Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document and Entities Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-37669 |
Entity Registrant Name | Nomad Foods Limited |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | No. 1 New Square |
Entity Address, Address Line Two | Bedfont Lakes Business Park |
Entity Address, City or Town | Feltham |
Entity Address, Postal Zip Code | TW14 8HA |
Entity Address, Country | GB |
Title of 12(b) Security | Ordinary Shares, no par value |
Trading Symbol | NOMD |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 172,550,253 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001651717 |
Entity Shell Company | false |
Business Contact | |
Document and Entities Information [Line Items] | |
Entity Address, Address Line One | No. 1 New Square |
Entity Address, Address Line Two | Bedfont Lakes Business Park |
Entity Address, City or Town | Feltham |
Entity Address, Postal Zip Code | TW14 8HA |
Contact Personnel Name | Samy Zekhout |
City Area Code | +(44) |
Local Phone Number | 208 918 3200 |
Contact Personnel Fax Number | +(44) 208 918 3491 |
Preference shares [member] | |
Document and Entities Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 1,500,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | London, United Kingdom |
Auditor Firm ID | 876 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
301900000 | € 2,101.6 | € 2,099.4 |
Intangibles | 2,457.6 | 2,455.7 |
Property, plant and equipment | 542.9 | 549.4 |
Other non-current assets | 8.1 | 8.9 |
Derivative financial instruments | 0.2 | 0 |
Deferred tax assets | 100.4 | 128.3 |
Total non-current assets | 5,210.8 | 5,241.7 |
Current assets | ||
Cash and cash equivalents | 369.7 | 254.2 |
Inventories | 457.1 | 410.6 |
Trade and other receivables | 266.8 | 234.6 |
Indemnification assets | 1.8 | 9.5 |
Derivative financial instruments | 19.9 | 20.2 |
Total current assets | 1,115.3 | 929.1 |
Assets | 6,326.1 | 6,170.8 |
Current liabilities | ||
Trade and other payables | 695.4 | 692 |
Current tax payable | 183 | 198.5 |
Provisions | 36.1 | 39.3 |
Loans and borrowings | 22.6 | 29.1 |
Derivative financial instruments | 3.7 | 7.3 |
Total current liabilities | 940.8 | 966.2 |
Non-current liabilities | ||
Loans and borrowings | 2,142.3 | 2,198.3 |
Employee benefits | 132.1 | 244.2 |
Other non-current liabilities | 1.1 | 1.8 |
Provisions | 1.3 | 2.9 |
Derivative financial instruments | 56.6 | 20.8 |
Deferred tax liabilities | 445.7 | 437.6 |
Total non-current liabilities | 2,779.1 | 2,905.6 |
Total liabilities | 3,719.9 | 3,871.8 |
Net assets | 2,606.2 | 2,299 |
Equity | ||
Share capital and capital reserve | 1,596.7 | 1,623.1 |
Share-based compensation reserve | 13.8 | 6.9 |
Founder Preferred Shares Dividend Reserve | 0 | 166 |
Translation reserve | 89.3 | 105.1 |
Other reserves | 19.8 | 10.5 |
Retained earnings | 886.6 | 387.4 |
Equity | € 2,606.2 | € 2,299 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenue | € 2,939.7 | € 2,606.6 | € 2,515.9 |
Cost of sales | (2,124.4) | (1,862.3) | (1,753.4) |
Gross profit | 815.3 | 744.3 | 762.5 |
Other operating expenses | (391.2) | (356.3) | (382.7) |
Exceptional items | (48.7) | (45.3) | (20.6) |
Operating profit | 375.4 | 342.7 | 359.2 |
Finance income | 12.1 | 0.1 | 4.7 |
Finance costs | (66.5) | (106.1) | (68.4) |
Net finance costs | (54.4) | (106) | (63.7) |
Profit before tax | 321 | 236.7 | 295.5 |
Taxation | (71.2) | (55.7) | (70.4) |
Profit for the year | 249.8 | 181 | 225.2 |
Profit (loss), attributable to non-controlling interests | 0 | 0 | (0.1) |
Profit (loss) | € 249.8 | € 181 | € 225.1 |
Earnings per share: | |||
Basic earnings per share (in euros per share) | € 1.43 | € 1.02 | € 1.16 |
Diluted earnings per share (in euros per share) | € 1.43 | € 1.02 | € 1.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit (loss) | € 249.8 | € 181 | € 225.1 |
Other comprehensive income/(loss): | |||
Actuarial gains/(losses) on defined benefit pension plans | 108.1 | 36.1 | (27.8) |
Taxation (charge)/credit on remeasurement of defined benefit pension plans | (26.1) | (10.2) | 8.3 |
Items not reclassified to the Consolidated Statement of Profit or Loss | 82 | 25.9 | (19.5) |
(Loss)/gain on investment in foreign subsidiary, net of hedge | (15.8) | 18.8 | (10.1) |
Cash flow hedges | 67.8 | 22.6 | (17.3) |
Taxation (charge)/credit relating to components of other comprehensive income | (3.3) | (13.6) | 6 |
Items that may be subsequently reclassified to the Consolidated Statement of Profit or Loss | 48.7 | 27.8 | (21.4) |
Other comprehensive income/(loss) for the period, net of tax | 130.7 | 53.7 | (40.9) |
Comprehensive income | 380.5 | 234.7 | 184.2 |
Total comprehensive income for the period | 380.5 | 234.7 | 184.3 |
Comprehensive income, attributable to non-controlling interests | € 0 | € 0 | € (0.1) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Millions | Total | Share capital and capital reserve | Share based compensation reserve | Founder preferred shares dividend reserve | Translation reserve | Other reserves | (Accumulated deficit reserve)/ Retained earnings | Equity attributable to owners of the parent | Non-controlling interests |
Equity | Increase (decrease) due to changes in accounting policy required by IFRSs | € 0 | ||||||||
Equity | € 2,556.7 | € 2,095.4 | € 22.6 | € 370.1 | 94.8 | € (13.2) | € (11.8) | € 2,557.9 | € (1.2) |
Equity (restated) | 94.8 | ||||||||
Profit (loss) | 225.1 | 225.2 | 225.2 | (0.1) | |||||
Other comprehensive loss for the year | (40.9) | (10.1) | (11.3) | (19.5) | (40.9) | ||||
Comprehensive income | 184.2 | (10.1) | (11.3) | 205.7 | 184.3 | (0.1) | |||
Dividends recognised as distributions to owners | (124.6) | 124.6 | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0 | 0.7 | (0.7) | 0 | |||||
Issue of equity | 0.5 | 8.4 | (7.9) | 0.5 | |||||
Repurchase of ordinary shares (in shares) | (608.6) | (608.6) | (608.6) | ||||||
Share based payment charge | 9 | 9 | 9 | ||||||
Reclassification of awards for settlement of tax liabilities | (14.7) | (14.7) | (14.7) | ||||||
Non controlling interest through acquisition of subsidiary | (1) | (2.3) | (2.3) | 1.3 | |||||
Increase (decrease) through transactions with owners, equity | (614.8) | (474.9) | (14.3) | (124.6) | (2.3) | (616.1) | 1.3 | ||
Equity | Increase (decrease) due to changes in accounting policy required by IFRSs | 0 | 1.6 | (1.6) | 0 | |||||
Equity | 2,126.1 | 1,620.5 | 8.3 | 245.5 | 84.7 | (24.5) | 191.6 | € 2,126.1 | € 0 |
Equity (restated) | 2,126.1 | 1,620.5 | 8.3 | 245.5 | 86.3 | (26.1) | 191.6 | ||
Profit (loss) | 181 | 181 | |||||||
Other comprehensive loss for the year | 53.7 | 18.8 | 9 | 25.9 | |||||
Comprehensive income | 234.7 | 18.8 | 9 | 206.9 | |||||
Deferred hedging gains transferred to the carrying value of inventory | 27.6 | 27.6 | |||||||
Dividends recognised as distributions to owners | 79.5 | (79.5) | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0 | 0.6 | (0.6) | ||||||
Issue of equity | 0 | 0.1 | (0.1) | ||||||
Repurchase of ordinary shares (in shares) | (77.6) | (77.6) | |||||||
Share based payment charge | 5.1 | 5.1 | |||||||
Reclassification of awards for settlement of tax liabilities | (16.9) | (5.8) | (11.1) | ||||||
Increase (decrease) through transactions with owners, equity | (89.4) | 2.6 | (1.4) | (79.5) | (11.1) | ||||
Equity | Increase (decrease) due to changes in accounting policy required by IFRSs | 0 | ||||||||
Equity | 2,299 | 1,623.1 | 6.9 | 166 | 105.1 | 10.5 | 387.4 | ||
Equity (restated) | 105.1 | ||||||||
Profit (loss) | 249.8 | 249.8 | |||||||
Other comprehensive loss for the year | 130.7 | (15.8) | 64.5 | 82 | |||||
Comprehensive income | 380.5 | (15.8) | 64.5 | 331.8 | |||||
Deferred hedging gains transferred to the carrying value of inventory | (55.2) | (55.2) | |||||||
Increase (decrease) through other changes, equity | (166) | 166 | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.4 | (0.4) | |||||||
Repurchase of ordinary shares (in shares) | (26.8) | (26.8) | |||||||
Share based payment charge | 8.1 | 8.1 | |||||||
Reclassification of awards for settlement of tax liabilities | 0.6 | (0.8) | 1.4 | ||||||
Increase (decrease) through transactions with owners, equity | (18.1) | (26.4) | 6.9 | (166) | 167.4 | ||||
Equity | € 2,606.2 | € 1,596.7 | € 13.8 | € 0 | € 89.3 | € 19.8 | € 886.6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flows [abstract] | |||
Cash generated from operations before tax and exceptional items | € 424.8 | € 450.3 | € 552 |
Cash flows used relating to exceptional items | (65.2) | (48.8) | (12.1) |
Inflows Of Cash Due To Exceptional Items, Classified As Operating Activities | 24.4 | ||
Tax paid | (80.2) | (95.2) | (82.9) |
Net cash flows from operating activities | 303.8 | 306.3 | 457 |
Cash flows from investing activities | |||
Business combinations, net of cash acquired | 0.4 | (597.3) | (112.9) |
Purchase of property, plant and equipment and intangibles | (79.1) | (79.2) | (58.7) |
Purchase of investments | 0 | 0 | (25) |
Redemption of investments | 0 | 16.5 | 25.2 |
Net cash used in investing activities | (78.7) | (660) | (171.4) |
Cash flows from financing activities | |||
Proceeds from issuance of Ordinary Shares | 0 | 0 | 0.6 |
Repurchase of ordinary shares | (26.8) | (77.6) | (608.6) |
Income taxes paid (refund), classified as financing activities | (2.9) | (22.6) | (19.2) |
Proceeds from new loans and notes | 799.3 | 800 | 0 |
Repayment of loan principal | (916.2) | (408.7) | (11.7) |
Payments of lease liabilities, classified as financing activities | (26.5) | (19.4) | (20.3) |
Payment of financing fees | (6.5) | (18.7) | 0 |
Interest paid | (54.2) | (36.7) | (50.2) |
Interest received | 0.6 | 0.1 | 0.7 |
Other financing cash flows | 0.3 | (2) | (6.1) |
Net cash (used in)/provided by financing activities | (108.1) | 214.4 | (714.8) |
Net increase/(decrease) in cash and cash equivalents | 117 | (139.3) | (429.2) |
Cash and cash equivalents at beginning of period | 254.2 | 382.5 | 824.8 |
Effect of exchange rate fluctuations | (4.4) | 11 | (13.1) |
Cash and cash equivalents at end of period | 369.7 | 254.2 | 382.5 |
Cash and cash equivalents if different from statement of financial position | 366.8 | € 254.2 | € 382.5 |
Proceeds from Settlement of Derivatives, Classified as Financing Activities | € 124.8 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
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 Ritter House, Wickhams Cay II, Road Town, Tortola, VG1110 British Virgin Islands. The Company is domiciled for tax in the United Kingdom. Nomad Foods Limited (NYSE: NOMD) is Europe's leading frozen foods company. Nomad Foods Limited's (the “Company” or “Nomad”) portfolio of iconic brands, which includes Birds Eye , Findus , iglo , Ledo and Frikom , have been a part of consumers’ meals for generations, standing for great tasting food that is convenient, high quality and nutritious. Nomad Foods is headquartered in the United Kingdom. Additional information may be found at www.nomadfoods.com. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2022 | |
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 the International Financial Reporting Standards issued by the International Accounting Standards Board and as adopted by the European Union. The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe are appropriate under the circumstances, such as supply chain disruptions, high inflation and the ongoing conflict between Ukraine and Russia. Actual results could differ from these estimates. The Directors, at the time of approving these financial statements, have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of signing these financial statements given the cash funds available and the current forecast cash outflows. In preparing cash flow forecasts, management considers severe but plausible downside scenarios taking into consideration the Company's key risks, including the current economic climate which may adversely impact the Company. Having considered these risks the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.Thus, they continue to adopt the going concern basis in preparing these financial statements. Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and asset retirement (decommissioning) obligations. Based upon our current facts and circumstances, we do not expect our financial performance or disclosure to be materially affected by the application of the amended standard. Recently Issued and Not Yet Adopted Accounting Pronouncements under IFRS None with material impact on the Company. Other The consolidated 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 21, 2023. 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. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2022 | |
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 that affect the reported amounts of assets and liabilities and results. Actual results could differ from those estimates and the financial statements will be impacted by key judgments taken. Key Judgments Judgments are made in the process of applying accounting policies. Those judgments which are considered key are listed below. a) Business Combinations Business combinations are recognized using the acquisition method. At the acquisition date, the Company is required to recognize separately 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, the useful economic life of assets and in selecting an appropriate valuation methodology. Furthermore, judgment is applied in allocating business combinations to operating segments, as well as allocating Goodwill to cash generating units. Please refer to Note 14 for details of business combinations impacting the reporting period. b) Discounts and trade promotions Management uses judgment when considering when accruals for discounts and trade promotions can be released. Management makes the judgment based on the principle that accruals are reversed only to the extent that it is highly probable that a significant reversal will not occur. c) Uncertain tax positions Management uses judgment when identifying and determining whether it is appropriate to provide for uncertain tax positions and for how long provisions for uncertain tax positions are retained. Management considers tax laws which are in place in making that assessment determining whether it is appropriate to release. d) Cash generating units When performing goodwill impairment testing, management applies judgment to the allocation of goodwill to cash generating units. Management has determined goodwill is monitored at the operating segment level of “Frozen”. Please refer to Note 13 for further information. e) Operating segments Management applies judgment in determining the Chief Operating Decision Maker (“CODM”), and the nature and extent of the financial information which is reviewed by the CODM. Management has considered how resources are allocated in determining the single reporting and operating segment of “Frozen”. Please refer to Note 5 for further information. Significant estimates Information about estimates and assumptions that have significant effects on the amounts reported in the consolidated financial statements are listed below. In forming these estimates, management has taken into account the impact and potential future impact supply chain disruptions, high inflation as well as the ongoing conflict between Ukraine and Russia. Management will continue to assess the impact of future developments in relation to these matters as it relates to estimates, especially around the carrying value of goodwill, brands and other intangibles, as well as on property, plant and equipment. In particular, management will focus on the impact of a long-term conflict in Ukraine. While we do not have any direct operations or sales in either Russia or Ukraine, these countries are responsible for many commonly used raw materials and resources such as fish, edible oils, wheat and energy. The ongoing conflict and economic sanctions could see considerable reductions in the availability or increase in cost of such raw materials and resources. At this time it is not possible to predict the extent or nature of these impacts on our business although we expect the current conflict to continue for some time. 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 bespoke agreements that are 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 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. 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, 2022 is disclosed in Note 18 and the balance classified as a trade term payable is disclosed in Note 22. 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. Please refer to Note 14 for details of business combinations in the period. c) 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 by a specialist third party and is dependent on a series of assumptions which are estimated by management. See Note 23 for details of these assumptions and a sensitivity analysis on material assumptions. d) Provisions for uncertain tax positions Where tax exposures can be quantified, a provision for uncertain tax positions is made based on management's estimates which include 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, the Company could in future periods experience adjustments to these accruals. The factors considered in estimating the provision include the progress of discussions with the tax authorities, the complexity of respective tax legislation, valuations of assets for tax purposes and the level of documentary support for historical positions taken by previous owners. The provisions are made on the basis of a weighted average of potential outcomes. 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. These inputs may be readily observable, market corroborated, or generally unobservable inputs and are further discussed in Note 34. Other estimates a) Carrying value of goodwill and indefinite life brands |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Profit for the year 249.8 181.0 225.1 Taxation 71.2 55.7 70.4 Net financing costs 54.4 106.0 63.7 Depreciation and amortization 88.6 71.6 67.6 Acquisition purchase price adjustments — 8.4 — Exceptional items 7 48.7 45.3 20.6 Other add-backs 11.7 18.7 19.4 Adjusted EBITDA 524.4 486.7 466.8 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 €8.6 million (2021: €5.8 million, 2020: €12.1 million) and elimination of non-operating M&A related costs, professional fees and transaction costs of €3.1 million (2021: €12.9 million, 2020: €7.3 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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m United Kingdom 806.2 758.3 747.3 Italy 408.5 417.9 426.3 Germany 385.4 396.3 393.2 France 192.4 188.6 203.8 Sweden 149.4 148.1 158.7 Norway 126.6 121.7 115.6 Croatia (1) 122.7 16.1 — Austria 122.0 129.3 127.9 Serbia (1) 108.2 13.6 — Switzerland (2) 80.1 74.4 — Spain 78.6 75.1 82.6 Rest of Europe 359.6 267.2 260.5 Total external revenue by geography 2,939.7 2,606.6 2,515.9 (1) Sales included from acquisition date of September 30, 2021. (2) Sales included from acquisition date of December 31, 2020. Non-current assets by geography December 31, 2022 December 31, 2021 €m €m United Kingdom 140.1 139.6 Germany 139.0 140.0 Italy 63.4 64.8 Serbia 50.3 48.5 Croatia 41.8 38.5 Ireland 35.4 34.3 Norway 28.6 31.0 Sweden 22.1 29.8 Rest of Europe 70.4 72.3 Total non-current assets by geography 591.1 598.8 |
Operating profit_(loss)
Operating profit/(loss) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Operating profit/(loss) | Operating profit Operating profit is stated after charging: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Staff costs 8 386.1 340.6 340.2 Depreciation of property, plant and equipment 12 79.8 63.4 59.8 Impairment of intangible assets 13 5.8 1.7 — Amortization of intangible assets 13 8.8 8.2 7.8 Expense relating to low value and short-term leases 9.9 6.1 3.0 Exchange losses/(gains) 38.3 27.0 (2.8) Research & development expenditure 19.3 19.2 17.6 Inventories recognized as an expense within cost of goods sold 1,949.8 1,694.3 1,627.9 |
Exceptional items
Exceptional items | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items Exceptional items are made up as follows: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Supply chain reconfiguration (1) — — (12.5) Distribution network integration (2) 2.2 — — Fortenova Acquisition integration costs (3) 9.5 3.5 — Findus Switzerland integration costs (4) 8.2 6.2 0.3 Brexit (5) — 5.3 1.6 Business Transformation program (6) 37.0 18.8 2.3 Information Technology Transformation program (7) 4.4 4.2 — Goodfella's Pizza & Aunt Bessie's integration costs (8) — — 4.0 Factory optimization (9) 3.5 4.9 10.0 Settlement of legacy matters (10) (28.9) (2.6) (2.9) Impairment of customer relationships (11) 5.8 — — Release of indemnification assets (12) 7.0 5.0 17.8 Total exceptional items 48.7 45.3 20.6 We do not consider these items to be indicative of our ongoing operating performance. (1) 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. In 2020, the Company signed an agreement to end its leasehold of a cold store in Sweden in 2021, which was originally due to expire in 2040. The cold store will continue to be used by the Company under a service contract once the lease has come to an end. The agreement resulted in a significant modification of a right-of-use asset and reduction in lease liabilities. The carrying value of the right-of-use asset had previously been impaired such that its value was significantly lower than that of the liabilities extinguished. Consequently, the Company recognized a gain from the transaction. As part of the transaction, the Company became liable to fulfill certain severance arrangements in 2021 which were provided for and have since been completed, the cost of recognizing the provision offset a portion of the income from the modification of the lease. (2) Distribution network integration In 2022, the Company restructured its sales operations in northern Italy, replacing direct sales to thousands of customers with a streamlined distributor network. The program is scheduled to be completed in 2023 and consists of expenses relating to restructuring and new systems. (3) Fortenova Acquisition integration costs As disclosed in Note 14, the Company completed the acquisition of the Fortenova Group’s Frozen Food Business Group on September 30, 2021, following which the Company began a three year integration project. Integration expenses incurred relate to external consultancy costs, organizational structure alignment to Nomad design, systems configuration and roll-out of our controls environment to the acquired business. (4) Findus Switzerland integration costs The Company completed the acquisition of Findus Switzerland on December 31, 2020, following which the Company commenced an integration project which completed in 2022. Integration expenses incurred related to external consultancy costs, organizational structure alignment to Nomad design and roll-out of the Nomad ERP system. (5) Brexit As part of the process of the United Kingdom exiting the European Union, commonly referred to as Brexit, the Company has incurred expenses to prepare for, and respond to, changes impacting our supply chain. Whilst an agreement with the EU was reached on December 24, 2020, border control processes remain in a period of transition. Expenses in 2021 relate to project costs and the write-off of system development costs no longer required due to changes in regulations and the Company's approach to handling Brexit-related logistic issues. (6) Business transformation program In 2020, the Company launched the first phase of a multi-year, enterprise-wide transformation and optimization program. Over the next few years, additional transformation phases will be implemented. The program aims to standardize, simplify and automate end-to-end business processes. This will enable key decision making and analytical capability, building a platform and organization to support future growth and provide better value for shareholders. Execution of the business transformation program will include the evaluation and implementation of a new ERP system. Expenses incurred to date consist of restructuring and transformational project costs, including business technology transformation initiative costs and related professional fees. (7) Information Technology Transformation program In 2021, the Company launched a program to transform the Information Technology (“IT”) operating model, specifically to modernize the end-to-end technology estate to support current and future complex and evolving business needs driven by acquisitions and organic growth. Among the many changes made, the program moved our operating model to a cloud-hosted solution, which better deploys new services to the business and end user, including application management, supporting a diverse workforce across multiple locations and languages, as well as deploying artificial Intelligence assisted tools. Other key components of the program included the Company’s cyber security services to adapt to rapidly changing threats and a change of IT service partners to enable one-off renovation and uplift of capabilities across the business. The program is due to complete in 2023. (8) 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 completed an integration project which finished in 2020. (9) Factory optimization In 2018, the Company initiated a three-year factory optimization program. The focus of the program was to develop a new suite of standard manufacturing and supply chain processes, that provides 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. Due to delays in delivering the program across the Nomad manufacturing portfolio due to various government lockdowns and travel bans, the project was extended for an additional year through to its completion in 2022. (10) Settlement of legacy matters In 2022, a net income of €27.9 million has been recognized as the Company received favorable rulings on a series of registration tax claims in relation to an acquisition in 2010, prior to the formation of the Company in 2014. As a result, the Company received a refund of the payments made in 2013 and 2018 in addition to interest. Income has been recognized net of associated professional fees. A further income of €1.0 million has been recognized associated with the release of acquired provisions relating to periods prior to acquisition by the Company (year ended December 31, 2021: net income of €2.6 million, year ended December 31, 2020: net income of €2.9 million). (11) Impairment of customer relationships An impairment of intangible fixed assets expense has been recognized in the year ended December 31, 2022 relating to our food service customer relationships in Sweden. (12) Release of indemnification assets The charges for the release of indemnification assets relates to the release of shares held in escrow associated with the acquisition of the Findus Group in 2015, as discussed in Note 19. Tax impact of exceptional items The tax impact of the exceptional items amounts to a credit of €5.8 million in the year ended December 31, 2022 (year ended December 31, 2021: €8.4 million, year ended December 31, 2020: €3.5 million). Cash flow impact of exceptional items Included in the Consolidated Statements of Cash Flows for the year ended December 31, 2022 is €40.8 million (year ended December 31, 2021: €48.8 million, year ended December 31, 2020: €12.1 million) of net 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, 2022 | |
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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Production 4,189 3,310 3,043 Administration, distribution & sales 3,892 2,193 1,647 Total number of employees 8,081 5,503 4,690 The increase in the average number of employees in the table above for the year ended December 31, 2022 compared with the year ended December 31, 2021 is primarily due to the full year impact of including the Fortenova Acquisition which was acquired on September 30, 2021. The increase in the average number of employees in the year ended December 31, 2021 compared with the year ended December 31, 2020 is primarily due to the Fortenova Acquisition as set out above as well as the acquisition of Findus Switzerland on December 31, 2020. 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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Wages and salaries 293.6 266.4 276.4 Social security costs 72.9 56.1 49.2 Other pension costs 19.6 18.1 14.6 Total payroll costs 386.1 340.6 340.2 (b) Share based payments The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management also serving as a director, 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 entitled to a grant of $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 of thirteen months from the date of grant or the date of the Company’s next annual meeting of shareholders. On June 17, 2020 after the Company's annual general meeting of shareholders, the then current Non-Executive Directors were granted 32,140 restricted stock awards at a share price of $21.78. The Non-Executive Directors restricted share awards identified above vested on June 30, 2021 and 24,406 were issued. Of the total 32,140 number of shares vesting, 7,734 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On June 30, 2021, after the Company's annual general meeting of shareholders, the then current Non-Executive Directors were granted 24,759 restricted share award at a share price of $28.27. The Non-Executive Directors restricted share awards identified above vested on July 1, 2022 and 13,817 were issued. Of the total 24,759 number of shares vesting, 3,537 shares have not yet been issued and 7,405 shares were held back from issue by the Company as settlement towards personal tax liabilities arising on the vested shares. On July 1, 2022, after the Company's annual general meeting of shareholders, the then current Non-Executive Directors were granted 29,676 restricted stock awards at a share price of $20.22. The total charge for Non-Executive Director grants within the Statement of Consolidated Profit or Loss for the year ended December 31, 2022 for stock compensation awards was €0.6 million (year ended December 31, 2021: €0.8 million; year ended December 31, 2020: €0.7 million). Director and Senior Management Share Awards As part of its long term incentive initiatives, the Company has outstanding awards over 2,699,157 ordinary shares granted to certain members of its management team (the “Management Share Awards”) as of the following award dates: January 1, 2018 Award January 1, 2019 Award January 1, 2020 Award January 1, 2021 Award January 1, 2022 Award Other Awards Total Number of awards outstanding at January 1, 2022 431,790 152,695 645,093 787,277 — — 2,016,855 New awards granted in the period — — — — 964,518 176,000 1,140,518 Awards vested and issued in the period (237,800) — — — — — (237,800) Forfeitures in the period — — (46,920) (103,728) (69,768) — (220,416) Number of awards outstanding at December 31, 2022 193,990 152,695 598,173 683,549 894,750 176,000 2,699,157 The 2018 award has vesting conditions based on cumulative EBITDA performance over four years and Company share price performance over two years to five years. During 2021, the Compensation Committee of the Board of Directors amended the non-market condition targets for this award due to recent acquisitions, which did not increase its incremental fair value. The share price and EBITDA performance conditions for the 2018 award are weighted 50% each per performance target. • For the 2018 award, for the share price target, the initial two-year period was through to January 1, 2020 and the subsequent three-year period is through to January 1, 2023. • For the four-year cumulative EBITDA Performance Condition vested on January 1, 2022. For the 2019, 2020, 2021 and 2022 awards, those grants have vesting conditions based on cumulative EBITDA performance, cumulative Net Sales and Company share price performance over three years. During 2021, the Compensation Committee of the Board of Directors amended the non-market condition targets for these awards due to recent acquisitions, which did not increase their incremental fair value. In addition, the 2020 award had a holding period of one-year that has been removed from the vesting period. The 2021 award was issued late in 2021 with a performance period starting January 1, 2021. In September 2019, 173,293 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. For the 2020, 2021 and 2022 Management Share Awards, the awards will vest upon the Company achieving a range of performance conditions including cumulative EBITDA, cumulative net sales and share price performance measures over a three-year period. The cumulative EBITDA and Cumulative Net Sales tranches of shares are equally weighted, being worth 37.5% of the total award each. The Share Price Tranche is worth 25% of the total award. Specific information on each grant is further included below. In January 2020, 761,979 restricted share awards were granted as part of the 2020 Management Share Award. The performance period associated with the award began on January 1, 2020. All shares vest, subject to satisfaction of the award conditions, on January 1, 2023. In late 2021, 820,202 restricted share awards were granted as part of the 2021 Management Share Award. The performance period associated with the award began on January 1, 2021. All shares vest, subject to satisfaction of the award conditions, on January 1, 2024. In January 2022, 1,140,518 restricted share awards were granted as part of the 2022 Management Share Award and two new restricted share award plans ("Other awards"). The performance period associated with the awards began either on January 1, 2022 or January 1, 2023. All shares vest, subject to satisfaction of a range of award conditions from January 2025 to January 2026, with the majority of shares vesting January 1, 2025, subject to certain Company performance conditions. In January 2021, 1,041,953 restricted shares granted as part of the 2016 Management Share Awards vested as a result of the satisfaction of the applicable Share Price Performance Condition (based on a share price of $25.42), resulting in the issuance of 587,633 ordinary shares to participants in the LTIP (net of 454,320 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In January 2021, 368,154 restricted shares granted as part of the 2017 Management Share Awards vested as a result of the satisfaction of the applicable Share Price Performance Condition (based on a share price of $25.42), resulting in the issuance of 217,228 ordinary shares to participants in the LTIP (net of 150,926 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In February 2021, 451,719 restricted shares granted as part of the 2017 Management Share Awards vested as a result of the satisfaction of the applicable EBITDA Performance Condition (based on a share price of $25.89 at time of vesting), resulting in the issuance of 271,451 ordinary shares to participants in the LTIP (net of 180,268 ordinary shares held back from issue by the Company as settlement towards personal tax liabilities arising on the vested ordinary shares). In March 2022, 237,800 restricted shares granted as part of the 2018 Management Share Awards vested as a result of the satisfaction of the applicable EBITDA Performance Condition (based on a share price of $25.17 at time of vesting), resulting in the issuance of 137,810 ordinary shares to participants in the LTIP (net of 99,990 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, 2022 related to the director and senior management share awards is €7.5 million (year ended December 31, 2021: €4.3 million: year ended December 31, 2020: €8.3 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. The inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of the valuation date are now as follows: January 1, 2018 award January 1, 2019 award January 1, 2020 award January 1, 2021 award January 1, 2022 award * Grant date price $ 16.72 $ 20.15 $ 22.37 $ 25.42 $ 25.39 Exercise price $ — $ — $ — $ — $ — Expected life of restricted share 1.50 - 4.00 years 4.00 years 4.00 years 3.00 years 3.00 years Expected volatility of the share price 22.7 % 24.0 % 24.4 % 30.0 % 28.0 % Dividend yield expected — % — % — % — % — % Risk free rate 2.55 % 1.33 % 1.70 % 0.24 % 1.15 % Employee exit rate 14.0 % 14.0 % 27.3 % 14.0 % 14.0 % EBITDA Performance Target Condition 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % *Note: The table above does not include details on awards that only require continued employment over the vesting period and have only non-company wide specific performance conditions. 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 six years. Based on the latest assessments of fair value and the number of shares expected to vest, the total fair values in respect of the Restricted Shares are: • 2018 award - $1.6 million (€1.3 million) • 2019 award - $1.4 million (€1.2 million) • 2020 award - $4.8 million (€4.3 million) • 2021 award - $7.0 million (€5.8 million) • 2022 award - $7.6 million (€6.6 million) • Other 2022 awards - $2.8 million (€2.4 million) |
