Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | No |
Entity Registrant Name | Nomad Foods Ltd. |
Entity Central Index Key | 1,651,717 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 165,291,546 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | ||
Goodwill | € 1,745.6 | € 1,745.6 |
Intangibles | 1,724.4 | 1,726.6 |
Property, plant and equipment | 295.4 | 298.2 |
Other receivables | 4.3 | 0.4 |
Derivative financial instruments | 18.6 | 0 |
Deferred tax assets | 64.3 | 64.9 |
Total non-current assets | 3,852.6 | 3,835.7 |
Current assets | ||
Cash and cash equivalents | 219.2 | 329.5 |
Inventories | 306.9 | 325 |
Trade and other receivables | 147.1 | 135.7 |
Indemnification assets | 73.8 | 65.5 |
Capitalized borrowing costs | 0 | 5 |
Derivative financial instruments | 2.1 | 13.1 |
Total current assets | 749.1 | 873.8 |
Assets | 4,601.7 | 4,709.5 |
Current liabilities | ||
Trade and other payables | 477.5 | 472.7 |
Current tax payable | 145.3 | 162.3 |
Provisions | 68 | 116.7 |
Loans and borrowings | 3.3 | 0 |
Derivative financial instruments | 7.8 | 1.4 |
Total current liabilities | 701.9 | 753.1 |
Non-current liabilities | ||
Loans and borrowings | 1,395.1 | 1,451.8 |
Employee benefits | 188.4 | 190.9 |
Trade and other payables | 1.8 | 1 |
Provisions | 72.8 | 77 |
Derivative financial instruments | 61.4 | 0 |
Deferred tax liabilities | 327.7 | 333.2 |
Total non-current liabilities | 2,047.2 | 2,053.9 |
Total liabilities | 2,749.1 | 2,807 |
Net assets | 1,852.6 | 1,902.5 |
Equity attributable to equity holders | ||
Share capital | 0 | 0 |
Capital reserve | 1,623.7 | 1,800.7 |
Share-based compensation reserve | 2.9 | 1 |
Founder Preferred Shares Dividend Reserve | 493.4 | 493.4 |
Translation reserve | 83.2 | 84 |
Cash flow hedging reserve | (3) | 8.4 |
Accumulated deficit reserve | (347.6) | (485) |
Total equity | € 1,852.6 | € 1,902.5 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Statement [Line Items] | |||||
Revenue | € 894.2 | € 1,956.6 | € 1,927.7 | € 0 | |
Cost of sales | (663) | (1,357.2) | (1,356.7) | 0 | |
Gross profit | 231.2 | 599.4 | 571 | 0 | |
Other operating expenses | (138.6) | (319.3) | (298.4) | (0.7) | |
Charge related to Founder Preferred Shares Annual Dividend Amount | (349) | 0 | 0 | (165.8) | |
Credit/(charge) related to Warrant Redemption Liability | 0.4 | 0 | 0 | (0.4) | |
Exceptional items | (58.1) | (37.2) | (134.5) | (0.7) | |
Operating profit/(loss) | (314.1) | 242.9 | 138.1 | (167.6) | |
Finance income | 8.7 | 7.2 | 24.2 | 0.1 | |
Finance costs | (44.2) | (81.6) | (86.3) | 0 | |
Net finance (costs)/income | (35.5) | (74.4) | (62.1) | 0.1 | |
Profit/(loss) before tax | (349.6) | 168.5 | 76 | (167.5) | |
Taxation | 12.3 | (32) | (39.6) | 0 | |
Profit/(loss) for the period | € (337.3) | € 136.5 | € 36.4 | € (167.5) | |
Earnings per share: | |||||
Basic earnings/(loss) per share (in euros per share) | € (2.32) | € 0.78 | € 0.20 | € (3.35) | |
Diluted earnings/(loss) per share (in euros per share) | € (2.32) | € 0.74 | € 0.20 | € (3.35) | |
Predecessor | |||||
Statement [Line Items] | |||||
Revenue | € 640.3 | ||||
Cost of sales | (417.9) | ||||
Gross profit | 222.4 | ||||
Other operating expenses | (109.5) | ||||
Charge related to Founder Preferred Shares Annual Dividend Amount | 0 | ||||
Credit/(charge) related to Warrant Redemption Liability | 0 | ||||
Exceptional items | (84.3) | ||||
Operating profit/(loss) | 28.6 | ||||
Finance income | 2 | ||||
Finance costs | (117.7) | ||||
Net finance (costs)/income | (115.7) | ||||
Profit/(loss) before tax | (87.1) | ||||
Taxation | (40.9) | ||||
Profit/(loss) for the period | € (128) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Line Items] | |||||
Profit/(loss) for the period | € (337.3) | € 136.5 | € 36.4 | € (167.5) | |
Other comprehensive (loss)/income: | |||||
Actuarial gains/(losses) on defined benefit pension plans | 19.4 | 2.9 | (23.6) | 0 | |
Taxation (charge)/credit on remeasurement of defined benefit pension plans | (6.1) | (2) | (6.3) | 0 | |
Items not reclassified to the Consolidated Statement of Profit or Loss | 13.3 | 0.9 | (29.9) | 0 | |
Foreign currency (loss) / gain | (1.7) | 0 | 0 | 88.9 | |
Loss on investment in foreign subsidiary, net of hedge | (2.7) | (0.8) | (0.5) | 0 | |
Effective portion of changes in fair value of cash flow hedges | 1.6 | (16.4) | 10.1 | 0 | |
Taxation credit/(charge) relating to components of other comprehensive income | (0.5) | 5 | (2.8) | 0 | |
Items that may be subsequently reclassified to the Consolidated Statement of Profit or Loss | (3.3) | (12.2) | 6.8 | 88.9 | |
Other comprehensive (loss)/income for the period, net of tax | 10 | (11.3) | (23.1) | 88.9 | |
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | € (327.3) | € 125.2 | € 13.3 | € (78.6) | |
Predecessor | |||||
Statement of Comprehensive Income [Line Items] | |||||
Profit/(loss) for the period | € (128) | ||||
Other comprehensive (loss)/income: | |||||
Actuarial gains/(losses) on defined benefit pension plans | (2.5) | ||||
Taxation (charge)/credit on remeasurement of defined benefit pension plans | 0.7 | ||||
Items not reclassified to the Consolidated Statement of Profit or Loss | (1.8) | ||||
Foreign currency (loss) / gain | 44.7 | ||||
Loss on investment in foreign subsidiary, net of hedge | 0 | ||||
Effective portion of changes in fair value of cash flow hedges | 0 | ||||
Taxation credit/(charge) relating to components of other comprehensive income | 0 | ||||
Items that may be subsequently reclassified to the Consolidated Statement of Profit or Loss | 44.7 | ||||
Other comprehensive (loss)/income for the period, net of tax | 42.9 | ||||
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | € (85.1) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Millions | Total | Share capital | Capital reserve | Share based compensation reserve | Founder preferred shares dividend reserve | Translation reserve | Cash flow hedging reserve | Accumulated deficit reserve | Ordinary shares | Ordinary sharesCapital reserve | Founder Preferred shares | Founder Preferred sharesCapital reserve | Founder Preferred sharesFounder preferred shares dividend reserve |
Equity, beginning balance at Mar. 31, 2014 | € 0 | € 0 | € 0 | € 0 | € 0 | € 0 | € 0 | € 0 | |||||
Profit/(loss) for the period | (167.5) | (167.5) | |||||||||||
Other comprehensive income for the year | 88.9 | 88.9 | |||||||||||
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | (78.6) | 88.9 | (167.5) | ||||||||||
Issue of shares | € 350.9 | € 350.9 | € 10.6 | € 10.6 | |||||||||
Listing and share transaction costs | (8) | (8) | |||||||||||
Total transaction with owners, recognized directly in equity | 353.5 | 353.5 | |||||||||||
Equity, ending balance at Mar. 31, 2015 | 274.9 | 0 | 353.5 | 0 | 0 | 88.9 | 0 | (167.5) | |||||
Profit/(loss) for the period | (337.3) | (337.3) | |||||||||||
Other comprehensive income for the year | 10 | (4.4) | 1.1 | 13.3 | |||||||||
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | (327.3) | (4.4) | 1.1 | (324) | |||||||||
Issue of shares | 1,414.2 | 1,414.2 | |||||||||||
Listing and share transaction costs | (5.3) | (5.3) | |||||||||||
Founder Preferred Shares Annual Dividend Amount | 531.5 | € 531.5 | |||||||||||
Share based payment charge | 0.1 | 0.1 | |||||||||||
Total transaction with owners, recognized directly in equity | 1,940.5 | 1,408.9 | 0.1 | 531.5 | |||||||||
Equity, ending balance at Dec. 31, 2015 | 1,888.1 | 0 | 1,762.4 | 0.1 | 531.5 | 84.5 | 1.1 | (491.5) | |||||
Profit/(loss) for the period | 36.4 | 36.4 | |||||||||||
Other comprehensive income for the year | (23.1) | (0.5) | 7.3 | (29.9) | |||||||||
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | 13.3 | (0.5) | 7.3 | 6.5 | |||||||||
Issue of shares | € 0.2 | € 0.2 | |||||||||||
Listing and share transaction costs | 0 | ||||||||||||
Founder Preferred Shares Annual Dividend Amount | € 0 | € 38.1 | (38.1) | ||||||||||
Vesting of Non-Executive Restricted Stock award | (0.3) | (0.3) | |||||||||||
Share based payment charge | 1.2 | 1.2 | |||||||||||
Total transaction with owners, recognized directly in equity | 1.1 | 38.3 | 0.9 | (38.1) | |||||||||
Equity, ending balance at Dec. 31, 2016 | 1,902.5 | 0 | 1,800.7 | 1 | 493.4 | 84 | 8.4 | (485) | |||||
Profit/(loss) for the period | 136.5 | 136.5 | |||||||||||
Other comprehensive income for the year | (11.3) | (0.8) | (11.4) | 0.9 | |||||||||
Total comprehensive income/(loss) for the period attributable to Owners of the Parent Company | 125.2 | (0.8) | (11.4) | 137.4 | |||||||||
Repurchase of ordinary shares | (177.1) | (177.1) | |||||||||||
Listing and share transaction costs | (0.5) | (0.5) | |||||||||||
Founder Preferred Shares Annual Dividend Amount | € 0 | ||||||||||||
Vesting of Non-Executive Restricted Stock award | (0.1) | 0.6 | (0.7) | ||||||||||
Share based payment charge | 2.6 | 2.6 | |||||||||||
Total transaction with owners, recognized directly in equity | (175.1) | (177) | 1.9 | ||||||||||
Equity, ending balance at Dec. 31, 2017 | € 1,852.6 | € 0 | € 1,623.7 | € 2.9 | € 493.4 | € 83.2 | € (3) | € (347.6) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Millions, $ in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Mar. 31, 2015EUR (€) | |
Statement [Line Items] | |||||
Cash generated from operations before tax and exceptional items | € 159.2 | € 358.5 | € 356.2 | € 0.2 | |
Cash flows relating to exceptional items | (91.6) | (99.5) | (49.2) | (0.7) | |
Tax paid | (19.6) | (65.2) | (24.9) | 0 | |
Net cash flows from/(used in) operating activities | 48 | 193.8 | 282.1 | (0.5) | |
Cash flows from investing activities | |||||
Contingent consideration for purchase of Frudesa brand | 0 | 0 | (8) | 0 | |
Purchase of property, plant and equipment | (19.3) | (38) | (38) | 0 | |
Purchase of intangibles | (2.1) | (4.6) | (4.4) | 0 | |
Purchase of portfolio investments | 0 | 0 | 0 | (478.8) | |
Redemption of portfolio investments | 312.1 | 0 | 0 | 183.2 | |
Net cash used in investing activities | (959.8) | (42.6) | (50.4) | (295.6) | |
Cash flows from financing activities | |||||
Proceeds from issuance of Founder Preferred Shares | 0 | 0 | 0 | 10.6 | |
Proceeds from issuance of Ordinary Shares | 1,171.8 | 0 | 0 | 350.9 | |
Costs of admission | (5.3) | 0 | 0 | (8) | |
Loans from Founder Entities for incorporation | 0 | 0 | 0 | 0.1 | |
Repayment of loans to Founder Entities | 0 | 0 | 0 | (0.1) | |
Proceeds from new loans and notes | 325 | 1,470.5 | 0 | 0 | |
Repayment of loan principal | (490) | (1,469.5) | 0 | 0 | |
Payment of finance leases | 0 | (1.6) | (0.7) | 0 | |
Payment of financing fees | (14) | (16.7) | 0 | 0 | |
Repurchase of ordinary shares | 0 | (177.6) | 0 | 0 | |
Proceeds/(loss) on settlement of derivatives | 4.3 | 1.6 | (4) | 0 | |
Interest paid | (40.8) | (48.8) | (70.9) | 0 | |
Interest received | 1.5 | 0.3 | 7.9 | 0 | |
Net cash (used in)/from financing activities | 952.5 | (241.8) | (67.7) | 353.5 | |
Net (decrease)/increase in cash and cash equivalents | 40.7 | (90.6) | 164 | 57.4 | |
Cash and cash equivalents at beginning of period | 126.8 | 329.5 | 186.1 | 0 | |
Effect of exchange rate fluctuations | 18.6 | (19.7) | (20.6) | 69.4 | |
Cash and cash equivalents at end of period | 186.1 | 219.2 | 329.5 | 126.8 | |
Recognized liability for net defined benefit obligations | 165.1 | 185.4 | 187.8 | ||
Iglo | |||||
Cash flows from investing activities | |||||
Purchase of business, net of cash acquired | (693.6) | 0 | 0 | 0 | |
Findus | |||||
Cash flows from investing activities | |||||
Purchase of business, net of cash acquired | € (556.9) | € 0 | € 0 | 0 | |
Predecessor | |||||
Statement [Line Items] | |||||
Cash generated from operations before tax and exceptional items | € 102.2 | ||||
Cash flows relating to exceptional items | (6.2) | € (0.7) | |||
Tax paid | (17.3) | ||||
Net cash flows from/(used in) operating activities | 78.7 | ||||
Cash flows from investing activities | |||||
Contingent consideration for purchase of Frudesa brand | 0 | ||||
Purchase of property, plant and equipment | (6) | ||||
Purchase of intangibles | (0.3) | ||||
Purchase of portfolio investments | 0 | ||||
Redemption of portfolio investments | 0 | ||||
Net cash used in investing activities | (6.3) | ||||
Cash flows from financing activities | |||||
Proceeds from issuance of Founder Preferred Shares | 0 | ||||
Proceeds from issuance of Ordinary Shares | 0 | ||||
Costs of admission | 0 | ||||
Loans from Founder Entities for incorporation | 0 | ||||
Repayment of loans to Founder Entities | 0 | ||||
Proceeds from new loans and notes | 0 | ||||
Repayment of loan principal | 0 | ||||
Payment of finance leases | 0 | ||||
Payment of financing fees | 0 | ||||
Repurchase of ordinary shares | 0 | ||||
Proceeds/(loss) on settlement of derivatives | 0 | ||||
Interest paid | (31.4) | ||||
Interest received | 2 | ||||
Net cash (used in)/from financing activities | (29.4) | ||||
Net (decrease)/increase in cash and cash equivalents | 43 | ||||
Cash and cash equivalents at beginning of period | 219.2 | ||||
Effect of exchange rate fluctuations | 6.2 | ||||
Cash and cash equivalents at end of period | 268.4 | ||||
Predecessor | Iglo | |||||
Cash flows from investing activities | |||||
Purchase of business, net of cash acquired | 0 | ||||
Predecessor | Findus | |||||
Cash flows from investing activities | |||||
Purchase of business, net of cash acquired | € 0 |
General information
General information | 12 Months Ended |
Dec. 31, 2017 | |
General Information About Financial Statements [Abstract] | |
General information | General information Nomad Foods Limited (the “Company” or “Nomad”) was incorporated in the British Virgin Islands on April 1, 2014. The address of Nomad’s registered office is Nemours Chambers, Road Town, Tortola, British Virgin Islands. The Company is domiciled for tax in the United Kingdom. Nomad Foods (NYSE: NOMD) is a leading frozen foods company building a global portfolio of best-in-class food companies and brands within the frozen category and in the future across the broader food sector. Nomad produces, markets and distributes brands in 17 countries and has the leading market share in Western Europe. The Company’s portfolio of leading frozen food brands includes Birds Eye, Iglo, and Findus. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements of Nomad and its subsidiaries (the “Company” or “Nomad”, or the “Successor”) and the consolidated financial statements of Nomad Foods Europe Holdings Limited (previously “Iglo Foods Holdings Limited”) (the “Predecessor”) have been prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board. These consolidated financial statements are also in accordance with International Financial Reporting Standards as adopted by the European Union. On June 1, 2015 Nomad Foods Limited (previously “Nomad Holdings Limited”) acquired Iglo Foods Holding Ltd (the “Iglo Group” and the “Iglo Acquisition”). Nomad Foods Limited is listed on the New York Stock Exchange and Iglo Foods Holdings Limited, a direct subsidiary of Nomad, is considered to be the “Predecessor” of Nomad Foods Limited (the “Successor”), as prior to the Iglo Acquisition, Nomad Foods Limited had no operations. On November 2, 2015 the Company acquired Findus Sverige AB and its subsidiaries (the “Findus Group” and the “Findus Acquisition”). The acquired business included operations across continental Europe with leading market positions in France, Sweden and Spain along with the intellectual and commercialization rights to the Findus, Lutosa (until 2020) and La Cocinera brands in their respective markets. On January 1, 2017, the Company adopted the following relevant amendments to IFRS. Neither of these have any impact on the results or financial position of the Company. – Amendments to IAS 7 “Disclosure Initiative”; for which additional disclosures have been made for changes in liabilities arising from financing activities; and – Amendments to IAS 12 "Recognition of Deferred Tax Assets for Unrealised Losses" Refer to 3.22 for more information on new IFRSs not yet adopted. The Company’s financial statements and notes are presented in the reporting currency of millions of Euros. Upon the acquisition of the Iglo Group on June 1, 2015, Nomad changed its functional and presentational currency from U.S. Dollars to Euros because this is the functional and presentational currency of the Iglo Group, which comprised all of Nomad’s operations at that time. All financial information has been rounded to the nearest €0.1 million, except where otherwise indicated. On May 28, 2015 the Company changed its year end reporting date from March 31 to December 31 to align with the historical reporting calendar of the Iglo Group. This change has no impact on the financial statements and notes included herein. Fiscal year 2015 is a nine month period for the Company, which might not be comparable to the full year comparative amounts. The consolidated financial statements were approved for issuance by the Board of Directors of Nomad Foods Limited on March 20, 2018. The Directors have, at the time of approving the financial statements, a reasonable expectation that Nomad has adequate resources to continue in operational existence for the foreseeable future given the cash funds available and the current forecast cash outflows. Thus, Nomad continues to adopt the going concern basis of accounting in preparing the financial statements. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
Accounting policies | Accounting policies The accounting policies set out below have, unless otherwise stated, been applied consistently. Judgments made by the Directors in the application of these accounting policies that have a significant effect on the financial statements and key sources of estimation uncertainty are discussed in Note 4. 3.1 Measurement convention The financial statements are prepared on the historical cost basis with the exception of derivative financial instruments, business combinations, share based payments, and founder preferred shares which are stated at fair value. 3.2 Business combination The Company uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Where selling shareholders have contractually agreed to indemnify Nomad Foods Limited for contingent liabilities, an indemnification asset is recognized equivalent to the fair value of the liability recognized by Nomad. The indemnification asset is deducted from consideration transferred for the business combination. The indemnification asset value will subsequently be revised where revisions are made to the value of the liability or where there are doubts over the ability to recover losses from the selling shareholders. 3.3 Basis of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany balances and transactions, and any unrealized income and expenses arising from intra-group transactions are eliminated. Accounting policies are applied consistently across the Company. Subsidiaries are all entities (including structured entities) over which Nomad has control; directly or indirectly. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. 3.4 Foreign currency i) Foreign currency transactions Transactions in foreign currencies (currencies other than the functional currency) are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate ruling the financial year end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges, qualifying net investment hedges or are attributable to part of a net investment in a foreign operation. Non-monetary assets and liabilities in a foreign currency are translated into the functional currency to establish historical cost, using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the date the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. The revenues and expenses of foreign operations are translated at an average rate for the period (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). ii) Assets and liabilities of foreign operations For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates ruling at the financial year ended December 31, 2017 of £1:€1.13 ( December 31, 2016 : £1:€1.17 , December 31, 2015 : £1:€1.36 ). The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange gains and losses that relate to these assets and liabilities are presented in the Consolidated Statement of Profit or Loss within ‘finance income or costs’, except where hedge accounting applies. iii) Net investment in foreign operations Exchange differences arising from the translation of foreign operations and of related qualifying hedges are taken directly to the translation reserve within equity. They are realized through the Consolidated Statement of Profit or Loss upon disposal of the related foreign operation. 3.5 Goodwill Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill is the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to the cash-generating unit and is not monitored below the operating segment unit. Goodwill is not amortized but is tested annually for impairment. Refer to 3.7 for discussion on cash-generating units. 3.6 Other intangible assets Intangible assets acquired separately are recorded at cost and those acquired as part of a business combination are recorded at fair value as at the date of acquisition. i) Computer software Capitalized software costs include the cost of acquired computer software licenses and costs that are directly associated with the design, construction and testing of such software where this relates to a major business system. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognized as an expense within other operating expenses as incurred. The assets are stated at cost less accumulated amortization and impairment losses. Software costs are amortized by equal monthly installments over their estimated useful economic life of five to seven years once the software is capable of being brought into use. ii) Brands Based on the market position of the brands, the significant levels of investment in advertising and promoting the brands, and the fact that they have been established for over 50 years , the Directors consider that the Birds Eye, Iglo and Findus brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. The La Cocinera and Lutosa brands (Lutosa used under license until 2020) are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 10 and 6 years respectively. iii) Customer relationships Long standing Food Service customer relationships have been identified as intangible assets as part of the Findus Acquisition. These are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 14 years . 3.7 Impairment of non-current assets The carrying amounts of the Company’s non-current assets are reviewed annually to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Impairment losses are recognized in the Consolidated Statement of Profit or Loss in the period in which they arise. For goodwill and assets that have an indefinite useful life an impairment review is performed at least annually. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. i) Calculation of recoverable amount Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows of the business are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ii) Allocation of impairment losses Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. iii) Reversals of impairment An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. 3.8 Property, plant and equipment i) Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. ii) Leased assets Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as ‘finance leases’. Where land and buildings are held under finance leases the accounting treatment of the land is considered separately from that of the buildings. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and impairment losses. All other leases are classified as ‘operating leases’. iii) Depreciation Depreciation is charged to the Consolidated Statement of Profit or Loss on a straight line basis over the shorter of the lease term and the estimated useful lives of each part of an item of property, plant and equipment once the item is brought into use. Land is not depreciated. The estimated useful lives are as follows: • Buildings 40 years • Plant and equipment 5 to 14 years • Computer equipment 3 to 5 years The assets’ residual values and useful lives are reviewed on a frequent basis. 3.9 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Inventories that are acquired through business combinations are fair valued at the time of acquisition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of direct costs and overheads based on normal operating capacity. Provision is made for slow moving, obsolete and defective inventories. 3.10 Employee benefits i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognized as an expense in the Consolidated Statement of Profit or Loss as incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in the future payments is available. ii) Defined benefit plans The Company’s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That net obligation is discounted to determine its present value. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit or Loss in staff costs included within Operating profit/(loss), except where included in the cost of an asset, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other Comprehensive Income in the period in which they arise. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Consolidated Statement of Profit or Loss. Past service cost is recognized immediately. iii) Share-based payment schemes Employee benefits given through share-based payment schemes are discussed further in section 3.15 within Accounting policies. 3.11 Founder Preferred Shares Nomad Foods issued Founder Preferred Shares to both TOMS Acquisition I, LLC and Mariposa Acquisition II, LLC (collectively the “Founder Entities”) in connection with its initial public offering in April 2014. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Dividend Amount”). The instrument and its component parts were analyzed under IFRS 2. The Company intends that any future Founder Preferred Shares Annual Dividend Amount will be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Should a Founder Preferred Share Annual Dividend Amount become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity. 3.12 Provisions Provisions are recognized when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the financial year end date and are discounted to present value where the effect is material. Where it is not possible to make a reliable estimate of the estimated financial effect of a provision, appropriate disclosure of the resulting contingent liability is made, but no provision is recognized. The Company is currently in discussions with the tax authorities in one of its markets regarding the treatment of the acquisition of the Iglo Group in 2006 by the previous owners. The Company has an indemnity in respect of this tax issue, but has not recognized an indemnification asset or a provision for this matter. 3.13 Financial instruments Financial assets and liabilities are recognized in the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method, less any impairment. Since trade receivables are due within one year, this equates to initial carrying value less any impairment. Appropriate allowances for estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss when there is objective evidence that the asset is impaired. Trade receivables are presented net of customer rebate balances. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and call deposits. iii) Loans and borrowings a. Valuation Interest bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing loans and borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the Consolidated Statement of Profit or Loss over the expected period of the borrowings. b. Capitalization of transaction costs Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. iv) Trade payables Trade payables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method. Since trade payables are largely due within one year, this equates to initial carrying value. v) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized at fair value. When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in the Consolidated Statement of Profit or Loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The fair value of derivative financial instruments is determined using forward rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps are managed based on their net exposure to credit risks. The Company has used the exception in IFRS 13 to allow this group of derivatives to be measured on a net basis by each counterpart. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in the cash flow hedging reserve. Any ineffective portion of the hedge is recognized immediately in the Consolidated Statement of Profit or Loss. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognized when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealized gain or loss recognized in equity is recognized in the Consolidated Statement of Profit or Loss immediately. b. Net investment hedges Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in Other Comprehensive Income to the extent that the hedge is effective, and are presented in the translation reserve within equity. To the extent that the hedge is ineffective, such differences are recognized in the Consolidated Statement of Profit or Loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to the Consolidated Statement of Profit or Loss as part of the gain or loss on disposal. 3.14 Revenue Revenue comprises sales of goods after deduction of discounts, sales taxes and excludes intra-company sales. Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. At each financial year end date any discount incurred, but not yet invoiced, is estimated and accrued. Revenue is recognized when the title and risk of loss of the underlying products have been transferred to the customer, at which point the sale price is fixed or determinable. This completes the revenue-earning process specifically that an arrangement exists, delivery has occurred, ownership has transferred, the price is determined and collectability is reasonably assured. The timing of the transfer of risks and rewards varies depending on the individual terms of the sales agreement. A provision for payment discounts and product return allowances, which is estimated based upon the Company’s historical performance, management’s experience and current economic trends, is recorded as a reduction of sales in the same period that the revenue is recognized. Trade promotions, consisting primarily of customer pricing allowances and merchandising funds and customer coupons are offered through various programs to customers and consumers. Sales are recorded net of estimated trade promotion spending, which is recognized as incurred at the time of sale. Certain retailers require the payment of slotting fees in order to obtain space for the Company’s products on the retailers’ store shelves. The fees are recognized as reductions of revenue on the date a liability to the retailer is created. These amounts are included in the determination of net sales. Accruals for expected pay-outs under these programs are included within trade receivables or trade payables in the Consolidated Statement of Financial Position. Coupon redemption costs are also recognized as reductions of net sales when the coupons are issued. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote our products and are classified in the Consolidated Statement of Profit or Loss as a reduction of revenue. 3.15 Share based payments Successor Nomad Foods 2015 Long Term Incentive Plan The Nomad Foods 2015 Long Term Incentive Plan (the “LTIP”), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the LTIP represent equity settled share based payments. A charge is taken to the Consolidated Statement of Profit or Loss for the difference between the fair value of the shares at grant date and the amount subscribed, spread over the vesting period. Share based payment arrangements in which Nomad receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share based payment transactions, regardless of how the equity instruments are obtained by Nomad. The grant date fair value of share-based payment awards granted to any Director or employee is recognized as an associated expense, with a corresponding increase in equity, over the period that any Director or employee becomes unconditionally entitled to the awards. The fair value of the awards granted is measured using a valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. See Note 8b for further information on the Company’s share-based payment arrangements and details of the valuation model used. Predecessor At the end of each reporting period, the Iglo Group revised its estimates of the number of interests that were expected to vest based on the non-market vesting conditions. It recognized the impact of the revision to original estimates, if any, in the Consolidated Statement of Profit or Loss, with a corresponding adjustment to equity. Other management incentive schemes If schemes fall outside the scope of IFRS 2, since they are not related to the price or value of equity instruments, but do fall within the scope of IAS 19 “Employee Benefits”, an annual charge is taken over the service period based on an estimate of the amount of future benefit employees will earn in return for their service. 3.16 Interest income Interest income is recognized in the Consolidated Statement of Profit or Loss on an accruals basis using the effective interest method. 3.17 Expenses i) Operating lease payments Payments made under operating leases are recognized in the Consolidated Statement of Profit or Loss on a straight line basis over the term of the lease. Lease incentives received are recognized on a straight line basis in the Consolidated Statement of Profit or Loss as an integral part of the total lease expense. ii) Borrowing costs Unless capitalized as part of the cost of borrowing (see Note 3.13(iii)), borrowing costs are recognized in the Consolidated Statement of Profit or Loss in the period in which they are incurred. iii) Exceptional items The separate reporting of exceptional items which are presented as exceptional within the relevant Consolidated Statement of Profit or Loss category, helps provide an indication of the Company’s underlying business performance. Exceptional items have been identified and presented by virtue of their size, nature or incidence. In determining whether an event or transaction is specific, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Exceptional items comprise restructuring costs, impairments or reversal of impairments of intangible assets, operational restructuring, integration and acquisition costs relating to new acquisitions, investigation of strategic opportunities and other items, costs relating to certain management incentive plans and other significant items (see Note 7). iv) Research and development Expenditure on research activities is recognized in the Consolidated Statement of Profit or Loss as an expense as incurred. 3.18 Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the financial year end date, and any adjustment to tax payable in respect of previous years. Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on the best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts used for taxation purposes on an undiscounted basis. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial year end date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. 3.19 Segment reporting The Chief Operating Decision Maker (“CODM”) has been determined to be the Chief Executive Officer as he is primarily responsible for the allocation of resources to the segments and the assessment of performance of the segments. Nomad’s operations are organized into one operating unit, ‘Frozen’, which comprises all the brands, as well as the factories, private label business units and certain corporate overheads. The CODM primarily uses (“Adjusted EBITDA”), disclosed in Note 5, as the key measure of the segment’s results. Adjusted EBITDA is EBITDA adjusted to exclude (when they occur) exited markets, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, the impact of share based payment charges, charges relating to the Founder Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other unusual or non-recurring items. EBITDA, disclosed in Note 5, is defined as profit/(loss) for the period before taxation, net financing costs, depreciation and amortization. 3.20 Onerous contracts provisions Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. 3.21 Unfavorable contracts Unfavorable contracts recognized from business combinations are classified as a liability, discounted and recognized over the term of the underlying contract as a reduction in the associated expense. 3.22 IFRSs not yet adopted At the date of authorization of these financial statements, the following Standards and Interpretations, which have not been applied in the financial statements, were in issue but not yet effective: • IFRS 9 ‘Financial Instruments’ addresses the classification, measurement and recognition of financial assets and financial liabilities and replaces IAS 39. The standard reduces the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 replaces the ‘incurred loss model’ in IAS 39 with an ‘expected credit loss’ model. The standard also introduces new presentation and disclosure requirements. The standard also introduces new hedge accounting rules although the adoption of these is optional so that the hedge accounting rules under IAS 39 may continue to be applied. The effective date for the adoption of IFRS 9 is annual periods beginning on or after 1 January 2018. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The Group has completed its assessment of the effects of transition to IFRS 9. The impacts that have been identified on adopting IFRS 9 on the Group are detailed below. – Classification and measurement: IFRS 9 establishes a principle based approach for classification of financial assets based on cash flow characteristics of the asset and the business model in which an asset is held as well as changes to the measurement of financial liabilities held at FVTPL. The change in classification does not affect the accounting recognition of financial assets presented in these financial statements and the impact of the change in measurement on financial li |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise judgment in applying the accounting policies. The key areas involving a higher degree of judgment or complexity, or areas where assumptions are significant to the consolidated financial statements are highlighted under the relevant note. Critical accounting estimates and judgments are listed below: a) Discounts and trade marketing expense Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. Each customer has a unique agreement that is governed by a combination of observable and unobservable performance conditions. At each financial year end date any discount incurred but not yet invoiced is estimated, based on historical trends and rebate contracts with customers, and accrued as ‘trade terms’. The balance of the reduction in trade receivables for trade terms as of December 31, 2017 is disclosed in Note 18. In certain cases the estimate for discounts requires the use of forecast information for future trading periods and so there arises a degree of estimation uncertainty. These estimates are sensitive to variances between actual results and forecasts. The current accruals reflect the Company’s best estimate of these forecasts. Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote Company products. The ultimate costs of these programs can depend upon retailer performance and is the subject of significant management estimates. The Company records as a reduction in revenue, the estimated ultimate cost of the program in the period during which the program occurs and is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends. b) Business combinations The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves judgment over whether intangible assets can be separately identified as well as an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable judgment in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following judgments, estimates and assumptions can materially affect our financial position and profit: • The fair value of intangible and tangible assets that are subject to depreciation or amortization in future periods. • Future changes to the assumptions used in estimating the value of assets and liabilities may result in additional expenses or income. c) Carrying value of goodwill and brands Determining whether goodwill and brands are impaired requires an estimation of the value in use of the cash generating unit to which goodwill and brands have been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. Details of impairment reviews are provided in Note 13. d) Employee benefit obligation The Group operates a number of defined benefit pension schemes and post-employment benefit schemes which are valued by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. Each Scheme has an actuarial valuation performed and is dependent on a series of assumptions See Note 23 for details of these assumptions and a sensitivity analysis on material assumptions. e) Uncertain tax positions Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on best estimates and management’s judgments with regard to the amounts expected to be paid to the relevant tax authority. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. The factors considered include the progress of discussions with the tax authorities and the level of documentary support for historical positions taken by previous owners. f) Onerous contracts Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. Estimating future income is highly judgmental and is based on management’s best estimate. Onerous contracts are presented as provisions in Note 24. g) Fair value of derivative financial instruments. Note 34 includes details of the fair value of the derivative instruments that the Company holds at each balance sheet period. Management has estimated the fair value of these instruments by using valuations based on discounted cash flow calculations. h) Share-based payments At the end of each reporting period, the Company, in estimating its share-based payment charge, assesses and revises its estimates of the number of interests that are expected to vest based on the non-market vesting conditions. Note 8b contains details of these assumptions and of the valuation model used. |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Segment reporting | Segment reporting Nomad has one reporting and operating segment, ‘Frozen’, reflected in the segment presentation below for the periods presented. Historical financial information of the predecessor has been re-presented as if it was one single operating segment for comparative purposes. Segment Adjusted EBITDA Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Profit/(loss) for the period 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Taxation 32.0 39.6 (12.3 ) — 40.9 Net financing costs/(income) 74.4 62.1 35.5 (0.1 ) 115.7 Depreciation 12 35.9 43.3 20.3 — 11.3 Amortization 13 6.5 7.8 1.5 — 1.2 EBITDA 285.3 189.2 (292.3 ) (167.6 ) 41.1 Net purchase-price adjustment-inventory step up — — 37.0 — — Net purchase-price adjustment for cash flow hedge accounting — — 4.9 — — Charge related to Founder Preferred Shares Annual Dividend Amount 27 — — 349.0 165.8 — (Credit)/charge relating to Warrant Redemption Liability 25 — — (0.4 ) 0.4 — Exceptional items 7 37.2 134.5 58.1 0.7 84.3 Other add-backs 5.6 1.2 — — — Adjusted EBITDA 328.1 324.9 156.3 (0.7 ) 125.4 Unallocated corporate costs — — 2.5 0.7 — Frozen Adjusted EBITDA 328.1 324.9 158.8 — 125.4 Other add-backs include the elimination of share-based payment charges of €2.6 million (2016: €1.2 million ) and elimination of M&A related investigation costs, professional fees, transaction costs and purchase accounting related valuations of €3.0 million . We exclude these costs because we do not believe they are indicative of our normal operating costs, can vary significantly in amount and frequency, and are unrelated to our underlying operating performance. No information on segment assets or liabilities is presented to the CODM. Product information Management considers the products it sells belong to one category, being ‘Frozen’. Geographical information External revenue by geography Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m United Kingdom 411.9 437.5 288.6 — 225.0 Italy 371.4 348.5 205.2 — 169.7 Germany 300.3 267.8 150.0 — 124.2 Sweden 208.0 218.2 35.5 — — France 170.0 168.9 41.0 — — Norway 123.3 122.6 19.6 — — Austria 96.7 92.9 51.8 — 45.0 Spain 81.2 82.6 13.1 — — Rest of Europe 193.8 188.7 89.4 — 76.4 Total external revenue by geography 1,956.6 1,927.7 894.2 — 640.3 Non-current assets by geography Successor Successor December 31, 2017 December 31, 2016 €m €m Germany 126.4 118.0 United Kingdom 94.8 77.5 Italy 55.0 59.1 Sweden 26.5 44.6 France 16.7 18.4 Norway 15.7 13.3 Rest of Europe 20.2 6.1 Total non-current assets by geography 355.3 337.0 Non-current assets exclude deferred tax assets, goodwill and brands which are not bound to one geographical area. |
Operating profit_(loss)
Operating profit/(loss) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Operating profit/(loss) | Operating profit/(loss) Operating profit /(loss) is stated after charging: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Staff costs 8 257.4 264.5 160.2 — 88.8 Depreciation of property, plant and equipment 12 35.9 43.3 20.3 — 11.3 Impairment of property, plant and equipment 12 0.3 1.4 3.2 — — Impairment of goodwill and brands 13 — — — — 55.0 Amortization of software and brands 13 6.5 7.8 1.5 — 1.2 Operating lease charges 15.0 14.6 4.2 — 3.2 Exchange (gains)/losses (1.2 ) (3.3 ) 5.2 88.9 (9.0 ) Fair value loss on financial assets at fair value through profit and loss — — 4.9 — — Research & development expenditure 15.4 13.3 12.1 — 7.2 Inventories recognized as an expense within cost of goods sold 1,273.3 1,282.6 608.9 — 389.3 |
Exceptional items
