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31 July
2024
LEI:
635400TLVVBNXLFHWC59
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KERRY GROUP
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HALF YEAR RESULTS 2024
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Strong H1 Performance & Guidance
Upgrade
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HIGHLIGHTS
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>
Group revenue of €3.9bn
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Taste & Nutrition volume growth of 3.1%
(Q2: +3.2%) | Group
volumes +1.7% (Q2:
+1.5%)
>
Taste & Nutrition EBITDA margin +130bps |
Group +160bps
>
Dairy Ireland EBITDA of €35m (H1 2023: €29m)
>
Group EBITDA of €552m (H1 2023: €518m)
>
Adjusted EPS of 194.1 cent, up 9.1% on a constant
currency basis (7.8% reported
currency growth)
>
Free cash flow of €445m reflecting 131% cash
conversion
>
Interim dividend per share increase of 10.1% to
38.1 cent
>
Share repurchases of €279m in H1 | Intention to
initiate a further programme
>
Full year constant currency adjusted EPS guidance
range of 7% to 10%
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Edmond Scanlon, Chief Executive Officer
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"We are pleased to report a good
performance across the first half of the year. Taste &
Nutrition delivered good volume growth ahead of our end markets,
with strong profit growth and margin expansion across the business,
contributing to our earnings per share growth of 9.1% in the
period.
Taste & Nutrition volume growth
was led by strong performances in the foodservice channel across
all three regions, as we continue to support established
foodservice chains evolve and develop their businesses, while
working with emerging leaders to upscale their operations and
offerings. Volume growth in the retail channel was driven by good
performances in the Americas and APMEA, led by very strong growth
in Snack applications with Kerry's leading range of savoury taste
profiles and Tastesense® salt-reduction
technologies.
From a capital allocation
perspective, we continued to invest to support the organic
development of our business, while also completing the Lactase
enzymes business acquisition and progressing our share repurchase
activity through the period.
Given the strength of our financial
performance and our innovation pipeline, today we are updating our
full year constant currency adjusted earnings per share guidance to
7% to 10%."
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Markets and Performance
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The demand environment across food
& beverage markets remained relatively muted through the first
half of the year, given the recent inflation across many
geographies. Customer innovation activity focused mainly on new
taste profiles and relative value options, along with product
renovation to enhance nutritional characteristics of food and
beverage products, while many customers initiated measures to
stimulate growth towards the end of the period through increased
promotional and advertising activity.
Group revenue of €3.9 billion in
the period comprised volume growth of 1.7%, pricing deflation of
4.0%, unfavourable translation currency of 0.9% and the effect from
disposals net of acquisitions of 2.7% resulting in lower reported
revenue for the period of 5.9%. Group EBITDA increased by 6.6% to
€552m. Group EBITDA margin increased by 160bps to 14.2%, driven by
benefits from the Accelerate Operational Excellence Programme, a
positive impact from portfolio developments, operating leverage,
product mix, and the net effect from pricing.
Constant currency adjusted
earnings per share increased by 9.1% to 194.1 cent and an increase
of 7.8% in reported currency. Basic earnings per share decreased to
166.7 cent (H1 2023: 201.7 cent) primarily reflecting the profit on
disposal of businesses and assets in the prior year.
Free cash flow of €445m (H1 2023:
€232m) represented cash conversion of 131%, driven by increased
profit and an improvement in working capital on an average basis.
The interim dividend of 38.1 cent per share reflects an increase of
10.1% over the 2023 interim dividend. During the period, the Group
repurchased €279m of Kerry Group plc 'A' ordinary shares as part of
its Share Buyback Programmes. Given good cash generation and
current market conditions, the Group intends to initiate a further
programme post the completion of the current programme.
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Business Reviews
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Taste & Nutrition
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Volume growth led by strong
foodservice performance
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H1 2024
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Performance
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Revenue
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€3,419m
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+3.1%1
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EBITDA
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€551m
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+5.5%
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EBITDA margin
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16.1%
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+130bps
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1 volume
performance
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>
Volume growth of 3.1% (Q2: +3.2%) was ahead of
end markets
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Growth led by Snacks, Meals and Beverage
EUMs
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Pricing -3.0% (Q2: -2.2%) reflected some input
cost deflation
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EBITDA margin expansion of 130bps driven by cost
efficiencies, portfolio developments, operating leverage, product
mix and the net effect of pricing
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Taste & Nutrition delivered
good volume growth ahead of its end markets, which remained
relatively muted through the period. Foodservice continued to
perform strongly with volume growth of 7.3%, supported by new menu
innovations, seasonal products and solutions to reduce operational
cost and complexity, while growth in the retail channel reflected
good performances in the Americas and APMEA.
Growth in the period was led by
innovations incorporating Kerry's range of taste and proactive
health technologies. This was supported by strong performance
across savoury taste, botanicals and natural extracts,
Tastesense® salt and sugar reduction technologies, as
well as proactive health technologies for digestive and cognitive
need states in particular. Volume growth in food protection and
preservation was driven by new clean label launches in food
applications.
Business volumes in emerging
markets increased by 6.6% in the period, led by strong growth in
the Middle East and Africa.
Within the global Pharma EUM,
growth in excipients was more than offset by phasing of volumes in
cell nutrition.
The previously announced carve-out
acquisition of part of the global lactase enzyme business of
Novonesis (formerly Chr. Hansen Holding A/S and Novozymes A/S) was
completed during the period. This acquisition2 is
strongly aligned to Kerry's recent strategic enhancement of its
biotechnology capabilities, while extending Kerry's enzyme
manufacturing capabilities and footprint to three continents with
its focus on food, beverage and pharma applications.
2 See note 10 - Business
Combinations in the Notes to the Condensed Interim Financial
Statements for details.
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Americas Region
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Volumes +3.4% (Q2: +3.2%)
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Growth led by Snacks, Meals and Bakery
EUMs
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Retail achieved good growth with continued strong
growth in Foodservice
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LATAM growth led by Mexico
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Reported revenue in the Americas
region of €1,890m reflected good broad-based volume growth across
end markets.