Directors and Key Management co
Directors and Key Management compensation | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Disclosure of information about key management personnel [text block] | Directors and Key Management compensation Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Short-term employee benefits 1.8 2.2 3.9 Share-based payment expense 3.5 2.4 3.5 Non-Executive Director fees 0.3 0.3 0.3 Total Directors' and executive officers' compensation 5.6 4.9 7.7 All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and executive Officers. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 2 Share based payment schemes 2 2 2 |
Finance income and costs
Finance income and costs | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Interest income 0.6 0.1 0.7 Net financing gain recognized on refinancing debt (a) 2.3 — — Net foreign exchange gains on translation of financial assets and liabilities 9.2 — 4.0 Finance income 12.1 0.1 4.7 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (b) (79.8) (59.8) (64.0) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 18.8 1.6 5.9 Net impairment loss on short-term investments — (8.6) — Net pension interest costs (2.8) (1.7) (2.7) Amortization of debt discounts and borrowing costs (2.7) (2.0) (2.0) Net foreign exchange losses on translation of financial assets and liabilities — (4.0) — Net fair value losses on derivatives held at fair value through profit or loss (c) — (13.7) (5.6) Financing costs incurred in amendment of terms of debt (d) — (17.9) — Finance costs (66.5) (106.1) (68.4) Net finance costs (54.4) (106.0) (63.7) (a) Net income of €2.3 million has been recognized as a consequence of the refinancing on November 8, 2022, as disclosed in Note 21. Of this, income of €10.2 million relates to the recognition of deferred gains on cross currency interest rate swaps where the hedged cash flows are no longer expected to occur. This is offset in part by €2.3 million of associated expenses, a non-cash €4.3 million loss on settlement as well as a charge of €1.3 million from the write-off of deferred transaction costs. (b) Includes the unwinding of discounting on lease liabilities. (c) Net fair value losses on derivatives held at fair value through profit or loss in 2021 included a one-off non-cash charge of €7.8 million for changes to cross currency interest rate swaps as disclosed in Note 21. (d) Charges of €17.9 million have been recognized as a consequence of the refinancing in June 2021, as disclosed in Note 21. Of this, €10.1 million relates to the extinguishment of the previous debts, including the write-off of deferred transaction costs. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Taxation | Taxation Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (69.9) (117.5) (44.8) Adjustments in respect of prior periods 5.8 0.6 (7.6) (64.1) (116.9) (52.4) Deferred tax benefit/(expense) Origination and reversal of temporary differences (4.4) 116.3 (1.2) Impact of change in tax rates (2.7) (55.1) (16.8) 16 (7.1) 61.2 (18.0) Total tax expense (71.2) (55.7) (70.4) Reconciliation of effective tax rate: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Profit before tax 321.0 236.7 295.5 Tax charge at the standard UK corporation tax rate 19% (2021: 19%; 2020: 19%) (61.0) (45.0) (56.1) Difference in tax rates (16.3) 22.7 (18.2) Non tax deductible interest (0.2) 0.1 (0.1) Other income and expenses not taxable or deductible (3.1) 2.5 (0.8) Unrecognized tax assets (2.5) (1.5) (6.3) Provisions for uncertainties 8.8 (52.5) 35.5 Impact of change in tax rates (2.7) (55.1) (16.8) Change in tax base of assets due to step-up — 72.5 — Prior period adjustment 5.8 0.6 (7.6) Total tax expense (71.2) (55.7) (70.4) Effective tax rates The Company is resident in the United Kingdom for tax purposes. The effective tax rate for the year ended December 31, 2022 was 22.2% (year ended December 31, 2021: 23.5%). The change is principally caused by movements in provisions for uncertain tax positions, and by one-off items affecting 2021. 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. Provisions for uncertain tax positions 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 tax 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, 2022, the current tax payable of €183.0 million and deferred tax assets of €100.4 million includes provisions for uncertain tax positions of €152.9 million. As of December 31, 2021, the current tax payable of €198.5 million and deferred tax assets of €128.3 million of included provisions for uncertain tax positions of €163.4 million. The UK government announced an increase in the standard rate of corporation tax from 19% for 2022 (2021: 19%) to 25% effective from April 1, 2023, substantively enacted on May 24, 2021. The increase gave rise to a substantial one-off deferred tax expense in 2021. The financial statements for the year ended December 31, 2020 were prepared using the substantively enacted rate of corporation tax of 19%. The tax (benefit)/expense relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2022 Note €m €m €m Remeasurement of post-employment benefit liabilities (108.1) 26.1 (82.0) Net investment hedge 15.8 — 15.8 Cash flow hedges (67.8) 3.3 (64.5) Other comprehensive (income)/loss (160.1) 29.4 (130.7) Current tax — Deferred tax 16 29.4 29.4 Before Tax benefit After tax Year ended December 31, 2021 Note €m €m €m Remeasurement of post-employment benefit liabilities (36.1) 10.2 (25.9) Net investment hedge (18.8) — (18.8) Cash flow hedges (22.6) 13.6 (9.0) Other comprehensive (income)/loss (77.5) 23.8 (53.7) Current tax — Deferred tax 16 23.8 23.8 Before Tax After tax Year ended December 31, 2020 €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax (14.3) (14.3) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net profit or loss or other comprehensive income but directly credited to equity. These relates to the payment of employer taxes on shares issued under management share awards. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Current tax benefit 0.3 — — Deferred tax benefit 2.0 — — 2.3 — — Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2022 December 31, 2021 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 6.2 (39.9) (33.7) 8.9 (34.4) (25.5) Intangible assets 29.9 (384.6) (354.7) 33.8 (382.9) (349.1) Employee benefits 13.0 — 13.0 36.4 — 36.4 Tax value of loss carry forwards 43.8 — 43.8 40.4 — 40.4 Derivative financial instruments 0.1 (8.9) (8.8) 1.7 (7.0) (5.3) Other 7.4 (12.3) (4.9) 7.1 (13.3) (6.2) Tax assets/(liabilities) 100.4 (445.7) (345.3) 128.3 (437.6) (309.3) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €65.2 million (December 31, 2021: €70.4 million). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. Movement in deferred tax during the year: Opening balance Jan 1, 2022 Recognized Recognized Recognized directly in equity Movement Closing balance Dec 31, 2022 €m €m €m €m €m €m Property, plant and equipment (25.5) (8.7) — — 0.5 (33.7) Intangible assets (349.1) (4.8) — — (0.8) (354.7) Employee benefits 36.4 1.0 (26.1) 2.0 (0.3) 13.0 Tax value of loss carry forwards 40.4 4.8 — — (1.4) 43.8 Derivative financial instruments (5.3) (0.5) (3.3) — 0.3 (8.8) Other (6.2) 1.1 — — 0.2 (4.9) Total deferred tax (309.3) (7.1) (29.4) 2.0 (1.5) (345.3) Opening balance Jan 1, 2021 Acquired in business combinations Recognized Recognized Movement Closing balance Dec 31, 2021 €m €m €m €m €m €m Property, plant and equipment (6.7) (2.2) (17.2) — 0.6 (25.5) Intangible assets (383.5) (30.1) 64.5 — — (349.1) Employee benefits 48.0 — (1.2) (10.2) (0.2) 36.4 Tax value of loss carry forwards 24.6 — 15.8 — — 40.4 Derivative financial instruments 9.2 — (0.3) (13.6) (0.6) (5.3) Other (5.2) (0.6) (0.4) — — (6.2) Total deferred tax (313.6) (32.9) 61.2 (23.8) (0.2) (309.3) |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill Brands Computer Customer Total €m €m €m €m €m Cost Balance at December 31, 2020 1,902.5 2,122.4 39.0 31.0 4,094.9 Acquisitions through business combinations 192.6 296.5 1.1 4.3 494.5 Additions — — 5.8 — 5.8 Disposals — — (2.5) — (2.5) Effect of movements in foreign exchange 4.3 3.2 (0.5) — 7.0 Balance at December 31, 2021 2,099.4 2,422.1 42.9 35.3 4,599.7 Acquisitions through business combinations 2.0 — — — 2.0 Additions — — 11.3 — 11.3 Transfer from property, plant and equipment (note 12) — — 1.7 — 1.7 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange 0.2 3.5 (0.3) — 3.4 Balance at December 31, 2022 2,101.6 2,425.6 55.5 35.3 4,618.0 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2020 — 5.6 19.7 11.4 36.7 Amortization — 1.2 4.6 2.4 8.2 Impairment — — 1.7 — 1.7 Disposals — — (1.7) — (1.7) Effect of movements in foreign exchange — — (0.3) — (0.3) Balance at December 31, 2021 — 6.8 24.0 13.8 44.6 Amortization — 1.1 5.1 2.6 8.8 Impairment — — — 5.8 5.8 Transfer from property, plant and equipment (note 12) — — 0.1 — 0.1 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange — — (0.4) — (0.4) Balance at December 31, 2022 — 7.9 28.7 22.2 58.8 Net book value December 31, 2020 1,902.5 2,116.8 19.3 19.6 4,058.2 Net book value December 31, 2021 2,099.4 2,415.3 18.9 21.5 4,555.1 Net book value December 31, 2022 2,101.6 2,417.7 26.8 13.1 4,559.2 Values for the year ended December 31, 2020 were restated in the year ended December 31, 2021 for fair value adjustments related to the Findus Switzerland acquisition. Amortization of €8.8 million (December 31, 2021: €8.2 million; December 31, 2020: €7.8 million) is included in ‘other operating expenses’ in the Consolidated Statement of Profit or Loss. Impairment of customer relationships of €5.8 million (December 31, 2021: impairment of computer software of €1.7 million; December 31, 2020: nil) is included in exceptional items in the Consolidated Statement of Profit or Loss. Goodwill is initially recognized based on the accounting policy for goodwill (see note 3.5) and is subsequently measured at cost less amounts provided for impairment. The Company’s goodwill and indefinite life brand values of €2,416.4 million.have been allocated to a level no larger than the identified operating segment. This represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. 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 the carrying values. The review is performed using the discounted cash flows model whereby a comparison of the carrying values to the value in use is made. Impairment is identified by comparing the value in use of the Frozen segment, being the level at which Goodwill is monitored, to its carrying value. Key assumptions The values for the key assumptions relating to the annual review of the carrying amount of goodwill and indefinite life brands 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 2023 to 2027. Beyond 2027 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. • Future cash flows make assumptions over consumers' responses to price increases which are inherently less predictable in times of high inflation. Specific risks regarding considered are set out in Item 3D: Key Information - Risk Factors . • In relation to the ongoing conflict in Ukraine, management assume that there are no further material changes to economic sanctions and tariffs impacting the availability and cost of raw materials and resources. Specific risks regarding the conflict are set out in Item 3D: Key Information - Risk Factors . • Future cash flows are dependent on the outcome of ongoing negotiations over regulations in place governing the import and export of goods between the UK and the European Union which continue to be in a state of transition. Management assumes that the outcome of these does not place a materially greater cost and administrative burden on the Company. • The impact of climate change on future cash flows has been considered in future cash flows. Specific risks considered are set out in Item 3D: Key Information - Risk Factors . • Profit margins: projected margins reflect historical performance, which incorporate the impact of recent volatility as a result of COVID-19. • Capital expenditure forecast reflects expected expenditure requirements and includes an allowance for the replacement of leased right-of-use assets. • Discount rate: a pre-tax discount rate of 8.3% (2021: 6.4%) was applied to the cash flows. This discount rate has been calculated using a capital asset pricing model using observable market data for comparable companies as well as 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% (2021: 1.0%). These rates do not reflect the long-term assumptions used by the Company for investment planning and exclude expectations of future inflation. Sensitivity to changes in assumptions |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations1 [Abstract] | |
Acquisitions | Indemnification assets Year ended December 31, 2022 Year ended December 31, 2021 €m €m Balance at January 1 9.5 15.4 Release of indemnified provision (7.7) (5.9) Balance at December 31 1.8 9.5 The indemnification assets included €7.0 million as at December 31, 2021 related to the acquisition of the Findus Group in 2015, which was backed primarily by shares that were held in escrow. The shares placed in escrow were released in stages over a four-year period which began in January 2019. In January 2022, the remaining 342,190 shares were released from escrow. As a consequence, the associated indemnification asset has been released in full. The corresponding charge has been recognized within exceptional items in Note 7. The remaining indemnification assets of €1.8 million (2021: €2.5 million) relates to the Goodfella’s Pizza acquisition for several contingent liabilities that arose prior to acquisition and were recognized in the balance sheet to the same extent as the asset. During 2022, €0.7 million has been released against the liabilities. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Investments | Investments The following are the Company's significant investments as of December 31, 2022. Activity Country of Country of tax residence Class of Ownership Nomad Foods Europe Holdings Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Holdco Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Finco Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Midco Limited Holding/ England United Kingdom Ordinary 100% Nomad Foods Bondco Plc Finance England United Kingdom Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England United Kingdom Ordinary 100% Birds Eye Limited Trading England United Kingdom Ordinary 100% Nomad Foods Europe Finance Limited Finance England United Kingdom Ordinary 100% Birds Eye Ireland Limited Trading Republic of Republic of Ordinary 100% Iglo Holding GmbH Holding Germany Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Belgium Ordinary 100% Iglo Portugal Trading Portugal Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Sweden Ordinary 100% Iglo GmbH Trading Germany Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Germany Ordinary 100% Iglo Austria GmbH Trading Austria Austria Ordinary 100% Findus Sverige AB Trading Sweden Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Sweden Ordinary 100% Findus Holdings France SAS Holding France France Ordinary 100% Findus France SAS Trading France France Ordinary 100% Findus Espana SLU Trading Spain Spain Ordinary 100% Findus Danmark A/S Trading Denmark Denmark Ordinary 100% Findus Finland Oy Trading Finland Finland Ordinary 100% Findus Norge AS Trading Norway Norway Ordinary 100% Findus Norge Holding AS Holding Norway Norway Ordinary 100% Toppfrys AB Trading Sweden Sweden Ordinary 100% Findus Switzerland AG Trading Switzerland Switzerland Ordinary 100% LEDO plus d.o.o. Trading Croatia Croatia Ordinary 100% INDUSTRIJA SMRZNUTE HRANE FRIKOM DOO BEOGRAD Trading Serbia Serbia Ordinary 100% LEDO d.o.o. Čitluk Trading Bosnia & Herzegovina Bosnia & Herzegovina Ordinary 100% IRIDA d.o.o. Trading Croatia Croatia Ordinary 100% LEDO Jégkrém és Fagyasztott Élelmiszer Gyártó és Forgalmazó Korlátolt Felelősségű Társaság Trading Hungary Hungary Ordinary 100% Ledo d.o.o. (LEDO, podjetje za trgovino s sladoledom, zmrznjeno hrano in storitve, d.o.o.) Trading Slovenia Slovenia Ordinary 100% Ledo d.o.o. Podgorica (Društvo Za Proizvodnju, promet roba i usluga “Ledo” d.o.o. Podgorica) Trading Montenegro Montenegro Ordinary 100% Ledo Sh.p.k. Trading Kosovo Kosovo Ordinary 100% FRIKOM BEOGRAD DOOEL Cucer Sandevo Trading North Macedonia North Macedonia Ordinary 100% |
Deferred tax assets and liabili
Deferred tax assets and liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income tax [Abstract] | |
Deferred tax assets and liabilities | Taxation Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (69.9) (117.5) (44.8) Adjustments in respect of prior periods 5.8 0.6 (7.6) (64.1) (116.9) (52.4) Deferred tax benefit/(expense) Origination and reversal of temporary differences (4.4) 116.3 (1.2) Impact of change in tax rates (2.7) (55.1) (16.8) 16 (7.1) 61.2 (18.0) Total tax expense (71.2) (55.7) (70.4) Reconciliation of effective tax rate: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Profit before tax 321.0 236.7 295.5 Tax charge at the standard UK corporation tax rate 19% (2021: 19%; 2020: 19%) (61.0) (45.0) (56.1) Difference in tax rates (16.3) 22.7 (18.2) Non tax deductible interest (0.2) 0.1 (0.1) Other income and expenses not taxable or deductible (3.1) 2.5 (0.8) Unrecognized tax assets (2.5) (1.5) (6.3) Provisions for uncertainties 8.8 (52.5) 35.5 Impact of change in tax rates (2.7) (55.1) (16.8) Change in tax base of assets due to step-up — 72.5 — Prior period adjustment 5.8 0.6 (7.6) Total tax expense (71.2) (55.7) (70.4) Effective tax rates The Company is resident in the United Kingdom for tax purposes. The effective tax rate for the year ended December 31, 2022 was 22.2% (year ended December 31, 2021: 23.5%). The change is principally caused by movements in provisions for uncertain tax positions, and by one-off items affecting 2021. 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. Provisions for uncertain tax positions 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 tax 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, 2022, the current tax payable of €183.0 million and deferred tax assets of €100.4 million includes provisions for uncertain tax positions of €152.9 million. As of December 31, 2021, the current tax payable of €198.5 million and deferred tax assets of €128.3 million of included provisions for uncertain tax positions of €163.4 million. The UK government announced an increase in the standard rate of corporation tax from 19% for 2022 (2021: 19%) to 25% effective from April 1, 2023, substantively enacted on May 24, 2021. The increase gave rise to a substantial one-off deferred tax expense in 2021. The financial statements for the year ended December 31, 2020 were prepared using the substantively enacted rate of corporation tax of 19%. The tax (benefit)/expense relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2022 Note €m €m €m Remeasurement of post-employment benefit liabilities (108.1) 26.1 (82.0) Net investment hedge 15.8 — 15.8 Cash flow hedges (67.8) 3.3 (64.5) Other comprehensive (income)/loss (160.1) 29.4 (130.7) Current tax — Deferred tax 16 29.4 29.4 Before Tax benefit After tax Year ended December 31, 2021 Note €m €m €m Remeasurement of post-employment benefit liabilities (36.1) 10.2 (25.9) Net investment hedge (18.8) — (18.8) Cash flow hedges (22.6) 13.6 (9.0) Other comprehensive (income)/loss (77.5) 23.8 (53.7) Current tax — Deferred tax 16 23.8 23.8 Before Tax After tax Year ended December 31, 2020 €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax (14.3) (14.3) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net profit or loss or other comprehensive income but directly credited to equity. These relates to the payment of employer taxes on shares issued under management share awards. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Current tax benefit 0.3 — — Deferred tax benefit 2.0 — — 2.3 — — Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: December 31, 2022 December 31, 2021 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 6.2 (39.9) (33.7) 8.9 (34.4) (25.5) Intangible assets 29.9 (384.6) (354.7) 33.8 (382.9) (349.1) Employee benefits 13.0 — 13.0 36.4 — 36.4 Tax value of loss carry forwards 43.8 — 43.8 40.4 — 40.4 Derivative financial instruments 0.1 (8.9) (8.8) 1.7 (7.0) (5.3) Other 7.4 (12.3) (4.9) 7.1 (13.3) (6.2) Tax assets/(liabilities) 100.4 (445.7) (345.3) 128.3 (437.6) (309.3) Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable. Deferred tax assets that the Company has not recognized in the financial statements amount to €65.2 million (December 31, 2021: €70.4 million). These deferred tax assets had not been recognized as the likelihood of recovery is not probable. Movement in deferred tax during the year: Opening balance Jan 1, 2022 Recognized Recognized Recognized directly in equity Movement Closing balance Dec 31, 2022 €m €m €m €m €m €m Property, plant and equipment (25.5) (8.7) — — 0.5 (33.7) Intangible assets (349.1) (4.8) — — (0.8) (354.7) Employee benefits 36.4 1.0 (26.1) 2.0 (0.3) 13.0 Tax value of loss carry forwards 40.4 4.8 — — (1.4) 43.8 Derivative financial instruments (5.3) (0.5) (3.3) — 0.3 (8.8) Other (6.2) 1.1 — — 0.2 (4.9) Total deferred tax (309.3) (7.1) (29.4) 2.0 (1.5) (345.3) Opening balance Jan 1, 2021 Acquired in business combinations Recognized Recognized Movement Closing balance Dec 31, 2021 €m €m €m €m €m €m Property, plant and equipment (6.7) (2.2) (17.2) — 0.6 (25.5) Intangible assets (383.5) (30.1) 64.5 — — (349.1) Employee benefits 48.0 — (1.2) (10.2) (0.2) 36.4 Tax value of loss carry forwards 24.6 — 15.8 — — 40.4 Derivative financial instruments 9.2 — (0.3) (13.6) (0.6) (5.3) Other (5.2) (0.6) (0.4) — — (6.2) Total deferred tax (313.6) (32.9) 61.2 (23.8) (0.2) (309.3) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | 17) Inventories December 31, 2022 December 31, 2021 €m €m Raw materials and consumables 134.2 95.8 Work in progress 64.6 64.9 Finished goods and goods for resale 258.3 249.9 Total inventories 457.1 410.6 As at December 31, 2022, the carrying value of inventory includes a hedge accounting basis adjustment which reduces the value of inventory by €8.4 million (year ended December 31, 2021: reduction of €2.1 million). This has been applied to the three inventory categories above. During the year ended December 31, 2022, €11.5 million (year ended December 31, 2021: €8.3 million, year ended December 31, 2020: €8.5 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, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other receivables | Trade and other receivables December 31, 2022 December 31, 2021 Current assets €m €m Trade receivables 211.2 182.8 Prepayments and accrued income 15.9 15.4 Other receivables 34.6 32.3 Tax receivable 5.1 4.1 Total current trade and other receivables 266.8 234.6 Non-current assets Other receivables 8.1 8.9 Total non-current trade and other receivables 8.1 8.9 Total trade and other receivables 274.9 243.5 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 aging of trade receivables is detailed below: Gross Impaired Net December 31, 2022 €m €m €m Not past due 391.0 (0.2) 390.8 Past due less than 1 month 41.3 (0.1) 41.2 Past due 1 to 3 months 5.8 (0.3) 5.5 Past due 3 to 6 months 2.8 (0.1) 2.7 Past due more than 6 months 5.0 (2.6) 2.4 Sub-total 445.9 (3.3) 442.6 Reduction in trade-terms (231.4) Total trade receivables 211.2 Gross Impaired Net December 31, 2021 €m €m €m Not past due 343.8 (0.1) 343.7 Past due less than 1 month 19.9 (0.1) 19.8 Past due 1 to 3 months 5.2 (0.6) 4.6 Past due 3 to 6 months 2.4 (0.1) 2.3 Past due more than 6 months 5.0 (2.7) 2.3 Sub-total 376.3 (3.6) 372.7 Reduction in trade-terms (189.9) Total trade receivables 182.8 Reduction in trade-terms are described in Note 4(a). Trade receivables have been provided against based on expected credit losses on positions net of trade-terms, which fall into all aging categories. 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 has previously entered into facilities with third-party banks/credit providers in which the Company sold qualifying trade debtors on a non-recourse basis. Under the terms of these agreements, the Company transferred substantially all the credit risks and control of the receivables. All factoring facilities were cancelled during 2021. No trade receivables have been derecognized at the period end (December 31, 2021:€ nil). Liabilities related to contracts with customers The Company has recognized the following liabilities related to contracts with customers: Year ended December 31, 2022 Year ended December 31, 2021 €m €m Trade terms liabilities reported within trade receivables (231.4) (189.9) Trade terms liabilities reported within trade and other payables (Note 22) (63.4) (93.8) Total trade terms liabilities (294.8) (283.7) Significant changes to trade terms No significant changes to trade terms occurred in the year ended December 31, 2022. 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, 2022 relating to performance obligations that were satisfied in the prior year was €19.0 million |
Indemnification assets
Indemnification assets | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations1 [Abstract] | |
Indemnification assets | Indemnification assets Year ended December 31, 2022 Year ended December 31, 2021 €m €m Balance at January 1 9.5 15.4 Release of indemnified provision (7.7) (5.9) Balance at December 31 1.8 9.5 The indemnification assets included €7.0 million as at December 31, 2021 related to the acquisition of the Findus Group in 2015, which was backed primarily by shares that were held in escrow. The shares placed in escrow were released in stages over a four-year period which began in January 2019. In January 2022, the remaining 342,190 shares were released from escrow. As a consequence, the associated indemnification asset has been released in full. The corresponding charge has been recognized within exceptional items in Note 7. The remaining indemnification assets of €1.8 million (2021: €2.5 million) relates to the Goodfella’s Pizza acquisition for several contingent liabilities that arose prior to acquisition and were recognized in the balance sheet to the same extent as the asset. During 2022, €0.7 million has been released against the liabilities. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents December 31, 2022 December 31, 2021 Note €m €m Cash and cash equivalents 369.4 254.0 Restricted cash 0.3 0.2 Cash and cash equivalents 369.7 254.2 Bank overdraft 22 (2.9) — Cash and cash equivalents per Statement of Cash Flows 366.8 254.2 |
Loans and borrowings
Loans and borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 €m €m Current liabilities Syndicated loans 6.7 8.5 Lease liabilities 22.3 22.6 Less capitalized debt discounts and borrowing costs to be amortized within 1 year (6.4) (2.0) Total due in less than one year 22.6 29.1 Non-current liabilities Syndicated loans 1,333.5 1,347.4 2028 fixed rate senior secured notes 800.0 800.0 Lease liabilities 44.3 58.3 Less capitalized debt discounts and borrowing costs to be amortized in 2-5 years (25.4) (5.7) Less capitalized debt discounts and borrowing costs to be amortized in more than 5 years (10.1) (1.7) Total due after more than one year 2,142.3 2,198.3 Total borrowings 2,164.9 2,227.4 Syndicated loans includes the Senior U.S. Dollar debt of $700.0 million (€656.7 million) (the “Senior USD Loan”) and Senior EUR debt of €130.0 million (a "Senior EUR Loan") both repayable in November 2029, as well as the Senior EUR debt of €553.2 million (a "Senior EUR Loan") repayable in June 2028. The Senior USD Loan includes an annual amortization repayment, equivalent to 1.0% of the original issuance value or $7.0 million (€6.6 million) in October each year beginning in 2023 until maturity. The Senior EUR Loans are repayable only upon maturity. As required under the Senior Facilities Agreement, the Company is also required to undertake an annual excess cash flow calculation whereby additional principal could be repaid. On June 24, 2021, the Company through its indirect, wholly-owned subsidiary, Nomad Foods Bondco Plc, repaid the €400.0 million 3.25% senior secured notes due 2024 and completed a private offering of €750.0 million aggregate principal amount of 2.5% senior secured notes due June 24, 2028. In addition, on July 9, 2021 the Company announced that Nomad Foods Bondco Plc completed a further private offering of €50.0 million aggregate principal amount of additional 2.5% senior secured notes due 2028, representing a tack-on to the €750.0 million aggregate principal amount of senior secured notes due 2028 issued on June 24, 2021, and issued at a price of €100.75 (together the “Notes”). Interest on the Notes accrue from June 24, 2021 (being the original date of issuance) and are payable semi-annually in arrears on January 15 and July 15, commencing on January 15, 2022. The Notes are guaranteed on a senior basis by the Company and certain subsidiaries thereof. This transaction was accounted for as an extinguishment of the existing Notes and previously capitalized eligible transaction costs were written-off to the Statement of Comprehensive Income, as disclosed in Note 10. Eligible transaction costs on the new Notes of €4.0 million were capitalized and will be amortized over the life of the debt. On June 24, 2021, the Company amended and restated the Senior Facilities Agreement to refinance its existing €553.2 million senior secured term loan facility originally due in May 2024, through a new 7-year term facility due June 2028 (the "Senior EUR Loan"), paying interest at a rate equal to EURIBOR with a zero floor plus a margin of 2.5%. This transaction was accounted for as an extinguishment of the existing debt and previously capitalized eligible transaction costs were written-off to the Statement of Comprehensive Income, as disclosed in Note 10. On the new Senior EUR Loan, eligible transaction costs of €3.8 million were capitalized and will be amortized over the life of the debt. Under the refinancing, the existing revolving credit facility of €80.0 million due 2023, was also replaced with a new €175.0 million facility (the "Revolving Credit Facility") available until June 2026 with an applicable margin of 2.25% per annum that may be adjusted subject to a leverage ratchet. The Revolving Credit Facility may be utilized to support working capital requirements, including letters of credit and bank guarantees. The structure of the Revolving Credit Facility now also includes a pricing structure linked to environmental impact metrics during the life of the facility, and by doing so demonstrates further commitment to the Company’s sustainability strategy by incorporating ESG target KPIs covering areas of sourcing, packaging and carbon emissions. Charges of €17.9 million were recognized as a consequence of the refinancing activities in 2021. Of this, €10.1 million relates to the extinguishment of the previous debts, including the write-off of deferred transaction costs. On November 8, 2022, the Company amended and restated the Senior Facilities Agreement to issue both a $700.0 million (€700.6 million ) term loan bearing interest at a rate per annum equal to the term SOFR rate plus 3.75% with a 0.5% floor and a €130.0 million term loan bearing interest at a rate per annum equal to EURIBOR plus 3.5% with a zero floor, both due November 10, 2029. The net proceeds from these loans were used to repay and extinguish the Company's existing Senior Secured U.S. Dollar term loan due in 2024 in full, and for transaction expenses and general corporate purposes. The new term loans were issued at a discount of €31.3 million , which together with eligible transaction costs of €5.1 million have been capitalized and will be amortized over the life of the debt. Concurrently with the closing of this refinancing, the Company closed out its existing cross currency interest rate swaps and has entered into a number of new 5-year cross-currency and interest rate swaps for the new Term Loans, as detailed in Note 33. A net income of €2.3 million has been recognized as a consequence of the refinancing activities in 2022 as detailed in Note 10. As at December 31, 2022 €1.8 million (December 31, 2021: €2.8 million) of the Revolving Credit Facility has been utilized for issuance of letters of credit and bank guarantees. Guarantees and secured assets The senior loans, Senior Secured Notes and any drawn balances of the Revolving Credit Facility are secured with equal ranking against assets of the Company and specified subsidiaries. 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 (subject to the terms of 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 2022 the amount repaid was nil relating to the calculation performed at the end of 2021. Based on the calculation performed for December 31, 2022, there will be no excess cash flow repayment in 2023. |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade and other payables | Trade and other payables December 31, 2022 December 31, 2021 Current liabilities €m €m Trade payables 433.3 413.2 Accruals and deferred income 126.4 120.4 Trade terms payable 63.4 93.8 Social security and other taxes 25.0 24.6 Other payables 18.3 20.3 Financial payables 26.1 19.7 Bank overdrafts 2.9 — Total current trade and other payables 695.4 692.0 Non-current liabilities Accruals and deferred income 1.1 1.8 Total non-current trade and other payables 1.1 1.8 Total trade and other payables 696.5 693.8 The Company has implemented a Supply Chain Financing (“SCF”) program for its suppliers. The principal purpose of these arrangements is to provide the supplier with the option to access liquidity earlier through the sale of its receivables due from the Company to a bank or other financial institution prior to their due date. Management has determined that the Company’s payables to these suppliers have neither been extinguished nor have the liabilities been significantly modified by these arrangements. The value of amounts payable, invoice due dates and other terms and conditions applicable, from the Company’s perspective, remain unaltered, with only the ultimate payee being changed. At December 31, 2022, there was no material usage of the programs (December 31, 2021: nil). The cash outflows in respect of these arrangements will be recognized within operating cash flows. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The Company operates defined benefit plans as well as defined contribution plans. i. Defined contribution plans The total expense relating to defined contribution plans for the year ended December 31, 2022 was €13.4 million (year ended December 31, 2021: €10.2 million, year ended December 31, 2020: €8.3 million) ii. Defined benefit plans The Company operates partially funded defined benefit pension plans in Germany and Austria, an unfunded defined benefit pension plan in Sweden and defined benefit indemnity arrangements in Italy and Austria. In addition, pension benefits in Switzerland are met via a contract with a collective foundation that offers a fully insured solution to provide a contribution-based cash balance retirement plan, which is classified as a defined benefit plan. 