TIDMGNC
RNS Number : 8701X
Greencore Group PLC
25 November 2014
GREENCORE GROUP PLC
FULL YEAR RESULTS STATEMENT
STRONG REVENUE AND EARNINGS PERFORMANCE DRIVEN BY FOOD TO GO
25 November 2014
Greencore Group plc, a leading international convenience food
business, today issues its results for the year ended 26 September
2014.
FINANCIAL HIGHLIGHTS
-- Group revenue of GBP1,273.5m, up 6.4% (as reported) and up 7.4% on a like for like(1) basis
-- Convenience Foods revenue of GBP1,213.4m, up 8.4% on a like for like(1) basis
-- Group operating profit(2) up 11.4% to GBP82.9m
-- Group operating margin(2) of 6.5%, a 30 bps increase
-- Net exceptional charge of GBP11.4m, of which GBP8.3m relates to non-cash items
-- Growth in adjusted EPS(3) of 13.6% to 15.9p
-- Proposed final dividend of 3.25 pence per share, giving a
total dividend of 5.45 pence per share, up 13.5%
-- A reduction in net debt of GBP20.7m to GBP212.1m with net
debt: EBITDA leverage comfortably below 2.0 times
STRATEGIC DEVELOPMENTS
-- Further build out of US food to go business with the
acquisition of Lettieri's LLC ("Lettieri's"), investment in frozen
production in Jacksonville, new site construction in Rhode Island
and the announcement today of the development of our first West
Coast facility
-- Major multi-year investment programme in Northampton food to
go facility to facilitate new business win and meet market
growth
-- Disposal of foodservice desserts business, Ministry of Cake
SUMMARY FINANCIAL PERFORMANCE
FY14 FY13 Change Change
GBPm GBPm (as reported) (like for
like(1) )
Group revenue 1,273.5 1,197.1 +6.4% +7.4%
Group operating profit(2) 82.9 74.4 +11.4%
Group operating margin(2) 6.5% 6.2% +30 bps
Adjusted PBT(3) 68.7 59.5 +15.5%
Adjusted EPS (pence)(3) 15.9 14.0 +13.6%
Proposed dividend per
share (pence) 5.45 4.8 +13.5%
Net debt 212.1 232.8 -GBP20.7m
Convenience Foods Division
Revenue 1,213.4 1,129.2 +7.5% +8.4%
Operating profit(2) 80.7 72.2 +11.8%
Operating margin(2) 6.7% 6.4% +30 bps
Commenting on the results, Patrick Coveney, Chief Executive
Officer, said:
"This has been a year of strong strategic, operational and
financial progress for Greencore. The Group's focus on extending
our leadership in the food to go market is yielding great results,
with like for like revenue growth in that area of the business
exceeding 15%. We have strong market positions, a clear strategy,
and are continuing to lay the foundations for future growth through
a significant capacity and capability investment programme in both
the UK and the US. We enter the new financial year with good
momentum and remain well positioned to deliver further progress in
FY15 and beyond."
(1) References to like for like ("LFL") revenue growth exclude
the desserts activity which was sold to Müller Dairy UK in January
2013, revenue from Ministry of Cake which was sold in May 2014,
Lettieri's revenue since acquisition in February 2014 and are
expressed in constant currency.
(2) EBITDA, operating profit and operating margin are stated
before exceptional items and acquisition related amortisation.
These are non-IFRS measures; IFRS measures are from page 10
onwards. Operating profit, financing and tax for FY13 have been
restated to reflect the impact of IAS19 (Revised 2011): Employee
Benefits ("IAS 19 (Revised)").
(3) Adjusted PBT and adjusted earnings measures are stated
before exceptional items, pension finance items, acquisition
related amortisation, FX on inter-company and certain external
balances and the movement in the fair value of all derivative
financial instruments and related debt adjustments. FY13
comparatives have been restated to reflect the impact of IAS19
(Revised).
(4) Market / category growth rates are based on Nielsen data for
the 52 weeks to 27 September 2014.
Presentation
A presentation of the results for analysts and institutional
investors will take place at 8.30am today at the offices of
Jefferies Hoare Govett, Vintners Place, 68 Upper Thames Street,
London, EC4V 3BJ
This presentation can be accessed live through the following
channels:
-- Webcast - details on www.greencore.com
-- Conference call:
Ireland number: +353 1 247 6528
UK number: +44 20 3427 1900
Pass code: 2992029#
A replay of the presentation will be available on
www.greencore.com. It will also be available through a conference
call replay facility, which will be available for one week. To
access this replay, please dial:
Ireland replay number: +353 1 486 0902
UK replay number: +44 20 3427 0598
Replay code: 2992029#
For further information, please contact:
Patrick Coveney Chief Executive Tel: +353 (0) 1
Officer 605 1045
Alan Williams Chief Financial Tel: +353 (0) 1
Officer 605 1045
Rob Greening or Lisa Kavanagh Powerscourt Tel: +44 (0) 20
7250 1446
About Greencore
-- A leading manufacturer of convenience food in the UK and the US
-- Strong market positions in the UK convenience food market
across food to go, chilled prepared meals, chilled soups and
sauces, ambient sauces & pickles, cakes & desserts and
Yorkshire Puddings
-- A fast growing food to go business in the US, serving both
the convenience and small store channel and the grocery channel
SUMMARY
Strategic Development - Food to Go Focus
Over the last five years, Greencore has evolved into a focused,
fast growing international convenience food business. We have
refined this strategy further in the last 18 months to focus on
deepening our leadership in the food to go segment where we see the
most favourable, long-term consumer and channel trends. This food
to go proposition is supplemented with complementary, market
leading positions in other categories.
During FY14, like for like revenue growth in our food to go
businesses was outstanding, exceeding 15%. We also continued to lay
the foundations for future growth by commencing a significant
capacity investment programme in both the UK and US to enable us to
service known customer initiatives.
In the UK, this programme includes a GBP30m capacity investment
in the Northampton food to go facility to facilitate a new business
win and to service committed growth initiatives with that
customer.
In the US, we are building a national food to go business of
real scale. To facilitate this, we are undertaking a significant
and complex programme of development. During the year, we undertook
a GBP7m capacity investment in the Jacksonville facility to
manufacture frozen food to go products for a key customer. In
February 2014, we acquired Lettieri's, a leading manufacturer of
frozen food to go products for the US convenience market, with
significant surplus production capacity. In March 2014, we
announced the construction of a new facility in Rhode Island at a
cost of approximately GBP20m which will facilitate the closure of
two leased sites in Massachusetts and generate annualised savings,
once fully realised, estimated at GBP5m.
