Nomad Foods Limited (NOMD) 6-K 9 Aug 23 Nomad Foods Reports Second Quarter 2023 Financial Results Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	Nomad Foods Ltd.
Entity Central Index Key	0001651717
Current Fiscal Year End Date	--12-31

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Interim Statements of Financial Position - EUR (€) € in Millions	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Goodwill	€ 2,103	€ 2,101.6
Intangibles	2,459.1	2,457.6
Property, plant and equipment	553.2	542.9
Other non-current assets	8.1	8.1
Derivative financial instruments	3.2	0.2
Deferred tax assets	109.1	100.4
Total non-current assets	5,235.7	5,210.8
Current assets
Cash and cash equivalents	354.7	369.7
Inventories	485.5	457.1
Trade and other receivables	307.2	266.8
Indemnification assets	1.8	1.8
Derivative financial instruments	10.6	19.9
Total current assets	1,159.8	1,115.3
Total assets	6,395.5	6,326.1
Current liabilities
Trade and other payables	712.6	695.4
Current tax payable	170.1	183
Provisions	42.7	36.1
Loans and borrowings	29.2	22.6
Derivative financial instruments	6.4	3.7
Total current liabilities	961	940.8
Non-current liabilities
Loans and borrowings	2,141	2,142.3
Employee benefits	134.6	132.1
Other non-current liabilities	0.8	1.1
Provisions	0	1.3
Derivative financial instruments	68.9	56.6
Deferred tax liabilities	444.4	445.7
Total non-current liabilities	2,789.7	2,779.1
Total liabilities	3,750.7	3,719.9
Net assets	2,644.8	2,606.2
Equity attributable to equity holders
Share capital and capital reserve	1,539.6	1,596.7
Share based compensation reserve	24.3	13.8
Translation reserve	102.6	89.3
Other reserves	5.3	19.8
Retained earnings	973	886.6
Equity attributable to owners of parent	€ 2,644.8	€ 2,606.2

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Interim Statements of Profit or Loss - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Revenue	€ 745.1	€ 697	€ 1,520.2	€ 1,429.9
Cost of sales	(535)	(500.2)	(1,085.9)	(1,028.4)
Gross profit	210.1	196.8	434.3	401.5
Other operating expenses	(103.9)	(96.1)	(218.4)	(194.2)
Exceptional items	(10.5)	12.7	(40.6)	(6.3)
Operating profit	95.7	113.4	175.3	201
Finance income	1.9	2.7	3	3.6
Finance costs	(37.2)	(18.8)	(67.3)	(34.3)
Net financing costs	(35.3)	(16.1)	(64.3)	(30.7)
Profit before tax	60.4	97.3	111	170.3
Taxation	(11.2)	(22.7)	(20.6)	(39.7)
Profit for the period	49.2	74.6	90.4	130.6
Equity owners of the parent	€ 49.2	€ 74.6	€ 90.4	€ 130.6
Earnings per share
Basic earnings per share	€ 0.28	€ 0.43	€ 0.52	€ 0.75
Diluted earnings per share	€ 0.28	€ 0.43	€ 0.52	€ 0.75

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income/(Loss) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of comprehensive income [abstract]
Profit for the period	€ 49.2	€ 74.6	€ 90.4	€ 130.6
Other comprehensive income:
Actuarial (losses)/gains on defined benefit pension plans	(1.8)	54.9	(6.1)	83
Taxation credit/(charge) on measurement of defined benefit pension plans	0.4	(13.2)	2.1	(20.7)
Items not reclassified to the Statement of Profit or Loss	(1.4)	41.7	(4)	62.3
Gain/(loss) on investment in foreign subsidiary	13.3	(2.4)	13.3	(4.7)
Cash flow hedges	(4)	42.3	(17.6)	63.2
Taxation credit/(charge) relating to components of other comprehensive income	1.9	(8.8)	6.6	(12.9)
Items that may be subsequently reclassified to the Statement of Profit or Loss	11.2	31.1	2.3	45.6
Other comprehensive income/(loss) for the period, net of tax	9.8	72.8	(1.7)	107.9
Total comprehensive income for the period	€ 59	€ 147.4	€ 88.7	€ 238.5

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Interim 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	Retained earnings	Total equity
Equity attributable to owners of the parent (restated)		€ 1,623.1	€ 6.9	€ 166	€ 105.1	€ 10.5	€ 387.4	€ 2,299
Equity attributable to owners of the parent (restated)		1,623.1	6.9	166	105.1	10.5	387.4	2,299
Equity owners of the parent	€ 130.6						130.6	130.6
Profit for the period	130.6
Other comprehensive income/(loss) for the period	107.9				(4.7)	50.3	62.3	107.9
Total comprehensive income for the period					(4.7)	50.3	192.9	238.5
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory						(22.3)		(22.3)
Comprehensive income	238.5
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity		1.8						1.8
Reduction of issued capital		(26.8)						(26.8)
Share based payment charge		0	3.9					3.9
Reclassification of awards for settlement of tax liabilities			(0.4)				(3.3)	(3.7)
Total transactions with owners, recognized directly in equity		(25)	3.5	0	0	0	(3.3)	(24.8)
Equity attributable to owners, ending balance at Jun. 30, 2022		1,598.1	10.4	166	100.4	38.5	577	2,490.4
Equity owners of the parent	130.6						130.6	130.6
Profit for the period	130.6
Other comprehensive income/(loss) for the period	107.9				(4.7)	50.3	62.3	107.9
Equity owners of the parent					(4.7)	50.3	192.9	238.5
Comprehensive income	238.5
Share based payment charge		0	3.9					3.9
Repurchase of ordinary shares		26.8						26.8
Reclassification of awards for settlement of tax liabilities			(0.4)				(3.3)	(3.7)
Total transactions with owners, recognized directly in equity		(25)	3.5	0	0	0	(3.3)	(24.8)
Equity attributable to owners of parent		1,598.1	10.4	€ 166	100.4	38.5	577	2,490.4
Equity attributable to owners of parent	2,606.2	1,596.7	13.8		89.3	19.8	886.6	2,606.2
Equity attributable to owners, beginning balance at Dec. 31, 2022	2,606.2	1,596.7	13.8		89.3	19.8	886.6	2,606.2
Equity owners of the parent	90.4						90.4	90.4
Profit for the period	90.4
Other comprehensive income/(loss) for the period	(1.7)				13.3	(11)	(4)	(1.7)
Total comprehensive income for the period		0	0		13.3	(11)	86.4	88.7
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory						(3.5)		(3.5)
Comprehensive income	88.7
Reduction of issued capital		(57.1)						(57.1)
Share based payment charge			15.5					15.5
Reclassification of awards for settlement of tax liabilities		0	(5)				0	(5)
Total transactions with owners, recognized directly in equity		(57.1)	10.5		0	0	0	(46.6)
Equity attributable to owners, ending balance at Jun. 30, 2023	2,644.8	1,539.6	24.3		102.6	5.3	973	2,644.8
Equity owners of the parent	90.4						90.4	90.4
Profit for the period	90.4
Other comprehensive income/(loss) for the period	(1.7)				13.3	(11)	(4)	(1.7)
Equity owners of the parent		0	0		13.3	(11)	86.4	88.7
Comprehensive income	88.7
Share based payment charge			15.5					15.5
Repurchase of ordinary shares		57.1						57.1
Reclassification of awards for settlement of tax liabilities		0	(5)				0	(5)
Total transactions with owners, recognized directly in equity		(57.1)	10.5		0	0	0	(46.6)
Equity attributable to owners of parent	€ 2,644.8	€ 1,539.6	€ 24.3		€ 102.6	€ 5.3	€ 973	€ 2,644.8

