We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kerry Group Plc | LSE:KYGA | London | Ordinary Share | IE0004906560 | 'A'ORD EUR0.125 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -1.60 | -1.90% | 82.70 | 79.90 | 83.90 | 83.60 | 80.30 | 83.40 | 17,405 | 16:35:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Food Preparations, Nec | 8.02B | 728.3M | 4.1150 | 19.51 | 14.21B |
TIDMKYGA
RNS Number : 0725Q
Kerry Group PLC
16 February 2023
Hot Features
Premium
Date: 16 February 2023
LEI: 635400TLVVBNXLFHWC59
KERRY GROUP
PRELIMINARY STATEMENT OF RESULTS FOR THE YEARED 31 DECEMBER 2022
A Year of Record Growth in a Dynamic Operating Environment
OVERVIEW
* Group revenue of EUR8.8 billion reflecting 18.0%(1) organic growth
* Group volume growth of 6.1% and pricing of +11.7%
* Taste & Nutrition volume +7.8% | pricing +8.7%
* Dairy Ireland volume +0.2%(2) | pricing +36.0%(2)
* EBITDA increased by 12.9% to EUR1.2 billion
* EBITDA margin of 13.9% (2021: 14.7%)
* Adjusted EPS of 440.6 cent; +7.3% in constant currency (15.7% reported currency growth)
* Basic EPS of 341.9 cent (2021: 430.6 cent)
* Free cash flow of EUR640m reflecting 82% cash conversion
* Final dividend per share of 73.4 cent (total 2022 dividend up 10.1% to 104.8 cent)
* Strong progress on sustainability commitments
including increasing our nutritional reach to 1.2
billion consumers
Edmond Scanlon, Chief Executive Officer
"As we marked Kerry's 50th year in 2022, we achieved record organic revenue growth against
the backdrop of an exceptionally dynamic operating environment. I am proud of the broad-based
volume growth we delivered across our end use markets, channels, regions and emerging markets
despite the macroeconomic conditions. Our teams worked closely with our customers to actively
manage through the inflationary environment, while continuing to innovate and develop their
offerings to meet evolving marketplace needs.
We made good strategic progress in the year through development of our innovation platforms,
footprint expansion and continued portfolio development. We completed a number of acquisitions
aligned to our strategic priorities of Taste, Nutrition and Emerging Markets, and since year-end
we announced the potential sale of our Sweet Ingredients Portfolio, as we continue to enhance
and refine our business to areas where we can add most value.
While recognising the current market uncertainty, we believe we are strongly positioned to
continue to grow our business through this period. In 2023, we expect to achieve 3% to 7%
adjusted earnings per share growth on a constant currency basis, before the dilution from
the potential sale of the Sweet Ingredients Portfolio."
(1) Comprises volume growth of 6.1%, positive pricing of 11.7% and a favourable transaction
currency impact of 0.2%
(2) Pro-forma performance of re-presented segmental structure excluding the Consumer Foods
Meats and Meals business disposal in 2021
Performance
Group reported revenue in the year increased by 19.3% to EUR8.8 billion. This reflected volume
growth of 6.1%, increased pricing of 11.7%, favourable transaction currency of 0.2%, favourable
translation currency of 6.8% and contribution from business acquisitions of 4.3%, partially
offset by the impact of business disposals of 9.8%.
Group EBITDA increased by 12.9% to EUR1.2 billion, with an EBITDA margin of 13.9% (2021: 14.7%),
as the dilution from the impact of passing through input cost inflation was partially offset
by accretion from portfolio developments, operating leverage, mix and efficiency initiatives.
Constant currency adjusted earnings per share increased by 7.3% to 440.6 cent (2021: 12.1%
increase). Basic earnings per share was 341.9 cent (2021: 430.6 cent) as the prior year included
a credit from the sale of the Consumer Foods Meats and Meals business. The Board recommends
a final dividend of 73.4 cent per share, an increase of 10.0% on the final 2021 dividend.
Together with the interim dividend of 31.4 cent per share, this brings the total dividend
for the year to 104.8 cent, an increase of 10.1% on 2021.
Research and development expenditure amounted to EUR303m (2021: EUR297m) and net capital expenditure
was EUR217m (2021: EUR315m) as the Group continued to invest in its strategic priorities of
Taste, Nutrition and Emerging Markets. Free cash flow for the year was EUR640m (2021: EUR566m)
representing cash conversion of 82%.
Good progress was made in the year against the Beyond the Horizon sustainability strategy
and commitments. Kerry increased its nutritional reach to 1.2 billion consumers globally.
The Group achieved a 48% reduction in Scope 1 & 2 carbon emissions(3) , while strong progress
was made in reducing food waste in Kerry's operations by 32%(3) .
(3) Progress vs 2017 baseline
Markets
The overall demand environment remained robust through the year despite the macroeconomic
backdrop. Consumers continued to seek new taste experiences, cleaner labels and added functional
benefits through food and beverages. The cost-of-living crisis has resulted in many consumers
looking for relative value options to meet their purchase preferences, depending on their
available resources.
Customers continued to prioritise the resiliency of their supply chains through this period
of inflationary pressure. Innovation has become increasingly more targeted, as they seek to
meet various consumer preferences within different price ranges. Customers are working with
and looking for supplier partners to support them in addressing these current market challenges
and opportunities, as they navigate through this dynamic operating environment.
Business Reviews
Taste & Nutrition
Excellent growth across our end use markets, regions and channels
2022 Performance(4)
Revenue EUR7,417m 7.8%(5)
EBITDA EUR1,220m +20.4%
EBITDA margin 16.5% -120bps
(4) performance of re-presented segmental structure | (5) volume growth
* Overall volume growth of 7.8% with strong Q4 performance of 6.1%
* Very strong growth across our Food and Beverage EUMs
- particularly Meat, Snacks, Dairy and Bakery
* Retail channel volume growth of 5.5% and foodservice growth of 14.0%
* Pricing of 8.7% reflected the management of input cost inflation
* EBITDA margin reduction resulting from the effect of passing through input cost inflation
Taste & Nutrition reported revenue increased by 29.4% to EUR7.4 billion in the year. This
reflected volume growth of 7.8%, increased pricing of 8.7%, favourable transaction currency
of 0.2% and translation currency of 8.2%, with a contribution from acquisitions (net of disposals)
of 4.5%.
Very strong volume growth was achieved through the year across all regions despite the backdrop
of managing significant price increases and supply chain constraints. This volume growth was
supported by strong performances in authentic taste technologies across botanicals, natural
extracts and Tastesense (R) salt and sugar reduction, while Kerry's range of food waste reduction
technologies continued to perform well.
The retail channel delivered strong growth with customers targeting innovation around new
taste experiences, relative value options, improved nutrition and food waste reduction. Kerry's
foodservice channel delivered very strong growth through seasonal products and limited time
offerings, combined with continued co-development on back-of-house efficiencies. Business
volumes in emerging markets increased by 10.4% in the year, as very strong growth in the Middle
East, Southeast Asia and LATAM were partially offset by challenging conditions in China.
Americas Region
* Volume growth of 8.4% with Q4 performance of 6.2%
* Growth led by Meat, Beverage and Bakery
* Very strong growth across both retail and foodservice channels
* LATAM delivered excellent growth
Revenue in the region increased by 33.0% to EUR4.2 billion in the year. This reflected volume
growth of 8.4%, increased pricing of 7.4%, favourable transaction currency of 0.1% and favourable
translation currency of 12.5%, with a contribution from acquisitions of 4.6%.
Growth in North America remained strong across both retail and foodservice channels through
the year. This was led by an excellent performance in Meat and Meat Alternatives across food
preservation, culinary taste, texture systems and clean-smoke technologies. Performance in
the Beverage EUM continued to be strong, driven by new innovations incorporating Kerry's authentic
natural taste, coffee extract and Tastesense (R) sugar reduction technologies. Bakery achieved
good growth through increased demand for functional solutions and texture systems, while Snacks
continued to deliver strong growth with category leaders. Growth in foodservice remained strong
due to seasonal and promotional menu offerings, as well as new launches enhancing back-of-house
efficiency for customers across both food and beverage applications.
LATAM delivered excellent growth across the year led by Mexico and Brazil. Volume growth in
Mexico was strong across Beverage and Snacks, supported by wins in authentic taste, while
volumes in Brazil were driven by performance in Meals and Meat.
Within the global Pharma EUM, volumes in excipients were lower in the year due to supply chain
constraints.
During the year, the Group acquired the B2B powdered cheese business and related assets(6)
of The Kraft Heinz Company based in the US, enhancing Kerry's scale, manufacturing capability
and customer base in the snacking category.