Today, we are announcing the development of our first West Coast
facility in Washington State. This facility will provide both
production capacity and a development unit and will enable us to
service a contract, which we are acquiring, with a key customer
from H2 FY16. The total cost of the initiative is expected to be
approximately GBP20m.
The US business is experiencing rapid growth but is not yet
operating at Group average operating margin levels. This is due
both to the learning curve and ramp-up costs on the various growth
initiatives as well as site specific challenges in Newburyport and
Brockton. The delivery and integration of confirmed new business
together with the successful implementation of these large projects
should enable us to bring the US business up to Group average
operating margin in due course.
Having sold the Minsterley chilled desserts facility in January
2013, we focused the portfolio further with the disposal of the
foodservice desserts business, Ministry of Cake, in May 2014.
Financial and Operating Performance(1,2, 3)
Whilst the UK food retail environment overall remains
challenging, our portfolio of products continues to benefit from
the high rate of opening of convenience stores combined with
increasing employment levels. Weather patterns were also favourable
overall with a mild winter and a reasonable summer. Reported Group
revenue increased by 6.4% to GBP1,273.5m with like for like revenue
growth in Convenience Foods of 8.4%. Operating profit conversion
was good with Group operating profit up by 11.4% leading to a 30
basis points increase in operating margin. Adjusted earnings per
share were 13.6% higher as a result of the growth in operating
profit combined with lower financing costs.
Despite the increase in capital expenditure, the Group again
delivered a strong performance on cash generation. Net debt
decreased by GBP20.7m to GBP212.1m. Net debt : EBITDA leverage
stands comfortably below 2.0 times as a result.
Dividends
The Board of Directors is recommending a final dividend of 3.25
pence per share. This will result in a total dividend for the year
of 5.45 pence per share representing an increase in dividend per
share of 13.5%, in line with the growth in adjusted earnings per
share.
OUTLOOK
Greencore has strong market positions and a clear strategy.
While the outlook for the UK grocery retail market is uncertain, we
remain confident in our ability to deliver profitable growth across
our well-focused portfolio with confirmed new business awards and
exposure to the rapidly expanding convenience channel. FY15 will
see a further significant step up in capital expenditure on
capacity, productivity and capability initiatives; execution of
these projects is a key area of focus. We enter the new financial
year with good momentum and remain well positioned to deliver
further progress in FY15 and beyond.
OPERATING REVIEW(1,2,3,4)
Convenience Foods
Revenue and Operating Profit
FY14 FY13 Change Change
GBPm GBPm (As reported) (Like for like)
------------------ -------- -------- --------------- -----------------
Revenue 1,213.4 1,129.2 +7.5% +8.4%
------------------ -------- -------- --------------- -----------------
Operating profit 80.7 72.2 +11.8%
------------------ -------- -------- --------------- -----------------
Operating margin 6.7% 6.4% +30 bps
------------------ -------- -------- --------------- -----------------
Reported revenue in the Convenience Foods division increased by
7.5% to GBP1,213.4m. On a like for like basis, revenue was 8.4%
ahead with the UK up by 7.5% and the US (after product exits) up by
15.3%. Growth in both the UK and US was driven by food to go
performance with the UK business outperforming a buoyant market due
to successful customer initiatives and the US performance driven by
the roll out of products with a key customer. Operating profit
increased by 11.8% to GBP80.7m driven by strong revenue growth and
improvements in some of the lower margin parts of the UK
portfolio.
UK Convenience Foods
Food to Go
The UK Food to Go business represents over 40% of Group revenue
and comprises sandwiches, sushi and salads.
The sandwich category and the broader chilled food to go market
(sandwiches, snack salads and sushi) experienced strong growth in
FY14 with the sandwich market 9.8% ahead and chilled food to go
ahead by 9.5%. The strong category growth was driven by a number of
factors, including: the rate of opening of smaller convenience
stores; increasing employment; a mild winter; and positive mix, as
the premium sandwich market grew more quickly than the mainstream
market stimulated by promotional meal deals and the improving
economy.
The Food to Go business outperformed the market with revenue
growth of 15.3%. This performance was driven by investment in
significant relaunch activity with several key customers and net
business wins. In May 2014, the business announced a significant
business win and major investment in the Northampton facility. The
first phase of the construction project, the extension of an
existing production unit, is nearing completion. Phase two will
commence shortly with the construction of a new facility on
adjacent land. The first product transfer took place during
September with further product transfers planned over the next
quarter into the factory extension.
Prepared Meals
The Prepared Meals business comprises chilled ready meals,
quiche, chilled soup and chilled sauces and represents
approximately 20% of Group revenue.
The chilled ready meals market experienced growth in FY14 of
2.1%, while the Italian chilled ready meals category, our principal
sub-category, grew by 4.0%. This was a little disappointing given
that the horsemeat scandal depressed the market so materially in
the previous year. The quiche market grew by 1.4% in the year while
chilled soup declined by 4.4% in the face of a mild winter.
Revenue in the Prepared Meals business was 0.2% higher than in
FY13. Revenue performance in chilled ready meals in the year was
modestly ahead of the market. This was despite having exited
certain product categories with our largest ready meals customer in
Q1 before increasing our share in Italian ready meals from Q2. The
growth was driven by successful customer relaunch activity with
several key customers and the addition of a new ready meals
customer. Quiche sales were lower year on year as one customer
moved manufacture of some lines in house, while soup and sauce
sales were broadly in line with the prior year.
Grocery
The Grocery business groups together our other activities in the
UK market. It provides meal components such as cooking sauces,
table sauces, pickles and Yorkshire Puddings as well as cakes and
chilled desserts. It operates from four facilities and represents
approximately 20% of Group revenue.
The own label cooking sauces market was 4.7% lower in the year
whilst the Yorkshire Puddings market declined by 3.3%. The largest
sub-category in cakes and desserts in which we participate,
celebration cakes, grew by 5.4%, whilst the chilled desserts
category declined by 1.0%.
Despite the subdued market performances, like for like revenue
in the Grocery business (excluding the desserts activity which was
sold to Müller Dairy UK Group in January 2013 and Ministry of Cake
which was sold in May 2014) was 1.1% higher than in FY13. This was
principally driven by a good performance in cooking sauces and dips
where we continued to grow the range with a broad set of
customers.