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Interim Statements of Cash Flows € in Millions	6 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)
Cash flows from operating activities
Profit for the period	€ 90.4	€ 130.6
Adjustments for:
Exceptional items	40.6	6.3
Share based payments expense	15.5	3.9
Depreciation and amortization	45.6	43.2
Loss on disposal of property, plant and equipment	0.6	0.2
Net finance costs	64.3	30.7
Taxation	20.6	39.7
Operating cash flow before changes in working capital, provisions and exceptional items	277.6	254.6
Increase in inventories	(25.5)	(75.8)
Increase in trade and other receivables	(43.4)	(88.6)
Increase in trade and other payables	1.9	38.5
(Decrease)/increase in employee benefits and other provisions	(1.3)	0.1
Cash generated from operations before tax and exceptional items	209.3	128.8
Payments relating to exceptional items	(30.2)	(28.7)
Tax paid	(30.3)	(24.8)
Net cash generated from operating activities	148.8	75.3
Cash flows from investing activities
Purchase of subsidiaries, net of cash acquired	0	0.6
Purchase of property, plant and equipment and intangibles	(40)	(33.9)
Interest received	2.7	0
Redemption of investments	0.3	0
Cash used in investing activities	(37)	(33.3)
Cash flows from financing activities
Repurchase of ordinary shares	(52.6)	(26.8)
Issuance of new loan principal	6	0
Repayment of loan principal	0	(8.7)
Payments related to shares withheld for taxes	6.3	0.7
Payment of lease liabilities	(14)	(12.4)
Payment of financing fees	(0.6)	0
Interest paid	(51.4)	(25.9)
Other financing cash flows	0	0.8
Net cash used in financing activities	(118.9)	(73.7)
Net decrease in cash and cash equivalents	(7.1)	(31.7)
Cash and cash equivalents at beginning of period	354.7
Cash and cash equivalents at beginning of period	369.7	254.2
Effect of exchange rate fluctuations	(5)	(1.5)
Cash and cash equivalents at end of period	€ 354.7	€ 221

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	Cash and cash equivalents June 30, 2023 December 31, 2022 €m €m Cash balances and deposits 354.3 369.4 Restricted cash 0.4 0.3 Cash and cash equivalents 354.7 369.7 Bank overdraft — (2.9) Cash and cash equivalents per Statement of Cash Flows 354.7 366.8

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2023
Subclassifications of assets, liabilities and equities [abstract]
Summary of Cash and Cash Equivalents	June 30, 2023 December 31, 2022 €m €m Cash balances and deposits 354.3 369.4 Restricted cash 0.4 0.3 Cash and cash equivalents 354.7 369.7 Bank overdraft — (2.9) Cash and cash equivalents per Statement of Cash Flows 354.7 366.8

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Millions	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Cash balances and deposits	€ 354.3	€ 369.4
Restricted cash	0.4	0.3
Cash and cash equivalents	354.7	369.7
Bank overdraft	0	(2.9)
Cash and cash equivalents per Statement of Cash Flows	€ 354.7	€ 366.8

General information

General information	6 Months Ended
	Jun. 30, 2023
General Information About Financial Statements [Abstract]
General information	General information These unaudited condensed consolidated interim financial statements (“interim financial statements”) as at and for the three and six months ended June 30, 2023 comprise Nomad Foods Limited and its subsidiaries (together referred to as the “Company” or “Nomad”). Nomad Foods Limited (NYSE: NOMD) is Europe's leading frozen foods company. Nomad's 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. The Company’s sales and working capital levels have historically been affected to a limited extent by seasonality. In general, sales volumes for savory frozen food are slightly higher in colder or winter months and variable production costs and working capital will vary depending on the harvesting and buying periods of seasonal raw materials, in particular vegetable crops. For example, inventory levels typically peak in August to September just after the pea harvest and as a result, more working capital is required during those months. The one exception to this is in our Adriatic business, which follows a different seasonality pattern with stronger performance through the summer months behind the ice-cream business. Nomad is a company registered in the British Virgin Islands and domiciled for tax in the United Kingdom.

Basis of preparation

Basis of preparation	6 Months Ended
	Jun. 30, 2023
Basis Of Presentation [Abstract]
Basis of preparation	Basis of preparation These unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2023 have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the IASB and as adopted by the European Union. They do not include all the information required for a complete set of IFRS financial statements. The financial information consolidates the Company and the subsidiaries it controls and includes selected notes to explain events and transactions that are significant to an understanding of the changes in Nomad’s financial position and performance since the last annual consolidated financial statements. Therefore, the unaudited condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union (“IFRS”). These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on August 7, 2023. The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2022, except for taxes on income. Taxes on income are provided for based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period. The preparation of our consolidated interim 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 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 interim 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 interim financial statements given the cash funds available and the current forecast cash flows. 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 interim financial statements. Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction In May 2021, the IASB 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. Upon consideration of the impact of the amendments, there has been no impact on our financial performance or financial position. Change in the functional currency of a foreign operation The functional currency of our entities in Croatia changed from the Croatian Kuna to the Euro on January 1, 2023, when Croatia adopted the Euro as its currency. Assets and liabilities were converted using the official rate of exchange on this date, which was €1:HRK7.53450. The resulting converted amounts will be used as the historical cost for non-monetary items. Exchange differences arising from the translation of the entities into Euro before the change in functional currency were recognized in other comprehensive income. The cumulative translation difference at December 31, 2022 was €0.2 million and this will remain in the translation reserve.

Accounting estimates and judgme

Accounting estimates and judgments	6 Months Ended
	Jun. 30, 2023
Accounting Policies, Changes in Accounting Estimates and Errors [Abstract]
Accounting estimates and judgments	ccounting 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. In preparing the condensed consolidated interim financial statements, the key sources of estimation uncertainty for the interim period ended June 30, 2023, which continues to be the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2022. 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 . b) Discounts and trade promotions Management uses judgment when considering when accruals for discounts and trade promotions can be released. Accruals are reversed only when it is highly unlikely that a liability will crystallize. c) Uncertain tax positions Management uses judgment when 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”. 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 of 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, 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 June 30, 2023 is disclosed in Note 11. b) Business combinations The Company is required to recognize separately, at the acquisition date, the identifiable assets, liabilities and contingent liabilities acquired or assumed in a business combination at their fair values. This involves an estimate of fair value of all assets and liabilities acquired. Such estimates are based on valuation techniques, which require considerable estimation in forecasting future cash flows and developing other assumptions. These estimates are based on information available on the acquisition date and assumptions that have been deemed reasonable by management. The following estimates and assumptions can materially affect our financial position and profit: • The fair value and expected useful economic life of acquired intangible and tangible assets that are subject to depreciation or amortization in future periods. • Future changes to the assumptions over forecast future profitability used in estimating the value of intangible assets and goodwill may result in additional expenses or income. • Future changes to the assumptions used in estimating the value of uncertain tax positions may result in additional expenses or income. c) 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 13 for details of material changes, if any, to assumptions since December 31, 2022. 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 provisions. 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. e) Fair value of derivative financial instruments Note 11 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 11.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combinations1 [Abstract]
Acquisitions	None

