Cover
Cover | 9 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Non-current assets | ||
Goodwill | € 2,103.3 | € 2,101.6 |
Intangibles | 2,461.7 | 2,457.6 |
Property, plant and equipment | 552.2 | 542.9 |
Other non-current assets | 8 | 8.1 |
Derivative financial instruments | 3.6 | 0.2 |
Deferred tax assets | 103.7 | 100.4 |
Total non-current assets | 5,232.5 | 5,210.8 |
Current assets | ||
Cash and cash equivalents | 305.9 | 369.7 |
Inventories | 480 | 457.1 |
Trade and other receivables | 301.7 | 266.8 |
Indemnification assets | 0.5 | 1.8 |
Derivative financial instruments | 12.6 | 19.9 |
Total current assets | 1,100.7 | 1,115.3 |
Total assets | 6,333.2 | 6,326.1 |
Current liabilities | ||
Trade and other payables | 696 | 695.4 |
Current tax payable | 173.4 | 183 |
Provisions | 37.7 | 36.1 |
Loans and borrowings | 20.7 | 22.6 |
Derivative financial instruments | 4.4 | 3.7 |
Total current liabilities | 932.2 | 940.8 |
Non-current liabilities | ||
Loans and borrowings | 2,140.6 | 2,142.3 |
Employee benefits | 118.2 | 132.1 |
Other non-current liabilities | 0.7 | 1.1 |
Provisions | 0.3 | 1.3 |
Derivative financial instruments | 38.5 | 56.6 |
Deferred tax liabilities | 444.7 | 445.7 |
Total non-current liabilities | 2,743 | 2,779.1 |
Total liabilities | 3,675.2 | 3,719.9 |
Net assets | 2,658 | 2,606.2 |
Equity attributable to equity holders | ||
Share capital and capital reserve | 1,453.3 | 1,596.7 |
Share based compensation reserve | 28 | 13.8 |
Translation reserve | 99.3 | 89.3 |
Other reserves | 12.8 | 19.8 |
Retained earnings | 1,064.6 | 886.6 |
Equity attributable to owners of parent | € 2,658 | € 2,606.2 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Interim Statements of Profit or Loss - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Profit or loss [abstract] | ||||
Revenue | € 763.5 | € 759.6 | € 2,283.7 | € 2,189.5 |
Cost of sales | (546.8) | (538.5) | (1,632.7) | (1,566.9) |
Gross profit | 216.7 | 221.1 | 651 | 622.6 |
Other operating expenses | (104.8) | (93.4) | (323.2) | (287.6) |
Exceptional items | (13.5) | (18.9) | (54.1) | (25.2) |
Operating profit | 98.4 | 108.8 | 273.7 | 309.8 |
Finance income | 24.4 | 12.1 | 21.5 | 12.5 |
Finance costs | (26.4) | (16.5) | (87.8) | (47.6) |
Net financing costs | (2) | (4.4) | (66.3) | (35.1) |
Profit before tax | 96.4 | 104.4 | 207.4 | 274.7 |
Taxation | (18.8) | (22.3) | (39.4) | (62) |
Profit for the period | 77.6 | 82.1 | 168 | 212.7 |
Equity owners of the parent | € 77.6 | € 82.1 | € 168 | € 212.7 |
Earnings per share | ||||
Basic earnings per share | € 0.46 | € 0.47 | ||
Diluted earnings per share | € 0.46 | € 0.47 | € 0.97 | € 1.22 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Interim Statements of Comprehensive Income/(Loss) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Profit for the period | € 77.6 | € 82.1 | € 168 | € 212.7 |
Other comprehensive income: | ||||
Actuarial gains on defined benefit pension plans | 18.2 | 21.3 | 12.1 | 104.3 |
Taxation charge on measurement of defined benefit pension plans | (4.2) | (4) | (2.1) | (24.7) |
Items not reclassified to the Statement of Profit or Loss | 14 | 17.3 | 10 | 79.6 |
(Gain)/loss on investment in foreign subsidiary | (3.3) | (5.1) | 10 | (9.8) |
Cash flow hedges | 10.3 | 45 | (7.3) | 108.2 |
Taxation (charge)/credit relating to components of other comprehensive income | (3.5) | (7.6) | 3.1 | (20.5) |
Items that may be subsequently reclassified to the Statement of Profit or Loss | 3.5 | 32.3 | 5.8 | 77.9 |
Other comprehensive income for the period, net of tax | 17.5 | 49.6 | 15.8 | 157.5 |
Total comprehensive income for the period | € 95.1 | € 131.7 | € 183.8 | € 370.2 |
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 | € 212.7 | 212.7 | 212.7 | |||||
Profit for the period | 212.7 | |||||||
Other comprehensive income/(loss) for the period | 157.5 | (9.8) | 87.7 | 79.6 | 157.5 | |||
Total comprehensive income for the period | (9.8) | 87.7 | 292.3 | 370.2 | ||||
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory | (43) | (43) | ||||||
Comprehensive income | 370.2 | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.4 | (0.4) | 0 | |||||
Reduction of issued capital | (26.8) | (26.8) | ||||||
Vesting of non-executive restricted stock award | 0 | 5.9 | 5.9 | |||||
Reclassification of awards for settlement of tax liabilities | (1) | (1.2) | (2.2) | |||||
Total transactions with owners, recognized directly in equity | (26.4) | 4.5 | 0 | 0 | 0 | (1.2) | (23.1) | |
Equity attributable to owners, ending balance at Sep. 30, 2022 | 1,596.7 | 11.4 | 166 | 95.3 | 55.2 | 678.5 | 2,603.1 | |
Equity owners of the parent | 212.7 | 212.7 | 212.7 | |||||
Profit for the period | 212.7 | |||||||
Other comprehensive income/(loss) for the period | 157.5 | (9.8) | 87.7 | 79.6 | 157.5 | |||
Equity owners of the parent | (9.8) | 87.7 | 292.3 | 370.2 | ||||
Comprehensive income | 370.2 | |||||||
Vesting of non-executive restricted stock award | 0 | 5.9 | 5.9 | |||||
Repurchase of ordinary shares | 26.8 | 26.8 | ||||||
Reclassification of awards for settlement of tax liabilities | (1) | (1.2) | (2.2) | |||||
Total transactions with owners, recognized directly in equity | (26.4) | 4.5 | 0 | 0 | 0 | (1.2) | (23.1) | |
Equity attributable to owners of parent | 1,596.7 | 11.4 | € 166 | 95.3 | 55.2 | 678.5 | 2,603.1 | |
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 | 168 | 168 | 168 | |||||
Profit for the period | 168 | |||||||
Other comprehensive income/(loss) for the period | 15.8 | 10 | (4.2) | 10 | 15.8 | |||
Total comprehensive income for the period | 0 | 0 | 10 | (4.2) | 178 | 183.8 | ||
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory | (2.8) | (2.8) | ||||||
Comprehensive income | 183.8 | |||||||
Increase (Decrease) Through Vesting Of Other Equity Instruments In Share-Based Payment Transactions, Equity | 0.3 | (0.3) | ||||||
Reduction of issued capital | (143.7) | (143.7) | ||||||
Vesting of non-executive restricted stock award | 19.8 | 19.8 | ||||||
Reclassification of awards for settlement of tax liabilities | 0 | (5.3) | 0 | (5.3) | ||||
Total transactions with owners, recognized directly in equity | (143.4) | 14.2 | 0 | 0 | 0 | (129.2) | ||
Equity attributable to owners, ending balance at Sep. 30, 2023 | 2,658 | 1,453.3 | 28 | 99.3 | 12.8 | 1,064.6 | 2,658 | |
Equity owners of the parent | 168 | 168 | 168 | |||||
Profit for the period | 168 | |||||||
Other comprehensive income/(loss) for the period | 15.8 | 10 | (4.2) | 10 | 15.8 | |||
Equity owners of the parent | 0 | 0 | 10 | (4.2) | 178 | 183.8 | ||
Comprehensive income | 183.8 | |||||||
Vesting of non-executive restricted stock award | 19.8 | 19.8 | ||||||