(6) In September 2022 Kerry acquired the B2B powdered cheese business and related assets
of The Kraft Heinz Company as a carve out business acquisition
Europe Region
* Volume growth of 6.2% with Q4 performance of 6.1%
* Snacks, Dairy and Meals delivered strongest growth
* Growth led by foodservice while retail performed well
Revenue in the region increased by 25.1% to EUR1.5 billion in the year. This reflected volume
growth of 6.2%, increased pricing of 13.9%, favourable transaction currency of 0.2% and translation
currency of 2.1%, with a contribution from acquisitions (net of disposals) of 2.7%.
Growth in the year was particularly strong given the economic backdrop in the region. The
Snacks EUM delivered strong growth through savoury taste launches and Kerry's Tastesense (R)
salt reduction technology portfolio, given increased customer focus on enhancing product nutritional
profiles. Growth in Dairy was supported by new innovations in ice-cream and dairy alternative
launches in the foodservice channel, while Meals continued to achieve good growth through
taste systems and functional solutions. Performance in the foodservice channel was supported
by continued innovation with quick service restaurants on new menu development and seasonal
products.
Growth across the region was strongest in Central and Southern Europe, while the UK and Ireland
had a very strong finish to the year. Performance in Eastern Europe was impacted by the ongoing
war in the region. During the year, the Group divested its operations in Russia and Belarus,
while further investing in its biotechnology capabilities with the acquisition of c-LEcta(7)
, which is a leading biotechnology innovation company based in Leipzig, Germany.
(7) In March 2022 Kerry acquired 93% of the issued share capital of the company c-LEcta GmbH
- 'c-LEcta'
APMEA Region
* Volume growth of 8.1% with Q4 performance of 5.9%
* Growth led by Snacks, Meat and Bakery
* Middle East and Southeast Asia achieved excellent growth
Revenue in the region increased by 26.8% to EUR1.7 billion in the year. This reflected volume
growth of 8.1%, increased pricing of 7.1%, favourable transaction currency of 0.2% and translation
currency of 4.5%, with a contribution from acquisitions of 6.9%.
Growth in the region was primarily driven by very strong performances in the Middle East and
Southeast Asia, partially offset by performance in China, which was impacted by localised
COVID-19 related restrictions across the course of the year.
Overall growth was strong across all end use markets and channels. Snacks achieved very strong
growth driven by local authentic taste innovations with regional leaders. Growth in Meat was
led by savoury taste and smoke innovations, particularly in the foodservice channel, while
growth in Bakery was supported by texture solutions and increased demand for preservation
systems .
The Group continued to enhance its local presence in the region through the acquisition of
Almer(8) in Malaysia and its continued footprint expansion in the Middle East, which has become
an important contributor to growth in the region.
(8) In March 2022 Kerry acquired 100% of the issued share capital of the company Almer Malaysia
Sdn. Bhd. - 'Almer'
Dairy Ireland
Solid performance in a year of significant inflation
Pro-forma(9) Reported
2022 Performance Performance
Revenue EUR1,539m +0.2%(10) +0.1%(10)
EBITDA EUR71m +0.6%(11) -48.0%
EBITDA margin 4.6% -170bps -310bps
* Overall volume growth of 0.2%(9) with Q4 volumes of
-4.0%(9) against very strong prior year comparatives
* Pricing of 36.0%(9) reflected significant increases in dairy prices and other input costs
* EBITDA margin reduction resulting from the effect of passing through input cost inflation
Dairy Ireland reported revenue in the year was EUR1.5 billion, which represented an increase
of 37.1% on a pro-forma basis, driven primarily by increased pricing. Overall reported revenue
decreased by 13.4%, as increased pricing was more than offset by the impact of the Meats and
Meals business disposal in the prior year.
Overall volumes in Dairy Ireland were similar to the prior year, with the heightened inflationary
cost environment resulting in significant price increases across the business.
Within Dairy Consumer Products, overall category volumes in the year were lower, reflective
of significant price increases and strong prior year comparatives. Within the spreads category,
good performance was achieved across Kerry's customer-branded ranges, while cheese snacking
volumes were impacted by reduced promotional activity across the year.
Dairy Ingredients delivered volume growth, while prices remained significantly higher as a
result of constrained global supply dynamics.
(9) Pro-forma performance of re-presented segmental structure excluding the Consumer Foods
Meats and Meals business disposal
(10) Volume growth | (11) Comparable 2021 pro-forma EBITDA was EUR70m
Financial Review
% 2022 2021
change EUR'm EUR'm
=========================================== ======================================================================================================================================================== ========================== ============
Revenue +19.3% 8,771.9 7,350.6
------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
EBITDA +12.9% 1,216.1 1,077.0
EBITDA margin 13.9% 14.7%
------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Depreciation (net) (221.6) (201.5)
Computer software amortisation (31.8) (34.6)
Finance costs (net) (66.2) (69.9)
Share of joint ventures' results after taxation (0.4) -
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Adjusted earnings before taxation 896.1 771.0
Income taxes (excluding non-trading items) (114.5) (96.2)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Adjusted earnings after taxation +15.8% 781.6 674.8
Brand related intangible asset amortisation (50.9) (46.2)
Non-trading items (net of related tax) (124.2) 134.4
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Profit after taxation 606.5 763.0
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
EPS EPS
cent cent
------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Basic EPS (20.6%) 341.9 430.6
Brand related intangible asset amortisation 28.7 26.0
Non-trading items (net of related tax) 70.0 (75.8)
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------------- ------------
Adjusted* EPS +15.7% 440.6 380.8
Impact of exchange rate translation (8.4%)
--------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------ -------------------------- ------------
Adjusted* EPS growth in constant currency +7.3%
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- -------------------------- ------------
* Before brand related intangible asset amortisation and non-trading items (net of related
tax)
See Financial Definitions section for definitions, calculations and reconciliations of Alternative
Performance Measures.
Revenue
The table below presents the revenue growth components for the Group and reporting segments.
The Dairy Ireland segment is also presented on a pro-forma basis post the disposal of the
Consumer Foods Meats and Meals business.
Reported Revenue
2022 Volume Price Currency(12) Acquisitions Disposals Growth
=================================================== =========== =============== =============== =============== ================== ====================
Taste & Nutrition 7.8% 8.7% 8.4% 5.6% (1.1%) 29.4%
Dairy Ireland Pro-forma 0.2% 36.0% 0.9% - - 37.1%
Dairy Ireland Reported 0.1% 22.8% 1.3% - (37.6%) (13.4%)
Group 6.1% 11.7% 7.0% 4.3% (9.8%) 19.3%
(12) This includes the impact of transaction and translation currency
EBITDA & Margin %
Group EBITDA increased 12.9% from EUR1.1bn to EUR1.2bn driven primarily by the strong volume
performance in Taste & Nutrition. Reported EBITDA margin of 13.9% (2021: 14.7%) reflects the
pricing impact on margin of 180bps, offset by the positive impacts of portfolio development,
operating leverage, mix and efficiencies.
Computer Software Amortisation
Computer software amortisation decreased by EUR2.8m to EUR31.8m (2021: EUR34.6m) reflecting
the completion of the KerryConnect programme and the disposal of the Meats and Meals business.
Brand Related Intangible Asset Amortisation
Brand related intangible asset amortisation increased to EUR50.9m (2021: EUR46.2m) which is
reflective of recent acquisition activity.
Finance Costs (net)
Finance costs (net) for the year decreased by EUR3.7m to EUR66.2m (2021: EUR69.9m) primarily
due to deposit interest earned on cash at bank. The Group's average cost of finance for the
year was 2.3% (2021: 2.7%).
Taxation
The tax charge for the year before non-trading items was EUR114.5m (2021: EUR96.2m) representing
an effective tax rate of 13.5% (2021: 13.3%) and reflective of the geographical mix of earnings.
Non-Trading Items
During the year, the Group incurred a non-trading charge of EUR124.2m (2021: EUR134.4m credit)
net of tax. The charge in the year primarily related to the impairment of the Group's Russia
and Belarus assets and the previously announced Accelerate Operational Excellence transformation
programme, which predominantly reflects consultancy fees, project management costs and costs
of streamlining operations while we work to enhance our continuous improvement in manufacturing
processes and deliver step-change manufacturing excellence across the organisation. The credit
in the prior year primarily related to the gain on the disposal of the Meats and Meals business,
partially offset by costs related to acquisition integration .
Foreign Exchange
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 1.05 (2021: 1.19) and 0.85 (2021: 0.86) respectively.
Return on Average Capital Employed (ROACE)
In 2022, the ROACE for the Group was 10.3% (2021: 10.5%). The movement is primarily due to
the timing of acquisitions and divestments and the translation impact on underlying assets.
Free Cash Flow
In 2022, the Group achieved free cash flow of EUR640.4m (2021: EUR566.1m) reflecting 82% cash
conversion in the year.
