REG - Assoc.British Foods - Annual Results
05/11/2024 07:00
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RNS Number : 9165K Associated British Foods PLC 05 November 2024
FOR RELEASE 5 November 2024
Annual Results Announcement
Year ended 14 September 2024
Associated British Foods plc results for the 52 weeks ended 14 September 2024
Financial headlines
2024 2023 Actual Constant currency
currency
Group revenue £20,073m £19,750m +2% +4%
Adjusted operating profit £1,998m £1,513m +32% +38%
Adjusted profit before tax £1,957m £1,473m +33%
Adjusted earnings per share 196.9p 141.8p +39%
Operating profit £1,932m £1,383m +40%
Profit before tax £1,917m £1,340m +43%
Basic earnings per share 193.7p 134.2p +44%
Gross investment £1,281m £1,171m +9%
Free cash flow £1,355m £269m
Net cash before lease liabilities £1,044m £895m
Total net debt £(2,021)m £(2,265)m
Return on Average Capital Employed ('ROACE') 18.1% 13.6%
Total dividends per share 90.0p 60.0p
Adjusted operating profit is derived from operating profit after taking
certain charges and credits as shown on the face of the consolidated income
statement. The Group has defined and outlined the purpose of its Alternative
performance measures ('APMs') in note 13. These measures are used within the
Financial Headlines and in this Annual Results Announcement.
References to changes in revenue and adjusted operating profit in the
following commentary are based on constant currency unless stated otherwise.
George Weston, Chief Executive of Associated British Foods, said:
"This was a year of very strong financial and operational progress across the
Group. We delivered a substantial improvement in profitability, excellent cash
generation and strong returns as a result of consistent, multi-year investment
and a return to some normality in our markets and supply chains. Above all,
these results reflect the excellent work and disciplined focus of our people.
Primark achieved good sales growth this year and I am particularly pleased
with the significant recovery in margin. Our low-cost model is as strong as
ever, as we maintain our relentless focus on delivering great-value clothing
and a unique store experience. This is underpinned by a step up in investment
in strategic initiatives across digital, product and brand. Significant white
space for new stores remains across Europe and the US, which we expect to help
drive sustainable growth over the medium and long term. Our food businesses
delivered good growth and strong profitability this year. We are benefitting
from an easing in input costs, as well as our increased investment in
marketing, strong commercial execution and good product innovation.
Looking ahead, the Group is well-positioned. Strong cash flow generation is
enabling disciplined capital allocation to growth opportunities across the
Group and we have ongoing multi-year projects to deliver our focused
sustainability priorities. We believe our long-term, patient investment
approach will deliver strong returns and continue to create value for all
stakeholders."
Group performance
● Revenue growth of 4% driven by both Retail and food businesses
● Significant growth in adjusted operating profit, up 38%, reflecting strong
margin recovery to 10.0% across the Group
● Adjusted EPS increased by 39% to 196.9p and basic EPS increased by 44% to
193.7p
● Gross investment of £1.3bn, adding capacity, capabilities, new technology and
strategic acquisitions
● Good progress delivering our focused sustainability priorities, particularly
decarbonisation
● Free cash flow of £1,355m driven by significant growth in operating profit
and improvement in working capital
● Group return on average capital employed increased from 13.6% to 18.1%
Segmental performance
● Retail sales growth and significant margin recovery
● Revenue growth of 6% to £9.4bn
● Significant increase in adjusted operating profit, up 51% to £1.1bn, with
margin recovery to 11.7%, up from 8.2% in 2023
● Strong performance across key growth markets, the US, France, Spain, Italy and
Central and Eastern Europe, as well as growth in our largest market, the UK
● Continued good execution of store rollout programme in Europe and the US
● Benefitting from the relevance of our great-value clothing, unique store
experience and increased digital engagement
● Grocery sales up 4% and adjusted operating profit up 17%, reflecting strong
margin improvement overall while investing in marketing
● Ingredients sales growth of 2% and adjusted operating profit up 12%, led by
yeast and bakery ingredients
● Sugar sales and adjusted operating profit strongly ahead of 2023, although
European sugar prices reduced sharply in Q4 2024 as previously announced
● Agriculture adjusted operating profit increased 3%
Shareholder returns
● Strong balance sheet with leverage ratio of 0.7x times at year end
● Increased total dividend by 50% to 90.0p per share, comprising interim
dividend of 20.7p per share, final declared dividend of 42.3p per share and
special dividend of 27.0p per share
● Completed £565m of share buybacks in 2024; additional tranche of £100m
completed in 2025 to-date
● Announcing further share buyback programme of £500m, expected to be completed
before the end of financial year 2025
Outlook
Primark is targeting mid-single digit sales growth in 2025 as we continue to
execute our store rollout programme in our growth markets in Europe and the US
and to focus on like-for-like sales growth in our more mature markets. This
will be supported by investment in initiatives across product, digital and
brand. We expect adjusted operating margin to remain broadly in line with this
year's level, as gross margins stabilise and we step up investment to drive
sustainable growth. Over the medium and long term, we continue to have
significant white space opportunities in our growth markets. We are targeting
our store rollout programme to contribute around 4% to 5% per annum to
Primark's total sales growth for the forseeable future.
In Grocery, we will continue to drive sales momentum, underpinned by increased
marketing investment. As expected, the strong performance in our US-focused
businesses during 2024 began to normalise towards the end of the year and we
expect to see the full year effect in 2025. In Ingredients, we expect
continued growth in yeast and bakery ingredients and improved growth in
specialty ingredients.
In Sugar, as previously announced, we expect the reduction in European sugar
pricing in Q4 2024 to impact performance in our sugar business significantly
in 2025, with adjusted operating profit for the overall Sugar segment expected
to be in the range of £50m to £75m. However, we expect profitability to
recover in 2026 to be more in line with 2024, as a result of the lower beet
prices that have been contracted and a rebalancing of supply and demand in the
market. In Agriculture, we expect some improvement, particularly as our grain
trading business recovers in the UK.
The Group is well positioned for the medium term, supported by strong cash
generation and good momentum in our Retail and food businesses.
For further information please contact:
Associated British Foods:
Tel: +44 20 7399 6545
Eoin Tonge, Finance Director
Lucinda Baker, Head of Investor Relations
Chris Barrie, Corporate Affairs Director
Citigate Dewe Rogerson:
Tel: +44 20 7638 9571
Kevin Smith Tel: +44 7710 815924
Angharad Couch Tel: +44 7507 643004
There will be an analyst and investor presentation at 09.00am GMT today which
will be streamed online and accessed via our website here
(https://www.abf.co.uk/investorrelations/results_and_presentations) .
Notes to editors
Associated British Foods is a diversified international food, ingredients and
retail group with revenue of £20bn and 138,000 employees in 56 countries. It
has significant businesses in Europe, Africa, the Americas, Asia and
Australia.
Our purpose is to provide safe, nutritious and affordable food, and clothing
that is great value for money. We take a long-term, patient approach to drive
sustainable growth and cash generation across our portfolio of food and retail
businesses to create value for all stakeholders. This aligns with our approach
to sustainability and sustainable supply chains, where we focus on what
matters and where we can make a difference.
Operating review
Retail
2024 2023 Actual Constant currency
currency
Revenue £m 9,448 9,008 +5% +6%
Adjusted operating profit £m 1,108 735 +51% +51%
Adjusted operating profit margin 11.7% 8.2%
Operating profit £m 1,100 717 +53%
Return on average capital employed 18.7% 12.0%
Primark's sales grew 6% in the year. This reflects a strong performance across
our key growth markets, including the US, France, Spain, Italy and Central and
Eastern Europe ('CEE'), as well as growth in our largest market, the UK. We
continued to benefit from the relevance of our great-value clothing and the
expansion of our product and category offering, including through
collaborations and licensing partnerships. We are also successfully executing
our store rollout programme across the US and Europe, which is adding
profitable new selling space. This year's growth reflects investment in recent
years to enhance our unique store experience and to increase our use of
effective digital customer engagement.
Most of our key categories performed well this year as we continued to deepen
and broaden our product offering in women's, men's and kidswear, while growing
our presence in categories such as home and accessories. We believe our
expanded product ranges are further differentiating our proposition and
increasing our appeal to existing and new customers.
Growth in womenswear was led by performance and leisurewear, knitwear and
nightwear. Our collaboration ranges, including Rita Ora and Paula Echevarría,
contributed strongly to growth and we benefitted from continued expansion of
the Edit collection, our more premium essentials range. Sales of our seasonal
summer clothing, as well as footwear, beachwear and swimwear, were impacted by
wet weather in the UK and Ireland during H2. Menswear delivered good growth,
with particularly strong sales of leisurewear and good growth in shirts. We
benefitted from our expanded product range, including our premium
collaborations via our Kem collection and LA workwear brand, The Stronghold.
Licensed sportswear lines with the NBA, NFL and Kappa also performed well. In
kidswear, sales of our licensed ranges, including partnerships with global
brands such as Disney, the NBA and gaming brands, performed very strongly.
Markdowns during the year were managed effectively and we exited the year with
good inventory levels.
In Spain and Portugal, which accounted for 17% of sales, our sales grew
strongly, up 6%. Sales grew 4% in H1 and 7% in H2. Growth in Spain reflected
the sales contribution from space expansion and good execution. We continued
to outperform the market, which was relatively flat in the year. In Portugal,
sales in H1 were impacted by market challenges, followed by an encouraging
improvement in H2. During the year, we opened five new stores in Spain. This
included four stores in Madrid, where we now have 12 stores in total.
In France and Italy, which accounted for 16% of sales, we had some of the
strongest growth, with sales growing 12% in the year. Sales grew 18% in H1 and
8% in H2. Growth includes a strong sales contribution from new stores and we
continued to gain share in both markets. In Italy, overall sales densities
continued to be particularly strong. We opened three new stores in France and
two new stores in Italy.
In our newer markets in Central and Eastern Europe, which accounted for 3% of
sales, our sales grew 42%. Sales grew 48% in H1 and 37% in H2. We opened three
new stores in the year, including our first store in Hungary, one store in
Poland and one store in Romania.
In the US, which accounted for 5% of sales, our sales grew 30%, reflecting
continued good progress. Sales grew 38% in H1 and 24% in H2. We opened six new
stores in the year, including our second store in Florida and our first stores
in Virginia, North Carolina and Michigan. We also opened a new distribution
centre in Jacksonville, Florida, which will support our continued expansion in
southern states. Recently opened stores performed well and are positively
contributing to our overall sales density in the US. Sales in the year were
driven by both womenswear and menswear, with licensed products performing
particularly well. Primark recently launched its first US marketing campaign
in the New York metro area as we focus on increasing brand awareness with US
customers. We continue to execute our store rollout programme, with 14 leases
for new stores now signed(1), including our first store in Manhattan, New
York, which will be our 11th store in New York state.
In the UK and Ireland, which accounted for 47% of sales, our sales grew 2%. In
the UK and Ireland, like-for-like sales grew 0.7%, reflecting 3.1% growth in
H1 and a 1.6% decline in H2. In both markets, challenging weather impacted
footfall during H2, particularly in April and June. However, we had a very
encouraging start to sales of our Autumn/Winter ranges, with strong
like-for-like growth in both markets in the last weeks of the financial year.
For 2024 as a whole, like-for-like sales in the UK grew 1.0%, reflecting 3.6%
growth in H1 and a 1.3% decline in H2. Primark maintained its market share in
the UK at 6.7%(2). During the year, we continued to expand and optimise our
store portfolio in the UK and Ireland. In total, we opened three new stores.
In the UK, we also extended two existing stores, right-sized one store and
relocated two stores. We are now offering a Click & Collect service in 87
stores(1) in the UK and expect this to be available in all stores in England,
Wales and Scotland by the end of 2025.
In our Northern European markets, Germany, the Netherlands, Belgium and
Austria, which accounted for 13% of sales, our sales grew 3%. In H1, sales
grew 1% and in H2, sales grew 4%. Like-for-like sales grew 6.1% in 2024, with
5.6% growth in H1 and 6.6% growth in H2. In Germany, we restructured our store
footprint with three store closures and three right-sizings in the year. The
restructuring contributed to strong like-for-like sales in the remaining
stores, with much-improved sales densities and profitability, despite
industry-wide strike action. Even with the reduction in selling space, total
sales grew in H2. We also launched our first multi-media brand marketing
campaign in the country. During the year, we signed leases for two
smaller-sized stores in new locations in Germany. In the Netherlands,
like-for-like growth was also very strong, benefitting from our commercial and
operational actions, including the right-sizing of four stores.
