TIDMPFD TIDMIRSH
RNS Number : 5288G
Premier Foods plc
16 November 2022
16 November 2022
Premier Foods plc (the "Group" or the "Company")
Half year results for the 26 weeks ended 1 October 2022
Strong first half, expectations for full year on track
Financial headlines
====================
Headline measures (excluding The Spice Tailor)
-- Group revenue up +6.2%, Q2 revenue up +6.4%
-- Branded revenue growth up +3.9% in H1 and +3.6% in Q2
-- Trading profit (1) up +6.2%, margins maintained in line with
prior year
-- Adjusted profit before tax up +11.9%, adjusted earnings per
share up +11.4%
Statutory measures (including The Spice Tailor)
-- Group revenue up +6.6%
-- Statutory profit before tax up +37.1%
-- Basic earnings per share of 4.2p, up +68.0%
-- Combined pensions surplus of GBP961.8m, up +1.8% compared
to 2 April 2022
Strategic & operational headlines
-- Branded growth model delivered 5.0% average UK branded revenue
growth over last three years
-- Gross margins in line with last year as input cost inflation
offset by cost savings and increased pricing
-- International revenue growth up +11%(8) with broad based growth
in target markets
-- Doubled new categories revenue through brand extensions including
Rubs & Marinades, Ice-cream and Porridge
-- Completed highly complementary acquisition of The Spice Tailor
-- On track to deliver full year expectations
Headline results (GBPm) FY22/23 FY21/22 % change
H1 H1
Revenue 418.6 394.1 6.2%
Trading profit(1) 56.7 53.4 6.2%
Adjusted profit before taxation(4) 47.0 42.0 11.9%
Adjusted earnings per share(7) (pence) 4.4 4.0 11.4%
Net debt(10) (includes The Spice Tailor) 337.7 345.0 2.1% lower
Statutory measures (GBPm) FY22/23 FY21/22 % change
H1 H1
Revenue 419.9 394.1 6.6%
Profit before taxation 42.1 30.7 37.1%
Profit after taxation 36.1 21.0 71.9%
Basic earnings per share (pence) 4.2 2.5 68.0%
Alternative performance measures above are defined and
reconciled to statutory measures throughout
Headline results presented for FY22/23 H1 exclude ownership of
The Spice Tailor. Statutory measures include one months' ownership
of The Spice Tailor for FY22/23 H1.
Trading profit is stated including software amortisation;
FY21/22 H1 comparative is re-stated accordingly
Reconciliations for Revenue and Trading profit between statutory
and headline measures are provided in the appendices
Alex Whitehouse, Chief Executive Officer
"We have again made very good financial and strategic progress
in the first half of this year, reporting strong Group and branded
revenue growth in what continues to be a challenging environment.
Our margins were in line with last year, and we delivered adjusted
PBT growth of nearly 12% due to our consistently good trading
performance and lower interest costs following our refinancing in
H1 last year."
"We continue to deliver against our five pillar growth strategy:
our UK Branded revenue has now grown 5% on average over the last
three years; we continue to invest in our supply chain to drive
efficiencies; revenue from extending our brands into new categories
more than doubled, and International revenue increased by 11%(8) .
Additionally, we have welcomed the highly complementary brand The
Spice Tailor into our portfolio in the first half; our first
acquisition for over 15 years."
"The financial resilience of the Group is illustrated by our
strong underlying cash generation, our 2026 dated fixed rate bonds
following our 2021 refinancing, continued commitment to a leverage
target of 1.5x and limited direct exposure to the US Dollar."
"The current economic climate is undoubtedly challenging for
consumers, and our broad range of affordable brands have always
played a key role for families when times are tough. With people
starting to eat out less, they often find the best restaurant in
town is at home, where you can make nutritious and tasty meals more
affordably. In this environment, our portfolio of brands continues
to display strong momentum and are well placed to deliver further
growth."
"As we look to the second half of the year, we will be launching
more consumer insight driven new products such as Plantastic
branded Millionaire Flapjacks, Mr Kipling Brownie Bites and
pigs-in-blanket flavour Bisto granules for Christmas, in addition
to further advertising behind our major brands. A big feature of
our brand activation will be helping people cook and prepare
affordable meals at home for just GBP1 per serving through our
"Best Restaurant in Town" campaign."
" We continue to see further input cost inflation, which we
expect to recover through a combination of cost savings and our
annual price increase in quarter four this year. Following a strong
first half and with good momentum as we enter H2, we are on track
to deliver on expectations for FY22/23."
Environmental, Social and Governance (ESG)
===========================================
The Group unveiled its 'Enriching Life Plan' ESG strategy just
over a year ago and has made strong progress. The 'Enriching Life
Plan' is articulated through the three key strategic pillars of
Product, Planet and People. The Group has set out a series of major
sustainability targets under each pillar which can be found on the
Company's website.
Under the product pillar, a unique, full range of non-HFSS
(non-high fat, salt & sugar) Mr Kipling Deliciously Good cakes
have been launched this year. A category first, not only do these
cakes benefit from 30% less sugar and lower fat, they are also made
with higher levels of fibre and fruit compared with the standard Mr
Kipling range . Additionally, the percentage of total packaging and
plastics which are recyclable across the Group have now reached 96%
and 80% respectively. Progress in the planet workstreams includes
the submission of emissions targets to SBTi for validation, and
also being promoted to Tier 1 of the Business Benchmark on Farm
Animal Welfare (BBFAW) for the first time. In the people pillar,
mental health awareness training has been completed by 93% of the
Group's management population, we have also agreed a new corporate
charity partnership with FareShare and launched a colleague
volunteering scheme.
Outlook
========
Following the delivery of a strong financial performance in the
first half of the year, the Group takes good momentum into H2 as it
continues to successfully navigate the evolving macroeconomic
climate. As it looks ahead to the second half, it has plans for
more consumer-insight driven new product launches and further brand
investment. With its leading portfolio of affordable brands, the
Group considers it is well placed to perform well in the current
challenging environment and it remains on track to deliver on
expectations for the full year. In the medium term, the Group will
continue to realise further shareholder value through the ongoing
delivery of its five pillar growth strategy and its target of 1.5x
Net debt/EBITDA remains unchanged.
Strategy overview
==================
The Group delivers growth and creates value, through its five
pillar strategy, outlined below.
1. Continue to grow the UK core business
We have a well established and growing UK business which
provides the basis for further expansion. The branded growth
model which we employ in the UK is at the heart of what we
do and is core to our success. Leveraging our leading category
positions, we launch new products to market driven by consumer
trends, support our brands with sustained levels of marketing
investment and foster strong customer and retailer partnerships.
Proof point: Three-year average H1 growth rate for UK branded
revenue of 5.0%.
2. Supply chain investment
We invest in operational infrastructure to increase efficiency
and productivity across our manufacturing and logistics operations,
providing a virtuous cycle for brand investment. Capital
investment in our sites also facilitates growth through our
innovation strategy and enhances the safety and working conditions
of our colleagues.
Proof point: Two new manufacturing lines in Ashford and
Lifton sites, respectively; new case packer and auto-palletiser
in Stoke and Carlton sites.
3. Expand UK business into new categories
We leverage the strength of our brands, using our proven
branded growth model to launch products in adjacent, new
food categories.
Proof point: Revenue growth of products in new categories
doubled in H1 compared to the prior year.
4. Build international businesses with critical mass
We are building sustainable business units with critical
mass overseas, applying our brand building capabilities to
deliver growth in our target markets of Republic of Ireland,
Australia, North America and Europe. Our primary brands to
drive this expansion are Mr Kipling, Sharwood's and The Spice
Tailor.
Proof point: Revenue growth of 11%(8) in first half of the
year.
5. Inorganic opportunities
We will utilise our brand building and commercial expertise
to expand across a wider portfolio, accelerating value creation
through bolt-on and targeted acquisition opportunities.
Proof point: Completed The Spice Tailor acquisition in the
period.
Further information
====================
A presentation to investors and analysts will be webcast today
at 9:00am GMT.
To register for the webcast follow the link:
www.premierfoods.co.uk/investors/investor-centre
A recording of the webcast will be available on the Company's
website later in the day.
A conference call for bond investors and analysts will take
place today, 16 November 2022, at 1:30pm GMT. Dial in details are
outlined below:
Telephone: 0800 640 6441 (UK toll free)
+44 20 3936 2999 (standard international access)
Access code: 474168
A factsheet providing an overview of the Half year results is
available at:
www.premierfoods.co.uk/investors/results-centre
A Premier Foods image gallery is available using the following
link:
www.premierfoods.co.uk/media/image-gallery/
Further information on the 'Best Restaurant in Town' can be
found at:
www.bestrestaurantintown.co.uk/
As one of Britain's largest food producers, we're passionate
about food and believe each and every day we have the opportunity
to enrich life for everyone. Premier Foods employs over 4,000
people operating from 15 sites across the country, supplying a
range of retail, wholesale, foodservice and other customers with
our iconic brands which feature in millions of homes every day.
Through some of the nation's best-loved brands, including
Ambrosia, Batchelors, Bisto , Loyd Grossman, Mr Kipling, Ox o and
Sharwood's, we're creating great tasting products that contribute
to healthy and balanced diets, while committing to nurturing our
people and our local communities, and going further in the pursuit
of a healthier planet , in line with our Purpose of 'Enriching Life
Through Food'.
Contacts:
Institutional investors and analysts:
Duncan Leggett, Chief Financial Officer
Richard Godden, Director of Investor Relations
Investor.relations@premier foods.co.uk
Media enquiries:
Lisa Kavanagh, Director of Communications
Headland
Ed Young +44 (0) 7884 666830
Jack Gault +44 (0) 7799 089357
- Ends -
This announcement may contain "forward-looking statements" that
are based on estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements are all statements other
than statements of historical fact or statements in the present
tense, and can be identified by words such as "targets", "aims",
"aspires", "assumes", "believes", "estimates", "anticipates",
"expects", "intends", "hopes", "may", "would", "should", "could",
"will", "plans", "predicts" and "potential", as well as the
negatives of these terms and other words of similar meaning. Any
forward-looking statements in this announcement are made based upon
Premier Foods' estimates, expectations and beliefs concerning
future events affecting the Group and subject to a number of known
and unknown risks and uncertainties. Such forward-looking
statements are based on numerous assumptions regarding the Premier
Foods Group's present and future business strategies and the
environment in which it will operate, which may prove not to be
accurate. Premier Foods cautions that these forward-looking
statements are not guarantees and that actual results could differ
materially from those expressed or implied in these forward-looking
statements. Undue reliance should, therefore, not be placed on such
forward-looking statements. Any forward-looking statements
contained in this announcement apply only as at the date of this
announcement and are not intended to give any assurance as to
future results. Premier Foods will update this announcement as
required by applicable law, including the Prospectus Rules, the
Listing Rules, the Disclosure and Transparency Rules, London Stock
Exchange and any other applicable law or regulations, but otherwise
expressly disclaims any obligation or undertaking to update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Financial results
==================
Overview
GBPm FY22/23 FY21/22 % change
H1 H1
Branded revenue 358.3 345.0 3.9%
Non-branded revenue 60.3 49.1 22.8%
-------- -------- ---------
Group revenue 418.6 394.1 6.2%
Divisional contribution(2) 83.5 77.0 8.4%
Divisional contribution margin 19.9% 19.5% +0.4ppts
Trading profit (1) 56.7 53.4 6.2%
Trading profit margin 13.5% 13.5% 0.0ppt
Adjusted EBITDA 68.5 67.1 2.1%
Adjusted profit before tax 47.0 42.0 11.9%
Adjusted earnings per share
(pence) 4.4 4.0 11.4%
Basic earnings per share (pence) 4.2 2.5 68.0%
The table above is presented excluding the impact of The Spice
Tailor, with the exception of Basic earnings per share
Group revenue (excluding The Spice Tailor) increased by 6.2% in
the first half of the year, with branded revenue ahead 3.9% and
non-branded revenue up 22.8%. Growth was consistently strong across
the period, with quarter 1 and quarter 2 revenue growth of 6.0% and
6.4% respectively. Divisional contribution grew by 8.4% to
GBP83.5m, as margins expanded by 40 basis points. Trading profit
increased by 6.2% to GBP56.7m, with group and corporate costs
rising, reflecting wage and salary inflation, additional strategic
roles and a provision release in the prior year. Adjusted profit
before tax and adjusted earnings per share increased by 11.9% and
11.4% respectively, reflecting lower interest costs. Basic earnings
per share (including The Spice Tailor) increased by 68.0% from 2.5p
to 4.2p in the period.