2022 2021
Free Cash Flow EUR'm EUR'm
===================================================================================================================================================== ==================================== ================================
EBITDA 1,216.1 1,077.0
Movement in average working capital (201.4) (37.7)
Pension contributions paid less pension expense (15.7) (14.7)
Finance costs paid (net) (62.0) (71.3)
Income taxes paid (80.0) (72.0)
Purchase of non-current assets (254.7) (334.6)
Sales proceeds on disposal of non-current assets 38.1 19.4
----------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------ --------------------------------
Free cash flow 640.4 566.1
----------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------ --------------------------------
Cash conversion(13) 82% 84%
----------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------ --------------------------------
(13) Cash conversion is free cash flow expressed as a percentage of adjusted earnings after
taxation
The average working capital investment in the year was primarily due to the strong volume
growth and the unprecedented level of inflation. This reflected in a year on year investment
in working capital of EUR224m from December 2021 to December 2022. Overall capital expenditure
in the year was lower due to the timing of projects and the conclusion of a number of significant
investments in 2021, including the rollout of KerryConnect in North America.
Total Net Debt
Total net debt at the end of the year was EUR2,217.4m (2021: EUR2,124.1m).
Key Financial Ratios
The Group's balance sheet is in a strong position. With a Net debt to EBITDA ratio of 1.8
times, the Group has sufficient headroom to support future growth plans.
2022 2021
========================================================================================================================================= =========================================================== =====================
Net debt: EBITDA 1.8 2.0
EBITDA: Net interest 18.1 14.9
----------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------- ---------------------
Financing
Undrawn committed facilities at the end of the year were EUR1,100m (2021: EUR1,100m) while
undrawn standby facilities were EUR343.0m (2021: EUR337.0m).
Share Price and Market Capitalisation
The share price at 31 December 2022 was EUR84.24 (2021: EUR113.25) giving a market capitalisation
of EUR14.9bn (2021: EUR20.0bn). Total shareholder return was -24.7% (2021: -3.7%) as share
prices and valuations across the sector were adversely impacted by significant increases in
interest rates and macroeconomic developments in the year.
Dividend and Annual General Meeting
During the year, the Group paid an interim dividend of 31.4 cent per A ordinary share, which
was an increase of 10.2%. The Board has proposed a final dividend of 73.4 cent per A ordinary
share, payable on 12 May 2023 to shareholders registered on the record date of 14 April 2023.
When combined with the interim dividend, the total dividend for the year amounts to 104.8
cent per share (2021: 95.2 cent per share), which is an increase of 10.1% over last year's
dividend. The Group's aim is to have double digit dividend growth each year. Over 35 years
as a listed company, the Group has grown its dividend at a compound rate of 16.1%.
Kerry's Annual General Meeting is scheduled to take place on 27 April 2023.
Future Prospects
The Group began its 2022-2026 strategic cycle with a strong year of growth, good overall financial
performance and continued progress against Kerry's Beyond the Horizon sustainability commitments.
At the outset of 2023, while market conditions are currently uncertain, Kerry remains strongly
positioned for growth ahead of its markets. The Group will continue to manage input cost fluctuations
with its well-established pricing model. Kerry will continue to invest capital aligned to
its strategic priorities and strategically evolve its portfolio.
In 2023, the Group expects to achieve 3% to 7% adjusted earnings per share growth on a constant
currency basis, before an expected 2% dilution in the year from the potential sale of the
Sweet Ingredients Portfolio.
Disclaimer
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 & Brand Officer
+353 45 930188 | corpaffairs@kerry.com
Website
www.kerry.com
Consolidated Income Statement
for the financial year ended 31 December 2022
Before Before
Non- Non- Non- Non-
Trading Trading Trading Trading
Items Items Total Items Items Total
2022 2022 2022 2021 2021 2021
Notes EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
====================== ================================== ============= ======== ======== ======== ======== ===========
Continuing operations
Revenue 2 8,771.9 - 8,771.9 7,350.6 - 7,350.6
Earnings before interest, tax, depreciation and
amortisation 1/2 1,216.1 - 1,216.1 1,077.0 - 1,077.0
Depreciation (net) and intangible asset amortisation (304.3) - (304.3) (282.3) - (282.3)
Non-trading items 3 - (146.2) (146.2) - 91.5 91.5
Operating profit 911.8 (146.2) 765.6 794.7 91.5 886.2
Finance income 6.6 - 6.6 0.3 - 0.3
Finance costs (72.8) - (72.8) (70.2) - (70.2)
Share of joint ventures' results after taxation (0.4) - (0.4) - - -
Profit before taxation 845.2 (146.2) 699.0 724.8 91.5 816.3
Income taxes (114.5) 22.0 (92.5) (96.2) 42.9 (53.3)
Profit after taxation 730.7 (124.2) 606.5 628.6 134.4 763.0
Attributable to:
Equity holders of the parent 606.4 763.0
Non-controlling interests 0.1 -
606.5 763.0
Earnings per A ordinary share Cent Cent
- basic 4 341.9 430.6
- diluted 4 341.3 429.9
Consolidated Statement of Comprehensive Income
for the financial year ended 31 December 2022
2022 2021
Note EUR'm EUR'm
=================================================================== ======== ========== =========== =============
Profit after taxation 606.5 763.0
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or
loss:
Fair value movements on cash flow hedges 5.9 (0.3)
Cash flow hedges - reclassified to profit or loss from equity (2.8) (0.9)
Net change in cost of hedging 0.8 -
Deferred tax effect of fair value movements on cash flow hedges (0.2) 0.1
Exchange difference on translation of foreign operations 152.2 217.7
Cumulative exchange difference on translation recycled on disposal 3 14.9 16.2
Items that will not be reclassified subsequently to profit or
loss:
Re-measurement on retirement benefits obligation (13.4) 110.2
Deferred tax effect of re-measurement on retirement benefits
obligation 7.6 (20.0)
Net income recognised directly in total other comprehensive income 165.0 323.0
Total comprehensive income 771.5 1,086.0
Attributable to:
Equity holders of the parent 771.4 1,086.0
Non-controlling interests 0.1 -
771.5 1,086.0
Consolidated Balance Sheet
as at 31 December 2022
31 31 December
December
2022 2021
Note EUR'm EUR'm
=================================================================== ======== ========== =========== =============
Non-current assets
Property, plant and equipment 2,099.3 2,091.3
Intangible assets 5,720.0 5,580.7
Financial asset investments 58.9 49.9
Investments in joint ventures 41.7 21.7
Other non-current financial instruments 0.3 34.8
Retirement benefits asset 95.6 90.3
Deferred tax assets 71.9 67.8
8,087.7 7,936.5
Current assets
Inventories 1,354.4 1,204.2
Trade and other receivables 1,423.8 1,181.7
Cash at bank and in hand 970.0 1,039.1
Other current financial instruments 59.5 15.2
Assets classified as held for sale 6 388.0 18.7
4,195.7 3,458.9
Total assets 12,283.4 11,395.4
Current liabilities
Trade and other payables 1,966.5 1,791.5
Borrowings and overdrafts 701.1 5.6
Other current financial instruments 18.4 40.1
Tax liabilities 190.9 141.6
Provisions 15.3 13.6
Deferred income 3.4 3.0
Total liabilities directly associated with assets classified as
held for sale 6 19.7 -
2,915.3 1,995.4
Non-current liabilities
Borrowings 2,432.6 3,118.0
Other non-current financial instruments 20.3 0.5
Retirement benefits obligation 30.2 24.1
Other non-current liabilities 142.6 153.9
Deferred tax liabilities 452.3 447.3
Provisions 50.5 37.1
Deferred income 16.0 17.9
3,144.5 3,798.8
Total liabilities 6,059.8 5,794.2
Net assets 6,223.6 5,601.2
Equity
Share capital 22.1 22.1
Share premium 398.7 398.7
Other reserves 64.3 (129.6)
Retained earnings 5,736.8 5,310.0
Equity attributable to equity holders of the parent 6,221.9 5,601.2
Non-controlling interests 1.7 -
Total equity 6,223.6 5,601.2
Consolidated Statement of Changes in Equity
for the financial year ended 31 December 2022
Attributable to equity holders of the parent
========================================================
Non-
Share Share Other Retained controlling Total
Capital Premium Reserves Earnings Total interests equity
Note EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
========================== =============== =============== ========== ========= ========= ========== ============ ==========
Group:
At 1 January 2021 22.1 398.7 (379.5) 4,614.2 4,655.5 - 4,655.5
Profit after taxation - - - 763.0 763.0 - 763.0
Other comprehensive expense - - 232.7 90.3 323.0 - 323.0
Total comprehensive
income - - 232.7 853.3 1,086.0 - 1,086.0
Shares issued during the financial year - - - - - - -
Dividends paid 5 - - - (157.5) (157.5) - (157.5)
Share-based payment
expense - - 17.2 - 17.2 - 17.2