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Segment reporting	Segment reporting The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen Foods” and is reflected in the segment presentation below for the periods presented. For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Note €m €m €m €m Profit for the period 49.2 74.6 90.4 130.6 Taxation 11.2 22.7 20.6 39.7 Net financing costs 7 35.3 16.1 64.3 30.7 Depreciation & amortization 23.3 22.0 45.6 43.2 Exceptional items 6 10.5 (12.7) 40.6 6.3 Other add-backs 2.9 4.0 17.2 7.7 Adjusted EBITDA 132.4 126.7 278.7 258.2 Other add-backs include the elimination of share-based payment expense and related employer payroll tax expense of €2.7 million for the three months ended June 30, 2023 (2022: €3.5 million) and €16.6 million for the six months ended June 30, 2023 (2022: €4.8 million), as well as the elimination of non-operating M&A related costs, professional fees and transaction costs of €0.2 million for the three months ended June 30, 2023 (2022: €0.5 million) and €0.6 million for the six months ended June 30, 2023 (2022: €2.9 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. External revenue by geography For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m United Kingdom 208.5 185.3 424.9 383.2 Italy 73.8 79.7 182.9 202.5 Germany 97.3 84.4 214.9 186.4 France 52.6 41.4 105.5 90.7 Sweden 31.9 34.9 70.0 73.0 Norway 27.7 28.3 61.4 62.3 Croatia 42.9 40.1 62.5 57.9 Austria 28.2 28.3 66.1 63.0 Serbia 41.3 41.2 59.7 56.9 Switzerland 18.3 18.5 39.5 39.0 Spain 20.8 19.7 41.4 37.0 Rest of Europe 101.8 95.2 191.4 178.0 Total external revenue by geography 745.1 697.0 1,520.2 1,429.9

Exceptional items

Exceptional items	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Exceptional items	Exceptional items For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m Business transformation program (1) 10.5 8.7 38.6 14.2 Findus Switzerland integration costs (2) — 2.9 — 5.0 Fortenova Acquisition integration costs (3) (0.5) 1.5 1.3 3.5 Release of indemnification assets (4) — — — 7.0 Information Technology transformation program (5) 0.4 0.7 0.6 2.9 Settlement of legacy matters (6) 0.1 (27.9) 0.1 (27.9) Factory optimization (7) — 1.4 — 1.6 Total exceptional items 10.5 (12.7) 40.6 6.3 We do not consider these items to be indicative of our ongoing operating performance. (1) 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, severance and transformational project costs, including business technology transformation initiative costs and related professional fees. (2) 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. (3) Fortenova Acquisition integration costs 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) 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. (5) 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. (6) Settlement of legacy matters In April 2022, 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. (7) 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. Tax impact of exceptional items T he tax impact of the exceptional items for the three months ended June 30, 2023 amounted to a credit of €2.7 million (2022: credit of €4.9 million) and a credit of €9.7 million for the six months ended June 30, 2023 (2022: charge of €2.6 million). Cash flow impact of exceptional items Included in the Condensed Consolidated Interim Statements of Cash Flows for the six months ended June 30, 2023 is €30.2 million (2022: €28.7 million) of cash outflows relating to exceptional items. This includes cash flows related to the above items in addition to the cash impact of the settlement of provisions brought forward from previous accounting periods.

Finance income and costs

Finance income and costs	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Finance income and costs	Finance income and costs For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m Finance income Interest income 1.6 — 2.7 — Reversal of impairment loss on short term investments 0.3 — 0.3 — Net foreign exchange gains on translation of financial assets and liabilities — 2.7 — 3.6 Total finance income 1.9 2.7 3.0 3.6 Interest expense (a) (22.3) (14.4) (43.8) (28.7) Net foreign exchange losses arising on translation of financial assets and liabilities (8.0) — (13.8) — Net pension interest costs (1.1) (0.7) (2.2) (1.4) Other interest expense (b) (3.7) — (3.7) — Amortization of debt discounts and borrowing costs (1.6) (0.5) (3.2) (1.0) Net fair value losses on derivatives held at fair value through profit or loss (0.5) (3.2) (0.6) (3.2) Total finance costs (37.2) (18.8) (67.3) (34.3) Net finance costs (35.3) (16.1) (64.3) (30.7)

Taxation

Taxation	6 Months Ended
	Jun. 30, 2023
Income Taxes [Abstract]
Taxation	Taxation Income tax expense of €11.2 million for the three months ended June 30, 2023 (2022: €22.7 million) and €20.6 million for the six months ended June 30, 2023 (2022: €39.7 million) is provided for based on management’s estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the periods. This estimate reflects the tax impact of exceptional items accounted for in the periods. The UK statutory rate of corporation tax increased from 19% to 25% with effect from April 1, 2023. The Company’s subsidiaries, which are subject to tax, operate in many different jurisdictions and, in some of these, certain tax 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.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2023
Earnings per share [abstract]
Earnings per share	Earnings per share For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 49.2 74.6 90.4 130.6 Weighted average Ordinary Shares (basic) in millions 173.7 174.1 174.1 174.3 Basic earnings per share € 0.28 € 0.43 € 0.52 € 0.75 For the three months and six months period ended June 30, 2023, the number of shares in both basic and diluted earnings per share calculations has been adjusted to include 36,000 shares to be issued in future periods as performance conditions have been met. The diluted earnings per share calculation also includes an estimate of 68,264 potential ordinary shares for the three months ended June 30, 2023 and 66,644 for the six months ended June 30, 2023, calculated using the treasury method, on long term incentive plans contingent on service only. There are no adjustments to the profit for the period attributable to equity owners of the parent. For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 49.2 74.6 90.4 130.6 Weighted average Ordinary Shares (diluted) in millions 173.7 174.1 174.2 174.3 Diluted earnings per share € 0.28 € 0.43 € 0.52 € 0.75

Financial instruments

Financial instruments	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Financial instruments	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 June 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 13.8 — 13.8 Trade and other receivables 270.0 — — — 270.0 Cash and cash equivalents 188.4 166.3 — — 354.7 Liabilities Derivative financial instruments — — (75.3) — (75.3) Trade and other payables excluding non-financial liabilities — — — (652.7) (652.7) Loans and borrowings — — — (2,208.9) (2,208.9) Total 458.4 166.3 (61.5) (2,861.6) (2,298.4) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €168.1 million. Loans and borrowings includes €73.9 million relating to lease liabilities and excludes capitalized debt discounts and borrowing costs. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2022 €m €m €m €m €m Assets Derivative financial instruments — — 20.1 — 20.1 Trade and other receivables 230.8 — — — 230.8 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Derivative financial instruments — — (60.3) — (60.3) Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Loans and borrowings — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €231.4 million. Loans and borrowings includes €66.6 million relating to lease liabilities and excludes capitalized debt discounts and borrowing costs. The Company has determined that the carrying amounts of trade receivables, trade payables and cash and cash equivalents are a reasonable approximation of fair value. Derivative financial instruments The financial instruments are not traded in an active market and so the fair value of these instruments is determined from the implied forward rate. The valuation technique utilized by the Company maximizes the use of observable market data where it is available. All significant inputs required to fair value the instrument are observable. The Company has classified its derivative financial instruments as level 2 instruments as defined in IFRS 13 “Fair value measurement”. Interest bearing loans and borrowings The fair value of the senior 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 period 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. Syndicated loans includes the Senior U.S. Dollar debt of $700.0 million (€645.6 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 (€6.4 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 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. 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. Fair value Carrying value June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 €m €m €m €m Senior EUR/USD loans 1,329.6 1,316.2 1,328.8 1,340.0 Other external debt 6.2 0.2 6.2 0.2 2028 fixed rate senior secured notes 704.3 681.2 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (38.7) (41.9) 2,040.1 1,997.6 2,096.3 2,098.3

Provisions

Provisions	6 Months Ended
	Jun. 30, 2023
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]
Provisions	Provisions Restructuring Provisions Other Total €m €m €m €m Balance as of January 1, 2023 4.8 8.7 23.9 37.4 Additional provision in the period 17.1 — 0.5 17.6 Release of provision (0.4) — (0.5) (0.9) Utilization of provision (4.0) — (7.4) (11.4) Foreign exchange (0.1) — 0.1 — Balance as of June 30, 2023 17.4 8.7 16.6 42.7 Analysis of total provisions: June 30, 2023 December 31, 2022 Current 42.7 36.1 Non-current — 1.3 Total 42.7 37.4 Updates since December 31, 2022 Restructuring The €17.4 million (December 31, 2022: €4.8 million) provision relates to committed plans for certain restructuring activities of an exceptional nature. The increase in the provision during the period relates to the business transformation program as detailed in Note 6, which are due to be completed within the next 12 months. €4.0 million has been utilized in the six months ended June 30, 2023, which relates to reorganizational activities across the Company. Utilization of other provisions in the six months ended June 30, 2023, includes a payment of €4.6 million of interest on tax relating to legacy tax audits. The amount due was in excess of the provision in place, leading to an additional interest charge as detailed in Note 7. The payment has been classified as interest paid within the Condensed Consolidated Interim Statement of Cash Flows for the six months ended June 30, 2023.

