Strategic Report


2 Finsbury Food Group Annual Report & Accounts 2018


Corporate Governance


Financial Statements


Group Performance Measures


Statutory Measures


Contents


Group Revenue1 £290.2m 2.4%on a like for like basis Adjusted EBITDA £25.6m 2.7% Adjusted Operating Profit £17.8m 2.3% Adjusted Profit before Tax £17.2m 4.0% Adjusted EPS 10.2p 4.1% Capital Investment £12.6m In line Net Debt £15.6m 10.5% Total Dividend 3.3p 10.0%


To view our Annual Report online visit finsburyfoods.co.uk/investor-relations/ annual-reports


Group Revenue £303.6m 3.4% EBITDA £13.0m 38.3% Operating Profit £5.2m 61.4% Profit before Tax £4.5m 65.7% Basic EPS 1.7p 76.1%


The Group uses Alternative Performance Measures (APMs) which are non-IFRS measures to monitor performance of its operations and of the Group as a whole. These APMs along with their definitions and reconciliations to IFRS measures are provided in the tables on the previous page, narrative below and the tables in the Financial Review Section.


1Like for like revenue is the revenue


from operations excluding the revenue from closed bakeries during the first half of the current year.


Strategic Report


01 Highlights 03 Chairman’s Statement 05 Our Business 07 Market Review 09 Strategy and Objectives 11 Business Model 15 Chief Executive’s Report 20 Key Performance Indicators 23 Risk Report 27 Financial Review


Corporate Governance


31 Chairman's Introduction to Governance 32 Report on Corporate Governance 35 The Directors 37 Directors' Report 39 The GEC 40 Audit Committee Report


42 Directors' Remuneration Report (unaudited)


48 Statement of Directors' Responsibilities in Respect of the Annual Report and the Financial Statements


49 Independent Auditor's Report to the Members of Finsbury Food Group Plc


Financial Statements


53 Consolidated Statement of Profit and Loss and Other Comprehensive Income


54 Consolidated Statement of Financial Position


55 Consolidated Statement of Changes in Equity


56 Consolidated Cash Flow Statement


57 Notes to the Consolidated Financial Statements


87 Company Balance Sheet 88 Company Statement of Changes in Equity


89 Notes to the Company's Financial Statements


97 Advisers


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