At 31 December 2021 22.1 398.7 (129.6) 5,310.0 5,601.2 - 5,601.2
Profit after taxation - - - 606.4 606.4 0.1 606.5
Other comprehensive
income - - 171.0 (6.0) 165.0 - 165.0
Total comprehensive
income - - 171.0 600.4 771.4 0.1 771.5
Shares issued during the financial year - - - - - - -
Dividends paid 5 - - - (173.6) (173.6) - (173.6)
Share-based payment
expense - - 22.9 - 22.9 - 22.9
Non-controlling interests arising on
acquisition - - - - - 1.6 1.6
At 31 December 2022 22.1 398.7 64.3 5,736.8 6,221.9 1.7 6,223.6
Other Reserves comprise the following:
Share-
Capital Other Based Cost of
Redemption Undenominated Payment Translation Hedging Hedging
Reserve Capital Reserve Reserve Reserve Reserve Total
EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
=================================== =========== ============== ======== ============ ======== ======== ========
At 1 January 2021 1.7 0.3 90.2 (472.0) 2.6 (2.3) (379.5)
Other comprehensive
income/(expense) - - - 233.9 (1.2) - 232.7
Share-based payment expense - - 17.2 - - - 17.2
At 31 December 2021 1.7 0.3 107.4 (238.1) 1.4 (2.3) (129.6)
Other comprehensive income - - - 167.1 3.1 0.8 171.0
Share-based payment expense - - 22.9 - - - 22.9
At 31 December 2022 1.7 0.3 130.3 (71.0) 4.5 (1.5) 64.3
Consolidated Statement of Cash Flows
for the financial year ended 31 December 2022
2022 2021
Notes EUR'm EUR'm
====================== ================================== =============================== ======================================== =============================== ======================== ==================== ===============
Cash flows from operating activities
Profit before taxation 699.0 816.3
Adjustments for:
Depreciation (net) 221.6 201.5
Intangible asset amortisation 82.7 80.8
Share of joint ventures' results after taxation 0.4 (3.9)
Non-trading items income statement charge/(income) 3 146.2 (91.5)
Finance costs (net) 66.2 69.9
Change in working capital (224.0) (184.3)
Pension contributions paid less pension expense (15.7) (14.7)
Payments on non-trading items (85.4) (76.1)
Exchange translation adjustment (27.2) (0.7)
Cash generated from operations 863.8 797.3
Income taxes paid (80.0) (72.0)
Finance income received 5.4 0.4
Finance costs paid (67.4) (71.7)
Net cash from operating activities 721.8 654.0
Investing activities
Purchase of assets (net) (221.0) (300.4)
Proceeds from the sale of assets (net of disposal expenses) 38.1 4.0
Capital grants received 1.4 0.7
Purchase of businesses (net of cash acquired) 7 (353.8) (1,084.9)
Payments relating to previous acquisitions (1.8) (18.9)
Purchase of investments (10.4) (4.4)
Purchase of share in joint ventures (20.4) -
Disposal of businesses (net of disposal expenses) 3 (15.2) 775.2
Net cash used in investing activities (583.1) (628.7)
Financing activities
Dividends paid 5 (173.6) (157.5)
Payment of lease liabilities (35.1) (34.9)
Issue of share capital - -
Repayment of borrowings (net of swaps) (3.0) (1,093.3)
Proceeds from borrowings 2.0 1,705.0
Net cash movement due to financing activities (209.7) 419.3
Net (decrease)/increase in cash and cash equivalents (71.0) 444.6
Cash and cash equivalents at beginning of the financial year 1,033.8 560.3
Exchange translation adjustment on cash and cash equivalents 7.0 28.9
Cash and cash equivalents at end of the financial year 969.8 1,033.8
Reconciliation of Net Cash Flow to Movement in Net Debt
Net (decrease)/increase in cash and cash equivalents (71.0) 444.6
Cash flow from debt financing 1.0 (611.7)
Changes in net debt resulting from cash flows (70.0) (167.1)
Fair value movement on interest rate swaps (net of adjustment to borrowings) 1.4 (0.1)
Exchange translation adjustment on net debt (29.7) (19.1)
Movement in net debt in the financial year (98.3) (186.3)
Net debt at beginning of the financial year (2,049.9) (1,863.6)
Net debt at end of the financial year - pre lease liabilities (2,148.2) (2,049.9)
Lease liabilities (69.2) (74.2)
Net debt at end of the financial year (2,217.4) (2,124.1)
Notes to the Financial Statements
for the financial year ended 31 December 2022
1. Accounting policies
The financial information included within this statement has been extracted from the audited
financial statements of Kerry Group plc for the financial year ended 31 December 2022. The
auditors' report was unqualified. The financial information set out in this document does
not constitute full statutory financial statements for the financial years ended 31 December
2022 or 2021 but is derived from same. The consolidated financial statements of Kerry Group
plc have been prepared in accordance with International Financial Reporting Standards ('IFRS'),
International Financial Reporting Interpretations Committee ('IFRIC') interpretations and
those parts of the Companies Act, 2014 applicable to companies reporting under IFRS. The financial
statements comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive
Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the
Consolidated Statement of Cash Flows and the notes to the financial statements. The Group's
financial statements have also been prepared in accordance with 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 issued by the IASB.
References to IFRS hereafter refer to IFRS adopted by the EU.
The consolidated financial statements have been prepared under the historical cost convention,
as modified by the revaluation of certain financial assets and liabilities (including derivative
financial instruments) and financial asset investments which are held at fair value. Assets
and liabilities classified as held for sale are stated at the lower of carrying value and
fair value less costs to sell. The investments in joint ventures are accounted for using the
equity method.
The Group has determined that earnings before interest, tax, depreciation (net) and amortisation
(EBITDA) is a key performance metric used by the Group's Chief Operating Decision Maker (the
Executive Directors). From 1 January 2022 EBITDA replaces trading profit as one of the key
measures utilised in assessing the performance of the Group. 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 and is a widely used measure in the evaluation of profitability and performance.
This has been reflected in the presentation of the Group's Consolidated Income Statement and
note 2 'Analysis of results', as permitted under IAS 1 'Presentation of Financial Statements'.
The Group has updated its 'Basis of consolidation' in respect of a new non-controlling interests
policy.
Non-controlling interests
Non-controlling interests represent the portion of the equity of a subsidiary not attributable
either directly or indirectly to the Group and are presented separately in the Consolidated
Income Statement and within equity in the Consolidated Balance Sheet, distinguished from the
Group's shareholders' equity. Where not all of the equity of a subsidiary is acquired, the
non-controlling interests are recognised at the non-controlling interest's share of the acquiree's
net identifiable assets.
In the 2022 consolidated financial statements, the Group has re-presented corresponding 2021
balances to align with current year presentation in the Consolidated Income Statement, note
2 'Analysis of results' and other notes that do not form part of this document.
Certain income statement headings and other financial measures included in the consolidated
financial statements are not defined by IFRS. The Group makes this distinction to enhance
the understanding of the financial performance of the business as outlined in the Financial
Definitions.
The consolidated 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 including liquidity and access to financing and the potential impacts
of climate, geopolitical and macroeconomic environment related risks on profitability. There
are no material uncertainties that cast 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 approval of these
financial statements.
The Group's accounting policies will be included in the 2022 Annual Report & Accounts, which
will be published at the end of March, and are consistent with those described in the 2021
Annual Report & Accounts.
Critical accounting estimates and judgements
The preparation of the Group consolidated financial statements requires management to make
certain estimations, assumptions and judgements that affect the reported profits, assets and
liabilities.
Estimates and underlying assumptions are reviewed on an ongoing basis. Changes in accounting
estimates may be necessary if there are changes in the circumstances on which the estimate
was based or as a result of new information or more experience. Such changes are recognised
in the period in which the estimate is revised.
In particular, information about significant areas of estimation and judgement that have the
most significant effect on the amounts recognised in the consolidated financial statements
are described in the respective notes to the consolidated financial statements.
New standards and interpretations
Certain new and revised accounting standards and new International Financial Reporting Interpretations
Committee ('IFRIC') interpretations have been issued. The Group intends to adopt the relevant
new and revised standards when they become effective and the Group's assessment of the impact
of these standards and interpretations is set out below.