In May 2014, the business sold its foodservice desserts
business, Ministry of Cake, for upfront cash consideration of
GBP8.0m and deferred consideration of up to GBP3.0m. In FY13, the
business represented less than 2% of Group revenue and a similar
proportion of Group operating profit. The Group recognised an
exceptional charge of GBP6.5m in connection with the disposal as
described in the Financial Review.
US Convenience Foods
The US business is focused on food to go products supplied
predominantly to the faster growing convenience and small store
channels, including the coffee shop market. Run rate revenue is
approximately 15% of Group revenue.
FY14 was again a year of significant change in the US business.
Like for like revenue growth was 15.3%. Including Lettieri's and
expressed in constant currency, revenue growth was 24.7%.
Underlying growth was driven predominantly by the roll out of
activity with a new customer that commenced in Q2 FY13. The
business continued to focus its portfolio and during the year
exited further non-core lines. Without these planned exits,
underlying growth would have been approximately 3.0 percentage
points higher.
In February 2014, the Group announced that it had acquired
Lettieri's, a leading manufacturer of frozen food to go products
for the convenience channel. The products are served hot at the
point of purchase and complement the chilled sandwich and salads
activity. The Group also announced and completed an investment of
GBP7m in its Jacksonville facility in order to create the
capability to manufacture frozen food to go products. This capacity
of approximately GBP60m in revenue terms came on stream in Q4 and
will support confirmed business with a leading customer.
The Group commenced construction of a greenfield sandwich
manufacturing facility in Quonset, Rhode Island, at an approximate
capital cost of GBP20m. It is anticipated that the site will
commence production in late spring 2015, enabling the closure of
both the Newburyport and Brockton sites upon lease terminations in
2015. The strategic location of the new facility will enable the
Group to supply both its existing New England markets and to
develop future business opportunities closer to New York. A
non-cash impairment charge of GBP8.6m and a provision for site exit
costs and redundancies of GBP1.3m have been recognised as
exceptional items as described in the Financial Review.
The Group is also announcing today the development of our first
West Coast facility in Washington State. This facility will provide
both production capacity and a development unit and will enable us
to service a contract, which we are acquiring, with a key customer
from H2 FY16.
Ingredients & Property
FY14 FY13 Change Change Constant
GBPm GBPm Actual Currency Currency
------------------ ------ ------ ----------------- ----------------
Revenue 60.1 67.9 -11.5% -9.7%
------------------ ------ ------ ----------------- ----------------
Operating profit 2.2 2.2 n/a n/a
------------------ ------ ------ ----------------- ----------------
The Ingredients and Property division represented 5% of Group
revenues in the year and a smaller proportion of Group profits. The
revenue decline in the year was predominantly driven by lower
commodity prices in edible oils and lower volumes in the molasses
feed business given better weather than in FY13. Operating profit
was unchanged due to better mix and tight cost control.
In July 2014, the Group completed the sale of residential land
in Littlehampton, West Sussex, resulting in proceeds of GBP16.5m.
The Group has retained land with commercial planning consent and
will look to market this by 2017. The transaction resulted in an
exceptional charge of GBP3.5m as described in the Financial
Review.
FINANCIAL REVIEW(2,3)
Revenue and Operating Profit
Reported revenue in the year was GBP1,273.5m, an increase of
6.4% versus FY13. Group operating profit of GBP82.9m was GBP8.5m or
11.4% higher than in FY13. Group operating margin was 6.5%, 30
basis points ahead of the prior year. The improvement in operating
profit and operating margin was driven by strong growth in revenue
and improvements in some lower margin parts of the UK
portfolio.
Interest Payable
The Group's bank interest payable in FY14 was GBP14.9m, a
decrease of GBP0.6m. This was driven by a combination of lower
average net debt and a lower effective interest rate payable on the
Group's facilities. The composition of the charge was GBP13.3m of
interest payable, commitment fees for undrawn facilities of GBP1.0m
and an amortisation charge in respect of facility fees of
GBP0.6m.
Non-Cash Finance Charge
The Group's non-cash finance charge in FY14 was GBP0.5m (GBP1.3m
charge in FY13). The non-cash pension financing charge of GBP5.8m
was modestly higher than the charge in FY13 of GBP5.5m. The change
in the fair value of derivatives and related debt adjustments was a
non-cash credit of GBP5.5m (GBP4.4m credit in FY13) reflecting the
mark to market of the Group's interest rate swap portfolio. The
charge in respect of the increase in the present value of assets
and liabilities held was unchanged at GBP0.2m.
Taxation
The Group's effective tax rate in FY14 was 1% compared to zero
in FY13. This rate continues to benefit from historic tax
losses.
Exceptional Items
The Group recognised a net exceptional charge of GBP11.4m (FY13:
net credit of GBP18.1m), of which GBP8.3m relates to non-cash
items. The charge is analysed as follows:
- a GBP9.9m charge related to the planned exit from the
Newburyport and Brockton manufacturing facilities in the US. The
charge is composed of a non-cash impairment of fixed assets of
GBP6.1m, a non-cash impairment of intangible assets of GBP2.5m and
a provision for site exit costs and redundancy and retention costs
of GBP1.3m;
- a charge of GBP6.5m in connection with the sale of Ministry of
Cake relating to the difference between the carrying value and the
consideration, together with related transaction costs;
- a non-cash credit of GBP3.8m following the resolution of a legacy insurance matter;
- a charge of GBP3.5m relating to a reduction in the carrying
value of property in Littlehampton following the part disposal of
the site during FY14, together with related transaction costs;
- a non-cash credit of GBP1.3m relating to the settlement and
curtailment of liabilities in Irish pension schemes;
- a charge of GBP1.3m in relation to transaction and integration
costs of the Lettieri's acquisition;
- a tax credit of GBP2.4m related to the US exceptional charges
in the period, primarily due to a deferred tax movement in relation
to the asset impairment charge; and
- a tax credit of GBP2.3m related to the resolution of a legacy tax matter.
Earnings per Share
Adjusted earnings of GBP63.7m were 15.6% or GBP8.6m above prior
year. Adjusted earnings per share of 15.9 pence were 13.6% ahead of
FY13.
Cash Flow and Net Debt
A net cash inflow from operating activities of GBP84.7m was
recorded compared to an inflow of GBP65.8m in FY13. There was an
inflow of net working capital of GBP9.8m in FY14 as compared to an
inflow of GBP9.9m in FY13.
