TIDMGNC

RNS Number : 8479H

Greencore Group PLC

29 November 2022

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FULL YEAR RESULTS STATEMENT

For the year ended 30 September 2022

29 November 2022

Strong improvement in revenue and profitability in FY22

Greencore Group plc ('Greencore' or the 'Group'), a leading manufacturer of convenience food in the UK, today issues its results for the 53 weeks ended 30 September 2022.

PERFORMANCE (1,2)

-- Strong growth in food to go and other convenience categories drove Group Revenue growth of 31.3% above FY21 levels to GBP1.7bn and 20.3% above FY19 levels

-- Pro Forma Revenue growth in food to go categories increased by 35.2% year on year, driven by a combination of strong underlying volume growth, contribution from new wins, and increased pricing as we continued to recover inflation

-- Pro Forma Revenue growth in other convenience categories increased by 19.2%, driven by increased underlying pricing and higher revenue in the Group's Irish ingredients trading business

-- Significant growth in Adjusted Operating Profit, in line with previous guidance, up GBP33.2m to GBP72.2m (FY21: GBP39.0m), with Adjusted Operating Margin of 4.2% (FY21: 2.9%)

-- Group ROIC increased to 8.4% from 4.5% at the end of FY21 due to the increase in Operating Profit

   --    Adjusted EPS of 9.2p up 5.5p (FY21: 3.7p) 

-- Net Debt (excluding lease liabilities) of GBP180.0m at year end (FY21: GBP183.1m) after GBP33.1m strategic capex and GBP8.8m share buyback completed during the year

-- Robust balance sheet with substantial liquidity headroom and continued progress on deleveraging. Net Debt: EBITDA of 1.5x as measured under financing agreements has now reached the Group's target range of 1.0x - 1.5x. Committed facilities of GBP578.0m (FY21: GBP433.6m)

-- Completed GBP10m share buyback programme in early October which is the first phase of the GBP50m value return to shareholders announced in May 2022. Intention to return a further GBP15m of value to shareholders in the form of a share buyback in FY23

OPERATING & STRATEGIC UPDATE (1)

-- Maintained high operational service levels during the year, working closely with our customers and supply partners to manage ongoing supply-side challenges and disruptions

-- Completed onboarding of new business wins, expanding the Group's product ranges and channel reach. New business wins accounted for approximately 4.4% of the Group's pro forma revenue growth in FY22

   --    Recovered or mitigated all FY22 input cost and other inflation 

-- Completed strategic capital investment programme to support the delivery of previously announced business wins. There are some commissioning challenges as we ramp up production and we are working to resolve these in the first half of FY23

-- Launched Better Greencore, our change programme with the first phase targeted to deliver annual recurring benefits of approximately GBP30m in FY24. The second phase, focusing on operational and technological excellence, will be launched in FY23. The Group recognised an exceptional charge of GBP16.1m in respect of the work carried out in the financial year

-- Advanced our sustainability agenda relating to the data and systems framework to measure performance effectively. The Group also commenced a collaboration project with a key customer on category level eco-footprinting

OUTLOOK (1)

Revenue performance in the early weeks of FY23 has broadly held up however, we do note some mix effect between categories. We remain cautious about the potential impact of the recessionary environment and cost-of-living factors on consumer spending through the year ahead, the impact of which has not yet been fully absorbed by the consumer.

We expect that FY23 will be a year of further substantial inflation and are working closely with our customers on recovery and mitigation. We remain focused on the execution of our change programme, Better Greencore, and are planning for the second phase which will focus on operational and technological excellence.

We continue to make decisions on customer contracts which are no longer economic, with a heightened focus on our ability to recover inflation.

The Board is confident that a continued focus on the strengths of the business, underpinned by our resilient balance sheet and the efficiency and productivity gains related to our Better Greencore programme will support the further successful progress of the Group in the years ahead.

SUMMARY FINANCIAL PERFORMANCE (1,2)

 
                                         FY22     FY21     Change 
                                         GBPm     GBPm 
 
Group Revenue                            1,739.6  1,324.8  +31.3% 
Pro Forma Revenue Growth                 29.4% 
Adjusted EBITDA                          126.9    92.3     +37.5% 
Group Operating Profit                   52.1     42.8     +21.7% 
Adjusted Operating Profit                72.2     39.0     +GBP33.2m 
Adjusted Operating Margin                4.2%     2.9%     +130bps 
Group Profit Before Tax                  39.8     27.8     +GBP12.0m 
Adjusted Profit Before Tax               59.8     22.6     +GBP37.2m 
 
Basic EPS (pence)                        6.2      5.0 
Group Exceptional Items (after 
 tax)                                    (13.5)   12.1 
Adjusted EPS (pence)                     9.2      3.7      5.5p 
 
Free Cash Flow                           58.7     72.2     -GBP13.5m 
Net Debt                                 228.0    242.7    14.7m 
Net Debt (excluding lease liabilities)   180.0    183.1    GBP3.1m 
Return on Invested Capital 
 ("ROIC")                                8.4%     4.5% 
 
 

Commenting on the results, Dalton Philips, Chief Executive Officer (CEO), said:

"Greencore has made great progress in recovering from a very challenging period with revenue, profits, leverage and returns all improving significantly in FY22. I want to acknowledge and thank our teams and colleagues who have done and continue to do a fantastic job every day in driving the business forward.

My first few weeks in the CEO role have confirmed to me the fantastic capability and potential of this business. Our leading market positions, close customer relationships, well invested facilities and intense focus on efficiencies give us confidence as we continue to navigate our way through the challenges of the current macroeconomic climate."

____________________________________________________________________________________________________

1 The Group uses Alternative Performance Measures ('APMs') which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole.

These APMs along with their definitions are provided in the Appendix to the Full Year Results Statement.

2 The financial year is the 53-week period ended 30 September 2022 with comparatives for the 52-week period ended 24 September 2021.

Basis of preparation

The financial information included within this Results Statement is based on the audited consolidated financial statements of Greencore Group plc. Details of the basis of preparation can be found in Note 1 to the attached financial information.

Forward--looking statements

Certain statements made in this document are, or may be deemed to be, forward--looking. These represent expectations for the Group's business, and involve known and unknown risks and uncertainties, many of which are beyond the Group's control. The Group has based these forward--looking statements on current expectations and projections about future events based on information currently available to the Group. The forward-looking statements contained in this document include statements relating to the financial condition, results of operations, business, viability and future performance of the Group and certain of the Group's plans and objectives. These forward-looking statements include all statements that do not relate only to historical or current facts and may generally, but not always, be identified by the use of words such as 'will', 'aims', achieves', 'anticipates', 'continue', 'could', 'develop', 'should', 'expects', 'is expected to', 'may', maintain', 'grow', 'estimates', 'ensure', 'believes', 'intends', 'projects', 'sustain', 'targets', or the negative thereof, or similar future or conditional expressions, but their absence does not mean that a statement is not forward-looking.

By their nature, forward-looking statements are prospective and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future and reflect the Group's current expectations and assumptions as to such future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by forward-looking statements. There may be risks and uncertainties that the Group is unable to predict at this time or that the Group currently does not expect to have a material adverse effect on its business. You should not place undue reliance on any forward-looking statements. These forward-looking statements are made as of the date of this announcement. The Group expressly disclaims any obligation to publicly update or review these forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

Presentation & Conference Call

A presentation of the results for analysts and institutional investors will take place at 8.00am on 29 November 2022 at etc. venues, 8 Fenchurch Place, London EC3M 4PB. The presentation slides will be available on the Investor Relations section on www.greencore.com from 7.00am that morning.

This presentation can also be accessed live from the Investor Relations section on www.greencore.com or alternatively via conference call. Registration and dial in details are available at www.greencore.com/investor-relations/

For further information, please contact:

 
Dalton Philips                Chief Executive Officer  Tel: +353 (0) 
                                                        1 486 3326 
Emma Hynes                    Chief Financial Officer  Tel: +353 (0) 
                                                        1 486 3307 
 
 
Rob Greening/ Nick Hayns/     Powerscourt              Tel: +44 (0) 20 
 Sam Austrums                                           7250 1446 
Billy Murphy/ Claire Rowley/  Drury Communications     Tel: +353 (0) 
 Cian Doherty                                           1 260 5000 
 

About Greencore

We are a leading manufacturer of convenience food in the UK and our purpose is to make every day taste better. We supply to all the major supermarkets in the UK. We also supply convenience and travel retail outlets, discounters, coffee shops, foodservice and other retailers. We have strong market positions in a range of categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings.

In FY22, we manufactured 795m sandwiches and other food to go products, 127m chilled prepared meals, and 296m bottles of cooking sauces, pickles, condiments and chilled soups. We carry out more than 10,600 direct to store deliveries each day. We have 23 world-class manufacturing units across 16 locations in the UK, with industry-leading technology and supply chain capabilities. We generated revenues of GBP1.7bn in FY22 and employ approximately 14,000 people. We are headquartered in Dublin, Ireland. For further information go to www.greencore.com or follow Greencore on social media.

OPERATING REVIEW (1,2)

Strategic developments

We made strong progress against our strategic objectives in FY22, delivering good year on year volume growth while recovering significant levels of ongoing inflation and enhancing profit conversion. This progress was underpinned by close customer engagement in what has been, and continues to be, a very challenging trading environment for the food industry. Overall demand in the Group's categories has been very resilient, with demand supported by robust service levels across the network, despite having to navigate ongoing and challenging inbound supply chain disruption.