The following Standards and Interpretations are effective for the Group in 2022 but do not Effective Date
have a material effect on the results or financial position of the Group:
- IAS 16 (Amendments) Property, Plant and Equipment 1 January 2022
- IAS 37 (Amendments) Provisions, Contingent Liabilities and Contingent Assets 1 January 2022
- IFRS 9 (Amendments) Financial Instruments 1 January 2022
- IFRS 3 (Amendments) Business Combinations 1 January 2022
- IAS 41 (Amendments) Agriculture 1 January 2022
The following Standards and Interpretations are not yet effective for the Group and are not Effective Date
expected to have a material effect on the results or financial position of the Group:
- IAS 1 (Amendments) Presentation of Financial Statements 1 January 2023
- IFRS 17 Insurance Contracts 1 January 2023
- IAS 8 (Amendments) Accounting Policies, Changes in Accounting Estimates and Errors 1 January 2023
- IAS 12 (Amendments) Income Taxes 1 January 2023
- IFRS 16 (Amendments) Leases 1 January 2024
2. Analysis of results
The Group has determined it has two reportable 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 and nutritional bases,
while our dairy consumer brands can be found in chilled cabinets in retailers across Ireland
and the UK.
Prior year 31 December 2021 has been re-presented to reflect the changes in our reporting
segments in line with how the Chief Operating Decision Maker (the Executive Directors) assesses
the Group's performance from 1 January 2022. The Irish dairy processing activities, previously
reported in Taste & Nutrition, have been combined with the remaining dairy activities of the
Consumer Foods business and this segment is named Dairy Ireland. Included within the Dairy
Ireland 31 December 2021 comparatives are the results of the Consumer Foods Meats and Meals
business which was disposed by the Group on 27 September 2021.
Group Group
Eliminations Eliminations
Taste & Dairy and Taste & Dairy and
Nutrition Ireland Unallocated Total Nutrition Ireland Unallocated Total
2022 2022 2022 2022 2021 2021 2021 2021
EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
============= ========================================================== ==================== ======================== ============== =========================== ================ ========================== ======================
External revenue 7,387.0 1,384.9 - 8,771.9 5,689.3 1,661.3 - 7,350.6
Inter-segment revenue 29.6 154.0 (183.6) - 40.1 116.3 (156.4) -
-------------------------------------------------- --------------------- -------------------- ------------------------ -------------- --------------------------- ---------------- -------------------------- ----------------------
Revenue 7,416.6 1,538.9 (183.6) 8,771.9 5,729.4 1,777.6 (156.4) 7,350.6
EBITDA* 1,220.1 70.7 (74.7) 1,216.1 1,013.5 136.0 (72.5) 1,077.0
Depreciation (net) (221.6) (201.5)
Intangible asset amortisation (82.7) (80.8)
Non-trading items (146.2) 91.5
Operating profit 765.6 886.2
Finance income 6.6 0.3
Finance costs (72.8) (70.2)
Share of joint ventures' results after taxation (0.4) -
Profit before taxation 699.0 816.3
Income taxes (92.5) (53.3)
Profit after taxation 606.5 763.0
Attributable to:
Equity holders of the parent 606.4 763.0
Non-controlling interests 0.1 -
606.5 763.0
*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.
Segment assets and liabilities
Assets 8,583.1 766.2 2,934.1 12,283.4 7,801.9 661.9 2,931.6 11,395.4
Liabilities (1,897.0) (289.4) (3,873.4) (6,059.8) (1,534.1) (306.4) (3,953.7) (5,794.2)
Net assets 6,686.1 476.8 (939.3) 6,223.6 6,267.8 355.5 (1,022.1) 5,601.2
Other segmental information
Property, plant and equipment additions 238.9 17.6 0.3 256.8 264.4 28.2 0.2 292.8
Depreciation (net) 200.1 20.5 1.0 221.6 169.4 31.5 0.6 201.5
Intangible asset additions 0.4 0.1 11.7 12.2 1.3 0.2 32.6 34.1
Intangible asset amortisation 43.0 0.2 39.5 82.7 28.9 3.9 48.0 80.8
Share of joint ventures' results after taxation 0.4 - - 0.4 - - - -
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 and within the primary
geographic markets which affect the nature, amount, timing and uncertainty of revenue and
cash flows are similar.
Analysis by EUM
Taste & Dairy Taste & Dairy
Nutrition Ireland Total Nutrition Ireland Total
2022 2022 2022 2021 2021 2021
EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
================ ========= ======================== ======== ======== ====== ============= ======== ========
Food 4,925.2 1,286.2 6,211.4 3,837.5 1,587.4 5,424.9
Beverage 1,959.1 98.7 2,057.8 1,515.2 73.9 1,589.1
Pharma & other 502.7 - 502.7 336.6 - 336.6
--------------------------- ------------------------ -------- -------- ------ ------------- -------- --------
External revenue 7,387.0 1,384.9 8,771.9 5,689.3 1,661.3 7,350.6
Analysis by primary geographic market
Disaggregation of revenue from external customers is analysed by geographical split:
Taste & Dairy Taste & Dairy
Nutrition Ireland Total Nutrition Ireland Total
2022 2022 2022 2021 2021 2021
EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
================ ======== ======================== ========= ======== ===== ============= ======== ========
Republic of Ireland 82.2 458.2 540.4 64.1 394.6 458.7
Rest of Europe 1,459.8 768.8 2,228.6 1,168.7 1,089.6 2,258.3
Americas 4,172.2 84.0 4,256.2 3,137.5 97.7 3,235.2
APMEA 1,672.8 73.9 1,746.7 1,319.0 79.4 1,398.4
External revenue 7,387.0 1,384.9 8,771.9 5,689.3 1,661.3 7,350.6
Information about geographical areas
Europe Americas APMEA Total Europe Americas APMEA Total
2022 2022 2022 2022 2021 2021 2021 2021
EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm EUR'm
======================================================================= ============ ====================== ============== ======================= ====================== ======================== ================== =================
Assets by location 5,357.9 5,486.3 1,439.2 12,283.4 5,205.1 4,959.2 1,231.1 11,395.4
Property, plant and equipment additions 55.8 147.4 53.6 256.8 83.7 152.5 56.6 292.8
Intangible asset additions 12.1 0.1 - 12.2 33.1 1.0 - 34.1
The revenue and non-current assets (as defined in IFRS 8 'Operating Segments') attributable
to the country of domicile and all foreign countries of operation, for which revenue exceeds
10% of total external Group revenue, are set out below.
Kerry Group plc is domiciled in the Republic of Ireland and the revenues from external customers
in the Republic of Ireland were EUR540.4m (2021: EUR458.7m). The non-current assets located
in the Republic of Ireland are EUR1,503.6m (2021: EUR1,598.4m).
Revenues from external customers include EUR958.9m (2021: EUR1,379.5m) in the UK and EUR3,399.8m
(2021: EUR2,610.7m) in the USA. The non-current assets in the UK are EUR353.3m (2021: EUR391.9m)
and in the USA are EUR3,267.1m (2021: EUR3,166.1m). For clarity the UK is included within
Europe in the tables above.
There are no material dependencies or concentrations on individual customers which would warrant
disclosure under IFRS 8 'Operating Segments'. The accounting policies of the reportable segments
are the same as the Group's accounting policies as outlined in the Statement of Accounting
Policies. Under IFRS 15 'Revenue from Contracts with Customers' revenue is primarily recognised
at a point in time. Revenue recorded over time during the year was not material to the Group.
3. Non-trading items
2022 2021
Notes EUR'm EUR'm
====================================================================== ===== =========== ======== =======
(Loss)/profit on disposal of businesses and assets (i) (63.1) 179.7
Global Business Services expansion (ii) (13.6) (33.3)
Acquisition integration costs (iii) (20.3) (54.9)
Accelerate Operational Excellence (iv) (49.2) -
(146.2) 91.5
Tax on above 22.0 26.3
Tax on inter-group transfer (v) - 16.6
Non-trading items (net of related tax) (124.2) 134.4
(i) Loss on disposal of businesses and assets
Businesses *Assets Total
2022 2022 2022
Note EUR'm EUR'm EUR'm
======================================================================= ===== =========== ======== =======
Property, plant and equipment - disposed (16.0) (28.6) (44.6)
Goodwill (9.6) (0.3) (9.9)
Brand related intangible assets (2.1) (0.4) (2.5)
Computer software (0.2) (0.3) (0.5)
Deferred tax assets - - -
Cash disposed (4.6) - (4.6)
Inventories (21.0) - (21.0)
Assets classified as held for sale - disposed - (3.0) (3.0)
Assets classified as held for sale - impaired 6 - (5.6) (5.6)
Trade and other receivables (9.0) - (9.0)
Tax receivables (0.4) - (0.4)
Trade and other payables 20.0 - 20.0
Other non-current liabilities 3.0 - 3.0
(39.9) (38.2) (78.1)
Consideration
Cash received 1.8 51.7 53.5
Deferred consideration 8.5 - 8.5
Disposal related costs (18.5) (13.6) (32.1)
(8.2) 38.1 29.9
Cumulative exchange difference on translation recycled on disposal (14.9) - (14.9)
Loss on disposal of businesses and assets (63.0) (0.1) (63.1)
Businesses *Assets Total
2022 2022 2022
Net cash inflow on disposal: EUR'm EUR'm EUR'm
================================================================================ =========== ======== =======
Cash received 1.8 51.7 53.5
Less: cash disposed (4.6) - (4.6)
Less: disposal related costs paid (12.4) (13.6) (26.0)
(15.2) 38.1 22.9
*Assets represent non-current assets and assets classified as held for sale.
