Strategic Report
18 Finsbury Food Group Annual Report & Accounts 2019
Key Performance Indicators Financial
Corporate Governance
Financial Statements
Sales Growth % Performance
3.8% -3.4%
2019 2018
Like for Like Sales Growth % Performance
4.0% 2.4%
2019 2018
Adjusted Operating Profit % Performance
5.3% 5.9%
Adjusted EPS Performance Basic
9.3p 10.2p Diluted 9.0p 9.8p Net Debt Performance
-£35.6m -£15.6m
2019 2018
Definition Interest-bearing loans and borrowings plus unamortised transaction costs, including cash balances.
2019 Performance The Group acquired Ultrapharm Limited, a Free From business, during the year for an initial consideration of £16.9 million. This gives access for the Group to high growth areas of Free From.
Debt to Adjusted EBITDA Performance
1.4 0.6
2019 2018
Return on Capital Employed (ROCE) Performance
10.8% 13.3%
2019 2018
2019 2018
2019 2018
2019 2018
Definition Revenue £ this year/Revenue £ last year as a percentage.
2019 Performance Strong organic growth with business wins, acquisition during the year of Free From bakery and closure of loss making business in the prior year.
Definition As above, but comparing like for like, excluding decline from closures.
2019 Performance Strong organic growth with significant business wins.
Definition Adjusted operating profit £/ Revenue £ as a percentage.
2019 Performance Commodity, labour and general cost inflation underpinned the decline in adjusted operating profit %. There is a constant drive for efficiency and strong capital investment.
Definition Adjusted Basic: adjusted profit attributable to the equity holders/weighted average number of ordinary shares in issue during the period.
Adjusted Diluted: adjusted profit attributable to the equity holders/(weighted average number of ordinary shares in issue during the period + dilutive effect of share options).
2019 Performance With a decline in operating profits, and with the weighted average number of ordinary shares in issue during the period slightly higher than that of the previous period, there is a decline in the EPS.
Definition As above expressed as a ratio to adjusted EBITDA (operating profit adding back depreciation and amortisation).
2019 Performance This is driven by the increase in net debt by £20.0 million, driven by acquisition during the year and increased working capital driven by significant business wins.
Definition Adjusted operating profit/average capital employed.*
*Average capital employed = net assets, excluding cash, interest-bearing borrowings, deferred consideration, fair value derivatives and pension deficit.
2019 Performance A decline in ROCE mainly driven by acquisition during the year and continuing inflationary trading environment created by commodities, national living wage and general inflation. The Group is investing in a stronger platform for future growth with a more diversified Group.
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