Overall, Primark's total like-for-like sales grew 1.2%. In H1, like-for-like
sales grew 2.1%, driven by the annualisation of last year's carefully-selected
price increases. In H2, like-for-like sales grew 0.5%, with a positive product
mix benefit more than offsetting the impact of soft volumes, mainly due to
unfavourable weather in the UK and Ireland. As expected in our fastest-growing
markets such as the US, Italy and France, like-for-like metrics are impacted
by the high number of store openings.
As at 14 September 2024, we were trading from 451 stores across 17 markets,
with 18.8m sq ft of selling space. During the year, we opened a total of 22
new stores, closed three stores, extended five stores, right-sized eight
stores and relocated two stores, which increased our retail selling space by
0.8m sq ft on a gross basis and by 0.6m sq ft on a net basis. We also made
good progress with our store refurbishment programme, completing refits in 23
stores comprising 0.8m sq ft of selling space.
We continue to see significant white space opportunities in our growth markets
in Europe and in the US and we have a clear roadmap for new store rollouts
over the medium and long term to drive sustainable growth. At the same time,
we continue to assess expansion opportunities in new markets. We recently
signed an agreement with the Alshaya Group to explore the opportunity to open
stores in the Gulf Cooperation Council ('GCC') markets. We are targeting our
store rollout programme to contribute around 4% to 5% per annum to Primark's
total sales growth for the foreseeable future.
We are focused on a number of initiatives to drive digital customer
engagement, in particular in the UK where we have made the most investment and
progress. In 2024, traffic to our websites increased in all markets and grew
by 23% overall. The number of visitors now using the stock checker facility in
each market is in the range of 15% to 25% and the total usage increased by 35%
in 2024. We believe that the increase in website traffic is being driven by
our investment in Search Engine Optimisation ('SEO'), our CRM database and
activity, and our paid digital marketing. In particular, our CRM database now
has approximately three million customers. Overall, we believe our increased
digital engagement is contributing to higher footfall in stores and overall
sales growth.
Adjusted operating profit grew 51% to £1,108m. Adjusted operating profit
margin was 11.7%, up from 8.2% in 2023. This margin recovery reflects an
increase in gross margin, largely due to lower material costs and reduced
realised freight costs, as well as the annualisation of prior year price
increases. These benefits were partially offset by labour cost inflation and
an increase in investment in digital and data capabilities, technology and
brand marketing to support long-term growth. We expect this investment to
continue over the medium term. We continue to focus on driving cost
optimisation and efficiencies, including through the store operating model,
the introduction of self-service checkouts ('SCOs') and energy cost
efficiencies.
This was another year of significant investment to support future growth,
captured within operating expense as noted above, and in the £530m of gross
investment in capital projects in 2024. As well as opening new stores in
Europe and the US, we made progress with our store refurbishment programme,
including the rollout of SCOs and energy-efficient lighting upgrades. We are
supporting growth with investment in depots, including new depots and several
ongoing automation projects. We have significantly increased our investment in
technology, including the capability build to support long-term growth. In
2024, return on average capital employed increased from 12.0% to 18.7%. This
primarily reflects the increase in operating profit and a normalisation in net
working capital.
We continued to make progress with our sustainability priorities. Primark has
committed to 100% of the cotton in its clothing being either organic, recycled
or made from cotton from its Primark Cotton Project by 2027. In 2024, 57% of
its cotton clothing units sold contained cotton that was organic or recycled
or from the Primark Cotton Project. This was up from 46% last year. The
Science Based Target Initiative has approved Primark's near-term target to
reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions and absolute
Scope 3 GHG emissions from purchased goods and services respectively by 50% by
2030 from a 2019 baseline. Primark total Scope 3 GHG emissions, which
represent the biggest portion of its footprint, reduced by 12% in 2024
compared to 2023 and were 0.6% lower than the 2019 baseline. Primark is
investing in its Environmental Sustainability Team and in supplier factory
efficiency programmes aimed at supporting GHG emission reductions through
targeted training, upskilling, and energy-saving projects. Considering its
planned geographical expansion, Primark expects this measure to fluctuate in
the short-term. Primark's Scope 1 and 2 (market-based) emissions reduced by
21% in 2024 compared to 2023 and were 52% lower than the 2019 baseline. This
reduction was achieved through energy efficiency measures in its stores and
the procurement of renewable and low-carbon electricity.
1. As at 1 November 2024
2. Kantar, Primark market share of the total UK clothing, footwear and
accessories market including online by value, 52-week data to 15 September
2024
Grocery
2024 2023 Actual Constant currency
currency
Revenue £m 4,242 4,198 +1% +4%
Adjusted operating profit £m 511 448 +14% +17%
Adjusted operating profit margin 12.1% 10.7%
Operating profit £m 493 402 +23%
Return on average capital employed 35.8% 30.0%
Grocery sales grew 4%, reflecting good demand across a number of our leading
international brands and regionally-focused businesses, supported by increased
investment in effective marketing, strong commercial execution and successful
new product launches.
Adjusted operating profit margin for the Grocery segment improved to 12.1%
overall, driving significant growth in adjusted operating profit, up 17% to
£511m. The strong margin improvement reflects an easing in input cost
pressures, strong performance in our US-focused businesses and much-reduced
losses in Allied Bakeries, partially offset by a significant increase in
marketing investment. Return on average capital employed increased from 30.0%
to 35.8%.
Our international brand businesses, which include Twinings, Ovaltine, Blue
Dragon, Patak's, Jordans and Mazzetti, accounted for approximately a third of
total Grocery sales. Twinings had strong sales momentum led by volume growth
across its largest markets, the UK, US and France. This reflects increased
distribution, particularly in the US, strong commercial execution to
strengthen in-store visibility and a significant increase in investment and
focus on effective marketing. Growth also benefitted from recent product
launches, as we continue to expand our presence in the wellness category,
including our growing portfolio of herbal and infusion teas.
In Ovaltine, performance was mixed this year. We continued to drive sales of
ready-to-drink ('RTD') products in Thailand, in response to the shift in
consumer demand from powder products, and we grew our market share in both
categories.(3) We are leveraging our strong brand in that market to launch new
products, supported by increased marketing investment. In China, sales were
impacted by the weaker economy and in Myanmar by the political situation. In
Europe, we benefitted from new product launches and we had good growth in
Africa. We also progressed with the construction of a production facility in
Nigeria, which will enable Ovaltine to serve markets across West Africa. Sales
of both Patak's and Blue Dragon were broadly flat overall this year with a
mixed performance across markets. Jordans sales were impacted by reduced
promotional activity in H1 but had good growth in H2. Our balsamic vinegar
business, including the Mazzetti brand, had continued good volume growth.
Within our regionally-focused portfolio, our US-focused businesses accounted
for approximately 15% of Grocery sales and performed well. This reflects the
strong performance of our market-leading brands, including Mazola and
Fleischmann's, supported by improved production capacity. As expected, strong
performance in consumer oils began to normalise towards the end of the
financial year. Stratas, our joint venture that supplies oils to the
foodservice, ingredients and retail markets, delivered strong profit, albeit
slightly below last year.
Our UK-focused businesses, which accounted for approximately a quarter of
Grocery sales, generally performed well. Allied Bakeries had a much-reduced
operating loss compared to 2023 as a result of improved sales and operational
performance. Silver Spoon delivered strong growth, benefitting from better
pricing and a brand refresh. Ryvita made good progress, supported by recent
product launches and advertising. We are investing in manufacturing capacity
for our Scrocchiarella bakery products in Bradford, UK, to support future
growth.
Our Australia and New Zealand-focused businesses, which accounted for
approximately a quarter of Grocery sales, remained resilient in a challenging
consumer environment. Our Tip Top bakery business grew well despite consumers
trading down due to cost of living pressures. Sales growth in our Don meat
business reflected pricing and new product launches, however profitability was
impacted by higher input costs. Yumi's, which produces dips and vegetarian
snacks, delivered good growth in sales and profitability. During the year, we
made further progress with the evolution of our product portfolio, completing
the acquisition of The Artisanal Group, a leading manufacturer and wholesaler
of high‐quality baked goods in Australia, primarily serving cafes,
restaurants and hotels. Our investment in long-term capital projects in
Australia continued, including the expansion of the Canning Vale bakery in
Western Australia to secure Tip Top's position as the leading supplier in that
state, as well as investing in capacity expansion in Springwood, Queensland,
to support Tip Top's foodservice growth.
3. Nielsen, Ovaltine share by value of the malt-based and chocolate powder
beverages category and the malt-based and chocolate UHT beverages category
respectively for the 12-month period ending 1 August 2024
Ingredients
2024 2023 Actual Constant currency
currency
Revenue £m 2,134 2,157 -1% +2%
Adjusted operating profit £m 233 214 +9% +12%
Adjusted operating profit margin 10.9% 9.9%
Operating profit £m 219 201 +9%
Return on average capital employed 16.9% 16.1%
Ingredients sales grew 2% driven by a strong performance in our yeast and
bakery ingredients business, AB Mauri. As expected, sales in our portfolio of
speciality ingredients businesses, ABFI, were impacted by customer destocking
in H1, with performance then improving in H2. Adjusted operating profit
increased by 12% led by yeast and bakery ingredients.
Sales in yeast and bakery ingredients grew strongly across most of our
regions. This reflects both the annualisation of prior year price increases,
predominantly in H1, and good volume growth supported by innovation in bakery
ingredients, particularly in H2. We had strong growth in North America,
Brazil, Mexico, south Asia and south east Asia. Our business in Argentina was
impacted by challenging economic conditions and currency devaluation.
We continue to grow our presence and capabilities in Ingredients through
strategic acquisitions. We completed the acquisition of Omega Yeast Labs LLC,
a leading provider of liquid yeast to the craft brewing industry in the US,
complementing our existing portfolio of speciality yeast products. We also
completed the acquisition of Mapo, an Italian manufacturer of premium frozen
baked goods, underpinning the growth potential for our Scrocchiarella bakery
products, and the acquisition of Romix, a specialist blender of baking
ingredients based in the UK.
During the year, our recently built speciality yeast plant in Hull, UK, came
online, expanding our capacity and capability in yeast. We also continued with
the construction of our new fresh yeast plant in Northern India, where there
is considerable market demand for baker's yeast. As part of our multi-year
investment programme to improve the way we use water and recycle water at our
production facilities, we made good progress with our project in Brazil this
year. Following our investment and strategic approach to water stewardship, we
have seen a steady year-on-year increase in the proportion of water used that
is treated and returned safely to the environment, up from 74% in 2019 to 84%
in 2024. We are approaching the theoretical maximum of this water return KPI
due to the water which leaves the site in our products or through production
process evaporation.
Our ingredients business in Australia and New Zealand, Mauri ANZ, performed
well and benefitted from increased production in our new animal feed mill in
Hope Valley, Western Australia, after closing an older facility. New Food
Coatings, our joint venture ('JV') in Australia, New Zealand and south east
Asia, specialising in seasonings, sauces and ingredients, delivered good
growth. The JV is investing in a new facility in Bangkok, Thailand, to add
capacity.
Sales in our portfolio of speciality ingredients businesses, focused on
enzymes, precision extraction, health and nutrition and pharmaceutical
delivery systems, were impacted by customer destocking in H1 before delivering
a more encouraging performance in H2. In particular, our enzymes and health
and nutrition businesses delivered good growth. We delivered an improvement in
the adjusted operating margin of our speciality portfolio, benefitting from
improved input costs, while significantly increasing investment in R&D and
commercial capabilities to support long-term growth.
Investment continued across a number of strategic capital projects in
speciality ingredients. This included our yeast extracts business, Ohly, where
we are adding capacity in fermentation and spray drying at our site in
Hamburg, Germany. At AB Enzymes, we are constructing a new high-care enzyme
powder packing line in Rajamäki, Finland.
Sugar
2024 2023 Actual Constant currency
currency
Revenue £m 2,529 2,474 +2% +11%
Adjusted operating profit £m 199 179 +11% +46%
Adjusted operating profit margin 7.9% 7.2%
Operating profit £m 181 119 +52%
Return on average capital employed 10.9% 9.7%
Sugar segment sales and profitability were strongly ahead of the prior year.