Group revenue including one month's contribution from The Spice
Tailor increased by 6.6% in H1 and by 7.1% in Q2.
Trading performance
Grocery
GBPm FY22/23 FY21/22 % change
H1 H1
Branded revenue 256.1 244.9 4.6%
Non-branded revenue 46.9 39.2 19.5%
-------- -------- ---------
Total revenue 303.0 284.1 6.7%
Divisional contribution(2) 70.2 64.3 9.2%
Divisional contribution margin 23.1% 22.6% +0.5ppts
The table above is presented excluding the impact of The Spice
Tailor
Revenue in the Grocery business (excluding The Spice Tailor)
increased by 6.7% in the first half of the year to GBP303.0m.
Branded revenue grew by 4.6% to GBP256.1m while non-branded revenue
increased by 19.5%. Divisional contribution was GBP70.2m, a 9.2%
increase on the comparative period, with margins expanding by 50
basis points.
In the second quarter, Grocery revenue increased by 6.9%,
demonstrating the consistency of top-line growth through the
period, with branded revenue up 4.6% and non-branded revenue ahead
21.8%. Market share grew by 34 basis points in the first half of
the year, illustrating the strength and resilience of the Group's
portfolio as consumers budgets are becoming increasingly stretched.
Non-branded revenue growth reflected strong pricing benefits, the
recovery of out of home business to business volumes and contract
wins.
The Group's branded growth model leverages the strength of its
market leading brands, launching insightful new products,
supporting the brands with emotionally engaging advertising and
building strategic retail partnerships. Branded revenues in the UK
have grown by 5.0% on a three-year compound annual growth rate
basis, serving to illustrate the success of this strategy.
In the first half of the year, Batchelors, Loyd Grossman,
Sharwood's, Homepride and Nissin all delivered particularly strong
year on year growth. New product development, driven by key
consumer trends included Homepride pasta bakes, Sharwood's East
Asian cooking sauces, Batchelors pasta 'n' sauce chef specials and
Ambrosia Deluxe custard pots.
One of the Group's key growth strategies' is to expand into
adjacent categories, leveraging the Group's strong brand equities.
In the first half of this year, revenues from products launched in
new categories more than doubled. Significant contributors to this
performance have been a range of ice-creams, extending the Mr
Kipling, Ambrosia and Angel Delight brands and also ready to eat
Porridge under the Ambrosia brand. In Ice-cream, the Group has
become the launch customer's second largest branded supplier in the
category and has already developed a 16% market share. Ambrosia
Porridge has become a key brand in the ready to eat porridge
category, with a 11% market share in one major retailer.
Further exciting product innovation still to come in H2 includes
Plantastic protein pots and creamy pasta sauces, Sharwood's 60%
less fat Poppadoms and Bisto Best meat free gravy.
Sweet Treats
GBPm FY22/23 FY21/22 % change
H1 H1
Branded revenue 102.2 100.1 2.1%
Non-branded revenue 13.4 9.9 35.8%
-------- -------- ---------
Total revenue 115.6 110.0 5.1%
Divisional contribution(2) 13.3 12.7 4.7%
Divisional contribution margin 11.5% 11.5% (0.0ppt)
Sweet Treats revenue increased by 5.1% in the first half of the
year compared to the prior period. Branded revenue grew by 2.1%
while non-branded revenue increased by over 35%. The particularly
strong growth in non-branded revenue of 35.8% was due to pricing
benefits of existing ranges and contract wins in pies and tarts and
seasonal ranges.
Growth in the second quarter was similar to the first half, with
revenue growing by 5.2%. Divisional contribution also increased
year on year, up 4.7% to GBP13.3m, with margins in line with the
prior period. Revenue growth reflected pricing to recover input
cost inflation, partly offset by lower volumes due to less
promotional activity in the period. Consequently, market share was
also lower, although this is expected to be a temporary effect.
In the first half of the year, the newly launched non-HFSS
(non-high fat, salt & sugar) Mr Kipling Deliciously Good cake
range received a very strong response from consumers. This
groundbreaking new range is a clear demonstration of how the Group
is delivering against the Group's 'Enriching Life Plan' ESG
strategy and offers consumers further healthier options to support
healthier lifestyles. The range, which comes in seven different
variants, is made with 30% less sugar and lower fat and benefits
from a higher content of fibre and fruit compared with the standard
Mr Kipling range. These cakes are the only full range which can be
promoted on end of aisles and at front of store in large
supermarkets, under new legislation. The Deliciously Good range was
also pivotal in delivering weighted branded distribution growth
(the number of major retailer listings, weighted by store size), in
Sweet Treats for the 26 weeks to 1 October 2022 (Source: IRI).
The Sweet Treats business also benefitted from a fresh new TV
campaign for Mr Kipling , the 'Piano' advert, continuing the
strategy under the brand growth model of building emotional
connections with consumers.
Looking ahead to the second half of the year, innovation to be
launched to market includes Mr Kipling Brownie Bites, Cadbury
celebration cakes, and Plantastic Millionaire Flapjacks, to expand
the Group's presence in these parts of the cake market.
International
International performance was strong again, with revenue growth
of 11%(8) compared to the prior period. This growth was broad based
across the Group's target markets of Australia, Canada, Europe,
Ireland and the USA. The key focus brands which the Group considers
possess the greatest potential for long-term international growth,
are Sharwood's, Mr Kipling and The Spice Tailor. In the period,
Sharwood's and Mr Kipling grew by 28% and 11% respectively.
The Group's strategy of building sustainable businesses in its
target markets is progressing well. In Australia, the Mr Kipling
and Cadbury cake brands have collectively delivered the Group's
highest ever share of the cake market in recent months and reached
16.6% during H1. Additionally, and following the acquisition of The
Spice Tailor, the International's business reach in the Australian
ethnic cooking sauces market is significantly enhanced, and
presents further opportunity for growth.
In Canada, revenue grew by over 40% in the period and 30 new
product lines of Sharwood's and The Spice Tailor products have
recently achieved new listings in a leading North American
retailer. In the USA, Sharwood's revenue increased by well over
50%, due to healthier ranges performing strongly in market. The Mr
Kipling test in the USA continues with encouraging rate of sale
KPIs.
Ireland delivered strong revenue growth in major multiple
retailers, especially through Nissin which grew 80%, although this
was offset by some industry wide supply chain issues in the
convenience channel of the market. Europe continues to deliver
distribution gains for Sharwood's, entering the Netherlands for the
first time and expanding presence in Spain and Germany.
Operating profit
Growth in Trading profit of GBP3.3m, to GBP56.7m, was offset by
non-trading items of GBP4.7m, predominantly reflecting M&A
advisory costs and other one-off supply chain charges. Brand
amortisation was GBP10.3m in the first half of the year and
movement in the fair valuation of foreign exchange and derivative
contracts was a credit of GBP0.7m. Net interest on pensions and
administrative expenses was a credit of GBP8.5m in the period.
Other non-trading income of GBP2.6m in the prior period related
primarily to the successful resolution of a legacy legal matter.
Consequently, Operating profit for the first half was GBP50.9m
compared to GBP51.3m in the comparative period.
Finance costs
Net finance cost was GBP8.8m in the period, a reduction of
GBP11.8m compared to the prior period. This was primarily due to
the accelerated amortisation of debt issuance costs (GBP4.3m) and
the early redemption of the Group's now retired GBP300m 2023 dated
Fixed Rate Notes (GBP4.7m) in the comparative period. Net regular
interest, the definition used for adjusted earnings per share, was
GBP9.7m in H1, GBP1.7m lower than the prior period. This reduction
was principally due to lower Senior secured notes interest charges
following redemptions of the Group's now retired 2022 Floating Rate
Notes ("FRN"), partly offset by slightly higher SONIA on the
Group's revolving credit facility and its debtors securitisation
facility. Interest on the Group's Senior secured notes declined by
GBP1.9m to GBP5.8m in the first half of the year compared to the
prior period.
Taxation
The taxation charge for the 26 weeks ended 1 October 2022 of
GBP6.0m (2021/22: GBP9.7m) comprised primarily a charge on
operating activities of GBP8.0m (2021/22: GBP5.8m) and adjustments
to remeasure the opening deferred tax balances, due to the increase
in the rate of UK corporation tax from the current level of 19% to
25% effective from April 2023.
The Group currently retains brought forward losses which it can
utilise to offset against future tax liabilities. Due to changes in
tax legislation with respect to the offset of tax losses, the Group
has now recommenced paying cash tax in low single digit
GBPmillions.
Earnings per share
GBPm FY22/23 FY21/22 % change
H1 H1
Operating profit 50.9 51.3 (0.8%)
Net finance cost (8.8) (20.6) 57.3%
Profit before taxation 42.1 30.7 37.1%
Taxation (6.0) (9.7) 38.1%
-------- -------- ---------
Profit after taxation 36.1 21.0 71.9%
Average shares in issue (million) 860.3 856.9 0.4%
-------- -------- ---------
Basic Earnings per share (pence) 4.2 2.5 68.0%
The Group reported profit before tax of GBP42.1m in the period,
an increase of GBP11.4m compared to FY21/22 H1. Profit after tax in
the first half of the year grew by GBP15.1m to GBP36.1m and basic
earnings per share increased by 68.0% to 4.2 pence.
Cash flow
The Group reported an outflow of cash during the period of
GBP55.5m, largely due to GBP43.8m paid to acquire The Spice Tailor.
Trading profit of GBP56.7m was GBP3.3m higher than the prior year
for the reasons outlined above, while depreciation including
software amortisation was GBP11.8m. The first half of the year saw
a working capital outflow of (GBP28.6m), largely due to higher
stock valuation levels reflecting inflation of raw materials and
seasonal stock build requirements.
Net interest paid was GBP9.7m (FY21/22 H1: GBP14.6m), largely
due to a lower coupon on the Group's Fixed Rate Notes. Pension
deficit contribution payments were GBP18.9m in the period and
administration cash costs were GBP1.8m, totalling GBP20.7m cash
outflow to the schemes.
Capital expenditure in the period was GBP6.3m. In the full year,
the Group expects capital expenditure to be approximately GBP30m,
as it looks to accelerate investment across the supply chain in the
medium term. Such investment is planned to be in both growth
projects supporting the Group's innovation strategy and cost
release projects to deliver efficiency savings. One of the key
objectives of this programme, is that through improving operational
efficiency, the resultant increase in gross margin provides
additional funds for brand investment. This strategy of investing
in supply chain infrastructure represents a virtuous cycle to
provide the fuel for the Group's branded growth model. Projects
completed in the first half of the year include automation
solutions at the Group's cake manufacturing sites; an end of line
auto case packer at the Stoke site was installed in addition to an
auto palletiser at Carlton, South Yorkshire.
On a statutory basis, cash generated from operating activities
was GBP6.9m (2021/22: GBP13.5m) after deducting net interest paid
of GBP9.7m and tax of GBP0.4m. Cash generated from financing
activities was GBP12.7m in the period after a GBP10.3m dividend
payment to shareholders. A dividend match payment to the Group's
pension schemes of GBP2.7m was made in the period. The cash
generated from financing activities in the first half of the prior
year included the proceeds from the issuance of the Group's GBP330m
2026 dated 3.5% Fixed Rate Notes in the period and the retirement
of previously issued Fixed and Floating Rate Notes.
Net debt at 1 October 2022 was GBP337.7m, an decrease of GBP7.3m
compared to FY21/22 H1 and an increase of GBP52.7m compared to 2
April 2022. As at 1 October 2022, the Group held cash and bank
deposits of GBP23.8m and had drawn GBP25.0m on its GBP175m
revolving credit facility.
