TIDMHFG
RNS Number : 6340L
Hilton Food Group PLC
07 September 2023
7 September 2023
Hilton Food Group plc
Interim results for the 28 weeks to 16 July 2023
Robust financial performance in line with expectations; strong
operational progress
Business highlights - strong operational progress across
categories and geographies
-- Strong performance in APAC region delivered through partnership with Woolworths
-- Core meat category continued to perform well; new business wins in poultry and food service
-- Seafood recovery on track following management actions
-- Decisive action responding to market changes in vegan and vegetarian category
-- Launch of Swedish food park in Q3 2023
-- Hilton's scale, innovation and technology capabilities
underlined via rollout of new free flow mince packaging with core
customer, saving 690 tonnes of plastic
-- Continued progress towards meeting ESG commitments, submitted
ambitious science-based targets in line with 1.5 C
Financial highlights - robust financial performance, trading in
line with Board expectations
-- Revenue up 5.2% to GBP2.1bn (2022: GBP2.0bn) driven primarily by raw material price inflation
-- Volumes 0.2% higher at 272,321 tonnes (2022: 271,708 tonnes)
Adjusted results
-- Adjusted operating profit up 1.4% to GBP41.8m (2022: GBP41.2m)
-- Adjusted profit before tax 22.2% lower to GBP26.8m (2022:
GBP34.4m) impacted by higher interest costs
-- Adjusted basic earnings per share down 22.9% to 21.6p (2022: 28.0p)
IFRS results
-- Operating profit down 0.6% to GBP30.6m (2022: GBP30.8m)
-- Profit before tax 42.3% lower to GBP11.3m (2022: GBP19.6m)
-- Basic earnings per share down 49.7% to 7.6p (2022: 15.1p)
-- Net bank debt GBP216.5m (GBP211.6m at 2022 year end) (2022: GBP221.0m)
-- Interim dividend of 9.0p (2022: 7.1p)
Outlook
Hilton Foods is well positioned to continue to trade in line
with Board expectations for the rest of the year. Growth prospects
are underpinned by recent acquisitions and the continued recovery
in seafood, combined with opportunities to develop cross-category
business and utilise wider supply chain management expertise.
Hilton Foods continues to explore growth opportunities and wider
geographic expansion with existing and new customers. With a strong
financial position with leverage and headroom at comfortable
levels, the outlook for continued progress remains positive.
Steve Murrells, Hilton Foods Chief Executive Officer, said:
"I am pleased, in my first set of results as Hilton Food's CEO,
to show delivery of a robust performance against a challenging
economic backdrop. Our core meat business has continued to perform
strongly and we are pleased with the continued recovery in seafood.
At the same time, we continue to make progress in our ESG strategy,
including delivering packaging innovation to reduce plastic usage
and setting more ambitious science-based targets.
"I joined Hilton because it is an exciting business with great
people, real expertise in producing high-quality food products that
consumers want and is a trusted partner to retailers around the
world. As I look ahead, I am confident in the opportunities we have
to grow, building on our existing partnerships and forging new
ones, based on our unique multi-category protein offer."
A presentation for analysts and investors will be held this
morning at 08.30, which will also be webcast. For details please
contact hiltonfood@headlandconsultancy.com
Financial performance - overview:
2023 2022 Change
28 weeks 28 weeks Reported Constant
to to currency
16 July 2023 17 July
2022
Volume (1) (tonnes) 272,321 271,708 0.2% 0.2%
Revenue GBP2,123.1m GBP2,018.6m 5.2% 5.2%
Adjusted results (2)
Adjusted operating profit GBP41.8m GBP41.2m 1.4% 0.6%
Adjusted profit before
tax GBP26.8m GBP34.4m -22.2% -23.1%
Adjusted basic earnings
per share 21.6p 28.0p -22.9% -24.3%
Adjusted EBITDA GBP67.5m GBP66.6m 1.3% 0.9%
IFRS results
Operating profit GBP30.6m GBP30.8m -0.6%
Profit before tax GBP11.3m GBP19.6m -42.3%
Basic earnings per share 7.6p 15.1p -49.7%
Other measures
EBITDA GBP72.3m GBP71.9m 0.6%
Net bank debt (3) GBP216.5m GBP221.0m
Interim dividend 9.0p 7.1p 26.8%
Notes
1 Volume includes 50% share Portuguese joint venture activities
2 Adjusted results represent the IFRS results before deduction
of acquisition intangibles amortisation and exceptional items and
also IFRS 16 lease adjustments as detailed in the Alternative
performance measures note 16. Unless otherwise stated financial
metrics in the Financial and strategic highlights, Review of
operations and Financial review refer to the adjusted results
3 Net bank debt represents borrowings less cash and cash equivalents excluding lease liabilities
Enquiries:
Hilton Food Group Tel: +44 (0) 1480 387214
Steve Murrells, Chief Executive Officer
Matt Osborne, Chief Financial Officer
Headland Consultancy Limited Tel: +44 (0) 20 3805 4822
Susanna Voyle Email: hiltonfood@headlandconsultancy.com
Will Smith
Joanna Clark
This announcement contains inside information.
About Hilton
Hilton Foods builds and operates large scale, highly automated
facilities for food processing, manufacturing and logistics for
leading international retail and food service customers. We are a
business of over 7,000 employees, operating from 24 technologically
advanced food processing, packing and logistics facilities across
19 markets in Europe, Asia Pacific and North America. For almost
thirty years, our business has been built on dedicated partnerships
with our customers and suppliers, many forged over several decades,
and together we target long-term, sustainable growth and shared
value. We supply our customers with high quality, traceable, and
assured food products, with high standards of technical excellence
and expertise.
Cautionary statement
This interim management report contains forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to risk factors and uncertainties which
we believe are reasonable. Accordingly, Hilton's actual future
results may differ materially from the results expressed or implied
in these forward-looking statements. We do not undertake to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Alternative performance measures (APMs)
Hilton uses Alternative Performance Measures (APMs) to monitor
the underlying performance of the Group. Management considers that
APMs better reflect business performance and provide useful
information in line with how management monitor and manage the
business day-to-day.
Review of operations
The Group is presenting its interim results for the 28 weeks 16
July 2023, together with comparative information for the 28 weeks
to 17 July 2022. These interim results are prepared in accordance
with UK-adopted International Accounting Standard 34 and the
Disclosure Guidance and Transparency Rules sourcebook of the United
Kingdom's Financial Conduct Authority.
Performance overview
A robust business performance in the period saw revenue grow by
5.2% with volumes 0.2% higher. Revenues reflect higher volumes,
continued raw material price inflation and also a full period of
trading at Foppen following its acquisition in March 2022. The
operating margin was steady at 2.0% (2022: 2.0%) although the
operating margin per kg increased slightly to 15.3p per kg (2022:
15.2p per kg).
Hilton's results, reported in Sterling, are sensitive to changes
in the value of Sterling compared to the range of overseas
currencies in which the Group trades. Over the 28 weeks to 16 July
2023 there was no significant impact of average exchange rates on
our results compared with 2022.
UK and Ireland
Adjusted operating profit of GBP12.8m (2022: GBP11.8m) on
revenue of GBP701.1m (2022: GBP695.1m restated)
This operating segment covers the Hilton Foods businesses and
joint ventures in the UK and Ireland including meat processing
facilities in Huntingdon, fish facilities in Grimsby as well as the
Fairfax Meadow food service business acquired in 2021.
Volumes were 4.4% lower although revenue increased by 0.5% on a
constant currency basis. Operating margins increased slightly to
1.8% (2022: 1.7%) reflecting strong core performance as well as the
financial recovery in our Seafood business which is on track.
Our UK based food service company, Fairfax Meadow continues to
grow revenues and win new business. The strategically well-placed
customer base offers opportunity to expand the range of Hilton
Foods products offered to food service.
Europe
Adjusted operating profit of GBP20.4m (2022: GBP19.9m) on
revenue of GBP553.8m (2022: GBP495.8m)
This operating segment covers the Group's meat, fish and
vegetarian businesses and joint ventures in Holland, Belgium,
Sweden, Denmark, Central Europe, Greece and Portugal.