Repurchase of ordinary shares | 143.7 | 143.7 | ||||||
Reclassification of awards for settlement of tax liabilities | 0 | (5.3) | 0 | (5.3) | ||||
Total transactions with owners, recognized directly in equity | (143.4) | 14.2 | 0 | 0 | 0 | (129.2) | ||
Equity attributable to owners of parent | € 2,658 | € 1,453.3 | € 28 | € 99.3 | € 12.8 | € 1,064.6 | € 2,658 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Interim Statements of Cash Flows € in Millions | 9 Months Ended | |
Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | |
Cash flows from operating activities | ||
Profit for the period | € 168 | € 212.7 |
Adjustments for: | ||
Exceptional items | 54.1 | 25.2 |
Share based payments expense | 19.8 | 5.9 |
Depreciation and amortization | 68.8 | 65.8 |
Loss on disposal of property, plant and equipment | 1.6 | 0.3 |
Net finance costs | 66.3 | 35.1 |
Taxation | 39.4 | 62 |
Operating cash flow before changes in working capital, provisions and exceptional items | 418 | 407 |
Increase in inventories | (18.6) | (116.3) |
Increase in trade and other receivables | (32) | (90) |
Decrease in trade and other payables | (17.8) | (16.4) |
(Decrease)/increase in employee benefits and other provisions | (1.8) | 2.6 |
Cash generated from operations before tax and exceptional items | 347.8 | 186.9 |
Payments relating to exceptional items | (46) | (46.2) |
Tax paid | (52.9) | (43.8) |
Net cash generated from operating activities | 248.9 | 96.9 |
Cash flows from investing activities | ||
Purchase of subsidiaries, net of cash acquired | 0 | 0.4 |
Purchase of property, plant and equipment and intangibles | (59.1) | (55.4) |
Interest received | 4.1 | 0.2 |
Redemption of investments | 0.3 | 0 |
Cash used in investing activities | (54.7) | (54.8) |
Cash flows from financing activities | ||
Repurchase of ordinary shares | (118.4) | (26.8) |
Issuance of new loan principal | 6 | 0 |
Repayment of loan principal | (6) | (8.7) |
Payments related to shares withheld for taxes | 6.7 | 2.8 |
Payment of lease liabilities | (21.9) | (19.6) |
Payment of financing fees | (1.7) | 0 |
Interest paid | (94.7) | (49.4) |
Payment of Interest on Tax Relating to Legacy Tax Audits, Classified as Financing Activities | 9.2 | 0 |
Other financing cash flows | 0 | 0.3 |
Net cash used in financing activities | (252.6) | (107) |
Net decrease in cash and cash equivalents | (58.4) | (64.9) |
Cash and cash equivalents at beginning of period | 305.9 | |
Cash and cash equivalents at beginning of period | 369.7 | 254.2 |
Effect of exchange rate fluctuations | (2.5) | 4.4 |
Cash and cash equivalents at end of period | € 305.9 | € 193.7 |
Cash and cash equivalents
Cash and cash equivalents | 9 Months Ended |
Sep. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | Cash and cash equivalents September 30, 2023 December 31, 2022 €m €m Cash balances and deposits 305.5 369.4 Restricted cash 0.4 0.3 Cash and cash equivalents 305.9 369.7 Bank overdraft — (2.9) Cash and cash equivalents per Statement of Cash Flows 305.9 366.8 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of Cash and Cash Equivalents | September 30, 2023 December 31, 2022 €m €m Cash balances and deposits 305.5 369.4 Restricted cash 0.4 0.3 Cash and cash equivalents 305.9 369.7 Bank overdraft — (2.9) Cash and cash equivalents per Statement of Cash Flows 305.9 366.8 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - EUR (€) € in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Cash balances and deposits | € 305.5 | € 369.4 |
Restricted cash | 0.4 | 0.3 |
Cash and cash equivalents | 305.9 | 369.7 |
Bank overdraft | 0 | (2.9) |
Cash and cash equivalents per Statement of Cash Flows | € 305.9 | € 366.8 |
General information
General information | 9 Months Ended |
Sep. 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2023 | |
Basis Of Presentation [Abstract] | |
Basis of preparation | Basis of preparation These unaudited condensed consolidated interim financial statements for the three and nine months ended September 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 Nomad Foods Limited 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 November 6, 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 | 9 Months Ended |
Sep. 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 September 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 September 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 the 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 | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations1 [Abstract] | |
Acquisitions | None |
Segment reporting
Segment reporting | 9 Months Ended |
Sep. 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Note €m €m €m €m Profit for the period 77.6 82.1 168.0 212.7 Taxation 18.8 22.3 39.4 62.0 Net financing costs 7 2.0 4.4 66.3 35.1 Depreciation & amortization 23.2 22.6 68.8 65.8 Exceptional items 6 13.5 18.9 54.1 25.2 Other add-backs 4.6 2.9 21.8 10.6 Adjusted EBITDA 139.7 153.2 418.4 411.4 Other add-backs include the elimination of share-based payment expense and related employer payroll tax expense of €4.4 million for the three months ended September 30, 2023 (2022: €2.6 million) and €21.0 million for the nine months ended September 30, 2023 (2022: €7.4 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 September 30, 2023 (2022: €0.3 million) and €0.8 million for the nine months ended September 30, 2023 (2022: €3.2 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m United Kingdom 214.6 195.5 639.5 578.7 Italy 83.3 108.5 266.2 311.0 Germany 78.6 91.3 293.5 277.7 France 49.3 43.9 154.8 134.6 Sweden 32.8 38.5 102.8 111.5 Norway 32.3 32.8 93.7 95.1 Croatia 55.1 47.4 117.6 105.3 Austria 25.4 24.9 91.5 87.9 Serbia 42.9 35.8 102.6 92.7 Switzerland 18.9 19.9 58.4 58.9 Spain 21.4 20.9 62.8 57.9 Rest of Europe 108.9 100.2 300.3 278.2 Total external revenue by geography 763.5 759.6 2,283.7 2,189.5 |
Exceptional items