Pensions
IAS 19 Accounting 1 October 2022 2 April 2022
Valuation (GBPm)
RHM Premier Combined RHM Premier Combined
Foods Foods
Assets 3,251.1 584.3 3,835.4 4,273.7 826.3 5,100.0
Liabilities (2,155.2) (718.4) (2,873.6) (3,134.9) (1,020.2) (4,155.1)
-------- ---------- ---------- ----------
Surplus/(Deficit) 1,095.9 (134.1) 961.8 1,138.8 (193.9) 944.9
Net of deferred
tax (25%) 821.9 (100.6) 721.3 854.1 (145.4) 708.7
The combined RHM and Premier Foods' pension schemes were in a
GBP961.8m surplus at 1 October 2022, a GBP16.9m increase compared
to six months earlier. This is equivalent to a surplus of GBP721.3m
net of a deferred tax charge of 25.0%. Asset values and liabilities
fell in both sections of the schemes due to the hedging in place.
Liabilities fell by more than assets in the Premier Foods section
leading to an overall increase in the combined surplus. The
movement in liabilities was impacted by the increase in discount
rate applied, from 2.75% to 5.25%, reflecting recent rises in UK
corporate bond yields. Asset values were lower across a number of
asset classes, not least Government bonds, also due to recent
market movements.
A deferred tax rate of 25.0% is deducted from the IAS19
retirement benefit valuation of the Group's schemes to reflect the
fact that pension deficit contributions made to the Group's pension
schemes are allowable for tax. The deferred tax rate has been
increased from the 19.0% rate used for the prior period to 25.0%
following the change in the UK's corporation tax rate, effective
from April 2023.
Assets in the combined schemes decreased by GBP1,264.6m, or by
24.8%, to GBP3,835.4m in the period. RHM scheme assets reduced by
GBP1,022.6m to GBP3,251.1m while the Premier Foods' schemes assets
decreased by GBP242.0m to GBP584.3m. In the combined schemes,
liabilities decreased by GBP1,281.5m, or 30.8%, to GBP2,873.6m. The
RPI inflation rate assumption used increased by ten basis points to
3.7%, compared to 3.6% as at 2 April 2022.
There were no issues encountered by the pension scheme as a
result of LDI asset collateral calls due to recent volatility in
financial markets.
The Triennial actuarial valuation of the pension schemes as at
31 March 2022 remains ongoing and the Group will provide an update
on the conclusion of this valuation in due course. The net present
value of future pension deficit contributions to the end of the
recovery periods, is in the range of GBP240-260m(13) .
Principal risks and uncertainties
==================================
Strong risk management is key to delivery of the business'
strategic objectives. The Group has an established risk management
process, the Executive Leadership Team performing a formal robust
assessment of the principal risks bi-annually which is reviewed by
the Board and Audit Committee. Risks are monitored at a segment and
functional level throughout the year considering both internal and
external factors. The Group's principal risks and uncertainties
were disclosed on page 51 to 57 of the annual report and accounts
for the financial period ended 2 April 2022 and these remain
relevant for the current period. The major strategic and
operational risks are summarised under the headings of
Macroeconomic and geopolitical instability, Impact of Government
legislation, Market and retailer actions, Operational integrity,
Legal compliance, Climate risk, Technology, Product portfolio, HR
and employee risk, Strategy delivery. The Group notes the increase
since the year end of the widely reported macro-economic and
industry wide supply chain environment issues which it continues to
navigate successfully through. In particular, the Group
acknowledges risks around recent rises in input cost inflation and
potential changes in consumer behaviour.
Alex Whitehouse Duncan Leggett
Chief Executive Officer Chief Financial Officer
Appendices
===========
The Company's Half year results are presented for the 26 weeks
ended 1 October 2022 and the comparative period, 26 weeks ended 2
October 2021. All references to the 'quarter', unless otherwise
stated, are for the 13 weeks ended 1 October 2022 and the
comparative periods, 13 weeks ended 2 October 2021 .
Quarter 2 and H1 Sales
=======================
Q2 Sales (GBPm) FY22/23 H1
Excluding The The Spice Including The
Spice Tailor Tailor Spice Tailor
Grocery
Branded 136.8 1.3 138.1
Non-branded 24.5 0.0 24.5
-------------- ---------- --------------
Total 161.3 1.3 162.6
Sweet Treats
Branded 51.9 0.0 51.9
Non-branded 8.4 0.0 8.4
-------------- ---------- --------------
Total 60.3 0.0 60.3
Group
Branded 188.7 1.3 190.0
Non-branded 32.9 0.0 32.9
-------------- ---------- --------------
Total 221.6 1.3 222.9
% change vs prior year
Grocery
Branded 4.6% 5.6%
Non-branded 21.8% 21.8%
Total 6.9% 7.8%
Sweet Treats
Branded 1.0% 1.0%
Non-branded 42.7% 42.7%
Total 5.2% 5.2%
Group
Branded 3.6% 4.3%
Non-branded 26.5% 26.5%
Total 6.4% 7.1%
H1 Sales (GBPm) FY22/23 H1
Excluding The The Spice Including The
Spice Tailor Tailor Spice Tailor
Grocery
Branded 256.1 1.3 257.4
Non-branded 46.9 0.0 46.9
-------------- ---------- --------------
Total 303.0 1.3 304.3
Sweet Treats
Branded 102.2 0.0 102.2
Non-branded 13.4 0.0 13.4
-------------- ---------- --------------
Total 115.6 0.0 115.6
Group
Branded 358.3 1.3 359.6
Non-branded 60.3 0.0 60.3
-------------- ---------- --------------
Total 418.6 1.3 419.9
% change vs prior year
Grocery
Branded 4.6% 5.1%
Non-branded 19.5% 19.5%
Total 6.7% 7.1%
Sweet Treats
Branded 2.1% 2.1%
Non-branded 35.8% 35.8%
Total 5.1% 5.1%
Group
Branded 3.9% 4.3%
Non-branded 22.8% 22.8%
Total 6.2% 6.6%
Divisional contribution Excluding The The Spice Including The
& Trading profit (GBPm) Spice Tailor Tailor Spice Tailor
FY22/23 H1
Divisional contribution(2)
Grocery 70.2 (0.0) 70.2
Sweet Treats 13.3 - 13.3
------------- --------- -------------
Total 83.5 (0.0) 83.5
Group & corporate costs (26.8) (0.0) (26.8)
------------- --------- -------------
Trading profit (1) 56.7 (0.0) 56.7
FY21/22 H1
Divisional contribution(2)
Grocery 64.3 - 64.3
Sweet Treats 12.7 - 12.7
------------- --------- -------------
Total 77.0 - 77.0
Group & corporate costs (23.6) - (23.6)
------------- --------- -------------
Trading profit (1) 53.4 - 53.4
EBITDA to Operating profit reconciliation FY22/23 FY21/22
(GBPm) H1 H1
Adjusted EBITDA(3) 68.5 67.1
Depreciation (9.3) (9.3)
Trading profit - Old definition 59.2 57.8
Software amortisation (2.5) (4.4)
Trading profit - New definition 56.7 53.4
Amortisation of brand assets (10.3) (9.9)
Fair value movements on foreign exchange
& derivative contracts 0.7 3.0
Net interest on pensions and administrative
expenses 8.5 2.2
Non-trading items (4.7) 2.6
Operating profit 50.9 51.3
------- -------
Finance costs (GBPm) FY22/23 FY21/22 H1 Change
H1
Senior secured notes interest 5.8 7.7 1.9
Bank debt interest - net 3.0 2.5 (0.5)
8.8 10.2 1.4
Amortisation of debt issuance
costs 0.9 1.2 0.3
------- ---------- ------
Net regular interest(5) 9.7 11.4 1.7
------- ---------- ------
Write-off of financing costs - 4.3 4.3
Early redemption fee - 4.7 4.7
Re-measurement due to discount
rate change (1.3) - 1.3
Other finance cost 0.4 0.4 0.0
Other finance income - (0.2) (0.2)
------- ---------- ------
Net finance cost 8.8 20.6 11.8
------- ---------- ------
Adjusted earnings per share FY22/23 FY21/22 Change
(GBPm) H1 H1
Trading profit (1) 56.7 53.4 6.2%
Less: Net regular interest(5) (9.7) (11.4) 14.7%
-------- -------- --------
Adjusted profit before tax 47.0 42.0 11.9%
Less: Notional tax (19%) (8.9) (8.0) (11.9%)
-------- -------- --------
Adjusted profit after tax(6) 38.1 34.0 11.9%
Average shares in issue (millions) 860.3 856.9 0.4%
-------- -------- --------
Adjusted earnings per share
(pence) 4.4 4.0 11.4%
Net debt (GBPm) Post-IFRS
16
Net debt at 2 April 2022 285.0
Movement in cash 55.5
Movement in debt issuance costs 0.3
Movement in lease creditor (3.1)
Net debt at 1 October 2022 337.7
----------
Free cash flow (GBPm) FY22/23 FY21/22
H1 H1
Trading profit (1) 56.7 53.4
Depreciation & software amortisation 11.8 13.7
Other non-cash items 1.8 1.4
Capital expenditure (6.3) (6.3)
Working capital (28.6) (23.2)
-------- --------
Operating cash flow (15) 35.4 39.0
Interest (9.7) (14.6)
Pension contributions (20.7) (19.5)
Free cash flow(10) 5.0 4.9
Non-trading items (2.7) 2.0
Net proceeds from share issue 0.1 0.6
Re-financing fees (0.7) (13.2)
Taxation (0.4) -
Dividend (including pensions
match) (13.0) (11.0)
Acquisition (43.8) -
-------- --------
Movement in cash (55.5) (16.7)
Repayment of borrowings - (320.0)
Proceeds from borrowings 25.0 344.0
-------- --------
Net (decrease)/increase in
cash and cash equivalents (30.5) 7.3
-------- --------
Notes and definitions of alternative performance measures
==========================================================
The Company uses a number of alternative performance measures to
measure and assess the financial performance of the business. The
directors believe that these alternative performance measures
assist in providing additional useful information on the underlying
trends, performance and position of the Group. These alternative
performance measures are used by the Group for reporting and
planning purposes and it considers them to be helpful indicators
for investors to assist them in assessing the strategic progress of
the Group.
1. The Group uses Trading profit to review overall Group profitability.
Trading profit is defined as profit/(loss) before tax, before
net finance costs, amortisation of brand assets, non-trading
items (items requiring separate disclosure by virtue of
their nature in order that users of the financial statements
obtain a clear and consistent view of the Group's underlying
trading performance) , fair value movements on foreign exchange
and other derivative contracts, net interest on pensions
and administration expenses and past service costs. The
revised definition of Trading profit includes software amortisation
as the Group considers this should be treated in the same
way as tangible asset depreciation for definitional purposes.
FY21/22 H1 has been re-stated accordingly.
2. Divisional contribution refers to Gross Profit less selling,
distribution and marketing expenses directly attributable
to the relevant business segment.
3. Adjusted EBITDA is Trading profit as defined in (1) above
excluding depreciation and software amortisation.
4. Adjusted profit before tax is Trading profit as defined
in (1) above less net regular interest.
5. Net regular interest is defined as net finance cost after
excluding write-off of financing costs, early redemption
fees, other interest payable and other finance income.
6. Adjusted profit after tax is Adjusted profit before tax
as defined in (4) above less a notional tax charge of 19.0%
(2021/22: 19.0%).
7. Adjusted earnings per share is Adjusted profit after tax
as defined in (6) above divided by the weighted average
of the number of shares of 860.3 million (26 weeks ended
2 October 2021: 856.9 million).
8. International sales exclude The Spice Tailor and remove
the impact of foreign currency fluctuations and adjusts
prior year sales to ensure comparability in geographic market
destinations. The constant currency calculation is made
by adjusting the current year's sales to the same exchange
rate as the prior year. The constant currency adjustment
is calculated by applying a blended rate.
