CONSOLIDATED INCOME STATEMENT

Transcription

1 FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT Continuing operations Before Non-Trading Items Non-Trading Items Before Non-Trading Items Non-Trading Items Revenue 2 6, , , ,407.9 Trading profit 2/ Intangible asset amortisation 12 (53.8) - (53.8) (47.9) - (47.9) Non-trading items 5 - (66.9) (66.9) - (54.5) (54.5) Operating profit (66.9) (54.5) Finance income Finance costs 6 (67.5) - (67.5) (65.7) - (65.7) Profit before taxation (66.9) (54.5) Income taxes 7 (89.2) 11.8 (77.4) (89.5) 64.7 (24.8) Profit after taxation attributable to owners of the parent (55.1) Earnings per A ordinary share Cent Cent - basic diluted Kerry Group Annual Report

2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Profit after taxation attributable to owners of the parent Strategic Report Other comprehensive income: Items that are or may be reclassified subsequently to profit or loss: Fair value movements on cash flow hedges Cash flow hedges - reclassified to profit or loss from equity 24 (2.5) (29.2) Net change in cost of hedging 24 (2.0) - Deferred tax effect of fair value movements on cash flow hedges 17 (0.2) (0.6) Exchange difference on translation of foreign operations (0.9) (108.8) Fair value movement on revaluation of financial assets held at fair value through other comprehensive income/available-for-sale 13 (1.9) 3.5 Items that will not be reclassified subsequently to profit or loss: Re-measurement on retirement benefits obligation Deferred tax effect of re-measurement on retirement benefits obligation 17 (6.3) (20.2) Net income/(expense) recognised directly in total other comprehensive income 22.9 (19.9) comprehensive income Directors Report Financial Statements Kerry Group Annual Report 139

3 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 31 December 31 December Non-current assets Property, plant and equipment 11 1, ,529.6 Intangible assets 12 4, ,646.7 Financial asset investments Investment in associates and joint ventures Other non-current financial instruments Deferred tax assets , ,368.5 Current assets Inventories Trade and other receivables Cash at bank and in hand Other current financial instruments Assets classified as held for sale , ,031.7 assets 8, ,400.2 Current liabilities Trade and other payables 20 1, ,410.5 Borrowings and overdrafts Other current financial instruments Tax liabilities Provisions Deferred income , ,567.8 Non-current liabilities Borrowings 23 2, ,728.4 Other non-current financial instruments Retirement benefits obligation Other non-current liabilities Deferred tax liabilities Provisions Deferred income , ,259.2 liabilities 4, ,827.0 Net assets 4, ,573.2 Issued capital and reserves attributable to owners of the parent Share capital Share premium Other reserves (207.3) (214.4) Retained earnings 3, ,366.9 Shareholders equity 4, ,573.2 The financial statements were approved by the Board of Directors on 18 February 2019 and signed on its behalf by: Philip Toomey, Chairman Edmond Scanlon, Chief Executive 140 Kerry Group Annual Report

4 COMPANY BALANCE SHEET AS AT 31 DECEMBER 31 December 31 December Non-current assets Property, plant and equipment Investments in subsidiaries Current assets Trade and other receivables assets Current liabilities Trade and other payables Non-current liabilities Deferred income liabilities Net assets Issued capital and reserves Share capital Share premium Other reserves Retained earnings Shareholders equity The Company earned a profit of 158.9m for the year ended 31 December (: 107.9m). Strategic Report Directors Report Financial Statements The financial statements were approved by the Board of Directors on 18 February 2019 and signed on its behalf by: Philip Toomey, Chairman Edmond Scanlon, Chief Executive Kerry Group Annual Report 141