Our European sugar businesses in the UK and Spain, which accounted for
approximately half of total Sugar sales, grew strongly in 2024 due in large
part to higher sugar prices. In the UK in H1, the benefit from higher prices
was more than offset by the fact that low stock levels were carried over from
the 2022/23 campaign, whereas H2 benefitted from increased production as a
result of the return to a more typical sugar beet crop in the 2023/24
campaign. In Spain, sales also benefitted from increased acreage. Beet prices
were high in both the UK and Spain for the 2023/24 campaign. As previously
announced, sharper than expected falls in UK and European sugar pricing, due
to increased supply in the market, negatively impacted sales and profitability
in Q4 2024. Consequently, adjusted operating profit for the European sugar
businesses for the full year in 2024 was lower than expected.
British Sugar is the largest contributor to ABF Group's Scope 1 and 2 GHG
emissions and we have a multi-year decarbonisation programme in place. We made
further progress with investment projects this year, including steam and
energy reduction at our Wissington and Bury plants. At our Wissington site,
the installation of additional evaporators, heat exchangers and other
equipment has significantly lowered steam usage, reducing emissions by 30 kt
of CO(2)e annually and reducing process steam demand by 25%. British Sugar's
Scope 1 and 2 GHG emissions are 21% below its 2018 baseline year, albeit in
2024 emissions increased by 19% compared to 2023 due to short-term operational
challenges. In January 2024, the Sugar segment's near-term and net zero GHG
emissions targets were validated by the SBTi, aligning the business's
commitment to global climate goals.
Our overall African sugar business, which accounted for approximately 40% of
total Sugar sales, grew well in 2024 on a constant currency basis. Growth in
Zambia and South Africa was particularly strong, where we benefitted from both
strong cane yields and good factory performances. Malawi was resilient and
Eswatini delivered a good performance. Across our African businesses,
commercial execution was strong and we made further progress across a range of
projects to drive continuous improvement in both our manufacturing and
agricultural performance. On an actual currency basis, our African sales
declined due to the impact of foreign exchange translation, primarily due to
currency devaluations in Zambia and Malawi. We continued to invest in a number
of capital projects. The largest is the new sugar mill we are building to
expand our capacity in Tanzania, a key growth market, which we expect to
complete in 2025. We are also investing in technology infrastructure for our
African businesses.
During 2024, we closed our sugar business in the north of China and agreed to
the sale of its assets. Our sugar operations in Mozambique were impacted by
severe flooding in 2023. In 2024, the operations were mothballed and we
recognised an additional impairment charge of £6m.
The operational performance of Vivergo, our bioethanol plant in the UK,
strengthened this year and it had a substantially reduced operating loss.
However, trading margins achieved during the year continued to be variable as
a result of volatility in bioethanol prices. As such, we recognised an asset
impairment of £18m in 2024.
As previously announced in our trading update on 5 September 2024, we expect
the sharp fall in European sugar prices in Q4 2024 to impact performance in
our Sugar segment significantly in 2025, with adjusted operating profit
expected to be in the range of £50m to £75m. We expect profitability to
recover in 2026 to be more in line with 2024, as a result of lower beet prices
that have been contracted and a rebalancing of supply and demand in the
market.
Agriculture
2024 2023 Actual Constant currency
currency
Revenue £m 1,650 1,840 -10% -9%
Adjusted operating profit £m 41 41 -% +3%
Adjusted operating profit margin 2.5% 2.2%
Operating profit £m 31 32 -3%
Return on average capital employed 8.0% 8.4%
Agriculture revenue decreased by 9% while adjusted operating profit increased
by 3% in 2024.
Our speciality feed and additives businesses performed well. AB Neo, our
starter feed business, had good growth in volumes and operating profit. AB
Vista, our international feed additives business, grew volumes of both enzyme
and non-enzyme additives, albeit continued price competition on certain
products impacted sales growth. Premier Nutrition, our specialist premix
manufacturing business, had good growth driven by volumes and our nutritional
supplements businesses delivered good growth in sales and profit. Our dairy
business, which was formed through a number of acquisitions in 2023, performed
well as we continued with their integration.
Lower sales in our compound feed businesses reflected reduced commodity prices
and continued soft demand in the UK and China. Market conditions in the UK
remained challenging due to reduced herd sizes and excess feed production
capacity and in China the market was depressed by the economic environment and
low farm profitability.
Frontier, our JV that provides grain marketing and crop production services to
customers in the UK, was significantly impacted by prolonged wet weather in
autumn 2023. This particularly affected the overall performance of Agriculture
in 2024.
We continued to invest in long-term growth, with the ongoing build of new
premix plants in Vietnam and China.
Financial review
Group performance
Group revenue was £20.1bn, 4% ahead of last year at constant currency, with
sales growth in Retail and most of the food businesses. The Group generated an
adjusted operating profit of £1,998m, an increase of 32% at actual exchange
rates ahead of last year, reflecting a strong margin recovery across the Group
as a result of input cost pressures easing. Group adjusted operating profit
margin improved from 7.7% last year to 10.0%. Operating profit for the Group
of £1,932m was 40% ahead, after charging exceptional items of £35m (2023 -
£109m).
For the full year the average rates used to translate the income statement
resulted in an adverse translation movement compared to the prior year of
£97m, primarily driven by the strengthening of sterling against the US dollar
and the euro, as well as against some of our trading currencies in our
business in Africa.
Free cash flow of £1,355m increased significantly on last year, an increase
of £1,086m.
Segmental summary
Revenue Adjusted operating profit
At actual rates 2024 2023 Change 2024 2023 Change
£m £m % £m £m %
Retail 9,448 9,008 +4.9 1,108 735 +50.7
Grocery 4,242 4,198 +1.0 511 448 +14.1
Ingredients 2,134 2,157 -1.1 233 214 +8.9
Sugar 2,529 2,474 +2.2 199 179 +11.2
Agriculture 1,650 1,840 -10.3 41 41 -
Central - - - (100) (94) -6.4
20,003 19,677 +1.7 1,992 1,523 +30.8
Business disposed
Sugar 70 73 6 (10)
20,073 19,750 +1.6 1,998 1,513 +32.1
The segmental analysis by division is set out in the operating reviews. The
segmental analysis by geography is set out in note 1 in the notes to the
financial statements.
Adjusted earnings per share
2024 2023 Change
£m £m %
Adjusted operating profit 1,998 1,513 +32.1
Finance income 71 48
Finance expense (33) (37)
Lease interest expense (102) (91)
Other financial income 23 40
Adjusted profit before taxation 1,957 1,473 +32.9
Taxation on adjusted profit (453) (346)
Adjusted profit after tax 1,504 1,127 +33.5
Adjusted earnings attributable to equity shareholders 1,479 1,103 +34.1
Adjusted earnings per share (in pence) 196.9 141.8 +38.9
Interest and other financial income
Finance income increased in the year as a result of higher rates of interest
earned on our cash and investments. Finance expense reduced as a result of the
repayment of our final $100m Private Placement notes in early April while
lease interest expense increased driven in part by our continued store
expansion programme in Retail. Other financial income was lower primarily due
to foreign exchange losses caused by the devaluation of certain African
currencies on non-local currency liabilities.
As a result of the above, on an adjusted basis, profit before tax was up
32.9%, to £1,957m.
Taxation
This year's tax charge on the adjusted profit before tax was £453m, with a
reduction in the adjusted effective tax rate to 23.1% from 23.5% last year.
The adjusted effective tax rate included the full year impact of the increase
in UK corporation tax from 19% to 25% from April 2023 but this was more than
offset by the changes to the mix in profits by jurisdiction.
Our current expectation is for the Group's effective tax rate in 2025 to be
broadly in line with 2024. This assumes that the limited upward pressure on
the rate arising from the introduction of Pillar 2 will be offset by several
smaller movements.
Adjusted earnings per share increased by 38.9% to a record 196.9p per share.
This increase reflects the higher adjusted profit as well as as a benefit from
the reduction in the weighted average number of shares, from 778 million for
2023 to 751 million for 2024, as a result of share buyback programmes executed
in the year.
Basic earnings per share
2024 2023 Change
£m £m %
Adjusted profit before tax 1,957 1,473 +32.9
Acquired inventory fair value adjustments (2) (3)
Amortisation of non-intangibles (40) (41)
Exceptional items (35) (109)
Profits less losses on sale and closure of businesses 26 (3)
Profits less losses on disposal of non-current assets 16 28
Transaction costs (5) (5)
Profit before tax 1,917 1,340 +43.1
Taxation (437) (272)
Profit after tax 1,480 1,068 +38.6
Earnings attributable equity to shareholders 1,455 1,044 +39.4
Basic earnings per share (in pence) 193.7p 134.2p +44.3
Exceptional items
2024 2023
£m £m
Grocery - impairment - 41
Sugar - impairments 24 50
Retail - impairments, right-sizing and fair value write-downs 11 18
35 109
The income statement this year included a non-cash exceptional impairment
charge of £35m.
In the Sugar segment, Vivergo recognised a £18m impairment write-down against
assets driven by the volatility of bio-ethanol prices impacting trading
margins. Due to the severe flooding in Mozambique last year, the related
damage to the sugar crop fields and the inability to plant for the foreseeable
future, our sugar business in Mozambique recognised a further £6m impairment
write-down against assets.
In the Retail segment, the Group recognised £11m of exceptional impairment
charges relating to the German stores impaired in 2022, after additional
right-of-use assets were recognised due to rent indexation adjustments in the
current financial year.
The prior year exceptional impairment charge of £109m comprised non-cash
write-downs of assets specifically £41m for the Don businesses in the Grocery
segment, £50m for the Sugar segment including £15m for China North Sugar and
£35m for Mozambique and £18m for the Retail segment relating to rent
indexation in the German Primark store portfolio.
Profit less losses on sale and closure of businesses of £26m predominantly
includes the profit on our sale of our China North Sugar business. Profit less
losses on disposal of non-current assets of £16m includes profit on sale of
our non-operating investment property portfolio in our Central division for
properties in the UK and Australia. The prior year profit of £28m also
relates to the sale of other non-operating investment properties in Central
mostly in Australia and also included a large property sale in the UK for our
Grocery Segment.
Profit before tax of £1,917m was 43.1% ahead of last year, benefitting from
the lower level of exceptional items in 2024.
Total tax charge for the year of £437m benefitted from a credit of £16m
(2023 - £74m) for tax relief on the amortisation of non-operating intangible
assets, the amortisation of acquired inventory fair value adjustments, the
profits on disposal of non-current assets, the profits on disposal of
businesses and on the exceptional items.
Earnings attributable to equity shareholders were £1,455m and basic earnings
per share were 193.7p, 44% ahead of last year, also benefitting from the lower
level of shares.
Cash flow
2024 2023
£m £m
Adjusted EBITDA 2,910 2,361
Repayment of lease liabilities net of incentives received (308) (246)
Working capital 305 (216)
Capital expenditure (1,184) (1,073)
Purchase of subsidiaries, joint ventures and associates (93) (94)
Sale of subsidiaries, joint ventures and associates 24 4
Net interest paid (69) (74)
Taxation (340) (341)
Share of adjusted profit after tax from joint ventures and associates (120) (127)
Dividends received from joint ventures and associates 105 107
Other 125 (32)
Free cash flow 1,355 269
Share buyback (562) (448)
Dividends (502) (345)
Movement in loans and current asset investments (318) (10)
Cash flow (27) (534)
There was a record free cash inflow in the year totalling £1,355m as a result
of a combination of record operating profit generated by the Group, and the
normalisation of working capital.
Working capital inflows during the current financial year were driven by a
number of factors including the normalisation of inventory at Primark as
expected, stock reductions in most of our food businesses, reducing inflation
overall and various other working capital initiatives.
The capital expenditure increase this year continues from the step up in
investment last year following low levels in the prior years. This is driven
by the continuation of a number of large capital projects. The increase of the
investment in our food businesses primarily relates to projects to build
capacity. In Primark the increase reflects the acceleration of our new store
programme and expenditure to expand our capabilities in warehouse automation
and technology. We expect this higher level of investment to continue in the
medium term.
The spend on acquisitions this financial year was £93m. The most significant
of these were the acquisition of The Artisanal Group ('TAG') in Australia in
our Grocery segment, acquisitions in our Ingredients segment of Mapo, Romix
and Omega Yeast and the acquisition of our remaining holding of the Roal
business in which we previously had a 50% stake.