Capital expenditure of GBP51.3m was incurred in the year
compared to GBP34.4m in FY13, an increase of GBP16.9m. The increase
was driven by the major capacity investment projects in
Jacksonville, Rhode Island and Northampton on which GBP16.7m was
spent in the year.
Interest costs of GBP15.8m were paid in the year (FY13:
GBP15.1m) with cash dividends to equity holders of GBP11.6m (FY13:
GBP11.2m).
The Group's net debt at 26 September 2014, a seasonal low point,
was GBP212.1m, a reduction of GBP20.7m from 27 September 2013. The
reduction was driven by strong free cash flow conversion and lower
exceptional cash spend partly offset by higher capital
expenditure.
During the year, the Group refinanced $65m of maturing US
private placement notes with a new eight year facility. In
addition, the Group arranged a new committed non-bank debt facility
of EUR70m with a maturity of six years. As a result, the Group is
well financed with committed facilities at 26 September 2014 of
GBP485m with a weighted average maturity of 2.7 years.
The net debt at year end of GBP212.1m resulted in a reduction in
leverage (expressed as the ratio of net debt to reported EBITDA)
from 2.3 times to 1.9 times. On a bank covenant test basis,
leverage was approximately 1.75 times (FY13: 2.2 times).
Pensions
The net pension deficit (before related deferred tax) reduced to
GBP129.5m at 26 September 2014 from GBP137.5m at 27 September 2013.
The net pension deficit after related deferred tax was GBP105.6m, a
decrease of GBP8.6m from 27 September 2013.
The fair value of total plan assets relating to the Group's
defined benefit pension schemes increased to GBP395.4m at 26
September 2014 from GBP373.5m at 27 September 2013. The present
value of the total pension liabilities for these schemes increased
to GBP524.9m from GBP511.0m over the same period.
All defined benefit pension scheme plans are closed to future
accrual and the Group's pension policy with effect from 1 January
2010 is that future service for current employees and new entrants
is provided under defined contribution pension arrangements.
In FY14, the Group adopted the revised accounting standard on
employee benefits, 'IAS19 (Revised 2011): Employee Benefits'. FY13
comparatives for operating profit, financing and tax have been
restated. The change resulted in a higher net non-cash financing
charge related to pensions as well as a higher income statement
operating cost than previously but with no impact to cash funding
requirements.
Key Performance Indicators(1,2,3)
The Group uses a set of headline key performance indicators to
measure the performance of its operations and of the Group as a
whole. Although the measures are separate, the relationship between
all five is also monitored. In addition, other performance
indicators are measured at individual business unit level.
Sales Growth
Group revenue increased by 6.4% in FY14.
In our Convenience Foods business, the Group measures weekly
sales growth. In FY14, revenue growth was 7.5%. A more accurate
guide to underlying revenue performance is provided by like for
like measures which exclude the impact of acquisitions or disposals
in the year and are in local currency. In the UK in FY14, we
recorded like for like revenue growth of 7.5%. In the US in FY14,
we recorded like for like revenue growth of 15.3%.
In the Ingredients & Property division, we track monthly
sales, although this is not the primary measure of performance for
this division. In FY14, the division recorded a 9.7% decline in
revenue on a constant currency basis.
Operating Margin
The Group's operating margin in FY14 was 6.5% compared to 6.2%
in FY13.
In Convenience Foods, the operating margin was 6.7% compared to
6.4% in FY13. This was driven by the strong growth in revenue and
improvements in some of the lower margin parts of the UK
portfolio.
Cash Flow
Net cash inflow from operating activities was GBP84.7m compared
to GBP65.8m in FY13. The increase was predominantly driven by the
increase in operating profit together with lower exceptional cash
spend.
Return on Invested Capital
The Group's return on invested capital in FY14 was 13.7% (FY13:
12.7%). The return is calculated as net operating profit after tax
("NOPAT") divided by average invested capital. NOPAT is calculated
as operating profit, including share of associates, less tax at the
effective rate in the Income Statement of 1% (zero in FY13).
Invested capital is the sum of all current and non-current assets
(including intangibles), less current and non-current liabilities
with the exception of net debt items, derivatives and retirement
benefit obligations. The average is calculated by adding together
the invested capital from the opening and closing balance sheets
and dividing by two.
Adjusted Earnings Per Share
Adjusted earnings per share were 15.9 pence compared to 14.0
pence in FY13, an increase of 13.6%.
Adjusted earnings per share is stated before exceptional items,
pension finance items, acquisition related amortisation, FX on
inter-company and certain external balances and the movement in the
fair value of all derivative financial instruments and related debt
adjustments.