Exceptional items | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Exceptional items | Exceptional items For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m Business transformation program (1) 13.2 11.9 51.8 26.1 Findus Switzerland integration costs (2) — 2.5 — 7.5 Fortenova Acquisition integration costs (3) 0.2 2.0 1.5 5.5 Release of indemnification assets (4) — — — 7.0 Information Technology transformation program (5) — 0.9 0.6 3.8 Settlement of legacy matters (6) 0.1 — 0.2 (27.9) Factory optimization (7) — 1.0 — 2.6 Distribution network integration (8) — 0.6 — 0.6 Total exceptional items 13.5 18.9 54.1 25.2 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 was 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 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. (8) Distribution network integration In 2022, the Company restructured its sales operations in northern Italy, replacing direct sales to thousands of customers with a streamlined distributor network. The program completed in 2023 and consists of expenses relating to restructuring and new systems. Tax impact of exceptional items T he tax impact of exceptional items for the three months ended September 30, 2023 amounted to a credit of €3.2 million (2022: credit of €3.6 million) and a credit of €12.9 million for the nine months ended September 30, 2023 (2022: credit of €1.0 million). Cash flow impact of exceptional items Included in the Condensed Consolidated Interim Statements of Cash Flows for the nine months ended September 30, 2023 is €46.0 million (2022: €46.2 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 | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Finance income and costs | Finance income and costs For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m Finance income Interest income 1.4 0.2 4.1 0.2 Reversal of impairment loss on short term investments — — 0.3 — Net financing income on amendment of terms of debt 17.1 — 17.1 — Net foreign exchange gains on translation of financial assets and liabilities 5.9 7.2 — 10.8 Net fair value gains on derivatives held for trading — 4.7 — 1.5 Total finance income 24.4 12.1 21.5 12.5 Interest expense (a) (23.3) (15.4) (67.1) (44.1) Net foreign exchange losses arising on translation of financial assets and liabilities — — (7.9) — Net pension interest costs (1.0) (0.6) (3.2) (2.0) Other interest expense (b) (0.1) — (3.8) — Amortization of debt discounts and borrowing costs (1.6) (0.5) (4.8) (1.5) Net fair value losses on derivatives held at fair value through profit or loss (0.4) — (1.0) — Total finance costs (26.4) (16.5) (87.8) (47.6) Net finance costs (2.0) (4.4) (66.3) (35.1) |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2023 | |
Income Taxes [Abstract] | |
Taxation | Taxation Income tax expense of €18.8 million for the three months ended September 30, 2023 (2022: €22.3 million) and €39.4 million for the nine months ended September 30, 2023 (2022: €62.0 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 | 9 Months Ended |
Sep. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Earnings per share For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 77.6 82.1 168.0 212.7 Weighted average Ordinary Shares (basic) in millions 170.3 174.1 172.8 174.2 Basic earnings per share € 0.46 € 0.47 € 0.97 € 1.22 For the three months and nine months period ended September 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 57,262 potential ordinary shares for the three months ended September 30, 2023 and 71,197 for the nine months ended September 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 77.6 82.1 168.0 212.7 Weighted average Ordinary Shares (diluted) in millions 170.3 174.1 172.9 174.2 Diluted earnings per share € 0.46 € 0.47 € 0.97 € 1.22 |
Financial instruments
Financial instruments | 9 Months Ended |
Sep. 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 September 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 16.2 — 16.2 Trade and other receivables 266.1 — — — 266.1 Cash and cash equivalents 247.0 58.9 — — 305.9 Liabilities Derivative financial instruments — — (42.9) — (42.9) Trade and other payables excluding non-financial liabilities — — — (637.0) (637.0) Loans and borrowings — — — (2,200.8) (2,200.8) Total 513.1 58.9 (26.7) (2,837.8) (2,292.5) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €236.5 million. Loans and borrowings includes €74.2 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 (€660.4 million) (the “Senior USD Loan”) and Senior EUR debt of €130.0 million (a "Senior EUR Loan") both repayable in November 2029, as well as the Senior EUR debt of €553.2 million (a "Senior EUR Loan") repayable in June 2028. The Senior USD Loan includes an annual amortization repayment, equivalent to 1.0% of the original issuance value or $7.0 million (€6.6 million) in October each year beginning in 2023 until maturity. The Senior EUR Loans are repayable only upon maturity. As required under the Senior Facilities Agreement, the Company is also required to undertake an annual excess cash flow calculation whereby additional principal could be repaid. On 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 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. On September 22, 2023 the Company completed a repricing of its $700.0 million term loan due 2029 which reduced the interest rate from SOFR plus 3.75% to SOFR plus 3.0%. There are no changes to the maturity of the Term Loan as a result of this repricing. The repricing represents a modification of a financial liability, such that a modification gain of €17.2 million has been recognized, representing the difference between the remaining original contractual cash flows and the modified cash flows, both discounted at the original effective interest rate. Eligible transaction costs associated with the modification of €2.4 million have been added to the loan carrying amount and amortized over the remaining loan term. The carrying amount of the loan is revised to reflect the new cash outflows at the date of modification. Subsequent to the period end, our cross-currency interest rate swaps were amended, effective October 10, 2023 to align more closely with the amended cash flows of our USD term loan. The amendment is considered to represent a modification of the existing swaps. In accordance with the risk management strategy and hedging documentation, the cash flow hedging relationship will continue. A change in fair value of the CCIRS arose as a consequence of the transaction, which the Company has elected to write-off immediately. 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 €m €m €m €m Senior EUR/USD loans 1,346.2 1,316.2 1,326.4 1,340.0 Other external debt 0.2 0.2 0.2 0.2 2028 fixed rate senior secured notes 698.0 681.2 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (39.5) (41.9) 2,044.4 1,997.6 2,087.1 2,098.3 |
Provisions
Provisions | 9 Months Ended |
Sep. 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 18.0 — 1.5 19.5 Release of provision (0.7) — (1.9) (2.6) Utilization of provision (6.9) (0.1) (9.2) (16.2) Foreign exchange (0.1) — — (0.1) Balance as of September 30, 2023 15.1 8.6 14.3 38.0 Analysis of total provisions: September 30, 2023 December 31, 2022 Current 37.7 36.1 Non-current 0.3 1.3 Total 38.0 37.4 Updates since December 31, 2022 Restructuring The €15.1 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 is due to be completed within the next 12 months. €6.9 million has been utilized in the nine months ended September 30, 2023, which relates to reorganizational activities across the Company. Utilization of other provisions in the nine months ended September 30, 2023, includes a payment of €9.2 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 nine months ended September 30, 2023. |
