurance Company Limited	ØåßðëîåÝÒèÝßá!ðäħëëî ØåßðëîåÝÕðîááðÒáéÞîëçá ÊÝéåèðëêÊÏÄáîéñàÝ	ÄáîéñàÝ
ÏÝïßåêßë Empreendimentos e Participações Ltda	ÃòáêåàÝÄîÝïåè %!!›ìÝîðá Distrito Industrial de Palmares – ÅÝéìëÉîÝêàá›Åáì"!š \$ ÔåëàáÌÝêáåîëÔÌÄîÝöåè	ÄîÝöåè

33. Investments in Subsidiaries, Joint Ventures and Associates continued

33.1 Investment in subsidiaries continued

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction	Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
ÏÝïðáîßëàå Industrial Ltda	ÔëàëòåÝÔÝìëïëÖÝòÝîáïÍÏ! ÄñðÝêðLj!!##šÄñðÝêðLj	ÄîÝöåè	ØáïñòåñïÅÝêÝàÝ Inc	\$ÄÝõÕðîááðÕñåðá\$Öëîëêðë ÑêðÝîåëÏ!ÌÖ%ÅÝêÝàÝ	Canada
ÏáîßÝæëõÝÕÃ	ÕLjëÒÝñèëÄîÝöåè ÅÝìåðƅêÊÝõÝ!"›ĀÊ	ÕìÝåê	ØáïñòåñïÅáîÝéåßï Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
ÏáðÝèÙÝõ Equipamentos ÏáðÝèñîãåßëïÎðàÝ	\$ÏÝàîåàÕìÝåê ÇïðîÝàÝÕÝêðÝËïÝÞáè#"!!ÍÏ# ÄÝåîîëÆë×êÝËðÝíñÝíñáßáðñÞÝ ÕLjëÒÝñèë›ÕÒ	ÄîÝöåè	ØáïñòåñïÅäåêÝ ÊëèàåêãïÅë Limited	×êåð\$ŸÈËêðáîêÝðåëêÝè Commerce Centre, ÃñïðåêÔëÝàÙáïðÍëóèëëê ÊëêãÍëêã	ÊëêãÍëêã
ÐáóÈëïáßë	ÅÇÒ\$!\$ÄîÝöåè ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç	England	ØáïñòåñïÅäåêÝ Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
×͞Îåéåðáà	ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà		ØáïñòåñïÅëèëéÞåÝ ÕÃÕ	ÅÝèèá"ÐëšÈèëëî ÄëãëðÝÅëèëéÞåÝ	Colombia
ÒîëßáïïÏáðîåô LLC	""ÑóáêïÆîåòáÒèáÝïÝêðëê ÅÃ% !\$\$×êåðáàÕðÝðáï	×Õ ÅÝèåâëîêåݞ	Øáïñòåñï ÅëîìëîÝðåëêÕÃ	ØåÝÐÝïïÝ#ÎñãÝêë ÅÊ"%ÕóåðöáîèÝêà	ÕóåðöáîèÝêà
PT Foseco Indonesia	ÌèÔÝóÝÉáèÝéŸ!ÍÝóÝïÝê ËêàñïðîåÒñèëãÝàñêãÌÝçÝîðÝ 13930, Indonesia	Indonesia	ØáïñòåñïÅÕÆÕì öëë	ñèÌÝïêëãƌîïçÝÍîÝçƌó š!\$ÒëèÝêà	Poland
PT Foseco Trading Indonesia	ÌèÔÝóÝÉáèÝéŸ!ÍÝóÝïÝê ËêàñïðîåÒñèëãÝàñêãÌÝçÝîðÝ 13930, Indonesia	Indonesia	ØáïñòåñïÇéåîÝðáï ÈÜÇ	ÙÝîáäëñïáÐë̚%Ÿ ÒÑÄëô %" ÊÝéîåõÝäÈîááÜëêáÕäÝîæÝä ×êåðáàÃîÝÞÇéåîÝðáï	×êåðáàÃîÝÞ Emirates
ÔáÝèåïÝðåëêï#\$% LLC	CT Corporation, %ÑîÝêãáÕðîááð The Corporation Trust Company, ÙåèéåêãðëêÆÇ%\$×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž	ØáïñòåñïÇñîëìá Äáðáåèåãñêãï ÉéÞÊ	ÉáïßäÝâðïÝêïßäîåâðÕßäåáâáîÞÝêç š" ! #ÏȍèäáåéÝêàáîÔñäî ÉáîéÝêõ	ÉáîéÝêõ
ÕÉÄèÝåî˜ Company Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England	ØáïñòåñïÇñîëìá ÉéÞʘÅëÍÉ	ÉáïßäÝâðïÝêïßäîåâðÕßäåáâáîÞÝêç š" ! #ÏȍèäáåéÝêàáîÔñäî ÉáîéÝêõ	ÉáîéÝêõ
ÕËÆÇÔÏÇÕËêß ØáïñòåñïÕáêïëîï	#!éëêðƇáÅÝèåôݚÎÝòÝèèƇá ØáîßäǂîáïÓñƇÞáßÌÎÔ	Canada	ØáïñòåñïÇñîëìá ÕÃ	#ÔñáàáÆëñòîÝåêÉäèåê #Äáèãåñé	Äáèãåñé
and Probes ÕËÆÇÔÏÇÕÕÃ	Canada ×îíñåöÝ%%ÒåïëÔëïÝîåë	Argentina	ØáïñòåñïÇñîëìá ÕÃÕ	ÃòáêñáÆáÎĎáñîëìá Parc Les Pivolles, "%!ÆƇßåêáïšÅäÝîìåáñÈîÝêßá	France
ÕËÔ	ÕÝêðÝÈáÅÒÃîãáêðåêÝ ÕåáãáêáîÕðîÝïïá!	ÉáîéÝêõ	ØáïñòåñïÈåêÝêßåÝè 1 Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
Èáñáîâáïðìîëàñçðá ÉéÞÊ	ÍîáñöðÝèƚ!# ÉáîéÝêõ		ØáïñòåñïÈåêèÝêà OY	ÒÝæÝéȉáêðåá\$Æ# "ÊáèïåêçåÈåêèÝêà	Finland
ÕÑÎÇÆÕÃÕ ØáïñòåñïÕáêïëîï and Probes France	ÅáêðîáàĎÃßðåòåðƇïÇßëêëéåíñáï ÜëêáËêàñïðîåáèèáàáÈîÝêßäáìîƇ ! ÌëáñâÈîÝêßá	France	ØáïñòåñïÈëñêàîõ ÒîëàñßðïÕñöäëñž	ÙáåÙáêÔëÝà ÅäåêݚÕåêãÝìëîáÕñöäëñËêàÒÝîç	China
Øáïáîòåßá Ltda	ÃòÄîÝïåè %!!ÆåïðîåðëËêàñïðîåÝè àáÒÝèéÝîáïÅÝéìëÉîÝêàá	ÄîÝöåè	Co. Limited ØáïñòåñïÈëñêàîõ	ÕñöäëñÌåÝêãïñÒîëòåêßá 215122, China ÅäÝêãßäñêÔëÝà	China
Øáïñòåñï ÖäÝåèÝêàžÅë Limited	ÔåëàáÌÝêáåîë"!š \$ÄîÝöåè #Ÿ"%êàÈèëëîÑßáÝêÖëóáî ÔÝðßäÝàÝìåïáçÔëÝàÍèëêãðëáõ ÄÝêãçëçÖäÝåèÝêà	Thailand	Technologies ÌåÝêãïñžÅë Limited	Economic Development Area, Changshu, Jiangsu, 215537, China
ØáïñòåñïØÇÃÔž ÕÃ	Õðîááð×îíñåöÝ%%ÈèëëîÔëïÝîåë ÒîëòåêßåÝàáÕÝêðÝÈƇÃîãáêðåêÝ	Argentina	ØáïñòåñïÈîÝêßá ÕÃ	ÔñáÒÝñèÆáñàëê"\$ÄëåðáÒëïðÝèá% Feignies 59750, France	France
Øáïñòåñï	ÚåÝëðÝåöåØåèèÝãáÐåêãõñÝêÖëóê	China	ØáïñòåñïÉéÞÊ	ÉáèïáêçåîßäáêáîÕðîÝïïá Äëîçáêƚ "!ÉáîéÝêõ	ÉáîéÝêõ
Advanced ÅáîÝéåßïÃêïäÝêž Co., Limited	ÓåÝêïäÝêÆåïðîåßðÃêïäÝê ÎåÝëêåêãÒîëòåêßá ÅäåêÝ		ØáïñòåñïÉîëñì Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
Øáïñòåñï Advanced	ÚåêãÏåêãÕðîááð ÅäåêݚÕåêãÝìëîáÕñöäëñËêàÒÝîç	China	ØáïñòåñïÉîëñì ÕÃ	#ÔñáàáÆëñòîÝåêÉäèåê #Äáèãåñé	Äáèãåñé
ÅáîÝéåßïÅäåêݞ Co., Limited	ÕñöäëñÌåÝêãïñÒîëòåêßá 215021, China		ØáïñòåñïÊëèàåêã Deutschland ÉéÞÊ	ÉáèïáêçåîßäáêáîÕðîÝïïá Äëîçáêƚ "!	ÉáîéÝêõ
ØáïñòåñïÃéáîåßÝ Inc.	%ÑîÝêãáÕðîááðÙåèéåêãðëê ÆÇ%\$×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž	ØáïñòåñïÊëèàåêã	ÉáîéÝêõ "\$ÔñáÒÝñèÆáñàëêÄëåðáÒëïðÝèá%	France
ØáïñòåñïÃñïðîÝèåÝ ÊëèàåêãžÒðõ Limited	š "ÉèëñßáïðáîÄëñèáòÝîàá ÒëîðÍáéÞèÝÐÕÙ!! Australia	Australia	ÈîÝêßáÕÃÕ ØáïñòåñïÊëèàåêã ËðÝèåÝ›ÕëßåáðƥÝ	Feignies 59750, France ØåÝÏÝêðëòÝ \$!Ïñããåë	Italy
ØáïñòåñïÃñïðîÝèåÝ Pty Limited	š "ÉèëñßáïðáîÄëñèáòÝîàá ÒëîðÍáéÞèÝÐÕÙ!!ÃñïðîÝèåÝ	Australia	ÔáïìëêïÝÞåèåðƥ Limitata	ÏÄËðÝèõ
ØáïñòåñïÄáèãåñé ÐØ	ÜÝêàòëëîàáïðîÝÝð""Ñëïðáêàá Ě\$ Äáèãåñé	Äáèãåñé