Onboarding of previously announced new business wins continued during the quarter, expanding the Group's product ranges and channel reach. New business wins accounted for approximately 4.4% of the Group's Pro Forma Revenue growth in FY22. The Group also continued to work closely with customers on product and range innovations to mitigate the impact of inflation at consumer level.

Our strategic capital investment programme of approximately GBP30m across three existing manufacturing sites, to support the delivery of previously announced business wins, was completed in Q4. There are some commissioning challenges as we ramp up production in our new ready meals production unit. We are focused on managing this disruption and driving operating efficiency and improved output and conversion rates.

Better Greencore, our change programme, continues to progress well. The first phase of the programme is expected to deliver an annual recurring benefit of approximately GBP30m in FY24. To unlock these improvements the Group will invest a total of approximately GBP24m comprising operating and capital costs during FY22 and FY23 of which GBP16.1m has been incurred in 2022. The internal operational and organisation model has changed fundamentally in this first phase, realigning teams from a matrixed structure to a functional model. While this is a complex task, it will deliver a more customer-centric approach across the business. The new structure is supported by the full deployment of an integrated business management model that will make the Group more effective across product development, operations and overall cost management. The second phase of Better Greencore is focused on operational and technological excellence. This phase will be launched internally in FY22.

Trading Performance

 
                           FY22      FY21      Change           Change 
                            GBPm      GBPm      (As reported)    (Pro Forma 
                                                                 basis) 
 Revenue                   1,739.6   1,324.8   31.3%            29.4% 
                          --------  --------  ---------------  ------------ 
 Group Operating Profit    52.1      42.8      21.7% 
                          --------  --------  ---------------  ------------ 
 Adjusted Operating 
  Profit                   72.2      39.0      GBP33.2m 
                          --------  --------  ---------------  ------------ 
 Adjusted Operating 
  Margin %                 4.2%      2.9%      130bps 
                          --------  --------  ---------------  ------------ 
 

Reported Group revenue increased by 31.3% to GBP1,739.6m in FY22. Revenue Growth in FY22 was driven by a combination of increased volumes, double digit percentage increase in underlying pricing and increased revenue in the Group's Irish ingredients trading business as well as the impact of a 53(rd) trading week in FY23.

Adjusted Operating Profit rose from GBP39.0m to GBP72.2m and Adjusted Operating Margin advanced by 130bps to 4.2%. Group Profit Before Tax was GBP39.8m in FY22, compared to a Profit Before Tax of GBP27.8m in FY21.

The UK trading environment, especially in food to go categories, was resilient during FY22 notwithstanding some demand volatility caused by COVID-19 related mobility restrictions in H1 22 and the increasing impact of inflation on the UK consumer during H2 22. The Group will continue to monitor the impact of increased prices at a consumer level closely.

In FY22 the Group benefitted from its strong market position in the grocery retail channel, its expanded customer and format mix, and its portfolio across food to go and other convenience categories. The new business wins onboarded in FY21 and FY22 also contributed meaningfully to Group revenue performance. In H1 22, the Group worked closely with one of its key food to go customers to extend its offering into the store network of a leading UK coffee shop retailer. The Group also completed the onboarding of a significant business win in ready meals in H2 22, supported by a strategic capital investment.

FY22 revenue in the Group's food to go categories (comprising sandwiches, salads, sushi and chilled snacking) totalled GBP1,161.3m and accounted for approximately 67% of reported revenue. Reported revenue increased by 37.9% in these categories, driven by a recovery in underlying demand as the year progressed, strong execution on new business wins, and increased pricing. Revenue for the distribution of third-party products accounted for approximately 10% of Group revenue in FY22 (FY21: c.8%).

On a pro forma basis, revenue in food to go categories grew by 35.2% in FY22 driven by increased volumes due to the impact of new business wins in 2021 and 2022 as well as ongoing recovery in underlying volume towards pre COVID-19 levels, and double digit inflation recovery.

The Group's other convenience categories comprise activities in the chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Pudding categories, as well as an Irish ingredients trading business. Reported revenue across these categories increased by 19.8% to GBP578.3m in FY22.

On a pro forma basis, revenue increased by 19.2%, driven by increased underlying pricing, and higher revenue in the Group's Irish ingredients trading business. Volumes were modestly up year on year due to the Group's onboarding of new business wins in the ready meals category.

There was a substantial increase in inflation in the Group's main cost components in FY22, which led to a mid-teen rate of inflation for the period. This inflation was fully recovered through pricing and other mechanisms comprising product and range innovations, alternative sourcing and operating efficiency initiatives. The largest component of inflation was raw materials and packaging, where we have explicit price recovery mechanisms in place with a number of our customers. The other elements were recovered through a combination of constructive direct dialogue with our customers and operational efficiencies. We also work collaboratively with our customers on multiple other initiatives to manage inflation, including range alterations, packaging redesigns and product reformulations.

In FY22, the Group experienced an IT security incident that resulted in temporary unauthorised access to part of the Group's IT systems. The Group responded rapidly and proactively to the incident to protect the Group's infrastructure and data and to restore the impacted part of the IT systems. From an operational perspective, the impact on customers was minimised as the Group put in place manual back up processes to ensure that production could continue. The Group recognised net costs of GBP1.9m incurred as a result of the incident. This included insurance recovery of GBP8.6m against the business impact and costs relating to the incident. Appropriate notification was also made to the relevant authorities. In FY21 the Group incurred GBP5.3m of operating costs relating to COVID-19.

Overall, Group Operating Profit in FY22 increased to GBP52.1m (FY21: GBP42.8m). Adjusted Operating Profit increased to GBP72.2m (FY21: GBP39.0m). The increase in Adjusted Operating Profit was driven by a return to profitability in the Group's food to go categories as profit conversion improved on an increased revenue base. Underlying profitability in the Group's other convenience categories was below FY21 levels as we incurred pre operating and commissioning costs for the new ready meals production unit.

Group Cash Flow and Returns

 
                                           FY22    FY21    Change 
                                            GBPm    GBPm    (as reported) 
 Free Cash Flow                            58.7    72.2    (GBP13.5m) 
                                          ------  ------  --------------- 
 Net Debt                                  228.0   242.7   GBP14.7m 
                                          ------  ------  --------------- 
 Net Debt (excluding lease liabilities)    180.0   183.1   GBP3.1m 
                                          ------  ------  --------------- 
 

In FY22, we continued to manage cashflows and leverage closely, balancing recovering profitability, seasonal working capital outflows and capital investment requirements to support future growth in the business.

Free Cash Flow was an inflow of GBP58.7m in FY22, a reduction of GBP13.5m on FY21 which was GBP72.2m. The decrease primarily reflects more normalised working capital inflow in 2022 post COVID-19. Free Cash Flow Conversion was 46.3% compared with 78.2% in FY21.

Net Debt at 30 September 2022 was GBP228.0m, a decrease of GBP14.7m compared to 24 September 2021. Net Debt excluding lease liabilities decreased to GBP180.0m from GBP183.1m in FY21. Net Debt: EBITDA leverage, as measured under financing agreements, was 1.5x at period end which represents further progress on deleveraging and has now reached our target range of 1.0x - 1.5x, which was rebased from 1.5x to 2.0x post COVID-19.

In November 2021, the Group further strengthened its balance sheet when it extended the maturity on its GBP340.0m revolving credit facility by one year to January 2026. As at 30 September 2022, the Group had total committed debt facilities of GBP578.0m and a weighted average maturity of 2.5 years. At 30 September 2022, the Group had cash and undrawn committed bank facilities of GBP398.0m.

Cash interest costs in FY22 were GBP16.7m down from GBP18.8m in FY21. As rates are increasing, we anticipate cash interest to increase to approximately GBP18m in FY23.

In May 2022, we announced a GBP50m value return to shareholders over the coming two years and subsequent to the year-end, announced that the first phase, a GBP10m share buyback programme that commenced on 26 July 2022, had been completed. We plan to buyback a further GBP15m of shares in FY23.

ROIC increased to 8.4% in FY22, compared to 4.5% in FY21. The year-on- year increase was driven primarily by increased profitability in the year. Average invested capital decreased modestly year on year from GBP728.8m to GBP695.0m.

Better Future Plan

Greencore's sustainability strategy, the 'Better Future Plan', was launched in November 2021 and is built around three pillars and aspirations:

-- Sourcing with Integrity: By 2030 we will source our priority ingredients from a sustainable and fair supply chain

   --      Making with Care: By 2040 we will operate with net zero emissions (scope 1 and scope 2) 

-- Feeding with Pride: By 2030 we will have increased our positive impact on society through our products

The Group advanced the Better Future Plan during FY22, with a focus on progressing the data and systems framework to measure performance effectively. The Group is building a substantial body of data on the nutritional profile of its portfolio and is currently trialling product foot-printing technology with one of its customers. While this progress has not yet followed through to absolute reductions in the Group's scope 1 and scope 2 carbon footprint as increased production post COVID-19 has impacted the Group's energy usage, the Group continues to look at ways to accelerate delivery through focusing on collaboration with customers to drive the systems level change required.

