Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | Yes |
Entity Registrant Name | Nomad Foods Ltd. |
Entity Central Index Key | 0001651717 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 196,042,957 |
Entity Shell Company | false |
Entity Voluntary Filers | No |
Document Annual Report | true |
Document Transition Report | false |
Entity Emerging Growth Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-current assets | ||
Goodwill | € 1,862.9 | € 1,861 |
Intangibles | 2,083.1 | 2,087.2 |
Total Property Plant and Equipment incl. ROU | 422.4 | 348.8 |
Property, plant and equipment | 350 | 348.8 |
Other non-current assets | 1.9 | 2.6 |
Derivative financial instruments | 17.5 | 35.7 |
Deferred tax assets | 96.4 | 68.7 |
Total non-current assets | 4,484.2 | 4,404 |
Current assets | ||
Cash and cash equivalents | 826.1 | 327.6 |
Inventories | 323.2 | 342.5 |
Trade and other receivables | 206.7 | 173.9 |
Indemnification assets recognised as of acquisition date | 35.4 | 79.4 |
Short-term deposits, not classified as cash equivalents | 25 | 0 |
Derivative financial instruments | 3.9 | 13.4 |
Total current assets | 1,420.3 | 936.8 |
Assets | 5,904.5 | 5,340.8 |
Current liabilities | ||
Trade and other payables | 525.2 | 571.6 |
Current tax payable | 217.2 | 201.2 |
Provisions | 40.9 | 44.3 |
Loans and borrowings | 27.7 | 21.4 |
Derivative financial instruments | 12.1 | 1.5 |
Total current liabilities | 823.1 | 840 |
Non-current liabilities | ||
Loans and borrowings | 1,847.6 | 1,742.9 |
Employee benefits | 237.5 | 200.6 |
Other non-current liabilities | 2.7 | 1.3 |
Provisions | 5.9 | 69.4 |
Derivative financial instruments | 32.8 | 35.4 |
Deferred tax liabilities | 398.2 | 392.1 |
Total non-current liabilities | 2,524.7 | 2,441.7 |
Total liabilities | 3,347.8 | 3,281.7 |
Net assets | 2,556.7 | 2,059.1 |
Equity | ||
Share capital and capital reserve | 2,095.4 | 1,748.5 |
Share-based compensation reserve | 22.6 | 9.4 |
Founder Preferred Shares Dividend Reserve | 370.1 | 372.6 |
Translation reserve | 94.8 | 88.8 |
Cash flow hedging reserve | (13.2) | 8.5 |
Accumulated deficit reserve | (11.8) | (167.9) |
Total equity | 2,557.9 | 2,059.9 |
Non-controlling interests | (1.2) | (0.8) |
Equity | € 2,556.7 | € 2,059.1 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Revenue | € 2,324.3 | € 2,172.8 | € 1,956.6 |
Cost of sales | (1,626.4) | (1,519.3) | (1,357.2) |
Gross profit | 697.9 | 653.5 | 599.4 |
Other operating expenses | (359.9) | (352.7) | (319.3) |
Exceptional items | (54.5) | (17.7) | (37.2) |
Operating profit | 283.5 | 283.1 | 242.9 |
Finance income | 2.5 | 1.6 | 7.2 |
Finance costs | (75.7) | (57.6) | (81.6) |
Net finance costs | (73.2) | (56) | (74.4) |
Profit before tax | 210.3 | 227.1 | 168.5 |
Taxation | (56.7) | (56.6) | (32) |
Profit for the period | 154 | 171.2 | 136.5 |
Profit (loss), attributable to non-controlling interests | (0.4) | (0.7) | 0 |
Profit (loss) | € 153.6 | € 170.5 | € 136.5 |
Earnings per share: | |||
Basic earnings per share (in euros per share) | € 0.80 | € 0.97 | € 0.78 |
Diluted earnings per share (in euros per share) | € 0.78 | € 0.97 | € 0.74 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | |||
Profit (loss) | € 153.6 | € 170.5 | € 136.5 |
Other comprehensive (loss)/income: | |||
Actuarial (losses)/gains on defined benefit pension plans | (35.9) | (12.9) | 2.9 |
Taxation credit/(charge) on remeasurement of defined benefit pension plans | 6.7 | 3.3 | (2) |
Items not reclassified to the Consolidated Statement of Profit or Loss | (29.2) | (9.6) | 0.9 |
Gain/(loss) on investment in foreign subsidiary, net of hedge | 6 | 5.6 | (0.8) |
Effective portion of changes in fair value of cash flow hedges | (27.3) | 15.5 | (16.4) |
Taxation credit/(charge) relating to components of other comprehensive income | 5.6 | (4) | 5 |
Items that may be subsequently reclassified to the Consolidated Statement of Profit or Loss | (15.7) | 17.1 | (12.2) |
Other comprehensive (loss)/income for the period, net of tax | (44.9) | 7.5 | (11.3) |
Comprehensive income | 108.7 | 178 | 125.2 |
Total comprehensive income for the period | 109.1 | 178.7 | 125.2 |
Comprehensive income, attributable to non-controlling interests | € (0.4) | € (0.7) | € 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) | Total | Share capital and capital reserve | Share based compensation reserve | Founder preferred shares dividend reserve | Translation reserve | Cash flow hedging reserve | Accumulated deficit reserve | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Founder Preferred sharesFounder preferred shares dividend reserve |
Equity | € 1,902,500,000 | |||||||||
Equity, beginning balance at Dec. 31, 2016 | € 1,800,700,000 | € 1,000,000 | € 493,400,000 | € 84,000,000 | € 8,400,000 | € (485,000,000) | € 1,902,500,000 | |||
Profit (loss) | 136,500,000 | 136,500,000 | 136,500,000 | |||||||
Other comprehensive (loss)/income for the year | (11,300,000) | (800,000) | (11,400,000) | 900,000 | (11,300,000) | |||||
Comprehensive income | 125,200,000 | (800,000) | (11,400,000) | 137,400,000 | 125,200,000 | |||||
Purchase of treasury shares | 177,100,000 | 177,100,000 | 177,100,000 | |||||||
Listing and share transaction costs | (500,000) | (500,000) | (500,000) | |||||||
Increase (decrease) through share-based payment transactions, equity | 2,600,000 | 2,600,000 | 2,600,000 | |||||||
Vesting of Non-Executive Restricted Stock award | (100,000) | 600,000 | (700,000) | (100,000) | ||||||
Total transaction with owners, recognized directly in equity | (175,100,000) | (177,000,000) | 1,900,000 | (175,100,000) | ||||||
Equity, ending balance at Dec. 31, 2017 | 1,623,700,000 | 2,900,000 | 493,400,000 | 83,200,000 | (3,000,000) | (347,600,000) | 1,852,600,000 | |||
Equity | 1,852,600,000 | |||||||||
Equity attributable to owners of the parent (restated) | 1,623,700,000 | 2,900,000 | 493,400,000 | 83,200,000 | (3,000,000) | (329,500,000) | 1,870,700,000 | |||
Equity (restated) | 1,870,700,000 | |||||||||
Fair value gain (loss) that would have been recognised in profit or loss or other comprehensive income if financial liabilities had not been reclassified as measured at amortised cost, initial application of IFRS 9 | 18,100,000 | 18,100,000 | 18,100,000 | |||||||
Profit (loss) | 170,500,000 | 171,200,000 | 171,200,000 | € (700,000) | ||||||
Other comprehensive (loss)/income for the year | 7,500,000 | 5,600,000 | 11,500,000 | (9,600,000) | 7,500,000 | |||||
Comprehensive income | 178,000,000 | 5,600,000 | 11,500,000 | 161,600,000 | 178,700,000 | (700,000) | ||||
Founder Preferred Shares Annual Dividend Amount | (120,800,000) | 120,800,000 | ||||||||
Listing and share transaction costs | 0 | |||||||||
Increase (decrease) through share-based payment transactions, equity | 13,000,000 | 13,000,000 | 13,000,000 | |||||||
Non controlling interest through acquisition of subsidiary | (100,000) | (100,000) | ||||||||
Vesting of Non-Executive Restricted Stock award | (200,000) | 600,000 | (800,000) | (200,000) | ||||||
Issue of equity | 100,000 | 3,400,000 | (3,300,000) | 100,000 | ||||||
Reclassification of awards for settlement of tax liabilities | (2,400,000) | (2,400,000) | (2,400,000) | |||||||
Total transaction with owners, recognized directly in equity | 10,400,000 | 124,800,000 | 6,500,000 | (120,800,000) | 10,500,000 | (100,000) | ||||
Equity, ending balance at Dec. 31, 2018 | 2,059,900,000 | 1,748,500,000 | 9,400,000 | 372,600,000 | 88,800,000 | 8,500,000 | (167,900,000) | 2,059,900,000 | ||
Equity | 2,059,100,000 | (800,000) | € 372,600,000 | |||||||
Equity attributable to owners of the parent (restated) | 1,748,500,000 | 9,400,000 | 372,600,000 | 88,800,000 | 8,500,000 | (136,600,000) | 2,091,200,000 | |||
Equity (restated) | 2,090,400,000 | |||||||||
Opening balance sheet restatement IFRS 16 | 31,300,000 | 31,300,000 | 31,300,000 | |||||||
Profit (loss) | 153,600,000 | 154,000,000 | 154,000,000 | (400,000) | ||||||
Other comprehensive (loss)/income for the year | (44,900,000) | 6,000,000 | (21,700,000) | (29,200,000) | (44,900,000) | |||||
Comprehensive income | 108,700,000 | 6,000,000 | (21,700,000) | 124,800,000 | 109,100,000 | (400,000) | ||||
Founder Preferred Shares Annual Dividend Amount | (2,500,000) | 2,500,000 | 0 | (2,500,000) | ||||||
Listing and share transaction costs | (11,100,000) | (11,100,000) | 0 | (11,100,000) | ||||||
Increase (decrease) through share-based payment transactions, equity | 14,900,000 | 14,900,000 | 14,900,000 | |||||||
Vesting of Non-Executive Restricted Stock award | (800,000) | 0 | (800,000) | (800,000) | ||||||
Issue of equity | 354,200,000 | 355,500,000 | (1,300,000) | 354,200,000 | ||||||
Reclassification of awards for settlement of tax liabilities | 400,000 | 400,000 | 400,000 | |||||||
Total transaction with owners, recognized directly in equity | 357,600,000 | 346,900,000 | 13,200,000 | (2,500,000) | 357,600,000 | 0 | ||||
Equity, ending balance at Dec. 31, 2019 | 2,557,900,000 | € 2,095,400,000 | € 22,600,000 | € 370,100,000 | € 94,800,000 | € (13,200,000) | € (11,800,000) | € 2,557,900,000 | ||
Equity | € 2,556,700,000 | € (1,200,000) | € 370,100,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of cash flows [abstract] | |||
Cash generated from operations before tax and exceptional items | € 376.9 | € 397.6 | € 358.5 |
Cash flows relating to exceptional items | (15.9) | (43.4) | (99.5) |
Tax paid | (45.6) | (32.9) | (65.2) |
Net cash flows from operating activities | 315.4 | 321.3 | 193.8 |
Cash flows from investing activities | |||
Purchase of business, net of cash acquired | (1.5) | (471.6) | 0 |
Purchase of property, plant and equipment and intangibles | (47.3) | (41.6) | (42.6) |
Purchase of investments | (25) | 0 | 0 |
Net cash used in investing activities | (73.8) | (513.2) | (42.6) |
Cash flows from financing activities | |||
Proceeds from issuance of Ordinary Shares | 354.1 | 0.1 | 0 |
Share issuance costs | (11.1) | 0 | 0 |
Proceeds from new loans and notes | 2 | 355.6 | 1,470.5 |
Repayment of loan principal | (22.2) | (5.9) | (1,469.5) |
Payments of lease liabilities, classified as financing activities | (21.8) | 0 | (1.6) |
Payment of financing fees | 0 | (2.6) | (16.7) |
Repurchase of ordinary shares | 0 | 0 | (177.6) |
Interest paid | (48.4) | (45.3) | (48.8) |
Interest received | 2.4 | 0.2 | 0.3 |
Other financing cash flows | (3.6) | 0.6 | 1.6 |
Net cash provided by/(used in) financing activities | 251.4 | 302.7 | (241.8) |
Net increase/(decrease) in cash and cash equivalents | 493 | 110.8 | (90.6) |
Cash and cash equivalents at beginning of period | 327.6 | 219.2 | 329.5 |
Effect of exchange rate fluctuations | 4.2 | (2.4) | (19.7) |
Cash and cash equivalents at end of period | 826.1 | 327.6 | 219.2 |
Cash and cash equivalents if different from statement of financial position | € 824.8 | € 327.6 | € 219.2 |
General information
General information | 12 Months Ended |
Dec. 31, 2019 | |
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 Limited (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 , Findus , Goodfella's and Aunt Bessie's . |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2019 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | Basis of preparation The consolidated financial statements of Nomad and its subsidiaries (the “Company” or “Nomad”) 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. References to "Iglo" or "Findus" refer to the groups of companies separately acquired by Nomad in June and November 2015, respectively. Impact of adoption of IFRS 16 On January 1, 2019, the Company adopted IFRS 16 Leases, which 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. The Company has applied the modified retrospective approach allowed by IFRS 16 and so comparative figures have not been restated. All right-of-use assets have been measured at the amount of the lease liability on adoption (adjusted for any prepaid or accrued lease expenses). The Company has also elected to apply the practical expedients in IFRS 16 for short-term leases and leases for which the underlying asset is of low value. The weighted-average incremental borrowing rate for lease liabilities initially recognized as of January 1, 2019, was 2.9% , with the exception of a significant lease of a cold store in Bjuv, Sweden for which a rate of 6.3% has been used to reflect the specific nature of the asset and length of the lease term. As a result of the adoption of this standard, the Company has capitalized eligible operating leases under the classification right-of-use assets within property, plant & equipment. The total amount capitalized on transition is €83.9 million . The discounted present value of lease payments has also been recognized as a lease payable of €120.8 million . As a consequence of transition, the onerous lease recognized in relation to a factory and cold store in Bjuv, Sweden as presented in Note 24 of €66.9 million has been released as an adjustment to opening equity attributable to the parent as at January 1, 2019. The value of the right-of-use-asset recognized in relation to this lease has been subject to an impairment review on transition so that the value of the asset recognized is €35.6 million less than the lease payable. The net effect of these two adjustments of €31.3 million has been recognized as an increase in equity attributable to the parent. Payments for leases recognized in the Statement of Financial Position have become financing cash flows. As a result, the Company has seen a reduction in operating cash outflows, with a corresponding increase in financing cash outflows, based on leases in place as of the transition date. Within the Statement of Profit or Loss, a straight-line depreciation expense on the right-of-use-asset over the life of the lease and a front-loaded interest expense on the lease payable has replaced the operating lease expense. The actual impact of IFRS 16 on our profits depends not only on the lease agreements in effect at the time of adoption but also on new lease agreements entered into or terminated in 2019. The profit before tax for the year ended December 31, 2019, has been negatively impacted by €2.8 million as a result of adopting the new rules. Adjusted EBITDA for the year ended December 31, 2019, has increased by €17.7 million as the operating lease expenses were previously included within Adjusted EBITDA but the depreciation on the right-of-use-asset for the year ended December 31, 2019, of €16.1 million as well as the interest on the lease liability are excluded. The impact of IFRS 16 adversely impacted EPS by € 0.01 . Summary of adjustments to the Statement of Financial Position arising from application of IFRS 16 as of January 1, 2019: Opening balance as reported Transition adjustments Opening balance IFRS 16 €m €m €m Property, plant and equipment 348.8 83.9 432.7 Current loans and borrowings (21.4 ) (20.4 ) (41.8 ) Non-current loans and borrowings (1,742.9 ) (100.4 ) (1,843.3 ) Current provisions (44.3 ) 3.6 (40.7 ) Non-current provisions (69.4 ) 63.3 (6.1 ) Trade and other payables — 1.3 1.3 Accumulated deficit reserve 167.9 (31.3 ) 136.6 Reconciliation from operating lease commitments to lease liability On adoption of IFRS 16, the group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 2019. €m Operating lease commitments disclosed as at December 31, 2018 181.6 Discounted using the incremental borrowing rate at January 1, 2019 (54.9 ) Less: short-term and low value leases recognized on a straight-line basis as expense (2.0 ) Less: contracts assessed as service agreements (8.1 ) Add: adjustments as a result of a different treatment of extension and termination options 4.2 Lease liability as at January 1, 2019 120.8 Amended standards early adopted The Company has elected to early adopt the ‘Amendments to IAS 39 and IFRS 7 Interest Rate Benchmark Reform’ issued in September 2019. In accordance with the transition provisions, the amendments have been adopted retrospectively to hedging relationships that existed at the start of the reporting period and to the amount accumulated in the cash flow hedge reserve at that date. The amendments provide temporary relief from applying specific hedge accounting requirements to hedging relationships directly affected by IBOR reform. The reliefs have the effect that IBOR reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness continues to be recorded in the Statement of Profit or Loss. In summary, the reliefs provided by the amendments that apply are: • When considering the ‘highly probable’ requirement, the Company has assumed that the LIBOR interest rate on which our hedged debts are based does not change as a result of IBOR reform. • In assessing whether the hedge is expected to be highly effective on a forward-looking basis, the Company has assumed that the LIBOR interest rate on which the cash flows of the hedged debt and the interest rate swap that hedges it are based is not altered by IBOR reform. • The Company will not discontinue hedge accounting during the period of IBOR-related uncertainty solely because the retrospective effectiveness falls outside the required 80-125% range. • The Company has not recycled the cash flow hedge reserve relating to the period after the reforms are expected to take effect. Note 33 provides the required disclosures of the uncertainty arising from IBOR reform for hedging relationships for which the reliefs have been applied. Other The Company’s financial statements and notes are presented in the reporting currency of millions of Euros. All financial information has been rounded to the nearest €0.1 million, except where otherwise indicated. The consolidated financial statements were approved for issuance by the Board of Directors of Nomad Foods Limited on February 25, 2020. 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, 2019 | |
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. Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. 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 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. Where the Company owns less than a 100 per cent interest in a subsidiary, a non-controlling interest is recognized. The carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance. 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, 2019 of £1:€1.17 ( December 31, 2018 : £1:€1.11 , December 31, 2017 : £1:€1.13 ). 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 not monitored below the operating segment. Goodwill is not amortized but is tested annually for impairment. 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 Goodfella's and Aunt Bessie's brands have been established for over 20 years, with the Birds Eye , Iglo and Findus brands established for over 50 years , the Directors consider that the brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. Brands that are deemed to not have an indefinite life are being amortized by equal monthly installments within other operating expenses over the course of their remaining useful economic life. 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 As a result of the adoption of IFRS 16, the Company has changed its accounting policy for leased assets. Until December 31, 2018, leases of property, plant and equipment where the Company, as a lessee, has substantially all the risks and rewards of ownership were classified as finance leases and all others as operating leases. The Company leases various properties, equipment and cars. Since January 1, 2019, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a contract contains both lease and non-lease components, the Group has elected to account for the contract as a single lease. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is classified within property, plant and equipment and is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are presented within loans and borrowings and include the net present value of expected lease payments, including those from extension options if the Company reasonably expects to exercise them. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, otherwise the Company’s incremental borrowing rate is used. Right-of-use assets are measured at cost comprising the amount of the lease liability, adjusted for payments made or received before the commencement date, initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise IT equipment and small items of office furniture. 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 of this note. 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 has concluded its 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 and expects to recover the amount due during 2020. 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 amounts due from customers for goods sold when control of the products has transferred, being when the products are delivered in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. The Company holds the trade receivables with the objective of collecting the contractual cash flows and so they are subsequently measured at amortized cost using the effective interest method, less any loss allowance. Since trade receivables are due within one year, this equates to initial carrying value less any loss allowance. To assist in managing operating cash flow, we may enter into non-recourse factoring arrangements with certain receivables whereby we sell specific account receivables on a true sale basis to one or more external financial institutions. These trade receivables are sold on a true sale basis when we have surrendered control over the related assets. Up to the point of sale, these receivables are treated as held for sale and measured at fair value through Profit or Loss. Under the terms of the contractual arrangements, the Company may continue to collect the cash from the customer receivables sold, albeit acting solely as a collecting agent on behalf of the purchaser of receivables. Any cash received from customers which is due to be paid to the agent is presented as a financial liability in the Statement of Financial Position and as a financing activity within the Statement of Cash Flows. Factoring fees associated with the sale of factored receivables were minimal for the year ended December 31, 2019 (December 31, 2018: €0.5 million , December 31, 2017: minimal). See Note 18. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Trade receivables are grouped by days past due. Expected loss rates are based on historical credit losses experienced in each market as well as forward looking information where this is significant. Trade receivables are written off when there is no reasonable expectation of recovery. Appropriate allowances for expected credit losses and estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss. Trade receivables are presented net of associated contract liabilities, referred to as 'trade terms'. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and deposits and are measured at amortized cost. Deposits held in money market funds are measured at fair value through Profit or Loss as the cash flows do not only represent principal and interest. 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 accounting relationship, 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 all financial derivative instruments (including but not limited to forward foreign exchange contracts, currency swaps and cross currency interest rates swaps), is determined per market standard using forward foreign exchange and interest rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps can be entered into in order to mitigate perceived risks to foreign exchange translation risk and interest rate risk. The Company applies the hedge accounting requirements of IAS 39 to all hedging relationships. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the cash flow of a recognized asset or liability, (including 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, exercised or otherwise terminated, 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. vi) Short-term investments The Company invests surplus cash positions in short-term investments to manage liquidity and credit risk. Short‐term investments are held within managed investment funds and are measured at fair value. All changes in fair value are recognized immediately in the Consolidated Statement of Profit or Loss. The short-term investments are held within managed investment funds which invest in supply chain financing receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A. Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. 3.14 Revenue from contracts with customers The Company manufactures and sells a range of frozen foods to retail, wholesale and Food Service markets. Revenue is recognized when control of the products has transferred, being when the products are delivered to the customer in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. A provision for product return allowances, which is estimated based upon the Company’s historical performance and management’s experience, is recorded as a reduction of sales in the same period that the revenue is recognized. Revenue excludes sales taxes and intra-company sales. Products are often sold with variable pricing arrangements, including payment discounts, trade promotions and slotting fees. Discounts given by the Company include rebates, price reductions and incentives to customers, promotional couponing and trade communication costs. Trade promotions consist of pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. Certain retailers require the payment of slotting fees to obtain space for the Company’s products on the retailers’ store shelves. Where variable pricing arrangements are in place, revenue is only recognized to the extent that it is highly probable that the amount recognized is unlikely to be reversed. Accumulated experience is used to estimate and provide for the discounts. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Accruals for expected pay-outs under these programs are collectively known as ‘trade terms’ and are included within trade and other receivables or within trade and other payables in the Consolidated Statement of Financial Position. No element of financing is deemed present as the sales are made in line with market practice and accruals are typically settled within twelve months of the sale. 3.15 Share based payments The Nomad Foods Long-term Incentive Plan known as the (the "Management Share Awards"), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the Management Share Awards 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 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 8(b) for further information on the Company’s share-based payment arrangements and details of the valuation model used. 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 associated with short-term leases, leases of low-value assets, variable lease payments and leases assessed as service agreements are recognized on a straight-line basis as an expense in profit or loss and presented as "operating leases". 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 exceptional, 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, implementation of strategic opportunities 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 in Other Comprehensive Income, in which case it is recognized within the Statement of Other Comprehensive Income. 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 uncer |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2019 | |
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 judgment in applying the accounting policies and estimation. Significant judgments are made in the process of applying accounting policies for Business Combinations that have a significant effect on the amounts reported in the consolidated financial statements. 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. Information about accounting estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements is as follows: a) Discounts and trade promotions 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. Trade promotions comprise of amounts paid to retailers for programs designed to promote Company products and include pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. The ultimate costs of these programs can depend upon retailer performance and is the subject of significant management estimates. The estimated ultimate cost of the program is based upon the programs offered, timing of those offers, estimated retailer performance based on history, management’s experience and current economic trends. At each financial year end date, any discount or trade promotion expense incurred but not yet invoiced is estimated and accrued for. In certain cases, the estimate for discounts and trade promotions requires the use of forecast information for future trading periods and therefore a degree of estimation uncertainty exists. These estimates are sensitive to variances between actual results and forecasts. The estimate is based on accumulated experience and the principle that revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. The accruals are presented as ‘trade terms’ and offset against trade receivables due to the same customer, or as trade term payables where there is no receivable to be offset. The balance of the reduction in trade receivables for trade terms as of December 31, 2019 is disclosed in Note 18 and the balance classified as a trade term payable is disclosed in Note 22. Management use judgment when considering when accruals can be released. 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 an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable estimation 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 estimates and assumptions can materially affect our financial position and profit: • The fair value and expected useful economic life of acquired intangible and tangible assets that are subject to depreciation or amortization in future periods. • Future changes to the assumptions over forecast future profitability used in estimating the value of intangible assets and goodwill may result in additional expenses or income. • Future changes to the assumptions used in estimating the value of uncertain tax positions 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 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) 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. g) 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, 2019 | |
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. The CODM primarily uses (“Adjusted EBITDA”), disclosed in Note 3.19, as the key measure of the segment’s results, which is considered non-IFRS financial information. Segment Adjusted EBITDA Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Profit for the period 153.6 170.5 136.5 Taxation 56.7 56.6 32.0 Net financing costs 73.2 56.0 74.4 Depreciation and amortization 68.3 46.3 42.4 EBITDA 351.8 329.4 285.3 Acquisition purchase price adjustments — 5.7 — Exceptional items 7 54.5 17.7 37.2 Other add-backs 25.7 23.6 5.6 Adjusted EBITDA 432.0 376.4 328.1 Acquisition purchase price adjustments relate to the reversal of the non-cash increase applied to inventory acquired in business combinations to value it at fair value as opposed to cost. Other add-backs include the elimination of share-based payment expense and related employer payroll expense of €22.4 million (2018: €14.7 million , 2017: €2.6 million ) and elimination of non-operating M&A related costs, professional fees and transaction costs of €3.3 million (2018: €8.9 million , 2017: €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 Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m United Kingdom 712.5 585.4 411.9 Italy 394.1 383.6 371.4 Germany 329.6 310.2 300.3 Sweden 175.7 192.7 208.0 France 176.6 174.1 170.0 Norway 120.4 122.5 123.3 Austria 108.2 102.4 96.7 Spain 79.5 76.7 81.2 Rest of Europe 227.7 225.2 193.8 Total external revenue by geography 2,324.3 2,172.8 1,956.6 Non-current assets by geography December 31, 2019 December 31, 2018 €m €m United Kingdom 131.3 141.5 Germany 124.9 121.8 Italy 68.2 52.5 Sweden 51.1 26.5 Norway 29.6 14.3 France 17.2 17.0 Rest of Europe 56.0 52.4 Total non-current assets by geography 478.3 426.0 Non-current assets exclude deferred tax assets, goodwill and brands which are not bound to one geographical area and as explained in Note 2, as of January 1, 2019, include leased assets resulting in a significant increase in the year ended December 31, 2019 . |
Operating profit_(loss)
Operating profit/(loss) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Operating profit/(loss) | Operating profit Operating profit is stated after charging: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Staff costs 8 308.6 299.7 257.4 Depreciation of property, plant and equipment (1) 12 59.7 39.3 35.9 Impairment of property, plant and equipment 12 0.1 — 0.3 Amortization of software and brands 13 8.6 7.0 6.5 Operating lease charges (1) 4.5 18.5 15.0 Exchange (gains)/losses (14.6 ) 2.9 (1.2 ) Research & development expenditure 18.9 15.5 15.4 Inventories recognized as an expense within cost of goods sold 1,536.0 1,410.0 1,273.3 (1) As a result of the adoption of IFRS 16 Leases on January 1, 2019, which is explained in Note 2, the majority of leases have been capitalized and are being depreciated. Expenses relating to leases that are not capitalized continue to be shown within Operating Profit. |
Exceptional items
Exceptional items | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items are made up as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Implementation of strategic opportunities (1) — — 18.8 Supply chain reconfiguration (2) (3.6 ) 1.2 14.0 Findus Group integration expenses (3) 3.5 10.4 15.1 Expenses related to transactions (4) — — 3.2 Brexit (5) 1.6 — — Goodfella's Pizza & Aunt Bessie's integration expenses (6) 12.5 8.3 — Factory optimization (7) 5.7 1.6 — Settlement of legacy matters (8) (9.2 ) (3.8 ) (5.6 ) Release/remeasurement of indemnification assets (9) 44.0 — (8.3 ) Total exceptional items 54.5 17.7 37.2 We do not consider these items to be indicative of our ongoing operating performance. (1) Implementation of strategic opportunities In the year ended December 31, 2017 , the Company incurred expenses 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. (2) Supply chain reconfiguration Supply chain reconfiguration relates to activities associated with the closure of the Bjuv manufacturing facility in Sweden which ceased production in 2017. The income of €3.6 million in the year ended December 31, 2019 ( 2018 : charge of €1.2 million , 2017: charge of €14.0 million ) includes income on sale of the agricultural land which completed in May 2019 and the finalization of consideration received for the sale of the industrial property which completed in 2018. Costs in prior years relate to the closure and relocation of production and have been partially offset by income from the disposal of tangible assets. (3) Findus Group integration expenses Following the acquisition of the Findus Group on November 2, 2015, the Company initiated a substantial integration project. Expenses of €3.5 million have been incurred in the year ended December 31, 2019 (2018: €10.4 million , 2017: €15.1 million ). Expenses incurred since 2017 primarily relate to the roll-out of the Nomad ERP system which completed in 2019. (4) Expenses related to transactions The expense for the year ended December 31, 2017 relates to enhanced control compliance procedures in territories following the acquisition of the Iglo Group. (5) Brexit With the uncertainty of the United Kingdom exiting the European Union, commonly referred to as Brexit, we have begun preparations for the potential adverse impacts of Brexit to our supply chain, such as tariffs and delays at ports of entry and departure. (6) Goodfella's Pizza & Aunt Bessie's integration costs Following the acquisition of the Goodfella’s pizza business in April 2018 and the Aunt Bessie's business in July 2018, the Company has initiated an integration project. (7) Factory optimization In 2018, the Company initiated a three-year factory optimization program. The focus of the program is to develop a new suite of standard manufacturing and supply chain processes, that will provide a single network of optimized factories. The program is expected to provide a number of benefits, including an optimized supply chain infrastructure, benefits derived from the implementation of a standardized global manufacturing and planning processes, and an increased level of sustainable performance improvement. (8) Settlement of legacy matters A net income of €9.2 million has been recognized associated with the release of acquired tax liabilities relating to periods prior to acquisition by the Company. Net income of €3.8 million was recognized in the year ended December 31, 2018 . This includes an income of €2.7 million recognized on settlement of contingent consideration for the La Cocinera acquisition and net income of €0.7 million associated with settlements of tax audits. Net income of €5.6 million were recognized in the year ended December 31, 2017 . This 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. (9) Release/remeasurement of indemnification assets The charge in 2019 relates to the release of shares held in escrow as part of the consideration on the acquisition of the Findus Group, as discussed in Note 19. The charge in 2017 relates to the remeasurement of the indemnification asset following a movement in the value of shares that are held in escrow, which are limited to the value at which the asset was originally recognized, as well as the release of indemnification assets associated with the acquisition of the Iglo Group. Tax impact of exceptional items The tax impact of the exceptional items amounts to a credit of €3.1 million in the year ended December 31, 2019 ( year ended December 31, 2018 : €3.2 million , year ended December 31, 2017 : €13.8 million ). Cash flow impact of exceptional items Included in the Consolidated Statements of Cash Flows for the year ended December 31, 2019 is €15.9 million ( year ended December 31, 2018 : €43.4 million , year ended December 31, 2017 : €99.5 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, 2019 | |