Employee benefits

Employee benefits	6 Months Ended
	Jun. 30, 2023
Employee Benefits [Abstract]
Employee benefits	Employee benefitsThe 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, as well as various contribution plans in other countries. 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. There were no changes in the nature of any schemes in the six months ended June 30, 2023. The total net employee benefit obligations as at June 30, 2023 is as follows: €m Balance as of January 1, 2023 132.1 Service cost 2.0 Net interest expense 2.2 Actuarial loss on pension scheme valuations 6.1 Benefits paid (4.1) Other movements (1.3) Foreign exchange differences on translation (2.4) Balance as of June 30, 2023 134.6

Related parties

Related parties	6 Months Ended
	Jun. 30, 2023
Related Party [Abstract]
Related parties	Related parties As of January 1, 2022, the Company amended its Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of Sir Martin Franklin, and TOMS Capital LLC, an affiliate of Mr. Gottesman. Pursuant to the terms of the Amended and Restated Advisory Services Agreement, Mariposa Capital, LLC and TOMS Capital LLC will continue to provide high-level strategic advice and guidance to the Company for an aggregate annual fee equal to $4.0 million, payable in quarterly installments. Key management personnel comprise the Directors and Executive Officers. The Executive Officers continue to be remunerated for their services to the Company through their employment contracts. Non-executive Directors continue to receive fees for their services as board members and to certain committees and are settled through payroll. Director fees are payable quarterly in arrears. Total non-executive Director fees and expenses for the three and six months ended June 30, 2023 were €0.1 million and €0.2 million respectively (three and six months ended June 30, 2022: €0.1 million and €0.2 million respectively). In addition, certain non-executive Directors received grants under the LTIP as discussed in Note 14.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
	Jun. 30, 2023
Common Domain Members [Abstract]
Basis of Presentation	The accounting policies used by management in preparing these condensed consolidated financial statements were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2022, except for taxes on income. Taxes on income are provided for based on management's estimate of the average annual effective income tax rate on profits excluding exceptional items, applied to the pre-tax income excluding exceptional items of the period. It also reflects the tax impact of exceptional items accounted for in the period.The preparation of our consolidated interim 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 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 interim 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 interim financial statements given the cash funds available and the current forecast cash flows. 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 interim financial statements.
Disclosure of expected impact of initial application of new standards or interpretations [text block]	Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single TransactionIn May 2021, the IASB 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. Upon consideration of the impact of the amendments, there has been no impact on our financial performance or financial position

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Segment As Adjusted EBITDA	The Chief Operating Decision Maker (“CODM”) of the Company considers there to be one reporting and operating segment, being “Frozen Foods” and is reflected in the segment presentation below for the periods presented. For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Note €m €m €m €m Profit for the period 49.2 74.6 90.4 130.6 Taxation 11.2 22.7 20.6 39.7 Net financing costs 7 35.3 16.1 64.3 30.7 Depreciation & amortization 23.3 22.0 45.6 43.2 Exceptional items 6 10.5 (12.7) 40.6 6.3 Other add-backs 2.9 4.0 17.2 7.7 Adjusted EBITDA 132.4 126.7 278.7 258.2
External Revenue by Geography	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m United Kingdom 208.5 185.3 424.9 383.2 Italy 73.8 79.7 182.9 202.5 Germany 97.3 84.4 214.9 186.4 France 52.6 41.4 105.5 90.7 Sweden 31.9 34.9 70.0 73.0 Norway 27.7 28.3 61.4 62.3 Croatia 42.9 40.1 62.5 57.9 Austria 28.2 28.3 66.1 63.0 Serbia 41.3 41.2 59.7 56.9 Switzerland 18.3 18.5 39.5 39.0 Spain 20.8 19.7 41.4 37.0 Rest of Europe 101.8 95.2 191.4 178.0 Total external revenue by geography 745.1 697.0 1,520.2 1,429.9

Exceptional items (Tables)

Exceptional items (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Schedule of Exceptional Items	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m Business transformation program (1) 10.5 8.7 38.6 14.2 Findus Switzerland integration costs (2) — 2.9 — 5.0 Fortenova Acquisition integration costs (3) (0.5) 1.5 1.3 3.5 Release of indemnification assets (4) — — — 7.0 Information Technology transformation program (5) 0.4 0.7 0.6 2.9 Settlement of legacy matters (6) 0.1 (27.9) 0.1 (27.9) Factory optimization (7) — 1.4 — 1.6 Total exceptional items 10.5 (12.7) 40.6 6.3

Finance income and costs (Table

Finance income and costs (Tables)	6 Months Ended
	Jun. 30, 2023
Analysis of income and expense [abstract]
Schedule of Finance income and costs	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 €m €m €m €m Finance income Interest income 1.6 — 2.7 — Reversal of impairment loss on short term investments 0.3 — 0.3 — Net foreign exchange gains on translation of financial assets and liabilities — 2.7 — 3.6 Total finance income 1.9 2.7 3.0 3.6 Interest expense (a) (22.3) (14.4) (43.8) (28.7) Net foreign exchange losses arising on translation of financial assets and liabilities (8.0) — (13.8) — Net pension interest costs (1.1) (0.7) (2.2) (1.4) Other interest expense (b) (3.7) — (3.7) — Amortization of debt discounts and borrowing costs (1.6) (0.5) (3.2) (1.0) Net fair value losses on derivatives held at fair value through profit or loss (0.5) (3.2) (0.6) (3.2) Total finance costs (37.2) (18.8) (67.3) (34.3) Net finance costs (35.3) (16.1) (64.3) (30.7) (a) Interest expense includes interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss and is shown net of gains recycled from the cash flow hedge reserve on cross currency interest rate swaps. (b) Other interest expense includes interest on tax relating to legacy tax audits.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings per share [abstract]
Schedule of Earnings per Share	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 49.2 74.6 90.4 130.6 Weighted average Ordinary Shares (basic) in millions 173.7 174.1 174.1 174.3 Basic earnings per share € 0.28 € 0.43 € 0.52 € 0.75
Schedule of Diluted Earnings per Share	For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 49.2 74.6 90.4 130.6 Weighted average Ordinary Shares (diluted) in millions 173.7 174.1 174.2 174.3 Diluted earnings per share € 0.28 € 0.43 € 0.52 € 0.75