Exceptional items | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items are made up as follows: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Investigation of strategic opportunities (1) 18.8 7.0 7.7 — 1.3 Supply chain reconfiguration (2) 14.0 84.3 — — — Findus Group integration costs (3) 15.1 29.6 4.5 — — Costs related to transactions (4) 3.2 4.8 34.1 0.7 3.8 Costs related to long-term management incentive plans (5) — 1.9 3.5 — 22.9 Other restructuring costs (6) — (1.0 ) 8.9 — — Cisterna fire net (income)/costs (7) — (4.3 ) (2.5 ) — 1.3 Impairment of intangible assets (8) — — — — 55.0 Settlement of legacy matters (9) (5.6 ) 1.8 1.9 — — Remeasurement of indemnification assets (10) (8.3 ) 10.4 — — — Total exceptional items 37.2 134.5 58.1 0.7 84.3 (1) Investigation of strategic opportunities Successor The Company incurred charges of €18.8 million in the year ended December 31, 2017 in relation to the implementation of the Nomad strategic vision, which primarily relates to changes to the organizational structure to align behind core products and implement net revenue management initiatives ( 2016 : €7.0 million , 2015 : €7.7 million ). The prior periods exclude costs associated with legacy matters which are now allocated to (9), which has reduced the 2016 charge from €8.8 million to €7.0 million and the 2015 charge from €9.6 million to €7.7 million . Predecessor For the five months ended May 31, 2015 the Iglo Group incurred charges of €1.3 million in relation to a strategic review of the Iglo Group’s operations and other items. The charges include costs incurred as a result of the decision to cease marketing its products in Romania, Slovakia and Turkey on November 27, 2014, amounts in relation to tax matters from previous accounting periods and costs related to the implementation of the Better Meals Together strategy. (2) Supply chain reconfiguration Successor Supply chain reconfiguration relates to large scale restructuring projects undertaken by the Company to optimize the supply chain. A charge of €14.0 million has been incurred in relation to restructuring activities for the year ended December 31, 2017 , which relates to the closure of the Bjuv manufacturing facility. A charge of €84.3 million was incurred in the year ended December 31, 2016, of which €54.0 million was incurred in relation to restructuring activities, primarily relating to the closure of the Bjuv manufacturing facility. A further €30.3 million was incurred for an onerous contract that relates to the renegotiation of the Company’s agreements with a third party for the use of a warehouse facility. (3) Findus Group integration costs Successor Following the acquisition of the Findus Group on November 2, 2015, the Company initiated a substantial integration project. Costs of €15.1 million have been incurred in the year ended December 31, 2017 . For the year ended December 31, 2016 costs of €29.6 million were incurred. For the nine months ended December 31, 2015 costs of €4.5 million were incurred. Costs incurred in 2017 primarily relate to the rollout of the Nomad ERP system. (4) Costs related to transactions Successor The charge for the year ended December 31, 2017 , relates to enhanced control compliance procedures in territories. For the year ended December 31, 2016 and the nine months ended December 31, 2015 , costs related to transactions primarily relates to the acquisition of the Iglo Group. For the year ended March 31, 2015 the Iglo Group incurred a charge of €0.7 million in relation to acquisition and sale transactions. Predecessor In 2015 , a €3.8 million charge was incurred relating to the payment of registration tax assessed as a result of the CSI (Findus Italy) acquisition. The Iglo Group appealed the rulings and elected to pay the assessed taxes in order to avoid incurring penalties and interest. (5) Costs related to long-term management incentive plans Successor Subsequent to the sale of Iglo and specific to the terms of a Predecessor incentive scheme, management participated in an incentive scheme for which the Company incurred charges €1.9 million in the year ended December 31, 2016 and €3.5 million in the nine months ended December 31, 2015 . Refer to Note 8 for more details on the management incentive scheme which ended in May 2016. Predecessor The Iglo Acquisition on June 1, 2015 was a triggering event under the main incentive schemes following which the majority of management incentive schemes provisions were paid. The completion of the sale was a triggering event under the cash settled schemes. A charge of €22.9 million in the five months ended May 31, 2015 represents an accelerated charge to align the cumulative charges recognized to the amount that was paid in June 2015 of €19.7 million . In addition, as a result of the terms of the sale, vesting of the equity settled share based payment scheme was accelerated. The non-cash charge of €3.2 million in the five months ended May 31, 2015 reflects the vesting of non-forfeited interests in this scheme. There were no associated exercises made in relation to the scheme due to the fact that market performance conditions were not met. (6) Other restructuring costs Successor A credit of €1.0 million was recognized in the year ended December 31, 2016 related to the release of provisions for restructuring activities in the UK and German factories. For the nine months ended December 31, 2015 , costs related to restructuring activities in the German, UK and Italian factories were €8.9 million . (7) Cisterna fire net (income)/costs Successor A €4.3 million net income was recognized for the year ended December 31, 2016 in relation to the August 2014 fire insurance claim in the Italian production facility. A €2.5 million net income was recognized for the nine months ended December 31, 2015. Predecessor In the five months ended May 31, 2015 , the Iglo Group incurred charges of €1.3 million in relation to a fire in August 2014 in the Italian production facility which produces Findus branded stock for sale in Italy. The charges include the cost of stock damaged by the fire, the impairment of property as well as ongoing incremental costs incurred as a result of the disruption to operations. The Company has insurance policies in place covering the stock, property and loss of earnings for which claims are almost complete. The proceeds of these claims could not be recognized until the recoverable amount was judged to be virtually certain. No further costs are expected to arise from this incident and any future income from insurance claims is expected to be insignificant. (8) Impairment of intangible assets Predecessor As a result of circumstances identified during the five months ended May 31, 2015 it was noted that the recoverable amount of the Italian intangible assets held prior to the Iglo Acquisition were lower than the values previously carried in the Iglo accounts. Therefore the carrying values were adjusted and an impairment charge of €55.0 million was recognized in the five months ended May 31, 2015 . (9) Settlement of legacy matters Successor A net income of € 5.6 million has been recognized in liabilities relating to periods prior to acquisition of the Findus and Iglo businesses by the Company (charge of €1.8 million in the year ended December 31, 2016 , charge of €1.9 million in the nine months ended December 31, 2015 ). These were previously classified within Investigation and implementation of strategic opportunities and other items and have been reclassified into this line for all successor periods presented. The credit includes a charge of €3.9 million associated with settlements of tax audits, offset by gains of €4.2 million from the reassessment of sales tax provisions, €1.2 million from the reassessment of interest on sales tax provisions, a €2.8 million gain on a legacy pension plan in Norway and a €1.3 million gain on disposal of a non-operational factory. (10) Remeasurement of indemnification assets Successor Remeasurement of the indemnification assets relates to the movement in value of shares held in escrow as part of the consideration on the acquisition of the Findus Group as well as the release of indemnification assets associated with the acquisition of the Iglo Group as discussed in Note 19. Tax impact of exceptional items The tax impact of the exceptional items amounts to a credit of €13.8 million in the year ended December 31, 2017 ( year ended December 31, 2016 : credit of €8.8 million , nine months ended December 31, 2015 : credit of €6.1 million , year ended March 31, 2015: € nil , five months ended May 31, 2015 : credit of €22.0 million ). Cash flow impact of exceptional items Included in the Consolidated Statements of Cash Flows for the year ended December 31, 2017 is €99.5 million ( year ended December 31, 2016 : €49.2 million , nine months ended December 31, 2015 : €91.6 million , year ended March 31, 2015: €0.7 million , 5 months ended May 31, 2015: €6.2 million ) of cash outflows relating to exceptional items. This includes cash flows related to the above items as well as the cash impact of the settlement of provisions brought forward from previous accounting periods. |
Payroll costs, share based paym
Payroll costs, share based payments and management incentive schemes | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Payroll costs, share based payments and management incentive schemes | Payroll costs, share based payments and management incentive schemes (a) Payroll costs The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Production 2,285 2,627 2,605 — 1,635 Administration, distribution & sales 1,572 1,571 1,767 — 1,047 Total number of employees 3,857 4,198 4,372 — 2,682 For the year ended March 31, 2015 , the Successor did not have any operations or employees and accordingly no compensation or benefits were paid. The table below discloses the Company’s aggregate payroll costs of these persons. Payroll costs exclude long term management incentive scheme and share based payment costs, but includes bonus costs, in particular those associated with a non-cash bonus for key management employees, whereby 13,104 Ordinary shares of the Company were issued to the recipients’ on November 27, 2015. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Wages and salaries 200.8 205.4 126.7 — 72.1 Social security costs 42.0 45.9 27.5 — 12.5 Other pension costs 14.6 13.2 6.0 — 4.2 Total payroll costs 257.4 264.5 160.2 — 88.8 (b) Share based payments Successor During 2015, the Company established a discretionary share award scheme, the LTIP, which enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Non-Executive Director Restricted Share Awards In accordance with the Board approved independent Non-Executive Director compensation guidelines, each independent Non-Executive Director is granted $100,000 of restricted shares annually on the date of the annual general meeting, valued at the closing market price for such shares on this date. The restricted shares vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and were issued in July 2016 at a share price of $8.98 . Of the total 34,780 number of shares vesting, 11,568 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. The Non-Executive Directors restricted share awards granted on June 16, 2016, which consisted of 55,680 shares at a share price of $8.98 , vested on June 19, 2017 and were issued at a share price of $ 14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On June 19, 2017, Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for stock compensation awards was €0.8 million ( year ended December 31, 2016 : €0.6 million ; nine months ended December 31, 2015 : €0.1 million ). Director and Senior Management Share Awards As part of its long term incentive initiatives, the Company has issued 4,927,000 restricted shares to the management team (the “Management Share Awards”). 3,837,000 shares (net of 770,000 forfeitures in the period) are currently allocated for the January 1, “2016” grant and a further 1,090,000 shares (including 485,000 new awards granted in the period) have been allocated for the January 1, “2017” grant. Relevant to each grant, half of the awards are contingent upon achieving a benchmark market share price and the other half of the awards will vest provided one of a range of cumulative EBITDA performance targets is met over a four year period. If the share price benchmark is met, the shares for this portion of the awards will vest 50% over a two year period and 50% over a four year period. For the 2016 grant, the two year period is through to January 1, 2018 and the four year period through to January 1, 2020. For the 2017 grant, the two year period is through to January 1, 2019 and the four year period through to January 1, 2021. The other half of the 2016 and 2017 awards will vest on January 1, 2020 and January 1, 2021 respectively provided one of a range of cumulative EBITDA performance targets is met over a four year period from January 1, 2016 to December 31, 2019 for the 2016 grant and from January 1, 2017 to December 31, 2020 for the 2017 grant. The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2017 related to the management plan is €1.8 million ( year ended December 31, 2016 : €0.6 million ; nine months ended December 31, 2015 : € nil ) The Company calculates the cost of the Management Share Awards based upon their fair value using the Monte Carlo Model, which is considered to be the most appropriate methodology considering the restricted shares only vest once the market performance conditions have been satisfied, as well as expected exercise period and the payment of dividends by the Company. Following a revision to the January 1, 2016 award EBITDA Performance Target Conditions and updating for scheme leavers, the inputs and assumptions underlying the Monte Carlo models for both awards are now as follows: January 1, 2016 award January 1, 2017 award Grant date price $ 12.00 $ 9.57 Exercise price $ — $ — Expected life of restricted share 3.02 – 4.00 years 3.11 – 4.00 years Expected volatility of the share price 20.0 % 23.0 % Dividend yield expected — % — % Risk free rate 1.59 % 1.83 % Employee exit rate 16.0 % 16.0 % EBITDA Performance Target Condition 5.0%-75.0% 5.0%-75.0% The expected volatility of the share price inputs of 20.0% and 23.0% were estimated by referencing selected quoted companies which are considered to exhibit some degree of comparability with the Company, as the Company has only been listed for approximately two years at the time of the 2017 grant. Based on the revised assessment in the current period of fair value and the number of shares expected to vest, the total fair value in respect of the Restricted Shares as at the January 1, 2016 grant date is $6.3 million ( €5.9 million ) and $0.6 million ( €0.6 million ) as at the January 1, 2017 grant date. Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7) Balance as of December 31, 2017 2.9 Initial Options On April 11, 2014 Lord Myners, Alun Cathcart (resigned February 2016) and Guy Yamen (resigned June 2015), all Non-Executive Directors, were granted options (“Initial Options”) to purchase a maximum of 125,000 Ordinary Shares at an exercise price of $11.50 per ordinary share (subject to such adjustment to the number of Ordinary Shares and/or the exercise price as the Directors consider appropriate in accordance with the terms of the Initial Option Deeds in respect of an issue of Ordinary Shares by way of a dividend or distribution to holders of Ordinary Shares, a subdivision or consolidation or any other variation to the share capital of Nomad, as determined by the Directors). The awards are now exercisable within a five year period, which commenced on the trading day immediately following the Iglo Group acquisition on June 1, 2015. Nomad has calculated the cost of the Initial Options based upon their fair value and taking into account the vesting period and using the Black-Scholes methodology. The valuation of the Initial Options has been based on the following assumptions: – market value of Ordinary Shares at the grant date of $10.00 ; – an exercise price of $11.50 ; – 1 year expected time to acquisition; – probability of acquisition of 61% ; – volatility of 17.03% ; and – a risk free interest rate of 0.84% . Such securities and awards have been accounted for in accordance with “IFRS 2—Share Based Payment”. Based on the preceding assumptions, the total value for the Initial Options is €0.06 million . There were no forfeitures at the grant date and the expense was recognized over an estimated 2 -year period ended on April 1, 2016. Predecessor In prior years for the Predecessor, certain employees of the Predecessor were offered the opportunity to participate in one of several Predecessor share schemes through which they could subscribe for shares of the Permira Partnership, the ultimate controlling party of the Predecessor. These schemes were accounted for under IFRS 2 “Share Based Payments” and represented equity settled share based payments. Due to the sale of the Iglo Group, the vesting of the equity settled share based payment scheme was accelerated. The resulting €3.2 million charge to the Consolidated Statement of Profit or Loss for the five months ended May 31, 2015 , reflected the accelerated vesting of non-forfeited interests in the scheme. The plans were equity settled. (c) Management incentive schemes Successor Subsequent to the sale of Iglo and specific to the terms of a Predecessor incentive scheme, €1.9 million was charged to the Consolidated Statement of Profit or Loss during the year ended December 31, 2016 . €3.5 million was charged in the nine month period to December 31, 2015. This scheme ended in May 2016. Predecessor Certain members of the Predecessor’s management team previously participated in certain incentive schemes. The completion of the sale of the Iglo Group to the Company on June 1, 2015 was a triggering event under the cash settled schemes. The resulting €19.7 million charge to the Consolidated Statement of Profit or Loss for the five months ended May 31, 2015 , reflected the acceleration of the charges to align the cumulative charges recognized to the amount that was paid in June 2015. |
Directors and Key Management co
Directors and Key Management compensation | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Directors and Key Management compensation | Directors and Key Management compensation Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Short-term employee benefits 2.0 2.1 1.3 — 1.9 Contributions to money purchase pension plans — — — — 0.2 Share-based payment 1.4 0.9 0.1 — 2.2 Long-term incentive scheme — — — — 17.4 Compensation for loss of office 0.4 — — — — Non-Executive Director fees 0.3 0.2 0.1 0.2 — Total Directors’ and executive officers' compensation 4.1 3.2 1.5 0.2 21.7 All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and executive Officers. In the year ended December 31, 2017 , two executive Officers were accruing benefits under share based payment schemes ( year ended December 31, 2016 : three ). Predecessor Non-Executive Directors were paid through payroll and are included within the table above but were not disclosed separately. In the predecessor period, there were eight directors in respect of whose qualifying services shares were received under long term incentive schemes, including the highest paid director. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Retirement benefits are accruing to the following number of directors under: Money purchase schemes 2 1 1 — 4 |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Interest income 0.2 5.9 4.4 — 2.0 Gain on derivatives 7.0 — 4.3 — — Net foreign exchange gains on translation of financial assets and liabilities — 18.3 — 0.1 — Finance income 7.2 24.2 8.7 0.1 2.0 Accrued interest — — — — (60.2 ) Cash pay interest expense (54.0 ) (68.7 ) (38.8 ) — (35.4 ) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 3.9 — — — — Other interest expense — (2.8 ) — — — Net pension interest costs (3.6 ) (4.1 ) (1.9 ) — (0.7 ) Amortization of borrowing costs (2.7 ) (5.0 ) (2.1 ) — (0.9 ) Net foreign exchange losses on translation of financial assets and liabilities (3.9 ) — (0.5 ) — (20.5 ) Interest on unwinding of discounted items (1.2 ) (1.4 ) — — — Loss on derivatives — (4.3 ) — — — Financing costs incurred in amendment of terms of debt (1) (20.1 ) — (0.9 ) — — Finance costs (81.6 ) (86.3 ) (44.2 ) — (117.7 ) Net finance (costs)/income (74.4 ) (62.1 ) (35.5 ) 0.1 (115.7 ) (1) A one-off charge of €20.1 million was incurred as a consequence of the refinancing in May 2017 and repricing in December 2017. Of this, deferred transaction costs of €15.7 million relating to the previous senior debt were written off. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Taxation | Taxation Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Current tax expense Current tax on profits/loss for the period (37.5 ) (58.9 ) (18.0 ) — (41.2 ) Adjustments in respect of prior periods 3.2 (0.6 ) (2.3 ) — 15.2 (34.3 ) (59.5 ) (20.3 ) — (26.0 ) Deferred tax income/(expense) Origination and reversal of temporary differences (2.1 ) 12.9 10.4 — (14.9 ) Impact of change in tax rates 4.4 7.0 22.2 — — 16 2.3 19.9 32.6 — (14.9 ) Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) Reconciliation of effective tax rate: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Profit/(loss) before tax 168.5 76.0 (349.6 ) (167.5 ) (87.1 ) Tax (charge)/credit at the standard UK corporation tax rate 19.25% (2016: 20%; 2015: 20.25%) (32.5 ) (15.2 ) 70.8 33.9 17.6 Difference in tax rates (10.0 ) (10.0 ) (67.5 ) (33.9 ) (4.6 ) Non tax deductible interest 4.4 — (9.9 ) — (8.7 ) Other income and expenses not taxable or deductible 16.8 (7.4 ) 1.0 — (21.6 ) Unrecognized tax assets (19.3 ) (1.8 ) (2.1 ) — (30.9 ) Provisions for uncertainties 1.0 (11.6 ) 0.1 — (7.9 ) Impact of change in deferred tax rates 4.4 7.0 22.2 — — Prior period adjustment 3.2 (0.6 ) (2.3 ) — 15.2 Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) Effective tax rates Successor The effective tax rate for the year ended December 31, 2017 was 19% ( year ended December 31, 2016 : 52.1% ). The change is principally caused by expenses which are not tax deductible, partially offset by the non-recognition of deferred tax assets on certain tax losses. Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The Company operates in many different jurisdictions and in some of these, certain matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years, experience adjustments to this provision. Management believes that the Company’s position on all open matters including those in current discussion with local tax authorities is robust and that the Company is appropriately provided. Following the enactment of the Finance Act 2016, the standard rate of corporation tax in the UK is 19.25% for 2017 ( 2016 : 20% ). The standard rate of corporation tax in the UK reduced from 20% to 19% with effect from April 1, 2017 and will reduce by a further 2% to 17% from April 1 2020. As the reductions to 19% and 17% were substantially enacted on September 6, 2016, these rates are reflected in these financial statements. The tax (credit)/charge relating to components of other comprehensive income is as follows: Successor Before tax Tax charge/ (credit) After tax Year ended December 31, 2017 Note €m €m €m Remeasurement of post-employment benefit liabilities (2.9 ) 2.0 (0.9 ) Net investment hedge 0.8 — 0.8 Cash flow hedges 16.4 (5.0 ) 11.4 Other comprehensive loss 14.3 (3.0 ) 11.3 Current tax — — — Deferred tax 16 — (3.0 ) — — (3.0 ) — Before tax Tax charge After tax Year ended December 31, 2016 Note €m €m €m Remeasurement of post-employment benefit liabilities 23.6 6.3 29.9 Net investment hedge 0.5 — 0.5 Cash flow hedges (10.1 ) 2.8 (7.3 ) Other comprehensive loss 14.0 9.1 23.1 Current tax — — — Deferred tax 16 — 9.1 — — 9.1 — Before tax Tax charge After tax Nine months ended December 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities (19.4 ) 6.1 (13.3 ) Net investment hedge 4.4 — 4.4 Cash flow hedges (1.6 ) 0.5 (1.1 ) Other comprehensive (income)/loss (16.6 ) 6.6 (10.0 ) Current tax — — — Deferred tax 16 — 6.6 — — 6.6 — Predecessor Before tax Tax credit After tax 5 months ended May 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities 2.5 (0.7 ) 1.8 Net investment hedge (44.7 ) — (44.7 ) Cash flow hedges — — — Other comprehensive income (42.2 ) (0.7 ) (42.9 ) Current tax — — — Deferred tax 16 — (0.7 ) — — (0.7 ) — Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Dec 31, 2017 Dec 31, 2016 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 13.5 (28.7 ) (15.2 ) 10.3 (33.6 ) (23.3 ) Intangible assets 0.1 (295.1 ) (295.0 ) — (291.3 ) (291.3 ) Employee benefits 28.2 — 28.2 27.8 (0.1 ) 27.7 Tax value of loss carry forwards 15.6 — 15.6 18.9 — 18.9 Derivative financial instruments 0.9 0.5 1.4 — (3.3 ) (3.3 ) Other 6.0 (4.4 ) 1.6 7.9 (4.9 ) 3.0 Tax assets/(liabilities) 64.3 (327.7 ) (263.4 ) 64.9 (333.2 ) (268.3 ) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €65.3 million ( December 31, 2016 : €56.3 million ). These deferred tax assets have not been recognized as the likelihood of recovery is not probable. A deferred tax asset on tax losses acquired from the Iglo Group was not recognized at the acquisition date. During 2016, following discussions with tax authorities, the group revised its assessment of the likely recovery of these losses and a resulting deferred tax asset has now been recognized. The aggregate deferred tax relating to items that have been credited directly to equity is €3.0 million ( December 31, 2016 : charge of €9.1 million ). Movement in deferred tax during the year: Opening balance Jan 1 2017 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2017 €m €m €m €m €m €m Property, plant and equipment (23.3 ) — 8.2 — (0.1 ) (15.2 ) Intangible assets (291.3 ) — (3.7 ) — — (295.0 ) Employee benefits 27.7 — 2.5 (2.0 ) — 28.2 Tax value of loss carry forwards 18.9 — (3.0 ) — (0.3 ) 15.6 Derivative financial instruments (3.3 ) — (0.3 ) 5.0 — 1.4 Other 3.0 — (1.4 ) — — 1.6 Total deferred tax (268.3 ) — 2.3 3.0 (0.4 ) (263.4 ) Opening balance Jan 1 2016 Acquired in Recognized Recognized Movement Closing balance €m €m €m €m €m €m Property, plant and equipment (5.3 ) (0.3 ) (17.2 ) — (0.5 ) (23.3 ) Intangible assets (315.8 ) — 24.1 — 0.4 (291.3 ) Employee benefits 32.7 — 1.3 (6.3 ) — 27.7 Tax value of loss carry forwards — — 18.9 — — 18.9 Derivative financial instruments 0.2 — (0.7 ) (2.8 ) — (3.3 ) Other 9.5 — (6.5 ) — — 3.0 Total deferred tax (278.7 ) (0.3 ) 19.9 (9.1 ) (0.1 ) (268.3 ) |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Property, plant and equipment Land and buildings Plant and equipment Computer equipment Total €m €m €m €m SUCCESSOR Cost Balance at December 31, 2015 119.2 221.8 2.4 343.4 Acquisitions through business combinations — 2.5 — 2.5 Additions 3.3 34.3 0.4 38.0 Transfer to intangible assets (note 13) (1.7 ) 1.1 — (0.6 ) Disposals (2.7 ) (0.6 ) — (3.3 ) Effect of movements in foreign exchange (7.6 ) (28.8 ) — (36.4 ) Balance at December 31, 2016 110.5 230.3 2.8 343.6 Additions 11.6 26.0 0.4 38.0 Disposals (0.1 ) (1.1 ) — (1.2 ) Effect of movements in foreign exchange (4.6 ) (12.7 ) — (17.3 ) Balance at December 31, 2017 117.4 242.5 3.2 363.1 Accumulated depreciation and impairment Balance at December 31, 2015 3.4 21.4 0.4 25.2 Depreciation 6.5 35.7 1.1 43.3 Impairment (0.2 ) 1.6 — 1.4 Transfers — 0.2 (0.2 ) — Effect of movements in foreign exchange (3.9 ) (20.5 ) (0.1 ) (24.5 ) Balance at December 31, 2016 5.8 38.4 1.2 45.4 Depreciation 6.1 28.9 0.9 35.9 Impairment — 0.3 — 0.3 Effect of movements in foreign exchange (3.7 ) (10.2 ) — (13.9 ) Balance at December 31, 2017 8.2 57.4 2.1 67.7 Net book value December 31, 2015 115.8 200.4 2.0 318.2 Net book value December 31, 2016 104.7 191.9 1.6 298.2 Net book value December 31, 2017 109.2 185.1 1.1 295.4 Leased equipment The Company leased items of machinery in Sweden under finance leases which were disposed of in the year ended December 31, 2017 and so the net carrying amount of those leased assets is nil ( December 31, 2016 : €0.8 million ). Security Borrowings have been provided by a syndicate of third party lenders, (the “Syndicate”). The Syndicate together with holders of the bond issue have security over the assets of the ‘guarantor group’. The ‘Guarantor Group’ consists of those companies which individually have more than 5% of consolidated total assets or EBITDA (as defined in the Senior Facilities Agreement) of the Company and in total comprise more than 80% of consolidated total assets or EBITDA at any testing date. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Intangible assets and goodwill [abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Brands Computer software Customer relationships Others Total €m €m €m €m €m €m Cost Balance at December 31, 2015 1,676.8 1,688.9 11.0 31.0 0.2 3,407.9 Acquisitions through business combinations 68.8 — — — (0.2 ) 68.6 Additions — — 4.4 — — 4.4 Transfer from tangible assets (note 12) — — 0.6 — — 0.6 Effect of movements in foreign exchange — — (1.3 ) — — (1.3 ) Balance at December 31, 2016 1,745.6 1,688.9 14.7 31.0 — 3,480.2 Additions — — 4.6 — — 4.6 Effect of movements in foreign exchange — — (1.0 ) — — (1.0 ) Balance at December 31, 2017 1,745.6 1,688.9 18.3 31.0 — 3,483.8 Goodwill Brands Computer Customer Others Total €m €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2015 — 0.1 1.0 0.4 — 1.5 Amortization — 0.7 4.9 2.2 — 7.8 Effect of movements in foreign exchange — — (1.3 ) — — (1.3 ) Balance at December 31, 2016 — 0.8 4.6 2.6 — 8.0 Amortization — 0.7 3.6 2.2 — 6.5 Effect of movements in foreign exchange — — (0.7 ) — — (0.7 ) Balance at December 31, 2017 — 1.5 7.5 4.8 — 13.8 Net book value December 31, 2015 1,676.8 1,688.8 10.0 30.6 0.2 3,406.4 Net book value December 31, 2016 1,745.6 1,688.1 10.1 28.4 — 3,472.2 Net book value December 31, 2017 1,745.6 1,687.4 10.8 26.2 — 3,470.0 Amortization of €6.5 million ( December 31, 2016 : €7.8 million ; December 31, 2015 : €1.5 million ) is included in ‘other operating expenses’ in the Consolidated Statement of Profit or Loss. All goodwill, brands and customer relationship values have been allocated to the frozen cash generating unit. The Company’s goodwill, brand and customer relationships values have been allocated based on the enterprise value at acquisition of each cash generating unit (“CGU”). Goodwill is monitored at an operating segment level. As required by IAS 36 “Impairment of Assets”, an annual review of the carrying amount of the goodwill and the indefinite life brands is carried out to identify whether there is any impairment to these carrying values. This is done by means of comparison of the carrying values to the value in use of the CGU. Value in use is calculated as the net present value of the projected risk-adjusted cash flows of each CGU. Key assumptions The values for the key assumptions were arrived at by taking into consideration detailed historical information and comparison to external sources where appropriate, such as market rates for discount factors. • Budgeted cash flows: the calculation of value in use has been based on the cash flow forecasts by management for 2018 to 2020. The trends in these forecasts have been extrapolated to produce 2021 and 2022 forecast cash flows. Beyond 2022 the same assumptions have been applied for future periods in the absence of longer term detailed forecasts. These plans have been prepared and approved by management, and incorporate past performance of the entities acquired in the period, historical growth rates and projections of developments in key markets. • Sales: projected sales are built up with reference to markets and product platforms. They incorporate past performance, historical growth rates and projections of developments in key markets. • Adjusted EBITDA Margin: projected margins reflect historical performance. • Capital expenditure forecast reflects one-off additional capital expenditure required in order to integrate the operations of the Findus acquisition. • Discount rate: a pre-tax discount rate of 8.0% ( 2016 : 8.0% ) was applied to the cash flows. This discount rate has been calculated using a capital asset pricing model using observable market data, including the share price of Nomad Foods Limited. • Long-term growth rates: as required by IAS 36, growth rates for the period after the detailed forecasts are based on past performance. The growth rate used in the testing was 1.0% (2016: 0.5% ). These rates do not reflect the long-term assumptions used by the Company for investment planning. Sensitivity to changes in assumptions Impairment was not required at either December 31, 2017 or December 31, 2016 . In each case the valuations derived from the discounted cash flow model indicate a sufficient amount of headroom for which any reasonably possible change to key assumptions is unlikely to result in an impairment of the related goodwill. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations1 [Abstract] | |
Acquisitions | Acquisitions On January 17, 2018 we entered into an agreement to acquire Green Isle Foods Ltd. including the Goodfella's and San Marco brands, in an all cash deal valued at £200 million (approximately €225 million ). We anticipate this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge our portfolio of brands to include the number one and number two market share positions within the frozen pizza category in Ireland and the UK, a successful frozen private label pizza business, and two frozen pizza manufacturing facilities. The purchase price of the acquisition is expected to be funded through cash on hand. The Company will disclose the impact of this acquisition once successfully completed. See Note 38, Significant events after the Statement of Financial Position date. Indemnification assets Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Related to Iglo Acquisition at start of the period 2.1 10.2 Reclassified from Other receivables — 1.2 Release of indemnified provision (2.1 ) (9.3 ) Related to Iglo Acquisition at end of the period — 2.1 Related to Findus Acquisition at start of the period 63.4 67.6 Acquisition accounting adjustment — 6.2 Remeasurement of indemnification assets 10.4 (10.4 ) Related to Findus Acquisition at end of the period 73.8 63.4 Total indemnification assets 73.8 65.5 As part of the acquisition of the Iglo Group and the Findus Group, the Company inherited several contingent liabilities for which the sellers have provided an indemnity. To the extent that the liability has been recognized in the balance sheet, an indemnification asset has been recognized. As part of the agreement to repurchase shares on June 12, 2017, as discussed in Note 25, the indemnities in relation to the Iglo acquisition were canceled. As a consequence, the indemnification asset of €2.1 million previously recognized has been released. In total, €73.8 million of liabilities are covered by the indemnification assets as at December 31, 2017 ( December 31, 2016 : €65.5 million ). The asset recognized in relation to the Findus Group has been limited to the original value of shares held in escrow following the completion of the acquisition. The indemnification asset recognized in relation to the Findus Group is secured by shares held in escrow, so that the value of the assets may, in the future, be restricted to the value of these shares as at the balance sheet date. As at the December 31, 2017 , €73.8 million ( December 31, 2016 : €63.4 million ) of the indemnification assets relate to the acquisition of the Findus Group for which 6,964,417 shares are held in escrow and are valued at $16.91 ( €14.13 ) ( December 31, 2016 : 6,964,417 shares valued at $9.57 ( €9.10 )) each. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Investments | Investments The following are the Company's significant investments as of December 31, 2017 . Activity Country of incorporation Class of shares held Ownership as of Dec 31, 2017 Nomad Foods Europe Holdings Limited Holding England Ordinary 100% Nomad Foods Europe Holdco Limited Holding England Ordinary 100% Nomad Foods Europe Finco Limited Holding England Ordinary 100% Nomad Foods Europe Midco Limited Holding/ Finance England Ordinary 100% Nomad Foods Bondco Plc Finance England Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England Ordinary 100% Birds Eye Limited Trading England Ordinary 100% Nomad Foods Europe Finance Limited Finance England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ireland Ordinary 100% Iglo Holding GmbH Holding Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Ordinary 100% Iglo Portugal Trading Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Ordinary 100% Iglo GmbH Trading Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Ordinary 100% Iglo Austria GmbH Trading Austria Ordinary 100% Findus Sverige AB Trading Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Ordinary 100% Findus Holdings France SAS Holding France Ordinary 100% Findus France SAS Trading France Ordinary 100% Findus Espana SLU Trading Spain Ordinary 100% Findus Danmark A/S Trading Denmark Ordinary 100% Findus Finland Oy Trading Finland Ordinary 100% Findus Norge AS Trading Norway Ordinary 100% |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Deferred tax assets and liabilities | Taxation Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Current tax expense Current tax on profits/loss for the period (37.5 ) (58.9 ) (18.0 ) — (41.2 ) Adjustments in respect of prior periods 3.2 (0.6 ) (2.3 ) — 15.2 (34.3 ) (59.5 ) (20.3 ) — (26.0 ) Deferred tax income/(expense) Origination and reversal of temporary differences (2.1 ) 12.9 10.4 — (14.9 ) Impact of change in tax rates 4.4 7.0 22.2 — — 16 2.3 19.9 32.6 — (14.9 ) Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) Reconciliation of effective tax rate: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Profit/(loss) before tax 168.5 76.0 (349.6 ) (167.5 ) (87.1 ) Tax (charge)/credit at the standard UK corporation tax rate 19.25% (2016: 20%; 2015: 20.25%) (32.5 ) (15.2 ) 70.8 33.9 17.6 Difference in tax rates (10.0 ) (10.0 ) (67.5 ) (33.9 ) (4.6 ) Non tax deductible interest 4.4 — (9.9 ) — (8.7 ) Other income and expenses not taxable or deductible 16.8 (7.4 ) 1.0 — (21.6 ) Unrecognized tax assets (19.3 ) (1.8 ) (2.1 ) — (30.9 ) Provisions for uncertainties 1.0 (11.6 ) 0.1 — (7.9 ) Impact of change in deferred tax rates 4.4 7.0 22.2 — — Prior period adjustment 3.2 (0.6 ) (2.3 ) — 15.2 Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) Effective tax rates Successor The effective tax rate for the year ended December 31, 2017 was 19% ( year ended December 31, 2016 : 52.1% ). The change is principally caused by expenses which are not tax deductible, partially offset by the non-recognition of deferred tax assets on certain tax losses. Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The Company operates in many different jurisdictions and in some of these, certain matters are under discussion with local tax authorities. These discussions are often complex and can take many years to resolve. Accruals for tax contingencies require management to make estimates and judgments with respect to the ultimate outcome of a tax audit, and actual results could vary from these estimates. Where tax exposures can be quantified, a provision is made based on best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could, in future years, experience adjustments to this provision. Management believes that the Company’s position on all open matters including those in current discussion with local tax authorities is robust and that the Company is appropriately provided. Following the enactment of the Finance Act 2016, the standard rate of corporation tax in the UK is 19.25% for 2017 ( 2016 : 20% ). The standard rate of corporation tax in the UK reduced from 20% to 19% with effect from April 1, 2017 and will reduce by a further 2% to 17% from April 1 2020. As the reductions to 19% and 17% were substantially enacted on September 6, 2016, these rates are reflected in these financial statements. The tax (credit)/charge relating to components of other comprehensive income is as follows: Successor Before tax Tax charge/ (credit) After tax Year ended December 31, 2017 Note €m €m €m Remeasurement of post-employment benefit liabilities (2.9 ) 2.0 (0.9 ) Net investment hedge 0.8 — 0.8 Cash flow hedges 16.4 (5.0 ) 11.4 Other comprehensive loss 14.3 (3.0 ) 11.3 Current tax — — — Deferred tax 16 — (3.0 ) — — (3.0 ) — Before tax Tax charge After tax Year ended December 31, 2016 Note €m €m €m Remeasurement of post-employment benefit liabilities 23.6 6.3 29.9 Net investment hedge 0.5 — 0.5 Cash flow hedges (10.1 ) 2.8 (7.3 ) Other comprehensive loss 14.0 9.1 23.1 Current tax — — — Deferred tax 16 — 9.1 — — 9.1 — Before tax Tax charge After tax Nine months ended December 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities (19.4 ) 6.1 (13.3 ) Net investment hedge 4.4 — 4.4 Cash flow hedges (1.6 ) 0.5 (1.1 ) Other comprehensive (income)/loss (16.6 ) 6.6 (10.0 ) Current tax — — — Deferred tax 16 — 6.6 — — 6.6 — Predecessor Before tax Tax credit After tax 5 months ended May 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities 2.5 (0.7 ) 1.8 Net investment hedge (44.7 ) — (44.7 ) Cash flow hedges — — — Other comprehensive income (42.2 ) (0.7 ) (42.9 ) Current tax — — — Deferred tax 16 — (0.7 ) — — (0.7 ) — Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Dec 31, 2017 Dec 31, 2016 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 13.5 (28.7 ) (15.2 ) 10.3 (33.6 ) (23.3 ) Intangible assets 0.1 (295.1 ) (295.0 ) — (291.3 ) (291.3 ) Employee benefits 28.2 — 28.2 27.8 (0.1 ) 27.7 Tax value of loss carry forwards 15.6 — 15.6 18.9 — 18.9 Derivative financial instruments 0.9 0.5 1.4 — (3.3 ) (3.3 ) Other 6.0 (4.4 ) 1.6 7.9 (4.9 ) 3.0 Tax assets/(liabilities) 64.3 (327.7 ) (263.4 ) 64.9 (333.2 ) (268.3 ) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €65.3 million ( December 31, 2016 : €56.3 million ). These deferred tax assets have not been recognized as the likelihood of recovery is not probable. A deferred tax asset on tax losses acquired from the Iglo Group was not recognized at the acquisition date. During 2016, following discussions with tax authorities, the group revised its assessment of the likely recovery of these losses and a resulting deferred tax asset has now been recognized. The aggregate deferred tax relating to items that have been credited directly to equity is €3.0 million ( December 31, 2016 : charge of €9.1 million ). Movement in deferred tax during the year: Opening balance Jan 1 2017 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2017 €m €m €m €m €m €m Property, plant and equipment (23.3 ) — 8.2 — (0.1 ) (15.2 ) Intangible assets (291.3 ) — (3.7 ) — — (295.0 ) Employee benefits 27.7 — 2.5 (2.0 ) — 28.2 Tax value of loss carry forwards 18.9 — (3.0 ) — (0.3 ) 15.6 Derivative financial instruments (3.3 ) — (0.3 ) 5.0 — 1.4 Other 3.0 — (1.4 ) — — 1.6 Total deferred tax (268.3 ) — 2.3 3.0 (0.4 ) (263.4 ) Opening balance Jan 1 2016 Acquired in Recognized Recognized Movement Closing balance €m €m €m €m €m €m Property, plant and equipment (5.3 ) (0.3 ) (17.2 ) — (0.5 ) (23.3 ) Intangible assets (315.8 ) — 24.1 — 0.4 (291.3 ) Employee benefits 32.7 — 1.3 (6.3 ) — 27.7 Tax value of loss carry forwards — — 18.9 — — 18.9 Derivative financial instruments 0.2 — (0.7 ) (2.8 ) — (3.3 ) Other 9.5 — (6.5 ) — — 3.0 Total deferred tax (278.7 ) (0.3 ) 19.9 (9.1 ) (0.1 ) (268.3 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | Inventories Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Raw materials and consumables 82.9 97.7 Work in progress 41.0 41.7 Finished goods and goods for resale 183.0 185.6 Total inventories 306.9 325.0 During the year ended December 31, 2017 €7.6 million ( year ended December 31, 2016 €6.4 million , nine months ended December 31, 2015 : €3.5 million ; year ended March 31, 2015 : nil ) was charged to the Consolidated Statement of Profit or Loss for the write down of inventories. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables Successor Successor Dec 31, 2017 Dec 31, 2016 Current assets €m €m Trade receivables 94.7 92.3 Prepayments and accrued income 10.1 8.0 Other receivables 19.7 26.1 Tax receivable 22.6 9.3 Total current trade and other receivables 147.1 135.7 Non-current assets Other receivables 4.3 0.4 Total non-current trade and other receivables 4.3 0.4 Total trade and other receivables 151.4 136.1 Trade receivables, prepayments and other receivables, except for those defined as non-current, are expected to be recovered in less than 12 months. Other receivables includes VAT receivable. The ageing of trade receivables is detailed below: Gross Impaired Net December 31, 2017 €m €m €m Not past due 243.4 — 243.4 Past due less than 1 month 35.6 (0.7 ) 34.9 Past due 1 to 3 months 4.8 (0.3 ) 4.5 Past due 3 to 6 months 0.2 (0.2 ) — Past due more than 6 months 5.3 (4.9 ) 0.4 Sub-total 289.3 (6.1 ) 283.2 Reduction in trade-terms* (188.5 ) Total trade receivables 94.7 Gross Impaired Net December 31, 2016 €m €m €m Not past due 229.4 — 229.4 Past due less than 1 month 9.8 (0.1 ) 9.7 Past due 1 to 3 months 0.9 (0.2 ) 0.7 Past due 3 to 6 months 0.9 (0.1 ) 0.8 Past due more than 6 months 6.3 (6.0 ) 0.3 Sub-total 247.3 (6.4 ) 240.9 Reduction in trade-terms* (148.6 ) Total trade receivables 92.3 * Refer to Note 4(a). Reduction in trade term amounts are primarily not past due. All impaired trade receivables have been provided to the extent that they are believed not to be recoverable. The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. The Company does not hold any collateral as security. |
Indemnification assets
Indemnification assets | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations1 [Abstract] | |