(Loss)/profit of disposal of businesses
As previously announced on 4 April 2022, the Group suspended its operations in Russia and
Belarus. This suspension was managed in an orderly manner, during which the Group continued
to pay employees, fulfilled its legal obligations and a decision was made to classify these
businesses as held for sale during H1 2022. On 7 July 2022, the Group reached agreement to
sell 100% of the share capital of Unitary Manufacturing Enterprise 'Vitella', a Taste & Nutrition
entity based in Belarus. On 22 July 2022, the Group reached agreement to divest 100% of the
share capital of Kerry Limited Liability Company, its subsidiary in Russia, to local management.
These businesses were not deemed to be discontinued operations and goodwill was allocated
to these disposed businesses using an appropriate allocation methodology aligned with IAS
36 'Impairment of Assets'. During the year the Group also disposed of a small cereal operation
in North America. The loss on disposal of these businesses was EUR63.0m (2021: EURnil). A
tax credit of EUR4.3m (2021: a tax credit of EURnil) arose on the disposal of these businesses.
In 2021 the Group disposed of its Meats and Meals business operating in Ireland and the UK
from the Consumer Foods (now Dairy Ireland) division and during the year also disposed of
a small operation in Taste & Nutrition Europe for a consideration of EUR813.6m resulting in
a gain of EUR230.9m. A tax credit of EUR0.5m arose on the disposal of these businesses.
Profit/(loss) on disposal of assets
During the year, the Group disposed of property, plant and equipment primarily in North America
and APMEA for a combined consideration of EUR51.7m resulting in a gain of EUR6.2m . In 2021,
the Group disposed of property, plant and equipment and computer software in North America,
Europe and APMEA for a combined consideration of EUR19.4m resulting in a loss of EUR2.6m.
A tax charge of EUR1.9m (2021: a tax credit of EURnil) arose on the disposal of assets.
In 2022, certain assets classified as held for sale (note 6) based in the USA and APMEA were
impaired to their fair value less costs to sell by EUR5.6m (2021: EUR48.6m), consisting of
EUR1.2m (2021: EUR17.1m) of property, plant and equipment impairment, EUR2.7m (2021: EURnil)
of goodwill impairment, EUR1.7m (2021: EURnil) of brand related intangibles impairment and
EURnil (2021: EUR31.5m) of estimated costs to sell including marketing, legal, site rectification,
environmental and other related expenses necessary to complete the disposals. These assets
held for sale are expected to sell in 2023. The related tax credit was EUR0.5m (2021: EUR12.2m).
In 2022, there was a specific impairment charge of EUR0.3m and EUR0.4m (2021: EURnil) in relation
to goodwill and brand related intangibles respectively recorded in intangible assets.
(ii) Global Business Services expansion
In 2020, the Group commenced a programme to evolve, migrate and expand its Global Business
Services model to better enable the business and support further growth. For the year ended
31 December 2022, the Group incurred costs of EUR13.6m (2021: EUR33.3m) reflecting relocation
of resources, advisory fees, redundancies and the streamlining of operations. The associated
tax credit was EUR3.0m (2021: EUR1.2m).
(iii) Acquisition integration costs
These costs of EUR20.3m (2021: EUR54.9m) reflect the relocation of resources, the restructuring
of operations in order to integrate the acquired businesses into the existing Kerry operating
model and external costs associated with deal preparation, integration planning and due diligence.
A tax credit of EUR4.5m (2021: EUR12.4m) arose due to tax deductions available on acquisition
related costs.
(iv) Accelerate Operational Excellence
These costs of EUR49.2m (2021: EURnil) predominantly reflect consultancy fees, project management
costs and costs of streamlining operations incurred in the period relating to our Accelerate
Operational Excellence transformation programme, which will run until 2024. This material
transformation project deploying next generation manufacturing processes, including advanced
process controls, is combined with building capabilities within the Group to enhance continuous
improvement in manufacturing processes which will deliver step change manufacturing excellence
across the organisation. This project will also focus on supply chain excellence, optimising
the Group's warehousing and distribution network. A tax credit of EUR11.6m (2021: EURnil)
arose due to tax deductions available on accelerated operational excellence costs.
(v) Tax on inter-group transfer
During 2021, a net tax credit of EUR16.6m arose as a result of the transfer of intangible
assets between two wholly owned subsidiaries based in two different tax jurisdictions.
4. Earnings per A ordinary share
EPS 2022 EPS 2021
cent EUR'm cent EUR'm
====================== ============== ======= ======================================= ======= ======= ======
Basic earnings per share
Profit after taxation attributable to equity holders of the parent 341.9 606.4 430.6 763.0
Diluted earnings per share
Profit after taxation attributable to equity holders of the parent 341.3 606.4 429.9 763.0
2022 2021
Number of Shares m's m's
=============================================== ======================================= ======= ======= ======
Basic weighted average number of shares 177.4 177.2
Impact of share options outstanding 0.3 0.3
Diluted weighted average number of shares 177.7 177.5
Actual number of shares in issue as at 31 December 177.0 176.8
5. Dividends
2022 2021
EUR'm EUR'm
======================================================================================== ======= ======
Group and Company:
Amounts recognised as distributions to equity shareholders in the financial year
Final 2021 dividend of 66.70 cent per A ordinary share paid 6 May 2022 118.0 107.1
(Final 2020 dividend of 60.60 cent per A ordinary share paid 14 May 2021)
Interim 2022 dividend of 31.40 cent per A ordinary share paid 11 November 2022 55.6 50.4
(Interim 2021 dividend of 28.50 cent per A ordinary share paid 12 November 2021)
173.6 157.5
Since the financial year end the Board has proposed a final 2022 dividend of 73.40 cent per
A ordinary share which amounts to EUR129.9m. The payment date for the final dividend will
be 12 May 2023 to shareholders registered on the record date as at 14 April 2023. The consolidated
financial statements do not reflect this dividend.
6. Assets and liabilities classified as held for sale
2022 2021
EUR'm EUR'm
======================================================================================== ======= ======
Assets classified as held for sale
Property, plant and equipment 100.8 18.7
Goodwill 191.1 -
Brand related intangible assets 42.3 -
Inventories 53.1 -
Trade and other receivables 0.7 -
Total assets classified as held for sale 388.0 18.7
Trade and other payables (19.7) -
Total liabilities directly associated with assets classified as held for sale (19.7) -
Net assets classified as held for sale 368.3 18.7
Non-current assets are transferred to assets and liabilities classified as held for sale when
it is expected that their carrying amounts will be recovered principally through disposal
and a sale is considered highly probable. They are held at the lower of carrying amount and
fair value less costs to sell.
As announced on 11 January 2023, the Group entered into exclusive negotiations prior to the
year ended 31 December 2022 to sell the trade and assets of its Sweet Ingredients Portfolio
in the Taste & Nutrition segment, for a consideration of EUR500m comprising an initial cash
consideration of EUR375m plus a EUR125m interest bearing vendor loan note. The disposal proceeds
are expected to substantially exceed the carrying amount of the related net assets and accordingly
no impairment losses have been recognised on the classification of this business as held for
sale. The potential sale is subject to relevant regulatory approvals, employee consultation
and routine closing adjustments. The associated assets and liabilities have consequently been
presented separately as assets held for sale in the financial statements for the year ended
31 December 2022. There will be no material impact recognised in other comprehensive income
relating to this transaction.
During the year, the Group also reached agreement to sell a non-core business and its related
assets in the APMEA Taste & Nutrition segment. The assets of these businesses have been impaired
to their fair value less costs to sell by EUR2.7m (2021: EURnil) of goodwill impairment and
by EUR1.7m (2021: EURnil) of brand related intangibles impairment following their transfer
to assets held for sale. The fair value less costs to sell of these assets are based on offers
received for this business.
These businesses were not deemed to be discontinued operations and goodwill was allocated
to these businesses using an appropriate allocation methodology aligned with IAS 36 'Impairment
of Assets'. Estimated costs to sell including marketing, legal, site rectification, environmental
and other related expenses necessary to complete the disposals incurred to date of EUR7.6m
(2021: EUR31.5m). These assets held for sale are expected to sell in the first half of 2023.
In 2022, assets classified as held for sale of property, plant and equipment based in the
USA in the Taste & Nutrition segment, were impaired to their fair value less costs to sell
by EUR1.2m (2021: EUR17.1m) following their transfer to assets held for sale. The fair value
less costs to sell of these assets are based on offers received for these assets.