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, 2022 December 31, 2021 €m €m Net employee benefit obligations-Germany 69.4 149.3 Net employee benefit obligations-Sweden 45.4 70.3 Net employee benefit obligations-Italy 4.0 4.6 Net employee benefit obligations-Switzerland 3.4 5.8 Net employee benefit obligations-Austria 2.8 5.5 Net employee benefit obligations-total of other countries 7.1 8.7 Total net employee benefit obligations 132.1 244.2 The net obligation of €7.1 million (December 31, 2021: €8.7 million) in respect of other countries is the aggregate of a number of different types of minor schemes, each one not being considered individually material. The amount included in the Statement of Financial Position arising from the Company’s obligations in respect of its defined benefit retirement plans and other post-employment benefits is as follows: Defined benefit Post-employment Total December 31, 2022 €m €m €m Present value of unfunded employee benefit obligations 54.0 6.4 60.4 Present value of funded employee benefit obligations 179.3 — 179.3 Subtotal present value of employee benefit obligations 233.3 6.4 239.7 Fair value of plan assets (107.6) — (107.6) Recognized liability for net employee benefit obligations 125.7 6.4 132.1 Defined benefit Post-employment Total December 31, 2021 €m €m €m Present value of unfunded employee benefit obligations 77.5 11.1 88.6 Present value of funded employee benefit obligations 264.0 — 264.0 Subtotal present value of employee benefit obligations 341.5 11.1 352.6 Fair value of plan assets (108.4) — (108.4) Recognized liability for net employee benefit obligations 233.1 11.1 244.2 Reconciliation from the opening balances to the closing balances for the net employee benefit obligation and its components, including the amounts recognized in the Consolidated Statement of Profit or Loss and the Consolidated Statement of Comprehensive Income: Present value of defined benefit obligation Fair value of plan assets Net defined benefit obligation 2022 2021 2022 2021 2022 2021 €m €m €m €m €m €m Balance at January 1 352.6 374.1 (108.4) (97.9) 244.2 276.2 Included in the Consolidated Statement of Profit or Loss Current service cost 6.2 7.9 — — 6.2 7.9 Interest cost/(income) 3.8 2.2 (1.0) (0.5) 2.8 1.7 10.0 10.1 (1.0) (0.5) 9.0 9.6 Included in the Consolidated Statement of Comprehensive Income Actuarial (gain)/loss arising from: – demographic assumptions (1.8) (1.5) — — (1.8) (1.5) – financial assumptions (118.4) (26.8) — — (118.4) (26.8) – experience adjustment 7.7 1.8 — — 7.7 1.8 Loss/(return) on plan assets, excluding interest income — — 4.4 (9.6) 4.4 (9.6) Exchange adjustments (3.5) (0.3) (0.7) (0.6) (4.2) (0.9) (116.0) (26.8) 3.7 (10.2) (112.3) (37.0) Other Acquired through business combinations — 3.5 — — — 3.5 Contributions by employer — — (1.4) (1.2) (1.4) (1.2) Contributions by members 3.2 0.8 (3.2) (0.8) — — Benefits paid (10.1) (9.1) 2.7 2.2 (7.4) (6.9) (6.9) (4.8) (1.9) 0.2 (8.8) (4.6) Balance at December 31 239.7 352.6 (107.6) (108.4) 132.1 244.2 Current service cost is allocated between cost of sales and other operating expenses. Interest on net employee benefit obligation is disclosed in net financing costs. The cumulative amount of actuarial (gains)/losses recognized is as follows: Year ended December 31, 2022 Year ended December 31, 2021 €m €m Cumulative amount of actuarial (gains)/losses recognized in Consolidated Statement of Comprehensive Income (71.8) 40.5 The fair value of plan assets, all at quoted prices are as follows: December 31, 2022 December 31, 2021 €m €m Equities 37.6 32.7 Debt instruments 34.8 42.7 Property 23.1 20.3 Other 12.1 12.7 Total 107.6 108.4 The following are the principal actuarial assumptions at the reporting date for the defined benefit retirement plans in Germany, Sweden, Austria, Switzerland and Italy. The remaining employee benefit plans are not considered to be material, individually and in aggregate, and therefore we do not provide disclosure of the individual actuarial assumptions for those plans: Defined benefit December 31, 2022 Germany Sweden Austria Switzerland Italy Discount rate 3.80 % 4.00 % 3.20 % 1.95 % 3.50 % Inflation rate 2.20 % 2.00 % 5.00 % 1.25 % 2.50 % Rate of increase in salaries 2.80 % 3.00 % 5.00 % 1.75 % 3.38 % Rate of increase for pensions in payment 1.00%-2.20% 2.00 % — — — Defined benefit December 31, 2021 Germany Sweden Austria Switzerland Italy Discount rate 1.10 % 1.80 % 0.90 % 0.10 % 0.35 % Inflation rate 2.00 % 2.20 % 2.00 % 1.00 % 1.50 % Rate of increase in salaries 2.80 % 3.20 % 2.00 % 1.50 % 2.63 % Rate of increase for pensions in payment 1.00%-2.00% 2.20 % — — — In valuing the liabilities of the pension fund at December 31, 2022 and December 31, 2021, 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 21 (DUS 14) • Austria: AVÖ 2018 - P • Switzerland: BVG 2020 GT • Italy: RG48 These 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, 2022 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 22 21 Female 25 24 26 24 22 December 31, 2021 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 22 21 Female 24 24 26 24 22 The history of experience adjustments from inception of the Company for the employee benefit plans is as follows: December 31, 2022 December 31, 2021 December 31, 2020 €m €m €m Present value of defined benefit obligations 233.3 341.5 365.1 Fair value of plan assets (107.6) (108.4) (97.9) Recognized liability in the scheme 125.7 233.1 267.2 Experience losses/(gains) on plan liabilities 7.7 1.8 (0.8) Experience losses/(gains) on plan assets 4.4 (9.6) (0.4) Net defined benefit obligation - sensitivity analysis The effect of a 1 percentage point movement in the most significant assumptions for the year ended December 31, 2022 is as follows: Increase Decrease €m €m Discount rate (28.5) 35.8 Inflation rate 26.9 (22.5) Rate of increase in salaries 7.2 (6.1) Rate of increase for pensions in payment 27.2 (21.3) There are no deficit elimination plans for any of the defined benefit plans. Expected contributions and payments to post-employment benefit plans for the period ending December 31, 2023 are €6.7 million. The weighted average duration of the defined benefit obligations is 16.1 years. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Provisions | Provisions Restructuring Provisions Other Total €m €m €m €m Balance at December 31, 2020 12.9 6.6 32.3 51.8 Acquired through business combinations — 0.3 3.8 4.1 Additional provision in the period 2.6 1.0 2.5 6.1 Release of provision (0.1) — (4.0) (4.1) Utilization of provision (9.8) — (6.9) (16.7) Foreign exchange — — 1.0 1.0 Balance at December 31, 2021 5.6 7.9 28.7 42.2 Additional provision in the period 2.6 0.9 2.4 5.9 Release of provision (0.6) — (3.4) (4.0) Utilization of provision (2.5) (0.1) (3.4) (6.0) Foreign exchange (0.3) — (0.4) (0.7) Balance at December 31, 2022 4.8 8.7 23.9 37.4 Analysis of total provisions: December 31, 2022 December 31, 2021 Current 36.1 39.3 Non-current 1.3 2.9 Total 37.4 42.2 Restructuring The €4.8 million (2021: €5.6 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. An additional provision of €2.6 million has been made and €2.5 million has been utilized in the year ended December 31, 2022. Provisions relating to other taxes The €8.7 million (2021: €7.9 million) provision relates to other, non-income taxes due to tax authorities after tax investigations within certain operating subsidiaries within the Nomad Group. Other Other provisions include €2.8 million (December 31, 2021: €3.9 million) of contingent liabilities acquired as part of the Goodfella’s Pizza acquisition the majority of which are indemnified by the Seller’s insurance policies, €2.8 million (December 31, 2021: €4.3 million) of obligations in Italy, €4.3 million (December 31, 2021: €4.6 million) for asset retirement obligations, €0.9 million (December 31, 2021: €1.3 million) of pre-acquisition related liabilities related to the acquisition date liabilities of Aunt Bessie's Limited, €2.2 million (December 31, 2021: €2.4 million) of 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, 2021 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Share capital and reserves | Share capital, Capital reserve and Founder Preferred Shares Dividend reserve Share capital and capital reserve As at December 31, 2022 As at December 31, 2021 €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: 172,550,253 (December 31, 2021: 173,559,173) Ordinary Shares with nil nominal value 1,613.2 1,639.6 1,500,000 (December 31, 2021: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,623.8 1,650.2 Listing and share transaction costs (27.1) (27.1) Total net share capital and capital reserve 1,596.7 1,623.1 Ordinary Shares Issued and Repurchased Ordinary shares Balance at December 31, 2020 172.2 Shares issued in the year 5.0 Shares repurchased in the year (3.6) Balance at December 31, 2021 173.6 Shares issued in the year 0.2 Shares repurchased in the year (1.2) Balance at December 31, 2022 172.6 Note 8(b) sets out the Non-Executive Director, Initial Director Options and Director and Senior Management Restricted share awards. Note 27 sets out the Founder Preferred Share Dividends issued as ordinary shares in all years presented. On March 13, 2020, the Company announced a share repurchase program to purchase up to an aggregate of $300.0 million of the Company’s ordinary shares. Acquisitions pursuant to the stock repurchase program may be made from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions. After the announcement, the Company entered into a series of open-market repurchases. During 2020, 11,913,682 ordinary shares at an average price of $21.04, for aggregate gross costs of $250.9 million (€217.4 million) were repurchased and canceled. Directly attributable transaction costs of €0.2 million were incurred. During 2021, a further 507,396 ordinary shares were repurchased and cancelled at an average price of $25.29 for aggregate gross costs of $12.8 million (€10.5 million) under this authorization. In August 2020, the Company announced the repurchase of up to $500.0 million of shares, to be executed by way of a Dutch auction. On September 15, 2020, a total of 18,061,952 shares at a clearing price of $25.50 per share amounting to the purchase price of $460.6 million (€389.3 million) was paid to the prevailing shareholders with all shares canceled as of the same date. Directly attributable transaction costs of €1.9 million were incurred. On August 5, 2021, the Company announced a new share repurchase program to purchase up to an aggregate of $500.0 million of the Company’s ordinary shares, to be executed in the period to August 2024. Acquisitions pursuant to the stock repurchase program may be made from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions, at the Company's discretion, as permitted by securities laws and other legal requirements. Pursuant to the program, as at December 31, 2021, 3,090,082 ordinary shares had been repurchased and canceled at an average price of $24.50, for aggregate gross costs of $75.8 million (€67.1 million). Directly attributable transaction costs of €0.1 million were incurred. During 2022, a further 1,160,547 ordinary shares were repurchased and canceled in open market transactions at an average price of $26.23 for aggregate gross costs of $30.5 million (€26.8 million) under this authorization. Directly attributable transaction costs were immaterial. Listing and share transaction costs As at December 31, 2022, 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 €27.1 million and are disclosed as a deduction directly against the capital reserve. €m At December 31, 2020 27.0 Share transaction costs 0.1 At December 31, 2021 27.1 Share transaction costs — At December 31, 2022 27.1 Obligation to purchase shares As part of the August 5, 2021 authorized share repurchase program, the Company entered into share purchases at agreed prices, totaling 135,621 shares in late 2021 which had not been settled and were therefore not owned by Nomad until early 2022. As at December 31, 2021, the Company recorded €3.0 million within accounts payable to recognize the liability for those shares, with a corresponding other receivable to reflect the value of the shares to be received upon settlement. Founder Preferred Shares Annual Dividend Amount As of December 31, 2022, each of the Founder Entities held 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 were intended to incentivize the Founders to achieve Nomad’s objectives. In addition to providing long term capital, the Founder Preferred Shares were 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 were 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 conferred 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 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, 2022 | |
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 in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management, including senior management also serving as a director, 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 €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 The Founder Preferred Shares converted on a 1-for-1 basis into Ordinary Shares on January 3, 2023. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount was 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. The Preferred Shares Annual Dividend amount was determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent was 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. Dividends on the Founder Preferred Shares were payable until the Founder Preferred Shares were converted into Ordinary Shares effective as of January 3, 2023. 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 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. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. As of December 31, 2021 and as of December 31, 2022, no Founder Preferred Shares Annual Dividend Amount was due, as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the previously achieved 2020 Dividend Price of $25.2127. As no further dividends are payable, the remaining reserve as of December 31, 2022 has been released directly to retained earnings. Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — 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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 million) relating to a discontinued hedging relationship in respect of GBP net investments. Under IFRS, cost of hedging allows firms to separately account for the fair value movement attributable to foreign currency basis under other comprehensive income (OCI) thereby excluding its impact from the hedge designation itself. Details of the Company's cash flow hedge accounting is detailed in Note 33. The table below shows the movement in the cash flow hedging reserve and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
Founder Preferred Shares Divide
Founder Preferred Shares Dividend Reserve | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Founder Preferred Shares Dividend reserve | Share-based compensation reserve The Company's discretionary share award scheme, the LTIP, enables the Company’s Compensation Committee to make grants in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management, including senior management also serving as a director, 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 €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 The Founder Preferred Shares converted on a 1-for-1 basis into Ordinary Shares on January 3, 2023. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount was 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. The Preferred Shares Annual Dividend amount was determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent was 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. Dividends on the Founder Preferred Shares were payable until the Founder Preferred Shares were converted into Ordinary Shares effective as of January 3, 2023. 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 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. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. As of December 31, 2021 and as of December 31, 2022, no Founder Preferred Shares Annual Dividend Amount was due, as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the previously achieved 2020 Dividend Price of $25.2127. As no further dividends are payable, the remaining reserve as of December 31, 2022 has been released directly to retained earnings. Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — 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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 million) relating to a discontinued hedging relationship in respect of GBP net investments. Under IFRS, cost of hedging allows firms to separately account for the fair value movement attributable to foreign currency basis under other comprehensive income (OCI) thereby excluding its impact from the hedge designation itself. Details of the Company's cash flow hedge accounting is detailed in Note 33. The table below shows the movement in the cash flow hedging reserve and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
Translation reserve Translation
Translation reserve Translation reserve (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
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 in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management, including senior management also serving as a director, 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 €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 The Founder Preferred Shares converted on a 1-for-1 basis into Ordinary Shares on January 3, 2023. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount was 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. The Preferred Shares Annual Dividend amount was determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent was 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. Dividends on the Founder Preferred Shares were payable until the Founder Preferred Shares were converted into Ordinary Shares effective as of January 3, 2023. 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 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. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. As of December 31, 2021 and as of December 31, 2022, no Founder Preferred Shares Annual Dividend Amount was due, as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the previously achieved 2020 Dividend Price of $25.2127. As no further dividends are payable, the remaining reserve as of December 31, 2022 has been released directly to retained earnings. Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — 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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 million) relating to a discontinued hedging relationship in respect of GBP net investments. Under IFRS, cost of hedging allows firms to separately account for the fair value movement attributable to foreign currency basis under other comprehensive income (OCI) thereby excluding its impact from the hedge designation itself. Details of the Company's cash flow hedge accounting is detailed in Note 33. The table below shows the movement in the cash flow hedging reserve and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
Cash flow hedging reserve
Cash flow hedging reserve | 12 Months Ended |
Dec. 31, 2022 | |
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 in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management, including senior management also serving as a director, 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 €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 The Founder Preferred Shares converted on a 1-for-1 basis into Ordinary Shares on January 3, 2023. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount was 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. The Preferred Shares Annual Dividend amount was determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent was 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. Dividends on the Founder Preferred Shares were payable until the Founder Preferred Shares were converted into Ordinary Shares effective as of January 3, 2023. 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 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. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. As of December 31, 2021 and as of December 31, 2022, no Founder Preferred Shares Annual Dividend Amount was due, as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the previously achieved 2020 Dividend Price of $25.2127. As no further dividends are payable, the remaining reserve as of December 31, 2022 has been released directly to retained earnings. Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — 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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 million) relating to a discontinued hedging relationship in respect of GBP net investments. Under IFRS, cost of hedging allows firms to separately account for the fair value movement attributable to foreign currency basis under other comprehensive income (OCI) thereby excluding its impact from the hedge designation itself. Details of the Company's cash flow hedge accounting is detailed in Note 33. The table below shows the movement in the cash flow hedging reserve and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings/(loss) per share | Earnings per share Basic earnings per share Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Profit for the year attributable to equity owners of the parent (€m) 249.8 181.0 225.2 Weighted average Ordinary Shares and Founder Preferred Shares 174,279,621 178,070,770 194,019,070 Basic earnings per share (€’s) 1.43 1.02 1.16 For the year ended December 31, 2022, basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company of €249.8 million (year ended December 31, 2021: €181.0 million, year ended December 31, 2020: €225.2 million) by the weighted average number of Ordinary Shares of 172,779,621 (December 31, 2021: 176,570,770, year ended December 31, 2020: 192,519,070) and Founder Preferred Shares of 1,500,000 (December 31, 2021: 1,500,000, year ended December 31, 2020: 1,500,000). Diluted earnings per share Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Profit for the year attributable to equity owners of the parent (€m) 249.8 181.0 225.2 Weighted average Ordinary Shares and Founder Preferred Shares 174,279,621 178,070,770 197,894,106 Diluted earnings per share (€’s) 1.43 1.02 1.14 |
Reconciliation of liabilities a
Reconciliation of liabilities arising from financing activities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2,227.4 19.7 0.4 20.6 Cash inflow (1) Cash 799.3 — 0.3 139.1 Cash outflow Cash (947.9) (68.5) — — Interest accretion (2) Cash 2.3 77.5 — — Exchange movement Non-cash 60.9 (0.3) — — Fair value changes Non-cash — — (0.7) (103.3) Other non-cash adjustments Non-cash 22.9 (2.3) — — Closing balance December 31, 2022 2,164.9 26.1 — 56.4 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, 2021 1,758.8 3.3 0.2 72.3 Cash inflow (1) Cash 800.0 — 0.3 1.4 Cash outflow Cash (436.0) (38.1) — (2.3) Interest accretion (2) Cash 2.2 57.6 — — Acquired through business combinations Non-cash 19.6 — — — Exchange movement Non-cash 64.1 (0.2) — — Fair value changes Non-cash — — (0.1) (44.0) Other non-cash adjustments Non-cash 18.7 (2.9) — (6.8) Closing balance December 31, 2021 2,227.4 19.7 0.4 20.6 (1) Cash inflows from cross currency interest rate swaps are part of effective cash flow hedging relationships. The amount related to payment of interest is presented within interest paid in the Consolidated Statement of Cash Flows. The amount related to repayment of loan principal is presented within proceeds from settlement of derivatives in the Consolidated Statement of Cash Flows. |
Cash flows from operating activ
Cash flows from operating activities | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Cash flows from operating activities | Cash flows from operating activities Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Cash flows from operating activities Profit for the year 249.8 181.0 225.1 Adjustments for: Exceptional items 7 48.7 45.3 20.6 Non-cash fair value purchase price adjustment of inventory 5 — 8.4 — Share based payments expense 8.1 5.1 9.0 Depreciation and amortization 88.6 71.6 67.6 Loss on disposal and impairment of property, plant and equipment 0.8 0.7 0.9 Net finance costs 10 54.4 106.0 63.7 Taxation 11 71.2 55.7 70.4 Operating cash flow before changes in working capital, provisions and exceptional items 521.6 473.8 457.3 Increase in inventories (61.7) (23.8) (12.7) (Increase)/decrease in trade and other receivables (38.3) 24.1 (1.8) Increase/(decrease) in trade and other payables 5.6 (25.0) 107.2 (Decrease)/increase in employee benefit and other provisions (2.4) 1.2 2.0 Cash generated from operations before tax and exceptional items 424.8 450.3 552.0 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments | 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, 2022 December 31, 2021 USD - cross currency interest rate swaps Carrying amount of liability (56.6) (20.6) Notional amount (USD) $700.0 $916.4 Maturity date 10/10/2027 5/15/2024 Change in fair value of outstanding hedging instruments since January 1 (36.0) 68.9 Loss/(gain) in value of hedged item used to determine effectiveness 36.0 (69.6) Weighted average hedged rate of outstanding hedging instruments 1.00 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, 2022 December 31, 2021 UK cross-currency interest rate swaps Carrying amount of cross-currency interest rate swaps — — Notional amount (GBP) — — Maturity date N/A 7/29/2021 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 — (12.9) Loss/(gain) in value of hedged item used to determine hedge effectiveness — 12.9 Weighted average hedged rate for the year — 1.19 As at December 31, 2022 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset 4.4 2.0 6.4 2.4 0.5 0.5 Notional amount 288.6 44.3 194.9 58.2 9.8 45.9 Fair value losses/(gains) of outstanding hedging instruments since January 1 6.2 (6.7) (9.0) (4.4) (0.6) (0.6) Weighted average hedge rate for the year 1.09 1.30 1.16 0.09 0.10 N/A As at December 31, 2021 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 17.5 1.2 (6.7) 0.5 0.1 0.3 Notional amount 343.6 58.4 244.7 70.4 4.5 96.4 Fair value (gains)/losses of outstanding hedging instruments since January 1 (26.3) (0.5) 12.0 (0.9) 13.5 0.6 Weighted average hedge rate for the year 1.20 1.38 1.15 0.10 0.11 — 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 designated in hedge relationships Financial Total 2022 €m €m €m €m €m Assets Trade and other receivables 230.8 — — — 230.8 Derivative financial instruments — — 20.1 — 20.1 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Derivative financial instruments — — (60.3) — (60.3) Loans and borrowings (1) — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) (1) Loans and borrowings excludes €41.9 million of capitalized debt discounts borrowing costs which are included within €2,164.9 million of total loans and borrowings in Note 21. Financial assets at amortized cost Derivatives at Derivatives designated in hedge relationships Financial Total 2021 €m €m €m €m €m Assets Trade and other receivables 201.6 — — — 201.6 Derivative financial instruments — 0.5 19.7 — 20.2 Cash and cash equivalents 254.2 — — — 254.2 Liabilities — Trade and other payables excluding non-financial liabilities — — — (647.1) (647.1) Derivative financial instruments — (0.1) (28.0) — (28.1) Loans and borrowings (2) — — — (2,236.8) (2,236.8) Total 455.8 0.4 (8.3) (2,883.9) (2,436.0) (2) Loans and borrowings exclude s €9.4 million of capitalized borrowing costs which are included within €2,227.4 million o f 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 €m €m €m €m Senior EUR/USD loans 1,316.2 1,360.8 1,340.0 1,355.8 Other external debt 0.2 0.1 0.2 0.1 2028 fixed rate senior secured notes 681.2 802.6 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (41.9) (9.4) 1,997.6 2,163.5 2,098.3 2,146.5 Derivatives As at December 31, 2022 As at December 31, 2021 €m €m Interest Rate Swaps 0.2 — Forward foreign exchange contracts 19.9 20.2 Total assets 20.1 20.2 Cross Currency Interest Rate Swaps (56.6) (20.6) Forward foreign exchange contracts (3.7) (7.3) Total liabilities (60.3) (27.9) Total (40.2) (7.7) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2022 €m €m €m Derivatives - assets 20.1 (12.2) 7.9 Derivatives - liabilities (60.3) 12.2 (48.1) Gross amount Related Net amount As at Dec 31, 2021 €m €m €m Derivatives - assets 20.2 (10.8) 9.4 Derivatives - liabilities (27.9) 10.8 (17.1) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Leases1 [Abstract] | |
Commitments | Commitments Future aggregate minimum contractual payments under non-cancellable service agreements and lease rentals for short-lived and low-value assets are payable as follows: As at December 31, 2022 As at December 31, 2021 €m €m Less than one year 2.2 2.2 Between one and three years 2.1 4.1 Between three and five years 0.6 2.2 More than five years 0.2 0.2 Total 5.1 8.7 These agreements 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, 2022 | |
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, 2022 As at December 31, 2021 €m €m Property, plant and equipment 11.1 21.3 Intangible assets 11.2 1.7 Total 22.3 23.0 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Related parties | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Short-term employee benefits 1.8 2.2 3.9 Share-based payment expense 3.5 2.4 3.5 Non-Executive Director fees 0.3 0.3 0.3 Total Directors' and executive officers' compensation 5.6 4.9 7.7 |
Significant events after the St
Significant events after the Statement of Financial Position date | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2016 | |
Events After Reporting Period [Abstract] | ||
Preference shares, dividend payment terms, weighted average share price, minimum term required | 10 days | |
Significant events after the Statement of Financial Position date | Significant events after the Statement of Financial Position dateN |
Basis of preparation Summary of
Basis of preparation Summary of adjustments arising form application of IFRS 9 (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of notes and other explanatory information [Abstract] | |
IFRS 9 'Financial Instruments' | Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and asset retirement (decommissioning) obligations. Based upon our current facts and circumstances, we do not expect our financial performance or disclosure to be materially affected by the application of the amended standard. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of types of insurance contracts [line items] | |
Measurement convention | Measurement conventionThe 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. |
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. |
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 ii) Brands Our largest brands, including Birds Eye , iglo, Findus, Ledo and Frikom are considered to have indefinite lives. This is based on the market position of the brands, the significant levels of investment in advertising and promoting the brands, and the fact that they have been established for at least 20 years. 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 business combinations. These are deemed to not have an indefinite life and are being amortized by equal monthly installments within other operating expenses over their expected lives. The most significant of these assets were acquired as part of the Findus Acquisition in 2015 and are being amortized 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 The Company leases various properties, equipment and cars. 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 20 years • Computer equipment 3 to 5 years The assets’ residual values and useful lives are reviewed on an annual basis. |
Inventories | InventoriesInventories 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 were 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 intended that any future Founder Preferred Shares Annual Dividend Amount would be equity settled. Accordingly, the Founder Preferred Shares Annual Dividend Amount as of June 1, 2015, of €531.5 million (the “Founder Preferred Shares Dividend reserve”) was classified as equity and no further revaluations will be required or recorded. Founder Preferred Share Annual Dividend Amount that have been issued have been deducted from the Founder Preferred Shares Dividend reserve. Following the end of the period in which dividends are payable the excess has been transferred to retained earnings within equity. |
Provisions/Onerous contracts provisions | ProvisionsProvisions 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 accounts receivables to one or more external financial institutions. The risks and rewards of ownership are considered to have been transferred at the point of sale. 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 all periods presented. 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' as discussed further in Note 3.14 and Note 4. ii) Cash and cash equivalents Cash and cash equivalents comprise of cash balances and deposits that are readily convertible to a known amount of cash 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 debt discounts and transaction fees Discounts on issuance of debt as well as directly attributable transaction fees paid on the establishment of loan facilities are capitalized and amortized over the life of the debt. 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. Since the adoption of IFRS 9 for hedge accounting on January 1, 2021, the Company has elected the cost of hedging approach for the fair value movement on currency basis spreads of all hedging relationships, whereby the movements will be recognized within equity, if material, to the extent that they relate to the hedged item. In cash flow hedges of a forecast transaction that result in the recognition of a non-financial item (such as inventory), the amounts that were accumulated in the cash flow hedging reserve and the cost of hedging reserve are included in the initial cost of the non-financial item upon its recognition. The fair value of all financial derivative instruments (including but not limited to forward foreign exchange contracts, currency swaps, interest rate 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. Since the adoption of IFRS 9 for hedge accounting on January 1, 2021, the Company applies the hedge accounting requirements of IFRS 9 to all hedging relationships. IAS 39 was used beforehand with the impact of the change presented in the Statement of Changes in Equity. 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, within other reserves. Any ineffective portion of the hedge is recognized immediately in the Consolidated Statement of Profit or Loss. Since the adoption of IFRS 9 for hedge accounting on January 1, 2021, if the result of a forecasted transaction is recognition of a non-financial asset (for example inventory), the amounts that were accumulated in the cash flow hedging reserve and the cost of hedging reserve (presented together as 'Other reserves') are included in the initial cost of the non-financial item upon its recognition. For all other hedged forecasted transactions, the amounts accumulated in the hedging reserve and cost of hedging reserve are reclassified to the Consolidated Statement of Profit or Loss in the same period, or periods, in which the hedged forecasted future cash flows affect 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. When a hedging instrument is substantially modified, any fair value gain or loss is recognized immediately in the Consolidated Statement of Profit or Loss. b. Net investment hedges Foreign currency differences arising on the retranslation of the spot rate component 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. Since the adoption of IFRS 9 for hedge accounting on January 1, 2021, the change in fair value of the future price element of the hedging instrument (‘forward element’) is not included as part of the hedging relationships and is recognized in the Consolidated Statement of Profit or Loss immediately. To the extent that any net investment hedge is entered into and the hedge is deemed effective, any foreign currency differences arising on the retranslation of the spot rate component of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in Other Comprehensive Income, 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 may invest 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 with all changes in fair value are recognized immediately in the Consolidated Statement of Profit or Loss. |
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 a significant reversal will not occur. 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 payment terms 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 incomeInterest income is recognized in the Consolidated Statement of Profit or Loss on an accruals basis using the effective interest method. |
Expenses | Expenses & Exceptional items i) 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. ii) 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). iii) 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 or those recognized directly in equity, in which case it is recognized within the Statement of Other Comprehensive Income or Statement of Changes in Equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the financial year end date, and any adjustment to tax payable in respect of previous years. Where tax exposures can be quantified, a provision 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 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. |
IFRSs not yet adopted | Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the International Accounting Standards Board issued targeted amendments to IAS 12, Income Taxes. The amendments are effective for annual periods beginning on or after January 1, 2023, although earlier application is permitted. With a view to reducing diversity in reporting, the amendments will clarify that companies are required to recognize deferred taxes on transactions where both assets and liabilities are recognized, such as with leases and asset retirement (decommissioning) obligations. Based upon our current facts and circumstances, we do not expect our financial performance or disclosure to be materially affected by the application of the amended standard. |