GROUP INCOME STATEMENT
year ended 26 September 2014
2013
2014 As restated*
Pre - Exceptional Exceptional
Notes exceptional Note 3 Total Pre - exceptional Note 3 Total
GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ----------- ------- ----------------- ------------ -------
Revenue 2 1,273.5 - 1,273.5 1,197.1 - 1,197.1
Cost of sales (879.0) - (879.0) (838.1) - (838.1)
---------------- ----------- ------- ----------------- ------------ -------
Gross profit 394.5 - 394.5 359.0 - 359.0
Operating costs,
net (311.6) (16.1) (327.7) (284.6) (8.9) (293.5)
---------------- ----------- ------- ----------------- ------------ -------
Group operating
profit before acquisition
related amortisation 2 82.9 (16.1) 66.8 74.4 (8.9) 65.5
Amortisation of
acquisition related
intangibles (7.7) - (7.7) (7.8) - (7.8)
---------------- ----------- ------- ----------------- ------------ -------
Group operating
profit 2 75.2 (16.1) 59.1 66.6 (8.9) 57.7
Finance income 6 - - - 0.3 - 0.3
Finance costs 6 (15.4) - (15.4) (17.1) - (17.1)
Share of profit
of associates after
tax 0.7 - 0.7 0.6 - 0.6
---------------- ----------- ------- ----------------- ------------ -------
Profit before taxation 60.5 (16.1) 44.4 50.4 (8.9) 41.5
Taxation (0.5) 4.7 4.2 0.1 27.0 27.1
Profit for the financial
year 60.0 (11.4) 48.6 50.5 18.1 68.6
---------------- ----------- ------- ----------------- ------------ -------
Attributable to:
Equity shareholders 58.9 (11.4) 47.5 49.4 18.1 67.5
Non-controlling
interests 1.1 - 1.1 1.1 - 1.1
---------------- ----------- ------- ----------------- ------------ -------
60.0 (11.4) 48.6 50.5 18.1 68.6
---------------- ----------- ------- ----------------- ------------ -------
Adjusted basic earnings
per share (pence) 5 15.9 14.0
Basic earnings per
share (pence) 5 11.8 17.1
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
year ended 26 September 2014
2013
2014 As restated*
GBPm GBPm
----- -------------
Items of income and expense taken directly within
equity
Items that will not be reclassified to profit or
loss:
Actuarial loss and release of expenses on Group defined
benefit pension schemes (2.0) (19.0)
Deferred tax on Group defined benefit pension schemes 1.1 (2.2)
----- -------------
0.9 21.2
Items that may subsequently be reclassified to profit
or loss
Currency translation adjustment 1.0 (1.0)
Current tax on currency translation adjustment - 0.1
Hedge of net investment in foreign currency subsidiaries 0.1 -
Cash flow hedges:
Fair value movement taken to equity (8.7) 1.9
Transferred to Income Statement for the period 2.7 0.7
Deferred tax on cash flow hedges - (0.6)
(4.9) 1.1
Net expense recognised directly within equity (5.8) (20.1)
Group result for the financial year 48.6 68.6
----- -------------
Total recognised income and expense for the financial
year 42.8 48.5
----- -------------
Attributable to:
Equity shareholders 42.0 47.2
Non-controlling interests 0.8 1.3
----- -------------
Total recognised income and expense for the financial
year 42.8 48.5
----- -------------
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
GROUP BALANCE SHEET
at 26 September 2014
2014 2013
GBPm GBPm
------- -------
ASSETS
Non-current assets
Intangible assets 499.2 499.9
Property, plant and equipment 247.0 229.2
Investment property 7.0 28.9
Investment in associates 0.9 0.8
Other receivables 3.3 1.1
Derivative financial instruments 5.3 8.2
Deferred tax assets 70.2 66.6
Total non-current assets 832.9 834.7
------- -------
Current assets
Inventories 53.6 53.1
Trade and other receivables 127.3 115.7
Derivative financial instruments - 1.0
Cash and cash equivalents 12.2 6.3
------- -------
Total current assets 193.1 176.1
------- -------
Total assets 1,026.0 1,010.8
------- -------
EQUITY
Capital and reserves attributable to equity holders
of the Company
Share capital 4.1 4.0
Share premium 185.7 177.3
Reserves 90.4 67.2
------- -------
280.2 248.5
Non-controlling interests 3.4 3.5
------- -------
Total equity 283.6 252.0
------- -------
LIABILITIES
Non-current liabilities
Borrowings 229.5 199.7
Derivative financial instruments 6.3 2.2
Retirement benefit obligations 129.5 137.5
Other payables 2.4 2.2
Provisions for liabilities 3.4 11.0
Deferred tax liabilities 19.5 21.3
Government grants - 0.1
------- -------
Total non-current liabilities 390.6 374.0
------- -------
Current liabilities
Bank overdrafts - 4.5
Borrowings 0.1 44.1
Derivative financial instruments 0.3 0.4
Trade and other payables 323.6 303.2
Consideration payable on acquisitions - 0.9
Provisions for liabilities 7.2 6.9
Current taxes payable 20.6 24.8
------- -------
Total current liabilities 351.8 384.8
------- -------
Total liabilities 742.4 758.8
------- -------
Total equity and liabilities 1,026.0 1,010.8
------- -------
GROUP CASH FLOW STATEMENT
year ended 26 September 2014
2013
2014 As restated*
GBPm GBPm
-------- ---------------
Profit before taxation 44.4 41.5
Finance income - (0.3)
Finance costs 15.4 17.1
Share of profit of associates (after tax) (0.7) (0.6)
Exceptional items 16.1 8.9
-------- ---------------
Operating profit -(pre-exceptional) 75.2 66.6
Depreciation 24.8 23.7
Amortisation of intangible assets 9.5 9.0
Employee share based payment expense 4.3 2.5
Difference between pension charge and cash contributions (13.7) (11.7)
Working capital movement 9.8 9.9
Other movements 0.1 0.5
-------- ---------------
Net cash inflow from operating activities before
exceptional items 110.0 100.5
Cash outflow related to exceptional items (9.1) (20.0)
Interest paid (15.8) (15.1)
Tax (paid)/refunded (0.4) 0.4
Net cash inflow from operating activities 84.7 65.8
-------- ---------------
Cash flow from investing activities
Dividends received from associates 0.6 0.4
Purchase of property, plant and equipment (47.7) (29.4)
Disposal/(purchase) of investment property 15.1 (0.5)
Purchase of intangible assets (3.6) (5.0)
Acquisition of undertakings (21.5) (3.1)
Disposal of undertakings 7.4 10.3
Interest received - 0.2
Net cash outflow from investing activities (49.7) (27.1)
-------- ---------------
Cash flow from financing activities
Proceeds from the issue of shares 0.2 0.4
Ordinary shares purchased - own shares (4.8) (0.7)
Drawdown of non-bank borrowings 57.1 -
Repayment of private placement notes (3.2) -
Repayment of bank borrowings (61.1) (43.1)
Increase in finance lease liabilities 0.1 -
Dividends paid to equity holders of the Company (11.6) (11.2)
Dividends paid to non-controlling interests (0.9) (1.0)
-------- ---------------
Net cash outflow from financing activities (24.2) (55.6)
-------- ---------------
Net increase/(decrease) in cash and cash equivalents 10.8 (16.9)
-------- ---------------
Reconciliation of opening to closing cash and
cash equivalents
Cash and cash equivalents at beginning of year 1.8 18.8
Translation adjustment (0.4) (0.1)
Increase/(decrease) in cash and cash equivalents 10.8 (16.9)
-------- ---------------
Net cash and cash equivalents at end of year 12.2 1.8
-------- ---------------
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
GROUP STATEMENT OF CHANGES IN EQUITY
Share Share Other Retained Non-controlling Total
capital premium reserves earnings Total interests equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------- --------- ---------- ---------- ------- ---------------- --------
At 27 September
2013 4.0 177.3 107.9 (40.7) 248.5 3.5 252.0
Total recognised
income and expense
for the financial
year - - (4.6) 46.6 42.0 0.8 42.8
Employee share
based payment
expense - - 4.3 - 4.3 - 4.3
Deferred tax on