Employee benefits
Employee benefits | 9 Months Ended |
Sep. 30, 2023 | |
Employee Benefits [Abstract] | |
Employee benefits | Employee benefits The Company operates partially funded defined benefit pension plans in Germany and Austria, an unfunded defined benefit pension plan in Sweden and defined benefit indemnity arrangements in Italy and Austria, 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 nine months ended September 30, 2023. The total net employee benefit obligations as at September 30, 2023 is as follows: €m Balance as of January 1, 2023 132.1 Service cost 2.8 Net interest expense 3.2 Actuarial gains on pension scheme valuations (12.1) Benefits paid (5.3) Other movements (1.3) Foreign exchange differences on translation (1.2) Balance as of September 30, 2023 118.2 |
Related parties
Related parties | 9 Months Ended |
Sep. 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 nine months ended September 30, 2023 were €0.1 million and €0.3 million respectively (three and nine months ended September 30, 2022: €0.1 million and €0.3 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) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 September 30, For the nine months ended September 30, 2023 2022 2023 2022 Note €m €m €m €m Profit for the period 77.6 82.1 168.0 212.7 Taxation 18.8 22.3 39.4 62.0 Net financing costs 7 2.0 4.4 66.3 35.1 Depreciation & amortization 23.2 22.6 68.8 65.8 Exceptional items 6 13.5 18.9 54.1 25.2 Other add-backs 4.6 2.9 21.8 10.6 Adjusted EBITDA 139.7 153.2 418.4 411.4 |
External Revenue by Geography | For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m United Kingdom 214.6 195.5 639.5 578.7 Italy 83.3 108.5 266.2 311.0 Germany 78.6 91.3 293.5 277.7 France 49.3 43.9 154.8 134.6 Sweden 32.8 38.5 102.8 111.5 Norway 32.3 32.8 93.7 95.1 Croatia 55.1 47.4 117.6 105.3 Austria 25.4 24.9 91.5 87.9 Serbia 42.9 35.8 102.6 92.7 Switzerland 18.9 19.9 58.4 58.9 Spain 21.4 20.9 62.8 57.9 Rest of Europe 108.9 100.2 300.3 278.2 Total external revenue by geography 763.5 759.6 2,283.7 2,189.5 |
Exceptional items (Tables)
Exceptional items (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Exceptional Items | For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m Business transformation program (1) 13.2 11.9 51.8 26.1 Findus Switzerland integration costs (2) — 2.5 — 7.5 Fortenova Acquisition integration costs (3) 0.2 2.0 1.5 5.5 Release of indemnification assets (4) — — — 7.0 Information Technology transformation program (5) — 0.9 0.6 3.8 Settlement of legacy matters (6) 0.1 — 0.2 (27.9) Factory optimization (7) — 1.0 — 2.6 Distribution network integration (8) — 0.6 — 0.6 Total exceptional items 13.5 18.9 54.1 25.2 |
Finance income and costs (Table
Finance income and costs (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Finance income and costs | For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 €m €m €m €m Finance income Interest income 1.4 0.2 4.1 0.2 Reversal of impairment loss on short term investments — — 0.3 — Net financing income on amendment of terms of debt 17.1 — 17.1 — Net foreign exchange gains on translation of financial assets and liabilities 5.9 7.2 — 10.8 Net fair value gains on derivatives held for trading — 4.7 — 1.5 Total finance income 24.4 12.1 21.5 12.5 Interest expense (a) (23.3) (15.4) (67.1) (44.1) Net foreign exchange losses arising on translation of financial assets and liabilities — — (7.9) — Net pension interest costs (1.0) (0.6) (3.2) (2.0) Other interest expense (b) (0.1) — (3.8) — Amortization of debt discounts and borrowing costs (1.6) (0.5) (4.8) (1.5) Net fair value losses on derivatives held at fair value through profit or loss (0.4) — (1.0) — Total finance costs (26.4) (16.5) (87.8) (47.6) Net finance costs (2.0) (4.4) (66.3) (35.1) (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) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of Earnings per Share | For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share Profit for the period attributable to equity owners of the parent (€m) 77.6 82.1 168.0 212.7 Weighted average Ordinary Shares (basic) in millions 170.3 174.1 172.8 174.2 Basic earnings per share € 0.46 € 0.47 € 0.97 € 1.22 |
Schedule of Diluted Earnings per Share | For the three months ended September 30, For the nine months ended September 30, 2023 2022 2023 2022 Diluted earnings per share Profit for the period attributable to equity owners of the parent (€m) 77.6 82.1 168.0 212.7 Weighted average Ordinary Shares (diluted) in millions 170.3 174.1 172.9 174.2 Diluted earnings per share € 0.46 € 0.47 € 0.97 € 1.22 |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Sep. 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 September 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 16.2 — 16.2 Trade and other receivables 266.1 — — — 266.1 Cash and cash equivalents 247.0 58.9 — — 305.9 Liabilities Derivative financial instruments — — (42.9) — (42.9) Trade and other payables excluding non-financial liabilities — — — (637.0) (637.0) Loans and borrowings — — — (2,200.8) (2,200.8) Total 513.1 58.9 (26.7) (2,837.8) (2,292.5) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €236.5 million. Loans and borrowings includes €74.2 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 September 30, 2023 €m €m €m €m €m Assets Derivative financial instruments — — 16.2 — 16.2 Trade and other receivables 266.1 — — — 266.1 Cash and cash equivalents 247.0 58.9 — — 305.9 Liabilities Derivative financial instruments — — (42.9) — (42.9) Trade and other payables excluding non-financial liabilities — — — (637.0) (637.0) Loans and borrowings — — — (2,200.8) (2,200.8) Total 513.1 58.9 (26.7) (2,837.8) (2,292.5) Trade receivables disclosed in the table above are net of contract liabilities related to discounts and trade marketing expenses of €236.5 million. Loans and borrowings includes €74.2 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 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 €m €m €m €m Senior EUR/USD loans 1,346.2 1,316.2 1,326.4 1,340.0 Other external debt 0.2 0.2 0.2 0.2 2028 fixed rate senior secured notes 698.0 681.2 800.0 800.0 Less capitalized debt discounts and borrowing costs — — (39.5) (41.9) 2,044.4 1,997.6 2,087.1 2,098.3 |
Provisions (Tables)
Provisions (Tables) | 9 Months Ended |