Notes to the Group Financial Statements continued

33. Investments in Subsidiaries, Joint Ventures and Associates continued

33.1 Investment in subsidiaries continued

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
ØáïñòåñïÊëèàåêãï Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
ØáïñòåñïËÞƇîåßÝ ÔáâîÝßðÝîåëïÕÃ	ÅÝìåðƅêÊÝõÝ!"›ĀÊ \$ÏÝàîåàÕìÝåê	ÕìÝåê
Øáïñòåñï International Corporation	ÅÖÅëîìëîÝðåëê%ÑîÝêãáÕðîááð The Corporation Trust Company, ÙåèéåêãðëêÆÇ%\$×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž
Øáïñòåñï Investments Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
ØáïñòåñïËïðÝêÞñè ÔáâîÝçðáîÕÝêÝõå òáÖåßÝîáðÃÕ	ÉáÞöáÑÕÄÏä# ÕëçÐë# ŸÅÝõåîëòÝ ÍëßÝáèå Öñîçáõ	Öñîçáõ
ØáïñòåñïËðÝèåÝ ÕìÃ	ØåÝÏÝêðëòÝ \$!ÏñããåëÏÄËðÝèõ	Italy
Øáïñòåñï Japan Inc.	%ðäÈèëëîÑîåôÍëÞáÕÝêêëéåõÝ Äñåèàåêã"ššÉëçëàëîåÅäëñš çñÍëÞáÊõëãë"!š\$#ÌÝìÝê	Japan
ØáïñòåñïÍÕÔ Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
ØáïñòåñïÎåâáÒèÝê Trustee Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
ØáïñòåñïÎÎÅ	!!ðäħëëîÏõÝïåßïäáòÝïðî ÜäñçëòïçõÏëïßëóîáãåëê \$ÔñïïåÝêÈáàáîÝðåëê	ÔñïïåÝ
Øáïñòåñï ÏÝèÝõïåÝ ÕàêÄäà	×êåðšÎáòáèÖëóáîÃ ØáîðåßÝèÄñïåêáïïÕñåðáÃòáêñá ÄÝêãïÝîÕëñðäÐë\$ÌÝèÝêÍåîåêßäå ÍñÝèÝÎñéìñîÙåèÝõÝäÒáîïáçñðñÝê !%ÏÝèÝõïåÝ	ÏÝèÝõïåÝ
Øáïñòåñï ÏÝêÝãáéáêð Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
Øáïñòåñï ÏÝêÝãáéáêð ÕáîòåßáïÎåéåðáà	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
ØáïñòåñïÏáôåßë ÕÃàáÅØ	ÃòÔñåöÅëîðåêáöÐñé ÅëèëêåÝ ÌÝîàåêáïàáÕÝêÔÝâÝáèÉñÝàÝèñìá ÐñáòëÎáƌêÅÒ"#%Ïáôåßë	Ïáôåßë
Øáïñòåñï ÏåàšÇÝïðÎåéåðáà	!"îà!ÃìðÏÝÝàå Cairo, Egypt	Egypt
ØáïñòåñïÏëîÝòåÝ s.r.o.	ÍëêïçÝßì# Öîåêáß #%"ÅöáßäÔáìñÞèåß	Åöáßä ÔáìñÞèåß
ØáïñòåñïÏñèäáåé Äáðáåèåãñêãï ÉéÞÊ	ÉáïßäÝâðïÝêïßäîåâðÕßäåáâáîÞÝêçš" ! #ÏȍèäáåéÝêàáîÔñäîÉáîéÝêõ	ÉáîéÝêõ
ØáïñòåñïÏñèäáåé ÉéÞʘÅëÍÉ	ÉáïßäÝâðïÝêïßäîåâðÕßäåáâáîÞÝêçš" ! #ÏȍèäáåéÝêàáîÔñäîÉáîéÝêõ	ÉáîéÝêõ
ØáïñòåñïÐÅÎÎÅ	Corporation Trust Center, %ÑîÝêãáÕðîááðÙåèéåêãðëê ÐáóÅÝïðèáÅëñêðõÆÇ%\$ ×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž
ØáïñòåñïÐáó ÜáÝèÝêàÎåéåðáà	ÄáèèÉñèèõÎáòáèØáîëÅáêðîá \$ÕäëîðèÝêàÕðîááðÃñßçèÝêà ÐáóÜáÝèÝêà	Ðáó ÜáÝèÝêà
ØáïñòåñïÑòáîïáÝï Investments Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
ØáïñòåñïÑòáîïáÝï Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
ØáïñòåñïÒáêê Corporation	CT Corporation, %ÑîÝêãáÕðîááðÙåèéåêãðëê ÆÇ%\$×êåðáàÕðÝðáï	×Õ ÆáèÝóÝîáž
ØáïñòåñïÒáêïåëê Plans Trustees Limited	"!ÈèááðÕðîááð ÎëêàëêÇÅ ÃÃÇ England	England
	ØáïñòåñïÒáîñÕÃÅ ÌåîëêÕÝáêöÒáêÝ\$! ÏÝãàÝèáêÝàáèÏÝîÎåéÝÒáîñ	Peru
ØáïñòåñïÒëèÝêà Õìöëë	×èÖõêåáßçÝÕçÝóåêÝ š!ÒëèÝêà	Poland
ØáïñòåñïÔÝïÃè ÍäÝåéÝäÈܚÎÎÅ	ÕðîááðÐëÈ ÔÃÍËêòáïðéáêð ÃñðäëîåðõÈîááÜëêáÃèÊÝéîÝ ÔÝïÃèÍäÝåéÝäÒÑÄëô\$" \$ ×êåðáàÃîÝÞÇéåîÝðáï	×êåðáà Arab Emirates
Øáïñòåñï ÔáâîÝßðÝîåëïàá ÅäåèáÕÃ	ÕðîááðÕÝêÏÝîðåê\$# Ôëëé\$ÖëóáîÄ Concepcion, Chile	Chile
Øáïñòåñï ÔáâîÝßðëîåáïÕîè	ÉÝèÝðåÏÝîáÝ×êåîáÝòáêñá# ÉÝèÝðåßëñêðõ\$%ÔëéÝêåÝ	ÔëéÝêåÝ
Øáïñòåñï ÔáâîÝßðëîõËêàåÝ Private Limited	ÔëëéÐë%îàÈèëëî#ÉÝêáïä ÅäÝêàîÝÃòáêñáÍëèçÝðÝ ÙÄ#ËêàåÝ	India
Øáïñòåñï ÔáâîÝðƅîåëï Ltda	ÃØÄîÝïåè %!!ÆåïðîåðëËêàñïðîåÝèàá ÒÝèéÝîáïÅÝéìëÉîÝêàáÔåëàá ÌÝêáåîë"!š \$ÄîÝöåè	ÄîÝöåè
Øáïñòåñï ÕßÝêàåêÝòåÝÃÄ	ÈëîîÝàïãÝðÝêÃéÝè՚"" Õóáàáê	Õóáàáê
ØáïñòåñïÕáêïëîï ˜ÒîëÞáïÇñîëìá ÕìÃ	ØåÝÏÝêðëòÝÏñããåë ÏëêöÝáÄîåÝêöÝ 20835, Italy	Italy
ØáïñòåñïšÕÇÔÖ ÕÃÕ	ÃòáêñáàáèĎÇñîëìáÒÝîß ÎáïÒåòëèèáïÆáßåêáïšÅäÝîìåáñ 69150, France	France
ØáïñòåñïÕëèÝî ÅîñßåÞèáÕñöäëñž Co., Ltd	ŸÈÞñåèàåêãÐëÙáåóáêÔëÝà ÅäåêݚÕåêãÝìëîáÕñöäëñËêàÒÝîç ÕñöäëñÌåÝêãïñÒîëòåêßá! China	China
ØáïñòåñïÕëñðä ÃâîåßݝÒðõž Limited	ÒáÞÞèáÎÝêáÒîåòÝðáÄÝãÚ ÑèåâÝêðïâëêðáåêÉÝñðáêãÒîëòåêßá ""!ÕëñðäÃâîåßÝ	Õëñðä Africa
ØáïñòåñïÕì öëë	ñèÌÝïêëãƌîïçÝÍîÝçƌó š!\$ÒëèÝêà	Poland
ØáïñòåñïÕÕÅ Õìöëë	ñèÌÝïêëãƌîïçÝÍîÝçƌó š!\$ÒëèÝêà	Poland
Øáïñòåñï×Í Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçïÆáîÞõïäåîá Õ ÚÃÇêãèÝêà	England
Øáïñòåñï×çîÝåêá LLC	#×àÝîêõçåòÕðîááðÅåðõëâ Æêåìîëìáðîëòïç %×çîÝåêá	×çîÝåêá
Øáïñòåñï×ÕÃ Corporation	ÅÖÅëîìëîÝðåëê\$ÕëñðäÎÝÕÝèèá ÕðîááðÅäåßÝãëÅëëçÅëñêðõ ËÎ"" ×êåðáàÕðÝðáï	×՝Ëèèåêëåïž
ØáïñòåñïØÃ Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
ØáïñòåñïØåáðêÝé Limited	#ðäÈèëëîÒáÝçòåáóÖëóáîÄñåèàåêã Ðë"ÊëÝêãÅÝñÕðîááðÑÅäëÆñÝ ÙÝîàÆëêÆÝÆåïðîåßðÊÝêëåÅåðõ ØåáðêÝé	ØåáðêÝé
ØáïñòåñïÜõÝîëßç ÅáîÝéåßïÕñöäëñž Co., Limited	ŸÈÞñåèàåêãÐëÙáåóáêÔëÝà ÅäåêݚÕåêãÝìëîáÕñöäëñËêàÒÝîç ÕñöäëñÌåÝêãïñÒîëòåêßá! China	China

33. Investments in Subsidiaries, Joint Ventures and Associates continued

33.1 Investment in subsidiaries continued

Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction	Company legal name	ÔáãåïðáîáàëĨßáÝààîáïï	Jurisdiction
ØáïñòåñïšÒîáéåáî ÔáâîÝßðëîåáï Êëèàåêãïž Limited	ÏåàèÝêàÙÝõÅáêðîÝèÒÝîç ÄÝîèÞëîëñãäÎåêçï ÆáîÞõïäåîáÕ ÚÃ England	England	ÙåèçáïšÎñßÝï Limited	"!ÈèááðÕðîááðÎëêàëê ÇÅ ÃÃÇÇêãèÝêà	England
			ÛåêãçëñÄÝõñíñÝê ÔáâîÝßðëîåáïÅë	ÅñåÖñêØåèèÝãáÊÝåÆëêãÑĨßá ÄÝõñíñÝêÆåïðîåßðÎåÝëêåêãÒîëòåêßá	China
ØáïòÆåïðîåÞñðåëê	ÔÖáßäÒÝîçðäÈèëëîÙáïðáîê	India	Limited	YingKou, 115007, China
ÒîåòÝðážÎåéåðáà	ÇôìîáïïÊåãäóÝõ ÉëîáãÝëêÇÝïðžÏñéÞÝå ÏñéÞÝåÅåðõÏÊ "ËêàåÝ		ÛåêãçëñÛåêãÙáå ÏÝãêáïåñéÅë Ltd	!ÙÝêãäÝåÐáóÆåïðîåßðÄÝõñíñÝê ÆåïðîåßðÛåêçëñÅåðõÎåÝëêåêãÒîëòåêßá 115007, China	China