The Group's total carbon footprint is made up of emissions from direct operations (Scope 1 and 2), which represents 6% of the Group's total, while the Group's indirect emissions (Scope 3) from the ingredients sourced and the products placed on the market by the Group represent the majority (94%) of the Group's total footprint. The most major reductions will therefore come from collaborating with the Group's customers and suppliers to reduce Scope 3, but we recognise the importance of Scope 1 and 2 and are continuing to look to accelerate plans on energy reduction.

The Group has published its TCFD report conducting scenario analysis as part of the FY22 Annual Report to estimate the potential impact of climate risks and opportunities.

Food donation continues to be a central focus for the Group's community engagement efforts with the equivalent of 1.63m meals redistributed to food redistribution organisations in order to ensure our surplus food reaches those who need it.

The Group's standalone sustainability report for FY22 on our Better Future Plan will be released in January 2023.

FINANCIAL REVIEW (1,2)

Revenue and Operating Profit

Reported revenue in the period was GBP 1,739.6 m, an increase of 31.3% compared to FY21, primarily reflecting the recovery in demand in food to go categories and the impact of new business wins. Pro Forma Revenue increased by 29.4%.

Group Operating Profit increased from GBP42.8m to GBP52.1m as a result of an improved revenue delivery in FY22 and notwithstanding the movement from a net exceptional gain to a net exceptional charge in FY22. Adjusted Operating Profit of GBP72.2m compared to GBP39.0m in FY21, driven by an improvement in profit in food to go categories partly offset by a lower underlying performance in the Group's other convenience categories as we commissioned the new ready meals facility. Adjusted Operating Margin was 4.2 %, 130 basis points higher than FY21.

Net finance costs

The Group's net bank interest payable was GBP11.1m in FY22, a decrease of GBP3.9m versus FY21. The decrease was driven by lower cost of debt during FY22. The Group also recognised a GBP1.2m interest charge relating to the interest payable on lease liabilities in the period (FY21: GBP1.3m).

The Group's non-cash finance charge in FY22 was a net GBPnil (FY21: GBP2.7m charge). The change in the fair value of derivatives and related debt adjustments including foreign exchange in the period was a GBP1.1m credit (FY21: GBP0.9m charge) and the non-cash pension financing charge of GBP1.1m was GBP0.6m lower than the FY21 charge of GBP1.7m.

Profit before taxation

The Group's Profit before taxation increased from GBP27.8m in FY21 to GBP39.8m in FY22, driven by higher Group Operating Profit and lower finance costs. Adjusted Profit Before Tax in the period was GBP59.8m compared to GBP22.6m in FY21, primarily driven by an improvement in Adjusted Operating Profit.

Taxation

The Group's effective tax rate in FY22 (adjusting pre-exceptional profit for the change in fair value of derivatives) was 19 % (FY21: 15%). In March 2021, the UK Government announced an increase in the UK rate of corporation tax from 19% to 25%, to be effective from 1 April 2023. This has been reconfirmed by Jeremy Hunt, the newly appointed Chancellor of the Exchequer, in October 2022.

Exceptional items

The Group had a pre--tax exceptional charge of GBP16.5m in FY22, and an after-tax charge of GBP13.0m, comprised as follows:

 
 Exceptional Items                  GBPm 
 Reorganisation costs               (16.1) 
                                   ------- 
 Pension restructuring              (0.4) 
                                   ------- 
 Exceptional items (before tax)     (16.5) 
                                   ------- 
 Tax credit on exceptional items    3.0 
                                   ------- 
 Exceptional items (after tax)      (13.5) 
                                   ------- 
 

In H1 22 the Group commenced a change programme, Better Greencore, to support the revitalisation of its excellence cost efficiency programmes and to unlock further cost efficiencies by reducing organisational complexity. The Group recognised a charge of GBP16.1m in respect of work carried out in the period.

Earnings per share

The Group's basic earnings per share for FY22 was 6.2 pence compared to 5.0 pence in FY21. This was driven by a GBP6.9m increase in profit attributable to equity holders, partially offset by an increase in the weighted average number of shares in issue in FY22 to 523.4m (FY21: 511.8m).

Adjusted Earnings were GBP48.1m in the period, GBP29.3m ahead of prior year levels largely due to an increase in Adjusted Operating Profit. Adjusted earnings per share of 9.2 pence compared to adjusted earnings per share of 3.7 pence in FY21.

Cash Flow and Net Debt

Adjusted EBITDA was GBP34.6m higher in FY22 at GBP126.9m. The Group incurred a net working capital inflow of GBP2.0m. Maintenance capital expenditure of GBP16.9m was incurred in the period (FY21: GBP16.2m). The cash outflow in respect of exceptional charges was GBP13.6m (FY21: GBP3.3m).

Interest paid in the period was GBP16.7m (FY21: GBP18.8m), including interest of GBP1.2m on lease liabilities, a decrease on FY21 reflecting lower average borrowings and interest costs as the group exited the covenant waiver period and reduced leverage. The Group recognised a cash tax credit of GBP2.2m reflecting a refund received in the period. The cash tax rate for the Group is expected to rise towards the Group's effective rate in the medium term as a result of increased profitability and a reduction in the degree to which UK losses may be utilised in any one year. Cash repayments on lease liabilities increased to GBP17.3m (FY21: GBP14.3m). The Group's cash funding for defined benefit pension schemes was GBP11.5m (FY21: GBP7.0m), reflecting the restoration of cash contributions after an agreement with Trustees to defer cash contributions for a period in FY21.

These movements resulted in a free cash inflow of GBP58.7m compared to an inflow of GBP72.2m in FY21 when a working capital benefit was realised as volume returned to the business post COVID-19.

In FY22, the Group incurred strategic capital expenditure of GBP33.1m (FY21: GBP24.0m).

The Group did not make any equity dividend cash payments in either period. The Group made net share purchases of GBP11.8m in FY22 reflecting the initiation of a GBP10m share buyback program (which completed on 6 October 2022) and the implementation of a new employee share ownership scheme introduced in the period. This compared to net equity proceeds of GBP87.1m in FY21 when the Group completed an equity placing.

In December 2020 (FY21), the Group also completed the sale of its interests in its molasses trading businesses for a final cash consideration of GBP16.3m.

The Group's Net Debt excluding lease liabilities at 30 September 2022 was GBP180.0m, a decrease of GBP3.1m compared to the end of FY21.

Financing

In November 2021 the Group further strengthened its balance sheet when it extended the maturity on its GBP340.0m revolving credit facility by one year to January 2026. As at 30 September 2022, the Group had total committed debt facilities of GBP578.0m and a weighted average maturity of 2.5 years. These facilities comprised:

   --      A GBP340.0m revolving credit bank facility with a maturity date of January 2026 
   --      A GBP75.0m revolving credit bank facility with a maturity date of March 2023 
   --      A GBP50.0m bilateral bank facility with a maturity date of January 2024 
   --      A GBP45.0m bank term loan facility with a maturity date of June 2024 

-- GBP18.0m and $55.9m of outstanding Private Placement Notes with maturities ranging between June 2023 and June 2026

At 30 September 2022 the Group had cash and undrawn committed bank facilities of GBP398.0m.

Pensions

All of the Group's legacy defined benefit pension schemes are closed to future accrual. The net pension deficit relating to legacy defined pension schemes, before related deferred tax, at 30 September 2022 was GBP20.3m, GBP25.7m lower than the position at 24 September 2021. The net pension deficit after related deferred tax was GBP10.4m (FY21: GBP29.3m), comprising a net deficit on UK schemes of GBP44.5m (FY21: GBP65.3m) and a net surplus on Irish schemes of GBP34.1m (FY21: GBP36.0m).

The decrease in the Group's net pension deficit was driven principally by an actuarial gain on UK scheme liabilities arising from an increase in the discount rates used to value these liabilities. The movement in the discount rate is driven by the corporate bond rate. The UK scheme is 77% hedged for movements in gilt yields. Whilst there has been significant economic volatility particularly in bond markets recently the liquidity position of the scheme has been more than sufficient to manage collateral calls and to maintain the hedged position of the scheme.

The Irish scheme is fully hedged for movements in gilt yields and subsequent to the year end the Trustees of the scheme entered into an annuity buy-in transaction in respect of pensioner liabilities, representing approximately 80% of the liabilities in the scheme.

Separate to this IAS 19 Employee Benefits valuation, the valuations and funding obligations of the Group's legacy defined benefit pension schemes are assessed on a triennial basis with the relevant Trustees. During H2 21 the Group concluded the latest assessment of the valuation and funding plan for its principal UK legacy defined benefit pension scheme. The Group expects the annual cash funding requirement for all schemes to be modestly below GBP15m.

Return of value to shareholders

In May 2022, we announced that we would return GBP50m of value to shareholders over the next two years. The first phase of this value return was a GBP10m share buyback programme which commenced in July 2022 and completed in early October 2022. We plan to return a further GBP15m of value to shareholders in FY23 in the form of a share buyback.

Principal risks and uncertainties

There are a number of potential risks and uncertainties which could have a material impact on future Group performance and could cause actual results to differ materially from expected and historical results. The risks and uncertainties are described in detail in the section Risks and risk management in the Annual Report and Financial Statements for the year ended 30 September 2022 issued on 29 November 2022.