In 2021, the Group held property, plant and equipment classified as held for sale in the Taste
& Nutrition segment in North America and in the Dairy Ireland segment in the UK.
7. Business combinations
The following acquisitions were completed by the Group during 2022:
Completion Percentage
Acquisition Type date acquired Segment Principal activity Strategic rationale
=========================== ======= ============= ======================== =========== ================================== =================================
Almer Malaysia Sdn. Bhd. Equity March 100% share acquisition Taste & A producer of quality spray dried Further supports Kerry's growth
2022 Nutrition ingredients servicing the Snacks initiatives in authentic taste
and Dairy markets based and emerging markets.
in Malaysia.
c-LEcta GmbH* Equity March 93% share acquisition Taste & A leading biotechnology Brings leading innovation
2022 Nutrition innovation company based in capabilities in enzyme
Germany specialising in precision engineering, fermentation and
fermentation, bio-processing
optimised bio-processing and to further enhance Kerry's key
bio-transformation for the growth platform development.
creation of high-value targeted
enzymes
and ingredients.
Natreon, Inc. Equity March 100% share acquisition Taste & A leader in Ayurvedic and Brings a portfolio of clinically
2022 Nutrition botanical ingredients, with backed branded ingredients
strong research capabilities and across the need states of
facilities cognition
in the USA and India. and healthy ageing.
Certain trade and Asset September Carve out Taste & Kerry acquired the powdered Enhances Kerry's scale,
assets of The Kraft 2022 business acquisition Nutrition cheese business and related manufacturing capability and
Heinz Company assets of The Kraft Heinz customer base in the important
Company, snacking
based in the US. category.
*The Group has a 93% equity shareholding in c-LEcta GmbH. It is consolidated in the Group
financial statements as a 93% owned subsidiary on the basis of contractual arrangements with
the remaining portion recognised as non-controlling interests.
The table below provides details of the identifiable net assets, including adjustments to
provisional fair values, in respect of the acquisitions completed during the year ended 31
December 2022:
Total
2022
EUR'm
Recognised amounts of identifiable assets acquired and liabilities assumed:
Non-current assets
Property, plant and equipment 46.4
Brand related intangibles 122.8
Computer software 0.5
Current assets
Cash at bank and in hand 24.8
Inventories 35.1
Trade and other receivables 10.2
Current liabilities
Trade and other payables (20.0)
Non-current liabilities
Deferred tax liabilities (21.9)
Other non-current liabilities (2.2)
Total identifiable assets 195.7
Non-controlling interests (1.6)
Goodwill 197.8
Total consideration 391.9
Satisfied by:
Cash 376.6
Deferred payment 15.3
391.9
Net cash outflow on acquisition:
Total
2022
EUR'm
Cash 376.6
Less: cash and cash equivalents acquired (24.8)
Plus: debt acquired (included in other non-current liabilities above) 2.0
353.8
The acquisition method has been used to account for businesses acquired in the Group's financial
statements. Given that the valuation of the fair value of assets and liabilities recently
acquired is still in progress, some of the above values are determined provisionally, primarily
values relating to property, plant and equipment and liabilities (as not all information is
available at this point in time). The valuation of the fair value of assets and liabilities
will be completed within the measurement period. For the acquisitions completed in 2021, there
have been no material revisions of the provisional fair value adjustments since the initial
values were established. The Group performs quantitative and qualitative assessments of each
acquisition in order to determine whether it is material for the purposes of separate disclosure
under IFRS 3 'Business Combinations'. None of the acquisitions completed during the period
were considered material to warrant separate disclosure.
The goodwill is attributable to the expected profitability, revenue growth, future market
development and assembled workforce of the acquired businesses and the synergies expected
to arise within the Group after the acquisition. EUR30.3m of goodwill recognised is expected
to be deductible for income tax purposes.
Transaction expenses related to these acquisitions of EUR6.5m were charged in the Group's
Consolidated Income Statement during the financial year. The fair value of the financial assets
acquired includes trade and other receivables with a fair value of EUR10.2m and a gross contractual
value of EUR10.4m .
Non-controlling interests represent the portion of the equity of a subsidiary not attributable
either directly or indirectly to the Group and are presented separately in the Consolidated
Income Statement and within equity in the Consolidated Balance Sheet, and are distinguished
from the Group's shareholders' equity. Where not all of the equity of a subsidiary is acquired,
the non-controlling interests are recognised at the non-controlling interest's share of the
acquiree's net identifiable assets.
The revenue and profit after taxation attributable to equity holders of the parent to the
Group contributed from date of acquisition for all business combinations effected during the
financial year is as follows:
Total
2022
EUR'm
Revenue 103.2
Profit after taxation attributable to equity holders of the parent 11.3
The revenue and profit after taxation attributable to equity holders of the parent to the
Group determined in accordance with IFRS as though the acquisition date for all business combinations
effected during the financial year had been the beginning of that financial year would be
as follows:
Kerry Group Consolidated
excluding Group
2022 2022 including
acquisitions acquisitions acquisitions
EUR'm EUR'm EUR'm
Revenue 174.7 8,668.7 8,843.4
Profit after taxation attributable to equity holders of the parent 15.9 595.1 611.0
8. Events after the balance sheet date
Since the financial year end, the Group has:
- entered into exclusive negotiations prior to the year ended 31 December 2022 to sell the trade
and assets of its Sweet Ingredients Portfolio, for a consideration of EUR500m comprising an
initial cash consideration of EUR375m plus a EUR125m interest bearing vendor loan note as
announced on 11 January 2023. The potential sale is subject to relevant regulatory approvals,
employee consultation and routine closing adjustments. The associated assets and liabilities
have consequently been presented separately as assets held for sale (note 6) in the financial
statements for the year ended 31 December 2022; and
- proposed a final dividend of 73.40 cent per A ordinary share (note 5).
There have been no other significant events, outside the ordinary course of business, affecting
the Group since 31 December 2022.
9. General information
The statutory financial statements of Kerry Group plc for the financial year ended 31 December
2022 were approved by the Board of Directors and authorised for issue on 15 February 2023
and will be filed with the Registrar of Companies following the annual general meeting. The
statutory financial statements of Kerry Group plc for the financial year ended 31 December
2021, to which an unqualified audit opinion was received, were annexed to the annual return
and filed with the Registrar of Companies.
FINANCIAL DEFINITIONS
Kerry uses a number of financial and non-financial key performance indicators (KPIs) to measure
performance across its business. These KPIs help inform decision making, assist effective
goal setting and track progress in achieving the Group's strategic objectives. Kerry believes
that long-term sustainable success will be achieved by generating value for all stakeholders,
while developing and monitoring strategy, managing the risks that face the organisation and
embedding the Group's purpose and values. Principal financial definitions used by the Group,
together with reconciliations where the non-IFRS measures are not readily identifiable from
the financial statements, are as follows:
1. Revenue
Volume growth
This represents the sales growth year-on-year, excluding pass-through pricing on input costs,
currency impacts, acquisitions, disposals and rationalisation volumes.
Volume growth is an important metric as it is seen as the key driver of organic top-line business
improvement. Pricing therefore impacts revenue growth positively or negatively depending on
whether input costs move up or down. A full reconciliation to reported revenue growth is detailed
in the revenue reconciliation below.
Revenue Reconciliation
Reported
Volume Transaction Translation revenue
2022 growth Price currency Acquisitions Disposals currency growth
Taste & Nutrition 7.8% 8.7% 0.2% 5.6% (1.1%) 8.2% 29.4%
Dairy Ireland 0.1% 22.8% 0.1% - (37.6%) 1.2% (13.4%)
Group 6.1% 11.7% 0.2% 4.3% (9.8%) 6.8% 19.3%
2021
Taste & Nutrition 8.7% 0.9% - 2.4% - (2.8%) 9.2%
Dairy Ireland 6.2% 1.8% - - (13.0%) 1.1% (3.9%)
Group 8.0% 1.2% - 1.8% (3.5%) (1.8%) 5.7%
Prior year 31 December 2021 has been re-presented to reflect the changes in our reporting
segments in line with how the Chief Operating Decision Maker (the Executive Directors) assesses
the Group's performance from 1 January 2022. The Irish dairy processing activities, previously
reported in Taste & Nutrition, have been combined with the remaining dairy activities of the
Consumer Foods business and this segment is named Dairy Ireland. Included within the Dairy
Ireland 31 December 2021 comparatives are the results of the Consumer Foods Meats and Meals
business which was disposed by the Group on 27 September 2021.