Indemnification assets | Acquisitions On January 17, 2018 we entered into an agreement to acquire Green Isle Foods Ltd. including the Goodfella's and San Marco brands, in an all cash deal valued at £200 million (approximately €225 million ). We anticipate this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge our portfolio of brands to include the number one and number two market share positions within the frozen pizza category in Ireland and the UK, a successful frozen private label pizza business, and two frozen pizza manufacturing facilities. The purchase price of the acquisition is expected to be funded through cash on hand. The Company will disclose the impact of this acquisition once successfully completed. See Note 38, Significant events after the Statement of Financial Position date. Indemnification assets Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Related to Iglo Acquisition at start of the period 2.1 10.2 Reclassified from Other receivables — 1.2 Release of indemnified provision (2.1 ) (9.3 ) Related to Iglo Acquisition at end of the period — 2.1 Related to Findus Acquisition at start of the period 63.4 67.6 Acquisition accounting adjustment — 6.2 Remeasurement of indemnification assets 10.4 (10.4 ) Related to Findus Acquisition at end of the period 73.8 63.4 Total indemnification assets 73.8 65.5 As part of the acquisition of the Iglo Group and the Findus Group, the Company inherited several contingent liabilities for which the sellers have provided an indemnity. To the extent that the liability has been recognized in the balance sheet, an indemnification asset has been recognized. As part of the agreement to repurchase shares on June 12, 2017, as discussed in Note 25, the indemnities in relation to the Iglo acquisition were canceled. As a consequence, the indemnification asset of €2.1 million previously recognized has been released. In total, €73.8 million of liabilities are covered by the indemnification assets as at December 31, 2017 ( December 31, 2016 : €65.5 million ). The asset recognized in relation to the Findus Group has been limited to the original value of shares held in escrow following the completion of the acquisition. The indemnification asset recognized in relation to the Findus Group is secured by shares held in escrow, so that the value of the assets may, in the future, be restricted to the value of these shares as at the balance sheet date. As at the December 31, 2017 , €73.8 million ( December 31, 2016 : €63.4 million ) of the indemnification assets relate to the acquisition of the Findus Group for which 6,964,417 shares are held in escrow and are valued at $16.91 ( €14.13 ) ( December 31, 2016 : 6,964,417 shares valued at $9.57 ( €9.10 )) each. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Cash and cash equivalents 219.0 325.3 Restricted cash 0.2 4.2 Total cash and cash equivalents 219.2 329.5 Bank overdrafts — — Cash and cash equivalents per Statement of Cash Flows 219.2 329.5 ‘Cash and cash equivalents’ comprise cash balances and call deposits. Restricted cash comprises money that is primarily reserved for a specific purpose and therefore not available for immediate or general business use. Of the restricted cash totaling €4.2 million at December 31, 2016, €3.6 million was due to French company law requirements. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Loans and borrowings | Loans and borrowings The repayment profile of the syndicated and other loans held by the Company is as follows: Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Current liabilities/(assets) Syndicated loans 5.1 — Less deferred borrowing costs to be amortized within 1 year (1.8 ) (5.0 ) Total due in less than one year 3.3 (5.0 ) Non-current liabilities Syndicated loans 1,004.4 964.2 2020 floating rate senior secured notes — 500.0 2024 fixed rate senior secured notes 400.0 — Less deferred borrowing costs to be amortized in 2-5 years (7.2 ) (12.4 ) Less deferred borrowing costs to be amortized in more than 5 years (2.1 ) — Total due after more than one year 1,395.1 1,451.8 Total borrowings 1,398.4 1,446.8 The table below shows details of individual loans: Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Current liabilities/(assets)-syndicated loans 5.1 — Less deferred borrowing costs to be amortized within 1 year (1.8 ) (5.0 ) Total current loans and borrowings 3.3 (5.0 ) Non-current liabilities-syndicated loans and secured notes 2020 floating rate senior secured notes — 500.0 2024 fixed rate senior secured notes 400.0 — Senior C1 EUR — 363.3 Senior C2 GBP — 275.9 Senior C3 EUR — 325.0 Senior B3 EUR 500.0 — Senior B4 USD 504.4 — Less deferred borrowing costs to be amortized in 2—5 years (7.2 ) (12.4 ) Less deferred borrowing costs to be amortized in more than 5 years (2.1 ) — Total non-current loans and borrowings 1,395.1 1,451.8 Total borrowings 1,398.4 1,446.8 Borrowings under the syndicated loan facility and floating rate notes 1,398.4 1,446.8 The interest rate on all other loans and the floating rate senior secured notes are re-priced within one year to the relevant Euribor or Libor rate. On May 3, 2017 the Company completed a refinancing of its Senior debt with a syndicate of banks. All Senior debt as at the balance sheet date was repaid and replaced with new Senior Euro debt of €500.0 million and Senior USD debt of $610.0 million . Both are repayable on May 15, 2024, although the Senior USD debt requires a repayment of $6.1 million of principal each year until 2024, beginning May 15, 2018. The existing revolving credit facility was also replaced with a new €80.0 million facility, which is available until May 15, 2023 and will be utilized to support existing letters of credit and bank guarantees and certain other ancillary facilities outside of the Senior debt. In order to match its underlying cash flows the Company has entered into a number of cross-currency interest rate swaps. In exchange for $610.0 million the Company has received €299.3 million and £226.7 million . The derivatives are designed to minimize the exposure to movements in foreign currency exchange rates and movements in interest rates. In exchange for receiving cash flows in USD matching the payments of principal and interest due under the Senior USD debt, the Company will pay fixed amounts of interest and principal on notional amounts of GBP and EUR. All of the USD to EUR swaps have been designated as a cash flow hedge whilst EUR to GBP swaps to the value of £187.6 million have been designated as a net investment hedge. Concurrent to the refinancing, the Company through its indirect, wholly-owned subsidiary, Nomad Foods BondCo Plc, repaid the senior secured notes due 2020 and successfully completed a private offering of €400.0 million aggregate principal amount of 3.25% senior secured notes due May 15, 2024 (the “Notes”). Interest on the Notes has accrued from the date of issue, payable semi-annually in arrears on May 15 and November 15, commencing on November 15, 2017. Both the new Senior debt and the notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof and are secured with equal ranking against certain assets of the Company. Eligible transaction costs of approximately €9.8 million have been capitalized as part of the refinancing and will be amortized over the life of the debt. As a consequence of the debt extinguishment, deferred borrowing costs relating to the old senior debt of €15.7 million have been written off to the Statement of Profit or Loss in May 2017 (see Note 10). On December 20, 2017 we further amended and restated our Senior Facilities Agreement to reprice our $610.0 million and €500.0 million term loan facilities. The margin was reduced by 50 basis points on the U.S. Dollar-denominated term loan and 25 basis points on the Euro-denominated term loan. There were no changes to the maturity dates of the term loan facilities as a result of this amendment. We also established a $50.0 million incremental term loan facility and a €58.0 million incremental term loan facility. These amendments were accounted for as a modification of the existing loan. On January 31, 2018, the $50.0 million incremental term loan facility was fully drawn and on February 9, 2018, the €58.0 million incremental term loan facility was fully drawn. Eligible transaction costs of approximately €2.5 million have been capitalized as part of this amendment and will be amortized over the life of the debt. In addition to this the Company has a multicurrency revolving credit facility of €80.0 million . This facility is available until May 2023. As at December 31, 2017 €14.0 million ( December 31, 2016 : €13.2 million ) has been utilized for letters of credit, overdrafts, customer bonds and bank guarantees against the revolving credit facility. Guarantees and secured assets The Syndicate of lenders that finance the Company’s Senior debt, have security over the assets of the “Guarantor Group”. The Guarantor Group consists of those companies which individually have more than 5% of consolidated total assets or EBITDA (as defined in the Senior Facilities Agreement) of the Company and in total comprise more than 80% of consolidated total assets or EBITDA at any testing date. In connection with its pension scheme, Findus Sverige AB, a 100% owned subsidiary, is required to obtain credit insurance with PRI Pensionsgaranti (“PRI”), a credit insurance company which provides insurance annually against the risk of a sponsoring company’s insolvency. In connection with such credit insurance, as at December 31, 2017 Findus Sverige AB has granted floating charges over certain assets in favor of PRI in an amount of SEK 300 million ( €30.5 million ) ( December 31, 2016 : €31.3 million ) and Nomad Foods Limited has issued a parent guarantee to PRI which will not exceed SEK 495 million ( €50.3 million ) ( December 31, 2016 : €45.9 million ) at any time and has an end date of March 31, 2019. Capitalization of transaction costs Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables Successor Successor Dec 31, 2017 Dec 31, 2016 Current liabilities €m €m Trade payables 328.9 345.0 Accruals and deferred income 109.6 92.4 Social security and other taxes 18.2 19.3 Other payables 17.7 13.7 Finance lease obligations — 0.6 Financial payables 3.1 1.7 Total current trade and other payables 477.5 472.7 Non-current liabilities Finance lease obligations — 1.0 Accruals and deferred income 1.8 — Total non-current trade and other payables 1.8 1.0 Total trade and other payables 479.3 473.7 Finance lease obligations The Company had no finance lease obligations for the year ended December 31, 2017 . Future minimum lease payments Interest Present value of minimum lease payments €m Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Less than one year — 0.7 — 0.1 — 0.6 Between one and five years — 1.1 — 0.1 — 1.0 More than five years — — — — — — — 1.8 — 0.2 — 1.6 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The Company operates defined benefit pension plans in Germany, Italy, Sweden and Austria, as well as various defined contribution plans in other countries. All of these schemes were inherited from the Predecessor or acquired from the Findus Group. i. Defined contribution plans Successor The total expense relating to defined contribution plans for the year ended December 31, 2017 was €8.5 million ( year ended December 31, 2016 : €9.6 million , €4.4 million for the nine months ended December 31, 2015 , nil for the year ended March 31, 2015). Predecessor The total expense relating to defined contribution plans for the five months period ended May 31, 2015 was €2.4 million . ii. Defined benefit plans The Company operates partially funded defined benefit pension plans in Germany and Austria as well as unfunded plans in Sweden and Italy. In addition, an unfunded post-retirement medical plan is operated in Austria. In Germany and Italy long term service awards are in operation and various other countries provide other employee benefits. Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Total employee benefit obligations-Germany 117.5 121.8 Total employee benefit obligations-Sweden 59.8 56.7 Total employee benefit obligations-Italy 5.3 5.1 Total employee benefit obligations-Austria 2.8 4.2 Sub-total 185.4 187.8 Total net employee benefit obligations-other countries 3.0 3.1 Total net employee benefit obligations 188.4 190.9 The obligation of €3.0 million ( December 31, 2016 : €3.1 million ) in respect of other countries is the aggregate of a number of different types of minor schemes, each one not being considered material individually or in aggregate. Consequently detailed disclosure of these schemes is not provided. The amount included in the Statement of Financial Position arising from the Company’s obligations in respect of its defined benefit retirement plans and post-employment benefits is as follows: Successor Defined benefit retirement plans Post-employment medical benefits and other benefits Total December 31, 2017 €m €m €m Present value of unfunded defined benefit obligations 65.7 4.9 70.6 Present value of funded defined benefit obligations 196.1 — 196.1 Subtotal present value of defined benefit obligations 261.8 4.9 266.7 Fair value of plan assets (81.3 ) — (81.3 ) Recognized liability for net defined benefit obligations 180.5 4.9 185.4 Defined benefit Post-employment Total December 31, 2016 €m €m €m Present value of unfunded defined benefit obligations 62.5 4.9 67.4 Present value of funded defined benefit obligations 200.2 — 200.2 Subtotal present value of defined benefit obligations 262.7 4.9 267.6 Fair value of plan assets (79.8 ) — (79.8 ) Recognized liability for net defined benefit obligations 182.9 4.9 187.8 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2017 182.9 4.9 187.8 Current service cost 4.1 (0.1 ) 4.0 Interest cost 3.5 0.1 3.6 Actuarial gains (2.9 ) — (2.9 ) Contributions to plan (0.5 ) — (0.5 ) Benefits paid (4.9 ) — (4.9 ) Exchange adjustments (1.7 ) — (1.7 ) As at December 31, 2017 180.5 4.9 185.4 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2016 159.4 5.7 165.1 Current service cost 3.9 (0.4 ) 3.5 Interest cost 3.9 0.1 4.0 Actuarial losses 23.6 — 23.6 Contributions to plan (0.5 ) — (0.5 ) Benefits paid (5.1 ) (0.3 ) (5.4 ) Exchange adjustments (2.3 ) (0.2 ) (2.5 ) As at December 31, 2016 182.9 4.9 187.8 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2017 262.7 4.9 267.6 Current service cost 4.1 (0.1 ) 4.0 Interest cost 4.9 0.1 5.0 Actuarial experience losses 0.5 — 0.5 Actuarial losses arising from changes in financial assumptions 1.5 — 1.5 Actuarial gains arising from changes in demographic assumptions (3.0 ) — (3.0 ) Contributions to plan 0.3 — 0.3 Benefits paid (7.5 ) — (7.5 ) Exchange adjustments (1.7 ) — (1.7 ) As at December 31, 2017 261.8 4.9 266.7 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2016 238.3 5.7 244.0 Current service cost 3.9 (0.4 ) 3.5 Interest cost 5.8 0.1 5.9 Actuarial experience gains (0.3 ) — (0.3 ) Actuarial losses arising from changes in financial assumptions 24.5 — 24.5 Contributions to plan 0.5 — 0.5 Benefits paid (7.7 ) (0.3 ) (8.0 ) Exchange adjustments (2.3 ) (0.2 ) (2.5 ) As at December 31, 2016 262.7 4.9 267.6 Movements in fair value of plan assets of defined benefit retirement plans: 2017 €m Opening balance January 1, 2017 79.8 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 1.9 Contributions by employer 0.5 Contributions by members 0.3 Benefits paid (2.6 ) As at December 31, 2017 81.3 2016 €m Opening balance January 1, 2016 78.9 Interest income 1.9 Actuarial gains arising from the return on plan assets, excluding interest income 0.6 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6 ) As at December 31, 2016 79.8 Expense recognized in the Consolidated Statement of Profit or Loss: Defined benefit Post-employment Total 2017 2017 2017 €m €m €m Current service cost 4.1 (0.1 ) 4.0 Interest cost 3.5 0.1 3.6 For the year ended December 31, 2017 7.6 — 7.6 Defined benefit Post-employment Total 2016 2016 2016 €m €m €m Current service cost 3.9 (0.4 ) 3.5 Interest cost 3.9 0.1 4.0 For the year ended December 31, 2016 7.8 (0.3 ) 7.5 Current service cost is allocated between cost of sales and other operating expenses. Interest on net defined benefit obligation is disclosed in net financing costs. Amount recognized in the Consolidated Statement of Comprehensive Income: Year ended December 31, 2017 Year ended December 31, 2016 €m €m Actuarial experience losses/(gains) 0.5 (0.3 ) Actuarial losses arising from changes in financial assumptions 1.5 24.5 Actuarial gains arising from changes in demographic assumptions (3.0 ) — Actuarial gains arising from the return on plan assets, excluding interest income (1.9 ) (0.6 ) Total actuarial (gains)/losses (2.9 ) 23.6 2017 2016 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 1.3 4.2 The fair value of plan assets, all at quoted prices are as follows: Dec 31, 2017 Dec 31, 2016 €m €m Equities 17.4 15.1 Debt instruments 51.3 51.7 Property 8.9 9.6 Other 3.7 3.4 Total 81.3 79.8 Defined benefit retirement plans Post-employment medical benefits and other benefits December 31, 2017 Germany Sweden Austria Italy Germany Austria Discount rate 1.95 % 2.4 % 2.2 % 1.2 % 1.15 % 0.9 % Inflation rate 2.0 % 1.9 % 2.0 % 1.5 % 2.0 % 2.0 % Rate of increase in salaries 2.8 % 2.25 % 3.0 % — 2.8 % 3.0 % Rate of increase for pensions in payment 1%-2% 2.25 % 1.7 % — — — Long term medical cost of inflation — — — — — 2.0 % Defined benefit Post-employment medical December 31, 2016 Germany Sweden Austria Italy Germany Austria Discount rate 1.8 % 2.5 % 1.0 % 1.5 % 1.2 % 1.0 % Inflation rate 2.0 % 1.25 % 1.7 % 1.5 % 2.0 % 1.7 % Rate of increase in salaries 2.5 % 2.25 % 3.0 % — 2.5 % 3.0 % Rate of increase for pensions in payment 1%-2% 2.25 % 1.7 % — — — Long term medical cost of inflation — — — — — 2.0 % In valuing the liabilities of the pension fund at December 31, 2017 and December 31, 2016 , mortality assumptions have been made as indicated below. The assumptions relating to longevity underlying the pension liabilities at the financial year end date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. The assumptions are based on the following mortality tables: • Germany: Richttafeln 2005 • Sweden: DUS 14 (2016: PRI) • Austria: AVO 2008 P ANG • Italy: RG48 These four references are to the specific standard rates of mortality that are published and widely used in each country for the use of actuarial assessment of pension liabilities and take account of local current and future average life expectancy. December 31, 2017 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 20 22 21 20 Female 24 24 25 20 December 31, 2016 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 20 23 21 20 Female 24 25 25 24 The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: Dec 31, 2017 Dec 31, 2016 9 months ended December 31, 2015 €m €m €m Present value of defined benefit obligations 261.8 262.7 238.3 Fair value of plan assets (81.3 ) (79.8 ) (78.9 ) Asset ceiling — — — Recognized liability in the scheme 180.5 182.9 159.4 Experience losses/(gains) on scheme liabilities 0.5 (0.3 ) (1.6 ) Experience (gains)/losses on scheme assets (1.9 ) (0.6 ) 0.5 Post-employment medical benefits- sensitivity analysis The effect of a 1% movement in the assumed medical cost trend rate is not significant. Defined benefit obligation- sensitivity analysis The effect of a 1% movement in the discount rate for the year ended December 31, 2017 is as follows: Increase Decrease €m €m Effect on the post-employment benefit obligation (42.3 ) 55.8 There are no deficit elimination plans for any of the defined benefit schemes. Expected contributions and payments to post-employment benefit plans for the period ending December 31, 2017 are €5.8 million ( December 31, 2016 : €5.7 million ). The weighted average duration of the defined benefit obligations is 18.3 years. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Successor Restructuring Onerous/ unfavorable contracts Provisions related to other taxes Contingent consideration Other Total €m €m €m €m €m €m Balance at December 31, 2015 21.0 — 31.8 17.4 16.5 86.7 Additional provision in the period 60.2 34.7 — — 5.3 100.2 Release of provision (5.2 ) — (9.8 ) — (2.6 ) (17.6 ) Adjustment to provisions acquired through business combinations — 47.3 2.5 — 2.7 52.5 Utilization of provision (16.7 ) (2.5 ) — (8.0 ) (2.2 ) (29.4 ) Unwinding of discounting — 0.8 — 0.6 — 1.4 Foreign exchange (0.2 ) 0.3 — — (0.2 ) (0.1 ) Balance at December 31, 2016 59.1 80.6 24.5 10.0 19.5 193.7 Additional provision in the period 30.9 — 5.8 — 6.6 43.3 Release of provision (0.1 ) — (12.2 ) — (1.2 ) (13.5 ) Transfer between categories — — (2.1 ) — 2.1 — Utilization of provision (63.6 ) (3.9 ) (5.8 ) — (8.4 ) (81.7 ) Unwinding of discounting — 0.8 — 0.4 — 1.2 Foreign exchange — (2.1 ) — — (0.1 ) (2.2 ) Balance at December 31, 2017 26.3 75.4 10.2 10.4 18.5 140.8 Current 68.0 Non-current 72.8 Total 140.8 Restructuring The €26.3 million ( 2016 : €59.1 million ) provision relates to committed plans for certain restructuring activities of exceptional nature which are due to be completed within the next 18 months . A provision of €18.4 million has been recognized in the year ended December 31, 2017 for reorganizational activities arising from the implementation of Nomad's strategic vision across the Company. An additional provision of €12.5 million has been recognized in the year ended December 31, 2017 for restructuring costs associated with the closure of the facility in Bjuv where production has now ceased. The amounts have been provided based on the latest information available on the likely remaining expenditure required to complete the committed plans. €63.6 million has been utilized in the year ended December 31, 2017 which mainly relates to the closure of the production facilities in Bjuv as well as for reorganizational activities arising from the implementation of Nomad's strategic vision across the Company. Onerous/unfavorable contracts Of the onerous/unfavorable contracts provision, €72.5 million is held in relation to a lease in Bjuv, Sweden. The factory is now vacant and the Company currently anticipates the warehouse space will not be fully utilized by the Company or other third parties, so the lease has been identified as being onerous. The ability for the Company to offset the unavoidable costs associated with the unutilized portion of the facility with future rental income is highly uncertain and difficult to accurately estimate. The provision has been assessed to be the best estimate of the net unavoidable costs based on the latest information available. This provision is frequently reassessed by management and may change significantly over time. The provision is calculated using a discounted cash flow which is subject to a high level of estimation uncertainty. The most significant assumptions are the ability to sublease the facility, the Company’s own use of the facility, the discount rate and inflation. Of these, the ability to sublease the facility or a change to the Company’s usage of the facility are based on management’s best estimate and are a matter of judgment. The provision is highly sensitive to changes in these assumptions as changes can lead to either a material increase or decrease in the provision. The discount rate is based on the risk free rate in Sweden, estimated by management to be 1% ( 2016 : 1% ). The inflation rate is also assumed to be 1% ( 2016 : 1% ). A 0.5% change in either of these assumptions will increase or decrease the provision by up to 6% . Furthermore, an independent valuation of the lease performed as part of the acquisition accounting for the November 2, 2015 acquisition of the Findus Group identified that the lease payments were in excess of market rates, deeming the contract to be unfavorable. This provision will be utilized over the duration of the lease. The remaining provision of €2.9 million relates to a service contract covering the same warehouse facility. Provisions relating to other taxes The €10.2 million ( 2016 : €24.5 million ) provision relates to other taxes due to tax authorities after tax investigations within certain operating subsidiaries within the Nomad Group. Developments in the year have led to an additional €5.8 million provision being created which has been offset by a release of €12.2 million . €5.8 million was utilized in the year ended December 31, 2017 as a result of the conclusion of a legacy sales tax dispute. Contingent consideration As at December 31, 2017 , the provision for contingent consideration comprised of €8.9 million and €1.5 million relating to the acquisition of La Cocinera and the Lutosa brand respectively. During the year ended December 31, 2017 , a €0.4 million charge has been recognized relating to the unwinding of discounting on deferred consideration for the La Cocinera acquisition which occurred in Spain in April 2015. The consideration payable is dependent on specific future events and performance conditions being met. The payment is deferred until April 2020 but must be paid earlier if certain decisions are made by the Company. There was negligible movement on the contingent consideration provided for the Lutosa brand (under license until 2020), which was acquired in Belgium in 2014 and payable in 2019. Other Other provisions include €5.6 million ( 2016 : €6.1 million ) of potential obligations in Italy, €3.1 million ( €3.2 million ) for asset retirement obligations recognized as part of the Findus acquisition, €2.7 million ( 2016 : €2.8 million ) professional fees in respect of the above mentioned tax investigations and other obligations from previous accounting periods. |
Share capital and reserves
Share capital and reserves | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share capital and reserves | Share capital and reserves Share capital and capital reserve As at Dec 31, 2017 As at Dec 31, 2016 €m €m Authorized: Unlimited number of Ordinary Shares with nil nominal value issued at $10.00 per share n/a n/a Unlimited number of Founder Preferred Shares with nil nominal value issued at $10 per share n/a n/a Issued and fully paid: 165,291,546 (December 31, 2016: 182,088,622) Ordinary Shares with nil nominal value 1,626.9 1,803.4 1,500,000 (December 31, 2016: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,637.5 1,814.0 Listing and share transaction costs (13.8 ) (13.3 ) Total net share capital and capital reserve 1,623.7 1,800.7 Ordinary Shares Issued and Repurchased Ordinary shares (in millions) Balance at December 31, 2015 178.4 Shares issued in the period 3.7 Balance at December 31, 2016 182.1 Shares issued in the year — Shares repurchased and canceled in the year (16.8 ) Balance at December 31, 2017 165.3 The Company issued 121.5 million Ordinary Shares between April 1, 2015 and September 30, 2015. Of these, 13.7 million were issued as a partial non-cash consideration for the acquisition of the Iglo Group on June 1, 2015, 75.7 million were issued through a private placement on May 26, 2015 and a further 15.4 million were issued through a subsequent private placement on July 8, 2015. 16.7 million Ordinary Shares were issued from the early exercise of warrants. On November 2, 2015 Nomad issued 8.4 million shares as a partial non-cash consideration for the acquisition of Findus Sverige AB and its subsidiaries. On November 27, 2015, the Company issued a further 13,104 shares to key management employees acquired through a bonus issue scheme. On January 12, 2016, the Company issued a share dividend of 3.6 million Ordinary Shares (the “Founder Preferred Share Dividend”) pursuant to the terms of the outstanding founder preferred shares of the Company (the “Founder Preferred Shares”). See the ‘Founder Preferred Shares’ section of this note below for additional information. In July 2016, the Company issued 23,212 Ordinary Shares in settlement of the Non-Executive Directors restricted share awards. These shares, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and were issued in July at a share price of $8.98 . Of the total 34,780 number of shares vesting, 11,568 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. Following this issuance, the Company had 182,088,622 Ordinary Shares outstanding. In June 2017, the Company issued 46,296 Ordinary Shares in settlement of the Non-Executive Directors restricted share awards. These shares, granted at a share price of $8.98 on June 16, 2016, vested on June 19, 2017 and were issued at a share price of $14.38 . Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On June 12, 2017, the Company entered into an agreement to repurchase 9,779,729 of its shares beneficially owned by funds advised by Permira Advisers LLP ("Permira") at a purchase price of $10.75 per share, which was a 25% discount to the closing price of Nomad Foods ordinary shares on June 9, 2017. The aggregate purchase price of approximately $105.1 million ( €93.9 million ) was funded from the Company's cash on hand and the shares were retired on June 12, 2017. The transaction related to a final settlement of indemnity claims against an affiliate of Permira, which are legacy tax matters that predate the Company's acquisition of the Iglo Group in 2015. On September 11, 2017, the Company entered into an agreement to repurchase 7,063,643 shares of 33,333,334 ordinary shares being sold in an underwritten secondary public offering by selling Shareholders, Pershing Square Capital Management, L.P. (“Pershing Square”), at a per-share purchase price equal to $14.16 per ordinary share. As such, 26,269,691 ordinary shares of the 33,333,334 ordinary shares sold by the Selling Shareholders were sold to the public. The Company did not sell any ordinary shares in the offering and did not receive any of the proceeds from the offering. The aggregate purchase price of approximately $100.0 million ( €83.2 million ) was funded from the Company's cash on hand and the repurchased shares were retired on September 11, 2017. As part of the transaction, the Company incurred €0.5 million of fees, which were recognized directly within Capital reserve. Following the issuance and subsequent repurchases of shares in 2017, the Company had 165,291,546 Ordinary Shares outstanding. Listing and share transaction costs As at December 31, 2017 , listing and share transaction costs, which includes the total cost of admission and share issuance expenses on initial public offering, as well as costs associated with share repurchases was €13.8 million and are disclosed as a deduction directly against the capital reserve. €m At December 31, 2015 13.3 Placement fees — At December 31, 2016 13.3 Share transaction costs 0.5 At December 31, 2017 13.8 Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount Nomad’s issued Founder Preferred Share capital consists of 1,500,000 Founder Preferred Shares. There are no Founder Preferred Shares held in Treasury. Founder Preferred Shares confer upon the holder the following: 1. the right to one vote per Founder Preferred Share on all matters to be voted on by shareholders generally and vote together with the holders of ordinary shares; 2. commencing on January 1, 2015 and for each financial year thereafter: a. once the average price per ordinary share for the Dividend Determination Period, ie. the last ten consecutive trading days of a year is at least $11.50 (which condition has been satisfied for the year ended December 31, 2015 ), the right to receive a Founder Preferred Shares Annual Dividend Amount (as more fully described below), payable in Ordinary Shares or cash, at the Company’s sole option; and b. the right to receive dividends and other distributions as may be declared from time to time by the Company’s board of directors with respect to the Ordinary Shares (such dividends to be distributed among the holders of Founder Preferred Shares, as if for such purpose the Founder Preferred Shares had been converted into Ordinary Shares immediately prior to such distribution) plus an amount equal to 20% of the dividend which would be distributable on such number of Ordinary Shares equal to the Preferred Share Dividend Equivalent (as defined below); and 3. in addition to amounts payable pursuant to clause 2 above, the right, together with the holders of Ordinary Shares, to receive such portion of all amounts available for distribution and from time to time distributed by way of dividend or otherwise at such time as determined by the Directors; and 4. the right to an equal share (with the holders of Ordinary Shares on a share for share basis) in the distribution of the surplus assets of Nomad on its liquidation as are attributable to the Founder Preferred Shares; and 5. the ability to convert into Ordinary Shares on a 1 -for-1 basis (mandatorily upon a Change of Control or the seventh full financial year after an acquisition). On January 12, 2016 the Company’s Board of Directors approved a share dividend to the Founder Entities of an aggregate of 3,620,510 Ordinary Shares pursuant to the terms of the outstanding Founder Preferred Shares of the Company at a Dividend Price of $11.4824 . Because the average price per Ordinary Share was at least $11.50 for the last ten consecutive trading days of 2015, the holders of the Founder Preferred Shares were entitled to receive the Founder Preferred Share Annual Dividend Amount. No Founder Preferred Shares Annual Dividend Amount was due as at December 31, 2016 as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the 2015 Dividend Price of $11.482 . On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. See Note 27 for further information. Warrants On April 11, 2014 in conjunction with its initial public offering, Nomad issued an aggregate 50,000,000 Warrants to purchasers of both its Ordinary and Founder Preferred Shares. In addition, 75,000 Warrants in aggregate were issued to Non-Executive directors as part of their appointment as directors. Each Warrant entitled its holder to subscribe for one-third of an ordinary share upon exercise (subject to any prior adjustment in accordance with the terms and conditions set out in the Warrant Instrument). Warrant holders were required therefore (subject to any prior adjustment) to hold and validly exercise three Warrants and pay $11.50 per Ordinary Share in order to receive one Ordinary Share. The Warrants were also subject to mandatory redemption at $0.01 per Warrant if at any time the volume-weighted average price per ordinary share equaled or exceeded $18.00 (subject to any prior adjustment in accordance with the terms and conditions set out in the Warrant Instrument) for a period of ten consecutive trading days. On May 6, 2015 In connection with the Iglo acquisition, the Company obtained the consent of over 75% of the holders of outstanding Warrants to an amendment to the terms of the Warrants in order to provide that the subscription period for the Warrants, which previously would have expired on the third anniversary of the Company’s consummation of its first acquisition, would instead expire on the consummation of the Iglo Group acquisition (except in certain limited circumstances, in which case, such holder will be permitted to exercise his, her or its Warrants until the date that is 30 days following the date of Readmission). The Warrant Amendment was thereby effective on May 6, 2015. The remaining warrants that were issued by the Company in conjunction with its initial public offering in April 2014 were redeemed in the nine months ended December 31, 2015 and a credit of €0.4 million was recognized in the Consolidated Statement of Profit or Loss. |
Share-based compensation reserv
Share-based compensation reserve | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share-based compensation reserve | Share-based compensation reserve Successor The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8b sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Non-Executive Director Restricted Share Awards The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and 23,212 ordinary shares were issued in July at a share price of $8.98 , resulting in a €0.3 million reduction in the share based compensation reserve for the year ended December 31, 2016 . The Non-Executive Directors restricted share awards granted at a share price of $8.98 on June 16, 2016 vested on June 19, 2017 and were issued at a share price of $14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares for the year ended December 31, 2017 . On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for Non-Executive Director stock compensation awards was €0.8 million and €0.6 million for the year ended December 31, 2016 . The Director and senior management stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2017 was €1.8 million ( year ended December 31, 2016 : €0.6 million ). Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015 , the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. Accordingly, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2015 were met. On January 12, 2016, the Company's Board of Directors approved a share dividend (the “Founder Preferred Share Dividend”) of an aggregate of 3,620,510 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to the initial public offering price of $10.00 multiplied by 140,220,619 (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The dividend price (“Dividend Price”) used to calculate the Annual Dividend Amount was $11.4824 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2015 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 12, 2016. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met and consequently no Founder Preferred Share Dividend was approved for issue. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. In future years, the Preferred Shares Annual Dividend amount will be determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by the Annual Dividend Amount (currently $16.6516 ). The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 Prior to June 1, 2015 the Founder Preferred Shares Annual Dividend Amounts were valued and recognized as a liability under IFRS 2. The fair value of the liability at each balance sheet date was valued using a Monte Carlo simulation and any difference in fair value was recorded as an expense through the Consolidated Statement of Profit or Loss. An expense of €349 million was recognized for the nine months ended December 31, 2015 ( €165.8 million for the year ended March 31, 2015 ). Upon completion of the acquisition of the Iglo Group on June 1, 2015, the Company intended that the Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Cash flow hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments. The table below shows the movement in the cash flow hedging reserve during the year or period, including the gains or losses arising on the revaluation of hedging instruments during the year or period and the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in the year. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m (Losses)/gains arising in the revaluation of hedge instruments (76.5 ) 14.2 1.6 — — Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss 60.1 (4.1 ) — — — Total (16.4 ) 10.1 1.6 — — |
Founder Preferred Shares Divide
Founder Preferred Shares Dividend Reserve | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Translation reserve | Share-based compensation reserve Successor The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8b sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Non-Executive Director Restricted Share Awards The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and 23,212 ordinary shares were issued in July at a share price of $8.98 , resulting in a €0.3 million reduction in the share based compensation reserve for the year ended December 31, 2016 . The Non-Executive Directors restricted share awards granted at a share price of $8.98 on June 16, 2016 vested on June 19, 2017 and were issued at a share price of $14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares for the year ended December 31, 2017 . On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for Non-Executive Director stock compensation awards was €0.8 million and €0.6 million for the year ended December 31, 2016 . The Director and senior management stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2017 was €1.8 million ( year ended December 31, 2016 : €0.6 million ). Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015 , the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. Accordingly, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2015 were met. On January 12, 2016, the Company's Board of Directors approved a share dividend (the “Founder Preferred Share Dividend”) of an aggregate of 3,620,510 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to the initial public offering price of $10.00 multiplied by 140,220,619 (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The dividend price (“Dividend Price”) used to calculate the Annual Dividend Amount was $11.4824 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2015 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 12, 2016. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met and consequently no Founder Preferred Share Dividend was approved for issue. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. In future years, the Preferred Shares Annual Dividend amount will be determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by the Annual Dividend Amount (currently $16.6516 ). The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 Prior to June 1, 2015 the Founder Preferred Shares Annual Dividend Amounts were valued and recognized as a liability under IFRS 2. The fair value of the liability at each balance sheet date was valued using a Monte Carlo simulation and any difference in fair value was recorded as an expense through the Consolidated Statement of Profit or Loss. An expense of €349 million was recognized for the nine months ended December 31, 2015 ( €165.8 million for the year ended March 31, 2015 ). Upon completion of the acquisition of the Iglo Group on June 1, 2015, the Company intended that the Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Cash flow hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments. The table below shows the movement in the cash flow hedging reserve during the year or period, including the gains or losses arising on the revaluation of hedging instruments during the year or period and the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in the year. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m (Losses)/gains arising in the revaluation of hedge instruments (76.5 ) 14.2 1.6 — — Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss 60.1 (4.1 ) — — — Total (16.4 ) 10.1 1.6 — — |
Translation reserve
Translation reserve | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Translation reserve | Share-based compensation reserve Successor The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8b sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Non-Executive Director Restricted Share Awards The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and 23,212 ordinary shares were issued in July at a share price of $8.98 , resulting in a €0.3 million reduction in the share based compensation reserve for the year ended December 31, 2016 . The Non-Executive Directors restricted share awards granted at a share price of $8.98 on June 16, 2016 vested on June 19, 2017 and were issued at a share price of $14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares for the year ended December 31, 2017 . On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for Non-Executive Director stock compensation awards was €0.8 million and €0.6 million for the year ended December 31, 2016 . The Director and senior management stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2017 was €1.8 million ( year ended December 31, 2016 : €0.6 million ). Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015 , the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. Accordingly, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2015 were met. On January 12, 2016, the Company's Board of Directors approved a share dividend (the “Founder Preferred Share Dividend”) of an aggregate of 3,620,510 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to the initial public offering price of $10.00 multiplied by 140,220,619 (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The dividend price (“Dividend Price”) used to calculate the Annual Dividend Amount was $11.4824 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2015 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 12, 2016. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met and consequently no Founder Preferred Share Dividend was approved for issue. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. In future years, the Preferred Shares Annual Dividend amount will be determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by the Annual Dividend Amount (currently $16.6516 ). The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 Prior to June 1, 2015 the Founder Preferred Shares Annual Dividend Amounts were valued and recognized as a liability under IFRS 2. The fair value of the liability at each balance sheet date was valued using a Monte Carlo simulation and any difference in fair value was recorded as an expense through the Consolidated Statement of Profit or Loss. An expense of €349 million was recognized for the nine months ended December 31, 2015 ( €165.8 million for the year ended March 31, 2015 ). Upon completion of the acquisition of the Iglo Group on June 1, 2015, the Company intended that the Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Cash flow hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments. The table below shows the movement in the cash flow hedging reserve during the year or period, including the gains or losses arising on the revaluation of hedging instruments during the year or period and the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in the year. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m (Losses)/gains arising in the revaluation of hedge instruments (76.5 ) 14.2 1.6 — — Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss 60.1 (4.1 ) — — — Total (16.4 ) 10.1 1.6 — — |
Cash flow hedging reserve