P.G. Kennedy

Chair

Date: 28 November 2022

GROUP INCOME STATEMENT

For year ended 30 September 2022

 
                                                       2022*                                       2021 
                                                 Exceptional                                Exceptional 
                                         Pre -         (Note                        Pre -         (Note 
                          Notes    exceptional            4)       Total      exceptional            4)          Total 
                                          GBPm          GBPm        GBPm             GBPm          GBPm           GBPm 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 
 Revenue                      2        1,739.6             -     1,739.6          1,324.8             -        1,324.8 
 Cost of sales                       (1,216.6)             -   (1,216.6)          (901.9)             -        (901.9) 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 Gross profit                            523.0             -       523.0            422.9             -          422.9 
   Operating costs before 
    acquisition related 
    amortisation              3        (449.6)        (16.5)     (466.1)          (383.3)           7.7        (375.6) 
 Impairment of trade 
  receivables                            (1.2)             -       (1.2)            (0.6)             -          (0.6) 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
  Group operating profit 
   before acquisition 
   related amortisation                   72.2        (16.5)        55.7             39.0           7.7           46.7 
  Amortisation of 
   acquisition 
   related intangibles                   (3.6)             -       (3.6)            (3.9)             -          (3.9) 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 Group operating profit                   68.6        (16.5)        52.1             35.1           7.7           42.8 
 Finance income               5            0.2             -         0.2              0.1             -            0.1 
 Finance costs                5         (12.5)             -      (12.5)           (19.1)             -         (19.1) 
 Profit on disposal 
  of associates                              -             -           -                -           4.0            4.0 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 Profit/(loss) before 
  taxation                                56.3        (16.5)        39.8             16.1          11.7           27.8 
 Taxation                               (10.5)           3.0       (7.5)            (2.5)           0.4          (2.1) 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 Profit/(loss) for 
  the financial year                      45.8        (13.5)        32.3             13.6          12.1           25.7 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 
 Attributable to: 
 Equity shareholders                      45.8        (13.5)        32.3             13.3          12.1           25.4 
 Non-controlling interests                   -             -           -              0.3             -            0.3 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
                                          45.8        (13.5)        32.3             13.6          12.1           25.7 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 
 Earnings per share (pence) 
 Basic earnings per 
  share                       6                                      6.2                                           5.0 
 Diluted earnings per 
  share                       6                                      6.1                                           5.0 
---------------------------      -------------  ------------  ----------  ---------------  ------------  ------------- 
 
 

* The financial year is the 53-week period ended 30 September 2022 with comparatives for the 52-week period ended 24 September 2021

GROUP STATEMENT OF COMPREHENSIVE INCOME

for year ended 30 September 2022

 
                                                         2022*    2021 
                                                          GBPm    GBPm 
-----------------------------------------------------   ------  ------ 
 Items of comprehensive income taken directly to equity 
 Items that will not be reclassified to profit 
  or loss: 
 Actuarial gain on Group legacy defined benefit 
  pension schemes                                         14.4    36.3 
 Tax charge on Group legacy defined benefit pension 
  schemes                                                (4.1)   (1.1) 
------------------------------------------------------  ------  ------ 
                                                          10.3    35.2 
 -----------------------------------------------------  ------  ------ 
 Items that may subsequently be reclassified to 
  profit or loss: 
 Currency translation adjustment                           1.8   (3.2) 
 Translation reserve transferred to Income Statement 
  on disposal of subsidiary                                  -   (1.0) 
 Non-controlling interest transferred to Income 
  Statement on disposal of subsidiary                        -   (5.8) 
 Cash flow hedges: 
     fair value movement taken to equity                   8.5   (0.5) 
     transferred to Income Statement                     (1.6)     1.2 
                                                           8.7   (9.3) 
 -----------------------------------------------------  ------  ------ 
 Other comprehensive income for the financial 
  year                                                    19.0    25.9 
 Profit for the financial year                            32.3    25.7 
------------------------------------------------------  ------  ------ 
 Total comprehensive income for the financial 
  year                                                    51.3    51.6 
------------------------------------------------------  ------  ------ 
 
 Attributable to: 
 Equity shareholders                                      51.3    57.3 
 Non-controlling interests                                   -   (5.7) 
------------------------------------------------------  ------  ------ 
 Total comprehensive income for the financial 
  year                                                    51.3    51.6 
------------------------------------------------------  ------  ------ 
 
 

* The financial year is the 53-week period ended 30 September 2022 with comparatives for the 52-week period ended 24 September 2021

GROUP STATEMENT OF FINANCIAL POSITION

at 30 September 2022

 
                                                                   2022      2021 
                                                        Notes      GBPm      GBPm 
-----------------------------------------------------  ------  --------  -------- 
 ASSETS 
 Non-current assets 
 Goodwill and intangible assets                             7     468.1     473.3 
 Property, plant and equipment                              7     319.4     307.4 
 Right-of-use assets                                               44.4      54.1 
 Investment property                                                3.1       3.0 
 Retirement benefit assets                                  9      39.8      42.1 
 Derivative financial instruments                                  12.4         - 
 Deferred tax assets                                               37.1      48.1 
 Trade and other receivables                                        0.3       0.4 
-----------------------------------------------------  ------  --------  -------- 
 Total non-current assets                                         924.6     928.4 
-----------------------------------------------------  ------  --------  -------- 
 
   Current assets 
 Inventories                                                       63.3      47.7 
 Trade and other receivables                                      248.7     196.3 
 Cash and cash equivalents                                         99.6     119.1 
 Derivative financial instruments                                   2.5         - 
 Total current assets                                             414.1     363.1 
-----------------------------------------------------  ------  --------  -------- 
 Total assets                                                   1,338.7   1,291.5 
-----------------------------------------------------  ------  --------  -------- 
 
   EQUITY 
 Capital and reserves attributable to equity holders 
  of the Company 
 Share capital                                                      5.2       5.3 
 Share premium                                                     89.7      89.7 
 Reserves                                                         370.7     328.2 
-----------------------------------------------------  ------  --------  -------- 
 Total equity                                                     465.6     423.2 
-----------------------------------------------------  ------  --------  -------- 
 
   LIABILITIES 
 Non-current liabilities 
 Borrowings                                                 8     209.8     209.1 
 Lease liabilities                                                 33.6      42.0 
 Other payables                                                     2.7       3.7 
 Derivative financial instruments                                     -       2.7 
 Provisions                                                         5.2       5.5 
 Retirement benefit obligations                             9      60.1      88.1 
 Deferred tax liabilities                                          18.9      18.2 
-----------------------------------------------------  ------  --------  -------- 
 Total non-current liabilities                                    330.3     369.3 
-----------------------------------------------------  ------  --------  -------- 
 
   Current liabilities 
 Borrowings                                                 8      69.8      93.1 
 Trade and other payables                                         445.1     375.8 
 Lease liabilities                                                 14.4      17.6 
 Derivative financial instruments                                   0.1       2.9 
 Provisions                                                         4.7       2.1 
 Current tax payable                                                8.7       7.5 
 Total current liabilities                                        542.8     499.0 
-----------------------------------------------------  ------  --------  -------- 
 Total liabilities                                                873.1     868.3 
-----------------------------------------------------  ------  --------  -------- 
 Total equity and liabilities                                   1,338.7   1,291.5 
-----------------------------------------------------  ------  --------  -------- 
 
 

GROUP STATEMENT OF CASH FLOWS

for the year ended 30 September 2022

 
                                                                  2022*      2021 
                                                         Notes     GBPm      GBPm 
------------------------------------------------------  ------  -------  -------- 
 Profit before taxation                                            39.8      27.8 
 Finance income                                              5    (0.2)     (0.1) 
 Finance costs                                               5     12.5      19.1 
 Exceptional items                                           4     16.5    (11.7) 
------------------------------------------------------  ------  -------  -------- 
 Group operating profit before exceptional items                   68.6      35.1 
 Depreciation and impairment of property, plant 
  and equipment and right-of-use assets                            52.5      54.6 
 Amortisation of intangible assets                                  6.7       7.0 
 Employee share-based payment expense                               2.7       2.1 
 Contributions to Group legacy defined benefit 
  pension scheme                                             9   (11.5)     (7.0) 
 Working capital movement                                           2.0      33.2 
 Net cash inflow from operating activities before 
  exceptional items                                               121.0     125.0 
 Cash outflow related to exceptional items                       (13.6)     (3.3) 
 Interest paid (including lease liability interest)              (16.7)    (18.8) 
 Tax received/(paid)                                                2.2     (0.2) 
 Net cash inflow from operating activities                         92.9     102.7 
------------------------------------------------------  ------  -------  -------- 
 
 Cash flow from investing activities 
 Purchase of property, plant and equipment                       (48.6)    (37.1) 
 Purchase of intangible assets                                    (1.4)     (3.1) 
 Disposal of undertakings                                             -      16.3 
 Disposal of investment property                                      -       6.3 
------------------------------------------------------  ------  -------  -------- 
 Net cash outflow from investing activities                      (50.0)    (17.6) 
------------------------------------------------------  ------  -------  -------- 
 