ÖäáâëèèëóåêãïñÞïåàåÝîõßëéìÝêåáïäÝòáÞîÝêßäáïîáãåïðáîáàåêðäáêÝéáàßëñêðîåáïÈëïáßëÌáîïáõÎåéåðáàåêÇêãèÝêà ÈëïáßëÊëèàåêãÄØåêÇêãèÝêàØáïñòåñïÎÎÅåêÍÝöÝçäïðÝêØáïñòåñï×ÍÎåéåðáàåêÖÝåóÝêÝêàÔáìñÞèåßëâÍëîáÝÝêàØáïñòåñï ÔáâîÝðÝîåëïÎðàÝåêÄîÝöåèØáïñòåñïËêðáîêÝðåëêÝèÅëîìëîÝðåëêĎïÞîÝêßäåêÄáèãåñéóÝïàåïïëèòáàëê#ÐëòáéÞáî

33.2 Investment in joint ventures and associates

ÃæëåêðòáêðñîáåïÝðõìáëâæëåêðÝîîÝêãáéáêðóäáîáÞõðäáìÝîðåáïðäÝðäÝòáæëåêðßëêðîëèëâðäáÝîîÝêãáéáêðäÝòáîåãäðïðëðäáêáð ÝïïáðïëâðäáæëåêðòáêðñîáÌëåêðßëêðîëèåïðäáßëêðîÝßðñÝèèõÝãîááàïäÝîåêãëâßëêðîëèëâðäáÝîîÝêãáéáêðóäåßäáôåïðïëêèõóäáê decisions about the relevant activities require unanimous consent of the parties sharing control. An associate is an entity over óäåßäðäáÉîëñìäÝïïåãêåĦßÝêðåêħñáêßáÕåãêåĦßÝêðåêħñáêßáåïðäáìëóáîðëìÝîðåßåìÝðáåêðäáĦêÝêßåÝèÝêàëìáîÝðåêãìëèåßõ àáßåïåëêïëâÝêáêðåðõÞñðåïêëðßëêðîëèëîæëåêðßëêðîëèëòáîðäëïáìëèåßåáï

ÖäáÉîëñìĎïåêòáïðéáêðïåêåðïÝïïëßåÝðáïÝêàæëåêðòáêðñîáïÝîáÝßßëñêðáàâëîñïåêãðäááíñåðõéáðäëàâîëéðäáàÝðáïåãêåĦßÝêð åêħñáêßáæëåêðßëêðîëèåïàááéáàðëÝîåïáñêðåèðäáàÝðáëêóäåßäïåãêåĦßÝêðåêħñáêßáæëåêðßëêðîëèßáÝïáïðëáôåïðëîóäáêðäá åêðáîáïðÞáßëéáïßèÝïïåĦáàÝïÝêÝïïáðäáèàâëîïÝèáÖäáÉîëñìËêßëéáÕðÝðáéáêðîáħáßðïðäáÉîëñìĎïïäÝîáëâìîëĦðÝâðáîðÝô ëâðäáîáèÝðáàÝïïëßåÝðáïÝêàæëåêðòáêðñîáïËêòáïðéáêðïåêÝïïëßåÝðáïÝêàæëåêðòáêðñîáïÝîáßÝîîåáàåêðäáÉîëñìÄÝèÝêßáÕäááð ÝðßëïðÝàæñïðáàåêîáïìáßðëâìëïðÝßíñåïåðåëêßäÝêãáïåêðäáÉîëñìĎïïäÝîáëâêáðÝïïáðïèáïïÝêõåéìÝåîéáêðåêòÝèñá

As at 31 December	13.0	12.8
Foreign exchange	0.3
ÆåòåàáêàïîáßáåòáàâîëéæëåêðòáêðñîáïÝêàÝïïëßåÝðáï	(1.3)	ž
ÕäÝîáëâìëïðšðÝôìîëĦðëâæëåêðòáêðñîáïÝêàÝïïëßåÝðáï	1.2	1.3
As at 1 January	12.8	12.1
	2022 £m	2021 £m

ÖäáåêòáïðéáêðåêæëåêðòáêðñîáïÝêàÝïïëßåÝðáïåêßèñàáïy!éyéåêîáïìáßðëâæëåêðòáêðñîáïÝêày!éy!é åêîáïìáßðëâÝïïëßåÝðáïÆåòåàáêàïîáßáåòáàâîëéæëåêðòáêðñîáïßëêïåïðïëâyéyéâîëéÙñäÝêÙñãÝêãØáïñòåñï ÃàòÝêßáàÅÅÔÅëÎåéåðáàÝêàyéy\$éâîëéÙñäÝêÙñãÝêãØáïñòåñïÃàòÝêßáàÅáîÝéåßïÅëÎåéåðáà

Joint ventures

ÕáðëñðÞáèëóåïðäáïñééÝîåïáàĦêÝêßåÝèåêâëîéÝðåëêåêîáïìáßðëâæëåêðòáêðñîáï

50.9 Ôáòáêñá 3.2 ÖîÝàåêãìîëĦð – ÐáðĦêÝêßáßëïðï 3.2 ÒîëĦðÞáâëîáðÝô Income tax expense (0.8) ÒîëĦðÝâðáîðÝô 2.4 ÐëêšßñîîáêðÝïïáðï 7.3 Current assets 22.6 ÐëêšßñîîáêðèåÝÞåèåðåáï – Current liabilities (6.1) Net assets 23.8	2022 £m	2021 £m
		\$\$
		3.6
		–
		3.6
		%ž
		2.7
		7.6
		25.0
		–
		%ž

Notes to the Group Financial Statements continued

33. Investments in Subsidiaries, Joint Ventures and Associates continued

33.2 Investment in joint ventures and associates continued

ÕáðëñðÞáèëóåïðäáïñééÝîåïáàĦêÝêßåÝèåêâëîéÝðåëêâëîÙñäÝêÙñãÝêãØáïñòåñïÃàòÝêßáàÅáîÝéåßïÅëÎåéåðáàÝæëåêð òáêðñîáðäÝðäÝïðîÝêïÝßðåëêïÝêàÞÝèÝêßáïóäåßäÝîáéÝðáîåÝèðëðäáÉîëñì

2022	2021 £m £m
44.5 Ôáòáêñá	#
Depreciation 1.0	%ž
2.8 ÖîÝàåêãìîëĦð	3.0
ÐáðĦêÝêßáßëïðï	– –
ÒîëĦðÞáâëîáðÝô 2.8	3.0
Income tax expense (0.7)	\$ž
2.1 ÒîëĦðÝâðáîðÝô	2.2
7.0 ÐëêšßñîîáêðÝïïáðï	7.3
Current assets1 14.5	16.6
ÐëêšßñîîáêðèåÝÞåèåðåáï	– –
Current liabilities (5.0)	#\$ž
Net assets 16.5	16.1

ËêßèñàáàåêßñîîáêðÝïïáðïÝîáßÝïäÝêàßÝïäáíñåòÝèáêðïëây"éyé

ÖäáìñîìëïáëâðäáÅäåêáïáæëåêðòáêðñîáßëéìÝêåáïåïðëîáïáÝîßäàáòáèëìéÝêñâÝßðñîáÝêàïáèèîáâîÝßðëîõìîëàñßðïÖäáîëèáëâ ØáïñòåñïåïðëìîëòåàáðáßäêåßÝèìáîïëêêáèðîÝåêåêãÝêàÝßßáïïðëðäáÉîëñìĎïåêðáîêÝðåëêÝèïÝèáïêáðóëîç

ÐÝéáëâáêðåðõ	ÔáãåïðáîáàÝààîáïï	Jurisdiction	2022 % ownership	2021 Yëóêáîïäåì
ÙñäÝêÙñãÝêãšØáïñòåñï ÃàòÝêßáàÅÅÔÅëÎåéåðáà	ÉëêãêëêãØåèèÝãáÓåêãïäÝêÆåïðîåßðÙñäÝê ÊñÞáåÒîëòåêßá \$ÅäåêÝ	China	50	50
ÙñäÝêÙñãÝêãšØáïñòåñï Advanced Ceramics Co., Limited	ÉëêãêëêãØåèèÝãáÓåêãïäÝêÆåïðîåßðÙñäÝê ÊñÞáåÒîëòåêßá \$ÅäåêÝ	China	50	50

Associates

ÐÝéáëâáêðåðõ	ÔáãåïðáîáàÝààîáïï	Jurisdiction	2022 % ownership	2021 Yëóêáîïäåì
ÕÝìëðáßäÑõ	ÒÝÝòëÊÝòÝçïáêðåá!Æ%!#ÑñèñÈåêèÝêà	Finland	14.9	%
Ðáóïäáèâ \$	ÑôâëîàÔëÝàÔëïáÞÝêçÏáèîëïá	ÕëñðäÃâîåßÝ	45	!
Proprietary Limited	ÌëäÝêêáïÞñîã%"ÕëñðäÃâîåßÝ

ÖäáÉîëñìåïßëêïåàáîáàðëäëèàïåãêåĦßÝêðåêħñáêßáëòáîÕÝìëðáßäÑõàáïìåðáäëèàåêãèáïïðäÝêYëâåðïïäÝîáïÞáßÝñïáðäá ÝãîááéáêðñêàáîóäåßäðäáÉîëñìåêòáïðáàåêÕÝìëðáßäÑõìîëòåàáïðäÝððäáÉîëñìäëèàïëêáëâðäáâëñîïáÝðïëêðäáßëéìÝêõĎï ÞëÝîàÖäåïÝèèëóïðäáÉîëñìðëìÝîðåßåìÝðáåêìëèåßõéÝçåêãìîëßáïïáïÝêàäÝòáÝààåðåëêÝèßëêðîëèïëòáîÕÝìëðáßäÑõĎïéÝæëî àáßåïåëêéÝçåêãðäÝðàëêëðÝéëñêððëßëêðîëèÞñðãåòáïåãêåĦßÝêðåêħñáêßá

33.3 Non-controlling interests

ÐëêßëêðîëèèåêãåêðáîáïðïîáìîáïáêððäáìëîðåëêëâðäááíñåðõëâÝïñÞïåàåÝîõêëðÝððîåÞñðÝÞèááåðäáîàåîáßðèõëîåêàåîáßðèõðëðäá ÒÝîáêðÅëéìÝêõÝêàÝîáìîáïáêðáàïáìÝîÝðáèõåêðäáÉîëñìËêßëéáÕðÝðáéáêðÝêàóåðäåêáíñåðõåêðäáÉîëñìÄÝèÝêßáÕäááð àåïðåêãñåïäáàâîëéÒÝîáêðÅëéìÝêõïäÝîáäëèàáîïĎáíñåðõ

ÖäáðëðÝèìîëĦðÝððîåÞñðÝÞèáðëêëêßëêðîëèèåêãåêðáîáïðïâëîðäáõáÝîáêàáàÆáßáéÞáîåïy# éy!\$éëâóäåßä y! éîáèÝðáïðëØáïñòåñïËêàåÝÎåéåðáàyéÖäáìîëĦðÝððîåÞñðÝÞèáðëêëêßëêðîëèèåêãåêðáîáïðïåêîáïìáßðëâðäáÉîëñìĎï other subsidiaries is not considered to be material.

