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A Recipe for Outperformance Annual Report for the 52 Weeks Ended 28 March 2020

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A Recipe for Outperformance Annual Report for the 52 Weeks Ended 28 March 2020 Premier Foods plc Annual ReportAnnual for the weeks 52 ended March 28 2020 A Recipe For Outperformance Annual Report for the 52 weeks ended 28 March 2020 27150-Premier-Foods-AR-2020.indd 5 29/06/2020 17:14:32 27150 29 June 2020 5:13 pm proof 11 Highlights Financial and Operational Group revenue (£m) Trading profit1 (£m) Profit/(loss) before tax (£m) £53.6 £132.6 £847.1 £20.9 £128.5 £824.3 £12.0 £123.0 £819.2 £117.0 £790.4 £(42.7) 2016/17 2017/18 2018/19 2019/20 2016/17 2017/18 2018/19 2019/20 2016/17 2017/18 2018/19 2019/20 2 3 Net debt (£m) NPD as a % Branded revenue Total CO2 emissions (tCO2e) 6.5% £523.2 66,099 5.8% £496.4 5.6% £469.9 62,738 4.4% £408.1 2016/17 2017/18 2018/19 2019/20 2016/17 2017/18 2018/19 2019/20 2018/19 2019/20 +2.8% 11 Strategic review Group revenue up consecutive quarters concluded with landmark +2.8% to £847.1m of UK growth, fuelled pension agreement by our successful innovation strategy 6.5% +5.4% 2.7x of branded revenue Adjusted earnings per Net debt to adjusted generated from new share1 up +5.4% from EBITDA ratio1 reduced product development 8.5p to 8.9p from 3.2x to 2.7x (‘NPD’) 1 A definition and reconciliation of non-GAAP measures to reported measure is set out on page 37. 2 Net debt is on an adjusted and pre-IFRS 16 basis as defined on page 37. 3 New product development (NPD) is UK sales from new products launched by the Group in the last three years. 27150-Premier-Foods-AR-2020.indd 1 29/06/2020 17:14:32 27150 29 June 2020 5:13 pm proof 11 Strategic Report 01 p09 p11 Contents Strategic Report “Strategic review “The last financial year Our strategy and branded growth model 02 now concluded, with has been one of great About Premier Foods 08 landmark pension progress for the Group.” Chairman's statement 09 agreement.” Alex Whitehouse Our purpose and values 10 Colin Day Chief Executive Officer Chief Executive’s review 11 Chairman Being a responsible business 12 Key performance indicators 28 Operating and financial review 30 p02 Risk management 38 Our strategy and branded growth model Governance Board of directors 44 Governance overview 46 Nomination Committee report 53 Audit Committee report 54 Directors’ Remuneration report 56 Other statutory information 78 Statement of directors’ responsibilities 81 Financial Statements Independent auditor’s report 82 Consolidated financial statements 92 Notes to the consolidated financial statements 97 Company financial statements 136 Notes to the Company financial statements 138 Additional information 141 p12 p30 p38 Being a responsible Operating and Risk management business financial review RT PO E ID R E D N N T A IF R Y O T I N O M RISK MANAGEMENT PROCESS R E S P E O R N U D S EA M www.premierfoods.co.uk 27150-Premier-Foods-AR-2020.indd 1 29/06/2020 17:14:34 27150 29 June 2020 5:13 pm proof 11 02 Strategic Report Our strategy Our branded growth strategy continues to deliver and enables us to reduce net debt consistently. Sustainable Cost control Cash & profitable & efficiency generation revenue growth • Leading brand positions. • Lean SG&A cost base. • Tight focus on Capex. • Insight driven innovation. • Operational Excellence. • Disciplined working capital • Sustained marketing • Capital projects. management. investment. • Agility, pace & energy. • Options for cash • Collaborative retail deployment in short and partnerships. medium term. • International markets expansion. Premier Foods plc Annual Report for the 52 weeks ended 28 March 2020 27150-Premier-Foods-AR-2020.indd 2 29/06/2020 17:14:35 27150 29 June 2020 5:13 pm proof 11 Strategic Report 03 Our branded growth model Leading british brands Engaging marketing Responsibilities Outstanding instore execution Leading brand positions Engaging marketing We have some of the nation's favourite food brands, Emotionally engaging advertising, that is proven to with leading positions in their respective categories. deliver industry leading return on investment (ROI). Innovation that meets customers needs Outstanding instore execution Responsible business Directions? Innovation that meets Strong customer consumers’ needs partnerships Robust innovation programme, underpinned by key Working closely with our retail partners to deliver consumer trends and strong consumer insights at excellent in-store execution and category growth. the heart. www.premierfoods.co.uk 27150-Premier-Foods-AR-2020.indd 3 29/06/2020 17:14:37 27150 29 June 2020 5:13 pm proof 11 04 Strategic Report Leading british brands Outstanding instore execution Leading British brands Strong market shares and high household penetration. Category Our brands Position Share Penetration Flavourings & Seasonings 1 43% 70% Quick Meals, Snacks & Soups 1 32% 46% Ambient Desserts 1 36% 55% Cooking Sauces & Accompaniments 1 16% 52% Ambient Cakes 1 24% 63% Sources: Category position and market share: IRI 52 w/e 28 March 2020; Penetration: Kantar Worldpanel 52 w/e 22 March 2020 Premier Foods plc Annual Report for the 52 weeks ended 28 March 2020 27150-Premier-Foods-AR-2020.indd 4 29/06/2020 17:14:42 27150 29 June 2020 5:13 pm proof 11 Strategic Report 05 Innovation that meets customers needs Responsible business Innovation that meets consumers’ needs Strong innovation programme built on an in-depth understanding of consumer trends, which allows us to develop better solutions for consumers and to drive category growth. Five key consumer trends we focus on NPD as a % of branded revenue Continuing to grow NPD as a proportion of revenue. 6.5% Health and nutrition 1 5.8% 5.6% 4.4% 2 Convenience 3.2% 2.5% 3 Snacking and on-the-go 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 4 Indulgence New product development (NPD) is UK sales from new products launched by the Group in the last three years. 5 Packaging sustainability www.premierfoods.co.uk 27150-Premier-Foods-AR-2020.indd 5 29/06/2020 17:14:43 27150 29 June 2020 5:13 pm proof 11 06 Strategic Report Engaging marketing Responsibilities Engaging marketing Doubling of media investment year-on-year, including support for four of our biggest brands with emotionally engaging advertising proven to drive strong ROI. ‘Little Thief’ ‘Tasty’ ‘Spare chair’ ‘Dad’s night in’ Premier Foods plc Annual Report for the 52 weeks ended 28 March 2020 27150-Premier-Foods-AR-2020.indd 6 29/06/2020 17:14:49 27150 29 June 2020 5:13 pm proof 11 Strategic Report 07 Outstanding instore execution Directions? Strong customer partnerships Leveraging our significant scale with the flexibility of a local manufacturer, we work closely with our customers to deliver excellent in-store execution and category growth. Co-creating innovation Strategic category Excellent with our customers that management delivering in-store delivers against specific category growth execution shopper needs 27150-Premier-Foods-AR-2020.indd 7 29/06/2020 17:14:54 27150 29 June 2020 5:13 pm proof 11 08 Strategic Report About Premier Foods As one of Britain’s biggest listed food companies we’re committed to the UK, employing over 4,000 dedicated colleagues at 16 manufacturing sites and offices up and down the country. Around 97% of what we sell is made in the UK from quality ingredients, wherever we can sourced sustainably from British suppliers and farmers. We operate primarily in the ambient food Mondelēz International sector which continues to be the largest In 2017, we signed a new strategic global sector within the total UK grocery market1. partnership with Mondelēz International to We operate in four key Grocery categories: renew the Company’s long-standing licence to Flavourings & Seasonings; Quick Meals, produce and market Cadbury branded cake, Snacks & Soups; Ambient Desserts and as well as home baking and ambient dessert Cooking Sauces & Accompaniments. Within products. The new partnership will run until Sweet Treats we operate in the Ambient at least 2022, with the right to a three-year Cakes category. extension to take it to 2025 (subject to a sales threshold). The agreement is also expanded In addition, the Group has a portfolio of to cover 46 countries, including South Africa, other branded food products and a non- Canada and Japan, and has the potential branded food business which manufactures to use the full range of Cadbury brands in products, such as cakes and desserts, on ambient cake. behalf of many of the UK’s leading food retailers. Our Knighton Foods (‘Knighton’) Customers business manufactures and sells non-branded Our key customers are the major UK powdered beverages and dessert products. supermarkets but we also serve a wide range Expanding in international markets of other channels, including discounters, convenience stores, online, wholesale and Our consumer research demonstrates foodservice. that there are clear opportunities for our brands outside the UK. We have significant UK Grocery channel value2 businesses in Ireland and Australia with Hypermarkets: £16.3bn established relationships with the major Supermarkets: £90.0bn food retailers. Our Australian business has expanded significantly over the past four Convenience: £41.4bn years, driven by Cadbury and Mr Kipling cakes Discounters: £24.5bn and Sharwood’s sauces. Our International Online: £11.6bn business accounts for over 5% of Group Other: £9.8bn revenue. Over the course of the year we have introduced a new strategy for the International business in order to build sustainable growth, maximising the potential in markets where we have a strong foundation and taking a more focused approach to new market entry.
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