Within North America, Snacks
achieved excellent growth with new business wins incorporating
Kerry's leading range of savoury taste profiles and
Tastesense® salt-reduction technologies. Meals delivered
good growth through a number of new culinary taste launches across
both retail and foodservice channels. Growth in Bakery was
supported by performance in preservation and taste systems.
Beverage performed well across botanicals, coffee extracts and
Tastesense® sugar reduction technologies, with growth in
functional beverage driven by Kerry's proactive health
technologies.
Foodservice delivered strong
volume growth in the period, supported by innovations with quick
service restaurants, fast-casual outlets and coffee chains, while
good growth in the retail channel was achieved across both customer
and retailer brands.
Within LATAM, good growth was
achieved in Mexico across Beverage and Snacks, with Brazil
delivering a solid performance.
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Europe Region
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Volumes -1.0% (Q2: -0.5%) against strong
comparatives
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Meals and Beverage achieved good
growth
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Foodservice performed well while the retail
channel reflected soft market dynamics
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Reported revenue in the Europe
region of €708m reflected strong comparatives and market
conditions, particularly in the retail channel given recent
inflation across the region.
Within the Food EUM, Meals
delivered good growth through solutions incorporating Kerry's food
protection, preservation and authentic taste technologies, while
performance in Dairy and Snacks reflected strong prior year
comparatives. Beverage performed well in functional and refreshing
beverages supported by a number of new innovations with Kerry's
proactive health portfolio.
Foodservice continued to deliver
good growth supported by launches in meat and beverage applications
with a number of customers, combined with increased seasonal and
limited time offering activity across the region.
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APMEA Region
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Volumes +5.5% (Q2: +6.2%)
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Snacks, Meat and Beverage delivered good
growth
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Foodservice achieved strong growth with good
growth in retail
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Reported revenue in the APMEA
region of €794m reflected strong growth in the Middle East and
Africa, with volumes in China broadly similar to the prior year and
Southeast Asia improving in the period.
Snacks delivered very strong
growth across leading global and regional brands, through
innovations and increased demand for Kerry's range of authentic
local savoury taste profiles. Good growth was achieved in Meat
through taste and preservation systems, while Beverage performed
well with refreshing beverage innovations.
Foodservice delivered very strong
volume growth with leading regional coffee chains and quick service
restaurants. Growth in the retail channel was supported by strong
demand for Kerry's range of local authentic taste solutions with
regional leaders in particular.
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Dairy Ireland
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Good EBITDA Performance led by
Dairy Consumer Products
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H1 2024
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Performance
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Revenue
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€592m
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-1.9%1
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EBITDA
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€35m
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+19.9%
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EBITDA margin
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5.9%
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+160bps
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1 volume performance
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The segment achieved a good EBITDA
performance of €35m with margin expansion of 160bps in the first
half of the year. This was driven by Dairy Consumer Products'
growth and mix development as well as recovery in Dairy
Ingredients.
Revenue for the first half of the
year of €592m included volumes of -1.9% and pricing of -6.9%. Dairy
Consumer Products performed well, with volume growth led by Kerry's
snacking and branded cheese ranges. Dairy Ingredients' volumes
reflected softer overall supply across the period given local
market conditions.
During the period, Dairy Consumer
Products increased its Cheestrings manufacturing capacity
with the commissioning of its extended plant in Charleville,
Ireland and also launched the new SMUG hybrid range of oat and
dairy-based milk, cheese and butter products.
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Financial Review
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%
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H1
2024
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H1
2023
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change
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€'m
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€'m
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Revenue
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(5.9%)
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3,880.4
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4,121.6
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EBITDA
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6.6%
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552.2
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518.0
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EBITDA margin
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14.2%
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12.6%
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Depreciation (net)
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(113.0)
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(109.0)
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Computer software
amortisation
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(18.0)
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(15.6)
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Finance costs (net)
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(27.8)
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(27.5)
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Share of joint ventures' results
after taxation
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(1.0)
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(0.7)
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Adjusted earnings before
taxation
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392.4
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365.2
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Income taxes (excluding
non-trading items)
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(53.1)
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(45.8)
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Adjusted earnings after
taxation
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339.3
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319.4
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Brand related intangible asset
amortisation
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(27.6)
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(26.5)
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Non-trading items (net of related
tax)
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(20.2)
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65.0
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Profit after taxation
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291.5
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357.9
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Attributable to:
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Equity holders of the
parent
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291.5
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358.2
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Non-controlling
interests
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-
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(0.3)
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291.5
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357.9
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EPS
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EPS
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cent
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cent
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Basic EPS
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(17.4%)
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166.7
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201.7
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Brand related intangible asset
amortisation
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15.8
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14.9
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Non-trading items (net of related
tax)
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11.6
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(36.6)
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Adjusted EPS
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7.8%
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194.1
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180.0
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Impact of exchange rate
translation
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1.3%
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Adjusted EPS growth in constant
currency
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9.1%
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See Financial Definitions section for definitions,
calculations and reconciliations of Alternative Performance
Measures.
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Revenue
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The table below presents the
revenue performance components for the Group and reporting
segments.
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Reported
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H1 2024
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Volume
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Price
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Currency3
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Acquisitions
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Disposals
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Revenue
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Taste & Nutrition
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3.1%
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(3.0%)
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(1.1%)
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0.7%
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(3.1%)
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(3.4%)
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Dairy Ireland
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(1.9%)
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(6.9%)
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0.4%
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-
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(3.8%)4
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(12.2%)
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Group
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1.7%
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(4.0%)
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(0.9%)
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0.6%
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(3.3%)
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(5.9%)
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Reported
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H1 2023
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Volume
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Price
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Currency3
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Acquisitions
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Disposals
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Revenue
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Taste & Nutrition
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1.4%
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5.4%
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(0.1%)
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1.3%
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(5.3%)
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2.7%
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Dairy Ireland
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(2.5%)
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0.4%
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(0.9%)
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-
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-
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(3.0%)
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Group
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0.6%
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4.5%
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(0.1%)
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1.1%
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(4.5%)
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1.6%
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3 This includes the impact of transaction and translation
currency - see financial definitions for further
breakdown.