Like-for-like(1) Revenue Reconciliation
Like-for-like
Volume Transaction Translation revenue
2022 growth Price currency Acquisitions Disposals currency growth
Taste & Nutrition 7.8% 8.7% 0.2% 5.6% (1.1%) 8.2% 29.4%
Dairy Ireland 0.2% 36.0% 0.2% - - 0.7% 37.1%
Group 6.7% 12.9% 0.2% 4.8% (0.8%) 7.2% 31.0%
2021
Taste & Nutrition 8.7% 0.9% - 2.4% - (2.8%) 9.2%
Dairy Ireland 5.5% 3.2% - - - 0.6% 9.3%
Group 8.2% 1.3% - 2.1% - (2.4%) 9.2%
(1)Like-for-like (LFL) growth rates reflect the exclusion of the Consumer Foods Meats and
Meals contribution from 2021 comparative calculations, being EUR0.7bn of revenue in the 2021
comparatives.
2. EBITDA
EBITDA represents operating profit after taxation 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. EBITDA is reflective of underlying
trading performance and allows comparison of the trading performance of the Group's businesses,
either year-on-year or with other businesses.
2022 2021
EUR'm EUR'm
Profit after taxation 606.5 763.0
Share of joint ventures' results after taxation 0.4 -
Finance income (6.6) (0.3)
Finance costs 72.8 70.2
Income taxes 92.5 53.3
Non-trading items 146.2 (91.5)
Intangible asset amortisation 82.7 80.8
Depreciation (net) 221.6 201.5
EBITDA 1,216.1 1,077.0
3. EBITDA Margin
EBITDA margin represents EBITDA expressed as a percentage of revenue.
2022 2021
EUR'm EUR'm
EBITDA 1,216.1 1,077.0
Revenue 8,771.9 7,350.6
EBITDA margin 13.9% 14.7%
4. Operating Profit
Operating profit is profit before income taxes, finance income, finance costs and share of
joint ventures' results after taxation.
2022 2021
EUR'm EUR'm
Profit before taxation 699.0 816.3
Finance income (6.6) (0.3)
Finance costs 72.8 70.2
Share of joint ventures' results after taxation 0.4 -
Operating profit 765.6 886.2
5. Adjusted Earnings Per Share and Performance in Adjusted Earnings Per Share on a Constant
Currency Basis
The performance in adjusted earnings per share on a constant currency basis is provided as
it is considered more reflective of the Group's underlying trading performance. Adjusted earnings
is profit after taxation attributable to equity holders of the parent before brand related
intangible asset amortisation and non-trading items (net of related tax). These items are
excluded in order to assist in the understanding of underlying earnings. A full reconciliation
of adjusted earnings per share to basic earnings is provided below. Constant currency eliminates
the translational effect that arises from changes in foreign currency year-on-year. The performance
in adjusted earnings per share on a constant currency basis is calculated by comparing current
year adjusted earnings per share to the prior year adjusted earnings per share retranslated
at current year average exchange rates.
2022 2021
EPS Performance EPS Performance
cent % cent %
Basic earnings per share 341.9 (20.6%) 430.6 37.6%
Brand related intangible asset amortisation 28.7 - 26.0 -
Non-trading items (net of related tax) 70.0 - (75.8) -
Adjusted earnings per share 440.6 15.7% 380.8 10.2%
Impact of retranslating prior year adjusted earnings per share at current year average rates* (8.4%) 1.9%
Growth in adjusted earnings per share on a constant currency basis 7.3% 12.1%
*Impact of 2022 translation was (31.9)/380.8 cent = (8.4%) (2021: 1.9%).
6. Free Cash Flow
Free cash flow is EBITDA plus movement in average working capital, capital expenditure (net),
payment of lease liabilities, pensions contributions paid less pension expense, finance costs
paid (net) and income taxes paid.
Free cash flow is seen as an important indicator of the strength and quality of the business
and of the availability to the Group of funds for reinvestment or for return to shareholders.
Movement in average working capital is used when calculating free cash flow as management
believes this provides a more accurate measure of the increase or decrease in working capital
needed to support the business over the course of the year rather than at two distinct points
in time and more accurately reflects fluctuations caused by seasonality and other timing factors.
Average working capital is the sum of each month's working capital over 12 months. Below is
a reconciliation of free cash flow to the nearest IFRS measure, which is 'Net cash from operating
activities'.
2022 2021
EUR'm EUR'm
Net cash from operating activities 721.8 654.0
Difference between movement in monthly average working capital and movement in the financial
year end working capital 22.6 146.6
Share of joint ventures' results after taxation* - 3.9
Payments on non-trading items 85.4 76.1
Purchase of assets (net) (221.0) (300.4)
Payment of lease liabilities (35.1) (34.9)
Proceed from the sale of property, plant and equipment 38.1 19.4
Capital grants received 1.4 0.7
Exchange translation adjustment 27.2 0.7
Free cash flow 640.4 566.1
*Share of joint ventures' results after taxation was not included in the Group's EBITDA, but
as a separate line item on the face of the Consolidated Income Statement for the year end
31 December 2022, therefore appears as a reconciling item in the comparative reconciliation
for free cash flow.
7. Cash Conversion
Cash conversion is defined as free cash flow, expressed as a percentage of adjusted earnings
after taxation. Cash conversion is an important metric as it measures how much of the Group's
adjusted earnings is converted into cash.
2022 2021
EUR'm EUR'm
Free cash flow 640.4 566.1
Profit after taxation attributable to equity holders of the parent 606.4 763.0
Brand related intangible asset amortisation 50.9 46.2
Non-trading items (net of related tax) 124.2 (134.4)
Adjusted earnings after taxation 781.5 674.8
Cash Conversion 82% 84%
8. Liquidity Analysis
The Net debt: EBITDA and EBITDA: Net interest ratios disclosed are calculated using an adjusted
EBITDA, adjusted finance costs (net of finance income) and an adjusted net debt value to adjust
for the impact of non-trading items, acquisitions net of disposals and deferred payments in
relation to acquisitions.
2022 2021
Times Times
Net debt: EBITDA 1.8 2.0
EBITDA: Net interest 18.1 14.9
9. Average Capital Employed
Average capital employed is calculated by taking an average of the shareholders' equity and
net debt over the last three reported balance sheets.
2022 H1 2022 2021 H1 2021 2020
EUR'm EUR'm EUR'm EUR'm EUR'm
Equity attributable to equity holders of the parent 6,221.9 6,088.7 5,601.2 4,963.1 4,655.5
Net debt 2,217.4 2,456.3 2,124.1 1,980.6 1,945.1
Total capital employed 8,439.3 8,545.0 7,725.3 6,943.7 6,600.6
Average capital employed 8,236.5 7,089.9
The definition for total capital employed has been updated to reflect lease liabilities in
'Net debt' and 'Equity attributable to equity holders of the parent' as reported on the Consolidated
Balance Sheet. This calculation no longer adds back 'Goodwill amortised (pre conversion to
IFRS)' to 'Equity attributable to equity holders of the parent', in line with current market
practice.
10. Return on Average Capital Employed (ROACE)
This measure is defined as profit after taxation attributable to equity holders of the parent
before non-trading items (net of related tax), brand related intangible asset amortisation
and finance income and costs expressed as a percentage of average capital employed. ROACE
is a key measure of the return the Group achieves on its investment in capital expenditure
projects, acquisitions and other strategic investments.
2022 2021
EUR'm EUR'm
Profit after taxation attributable to equity holders of the parent 606.4 763.0
Non-trading items (net of related tax) 124.2 (134.4)
Brand related intangible asset amortisation 50.9 46.2
Net finance costs 66.2 69.9
Adjusted profit 847.7 744.7
Average capital employed 8,236.5 7,089.9
Return on average capital employed 10.3% 10.5%
Prior year has been re-presented to align with the updated definition of 'Total capital employed'.
11. Total Shareholder Return
Total shareholder return represents the change in the capital value of Kerry Group plc shares
plus dividends in the financial year.
2022 2021
Share price (1 January) EUR113.25 EUR118.50
Interim dividend (cent) 31.4 28.5
Dividend paid (cent) 66.7 60.6
Share price (31 December) EUR84.24 EUR113.25
Total shareholder return (24.7%) (3.7%)
12. Market Capitalisation
Market capitalisation is calculated as the share price times the number of shares issued.
2022 2021
Share price (31 December) EUR84.24 EUR113.25
Shares in issue ('000) 176,986.5 176,848.5
Market capitalisation (EUR'm) 14,909.3 20,028.1
13. Enterprise Value
Enterprise value is calculated as per external market sources. It is market capitalisation
plus reported borrowings less total cash and cash equivalents.
14. Net Debt
Net debt comprises borrowings and overdrafts, interest rate derivative financial instruments,
lease liabilities and cash at bank and in hand.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
FR FLFVAFFIELIV
(END) Dow Jones Newswires
February 16, 2023 02:00 ET (07:00 GMT)
1 Year Kerry Chart |
1 Month Kerry Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