We disposed of our China North Sugar business.
Cash tax was broadly similar to last year, notwithstanding the significant
increase in profit, because of the reallocation of historic overpayments
arising from favourable settlements of historical enquiries and returns. We
expect this impact to continue in 2025 and overall are expecting a slightly
reduced level of cash tax due to the anticipated receipt of the state aid
refund.
In Other cash flow, we have seen the benefit of the UK pension fund abatement
of £64m (£38m for the defined contribution scheme and £26m for the defined
benefit scheme) and an increase in non-cash provisions predominantly as a
result of the onerous contract provisions recognised in our Sugar segment.
Below free cash flow, there was cash outflow of £562m from our share buyback
programmes, £56m related to the first £500m share buyback early in the
financial year, the completion of the second £500m share buyback programme.
We also paid £502m for total dividends in this financial year, which reflects
the 2023 final and special dividend and interim 2024 dividend. Cash deposits
placed with a greater than 90-day term resulted in an increase in current
asset investments in the year.
Financing and liquidity
2024 2023
£m £m
Short-term loans (71) (99)
Long-term loans (454) (394)
Lease liabilities (3,065) (3,160)
Total debt (3,590) (3,653)
Cash, cash equivalents and overdrafts 1,235 1,388
Current Asset Investments 334 -
Total net debt (2,021) (2,265)
Leverage ratio 0.7x 1.0x
Total short and long term loans of £525m at the year end increased by £32m
compared to £493m last year, with our final $100m (£81m) Private Placement
notes being repaid in April 2024. This was offset by increased borrowing in
our Sugar businesses in Africa, to primarily fund expansion in Tanzania.
Cash, cash equivalents and current asset investments of £1,569m increased by
£181m compared to last year, reflecting our positive cash flow. £334m of
this is classified as current asset investments, with cash deposits with
maturities between three and six months placed to diversify our cash
investments and lock in favourable interest rates. Net cash before lease
liabilities of £1,044m increased by £149m year-on-year.
Total Liquidity of £2.9bn was £0.2bn higher than last year. Total Liquidity
comprises cash, cash equivalents and current asset investments of £1.7bn less
non-qualifying borrowings of £0.2bn and inaccessible cash of £0.1bn, plus
the £1.5bn committed revolving credit facility ('RCF'), which is free of
financial performance covenants. The RCF was extended in the year, taking the
final maturity to June 2029.
Lease liabilities reduced by £95m year-on-year as a result of the capital
repayment element of the leases and favourable exchange rate movements more
than offsetting the impact of new space and lease renewals.
Total net debt reduced by £244m in 2024 to £2,021m at the year end. A
combination of higher Adjusted EBITDA and lower Total net debt resulted in a
lower Leverage ratio of 0.7x at the year end, compared to 1.0x in 2023.
Pensions
The Group's defined benefit pension schemes aggregate surplus increased by 4%
to £1,432m at year end compared to last year's £1,377m. The UK scheme, which
accounts for around 90% of the Group's gross pension assets was in surplus by
£1,454m (2023 - £1,397m). The most recent triennial actuarial valuation of
the UK scheme was carried out as of 5 April 2023. This last valuation showed a
funding surplus of £1,013m. Details of the assumptions made in the current
and previous year are disclosed in note 13 of the financial statements
together with the bases on which those assumptions have been made.
The charge for the year for the Group's defined contribution schemes amounted
to £103m (2023 - £95m). This compared with the cash contribution to the
defined benefit schemes of £9m (2023 - £36m), the decrease driven by the
benefit of the abatement on the UK pension fund.
As agreed with the trustees last year and reconfirmed this year, as a result
of this significant increase in the surplus in the UK scheme, the Group will
continue to receive a cash flow benefit per year from the abatement of UK
employer pension contributions on both the defined benefit and defined
contribution schemes, the latter approximately £35m.
Dividend and shareholder returns
Our capital allocation policy is for the Group's financial leverage, expressed
as the ratio of Total net debt to Adjusted EBITDA, to be well under 1.5 times
whilst financial leverage consistently below 1.0 times may indicate a surplus
capital position. Surplus capital may be returned to shareholders by special
dividends or share buybacks, subject to the Board's discretion.
In November 2023 we announced our second share buyback programme of £500m,
which was completed in August 2024.
At the end of the financial year we had 744 million ordinary shares in issue.
The weighted average number of shares for the year was 751 million, which
compared to 778 million for the prior financial year. This year's share
buyback has had a positive impact on our reported adjusted earnings per share
of 6.7p, calculated on a simplified basis.
At the end of the financial year 2024, our financial leverage ratio was
0.7x. In September 2024, we extended the buyback programme by £100m. This
has now been completed. The Group continues to prioritise investment in its
businesses. Nevertheless, given the outlook for the Group, the strength of the
balance sheet and the underlying cash generation of the business, the Board
has decided to continue to return additional capital to shareholders.
Therefore, the Group will continue with a buyback programme, targeting an
additional amount of £500m over the next 12 months.
In addition, the Group is declaring a special dividend of 27.0p per share. The
Board is proposing a final dividend of 42.3p per share, which together with
the special dividend will be paid on 10 January 2025 to shareholders on the
register on 13 December 2024. Taken with the interim dividend of 20.7p per
share, the total dividend equates to 90.0p per share, an increase of 50% on
the total dividend of 60.0p in the financial year 2023.
Principal risks and uncertainties
Our principal risks and uncertainties
The directors have carried out an assessment of the principal risks facing
ABF, including emerging risks, that would threaten our business model, future
performance, solvency or liquidity. Outlined below are the Group's principal
risks and uncertainties. These have been detailed in the 2024 Annual Report
and Accounts together with the key mitigating activities in place to address
them.
Complexity of operating across global markets
Fluctuations in commodity and energy prices
Movement in exchange rates
Health and nutrition
Workplace health and safety
Product safety and quality
Breaches of IT and information security
Our supply chain and ethical business practices
Our use of natural resources and managing our environmental impact
The impact of climate change and natural disasters on our operations
Going concern
After making enquiries, the Board has a reasonable expectation that the Group
has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they continue to adopt the going concern
basis in preparing the consolidated financial statements.
The forecast for the going concern assessment period to 28 February 2026 has
been updated for the business's latest trading in October and is the best
estimate of cash flow in the period.
The Board's treasury policies are in place to maintain a strong capital base
and manage the Group's balance sheet and liquidity to ensure long-term
financial stability. These policies are the basis for investor, creditor and
market confidence and enable the successful development of the business. The
financial leverage policy requires that, in the ordinary course of business,
the Board prefers to see the Group's ratio of total net debt including lease
liabilities to adjusted EBITDA to be well under 1.5x. At the end of this
financial year, the financial leverage ratio was 0.7x. At the end of the
financial year, the Group had total cash, cash equivalents and current asset
investments of £1.7bn and an undrawn committed Revolving Credit Facility of
£1.5bn. The Revolving Credit Facility is free of performance covenants and
matures in 2029, after a further one year extension was made in April 2024.
The $100m of outstanding private placement notes were repaid on 2 April 2024,
after which point Group funding is not subject to financial performance
covenants.
In reviewing the cash flow forecast for the period, the directors reviewed the
trading for both Primark and the food businesses in light of the experience
gained from events of the last three years of trading and emerging trading
patterns. The directors have a thorough understanding of the risks,
sensitivities and judgements included in these elements of the cash flow
forecast and have a high degree of confidence in these cash flows.
As a downside scenario, the directors considered the adverse scenario in which
inflationary costs are not fully recovered, high levels of volatility in key
commodities prices without price adjustments, adverse movement to the cash
conversion cycle within the Group and server IT outages leading to extended
periods of non-operation. This downside scenario was modelled without taking
any mitigating actions within their control. Under this downside scenario the
Group forecasts liquidity throughout the period.
In addition, the directors also considered the circumstances which would be
needed to exhaust the Group's total liquidity over the assessment period - a
reverse stress test. This indicates that, on top of the downside scenario
outlined above, annual profit before tax would need to decline by 17% without
any price increases or other mitigating actions being taken before total
liquidity is exhausted. The likelihood of these circumstances is considered
remote for two reasons. Firstly, over such a period, management could take
substantial mitigating actions, such as reviewing pricing, taking cost-cutting
measures and reducing capital investment. Secondly, the Group has significant
business and asset diversification and would be able to, if it were necessary,
dispose of assets and/or businesses to raise considerable levels of funds.
Directors' responsibilities in respect of the financial statements
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and
• the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.
We consider the Annual Report and financial statements, taken as a whole, are
fair, balanced and understandable and provide the information necessary for
shareholders to assess the Company's position and performance, business model
and strategy.
The contents of this announcement, including the responsibility statement
above, have been extracted from the annual report and accounts for the 52
weeks ended 14 September 2024 which may be found at www.abf.co.uk
(http://www.abf.co.uk) and will be despatched to shareholders shortly.
Accordingly this responsibility statement makes reference to the financial
statements of the Company and the Group and to the relevant narrative
appearing in that annual report and accounts rather than the contents of this
announcement.
