REG - Assoc British Foods - ABF interim results for 24 weeks ended 28 Feb 2015 <Origin Href="QuoteRef">ABF.L</Origin> - Part 2
15/07/2015 13:48
- Part 2: For the preceding part double click ID:nRSU7064Ka
Total comprehensive income
Profit for the period recognised in the income statement - - - - 341 341 (7) 334
Remeasurements of defined benefit schemes - - - - (55) (55) (1) (56)
Deferred tax associated with defined benefit schemes - - - - 12 12 - 12
Items that will not be reclassified to profit or loss - - - - (43) (43) (1) (44)
Effect of movements in foreign exchange - - (244) - - (244) (48) (292)
Net gain on hedge of net investment in foreign subsidiaries - - 38 - - 38 - 38
Movement in cash flow hedging position - - - (7) - (7) - (7)
Deferred tax associated with movement in cash flow hedging position - - - 2 - 2 - 2
Share of other comprehensive income of joint ventures and associates - - - - (7) (7) - (7)
Items that are or may be subsequently reclassified to profit or loss - - (206) (5) (7) (218) (48) (266)
Other comprehensive income - - (206) (5) (50) (261) (49) (310)
Total comprehensive income - - (206) (5) 291 80 (56) 24
Transactions with owners
Dividends paid to equity shareholders 5 - - - - (179) (179) - (179)
Net movement in own shares held - - - - 6 6 - 6
Dividends paid to non-controlling interests - - - - - - (8) (8)
Total transactions with owners - - - - (173) (173) (8) (181)
Balance as at 1 March 2014 45 175 234 (18) 5,626 6,062 300 6,362
Balance as at 14 September 2013 45 175 440 (13) 5,508 6,155 364 6,519
Total comprehensive income
Profit for the period recognised in the income statement - - - - 762 762 21 783
Remeasurements of defined benefit schemes - - - - (25) (25) - (25)
Deferred tax associated with defined benefit schemes - - - - 3 3 - 3
Items that will not be reclassified to profit or loss - - - - (22) (22) - (22)
Effect of movements in foreign exchange - - (224) - - (224) (51) (275)
Net gain on hedge of net investment in foreign subsidiaries - - 25 - - 25 - 25
Current tax associated with movements in foreign exchange - - 2 - - 2 - 2
Movement in cash flow hedging position - - - 53 - 53 2 55
Deferred tax associated with movement in cash flow hedging position - - - (11) - (11) - (11)
Share of other comprehensive income of joint ventures and associates - - (5) - - (5) - (5)
Items that are or may be subsequently reclassified to profit or loss - - (202) 42 - (160) (49) (209)
Other comprehensive income - - (202) 42 (22) (182) (49) (231)
Total comprehensive income - - (202) 42 740 580 (28) 552
Transactions with owners
Dividends paid to equity shareholders 5 - - - - (256) (256) - (256)
Net movement in own shares held - - - - (44) (44) - (44)
Current tax associated with share-based payments - - - - 2 2 - 2
Dividends paid to non-controlling interests - - - - - - (21) (21)
Acquisition of non-controlling interests - - - - - - 1 1
Total transactions with owners - - - - (298) (298) (20) (318)
Balance as at 13 September 2014 45 175 238 29 5,950 6,437 316 6,753
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
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. 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
and deferred tax assets, and all
current assets except cash and
cash equivalents. Segment
liabilities comprise trade and
other payables, derivative
liabilities and provisions.
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, operating
intangibles and biological assets.
The group is comprised of the
following operating segments:
Grocery Sugar The manufacture of grocery products, including hot beverages, sugar & sweeteners, vegetable oils, bread & baked goods, cereals, ethnic foods, herbs & spices, and meat products which are sold to retail, wholesale and foodservice businesses.The growing and processing of sugar beet and sugar cane for sale to industrial users and to Silver Spoon, which is included in the grocery segment.The manufacture of animal feeds and the provision of other products and services for the agriculture sector.The manufacture of bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities.Buying and merchandising value clothing and accessories through the Primark and Penneys retail chains.