GBPm Reported Adjustment Constant
currency
FY22/23 H1 26.7 0.1 26.8
--------- ----------- ----------
FY21/22 H1 24.2 N/A 24.2
--------- ----------- ----------
Growth/(decline)
% 10.5% 10.7%
--------- ----------- ----------
1. Non-trading items have been presented separately throughout
the financial statements. These are items that management
believes require separate disclosure by virtue of their
nature in order that the users of the financial statements
obtain a clear and consistent view of the Group's underlying
trading performance. In identifying non-trading items, management
have applied judgement including whether i) the item is
related to underlying trading of the Group; and/or ii) how
often the item is expected to occur.
2. Net debt is defined as total borrowings, less cash and cash
equivalents and less capitalised debt issuance costs.
3. Free cash flow is Net increase or decrease in cash and cash
equivalents excluding proceeds and repayment of borrowings,
less dividend payments, disposal proceeds, re-financing
fees, proceeds from share issues, tax, acquisitions and
non-trading items.
4. IRI, 24 weeks ended 1 October 2022.
5. The schedule of future contributions are as agreed per the
2021 actuarial funding valuation for the Premier Foods sections,
discounted using the Company post tax WACC of 7.4%, as stated
in the 2022 Annual Report.
6. Acquisition accounting pertaining to The Spice Tailor acquisition
can be found in Note 17 of the financial statements.
7. Operating cash flow excludes interest and pension contributions.
Additional notes:
-- The directors believe that users of the financial statements
are most interested in underlying trading performance and
cash generation of the Group. As such intangible brand asset
amortisation and impairment are excluded from Trading profit
because they are non-cash items.
-- Non-trading items have been excluded from Trading profit because
they are incremental costs incurred as part of specific initiatives
that may distort a user's view of underlying trading performance.
-- Net regular interest is used to present the interest charge
related to the Group's ongoing financial indebtedness, and
therefore excludes non-cash items and other credits/charges
which are included in the Group's net finance cost.
-- Group & corporate costs refer to group and corporate expenses
which are not directly attributable to a reported segment
and are disclosed at total Group level.
-- In line with accounting standards, the International and The
Spice Tailor operating segments, the results of which are
aggregated within the Grocery reported segment, are not required
to be separately disclosed for reporting purposes.
Statement of directors' responsibilities
The directors confirm that these condensed interim financial
statements have been prepared in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and that the
interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8, namely:
-- an indication of important events that have occurred during
the 26 weeks period ended 1 October 2022 and their impact
on the condensed set of financial statements, and a description
of the principal risks and uncertainties for the remaining
26 weeks of the financial period; and
-- material related-party transactions in the first 26 weeks
and any material changes in the related-party transactions
described in the last annual report.
The maintenance and integrity of the Premier Foods plc website
is the responsibility of the directors; the work carried out by the
auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes
that might have occurred to the interim financial statements since
they were initially presented on the website.
The directors of Premier Foods plc are listed on pages 62-63 of
the Premier Foods plc annual report and accounts for the 52 weeks
period ended 2 April 2022. A list of current directors is
maintained on the Premier Foods plc's website:
www.premierfoods.co.uk
Approved by the Board on 16 November 2022 and signed on its
behalf by:
Alex Whitehouse
Chief Executive Officer
Duncan Leggett
Chief Financial Officer
Independent review report to Premier Foods plc
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed Premier Foods plc's condensed consolidated
interim financial statements (the "interim financial statements")
in the Half year results of Premier Foods plc for the 26 week
period ended 1 October 2022 (the "period").
Based on our review, nothing has come to our attention that
causes us to believe that the interim financial statements are not
prepared, in all material respects, in accordance with UK adopted
International Accounting Standard 34, 'Interim Financial Reporting'
and the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority .
The interim financial statements comprise:
-- the Condensed consolidated balance sheet as at 1 October 2022;
-- the Condensed consolidated statement of profit or loss and
the Condensed consolidated statement of comprehensive income
for the period then ended;
-- the Condensed consolidated statement of cash flows for the
period then ended;
-- the Condensed consolidated statement of changes in equity
for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the Half year
results of Premier Foods plc have been prepared in accordance with
UK adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the Disclosure Guidance and Transparency Rules
sourcebook of the United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410, 'Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity' issued by the Financial Reporting Council for use in the
United Kingdom. A review of interim financial information consists
of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review
procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and,
consequently, does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the Half year
results and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis for
conclusion section of this report, nothing has come to our
attention to suggest that the directors have inappropriately
adopted the going concern basis of accounting or that the directors
have identified material uncertainties relating to going concern
that are not appropriately disclosed. This conclusion is based on
the review procedures performed in accordance with this ISRE.
However, future events or conditions may cause the group to cease
to continue as a going concern.
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The Half year results, including the interim financial
statements, is the responsibility of, and has been approved by the
directors. The directors are responsible for preparing the Half
year results in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the Half year results, including
the interim financial statements, the directors are responsible for
assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors
either intend to liquidate the group or to cease operations, or
have no realistic alternative but to do so.
Our responsibility is to express a conclusion on the interim
financial statements in the Half year results based on our review.
Our conclusion, including our Conclusions relating to going
concern, is based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of
this report. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume
responsibility for any other purpose or to any other person to whom
this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
PricewaterhouseCoopers LLP
Chartered Accountants
London
16 November 2022
Condensed consolidated statement of profit
or loss (unaudited)
26 weeks 26 weeks
ended ended
1 Oct 2022 2 Oct 2021
Note GBPm GBPm
------------------------------------------- ----------------------- ---------------------
Continuing operations
Revenue 4 419.9 394.1
Cost of sales (274.3) (257.5)
------------------------------------------- ----------------------- ---------------------
Gross profit 145.6 136.6
Selling, marketing and distribution costs (62.2) (59.6)
Administrative costs (32.5) (25.7)
------------------------------------------- ----------------------- ---------------------
Operating profit 4 50.9 51.3
Finance cost 5 (10.2) (21.1)
Finance income 5 1.4 0.5
Profit before taxation 42.1 30.7
Taxation charge 6 (6.0) (9.7)
------------------------------------------- ----------------------- ---------------------
Profit for the period attributable to
owners of the parent 36.1 21.0
------------------------------------------- ----------------------- ---------------------
Basic earnings per share (pence) 7 4.2 2.5
------------------------------------------- ----------------------- ---------------------
Diluted earnings per share (pence) 7 4.1 2.4
------------------------------------------- ----------------------- ---------------------
The following notes form an integral part of the condensed
consolidated interim financial information.
Condensed consolidated statement of comprehensive income
(unaudited)
26 weeks 26 weeks ended
ended
1 Oct 2022 2 Oct 2021
Note GBPm GBPm
----------------------------------------- ----- ------------------------- -------------------------
Profit for the period 36.1 21.0
Other comprehensive income, net
of tax
Items that will never be reclassified
to profit or loss
Remeasurements of defined benefit
schemes 8 (15.7) 43.5
Deferred tax credit/(charge) - (30.6)
Corporation tax credit on pension
movements 3.5 3.1
Items that are or may be reclassified
to profit or loss
Exchange differences on translation 0.5 0.1
Other comprehensive income, net
of tax (11.7) 16.1
----------------------------------------- ----- ------------------------- -------------------------
Total comprehensive income attributable
to owners of the parent 24.4 37.1
----------------------------------------- ----- ------------------------- -------------------------
The following notes form an integral part of the condensed
consolidated interim financial information.
Condensed consolidated balance sheet (unaudited)
As at As at
1 Oct 2022 2 April
2022
Note GBPm GBPm
-------------------------------------------------- ----- ------------------------ -----------------
ASSETS:
Non-current assets
Property, plant and equipment 188.1 190.9
Goodwill 17 680.3 646.0
Other intangible assets 17 300.7 293.5
Deferred tax assets 22.2 23.1
Net retirement benefit assets 8 1,107.7 1,148.7
2,299.0 2,302.2
Current assets
Stocks 116.7 78.1
Trade and other receivables 95.2 96.5
Derivative financial instruments 10 2.8 2.4
Cash and cash equivalents 12 23.8 54.3
------------------------
238.5 231.3
-------------------------------------------------- ----- ------------------------ -----------------
Total assets 2,537.5 2,533.5
-------------------------------------------------- ----- ------------------------ -----------------
LIABILITIES:
Current liabilities
Trade and other payables (259.9) (254.0)
Financial liabilities:
- short-term borrowings 9 (25.0) -
- derivative financial instruments 10 - (0.3)
Lease liabilities 9 (1.2) (2.1)
Provisions for liabilities and charges 11 (6.7) (2.3)
------------------------
(292.8) (258.7)
Non-current liabilities
Long term borrowings 9 (323.5) (323.2)
Lease liabilities 9 (11.8) (14.0)
Net retirement benefit obligations 8 (145.9) (203.8)
Provisions for liabilities and charges 11 (7.7) (8.3)
Deferred tax liabilities (219.0) (212.9)
Other liabilities (13.4) (5.7)
------------------------
(721.3) (767.9)
-------------------------------------------------- ----- ------------------------ -----------------
Total liabilities (1,014.1) (1,026.6)
-------------------------------------------------- ----- ------------------------ -----------------
Net assets 1,523.4 1,506.9
-------------------------------------------------- ----- ------------------------ -----------------
EQUITY:
Capital and reserves
Share capital 86.3 86.3
Share premium 1.6 1.5
Merger reserve 351.7 351.7
Other reserves (9.3) (9.3)
Profit and loss reserve 1,093.1 1,076.7
-------------------------------------------------- ------------------------ -----------------
Total equity 1,523.4 1,506.9
-------------------------------------------------- ----- ------------------------ -----------------
The following notes form an integral part of the condensed
consolidated interim financial information.
Condensed consolidated statement of cash flows
(unaudited)
26 weeks 26 weeks
ended ended
1 Oct 2022 2 Oct 2021
Note GBPm GBPm
------------------------------------------------- ----- ---------------------- -------------------
Cash generated from operations 12 17.0 28.1
Interest paid (9.9) (14.9)
Interest received 0.2 0.3
Taxation paid (0.4) -
------------------------------------------------- ----- ---------------------- -------------------
Cash generated from operating activities 6.9 13.5
Purchase of property, plant and equipment (5.5) (6.0)
Purchase of intangible assets (0.8) (1.4)
Acquisition of subsidiaries, net of cash
acquired 17 (43.8) -
------------------------------------------------- ----- ---------------------- -------------------
Cash used in investing activities (50.1) (7.4)
Proceeds from borrowings 25.0 344.0
Repayment of borrowings - (320.0)
Repayment of lease liabilities (1.4) (1.3)
Financing fees(1) (0.7) (8.5)
Early redemption fee(1) - (4.7)
Dividends paid (10.3) (8.5)
Proceeds from share issue 0.1 0.6
Purchase of shares to satisfy share awards - (0.4)
------------------------------------------------- ----- ---------------------- -------------------
Cash generated from financing activities 12.7 1.2
Net (decrease)/increase in cash and cash equivalents (30.5) 7.3
Cash, cash equivalents and bank overdrafts
at beginning of period 54.3 1.1
-------------------------------------------------------- ---------------------- -------------------
Cash, cash equivalents and bank overdrafts
at end of period 12 23.8 8.4
------------------------------------------------- ----- ---------------------- -------------------
(1) Payments in the current period relate to the one year extension
of the revolving credit facility. Payments in the prior period related
to payments made as part of the refinancing of the Group's debt in
June 2021. See note 9 for further details.
The following notes form an integral part of the condensed
consolidated interim financial information.