 Cash flow from financing activities 
 Proceeds from issue of shares (net of transaction 
  costs)                                                              -      87.1 
 Ordinary shares purchased - own shares                           (3.0)         - 
 Capital return via share buyback                                 (8.8)         - 
 Drawdown/(repayment) of bank borrowings                            9.6   (130.9) 
 Repayment of Private Placement Notes                            (47.3)         - 
 Settlement of swaps on maturity of Private Placement             (2.6)         - 
  Notes 
 Repayment of lease liabilities                                  (17.3)    (14.3) 
 Net cash outflow from financing activities                      (69.4)    (58.1) 
------------------------------------------------------  ------  -------  -------- 
 Net (decrease)/increase in cash and cash equivalents 
  and bank overdrafts                                            (26.5)      27.0 
------------------------------------------------------  ------  -------  -------- 
 
 Reconciliation of opening to closing cash and 
  cash equivalents and bank overdrafts 
 Cash and cash equivalents and bank overdrafts 
  at beginning of year                                             73.6      47.0 
 Translation adjustment                                           (0.4)     (0.4) 
 Net increase in cash and cash equivalents and 
  bank overdrafts                                                (26.5)      27.0 
------------------------------------------------------  ------  -------  -------- 
 Cash and cash equivalents and bank overdrafts 
  at end of year**                                                 46.7      73.6 
------------------------------------------------------  ------  -------  -------- 
 
 

* The financial year is the 53-week period ended 30 September 2022 with comparatives for the 52-week period ended 24 September 2021

** Cash and cash equivalents and bank overdrafts is made up of cash at bank and in hand of GBP99.6m (2021: GBP119.1m) and bank overdrafts of GBP52.9m (2021: GBP45.5m)

Notes to the financial information for the year ended 30 September 2022

   1.     Basis of preparation 

The financial information presented in this full year results statement represents financial information that has been prepared in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee interpretations adopted by the European Union (EU). The financial information does not include all the information required for a complete set of financial statements prepared in accordance with EU IFRS, however selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance during the year ended 30 September 2022.

The financial information is based on the information included in the audited Consolidated Financial Statements of Greencore Group plc for the year ended 30 September 2022, to which an unqualified audit opinion is provided. Full details of the basis of preparation of the Group Financial Statements for the year ended 30 September 2022 are included in Note 1 of the FY22 Annual Report.

The financial information is presented in GBP, which is the functional currency of the Company and presentation currency of the Group, rounded to the nearest million.

Going Concern

The Directors, after making enquiries, have a reasonable expectation that the Group has adequate resources to continue operating as a going concern for the foreseeable future.

In the current period, the UK trading environment, especially in food to go categories, was resilient notwithstanding some demand volatility caused by COVID-19 related mobility restrictions in H1 22 and the increasing impact of inflation on the UK consumer during H2 22. Notwithstanding the inflationary challenges impacting the broader UK food industry at present, there has been limited demand impact to date in the Group's categories. The Group will continue to monitor the potential impact of a recessionary environment and cost of living factors on consumer spending through the year end.

Accordingly, the Directors have considered a number of scenarios for the next 18 months from the year end date. These scenarios consider the potential impact of a recessionary environment including the impact of inflation and interest rates on consumer spending, along with consideration of under recovery of inflation, supply chain disruption issues and further one off future events linked to a reduction in consumer footfall during the winter months. The Group is satisfied that there is sufficient headroom in the financial covenants under current facilities under each scenario.

The Group's scenarios assume:

-- A base case projection using internally approved forecast and strategic plans, which reflect the external economic environment. These plans incorporate the potential impact of climate change of the Group's capital investment process;

-- A downside scenario which assesses the potential impact of a recessionary environment including the impact of inflation and interest rates on consumer spending, along with consideration of under recovery of inflation and further one-off future events linked to a reduction in consumer footfall during the winter months; and

-- A severe downside scenario which assesses the further impact of inflation under recovery, along with a further reduction in sales to reflect the impact of changes in consumer spending through any recessionary period. In this scenario, mitigating actions are assumed including a reduction in non-business critical capital expenditure and reductions in the amount of the share buyback plan.

While the Group is in a net current liability position of GBP128.7m (2021: GBP135.9m) at 30 September 2022, the Group retained financial strength and flexibility as at the end of 2022. The Group had cash and undrawn committed bank facilities of GBP398.0m at 30 September 2022 (September 2021: GBP433.6m).

Based on these scenarios and the resources available to the Group, the directors believe the Group has sufficient liquidity to manage through a range of different cashflow scenarios for the next 18 months from the year end date. Accordingly, the directors adopt the going concern basis in preparing the financial information.

   2.     Segment Information 

Convenience Foods UK & Ireland is the Group's operating segment, which represents its reporting segment. The segment incorporates many UK convenience food categories including sandwiches, salads, sushi, chilled snacking, chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles and, frozen Yorkshire Puddings as well as the Irish ingredients trading business.

Revenue earned individually from three customers in Convenience Foods UK & Ireland of GBP316.0m, GBP261.0m and GBP196.3m respectively represents more than 10% of the Group's revenue (2021: Revenue earned individually from four customers in Convenience Foods UK & Ireland of GBP278.1m, GBP168.1m, GBP145.0m and GBP133.9m each respectively represents more than 10% of the Group's revenue).

The following table disaggregates revenue by product categories in the Convenience Foods UK and Ireland reporting segment:

 
                                                          2022      2021 
                                                          GBPm      GBPm 
 Revenue 
 Food to go categories                                 1,161.3     842.1 
 Other convenience categories                            578.3     482.7 
----------------------------------------------------  --------  -------- 
 Total revenue for Convenience Foods UK and Ireland    1,739.6   1,324.8 
----------------------------------------------------  --------  -------- 
 

Food to go categories includes sandwiches, salads, sushi and chilled snacking while the other convenience categories include chilled ready meals, chilled soups and sauces, chilled quiche, ambient sauces and pickles, and frozen Yorkshire Puddings as well as the Irish Ingredients trading business.

   3.     IT security incident 

In December 2021, the Group experienced an IT security incident that resulted in temporary unauthorised access to part of the Group's IT systems. The Group recognised gross costs of GBP10.5m relating to this incident from disruption to operations and professional fees and GBP8.6m of insurance income as a result of insurance claims arising from the IT security incident resulting in a net expense recognised in profit or loss of GBP1.9m.

   4.       Exceptional Items 

Exceptional items are those which are disclosed separately by virtue of their nature or amount. Such items are included within the Group Income Statement caption to which they relate.

The Group reports the following exceptional items:

 
                                                      2022    2021 
                                                      GBPm    GBPm 
-----------------------------------------  -----   -------  ------ 
 Reorganisation costs                       (A)     (16.1)       - 
 Restructuring costs for legacy defined 
  benefit pension schemes                    (B)     (0.4)   (4.0) 
 Profit on disposal of Molasses trading 
  businesses                                 (C)         -    11.3 
 Non-core property related income            (D)         -     3.3 
 Legacy business provisions                  (E)         -     1.1 
 Total exceptional items before taxation            (16.5)    11.7 
 Tax credit on exceptional items                       3.0     0.4 
-------------------------------------------------  -------  ------ 
 Total exceptional items                            (13.5)    12.1 
-------------------------------------------------  -------  ------ 
 
 
   (A)   Reorganisation costs 

In the current year, the Group commenced a change programme "Better Greencore", which is to support revitalisation of its excellence cost efficiency programmes and unlock cost efficiencies by reducing organisational complexity. The Group recognised a charge of GBP8.5m in respect of consultancy fees and GBP7.6m in respect of personnel exit costs. Better Greencore is expected to continue in FY23 with a focus on operational and technological excellence as part of the next phase of the programme.

   (B)   Restructuring costs for legacy defined benefit pension schemes 

The Group incurred a charge of GBP0.4m in the current year and GBP4.0m in the prior year in relation to restructuring costs associated with its legacy defined benefit pension schemes in Ireland.

   (C)   Profit on disposal of Molasses trading businesses 

In the prior year, the Group completed the disposal of its interest in the Molasses trading businesses recognising a profit on disposal of GBP11.3m.

   (D)   Non-core property related income 

In the prior year, the Group recognised a reversal of an impairment of GBP3.3m prior to the disposal of an investment property in the UK.

   (E)   Legacy business provisions 

During the prior year, the Group recognised a net credit of GBP1.1m relating to legacy provisions on discontinued operations.

Cash flow on exceptional items

The total net cash outflow during the year in respect of exceptional charges was GBP13.6m (2021: GBP3.3m), of which GBP0.8m was in respect of prior year exceptional charges

   5.          Finance income and finance costs 
 
                                                                   2022     2021 
                                                                   GBPm     GBPm 
--------------------------------------------------------------  -------  ------- 
 Finance income 
 Interest on bank deposits                                          0.2        - 
 Foreign exchange on inter-company and external balances 
  where hedge accounting is not applied                               -      0.1 
--------------------------------------------------------------  -------  ------- 
 Total finance income                                               0.2      0.1 
--------------------------------------------------------------  -------  ------- 
 
 Finance costs 
 Finance costs on interest bearing cash and cash equivalents, 
  borrowings and other financing costs                           (11.3)   (15.0) 
 Interest on lease obligations                                    (1.2)    (1.3) 
 Net pension financing charge                                     (1.1)    (1.7) 
 Unwind of discount on liabilities                                (0.1)    (0.1) 
 Change in fair value of derivatives and related debt 
  adjustment                                                        1.9    (1.0) 
 Foreign exchange on inter-company and external balances          (0.7)        - 
  where hedge accounting is not applied 
--------------------------------------------------------------  -------  ------- 
 Total finance costs                                             (12.5)   (19.1) 
--------------------------------------------------------------  -------  ------- 
 
   6.          Earnings per Ordinary Share 

In the current year, the Group repurchased 9,728,677 Ordinary Shares in the Company, by way of a share buyback, costing GBP8.8m. These shares were immediately cancelled. The effect of this on the weighted average number of ordinary shares was a decrease of 774,827 shares.