ÐÝéáëâáêðåðõ	ÔáãåïðáîáàÝààîáïï	Jurisdiction	2022 % ownership	2021 Yëóêáîïäåì
ØáïñòåñïËêàåÝÎåéåðáà	Қ ÖÝîÝðÝèÝÔëÝàÍëèçÝðÝ#\$\$ËêàåÝ	India	55.57	55.57
Foseco India Limited	%Ÿ%ÉÝðÕÝêÝïóÝàåÖÝèñçÝÕäåîñî Òñêá \$ËêàåÝ	India	74.98	# %\$
ÈëïáßëÉëèàáêÉÝðá Company Limited	"ÍñêãÛáäêàÔëÝàÒåêãÖñêãÆåïð ÒåêãÖñêã% %ÖÝåóÝê	ÖÝåóÝê	51	51
ÈëïáßëÖäÝåèÝêàžÎåéåðáà	#Ÿ"%êàÈèëëîÑßáÝêÖëóáîÔÝðßäÝàÝìåïáç ÔëÝàÍèëêãðëáõÄÝêãçëçÖäÝåèÝêà	Thailand	74	#
ØáïñòåñïÅáïçÝ ÔáìñÞèåçÝÝï	Òîñéõïèëòƅ#"ÍëêïçƅÖîåêáß#%" ÅöáßäÔáìñÞèåß	Åöáßä ÔáìñÞèåß	60	60

33. Investments in Subsidiaries, Joint Ventures and Associates continued

33.3 Non-controlling interests continued

ÃïóåðäØáïñòåñïìèßÝèèëâðäáÝÞëòáßëéìÝêåáïäÝòáÝÆáßáéÞáîõáÝîáêàÖäáïñééÝîåïáàĦêÝêßåÝèåêâëîéÝðåëêâëî Vesuvius India Limited is presented below:

	2022 £m	2021 £m
Summarised balance sheet
Current assets	105.2	99.4
Current liabilities	(28.8)	(24.9)
Current net assets	76.4	74.5
Non-current assets	26.1	17.0
Non-current liabilities	(2.6)	(2.4)
Non-current net assets	23.5	14.6
Net assets	99.9	89.1
Accumulated NCI	(44.7)	(39.9)
Summarised statement of comprehensive income
Revenue	137.7	102.5
ÒîëĦðÝâðáîðÝô	12.1	6.9
ÒîëĦðÝèèëßÝðáàðëÐÅË	5.4	3.1
Dividends paid to NCI	(0.7)	(0.6)
ÕñééÝîåïáàßÝïäħëóï
ÅÝïäħëóïâîëéëìáîÝðåêãÝßðåòåðåáï	13.8	4.0
ÅÝïäħëóïâîëéåêòáïðåêãÝßðåòåðåáï	(11.6)	(3.1)
ÅÝïäħëóïâîëéĦêÝêßåêãÝßðåòåðåáï	(0.7)	(1.4)
Net increase/decrease in cash and cash equivalents	1.5	(0.5)

34. Related Parties

ÃèèðîÝêïÝßðåëêïóåðäîáèÝðáàìÝîðåáïÝîáßëêàñßðáàëêÝêÝîéĎïèáêãðäÞÝïåïÝêàåêÝßßëîàÝêßáóåðäêëîéÝèÞñïåêáïïðáîéï Transactions between related parties that are Group subsidiaries are eliminated on consolidation.

ÖäáîáèÝðáàìÝîðåáïåàáêðåĦáàÞõðäáÆåîáßðëîïåêßèñàáæëåêðòáêðñîáïÝïïëßåÝðáïÝêàçáõéÝêÝãáéáêðìáîïëêêáè ÖëáêÝÞèáñïáîïëâëñîĦêÝêßåÝèïðÝðáéáêðïðëâëîéÝòåáóëêðäááĪáßðïëâîáèÝðáàìÝîðõîáèÝðåëêïäåìïëêðäáÉîëñì we disclose the related party relationship irrespective of whether there have been transactions between the related parties.

ÖîÝêïÝßðåëêïóåðäæëåêðòáêðñîáïÝêàÝïïëßåÝðáï

ÃèèðîÝêïÝßðåëêïóåðäæëåêðòáêðñîáïÝêàÝïïëßåÝðáïÝîáåêðäáêëîéÝèßëñîïáëâÞñïåêáïïÖîÝêïÝßðåëêïÞáðóááêðäáÉîëñìÝêà åðïæëåêðòáêðñîáïÝêàÝïïëßåÝðáïÝîáàåïßèëïáàÞáèëó

2022 £m	2021 £m
5.3 ÕÝèáïðëæëåêðòáêðñîáï	4.8
32.3 ÒñîßäÝïáïâîëéæëåêðòáêðñîáï	31.5
Purchases from associates	– –
Dividends received 1.3	1.0
6.7 ÖîÝàáìÝõÝÞèáïëóáàðëæëåêðòáêðñîáï	10.3
0.7 ÖîÝàáîáßáåòÝÞèáïàñáâîëéæëåêðòáêðñîáï	1.3

ÖîÝàáìÝõÝÞèáïëóáàðëæëåêðòáêðñîáïÝîáïáððèáàêáðëâðîÝàáîáßáåòÝÞèáïàñáâîëéæëåêðòáêðñîáï"àÝõïÝâðáîðäáàáèåòáîõ ëâãëëàïëîïáîòåßáïÖäáîáÝîáêëèëÝêïðëÝêàâîëéæëåêðòáêðñîáï

Notes to the Group Financial Statements continued

34. Related Parties continued

ÖîÝêïÝßðåëêïóåðäçáõéÝêÝãáéáêðìáîïëêêáè

ÖäáîáäÝòáÞááêêëðîÝêïÝßðåëêïóåðäçáõéÝêÝãáéáêðìáîïëêêáèëâðäáÉîëñìëðäáîðäÝêðäáÆåîáßðëîïĎîáéñêáîÝðåëê

Directors' remuneration is disclosed in Note 8 to the Group Financial Statements and in the Directors' Remuneration Report.

ÖîÝêïÝßðåëêïóåðäëðäáîîáèÝðáàìÝîðåáï

ÖäáîáÝîáêëßëêðîëèèåêãïäÝîáäëèàáîïëâðäáÉîëñìÝïàáĦêáàÞõËÈÔÕÖäáîáäÝòáÞááêêëéÝðáîåÝèðîÝêïÝßðåëêïóåðäðäá shareholders of the Group.

Pension contributions to Group schemes are disclosed in Note 26 to the Group Financial Statements.

Other than the parties disclosed above, the Group has no other material related parties.

35. Events after the Balance Sheet date

ÅõÞáîåêßåàáêð

ÙáåêâëîéáàðäáéÝîçáðëê"ÈáÞîñÝîõðäÝðóáäÝàïñĪáîáàÝßõÞáîïáßñîåðõåêßåàáêðËêëîàáîðëßëêðÝåêðäáðäîáÝðóá òëèñêðÝîåèõïäñðàëóêëñîïõïðáéïëêÝìîáßÝñðåëêÝîõÞÝïåïÆñîåêãðäåïìáîåëàëñîïåðáïåêïðåãÝðáàéÝêñÝèìîëßáàñîáïÝêàóëîç ÝîëñêàïðëéÝåêðÝåêìîëàñßðåëêïäåììåêãÝêàåêòëåßåêãóäåßäéåêåéåïáàðäáàåïîñìðåëêÖäáåêåðåÝèìáîåëàëâàåïîñìðåëêäÝïÞááê ïäëîðÝêàÝèèïåãêåĦßÝêðïõïðáéïÝîáêëóâñèèõëìáîÝðåëêÝèÖäáîáäÝïÞááêêëåéìÝßðëêðäáĦêÝêßåÝèîáïñèðïîáìëîðáàâëîðäáõáÝî áêàáàÆáßáéÞáîÝêàóááôìáßððäÝððäáåéìÝßðëêðäáĦêÝêßåÝèîáïñèðïóåèèêëðÞáéÝðáîåÝè

Company Balance Sheet

As at 31 December 2022

	2022 total	2021 total
Notes	£m	£m
Fixed assets
Investments 7	1,778.0	1,778.0
ÖëðÝèĦôáàÝïïáðï	1,778.0	1,778.0
Current assets
Debtors – amounts falling due within one year	4.6	4.7
Cash at bank and in hand	–	–
Total current assets	4.6	4.7
Creditors – amounts falling due within one year
Bank loans and overdraft	(0.2)	–
Other creditors including taxation and social security 8	(1,012.5)	(979.8)
Net current liabilities	(1,008.1)	(975.1)
Total assets less current liabilities	769.9	802.9
Net assets	769.9	802.9
Equity capital and reserves
Called up share capital 9	27.8	27.8
Retained earnings 9	742.1	775.1
Total shareholders' funds	769.9	802.9

Company number 8217766

Under Section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own Income Statement. ÆñîåêãðäáÅëéìÝêõîáßëãêåïáàÝìîëĦðëây"%éy#éìîëĦð

The Financial Statements on pages 219 to 226 were approved and authorised for issue by the Directors on 2 March 2023 and ïåãêáàëêðäáåîÞáäÝèâÞõ

Patrick André Chief Executive

Company Statement of Changes in Equity

For the year ended 31 December 2022

	Notes	Called up share capital £m	Retained earnings £m	Total shareholders' funds £m
As at 1 January 2021		27.8	795.9	823.7
Comprehensive income recognised for the year		–	32.7	32.7
Recognition of share-based payments	10	–	3.1	3.1
Purchase of ESOP shares		–	(1.1)	(1.1)
Dividend paid	6	–	(55.5)	(55.5)
As at 31 December 2021		27.8	775.1	802.9
As at 1 January 2022		27.8	775.1	802.9
Comprehensive income recognised for the year		–	26.9	26.9
Recognition of share-based payments	10	–	5.1	5.1
Purchase of ESOP shares		–	(6.9)	(6.9)
Dividend paid	6	–	(58.1)	(58.1)
As at 31 December 2022		27.8	742.1	769.9

Notes to the Company Financial Statements

1. General Information

Vesuvius plc ('Vesuvius' or 'the Company') is a public company limited by shares. It is incorporated and domiciled in England ÝêàÙÝèáï×êåðáàÍåêãàëéÝêàèåïðáàëêðäáÎëêàëêÕðëßçÇôßäÝêãáÖäáêÝðñîáëâðäáßëéìÝêõåïÝäëèàåêãßëéìÝêõ ÖäáÝààîáïïëâåðïîáãåïðáîáàëĨßáåï"!ÈèááðÕðîááðÎëêàëêÇÅ ÃÃÇ

2. Basis of Preparation

2.1 Basis of accounting

ÖäáĦêÝêßåÝèïðÝðáéáêðïëâðäáÅëéìÝêõäÝòáÞááêìîáìÝîáàåêÝßßëîàÝêßáóåðäÈåêÝêßåÝèÔáìëîðåêãÕðÝêàÝîàÔáàñßáà ÆåïßèëïñîáÈîÝéáóëîçÈÔÕÝêàðäáÅëéìÝêåáïÃßð"ÝïÝììèåßÝÞèáðëßëéìÝêåáïñïåêãÈÔÕÖäáĦêÝêßåÝè statements have been prepared under the historical cost convention.

