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Exceptional Quality Delivered Every Time Annual Report & Accounts 2021 & Accounts Report Annual Plc Cranswick

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Exceptional Quality Delivered Every Time Annual Report & Accounts 2021 & Accounts Report Annual Plc Cranswick Exceptional quality delivered every time Cranswick plc Annual Report & Accounts 2021 Cranswick plc Annual Report & Accounts 52 Weeks Ended 27 March 2021 What We Do Our purpose is to feed the nation with authentically made, sustainably produced food that is created with passion. Our vertically integrated supply chain model provides customers with assurance over the integrity and traceability of our high quality, UK farm-assured pigs and chickens. We farm We produce We have significant control over our pork supply chain through We produce a range of high quality, ownership of our pig breeding and rearing activities. Our fresh predominantly fresh food including chicken operation is fully integrated including feed mills, hatchery fresh pork, poultry, convenience and and broiler farms. gourmet products. We focus on premium products, technical A further £12.7 million was invested during the year in our integrity and the highest standards agricultural operations as we continue to strengthen our position of animal welfare. Through our as a higher welfare pork and poultry supplier and reinforce our four primary processing and twelve vertically integrated structure. Expansion of our farming activities added-value processing facilities we also maintains our self-sufficiency in UK pigs at over 30 per cent develop innovative, great tasting and 100 per cent of the chickens processed at our Fresh Poultry food products to the highest facility in Eye, Suffolk, come from our own farms. standards of food safety whilst prioritising traceability. Our supply chain model Cranswick owned British Farms Contracts with Cranswick Primary Other UK Farms Processing Other High Quality Ingredients from Sustainable European & Trusted Suppliers Meat Imports We supply Revenue by Product Category We supply most of the UK grocery retailers and have a strong % of Group revenue presence in the ‘food-to-go’ sector and other food service outlets, as well as a substantial export business. Poultry Fresh Pork 16% 30% Revenue by Customer Type % of Group revenue Export 10% Gourmet Products* Manufacturing 16% 9% Food Service Convenience† 2% 38% UK Retail † Cooked Meats, Continental Products and Ingredients. 79% * Pastry, Sausage, Bacon and Gammon. Fresh Pork Retail Wholesale Convenience Cooked Meats Continental & Mediterranean Products Retail Convenience & Online Gourmet Products Sausages Bacon Pastry Food Service Food-To-Go Poultry Fresh Chicken Cooked Poultry Export Manufacturing About Us Cranswick is a leading UK food producer with revenue approaching £1.9 billion. We produce and supply premium food to UK grocery retailers, the food service sector and other UK and global food producers. Chairman’s A Performance Statement Update p2 p4 Our Strategy How we in Action Create Value p8 p14 Our Our Strategy Sustainability Strategy p20 p24 Strategic Report Corporate Governance Financial Statements 1 Highlights 66 Chairman’s Governance Overview 114 Statement of Directors’ Responsibilities 2 Chairman’s Statement 68 Board of Directors 115 Independent auditors’ report 4 Chief Executive’s Review 70 How we are Governed 122 Group Income Statement 6 Our COVID-19 Response 72 Strategic Oversight 123 Group Statement of 8 Strategy in Action 76 Leadership and Purpose Comprehensive Income 14 Business Model 80 Audit Committee Report 124 Balance Sheets 16 Our Markets 86 Nomination Committee Report 126 Statements of Cash Flows 20 Our Strategy 89 Remuneration Committee Report 128 Statements of Changes in Equity 22 Key Performance Indicators 94 Remuneration at a Glance 130 Notes to the Accounts 24 Our Sustainability Strategy 96 Remuneration Policy 30 TCFD Disclosure 103 Annual Report on Directors’ Remuneration Shareholder Information 32 SASB Disclosure 110 Directors’ Report 164 Five Year Statement 36 Our Stakeholders 164 Financial Calendar 50 Operating and Finance Review 165 Shareholder Analysis 55 Risk Report 166 Advisers 64 Non-Financial Information Statement Strategic Report Highlights A resilient and sustainable business model Like-for-like revenue* Adjusted profit before tax† Adjusted earnings per share† £’m £’m p £1,869.5m +12.1% £129.7m +26.8% 199.3p +27.4% 2021 1,869.5 2021 129.7 2021 199.3 2020 1,667.2 2020 102.3 2020 156.4 2019 1,437.1 2019 92.0 2019 144.3 Dividend per share Free cash flow† Net (debt)/funds◊ p £’m £’m 70.0p +15.9% £180.9m +£65.1m -£92.4m +£54.5m 2021 70.0 2021 180.9 2021 (92.4) (71.6) (20.8) 2020 60.4 2020 115.8 2020 (146.9) (65.9) (81.0) 55.9 2019 2019 87.3 2019 6.3 IFRS 16 Leases Underlying Revenue Profit before tax Earnings per share £1,898.4m £114.8m 176.4p (FY20: £1,667.2m) (FY20: £104.0m) (FY20: 159.1p) Capital expenditure Growth in Fresh Poultry sales Reduction in relative carbon footprint £71.9m +138.9% -18.2% * References to like-for-like