share based payments - - - 2.2 2.2 - 2.2
Exercise, lapse
or forfeit of
share based payments 0.1 0.6 (3.3) 3.3 0.7 - 0.7
Shares acquired
by Employee Benefit
Trust - - (4.8) 0.2 (4.6) - (4.6)
Shares granted
to beneficiaries
of the Employee
Benefit Trust - - 8.4 (8.4) - - -
Dividends - 7.8 - (20.7) (12.9) (0.9) (13.8)
--------- --------- ---------- ---------- ------- ---------------- --------
At 26 September
2014 4.1 185.7 107.9 (17.5) 280.2 3.4 283.6
--------- --------- ---------- ---------- ------- ---------------- --------
Share Share Other Retained Non-controlling Total
capital premium reserves earnings Total interests equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------- --------- ---------- ---------- ------- ---------------- --------
At 28 September
2012
Opening balance
as previously
reported 120.9 171.5 (11.8) (83.3) 197.3 3.2 200.5
Prior year adjustment - - - 13.8 13.8 - 13.8
--------- --------- ---------- ---------- ------- ---------------- --------
Opening balance
as restated 120.9 171.5 (11.8) (69.5) 211.1 3.2 214.3
Total recognised
income and expense
for the financial
year - - 0.8 46.4 47.2 1.3 48.5
Employee share
based payment
expense - - 2.5 - 2.5 - 2.5
Exercise, lapse
or forfeit of
share based payments - 0.3 (0.7) 0.7 0.3 - 0.3
Cancellation of
deferred shares (114.9) - 114.9 - - - -
Redenomination
and renominalisation
of treasury shares (2.1) - 2.1 - - - -
Shares acquired
by Employee Benefit
Trust - - (0.7) - (0.7) - (0.7)
Shares granted
to beneficiaries
of the Employee
Benefit Trust - - 0.8 (0.8) - - -
Dividends 0.1 5.5 - (17.5) (11.9) (1.0) (12.9)
--------- --------- ---------- ---------- ------- ---------------- --------
At 27 September
2013 4.0 177.3 107.9 (40.7) 248.5 3.5 252.0
--------- --------- ---------- ---------- ------- ---------------- --------
NOTES TO THE RESULTS STATEMENT
year ended 26 September 2014
1. Basis of Preparation of Financial Information under IFRS
The financial information included within this Results Statement
has been extracted from the audited consolidated financial
statements of Greencore Group plc for the year ended 26 September
2014, to which an unqualified audit opinion is attached. The
financial information in this announcement for the years ended 26
September 2014 and 27 September 2013 is not the statutory financial
statements of the Company. The statutory financial statements of
the Company for the year ended 27 September 2013, to which an
unqualified audit opinion was attached, were annexed to the annual
return of the Company and filed with the Registrar of Companies.
The statutory financial statements of the Company for the year
ended 26 September 2014 were approved by the Board of Directors and
authorised for issue on 24 November 2014 and will be filed with the
Registrar of Companies following the Company's annual general
meeting.
The financial information presented in this Results Statement
has been prepared in accordance with the recognition and
measurement principles of International Financial Reporting
Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations adopted by the
European Union (EU).
The financial information, which is presented in sterling and
expressed in millions(1) (unless otherwise stated), has been
prepared under the historical cost convention, as modified by the
measurement at fair value of certain financial assets and financial
liabilities, including share options at grant date and derivative
financial instruments. The carrying values of recognised assets and
liabilities that are hedged are adjusted to record the changes in
the fair values attributable to the risks being hedged. Full
details of the Group's accounting policies are included in the 2014
Annual Report. The accounting policies are consistent with those
applied in the Group Financial Statements for the year ended 27
September 2013.
Theadoption of IAS 19 Employee Benefits (revised) resulted in a
number of amendments to prior year results. The nature and effect
of changes arising as a result of the adoption of IAS 19 (revised)
are disclosed in note 23 to the annual report which has been
published on the Greencore Group website today.
The adoption of the remaining new standards and interpretations
(as set out in the 2013 Annual Report) that became effective for
the Group's financial statements for the year ended 26 September
2014 did not have any significant impact on the Group Consolidated
Financial Statements.
The financial statements of the Group are prepared for the 52
week period ending on 26 September 2014. Comparatives are for the
52 week period ended 27 September 2013. The balance sheets for 2014
and 2013 have been drawn up as at 26 September 2014 and 27
September 2013 respectively.
(1) In the current year, the Group has presented the financial
statements in millions. The prior year numbers have been
re-presented accordingly.
2. Segment Information
The Group is organised around different product portfolios. The
Group's reportable segments under IFRS 8 Operating Segments are as
follows:
Convenience Foods - this reportable segment is the aggregation
of two operating segments, Convenience Foods UK and Convenience
Foods US. This segment derives its revenue from the production and
sale of convenience foods.
Ingredients & Property - this segment represents the
aggregation of 'all other segments' as allowed under IFRS 8 (IFRS 8
specifies that, where the external revenue of reportable segments
exceeds 75% of total Group revenue, it is permissible to aggregate
all other segments into one reportable segment). The Ingredients
& Property reportable segment derives its revenue from the
distribution of edible oils and molasses and the management of the
Group's surplus property assets.
The Chief Operating Decision Maker monitors the operating
results of segments separately in order to allocate resources
between segments and to assess performance. Segment performance is
predominantly evaluated based on operating profit before
exceptional items and acquisition related amortisation. Exceptional
items, net finance costs and income tax are managed on a
centralised basis, therefore, these items are not allocated between
operating segments for the purposes of the information presented to
the Chief Operating Decision Maker and are accordingly omitted from
the segmental information below. Inter-segment revenue is not
material.
Convenience Ingredients Total
Foods & Property
2014 2013 2014 2013 2014 2013
*As restated *As restated *As restated
GBPm GBPm GBPm GBPm GBPm GBPm
-------- -------------- ------ -------------- -------- --------------
Revenue 1,213.4 1,129.2 60.1 67.9 1,273.5 1,197.1
-------- -------------- ------ -------------- -------- --------------
Group operating profit
before exceptional items
and acquisition related
amortisation 80.7 72.2 2.2 2.2 82.9 74.4
Amortisation of acquisition
related intangible assets (7.7) (7.8) - - (7.7) (7.8)
Exceptional items (16.1) (8.9)
-------------- -------- --------------
Group operating profit 73.0 64.4 2.2 2.2 59.1 57.7
-------- -------------- ------ -------------- -------- --------------
Finance income - 0.3
Finance costs (15.4) (17.1)
Share of profit of associates
after tax 0.7 0.6
-------- -------------- ------ --------------
Profit before taxation 44.4 41.5
-------- --------------
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
3. Exceptional Items
Exceptional items are those which, in management's judgement,
should be disclosed separately by virtue of their nature or amount.