The results of the Company are included in the preceding Group Financial Statements.

ËêðäáïáĦêÝêßåÝèïðÝðáéáêðïðäáÅëéìÝêõäÝïÝììèåáàðäááôáéìðåëêïÝòÝåèÝÞèáñêàáîÈÔÕåêîáïìáßðëâðäá âëèèëóåêãàåïßèëïñîáï

ÃßÝïäħëóïðÝðáéáêðÝêàîáèÝðáàêëðáïËÃÕìÝîÝàÝêàËÃÕ#
ÆåïßèëïñîáïåêîáïìáßðëâßÝìåðÝèéÝêÝãáéáêðÝêàĦêÝêßåÝèåêïðîñéáêðïËÃÕìÝîÝï "ÝêàËÈÔÕ#
Disclosures in respect of related party transactions with wholly owned members of the Vesuvius plc Group (IAS 24)
Disclosures in respect of the compensation of key management personnel (IAS 24 para 17)
Disclosures in respect of fair value measurements (IFRS 13 paras 91–99)
ÖäááĪáßðïëâêáóÞñðêëðõáðáĪáßðåòáËÈÔÕïËÃÕ\$ìÝîÝï

×êàáîÕáßðåëê \$ëâðäáÅëéìÝêåáïÃßð"ðäáÅëéìÝêõåïáôáéìðâîëéðäáîáíñåîáéáêððëìîáïáêðåðïëóêìîëĦðÝêà loss account.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these ĦêÝêßåÝèïðÝðáéáêðï

2.2 Going concern

The Directors have a reasonable expectation that the Group and the Company have adequate resources to continue in ëìáîÝðåëêÝèáôåïðáêßáâëîÝìáîåëàëâÝðèáÝïðéëêðäïâîëéðäáàÝðáëâÝììîëòÝèëâðäáïáĦêÝêßåÝèïðÝðáéáêðïàåïßèëïáàåê ÐëðáðëðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðïÝêàðäÝððäáîáåïêëéÝðáîåÝèñêßáîðÝåêðõåêîáïìáßðëâãëåêãßëêßáîêÖäáêáðßñîîáêð èåÝÞåèåðåáïÝîáàñáðëÝéëñêðïëóáàðëïñÞïåàåÝîõñêàáîðÝçåêãïðäáîáâëîáðäáÆåîáßðëîïàëêëðÞáèåáòáðäÝððäáõóåèèÝĪáßððäá Company's ability to continue in operational existence. Accordingly, they continue to adopt a going concern basis in preparing ðäáĦêÝêßåÝèïðÝðáéáêðïëâðäáÉîëñìÝêàðäáÅëéìÝêõ

2.3 Accounting policy

Taxation

Both current and deferred tax are calculated using tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date.

Current tax payable is based on the taxable result for the year. Deferred taxation is recognised, without discounting, in respect ëâÝèèðáéìëîÝîõàåĪáîáêßáïðäÝðäÝòáëîåãåêÝðáàÞñðêëðîáòáîïáàÝððäáÞÝèÝêßáïäááðàÝðáóåðäðäááôßáìðåëêðäÝðàáâáîîáà ðÝôÝðåëêÝïïáðïÝîáëêèõîáßëãêåïáàåâåðåïßëêïåàáîáàéëîáèåçáèõðäÝêêëððäÝððäáîáóåèèÞáïñåðÝÞèáâñðñîáìîëĦðïâîëéóäåßäðäá îáòáîïÝèëâðäáñêàáîèõåêãðáéìëîÝîõàåĪáîáêßáïßÝêÞáàáàñßðáàÒîëòåïåëêåïéÝàáâëîðäáðÝôðäÝðóëñèàÝîåïáëêîáéåððÝêßá ëâðäáîáðÝåêáàáÝîêåêãïëâëòáîïáÝïïñÞïåàåÝîåáïëêèõðëðäááôðáêððäÝðÝððäáÞÝèÝêßáïäááðàÝðáàåòåàáêàïäÝòáÞááêÝßßîñáà as receivable. All other accounting policies are set out within the respective notes.

Notes to the Company Financial Statements continued

3. Critical Accounting Judgements and Estimates

Impairment of investment in subsidiaries and other companies (estimate and judgement)

For the below estimate, the Group does not have any key assumptions concerning the future, or other key sources of estimation ñêßáîðÝåêðõåêðäáîáìëîðåêãìáîåëàðäÝðÝîáîáÝïëêÝÞèõáôìáßðáàðëäÝòáÝïåãêåĦßÝêðîåïçëâßÝñïåêãÝéÝðáîåÝèÝàæñïðéáêððëðäá ßÝîîõåêãÝéëñêðïëâÝïïáðïèåÝÞåèåðåáïóåðäåêðäáêáôðĦêÝêßåÝèõáÝîÐëêáðäáèáïïðäåïáïðåéÝðáäÝïðäáìëðáêðåÝèðëéÝðáîåÝèèõòÝîõ over time and is therefore highlighted.

The Company assesses its investments in subsidiaries and other companies for impairment shortly before the Company's year-end or whenever events or changes in circumstances indicate that the recoverable amount of the investment could be less than the carrying amount of the investment. If this is the case, the investment is considered to be impaired and is written down to its recoverable amount. Judgement is required in the determination of the recoverable amount as the Company evaluates various âÝßðëîïîáèÝðáàðëðäáëìáîÝðåëêÝèÝêàĦêÝêßåÝèìëïåðåëêëâðäáîáèáòÝêðåêòáïðááÞñïåêáïïÝììîëìîåÝðáàåïßëñêðåêãÝêàèëêãðáîé growth rates. The annual investment impairment test is described in Note 7.3 below.

ÇéìèëõááÄáêáĦðïÇôìáêïá

2022 £m	2021 £m
3.3 ÙÝãáïÝêàïÝèÝîåáï	2.8
Social security costs 0.5	0.4
Share-based payments 0.7	0.1
4.5 ÖëðÝèáéìèëõááÞáêáĦðïáôìáêïá	3.3

ÖäáðëðÝèÝòáîÝãáêñéÞáîëâáéìèëõááïâëîóÝïÃïÝðÆáßáéÞáîðäáÅëéìÝêõäÝàáéìèëõááï

Details of the Directors' remuneration are disclosed in the Directors' Remuneration Report on pages 116 to 143.

5. Audit and Non-Audit Fees

ÃéëñêðïìÝõÝÞèáðëÒîåßáóÝðáîäëñïáÅëëìáîïÎÎÒåêîáèÝðåëêðëÝñàåðÝêàêëêÝñàåðâááïÝîáàåïßèëïáàóåðäåêÐëðá"ðëðäáÉîëñì Financial Statements.

6. Dividend Paid

	2022 £m	2021 £m
Amounts recognised as dividends and paid to equity shareholders during the year
Final dividend for the year ended 31 December 2020 of 14.3p per ordinary share	–	38.7
Interim dividend for the year ended 31 December 2021 of 6.2p per ordinary share	–	16.8
Final dividend for the year ended 31 December 2021 of 15.0p per ordinary share	40.5	–
Interim dividend for the year ended 31 December 2022 of 6.5p per ordinary share	17.6	–
	58.1	55.5

ÃìîëìëïáàĦêÝèàåòåàáêàâëîðäáõáÝîáêàáàÆáßáéÞáîëây éy !éáíñåòÝèáêððë!#!ìáêßá !ìáêßáìáîëîàåêÝîõïäÝîáåïïñÞæáßððëÝììîëòÝèÞõïäÝîáäëèàáîïÝððäáÅëéìÝêõĎïÃêêñÝèÉáêáîÝèÏááðåêãëê \$ÏÝõÝêàäÝïêëðÞááêåêßèñàáàÝïÝèåÝÞåèåðõåêðäáïáĦêÝêßåÝèïðÝðáéáêðïËâÝììîëòáàÞõïäÝîáäëèàáîïðäáàåòåàáêà will be paid on 31 May 2023 to holders of ordinary shares on the register on 21 April 2023.

7. Investments

7.1 Accounting policy

ÕäÝîáïåêïñÞïåàåÝîåáïÝïïëßåÝðáïÝêàæëåêðòáêðñîáïÝîáïðÝðáàÝðßëïðèáïïÝêõåéìÝåîéáêðåêòÝèñáËéìÝåîéáêðåïÝïïáïïáàåê accordance with Note 17.1 to the Group Financial Statements.

7.2 Analysis of investments

	Shares in subsidiaries £m
As at 1 January 2022 and 31 December 2022	1,778.0

ÖäáïñÞïåàåÝîåáïæëåêðòáêðñîáïÝêàÝïïëßåÝðáïëâØáïñòåñïìèßðäáåîßëñêðîõëâåêßëîìëîÝðåëêÝêàìáîßáêðÝãáëóêáîïäåìÝîáïáð ëñðåêÐëðáðëðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðïÙåðäðäááôßáìðåëêëâØáïñòåñïÊëèàåêãïÎåéåðáàóäëïáëîàåêÝîõïäÝîáßÝìåðÝè was directly held by Vesuvius plc, the ordinary share capital of the other companies was owned by a Vesuvius plc subsidiary as at 31 December 2022.

7.3 Impairment of investment in subsidiaries, associates and joint ventures

The Group carried out its investment impairment test as at 31 October 2022. The recoverable amount of the investment exceeded åðïßÝîîõåêãòÝèñáðäáîáâëîáêëåéìÝåîéáêðßäÝîãáïäÝòáÞááêîáßëãêåïáàÐëâñîðäáîåéìÝåîéáêðåêàåßÝðëîïóáîáåàáêðåĦáàñìðë 31 December 2022.

