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HILTON FOOD GROUP PLC The leading specialist international food packing business ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 HILTON FOOD GROUP PLC ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 FINANCIAL HIGHLIGHTS REVENUE (£M) ADJUSTED OPERATING PROFIT (£M) NET BANK CASH/(DEBT)** (£M) £2,774.0m £67.0m £(122.2)m ‘16 1,234.5 ‘16 34.3 ‘16 34.6 ‘17 1,357.2 ‘17 38.3 ‘17 27.6 ‘18 1,649.6 ‘18 48.7 ‘18 (25.0) ‘19 1,814.7 ‘19 54.7 ‘19 (86.8) ‘20 2,774.0 ‘20 67.0 ‘20 (122.2) STRATEGIC HIGHLIGHTS OPERATING HIGHLIGHTS – Turnover up 50.0%* with strong growth in Australia – Strong response to Covid-19 ensuring continuous supply arising from: to our retailer partners, keeping our factories open – Joint venture transition period concluded with purchase and our colleagues safe of assets relating to the joint venture – Volume growth of 23.8%* within which Australia grew – A full year of the state-of-the art facility in 107.9%* and Europe grew 8.5%* Brisbane, Queensland – Adjusted operating profit £67.0m up 20.0%* and basic – New facility opened in Belgium for Ahold Delhaize with earnings per share 55.4p up 18.0%* volume ramp up under way – Strong operating cash generation of £91.7m up 30.5% – New Zealand facility scheduled to open in Q3 this year supporting a robust balance sheet – Committed to setting science-based target through the – Significant £95.5m investment in facilities to support Science Based Targets initiative and signed the Business future growth Ambition for 1.5°C pledge to net-zero by 2050 – Continued growth in protein diversification into plant-based, seafood and convenience foods * On a 52 week constant currency basis ** Excluding lease liabilities Adjusted results represent the IFRS results before deduction of acquisition intangibles amortisation and exceptional items and also IFRS 16 lease adjustments as detailed in the Alternative performance measures note 31. CONTENTS OVERVIEW IFC Performance and financial review 18 Directors’ remuneration report 78 Highlights IFC 2020 Financial performance 19 Directors’ remuneration policy 81 Where we operate 2 Key performance indicators 20 Annual report on remuneration 86 Treasury management 22 Statement of Directors’ responsibilities 95 STRATEGIC REPORT 4 Going concern statement 23 Independent auditors’ report 96 Chairman’s introduction 6 Viability statement 23 FINANCIAL STATEMENTS 102 Outlook and current trading 9 Cautionary statement 23 Consolidated income statement 104 Chief Executive’s summary 10 Risk management and principal risks 24 Consolidated statement Strategic objectives 11 Sustainability report 28 of comprehensive income 104 Business model 11 Approval of Strategic report 59 Business development 14 Consolidated and Company balance sheet 105 2020 Performance overview 15 GOVERNANCE 60 Statement of changes in equity 106 Segment performance 16 Board of Directors 62 Consolidated and Company Resourcing for growth: Directors’ report 64 cash flow statement 107 culture and people 16 Corporate governance statement 66 Notes to the financial statements 108 Past and future trends 17 Report of the Audit Committee 72 ADDITIONAL INFORMATION 141 Report of the Nomination Committee 76 Registered office and advisors 141 STRATEGIC FINANCIAL ADDITIONAL OVERVIEW REPORT GOVERNANCE STATEMENTS INFORMATION Hilton Food Group plc, the leading specialist international food packingINTRODUCTION business, announces its results for the 53 weeks to 3 January 2021. We are extremely proud of the commitment and resilience shown by the entire Hilton team during 2020 to adapt quickly to the challenges caused by Covid-19 in order to safeguard our people, keep our facilities open and support our customers. This response underpinned a strong performance with both volume and profit growth and we concluded our joint venture transition period in Australia and purchase of the related joint venture assets while marking our one year anniversary of the opening of our Queensland facility. In Europe we set up a new facility in Belgium during the year to supply Delhaize and continued to further diversify our product offering in the plant-based, seafood and convenience categories. As with all businesses there remain some uncertainties concerning the full impact of Covid-19, including potential recessionary risks, but our robust and sustainable business model and wide geographical spread make us believe we are well placed to meet any future challenges. HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 1 OVERVIEW Where we operate UNITED KINGDOM EMPLOYEES Location: HUNTINGDON Location: GRIMSBY Op Co: Hilton Food Group plc/ 1 Op Co: Hilton Seafood UK 2 Hilton Foods UK/ Acquired: 2017 5,391 Hilton Food Solutions Commenced production: 1994 Location: WEDNESBURY Location: LONDONDERRY