Sep. 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 18.0 — 1.5 19.5 Release of provision (0.7) — (1.9) (2.6) Utilization of provision (6.9) (0.1) (9.2) (16.2) Foreign exchange (0.1) — — (0.1) Balance as of September 30, 2023 15.1 8.6 14.3 38.0 Analysis of total provisions: September 30, 2023 December 31, 2022 Current 37.7 36.1 Non-current 0.3 1.3 Total 38.0 37.4 |
Employee benefits (Tables)
Employee benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Employee Benefits [Abstract] | |
Schedule of Net Employee Benefit Obligations | The total net employee benefit obligations as at September 30, 2023 is as follows: €m Balance as of January 1, 2023 132.1 Service cost 2.8 Net interest expense 3.2 Actuarial gains on pension scheme valuations (12.1) Benefits paid (5.3) Other movements (1.3) Foreign exchange differences on translation (1.2) Balance as of September 30, 2023 118.2 |
Share based compensation reserv
Share based compensation reserve (Tables) | 9 Months Ended |
Sep. 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 January 1, 2023 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 — — — — — 1,209,137 87,000 1,296,137 Forfeitures in the period — — (11,735) (77,464) (131,051) (158,757) (95,000) (474,007) 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 September 30, 2023 — — — 606,085 763,699 1,050,380 168,000 2,588,164 |
Summary of Management Share Award Inputs and Assumptions | he inputs and assumptions underlying the fair value for all awards outstanding as of valuation date are as follows: January 1, 2020 Award January 1, 2021 Award January 1, 2022 Award * January 1, 2023 Award * Grant date price $ 22.37 $ 25.42 $ 25.39 $ 17.24 Exercise price $ — $ — $ — $ — Expected life of restricted share 4.00 years 3.00 years 3.00 years 3.00 years Expected volatility of the share price 24.4 % 30.0 % 28.0 % N/A Dividend yield expected — % — % — % N/A Risk free rate 1.70 % 0.24 % 1.15 % N/A Employee exit rate 27.3 % 14.0 % 14.0 % 18.0 % EBITDA Performance Target Conditions 35.0 % 35.0 % 35.0 % 75.0 % *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 0.4 Directors and Senior Management share awards charge - January 1, 2021 9.1 Directors and Senior Management share awards charge - January 1, 2022 7.8 Directors and Senior Management share awards charge - January 1, 2023 1.7 Directors and Senior Management share awards charge - Other 2022 and 2023 awards 0.8 Shares issued upon vesting of awards (0.3) Reclassification of employer tax for Director and Senior Management share awards (5.3) Balance as of September 30, 2023 28.0 |
Share Capital and Capital reser
Share Capital and Capital reserve (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share Capital, Reserves and Other Equity Interest [Abstract] | |
Schedule of Share Capital and Capital Reserve | Shares September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 €m €m Authorized Share Capital issued and fully paid: Ordinary Shares with nil nominal value 166,844,360 172,550,253 1,480.5 1,613.2 Founder Preferred Shares with nil nominal value — 1,500,000 — 10.6 Total share capital and capital reserve 1,480.5 1,623.8 Listing and share transaction costs (27.2) (27.1) Total net share capital and capital reserve 1,453.3 1,596.7 |
Basis of preparation (Details)
Basis of preparation (Details) € in Millions, $ in Millions | 9 Months Ended | ||||||
Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Jun. 30, 2023 | Jan. 01, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Nov. 08, 2022 EUR (€) | Nov. 08, 2022 USD ($) | |
Common Table Line Items [Line Items] | |||||||
Other reserves | € 12.8 | € 19.8 | |||||
Translation reserve | 99.3 | 89.3 | |||||
Cumulative translation difference on Croatia adopting the Euro | € 0.2 | ||||||
Cash flow hedges | |||||||
Common Table Line Items [Line Items] | |||||||
Other reserves | 12.5 | € 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 | € 660.4 | € 700.6 | $ 700 | ||||
Interest rate | 3% | 3.75% | |||||
Other reserves | |||||||
Common Table Line Items [Line Items] | |||||||
Deferred hedging losses and costs of hedging transferred to the carrying value of inventory | € (2.8) | € (43) |
Segment reporting - Segment as
Segment reporting - Segment as Adjusted EBITDA (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Profit for the period | € 77.6 | € 82.1 | € 168 | € 212.7 |
Taxation | 18.8 | 22.3 | 39.4 | 62 |
Net financing costs | 2 | 4.4 | 66.3 | 35.1 |
Depreciation & amortization | 23.2 | 22.6 | 68.8 | 65.8 |
Exceptional items | 13.5 | 18.9 | 54.1 | 25.2 |
Material reconciling items | ||||
Disclosure of operating segments [line items] | ||||
Exceptional items | 13.5 | 18.9 | 54.1 | 25.2 |
Other add-backs | 4.6 | 2.9 | 21.8 | 10.6 |
Adjusted EBITDA | € 139.7 | € 153.2 | € 418.4 | € 411.4 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Segments [Abstract] | ||||
Adjustments for share based payments including employer tax | € 4.4 | € 2.6 | € 21 | € 7.4 |
Acquisition related costs | € 0.2 | € 0.3 | € 0.8 | € 3.2 |
Segment reporting - Geographica
Segment reporting - Geographical information (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disclosure of geographical areas [line items] | ||||
Revenue | € 763.5 | € 759.6 | € 2,283.7 | € 2,189.5 |
United Kingdom | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 214.6 | 195.5 | 639.5 | 578.7 |
Italy | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 83.3 | 108.5 | 266.2 | 311 |
Germany | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 78.6 | 91.3 | 293.5 | 277.7 |
France | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 49.3 | 43.9 | 154.8 | 134.6 |
Sweden | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 32.8 | 38.5 | 102.8 | 111.5 |
Norway | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 32.3 | 32.8 | 93.7 | 95.1 |
CROATIA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 55.1 | 47.4 | 117.6 | 105.3 |
Austria | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 25.4 | 24.9 | 91.5 | 87.9 |
SERBIA | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 42.9 | 35.8 | 102.6 | 92.7 |
SWITZERLAND | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 18.9 | 19.9 | 58.4 | 58.9 |
Spain | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 21.4 | 20.9 | 62.8 | 57.9 |
Rest of Europe | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | € 108.9 | € 100.2 | € 300.3 | € 278.2 |
Exceptional Items - Schedule (D
Exceptional Items - Schedule (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Business transformation program (1) | € 13.2 | € 11.9 | € 51.8 | € 26.1 |
Findus Switzerland integration costs (2) | 0 | 2.5 | 0 | 7.5 |
Fortenova Acquisition integration costs (3) | 0.2 | 2 | 1.5 | 5.5 |
Release of indemnification assets (4) | 0 | 0 | 0 | 7 |
Information Technology transformation program (5) | 0 | 0.9 | 0.6 | 3.8 |