ÖäáßÝïäħëóìîáàåßðåëêïÝîáÞÝïáàëêĦêÝêßåÝèÞñàãáðïÝêàïðîÝðáãåßìèÝêïÝììîëòáàÞõðäáÄëÝîàÖäáïáÝïïñéáÝèáòáèëâ îáòáêñáÝêàìîëĦðïóäåßäÝîáÞÝïáàëêÞëðäìÝïðìáîâëîéÝêßáÝêàáôìáßðÝðåëêïâëîâñðñîáéÝîçáðàáòáèëìéáêðÝêàðÝçáåêðë ÝßßëñêððäáßõßèåßÝèåðõëâðäáÞñïåêáïïåêóäåßäðäáÉîëñìëìáîÝðáïËêÝïïáïïåêãðäáßÝïäħëóïëâðäáÒÝîáêðĎïåêòáïðéáêðåêåðï subsidiaries, the amounts payable by the Parent to subsidiaries are also taken into account. A sensitivity analysis was carried out using reasonably possible changes to the key assumptions set out in Note 17.2 to the Group Financial Statements. No scenarios of åéìÝåîéáêðóáîáåàáêðåĦáà

8. Other Creditors including Taxation and Social Security

	2022 £m	2021 £m
Amounts owed to subsidiary undertakings	1,009.8	977.4
Accruals and other creditors	2.7	2.4
Total amounts falling due within one year	1,012.5	979.8

ËêðáîáïðëêðäáèëÝêâîëéÝêëðäáî×ÍßëéìÝêõóåðäåêðäáØáïñòåñïÉîëñìåïßäÝîãáàÝðÄÝêçëâÇêãèÝêàÞÝïáîÝðáYÝêàðäá balance is repayable on demand.

9. Called Up Share Capital and Retained Earnings

9.1 Accounting policy

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

9.2 Analysis of called up share capital

The allotted, issued and fully paid ordinary share capital of the Company as at 1 January 2022 and 31 December 2022 was #\$ \$!#ïäÝîáïëâyáÝßä### ### ïäÝîáïëâyáÝßäóáîáäáèàåêÖîáÝïñîõÝêàðäáîáâëîáßÝîîõ no right to receive dividends or other distributions and have no voting rights. The total number of shares with rights including in relation to voting at General Meetings of the Company, distribution of dividends and repayment of capital voting and dividend îåãäðïåï#\$%#ÝêàÝèèïäÝîáäëèàáîïáêæëõðäáïÝéáîåãäðïåêîáèÝðåëêðëðäáïáïäÝîáïËêßèñàáàåêðäåïêñéÞáîÝîá ! \$\$ \$!"ïäÝîáïäáèàÞõðäáØáïñòåñïÉîëñìáéìèëõááïäÝîáëóêáîïäåììèÝêðîñïðÇÕÑÒÝêàðäáÇÕÑÒáèáßðïðëóÝåòá the right to receive dividends on these shares.

9.3 Distributable reserves

ÖäáÅëéìÝêõäÝààåïðîåÞñðÝÞèáîáïáîòáïåêáôßáïïëây#éÝïÝðÆáßáéÞáîåêáôßáïïëây#"!éïñÞæáßððëĦèåêã ðäáïáĦêÝêßåÝèïðÝðáéáêðïóåðäÅëéìÝêåáïÊëñïáÙäáêéÝçåêãÝàåïðîåÞñðåëêðëïäÝîáäëèàáîïðäáÆåîáßðëîïàáðáîéåêáìîëĦðï ÝòÝåèÝÞèáâëîàåïðîåÞñðåëêÞõîáâáîáêßáðëãñåàÝêßáëêîáÝèåïáàÝêààåïðîåÞñðÝÞèáìîëĦðïñêàáîðäáÅëéìÝêåáïÃßð"åïïñáàÞõ ðäáËêïðåðñðáëâÅäÝîðáîáàÃßßëñêðÝêðïåêÇêãèÝêàÝêàÙÝèáïÝêàðäáËêïðåðñðáëâÅäÝîðáîáàÃßßëñêðÝêðïëâÕßëðèÝêàåêÃìîåè# ÖäáìîëĦðïëâðäáÅëéìÝêõäÝòáÞááêîáßáåòáàåêðäáâëîéëâàåòåàáêàïâîëéïñÞïåàåÝîåáïÝêàðäîëñãäßëñîðÝììîëòáàßÝìåðÝè îáàñßðåëêÖäáÝòÝåèÝÞåèåðõëâàåïðîåÞñðÝÞèáîáïáîòáïåêðäáÅëéìÝêõåïàáìáêàáêðëêðäëïáàåòåàáêàïéááðåêãðäáàáĦêåðåëêëâ qualifying consideration within the guidance and on available cash resources of the Group and other accessible sources of funds. ÖäáàåïðîåÞñðÝÞèáîáïáîòáïÝîáïñÞæáßððëÝêõâñðñîáîáïðîåßðåëêïëîèåéåðÝðåëêïÝððäáðåéáïñßäàåïðîåÞñðåëêåïéÝàá

Notes to the Company Financial Statements continued

10. Recognition of Share-based Payments

10.1 Accounting policy

The Company operates an equity-settled share-based payment arrangement for its employees. Equity-settled share-based payments are measured at fair value at the date of grant. For grants with market-based conditions attached to them, such as total shareholder return, fair value is measured using a form of stochastic option pricing model. For grants with non-market-based conditions, such as growth in return on invested capital (ROIC), environmental, social and governance criteria (ESG) and headline earnings per share (EPS), fair value is measured using the Black-Scholes option pricing model. The fair value is expensed on a ïðîÝåãäðèåêáÞÝïåïëòáîðäáòáïðåêãìáîåëàóåðäÝßëîîáïìëêàåêãåêßîáÝïáåêáíñåðõÖäáßñéñèÝðåòááôìáêïáîáßëãêåïáàåïÝàæñïðáà for the best estimate of the shares that will eventually vest.

The Company recharges its subsidiaries for the IFRS 2 expense relating to their employees on an annual basis.

ÒîëĦðÝêàèëïïÝßßëñêðîáßëãêåðåëê

ÖäáÅëéìÝêõëìáîÝðáïÝêñéÞáîëâàåĪáîáêðïäÝîáÞÝïáàìÝõéáêðïßäáéáïðäáéÝåêâáÝðñîáïëâóäåßäÝîáàáðÝåèáàåêðäá ÆåîáßðëîïĎÔáéñêáîÝðåëêÔáìëîðÝêàÐëðá#ðëðäáÉîëñìÈåêÝêßåÝèÕðÝðáéáêðïÃðëðÝèëây#éóÝïßäÝîãáàðëðäáìîëĦðÝêà èëïïÝßßëñêðåêðäáõáÝîóåðäîáãÝîàðëïäÝîáÞÝïáàìÝõéáêðïyé

10.3 Details of outstanding options

	Number of outstanding awards						Awards exercisable	Range of
	As at 1 Jan 2022	Granted	Exercised	Forfeited/	lapsed Expired	As at 31 Dec 2022	as at 31 Dec 2022	life of awards years	exercise prices pence
ÎÖËÒ	1,200,584 551,242		nil	(327,560)		nil 1,424,266	–	8.3	n/a
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil	–		n/a
Other plans		76,586 121,442	(48,674)	nil	nil	149,354	–	1.9	n/a
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil	–		n/a

For the awards exercised during 2022, the market value at the date of exercise was 395.5 pence per share.

				Number of outstanding awards			Awards exercisable	Ùáåãäðáà average outstanding contractual life of	Range of exercise
	As at 1 Jan 2021	Granted	Exercised	Forfeited/	lapsed Expired	As at 31 Dec 2021	as at 31 Dec 2021	awards years	prices pence
ÎÖËÒ	1,110,699 391,786			(5,955) (295,946)		nil 1,200,584	–	8.3	n/a
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil	–		n/a
Other plans	89,309	15,523	(28,246)	nil	nil	76,586	–	0.8	n/a
ÙáåãäðáàÝòáîÝãááôáîßåïáìîåßá	nil	nil	nil	nil	nil	nil	–		n/a

For options exercised during 2021, the market value at the date of exercise was 531 pence per share.

Details of market performance conditions are included in the Directors' Remuneration Report.

As at 31 December 2022, the total options exercisable by all Group employees over the £0.10 ordinary shares and capable of ÞáåêãïÝðåïĦáàðäîëñãäêáóÝèèëðéáêðïëâïäÝîáïëîðäîëñãäïäÝîáïäáèàÞõðäáÅëéìÝêõĎïÇÕÑÒóáîáÝïâëèèëóï

2022	Years of award/grant	Option prices	ÎÝðáïðõáÝî of exercise/ vesting	Number of options/ allocations outstanding
ÎëêãšÖáîéËêßáêðåòáÒèÝê	2020–2022	nil	2032	1,424,266
Deferred Share Bonus Plan	2020–2022	nil	2025	149,354

10. Recognition of Share-based Payments continued

10.3 Details of outstanding options continued

ÈÝåîòÝèñáëâëìðåëêïãîÝêðáàñêàáîðäáÎÖËÒàñîåêãðäáõáÝî

	2022		2021
	ROIC/ESG element	TSR element	EPS element	TSR element
Fair value of options granted	385p	217p	538p	340p
Share price on date of grant	385p	385p	538p	538p
Expected volatility	n/a	39.3%	n/a	%Y
Risk-free interest rate	n/a	1.3%	n/a	Y
Exercise price (per share)	nil	nil	nil	nil
Expected term (years)	3	3	3	3
Expected dividend yield	nil	nil	nil	nil

ÈëîðäáÎÖËÒÝóÝîàïåïïñáàåêÝêàòáïðåêãëâ!YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêðäáÉîëñìĎïðäîááõáÝîðëðÝè shareholder return (TSR) performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts) ÝêàòáïðåêãëâðäáîáéÝåêåêã!YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêäáÝàèåêáÇÒÕãîëóðä

ÈëîðäáÎÖËÒÝóÝîàïåïïñáàåêòáïðåêãëâ YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêðäáÉîëñìĎïðäîááõáÝîðëðÝèïäÝîáäëèàáîîáðñîê (TSR) performance relative to that of the constituent companies of the FTSE 250 (excluding investment trusts) and vesting of the îáéÝåêåêã"YëâïäÝîáïÝóÝîàáàåïÞÝïáàëêÔÑËÅÝêàÇÕÉðÝîãáðï

Expected volatility was determined by calculating the historical volatility of the Group's share price over the 2.8 years \$õáÝîïìîåëîðëðäáãîÝêðàÝðáâëîðäáÏÝîßäãîÝêðÖäáîåïçâîááîÝðáëâîáðñîêóÝïÝïïñéáàðëÞáðäáõåáèàðë éÝðñîåðõëêÝ×ÍĦôáàãåèðóåðäðäáðáîéðëéÝðñîåðõáíñÝèðëðäááôìáßðáàèåâáëâðäáëìðåëêÃððäáàåïßîáðåëêëâðäáÔáéñêáîÝðåëê Committee, award holders receive the value of dividends that would have been paid on their vested shares in the period between grant and vesting. Accordingly, there is no discount to the valuation for dividends foregone during the vesting period.