Cash flow hedging reserve | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Cash flow hedging reserve | Share-based compensation reserve Successor The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to Directors and senior management, whilst recognizing a separate annual Restricted Stock Award for Non-Executive Directors. All Awards are to be settled by physical delivery of shares. Note 8b sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Non-Executive Director Restricted Share Awards The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and 23,212 ordinary shares were issued in July at a share price of $8.98 , resulting in a €0.3 million reduction in the share based compensation reserve for the year ended December 31, 2016 . The Non-Executive Directors restricted share awards granted at a share price of $8.98 on June 16, 2016 vested on June 19, 2017 and were issued at a share price of $14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares for the year ended December 31, 2017 . On June 19, 2017, current Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for Non-Executive Director stock compensation awards was €0.8 million and €0.6 million for the year ended December 31, 2016 . The Director and senior management stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2017 was €1.8 million ( year ended December 31, 2016 : €0.6 million ). Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve Nomad has issued Founder Preferred Shares to its Founder Entities. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount is structured to provide a dividend based on the future appreciation of the market value of the ordinary shares, thus aligning the interests of the Founders with those of the investors on a long term basis. Commencing in 2015 , the Founder Preferred Share Annual Dividend Amount became payable because the Company’s volume weighted average ordinary share price was above $11.50 for the last ten consecutive trading days of the 2015 financial year. Accordingly, the conditions of the Founder Preferred Shares Annual Dividend Amount for 2015 were met. On January 12, 2016, the Company's Board of Directors approved a share dividend (the “Founder Preferred Share Dividend”) of an aggregate of 3,620,510 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to the initial public offering price of $10.00 multiplied by 140,220,619 (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent is equal to the number of ordinary shares outstanding immediately following the Iglo Acquisition, but excluding the 13.7 million ordinary shares issued to the seller of the Iglo Group. The dividend price (“Dividend Price”) used to calculate the Annual Dividend Amount was $11.4824 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2015 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 12, 2016. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met and consequently no Founder Preferred Share Dividend was approved for issue. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. In future years, the Preferred Shares Annual Dividend amount will be determined with reference to the Dividend Determination Period of a financial year, ie the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by the Annual Dividend Amount (currently $16.6516 ). The Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. The Founder Preferred Shares automatically convert on the last day of the seventh full financial year following completion of the acquisition of the Iglo Group or upon a change of control, unless in the case of a change of control, the independent Directors determine otherwise. The amounts used for the purposes of calculating the Founder Preferred Shares Annual Dividend Amount and the relevant numbers of ordinary shares are subject to such adjustments for share splits, share dividends and certain other recapitalization events as the Directors in their absolute discretion determine to be fair and reasonable in the event of a consolidation or sub-division of the ordinary shares in issue, as determined in accordance with Nomad Foods’ Memorandum and Articles of Association. Dividends on the Founder Preferred Shares are payable until the Founder Preferred Shares are converted into Ordinary Shares. The Founder Preferred Shares automatically convert on a one for one basis (i) on the last day of the seventh full financial year following our acquisition of Iglo Foods (or if such day is not a trading day, the next trading day) or (ii) in the event of a change of control (unless the independent directors of our board of directors determine otherwise). The holders of Founder Preferred Shares may also be converted to Ordinary shares on a one for one basis at the option of the holder. In the event of an automatic conversion, a dividend on the Founder Preferred Shares shall be payable with respect to the shorted dividend year on the trading day immediately prior to the conversion. In the event of an optional conversion by the holder, no dividend on the Founder Preferred Shares shall be payable with respect to the year in which the conversion occurred. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 Prior to June 1, 2015 the Founder Preferred Shares Annual Dividend Amounts were valued and recognized as a liability under IFRS 2. The fair value of the liability at each balance sheet date was valued using a Monte Carlo simulation and any difference in fair value was recorded as an expense through the Consolidated Statement of Profit or Loss. An expense of €349 million was recognized for the nine months ended December 31, 2015 ( €165.8 million for the year ended March 31, 2015 ). Upon completion of the acquisition of the Iglo Group on June 1, 2015, the Company intended that the Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, as well as from the translation of liabilities that hedge the Company’s net investment in a foreign subsidiary. Cash flow hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. The reserve relating to forward currency contracts will be reclassified to the Statement of Profit or Loss within 12 months whilst the reserve relating to the cross currency interest rate swaps will be reclassified over the life of the instruments. The table below shows the movement in the cash flow hedging reserve during the year or period, including the gains or losses arising on the revaluation of hedging instruments during the year or period and the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in the year. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m (Losses)/gains arising in the revaluation of hedge instruments (76.5 ) 14.2 1.6 — — Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss 60.1 (4.1 ) — — — Total (16.4 ) 10.1 1.6 — — |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Earnings/(loss) per share | Earnings/(loss) per share Basic earnings/(loss) per share Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Net profit/(loss) attributable to shareholders (€m) 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Weighted average Ordinary Shares and Founder Preferred Shares 176,080,272 183,518,743 145,590,810 50,025,000 n.p. Basic earnings/(loss) per share (€’s) 0.78 0.20 (2.32 ) (3.35 ) n.p. n.p. not presented For the year ended December 31, 2017 , basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company of €136.5 million ( year ended December 31, 2016 : €36.4 million , nine months ended December 31, 2015 : €337.3 million loss) by the weighted average number of ordinary shares of 174,580,272 ( December 31, 2016 : 182,018,743 , 9 months ended December 31, 2015 : 144,090,810 ) and Founder Preferred Shares of 1,500,000 ( December 31, 2016 : 1,500,000 , 9 months ended December 31, 2015 : 1,500,000 ). Diluted earnings/(loss) per share Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Net profit/(loss) attributable to shareholders (€m) 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Weighted average Ordinary Shares and Founder Preferred Shares 184,786,162 183,528,621 145,590,810 50,025,000 n.p. Diluted earnings/(loss) per share (€’s) 0.74 0.20 (2.32 ) (3.35 ) n.p. n.p. not presented For the year ended December 31, 2017 , the number of shares in the diluted earnings per share calculation include 8,705,890 shares for the dilutive impact of the Ordinary shares to settle the Founder Preferred Shares Annual Dividend for the year ended December 31, 2017 , which were issued in January 2018. Refer to Notes 27 and 38 for further details. There is no adjustment to the profit/(loss) attributable to shareholders. |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Reconciliation of liabilities arising from financing activities | Reconciliation of liabilities arising from financing activities The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Cash movements Non-cash movements Opening balance as of December 31, 2016 Cash inflow (1) Cash outflow (2) Interest accretion Exchange movement Fair value changes Other non-cash adjustments Closing balance as of December 31, 2017 €m €m €m €m €m €m €m €m Total loans and borrowings (Note 21) 1,446.8 1,470.5 (1,469.5 ) — (55.7 ) — 6.3 1,398.4 Total finance lease obligations (Note 22) 1.6 — (1.6 ) — — — — — Financial payables (Note 22) 1.7 — (53.3 ) 54.0 0.7 — — 3.1 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL 0.3 3.9 — — — (3.5 ) — 0.7 Derivatives: (Net) Fair value of cross currency interest rate swaps — 4.5 (2.3 ) — — 40.6 — 42.8 (1) Cash inflows of €4.5 million from cross currency interest rate swaps are part of effective cash flow hedging relationships and are presented within interest paid within the Consolidated Statements of Cash Flows. (2) Cash outflows of €2.3 million from cross currency interest rate swaps are not part of a cash flow hedge and are presented within proceeds on settlement of derivatives within the Consolidated Statements of Cash Flows. Note: IFRS 16 Leases becomes effective as of January 1 2019, at which point operating lease liabilities will also appear in the information presented |
Cash flows from operating activ
Cash flows from operating activities | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Statement [Abstract] | |
Cash flows from operating activities | Cash flows from operating activities Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Cash flows from operating activities Profit/(loss) for the period 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Adjustments for: Exceptional items 7 37.2 134.5 58.1 0.7 84.3 Non-cash charge related to Founder Preferred Shares Annual Dividend Amount — — 349.0 165.8 — Non-cash (charge)/credit related to Warrant Redemption Liability — — (0.4 ) 0.4 — Non-cash fair value purchase price adjustment of inventory — — 37.0 — — Non-cash cash flow hedge reserve acquisition accounting adjustment — — 4.9 — — Non-cash Chairman and Independent Non-Executive Director fees — — — 0.2 — Unrealized gain on portfolio investments — — — (0.1 ) — Share based payments expense 2.6 1.2 — — — Depreciation charge 12 35.9 43.3 20.3 — 11.3 Amortization 13 6.5 7.8 1.5 — 1.2 Loss on disposal of property, plant and equipment 0.5 0.7 — — — Finance costs 10 81.6 86.3 44.2 — 117.7 Finance income 10 (7.2 ) (24.2 ) (8.7 ) — (2.0 ) Taxation 11 32.0 39.6 (12.3 ) — 40.9 Operating cash flow before changes in working capital, provisions and exceptional items 325.6 325.6 156.3 (0.5 ) 125.4 Decrease/(increase) in inventories 16.7 (18.1 ) (15.9 ) — 28.3 (Increase)/decrease in trade and other receivables (1.6 ) (8.8 ) 64.3 — (8.5 ) Increase/(decrease) in trade and other payables 18.1 60.8 (44.0 ) 0.7 (41.0 ) Decrease in employee benefit and other provisions (0.3 ) (3.3 ) (1.5 ) — (2.0 ) Cash generated from operations before tax and exceptional items 358.5 356.2 159.2 0.2 102.2 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial risk management | Financial risk management a) Overall risk management policy The Company’s activities expose it to a variety of financial risks, including currency risk, interest rate risk, credit risk and liquidity risk. The Company’s overall risk management program focuses on minimizing potential adverse effects on the Company’s financial performance. The Company uses derivative financial instruments to hedge certain risk exposures. Risk management is led by senior management and is mainly carried out by a central treasury department which identifies, evaluates and hedges financial risks in close cooperation with the Company’s operating units. b) Market risk (including currency risk and interest rate risk) In managing market risks, the Company aims to minimize the impact of short term fluctuations on the Company’s earnings. Over the longer term, however, permanent changes in foreign exchange rates and interest rates will have an impact on consolidated earnings. Currency risk Foreign currency risk on assets and liabilities in currencies other than functional currency Description The Company is exposed to foreign exchange risk arising from the translation of assets and liabilities denominated in currencies other than the Euro. This affects particularly Nomad’s U.S. Dollar loans and cross currency interest rate swaps and Nomad's GBP loans and cross currency interest rate swaps. The U.S. Dollar and GBP value of these liabilities is retranslated at closing exchange rates into Euro for inclusion in the financial statements. Fluctuations in the value of these liabilities are caused by variations in the closing EUR-USD and EUR-GBP exchange rates. Prior to April 21, 2017, 80% of the Company's Pound Sterling loans were designated as net investment hedges against the Company's investment in its subsidiaries in the UK. From April 21, 2017, the existing Sterling loans were settled and USD debt of $610 million was entered into. In order to match its underlying cash flows the Company has entered into a number of cross-currency interest rate swaps. In exchange for $610.0 million the Company received €570.5 million which has been designated as cash flow hedges. Of the €570.5 million , €271.2 million was swapped to £226.7 million . 82.8% of the Company’s Pound Sterling cross currency interest rate swaps are designated as hedges against the Company’s investment in its subsidiaries in the UK. Mitigation & Impact on Any foreign exchange movement resulting from the translation of $610m term loan to Euros Statement of Financial is offset with the translation of the receive U.S. Dollar, pay Euro cross currency interest rate Position / Equity / swaps. Gains/losses on the cross currency interest rate swap are released from cash flow Income Statement hedge reserve to match the gain or losses on the U.S. Dollar debt as they impact profit and loss. From April 21, 2017, 82.8% of the Company’s Pound Sterling cross currency interest rate swaps are designated as hedges against the Company’s investment in its subsidiaries in the UK. In 2016 and up until April 21, 2017 80% of the Company's Pound Sterling loans were designated as hedges against the Company's investment in its subsidiaries in the UK. As at December 31, 2017 , this represented 93.1% of the net assets held in GBP ( 2016 : 99% ). The impact of the net investment hedge is taken directly to equity via the foreign currency translation reserve. The amount taken to this reserve which arose on the retranslation of the cross currency interest rate swaps was a gain of €12.4 million and from the translation of the GBP loans in place was a loss of €4.3 million . In 2016 the amount taken to this reserve which arose on the translation of Sterling loans was a €35.4 million gain, ( 2015 : €6.8 million gain). There was no material ineffectiveness in the net investment hedge in either 2017 or 2016 . Sensitivity analysis During 2017 , the Euro strengthened by 3.9% ( 2016 : strengthened by 13.8% ) against Sterling. The notional amount of Pound Sterling cross currency interest rate swaps designated as hedges is £187.6m , the gain of €12.4 million resulted from a 5.8% movement in the GBP-EUR foreign exchange rate. A 1% movement in the GBP-EUR foreign exchange rate would result in a gain or loss of €2.2 million which would be taken to equity. Hedge accounting is not applied to 17.2% of the Company's Pound Sterling cross currency interest rate swaps. A 1% movement in the GBP-EUR foreign exchange rate would result in a gain or loss of €0.4 million . In addition, the impact on the related interest charge would be to decrease or increase the charge by €0.1 million , €0.1 million and €0.2 million for each 1% change in the exchange rate in 2017 and 2016 and 2015 respectively. Currency risk Foreign currency risk on purchases The Company is exposed to foreign exchange risk where a business unit makes purchases in a currency other than the functional currency of that entity. For the Company, the most significant of these exposures is the purchase of fish inventories in U.S. Dollars and the purchase of goods and services in Euros by the UK and the Nordics. Mitigation & Impact on The Company’s policy is to reduce this risk by using foreign exchange forward contracts Statement of Financial which are designated as cash flow hedges. These contracts all have a maturity of less Position / Equity / than one year. The fair value of the U.S. Dollars forward contracts with reference to Income Statement non-USD functional currencies as at December 31, 2017 is an asset of €6.5 million ( 2016 : €11.0 million asset). All forecast transactions are still expected to occur. As at December 31, 2017 , 69.8% ( 2016 : 98% , 2015 : 69% ) of forecast future U.S. Dollar payments for the next twelve months were hedged through the use of forward contracts and existing cash. A proportion of the forward contracts have been designated as cash flow hedges. The fair value of the Euro forward contracts with reference to non-Euro functional currencies as at December 31, 2017 is €1.5 million ( 2016 : €1.1 million ). As at December 31, 2017 , 68% ( 2016 : 86.9% , 2015 : 58% ) of forecast future net euro payments for the next twelve months were hedged through the use of forward contracts and existing cash. A proportion of the forward contracts have been designated as cash flow hedges over forecast purchases. Sensitivity analysis During 2017 , the Euro strengthened by 3.9% against Sterling, and strengthened by 13.9% against the U.S.Dollar and strengthened by 2.7% against the Swedish Krona. On an annualized 2017 basis, for each 1% that the Euro strengthens or weakens against Sterling, assuming all other variables remain constant, the impact relating to these purchases would be to increase or decrease the Company’s profit or loss before tax by approximately €0.7 million ( 2016 : €0.6 million , 2015 : €0.5 million ), excluding the impact of any forward contracts. On an annualized 2017 basis, for each 1% that the Euro strengthens or weakens against the U.S.Dollar, assuming all other variables remain constant, the impact would be to increase or decrease the Company’s profit or loss before tax by approximately €2.4 million ( 2016 : €2.2 million , 2015 : €2.2 million ), excluding the impact of any forward contracts. On an annualized 2017 basis, for each 1% that the Euro strengthens or weakens against Swedish Krona, assuming all other variables remain constant, the impact relating to these purchases would be to increase or decrease the Company’s profit or loss before tax by approximately €0.7 million ( 2016 : €0.4 million , 2015 : €0.5 million ), excluding the impact of any forward contracts. We do not expect purchase levels to be materially different in the coming year. Interest rate risk Description The Company has significant levels of floating rate borrowings and is therefore exposed to the impact of interest rate fluctuations. Mitigation & Impact on Equity / Income Statement The Company’s policy on interest rate risk is designed to limit the Company’s exposure to fluctuating interest rates. In 2017 the Company entered into a €400 million 7 year fixed rate Bond, floating rate senior Euro debt of €500 million and floating rate senior USD of $610 million . The company also entered into cross currency interest rate swaps to swap its floating USD term loans to fixed Euros or Sterling. During 2017 the weighted average fixed rate of the Company's interest cash flows in Sterling was 65.8% ( 2016 : 157% ) and the weighted average fixed rate of the Company's Euro interest cash flows was 38.9% ( 2016 : 66% ). As at December 31, 2017 this was 100% and 58.3% respectively. Sensitivity analysis In 2017 , one month GBP LIBOR rates increased by 0.25 percentage points ( 2016 : 0.25 percentage points decrease) and there were no significant changes in three month EURIBOR rates ( 2016 : decreased by 0.15 percentage points). Negative interest rates are treated as 0% for the purpose of the interest applied on the senior loans. If interest rates were greater than 1% , an increase or decrease of one percentage point in the interest rate charge on borrowings would correspondingly decrease or increase the Company’s profit/(loss) before tax by approximately €5.1 million ( 2016 : €14.8 million , 2015 : €14.5 million ). c) Credit risk Description Credit risk arises on cash and cash equivalents and derivative financial instruments with banks and financial institutions, as well as on credit exposures to customers. See Note 18 for analysis of the trade receivables balance and Note 20 for analysis of the cash and cash equivalents balance. Mitigation The Company limits counterparty exposures by monitoring each counterparty carefully and where possible, setting credit limits by reference to published ratings. The Company limits its exposure to individual financial institutions by spreading forward foreign exchange contracts, cross currency interest rate swaps and surplus cash deposits between several institutions. The credit quality of customers is assessed taking into account their financial position, past experience and other factors. Credit limits are set for customers and regularly monitored. The Company aims to ensure that the maximum exposure to one financial institution does not exceed €150.0 million and that the long term credit rating does not fall below High Single A. d) Liquidity risk Description The Company is exposed to the risk that it is unable to meet its commitments as they fall due. The Company has financial conditions imposed by its lenders which it must achieve in order to maintain its current level of borrowings. A single net debt covenant is carried out quarterly and at the end of each financial year. There have been no breaches of the covenants throughout the year. Mitigation The Company ensures that it has sufficient cash and available funding through regular cash flow and covenant forecasting. In addition, the Company has access to a revolving credit facility of €80.0 million , expiring in May 2023. This is available to finance working capital requirements and for general corporate purposes. Currently €14.0 million is utilized for letters of credit, overdrafts, customer bonds and bank guarantees. Capital risk management Nomad’s objectives when managing capital (currently consisting of share capital and share premium) are to safeguard Nomad’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, Nomad may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. Maturity analysis The tables below show a maturity analysis of contractual undiscounted cash flows, showing items at the earliest date on which the Company could be required to pay the liability: 2017 2018 2019 2020 2021 2022 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 5.1 5.1 5.1 5.1 5.1 1,384.0 1,409.5 Borrowings-interest 46.3 46.0 46.0 45.7 45.5 62.9 292.4 Forward contracts Sell 484.0 — — — — — 484.0 Forward contracts Buy (479.6 ) — — — — — (479.6 ) Cross Currency Interest Rate Swaps Pay 29.1 28.7 28.6 28.4 801.4 — 916.2 Cross Currency Interest Rate Swaps Receive (32.0 ) (31.6 ) (31.4 ) (31.2 ) (759.3 ) — (885.5 ) Trade and other payables excluding non-financial liabilities 441.6 — — — — — 441.6 Total 494.5 48.2 48.3 48.0 92.7 1,446.9 2,178.6 2016 2017 2018 2019 2020 2021 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal — — — 1,464.2 — — 1,464.2 Borrowings-interest 59.7 60.0 60.9 29.9 — — 210.5 Forward contracts Sell 367.8 — — — — — 367.8 Forward contracts Buy (381.3 ) — — — — — (381.3 ) Trade and other payables excluding non-financial liabilities 439.1 — — — — — 439.1 Total 485.3 60.0 60.9 1,494.1 — — 2,100.3 The 2016 table has been amended to include the Forward contract Buy amount. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments a) Categories of financial instruments The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”. Cash and cash equivalents Loans and Derivatives at fair value through profit or loss Derivatives used for hedging (see (c)) Financial liabilities at amortized cost Total 2017 €m €m €m €m €m €m Assets Trade receivables — 94.7 — — — 94.7 Derivative financial instruments — — 3.2 17.5 — 20.7 Cash and cash equivalents 219.2 — — — — 219.2 Liabilities Trade and other payables excluding non-financial liabilities — — — — (441.6 ) (441.6 ) Derivative financial instruments — — (0.7 ) (68.5 ) — (69.2 ) Loans and borrowings (note 1) — — — — (1,409.5 ) (1,409.5 ) Total 219.2 94.7 2.5 (51.0 ) (1,851.1 ) (1,585.7 ) Note 1: Loans and borrowings excludes €11.1 million of deferred borrowing costs which are included within €1,398.4 million of total loans and borrowings in Note 21. Cash and cash equivalents Loans and Derivatives at Derivatives Financial Total 2016 €m €m €m €m €m €m Assets Trade receivables — 92.3 — — — 92.3 Derivative financial instruments — — — 13.1 — 13.1 Cash and cash equivalents 329.5 — — — — 329.5 Liabilities Trade and other payables excluding non-financial liabilities — — — — (439.1 ) (439.1 ) Derivative financial instruments — — — (1.4 ) — (1.4 ) Loans and borrowings (note 2) — — — — (1,464.2 ) (1,464.2 ) Total 329.5 92.3 — 11.7 (1,903.3 ) (1,469.8 ) Note 2: Loans and borrowings excludes €12.4 million of deferred borrowing costs which are included within €1,451.8 million of total non-current loans and borrowings in Note 21. b) Fair values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Nomad uses various methods including market, income and cost approaches. Based on these approaches, Nomad utilizes certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, market corroborated, or generally unobservable inputs. Nomad utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Based on the observability of the inputs used in the valuation techniques Nomad is required to provide the following information according to the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1—Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 2—Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data. Level 2 also includes derivative contracts whose value is determined using a pricing model with observable market inputs or can be derived principally from or corroborated by observable market data. Level 3—Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data. Where market information is not available to support internal valuations, reviews of third party valuations are performed. While Nomad believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The following is a description of the valuation methodologies and assumptions used for estimating the fair values of financial instruments held by the Company. (i) Derivative financial instruments Derivative financial instruments are held at fair value. There is no difference between carrying value and fair value. The financial instruments are not traded in an active market and so the fair value of these instruments is determined from the implied forward rate. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 ‘Fair value measurement’. Gains in the year from foreign exchange forward contracts designated as fair value through the Consolidated Statements of Profit or Loss amounted to €nil ( 2016 : €1.0 million , 2015 : €9.1 million ). Gains in the year from foreign exchange swap contracts used for liquidity purposes designated as fair value through the Consolidated Statements of Profit or Loss amounted to €3.5 million ( 2016 : €4.3 million loss, 2015 : € nil ). Gains in the year from cross currency interest rate swap contracts designated as fair value through the Consolidated Statement of Profit or Loss amounted to €3.9m (2016: € nil , 2015: € nil ). (ii) Trade and other payables/receivables The notional amount of trade and other payables/receivables are deemed to be carried at fair value, short term and settled in cash. (iii) Cash and cash equivalents/overdrafts The carrying value of cash is deemed to equal fair value. (iv) Interest bearing loans and liabilities The fair value of secured notes is determined by reference to price quotations in the active market in which they are traded. They are classified as level 1 instruments. The fair value of the senior loans is calculated by discounting the expected future cash flows at the year end’s prevailing interest rates. They are classified as level 2 instruments. Fair value Carrying value Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 €m €m €m €m Senior loans — 970.3 — 964.2 2020 floating rate senior secured notes — 505.2 — 500.0 Senior EUR/USD loans 1,012.7 — 1,009.5 — 2024 fixed rate senior secured notes 412.2 — 400.0 — Less deferred borrowing costs — — (11.1 ) (17.4 ) 1,424.9 1,475.5 1,398.4 1,446.8 c) Derivatives The notional principal amounts of the outstanding forward foreign exchange contracts at December 31, 2017 were €484.0 million ( December 31, 2016 : €367.8 million ). The notional principal amounts of the outstanding cross currency interest rate swaps as at December 31, 2017 were €826.2 million (pay) and €780.7 million (receive). The following table presents the fair value of derivatives as at December 31, 2017 . 43.4% ( December 31, 2016 : 68.9% ) of the notional principal amount of forward foreign exchange contracts relates to USD contracts and 26.0% ( December 31, 2016 : 22% ) of the notional principal amount of forward foreign exchange contracts relates to EUR contracts for the UK and Nordic subsidiaries. 30.6% of the notional principal amount of forward foreign exchange contracts relates to FX swaps for liquidity purposes. As at Dec 31, 2017 As at Dec 31, 2016 €m €m Cross Currency Interest Rate Swaps 18.6 — Forward foreign exchange contracts 2.1 13.1 Total assets 20.7 13.1 Cross Currency Interest Rate Swaps (61.4 ) — Forward foreign exchange contracts (7.8 ) (1.4 ) Total liabilities (69.2 ) (1.4 ) Total (48.5 ) 11.7 Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount of financial instruments as presented upon balance sheet Related financial instruments that are offset Net amount As at Dec 31, 2017 €m €m €m Derivatives - assets 20.7 (20.7 ) — Derivatives - liabilities (69.2 ) 20.7 (48.5 ) Gross amount Related Net amount As at Dec 31, 2016 €m €m €m Derivatives - assets 13.1 (1.4 ) 11.7 Derivatives - liabilities (1.4 ) 1.4 — |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases1 [Abstract] | |
Operating leases | Operating leases The Company leases certain buildings, plant and equipment under operating leases. The agreements do not share common characteristics across the Company. Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments and are payable as follows: As at Dec 31, 2017 As at Dec 31, 2016 €m €m Less than one year 17.8 18.3 Between one and three years 26.1 29.6 Between three and five years 17.8 22.0 More than five years 106.6 109.7 Total 168.3 179.6 Non-cancellable operating leases relate to equipment, motor vehicles and land and buildings and may be subject to contractual annual increases linked to inflation indices. The payments shown above exclude the impact of these contractual increases which cannot be reliably estimated. Findus Sverige AB has a long lease for a factory and cold-store that expires in 2040. This accounts for €115.8 million of the lease payments. As explained in note 24, this lease has been identified as being onerous and so a provision of €72.5 million has been recognized in respect of the onerous part of the lease. |
Capital commitments
Capital commitments | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Capital commitments | Capital commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As at Dec 31, 2017 As at Dec 31, 2016 €m €m Property, plant and equipment 3.0 8.1 Intangible assets 2.6 5.4 Total 5.6 13.5 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Related parties | Related parties Founder Preferred Shares Each of the Founder Entities holds 750,000 shares of Founder Preferred Shares issued at $10.00 per share. The Founder Preferred Shares were intended to incentivize the Founders to achieve Nomad’s objectives. In addition to providing long term capital, the Founder Preferred Shares are structured to provide a dividend based on the future appreciation of the market value of the ordinary shares thus aligning the interests of the Founders with those of the holders of ordinary shares on a long term basis. The Founder Preferred Shares are also intended to encourage the Founders to grow Nomad following the Iglo Acquisition and to maximize value for holders of ordinary shares. On January 12, 2016, the Company approved a 2015 Founder Preferred Share Dividend with respect to 2015 in an aggregate of 3,620,510 ordinary shares payable to the Founder Entities. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2016 were not met and consequently no Founder Preferred Share Dividend was approved for issue. The conditions of the Founder Preferred Shares Annual Dividend Amount for 2017 were met. On December 29, 2017, the Company’s Board of Directors approved a share dividend of an aggregate of 8,705,890 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2015 dividend price of $11.4824 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2017 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2018. Advisory Services Agreements On June 15, 2015, the Company entered into an Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of Mr. Franklin, and TOMS Capital LLC, an affiliate of Mr. Gottesman. Pursuant to the terms of the Advisory Services Agreement, Mariposa Capital, LLC and TOMS Capital LLC provide high-level strategic advice and guidance to the Company. Under the terms of the Advisory Services Agreement, Mariposa Capital, LLC and TOMS Capital LLC are entitled to receive an aggregate annual fee equal to $2.0 million , payable in quarterly installments. This agreement expires on June 1st annually and will be automatically renewed for successive one -year terms unless any party notifies the other parties in writing of its intention not to renew the agreement no later than 90 days prior to the expiration of the term. The agreement may only be terminated by the Company upon a vote of a majority of its directors. In the event that the agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the initial term or a renewal term, as the case may be. Expenses of €130,454 and €232,379 for certain travel costs of Mariposa Capital, LLC and TOMS Capital LLC respectively in the year ending December 31, 2017 were reimbursed ( year ended December 31, 2016 : €153,186 and €233,627 respectively). Directors and Key Management All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and Executive Officers. Their remuneration has been disclosed in Note 9. On September 11, 2017, the Company entered into an agreement to repurchase shares being sold in an underwritten secondary public offering by selling Shareholders, Pershing Square Capital Management, L.P. (“Pershing Square”). See Note 25 for a description of the transaction. As part of the sale of the Iglo Group to Nomad Foods Limited, former Executive Officer and Non-Executive Director, Paul Kenyon and former Executive Officer, Tania Howarth each acquired shares in Nomad Foods Limited from Birds Eye Iglo Group LP Inc. Mr. Kenyon acquired 37,060 shares and Ms. Howarth acquired 38,956 shares at a price of $10.50 ( €9.71 ) per share which was deemed to be at fair value. On June 12, 2017, Nomad repurchased 9,779,729 of our shares beneficially owned by Permira Funds ("Permira Repurchase") at a purchase price of $10.75 (approximately €9.60 ) per share, which represents a 25% discount to the closing price of our ordinary shares on June 9, 2017, for an aggregate purchase price of $105.1 million (approximately €93.9 million ), in final settlement of indemnity claims against an affiliate of Permira Funds, of legacy tax matters that predated the Iglo Acquisition. In connection with the Permira Repurchase (and upon removal of certain transfer restrictions relating to their shares), Mr. Kenyon and Ms. Howath sold 26,372 and 27,721 , shares, respectively. Lord Myners of Truro CBE, a Non-Executive Director, holds 72,028 ordinary shares in Nomad Foods Limited which includes 50,000 ordinary shares granted pursuant to a five -year option that expires on June 2, 2020 at a purchase price of $11.50 per share. As described in Note 8(b), certain of the Non-Executive Directors are eligible to an annual restricted stock grant issued under the LTIP which will vest on the earlier to occur of the date of the Company’s annual meeting of shareholders or thirteen months from the date of grant. The Non-Executive Directors restricted share awards, granted at a share price of $11.50 on December 7, 2015, vested on June 16, 2016 and were issued in July at a share price of $8.98 . Of the total 34,780 number of shares vesting, 11,568 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. The total charge for restricted share awards granted in 2015 within the Statement of Consolidated Profit or Loss for the year ended December 31, 2016 for this stock compensation award was €0.3 million ( nine months ended December 31, 2015 : €0.1 million ). The Non-Executive Directors restricted share awards granted on June 16, 2016, which consisted of 55,680 shares at a share price of $8.98 , vested on June 19, 2017 and were issued at a share price of $14.38 , resulting in a €0.3 million increase in the share based compensation reserve. Of the total 55,680 number of shares vesting, 9,384 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. The total charge for restricted share awards granted in 2016 within the Statement of Consolidated Profit or Loss for the year ended ended December 31, 2017 for this stock compensation award was €0.5 million ( year ended December 31, 2016 : €0.3 million ). On June 19, 2017, Non-Executive Directors were granted 41,724 restricted share awards at a share price of $14.38 . On August 22, 2017, two new Non-Executive Directors were granted a pro-rata 11,774 restricted share awards at the same share price and vesting conditions as the previous grant. The total charge for restricted share awards granted in 2017 within the Statement of Consolidated Profit or Loss for the year ended ended December 31, 2017 for this stock compensation award was €0.4 million . The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or Loss for the year ended December 31, 2017 for stock compensation awards was €0.8 million ( Year ended December 31, 2016 : €0.6 million ; Nine months ended December 31, 2015 : €0.1 million ). As part of its long term incentive initiatives, the company has 4,927,000 restricted shares to the management team (the “Management Share Awards”). The Directors and Executive Officers have all been awarded shares. The associated performance metrics and valuation method is detailed in Note 8(b). |
Significant events after the St
Significant events after the Statement of Financial Position date | 12 Months Ended |
Dec. 31, 2017 | |
Events After Reporting Period [Abstract] | |
Significant events after the Statement of Financial Position date | Significant events after the Statement of Financial Position date On December 29, 2017, we approved a 2017 Founder Preferred Share Dividend in an aggregate of 8,705,890 ordinary shares. The dividend price used to calculate the 2017 Founder Preferred Shares Annual Dividend Amount was $16.6516 (calculated based upon the volume weighted average price for the last ten trading days of 2017) and the Ordinary Shares were issued on January 2, 2018. On January 17, 2018 we entered into an agreement to acquire Green Isle Foods Ltd. including the Goodfella's and San Marco brands, in an all cash deal valued at £200 million (approximately €225 million ). We anticipate this acquisition to be completed in the second quarter of 2018 and we expect this will enlarge our portfolio of brands to include the number one and number two market share positions within the frozen pizza category in Ireland and the UK, a successful frozen private label pizza business, and two frozen pizza manufacturing facilities. The purchase price of the acquisition is expected to be funded through cash on hand. In 2016, we announced the closure of our factory and pea processing operations in Bjuv, Sweden, and operations ceased in the first half of 2017 with production transferred to other factories in the Group’s network. In early 2018, we signed an agreement with Foodhills AB who will acquire the buildings and parts of the premises with the intention to develop a food production area. Legal handover of the site is scheduled for March 1, 2018. The purchase price could be up to 85 million SEK (approximately €8.6 million ), but is subject to liabilities and warranties in the framework of the transaction. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | |
Measurement convention | Measurement convention The financial statements are prepared on the historical cost basis with the exception of derivative financial instruments, business combinations, share based payments, and founder preferred shares which are stated at fair value. |
Business combination | Business combination The Company uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are expensed as incurred. Where selling shareholders have contractually agreed to indemnify Nomad Foods Limited for contingent liabilities, an indemnification asset is recognized equivalent to the fair value of the liability recognized by Nomad. The indemnification asset is deducted from consideration transferred for the business combination. The indemnification asset value will subsequently be revised where revisions are made to the value of the liability or where there are doubts over the ability to recover losses from the selling shareholders. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany balances and transactions, and any unrealized income and expenses arising from intra-group transactions are eliminated. Accounting policies are applied consistently across the Company. Subsidiaries are all entities (including structured entities) over which Nomad has control; directly or indirectly. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. |
Foreign currency | Foreign currency i) Foreign currency transactions Transactions in foreign currencies (currencies other than the functional currency) are translated into the functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the foreign exchange rate ruling the financial year end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges, qualifying net investment hedges or are attributable to part of a net investment in a foreign operation. Non-monetary assets and liabilities in a foreign currency are translated into the functional currency to establish historical cost, using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the date the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. The revenues and expenses of foreign operations are translated at an average rate for the period (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transaction). ii) Assets and liabilities of foreign operations For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates ruling at the financial year ended December 31, 2017 of £1:€1.13 ( December 31, 2016 : £1:€1.17 , December 31, 2015 : £1:€1.36 ). The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign exchange gains and losses that relate to these assets and liabilities are presented in the Consolidated Statement of Profit or Loss within ‘finance income or costs’, except where hedge accounting applies. iii) Net investment in foreign operations Exchange differences arising from the translation of foreign operations and of related qualifying hedges are taken directly to the translation reserve within equity. They are realized through the Consolidated Statement of Profit or Loss upon disposal of the related foreign operation. |
Goodwill | Goodwill Goodwill represents amounts arising on acquisition of subsidiaries. Goodwill is the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Goodwill is stated at cost less any accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to the cash-generating unit and is not monitored below the operating segment unit. Goodwill is not amortized but is tested annually for impairment. |
Other intangible assets | Other intangible assets Intangible assets acquired separately are recorded at cost and those acquired as part of a business combination are recorded at fair value as at the date of acquisition. i) Computer software Capitalized software costs include the cost of acquired computer software licenses and costs that are directly associated with the design, construction and testing of such software where this relates to a major business system. Costs associated with identifying, sourcing, evaluating or maintaining computer software are recognized as an expense within other operating expenses as incurred. The assets are stated at cost less accumulated amortization and impairment losses. Software costs are amortized by equal monthly installments over their estimated useful economic life of five to seven years once the software is capable of being brought into use. ii) Brands Based on the market position of the brands, the significant levels of investment in advertising and promoting the brands, and the fact that they have been established for over 50 years , the Directors consider that the Birds Eye, Iglo and Findus brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. The La Cocinera and Lutosa brands (Lutosa used under license until 2020) are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 10 and 6 years respectively. iii) Customer relationships Long standing Food Service customer relationships have been identified as intangible assets as part of the Findus Acquisition. These are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over 14 years . |
Impairment of non-current assets | Impairment of non-current assets The carrying amounts of the Company’s non-current assets are reviewed annually to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Impairment losses are recognized in the Consolidated Statement of Profit or Loss in the period in which they arise. For goodwill and assets that have an indefinite useful life an impairment review is performed at least annually. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the net carrying amount may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. i) Calculation of recoverable amount Recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows of the business are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. ii) Allocation of impairment losses Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units then to reduce the carrying amount of the other assets in the unit on a pro rata basis. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. iii) Reversals of impairment An impairment loss in respect of goodwill is not reversed. In respect of other assets, an impairment loss is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Property, plant and equipment | Property, plant and equipment i) Owned assets Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment. ii) Leased assets Leases in which the Company assumes substantially all the risks and rewards of ownership of the leased asset are classified as ‘finance leases’. Where land and buildings are held under finance leases the accounting treatment of the land is considered separately from that of the buildings. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and impairment losses. All other leases are classified as ‘operating leases’. iii) Depreciation Depreciation is charged to the Consolidated Statement of Profit or Loss on a straight line basis over the shorter of the lease term and the estimated useful lives of each part of an item of property, plant and equipment once the item is brought into use. Land is not depreciated. The estimated useful lives are as follows: • Buildings 40 years • Plant and equipment 5 to 14 years • Computer equipment 3 to 5 years The assets’ residual values and useful lives are reviewed on a frequent basis. |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Inventories that are acquired through business combinations are fair valued at the time of acquisition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of direct costs and overheads based on normal operating capacity. Provision is made for slow moving, obsolete and defective inventories. |