4 Reduction in revenue reflects changes in contractual
arrangements implemented in the current year, where Dairy Ireland
has become an agent, in accordance with IFRS 15 'Revenue from
Contracts with Customers'. The related revenue in H1 2024 amounted
to €1m (H1 2023: €26m).
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EBITDA & Margin %
Group EBITDA increased by
6.6% to €552.2m (H1 2023: €518.0m). Reported
EBITDA margin of 14.2% (H1
2023: 12.6%) increased by 160bps primarily driven by the benefits
from the Accelerate Operational Excellence Programme, portfolio
developments, operating leverage, product mix and the net effect of
pricing. The EBITDA margin by business segment was 16.1% in Taste
& Nutrition and 5.9% in Dairy Ireland in the period.
Finance Costs (net)
Finance costs (net) were
€27.8m similar to the prior
period (H1 2023: €27.5m). Interest income increased year on year
due to interest on the vendor loan note and higher deposit interest
rates, offset by increased borrowing rates on floating rate debt
and overdrafts.
Taxation
The tax charge for the period
before non-trading items was €53.1m (H1 2023: €45.8m) representing
an effective tax rate of 14.5% (H1 2023: 13.5%) and reflective
of the geographical mix of earnings.
Non-Trading Items
During the period, the Group
incurred an overall non-trading charge of €20.2m (H1 2023: €65.0m credit) net of
tax. The charge in the period is primarily related to the
Accelerate Operational Excellence Transformation Programme. The
credit in the prior year related to the profit on sale of the
business/assets primarily related to the Sweet Ingredients
Portfolio divestment offset by a charge relating to the Accelerate
Operational Excellence Transformation Programme.
Foreign Exchange Rates
Group results are impacted by year
on year fluctuations in exchange rates versus the euro. The primary
rates driving the currency impact in the figures above were USD and
GBP which had average rates of 1.09 (2023: 1.05) and 0.86 (2023: 0.85)
respectively.
Return on Average Capital Employed (ROACE)
Group ROACE at the period end was
10.3% (H1 2023: 10.2%)
reflective of the increase in profits in the period and the
movement in average capital employed.
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Free Cash Flow
The Group achieved free cash flow
of €445.4m in H1
2024 (H1 2023: €231.9m) reflecting 131% cash conversion in the
period primarily driven by increased profit and an improvement in
average working capital in the first six months of 2024 compared to
the average working capital during the first six months of 2023.
Net cash from operating activities for the period was
€367.0m (H1 2023:
€309.7m) reflective of the increased profits partially offset by an
investment in working capital of €87.6m since the year end,
predominately related to the seasonal nature of the Dairy Ireland
business.
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Free Cash Flow
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H1 2024
€'m
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H1
2023
€'m
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EBITDA
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552.2
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518.0
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Movement in average working
capital
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79.5
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(103.2)
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Pension contributions paid less
pension expense
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(2.4)
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(2.7)
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Finance costs paid
(net)
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(14.2)
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(19.5)
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Income taxes paid
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(49.5)
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(55.0)
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Capital expenditure
(net)
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(120.2)
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(105.7)
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Free cash flow
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445.4
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231.9
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Cash
conversion5
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131%
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73%
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5 Cash conversion is free cash flow expressed as a percentage
of adjusted earnings after taxation.
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Net Debt
Net debt at the end of the period
was €1,843.9m (31 December
2023: €1,604.1m). The increase relative to December reflects strong
business cash generation offset by acquisition spend, dividends and
the Share Buyback Programme.
Liquidity Analysis
The Group's balance sheet is in a
strong position with a Net debt to EBITDA ratio of 1.6 times.
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H1 2024
Times
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H1
2023
Times
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Net debt: EBITDA
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1.6
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1.6
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EBITDA: Net interest
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23.2
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19.0
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Principal Risks and Uncertainties
Details of the principal risks and
uncertainties facing the Group can be found in the 2023 Annual
Report on pages 97 to 103 and continue to be the principal risks
and uncertainties facing the Group for the remaining six months of
the financial year. These risks include but are not limited to;
portfolio management, business acquisition and divestiture, climate
change and environmental, people, business ethics and social
responsibility, food safety, quality and regulatory, health &
safety, margin management, cyber and information systems security,
operational and supply chain resilience, intellectual property,
taxation and treasury. The Group continues to manage the
interdependency of these risks and actively manages all risks
through its control and risk management process.
Share Buyback Programme
In May 2024, the Board approved a
new Share Buyback Programme of up to €300 million. The Share
Buyback Programme is underpinned by the Group's strong balance
sheet and cash flow and is aligned to Kerry's Capital Allocation
Framework. The programme commenced on 7 May 2024 and will end no
later than 19 December 2024. In the period from 7 May 2024 to 30
June 2024 the Company purchased 1,035,583 shares at a total cost of
€80.1m.
The €300 million Share Buyback
Programme announced in October 2023, commenced on 1 November 2023
and was completed by 30 April 2024. In the period to 30 June 2024,
the Company acquired 2,481,191 shares at a cost of €198.6m
resulting in a total number of shares acquired as part of this
programme of 3,854,452 at a total cost of €300.3m including
transaction costs of €0.3m.
Dividend
The Board has declared an interim
dividend of 38.1 cent per
share, compared to the prior year interim dividend of 34.6 cent,
payable on 8 November 2024 to shareholders on the record date 11
October 2024.
Future Prospects
Kerry has a good innovation
pipeline and remains well positioned for good volume growth and
strong margin expansion, while recognising consumer market demand
remains relatively subdued.
The Group will continue to develop
its business and portfolio aligned to its strategic
priorities.