Volumes were 1.7% lower although revenue increased by 9.3% on a
constant currency basis due to raw material price inflation.
Operating margins were 3.7% (2022: 4.0%). The results reflect
strong performance in our Central Europe and Scandinavia based
businesses and a full period's trading performance for Foppen, the
smoked salmon business acquired in March 2022.
Operations at our Dalco vegan and vegetarian business in the
Netherlands has been impacted by increased raw material costs and
changes in consumer purchasing patterns, one key driver of which
has been the flight to value during the cost of living crisis. We
are proactively restructuring the business which will lead to the
closure of our Oss facility to optimise the business at a single
site centre of excellence. Our strong product offering, extensive
market experience and focus on operational efficiency puts us in a
strong position to continue to take advantage of market
opportunities in this sector.
In June 2021 the Group's facility in Belgium suffered an
extensive fire and we continue to work closely with insurers to
progress the related claims.
APAC
Adjusted operating profit of GBP16.5m (2022: GBP13.0m) on
revenue of GBP868.2m (2022: GBP827.7m)
In Australia, the Group operates plants in Bunbury, Western
Australia, Melbourne, Victoria and Brisbane, Queensland. We also
have a facility in Auckland, New Zealand.
Volumes during the period increased strongly by 6.8%. Revenues
were 6.8% higher on a constant currency basis. Operating margins
increased to 1.9% (2022: 1.6%) partly attributable to the recovery
of higher interest costs under our cost plus contract. We continue
to see strong performance in the APAC region delivered through our
partnership with Woolworths.
Strategic progress
Following a challenging 2022, our UK seafood business recovery
is progressing well with strong cost recovery plans delivering
improvements to financial performance. Investment in automation has
enhanced our efficiency and unlocked capacity to support future
growth. There is also a new management team in place, who are
successfully delivering on our recovery plan.
In Q3 2023 we will be launching our new Swedish food park
through our retail partnership with ICA. The new facility will use
the latest technology and automation to produce a range of new
private label products including porridge and soup. It provides
opportunity to broaden our customer product portfolio and unlock
further growth in the territory.
We continue to develop and apply automation, robotics and
technology services with our supply chain service offering
providing a competitive advantage facing into sector challenges. In
Denmark we have extended our crate wash services to other
categories, cementing our position as a supply chain partner. We
are also extending our services offering into the food service
sector with a returnable crate model trial in the UK.
Delivery of our ESG commitments continues to progress. We have
submitted more ambitious science-based targets which, once
validated, will be in line with a 1.5 C trajectory. In partnership
with retail partners in the UK, Netherlands and Sweden we have
launched mince flow wrap, which achieves a 70% reduction in plastic
packaging. So far we have saved 690 tonnes of plastic.
Investments in our facilities
Hilton continues to invest in all its facilities maintaining
state of the art levels required to service our customers' growth,
extend the range of products supplied to those customers and
deliver both first class service levels and further increases in
production efficiency. This investment ensures we can achieve low
unit costs and competitive selling prices at increasingly higher
levels of production throughput. Capital expenditure during the
period was GBP27.8m (2022: GBP26.0m) which included investment in
the new Sweden food park and in UK factory automation.
Financial review
Adjusted results represent the IFRS results before deduction of
acquisition intangibles amortisation, exceptional items and IFRS 16
lease adjustments. These adjustments are detailed in the
Alternative performance measures note 16.
Revenue increased by 5.2% to GBP2,123.1m (2022: GBP2,018.6m
restated) and by 5.2% on a constant currency basis reflecting
higher volumes and raw material price inflation. Further details of
revenue and volume growth by segment are detailed in the Review of
operations above.
Adjusted operating profit for the first 28 weeks of 2023 was
GBP41.8m, 1.4% higher than in the previous year (2022: GBP41.2m)
and 0.6% higher on a constant currency basis. The adjusted
operating profit margin was in line with H1 2022 at 2.0% (2022:
2.0%) but ahead of the adjusted margin of 1.8% for the 2022 full
year. IFRS operating profit for the first 28 weeks of 2023 was
GBP30.6m (2022: GBP30.8m) after charging exceptional costs of
GBP7.7m (2022: GBP3.2m).
There were IFRS exceptional costs of GBP7.7m (2022: GBP3.2m)
which related to GBP5.2m of additional costs incurred following the
Belgium fire in 2021, GBP1.2m on tangible assets impaired due to
the anticipated closure of the Dalco Oss facility and GBP1.3m of
reorganisation costs.
Adjusted net finance costs excluding exceptional items and lease
interest increased to GBP15.0m (2022: GBP6.8m) reflecting higher
benchmark rates as well as higher borrowings following the Foppen
acquisition in March 2022. Interest cover was 2.8 times (2022: 6
times). Similarly IFRS net finance costs increased to GBP19.3m
(2022: GBP11.2m).
The adjusted taxation charge for the period was GBP6.8m (2022:
GBP8.4m) representing an effective underlying tax rate of 25.2%,
compared with 24.3% last year. The IFRS taxation charge was GBP3.8m
(2022: GBP5.0m) representing an increased effective underlying tax
rate of 34.0% (2022: 25.7%) attributable to the exceptional
costs.
Net income represents profit for the year attributable to owners
of the parent. Adjusted net income of GBP19.3m was 22.6% lower than
last year (2022: GBP25.0m) primarily reflecting the significantly
higher unrecoverable interest costs. IFRS net income was GBP6.8m
(2022: GBP13.5m) impacted by the higher interest and exceptional
costs.
Adjusted basic earnings per share of 21.6p in the first 28 weeks
of 2023 were 22.9% below 28.0p last year reflecting lower net
income. Similarly IFRS basic earnings per share was lower at 7.6p
(2022: 15.1p).
Adjusted EBITDA increased to GBP67.5m for the period (2022:
GBP66.6m) and IFRS EBITDA was GBP72.3m (2022: GBP71.9m).
In the first 28 weeks the Group generated GBP18.9m of cash
inflow before acquisitions and financing activities (2022: cash
outflow GBP17.4m). Net cash generated from operations of GBP48.1m
(2022: GBP8.4m) reflects normalisation of working capital. During
the period a further GBP1.6m was invested in Cellular Agriculture
Ltd following the achievement of development milestones.
Cash balances at 16 July 2023 were GBP79.7m (2022: GBP96.9m),
which with net of borrowings of GBP296.1m (2022: GBP317.9m),
resulted in net bank debt of GBP216.5m (GBP221.0m at 17 July 2022
and GBP211.6m at 1 January 2023). At 16 July 2023 the Group had
undrawn committed facilities under its syndicated banking
facilities of GBP88.1m (GBP106.4m at 1 January 2023). These banking
facilities are subject to covenants comprising net bank debt to
EBITDA and interest cover. The Group had significant headroom under
these covenants at 16 July 2023 of at least 33% for all these
metrics.
The Group has maintained a progressive dividend policy since
flotation. Hilton Foods remains financially strong with significant
cash balances and undrawn loan facilities, and we continue to
operate well within our banking covenants. The Board is satisfied
that the Group has adequate headroom under its existing facilities,
that it is appropriate to continue to operate and to maintain this
dividend policy and have approved the payment of an interim
dividend of 9.0p per ordinary share (2022: 7.1p). The interim
dividend represents an increase of 26.8% on the interim dividend
declared in the prior year and reflects a resumption in the interim
dividend payout being approximately 30% of the previous year's
total dividend. This interim dividend amounting to GBP8.1m will be
paid on 1 December 2023 to shareholders on the register at close of
business on 3 November 2023.
Going concern
The Directors have performed a detailed assessment, including a
review of the Group's budget and forecasts for the 2023 financial
year and its longer term plans, including consideration of the
principal risks faced by the Group. The resilience of the Group has
been assessed by applying significant downside sensitivities to the
Group's cash flow projections. Allowing for these sensitivities and
potential mitigating actions the Board is satisfied that the Group
is able to continue to operate well within its banking covenants
and has adequate headroom under its existing committed facilities
which do not expire until 2027. The Directors are satisfied that
the Company and the Group have adequate resources to continue to
operate and meet its liabilities as they fall due for the
foreseeable future, a period considered to be at least 12 months
from the date of signing these interim financial statements. For
this reason they continue to adopt the going concern basis for
preparing the financial statements.
