Strategic Report


Corporate Governance


Financial Statements


Finsbury Food Group Annual Report and Accounts 2020


3 Group Performance


Measures (excluding IFRS 16)


Group Revenue


£306.3m £24.4m £14.8m £13.9m 7.9p


down 2.8% Adjusted EBITDA*1 Adjusted EBITDA*1 down 4.4% Adjusted Operating Profit*1 down 11.9% Adjusted Operating Profit*1 Before Tax down 12.9% Adjusted EPS down 15.1% Capital Investment £4.7m


down 57.3% Net Bank Debt


£26.5m down 25.6%


Group performance measures have been calculated including and excluding the impact of the first time adoption impact of IFRS 16. This is to allow year-on-year comparability of the key performance measures. Statutory measures include first time adoption impact of IFRS 16.


The impact of first time adoption of IFRS 16 is as follows:


Net Debt (incl. leases) £38.3m up 7.6%


27 June 2020 £000


Net increase in operating profit Increase in interest costs Net increase in PBT


Net increase in EBITDA Increase in debt Increase in assets


106


(247) (141)


1,840


(11,823) 9,434


Net Debt (incl. leases) £38.3m


*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 Adjusted EBITDA, operating profit and profit before tax tables on the previous page and the tables in the Financial Review Section. APMs are disclosed as, in the opinion of the Board, this will allow shareholders to gain a clearer understanding of the trading performance of the Group.


Adjusted EPS has been calculated using profit, excluding amortisation of intangibles, significant non-recurring and other items as shown in the tables above net of associated taxation. In the opinion of the Board, the adjustments made will allow shareholders to gain a clearer understanding of the trading performance of the Group.


*2 Measures that do not vary are shown in the first column only.


£26.2m £14.9m £13.7m 8.0p


up 2.8% Adjusted Operating Profit*1 down 11.3% Adjusted Operating Profit*1 Before tax down 13.8% Adjusted EPS down 14.0% *2 EBITDA


£16.0m £4.7m £2.9m (0.6)p


Operating Profit Profit Before Tax Basic EPS *2 Group Performance


Measures (including IFRS 16)


*2


Statutory Measures


*2


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