Employee benefits | Employee benefits i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognized as an expense in the Consolidated Statement of Profit or Loss as incurred. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in the future payments is available. ii) Defined benefit plans The Company’s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That net obligation is discounted to determine its present value. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the Consolidated Statement of Profit or Loss in staff costs included within Operating profit/(loss), except where included in the cost of an asset, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other Comprehensive Income in the period in which they arise. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Consolidated Statement of Profit or Loss. Past service cost is recognized immediately. |
Founder Preferred Shares | Founder Preferred Shares Nomad Foods issued Founder Preferred Shares to both TOMS Acquisition I, LLC and Mariposa Acquisition II, LLC (collectively the “Founder Entities”) in connection with its initial public offering in April 2014. Holders of the Founder Preferred Shares are entitled to receive annual dividend amounts subject to certain performance conditions (the “Founder Preferred Shares Dividend Amount”). The instrument and its component parts were analyzed under IFRS 2. The Company intends that any future Founder Preferred Shares Annual Dividend Amount will be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015 of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Should a Founder Preferred Share Annual Dividend Amount become due and payable, the market value of any dividend paid will be deducted from the Founder Preferred Shares Dividend reserve, with any excess deducted from the accumulated profit/(deficit) reserve within equity. |
Provisions/Onerous contracts provisions | Provisions Provisions are recognized when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the obligation at the financial year end date and are discounted to present value where the effect is material. Where it is not possible to make a reliable estimate of the estimated financial effect of a provision, appropriate disclosure of the resulting contingent liability is made, but no provision is recognized. Onerous contracts provisions Where the costs of fulfilling a contract exceed the economic benefits that the Company expects to receive from it, an onerous contract provision is recognized for the net unavoidable costs. In estimating the net unavoidable costs, management estimate foreseeable income that may be received and offset this against the minimum future cash outflows from fulfilling the contract. All cash flows are discounted at an appropriate discount rate. |
Financial instruments | Financial instruments Financial assets and liabilities are recognized in the Company’s Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. i) Trade receivables Trade receivables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method, less any impairment. Since trade receivables are due within one year, this equates to initial carrying value less any impairment. Appropriate allowances for estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss when there is objective evidence that the asset is impaired. Trade receivables are presented net of customer rebate balances. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and call deposits. iii) Loans and borrowings a. Valuation Interest bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing loans and borrowings are stated at amortized cost with any difference between cost and redemption value being recognized in the Consolidated Statement of Profit or Loss over the expected period of the borrowings. b. Capitalization of transaction costs Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. iv) Trade payables Trade payables are measured at initial recognition at fair value and are subsequently measured at amortized cost using the effective interest method. Since trade payables are largely due within one year, this equates to initial carrying value. v) Derivative financial instruments and hedge accounting Derivative financial instruments are recognized at fair value. When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognized immediately in the Consolidated Statement of Profit or Loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged. The fair value of derivative financial instruments is determined using forward rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps are managed based on their net exposure to credit risks. The Company has used the exception in IFRS 13 to allow this group of derivatives to be measured on a net basis by each counterpart. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognized asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognized directly in the cash flow hedging reserve. Any ineffective portion of the hedge is recognized immediately in the Consolidated Statement of Profit or Loss. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognized when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealized gain or loss recognized in equity is recognized in the Consolidated Statement of Profit or Loss immediately. b. Net investment hedges Foreign currency differences arising on the retranslation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in Other Comprehensive Income to the extent that the hedge is effective, and are presented in the translation reserve within equity. To the extent that the hedge is ineffective, such differences are recognized in the Consolidated Statement of Profit or Loss. When the hedged net investment is disposed of, the relevant amount in the translation reserve is transferred to the Consolidated Statement of Profit or Loss as part of the gain or loss on disposal. |
Revenue | Revenue Revenue comprises sales of goods after deduction of discounts, sales taxes and excludes intra-company sales. Discounts given by the Company include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs. At each financial year end date any discount incurred, but not yet invoiced, is estimated and accrued. Revenue is recognized when the title and risk of loss of the underlying products have been transferred to the customer, at which point the sale price is fixed or determinable. This completes the revenue-earning process specifically that an arrangement exists, delivery has occurred, ownership has transferred, the price is determined and collectability is reasonably assured. The timing of the transfer of risks and rewards varies depending on the individual terms of the sales agreement. A provision for payment discounts and product return allowances, which is estimated based upon the Company’s historical performance, management’s experience and current economic trends, is recorded as a reduction of sales in the same period that the revenue is recognized. Trade promotions, consisting primarily of customer pricing allowances and merchandising funds and customer coupons are offered through various programs to customers and consumers. Sales are recorded net of estimated trade promotion spending, which is recognized as incurred at the time of sale. Certain retailers require the payment of slotting fees in order to obtain space for the Company’s products on the retailers’ store shelves. The fees are recognized as reductions of revenue on the date a liability to the retailer is created. These amounts are included in the determination of net sales. Accruals for expected pay-outs under these programs are included within trade receivables or trade payables in the Consolidated Statement of Financial Position. Coupon redemption costs are also recognized as reductions of net sales when the coupons are issued. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote our products and are classified in the Consolidated Statement of Profit or Loss as a reduction of revenue. |
Share based payments | Share based payments Successor Nomad Foods 2015 Long Term Incentive Plan The Nomad Foods 2015 Long Term Incentive Plan (the “LTIP”), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the LTIP represent equity settled share based payments. A charge is taken to the Consolidated Statement of Profit or Loss for the difference between the fair value of the shares at grant date and the amount subscribed, spread over the vesting period. Share based payment arrangements in which Nomad receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share based payment transactions, regardless of how the equity instruments are obtained by Nomad. The grant date fair value of share-based payment awards granted to any Director or employee is recognized as an associated expense, with a corresponding increase in equity, over the period that any Director or employee becomes unconditionally entitled to the awards. The fair value of the awards granted is measured using a valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognized as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. See Note 8b for further information on the Company’s share-based payment arrangements and details of the valuation model used. Predecessor At the end of each reporting period, the Iglo Group revised its estimates of the number of interests that were expected to vest based on the non-market vesting conditions. It recognized the impact of the revision to original estimates, if any, in the Consolidated Statement of Profit or Loss, with a corresponding adjustment to equity. Other management incentive schemes If schemes fall outside the scope of IFRS 2, since they are not related to the price or value of equity instruments, but do fall within the scope of IAS 19 “Employee Benefits”, an annual charge is taken over the service period based on an estimate of the amount of future benefit employees will earn in return for their service. |
Interest income | Interest income Interest income is recognized in the Consolidated Statement of Profit or Loss on an accruals basis using the effective interest method. |
Expenses | Expenses i) Operating lease payments Payments made under operating leases are recognized in the Consolidated Statement of Profit or Loss on a straight line basis over the term of the lease. Lease incentives received are recognized on a straight line basis in the Consolidated Statement of Profit or Loss as an integral part of the total lease expense. ii) Borrowing costs Unless capitalized as part of the cost of borrowing (see Note 3.13(iii)), borrowing costs are recognized in the Consolidated Statement of Profit or Loss in the period in which they are incurred. iii) Exceptional items The separate reporting of exceptional items which are presented as exceptional within the relevant Consolidated Statement of Profit or Loss category, helps provide an indication of the Company’s underlying business performance. Exceptional items have been identified and presented by virtue of their size, nature or incidence. In determining whether an event or transaction is specific, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. Exceptional items comprise restructuring costs, impairments or reversal of impairments of intangible assets, operational restructuring, integration and acquisition costs relating to new acquisitions, investigation of strategic opportunities and other items, costs relating to certain management incentive plans and other significant items (see Note 7). iv) Research and development Expenditure on research activities is recognized in the Consolidated Statement of Profit or Loss as an expense as incurred. |
Taxation | Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognized in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the financial year end date, and any adjustment to tax payable in respect of previous years. Where tax exposures can be quantified, an accrual for uncertain tax positions is made based on the best estimates and management’s judgments. Given the inherent uncertainties in assessing the outcomes of these exposures (which can sometimes be binary in nature), the Company could in future periods experience adjustments to these accruals. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities recognized for financial reporting purposes and the amounts used for taxation purposes on an undiscounted basis. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial year end date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Segment reporting | Segment reporting The Chief Operating Decision Maker (“CODM”) has been determined to be the Chief Executive Officer as he is primarily responsible for the allocation of resources to the segments and the assessment of performance of the segments. Nomad’s operations are organized into one operating unit, ‘Frozen’, which comprises all the brands, as well as the factories, private label business units and certain corporate overheads. The CODM primarily uses (“Adjusted EBITDA”), disclosed in Note 5, as the key measure of the segment’s results. Adjusted EBITDA is EBITDA adjusted to exclude (when they occur) exited markets, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges, the impact of share based payment charges, charges relating to the Founder Preferred Shares Annual Dividend Amount, charges relating to the redemption of warrants and other unusual or non-recurring items. |
Unfavorable contracts | Unfavorable contracts Unfavorable contracts recognized from business combinations are classified as a liability, discounted and recognized over the term of the underlying contract as a reduction in the associated expense. |
IFRSs not yet adopted | IFRSs not yet adopted At the date of authorization of these financial statements, the following Standards and Interpretations, which have not been applied in the financial statements, were in issue but not yet effective: • IFRS 9 ‘Financial Instruments’ addresses the classification, measurement and recognition of financial assets and financial liabilities and replaces IAS 39. The standard reduces the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 replaces the ‘incurred loss model’ in IAS 39 with an ‘expected credit loss’ model. The standard also introduces new presentation and disclosure requirements. The standard also introduces new hedge accounting rules although the adoption of these is optional so that the hedge accounting rules under IAS 39 may continue to be applied. The effective date for the adoption of IFRS 9 is annual periods beginning on or after 1 January 2018. Except for hedge accounting, retrospective application is required but providing comparative information is not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited exceptions. The Group has completed its assessment of the effects of transition to IFRS 9. The impacts that have been identified on adopting IFRS 9 on the Group are detailed below. – Classification and measurement: IFRS 9 establishes a principle based approach for classification of financial assets based on cash flow characteristics of the asset and the business model in which an asset is held as well as changes to the measurement of financial liabilities held at FVTPL. The change in classification does not affect the accounting recognition of financial assets presented in these financial statements and the impact of the change in measurement on financial liabilities as at December 31, 2017 is €nil. – Impairment: The significant financial assets held that are affected by the impairment losses recognised under IFRS 9 are trade receivables, for which the gross balance as at December 31, 2017 is €289.0 million with an impairment provision of €5.8 million . Management has performed an assessment of the impairment of trade receivables under IFRS 9 using Expected Credit Losses derived from actual credit losses experienced in the past. Based on this assessment, the impairment provision was found to be comparable to the existing provision, with no material difference. – Hedge accounting: The Group has elected not to apply IFRS 9 for hedge accounting. • IFRS 15 ‘Revenue from contracts with customers’ outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Management has assessed the effects of applying the new standard on the Company’s financial statements and has identified that the presentation of contract assets and contract liabilities will need to be changed. Specifically, adoption of IFRS 15 will result in additional disclosures in our footnotes around discounts and trade marketing expenses as of 1 January 2018 in relation to trade terms which are currently included in other balance sheet line items. The Company has quantified that there is no material impact on revenue recognition by applying this standard. The Company will apply the standard using the modified retrospective approach which means that any cumulative impact of the adoption identified would have been be recognized in retained earnings as of January 1, 2018 and that comparatives will not be restated. • IFRS 16 ‘Leases’ sets out the principles for the recognition, measurement, presentation and disclosure of leases and replaces IAS 17 ‘Leases’. The standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. The Standard also contains enhanced disclosure requirements for lessees. This IFRS will become effective for accounting periods starting on January 1, 2019 with early application permitted for companies applying IFRS 15 ‘Revenue from Contracts with Customers’. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Segment As Adjusted EBITDA | Segment Adjusted EBITDA Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Profit/(loss) for the period 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Taxation 32.0 39.6 (12.3 ) — 40.9 Net financing costs/(income) 74.4 62.1 35.5 (0.1 ) 115.7 Depreciation 12 35.9 43.3 20.3 — 11.3 Amortization 13 6.5 7.8 1.5 — 1.2 EBITDA 285.3 189.2 (292.3 ) (167.6 ) 41.1 Net purchase-price adjustment-inventory step up — — 37.0 — — Net purchase-price adjustment for cash flow hedge accounting — — 4.9 — — Charge related to Founder Preferred Shares Annual Dividend Amount 27 — — 349.0 165.8 — (Credit)/charge relating to Warrant Redemption Liability 25 — — (0.4 ) 0.4 — Exceptional items 7 37.2 134.5 58.1 0.7 84.3 Other add-backs 5.6 1.2 — — — Adjusted EBITDA 328.1 324.9 156.3 (0.7 ) 125.4 Unallocated corporate costs — — 2.5 0.7 — Frozen Adjusted EBITDA 328.1 324.9 158.8 — 125.4 |
External Revenue and Non-current Assets by Geography | External revenue by geography Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m United Kingdom 411.9 437.5 288.6 — 225.0 Italy 371.4 348.5 205.2 — 169.7 Germany 300.3 267.8 150.0 — 124.2 Sweden 208.0 218.2 35.5 — — France 170.0 168.9 41.0 — — Norway 123.3 122.6 19.6 — — Austria 96.7 92.9 51.8 — 45.0 Spain 81.2 82.6 13.1 — — Rest of Europe 193.8 188.7 89.4 — 76.4 Total external revenue by geography 1,956.6 1,927.7 894.2 — 640.3 Non-current assets by geography Successor Successor December 31, 2017 December 31, 2016 €m €m Germany 126.4 118.0 United Kingdom 94.8 77.5 Italy 55.0 59.1 Sweden 26.5 44.6 France 16.7 18.4 Norway 15.7 13.3 Rest of Europe 20.2 6.1 Total non-current assets by geography 355.3 337.0 |
Operating profit_(loss) (Tables
Operating profit/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information About Profit (Loss) from Operating Activities | Operating profit /(loss) is stated after charging: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Staff costs 8 257.4 264.5 160.2 — 88.8 Depreciation of property, plant and equipment 12 35.9 43.3 20.3 — 11.3 Impairment of property, plant and equipment 12 0.3 1.4 3.2 — — Impairment of goodwill and brands 13 — — — — 55.0 Amortization of software and brands 13 6.5 7.8 1.5 — 1.2 Operating lease charges 15.0 14.6 4.2 — 3.2 Exchange (gains)/losses (1.2 ) (3.3 ) 5.2 88.9 (9.0 ) Fair value loss on financial assets at fair value through profit and loss — — 4.9 — — Research & development expenditure 15.4 13.3 12.1 — 7.2 Inventories recognized as an expense within cost of goods sold 1,273.3 1,282.6 608.9 — 389.3 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Exceptional Items | Exceptional items are made up as follows: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Investigation of strategic opportunities (1) 18.8 7.0 7.7 — 1.3 Supply chain reconfiguration (2) 14.0 84.3 — — — Findus Group integration costs (3) 15.1 29.6 4.5 — — Costs related to transactions (4) 3.2 4.8 34.1 0.7 3.8 Costs related to long-term management incentive plans (5) — 1.9 3.5 — 22.9 Other restructuring costs (6) — (1.0 ) 8.9 — — Cisterna fire net (income)/costs (7) — (4.3 ) (2.5 ) — 1.3 Impairment of intangible assets (8) — — — — 55.0 Settlement of legacy matters (9) (5.6 ) 1.8 1.9 — — Remeasurement of indemnification assets (10) (8.3 ) 10.4 — — — Total exceptional items 37.2 134.5 58.1 0.7 84.3 |
Payroll costs, share based pa49
Payroll costs, share based payments and management incentive schemes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Disclosure of Employee Information | The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Production 2,285 2,627 2,605 — 1,635 Administration, distribution & sales 1,572 1,571 1,767 — 1,047 Total number of employees 3,857 4,198 4,372 — 2,682 |
Disclosure of Employee Benefit Expense | The table below discloses the Company’s aggregate payroll costs of these persons. Payroll costs exclude long term management incentive scheme and share based payment costs, but includes bonus costs, in particular those associated with a non-cash bonus for key management employees, whereby 13,104 Ordinary shares of the Company were issued to the recipients’ on November 27, 2015. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Wages and salaries 200.8 205.4 126.7 — 72.1 Social security costs 42.0 45.9 27.5 — 12.5 Other pension costs 14.6 13.2 6.0 — 4.2 Total payroll costs 257.4 264.5 160.2 — 88.8 |
Inputs and Assumptions Underlying the Monte Carlo Model | Following a revision to the January 1, 2016 award EBITDA Performance Target Conditions and updating for scheme leavers, the inputs and assumptions underlying the Monte Carlo models for both awards are now as follows: January 1, 2016 award January 1, 2017 award Grant date price $ 12.00 $ 9.57 Exercise price $ — $ — Expected life of restricted share 3.02 – 4.00 years 3.11 – 4.00 years Expected volatility of the share price 20.0 % 23.0 % Dividend yield expected — % — % Risk free rate 1.59 % 1.83 % Employee exit rate 16.0 % 16.0 % EBITDA Performance Target Condition 5.0%-75.0% 5.0%-75.0% |
Disclosure of Share Based Compensation Reserve | Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7) Balance as of December 31, 2017 2.9 |
Directors and Key Management 50
Directors and Key Management compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Short-term employee benefits 2.0 2.1 1.3 — 1.9 Contributions to money purchase pension plans — — — — 0.2 Share-based payment 1.4 0.9 0.1 — 2.2 Long-term incentive scheme — — — — 17.4 Compensation for loss of office 0.4 — — — — Non-Executive Director fees 0.3 0.2 0.1 0.2 — Total Directors’ and executive officers' compensation 4.1 3.2 1.5 0.2 21.7 Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Retirement benefits are accruing to the following number of directors under: Money purchase schemes 2 1 1 — 4 |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Finance income and costs | Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Interest income 0.2 5.9 4.4 — 2.0 Gain on derivatives 7.0 — 4.3 — — Net foreign exchange gains on translation of financial assets and liabilities — 18.3 — 0.1 — Finance income 7.2 24.2 8.7 0.1 2.0 Accrued interest — — — — (60.2 ) Cash pay interest expense (54.0 ) (68.7 ) (38.8 ) — (35.4 ) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 3.9 — — — — Other interest expense — (2.8 ) — — — Net pension interest costs (3.6 ) (4.1 ) (1.9 ) — (0.7 ) Amortization of borrowing costs (2.7 ) (5.0 ) (2.1 ) — (0.9 ) Net foreign exchange losses on translation of financial assets and liabilities (3.9 ) — (0.5 ) — (20.5 ) Interest on unwinding of discounted items (1.2 ) (1.4 ) — — — Loss on derivatives — (4.3 ) — — — Financing costs incurred in amendment of terms of debt (1) (20.1 ) — (0.9 ) — — Finance costs (81.6 ) (86.3 ) (44.2 ) — (117.7 ) Net finance (costs)/income (74.4 ) (62.1 ) (35.5 ) 0.1 (115.7 ) (1) A one-off charge of €20.1 million was incurred as a consequence of the refinancing in May 2017 and repricing in December 2017. Of this, deferred transaction costs of €15.7 million relating to the previous senior debt were written off. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Components Of Tax Expense (Benefit) | Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Current tax expense Current tax on profits/loss for the period (37.5 ) (58.9 ) (18.0 ) — (41.2 ) Adjustments in respect of prior periods 3.2 (0.6 ) (2.3 ) — 15.2 (34.3 ) (59.5 ) (20.3 ) — (26.0 ) Deferred tax income/(expense) Origination and reversal of temporary differences (2.1 ) 12.9 10.4 — (14.9 ) Impact of change in tax rates 4.4 7.0 22.2 — — 16 2.3 19.9 32.6 — (14.9 ) Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) |
Reconciliation Of Effective Tax Rate | Reconciliation of effective tax rate: Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m Profit/(loss) before tax 168.5 76.0 (349.6 ) (167.5 ) (87.1 ) Tax (charge)/credit at the standard UK corporation tax rate 19.25% (2016: 20%; 2015: 20.25%) (32.5 ) (15.2 ) 70.8 33.9 17.6 Difference in tax rates (10.0 ) (10.0 ) (67.5 ) (33.9 ) (4.6 ) Non tax deductible interest 4.4 — (9.9 ) — (8.7 ) Other income and expenses not taxable or deductible 16.8 (7.4 ) 1.0 — (21.6 ) Unrecognized tax assets (19.3 ) (1.8 ) (2.1 ) — (30.9 ) Provisions for uncertainties 1.0 (11.6 ) 0.1 — (7.9 ) Impact of change in deferred tax rates 4.4 7.0 22.2 — — Prior period adjustment 3.2 (0.6 ) (2.3 ) — 15.2 Total tax (expense)/credit (32.0 ) (39.6 ) 12.3 — (40.9 ) |
Income Tax Relating to Components Of Other Comprehensive Income | The tax (credit)/charge relating to components of other comprehensive income is as follows: Successor Before tax Tax charge/ (credit) After tax Year ended December 31, 2017 Note €m €m €m Remeasurement of post-employment benefit liabilities (2.9 ) 2.0 (0.9 ) Net investment hedge 0.8 — 0.8 Cash flow hedges 16.4 (5.0 ) 11.4 Other comprehensive loss 14.3 (3.0 ) 11.3 Current tax — — — Deferred tax 16 — (3.0 ) — — (3.0 ) — Before tax Tax charge After tax Year ended December 31, 2016 Note €m €m €m Remeasurement of post-employment benefit liabilities 23.6 6.3 29.9 Net investment hedge 0.5 — 0.5 Cash flow hedges (10.1 ) 2.8 (7.3 ) Other comprehensive loss 14.0 9.1 23.1 Current tax — — — Deferred tax 16 — 9.1 — — 9.1 — Before tax Tax charge After tax Nine months ended December 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities (19.4 ) 6.1 (13.3 ) Net investment hedge 4.4 — 4.4 Cash flow hedges (1.6 ) 0.5 (1.1 ) Other comprehensive (income)/loss (16.6 ) 6.6 (10.0 ) Current tax — — — Deferred tax 16 — 6.6 — — 6.6 — Predecessor Before tax Tax credit After tax 5 months ended May 31, 2015 Note €m €m €m Remeasurement of post-employment benefit liabilities 2.5 (0.7 ) 1.8 Net investment hedge (44.7 ) — (44.7 ) Cash flow hedges — — — Other comprehensive income (42.2 ) (0.7 ) (42.9 ) Current tax — — — Deferred tax 16 — (0.7 ) — — (0.7 ) — |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Property, plant and equipment | Land and buildings Plant and equipment Computer equipment Total €m €m €m €m SUCCESSOR Cost Balance at December 31, 2015 119.2 221.8 2.4 343.4 Acquisitions through business combinations — 2.5 — 2.5 Additions 3.3 34.3 0.4 38.0 Transfer to intangible assets (note 13) (1.7 ) 1.1 — (0.6 ) Disposals (2.7 ) (0.6 ) — (3.3 ) Effect of movements in foreign exchange (7.6 ) (28.8 ) — (36.4 ) Balance at December 31, 2016 110.5 230.3 2.8 343.6 Additions 11.6 26.0 0.4 38.0 Disposals (0.1 ) (1.1 ) — (1.2 ) Effect of movements in foreign exchange (4.6 ) (12.7 ) — (17.3 ) Balance at December 31, 2017 117.4 242.5 3.2 363.1 Accumulated depreciation and impairment Balance at December 31, 2015 3.4 21.4 0.4 25.2 Depreciation 6.5 35.7 1.1 43.3 Impairment (0.2 ) 1.6 — 1.4 Transfers — 0.2 (0.2 ) — Effect of movements in foreign exchange (3.9 ) (20.5 ) (0.1 ) (24.5 ) Balance at December 31, 2016 5.8 38.4 1.2 45.4 Depreciation 6.1 28.9 0.9 35.9 Impairment — 0.3 — 0.3 Effect of movements in foreign exchange (3.7 ) (10.2 ) — (13.9 ) Balance at December 31, 2017 8.2 57.4 2.1 67.7 Net book value December 31, 2015 115.8 200.4 2.0 318.2 Net book value December 31, 2016 104.7 191.9 1.6 298.2 Net book value December 31, 2017 109.2 185.1 1.1 295.4 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Goodwill Brands Computer software Customer relationships Others Total €m €m €m €m €m €m Cost Balance at December 31, 2015 1,676.8 1,688.9 11.0 31.0 0.2 3,407.9 Acquisitions through business combinations 68.8 — — — (0.2 ) 68.6 Additions — — 4.4 — — 4.4 Transfer from tangible assets (note 12) — — 0.6 — — 0.6 Effect of movements in foreign exchange — — (1.3 ) — — (1.3 ) Balance at December 31, 2016 1,745.6 1,688.9 14.7 31.0 — 3,480.2 Additions — — 4.6 — — 4.6 Effect of movements in foreign exchange — — (1.0 ) — — (1.0 ) Balance at December 31, 2017 1,745.6 1,688.9 18.3 31.0 — 3,483.8 Goodwill Brands Computer Customer Others Total €m €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2015 — 0.1 1.0 0.4 — 1.5 Amortization — 0.7 4.9 2.2 — 7.8 Effect of movements in foreign exchange — — (1.3 ) — — (1.3 ) Balance at December 31, 2016 — 0.8 4.6 2.6 — 8.0 Amortization — 0.7 3.6 2.2 — 6.5 Effect of movements in foreign exchange — — (0.7 ) — — (0.7 ) Balance at December 31, 2017 — 1.5 7.5 4.8 — 13.8 Net book value December 31, 2015 1,676.8 1,688.8 10.0 30.6 0.2 3,406.4 Net book value December 31, 2016 1,745.6 1,688.1 10.1 28.4 — 3,472.2 Net book value December 31, 2017 1,745.6 1,687.4 10.8 26.2 — 3,470.0 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interests in Other Entities [Abstract] | |
Disclosure of Significant Investments | The following are the Company's significant investments as of December 31, 2017 . Activity Country of incorporation Class of shares held Ownership as of Dec 31, 2017 Nomad Foods Europe Holdings Limited Holding England Ordinary 100% Nomad Foods Europe Holdco Limited Holding England Ordinary 100% Nomad Foods Europe Finco Limited Holding England Ordinary 100% Nomad Foods Europe Midco Limited Holding/ Finance England Ordinary 100% Nomad Foods Bondco Plc Finance England Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England Ordinary 100% Birds Eye Limited Trading England Ordinary 100% Nomad Foods Europe Finance Limited Finance England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ireland Ordinary 100% Iglo Holding GmbH Holding Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Ordinary 100% Iglo Portugal Trading Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Ordinary 100% Iglo GmbH Trading Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Ordinary 100% Iglo Austria GmbH Trading Austria Ordinary 100% Findus Sverige AB Trading Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Ordinary 100% Findus Holdings France SAS Holding France Ordinary 100% Findus France SAS Trading France Ordinary 100% Findus Espana SLU Trading Spain Ordinary 100% Findus Danmark A/S Trading Denmark Ordinary 100% Findus Finland Oy Trading Finland Ordinary 100% Findus Norge AS Trading Norway Ordinary 100% |
Deferred tax assets and liabi56
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Movement in deferred tax during the year: Opening balance Jan 1 2017 Acquired in Recognized Recognized Movement Closing balance Dec 31, 2017 €m €m €m €m €m €m Property, plant and equipment (23.3 ) — 8.2 — (0.1 ) (15.2 ) Intangible assets (291.3 ) — (3.7 ) — — (295.0 ) Employee benefits 27.7 — 2.5 (2.0 ) — 28.2 Tax value of loss carry forwards 18.9 — (3.0 ) — (0.3 ) 15.6 Derivative financial instruments (3.3 ) — (0.3 ) 5.0 — 1.4 Other 3.0 — (1.4 ) — — 1.6 Total deferred tax (268.3 ) — 2.3 3.0 (0.4 ) (263.4 ) Opening balance Jan 1 2016 Acquired in Recognized Recognized Movement Closing balance €m €m €m €m €m €m Property, plant and equipment (5.3 ) (0.3 ) (17.2 ) — (0.5 ) (23.3 ) Intangible assets (315.8 ) — 24.1 — 0.4 (291.3 ) Employee benefits 32.7 — 1.3 (6.3 ) — 27.7 Tax value of loss carry forwards — — 18.9 — — 18.9 Derivative financial instruments 0.2 — (0.7 ) (2.8 ) — (3.3 ) Other 9.5 — (6.5 ) — — 3.0 Total deferred tax (278.7 ) (0.3 ) 19.9 (9.1 ) (0.1 ) (268.3 ) Deferred tax assets and liabilities are attributable to the following: Dec 31, 2017 Dec 31, 2016 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 13.5 (28.7 ) (15.2 ) 10.3 (33.6 ) (23.3 ) Intangible assets 0.1 (295.1 ) (295.0 ) — (291.3 ) (291.3 ) Employee benefits 28.2 — 28.2 27.8 (0.1 ) 27.7 Tax value of loss carry forwards 15.6 — 15.6 18.9 — 18.9 Derivative financial instruments 0.9 0.5 1.4 — (3.3 ) (3.3 ) Other 6.0 (4.4 ) 1.6 7.9 (4.9 ) 3.0 Tax assets/(liabilities) 64.3 (327.7 ) (263.4 ) 64.9 (333.2 ) (268.3 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Schedule of inventories | Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Raw materials and consumables 82.9 97.7 Work in progress 41.0 41.7 Finished goods and goods for resale 183.0 185.6 Total inventories 306.9 325.0 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade and Other Receivables | Successor Successor Dec 31, 2017 Dec 31, 2016 Current assets €m €m Trade receivables 94.7 92.3 Prepayments and accrued income 10.1 8.0 Other receivables 19.7 26.1 Tax receivable 22.6 9.3 Total current trade and other receivables 147.1 135.7 Non-current assets Other receivables 4.3 0.4 Total non-current trade and other receivables 4.3 0.4 Total trade and other receivables 151.4 136.1 |
Disclosure of Aging Trade Receivables | The ageing of trade receivables is detailed below: Gross Impaired Net December 31, 2017 €m €m €m Not past due 243.4 — 243.4 Past due less than 1 month 35.6 (0.7 ) 34.9 Past due 1 to 3 months 4.8 (0.3 ) 4.5 Past due 3 to 6 months 0.2 (0.2 ) — Past due more than 6 months 5.3 (4.9 ) 0.4 Sub-total 289.3 (6.1 ) 283.2 Reduction in trade-terms* (188.5 ) Total trade receivables 94.7 Gross Impaired Net December 31, 2016 €m €m €m Not past due 229.4 — 229.4 Past due less than 1 month 9.8 (0.1 ) 9.7 Past due 1 to 3 months 0.9 (0.2 ) 0.7 Past due 3 to 6 months 0.9 (0.1 ) 0.8 Past due more than 6 months 6.3 (6.0 ) 0.3 Sub-total 247.3 (6.4 ) 240.9 Reduction in trade-terms* (148.6 ) Total trade receivables 92.3 * Refer to Note 4(a). Reduction in trade term amounts are primarily not past due. |
Indemnification assets (Tables)
Indemnification assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations1 [Abstract] | |
Disclosure of Detailed Information About Indemnification Assets | Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Related to Iglo Acquisition at start of the period 2.1 10.2 Reclassified from Other receivables — 1.2 Release of indemnified provision (2.1 ) (9.3 ) Related to Iglo Acquisition at end of the period — 2.1 Related to Findus Acquisition at start of the period 63.4 67.6 Acquisition accounting adjustment — 6.2 Remeasurement of indemnification assets 10.4 (10.4 ) Related to Findus Acquisition at end of the period 73.8 63.4 Total indemnification assets 73.8 65.5 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents per Statement of Cash Flows | Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Cash and cash equivalents 219.0 325.3 Restricted cash 0.2 4.2 Total cash and cash equivalents 219.2 329.5 Bank overdrafts — — Cash and cash equivalents per Statement of Cash Flows 219.2 329.5 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Repayment Profile and Individual Loan Details | The repayment profile of the syndicated and other loans held by the Company is as follows: Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Current liabilities/(assets) Syndicated loans 5.1 — Less deferred borrowing costs to be amortized within 1 year (1.8 ) (5.0 ) Total due in less than one year 3.3 (5.0 ) Non-current liabilities Syndicated loans 1,004.4 964.2 2020 floating rate senior secured notes — 500.0 2024 fixed rate senior secured notes 400.0 — Less deferred borrowing costs to be amortized in 2-5 years (7.2 ) (12.4 ) Less deferred borrowing costs to be amortized in more than 5 years (2.1 ) — Total due after more than one year 1,395.1 1,451.8 Total borrowings 1,398.4 1,446.8 The table below shows details of individual loans: Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Current liabilities/(assets)-syndicated loans 5.1 — Less deferred borrowing costs to be amortized within 1 year (1.8 ) (5.0 ) Total current loans and borrowings 3.3 (5.0 ) Non-current liabilities-syndicated loans and secured notes 2020 floating rate senior secured notes — 500.0 2024 fixed rate senior secured notes 400.0 — Senior C1 EUR — 363.3 Senior C2 GBP — 275.9 Senior C3 EUR — 325.0 Senior B3 EUR 500.0 — Senior B4 USD 504.4 — Less deferred borrowing costs to be amortized in 2—5 years (7.2 ) (12.4 ) Less deferred borrowing costs to be amortized in more than 5 years (2.1 ) — Total non-current loans and borrowings 1,395.1 1,451.8 Total borrowings 1,398.4 1,446.8 Borrowings under the syndicated loan facility and floating rate notes 1,398.4 1,446.8 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information About Trade and Other Payables | Successor Successor Dec 31, 2017 Dec 31, 2016 Current liabilities €m €m Trade payables 328.9 345.0 Accruals and deferred income 109.6 92.4 Social security and other taxes 18.2 19.3 Other payables 17.7 13.7 Finance lease obligations — 0.6 Financial payables 3.1 1.7 Total current trade and other payables 477.5 472.7 Non-current liabilities Finance lease obligations — 1.0 Accruals and deferred income 1.8 — Total non-current trade and other payables 1.8 1.0 Total trade and other payables 479.3 473.7 |
Disclosure of Finance Lease Obligations | Future minimum lease payments Interest Present value of minimum lease payments €m Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Less than one year — 0.7 — 0.1 — 0.6 Between one and five years — 1.1 — 0.1 — 1.0 More than five years — — — — — — — 1.8 — 0.2 — 1.6 Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments and are payable as follows: As at Dec 31, 2017 As at Dec 31, 2016 €m €m Less than one year 17.8 18.3 Between one and three years 26.1 29.6 Between three and five years 17.8 22.0 More than five years 106.6 109.7 Total 168.3 179.6 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Disclosure of Net Defined Benefit Liability (Asset) | Successor Successor Dec 31, 2017 Dec 31, 2016 €m €m Total employee benefit obligations-Germany 117.5 121.8 Total employee benefit obligations-Sweden 59.8 56.7 Total employee benefit obligations-Italy 5.3 5.1 Total employee benefit obligations-Austria 2.8 4.2 Sub-total 185.4 187.8 Total net employee benefit obligations-other countries 3.0 3.1 Total net employee benefit obligations 188.4 190.9 Defined benefit retirement plans Post-employment medical benefits and other benefits Total December 31, 2017 €m €m €m Present value of unfunded defined benefit obligations 65.7 4.9 70.6 Present value of funded defined benefit obligations 196.1 — 196.1 Subtotal present value of defined benefit obligations 261.8 4.9 266.7 Fair value of plan assets (81.3 ) — (81.3 ) Recognized liability for net defined benefit obligations 180.5 4.9 185.4 Defined benefit Post-employment Total December 31, 2016 €m €m €m Present value of unfunded defined benefit obligations 62.5 4.9 67.4 Present value of funded defined benefit obligations 200.2 — 200.2 Subtotal present value of defined benefit obligations 262.7 4.9 267.6 Fair value of plan assets (79.8 ) — (79.8 ) Recognized liability for net defined benefit obligations 182.9 4.9 187.8 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2017 182.9 4.9 187.8 Current service cost 4.1 (0.1 ) 4.0 Interest cost 3.5 0.1 3.6 Actuarial gains (2.9 ) — (2.9 ) Contributions to plan (0.5 ) — (0.5 ) Benefits paid (4.9 ) — (4.9 ) Exchange adjustments (1.7 ) — (1.7 ) As at December 31, 2017 180.5 4.9 185.4 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2016 159.4 5.7 165.1 Current service cost 3.9 (0.4 ) 3.5 Interest cost 3.9 0.1 4.0 Actuarial losses 23.6 — 23.6 Contributions to plan (0.5 ) — (0.5 ) Benefits paid (5.1 ) (0.3 ) (5.4 ) Exchange adjustments (2.3 ) (0.2 ) (2.5 ) As at December 31, 2016 182.9 4.9 187.8 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2017 262.7 4.9 267.6 Current service cost 4.1 (0.1 ) 4.0 Interest cost 4.9 0.1 5.0 Actuarial experience losses 0.5 — 0.5 Actuarial losses arising from changes in financial assumptions 1.5 — 1.5 Actuarial gains arising from changes in demographic assumptions (3.0 ) — (3.0 ) Contributions to plan 0.3 — 0.3 Benefits paid (7.5 ) — (7.5 ) Exchange adjustments (1.7 ) — (1.7 ) As at December 31, 2017 261.8 4.9 266.7 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2016 238.3 5.7 244.0 Current service cost 3.9 (0.4 ) 3.5 Interest cost 5.8 0.1 5.9 Actuarial experience gains (0.3 ) — (0.3 ) Actuarial losses arising from changes in financial assumptions 24.5 — 24.5 Contributions to plan 0.5 — 0.5 Benefits paid (7.7 ) (0.3 ) (8.0 ) Exchange adjustments (2.3 ) (0.2 ) (2.5 ) As at December 31, 2016 262.7 4.9 267.6 The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: Dec 31, 2017 Dec 31, 2016 9 months ended December 31, 2015 €m €m €m Present value of defined benefit obligations 261.8 262.7 238.3 Fair value of plan assets (81.3 ) (79.8 ) (78.9 ) Asset ceiling — — — Recognized liability in the scheme 180.5 182.9 159.4 Experience losses/(gains) on scheme liabilities 0.5 (0.3 ) (1.6 ) Experience (gains)/losses on scheme assets (1.9 ) (0.6 ) 0.5 |
Disclosure of Fair Value of Plan Assets | Movements in fair value of plan assets of defined benefit retirement plans: 2017 €m Opening balance January 1, 2017 79.8 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 1.9 Contributions by employer 0.5 Contributions by members 0.3 Benefits paid (2.6 ) As at December 31, 2017 81.3 2016 €m Opening balance January 1, 2016 78.9 Interest income 1.9 Actuarial gains arising from the return on plan assets, excluding interest income 0.6 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6 ) As at December 31, 2016 79.8 The fair value of plan assets, all at quoted prices are as follows: Dec 31, 2017 Dec 31, 2016 €m €m Equities 17.4 15.1 Debt instruments 51.3 51.7 Property 8.9 9.6 Other 3.7 3.4 Total 81.3 79.8 |
Disclosure of Expense Recognized in Consolidated Statement of Profit or Loss | Expense recognized in the Consolidated Statement of Profit or Loss: Defined benefit Post-employment Total 2017 2017 2017 €m €m €m Current service cost 4.1 (0.1 ) 4.0 Interest cost 3.5 0.1 3.6 For the year ended December 31, 2017 7.6 — 7.6 Defined benefit Post-employment Total 2016 2016 2016 €m €m €m Current service cost 3.9 (0.4 ) 3.5 Interest cost 3.9 0.1 4.0 For the year ended December 31, 2016 7.8 (0.3 ) 7.5 |
Disclosure of Amount Recognized In Consolidated Statement of Comprehensive Income | Amount recognized in the Consolidated Statement of Comprehensive Income: Year ended December 31, 2017 Year ended December 31, 2016 €m €m Actuarial experience losses/(gains) 0.5 (0.3 ) Actuarial losses arising from changes in financial assumptions 1.5 24.5 Actuarial gains arising from changes in demographic assumptions (3.0 ) — Actuarial gains arising from the return on plan assets, excluding interest income (1.9 ) (0.6 ) Total actuarial (gains)/losses (2.9 ) 23.6 2017 2016 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 1.3 4.2 |
Disclosure of Actuarial Assumptions | December 31, 2017 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 20 22 21 20 Female 24 24 25 20 December 31, 2016 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 20 23 21 20 Female 24 25 25 24 Defined benefit retirement plans Post-employment medical benefits and other benefits December 31, 2017 Germany Sweden Austria Italy Germany Austria Discount rate 1.95 % 2.4 % 2.2 % 1.2 % 1.15 % 0.9 % Inflation rate 2.0 % 1.9 % 2.0 % 1.5 % 2.0 % 2.0 % Rate of increase in salaries 2.8 % 2.25 % 3.0 % — 2.8 % 3.0 % Rate of increase for pensions in payment 1%-2% 2.25 % 1.7 % — — — Long term medical cost of inflation — — — — — 2.0 % Defined benefit Post-employment medical December 31, 2016 Germany Sweden Austria Italy Germany Austria Discount rate 1.8 % 2.5 % 1.0 % 1.5 % 1.2 % 1.0 % Inflation rate 2.0 % 1.25 % 1.7 % 1.5 % 2.0 % 1.7 % Rate of increase in salaries 2.5 % 2.25 % 3.0 % — 2.5 % 3.0 % Rate of increase for pensions in payment 1%-2% 2.25 % 1.7 % — — — Long term medical cost of inflation — — — — — 2.0 % |
Disclosure of the Effect of a 1% Movement in the Discount Rate | The effect of a 1% movement in the discount rate for the year ended December 31, 2017 is as follows: Increase Decrease €m €m Effect on the post-employment benefit obligation (42.3 ) 55.8 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Disclosure of Detailed Information About Provisions | Restructuring Onerous/ unfavorable contracts Provisions related to other taxes Contingent consideration Other Total €m €m €m €m €m €m Balance at December 31, 2015 21.0 — 31.8 17.4 16.5 86.7 Additional provision in the period 60.2 34.7 — — 5.3 100.2 Release of provision (5.2 ) — (9.8 ) — (2.6 ) (17.6 ) Adjustment to provisions acquired through business combinations — 47.3 2.5 — 2.7 52.5 Utilization of provision (16.7 ) (2.5 ) — (8.0 ) (2.2 ) (29.4 ) Unwinding of discounting — 0.8 — 0.6 — 1.4 Foreign exchange (0.2 ) 0.3 — — (0.2 ) (0.1 ) Balance at December 31, 2016 59.1 80.6 24.5 10.0 19.5 193.7 Additional provision in the period 30.9 — 5.8 — 6.6 43.3 Release of provision (0.1 ) — (12.2 ) — (1.2 ) (13.5 ) Transfer between categories — — (2.1 ) — 2.1 — Utilization of provision (63.6 ) (3.9 ) (5.8 ) — (8.4 ) (81.7 ) Unwinding of discounting — 0.8 — 0.4 — 1.2 Foreign exchange — (2.1 ) — — (0.1 ) (2.2 ) Balance at December 31, 2017 26.3 75.4 10.2 10.4 18.5 140.8 Current 68.0 Non-current 72.8 Total 140.8 |