Given financial performance in the
first half of the year and Kerry's innovation pipeline, the Group
is updating its full year constant currency adjusted earnings per
share guidance to 7% to 10%6 (previously 5.5% to
8.5%).
6 Foreign currency translation expected to be a headwind of ~1%
on earnings per share in the full year. Guidance based on average
number of shares in issue of ~173m.
Responsibility Statement
The Directors are responsible for
preparing the Half Yearly Financial Report in accordance with the
Transparency (Directive 2004/109/EC) Regulations 2007 as amended
('the Regulations'), the Central Bank (Investment Market Conduct)
Rules 2019, the Disclosure Guidance and Transparency Rules of the
UK's Financial Conduct Authority and with IAS 34 'Interim Financial
Reporting' as issued by IASB and as adopted by the European
Union.
The Directors confirm that to the
best of their knowledge:
>
the Group Condensed Consolidated Interim
Financial Statements for the half year ended 30 June 2024 have been
prepared in accordance with the international accounting standard
applicable to interim financial reporting adopted pursuant to the
procedure provided for under Article 6 of the Regulation (EC) No.
1606/2002 of the European Parliament and of the Council of 19 July
2002;
>
the Interim Management Report includes a fair
review of the important events that have occurred during the first
six months of the financial year, and their impact on the Group
Condensed Consolidated Interim Financial Statements for the half
year ended 30 June 2024, and a description of the principal risks
and uncertainties for the remaining six months; and
>
the Interim Management Report includes a fair
review of the related party transactions that have occurred during
the first six months of the current financial year and that have
materially affected the financial position or the performance of
the Group during that period, and any changes in the related
parties' transactions described in the last Annual Report that
could have a material effect on the financial position or
performance of the Group in the first six months of the current
financial year.
|
|
On behalf of the Board
|
|
|
|
Edmond Scanlon
|
Marguerite Larkin
|
|
Chief Executive Officer
|
Chief Financial Officer
|
|
|
|
30 July 2024
|
|
|
|
Disclaimer: Forward Looking Statements
|
|
This Announcement contains forward
looking statements which reflect management expectations based on
currently available data. However actual results may differ
materially from those expressed or implied by these forward looking
statements. These forward looking statements speak only as of the
date they were made, and the Company undertakes no obligation to
publicly update any forward looking statement, whether as a result
of new information, future events or otherwise.
|
|
|
|
|
|
|
CONTACT INFORMATION
|
|
|
|
|
|
|
|
Investor Relations
|
|
|
|
Marguerite Larkin, Chief
Financial Officer
|
|
|
|
+353 66 7182292 |
investorrelations@kerry.ie
|
|
|
|
|
|
|
|
William Lynch, Head of
Investor Relations
|
|
|
|
+353 66 7182292 |
investorrelations@kerry.ie
|
|
|
|
|
|
|
|
Media
|
|
|
|
Catherine Keogh, Chief
Corporate Affairs Officer
|
|
|
|
+353 45 930585 |
corpaffairs@kerry.com
|
|
|
|
|
|
|
|
Website
|
|
|
|
www.kerry.com
|
|
|
|
|
|
|
|
|
|
|
RESULTS FOR THE HALF YEAR ENDED 30 JUNE
2024
|
|
|
|
Kerry Group plc
|
|
Condensed Consolidated Income Statement
|
|
for the half year ended 30 June
2024
|
|
|
|
|
|
|
|
|
|
Before
|
|
|
|
|
|
|
Non-Trading
|
Non-Trading
|
Half year
|
Half
year
|
Year
|
|
|
Items
|
Items
|
ended
|
ended
|
ended
|
|
|
30 June
2024
|
30 June
2024
|
30 June
2024
|
30 June
2023
|
31 Dec.
2023
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Notes
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
|
|
|
|
|
Revenue
|
2
|
3,880.4
|
-
|
3,880.4
|
4,121.6
|
8,020.3
|
|
|
|
|
|
Earnings before interest, tax, depreciation and
amortisation
|
2
|
552.2
|
-
|
552.2
|
518.0
|
1,165.1
|
|
|
|
|
|
|
|
|
|
Depreciation (net) and intangible
asset amortisation
|
2
|
(158.6)
|
-
|
(158.6)
|
(151.1)
|
(299.1)
|
|
Non-trading items
|
3
|
-
|
(24.3)
|
(24.3)
|
40.5
|
8.8
|
|
|
|
|
|
Operating profit
|
393.6
|
(24.3)
|
369.3
|
407.4
|
874.8
|
|
|
|
Finance income
|
4
|
11.4
|
-
|
11.4
|
5.7
|
21.8
|
|
Finance costs
|
4
|
(39.2)
|
-
|
(39.2)
|
(33.2)
|
(72.1)
|
|
Share of joint ventures' results
after taxation
|
(1.0)
|
-
|
(1.0)
|
(0.7)
|
(1.9)
|
|
|
|
|
|
Profit before taxation
|
364.8
|
(24.3)
|
340.5
|
379.2
|
822.6
|
|
|
|
|
|
|
|
|
Income taxes
|
(53.1)
|
4.1
|
(49.0)
|
(21.3)
|
(94.5)
|
|
|
|
|
|
Profit after taxation
|
311.7
|
(20.2)
|
291.5
|
357.9
|
728.1
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
291.5
|
358.2
|
728.3
|
|
Non-controlling interests
|
|
|
-
|
(0.3)