On behalf of the Board
Michael McLintock George Weston Eoin Tonge
Chairman Chief Executive Finance Director
5 November 2024
Consolidated income statement
for the 52 weeks ended 14 September 2024
2024 2023
Continuing operations Note £m £m
Revenue 1 20,073 19,750
Operating costs before exceptional items (18,239) (18,410)
Exceptional items 2 (35) (109)
1,799 1,231
Share of profit after tax from joint ventures and associates 117 124
Profits less losses on disposal of non-current assets 16 28
Operating profit 1,932 1,383
Adjusted operating profit 1 1,998 1,513
Profits less losses on disposal of non-current assets 16 28
Amortisation of non-operating intangibles (40) (41)
Acquired inventory fair value adjustments (2) (3)
Transaction costs (5) (5)
Exceptional items 2 (35) (109)
Profits less losses on sale and closure of businesses 7 26 (3)
Profit before interest 1,958 1,380
Finance income 71 48
Finance expense 3 (135) (128)
Other financial income 23 40
Profit before taxation 1,917 1,340
Adjusted profit before taxation 1,957 1,473
Profits less losses on disposal of non-current assets 16 28
Amortisation of non-operating intangibles (40) (41)
Acquired inventory fair value adjustments (2) (3)
Transaction costs (5) (5)
Exceptional items 2 (35) (109)
Profits less losses on sale and closure of businesses 7 26 (3)
Taxation - UK (excluding tax on exceptional items) (108) (40)
- UK (on exceptional items) 5 -
- Overseas (excluding tax on exceptional items) (335) (300)
- Overseas (on exceptional items) 1 68
4 (437) (272)
Profit for the period 1,480 1,068
Attributable to
Equity shareholders 1,455 1,044
Non-controlling interests 25 24
Profit for the period 1,480 1,068
Basic and diluted earnings per ordinary share (pence) 6 193.7 134.2
Dividends per share paid and proposed for the period (pence) 5 63.0 47.3
Special dividend per share proposed for the period (pence) 5 27.0 12.7
Consolidated statement of comprehensive income
for the 52 weeks ended 14 September 2024
2024 2023
£m £m
Profit for the period recognised in the income statement 1,480 1,068
Other comprehensive income
Remeasurements of defined benefit schemes 38 (7)
Deferred tax associated with defined benefit schemes (10) 4
Items that will not be reclassified to profit or loss 28 (3)
Effect of movements in foreign exchange (349) (470)
Net gain on hedge of net investment in foreign subsidiaries - 1
Net loss on other investments held at fair value through other comprehensive (5) -
income
Deferred tax associated with movements in foreign exchange - (5)
Current tax associated with movements in foreign exchange (2) 6
Movement in cash flow hedging position (51) (260)
Deferred tax associated with movement in cash flow hedging position 13 40
Deferred tax associated with movement in other investments 1 -
Share of other comprehensive loss of joint ventures and associates (10) (18)
Effect of hyperinflationary economies 59 40
Items that are or may be subsequently reclassified to profit or loss (344) (666)
Other comprehensive loss for the period (316) (669)
Total comprehensive income for the period 1,164 399
Attributable to
Equity shareholders 1,159 397
Non-controlling interests 5 2
Total comprehensive income for the period 1,164 399
Consolidated balance sheet
at 14 September 2024
2024 2023
£m £m
Non-current assets
Intangible assets 1,896 1,870
Property, plant and equipment 6,098 5,674
Investment properties 105 107
Right-of-use assets 2,255 2,335
Investments in joint ventures 286 303
Investments in associates 95 91
Employee benefits assets 1,506 1,446
Income tax - 23
Deferred tax assets 223 193
Other receivables 30 63
Total non-current assets 12,494 12,105
Current assets
Inventories 2,942 3,207
Biological assets 94 99
Trade and other receivables 1,697 1,778
Derivative assets 28 96
Current asset investments 334 -
Income tax 102 102
Cash and cash equivalents 1,323 1,457
Total current assets 6,520 6,739
Total assets 19,014 18,844
Current liabilities
Lease liabilities (267) (335)
Loans and overdrafts (159) (168)
Trade and other payables (2,934) (2,953)
Derivative liabilities (97) (69)
Income tax (133) (109)
Provisions (78) (55)
Total current liabilities (3,668) (3,689)
Non-current liabilities
Lease liabilities (2,798) (2,825)
Loans (454) (394)
Provisions (60) (48)
Deferred tax liabilities (682) (626)
Employee benefits liabilities (74) (69)
Total non-current liabilities (4,068) (3,962)
Total liabilities (7,736) (7,651)
Net assets 11,278 11,193
Equity
Issued capital 42 44
Other reserves 177 179
Translation reserve (383) (42)
Hedging reserve (45) 2
Retained earnings 11,395 10,910
Total equity attributable to equity shareholders 11,186 11,093
Non-controlling interests 92 100
Total equity 11,278 11,193
Consolidated cash flow statement
for the 52 weeks ended 14 September 2024
2024 2023
£m £m
Cash flow from operating activities
Profit before taxation 1,917 1,340
Profits less losses on disposal of non-current assets (16) (28)
Profits less losses on sale and closure of businesses (26) 3
Transaction costs 5 5
Finance income (71) (48)
Finance expense 135 128
Other financial income (23) (40)
Share of profit after tax from joint ventures and associates (117) (124)
Amortisation 100 82
Depreciation (including of right-of-use assets) 849 804
Exceptional items 35 109
Acquired inventory fair value adjustments 2 3
Effect of hyperinflationary economies 21 14
Net change in the fair value of current biological assets (22) (11)
Share-based payment expense 31 18
Pension costs less contributions 58 (8)
Decrease/(increase) in inventories 169 (94)
Decrease/(increase) in receivables 23 (107)
Increase/(decrease) in payables 113 (15)
Purchases less sales of current biological assets 1 (9)
Increase/(decrease) in provisions 30 (27)
Cash generated from operations 3,214 1,995
Income taxes paid (340) (341)
Net cash generated from operating activities 2,874 1,654
Cash flow from investing activities
Dividends received from joint ventures and associates 105 107
Purchase of property, plant and equipment (1,124) (997)
Purchase of intangibles (60) (76)
Lease incentives received 40 62
Sale of property, plant and equipment 43 48
(Increase)/decrease in current asset investments (334) 3
Purchase of subsidiaries, joint ventures and associates (93) (94)
Sale of subsidiaries, joint ventures and associates 24 4
Purchase of other investments (4) (4)
Interest received 71 44
Net cash used in investing activities (1,332) (903)
Cash flow from financing activities
Dividends paid to non-controlling interests (13) (7)
Dividends paid to equity shareholders (502) (345)
Interest paid (140) (118)
Repayment of lease liabilities (348) (308)
Decrease in short-term loans (50) (13)
Increase in long-term loans 66 -
Share buyback (562) (448)
Movement from changes in own shares held (20) (46)
Net cash used in financing activities (1,569) (1,285)
Net decrease in cash and cash equivalents (27) (534)
Cash and cash equivalents at the beginning of the period 1,388 1,995
Effect of movements in foreign exchange (126) (73)
Cash and cash equivalents at the end of the period 1,235 1,388
Consolidated statement of changes in equity
for the 52 weeks ended 14 September 2024
Attributable to equity shareholders
Issued capital Other reserves Translation reserve Hedging reserve Retained earnings Total Non- controlling interests Total equity
Note £m £m £m £m £m £m £m £m
Balance as at 17 September 2022 45 178 422 154 10,649 11,448 106 11,554
Total comprehensive income
Profit for the period recognised in the income statement - - - - 1,044 1,044 24 1,068
Remeasurements of defined benefit schemes - - - - (7) (7) - (7)
Deferred tax associated with defined benefit schemes - - - - 4 4 - 4
Items that will not be reclassified to profit or loss - - - - (3) (3) - (3)
Effect of movements in foreign exchange - - (448) - - (448) (22) (470)
Net gain on hedge of net investment in foreign subsidiaries - - 1 - - 1 - 1
Deferred tax associated with movements in foreign exchange - - (5) - - (5) - (5)
Current tax associated with movements in foreign exchange - - 6 - - 6 - 6
Movement in cash flow hedging position - - - (260) - (260) - (260)
Deferred tax associated with movement in cash flow hedging position - - - 40 - 40 - 40
Share of other comprehensive income of joint ventures and associates - - (18) - - (18) - (18)
Effect of hyperinflationary economies - - - - 40 40 - 40
Items that are or may be subsequently reclassified to profit or loss - - (464) (220) 40 (644) (22) (666)
Other comprehensive income - - (464) (220) 37 (647) (22) (669)
Total comprehensive income - - (464) (220) 1,081 397 2 399
Inventory cash flow hedge movements
Amounts transferred to cost of inventory - - - 68 - 68 - 68
Total inventory cash flow hedge movements - - - 68 - 68 - 68
Transactions with owners
Dividends paid to equity shareholders 5 - - - - (345) (345) - (345)
Net movement in own shares held - - - - (28) (28) - (28)
Share buyback (1) 1 - - (448) (448) - (448)
Deferred tax associated with share-based payments - - - - 1 1 - 1
Dividends paid to non-controlling interests - - - - - - (8) (8)
Total transactions with owners (1) 1 - - (820) (820) (8) (828)
Balance as at 16 September 2023 44 179 (42) 2 10,910 11,093 100 11,193
Attributable to equity shareholders
Note Issued capital Other reserves Translation reserve Hedging reserve Retained earnings Total Non- controlling interests Total equity
£m £m £m £m £m £m £m £m
Balance as at 16 September 2023 44 179 (42) 2 10,910 11,093 100 11,193
Total comprehensive income
Profit for period recognised in income statement - - - - 1,455 1,455 25 1,480
Remeasurements of defined benefit schemes - - - - 38 38 - 38
Deferred tax associated with defined benefit schemes - - - - (10) (10) - (10)
Items that will not be reclassified to profit or loss - - - - 28 28 - 28
Effect of movements in foreign exchange - - (329) - - (329) (20) (349)
Net loss on other investments held at fair value through OCI - (5) - - - (5) - (5)
Current tax associated with movements in foreign exchange - - (2) - - (2) - (2)
Movement in cash flow hedging position - - - (51) - (51) - (51)
Deferred tax associated with movement in cash flow hedging position - - - 13 - 13 - 13
Deferred tax associated with movement in other investments - 1 - - - 1 - 1
Share of other comprehensive income of joint ventures and associates - - (10) - - (10) - (10)
Effect of hyperinflationary economies - - - - 59 59 - 59
Items that are or may be subsequently reclassified to profit or loss - (4) (341) (38) 59 (324) (20) (344)
Other comprehensive income - (4) (341) (38) 87 (296) (20) (316)
Total comprehensive income - (4) (341) (38) 1,542 1,159 5 1,164
Inventory cash flow hedge movements
Amounts transferred to cost of inventory - - - (9) - (9) - (9)
Total inventory cash flow hedge movements - - - (9) - (9) - (9)
Transactions with owners
Dividends paid to equity shareholders 5 - - - - (502) (502) - (502)
Net movement in own shares held - - - - 11 11 - 11
Share buyback (2) 2 - - (568) (568) - (568)
Current tax associated with share-based payments - - - - 2 2 - 2
Dividends paid to non-controlling interests - - - - - - (13) (13)
Total transactions with owners (2) 2 - - (1,057) (1,057) (13) (1,070)
Balance as at 14 September 2024 42 177 (383) (45) 11,395 11,186 92 11,278
1. Operating segments
The Group has five operating segments, as described below. These are the
Group's operating divisions, based on the management and internal reporting
structure, which combine businesses with common characteristics, primarily in
respect of the type of products offered by each business, but also the
production processes involved and the manner of the distribution and sale
of goods. The Board is the chief operating decision-maker.
Inter-segment pricing is determined on an arm's length basis. Segment result
is adjusted operating profit, as shown on the face of the consolidated income
statement. Segment assets comprise all non-current assets except employee
benefits assets, income tax assets, deferred tax assets and all current
assets except cash and cash equivalents, current asset investments and income
tax assets. Segment liabilities comprise trade and other payables, derivative
liabilities, provisions and lease liabilities.
Segment results, assets and liabilities include items directly attributable to
a segment as well as those that can be allocated on a reasonable basis.
Unallocated items comprise mainly corporate assets and expenses, cash,
borrowings, employee benefits balances and current and deferred tax balances.
Segment non-current asset additions are the total cost incurred during the
period to acquire segment assets that are expected to be used for more than
one year, comprising property, plant and equipment, right-of-use assets,
operating intangibles and biological assets.
Businesses disposed are shown separately and comparatives are re-presented for
businesses sold or closed during the year. The Group comprises the following
operating segments:
Retail
Buying and merchandising value clothing and accessories through the Primark
and Penneys retail chains.
Grocery
The manufacture of grocery products, including hot beverages, sugar, vegetable
oils, balsamic vinegars, bread and baked goods, cereals, ethnic foods and meat
products, which are sold to retail, wholesale and foodservice businesses.
Ingredients
The manufacture of yeast and bakery ingredients as well as speciality
ingredients focused on enzymes, procession extracts, health and nutrition and
pharmaceutical delivery systems.
Sugar
The growing and processing of sugar beet and sugar cane for production of a
range of sugar and other products in Africa, the UK and Spain.
Agriculture
The manufacture of speciality feed ingredients, premix and compound animal
feed, as well as the provision of other products and services for the
agriculture sector.
Geographical information
In addition to the required disclosure for operating segments, disclosure is
also given of certain geographical information about the Group's operations,
based on the geographical groupings: United Kingdom; Europe & Africa; The
Americas; and Asia Pacific.
Revenues are shown by reference to the geographical location of customers.
Profits are shown by reference to the geographical location of the businesses.
Segment assets are based on the geographical location of the assets.