AgricultureIngredientsRetail
Geographical informationIn
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
24 weeksended28 February2015 24 weeksended1 March2014 52 weeksended13 September2014 24 weeksended28 February2015 24 weeksended1 March2014 52 weeksended13 September2014
Operating segments £m £m £m £m £m £m
Grocery 1,580 1,653 3,337 128 123 269
Sugar 928 1,027 2,083 (3) 64 189
Agriculture 577 625 1,312 23 19 50
Ingredients 616 623 1,261 28 17 41
Retail 2,547 2,278 4,950 322 298 662
Central - - - (24) (25) (49)
6,248 6,206 12,943 474 496 1,162
Businesses disposed:
Grocery - - - - 1 1
6,248 6,206 12,943 474 497 1,163
Geographical information
United Kingdom 2,574 2,603 5,631 248 267 602
Europe & Africa 2,077 1,964 3,924 142 149 393
The Americas 622 610 1,211 73 64 127
Asia Pacific 975 1,029 2,177 11 16 40
6,248 6,206 12,943 474 496 1,162
Businesses disposed:
Asia Pacific - - - - 1 1
6,248 6,206 12,943 474 497 1,163
During 2014, the activities of AB
Mauri's yeast and bakery
ingredients businesses in
Australia and New Zealand were
merged with the flour milling
business of George Weston Foods.
The results of the flour milling
business, which were previously
included within the Grocery
segment, are now included in the
Ingredients segment. The
comparative results for the 2014
half year have been reclassified
resulting in revenue of £114m and
adjusted operating profit of £2m
being transferred from Grocery to
Ingredients. Segment assets and
liabilities have also been
restated in this respect.
1 Operating segments for the 24 weeks ended 28 February 2015
Grocery Sugar Agriculture Ingredients Retail Central Total
£m £m £m £m £m £m £m
Revenue from continuing businesses 1,581 960 577 693 2,547 (110) 6,248
Internal revenue (1) (32) - (77) - 110 -
Revenue from external customers 1,580 928 577 616 2,547 - 6,248
Adjusted operating profit before joint ventures and associates 118 (3) 20 23 322 (24) 456
Share of profit after tax from joint ventures and associates 10 - 3 5 - - 18
Adjusted operating profit 128 (3) 23 28 322 (24) 474
Profit less losses on disposal of non-current assets 7 1 - - 1 (4) 5
Amortisation of non-operating intangibles (10) (18) - - - - (28)
Exceptional items - (98) - - - - (98)
Profits less losses on sale and closure of businesses - (116) - - - - (116)
Profit before interest 125 (234) 23 28 323 (28) 237
Finance income 6 6
Finance expense (32) (32)
Other financial income 2 2
Taxation (89) (89)
Profit for the period 125 (234) 23 28 323 (141) 124
Segment assets (excluding joint ventures and associates) 2,466 2,454 356 1,218 2,861 157 9,512
Investments in joint ventures and associates 22 14 116 48 - - 200
Segment assets 2,488 2,468 472 1,266 2,861 157 9,712
Cash and cash equivalents 283 283
Deferred tax assets 132 132
Employee benefits assets 30 30
Segment liabilities (463) (515) (121) (213) (575) (143) (2,030)
Loans and overdrafts (1,084) (1,084)
Income tax (175) (175)
Deferred tax liabilities (245) (245)
Employee benefits liabilities (131) (131)
Net assets 2,025 1,953 351 1,053 2,286 (1,176) 6,492
Non-current asset additions 53 55 8 24 131 2 273
Depreciation 45 48 4 22 78 2 199
Amortisation 18 20 1 2 - - 41
Impairment of property, plant and equipment on closure of business - 14 - - - - 14
Impairment of operating intangibles on closure of business - 5 - - - - 5
Impairment of goodwill on sale and closure of business - 46 - - - - 46
Geographical information United Europe The Asia
Kingdom & Africa Americas Pacific Total
£m £m £m £m £m
Revenue from external customers 2,574 2,077 622 975 6,248
Segment assets 4,232 3,007 971 1,502 9,712