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
291.5
|
357.9
|
728.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per A ordinary share
|
Cent
|
Cent
|
Cent
|
|
- basic
|
5
|
|
|
166.7
|
201.7
|
410.4
|
|
- diluted
|
5
|
|
|
166.5
|
201.5
|
409.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Comprehensive
Income
|
|
|
|
|
|
|
for the half year ended 30 June
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year
|
Half
year
|
Year
|
|
|
ended
|
ended
|
ended
|
|
|
30 June
2024
|
30 June
2023
|
31 Dec.
2023
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
Profit after taxation
|
291.5
|
357.9
|
728.1
|
|
|
|
Other comprehensive income:
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to profit
or loss:
|
|
|
|
|
Fair value movements on cash flow
hedges
|
6.3
|
1.5
|
(1.6)
|
|
Cash flow hedges - reclassified to
profit or loss from equity
|
(0.3)
|
0.4
|
1.3
|
|
Net change in cost of
hedging
|
0.3
|
0.5
|
0.1
|
|
Deferred tax effect of fair value
movements on cash flow hedges
|
(1.0)
|
(0.4)
|
(0.4)
|
|
Exchange difference on translation
of foreign operations
|
90.9
|
(89.4)
|
(129.0)
|
|
Cumulative exchange difference on
translation recycled on disposal
|
-
|
(0.7)
|
(1.5)
|
|
|
|
Items that will not be reclassified subsequently to profit or
loss:
|
|
|
|
|
Re-measurement on retirement
benefits obligation
|
9.8
|
(27.1)
|
(33.5)
|
|
Deferred tax effect of
re-measurement on retirement benefits obligation
|
(2.4)
|
6.6
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(expense) recognised directly in total other comprehensive
income
|
103.6
|
(108.6)
|
(157.5)
|
|
|
|
|
|
Total comprehensive income
|
395.1
|
249.3
|
570.6
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
Equity holders of the
parent
|
395.1
|
249.6
|
570.8
|
|
Non-controlling interests
|
-
|
(0.3)
|
(0.2)
|
|
|
|
|
|
|
395.1
|
249.3
|
570.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheet
|
|
as at 30 June 2024
|
|
|
|
|
|
|
30 June
2024
|
30 June
2023
|
31 Dec.
2023
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Notes
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
Non-current assets
|
|
Property, plant and
equipment
|
|
2,199.7
|
2,068.8
|
2,133.0
|
|
Intangible assets
|
|
5,859.4
|
5,686.5
|
5,749.8
|
|
Financial asset
investments
|
|
52.4
|
54.9
|
52.0
|
|
Investments in joint
ventures
|
|
38.8
|
41.1
|
39.8
|
|
Other non-current financial
instruments
|
7
|
138.3
|
125.7
|
125.0
|
|
Retirement benefits asset
|
8
|
100.3
|
96.2
|
98.0
|
|
Deferred tax assets
|
|
82.9
|
75.7
|
80.2
|
|
|
|
|
|
|
8,471.8
|
8,148.9
|
8,277.8
|
|
|
|
|
|
Current assets
|
|
Inventories
|
1,185.0
|
1,312.7
|
1,100.2
|
|
Trade and other
receivables
|
|
1,380.3
|
1,329.6
|
1,279.0
|
|
Cash at bank and in hand
|
9
|
659.5
|
660.8
|
943.7
|
|
Other current financial
instruments
|
|
5.3
|
19.3
|
13.7
|
|
Assets classified as held for
sale
|
|
1.1
|
0.6
|
1.5
|
|
|
|
|
|
|
3,231.2
|
3,323.0
|
3,338.1
|
|
|
|
|
|
Total assets
|
11,703.0
|
11,471.9
|
11,615.9
|
|
|
|
|
|
Current liabilities
|
|
Trade and other payables
|
|
1,904.6
|
1,780.1
|
1,773.1
|
|
Borrowings and overdrafts
|
9
|
0.4
|
1.3
|
37.1
|
|
Other current financial
instruments
|
|
8.8
|
8.5
|
7.5
|
|
Tax liabilities
|
|
165.4
|
172.3
|
173.0
|
|
Provisions
|
|
13.0
|
12.8
|
18.3
|
|
Deferred income
|
|
4.3
|
4.2
|
4.5
|
|
|
|
|
|
|
2,096.5
|
1,979.2
|
2,013.5
|
|
|
|
|
|
Non-current liabilities
|
|
Borrowings
|
9
|
2,434.1
|
2,426.5
|
2,432.6
|
|
Other non-current financial
instruments
|
9
|
13.6
|
16.1
|
9.7
|
|
Retirement benefits
obligation
|
8
|
40.4
|
53.1
|
49.7
|
|
Other non-current
liabilities
|
|
123.4
|
135.1
|
132.4
|
|
Deferred tax liabilities
|
410.5
|
432.1
|
394.2
|
|
Provisions
|
55.8
|
57.8
|
46.4
|
|
Deferred income
|
14.4
|
14.1
|
14.6
|
|
|
|
|
|
|
3,092.2
|
3,134.8
|
3,079.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
5,188.7
|
5,114.0
|
5,093.1
|
|
|
|
|
|
Net
assets
|
6,514.3
|
6,357.9
|
6,522.8
|
|
|
|
|
|
Equity
|
|
Share capital
|
11
|
21.5
|
22.1
|
21.9