5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Group: Share Share Premium Other s Retained Earnings At 1 January (98.0) 2, ,094.0 Profit after tax attributable to owners of the parent Other comprehensive (expense)/income - - (129.2) (19.9) comprehensive (expense)/income - - (129.2) Dividends paid (102.2) (102.2) Share-based payment expense At 31 December (214.4) 3, ,573.2 Profit after tax attributable to owners of the parent Other comprehensive (expense)/income - - (5.1) comprehensive (expense)/income - - (5.1) Dividends paid (114.4) (114.4) Share-based payment expense At 31 December (207.3) 3, ,034.4 Other s comprise the following: Note FVOCI/AFS * Redemption Other Undenominated Share-Based Payment Translation Hedging Cost of Hedging At 1 January (147.0) (98.0) Other comprehensive income/(expense) (108.8) (23.9) - (129.2) Share-based payment expense At 31 December (255.8) (15.2) - (214.4) Other comprehensive expense (1.9) (0.9) (0.3) (2.0) (5.1) Share-based payment expense At 31 December (256.7) (15.5) (2.0) (207.3) * The available-for-sale (AFS) reserve under IAS 39 Financial Instruments: Recognition and Measurement becomes the fair value through other comprehensive income reserve (FVOCI) under IFRS 9 Financial Instruments at 1 January. The nature and purpose of each reserve within shareholders equity are described in note Kerry Group Annual Report

6 COMPANY STATEMENT OF CHANGES IN EQUITY Company: Share Share Premium Other s Retained Earnings Strategic Report At 1 January Profit after tax Other comprehensive income comprehensive income Dividends paid (102.2) (102.2) Share-based payment expense At 31 December Profit after tax Other comprehensive income comprehensive income Dividends paid (114.4) (114.4) Share-based payment expense At 31 December Other s comprise the following: Note Redemption Other Undenominated Share-Based Payment At 1 January Share-based payment expense Directors Report Financial Statements At 31 December Share-based payment expense At 31 December The nature and purpose of each reserve within shareholders equity are described in note 35. Kerry Group Annual Report 143

7 CONSOLIDATED STATEMENT OF CASH FLOWS Operating activities Trading profit Adjustments for: Depreciation (net) Change in working capital 29 (78.8) 9.1 Pension contributions paid less pension expense (40.0) (95.3) Payments on non-trading items (59.8) (34.0) Exchange translation adjustment 0.5 (8.8) Cash generated from operations Income taxes paid (46.1) (54.7) Finance income received Finance costs paid (65.0) (60.3) Net cash from operating activities Investing activities Purchase of assets (net) 29 (296.1) (301.3) Proceeds from the sale of assets grants received Purchase of businesses (net of cash acquired) 30 (476.8) (396.5) (Purchase)/disposal of share in associates and joint ventures (14.5) 29.5 Income received from associates and joint ventures Disposal of businesses - - Payments relating to previous acquisitions (11.9) (0.9) Net cash used in investing activities (788.7) (665.2) Financing activities Dividends paid 10 (114.4) (102.2) Issue of share capital Net movement on borrowings (net of swaps) (144.3) Net cash movement due to financing activities (246.5) Net increase/(decrease) in cash and cash equivalents 98.1 (240.3) Cash and cash equivalents at beginning of the financial year Exchange translation adjustment on cash and cash equivalents 0.2 (15.2) Cash and cash equivalents at end of the financial year Reconciliation of Net Cash Flow to Movement in Net Debt Net increase/(decrease) in cash and cash equivalents 98.1 (240.3) Cash flow from debt financing (350.2) Changes in net debt resulting from cash flows (252.1) (96.0) Fair value movement on interest rate swaps (net of adjustment to borrowings) 29 (2.6) 2.8 Exchange translation adjustment on net debt 29 (27.1) 75.2 Movement in net debt in the financial year (281.8) (18.0) Net debt at beginning of the financial year (1,341.7) (1,323.7) Net debt at end of the financial year 23 (1,623.5) (1,341.7) 144 Kerry Group Annual Report

8 COMPANY STATEMENT OF CASH FLOWS Operating activities Trading profit Adjustments for: Depreciation Change in working capital (4.2) Net cash from operating activities Strategic Report Investing activities Investments in subsidiary undertakings 15 (76.7) - Net cash from investing activities (76.7) - Financing activities Dividends paid 10 (114.4) (102.2) Issue of share capital Net cash movement due to financing activities (114.4) (102.2) Net increase in cash and cash equivalents - - Cash and cash equivalents at beginning of the financial year - - Cash and cash equivalents at end of the financial year Directors Report Financial Statements Kerry Group Annual Report 145