Onerous/ unfavorable contracts | |
Disclosure of types of insurance contracts [line items] | |
Provisions/Onerous contracts provisions | Onerous contracts provisionsWhere 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. |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Segments [Abstract] | |
Segment As Adjusted EBITDA | Segment Adjusted EBITDA Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Profit for the year 249.8 181.0 225.1 Taxation 71.2 55.7 70.4 Net financing costs 54.4 106.0 63.7 Depreciation and amortization 88.6 71.6 67.6 Acquisition purchase price adjustments — 8.4 — Exceptional items 7 48.7 45.3 20.6 Other add-backs 11.7 18.7 19.4 Adjusted EBITDA 524.4 486.7 466.8 |
External Revenue and Non-current Assets by Geography | External revenue by geography Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m United Kingdom 806.2 758.3 747.3 Italy 408.5 417.9 426.3 Germany 385.4 396.3 393.2 France 192.4 188.6 203.8 Sweden 149.4 148.1 158.7 Norway 126.6 121.7 115.6 Croatia (1) 122.7 16.1 — Austria 122.0 129.3 127.9 Serbia (1) 108.2 13.6 — Switzerland (2) 80.1 74.4 — Spain 78.6 75.1 82.6 Rest of Europe 359.6 267.2 260.5 Total external revenue by geography 2,939.7 2,606.6 2,515.9 (1) Sales included from acquisition date of September 30, 2021. (2) Sales included from acquisition date of December 31, 2020. Non-current assets by geography December 31, 2022 December 31, 2021 €m €m United Kingdom 140.1 139.6 Germany 139.0 140.0 Italy 63.4 64.8 Serbia 50.3 48.5 Croatia 41.8 38.5 Ireland 35.4 34.3 Norway 28.6 31.0 Sweden 22.1 29.8 Rest of Europe 70.4 72.3 Total non-current assets by geography 591.1 598.8 |
Operating profit_(loss) (Tables
Operating profit/(loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Staff costs 8 386.1 340.6 340.2 Depreciation of property, plant and equipment 12 79.8 63.4 59.8 Impairment of intangible assets 13 5.8 1.7 — Amortization of intangible assets 13 8.8 8.2 7.8 Expense relating to low value and short-term leases 9.9 6.1 3.0 Exchange losses/(gains) 38.3 27.0 (2.8) Research & development expenditure 19.3 19.2 17.6 Inventories recognized as an expense within cost of goods sold 1,949.8 1,694.3 1,627.9 |
Exceptional items (Tables)
Exceptional items (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Exceptional Items | Exceptional items are made up as follows: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Supply chain reconfiguration (1) — — (12.5) Distribution network integration (2) 2.2 — — Fortenova Acquisition integration costs (3) 9.5 3.5 — Findus Switzerland integration costs (4) 8.2 6.2 0.3 Brexit (5) — 5.3 1.6 Business Transformation program (6) 37.0 18.8 2.3 Information Technology Transformation program (7) 4.4 4.2 — Goodfella's Pizza & Aunt Bessie's integration costs (8) — — 4.0 Factory optimization (9) 3.5 4.9 10.0 Settlement of legacy matters (10) (28.9) (2.6) (2.9) Impairment of customer relationships (11) 5.8 — — Release of indemnification assets (12) 7.0 5.0 17.8 Total exceptional items 48.7 45.3 20.6 |
Payroll costs, share based pa_2
Payroll costs, share based payments and management incentive schemes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits And Share-Based Payments [Abstract] | |
Disclosure of Employee Information | The average number of persons employed by the Company (excluding non-Executive Directors) is analyzed and set out below: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Production 4,189 3,310 3,043 Administration, distribution & sales 3,892 2,193 1,647 Total number of employees 8,081 5,503 4,690 |
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, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Wages and salaries 293.6 266.4 276.4 Social security costs 72.9 56.1 49.2 Other pension costs 19.6 18.1 14.6 Total payroll costs 386.1 340.6 340.2 |
Disclosure of number and weighted average exercise prices of share options | management team (the “Management Share Awards”) as of the following award dates: January 1, 2018 Award January 1, 2019 Award January 1, 2020 Award January 1, 2021 Award January 1, 2022 Award Other Awards Total Number of awards outstanding at January 1, 2022 431,790 152,695 645,093 787,277 — — 2,016,855 New awards granted in the period — — — — 964,518 176,000 1,140,518 Awards vested and issued in the period (237,800) — — — — — (237,800) Forfeitures in the period — — (46,920) (103,728) (69,768) — (220,416) Number of awards outstanding at December 31, 2022 193,990 152,695 598,173 683,549 894,750 176,000 2,699,157 |
Inputs and assumptions underlying the Monte Carlo Model | January 1, 2018 award January 1, 2019 award January 1, 2020 award January 1, 2021 award January 1, 2022 award * Grant date price $ 16.72 $ 20.15 $ 22.37 $ 25.42 $ 25.39 Exercise price $ — $ — $ — $ — $ — Expected life of restricted share 1.50 - 4.00 years 4.00 years 4.00 years 3.00 years 3.00 years Expected volatility of the share price 22.7 % 24.0 % 24.4 % 30.0 % 28.0 % Dividend yield expected — % — % — % — % — % Risk free rate 2.55 % 1.33 % 1.70 % 0.24 % 1.15 % Employee exit rate 14.0 % 14.0 % 27.3 % 14.0 % 14.0 % EBITDA Performance Target Condition 35.0 % 35.0 % 35.0 % 35.0 % 35.0 % *Note: The table above does not include details on awards that only require continued employment over the vesting period and have only non-company wide specific performance conditions. |
Directors and Key Management _2
Directors and Key Management compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties [text block] | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 2 Share based payment schemes 2 2 2 |
Disclosure of information about key management personnel [text block] | Directors and Key Management compensation Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Short-term employee benefits 1.8 2.2 3.9 Share-based payment expense 3.5 2.4 3.5 Non-Executive Director fees 0.3 0.3 0.3 Total Directors' and executive officers' compensation 5.6 4.9 7.7 All significant management decision making authority is vested within the Board of Directors and the executive team, therefore key management are considered to be the Directors and executive Officers. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Benefits are accruing to the following number of key management personnel under: Defined contribution plans 2 2 2 Share based payment schemes 2 2 2 |
Finance income and costs (Table
Finance income and costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of Finance income and costs | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Interest income 0.6 0.1 0.7 Net financing gain recognized on refinancing debt (a) 2.3 — — Net foreign exchange gains on translation of financial assets and liabilities 9.2 — 4.0 Finance income 12.1 0.1 4.7 Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (b) (79.8) (59.8) (64.0) Cross-currency interest rate swaps: cash flow hedges, transfer from equity 18.8 1.6 5.9 Net impairment loss on short-term investments — (8.6) — Net pension interest costs (2.8) (1.7) (2.7) Amortization of debt discounts and borrowing costs (2.7) (2.0) (2.0) Net foreign exchange losses on translation of financial assets and liabilities — (4.0) — Net fair value losses on derivatives held at fair value through profit or loss (c) — (13.7) (5.6) Financing costs incurred in amendment of terms of debt (d) — (17.9) — Finance costs (66.5) (106.1) (68.4) Net finance costs (54.4) (106.0) (63.7) (a) Net income of €2.3 million has been recognized as a consequence of the refinancing on November 8, 2022, as disclosed in Note 21. Of this, income of €10.2 million relates to the recognition of deferred gains on cross currency interest rate swaps where the hedged cash flows are no longer expected to occur. This is offset in part by €2.3 million of associated expenses, a non-cash €4.3 million loss on settlement as well as a charge of €1.3 million from the write-off of deferred transaction costs. (b) Includes the unwinding of discounting on lease liabilities. (c) Net fair value losses on derivatives held at fair value through profit or loss in 2021 included a one-off non-cash charge of €7.8 million for changes to cross currency interest rate swaps as disclosed in Note 21. (d) Charges of €17.9 million have been recognized as a consequence of the refinancing in June 2021, as disclosed in Note 21. Of this, €10.1 million relates to the extinguishment of the previous debts, including the write-off of deferred transaction costs. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Components Of Tax Expense (Benefit) | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, Note €m €m €m Current tax expense Current tax on profits for the period (69.9) (117.5) (44.8) Adjustments in respect of prior periods 5.8 0.6 (7.6) (64.1) (116.9) (52.4) Deferred tax benefit/(expense) Origination and reversal of temporary differences (4.4) 116.3 (1.2) Impact of change in tax rates (2.7) (55.1) (16.8) 16 (7.1) 61.2 (18.0) Total tax expense (71.2) (55.7) (70.4) |
Reconciliation Of Effective Tax Rate | Reconciliation of effective tax rate: Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Profit before tax 321.0 236.7 295.5 Tax charge at the standard UK corporation tax rate 19% (2021: 19%; 2020: 19%) (61.0) (45.0) (56.1) Difference in tax rates (16.3) 22.7 (18.2) Non tax deductible interest (0.2) 0.1 (0.1) Other income and expenses not taxable or deductible (3.1) 2.5 (0.8) Unrecognized tax assets (2.5) (1.5) (6.3) Provisions for uncertainties 8.8 (52.5) 35.5 Impact of change in tax rates (2.7) (55.1) (16.8) Change in tax base of assets due to step-up — 72.5 — Prior period adjustment 5.8 0.6 (7.6) Total tax expense (71.2) (55.7) (70.4) |
Income Tax Relating to Components Of Other Comprehensive Income | The tax (benefit)/expense relating to components of other comprehensive income is as follows: Before Tax After tax Year ended December 31, 2022 Note €m €m €m Remeasurement of post-employment benefit liabilities (108.1) 26.1 (82.0) Net investment hedge 15.8 — 15.8 Cash flow hedges (67.8) 3.3 (64.5) Other comprehensive (income)/loss (160.1) 29.4 (130.7) Current tax — Deferred tax 16 29.4 29.4 Before Tax benefit After tax Year ended December 31, 2021 Note €m €m €m Remeasurement of post-employment benefit liabilities (36.1) 10.2 (25.9) Net investment hedge (18.8) — (18.8) Cash flow hedges (22.6) 13.6 (9.0) Other comprehensive (income)/loss (77.5) 23.8 (53.7) Current tax — Deferred tax 16 23.8 23.8 Before Tax After tax Year ended December 31, 2020 €m €m €m Remeasurement of post-employment benefit liabilities 27.8 (8.3) 19.5 Net investment hedge 10.1 — 10.1 Cash flow hedges 17.3 (6.0) 11.3 Other comprehensive loss/(income) 55.2 (14.3) 40.9 Current tax — Deferred tax (14.3) (14.3) |
Disclosure of current and deferred tax recognized directly in equity | Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net profit or loss or other comprehensive income but directly credited to equity. These relates to the payment of employer taxes on shares issued under management share awards. Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, €m €m €m Current tax benefit 0.3 — — Deferred tax benefit 2.0 — — 2.3 — — |
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, 2022 | |
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, 2022 December 31, 2021 €m €m Owned property, plant and equipment (i) 493.9 489.2 Right-of-use assets (ii) 49.0 60.2 Property, plant and equipment 542.9 549.4 |
Disclosure of detailed information about property, plant and equipment [text block] | Land and Plant and Computer Total €m €m €m €m Cost Balance at December 31, 2020 165.3 376.1 15.3 556.7 Acquisitions through business combinations 30.5 45.0 0.5 76.0 Additions 14.8 62.8 3.5 81.1 Disposals (0.1) (5.9) — (6.0) Effect of movements in foreign exchange 6.2 16.2 0.4 22.8 Balance at December 31, 2021 216.7 494.2 19.7 730.6 Additions 13.6 57.0 1.8 72.4 Transfer to intangible assets (note 13) — — (1.7) (1.7) Disposals (0.1) (5.3) (5.6) (11.0) Effect of movements in foreign exchange (4.2) (17.3) — (21.5) Balance at December 31, 2022 226.0 528.6 14.2 768.8 Accumulated depreciation and impairment Balance at December 31, 2020 29.2 148.1 6.2 183.5 Depreciation 8.4 35.4 3.0 46.8 Disposals — (4.8) — (4.8) Effect of movements in foreign exchange 2.9 12.6 0.4 15.9 Balance at December 31, 2021 40.5 191.3 9.6 241.4 Depreciation 10.3 44.3 3.1 57.7 Transfer to intangible assets (note 13) — — (0.1) (0.1) Disposals — (4.6) (5.6) (10.2) Effect of movements in foreign exchange (2.2) (11.5) (0.2) (13.9) Balance at December 31, 2022 48.6 219.5 6.8 274.9 Net book value December 31, 2020 136.1 228.0 9.1 373.2 Net book value December 31, 2021 176.2 302.9 10.1 489.2 Balance at December 31, 2022 177.4 309.1 7.4 493.9 |
Asset Class of RIght of use Assets [Table Text Block] | (ii) Right-of-use assets December 31, 2022 December 31, 2021 €m €m Net book value Land and Buildings 35.0 44.8 Plant and equipment and motor vehicles 13.9 15.3 Computer equipment 0.1 0.1 Right-of-use assets 49.0 60.2 Additions to right-of-use assets during the year ended December 31, 2022 were €10.8 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. |
Disclosure of depreciation and amortisation expense [text block] | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 €m €m €m Depreciation Land and Buildings 15.2 10.9 10.6 Plant and equipment and motor vehicles 6.8 5.5 4.9 Computer equipment 0.1 0.2 0.2 Depreciation expense of right-of-use assets 22.1 16.6 15.7 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Goodwill Brands Computer Customer Total €m €m €m €m €m Cost Balance at December 31, 2020 1,902.5 2,122.4 39.0 31.0 4,094.9 Acquisitions through business combinations 192.6 296.5 1.1 4.3 494.5 Additions — — 5.8 — 5.8 Disposals — — (2.5) — (2.5) Effect of movements in foreign exchange 4.3 3.2 (0.5) — 7.0 Balance at December 31, 2021 2,099.4 2,422.1 42.9 35.3 4,599.7 Acquisitions through business combinations 2.0 — — — 2.0 Additions — — 11.3 — 11.3 Transfer from property, plant and equipment (note 12) — — 1.7 — 1.7 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange 0.2 3.5 (0.3) — 3.4 Balance at December 31, 2022 2,101.6 2,425.6 55.5 35.3 4,618.0 Goodwill Brands Computer Customer Total €m €m €m €m €m Accumulated amortization and impairment Balance at December 31, 2020 — 5.6 19.7 11.4 36.7 Amortization — 1.2 4.6 2.4 8.2 Impairment — — 1.7 — 1.7 Disposals — — (1.7) — (1.7) Effect of movements in foreign exchange — — (0.3) — (0.3) Balance at December 31, 2021 — 6.8 24.0 13.8 44.6 Amortization — 1.1 5.1 2.6 8.8 Impairment — — — 5.8 5.8 Transfer from property, plant and equipment (note 12) — — 0.1 — 0.1 Disposals — — (0.1) — (0.1) Effect of movements in foreign exchange — — (0.4) — (0.4) Balance at December 31, 2022 — 7.9 28.7 22.2 58.8 Net book value December 31, 2020 1,902.5 2,116.8 19.3 19.6 4,058.2 Net book value December 31, 2021 2,099.4 2,415.3 18.9 21.5 4,555.1 Net book value December 31, 2022 2,101.6 2,417.7 26.8 13.1 4,559.2 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisitions | Purchase consideration - cash outflow Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Outflow of cash for business combinations, net of cash acquired €m €m €m Net cash consideration (received)/paid (0.4) 640.9 113.0 Less cash acquired — (43.6) (0.1) Net (inflow)/outflow of cash - investing activities (0.4) 597.3 112.9 Year ended December 31, 2022 Year ended December 31, 2021 €m €m Balance at January 1 9.5 15.4 Release of indemnified provision (7.7) (5.9) Balance at December 31 1.8 9.5 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interests in Other Entities [Abstract] | |
Disclosure of Significant Investments | The following are the Company's significant investments as of December 31, 2022. Activity Country of Country of tax residence Class of Ownership Nomad Foods Europe Holdings Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Holdco Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Finco Limited Holding England United Kingdom Ordinary 100% Nomad Foods Europe Midco Limited Holding/ England United Kingdom Ordinary 100% Nomad Foods Bondco Plc Finance England United Kingdom Ordinary 100% Nomad Foods Lux S.à.r.l. Finance Luxembourg Luxembourg Ordinary 100% Nomad Foods Europe Limited Management England United Kingdom Ordinary 100% Birds Eye Limited Trading England United Kingdom Ordinary 100% Nomad Foods Europe Finance Limited Finance England United Kingdom Ordinary 100% Birds Eye Ireland Limited Trading Republic of Republic of Ordinary 100% Iglo Holding GmbH Holding Germany Germany Ordinary 100% Iglo Nederland B.V. Trading Netherlands Netherlands Ordinary 100% Iglo Belgium S.A. Trading Belgium Belgium Ordinary 100% Iglo Portugal Trading Portugal Portugal Ordinary 100% Iglo Austria Holdings GmbH Holding Austria Austria Ordinary 100% C.S.I. Compagnia Surgelati Italiana S.R.L Trading Italy Italy Ordinary 100% Findus Sverige Holdings AB Holding Sweden Sweden Ordinary 100% Iglo GmbH Trading Germany Germany Ordinary 100% Frozen Fish International GmbH Trading Germany Germany Ordinary 100% Liberator Germany Newco GmbH Property Germany Germany Ordinary 100% Iglo Austria GmbH Trading Austria Austria Ordinary 100% Findus Sverige AB Trading Sweden Sweden Ordinary 100% Frionor Sverige AB Holding Sweden Sweden Ordinary 100% Findus Holdings France SAS Holding France France Ordinary 100% Findus France SAS Trading France France Ordinary 100% Findus Espana SLU Trading Spain Spain Ordinary 100% Findus Danmark A/S Trading Denmark Denmark Ordinary 100% Findus Finland Oy Trading Finland Finland Ordinary 100% Findus Norge AS Trading Norway Norway Ordinary 100% Findus Norge Holding AS Holding Norway Norway Ordinary 100% Toppfrys AB Trading Sweden Sweden Ordinary 100% Findus Switzerland AG Trading Switzerland Switzerland Ordinary 100% LEDO plus d.o.o. Trading Croatia Croatia Ordinary 100% INDUSTRIJA SMRZNUTE HRANE FRIKOM DOO BEOGRAD Trading Serbia Serbia Ordinary 100% LEDO d.o.o. Čitluk Trading Bosnia & Herzegovina Bosnia & Herzegovina Ordinary 100% IRIDA d.o.o. Trading Croatia Croatia Ordinary 100% LEDO Jégkrém és Fagyasztott Élelmiszer Gyártó és Forgalmazó Korlátolt Felelősségű Társaság Trading Hungary Hungary Ordinary 100% Ledo d.o.o. (LEDO, podjetje za trgovino s sladoledom, zmrznjeno hrano in storitve, d.o.o.) Trading Slovenia Slovenia Ordinary 100% Ledo d.o.o. Podgorica (Društvo Za Proizvodnju, promet roba i usluga “Ledo” d.o.o. Podgorica) Trading Montenegro Montenegro Ordinary 100% Ledo Sh.p.k. Trading Kosovo Kosovo Ordinary 100% FRIKOM BEOGRAD DOOEL Cucer Sandevo Trading North Macedonia North Macedonia Ordinary 100% |
Deferred tax assets and liabi_2
Deferred tax assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income tax [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are attributable to the following: December 31, 2022 December 31, 2021 Assets Liabilities Total Assets Liabilities Total €m €m €m €m €m €m Property, plant and equipment 6.2 (39.9) (33.7) 8.9 (34.4) (25.5) Intangible assets 29.9 (384.6) (354.7) 33.8 (382.9) (349.1) Employee benefits 13.0 — 13.0 36.4 — 36.4 Tax value of loss carry forwards 43.8 — 43.8 40.4 — 40.4 Derivative financial instruments 0.1 (8.9) (8.8) 1.7 (7.0) (5.3) Other 7.4 (12.3) (4.9) 7.1 (13.3) (6.2) Tax assets/(liabilities) 100.4 (445.7) (345.3) 128.3 (437.6) (309.3) Movement in deferred tax during the year: Opening balance Jan 1, 2022 Recognized Recognized Recognized directly in equity Movement Closing balance Dec 31, 2022 €m €m €m €m €m €m Property, plant and equipment (25.5) (8.7) — — 0.5 (33.7) Intangible assets (349.1) (4.8) — — (0.8) (354.7) Employee benefits 36.4 1.0 (26.1) 2.0 (0.3) 13.0 Tax value of loss carry forwards 40.4 4.8 — — (1.4) 43.8 Derivative financial instruments (5.3) (0.5) (3.3) — 0.3 (8.8) Other (6.2) 1.1 — — 0.2 (4.9) Total deferred tax (309.3) (7.1) (29.4) 2.0 (1.5) (345.3) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, 2022 December 31, 2021 €m €m Raw materials and consumables 134.2 95.8 Work in progress 64.6 64.9 Finished goods and goods for resale 258.3 249.9 Total inventories 457.1 410.6 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade terms | Liabilities related to contracts with customers The Company has recognized the following liabilities related to contracts with customers:Year ended December 31, 2022Year ended December 31, 2021€m€mTrade terms liabilities reported within trade receivables(231.4)(189.9)Trade terms liabilities reported within trade and other payables (Note 22)(63.4)(93.8)Total trade terms liabilities(294.8)(283.7)Significant changes to trade termsNo significant changes to trade terms occurred in the year ended December 31, 2022.Revenue recognized in relation to trade termsTrade 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, 2022 relating to performance obligations that were satisfied in the prior year was €19.0 million (2021: €18.9 million). |
Schedule of Trade and Other Receivables | December 31, 2022 December 31, 2021 Current assets €m €m Trade receivables 211.2 182.8 Prepayments and accrued income 15.9 15.4 Other receivables 34.6 32.3 Tax receivable 5.1 4.1 Total current trade and other receivables 266.8 234.6 Non-current assets Other receivables 8.1 8.9 Total non-current trade and other receivables 8.1 8.9 Total trade and other receivables 274.9 243.5 |
Disclosure of Aging Trade Receivables | The aging of trade receivables is detailed below: Gross Impaired Net December 31, 2022 €m €m €m Not past due 391.0 (0.2) 390.8 Past due less than 1 month 41.3 (0.1) 41.2 Past due 1 to 3 months 5.8 (0.3) 5.5 Past due 3 to 6 months 2.8 (0.1) 2.7 Past due more than 6 months 5.0 (2.6) 2.4 Sub-total 445.9 (3.3) 442.6 Reduction in trade-terms (231.4) Total trade receivables 211.2 Gross Impaired Net December 31, 2021 €m €m €m Not past due 343.8 (0.1) 343.7 Past due less than 1 month 19.9 (0.1) 19.8 Past due 1 to 3 months 5.2 (0.6) 4.6 Past due 3 to 6 months 2.4 (0.1) 2.3 Past due more than 6 months 5.0 (2.7) 2.3 Sub-total 376.3 (3.6) 372.7 Reduction in trade-terms (189.9) Total trade receivables 182.8 |
Indemnification assets (Tables)
Indemnification assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations1 [Abstract] | |
Disclosure of detailed information about business combination | Purchase consideration - cash outflow Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Outflow of cash for business combinations, net of cash acquired €m €m €m Net cash consideration (received)/paid (0.4) 640.9 113.0 Less cash acquired — (43.6) (0.1) Net (inflow)/outflow of cash - investing activities (0.4) 597.3 112.9 Year ended December 31, 2022 Year ended December 31, 2021 €m €m Balance at January 1 9.5 15.4 Release of indemnified provision (7.7) (5.9) Balance at December 31 1.8 9.5 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents per Statement of Cash Flows | December 31, 2022 December 31, 2021 Note €m €m Cash and cash equivalents 369.4 254.0 Restricted cash 0.3 0.2 Cash and cash equivalents 369.7 254.2 Bank overdraft 22 (2.9) — Cash and cash equivalents per Statement of Cash Flows 366.8 254.2 |
Loans and borrowings (Tables)
Loans and borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 €m €m Current liabilities Syndicated loans 6.7 8.5 Lease liabilities 22.3 22.6 Less capitalized debt discounts and borrowing costs to be amortized within 1 year (6.4) (2.0) Total due in less than one year 22.6 29.1 Non-current liabilities Syndicated loans 1,333.5 1,347.4 2028 fixed rate senior secured notes 800.0 800.0 Lease liabilities 44.3 58.3 Less capitalized debt discounts and borrowing costs to be amortized in 2-5 years (25.4) (5.7) Less capitalized debt discounts and borrowing costs to be amortized in more than 5 years (10.1) (1.7) Total due after more than one year 2,142.3 2,198.3 Total borrowings 2,164.9 2,227.4 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Detailed Information About Trade and Other Payables | December 31, 2022 December 31, 2021 Current liabilities €m €m Trade payables 433.3 413.2 Accruals and deferred income 126.4 120.4 Trade terms payable 63.4 93.8 Social security and other taxes 25.0 24.6 Other payables 18.3 20.3 Financial payables 26.1 19.7 Bank overdrafts 2.9 — Total current trade and other payables 695.4 692.0 Non-current liabilities Accruals and deferred income 1.1 1.8 Total non-current trade and other payables 1.1 1.8 Total trade and other payables 696.5 693.8 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefits [Abstract] | |
Schedule Of Net Defined Benefit Liability (Asset) | December 31, 2022 December 31, 2021 €m €m Net employee benefit obligations-Germany 69.4 149.3 Net employee benefit obligations-Sweden 45.4 70.3 Net employee benefit obligations-Italy 4.0 4.6 Net employee benefit obligations-Switzerland 3.4 5.8 Net employee benefit obligations-Austria 2.8 5.5 Net employee benefit obligations-total of other countries 7.1 8.7 Total net employee benefit obligations 132.1 244.2 The history of experience adjustments from inception of the Company for the employee benefit plans is as follows: December 31, 2022 December 31, 2021 December 31, 2020 €m €m €m Present value of defined benefit obligations 233.3 341.5 365.1 Fair value of plan assets (107.6) (108.4) (97.9) Recognized liability in the scheme 125.7 233.1 267.2 Experience losses/(gains) on plan liabilities 7.7 1.8 (0.8) Experience losses/(gains) on plan assets 4.4 (9.6) (0.4) |
Schedule of Net Employee Benefit Obligations And Components | Reconciliation from the opening balances to the closing balances for the net employee benefit obligation and its components, including the amounts recognized in the Consolidated Statement of Profit or Loss and the Consolidated Statement of Comprehensive Income: Present value of defined benefit obligation Fair value of plan assets Net defined benefit obligation 2022 2021 2022 2021 2022 2021 €m €m €m €m €m €m Balance at January 1 352.6 374.1 (108.4) (97.9) 244.2 276.2 Included in the Consolidated Statement of Profit or Loss Current service cost 6.2 7.9 — — 6.2 7.9 Interest cost/(income) 3.8 2.2 (1.0) (0.5) 2.8 1.7 10.0 10.1 (1.0) (0.5) 9.0 9.6 Included in the Consolidated Statement of Comprehensive Income Actuarial (gain)/loss arising from: – demographic assumptions (1.8) (1.5) — — (1.8) (1.5) – financial assumptions (118.4) (26.8) — — (118.4) (26.8) – experience adjustment 7.7 1.8 — — 7.7 1.8 Loss/(return) on plan assets, excluding interest income — — 4.4 (9.6) 4.4 (9.6) Exchange adjustments (3.5) (0.3) (0.7) (0.6) (4.2) (0.9) (116.0) (26.8) 3.7 (10.2) (112.3) (37.0) Other Acquired through business combinations — 3.5 — — — 3.5 Contributions by employer — — (1.4) (1.2) (1.4) (1.2) Contributions by members 3.2 0.8 (3.2) (0.8) — — Benefits paid (10.1) (9.1) 2.7 2.2 (7.4) (6.9) (6.9) (4.8) (1.9) 0.2 (8.8) (4.6) Balance at December 31 239.7 352.6 (107.6) (108.4) 132.1 244.2 |
Schedule Of Cumulative Actuarial Losses Recognized | The cumulative amount of actuarial (gains)/losses recognized is as follows: Year ended December 31, 2022 Year ended December 31, 2021 €m €m Cumulative amount of actuarial (gains)/losses recognized in Consolidated Statement of Comprehensive Income (71.8) 40.5 |
Schedule Of Plan Assets At Fair Value | The fair value of plan assets, all at quoted prices are as follows: December 31, 2022 December 31, 2021 €m €m Equities 37.6 32.7 Debt instruments 34.8 42.7 Property 23.1 20.3 Other 12.1 12.7 Total 107.6 108.4 |
Defined Benefit Plan Principal Actuarial Assumptions | The following are the principal actuarial assumptions at the reporting date for the defined benefit retirement plans in Germany, Sweden, Austria, Switzerland and Italy. The remaining employee benefit plans are not considered to be material, individually and in aggregate, and therefore we do not provide disclosure of the individual actuarial assumptions for those plans: Defined benefit December 31, 2022 Germany Sweden Austria Switzerland Italy Discount rate 3.80 % 4.00 % 3.20 % 1.95 % 3.50 % Inflation rate 2.20 % 2.00 % 5.00 % 1.25 % 2.50 % Rate of increase in salaries 2.80 % 3.00 % 5.00 % 1.75 % 3.38 % Rate of increase for pensions in payment 1.00%-2.20% 2.00 % — — — Defined benefit December 31, 2021 Germany Sweden Austria Switzerland Italy Discount rate 1.10 % 1.80 % 0.90 % 0.10 % 0.35 % Inflation rate 2.00 % 2.20 % 2.00 % 1.00 % 1.50 % Rate of increase in salaries 2.80 % 3.20 % 2.00 % 1.50 % 2.63 % Rate of increase for pensions in payment 1.00%-2.00% 2.20 % — — — |
Actuarial Assumptions Of Life Expectancy | These 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, 2022 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 22 21 Female 25 24 26 24 22 December 31, 2021 (years) Germany Sweden Austria Switzerland Italy Retiring at the end of the year: Male 21 22 23 22 21 Female 24 24 26 24 22 |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions Explanatory | The effect of a 1 percentage point movement in the most significant assumptions for the year ended December 31, 2022 is as follows: Increase Decrease €m €m Discount rate (28.5) 35.8 Inflation rate 26.9 (22.5) Rate of increase in salaries 7.2 (6.1) Rate of increase for pensions in payment 27.2 (21.3) |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Disclosure of Detailed Information About Provisions | Restructuring Provisions Other Total €m €m €m €m Balance at December 31, 2020 12.9 6.6 32.3 51.8 Acquired through business combinations — 0.3 3.8 4.1 Additional provision in the period 2.6 1.0 2.5 6.1 Release of provision (0.1) — (4.0) (4.1) Utilization of provision (9.8) — (6.9) (16.7) Foreign exchange — — 1.0 1.0 Balance at December 31, 2021 5.6 7.9 28.7 42.2 Additional provision in the period 2.6 0.9 2.4 5.9 Release of provision (0.6) — (3.4) (4.0) Utilization of provision (2.5) (0.1) (3.4) (6.0) Foreign exchange (0.3) — (0.4) (0.7) Balance at December 31, 2022 4.8 8.7 23.9 37.4 Analysis of total provisions: December 31, 2022 December 31, 2021 Current 36.1 39.3 Non-current 1.3 2.9 Total 37.4 42.2 |
Share capital and reserves (Tab
Share capital and reserves (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||
Schedule of Share Capital and Capital Reserve | Share capital and capital reserve As at December 31, 2022 As at December 31, 2021 €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: 172,550,253 (December 31, 2021: 173,559,173) Ordinary Shares with nil nominal value 1,613.2 1,639.6 1,500,000 (December 31, 2021: 1,500,000) Founder Preferred Shares with nil nominal value 10.6 10.6 Total share capital and capital reserve 1,623.8 1,650.2 Listing and share transaction costs (27.1) (27.1) Total net share capital and capital reserve 1,596.7 1,623.1 Ordinary Shares Issued and Repurchased Ordinary shares Balance at December 31, 2020 172.2 Shares issued in the year 5.0 Shares repurchased in the year (3.6) Balance at December 31, 2021 173.6 Shares issued in the year 0.2 Shares repurchased in the year (1.2) Balance at December 31, 2022 172.6 | |
Summary of Listing and Share Transaction Costs | €m At December 31, 2020 27.0 Share transaction costs 0.1 At December 31, 2021 27.1 Share transaction costs — At December 31, 2022 27.1 |
Share-based compensation rese_2
Share-based compensation reserve (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of detailed information about reserves within equity | Share based €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — |
Founder Preferred Shares Divi_2
Founder Preferred Shares Dividend Reserve (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Disclosure of classes of share capital | Share based €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — |
Translation reserve Translati_2
Translation reserve Translation reserve table (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 in the form of rights over ordinary shares (“Awards”), to any Director or employee of the Company. However, it is the Committee’s current intention that Awards be granted only to senior management, including senior management also serving as a director, 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 €m Balance as of January 1, 2022 6.9 Non-Executive Director restricted share awards charge 0.6 Directors and Senior Management share awards charge 6.6 Other awards share awards charge 0.9 Shares issued upon vesting of awards (0.4) Reclassification of awards for settlement of tax liabilities (0.8) Balance as of December 31, 2022 13.8 The Founder Preferred Shares converted on a 1-for-1 basis into Ordinary Shares on January 3, 2023. A summary of the key terms of the Founder Preferred Shares is set out in Note 25. The Founder Preferred Shares Annual Dividend Amount was 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. The Preferred Shares Annual Dividend amount was determined with reference to the Dividend Determination Period of a financial year, i.e. the last ten consecutive trading days and calculated as 20% of the increase in the volume weighted average share price of our ordinary shares across the determination period compared to the highest price previously used in calculating the Founder Preferred Share Annual Dividend Amounts multiplied by 140,220,619 Preferred Share Dividend Equivalent (the “Preferred Share Dividend Equivalent”). The Preferred Share Dividend Equivalent was 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. Dividends on the Founder Preferred Shares were payable until the Founder Preferred Shares were converted into Ordinary Shares effective as of January 3, 2023. 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 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. On December 31, 2020, the Company’s Board of Directors approved a share dividend of an aggregate of 3,875,036 ordinary shares calculated as 20% of the increase in the market price of our ordinary shares compared to 2019 dividend price of $21.7289 multiplied by the Preferred Share Dividend Equivalent. The Dividend Price used to calculate the Annual Dividend Amount was $25.2127 (calculated based upon the volume weighted average price for the last ten consecutive trading days of 2020) and the ordinary shares underlying the Founder Preferred Share Dividend were issued on January 4, 2021. As of December 31, 2021 and as of December 31, 2022, no Founder Preferred Shares Annual Dividend Amount was due, as the average price per ordinary share for the last ten consecutive trading days of the year did not reach the previously achieved 2020 Dividend Price of $25.2127. As no further dividends are payable, the remaining reserve as of December 31, 2022 has been released directly to retained earnings. Founder €m Balance as of January 1, 2022 166.0 Transferred to retained earnings (166.0) Balance as of December 31, 2022 — 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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 million) relating to a discontinued hedging relationship in respect of GBP net investments. Under IFRS, cost of hedging allows firms to separately account for the fair value movement attributable to foreign currency basis under other comprehensive income (OCI) thereby excluding its impact from the hedge designation itself. Details of the Company's cash flow hedge accounting is detailed in Note 33. The table below shows the movement in the cash flow hedging reserve and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
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, 2022 2021 2020 €m €m €m Balance as of January 1 105.1 84.7 94.8 Adjustment on adoption of hedge accounting under IFRS 9 — 1.6 — Restated balance as of January 1 105.1 86.3 94.8 Foreign currency translation adjustments (15.8) 31.7 (23.6) Net deferred (losses)/gains on net investment hedges (1) — (12.9) 13.5 Total presented in Other Comprehensive Income (15.8) 18.8 (10.1) Balance as of December 31 89.3 105.1 84.7 (1) (Losses)/gains on net investment hedges are offset by gains/(losses) on GBP net investments included within the foreign currency translation adjustments (2021: gains of €24.6 million, 2020: losses of €25.7 million). The translation reserve as at December 31, 2022 and as at December 31, 2021 does not include any balances relating to continuing hedging relationships. The translation reserve as at December 31, 2022 included €50.8 million (2021: €50.8 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, 2022 | |