|
|
Share premium
|
|
398.7
|
398.7
|
398.7
|
|
Other reserves
|
68.5
|
(8.4)
|
(44.6)
|
|
Retained earnings
|
6,024.1
|
5,944.1
|
6,145.3
|
|
|
|
|
|
Equity attributable to equity
holders of the parent
|
6,512.8
|
6,356.5
|
6,521.3
|
|
Non-controlling interests
|
1.5
|
1.4
|
1.5
|
|
|
|
|
|
Total equity
|
6,514.3
|
6,357.9
|
6,522.8
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Changes in
Equity
|
|
for the half year ended 30 June
2024
|
|
|
|
|
Attributable to equity
holders of the parent
|
|
|
|
|
|
|
|
|
|
Non-
|
|
|
|
|
Share
|
Share
|
Other
|
Retained
|
|
Controlling
|
Total
|
|
|
|
Capital
|
Premium
|
Reserves
|
Earnings
|
Total
|
Interests
|
Equity
|
|
|
Note
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
|
22.1
|
398.7
|
64.3
|
5,736.8
|
6,221.9
|
1.7
|
6,223.6
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
-
|
-
|
-
|
358.2
|
358.2
|
(0.3)
|
357.9
|
|
Other comprehensive
expense
|
-
|
-
|
(87.7)
|
(20.9)
|
(108.6)
|
-
|
(108.6)
|
|
|
|
|
|
Total comprehensive
(expense)/income
|
-
|
-
|
(87.7)
|
337.3
|
249.6
|
(0.3)
|
249.3
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
6
|
-
|
-
|
-
|
(130.0)
|
(130.0)
|
-
|
(130.0)
|
|
Share-based payment
expense
|
-
|
-
|
15.0
|
-
|
15.0
|
-
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2023 -
unaudited
|
22.1
|
398.7
|
(8.4)
|
5,944.1
|
6,356.5
|
1.4
|
6,357.9
|
|
|
|
Profit after taxation
|
-
|
-
|
-
|
370.1
|
370.1
|
0.1
|
370.2
|
|
Other comprehensive
expense
|
-
|
-
|
(43.0)
|
(5.9)
|
(48.9)
|
-
|
(48.9)
|
|
|
|
|
|
Total comprehensive
(expense)/income
|
-
|
-
|
(43.0)
|
364.2
|
321.2
|
0.1
|
321.3
|
|
|
|
Shares (purchased)/cancelled during
the financial period
|
(0.2)
|
-
|
0.2
|
(101.7)
|
(101.7)
|
-
|
(101.7)
|
|
Dividends paid
|
6
|
-
|
-
|
-
|
(61.3)
|
(61.3)
|
-
|
(61.3)
|
|
Share-based payment
expense
|
-
|
-
|
6.6
|
-
|
6.6
|
-
|
6.6
|
|
|
|
|
|
At 31 December 2023 -
audited
|
21.9
|
398.7
|
(44.6)
|
6,145.3
|
6,521.3
|
1.5
|
6,522.8
|
|
|
|
Profit after taxation
|
-
|
-
|
-
|
291.5
|
291.5
|
-
|
291.5
|
|
Other comprehensive
income
|
-
|
-
|
97.2
|
6.4
|
103.6
|
-
|
103.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
income
|
-
|
-
|
97.2
|
297.9
|
395.1
|
-
|
395.1
|
|
|
|
Shares (purchased)/cancelled during
the financial period
|
(0.4)
|
-
|
0.4
|
(278.7)
|
(278.7)
|
-
|
(278.7)
|
|
Dividends paid
|
6
|
-
|
-
|
-
|
(140.4)
|
(140.4)
|
-
|
(140.4)
|
|
Share-based payment
expense
|
-
|
-
|
15.5
|
-
|
15.5
|
-
|
15.5
|
|
|
|
|
|
At
30 June 2024 - unaudited
|
21.5
|
398.7
|
68.5
|
6,024.1
|
6,512.8
|
1.5
|
6,514.3
|
|
|
|
|
|
|
|
Other Reserves comprise the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-
|
|
|
|
|
|
|
Capital
|
Other
|
Based
|
|
|
Cost of
|
|
|
|
Redemption
|
Undenominated
|
Payment
|
Translation
|
Hedging
|
Hedging
|
|
|
|
Reserve
|
Capital
|
Reserve
|
Reserve
|
Reserve
|
Reserve
|
Total
|
|
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 January 2023
|
1.7
|
0.3
|
130.3
|
(71.0)
|
4.5
|
(1.5)
|
64.3
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(expense)/income
|
-
|
-
|
-
|
(90.1)
|
1.9
|
0.5
|
(87.7)
|
|
Share-based payment
expense
|
-
|
-
|
15.0
|
-
|
-
|
-
|
15.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2023 -
unaudited
|
1.7
|
0.3
|
145.3
|
(161.1)
|
6.4
|
(1.0)
|
(8.4)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
expense
|
-
|
-
|
-
|
(40.4)
|
(2.2)
|
(0.4)
|
(43.0)
|
|
Share-based payment
expense
|
-
|
-
|
6.6
|
-
|
-
|
-
|
6.6
|
|
Shares cancelled during the
financial period
|
0.2
|
-
|
-
|
-
|
-
|
-
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 31 December 2023 -
audited
|
1.9
|
0.3
|
151.9
|
(201.5)
|
4.2
|
(1.4)
|
(44.6)
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income
|
-
|
-
|
-
|
90.9
|
6.0
|
0.3
|
97.2
|
|
Share-based payment
expense
|
-
|
-
|
15.5
|
-
|
-
|
-
|
15.5
|
|
Shares cancelled during the
financial period
|
0.4
|
-
|
-
|
-
|
-
|
-
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2024 - unaudited
|
2.3
|
0.3
|
167.4
|
(110.6)
|
10.2
|
(1.1)