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Disclosure of Financial Assets	Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total June 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 13.8 — 13.8 Trade and other receivables 270.0 — — — 270.0 Cash and cash equivalents 188.4 166.3 — — 354.7 Liabilities Derivative financial instruments — — (75.3) — (75.3) Trade and other payables excluding non-financial liabilities — — — (652.7) (652.7) Loans and borrowings — — — (2,208.9) (2,208.9) Total 458.4 166.3 (61.5) (2,861.6) (2,298.4) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €168.1 million. Loans and borrowings includes €73.9 million relating to lease liabilities and excludes capitalized debt discounts and borrowing costs. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2022 €m €m €m €m €m Assets Derivative financial instruments — — 20.1 — 20.1 Trade and other receivables 230.8 — — — 230.8 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Derivative financial instruments — — (60.3) — (60.3) Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Loans and borrowings — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7)
Disclosure of Financial Liabilities	Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total June 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 13.8 — 13.8 Trade and other receivables 270.0 — — — 270.0 Cash and cash equivalents 188.4 166.3 — — 354.7 Liabilities Derivative financial instruments — — (75.3) — (75.3) Trade and other payables excluding non-financial liabilities — — — (652.7) (652.7) Loans and borrowings — — — (2,208.9) (2,208.9) Total 458.4 166.3 (61.5) (2,861.6) (2,298.4) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €168.1 million. Loans and borrowings includes €73.9 million relating to lease liabilities and excludes capitalized debt discounts and borrowing costs. Financial assets at amortized cost Financial assets at fair value through profit or loss Derivatives designated in hedge relationships Financial Total December 31, 2022 €m €m €m €m €m Assets Derivative financial instruments — — 20.1 — 20.1 Trade and other receivables 230.8 — — — 230.8 Cash and cash equivalents 330.0 39.7 — — 369.7 Liabilities Derivative financial instruments — — (60.3) — (60.3) Trade and other payables excluding non-financial liabilities — — — (652.2) (652.2) Loans and borrowings — — — (2,206.8) (2,206.8) Total 560.8 39.7 (40.2) (2,859.0) (2,298.7) Fair value Carrying value June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 €m €m €m €m Senior EUR/USD loans 1,329.6 1,316.2 1,328.8 1,340.0 Other external debt 6.2 0.2 6.2 0.2 2028 fixed rate senior secured notes 704.3 681.2 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (38.7) (41.9) 2,040.1 1,997.6 2,096.3 2,098.3

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2023
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]
Summary of Provisions	Restructuring Provisions Other Total €m €m €m €m Balance as of January 1, 2023 4.8 8.7 23.9 37.4 Additional provision in the period 17.1 — 0.5 17.6 Release of provision (0.4) — (0.5) (0.9) Utilization of provision (4.0) — (7.4) (11.4) Foreign exchange (0.1) — 0.1 — Balance as of June 30, 2023 17.4 8.7 16.6 42.7 Analysis of total provisions: June 30, 2023 December 31, 2022 Current 42.7 36.1 Non-current — 1.3 Total 42.7 37.4

Employee benefits (Tables)

Employee benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Employee Benefits [Abstract]
Schedule of Net Employee Benefit Obligations	The total net employee benefit obligations as at June 30, 2023 is as follows: €m Balance as of January 1, 2023 132.1 Service cost 2.0 Net interest expense 2.2 Actuarial loss on pension scheme valuations 6.1 Benefits paid (4.1) Other movements (1.3) Foreign exchange differences on translation (2.4) Balance as of June 30, 2023 134.6

Share based compensation reserv

Share based compensation reserve (Tables)	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves and Other Equity Interest [Abstract]
Summary of Management Share Awards	As part of its long term incentive initiatives, the Company has awarded restricted shares to the management team (the “Management Share Awards”) as of the following five 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, 2023 193,990 152,695 598,173 683,549 894,750 176,000 2,699,157 New awards granted in the period — — — — — 87,000 87,000 Forfeitures in the period — — (11,735) (68,677) (120,776) (65,000) (266,188) Awards lapsed in the period — — (171,579) — — — (171,579) Awards vested and issued in period (193,990) (152,695) (414,859) — — — (761,544) Number of awards outstanding at June 30, 2023 — — — 614,872 773,974 198,000 1,586,846
Summary of Management Share Award Inputs and Assumptions	Based on the latest revision to schemes, the inputs and assumptions underlying the Monte Carlo models for all awards outstanding as of valuation date are as follows: January 1, 2020 Award January 1, 2021 Award January 1, 2022 Award * Grant date price $ 22.37 $ 25.42 $ 25.39 Exercise price $ — $ — $ — Expected life of restricted share 4.00 years 3.00 years 3.00 years Expected volatility of the share price 24.4 % 30.0 % 28.0 % Dividend yield expected — % — % — % Risk free rate 1.70 % 0.24 % 1.15 % Employee exit rate 27.3 % 14.0 % 14.0 % EBITDA Performance Target Conditions 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.
Schedule of Reserves within Equity	Share based compensation reserve Total Share based €m Balance as of January 1, 2023 13.8 Non-Executive Director restricted share awards charge 0.3 Directors and Senior Management share awards charge - January 1, 2021 8.1 Directors and Senior Management share awards charge - January 1, 2022 6.5 Directors and Senior Management share awards charge - Other 2022 awards 0.6 Reclassification of employer tax for Director and Senior Management share awards (5.0) Balance as of June 30, 2023 24.3

Share Capital and Capital reser

Share Capital and Capital reserve (Tables)	6 Months Ended
	Jun. 30, 2023
Share Capital, Reserves and Other Equity Interest [Abstract]
Schedule of Share Capital and Capital Reserve	Shares June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 €m €m Authorized Share Capital issued and fully paid: Ordinary Shares with nil nominal value 171,200,290 172,550,253 1,566.8 1,613.2 Founder Preferred Shares with nil nominal value — 1,500,000 — 10.6 Total share capital and capital reserve 1,566.8 1,623.8 Listing and share transaction costs (27.2) (27.1) Total net share capital and capital reserve 1,539.6 1,596.7

Basis of preparation (Details)

Basis of preparation (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jan. 01, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Nov. 08, 2022 EUR (€)	Nov. 08, 2022 USD ($)
Common Table Line Items [Line Items]
Other reserves	€ 5.3			€ 19.8
Translation reserve	102.6			89.3
Cumulative translation difference on Croatia adopting the Euro			€ 0.2
Cash flow hedges
Common Table Line Items [Line Items]
Other reserves	5.5			€ 19
Senior EURO Debt
Common Table Line Items [Line Items]
Notional amount	€ 553.2
Interest rate	3,500,000%
Senior USD Debt
Common Table Line Items [Line Items]
Notional amount	€ 645.6				€ 700.6	$ 700
Interest rate	3.75%
Other reserves
Common Table Line Items [Line Items]
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory	€ (3.5)	€ (22.3)

Segment reporting - Segment as

Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of operating segments [line items]
Profit for the period	€ 49.2	€ 74.6	€ 90.4	€ 130.6
Taxation	11.2	22.7	20.6	39.7
Net financing costs	35.3	16.1	64.3	30.7
Depreciation & amortization	23.3	22	45.6	43.2
Exceptional items	10.5	(12.7)	40.6	6.3
Material reconciling items
Disclosure of operating segments [line items]
Exceptional items	10.5	(12.7)	40.6	6.3
Other add-backs	2.9	4	17.2	7.7
Adjusted EBITDA	€ 132.4	€ 126.7	€ 278.7	€ 258.2

Segment reporting - Additional

Segment reporting - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Segments [Abstract]
Adjustments for share based payments including employer tax	€ 2.7	€ 3.5	€ 16.6	€ 4.8
Acquisition related costs	€ 0.2	€ 0.5	€ 0.6	€ 2.9

