26 Key Performance Indicators
Finsbury Food Group Annual Report and Accounts 2020
Key Performance Indicators Financial
Sales Growth Performance 2020
-2.8% 2019 +3.8%
Definition Revenue £ this year/revenue £ last year as a percentage.
2020 Performance Pre Covid-19 trading was in line with market expectations of growth in revenue, at the first half year growth was 4.7%. Covid-19 had a significant impact on our foodservice business which accounts for c20% of total revenue.
Adjusted Operating Profit Performance 2020
4.9% 2019 5.3%
Definition Adjusted operating profit £/revenue £ as a percentage.
2020 Performance Covid-19 has had an impact not only on revenue but the mix with a shift in demand from premium products to more staple products. Prompt action to reduce overheads mitigated the reduction in H2 operating profit %.
Adjusted EPS
Performance Basic
2020 2019
Diluted 2020
2019 7.9p 9.3p 7.7p 9.0p
Adjusted EBITDA (Pre IFRS 16) 2020
Performance 24.4m 2019 Net Debt
Performance 2020
2019
-26.5m -35.6m
Debt to Adjusted EBITDA 2020
Performance 1 .1 2019 1.4
Return on Capital Employed (ROCE) 2020
Performance 9.6% 2019 10.8%
Definition Interest-bearing loans and borrowings plus unamortised transaction costs, including cash balances.
2020 Performance In response to the impact of Covid-19, a number of cash preservation measures were taken and with a decline in business, working capital holding has naturally fallen.
Definition Net debt (as above) expressed as a ratio to adjusted EBITDA (operating profit adding back depreciation and amortisation).
2020 Performance A fall in net debt and a decline in EBITDA with the net impact being an improved ratio. Comfortably below covenant condition of 2.5x.
25.5m
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).
2020 Performance With a year-on-year decline in operating profits, driven by the impact of Covid-19, there is a decline in the EPS.
Definition EBITDA (operating profit before significant non-recurring and other items adding back depreciation and amortisation).
2020 Performance The first half growth in EBITDA was 4.1%, Covid-19 had an impact in the second half driving a full year on year decline of 4.4%.
Definition Adjusted operating profit (OP)/average capital employed.*
* Average capital employed = net assets, excluding cash, interest-bearing borrowings, deferred consideration, fair value derivatives and pension deficit
2020 Performance A decline in ROCE driven by the fall in OP due to Covid-19.
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