Condensed consolidated statement of changes in equity (unaudited)
Profit
Share Share Merger Other and loss Total
capital premium reserve reserves reserve equity
Note GBPm GBPm GBPm GBPm GBPm GBPm
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
At 3 April 2021 85.5 0.6 351.7 (9.3) 755.1 1,183.6
Profit for the period - - - - 21.0 21.0
Remeasurements of defined
benefit schemes 8 - - - - 43.5 43.5
Deferred tax charge - - - - (30.6) (30.6)
Corporation tax credit on
pension movements - - - - 3.1 3.1
Exchange differences on
translation - - - - 0.1 0.1
Other comprehensive
income - - - - 16.1 16.1
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
Total comprehensive
income - - - - 37.1 37.1
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
Shares issued 0.4 0.2 - - - 0.6
Share-based payments - - - - 1.5 1.5
Purchase of shares to satisfy
share awards - - - - (0.4) (0.4)
Deferred tax movements on
share-based payments - - - - 0.8 0.8
Dividends 13 - - - - (8.5) (8.5)
At 2 October 2021 85.9 0.8 351.7 (9.3) 785.6 1,214.7
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
At 2 April 2022 86.3 1.5 351.7 (9.3) 1,076.7 1,506.9
Profit for the period - - - - 36.1 36.1
Remeasurements of defined
benefit schemes 8 - - - - (15.7) (15.7)
Corporation tax credit on
pension movements - - - - 3.5 3.5
Exchange differences on
translation - - - - 0.5 0.5
Other comprehensive
income - - - - (11.7) (11.7)
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
Total comprehensive
income - - - - 24.4 24.4
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
Shares issued - 0.1 - - - 0.1
Share-based payments - - - - 1.8 1.8
Deferred tax movements on
share-based payments - - - - 0.5 0.5
Dividends 13 - - - - (10.3) (10.3)
At 1 October 2022 86.3 1.6 351.7 (9.3) 1,093.1 1,523.4
--------------------------- ----- --------- --------- --------- ---------- ------------- --------
The following notes form an integral part of the condensed
consolidated interim financial information.
1. General information
Premier Foods plc (the "Company") is a public limited company
incorporated in the United Kingdom and domiciled in England,
registered number 05160050, with its registered office at Premier
House, Centrium Business Park, Griffiths Way, St Albans,
Hertfordshire AL1 2RE. The principal activity of the Company and
its subsidiaries (the "Group") is the manufacture and distribution
of branded and own label food products as described in the Group's
annual report and accounts for the financial period ended 2 April
2022.
2. Basis of preparation
This condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for
use in the UK.
The annual financial statements of the group for the 52 weeks
ending 1 April 2023 will be prepared in accordance with UK-adopted
international accounting standards. As required by the Disclosure
Guidance and Transparency Rules of the Financial Conduct Authority,
this condensed set of financial statements has been prepared
applying the accounting policies and presentation that were applied
in the preparation of the company's published consolidated
financial statements for the 52 weeks ended 2 April 2022 which were
prepared in accordance with UK-adopted international accounting
standards in conformity with the requirements of the Companies Act
2006. There has been no significant impact on the Group profit or
net assets on adoption of new or revised accounting standards in
the period. Amounts are presented to the nearest GBP0.1m, unless
otherwise stated.
Following a competitive tender process, PricewaterhouseCoopers
LLP were appointed as the Group's auditors for the 52 weeks ending
1 April 2023. The financial information for the period ended 1
October 2022 is unaudited but has been subject to an independent
review by PricewaterhouseCoopers LLP.
The Group's financial statements for the 52 week period ended 2
April 2022, which were approved by the Board of Directors on 18 May
2022, were reported on by KPMG LLP and delivered to the Registrar
of Companies. The report of the auditors was unqualified, did not
contain a reference to any matters to which the Auditors drew
attention by way of emphasis without qualifying their report and
did not contain any statement under section 498 (2) or (3) of the
Companies Act 2006.
This financial information was approved for issue on 16 November
2022.
Going concern
The Group's revolving credit facility includes net debt/EBITDA
and EBITDA/interest covenants as detailed in note 9. In the event
these covenants are not met then the Group would be in breach of
its financing agreement and, as would be the case in any covenant
breach, the banking syndicate could withdraw funding to the Group.
The Group is required to test covenants biannually aligned to
reporting dates. The Group was compliant with its covenant tests as
at 2 April 2022 and 1 October 2022.
Having undertaken a robust assessment of the Group's forecasts
with specific consideration to the trading performance of the
Group, cashflows and covenant compliance, the directors have a
reasonable expectation that the Group is able to operate within the
level of its current facilities, meet the required covenant tests
and has adequate resources to continue in operational existence for
at least 12 months from the date of approval of these financial
statements. The Group therefore continues to adopt the going
concern basis in preparing its financial information for the
reasons set out below:
At 1 October 2022, the Group had total assets less current
liabilities of GBP2,244.7m and net assets of GBP1,523.4m. Liquidity
as at that date was GBP173.8m, made up of cash and cash
equivalents, and undrawn committed credit facilities of GBP150.0m
expiring in May 2025. At the time of the approval of this report,
the cash and liquidity position of the group has not changed
significantly.
The directors have rigorously reviewed the current global
political and economic uncertainty driven by the conflict in
Ukraine and the inflationary pressures across the industry, and
have modelled a severe but plausible downside case impacting future
financial performance, cash flows and covenant compliance, that
cover a period of at least 12 months from the date of approval of
the financial statements. This downside case represents severe but
plausible assumptions related primarily to the impact of inflation
during the review period. The directors have also considered the
situation relating to COVID-19, climate change, risk of cyber
attacks, and upcoming UK regulations impacting the food industry
and consumer preferences that may have an adverse impact on supply
of, or the demand for certain product groups in the downside case
modelled and assumed all scenarios within the downside case impact
during the periods reviewed.
Whilst the downside scenario is deemed severe but plausible, it
is considered by the directors to be a robust stress test of going
concern, having an adverse impact on revenue, margin and cash flow.
Should circumstances mean there is further downside, whilst not
deemed plausible, the directors, in response have identified
mitigating actions within their control, that would reduce costs,
optimising cashflow and liquidity. Amongst these are the following
actions: reducing capital expenditure, reducing marketing spend and
delaying or cancelling discretionary spend. The directors have
assumed no significant structural changes to the business will be
needed in any of the scenarios modelled. None of the scenarios
modelled are sufficiently material to prevent the Group from
continuing as a going concern.
The directors, after reviewing financial forecasts and financing
arrangements, consider that the Group has adequate resources to
continue to meet its liabilities as they fall due for at least 12
months from the date of approval of this report. Accordingly, the
directors are satisfied that it is appropriate to adopt the going
concern basis in preparing its consolidated financial
information.
3. Accounting policies
These Group interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's most
recent annual financial statements for the year ended 2 April 2022
with the addition of the Business Combinations policy below.
When preparing the Group interim financial statements management
undertakes judgments, estimates and assumptions that affect the
recognition and measurement of assets and liabilities, income and
expense. The actual results may differ from the judgments,
estimates and assumptions made by management.
In preparing these Group interim financial statements the
significant judgments, estimates and key sources of estimation
uncertainty made by management were the same as those that applied
to the Group financial statements for the year ended 2 April 2022,
with the exception of fair value estimates in relation to the
acquisition of The Spice Tailor. See note 17 for details of the
fair value of assets and liabilities acquired and consideration
transferred.
Business Combinations
The Group applies the acquisition method in accounting for
business combinations. The consideration transferred by the Group
to obtain control of a subsidiary is calculated as the sum of the
acquisition-date fair values of assets transferred, liabilities
incurred and the equity interests issued by the Group, which
includes the fair value of any asset or liability arising from a
contingent consideration arrangement. Acquisition costs are
expensed as incurred. Assets acquired and liabilities assumed are
measured at their acquisition-date fair values.
4. Segmental analysis
IFRS 8 requires operating segments to be determined based on the
Group's internal reporting to the Chief Operating Decision Maker
('CODM'). The CODM has been determined to be the Executive
Leadership Team as it is primarily responsible for the allocation
of resources to segments and the assessment of performance of the
segments.
The Group's operating segments are defined as 'Grocery', 'Sweet
Treats', and 'International'. The CODM reviews the performance by
operating segments. The Grocery segment primarily sells savoury
ambient food products and the Sweet Treats segment sells primarily
sweet ambient food products. The International segment has been
aggregated within the Grocery segment for reporting purposes as
revenue is below 10% of the Group's total revenue and the segment
is considered to have similar characteristics to that of Grocery as
identified in IFRS 8. There has been no change to the segments
during the period.
The CODM uses Divisional contribution as the key measure of the
segments' results. Divisional contribution is defined as gross
profit after selling, marketing and distribution costs. Divisional
contribution is a consistent measure within the Group and reflects
the segments' underlying trading performance for the period under
evaluation.
The Group uses trading profit to review overall Group
profitability. Trading profit is defined as profit/loss before tax
before net finance costs, amortisation of intangible assets, fair
value movements on foreign exchange and other derivative contracts,
net interest on pensions and administrative expenses, and any
material items that require separate disclosure by virtue of their
nature in order that users of the financial statements obtain a
clear and consistent view of the Group's underlying trading
performance.
The segment results for the period ended 1 October 2022 and 2
October 2021, and the reconciliation of the segment measures to the
respective statutory items included in the financial information,
are as follows:
26 weeks ended 1 Oct
2022
--------------------------------------- --------- --- ---------------------------------------
Grocery Sweet Total
Treats
GBPm GBPm GBPm
-------------------------------------------------- -------------- ---------- ----------------
Revenue 304.3 115.6 419.9
-------------------------------------------------- -------------- ---------- ----------------
Divisional contribution 70.2 13.3 83.5
Group and corporate costs (26.8)
-------------------------------------------------- -------------- ---------- ----------------
Trading profit 56.7
Amortisation of brand assets (10.3)
Fair value movements on foreign exchange and other
derivative contracts 0.7
Net interest on pensions and administrative
expenses 8.5
Non-trading items(1) (4.7)
Operating profit 50.9
Finance cost (10.2)
Finance income 1.4
Profit before taxation 42.1
-------------------------------------------------- -------------- ---------- ----------------
Depreciation (5.5) (3.8) (9.3)
-------------------------------------------------- -------------- ---------- ----------------
(1) Non-trading items relate primarily to M&A advisory costs and one-off
supply chain charges.
26 weeks ended 2
Oct 2021
-------------------------------------------------- ---------------------------------------
Grocery Sweet Total
Treats
GBPm GBPm GBPm
-------------------------------------------------- -------------- ---------- ----------------
Revenue 284.1 110.0 394.1
-------------------------------------------------- -------------- ---------- ----------------
Divisional contribution 64.3 12.7 77.0
Group and corporate costs (19.2)
-------------------------------------------------- -------------- ---------- ----------------
Trading profit 57.8
Amortisation of intangible assets (14.3)
Fair value movements on foreign exchange and other
derivative contracts(1) 3.0
Net interest on pensions and administrative
expenses 2.2
Non-trading items:
- Other(2) 2.6
Operating profit 51.3
Finance cost(3) (21.1)
Finance income 0.5
-------------- ----------
Profit before taxation 30.7
-------------------------------------------------- -------------- ---------- ----------------
Depreciation (5.3) (4.0) (9.3)
-------------------------------------------------- -------------- ---------- ----------------
(1) The gain of GBP3.0m reflects changes in fair value rate during
the 26-week period and movement in nominal value of the instruments
held at 2 October 2021 from the 3 April 2021 position.
(2) Other relates primarily to the resolution
of a legacy legal matter.
(3) Finance cost includes GBP4.3m write-off of transaction fees and
GBP4.7m early redemption fee as part of the refinancing of the Group's
debt in June 2021.
Inter-segment transfers or transactions are entered into under
the same terms and conditions that would be available to unrelated
third parties.
The Group primarily supplies the UK market, although it also
supplies certain products to other countries in Europe and the rest
of the world. The following table provides an analysis of the
Group's revenue, which is allocated on the basis of geographical
market destination, and an analysis of the Group's non-current
assets by geographical location.
Revenue
26 weeks 26 weeks
ended ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
---------------- ----------- ----------------
United Kingdom 392.9 369.9
Other Europe 11.9 12.1
Rest of world 15.1 12.1
Total 419.9 394.1
-------------------- ----------- ----------------
Non-current assets
As at As at
1 Oct 2022 2 Apr 2022
GBPm GBPm
--------- ----------- ------------ --------- --------------------- -----------
United Kingdom 1,169.1 1,130.4
---------------------- ------------ --------- --------------------- -----------
Non-current assets exclude deferred tax assets and retirement
benefit assets.
