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Strategic Report


Earnings Per Share (EPS) EPS comparatives to the prior year can be distorted by significant non-recurring items and IFRS adjustments. Te Board is focused on growing adjusted diluted EPS, which is calculated by eliminating the impact of the items highlighted above and incorporates the dilutive effect of share options. Continuing adjusted diluted EPS is 6.3p for the 52 week period (2013: 5.9p).


Continuing 2014


Basic EPS


Adjusted* basic EPS Diluted** basic EPS


Adjusted* diluted** EPS


** Diluted EPS takes basic EPS and incorporates the dilution effect of share options. *** Discontinued basic and diluted basic includes the profit on the sale of the discontinued business.


Financial Key Performance KPI


Revenue – continuing Revenue – discontinued Revenue


Adjusted EBITDA – continuing Adjusted EBITDA – discontinued Adjusted EBITDA Net bank debt


Net debt including deferred consideration payable


Net debt including deferred consideration payable and receivable


6.7p 6.7p 6.3p 6.3p


* Adjusted EPS measures are calculated by eliminating the impact of significant non-recurring items and IFRS adjustments. Further details can be found in Note 10.


Continuing


7.2p 6.5p 6.6p 5.9p


(restated) Discontinued*** 2013


2013


5.1p 3.1p 4.6p 2.8p


2014


2013 £19.7m


2012


£175.7m £176.6m £178.9m -


£10.7m - -


£8.8m £8.8m £5.9m


£12.5m £7.2m


£7.4m £4.7m


£12.4m £32.6m


£33.9m £33.9m


- £196.3m £207.4m £189.6m £168.3m £9.9m £2.6m


£28.5m £9.6m


£2.8m


- -


£11.5m £32.7m


£37.1m £37.1m


EBITDA is calculated as earnings before interest, taxation, depreciation and amortisation. Net bank debt is calculated as overdrafts, bank loans, asset finance and mortgages less cash balances and before unamortised bank fees.


Non-Financial Key Performance Indicators A range of non-financial key performance indicators are monitored at site level covering, amongst others, customer service, quality and health and safety. Te Group Board receives an overview of these on a regular basis.


Disposals In the prior year comparatives on 27 February 2013 the Group sold its Free From business for a total value of approximately £21 million of which £3 million is deferred to 27 February 2015.


Te Free From business consisted of two subsidiaries, Livwell Limited (“Livwell”) and United Bakeries (Holdings) Limited (“UBH”) (the holding company of United Central Bakeries Limited (“UCB”)). Tese subsidiaries, which accounted for approximately 14% of prior year Group revenues, were sold to Genius Foods Limited (“Genius”), on a debt-free, cash-free basis.


Cash Flow Tere was an increase in our working capital requirement of £2.2 million compared to the last financial year. Corporation tax payments made in the financial year totalled £1.7 million (2013: £1.8 million), the payments in the current year took account of the research and development tax relief due to the Group. Capital expenditure in the year amounted to £6.2 million (2013: £4.2 million).


Debt and Bank Facilities Te Group’s total net debt including deferred consideration payable is £8.8 million (2013: £7.4 million) up £1.4 million from prior year.


Te Group’s total net bank debt excluding deferred consideration after deducting cash balances as at 28 June 2014 was £8.8 million (2013: £7.2 million). Within this total net bank debt, £5.1 million is due within one year, including cash at bank and invoice finance (2013: £2.8 million).


£11.0m £36.5m


£42.6m £42.6m


2011 - -


2010 - -


- -


17


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