Such items are included within the Income Statement caption to
which they relate and are separately disclosed below.
2014 2013
GBPm GBPm
----------- -----------
Restructuring costs (a) (9.9) -
Asset impairment on business disposal (b) (6.5) -
Legacy provision release (c) 3.8 -
Disposal of investment property (d) (3.5) -
Pension settlement cost and curtailment
gain (e) 1.3 4.4
Transaction and integration costs of US
acquisitions (f) (1.3) (1.5)
Integration costs of UK acquisitions (g) - (2.7)
Property related charge (h) - (9.1)
(16.1) (8.9)
Tax on exceptional items (i) 2.4 0.3
Exceptional tax credit (i) 2.3 26.7
Total exceptional (expense)/credit (11.4) 18.1
----------- -----------
The charge is analysed as follows:
(a) Restructuring costs
During the year, the Group recognised a GBP9.9m charge related
to a planned exit from its Newburyport and Brockton manufacturing
facilities in the US. The charge is composed of a non-cash
impairment of property, plant and equipment of GBP6.1m, a non-cash
impairment of intangible assets of GBP2.5m and a provision for site
exit costs and redundancy and retention costs of GBP1.3m.
(b) Asset impairment on business disposal
During the year, the Group recognised a charge of GBP6.5m in
connection with the sale of its Food Service Desserts business,
Ministry of Cake Limited related to the difference between the
carrying value and the consideration together with the related
transaction costs.
(c) Legacy provision release
During the year, the Group recognised a non-cash credit of
GBP3.8m following the resolution of a legacy insurance matter.
(d) Disposal of investment property
During the year, the Group recognised a charge of GBP3.5m
relating to a reduction in the carrying value of property in
Littlehampton following the part disposal of the site, together
with related costs of disposal.
(e) Pension settlement cost and curtailment gain
During the year, the group recognised a non-cash credit of
GBP1.3m relating to the settlement and curtailment of liabilities
in Irish pension schemes. During the prior year, the Group
recognised a curtailment gain of GBP4.4m as the trustees of the
Greencore Group pension scheme resolved to pass on the cost of the
Irish pensions levy to beneficiaries of the pension scheme in the
form of a reduction in future pension payments.
(f) Transaction and integration costs of US acquisitions
During the year, the Group recognised a charge of GBP1.3m
relating to the transaction and integration costs associated with
its acquisition of Lettieri's, a business based in Minneapolis,
which was announced on 25 February 2014. During the prior year, the
Group incurred an exceptional charge of GBP1.5m in connection with
the integration of the acquisitions of MarketFare Foods LLC
("MarketFare") and H.C. Schau& Son Inc. ("Schau").
(g) Integration cost of UK acquisitions
During the prior year, the Group incurred an exceptional charge
of GBP2.7m in connection with (i) the completion of the integration
of the Uniq business, including the Chilled Desserts restructuring,
and (ii) the completion of the integration of International Cuisine
Limited ("ICL") acquired in August 2012.
(h) Property related charge
During the prior year, the Group recognised a property related
charge of GBP9.1 million arising on its Irish property portfolio
which comprised a property impairment charge together with a charge
for remediation costs relating to the former sugar processing
sites.
(i) Tax
During the year, a tax credit of GBP2.4m was recognised related
to the US exceptional charges in the period, primarily due to a
deferred tax movement in relation to the asset impairment charge;
and a tax credit of GBP2.3m was recognised related to the
resolution of a legacy tax matter.
During 2013, the legal integration of the Uniq business was
completed. Accordingly the group reassessed the prospects of
utilisation of the deferred tax attributes acquired. The
reassessment indicated that the attributes would be expected to be
utilised over an accelerated timeframe, such that certainty over
the utilisation increased. This resulted in the recognition of a
tax credit of GBP18.9m in 2013 which had not previously been
recognised. A further tax credit of GBP7.8m arose as the Group
resolved a number of tax positions including the settlement of an
overseas tax case. A tax credit of GBP0.3m was recognised in
respect of exceptional charges in the year.
4. Dividends paid and proposed
2014 2013
GBPm GBPm
------ ------
Amounts recognised as distributions to equity holders
during the year:
Equity dividends on ordinary shares:
Final dividend of 2.90 pence for the year ended 27
September 2013 (2012: 2.50 pence) 11.8 9.8
Interim dividend of 2.20 pence for the year ended
26 September 2014 (2013: 1.90 pence) 8.9 7.7
------ ------
20.7 17.5
------ ------
Proposed for approval at AGM:
Equity dividends on ordinary shares:
Final dividend of 3.25 pence for the year ended 26
September 2014 (2013: 2.90 pence) 13.2 11.7
------ ------
This proposed dividend is subject to approval by the
shareholders at the annual general meeting and has not been
included as a liability in the Balance Sheet of the Group as at 26
September 2014, in accordance with IAS 10 Events after the Balance
Sheet Date. The proposed final dividend for the year ended 26
September 2014 will be payable on 2 April 2015 to shareholders on
the Register of Members at 5 December 2014.
5. Earnings per Ordinary Share
Basic earnings per ordinary share is calculated by dividing the
profit attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the Company and held
as treasury shares and shares held in trust in respect of Deferred
Bonus Awards Scheme, the Performance Share Plan and the Executive
Share Option Scheme. The adjusted figures for basic and diluted
earnings per ordinary share are after the elimination of
exceptional items, the effect of foreign exchange (FX) on
inter-company and certain external balances where hedge accounting
is not applied, the movement in the fair value of all derivative
financial instruments and related debt adjustments, the
amortisation of acquisition related intangible assets and the
effect of pension financing.