ANNUAL TURNOVER Op Co: SV Cuisine 3 Op Co: Foods Connected 4 Acquired: 2019 Commenced joint venture: 2017 £2,774.0m NETHERLANDS Location: ZAANDAM Locations: OSS AND OOSTERHOUT Op Co: Hilton Foods Holland 5 Op Co: Dalco Food 6 PRODUCTION FACILITIES Commenced production: 2000 Commenced joint venture: 2019 1 8 DENMARK SWEDEN Location: AARHUS Location: VASTERAS Op Co: Hilton Foods Danmark 7 Op Co: HFG Sverige 8 Commenced production: 2011 Commenced production: 2004 IRELAND PORTUGAL REVENUE BY LOCATION Location: DROGHEDA Location: SANTAREM Op Co: Hilton Food Ireland 9 Op Co: SOHI Meat Solutions 10 Commenced production: 2004 Commenced joint venture: 2017 CENTRAL EUROPE BELGIUM Location: TYCHY, POLAND Locations: GHENT Op Co: Hilton Foods Poland 11 Op Co: Hilton Foods Belgium 15 Commenced production: 2006 Commenced production: 2020 United Kingdom 41% Australia 28% AUSTRALIA The Netherlands 11% Locations: BUNBURY & MELBOURNE Location: BRISBANE Sweden 8% Op Co: Hilton Foods Australia 13 Op Co: Hilton Foods Australia 14 Denmark 4% Commenced joint venture: 2013 Commenced production: 2019 Central Europe 4% Transition to Hilton: 2020 Ireland 4% Belgium 0% NEW ZEALAND Location: AUCKLAND Op Co: Hilton Foods 12 New Zealand Under construction 2 HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STRATEGIC FINANCIAL ADDITIONAL OVERVIEW REPORT GOVERNANCE STATEMENTS INFORMATION 8 7 4 9 2 3 1 5 6 15 11 10 14 13 4 13 12 HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 3 STRATEGIC REPORT Strategic Report IN THIS SECTION CHAIRMAN’S INTRODUCTION 6 PERFORMANCE AND FINANCIAL REVIEW 18 Outlook and current trading 9 2020 Financial performance 19 Key performance indicators 20 CHIEF EXECUTIVE’S SUMMARY 10 Treasury management 22 Strategic objectives 11 Going concern statement 23 Business model 11 Viability statement 23 Business development 14 Cautionary statement 23 2020 Performance overview 15 Segment performance 16 RISK MANAGEMENT Resourcing for growth: AND PRINCIPAL RISKS 24 culture and people 16 Past and future trends 17 SUSTAINABILITY REPORT 28 APPROVAL OF THE STRATEGIC REPORT 59 4 HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STRATEGIC FINANCIAL ADDITIONAL OVERVIEW REPORT GOVERNANCE STATEMENTS INFORMATION For more information visit www.hiltonfoodgroupplc.com HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 5 STRATEGIC REPORT Chairman’s introduction Volumes grew strongly in Australia as well as the shift to home consumption.” ROBERT WATSON, OBE CHAIRMAN 6 HILTON FOOD GROUP PLC | ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STRATEGIC FINANCIAL ADDITIONAL OVERVIEW REPORT GOVERNANCE STATEMENTS INFORMATION Feeding the nation during We have not sought or received any a global pandemic governmental assistance or support including no use of furlough in our The Covid-19 outbreak continues to production facilities. There have been present major challenges across the globe no redundancies and no Covid-related with ongoing uncertainty over its longevity changes to employee pay and conditions and impact. We have therefore continued save that we have continued to support our to partner with grocery retailers to help employees during self-isolation. In addition, ensure the nation is fed. As part of the there have been no commercial changes in global food supply chain we were tasked trading with our suppliers and customers. with protecting our people, keeping our facilities open and supporting our retailer We are dependent on our key suppliers partners. All of our facilities remained to maintain a continued supply of raw fully operational and without interruption material and packaging materials and we throughout the year. Lockdown including are in daily contact with them to manage travel restrictions resulted in more cooking availability and identify key critical product at home thereby creating higher demand lines which must be delivered and those for our products. Hilton’s performance that could be postponed. has therefore been a continuation of our business growth albeit at an increased Strategic progress level of activity together with specific We have continued to make good measures introduced to manage our progress with our strategic growth exposure to the virus. There has been initiatives expanding both geographically continuous communication with key and across the proteins. Our working suppliers to ensure the continued relationship with Woolworths in Australia supply of goods and services as well has evolved further with the end of the as alignment with our customers in our joint venture transition period and purchase response. We are extremely proud of the of the assets relating to the joint venture. commitment and resilience shown by the We reached agreement with Delhaize, a entire Hilton team
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