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: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Production 3,308 2,915 2,285 Administration, distribution & sales 1,448 1,510 1,572 Total number of employees 4,756 4,425 3,857 The increase in the average number of employees in the table above for the year ended December 31, 2019 compared with the year ended December 31, 2018 is primarily due to the acquisitions of Goodfella's and Aunt Bessie's in 2018. 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. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Wages and salaries 250.4 240.6 200.8 Social security costs 45.2 46.0 42.0 Other pension costs 13.0 13.1 14.6 Total payroll costs 308.6 299.7 257.4 (b) Share based payments 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. 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 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 Non-Executive Directors restricted share awards granted on June 19, 2017, which consisted of 53,498 shares at a share price of $14.38 , vested on June 14, 2018 and were issued at a share price of $17.94 , resulting in a €0.2 million increase in the share based compensation reserve. Of the total 53,498 number of shares vesting, 12,312 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 19, 2018, which consisted of 32,172 shares at a share price of $18.07 , vested on June 14, 2019 and were issued at a share price of $20.74 , resulting in a €0.1 million increase in the share based compensation reserve. Of the total 44,272 number of shares vesting, 12,100 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On June 14, 2019, after the Company's annual general meeting of shareholders, the current Non-Executive Directors were granted 39,370 restricted share award at a share price of $20.32 . In July 2019, following the resignation of a Non-Executive Director, 2,460 shares were vested and issued. The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or Loss for the year ended December 31, 2019 for stock compensation awards was €0.9 million ( year ended December 31, 2018 : €0.9 million ; year ended December 31, 2017 : €0.8 million ). Director and Senior Management Share Awards As part of its long term incentive initiatives, the Company has outstanding awards over 4,518,964 ordinary shares granted to certain members of its management team (the “Management Share Awards”) as of the following four award dates: January 1, 2016 Award January 1, 2017 Award January 1, 2018 Award January 1, 2019 Award Total Number of awards outstanding at January 1, 2019 3,025,953 1,015,000 583,700 — 4,624,653 New awards granted in the period — — — 166,427 166,427 Awards vested and issued in the period — (85,315 ) — — (85,315 ) Forfeitures in the period (60,439 ) (91,562 ) (34,800 ) — (186,801 ) Number of awards outstanding at December 31, 2019 2,965,514 838,123 548,900 166,427 4,518,964 The 2016, 2017 and 2018 awards have vesting conditions based on cumulative EBITDA performance and over four years and Company share price performance over two to five years. During 2019, the Compensation Committee of the Board of Directors amended the targets for these awards resulting in a revaluation of the awards reflected in the expense taken in 2019. The share price and EBITDA performance conditions are weighted 50% each per award. • For the 2016 award, the initial two -year period is through to January 1, 2018 and the subsequent revised three -year period is through to January 1, 2021. • For the 2017 award, the initial two -year period is through to January 1, 2019 and the subsequent two -year period is through to January 1, 2021. • For the 2018 award, the initial two -year period is through to January 1, 2020 and the subsequent revised three -year period is through to January 1, 2023. If the revised respective four-year cumulative EBITDA Performance Condition is satisfied, up to 50% of such award will vest on January 1, 2020, 2021 and 2022, respectively, as the case may be. The incremental fair value granted as a result of the modifications made to the January 1, 2016 and 2017 awards was $9.9 million ( €8.7 million ), $1.1 million ( €1.0 million ), respectively. There was no incremental fair value on modification for the January 1, 2018 award. In September 2019, 166,427 restricted share awards were granted as part of the 2019 Management Share Award. The performance period associated with the award began as of January 1, 2019. The 2019 awards have vesting conditions based on three-year cumulative EBITDA and net sales, and Company share price performance measures. One third of the total share award is assigned to each type of performance measure. All shares are subject to a holding period of an additional year and require that the participants to the scheme are still actively employed during the entire four year period, through January 1, 2023. In September 2018, 294,810 restricted shares granted as part of the 2016 Management Share Awards vested based on share price performance, resulting in the issuance of 181,054 ordinary shares in October 2018 (net of 113,756 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In January 2019, 85,315 restricted shares granted as part of the 2017 Management Share Awards vested based on share price performance, resulting in the issuance of 51,932 ordinary shares (net of 33,383 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). The stock compensation charge reported within the Consolidated Statement of Profit or Loss for the year ended December 31, 2019 related to the director and senior management share awards is €14.0 million ( year ended December 31, 2018 : €12.1 million : year ended December 31, 2017 : €1.8 million ). 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. Following the revisions to the EBITDA Performance Conditions and benchmark market share price targets described above, and the addition of the January 1, 2019 scheme, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are now as follows: January 1, 2016 award January 1, 2017 award January 1, 2018 award January 1, 2019 award Revised grant date price $ 16.72 $ 16.72 $ 16.72 $ 20.15 Exercise price $ — $ — $ — $ — Expected life of restricted share 1.00 - 2.00 years 2.00 years 1.5 - 4.00 years 4.00 years Expected volatility of the share price 22.6 % 22.6 % 22.7 % 24.0 % Dividend yield expected — % — % — % — % Risk free rate 2.65 % 2.65 % 2.55 % 1.33 % Employee exit rate 6.0 % 14.0 % 14.0 % 14.0 % EBITDA Performance Target Condition 93.0 % 72.0 % 35.0 % 35.0 % The expected volatility of the share price inputs above 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 four years. Based on the revised assessment in the current period of fair value and the number of shares expected to vest, the total fair values in respect of the Restricted Shares are: • 2016 award - $28.2 million ( €24.7 million ) • 2017 award - $5.2 million ( €4.6 million ) • 2018 award - $1.6 million ( €1.3 million ) • 2019 award - $1.4 million ( €1.2 million ) Initial Director Options In 2014, certain 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. The awards were valued at issuance and expensed during the two years ended April 1, 2016. In June 2018, a former Non-Executive Director exercised 9,375 of 125,000 initial options granted to them for €0.1 million . Throughout 2019, former Non-Executive Directors exercised a further 56,250 of the 125,000 initial options granted to them for €0.6 million . The remaining 59,375 options expire on May 31, 2020. The awards are exercisable within a 5 year period, which commenced on the trading day immediately following the Iglo Group acquisition on June 1, 2015. |
Directors and Key Management co
Directors and Key Management compensation | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Directors and Key Management compensation | Directors and Key Management compensation Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Short-term employee benefits 2.8 3.3 2.0 Share-based payment expense 7.6 6.3 1.4 Termination benefits — 0.1 0.4 Non-Executive Director fees 0.4 0.4 0.3 Total Directors' and executive officers' compensation 10.8 10.1 4.1 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. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 3 2 Share based payment schemes 2 3 2 |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Interest income 2.5 0.2 0.2 Net fair value gains on derivatives held at fair value through profit or loss — 1.4 7.0 Finance income 2.5 1.6 7.2 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) (79.0 ) (64.4 ) (54.0 ) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 21.8 14.6 3.9 Net pension interest costs (3.8 ) (3.8 ) (3.6 ) Amortization of borrowing costs (2.0 ) (1.5 ) (2.7 ) Net foreign exchange losses on translation of financial assets and liabilities (3.9 ) (0.3 ) (3.9 ) Interest on unwinding of discounted items — (1.1 ) (1.2 ) Net fair value losses on derivatives held at fair value through profit or loss (8.8 ) — — Financing costs incurred in amendment of terms of debt (2) — (1.1 ) (20.1 ) Finance costs (75.7 ) (57.6 ) (81.6 ) Net finance costs (73.2 ) (56.0 ) (74.4 ) (1) Following the adoption of IFRS 16 Leases on January 1, 2019, this caption includes the unwinding of discounting on lease liabilities. (2) 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, 2019 | |
Income Taxes [Abstract] | |
Taxation | Taxation Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (66.4 ) (63.9 ) (37.5 ) Adjustments in respect of prior periods — 2.8 3.2 (66.4 ) (61.1 ) (34.3 ) Deferred tax income/(expense) Origination and reversal of temporary differences 9.7 4.5 (2.1 ) Impact of change in tax rates — — 4.4 16 9.7 4.5 2.3 Total tax expense (56.7 ) (56.6 ) (32.0 ) Reconciliation of effective tax rate: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, €m €m €m Profit before tax 210.3 227.1 168.5 Tax charge at the standard UK corporation tax rate 19% (2018: 19%; 2017: 19.25%) (39.9 ) (43.2 ) (32.5 ) Difference in tax rates (11.9 ) (14.8 ) (10.0 ) Non tax deductible interest 0.6 — 4.4 Other income and expenses not taxable or deductible (1.2 ) 5.3 16.8 Unrecognized tax assets (0.9 ) 0.6 (19.3 ) Provisions for uncertainties (3.4 ) (7.3 ) 1.0 Impact of change in deferred tax rates — — 4.4 Prior period adjustment — 2.8 3.2 Total tax expense (56.7 ) (56.6 ) (32.0 ) Effective tax rates Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The effective tax rate for the year ended December 31, 2019 was 27.0% ( year ended December 31, 2018 : 24.9% ). The change is principally caused by higher tax rates applied to profits in other jurisdictions and by an increase in non deductible expenses. 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, and are in different stages with respect to assessments appeals and refunds. The Company actively seeks to manage the associated risks by proactively engaging with tax authorities and applying for Advanced Pricing Agreements where appropriate. 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, including releases of provisions when those exposures become time-barred. Notwithstanding this, 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. As of December 31, 2019, the current tax payable of €217.2m and deferred tax assets of €96.4m includes provisions for tax uncertainties of €137.8m . As of December 31, 2018, the current tax payable of €201.2m and deferred tax assets of €68.7m included provisions for tax uncertainties of €135.9m . Following the enactment of the Finance Act 2016, the standard rate of corporation tax in the UK is 19% for 2019 ( 2018 : 19% ). The standard rate of corporation tax in the UK reduced from 20% to 19% with effect from April 1, 2017 and was due to 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 UK government has indicated that this further reduction will not now take place, the impact of which will be reflected in the financial statements once it is substantially enacted. The tax (credit)/charge relating to components of other comprehensive income is as follows: Before tax Tax credit After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7 ) 29.2 Net investment hedge (6.0 ) — (6.0 ) Cash flow hedges 27.3 (5.6 ) 21.7 Other comprehensive loss/(income) 57.2 (12.3 ) 44.9 Current tax — Deferred tax 16 (12.3 ) (12.3 ) Before tax Tax (credit)/ charge After tax Year ended December 31, 2018 Note €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3 ) 9.6 Net investment hedge (5.6 ) — (5.6 ) Cash flow hedges (15.5 ) 4.0 (11.5 ) Other comprehensive (income)/loss (8.2 ) 0.7 (7.5 ) Current tax — Deferred tax 16 0.7 0.7 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/(income) 14.3 (3.0 ) 11.3 Current tax — Deferred tax 16 (3.0 ) (3.0 ) Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2019 December 31, 2018 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 23.0 (29.3 ) (6.3 ) 15.6 (28.0 ) (12.4 ) Intangible assets 0.4 (357.0 ) (356.6 ) 0.3 (354.4 ) (354.1 ) Employee benefits 40.2 (0.4 ) 39.8 30.0 (0.4 ) 29.6 Tax value of loss carry forwards 20.7 — 20.7 19.1 — 19.1 Derivative financial instruments 3.2 (0.3 ) 2.9 — (2.5 ) (2.5 ) Other 8.9 (11.2 ) (2.3 ) 3.7 (6.8 ) (3.1 ) Tax assets/(liabilities) 96.4 (398.2 ) (301.8 ) 68.7 (392.1 ) (323.4 ) 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 €70.3 million ( December 31, 2018 : €66.3 million ). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. The aggregate deferred tax relating to items that have been credited directly to equity is €12.3 million ( December 31, 2018 : debit of €0.7 million ). Movement in deferred tax during the year: Opening balance Jan 1, 2019 Recognized Recognized Movement Closing balance Dec 31, 2019 €m €m €m €m €m Property, plant and equipment (12.4 ) 6.3 — (0.2 ) (6.3 ) Intangible assets (354.1 ) (2.5 ) — — (356.6 ) Employee benefits 29.6 3.5 6.7 — 39.8 Tax value of loss carry forwards 19.1 1.6 — — 20.7 Derivative financial instruments (2.5 ) — 5.6 (0.2 ) 2.9 Other (3.1 ) 0.8 — — (2.3 ) Total deferred tax (323.4 ) 9.7 12.3 (0.4 ) (301.8 ) Opening balance Jan 1, 2018 Opening balance restatement due to IFRS 9 transition Acquired in business combinations Recognized in Statement of Profit or Loss Recognized in Other Comprehensive Income Movement in foreign exchange Closing balance Dec 31, 2018 €m €m €m €m €m €m €m Property, plant and equipment (15.2 ) — — 3.2 — (0.4 ) (12.4 ) Intangible assets (295.0 ) — (59.3 ) 0.2 — — (354.1 ) Employee benefits 28.2 — — (1.5 ) 3.3 (0.4 ) 29.6 Tax value of loss carry forwards 15.6 — — 3.5 — — 19.1 Derivative financial instruments 1.4 — — 0.1 (4.0 ) — (2.5 ) Other 1.6 (3.7 ) — (1.0 ) — — (3.1 ) Total deferred tax (263.4 ) (3.7 ) (59.3 ) 4.5 (0.7 ) (0.8 ) (323.4 ) |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets and goodwill [abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Brands Computer software Customer relationships Total €m €m €m €m €m Cost Balance at December 31, 2017 1,745.6 1,688.9 18.3 31.0 3,483.8 Acquisitions through business combinations 115.4 362.2 1.1 — 478.7 Additions — — 6.6 — 6.6 Effect of movements in foreign exchange — — (0.6 ) — (0.6 ) Balance at December 31, 2018 1,861.0 2,051.1 25.4 31.0 3,968.5 Acquisitions through business combinations 1.9 — — — 1.9 Additions — — 4.8 — 4.8 Disposals — — (0.1 ) — (0.1 ) Effect of movements in foreign exchange — — (0.3 ) — (0.3 ) Balance at December 31, 2019 1,862.9 2,051.1 29.8 31.0 3,974.8 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2017 — 1.5 7.5 4.8 13.8 Amortization — 1.2 3.6 2.2 7.0 Effect of movements in foreign exchange — — (0.5 ) — (0.5 ) Balance at December 31, 2018 — 2.7 10.6 7.0 20.3 Amortization — 1.7 4.7 2.2 8.6 Effect of movements in foreign exchange — — (0.1 ) — (0.1 ) Balance at December 31, 2019 — 4.4 15.2 9.2 28.8 Net book value December 31, 2017 1,745.6 1,687.4 10.8 26.2 3,470.0 Net book value December 31, 2018 1,861.0 2,048.4 14.8 24.0 3,948.2 Net book value December 31, 2019 1,862.9 2,046.7 14.6 21.8 3,946.0 Amortization of €8.6 million ( December 31, 2018 : €7.0 million ; December 31, 2017 : €6.5 million ) is included in ‘other operating expenses’ in the Consolidated Statement of Profit or Loss. 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 2020 to 2022. The trends in these forecasts have been extrapolated to produce 2023 and 2024 forecast cash flows. Beyond 2024 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. • Revenue: projected revenues are built up with reference to markets and product platforms. They incorporate past performance, historical growth rates and projections of developments in key markets. • Profit margins: projected margins reflect historical performance. • Capital expenditure forecast includes an allowance for the replacement of leased right-of-use assets. • Discount rate: a pre-tax discount rate of 7.1% ( 2018 : 8.2% ) 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: the growth rate used in the testing after the detailed forecasting period was 1.0% (2018: 1.0% ). 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, 2019 , or December 31, 2018 . 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, 2019 | |
Business Combinations1 [Abstract] | |
Acquisitions | Purchase consideration - cash outflow Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Outflow of cash to acquire subsidiary, net of cash acquired €m €m €m Cash consideration — 474.9 — Less cash acquired — (9.8 ) — Contingent consideration paid related to acquisitions 24 1.5 6.5 — Net outflow of cash - investing activities 1.5 471.6 — Acquisitions (a) Goodfella’s Pizza On April 21, 2018, the Company completed its acquisition of all of the share capital of Green Isle Foods Limited (“Goodfella’s Pizza”) for £209.7 million ( €239.0 million ), including post-acquisition working capital and net debt adjustments. Goodfella’s Pizza (legal entity subsequently renamed Birds Eye Pizza Limited and then Birds Eye Ireland Limited), is a pizza producer based in Ireland that complements our existing business model. The purchase price allocation exercise over the assets and liabilities of Birds Eye Pizza Limited/Birds Eye Ireland Limited at the date acquisition and the consideration paid, was finalized on April 20, 2019, without any changes to the provisional estimates reported as at December 31, 2018. These were as follows: April 21, 2018 €m Assets: Intangible assets 158.0 Property, plant and equipment 33.2 Current assets 7.5 Inventories 10.7 Deferred tax assets 0.9 Total assets 210.3 Liabilities: Current liabilities 31.2 Deferred tax liabilities 22.6 Total liabilities 53.8 Total identifiable net assets acquired 156.5 Total purchase consideration 239.0 Total identifiable net assets acquired (156.5 ) Goodwill 82.5 Goodwill recognized on acquisition is €82.5 million . The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (b) Toppfrys AB Effective March 2, 2018, the Company acquired a 60% stake of the outstanding share capital of Toppfrys AB, a pea processing business in Sweden that complements our existing business model. The Company paid €1.7 million (SEK 17.0 million ) for the equity share acquired and subsequently provided loans of €1.5 million (SEK 13.6 million ), bringing the total payments to €3.2 million (SEK 30.6 million ). The Company had consolidated the business and has recognized a 40% non-controlling interest as it was determined to have control based on an assessment of the acquired business. The shareholder arrangements include a put option for the non-controlling interest to sell their remaining shares from 2020 and call options for the Company to acquire the remaining shares from 2022. The purchase price allocation exercise for the acquisition was finalized on March 1, 2019, valuing the 60% stake of net liabilities acquired were valued at €0.1 million and resulting in goodwill recognized of €1.8 million . The Company believes the future value of goodwill will be obtained through its market position in Sweden. On December 29, 2018, the Company increased its stake in Toppfrys AB to 81% , acquiring newly issued shares for consideration of €3.0 million (SEK 30.7 million ). The shares were settled in exchange for loans payable by the subsidiary to another wholly owned subsidiary. The Company continues to consolidate the business and has recognized a 19% non-controlling interest from this date. (c) Aunt Bessie's On July 2, 2018, the Company completed its acquisition of all the share capital of Aunt Bessie’s Limited (“Aunt Bessie's”) from William Jackson & Son Limited for a purchase price of £209.0 million ( €235.9 million ). Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. The purchase price allocation exercise over the assets and liabilities of Aunt Bessie's Limited at the date of acquisition and the consideration paid, was finalized on July 1, 2019. An adjustment of €1.9 million has been recognized in the year to recognize pre-acquisition related liabilities. The consideration paid is the same as that reported as at December 31, 2018. These were as follows: July 2, 2018 €m Assets: Intangible assets 205.3 Property, plant and equipment 23.1 Current assets 19.5 Inventories 13.2 Total assets 261.1 Liabilities: Current liabilities 20.6 Deferred tax liabilities 37.6 Total liabilities 58.2 Total identifiable net assets acquired 202.9 Total purchase consideration 235.9 Total identifiable net assets acquired (202.9 ) Goodwill 33.0 Goodwill recognized on acquisition is €33.0 million . The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (d) Purchase consideration - cash outflow Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Outflow of cash to acquire subsidiary, net of cash acquired €m €m €m Cash consideration — 474.9 — Less cash acquired — (9.8 ) — Contingent consideration paid related to acquisitions 24 1.5 6.5 — Net outflow of cash - investing activities 1.5 471.6 — Indemnification assets Year ended December 31, 2019 Year ended December 31, 2018 €m €m Balance at January 1 79.4 73.8 Recognized through business combinations — 6.1 Utilized — (0.5 ) Release of indemnified provision (44.0 ) — Balance at December 31 35.4 79.4 As at December 31, 2019 , €29.8 million ( December 31, 2018 : €73.8 million ) of the indemnification assets relate to the acquisition of the Findus Group for which 1,583,627 shares are held in escrow and are valued at $22.37 ( €19.96 ) ( December 31, 2018 : 6,964,417 shares valued at $16.72 ( €14.62 )) each. The shares placed in escrow will be released in stages over a four-year period beginning January 2019 and each anniversary thereafter. During 2019, 5,380,790 shares were released from escrow. As a consequence, the indemnification asset was reduced by € 44.0 million with a corresponding charge to the Statement of Profit or Loss. In January 2020, 965,528 shares were released from escrow. As a consequence the indemnification asset will be reduced by approximately €17.8 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2020. The indemnification asset of €5.6 million (2018: €5.6 million ) recognized in relation to the Goodfella’s Pizza acquisition relates to several contingent liabilities that arose prior to acquisition. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Interests in Other Entities [Abstract] | |
Investments | Investments The following are the Company's significant investments as of December 31, 2019 . Activity Country of incorporation Class of shares held Ownership as of December 31, 2019 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% Aunt Bessie's Limited Non-Trading England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ireland Ordinary 100% Birds Eye Ireland Oldco Unlimited Company Non-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% Findus Norge Holding AS Holding Norway Ordinary 100% Toppfrys AB Trading Sweden Ordinary 81% |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [Abstract] | |
Deferred tax assets and liabilities | Taxation Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (66.4 ) (63.9 ) (37.5 ) Adjustments in respect of prior periods — 2.8 3.2 (66.4 ) (61.1 ) (34.3 ) Deferred tax income/(expense) Origination and reversal of temporary differences 9.7 4.5 (2.1 ) Impact of change in tax rates — — 4.4 16 9.7 4.5 2.3 Total tax expense (56.7 ) (56.6 ) (32.0 ) Reconciliation of effective tax rate: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, €m €m €m Profit before tax 210.3 227.1 168.5 Tax charge at the standard UK corporation tax rate 19% (2018: 19%; 2017: 19.25%) (39.9 ) (43.2 ) (32.5 ) Difference in tax rates (11.9 ) (14.8 ) (10.0 ) Non tax deductible interest 0.6 — 4.4 Other income and expenses not taxable or deductible (1.2 ) 5.3 16.8 Unrecognized tax assets (0.9 ) 0.6 (19.3 ) Provisions for uncertainties (3.4 ) (7.3 ) 1.0 Impact of change in deferred tax rates — — 4.4 Prior period adjustment — 2.8 3.2 Total tax expense (56.7 ) (56.6 ) (32.0 ) Effective tax rates Effective from and including January 12, 2016, the Company become a resident in the United Kingdom for United Kingdom tax purposes. The effective tax rate for the year ended December 31, 2019 was 27.0% ( year ended December 31, 2018 : 24.9% ). The change is principally caused by higher tax rates applied to profits in other jurisdictions and by an increase in non deductible expenses. 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, and are in different stages with respect to assessments appeals and refunds. The Company actively seeks to manage the associated risks by proactively engaging with tax authorities and applying for Advanced Pricing Agreements where appropriate. 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, including releases of provisions when those exposures become time-barred. Notwithstanding this, 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. As of December 31, 2019, the current tax payable of €217.2m and deferred tax assets of €96.4m includes provisions for tax uncertainties of €137.8m . As of December 31, 2018, the current tax payable of €201.2m and deferred tax assets of €68.7m included provisions for tax uncertainties of €135.9m . Following the enactment of the Finance Act 2016, the standard rate of corporation tax in the UK is 19% for 2019 ( 2018 : 19% ). The standard rate of corporation tax in the UK reduced from 20% to 19% with effect from April 1, 2017 and was due to 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 UK government has indicated that this further reduction will not now take place, the impact of which will be reflected in the financial statements once it is substantially enacted. The tax (credit)/charge relating to components of other comprehensive income is as follows: Before tax Tax credit After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7 ) 29.2 Net investment hedge (6.0 ) — (6.0 ) Cash flow hedges 27.3 (5.6 ) 21.7 Other comprehensive loss/(income) 57.2 (12.3 ) 44.9 Current tax — Deferred tax 16 (12.3 ) (12.3 ) Before tax Tax (credit)/ charge After tax Year ended December 31, 2018 Note €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3 ) 9.6 Net investment hedge (5.6 ) — (5.6 ) Cash flow hedges (15.5 ) 4.0 (11.5 ) Other comprehensive (income)/loss (8.2 ) 0.7 (7.5 ) Current tax — Deferred tax 16 0.7 0.7 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/(income) 14.3 (3.0 ) 11.3 Current tax — Deferred tax 16 (3.0 ) (3.0 ) Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2019 December 31, 2018 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 23.0 (29.3 ) (6.3 ) 15.6 (28.0 ) (12.4 ) Intangible assets 0.4 (357.0 ) (356.6 ) 0.3 (354.4 ) (354.1 ) Employee benefits 40.2 (0.4 ) 39.8 30.0 (0.4 ) 29.6 Tax value of loss carry forwards 20.7 — 20.7 19.1 — 19.1 Derivative financial instruments 3.2 (0.3 ) 2.9 — (2.5 ) (2.5 ) Other 8.9 (11.2 ) (2.3 ) 3.7 (6.8 ) (3.1 ) Tax assets/(liabilities) 96.4 (398.2 ) (301.8 ) 68.7 (392.1 ) (323.4 ) 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 €70.3 million ( December 31, 2018 : €66.3 million ). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. The aggregate deferred tax relating to items that have been credited directly to equity is €12.3 million ( December 31, 2018 : debit of €0.7 million ). Movement in deferred tax during the year: Opening balance Jan 1, 2019 Recognized Recognized Movement Closing balance Dec 31, 2019 €m €m €m €m €m Property, plant and equipment (12.4 ) 6.3 — (0.2 ) (6.3 ) Intangible assets (354.1 ) (2.5 ) — — (356.6 ) Employee benefits 29.6 3.5 6.7 — 39.8 Tax value of loss carry forwards 19.1 1.6 — — 20.7 Derivative financial instruments (2.5 ) — 5.6 (0.2 ) 2.9 Other (3.1 ) 0.8 — — (2.3 ) Total deferred tax (323.4 ) 9.7 12.3 (0.4 ) (301.8 ) Opening balance Jan 1, 2018 Opening balance restatement due to IFRS 9 transition Acquired in business combinations Recognized in Statement of Profit or Loss Recognized in Other Comprehensive Income Movement in foreign exchange Closing balance Dec 31, 2018 €m €m €m €m €m €m €m Property, plant and equipment (15.2 ) — — 3.2 — (0.4 ) (12.4 ) Intangible assets (295.0 ) — (59.3 ) 0.2 — — (354.1 ) Employee benefits 28.2 — — (1.5 ) 3.3 (0.4 ) 29.6 Tax value of loss carry forwards 15.6 — — 3.5 — — 19.1 Derivative financial instruments 1.4 — — 0.1 (4.0 ) — (2.5 ) Other 1.6 (3.7 ) — (1.0 ) — — (3.1 ) Total deferred tax (263.4 ) (3.7 ) (59.3 ) 4.5 (0.7 ) (0.8 ) (323.4 ) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories December 31, 2019 December 31, 2018 €m €m Raw materials and consumables 86.8 81.6 Work in progress 48.3 50.7 Finished goods and goods for resale 188.1 210.2 Total inventories 323.2 342.5 During the year ended December 31, 2019 , €9.0 million ( year ended December 31, 2018 €7.1 million , year ended December 31, 2017 : €7.6 million ) 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, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables December 31, 2019 December 31, 2018 Current assets €m €m Trade receivables 143.6 98.3 Prepayments and accrued income 8.0 9.2 Other receivables 31.0 38.4 Tax receivable 24.1 28.0 Total current trade and other receivables 206.7 173.9 Non-current assets Other receivables 1.9 2.6 Total non-current trade and other receivables 1.9 2.6 Total trade and other receivables 208.6 176.5 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, 2019 €m €m €m Not past due 288.1 (0.2 ) 287.9 Past due less than 1 month 32.5 (0.3 ) 32.2 Past due 1 to 3 months 7.5 (0.2 ) 7.3 Past due 3 to 6 months 3.6 (0.2 ) 3.4 Past due more than 6 months 7.9 (3.9 ) 4.0 Sub-total 339.6 (4.8 ) 334.8 Reduction in trade-terms (1) (191.2 ) Total trade receivables 143.6 Gross Impaired Net December 31, 2018 €m €m €m Not past due 228.5 — 228.5 Past due less than 1 month 20.9 — 20.9 Past due 1 to 3 months 4.8 — 4.8 Past due 3 to 6 months 1.6 (0.2 ) 1.4 Past due more than 6 months 5.6 (4.1 ) 1.5 Sub-total 261.4 (4.3 ) 257.1 Reduction in trade-terms (1) (158.8 ) Total trade receivables 98.3 (1) Refer to Note 4(a). Reduction in trade term amounts are primarily not past due. Trade receivables have been provided against based on expected credit losses. 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. Debts past due are not impaired where there are eligible trade terms deductions which can be offset against them. The Company entered into facilities with third-party banks in which the Company may sell qualifying trade debtors on a non-recourse basis. Under the terms of the agreements, the Company has transferred substantially all the credit risks and control of the receivables, which are subject to this agreement, and accordingly € nil (December 31, 2018: €51.0 million ) of trade receivables has been derecognized at the period end. Liabilities related to contracts with customers The Company has recognized the following liabilities related to contracts with customers: December 31, 2019 December 31, 2018 €m €m Trade terms liabilities reported within trade receivables (191.2 ) (158.8 ) Trade terms liabilities reported within trade and other payables (Note 22) (59.4 ) (79.5 ) Total trade terms liabilities (250.6 ) (238.3 ) Significant changes to trade terms No significant changes to trade terns occurred in the year ended December 31, 2019 . Revenue recognized in relation to trade terms Trade terms relate to sales made with variable consideration and are an estimate as disclosed in Note 4(a). Revenue recognized in the year ended December 31, 2019 relating to performance obligations that were satisfied in the prior year was €17.3 million ( 2018 : €17.2 million ). |
Indemnification assets
Indemnification assets | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations1 [Abstract] | |
Indemnification assets | Purchase consideration - cash outflow Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Outflow of cash to acquire subsidiary, net of cash acquired €m €m €m Cash consideration — 474.9 — Less cash acquired — (9.8 ) — Contingent consideration paid related to acquisitions 24 1.5 6.5 — Net outflow of cash - investing activities 1.5 471.6 — Acquisitions (a) Goodfella’s Pizza On April 21, 2018, the Company completed its acquisition of all of the share capital of Green Isle Foods Limited (“Goodfella’s Pizza”) for £209.7 million ( €239.0 million ), including post-acquisition working capital and net debt adjustments. Goodfella’s Pizza (legal entity subsequently renamed Birds Eye Pizza Limited and then Birds Eye Ireland Limited), is a pizza producer based in Ireland that complements our existing business model. The purchase price allocation exercise over the assets and liabilities of Birds Eye Pizza Limited/Birds Eye Ireland Limited at the date acquisition and the consideration paid, was finalized on April 20, 2019, without any changes to the provisional estimates reported as at December 31, 2018. These were as follows: April 21, 2018 €m Assets: Intangible assets 158.0 Property, plant and equipment 33.2 Current assets 7.5 Inventories 10.7 Deferred tax assets 0.9 Total assets 210.3 Liabilities: Current liabilities 31.2 Deferred tax liabilities 22.6 Total liabilities 53.8 Total identifiable net assets acquired 156.5 Total purchase consideration 239.0 Total identifiable net assets acquired (156.5 ) Goodwill 82.5 Goodwill recognized on acquisition is €82.5 million . The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (b) Toppfrys AB Effective March 2, 2018, the Company acquired a 60% stake of the outstanding share capital of Toppfrys AB, a pea processing business in Sweden that complements our existing business model. The Company paid €1.7 million (SEK 17.0 million ) for the equity share acquired and subsequently provided loans of €1.5 million (SEK 13.6 million ), bringing the total payments to €3.2 million (SEK 30.6 million ). The Company had consolidated the business and has recognized a 40% non-controlling interest as it was determined to have control based on an assessment of the acquired business. The shareholder arrangements include a put option for the non-controlling interest to sell their remaining shares from 2020 and call options for the Company to acquire the remaining shares from 2022. The purchase price allocation exercise for the acquisition was finalized on March 1, 2019, valuing the 60% stake of net liabilities acquired were valued at €0.1 million and resulting in goodwill recognized of €1.8 million . The Company believes the future value of goodwill will be obtained through its market position in Sweden. On December 29, 2018, the Company increased its stake in Toppfrys AB to 81% , acquiring newly issued shares for consideration of €3.0 million (SEK 30.7 million ). The shares were settled in exchange for loans payable by the subsidiary to another wholly owned subsidiary. The Company continues to consolidate the business and has recognized a 19% non-controlling interest from this date. (c) Aunt Bessie's On July 2, 2018, the Company completed its acquisition of all the share capital of Aunt Bessie’s Limited (“Aunt Bessie's”) from William Jackson & Son Limited for a purchase price of £209.0 million ( €235.9 million ). Aunt Bessie’s is a leading frozen food company in the United Kingdom where it manufactures, distributes and sells a range of branded frozen food products. The Aunt Bessie’s brand holds number one and number two market share positions, respectively, within frozen Yorkshire puddings and frozen potatoes, which combine to represent the majority of its revenues. The purchase price allocation exercise over the assets and liabilities of Aunt Bessie's Limited at the date of acquisition and the consideration paid, was finalized on July 1, 2019. An adjustment of €1.9 million has been recognized in the year to recognize pre-acquisition related liabilities. The consideration paid is the same as that reported as at December 31, 2018. These were as follows: July 2, 2018 €m Assets: Intangible assets 205.3 Property, plant and equipment 23.1 Current assets 19.5 Inventories 13.2 Total assets 261.1 Liabilities: Current liabilities 20.6 Deferred tax liabilities 37.6 Total liabilities 58.2 Total identifiable net assets acquired 202.9 Total purchase consideration 235.9 Total identifiable net assets acquired (202.9 ) Goodwill 33.0 Goodwill recognized on acquisition is €33.0 million . The goodwill recognized is attributable mainly to the growth prospects for the business expected organically and operational synergies. (d) Purchase consideration - cash outflow Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Outflow of cash to acquire subsidiary, net of cash acquired €m €m €m Cash consideration — 474.9 — Less cash acquired — (9.8 ) — Contingent consideration paid related to acquisitions 24 1.5 6.5 — Net outflow of cash - investing activities 1.5 471.6 — Indemnification assets Year ended December 31, 2019 Year ended December 31, 2018 €m €m Balance at January 1 79.4 73.8 Recognized through business combinations — 6.1 Utilized — (0.5 ) Release of indemnified provision (44.0 ) — Balance at December 31 35.4 79.4 As at December 31, 2019 , €29.8 million ( December 31, 2018 : €73.8 million ) of the indemnification assets relate to the acquisition of the Findus Group for which 1,583,627 shares are held in escrow and are valued at $22.37 ( €19.96 ) ( December 31, 2018 : 6,964,417 shares valued at $16.72 ( €14.62 )) each. The shares placed in escrow will be released in stages over a four-year period beginning January 2019 and each anniversary thereafter. During 2019, 5,380,790 shares were released from escrow. As a consequence, the indemnification asset was reduced by € 44.0 million with a corresponding charge to the Statement of Profit or Loss. In January 2020, 965,528 shares were released from escrow. As a consequence the indemnification asset will be reduced by approximately €17.8 million with a corresponding charge of to the Statement of Profit or Loss within the financial statements for the year ended December 31, 2020. The indemnification asset of €5.6 million (2018: €5.6 million ) recognized in relation to the Goodfella’s Pizza acquisition relates to several contingent liabilities that arose prior to acquisition. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents December 31, 2019 December 31, 2018 Note €m €m Cash and cash equivalents 826.0 327.5 Restricted cash 0.1 0.1 Cash and cash equivalents 826.1 327.6 Bank overdraft 22 (1.3 ) — Cash and cash equivalents per Statement of Cash Flows 824.8 327.6 ‘Cash and cash equivalents’ comprise cash balances and deposits. Restricted cash comprises money that is primarily reserved for a specific purpose and therefore not available for immediate or general business use. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents for the purposes of the Statement of Cash Flows. |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 December 31, 2018 €m €m Current liabilities/(assets) Syndicated loans 10.8 23.4 Lease liabilities 18.9 — Less deferred borrowing costs to be amortized within 1 year (2.0 ) (2.0 ) Total due in less than one year 27.7 21.4 Non-current liabilities Syndicated loans 1,364.4 1,351.8 2024 fixed rate senior secured notes 400.0 400.0 Lease liabilities 90.1 — Less deferred borrowing costs to be amortized in 2-5 years (6.9 ) (7.9 ) Less deferred borrowing costs to be amortized in more than 5 years — (1.0 ) Total due after more than one year 1,847.6 1,742.9 Total borrowings 1,875.3 1,764.3 As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now includes €109.0 million relating to lease liabilities. On May 3, 2017 the Company completed a refinancing of its Senior debt. All Senior debt as at the balance sheet date was repaid and replaced with new Senior Euro debt of €500.0 million and Senior U.S. Dollar debt of $610.0 million . Both are repayable on May 15, 2024. The Senior U.S. Dollar debt requires a mandatory repayment of 1% of notional, of which $6.6 million was repaid in 2018 and $9.6 million in 2019. The existing revolving credit facility was also replaced with a new €80.0 million facility, which is available until May 15, 2023 and may be utilized to support working capital requirements, including letters of credit and bank guarantees. Concurrent to the refinancing, the Company repaid the senior secured notes due 2020 and completed a private offering of €400.0 million of 3.25% senior secured notes due May 15, 2024 (the “Notes”), payable semi-annually in arrears. Both the new Senior debt and the Notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof. Eligible transaction costs of approximately €9.8 million were capitalized as part of the refinancing and will be amortized over the life of the debt. 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. These amendments were accounted for as a modification of the existing loan, so that the modified cash flows are recognized at the original effective interest rate, with a corresponding reduction to the carrying value of the loans. We also established a $50.0 million incremental term loan facility and a €58.0 million incremental term loan facility which were fully drawn down on January 31, 2018 and February 9, 2018 respectively. 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. On June 15, 2018, we amended and restated our Senior Facilities Agreement to establish an incremental U.S. Dollar denominated term loan that increased the amount of U.S. Dollar Term Loans by $300.0 million to $953.4 million . Principal outstanding under the Euro-denominated term loan remained unchanged at €558.0 million . The maturity dates remained May 2024 for both Euro and U.S. Dollar denominated Term Loans. The €80.0 million multicurrency revolving credit facility remained unchanged and matures in May 2023. As at December 31, 2019 €17.2 million ( December 31, 2018 : €16.8 million ) has been utilized for issuance of letters of credit and bank guarantees. Guarantees and secured assets The Senior Facility Agreement that governs the Company’s Senior debt, establishes security over the assets of the “Guarantor Group”. The Guarantor Group consists of those companies that 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. The Senior Facilities Agreement includes an excess cash flow calculation whereupon an amount of principal shall be repaid based upon terms including cash generated during the year and leverage. In 2019 the amount repaid was €12.1 million relating to the calculation performed at the end of 2018. Based on the calculation performed for December 31, 2019 , there will be no excess cash flow repayment in 2020. 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 that provides insurance annually against the risk of a sponsoring company’s insolvency. In connection with such credit insurance, as at December 31, 2019 Findus Sverige AB has granted floating charges over certain assets in favor of PRI in an amount of SEK 300 million ( €28.7 million ) ( December 31, 2018 : €29.3 million ) and Nomad Foods Limited has issued a parent guarantee to PRI which will not exceed SEK 450 million ( €43.0 million ) ( December 31, 2018 : €43.9 million ) and has a maturity date of March 31, 2021. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables December 31, 2019 December 31, 2018 Current liabilities €m €m Trade payables 306.5 321.1 Accruals and deferred income 109.4 125.3 Trade terms payable 59.4 79.5 Social security and other taxes 25.7 19.0 Other payables 18.8 19.0 Financial payables 4.1 7.7 Bank overdrafts 1.3 — Total current trade and other payables 525.2 571.6 Non-current liabilities Accruals and deferred income 2.7 1.3 Total non-current trade and other payables 2.7 1.3 Total trade and other payables 527.9 572.9 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2019 | |