Share capital and reserves (Tab
Share capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Schedule of Share Capital and Capital Reserve | Share capital and capital reserve As at Dec 31, 2017 As at Dec 31, 2016 €m €m Authorized: Unlimited number of Ordinary Shares with nil nominal value issued at $10.00 per share n/a n/a Unlimited number of Founder Preferred Shares with nil nominal value issued at $10 per share n/a n/a Issued and fully paid: 165,291,546 (December 31, 2016: 182,088,622) Ordinary Shares with nil nominal value 1,626.9 1,803.4 1,500,000 (December 31, 2016: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,637.5 1,814.0 Listing and share transaction costs (13.8 ) (13.3 ) Total net share capital and capital reserve 1,623.7 1,800.7 Ordinary Shares Issued and Repurchased Ordinary shares (in millions) Balance at December 31, 2015 178.4 Shares issued in the period 3.7 Balance at December 31, 2016 182.1 Shares issued in the year — Shares repurchased and canceled in the year (16.8 ) Balance at December 31, 2017 165.3 |
Summary of Listing and Share Transaction Costs | €m At December 31, 2015 13.3 Placement fees — At December 31, 2016 13.3 Share transaction costs 0.5 At December 31, 2017 13.8 |
Share-based compensation rese66
Share-based compensation reserve (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of detailed information about reserves within equity | Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 |
Founder Preferred Shares Divi67
Founder Preferred Shares Dividend Reserve (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of classes of share capital | Share based compensation reserve €m Balance as of January 1, 2017 1.0 Non-Executive Director restricted share awards charge 0.8 Directors and Senior Management share awards charge 1.8 Vesting of Non-Executive Director restricted shares (0.7 ) Balance as of December 31, 2017 2.9 Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2017 493.4 Settlement of dividend through share issue — Balance as of December 31, 2017 493.4 |
Cash flow hedging reserve (Tabl
Cash flow hedging reserve (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Movement in cash flow hedging reserve | The table below shows the movement in the cash flow hedging reserve during the year or period, including the gains or losses arising on the revaluation of hedging instruments during the year or period and the amount reclassified from other comprehensive income to the Consolidated Statement of Profit or Loss in the year. Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 €m €m €m €m €m (Losses)/gains arising in the revaluation of hedge instruments (76.5 ) 14.2 1.6 — — Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss 60.1 (4.1 ) — — — Total (16.4 ) 10.1 1.6 — — |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Basic and diluted earnings/(loss) per share | Basic earnings/(loss) per share Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Net profit/(loss) attributable to shareholders (€m) 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Weighted average Ordinary Shares and Founder Preferred Shares 176,080,272 183,518,743 145,590,810 50,025,000 n.p. Basic earnings/(loss) per share (€’s) 0.78 0.20 (2.32 ) (3.35 ) n.p. n.p. not presented Diluted earnings/(loss) per share Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Net profit/(loss) attributable to shareholders (€m) 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Weighted average Ordinary Shares and Founder Preferred Shares 184,786,162 183,528,621 145,590,810 50,025,000 n.p. Diluted earnings/(loss) per share (€’s) 0.74 0.20 (2.32 ) (3.35 ) n.p. n.p. not presented |
Reconciliation of liabilities70
Reconciliation of liabilities arising from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Cash movements Non-cash movements Opening balance as of December 31, 2016 Cash inflow (1) Cash outflow (2) Interest accretion Exchange movement Fair value changes Other non-cash adjustments Closing balance as of December 31, 2017 €m €m €m €m €m €m €m €m Total loans and borrowings (Note 21) 1,446.8 1,470.5 (1,469.5 ) — (55.7 ) — 6.3 1,398.4 Total finance lease obligations (Note 22) 1.6 — (1.6 ) — — — — — Financial payables (Note 22) 1.7 — (53.3 ) 54.0 0.7 — — 3.1 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL 0.3 3.9 — — — (3.5 ) — 0.7 Derivatives: (Net) Fair value of cross currency interest rate swaps — 4.5 (2.3 ) — — 40.6 — 42.8 (1) Cash inflows of €4.5 million from cross currency interest rate swaps are part of effective cash flow hedging relationships and are presented within interest paid within the Consolidated Statements of Cash Flows. (2) Cash outflows of €2.3 million from cross currency interest rate swaps are not part of a cash flow hedge and are presented within proceeds on settlement of derivatives within the Consolidated Statements of Cash Flows. |
Cash flows from operating act71
Cash flows from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash Flow Statement [Abstract] | |
Schedule of cash flow disclosures | Successor Successor Successor Successor Predecessor Year ended December 31, 2017 Year ended December 31, 2016 9 months ended December 31, 2015 Year ended March 31, 2015 5 months ended May 31, 2015 Note €m €m €m €m €m Cash flows from operating activities Profit/(loss) for the period 136.5 36.4 (337.3 ) (167.5 ) (128.0 ) Adjustments for: Exceptional items 7 37.2 134.5 58.1 0.7 84.3 Non-cash charge related to Founder Preferred Shares Annual Dividend Amount — — 349.0 165.8 — Non-cash (charge)/credit related to Warrant Redemption Liability — — (0.4 ) 0.4 — Non-cash fair value purchase price adjustment of inventory — — 37.0 — — Non-cash cash flow hedge reserve acquisition accounting adjustment — — 4.9 — — Non-cash Chairman and Independent Non-Executive Director fees — — — 0.2 — Unrealized gain on portfolio investments — — — (0.1 ) — Share based payments expense 2.6 1.2 — — — Depreciation charge 12 35.9 43.3 20.3 — 11.3 Amortization 13 6.5 7.8 1.5 — 1.2 Loss on disposal of property, plant and equipment 0.5 0.7 — — — Finance costs 10 81.6 86.3 44.2 — 117.7 Finance income 10 (7.2 ) (24.2 ) (8.7 ) — (2.0 ) Taxation 11 32.0 39.6 (12.3 ) — 40.9 Operating cash flow before changes in working capital, provisions and exceptional items 325.6 325.6 156.3 (0.5 ) 125.4 Decrease/(increase) in inventories 16.7 (18.1 ) (15.9 ) — 28.3 (Increase)/decrease in trade and other receivables (1.6 ) (8.8 ) 64.3 — (8.5 ) Increase/(decrease) in trade and other payables 18.1 60.8 (44.0 ) 0.7 (41.0 ) Decrease in employee benefit and other provisions (0.3 ) (3.3 ) (1.5 ) — (2.0 ) Cash generated from operations before tax and exceptional items 358.5 356.2 159.2 0.2 102.2 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The tables below show a maturity analysis of contractual undiscounted cash flows, showing items at the earliest date on which the Company could be required to pay the liability: 2017 2018 2019 2020 2021 2022 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 5.1 5.1 5.1 5.1 5.1 1,384.0 1,409.5 Borrowings-interest 46.3 46.0 46.0 45.7 45.5 62.9 292.4 Forward contracts Sell 484.0 — — — — — 484.0 Forward contracts Buy (479.6 ) — — — — — (479.6 ) Cross Currency Interest Rate Swaps Pay 29.1 28.7 28.6 28.4 801.4 — 916.2 Cross Currency Interest Rate Swaps Receive (32.0 ) (31.6 ) (31.4 ) (31.2 ) (759.3 ) — (885.5 ) Trade and other payables excluding non-financial liabilities 441.6 — — — — — 441.6 Total 494.5 48.2 48.3 48.0 92.7 1,446.9 2,178.6 2016 2017 2018 2019 2020 2021 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal — — — 1,464.2 — — 1,464.2 Borrowings-interest 59.7 60.0 60.9 29.9 — — 210.5 Forward contracts Sell 367.8 — — — — — 367.8 Forward contracts Buy (381.3 ) — — — — — (381.3 ) Trade and other payables excluding non-financial liabilities 439.1 — — — — — 439.1 Total 485.3 60.0 60.9 1,494.1 — — 2,100.3 |
Disclosure of maturity analysis for derivative financial liabilities [text block] | The tables below show a maturity analysis of contractual undiscounted cash flows, showing items at the earliest date on which the Company could be required to pay the liability: 2017 2018 2019 2020 2021 2022 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 5.1 5.1 5.1 5.1 5.1 1,384.0 1,409.5 Borrowings-interest 46.3 46.0 46.0 45.7 45.5 62.9 292.4 Forward contracts Sell 484.0 — — — — — 484.0 Forward contracts Buy (479.6 ) — — — — — (479.6 ) Cross Currency Interest Rate Swaps Pay 29.1 28.7 28.6 28.4 801.4 — 916.2 Cross Currency Interest Rate Swaps Receive (32.0 ) (31.6 ) (31.4 ) (31.2 ) (759.3 ) — (885.5 ) Trade and other payables excluding non-financial liabilities 441.6 — — — — — 441.6 Total 494.5 48.2 48.3 48.0 92.7 1,446.9 2,178.6 2016 2017 2018 2019 2020 2021 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal — — — 1,464.2 — — 1,464.2 Borrowings-interest 59.7 60.0 60.9 29.9 — — 210.5 Forward contracts Sell 367.8 — — — — — 367.8 Forward contracts Buy (381.3 ) — — — — — (381.3 ) Trade and other payables excluding non-financial liabilities 439.1 — — — — — 439.1 Total 485.3 60.0 60.9 1,494.1 — — 2,100.3 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of Financial Assets | The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”. Cash and cash equivalents Loans and Derivatives at fair value through profit or loss Derivatives used for hedging (see (c)) Financial liabilities at amortized cost Total 2017 €m €m €m €m €m €m Assets Trade receivables — 94.7 — — — 94.7 Derivative financial instruments — — 3.2 17.5 — 20.7 Cash and cash equivalents 219.2 — — — — 219.2 Liabilities Trade and other payables excluding non-financial liabilities — — — — (441.6 ) (441.6 ) Derivative financial instruments — — (0.7 ) (68.5 ) — (69.2 ) Loans and borrowings (note 1) — — — — (1,409.5 ) (1,409.5 ) Total 219.2 94.7 2.5 (51.0 ) (1,851.1 ) (1,585.7 ) Note 1: Loans and borrowings excludes €11.1 million of deferred borrowing costs which are included within €1,398.4 million of total loans and borrowings in Note 21. Cash and cash equivalents Loans and Derivatives at Derivatives Financial Total 2016 €m €m €m €m €m €m Assets Trade receivables — 92.3 — — — 92.3 Derivative financial instruments — — — 13.1 — 13.1 Cash and cash equivalents 329.5 — — — — 329.5 Liabilities Trade and other payables excluding non-financial liabilities — — — — (439.1 ) (439.1 ) Derivative financial instruments — — — (1.4 ) — (1.4 ) Loans and borrowings (note 2) — — — — (1,464.2 ) (1,464.2 ) Total 329.5 92.3 — 11.7 (1,903.3 ) (1,469.8 ) Note 2: Loans and borrowings excludes €12.4 million of deferred borrowing costs which are included within €1,451.8 million of total non-current loans and borrowings in Note 21. |
Disclosure of Financial Liabilities | The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IAS 39 “Financial Instruments: Recognition & Measurement”. Cash and cash equivalents Loans and Derivatives at fair value through profit or loss Derivatives used for hedging (see (c)) Financial liabilities at amortized cost Total 2017 €m €m €m €m €m €m Assets Trade receivables — 94.7 — — — 94.7 Derivative financial instruments — — 3.2 17.5 — 20.7 Cash and cash equivalents 219.2 — — — — 219.2 Liabilities Trade and other payables excluding non-financial liabilities — — — — (441.6 ) (441.6 ) Derivative financial instruments — — (0.7 ) (68.5 ) — (69.2 ) Loans and borrowings (note 1) — — — — (1,409.5 ) (1,409.5 ) Total 219.2 94.7 2.5 (51.0 ) (1,851.1 ) (1,585.7 ) Note 1: Loans and borrowings excludes €11.1 million of deferred borrowing costs which are included within €1,398.4 million of total loans and borrowings in Note 21. Cash and cash equivalents Loans and Derivatives at Derivatives Financial Total 2016 €m €m €m €m €m €m Assets Trade receivables — 92.3 — — — 92.3 Derivative financial instruments — — — 13.1 — 13.1 Cash and cash equivalents 329.5 — — — — 329.5 Liabilities Trade and other payables excluding non-financial liabilities — — — — (439.1 ) (439.1 ) Derivative financial instruments — — — (1.4 ) — (1.4 ) Loans and borrowings (note 2) — — — — (1,464.2 ) (1,464.2 ) Total 329.5 92.3 — 11.7 (1,903.3 ) (1,469.8 ) Note 2: Loans and borrowings excludes €12.4 million of deferred borrowing costs which are included within €1,451.8 million of total non-current loans and borrowings in Note 21. Fair value Carrying value Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 €m €m €m €m Senior loans — 970.3 — 964.2 2020 floating rate senior secured notes — 505.2 — 500.0 Senior EUR/USD loans 1,012.7 — 1,009.5 — 2024 fixed rate senior secured notes 412.2 — 400.0 — Less deferred borrowing costs — — (11.1 ) (17.4 ) 1,424.9 1,475.5 1,398.4 1,446.8 |
Disclosure of Derivatives | As at Dec 31, 2017 As at Dec 31, 2016 €m €m Cross Currency Interest Rate Swaps 18.6 — Forward foreign exchange contracts 2.1 13.1 Total assets 20.7 13.1 Cross Currency Interest Rate Swaps (61.4 ) — Forward foreign exchange contracts (7.8 ) (1.4 ) Total liabilities (69.2 ) (1.4 ) Total (48.5 ) 11.7 |
Disclosure of Carrying Amount of Recognized Financial Instruments | The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount of financial instruments as presented upon balance sheet Related financial instruments that are offset Net amount As at Dec 31, 2017 €m €m €m Derivatives - assets 20.7 (20.7 ) — Derivatives - liabilities (69.2 ) 20.7 (48.5 ) Gross amount Related Net amount As at Dec 31, 2016 €m €m €m Derivatives - assets 13.1 (1.4 ) 11.7 Derivatives - liabilities (1.4 ) 1.4 — |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases1 [Abstract] | |
Non-cancellable Operating Lease Rentals Related to Total Future Aggregate Minimum Lease Payments | Future minimum lease payments Interest Present value of minimum lease payments €m Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Less than one year — 0.7 — 0.1 — 0.6 Between one and five years — 1.1 — 0.1 — 1.0 More than five years — — — — — — — 1.8 — 0.2 — 1.6 Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments and are payable as follows: As at Dec 31, 2017 As at Dec 31, 2016 €m €m Less than one year 17.8 18.3 Between one and three years 26.1 29.6 Between three and five years 17.8 22.0 More than five years 106.6 109.7 Total 168.3 179.6 |
Capital commitments (Tables)
Capital commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Additional information [abstract] | |
Schedule of capital commitments | Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: As at Dec 31, 2017 As at Dec 31, 2016 €m €m Property, plant and equipment 3.0 8.1 Intangible assets 2.6 5.4 Total 5.6 13.5 |
General information (Details)
General information (Details) | Dec. 31, 2017country |
General Information About Financial Statements [Abstract] | |
Number of countries in which entity produces, markets and distributes brands | 17 |
Accounting policies (Details)
Accounting policies (Details) € in Millions | 12 Months Ended | |||
Dec. 31, 2017EUR (€)segment | Dec. 31, 2016EUR (€) | Dec. 31, 2015 | Jun. 01, 2015EUR (€) | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | ||||
Foreign exchange rate | 1.13 | 1.17 | 1.36 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 283.2 | € 240.9 | ||
Founder Preferred Shares Dividend Reserve | € 493.4 | 493.4 | € 531.5 | |
Number of operating segments | segment | 1 | |||
Trade receivables provision | € 5.8 | |||
Cost | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 289.3 | € 247.3 | ||
Buildings | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 40 years | |||
Plant and equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 5 years | |||
Plant and equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 14 years | |||
Computer equipment | Bottom of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 3 years | |||
Computer equipment | Top of range | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Estimated useful life | 5 years | |||
Computer software | Bottom of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 5 years | |||
Computer software | Top of range | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 7 years | |||
Brands | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Years established | 50 years | |||
Brands | La Cocinera | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 10 years | |||
Brands | Lutosa | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 6 years | |||
Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 14 years |
Segment reporting - Additional
Segment reporting - Additional Information (Details) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)segment | Dec. 31, 2016EUR (€) | Mar. 31, 2015EUR (€) | |
Operating Segments [Abstract] | ||||
Number of operating segments | segment | 1 | |||
Share-based payment charges | € 0 | € 2.6 | € 1.2 | € 0 |
Adjustments for acquisition related costs | € 3 |
Segment reporting - Segment as
Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of operating segments [line items] | |||||
Profit/(loss) for the period | € (337.3) | € 136.5 | € 36.4 | € (167.5) | |
Taxation | (12.3) | 32 | 39.6 | 0 | |
Net financing costs/(income) | 35.5 | 74.4 | 62.1 | (0.1) | |
Depreciation | 20.3 | 35.9 | 43.3 | 0 | |
Amortization | 1.5 | 6.5 | 7.8 | 0 | |
EBITDA | (292.3) | 285.3 | 189.2 | (167.6) | |
(Credit)/charge relating to Warrant Redemption Liability | (0.4) | 0 | 0 | 0.4 | |
Exceptional items | 58.1 | 37.2 | 134.5 | 0.7 | |
Adjusted EBITDA | 158.8 | 328.1 | 324.9 | 0 | |
Material reconciling items | |||||
Disclosure of operating segments [line items] | |||||
Net purchase-price adjustment-inventory step up | 37 | 0 | 0 | 0 | |
Net purchase-price adjustment for cash flow hedge accounting | 4.9 | 0 | 0 | 0 | |
Charge related to Founder Preferred Shares Annual Dividend Amount | 349 | 0 | 0 | 165.8 | |
(Credit)/charge relating to Warrant Redemption Liability | (0.4) | 0 | 0 | 0.4 | |
Exceptional items | 58.1 | 37.2 | 134.5 | 0.7 | |
Other add-backs | 0 | 5.6 | 1.2 | 0 | |
Adjusted EBITDA | 156.3 | 328.1 | 324.9 | (0.7) | |
Unallocated | |||||
Disclosure of operating segments [line items] | |||||
Adjusted EBITDA | € 2.5 | € 0 | € 0 | € 0.7 | |
Predecessor | |||||
Disclosure of operating segments [line items] | |||||
Profit/(loss) for the period | € (128) | ||||
Taxation | 40.9 | ||||
Net financing costs/(income) | 115.7 | ||||
Depreciation | 11.3 | ||||
Amortization | 1.2 | ||||
EBITDA | 41.1 | ||||
(Credit)/charge relating to Warrant Redemption Liability | 0 | ||||
Exceptional items | 84.3 | ||||
Adjusted EBITDA | 125.4 | ||||
Predecessor | Material reconciling items | |||||
Disclosure of operating segments [line items] | |||||
Net purchase-price adjustment-inventory step up | 0 | ||||
Net purchase-price adjustment for cash flow hedge accounting | 0 | ||||
Charge related to Founder Preferred Shares Annual Dividend Amount | 0 | ||||
(Credit)/charge relating to Warrant Redemption Liability | 0 | ||||
Exceptional items | 84.3 | ||||
Other add-backs | 0 | ||||
Adjusted EBITDA | 125.4 | ||||
Predecessor | Unallocated | |||||
Disclosure of operating segments [line items] | |||||
Adjusted EBITDA | € 0 |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of geographical areas [line items] | |||||
Revenue | € 894.2 | € 1,956.6 | € 1,927.7 | € 0 | |
Non-current assets | 355.3 | 337 | |||
United Kingdom | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 288.6 | 411.9 | 437.5 | 0 | |
Non-current assets | 94.8 | 77.5 | |||
Italy | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 205.2 | 371.4 | 348.5 | 0 | |
Non-current assets | 55 | 59.1 | |||
Germany | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 150 | 300.3 | 267.8 | 0 | |
Non-current assets | 126.4 | 118 | |||
Sweden | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 35.5 | 208 | 218.2 | 0 | |
Non-current assets | 26.5 | 44.6 | |||
France | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 41 | 170 | 168.9 | 0 | |
Non-current assets | 16.7 | 18.4 | |||
Norway | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 19.6 | 123.3 | 122.6 | 0 | |
Non-current assets | 15.7 | 13.3 | |||
Austria | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 51.8 | 96.7 | 92.9 | 0 | |
Spain | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 13.1 | 81.2 | 82.6 | 0 | |
Rest of Europe | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | € 89.4 | 193.8 | 188.7 | € 0 | |
Non-current assets | € 20.2 | € 6.1 | |||
Predecessor | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | € 640.3 | ||||
Predecessor | United Kingdom | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 225 | ||||
Predecessor | Italy | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 169.7 | ||||
Predecessor | Germany | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 124.2 | ||||
Predecessor | Sweden | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 0 | ||||
Predecessor | France | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 0 | ||||
Predecessor | Norway | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 0 | ||||
Predecessor | Austria | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 45 | ||||
Predecessor | Spain | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 0 | ||||
Predecessor | Rest of Europe | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | € 76.4 |
Operating profit_(loss) (Detail
Operating profit/(loss) (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Operating Profit (Loss) [Line Items] | |||||
Staff costs | € 160.2 | € 257.4 | € 264.5 | € 0 | |
Depreciation of property, plant and equipment | 20.3 | 35.9 | 43.3 | 0 | |
Impairment of property, plant and equipment | 3.2 | 0.3 | 1.4 | 0 | |
Impairment of goodwill and brands | 0 | 0 | 0 | 0 | |
Amortization of software and brands | 1.5 | 6.5 | 7.8 | 0 | |
Operating lease charges | 4.2 | 15 | 14.6 | 0 | |
Exchange (gains)/losses | 5.2 | (1.2) | (3.3) | 88.9 | |
Fair value loss on financial assets at fair value through profit and loss | 4.9 | 0 | 0 | 0 | |
Research & development expenditure | 12.1 | 15.4 | 13.3 | 0 | |
Inventories recognized as an expense within cost of goods sold | € 608.9 | € 1,273.3 | € 1,282.6 | € 0 | |
Predecessor | |||||
Disclosure of Operating Profit (Loss) [Line Items] | |||||
Staff costs | € 88.8 | ||||
Depreciation of property, plant and equipment | 11.3 | ||||
Impairment of property, plant and equipment | 0 | ||||
Impairment of goodwill and brands | 55 | ||||
Amortization of software and brands | 1.2 | ||||
Operating lease charges | 3.2 | ||||
Exchange (gains)/losses | (9) | ||||
Fair value loss on financial assets at fair value through profit and loss | 0 | ||||
Research & development expenditure | 7.2 | ||||
Inventories recognized as an expense within cost of goods sold | € 389.3 |
Exceptional items (Details)
Exceptional items (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Unusual Or Infrequent Item1 [Line Items] | ||||||
Investigation of strategic opportunities | € 7.7 | € 18.8 | € 7 | € 7.7 | € 0 | |
Supply chain reconfiguration | 0 | 14 | 84.3 | 0 | ||
Findus Group integration costs | 4.5 | 15.1 | 29.6 | 0 | ||
Costs related to transactions | 34.1 | 3.2 | 4.8 | 0.7 | ||
Costs related to long-term management incentive plans | 3.5 | 0 | 1.9 | 0 | ||
Other restructuring costs | 8.9 | 0 | (1) | 0 | ||
Cisterna fire net (income)/costs | (2.5) | 0 | (4.3) | 0 | ||
Impairment of intangible assets | 0 | 0 | 0 | 0 | ||
Settlement of legacy matters | 1.9 | (5.6) | 1.8 | 0 | ||
Remeasurement of indemnification assets | 0 | (8.3) | 10.4 | 0 | ||
Adjustments For Exceptional Items | € 58.1 | € 37.2 | € 134.5 | € 0.7 | ||
Predecessor | ||||||
Unusual Or Infrequent Item1 [Line Items] | ||||||
Investigation of strategic opportunities | € 1.3 | |||||
Supply chain reconfiguration | 0 | |||||
Findus Group integration costs | 0 | |||||
Costs related to transactions | 3.8 | |||||
Costs related to long-term management incentive plans | 22.9 | |||||
Other restructuring costs | 0 | |||||
Cisterna fire net (income)/costs | 1.3 | |||||
Impairment of intangible assets | 55 | |||||
Settlement of legacy matters | 0 | |||||
Remeasurement of indemnification assets | 0 | |||||
Adjustments For Exceptional Items | € 84.3 |
Exceptional items - Additional
Exceptional items - Additional Information (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Analysis Of Income And Expense [Line Items] | ||||||
Investigation of strategic opportunities and other items | € 7.7 | € 18.8 | € 7 | € 7.7 | € 0 | |
Restructuring activities charges | 14 | |||||
Supply chain reconfiguration | 0 | 14 | 84.3 | 0 | ||
Restructuring reconfiguration charge | 54 | |||||
Supply chain reconfiguration provision | 30.3 | |||||
Integration costs | 4.5 | 15.1 | 29.6 | 0 | ||
Costs related to transactions | 34.1 | 3.2 | 4.8 | 0.7 | ||
Long-term incentive scheme | 3.5 | 0 | 1.9 | 0 | ||
Other restructuring costs (credits) | 8.9 | 0 | (1) | 0 | ||
Income from reimbursements under insurance policies | 2.5 | 0 | 4.3 | 0 | ||
Impairment of intangible assets | 0 | 0 | 0 | 0 | ||
Income (charge) related to legacy matters | (1.9) | 5.6 | (1.8) | 0 | ||
Charge associated with settlements of tax audits | 3.9 | |||||
Gain from reassessment of sales tax provision | 4.2 | |||||
Gain from reassessment of interest on sales tax provision | 1.2 | |||||
Gain on legacy pension plan | 2.8 | |||||
Gain on disposal of non-operational factory | 1.3 | |||||
Tax impact of exceptional items | 6.1 | 13.8 | 8.8 | |||
Cash flows used relating to exceptional items | € 91.6 | € 99.5 | 49.2 | 0.7 | ||
Predecessor | ||||||
Analysis Of Income And Expense [Line Items] | ||||||
Investigation of strategic opportunities and other items | € 1.3 | |||||
Supply chain reconfiguration | 0 | |||||
Integration costs | 0 | |||||
Costs related to transactions | 3.8 | |||||
Long-term incentive scheme | 22.9 | |||||
Payment of accelerated charge to align the cumulative charges | 19.7 | |||||
Non-cash charge to reflect the vesting of non-forfeited interests | 3.2 | |||||
Other restructuring costs (credits) | 0 | |||||
Income from reimbursements under insurance policies | (1.3) | |||||
Impairment of intangible assets | 55 | |||||
Income (charge) related to legacy matters | 0 | |||||
Tax impact of exceptional items | 22 | 0 | ||||
Cash flows used relating to exceptional items | € 6.2 | € 0.7 | ||||
Previously stated | ||||||
Analysis Of Income And Expense [Line Items] | ||||||
Investigation of strategic opportunities and other items | € 8.8 | € 9.6 |
Payroll costs, share based pa84
Payroll costs, share based payments and management incentive schemes - Information About the Number of Persons Employed by the Company (Details) - employee | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Employee Information [Line Items] | |||||
Average number of employees | 4,372 | 3,857 | 4,198 | 0 | |
Production | |||||
Employee Information [Line Items] | |||||
Average number of employees | 2,605 | 2,285 | 2,627 | 0 | |
Administration, distribution & sales | |||||
Employee Information [Line Items] | |||||
Average number of employees | 1,767 | 1,572 | 1,571 | 0 | |
Predecessor | |||||
Employee Information [Line Items] | |||||
Average number of employees | 2,682 | ||||
Predecessor | Production | |||||
Employee Information [Line Items] | |||||
Average number of employees | 1,635 | ||||
Predecessor | Administration, distribution & sales | |||||
Employee Information [Line Items] | |||||
Average number of employees | 1,047 |
Payroll costs, share based pa85
Payroll costs, share based payments and management incentive schemes - Number of Persons Employed by the Company (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Employee Information [Line Items] | |||||
Wages and salaries | € 126.7 | € 200.8 | € 205.4 | € 0 | |
Social security costs | 27.5 | 42 | 45.9 | 0 | |
Other pension costs | 6 | 14.6 | 13.2 | 0 | |
Total payroll costs | € 160.2 | € 257.4 | € 264.5 | € 0 | |
Predecessor | |||||
Employee Information [Line Items] | |||||
Wages and salaries | € 72.1 | ||||
Social security costs | 12.5 | ||||
Other pension costs | 4.2 | ||||
Total payroll costs | € 88.8 |
Payroll costs, share based pa86
Payroll costs, share based payments and management incentive schemes - Inputs and Assumptions Underlying the Monte Carlo Model (Details) - Restricted Shares - USD ($) | Dec. 07, 2015 | Dec. 31, 2017 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Exercise price (in dollars per share) | $ 11.50 | |
January 1, 2016 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date price (in usd) | $ 12 | |
Exercise price (in dollars per share) | $ 0 | |
Expected volatility of the share price | 20.00% | |
Dividend yield expected | 0.00% | |
Risk free rate | 1.59% | |
Employee exit rate | 16.00% | |
January 1, 2016 | Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life of restricted share | 3 years 7 days | |
EBITDA Performance Target Condition | 5.00% | |
January 1, 2016 | Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life of restricted share | 4 years | |
EBITDA Performance Target Condition | 75.00% | |
January 1, 2017 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date price (in usd) | $ 9.57 | |
Exercise price (in dollars per share) | $ 0 | |
Expected volatility of the share price | 23.00% | |
Dividend yield expected | 0.00% | |
Risk free rate | 1.83% | |
Employee exit rate | 16.00% | |
January 1, 2017 | Minimum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life of restricted share | 3 years 1 month 10 days | |
EBITDA Performance Target Condition | 5.00% | |
January 1, 2017 | Maximum | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected life of restricted share | 4 years | |
EBITDA Performance Target Condition | 75.00% |
Payroll costs, share based pa87
Payroll costs, share based payments and management incentive schemes - Share based compensation reserve (Details) - EUR (€) € in Millions | Jun. 19, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reserves within equity [line items] | ||||
Beginning balance, Reserve of share-based payments | € 1 | |||
Increase through share-based payment transactions | € 0.1 | 2.6 | € 1.2 | |
Vesting of Non-Executive Director restricted shares | 0.1 | 0.3 | ||
Ending balance, Reserve of share-based payments | 2.9 | 1 | ||
Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance, Reserve of share-based payments | 1 | |||
Vesting of Non-Executive Director restricted shares | € (0.3) | (0.7) | 0.3 | |
Ending balance, Reserve of share-based payments | 2.9 | € 1 | ||
Non-Executive Director | Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Increase through share-based payment transactions | 0.8 | |||
Key management personnel | Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Increase through share-based payment transactions | € 1.8 |
Payroll costs, share based pa88
Payroll costs, share based payments and management incentive schemes - Restricted Share Awards (Details) | Aug. 22, 2017sharesdirector | Jun. 19, 2017EUR (€)shares | Jun. 19, 2017USD ($)shares$ / shares | Jun. 16, 2016USD ($)shares | Dec. 07, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016EUR (€) | Jul. 31, 2016$ / shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Number of Non-executive Directors granted awards | director | 2 | |||||||||
Share price (in dollars per share) | $ / shares | $ 8.98 | |||||||||
Share based payment charge | € | € 100,000 | € 2,600,000 | € 1,200,000 | |||||||
Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Exercise price (in dollars per share) | $ | $ 11.50 | |||||||||
Non-Executive Director | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Share-based payment expense | € | 100,000 | 800,000 | 600,000 | |||||||
Non-Executive Director | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Number of shares issued per director | $ | $ 100,000 | |||||||||
Exercise price (in dollars per share) | $ | $ 14.38 | $ 8.98 | $ 11.50 | |||||||
Share price (in dollars per share) | $ / shares | $ 14.38 | $ 8.98 | ||||||||
Number of shares vested | 55,680 | 55,680 | 34,780 | |||||||
Shares paid for tax withholding for share based compensation | 9,384 | 9,384 | 11,568 | |||||||
Number of shares granted | 11,774 | 41,724 | 41,724 | 55,680 | ||||||
Share-based payment expense | € | 800,000 | 600,000 | ||||||||
Key management personnel | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Share-based payment expense | € | € 1,800,000 | 600,000 | ||||||||
Key management personnel | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Number of shares issued | 4,927,000 | 4,927,000 | ||||||||
January 1, 2016 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0 | |||||||||
Expected volatility of the share price | 20.00% | 20.00% | ||||||||
January 1, 2017 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Exercise price (in dollars per share) | $ | $ 0 | |||||||||
Expected volatility of the share price | 23.00% | 23.00% | ||||||||
Key management personnel | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Share-based payment expense | € | 0 | € 1,800,000 | 600,000 | |||||||
Key management personnel | January 1, 2016 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Number of shares allocated | 3,837,000 | 3,837,000 | ||||||||
Number of other equity instruments forfeited in share-based payment arrangement | 770,000 | 770,000 | ||||||||
Fair value | € 5,900,000 | $ 6,300,000 | ||||||||
Key management personnel | January 1, 2017 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Number of shares granted | 485,000 | 485,000 | ||||||||
Number of shares allocated | 1,090,000 | 1,090,000 | ||||||||
Fair value | € 600,000 | $ 600,000 | ||||||||
Key management personnel | 50% over a 2 year period | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting percentage | 50.00% | 50.00% | ||||||||
Vesting period | 2 years | 2 years | ||||||||
Key management personnel | 50% over a 2 year period | January 1, 2016 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting period | 2 years | 2 years | ||||||||
Key management personnel | 50% over a 2 year period | January 1, 2017 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting period | 2 years | 2 years | ||||||||
Key management personnel | 50% over a 4 year period | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting percentage | 50.00% | 50.00% | ||||||||
Vesting period | 4 years | 4 years | ||||||||
Key management personnel | 50% over a 4 year period | January 1, 2016 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting period | 4 years | 4 years | ||||||||
Key management personnel | 50% over a 4 year period | January 1, 2017 | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Vesting period | 4 years | 4 years | ||||||||
Share based compensation reserve | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Share based payment charge | € | € 100,000 | € 2,600,000 | € 1,200,000 | |||||||
Share based compensation reserve | Non-Executive Director | Restricted Shares | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||
Share based payment charge | € | € 300,000 |
Payroll costs, share based pa89
Payroll costs, share based payments and management incentive schemes - Initial Options (Details) € in Thousands | Apr. 01, 2016 | Apr. 11, 2014USD ($)shares | May 31, 2015EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)year | Dec. 31, 2017USD ($)year | Dec. 31, 2016EUR (€) | Apr. 11, 2014EUR (€)shares |
Non-Executive Director | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Weighted average remaining contractual life of outstanding share options | year | 5 | 5 | ||||||
Market value at grant date (in usd) | $ | $ 10 | |||||||
Expected time to acquisition | 1 year | 1 year | ||||||
Probability of acquisition | 61.00% | 61.00% | ||||||
Expected volatility | 17.03% | 17.03% | ||||||
Risk free interest rate | 0.84% | 0.84% | ||||||
Number of share options forfeited | shares | 0 | |||||||
Share-based payment expense | € 100 | € 800 | € 600 | |||||
Non-Executive Director | Stock Option | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Value of options | € 60 | |||||||
Expense recognition period | 2 years | |||||||
Ordinary shares | Non-Executive Director | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of shares authorised | shares | 125,000 | |||||||
Exercise price of share options granted (in usd) | $ | $ 11.50 | |||||||
Predecessor | Stock Option | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Share-based payment expense | € 3,200 |
Payroll costs, share based pa90
Payroll costs, share based payments and management incentive schemes - Management Incentive Schemes (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Long-term incentive scheme | € 3.5 | € 0 | € 1.9 | € 0 | |
Predecessor | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Long-term incentive scheme | € 22.9 | ||||
Iglo | Predecessor | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Long-term incentive scheme | € 19.7 |
Directors and Key Management 91
Directors and Key Management compensation (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||||
Short-term employee benefits | € 1.3 | € 2 | € 2.1 | € 0 | |
Contributions to money purchase pension plans | 0 | 0 | 0 | 0 | |
Share-based payment | 0.1 | 1.4 | 0.9 | 0 | |
Long-term incentive scheme | 0 | 0 | 0 | 0 | |
Compensation for loss of office | 0 | 0.4 | 0 | 0 | |
Non-Executive Director fees | 0.1 | 0.3 | 0.2 | 0.2 | |
Total Directors’ and executive officers' compensation | € 1.5 | € 4.1 | € 3.2 | € 0.2 | |
Predecessor | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term employee benefits | € 1.9 | ||||
Contributions to money purchase pension plans | 0.2 | ||||
Share-based payment | 2.2 | ||||
Long-term incentive scheme | 17.4 | ||||
Compensation for loss of office | 0 | ||||
Non-Executive Director fees | 0 | ||||
Total Directors’ and executive officers' compensation | € 21.7 |
Directors and Key Management 92
Directors and Key Management compensation - Additional Information (Details) | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015director | Dec. 31, 2015director | Dec. 31, 2017directorexecutive_officer | Dec. 31, 2016directorexecutive_officer | Mar. 31, 2015director | |
Disclosure of transactions between related parties [line items] | |||||
Number of executive Officers accruing benefits under share-based payment schemes | executive_officer | 2 | 3 | |||
Number of directors accruing benefits under money purchase schemes | 1 | 2 | 1 | 0 | |
Predecessor | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of directors who qualifying service shares were received under long term incentive schemes | 8 | ||||
Number of directors accruing benefits under money purchase schemes | 4 |
Finance income and costs (Detai
Finance income and costs (Details) - EUR (€) € in Millions | 5 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure Of Finance Income (Cost) [Line Items] | ||||||
Interest income | € 4.4 | € 0.2 | € 5.9 | € 0 | ||
Gain on derivatives | 4.3 | 7 | 0 | 0 | ||
Net foreign exchange gains on translation of financial assets and liabilities | 0 | 0 | 18.3 | 0.1 | ||
Finance income | 8.7 | 7.2 | 24.2 | 0.1 | ||
Accrued interest | 0 | 0 | 0 | 0 | ||
Cash pay interest expense | (38.8) | (54) | (68.7) | 0 | ||
Cross-currency interest rate swaps: cash flow hedges, transfer from equity | 0 | 3.9 | 0 | 0 | ||
Other interest expense | 0 | 0 | (2.8) | 0 | ||
Net pension interest costs | (1.9) | (3.6) | (4.1) | 0 | ||
Amortization of borrowing costs | (2.1) | (2.7) | (5) | 0 | ||
Net foreign exchange losses on translation of financial assets and liabilities | (0.5) | (3.9) | 0 | 0 | ||
Interest on unwinding of discounted items | 0 | (1.2) | (1.4) | 0 | ||
Loss on derivatives | 0 | 0 | (4.3) | 0 | ||
Financing costs incurred in amendment of terms of debt | € (20.1) | (0.9) | (20.1) | 0 | 0 | |
Finance costs | (44.2) | (81.6) | (86.3) | 0 | ||
Net finance (costs)/income | € (35.5) | € (74.4) | € (62.1) | € 0.1 | ||
Deferred transaction costs written off | € 15.7 | |||||
Predecessor | ||||||
Disclosure Of Finance Income (Cost) [Line Items] | ||||||
Interest income | € 2 | |||||
Gain on derivatives | 0 | |||||
Net foreign exchange gains on translation of financial assets and liabilities | 0 | |||||
Finance income | 2 | |||||
Accrued interest | (60.2) | |||||
Cash pay interest expense | (35.4) | |||||
Cross-currency interest rate swaps: cash flow hedges, transfer from equity | 0 | |||||
Other interest expense | 0 | |||||
Net pension interest costs | (0.7) | |||||
Amortization of borrowing costs | (0.9) | |||||
Net foreign exchange losses on translation of financial assets and liabilities | (20.5) | |||||
Interest on unwinding of discounted items | 0 | |||||
Loss on derivatives | 0 | |||||
Financing costs incurred in amendment of terms of debt | 0 | |||||
Finance costs | (117.7) | |||||
Net finance (costs)/income | € (115.7) |
Taxation - Components of Tax Ex
Taxation - Components of Tax Expense (Income) (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Components Of Tax Expense [Line Items] | |||||
Current tax on profits/loss for the period | € (18) | € (37.5) | € (58.9) | € 0 | |
Adjustments in respect of prior periods | (2.3) | 3.2 | (0.6) | 0 | |
Total current tax expense and adjustments | (20.3) | (34.3) | (59.5) | 0 | |
Origination and reversal of temporary differences | 10.4 | (2.1) | 12.9 | 0 | |
Impact of change in tax rates | 22.2 | 4.4 | 7 | 0 | |
Total deferred tax expense and adjustments | 32.6 | 2.3 | 19.9 | 0 | |
Total tax (expense)/credit | € 12.3 | € (32) | € (39.6) | € 0 | |
Predecessor | |||||
Components Of Tax Expense [Line Items] | |||||
Current tax on profits/loss for the period | € (41.2) | ||||
Adjustments in respect of prior periods | 15.2 | ||||
Total current tax expense and adjustments | (26) | ||||
Origination and reversal of temporary differences | (14.9) | ||||
Impact of change in tax rates | 0 | ||||
Total deferred tax expense and adjustments | (14.9) | ||||
Total tax (expense)/credit | € (40.9) |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Components Of Tax Expense [Line Items] | |||||
Profit/(loss) before tax | € (349.6) | € 168.5 | € 76 | € (167.5) | |
Tax (charge)/credit at the standard UK corporation tax rate 19.25% (2016: 20%; 2015: 20.25%) | 70.8 | (32.5) | (15.2) | 33.9 | |
Difference in tax rates | (67.5) | (10) | (10) | (33.9) | |
Non tax deductible interest | (9.9) | 4.4 | 0 | 0 | |
Other income and expenses not taxable or deductible | 1 | 16.8 | (7.4) | 0 | |
Unrecognized tax assets | (2.1) | (19.3) | (1.8) | 0 | |
Provisions for uncertainties | 0.1 | 1 | (11.6) | 0 | |
Impact of change in deferred tax rates | 22.2 | 4.4 | 7 | 0 | |
Prior period adjustment | (2.3) | 3.2 | (0.6) | 0 | |
Total tax (expense)/credit | € 12.3 | € (32) | € (39.6) | € 0 | |
Standard tax rate | 20.25% | 19.25% | 20.00% | ||
Effective tax rate | 19.00% | 52.10% | |||
Predecessor | |||||
Components Of Tax Expense [Line Items] | |||||
Profit/(loss) before tax | € (87.1) | ||||
Tax (charge)/credit at the standard UK corporation tax rate 19.25% (2016: 20%; 2015: 20.25%) | 17.6 | ||||
Difference in tax rates | (4.6) | ||||
Non tax deductible interest | (8.7) | ||||
Other income and expenses not taxable or deductible | (21.6) | ||||
Unrecognized tax assets | (30.9) | ||||
Provisions for uncertainties | (7.9) | ||||
Impact of change in deferred tax rates | 0 | ||||
Prior period adjustment | 15.2 | ||||
Total tax (expense)/credit | € (40.9) |
Taxation - Tax charge_(credit)
Taxation - Tax charge/(credit) Relating To Components Of Other Comprehensive Income (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Components Of Tax Expense [Line Items] | |||||
Remeasurement of post-employment benefit liabilities, before tax | € (19.4) | € (2.9) | € 23.6 | € 0 | |
Remeasurement of post-employment benefit liabilities, tax charge/(credit) | 6.1 | 2 | 6.3 | 0 | |
Remeasurement of post-employment benefit liabilities, after tax | (13.3) | (0.9) | 29.9 | ||
Net investment hedge, before tax | 4.4 | 0.8 | 0.5 | ||
Net investment hedge, tax charge/(credit) | 0 | 0 | 0 | ||
Net investment hedge, after tax | 4.4 | 0.8 | 0.5 | ||
Cash flow hedges, before tax | (1.6) | 16.4 | (10.1) | 0 | |
Cash flow hedges, tax charge/(credit) | 0.5 | (5) | 2.8 | ||
Cash flow hedges, after tax | (1.1) | 11.4 | (7.3) | ||
Other comprehensive (income)/loss, before tax | (16.6) | 14.3 | 14 | ||
Other comprehensive (income)/loss, tax charges/(credits) | 6.6 | (3) | 9.1 | ||
Other comprehensive (income)/loss, after tax | (10) | 11.3 | 23.1 | € (88.9) | |
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||||
Current tax | 0 | 0 | 0 | ||
Deferred tax | 6.6 | (3) | 9.1 | ||
Total current and deferred tax | € 6.6 | € (3) | € 9.1 | ||
Predecessor | |||||
Components Of Tax Expense [Line Items] | |||||
Remeasurement of post-employment benefit liabilities, before tax | € 2.5 | ||||
Remeasurement of post-employment benefit liabilities, tax charge/(credit) | (0.7) | ||||
Remeasurement of post-employment benefit liabilities, after tax | 1.8 | ||||
Net investment hedge, before tax | (44.7) | ||||
Net investment hedge, tax charge/(credit) | 0 | ||||
Net investment hedge, after tax | (44.7) | ||||
Cash flow hedges, before tax | 0 | ||||
Cash flow hedges, tax charge/(credit) | 0 | ||||
Cash flow hedges, after tax | 0 | ||||
Other comprehensive (income)/loss, before tax | (42.2) | ||||
Other comprehensive (income)/loss, tax charges/(credits) | (0.7) | ||||
Other comprehensive (income)/loss, after tax | (42.9) | ||||
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||||
Current tax | 0 | ||||
Deferred tax | (0.7) | ||||
Total current and deferred tax | € (0.7) |
Property, plant and equipment97
Property, plant and equipment (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | € 298.2 | € 318.2 | ||
Depreciation | € (20.3) | (35.9) | (43.3) | € 0 |
Impairment | (3.2) | (0.3) | (1.4) | € 0 |
Property, plant and equipment | 318.2 | 295.4 | 298.2 | |
Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 343.6 | 343.4 | ||
Acquisitions through business combinations | 2.5 | |||
Additions | 38 | 38 | ||
Transfers | (0.6) | |||
Disposals | (1.2) | (3.3) | ||
Effect of movements in foreign exchange | (17.3) | (36.4) | ||
Property, plant and equipment | 343.4 | 363.1 | 343.6 | |
Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | (45.4) | (25.2) | ||
Depreciation | 35.9 | 43.3 | ||
Impairment | 0.3 | 1.4 | ||
Transfers | 0 | |||
Effect of movements in foreign exchange | 13.9 | 24.5 | ||
Property, plant and equipment | (25.2) | (67.7) | (45.4) | |
Land and buildings | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 104.7 | 115.8 | ||