11. Contingent Liabilities

ÙäáîáðäáÅëéìÝêõáêðáîïåêðëĦêÝêßåÝèãñÝîÝêðááßëêðîÝßðïðëãñÝîÝêðááðäáåêàáÞðáàêáïïëâëðäáîßëéìÝêåáïóåðäåêåðï Group, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee. Guarantees provided by the Company as at 31 December åêîáïìáßðëâðäáèåÝÞåèåðåáïëâåðïïñÞïåàåÝîõßëéìÝêåáïÝéëñêðáàðëy\$"!éy \$\$éóäåßäåêßèñàáïãñÝîÝêðááï ëâw "é{%\$éÝêày\$éw "é{%\$éÝêày\$éåêîáïìáßðëâ×ÕÒîåòÝðáÒèÝßáéáêðÎëÝêÐëðáïy"!é y#"%éåêîáïìáßðëâàîÝóåêãïñêàáîðäáïõêàåßÝðáàÞÝêçâÝßåèåðõyêåèy%éåêîáïìáßðëâÝãñÝîÝêðááìîëòåàáàðë ðäáÅëéìÝêõĎï×ÍïñÞïåàåÝîõóäåßäÝßðïÝïÖîñïðááâëîðäáÉîëñìĎï×ÍìáêïåëêìèÝêyéy"éåêîáïìáßðëâãñÝîÝêðááï åïïñáàðëßáîðÝåêÞÝêçïßëòáîåêãðäáåîáôìëïñîáëêàáîåòÝðåòáßëêðîÝßðïãëòáîêáàÞõËÕÆÃÝãîááéáêðïÝêàyêåè éåê respect of overdraft facilities utilised by certain of the Company's subsidiary companies.

ØáïñòåñïäÝïáôðáêïåòáåêðáîêÝðåëêÝèëìáîÝðåëêïÝêàåïïñÞæáßððëòÝîåëñïèáãÝèÝêàîáãñèÝðëîõîáãåéáïåêßèñàåêãðäëïáßëòáîåêã taxation and environmental matters. Several of the Company's subsidiaries are parties to legal proceedings, certain of which are insured claims arising in the ordinary course of the operations of the company involved, and are aware of a number of issues óäåßäÝîáëîéÝõÞáðäáïñÞæáßðëâàåïìñðáóåðäðÝôÝñðäëîåðåáïÙäåèïððäáëñðßëéáëâèåðåãÝðåëêÝêàëðäáîàåïìñðáïßÝêêáòáî be predicted with certainty, having regard to legal advice received and the insurance arrangements of the Company and its subsidiaries, the Directors believe that none of these matters will, either individually or in the aggregate, have a materially adverse áĪáßðëêðäáÅëéìÝêõĎïĦêÝêßåÝèßëêàåðåëêëîîáïñèðïëâëìáîÝðåëêï

Notes to the Company Financial Statements continued

12. Related Parties

All transactions with related parties are conducted on an arm's-length basis and in accordance with normal business terms. Transactions between related parties that are wholly owned Company subsidiaries are not disclosed in this Note.

ÖäáîáèÝðáàìÝîðåáïåàáêðåĦáàÞõðäáÆåîáßðëîïåêßèñàáæëåêðòáêðñîáïÝïïëßåÝðáïÝêàçáõéÝêÝãáéáêðìáîïëêêáèÖëáêÝÞèá ñïáîïëâëñîĦêÝêßåÝèïðÝðáéáêðïðëâëîéÝòåáóëêðäááĪáßðïëâîáèÝðáàìÝîðõîáèÝðåëêïäåìïëêðäáÅëéìÝêõóáàåïßèëïáðäá related party relationship, irrespective of whether there have been transactions between the related parties.

Transactions with joint ventures and associates

ÃèèðîÝêïÝßðåëêïóåðäæëåêðòáêðñîáïÝêàÝïïëßåÝðáïÝîáåêðäáêëîéÝèßëñîïáëâÞñïåêáïïÈñîðäáîàáðÝåèïëâæëåêðòáêðñîáïÝêà associates are included in Note 33 to the Group Financial Statements.

Transactions with key management personnel

There have been no transactions with key management personnel of the Company other than the Directors' remuneration.

Directors' remuneration is disclosed in the Annual Report on Directors' Remuneration.

Transactions with other related parties

ÖäáîáÝîáêëßëêðîëèèåêãïäÝîáäëèàáîïëâðäáÅëéìÝêõÝïàáĦêáàÞõËÈÔÕÖäáîáäÝòáÞááêêëéÝðáîåÝèðîÝêïÝßðåëêïóåðäðäá shareholders of the Company.

Pension contributions are disclosed in Note 26 to the Group Financial Statements.

Other than the parties disclosed above, the Company has no other material related parties.

Five-Year Summary: Divisional Results from Continuing Operations

		2022	2021	2020	2019	2018
Steel Division
Revenue	£m	1,496.4	1,171.5	1,045.4	1,195.3	1,236.7
ÖîÝàåêãìîëĦð	£m	172.7	102.0	76.4	120.1	128.3
Return on sales	Y	11.5	8.7	7.3	10.0	10.4
ÇéìèëõááïõáÝîšáêà	no.	8,719	8,323	7,619	7,677	7,766
Foundry Division
Revenue	£m	551.0	471.4	412.9	515.1	561.3
ÖîÝàåêãìîëĦð	£m	54.5	40.4	25.0	61.3	68.9
Return on sales	Y	9.9	8.6	6.1	11.9	12.3
ÇéìèëõááïõáÝîšáêà	no.	2,415	2,881	2,735	2,819	3,043

Shareholder Information (Unaudited)

Enquiries

The share register is managed by Equiniti, who can be contacted if you have any Vesuvius shareholding queries.

Equiniti Limited Aspect House, Spencer Road Lancing, West Sussex, BN99 6DA United Kingdom

Telephone* 0371 384 2335 (UK only) +44 371 384 2335 (Outside the UK)

Website: www.shareview.co.uk

Email: [email protected]

For the hard of hearing, Equiniti can also be contacted using the Relay UK website at www.relayuk.bt.com

Any shareholder enquiries not related to the share register should be sent by email to [email protected] or ÞõèáððáîðëðäáÅëéìÝêõÕáßîáðÝîõÝððäáîáãåïðáîáàëĨßá

ÔáãåïðáîáàÑĨßáÝêàÉîëñìÊáÝàÑĨßá

Vesuvius plc 165 Fleet Street London EC4A 2AE United Kingdom

Telephone: +44 (0)20 7822 0000

Registered in England and Wales No. 8217766 LEI: 213800ORZ521W585SY02

Vesuvius Website

Shareholder and other information about the Company, including details of the current and historical share price, can be accessed on the Vesuvius website: www.vesuvius.com.

You can view the online Annual Report 2022 on the website.

Shareview and Electronic Communication

Equiniti's website, www.shareview.co.uk, enables shareholders to register online to view details of their shareholdings. To access online information on your shareholding, you will require your shareholder reference number, which can be found at the top ëâõëñîïäÝîáßáîðåĦßÝðáëîëêõëñîàåòåàáêàßëêĦîéÝðåëê The Shareview website provides answers to frequently asked questions and information useful for the management of investments, including indicative share valuations and dividend payment details.

Shareholders can register on Shareview to receive shareholder communications electronically, including the Company's Annual Report and Financial Statements, rather than receiving them in paper form. The registration process requires shareholders to input their shareholder reference number. To receive shareholder communications in electronic form, shareholders should select 'email' as their mailing preference. Once registered, shareholders will receive an email notifying them each time a shareholder communication has been published on the Vesuvius website.

Share Dealing Service

The Company's shares can be traded through most banks, building societies or stockbrokers. UK resident shareholders can also buy and sell shares by telephone or online using Equiniti's Shareview dealing service.

Telephone 0345 603 7037 between 8.00 am and 4.30 pm on any business day (excluding public holidays in England and Wales).

Website: www.shareview.co.uk/dealing

The shareholder reference number (at the top of your share ßáîðåĦßÝðáëîëêõëñîàåòåàáêàßëêĦîéÝðåëêåïîáíñåîáàðëñïá the dealing service.

ÕäÝîáÉåâð

ShareGift, the charity share donation scheme, is a free service for shareholders wishing to give shares to a wide range of UK charitable causes. It is particularly useful for those shareholders who may wish to dispose of a small quantity of shares in a charitable way where the market value makes it uneconomic to sell on a commission basis. Further information can be obtained from ShareGift.

Telephone: +44 (0)20 7930 3737

Website: www.sharegift.org

Email: [email protected]

Dividend Reinvestment Plan

ÇíñåêåðåëĪáîïÝàåòåàáêàîáåêòáïðéáêðìèÝêðäîëñãäóäåßä shareholders can use their Vesuvius cash dividends to buy additional shares in Vesuvius. Further details, including how to sign up and the terms and conditions of the plan, are available from the Share Dividend Helpline.

Telephone* : 0371 384 2335 (or +44 371 384 2335 if calling from outside the UK)

Website: www.shareview.co.uk

Overseas Payment Service

Equiniti provides a dividend payment service in over 90 countries that automatically converts dividend payments into local currency and pays the funds into a shareholder's bank account. Further details, including an application form and the terms and conditions of the service, are available from Equiniti.

Telephone* : +44 371 384 2335

Website: www.shareview.co.uk

By post: Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom

Please quote Overseas Payment Service, the Company's name and your shareholder reference number.

Financial Calendar

2023 Annual General Meeting Thursday 18 May 2023

* Lines are open Monday to Friday 8.30 am to 5.30 pm (excluding public holidays in England and Wales).

Analysis of Ordinary Shareholders

	Investor type			Shareholdings
As at 31 December 2022	Private	Institutional and other	Total	1–1,000	1,001– 50,000	50,001– 500,000	500,001+
Number of holders	2,340	466	2,806	2,171	444	122	69
Percentage of holders	83.39%	16.61%	100%	77.37%	15.82%	4.35%	2.46%
Percentage of shares held	0.50%	99.50%	100%	0.11%	1.42%	7.01%	91.46%

Share Fraud – Spot the Warning Signs

Investment scams are designed to look like genuine investments.

Have you been…

Contacted out of the blue
Promised tempting returns and told the investment is safe
Called repeatedly
ÖëèàðäáëĪáîåïëêèõÝòÝåèÝÞèáâëîÝèåéåðáàðåéá

If so, you might have been contacted by fraudsters.

ÊëóðëÃòëåàÕäÝîáÈîÝñà

1. Reject cold calls

If you have been contacted by telephone, email or post, or via a ðäåîàìÝîðõëîÝðÝïáéåêÝîëîáôäåÞåðåëêóåðäÝêëĪáîðëÞñõëîïáèè shares, the chances are that it's a high-risk investment or a scam. ÛëñïäëñèàðîáÝðÝêõëĪáîóåðäáôðîáéáßÝñðåëêÖäáïÝâáïððäåêã to do is to ignore the approach and if you were contacted by phone to hang up on the call.