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. i. Defined contribution plans The total expense relating to defined contribution plans for the year ended December 31, 2019 was €9.0 million ( year ended December 31, 2018 : €9.1 million , year ended December 31, 2017: €8.5 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. December 31, 2019 December 31, 2018 €m €m Net employee benefit obligations-Germany 151.3 128.0 Net employee benefit obligations-Sweden 71.7 60.5 Net employee benefit obligations-Italy 4.8 4.7 Net employee benefit obligations-Austria 5.8 4.3 Sub-total 233.6 197.5 Net employee benefit obligations- total of other countries 3.9 3.1 Total net employee benefit obligations 237.5 200.6 The net obligation of €3.9 million ( December 31, 2018 : €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: Defined benefit retirement plans Post-employment medical benefits and other benefits Total December 31, 2019 €m €m €m Present value of unfunded defined benefit obligations 77.6 5.1 82.7 Present value of funded defined benefit obligations 237.3 — 237.3 Subtotal present value of defined benefit obligations 314.9 5.1 320.0 Fair value of plan assets (86.4 ) — (86.4 ) Recognized liability for net defined benefit obligations 228.5 5.1 233.6 Defined benefit Post-employment Total December 31, 2018 €m €m €m Present value of unfunded defined benefit obligations 65.8 4.8 70.6 Present value of funded defined benefit obligations 208.4 — 208.4 Subtotal present value of defined benefit obligations 274.2 4.8 279.0 Fair value of plan assets (81.5 ) — (81.5 ) Recognized liability for net defined benefit obligations 192.7 4.8 197.5 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 192.7 4.8 197.5 Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 Actuarial losses 35.3 — 35.3 Contributions to plan (0.6 ) — (0.6 ) Benefits paid (5.2 ) — (5.2 ) Exchange adjustments (1.3 ) 0.1 (1.2 ) As at December 31, 2019 228.5 5.1 233.6 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2018 180.5 4.9 185.4 Current service cost 3.9 (0.1 ) 3.8 Interest cost 3.6 — 3.6 Actuarial losses 12.9 — 12.9 Contributions to plan (0.6 ) — (0.6 ) Benefits paid (5.4 ) — (5.4 ) Exchange adjustments (2.2 ) — (2.2 ) As at December 31, 2018 192.7 4.8 197.5 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 274.2 4.8 279.0 Current service cost 4.0 0.2 4.2 Interest cost 5.0 — 5.0 Actuarial experience losses 0.2 — 0.2 Actuarial losses arising from changes in financial assumptions 43.2 — 43.2 Actuarial gains arising from changes in demographic assumptions (3.0 ) — (3.0 ) Contributions to plan 0.4 — 0.4 Benefits paid (7.8 ) — (7.8 ) Exchange adjustments (1.3 ) 0.1 (1.2 ) As at December 31, 2019 314.9 5.1 320.0 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2018 261.8 4.9 266.7 Current service cost 3.9 (0.1 ) 3.8 Interest cost 5.2 — 5.2 Actuarial experience losses 0.5 — 0.5 Actuarial losses arising from changes in financial assumptions 13.8 — 13.8 Actuarial gains arising from changes in demographic assumptions (1.1 ) — (1.1 ) Contributions to plan 0.4 — 0.4 Benefits paid (8.1 ) — (8.1 ) Exchange adjustments (2.2 ) — (2.2 ) As at December 31, 2018 274.2 4.8 279.0 Movements in fair value of plan assets of defined benefit retirement plans: 2019 €m Opening balance January 1, 2019 81.5 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 5.1 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6 ) As at December 31, 2019 86.4 2018 €m Opening balance January 1, 2018 81.3 Interest income 1.6 Actuarial gains arising from the return on plan assets, excluding interest income 0.3 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.7 ) As at December 31, 2018 81.5 Expense recognized in the Consolidated Statement of Profit or Loss: Defined benefit Post-employment Total 2019 2019 2019 €m €m €m Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 For the year ended December 31, 2019 7.6 0.2 7.8 Defined benefit Post-employment Total 2018 2018 2018 €m €m €m Current service cost 3.9 (0.1 ) 3.8 Interest cost 3.6 — 3.6 For the year ended December 31, 2018 7.5 (0.1 ) 7.4 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, 2019 Year ended December 31, 2018 €m €m Actuarial experience losses 0.2 0.5 Actuarial losses arising from changes in financial assumptions 43.2 13.8 Actuarial gains arising from changes in demographic assumptions (3.0 ) (1.1 ) Actuarial gains arising from the return on plan assets, excluding interest income (5.1 ) (0.3 ) Total actuarial losses 35.3 12.9 Year ended December 31, 2019 Year ended December 31, 2018 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 49.5 14.2 The fair value of plan assets, all at quoted prices are as follows: December 31, 2019 December 31, 2018 €m €m Equities 20.5 20.2 Debt instruments 40.3 47.2 Property 13.1 10.9 Other 12.5 3.2 Total 86.4 81.5 Defined benefit retirement plans Post-employment medical benefits and other benefits December 31, 2019 Germany Sweden Austria Italy Germany Austria Discount rate 1.15 % 1.45 % 1.00 % 0.67 % 0.45 % 0.30 % Inflation rate 2.00 % 1.80 % 1.53 % 1.50 % 2.00 % 1.53 % Rate of increase in salaries 2.80 % 2.80 % 2.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % Defined benefit Post-employment medical December 31, 2018 Germany Sweden Austria Italy Germany Austria Discount rate 1.75 % 2.25 % 2.00 % 1.60 % 1.20 % 1.00 % Inflation rate 2.00 % 2.00 % 2.00 % 1.50 % 2.00 % 2.00 % Rate of increase in salaries 2.80 % 2.75 % 3.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — % 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % In valuing the liabilities of the pension fund at December 31, 2019 and December 31, 2018 , 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 2018 G • Sweden: DUS 14 • Austria: AVÖ 2018 - P • 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, 2019 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 December 31, 2018 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: December 31, 2019 December 31, 2018 December 31, 2017 €m €m €m Present value of defined benefit obligations 314.9 274.2 261.8 Fair value of plan assets (86.4 ) (81.5 ) (81.3 ) Recognized liability in the scheme 228.5 192.7 180.5 Experience losses on scheme liabilities 0.2 0.5 0.5 Experience gains on scheme assets (5.1 ) (0.3 ) (1.9 ) 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 most significant assumptions for the year ended December 31, 2019 is as follows: Increase Decrease €m €m Discount rate (51.4 ) 68.1 Inflation rate 43.5 (35.4 ) Rate of increase in salaries 16.6 (12.3 ) Rate of increase for pensions in payment 44.9 (36.3 ) 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, 2020 are €5.5 million . The weighted average duration of the defined benefit obligations is 19.6 years years. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Restructuring Onerous/ unfavorable contracts Provisions related to other taxes Contingent consideration Other Total €m €m €m €m €m €m Balance at December 31, 2017 26.3 75.4 10.2 10.4 18.5 140.8 Acquired through business combinations — — — — 7.0 7.0 Additional provision in the period 4.0 — 0.3 — 4.1 8.4 Release of provision (1.5 ) — — (2.7 ) (2.0 ) (6.2 ) Utilization of provision (16.5 ) (4.3 ) (4.7 ) (6.5 ) (2.3 ) (34.3 ) Unwinding of discounting — 0.8 — 0.3 — 1.1 Foreign exchange — (3.1 ) — — — (3.1 ) Balance at December 31, 2018 12.3 68.8 5.8 1.5 25.3 113.7 Impact of transition to IFRS 16 — (66.9 ) — — — (66.9 ) Balance at January 1 12.3 1.9 5.8 1.5 25.3 46.8 Acquired through business combinations — — — — 1.9 1.9 Additional provision in the period 3.2 — 2.4 — 10.2 15.8 Release of provision (1.5 ) — (1.3 ) — (5.7 ) (8.5 ) Utilization of provision (6.7 ) (0.9 ) — (1.5 ) (0.5 ) (9.6 ) Unwinding of discounting — — — — — — Foreign exchange 0.1 0.2 — — 0.1 0.4 Balance at December 31, 2019 7.4 1.2 6.9 — 31.3 46.8 Analysis of total provisions: December 31, 2019 December 31, 2018 Impact of transition to IFRS 16 Restated balance as of December 31, 2018 Current 40.9 44.3 (3.6 ) 40.7 Non-current 5.9 69.4 (63.3 ) 6.1 Total 46.8 113.7 (66.9 ) 46.8 Restructuring The €7.4 million ( 2018 : €12.3 million ) provision relates to committed plans for certain restructuring activities of exceptional nature which are due to be completed within the next 12 months. The amounts have been provided based on the latest information available on the likely remaining expenditure required to complete the committed plans. €6.7 million has been utilized in the year ended December 31, 2019 which mainly relates to the closure of the production facilities in Bjuv as well as other reorganizational activities across the Company. Onerous/unfavorable contracts Of the onerous/unfavorable contracts provision reported as of December 31, 2018 , €66.9 million was held in relation to a lease for a warehouse and factory facility in Bjuv, Sweden. The factory is vacant and the Company currently anticipates the warehouse space will not be fully utilized by the Company or other third parties, so the lease was identified as being onerous. As disclosed in Note 2, upon transition to IFRS 16 Leases the full lease liability is now recognized in the Statement of Financial Position so that the provision has been released. The remaining provision of €1.2 million relates to a service contract covering the same warehouse facility. Provisions relating to other taxes The €6.9 million ( 2018 : €5.8 million ) provision relates to other, non-income taxes due to tax authorities after tax investigations within certain operating subsidiaries within the Nomad Group. Contingent consideration During the year ended December 31, 2019 , the contingent consideration provision was utilized to settle all remaining liabilities in respect of the Lutosa Brand, which is being used under license until 2020. This payment has been presented as an investing cash flow within the Statement of Cash Flows. Other Other provisions include €6.6 million ( December 31, 2018 : €6.6 million ) of contingent liabilities acquired as part of the Goodfella’s Pizza acquisition that are indemnified by the Seller’s insurance policies, €4.7 million ( December 31, 2018 : €5.0 million ) of obligations in Italy, €6.0 million ( December 31, 2018 : €5.9 million ) for asset retirement obligations, €1.9 million ( December 31, 2018 : nil ) of pre-acquisition related liabilities recognized in the year as an adjustment to the acquisition date liabilities of Aunt Bessie's Limited, €8.3 million ( December 31, 2018 : €1.0 million ) of additional provisions in the period relate to employer taxes on the Long-term Incentive Plan (see Note 8) which would become payable on the issuance of shares, and other obligations from previous accounting periods. |
Share capital and reserves
Share capital and reserves | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share capital and reserves | Share capital and capital reserves Share capital and capital reserve As at December 31, 2019 As at December 31, 2018 €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 $10.00 per share n/a n/a Issued and fully paid: 194,542,957 (December 31, 2018: 174,229,051) Ordinary Shares with nil nominal value 2,109.7 1,751.7 1,500,000 (December 31, 2018: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 2,120.3 1,762.3 Listing and share transaction costs (24.9 ) (13.8 ) Total net share capital and capital reserve 2,095.4 1,748.5 Ordinary Shares Issued and Repurchased Ordinary shares (in millions) Balance at December 31, 2017 165.3 Shares issued in the year 8.9 Balance at December 31, 2018 174.2 Shares issued in the year 20.3 Balance at December 31, 2019 194.5 Note 8(b) sets out the Non-Executive Director, Initial Director Options and Director and Senior Management Restricted share awards. On January 2, 2018, the Company issued a share dividend of 8,705,890 ordinary shares (the "Founder Preferred Share Dividend") 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). On January 2, 2019, the Company issued a share dividend of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018). On March 22, 2019, the Company issued 20,000,000 ordinary shares in a public offering at $20.00 per share for aggregate gross proceeds of $400.0 million ( €353.6 million ). Directly attributed transaction costs of €11.1 million were incurred. Listing and share transaction costs As at December 31, 2019 , cumulative listing and share transaction costs, which includes the total cost of admission and share issuance expenses, as well as costs associated with share repurchases were €24.9 million and are disclosed as a deduction directly against the capital reserve. €m At December 31, 2017 13.8 Placement fees — At December 31, 2018 13.8 Share transaction costs 11.1 At December 31, 2019 24.9 Founder Preferred Shares Annual Dividend Amount Each of the Founder Entities holds 750,000 shares for a total of 1,500,000 Founder Preferred Shares which were issued at $10.00 per share. The Founder Preferred Shares are 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 to maximize value for holders of ordinary 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 to 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, i.e. 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) See Note 27 for further information on the Founder Preferred Shares Dividends issued. |
Share-based compensation reserv
Share-based compensation reserve | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share-based compensation reserve | Share-based compensation reserve 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 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 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. The Preferred Shares Annual Dividend amount is 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 (currently $21.7289 ) multiplied by 140,220,619 Preferred Share Dividend Equivalent (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 Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. 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. 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. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 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. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. 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. Details of the Company's cash flow hedge accounting is detailed in Note 33. 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 which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Founder Preferred Shares Divide
Founder Preferred Shares Dividend Reserve | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | |
Translation reserve | Share-based compensation reserve 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 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 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. The Preferred Shares Annual Dividend amount is 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 (currently $21.7289 ) multiplied by 140,220,619 Preferred Share Dividend Equivalent (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 Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. 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. 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. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 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. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. 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. Details of the Company's cash flow hedge accounting is detailed in Note 33. 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 which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Translation reserve Translation
Translation reserve Translation reserve (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Share-based compensation reserve | Share-based compensation reserve 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 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 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. The Preferred Shares Annual Dividend amount is 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 (currently $21.7289 ) multiplied by 140,220,619 Preferred Share Dividend Equivalent (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 Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. 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. 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. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 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. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. 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. Details of the Company's cash flow hedge accounting is detailed in Note 33. 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 which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Cash flow hedging reserve
Cash flow hedging reserve | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Cash flow hedging reserve | Share-based compensation reserve 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 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 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. The Preferred Shares Annual Dividend amount is 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 (currently $21.7289 ) multiplied by 140,220,619 Preferred Share Dividend Equivalent (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 Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. 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. 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. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 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. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. 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. Details of the Company's cash flow hedge accounting is detailed in Note 33. 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 which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Earnings/(loss) per share | Earnings per share Basic earnings per share Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Profit for the period attributable to equity owners of the parent (€m) 154.0 171.2 136.5 Weighted average Ordinary Shares and Founder Preferred Shares 192,004,803 175,622,538 176,080,272 Basic earnings per share (€’s) 0.80 0.97 0.78 For the year ended December 31, 2019 , basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company of €154.0 million ( year ended December 31, 2018 : €171.2 million , year ended December 31, 2017 : €136.5 million ) by the weighted average number of Ordinary Shares of 190,504,803 ( December 31, 2018 : 174,122,538 , year ended December 31, 2017 : 174,580,272 ) and Founder Preferred Shares of 1,500,000 ( December 31, 2018 : 1,500,000 , year ended December 31, 2017 : 1,500,000 ). Diluted earnings per share Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Profit for the period attributable to equity owners of the parent (€m) 154.0 171.2 136.5 Weighted average Ordinary Shares and Founder Preferred Shares 198,425,877 175,793,631 184,786,162 Diluted earnings per share (€’s) 0.78 0.97 0.74 For the year ended December 31, 2019 , the number of shares in the diluted earnings per share calculation include 6,421,074 shares for the dilutive impact of the Ordinary shares to settle the Founder Preferred Shares Annual Dividend for the year ended December 31, 2019 , which were issued in January 2020. Refer to Notes 27 and 38 for further details. |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities | 12 Months Ended |
Dec. 31, 2019 | |
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 / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2019 1,764.3 7.7 0.1 (0.3 ) Restatement on adoption of IFRS 16 (Note 2) Non-cash 120.8 — — — Restated opening balance January 1, 2019 1,885.1 7.7 0.1 (0.3 ) Cash inflow (1) Cash 2.0 — 4.7 20.9 Cash outflow (2) Cash (44.0 ) (72.7 ) — (4.0 ) Interest accretion Cash 5.3 73.7 — — Exchange movement Non-cash 15.7 (1.1 ) — — Fair value changes Non-cash — — (5.0 ) (1.3 ) Other non-cash adjustments Non-cash 11.2 (3.5 ) — — Closing balance December 31, 2019 1,875.3 4.1 (0.2 ) 15.3 Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2018 1,398.4 3.1 0.7 42.8 Restatement on adoption of IFRS 9 (Note 2) Non-cash (21.8 ) — — — Restated opening balance January 1, 2018 1,376.6 3.1 0.7 42.8 Cash inflow (1) Cash 355.6 3.4 0.8 13.8 Cash outflow (2) Cash (5.9 ) (59.1 ) — (3.6 ) Interest accretion Cash — 64.4 — — Acquired through business combinations Non-cash 2.5 — — — Exchange movement Non-cash 32.7 (0.8 ) — — Fair value changes Non-cash — — (1.4 ) (53.3 ) Other non-cash adjustments Non-cash 2.8 (3.3 ) — — Closing balance December 31, 2018 1,764.3 7.7 0.1 (0.3 ) (1) Cash inflows 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 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 became effective as of January 1, 2019, at which point operating lease liabilities have been added to loans and borrowings. |
Cash flows from operating activ
Cash flows from operating activities | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
Cash flows from operating activities | Cash flows from operating activities Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Cash flows from operating activities Profit for the period 153.6 170.5 136.5 Adjustments for: Exceptional items 7 54.5 17.7 37.2 Non-cash fair value purchase price adjustment of inventory 5 — 5.7 — Share based payments expense 14.9 13.0 2.6 Depreciation and amortization 68.3 46.3 42.4 Loss on disposal and impairment of property, plant and equipment 0.6 0.3 0.5 Net finance costs 10 73.2 56.0 74.4 Taxation 11 56.7 56.6 32.0 Operating cash flow before changes in working capital, provisions and exceptional items 421.8 366.1 325.6 Decrease/(increase) in inventories 23.5 (20.2 ) 16.7 Increase in trade and other receivables (34.4 ) (10.8 ) (1.6 ) (Decrease)/increase in trade and other payables (40.6 ) 64.5 18.1 Increase/(decrease) in employee benefit and other provisions 6.6 (2.0 ) (0.3 ) Cash generated from operations before tax and exceptional items 376.9 397.6 358.5 |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial risk management | Financial risk management 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. Where appropriate, the Company uses derivative financial instruments to hedge certain risk exposures. Risk management is led by senior management and executed according to Company policy. All hedging activity is carried out by a central treasury department that evaluates and hedges financial risks according to forecasts provided by the Company’s operating units. Derivatives and hedging Derivatives are used for economic hedging purposes and not as speculative investments. Where derivatives do not meet hedge accounting criteria, they are classified as 'fair value through profit or loss' for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Company's derivative financial instruments are disclosed within Note 34. Hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. The effective portion of the change in the fair value of the hedging instrument is accounted for in the translation reserve or cash flow hedge reserve through Other Comprehensive Income and will be recognized in profit or loss in the same period as the hedged item. Movements in the Company's translation reserve and cash flow hedging reserve are presented in Notes 28 & 29 respectively. The Company's accounting policy for hedge accounting is disclosed within Note 3. As at December 31, 2019, the Company has $935.6 million of U.S. Dollar LIBOR floating rate debt. The Company uses cross currency interest rate swaps to convert this into €845.1 million of debt with a fixed rate of interest, designated as a cash flow hedge. Additionally cross currency interest rate swaps have been entered into which receive €309.7 million with fixed interest flows and pays £260.8 million with fixed interest flows. £222.5 million of these swaps have been designated as a net investment hedge of the Company's investments in Pound Sterling. In creating cash flow hedges over U.S. Dollar debt, the Company enters into cross currency hedging arrangements with similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, and notional amount. As all critical terms matched during the year, the economic relationship was 100% effective. If due to certain circumstances one or more critical terms do not match, the economic relationship and the hedge effectiveness will be assessed quantitatively using a cumulative dollar-offset test. Hedge ineffectiveness may occur due to: - the credit value/debit value adjustment on the cross currency interest rate swaps that is not matched to the underlying liability, and/or - differences in critical terms between the cross currency interest rate swaps and underlying liability, and/or - the effects of the forthcoming reforms to LIBOR, because these might take effect at a different time and have a different impact on the hedged item and the hedging instrument. There was no material ineffectiveness during 2019 in relation to the cross currency interest rate swaps. The effects of the cash flow hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 Derivative financial instruments - cross currency interest rate swaps Carrying amount of asset/(liability) (18.5 ) (25.6 ) Notional amount (USD) $935.6 $953.4 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 7.1 35.6 Change in value of hedged item used to determine effectiveness (7.1 ) (35.6 ) Weighted average hedged rate for the year 1.11 1.11 The effects of the net investment hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 2.4 21.6 Notional amount (GBP) £222.5 £224.7 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 (13.2 ) 3.7 Change in value of hedged item used to determine hedge effectiveness 13.2 (3.4 ) Weighted average hedged rate for the year 1.19 1.19 The impact of the net investment hedge is taken directly to equity via the foreign currency translation reserve. The amount taken to this reserve that arose on the translation of the notional component of cross currency interest rate swaps was a loss of €13.2 million (2018: €3.4 million gain). In determining hedge effectiveness for a net investment hedge, the economic relationship between hedging instrument and balance sheet exposure should be established including the notional amount and currency of the underlying investment. Hedge ineffectiveness may arise due to the value of the hedged item being less than the notional value of the hedging instrument. There was no material ineffectiveness in the net investment hedge in either 2019 or 2018 . The ineffective amount taken through the Consolidated Statements of Profit or Loss in 2019 amounted to €nil (2018: €0.3 million ). The Company's policy is to reduce its risk of foreign exchange movements on material operating cash flows in currencies other than the operating entity's functional currency using forward foreign exchange contracts designated as cash flow hedges. In order to qualify as a cash flow hedge, the hedging instrument must meet the requirements of IAS 39, including that the hedging instrument must align with the hedged item. The group designates the forward component of forward contracts as the hedging instrument. Hedge ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. The effects of the foreign currency hedging instruments on the Company's financial position and performance are as follows: As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7 ) (8.3 ) (0.3 ) (0.3 ) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7 ) (10.9 ) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 As at December 31, 2018 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 8.4 2.0 1.4 (0.6 ) 0.5 Notional amount 224.9 47.2 97.4 65.6 38.5 Fair value losses of outstanding hedging instruments since January 1 14.1 4.5 1.9 1.5 0.8 Weighted average hedge rate for the year 1.20 1.34 1.12 0.10 — 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 €4.8 million ( 2018 : €1.0 million loss, 2017 : €3.5 million loss). Losses in the year from cross currency interest rate swap contracts designated as fair value through the Consolidated Statement of Profit or Loss amounted to €13.6 million (2018: €0.4 million gain, 2017: €3.9 million gain). Market risk (including foreign exchange 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, permanent changes in both 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 Foreign Exchange translation risk The Company is exposed to foreign exchange translation risk arising from the translation of assets and liabilities denominated in currencies other than the Euro. Key areas of foreign currency exposure include non-Euro debt and investments in subsidiaries not held in Euro. Company policy is to mitigate the potential foreign exchange translation risk by converting where appropriate, borrowings into Euro. This has been achieved on the U.S. Dollar debt through the use of cross currency swaps designated as a cash flow hedge. The Company also hedges translational exposure on consolidation of GBP net assets through the use of currency swaps designated as a net investment hedge. Mitigation & Impact on Statement of Financial Foreign exchange translation risk resulting from the translation of non-Euro Position Denominated borrowings into Euros, to the extent that they are hedged will be mitigated by the translation of the underlying cross currency interest rate hedging arrangements. As at 31 December 2019, 85.3% of the Company’s Pound Sterling cross currency interest rate swaps are designated as hedges against the Company’s investment in its UK subsidiaries (2018: 85.3%, 2017: 82.8% ). As at December 31, 2019 , this represented 104% of the net assets held in GBP ( 2018 : 103% ). Sensitivity analysis During 2019 , the Euro weakened by 5.3% against Pound Sterling ( 2018 : strengthened by 1.3% ). The notional amount of Pound Sterling cross currency interest rate swaps designated as a Net Investment hedge is £222.5 million . A 1% movement in the GBP-EUR foreign exchange rate would result in a gain or loss of €2.6 million (2018: €2.5 million ) which would be taken to equity. Hedge accounting is not applied to 14.7% 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 €0.5 million (2018: 0.5 million ). In addition, the impact on the related interest charge for each 1% movement in the GBP-EUR foreign exchange rate would be to decrease or increase the charge by €0.1 million , (2018: €0.1 million ) within the Company Consolidated Statements of Profit or Loss. Currency risk Foreign currency risk on purchases The Company is exposed to foreign exchange risk where a business unit has material operating cash flows in a currency other than the functional currency of that entity. The most significant exposures for the Company are the purchase of raw materials, stock and services purchased in U.S. Dollars and Euros. 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. Position / Equity As at December 31, 2019, the fair value of forward contracts entered into to hedge the future purchase of U.S. Dollars is an asset of €0.4 million ( 2018 : €10.6 million asset). All forecast transactions are still expected to occur. As at December 31, 2019 , 82.7% ( 2018 : 85.2% ) of forecast future U.S. Dollar payments to the end of 2019 were hedged through the use of forward contracts and existing cash. All forward contracts have been designated as cash flow hedges and have a maturity within the next 12 months. The fair value of the Euro forward contracts with reference to non-Euro functional currencies as at December 31, 2019 , is a liability of €9.0 million ( 2018 : €1.1 million ). As at December 31, 2019 , 95.2% ( 2018 : 69.5% ) of forecast future net Euro payments to the end of 2019 were hedged through the use of forward contracts and existing cash. All forward contracts have been designated as cash flow hedges and have a maturity within the next 12 months. Sensitivity analysis During 2019 , the Euro weakened by 5.3% against Pound Sterling (2018: strengthened by 1.3% , 2017: strengthened by 3.9% ), weakened by 2% against the U.S.Dollar (2018: weakened by 4.5% , 2017: strengthened by 13.9% ) and strengthened by 2.2% against the Swedish Krona (2018: strengthened by 4.1% , 2017: strengthened by 2.7% ). On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against Pound Sterling, the impact to the Company profit or loss before tax would be approximately €1.4 million ( 2018 : €1.2 million ), excluding the impact of any forward contracts. On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against the U.S.Dollar, the impact to the Company profit or loss before tax would be approximately €2.8 million ( 2018 : €2.3 million ), excluding the impact of any forward contracts. On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against Swedish Krona, the impact to the Company profit or loss before tax would be approximately €1.2 million ( 2018 : €1.3 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 is exposed to changes in interest rates to the extent that it enters into floating rate borrowings. Mitigation & Impact on Equity / Income The Company’s policy on interest rate risk is to mitigate the Company’s exposure to fluctuations Statement in interest rates. As a result of decisions taken by national regulators, LIBOR and EURIBOR may become phased out and replaced by a replacement reference index. If LIBOR ceases to exist, we may need to renegotiate our Senior Facilities Agreement with our lenders and cross currency interest rate swaps, and continue to discuss the topic with our external banking counterparties. Our expectation is that these contracts can be aligned to the new benchmarks as they become known, and that it is highly probable that the existing hedging relationships can be continued. Sensitivity analysis During 2019 , three month EURIBOR rates remained below zero ( 2018 : no change). Within the Euro denominated senior loans, there is a EURIBOR floor of 0% . If interest rates were to move by 1% , this would have a correspondingly decrease or increase in the Company’s profit/(loss) before tax by approximately €5.6 million ( 2018 : €5.7 million ). Credit risk Description Credit risk arises on cash and cash equivalents, derivative financial instruments with banks and financial institutions, any short term investments, 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, sets credit limits according to approved treasury policy. The Company limits its exposure to individual financial institutions by diversification of exposure across a range of financial 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 to mitigate ongoing payment risk. 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, including financial covenants as part of the Senior debt arrangements which it must comply with in order to maintain its current level of borrowings. 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 and receivables financing facilities. This is available to finance working capital requirements and for general corporate purposes. Currently €17.2 million is utilized for letters of credit, overdrafts, customer bonds and bank guarantees. Capital risk management The objective of the Company when considering total capital is to protect the value of capital investments and to generate returns on shareholder funds. Total capital is defined as including Loans and Borrowings and equity, including derivatives used for the purpose of hedging currency and interest exposure on Loans and Borrowings, but excluding the cashflow hedging reserve. In support of its objectives, the Company may undertake actions to adjust its capital structure accordingly. Actions may include, but not limited to, raising or prepayment of Borrowings together with related derivative instruments, issuance of additional share capital, payment of dividends or share buy-back. Maturity analysis The USD denominated term loans include the requirement to repay 1% of notional per annum. In 2019 this amounts to €8.6 million (2018: €8.4 million ) In addition, the Senior Facilities Agreement also includes an excess cashflow calculation whereupon an amount of principal shall be repaid based upon terms including cash generated and leverage. Based upon the calculation as at December 31, 2019, no excess cashflow will be repayable in 2020 (2018: € 12.1 million , repaid in 2019). Amounts have been reflected as current borrowings in the tables below. The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5 ) — — — — — (658.5 ) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4 ) (48.2 ) (1,136.0 ) — — — (1,233.6 ) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now include lease liabilities. 2018 2019 2020 2021 2022 2023 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 23.4 8.4 8.4 8.4 8.4 1,737.4 1,794.4 Borrowings-interest 67.9 67.6 67.1 66.7 66.3 26.3 361.9 Forward contracts Sell 671.9 — — — — — 671.9 Forward contracts Buy (686.7 ) — — — — — (686.7 ) Cross Currency Interest Rate Swaps Pay 40.1 39.8 39.6 1,130.8 — — 1,250.3 Cross Currency Interest Rate Swaps Receive (56.7 ) (56.4 ) (55.9 ) (1,130.1 ) — — (1,299.1 ) Trade and other payables excluding non-financial liabilities 534.9 — — — — — 534.9 Total 594.8 59.4 59.2 75.8 74.7 1,763.7 2,627.6 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial instruments | 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial instruments 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2018 €m €m €m €m €m €m Assets Trade receivables 98.3 — — — — 98.3 Derivative financial instruments — — 4.6 44.5 — 49.1 Cash and cash equivalents 297.0 30.6 — — — 327.6 Liabilities Trade and other payables excluding non-financial liabilities — — — — (534.9 ) (534.9 ) Derivative financial instruments — — (0.3 ) (36.6 ) — (36.9 ) Loans and borrowings (2) — — — — (1,775.2 ) (1,775.2 ) Total 395.3 30.6 4.3 7.9 (2,310.1 ) (1,872.0 ) (2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21. 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. 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 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 non binding 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 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’. (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 The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) 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. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 €m €m €m €m Senior EUR/USD loans 1,396.9 1,347.2 1,371.9 1,372.2 Other external debt 3.3 3.0 3.3 3.0 2024 fixed rate senior secured notes 411.3 395.2 400.0 400.0 Less deferred borrowing costs — — (8.9 ) (10.9 ) 1,811.5 1,745.4 1,766.3 1,764.3 Derivatives As at December 31, 2019 As at December 31, 2018 €m €m Cross Currency Interest Rate Swaps 17.5 35.7 Forward foreign exchange contracts 3.9 13.4 Total assets 21.4 49.1 Cross Currency Interest Rate Swaps (32.8 ) (35.4 ) Forward foreign exchange contracts (12.1 ) (1.5 ) Total liabilities (44.9 ) (36.9 ) Total (23.5 ) 12.2 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, 2019 €m €m €m Derivatives - assets 21.4 (21.4 ) — Derivatives - liabilities (44.9 ) 21.4 (23.5 ) Gross amount Related Net amount As at Dec 31, 2018 €m €m €m Derivatives - assets 49.1 (29.8 ) 19.3 Derivatives - liabilities (36.9 ) 29.8 (7.1 ) |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases1 [Abstract] | |
Operating leases | Operating leases As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, a number of leased assets have been capitalized. Certain operating leases do not qualify for capitalization. Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments and are payable as follows: As at December 31, 2019 As at December 31, 2018 €m €m Less than one year 2.1 22.2 Between one and three years 3.6 38.5 Between three and five years 1.9 26.0 More than five years — 94.9 Total 7.6 181.6 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. |
Capital commitments
Capital commitments | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 As at December 31, 2018 €m €m Property, plant and equipment 11.5 6.8 Intangible assets 0.6 2.8 Total 12.1 9.6 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Related parties | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Short-term employee benefits 2.8 3.3 2.0 Share-based payment expense 7.6 6.3 1.4 Termination benefits — 0.1 0.4 Non-Executive Director fees 0.4 0.4 0.3 Total Directors' and executive officers' compensation 10.8 10.1 4.1 Related parties Founder Preferred Shares Nomad has issued Founder Preferred Shares to its Founder Entities. The conditions of the Founder Preferred Shares Annual Dividend Amount in 2017, 2018 and 2019 were met and further details relating to these dividends is set out in Note 27. 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 €0.2 million and €0.3 million for certain travel costs of Mariposa Capital, LLC and TOMS Capital LLC respectively in the year ending December 31, 2019 were reimbursed ( year ended December 31, 2018 : €0.2 million and €0.1 million 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. As part of the sale of the Iglo Group to Nomad Foods Limited, former Executive Officer and former Non-Executive Director, Paul Kenyon acquired shares in the Company from Birds Eye Iglo Group LP Inc. Mr. Kenyon acquired 37,060 shares at a price of $10.50 ( €9.71 ) per share which was deemed to be at fair value. In connection with the Permira share repurchase in 2017 (and upon removal of certain transfer restrictions relating to their shares), Mr. Kenyon sold 26,372 shares, respectively, and no further shares were sold in 2018 or 2019. Lord Myners of Truro CBE, a Non-Executive Director, holds 95,652 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. 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. Details of the annual restricted stock grants under the LTIP can be found in Note 8(b). As part of its long term incentive initiatives, the Company has granted 4,518,964 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, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Events After Reporting Period [Abstract] | |||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | 10 days | |
Significant events after the Statement of Financial Position date | Significant events after the Statement of Financial Position date On December 31, 2019, the Company’s Board of Directors approved a Founder Preferred Share dividend of an aggregate of 6,421,074 Ordinary Shares calculated as 20% of the increase in the market price of our Ordinary Shares compared to 2018 dividend price of $16.7538 multiplied by Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the Ordinary Shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of types of insurance contracts [line items] | |