|
68.5
|
|
|
|
|
|
Condensed Consolidated Statement of Cash
Flows
|
|
for the half year ended 30 June
2024
|
|
|
|
|
Half year
|
Half
year
|
Year
|
|
|
ended
|
ended
|
ended
|
|
|
30 June
2024
|
30 June
2023
|
31 Dec.
2023
|
|
|
Unaudited
|
Unaudited
|
Audited
|
|
|
Notes
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
Cash flows from operating activities
|
|
Profit before taxation
|
|
340.5
|
379.2
|
822.6
|
|
Adjustments for:
|
|
|
|
|
|
Depreciation (net)
|
|
113.0
|
109.0
|
219.6
|
|
Intangible asset
amortisation
|
|
45.6
|
42.1
|
79.5
|
|
Share of joint ventures' results
after taxation
|
|
1.0
|
0.7
|
1.9
|
|
Non-trading items income statement
charge/(income)
|
3
|
24.3
|
(40.5)
|
(8.8)
|
|
Finance costs (net)
|
4
|
27.8
|
27.5
|
50.3
|
|
Change in working capital
|
|
(87.6)
|
(89.7)
|
185.5
|
|
Pension contributions paid less
pension expense
|
|
(2.4)
|
(2.7)
|
(13.5)
|
|
Payments on non-trading
items
|
|
(27.2)
|
(39.5)
|
(99.8)
|
|
Exchange translation
adjustment
|
|
(4.3)
|
(1.9)
|
(14.2)
|
|
|
|
|
|
Cash generated from operations
|
|
430.7
|
384.2
|
1,223.1
|
|
Income taxes paid
|
|
(49.5)
|
(55.0)
|
(119.5)
|
|
Finance income received
|
|
6.6
|
2.8
|
13.9
|
|
Finance costs paid
|
|
(20.8)
|
(22.3)
|
(79.7)
|
|
|
|
|
|
Net
cash from operating activities
|
|
367.0
|
309.7
|
1,037.8
|
|
|
|
|
|
Investing activities
|
|
Purchase of assets
|
|
(103.4)
|
(99.8)
|
(281.9)
|
|
Proceeds from the sale of assets
(net of disposal expenses)
|
3
|
-
|
11.5
|
11.6
|
|
Capital grants received
|
|
-
|
-
|
3.3
|
|
Purchase of businesses (net of cash
acquired)
|
10
|
(78.4)
|
(41.5)
|
(131.1)
|
|
Payments relating to previous
acquisitions
|
|
(0.1)
|
(1.3)
|
(9.7)
|
|
Purchase of investments
|
|
(1.8)
|
(3.1)
|
(3.0)
|
|
Disposal of businesses (net of
disposal expenses)
|
3
|
(6.8)
|
335.5
|
316.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash (used in)/from investing activities
|
|
(190.5)
|
201.3
|
(94.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
Dividends paid
|
6
|
(140.4)
|
(130.0)
|
(191.3)
|
|
Purchase of own shares
|
|
(278.7)
|
-
|
(101.7)
|
|
Payment of lease
liabilities
|
|
(16.8)
|
(17.4)
|
(36.4)
|
|
Issue of share capital
|
11
|
-
|
-
|
-
|
|
Repayment of borrowings
|
|
(2.4)
|
(694.0)
|
(695.9)
|
|
Cash inflow from interest rate swaps
on repayment of borrowings
|
|
-
|
34.4
|
34.4
|
|
Proceeds from borrowings
|
|
-
|
1.3
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash movement due to financing activities
|
|
(438.3)
|
(805.7)
|
(986.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents
|
|
(261.8)
|
(294.7)
|
(43.4)
|
|
Cash and cash equivalents at
beginning of the period
|
|
909.0
|
969.8
|
969.8
|
|
Exchange translation adjustment on
cash and cash equivalents
|
|
11.9
|
(14.3)
|
(17.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of the
period
|
9
|
659.1
|
660.8
|
909.0
|
|
|
|
|
|
Reconciliation of Net Cash Flow to Movement in Net
Debt
|
|
Net decrease in cash and cash
equivalents
|
|
(261.8)
|
(294.7)
|
(43.4)
|
|
Cash flow from debt
financing
|
|
2.4
|
658.3
|
657.4
|
|
|
|
|
|
Changes in net debt resulting from
cash flows
|
|
(259.4)
|
363.6
|
614.0
|
|
Fair value movement on interest rate
swaps (net of adjustment to borrowings)
|
|
10.3
|
2.0
|
1.0
|
|
Exchange translation adjustment on
net debt
|
|
6.2
|
(0.3)
|
(2.3)
|
|
|
|
|
|
Movement in net debt in the
period
|
|
(242.9)
|
365.3
|
612.7
|
|
Net debt at beginning of the period
- pre lease liabilities
|
|
(1,535.5)
|
(2,148.2)
|
(2,148.2)
|
|
|
|
|
|
Net
debt at end of the period - pre lease liabilities
|
|
(1,778.4)
|
(1,782.9)
|
(1,535.5)
|
|
Lease liabilities
|
|
(65.5)
|
(63.6)
|
(68.6)
|
|
|
|
|
|
Net
debt at end of the period
|
9
|
(1,843.9)
|
(1,846.5)
|
(1,604.1)
|
|
|
|
|
|
Notes to the Condensed Consolidated Interim Financial
Statements
|
|
for the half year ended 30 June
2024
|
|
|
|
1.
Accounting policies
|
|
|
|
These Condensed Consolidated
Interim Financial Statements for the half year ended 30 June 2024
have been prepared in accordance with International Financial
Reporting Standards as issued by the IASB ('IFRS Accounting
Standards'), the International Financial Reporting Interpretations
Committee ('IFRIC') and in accordance with IAS 34 'Interim
Financial Reporting'. The Group financial statements have also been
prepared in accordance with International Financial Reporting
Standards ('IFRS') adopted by the European Union ('EU') which
comprise standards and interpretations approved by the
International Accounting Standards Board ('IASB'). The Group
financial statements comply with Article 4 of the EU IAS
Regulation. IFRS adopted by the EU differs in certain respects from
IFRS Accounting Standards issued by the IASB. References to IFRS
refer to IFRS adopted by the EU. The accounting policies applied by
the Group in these Condensed Consolidated Interim Financial
Statements are the same as those detailed in the 2023 Annual
Report.
In preparing the Group Condensed
Consolidated Interim Financial Statements, the significant
judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the
same as those applied to the Consolidated Financial Statements for
the year ended 31 December 2023.
Going concern
The Group Condensed Consolidated
Interim Financial Statements have been prepared on the going
concern basis of accounting. The Directors have considered the
Group's business activities and how it generates value, together
with the main trends and factors likely to affect future
development, business performance and position of the Group.
Following these assessments, the Directors have concluded there are
no material uncertainties that cast a significant doubt on the
Group's ability to continue as a going concern over a period of at
least 12 months from the date of these financial
statements.