throughout the Annual Report & Accounts exclude the current year contribution from prior year acquisitions prior to the anniversary of their purchase. † Adjusted and like-for-like references throughout the Annual Report & Accounts refer to non-IFRS measures or Alternative Performance Measures (APMs). Definitions and reconciliations of the APMs to IFRS measures are provided in Note 32. ◊ Net (debt)/funds includes recognition of IFRS 16 Leases in 2021 and 2020. The 2019 comparative has not been restated. Cranswick plc | Annual Report & Accounts 2021 1 Chairman’s Statement Resolute performance delivers record results Personal character comes to the fore at times of adversity. It was especially the case during this period when we all faced the challenges brought on by COVID-19. At Cranswick, colleague safety and wellbeing are a priority. Working practices were adapted, challenges were met and the business came through to deliver a record set of results. A remarkable performance from everyone associated with the business. On behalf of the Board I thank all our colleagues for their tremendous contribution. Results Progress has also been made in various The final dividend, if approved by Shareholders, Total revenue for the year of £1.9 billion other areas of the business to provide for will be paid on 3 September 2021 to Shareholders represented an increase of 13.9 per cent. future growth. Investments included last on the register at the close of business on 23 July Adjusting for acquisitions made during the month’s commissioning of Cranswick Gourmet 2021. Shares will go ex-dividend on 22 July 2021. previous year, but included for the full year Kitchen, the cooked bacon facility in Hull; Shareholders will again have the option to receive this time, revenue on a like-for-like basis was commencement of work on the new site for the the dividend by way of scrip issue. 12.1 per cent higher. All product categories supply of breaded poultry products; expansion performed well and recorded growth in volumes. of farming activities; and further initiatives Second Nature undertaken as part of the ‘Second Nature’ Cranswick’s Second Nature sustainability Adjusted profit before tax was £129.7 million, sustainability strategy. strategy reflects the ambition to be the world’s an increase of 26.8 per cent. Adjusted earnings most sustainable meat business and is focused per share of 199.3 pence per share were ahead Cash flow and financial position on key areas including food waste, plastics by 27.4 per cent year-on-year. Net debt, including IFRS 16 lease liabilities, usage, greenhouse gases, deforestation, at the end of the year fell to £92.4 million (2020: renewable energy, animal welfare and support COVID-19 brought additional costs of working £146.9 million) reflecting the strong operational for local communities. and a change in sales mix. This saw a reduction in performance of the Group. Net debt, excluding sales into food service, on the back of lockdown IFRS 16 lease liabilities, was £20.8 million Amongst the achievements during the year restrictions, and an increase in sales to food retail. compared to £81.0 million previously. The Group’s was the carbon neutral certification of many Working closely with customers we were able to unsecured bank facilities, totalling £200 million, of our sites, remaining sites will be certified optimise service levels to meet this increased provide comfortable headroom for future growth. over the next few months; retention of the demand and the rising prominence of the online global Business Benchmark on Farm Animal channel. Employment levels were maintained Dividend Welfare (BBFAW) Tier One status – backed and there has been no call on the Government‘s The Board is proposing a final dividend by Compassion in World Farming and World Coronavirus Job Retention Scheme or other of 51.3 pence per share, an increase of Animal Protection; and local community Government-backed assistance. 17.4 per cent on the 43.7 pence paid previously. support through food donations and laptops Together with the interim dividend of 18.7 for local schoolchildren. A colleague “thank you” bonus was paid during pence per share this is a total dividend for the the year and this, along with provision made for year of 70.0 pence per share. That compares Progress was made in all areas of the Second a further payment, totalled £9.8 million. to 60.4 pence per share previously, an increase Nature strategy. Sustainability and community are of 15.9 per cent, and extends the period integral to the Cranswick way of doing business. It was particularly pleasing to see positive of consecutive years of dividend growth performances from operations in which there to 31 years. has been substantial recent investment, including the Eye poultry facility, convenience foods and continental products. 2 Cranswick plc | Annual Report & Accounts 2021 Strategic Report Corporate Governance Outlook The Board embraces the UK Corporate The start to the current year has been At times of Governance Code as part of its culture.
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