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 and cost of 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 Cost of Hedging reserve Total Other reserves €m €m €m €m €m Balance as of January 1, 2020 (6.8) (6.4) (13.2) — (13.2) Change in fair value of hedging instrument recognized in OCI for the year (63.7) (20.0) (83.7) — (83.7) Reclassified to cost of goods sold — 0.2 0.2 — 0.2 Reclassified from OCI to net finance costs 66.2 — 66.2 — 66.2 Deferred tax (0.2) 6.2 6.0 — 6.0 Balance as of December 31, 2020 (4.5) (20.0) (24.5) — (24.5) Reallocation for IFRS 9 changes to policy (start of the year) 2.8 — 2.8 (4.4) (1.6) Change in fair value of hedging instrument recognized in OCI for the year 73.3 9.3 82.6 2.4 85.0 Transferred to the carrying value of inventory — 27.6 27.6 — 27.6 Reclassified from OCI to net finance costs (64.1) — (64.1) 1.7 (62.4) Deferred tax (2.4) (11.1) (13.5) (0.1) (13.6) Balance as of December 31, 2021 5.1 5.8 10.9 (0.4) 10.5 Change in fair value of hedging instrument recognized in OCI for the year 101.3 57.3 158.6 0.1 158.7 Transferred to the carrying value of inventory — (55.2) (55.2) — (55.2) Reclassified from OCI to net finance costs (92.2) — (92.2) 1.3 (90.9) Deferred tax (2.1) (1.0) (3.1) (0.2) (3.3) Balance as of December 31, 2022 12.1 6.9 19.0 0.8 19.8 |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Basic and diluted earnings/(loss) per share | Basic earnings per share Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Profit for the year attributable to equity owners of the parent (€m) 249.8 181.0 225.2 Weighted average Ordinary Shares and Founder Preferred Shares 174,279,621 178,070,770 194,019,070 Basic earnings per share (€’s) 1.43 1.02 1.16 |
Diluted earnings (loss) per share | Diluted earnings per share Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Profit for the year attributable to equity owners of the parent (€m) 249.8 181.0 225.2 Weighted average Ordinary Shares and Founder Preferred Shares 174,279,621 178,070,770 197,894,106 Diluted earnings per share (€’s) 1.43 1.02 1.14 |
Reconciliation of liabilities_2
Reconciliation of liabilities arising from financing activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2,227.4 19.7 0.4 20.6 Cash inflow (1) Cash 799.3 — 0.3 139.1 Cash outflow Cash (947.9) (68.5) — — Interest accretion (2) Cash 2.3 77.5 — — Exchange movement Non-cash 60.9 (0.3) — — Fair value changes Non-cash — — (0.7) (103.3) Other non-cash adjustments Non-cash 22.9 (2.3) — — Closing balance December 31, 2022 2,164.9 26.1 — 56.4 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, 2021 1,758.8 3.3 0.2 72.3 Cash inflow (1) Cash 800.0 — 0.3 1.4 Cash outflow Cash (436.0) (38.1) — (2.3) Interest accretion (2) Cash 2.2 57.6 — — Acquired through business combinations Non-cash 19.6 — — — Exchange movement Non-cash 64.1 (0.2) — — Fair value changes Non-cash — — (0.1) (44.0) Other non-cash adjustments Non-cash 18.7 (2.9) — (6.8) Closing balance December 31, 2021 2,227.4 19.7 0.4 20.6 (1) Cash inflows from cross currency interest rate swaps are part of effective cash flow hedging relationships. The amount related to payment of interest is presented within interest paid in the Consolidated Statement of Cash Flows. The amount related to repayment of loan principal is presented within proceeds from settlement of derivatives in the Consolidated Statement of Cash Flows. |
Cash flows from operating act_2
Cash flows from operating activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash Flow Statement [Abstract] | |
Schedule of cash flow disclosures | Year ended December 31, 2022 Year ended December 31, 2021 Year ended December 31, 2020 Note €m €m €m Cash flows from operating activities Profit for the year 249.8 181.0 225.1 Adjustments for: Exceptional items 7 48.7 45.3 20.6 Non-cash fair value purchase price adjustment of inventory 5 — 8.4 — Share based payments expense 8.1 5.1 9.0 Depreciation and amortization 88.6 71.6 67.6 Loss on disposal and impairment of property, plant and equipment 0.8 0.7 0.9 Net finance costs 10 54.4 106.0 63.7 Taxation 11 71.2 55.7 70.4 Operating cash flow before changes in working capital, provisions and exceptional items 521.6 473.8 457.3 Increase in inventories (61.7) (23.8) (12.7) (Increase)/decrease in trade and other receivables (38.3) 24.1 (1.8) Increase/(decrease) in trade and other payables 5.6 (25.0) 107.2 (Decrease)/increase in employee benefit and other provisions (2.4) 1.2 2.0 Cash generated from operations before tax and exceptional items 424.8 450.3 552.0 |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments | 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, 2022 December 31, 2021 USD - cross currency interest rate swaps Carrying amount of liability (56.6) (20.6) Notional amount (USD) $700.0 $916.4 Maturity date 10/10/2027 5/15/2024 Change in fair value of outstanding hedging instruments since January 1 (36.0) 68.9 Loss/(gain) in value of hedged item used to determine effectiveness 36.0 (69.6) Weighted average hedged rate of outstanding hedging instruments 1.00 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, 2022 December 31, 2021 UK cross-currency interest rate swaps Carrying amount of cross-currency interest rate swaps — — Notional amount (GBP) — — Maturity date N/A 7/29/2021 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 — (12.9) Loss/(gain) in value of hedged item used to determine hedge effectiveness — 12.9 Weighted average hedged rate for the year — 1.19 As at December 31, 2022 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset 4.4 2.0 6.4 2.4 0.5 0.5 Notional amount 288.6 44.3 194.9 58.2 9.8 45.9 Fair value losses/(gains) of outstanding hedging instruments since January 1 6.2 (6.7) (9.0) (4.4) (0.6) (0.6) Weighted average hedge rate for the year 1.09 1.30 1.16 0.09 0.10 N/A As at December 31, 2021 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 17.5 1.2 (6.7) 0.5 0.1 0.3 Notional amount 343.6 58.4 244.7 70.4 4.5 96.4 Fair value (gains)/losses of outstanding hedging instruments since January 1 (26.3) (0.5) 12.0 (0.9) 13.5 0.6 Weighted average hedge rate for the year 1.20 1.38 1.15 0.10 0.11 — 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 designated in hedge relationships Financial Total 2022 €m €m €m €m €m Assets Trade and other receivables 230.8 — — — 230.8 Derivative financial instruments — — 20.1 — 20.1 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Derivative financial instruments — — (60.3) — (60.3) Loans and borrowings (1) — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) (1) Loans and borrowings excludes €41.9 million of capitalized debt discounts borrowing costs which are included within €2,164.9 million of total loans and borrowings in Note 21. Financial assets at amortized cost Derivatives at Derivatives designated in hedge relationships Financial Total 2021 €m €m €m €m €m Assets Trade and other receivables 201.6 — — — 201.6 Derivative financial instruments — 0.5 19.7 — 20.2 Cash and cash equivalents 254.2 — — — 254.2 Liabilities — Trade and other payables excluding non-financial liabilities — — — (647.1) (647.1) Derivative financial instruments — (0.1) (28.0) — (28.1) Loans and borrowings (2) — — — (2,236.8) (2,236.8) Total 455.8 0.4 (8.3) (2,883.9) (2,436.0) (2) Loans and borrowings exclude s €9.4 million of capitalized borrowing costs which are included within €2,227.4 million o f 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 €m €m €m €m Senior EUR/USD loans 1,316.2 1,360.8 1,340.0 1,355.8 Other external debt 0.2 0.1 0.2 0.1 2028 fixed rate senior secured notes 681.2 802.6 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (41.9) (9.4) 1,997.6 2,163.5 2,098.3 2,146.5 Derivatives As at December 31, 2022 As at December 31, 2021 €m €m Interest Rate Swaps 0.2 — Forward foreign exchange contracts 19.9 20.2 Total assets 20.1 20.2 Cross Currency Interest Rate Swaps (56.6) (20.6) Forward foreign exchange contracts (3.7) (7.3) Total liabilities (60.3) (27.9) Total (40.2) (7.7) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2022 €m €m €m Derivatives - assets 20.1 (12.2) 7.9 Derivatives - liabilities (60.3) 12.2 (48.1) Gross amount Related Net amount As at Dec 31, 2021 €m €m €m Derivatives - assets 20.2 (10.8) 9.4 Derivatives - liabilities (27.9) 10.8 (17.1) |
Disclosure of maturity analysis for derivative financial liabilities | 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: 2022 2023 2024 2025 2026 2027 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 6.6 6.6 6.6 6.6 6.6 2,107.1 2,140.1 Borrowings-interest 103.0 117.3 107.5 105.2 104.8 160.5 698.3 Forward contracts Sell 623.6 — — — — — 623.6 Forward contracts Buy (641.7) — — — — — (641.7) Cross Currency Interest Rate Swaps Pay 50.5 54.2 53.6 53.1 718.2 — 929.6 Cross Currency Interest Rate Swaps Receive (58.9) (59.9) (53.2) (51.8) (675.3) — (899.1) Interest Rate Swaps Pay 8.1 8.9 8.8 8.8 8.8 — 43.4 Interest Rate Swaps Receive (7.7) (9.4) (8.8) (8.7) (8.7) — (43.3) Lease Liabilities 22.1 12.9 8.1 6.4 3.3 19.9 72.7 Trade and other payables excluding non-financial liabilities 652.2 — — — — — 652.2 Total 757.8 130.6 122.6 119.6 157.7 2,287.5 3,575.8 2021 2022 2023 2024 2025 2026 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 8.5 8.5 791.7 — — 1,353.2 2,161.9 Borrowings-interest 57.5 63.5 50.4 34.0 34.1 67.0 306.5 Forward contracts Sell 805.3 — — — — — 805.3 Forward contracts Buy (818.0) — — — — — (818.0) Cross Currency Interest Rate Swaps Pay 25.0 24.9 818.5 — — — 868.4 Cross Currency Interest Rate Swaps Receive (30.8) (38.0) (808.0) — — — (876.8) Lease Liabilities 23.1 18.2 11.2 7.3 5.6 25.2 90.6 Trade and other payables excluding non-financial liabilities 647.1 — — — — — 647.1 Total 717.7 77.1 863.8 41.3 39.7 1,445.4 3,185.0 |
Disclosure of maturity analysis for non-derivative financial liabilities | 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: 2022 2023 2024 2025 2026 2027 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 6.6 6.6 6.6 6.6 6.6 2,107.1 2,140.1 Borrowings-interest 103.0 117.3 107.5 105.2 104.8 160.5 698.3 Forward contracts Sell 623.6 — — — — — 623.6 Forward contracts Buy (641.7) — — — — — (641.7) Cross Currency Interest Rate Swaps Pay 50.5 54.2 53.6 53.1 718.2 — 929.6 Cross Currency Interest Rate Swaps Receive (58.9) (59.9) (53.2) (51.8) (675.3) — (899.1) Interest Rate Swaps Pay 8.1 8.9 8.8 8.8 8.8 — 43.4 Interest Rate Swaps Receive (7.7) (9.4) (8.8) (8.7) (8.7) — (43.3) Lease Liabilities 22.1 12.9 8.1 6.4 3.3 19.9 72.7 Trade and other payables excluding non-financial liabilities 652.2 — — — — — 652.2 Total 757.8 130.6 122.6 119.6 157.7 2,287.5 3,575.8 2021 2022 2023 2024 2025 2026 Over 5 years Total €m €m €m €m €m €m €m Borrowings-principal 8.5 8.5 791.7 — — 1,353.2 2,161.9 Borrowings-interest 57.5 63.5 50.4 34.0 34.1 67.0 306.5 Forward contracts Sell 805.3 — — — — — 805.3 Forward contracts Buy (818.0) — — — — — (818.0) Cross Currency Interest Rate Swaps Pay 25.0 24.9 818.5 — — — 868.4 Cross Currency Interest Rate Swaps Receive (30.8) (38.0) (808.0) — — — (876.8) Lease Liabilities 23.1 18.2 11.2 7.3 5.6 25.2 90.6 Trade and other payables excluding non-financial liabilities 647.1 — — — — — 647.1 Total 717.7 77.1 863.8 41.3 39.7 1,445.4 3,185.0 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Disclosure of financial instruments | 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, 2022 December 31, 2021 USD - cross currency interest rate swaps Carrying amount of liability (56.6) (20.6) Notional amount (USD) $700.0 $916.4 Maturity date 10/10/2027 5/15/2024 Change in fair value of outstanding hedging instruments since January 1 (36.0) 68.9 Loss/(gain) in value of hedged item used to determine effectiveness 36.0 (69.6) Weighted average hedged rate of outstanding hedging instruments 1.00 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, 2022 December 31, 2021 UK cross-currency interest rate swaps Carrying amount of cross-currency interest rate swaps — — Notional amount (GBP) — — Maturity date N/A 7/29/2021 Change in fair value of cross-currency interest rate swaps as a result of foreign currency movements since January 1 — (12.9) Loss/(gain) in value of hedged item used to determine hedge effectiveness — 12.9 Weighted average hedged rate for the year — 1.19 As at December 31, 2022 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset 4.4 2.0 6.4 2.4 0.5 0.5 Notional amount 288.6 44.3 194.9 58.2 9.8 45.9 Fair value losses/(gains) of outstanding hedging instruments since January 1 6.2 (6.7) (9.0) (4.4) (0.6) (0.6) Weighted average hedge rate for the year 1.09 1.30 1.16 0.09 0.10 N/A As at December 31, 2021 EUR/USD GBP/USD GBP/EUR SEK/EUR SEK/USD Other Currencies €m €m €m €m €m €m Derivative financial instruments - forward currency contracts Carrying amount of asset/(liability) 17.5 1.2 (6.7) 0.5 0.1 0.3 Notional amount 343.6 58.4 244.7 70.4 4.5 96.4 Fair value (gains)/losses of outstanding hedging instruments since January 1 (26.3) (0.5) 12.0 (0.9) 13.5 0.6 Weighted average hedge rate for the year 1.20 1.38 1.15 0.10 0.11 — 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 designated in hedge relationships Financial Total 2022 €m €m €m €m €m Assets Trade and other receivables 230.8 — — — 230.8 Derivative financial instruments — — 20.1 — 20.1 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Derivative financial instruments — — (60.3) — (60.3) Loans and borrowings (1) — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) (1) Loans and borrowings excludes €41.9 million of capitalized debt discounts borrowing costs which are included within €2,164.9 million of total loans and borrowings in Note 21. Financial assets at amortized cost Derivatives at Derivatives designated in hedge relationships Financial Total 2021 €m €m €m €m €m Assets Trade and other receivables 201.6 — — — 201.6 Derivative financial instruments — 0.5 19.7 — 20.2 Cash and cash equivalents 254.2 — — — 254.2 Liabilities — Trade and other payables excluding non-financial liabilities — — — (647.1) (647.1) Derivative financial instruments — (0.1) (28.0) — (28.1) Loans and borrowings (2) — — — (2,236.8) (2,236.8) Total 455.8 0.4 (8.3) (2,883.9) (2,436.0) (2) Loans and borrowings exclude s €9.4 million of capitalized borrowing costs which are included within €2,227.4 million o f 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, 2022 December 31, 2021 December 31, 2022 December 31, 2021 €m €m €m €m Senior EUR/USD loans 1,316.2 1,360.8 1,340.0 1,355.8 Other external debt 0.2 0.1 0.2 0.1 2028 fixed rate senior secured notes 681.2 802.6 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (41.9) (9.4) 1,997.6 2,163.5 2,098.3 2,146.5 Derivatives As at December 31, 2022 As at December 31, 2021 €m €m Interest Rate Swaps 0.2 — Forward foreign exchange contracts 19.9 20.2 Total assets 20.1 20.2 Cross Currency Interest Rate Swaps (56.6) (20.6) Forward foreign exchange contracts (3.7) (7.3) Total liabilities (60.3) (27.9) Total (40.2) (7.7) Offsetting of derivatives Derivative contracts are held under International Swaps and Derivatives Association (ISDA) agreements with financial institutions. An ISDA is an enforceable master netting agreement that permits the Company to settle net in the event of default. The following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2022 €m €m €m Derivatives - assets 20.1 (12.2) 7.9 Derivatives - liabilities (60.3) 12.2 (48.1) Gross amount Related Net amount As at Dec 31, 2021 €m €m €m Derivatives - assets 20.2 (10.8) 9.4 Derivatives - liabilities (27.9) 10.8 (17.1) |
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 designated in hedge relationships Financial Total 2022 €m €m €m €m €m Assets Trade and other receivables 230.8 — — — 230.8 Derivative financial instruments — — 20.1 — 20.1 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Derivative financial instruments — — (60.3) — (60.3) Loans and borrowings (1) — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) (1) Loans and borrowings excludes €41.9 million of capitalized debt discounts borrowing costs which are included within €2,164.9 million of total loans and borrowings in Note 21. Financial assets at amortized cost Derivatives at Derivatives designated in hedge relationships Financial Total 2021 €m €m €m €m €m Assets Trade and other receivables 201.6 — — — 201.6 Derivative financial instruments — 0.5 19.7 — 20.2 Cash and cash equivalents 254.2 — — — 254.2 Liabilities — Trade and other payables excluding non-financial liabilities — — — (647.1) (647.1) Derivative financial instruments — (0.1) (28.0) — (28.1) Loans and borrowings (2) — — — (2,236.8) (2,236.8) Total 455.8 0.4 (8.3) (2,883.9) (2,436.0) (2) Loans and borrowings exclude s €9.4 million of capitalized borrowing costs which are included within €2,227.4 million o |
Disclosure of Financial Liabilities | The following table shows the carrying amount of each Statement of Financial Position class split into the relevant category of financial instrument as defined in IFRS 9 'Financial Instruments'. Financial assets at amortized cost Financial Assets at Fair Value through profit or loss Derivatives designated in hedge relationships Financial Total 2022 €m €m €m €m €m Assets Trade and other receivables 230.8 — — — 230.8 Derivative financial instruments — — 20.1 — 20.1 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Derivative financial instruments — — (60.3) — (60.3) Loans and borrowings (1) — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) (1) Loans and borrowings excludes €41.9 million of capitalized debt discounts borrowing costs which are included within €2,164.9 million of total loans and borrowings in Note 21. Financial assets at amortized cost Derivatives at Derivatives designated in hedge relationships Financial Total 2021 €m €m €m €m €m Assets Trade and other receivables 201.6 — — — 201.6 Derivative financial instruments — 0.5 19.7 — 20.2 Cash and cash equivalents 254.2 — — — 254.2 Liabilities — Trade and other payables excluding non-financial liabilities — — — (647.1) (647.1) Derivative financial instruments — (0.1) (28.0) — (28.1) Loans and borrowings (2) — — — (2,236.8) (2,236.8) Total 455.8 0.4 (8.3) (2,883.9) (2,436.0) (2) Loans and borrowings exclude s €9.4 million of capitalized borrowing costs which are included within €2,227.4 million o Fair value Carrying value December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 €m €m €m €m Senior EUR/USD loans 1,316.2 1,360.8 1,340.0 1,355.8 Other external debt 0.2 0.1 0.2 0.1 2028 fixed rate senior secured notes 681.2 802.6 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (41.9) (9.4) 1,997.6 2,163.5 2,098.3 2,146.5 |
Disclosure of Derivatives | As at December 31, 2022 As at December 31, 2021 €m €m Interest Rate Swaps 0.2 — Forward foreign exchange contracts 19.9 20.2 Total assets 20.1 20.2 Cross Currency Interest Rate Swaps (56.6) (20.6) Forward foreign exchange contracts (3.7) (7.3) Total liabilities (60.3) (27.9) Total (40.2) (7.7) |
Disclosure of offsetting of financial assets and financial liabilities [text block] | he following table sets out the carrying amounts of recognized financial instruments that are subject to the above agreements. Gross amount Related Net amount As at Dec 31, 2022 €m €m €m Derivatives - assets 20.1 (12.2) 7.9 Derivatives - liabilities (60.3) 12.2 (48.1) Gross amount Related Net amount As at Dec 31, 2021 €m €m €m Derivatives - assets 20.2 (10.8) 9.4 Derivatives - liabilities (27.9) 10.8 (17.1) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases1 [Abstract] | |
Future Aggregate Minimum Lease Payments for non-cancellable Service agreements and low value or short-lived Lease Rentals | on-cancellable service agreements and lease rentals for short-lived and low-value assets are payable as follows: As at December 31, 2022 As at December 31, 2021 €m €m Less than one year 2.2 2.2 Between one and three years 2.1 4.1 Between three and five years 0.6 2.2 More than five years 0.2 0.2 Total 5.1 8.7 |
Capital commitments (Tables)
Capital commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 As at December 31, 2021 €m €m Property, plant and equipment 11.1 21.3 Intangible assets 11.2 1.7 Total 22.3 23.0 |
Impact of adoption of IFRS 9 fo
Impact of adoption of IFRS 9 for hedge accounting (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of initial application of standards or interpretations [line items] | ||||
Reserve of cash flow hedges | € 19.8 | € 10.5 | € (24.5) | € (13.2) |
Translation reserve | € 89.3 | € 105.1 |
Basis of preparation Impact of
Basis of preparation Impact of change in accounting standard IFRS16 (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Disclosure of maturity analysis ofcommitments [text block] | 5.1 | 8.7 | |
Property, plant and equipment | € 493.9 | € 489.2 | € 373.2 |
Other provisions | 37.4 | 42.2 | 51.8 |
Retained earnings | 886.6 | 387.4 | |
Profit (loss) before tax | 321 | 236.7 | 295.5 |
Depreciation, right-of-use assets | € 22.1 | € 16.6 | € 15.7 |
Impact on Earnings per share | € 1.43 | € 1.02 | € 1.16 |
Loans and borrowings | € 2,142.3 | € 2,198.3 | |
Current | 36.1 | 39.3 | |
Provisions | 1.3 | 2.9 | |
Trade and other payables | 696.5 | 693.8 | |
Deferred hedging gains transferred to the carrying value of inventory | € 55.2 | € (27.6) |
Basis of preparation (Details)
Basis of preparation (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 24, 2021 |
Revolving Credit Facility (new) | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Line of credit facility, maximum borrowing capacity | € 175 | ||
Revolving Credit Facility (existing - replaced) | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Line of credit facility, maximum borrowing capacity | € 80 | ||
Senior USD Debt | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Interest rate | 3.75% | 2.25% |
Accounting policies (Details)
Accounting policies (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) segment | Dec. 31, 2021 EUR (€) | Jun. 01, 2015 EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Trade receivables | € 442.6 | € 372.7 | |
Founder Preferred Shares Dividend Reserve | € 0 | 166 | € 531.5 |
Number of operating segments | segment | 1 | ||
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Trade receivables | € 445.9 | € 376.3 | |
Buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful life | 40 years | ||
Plant and equipment | Bottom of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful life | 5 years | ||
Plant and equipment | Top of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Estimated useful life | 20 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 | 10 years | ||
Brands | |||
Disclosure of detailed information about intangible assets [line items] | |||
Years established | 20 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure changes in accounting policy IFRS 16 [Line Items] | |||
Right-of-use assets | € 49 | € 60.2 | |
Other provisions | 37.4 | 42.2 | € 51.8 |
Increase (decrease) in accounting estimate | € 321 | € 236.7 | € 295.5 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) segment | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Operating Segments [Abstract] | |||
Number of operating segments | segment | 1 | ||
adjustments for share based payments including employer tax | € 8.6 | € 5.8 | € 12.1 |
Adjustments for acquisition related costs | € 3.1 | € 12.9 | € 7.3 |
Segment reporting - Segment as
Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Profit (loss) | € 249.8 | € 181 | € 225.1 |
Profit (loss), attributable to owners of parent | 249.8 | 181 | 225.2 |
adjustments for share based payments including employer tax | 8.6 | 5.8 | 12.1 |
Taxation | 71.2 | 55.7 | 70.4 |
Net financing costs | 54.4 | 106 | 63.7 |
Depreciation and amortization | 88.6 | 71.6 | 67.6 |
Exceptional items | 48.7 | 45.3 | 20.6 |
Other add-backs | 19.4 | ||
Material reconciling items | |||
Disclosure of operating segments [line items] | |||
Acquisition purchase price adjustments | 0 | 8.4 | 0 |
Exceptional items | 48.7 | 45.3 | 20.6 |
Other add-backs | 11.7 | 18.7 | |
Adjusted EBITDA | € 524.4 | € 486.7 | € 466.8 |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Revenue | € 2,939.7 | € 2,606.6 | € 2,515.9 |
Non-current assets | 591.1 | 598.8 | |
Revenue | 2,939.7 | 2,606.6 | 2,515.9 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenue | 806.2 | 758.3 | 747.3 |
Non-current assets | 140.1 | 139.6 | |
Revenue | 806.2 | 758.3 | 747.3 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Revenue | 408.5 | 417.9 | 426.3 |
Non-current assets | 63.4 | 64.8 | |
Revenue | 408.5 | 417.9 | 426.3 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 385.4 | 396.3 | 393.2 |
Non-current assets | 139 | 140 | |
Revenue | 385.4 | 396.3 | 393.2 |
FRANCE | |||
Disclosure of geographical areas [line items] | |||
Revenue | 192.4 | 188.6 | 203.8 |
Revenue | 192.4 | 188.6 | 203.8 |
SWEDEN | |||
Disclosure of geographical areas [line items] | |||
Revenue | 149.4 | 148.1 | 158.7 |
Non-current assets | 22.1 | 29.8 | |
Revenue | 149.4 | 148.1 | 158.7 |
NORWAY | |||
Disclosure of geographical areas [line items] | |||
Revenue | 126.6 | 121.7 | 115.6 |
Non-current assets | 28.6 | 31 | |
Revenue | 126.6 | 121.7 | 115.6 |
CROATIA | |||
Disclosure of geographical areas [line items] | |||
Revenue | 122.7 | 16.1 | 0 |
Non-current assets | 41.8 | 38.5 | |
Revenue | 122.7 | 16.1 | 0 |
Austria | |||
Disclosure of geographical areas [line items] | |||
Revenue | 122 | 129.3 | 127.9 |
Revenue | 122 | 129.3 | 127.9 |
SERBIA | |||
Disclosure of geographical areas [line items] | |||
Revenue | 108.2 | 13.6 | 0 |
Non-current assets | 50.3 | 48.5 | |
Revenue | 108.2 | 13.6 | 0 |
SWITZERLAND | |||
Disclosure of geographical areas [line items] | |||
Revenue | 80.1 | 74.4 | 0 |
Revenue | 80.1 | 74.4 | 0 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Revenue | 78.6 | 75.1 | 82.6 |
Revenue | 78.6 | 75.1 | 82.6 |
Rest of Europe | |||
Disclosure of geographical areas [line items] | |||
Revenue | 359.6 | 267.2 | 260.5 |
Non-current assets | 70.4 | 72.3 | |
Revenue | 359.6 | 267.2 | € 260.5 |
IRELAND | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | € 35.4 | € 34.3 |
Operating profit_(loss) (Detail
Operating profit/(loss) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Staff costs | € 386.1 | € 340.6 | € 340.2 |
Depreciation of property, plant and equipment | 79.8 | 63.4 | 59.8 |
Impairment loss recognised in profit or loss, intangible assets and goodwill | 5.8 | 1.7 | 0 |
Amortization of intangible assets | 8.8 | 8.2 | 7.8 |
Expense relating to low value and short-term leases | 9.9 | 6.1 | 3 |
Exchange losses/(gains) | 38.3 | 27 | (2.8) |
Research & development expenditure | 19.3 | 19.2 | 17.6 |
Inventories recognized as an expense within cost of goods sold | € 1,949.8 | € 1,694.3 | € 1,627.9 |
Exceptional items (Details)
Exceptional items (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unusual Or Infrequent Item1 [Line Items] | |||
Expenses From Supply Chain Reconfiguration, Restructuring Activities | € 0 | € 0 | € (12.5) |
Findus Group integration costs | 2.2 | 0 | 0 |
Findus Switzerland integration costs | 8.2 | 6.2 | 0.3 |
Brexit costs | 0 | 5.3 | 1.6 |
Business Transformation Program | 37 | 18.8 | 2.3 |
Information Technology Transformation Program | 4.4 | 4.2 | 0 |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 0 | 0 | 4 |
Factory Optimization | 3.5 | 4.9 | 10 |
Settlement of legacy matters | (28.9) | (2.6) | (2.9) |
Impairment of customer relationships | 5.8 | 0 | 0 |
Remeasurement of indemnification assets | 7 | 5 | 17.8 |
Adjustments For Exceptional Items | 48.7 | 45.3 | 20.6 |
Fortenova Group Integration Costs | € 9.5 | € 3.5 | € 0 |
Exceptional items - Additional
Exceptional items - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis Of Income And Expense [Line Items] | |||
Restructuring activities charges | € 0 | € 0 | € 12.5 |
Integration costs | 2.2 | 0 | 0 |
Income (charge) related to legacy matters | 28.9 | 2.6 | 2.9 |
Contingent Consideration Arrangements And Indemnification Assets Recognised As Of Acquisition Date, Release of Provision | 7.7 | 5.9 | |
Tax impact of exceptional items | 5.8 | 8.4 | 3.5 |
Payments relating to exceptional items | 65.2 | 48.8 | 12.1 |
Goodfella's Pizza and Aunt Bessie's Integration Related Costs | 0 | 0 | 4 |
Factory Optimization | 3.5 | 4.9 | 10 |
(Inflows)/Outflows Of Cash Due To Exceptional Items, Classified As Operating Activities | 40.8 | € 48.8 | € 12.1 |
Registration tax claim exceptional item | (27.9) | ||
Release of acquired provisions | € (1) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Information [Line Items] | |||
Average number of employees | 8,081 | 5,503 | 4,690 |
Production | |||
Employee Information [Line Items] | |||
Average number of employees | 4,189 | 3,310 | 3,043 |
Administration, distribution & sales | |||
Employee Information [Line Items] | |||
Average number of employees | 3,892 | 2,193 | 1,647 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Benefits And Share-Based Payments [Abstract] | |||
Wages and salaries | € 293.6 | € 266.4 | € 276.4 |
Social security costs | 72.9 | 56.1 | 49.2 |
Other pension costs | 19.6 | 18.1 | 14.6 |
Total payroll costs | € 386.1 | € 340.6 | € 340.2 |
Payroll costs, share based pa_5
Payroll costs, share based payments and management incentive schemes - Non Executive Director Restricted Share Awards (Details) $ / shares in Units, € in Millions | 12 Months Ended | ||||||||||
Jul. 01, 2022 shares $ / shares | Jun. 30, 2021 shares $ / shares | Jun. 17, 2020 shares $ / shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2021 $ / shares | Jan. 30, 2021 $ / shares | Dec. 31, 2020 $ / shares | Aug. 01, 2020 $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Share based payment charge | € | € 8.1 | € 5.1 | € 9 | ||||||||
Ordinary shares | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Share price (in Dollars per share) | $ / shares | $ 26.23 | $ 24.50 | $ 25.29 | $ 21.04 | $ 25.50 | ||||||
Share based compensation reserve | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Share based payment charge | € | € 8.1 | 5.1 | 9 | ||||||||
Restricted Shares | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
New awards granted in the period | 1,140,518 | 1,140,518 | |||||||||
Number of equity instruments exercised (in shares) | 237,800 | 237,800 | |||||||||
Non-Executive Director | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Expense from share-based payment transactions with employees | € | € 0.6 | € 0.8 | € 0.7 | ||||||||
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 | ||||||||||
New awards granted in the period | 29,676 | 24,759 | 32,140 | ||||||||
Number of equity instruments exercised (in shares) | 24,759 | 32,140 | |||||||||
Reclassification of awards for settlement of tax liabilities | 7,405 | 7,734 | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 20.22 | $ 28.27 | $ 21.78 | ||||||||
Number of other equity instruments exercisable in share-based payment arrangement | 3,537 | ||||||||||
Non-Executive Director | Restricted Shares | Ordinary shares | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Number of equity instruments exercised (in shares) | 13,817 | 24,406 |
Payroll costs, share based pa_6
Payroll costs, share based payments and management incentive schemes - Director and Senior Management Share Awards (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 01, 2022 shares | Jun. 30, 2021 shares | Jun. 17, 2020 shares | Mar. 31, 2022 shares | Feb. 28, 2021 shares | Jan. 31, 2021 shares | Jan. 31, 2020 shares | Sep. 30, 2019 shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Mar. 01, 2022 $ / shares | Feb. 01, 2021 $ / shares | Jan. 30, 2021 $ / shares | Jan. 01, 2021 $ / shares | Dec. 31, 2020 $ / shares | Aug. 01, 2020 $ / shares | |
Ordinary shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 26.23 | $ 24.50 | $ 25.29 | $ 21.04 | $ 25.50 | |||||||||||
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 at beginning of period | 2,016,855 | |||||||||||||||
New awards granted in the period | 1,140,518 | |||||||||||||||
Awards vested and issued in the period | (237,800) | |||||||||||||||
Forfeitures in the period | (220,416) | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 2,699,157 | 2,016,855 | ||||||||||||||
Restricted Shares | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
New awards granted in the period | 29,676 | 24,759 | 32,140 | |||||||||||||
Awards vested and issued in the period | (24,759) | (32,140) | ||||||||||||||
Reclassification of awards for settlement of tax liabilities | 7,405 | 7,734 | ||||||||||||||
Restricted Shares | Key Management Personnel Of Entity Or Parent, Non-Executive Director [Member] | Ordinary shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (13,817) | (24,406) | ||||||||||||||
January 1, 2016 | Restricted Shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (1,041,953) | |||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.42 | |||||||||||||||
Reclassification of awards for settlement of tax liabilities | 454,320 | |||||||||||||||
January 1, 2016 | Restricted Shares | Ordinary shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (587,633) | |||||||||||||||
January 1, 2017 | Restricted Shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (451,719) | (368,154) | ||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.89 | $ 25.42 | ||||||||||||||
Reclassification of awards for settlement of tax liabilities | 180,268 | 150,926 | ||||||||||||||
January 1, 2017 | Restricted Shares | Ordinary shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (271,451) | (217,228) | ||||||||||||||
January 1, 2018 | 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 at beginning of period | 431,790 | |||||||||||||||
New awards granted in the period | 0 | |||||||||||||||
Awards vested and issued in the period | (237,800) | (237,800) | ||||||||||||||
Forfeitures in the period | 0 | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 193,990 | 431,790 | ||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.17 | |||||||||||||||
Reclassification of awards for settlement of tax liabilities | 99,990 | |||||||||||||||
January 1, 2018 | Restricted Shares | Ordinary shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
Awards vested and issued in the period | (137,810) | |||||||||||||||
January 1, 2019 | 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 at beginning of period | 152,695 | |||||||||||||||
New awards granted in the period | 173,293 | 0 | ||||||||||||||
Awards vested and issued in the period | 0 | |||||||||||||||
Forfeitures in the period | 0 | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 152,695 | 152,695 | ||||||||||||||
January 1, 2020 | 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 at beginning of period | 645,093 | |||||||||||||||
New awards granted in the period | 761,979 | 0 | ||||||||||||||
Awards vested and issued in the period | 0 | |||||||||||||||
Forfeitures in the period | (46,920) | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 598,173 | 645,093 | ||||||||||||||
January 1, 2022 and Other Awards | Restricted Shares | ||||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||||
New awards granted in the period | 1,140,518 | |||||||||||||||
january 1, 2021 | 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 at beginning of period | 787,277 | |||||||||||||||
New awards granted in the period | 0 | 820,202 | ||||||||||||||
Awards vested and issued in the period | 0 | |||||||||||||||
Forfeitures in the period | (103,728) | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 683,549 | 787,277 | ||||||||||||||
January 1, 2022 | 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 at beginning of period | 0 | |||||||||||||||
New awards granted in the period | 964,518 | |||||||||||||||
Awards vested and issued in the period | 0 | |||||||||||||||
Forfeitures in the period | (69,768) | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 894,750 | 0 | ||||||||||||||
Other | 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 at beginning of period | 0 | |||||||||||||||
New awards granted in the period | 176,000 | |||||||||||||||
Awards vested and issued in the period | 0 | |||||||||||||||
Forfeitures in the period | 0 | |||||||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 176,000 | 0 |
Payroll costs, share based pa_7
Payroll costs, share based payments and management incentive schemes - Director and Senior Management Share Awards Narrative (Details) € in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Feb. 28, 2021 shares | Jan. 31, 2021 shares | Jan. 31, 2020 shares | Sep. 30, 2019 shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Feb. 01, 2021 $ / shares | Jan. 30, 2021 $ / shares | Jan. 01, 2021 $ / shares | Dec. 31, 2020 $ / shares | Aug. 01, 2020 $ / shares | |
EBITDA | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Share price performance | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Cumulative net sales | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Ordinary shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 26.23 | $ 24.50 | $ 25.29 | $ 21.04 | $ 25.50 | |||||||||
Management Award 2018 | EBITDA | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Vesting period | 4 years | |||||||||||||
Management Award 2018 | Share price performance | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 3 years | 2 years | ||||||||||||
Vesting period | 3 years | 2 years | ||||||||||||
Management Award 2018 | Share price performance | Bottom of range | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 2 years | |||||||||||||
Vesting period | 2 years | |||||||||||||
Management Award 2018 | Share price performance | Top of range | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Vesting period | 5 years | |||||||||||||
