Strategic Report


2 Finsbury Food Group Annual Report & Accounts 2019


Corporate Governance


Financial Statements


Group Performance Measures


Like for Like Group Revenue1 £301.8m 4.0% Adjusted EBITDA £25.5m 0.3% Adjusted Operating Profit £16.8m 5.7% Adjusted Profit before Tax £15.9m 7.5% Adjusted EPS 9.3p 8.8% Capital Investment £11.0m 12.6% Net Debt £35.6m 127.8% Total Dividend 3.5p 6.1%


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


Statutory Measures


Contents


Group Revenue £315.3m 3.8% EBITDA £24.0m 84.6% Operating Profit £15.3m 192.0% Profit before Tax £13.6m 203.4% Basic EPS 7.3p 329.4%


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 Adjusted Operating Profit and Adjusted Profit Before Tax tables on the previous page and the tables in the Financial Review Section.


1


Like for like revenue is the revenue from operations excluding the revenue from closed bakeries and acquired businesses.


Strategic Report


01 Highlights 03 Our Business 05 Market Review 06 Strategy and Objectives 07 Business Model 11 Chairman’s Statement 13 Chief Executive’s Report 18 Key Performance Indicators 21 Risk Report 25 Financial Review


Corporate Governance


29 Chairman's Introduction to Governance 30 Report on Corporate Governance 33 The Directors 35 Directors' Report 37 The Group Executive Committee 38 Audit Committee Report


40 Directors' Remuneration Report (unaudited)


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


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


Financial Statements


50 Consolidated Statement of Comprehensive Income


51 Consolidated Statement of Financial Position


52 Consolidated Statement of Changes in Equity


53 Consolidated Cash Flow Statement


54 Notes to the Consolidated Financial Statements


82 Company Balance Sheet 83 Company Statement of Changes in Equity


84 Notes to the Company's Financial Statements


91 Advisers


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