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. Non-controlling interests arise from business combinations in which the Company acquires less than a 100 per cent interest. Non-controlling interests are initially measured at either fair value or at the non-controlling interest’s proportionate share of the fair value of the acquiree’s identifiable net assets. Nomad determines on a transaction by transaction basis which measurement method is used. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets is recorded as goodwill. 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 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. Where the Company owns less than a 100 per cent interest in a subsidiary, a non-controlling interest is recognized. The carrying amount of non-controlling interests is increased or decreased by the non-controlling interest’s share of subsequent changes in equity and payments to the non-controlling interest. Total comprehensive income is attributed to the non-controlling interests even if this results in the non-controlling interests having a negative balance. |
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, 2019 of £1:€1.17 ( December 31, 2018 : £1:€1.11 , December 31, 2017 : £1:€1.13 ). 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 not monitored below the operating segment. 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 Goodfella's and Aunt Bessie's brands have been established for over 20 years, with the Birds Eye , Iglo and Findus brands established for over 50 years , the Directors consider that the brands have indefinite lives. Therefore these brands are not amortized, but instead held at historical cost less provision for any impairment. Brands that are deemed to not have an indefinite life are being amortized by equal monthly installments within other operating expenses over the course of their remaining useful economic life. 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 As a result of the adoption of IFRS 16, the Company has changed its accounting policy for leased assets. Until December 31, 2018, leases of property, plant and equipment where the Company, as a lessee, has substantially all the risks and rewards of ownership were classified as finance leases and all others as operating leases. The Company leases various properties, equipment and cars. Since January 1, 2019, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a contract contains both lease and non-lease components, the Group has elected to account for the contract as a single lease. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is classified within property, plant and equipment and is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are presented within loans and borrowings and include the net present value of expected lease payments, including those from extension options if the Company reasonably expects to exercise them. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, otherwise the Company’s incremental borrowing rate is used. Right-of-use assets are measured at cost comprising the amount of the lease liability, adjusted for payments made or received before the commencement date, initial direct costs and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets primarily comprise IT equipment and small items of office furniture. 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. iii) Share-based payment schemes Employee benefits given through share-based payment schemes are discussed further in section 3.15 of this note. |
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. |
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 amounts due from customers for goods sold when control of the products has transferred, being when the products are delivered in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. The Company holds the trade receivables with the objective of collecting the contractual cash flows and so they are subsequently measured at amortized cost using the effective interest method, less any loss allowance. Since trade receivables are due within one year, this equates to initial carrying value less any loss allowance. To assist in managing operating cash flow, we may enter into non-recourse factoring arrangements with certain receivables whereby we sell specific account receivables on a true sale basis to one or more external financial institutions. These trade receivables are sold on a true sale basis when we have surrendered control over the related assets. Up to the point of sale, these receivables are treated as held for sale and measured at fair value through Profit or Loss. Under the terms of the contractual arrangements, the Company may continue to collect the cash from the customer receivables sold, albeit acting solely as a collecting agent on behalf of the purchaser of receivables. Any cash received from customers which is due to be paid to the agent is presented as a financial liability in the Statement of Financial Position and as a financing activity within the Statement of Cash Flows. Factoring fees associated with the sale of factored receivables were minimal for the year ended December 31, 2019 (December 31, 2018: €0.5 million , December 31, 2017: minimal). See Note 18. The Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Trade receivables are grouped by days past due. Expected loss rates are based on historical credit losses experienced in each market as well as forward looking information where this is significant. Trade receivables are written off when there is no reasonable expectation of recovery. Appropriate allowances for expected credit losses and estimated irrecoverable amounts are recognized in the Consolidated Statement of Profit or Loss. Trade receivables are presented net of associated contract liabilities, referred to as 'trade terms'. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and deposits and are measured at amortized cost. Deposits held in money market funds are measured at fair value through Profit or Loss as the cash flows do not only represent principal and interest. 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 accounting relationship, 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 all financial derivative instruments (including but not limited to forward foreign exchange contracts, currency swaps and cross currency interest rates swaps), is determined per market standard using forward foreign exchange and interest rates at the balance sheet date, with the resulting value discounted back to present value. Cross currency interest rate swaps can be entered into in order to mitigate perceived risks to foreign exchange translation risk and interest rate risk. The Company applies the hedge accounting requirements of IAS 39 to all hedging relationships. a. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the cash flow of a recognized asset or liability, (including 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, exercised or otherwise terminated, 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. vi) Short-term investments The Company invests surplus cash positions in short-term investments to manage liquidity and credit risk. Short‐term investments are held within managed investment funds and are measured at fair value. All changes in fair value are recognized immediately in the Consolidated Statement of Profit or Loss. The short-term investments are held within managed investment funds which invest in supply chain financing receivables, the creditworthiness of which are enhanced by an insurance wrapper as provided by established insurance companies with a long-term credit rating of at least A. Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. |
Revenue | Revenue from contracts with customers The Company manufactures and sells a range of frozen foods to retail, wholesale and Food Service markets. Revenue is recognized when control of the products has transferred, being when the products are delivered to the customer in accordance with the contractual arrangements. At this point, there is no unfulfilled performance obligation that could affect the customer’s acceptance of the product, except for returns due to quality. A provision for product return allowances, which is estimated based upon the Company’s historical performance and management’s experience, is recorded as a reduction of sales in the same period that the revenue is recognized. Revenue excludes sales taxes and intra-company sales. Products are often sold with variable pricing arrangements, including payment discounts, trade promotions and slotting fees. Discounts given by the Company include rebates, price reductions and incentives to customers, promotional couponing and trade communication costs. Trade promotions consist of pricing allowances, merchandising funds and customer coupons, which are offered through various programs to customers and consumers. Certain retailers require the payment of slotting fees to obtain space for the Company’s products on the retailers’ store shelves. Where variable pricing arrangements are in place, revenue is only recognized to the extent that it is highly probable that the amount recognized is unlikely to be reversed. Accumulated experience is used to estimate and provide for the discounts. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. Accruals for expected pay-outs under these programs are collectively known as ‘trade terms’ and are included within trade and other receivables or within trade and other payables in the Consolidated Statement of Financial Position. No element of financing is deemed present as the sales are made in line with market practice and accruals are typically settled within twelve months of the sale. |
Share based payments | Share based payments The Nomad Foods Long-term Incentive Plan known as the (the "Management Share Awards"), which incorporates an annual Non-Executive Directors Restricted Stock Scheme, falls within the provisions of IFRS 2 “Share-based Payment” and awards under the Management Share Awards 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 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 8(b) for further information on the Company’s share-based payment arrangements and details of the valuation model used. |
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 associated with short-term leases, leases of low-value assets, variable lease payments and leases assessed as service agreements are recognized on a straight-line basis as an expense in profit or loss and presented as "operating leases". 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 exceptional, 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, implementation of strategic opportunities 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 in Other Comprehensive Income, in which case it is recognized within the Statement of Other Comprehensive Income. 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, the impacts of exited markets, acquisition purchase price adjustments, chart of account (“CoA”) alignments and exceptional items such as restructuring charges, goodwill and intangible asset impairment charges and other unusual or non-recurring items. In addition, we exclude other adjustments such as the impact of share based payment expenses and related employer payroll taxes, and non-operating M&A related 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. EBITDA, disclosed in Note 5, is defined as profit/(loss) for the period before taxation, net financing costs, depreciation and amortization. |
Unfavorable contracts | Unfavorable contracts Unfavorable contracts recognized from business combinations in relation to leases are classified as a liability, discounted and recognized over the term of the underlying contract as a reduction in the associated expense. As a result of the adoption of IFRS 16 Leases , unfavorable contracts are no longer recognized where the contract falls into the scope of this standard. |
IFRSs not yet adopted | IFRSs not yet adopted At the date of authorization of these financial statements, there are no Standards and Interpretations relevant to the Company which are in issue but not yet effective. |
Onerous/ unfavorable contracts | |
Disclosure of types of insurance contracts [line items] | |
Provisions/Onerous contracts provisions | 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. |
Basis of preparation Summary of
Basis of preparation Summary of adjustments arising form application of IFRS 9 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of notes and other explanatory information [Abstract] | |
Explanation of initial application of IFRS 9 [text block] | IFRSs not yet adopted At the date of authorization of these financial statements, there are no Standards and Interpretations relevant to the Company which are in issue but not yet effective. |
Basis of preparation Explanatio
Basis of preparation Explanation of change in leases on adoption of IFRS 16 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Explanation of difference between operating lease commitments disclosed applying IAS 17 and lease liabilities recognised at date of initial application of IFRS 16 [text block] | Reconciliation from operating lease commitments to lease liability On adoption of IFRS 16, the group recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 2019. €m Operating lease commitments disclosed as at December 31, 2018 181.6 Discounted using the incremental borrowing rate at January 1, 2019 (54.9 ) Less: short-term and low value leases recognized on a straight-line basis as expense (2.0 ) Less: contracts assessed as service agreements (8.1 ) Add: adjustments as a result of a different treatment of extension and termination options 4.2 Lease liability as at January 1, 2019 120.8 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Segment As Adjusted EBITDA | Segment Adjusted EBITDA Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Profit for the period 153.6 170.5 136.5 Taxation 56.7 56.6 32.0 Net financing costs 73.2 56.0 74.4 Depreciation and amortization 68.3 46.3 42.4 EBITDA 351.8 329.4 285.3 Acquisition purchase price adjustments — 5.7 — Exceptional items 7 54.5 17.7 37.2 Other add-backs 25.7 23.6 5.6 Adjusted EBITDA 432.0 376.4 328.1 |
External Revenue and Non-current Assets by Geography | External revenue by geography Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m United Kingdom 712.5 585.4 411.9 Italy 394.1 383.6 371.4 Germany 329.6 310.2 300.3 Sweden 175.7 192.7 208.0 France 176.6 174.1 170.0 Norway 120.4 122.5 123.3 Austria 108.2 102.4 96.7 Spain 79.5 76.7 81.2 Rest of Europe 227.7 225.2 193.8 Total external revenue by geography 2,324.3 2,172.8 1,956.6 Non-current assets by geography December 31, 2019 December 31, 2018 €m €m United Kingdom 131.3 141.5 Germany 124.9 121.8 Italy 68.2 52.5 Sweden 51.1 26.5 Norway 29.6 14.3 France 17.2 17.0 Rest of Europe 56.0 52.4 Total non-current assets by geography 478.3 426.0 |
Operating profit_(loss) (Tables
Operating profit/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Disclosure of Detailed Information About Profit (Loss) from Operating Activities | Operating profit is stated after charging: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Staff costs 8 308.6 299.7 257.4 Depreciation of property, plant and equipment (1) 12 59.7 39.3 35.9 Impairment of property, plant and equipment 12 0.1 — 0.3 Amortization of software and brands 13 8.6 7.0 6.5 Operating lease charges (1) 4.5 18.5 15.0 Exchange (gains)/losses (14.6 ) 2.9 (1.2 ) Research & development expenditure 18.9 15.5 15.4 Inventories recognized as an expense within cost of goods sold 1,536.0 1,410.0 1,273.3 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Exceptional Items | Exceptional items are made up as follows: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Implementation of strategic opportunities (1) — — 18.8 Supply chain reconfiguration (2) (3.6 ) 1.2 14.0 Findus Group integration expenses (3) 3.5 10.4 15.1 Expenses related to transactions (4) — — 3.2 Brexit (5) 1.6 — — Goodfella's Pizza & Aunt Bessie's integration expenses (6) 12.5 8.3 — Factory optimization (7) 5.7 1.6 — Settlement of legacy matters (8) (9.2 ) (3.8 ) (5.6 ) Release/remeasurement of indemnification assets (9) 44.0 — (8.3 ) Total exceptional items 54.5 17.7 37.2 |
Payroll costs, share based pa_2
Payroll costs, share based payments and management incentive schemes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [text block] | management team (the “Management Share Awards”) as of the following four award dates: January 1, 2016 Award January 1, 2017 Award January 1, 2018 Award January 1, 2019 Award Total Number of awards outstanding at January 1, 2019 3,025,953 1,015,000 583,700 — 4,624,653 New awards granted in the period — — — 166,427 166,427 Awards vested and issued in the period — (85,315 ) — — (85,315 ) Forfeitures in the period (60,439 ) (91,562 ) (34,800 ) — (186,801 ) Number of awards outstanding at December 31, 2019 2,965,514 838,123 548,900 166,427 4,518,964 |
Disclosure of Employee Information | The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Production 3,308 2,915 2,285 Administration, distribution & sales 1,448 1,510 1,572 Total number of employees 4,756 4,425 3,857 |
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. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Wages and salaries 250.4 240.6 200.8 Social security costs 45.2 46.0 42.0 Other pension costs 13.0 13.1 14.6 Total payroll costs 308.6 299.7 257.4 |
Inputs and Assumptions Underlying the Monte Carlo Model | January 1, 2016 award January 1, 2017 award January 1, 2018 award January 1, 2019 award Revised grant date price $ 16.72 $ 16.72 $ 16.72 $ 20.15 Exercise price $ — $ — $ — $ — Expected life of restricted share 1.00 - 2.00 years 2.00 years 1.5 - 4.00 years 4.00 years Expected volatility of the share price 22.6 % 22.6 % 22.7 % 24.0 % Dividend yield expected — % — % — % — % Risk free rate 2.65 % 2.65 % 2.55 % 1.33 % Employee exit rate 6.0 % 14.0 % 14.0 % 14.0 % EBITDA Performance Target Condition 93.0 % 72.0 % 35.0 % 35.0 % |
Directors and Key Management _2
Directors and Key Management compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties [text block] | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 3 2 Share based payment schemes 2 3 2 |
Key management personnel compensation | Directors and Key Management compensation Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Short-term employee benefits 2.8 3.3 2.0 Share-based payment expense 7.6 6.3 1.4 Termination benefits — 0.1 0.4 Non-Executive Director fees 0.4 0.4 0.3 Total Directors' and executive officers' compensation 10.8 10.1 4.1 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. Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 3 2 Share based payment schemes 2 3 2 |
Disclosure of related party [text block] | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Short-term employee benefits 2.8 3.3 2.0 Share-based payment expense 7.6 6.3 1.4 Termination benefits — 0.1 0.4 Non-Executive Director fees 0.4 0.4 0.3 Total Directors' and executive officers' compensation 10.8 10.1 4.1 Related parties Founder Preferred Shares Nomad has issued Founder Preferred Shares to its Founder Entities. The conditions of the Founder Preferred Shares Annual Dividend Amount in 2017, 2018 and 2019 were met and further details relating to these dividends is set out in Note 27. 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 €0.2 million and €0.3 million for certain travel costs of Mariposa Capital, LLC and TOMS Capital LLC respectively in the year ending December 31, 2019 were reimbursed ( year ended December 31, 2018 : €0.2 million and €0.1 million 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. As part of the sale of the Iglo Group to Nomad Foods Limited, former Executive Officer and former Non-Executive Director, Paul Kenyon acquired shares in the Company from Birds Eye Iglo Group LP Inc. Mr. Kenyon acquired 37,060 shares at a price of $10.50 ( €9.71 ) per share which was deemed to be at fair value. In connection with the Permira share repurchase in 2017 (and upon removal of certain transfer restrictions relating to their shares), Mr. Kenyon sold 26,372 shares, respectively, and no further shares were sold in 2018 or 2019. Lord Myners of Truro CBE, a Non-Executive Director, holds 95,652 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. 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. Details of the annual restricted stock grants under the LTIP can be found in Note 8(b). As part of its long term incentive initiatives, the Company has granted 4,518,964 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). |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Finance income and costs | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Interest income 2.5 0.2 0.2 Net fair value gains on derivatives held at fair value through profit or loss — 1.4 7.0 Finance income 2.5 1.6 7.2 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) (79.0 ) (64.4 ) (54.0 ) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 21.8 14.6 3.9 Net pension interest costs (3.8 ) (3.8 ) (3.6 ) Amortization of borrowing costs (2.0 ) (1.5 ) (2.7 ) Net foreign exchange losses on translation of financial assets and liabilities (3.9 ) (0.3 ) (3.9 ) Interest on unwinding of discounted items — (1.1 ) (1.2 ) Net fair value losses on derivatives held at fair value through profit or loss (8.8 ) — — Financing costs incurred in amendment of terms of debt (2) — (1.1 ) (20.1 ) Finance costs (75.7 ) (57.6 ) (81.6 ) Net finance costs (73.2 ) (56.0 ) (74.4 ) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Components Of Tax Expense (Benefit) | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (66.4 ) (63.9 ) (37.5 ) Adjustments in respect of prior periods — 2.8 3.2 (66.4 ) (61.1 ) (34.3 ) Deferred tax income/(expense) Origination and reversal of temporary differences 9.7 4.5 (2.1 ) Impact of change in tax rates — — 4.4 16 9.7 4.5 2.3 Total tax expense (56.7 ) (56.6 ) (32.0 ) |
Reconciliation Of Effective Tax Rate | Reconciliation of effective tax rate: Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, €m €m €m Profit before tax 210.3 227.1 168.5 Tax charge at the standard UK corporation tax rate 19% (2018: 19%; 2017: 19.25%) (39.9 ) (43.2 ) (32.5 ) Difference in tax rates (11.9 ) (14.8 ) (10.0 ) Non tax deductible interest 0.6 — 4.4 Other income and expenses not taxable or deductible (1.2 ) 5.3 16.8 Unrecognized tax assets (0.9 ) 0.6 (19.3 ) Provisions for uncertainties (3.4 ) (7.3 ) 1.0 Impact of change in deferred tax rates — — 4.4 Prior period adjustment — 2.8 3.2 Total tax expense (56.7 ) (56.6 ) (32.0 ) |
Income Tax Relating to Components Of Other Comprehensive Income | The tax (credit)/charge relating to components of other comprehensive income is as follows: Before tax Tax credit After tax Year ended December 31, 2019 Note €m €m €m Remeasurement of post-employment benefit liabilities 35.9 (6.7 ) 29.2 Net investment hedge (6.0 ) — (6.0 ) Cash flow hedges 27.3 (5.6 ) 21.7 Other comprehensive loss/(income) 57.2 (12.3 ) 44.9 Current tax — Deferred tax 16 (12.3 ) (12.3 ) Before tax Tax (credit)/ charge After tax Year ended December 31, 2018 Note €m €m €m Remeasurement of post-employment benefit liabilities 12.9 (3.3 ) 9.6 Net investment hedge (5.6 ) — (5.6 ) Cash flow hedges (15.5 ) 4.0 (11.5 ) Other comprehensive (income)/loss (8.2 ) 0.7 (7.5 ) Current tax — Deferred tax 16 0.7 0.7 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/(income) 14.3 (3.0 ) 11.3 Current tax — Deferred tax 16 (3.0 ) (3.0 ) |
Property, plant and equipment D
Property, plant and equipment Disclosure NBV of Tangible Assets and Right of use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure NBV Tangible and Right of use Assets [Table Text Block] | 12) Property, plant and equipment December 31, 2019 December 31, 2018 €m €m Owned property, plant and equipment (i) 350.0 348.8 Right-of-use assets (ii) 72.4 — Property, plant and equipment 422.4 348.8 As detailed in Note 2, the right-of-use assets have been recognized following the adoption of IFRS 16 Leases on January 1, 2019. |
Property, plant and equipment_2
Property, plant and equipment Disclosure NBV Tangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | Land and buildings Plant and equipment Computer equipment Total €m €m €m €m Cost Balance at December 31, 2017 117.4 242.5 3.2 363.1 Acquisitions through business combinations 32.7 28.1 0.5 61.3 Additions 6.7 24.5 5.3 36.5 Disposals (3.5 ) (0.5 ) — (4.0 ) Effect of movements in foreign exchange (1.5 ) (4.4 ) — (5.9 ) Balance at December 31, 2018 151.8 290.2 9.0 451.0 Additions 4.1 34.7 4.7 43.5 Disposals (1.5 ) (1.1 ) — (2.6 ) Effect of movements in foreign exchange 1.8 8.1 0.1 10.0 Balance at December 31, 2019 156.2 331.9 13.8 501.9 Accumulated depreciation and impairment Balance at December 31, 2017 8.2 57.4 2.1 67.7 Depreciation 7.2 31.7 0.4 39.3 Effect of movements in foreign exchange (1.1 ) (3.6 ) (0.1 ) (4.8 ) Balance at December 31, 2018 14.3 85.5 2.4 102.2 Depreciation 7.7 34.4 1.5 43.6 Impairment — 0.1 — 0.1 Disposals — (0.3 ) — (0.3 ) Effect of movements in foreign exchange 1.0 5.3 — 6.3 Balance at December 31, 2019 23.0 125.0 3.9 151.9 Net book value December 31, 2017 109.2 185.1 1.1 295.4 Net book value December 31, 2018 137.5 204.7 6.6 348.8 Balance at December 31, 2019 133.2 206.9 9.9 350.0 |
Property, plant and equipment_3
Property, plant and equipment Disclosure NBV of Right of use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Asset Class of RIght of use Assets [Table Text Block] | (ii) Right-of-use assets December 31, 2019 December 31, 2018 €m €m Net book value Land and Buildings 62.8 — Plant and equipment and motor vehicles 9.2 — Computer equipment 0.4 — Right-of-use assets 72.4 — Additions to the right-of-use assets during the year ended December 31, 2019 were €6.2 million . Lease liabilities are included within loans and borrowings in Note 21. Interest on lease liabilities is presented as a finance cost in Note 10. Payments of lease liabilities are included as a financing activity within the Statement of Cash Flows. |
Property, plant and equipment_4
Property, plant and equipment Disclosure Depreciation of Right of use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Disclosure of depreciation and amortisation expense [text block] | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 €m €m €m Depreciation Land and Buildings 10.7 — — Plant and equipment 5.2 — — Computer equipment 0.2 — — Depreciation expense of right-of-use assets 16.1 — — |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Goodwill Brands Computer software Customer relationships Total €m €m €m €m €m Cost Balance at December 31, 2017 1,745.6 1,688.9 18.3 31.0 3,483.8 Acquisitions through business combinations 115.4 362.2 1.1 — 478.7 Additions — — 6.6 — 6.6 Effect of movements in foreign exchange — — (0.6 ) — (0.6 ) Balance at December 31, 2018 1,861.0 2,051.1 25.4 31.0 3,968.5 Acquisitions through business combinations 1.9 — — — 1.9 Additions — — 4.8 — 4.8 Disposals — — (0.1 ) — (0.1 ) Effect of movements in foreign exchange — — (0.3 ) — (0.3 ) Balance at December 31, 2019 1,862.9 2,051.1 29.8 31.0 3,974.8 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2017 — 1.5 7.5 4.8 13.8 Amortization — 1.2 3.6 2.2 7.0 Effect of movements in foreign exchange — — (0.5 ) — (0.5 ) Balance at December 31, 2018 — 2.7 10.6 7.0 20.3 Amortization — 1.7 4.7 2.2 8.6 Effect of movements in foreign exchange — — (0.1 ) — (0.1 ) Balance at December 31, 2019 — 4.4 15.2 9.2 28.8 Net book value December 31, 2017 1,745.6 1,687.4 10.8 26.2 3,470.0 Net book value December 31, 2018 1,861.0 2,048.4 14.8 24.0 3,948.2 Net book value December 31, 2019 1,862.9 2,046.7 14.6 21.8 3,946.0 |
Acquisitions Goodfella's Pizza
Acquisitions Goodfella's Pizza summary of net assets acquired (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |
Disclosure of detailed information about business combination [text block] | July 2, 2018 €m Assets: Intangible assets 205.3 Property, plant and equipment 23.1 Current assets 19.5 Inventories 13.2 Total assets 261.1 Liabilities: Current liabilities 20.6 Deferred tax liabilities 37.6 Total liabilities 58.2 Total identifiable net assets acquired 202.9 Total purchase consideration 235.9 Total identifiable net assets acquired (202.9 ) Goodwill 33.0 : April 21, 2018 €m Assets: Intangible assets 158.0 Property, plant and equipment 33.2 Current assets 7.5 Inventories 10.7 Deferred tax assets 0.9 Total assets 210.3 Liabilities: Current liabilities 31.2 Deferred tax liabilities 22.6 Total liabilities 53.8 Total identifiable net assets acquired 156.5 Total purchase consideration 239.0 Total identifiable net assets acquired (156.5 ) Goodwill 82.5 19) Indemnification assets Year ended December 31, 2019 Year ended December 31, 2018 €m €m Balance at January 1 79.4 73.8 Recognized through business combinations — 6.1 Utilized — (0.5 ) Release of indemnified provision (44.0 ) — Balance at December 31 35.4 79.4 |
Acquisitions Aunt Bessie's deta
Acquisitions Aunt Bessie's detailed net assets acquired (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |
Disclosure of detailed information about business combination [text block] | July 2, 2018 €m Assets: Intangible assets 205.3 Property, plant and equipment 23.1 Current assets 19.5 Inventories 13.2 Total assets 261.1 Liabilities: Current liabilities 20.6 Deferred tax liabilities 37.6 Total liabilities 58.2 Total identifiable net assets acquired 202.9 Total purchase consideration 235.9 Total identifiable net assets acquired (202.9 ) Goodwill 33.0 : April 21, 2018 €m Assets: Intangible assets 158.0 Property, plant and equipment 33.2 Current assets 7.5 Inventories 10.7 Deferred tax assets 0.9 Total assets 210.3 Liabilities: Current liabilities 31.2 Deferred tax liabilities 22.6 Total liabilities 53.8 Total identifiable net assets acquired 156.5 Total purchase consideration 239.0 Total identifiable net assets acquired (156.5 ) Goodwill 82.5 19) Indemnification assets Year ended December 31, 2019 Year ended December 31, 2018 €m €m Balance at January 1 79.4 73.8 Recognized through business combinations — 6.1 Utilized — (0.5 ) Release of indemnified provision (44.0 ) — Balance at December 31 35.4 79.4 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interests in Other Entities [Abstract] | |
Disclosure of Significant Investments | The following are the Company's significant investments as of December 31, 2019 . Activity Country of incorporation Class of shares held Ownership as of December 31, 2019 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% Aunt Bessie's Limited Non-Trading England Ordinary 100% Birds Eye Ireland Limited Trading Republic of Ireland Ordinary 100% Birds Eye Ireland Oldco Unlimited Company Non-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% Findus Norge Holding AS Holding Norway Ordinary 100% Toppfrys AB Trading Sweden Ordinary 81% |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are attributable to the following: December 31, 2019 December 31, 2018 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 23.0 (29.3 ) (6.3 ) 15.6 (28.0 ) (12.4 ) Intangible assets 0.4 (357.0 ) (356.6 ) 0.3 (354.4 ) (354.1 ) Employee benefits 40.2 (0.4 ) 39.8 30.0 (0.4 ) 29.6 Tax value of loss carry forwards 20.7 — 20.7 19.1 — 19.1 Derivative financial instruments 3.2 (0.3 ) 2.9 — (2.5 ) (2.5 ) Other 8.9 (11.2 ) (2.3 ) 3.7 (6.8 ) (3.1 ) Tax assets/(liabilities) 96.4 (398.2 ) (301.8 ) 68.7 (392.1 ) (323.4 ) Movement in deferred tax during the year: Opening balance Jan 1, 2019 Recognized Recognized Movement Closing balance Dec 31, 2019 €m €m €m €m €m Property, plant and equipment (12.4 ) 6.3 — (0.2 ) (6.3 ) Intangible assets (354.1 ) (2.5 ) — — (356.6 ) Employee benefits 29.6 3.5 6.7 — 39.8 Tax value of loss carry forwards 19.1 1.6 — — 20.7 Derivative financial instruments (2.5 ) — 5.6 (0.2 ) 2.9 Other (3.1 ) 0.8 — — (2.3 ) Total deferred tax (323.4 ) 9.7 12.3 (0.4 ) (301.8 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, 2019 December 31, 2018 €m €m Raw materials and consumables 86.8 81.6 Work in progress 48.3 50.7 Finished goods and goods for resale 188.1 210.2 Total inventories 323.2 342.5 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade terms | <div style="line-height:120%;padding-top:13px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Liabilities related to contracts with customers</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:13px;text-indent:84px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has recognized the following liabilities related to contracts with customers:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:77%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">€m</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">€m</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Trade terms liabilities reported within trade receivables</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(191.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(158.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Trade terms liabilities reported within trade and other payables (Note 22)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(59.4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(79.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total trade terms liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(250.6</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(238.3</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td></tr></table></div></div></div>" id="sjs-B4"><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Liabilities related to contracts with customers</font><font style="font-family:Arial;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:13px;text-indent:84px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has recognized the following liabilities related to contracts with customers:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td style="width:77%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">December 31, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">€m</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">€m</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Trade terms liabilities reported within trade receivables</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(191.2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(158.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Trade terms liabilities reported within trade and other payables (Note 22)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(59.4</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">(79.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Total trade terms liabilities</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(250.6</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">(238.3</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">)</font></div></td></tr></table></div></div></div> |
Schedule of Trade and Other Receivables | December 31, 2019 December 31, 2018 Current assets €m €m Trade receivables 143.6 98.3 Prepayments and accrued income 8.0 9.2 Other receivables 31.0 38.4 Tax receivable 24.1 28.0 Total current trade and other receivables 206.7 173.9 Non-current assets Other receivables 1.9 2.6 Total non-current trade and other receivables 1.9 2.6 Total trade and other receivables 208.6 176.5 |
Disclosure of Aging Trade Receivables | The ageing of trade receivables is detailed below: Gross Impaired Net December 31, 2019 €m €m €m Not past due 288.1 (0.2 ) 287.9 Past due less than 1 month 32.5 (0.3 ) 32.2 Past due 1 to 3 months 7.5 (0.2 ) 7.3 Past due 3 to 6 months 3.6 (0.2 ) 3.4 Past due more than 6 months 7.9 (3.9 ) 4.0 Sub-total 339.6 (4.8 ) 334.8 Reduction in trade-terms (1) (191.2 ) Total trade receivables 143.6 Gross Impaired Net December 31, 2018 €m €m €m Not past due 228.5 — 228.5 Past due less than 1 month 20.9 — 20.9 Past due 1 to 3 months 4.8 — 4.8 Past due 3 to 6 months 1.6 (0.2 ) 1.4 Past due more than 6 months 5.6 (4.1 ) 1.5 Sub-total 261.4 (4.3 ) 257.1 Reduction in trade-terms (1) (158.8 ) Total trade receivables 98.3 (1) 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, 2019 | |
Business Combinations1 [Abstract] | |
Disclosure of Detailed Information About Indemnification Assets | July 2, 2018 €m Assets: Intangible assets 205.3 Property, plant and equipment 23.1 Current assets 19.5 Inventories 13.2 Total assets 261.1 Liabilities: Current liabilities 20.6 Deferred tax liabilities 37.6 Total liabilities 58.2 Total identifiable net assets acquired 202.9 Total purchase consideration 235.9 Total identifiable net assets acquired (202.9 ) Goodwill 33.0 : April 21, 2018 €m Assets: Intangible assets 158.0 Property, plant and equipment 33.2 Current assets 7.5 Inventories 10.7 Deferred tax assets 0.9 Total assets 210.3 Liabilities: Current liabilities 31.2 Deferred tax liabilities 22.6 Total liabilities 53.8 Total identifiable net assets acquired 156.5 Total purchase consideration 239.0 Total identifiable net assets acquired (156.5 ) Goodwill 82.5 19) Indemnification assets Year ended December 31, 2019 Year ended December 31, 2018 €m €m Balance at January 1 79.4 73.8 Recognized through business combinations — 6.1 Utilized — (0.5 ) Release of indemnified provision (44.0 ) — Balance at December 31 35.4 79.4 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents per Statement of Cash Flows | December 31, 2019 December 31, 2018 Note €m €m Cash and cash equivalents 826.0 327.5 Restricted cash 0.1 0.1 Cash and cash equivalents 826.1 327.6 Bank overdraft 22 (1.3 ) — Cash and cash equivalents per Statement of Cash Flows 824.8 327.6 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 December 31, 2018 €m €m Current liabilities/(assets) Syndicated loans 10.8 23.4 Lease liabilities 18.9 — Less deferred borrowing costs to be amortized within 1 year (2.0 ) (2.0 ) Total due in less than one year 27.7 21.4 Non-current liabilities Syndicated loans 1,364.4 1,351.8 2024 fixed rate senior secured notes 400.0 400.0 Lease liabilities 90.1 — Less deferred borrowing costs to be amortized in 2-5 years (6.9 ) (7.9 ) Less deferred borrowing costs to be amortized in more than 5 years — (1.0 ) Total due after more than one year 1,847.6 1,742.9 Total borrowings 1,875.3 1,764.3 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information About Trade and Other Payables | December 31, 2019 December 31, 2018 Current liabilities €m €m Trade payables 306.5 321.1 Accruals and deferred income 109.4 125.3 Trade terms payable 59.4 79.5 Social security and other taxes 25.7 19.0 Other payables 18.8 19.0 Financial payables 4.1 7.7 Bank overdrafts 1.3 — Total current trade and other payables 525.2 571.6 Non-current liabilities Accruals and deferred income 2.7 1.3 Total non-current trade and other payables 2.7 1.3 Total trade and other payables 527.9 572.9 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Net Defined Benefit Liability (Asset) | December 31, 2019 December 31, 2018 €m €m Net employee benefit obligations-Germany 151.3 128.0 Net employee benefit obligations-Sweden 71.7 60.5 Net employee benefit obligations-Italy 4.8 4.7 Net employee benefit obligations-Austria 5.8 4.3 Sub-total 233.6 197.5 Net employee benefit obligations- total of other countries 3.9 3.1 Total net employee benefit obligations 237.5 200.6 |
Disclosure of Fair Value of Plan Assets | Movements in fair value of plan assets of defined benefit retirement plans: 2019 €m Opening balance January 1, 2019 81.5 Interest income 1.4 Actuarial gains arising from the return on plan assets, excluding interest income 5.1 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.6 ) As at December 31, 2019 86.4 2018 €m Opening balance January 1, 2018 81.3 Interest income 1.6 Actuarial gains arising from the return on plan assets, excluding interest income 0.3 Contributions by employer 0.5 Contributions by members 0.5 Benefits paid (2.7 ) As at December 31, 2018 81.5 The fair value of plan assets, all at quoted prices are as follows: December 31, 2019 December 31, 2018 €m €m Equities 20.5 20.2 Debt instruments 40.3 47.2 Property 13.1 10.9 Other 12.5 3.2 Total 86.4 81.5 |
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 2019 2019 2019 €m €m €m Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 For the year ended December 31, 2019 7.6 0.2 7.8 Defined benefit Post-employment Total 2018 2018 2018 €m €m €m Current service cost 3.9 (0.1 ) 3.8 Interest cost 3.6 — 3.6 For the year ended December 31, 2018 7.5 (0.1 ) 7.4 |
Disclosure of Amount Recognized In Consolidated Statement of Comprehensive Income | Amount recognized in the Consolidated Statement of Comprehensive Income: Year ended December 31, 2019 Year ended December 31, 2018 €m €m Actuarial experience losses 0.2 0.5 Actuarial losses arising from changes in financial assumptions 43.2 13.8 Actuarial gains arising from changes in demographic assumptions (3.0 ) (1.1 ) Actuarial gains arising from the return on plan assets, excluding interest income (5.1 ) (0.3 ) Total actuarial losses 35.3 12.9 Year ended December 31, 2019 Year ended December 31, 2018 €m €m Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income 49.5 14.2 |
Disclosure of Actuarial Assumptions | Defined benefit retirement plans Post-employment medical benefits and other benefits December 31, 2019 Germany Sweden Austria Italy Germany Austria Discount rate 1.15 % 1.45 % 1.00 % 0.67 % 0.45 % 0.30 % Inflation rate 2.00 % 1.80 % 1.53 % 1.50 % 2.00 % 1.53 % Rate of increase in salaries 2.80 % 2.80 % 2.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % Defined benefit Post-employment medical December 31, 2018 Germany Sweden Austria Italy Germany Austria Discount rate 1.75 % 2.25 % 2.00 % 1.60 % 1.20 % 1.00 % Inflation rate 2.00 % 2.00 % 2.00 % 1.50 % 2.00 % 2.00 % Rate of increase in salaries 2.80 % 2.75 % 3.00 % — 2.80 % 3.00 % Rate of increase for pensions in payment 1%-2% — % 2.00 % — — — Long term medical cost of inflation — — — — — 2.00 % |