Settlement of legacy matters (6) | 0.1 | 0 | 0.2 | (27.9) |
Factory optimization (7) | 0 | 1 | 0 | 2.6 |
Organizational Design (5) | 0 | 0.6 | 0 | 0.6 |
Exceptional items | € 13.5 | € 18.9 | € 54.1 | € 25.2 |
Exceptional items - Additional
Exceptional items - Additional Information (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Business transformation program (1) | € 13.2 | € 11.9 | € 51.8 | € 26.1 |
Organizational Design (5) | 0 | 0.6 | 0 | 0.6 |
Factory optimization (7) | 0 | 1 | 0 | 2.6 |
Exceptional Items, Tax Expense (Income), Continuing Operations | € 3.2 | € 3.6 | 12.9 | 1 |
Payments relating to exceptional items | € (46) | € (46.2) |
Finance income and costs (Detai
Finance income and costs (Details) - EUR (€) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Analysis of income and expense [abstract] | ||||
Interest income | € 1,400,000 | € 200,000 | € 4,100,000 | € 200,000 |
Reversal of impairment loss on short term investments | 0 | 0 | 300,000 | 0 |
Net financing income on amendment of terms of debt | 17,100,000 | 17,100,000 | ||
Net foreign exchange gains on translation of financial assets and liabilities | 5,900,000 | 7,200,000 | 0 | 10,800,000 |
Net fair value gains on derivatives held for trading | 4,700,000 | 1,500,000 | ||
Total finance income | 24,400,000 | 12,100,000 | 21,500,000 | 12,500,000 |
Interest expense (a) | (23,300,000) | (15,400,000) | (67,100,000) | (44,100,000) |
Net foreign exchange losses arising on translation of financial assets and liabilities | 0 | 0 | (7,900,000) | 0 |
Net pension interest costs | (1,000,000) | (600,000) | (3,200,000) | (2,000,000) |
Other finance cost | 100,000 | 0 | 3,800,000 | 0 |
Amortization of debt discounts and borrowing costs | (1,600,000) | (500,000) | (4,800,000) | (1,500,000) |
Net fair value losses on derivatives held at fair value through profit or loss | (400,000) | 0 | (1,000,000) | 0 |
Total finance costs | (26,400,000) | (16,500,000) | (87,800,000) | (47,600,000) |
Net financing costs | € (2,000,000) | € (4,400,000) | € (66,300,000) | € (35,100,000) |
Taxation (Details)
Taxation (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Taxes [Abstract] | |||||
Tax expense | € 18.8 | € 22.3 | € 39.4 | € 62 | |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic earnings per share | ||||
Profit for the period attributable to equity owners of the parent (€m) | € 77.6 | € 82.1 | € 168 | € 212.7 |
Weighted average Ordinary Shares (basic) in millions | 170.3 | 174.1 | 172.8 | 174.2 |
Basic earnings per share | € 0.46 | € 0.47 | ||
Diluted earnings per share | ||||
Profit for the period attributable to equity owners of the parent (€m) | € 77.6 | € 82.1 | € 168 | € 212.7 |
Weighted average Ordinary Shares (diluted) in millions | 170.3 | 174.1 | 172.9 | 174.2 |
Diluted earnings per share | € 0.46 | € 0.47 | € 0.97 | € 1.22 |
Earnings per share - Additional
Earnings per share - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Jul. 06, 2023 | Jul. 01, 2022 | Jun. 30, 2021 | Sep. 30, 2023 shares | Sep. 30, 2023 shares | Sep. 30, 2022 | |
Non-Executive Director | ||||||
Earnings per share [line items] | ||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 29,676 | 24,759 | 24,759 | 18,450 | 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 | 57,262 | 71,197 |
Financial instruments - Categor
Financial instruments - Categories of financial instruments (Details) - EUR (€) € in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial assets at amortized cost | € 305.9 | € 305.9 | € 369.7 | € 193.7 | € 254.2 |
Financial assets at amortised cost | 513.1 | 513.1 | 560.8 | ||
Financial assets at fair value through profit or loss | 58.9 | 58.9 | 39.7 | ||
Financial liabilities at amortised cost | (2,837.8) | (2,837.8) | (2,859) | ||
Financial assets (liabilities) at fair value through other comprehensive income | (26.7) | (26.7) | (40.2) | ||
Total | (2,292.5) | (2,292.5) | (2,298.7) | ||
Net financing income on amendment of terms of debt | 17.1 | 17.1 | |||
Repricing expense | 2.4 | ||||
Derivative financial instruments | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at amortised cost | 0 | 0 | 0 | ||
Financial liabilities | (42.9) | (42.9) | (60.3) | ||
Financial Liabilities At Fair Value Through Other Comprehensive Income | (42.9) | (42.9) | (60.3) | ||
Trade and other payables excluding non-financial liabilities | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at amortised cost | (637) | (637) | (652.2) | ||
Financial liabilities | (637) | (637) | (652.2) | ||
Financial Liabilities At Fair Value Through Other Comprehensive Income | 0 | 0 | 0 | ||
Loans and borrowings | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial liabilities at amortised cost | (2,200.8) | (2,200.8) | (2,206.8) | ||
Financial liabilities | (2,200.8) | (2,200.8) | (2,206.8) | ||
Financial Liabilities At Fair Value Through Other Comprehensive Income | 0 | 0 | 0 | ||
Derivative financial instruments | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial assets | 16.2 | 16.2 | 20.1 | ||
Derivative financial assets held for hedging | 16.2 | 16.2 | 20.1 | ||
Trade and other receivables | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial assets at amortised cost | 266.1 | 266.1 | 230.8 | ||
Financial assets | 266.1 | 266.1 | 230.8 | ||
Cash and cash equivalents | |||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | |||||
Financial assets at amortised cost | 247 | 247 | 330 | ||
Financial assets at fair value through profit or loss | 58.9 | 58.9 | 39.7 | ||
Financial assets | € 305.9 | € 305.9 | € 369.7 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Jun. 30, 2023 | Dec. 31, 2022 EUR (€) | Nov. 08, 2022 EUR (€) | Nov. 08, 2022 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Contract liabilities | € 236.5 | € 236.5 | € 231.4 | ||||
Financing income on amendment of terms of debt | 17.2 | ||||||
Liability relating to IFRS 16 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Lease liabilities | 74.2 | 74.2 | € 66.6 | ||||
Senior EURO Debt | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 553.2 | € 553.2 | |||||
Interest rate | 3,500,000% | 3,500,000% | |||||
Senior USD Debt | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € 660.4 | € 660.4 | € 700.6 | $ 700 | |||
Repayments of non-current borrowings | € 6.6 | $ 7 | |||||
Interest rate | 3% | 3% | 3.75% |
Financial Instruments - Interes
Financial Instruments - Interest bearing loans and borrowings (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 EUR (€) | Dec. 31, 2022 EUR (€) | Nov. 08, 2022 EUR (€) | Nov. 08, 2022 USD ($) | |
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 | € 660.4 | € 700.6 | $ 700 | |||
Interest rate | 3% | 3.75% | ||||