5. Finance income and costs
26 weeks ended 26 weeks ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
----------------------------------------------- ------------------------------ -------------------------
Interest payable on bank loans and overdrafts (3.0) (2.5)
Interest payable on senior secured notes (5.8) (7.7)
Interest payable on revolving facility (0.1) (0.3)
Amortisation of debt issuance costs (0.9) (1.2)
(9.8) (11.7)
Write off of financing costs(1) - (4.3)
Early redemption fee(2) - (4.7)
Other interest payable (0.4) (0.4)
Total finance cost (10.2) (21.1)
----------------------------------------------- ------------------------------ -------------------------
Interest receivable on bank deposits 0.1 0.3
Other finance income 1.3 0.2
Total finance income 1.4 0.5
----------------------------------------------- ------------------------------ -------------------------
Net finance cost (8.8) (20.6)
----------------------------------------------- ------------------------------ -------------------------
(1) Write off of financing costs in the previous period relates
to the refinancing of the senior secured fixed rate notes due to
mature in 2023 and revolving credit facility, and redemption of senior
secured floating rate notes due to mature in 2022.
(2) Early redemption fee in the prior period relates to a non-recurring
payment arising on the early redemption of the GBP300m senior secured
fixed rate notes due to mature in October 2023 as part of the refinancing
of the Group's debt in June 2021.
6. Taxation
Current tax
26 weeks ended 26 weeks ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
---------------------------------------- --------------------------- ------------------------------
Current tax
- Current period (3.5) (3.1)
Deferred tax
- Current period (5.0) (3.2)
- Prior periods 0.1 0.1
- Changes in tax rate on the opening
balances 2.4 (3.5)
Income tax charge (6.0) (9.7)
---------------------------------------- --------------------------- ------------------------------
Tax relating to items recorded in other comprehensive income
included:
26 weeks 26 weeks
ended ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
---------------------------------------------------- ------------------------ -------------------
Corporation tax credit on pension movements 3.5 3.1
Deferred tax charge on change in corporate
tax rate - (17.9)
Deferred tax credit on prior year - 1.6
Deferred tax credit/ (charge) on pension movements - (14.3)
3.5 (27.5)
---------------------------------------------------- ------------------------ -------------------
The applicable rate of corporation tax for the period is 19%.
Per the Finance Act of 2021, the corporation tax rate will increase
from the current 19% to 25% starting in April 2023 and the impact
of the move to a blended rate on the deferred tax balances was
reflected in the prior year. The current year deferred tax balances
have been remeasured to reflect the year end rate of 25% resulting
in a tax credit of GBP2.4m which has been recorded in the
consolidated statement of profit or loss.
Tax charged for the 26 week period ended 1 October 2022 has been
calculated by applying the effective rate of tax which is expected
to apply to the Group for the period ended 1 April 2023 using rates
substantively enacted by 1 October 2022 as required by IAS 34
'Interim Financial Reporting'. The tax charge for the period
differs from the standard rate of corporation tax in the United
Kingdom of 19.0% (26 weeks ended 2 October 2021: 19.0%). The
reasons for this are explained below:
26 weeks 26 weeks
ended ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
-------------------------------------------- --------------------------- ------------------------
Profit before taxation 42.1 30.7
Tax charge at the domestic income tax rate
of 19.0% (26 weeks ended 2 October 2021:
19.0%) (8.0) (5.8)
Tax effect of:
Non-taxable items 1.7 0.2
Other disallowable items (1.1) -
Adjustment due to change in tax rate on
the opening balances 2.4 (3.5)
Difference between current and deferred
tax rate (1.1) (0.7)
Adjustments to prior periods 0.1 0.1
Income tax charge (6.0) (9.7)
--------------------------------------------- --------------------------- ------------------------
7. Earnings per share
Basic earnings per share has been calculated by dividing the
profit for the period ended 1 October 2022 attributable to owners
of the parent of GBP36.1m (26 weeks ended 2 October 2021: GBP21.0m
profit) by the weighted average number of ordinary shares of the
Company.
26 weeks 26 weeks ended
ended 1 Oct 2 Oct 2021
2022
Number Number
------------------------------------------------ ----------------------- ---------------------
Weighted average number of ordinary shares
for the purpose of basic earnings per share
(m) 860.3 856.9
Effect of dilutive potential ordinary shares
(m) 21.3 18.2
----------------------- ---------------------
Weighted average number of ordinary shares
for the purpose of diluted earnings per share 881.6 875.1
------------------------------------------------ ----------------------- ---------------------
26 weeks ended 1 26 weeks ended 2 Oct
Oct 2022 2021
Basic Dilutive Diluted Basic Dilutive Diluted
effect effect
of share of share
options options
----------------------------- ----------- ------------ ----------- ----------- ------------ -----------
Profit after tax (GBPm) 36.1 36.1 21.0 21.0
Weighted average number
of shares (m) 860.3 21.3 881.6 856.9 18.2 875.1
----------------------------- -----------
Earnings per share (pence) 4.2 (0.1) 4.1 2.5 (0.1) 2.4
----------------------------- ----------- ------------ ----------- ----------- ------------ -----------
Dilutive effect of share options
The dilutive effect of share options is calculated by adjusting
the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive potential ordinary shares. The
only dilutive potential ordinary shares of the Company are share
options and share awards. A calculation is performed to determine
the number of shares that could have been acquired at fair value
(determined as the average annual market share price of the
Company's shares) based on the monetary value of the share awards
and the subscription rights attached to the outstanding share
options.
No adjustment is made to the profit or loss in calculating basic
and diluted earnings per share.
Adjusted basic earnings per share ("Adjusted basic EPS")
Adjusted basic earnings per share is defined as trading profit
less net regular interest payable, less a notional tax charge at
19.0% (26 weeks ended 2 October 2021: 19.0%) divided by the
weighted average number of ordinary shares of the Company.
Net regular interest is defined as net finance cost after
excluding write-off of financing costs, early redemption fees,
other interest payable and other finance income.
Trading profit and Adjusted basic EPS have been reported as the
directors believe these assist in providing additional useful
information on the underlying trends and performance of the
Group.
8. Retirement benefit schemes
Defined benefit schemes
The Group operates a number of defined benefit schemes under
which current and former employees have built up an entitlement to
pension benefits on their retirement. Although the Premier Foods
Section, Premier Grocery Products Section and RHM Section
identified below are no longer separate schemes following the
merger in 2020, historically, Premier Foods companies' pension
liabilities and ex-RHM companies' liabilities have been shown
separately. These are as follows:
(a) The "Premier" Schemes, which comprise:
Premier Foods Pension Section of RHM Pension Scheme
Premier Grocery Products Pension Section of RHM Pension
Scheme
Premier Grocery Products Ireland Pension Scheme ('PGPIPS')
Chivers 1987 Pension Scheme
Hillsdown Holdings Limited Pension Scheme
(b) The "RHM" Pension Schemes, which comprise:
RHM Section of the RHM Pension Scheme
Premier Foods Ireland Pension Scheme
The interim actuarial valuations for the new Premier Foods and
Premier Grocery Products Sections as at 31 March 2021 have been
agreed with no change to the rate of deficit contributions paid in
the short term. The triennial valuation cycle continues with effect
from 31 March 2022 for all three Sections of the RHM Pension
Scheme.
The exchange rates used to translate the overseas euro based
schemes are GBP1.00 = EUR1.1730 for the average rate during the
period, and GBP1.00 = EUR1.1388 for the closing position at 1
October 2022.
All pension schemes are closed to future accrual.
A t the balance sheet date, the combined principal actuarial
assumptions were as follows:
Premier RHM schemes
schemes
At 1 October 2022
Discount rate 5.25% 5.25%
Inflation - RPI 3.70% 3.70%
Inflation - CPI 3.25% 3.25%
Expected salary increases n/a n/a
Future pension increases
* RPI (min 0% and max 5%) 3.25% 3.25%
* CPI (min 3% and max 5%) 3.70% 3.70%
-------------------------------------- --------- ------------
At 2 April 2022
Discount rate 2.75% 2.75%
Inflation - RPI 3.60% 3.60%
Inflation - CPI 3.20% 3.20%
Expected salary increases n/a n/a
Future pension increases
* RPI (min 0% and max 5%) 3.35% 3.35%
* CPI (min 3% and max 5%) 3.65% 3.65%
-------------------------------------- --------- ------------
For the smaller overseas schemes, the discount rate used was
3.75% (52 weeks ended 2 April 2022: 1.75%) and future pension
increases were 3.40% (52 weeks ended 2 April 2022: 2.60%).
The mortality assumptions are based on standard mortality
tables. The directors have considered the impact of the current
Covid-19 pandemic on the mortality assumptions and consider that
use of the updated Continuous Mortality Improvement (CMI) 2021
projections released in March 2022 for the future improvement
assumption a reasonable approach. Management considers the 2020 and
2021 mortality experience to be outliers and therefore have applied
a 0% weight to the 2020 and 2021 mortality experience data.
However, an addition to the mortality scaling factors of 2% has
been applied, which reflects the expected long term negative
outlook from the impact of Covid-19 on future life expectancy. The
estimated impact of the addition to the mortality scaling factors
is approximately 0.5% decrease in defined benefit obligation in
respect of the schemes.
An adjustment to the base mortality tables has been made for the
Premier Foods schemes to reflect the latest scheme mortality
studies which were commissioned by the trustee in 2021. The life
expectancy assumptions are as follows:
Premier RHM schemes
schemes
--------------------------------------- --------- ------------
Life expectancy at 1 October 2022
Male pensioner, currently aged 65 86.6 85.2
Female pensioner, currently aged 65 88.3 87.7
Male non-pensioner, currently aged 45 87.5 86.5
Female non-pensioner, currently aged
45 89.8 89.3
Life expectancy at 2 April 2022
Male pensioner, currently aged 65 86.6 85.2
Female pensioner, currently aged 65 88.3 87.7
Male non-pensioner, currently aged 45 87.5 86.5
Female non-pensioner, currently aged
45 89.8 89.3
---------------------------------------- --------- ------------
Premier schemes % of total RHM schemes % of total Total % of total
GBPm % GBPm % GBPm
----------------------------- ---------------- ----------- ------------ ----------- -------- -----------
Assets with a quoted price in an active market at 1 October 2022:
Government bonds 166.2 28.4 91.6 2.8 257.8 6.7
Cash 2.6 0.5 108.7 3.3 111.3 2.9
Assets without a quoted price in an active market at 1 October 2022:
UK equities 0.1 0.0 - - 0.1 0.0
Global equities 3.3 0.6 3.6 0.1 6.9 0.2
Government bonds 26.2 4.5 2.1 0.1 28.3 0.7
Corporate bonds 0.2 0.0 5.4 0.2 5.6 0.1
UK Property 80.4 13.8 258.9 8.0 339.3 8.8
European property 47.3 8.1 214.1 6.6 261.4 6.8
Absolute return products 33.2 5.7 736.4 22.7 769.6 20.1
Infrastructure funds 31.1 5.3 358.8 11.0 389.9 10.2
Interest rate swaps - - 244.3 7.5 244.3 6.4
Inflation swaps - - 52.7 1.6 52.7 1.4
Private equity 43.5 7.4 297.2 9.1 340.7 8.9
LDI - - 6.0 0.2 6.0 0.2
Global credit 36.3 6.2 382.2 11.8 418.5 10.9
Illiquid credit 98.7 16.9 221.6 6.8 320.3 8.4
Cash 8.7 1.5 0.1 0.0 8.8 0.2
Other(1) 6.5 1.1 267.4 8.2 273.9 7.1
Fair value of scheme assets
as at 1 October 2022 584.3 100 3,251.1 100 3,835.4 100
----------------------------- ---------------- ----------- ------------ ----------- -------- -----------
Assets with a quoted price in an active market at 2 April 2022:
Government bonds 337.1 40.8 842.3 19.7 1,179.4 23.1
Cash 27.9 3.4 76.0 1.8 103.9 2.0
Assets without a quoted price in an active market at 2 April 2022:
UK equities 0.1 0.0 0.3 0.0 0.4 0.0
Global equities 4.3 0.5 5.7 0.1 10.0 0.2
Government bonds 31.8 3.9 2.5 0.1 34.3 0.7
Corporate bonds 0.3 0.0 6.0 0.1 6.3 0.1
UK property 84.9 10.3 285.4 6.7 370.3 7.3
European property 38.3 4.6 168.3 3.9 206.6 4.0
Absolute return products 62.5 7.6 872.2 20.4 934.7 18.3
Infrastructure funds 26.7 3.2 338.0 7.9 364.7 7.2
Interest rate swaps 0.1 0.0 397.4 9.3 397.5 7.8
Inflation swaps - - 93.4 2.2 93.4 1.8
Private equity 39.9 4.8 280.1 6.5 320.0 6.3
LDI - - 7.7 0.2 7.7 0.2
Global credit 74.3 9.0 554.3 13.0 628.6 12.3
Illiquid credit 81.6 9.9 191.6 4.5 273.2 5.4
Cash 9.8 1.2 0.1 0.0 9.9 0.2
Other(1) 6.7 0.8 152.4 3.6 159.1 3.1
----------------------------- ---------------- ----------- ------------ ----------- -------- -----------
Fair value of scheme assets
as at 2 April 2022 826.3 100% 4,273.7 100% 5,100.0 100%
----------------------------- ---------------- ----------- ------------ ----------- -------- -----------
(1) Included in Other in the RHM Schemes is GBP124.7m (2 April 2022: GBP111.2m) of assets
which were sold during 2020/21 and were awaiting settlement at the reporting date.