Segment reporting - Geographica

Segment reporting - Geographical information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of geographical areas [line items]
Revenue	€ 745.1	€ 697	€ 1,520.2	€ 1,429.9
United Kingdom
Disclosure of geographical areas [line items]
Revenue	208.5	185.3	424.9	383.2
Italy
Disclosure of geographical areas [line items]
Revenue	73.8	79.7	182.9	202.5
Germany
Disclosure of geographical areas [line items]
Revenue	97.3	84.4	214.9	186.4
France
Disclosure of geographical areas [line items]
Revenue	52.6	41.4	105.5	90.7
Sweden
Disclosure of geographical areas [line items]
Revenue	31.9	34.9	70	73
Norway
Disclosure of geographical areas [line items]
Revenue	27.7	28.3	61.4	62.3
CROATIA
Disclosure of geographical areas [line items]
Revenue	42.9	40.1	62.5	57.9
Austria
Disclosure of geographical areas [line items]
Revenue	28.2	28.3	66.1	63
SERBIA
Disclosure of geographical areas [line items]
Revenue	41.3	41.2	59.7	56.9
SWITZERLAND
Disclosure of geographical areas [line items]
Revenue	18.3	18.5	39.5	39
Spain
Disclosure of geographical areas [line items]
Revenue	20.8	19.7	41.4	37
Rest of Europe
Disclosure of geographical areas [line items]
Revenue	€ 101.8	€ 95.2	€ 191.4	€ 178

Exceptional Items - Schedule (D

Exceptional Items - Schedule (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Business transformation program (1)	€ 10.5	€ 8.7	€ 38.6	€ 14.2
Findus Switzerland integration costs (2)	0	2.9	0	5
Fortenova Acquisition integration costs (3)	(0.5)	1.5	1.3	3.5
Release of indemnification assets (4)	0	0	0	7
Information Technology transformation program (5)	0.4	0.7	0.6	2.9
Settlement of legacy matters (6)	0.1	(27.9)	0.1	(27.9)
Factory optimization (7)	0	1.4	0	1.6
Exceptional items	€ 10.5	€ (12.7)	€ 40.6	€ 6.3

Exceptional items - Additional

Exceptional items - Additional Information (Details) - EUR (€) € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Business transformation program (1)	€ 10.5	€ 8.7	€ 38.6	€ 14.2
Factory optimization (7)	0	1.4	0	1.6
Exceptional Items, Tax Expense (Income), Continuing Operations	€ (2.7)	€ (4.9)	9.7	2.6
Payments relating to exceptional items			€ (30.2)	€ (28.7)

Finance income and costs (Detai

Finance income and costs (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Interest income	€ 1,600,000	€ 0	€ 2,700,000	€ 0
Reversal of impairment loss on short term investments	300,000	0	300,000	0
Net foreign exchange gains on translation of financial assets and liabilities	0	2,700,000	0	3,600,000
Total finance income	1,900,000	2,700,000	3,000,000	3,600,000
Interest expense (a)	(22,300,000)	(14,400,000)	(43,800,000)	(28,700,000)
Net foreign exchange losses arising on translation of financial assets and liabilities	(8,000,000)	0	(13,800,000)	0
Net pension interest costs	(1,100,000)	(700,000)	(2,200,000)	(1,400,000)
Other finance cost	3,700,000	0	3,700,000	0
Amortization of debt discounts and borrowing costs	(1,600,000)	(500,000)	(3,200,000)	(1,000,000)
Net fair value losses on derivatives held at fair value through profit or loss	(500,000)	(3,200,000)	(600,000)	(3,200,000)
Total finance costs	(37,200,000)	(18,800,000)	(67,300,000)	(34,300,000)
Net financing costs	€ (35,300,000)	€ (16,100,000)	€ (64,300,000)	€ (30,700,000)

Taxation (Details)

Taxation (Details) - EUR (€) € in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Abstract]
Tax expense	€ 11.2		€ 22.7	€ 20.6	€ 39.7
Applicable tax rate	2,500%	1,900%

Earnings per share - Computatio

Earnings per share - Computation (Details) - EUR (€) € / shares in Units, € in Millions, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic earnings per share
Profit for the period attributable to equity owners of the parent (€m)	€ 49.2	€ 74.6	€ 90.4	€ 130.6
Weighted average Ordinary Shares (basic) in millions	173.7	174.1	174.1	174.3
Basic earnings per share	€ 0.28	€ 0.43	€ 0.52	€ 0.75
Diluted earnings per share
Profit for the period attributable to equity owners of the parent (€m)	€ 49.2	€ 74.6	€ 90.4	€ 130.6
Weighted average Ordinary Shares (diluted) in millions	173.7	174.1	174.2	174.3
Diluted earnings per share	€ 0.28	€ 0.43	€ 0.52	€ 0.75

Earnings per share - Additional

Earnings per share - Additional Information (Details)			3 Months Ended	6 Months Ended
	Jul. 01, 2022	Jun. 30, 2021	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Non-Executive Director
Earnings per share [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement	24,759	24,759		13,817
Key management personnel of entity or parent
Earnings per share [line items]
Dilutive effect of restricted share awards on number of ordinary shares (in shares)			36,000
Dilutive effect of share options on number of ordinary shares			68,264	66,644

Financial instruments - Categor

Financial instruments - Categories of financial instruments (Details) - EUR (€) € in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortized cost	€ 354.7	€ 369.7	€ 221	€ 254.2
Financial assets at amortised cost	458.4	560.8
Financial assets at fair value through profit or loss	166.3	39.7
Financial liabilities at amortised cost	(2,861.6)	(2,859)
Financial assets (liabilities) at fair value through other comprehensive income	(61.5)	(40.2)
Total	(2,298.4)	(2,298.7)
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	0	0
Financial liabilities	(75.3)	(60.3)
Financial Liabilities At Fair Value Through Other Comprehensive Income	(75.3)	(60.3)
Trade and other payables excluding non-financial liabilities
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	(652.7)	(652.2)
Financial liabilities	(652.7)	(652.2)
Financial Liabilities At Fair Value Through Other Comprehensive Income	0	0
Loans and borrowings
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial liabilities at amortised cost	(2,208.9)	(2,206.8)
Financial liabilities	(2,208.9)	(2,206.8)
Financial Liabilities At Fair Value Through Other Comprehensive Income	0	0
Derivative financial instruments
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets	13.8	20.1
Derivative financial assets held for hedging	13.8	20.1
Trade and other receivables
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortised cost	270	230.8
Financial assets	270	230.8
Cash and cash equivalents
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Financial assets at amortised cost	188.4	330
Financial assets at fair value through profit or loss	166.3	39.7
Financial assets	€ 354.7	€ 369.7

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Nov. 08, 2022 EUR (€)	Nov. 08, 2022 USD ($)
Disclosure of detailed information about borrowings [line items]
Contract liabilities	€ 168.1		€ 231.4
Liability relating to IFRS 16
Disclosure of detailed information about borrowings [line items]
Lease liabilities	73.9		€ 66.6
Senior EURO Debt
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 553.2
Interest rate	3,500,000%
Senior USD Debt
Disclosure of detailed information about borrowings [line items]
Notional amount	€ 645.6			€ 700.6	$ 700
Repayments of non-current borrowings	€ 6.4	$ 7
Interest rate	3.75%