Revenue Adjusted operating profit
2024 2023 2024 2023
£m £m £m £m
Operating segments
Retail 9,448 9,008 1,108 735
Grocery 4,242 4,198 511 448
Ingredients 2,134 2,157 233 214
Sugar 2,529 2,474 199 179
Agriculture 1,650 1,840 41 41
Central - - (100) (94)
20,003 19,677 1,992 1,523
Business disposed
Sugar 70 73 6 (10)
20,073 19,750 1,998 1,513
Geographical information
United Kingdom 7,297 7,271 708 488
Europe & Africa 7,830 7,552 754 559
The Americas 2,513 2,420 406 353
Asia Pacific 2,363 2,434 124 123
20,003 19,677 1,992 1,523
Business disposed
Asia Pacific 70 73 6 (10)
20,073 19,750 1,998 1,513
2024
Retail Grocery Ingredients Sugar Agriculture Central Total
£m £m £m £m £m £m £m
Revenue from continuing businesses 9,448 4,262 2,342 2,652 1,659 (360) 20,003
Internal revenue - (20) (208) (123) (9) 360 -
External revenue from continuing businesses 9,448 4,242 2,134 2,529 1,650 - 20,003
Business disposed - - - 70 - - 70
Revenue from external customers 9,448 4,242 2,134 2,599 1,650 - 20,073
Operating profit 1,100 493 219 181 31 (92) 1,932
Adjusted operating profit before joint ventures and associates 1,108 438 201 192 33 (100) 1,872
Share of adjusted profit after tax from joint ventures and associates - 73 32 7 8 - 120
Business disposed - - - 6 - - 6
Adjusted operating profit 1,108 511 233 205 41 (100) 1,998
Finance income 71 71
Finance expense (96) (1) (1) (3) (1) (33) (135)
Other financial income 23 23
Adjusted profit before taxation 1,012 510 232 202 40 (39) 1,957
Profits less losses on disposal of non-current assets 3 5 - - - 8 16
Amortisation of non-operating intangibles - (20) (11) - (9) - (40)
Acquired inventory fair value adjustments - (1) (1) - - - (2)
Transaction costs - (2) (2) - (1) - (5)
Exceptional items (11) - - (24) - - (35)
Profits less losses on sale and closure of businesses - - 11 15 - - 26
Profit before taxation 1,004 492 229 193 30 (31) 1,917
Taxation (437) (437)
Profit for the period 1,004 492 229 193 30 (468) 1,480
Segment assets (excluding joint ventures and associates) 7,282 2,798 2,104 2,252 620 89 15,145
Investments in joint ventures and associates - 57 116 53 155 - 381
Segment assets 7,282 2,855 2,220 2,305 775 89 15,526
Cash and cash equivalents 1,323 1,323
Current asset investments 334 334
Income tax 102 102
Deferred tax assets 223 223
Employee benefits assets 1,506 1,506
Segment liabilities (4,347) (685) (415) (437) (178) (172) (6,234)
Loans and overdrafts (613) (613)
Income tax (133) (133)
Deferred tax liabilities (682) (682)
Employee benefits liabilities (74) (74)
Net assets 2,935 2,170 1,805 1,868 597 1,903 11,278
Non-current asset additions 702 212 180 329 43 2 1,468
Depreciation and non-cash lease adjustments (574) (100) (70) (77) (21) (7) (849)
Amortisation (39) (31) (15) (4) (11) - (100)
2023
Retail Grocery Ingredients Sugar Agriculture Central Total
£m £m £m £m £m £m £m
Revenue from continuing businesses 9,008 4,222 2,366 2,591 1,849 (359) 19,677
Internal revenue - (24) (209) (117) (9) 359 -
External revenue from external customers 9,008 4,198 2,157 2,474 1,840 - 19,677
Business disposed - - - 73 - - 73
Revenue from external customers 9,008 4,198 2,157 2,547 1,840 - 19,750
Operating profit 717 402 201 119 32 (88) 1,383
Adjusted operating profit before joint ventures and associates 735 368 190 172 25 (94) 1,396
Share of adjusted profit after tax from joint ventures and associates - 80 24 7 16 - 127
Business disposed - - - (10) - - (10)
Adjusted operating profit 735 448 214 169 41 (94) 1,513
Finance income 48 48
Finance expense (86) (1) (1) (3) - (37) (128)
Other financial income 40 40
Adjusted profit before taxation 649 447 213 166 41 (43) 1,473
Profits less losses on disposal of non-current assets - 19 - - - 9 28
Amortisation of non-operating intangibles - (23) (13) - (5) - (41)
Acquired inventory fair value adjustments - (1) - - (2) - (3)
Transaction costs - - - - (2) (3) (5)
Exceptional items (18) (41) - (50) - - (109)
Profits less losses on sale and closure of businesses - - 3 (6) - - (3)
Profit before taxation 631 40 203 110 32 (37) 1,340
Taxation - - - - - (272) (272)
Profit for the period 631 401 203 110 32 (309) 1,068
Segment assets (excluding joint ventures and associates) 7,530 2,759 2,011 2,179 640 110 15,229
Investments in joint ventures and associates - 58 133 48 155 - 394
Segment assets 7,530 2,817 2,144 2,227 795 110 15,623
Cash and cash equivalents 1,457 1,457
Income tax 125 125
Deferred tax assets 193 193
Employee benefits assets 1,446 1,446
Segment liabilities (4,326) (689) (407) (501) (196) (166) (6,285)
Loans and overdrafts (562) (562)
Income tax (109) (109)
Deferred tax liabilities (626) (626)
Employee benefits liabilities (69) (69)
Net assets 3,204 2,128 1,737 1,726 599 1,799 11,193
Non-current asset additions 711 154 174 289 20 4 1,352
Depreciation and non-cash lease adjustments (526) (114) (62) (75) (19) (8) (804)
Amortisation (31) (26) (15) (3) (7) - (82)
Operating segments - geographical information
2024
United Kingdom Europe & Africa The Americas Asia Pacific Total
£m £m £m £m £m
Revenue from external customers 7,297 7,830 2,513 2,433 20,073
Segment assets 5,537 6,599 1,810 1,580 15,526
Non-current asset additions 367 726 209 166 1,468
Depreciation (including of right-of-use assets) (289) (411 (97) (52) (849)
Amortisation (21) (65) (8 )(6) (100)
Acquired inventory fair value adjustments - (2) - - (2)
Transaction costs (2) (1) - (2) (5)
Exceptional items (19) (16) - - (35)
2023
United Kingdom Europe & Africa The Americas Asia Pacific Total
£m £m £m £m £m
Revenue from external customers 7,271 7,552 2,420 2,507 19,750
Segment assets 5,690 6,651 1,792 1,490 15,623
Non-current asset additions 305 732 217 98 1,352
Depreciation (including of right-of-use assets) (279) (374) (84) (67) (804)
Amortisation (17) (56) (4) (5) (82)
Acquired inventory fair value adjustments (2) (1) - - (3)
Transaction costs (4) (1) - - (5)
Exceptional items - (53) - (56) (109)
The Group's operations in the following countries met the criteria for
separate disclosure:
Revenue Non-current assets
2024 2023 2024 2023
£m £m £m £m
Australia 1,409 1,407 656 541
Spain 1,972 1,836 713 651
United States 1,690 1,580 950 887
2. Exceptional items
2024
The income statement this year included a non-cash exceptional impairment
charge of £35m.
In the Sugar segment, Vivergo recognised a £17m impairment write-down against
property, plant and equipment and £1m against right-of-use assets driven by
the volatility of ethanol prices impacting trading margins. Due to the severe
flooding in Mozambique last year, the related damage to the sugar crop fields
and the inability to plant for the foreseeable future, our sugar business in
Mozambique recognised a further £3m impairment write-down against property,
plant and equipment and £3m against working capital.
In the Retail segment, the Group recognised £11m of exceptional impairment
charges still relating to the German stores impaired in 2022, after
additional right-of-use assets were recognised due to rent indexation
adjustments in the current financial year.
2023
The prior year exceptional impairment charge of £109m comprised non-cash
write-downs of assets predominantly against property, plant and equipment and
right-of-use assets specifically £41m for the Don businesses in the Grocery
segment, £50m for the Sugar segment including £15m for China North Sugar and
£35m for Maragra, our sugar business in Mozambique, and £18m for the Retail
segment relating to the German Primark store portfolio.
3. Finance expense
2024 2023
£m £m
Bank loans and overdrafts (19) (23)
All other borrowings (12) (11)
Lease liabilities (102) (91)
Other payables (2) (3)
(135) (128)
4. Income tax expense
2024 2023
£m £m
Current tax expense
UK - corporation tax at 25% (2023 - 21.8%) 51 26
Overseas - corporation tax 337 249
UK - under/(over) provided in prior years 4 (14)
Overseas - under provided in prior years 10 18
402 279
Deferred tax expense
UK - deferred tax 61 54
Overseas - deferred tax (16) 28
UK - over provided in prior years (13) (26)
Overseas - under/(over) provided in prior years 3 (63)
35 (7)
Total income tax expense in the income statement 437 272
Reconciliation of effective tax rate
Profit before taxation 1,917 1,340
Less share of profit after taxation from joint ventures and associates (117) (124)
Profit before taxation excluding share of profit after taxation from joint 1,800 1,216
ventures and associates
Nominal tax charge at UK corporation tax rate of 25% (2023 - 21.8%) 450 265
Effect of higher and lower tax rates on overseas earnings (92) (16)
Effect of changes in tax rates on the income statement 7 5
Expenses not deductible for tax purposes 101 66
Disposal of assets covered by tax exemptions or unrecognised capital losses (9) (2)
Deferred tax not recognised (24) 39
Adjustments in respect of prior years 4 (85)
437 272
Other comprehensive income or equity
Deferred tax associated with defined benefit schemes 10 (4)
Deferred tax associated with share-based payments - (1)
Current tax associated with share-based payments (2) -
Deferred tax associated with movements in cash flow hedging position (13) (40)
Deferred tax associated with movements in foreign exchange - 5
Current tax associated with movements in foreign exchange 2 (6)
Deferred tax in reserves on other investment reserves (1) -
(4) (46)
The UK corporation tax rate of 19% increased to 25% from 1 April 2023.
The EU state aid case relating to the Group Financing Exemption in the UK's
controlled foreign company legislation concluded on 19 September 2024 with no
further appeals being permitted. The Court of Justice of the European Union
('CJEU') found in favour of the UK Government and the UK companies appealing
the case. Therefore, there is no longer a potential liability (2023 - £26m)
for the Group relating to the case. In prior years the Group considered a
provision was not required and therefore there is no impact on the tax charge
in the year. Payments were made to HM Revenue & Customs ('HMRC') in 2021
following the receipt of charging notices. These payments, totalling £22.9m,
will now be refunded to the Group by HMRC.
In the prior year an exceptional prior year tax credit of £58m was recognised
in relation to deferred tax asset recognition in Germany.
Pillar Two legislation has been enacted or substantively enacted in certain
jurisdictions in which the Group operates, including the UK. The legislation
will be effective for the Group's 2025 financial year. The Group has performed
an assessment of the Group's potential exposure to Pillar Two income taxes.
This assessment is based on data available from the Group's 2023 consolidated
financial statements and the 2023 financial year Country-by Country Report.
Based on the assessment, the Pillar Two effective tax rates in most of the
jurisdictions in which the Group operates are above 15%. However, there are a
limited number of jurisdictions where the transitional safe harbour relief
does not apply. Of these jurisdictions, the most noteworthy is Ireland, where
the statutory tax rate is 12.5% and where there will be a local top up tax to
15%. Based on a high-level assessment, the impact in 2023 of Pillar 2 on the
ABF adjusted effective tax rate would have been less than 1%. The Pillar 2
legislation is complex and still evolving. We will continue to monitor the
impact of future developments.
We recognise the importance of complying fully with all applicable tax laws as
well as paying and collecting the right amount of tax in every country in
which the Group operates. Our tax strategy, approved by the Board, is based on
seven tax principles that are embedded in the financial and non financial
processes and controls of the Group. This tax strategy is available in the
Policies section of the Group's website.
5. Dividends
2024 2023 2024 2023
pence per share pence per share £m £m
2022 final - 29.9 - 235
2023 interim - 14.2 - 110
2023 final and special 45.8 - 348 -
2024 interim 20.7 - 154 -
66.5 44.1 502 345
The 2024 interim dividend was declared on 23 April 2024 and paid on 5 July
2024. Given the outlook for the Group, the strength of the balance sheet and
the underlying cash generation of the business, we have declared the payment
of a special dividend, to be paid as a second interim dividend at £27.0p
per share at an estimated cost of £199m.
The Board has proposed a final dividend of £42.3p per share at an estimated
cost of £312m. The combined 2024 final and special dividend of 69.3p, with
an estimated value of £511m, will be paid on 10 January 2025 to shareholders
on the register on 13 December 2024.
Dividends relating to the period including the special dividend were 90.0p per
share totalling £666m (2023 - 60.0p per share totalling £459m).
6. Earnings per share
The calculation of basic earnings per share at 14 September 2024 was based on
the net profit attributable to equity shareholders of £1,455m (2023 -
£1,044m), and a weighted average number of shares outstanding during the year
of 751 million (2023 - 778 million).
The calculation of the weighted average number of shares excludes the shares
held by the Employee Share Ownership Plan Trust on which the dividends are
being waived. The weighted average number of shares has reduced as a result of
our first and second share buyback programmes. In the year, we repurchased
23.6 million shares which were cancelled.
Adjusted earnings per ordinary share, which exclude the impact of profits less
losses on disposal of non-current assets and the sale and closure of
businesses, amortisation of acquired inventory fair value adjustments,
transaction costs, amortisation of non-operating intangibles, exceptional
items and any associated tax credits, is shown to provide clarity on the
underlying performance of the Group.
Amortisation of non-operating intangibles of £40m (2023 - £41m) shown as
adjusting items in the income statement, include £3m (2023 - £3m) incurred
by joint ventures.
The diluted earnings per share calculation takes into account the dilutive
effect of share incentives. The diluted, weighted average number of shares is
751 million (2023 - 778 million). There is no material difference between
basic and diluted earnings.