For assets without a quoted price in an active market fair value
is determined with reference to net asset value statements provided
by third parties.
Pension assets have been reported using 30 September 2022
valuations where available. As is usual practice for pensions
assets where valuations at this date were not available, the most
recent valuations ( predominantly at 30 June 2022) have been rolled
forward for cash movements to 30 September 2022 and recognised as
lagged valuations. This is considered by management the most
appropriate estimate of valuations for these assets using the
information available at the time. At 1 October 2022 the financial
statements include GBP362m of assets using lagged valuations and
were these lagged valuations to move by 1% there would be a GBP3.6m
impact on the fair value of scheme assets. This approach is
principally relevant for Private Equity, Property Assets, Illiquid
Credits and Global Credits asset categories. Pension assets
valuations are subject to estimation uncertainty due to market
volatility, which could result in a material movement in asset
values over the next 12 months.
The amounts recognised in the balance sheet arising from the
Group's obligations in respect of its defined benefit schemes are
as follows:
Premier RHM schemes Total
schemes
GBPm GBPm GBPm
--------------------------------------------- ---------- ------------ ----------
At 1 October 2022
Present value of defined benefit obligation (718.4) (2,155.2) (2,873.6)
Fair value of plan assets 584.3 3,251.1 3,835.4
--------------------------------------------- ---------- ------------ ----------
(Deficit)/surplus in schemes (134.1) 1,095.9 961.8
--------------------------------------------- ---------- ------------ ----------
At 2 April 2022
Present value of defined benefit obligation (1,020.2) (3,134.9) (4,155.1)
Fair value of plan assets 826.3 4,273.7 5,100.0
--------------------------------------------- ---------- ------------ ----------
(Deficit)/surplus in schemes (193.9) 1,138.8 944.9
--------------------------------------------- ---------- ------------ ----------
The aggregate surplus of GBP944.9m has increased to a surplus of
GBP961.8m during the period ended 1 October 2022. The increase of
GBP16.9m (52 weeks ended 2 April 2021: GBP67.8 increase) is
primarily due to net remeasurement gains on scheme assets and
liabilities.
The disclosures in note 8 represent those schemes that are
associated with Premier ('Premier schemes') and those that are
associated with ex-RHM companies ('RHM schemes'). These differ to
that disclosed on the balance sheet, in which the schemes have been
split between those in an asset position and those in a liability
position. The disclosures in note 8 reconcile to those disclosed on
the balance sheet as shown below:
At 1 October 2022 At 2 April 2022
Premier Schemes RHM Schemes Total Premier RHM Schemes Total
Schemes
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------ ---------------- -------------- ------------ --------- -------------- -----------
Schemes in net asset position 11.8 1,095.9 1,107.7 9.9 1,138.8 1,148.7
Schemes in net liability
position (145.9) - (145.9) (203.8) - (203.8)
------------------------------ ---------------- -------------- ------------ --------- -------------- -----------
Net (Deficit)/surplus in
schemes (134.1) 1,095.9 961.8 (193.0) 1,138.8 944.9
------------------------------ ---------------- -------------- ------------ --------- -------------- -----------
Changes in the present value of the defined benefit obligation
were as follows:
Premier RHM schemes Total
schemes
GBPm GBPm GBPm
----------------------------------------- ---------- ------------ ----------
Defined benefit obligation at 3 April
2021 (1,175.1) (3,536.9) (4,712.0)
Interest cost (22.7) (68.9) (91.6)
Past service cost (0.1) (0.2) (0.3)
Settlement 0.2 - 0.2
Remeasurement gain 139.7 333.5 473.2
Exchange differences 0.5 0.2 0.7
Benefits paid 37.3 137.4 174.7
Defined benefit obligation at 2 April
2022 (1,020.2) (3,134.9) (4,155.1)
Interest cost (13.7) (42.2) (55.9)
Settlement 0.3 - 0.3
Remeasurement gain 296.5 950.7 1,247.2
Exchange differences (1.5) (0.8) (2.3)
Benefits paid 20.2 72.0 92.2
----------------------------------------- ---------- ------------ ----------
Defined benefit obligation at 1 October
2022 (718.4) (2,155.2) (2,873.6)
----------------------------------------- ---------- ------------ ----------
Changes in the fair value of plan assets were as follows:
Premier RHM schemes Total
schemes
GBPm GBPm GBPm
------------------------------------------- ------------ ------------ ----------
Fair value of scheme assets at 3 April
2021 792.5 4,459.4 5,251.9
Interest income on scheme assets 15.3 87.3 102.6
Remeasurement gains/(losses) 17.5 (133.4) (115.9)
Administrative costs (4.2) (2.5) (6.7)
Settlement (0.3) - (0.3)
Contributions by employer 40.9 0.5 41.4
Additional employer contribution(1) 2.5 - 2.5
Exchange differences (0.6) (0.2) (0.8)
Benefits paid (37.3) (137.4) (174.7)
------------------------------------------- ------------ ------------ ----------
Fair value of scheme assets at 2 April
2022 826.3 4,273.7 5,100.0
Interest income on scheme assets 11.0 57.7 68.7
Remeasurement losses (254.2) (1,008.7) (1,262.9)
Administrative costs (2.1) (2.2) (4.3)
Settlement (0.3) - (0.3)
Contributions by employer 19.0 1.7 20.7
Additional employer contribution(1) 2.7 - 2.7
Exchange differences 2.1 0.9 3.0
Benefits paid (20.2) (72.0) (92.2)
------------------------------------------- ------------ ------------ ----------
Fair value of plan assets at 1 October
2022 584.3 3,251.1 3,835.4
------------------------------------------- ------------ ------------ ----------
(1) Contribution by the Group to the Premier schemes due to the
payment of dividends during the year.
The reconciliation of the net defined benefit (deficit)/surplus
over the period is as follows:
Premier RHM schemes Total
schemes
GBPm GBPm GBPm
-------------------------------------------------- --------- ------------ -------
(Deficit)/surplus in schemes at 3 April
2021 (382.6) 922.5 539.9
Amount recognised in profit or loss (11.8) 15.7 3.9
Remeasurements recognised in other comprehensive
income 157.2 200.1 357.3
Contributions by employer 40.9 0.5 41.4
Additional employer contribution(1) 2.5 - 2.5
Exchange differences recognised in other
comprehensive income (0.1) - (0.1)
(Deficit)/surplus in schemes at 2 April
2022 (193.9) 1,138.8 944.9
Amount recognised in profit or loss (4.8) 13.3 8.5
Remeasurements recognised in other comprehensive
income 42.3 (58.0) (15.7)
Contributions by employer 19.0 1.7 20.7
Additional employer contribution 2.7 - 2.7
Exchange differences recognised in other
comprehensive income 0.6 0.1 0.7
-------------------------------------------------- --------- ------------ -------
(Deficit)/surplus in schemes at 1 October
2022 (134.1) 1,095.9 961.8
-------------------------------------------------- --------- ------------ -------
The total amounts recognised in the consolidated statement of
profit or loss are as follows:
Premier RHM schemes Total
schemes
GBPm GBPm GBPm
------------------------------- --------- ------------ ------
26 weeks ended 1 October 2022
Operating profit
Administrative costs (2.1) (2.2) (4.3)
Net interest (cost)/credit (2.7) 15.5 12.8
------------------------------- --------- ------------ ------
Total (cost)/credit (4.8) 13.3 8.5
------------------------------- --------- ------------ ------
26 weeks ended 2 October 2021
Operating profit
Administrative costs (2.0) (1.2) (3.2)
Net interest (cost)/credit (3.8) 9.2 5.4
Total (cost)/credit (5.8) 8.0 2.2
------------------------------- --------- ------------ ------
52 weeks ended 2 April 2022
Operating profit
Past service cost (0.1) (0.2) (0.3)
Settlement (costs)/credits (0.1) - (0.1)
Administrative costs (4.2) (2.5) (6.7)
Net interest (cost)/credit (7.4) 18.4 11.0
------------------------------- --------- ------------ ------
Total (cost)/credit (11.8) 15.7 3.9
------------------------------- --------- ------------ ------
9. Bank and other borrowings
As at As at
1 Oct 2022 2 Apr 2022
GBPm GBPm
----------------------------------------------- ---------------- --------------------
Current:
Secured senior credit facility - revolving (25.0) -
Lease liabilities (1.2) (2.1)
----------------------------------------------- --------------------
Total borrowings due within one year (26.2) (2.1)
----------------------------------------------- ---------------- --------------------
Non-current:
Lease liabilities (11.8) (14.0)
Transaction costs(1) 6.5 6.8
Senior secured notes (330.0) (330.0)
----------------------------------------------- ---------------- --------------------
Total borrowings due after more than one year (335.3) (337.2)
Total bank and other borrowings (361.5) (339.3)
----------------------------------------------- ---------------- --------------------
(1) Included in transaction costs is GBP2.1m (2 April 2022: GBP1.9m)
relating to the revolving credit facility.
Revolving credit facility
During the period, the Group extended the period of its
revolving credit facility (RCF) by one year to May 2025 with the
same lending group. Transactions costs of GBP0.6m were capitalised
in relation to this extension. The RCF of GBP175m attracts a
leverage-based margin of between 2.0% and 4.0% above SONIA.
Banking covenants of net debt / EBITDA and EBITDA / interest are
in place and are tested biannually. The covenant package attached
to the revolving credit facility is:
Net debt EBITDA
/ EBITDA(1) / Interest(1)
------------------ ------------- ----------------------
2022/23 FY 3.50x 3.00x
2023/24 FY 3.50x 3.00x
------------------ ------------- ----------------------
(1) Net debt, EBITDA and Interest are
as defined under the revolving credit facility.
Senior secured notes
The senior secured notes are listed on the Irish GEM Stock
Exchange. The notes totalling GBP330m mature in October 2026 and
attract an interest rate of 3.5%.
10. Financial instruments
The following table shows the carrying amounts (which
approximate to fair value except as noted below) of the Group's
financial assets and financial liabilities. Fair value is the price
that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at
the measurement date. Set out below is a summary of methods and
assumptions used to value each category of financial
instrument.