Financial Instruments - Interes

Financial Instruments - Interest bearing loans and borrowings (Details) € in Millions, $ in Millions	3 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 EUR (€)	Nov. 08, 2022 EUR (€)	Nov. 08, 2022 USD ($)
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Discount on issuance of debt					€ 31.3
Senior USD Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount	€ 645.6				€ 700.6	$ 700
Interest rate	3.75%
Repayments of non-current borrowings	€ 6.4	$ 7
Repayments Of Non-current Borrowings - percentage of original issued notional	1%
Interest rate floor	0.50%
Senior EURO Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount	€ 553.2
Interest rate	3,500,000%
Borrowing costs capitalised			€ 5.1
Senior Eur Debt
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Notional amount	€ 130
Loans and Borrowings
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	2,040.1			€ 1,997.6
Carrying value	2,096.3			2,098.3
Loans and Borrowings | Deferred borrowing costs
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	0			0
Carrying value	(38.7)			(41.9)
Loans and Borrowings | Senior EUR/USD loans
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value	1,328.8			1,340
Loans and Borrowings | Senior EUR/USD loans | Level 2
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	1,329.6			1,316.2
Loans and Borrowings | Other borrowings [Domain]
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	6.2			0.2
Carrying value	6.2			0.2
Loans and Borrowings | Twenty Twenty-Eight Fixed Rate Senior Secured Notes
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Carrying value	800			800
Loans and Borrowings | Twenty Twenty-Eight Fixed Rate Senior Secured Notes | Level 1
Disclosure Of Financial Assets And Liabilities [Table] [Line Items]
Fair value	€ 704.3			€ 681.2

Provisions - Schedule (Details)

Provisions - Schedule (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Other provisions at beginning of period	€ 37.4
Additional provision in the period	17.6
Release of provision	(0.9)
Utilization of provision	(11.4)
Foreign exchange	0
Other provisions at end of period	42.7
Current	42.7	€ 36.1
Non-current	0	1.3
Provisions	42.7	€ 37.4
Restructuring
Disclosure of other provisions [line items]
Other provisions at beginning of period	4.8
Additional provision in the period	17.1
Release of provision	(0.4)
Utilization of provision	(4)
Foreign exchange	(0.1)
Other provisions at end of period	17.4
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions at beginning of period	8.7
Additional provision in the period	0
Release of provision	0
Utilization of provision	0
Foreign exchange	0
Other provisions at end of period	8.7
Other
Disclosure of other provisions [line items]
Other provisions at beginning of period	23.9
Additional provision in the period	0.5
Release of provision	(0.5)
Utilization of provision	(7.4)
Foreign exchange	0.1
Other provisions at end of period	€ 16.6

Provisions - Additional Informa

Provisions - Additional Information (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of other provisions [line items]
Other provisions	€ 42.7	€ 37.4
Provision used, other provisions	11.4
Restructuring
Disclosure of other provisions [line items]
Other provisions	€ 17.4	4.8
Estimated completion of activities	12 months
Provision used, other provisions	€ 4
Other
Disclosure of other provisions [line items]
Other provisions	16.6	23.9
Provision used, other provisions	7.4
Provisions related to other taxes
Disclosure of other provisions [line items]
Other provisions	8.7	€ 8.7
Provision used, other provisions	0
Legal proceedings provision [member]
Disclosure of other provisions [line items]
Provision used, other provisions	€ 4.6

Employee Benefits (Details)

Employee Benefits (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Employee Benefits [Abstract]
Net defined benefit liability (asset) at beginning of period	€ 132.1
Service cost	2
Net interest expense	2.2
Actuarial loss on pension scheme valuations	6.1
Benefits paid	(4.1)
Increase (decrease) in net defined benefit liability (asset) resulting from other changes	(1.3)
Foreign exchange differences on translation	(2.4)
Net defined benefit liability (asset) at end of period	€ 134.6
Germany
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	3.60%	3.80%
Sweden
Disclosure of defined benefit plans [line items]
Actuarial assumption of discount rates	4%

Share based compensation rese_2

Share based compensation reserve - Director and Senior Management Share Awards (Details) - Restricted shares - shares			1 Months Ended	6 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Jan. 31, 2021	Jun. 30, 2023
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	2,699,157			2,699,157
New awards granted in the period (in shares)				87,000
Forfeitures in the period (in shares)				(266,188)
Number of other equity instruments expired in share-based payment arrangement				171,579
Awards vested and issued in period (in shares)				(761,544)
Number of other equity instruments outstanding (in shares) at end of period				1,586,846
New awards granted in the period (in shares)				87,000
Management Award 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Awards vested and issued in period (in shares)	(152,695)
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
New awards granted in the period (in shares)			820,202
New awards granted in the period (in shares)			820,202
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
New awards granted in the period (in shares)		1,140,518
New awards granted in the period (in shares)		1,140,518
January 1, 2018
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	193,990			193,990
New awards granted in the period (in shares)				0
Forfeitures in the period (in shares)				0
Number of other equity instruments expired in share-based payment arrangement				0
Awards vested and issued in period (in shares)				(193,990)
Number of other equity instruments outstanding (in shares) at end of period				0
New awards granted in the period (in shares)				0
January 1, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	152,695			152,695
New awards granted in the period (in shares)				0
Forfeitures in the period (in shares)				0
Number of other equity instruments expired in share-based payment arrangement				0
Awards vested and issued in period (in shares)				(152,695)
Number of other equity instruments outstanding (in shares) at end of period				0
New awards granted in the period (in shares)				0
January 1, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	598,173			598,173
New awards granted in the period (in shares)				0
Forfeitures in the period (in shares)				(11,735)
Number of other equity instruments expired in share-based payment arrangement				171,579
Awards vested and issued in period (in shares)				(414,859)
Number of other equity instruments outstanding (in shares) at end of period				0
New awards granted in the period (in shares)				0
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	683,549			683,549
New awards granted in the period (in shares)				0
Forfeitures in the period (in shares)				(68,677)
Number of other equity instruments expired in share-based payment arrangement				0
Awards vested and issued in period (in shares)				0
Number of other equity instruments outstanding (in shares) at end of period				614,872
New awards granted in the period (in shares)				0
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	894,750			894,750
New awards granted in the period (in shares)				0
Forfeitures in the period (in shares)				(120,776)
Number of other equity instruments expired in share-based payment arrangement				0
Awards vested and issued in period (in shares)				0
Number of other equity instruments outstanding (in shares) at end of period				773,974
New awards granted in the period (in shares)				0
Other Awards
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments outstanding (in shares) at beginning of period	176,000			176,000
New awards granted in the period (in shares)				87,000
Forfeitures in the period (in shares)				(65,000)
Number of other equity instruments expired in share-based payment arrangement				0
Awards vested and issued in period (in shares)				0
Number of other equity instruments outstanding (in shares) at end of period				198,000
New awards granted in the period (in shares)				87,000

Share based compensation rese_3

Share based compensation reserve - Director and Senior Management Share Awards (Narrative) (Details) $ / shares in Units, € in Millions, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Feb. 01, 2023 shares $ / shares

Jan. 01, 2023 shares $ / shares

Jan. 01, 2022 USD ($) shares

Jan. 31, 2021 shares

Jun. 30, 2023 USD ($)

Jun. 30, 2023 EUR (€)

Jun. 30, 2022 EUR (€)

Jun. 30, 2023 EUR (€) shares

Jun. 30, 2022 EUR (€)

Dec. 31, 2022 $ / shares

Jun. 30, 2022 $ / shares

Jan. 01, 2022 EUR (€)

Dec. 31, 2021 $ / shares

Jan. 01, 2021 USD ($)

Jan. 01, 2021 EUR (€)

Jan. 01, 2020 USD ($)

Jan. 01, 2020 EUR (€)

Disclosure of terms and conditions of share-based payment arrangement [line items]

Key management personnel compensation | €

€ 3.3

€ 2.6

€ 15.2

€ 3.6

Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Shares issued, price per share (in dollars per share) | $ / shares