ÅäáßçåâðäáĦîéåïÝñðäëîåïáàÞõðäáÈåêÝêßåÝèÅëêàñßð Authority (FCA) and recorded on the Financial Services register at https://register.fca.org.uk/

ÖäáÈåêÝêßåÝèÕáîòåßáïÔáãåïðáîåïÝìñÞèåßîáßëîàëâÝèèðäáĦîéï ÝêàåêàåòåàñÝèïåêðäáĦêÝêßåÝèïáîòåßáïåêàñïðîõðäÝðÝîáëîäÝòá been, regulated by the Prudential Regulation Authority and/or ðäáÈÅÃËâðäáîáÝîáêëßëêðÝßðàáðÝåèïëêðäáÔáãåïðáîëîåâðäáĦîé claims the Register is out of date, call the FCA Consumer Helpline on 0800 111 6768.

ËâõëñĎîáàáÝèåêãóåðäÝêëòáîïáÝïĦîéõëñïäëñèàßäáßçóåðäðäá regulator in that country and also check the scam warnings from foreign regulators.

ÉáðåéìÝîðåÝèÝàòåßá

ÖäåêçÝÞëñðãáððåêãåéìÝîðåÝèĦêÝêßåÝèÝàòåßáÞáâëîáõëñäÝêà over any money. Seek advice from someone unconnected to the ĦîéðäÝðäÝïÝììîëÝßäáàõëñ

Reporting a Scam

If you suspect that you have been approached by fraudsters, please tell the FCA Consumer Helpline by contacting them on 0800 111 6768 (or +44 20 7066 1000 from outside the UK) or by using the share fraud reporting form at www.fca.org.uk/scams, óäáîáõëñßÝêĦêàëñðéëîáÝÞëñðåêòáïðéáêðïßÝéïÈëîßÝèèï using next generation text relay, please call the FCA Consumer Helpline on (18001) 0207 066 1000.

If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 (or +44 300 123 2040 from outside the UK) or online at www.actionfraud.police.uk.

Find out more at www.fca.org.uk/scamsmart.

ÉèëïïÝîõ

5S	Five Steps to improve housekeeping
	and therefore workplace safety and
	áĨßåáêßõïáìÝîÝðáïëîðïäåêá
	standardise and sustain
8D	Eight Disciplines: an eight-step
	éáðäëàëèëãõðëîáïëèòáßñïðëéáî
	ïñììèåáîÝêàåêðáîêÝèíñÝèåðõåïïñáï
ÃÉÏ	Annual General Meeting
ÄÏÅ	Bayuquan Magnesium Co acquired
	in October 2022 and now trading
	through the legal entity Yingkou YingWei Magnesium Co., Ltd
CEO	Chief Executive
CFO	ÅäåáâÈåêÝêßåÝèÑĨßáî
ÅÉÕðÝðáéáêð	The Corporate Governance Statement
	Carbon dioxide
CO2
CO2e	Carbon dioxide equivalent
Code	The UK Corporate Governance Code
Company	Vesuvius plc
CORE Values	The Group's key values of Courage,
or Values	Ownership, Respect and Energy
COVID-19 or COVID-19	Coronavirus disease (COVID-19), the infectious disease caused by the newly
pandemic	discovered coronavirus, and the
	ìÝêàáéåßðäÝðäÝïÝîåïáêâîëéðäåï
DO	Dangerous occurrence
DOFR	Dangerous occurrence frequency rate
DRI	Direct reduced iron (DRI) is produced
	from the direct reduction of iron ore (in the
	âëîéëâèñéìïìáèèáðïëîĦêáïžåêðëåîëê
	by a reducing gas or elemental carbon
	produced from natural gas or coal
DSBP	Deferred Share Bonus Plan
DTR	The Disclosure and Transparency Rules
EAF	ëâðäá×ÍÈåêÝêßåÝèÅëêàñßðÃñðäëîåðõ Electric Arc Furnace


EBITDA	ÖîÝàåêãìîëĦðÞáâëîáàáìîáßåÝðåëê
	and amortisation of non-acquired intangible charges

ECL	Expected Credit Loss
ÇÇÏÇÃ	Eastern Europe, Middle East and Africa
ÇÏÇÃ	Europe, Middle East and Africa
EPS	Earnings per share
ESOP	Employee Share Ownership Plan
EU	European Union
EU27	The 27 European Union countries
FRC	Financial Reporting Council
FRS	Financial Reporting Standards
FTSE 250	Equity index whose constituents are the
	ïððë!ðäèÝîãáïðßëéìÝêåáïèåïðáà ëêðäáÎëêàëêÕðëßçÇôßäÝêãáåêðáîéï
	ëâðäáåîéÝîçáðßÝìåðÝèåïÝðåëê
FX	Foreign exchange
ÉÇÅ	Group Executive Committee

ÉÊÉ	Greenhouse gas
Éîëñì	Vesuvius plc and its subsidiary companies
ÊáÝÖð	Vesuvius e-learning programme
ÊÒÆÅ	High Pressure Die Casting
IAS	International Accounting Standards
IFRS	International Financial Reporting Standards
KPI	Key Performance Indicator
ÎÏÕ	Learning Management System
LPDC	Low Pressure Die Casting
LTI	Lost time injury
LTIFR	Lost time injury frequency rate, a KPI which calculates the number of LTIs ìáîéåèèåëêäëñîïóëîçáà
ÏáàåÝê	The middle number in a sorted list of numbers
ÏÖË	Medically treated injury
ÏÖËÈÔ	Medically treated injury frequency rate
PwC	PricewaterhouseCoopers LLP
NAFTA	Canada, Mexico and USA
Ordinary share	An ordinary share of 10 pence in the ßÝìåðÝèëâðäáÅëéìÝêõ
R&D	Research and development
Scope 1	Direct CO2and CO2e emissions from
emissions	owned or controlled sources
Scope 2 emissions	Direct CO2and CO2e from indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the Company
Scope 3 emissions	All other direct CO2and CO2e emissions that occur in the Company's value chain
Senior Leadership Éîëñì	The Group Executive Committee plus the most senior Vesuvius managers worldwide, in terms of their contribution to the Group's overall results and to the execution of the Group's strategy. This group comprises between 150 to 170 members
Top ÏÝêÝãáéáêð	Key leadership roles reporting directly to members of the GEC
TSR	Total shareholder return
Turbo S	The Vesuvius safety training programme
×ÍÉÃÃÒ	UK Generally Accepted Accounting Principles
UN	United Nations
×ÐÕÆÉï	United Nations Sustainable Development Goals
Universal Refractories	The trade and assets of Universal Refractories, Inc. acquired in December 2021 and now trading through the legal entity Vesuvius Penn Corporation
VISO	Vesuvius Isostatic
VSP	Vesuvius Share Plan

The imagery included in this Annual Report ÝåéïðëßÝìðñîáðäáéÝêõàåĪáîáêðÝïìáßðï of Vesuvius and our team around the world. The photographer Samuel Dhote shot most of these images. www.samueldhote.com

Our front cover features:

Top

Name: Kuan Wu, Ph.D. Role: Senior Research Associate Location: Pittsburgh

Middle Name: Tobias Weinert Role: Quality Engineer Location: Borken

Bottom Name: Rajasree Das Role: Manager CSR Location: Kolkata

Designed and produced by Friend www.friendstudio.com Print: Pureprint Group

ÖäåïîáìëîðäÝïÞááêìîåêðáàëêËéÝãáËêàåãëÑĪïáðóäåßäåïÈÕÅĂ ßáîðåĦáàÝêàéÝàáâîëéYÇèáéáêðÝèÅäèëîåêáÈîááÇÅÈìñèì ÖäáéåèèÝêàðäáìîåêðáîÝîáÞëðäßáîðåĦáàðëËÕÑ environmental management system. ÖäáîáìëîðóÝïìîåêðáàÞõÝÅÝîÞëêÐáñðîÝèĂìîåêðáî

Vesuvius plc 165 Fleet Street London EC4A 2AE

T +44 (0)20 7822 0000 www.vesuvius.com

Visit our online Annual Report at

AI assistant

Vesuvius PLC — Annual Report 2022

4901_10-k_2023-04-04_dece8dc6-b05b-4754-b44d-b4bcd52a4a9d.pdf

Think beyond. Shape the future.

Our business

Our performance

Sustainability

Governance

Financial Statements

Contents Financial highlights

ÐëêĦêÝêßåÝèäåãäèåãäðï

Forward-looking statements

We think beyond today's solutions ÝêàïäÝìáðäáâñðñîá ðäîëñãäåêêëòÝðåëê

ØáïñòåñïåïÝãèëÞÝèèáÝàáîåêéëèðáêéáðÝèħëó engineering and technology, serving process industries operating in challenging high-temperature conditions.

Our business

We're harnessing technology to create solutions that drive our customers' success

At a glance

Steel Revenue £1,496m

Business Units

Flow Control

Sensors & Probes

Advanced Refractories

Foundry Revenue £551m

Breakdown by region

What we do

What we do for our Steel customers

What is a refractory?

What we do for our Foundry customers

Our investment proposition

Principal reasons to invest

Chairman's statement

Dear Shareholder,

Safety

Initial impressions

Strategy

People

Sustainability

The Board and governance

Dividend

Annual General Meeting

Looking ahead

Carl-Peter Forster

ÅäåáâÇôáßñðåòáĎïïðîÝðáãåßîáòåáó

ÃàåĨßñèðéÝîçáðáêòåîëêéáêð

ÅäÝèèáêãåêãåêħÝðåëêÝîõßëïðìîáïïñîá

Strong market share gains and pricing performance leading to record results ÝêàìîëĦðÝÞåèåðõ

ÕðîëêãâîááßÝïäħëóãáêáîÝðåëê àáïìåðáîáßëîàãîëóðäåêåêòáïðéáêðï and safety stock rebuild

Increased R&D investment, laying ðäáâëñêàÝðåëêâëîâñðñîáãîëóðä

ÑñîÞñïåêáïï ÑñîìáîâëîéÝêßá ÕñïðÝåêÝÞåèåðõ ÉëòáîêÝêßá ÈåêÝêßåÝèÕðÝðáéáêðï

Stable safety performance

ÃêáóÕñïðÝåêÝÞåèåðõÝéÞåðåëê ÕåãêåĦßÝêðìîëãîáïïåêëñîæëñîêáõ to net zero

Successful integration of acquisitions

Board Chairman

ÅäåáâÈåêÝêßåÝèÑĨßáî

Cyber update

Outlook

Patrick André

Our external environment

Solutions for the changing demands of business

Helping our customers tackle climate change

What's happening

How we are responding

Responding to the demand for higher quality steel and foundry products

What's happening

How we are responding

Harnessing automation

What's happening

How we are responding

Robotics R&D centre of excellence in Ghlin

Our markets

ØáïñòåñïïÝèáïÞõßñïðëéáîÝßðåòåðõ

Our strategy

How we are doing it Our execution priorities

Reinforcing our technology leadership

Developing our technical service ëĪáîåêãÝêàåêßîáÝïåêãìáêáðîÝðåëê of value-creating solutions

Capturing growth in developing markets

Improving cost leadership and margins

Driving sustainability within Vesuvius and for customers

Business model

Our key resources What we do

Vesuvius PLC Annual Report 2022