 
 Numerator for Earnings per Share Calculations 
                                                          2022    2021 
                                                          GBPm    GBPm 
------------------------------------------------------  ------  ------ 
 Profit attributable to equity holders of the Company     32.3    25.4 
------------------------------------------------------  ------  ------ 
 

Denominator for Basic Earnings Per Share Calculations

 
                                                              2022      2021 
                                                              '000      '000 
--------------------------------------------------------  --------  -------- 
 Shares in issue at the beginning of the year              526,547   446,157 
 Effect of shares held by Employee Benefit Trust           (2,403)   (1,116) 
 Effect of shares issued in equity placing in the year           -    66,707 
 Effect of shares issued during the year                        13        16 
 Effect of share buyback and cancellation in the year        (775)         - 
--------------------------------------------------------  --------  -------- 
 Weighted average number of Ordinary Shares in issue 
  during the year                                          523,382   511,764 
--------------------------------------------------------  --------  -------- 
 Dilutive effect of share awards                             2,123       660 
--------------------------------------------------------  --------  -------- 
 Weighted average number of Ordinary Shares for diluted 
  earnings per share                                       525,505   512,424 
--------------------------------------------------------  --------  -------- 
 
                                                              2022      2021 
                                                             pence     pence 
--------------------------------------------------------  --------  -------- 
 Basic earnings per Ordinary Share                             6.2       5.0 
--------------------------------------------------------  --------  -------- 
 
 Diluted earnings per Ordinary Share                           6.1       5.0 
--------------------------------------------------------  --------  -------- 
 
   7.             Impairment of goodwill, intangible assets and property, plant and equipment 

At 30 September 2022, the Group's market capitalisation was lower than the Group's net assets which is an indicator of impairment and therefore an impairment review was performed. The Group performed an impairment test on the carrying value of goodwill (GBP449.4m) at 30 September 2022 using a value in use model to determine the recoverable amount. The recoverable amount had significant headroom above the carrying value and therefore, no impairment was recorded (2021: GBPnil). There was also no impairment of intangible assets (2021: GBPnil). There was an impairment of GBP0.9m recorded on property, plant and equipment following a review (2021: GBP4.4m).

   8.                Borrowings and cash and cash equivalents 
 
                                                         2022      2021 
                                                         GBPm      GBPm 
-------------------------------------------------    --------  -------- 
  Bank overdrafts                                      (52.9)    (45.5) 
  Bank borrowings                                     (158.8)   (150.1) 
  Private placement notes                              (67.9)   (106.6) 
---------------------------------------------------  --------  -------- 
  Total borrowings                                    (279.6)   (302.2) 
---------------------------------------------------  --------  -------- 
  Cash and cash equivalents                              99.6     119.1 
---------------------------------------------------  --------  -------- 
  Total borrowings and cash and cash equivalents      (180.0)   (183.1) 
---------------------------------------------------  --------  -------- 
 

Total borrowings and cash and cash equivalents is used by the Group for the purpose of calculating leverage under the Group's financing agreements.

Bank borrowings

The Group's bank borrowings, net of finance fees comprised of GBP158.8m at 30 September 2022 (2021: GBP150.1m) with maturities to January 2026. The Group had GBP350.0m (2021: GBP360.0m) of undrawn committed bank facilities in respect of which all conditions precedent had been met. Uncommitted facilities undrawn at 30 September 2022 amounted to GBP9.5m (2021: GBP6.7m).

Private Placement Notes

The Group's outstanding Private Placement Notes net of finance fees comprised of GBP67.9m (denominated as $55.9m and GBP18m) at 30 September 2022 (2021: GBP106.6m, denominated as $120.9m and GBP18m). These were issued as fixed rate debt in June 2016.

The Group swapped the $55.9m Private Placement Notes from fixed rate US Dollar to fixed rate sterling using cross-currency interest rate swaps. The fixed rate US dollar to fixed rate sterling swaps are designated as cash flow hedges.

During the year the Group repaid the fixed rate Private Placement Note of $65m in full in October 2021.

   9.          Retirement Benefit Obligations 

The Group operates one legacy defined benefit pension scheme and one legacy defined benefit commitment in Ireland (the 'Irish schemes') and one legacy defined benefit pension scheme and one legacy defined benefit commitment in the UK (the 'UK schemes') (collectively the "schemes"). These are all closed to future accrual and there is an assumption applied in the valuation of the schemes that there will be 0% discretionary increases in pension payments. The scheme assets are held in separate Trustee administered funds. The Group continues to seek ways to reduce its liabilities through various restructuring initiatives in co-operation with the respective schemes.

In consultation with the independent actuaries to the schemes, the valuation of pension obligations has been updated to reflect current market discount rates, rates of increase in salaries, pension payments and inflation, current market values of investments and actual investment returns.

The Group's retirement benefit obligations moved from a net liability of GBP46.0m at 24 September 2021 to a net liability of GBP20.3m at 30 September 2022. This reduction in the net liability position is mainly driven by actuarial gains of GBP14.4m due to change in financial assumptions. During the year, the Group paid GBP12.6m (2021: GBP8.0m) in contributions to the pension schemes.

Where a funding valuation reveals a deficit in a scheme, the Group will generally agree a schedule of contributions with the trustees designed to address the deficit over an agreed future time horizon. Full actuarial valuations were carried out between 31 March 2019 and 31 March 2020. In general, actuarial valuations are not available for public inspection, however, the results of valuations are advised to members of the various schemes. All of the schemes are operating under the terms of current funding proposals agreed with relevant pension authorities. Based on current discussions with the Trustees of the scheme cash contributions are expected to be modestly below GBP15m in FY23.

The financial position of the schemes was as follows:

 
                                              UK      Irish      2022         UK      Irish      2021 
                                         Schemes    Schemes     Total    Schemes    Schemes     Total 
                                            GBPm       GBPm      GBPm       GBPm       GBPm      GBPm 
-------------------------------------  ---------  ---------  --------  ---------  ---------  -------- 
 Fair value of plan assets                 168.7      170.3     339.0      260.6      220.7     481.3 
 Present value of scheme liabilities     (228.0)    (131.3)   (359.3)    (347.7)    (179.6)   (527.3) 
-------------------------------------  ---------  ---------  --------  ---------  ---------  -------- 
 (Deficit)/surplus in schemes             (59.3)       39.0    (20.3)     (87.1)       41.1    (46.0) 
 Deferred tax asset                         14.8      (4.9)       9.9       21.8      (5.1)      16.7 
-------------------------------------  ---------  ---------  --------  ---------  ---------  -------- 
 Net (liability)/asset at end 
  of year                                 (44.5)       34.1    (10.4)     (65.3)       36.0      29.3 
-------------------------------------  ---------  ---------  --------  ---------  ---------  -------- 
 
   Presented as: 
     Retirement benefit asset*                                   39.8                            42.1 
     Retirement benefit obligation                             (60.1)                          (88.1) 
-------------------------------------  ---------  ---------  --------  ---------  ---------  -------- 
     *The value of a net pension benefit asset is the value of any amount 
      the Group reasonably expects to recover by way of a refund of surplus 
      from the remaining assets of a plan at the end of the plan's life. 
 

The principal actuarial assumptions are as follows:

 
                                                         UK Schemes                  Irish Schemes 
                                                        2022      2021           2022          2021 
--------------------------------------------------  --------  --------  -------------  ------------ 
 Rate of increase in pension payments*                 3.35%     3.35%          0.00%         0.00% 
 Discount rate                                         5.00%     1.90%          4.00%         1.13% 
 Inflation rate**                                      3.55%     3.45%          2.40%         1.80% 
--------------------------------------------------  --------  --------  -------------  ------------ 
     * The rate of increase in pension payments applies to the majority 
      of the liability base, however there are certain categories within 
      the Group's Irish Schemes that have an entitlement to pension indexation. 
      ** The assumption for RPI and CPI are derived from relative yields 
      of index-linked and fixed interest government bonds 
 
   10.        Dividends Paid and Proposed 

There were no dividends paid in the current or prior year and there are no dividends proposed to be paid.

In the current year, the first phase of the value return to shareholders completed with GBP8.8m value returned up to 30 September 2022 in the form of a share buyback, with GBP10.0m buyback completed on 6 October 2022. As announced in May 2022, it is the Group's intention to return GBP50.0m of value to shareholders over the next two years, with the Group planning to return GBP15.0m in FY23.

   11.        Subsequent Events 

Pension plan asset

In November 2022, the Trustees of the Irish legacy defined benefit pension scheme entered into an annuity buy-in transaction to purchase an insurance policy for the pensioner liabilities representing approximately 80% of the liabilities in the Irish scheme. The insurance policy is treated as a plan asset and the fair value of the policy is deemed to be the present value of the related obligations.