Property, plant and equipment | 115.8 | 109.2 | 104.7 | |
Land and buildings | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 110.5 | 119.2 | ||
Acquisitions through business combinations | 0 | |||
Additions | 11.6 | 3.3 | ||
Transfers | (1.7) | |||
Disposals | (0.1) | (2.7) | ||
Effect of movements in foreign exchange | (4.6) | (7.6) | ||
Property, plant and equipment | 119.2 | 117.4 | 110.5 | |
Land and buildings | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | (5.8) | (3.4) | ||
Depreciation | 6.1 | 6.5 | ||
Impairment | 0 | (0.2) | ||
Transfers | 0 | |||
Effect of movements in foreign exchange | 3.7 | 3.9 | ||
Property, plant and equipment | (3.4) | (8.2) | (5.8) | |
Plant and equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 191.9 | 200.4 | ||
Property, plant and equipment | 200.4 | 185.1 | 191.9 | |
Plant and equipment | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 230.3 | 221.8 | ||
Acquisitions through business combinations | 2.5 | |||
Additions | 26 | 34.3 | ||
Transfers | 1.1 | |||
Disposals | (1.1) | (0.6) | ||
Effect of movements in foreign exchange | (12.7) | (28.8) | ||
Property, plant and equipment | 221.8 | 242.5 | 230.3 | |
Plant and equipment | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | (38.4) | (21.4) | ||
Depreciation | 28.9 | 35.7 | ||
Impairment | 0.3 | 1.6 | ||
Transfers | (0.2) | |||
Effect of movements in foreign exchange | 10.2 | 20.5 | ||
Property, plant and equipment | (21.4) | (57.4) | (38.4) | |
Computer equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 1.6 | 2 | ||
Property, plant and equipment | 2 | 1.1 | 1.6 | |
Computer equipment | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | 2.8 | 2.4 | ||
Acquisitions through business combinations | 0 | |||
Additions | 0.4 | 0.4 | ||
Transfers | 0 | |||
Disposals | 0 | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | ||
Property, plant and equipment | 2.4 | 3.2 | 2.8 | |
Computer equipment | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment | (1.2) | (0.4) | ||
Depreciation | 0.9 | 1.1 | ||
Impairment | 0 | 0 | ||
Transfers | 0.2 | |||
Effect of movements in foreign exchange | 0 | 0.1 | ||
Property, plant and equipment | € (0.4) | € (2.1) | € (1.2) |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5.00% | |
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80.00% | |
Machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Recognised finance lease as assets | € 0 | € 800,000 |
Goodwill and Intangibles - Cost
Goodwill and Intangibles - Cost (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | € 3,472.2 | € 3,406.4 |
Intangible assets and goodwill | 3,470 | 3,472.2 |
Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 3,480.2 | 3,407.9 |
Acquisitions through business combinations | 68.6 | |
Additions | 4.6 | 4.4 |
Transfer from tangible assets (note 12) | 0.6 | |
Effect of movements in foreign exchange | (1) | (1.3) |
Intangible assets and goodwill | 3,483.8 | 3,480.2 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 1,745.6 | 1,676.8 |
Intangible assets and goodwill | 1,745.6 | 1,745.6 |
Goodwill | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 1,745.6 | 1,676.8 |
Acquisitions through business combinations | 68.8 | |
Additions | 0 | 0 |
Transfer from tangible assets (note 12) | 0 | |
Effect of movements in foreign exchange | 0 | 0 |
Intangible assets and goodwill | 1,745.6 | 1,745.6 |
Brands | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 1,688.1 | 1,688.8 |
Intangible assets and goodwill | 1,687.4 | 1,688.1 |
Brands | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 1,688.9 | 1,688.9 |
Acquisitions through business combinations | 0 | |
Additions | 0 | 0 |
Transfer from tangible assets (note 12) | 0 | |
Effect of movements in foreign exchange | 0 | 0 |
Intangible assets and goodwill | 1,688.9 | 1,688.9 |
Computer software | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 10.1 | 10 |
Intangible assets and goodwill | 10.8 | 10.1 |
Computer software | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 14.7 | 11 |
Acquisitions through business combinations | 0 | |
Additions | 4.6 | 4.4 |
Transfer from tangible assets (note 12) | 0.6 | |
Effect of movements in foreign exchange | (1) | (1.3) |
Intangible assets and goodwill | 18.3 | 14.7 |
Customer relationships | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 28.4 | 30.6 |
Intangible assets and goodwill | 26.2 | 28.4 |
Customer relationships | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 31 | 31 |
Acquisitions through business combinations | 0 | |
Additions | 0 | 0 |
Transfer from tangible assets (note 12) | 0 | |
Effect of movements in foreign exchange | 0 | 0 |
Intangible assets and goodwill | 31 | 31 |
Others | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 0 | 0.2 |
Intangible assets and goodwill | 0 | 0 |
Others | Cost | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Intangible assets and goodwill | 0 | 0.2 |
Acquisitions through business combinations | (0.2) | |
Additions | 0 | 0 |
Transfer from tangible assets (note 12) | 0 | |
Effect of movements in foreign exchange | 0 | 0 |
Intangible assets and goodwill | € 0 | € 0 |
Goodwill and Intangibles - Accu
Goodwill and Intangibles - Accumulated Amortization and Impairment (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | € (3,472.2) | € (3,406.4) | ||
Amortisation, intangible assets other than goodwill | € (1.5) | (6.5) | (7.8) | € 0 |
Intangible assets and goodwill | (3,406.4) | (3,470) | (3,472.2) | |
Intangible assets and goodwill | 3,406.4 | 3,472.2 | 3,406.4 | |
Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 8 | 1.5 | ||
Amortisation, intangible assets other than goodwill | 1.5 | 6.5 | 7.8 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.7) | (1.3) | ||
Intangible assets and goodwill | 1.5 | 13.8 | 8 | |
Intangible assets and goodwill | (1.5) | (8) | (1.5) | |
Goodwill | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | (1,745.6) | (1,676.8) | ||
Intangible assets and goodwill | (1,676.8) | (1,745.6) | (1,745.6) | |
Intangible assets and goodwill | 1,676.8 | 1,745.6 | 1,676.8 | |
Goodwill | Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 0 | 0 | ||
Amortisation, intangible assets other than goodwill | 0 | 0 | ||
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | ||
Intangible assets and goodwill | 0 | 0 | 0 | |
Intangible assets and goodwill | 0 | 0 | 0 | |
Customer relationships | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | (28.4) | (30.6) | ||
Intangible assets and goodwill | (30.6) | (26.2) | (28.4) | |
Intangible assets and goodwill | 30.6 | 28.4 | 30.6 | |
Customer relationships | Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 2.6 | 0.4 | ||
Amortisation, intangible assets other than goodwill | 2.2 | 2.2 | ||
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | ||
Intangible assets and goodwill | 0.4 | 4.8 | 2.6 | |
Intangible assets and goodwill | (0.4) | (2.6) | (0.4) | |
Brands | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | (1,688.1) | (1,688.8) | ||
Intangible assets and goodwill | (1,688.8) | (1,687.4) | (1,688.1) | |
Intangible assets and goodwill | 1,688.8 | 1,688.1 | 1,688.8 | |
Brands | Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 0.8 | 0.1 | ||
Amortisation, intangible assets other than goodwill | 0.7 | 0.7 | ||
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | ||
Intangible assets and goodwill | 0.1 | 1.5 | 0.8 | |
Intangible assets and goodwill | (0.1) | (0.8) | (0.1) | |
Computer software | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | (10.1) | (10) | ||
Intangible assets and goodwill | (10) | (10.8) | (10.1) | |
Intangible assets and goodwill | 10 | 10.1 | 10 | |
Computer software | Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 4.6 | 1 | ||
Amortisation, intangible assets other than goodwill | 3.6 | 4.9 | ||
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.7) | (1.3) | ||
Intangible assets and goodwill | 1 | 7.5 | 4.6 | |
Intangible assets and goodwill | (1) | (4.6) | (1) | |
Others | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 0 | (0.2) | ||
Intangible assets and goodwill | (0.2) | 0 | 0 | |
Intangible assets and goodwill | 0.2 | 0 | 0.2 | |
Others | Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Intangible assets and goodwill | 0 | 0 | ||
Amortisation, intangible assets other than goodwill | 0 | 0 | ||
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | ||
Intangible assets and goodwill | 0 | 0 | 0 | |
Intangible assets and goodwill | € 0 | € 0 | € 0 |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Amortization | € (1.5) | € (6.5) | € (7.8) | € 0 |
Discount rate | 8.00% | 8.00% | ||
Long-term growth rate | 1.00% | 0.50% | ||
Accumulated depreciation and impairment | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Amortization | € 1.5 | € 6.5 | € 7.8 |
Acquisitions (Details)
Acquisitions (Details) - 3 months ended Jun. 30, 2018 - Forecast - Goodfella's Pizza € in Millions, £ in Millions | EUR (€)facility | GBP (£) |
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | € 225 | £ 200 |
Number of frozen pizza manufacturing facilities | 2 |
Investments (Details)
Investments (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Nomad Foods Europe Holdings Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Europe Holdco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Europe Finco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Europe Midco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Bondco Plc | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Lux S.à.r.l. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Europe Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Birds Eye Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Nomad Foods Europe Finance Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Birds Eye Ireland Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Holding GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Nederland B.V. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Belgium S.A. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Portugal | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Austria Holdings GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
C.S.I. Compagnia Surgelati Italiana S.R.L | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Sverige Holdings AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Frozen Fish International GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Liberator Germany Newco GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Iglo Austria GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Frionor Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Holdings France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Espana SLU | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Danmark A/S | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Finland Oy | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Findus Norge AS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Deferred tax assets and liab104
Deferred tax assets and liabilities - Summary of Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 64.3 | € 64.9 | |
Deferred tax liabilities | (327.7) | (333.2) | |
Tax assets/(liabilities) | € (278.7) | (263.4) | (268.3) |
Deferred tax assets not recognized in the financial statements | 65.3 | 56.3 | |
Deferred tax items credited (charged) to equity | (6.6) | 3 | (9.1) |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 13.5 | 10.3 | |
Deferred tax liabilities | (28.7) | (33.6) | |
Tax assets/(liabilities) | (5.3) | (15.2) | (23.3) |
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0.1 | 0 | |
Deferred tax liabilities | (295.1) | (291.3) | |
Tax assets/(liabilities) | (315.8) | (295) | (291.3) |
Employee benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 28.2 | 27.8 | |
Deferred tax liabilities | 0 | (0.1) | |
Tax assets/(liabilities) | 32.7 | 28.2 | 27.7 |
Tax value of loss carry forwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 15.6 | 18.9 | |
Deferred tax liabilities | 0 | 0 | |
Tax assets/(liabilities) | 0 | 15.6 | 18.9 |
Derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0.9 | 0 | |
Deferred tax liabilities | 0.5 | (3.3) | |
Tax assets/(liabilities) | 0.2 | 1.4 | (3.3) |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6 | 7.9 | |
Deferred tax liabilities | (4.4) | (4.9) | |
Tax assets/(liabilities) | € 9.5 | € 1.6 | € 3 |
Deferred tax assets and liab105
Deferred tax assets and liabilities - Changes in Deferred tax (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | € (268.3) | € (278.7) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired in business combinations | 0 | (0.3) | |
Recognized in Statement of Profit or Loss | 2.3 | 19.9 | |
Recognized in Other Comprehensive Income | € (6.6) | 3 | (9.1) |
Movement in foreign exchange | (0.4) | (0.1) | |
Closing balance | (278.7) | (263.4) | (268.3) |
Property, plant and equipment | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (23.3) | (5.3) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired in business combinations | 0 | (0.3) | |
Recognized in Statement of Profit or Loss | 8.2 | (17.2) | |
Movement in foreign exchange | (0.1) | (0.5) | |
Closing balance | (5.3) | (15.2) | (23.3) |
Intangible assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (291.3) | (315.8) | |
Changes in deferred tax liability (asset) [abstract] | |||
Recognized in Statement of Profit or Loss | (3.7) | 24.1 | |
Movement in foreign exchange | 0.4 | ||
Closing balance | (315.8) | (295) | (291.3) |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 27.7 | 32.7 | |
Changes in deferred tax liability (asset) [abstract] | |||
Recognized in Statement of Profit or Loss | 2.5 | 1.3 | |
Recognized in Other Comprehensive Income | (2) | (6.3) | |
Closing balance | 32.7 | 28.2 | 27.7 |
Tax value of loss carry forwards | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 18.9 | 0 | |
Changes in deferred tax liability (asset) [abstract] | |||
Recognized in Statement of Profit or Loss | (3) | 18.9 | |
Movement in foreign exchange | (0.3) | ||
Closing balance | 0 | 15.6 | 18.9 |
Derivative financial instruments | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (3.3) | 0.2 | |
Changes in deferred tax liability (asset) [abstract] | |||
Recognized in Statement of Profit or Loss | (0.3) | (0.7) | |
Recognized in Other Comprehensive Income | 5 | (2.8) | |
Closing balance | 0.2 | 1.4 | (3.3) |
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 3 | 9.5 | |
Changes in deferred tax liability (asset) [abstract] | |||
Recognized in Statement of Profit or Loss | (1.4) | (6.5) | |
Closing balance | € 9.5 | € 1.6 | € 3 |
Inventories (Details)
Inventories (Details) - EUR (€) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Inventories [Abstract] | ||||
Raw materials and consumables | € 82,900,000 | € 97,700,000 | ||
Work in progress | 41,000,000 | 41,700,000 | ||
Finished goods and goods for resale | 183,000,000 | 185,600,000 | ||
Total inventories | 306,900,000 | 325,000,000 | ||
Inventory write-down | € 3,500,000 | € 7,600,000 | € 6,400,000 | € 0 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Trade receivables | € 94.7 | € 92.3 |
Prepayments and accrued income | 10.1 | 8 |
Other receivables | 19.7 | 26.1 |
Tax receivable | 22.6 | 9.3 |
Total current trade and other receivables | 147.1 | 135.7 |
Non-current assets | ||
Other receivables | 4.3 | 0.4 |
Total non-current trade and other receivables | 4.3 | 0.4 |
Total trade and other receivables | € 151.4 | € 136.1 |
Trade and other receivables - A
Trade and other receivables - Aging of Trade Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Trade Receivables [Line Items] | ||
Trade receivables | € 283.2 | € 240.9 |
Reduction in trade-terms | (188.5) | (148.6) |
Total trade receivables | 94.7 | 92.3 |
Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 243.4 | 229.4 |
Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 34.9 | 9.7 |
Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 4.5 | 0.7 |
Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 0 | 0.8 |
Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 0.4 | 0.3 |
Gross | ||
Trade Receivables [Line Items] | ||
Trade receivables | 289.3 | 247.3 |
Gross | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 243.4 | 229.4 |
Gross | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 35.6 | 9.8 |
Gross | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 4.8 | 0.9 |
Gross | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 0.2 | 0.9 |
Gross | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 5.3 | 6.3 |
Impaired | ||
Trade Receivables [Line Items] | ||
Trade receivables | (6.1) | (6.4) |
Impaired | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 0 | 0 |
Impaired | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.7) | (0.1) |
Impaired | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.3) | (0.2) |
Impaired | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | (0.1) |
Impaired | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | € (4.9) | € (6) |
Indemnification assets (Details
Indemnification assets (Details) - EUR (€) € in Millions | Jun. 12, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about business combination [line items] | |||
Indemnification asset, beginning balance | € 65.5 | ||
Indemnification asset, ending balance | 73.8 | € 65.5 | |
Iglo | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification asset, beginning balance | 2.1 | 10.2 | |
Reclassified from Other receivables | 0 | 1.2 | |
Release of indemnified provision | € (2.1) | (2.1) | (9.3) |
Indemnification asset, ending balance | 0 | 2.1 | |
Findus | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification asset, beginning balance | 63.4 | 67.6 | |
Acquisition accounting adjustment | 0 | 6.2 | |
Remeasurement of indemnification assets | 10.4 | (10.4) | |
Indemnification asset, ending balance | € 73.8 | € 63.4 |
Indemnification assets - Additi
Indemnification assets - Additional Information (Details) € / shares in Units, € in Millions | Jun. 12, 2017EUR (€) | Dec. 31, 2017EUR (€)€ / sharesshares | Dec. 31, 2016EUR (€)€ / sharesshares | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015EUR (€) |
Disclosure of detailed information about business combination [line items] | ||||||
Indemnification assets | € 73.8 | € 65.5 | ||||
Iglo | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Release of indemnified provision | € 2.1 | 2.1 | 9.3 | |||
Indemnification assets | 0 | 2.1 | € 10.2 | |||
Findus | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Indemnification assets | € 73.8 | € 63.4 | € 67.6 | |||
Shares held in escrow as a result of indemnification asset | shares | 6,964,417 | 6,964,417 | ||||
Value of shares held in escrow as a result of indemnification asset (price per share) | (per share) | € 14.13 | € 9.10 | $ 16.91 | $ 9.57 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Subclassifications of assets, liabilities and equities [abstract] | |||||
Cash and cash equivalents | € 219 | € 325.3 | |||
Restricted cash | 0.2 | 4.2 | |||
Total cash and cash equivalents | 219.2 | 329.5 | € 186.1 | € 126.8 | € 0 |
Bank overdrafts | 0 | 0 | |||
Cash and cash equivalents per Statement of Cash Flows | € 219.2 | 329.5 | |||
Restricted cash, foreign law requirement | € 3.6 |
Loans and borrowings - Repaymen
Loans and borrowings - Repayment Profile (Details) - EUR (€) € in Millions | Dec. 31, 2017 | May 03, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | € 3.3 | € 0 | |
Loans and borrowings | 1,395.1 | 1,451.8 | |
Borrowings | 1,398.4 | 1,446.8 | |
Gross | Syndicated loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 5.1 | 0 | |
Loans and borrowings | 1,004.4 | 964.2 | |
Gross | 2020 floating rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 0 | 500 | |
Gross | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 400 | 0 | |
Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | (11.1) | (12.4) | |
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 9.8 | ||
Deferred borrowing costs | Less than one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | (1.8) | (5) | |
Deferred borrowing costs | 2 to 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | (7.2) | (12.4) | |
Deferred borrowing costs | More than five years | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | € (2.1) | € 0 |
Loans and borrowings - Details
Loans and borrowings - Details of Individual Loans (Details) - EUR (€) € in Millions | Dec. 31, 2017 | May 03, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | € 3.3 | € 0 | |
Total non-current loans and borrowings | 1,395.1 | 1,451.8 | |
Borrowings | 1,398.4 | 1,446.8 | |
Gross | Syndicated loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 5.1 | 0 | |
Total non-current loans and borrowings | 1,004.4 | 964.2 | |
Gross | 2020 floating rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 0 | 500 | |
Gross | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 400 | 0 | |
Gross | Senior C1 EUR | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 0 | 363.3 | |
Gross | Senior C2 GBP | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 0 | 275.9 | |
Gross | Senior C3 EUR | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 0 | 325 | |
Gross | Senior B3 EUR | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 500 | 0 | |
Gross | Senior B4 USD | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | 504.4 | 0 | |
Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | (11.1) | (12.4) | |
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | € 9.8 | ||
Less than one year | Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | (1.8) | (5) | |
2 to 5 years | Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | (7.2) | (12.4) | |
More than five years | Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current loans and borrowings | € (2.1) | € 0 |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) £ in Millions, kr in Millions | May 03, 2017EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2017SEK (kr) | Dec. 20, 2017EUR (€) | Dec. 20, 2017USD ($) | May 03, 2017USD ($) | Apr. 21, 2017EUR (€) | Apr. 21, 2017USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2016USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | € 80,000,000 | |||||||||||||
Borrowings | € 1,398,400,000 | € 1,446,800,000 | ||||||||||||
Deferred transaction costs written off | € 15,700,000 | |||||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5.00% | |||||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80.00% | |||||||||||||
Guarantee amount | $ 50,300,000 | kr 495 | $ 45,900,000 | |||||||||||
Findus Sverige AB | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Guarantee amount | 30,500,000 | kr 300 | 31,300,000 | |||||||||||
Senior USD Debt | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Notional amount | $ | $ 610,000,000 | $ 610,000,000 | $ 610,000,000 | $ 610,000,000 | ||||||||||
Annual principal payment | 6,100,000 | |||||||||||||
Borrowings | $ | $ 50,000,000 | |||||||||||||
Reduction in interest rate | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||||
Incremental term loan | $ | $ 50,000,000 | |||||||||||||
Senior EURO Debt | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Notional amount | 500,000,000 | € 500,000,000 | € 500,000,000 | |||||||||||
Borrowings | $ | $ 58,000,000 | |||||||||||||
Reduction in interest rate | 0.25% | 0.25% | 0.25% | 0.25% | ||||||||||
Incremental term loan | 58,000,000 | |||||||||||||
2024 fixed rate senior secured notes | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Notional amount | € 400,000,000 | € 400,000,000 | ||||||||||||
Interest rate | 3.25% | 3.25% | ||||||||||||
2020 floating rate senior secured notes | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Deferred transaction costs written off | € 15,700,000 | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | 80,000,000 | |||||||||||||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | $ | $ 14,000,000 | $ 13,200,000 | ||||||||||||
Deferred borrowing costs | 2024 fixed rate senior secured notes | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 9,800,000 | |||||||||||||
Deferred borrowing costs | Senior US Debt and Senior Euro Debt | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Borrowings | € 2,500,000 | |||||||||||||
Derivative financial instruments | Cross currency interest rate swap | Cash flow hedges | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Notional amount | € 299,300,000 | £ 226.7 | € 570,500,000 | |||||||||||
Payment for cross currency interest rate swaps | $ | $ 610,000,000 | |||||||||||||
Derivative financial instruments | Cross currency interest rate swap | Hedges of net investment in foreign operations | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Notional amount | £ | £ 187.6 | |||||||||||||
Findus Sverige AB | ||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 100.00% |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current liabilities | ||
Trade payables | € 328.9 | € 345 |
Accruals and deferred income | 109.6 | 92.4 |
Social security and other taxes | 18.2 | 19.3 |
Other payables | 17.7 | 13.7 |
Finance lease obligations | 0 | 0.6 |
Financial payables | 3.1 | 1.7 |
Total current trade and other payables | 477.5 | 472.7 |
Non-current liabilities | ||
Finance lease obligations | 0 | 1 |
Accruals and deferred income | 1.8 | 0 |
Total non-current trade and other payables | 1.8 | 1 |
Total trade and other payables | € 479.3 | € 473.7 |
Trade and other payables - Addi
Trade and other payables - Additional Information (Details) | Dec. 31, 2017EUR (€) |
Subclassifications of assets, liabilities and equities [abstract] | |
Current finance lease liabilities | € 0 |
Trade and other payables - Fina
Trade and other payables - Finance lease obligations (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments | € 0 | € 1.8 |
Interest | 0 | 0.2 |
Present value of minimum lease payments | 0 | 1.6 |
Less than one year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments | 0 | 0.7 |
Interest | 0 | 0.1 |
Present value of minimum lease payments | 0 | 0.6 |
Between one and five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments | 0 | 1.1 |
Interest | 0 | 0.1 |
Present value of minimum lease payments | 0 | 1 |
More than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Future minimum lease payments | 0 | 0 |
Interest | 0 | 0 |
Present value of minimum lease payments | € 0 | € 0 |
Employee benefits - Additional
Employee benefits - Additional Information (Details) | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)year | Dec. 31, 2016EUR (€) | Mar. 31, 2015EUR (€) | |
Disclosure of defined benefit plans [line items] | |||||
Post-employment benefit expense, defined contribution plans | € 4,400,000 | € 8,500,000 | € 9,600,000 | € 0 | |
Recognized liability for net defined benefit obligations | 165,100,000 | 185,400,000 | 187,800,000 | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | € 5,800,000 | 5,700,000 | |||
Weighted average duration of defined benefit obligation | year | 18.3 | ||||
Predecessor | |||||
Disclosure of defined benefit plans [line items] | |||||
Post-employment benefit expense, defined contribution plans | € 2,400,000 | ||||
Present value of defined benefit obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Recognized liability for net defined benefit obligations | € 244,000,000 | € 266,700,000 | 267,600,000 | ||
Foreign defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Recognized liability for net defined benefit obligations | 188,400,000 | 190,900,000 | |||
Foreign defined benefit plans | Other countries | Present value of defined benefit obligation | |||||
Disclosure of defined benefit plans [line items] | |||||
Recognized liability for net defined benefit obligations | € 3,000,000 | € 3,100,000 |
Employee benefits - Defined Ben
Employee benefits - Defined Benefit Plans (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | € 185.4 | € 187.8 | € 165.1 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 266.7 | 267.6 | € 244 |
Foreign defined benefit plans | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 188.4 | 190.9 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Germany | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 117.5 | 121.8 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Sweden | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 59.8 | 56.7 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Italy | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 5.3 | 5.1 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Austria | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 2.8 | 4.2 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Sub-total | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | 185.4 | 187.8 | |
Foreign defined benefit plans | Present value of defined benefit obligation | Other countries | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | € 3 | € 3.1 |
Employee benefits - Amount Incl
Employee benefits - Amount Included in the Statement of Financial Position Arising from the Company's Obligations (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | € 185.4 | € 187.8 | € 165.1 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 266.7 | 267.6 | 244 |
Plan assets | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | (81.3) | (79.8) | |
Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 180.5 | 182.9 | 159.4 |
Defined benefit retirement plans | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 261.8 | 262.7 | 238.3 |
Defined benefit retirement plans | Plan assets | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | (81.3) | (79.8) | (78.9) |
Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 4.9 | 4.9 | 5.7 |
Post-employment medical benefits and other benefits | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 4.9 | 4.9 | € 5.7 |
Post-employment medical benefits and other benefits | Plan assets | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 0 | 0 | |
Unfunded Plan | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 70.6 | 67.4 | |
Unfunded Plan | Defined benefit retirement plans | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 65.7 | 62.5 | |
Unfunded Plan | Post-employment medical benefits and other benefits | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 4.9 | 4.9 | |
Funded Plan | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 196.1 | 200.2 | |
Funded Plan | Defined benefit retirement plans | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 196.1 | 200.2 | |
Funded Plan | Post-employment medical benefits and other benefits | Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | € 0 | € 0 |
Employee benefits - Movements i
Employee benefits - Movements in Recognized Liability for Net Defined Benefit Obligations (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | € 187.8 | € 165.1 |
Current service cost | 4 | 3.5 |
Interest cost | 3.6 | 4 |
Actuarial (gains) losses | (2.9) | 23.6 |
Actuarial experience (gains) losses | 0.5 | (0.3) |
Actuarial losses arising from changes in financial assumptions | 1.5 | 24.5 |
Actuarial gains arising from changes in demographic assumptions | (3) | 0 |
Contributions to plan | (0.5) | (0.5) |
Benefits paid | (4.9) | (5.4) |
Exchange adjustments | (1.7) | (2.5) |
Net defined benefit liability (asset) | 185.4 | 187.8 |
Defined benefit retirement plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | 182.9 | 159.4 |
Current service cost | 4.1 | 3.9 |
Interest cost | 3.5 | 3.9 |
Actuarial (gains) losses | (2.9) | 23.6 |
Contributions to plan | (0.5) | (0.5) |
Benefits paid | (4.9) | (5.1) |
Exchange adjustments | (1.7) | (2.3) |
Net defined benefit liability (asset) | 180.5 | 182.9 |
Post-employment medical benefits and other benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | 4.9 | 5.7 |
Current service cost | (0.1) | (0.4) |
Interest cost | 0.1 | 0.1 |
Actuarial (gains) losses | 0 | 0 |
Contributions to plan | 0 | 0 |
Benefits paid | 0 | (0.3) |
Exchange adjustments | 0 | (0.2) |
Net defined benefit liability (asset) | 4.9 | 4.9 |
Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | 267.6 | 244 |
Current service cost | 4 | 3.5 |
Interest cost | 5 | 5.9 |
Actuarial experience (gains) losses | 0.5 | (0.3) |
Actuarial losses arising from changes in financial assumptions | 1.5 | 24.5 |
Actuarial gains arising from changes in demographic assumptions | (3) | |
Contributions to plan | 0.3 | 0.5 |
Benefits paid | (7.5) | (8) |
Exchange adjustments | (1.7) | (2.5) |
Net defined benefit liability (asset) | 266.7 | 267.6 |
Present value of defined benefit obligation | Defined benefit retirement plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | 262.7 | 238.3 |
Current service cost | 4.1 | 3.9 |
Interest cost | 4.9 | 5.8 |
Actuarial experience (gains) losses | 0.5 | (0.3) |
Actuarial losses arising from changes in financial assumptions | 1.5 | 24.5 |
Actuarial gains arising from changes in demographic assumptions | (3) | |
Contributions to plan | 0.3 | 0.5 |
Benefits paid | (7.5) | (7.7) |
Exchange adjustments | (1.7) | (2.3) |
Net defined benefit liability (asset) | 261.8 | 262.7 |
Present value of defined benefit obligation | Post-employment medical benefits and other benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit liability (asset) | 4.9 | 5.7 |
Current service cost | (0.1) | (0.4) |
Interest cost | 0.1 | 0.1 |
Actuarial experience (gains) losses | 0 | 0 |
Actuarial losses arising from changes in financial assumptions | 0 | 0 |
Actuarial gains arising from changes in demographic assumptions | 0 | |
Contributions to plan | 0 | 0 |
Benefits paid | 0 | (0.3) |
Exchange adjustments | 0 | (0.2) |
Net defined benefit liability (asset) | € 4.9 | € 4.9 |
Employee benefits - Movement in
Employee benefits - Movement in Fair Value of Plan Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | € (187.8) | € (165.1) |
Interest income | (3.6) | (4) |
Actuarial gains arising from the return on plan assets, excluding interest income | (1.9) | (0.6) |
Benefits paid | (4.9) | (5.4) |
Plan assets, ending balance | (185.4) | (187.8) |
Defined benefit retirement plans | ||
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | (182.9) | (159.4) |
Interest income | (3.5) | (3.9) |
Benefits paid | (4.9) | (5.1) |
Plan assets, ending balance | (180.5) | (182.9) |
Plan assets | ||
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | 79.8 | |
Plan assets, ending balance | 81.3 | 79.8 |
Plan assets | Defined benefit retirement plans | ||
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | 79.8 | 78.9 |
Interest income | 1.4 | 1.9 |
Actuarial gains arising from the return on plan assets, excluding interest income | 1.9 | 0.6 |
Contributions by employer | 0.5 | 0.5 |
Contributions by members | 0.3 | 0.5 |
Benefits paid | (2.6) | (2.6) |
Plan assets, ending balance | € 81.3 | € 79.8 |
Employee benefits - Expense Rec
Employee benefits - Expense Recognized (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | € 4 | € 3.5 |
Interest cost | 3.6 | 4 |
Post-employment benefit expense | 7.6 | 7.5 |
Defined benefit retirement plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 4.1 | 3.9 |
Interest cost | 3.5 | 3.9 |
Post-employment benefit expense | 7.6 | 7.8 |
Post-employment medical benefits and other benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | (0.1) | (0.4) |
Interest cost | 0.1 | 0.1 |
Post-employment benefit expense | € 0 | € (0.3) |
Employee benefits - Amount reco
Employee benefits - Amount recognized in the Consolidated Statement of Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Benefits [Abstract] | ||
Actuarial experience losses/(gains) | € 0.5 | € (0.3) |
Actuarial losses arising from changes in financial assumptions | 1.5 | 24.5 |
Actuarial gains arising from changes in demographic assumptions | (3) | 0 |
Actuarial gains arising from the return on plan assets, excluding interest income | (1.9) | (0.6) |
Total actuarial (gains)/losses | (2.9) | 23.6 |
Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income | € 1.3 | € 4.2 |
Employee benefits - Fair Value
Employee benefits - Fair Value of Plan Assets (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Employee Benefits [Abstract] | ||
Equities | € 17.4 | € 15.1 |
Debt instruments | 51.3 | 51.7 |
Property | 8.9 | 9.6 |
Other | 3.7 | 3.4 |
Total | € 81.3 | € 79.8 |
Employee benefits - Actuarial A
Employee benefits - Actuarial Assumptions (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.95% | 1.80% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.50% |
Long term medical cost of inflation | 0.00% | 0.00% |
Germany | Post-employment medical benefits and other benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.15% | 1.20% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.50% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Sweden | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.40% | 2.50% |
Inflation rate | 1.90% | 1.25% |
Rate of increase in salaries | 2.25% | 2.25% |
Rate of increase for pensions in payment | 2.25% | 2.25% |
Long term medical cost of inflation | 0.00% | 0.00% |
Austria | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 2.20% | 1.00% |
Inflation rate | 2.00% | 1.70% |
Rate of increase in salaries | 3.00% | 3.00% |
Rate of increase for pensions in payment | 1.70% | 1.70% |
Long term medical cost of inflation | 0.00% | 0.00% |
Austria | Post-employment medical benefits and other benefits | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 0.90% | 1.00% |
Inflation rate | 2.00% | 1.70% |
Rate of increase in salaries | 3.00% | 3.00% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 2.00% | 2.00% |
Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.20% | 1.50% |
Inflation rate | 1.50% | 1.50% |
Rate of increase in salaries | 0.00% | 0.00% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
Long term medical cost of inflation | 0.00% | 0.00% |
Bottom of range | Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase for pensions in payment | 1.00% | 1.00% |
Top of range | Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase for pensions in payment | 2.00% | 2.00% |
Employee benefits - Average Lif
Employee benefits - Average Life Expectancy After Retirement (Details) - Defined benefit retirement plans | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Germany | ||
Disclosure of defined benefit plans [line items] | ||
Male | 20 years | 20 years |
Female | 24 years | 24 years |
Sweden | ||
Disclosure of defined benefit plans [line items] | ||
Male | 22 years | 23 years |
Female | 24 years | 25 years |
Austria | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 years | 21 years |
Female | 25 years | 25 years |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Male | 20 years | 20 years |
Female | 20 years | 24 years |
Employee benefits - History of
Employee benefits - History of Experience Adjustments From Inception (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | € 165.1 | € 185.4 | € 187.8 |
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 244 | 266.7 | 267.6 |
Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | (81.3) | (79.8) | |
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 159.4 | 180.5 | 182.9 |
Experience losses/(gains) on scheme liabilities | (1.6) | 0.5 | (0.3) |
Experience (gains)/losses on scheme assets | 0.5 | (1.9) | (0.6) |
Defined benefit retirement plans | Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 238.3 | 261.8 | 262.7 |
Defined benefit retirement plans | Fair value of plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | (78.9) | (81.3) | (79.8) |
Defined benefit retirement plans | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | € 0 | € 0 | € 0 |
Employee benefits - Defined 129
Employee benefits - Defined Benefit Obligation Sensitivity Analysis (Details) - Discount rate € in Millions | Dec. 31, 2017EUR (€) |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Effect on the post-employment benefit obligation with a 1% increase | € (42.3) |
Effect on the post-employment benefit obligation with a 1% decrease | € 55.8 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | € 193.7 | € 86.7 |
Additional provision in the period | 43.3 | 100.2 |
Release of provision | (13.5) | (17.6) |
Adjustment to provisions acquired through business combinations | 52.5 | |
Transfer between categories | 0 | |
Utilization of provision | (81.7) | (29.4) |
Unwinding of discounting | 1.2 | 1.4 |
Foreign exchange | (2.2) | (0.1) |
Provisions, ending balance | 140.8 | 193.7 |
Current | 68 | 116.7 |
Non-current | 72.8 | 77 |
Provisions | 140.8 | |
Restructuring | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 59.1 | 21 |
Additional provision in the period | 30.9 | 60.2 |
Release of provision | (0.1) | (5.2) |
Adjustment to provisions acquired through business combinations | 0 | |
Transfer between categories | 0 | |
Utilization of provision | (63.6) | (16.7) |
Unwinding of discounting | 0 | 0 |
Foreign exchange | 0 | (0.2) |
Provisions, ending balance | 26.3 | 59.1 |
Onerous/ unfavorable contracts | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 80.6 | 0 |
Additional provision in the period | 0 | 34.7 |
Release of provision | 0 | 0 |
Adjustment to provisions acquired through business combinations | 47.3 | |
Transfer between categories | 0 | |
Utilization of provision | (3.9) | (2.5) |
Unwinding of discounting | 0.8 | 0.8 |
Foreign exchange | (2.1) | 0.3 |
Provisions, ending balance | 75.4 | 80.6 |
Provisions related to other taxes | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 24.5 | 31.8 |
Additional provision in the period | 5.8 | 0 |
Release of provision | (12.2) | (9.8) |
Adjustment to provisions acquired through business combinations | 2.5 | |
Transfer between categories | (2.1) | |
Utilization of provision | (5.8) | 0 |
Unwinding of discounting | 0 | 0 |
Foreign exchange | 0 | 0 |
Provisions, ending balance | 10.2 | 24.5 |
Contingent consideration | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 10 | 17.4 |
Additional provision in the period | 0 | 0 |
Release of provision | 0 | 0 |
Adjustment to provisions acquired through business combinations | 0 | |
Transfer between categories | 0 | |
Utilization of provision | 0 | (8) |
Unwinding of discounting | 0.4 | 0.6 |
Foreign exchange | 0 | 0 |
Provisions, ending balance | 10.4 | 10 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 19.5 | 16.5 |
Additional provision in the period | 6.6 | 5.3 |
Release of provision | (1.2) | (2.6) |
Adjustment to provisions acquired through business combinations | 2.7 | |
Transfer between categories | 2.1 | |
Utilization of provision | (8.4) | (2.2) |
Unwinding of discounting | 0 | 0 |
Foreign exchange | (0.1) | (0.2) |
Provisions, ending balance | € 18.5 | € 19.5 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Provisions | € 140.8 | € 193.7 | € 86.7 |
Additional provision in the period | 43.3 | 100.2 | |
Provision used | 81.7 | 29.4 | |
Release of provision | 13.5 | 17.6 | |
Unwinding of discounting | 1.2 | 1.4 | |
Restructuring | |||
Disclosure of other provisions [line items] | |||
Provisions | € 26.3 | 59.1 | 21 |
Estimated completion of activities, period | 18 months | ||
Additional provision in the period | € 30.9 | 60.2 | |
Provision used | 63.6 | 16.7 | |
Release of provision | 0.1 | 5.2 | |
Unwinding of discounting | 0 | 0 | |
Strategic reorganization | |||
Disclosure of other provisions [line items] | |||
Additional provision in the period | 18.4 | ||
Provisions related to other taxes | |||
Disclosure of other provisions [line items] | |||
Provisions | 10.2 | 24.5 | 31.8 |
Additional provision in the period | 5.8 | 0 | |
Provision used | 5.8 | 0 | |
Release of provision | 12.2 | 9.8 | |
Unwinding of discounting | 0 | 0 | |
Contingent consideration | |||
Disclosure of other provisions [line items] | |||
Provisions | 10.4 | 10 | 17.4 |
Additional provision in the period | 0 | 0 | |
Provision used | 0 | 8 | |
Release of provision | 0 | 0 | |
Unwinding of discounting | 0.4 | 0.6 | |
Other provision | |||
Disclosure of other provisions [line items] | |||
Provisions | 18.5 | 19.5 | € 16.5 |
Additional provision in the period | 6.6 | 5.3 | |
Provision used | 8.4 | 2.2 | |
Release of provision | 1.2 | 2.6 | |
Unwinding of discounting | 0 | 0 | |
Professional fees related to tax investigations and other obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 2.7 | 2.8 | |
Italy | Other provision | |||
Disclosure of other provisions [line items] | |||
Provisions | 5.6 | 6.1 | |
La Cocinera | Contingent consideration | |||
Disclosure of other provisions [line items] | |||
Provisions | 8.9 | ||
Lutosa | Contingent consideration | |||
Disclosure of other provisions [line items] | |||
Provisions | 1.5 | ||
Findus | Contingent consideration | |||
Disclosure of other provisions [line items] | |||
Unwinding of discounting | 0.4 | ||
Findus | Asset retirement obligation | |||
Disclosure of other provisions [line items] | |||
Provisions | 3.1 | € 3.2 | |
Bjuv Facility | Sweden | Restructuring | |||
Disclosure of other provisions [line items] | |||
Additional provision in the period | 12.5 | ||
Bjuv Facility | Sweden | Onerous/unfavorable contracts - lease | |||
Disclosure of other provisions [line items] | |||
Provisions | € 72.5 | ||
Discount rate | 1.00% | 1.00% | |
Inflation rate | 1.00% | 1.00% | |
Increase (decrease) in risk free rate or inflation rate assumptions, percentage change | 0.50% | ||
Effect of 0.5% increase (decrease) in risk free rate or inflation rate assumptions | 6.00% | ||
Bjuv Facility | Sweden | Onerous/unfavorable contracts - service contract | |||
Disclosure of other provisions [line items] | |||
Provisions | € 2.9 |
Share capital and reserves - Sc
Share capital and reserves - Schedule of Share Capital and Capital Reserve (Details) € in Millions | Dec. 31, 2017EUR (€)shares | Dec. 31, 2017$ / shares | Dec. 31, 2016EUR (€)shares | Dec. 31, 2016$ / shares | Dec. 31, 2015EUR (€) |
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | € 1,637.5 | € 1,814 | |||
Listing and share transaction costs | (13.8) | (13.3) | € (13.3) | ||
Total net share capital and capital reserve | 1,623.7 | 1,800.7 | |||
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | 1,626.9 | 1,803.4 | |||
Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | € 10.6 | € 10.6 | |||
Issued Capital and Capital Reserve | Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value per share (in USD per share) | $ / shares | $ 10 | $ 10 | |||
Number of shares issued and fully paid (in shares) | shares | 165,291,546 | 182,088,622 | |||
Issued Capital and Capital Reserve | Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value per share (in USD per share) | $ / shares | $ 10 | $ 10 | |||