Non-current asset additions 106 122 17 28 273
Depreciation 90 58 12 39 199
Amortisation 10 24 2 5 41
Impairment of property, plant and equipment on closure of business - - - 14 14
Impairment of operating intangibles on closure of business - - - 5 5
Impairment of goodwill on sale and closure of business - - - 46 46
1 Operating segments for the 24 weeks ended 1 March 2014
Grocery Sugar Agriculture Ingredients Retail Central Total
£m £m £m £m £m £m £m
Revenue from continuing businesses 1,656 1,072 625 702 2,278 (127) 6,206
Internal revenue (3) (45) - (79) - 127 -
Revenue from external customers 1,653 1,027 625 623 2,278 - 6,206
Adjusted operating profit before joint ventures and associates 118 78 16 12 298 (25) 497
Share of profit after tax from joint ventures and associates 5 (14) 3 5 - - (1)
Businesses disposed 1 - - - - - 1
Adjusted operating profit 124 64 19 17 298 (25) 497
Profit less losses on disposal of non-current assets 2 - - - (1) - 1
Amortisation of non-operating intangibles (23) (9) (2) (1) - - (35)
Profit before interest 103 55 17 16 297 (25) 463
Finance income 9 9
Finance expense (38) (38)
Taxation (100) (100)
Profit for the period 103 55 17 16 297 (154) 334
Segment assets (excluding joint ventures and associates) 2,408 2,515 343 1,244 2,556 213 9,279
Investments in joint ventures and associates 36 24 102 51 - - 213
Segment assets 2,444 2,539 445 1,295 2,556 213 9,492
Cash and cash equivalents 311 311
Deferred tax assets 218 218
Employee benefits assets 25 25
Segment liabilities (472) (490) (121) (223) (475) (141) (1,922)
Loans and overdrafts (1,138) (1,138)
Income tax (164) (164)
Deferred tax liabilities (363) (363)
Employee benefits liabilities (97) (97)
Net assets 1,972 2,049 324 1,072 2,081 (1,136) 6,362
Non-current asset additions 59 48 9 28 168 1 313
Depreciation 47 42 3 22 71 2 187
Amortisation 31 10 3 2 - - 46
Geographical information United Europe The Asia
Kingdom & Africa Americas Pacific Total
£m £m £m £m £m
Revenue from external customers 2,603 1,964 610 1,029 6,206
Segment assets 4,025 2,843 958 1,666 9,492
Non-current asset additions 116 149 18 30 313
Depreciation 88 49 13 37 187
Amortisation 10 10 20 6 46
1 Operating segments for the 52 weeks ended 13 September 2014
Grocery Sugar Agriculture Ingredients Retail Central Total
£m £m £m £m £m £m £m
Revenue from continuing businesses 3,344 2,164 1,312 1,423 4,950 (250) 12,943
Internal revenue (7) (81) - (162) - 250 -
Revenue from external customers 3,337 2,083 1,312 1,261 4,950 - 12,943
Adjusted operating profit before joint ventures and associates 254 215 36 31 662 (49) 1,149
Share of profit after tax from joint ventures and associates 15 (26) 14 10 - - 13
Businesses disposed 1 - - - - - 1
Adjusted operating profit 270 189 50 41 662 (49) 1,163
Profits less losses on disposal of non-current assets 6 - 1 - (14) (4) (11)
Amortisation of non-operating intangibles (50) (17) (3) (2) - - (72)
Profits less losses on sale and closure of businesses - - - (2) - - (2)
Profit before interest 226 172 48 37 648 (53) 1,078
Finance income 15 15
Finance expense (73) (73)
Taxation (237) (237)
Profit for the period 226 172 48 37 648 (348) 783
Segment assets (excluding joint ventures and associates) 2,431 2,327 312 1,266 2,948 215 9,499
Investments in joint ventures and associates 38 13 113 48 - - 212
Segment assets 2,469 2,340 425 1,314 2,948 215 9,711
Cash and cash equivalents 519 519
Deferred tax assets 152 152
Employee benefits assets 90 90
Segment liabilities (495) (385) (125) (251) (784) (122) (2,162)
Loans and overdrafts (965) (965)
Income tax (193) (193)
Deferred
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