The Group's borrowings are detailed in note 12 to this report
and the principal banking facilities which support the Group's
existing and contracted new business, are committed. The Group is
in full compliance with all its banking covenants and based on
forecasts and sensitized projections is expected to remain in
compliance. Future geographical expansion which is not yet
contracted, and which is not built into our internal budgets and
forecasts, may require additional or extended banking facilities
and such future geographical expansion will depend on our ability
to negotiate appropriate additional or extended facilities, as and
when they are required. During the 2022 financial year the Group
renewed its banking facilities with a GBP424m five year revolving
credit and term loan facility.
The Group's internal budgets and forward forecasts, which
incorporate all reasonably foreseeable changes in trading
performance, are regularly reviewed by the Board and show that it
will be able to operate within its current banking facilities,
taking into account available cash balances, for the foreseeable
future.
The principal risks and uncertainties facing the Group's
businesses
Hilton Foods has well developed processes and structures for
identifying and subsequently mitigating the key risks which the
Group faces. The most significant risks and uncertainties faced by
the Group, together with the Group's risk management processes are
detailed in the review of Risk management and principal risks on
pages 26 to 31 of the Hilton Food Group plc 2022 Annual report. The
principal risks and uncertainties identified in that report
were:
-- The progress of the Group's business is affected by the
macroeconomic and geopolitical environment and levels of consumer
spending;
-- The Group's growth potential may be affected by the success
of its customers and their sales growth;
-- The Group strategy focuses on industry-leading customers who
can exercise significant buying power and influence when it comes
to contractual renewal terms at 5 to 15-year intervals;
-- As Hilton Foods continues to grow there is more reliance on
key personnel and their ability to manage growth, change,
integration and compliance across new legislative and regulatory
environments. This risk increases as the Group continues to expand
with new customers and into new territories with potentially
greater reliance on stretched skilled resource and execution of
simultaneous growth projects;
-- The Group's business strength is affected by its ability to
maintain a wide and flexible global food supply base operating at
standards that can continuously achieve the specifications set by
Hilton Foods and its customers;
-- Contamination within the upstream supply chain including
outbreaks of disease and feed contaminants affecting livestock and
fish;
-- Significant incidents such as fire, flood, pandemic or
interruption of supply of key utilities could impact the Group's
business continuity;
-- The Group's IT systems could be subject to cyber-attacks,
including ransomware and fraudulent external email activity. These
kinds of attacks are generally increasing in frequency and
sophistication;
-- A significant breach of health & safety legislation as
complexity increases in managing sites across different product
groups and geographies; and
-- The Group's business and supply chain is affected by climate
change risks comprising both physical and transition risks.
Physical risks include long-term rises in temperature and sea
levels as well as changes to the frequency and severity of extreme
weather events. Transition risks include policy changes,
reputational impacts, and shifts in market preferences and
technology.
Cost of living crisis, increasing interest rates and the
Russia-Ukraine War
The macroeconomic and geopolitical landscape, exacerbated by the
Ukrainian war and increasing interest rates, is having an
unprecedented impact on our supply chains, operations, consumers
and customers. Energy price volatility and an acute cost of living
crisis is impacting consumer spending and eating habits, although
we are expecting this to ease as the rate of food price inflation
slows.
We recognise the impact of increasing interest costs on all
businesses and we continue to focus on ways of reducing our
exposure including through the use of cash pooling and exploring
working capital financing.
Our continued focus on cost control, innovation and factory
efficiency is enabling us to manage the inflationary pressures the
industry is currently facing. Through our strong customer
relationships we are able to support consumers to navigate through
these challenging times.
Brexit
We continue to monitor the UK and EU regulatory and trade
environments as they evolve and amend processes and operations as
required. We are working closely with our customers and supply
chains to ensure preparation for the implementation of the Windsor
Framework in Q4 2023. Our focus on technology and automation
further reduces our risk exposure in this area.
The risks and uncertainties outlined above had no material
adverse impact on the results for the 28 weeks to 16 July 2023 and
are expected to remain virtually unchanged for the remainder of the
2023 financial year.
Steve Murrells
Chief Executive Officer
Matt Osborne
Chief Financial Officer
6 September 2023
Statement of Directors' responsibilities
The Directors confirm that the condensed consolidated 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:
(a) an indication of important events that have occurred during
the first 28 weeks and their impact on the condensed set of
financial statements, and a description of principal risks and
uncertainties for the remaining 24 weeks of the financial year;
and
(b) material related party transactions in the first 28 weeks
and any material changes in the related party transactions
described in the last annual report.
The maintenance and integrity of the Hilton Food Group plc
website is the responsibility of the Directors; the work carried
out by the authors 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 Hilton Food Group plc are listed in the 2022
Hilton Food Group plc Annual report and financial statements. On 3
July 2023 Philip Heffer stepped down from the Board and Steve
Murrells CBE joined the Board as Group CEO. There have been no
other changes in Directors since 2 January 2023. A list of current
Directors is maintained on the Hilton Food Group plc website at
https://www.hiltonfoods.com/.
On behalf of the Board
Robert Watson OBE
Chairman
Matt Osborne
Chief Financial Officer
Condensed Consolidated Income statement
28 weeks 28 weeks
Restated (note
ended 2)
16 July 2023 17 July 2022
================================================= ====== ============== ==============
Continuing operations Note GBP'000 GBP'000
================================================= ====== ============== ==============
Revenue 4 2,123,139 2,018,597
================================================= ====== ============== ==============
Cost of sales (1,901,347) (1,831,173)
------------------------------------------------- ------ -------------- --------------
Gross profit 221,792 187,424
================================================= ====== ============== ==============
Distribution costs (24,224) (18,314)
------------------------------------------------- ------ -------------- --------------
Other administrative expenses (159,980) (135,849)
================================================= ====== ============== ==============
Exceptional items 5 (7,743) (3,183)
------------------------------------------------- ------ -------------- --------------
Total administrative expenses (167,723) (139,032)
------------------------------------------------- ------ -------------- --------------
Share of profit in joint ventures and associates 772 721
------------------------------------------------- ------ -------------- --------------
Operating profit 4 30,617 30,799
------------------------------------------------- ------ -------------- --------------
Finance income 43 19
------------------------------------------------- ------ -------------- --------------
Other finance costs (19,386) (11,191)
================================================= ====== ============== ==============
Exceptional finance costs 5 - (75)
------------------------------------------------- ------ -------------- --------------
Total finance costs (19,386) (11,266)
------------------------------------------------- ------ -------------- --------------
Finance costs - net (19,343) (11,247)
------------------------------------------------- ------ -------------- --------------
Profit before income tax 11,274 19,552
------------------------------------------------- ------ -------------- --------------
Income tax expense (4,062) (6,526)
================================================= ====== ============== ==============
Exceptional tax credit 5 228 1,502
------------------------------------------------- ------ -------------- --------------
Total income tax expense 6 (3,834) (5,024)
------------------------------------------------- ------ -------------- --------------
Profit for the period 7,440 14,528
------------------------------------------------- ------ -------------- --------------
Profit attributable to:
================================================= ====== ============== ==============
Owners of the parent 6,770 13,455
================================================= ====== ============== ==============
Non-controlling interests 670 1,073
------------------------------------------------- ------ -------------- --------------
7,440 14,528
------------------------------------------------- ------ -------------- --------------
Earnings per share for profit attributable
to owners of the parent
================================================= ====== ============== ==============
- Basic (pence) 8 7.6 15.1
================================================= ====== ============== ==============
- Diluted (pence) 8 7.5 14.9
------------------------------------------------- ------ -------------- --------------
The above condensed consolidated income statement should be read in conjunction
with the accompanying notes
Condensed Consolidated Statement of comprehensive income
28 weeks ended 28 weeks ended
16 July 2023 17 July 2022
GBP'000 GBP'000
================================================== ===== ============== ==============
Profit for the period 7,440 14,528
-------------------------------------------------- ----- -------------- --------------
Other comprehensive income/(expense)
Currency translation differences (1,498) (714)
================================================== ===== ============== ==============
(Loss)/gain on cash flow hedges (3,252) 1,756
-------------------------------------------------- ----- -------------- --------------
Other comprehensive income/(expense) for
the period net of tax (4,750) 1,042
-------------------------------------------------- ----- -------------- --------------
Total comprehensive income for the period 2,690 15,570
-------------------------------------------------- ----- -------------- --------------
Total comprehensive income attributable to:
================================================== ===== ============== ==============
Owners of the parent 2,201 14,421
================================================== ===== ============== ==============
Non-controlling interests 489 1,149
-------------------------------------------------- ----- ============== --------------
2,690 15,570
-------------------------------------------------- ----- -------------- --------------
The above condensed consolidated statement of comprehensive income should
be read in conjunction with the accompanying notes.