Disclosure of the Effect of a 1% Movement in the Discount Rate | The effect of a 1% movement in the most significant assumptions for the year ended December 31, 2019 is as follows: Increase Decrease €m €m Discount rate (51.4 ) 68.1 Inflation rate 43.5 (35.4 ) Rate of increase in salaries 16.6 (12.3 ) Rate of increase for pensions in payment 44.9 (36.3 ) |
Present value of defined benefit obligation [member] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of analysis of present value of defined benefit obligation [Table Text Block] | Defined benefit retirement plans Post-employment medical benefits and other benefits Total December 31, 2019 €m €m €m Present value of unfunded defined benefit obligations 77.6 5.1 82.7 Present value of funded defined benefit obligations 237.3 — 237.3 Subtotal present value of defined benefit obligations 314.9 5.1 320.0 Fair value of plan assets (86.4 ) — (86.4 ) Recognized liability for net defined benefit obligations 228.5 5.1 233.6 Defined benefit Post-employment Total December 31, 2018 €m €m €m Present value of unfunded defined benefit obligations 65.8 4.8 70.6 Present value of funded defined benefit obligations 208.4 — 208.4 Subtotal present value of defined benefit obligations 274.2 4.8 279.0 Fair value of plan assets (81.5 ) — (81.5 ) Recognized liability for net defined benefit obligations 192.7 4.8 197.5 Movements in recognized liability for net defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 192.7 4.8 197.5 Current service cost 4.0 0.2 4.2 Interest cost 3.6 — 3.6 Actuarial losses 35.3 — 35.3 Contributions to plan (0.6 ) — (0.6 ) Benefits paid (5.2 ) — (5.2 ) Exchange adjustments (1.3 ) 0.1 (1.2 ) As at December 31, 2019 228.5 5.1 233.6 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2018 180.5 4.9 185.4 Current service cost 3.9 (0.1 ) 3.8 Interest cost 3.6 — 3.6 Actuarial losses 12.9 — 12.9 Contributions to plan (0.6 ) — (0.6 ) Benefits paid (5.4 ) — (5.4 ) Exchange adjustments (2.2 ) — (2.2 ) As at December 31, 2018 192.7 4.8 197.5 Movements in present value of defined benefit obligations: Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2019 274.2 4.8 279.0 Current service cost 4.0 0.2 4.2 Interest cost 5.0 — 5.0 Actuarial experience losses 0.2 — 0.2 Actuarial losses arising from changes in financial assumptions 43.2 — 43.2 Actuarial gains arising from changes in demographic assumptions (3.0 ) — (3.0 ) Contributions to plan 0.4 — 0.4 Benefits paid (7.8 ) — (7.8 ) Exchange adjustments (1.3 ) 0.1 (1.2 ) As at December 31, 2019 314.9 5.1 320.0 Defined benefit Post-employment Total €m €m €m Opening balance January 1, 2018 261.8 4.9 266.7 Current service cost 3.9 (0.1 ) 3.8 Interest cost 5.2 — 5.2 Actuarial experience losses 0.5 — 0.5 Actuarial losses arising from changes in financial assumptions 13.8 — 13.8 Actuarial gains arising from changes in demographic assumptions (1.1 ) — (1.1 ) Contributions to plan 0.4 — 0.4 Benefits paid (8.1 ) — (8.1 ) Exchange adjustments (2.2 ) — (2.2 ) As at December 31, 2018 274.2 4.8 279.0 |
Experience adjustments [Domain] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Net Defined Benefit Liability (Asset) | The history of experience adjustments from inception of the Company for the defined benefit retirement plans is as follows: December 31, 2019 December 31, 2018 December 31, 2017 €m €m €m Present value of defined benefit obligations 314.9 274.2 261.8 Fair value of plan assets (86.4 ) (81.5 ) (81.3 ) Recognized liability in the scheme 228.5 192.7 180.5 Experience losses on scheme liabilities 0.2 0.5 0.5 Experience gains on scheme assets (5.1 ) (0.3 ) (1.9 ) |
Actuarial assumption of life expectancy after retirement [member] | |
Disclosure of defined benefit plans [line items] | |
Disclosure of Actuarial Assumptions | December 31, 2019 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 December 31, 2018 (years) Germany Sweden Austria Italy Retiring at the end of the year: Male 21 22 23 19 Female 24 24 25 22 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017 26.3 75.4 10.2 10.4 18.5 140.8 Acquired through business combinations — — — — 7.0 7.0 Additional provision in the period 4.0 — 0.3 — 4.1 8.4 Release of provision (1.5 ) — — (2.7 ) (2.0 ) (6.2 ) Utilization of provision (16.5 ) (4.3 ) (4.7 ) (6.5 ) (2.3 ) (34.3 ) Unwinding of discounting — 0.8 — 0.3 — 1.1 Foreign exchange — (3.1 ) — — — (3.1 ) Balance at December 31, 2018 12.3 68.8 5.8 1.5 25.3 113.7 Impact of transition to IFRS 16 — (66.9 ) — — — (66.9 ) Balance at January 1 12.3 1.9 5.8 1.5 25.3 46.8 Acquired through business combinations — — — — 1.9 1.9 Additional provision in the period 3.2 — 2.4 — 10.2 15.8 Release of provision (1.5 ) — (1.3 ) — (5.7 ) (8.5 ) Utilization of provision (6.7 ) (0.9 ) — (1.5 ) (0.5 ) (9.6 ) Unwinding of discounting — — — — — — Foreign exchange 0.1 0.2 — — 0.1 0.4 Balance at December 31, 2019 7.4 1.2 6.9 — 31.3 46.8 Analysis of total provisions: December 31, 2019 December 31, 2018 Impact of transition to IFRS 16 Restated balance as of December 31, 2018 Current 40.9 44.3 (3.6 ) 40.7 Non-current 5.9 69.4 (63.3 ) 6.1 Total 46.8 113.7 (66.9 ) 46.8 |
Share capital and reserves (Tab
Share capital and reserves (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||
Schedule of Share Capital and Capital Reserve | Share capital and capital reserve As at December 31, 2019 As at December 31, 2018 €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 $10.00 per share n/a n/a Issued and fully paid: 194,542,957 (December 31, 2018: 174,229,051) Ordinary Shares with nil nominal value 2,109.7 1,751.7 1,500,000 (December 31, 2018: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 2,120.3 1,762.3 Listing and share transaction costs (24.9 ) (13.8 ) Total net share capital and capital reserve 2,095.4 1,748.5 Ordinary Shares Issued and Repurchased Ordinary shares (in millions) Balance at December 31, 2017 165.3 Shares issued in the year 8.9 Balance at December 31, 2018 174.2 Shares issued in the year 20.3 Balance at December 31, 2019 194.5 | |
Summary of Listing and Share Transaction Costs | €m At December 31, 2017 13.8 Placement fees — At December 31, 2018 13.8 Share transaction costs 11.1 At December 31, 2019 24.9 |
Share-based compensation rese_2
Share-based compensation reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 |
Founder Preferred Shares Divi_2
Founder Preferred Shares Dividend Reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | |
Disclosure of classes of share capital | Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 |
Translation reserve Translati_2
Translation reserve Translation reserve table (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | |
Cash flow hedging reserve | Share-based compensation reserve 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 8(b) sets out the Non-Executive Director and Director and Senior Management Restricted share awards. Share based compensation reserve €m Balance as of January 1, 2019 9.4 Non-Executive Director restricted share awards charge 0.9 Directors and Senior Management share awards charge 14.0 Vesting of Non-Executive Director restricted shares (0.8 ) Vesting of LTIP Share awards (1.3 ) Reclassification of awards for settlement of tax liabilities 0.4 Balance as of December 31, 2019 22.6 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. The Preferred Shares Annual Dividend amount is 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 (currently $21.7289 ) multiplied by 140,220,619 Preferred Share Dividend Equivalent (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 Founder Preferred Shares Annual Dividend Amount is paid for so long as the Founder Preferred Shares remain outstanding. 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. 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. On December 31, 2018, the Company’s Board of Directors approved a share dividend of an aggregate of 171,092 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2017 dividend price of $16.6516 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $16.7538 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2018 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2019. On December 31, 2019, the Company’s Board of Directors approved a share dividend of an aggregate of 6,421,074 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2018 dividend price of $16.7538 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $21.7289 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2019 ) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 2, 2020. Founder Preferred Shares Dividend Reserve €m Balance as of January 1, 2019 372.6 Settlement of dividend through share issue (2.5 ) Balance as of December 31, 2019 370.1 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. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. 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. Details of the Company's cash flow hedge accounting is detailed in Note 33. 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 which mature in 2022. The table below shows the movement in the cash flow hedging reserve during the year, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Reserve of exchange differences on translation [member] | |
Disclosure of reserves within equity [line items] | |
Cash flow hedging reserve | investment in a foreign subsidiary. Year ended December 31, 2019 2018 2017 €m €m €m Balance as of January 1 88.8 83.2 84.0 Foreign currency translation adjustments 19.2 2.2 (8.9 ) Net deferred (losses)/gains on net investment hedges (1) (13.2 ) 3.4 8.1 Total presented in Other Comprehensive Income 6.0 5.6 (0.8 ) Balance as of December 31 94.8 88.8 83.2 (1) (Losses)/gains on net investment hedges are offset by € 19.0 million of gains (2018: losses of € 3.7 million , 2017: losses of € 8.7 million ) on GBP net investments included within the foreign currency translation adjustments. The translation reserve as at December 31, 2019 , includes € 3.8 million (2018: € 15.8 million ) relating to continuing hedging relationships in respect of GBP net investments, as well as € 46.4 million (2018: € 47.6 million ) relating to a discontinued hedging relationship in respect of GBP net investments. |
Cash flow hedging reserve (Tabl
Cash flow hedging reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, including the gains or losses arising on the revaluation of hedging instruments during the year and the amount reclassified from Other Comprehensive Income ("OCI") to the Consolidated Statement of Profit or Loss in the year. Cross currency interest rate swaps Forward currency contracts Total Cash flow hedge reserve €m €m €m Balance as of January 1, 2017 — 8.4 8.4 Change in fair value of hedging instrument recognized in OCI for the year (56.8 ) (19.7 ) (76.5 ) Reclassified to cost of goods sold — 3.8 3.8 Reclassified from OCI to finance costs 56.3 — 56.3 Deferred tax 0.1 4.9 5.0 Balance as of December 31, 2017 (0.4 ) (2.6 ) (3.0 ) Change in fair value of hedging instrument recognized in OCI for the year 49.5 20.3 69.8 Reclassified to cost of goods sold — (6.4 ) (6.4 ) Reclassified from OCI to finance costs (47.9 ) — (47.9 ) Deferred tax (0.3 ) (3.7 ) (4.0 ) Balance as of December 31, 2018 0.9 7.6 8.5 Change in fair value of hedging instrument recognized in OCI for the year 28.1 3.8 31.9 Reclassified to cost of goods sold — (21.8 ) (21.8 ) Reclassified from OCI to finance costs (37.4 ) — (37.4 ) Deferred tax 1.6 4.0 5.6 Balance as of December 31, 2019 (6.8 ) (6.4 ) (13.2 ) |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Basic and diluted earnings/(loss) per share | Basic earnings per share Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Profit for the period attributable to equity owners of the parent (€m) 154.0 171.2 136.5 Weighted average Ordinary Shares and Founder Preferred Shares 192,004,803 175,622,538 176,080,272 Basic earnings per share (€’s) 0.80 0.97 0.78 |
Diluted earnings (loss) per share | Diluted earnings per share Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Profit for the period attributable to equity owners of the parent (€m) 154.0 171.2 136.5 Weighted average Ordinary Shares and Founder Preferred Shares 198,425,877 175,793,631 184,786,162 Diluted earnings per share (€’s) 0.78 0.97 0.74 |
Reconciliation of liabilities_2
Reconciliation of liabilities arising from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2019 1,764.3 7.7 0.1 (0.3 ) Restatement on adoption of IFRS 16 (Note 2) Non-cash 120.8 — — — Restated opening balance January 1, 2019 1,885.1 7.7 0.1 (0.3 ) Cash inflow (1) Cash 2.0 — 4.7 20.9 Cash outflow (2) Cash (44.0 ) (72.7 ) — (4.0 ) Interest accretion Cash 5.3 73.7 — — Exchange movement Non-cash 15.7 (1.1 ) — — Fair value changes Non-cash — — (5.0 ) (1.3 ) Other non-cash adjustments Non-cash 11.2 (3.5 ) — — Closing balance December 31, 2019 1,875.3 4.1 (0.2 ) 15.3 Cash / non-cash Total loans and borrowings (Note 21) Financial payables (Note 22) Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts FVPTL Derivatives: (Net) Fair value of cross currency interest rate swaps €m €m €m €m Opening balance January 1, 2018 1,398.4 3.1 0.7 42.8 Restatement on adoption of IFRS 9 (Note 2) Non-cash (21.8 ) — — — Restated opening balance January 1, 2018 1,376.6 3.1 0.7 42.8 Cash inflow (1) Cash 355.6 3.4 0.8 13.8 Cash outflow (2) Cash (5.9 ) (59.1 ) — (3.6 ) Interest accretion Cash — 64.4 — — Acquired through business combinations Non-cash 2.5 — — — Exchange movement Non-cash 32.7 (0.8 ) — — Fair value changes Non-cash — — (1.4 ) (53.3 ) Other non-cash adjustments Non-cash 2.8 (3.3 ) — — Closing balance December 31, 2018 1,764.3 7.7 0.1 (0.3 ) (1) Cash inflows 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 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 act_2
Cash flows from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
Schedule of cash flow disclosures | Year ended December 31, 2019 Year ended December 31, 2018 Year ended December 31, 2017 Note €m €m €m Cash flows from operating activities Profit for the period 153.6 170.5 136.5 Adjustments for: Exceptional items 7 54.5 17.7 37.2 Non-cash fair value purchase price adjustment of inventory 5 — 5.7 — Share based payments expense 14.9 13.0 2.6 Depreciation and amortization 68.3 46.3 42.4 Loss on disposal and impairment of property, plant and equipment 0.6 0.3 0.5 Net finance costs 10 73.2 56.0 74.4 Taxation 11 56.7 56.6 32.0 Operating cash flow before changes in working capital, provisions and exceptional items 421.8 366.1 325.6 Decrease/(increase) in inventories 23.5 (20.2 ) 16.7 Increase in trade and other receivables (34.4 ) (10.8 ) (1.6 ) (Decrease)/increase in trade and other payables (40.6 ) 64.5 18.1 Increase/(decrease) in employee benefit and other provisions 6.6 (2.0 ) (0.3 ) Cash generated from operations before tax and exceptional items 376.9 397.6 358.5 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about hedging instruments [line items] | |
Disclosure of detailed information about hedging instruments [text block] | As at December 31, 2019 As at December 31, 2018 €m €m Cross Currency Interest Rate Swaps 17.5 35.7 Forward foreign exchange contracts 3.9 13.4 Total assets 21.4 49.1 Cross Currency Interest Rate Swaps (32.8 ) (35.4 ) Forward foreign exchange contracts (12.1 ) (1.5 ) Total liabilities (44.9 ) (36.9 ) Total (23.5 ) 12.2 |
Disclosure of financial risk management [text block] | Financial risk management 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. Where appropriate, the Company uses derivative financial instruments to hedge certain risk exposures. Risk management is led by senior management and executed according to Company policy. All hedging activity is carried out by a central treasury department that evaluates and hedges financial risks according to forecasts provided by the Company’s operating units. Derivatives and hedging Derivatives are used for economic hedging purposes and not as speculative investments. Where derivatives do not meet hedge accounting criteria, they are classified as 'fair value through profit or loss' for accounting purposes and are accounted for at fair value through profit or loss. They are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Company's derivative financial instruments are disclosed within Note 34. Hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. The effective portion of the change in the fair value of the hedging instrument is accounted for in the translation reserve or cash flow hedge reserve through Other Comprehensive Income and will be recognized in profit or loss in the same period as the hedged item. Movements in the Company's translation reserve and cash flow hedging reserve are presented in Notes 28 & 29 respectively. The Company's accounting policy for hedge accounting is disclosed within Note 3. As at December 31, 2019, the Company has $935.6 million of U.S. Dollar LIBOR floating rate debt. The Company uses cross currency interest rate swaps to convert this into €845.1 million of debt with a fixed rate of interest, designated as a cash flow hedge. Additionally cross currency interest rate swaps have been entered into which receive €309.7 million with fixed interest flows and pays £260.8 million with fixed interest flows. £222.5 million of these swaps have been designated as a net investment hedge of the Company's investments in Pound Sterling. In creating cash flow hedges over U.S. Dollar debt, the Company enters into cross currency hedging arrangements with similar critical terms as the hedged item, such as reference rate, reset dates, payment dates, and notional amount. As all critical terms matched during the year, the economic relationship was 100% effective. If due to certain circumstances one or more critical terms do not match, the economic relationship and the hedge effectiveness will be assessed quantitatively using a cumulative dollar-offset test. Hedge ineffectiveness may occur due to: - the credit value/debit value adjustment on the cross currency interest rate swaps that is not matched to the underlying liability, and/or - differences in critical terms between the cross currency interest rate swaps and underlying liability, and/or - the effects of the forthcoming reforms to LIBOR, because these might take effect at a different time and have a different impact on the hedged item and the hedging instrument. There was no material ineffectiveness during 2019 in relation to the cross currency interest rate swaps. The effects of the cash flow hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 Derivative financial instruments - cross currency interest rate swaps Carrying amount of asset/(liability) (18.5 ) (25.6 ) Notional amount (USD) $935.6 $953.4 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 7.1 35.6 Change in value of hedged item used to determine effectiveness (7.1 ) (35.6 ) Weighted average hedged rate for the year 1.11 1.11 The effects of the net investment hedging instruments on the Company's financial position and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 2.4 21.6 Notional amount (GBP) £222.5 £224.7 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 (13.2 ) 3.7 Change in value of hedged item used to determine hedge effectiveness 13.2 (3.4 ) Weighted average hedged rate for the year 1.19 1.19 The impact of the net investment hedge is taken directly to equity via the foreign currency translation reserve. The amount taken to this reserve that arose on the translation of the notional component of cross currency interest rate swaps was a loss of €13.2 million (2018: €3.4 million gain). In determining hedge effectiveness for a net investment hedge, the economic relationship between hedging instrument and balance sheet exposure should be established including the notional amount and currency of the underlying investment. Hedge ineffectiveness may arise due to the value of the hedged item being less than the notional value of the hedging instrument. There was no material ineffectiveness in the net investment hedge in either 2019 or 2018 . The ineffective amount taken through the Consolidated Statements of Profit or Loss in 2019 amounted to €nil (2018: €0.3 million ). The Company's policy is to reduce its risk of foreign exchange movements on material operating cash flows in currencies other than the operating entity's functional currency using forward foreign exchange contracts designated as cash flow hedges. In order to qualify as a cash flow hedge, the hedging instrument must meet the requirements of IAS 39, including that the hedging instrument must align with the hedged item. The group designates the forward component of forward contracts as the hedging instrument. Hedge ineffectiveness may arise if the timing of the forecast transaction changes from what was originally estimated. The effects of the foreign currency hedging instruments on the Company's financial position and performance are as follows: As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7 ) (8.3 ) (0.3 ) (0.3 ) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7 ) (10.9 ) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 As at December 31, 2018 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 8.4 2.0 1.4 (0.6 ) 0.5 Notional amount 224.9 47.2 97.4 65.6 38.5 Fair value losses of outstanding hedging instruments since January 1 14.1 4.5 1.9 1.5 0.8 Weighted average hedge rate for the year 1.20 1.34 1.12 0.10 — 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 €4.8 million ( 2018 : €1.0 million loss, 2017 : €3.5 million loss). Losses in the year from cross currency interest rate swap contracts designated as fair value through the Consolidated Statement of Profit or Loss amounted to €13.6 million (2018: €0.4 million gain, 2017: €3.9 million gain). Market risk (including foreign exchange 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, permanent changes in both 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 Foreign Exchange translation risk The Company is exposed to foreign exchange translation risk arising from the translation of assets and liabilities denominated in currencies other than the Euro. Key areas of foreign currency exposure include non-Euro debt and investments in subsidiaries not held in Euro. Company policy is to mitigate the potential foreign exchange translation risk by converting where appropriate, borrowings into Euro. This has been achieved on the U.S. Dollar debt through the use of cross currency swaps designated as a cash flow hedge. The Company also hedges translational exposure on consolidation of GBP net assets through the use of currency swaps designated as a net investment hedge. Mitigation & Impact on Statement of Financial Foreign exchange translation risk resulting from the translation of non-Euro Position Denominated borrowings into Euros, to the extent that they are hedged will be mitigated by the translation of the underlying cross currency interest rate hedging arrangements. As at 31 December 2019, 85.3% of the Company’s Pound Sterling cross currency interest rate swaps are designated as hedges against the Company’s investment in its UK subsidiaries (2018: 85.3%, 2017: 82.8% ). As at December 31, 2019 , this represented 104% of the net assets held in GBP ( 2018 : 103% ). Sensitivity analysis During 2019 , the Euro weakened by 5.3% against Pound Sterling ( 2018 : strengthened by 1.3% ). The notional amount of Pound Sterling cross currency interest rate swaps designated as a Net Investment hedge is £222.5 million . A 1% movement in the GBP-EUR foreign exchange rate would result in a gain or loss of €2.6 million (2018: €2.5 million ) which would be taken to equity. Hedge accounting is not applied to 14.7% 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 €0.5 million (2018: 0.5 million ). In addition, the impact on the related interest charge for each 1% movement in the GBP-EUR foreign exchange rate would be to decrease or increase the charge by €0.1 million , (2018: €0.1 million ) within the Company Consolidated Statements of Profit or Loss. Currency risk Foreign currency risk on purchases The Company is exposed to foreign exchange risk where a business unit has material operating cash flows in a currency other than the functional currency of that entity. The most significant exposures for the Company are the purchase of raw materials, stock and services purchased in U.S. Dollars and Euros. 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. Position / Equity As at December 31, 2019, the fair value of forward contracts entered into to hedge the future purchase of U.S. Dollars is an asset of €0.4 million ( 2018 : €10.6 million asset). All forecast transactions are still expected to occur. As at December 31, 2019 , 82.7% ( 2018 : 85.2% ) of forecast future U.S. Dollar payments to the end of 2019 were hedged through the use of forward contracts and existing cash. All forward contracts have been designated as cash flow hedges and have a maturity within the next 12 months. The fair value of the Euro forward contracts with reference to non-Euro functional currencies as at December 31, 2019 , is a liability of €9.0 million ( 2018 : €1.1 million ). As at December 31, 2019 , 95.2% ( 2018 : 69.5% ) of forecast future net Euro payments to the end of 2019 were hedged through the use of forward contracts and existing cash. All forward contracts have been designated as cash flow hedges and have a maturity within the next 12 months. Sensitivity analysis During 2019 , the Euro weakened by 5.3% against Pound Sterling (2018: strengthened by 1.3% , 2017: strengthened by 3.9% ), weakened by 2% against the U.S.Dollar (2018: weakened by 4.5% , 2017: strengthened by 13.9% ) and strengthened by 2.2% against the Swedish Krona (2018: strengthened by 4.1% , 2017: strengthened by 2.7% ). On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against Pound Sterling, the impact to the Company profit or loss before tax would be approximately €1.4 million ( 2018 : €1.2 million ), excluding the impact of any forward contracts. On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against the U.S.Dollar, the impact to the Company profit or loss before tax would be approximately €2.8 million ( 2018 : €2.3 million ), excluding the impact of any forward contracts. On an annualized 2019 basis, and assuming all other factors remain constant, for each 1% movement in value of the Euro against Swedish Krona, the impact to the Company profit or loss before tax would be approximately €1.2 million ( 2018 : €1.3 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 is exposed to changes in interest rates to the extent that it enters into floating rate borrowings. Mitigation & Impact on Equity / Income The Company’s policy on interest rate risk is to mitigate the Company’s exposure to fluctuations Statement in interest rates. As a result of decisions taken by national regulators, LIBOR and EURIBOR may become phased out and replaced by a replacement reference index. If LIBOR ceases to exist, we may need to renegotiate our Senior Facilities Agreement with our lenders and cross currency interest rate swaps, and continue to discuss the topic with our external banking counterparties. Our expectation is that these contracts can be aligned to the new benchmarks as they become known, and that it is highly probable that the existing hedging relationships can be continued. Sensitivity analysis During 2019 , three month EURIBOR rates remained below zero ( 2018 : no change). Within the Euro denominated senior loans, there is a EURIBOR floor of 0% . If interest rates were to move by 1% , this would have a correspondingly decrease or increase in the Company’s profit/(loss) before tax by approximately €5.6 million ( 2018 : €5.7 million ). Credit risk Description Credit risk arises on cash and cash equivalents, derivative financial instruments with banks and financial institutions, any short term investments, 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, sets credit limits according to approved treasury policy. The Company limits its exposure to individual financial institutions by diversification of exposure across a range of financial 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 to mitigate ongoing payment risk. 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, including financial covenants as part of the Senior debt arrangements which it must comply with in order to maintain its current level of borrowings. 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 and receivables financing facilities. This is available to finance working capital requirements and for general corporate purposes. Currently €17.2 million is utilized for letters of credit, overdrafts, customer bonds and bank guarantees. Capital risk management The objective of the Company when considering total capital is to protect the value of capital investments and to generate returns on shareholder funds. Total capital is defined as including Loans and Borrowings and equity, including derivatives used for the purpose of hedging currency and interest exposure on Loans and Borrowings, but excluding the cashflow hedging reserve. In support of its objectives, the Company may undertake actions to adjust its capital structure accordingly. Actions may include, but not limited to, raising or prepayment of Borrowings together with related derivative instruments, issuance of additional share capital, payment of dividends or share buy-back. Maturity analysis The USD denominated term loans include the requirement to repay 1% of notional per annum. In 2019 this amounts to €8.6 million (2018: €8.4 million ) In addition, the Senior Facilities Agreement also includes an excess cashflow calculation whereupon an amount of principal shall be repaid based upon terms including cash generated and leverage. Based upon the calculation as at December 31, 2019, no excess cashflow will be repayable in 2020 (2018: € 12.1 million , repaid in 2019). Amounts have been reflected as current borrowings in the tables below. The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5 ) — — — — — (658.5 ) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4 ) (48.2 ) (1,136.0 ) — — — (1,233.6 ) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now include lease liabilities. 2018 2019 2020 2021 2022 2023 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 23.4 8.4 8.4 8.4 8.4 1,737.4 1,794.4 Borrowings-interest 67.9 67.6 67.1 66.7 66.3 26.3 361.9 Forward contracts Sell 671.9 — — — — — 671.9 Forward contracts Buy (686.7 ) — — — — — (686.7 ) Cross Currency Interest Rate Swaps Pay 40.1 39.8 39.6 1,130.8 — — 1,250.3 Cross Currency Interest Rate Swaps Receive (56.7 ) (56.4 ) (55.9 ) (1,130.1 ) — — (1,299.1 ) Trade and other payables excluding non-financial liabilities 534.9 — — — — — 534.9 Total 594.8 59.4 59.2 75.8 74.7 1,763.7 2,627.6 |
Disclosure of offsetting of financial assets and financial liabilities [text block] | 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, 2019 €m €m €m Derivatives - assets 21.4 (21.4 ) — Derivatives - liabilities (44.9 ) 21.4 (23.5 ) Gross amount Related Net amount As at Dec 31, 2018 €m €m €m Derivatives - assets 49.1 (29.8 ) 19.3 Derivatives - liabilities (36.9 ) 29.8 (7.1 ) |
Disclosure of financial instruments [text block] | 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial instruments 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2018 €m €m €m €m €m €m Assets Trade receivables 98.3 — — — — 98.3 Derivative financial instruments — — 4.6 44.5 — 49.1 Cash and cash equivalents 297.0 30.6 — — — 327.6 Liabilities Trade and other payables excluding non-financial liabilities — — — — (534.9 ) (534.9 ) Derivative financial instruments — — (0.3 ) (36.6 ) — (36.9 ) Loans and borrowings (2) — — — — (1,775.2 ) (1,775.2 ) Total 395.3 30.6 4.3 7.9 (2,310.1 ) (1,872.0 ) (2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21. 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. 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 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 non binding 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 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’. (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 The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) 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. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 €m €m €m €m Senior EUR/USD loans 1,396.9 1,347.2 1,371.9 1,372.2 Other external debt 3.3 3.0 3.3 3.0 2024 fixed rate senior secured notes 411.3 395.2 400.0 400.0 Less deferred borrowing costs — — (8.9 ) (10.9 ) 1,811.5 1,745.4 1,766.3 1,764.3 Derivatives As at December 31, 2019 As at December 31, 2018 €m €m Cross Currency Interest Rate Swaps 17.5 35.7 Forward foreign exchange contracts 3.9 13.4 Total assets 21.4 49.1 Cross Currency Interest Rate Swaps (32.8 ) (35.4 ) Forward foreign exchange contracts (12.1 ) (1.5 ) Total liabilities (44.9 ) (36.9 ) Total (23.5 ) 12.2 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, 2019 €m €m €m Derivatives - assets 21.4 (21.4 ) — Derivatives - liabilities (44.9 ) 21.4 (23.5 ) Gross amount Related Net amount As at Dec 31, 2018 €m €m €m Derivatives - assets 49.1 (29.8 ) 19.3 Derivatives - liabilities (36.9 ) 29.8 (7.1 ) |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5 ) — — — — — (658.5 ) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4 ) (48.2 ) (1,136.0 ) — — — (1,233.6 ) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now include lease liabilities. 2018 2019 2020 2021 2022 2023 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 23.4 8.4 8.4 8.4 8.4 1,737.4 1,794.4 Borrowings-interest 67.9 67.6 67.1 66.7 66.3 26.3 361.9 Forward contracts Sell 671.9 — — — — — 671.9 Forward contracts Buy (686.7 ) — — — — — (686.7 ) Cross Currency Interest Rate Swaps Pay 40.1 39.8 39.6 1,130.8 — — 1,250.3 Cross Currency Interest Rate Swaps Receive (56.7 ) (56.4 ) (55.9 ) (1,130.1 ) — — (1,299.1 ) Trade and other payables excluding non-financial liabilities 534.9 — — — — — 534.9 Total 594.8 59.4 59.2 75.8 74.7 1,763.7 2,627.6 |
Disclosure of maturity analysis for derivative financial liabilities [text block] | The tables below show a maturity analysis of contractual undiscounted cash flows prepared using forward interest rates where applicable, showing items at the earliest date on which the Company could be required to pay the liability: 2019 2020 2021 2022 2023 2024 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 10.8 9.6 8.6 8.6 1,753.4 — 1,791.0 Borrowings-interest 61.1 59.8 59.4 59.1 25.0 — 264.4 Forward contracts Sell 666.2 — — — — — 666.2 Forward contracts Buy (658.5 ) — — — — — (658.5 ) Cross Currency Interest Rate Swaps Pay 38.8 38.6 1,138.4 — — — 1,215.8 Cross Currency Interest Rate Swaps Receive (49.4 ) (48.2 ) (1,136.0 ) — — — (1,233.6 ) Lease Liabilities 16.8 15.2 13.3 7.5 7.0 85.7 145.5 Trade and other payables excluding non-financial liabilities 483.4 — — — — — 483.4 Total 569.2 75.0 83.7 75.2 1,785.4 85.7 2,674.2 As detailed in Note 2, following the adoption of IFRS 16 Leases on January 1, 2019, loans and borrowings now include lease liabilities. 2018 2019 2020 2021 2022 2023 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 23.4 8.4 8.4 8.4 8.4 1,737.4 1,794.4 Borrowings-interest 67.9 67.6 67.1 66.7 66.3 26.3 361.9 Forward contracts Sell 671.9 — — — — — 671.9 Forward contracts Buy (686.7 ) — — — — — (686.7 ) Cross Currency Interest Rate Swaps Pay 40.1 39.8 39.6 1,130.8 — — 1,250.3 Cross Currency Interest Rate Swaps Receive (56.7 ) (56.4 ) (55.9 ) (1,130.1 ) — — (1,299.1 ) Trade and other payables excluding non-financial liabilities 534.9 — — — — — 534.9 Total 594.8 59.4 59.2 75.8 74.7 1,763.7 2,627.6 |
Cash flow hedges [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Disclosure of financial instruments [text block] | performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 Derivative financial instruments - cross currency interest rate swaps Carrying amount of asset/(liability) (18.5 ) (25.6 ) Notional amount (USD) $935.6 $953.4 Maturity date 5/15/2022 5/15/2022 Change in fair value of outstanding hedging instruments since January 1 7.1 35.6 Change in value of hedged item used to determine effectiveness (7.1 ) (35.6 ) Weighted average hedged rate for the year 1.11 1.11 |
Hedges of net investment in foreign operations [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Disclosure of financial instruments [text block] | and performance are as follows: All amounts stated in €m, unless otherwise stated December 31, 2019 December 31, 2018 UK cross-currency interest rate swaps hedge Carrying amount of cross-currency interest rate swaps 2.4 21.6 Notional amount (GBP) £222.5 £224.7 Maturity Date 5/15/2022 5/15/2022 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 (13.2 ) 3.7 Change in value of hedged item used to determine hedge effectiveness 13.2 (3.4 ) Weighted average hedged rate for the year 1.19 1.19 |
Foreign currency hedging instruments [Domain] | |
Disclosure of detailed information about hedging instruments [line items] | |
Disclosure of financial instruments [text block] | position and performance are as follows: As at December 31, 2019 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 2.1 (1.7 ) (8.3 ) (0.3 ) (0.3 ) Notional amount 220.6 56.5 217.4 70.1 42.3 Fair value (gains)/losses of outstanding hedging instruments since January 1 10.5 (0.7 ) (10.9 ) 2.1 0.2 Weighted average hedge rate for the year 1.14 1.28 1.12 0.09 0.21 As at December 31, 2018 EUR/USD GBP/USD GBP/EUR SEK/EUR Other Currencies €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 8.4 2.0 1.4 (0.6 ) 0.5 Notional amount 224.9 47.2 97.4 65.6 38.5 Fair value losses of outstanding hedging instruments since January 1 14.1 4.5 1.9 1.5 0.8 Weighted average hedge rate for the year 1.20 1.34 1.12 0.10 — |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments [text block] | 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial instruments 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2018 €m €m €m €m €m €m Assets Trade receivables 98.3 — — — — 98.3 Derivative financial instruments — — 4.6 44.5 — 49.1 Cash and cash equivalents 297.0 30.6 — — — 327.6 Liabilities Trade and other payables excluding non-financial liabilities — — — — (534.9 ) (534.9 ) Derivative financial instruments — — (0.3 ) (36.6 ) — (36.9 ) Loans and borrowings (2) — — — — (1,775.2 ) (1,775.2 ) Total 395.3 30.6 4.3 7.9 (2,310.1 ) (1,872.0 ) (2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21. 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. 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 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 non binding 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 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’. (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 The carrying value of cash and cash equivalents is deemed to equal fair value. (iv) Short-term investments Short-term investments are valued using inputs that are derived principally from or corroborated by observable market data. The Company has classified these as level 2 instruments as defined in IFRS 13 “Fair value measurement”. (v) 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. There is no requirement to determine or disclose the fair value of lease liabilities. Fair value Carrying value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 €m €m €m €m Senior EUR/USD loans 1,396.9 1,347.2 1,371.9 1,372.2 Other external debt 3.3 3.0 3.3 3.0 2024 fixed rate senior secured notes 411.3 395.2 400.0 400.0 Less deferred borrowing costs — — (8.9 ) (10.9 ) 1,811.5 1,745.4 1,766.3 1,764.3 Derivatives As at December 31, 2019 As at December 31, 2018 €m €m Cross Currency Interest Rate Swaps 17.5 35.7 Forward foreign exchange contracts 3.9 13.4 Total assets 21.4 49.1 Cross Currency Interest Rate Swaps (32.8 ) (35.4 ) Forward foreign exchange contracts (12.1 ) (1.5 ) Total liabilities (44.9 ) (36.9 ) Total (23.5 ) 12.2 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, 2019 €m €m €m Derivatives - assets 21.4 (21.4 ) — Derivatives - liabilities (44.9 ) 21.4 (23.5 ) Gross amount Related Net amount As at Dec 31, 2018 €m €m €m Derivatives - assets 49.1 (29.8 ) 19.3 Derivatives - liabilities (36.9 ) 29.8 (7.1 ) |
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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2018 €m €m €m €m €m €m Assets Trade receivables 98.3 — — — — 98.3 Derivative financial instruments — — 4.6 44.5 — 49.1 Cash and cash equivalents 297.0 30.6 — — — 327.6 Liabilities Trade and other payables excluding non-financial liabilities — — — — (534.9 ) (534.9 ) Derivative financial instruments — — (0.3 ) (36.6 ) — (36.9 ) Loans and borrowings (2) — — — — (1,775.2 ) (1,775.2 ) Total 395.3 30.6 4.3 7.9 (2,310.1 ) (1,872.0 ) (2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21. |
Disclosure of Financial Liabilities | Fair value Carrying value December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 €m €m €m €m Senior EUR/USD loans 1,396.9 1,347.2 1,371.9 1,372.2 Other external debt 3.3 3.0 3.3 3.0 2024 fixed rate senior secured notes 411.3 395.2 400.0 400.0 Less deferred borrowing costs — — (8.9 ) (10.9 ) 1,811.5 1,745.4 1,766.3 1,764.3 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 IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2019 €m €m €m €m €m €m Assets Trade receivables 143.6 — — — — 143.6 Derivative financial instruments — — 1.0 20.4 — 21.4 Cash and cash equivalents 747.4 78.7 — — — 826.1 Short - term investments — 25.0 — — — 25.0 Liabilities Trade and other payables excluding non-financial liabilities — — — — (483.4 ) (483.4 ) Derivative financial instruments — — — (44.9 ) — (44.9 ) Loans and borrowings (1) — — — — (1,884.2 ) (1,884.2 ) Total 891.0 103.7 1.0 (24.5 ) (2,367.6 ) (1,396.4 ) (1) Loans and borrowings excludes €8.9 million of deferred borrowing costs which are included within €1,875.3 million of total loans and borrowings in Note 21. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives at fair value through profit or loss Derivatives used for hedging Financial liabilities at amortized cost Total 2018 €m €m €m €m €m €m Assets Trade receivables 98.3 — — — — 98.3 Derivative financial instruments — — 4.6 44.5 — 49.1 Cash and cash equivalents 297.0 30.6 — — — 327.6 Liabilities Trade and other payables excluding non-financial liabilities — — — — (534.9 ) (534.9 ) Derivative financial instruments — — (0.3 ) (36.6 ) — (36.9 ) Loans and borrowings (2) — — — — (1,775.2 ) (1,775.2 ) Total 395.3 30.6 4.3 7.9 (2,310.1 ) (1,872.0 ) (2) Loans and borrowings excludes €10.9 million of deferred borrowing costs which are included within €1,764.3 million of total non-current loans and borrowings in Note 21. |