Recommencement of share buyback programme

The Group will recommence a return of value to investors by way of the share buyback programme which is expected to return a further GBP15m to shareholders in FY23.

   12.        Information 

Copies of the Annual Report and Group Financial Statements are available for download from the Group's website at www.greencore.com.

APPIX: ALTERNATIVE PERFORMANCE MEASURES

The Group uses the following Alternative Performance Measures ('APMs') which are non-IFRS measures to monitor the performance of its operations and of the Group as a whole: Pro Forma Revenue Growth, Adjusted EBITDA, Adjusted Operating Profit, Adjusted Operating Margin, Adjusted Profit before Tax ('PBT'), Adjusted Earnings, Adjusted Earnings per Share, Maintenance and Strategic Capital Expenditure, Free Cash Flow, Free Cash Flow Conversion, Net Debt, Net Debt excluding lease liabilities and Return on Invested Capital ('ROIC'). The APMs used in this results statement are consistent with those used in the Annual Report and are consistent year on year.

The Group believes that these APMs provide useful historical information to help investors evaluate the performance of the underlying business and are measures commonly used by certain investors and security analysts for evaluating the performance of the Group. In addition, the Group uses certain APMs which reflect the underlying performance on the basis that this provides focus on the core business performance of the Group.

Pro Forma Revenue Growth

Pro Forma Revenue Growth FY22

The Group uses Pro Forma Revenue Growth as a supplemental measure of its performance. The Group believes that Pro Forma Revenue Growth provides a more accurate guide to underlying revenue performance and is calculated by adjusting reported revenue for the impact of acquisitions, disposals and foreign currency.

Pro Forma Revenue Growth adjusts reported revenue to reflect the disposal of Premier Molasses Company Limited for the period in FY21 up to the date of disposal. As the current year was a 53 week period, Pro Forma Revenue adjusts the current year reported revenue to exclude the additional revenue earned from the additional trading week (FY21: 52 week period). It also presents the revenue on a constant currency basis utilising FY21 FX rates on FY22 reported revenue.

 
                                                             2022 
                                                      Convenience 
                                                            Foods 
                                                     UK & Ireland 
                                                                % 
-------------------------------------------------  -------------- 
 Reported revenue - % increase from FY21 to FY22            31.3% 
 Impact of disposals                                         0.4% 
 Impact of currency                                          0.2% 
 Impact of additional trading week                         (2.5%) 
-------------------------------------------------  -------------- 
 Pro Forma Revenue Growth FY22 (%)                          29.4% 
-------------------------------------------------  -------------- 
 

The table below shows the Pro Forma Revenue Growth split by food to go categories and other convenience categories.

 
                                            Food to go              Other convenience 
                                             categories                 categories 
                                         H1       H2     Full      H1       H2     Full 
                                       FY22     FY22     Year    FY22     FY22     Year 
                                          %        %        %       %        %        % 
-----------------------------------  ------  -------  -------  ------  -------  ------- 
 Reported revenue- % increase from 
  FY21 to FY22                        48.0%    31.1%    37.9%   12.9%    26.5%    19.8% 
 Impact of disposals                      -        -        -    2.0%        -     1.0% 
 Impact of currency                       -        -        -    0.9%     0.2%     0.6% 
 Impact of additional trading week        -   (4.6%)   (2.7%)       -   (4.2%)   (2.2%) 
----------------------------------- 
 Pro Forma Revenue Growth FY22 
  (%)                                 48.0%    26.5%    35.2%   15.8%    22.5%    19.2% 
-----------------------------------  ------  -------  -------  ------  -------  ------- 
 

Pro Forma Revenue Growth FY21

While Pro Forma Revenue Growth is not directly comparable year on year, we have included the prior year disclosure for completeness. This has been calculated by adjusting FY21 reported revenue to reflect the disposal of Premier Molasses Company Limited for FY20 and for the period in FY21 up to the date of disposal. It also presents the revenue on a constant currency basis utilising FY20 FX rates on FY21 reported revenue.

 
                                                             2021 
                                                      Convenience 
                                                            Foods 
                                                     UK & Ireland 
                                                                % 
-------------------------------------------------  -------------- 
 Reported revenue - % increase from FY20 to FY21             4.8% 
 Impact of disposals                                         1.3% 
 Impact of currency                                          0.1% 
 Pro Forma Revenue Growth FY21 (%)                           6.2% 
-------------------------------------------------  -------------- 
 

The table below shows the Pro Forma Revenue Growth split by food to go categories and other convenience categories.

 
                                             Food to go              Other convenience 
                                              categories                 categories 
                                            H1      H2    Full       H1      H2     Full 
                                          FY21    FY21    Year     FY21    FY21     Year 
                                             %       %       %        %       %        % 
------------------------------------  --------  ------  ------  -------  ------  ------- 
 Reported revenue - % increase from 
  FY20 to FY21                         (25.6%)   58.6%    9.0%   (7.4%)    4.2%   (1.9%) 
 Impact of disposals                         -       -       -     2.1%    4.7%     3.4% 
 Impact of currency                          -       -       -   (0.3%)    0.7%     0.1% 
 Pro Forma Revenue Growth FY21 (%)     (25.6%)   58.6%    9.0%   (5.6%)    9.6%     1.6% 
------------------------------------  --------  ------  ------  -------  ------  ------- 
 

ADJUSTED EBITDA, ADJUSTED OPERATING PROFIT AND ADJUSTED OPERATING MARGIN

Adjusted EBITDA, Adjusted Operating Profit and Adjusted Operating Margin are used by the Group to measure the underlying and ongoing operating performance of the Group.

The Group calculates Adjusted Operating Profit as operating profit before amortisation of acquisition related intangibles and exceptional items. Adjusted EBITDA is calculated as Adjusted Operating Profit plus depreciation and amortisation of intangible assets. Adjusted Operating Margin is calculated as Adjusted Operating Profit divided by reported revenue.

The following table sets forth a reconciliation from the Group's profit for the financial year to Adjusted Operating Profit, Adjusted EBITDA and Adjusted Operating Margin:

 
                                                                2022      2021 
                                                                GBPm      GBPm 
-----------------------------------------------------------  -------  -------- 
 Profit for the financial year                                  32.3      25.7 
 Taxation (A)                                                    7.5       2.1 
 Exceptional items                                              16.5    (11.7) 
 Net finance costs (B)                                          12.3      19.0 
 Amortisation of acquisition related intangibles                 3.6       3.9 
-----------------------------------------------------------  -------  -------- 
 Adjusted Operating Profit                                      72.2      39.0 
 Depreciation and amortisation (C)                              54.7      53.3 
-----------------------------------------------------------  -------  -------- 
 Adjusted EBITDA                                               126.9      92.3 
-----------------------------------------------------------  -------  -------- 
                                                                 4.2 
 Adjusted Operating Margin (%)                                     %      2.9% 
-----------------------------------------------------------  -------  -------- 
 (A) Includes tax credit on exceptional items of GBP3.0m (2021: GBP0.4m). 
  (B) Finance costs less finance income. 
  (C) Excludes amortisation of acquisition related intangibles. 
 

ADJUSTED PROFIT BEFORE TAX ('PBT')

Adjusted PBT is used as a measure by the Group to measure overall performance before associated tax charge and other specific items.

The Group calculates Adjusted PBT as profit before taxation, excluding tax on share of profit of associates and before exceptional items, pension finance items, amortisation of acquisition related intangibles, FX on inter-company and certain external balances and the movement in fair value of all derivative financial instruments and related debt adjustments.

The following table sets out the calculation of Adjusted PBT:

 
                                                              2022      2021 
                                                              GBPm      GBPm 
---------------------------------------------------------  -------  -------- 
 Profit before taxation                                       39.8      27.8 
 Exceptional items                                            16.5    (11.7) 
 Pension finance items                                         1.1       1.7 
 Amortisation of acquisition related intangibles               3.6       3.9 
 FX and fair value movements(A)                              (1.2)       0.9 
---------------------------------------------------------  -------  -------- 
 Adjusted Profit Before Tax                                   59.8      22.6 
---------------------------------------------------------  -------  -------- 
 (A) FX on inter-company and certain external balances and the movement 
  in the fair value of all derivative financial instruments and related 
  debt adjustments. 
 

ADJUSTED BASIC EARNINGS PER SHARE ('EPS')

The Group uses Adjusted Earnings and Adjusted EPS as key measures of the overall underlying performance of the Group and returns generated for each share.

Adjusted Earnings is calculated as Profit attributable to equity holders (as shown on the Group Income Statement) adjusted to exclude exceptional items (net of tax), the effect of foreign exchange (FX) on inter-company and external balances where hedge accounting is not applied, the movement in the fair value of all derivative financial instruments and related debt adjustments, the amortisation of acquisition related intangible assets (net of tax) and the interest expense relating to legacy defined benefit pension liabilities (net of tax). Adjusted EPS is calculated by dividing Adjusted Earnings by the weighted average number of Ordinary Shares in issue during the year, excluding Ordinary Shares purchased by Greencore and held in trust in respect of the Annual Bonus Plan and the Performance Share Plan. Adjusted EPS described as an APM here is Adjusted Basic EPS.