Condensed Consolidated Balance sheet
16 July 2023 17 July 2022 1 January 2023
Note GBP'000 GBP'000 GBP'000
================================== ===== ============ ============ ==============
Assets
================================== ===== ============ ============ ==============
Non-current assets
================================== ===== ============ ============ ==============
Property, plant and equipment 9 314,266 316,743 327,611
================================== ===== ============ ============ ==============
Lease: Right-of-use asset 9 195,869 222,218 216,578
================================== ===== ============ ============ ==============
Intangible assets 9 155,558 153,732 160,480
================================== ===== ============ ============ ==============
Investments 10 8,485 5,723 6,208
================================== ===== ============ ============ ==============
Deferred income tax assets 12,765 12,224 13,801
---------------------------------- ----- ------------ ------------ --------------
686,943 710,640 724,678
---------------------------------- ----- ------------ ------------ --------------
Current assets
================================== ===== ============ ============ ==============
Inventories 191,386 176,259 206,729
================================== ===== ============ ============ ==============
Trade and other receivables 261,209 260,079 271,160
================================== ===== ============ ============ ==============
Current tax assets 7,137 6,484 5,995
================================== ===== ============ ============ ==============
Derivative financial instruments 15 - 4,540 -
================================== ===== ============ ============ ==============
Cash and cash equivalents 79,676 96,864 87,224
---------------------------------- ----- ------------ ------------ --------------
539,408 544,226 571,108
---------------------------------- ----- ------------ ------------ --------------
Total assets 1,226,351 1,254,866 1,295,786
---------------------------------- ----- ------------ ------------ --------------
Equity and liabilities
================================== ===== ============ ============ ==============
Equity
================================== ===== ============ ============ ==============
Ordinary shares 13 8,960 8,938 8,943
================================== ===== ============ ============ ==============
Share premium 144,926 143,714 144,926
================================== ===== ============ ============ ==============
Employee share schemes reserve 5,901 6,405 5,004
================================== ===== ============ ============ ==============
Foreign currency translation
reserve (3,696) (2,896) (2,379)
================================== ===== ============ ============ ==============
Retained earnings 154,411 170,761 167,862
================================== ===== ============ ============ ==============
Reverse acquisition reserve (31,700) (31,700) (31,700)
================================== ===== ============ ============ ==============
Merger reserve 919 919 919
================================== ===== ============ ============ ==============
Cashflow hedging reserve (2,466) 1,756 786
================================== ===== ============ ============ ==============
277,255 297,897 294,361
================================== ===== ============ ============ ==============
Non-controlling interests 9,891 6,157 10,956
---------------------------------- ----- ------------ ------------ --------------
Total equity 287,146 304,054 305,317
---------------------------------- ----- ------------ ------------ --------------
Liabilities
================================== ===== ============ ============ ==============
Non-current liabilities
================================== ===== ============ ============ ==============
Borrowings 12 268,159 287,460 270,510
================================== ===== ============ ============ ==============
Lease liabilities 211,848 236,202 230,152
================================== ===== ============ ============ ==============
Deferred income tax liabilities 14,166 12,939 15,921
---------------------------------- ----- ============ ------------ --------------
494,173 536,601 516,583
---------------------------------- ----- ------------ ------------ --------------
Current liabilities
================================== ===== ============ ============ ==============
Borrowings 12 27,971 30,389 28,279
================================== ===== ============ ============ ==============
Lease liabilities 14,048 12,647 16,006
================================== ===== ============ ============ ==============
Trade and other payables 396,364 371,175 426,203
================================== ===== ============ ============ ==============
Derivative financial instruments 15 6,649 - 3,398
================================== ===== ============ ============ ==============
445,032 414,211 473,886
---------------------------------- ----- ------------ ------------ --------------
Total liabilities 939,205 950,812 990,469
---------------------------------- ----- ------------ ------------ --------------
Total equity and liabilities 1,226,351 1,254,866 1,295,786
---------------------------------- ----- ------------ ------------ --------------
The above condensed consolidated balance sheet should be read in conjunction
with the accompanying notes.
Condensed Consolidated Statement of changes in equity
Attributable to owners of the parent
====================================================================================================
Employee Foreign
share currency Reverse Cashflow
Share Share schemes translation Retained acquisition Merger hedge Own Non-controlling Total
capital premium reserve reserve earnings reserve reserve reserve shares Total interests equity
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Balance at 3
January 2022 8,893 142,043 6,990 (2,106) 176,449 (31,700) 919 - (87) 301,401 6,548 307,949
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Comprehensive
income
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Profit for the
period - - - - 13,455 - - - - 13,455 1,073 14,528
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Other
comprehensive
income
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Currency
translation
differences - - - (790) - - - - - (790) 76 (714)
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Gain on cash
flow hedging - - - - - - - 1,756 - 1,756 - 1,756
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Total
comprehensive
income for the
period - - - (790) 13,455 - - 1,756 - 14,421 1,149 15,570
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Transactions
with
non-controlling
interests - - - - - - - - - - (349) (349)
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Issue of new
shares 13 17 1,671 - - - - - - - 1,688 - 1,688
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Adjustment in
respect of
employee
share schemes - - (470) - - - - - - (470) - (470)
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Settlement of
employee share
schemes 28 - (115) - - - - - 87 - - -
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Dividends paid 7 - - - - (19,143) - - - - (19,143) (1,191) (20,334)
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Total
transactions
with owners 45 1,671 (585) - (19,143) - - - 87 (17,925) (1,540) (19,465)
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Balance at 17
July 2022 8,938 143,714 6,405 (2,896) 170,761 (31,700) 919 1,756 - 297,897 6,157 304,054
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Balance at 2
January 2023 8,943 144,926 5,004 (2,379) 167,862 (31,700) 919 786 - 294,361 10,956 305,317
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Profit for the
period - - - - 6,770 - - - - 6,770 670 7,440
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Currency
translation
differences - - - (1,317) - - - - - (1,317) (181) (1,498)
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Loss on cash
flow hedging - - - - - - - (3,252) - (3,252) - (3,252)
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Total
comprehensive
income for the
period - - - (1,317) 6,770 - - (3,252) - 2,201 489 2,690
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Issue of new
shares 13 17 - - - - - - - - 17 - 17
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Adjustment in
respect of
employee
share schemes - - 897 - - - - - - 897 - 897
================ ==== ======= ======= ======== =========== ======== =========== ======= ======== ======= ======== =============== ========
Dividends paid 7 - - - - (20,221) - - - - (20,221) (1,554) (21,775)
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Total
transactions
with owners 17 - 897 - (20,221) - - - - (19,307) (1,554) (20,861)
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
Balance at 16
July 2023 8,960 144,926 5,901 (3,696) 154,411 (31,700) 919 (2,466) - 277,255 9,891 287,146
---------------- ---- ------- ------- -------- ----------- -------- ----------- ------- -------- ------- -------- --------------- --------
The above condensed consolidated statement of changes in equity
should be read in conjunction with the accompanying notes .