Repayments of non-current borrowings | € 6.6 | $ 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 | 2,044.4 | € 1,997.6 | ||||
Carrying value | 2,087.1 | 2,098.3 | ||||
Loans and Borrowings | Deferred borrowing costs | ||||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||||||
Fair value | 0 | 0 | ||||
Carrying value | (39.5) | (41.9) | ||||
Loans and Borrowings | Senior EUR/USD loans | ||||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||||||
Carrying value | 1,326.4 | 1,340 | ||||
Loans and Borrowings | Senior EUR/USD loans | Level 2 | ||||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||||||
Fair value | 1,346.2 | 1,316.2 | ||||
Loans and Borrowings | Other borrowings [Domain] | ||||||
Disclosure Of Financial Assets And Liabilities [Table] [Line Items] | ||||||
Fair value | 0.2 | 0.2 | ||||
Carrying value | 0.2 | 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 | € 698 | € 681.2 |
Provisions - Schedule (Details)
Provisions - Schedule (Details) - EUR (€) € in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | € 37.4 | |
Additional provision in the period | 19.5 | |
Release of provision | (2.6) | |
Utilization of provision | (16.2) | |
Foreign exchange | (0.1) | |
Other provisions at end of period | 38 | |
Current | 37.7 | € 36.1 |
Non-current | 0.3 | 1.3 |
Provisions | 38 | € 37.4 |
Restructuring | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 4.8 | |
Additional provision in the period | 18 | |
Release of provision | (0.7) | |
Utilization of provision | (6.9) | |
Foreign exchange | (0.1) | |
Other provisions at end of period | 15.1 | |
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 | (0.1) | |
Foreign exchange | 0 | |
Other provisions at end of period | 8.6 | |
Other | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 23.9 | |
Additional provision in the period | 1.5 | |
Release of provision | (1.9) | |
Utilization of provision | (9.2) | |
Foreign exchange | 0 | |
Other provisions at end of period | € 14.3 |
Provisions - Additional Informa
Provisions - Additional Information (Details) - EUR (€) € in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Other provisions | € 38 | € 37.4 |
Provision used, other provisions | 16.2 | |
Restructuring | ||
Disclosure of other provisions [line items] | ||
Other provisions | € 15.1 | 4.8 |
Estimated completion of activities | 12 months | |
Provision used, other provisions | € 6.9 | |
Other | ||
Disclosure of other provisions [line items] | ||
Other provisions | 14.3 | 23.9 |
Provision used, other provisions | 9.2 | |
Provisions related to other taxes | ||
Disclosure of other provisions [line items] | ||
Other provisions | 8.6 | € 8.7 |
Provision used, other provisions | 0.1 | |
Legal proceedings provision [member] | ||
Disclosure of other provisions [line items] | ||
Provision used, other provisions | € 9.2 |
Employee Benefits (Details)
Employee Benefits (Details) - EUR (€) € in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Employee Benefits [Abstract] | ||
Net defined benefit liability (asset) at beginning of period | € 132.1 | |
Service cost | 2.8 | |
Net interest expense | 3.2 | |
Actuarial gains on pension scheme valuations | (12.1) | |
Benefits paid | (5.3) | |
Increase (decrease) in net defined benefit liability (asset) resulting from other changes | (1.3) | |
Foreign exchange differences on translation | (1.2) | |
Net defined benefit liability (asset) at end of period | € 118.2 | |
Germany | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial assumption of discount rates | 4.20% | 3.80% |
Sweden | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial assumption of discount rates | 4.40% | 4% |
Share based compensation rese_2
Share based compensation reserve - Director and Senior Management Share Awards (Details) € in Millions | 1 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 shares | Jan. 01, 2022 shares | Jan. 31, 2021 shares | Sep. 30, 2023 EUR (€) shares | |
Share based compensation reserve | Management Award 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock Vested During Period, Value, Restricted Stock Award, Gross1 | € | € (0.3) | |||
January 1, 2021 | Share based compensation reserve | Key management personnel of entity or parent | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting of non-executive restricted stock award | € | 9.1 | |||
January 1, 2022 | Share based compensation reserve | Key management personnel of entity or parent | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting of non-executive restricted stock award | € | 7.8 | |||
Other Awards | Share based compensation reserve | Key management personnel of entity or parent | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting of non-executive restricted stock award | € | 0.8 | |||
January 1, 2023 | Share based compensation reserve | Key management personnel of entity or parent | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting of non-executive restricted stock award | € | € 1.7 | |||
Restricted shares | ||||
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) | 1,296,137 | |||
Forfeitures in the period (in shares) | (474,007) | |||
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 | 2,588,164 | |||
New awards granted in the period (in shares) | 1,296,137 | |||
Restricted shares | 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) | |||
Restricted shares | 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 | |||
Restricted shares | 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 | |||
Restricted shares | January 1, 2023 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
New awards granted in the period (in shares) | 1,209,137 | |||
New awards granted in the period (in shares) | 1,209,137 | |||
Restricted shares | Other Awards | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
New awards granted in the period (in shares) | 87,000 | |||
New awards granted in the period (in shares) | 87,000 | |||
Restricted shares | 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 | |||
Restricted shares | 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 | |||
Restricted shares | 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 | |||
Restricted shares | 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) | (77,464) | |||
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 | 606,085 | |||
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 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) | (131,051) | |||
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 | 763,699 | |||
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 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) | (95,000) | |||