Vesting period | 5 years | |||||||||||||
Restricted Shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 2,699,157 | 2,016,855 | ||||||||||||
New awards granted in the period | 1,140,518 | |||||||||||||
Number of equity instruments exercised (in shares) | 237,800 | |||||||||||||
Restricted Shares | Key management personnel | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Expense from share-based payment transactions with employees | € | € 7.5 | € 4.3 | € 8.3 | |||||||||||
January 1, 2016 | Restricted Shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments exercised (in shares) | 1,041,953 | |||||||||||||
Reclassification of awards for settlement of tax liabilities | 454,320 | |||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.42 | |||||||||||||
January 1, 2016 | Restricted Shares | Ordinary shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments exercised (in shares) | 587,633 | |||||||||||||
January 1, 2017 | Restricted Shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments exercised (in shares) | 451,719 | 368,154 | ||||||||||||
Reclassification of awards for settlement of tax liabilities | 180,268 | 150,926 | ||||||||||||
Share price (in Dollars per share) | $ / shares | $ 25.89 | $ 25.42 | ||||||||||||
January 1, 2017 | Restricted Shares | Ordinary shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments exercised (in shares) | 271,451 | 217,228 | ||||||||||||
January 1, 2019 | Restricted Shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 152,695 | 152,695 | ||||||||||||
New awards granted in the period | 173,293 | 0 | ||||||||||||
Number of equity instruments exercised (in shares) | 0 | |||||||||||||
January 1, 2020 | Restricted Shares | ||||||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||||||||
Number of equity instruments outstanding in share-based payment arrangement (in shares) | 598,173 | 645,093 | ||||||||||||
New awards granted in the period | 761,979 | 0 | ||||||||||||
Number of equity instruments exercised (in shares) | 0 |
Payroll costs, share based pa_8
Payroll costs, share based payments and management incentive schemes - Inputs and Assumptions Underlying the Monte Carlo Model (Details) $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | |||||||||||
Dec. 31, 2022 $ / shares | Dec. 31, 2021 | Jan. 01, 2022 USD ($) | Jan. 01, 2022 EUR (€) | Jan. 01, 2021 USD ($) | Jan. 01, 2021 EUR (€) | Jan. 01, 2020 USD ($) | Jan. 01, 2020 EUR (€) | Jan. 01, 2019 USD ($) | Jan. 01, 2019 EUR (€) | Jan. 01, 2018 USD ($) | Jan. 01, 2018 EUR (€) | |
January 1, 2018 | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 1.6 | € 1.3 | ||||||||||
January 1, 2018 | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Grant date price (in Dollar per share) | $ 16.72 | |||||||||||
Exercise price (in Dollar per share) | $ 0 | |||||||||||
Expected volatility of the share price | 22.70% | |||||||||||
Dividend yield expected | 0% | |||||||||||
Risk free rate | 2.55% | |||||||||||
Employee exit rate | 14% | |||||||||||
EBITDA Performance Target Condition | 35% | |||||||||||
January 1, 2018 | Minimum | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Expected life of restricted share | 1 year 6 months | |||||||||||
January 1, 2018 | Top of range | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Expected life of restricted share | 4 years | |||||||||||
January 1, 2019 | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 1.4 | € 1.2 | ||||||||||
January 1, 2019 | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Grant date price (in Dollar per share) | $ 20.15 | |||||||||||
Exercise price (in Dollar per share) | $ 0 | |||||||||||
Expected life of restricted share | 4 years | |||||||||||
Expected volatility of the share price | 24% | |||||||||||
Dividend yield expected | 0% | |||||||||||
Risk free rate | 1.33% | |||||||||||
Employee exit rate | 14% | |||||||||||
EBITDA Performance Target Condition | 35% | |||||||||||
January 1, 2020 | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 4.8 | € 4.3 | ||||||||||
January 1, 2020 | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Grant date price (in Dollar per share) | $ 22.37 | |||||||||||
Exercise price (in Dollar per share) | $ 0 | |||||||||||
Expected life of restricted share | 4 years | |||||||||||
Expected volatility of the share price | 24.40% | |||||||||||
Dividend yield expected | 0% | |||||||||||
Risk free rate | 1.70% | |||||||||||
Employee exit rate | 27.30% | |||||||||||
EBITDA Performance Target Condition | 35% | |||||||||||
Other | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 2.8 | € 2.4 | ||||||||||
january 1, 2021 | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 7 | € 5.8 | ||||||||||
january 1, 2021 | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Grant date price (in Dollar per share) | $ 25.42 | |||||||||||
Exercise price (in Dollar per share) | $ 0 | |||||||||||
Expected life of restricted share | 3 years | |||||||||||
Expected volatility of the share price | 30% | |||||||||||
Dividend yield expected | 0% | |||||||||||
Risk free rate | 0.24% | |||||||||||
Employee exit rate | 14% | |||||||||||
EBITDA Performance Target Condition | 35% | |||||||||||
January 1, 2022 | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
FV of equity instruments | $ 7.6 | € 6.6 | ||||||||||
January 1, 2022 | Restricted Shares | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Grant date price (in Dollar per share) | $ 25.39 | |||||||||||
Exercise price (in Dollar per share) | $ 0 | |||||||||||
Expected life of restricted share | 3 years | |||||||||||
Expected volatility of the share price | 28% | |||||||||||
Dividend yield expected | 0% | |||||||||||
Risk free rate | 1.15% | |||||||||||
Employee exit rate | 14% | |||||||||||
EBITDA Performance Target Condition | 35% |
Payroll costs, share based pa_9
Payroll costs, share based payments and management incentive schemes - Initial Options (Details) € in Millions | 12 Months Ended | ||||
Jul. 01, 2022 shares | Jun. 30, 2021 shares | Dec. 31, 2022 shares | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting of Non-Executive Restricted Stock award | € | € 0 | € 0 | |||
Restricted Shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of equity instruments exercised (in shares) | 237,800 | ||||
Non-Executive Director | Restricted Shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of equity instruments exercised (in shares) | 24,759 | 32,140 | |||
Ordinary shares | Non-Executive Director | Restricted Shares | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of equity instruments exercised (in shares) | 13,817 | 24,406 |
Directors and Key Management _3
Directors and Key Management compensation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | |||
Short-term employee benefits | € 1.8 | € 2.2 | € 3.9 |
Share-based payment expense | 3.5 | 2.4 | 3.5 |
Non-Executive Director fees | 0.3 | 0.3 | 0.3 |
Total Directors' and executive officers' compensation | € 5.6 | € 4.9 | € 7.7 |
Directors and Key Management _4
Directors and Key Management compensation - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2022 director executive_officer | Dec. 31, 2021 executive_officer director | Dec. 31, 2020 executive_officer director | |
Related Party [Abstract] | |||
Number of Members of Key Management Accruing Benefits Under Money Purchase Schemes | director | 2 | 2 | 2 |
Number of executive Officers accruing benefits under share-based payment schemes | executive_officer | 2 | 2 | 2 |
Finance income and costs (Detai
Finance income and costs (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of income and expense [abstract] | |||
Interest income | € 0.6 | € 0.1 | € 0.7 |
Net gain on refinancing | 2.3 | 0 | 0 |
Net foreign exchange gains on translation of financial assets and liabilities | 9.2 | 0 | 4 |
Finance income | 12.1 | 0.1 | 4.7 |
Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss (b) | (79.8) | (59.8) | (64) |
Cross-currency interest rate swaps: cash flow hedges, transfer from equity | 18.8 | 1.6 | 5.9 |
Impairment loss recognised in profit or loss, loans and advances | 0 | (8.6) | 0 |
Net pension interest costs | (2.8) | (1.7) | (2.7) |
Amortization of debt discounts and borrowing costs | (2.7) | (2) | (2) |
Net foreign exchange losses on translation of financial assets and liabilities | 0 | (4) | 0 |
Net fair value losses on derivatives held at fair value through profit or loss (c) | 0 | (13.7) | (5.6) |
Financing costs incurred in amendment of terms of debt | 0 | 17.9 | 0 |
Finance costs | (66.5) | (106.1) | (68.4) |
Net finance costs | (54.4) | (106) | € (63.7) |
Deferred transaction costs written off | 1.3 | ||
Non-cash loss recognized in relation to cross currency interest rate swaps | 7.8 | ||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Gains (Losses) on Restructuring of previous debt | € (10.1) | ||
Deferred gain on cross currency interest rate swap [Abstract] | 10.2 | ||
refinancing expense [Abstract] | 2.3 | ||
Non-cash gain on refinancing [Abstract] | 4.3 | ||
Deferred transaction costs written off | € 1.3 |
Taxation - Components of Tax Ex
Taxation - Components of Tax Expense (Income) (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Current tax on profits for the period | € (69.9) | € (117.5) | € (44.8) |
Adjustments in respect of prior periods | 5.8 | 0.6 | (7.6) |
Total current tax expense and adjustments | (64.1) | (116.9) | (52.4) |
Origination and reversal of temporary differences | (4.4) | 116.3 | (1.2) |
Impact of change in tax rates | (2.7) | (55.1) | (16.8) |
Total deferred tax expense and adjustments | (7.1) | 61.2 | (18) |
Total tax expense | € (71.2) | € (55.7) | € (70.4) |
Taxation - Reconciliation of Ef
Taxation - Reconciliation of Effective Tax Rate (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Profit (loss) before tax | € 321 | € 236.7 | € 295.5 |
Tax charge at the standard UK corporation tax rate 19% (2021: 19%; 2020: 19%) | (61) | (45) | (56.1) |
Difference in tax rates | (16.3) | 22.7 | (18.2) |
Non tax deductible interest | (0.2) | 0.1 | (0.1) |
Other income and expenses not taxable or deductible | (3.1) | 2.5 | (0.8) |
Unrecognized tax assets | (2.5) | (1.5) | (6.3) |
Provisions for uncertainties | 8.8 | (52.5) | 35.5 |
Impact of change in tax rates | (2.7) | (55.1) | (16.8) |
Change in tax base of assets due to step-up | 0 | (72.5) | 0 |
Prior period adjustment | 5.8 | 0.6 | (7.6) |
Total tax expense | € (71.2) | € (55.7) | € (70.4) |
Standard tax rate | 19% | 19% | 19% |
Current tax payable | € 183 | € 198.5 | |
Deferred tax assets | 100.4 | 128.3 | |
Provisions for tax uncertainties | € 152.9 | € 163.4 | |
Effective tax rate | 22.20% | 23.50% |
Taxation - Tax charge_(credit)
Taxation - Tax charge/(credit) Relating To Components Of Other Comprehensive Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Abstract] | |||
Remeasurement of post-employment benefit liabilities, before tax | € (108.1) | € (36.1) | € 27.8 |
Remeasurement of post-employment benefit liabilities, tax charge/(credit) | 26.1 | 10.2 | (8.3) |
Remeasurement of post-employment benefit liabilities, after tax | (82) | (25.9) | 19.5 |
Net investment hedge, before tax | 15.8 | (18.8) | 10.1 |
Net investment hedge, tax charge/(credit) | 0 | 0 | 0 |
Net investment hedge, after tax | 15.8 | (18.8) | 10.1 |
Cash flow hedges, before tax | (67.8) | (22.6) | 17.3 |
Cash flow hedges, tax charge/(credit) | 3.3 | 13.6 | (6) |
Cash flow hedges, after tax | (64.5) | (9) | 11.3 |
Other comprehensive (income)/loss, before tax | (160.1) | (77.5) | 55.2 |
Income tax relating to components of other comprehensive income | 29.4 | 23.8 | (14.3) |
Other comprehensive (income)/loss, after tax | € (130.7) | € (53.7) | € 40.9 |
Current and deferred tax relating to items charged or credited directly to equity [abstract] | |||
Standard tax rate | 19% | 19% | 19% |
Disclosure of analysis of other comprehensive income by item [table] | |||
Income tax relating to components of other comprehensive income | € 29.4 | € 23.8 | € (14.3) |
Current tax | |||
Income Taxes [Abstract] | |||
Income tax relating to components of other comprehensive income | 0 | 0 | 0 |
Disclosure of analysis of other comprehensive income by item [table] | |||
Income tax relating to components of other comprehensive income | 0 | 0 | 0 |
Deferred tax | |||
Income Taxes [Abstract] | |||
Income tax relating to components of other comprehensive income | 29.4 | 23.8 | (14.3) |
Disclosure of analysis of other comprehensive income by item [table] | |||
Income tax relating to components of other comprehensive income | € 29.4 | € 23.8 | € (14.3) |
Taxation recognized directly in
Taxation recognized directly in equity (Details) € in Millions | 12 Months Ended |
Dec. 31, 2022 EUR (€) | |
Income Taxes [Abstract] | |
Current tax relating to items credited (charged) directly to equity | € 0.3 |
Deferred tax relating to items credited (charged) directly to equity | 2 |
Current and deferred tax relating to items credited (charged) directly to equity | € 2.3 |
Property, plant and equipment (
Property, plant and equipment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 542.9 | € 549.4 | |
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Individually Held | 5% | ||
Guarantor Group, Percentage Of Consolidated Gross Assets Or Adjusted EBITDA Held In Total | 80% | ||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | € 489.2 | 373.2 | |
Depreciation | 79.8 | 63.4 | € 59.8 |
Property, plant and equipment | 493.9 | 489.2 | 373.2 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 730.6 | 556.7 | |
Acquisitions through business combinations | 76 | ||
Additions | 72.4 | 81.1 | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 1.7 | ||
Disposals | (11) | (6) | |
Effect of movements in foreign exchange | 21.5 | (22.8) | |
Disposals, property, plant and equipment | 11 | 6 | |
Property, plant and equipment | 768.8 | 730.6 | 556.7 |
Acquisitions through business combinations | 76 | ||
Disposals, property, plant and equipment | 11 | 6 | |
Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (241.4) | (183.5) | |
Increase (decrease) through transfers and other changes, property, plant and equipment | (0.1) | ||
Disposals | 10.2 | 4.8 | |
Effect of movements in foreign exchange | (13.9) | 15.9 | |
Depreciation | 57.7 | 46.8 | |
Disposals, property, plant and equipment | (10.2) | (4.8) | |
Property, plant and equipment | (274.9) | (241.4) | (183.5) |
Disposals, property, plant and equipment | (10.2) | (4.8) | |
Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 176.2 | 136.1 | |
Property, plant and equipment | 177.4 | 176.2 | 136.1 |
Land and buildings | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 216.7 | 165.3 | |
Acquisitions through business combinations | 30.5 | ||
Additions | 13.6 | 14.8 | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 0 | ||
Disposals | (0.1) | (0.1) | |
Effect of movements in foreign exchange | 4.2 | (6.2) | |
Disposals, property, plant and equipment | 0.1 | 0.1 | |
Property, plant and equipment | 226 | 216.7 | 165.3 |
Acquisitions through business combinations | 30.5 | ||
Disposals, property, plant and equipment | 0.1 | 0.1 | |
Land and buildings | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (40.5) | (29.2) | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 0 | ||
Disposals | 0 | 0 | |
Effect of movements in foreign exchange | (2.2) | 2.9 | |
Depreciation | 10.3 | 8.4 | |
Disposals, property, plant and equipment | 0 | 0 | |
Property, plant and equipment | (48.6) | (40.5) | (29.2) |
Disposals, property, plant and equipment | 0 | 0 | |
Plant and equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 302.9 | 228 | |
Property, plant and equipment | 309.1 | 302.9 | 228 |
Plant and equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 494.2 | 376.1 | |
Acquisitions through business combinations | 45 | ||
Additions | 57 | 62.8 | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 0 | ||
Disposals | (5.3) | (5.9) | |
Effect of movements in foreign exchange | 17.3 | (16.2) | |
Disposals, property, plant and equipment | 5.3 | 5.9 | |
Property, plant and equipment | 528.6 | 494.2 | 376.1 |
Acquisitions through business combinations | 45 | ||
Disposals, property, plant and equipment | 5.3 | 5.9 | |
Plant and equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (191.3) | (148.1) | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 0 | ||
Disposals | 4.6 | 4.8 | |
Effect of movements in foreign exchange | (11.5) | 12.6 | |
Depreciation | 44.3 | 35.4 | |
Disposals, property, plant and equipment | (4.6) | (4.8) | |
Property, plant and equipment | (219.5) | (191.3) | (148.1) |
Disposals, property, plant and equipment | (4.6) | (4.8) | |
Computer equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 10.1 | 9.1 | |
Property, plant and equipment | 7.4 | 10.1 | 9.1 |
Computer equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | 19.7 | 15.3 | |
Acquisitions through business combinations | 0.5 | ||
Additions | 1.8 | 3.5 | |
Increase (decrease) through transfers and other changes, property, plant and equipment | 1.7 | ||
Disposals | (5.6) | 0 | |
Effect of movements in foreign exchange | 0 | (0.4) | |
Disposals, property, plant and equipment | 5.6 | 0 | |
Property, plant and equipment | 14.2 | 19.7 | 15.3 |
Acquisitions through business combinations | 0.5 | ||
Disposals, property, plant and equipment | 5.6 | 0 | |
Computer equipment | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Property, plant and equipment | (9.6) | (6.2) | |
Increase (decrease) through transfers and other changes, property, plant and equipment | (0.1) | ||
Disposals | 5.6 | 0 | |
Effect of movements in foreign exchange | (0.2) | 0.4 | |
Depreciation | 3.1 | 3 | |
Disposals, property, plant and equipment | (5.6) | 0 | |
Property, plant and equipment | (6.8) | (9.6) | € (6.2) |
Disposals, property, plant and equipment | € (5.6) | € 0 |
Property, plant and equipment -
Property, plant and equipment - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Construction in progress | € 31 | € 40.5 |
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5% | |
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80% |
Property, plant and equipment_2
Property, plant and equipment Disclosure NBV of Right of Use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 49 | € 60.2 |
Additions to right-of-use assets | 10.8 | |
Land and buildings [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 35 | 44.8 |
Property, plant and equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | 13.9 | 15.3 |
Computer equipment [member] | ||
Asset Class of RIght of use Assets [Line Items] | ||
Right-of-use assets | € 0.1 | € 0.1 |
Property, plant and equipment_3
Property, plant and equipment Disclosure Depreciation of Right of use Assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 22.1 | € 16.6 | € 15.7 |
Land and buildings [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 15.2 | 10.9 | 10.6 |
Property, plant and equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | 6.8 | 5.5 | 4.9 |
Computer equipment [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation, right-of-use assets | € 0.1 | € 0.2 | € 0.2 |
Goodwill and Intangibles - Cost
Goodwill and Intangibles - Cost (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | € 4,555.1 | € 4,058.2 | |
Amortization of intangible assets | 8.8 | 8.2 | € 7.8 |
Intangible assets and goodwill | 4,559.2 | 4,555.1 | 4,058.2 |
Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 4,599.7 | 4,094.9 | |
Acquisitions through business combinations | 2 | 494.5 | |
Additions | 11.3 | 5.8 | |
Disposals, intangible assets other than goodwill | 2.5 | ||
Disposals, intangible assets and goodwill | (0.1) | ||
Effect of movements in foreign exchange | 3.4 | 7 | |
Intangible assets and goodwill | 4,618 | 4,599.7 | 4,094.9 |
Increase (decrease) through transfers, intangible assets other than goodwill | 1.7 | ||
Additions | 11.3 | 5.8 | |
Disposals, intangible assets other than goodwill | 2.5 | ||
Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (44.6) | (36.7) | |
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Effect of movements in foreign exchange | 0.4 | 0.3 | |
Amortization of intangible assets | (8.8) | (8.2) | |
Intangible assets and goodwill | (58.8) | (44.6) | (36.7) |
Increase (decrease) through transfers, intangible assets other than goodwill | (0.1) | ||
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Goodwill | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,099.4 | 1,902.5 | |
Intangible assets and goodwill | 2,101.6 | 2,099.4 | 1,902.5 |
Goodwill | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,099.4 | 1,902.5 | |
Acquisitions through business combinations | 2 | 192.6 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 0.2 | 4.3 | |
Intangible assets and goodwill | 2,101.6 | 2,099.4 | 1,902.5 |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Goodwill | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | 0 | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of intangible assets | 0 | 0 | |
Intangible assets and goodwill | 0 | 0 | 0 |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets other than goodwill | 0 | 0 | |
Brands | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,415.3 | 2,116.8 | |
Intangible assets and goodwill | 2,417.7 | 2,415.3 | 2,116.8 |
Brands | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 2,422.1 | 2,122.4 | |
Acquisitions through business combinations | 0 | 296.5 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 3.5 | 3.2 | |
Intangible assets and goodwill | 2,425.6 | 2,422.1 | 2,122.4 |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Brands | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (6.8) | (5.6) | |
Disposals, intangible assets other than goodwill | 0 | 0 | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of intangible assets | (1.1) | (1.2) | |
Intangible assets and goodwill | (7.9) | (6.8) | (5.6) |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets other than goodwill | 0 | 0 | |
Computer software | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 18.9 | 19.3 | |
Intangible assets and goodwill | 26.8 | 18.9 | 19.3 |
Computer software | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 42.9 | 39 | |
Acquisitions through business combinations | 0 | 1.1 | |
Additions | 11.3 | 5.8 | |
Disposals, intangible assets other than goodwill | 2.5 | ||
Disposals, intangible assets and goodwill | (0.1) | ||
Effect of movements in foreign exchange | (0.3) | (0.5) | |
Intangible assets and goodwill | 55.5 | 42.9 | 39 |
Increase (decrease) through transfers, intangible assets other than goodwill | 1.7 | ||
Additions | 11.3 | 5.8 | |
Disposals, intangible assets other than goodwill | 2.5 | ||
Computer software | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (24) | (19.7) | |
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Effect of movements in foreign exchange | 0.4 | 0.3 | |
Amortization of intangible assets | (5.1) | (4.6) | |
Intangible assets and goodwill | (28.7) | (24) | (19.7) |
Increase (decrease) through transfers, intangible assets other than goodwill | (0.1) | ||
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Customer relationships | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 21.5 | 19.6 | |
Intangible assets and goodwill | 13.1 | 21.5 | 19.6 |
Customer relationships | Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | 35.3 | 31 | |
Acquisitions through business combinations | 0 | 4.3 | |
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets and goodwill | 0 | ||
Effect of movements in foreign exchange | 0 | 0 | |
Intangible assets and goodwill | 35.3 | 35.3 | 31 |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Additions | 0 | 0 | |
Disposals, intangible assets other than goodwill | 0 | ||
Customer relationships | Accumulated depreciation, amortisation and impairment [member] | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Intangible assets and goodwill | (13.8) | (11.4) | |
Disposals, intangible assets other than goodwill | 0 | 0 | |
Effect of movements in foreign exchange | 0 | 0 | |
Amortization of intangible assets | (2.6) | (2.4) | |
Intangible assets and goodwill | (22.2) | (13.8) | € (11.4) |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets other than goodwill | € 0 | € 0 |
Goodwill and Intangibles - Accu
Goodwill and Intangibles - Accumulated Amortization and Impairment (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | € (4,555.1) | € (4,058.2) | |
Amortisation, intangible assets other than goodwill | (8.8) | (8.2) | € (7.8) |
Intangible assets and goodwill | (4,559.2) | (4,555.1) | (4,058.2) |
Intangible assets and goodwill | 4,559.2 | 4,555.1 | 4,058.2 |
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 44.6 | 36.7 | |
Amortisation, intangible assets other than goodwill | 8.8 | 8.2 | |
Impairment loss recognised in profit or loss, intangible assets other than goodwill | (5.8) | (1.7) | |
Increase (decrease) through transfers, intangible assets other than goodwill | (0.1) | ||
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.4) | (0.3) | |
Intangible assets and goodwill | 58.8 | 44.6 | 36.7 |
Intangible assets and goodwill | (58.8) | (44.6) | (36.7) |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (2,099.4) | (1,902.5) | |
Intangible assets and goodwill | (2,101.6) | (2,099.4) | (1,902.5) |
Intangible assets and goodwill | 2,101.6 | 2,099.4 | 1,902.5 |
Goodwill | Accumulated depreciation, amortisation and impairment [member] | |||
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 | |
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 0 | 0 | |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, 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 | (21.5) | (19.6) | |
Intangible assets and goodwill | (13.1) | (21.5) | (19.6) |
Intangible assets and goodwill | 13.1 | 21.5 | 19.6 |
Customer relationships | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 13.8 | 11.4 | |
Amortisation, intangible assets other than goodwill | 2.6 | 2.4 | |
Impairment loss recognised in profit or loss, intangible assets other than goodwill | (5.8) | 0 | |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets other than goodwill | 0 | 0 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 22.2 | 13.8 | 11.4 |
Intangible assets and goodwill | (22.2) | (13.8) | (11.4) |
Brands | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (2,415.3) | (2,116.8) | |
Intangible assets and goodwill | (2,417.7) | (2,415.3) | (2,116.8) |
Intangible assets and goodwill | 2,417.7 | 2,415.3 | 2,116.8 |
Brands | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 6.8 | 5.6 | |
Amortisation, intangible assets other than goodwill | 1.1 | 1.2 | |
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 0 | 0 | |
Increase (decrease) through transfers, intangible assets other than goodwill | 0 | ||
Disposals, intangible assets other than goodwill | 0 | 0 | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 0 | 0 | |
Intangible assets and goodwill | 7.9 | 6.8 | 5.6 |
Intangible assets and goodwill | (7.9) | (6.8) | (5.6) |
Computer software | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | (18.9) | (19.3) | |
Intangible assets and goodwill | (26.8) | (18.9) | (19.3) |
Intangible assets and goodwill | 26.8 | 18.9 | 19.3 |
Computer software | Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Intangible assets and goodwill | 24 | 19.7 | |
Amortisation, intangible assets other than goodwill | 5.1 | 4.6 | |
Impairment loss recognised in profit or loss, intangible assets other than goodwill | 0 | (1.7) | |
Increase (decrease) through transfers, intangible assets other than goodwill | (0.1) | ||
Disposals, intangible assets other than goodwill | (0.1) | (1.7) | |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (0.4) | (0.3) | |
Intangible assets and goodwill | 28.7 | 24 | 19.7 |
Intangible assets and goodwill | € (28.7) | € (24) | € (19.7) |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € (8.8) | € (8.2) | € (7.8) |
Discount rate | 8.30% | 6.40% | |
Long-term growth rate | 1% | 1% | |
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss | € 8.8 | € 8.2 | 7.8 |
Impairment loss (reversal of impairment loss) recognised in profit or loss | 5.8 | 1.7 | € 0 |
Intangible assets with indefinite useful life | 2,416.4 | ||
Accumulated depreciation, amortisation and impairment [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Amortization | € 8.8 | € 8.2 |
Acquisitions - Findus Switzerla
Acquisitions - Findus Switzerland (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Disclosure of detailed information about business combination [line items] | |||
Assets | € 6,326.1 | € 6,170.8 | |
Total liabilities | 3,719.9 | 3,871.8 | |
Deferred tax liabilities | (445.7) | (437.6) | |
Trade and other current payables | (695.4) | (692) | |
Assets (liabilities) | € 2,606.2 | € 2,299 | |
Fortenova Group | |||
Disclosure of detailed information about business combination [line items] | |||
Cash transferred | € 641.6 | ||
Identifiable intangible assets recognised as of acquisition date | 301.9 | ||
Property, plant and equipment recognised as of acquisition date | 95 | ||
Current assets recognised as of acquisition date | 71.1 | ||
Inventory recognised as of acquisition date | 46.9 | ||
Assets | 573.3 | ||
Current liabilities recognised as of acquisition date | 62.1 | ||
Non-current liabilities recognised as of acquisition date | 16.6 | ||
Deferred tax liabilities recognised as of acquisition date | 47.7 | ||
Total liabilities | 126.4 | ||
Identifiable assets acquired (liabilities assumed) | 446.9 | ||
Consideration transferred, acquisition-date fair value | 641.6 | ||
Goodwill recognised as of acquisition date | € 194.7 |
Acquisitions (Details)
Acquisitions (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||
Net cash consideration (received)/paid | € (0.4) | € 640.9 | € 113 |
Less cash acquired | 0 | (43.6) | (0.1) |
Net (inflow)/outflow of cash - investing activities | € (0.4) | € 597.3 | € 112.9 |
Acquisitions (Fortenova) (Detai
Acquisitions (Fortenova) (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | |
Disclosure of detailed information about business combination [line items] | ||||
Net cash consideration (received)/paid | € (0.4) | € 640.9 | € 113 | |
Assets | 6,326.1 | 6,170.8 | ||
Liabilities | 3,719.9 | € 3,871.8 | ||
Fortenova Group | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash transferred | € 641.6 | |||
Net cash consideration (received)/paid | 1.5 | |||
Impairment loss recognised in profit or loss, goodwill | € 0.6 | |||
Identifiable intangible assets recognised as of acquisition date | 301.9 | |||
Property, plant and equipment recognised as of acquisition date | 95 | |||
Current assets recognised as of acquisition date | 71.1 | |||
Cash and cash equivalents recognised as of acquisition date | 43.6 | |||
Inventory recognised as of acquisition date | 46.9 | |||
Deferred tax assets recognised as of acquisition date | 14.8 | |||
Assets | 573.3 | |||
Current liabilities recognised as of acquisition date | 62.1 | |||
Non-current liabilities recognised as of acquisition date | 16.6 | |||
Deferred tax liabilities recognised as of acquisition date | 47.7 | |||
Liabilities | 126.4 | |||
Identifiable assets acquired (liabilities assumed) | (446.9) | |||
Consideration transferred, acquisition-date fair value | 641.6 | |||
Goodwill recognised as of acquisition date | € 194.7 |
Investments (Details)
Investments (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Nomad Foods Europe Holdings Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Europe Holdco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Europe Finco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Europe Midco Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Bondco Plc | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Lux S.à.r.l. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Europe Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Birds Eye Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Nomad Foods Europe Finance Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Birds Eye Ireland Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Holding GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Nederland B.V. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Belgium S.A. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Portugal | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Austria Holdings GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
C.S.I. Compagnia Surgelati Italiana S.R.L | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Sverige Holdings AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Frozen Fish International GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Liberator Germany Newco GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Iglo Austria GmbH | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Frionor Sverige AB | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Holdings France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus France SAS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Espana SLU | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Danmark A/S | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Finland Oy | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Norge AS | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Norge Holding AS [Member] [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Topprys AB [Domain] | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Findus Switzerland | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
LEDO plus d.o.o. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
INDUSTRIJA SMRZNUTE HRANE FRIKOM DOO BEOGRAD | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
LEDO d.o.o. Čitluk | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
IRIDA d.o.o. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
LEDO Jégkrém és Fagyasztott Élelmiszer Gyártó és Forgalmazó Korlátolt Felelősségű Társaság | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Ledo d.o.o. (LEDO, podjetje za trgovino s sladoledom, zmrznjeno hrano in storitve, d.o.o.) | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Ledo d.o.o. Podgorica (Društvo Za Proizvodnju, promet roba i usluga “Ledo” d.o.o. Podgorica) | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
Ledo Sh.p.k. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
FRIKOM BEOGRAD DOOEL Čučer Sandevo | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Ownership | 100% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 100.4 | € 128.3 | |
Deferred tax liabilities | (445.7) | (437.6) | |
Tax assets/(liabilities) | (345.3) | (309.3) | € (313.6) |
Deferred tax assets not recognized in the financial statements | 65.2 | 70.4 | |
Deferred tax items credited (charged) to equity | 2 | ||
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6.2 | 8.9 | |
Deferred tax liabilities | (39.9) | (34.4) | |
Tax assets/(liabilities) | (33.7) | (25.5) | (6.7) |
Deferred tax items credited (charged) to equity | 0 | ||
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 29.9 | 33.8 | |
Deferred tax liabilities | (384.6) | (382.9) | |
Tax assets/(liabilities) | (354.7) | (349.1) | (383.5) |
Deferred tax items credited (charged) to equity | 0 | ||
Employee benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 13 | 36.4 | |
Deferred tax liabilities | 0 | 0 | |
Tax assets/(liabilities) | 13 | 36.4 | 48 |
Deferred tax items credited (charged) to equity | (2) | ||
Tax value of loss carry forwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 43.8 | 40.4 | |
Deferred tax liabilities | 0 | 0 | |
Tax assets/(liabilities) | 43.8 | 40.4 | 24.6 |
Deferred tax items credited (charged) to equity | 0 | ||
Derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 0.1 | 1.7 | |
Deferred tax liabilities | (8.9) | (7) | |
Tax assets/(liabilities) | (8.8) | (5.3) | 9.2 |
Deferred tax items credited (charged) to equity | 0 | ||
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 7.4 | 7.1 | |
Deferred tax liabilities | (12.3) | (13.3) | |
Tax assets/(liabilities) | (4.9) | € (6.2) | € (5.2) |
Deferred tax items credited (charged) to equity | € 0 |
Deferred tax assets and liabi_4
Deferred tax assets and liabilities - Changes in Deferred tax (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | € (309.3) | € (313.6) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (32.9) | ||
Recognized in Statement of Profit or Loss | (7.1) | 61.2 | |
Recognized in Other Comprehensive Income | (29.4) | (23.8) | € 14.3 |
Movement in foreign exchange | (1.5) | (0.2) | |
Closing balance | (345.3) | (309.3) | (313.6) |
Deferred tax relating to items credited (charged) directly to equity | 2 | ||
Property, plant and equipment | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (25.5) | (6.7) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (2.2) | ||
Recognized in Statement of Profit or Loss | (8.7) | (17.2) | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0.5 | 0.6 | |