Condensed Consolidated Cash flow statement
28 weeks ended 28 weeks ended
16 July 2023 17 July 2022
GBP'000 GBP'000
============================================= ============== ==============
Cash flows from operating activities
============================================= ============== ==============
Cash generated from operations 73,654 27,975
============================================== ============== ==============
Interest paid (19,386) (11,249)
============================================== ============== ==============
Income tax paid (6,195) (8,359)
---------------------------------------------- ============== --------------
Net cash generated from operating activities 48,073 8,367
---------------------------------------------- -------------- --------------
Cash flows from investing activities
============================================= ============== ==============
Acquisition of subsidiary - (81,821)
============================================== ============== ==============
Purchase of non-controlling interest - (1,207)
============================================== ============== ==============
Acquisition of investments in joint ventures
and associates (1,635) -
============================================== ============== ==============
Purchases of property, plant and equipment (26,151) (25,494)
============================================== ============== ==============
Proceeds from sale of property, plant and
equipment 266 48
============================================== ============== ==============
Purchases of intangible assets (1,689) (447)
============================================== ============== ==============
Interest received 43 2
============================================== ============== ==============
Net cash used in investing activities (29,166) (108,919)
---------------------------------------------- -------------- --------------
Cash flows from financing activities
============================================= ============== ==============
Proceeds from borrowings 18,312 313,618
============================================== ============== ==============
Repayments of borrowings (13,743) (228,565)
============================================== ============== ==============
Payment of lease liability (6,871) (7,651)
============================================== ============== ==============
Dividends paid to owners of the parent (20,221) (19,143)
============================================== ============== ==============
Dividends paid to non-controlling interests (1,554) (1,191)
---------------------------------------------- ============== --------------
Net cash generated (used in)/from financing
activities (24,077) 57,068
---------------------------------------------- -------------- --------------
Net decrease in cash and cash equivalents (5,170) (43,484)
============================================== ============== ==============
Cash and cash equivalents at beginning of
the period 87,224 140,170
============================================== ============== ==============
Exchange (losses)/gains on cash and cash
equivalents (2,378) 178
---------------------------------------------- ============== --------------
Cash and cash equivalents at end of the
period 79,676 96,864
---------------------------------------------- -------------- --------------
The above condensed consolidated statement of cash flows should be read
in conjunction with the accompanying notes.
Notes to the interim financial statements
1 General information
Hilton Food Group plc ("the Company") and its subsidiaries
(together "the Group") is a leading international multi-protein
food business.
The Company is a public company limited by shares incorporated
and domiciled in the UK. The address of the registered office is
2-8 The Interchange, Latham Road, Huntingdon, Cambridgeshire PE29
6YE. The registered number of the Company is 06165540.
The Company maintains a Premium Listing on the London Stock
Exchange.
These interim financial statements were approved for issue on 6
September 2023.
These interim financial statements do not comprise statutory
accounts within the meaning of Section 434 of the Companies Act
2006. Statutory accounts for the 52 weeks ended 1 January 2023 were
approved by the Board of Directors on 23 April 2023 delivered to
the Registrar of Companies. The report of the auditors on those
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under Section 498 of
the Companies Act 2006.
These interim financial statements have been reviewed, not
audited.
2 Basis of preparation
This consolidated interim financial report for the 28 weeks
ended 16 July 2023 have been prepared in accordance with the
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.
Going concern
The consolidated interim financial statements have been prepared
on the going concern basis. The Group has undertaken a detailed
going concern assessment, including a review of its budget and
forecasts for the 2023 financial year and its longer term plans,
including consideration of the principal risks faced by the Group.
The resilience of the Group in the face of uncertain challenges has
then been assessed by applying significant downside sensitivities
to the Group's cash flow projections. Allowing for these
sensitivities and potential mitigating actions the Board is
satisfied that the Group is able to continue to operate well within
its banking covenants and has adequate headroom under its existing
committed facilities. The Directors are satisfied that the Group
has adequate resources to continue to operate and meet its
liabilities as they fall due for a period of at least 12 months
from the date of signing these interim financial statements and
therefore consider it appropriate to adopt the going concern basis
of accounting in preparing the consolidated interim financial
statements.
Estimates and judgements
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these interim financial statements, the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the
same as those that applied to the consolidated financial statements
for the 52 weeks ended 1 January 2023.
New and amended standards adopted by the Group
A number of new or amended standards became applicable for the
current reporting period. The Group did not have to change its
accounting policies or make retrospective adjustments as a result
of adopting these standards.
Prior year restatement
Following a review of the classification of revenue recognised
in the prior period, intra-group revenue totalling GBP20.1m was
identified as being included in the reported figure for external
revenue. This has been adjusted in the comparatives presented with
a corresponding reduction in cost-of-sales. There is no impact on
reported profitability for the prior period and revenue reported
for the full year 2022 is not affected as there was no margin
charged on this intra-group revenue.
3 Accounting policies
The accounting policies adopted in the preparation of these
interim results are consistent with those applied in the
preparation of the Group's annual report for the year ended 1
January 2023 and corresponding interim reporting period.
The group has reviewed its exposure to climate related and other
emerging business risks, but has not identified any risks that
could impact the financial performance or position of the group as
at 16 July 2023
The Group has recognised exceptional items during the period,
the accounting policy in respect of these is summarised below.
Exceptional items
Exceptional items are not defined under IFRS. However, the Group
classifies Exceptional Items as those that are separately
identifiable by virtue of their size, nature or expected frequency
and that therefore warrant separate presentation.
As detailed in note 5 during the period to 16 July 2023 the
Group has recognised exceptional items in respect of costs
associated with the fire at its facility in Belgium and
re-organisation programs. The income statement separately shows the
impact of the exceptional items on reported operating profit with
further reconciliations between statutory and adjusted measures
used by the Group presented in note 16. Presentation of these
exceptional items and the reconciliations between adjusted and
statutory measures is not intended to be a substitute for or
intended to promote the adjusted measures above statutory
measures.
Current income tax
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
4 Segment information
Management have determined the operating segments based on the
reports reviewed by the Executive Directors that are used to make
strategic decisions.
The Executive Directors have considered the business from both a
geographic and product perspective.
From a geographic perspective, the Executive Directors consider
that the Group has four operating segments: i) UK & Ireland
which comprises the Group's operations in United Kingdom and
Republic of Ireland; ii) Europe which includes the Group's
operations in the Netherlands, Sweden, Denmark, Central Europe and
Portugal; iii) APAC comprising the Group's operations in Australia
and New Zealand; and iv) Central costs. Previously, the UK &
Ireland and Europe segments were reported on a combined basis as
"Europe" but following the changes to the Group's organisational
structure have now been shown separately. The restated segments are
shown in the tables below.
From a product perspective the Executive Directors consider that
the Group has only one identifiable product, wholesaling of food
protein products including meat, fish and vegetarian. The Executive
Directors consider that no further segmentation is appropriate, as
all of the Group's operations are subject to similar risks and
returns and exhibit similar long term financial performance.
The segment information provided to the Executive Directors for the reportable
segments is as follows:
Operating
Total segment profit/(loss)
revenue segment result
GBP'000 GBP'000
=============================================== ================ ================
28 weeks ended 16 July
2023
=============================================== ================ ================
UK & Ireland 701,097 9,018
================================================= ================ ================
Europe 553,846 12,339
================================================= ================ ================
APAC 868,196 17,266
================================================= ================ ================
Central costs - (8,006)
------------------------------------------------- ---------------- ----------------
Total 2,123,139 30,617
------------------------------------------------- ---------------- ----------------
28 weeks ended 17 July 2022 (Restated)
================================================ ================ ================
UK & Ireland 695,137 6,762
================================================= ================ ================
Europe 495,788 10,617
================================================= ================ ================
APAC 827,672 14,177
================================================= ================ ================
Central costs - (757)
------------------------------------------------- ================ ----------------
Total 2,018,597 30,799
------------------------------------------------- ---------------- ----------------
The Group uses a number of alternative performance measures to
assess underlying performance, these are explained and reconciled
to the segmental results presented above in note 16. There is no
inter-segment revenue included in the figures above.