Disclosure of Derivatives | As at December 31, 2019 As at December 31, 2018 €m €m Cross Currency Interest Rate Swaps 17.5 35.7 Forward foreign exchange contracts 3.9 13.4 Total assets 21.4 49.1 Cross Currency Interest Rate Swaps (32.8 ) (35.4 ) Forward foreign exchange contracts (12.1 ) (1.5 ) Total liabilities (44.9 ) (36.9 ) Total (23.5 ) 12.2 |
Disclosure of offsetting of financial assets and financial liabilities [text block] | 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, 2019 €m €m €m Derivatives - assets 21.4 (21.4 ) — Derivatives - liabilities (44.9 ) 21.4 (23.5 ) Gross amount Related Net amount As at Dec 31, 2018 €m €m €m Derivatives - assets 49.1 (29.8 ) 19.3 Derivatives - liabilities (36.9 ) 29.8 (7.1 ) |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases1 [Abstract] | |
Non-cancellable Operating Lease Rentals Related to Total Future Aggregate Minimum Lease Payments | Non-cancellable operating lease rentals relate to total future aggregate minimum lease payments and are payable as follows: As at December 31, 2019 As at December 31, 2018 €m €m Less than one year 2.1 22.2 Between one and three years 3.6 38.5 Between three and five years 1.9 26.0 More than five years — 94.9 Total 7.6 181.6 |
Capital commitments (Tables)
Capital commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 As at December 31, 2018 €m €m Property, plant and equipment 11.5 6.8 Intangible assets 0.6 2.8 Total 12.1 9.6 |
General information (Details)
General information (Details) | Dec. 31, 2019country |
General Information About Financial Statements [Abstract] | |
Number of countries in which entity produces, markets and distributes brands | 17 |
Basis of preparation Impact of
Basis of preparation Impact of change in accounting standard IFRS16 (Details) - EUR (€) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure of initial application of standards or interpretations [line items] | ||||
Disclosure of maturity analysis of operating lease payments [text block] | 7600000 | 181600000 | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 2.90% | |||
Property, plant and equipment | € 350,000,000 | € 348,800,000 | € 295,400,000 | |
Lease liabilities | 109,000,000 | |||
Other provisions | 46,800,000 | 113,700,000 | 140,800,000 | € 46,800,000 |
Accumulated deficit reserve | (11,800,000) | (167,900,000) | ||
Profit (loss) before tax | 210,300,000 | 227,100,000 | 168,500,000 | |
Depreciation, right-of-use assets | € 16,100,000 | € 0 | € 0 | |
Impact on Earnings per share | € 0.80 | € 0.97 | € 0.78 | |
Loans and borrowings | € 1,847,600,000 | € 1,742,900,000 | ||
Current | 40,900,000 | 44,300,000 | ||
Provisions | 5,900,000 | 69,400,000 | ||
Trade and other payables | 527,900,000 | € 572,900,000 | ||
Bjuv Facility [Member] | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 6.30% | |||
IFRS 16 [Member] | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Property, plant and equipment | € 432,700,000 | |||
Lease liabilities | 120,800,000 | |||
Other provisions | (46,800,000) | |||
Accumulated deficit reserve | (136,600,000) | |||
Current borrowings | 41,800,000 | |||
Loans and borrowings | 1,843,300,000 | |||
Current | 40,700,000 | |||
Provisions | 6,100,000 | |||
Trade and other payables | € (1,300,000) | |||
Previously stated [member] | IFRS 16 [Member] | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Disclosure of maturity analysis of operating lease payments [text block] | 181600000 | |||
Property, plant and equipment | € 348,800,000 | |||
Accumulated deficit reserve | (167,900,000) | |||
Current borrowings | 21,400,000 | |||
Loans and borrowings | 1,742,900,000 | |||
Current | 44,300,000 | |||
Provisions | 69,400,000 | |||
Trade and other payables | 0 | |||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS 16 [Member] | ||||
Disclosure of initial application of standards or interpretations [line items] | ||||
Property, plant and equipment | 83,900,000 | |||
Lease liabilities | 120,800,000 | |||
Other provisions | (66,900,000) | |||
Impairment review of lease assets on transition to IFRS 16 | 35,600,000 | |||
Accumulated deficit reserve | 31,300,000 | |||
Profit (loss) before tax | 2,800,000 | |||
Adjusted EBITDA | 17,700,000 | |||
Depreciation, right-of-use assets | € 16,100,000 | |||
Impact on Earnings per share | € 0.01 | |||
Discounted using the incremental borrowing rate | € (54,900,000) | |||
Less: short-term and low value leases recognized on a straight-line basis as expense | 2,000,000 | |||
Less: contracts assessed as service agreements | 8,100,000 | |||
Add: adjustments as a result of a different treatment of extension and termination options | (4,200,000) | |||
Current borrowings | (20,400,000) | |||
Loans and borrowings | 100,400,000 | |||
Current | 3,600,000 | |||
Provisions | (63,300,000) | |||
Trade and other payables | € (1,300,000) |
Accounting policies (Details)
Accounting policies (Details) € in Millions | 12 Months Ended | |||
Dec. 31, 2019EUR (€)segment | Dec. 31, 2018EUR (€) | Dec. 31, 2017 | Jun. 01, 2015EUR (€) | |
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract] | ||||
Foreign exchange rate | 1.17 | 1.11 | 1.13 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 334.8 | € 257.1 | ||
Founder Preferred Shares Dividend Reserve | € 370.1 | 372.6 | € 531.5 | |
Number of operating segments | segment | 1 | |||
Cost | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Trade receivables | € 339.6 | € 261.4 | ||
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 | |||
Customer relationships | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets useful life | 14 years |
Accounting policies IFRS 16 dis
Accounting policies IFRS 16 disclosure (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure changes in accounting policy IFRS 16 [Line Items] | ||||
Right-of-use assets | € 72.4 | € 0 | ||
Lease liabilities | 109 | |||
Other provisions | 46.8 | 113.7 | € 140.8 | € 46.8 |
Increase (decrease) in accounting estimate | 210.3 | 227.1 | 168.5 | |
EBITDA | € 351.8 | € 329.4 | € 285.3 | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 2.90% | |||
Bjuv Facility | Sweden | Onerous/unfavorable contracts - lease | ||||
Disclosure changes in accounting policy IFRS 16 [Line Items] | ||||
Other provisions | € 66.9 |
Accounting policies Factoring (
Accounting policies Factoring (Details) € in Millions | 3 Months Ended |
Mar. 31, 2018EUR (€) | |
Disclosure of significant accounting policies [Abstract] | |
Fees incurred related to factoring arrangements | € 0.5 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)segment | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Operating Segments [Abstract] | |||
Number of operating segments | segment | 1 | ||
adjustments for share based payments including employer tax | € 22.4 | € 14.7 | € 2.6 |
Adjustments for acquisition related costs | € 3.3 | € 8.9 | € 3 |
Segment reporting - Segment as
Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Profit (loss) | € 153.6 | € 170.5 | € 136.5 |
Profit (loss), attributable to owners of parent | 154 | 171.2 | 136.5 |
adjustments for share based payments including employer tax | 22.4 | 14.7 | 2.6 |
Taxation | 56.7 | 56.6 | 32 |
Net financing costs | 73.2 | 56 | 74.4 |
Depreciation and amortization | 68.3 | 46.3 | 42.4 |
EBITDA | 351.8 | 329.4 | 285.3 |
Exceptional items | 54.5 | 17.7 | 37.2 |
Other add-backs | 5.6 | ||
Material reconciling items | |||
Disclosure of operating segments [line items] | |||
Acquisition purchase price adjustments | 0 | 5.7 | 0 |
Exceptional items | 54.5 | 17.7 | 37.2 |
Other add-backs | 25.7 | 23.6 | |
Adjusted EBITDA | € 432 | € 376.4 | € 328.1 |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue | € 2,324.3 | € 2,172.8 | € 1,956.6 |
Non-current assets | 478.3 | 426 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenue | 712.5 | 585.4 | 411.9 |
Non-current assets | 131.3 | 141.5 | |
Italy | |||
Disclosure of geographical areas [line items] | |||
Revenue | 394.1 | 383.6 | 371.4 |
Non-current assets | 68.2 | 52.5 | |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 329.6 | 310.2 | 300.3 |
Non-current assets | 124.9 | 121.8 | |
Sweden | |||
Disclosure of geographical areas [line items] | |||
Revenue | 175.7 | 192.7 | 208 |
Non-current assets | 51.1 | 26.5 | |
France | |||
Disclosure of geographical areas [line items] | |||
Revenue | 176.6 | 174.1 | 170 |
Non-current assets | 17.2 | 17 | |
Norway | |||
Disclosure of geographical areas [line items] | |||
Revenue | 120.4 | 122.5 | 123.3 |
Non-current assets | 29.6 | 14.3 | |
Austria | |||
Disclosure of geographical areas [line items] | |||
Revenue | 108.2 | 102.4 | 96.7 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Revenue | 79.5 | 76.7 | 81.2 |
Rest of Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 227.7 | 225.2 | € 193.8 |
Non-current assets | € 56 | € 52.4 |
Operating profit_(loss) (Detail
Operating profit/(loss) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Staff costs | € 308.6 | € 299.7 | € 257.4 |
Depreciation of property, plant and equipment (1) | 59.7 | 39.3 | 35.9 |
Impairment of property, plant and equipment | 0.1 | 0 | 0.3 |
Amortization of software and brands | 8.6 | 7 | 6.5 |
Operating lease charges(1) | 4.5 | 18.5 | 15 |
Exchange (gains)/losses | (14.6) | (2.9) | 1.2 |
Research & development expenditure | 18.9 | 15.5 | 15.4 |
Inventories recognized as an expense within cost of goods sold | € 1,536 | € 1,410 | € 1,273.3 |
Exceptional items (Details)
Exceptional items (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unusual Or Infrequent Item1 [Line Items] | |||
Investigation of strategic opportunities | € 0 | € 0 | € 18.8 |
Expenses From Supply Chain Reconfiguration, Restructuring Activities | (3.6) | 1.2 | 14 |
Findus Group integration costs | 3.5 | 10.4 | 15.1 |
Costs related to transactions | 0 | 0 | 3.2 |
Costs related to long-term management incentive plans | 1.6 | 0 | 0 |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 12.5 | 8.3 | 0 |
Factory Optimization | 5.7 | 1.6 | 0 |
Settlement of legacy matters | (9.2) | (3.8) | (5.6) |
Remeasurement of indemnification assets | 44 | 0 | (8.3) |
Adjustments For Exceptional Items | € 54.5 | € 17.7 | € 37.2 |
Exceptional items - Additional
Exceptional items - Additional Information (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis Of Income And Expense [Line Items] | ||||
Investigation of strategic opportunities and other items | € 0 | € 0 | € 18.8 | |
Restructuring activities charges | 3.6 | (1.2) | (14) | |
Integration costs | 3.5 | 10.4 | 15.1 | |
Costs related to transactions | 0 | 0 | 3.2 | |
Long-term incentive scheme | 1.6 | 0 | 0 | |
Income (charge) related to legacy matters | 9.2 | 3.8 | 5.6 | |
Settlement Of Legacy Sales Tax Matters | 3.9 | |||
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Release of Provision | € 17.8 | 44 | 0 | |
Gain from reassessment of sales tax provision | 0.7 | 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 | 3.1 | 3.2 | 13.8 | |
Cash flows used relating to exceptional items | 15.9 | 43.4 | 99.5 | |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 12.5 | 8.3 | 0 | |
Factory Optimization | € 5.7 | 1.6 | € 0 | |
La Cocinera [Member] | ||||
Analysis Of Income And Expense [Line Items] | ||||
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Release of Provision | € 2.7 |
Payroll costs, share based pa_3
Payroll costs, share based payments and management incentive schemes - Information About the Number of Persons Employed by the Company (Details) - employee | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Information [Line Items] | |||
Average number of employees | 4,756 | 4,425 | 3,857 |
Production | |||
Employee Information [Line Items] | |||
Average number of employees | 3,308 | 2,915 | 2,285 |
Administration, distribution & sales | |||
Employee Information [Line Items] | |||
Average number of employees | 1,448 | 1,510 | 1,572 |
Payroll costs, share based pa_4
Payroll costs, share based payments and management incentive schemes - Number of Persons Employed by the Company (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits And Share-Based Payments [Abstract] | |||
Wages and salaries | € 250.4 | € 240.6 | € 200.8 |
Social security costs | 45.2 | 46 | 42 |
Other pension costs | 13 | 13.1 | 14.6 |
Total payroll costs | € 308.6 | € 299.7 | € 257.4 |
Payroll costs, share based pa_5
Payroll costs, share based payments and management incentive schemes - Inputs and Assumptions Underlying the Monte Carlo Model (Details) - Restricted Shares | 12 Months Ended |
Dec. 31, 2019$ / shares | |
January 1, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date price (in usd) | $ 16.72 |
Exercise Price, Other Equity Instruments Granted | $ 0 |
Expected volatility of the share price | 22.60% |
Dividend yield expected | 0.00% |
Risk free rate | 2.65% |
Employee exit rate | 6.00% |
EBITDA Performance Target Condition | 93.00% |
January 1, 2016 | Minimum | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 1 year |
January 1, 2016 | Top of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 2 years |
January 1, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 2 years |
Grant date price (in usd) | $ 16.72 |
Exercise Price, Other Equity Instruments Granted | $ 0 |
Expected volatility of the share price | 22.60% |
Dividend yield expected | 0.00% |
Risk free rate | 2.65% |
Employee exit rate | 14.00% |
EBITDA Performance Target Condition | 72.00% |
January 1, 2018 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date price (in usd) | $ 16.72 |
Exercise Price, Other Equity Instruments Granted | $ 0 |
Expected volatility of the share price | 22.70% |
Dividend yield expected | 0.00% |
Risk free rate | 2.55% |
Employee exit rate | 14.00% |
EBITDA Performance Target Condition | 35.00% |
January 1, 2018 [Member] | Minimum | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 2 years 6 months |
January 1, 2018 [Member] | Top of range | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 4 years |
January 1, 2019 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Other Equity Instruments Life, Other Equity Instruments Granted | 4 years |
Grant date price (in usd) | $ 20.15 |
Exercise Price, Other Equity Instruments Granted | $ 0 |
Expected volatility of the share price | 24.00% |
Dividend yield expected | 0.00% |
Risk free rate | 1.33% |
Employee exit rate | 14.00% |
EBITDA Performance Target Condition | 35.00% |
Payroll costs, share based pa_6
Payroll costs, share based payments and management incentive schemes - Restricted Share Awards (Details) € / shares in Units, $ / shares in Units, € in Millions | Jun. 19, 2019EUR (€)shares | Jun. 14, 2019shares€ / shares | Jun. 19, 2018shares$ / shares | Jun. 14, 2018EUR (€)shares | Jun. 19, 2017EUR (€)shares | Jun. 16, 2016shares$ / shares | Jul. 31, 2019shares | Jan. 31, 2019shares | Sep. 30, 2018shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€) | Jun. 19, 2019$ / shares | Mar. 22, 2019€ / sharesshares | Jan. 01, 2019EUR (€) | Jan. 01, 2019USD ($) | Jun. 14, 2018$ / shares | Jan. 01, 2018EUR (€) | Jan. 01, 2018USD ($) | Jun. 19, 2017$ / shares | Jan. 01, 2017EUR (€) | Jan. 01, 2017USD ($) | Jan. 01, 2016EUR (€) | Jan. 01, 2016USD ($) |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Weighted average fair value at measurement date, other equity instruments granted | € 1.2 | $ 1,400,000 | € 1.3 | $ 1,600,000 | € 4.6 | $ 5,200,000 | € 24.7 | $ 28,200,000 | |||||||||||||||||
Share based payment charge | € | € 14.9 | € 13 | € 2.6 | ||||||||||||||||||||||
Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 4,518,964 | 4,518,964 | 4,624,653 | ||||||||||||||||||||||
Number of shares vested | (85,315) | (85,315) | |||||||||||||||||||||||
Number of shares granted | 166,427 | 166,427 | |||||||||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | (186,801) | (186,801) | |||||||||||||||||||||||
Non-Executive Director | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares vested | (2,460) | ||||||||||||||||||||||||
Share-based payment expense | € | € 0.9 | € 0.9 | 0.8 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 20.74 | $ 17.94 | $ 14.38 | ||||||||||||||||||||||
Number of shares vested | (44,272) | (53,498) | (55,680) | (56,250) | (56,250) | (9,375) | |||||||||||||||||||
Shares paid for tax withholding for share based compensation | 12,100 | 12,312 | 9,384 | 400,000 | 400,000 | ||||||||||||||||||||
Number of shares granted | 39,370 | 32,172 | 53,498 | 55,680 | |||||||||||||||||||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement | (per share) | € 20.32 | $ 18.07 | $ 8.98 | ||||||||||||||||||||||
Management Award 2016 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares vested | (294,810) | ||||||||||||||||||||||||
Shares paid for tax withholding for share based compensation | 113,756 | ||||||||||||||||||||||||
Management Award 2017 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares vested | (85,315) | ||||||||||||||||||||||||
Shares paid for tax withholding for share based compensation | 33,383 | ||||||||||||||||||||||||
Key management personnel | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares issued | 4,518,964 | 4,518,964 | |||||||||||||||||||||||
January 1, 2016 | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Incremental fair value granted, modified share-based payment arrangements | € 8.7 | $ 9,900,000 | |||||||||||||||||||||||
January 1, 2016 | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 2,965,514 | 2,965,514 | 3,025,953 | ||||||||||||||||||||||
Number of shares vested | 0 | 0 | |||||||||||||||||||||||
Number of shares granted | 0 | 0 | |||||||||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | (60,439) | (60,439) | |||||||||||||||||||||||
Expected volatility of the share price | 22.60% | 22.60% | |||||||||||||||||||||||
January 1, 2017 | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Incremental fair value granted, modified share-based payment arrangements | € 1 | $ 1,100,000 | |||||||||||||||||||||||
January 1, 2017 | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 838,123 | 838,123 | 1,015,000 | ||||||||||||||||||||||
Number of shares vested | (85,315) | (85,315) | |||||||||||||||||||||||
Number of shares granted | 0 | 0 | |||||||||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | (91,562) | (91,562) | |||||||||||||||||||||||
Expected volatility of the share price | 22.60% | 22.60% | |||||||||||||||||||||||
January 1, 2018 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 548,900 | 548,900 | 583,700 | ||||||||||||||||||||||
Number of shares vested | 0 | 0 | |||||||||||||||||||||||
Number of shares granted | 0 | 0 | |||||||||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | (34,800) | (34,800) | |||||||||||||||||||||||
Expected volatility of the share price | 22.70% | 22.70% | |||||||||||||||||||||||
January 1, 2019 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement | 166,427 | 166,427 | 0 | ||||||||||||||||||||||
Number of shares vested | 0 | 0 | |||||||||||||||||||||||
Number of shares granted | 166,427 | 166,427 | |||||||||||||||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | 0 | 0 | |||||||||||||||||||||||
Expected volatility of the share price | 24.00% | 24.00% | |||||||||||||||||||||||
Key management personnel | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Share-based payment expense | € | € 14 | € 12.1 | 1.8 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
Share based compensation reserve | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Share based payment charge | € | € 14.9 | € 13 | € 2.6 | ||||||||||||||||||||||
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 | € | € 0 | € 0 | € 0.3 | ||||||||||||||||||||||
Ordinary shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares issued | 20,000,000 | ||||||||||||||||||||||||
Share price (in dollars per share) | € / shares | € 20 | ||||||||||||||||||||||||
Ordinary shares | Management Award 2016 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares vested | (181,054) | ||||||||||||||||||||||||
Ordinary shares | Management Award 2017 [Member] | Restricted Shares | |||||||||||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||||||||||||||||
Number of shares vested | (51,932) |
Payroll costs, share based pa_7
Payroll costs, share based payments and management incentive schemes - Initial Options (Details) $ / shares in Units, € in Millions, $ in Millions | Jun. 19, 2019shares | Jun. 14, 2018shares | Jun. 19, 2017shares | Jul. 31, 2019shares | Jan. 31, 2019shares | Jun. 30, 2018EUR (€) | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€) | Jan. 01, 2019EUR (€) | Jan. 01, 2019USD ($) | Jan. 01, 2018EUR (€) | Jan. 01, 2018USD ($) | Jan. 01, 2017EUR (€) | Jan. 01, 2017USD ($) | Jan. 01, 2016EUR (€) | Jan. 01, 2016USD ($) | Apr. 11, 2014shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Weighted average fair value at measurement date, other equity instruments granted | € 1.2 | $ 1.4 | € 1.3 | $ 1.6 | € 4.6 | $ 5.2 | € 24.7 | $ 28.2 | |||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 59,375 | 59,375 | 125,000 | ||||||||||||||||
Initial options exercise cost | € | € 0.6 | ||||||||||||||||||
Vesting of Non-Executive Restricted Stock award | € | € 0.1 | € (0.8) | € (0.2) | € (0.1) | |||||||||||||||
Restricted Stock1 [Member] | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 85,315 | ||||||||||||||||||
Management Award 2017 [Member] | Restricted Stock1 [Member] | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 85,315 | ||||||||||||||||||
Non-Executive Director | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 2,460 | ||||||||||||||||||
Weighted average remaining contractual life of outstanding share options | 5 years | ||||||||||||||||||
Share-based payment expense | € | € 0.9 | € 0.9 | € 0.8 | ||||||||||||||||
Non-Executive Director | Restricted Stock1 [Member] | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 44,272 | 53,498 | 55,680 | 56,250 | 9,375 | ||||||||||||||
Ordinary shares | Management Award 2017 [Member] | Restricted Stock1 [Member] | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 51,932 | ||||||||||||||||||
Ordinary shares | Non-Executive Director | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Exercise price of share options granted (in usd) | $ / shares | $ 11.50 | ||||||||||||||||||
Initial options [Domain] | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 125,000 | 125,000 |
Directors and Key Management _3
Directors and Key Management compensation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party [Abstract] | |||
Short-term employee benefits | € 2.8 | € 3.3 | € 2 |
Share-based payment expense | 7.6 | 6.3 | 1.4 |
Termination benefits | 0 | 0.1 | 0.4 |
Non-Executive Director fees | 0.4 | 0.4 | 0.3 |
Total Directors' and executive officers' compensation | € 10.8 | € 10.1 | € 4.1 |
Directors and Key Management _4
Directors and Key Management compensation - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019executive_officerdirector | Dec. 31, 2018executive_officerdirector | Dec. 31, 2017executive_officerdirector | |
Related Party [Abstract] | |||
Number of directors accruing benefits under money purchase schemes | director | 2 | 3 | 2 |
Number of executive Officers accruing benefits under share-based payment schemes | executive_officer | 2 | 3 | 2 |
Finance income and costs (Detai
Finance income and costs (Details) - EUR (€) € in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | ||||
Interest income | € 2.5 | € 0.2 | € 0.2 | |
Net fair value gains on derivatives held at fair value through profit or loss | 0 | 1.4 | 7 | |
Finance income | 2.5 | 1.6 | 7.2 | |
Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (1) | (79) | (64.4) | (54) | |
Cross-currency interest rate swaps: cash flow hedges, transfer from equity | 21.8 | 14.6 | 3.9 | |
Net pension interest costs | (3.8) | (3.8) | (3.6) | |
Amortization of borrowing costs | (2) | (1.5) | (2.7) | |
Net foreign exchange losses on translation of financial assets and liabilities | (3.9) | (0.3) | (3.9) | |
Interest on unwinding of discounted items | 0 | (1.1) | (1.2) | |
Net fair value losses on derivatives held at fair value through profit or loss | (8.8) | 0 | 0 | |
Financing costs incurred in amendment of terms of debt | € 20.1 | 0 | (1.1) | (20.1) |
Finance costs | (75.7) | (57.6) | (81.6) | |
Net finance costs | € (73.2) | € (56) | € (74.4) | |
Deferred transaction costs written off | € 15.7 |
Taxation - Components of Tax Ex
Taxation - Components of Tax Expense (Income) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Current tax on profits for the period | € (66.4) | € (63.9) | € (37.5) |
Adjustments in respect of prior periods | 0 | 2.8 | 3.2 |
Total current tax expense and adjustments | (66.4) | (61.1) | (34.3) |
Origination and reversal of temporary differences | 9.7 | 4.5 | (2.1) |
Impact of change in tax rates | 0 | 0 | 4.4 |
Total deferred tax expense and adjustments | 9.7 | 4.5 | 2.3 |
Total tax expense | € (56.7) | € (56.6) | € (32) |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Profit (loss) before tax | € 210.3 | € 227.1 | € 168.5 |
Tax charge at the standard UK corporation tax rate 19% (2018: 19%; 2017: 19.25%) | (39.9) | (43.2) | (32.5) |
Difference in tax rates | (11.9) | (14.8) | (10) |
Non tax deductible interest | 0.6 | 0 | 4.4 |
Other income and expenses not taxable or deductible | (1.2) | 5.3 | 16.8 |
Unrecognized tax assets | (0.9) | 0.6 | (19.3) |
Provisions for uncertainties | (3.4) | (7.3) | 1 |
Impact of change in deferred tax rates | 0 | 0 | 4.4 |
Prior period adjustment | 0 | 2.8 | 3.2 |
Total tax expense | € (56.7) | € (56.6) | € (32) |
Standard tax rate | 19.00% | 19.00% | 19.25% |
Current tax payable | € 217.2 | € 201.2 | |
Deferred tax assets | 96.4 | 68.7 | |
Provisions for tax uncertainties | € 137.8 | € 135.9 | |
Effective tax rate | 27.00% | 24.90% |
Taxation - Tax charge_(credit)
Taxation - Tax charge/(credit) Relating To Components Of Other Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Remeasurement of post-employment benefit liabilities, before tax | € 35.9 | € 12.9 | € (2.9) |
Remeasurement of post-employment benefit liabilities, tax charge/(credit) | (6.7) | (3.3) | 2 |
Remeasurement of post-employment benefit liabilities, after tax | 29.2 | 9.6 | (0.9) |
Net investment hedge, before tax | (6) | (5.6) | 0.8 |
Net investment hedge, tax charge/(credit) | 0 | 0 | 0 |
Net investment hedge, after tax | (6) | (5.6) | 0.8 |
Cash flow hedges, before tax | 27.3 | (15.5) | 16.4 |
Cash flow hedges, tax charge/(credit) | (5.6) | 4 | (5) |
Cash flow hedges, after tax | 21.7 | (11.5) | 11.4 |
Other comprehensive (income)/loss, before tax | 57.2 | (8.2) | 14.3 |
Other comprehensive (income)/loss, tax charges/(credits) | (12.3) | 0.7 | (3) |
Other comprehensive (income)/loss, after tax | 44.9 | (7.5) | 11.3 |
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||
Current tax | 0 | 0 | 0 |
Deferred tax | (12.3) | 0.7 | (3) |
Total current and deferred tax | € (12.3) | € 0.7 | € (3) |
Property, plant and equipment (
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Total Property Plant and Equipment incl. ROU | € 422.4 | € 348.8 | |
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Individually Held | 5.00% | ||
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Held In Total | 80.00% | ||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | € 348.8 | 295.4 | |
Depreciation | 59.7 | 39.3 | € 35.9 |
Impairment | (0.1) | 0 | (0.3) |
Property, plant and equipment | 350 | 348.8 | 295.4 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 451 | 363.1 | |
Acquisitions through business combinations | 61.3 | ||
Additions | 43.5 | 36.5 | |
Disposals | (2.6) | (4) | |
Effect of movements in foreign exchange | 10 | (5.9) | |
Property, plant and equipment | 501.9 | 451 | 363.1 |
Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (102.2) | (67.7) | |
Disposals | 0.3 | ||
Effect of movements in foreign exchange | (6.3) | 4.8 | |
Depreciation | 43.6 | 39.3 | |
Impairment | 0.1 | ||
Property, plant and equipment | (151.9) | (102.2) | (67.7) |
Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 137.5 | 109.2 | |
Property, plant and equipment | 133.2 | 137.5 | 109.2 |
Land and buildings | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 151.8 | 117.4 | |
Acquisitions through business combinations | 32.7 | ||
Additions | 4.1 | 6.7 | |
Disposals | (1.5) | (3.5) | |
Effect of movements in foreign exchange | 1.8 | (1.5) | |
Property, plant and equipment | 156.2 | 151.8 | 117.4 |
Land and buildings | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (14.3) | (8.2) | |
Disposals | 0 | ||
Effect of movements in foreign exchange | (1) | 1.1 | |
Depreciation | 7.7 | 7.2 | |
Impairment | 0 | ||
Property, plant and equipment | (23) | (14.3) | (8.2) |
Plant and equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 204.7 | 185.1 | |
Property, plant and equipment | 206.9 | 204.7 | 185.1 |
Plant and equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 290.2 | 242.5 | |
Acquisitions through business combinations | 28.1 | ||
Additions | 34.7 | 24.5 | |
Disposals | (1.1) | (0.5) | |
Effect of movements in foreign exchange | 8.1 | (4.4) | |
Property, plant and equipment | 331.9 | 290.2 | 242.5 |
Plant and equipment | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (85.5) | (57.4) | |
Disposals | 0.3 | ||
Effect of movements in foreign exchange | (5.3) | 3.6 | |
Depreciation | 34.4 | 31.7 | |
Impairment | 0.1 | ||
Property, plant and equipment | (125) | (85.5) | (57.4) |
Computer equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 6.6 | 1.1 | |
Property, plant and equipment | 9.9 | 6.6 | 1.1 |
Computer equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 9 | 3.2 | |
Acquisitions through business combinations | 0.5 | ||
Additions | 4.7 | 5.3 | |
Disposals | 0 | 0 | |
Effect of movements in foreign exchange | 0.1 | 0 | |
Property, plant and equipment | 13.8 | 9 | 3.2 |
Computer equipment | Accumulated depreciation and impairment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (2.4) | (2.1) | |
Disposals | 0 | ||
Effect of movements in foreign exchange | 0 | 0.1 | |
Depreciation | 1.5 | 0.4 | |
Impairment | 0 | ||
Property, plant and equipment | € (3.9) | € (2.4) | € (2.1) |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Construction in progress | € 13.1 | € 10.2 |
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% |
Property, plant and equipment_5
Property, plant and equipment Disclosure NBV of Right of Use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 72.4 | € 0 |
Additions to right-of-use assets | 6.2 | |
Land and buildings [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 62.8 | 0 |
Property, plant and equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 9.2 | 0 |
Computer equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 0.4 | € 0 |
Property, plant and equipment_6
Property, plant and equipment Disclosure Depreciation of Right of use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 16.1 | € 0 | € 0 |
Land and buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 10.7 | 0 | 0 |
Property, plant and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 5.2 | 0 | 0 |
Computer equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 0.2 | € 0 | € 0 |
Goodwill and Intangibles - Cost
Goodwill and Intangibles - Cost (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | € 3,948.2 | € 3,470 | |
Amortization of software and brands | 8.6 | 7 | € 6.5 |
Intangible assets and goodwill | 3,946 | 3,948.2 | 3,470 |
Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 3,968.5 | 3,483.8 | |
Acquisitions through business combinations | 1.9 | 478.7 | |
Additions | 4.8 | 6.6 | |
Disposals, intangible assets and goodwill | (0.1) | ||
Effect of movements in foreign exchange | (0.3) | (0.6) | |
Intangible assets and goodwill | 3,974.8 | 3,968.5 | 3,483.8 |
Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (20.3) | (13.8) | |
Effect of movements in foreign exchange | 0.1 | 0.5 | |
Amortization of software and brands | (8.6) | (7) | (6.5) |
Intangible assets and goodwill | (28.8) | (20.3) | (13.8) |
Goodwill | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 1,861 | 1,745.6 | |
Intangible assets and goodwill | 1,862.9 | 1,861 | 1,745.6 |
Goodwill | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 1,861 | 1,745.6 | |
Acquisitions through business combinations | 1.9 | 115.4 | |
Additions | 0 | 0 | |
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Intangible assets and goodwill | 1,862.9 | 1,861 | 1,745.6 |
Goodwill | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 0 | 0 | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | 0 | 0 | |
Intangible assets and goodwill | 0 | 0 | 0 |
Brands | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,048.4 | 1,687.4 | |
Intangible assets and goodwill | 2,046.7 | 2,048.4 | 1,687.4 |
Brands | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,051.1 | 1,688.9 | |
Acquisitions through business combinations | 0 | 362.2 | |
Additions | 0 | 0 | |
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Intangible assets and goodwill | 2,051.1 | 2,051.1 | 1,688.9 |
Brands | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (2.7) | (1.5) | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | (1.7) | (1.2) | |
Intangible assets and goodwill | (4.4) | (2.7) | (1.5) |
Computer software | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 14.8 | 10.8 | |
Intangible assets and goodwill | 14.6 | 14.8 | 10.8 |
Computer software | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 25.4 | 18.3 | |
Acquisitions through business combinations | 0 | 1.1 | |
Additions | 4.8 | 6.6 | |
Disposals, intangible assets and goodwill | (0.1) | ||
Effect of movements in foreign exchange | (0.3) | (0.6) | |
Intangible assets and goodwill | 29.8 | 25.4 | 18.3 |
Computer software | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (10.6) | (7.5) | |
Effect of movements in foreign exchange | 0.1 | 0.5 | |
Amortization of software and brands | (4.7) | (3.6) | |
Intangible assets and goodwill | (15.2) | (10.6) | (7.5) |
Customer relationships | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 24 | 26.2 | |
Intangible assets and goodwill | 21.8 | 24 | 26.2 |
Customer relationships | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 31 | 31 | |
Acquisitions through business combinations | 0 | 0 | |
Additions | 0 | 0 | |
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Intangible assets and goodwill | 31 | 31 | 31 |
Customer relationships | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (7) | (4.8) | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of software and brands | (2.2) | (2.2) | |
Intangible assets and goodwill | € (9.2) | € (7) | € (4.8) |
Goodwill and Intangibles - Accu
Goodwill and Intangibles - Accumulated Amortization and Impairment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | € (3,948.2) | € (3,470) | |
Amortisation, intangible assets other than goodwill | (8.6) | (7) | € (6.5) |
Intangible assets and goodwill | (3,946) | (3,948.2) | (3,470) |
Intangible assets and goodwill | 3,946 | 3,948.2 | 3,470 |
Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 20.3 | 13.8 | |
Amortisation, intangible assets other than goodwill | 8.6 | 7 | 6.5 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.1) | (0.5) | |
Intangible assets and goodwill | 28.8 | 20.3 | 13.8 |
Intangible assets and goodwill | (28.8) | (20.3) | (13.8) |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (1,861) | (1,745.6) | |
Intangible assets and goodwill | (1,862.9) | (1,861) | (1,745.6) |
Intangible assets and goodwill | 1,862.9 | 1,861 | 1,745.6 |
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 | (24) | (26.2) | |
Intangible assets and goodwill | (21.8) | (24) | (26.2) |
Intangible assets and goodwill | 21.8 | 24 | 26.2 |
Customer relationships | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 7 | 4.8 | |
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 | 9.2 | 7 | 4.8 |
Intangible assets and goodwill | (9.2) | (7) | (4.8) |
Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (2,048.4) | (1,687.4) | |
Intangible assets and goodwill | (2,046.7) | (2,048.4) | (1,687.4) |
Intangible assets and goodwill | 2,046.7 | 2,048.4 | 1,687.4 |
Brands | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 2.7 | 1.5 | |
Amortisation, intangible assets other than goodwill | 1.7 | 1.2 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 4.4 | 2.7 | 1.5 |
Intangible assets and goodwill | (4.4) | (2.7) | (1.5) |
Computer software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (14.8) | (10.8) | |
Intangible assets and goodwill | (14.6) | (14.8) | (10.8) |
Intangible assets and goodwill | 14.6 | 14.8 | 10.8 |
Computer software | Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 10.6 | 7.5 | |
Amortisation, intangible assets other than goodwill | 4.7 | 3.6 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.1) | (0.5) | |
Intangible assets and goodwill | 15.2 | 10.6 | 7.5 |
Intangible assets and goodwill | € (15.2) | € (10.6) | € (7.5) |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € (8.6) | € (7) | € (6.5) |
Discount rate | 7.10% | 8.20% | |
Long-term growth rate | 1.00% | 1.00% | |
Accumulated depreciation and impairment | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € 8.6 | € 7 | € 6.5 |
Acquisitions (Details)
Acquisitions (Details) € in Millions, £ in Millions, kr in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 29, 2018EUR (€) | Dec. 29, 2018SEK (kr) | Jul. 02, 2018EUR (€) | Jul. 02, 2018GBP (£) | Apr. 21, 2018EUR (€) | Apr. 21, 2018GBP (£) | Mar. 02, 2018EUR (€) | Mar. 02, 2018SEK (kr) | |
Disclosure of detailed information about business combination [line items] | |||||||||||||
Consideration paid (received) | € 0 | € 474.9 | € 0 | ||||||||||
Assets | 5,904.5 | 5,340.8 | |||||||||||
Liabilities | 3,347.8 | 3,281.7 | |||||||||||
Cash and cash equivalents in subsidiary or businesses acquired or disposed | 0 | (9.8) | 0 | ||||||||||
Contingent consideration paid related to acquisitions | 1.5 | 6.5 | 0 | ||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities | 1.5 | € 471.6 | € 0 | ||||||||||
Adjustment to recognize pre-acquisition related liabilities | € 1.9 | ||||||||||||
Aunt Bessie's [Member] [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Identifiable intangible assets recognised as of acquisition date | € 205.3 | ||||||||||||
Cash transferred | 235.9 | £ 209 | |||||||||||
Property, plant and equipment recognised as of acquisition date | 23.1 | ||||||||||||
Current assets recognised as of acquisition date | 19.5 | ||||||||||||
Inventory recognised as of acquisition date | 13.2 | ||||||||||||
Assets | 261.1 | ||||||||||||
Current liabilities recognised as of acquisition date | 20.6 | ||||||||||||
Deferred tax liabilities recognised as of acquisition date | 37.6 | ||||||||||||
Liabilities | 58.2 | ||||||||||||
Identifiable assets acquired (liabilities assumed) | (202.9) | ||||||||||||
Consideration transferred, acquisition-date fair value | 235.9 | ||||||||||||
Goodwill expected to be deductible for tax purposes | € 33 | ||||||||||||
Goodfella's Pizza | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Identifiable intangible assets recognised as of acquisition date | € 158 | ||||||||||||
Cash transferred | 239 | £ 209.7 | |||||||||||
Property, plant and equipment recognised as of acquisition date | 33.2 | ||||||||||||
Current assets recognised as of acquisition date | 7.5 | ||||||||||||
Inventory recognised as of acquisition date | 10.7 | ||||||||||||
Deferred tax assets recognised as of acquisition date | 0.9 | ||||||||||||
Assets | 210.3 | ||||||||||||
Current liabilities recognised as of acquisition date | 31.2 | ||||||||||||
Deferred tax liabilities recognised as of acquisition date | 22.6 | ||||||||||||
Liabilities | 53.8 | ||||||||||||
Identifiable assets acquired (liabilities assumed) | (156.5) | ||||||||||||
Consideration transferred, acquisition-date fair value | 239 | ||||||||||||
Goodwill expected to be deductible for tax purposes | € 82.5 | ||||||||||||
Toppfrys AB [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Identifiable assets acquired (liabilities assumed) | € 0.1 | ||||||||||||
Consideration transferred, acquisition-date fair value | € 3 | kr 30.7 | 1.7 | kr 17 | |||||||||
Goodwill expected to be deductible for tax purposes | € 1.8 | ||||||||||||
Percentage of voting equity interests acquired | 81.00% | 81.00% | 60.00% | 60.00% | |||||||||
Investments in subsidiaries | € 1.5 | kr 13.6 | |||||||||||
Proportion of voting rights held by non-controlling interests | 19.00% | 40.00% | |||||||||||
Toppfrys AB [Member] | Toppfrys AB [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Investments in subsidiaries | € 3.2 | kr 30.6 |
Investments (Details)
Investments (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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% |
Aunt Bessie's [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Birds Eye Ireland Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Goodfella's Pizza [Member] | |
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% |
Findus Norge Holding AS [Member] [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100.00% |