Closing balance | (33.7) | (25.5) | (6.7) |
Deferred tax relating to items credited (charged) directly to equity | 0 | ||
Intangible assets | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (349.1) | (383.5) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (30.1) | ||
Recognized in Statement of Profit or Loss | (4.8) | 64.5 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | (0.8) | 0 | |
Closing balance | (354.7) | (349.1) | (383.5) |
Deferred tax relating to items credited (charged) directly to equity | 0 | ||
Employee benefits | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 36.4 | 48 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | 1 | (1.2) | |
Recognized in Other Comprehensive Income | (26.1) | (10.2) | |
Movement in foreign exchange | (0.3) | (0.2) | |
Closing balance | 13 | 36.4 | 48 |
Deferred tax relating to items credited (charged) directly to equity | (2) | ||
Tax value of loss carry forwards | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | 40.4 | 24.6 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | 4.8 | 15.8 | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | (1.4) | 0 | |
Closing balance | 43.8 | 40.4 | 24.6 |
Deferred tax relating to items credited (charged) directly to equity | 0 | ||
Derivative financial instruments | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (5.3) | 9.2 | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | 0 | ||
Recognized in Statement of Profit or Loss | (0.5) | (0.3) | |
Recognized in Other Comprehensive Income | (3.3) | (13.6) | |
Movement in foreign exchange | 0.3 | (0.6) | |
Closing balance | (8.8) | (5.3) | 9.2 |
Deferred tax relating to items credited (charged) directly to equity | 0 | ||
Other | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Opening balance | (6.2) | (5.2) | |
Changes in deferred tax liability (asset) [abstract] | |||
Acquired through business combinations | (0.6) | ||
Recognized in Statement of Profit or Loss | 1.1 | (0.4) | |
Recognized in Other Comprehensive Income | 0 | 0 | |
Movement in foreign exchange | 0.2 | 0 | |
Closing balance | (4.9) | € (6.2) | € (5.2) |
Deferred tax relating to items credited (charged) directly to equity | € 0 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Raw materials and consumables | € 134.2 | € 95.8 | |
Work in progress | 64.6 | 64.9 | |
Finished goods and goods for resale | 258.3 | 249.9 | |
Total inventories | 457.1 | 410.6 | |
Inventory valuation, hedge account basis adjustment | (55.2) | 27.6 | |
Inventory write-down | 11.5 | 8.3 | € 8.5 |
Other reserves | |||
Inventory [Line Items] | |||
Inventory valuation, hedge account basis adjustment | (55.2) | 27.6 | |
Inventory | Other reserves | |||
Inventory [Line Items] | |||
Inventory valuation, hedge account basis adjustment | € (8.4) | € (2.1) |
Trade and other receivables (De
Trade and other receivables (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Revenue from performance obligations satisfied or partially satisfied in previous periods | € 19 | € 18.9 |
Recognised assets representing continuing involvement in derecognised financial assets | 0 | 0 |
Current Trade Receivables, Reduction in Trade Terms | 231.4 | 189.9 |
Current trade payables, relating to trade terms | (63.4) | (93.8) |
Total trade terms liabilities | (294.8) | (283.7) |
Current assets | ||
Trade receivables | 211.2 | 182.8 |
Prepayments and accrued income | 15.9 | 15.4 |
Other receivables | 34.6 | 32.3 |
Tax receivable | 5.1 | 4.1 |
Total current trade and other receivables | 266.8 | 234.6 |
Non-current assets | ||
Other non-current assets | 8.1 | 8.9 |
Total non-current trade and other receivables | 8.1 | 8.9 |
Total trade and other receivables | € 274.9 | € 243.5 |
Trade and other receivables - A
Trade and other receivables - Aging of Trade Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables [Line Items] | ||
Trade receivables | € 442.6 | € 372.7 |
Reduction in trade-terms | (231.4) | (189.9) |
Total trade receivables | 211.2 | 182.8 |
Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 390.8 | 343.7 |
Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 41.2 | 19.8 |
Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 5.5 | 4.6 |
Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 2.7 | 2.3 |
Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 2.4 | 2.3 |
Gross | ||
Trade Receivables [Line Items] | ||
Trade receivables | 445.9 | 376.3 |
Gross | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | 391 | 343.8 |
Gross | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | 41.3 | 19.9 |
Gross | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 5.8 | 5.2 |
Gross | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 2.8 | 2.4 |
Gross | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | 5 | 5 |
Impaired | ||
Trade Receivables [Line Items] | ||
Trade receivables | (3.3) | (3.6) |
Impaired | Not past due | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.2) | (0.1) |
Impaired | Past due less than 1 month | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.1) | (0.1) |
Impaired | Past due 1 to 3 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.3) | (0.6) |
Impaired | Past due 3 to 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | (0.1) | (0.1) |
Impaired | Past due more than 6 months | ||
Trade Receivables [Line Items] | ||
Trade receivables | € (2.6) | € (2.7) |
Indemnification assets (Details
Indemnification assets (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||
Indemnification assets | € 1.8 | € 9.5 | € 15.4 |
Release of indemnified provision | (7.7) | (5.9) | |
Goodfella's Pizza [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification Assets Recognised As Of Acquisition Date | 1.8 | 2.5 | |
Release of indemnified provision | € (0.7) | ||
Findus | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification assets | € 7 |
Indemnification assets - Additi
Indemnification assets - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about business combination [line items] | |||
Release of indemnified provision | € 7.7 | € 5.9 | |
Indemnification assets | 1.8 | 9.5 | € 15.4 |
Remeasurement of indemnification assets | 7 | 5 | € 17.8 |
Findus | |||
Disclosure of detailed information about business combination [line items] | |||
Indemnification assets | € 7 | ||
Shares held in escrow as a result of indemnification asset | 342,190 | ||
Goodfella's Pizza [Member] | |||
Disclosure of detailed information about business combination [line items] | |||
Release of indemnified provision | 0.7 | ||
Indemnification Assets Recognised As Of Acquisition Date | € 1.8 | € 2.5 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash and cash equivalents | € 369.4 | € 254 | ||
Restricted cash | 0.3 | 0.2 | ||
Cash and cash equivalents | 369.7 | 254.2 | € 382.5 | € 824.8 |
Bank overdrafts | (2.9) | 0 | ||
Cash and cash equivalents if different from statement of financial position | € 366.8 | € 254.2 | € 382.5 |
Loans and borrowings - Repaymen
Loans and borrowings - Repayment Profile (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | € 22.6 | € 29.1 |
Loans and borrowings | 2,142.3 | 2,198.3 |
Borrowings | 2,164.9 | 2,227.4 |
Gross | Syndicated loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 6.7 | 8.5 |
Loans and borrowings | 1,333.5 | 1,347.4 |
Lease Liabilities | Less than one year | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 22.3 | 22.6 |
Lease Liabilities | Later than one year [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | 44.3 | 58.3 |
Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | 41.9 | 9.4 |
Deferred borrowing costs | Less than one year | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | (6.4) | (2) |
Deferred borrowing costs | 2 to 5 years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | (25.4) | (5.7) |
Deferred borrowing costs | More than five years | ||
Disclosure of detailed information about borrowings [line items] | ||
Loans and borrowings | € (10.1) | € (1.7) |
Loans and borrowings - Details
Loans and borrowings - Details of Individual Loans (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | € 22.6 | € 29.1 |
Total non-current loans and borrowings | 2,142.3 | 2,198.3 |
Borrowings | 2,164.9 | 2,227.4 |
Gross | Syndicated loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 6.7 | 8.5 |
Total non-current loans and borrowings | 1,333.5 | 1,347.4 |
Gross | Twenty Twenty-Eight Fixed Rate Senior Secured Notes | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 800 | 800 |
Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 41.9 | 9.4 |
Less than one year | Lease Liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | 22.3 | 22.6 |
Less than one year | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total current loans and borrowings | (6.4) | (2) |
Later than one year [member] | Lease Liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | 44.3 | 58.3 |
2 to 5 years | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | (25.4) | (5.7) |
More than five years | Deferred borrowing costs | ||
Disclosure of detailed information about borrowings [line items] | ||
Total non-current loans and borrowings | € (10.1) | € (1.7) |
Loans and borrowings - Addition
Loans and borrowings - Additional Information (Details) kr in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SEK (kr) | Nov. 08, 2022 EUR (€) | Nov. 08, 2022 USD ($) | Nov. 07, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 SEK (kr) | Jul. 09, 2021 EUR (€) | Jun. 24, 2021 EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Annual principal payment | € 0 | ||||||||||||
Deferred transaction costs written off | € 1,300,000 | ||||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held individually by companies in Guarantor Group | 5% | 5% | |||||||||||
Percentage of consolidated gross assets or adjusted EBITDA held by Guarantor Group in total | 80% | 80% | |||||||||||
Guarantee amount | € 57,500,000 | € 62,400,000 | kr 640 | kr 640 | |||||||||
Financing costs incurred in amendment of terms of debt | 0 | (17,900,000) | € 0 | ||||||||||
Findus Sverige AB | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Guarantee amount | 27,000,000 | € 29,300,000 | kr 300 | ||||||||||
Senior USD Debt | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Notional amount | € 656,700,000 | $ 700 | € 700,600,000 | $ 700 | $ 906.8 | $ 916.4 | |||||||
Interest rate | 3.75% | 2.25% | 3.75% | 3.75% | 2.25% | 2.25% | |||||||
Repayments of non-current borrowings | € 6,600,000 | $ 7 | |||||||||||
Repayments Of Non-current Borrowings - percentage of original issued notional | 1% | 1% | 1% | ||||||||||
Interest rate floor | 0.50% | 0.50% | 0.50% | ||||||||||
Senior EURO Debt | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Notional amount | € 553,200,000 | ||||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||||
Borrowing costs capitalised | € 3,800,000 | ||||||||||||
2024 fixed rate senior secured notes | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Notional amount | € 400,000,000 | ||||||||||||
Interest rate | 3.25% | ||||||||||||
Revolving Credit Facility | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | € 1,800,000 | € 2,800,000 | |||||||||||
Twenty Twenty-Eight Fixed Rate Senior Secured Notes | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Notional amount | € 50,000,000 | € 750,000,000 | |||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||||
Issued price of Senior Secured Notes (2028) | € 100.75 | ||||||||||||
Borrowing costs capitalised | € 4,000,000 | ||||||||||||
Senior EUR Debt | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Notional amount | 130,000,000 | ||||||||||||
Interest rate | 3,500,000% | 3,500,000% | 3,500,000% | ||||||||||
Financing costs incurred in amendment of terms of debt | € 2,300,000 | ||||||||||||
Discount on issuance of debt | € 31,300,000 | ||||||||||||
Borrowing costs capitalised | € 5,100,000 | ||||||||||||
Findus Sverige AB | |||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||
Proportion of ownership interest in subsidiary | 100% | 100% |
Trade and other payables (Detai
Trade and other payables (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current liabilities | ||
Trade payables | € 433.3 | € 413.2 |
Accruals and deferred income | 126.4 | 120.4 |
Current trade payables, relating to trade terms | 63.4 | 93.8 |
Social security and other taxes | 25 | 24.6 |
Other payables | 18.3 | 20.3 |
Financial payables | 26.1 | 19.7 |
Bank overdrafts | 2.9 | 0 |
Total current trade and other payables | 695.4 | 692 |
Non-current liabilities | ||
Accruals and deferred income | 1.1 | 1.8 |
Total non-current trade and other payables | 1.1 | 1.8 |
Total trade and other payables | € 696.5 | € 693.8 |
Employee benefits - Additional
Employee benefits - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||
Post-employment benefit expense, defined contribution plans | € 13.4 | € 10.2 | € 8.3 |
Recognized liability for net employee benefit obligations | 132.1 | 244.2 | 276.2 |
Estimate of contributions expected to be paid to plan for next annual reporting period | € 6.7 | ||
Weighted average duration of defined benefit obligation | 16 years 1 month 6 days | ||
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net employee benefit obligations | € 239.7 | 352.6 | € 374.1 |
Present value of defined benefit obligation | Other countries | |||
Disclosure of defined benefit plans [line items] | |||
Recognized liability for net employee benefit obligations | € 7.1 | € 8.7 |
Employee benefits - Defined Ben
Employee benefits - Defined Benefit Plans (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 132.1 | € 244.2 | € 276.2 |
Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 239.7 | 352.6 | € 374.1 |
Germany | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 69.4 | 149.3 | |
SWEDEN | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 45.4 | 70.3 | |
Austria | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 2.8 | 5.5 | |
SWITZERLAND | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 3.4 | 5.8 | |
Italy | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | 4 | 4.6 | |
Other countries | Present value of defined benefit obligation | |||
Disclosure of fair value measurement of liabilities [line items] | |||
Net defined benefit liability (asset) | € 7.1 | € 8.7 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | € 239.7 | € 352.6 | |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 233.3 | 341.5 | |
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 | 6.4 | 11.1 | |
Present value of defined benefit obligation | Unfunded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 60.4 | 88.6 | |
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 | 54 | 77.5 | |
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 | 6.4 | 11.1 | |
Present value of defined benefit obligation | Funded Plan | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation, at present value | 179.3 | 264 | |
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 | 179.3 | 264 | |
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 | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (107.6) | (108.4) | |
Plan assets | Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | (107.6) | (108.4) | |
Plan assets | Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Plan assets, at fair value | 0 | 0 | |
Plan assets, at fair value | 107.6 | 108.4 | |
Net defined benefit liability (asset) | 132.1 | 244.2 | € 276.2 |
Defined benefit retirement plans | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | 125.7 | 233.1 | € 267.2 |
Post-employment medical benefits and other benefits | |||
Disclosure of defined benefit plans [line items] | |||
Net defined benefit liability (asset) | € 6.4 | € 11.1 |
Employee benefits - Reconciliat
Employee benefits - Reconciliation of Opening and Closing Balances of Net Employee Benefit Plans and Components (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Balance at January 1 | € 244.2 | € 276.2 |
Current service cost | 6.2 | 7.9 |
Interest cost/(income) | 2.8 | 1.7 |
Increase (decrease) in net defined benefit liability (asset) resulting from expense (income) in profit or loss | 9 | 9.6 |
Demographic assumptions | (1.8) | (1.5) |
Financial assumptions | (118.4) | (26.8) |
Actuarial experience (gains) losses | 7.7 | 1.8 |
Loss/(return) on plan assets, excluding interest income | 4.4 | (9.6) |
Exchange adjustments | (4.2) | (0.9) |
Gain (loss) on remeasurement, net defined benefit liability (asset) | (112.3) | (37) |
Acquired through business combinations | 0 | 3.5 |
Contributions by employer | (1.4) | (1.2) |
Contributions by members | 0 | 0 |
Benefits paid | (7.4) | (6.9) |
Increase (decrease) in net defined benefit liability (asset) resulting from other changes | (8.8) | (4.6) |
Balance at December 31 | 132.1 | 244.2 |
Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balance at January 1 | 352.6 | 374.1 |
Current service cost | 6.2 | 7.9 |
Interest cost/(income) | 3.8 | 2.2 |
Increase (decrease) in net defined benefit liability (asset) resulting from expense (income) in profit or loss | 10 | 10.1 |
Demographic assumptions | (1.8) | (1.5) |
Financial assumptions | (118.4) | (26.8) |
Actuarial experience (gains) losses | 7.7 | 1.8 |
Exchange adjustments | (3.5) | (0.3) |
Gain (loss) on remeasurement, net defined benefit liability (asset) | (116) | (26.8) |
Acquired through business combinations | 0 | 3.5 |
Contributions by employer | 0 | |
Contributions by members | 3.2 | 0.8 |
Benefits paid | (10.1) | (9.1) |
Increase (decrease) in net defined benefit liability (asset) resulting from other changes | (6.9) | (4.8) |
Balance at December 31 | 239.7 | 352.6 |
Plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balance at January 1 | (108.4) | (97.9) |
Interest cost/(income) | (1) | (0.5) |
Increase (decrease) in net defined benefit liability (asset) resulting from expense (income) in profit or loss | (1) | (0.5) |
Loss/(return) on plan assets, excluding interest income | 4.4 | (9.6) |
Exchange adjustments | (0.7) | (0.6) |
Gain (loss) on remeasurement, net defined benefit liability (asset) | 3.7 | (10.2) |
Acquired through business combinations | 0 | 0 |
Contributions by employer | (1.4) | (1.2) |
Contributions by members | (3.2) | (0.8) |
Benefits paid | 2.7 | 2.2 |
Increase (decrease) in net defined benefit liability (asset) resulting from other changes | (1.9) | 0.2 |
Balance at December 31 | € (107.6) | € (108.4) |
Employee benefits - Actuarial L
Employee benefits - Actuarial Losses Recognized (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Benefits [Abstract] | ||
Other Comprehensive Income, Before Tax, Cumulative Gain (Loss) On Remeasurements Of Defined Benefit Plans | € (71.8) | € 40.5 |
Employee benefits - Fair Value
Employee benefits - Fair Value of Plan Assets (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Benefits [Abstract] | ||
Equities | € 37.6 | € 32.7 |
Debt instruments | 34.8 | 42.7 |
Property | 23.1 | 20.3 |
Other | 12.1 | 12.7 |
Total | € 107.6 | € 108.4 |
Employee benefits - Actuarial A
Employee benefits - Actuarial Assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
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% | 1% |
Top of range | Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Rate of increase for pensions in payment | 2.20% | 2% |
Germany | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.80% | 1.10% |
Inflation rate | 2.20% | 2% |
Rate of increase in salaries | 2.80% | 2.80% |
SWEDEN | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 4% | 1.80% |
Inflation rate | 2% | 2.20% |
Rate of increase in salaries | 3% | 3.20% |
Rate of increase for pensions in payment | 2% | 2.20% |
Austria | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.20% | 0.90% |
Inflation rate | 5% | 2% |
Rate of increase in salaries | 5% | 2% |
Rate of increase for pensions in payment | 0% | 0% |
Italy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.50% | 0.35% |
Inflation rate | 2.50% | 1.50% |
Rate of increase in salaries | 3.38% | 2.63% |
Rate of increase for pensions in payment | 0% | 0% |
SWITZERLAND | Defined benefit retirement plans | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 1.95% | 0.10% |
Inflation rate | 1.25% | 1% |
Rate of increase in salaries | 1.75% | 1.50% |
Rate of increase for pensions in payment | 0% | 0% |
Employee benefits - Average Lif
Employee benefits - Average Life Expectancy After Retirement (Details) - Defined benefit retirement plans - yr | Dec. 31, 2022 | Dec. 31, 2021 |
Germany | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 | 21 |
Female | 25 | 24 |
SWEDEN | ||
Disclosure of defined benefit plans [line items] | ||
Male | 22 | 22 |
Female | 24 | 24 |
Austria | ||
Disclosure of defined benefit plans [line items] | ||
Male | 23 | 23 |
Female | 26 | 26 |
Italy | ||
Disclosure of defined benefit plans [line items] | ||
Male | 21 | 21 |
Female | 22 | 22 |
SWITZERLAND | ||
Disclosure of defined benefit plans [line items] | ||
Male | 22 | 22 |
Female | 24 | 24 |
Employee benefits - History of
Employee benefits - History of Experience Adjustments From Inception (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | € 132.1 | € 244.2 | € 276.2 |
Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | 125.7 | 233.1 | 267.2 |
Experience losses/(gains) on plan liabilities | 7.7 | 1.8 | (0.8) |
Experience losses/(gains) on plan assets | 4.4 | (9.6) | (0.4) |
Present value of defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | 239.7 | 352.6 | 374.1 |
Present value of defined benefit obligation | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | 233.3 | 341.5 | 365.1 |
Plan assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | (107.6) | (108.4) | (97.9) |
Plan assets | Defined benefit retirement plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Recognized liability for net employee benefit obligations | € (107.6) | € (108.4) | € (97.9) |
Employee benefits - Defined B_2
Employee benefits - Defined Benefit Obligation Sensitivity Analysis (Details) € in Millions | Dec. 31, 2022 EUR (€) |
Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Effect on the post-employment benefit obligation with a 1% increase | € (28.5) |
Effect on the post-employment benefit obligation with a 1% decrease | 35.8 |
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 | 26.9 |
Effect on the post-employment benefit obligation with a 1% decrease | (22.5) |
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 | 7.2 |
Effect on the post-employment benefit obligation with a 1% decrease | (6.1) |
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 | 27.2 |
Effect on the post-employment benefit obligation with a 1% decrease | € (21.3) |
Provisions (Details)
Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | € 42.2 | € 51.8 |
Acquisitions through business combinations, other provisions | 4.1 | |
Additional provision in the period | 5.9 | 6.1 |
Release of provision | (4) | (4.1) |
Utilization of provision | (6) | (16.7) |
Foreign exchange | (0.7) | 1 |
Provisions, ending balance | 37.4 | 42.2 |
Provisions | 37.4 | 42.2 |
Current | 36.1 | 39.3 |
Non-current | (1.3) | (2.9) |
Provisions | (37.4) | (42.2) |
Restructuring | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 5.6 | 12.9 |
Additional provision in the period | 2.6 | 2.6 |
Release of provision | (0.6) | (0.1) |
Utilization of provision | (2.5) | (9.8) |
Foreign exchange | (0.3) | 0 |
Provisions, ending balance | 4.8 | 5.6 |
Provisions related to other taxes | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 7.9 | 6.6 |
Acquisitions through business combinations, other provisions | 0.3 | |
Additional provision in the period | 0.9 | 1 |
Release of provision | 0 | 0 |
Utilization of provision | (0.1) | 0 |
Foreign exchange | 0 | 0 |
Provisions, ending balance | 8.7 | 7.9 |
Other | ||
Reconciliation of changes in other provisions [abstract] | ||
Provisions, beginning balance | 28.7 | 32.3 |
Acquisitions through business combinations, other provisions | 3.8 | |
Additional provision in the period | 2.4 | 2.5 |
Release of provision | (3.4) | (4) |
Utilization of provision | (3.4) | (6.9) |
Foreign exchange | (0.4) | 1 |
Provisions, ending balance | € 23.9 | € 28.7 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of other provisions [line items] | |||
Provisions | € 37.4 | € 42.2 | € 51.8 |
Acquisitions through business combinations, other provisions | 4.1 | ||
Provision used | 6 | 16.7 | |
Release of provision | 4 | 4.1 | |
Restructuring | |||
Disclosure of other provisions [line items] | |||
Provisions | 4.8 | 5.6 | 12.9 |
Provision used | 2.5 | 9.8 | |
Release of provision | 0.6 | 0.1 | |
Provisions related to other taxes | |||
Disclosure of other provisions [line items] | |||
Provisions | 8.7 | 7.9 | 6.6 |
Acquisitions through business combinations, other provisions | 0.3 | ||
Provision used | 0.1 | 0 | |
Release of provision | 0 | 0 | |
Other provision | |||
Disclosure of other provisions [line items] | |||
Provisions | 23.9 | 28.7 | € 32.3 |
Acquisitions through business combinations, other provisions | 3.8 | ||
Provision used | 3.4 | 6.9 | |
Release of provision | 3.4 | 4 | |
Asset retirement obligation [Member] | |||
Disclosure of other provisions [line items] | |||
Provisions | 4.3 | 4.6 | |
Goodfella's Pizza [Member] | indemnification asset liability with customers | |||
Disclosure of other provisions [line items] | |||
Provisions | 2.8 | 3.9 | |
Italy | Other provision | |||
Disclosure of other provisions [line items] | |||
Provisions | 2.8 | 4.3 | |
Aunt Bessie's [Member] [Member] | Other provision | |||
Disclosure of other provisions [line items] | |||
Provisions | 0.9 | 1.3 | |
Restricted Shares | Provisions related to other taxes | |||
Disclosure of other provisions [line items] | |||
Provisions | € 2.2 | € 2.4 |
Share capital and reserves - Sc
Share capital and reserves - Schedule of Share Capital and Capital Reserve (Details) € in Millions | Dec. 31, 2022 $ / shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2020 EUR (€) |
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | € 1,623.8 | € 1,650.2 | |||
Listing and share transaction costs | (27.1) | (27.1) | € (27) | ||
Total net share capital and capital reserve | 1,596.7 | 1,623.1 | |||
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Total share capital and capital reserve | 1,613.2 | 1,639.6 | |||
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 | $ / shares | $ 10 | $ 10 | |||
Number of shares issued and fully paid (in shares) | shares | 172,550,253 | 173,559,173 | |||
Issued Capital and Capital Reserve | Founder Preferred shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value 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) - Ordinary shares - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of number of shares outstanding [abstract] | ||
Number of shares outstanding, beginning balance (in shares) | 173.6 | 172.2 |
Shares issued in the year | 0.2 | 5 |
Shares repurchased in the year | 1.2 | 3.6 |
Number of shares outstanding, ending balance (in shares) | 172.6 | 173.6 |
Share capital and reserves - _2
Share capital and reserves - Ordinary Shares Narrative (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 01, 2022 shares | Aug. 05, 2021 USD ($) shares | Jun. 30, 2021 shares | Jan. 30, 2021 EUR (€) shares | Jan. 30, 2021 USD ($) $ / shares shares | Mar. 13, 2020 EUR (€) shares | Mar. 13, 2020 USD ($) shares | Aug. 31, 2020 EUR (€) shares | Aug. 31, 2020 USD ($) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 EUR (€) | Aug. 05, 2021 EUR (€) | Dec. 31, 2020 $ / shares | Aug. 01, 2020 $ / shares | |
Disclosure of classes of share capital [line items] | |||||||||||||||||
Share repurchase programme | $ | $ 500,000,000 | $ 300,000,000 | $ 500,000,000 | ||||||||||||||
Proceeds from issuance of Ordinary Shares | € | € 0 | € 0 | € 600,000 | ||||||||||||||
Payments to acquire or redeem entity's shares | € | 26,800,000 | 77,600,000 | 608,600,000 | ||||||||||||||
Share based payment charge | € | € 8,100,000 | 5,100,000 | € 9,000,000 | ||||||||||||||
Shares repurchased, payable | € | € 3,000,000 | ||||||||||||||||
Events after Reporting Period | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of shares repurchased (in shares) | shares | 135,621 | ||||||||||||||||
Restricted Shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of equity instruments exercised (in shares) | shares | 237,800 | 237,800 | |||||||||||||||
Non-Executive Director | Restricted Shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of equity instruments exercised (in shares) | shares | 24,759 | 32,140 | |||||||||||||||
Ordinary shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Share price (in dollars per share) | $ / shares | $ 25.29 | $ 26.23 | $ 24.50 | $ 21.04 | $ 25.50 | ||||||||||||
Costs related to transactions | € | € 200,000 | € 1,900,000 | € 100,000 | ||||||||||||||
Number of shares repurchased (in shares) | shares | 507,396 | 507,396 | 11,913,682 | 11,913,682 | 18,061,952 | 18,061,952 | 1,160,547 | 1,160,547 | 3,090,082 | 3,090,082 | |||||||
Payments to acquire or redeem entity's shares | € 10.5 | $ 12.8 | € 217,400,000 | $ 250,900,000 | € 389,300,000 | $ 460,600,000 | € 26,800,000 | $ 30,500,000 | € 67,100,000 | $ 75,800,000 | |||||||
Ordinary shares | Non-Executive Director | Restricted Shares | |||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||
Number of equity instruments exercised (in shares) | shares | 13,817 | 24,406 |
Share capital and reserves - Li
Share capital and reserves - Listing and Share Transaction Costs (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | ||
Share issue related cost, beginning balance | € 27.1 | € 27 |
Share transaction costs | 0 | 0.1 |
Share issue related cost, ending balance | € 27.1 | € 27.1 |
Share capital and reserves - Fo
Share capital and reserves - Founder Preferred Shares Annual Dividend Amount and Warrant Redemption Amount (Details) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 vote $ / shares shares | Dec. 31, 2019 | Dec. 31, 2016 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | ||||||
Preferred stocks issued (in shares) | shares | 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 | |||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | $ / shares | $ 11.50 | |||||
Percentage increase in dividend price | 20% | 20% | 20% | |||
Preference shares, conversion ratio | 1 | |||||
Founder Preferred shares | Issued Capital and Capital Reserve | ||||||
Disclosure of classes of share capital [line items] | ||||||
Par value per share | $ / shares | $ 10 | $ 10 | ||||
Founder entities | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred stocks issued (in shares) | shares | 750,000 |
Share-based compensation rese_3
Share-based compensation reserve (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reserves within equity [line items] | |||
Beginning balance, Reserve of share-based payments | € 6.9 | ||
Increase (decrease) through share-based payment transactions, equity | 8.1 | € 5.1 | € 9 |
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0 | 0 | |
Reclassification of awards for settlement of tax liabilities | 0.6 | (16.9) | € (14.7) |
Ending balance, Reserve of share-based payments | 13.8 | 6.9 | |
Share based compensation reserve | |||
Disclosure of reserves within equity [line items] | |||
Beginning balance, Reserve of share-based payments | 6.9 | ||
Ending balance, Reserve of share-based payments | 13.8 | € 6.9 | |
Non-Executive Director | Share based compensation reserve | |||
Disclosure of reserves within equity [line items] | |||
Increase (decrease) through share-based payment transactions, equity | 0.6 | ||
Key management personnel | Share based compensation reserve | |||
Disclosure of reserves within equity [line items] | |||
Increase (decrease) through share-based payment transactions, equity | 6.6 | ||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.4 | ||
Other related parties [member] | Share based compensation reserve | |||
Disclosure of reserves within equity [line items] | |||
Increase (decrease) through share-based payment transactions, equity | 0.9 | ||
Restricted Shares | Non-Executive Director | |||
Disclosure of reserves within equity [line items] | |||
Reclassification of awards for settlement of tax liabilities | € (0.8) |
Share-based compensation rese_4
Share-based compensation reserve - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||||
Jul. 01, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reserves within equity [line items] | |||||
Vesting of Non-Executive Restricted Stock award | € 0 | € 0 | |||
Share based payment charge | € 8.1 | 5.1 | 9 | ||
Non-Executive Director | Share based compensation reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Share based payment charge | 0.6 | ||||
Non-Executive Director | Restricted Shares | |||||
Disclosure of reserves within equity [line items] | |||||
Shares paid for tax withholding for share based compensation | 7,405 | 7,734 | |||
Key management personnel | Share based compensation reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Vesting of Non-Executive Restricted Stock award | 0.4 | ||||
Share based payment charge | 6.6 | ||||
Share based compensation reserve | |||||
Disclosure of reserves within equity [line items] | |||||
Vesting of Non-Executive Restricted Stock award | (0.4) | (0.6) | (0.7) | ||
Share based payment charge | € 8.1 | € 5.1 | € 9 |
Founder Preferred Shares Divi_3
Founder Preferred Shares Dividend Reserve - Narrative (Details) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2022 shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2016 $ / shares | Jan. 12, 2016 | |
Disclosure of classes of share capital [line items] | |||||||
Preferred stock, conversion terms, weighted average share price (in dollars per share) | $ / shares | $ 11.50 | ||||||
Dividends recognised as distributions to owners per share (in dollars per share) | $ / shares | $ 25.2127 | $ 21.7289 | |||||
Preferred share dividend equivalent | 140,220,619 | ||||||
Percentage increase in dividend price | 20% | 20% | 20% | ||||
Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Ordinary shares excluded | shares | 13,700,000 | ||||||
Founder entities | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share dividend issued (in shares) | shares | 3,875,036 | 6,421,074 |
Founder Preferred Shares Divi_4
Founder Preferred Shares Dividend Reserve (Details) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 USD ($) | |
Disclosure of classes of share capital [line items] | ||||
Equity, beginning balance | € 2,299 | € 2,126.1 | € 2,556.7 | |
Transferred to retained earnings | $ | $ 16.7538 | |||
Equity, ending balance | 2,606.2 | 2,299 | 2,126.1 | |
Founder preferred shares dividend reserve | ||||
Disclosure of classes of share capital [line items] | ||||
Equity, beginning balance | 166 | 245.5 | 370.1 | |
Transferred to retained earnings | 79.5 | (124.6) | ||
Equity, ending balance | 0 | 166 | € 245.5 | |
Increase (decrease) through other changes, equity | (166) | |||
Founder preferred shares dividend reserve | Founder Preferred shares | ||||
Disclosure of classes of share capital [line items] | ||||
Equity, beginning balance | 166 | |||
Equity, ending balance | 0 | € 166 | ||
Increase (decrease) through other changes, equity | € 166 |
Translation reserve Translati_3
Translation reserve Translation reserve table (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reserves within equity [line items] | ||||
Equity | € 2,606.2 | € 2,299 | € 2,126.1 | € 2,556.7 |
Equity (restated) | 2,126.1 | |||
Gains (losses) on exchange differences on translation, before tax | (15.8) | 31.7 | (23.6) | |
Gains (losses) on hedges of net investments in foreign operations, net of tax | 0 | (12.9) | 13.5 | |
Other comprehensive loss for the year | 130.7 | 53.7 | (40.9) | |
Reserve of exchange differences on translation, hedging relationships for which hedge accounting is no longer applied | 50.8 | 50.8 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 0 | |||
Translation reserve | ||||
Disclosure of reserves within equity [line items] | ||||
Equity attributable to owners of the parent (restated) | 105.1 | |||
Equity | 89.3 | 105.1 | 84.7 | 94.8 |
Equity (restated) | 105.1 | 86.3 | 94.8 | |
Other comprehensive loss for the year | € (15.8) | 18.8 | (10.1) | |
Translation reserve | Increase (decrease) due to changes in accounting policy required by IFRSs | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 0 | 1.6 | € 0 | |
GBP net investments [Member] | ||||
Disclosure of reserves within equity [line items] | ||||
Gains (losses) on exchange differences on translation, net of tax | € 24.6 | € (25.7) |
Cash flow hedging reserve (Deta
Cash flow hedging reserve (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | € 19.8 | € 10.5 | € (24.5) | € (13.2) |
Increase (decrease) due to changes in accounting policy required by IFRSs | (1.6) | |||
Deferred hedging gains transferred to the carrying value of inventory | (55.2) | 27.6 | ||