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
(Restated) (Restated)
==================================== ========= ========== ==========
Total assets
==================================== ========= ========== ==========
UK & Ireland 381,643 328,577 394,602
==================================== ========= ========== ==========
Europe 360,432 409,670 375,334
==================================== ========= ========== ==========
APAC 431,999 481,656 481,229
==================================== ========= ========== ==========
Central costs 32,375 16,255 24,825
------------------------------------ --------- ---------- ----------
Total segment assets 1,206,449 1,236,158 1,275,990
==================================== ========= ========== ==========
Current income tax assets 7,137 6,484 5,995
==================================== ========= ========== ==========
Deferred income tax assets 12,765 12,224 13,801
------------------------------------ --------- ---------- ----------
Total assets per balance sheet 1,226,351 1,254,866 1,295,786
------------------------------------ --------- ---------- ----------
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
(Restated) (Restated)
==================================== ========= ========== ==========
Total liabilities
==================================== ========= ========== ==========
UK & Ireland 166,084 161,680 182,267
==================================== ========= ========== ==========
Europe 178,953 176,045 204,636
==================================== ========= ========== ==========
APAC 379,749 427,508 466,492
==================================== ========= ========== ==========
Central costs 200,253 172,640 121,153
------------------------------------ ========= ---------- ----------
Total segment liabilities 925,039 937,873 974,548
==================================== ========= ========== ==========
Deferred income tax liabilities 14,166 12,939 15,921
------------------------------------ --------- ---------- ----------
Total liabilities per balance sheet 939,205 950,812 990,469
------------------------------------ --------- ---------- ----------
5 Exceptional items
28 weeks ended 16 July 2023 28 weeks ended 17 July 2022
Profit Profit
Operating Finance after Operating Finance after
profit costs Tax tax profit costs Tax tax
Group GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Belgium fire 5,239 - - 5,239 3,815 - (954) 2,861
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Acquisition of Foods
Connected - - - - (3,876) - - (3,876)
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Acquisition related
costs - - - - 1,204 75 (229) 1,050
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Reorganisation costs 1,304 - - 1,304 2,040 - (319) 1,721
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Dalco Impairment 1,200 - (228) 972 - - - -
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Total exceptional
costs 7,743 - (228) 7,515 3,183 75 (1,502) 1,756
--------------------- --------- ------- ------- ------- --------- ------- ------- -------
Fire in Belgium
In June 2021 the Group's facility in Belgium suffered an
extensive fire. The Group continues to work closely with its
insurers to progress related insurance claims. The results for the
period to 16 July 2023 do not include potential income that may be
received in respect of these claims with the insurance proceeds
therefore considered to be contingent assets; at this stage in the
claims process the value of the contingent asset has yet to be
determined. Legal claims have been made against the Group in
connection with the fire, however at this stage the Group considers
the likelihood of incurring financial liabilities as a result of
them is remote.
Exceptional costs totalling GBP5,239,000 have been recognised in
the period relating to additional costs incurred in continuing to
supply our customer in Belgium in connection with the insurance
claim and legal claims.
In the prior period exceptional costs totalling GBP3,815,000
were recognised relating to additional costs incurred in continuing
to operate in Belgium.
Reorganisation Costs
During the period exceptional reorganisation costs of
GBP1,304,000 have been recognised by the Group. These costs
resulted from on-going efficiency and restructuring programs
resulting in redundancies at a number of facilities operated by the
Group.
Dalco Impairment of Property, Plant and Equipment
The intended closure of one of the sites operated by our Dalco
business allows us to optimise production and drive efficiencies at
a single site centre of excellence for our vegan and vegetarian
products. An exceptional impairment charge of GBP1.2m has been
recognised in respect of property, plant and equipment that the
Group does not expect to be able to re-purpose for use in its other
facilities.
6 Income tax expense
Income tax expense is recognised based on management's best
estimate of the weighted average annual income tax rate expected
for the full financial year. The estimated average annual tax rate
used for the 28 weeks to 16 July 2023 is 34.0%. The estimated
average annual effective tax rate for the 28 weeks ended 17 July
2022 was 25.7%.
7 Dividends
28 weeks ended 28 weeks ended
16 July 2023 17 July 2022
GBP'000 GBP'000
==================================================== ============== ==============
Final dividend paid 22.6p per ordinary share (2022:
21.5p) 20,221 19,143
---------------------------------------------------- -------------- --------------
Total dividends paid 20,221 19,143
---------------------------------------------------- -------------- --------------
The Directors have approved the payment of an interim dividend
of 9.0p per share payable on 1 December 2023 to shareholders who
are on the register at 3 November 2023. This interim dividend,
amounting to GBP8.1m has not been recognised as a liability in
these interim financial statements. It will be recognised in
shareholders' equity in the 52 weeks to 31 December 2023.
8 Earnings per share
Basic earnings per share are calculated by dividing the profit
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted earnings per share are calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The Company
has share options for which a calculation is done 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 subscription
rights attached to outstanding share options. The number of shares
calculated as below is compared with the number of shares that
would have been issued assuming the exercise of the share
options.
28 weeks ended 28 weeks ended
16 July 2023 17 July 2022
Basic Diluted Basic Diluted
======================================= =================== ============ ============ ========= =========
Profit attributable to equity holders
of the Company (GBP'000) 6,770 6,770 13,455 13,455
--------------------------------------- ------------------- ------------ ------------ --------- ---------
Weighted average number of ordinary
shares in issue (thousands) 89,525 89,525 89,002 89,002
======================================= =================== ============ ============ ========= =========
Adjustment for share options (thousands) - 942 - 1,221
--------------------------------------- ------------------- ------------ ------------ --------- ---------
Adjusted weighted average number of
ordinary shares (thousands) 89,525 90,467 89,002 90,223
--------------------------------------- ------------------- ------------ ------------ --------- ---------
Basic and diluted earnings per share (pence) 7.6 7.5 15.1 14.9
--------------------------------------- ------------------- ------------ ------------ --------- ---------
9 Property, plant and equipment, right-of-use and intangible assets
Property, Lease: Right-of-use Intangible
plant and equipment asset assets
GBP'000 GBP'000 GBP'000
============================================ ====================== ======================= ============
28 weeks ended 17 July 2022
============================================ ====================== ======================= ============
Opening net book amount as at 4 January
2021 291,488 222,004 105,775
============================================ ====================== ======================= ============
Exchange adjustments 7,996 2,994 175
============================================ ====================== ======================= ============
Acquisition of subsidiary 16,992 3,214 50,851
============================================ ====================== ======================= ============
Additions 25,494 4,376 447
============================================ ====================== ======================= ============
Disposals (109) - -
============================================ ====================== ======================= ============
Lease modifications - 38 -
============================================ ====================== ======================= ============
Transfer 1,841 - 1,392
============================================ ====================== ======================= ============
Depreciation and amortisation (26,959) (10,408) (4,908)
============================================ ====================== ======================= ============
Closing net book amount as at 17 July
2022 316,743 222,218 153,732
-------------------------------------------- ---------------------- ----------------------- ------------
28 weeks ended 16 July 2023
============================================ ====================== ======================= ============
Opening net book amount as at 2 January
2022 327,611 216,578 160,480
============================================ ====================== ======================= ============
Exchange adjustments (12,563) (13,558) (191)
============================================ ====================== ======================= ============
Additions 26,151 2,348 1,689
============================================ ====================== ======================= ============
Disposals (340) (86) (760)
============================================ ====================== ======================= ============
Lease modifications - 46 -
============================================ ====================== ======================= ============
Reclassification to right of use asset (94) 94 -
============================================ ====================== ======================= ============
Depreciation and amortisation (25,253) (9,553) (5,706)
============================================ ====================== ======================= ============
Impairment (1,200) - -
============================================ ====================== ======================= ============
Transfers to/from intangibles (46) - 46
============================================ ====================== ======================= ============
Closing net book amount as at 16 July
2023 314,266 195,869 155,558
-------------------------------------------- ---------------------- ----------------------- ------------
The Group has commitments to purchase property, plant and equipment of
GBP5,555,000 (2022: GBP11,557,000).