2024 2023
pence per share pence per share
Adjusted earnings per share 196.9 141.8
Disposal of non-current assets 2.1 3.6
Sale and closure of businesses 3.5 (0.4)
Acquired inventory fair value adjustments (0.3) (0.4)
Transaction costs (0.6) (0.6)
Exceptional items (4.6) (14.0)
Tax effect on above adjustments and exceptional tax 0.8 8.2
Amortisation of non-operating intangibles (5.4) (5.3)
Tax credit on non-operating intangibles amortisation 1.3 1.3
Earnings per ordinary share 193.7 134.2
7. Acquisitions and disposals
Acquisitions
2024
In the first half, the Grocery division acquired Capsicana, a provider of
Latin American products including tortillas, pastes, kits and seasoning mixes.
Also in the first half, the Ingredients division acquired the remaining 50%
stake of its existing joint venture Roal, making it a wholly owned
subsidiary. The acquisition gave rise to negative goodwill of £7m which was
released to the income statement through profit on disposal of business.
In the second half, the Ingredients division acquired Mapo, an Italian
manufacturer of premium frozen baked goods, to support AB Mauri's
Scrocchiarella product range, Omega Yeast Labs, a leading provider of liquid
yeast to the craft brewing industry in the US, for £36m, and Romix, a
specialist blender of baking ingredients in the UK.
Also in the second half, the Grocery division acquired The Artisanal Group, a
leading manufacturer and wholesaler of high-quality baked goods in Australia,
for £35m.
Pre-acquisition carrying values Recognised values on acquisition
TAG (The Artisanal Group) Omega Yeast Other Total
£m £m £m £m £m
Net assets
Intangible assets 1 15 8 14 37
Property, plant and equipment and right-of-use assets 73 8 11 63 82
Working capital 6 (1) - 9 8
Cash 7 2 1 4 7
Loans (25) (25) - - (25)
Capital payable (39) - - (39) (39)
Lease liabilities - - (8) - (8)
Provisions - - - (1) (1)
Taxation (4) (5) - (1) (6)
Net identifiable assets and liabilities 19 (6) 12 49 55
Goodwill 41 24 12 77
Negative goodwill released to the income statement - - (7) (7)
Total consideration 35 36 54 125
Recognised values on acquisition
£m
Satisfied by
Cash consideration 96
Consideration already paid 5
Net assets already owned 15
Deferred consideration 9
125
Net cash
Cash consideration 96
Cash and cash equivalents acquired (7)
89
Pre-acquisition carrying amounts were the same as recognised values on
acquisition apart from £36m of non-operating intangibles in respect of
brands, technology and customer relationships, and £9m of property, plant and
equipment, together with a £(2)m related deferred tax liability, an
inventory uplift of £2m, lease liabilities of £(8)m, £(1)m of provisions
and goodwill of £77m. Cash flow on acquisition of subsidiaries, joint
ventures and associates of £93m comprised £89m cash consideration and £4m
deferred consideration paid in respect of previous acquisitions.
2023
In the first half, the Agriculture division acquired Kite Consulting, Advance
Sourcing and Progres. Kite Consulting is a specialist dairy consultant and
Advance Sourcing provides specialist products to create value by improving
herd performance and supports dairy farmers to improve herd efficiency and
resilience. Progres in Finland uses a patented additive to support gut
health.
Also in the first half, the Ingredients division acquired Vital Solutions in
Germany, which specialises in natural science-based ingredients for
application in dietary supplements and functional foods.
In the second half, the Agriculture division acquired IFCN, a dairy research
and consulting company and National Milk Records plc (NMR) for £48m. NMR is
the leading agri-tech supplier of management information and testing services
to the UK dairy supply chain.
Disposals
2024
The Sugar division sold its remaining assets in north China for £24m net of
restructuring costs. Profit on sale was £12m compared to assets of £12m.
The Sugar division also disposed of a 30% associate interest in South Africa
which enabled the release of a £5m non-cash provision taken in the prior year
and charged £2m for the closure of a small joint venture in South Africa. On
completion of the buyout of the Roal joint venture in Finland, the
Ingredients division released £7m negative goodwill arising. The Ingredients
division also released £4m of surplus provisions relating to closed factories
in China.
2023
The Ingredients division sold property, plant and equipment in China to its
local joint venture partner for a profit of £3m. The Sugar division booked a
£6m non-cash provision for a financial guarantee when its 30% associate in
South Africa went into business rescue.
8. Analysis of net debt
At 16 September 2023 Cash flow Acquisition and disposals New leases, non-cash items and transfers Exchange adjustments At 14 September 2024
£m £m £m £m £m £m
Short-term loans (99) 50 (25) - 3 (71)
Long-term loans (394) (66) - - 6 (454)
Lease liabilities (3,160) 348 (8 (301) 56 (3,065)
Total liabilities from financing activities (3,653) 332 (33) (301) 65 (3,590)
Cash at bank and in hand, cash equivalents and overdrafts 1,388 (27) - - (126) 1,235
Current asset Investments - 334 - - - 334
Net debt including lease liabilities (2,265) 639 (33) (301) (61) (2,021)
At 17 September 2022 Cash flow Acquisition and disposals New leases, non-cash items and transfers Exchange adjustments At 16 September 2023
£m £m £m £m £m £m
Short-term loans (31) 13 (1) (87) 7 (99)
Long-term loans (480) - (1) 87 - (394)
Lease liabilities (3,252) 308 - (279) 63 (3,160)
Total liabilities from financing activities (3,763) 321 (2) (279) 70 (3,653)
Cash at bank and in hand, cash equivalents and overdrafts 1,995 (534) - - (73) 1,388
Current asset Investments 4 (3) - - (1) -
Net debt including lease liabilities (1,764) (216) (2) (279) (4) (2,265)
Reconciliation of net debt to balance sheet 2024 2023
£m £m
Cash and cash equivalents 1,323 1,457
Current asset investments 334 -
Current loans and overdrafts (159) (168)
Non-current loans (454) (394)
Lease liabilities (3,065) (3,160)
Net debt including lease liabilities (2,021) (2,265)
Roll forward of the liabilities associated with interest paid 2024 2023
Note £m £m
Opening balance (25) (18)
Interest expense (135) (128)
Interest paid 3 140 118
Interest capitalised 4 (5) -
Effect of hyperinflationary economies - 3
Closing balance (25) (25)
9.Related parties
The Group has a controlling shareholder relationship with its parent company,
Wittington Investments Limited, with the trustees of the Garfield Weston
Foundation and with certain other individuals who hold shares in the Company.
Further details of the controlling shareholder relationship are included in
note 29 in the 2024 ABF Group Annual Report. The Group has a related party
relationship with its associates and joint ventures (see note 29) and with
its directors. In the course of normal operations, related party transactions
entered into by the Group have been contracted on an arm's length basis.
Material transactions and year end balances with related parties were as
follows:
2024 2023
Sub note £'000 £'000
Charges to Wittington Investments Limited in respect of services provided by 984 985
the Company and its subsidiary undertakings
Sales to fellow subsidiary undertakings on normal trading terms 1 19 18
Sales to companies with common key management personnel on normal trading 2 9,740 9,912
terms
Amounts due from companies with common key management personnel 2 770 1,028
Sales to joint ventures on normal trading terms 23,172 40,645
Sales to associates on normal trading terms 103,248 88,753
Purchases from joint ventures on normal trading terms 463,030 482,267
Purchases from associates on normal trading terms 76,185 97,844
Amounts due from joint ventures 3,899 36,986
Amounts due from associates 7,804 8,745
Amounts due to joint ventures 30,240 17,609
Amounts due to associates 1,219 7,161
1. The fellow subsidiary undertaking is Fortnum and Mason plc.
2. The company with common key management personnel is the George Weston
Limited group, in Canada.
Prior year amounts due from joint ventures included £32m (£4m of which was
current) of finance lease receivables and the remainder was trading balances.
In the current year all amounts due are trading balances.
10. Other Information
The financial information set out above does not constitute the Company's
statutory accounts for the 52 weeks ended 14 September 2024, or the 52 weeks
ended 16 September 2023. Statutory accounts for 2023 have been delivered to
the Registrar of Companies and those for 2024 will be delivered following the
Company's annual general meeting. The auditors have reported on those
accounts. Their reports were (i) unqualified, (ii) did not include references
to any matters to which the auditors drew attention by way of emphasis without
qualifying their reports and (iii) did not contain a statement under section
498(2) or (3) of the Companies Act 2006 in respect of the accounts.
11. Basis of preparation
The Company presents its consolidated financial statements in sterling,
rounded to the nearest million, prepared on the historical cost basis except
that current biological assets and certain financial instruments are stated at
fair value, and assets classified as held for sale are stated at the lower of
carrying amount and fair value less costs to sell.
The preparation of financial statements under Adopted IFRS requires management
to make judgements, estimates and assumptions about the reported amounts of
assets and liabilities, income and expenses and the disclosure of contingent
assets and liabilities. The estimates and associated assumptions are based on
experience. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed regularly. Revisions to
accounting estimates are recognised prospectively from when the estimates are
revised.
Details of accounting standards which came into force in the year are set out
in note 12 below.
The Group's consolidated financial statements are prepared to the Saturday
nearest to 15 September. Accordingly, they have been prepared for the 52 weeks
ended 14 September 2024 (2023 - 52 weeks ended 16 September 2023).
To avoid delay in the preparation of the consolidated financial statements,
the results of certain subsidiaries, joint ventures and associates are
included to 31 August each year.
Adjustments have been made where appropriate for significant transactions or
events occurring between 31 August and 14 September.
12. New accounting standards
The Group adopted the following accounting standards and amendments during the
year with no significant impact:
International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)
Deferred Tax related to Assets and Liabilities arising from a Single
Transaction (Amendments to IAS 12)
Definition of Accounting Estimates (Amendments to IAS 8)
Disclosure of Accounting policies (Amendments to IAS 1 and IFRS Practice
Statement 2)
IFRS 17 Insurance Contracts, Amendments to IFRS 17, Initial Adoption of IFRS
17 and IFRS 9 - Comparative Information
The Group is assessing the impact of the following standards, interpretations
and amendments that are not yet effective.
Where already endorsed by the UKEB, these changes will be adopted on the
effective dates noted. Where not yet endorsed by the UKEB, the adoption date
is less certain:
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), effective
2025 financial year
Amendments to IAS 1 Presentation of Financial Statements, effective 2025
financial year
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1),
effective 2025 financial year
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7), effective
2025 financial year
Lack of Exchangeability (Amendments to IAS 21), effective 2026 financial year
IFRS 18 Presentation and Disclosures in Financial Statements, effective 2028
financial year (not yet endorsed by UKEB)
Amendments to the Classification and Measurement of Financial Instruments
effective 2027 financial year (not yet endorsed by UKEB).
13. Alternative performance measures
In reporting financial information, the Board uses various APMs which it
believes provide useful additional information for understanding the financial
performance and financial health of the Group. These APMs should be considered
in addition to IFRS measures and are not intended to be a substitute for them.
Since IFRS does not define APMs, they may not be directly comparable
to similar measures used by other companies.
The Board also uses APMs to improve the comparability of information between
reporting periods and geographical units (such as like-for-like sales) by
adjusting for non-recurring or uncontrollable factors which affect IFRS
measures, to aid users in understanding the Group's performance.
Consequently, the Board and management use APMs for performance analysis,
planning, reporting and incentive-setting.
APM Closest equivalent IFRS measure Definition/purpose Reconciliation/calculation
Like-for-like sales No direct equivalent The like-for-like sales metric enables measurement of the performance of our Consistent with the definition given
retail stores on a comparable year-on-year basis.
This measure represents the change in sales at constant currency in our retail
stores adjusted for new stores, closures and relocations. Refits, extensions
and downsizes are also adjusted for if a store's retail square footage changes
by 10% or more. For each change described above, a store's sales are excluded
from like-for-like sales for one year.
No adjustments are made for disruption during refits, extensions or downsizes
if a store's retail square footage changes by less than 10%, for
cannibalisation by new stores, or for the timing of national or bank holidays.
It is measured against comparable trading days in each year.
Adjusted operating profit Operating profit Adjusted operating profit is stated before amortisation of non- operating A reconciliation of this measure is provided on the face of the consolidated
intangibles, transaction costs, amortisation of fair value adjustments made to income statement and by operating segment in note 1 of the financial
acquired inventory, profits less losses on disposal of non-current assets and statements
exceptional items.