As at 1 Oct As at 2 April
2022 2022
Carrying Fair Carrying Fair
amount value amount value
GBPm GBPm GBPm GBPm
-------------------------------------------- --------------- --------------- --------------- ---------------
Financial assets not measured at fair
value:
Cash and cash equivalents 23.8 23.8 54.3 54.3
Financial assets at amortised cost:
Trade and other receivables 62.5 62.5 65.7 65.7
Financial assets at fair value through
profit or loss:
Trade and other receivables 6.8 6.8 3.3 3.3
Derivative financial instruments
- Forward foreign currency exchange
contracts 1.0 1.0 0.1 0.1
- Commodity and energy derivatives 1.8 1.8 2.3 2.3
Financial liabilities at fair value through
profit or loss:
Derivative financial instruments
- Forward foreign currency exchange
contracts - - (0.3) (0.3)
Other financial liabilities at fair value through
profit or loss
- Deferred contingent consideration
(note 17) (8.2) (8.2) - -
Financial liabilities at amortised
cost:
Trade and other payables (252.8) (252.8) (247.4) (247.4)
Senior secured notes (330.0) (260.2) (330.0) (305.8)
Senior secured credit facility - revolving (25.0) (25.0) - -
-------------------------------------------- --------------- --------------- --------------- ---------------
The following table presents the Group's assets and liabilities
that are measured at fair value using the following fair value
measurement hierarchy:
-- Quoted prices (unadjusted) in active markets for identical
assets or liabilities (level 1).
-- Inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly
(that is, as prices) or indirectly (that is, derived from
prices) (level 2).
-- Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (level 3).
As at 1 Oct 2022 As at 2 April 2022
Level Level Level Level Level Level
1 2 3 1 2 3
------------------------------------- --------- ----------- ----------- -------- ---------- -----------
GBPm GBPm GBPm GBPm GBPm
Financial assets at fair value
through profit or loss:
Trade and other receivables - 4.4 2.4 - 3.3 -
Derivative financial instruments
- Forward foreign currency exchange
contracts - 1.0 - - 0.1 -
- Commodity and energy derivatives - 1.8 - - 2.3 -
Financial liabilities at fair
value through profit or loss:
Derivative financial instruments
- Forward foreign currency exchange - - - - (0.3) -
contracts
Other financial liabilities at
fair value through profit or
loss:
- Deferred contingent consideration - - (8.2) - - -
(note 17)
Financial liabilities at amortised
cost:
Senior secured notes (260.2) - - (305.8) - -
------------------------------------- --------- ----------- ----------- -------- ---------- -----------
The fair value of trade and other receivables and trade and
other payables is considered to be equal to the carrying amount of
these items due to their short-term nature.
Calculation of fair values
The fair values of the financial assets and liabilities are
defined as the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
During the period, the Group recognised other receivables with a
fair value of GBP2.4m and deferred contingent consideration with a
fair value of GBP8.2m as a result of the acquisition of The Spice
Tailor. The fair values for both are based on unobservable inputs
and are classified as a level 3 fair value estimate under the IFRS
fair value hierarchy. See note 17 for further details.
Methods and assumptions used to estimate all other fair values
are consistent with those used in the 52 weeks ended 2 April
2022.
11. Provisions for liabilities and charges
As at As at
1 Oct 2022 2 Apr 2022
GBPm GBPm
---------------------------- ------------------- -------------------
Within one year (6.7) (2.3)
Between two and five years (5.0) (2.9)
After 5 years (2.7) (5.4)
---------------------------- ------------------- -------------------
Total (14.4) (10.6)
---------------------------- ------------------- -------------------
During the period, as a result of the acquisition of The Spice
Tailor, the Group recognised provisions of GBP2.5m, including
GBP2.4m in relation to the fair value of contingent liabilities
acquired as part of the business combination. See note 17 for
further details.
During the 26 week period ended 1 October 2022 provisions for
liabilities and charges increased by GBP3.8m. The increase of
GBP3.8m is due primarily to these acquired contingent liabilities
as well as an increase in provisions for expected further property
costs. Total provisions for liabilities and charges of GBP14.4m (2
April 2022: GBP10.6m) comprise primarily of provisions for site
costs, dilapidations and environmental liabilities related to
leasehold properties and provisions for insurance.
12. Notes to the cash flow statement
Reconciliation of profit before taxation to cash flows from operating
activities
26 weeks ended 26 weeks ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
----------------------------------------------------- ------------ ------------------------
Profit before taxation 42.1 30.7
Net finance cost 8.8 20.6
Operating profit 50.9 51.3
Depreciation of property, plant and equipment 9.3 9.3
Amortisation of intangible assets 12.7 14.3
Fair value movements on financial instruments (0.7) (3.0)
Net interest on pensions and administrative
expenses (8.5) (2.2)
Equity settled employee incentive schemes 1.8 1.5
Increase in stocks (35.4) (21.9)
Decrease in trade and other receivables 6.6 8.0
Increase/(Decrease) in trade and other payables
and provisions 3.7 (7.2)
Dividend match pension contribution(1) (2.7) (2.5)
Contribution to defined benefit pension schemes (20.7) (19.5)
------------
Cash generated from operations 17.0 28.1
----------------------------------------------------- ------------ ------------------------
(1) Contribution by the Group to the Premier sections of the RHM
pension schemes due to the payment of dividends during the period.
Analysis of
movement in
borrowings
As at Non-cash Other As at
2 April Cash interest non-cash 1 Oct
2022 flows expense movements 2022
GBPm GBPm GBPm GBPm GBPm
------------------ --------------------- ----------------- --------------- --------------------- ----------------
Cash and bank
deposits 54.3 (30.5) - - 23.8
------------------ --------------------- ----------------- --------------- --------------------- ----------------
Net cash and cash
equivalents 54.3 (30.5) - - 23.8
Borrowings -
revolving
credit
facilities - (25.0) - - (25.0)
Borrowings -
Senior Secured
Fixed Rate Notes
maturing
October 2026 (330.0) - - - (330.0)
Lease liabilities
(IFRS
16) (16.1) 1.8 (0.4) 1.7 (13.0)
--------------------- ----------------- --------------- ---------------------
Gross borrowings
net of
cash(1) (291.8) (53.7) (0.4) 1.7 (344.2)
Debt issuance
costs(2) 6.8 0.7 - (1.0) 6.5
------------------ ---------------------
Total net
borrowings(1) (285.0) (53.0) (0.4) 0.7 (337.7)
------------------ ---------------------
Total net
borrowings
excluding
lease
liabilities(1) (268.9) (54.8) - (1.0) (324.7)
(1) Borrowings excludes derivative financial instruments.
(2) The non-cash movement in debt issuance costs relates to the amortisation
of capitalised borrowing costs only.
13. Dividends
26 weeks 26 weeks
ended ended
1 Oct
2022 2 Oct 2021
GBPm GBPm
1.2 pence per ordinary share (26 weeks ended 2 October
2021: 1.0 pence) 10.3 8.5
A final dividend of 1.2 pence per share for the 52 week period
ended 2 April 2022 was approved by the shareholders at the
Company's Annual General Meeting on 20 July 2022 and was
subsequently paid on 29 July 2022.
14. Capital commitments
The Group has capital expenditure on property, plant and
equipment contracted for at the end of the reporting period but not
yet incurred at 1 October 2022 of GBP5.8m (2 April 2022:
GBP5.7m).
15. Contingencies
There were no material contingent liabilities as at 1 October
2022 and 2 April 2022.
16. Related party transactions
The Group's related party transactions and relationships for the
52 weeks ended 2 April 2022 were disclosed on page 154 of the
annual report and accounts for the financial period ended 2 April
2022.
As at 1 October 2022 the following are also considered to be
related parties under the Listing Rules due to their shareholdings
exceeding 10% of the Group's total issued share capital:
- Nissin Foods Holding Co., Ltd. ('Nissin') is considered to be
a related party by virtue of its 25.00% (2 April 2022: 19.14%)
equity shareholding in Premier Foods plc and its right to appoint a
member to the Board of Directors.
Transactions with related parties
Transactions with associates and major shareholders during the
period are set out below.
26 weeks ended 26 weeks ended
1 Oct 2022 2 Oct 2021
GBPm GBPm
Sale of services:
- Nissin 0.1 -
Total sales 0.1 -
Purchase of goods:
- Nissin 10.8 10.0
Total purchases 10.8 10.0
17. Acquisitions
On 31 August 2022, the Group acquired 100% of the ordinary share
capital of The Spice Tailor Limited ('Spice Tailor') and its wholly
owned subsidiaries, The Spice Tailor (Direct) Limited, The Spice
Tailor (Canada) Limited and The Spice Tailor (Australia) Pty Ltd
for initial consideration of GBP43.8m (this comprises GBP44.5m cash
consideration less GBP0.7m cash acquired). Additional consideration
is dependent on future performance with an earn out structure over
a three year period from FY2024, subject to further growth targets
with a maximum cap of total consideration of GBP72.5m. The
acquisition is well aligned to the Group's growth strategy, being
highly complementary to the Group's Sharwoods and Loyd Grossman
brands and having a strong geographical fit, with a presence in the
UK, Australian, Canadian and Irish markets, significantly expanding
the Group's ethnic foods business in Australia.
The following table summarises the Group's preliminary
assessment of the consideration for Spice Tailor, and the amounts
of the assets acquired and liabilities assumed.
IFRS book Fair value Fair
value at acquisition adjustments value
Recognised amounts of identifiable GBPm GBPm GBPm
assets acquired and liabilities assumed
Property, plant & equipment 0.1 - 0.1
Brands and other intangible assets - 20.5 20.5
Inventories 3.0 0.2 3.2
Trade and other receivables(1) 2.4 2.4 4.8
Trade and other payables (3.4) - (3.4)
Provisions (0.1) (2.4) (2.5)
Cash and cash equivalents 0.7 - 0.7
Deferred tax liability - (5.0) (5.0)
Total identifiable net assets 2.7 15.7 18.4
Goodwill on acquisition 34.3
Initial consideration transferred in
cash 44.5
Deferred contingent consideration 8.2
Total consideration 52.7
(1) Fair value adjustment relates to the recognition of indemnification
assets in relation to contingent liabilities acquired
Identifiable net assets
The fair values of the identifiable assets and liabilities
acquired have been determined provisionally at 1 October 2022,
given proximity of the acquisition to period end. As permitted
under IFRS 3 the Group will retrospectively adjust the provisional
amounts recognised to reflect new information obtained about facts
and circumstances that existed and, if known, would have affected
the measurement of the amounts recognised as at the acquisition
date.
As a result of the business combination, the Group recognised
provisions of GBP2.5m, including GBP2.4m in relation to the fair
value of contingent liabilities acquired which relate primarily to
future tax liabilities in line with IAS 37.
The fair value of the trade and other receivables acquired as
part of the business combination was GBP4.8m. This includes an
indemnification asset of GBP2.4m in relation to the contingent
liabilities assumed, and trade receivables amounting to GBP2.4m
which approximated to the contractual cash flows.
Consideration transferred
Consideration included cash of GBP44.5m transferred on
completion of the acquisition. An additional GBP8.2m was recognised
in relation to the fair value of deferred contingent consideration
which is dependent on future performance with an earn out structure
over a three year period from FY2024, subject to further growth
targets. The deferred contingent consideration is included within
non-current other liabilities.
The fair value of deferred contingent consideration represents
the present value of estimate payments measured at the time of
acquisition based on the Group's estimate of future performance.
The fair value is based on unobservable inputs and is a classified
as a level 3 fair value estimate under the IFRS fair value
hierarchy. See note 10 for further details.
Acquisition-related costs amounting to GBP2.7m are not included
as part of consideration transferred and have been recognised as an
expense in the consolidated statement of profit or loss, as part of
administrative expenses.
Goodwill
Goodwill amounting to GBP34.3m was recognised on acquisition and
while The Spice Tailor brand forms much of the enterprise value of
the business, there is a premium associated to the purchase of a
pre-existing, well positioned business. This goodwill is not
expected to be deductible for tax purposes and is allocated to the
Group's Grocery CGU.
The carrying amount of goodwill and the beginning and end of the
period is as follows:
GBPm
Carrying value
At 4 April 2022 646.0
Acquisition of subsidiary 34.3
At 1 October 2022 680.3
The Spice Tailor contribution to the Group results
From the date of the acquisition to 1 October 2022, The Spice
Tailor contributed GBP1.3m to the Group's Revenues and a loss
before tax of GBPnil. Had the acquisition occurred on 3 April 2022,
on a pro forma basis, the Group's Revenue for the period to 1
October 2022 would have been GBP426.8m and Profit before tax for
the same period would have been GBP41.2m.
18. Subsequent events
There were no reportable events after the balance sheet
date.
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END
IR FFFSLLELELIF
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