$ 26.23

$ 17.51

$ 24.5

January 1, 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 4.8

€ 4.3

January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 16

€ 15.1

January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 19

€ 17.9

Other Awards

Disclosure of terms and conditions of share-based payment arrangement [line items]

Weighted average fair value at measurement date, other equity instruments granted

$ 4.3

€ 4

Restricted shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

761,544

New awards granted in the period (in shares)

87,000

Restricted shares | Management Award 2019

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

152,695

Liabilities from share-based payment transactions (in shares)

73,120

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.24

Restricted shares | Management Award 2019 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

79,575

Restricted shares | Management Award 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

414,859

Liabilities from share-based payment transactions (in shares)

192,079

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.77

Restricted shares | Management Award 2020 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

222,780

Restricted shares | January 1, 2018

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

193,990

Liabilities from share-based payment transactions (in shares)

83,209

Shares issued, price per share (in dollars per share) | $ / shares

$ 17.24

Restricted shares | January 1, 2018 | Ordinary shares

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

110,781

Restricted shares | January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Award vesting period

3 years

EBITDA and cumulative net sales tranches as percent of total award

3,750%

3,750%

Share price tranche as percent of total award

2,500%

2,500%

Incremental fair value granted, modified share-based payment arrangements

$ 9

8.5

New awards granted in the period (in shares)

820,202

Restricted shares | January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Incremental fair value granted, modified share-based payment arrangements

$ 11.4

€ 10.8

New awards granted in the period (in shares)

1,140,518

Restricted shares | January 1, 2018

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

193,990

New awards granted in the period (in shares)

0

Restricted shares | January 1, 2020

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

414,859

New awards granted in the period (in shares)

0

Restricted shares | January 1, 2021

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

0

Restricted shares | January 1, 2022

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

0

Restricted shares | Other Awards

Disclosure of terms and conditions of share-based payment arrangement [line items]

Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)

0

New awards granted in the period (in shares)

87,000

Share based compensation rese_4

Share based compensation reserve - Valuation Assumptions (Details) - Restricted shares	6 Months Ended
	Jun. 30, 2023 $ / shares
January 1, 2020
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 22.37
Exercise price	$ 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 Conditions	35%
January 1, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 25.42
Exercise price	$ 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 Conditions	35%
January 1, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Grant date price	$ 25.39
Exercise price	$ 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 Conditions	35%

Share based compensation rese_5

Share based compensation reserve - Non-Executive Director Restricted Share Awards (Details) $ / shares in Units, € in Millions				3 Months Ended		6 Months Ended
	Jul. 06, 2023 $ / shares	Jul. 01, 2022 shares $ / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2023 EUR (€) shares	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 EUR (€) shares	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 shares
Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)		24,759	24,759			13,817	13,817
New awards granted in the period (in shares)	35,082	29,676
Liabilities from share-based payment transactions (in shares)		7,405
Number of other equity instruments outstanding (in shares)		3,537
Restricted shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of other equity instruments exercised or vested in share-based payment arrangement (in shares)						761,544	761,544
New awards granted in the period (in shares)						87,000	87,000
Number of other equity instruments outstanding (in shares)				1,586,846		1,586,846	1,586,846		2,699,157
Restricted shares | Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Other equity instruments granted in share-based payment arrangement, per director | $						$ 100,000
Expense from share-based payment transactions with employees | €				€ 0.2	€ 0.1		€ 0.3	€ 0.3
Shares issued, price per share (in dollars per share) | $ / shares	$ 17.1	$ 20.22	$ 28.27

Share based compensation rese_6

Share based compensation reserve - Reserve Summary (Details) € in Millions	6 Months Ended
	Jun. 30, 2023 EUR (€)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reserve of share-based payments	€ 13.8
Reserve of share-based payments	24.3
Share based compensation reserve
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reserve of share-based payments	13.8
Reserve of share-based payments	24.3
Share based compensation reserve | Non-Executive Director
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	0.3
Share based compensation reserve | Key Management Personnel Of Entity Or Parent, Reclassification to tax liability
Disclosure of terms and conditions of share-based payment arrangement [line items]
Reclassification of awards for settlement of tax liabilities	(5)
Share based compensation reserve | January 1, 2021 | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	8.1
Share based compensation reserve | January 1, 2022 | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	6.5
Share based compensation reserve | Other Awards | Key management personnel of entity or parent
Disclosure of terms and conditions of share-based payment arrangement [line items]
Share based payment charge	€ 0.6

Share Capital and Capital res_2

Share Capital and Capital reserve - Narrative (Details)		5 Months Ended		6 Months Ended			12 Months Ended
	Aug. 05, 2021 USD ($)	Dec. 31, 2021 EUR (€) shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2023 EUR (€) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 EUR (€)	Dec. 31, 2022 EUR (€) shares	Dec. 31, 2022 USD ($) shares	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares	Jun. 30, 2022 $ / shares
Disclosure of classes of share capital [line items]
Other reserves				€ 5,300,000			€ 19,800,000
Purchase of treasury shares | $	$ 500,000,000
Payments to acquire or redeem entity's shares				52,600,000		€ 26,800,000
Preferred Stock, Shares Issued1 | shares							1,500,000
Founder Entities
Disclosure of classes of share capital [line items]
Preferred Stock, Shares Issued1 | shares							750,000
Cash flow hedges
Disclosure of classes of share capital [line items]
Other reserves				5,500,000			€ 19,000,000
Cost of hedging reserve
Disclosure of classes of share capital [line items]
Reserve of change in value of forward elements of forward contracts				€ (200,000)			€ 800,000
Ordinary shares
Disclosure of classes of share capital [line items]
Shares issued, price per share (in dollars per share) | $ / shares			$ 24.5							$ 26.23	$ 17.51
Transaction costs		€ 0.1
Number of shares repurchased | shares		3,090,082	3,090,082	3,539,802	3,539,802		1,160,547	1,160,547
Payments to acquire or redeem entity's shares		€ 67.1	$ 75.8	€ 57,100,000	$ 62,000,000		€ 26.8	$ 30.5
Ordinary shares | Issued Capital and Capital Reserve
Disclosure of classes of share capital [line items]
Par value per share (in usd per share) | $ / shares									$ 10
Founder Preferred shares | Issued Capital and Capital Reserve
Disclosure of classes of share capital [line items]
Par value per share (in usd per share) | $ / shares										$ 10

Share Capital and Capital res_3

Share Capital and Capital reserve - Schedule (Details) - EUR (€) € in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Total share capital and capital reserve	€ 1,566.8	€ 1,623.8
Listing and share transaction costs	(27.2)	(27.1)
Total net share capital and capital reserve	1,539.6	1,596.7
Ordinary shares
Disclosure of classes of share capital [line items]
Total share capital and capital reserve	€ 1,566.8	1,613.2
Number of shares repurchased, not yet settled	276,703
Founder Preferred shares
Disclosure of classes of share capital [line items]
Total share capital and capital reserve	€ 0	€ 10.6
Issued Capital and Capital Reserve | Ordinary shares
Disclosure of classes of share capital [line items]
Issued and fully paid (in shares)	171,200,290	172,550,253
Issued Capital and Capital Reserve | Founder Preferred shares
Disclosure of classes of share capital [line items]
Issued and fully paid (in shares)	0	1,500,000

Related parties (Details)

Related parties (Details) € in Millions		3 Months Ended		6 Months Ended
	Jan. 01, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)
Non-Executive Director
Disclosure of transactions between related parties [line items]
Fees and expenses | €		€ 0.1	€ 0.1	€ 0.2	€ 0.2
Mariposa Capital and TOMS Capital | Affiliate of Founder Entities
Disclosure of transactions between related parties [line items]
Services Agreement, Annual Fee, Related Party Transactions | $	$ 4