Change in fair value of hedging instrument recognized in OCI in the year | 158.7 | 85 | (83.7) | |
Reclassified to cost of goods sold | 0.2 | |||
Reclassified from other comprehensive income to finance costs | (90.9) | (62.4) | 66.2 | |
Deferred tax income (expense) on cash flow hedge reserve | (3.3) | (13.6) | 6 | |
Swap contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | 12.1 | 5.1 | (4.5) | (6.8) |
Increase (decrease) due to changes in accounting policy required by IFRSs | 2.8 | |||
Change in fair value of hedging instrument recognized in OCI in the year | 101.3 | 73.3 | (63.7) | |
Reclassified to cost of goods sold | 0 | |||
Reclassified from other comprehensive income to finance costs | (92.2) | (64.1) | 66.2 | |
Deferred tax income (expense) on cash flow hedge reserve | (2.1) | (2.4) | (0.2) | |
Forward contract [member] | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | 6.9 | 5.8 | (20) | (6.4) |
Increase (decrease) due to changes in accounting policy required by IFRSs | 0 | |||
Deferred hedging gains transferred to the carrying value of inventory | (55.2) | 27.6 | ||
Change in fair value of hedging instrument recognized in OCI in the year | 57.3 | 9.3 | (20) | |
Reclassified to cost of goods sold | 0.2 | |||
Reclassified from other comprehensive income to finance costs | 0 | 0 | 0 | |
Deferred tax income (expense) on cash flow hedge reserve | (1) | (11.1) | 6.2 | |
Other reserves | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | 19 | 10.9 | (24.5) | € (13.2) |
Increase (decrease) due to changes in accounting policy required by IFRSs | 2.8 | |||
Deferred hedging gains transferred to the carrying value of inventory | (55.2) | 27.6 | ||
Change in fair value of hedging instrument recognized in OCI in the year | 158.6 | 82.6 | (83.7) | |
Reclassified to cost of goods sold | 0.2 | |||
Reclassified from other comprehensive income to finance costs | (92.2) | (64.1) | 66.2 | |
Deferred tax income (expense) on cash flow hedge reserve | (3.1) | (13.5) | 6 | |
Cost of Hedging reserve | ||||
Disclosure of detailed information about hedges [line items] | ||||
Reserve of cash flow hedges | 0.8 | (0.4) | ||
Increase (decrease) due to changes in accounting policy required by IFRSs | € (4.4) | |||
Change in fair value of hedging instrument recognized in OCI in the year | 0.1 | 2.4 | ||
Reclassified from other comprehensive income to finance costs | 1.3 | 1.7 | ||
Deferred tax income (expense) on cash flow hedge reserve | € (0.2) | € (0.1) |
Earnings_(loss) per share (Deta
Earnings/(loss) per share (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 249.8 | € 181 | € 225.2 |
Weighted average Ordinary Shares and Founder Preferred Shares | 174,279,621 | 178,070,770 | 194,019,070 |
Basic earnings per share (in euros per share) | € 1.43 | € 1.02 | € 1.16 |
Weighted average Ordinary Shares and Founder Preferred Shares | 174,279,621 | 178,070,770 | 197,894,106 |
Diluted earnings per share (in euros per share) | € 1.43 | € 1.02 | € 1.14 |
Profit (loss) | € 249.8 | € 181 | € 225.1 |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit (loss), attributable to owners of parent | € 249.8 | € 181 | € 225.2 |
Weighted average number of ordinary shares (in shares) | 172,779,621 | 176,570,770 | 192,519,070 |
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) | 0 |
Reconciliation of liabilities_3
Reconciliation of liabilities arising from financing activities (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total loans and borrowings (Note 21) | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Opening balance | € 2,227.4 | € 1,758.8 |
Cash inflow | 799.3 | 800 |
Cash outflow | (947.9) | (436) |
Interest accretion | 2.3 | 2.2 |
Financial liabilities recognised as of acquisition date | 19.6 | |
Exchange movement | 60.9 | 64.1 |
Fair value changes | 0 | 0 |
Other non-cash adjustments | 22.9 | 18.7 |
Closing balance | 2,164.9 | 2,227.4 |
Interest accretion | 2.3 | 2.2 |
Financial payables (Note 22) | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Opening balance | 19.7 | 3.3 |
Cash inflow | 0 | 0 |
Cash outflow | (68.5) | (38.1) |
Interest accretion | 77.5 | 57.6 |
Financial liabilities recognised as of acquisition date | 0 | |
Exchange movement | (0.3) | (0.2) |
Fair value changes | 0 | 0 |
Other non-cash adjustments | (2.3) | (2.9) |
Closing balance | 26.1 | 19.7 |
Interest accretion | 77.5 | 57.6 |
Forward foreign exchange and currency swap contract | Derivatives | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Opening balance | 0.4 | 0.2 |
Cash inflow | 0.3 | 0.3 |
Cash outflow | 0 | 0 |
Interest accretion | 0 | 0 |
Financial liabilities recognised as of acquisition date | 0 | |
Exchange movement | 0 | 0 |
Fair value changes | (0.7) | (0.1) |
Other non-cash adjustments | 0 | 0 |
Closing balance | 0 | 0.4 |
Interest accretion | 0 | 0 |
Cross currency interest rate swap | Derivatives | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Opening balance | 20.6 | 72.3 |
Cash inflow | 139.1 | 1.4 |
Cash outflow | 0 | (2.3) |
Interest accretion | 0 | 0 |
Financial liabilities recognised as of acquisition date | 0 | |
Exchange movement | 0 | 0 |
Fair value changes | (103.3) | (44) |
Other non-cash adjustments | 0 | (6.8) |
Closing balance | 56.4 | 20.6 |
Interest accretion | € 0 | € 0 |
Cash flows from operating act_3
Cash flows from operating activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit (loss) | € 249.8 | € 181 | € 225.1 |
Adjustments for: | |||
Exceptional items | 48.7 | 45.3 | 20.6 |
Non-cash fair value purchase price adjustment of inventory | 0 | 8.4 | 0 |
Share based payments expense | 8.1 | 5.1 | 9 |
Depreciation and amortization | 88.6 | 71.6 | 67.6 |
Loss on disposal and impairment of property, plant and equipment | 0.8 | 0.7 | 0.9 |
Net finance costs | 54.4 | 106 | 63.7 |
Taxation | 71.2 | 55.7 | 70.4 |
Operating cash flow before changes in working capital, provisions and exceptional items | 521.6 | 473.8 | 457.3 |
Increase in inventories | (61.7) | (23.8) | (12.7) |
(Increase)/decrease in trade and other receivables | (38.3) | 24.1 | (1.8) |
Increase/(decrease) in trade and other payables | 5.6 | (25) | 107.2 |
(Decrease)/increase in employee benefit and other provisions | (2.4) | 1.2 | 2 |
Cash generated from operations before tax and exceptional items | 424.8 | 450.3 | 552 |
Material reconciling items [member] | |||
Adjustments for: | |||
Exceptional items | € 48.7 | € 45.3 | € 20.6 |
Financial risk management - Der
Financial risk management - Derivatives and Hedging (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | |||||||||||||||
May 15, 2024 | May 15, 2022 | Jul. 29, 2021 | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 GBP (£) | Nov. 08, 2022 USD ($) | Nov. 08, 2022 EUR (€) | Nov. 07, 2022 USD ($) | Nov. 07, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 GBP (£) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Repayment of current borrowings in future years | $ 7 | € 8.7 | ||||||||||||||
Hedges of net investment in foreign operations | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Gain (loss) on hedge ineffectiveness recognised in profit or loss | € 0 | 0 | ||||||||||||||
Foreign exchange forward contract | Derivative financial instruments | EUR/USD | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 4.4 | 17.5 | ||||||||||||||
Notional amount | € 288.6 | € 343.6 | ||||||||||||||
Change in fair value of outstanding hedging instruments | 6.2 | (26.3) | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 109% | 109% | 109% | 120% | 120% | 120% | ||||||||||
Foreign exchange forward contract | Derivative financial instruments | GBP/USD | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 2 | 1.2 | ||||||||||||||
Notional amount | € 44.3 | € 58.4 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (6.7) | (0.5) | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 130% | 130% | 130% | 138% | 138% | 138% | ||||||||||
Foreign exchange forward contract | Derivative financial instruments | GBP/EUR | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 6.4 | (6.7) | ||||||||||||||
Notional amount | € 194.9 | € 244.7 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (9) | 12 | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 116% | 116% | 116% | 115% | 115% | 115% | ||||||||||
Foreign exchange forward contract | Derivative financial instruments | SEKEUR | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 2.4 | 0.5 | ||||||||||||||
Notional amount | € 58.2 | € 70.4 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (4.4) | (0.9) | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 9% | 9% | 9% | 10% | 10% | 10% | ||||||||||
Foreign exchange forward contract | Derivative financial instruments | SEK/USD | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 0.5 | 0.1 | ||||||||||||||
Notional amount | € 9.8 | € 4.5 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (0.6) | 13.5 | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 10% | 10% | 10% | 11% | 11% | 11% | ||||||||||
Foreign exchange forward contract | Derivative financial instruments | Other currencies | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Carrying amount of forward currency contracts | 0.5 | 0.3 | ||||||||||||||
Notional amount | € 45.9 | € 96.4 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (0.6) | 0.6 | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 0% | 0% | 0% | |||||||||||||
Interest rate swap contract | Cash flow hedges | Derivative financial instruments | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Notional amount | € 130 | |||||||||||||||
Maturity date of cross currency interest rate swaps | Oct. 10, 2027 | |||||||||||||||
Change in fair value of outstanding hedging instruments | (0.2) | |||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 6.70% | 6.70% | 6.70% | |||||||||||||
Change in value of hedged item | (0.2) | |||||||||||||||
Interest rate swaps | € (0.2) | |||||||||||||||
Cross currency interest rate swap | Cash flow hedges | Derivative financial instruments | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Maturity date of cross currency interest rate swaps (GBP) | Jul. 29, 2021 | |||||||||||||||
Maturity date of cross currency interest rate swaps | Oct. 10, 2027 | May 15, 2024 | ||||||||||||||
Change in fair value of outstanding hedging instruments | (36) | 68.9 | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 100% | 100% | 100% | |||||||||||||
Change in value of hedged item | 36 | (69.6) | ||||||||||||||
Average price of hedging instrument | 1.11 | 1.11 | 1.11 | |||||||||||||
Carrying amount of cross currency interest rate swaps | € (56.6) | € (20.6) | ||||||||||||||
Cross currency interest rate swap | Hedges of net investment in foreign operations | Derivative financial instruments | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Change in fair value of outstanding hedging instruments | 0 | (12.9) | ||||||||||||||
Weighted average hedged rate of outstanding hedging instruments | 0% | 0% | 0% | 119% | 119% | 119% | ||||||||||
Change in value of hedged item | 0 | 12.9 | ||||||||||||||
Carrying amount of cross currency interest rate swaps | € 0 | € 0 | ||||||||||||||
Forward foreign exchange and currency swap contract | Cash flow hedges | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Gains (losses) on change in fair value of derivatives | 0.2 | (0.6) | € 2.4 | |||||||||||||
Forward foreign exchange and currency swap contract | Foreign exchange swap | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Gains (losses) on change in fair value of derivatives | € (0.1) | € (14.3) | € (3.2) | |||||||||||||
Senior USD Debt | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Notional amount | $ 700 | € 656.7 | $ 700 | € 700.6 | $ 906.8 | $ 916.4 | ||||||||||
Reserve of cash flow hedges, continuing hedges | 35.2 | € 45.6 | ||||||||||||||
Senior GBP Debt | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Notional amount | £ | £ 0 | £ 0 | ||||||||||||||
Senior EUR Debt | ||||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||||||
Notional amount | € 130 |
Financial risk management - Mar
Financial risk management - Market Risk (Details) £ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | |
Senior GBP Debt | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Notional amount | £ | £ 0 | £ 0 | ||
Notional amount | £ | £ 0 | £ 0 | ||
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% | |||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | € 5,100,000 | € 2,600,000 | ||
Liquidity risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Line of credit facility, maximum borrowing capacity | 175,000,000 | |||
Letters of credit, overdrafts, customer bonds and bank guarantees utilized against the credit facility | 1,800,000 | |||
Currency risk | Pound Sterling | Foreign exchange forward contract | ||||
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 pre-tax earnings | (1,900,000) | 0 | ||
Currency risk | US dollar | Foreign exchange forward contract | ||||
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 pre-tax earnings | € (2,000,000) | € 0 | ||
Currency risk | US dollar | Foreign exchange forward contract | Derivative financial instruments | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of financial instruments designated as hedging instruments | 99% | 95.10% | 99% | 95.10% |
Financial assets | € 6,900,000 | |||
Financial liabilities | € 18,800,000 | |||
Currency risk | Euro | Foreign exchange forward contract | Derivative financial instruments | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of financial instruments designated as hedging instruments | 62.10% | 77.20% | 62.10% | 77.20% |
Financial liabilities | € 9,700,000 | € 5,900,000 | ||
Currency risk | Swedish Krona | Foreign exchange forward contract | ||||
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 pre-tax earnings | € (2,500,000) | € (400,000) | ||
Bottom of range | Interest rate risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Interest rate | 0% | 0% |
Financial risk management - Mat
Financial risk management - Maturity Analysis (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Loan repayment percentage | 1% | 1% | |
Repayment of current borrowings in future years | $ 7 | € 8,700,000 | |
Financial liabilities, undiscounted cash flows | € 3,575,800,000 | 3,185,000,000 | |
2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 757,800,000 | 717,700,000 | |
2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 130,600,000 | 77,100,000 | |
2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 122,600,000 | 863,800,000 | |
2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 119,600,000 | 41,300,000 | |
2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 157,700,000 | 39,700,000 | |
More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 2,287,500,000 | 1,445,400,000 | |
Borrowings-principal | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 2,140,100,000 | 2,161,900,000 | |
Borrowings-principal | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,600,000 | 8,500,000 | |
Borrowings-principal | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,600,000 | 8,500,000 | |
Borrowings-principal | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,600,000 | 791,700,000 | |
Borrowings-principal | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,600,000 | 0 | |
Borrowings-principal | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,600,000 | 0 | |
Borrowings-principal | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 2,107,100,000 | 1,353,200,000 | |
Borrowings-interest | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 698,300,000 | 306,500,000 | |
Borrowings-interest | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 103,000,000 | 57,500,000 | |
Borrowings-interest | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 117,300,000 | 63,500,000 | |
Borrowings-interest | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 107,500,000 | 50,400,000 | |
Borrowings-interest | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 105,200,000 | 34,000,000 | |
Borrowings-interest | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 104,800,000 | 34,100,000 | |
Borrowings-interest | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 160,500,000 | 67,000,000 | |
Lease Liabilities | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 72,700,000 | 90,600,000 | |
Lease Liabilities | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 22,100,000 | 23,100,000 | |
Lease Liabilities | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 12,900,000 | 18,200,000 | |
Lease Liabilities | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,100,000 | 11,200,000 | |
Lease Liabilities | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 6,400,000 | 7,300,000 | |
Lease Liabilities | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 3,300,000 | 5,600,000 | |
Lease Liabilities | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 19,900,000 | 25,200,000 | |
Trade and other payables excluding non-financial liabilities | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 652,200,000 | 647,100,000 | |
Trade and other payables excluding non-financial liabilities | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 652,200,000 | 647,100,000 | |
Trade and other payables excluding non-financial liabilities | 2024 | |||
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 | 2025 | |||
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 | 2026 | |||
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 | 2027 | |||
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 | 623,600,000 | 805,300,000 | |
Sell | Foreign exchange forward contract | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 623,600,000 | 805,300,000 | |
Sell | Foreign exchange forward contract | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Sell | Foreign exchange forward contract | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Sell | Foreign exchange forward contract | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Sell | Foreign exchange forward contract | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 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 | 0 | |
Sell | Cross currency interest rate swap | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 868,400,000 | ||
Sell | Cross currency interest rate swap | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 25,000,000 | ||
Sell | Cross currency interest rate swap | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 24,900,000 | ||
Sell | Cross currency interest rate swap | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 818,500,000 | ||
Sell | Cross currency interest rate swap | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | ||
Sell | Cross currency interest rate swap | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 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 | ||
Sell | Foreign exchange swap | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 929,600,000 | ||
Sell | Foreign exchange swap | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 50,500,000 | ||
Sell | Foreign exchange swap | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 54,200,000 | ||
Sell | Foreign exchange swap | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 53,600,000 | ||
Sell | Foreign exchange swap | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 53,100,000 | ||
Sell | Foreign exchange swap | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 718,200,000 | ||
Sell | Foreign exchange swap | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | ||
Sell | Interest rate swap contract | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 43,400,000 | ||
Sell | Interest rate swap contract | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,100,000 | ||
Sell | Interest rate swap contract | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,900,000 | ||
Sell | Interest rate swap contract | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,800,000 | ||
Sell | Interest rate swap contract | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,800,000 | ||
Sell | Interest rate swap contract | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 8,800,000 | ||
Sell | Interest rate swap contract | 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 | (641,700,000) | (818,000,000) | |
Pay | Foreign exchange forward contract | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (641,700,000) | (818,000,000) | |
Pay | Foreign exchange forward contract | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Pay | Foreign exchange forward contract | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Pay | Foreign exchange forward contract | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | 0 | |
Pay | Foreign exchange forward contract | 2027 | |||
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 | (876,800,000) | ||
Pay | Cross currency interest rate swap | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (30,800,000) | ||
Pay | Cross currency interest rate swap | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (38,000,000) | ||
Pay | Cross currency interest rate swap | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (808,000,000) | ||
Pay | Cross currency interest rate swap | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | ||
Pay | Cross currency interest rate swap | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 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 | ||
Pay | Foreign exchange swap | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (899,100,000) | ||
Pay | Foreign exchange swap | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (58,900,000) | ||
Pay | Foreign exchange swap | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (59,900,000) | ||
Pay | Foreign exchange swap | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (53,200,000) | ||
Pay | Foreign exchange swap | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (51,800,000) | ||
Pay | Foreign exchange swap | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (675,300,000) | ||
Pay | Foreign exchange swap | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | ||
Pay | Interest rate swap contract | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (43,300,000) | ||
Pay | Interest rate swap contract | 2023 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (7,700,000) | ||
Pay | Interest rate swap contract | 2024 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (9,400,000) | ||
Pay | Interest rate swap contract | 2025 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (8,800,000) | ||
Pay | Interest rate swap contract | 2026 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (8,700,000) | ||
Pay | Interest rate swap contract | 2027 | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | (8,700,000) | ||
Pay | Interest rate swap contract | More than five years | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Financial liabilities, undiscounted cash flows | 0 | ||
Forecast | |||
Disclosure of maturity analysis for derivative financial liabilities [line items] | |||
Repayment based on excess cashflow calculation | € 0 | € 0 |
Financial instruments - Categor
Financial instruments - Categories of Financial Instruments (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | € (39.7) | |
Derivatives at fair value through profit or loss | € 0.4 | |
Financial assets at amortised cost | 560.8 | 455.8 |
Financial liabilities at amortised cost | (2,859) | (2,883.9) |
Financial assets (liabilities) at fair value through other comprehensive income | (40.2) | (8.3) |
Total | (2,298.7) | (2,436) |
Total non-current loans and borrowings | 2,142.3 | 2,198.3 |
Borrowings | 2,164.9 | 2,227.4 |
Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,997.6 | 2,163.5 |
Financial liabilities | (2,098.3) | (2,146.5) |
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 | |
Derivatives at fair value through profit or loss | 0 | |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (652.2) | (647.1) |
Financial liabilities | (652.2) | (647.1) |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Derivatives at fair value through profit or loss | 0.1 | |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 60.3 | 28 |
Financial liabilities at amortised cost | 0 | 0 |
Financial liabilities | (60.3) | (28.1) |
Loans and borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Derivatives at fair value through profit or loss | 0 | |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at fair value through other comprehensive income | 0 | 0 |
Financial liabilities at amortised cost | (2,206.8) | (2,236.8) |
Financial liabilities | (2,206.8) | (2,236.8) |
Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Derivatives at fair value through profit or loss | 0 | |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 230.8 | 201.6 |
Financial assets at amortised cost | 230.8 | 201.6 |
Financial liabilities at amortised cost | 0 | |
Derivative financial instruments | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | 0 | |
Derivatives at fair value through profit or loss | 0.5 | |
Financial assets at fair value through other comprehensive income | 20.1 | 19.7 |
Financial assets | 20.1 | 20.2 |
Financial assets at amortised cost | 0 | 0 |
Financial liabilities at amortised cost | 0 | |
Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial assets at fair value through profit or loss | (39.7) | |
Derivatives at fair value through profit or loss | 0 | |
Financial assets at fair value through other comprehensive income | 0 | 0 |
Financial assets | 369.7 | 254.2 |
Financial assets at amortised cost | 330 | 254.2 |
Financial liabilities at amortised cost | 0 | |
Deferred borrowing costs | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Total non-current loans and borrowings | 41.9 | 9.4 |
Deferred borrowing costs | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 0 | 0 |
Financial liabilities | 41.9 | 9.4 |
Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (1,340) | (1,355.8) |
Other borrowings [Domain] | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 0.2 | 0.1 |
Financial liabilities | (0.2) | (0.1) |
Twenty Twenty-Eight Fixed Rate Senior Secured Notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities | (800) | (800) |
Level 2 | Senior EUR/USD loans | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | 1,316.2 | 1,360.8 |
Level 1 of fair value hierarchy [member] | Twenty Twenty-Eight Fixed Rate Senior Secured Notes | Loans and Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||
Financial liabilities, at fair value | € 681.2 | € 802.6 |
Financial instruments - Derivat
Financial instruments - Derivative Financial Instruments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 2,142.3 | € 2,198.3 |
Borrowings | 2,164.9 | 2,227.4 |
Gross amount of financial instruments as presented upon balance sheet | 20.1 | 20.2 |
Gross financial liabilities set off against financial assets subject to offsetting, enforceable master netting arrangements or similar agreements | 12.2 | 10.8 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 7.9 | 9.4 |
Gross financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements | 60.3 | 27.9 |
Related financial instruments that are offset | 12.2 | 10.8 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 48.1 | 17.1 |
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 | € (36) | 68.9 |
Weighted average hedged rate of outstanding hedging instruments | 100% | |
EUR/USD | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 4.4 | 17.5 |
Notional amount | 288.6 | 343.6 |
Change in fair value of outstanding hedging instruments | € 6.2 | € (26.3) |
Weighted average hedged rate of outstanding hedging instruments | 109% | 120% |
GBP/USD | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 2 | € 1.2 |
Notional amount | 44.3 | 58.4 |
Change in fair value of outstanding hedging instruments | € (6.7) | € (0.5) |
Weighted average hedged rate of outstanding hedging instruments | 130% | 138% |
GBP/EUR | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 6.4 | € (6.7) |
Notional amount | 194.9 | 244.7 |
Change in fair value of outstanding hedging instruments | € (9) | € 12 |
Weighted average hedged rate of outstanding hedging instruments | 116% | 115% |
SEKEUR | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 2.4 | € 0.5 |
Notional amount | 58.2 | 70.4 |
Change in fair value of outstanding hedging instruments | € (4.4) | € (0.9) |
Weighted average hedged rate of outstanding hedging instruments | 9% | 10% |
Other currencies | Derivative financial instruments | Foreign exchange forward contract | ||
Disclosure of financial assets [line items] | ||
Carrying amount of forward currency contracts | € 0.5 | € 0.3 |
Notional amount | 45.9 | 96.4 |
Change in fair value of outstanding hedging instruments | (0.6) | € 0.6 |
Weighted average hedged rate of outstanding hedging instruments | 0% | |
Deferred Financing Costs [Member] | ||
Disclosure of financial assets [line items] | ||
Loans and borrowings | € 41.9 | € 9.4 |
Financial instruments - Deriv_2
Financial instruments - Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 2,142.3 | € 2,198.3 |
Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 20.1 | 20.2 |
Total liabilities | (60.3) | (27.9) |
Total | (40.2) | (7.7) |
Foreign exchange forward contract | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 19.9 | 20.2 |
Total liabilities | (3.7) | (7.3) |
Cross currency interest rate swap | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total liabilities | (56.6) | (20.6) |
Interest rate swap contract | Derivative financial instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total assets | 0.2 | 0 |
Deferred Financing Costs [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and borrowings | € 41.9 | € 9.4 |
Financial instruments - Offsett
Financial instruments - Offsetting of Derivatives (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives - assets | ||
Gross amount of financial instruments as presented upon balance sheet | € 20.1 | € 20.2 |
Related financial instruments that are offset | (12.2) | (10.8) |
Net amount | 7.9 | 9.4 |
Derivatives - liabilities | ||
Gross amount of financial instruments as presented upon balance sheet | (60.3) | (27.9) |
Related financial instruments that are offset | 12.2 | 10.8 |
Net amount | € (48.1) | € (17.1) |
Commitments - Non-cancellable O
Commitments - Non-cancellable Operating Lease Rentals (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 5.1 | 8.7 |
Less than one year | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 2.2 | 2.2 |
Between one and three years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 2.1 | 4.1 |
Between three and five years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 0.6 | 2.2 |
More than five years | ||
Disclosure of maturity analysis of commitments [line items] | ||
Minimum lease payments payable under non-cancellable agreements | 0.2 | 0.2 |
Capital commitments (Details)
Capital commitments (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Capital Commitment [Line Items] | ||
Total capital commitments | € 22.3 | € 23 |
Property, plant and equipment | ||
Capital Commitment [Line Items] | ||
Total capital commitments | 11.1 | 21.3 |
Intangible assets | ||
Capital Commitment [Line Items] | ||
Total capital commitments | € 11.2 | € 1.7 |
Related parties (Details)
Related parties (Details) $ / shares in Units, shares in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||
Jan. 01, 2022 USD ($) | Jan. 30, 2021 EUR (€) | Jan. 30, 2021 USD ($) $ / shares | Mar. 13, 2020 EUR (€) | Mar. 13, 2020 USD ($) | Aug. 31, 2020 EUR (€) | Aug. 31, 2020 USD ($) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 $ / shares | Aug. 01, 2020 $ / shares | |
Disclosure of transactions between related parties [line items] | ||||||||||||||
Payments to acquire or redeem entity's shares | € 26,800,000 | € 77,600,000 | € 608,600,000 | |||||||||||
Non-Executive Director | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Travel expenses reimbursed to related party | 300,000 | 400,000 | ||||||||||||
Travel expenses reimbursed to related party | € 300,000 | € 400,000 | ||||||||||||
Ordinary shares | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Share price (in dollars per share) | $ / shares | $ 25.29 | $ 26.23 | $ 24.50 | $ 21.04 | $ 25.50 | |||||||||
Shares repurchased and canceled | shares | (1.2) | (1.2) | (3.6) | (3.6) | ||||||||||
Payments to acquire or redeem entity's shares | € 10.5 | $ 12.8 | € 217,400,000 | $ 250,900,000 | € 389,300,000 | $ 460,600,000 | € 26,800,000 | $ 30,500,000 | € 67,100,000 | $ 75,800,000 | ||||
Mariposa Capital and TOMS Capital | Affiliate Of Founder Entities | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Advisory Services Agreement, annual fee | $ | $ 4 | |||||||||||||
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 | 1,900,000 | 800,000 | ||||||||||||
Travel expenses reimbursed to related party | 1,900,000 | 800,000 | ||||||||||||
TOMS Capital | Affiliate Of Founder Entities | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Travel expenses reimbursed to related party | 1,900,000 | 800,000 | ||||||||||||
Travel expenses reimbursed to related party | € 1,900,000 | € 800,000 |
Significant events after the _2
Significant events after the Statement of Financial Position date (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||
Aug. 05, 2021 shares | Jan. 30, 2021 EUR (€) shares | Jan. 30, 2021 USD ($) shares | Mar. 13, 2020 EUR (€) shares | Mar. 13, 2020 USD ($) shares | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2020 EUR (€) shares | Aug. 31, 2020 USD ($) shares | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 EUR (€) shares | Dec. 31, 2020 $ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Percentage increase in dividend price | 20% | 20% | 20% | 20% | |||||||||||
Dividend price per share (in dollars per share) | $ / shares | $ 25.2127 | $ 21.7289 | |||||||||||||
Repurchase of ordinary shares (in shares) | € | € 26,800,000 | € 77,600,000 | € 608,600,000 | ||||||||||||
Payments to acquire or redeem entity's shares | € | € 26,800,000 | € 77,600,000 | € 608,600,000 | ||||||||||||
Events after Reporting Period | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Number of shares repurchased (in shares) | 135,621 | ||||||||||||||
Ordinary shares | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Number of shares repurchased (in shares) | 507,396 | 507,396 | 11,913,682 | 11,913,682 | 18,061,952 | 18,061,952 | 1,160,547 | 1,160,547 | 3,090,082 | 3,090,082 | |||||
Payments to acquire or redeem entity's shares | € 10.5 | $ 12.8 | € 217,400,000 | $ 250,900,000 | € 389,300,000 | $ 460,600,000 | € 26,800,000 | $ 30,500,000 | € 67,100,000 | $ 75,800,000 | |||||
Founder Entities [Member] | Ordinary shares | |||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||
Share dividend issued (in shares) | 3,875,036 | 3,875,036 | 6,421,074 |
Uncategorized Items - nomd-2022
Label | Element | Value |
Cash flow hedges [member] | ||
Non-cash loss recognized in relation to cross currency interest rate swaps | nomd_NonCashLossRecognizedInRelationToCrossCurrencyInterestRateSwaps | € 6,800,000 |
Present value of defined benefit obligation [member] | ||
Disclosure of analysis of present value of defined benefit obligation [Table Text Block] | nomd_DisclosureofanalysisofpresentvalueofdefinedbenefitobligationTableTextBlock | Defined benefit Post-employment Total December 31, 2022 €m €m €m Present value of unfunded employee benefit obligations 54.0 6.4 60.4 Present value of funded employee benefit obligations 179.3 — 179.3 Subtotal present value of employee benefit obligations 233.3 6.4 239.7 Fair value of plan assets (107.6) — (107.6) Recognized liability for net employee benefit obligations 125.7 6.4 132.1 Defined benefit Post-employment Total December 31, 2021 €m €m €m Present value of unfunded employee benefit obligations 77.5 11.1 88.6 Present value of funded employee benefit obligations 264.0 — 264.0 Subtotal present value of employee benefit obligations 341.5 11.1 352.6 Fair value of plan assets (108.4) — (108.4) Recognized liability for net employee benefit obligations 233.1 11.1 244.2 |
United Kingdom, Pounds | Forward contract [member] | Currency risk [member] | ||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | € 1,500,000 |
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | (6,800,000) |
United States of America, Dollars | Forward contract [member] | Currency risk [member] | ||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | (2,000,000) |
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | (10,800,000) |
Sweden, Kronor | Forward contract [member] | Currency risk [member] | ||
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | 2,100,000 |
Sensitivity Analysis For Types Of Market Risk, Reasonably Possible Change In Risk Variable, Impact On Equity | nomd_SensitivityAnalysisForTypesOfMarketRiskReasonablyPossibleChangeInRiskVariableImpactOnEquity | € 400,000 |