Given the current challenges in the alternative proteins market,
alongside the wider inflationary environment an indicator of
impairment was considered to exist at the interim balance sheet
date and therefore an impairment assessment was performed in
respect of the carrying value of the Dalco cash generating unit.
The recoverable amount of the Dalco cash generating unit,
calculated on a value in use basis, exceeded its carrying value and
therefore no impairment was required. Key assumptions applied in
the calculations of the recoverable amount were forecast EBITDA, a
pre-tax discount rate of 9.7% and a growth rate of 2%.
The calculations are sensitive to changes in these assumptions
with reasonable possible changes in assumptions being an increase
in discount rate of 0.5%pts, a reduction in growth rate of 0.5%pts
or a reduction in budgeted cashflows of 5%. Applying these
reasonable sensitivities individually would result in an impairment
charge of GBP1-2m.
No indicators for impairment of any of the other CGUs have been
identified. As a result, management has not updated any other
impairment assessments at the interim date.
10 Investments
Investments in joint ventures and
associates
28 weeks ended 28 weeks ended 52 weeks ended
16 July 17 July 2 January
2023 2022 2022
GBP'000 GBP'000 GBP'000
---------------------------------------- -------------- -------------- --------------
At the beginning of the period 6,208 5,539 5,539
---------------------------------------- -------------- -------------- --------------
Acquisitions 1,635 1,190 2,904
---------------------------------------- -------------- -------------- --------------
Profit for the period 772 721 1,235
---------------------------------------- -------------- -------------- --------------
Disposal of investment (note 11) - (1,750) (2,925)
---------------------------------------- -------------- -------------- --------------
Dividends received - - (672)
---------------------------------------- -------------- -------------- --------------
Effect of movements in foreign exchange (130) 23 127
---------------------------------------- -------------- -------------- --------------
At the end of the period 8,485 5,723 6,208
---------------------------------------- -------------- -------------- --------------
11 Business Combinations
2023
There have been no business combinations in the period to 16
July 2023.
2022
Foods Connected
Ltd
Group GBP'000
------------------------------------------- ---------------
Property, plant and equipment 71
------------------------------------------- ---------------
Intangibles-Technology 2,849
------------------------------------------- ---------------
Brand and customer relationship intangibles 6,964
------------------------------------------- ---------------
Trade and other receivables 1,231
------------------------------------------- ---------------
Cash and cash equivalents 230
------------------------------------------- ---------------
Trade and other payables (1,509)
------------------------------------------- ---------------
Deferred tax (1,882)
------------------------------------------- ---------------
Goodwill 3,300
------------------------------------------- ---------------
Fair value of assets acquired 11,254
------------------------------------------- ---------------
Consideration
------------------------------------------- ---------------
Issue of shares 1,688
------------------------------------------- ---------------
Non-controlling interest 3,939
------------------------------------------- ---------------
Deemed fair value of existing 50% interest 5,627
------------------------------------------- ---------------
11,254
------------------------------------------- ---------------
On 7 July 2022 the Group completed the purchase of an additional
15% of Foods Connected Ltd. taking its interest from 50% to 65%.
Foods Connected Ltd. provides software solutions for supply chain,
procurement, food safety, quality and CSR.
Due to the timing of completion of the acquisition and the
timing of other acquisition activity undertaken by the Group in
2022, the assessment of the fair values of assets and liabilities
acquired and Goodwill was treated as provisional when the Group
reported its 2022 annual results. Following further review the
figures have now been confirmed as final and are in line with the
figures reported in 2022.
Foods Connected Ltd
Consideration for the acquisition of the 15% interest in Foods
Connected Ltd in 2022 totalled GBP1,688,000 comprised of 170,305
Hilton Food Group plc shares at Market Value taking the holding of
Foods Connected to 65%. The acquisition of Foods Connected provides
an opportunity to deliver growth through new customer agreements
with retailers and manufacturers across Europe and Australia and
provides HFG control over the business.
As a result of the acquisition, and to allow full consolidation
of Foods Connected Ltd as a subsidiary the Group recognised an
exceptional gain of GBP2,701,000 being the difference between the
carrying value of its joint venture interest at the date of
acquisition and its fair value.
The fair value of the technology acquired was established
following a review undertaken by qualified personnel and reflects
their existing use value.
The value of technology intangible assets used in the company's
operations have been reviewed and valued at GBP2,849,000.
The value of customer relationships have also been assessed with
the support of competent professionals. Customer relationships have
been assessed to have a fair value of GBP6,964,000 and a useful
economic life of 10 years. The value of other assets and
liabilities reflect the amounts expected to be realised or paid
respectively.
Goodwill of GBP3,300,000 has been recognised in 2022. Residual
goodwill relates to the strategic benefits for Hilton of
diversifying its business and the know-how of Foods Connected Ltd's
employees.
The value of other assets and liabilities reflect the amounts
expected to be realised or paid, respectively.
12 Borrowings
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
================= ======= ======= ==================
Current 27,971 30,389 28,279
================= ======= ======= ==================
Non-current 268,159 287,460 270,510
----------------- ======= ------- ------------------
Total borrowings 296,130 317,849 298,789
----------------- ------- ------- ------------------
Movements in borrowings is analysed
as follows:
28 weeks ended 28 weeks ended 52 weeks ended
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
==================================== ============== ============== ==============
Opening amount 298,789 224,732 224,732
==================================== ============== ============== ==============
Exchange adjustments (7,228) 8,064 6,832
==================================== ============== ============== ==============
New borrowings 18,312 313,618 295,790
==================================== ============== ============== ==============
Repayment of borrowings (13,743) (228,565) (228,565)
==================================== ============== ============== ==============
Closing amount 296,130 317,849 298,789
------------------------------------ -------------- -------------- --------------
13 Ordinary shares
Number Ordinary
of
shares shares Total
(thousands) GBP'000 GBP'000
=============================================== =========== ======== =======
At 4 January 2021 88,935 889 8,893
=============================================== =========== ======== =======
Issue of new shares on exercise of employee
share options 275 3 28
=============================================== =========== ======== =======
Issue of new shares relating to purchase
of additional 15% interest in Foods Connected 170 2 17
----------------------------------------------- ----------- -------- -------
At 17 July 2022 89,380 894 8,938
----------------------------------------------- ----------- -------- -------
At 2 January 2023 89,433 8,943 8,943
=============================================== =========== ======== =======
Issue of new shares on exercise of employee
share options 169 17 17
=============================================== =========== ======== =======
At 16 July 2023 89,602 8,960 8,960
----------------------------------------------- ----------- -------- -------
All ordinary shares of 10p each have equal rights in respect of voting,
receipt of dividends and repayment of capital.
14 Related party transactions
The Directors do not consider there to be one ultimate
controlling party. The companies noted below are all deemed to be
related parties by way of common Directors.
Transactions between related parties made on an arm's length
basis were as follows:
28 weeks ended 28 weeks ended 53 weeks ended
16 July 17 July 1 January
2023 2022 2023
Group sales: GBP'000 GBP'000 GBP'000
==================================== ============== ============== ==============
Sohi Meat Solutions Distribuicao de
Carnes SA -
Fee for services 1,690 1,708 3,190
==================================== ============== ============== ==============
Sohi Meat Solutions Distribuicao de
Carnes SA -
Recharge of joint venture costs 225 129 409
==================================== ============== ============== ==============
Agito Holdings Limited - - 464
------------------------------------ -------------- -------------- --------------
Group purchases:
Agito Holdings Limited 2,840 - 259
==================================== ============== ============== ==============
Amounts owing from related parties were as follows:
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
==================================== ============== ============== ==============
Agito Holdings Limited 484 - 464
==================================== ============== ============== ==============
Foods Connected Limited - 56 -
==================================== ============== ============== ==============
Sohi Meat Solutions Distribuicao de
Carnes SA 263 240 374
------------------------------------ -------------- -------------- --------------
Amounts owing to related parties were as follows:
16 July 17 July 1 January
2023 2022 2023
GBP'000 GBP'000 GBP'000
Agito Holdings Limited - - 259
==================================== ======= ======= =========
Foods Connected Limited - 56 -
==================================== ======= ======= =========
Sohi Meat Solutions Distribuicao de
Carnes SA 439 240 55
------------------------------------ ------- ------- ---------
15 Financial instruments
The Group holds a number of financial instruments which are
carried at cost which is the equivalent of their fair value unless
otherwise stated below.