Topprys AB [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 81.00% |
Deferred tax assets and liabi_3
Deferred tax assets and liabilities - Summary of Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 96.4 | € 68.7 | |
Deferred tax liabilities | (398.2) | (392.1) | |
Tax assets/(liabilities) | (301.8) | (323.4) | € (263.4) |
Deferred tax assets not recognized in the financial statements | 70.3 | 66.3 | |
Deferred tax items credited (charged) to equity | 12.3 | (0.7) | 3 |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 23 | 15.6 | |
Deferred tax liabilities | (29.3) | (28) | |
Tax assets/(liabilities) | (6.3) | (12.4) | (15.2) |
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0.4 | 0.3 | |
Deferred tax liabilities | (357) | (354.4) | |
Tax assets/(liabilities) | (356.6) | (354.1) | (295) |
Employee benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 40.2 | 30 | |
Deferred tax liabilities | (0.4) | (0.4) | |
Tax assets/(liabilities) | 39.8 | 29.6 | 28.2 |
Tax value of loss carry forwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 20.7 | 19.1 | |
Deferred tax liabilities | 0 | 0 | |
Tax assets/(liabilities) | 20.7 | 19.1 | 15.6 |
Derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 3.2 | 0 | |
Deferred tax liabilities | (0.3) | (2.5) | |
Tax assets/(liabilities) | 2.9 | (2.5) | 1.4 |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 8.9 | 3.7 | |
Deferred tax liabilities | (11.2) | (6.8) | |
Tax assets/(liabilities) | € (2.3) | € (3.1) | € 1.6 |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Changes in Deferred tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | € (323.4) | € (263.4) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 59.3 | ||
Opening balance restatement due to IFRS 9 transition | (3.7) | ||
Recognized in Statement of Profit or Loss | 9.7 | 4.5 | |
Recognized in Other Comprehensive Income | 12.3 | (0.7) | € 3 |
Movement in foreign exchange | (0.4) | (0.8) | |
Closing balance | (301.8) | (323.4) | (263.4) |
Property, plant and equipment | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (12.4) | (15.2) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Opening balance restatement due to IFRS 9 transition | 0 | ||
Recognized in Statement of Profit or Loss | 6.3 | 3.2 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | (0.2) | (0.4) | |
Closing balance | (6.3) | (12.4) | (15.2) |
Intangible assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (354.1) | (295) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 59.3 | ||
Opening balance restatement due to IFRS 9 transition | 0 | ||
Recognized in Statement of Profit or Loss | (2.5) | 0.2 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0 | 0 | |
Closing balance | (356.6) | (354.1) | (295) |
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 29.6 | 28.2 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Opening balance restatement due to IFRS 9 transition | 0 | ||
Recognized in Statement of Profit or Loss | 3.5 | (1.5) | |
Recognized in Other Comprehensive Income | 6.7 | 3.3 | |
Movement in foreign exchange | 0 | (0.4) | |
Closing balance | 39.8 | 29.6 | 28.2 |
Tax value of loss carry forwards | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 19.1 | 15.6 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Opening balance restatement due to IFRS 9 transition | 0 | ||
Recognized in Statement of Profit or Loss | 1.6 | 3.5 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0 | 0 | |
Closing balance | 20.7 | 19.1 | 15.6 |
Derivative financial instruments | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (2.5) | 1.4 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Opening balance restatement due to IFRS 9 transition | 0 | ||
Recognized in Statement of Profit or Loss | 0 | 0.1 | |
Recognized in Other Comprehensive Income | 5.6 | (4) | |
Movement in foreign exchange | (0.2) | 0 | |
Closing balance | 2.9 | (2.5) | 1.4 |
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (3.1) | 1.6 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Opening balance restatement due to IFRS 9 transition | (3.7) | ||
Recognized in Statement of Profit or Loss | 0.8 | (1) | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0 | 0 | |
Closing balance | € (2.3) | € (3.1) | € 1.6 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventories [Abstract] | |||
Raw materials and consumables | € 86.8 | € 81.6 | |
Work in progress | 48.3 | 50.7 | |
Finished goods and goods for resale | 188.1 | 210.2 | |
Total inventories | 323.2 | 342.5 | |
Inventory write-down | € 9 | € 7.1 | € 7.6 |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | € 17.3 | € 17.2 |
Recognised assets representing continuing involvement in derecognised financial assets | 0 | 51 |
Current Trade Receivables, Reduction in Trade Terms | 191.2 | 158.8 |
Current trade payables, relating to trade terms | (59.4) | (79.5) |
Total trade terms liabilities | (250.6) | (238.3) |
Current assets | ||
Trade receivables | 143.6 | 98.3 |
Prepayments and accrued income | 8 | 9.2 |
Other receivables | 31 | 38.4 |
Tax receivable | 24.1 | 28 |
Total current trade and other receivables | 206.7 | 173.9 |
Non-current assets | ||
Other non-current assets | 1.9 | 2.6 |
Total non-current trade and other receivables | 1.9 | 2.6 |
Total trade and other receivables | € 208.6 | € 176.5 |
Trade and other receivables - A
Trade and other receivables - Aging of Trade Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade Receivables [Line Items] | ||
Trade receivables | € 334.8 | € 257.1 |
Reduction in trade-terms | (191.2) | (158.8) |
Total trade receivables | 143.6 | 98.3 |
Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 287.9 | 228.5 |
Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 32.2 | 20.9 |
Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 7.3 | 4.8 |
Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 3.4 | 1.4 |
Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 4 | 1.5 |
Gross | ||
Trade Receivables [Line Items] | ||
Trade receivables | 339.6 | 261.4 |
Gross | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 288.1 | 228.5 |
Gross | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 32.5 | 20.9 |
Gross | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 7.5 | 4.8 |
Gross | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 3.6 | 1.6 |
Gross | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 7.9 | 5.6 |
Impaired | ||
Trade Receivables [Line Items] | ||
Trade receivables | (4.8) | (4.3) |
Impaired | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | 0 |
Impaired | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.3) | 0 |
Impaired | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | 0 |
Impaired | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | (0.2) |
Impaired | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | € (3.9) | € (4.1) |
Indemnification assets (Details
Indemnification assets (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | ||||
Indemnification assets recognised as of acquisition date | € 35.4 | € 79.4 | € 73.8 | |
Indemnification Assets Recognised As Of Acquisition Date | 0 | € 6.1 | ||
Reclassified from Other receivables | 0 | (0.5) | ||
Release of indemnified provision | € (17.8) | (44) | 0 | |
Goodfella's Pizza [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Indemnification Assets Recognised As Of Acquisition Date | 5.6 | 5.6 | ||
Findus | ||||
Disclosure of detailed information about business combination [line items] | ||||
Indemnification assets recognised as of acquisition date | € 29.8 | € 73.8 |
Indemnification assets - Additi
Indemnification assets - Additional Information (Details) € / shares in Units, € in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2020EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019$ / shares | Dec. 31, 2019EUR (€)€ / sharesshares | Dec. 31, 2018$ / shares | Dec. 31, 2018EUR (€)€ / sharesshares | |
Disclosure of detailed information about business combination [line items] | ||||||||
Release of indemnified provision | € 17.8 | € 44 | € 0 | |||||
Indemnification assets recognised as of acquisition date | € 73.8 | € 35.4 | € 79.4 | |||||
Indemnification Assets Recognised As Of Acquisition Date | 6.1 | 0 | ||||||
Remeasurement of indemnification assets | € 44 | € 0 | € (8.3) | |||||
Contingent Consideration Arrangements And Indemnification Assets Recognised As of Acquisition Date, Shares Released From Escrow | shares | 965,528 | 5,380,790 | ||||||
Findus | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Indemnification assets recognised as of acquisition date | € 29.8 | € 73.8 | ||||||
Shares held in escrow as a result of indemnification asset | shares | 1,583,627 | 6,964,417 | ||||||
Value of shares held in escrow as a result of indemnification asset (price per share) | (per share) | $ 22.37 | € 19.96 | $ 16.72 | € 14.62 | ||||
Goodfella's Pizza [Member] | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Indemnification Assets Recognised As Of Acquisition Date | € 5.6 | € 5.6 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash and cash equivalents | € 826 | € 327.5 | ||
Restricted cash | 0.1 | 0.1 | ||
Cash and cash equivalents | 826.1 | 327.6 | € 219.2 | € 329.5 |
Bank overdrafts | (1.3) | 0 | ||
Cash and cash equivalents if different from statement of financial position | € 824.8 | € 327.6 | € 219.2 |
Loans and borrowings - Repaymen
Loans and borrowings - Repayment Profile (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | May 03, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | € 27.7 | € 21.4 | |
Loans and borrowings | 1,847.6 | 1,742.9 | |
Borrowings | 1,875.3 | 1,764.3 | |
Gross | Syndicated loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 10.8 | 23.4 | |
Loans and borrowings | 1,364.4 | 1,351.8 | |
Gross | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 400 | 400 | |
Lease liabilities [member] | Less than one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | 18.9 | 0 | |
Lease liabilities [member] | Later than one year [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 90.1 | 0 | |
Deferred borrowing costs | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | 8.9 | 10.9 | |
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Capitalised transaction costs | € 9.8 | ||
Deferred borrowing costs | Less than one year | |||
Disclosure of detailed information about borrowings [line items] | |||
Total current loans and borrowings | (2) | (2) | |
Deferred borrowing costs | 2 to 5 years | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | (6.9) | (7.9) | |
Deferred borrowing costs | More than five years | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans and borrowings | € 0 | € (1) |
Loans and borrowings - Details
Loans and borrowings - Details of Individual Loans (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | € 27.7 | € 21.4 |
Total non-current loans and borrowings | 1,847.6 | 1,742.9 |
Borrowings | 1,875.3 | 1,764.3 |
Gross | Syndicated loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 10.8 | 23.4 |
Total non-current loans and borrowings | 1,364.4 | 1,351.8 |
Gross | 2024 fixed rate senior secured notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 400 | 400 |
Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 8.9 | 10.9 |
Less than one year | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 18.9 | 0 |
Less than one year | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | (2) | (2) |
Later than one year [member] | Lease liabilities [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 90.1 | 0 |
2 to 5 years | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | (6.9) | (7.9) |
More than five years | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | € 0 | € (1) |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) kr in Millions | May 15, 2019USD ($) | May 15, 2018USD ($) | Mar. 31, 2017EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019SEK (kr) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Jun. 15, 2018EUR (€) | Jun. 15, 2018USD ($) | Feb. 09, 2018EUR (€) | Jan. 31, 2018USD ($) | Dec. 20, 2017EUR (€) | Dec. 20, 2017USD ($) | May 03, 2017EUR (€) | May 03, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Lease liabilities | € 109,000,000 | ||||||||||||||||
Annual principal payment | $ | $ 9,600,000 | $ 6,600,000 | $ 12,100,000 | ||||||||||||||
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 | 43,000,000 | kr 450 | € 43,900,000 | ||||||||||||||
Findus Sverige AB | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Guarantee amount | 28,700,000 | kr 300 | 29,300,000 | ||||||||||||||
Senior USD Debt | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Notional amount | € 845,100,000 | $ 935,600,000 | $ 953,400,000 | $ 953,400,000 | $ 610,000,000 | $ 610,000,000 | |||||||||||
Reduction in interest rate | 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 | € 558,000,000 | € 500,000,000 | € 500,000,000 | ||||||||||||||
Reduction in interest rate | 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 | ||||||||||||||||
Interest rate | 3.25% | 3.25% | |||||||||||||||
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 | € 17,200,000 | € 16,800,000 | |||||||||||||||
Deferred borrowing costs | 2024 fixed rate senior secured notes | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Capitalised transaction costs | € 9,800,000 | ||||||||||||||||
Deferred borrowing costs | Senior US Debt and Senior Euro Debt | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Capitalised transaction costs | € 2,500,000 | ||||||||||||||||
Findus Sverige AB | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Proportion of ownership interest in subsidiary | 100.00% | ||||||||||||||||
Senior USD Debt | Senior USD Debt | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Notional amount | $ | $ 300,000,000 |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current liabilities | ||
Trade payables | € 306.5 | € 321.1 |
Accruals and deferred income | 109.4 | 125.3 |
Current trade payables, relating to trade terms | 59.4 | 79.5 |
Social security and other taxes | 25.7 | 19 |
Other payables | 18.8 | 19 |
Financial payables | 4.1 | 7.7 |
Bank overdrafts | 1.3 | 0 |
Total current trade and other payables | 525.2 | 571.6 |
Non-current liabilities | ||
Accruals and deferred income | 2.7 | 1.3 |
Total non-current trade and other payables | 2.7 | 1.3 |
Total trade and other payables | € 527.9 | € 572.9 |
Employee benefits - Additional
Employee benefits - Additional Information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€) | |
Disclosure of defined benefit plans [line items] | |||
Post-employment benefit expense, defined contribution plans | € 9 | € 9.1 | € 8.5 |
Recognized liability for net defined benefit obligations | 233.6 | 197.5 | € 185.4 |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 5.5 | ||
Weighted average duration of defined benefit obligation | 19 years 7 months 6 days | ||
Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | € 237.5 | 200.6 | |
Present value of defined benefit obligation [member] | Other countries | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net defined benefit obligations | € 3.9 | € 3.1 | |
Restricted Stock1 [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of other equity instruments granted in share-based payment arrangement | shares | 166,427 | ||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | 85,315 | ||
Management Award 2016 [Member] | Restricted Stock1 [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | 294,810 | ||
Liabilities From Share-based Payment Transactions, Shares | shares | 113,756 |
Employee benefits - Defined Ben
Employee benefits - Defined Benefit Plans (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 233.6 | € 197.5 | € 185.4 |
Total loans and borrowings (Note 21) | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 1,811.5 | 1,745.4 | |
Financial liabilities, carrying value | 1,766.3 | 1,764.3 | |
Total loans and borrowings (Note 21) | Senior EUR/USD loans | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, carrying value | 1,371.9 | 1,372.2 | |
Total loans and borrowings (Note 21) | Other borrowings [Domain] | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 3.3 | 3 | |
Financial liabilities, carrying value | 3.3 | 3 | |
Total loans and borrowings (Note 21) | 2024 fixed rate senior secured notes | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, carrying value | 400 | 400 | |
Total loans and borrowings (Note 21) | Level 2 | Senior EUR/USD loans | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 1,396.9 | 1,347.2 | |
Total loans and borrowings (Note 21) | Level 1 | 2024 fixed rate senior secured notes | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 411.3 | 395.2 | |
Deferred borrowing costs | Total loans and borrowings (Note 21) | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Financial liabilities, at fair value | 0 | 0 | |
Financial liabilities, carrying value | (8.9) | (10.9) | |
Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 237.5 | 200.6 | |
Present value of defined benefit obligation | Germany | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 151.3 | 128 | |
Present value of defined benefit obligation | Sweden | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 71.7 | 60.5 | |
Present value of defined benefit obligation | Italy | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 4.8 | 4.7 | |
Present value of defined benefit obligation | Austria | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 5.8 | 4.3 | |
Present value of defined benefit obligation | Sub-total | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 233.6 | 197.5 | |
Present value of defined benefit obligation | Other countries | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 3.9 | € 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | € 320 | € 279 | € 266.7 |
Plan assets, at fair value | 86.4 | 81.5 | |
Net defined benefit liability (asset) | 233.6 | 197.5 | 185.4 |
Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 314.9 | 274.2 | 261.8 |
Plan assets, at fair value | (86.4) | (81.5) | (81.3) |
Net defined benefit liability (asset) | 228.5 | 192.7 | 180.5 |
Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5.1 | 4.8 | 4.9 |
Net defined benefit liability (asset) | 5.1 | 4.8 | € 4.9 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 320 | 279 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 314.9 | 274.2 | |
Present value of defined benefit obligation | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5.1 | 4.8 | |
Present value of defined benefit obligation | Unfunded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 82.7 | 70.6 | |
Present value of defined benefit obligation | Unfunded Plan | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 77.6 | 65.8 | |
Present value of defined benefit obligation | Unfunded Plan | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 5.1 | 4.8 | |
Present value of defined benefit obligation | Funded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 237.3 | 208.4 | |
Present value of defined benefit obligation | Funded Plan | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 237.3 | 208.4 | |
Present value of defined benefit obligation | Funded Plan | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 0 | 0 | |
Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (86.4) | (81.5) | |
Plan assets [member] | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (86.4) | (81.5) | |
Plan assets [member] | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | € 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | € 320 | € 279 | € 266.7 |
Current service cost | 4.2 | 3.8 | |
Interest cost on defined benefit obligations | 5 | 5.2 | |
Actuarial experience (gains) losses | (0.2) | 0.5 | |
Actuarial losses arising from changes in financial assumptions | (43.2) | 13.8 | |
Actuarial gains arising from changes in demographic assumptions | (3) | 1.1 | |
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid or payable | (7.8) | ||
Exchange adjustments | (1.2) | (2.2) | |
Net defined benefit liability (asset) | 233.6 | 197.5 | |
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 314.9 | 274.2 | 261.8 |
Current service cost | 4 | 3.9 | |
Interest cost on defined benefit obligations | 5 | 5.2 | |
Actuarial experience (gains) losses | (0.2) | (0.5) | |
Actuarial losses arising from changes in financial assumptions | (43.2) | (13.8) | |
Actuarial gains arising from changes in demographic assumptions | (3) | (1.1) | |
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid | (2.6) | (2.7) | |
Benefits paid or payable | (7.8) | (8.1) | |
Exchange adjustments | (1.3) | (2.2) | |
Net defined benefit liability (asset) | 228.5 | 192.7 | |
Post-employment medical benefits and other benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 5.1 | 4.8 | € 4.9 |
Current service cost | 0.2 | (0.1) | |
Interest cost on defined benefit obligations | 0 | 0 | |
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 | 0 | |
Contributions to defined benefit obligation | 0 | 0 | |
Benefits paid | 0 | ||
Benefits paid or payable | 0 | ||
Exchange adjustments | 0.1 | 0 | |
Net defined benefit liability (asset) | 5.1 | 4.8 | |
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions to defined benefit obligation | 0.4 | ||
Benefits paid or payable | 8.1 | ||
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | 237.5 | 200.6 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Net defined benefit liability (asset) | € 314.9 | € 274.2 |
Employee benefits - Movement in
Employee benefits - Movement in Fair Value of Plan Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | € 3.6 | € 3.6 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | (81.5) | |
Gain (loss) on remeasurement, net defined benefit liability (asset) | (35.3) | (12.9) |
Contributions to plan, net defined benefit liability (asset) | (0.6) | 0.6 |
Payments from plan, net defined benefit liability (asset) | 5.2 | 5.4 |
Exchange adjustments | (1.2) | (2.2) |
Defined benefit retirement plans | ||
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | 3.6 | 3.6 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Plan assets, beginning balance | 81.5 | 81.3 |
Interest income | 1.4 | 1.6 |
Gain (loss) on remeasurement, net defined benefit liability (asset) | 35.3 | 12.9 |
Contributions to plan, net defined benefit liability (asset) | (0.6) | 0.6 |
Payments from plan, net defined benefit liability (asset) | (5.2) | 5.4 |
Contributions by employer | 0.5 | 0.5 |
Contributions by members | 0.5 | 0.5 |
Benefits paid | (2.6) | (2.7) |
Exchange adjustments | (1.3) | (2.2) |
Post-employment Retirement Benefits [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Interest expense (income), net defined benefit liability (asset) | 0 | 0 |
Reconciliation of changes in net assets available for benefits [abstract] | ||
Gain (loss) on remeasurement, net defined benefit liability (asset) | 0 | 0 |
Contributions to plan, net defined benefit liability (asset) | 0 | 0 |
Payments from plan, net defined benefit liability (asset) | 0 | 0 |
Benefits paid | 0 | |
Exchange adjustments | € 0.1 | € 0 |
Employee benefits - Expense Rec
Employee benefits - Expense Recognized (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | € 4.2 | € 3.8 |
Interest cost | 3.6 | 3.6 |
Post-employment benefit expense | 7.8 | 7.4 |
Defined benefit retirement plans | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 4 | 3.9 |
Interest cost | 3.6 | 3.6 |
Post-employment benefit expense | 7.6 | 7.5 |
Post-employment medical benefits and other benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Current service cost | 0.2 | (0.1) |
Current Service Cost, post employment medical benefit, net defined benefit | 0.2 | (0.1) |
Interest cost | 0 | 0 |
Post-employment benefit expense | € 0.2 | € (0.1) |
Employee benefits - Amount reco
Employee benefits - Amount recognized in the Consolidated Statement of Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits [Abstract] | ||
Actuarial experience losses | € 0.2 | € (0.5) |
Actuarial losses arising from changes in financial assumptions | 43.2 | (13.8) |
Actuarial gains arising from changes in demographic assumptions | 3 | (1.1) |
Actuarial gains arising from the return on plan assets, excluding interest income | (5.1) | (0.3) |
Total actuarial losses | 35.3 | 12.9 |
Cumulative amount of actuarial losses recognized in Consolidated Statement of Comprehensive Income | € 49.5 | € 14.2 |
Employee benefits - Fair Value
Employee benefits - Fair Value of Plan Assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Benefits [Abstract] | ||
Equities | € 20.5 | € 20.2 |
Debt instruments | 40.3 | 47.2 |
Property | 13.1 | 10.9 |
Other | 12.5 | 3.2 |
Total | € 86.4 | € 81.5 |
Employee benefits - Actuarial A
Employee benefits - Actuarial Assumptions (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.15% | 1.75% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.80% |
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 | 0.45% | 1.20% |
Inflation rate | 2.00% | 2.00% |
Rate of increase in salaries | 2.80% | 2.80% |
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 | 1.45% | 2.25% |
Inflation rate | 1.80% | 2.00% |
Rate of increase in salaries | 2.80% | 2.75% |
Rate of increase for pensions in payment | 0.00% | 0.00% |
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 | 1.00% | 2.00% |
Inflation rate | 1.53% | 2.00% |
Rate of increase in salaries | 2.00% | 3.00% |
Rate of increase for pensions in payment | 2.00% | 2.00% |
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 | 0.30% | 1.00% |
Inflation rate | 1.53% | 2.00% |
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 | 0.67% | 1.60% |
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, 2019 | Dec. 31, 2018 | |
Germany | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 years | 21 years |
Female | 24 years | 24 years |
Sweden | ||
Disclosure of defined benefit plans [line items] | ||
Male | 22 years | 22 years |
Female | 24 years | 24 years |
Austria | ||
Disclosure of defined benefit plans [line items] | ||
Male | 23 years | 23 years |
Female | 25 years | 25 years |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Male | 19 years | 19 years |
Female | 22 years | 22 years |
Employee benefits - History of
Employee benefits - History of Experience Adjustments From Inception (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | € 320 | € 279 | € 266.7 |
Plan assets, at fair value | 86.4 | 81.5 | |
Recognized liability for net defined benefit obligations | 233.6 | 197.5 | 185.4 |
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit obligation, at present value | 314.9 | 274.2 | 261.8 |
Plan assets, at fair value | (86.4) | (81.5) | (81.3) |
Recognized liability for net defined benefit obligations | 228.5 | 192.7 | 180.5 |
Experience losses on scheme liabilities | 0.2 | 0.5 | 0.5 |
Experience gains on scheme assets | (5.1) | (0.3) | (1.9) |
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 237.5 | 200.6 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | 314.9 | 274.2 | 261.8 |
Plan assets [member] | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net defined benefit obligations | € (86.4) | € (81.5) | € (81.3) |
Employee benefits - Defined B_2
Employee benefits - Defined Benefit Obligation Sensitivity Analysis (Details) € in Millions | Dec. 31, 2019EUR (€) |
Discount rate | |
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 | € (51.4) |
Effect on the post-employment benefit obligation with a 1% decrease | 68.1 |
Actuarial assumption of expected rates of inflation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Effect on the post-employment benefit obligation with a 1% increase | 43.5 |
Effect on the post-employment benefit obligation with a 1% decrease | (35.4) |
Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Effect on the post-employment benefit obligation with a 1% increase | 16.6 |
Effect on the post-employment benefit obligation with a 1% decrease | (12.3) |
Actuarial assumption of expected rates of pension increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Effect on the post-employment benefit obligation with a 1% increase | 44.9 |
Effect on the post-employment benefit obligation with a 1% decrease | € (36.3) |
Employee benefits Employee Bene
Employee benefits Employee Benefits - Post-Employment Benefit Plans (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of employee benefits [Abstract] | |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 5.5 |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | € 113.7 | € 113.7 | € 140.8 |
Acquisitions through business combinations, other provisions | 1.9 | 7 | |
Additional provision in the period | 15.8 | 8.4 | |
Release of provision | (8.5) | (6.2) | |
Utilization of provision | (9.6) | (34.3) | |
Unwinding of discounting | 0 | 1.1 | |
Foreign exchange | 0.4 | (3.1) | |
Opening balance sheet restatement IFRS 16 | (66.9) | 31.3 | |
Provisions, ending balance | 46.8 | 46.8 | 113.7 |
Current | 40.9 | 44.3 | |
Impact of transition to IFRS 16 Current Provisions | (3.6) | ||
Non-current | (5.9) | (69.4) | |
Impact of Transition to IFRS 16 Non Current Provisions | (63.3) | ||
Provisions | (46.8) | ||
Restructuring | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 12.3 | 12.3 | 26.3 |
Acquisitions through business combinations, other provisions | 0 | ||
Additional provision in the period | 3.2 | 4 | |
Release of provision | (1.5) | (1.5) | |
Utilization of provision | (6.7) | (16.5) | |
Unwinding of discounting | 0 | 0 | |
Foreign exchange | 0.1 | 0 | |
Provisions, ending balance | 12.3 | 7.4 | 12.3 |
Onerous/ unfavorable contracts | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 68.8 | 68.8 | 75.4 |
Acquisitions through business combinations, other provisions | 0 | ||
Additional provision in the period | 0 | 0 | |
Release of provision | 0 | 0 | |
Utilization of provision | (0.9) | (4.3) | |
Unwinding of discounting | 0 | 0.8 | |
Foreign exchange | 0.2 | (3.1) | |
Provisions, ending balance | 1.9 | 1.2 | 68.8 |
Provisions related to other taxes | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 5.8 | 5.8 | 10.2 |
Acquisitions through business combinations, other provisions | 0 | ||
Additional provision in the period | 2.4 | 0.3 | |
Release of provision | (1.3) | 0 | |
Utilization of provision | 0 | (4.7) | |
Unwinding of discounting | 0 | 0 | |
Foreign exchange | 0 | 0 | |
Provisions, ending balance | 5.8 | 6.9 | 5.8 |
Contingent consideration | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 1.5 | 1.5 | 10.4 |
Acquisitions through business combinations, other provisions | 0 | ||
Additional provision in the period | 0 | 0 | |
Release of provision | 0 | (2.7) | |
Utilization of provision | (1.5) | (6.5) | |
Unwinding of discounting | 0 | 0.3 | |
Foreign exchange | 0 | 0 | |
Provisions, ending balance | 1.5 | 0 | 1.5 |
Other | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | 25.3 | 25.3 | 18.5 |
Acquisitions through business combinations, other provisions | 1.9 | 7 | |
Additional provision in the period | 10.2 | 4.1 | |
Release of provision | (5.7) | (2) | |
Utilization of provision | (0.5) | (2.3) | |
Unwinding of discounting | 0 | 0 | |
Foreign exchange | 0.1 | 0 | |
Provisions, ending balance | 25.3 | 31.3 | 25.3 |
IFRS 16 [Member] | |||
Reconciliation of changes in other provisions [abstract] | |||
Provisions, beginning balance | € (46.8) | € (46.8) | |
Provisions, ending balance | (46.8) | ||
Current | 40.7 | ||
Non-current | € (6.1) |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | ||||
Provisions | € 46.8 | € 113.7 | € 46.8 | € 140.8 |
Acquisitions through business combinations, other provisions | 1.9 | 7 | ||
Provision used | 9.6 | 34.3 | ||
Release of provision | 8.5 | 6.2 | ||
Unwinding of discounting | 0 | 1.1 | ||
Restructuring | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 7.4 | 12.3 | 12.3 | 26.3 |
Acquisitions through business combinations, other provisions | 0 | |||
Provision used | 6.7 | 16.5 | ||
Release of provision | 1.5 | 1.5 | ||
Unwinding of discounting | 0 | 0 | ||
Onerous/ unfavorable contracts | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 1.2 | 68.8 | 1.9 | 75.4 |
Acquisitions through business combinations, other provisions | 0 | |||
Provision used | 0.9 | 4.3 | ||
Release of provision | 0 | 0 | ||
Unwinding of discounting | 0 | 0.8 | ||
Provisions related to other taxes | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 6.9 | 5.8 | 5.8 | 10.2 |
Acquisitions through business combinations, other provisions | 0 | |||
Provision used | 0 | 4.7 | ||
Release of provision | 1.3 | 0 | ||
Unwinding of discounting | 0 | 0 | ||
Contingent consideration | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 0 | 1.5 | 1.5 | 10.4 |
Acquisitions through business combinations, other provisions | 0 | |||
Provision used | 1.5 | 6.5 | ||
Release of provision | 0 | 2.7 | ||
Unwinding of discounting | 0 | 0.3 | ||
Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 31.3 | 25.3 | € 25.3 | € 18.5 |
Acquisitions through business combinations, other provisions | 1.9 | 7 | ||
Provision used | 0.5 | 2.3 | ||
Release of provision | 5.7 | 2 | ||
Unwinding of discounting | 0 | 0 | ||
Asset retirement obligation [Member] | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 6 | 5.9 | ||
Goodfella's Pizza [Member] | indemnification asset liability with customers | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 6.6 | 6.6 | ||
Italy | Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 4.7 | 5 | ||
Aunt Bessie's [Member] [Member] | Other provision | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 1.9 | |||
Bjuv Facility | Sweden | Onerous/unfavorable contracts - lease | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 66.9 | |||
Bjuv Facility | Sweden | Onerous/unfavorable contracts - service contract | ||||
Disclosure of other provisions [line items] | ||||
Provisions | 1.2 | |||
Restricted Stock1 [Member] | Provisions related to other taxes | ||||
Disclosure of other provisions [line items] | ||||
Provisions | € 8.3 | € 1 |
Share capital and reserves - Sc
Share capital and reserves - Schedule of Share Capital and Capital Reserve (Details) € in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018$ / shares | Dec. 31, 2018EUR (€)shares | |
Disclosure of classes of share capital [line items] | ||||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | € 0.1 | € (0.8) | € (0.2) | € (0.1) | ||||
Total share capital and capital reserve | € 2,120.3 | € 1,762.3 | ||||||
Listing and share transaction costs | € (13.8) | (24.9) | (13.8) | |||||
Total net share capital and capital reserve | 2,095.4 | 1,748.5 | ||||||
Ordinary shares | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Total share capital and capital reserve | 2,109.7 | 1,751.7 | ||||||
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 | 194,542,957 | 174,229,051 | ||||||
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) | Dec. 31, 2019$ / sharesshares | Jun. 19, 2019shares$ / shares | Jun. 14, 2019shares | Dec. 31, 2018$ / sharesshares | Jun. 19, 2018shares | Jun. 14, 2018shares$ / shares | Jan. 02, 2018shares | Dec. 31, 2017shares | Jun. 19, 2017shares$ / shares | Jun. 16, 2016shares | Jul. 31, 2019shares | Sep. 30, 2018shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2016 | Dec. 31, 2015€ / shares | Mar. 22, 2019€ / shares | Apr. 11, 2014shares |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 59,375 | 59,375 | 125,000 | |||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | (per share) | $ 21.7289 | $ 21.7289 | $ 21.7289 | $ 16.7538 | $ 11.4824 | € 16.6516 | € 11.4824 | |||||||||||||
Annual Founder Preferred Share Amount last 10 trading days | $ / shares | $ 16.6516 | |||||||||||||||||||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | 10 days | ||||||||||||||||||
Ordinary shares | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Share dividend issued (in shares) | 8,705,890 | 171,092 | 8,705,890 | 8,705,890 | ||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of shares outstanding, beginning balance (in shares) | 174,200,000 | 165,300,000 | ||||||||||||||||||
Shares issued in the period (in shares) | 20,300,000 | 8,900,000 | ||||||||||||||||||
Number of shares outstanding, ending balance (in shares) | 194,500,000 | 174,200,000 | 165,300,000 | 194,500,000 | 174,200,000 | 165,300,000 | 165,300,000 | |||||||||||||
Shares Issued, Price Per Share1 | € / shares | € 20 | |||||||||||||||||||
Initial options [Domain] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of shares reserved for issue under options and contracts for sale of shares | 125,000 | 125,000 | ||||||||||||||||||
Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | ||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 2,460 | |||||||||||||||||||
Founder Entities [Member] | Ordinary shares | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Share dividend issued (in shares) | 6,421,074 | |||||||||||||||||||
Restricted Stock1 [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | 166,427 | |||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 85,315 | |||||||||||||||||||
Restricted Stock1 [Member] | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | 39,370 | 32,172 | 53,498 | 55,680 | ||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 44,272 | 53,498 | 55,680 | 56,250 | 9,375 | |||||||||||||||
Shares Issued, Price Per Share1 | $ / shares | $ 20.74 | $ 17.94 | $ 14.38 | |||||||||||||||||
Liabilities From Share-based Payment Transactions, Shares | 12,100 | 12,312 | 9,384 | 400,000 | ||||||||||||||||
Restricted Stock1 [Member] | Management Award 2016 [Member] | ||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 294,810 | |||||||||||||||||||
Liabilities From Share-based Payment Transactions, Shares | 113,756 | |||||||||||||||||||
Restricted Stock1 [Member] | Management Award 2016 [Member] | Ordinary shares | ||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 181,054 |
Share capital and reserves - _2
Share capital and reserves - Ordinary Shares Narrative (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | Dec. 31, 2019EUR (€)$ / sharesshares | Jun. 19, 2019shares$ / shares | Jun. 14, 2019€ / shares | Mar. 22, 2019EUR (€)€ / sharesshares | Mar. 22, 2019USD ($) | Dec. 31, 2018EUR (€)$ / sharesshares | Jun. 19, 2018$ / shares | Jun. 14, 2018shares$ / shares | Jan. 02, 2018shares | Jun. 19, 2017shares$ / shares | Jun. 16, 2016$ / shares | Jul. 31, 2019shares | Dec. 31, 2019EUR (€)$ / sharesshares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)$ / sharesshares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)$ / sharesshares | Dec. 31, 2017EUR (€)€ / sharesshares | Dec. 31, 2015€ / shares |
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | (per share) | $ 21.7289 | $ 21.7289 | $ 21.7289 | $ 16.7538 | $ 11.4824 | € 16.6516 | € 11.4824 | ||||||||||||
Proceeds from issuance of Ordinary Shares | € | € 354.1 | € 0.1 | € 0 | ||||||||||||||||
Costs related to transactions | € | 0 | 0 | 3.2 | ||||||||||||||||
Payments to acquire or redeem entity's shares | € | 0 | 0 | 177.6 | ||||||||||||||||
Listing and share transaction costs | € | $ 24.9 | $ 13.8 | $ 24.9 | € 24.9 | $ 13.8 | € 13.8 | $ 13.8 | € 13.8 | |||||||||||
Annual Founder Preferred Share Amount last 10 trading days | $ / shares | $ 16.6516 | ||||||||||||||||||
Restricted Shares | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares vested | 85,315 | ||||||||||||||||||
Key management personnel | Restricted Shares | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares issued | 4,518,964 | 4,518,964 | 4,518,964 | ||||||||||||||||
Non-Executive Director | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of shares vested | 2,460 | ||||||||||||||||||
Non-Executive Director | Restricted Shares | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 20.74 | $ 17.94 | $ 14.38 | ||||||||||||||||
Exercise price (in dollars per share) | (per share) | € 20.32 | $ 18.07 | $ 8.98 | ||||||||||||||||
Number of shares vested | 44,272 | 53,498 | 55,680 | 56,250 | 9,375 | ||||||||||||||
Shares paid for tax withholding for share based compensation | 12,100 | 12,312 | 9,384 | 400,000 | |||||||||||||||
Ordinary shares | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Shares issued in the period (in shares) | 20,300,000 | 8,900,000 | |||||||||||||||||
Share dividend issued (in shares) | 8,705,890 | 171,092 | 8,705,890 | ||||||||||||||||
Number of shares issued | 20,000,000 | ||||||||||||||||||
Share price (in dollars per share) | € / shares | € 20 | ||||||||||||||||||
Proceeds from issuance of Ordinary Shares | € 353.6 | $ 400 | |||||||||||||||||
Costs related to transactions | € | € 11.1 | ||||||||||||||||||
Number of shares outstanding | 194,500,000 | 174,200,000 | 194,500,000 | 194,500,000 | 174,200,000 | 174,200,000 | 165,300,000 | 165,300,000 |
Share capital and reserves - Li
Share capital and reserves - Listing and Share Transaction Costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |||
Share issue related cost, beginning balance | € 13.8 | € 13.8 | |
Share issue related cost | (11.1) | 0 | € (0.5) |
Share issue related cost, ending balance | € 24.9 | € 13.8 | € 13.8 |
Share capital and reserves - Fo
Share capital and reserves - Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount (Details) | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / shares | Jan. 02, 2018shares | Dec. 31, 2017 | Dec. 31, 2019vote$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2016$ / shares | Dec. 31, 2015€ / shares | Mar. 22, 2019shares |
Disclosure of classes of share capital [line items] | |||||||||||
Preferred Stock, Shares Issued1 | 1,500,000 | 1,500,000 | |||||||||
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) | (per share) | $ 11.5 | € 11.50 | |||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | 20.00% | |||||||
Preference shares, conversion ratio | 1 | ||||||||||