Number of shares issued and fully paid (in shares) | shares | 1,500,000 | 1,500,000 |
Share capital and reserves - Or
Share capital and reserves - Ordinary Shares (Details) - shares | Jun. 12, 2017 | Jan. 12, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of number of shares outstanding [abstract] | |||||
Shares issued in the period (in shares) | 121,500,000 | ||||
Ordinary shares | |||||
Reconciliation of number of shares outstanding [abstract] | |||||
Number of shares outstanding, beginning balance (in shares) | 182,100,000 | 178,400,000 | |||
Shares issued in the period (in shares) | 13,700,000 | 0 | 3,700,000 | ||
Shares repurchased and canceled in the year | (9,779,729) | (16,800,000) | |||
Number of shares outstanding, ending balance (in shares) | 165,291,546 | 182,100,000 |
Share capital and reserves -134
Share capital and reserves - Ordinary Shares Narrative (Details) € / shares in Units, $ / shares in Units, € in Millions | Dec. 29, 2017shares | Sep. 11, 2017EUR (€)shares | Sep. 11, 2017USD ($)shares | Jun. 19, 2017USD ($)shares$ / shares | Jun. 12, 2017EUR (€)€ / sharesshares | Jun. 12, 2017USD ($)shares | Jun. 16, 2016USD ($)shares | Jan. 12, 2016$ / sharesshares | Dec. 07, 2015USD ($) | Nov. 27, 2015shares | Nov. 02, 2015shares | Jul. 08, 2015shares | Jun. 01, 2015shares | May 26, 2015shares | Jun. 30, 2017shares | Jul. 31, 2016$ / sharesshares | Sep. 30, 2015shares | Dec. 31, 2015EUR (€)shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)shares | Mar. 31, 2015EUR (€) | Sep. 11, 2017$ / shares | Jun. 12, 2017$ / shares | Jun. 09, 2017 | Aug. 01, 2016shares |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 121,500,000 | ||||||||||||||||||||||||
Share dividend issued (in shares) | 3,600,000 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 8.98 | ||||||||||||||||||||||||
Share price (in dollars per share) | (per share) | € 9.60 | $ 10.75 | |||||||||||||||||||||||
Share price discount | 25.00% | ||||||||||||||||||||||||
Payments to acquire or redeem entity's shares | € 93.9 | $ 105,100,000 | € 0 | € 177.6 | € 0 | € 0 | |||||||||||||||||||
Listing and share transaction costs | € | € 13.3 | € 13.8 | € 13.3 | ||||||||||||||||||||||
Restricted Shares | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 23,212 | ||||||||||||||||||||||||
Exercise price (in dollars per share) | $ | $ 11.50 | ||||||||||||||||||||||||
Key management personnel | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 13,104 | ||||||||||||||||||||||||
Non-Executive Director | Restricted Shares | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 46,296 | 23,212 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 14.38 | $ 8.98 | |||||||||||||||||||||||
Exercise price (in dollars per share) | $ | $ 14.38 | $ 8.98 | $ 11.50 | ||||||||||||||||||||||
Number of shares vested | 55,680 | 34,780 | |||||||||||||||||||||||
Shares paid for tax withholding for share based compensation | 9,384 | 11,568 | |||||||||||||||||||||||
Iglo | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 13,700,000 | ||||||||||||||||||||||||
Findus | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 8,400,000 | ||||||||||||||||||||||||
Private Placement | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 15,400,000 | 75,700,000 | |||||||||||||||||||||||
Warrant | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 16,700,000 | ||||||||||||||||||||||||
Secondary Public Offering By Selling Shareholders | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Number of shares sold | 33,333,334 | 33,333,334 | |||||||||||||||||||||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 14.16 | ||||||||||||||||||||||||
Secondary Public Offering By Selling Shareholders Sold To Public | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Number of shares sold | 26,269,691 | 26,269,691 | |||||||||||||||||||||||
Ordinary shares | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares issued in the period (in shares) | 13,700,000 | 0 | 3,700,000 | ||||||||||||||||||||||
Share dividend issued (in shares) | 8,705,890 | 3,620,510 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 10 | ||||||||||||||||||||||||
Number of shares outstanding | 178,400,000 | 165,291,546 | 182,100,000 | 182,088,622 | |||||||||||||||||||||
Shares repurchased and canceled | 9,779,729 | 9,779,729 | 16,800,000 | ||||||||||||||||||||||
Ordinary shares | Secondary Public Offering By Selling Shareholders | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Shares repurchased and canceled | 7,063,643 | 7,063,643 | |||||||||||||||||||||||
Payments to acquire or redeem entity's shares | € 83.2 | $ 100,000,000 | |||||||||||||||||||||||
Listing and share transaction costs | € | € 0.5 |
Share capital and reserves - Li
Share capital and reserves - Listing and Share Transaction Costs (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||||
Share issue related cost, beginning balance | € 13.3 | € 13.3 | ||
Share issue related cost | € 5.3 | 0.5 | 0 | € 8 |
Share issue related cost, ending balance | € 13.3 | € 13.8 | € 13.3 |
Share capital and reserves - Fo
Share capital and reserves - Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount (Details) | Dec. 29, 2017$ / sharesshares | Jan. 12, 2016$ / sharesshares | Apr. 11, 2014 | Dec. 31, 2017voteshares | Dec. 31, 2016€ / shares | Dec. 31, 2015$ / shares |
Disclosure of classes of share capital [line items] | ||||||
Number of votes per Founder Preferred Share | vote | 1 | |||||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | 10 days | ||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | $ / shares | $ 11.50 | |||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | |||
Preference shares, conversion ratio | 1 | 1 | ||||
Founder preferred shares annual dividend amount | 3,600,000 | |||||
Dividends recognised as distributions to owners per share (in dollars per share) | (per share) | $ 16.6516 | $ 11.4824 | € 11.482 | $ 11.4824 | ||
Founder Preferred shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares issued | 1,500,000 | |||||
Ordinary shares | ||||||
Disclosure of classes of share capital [line items] | ||||||
Founder preferred shares annual dividend amount | 8,705,890 | 3,620,510 |
Share capital and reserves - Wa
Share capital and reserves - Warrants (Details) € in Millions | May 06, 2015 | Apr. 11, 2014warrant$ / sharesshares | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015 | Mar. 31, 2015EUR (€) |
Disclosure of classes of share capital [line items] | |||||||
Warrants issued | shares | 50,000,000 | ||||||
Warrant conversion rate | warrant | 3 | ||||||
Preference shares, conversion ratio | 1 | 1 | |||||
Mandatory redemption amount (in dollars per share) | $ 0.01 | ||||||
Per share amount exceeded for mandatory redemption (in dollars per share) | $ 18 | ||||||
Mandatory redemption period, term | 10 days | ||||||
Credit related to Warrant Redemption Liability | € | € 0.4 | € 0 | € 0 | € (0.4) | |||
Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price of warrants (in dollars per share) | $ 11.50 | ||||||
Non-Executive Director | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrants issued | shares | 75,000 | ||||||
Iglo | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of outstanding warrant holders obtained to amend warrant term | 75.00% | ||||||
Warrant exercise term following Readmission | 30 days |
Share-based compensation res138
Share-based compensation reserve (Details) - EUR (€) € in Millions | Jun. 19, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reserves within equity [line items] | ||||
Beginning balance, Reserve of share-based payments | € 1 | |||
Increase through share-based payment transactions | € 0.1 | 2.6 | € 1.2 | |
Vesting of Non-Executive Director restricted shares | 0.1 | 0.3 | ||
Ending balance, Reserve of share-based payments | 2.9 | 1 | ||
Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance, Reserve of share-based payments | 1 | |||
Vesting of Non-Executive Director restricted shares | € (0.3) | (0.7) | 0.3 | |
Ending balance, Reserve of share-based payments | 2.9 | € 1 | ||
Non-Executive Director | Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Increase through share-based payment transactions | 0.8 | |||
Key management personnel | Share based compensation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Increase through share-based payment transactions | € 1.8 |
Share-based compensation res139
Share-based compensation reserve - Additional Information (Details) $ / shares in Units, € in Millions | Aug. 22, 2017sharesdirector | Jun. 19, 2017EUR (€)shares | Jun. 19, 2017USD ($)shares$ / shares | Jun. 16, 2016USD ($)shares | Dec. 07, 2015USD ($) | Nov. 27, 2015shares | Jun. 30, 2017shares | Jul. 31, 2016$ / sharesshares | Sep. 30, 2015shares | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) |
Disclosure of reserves within equity [line items] | ||||||||||||
Number of Non-executive Directors granted awards | director | 2 | |||||||||||
Shares issued | 121,500,000 | |||||||||||
Share price (in dollars per share) | $ / shares | $ 8.98 | |||||||||||
Increase (reduction) in share based compensation reserve | € | € (0.1) | € (0.3) | ||||||||||
Share based compensation reserve | ||||||||||||
Disclosure of reserves within equity [line items] | ||||||||||||
Increase (reduction) in share based compensation reserve | € | € 0.3 | 0.7 | (0.3) | |||||||||
Restricted Shares | ||||||||||||
Disclosure of reserves within equity [line items] | ||||||||||||
Exercise price (in dollars per share) | $ | $ 11.50 | |||||||||||
Shares issued | 23,212 | |||||||||||
Non-Executive Director | ||||||||||||
Disclosure of reserves within equity [line items] | ||||||||||||
Non-Executive Director restricted share awards charge | € | € 0.1 | 0.8 | 0.6 | |||||||||
Non-Executive Director | Restricted Shares | ||||||||||||
Disclosure of reserves within equity [line items] | ||||||||||||
Exercise price (in dollars per share) | $ | $ 14.38 | $ 8.98 | $ 11.50 | |||||||||
Shares issued | 46,296 | 23,212 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 14.38 | $ 8.98 | ||||||||||
Number of shares vested | 55,680 | 55,680 | 34,780 | |||||||||
Shares paid for tax withholding for share based compensation | 9,384 | 9,384 | 11,568 | |||||||||
Number of shares granted | 11,774 | 41,724 | 41,724 | 55,680 | ||||||||
Non-Executive Director restricted share awards charge | € | 0.8 | 0.6 | ||||||||||
Key management personnel | ||||||||||||
Disclosure of reserves within equity [line items] | ||||||||||||
Shares issued | 13,104 | |||||||||||
Non-Executive Director restricted share awards charge | € | € 1.8 | € 0.6 |
Founder Preferred Shares Div140
Founder Preferred Shares Dividend Reserve - Additional Information (Details) € / shares in Units, € in Millions | Dec. 29, 2017$ / sharesshares | Jan. 12, 2016$ / sharesshares | Apr. 11, 2014 | Sep. 30, 2015shares | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016EUR (€)€ / sharesshares | Dec. 31, 2015$ / shares | Mar. 31, 2015EUR (€) | Jul. 31, 2016$ / shares | Jun. 01, 2015EUR (€) |
Disclosure of classes of share capital [line items] | |||||||||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | $ / shares | $ 11.50 | ||||||||||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | 10 days | |||||||||
Share dividend issued (in shares) | 3,600,000 | ||||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | ||||||||
Share price (in dollars per share) | $ / shares | $ 8.98 | ||||||||||
Preferred share dividend equivalent | 140,220,619 | ||||||||||
Shares issued in the period (in shares) | 121,500,000 | ||||||||||
Dividend price per share (in dollars per share) | (per share) | $ 16.6516 | $ 11.4824 | € 11.482 | $ 11.4824 | |||||||
Charge related to Founder Preferred Shares Annual Dividend Amount | € | € 349 | € 0 | € 0 | € 165.8 | |||||||
Founder Preferred Shares Dividend Reserve | € | € 493.4 | € 493.4 | € 531.5 | ||||||||
Preference shares, conversion ratio | 1 | 1 | |||||||||
Ordinary shares | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share dividend issued (in shares) | 8,705,890 | 3,620,510 | |||||||||
Share price (in dollars per share) | $ / shares | $ 10 | ||||||||||
Shares issued in the period (in shares) | 13,700,000 | 0 | 3,700,000 |
Founder Preferred Shares Div141
Founder Preferred Shares Dividend Reserve (Details) - Founder Preferred shares - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | |||
Settlement of dividend through share issue | € (531.5) | € 0 | |
Founder preferred shares dividend reserve | |||
Disclosure of classes of share capital [line items] | |||
Equity, beginning balance | € 493.4 | ||
Settlement of dividend through share issue | € (531.5) | 0 | 38.1 |
Equity, ending balance | € 493.4 | € 493.4 |
Cash flow hedging reserve (Deta
Cash flow hedging reserve (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of detailed information about hedges [line items] | |||||
(Losses)/gains arising in the revaluation of hedge instruments | € 1.6 | € (76.5) | € 14.2 | € 0 | |
Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss | 0 | 60.1 | (4.1) | 0 | |
Total | € 1.6 | € (16.4) | € 10.1 | € 0 | |
Predecessor | |||||
Disclosure of detailed information about hedges [line items] | |||||
(Losses)/gains arising in the revaluation of hedge instruments | € 0 | ||||
Less: Gains/(losses) reclassified to the Consolidated Statement of Profit or Loss | 0 | ||||
Total | € 0 |
Earnings_(loss) per share (Deta
Earnings/(loss) per share (Details) - EUR (€) € / shares in Units, € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Earnings per share [line items] | |||||
Net profit/(loss) attributable to shareholders (€m) | € (337.3) | € 136.5 | € 36.4 | € (167.5) | |
Weighted average Ordinary Shares and Founder Preferred Shares | 145,590,810 | 176,080,272 | 183,518,743 | 50,025,000 | |
Basic earnings/(loss) per share (in euros per share) | € (2.32) | € 0.78 | € 0.20 | € (3.35) | |
Weighted average Ordinary Shares and Founder Preferred Shares | 145,590,810 | 184,786,162 | 183,528,621 | 50,025,000 | |
Diluted earnings/(loss) per share (in euros per share) | € (2.32) | € 0.74 | € 0.20 | € (3.35) | |
Predecessor | |||||
Earnings per share [line items] | |||||
Net profit/(loss) attributable to shareholders (€m) | € (128) |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Earnings per share [abstract] | ||||
Net profit/(loss) attributable to shareholders (€m) | € (337.3) | € 136.5 | € 36.4 | € (167.5) |
Weighted average number of ordinary shares (in shares) | 144,090,810 | 174,580,272 | 182,018,743 | |
Weighted average number of founder preferred shares (in shares) | 1,500,000 | 1,500,000 | 1,500,000 | |
Adjusted shares for dilutive impact of 2016 non-executive restricted stock awards (in shares) | 8,705,890 |
Reconciliation of liabilitie145
Reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Millions | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Interest paid | € 40.8 | € 48.8 | € 70.9 | € 0 |
Payments for the settlement of derivative instruments | € (4.3) | (1.6) | 4 | € 0 |
Total loans and borrowings (Note 21) | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Opening balance | 1,446.8 | |||
Cash inflow | 1,470.5 | |||
Cash outflow | (1,469.5) | |||
Interest accretion | 0 | |||
Exchange movement | (55.7) | |||
Fair value changes | 0 | |||
Other non-cash adjustments | 6.3 | |||
Closing balance | 1,398.4 | 1,446.8 | ||
Total finance lease obligations (Note 22) | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Opening balance | 1.6 | |||
Cash inflow | 0 | |||
Cash outflow | (1.6) | |||
Interest accretion | 0 | |||
Exchange movement | 0 | |||
Fair value changes | 0 | |||
Other non-cash adjustments | 0 | |||
Closing balance | 0 | 1.6 | ||
Financial payables (Note 22) | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Opening balance | 1.7 | |||
Cash inflow | 0 | |||
Cash outflow | (53.3) | |||
Interest accretion | 54 | |||
Exchange movement | 0.7 | |||
Fair value changes | 0 | |||
Other non-cash adjustments | 0 | |||
Closing balance | 3.1 | 1.7 | ||
Forward foreign exchange and currency swap contract | Derivatives | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Opening balance | 0.3 | |||
Cash inflow | 3.9 | |||
Cash outflow | 0 | |||
Interest accretion | 0 | |||
Exchange movement | 0 | |||
Fair value changes | (3.5) | |||
Other non-cash adjustments | 0 | |||
Closing balance | 0.7 | 0.3 | ||
Cross currency interest rate swap | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Interest paid | 4.5 | |||
Payments for the settlement of derivative instruments | 2.3 | |||
Cross currency interest rate swap | Derivatives | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Opening balance | 0 | |||
Cash inflow | 4.5 | |||
Cash outflow | (2.3) | |||
Interest accretion | 0 | |||
Exchange movement | 0 | |||
Fair value changes | 40.6 | |||
Other non-cash adjustments | 0 | |||
Closing balance | € 42.8 | € 0 |
Cash flows from operating ac146
Cash flows from operating activities (Details) - EUR (€) € in Millions | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | |||||
Net profit/(loss) attributable to shareholders (€m) | € (337.3) | € 136.5 | € 36.4 | € (167.5) | |
Adjustments for: | |||||
Exceptional items | 58.1 | 37.2 | 134.5 | 0.7 | |
Non-cash charge related to Founder Preferred Shares Annual Dividend Amount | 349 | 0 | 0 | 165.8 | |
Non-cash (charge)/credit related to Warrant Redemption Liability | (0.4) | 0 | 0 | 0.4 | |
Non-cash fair value purchase price adjustment of inventory | 37 | 0 | 0 | 0 | |
Non-cash cash flow hedge reserve acquisition accounting adjustment | 4.9 | 0 | 0 | 0 | |
Non-cash Chairman and Independent Non-Executive Director fees | 0 | 0 | 0 | 0.2 | |
Unrealized gain on portfolio investments | 0 | 0 | 0 | (0.1) | |
Share based payments expense | 0 | 2.6 | 1.2 | 0 | |
Depreciation charge | 20.3 | 35.9 | 43.3 | 0 | |
Amortization | 1.5 | 6.5 | 7.8 | 0 | |
Loss on disposal of property, plant and equipment | 0 | 0.5 | 0.7 | 0 | |
Finance costs | 44.2 | 81.6 | 86.3 | 0 | |
Finance income | (8.7) | (7.2) | (24.2) | 0 | |
Taxation | (12.3) | 32 | 39.6 | 0 | |
Operating cash flow before changes in working capital, provisions and exceptional items | 156.3 | 325.6 | 325.6 | (0.5) | |
Decrease/(increase) in inventories | (15.9) | 16.7 | (18.1) | 0 | |
(Increase)/decrease in trade and other receivables | 64.3 | (1.6) | (8.8) | 0 | |
Increase/(decrease) in trade and other payables | (44) | 18.1 | 60.8 | 0.7 | |
Decrease in employee benefit and other provisions | (1.5) | (0.3) | (3.3) | 0 | |
Cash generated from operations before tax and exceptional items | € 159.2 | € 358.5 | € 356.2 | € 0.2 | |
Predecessor | |||||
Cash flows from operating activities | |||||
Net profit/(loss) attributable to shareholders (€m) | € (128) | ||||
Adjustments for: | |||||
Exceptional items | 84.3 | ||||
Non-cash charge related to Founder Preferred Shares Annual Dividend Amount | 0 | ||||
Non-cash (charge)/credit related to Warrant Redemption Liability | 0 | ||||
Non-cash fair value purchase price adjustment of inventory | 0 | ||||
Non-cash cash flow hedge reserve acquisition accounting adjustment | 0 | ||||
Non-cash Chairman and Independent Non-Executive Director fees | 0 | ||||
Unrealized gain on portfolio investments | 0 | ||||
Share based payments expense | 0 | ||||
Depreciation charge | 11.3 | ||||
Amortization | 1.2 | ||||
Loss on disposal of property, plant and equipment | 0 | ||||
Finance costs | 117.7 | ||||
Finance income | (2) | ||||
Taxation | 40.9 | ||||
Operating cash flow before changes in working capital, provisions and exceptional items | 125.4 | ||||
Decrease/(increase) in inventories | 28.3 | ||||
(Increase)/decrease in trade and other receivables | (8.5) | ||||
Increase/(decrease) in trade and other payables | (41) | ||||
Decrease in employee benefit and other provisions | (2) | ||||
Cash generated from operations before tax and exceptional items | € 102.2 |
Financial risk management - Add
Financial risk management - Additional Information (Details) £ in Millions | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | Dec. 31, 2015 | Dec. 31, 2017GBP (£) | Dec. 31, 2017USD ($) | Dec. 20, 2017EUR (€) | Dec. 20, 2017USD ($) | May 03, 2017EUR (€) | May 03, 2017USD ($) | Apr. 21, 2017EUR (€) | Apr. 21, 2017GBP (£) | Apr. 21, 2017USD ($) | Apr. 20, 2017 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | € 80,000,000 | |||||||||||||
Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 14,500,000 | € 5,100,000 | € 14,800,000 | |||||||||||
Credit risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Maximum exposure to credit risk | 150,000,000 | |||||||||||||
Liquidity risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | € 80,000,000 | |||||||||||||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | $ | $ 14,000,000 | |||||||||||||
Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | 3.90% | 13.80% | ||||||||||||
US dollar | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | 13.90% | |||||||||||||
Swedish Krona | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | 2.70% | |||||||||||||
LIBOR | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Increase (decrease) in interest rate | 0.25% | (0.25%) | 0.25% | 0.25% | ||||||||||
EURIBOR | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Increase (decrease) in interest rate | (0.15%) | (0.15%) | (0.15%) | |||||||||||
Cross currency interest rate swap | Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on interest charge | 200,000 | € 100,000 | € 100,000 | |||||||||||
Foreign exchange forward contract | Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | 500,000 | € 700,000 | 600,000 | |||||||||||
Foreign exchange forward contract | US dollar | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | 2,200,000 | € 2,400,000 | 2,200,000 | |||||||||||
Foreign exchange forward contract | Swedish Krona | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 500,000 | € 700,000 | 400,000 | |||||||||||
Derivative financial instruments | Foreign exchange forward contract | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | € 484,000,000 | € 367,800,000 | ||||||||||||
Derivative financial instruments | Foreign exchange forward contract | US dollar | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Percentage of financial instruments designated as hedging instruments | 69.00% | 69.80% | 98.00% | 69.00% | 69.80% | 69.80% | ||||||||
Financial asset | € 6,500,000 | € 11,000,000 | ||||||||||||
Derivative financial instruments | Foreign exchange forward contract | Euro | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Percentage of financial instruments designated as hedging instruments | 58.00% | 68.00% | 86.90% | 58.00% | 68.00% | 68.00% | ||||||||
Financial asset | € 1,500,000 | € 1,100,000 | ||||||||||||
Cross currency interest rate swap | Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | 1.00% | 1.00% | |||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 400,000 | |||||||||||||
Percentage of financial instruments not designated as hedging | 17.20% | 17.20% | 17.20% | |||||||||||
Hedges of net investment in foreign operations | Cross currency interest rate swap | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Gain (loss) on hedge ineffectiveness | € 0 | € 0 | ||||||||||||
Hedges of net investment in foreign operations | Cross currency interest rate swap | Pound Sterling | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Percentage of financial instruments designated as hedging instruments | 82.80% | 82.80% | 82.80% | |||||||||||
Hedges of net investment in foreign operations | Cross currency interest rate swap | Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | £ | £ 187.6 | |||||||||||||
Risk exposure associated with instruments sharing characteristic, concentration percentage | 99.00% | |||||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € 12,400,000 | |||||||||||||
Sensitivity analysis for types of market risk, actual change in risk variable, percent | 5.80% | |||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | |||||||||||||
Risk exposure associated with instruments sharing characteristic | € 2,200,000 | |||||||||||||
Hedges of net investment in foreign operations | Loans and Borrowings | Pound Sterling | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Percentage of financial instruments designated as hedging instruments | 80.00% | 80.00% | 80.00% | 80.00% | ||||||||||
Hedges of net investment in foreign operations | Loans and Borrowings | Pound Sterling | Currency risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Risk exposure associated with instruments sharing characteristic, concentration percentage | 93.10% | 93.10% | 93.10% | |||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € (4,300,000) | |||||||||||||
Gain on retranslation of loans | € 6,800,000 | € 35,400,000 | ||||||||||||
Hedges of net investment in foreign operations | Derivative financial instruments | Cross currency interest rate swap | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | £ | £ 187.6 | |||||||||||||
Cash flow hedges | Derivative financial instruments | Cross currency interest rate swap | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | € 299,300,000 | £ 226.7 | € 570,500,000 | |||||||||||
Amount exchanged from | € 271,200,000 | |||||||||||||
Amount exchanged to | £ | £ 226.7 | |||||||||||||
Cash flow hedges | Derivative financial instruments | Cross currency interest rate swap | Pound Sterling | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Average rate of hedging instrument | 100.00% | 100.00% | 100.00% | |||||||||||
Cash flow hedges | Derivative financial instruments | Cross currency interest rate swap | Euro | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Average rate of hedging instrument | 58.30% | 58.30% | 58.30% | |||||||||||
Senior USD Debt | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | $ | $ 610,000,000 | $ 610,000,000 | $ 610,000,000 | $ 610,000,000 | ||||||||||
2024 fixed rate senior secured notes | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | € 400,000,000 | € 400,000,000 | ||||||||||||
Interest rate | 3.25% | 3.25% | ||||||||||||
Debt instrument term | 7 years | |||||||||||||
Senior EURO Debt | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Notional amount | € 500,000,000 | € 500,000,000 | € 500,000,000 | |||||||||||
Weighted average | Cash flow hedges | Derivative financial instruments | Cross currency interest rate swap | Pound Sterling | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Average rate of hedging instrument | 65.80% | 157.00% | 65.80% | 65.80% | ||||||||||
Weighted average | Cash flow hedges | Derivative financial instruments | Cross currency interest rate swap | Euro | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Average rate of hedging instrument | 38.90% | 66.00% | 38.90% | 38.90% | ||||||||||
Bottom of range | Interest rate risk | ||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||
Interest rate | 0.00% | 0.00% | 0.00% |
Financial risk management - Mat
Financial risk management - Maturity Analysis (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | € 2,178.6 | € 2,100.3 |
2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 494.5 | 485.3 |
2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 48.2 | 60 |
2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 48.3 | 60.9 |
2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 48 | 1,494.1 |
2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 92.7 | 0 |
Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,446.9 | 0 |
Borrowings-principal | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,409.5 | 1,464.2 |
Borrowings-principal | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5.1 | 0 |
Borrowings-principal | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5.1 | 0 |
Borrowings-principal | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5.1 | 0 |
Borrowings-principal | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5.1 | 1,464.2 |
Borrowings-principal | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 5.1 | 0 |
Borrowings-principal | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,384 | 0 |
Borrowings-interest | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 292.4 | 210.5 |
Borrowings-interest | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 46.3 | 59.7 |
Borrowings-interest | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 46 | 60 |
Borrowings-interest | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 46 | 60.9 |
Borrowings-interest | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 45.7 | 29.9 |
Borrowings-interest | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 45.5 | 0 |
Borrowings-interest | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 62.9 | 0 |
Trade and other payables excluding non-financial liabilities | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 441.6 | 439.1 |
Trade and other payables excluding non-financial liabilities | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 441.6 | 439.1 |
Trade and other payables excluding non-financial liabilities | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Trade and other payables excluding non-financial liabilities | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Forward contracts | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 484 | 367.8 |
Sell | Forward contracts | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 484 | 367.8 |
Sell | Forward contracts | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Forward contracts | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Forward contracts | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Forward contracts | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Forward contracts | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Cross currency interest rate swap | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 916.2 | |
Sell | Cross currency interest rate swap | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 29.1 | |
Sell | Cross currency interest rate swap | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 28.7 | |
Sell | Cross currency interest rate swap | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 28.6 | |
Sell | Cross currency interest rate swap | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 28.4 | |
Sell | Cross currency interest rate swap | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 801.4 | |
Sell | Cross currency interest rate swap | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Pay | Forward contracts | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (479.6) | (381.3) |
Pay | Forward contracts | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (479.6) | (381.3) |
Pay | Forward contracts | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Forward contracts | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Forward contracts | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Forward contracts | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Forward contracts | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | € 0 |
Pay | Cross currency interest rate swap | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (885.5) | |
Pay | Cross currency interest rate swap | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (32) | |
Pay | Cross currency interest rate swap | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (31.6) | |
Pay | Cross currency interest rate swap | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (31.4) | |
Pay | Cross currency interest rate swap | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (31.2) | |
Pay | Cross currency interest rate swap | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (759.3) | |
Pay | Cross currency interest rate swap | Over 5 years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | € 0 |
Financial instruments - Categor
Financial instruments - Categories of Financial Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Cash and cash equivalents | € 219.2 | € 329.5 | € 186.1 | € 126.8 | € 0 |
Loans and receivables | 94.7 | 92.3 | |||
Financial liabilities at amortised cost | (1,851.1) | (1,903.3) | |||
Financial assets (liabilities) at fair value through profit or loss | 2.5 | 0 | |||
Financial assets (liabilities) at fair value through other comprehensive income | (51) | 11.7 | |||
Total | (1,585.7) | (1,469.8) | |||
Total non-current loans and borrowings | 1,395.1 | 1,451.8 | |||
Borrowings | 1,398.4 | 1,446.8 | |||
Trade and other payables excluding non-financial liabilities | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||
Financial liabilities at fair value through other comprehensive income | 0 | 0 | |||
Financial liabilities at amortised cost | (441.6) | (439.1) | |||
Financial liabilities | (441.6) | (439.1) | |||
Derivative financial instruments | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at fair value through profit or loss | (0.7) | 0 | |||
Financial liabilities at fair value through other comprehensive income | (68.5) | (1.4) | |||
Financial liabilities at amortised cost | 0 | 0 | |||
Financial liabilities | (69.2) | (1.4) | |||
Loans and borrowings | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at fair value through profit or loss | 0 | 0 | |||
Financial liabilities at fair value through other comprehensive income | 0 | 0 | |||
Financial liabilities at amortised cost | (1,409.5) | (1,464.2) | |||
Financial liabilities | (1,409.5) | (1,464.2) | |||
Trade receivables | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Loans and receivables | 94.7 | 92.3 | |||
Financial assets at fair value through profit or loss | 0 | 0 | |||
Financial assets at fair value through other comprehensive income | 0 | 0 | |||
Financial assets | 94.7 | 92.3 | |||
Derivative financial instruments | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Cash and cash equivalents | 0 | 0 | |||
Loans and receivables | 0 | 0 | |||
Financial assets at fair value through profit or loss | 3.2 | 0 | |||
Financial assets at fair value through other comprehensive income | 17.5 | 13.1 | |||
Financial assets | 20.7 | 13.1 | |||
Cash and cash equivalents | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Cash and cash equivalents | 219.2 | 329.5 | |||
Loans and receivables | 0 | 0 | |||
Financial assets at fair value through profit or loss | 0 | 0 | |||
Financial assets at fair value through other comprehensive income | 0 | 0 | |||
Financial assets | 219.2 | 329.5 | |||
Deferred borrowing costs | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Total non-current loans and borrowings | € (11.1) | € (12.4) |
Financial instruments - Derivat
Financial instruments - Derivative Financial Instruments (Details) - EUR (€) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign exchange forward contract | |||
Disclosure of financial assets [line items] | |||
Gains (losses) on change in fair value of derivatives | € 9,100,000 | € 0 | € 1,000,000 |
Foreign exchange swap | |||
Disclosure of financial assets [line items] | |||
Gains (losses) on change in fair value of derivatives | 0 | ||
Cross currency interest rate swap | |||
Disclosure of financial assets [line items] | |||
Gains (losses) on change in fair value of derivatives | € 0 | 3,900,000 | 0 |
Cash flow hedges | Foreign exchange swap | |||
Disclosure of financial assets [line items] | |||
Gains (losses) on change in fair value of derivatives | € 3,500,000 | € (4,300,000) |
Financial instruments - Cash an
Financial instruments - Cash and cash equivalents/overdrafts (Details) - Total loans and borrowings (Note 21) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | € 1,424.9 | € 1,475.5 |
Financial liabilities, carrying value | 1,398.4 | 1,446.8 |
Senior loans | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 964.2 |
2020 floating rate senior secured notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, carrying value | 0 | 500 |
Senior EUR/USD loans | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, carrying value | 1,009.5 | 0 |
2024 fixed rate senior secured notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, carrying value | 400 | 0 |
Level 2 | Senior loans | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 970.3 |
Level 2 | Senior EUR/USD loans | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 1,012.7 | 0 |
Level 1 | 2020 floating rate senior secured notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 505.2 |
Level 1 | 2024 fixed rate senior secured notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 412.2 | 0 |
Deferred borrowing costs | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Financial liabilities, carrying value | € (11.1) | € (17.4) |
Financial instruments - Deri152
Financial instruments - Derivatives (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | € 20.7 | € 13.1 |
Total liabilities | (69.2) | (1.4) |
Total | € (48.5) | 11.7 |
Foreign exchange forward contract | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of principal amount relating to foreign currency | 30.60% | |
Foreign exchange forward contract | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | € 484 | 367.8 |
Total assets | 2.1 | 13.1 |
Total liabilities | € (7.8) | € (1.4) |
Foreign exchange forward contract | USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of derivative, percentage of notional amount | 43.40% | 68.90% |
Foreign exchange forward contract | Euro | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of derivative, percentage of notional amount | 26.00% | 22.00% |
Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | € 18.6 | € 0 |
Total liabilities | (61.4) | € 0 |
Pay | Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | 826.2 | |
Receive | Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Notional amount | € 780.7 |
Financial instruments - Offsett
Financial instruments - Offsetting of Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives - assets | ||
Gross amount of financial instruments as presented upon balance sheet | € 20.7 | € 13.1 |
Related financial instruments that are offset | (20.7) | (1.4) |
Net amount | 0 | 11.7 |
Derivatives - liabilities | ||
Gross amount of financial instruments as presented upon balance sheet | (69.2) | (1.4) |
Related financial instruments that are offset | 20.7 | 1.4 |
Net amount | € (48.5) | € 0 |
Operating leases - Non-cancella
Operating leases - Non-cancellable Operating Lease Rentals (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | € 168.3 | € 179.6 |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 17.8 | 18.3 |
Between one and three years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 26.1 | 29.6 |
Between three and five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 17.8 | 22 |
More than five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | € 106.6 | € 109.7 |
Operating leases - Additional I
Operating leases - Additional Information (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other provisions [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | € 168.3 | € 179.6 |
Findus Sverige AB | ||
Disclosure of other provisions [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 115.8 | |
Other provisions | € 72.5 |
Capital commitments (Details)
Capital commitments (Details) - EUR (€) € in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Commitment [Line Items] | ||
Total capital commitments | € 5.6 | € 13.5 |
Property, plant and equipment | ||
Capital Commitment [Line Items] | ||
Total capital commitments | 3 | 8.1 |
Intangible assets | ||
Capital Commitment [Line Items] | ||
Total capital commitments | € 2.6 | € 5.4 |
Related parties (Details)
Related parties (Details) € / shares in Units, $ / shares in Units, € in Thousands | Dec. 29, 2017$ / sharesshares | Aug. 22, 2017sharesdirector | Jun. 19, 2017EUR (€)shares | Jun. 19, 2017USD ($)shares$ / shares | Jun. 12, 2017EUR (€)€ / sharesshares | Jun. 12, 2017USD ($)shares | Jun. 16, 2016USD ($)shares | Jan. 12, 2016$ / sharesshares | Dec. 07, 2015USD ($) | Jun. 15, 2015EUR (€) | Apr. 11, 2014 | Jun. 30, 2017shares | Dec. 31, 2015EUR (€) | Dec. 31, 2017EUR (€)sharesyear | Dec. 31, 2016EUR (€)€ / shares | Dec. 31, 2015$ / shares | Mar. 31, 2015EUR (€) | Dec. 31, 2017$ / sharesshares | Jun. 12, 2017$ / shares | Jun. 09, 2017 | Jul. 31, 2016$ / shares | Nov. 27, 2015shares | Jun. 01, 2015€ / sharesshares | Jun. 01, 2015$ / sharesshares |
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 8.98 | |||||||||||||||||||||||
Share dividend issued (in shares) | 3,600,000 | |||||||||||||||||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | |||||||||||||||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | (per share) | $ 16.6516 | $ 11.4824 | € 11.482 | $ 11.4824 | ||||||||||||||||||||
Mandatory redemption period, term | 10 days | |||||||||||||||||||||||
Number of Non-executive Directors granted awards | director | 2 | |||||||||||||||||||||||
Vesting of Non-Executive Restricted Stock award | € | € (100) | € (300) | ||||||||||||||||||||||
Share price (in dollars per share) | (per share) | € 9.60 | $ 10.75 | ||||||||||||||||||||||
Share price discount | 25.00% | |||||||||||||||||||||||
Payments to acquire or redeem entity's shares | € 93,900 | $ 105,100,000 | € 0 | 177,600 | 0 | € 0 | ||||||||||||||||||
Key management personnel | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share-based payment expense | € | 1,800 | 600 | ||||||||||||||||||||||
Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share-based payment expense | € | 100 | € 800 | 600 | |||||||||||||||||||||
Founder Preferred shares | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 1,500,000 | |||||||||||||||||||||||
Founder Preferred shares | Founder Entities | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 750,000 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||
Ordinary shares | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 10 | |||||||||||||||||||||||
Share dividend issued (in shares) | 8,705,890 | 3,620,510 | ||||||||||||||||||||||
Shares repurchased and canceled | 9,779,729 | 9,779,729 | 16,800,000 | |||||||||||||||||||||
Ordinary shares | Founder Entities | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share dividend issued (in shares) | 8,705,890 | 3,620,510 | ||||||||||||||||||||||
Ordinary shares | Key management personnel | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 13,104 | |||||||||||||||||||||||
Restricted Shares | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Exercise price (in dollars per share) | $ | $ 11.50 | |||||||||||||||||||||||
Restricted Shares | Key management personnel | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 4,927,000 | |||||||||||||||||||||||
Restricted Shares | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 14.38 | $ 8.98 | ||||||||||||||||||||||
Exercise price (in dollars per share) | $ | $ 14.38 | $ 8.98 | $ 11.50 | |||||||||||||||||||||
Number of shares vested | 55,680 | 55,680 | 34,780 | |||||||||||||||||||||
Shares paid for tax withholding for share based compensation | 9,384 | 9,384 | 11,568 | |||||||||||||||||||||
Share-based payment expense | € | € 800 | 600 | ||||||||||||||||||||||
Number of shares granted | 11,774 | 41,724 | 41,724 | 55,680 | ||||||||||||||||||||
Mariposa Capital and TOMS Capital | Affiliate Of Founder Entities | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Advisory Services Agreement, annual fee | € | € 2,000 | |||||||||||||||||||||||
Advisory Services Agreement, renewal term | 1 year | |||||||||||||||||||||||
Advisory Services Agreement, expiration notice term | 90 days | |||||||||||||||||||||||
Advisory Services Agreement, termination term | 6 months | |||||||||||||||||||||||
Mariposa Capital | Affiliate Of Founder Entities | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Travel expenses reimbursed to related party | € | 130,454 | 153,186 | ||||||||||||||||||||||
TOMS Capital | Affiliate Of Founder Entities | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Travel expenses reimbursed to related party | € | € 232,379 | 233,627 | ||||||||||||||||||||||
Lord Myners | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Option life | year | 5 | |||||||||||||||||||||||
Lord Myners | Ordinary shares | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 72,028 | |||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 11.50 | |||||||||||||||||||||||
Number of share options granted | 50,000 | |||||||||||||||||||||||
Iglo | Paul Kenyon | Key management personnel | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 37,060 | 37,060 | ||||||||||||||||||||||
Share price (in dollars per share) | (per share) | € 9.71 | $ 10.50 | ||||||||||||||||||||||
Number of shares sold | 26,372 | |||||||||||||||||||||||
Iglo | Tania Howarth | Key management personnel | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Number of shares issued | 38,956 | 38,956 | ||||||||||||||||||||||
Share price (in dollars per share) | (per share) | € 9.71 | $ 10.50 | ||||||||||||||||||||||
Number of shares sold | 27,721 | |||||||||||||||||||||||
December 7, 2015 | Restricted Shares | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share-based payment expense | € | € 100 | 300 | ||||||||||||||||||||||
June 16, 2016 | Restricted Shares | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share-based payment expense | € | € 500 | 300 | ||||||||||||||||||||||
June 19, 2017 and August 22, 2017 | Restricted Shares | Non-Executive Director | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Share-based payment expense | € | 400 | |||||||||||||||||||||||
Share based compensation reserve | ||||||||||||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||||||||||||
Vesting of Non-Executive Restricted Stock award | € | € 300 | € 700 | € (300) |
Significant events after the158
Significant events after the Statement of Financial Position date (Details) € / shares in Units, € in Millions, £ in Millions, kr in Millions | Dec. 29, 2017$ / sharesshares | Jan. 12, 2016$ / sharesshares | Mar. 31, 2018EUR (€) | Mar. 31, 2018SEK (kr) | Dec. 31, 2016€ / shares | Dec. 31, 2015$ / shares | Jun. 30, 2018EUR (€) | Jun. 30, 2018GBP (£) |
Disclosure of detailed information about business combination [line items] | ||||||||
Share dividend issued (in shares) | 3,600,000 | |||||||
Dividend price per share (in dollars per share) | (per share) | $ 16.6516 | $ 11.4824 | € 11.482 | $ 11.4824 | ||||
Green Isle Foods Ltd | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Cash transferred | € 225 | £ 200 | ||||||
Ordinary shares | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Share dividend issued (in shares) | 8,705,890 | 3,620,510 | ||||||
Foodhills AB | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Selling price of factory closure | € 8.6 | kr 85 |