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 | 168,000 | |||
New awards granted in the period (in shares) | 87,000 | |||
Restricted shares | January 1, 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 | 0 | 0 | ||
New awards granted in the period (in shares) | 1,209,137 | |||
Forfeitures in the period (in shares) | (158,757) | |||
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 | 1,050,380 | |||
New awards granted in the period (in shares) | 1,209,137 |
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 | 9 Months Ended | ||||||||||||||||
Feb. 01, 2023 shares $ / shares | Jan. 01, 2023 USD ($) shares $ / shares | Jan. 01, 2022 USD ($) shares | Jan. 31, 2021 shares | Sep. 30, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 EUR (€) shares | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 $ / shares | Jan. 01, 2023 EUR (€) | Dec. 31, 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 | € | € 4.2 | € 1.9 | € 19.4 | € 5.4 | |||||||||||||||
Ordinary shares | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 16.55 | $ 26.23 | $ 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 | $ 3.8 | € 3.4 | |||||||||||||||||
January 1, 2023 | |||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||||
Weighted average fair value at measurement date, other equity instruments granted | $ 7.5 | € 7 | |||||||||||||||||
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) | 1,296,137 | ||||||||||||||||||
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 | ||||||||||||||||||
Restricted shares | January 1, 2023 | |||||||||||||||||||
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) | 1,209,137 |
Share based compensation rese_4
Share based compensation reserve - Valuation Assumptions (Details) - Restricted shares | 9 Months Ended |
Sep. 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% |
January 1, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date price | $ 17.24 |
Exercise price | $ 0 |
Expected life of restricted share | 3 years |
Employee exit rate | 18% |
EBITDA Performance Target Conditions | 75% |
Share based compensation rese_5
Share based compensation reserve - Non-Executive Director Restricted Share Awards (Details) $ / shares in Units, € in Millions | 3 Months Ended | 9 Months Ended | |||||||
Jul. 06, 2023 $ / shares shares | Jul. 01, 2022 shares $ / shares | Jun. 30, 2021 $ / shares | Sep. 30, 2023 EUR (€) shares | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 EUR (€) shares | Sep. 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) | 29,676 | 24,759 | 24,759 | 18,450 | 18,450 | 13,817 | |||
New awards granted in the period (in shares) | 35,082 | 29,676 | |||||||
Liabilities from share-based payment transactions (in shares) | 11,226 | 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) | 1,296,137 | 1,296,137 | |||||||
Number of other equity instruments outstanding (in shares) | 2,588,164 | 2,588,164 | 2,588,164 | 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 | € | € 0.1 | € 0.1 | € 0.4 | € 0.5 | |||||
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 | 9 Months Ended |
Sep. 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 | 28 |
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 | 28 |
Share based compensation reserve | Non-Executive Director | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting of non-executive restricted stock award | 0.4 |
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 | (5.3) |
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] | |
Vesting of non-executive restricted stock award | 9.1 |
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] | |
Vesting of non-executive restricted stock award | 7.8 |
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] | |
Vesting of non-executive restricted stock award | 0.8 |
Share based compensation reserve | January 1, 2023 | Key management personnel of entity or parent | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Vesting of non-executive restricted stock award | € 1.7 |
Share Capital and Capital res_2
Share Capital and Capital reserve - Narrative (Details) | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Nov. 06, 2023 USD ($) | Aug. 05, 2021 USD ($) | Nov. 06, 2023 EUR (€) shares | Dec. 31, 2021 EUR (€) shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2023 EUR (€) shares | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 EUR (€) | Dec. 31, 2022 EUR (€) shares | Dec. 31, 2022 USD ($) shares | Nov. 06, 2023 USD ($) | Sep. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure of classes of share capital [line items] | |||||||||||||
Other reserves | € 12,800,000 | € 19,800,000 | |||||||||||
Purchase of treasury shares | $ | $ 500,000,000 | $ 500,000,000 | |||||||||||
Payments to acquire or redeem entity's shares | 118,400,000 | € 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 | 12,500,000 | € 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 | 300,000 | € 800,000 | |||||||||||
Ordinary shares | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 24.5 | $ 16.55 | $ 26.23 | ||||||||||
Transaction costs | € 0.1 | € 0.1 | |||||||||||
Number of shares repurchased | shares | 1,397,790 | 3,090,082 | 3,090,082 | 9,448,139 | 9,448,139 | 1,160,547 | 1,160,547 | ||||||
Payments to acquire or redeem entity's shares | € 67.1 | $ 75.8 | € 143,700,000 | $ 156,500,000 | € 26.8 | $ 30.5 | |||||||
Value of shares repurchased, not yet settled | € 19,600,000 | € 25,300,000 | $ 20,700,000 | $ 27,500,000 | |||||||||
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 | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Total share capital and capital reserve | € 1,480.5 | € 1,623.8 |
Listing and share transaction costs | (27.2) | (27.1) |
Total net share capital and capital reserve | 1,453.3 | 1,596.7 |
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Total share capital and capital reserve | € 1,480.5 | 1,613.2 |
Number of shares repurchased, not yet settled | 1,810,660 | |
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) | 166,844,360 | 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) | 3 Months Ended | 9 Months Ended | ||||
Jan. 01, 2022 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 30, 2022 EUR (€) | Sep. 30, 2023 EUR (€) | Sep. 30, 2023 GBP (£) | Sep. 30, 2022 EUR (€) | |
Non-Executive Director | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Fees and expenses | € 100,000 | € 100,000 | € 300,000 | € 300,000 | ||
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 | |||||
TOMS Capital | Affiliate of Founder Entities | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Services Agreement, Annual Fee, Related Party Transactions | 150,000 | £ 130,000 | ||||
Set-up fee, Related Party Transactions | € 0.1 |