Dividends recognised as distributions to owners per share (in dollars per share) | (per share) | $ 21.7289 | $ 21.7289 | $ 21.7289 | $ 16.7538 | $ 11.4824 | € 16.6516 | € 11.4824 | ||||
Ordinary shares | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Number of shares issued | 20,000,000 | ||||||||||
Founder preferred shares annual dividend amount | 8,705,890 | 171,092 | 8,705,890 | 8,705,890 | |||||||
Founder Entities [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Preferred Stock, Shares Issued1 | 750,000 | 750,000 |
Share capital and reserves - Wa
Share capital and reserves - Warrants (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | |
Preference shares, conversion ratio | 1 |
Share-based compensation rese_3
Share-based compensation reserve (Details) - EUR (€) € in Millions | Jun. 19, 2019 | Jun. 14, 2018 | Jun. 19, 2017 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reserves within equity [line items] | |||||||
Beginning balance, Reserve of share-based payments | € 9.4 | ||||||
Increase (decrease) through share-based payment transactions, equity | 14.9 | € 13 | € 2.6 | ||||
Vesting of Non-Executive Director restricted shares | € (0.1) | 0.8 | 0.2 | € 0.1 | |||
Stock Vested During Period, Value, Restricted Stock Award, Gross1 | (1.3) | ||||||
Ending balance, Reserve of share-based payments | 22.6 | 9.4 | |||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Beginning balance, Reserve of share-based payments | 9.4 | ||||||
Vesting of Non-Executive Director restricted shares | (0.8) | ||||||
Ending balance, Reserve of share-based payments | 22.6 | € 9.4 | |||||
Non-Executive Director | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (decrease) through share-based payment transactions, equity | 0.9 | ||||||
Key management personnel | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (decrease) through share-based payment transactions, equity | € 14 | ||||||
Restricted Stock1 [Member] | Non-Executive Director | |||||||
Disclosure of reserves within equity [line items] | |||||||
Liabilities From Share-based Payment Transactions, Shares | 12,100 | 12,312 | 9,384 | 400,000 |
Share-based compensation rese_4
Share-based compensation reserve - Additional Information (Details) - EUR (€) € in Millions | Jun. 19, 2019 | Jun. 14, 2018 | Jun. 19, 2017 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reserves within equity [line items] | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | € 0.1 | € (0.8) | € (0.2) | € (0.1) | |||
Share based payment charge | 14.9 | 13 | 2.6 | ||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.8 | ||||||
Non-Executive Director | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | € 0.9 | ||||||
Non-Executive Director | Restricted Shares | |||||||
Disclosure of reserves within equity [line items] | |||||||
Shares paid for tax withholding for share based compensation | 12,100 | 12,312 | 9,384 | 400,000 | |||
Key management personnel | Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | € 14 | ||||||
Share based compensation reserve | |||||||
Disclosure of reserves within equity [line items] | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | (0.8) | (0.8) | (0.7) | ||||
Share based payment charge | € 14.9 | € 13 | € 2.6 | ||||
Share based compensation reserve | Non-Executive Director | Restricted Shares | |||||||
Disclosure of reserves within equity [line items] | |||||||
Share based payment charge | € 0 | € 0 | € 0.3 |
Founder Preferred Shares Divi_3
Founder Preferred Shares Dividend Reserve - Additional Information (Details) € / shares in Units, € in Millions | Dec. 31, 2019EUR (€)$ / shares | Dec. 31, 2018EUR (€)$ / shares | Jan. 02, 2018shares | Dec. 31, 2017 | Dec. 31, 2019EUR (€)$ / sharesshares | Dec. 31, 2018EUR (€)$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2016$ / shares | Dec. 31, 2015€ / shares | Mar. 22, 2019€ / shares | Jan. 12, 2016 | Jun. 01, 2015EUR (€) |
Disclosure of classes of share capital [line items] | |||||||||||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | (per share) | $ 11.5 | € 11.50 | |||||||||||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | 10 days | |||||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
Preferred share dividend equivalent | 140,220,619 | ||||||||||||
Dividend price per share (in dollars per share) | (per share) | $ 21.7289 | $ 21.7289 | $ 21.7289 | $ 16.7538 | $ 11.4824 | € 16.6516 | € 11.4824 | ||||||
Founder Preferred Shares Dividend Reserve | € | $ 370.1 | $ 372.6 | $ 370.1 | $ 372.6 | € 531.5 | ||||||||
Preference shares, conversion ratio | 1 | ||||||||||||
Ordinary shares | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share dividend issued (in shares) | 8,705,890 | 171,092 | 8,705,890 | 8,705,890 | |||||||||
Share price (in dollars per share) | € / shares | € 20 | ||||||||||||
Ordinary shares excluded | 13,700,000 | ||||||||||||
Shares issued in the period (in shares) | 20,300,000 | 8,900,000 | |||||||||||
Founder Entities [Member] | Ordinary shares | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share dividend issued (in shares) | 6,421,074 |
Founder Preferred Shares Divi_4
Founder Preferred Shares Dividend Reserve (Details) € in Millions | Jan. 02, 2018shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares | Jan. 12, 2016 |
Disclosure of classes of share capital [line items] | |||||
Preference Shares, Dividend Rate, Shares Equivalent | 140,220,619 | ||||
Equity, beginning balance | € 2,059.1 | € 1,852.6 | € 1,902.5 | ||
Equity, ending balance | 2,556.7 | € 2,059.1 | € 1,852.6 | ||
Ordinary shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Dividends Recognised As Distributions To Owners, Shares | shares | 8,705,890 | 171,092 | 8,705,890 | ||
Founder preferred shares dividend reserve | |||||
Disclosure of classes of share capital [line items] | |||||
Settlement of dividend through share issue | (2.5) | € (120.8) | |||
Founder preferred shares dividend reserve | Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Equity, beginning balance | 372.6 | ||||
Settlement of dividend through share issue | 2.5 | ||||
Equity, ending balance | € 370.1 | € 372.6 |
Translation reserve Translati_3
Translation reserve Translation reserve table (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reserves within equity [line items] | ||||
Reserve of exchange differences on translation, continuing hedges | € 3.8 | € 15.8 | ||
Gains (losses) on exchange differences on translation, before tax | 19.2 | 2.2 | € (8.9) | |
Gains (losses) on hedges of net investments in foreign operations, net of tax | (13.2) | 3.4 | 8.1 | |
Other comprehensive (loss)/income for the year | (44.9) | 7.5 | (11.3) | |
Equity attributable to owners of parent | 2,557.9 | 2,059.9 | ||
Reserve of exchange differences on translation, hedging relationships for which hedge accounting is no longer applied | 46.4 | 47.6 | ||
Translation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Equity attributable to owners of the parent (restated) | 88.8 | 83.2 | ||
Other comprehensive (loss)/income for the year | 6 | 5.6 | (0.8) | |
Equity attributable to owners of parent | 94.8 | 88.8 | 83.2 | € 84 |
GBP net investments [Member] | ||||
Disclosure of reserves within equity [line items] | ||||
Gains (losses) on exchange differences on translation, net of tax | € 19 | € 3.7 | € 8.7 |
Cash flow hedging reserve (Deta
Cash flow hedging reserve (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | € (13.2) | € 8.5 | € (3) | € 8.4 |
Change in fair value of hedging instrument recognized in OCI in the year | 31.9 | 69.8 | (76.5) | |
Reclassified to cost of goods sold | (21.8) | (6.4) | 3.8 | |
Reclassified from other comprehensive income to finance costs | (37.4) | (47.9) | 56.3 | |
Deferred tax income (expense) on cash flow hedge reserve | 5.6 | (4) | 5 | |
Swap contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | (6.8) | 0.9 | (0.4) | 0 |
Change in fair value of hedging instrument recognized in OCI in the year | 28.1 | 49.5 | (56.8) | |
Reclassified to cost of goods sold | 0 | 0 | 0 | |
Reclassified from other comprehensive income to finance costs | (37.4) | (47.9) | 56.3 | |
Deferred tax income (expense) on cash flow hedge reserve | 1.6 | (0.3) | 0.1 | |
Forward contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | (6.4) | 7.6 | (2.6) | € 8.4 |
Change in fair value of hedging instrument recognized in OCI in the year | 3.8 | 20.3 | (19.7) | |
Reclassified to cost of goods sold | (21.8) | (6.4) | 3.8 | |
Reclassified from other comprehensive income to finance costs | 0 | 0 | 0 | |
Deferred tax income (expense) on cash flow hedge reserve | € 4 | € (3.7) | € 4.9 |
Earnings_(loss) per share (Deta
Earnings/(loss) per share (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 154 | € 171.2 | € 136.5 |
Weighted average Ordinary Shares and Founder Preferred Shares | 192,004,803 | 175,622,538 | 176,080,272 |
Basic earnings per share (in euros per share) | € 0.80 | € 0.97 | € 0.78 |
Weighted average Ordinary Shares and Founder Preferred Shares | 198,425,877 | 175,793,631 | 184,786,162 |
Diluted earnings per share (in euros per share) | € 0.78 | € 0.97 | € 0.74 |
Profit (loss) | € 153.6 | € 170.5 | € 136.5 |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 154 | € 171.2 | € 136.5 |
Weighted average number of ordinary shares (in shares) | 190,504,803 | 174,122,538 | 174,580,272 |
Weighted average number of founder preferred shares (in shares) | 1,500,000 | 1,500,000 | 1,500,000 |
Adjusted shares for dilutive impact of 2018 non-executive restricted stock awards (in shares) | 6,421,074 |
Reconciliation of liabilities_3
Reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Lease liabilities | € 109 | ||
Total loans and borrowings (Note 21) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Lease liabilities | € 120.8 | ||
Opening balance | 1,764.3 | 1,398.4 | |
Increase (decrease) in financial liabilities arising from change in measurement attribute, initial application of IFRS 9 | € (21.8) | ||
Cash inflow | 2 | 355.6 | |
Cash outflow | (44) | (5.9) | |
Interest accretion | 5.3 | 0 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 2.5 | ||
Exchange movement | 15.7 | 32.7 | |
Fair value changes | 0 | 0 | |
Other non-cash adjustments | 11.2 | 2.8 | |
Closing balance | 1,875.3 | 1,764.3 | |
Financial payables (Note 22) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 7.7 | 3.1 | |
Cash inflow | 0 | 3.4 | |
Cash outflow | (72.7) | (59.1) | |
Interest accretion | 73.7 | 64.4 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | ||
Exchange movement | (1.1) | (0.8) | |
Fair value changes | 0 | 0 | |
Other non-cash adjustments | (3.5) | (3.3) | |
Closing balance | 4.1 | 7.7 | |
Forward foreign exchange and currency swap contract | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 0.1 | 0.7 | |
Cash inflow | 4.7 | 0.8 | |
Cash outflow | 0 | 0 | |
Interest accretion | 0 | 0 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | ||
Exchange movement | 0 | 0 | |
Fair value changes | (5) | (1.4) | |
Other non-cash adjustments | 0 | 0 | |
Closing balance | (0.2) | 0.1 | |
Cross currency interest rate swap | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | (0.3) | 42.8 | |
Cash inflow | 20.9 | 13.8 | |
Cash outflow | (4) | (3.6) | |
Interest accretion | 0 | 0 | |
Increase (decrease) through obtaining or losing control of subsidiaries or other businesses, liabilities arising from financing activities | 0 | ||
Exchange movement | 0 | 0 | |
Fair value changes | (1.3) | (53.3) | |
Other non-cash adjustments | 0 | 0 | |
Closing balance | 15.3 | (0.3) | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Total loans and borrowings (Note 21) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 1,885.1 | 1,376.6 | |
Closing balance | 1,885.1 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Financial payables (Note 22) | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 7.7 | 3.1 | |
Closing balance | 7.7 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Forward foreign exchange and currency swap contract | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | 0.1 | 0.7 | |
Closing balance | 0.1 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Cross currency interest rate swap | Derivatives | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Opening balance | € (0.3) | 42.8 | |
Closing balance | € (0.3) |
Cash flows from operating act_3
Cash flows from operating activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Profit (loss) | € 153.6 | € 170.5 | € 136.5 |
Adjustments for: | |||
Exceptional items | 54.5 | 17.7 | 37.2 |
Non-cash fair value purchase price adjustment of inventory | 0 | 5.7 | 0 |
Share based payments expense | 14.9 | 13 | 2.6 |
Depreciation and amortization | 68.3 | 46.3 | 42.4 |
Loss on disposal and impairment of property, plant and equipment | 0.6 | 0.3 | 0.5 |
Net finance costs | 73.2 | 56 | 74.4 |
Taxation | 56.7 | 56.6 | 32 |
Operating cash flow before changes in working capital, provisions and exceptional items | 421.8 | 366.1 | 325.6 |
Decrease/(increase) in inventories | 23.5 | (20.2) | 16.7 |
Increase in trade and other receivables | (34.4) | (10.8) | (1.6) |
(Decrease)/increase in trade and other payables | (40.6) | 64.5 | 18.1 |
Increase/(decrease) in employee benefit and other provisions | 6.6 | (2) | (0.3) |
Cash generated from operations before tax and exceptional items | 376.9 | 397.6 | 358.5 |
Material reconciling items [member] | |||
Adjustments for: | |||
Exceptional items | € 54.5 | € 17.7 | € 37.2 |
Financial risk management - Add
Financial risk management - Additional Information (Details) £ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2019EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Jun. 15, 2018EUR (€) | Jun. 15, 2018USD ($) | Dec. 20, 2017EUR (€) | Dec. 20, 2017USD ($) | May 03, 2017EUR (€) | May 03, 2017USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Repayment of current borrowings in future years | € 8,600,000 | € 8,400,000 | |||||||||||||
Financial Assets (Financial Liabilities) At Fair Value Through Other Comprehensive Income | (24,500,000) | 7,900,000 | |||||||||||||
Financial Assets (Liabilities), Net | (1,396,400,000) | (1,872,000,000) | |||||||||||||
Financial liabilities at amortised cost | 2,367,600,000 | 2,310,100,000 | |||||||||||||
Financial assets at fair value through profit or loss | 103,700,000 | 30,600,000 | |||||||||||||
Gross amount of financial instruments as presented upon balance sheet | 21,400,000 | 49,100,000 | |||||||||||||
Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 21,400,000 | 29,800,000 | |||||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € (13,200,000) | 3,400,000 | € 8,100,000 | ||||||||||||
Cross currency interest rate swap where hedge accounting not applied | 14.70% | ||||||||||||||
Financial assets at amortised cost | € 891,000,000 | 395,300,000 | |||||||||||||
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 0 | 19,300,000 | |||||||||||||
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 44,900,000 | 36,900,000 | |||||||||||||
Related financial instruments that are offset | 21,400,000 | 29,800,000 | |||||||||||||
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 23,500,000 | 7,100,000 | |||||||||||||
Derivatives at fair value through profit or loss | € 1,000,000 | 4,300,000 | |||||||||||||
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 | € 5,600,000 | € 5,700,000 | |||||||||||||
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 | € 17,200,000 | ||||||||||||||
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 | 5.30% | 1.30% | 3.90% | ||||||||||||
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 | 2.00% | 4.50% | 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 | 2.20% | 4.10% | 2.70% | ||||||||||||
Net Investment Hedge [Member] | |||||||||||||||
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 | € 2,600,000 | € 2,500,000 | |||||||||||||
Interest rate swap contract [member] | |||||||||||||||
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 | € 500,000 | 500,000 | |||||||||||||
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% | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on interest charge | € 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 | € 1,400,000 | 1,200,000 | |||||||||||||
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 | € 2,800,000 | 2,300,000 | |||||||||||||
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 | € 1,200,000 | € 1,300,000 | |||||||||||||
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 | 82.70% | 85.20% | 82.70% | 82.70% | 85.20% | 85.20% | |||||||||
Financial asset | € 400,000 | € 10,600,000 | |||||||||||||
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 | 95.20% | 69.50% | 95.20% | 95.20% | 69.50% | 69.50% | |||||||||
Financial asset | € 9,000,000 | € 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% | |||||||||||||
Hedges of net investment in foreign operations [member] | Cross currency interest rate swap | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Gain (loss) on hedge ineffectiveness | € 300,000 | ||||||||||||||
Hedges of net investment in foreign operations [member] | 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 | 85.30% | 82.80% | 85.30% | 85.30% | 82.80% | 82.80% | |||||||||
Hedges of net investment in foreign operations [member] | Cross currency interest rate swap | 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 | 103.00% | 103.00% | 103.00% | ||||||||||||
Gains (losses) on hedges of net investments in foreign operations, net of tax | € 13,200,000 | ||||||||||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, percent | 1.00% | ||||||||||||||
Hedges of net investment in foreign operations [member] | 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 | 104.00% | 104.00% | 104.00% | ||||||||||||
Gain on retranslation of loans | € 3,400,000 | ||||||||||||||
Hedges of net investment in foreign operations [member] | Derivative financial instruments | Cross currency interest rate swap | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € 2,400,000 | 21,600,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | (13,200,000) | 3,700,000 | |||||||||||||
Change in value of hedged item | € 13,200,000 | € (3,400,000) | |||||||||||||
Average rate of hedging instrument | 119.00% | 119.00% | 119.00% | 119.00% | 119.00% | 119.00% | |||||||||
Cash flow hedges [member] | Foreign Exchange Forward And Currency Swap Contract [Member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Gains (losses) on change in fair value of derivatives | € 4,800,000 | € 1,000,000 | € 3,500,000 | ||||||||||||
Cash flow hedges [member] | Derivative financial instruments | Cross currency interest rate swap | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | (18,500,000) | (25,600,000) | |||||||||||||
Change in fair value of outstanding hedging instruments | 7,100,000 | 35,600,000 | |||||||||||||
Change in value of hedged item | € (7,100,000) | € (35,600,000) | |||||||||||||
Average rate of hedging instrument | 111.00% | 111.00% | 111.00% | 111.00% | 111.00% | 111.00% | |||||||||
Currency swap contract [member] | Foreign Exchange Forward And Currency Swap Contract [Member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Gains (losses) on change in fair value of derivatives | € 13,600,000 | € 400,000 | € 3,900,000 | ||||||||||||
Senior USD Debt [Member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | € 845,100,000 | $ 935,600,000 | $ 953,400,000 | $ 953,400,000 | $ 610,000,000 | $ 610,000,000 | |||||||||
Senior USD Debt [Member] | Net Investment Hedge [Member] | Interest rate swap contract [member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | £ | £ 222.5 | ||||||||||||||
Pound Sterling | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | £ | £ 222.5 | £ 224.7 | |||||||||||||
2024 fixed rate senior secured notes | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | € 400,000,000 | ||||||||||||||
Interest rate | 3.25% | 3.25% | |||||||||||||
Senior EURO Debt | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | € 558,000,000 | € 500,000,000 | € 500,000,000 | ||||||||||||
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% | ||||||||||||
EUR/USD [Domain] | Foreign exchange forward contract | Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € 2,100,000 | 8,400,000 | |||||||||||||
Notional amount | 220,600,000 | 224,900,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | € 10,500,000 | € 14,100,000 | |||||||||||||
Average rate of hedging instrument | 114.00% | 120.00% | 114.00% | 114.00% | 120.00% | 120.00% | |||||||||
GBP/USD [Domain] [Domain] | Foreign exchange forward contract | Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € (1,700,000) | € 2,000,000 | |||||||||||||
Notional amount | 56,500,000 | 47,200,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | € (700,000) | € 4,500,000 | |||||||||||||
Average rate of hedging instrument | 128.00% | 134.00% | 128.00% | 128.00% | 134.00% | 134.00% | |||||||||
GBP/EUR [Domain] | Foreign exchange forward contract | Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € (8,300,000) | € 1,400,000 | |||||||||||||
Notional amount | 217,400,000 | 97,400,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | € (10,900,000) | € 1,900,000 | |||||||||||||
Average rate of hedging instrument | 112.00% | 112.00% | 112.00% | 112.00% | 112.00% | 112.00% | |||||||||
SEKEUR [Domain] | Foreign exchange forward contract | Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € (300,000) | € (600,000) | |||||||||||||
Notional amount | 70,100,000 | 65,600,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | € 2,100,000 | € 1,500,000 | |||||||||||||
Average rate of hedging instrument | 9.00% | 10.00% | 9.00% | 9.00% | 10.00% | 10.00% | |||||||||
Other currencies [Domain] | Foreign exchange forward contract | Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Carrying amount of cross currency interest rate swaps | € (300,000) | € 500,000 | |||||||||||||
Notional amount | 42,300,000 | 38,500,000 | |||||||||||||
Change in fair value of outstanding hedging instruments | € 200,000 | € 800,000 | |||||||||||||
Average rate of hedging instrument | 21.00% | 0.00% | 21.00% | 21.00% | 0.00% | 0.00% | |||||||||
Cash and cash equivalents | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial assets at fair value through profit or loss | € 78,700,000 | € 30,600,000 | |||||||||||||
Financial asset | 826,100,000 | 327,600,000 | |||||||||||||
Financial assets at fair value through other comprehensive income | 0 | 0 | |||||||||||||
Financial assets at amortised cost | 747,400,000 | 297,000,000 | |||||||||||||
Derivatives at fair value through profit or loss | 0 | 0 | |||||||||||||
Trade receivables | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial assets at fair value through profit or loss | 0 | 0 | |||||||||||||
Financial asset | 143,600,000 | 98,300,000 | |||||||||||||
Financial assets at fair value through other comprehensive income | 0 | 0 | |||||||||||||
Financial assets at amortised cost | 143,600,000 | 98,300,000 | |||||||||||||
Derivatives at fair value through profit or loss | 0 | 0 | |||||||||||||
Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial assets at fair value through profit or loss | 0 | 0 | |||||||||||||
Financial asset | 21,400,000 | 49,100,000 | |||||||||||||
Financial assets at fair value through other comprehensive income | 20,400,000 | 44,500,000 | |||||||||||||
Financial assets at amortised cost | 0 | 0 | |||||||||||||
Derivatives at fair value through profit or loss | 1,000,000 | 4,600,000 | |||||||||||||
Short-term investments not cash and cash equivalents [Domain] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial assets at fair value through profit or loss | 25,000,000 | ||||||||||||||
Financial asset | 25,000,000 | ||||||||||||||
Loans and Borrowings Excluding Deferred Borrowing Costs [Member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial liabilities at amortised cost | 1,884,200,000 | 1,775,200,000 | |||||||||||||
Financial liabilities | 1,884,200,000 | 1,775,200,000 | |||||||||||||
Financial Liabilities At Fair Value Through Other Comprehensive Income | 0 | 0 | |||||||||||||
Financial assets at fair value through profit or loss | 0 | 0 | |||||||||||||
Financial assets at amortised cost | 0 | 0 | |||||||||||||
Derivatives at fair value through profit or loss | 0 | 0 | |||||||||||||
Trade and other payables excluding non-financial liabilities | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial liabilities at amortised cost | 483,400,000 | 534,900,000 | |||||||||||||
Financial liabilities | 483,400,000 | 534,900,000 | |||||||||||||
Financial Liabilities At Fair Value Through Other Comprehensive Income | 0 | 0 | |||||||||||||
Financial assets at fair value through profit or loss | 0 | 0 | |||||||||||||
Financial assets at amortised cost | 0 | 0 | |||||||||||||
Derivatives at fair value through profit or loss | 0 | 0 | |||||||||||||
Derivative financial instruments | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Financial liabilities at amortised cost | 0 | 0 | |||||||||||||
Financial liabilities | 44,900,000 | 36,900,000 | |||||||||||||
Financial Liabilities At Fair Value Through Other Comprehensive Income | (44,900,000) | (36,600,000) | |||||||||||||
Financial assets at fair value through profit or loss | 0 | 0 | |||||||||||||
Financial assets at amortised cost | 0 | 0 | |||||||||||||
Derivatives at fair value through profit or loss | 0 | € 300,000 | |||||||||||||
Forecast [Member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Repayment based on excess cashflow calculation | € 12,100,000 | € 0 | |||||||||||||
Sell | Interest rate swap contract [member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | € 309,700,000 | ||||||||||||||
Pay | Interest rate swap contract [member] | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||||||
Notional amount | £ | £ 260.8 |
Financial risk management - Mat
Financial risk management - Maturity Analysis (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Loan repayment percentage | 1.00% | |
Repayment of current borrowings in future years | € 8.6 | € 8.4 |
Financial liabilities, undiscounted cash flows | 2,674.2 | 2,627.6 |
2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 569.2 | 594.8 |
2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 75 | 59.4 |
2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 83.7 | 59.2 |
2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 75.2 | 75.8 |
2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,785.4 | 74.7 |
More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 85.7 | 1,763.7 |
Borrowings-principal | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,791 | 1,794.4 |
Borrowings-principal | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 10.8 | 23.4 |
Borrowings-principal | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 9.6 | 8.4 |
Borrowings-principal | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 8.6 | 8.4 |
Borrowings-principal | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 8.6 | 8.4 |
Borrowings-principal | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,753.4 | 8.4 |
Borrowings-principal | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 1,737.4 |
Borrowings-interest | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 264.4 | 361.9 |
Borrowings-interest | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 61.1 | 67.9 |
Borrowings-interest | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 59.8 | 67.6 |
Borrowings-interest | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 59.4 | 67.1 |
Borrowings-interest | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 59.1 | 66.7 |
Borrowings-interest | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 25 | 66.3 |
Borrowings-interest | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 26.3 |
Lease liabilities [member] | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 145.5 | |
Lease liabilities [member] | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 16.8 | |
Lease liabilities [member] | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 15.2 | |
Lease liabilities [member] | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 13.3 | |
Lease liabilities [member] | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 7.5 | |
Lease liabilities [member] | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 7 | |
Lease liabilities [member] | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 85.7 | |
Trade and other payables excluding non-financial liabilities | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 483.4 | 534.9 |
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 | 483.4 | 534.9 |
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 | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Foreign exchange forward contract | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 666.2 | 671.9 |
Sell | Foreign exchange forward contract | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 666.2 | 671.9 |
Sell | Foreign exchange forward contract | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Sell | Foreign exchange forward contract | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Sell | Foreign exchange forward contract | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Sell | Foreign exchange forward contract | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Sell | Foreign exchange forward contract | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Sell | Cross currency interest rate swap | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,215.8 | 1,250.3 |
Sell | Cross currency interest rate swap | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 38.8 | 40.1 |
Sell | Cross currency interest rate swap | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 38.6 | 39.8 |
Sell | Cross currency interest rate swap | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 1,138.4 | 39.6 |
Sell | Cross currency interest rate swap | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 1,130.8 |
Sell | Cross currency interest rate swap | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Sell | Cross currency interest rate swap | More than five years | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | |
Pay | Foreign exchange forward contract | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (658.5) | (686.7) |
Pay | Foreign exchange forward contract | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (658.5) | (686.7) |
Pay | Foreign exchange forward contract | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | 0 |
Pay | Foreign exchange forward contract | More than five 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 | (1,233.6) | (1,299.1) |
Pay | Cross currency interest rate swap | 2017 / 2018 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (49.4) | (56.7) |
Pay | Cross currency interest rate swap | 2018 / 2019 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (48.2) | (56.4) |
Pay | Cross currency interest rate swap | 2019 / 2020 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | (1,136) | (55.9) |
Pay | Cross currency interest rate swap | 2020 / 2021 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | 0 | (1,130.1) |
Pay | Cross currency interest rate swap | 2021 / 2022 | ||
Disclosure of maturity analysis for derivative financial liabilities [line items] | ||
Financial liabilities, undiscounted cash flows | € 0 | 0 |
Pay | Cross currency interest rate swap | More than five 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, 2019 | Dec. 31, 2018 |
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | € (103.7) | € (30.6) |
Derivatives at fair value through profit or loss | 1 | 4.3 |
Financial assets at amortised cost | 891 | 395.3 |
Financial liabilities at amortised cost | (2,367.6) | (2,310.1) |
Financial assets (liabilities) at fair value through other comprehensive income | (24.5) | 7.9 |
Total | (1,396.4) | (1,872) |
Total non-current loans and borrowings | 1,847.6 | 1,742.9 |
Borrowings | 1,875.3 | 1,764.3 |
Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,811.5 | 1,745.4 |
Financial liabilities | (1,766.3) | (1,764.3) |
Trade and other payables excluding non-financial liabilities | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (483.4) | (534.9) |
Financial liabilities | (483.4) | (534.9) |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0.3 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 44.9 | 36.6 |
Financial liabilities at amortised cost | 0 | 0 |
Financial liabilities | (44.9) | (36.9) |
Loans and borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (1,884.2) | (1,775.2) |
Financial liabilities | (1,884.2) | (1,775.2) |
Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 143.6 | 98.3 |
Financial assets at amortised cost | 143.6 | 98.3 |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | 0 |
Derivatives at fair value through profit or loss | 1 | 4.6 |
Financial assets at fair value through other comprehensive income | 20.4 | 44.5 |
Financial assets | 21.4 | 49.1 |
Financial assets at amortised cost | 0 | 0 |
Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | (78.7) | (30.6) |
Derivatives at fair value through profit or loss | 0 | 0 |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 826.1 | 327.6 |
Financial assets at amortised cost | 747.4 | 297 |
Deferred borrowing costs | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Total non-current loans and borrowings | 8.9 | 10.9 |
Deferred borrowing costs | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Financial liabilities | 8.9 | 10.9 |
Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (1,371.9) | (1,372.2) |
Other borrowings [Domain] | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 3.3 | 3 |
Financial liabilities | (3.3) | (3) |
2024 fixed rate senior secured notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (400) | (400) |
Level 2 | Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,396.9 | 1,347.2 |
Level 1 of fair value hierarchy [member] | 2024 fixed rate senior secured notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | € 411.3 | € 395.2 |
Financial instruments - Derivat
Financial instruments - Derivative Financial Instruments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 1,847.6 | € 1,742.9 |
Borrowings | 1,875.3 | 1,764.3 |
Gross amount of financial instruments as presented upon balance sheet | 21.4 | 49.1 |
Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 21.4 | 29.8 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 0 | 19.3 |
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 44.9 | 36.9 |
Related financial instruments that are offset | 21.4 | 29.8 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 23.5 | 7.1 |
Derivative financial instruments | Cash flow hedges | Cross currency interest rate swap | ||
Disclosure of financial assets [line items] | ||
Change in fair value of outstanding hedging instruments | € 7.1 | € 35.6 |
Average rate of hedging instrument | 111.00% | 111.00% |
EUR/USD [Domain] | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 2.1 | € 8.4 |
Notional amount | 220.6 | 224.9 |
Change in fair value of outstanding hedging instruments | € 10.5 | € 14.1 |
Average rate of hedging instrument | 114.00% | 120.00% |
GBP/USD [Domain] [Domain] | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (1.7) | € 2 |
Notional amount | 56.5 | 47.2 |
Change in fair value of outstanding hedging instruments | € (0.7) | € 4.5 |
Average rate of hedging instrument | 128.00% | 134.00% |
GBP/EUR [Domain] | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (8.3) | € 1.4 |
Notional amount | 217.4 | 97.4 |
Change in fair value of outstanding hedging instruments | € (10.9) | € 1.9 |
Average rate of hedging instrument | 112.00% | 112.00% |
SEKEUR [Domain] | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (0.3) | € (0.6) |
Notional amount | 70.1 | 65.6 |
Change in fair value of outstanding hedging instruments | € 2.1 | € 1.5 |
Average rate of hedging instrument | 9.00% | 10.00% |
Other currencies [Domain] | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € (0.3) | € 0.5 |
Notional amount | 42.3 | 38.5 |
Change in fair value of outstanding hedging instruments | € 0.2 | € 0.8 |
Average rate of hedging instrument | 21.00% | 0.00% |
Deferred Financing Costs [Member] | ||
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 8.9 | € 10.9 |
Financial instruments - Deriv_2
Financial instruments - Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 1,847.6 | € 1,742.9 |
Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 21.4 | 49.1 |
Total liabilities | (44.9) | (36.9) |
Total | (23.5) | 12.2 |
Foreign exchange forward contract | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 3.9 | 13.4 |
Total liabilities | (12.1) | (1.5) |
Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 17.5 | 35.7 |
Total liabilities | (32.8) | (35.4) |
Deferred Financing Costs [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 8.9 | € 10.9 |
Financial instruments - Offsett
Financial instruments - Offsetting of Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives - assets | ||
Gross amount of financial instruments as presented upon balance sheet | € 21.4 | € 49.1 |
Related financial instruments that are offset | (21.4) | (29.8) |
Net amount | 0 | 19.3 |
Derivatives - liabilities | ||
Gross amount of financial instruments as presented upon balance sheet | (44.9) | (36.9) |
Related financial instruments that are offset | 21.4 | 29.8 |
Net amount | € (23.5) | € (7.1) |
Operating leases - Non-cancella
Operating leases - Non-cancellable Operating Lease Rentals (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 7600000 | 181600000 |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 2100000 | 22200000 |
Between one and three years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 3600000 | 38500000 |
Between three and five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 1900000 | 26000000 |
More than five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments payable under non-cancellable operating lease | 0 | 94900000 |
Capital commitments (Details)
Capital commitments (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Capital Commitment [Line Items] | ||
Total capital commitments | € 12.1 | € 9.6 |
Property, plant and equipment | ||
Capital Commitment [Line Items] | ||
Total capital commitments | 11.5 | 6.8 |
Intangible assets | ||
Capital Commitment [Line Items] | ||
Total capital commitments | € 0.6 | € 2.8 |
Related parties (Details)
Related parties (Details) € / shares in Units, $ / shares in Units, $ in Millions | Jun. 15, 2015USD ($) | Jun. 30, 2017shares | Dec. 31, 2019EUR (€)sharesyear | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019$ / sharesshares | Jun. 19, 2019$ / shares | Mar. 22, 2019€ / sharesshares | Jun. 14, 2018$ / shares | Jun. 19, 2017$ / shares | Jun. 01, 2015$ / sharesshares | Jun. 01, 2015€ / sharesshares |
Disclosure of transactions between related parties [line items] | ||||||||||||
Payments to acquire or redeem entity's shares | € | € 0 | € 0 | € 177,600,000 | |||||||||
Ordinary shares | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | € / shares | € 20 | |||||||||||
Number of shares issued | 20,000,000 | |||||||||||
Restricted Shares | Key management personnel | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Number of shares issued | 4,518,964 | |||||||||||
Restricted Shares | Non-Executive Director | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 20.74 | $ 17.94 | $ 14.38 | |||||||||
Mariposa Capital and TOMS Capital | Affiliate Of Founder Entities | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Advisory Services Agreement, annual fee | $ | $ 2 | |||||||||||
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 | € | 200,000 | 200,000 | ||||||||||
TOMS Capital | Affiliate Of Founder Entities | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Travel expenses reimbursed to related party | € | € 300,000 | € 100,000 | ||||||||||
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] | ||||||||||||
Share price (in dollars per share) | $ / shares | $ 11.50 | |||||||||||
Number of shares issued | 95,652 | |||||||||||
Number of share options granted | 50,000 | |||||||||||
Iglo | Paul Kenyon | Key management personnel | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | (per share) | $ 10.50 | € 9.71 | ||||||||||
Number of shares issued | 37,060 | 37,060 | ||||||||||
Number of shares sold | 26,372 | |||||||||||
Iglo | Tania Howarth | Key management personnel | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Share price (in dollars per share) | (per share) | $ 10.50 | € 9.71 |
Significant events after the _2
Significant events after the Statement of Financial Position date (Details) | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Jan. 02, 2018shares | Dec. 31, 2017 | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2017€ / sharesshares | Dec. 31, 2015€ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Percentage increase in dividend price | 20.00% | 20.00% | 20.00% | 20.00% | |||||
Dividend price per share (in dollars per share) | (per share) | $ 21.7289 | $ 21.7289 | $ 21.7289 | $ 16.7538 | $ 11.4824 | € 16.6516 | € 11.4824 | ||
Ordinary shares | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Share dividend issued (in shares) | 8,705,890 | 171,092 | 8,705,890 | 8,705,890 | |||||
Founder Entities [Member] | Ordinary shares | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Share dividend issued (in shares) | 6,421,074 |
Uncategorized Items - nomd-2019
Label | Element | Value |
Pension Plans Defined Benefit1 [Member] | ||
Return on plan assets excluding interest income or expense, net defined benefit liability (asset) | ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset | € (300,000) |
Return on plan assets excluding interest income or expense, net defined benefit liability (asset) | ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset | € (5,100,000) |