2014 2013
As restated*
Numerator for earnings per share calculation GBPm GBPm
------ --------------
Profit attributable to equity holders of the Company 47.5 67.5
Exceptional items (net of tax) 11.4 (18.1)
Fair value of derivative financial instruments and
related debt adjustments (2.1) (4.5)
FX on inter-company and external balances where
hedge accounting is not applied (3.4) 0.1
Amortisation of acquisition related intangible assets
(net of tax) 5.5 5.7
Pension financing (net of tax) 4.8 4.4
Adjusted earnings 63.7 55.1
--------------
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
Denominator for earnings per share calculation (thousands) 2014 2013
-------- --------
Shares in issue at the beginning of the year 401,368 394,356
Effect of Treasury shares - (2,553)
Shares held by Employee Benefit Trust (3,797) (2,896)
Effect of shares issued during the year 3,673 4,693
-------- --------
Weighted average number of ordinary shares in issue
during the year 401,244 393,600
-------- --------
2014 2013
Pence Pence
------- -------
Basic earnings per ordinary share 11.8 17.1
------- -------
Adjusted basic earnings per ordinary share 15.9 14.0
------- -------
Diluted earnings per ordinary share
Diluted earnings per ordinary share is calculated by adjusting
the weighted average number of ordinary shares outstanding to
assume conversion of all dilutive potential ordinary shares.
Employee share options, which are performance based, are treated as
contingently issuable shares, because their issue is contingent
upon satisfaction of specified performance conditions in addition
to the passage of time. These contingently issuable ordinary shares
are excluded from the computation of diluted earnings per ordinary
share where the conditions governing exercisability have not been
satisfied as at the end of the reporting period. Options over
8,175,423 (2013: 8,757,933) shares were excluded from the diluted
EPS calculation as they were either antidilutive or contingently
issuable ordinary shares which had not satisfied the performance
conditions attaching at the end of the reporting period.
A reconciliation of the weighted average number of ordinary
shares used for the purpose of calculating the diluted earnings per
share amounts is as follows:
Denominator for diluted earnings per share calculation
(thousands) 2014 2013
-------- --------
Weighted average number of ordinary shares in issue
during the year 401,244 393,600
Dilutive effect of share options 10,819 8,621
-------- --------
Weighted average number of ordinary shares for diluted
earnings per share 412,063 402,221
-------- --------
2014 2013
Pence Pence
------- -------
Diluted earnings per ordinary share 11.5 16.8
------- -------
Adjusted diluted earnings per ordinary share 15.5 13.7
------- -------
6. Net Debt and Financing
2014 2013
As restated*
GBPm GBPm
-------- --------------
Net debt
Current assets
Net cash and cash equivalents 12.2 1.8
Current liabilities
Private placement notes - (44.1)
Finance leases (0.1) -
Non-current liabilities
Bank borrowings (68.1) (129.7)
Private placement notes (105.8) (68.9)
Non-bank borrowings (54.5) -
Finance leases (1.1) (1.1)
Cross currency interest rate swaps - fair value
hedges 5.3 9.2
------------ --------------
Group net debt (212.1) (232.8)
------------ --------------
* The comparatives for 2013 have been restated to reflect the
adoption of IAS19 Employee Benefits (revised)
Net debt is a Non-IFRS measure used by the Group.
Finance (costs)/income 2014 2013
GBPm GBPm
------- -------
Net finance costs on interest bearing cash,
cash equivalents and borrowings (14.9) (15.5)
Net pension financing (5.8) (5.5)
Fair value of derivative financial instruments
and related debt adjustments 2.1 4.5
Foreign exchange gain on intercompany and external
balances where hedge accounting is not applied 3.4 (0.1)
Unwind of discount on assets and liabilities (0.2) (0.2)
------- -------
(15.4) (16.8)
------- -------
Analysed as:
Finance income - 0.3
Finance costs (15.4) (17.1)
------- -------
(15.4) (16.8)
------- -------
7. Acquisition and disposal of undertakings
Lettieri's
On 25 February 2014, the Group announced the acquisition of 100%
of Lettieri's, a leading manufacturer of food to go products for
the US convenience store channel. It operates from a modern,
purpose-built facility in Shakopee, Minnesota and employs
approximately 130 staff. The acquisition deepens the Group's
manufacturing capability and widens its product range to serve more
fully the food to go needs of customers in the small store
channels.
The provisional fair values of the assets acquired, determined
in accordance with IFRS, were as follows
2014
GBPm
------
Assets
Intangible assets 5.6
Property, plant and equipment 2.1
Inventory 1.7
Trade and other receivables 1.1
------
Total assets 10.5
------
Liabilities
Trade and other payables (1.5)
Provisions (0.2)
Total liabilities (1.7)
Net assets acquired 8.8
Goodwill 11.8
------
Total enterprise value 20.6
------
Satisfied by:
Cash payments 20.5
Cash and cash equivalents acquired 0.1
------
Net cash outflow 20.6
------
The principal factor contributing to the recognition of goodwill
on the acquisition of Lettieri's is the expected realisation of
product synergies with existing customers, through the
complementary product offering of Lettieri's with the existing
offering of the Group.
The principal intangible assets acquired were customer related
intangibles.
Ministry of Cake disposal
On 14 May 2014 the Group disposed of its food service desserts
business, Ministry of Cake (MOC) which was part of the Convenience
Foods segment. The loss on disposal of this business was recognised
in the Group Income Statement.
At disposal
GBPm
------------
Intangible assets 3.8
Property, plant and equipment 3.7
Inventory 3.0
Trade and other receivables 5.3
------------
Total assets 15.8
------------
Bank overdraft (0.4)
Trade and other payables (5.1)
Deferred tax liability (0.6)
------------
Total liabilities (6.1)
------------
Total enterprise value at date of disposal 9.7
Loss on disposal* (0.6)
Working capital and related adjustments 0.8
Adjustment of deferred consideration to present
value 0.6
Disposal related costs 0.5
------------
Total consideration 11.0
------------
Reconciliation of consideration received to cash
received
Total consideration 11.0
Deferred consideration (3.0)
Working capital and related adjustments on completion (0.4)
------------
Net consideration received on completion 7.6
Disposal related costs paid (0.2)
------------
Cash payments 7.4
------------
Satisfied by:
Cash payments 7.0
Bank overdrafts disposed of 0.4
------------
Net cash inflow arising on disposal 7.4
------------
* A non cash impairment charge of GBP5.9m was recognised on the
write down of the carrying amount of the disposal group to its fair
value less costs to sell at March 2014 and has been included in
exceptional items (note 3) in the Group Income Statement.
8. Information
The annual report and accounts will be published on the Group's
website on 25 November 2014.
By order of the Board, Conor O'Leary, Company Secretary on 24
November 2014.
Greencore Group plc, 2 Northwood Avenue, Santry, Dublin 9,
Ireland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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