Items defined above which arise in the Group's joint ventures and associates
are also treated as adjusting items for the purposes of Adjusted operating
profit.
Adjusted operating (profit) margin No direct equivalent Adjusted operating (profit) margin is Adjusted operating profit as a See note A
percentage of revenue.
Adjusted profit before tax Profit before tax Adjusted profit before tax is stated before amortisation of non- operating A reconciliation of this measure is provided on the face of the consolidated
intangibles, transaction costs, amortisation of fair value adjustments made to income statement and by operating segment in note 1 of the financial
acquired inventory, profits less losses on disposal of non-current assets, statements
profits less losses on sale and closure of businesses and exceptional items.
Items defined above which arise in the Group's joint ventures and associates
are also treated as adjusting items for the purposes of Adjusted profit before
tax.
Adjusted earnings and Adjusted earnings per share Earnings and earnings per share Adjusted earnings and Adjusted earnings per share are stated before Reconciliations of these measures are provided in note 7 of the financial
amortisation of non-operating intangibles, transaction costs, amortisation of statements
fair value adjustments made to acquired inventory, profits less losses on
disposal of non-current assets, profits less losses on sale and closure of
businesses and exceptional items, together with the related tax effect.
Items defined above which arise in the Group's joint ventures and associates
are also treated as adjusting items for the purposes of Adjusted earnings and
Adjusted earnings per share.
Exceptional No direct Exceptional items are items of income and expenditure which are significant Exceptional items are
and unusual in nature and are considered of such significance that they
items equivalent require separate disclosure on the face of the income statement. included on the face of
the consolidated income statement with further detail provided in note 2 of
the financial statements
Constant Revenue and Constant currency measures are derived by translating the relevant prior year See note B
figures at current year average exchange rates, except for countries where CPI
currency Adjusted has escalated to extreme levels, in which case actual exchange rates are used.
There are currently three countries where the Group has operations in this
operating position - Argentina, Venezuela and Turkey.
profit (non-
IFRS) measure
Effective tax rate No direct This measure is the tax charge for the year expressed as a percentage of Whilst the Effective tax rate is not disclosed, a reconciliation of the tax
profit before tax. charge on profit before tax at the UK corporation tax rate to the actual tax
equivalent
charge is provided in note 5 of the financial
statements
Adjusted effective tax rate No direct This measure is the tax charge for the year excluding tax on adjusting items The tax impact of
expressed as a percentage of Adjusted profit before tax.
equivalent
reconciling items between profit before tax and Adjusted profit before tax is
shown in note 7 of the financial statements
Dividend cover No direct Dividend cover is the ratio of Adjusted earnings per share to dividends per See note C
share relating to the year.
equivalent
Capital expenditure No direct Capital expenditure is a measure of investment in non-current assets in See note D
existing businesses. It comprises cash outflows from the purchase of property,
equivalent plant and equipment and intangibles.
Gross investment No direct Gross investment is a measure of investment in non-current assets in existing See note E
businesses and acquisition of new businesses. It comprises capital
equivalent expenditure, cash outflows from the purchase of subsidiaries, joint ventures
and associates, additional shares in subsidiary undertakings purchased from
non-controlling interests and other investments.
Net cash/debt before lease liabilities No direct This measure comprises cash, cash equivalents and overdrafts, current asset A reconciliation of this
investments and loans.
equivalent
measure is shown in note 8
Net cash/debt including lease liabilities No direct This measure comprises cash, cash equivalents and overdrafts, current asset A reconciliation of this
investments, loans and lease liabilities.
equivalent
measure is shown in note 8
Adjusted EBITDA Adjusted Adjusted EBITDA is stated before depreciation, amortisation and impairments See note F
charged to Adjusted operating profit.
operating
profit
(non-IFRS)
measure
Financial leverage ratio No direct Financial leverage is the ratio of net cash/debt including lease liabilities See note F
to Adjusted EBITDA.
equivalent
Free cash flow No direct This measure represents the cash that the Group generates from its operations See note G
after maintaining and investing in its capital assets.
equivalent
All the items below Adjusted EBITDA can be found on the face of the cash flow
statement or derived directly from it.
Working capital comprises the movements in inventories, receivables and
payables within net cash generated from operating activities.
Net interest paid is the sum of interest received within net cash used in
investing activities and interest paid within net cash used in financing
activities.
Share of adjusted profit after tax from joint ventures and associates is the
amount on the face of the cash flow statement, plus the £3m (2023 - £3m)
non-operating intangible amortisation which is not included in Adjusted
EBITDA.
Other includes all other items from net cash generated from operating
activities and net cash used in investing activities except for the purchase
and sale of subsidiaries, joint ventures and associates, plus dividends paid
to non-controlling interests and the movement from changes in own shares held.
Total liquidity No direct Total liquidity comprises cash, cash equivalents and current asset See note H
investments, less non-qualifying borrowings and an estimate of inaccessible
equivalent cash, plus the qualifying credit facilities.
Cash, cash equivalents and current asset investments are set out in note 18.
Non-qualifying borrowings are current loans and overdrafts and any non-current
borrowings that are uncommitted or that contain covenants that could be
breached in a severe downside scenario.
Current loans and overdrafts are set out in note 19.
Inaccessible cash is generally located in jurisdictions where there is limited
access to foreign currency or where there are exchange controls. It is
estimated at 5% of cash and cash equivalents.
Qualifying credit facilities have a maturity of more than 18 months, are
committed, and either contain no performance covenants, or where they do, they
are assessed as highly unlikely to be breached even in a severe downside
scenario. At 14 September 2024, this comprised the RCF.
(Average) capital employed No direct Capital employed is derived from the management balance sheet and does not Consistent with the definition given
reconcile directly to the statutory balance sheet. All elements are calculated
equivalent in accordance with Adopted IFRS.
Average capital employed for each segment and for the Group is calculated by
averaging capital employed for each period of the year based on the reporting
calendar of each business.
Return on (average) capital employed No direct This measure expresses Adjusted operating profit as a percentage of Average Consistent with the definition given
capital employed.
equivalent
(Average) working capital No direct Working capital is derived from the management balance sheet and does not Consistent with the definition given
reconcile directly to the statutory balance sheet. All elements are calculated
equivalent in accordance with Adopted IFRS.
Average working capital for each segment and for the Group is calculated by
averaging working capital for each period of the year based on the reporting
calendar of each business.
(Average) working capital as a percentage of revenue No direct This measure expresses (Average) working capital as a percentage of revenue. Consistent with the definition given
equivalent
Note A
Retail Grocery Ingredients Sugar Agriculture Central and disposed business Total
£m £m £m £m £m £m £m
2024
External revenue from continuing businesses 9,448 4,242 2,134 2,529 1,650 70 20,073
Adjusted operating profit 1,108 511 233 199 41 (94) 1,998
Adjusted operating margin % 11.7% 12.1% 10.9% 7.9% 2.5% 10.0%
2023
External revenue from continuing businesses 9,008 4,198 2,157 2,474 1,840 73 19,750
Adjusted operating profit 735 448 214 179 41 (104) 1,513
Adjusted operating margin % 8.2% 10.7% 9.9% 7.2% 2.2% 7.7%
Note B
Retail Grocery Ingredients Sugar Agriculture Central and disposed business Total
£m £m £m £m £m £m £m
2024
External revenue from continuing businesses at actual rates 9,448 4,242 2,134 2,529 1,650 70 20,073
2023
External revenue from continuing businesses at actual rates 9,008 4,198 2,157 2,474 1,840 73 19,750
Impact of foreign exchange (94) (108) (62) (199) (22) (4) (489)
External revenue from continuing businesses at constant currency 8,914 4,090 2,095 2,275 1,818 69 19,261
% change at constant currency +6% +4% +2% +11% -9% +4%
Retail Grocery Ingredients Sugar Agriculture Central and disposed business Total
£m £m £m £m £m £m £m
2024
Adjusted operating profit at actual rates 1,108 511 233 199 41 (94) 1,998
2023
Adjusted operating profit at actual rates 735 448 214 179 41 (104) 1,513
Impact of foreign exchange (3) (13) (6) (43) (1) - (66)
Adjusted operating profit at constant currency 732 435 208 136 40 (104) 1,447
% change at constant currency 51% +17% +12% +46% +3% +38%
Note C
2024 2023
Adjusted earnings per share (in pence) 196.9 141.8
Dividend relating to the period (in pence) - excluding special dividend 63.0 47.3
proposed
Dividend cover 3.1 3.0
Note D
2024 2023
From the cash flow statement £m £m
Purchase of property, plant and equipment 1124 997
Purchase of intangibles 60 76
Capital expenditure 1184 1073
Note E
2024 2023
From the cash flow statement £m £m
Purchase of property, plant and equipment 1124 997
Purchase of intangibles 60 76
Purchase of subsidiaries, joint ventures and associates 93 94
Purchase of other investments 4 4
Gross investment 1281 1,171
Note F
2024 2023
£m £m
Adjusted operating profit 1998 1,513
Charged to adjusted operating profit:
Depreciation of property, plant and equipment and investment properties 555 531
Amortisation of operating intangibles 63 44
Depreciation of right-of-use assets and non-cash lease adjustments 294 273
Adjusted EBITDA 2910 2,361
Net debt including lease liabilities (2,021) (2,265)
Financial leverage ratio 0.7x 1.0x
Note G
2024 2023
£m £m
Adjusted EBITDA (see note F) 2910 2,361
Repayment of lease liabilities net of incentives received (308) (246)
Working capital 305 (216)
Capital expenditure (see note D) (1184) (1,073)
Purchase of subsidiaries, joint ventures and associates (93) (94)
Sale of subsidiaries, joint ventures and associates 24 4
Net interest paid (69) (74)
Income taxes paid (340) (341)
Share of adjusted profit after tax from joint ventures and associates (120) (127)
Dividends received from joint ventures and associates 105 107
Other 125 (32)
Free cash flow 1355 269
Note H
2024 2023
£m £m
Cash and cash equivalents 1,323 1,457
Current asset investments 334 -
Current loans and overdrafts (159) (168)
Non-qualifying non-current borrowings* (63) -
Estimated inaccessible cash (66) (73)
Qualifying credit facilities 1,500 1,500
Total liquidity 2,869 2,716
*At 14 September 2024, non-current borrowings on the face of the balance sheet
included the £400m public bond due in 2034 (carrying value £391m) as
qualifying borrowings.
Cautionary statements
Certain statements included in this report may constitute 'forward-looking
statements'. Forward-looking statements are all statements that do not relate
to historical facts and events, and include statements concerning the
Company's plans, objectives, goals, financial condition, strategies and future
operations and performance and the assumptions underlying these
forward-looking statements. The Company often, but not always, uses the words
'may', 'will', 'could', 'believes', 'assumes', 'intends', 'estimates',
'expects', 'plans', 'seeks', 'approximately', 'aims', 'projects',
'anticipates' or similar expressions, or the negative thereof, to generally
identify forward looking statements. Forward-looking statements may be set
forth in a number of places in this report. The Company has based these
forward-looking statements on the current view with respect to future events
and financial performance. These views involve uncertainties and are subject
to certain risks, the occurrence of which could cause actual results to differ
materially from those predicted in the forward-looking statements contained in
this report and from past results, performance or achievements. Although the
Company believes that the estimates and the projections reflected in its
forward-looking statements are reasonable, if one or more of the risks or
uncertainties materialise or occur, including those which the Company has
identified in its report, or if any of the Company's underlying assumptions
prove to be incomplete or incorrect, the Company's actual results of
operations may vary from those expected, estimated or projected. These
forward-looking statements are made only as at the date of this report. Except
to the extent required by law, the Company is not obliged to, and does not
intend to, update or revise any forward-looking statements made in this report
whether as a result of new information, future events or otherwise. All
subsequent written or oral forward-looking statements attributable to the
Company, or persons acting on the Company's behalf, are expressly qualified in
their entirety by the cautionary statements contained throughout this report.
As a result of these risks, uncertainties and assumptions, readers should not
place undue reliance on these forward-looking statements and persons needing
advice should consult an independent financial adviser. This report does not
constitute an invitation to underwrite, subscribe for or otherwise acquire or
dispose of any shares or other securities in the Company. No statement in this
report is intended to be, nor should be construed as, a profit forecast or a
profit estimate.
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