The following table sets forth a reconciliation of the Group's Profit attributable to equity holders of the Group to its Adjusted Earnings for the financial years indicated:

 
                                                                  2022      2021 
                                                                  GBPm      GBPm 
------------------------------------------------------------  --------  -------- 
 Profit attributable to equity holders of the Group               32.3      25.4 
 Exceptional items (net of tax)                                   13.5    (12.1) 
 FX effect on inter-company and external balances where 
  hedge accounting is not applied                                  0.7     (0.1) 
 Movement in fair value of derivative financial instruments 
  and related debt adjustments                                   (1.9)       1.0 
 Amortisation of acquisition related intangible assets 
  (net of tax)                                                     2.7       3.2 
 Pension financing (net of tax)                                    0.8       1.4 
------------------------------------------------------------  --------  -------- 
 Adjusted Earnings                                                48.1      18.8 
------------------------------------------------------------  --------  -------- 
 
                                                                  2022      2021 
                                                                  '000      '000 
------------------------------------------------------------  --------  -------- 
 Weighted average number of ordinary shares in issue 
  during the year                                              523,382   511,764 
------------------------------------------------------------  --------  -------- 
 
                                                                  2022      2021 
                                                                 pence     pence 
------------------------------------------------------------  --------  -------- 
 Adjusted Basic Earnings Per Share                                 9.2       3.7 
------------------------------------------------------------  --------  -------- 
 

CAPITAL EXPITURE

Maintenance Capital Expenditure

The Group defines Maintenance Capital Expenditure as the expenditure required for the purpose of sustaining the operating capacity and asset base of the Group, and to comply with applicable laws and regulations. It includes continuous improvement projects of less than GBP1m that will generate additional returns for the Group.

Strategic Capital Expenditure

The Group defines Strategic Capital Expenditure as the expenditure required for the purpose of facilitating growth and developing and enhancing relationships with existing and new customers. It includes continuous improvement projects of greater than GBP1m that will generate additional returns for the Group. Strategic Capital Expenditure is generally expansionary expenditure creating additional capacity beyond what is necessary to maintain the Group's current competitive position and enables the Group to service new customers and/or contracts or to enter into new categories and/or new manufacturing competencies.

The following table sets forth the breakdown of the Group's purchase of property, plant and equipment and purchase of intangible assets between Strategic Capital Expenditure and Maintenance Capital Expenditure:

 
                                         2022    2021 
                                         GBPm    GBPm 
---------------------------------      ------  ------ 
 Purchase of property, plant, 
  and equipment                          48.6    37.1 
 Purchase of intangible assets            1.4     3.1 
-------------------------------------  ------  ------ 
 Net cash outflow from capital 
  expenditure                            50.0    40.2 
-------------------------------------  ------  ------ 
 
 Strategic Capital Expenditure           33.1    24.0 
 Maintenance Capital Expenditure         16.9    16.2 
-------------------------------------  ------  ------ 
 Net cash outflow from capital 
  expenditure                            50.0    40.2 
-------------------------------------  ------  ------ 
 

FREE CASH FLOW AND FREE CASH FLOW CONVERSION

The Group uses Free Cash Flow to measure the amount of underlying cash generation and the cash available for distribution and allocation.

The Group calculates the Free Cash Flow as the net cash inflow/outflow from operating and investing activities before Strategic Capital Expenditure, acquisition and disposal of undertakings, disposal of investment property and adjusting for lease payments and dividends paid to non-controlling interests.

The Group calculates Free Cash Flow Conversion as Free Cash Flow divided by Adjusted EBITDA.

The following table sets forth a reconciliation from the Group's net cash inflow from operating activities and net cash outflow from investing activities to Free Cash Flow:

 
                                                              2022     2021 
                                                              GBPm     GBPm 
---------------------------------------------------------  -------  ------- 
 Net cash inflow from operating activities                    92.9    102.7 
 Net cash outflow from investing activities                 (50.0)   (17.6) 
---------------------------------------------------------  -------  ------- 
 Net cash inflow from operating and investing activities      42.9     85.1 
 Strategic Capital Expenditure                                33.1     24.0 
 Repayment of lease liabilities                             (17.3)   (14.3) 
 Disposal of undertakings                                        -   (16.3) 
 Disposal of investment property                                 -    (6.3) 
 Free Cash Flow                                               58.7     72.2 
---------------------------------------------------------  -------  ------- 
 Adjusted EBITDA                                             126.9     92.3 
---------------------------------------------------------  -------  ------- 
 Free Cash Flow Conversion (%)                               46.3%    78.2% 
---------------------------------------------------------  -------  ------- 
 

NET DEBT AND NET DEBT EXCLUDING LEASE LIABILITIES

Net Debt is used by the Group to measure overall cash generation of the Group and to identify cash available to reduce borrowings. Net Debt comprises current and non-current borrowings less net cash and cash equivalents.

Net debt excluding lease liabilities is a measure used by the Group to measure Net Debt excluding the impact of IFRS 16 Leases. Net debt excluding lease liabilities is used for the purpose of calculating leverage under the Group's financing agreements.

The reconciliation of opening to closing Net Debt for the year ended 30 September 2022 is as follows:

 
                                                    At              Translation              At 
                                          24 September     Cash    and non-cash    30 September 
                                                  2021     flow     adjustments            2022 
                                                  GBPm     GBPm            GBPm            GBPm 
--------------------------------------  --------------  -------  --------------  -------------- 
 Cash and cash equivalents and 
  bank overdrafts                                 73.6   (26.5)           (0.4)            46.7 
 Bank borrowings                               (150.1)    (9.6)             0.9         (158.8) 
 Private Placement Notes                       (106.6)     47.3           (8.6)          (67.9) 
 Net debt excluding lease liabilities          (183.1)     11.2           (8.1)         (180.0) 
--------------------------------------  --------------  -------  --------------  -------------- 
 Lease liabilities                              (59.6)     18.5           (6.9)          (48.0) 
--------------------------------------  --------------  -------  --------------  -------------- 
 Net Debt                                      (242.7)     29.7          (15.0)         (228.0) 
--------------------------------------  --------------  -------  --------------  -------------- 
 
 
 
                                                    At             Translation              At 
                                          25 September    Cash    and non-cash    24 September 
                                                  2020    flow     adjustments            2021 
                                                  GBPm    GBPm            GBPm            GBPm 
--------------------------------------  --------------  ------  --------------  -------------- 
 Cash and cash equivalents and 
  bank overdrafts                                 47.0    27.0           (0.4)            73.6 
 Bank borrowings                               (283.5)   130.9             2.5         (150.1) 
 Private Placement Notes                       (114.0)       -             7.4         (106.6) 
 Net debt excluding lease liabilities          (350.5)   157.9             9.5         (183.1) 
--------------------------------------  --------------  ------  --------------  -------------- 
 Lease liabilities                              (60.7)    15.6          (14.5)          (59.6) 
--------------------------------------  --------------  ------  --------------  -------------- 
 Net Debt                                      (411.2)   173.5           (5.0)         (242.7) 
--------------------------------------  --------------  ------  --------------  -------------- 
 
 

RETURN ON INVESTED CAPITAL ('ROIC')

The Group uses ROIC as a key measure to determine returns for the Group as a whole as well as measuring the financial quality of potential new investments.

The Group uses invested capital as a basis for this calculation as it reflects the tangible and intangible assets the Group has added through its capital investment programme, the intangible assets the Group has added through acquisition, as well as the working capital requirements of the business. Invested Capital is calculated as net assets (total assets less total liabilities) excluding Net Debt, the carrying value of derivatives not designated as fair value hedges and retirement benefit obligations (net of deferred tax assets). Average Invested Capital is calculated by adding together the invested capital from the opening and closing Statement of Financial Position and dividing by two.

The Group calculates ROIC as Net Adjusted Operating Profit After Tax ('NOPAT') divided by Average Invested Capital. NOPAT is calculated as Adjusted Operating Profit plus share of profit of associates before tax, less tax at the effective rate in the Income Statement.

The following table sets forth the calculation of Net Operating Profit After Tax ('NOPAT') and invested capital used in the calculation of ROIC for the financial years.

 
                                             2022                2021 
                                             GBPm                GBPm 
----------------------------------------  -------  ------------------ 
 Adjusted Operating Profit                   72.2                39.0 
 Taxation at the effective tax rate (A)    (13.7)               (5.9) 
----------------------------------------  -------  ------------------ 
 Group NOPAT                                 58.5                33.1 
----------------------------------------  -------  ------------------ 
 
 
                                                          2022      2021 
                                                          GBPm      GBPm 
----------------------------------------------------  --------  -------- 
 Invested Capital 
 Total assets                                          1,338.7   1,291.5 
 Total liabilities                                     (873.1)   (868.3) 
 Net Debt                                                228.0     242.7 
 Derivatives not designated as fair value hedges        (14.8)       5.6 
 Retirement benefit obligation (net of deferred tax 
  asset)                                                  10.4      29.3 
 Invested Capital for the Group(B)                       689.2     700.8 
----------------------------------------------------  --------  -------- 
 
 Average Invested Capital for ROIC calculation for 
  the Group                                              695.0     728.8 
----------------------------------------------------  --------  -------- 
 
 ROIC (%) for the Group                                   8.4%      4.5% 
----------------------------------------------------  --------  -------- 
 

(A) The effective tax rates for the Group for the financial year ended 30 September 2022 and 24 September 2021 were 19% and 15% respectively.

(B) The invested capital for the Group in 2020 was GBP756.8m.

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