The Group has derivative financial instruments amounting to
GBP6,649,000 liability (17 July 2022: GBP4,540,000 asset). The
derivative financial instruments are plain vanilla derivatives
including foreign currency options/forwards. The instruments that
have a fair value where specific valuation techniques are used to
arrive at the carrying value which include for foreign currency
forwards - present value of future cash flows based on the forward
exchange rates at the balance sheet date and for foreign currency
options - option pricing models. These derivative financial
instruments are classified as Level 2.
The fair values have been classified into three categories
depending on the inputs used in the valuation technique.
The categories are as follows:
Level 1: quoted prices for identical instruments;
Level 2: directly or indirectly observable market inputs, other
than Level 1 inputs; and
Level 3: inputs which are not based on observable market
data.
Specific valuation techniques used to value financial
instruments include:
-- the use of quoted market prices or dealer quotes for similar instruments
-- for foreign currency forwards - the present value of future
cash flows based on the forward exchange rates at the reporting
date
-- for foreign currency options - option pricing models (e.g. Black-Scholes model), and
-- for other financial instruments - discounted cash flow analysis.
16 Alternative Performance Measures
The Group's performance is assessed using a number of alternative
performance measures (APMs).
The Group's alternative profitability measures are presented before exceptional
items, amortisation of certain intangible assets and depreciation of fair
value adjustments made to property, plant and equipment acquired through
business combinations and the impact of IFRS 16 - Leases.
The measures are presented on this basis, as management believe they provide
useful additional information about the Group's performance and aids a
more effective comparison of the underlying Group's trading performance
from one period to the next.
Adjusted profitability measures are reconciled to unadjusted IFRS results
on the face of the income statement below.
Add back:
Add back: Less: IAS Amortisation
IFRS 16 17 lease Reported of intangibles
depreciation accounting excluding Exceptional & fair value
Reported and interest costs IFRS 16 items adjustments Adjusted
28 weeks ended 16 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
July 2023
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Operating profit -
excl. exceptional items 38,360 9,459 (11,301) 36,518 - 5,252 41,770
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Exceptional items (7,743) - - (7,743) 7,743 - -
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Operating profit 30,617 9,459 (11,301) 28,775 7,743 5,252 41,770
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Net finance costs (19,343) 4,330 - (15,013) - - (15,013)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit before income
tax 11,274 13,789 (11,301) 13,762 7,743 5,252 26,757
=========================== ======== ============= =========== ========== =========== =============== ========
Income tax expense (3,834) (1,454) - (5,288) (228) (1,234) (6,750)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit for the period 7,440 12,335 (11,301) 8,474 7,515 4,018 20,007
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Less non-controlling
interest (670) (19) - (689) - - (689)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit attributable
to members of the parent 6,770 12,316 (11,301) 7,785 7,515 4,018 19,318
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Depreciation, amortisation
and impairment 41,656 (9,459) - 32,197 (1,200) (5,252) 25,745
=========================== ======== ============= =========== ========== =========== =============== ========
EBITDA 72,273 - (11,301) 60,972 7,743 - 67,515
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Earnings per share pence pence pence
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Basic 7.6 8.7 21.6
=========================== ======== ============= =========== ========== =========== =============== ========
Diluted 7.5 8.6 21.4
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Add back:
Add back: Less: IAS Amortisation
IFRS 16 17 lease Reported of intangibles
depreciation accounting excluding Exceptional & fair value
Reported and interest costs IFRS 16 items adjustments Adjusted
28 weeks ended 17 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
July 2022
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Operating profit -
excl. exceptional items 33,982 10,314 (8,414) 35,882 - 5,308 41,190
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Exceptional items (3,183) - - (3,183) 3,183 - -
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Operating profit 30,799 10,314 (8,414) 32,699 3,183 5,308 41,190
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Net finance costs (11,247) 4,372 - (6,875) 75 - (6,800)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit before income
tax 19,552 14,686 (8,414) 25,824 3,258 5,308 34,390
=========================== ======== ============= =========== ========== =========== =============== ========
Income tax expense (5,024) (653) - (5,677) (1,502) (1,166) (8,345)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit for the period 14,528 14,033 (8,414) 20,147 1,756 4,142 26,045
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Less non-controlling
interest (1,073) (12) - (1,085) - - (1,085)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Profit attributable
to members of the parent 13,455 14,021 (8,414) 19,062 1,756 4,142 24,960
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Depreciation, amortisation
and impairment 41,054 (10,314) - 30,740 - (5,308) 25,432
=========================== ======== ============= =========== ========== =========== =============== ========
EBITDA 71,853 - (8,414) 63,439 3,183 - 66,622
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Earnings per share pence pence pence
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Basic 15.1 21.4 28.0
=========================== ======== ============= =========== ========== =========== =============== ========
Diluted 14.9 21.1 27.7
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Segmental operating profit reconciles to adjusted segmental operating
profit as follows:
Add back:
Add back: Less: IAS Amortisation
IFRS 16 17 lease Reported of intangibles
depreciation accounting excluding Exceptional & fair value
Reported and interest costs IFRS 16 items adjustments Adjusted
28 weeks ended 16 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
July 2023
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
UK & Ireland 9,018 1,508 (2,009) 8,517 1,242 3,039 12,798
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Europe 12,339 1,900 (2,511) 11,728 6,439 2,213 20,380
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
APAC 17,266 5,992 (6,781) 16,477 - - 16,477
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Central costs (8,006) 59 - (7,947) 62 - (7,885)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Total 30,617 9,459 (11,301) 28,775 7,743 5,252 41,770
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Add back:
Add back: Less: IAS Amortisation
IFRS 16 17 lease Reported of intangibles
depreciation accounting excluding Exceptional & fair value
Reported and interest costs IFRS 16 items adjustments Adjusted
28 weeks ended 17 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
July 2022
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
UK & Ireland 6,762 2,163 (1,886) 7,039 2,040 2,675 11,754
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Europe 10,617 2,081 735 13,433 3,815 2,633 19,881
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
APAC 14,177 6,070 (7,263) 12,984 - - 12,984
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Central costs (757) - - (757) (2,672) - (3,429)
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Total 30,799 10,314 (8,414) 32,699 3,183 5,308 41,190
--------------------------- -------- ------------- ----------- ---------- ----------- --------------- --------
Independent review report to Hilton Food Group plc
Report on the condensed consolidated interim financial
statements
Our conclusion
We have reviewed Hilton Food Group plc's condensed consolidated
interim financial statements (the "interim financial statements")
in the condensed consolidated interim financial statements of
Hilton Food Group plc for the 28 weeks week period ended 16 July
2023 (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 16 July 2023;
-- the Condensed Consolidated Income statement and the Condensed
Consolidated Statement of comprehensive income for the period then
ended;
-- the Condensed Consolidated Cash flow statement 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 condensed
consolidated interim financial statements of Hilton Food Group 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 condensed
consolidated interim financial statements 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 ISRE (UK) 2410.
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 condensed consolidated interim financial statements,
including the interim financial statements, is the responsibility
of, and has been approved by the directors. The directors are
responsible for preparing the condensed consolidated interim
financial statements in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. In preparing the condensed consolidated interim
financial statements, 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 condensed consolidated interim
financial statements 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
Belfast
6 September 2023
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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 may have occurred to the financial statements since they were
initially presented on the website. Legislation in the United
Kingdom governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
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END
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