The Directors report that they
have satisfied themselves that the Group is a going concern, having
adequate resources to continue in operational existence for the
foreseeable future. In forming this view, the Directors have
reviewed the Group's forecast for a period not less than 12 months,
the medium-term plan and its cashflow implications have been taken
into account including proposed capital expenditure, and compared
these with the Group's committed borrowing facilities and projected
gearing ratios.
|
|
The following Standards and
Interpretations are effective for the Group from 1 January 2024 but
do not have a material effect on the
results or financial
position of the Group:
|
Effective
Date
|
|
|
|
|
|
- IAS 1
(Amendments)
|
Presentation of Financial
Statements
|
1
January 2024
|
|
|
|
|
|
- IFRS 16
(Amendments)
|
Leases
|
1
January 2024
|
|
|
|
|
|
- IAS 7 & IFRS 7
(Amendments)
|
Supplier Finance
Arrangements
|
1
January 2024
|
|
|
|
|
|
|
|
|
|
The following Standards and
Interpretations are not yet effective for the Group and are not
expected to have a material effect on the
results or financial
position of the Group:
|
Effective
Date
|
|
|
|
|
|
- IAS 21
(Amendments)
|
The Effects of Changes in Foreign
Exchange Rates
|
1
January 2025
|
|
|
|
|
|
- IFRS 7 & IFRS 9
(Amendments)
|
Classification and Measurement of
Financial Instruments
|
1
January 2026
|
|
|
|
|
|
- IFRS
18
|
Presentation and Disclosure in
Financial Statements
|
1
January 2027
|
|
|
|
|
|
- IFRS 19
|
Subsidiaries without Public
Accountability: Disclosures
|
1
January 2027
|
|
|
|
|
|
2.
Analysis of results
|
|
|
|
The Group has determined it has
two operating segments: Taste & Nutrition and Dairy Ireland.
The Taste & Nutrition segment is a world leading provider of
taste and nutrition solutions for the food, beverage and
pharmaceutical markets. Utilising a broad range of ingredient
solutions to innovate with our customers to create great tasting
products, with improved nutrition and functionality, while ensuring
a better impact for the planet. Kerry is driven to be our
customers' most valued partner, creating a world of sustainable
nutrition through solving our customers' most complex challenges
with differentiated solutions. The Taste & Nutrition segment
supplies industries across Europe, Americas and APMEA (Asia
Pacific, Middle East and Africa). The Dairy Ireland segment is a
leading Irish provider of value-add dairy ingredients and consumer
products. Our dairy ingredients product portfolio includes
functional proteins while our dairy consumer brands can be found
predominantly in chilled cabinets in retailers across Ireland and
the UK.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Half year ended 30 June 2024
- Unaudited
|
Half
year ended 30 June 2023 - Unaudited
|
Year
ended 31 December 2023 - Audited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group
|
|
|
|
Group
|
|
|
|
Group
|
|
|
|
|
|
|
Eliminations
|
|
|
|
Eliminations
|
|
|
|
Eliminations
|
|
|
|
|
Taste
&
|
Dairy
|
and
|
|
Taste
&
|
Dairy
|
and
|
|
Taste
&
|
Dairy
|
and
|
|
|
|
|
Nutrition
|
Ireland
|
Unallocated
|
Total
|
Nutrition
|
Ireland
|
Unallocated
|
Total
|
Nutrition
|
Ireland
|
Unallocated
|
Total
|
|
|
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
€'m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue
|
3,392.2
|
488.2
|
-
|
3,880.4
|
3,521.0
|
600.6
|
-
|
4,121.6
|
6,936.7
|
1,083.6
|
-
|
8,020.3
|
|
|
Inter-segment revenue
|
27.0
|
104.1
|
(131.1)
|
-
|
18.3
|
73.9
|
(92.2)
|
-
|
38.2
|
199.8
|
(238.0)
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
3,419.2
|
592.3
|
(131.1)
|
3,880.4
|
3,539.3
|
674.5
|
(92.2)
|
4,121.6
|
6,974.9
|
1,283.4
|
(238.0)
|
8,020.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA*
|
551.3
|
35.0
|
(34.1)
|
552.2
|
522.8
|
29.2
|
(34.0)
|
518.0
|
1,185.9
|
53.4
|
(74.2)
|
1,165.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation (net)
|
(113.0)
|
|
|
|
(109.0)
|
|
|
|
(219.6)
|
|
|
Intangible asset
amortisation
|
(45.6)
|
|
|
|
(42.1)
|
|
|
|
(79.5)
|
|
|
Non-trading items
|
(24.3)
|
|
|
|
40.5
|
|
|
|
8.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
369.3
|
|
|
|
407.4
|
|
|
|
874.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income
|
11.4
|
|
|
|
5.7
|
|
|
|
21.8
|
|
|
Finance costs
|
(39.2)
|
|
|
|
(33.2)
|
|
|
|
(72.1)
|
|
|
Share of joint ventures' results
after taxation
|
(1.0)
|
|
|
|
(0.7)
|
|
|
|
(1.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
340.5
|
|
|
|
379.2
|
|
|
|
822.6
|
|
|
Income taxes
|
(49.0)
|
|
|
|
(21.3)
|
|
|
|
(94.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
291.5
|
|
|
|
357.9
|
|
|
|
728.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
291.5
|
|
|
|
358.2
|
|
|
|
728.3
|
|
|
Non-controlling interests
|
-
|
|
|
|
(0.3)
|
|
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
291.5
|
|
|
|
357.9
|
|
|
|
728.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*EBITDA represents profit before
finance income and costs, income taxes, depreciation (net of
capital grant amortisation), intangible asset amortisation,
non-trading items and share of joint ventures' results after
taxation.
|
|
|
|
|
|
Revenue
analysis
|
|
|
Disaggregation of revenue from
external customers is analysed by End Use Market (EUM), which is
the primary market in which Kerry's products are consumed and
primary geographic market. An EUM is defined as the market in which
the end consumer or customer of Kerry's product operates. The
economic factors within the EUMs of Food, Beverage and Pharma &
other within the primary geographic markets which affect the
nature, amount, timing and uncertainty of revenue and cash flows
are similar.
|
|
|
|
|
|
Analysis by
EUM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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